UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2017 | |
or | |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________ to ____________ |
Commission File Number | Registrant; State of Incorporation; Address; and Telephone Number | I.R.S. Employer Identification No. |
1-5324 | EVERSOURCE ENERGY (a Massachusetts voluntary association) 300 Cadwell Drive Springfield, Massachusetts 01104 Telephone: (800) 286-5000 | 04-2147929 |
0-00404 | THE CONNECTICUT LIGHT AND POWER COMPANY (a Connecticut corporation) 107 Selden Street Berlin, Connecticut 06037-1616 Telephone: (800) 286-5000 | 06-0303850 |
1-02301 | NSTAR ELECTRIC COMPANY (a Massachusetts corporation) 800 Boylston Street Boston, Massachusetts 02199 Telephone: (800) 286-5000 | 04-1278810 |
1-6392 | PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (a New Hampshire corporation) Energy Park 780 North Commercial Street Manchester, New Hampshire 03101-1134 Telephone: (800) 286-5000 | 02-0181050 |
0-7624 | WESTERN MASSACHUSETTS ELECTRIC COMPANY (a Massachusetts corporation) 300 Cadwell Drive Springfield, Massachusetts 01104 Telephone: (800) 286-5000 | 04-1961130 |
Yes | No | |
x | ¨ |
Yes | No | |
x | ¨ |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||
Eversource Energy | x | ¨ | ¨ | ¨ | ¨ | ||||
The Connecticut Light and Power Company | ¨ | ¨ | x | ¨ | ¨ | ||||
NSTAR Electric Company | ¨ | ¨ | x | ¨ | ¨ | ||||
Public Service Company of New Hampshire | ¨ | ¨ | x | ¨ | ¨ | ||||
Western Massachusetts Electric Company | ¨ | ¨ | x | ¨ | ¨ |
Yes | No | |
Eversource Energy | ¨ | x |
The Connecticut Light and Power Company | ¨ | x |
NSTAR Electric Company | ¨ | x |
Public Service Company of New Hampshire | ¨ | x |
Western Massachusetts Electric Company | ¨ | x |
Company - Class of Stock | Outstanding as of October 31, 2017 |
Eversource Energy Common Shares, $5.00 par value | 316,885,808 shares |
The Connecticut Light and Power Company Common Stock, $10.00 par value | 6,035,205 shares |
NSTAR Electric Company Common Stock, $1.00 par value | 100 shares |
Public Service Company of New Hampshire Common Stock, $1.00 par value | 301 shares |
Western Massachusetts Electric Company Common Stock, $25.00 par value | 434,653 shares |
Current or former Eversource Energy companies, segments or investments: | |
Eversource, ES or the Company | Eversource Energy and subsidiaries |
Eversource parent or ES parent | Eversource Energy, a public utility holding company |
ES parent and other companies | ES parent and other companies are comprised of Eversource parent, Eversource Service and other subsidiaries, which primarily includes our unregulated businesses, HWP Company, The Rocky River Realty Company (a real estate subsidiary), and the consolidated operations of CYAPC and YAEC |
CL&P | The Connecticut Light and Power Company |
NSTAR Electric | NSTAR Electric Company |
PSNH | Public Service Company of New Hampshire |
WMECO | Western Massachusetts Electric Company |
NSTAR Gas | NSTAR Gas Company |
Yankee Gas | Yankee Gas Services Company |
NPT | Northern Pass Transmission LLC |
Northern Pass | The HVDC and associated alternating-current transmission line project from Canada into New Hampshire |
Eversource Service | Eversource Energy Service Company |
Bay State Wind | A project being developed jointly by Eversource and Denmark-based Ørsted (formerly known as DONG Energy) to construct an offshore wind farm off the coast of Massachusetts |
CYAPC | Connecticut Yankee Atomic Power Company |
MYAPC | Maine Yankee Atomic Power Company |
YAEC | Yankee Atomic Electric Company |
Yankee Companies | CYAPC, YAEC and MYAPC |
Regulated companies | The Eversource Regulated companies are comprised of the electric distribution and transmission businesses of CL&P, NSTAR Electric, PSNH, and WMECO, the natural gas distribution businesses of Yankee Gas and NSTAR Gas, NPT, and the generation activities of PSNH and WMECO |
Regulators: | |
DEEP | Connecticut Department of Energy and Environmental Protection |
DOE | U.S. Department of Energy |
DOER | Massachusetts Department of Energy Resources |
DPU | Massachusetts Department of Public Utilities |
EPA | U.S. Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
ISO-NE | ISO New England, Inc., the New England Independent System Operator |
MA DEP | Massachusetts Department of Environmental Protection |
NHPUC | New Hampshire Public Utilities Commission |
PURA | Connecticut Public Utilities Regulatory Authority |
SEC | U.S. Securities and Exchange Commission |
SJC | Supreme Judicial Court of Massachusetts |
Other Terms and Abbreviations: | |
Access Northeast | A project being developed jointly by Eversource, Enbridge, Inc. ("Enbridge"), and National Grid plc ("National Grid") through Algonquin Gas Transmission, LLC to bring needed additional natural gas pipeline and storage capacity to New England. |
ADIT | Accumulated Deferred Income Taxes |
AFUDC | Allowance For Funds Used During Construction |
AOCL | Accumulated Other Comprehensive Loss |
Aquarion | Aquarion Water Company |
ARO | Asset Retirement Obligation |
Bcf | Billion cubic feet |
C&LM | Conservation and Load Management |
CfD | Contract for Differences |
Clean Air Project | The construction of a wet flue gas desulphurization system, known as "scrubber technology," to reduce mercury emissions of the Merrimack coal-fired generation station in Bow, New Hampshire |
CO2 | Carbon dioxide |
CPSL | Capital Projects Scheduling List |
CTA | Competitive Transition Assessment |
CWIP | Construction Work in Progress |
EDC | Electric distribution company |
EPS | Earnings Per Share |
ERISA | Employee Retirement Income Security Act of 1974 |
ESOP | Employee Stock Ownership Plan |
ESPP | Employee Share Purchase Plan |
Eversource 2016 Form 10-K | The Eversource Energy and Subsidiaries 2016 combined Annual Report on Form 10-K as filed with the SEC |
FERC ALJ | FERC Administrative Law Judge |
Fitch | Fitch Ratings |
FMCC | Federally Mandated Congestion Charge |
FTR | Financial Transmission Rights |
GAAP | Accounting principles generally accepted in the United States of America |
GSC | Generation Service Charge |
GSRP | Greater Springfield Reliability Project |
GWh | Gigawatt-Hours |
HQ | Hydro-Québec, a corporation wholly-owned by the Québec government, including its divisions that produce, transmit and distribute electricity in Québec, Canada |
HVDC | High-voltage direct current |
Hydro Renewable Energy | Hydro Renewable Energy, Inc., a wholly-owned subsidiary of Hydro-Québec |
IPP | Independent Power Producers |
ISO-NE Tariff | ISO-NE FERC Transmission, Markets and Services Tariff |
kV | Kilovolt |
kVa | Kilovolt-ampere |
kW | Kilowatt (equal to one thousand watts) |
kWh | Kilowatt-Hours (the basic unit of electricity energy equal to one kilowatt of power supplied for one hour) |
LBR | Lost Base Revenue |
LNG | Liquefied natural gas |
LRS | Supplier of last resort service |
MMcf | Million cubic feet |
MGP | Manufactured Gas Plant |
MMBtu | One million British thermal units |
Moody's | Moody's Investors Services, Inc. |
MW | Megawatt |
MWh | Megawatt-Hours |
NEEWS | New England East-West Solution |
NETOs | New England Transmission Owners (including Eversource, National Grid and Avangrid) |
NOx | Nitrogen oxides |
OCI | Other Comprehensive Income/(Loss) |
PAM | Pension and PBOP Rate Adjustment Mechanism |
PBOP | Postretirement Benefits Other Than Pension |
PBOP Plan | Postretirement Benefits Other Than Pension Plan that provides certain retiree benefits, primarily medical, dental and life insurance |
PCRBs | Pollution Control Revenue Bonds |
Pension Plan | Single uniform noncontributory defined benefit retirement plan |
PPA | Pension Protection Act |
RECs | Renewable Energy Certificates |
Regulatory ROE | The average cost of capital method for calculating the return on equity related to the distribution and generation business segment excluding the wholesale transmission segment |
RNS | Regional Network Service |
ROE | Return on Equity |
RRB | Rate Reduction Bond or Rate Reduction Certificate |
RSUs | Restricted share units |
S&P | Standard & Poor's Financial Services LLC |
SBC | Systems Benefits Charge |
SCRC | Stranded Cost Recovery Charge |
SERP | Supplemental Executive Retirement Plans and non-qualified defined benefit retirement plans |
SIP | Simplified Incentive Plan |
SO2 | Sulfur dioxide |
SS | Standard service |
TCAM | Transmission Cost Adjustment Mechanism |
TSA | Transmission Service Agreement |
UI | The United Illuminating Company |
Page | ||
PART I – FINANCIAL INFORMATION | ||
PART II – OTHER INFORMATION | ||
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and Cash Equivalents | $ | 125,761 | $ | 30,251 | |||
Receivables, Net | 919,959 | 847,301 | |||||
Unbilled Revenues | 146,634 | 168,490 | |||||
Fuel, Materials, Supplies and Inventory | 305,035 | 328,721 | |||||
Regulatory Assets | 746,142 | 887,625 | |||||
Prepayments and Other Current Assets | 159,939 | 215,284 | |||||
Total Current Assets | 2,403,470 | 2,477,672 | |||||
Property, Plant and Equipment, Net | 22,537,304 | 21,350,510 | |||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | 3,505,901 | 3,638,688 | |||||
Goodwill | 3,519,401 | 3,519,401 | |||||
Marketable Securities | 570,255 | 544,642 | |||||
Other Long-Term Assets | 627,289 | 522,260 | |||||
Total Deferred Debits and Other Assets | 8,222,846 | 8,224,991 | |||||
Total Assets | $ | 33,163,620 | $ | 32,053,173 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable | $ | 18,238 | $ | 1,148,500 | |||
Long-Term Debt – Current Portion | 957,697 | 773,883 | |||||
Accounts Payable | 794,195 | 884,521 | |||||
Obligations to Third Party Suppliers | 149,789 | 122,806 | |||||
Regulatory Liabilities | 170,215 | 146,787 | |||||
Other Current Liabilities | 530,297 | 562,108 | |||||
Total Current Liabilities | 2,620,431 | 3,638,605 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | 6,001,589 | 5,607,207 | |||||
Regulatory Liabilities | 700,207 | 702,255 | |||||
Derivative Liabilities | 391,910 | 413,676 | |||||
Accrued Pension and SERP | 946,629 | 1,141,514 | |||||
Other Long-Term Liabilities | 881,056 | 853,260 | |||||
Total Deferred Credits and Other Liabilities | 8,921,391 | 8,717,912 | |||||
Capitalization: | |||||||
Long-Term Debt | 10,468,193 | 8,829,354 | |||||
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,568 | 155,568 | |||||
Equity: | |||||||
Common Shareholders' Equity: | |||||||
Common Shares | 1,669,392 | 1,669,392 | |||||
Capital Surplus, Paid In | 6,235,846 | 6,250,224 | |||||
Retained Earnings | 3,474,185 | 3,175,171 | |||||
Accumulated Other Comprehensive Loss | (63,615 | ) | (65,282 | ) | |||
Treasury Stock | (317,771 | ) | (317,771 | ) | |||
Common Shareholders' Equity | 10,998,037 | 10,711,734 | |||||
Total Capitalization | 21,621,798 | 19,696,656 | |||||
Total Liabilities and Capitalization | $ | 33,163,620 | $ | 32,053,173 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars, Except Share Information) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 1,988,512 | $ | 2,039,706 | $ | 5,856,458 | $ | 5,862,525 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power, Fuel and Transmission | 651,776 | 665,810 | 1,955,129 | 2,001,929 | |||||||||||
Operations and Maintenance | 300,421 | 324,734 | 933,400 | 965,584 | |||||||||||
Depreciation | 194,466 | 181,288 | 571,152 | 531,781 | |||||||||||
Amortization of Regulatory Assets, Net | 41,848 | 43,942 | 58,058 | 56,223 | |||||||||||
Energy Efficiency Programs | 129,205 | 149,121 | 391,761 | 405,962 | |||||||||||
Taxes Other Than Income Taxes | 168,193 | 164,942 | 479,648 | 479,219 | |||||||||||
Total Operating Expenses | 1,485,909 | 1,529,837 | 4,389,148 | 4,440,698 | |||||||||||
Operating Income | 502,603 | 509,869 | 1,467,310 | 1,421,827 | |||||||||||
Interest Expense | 108,719 | 99,865 | 319,477 | 298,568 | |||||||||||
Other Income, Net | 21,184 | 13,641 | 56,304 | 23,689 | |||||||||||
Income Before Income Tax Expense | 415,068 | 423,645 | 1,204,137 | 1,146,948 | |||||||||||
Income Tax Expense | 152,818 | 156,446 | 447,921 | 428,186 | |||||||||||
Net Income | 262,250 | 267,199 | 756,216 | 718,762 | |||||||||||
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 | |||||||||||
Net Income Attributable to Common Shareholders | $ | 260,370 | $ | 265,319 | $ | 750,577 | $ | 713,123 | |||||||
Basic and Diluted Earnings Per Common Share | $ | 0.82 | $ | 0.83 | $ | 2.36 | $ | 2.24 | |||||||
Dividends Declared Per Common Share | $ | 0.48 | $ | 0.45 | $ | 1.43 | $ | 1.34 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 | |||||||||||
Diluted | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 262,250 | $ | 267,199 | $ | 756,216 | $ | 718,762 | |||||||
Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 519 | 534 | 1,567 | 1,602 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (1,872 | ) | 946 | 733 | 2,271 | ||||||||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 673 | (1,733 | ) | (633 | ) | (2,646 | ) | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | (680 | ) | (253 | ) | 1,667 | 1,227 | |||||||||
Comprehensive Income Attributable to Noncontrolling Interests | (1,880 | ) | (1,880 | ) | (5,639 | ) | (5,639 | ) | |||||||
Comprehensive Income Attributable to Common Shareholders | $ | 259,690 | $ | 265,066 | $ | 752,244 | $ | 714,350 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 756,216 | $ | 718,762 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 571,152 | 531,781 | |||||
Deferred Income Taxes | 374,863 | 301,413 | |||||
Pension, SERP and PBOP Expense, Net | 16,891 | 31,627 | |||||
Pension and PBOP Contributions | (197,900 | ) | (121,854 | ) | |||
Regulatory Overrecoveries, Net | 185,952 | 152,808 | |||||
Amortization of Regulatory Assets, Net | 58,058 | 56,223 | |||||
Other | (148,741 | ) | (27,671 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (107,473 | ) | (191,454 | ) | |||
Fuel, Materials, Supplies and Inventory | 23,686 | 25,425 | |||||
Taxes Receivable/Accrued, Net | 88,856 | 347,898 | |||||
Accounts Payable | (96,551 | ) | (121,513 | ) | |||
Other Current Assets and Liabilities, Net | (32,874 | ) | (53,077 | ) | |||
Net Cash Flows Provided by Operating Activities | 1,492,135 | 1,650,368 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (1,642,280 | ) | (1,359,171 | ) | |||
Proceeds from Sales of Marketable Securities | 520,664 | 444,209 | |||||
Purchases of Marketable Securities | (506,302 | ) | (437,197 | ) | |||
Other Investing Activities | (10,177 | ) | (9,463 | ) | |||
Net Cash Flows Used in Investing Activities | (1,638,095 | ) | (1,361,622 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Shares | (451,562 | ) | (423,471 | ) | |||
Cash Dividends on Preferred Stock | (5,639 | ) | (5,639 | ) | |||
Decrease in Notes Payable | (231,500 | ) | (426,453 | ) | |||
Issuance of Long-Term Debt | 1,250,000 | 800,000 | |||||
Retirements of Long-Term Debt | (320,000 | ) | (200,000 | ) | |||
Other Financing Activities | 171 | (17,074 | ) | ||||
Net Cash Flows Provided by/(Used in) Financing Activities | 241,470 | (272,637 | ) | ||||
Net Increase in Cash and Cash Equivalents | 95,510 | 16,109 | |||||
Cash and Cash Equivalents - Beginning of Period | 30,251 | 23,947 | |||||
Cash and Cash Equivalents - End of Period | $ | 125,761 | $ | 40,056 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | 9,364 | $ | 6,579 | |||
Receivables, Net | 404,065 | 359,132 | |||||
Accounts Receivable from Affiliated Companies | 29,287 | 16,851 | |||||
Unbilled Revenues | 48,625 | 50,373 | |||||
Materials, Supplies and Inventory | 44,516 | 52,050 | |||||
Regulatory Assets | 274,982 | 335,526 | |||||
Prepaid Property Taxes | 55,375 | 19,678 | |||||
Prepayments and Other Current Assets | 13,832 | 32,992 | |||||
Total Current Assets | 880,046 | 873,181 | |||||
Property, Plant and Equipment, Net | 8,107,957 | 7,632,392 | |||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | 1,312,191 | 1,391,564 | |||||
Other Long-Term Assets | 145,246 | 137,907 | |||||
Total Deferred Debits and Other Assets | 1,457,437 | 1,529,471 | |||||
Total Assets | $ | 10,445,440 | $ | 10,035,044 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable to Eversource Parent | $ | — | $ | 80,100 | |||
Long-Term Debt – Current Portion | 300,000 | 250,000 | |||||
Accounts Payable | 292,234 | 289,532 | |||||
Accounts Payable to Affiliated Companies | 80,899 | 88,075 | |||||
Obligations to Third Party Suppliers | 52,865 | 55,520 | |||||
Accrued Taxes | 64,332 | 16,090 | |||||
Regulatory Liabilities | 69,296 | 47,055 | |||||
Derivative Liabilities | 59,895 | 77,765 | |||||
Other Current Liabilities | 99,467 | 104,309 | |||||
Total Current Liabilities | 1,018,988 | 1,008,446 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | 2,089,480 | 1,987,661 | |||||
Regulatory Liabilities | 98,777 | 100,138 | |||||
Derivative Liabilities | 391,758 | 412,750 | |||||
Accrued Pension, SERP and PBOP | 297,492 | 300,208 | |||||
Other Long-Term Liabilities | 134,870 | 123,244 | |||||
Total Deferred Credits and Other Liabilities | 3,012,377 | 2,924,001 | |||||
Capitalization: | |||||||
Long-Term Debt | 2,758,851 | 2,516,010 | |||||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 | |||||
Common Stockholder's Equity: | |||||||
Common Stock | 60,352 | 60,352 | |||||
Capital Surplus, Paid In | 2,110,752 | 2,110,714 | |||||
Retained Earnings | 1,367,650 | 1,299,374 | |||||
Accumulated Other Comprehensive Income/(Loss) | 270 | (53 | ) | ||||
Common Stockholder's Equity | 3,539,024 | 3,470,387 | |||||
Total Capitalization | 6,414,075 | 6,102,597 | |||||
Total Liabilities and Capitalization | $ | 10,445,440 | $ | 10,035,044 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 774,762 | $ | 760,037 | $ | 2,173,629 | $ | 2,175,141 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | 259,005 | 253,509 | 711,154 | 760,613 | |||||||||||
Operations and Maintenance | 123,107 | 123,034 | 359,834 | 356,409 | |||||||||||
Depreciation | 63,727 | 57,675 | 184,275 | 172,175 | |||||||||||
Amortization of Regulatory Assets, Net | 34,574 | 23,418 | 58,799 | 30,308 | |||||||||||
Energy Efficiency Programs | 37,739 | 44,381 | 106,483 | 117,969 | |||||||||||
Taxes Other Than Income Taxes | 79,067 | 81,948 | 223,482 | 227,981 | |||||||||||
Total Operating Expenses | 597,219 | 583,965 | 1,644,027 | 1,665,455 | |||||||||||
Operating Income | 177,543 | 176,072 | 529,602 | 509,686 | |||||||||||
Interest Expense | 36,313 | 36,083 | 106,577 | 108,561 | |||||||||||
Other Income, Net | 7,509 | 3,669 | 14,070 | 10,881 | |||||||||||
Income Before Income Tax Expense | 148,739 | 143,658 | 437,095 | 412,006 | |||||||||||
Income Tax Expense | 52,595 | 57,026 | 159,450 | 155,453 | |||||||||||
Net Income | $ | 96,144 | $ | 86,632 | $ | 277,645 | $ | 256,553 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 96,144 | $ | 86,632 | $ | 277,645 | $ | 256,553 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 96 | 111 | 298 | 333 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (64 | ) | 33 | 25 | 78 | ||||||||||
Other Comprehensive Income, Net of Tax | 32 | 144 | 323 | 411 | |||||||||||
Comprehensive Income | $ | 96,176 | $ | 86,776 | $ | 277,968 | $ | 256,964 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 277,645 | $ | 256,553 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 184,275 | 172,175 | |||||
Deferred Income Taxes | 90,132 | 109,637 | |||||
Pension, SERP, and PBOP Expense, Net of PBOP Contributions | 4,546 | 4,825 | |||||
Regulatory Overrecoveries, Net | 71,413 | 33,492 | |||||
Amortization of Regulatory Assets, Net | 58,799 | 30,308 | |||||
Other | (22,113 | ) | (14,873 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (70,936 | ) | (100,074 | ) | |||
Taxes Receivable/Accrued, Net | 69,335 | 197,422 | |||||
Accounts Payable | (1,649 | ) | (30,168 | ) | |||
Other Current Assets and Liabilities, Net | (38,111 | ) | (44,908 | ) | |||
Net Cash Flows Provided by Operating Activities | 623,336 | 614,389 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (621,882 | ) | (438,518 | ) | |||
Proceeds from the Sale of Property, Plant and Equipment | — | 9,047 | |||||
Other Investing Activities | 185 | 310 | |||||
Net Cash Flows Used in Investing Activities | (621,697 | ) | (429,161 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (205,200 | ) | (149,700 | ) | |||
Cash Dividends on Preferred Stock | (4,169 | ) | (4,169 | ) | |||
Capital Contributions from Eversource Parent | — | 145,700 | |||||
Issuance of Long-Term Debt | 525,000 | — | |||||
Retirement of Long-Term Debt | (250,000 | ) | — | ||||
Decrease in Notes Payable to Eversource Parent | (80,100 | ) | (168,900 | ) | |||
Premium on Issuance of Long-Term Debt | 21,937 | — | |||||
Other Financing Activities | (6,322 | ) | (609 | ) | |||
Net Cash Flows Provided by/(Used in) Financing Activities | 1,146 | (177,678 | ) | ||||
Net Increase in Cash | 2,785 | 7,550 | |||||
Cash - Beginning of Period | 6,579 | 1,057 | |||||
Cash - End of Period | $ | 9,364 | $ | 8,607 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and Cash Equivalents | $ | 89,915 | $ | 3,494 | |||
Receivables, Net | 322,193 | 257,557 | |||||
Accounts Receivable from Affiliated Companies | 13,632 | 8,581 | |||||
Unbilled Revenues | 39,160 | 31,632 | |||||
Taxes Receivable | — | 39,738 | |||||
Materials, Supplies and Inventory | 53,203 | 62,288 | |||||
Regulatory Assets | 230,620 | 289,400 | |||||
Prepayments and Other Current Assets | 16,550 | 14,906 | |||||
Total Current Assets | 765,273 | 707,596 | |||||
Property, Plant and Equipment, Net | 6,268,689 | 6,051,835 | |||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | 1,049,324 | 1,057,746 | |||||
Prepaid PBOP | 115,367 | 95,073 | |||||
Other Long-Term Assets | 79,653 | 60,572 | |||||
Total Deferred Debits and Other Assets | 1,244,344 | 1,213,391 | |||||
Total Assets | $ | 8,278,306 | $ | 7,972,822 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable | $ | — | $ | 126,500 | |||
Long-Term Debt – Current Portion | 43,814 | 400,000 | |||||
Accounts Payable | 198,251 | 232,599 | |||||
Accounts Payable to Affiliated Companies | 81,953 | 91,532 | |||||
Obligations to Third Party Suppliers | 86,346 | 55,863 | |||||
Renewable Portfolio Standards Compliance Obligations | 69,527 | 75,571 | |||||
Accrued Taxes | 32,021 | 3,922 | |||||
Regulatory Liabilities | 65,520 | 63,653 | |||||
Other Current Liabilities | 58,628 | 67,200 | |||||
Total Current Liabilities | 636,060 | 1,116,840 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | 1,910,328 | 1,836,292 | |||||
Regulatory Liabilities | 392,851 | 391,823 | |||||
Accrued Pension and SERP | 39,830 | 111,827 | |||||
Other Long-Term Liabilities | 135,613 | 123,194 | |||||
Total Deferred Credits and Other Liabilities | 2,478,622 | 2,463,136 | |||||
Capitalization: | |||||||
Long-Term Debt | 2,382,392 | 1,678,116 | |||||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 | |||||
Common Stockholder's Equity: | |||||||
Common Stock | — | — | |||||
Capital Surplus, Paid In | 1,047,678 | 1,045,378 | |||||
Retained Earnings | 1,690,198 | 1,625,984 | |||||
Accumulated Other Comprehensive Income | 356 | 368 | |||||
Common Stockholder's Equity | 2,738,232 | 2,671,730 | |||||
Total Capitalization | 5,163,624 | 4,392,846 | |||||
Total Liabilities and Capitalization | $ | 8,278,306 | $ | 7,972,822 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 725,701 | $ | 780,462 | $ | 1,913,548 | $ | 1,985,979 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | 259,400 | 291,382 | 689,784 | 764,907 | |||||||||||
Operations and Maintenance | 92,571 | 96,282 | 266,203 | 279,932 | |||||||||||
Depreciation | 56,200 | 54,695 | 167,598 | 159,151 | |||||||||||
Amortization of Regulatory Assets, Net | 9,845 | 9,621 | 17,806 | 18,275 | |||||||||||
Energy Efficiency Programs | 71,615 | 84,717 | 198,803 | 212,882 | |||||||||||
Taxes Other Than Income Taxes | 37,052 | 35,050 | 99,090 | 101,800 | |||||||||||
Total Operating Expenses | 526,683 | 571,747 | 1,439,284 | 1,536,947 | |||||||||||
Operating Income | 199,018 | 208,715 | 474,264 | 449,032 | |||||||||||
Interest Expense | 24,488 | 21,101 | 69,962 | 62,206 | |||||||||||
Other Income, Net | 3,426 | 5,022 | 8,703 | 7,524 | |||||||||||
Income Before Income Tax Expense | 177,956 | 192,636 | 413,005 | 394,350 | |||||||||||
Income Tax Expense | 69,796 | 75,440 | 161,320 | 154,493 | |||||||||||
Net Income | $ | 108,160 | $ | 117,196 | $ | 251,685 | $ | 239,857 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 108,160 | $ | 117,196 | $ | 251,685 | $ | 239,857 | |||||||
Other Comprehensive Loss, Net of Tax: | |||||||||||||||
Changes in Funded Status of SERP Benefit Plan | (4 | ) | (10 | ) | (12 | ) | (31 | ) | |||||||
Other Comprehensive Loss, Net of Tax | (4 | ) | (10 | ) | (12 | ) | (31 | ) | |||||||
Comprehensive Income | $ | 108,156 | $ | 117,186 | $ | 251,673 | $ | 239,826 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 251,685 | $ | 239,857 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 167,598 | 159,151 | |||||
Deferred Income Taxes | 71,327 | 40,960 | |||||
Pension, SERP and PBOP (Benefits)/Expense, Net | (7,305 | ) | 1,370 | ||||
Pension and PBOP Contributions | (83,040 | ) | (26,734 | ) | |||
Regulatory Overrecoveries, Net | 61,356 | 131,774 | |||||
Amortization of Regulatory Assets, Net | 17,806 | 18,275 | |||||
Other | (23,120 | ) | (20,088 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (95,398 | ) | (103,444 | ) | |||
Materials, Supplies and Inventory | 9,086 | 30,659 | |||||
Taxes Receivable/Accrued, Net | 67,501 | 141,379 | |||||
Accounts Payable | (38,486 | ) | (22,913 | ) | |||
Other Current Assets and Liabilities, Net | 13,961 | (25,942 | ) | ||||
Net Cash Flows Provided by Operating Activities | 412,971 | 564,304 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (358,041 | ) | (327,731 | ) | |||
Other Investing Activities | (3,617 | ) | — | ||||
Net Cash Flows Used in Investing Activities | (361,658 | ) | (327,731 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (186,000 | ) | (278,300 | ) | |||
Cash Dividends on Preferred Stock | (1,470 | ) | (1,470 | ) | |||
Capital Contributions from Eversource Parent | 2,300 | 25,000 | |||||
Decrease in Notes Payable | (126,500 | ) | (26,500 | ) | |||
Issuance of Long-Term Debt | 350,000 | 250,000 | |||||
Retirements of Long-Term Debt | — | (200,000 | ) | ||||
Other Financing Activities | (3,222 | ) | (2,495 | ) | |||
Net Cash Flows Provided by/(Used in) Financing Activities | 35,108 | (233,765 | ) | ||||
Increase in Cash and Cash Equivalents | 86,421 | 2,808 | |||||
Cash and Cash Equivalents - Beginning of Period | 3,494 | 3,346 | |||||
Cash and Cash Equivalents - End of Period | $ | 89,915 | $ | 6,154 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash | $ | 597 | $ | 4,646 | |||
Receivables, Net | 93,299 | 84,450 | |||||
Accounts Receivable from Affiliated Companies | 24,331 | 4,185 | |||||
Unbilled Revenues | 37,133 | 41,004 | |||||
Fuel, Materials, Supplies and Inventory | 158,091 | 162,354 | |||||
Regulatory Assets | 112,465 | 117,240 | |||||
Prepayments and Other Current Assets | 3,797 | 28,908 | |||||
Total Current Assets | 429,713 | 442,787 | |||||
Property, Plant and Equipment, Net | 3,167,905 | 3,039,313 | |||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | 244,561 | 245,525 | |||||
Other Long-Term Assets | 51,740 | 37,720 | |||||
Total Deferred Debits and Other Assets | 296,301 | 283,245 | |||||
Total Assets | $ | 3,893,919 | $ | 3,765,345 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable to Eversource Parent | $ | 202,300 | $ | 160,900 | |||
Long-Term Debt – Current Portion | 110,000 | 70,000 | |||||
Accounts Payable | 92,201 | 85,716 | |||||
Accounts Payable to Affiliated Companies | 42,788 | 29,154 | |||||
Regulatory Liabilities | 7,923 | 12,659 | |||||
Other Current Liabilities | 61,210 | 43,253 | |||||
Total Current Liabilities | 516,422 | 401,682 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | 827,412 | 785,385 | |||||
Regulatory Liabilities | 40,822 | 44,779 | |||||
Accrued Pension, SERP and PBOP | 98,553 | 94,652 | |||||
Other Long-Term Liabilities | 54,131 | 49,442 | |||||
Total Deferred Credits and Other Liabilities | 1,020,918 | 974,258 | |||||
Capitalization: | |||||||
Long-Term Debt | 892,581 | 1,002,048 | |||||
Common Stockholder's Equity: | |||||||
Common Stock | — | — | |||||
Capital Surplus, Paid In | 843,134 | 843,134 | |||||
Retained Earnings | 625,012 | 549,286 | |||||
Accumulated Other Comprehensive Loss | (4,148 | ) | (5,063 | ) | |||
Common Stockholder's Equity | 1,463,998 | 1,387,357 | |||||
Total Capitalization | 2,356,579 | 2,389,405 | |||||
Total Liabilities and Capitalization | $ | 3,893,919 | $ | 3,765,345 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 250,032 | $ | 266,946 | $ | 733,572 | $ | 727,753 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power, Fuel and Transmission | 57,099 | 59,833 | 179,289 | 155,700 | |||||||||||
Operations and Maintenance | 63,669 | 64,183 | 191,153 | 187,184 | |||||||||||
Depreciation | 32,084 | 29,646 | 95,266 | 86,524 | |||||||||||
Amortization of Regulatory Assets/(Liabilities), Net | 2,835 | 14,158 | (10,658 | ) | 14,490 | ||||||||||
Energy Efficiency Programs | 4,007 | 3,983 | 11,040 | 10,862 | |||||||||||
Taxes Other Than Income Taxes | 22,936 | 20,460 | 66,935 | 64,543 | |||||||||||
Total Operating Expenses | 182,630 | 192,263 | 533,025 | 519,303 | |||||||||||
Operating Income | 67,402 | 74,683 | 200,547 | 208,450 | |||||||||||
Interest Expense | 12,896 | 12,397 | 38,676 | 37,386 | |||||||||||
Other Income, Net | 1,229 | 574 | 2,883 | 1,007 | |||||||||||
Income Before Income Tax Expense | 55,735 | 62,860 | 164,754 | 172,071 | |||||||||||
Income Tax Expense | 22,012 | 24,345 | 65,128 | 66,242 | |||||||||||
Net Income | $ | 33,723 | $ | 38,515 | $ | 99,626 | $ | 105,829 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 33,723 | $ | 38,515 | $ | 99,626 | $ | 105,829 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 291 | 290 | 872 | 871 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (112 | ) | 56 | 43 | 135 | ||||||||||
Other Comprehensive Income, Net of Tax | 179 | 346 | 915 | 1,006 | |||||||||||
Comprehensive Income | $ | 33,902 | $ | 38,861 | $ | 100,541 | $ | 106,835 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 99,626 | $ | 105,829 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 95,266 | 86,524 | |||||
Deferred Income Taxes | 43,217 | 74,522 | |||||
Regulatory Over/(Under) Recoveries, Net | 8,910 | (4,289 | ) | ||||
Amortization of Regulatory (Liabilities)/Assets, Net | (10,658 | ) | 14,490 | ||||
Other | (7,792 | ) | (12,660 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (30,276 | ) | (28,754 | ) | |||
Fuel, Materials, Supplies and Inventory | 4,263 | (4,014 | ) | ||||
Taxes Receivable/Accrued, Net | 10,749 | 33,589 | |||||
Accounts Payable | 18,394 | 14,508 | |||||
Other Current Assets and Liabilities, Net | 32,296 | 26,207 | |||||
Net Cash Flows Provided by Operating Activities | 263,995 | 305,952 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (215,470 | ) | (215,804 | ) | |||
Other Investing Activities | 113 | 272 | |||||
Net Cash Flows Used in Investing Activities | (215,357 | ) | (215,532 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (23,900 | ) | (58,200 | ) | |||
Capital Contributions from Eversource Parent | — | 94,500 | |||||
Retirements of Long-Term Debt | (70,000 | ) | — | ||||
Increase/(Decrease) in Notes Payable to Eversource Parent | 41,400 | (123,800 | ) | ||||
Other Financing Activities | (187 | ) | (217 | ) | |||
Net Cash Flows Used in Financing Activities | (52,687 | ) | (87,717 | ) | |||
Net (Decrease)/Increase in Cash | (4,049 | ) | 2,703 | ||||
Cash - Beginning of Period | 4,646 | 1,733 | |||||
Cash - End of Period | $ | 597 | $ | 4,436 |
(Thousands of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Receivables, Net | $ | 58,034 | $ | 54,940 | |||
Accounts Receivable from Affiliated Companies | 23,440 | 14,425 | |||||
Unbilled Revenues | 15,000 | 15,329 | |||||
Materials, Supplies and Inventory | 6,221 | 8,618 | |||||
Regulatory Assets | 60,606 | 64,123 | |||||
Prepayments and Other Current Assets | 1,297 | 2,595 | |||||
Total Current Assets | 164,598 | 160,030 | |||||
Property, Plant and Equipment, Net | 1,769,566 | 1,678,262 | |||||
Deferred Debits and Other Assets: | |||||||
Regulatory Assets | 121,796 | 127,291 | |||||
Other Long-Term Assets | 38,934 | 29,062 | |||||
Total Deferred Debits and Other Assets | 160,730 | 156,353 | |||||
Total Assets | $ | 2,094,894 | $ | 1,994,645 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities: | |||||||
Notes Payable to Eversource Parent | $ | 96,900 | $ | 51,000 | |||
Accounts Payable | 58,518 | 56,036 | |||||
Accounts Payable to Affiliated Companies | 22,181 | 19,478 | |||||
Obligations to Third Party Suppliers | 9,736 | 10,508 | |||||
Renewable Portfolio Standards Compliance Obligations | 16,144 | 20,383 | |||||
Regulatory Liabilities | 10,236 | 14,888 | |||||
Other Current Liabilities | 13,020 | 14,984 | |||||
Total Current Liabilities | 226,735 | 187,277 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated Deferred Income Taxes | 519,998 | 490,793 | |||||
Regulatory Liabilities | 22,726 | 17,227 | |||||
Accrued Pension, SERP and PBOP | 18,038 | 20,390 | |||||
Other Long-Term Liabilities | 45,831 | 41,308 | |||||
Total Deferred Credits and Other Liabilities | 606,593 | 569,718 | |||||
Capitalization: | |||||||
Long-Term Debt | 566,172 | 566,536 | |||||
Common Stockholder's Equity: | |||||||
Common Stock | 10,866 | 10,866 | |||||
Capital Surplus, Paid In | 444,398 | 444,398 | |||||
Retained Earnings | 242,157 | 218,212 | |||||
Accumulated Other Comprehensive Loss | (2,027 | ) | (2,362 | ) | |||
Common Stockholder's Equity | 695,394 | 671,114 | |||||
Total Capitalization | 1,261,566 | 1,237,650 | |||||
Total Liabilities and Capitalization | $ | 2,094,894 | $ | 1,994,645 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating Revenues | $ | 126,335 | $ | 124,042 | $ | 377,214 | $ | 368,533 | |||||||
Operating Expenses: | |||||||||||||||
Purchased Power and Transmission | 34,828 | 32,178 | 109,553 | 104,406 | |||||||||||
Operations and Maintenance | 21,528 | 24,125 | 65,769 | 68,018 | |||||||||||
Depreciation | 12,546 | 11,567 | 36,844 | 34,414 | |||||||||||
Amortization of Regulatory Assets/(Liabilities), Net | 286 | 1,102 | (563 | ) | 3,305 | ||||||||||
Energy Efficiency Programs | 10,996 | 12,389 | 29,739 | 33,593 | |||||||||||
Taxes Other Than Income Taxes | 10,779 | 10,609 | 31,403 | 30,440 | |||||||||||
Total Operating Expenses | 90,963 | 91,970 | 272,745 | 274,176 | |||||||||||
Operating Income | 35,372 | 32,072 | 104,469 | 94,357 | |||||||||||
Interest Expense | 6,321 | 6,222 | 18,752 | 18,298 | |||||||||||
Other Income, Net | 1,060 | 179 | 1,409 | 133 | |||||||||||
Income Before Income Tax Expense | 30,111 | 26,029 | 87,126 | 76,192 | |||||||||||
Income Tax Expense | 12,504 | 10,018 | 34,680 | 30,089 | |||||||||||
Net Income | $ | 17,607 | $ | 16,011 | $ | 52,446 | $ | 46,103 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Income | $ | 17,607 | $ | 16,011 | $ | 52,446 | $ | 46,103 | |||||||
Other Comprehensive Income, Net of Tax: | |||||||||||||||
Qualified Cash Flow Hedging Instruments | 109 | 109 | 328 | 328 | |||||||||||
Changes in Unrealized (Losses)/Gains on Marketable Securities | (18 | ) | 9 | 7 | 22 | ||||||||||
Other Comprehensive Income, Net of Tax | 91 | 118 | 335 | 350 | |||||||||||
Comprehensive Income | $ | 17,698 | $ | 16,129 | $ | 52,781 | $ | 46,453 |
For the Nine Months Ended September 30, | |||||||
(Thousands of Dollars) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net Income | $ | 52,446 | $ | 46,103 | |||
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | |||||||
Depreciation | 36,844 | 34,414 | |||||
Deferred Income Taxes | 29,008 | 15,587 | |||||
Regulatory Overrecoveries, Net | 10,291 | 323 | |||||
Amortization of Regulatory (Liabilities)/Assets, Net | (563 | ) | 3,305 | ||||
Other | (10,182 | ) | (2,532 | ) | |||
Changes in Current Assets and Liabilities: | |||||||
Receivables and Unbilled Revenues, Net | (16,818 | ) | 1,933 | ||||
Taxes Receivable/Accrued, Net | 4,203 | 36,658 | |||||
Accounts Payable | (5,777 | ) | (16,240 | ) | |||
Other Current Assets and Liabilities, Net | (7,482 | ) | 5,277 | ||||
Net Cash Flows Provided by Operating Activities | 91,970 | 124,828 | |||||
Investing Activities: | |||||||
Investments in Property, Plant and Equipment | (109,233 | ) | (104,811 | ) | |||
Proceeds from Sales of Marketable Securities | 1,641 | 1,934 | |||||
Purchases of Marketable Securities | (1,590 | ) | (1,894 | ) | |||
Net Cash Flows Used in Investing Activities | (109,182 | ) | (104,771 | ) | |||
Financing Activities: | |||||||
Cash Dividends on Common Stock | (28,500 | ) | (28,500 | ) | |||
Capital Contributions from Eversource Parent | — | 53,000 | |||||
Increase/(Decrease) in Notes Payable to Eversource Parent | 45,900 | (95,200 | ) | ||||
Issuance of Long-Term Debt | — | 50,000 | |||||
Other Financing Activities | (188 | ) | (191 | ) | |||
Net Cash Flows Provided by/(Used in) Financing Activities | 17,212 | (20,891 | ) | ||||
Net Decrease in Cash | — | (834 | ) | ||||
Cash - Beginning of Period | — | 834 | |||||
Cash - End of Period | $ | — | $ | — |
Total Provision for Uncollectible Accounts | Uncollectible Hardship | ||||||||||||||
(Millions of Dollars) | As of September 30, 2017 | As of December 31, 2016 | As of September 30, 2017 | As of December 31, 2016 | |||||||||||
Eversource | $ | 196.8 | $ | 200.6 | $ | 126.3 | $ | 119.9 | |||||||
CL&P | 77.6 | 86.4 | 64.6 | 67.7 | |||||||||||
NSTAR Electric | 55.7 | 54.8 | 32.3 | 26.2 | |||||||||||
PSNH | 10.6 | 9.9 | — | — | |||||||||||
WMECO | 17.0 | 15.5 | 11.3 | 9.9 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||
Eversource | $ | 40.3 | $ | 45.1 | $ | 118.2 | $ | 124.8 | |||||||
CL&P | 37.8 | 42.6 | 103.5 | 112.2 |
(Millions of Dollars) | As of September 30, 2017 | As of September 30, 2016 | |||||
Eversource | $ | 307.7 | $ | 203.6 | |||
CL&P | 113.4 | 64.5 | |||||
NSTAR Electric | 55.4 | 39.4 | |||||
PSNH | 39.6 | 31.0 | |||||
WMECO | 37.1 | 17.6 |
Eversource | As of September 30, 2017 | As of December 31, 2016 | |||||
(Millions of Dollars) | |||||||
Benefit Costs | $ | 1,793.8 | $ | 1,817.8 | |||
Derivative Liabilities | 385.1 | 423.3 | |||||
Income Taxes, Net | 652.7 | 644.5 | |||||
Storm Restoration Costs | 330.1 | 385.3 | |||||
Goodwill-related | 449.0 | 464.4 | |||||
Regulatory Tracker Mechanisms | 470.7 | 576.6 | |||||
Asset Retirement Obligations | 104.8 | 99.3 | |||||
Other Regulatory Assets | 65.8 | 115.1 | |||||
Total Regulatory Assets | 4,252.0 | 4,526.3 | |||||
Less: Current Portion | 746.1 | 887.6 | |||||
Total Long-Term Regulatory Assets | $ | 3,505.9 | $ | 3,638.7 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Benefit Costs | $ | 415.8 | $ | 436.7 | $ | 183.2 | $ | 84.8 | $ | 429.3 | $ | 438.6 | $ | 184.2 | $ | 86.7 | |||||||||||||||
Derivative Liabilities | 381.6 | 2.4 | — | — | 420.5 | 2.8 | — | — | |||||||||||||||||||||||
Income Taxes, Net | 441.1 | 92.4 | 22.3 | 30.5 | 437.0 | 89.7 | 24.2 | 30.8 | |||||||||||||||||||||||
Storm Restoration Costs | 195.7 | 112.4 | 9.2 | 12.8 | 239.8 | 112.5 | 17.1 | 15.9 | |||||||||||||||||||||||
Goodwill-related | — | 385.5 | — | — | — | 398.7 | — | — | |||||||||||||||||||||||
Regulatory Tracker Mechanisms | 87.9 | 201.1 | 108.0 | 44.4 | 123.9 | 257.3 | 104.5 | 46.7 | |||||||||||||||||||||||
Asset Retirement Obligations | 35.1 | 33.9 | 16.8 | 4.5 | 33.2 | 31.9 | 16.2 | 4.2 | |||||||||||||||||||||||
Other Regulatory Assets | 30.0 | 15.5 | 17.6 | 5.4 | 43.4 | 15.6 | 16.5 | 7.1 | |||||||||||||||||||||||
Total Regulatory Assets | 1,587.2 | 1,279.9 | 357.1 | 182.4 | 1,727.1 | 1,347.1 | 362.7 | 191.4 | |||||||||||||||||||||||
Less: Current Portion | 275.0 | 230.6 | 112.5 | 60.6 | 335.5 | 289.4 | 117.2 | 64.1 | |||||||||||||||||||||||
Total Long-Term Regulatory Assets | $ | 1,312.2 | $ | 1,049.3 | $ | 244.6 | $ | 121.8 | $ | 1,391.6 | $ | 1,057.7 | $ | 245.5 | $ | 127.3 |
Eversource | As of September 30, 2017 | As of December 31, 2016 | |||||
(Millions of Dollars) | |||||||
Cost of Removal | $ | 470.3 | $ | 459.7 | |||
Benefit Costs | 125.5 | 136.2 | |||||
Regulatory Tracker Mechanisms | 175.8 | 145.3 | |||||
AFUDC - Transmission | 65.4 | 65.8 | |||||
Other Regulatory Liabilities | 33.4 | 42.1 | |||||
Total Regulatory Liabilities | 870.4 | 849.1 | |||||
Less: Current Portion | 170.2 | 146.8 | |||||
Total Long-Term Regulatory Liabilities | $ | 700.2 | $ | 702.3 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Cost of Removal | $ | 40.5 | $ | 278.8 | $ | 40.5 | $ | 11.7 | $ | 38.8 | $ | 271.6 | $ | 44.1 | $ | 8.6 | |||||||||||||||
Benefit Costs | — | 106.0 | — | — | — | 113.1 | — | — | |||||||||||||||||||||||
Regulatory Tracker Mechanisms | 57.1 | 65.5 | 5.6 | 12.7 | 37.2 | 63.7 | 10.7 | 14.7 | |||||||||||||||||||||||
AFUDC - Transmission | 49.2 | 7.7 | — | 8.5 | 50.2 | 6.9 | — | 8.7 | |||||||||||||||||||||||
Other Regulatory Liabilities | 21.3 | 0.4 | 2.6 | — | 21.0 | 0.2 | 2.7 | 0.1 | |||||||||||||||||||||||
Total Regulatory Liabilities | 168.1 | 458.4 | 48.7 | 32.9 | 147.2 | 455.5 | 57.5 | 32.1 | |||||||||||||||||||||||
Less: Current Portion | 69.3 | 65.5 | 7.9 | 10.2 | 47.1 | 63.7 | 12.7 | 14.9 | |||||||||||||||||||||||
Total Long-Term Regulatory Liabilities | $ | 98.8 | $ | 392.9 | $ | 40.8 | $ | 22.7 | $ | 100.1 | $ | 391.8 | $ | 44.8 | $ | 17.2 |
Eversource | As of September 30, 2017 | As of December 31, 2016 | |||||
(Millions of Dollars) | |||||||
Distribution - Electric | $ | 14,217.3 | $ | 13,716.9 | |||
Distribution - Natural Gas | 3,158.1 | 3,010.4 | |||||
Transmission - Electric | 8,918.2 | 8,517.4 | |||||
Generation | 1,215.8 | 1,224.2 | |||||
Electric and Natural Gas Utility | 27,509.4 | 26,468.9 | |||||
Other (1) | 679.9 | 591.6 | |||||
Property, Plant and Equipment, Gross | 28,189.3 | 27,060.5 | |||||
Less: Accumulated Depreciation | |||||||
Electric and Natural Gas Utility | (6,838.5 | ) | (6,480.4 | ) | |||
Other | (274.4 | ) | (242.0 | ) | |||
Total Accumulated Depreciation | (7,112.9 | ) | (6,722.4 | ) | |||
Property, Plant and Equipment, Net | 21,076.4 | 20,338.1 | |||||
Construction Work in Progress (2) | 1,460.9 | 1,012.4 | |||||
Total Property, Plant and Equipment, Net | $ | 22,537.3 | $ | 21,350.5 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Distribution | $ | 5,797.6 | $ | 5,543.1 | $ | 2,048.8 | $ | 868.1 | $ | 5,562.9 | $ | 5,402.3 | $ | 1,949.8 | $ | 841.9 | |||||||||||||||
Transmission | 4,061.2 | 2,545.0 | 1,115.7 | 1,147.9 | 3,912.9 | 2,435.8 | 1,059.3 | 1,061.1 | |||||||||||||||||||||||
Generation | — | — | 1,179.8 | 36.0 | — | — | 1,188.2 | 36.0 | |||||||||||||||||||||||
Property, Plant and Equipment, Gross | 9,858.8 | 8,088.1 | 4,344.3 | 2,052.0 | 9,475.8 | 7,838.1 | 4,197.3 | 1,939.0 | |||||||||||||||||||||||
Less: Accumulated Depreciation | (2,207.0 | ) | (2,143.8 | ) | (1,315.7 | ) | (356.5 | ) | (2,082.4 | ) | (2,025.4 | ) | (1,254.7 | ) | (338.8 | ) | |||||||||||||||
Property, Plant and Equipment, Net | 7,651.8 | 5,944.3 | 3,028.6 | 1,695.5 | 7,393.4 | 5,812.7 | 2,942.6 | 1,600.2 | |||||||||||||||||||||||
Construction Work in Progress | 456.2 | 324.4 | 139.3 | 74.1 | 239.0 | 239.1 | 96.7 | 78.1 | |||||||||||||||||||||||
Total Property, Plant and Equipment, Net | $ | 8,108.0 | $ | 6,268.7 | $ | 3,167.9 | $ | 1,769.6 | $ | 7,632.4 | $ | 6,051.8 | $ | 3,039.3 | $ | 1,678.3 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
(Millions of Dollars) | Commodity Supply and Price Risk Management | Netting (1) | Net Amount Recorded as a Derivative | Commodity Supply and Price Risk Management | Netting (1) | Net Amount Recorded as a Derivative | |||||||||||||||||
Current Derivative Assets: | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Eversource | $ | — | $ | — | $ | — | $ | 6.0 | $ | — | $ | 6.0 | |||||||||||
Level 3: | |||||||||||||||||||||||
CL&P | 10.4 | (7.7 | ) | 2.7 | 13.9 | (9.4 | ) | 4.5 | |||||||||||||||
Long-Term Derivative Assets: | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Eversource | $ | — | $ | — | $ | — | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | ||||||||||
Level 3: | |||||||||||||||||||||||
CL&P | 74.3 | (6.9 | ) | 67.4 | 77.3 | (11.7 | ) | 65.6 | |||||||||||||||
Current Derivative Liabilities: | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Eversource | $ | (1.5 | ) | $ | 0.4 | $ | (1.1 | ) | $ | — | $ | — | $ | — | |||||||||
Level 3: | |||||||||||||||||||||||
Eversource | (62.2 | ) | — | (62.2 | ) | (79.7 | ) | — | (79.7 | ) | |||||||||||||
CL&P | (59.9 | ) | — | (59.9 | ) | (77.8 | ) | — | (77.8 | ) | |||||||||||||
NSTAR Electric | (2.3 | ) | — | (2.3 | ) | (1.9 | ) | — | (1.9 | ) | |||||||||||||
Long-Term Derivative Liabilities: | |||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||
Eversource | $ | (391.9 | ) | $ | — | $ | (391.9 | ) | $ | (413.7 | ) | $ | — | $ | (413.7 | ) | |||||||
CL&P | (391.8 | ) | — | (391.8 | ) | (412.8 | ) | — | (412.8 | ) | |||||||||||||
NSTAR Electric | (0.1 | ) | — | (0.1 | ) | (0.9 | ) | — | (0.9 | ) |
(1) | Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||
Range | Period Covered | Range | Period Covered | ||||||||||||||||||||||
Capacity Prices: | |||||||||||||||||||||||||
CL&P | $ | 5.00 | — | 8.70 | per kW-Month | 2021 - 2026 | $ | 5.50 | — | 8.70 | per kW-Month | 2020 - 2026 | |||||||||||||
Forward Reserve: | |||||||||||||||||||||||||
CL&P | $ | 1.00 | — | 2.00 | per kW-Month | 2017 - 2024 | $ | 1.40 | — | 2.00 | per kW-Month | 2017 - 2024 | |||||||||||||
REC Prices: | |||||||||||||||||||||||||
NSTAR Electric | $ | 15.75 | — | 22.00 | per REC | 2017 - 2018 | $ | 24.00 | — | 29.00 | per REC | 2017 - 2018 |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | Eversource | CL&P | NSTAR Electric | |||||||||||||||||
Derivatives, Net: | |||||||||||||||||||||||
Fair Value as of Beginning of Period | $ | (397.1 | ) | $ | (394.8 | ) | $ | (2.3 | ) | $ | (412.6 | ) | $ | (411.3 | ) | $ | (1.3 | ) | |||||
Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities | 0.5 | (0.7 | ) | 1.2 | (52.3 | ) | (49.8 | ) | (2.5 | ) | |||||||||||||
Settlements | 12.6 | 13.9 | (1.3 | ) | 21.2 | 20.1 | 1.1 | ||||||||||||||||
Fair Value as of End of Period | $ | (384.0 | ) | $ | (381.6 | ) | $ | (2.4 | ) | $ | (443.7 | ) | $ | (441.0 | ) | $ | (2.7 | ) | |||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
(Millions of Dollars) | Eversource | CL&P | NSTAR Electric | Eversource | CL&P | NSTAR Electric | |||||||||||||||||
Derivatives, Net: | |||||||||||||||||||||||
Fair Value as of Beginning of Period | $ | (423.3 | ) | $ | (420.5 | ) | $ | (2.8 | ) | $ | (380.9 | ) | $ | (380.8 | ) | $ | (0.1 | ) | |||||
Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities | (17.9 | ) | (15.9 | ) | (2.0 | ) | (128.9 | ) | (122.0 | ) | (6.9 | ) | |||||||||||
Settlements | 57.2 | 54.8 | 2.4 | 66.1 | 61.8 | 4.3 | |||||||||||||||||
Fair Value as of End of Period | $ | (384.0 | ) | $ | (381.6 | ) | $ | (2.4 | ) | $ | (443.7 | ) | $ | (441.0 | ) | $ | (2.7 | ) |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Amortized Cost | Pre-Tax Unrealized Gains | Pre-Tax Unrealized Losses | Fair Value | Amortized Cost | Pre-Tax Unrealized Gains | Pre-Tax Unrealized Losses | Fair Value | |||||||||||||||||||||||
Debt Securities | $ | 286.5 | $ | 5.5 | $ | (0.5 | ) | $ | 291.5 | $ | 296.2 | $ | 1.1 | $ | (2.1 | ) | $ | 295.2 | |||||||||||||
Equity Securities | 210.7 | 81.5 | — | 292.2 | 203.3 | 62.3 | (1.2 | ) | 264.4 |
Eversource (Millions of Dollars) | Amortized Cost | Fair Value | |||||
Less than one year (1) | $ | 40.2 | $ | 40.2 | |||
One to five years | 56.7 | 57.6 | |||||
Six to ten years | 52.6 | 54.1 | |||||
Greater than ten years | 137.0 | 139.6 | |||||
Total Debt Securities | $ | 286.5 | $ | 291.5 |
(1) | Amounts in the Less than one year category include securities in the CYAPC and YAEC nuclear decommissioning trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Eversource (Millions of Dollars) | As of September 30, 2017 | As of December 31, 2016 | |||||
Level 1: | |||||||
Mutual Funds and Equities | $ | 292.2 | $ | 274.0 | |||
Money Market Funds | 21.8 | 54.8 | |||||
Total Level 1 | $ | 314.0 | $ | 328.8 | |||
Level 2: | |||||||
U.S. Government Issued Debt Securities (Agency and Treasury) | $ | 69.0 | $ | 63.0 | |||
Corporate Debt Securities | 56.1 | 41.1 | |||||
Asset-Backed Debt Securities | 20.4 | 18.5 | |||||
Municipal Bonds | 113.6 | 107.5 | |||||
Other Fixed Income Securities | 10.6 | 10.3 | |||||
Total Level 2 | $ | 269.7 | $ | 240.4 | |||
Total Marketable Securities | $ | 583.7 | $ | 569.2 |
Pension and SERP | |||||||||||||||
Eversource | For the Three Months Ended | For the Nine Months Ended | |||||||||||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||
Service Cost | $ | 17.4 | $ | 18.6 | $ | 53.8 | $ | 56.6 | |||||||
Interest Cost | 47.2 | 46.4 | 140.7 | 139.2 | |||||||||||
Expected Return on Pension Plan Assets | (83.5 | ) | (79.4 | ) | (250.5 | ) | (238.5 | ) | |||||||
Actuarial Loss | 33.9 | 31.4 | 101.3 | 94.2 | |||||||||||
Prior Service Cost | 1.2 | 0.9 | 3.4 | 2.6 | |||||||||||
Total Net Periodic Benefit Expense | $ | 16.2 | $ | 17.9 | $ | 48.7 | $ | 54.1 | |||||||
Capitalized Pension Expense | $ | 5.5 | $ | 5.4 | $ | 16.5 | $ | 16.8 | |||||||
PBOP | |||||||||||||||
Eversource | For the Three Months Ended | For the Nine Months Ended | |||||||||||||
(Millions of Dollars) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||
Service Cost | $ | 2.4 | $ | 3.0 | $ | 7.1 | $ | 9.2 | |||||||
Interest Cost | 6.8 | 7.5 | 20.3 | 26.5 | |||||||||||
Expected Return on Plan Assets | (16.0 | ) | (15.9 | ) | (47.8 | ) | (47.3 | ) | |||||||
Actuarial Loss | 2.2 | 3.0 | 6.9 | 5.0 | |||||||||||
Prior Service Credit | (5.3 | ) | (3.6 | ) | (16.1 | ) | (3.7 | ) | |||||||
Total Net Periodic Benefit Income | $ | (9.9 | ) | $ | (6.0 | ) | $ | (29.6 | ) | $ | (10.3 | ) | |||
Capitalized PBOP Income | $ | (4.8 | ) | $ | (2.6 | ) | $ | (14.3 | ) | $ | (4.6 | ) |
Pension and SERP | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Service Cost | $ | 4.6 | $ | 3.1 | $ | 2.4 | $ | 0.7 | $ | 4.6 | $ | 3.3 | $ | 2.5 | $ | 0.8 | |||||||||||||||
Interest Cost | 10.5 | 8.6 | 5.3 | 2.1 | 10.2 | 8.5 | 5.1 | 2.1 | |||||||||||||||||||||||
Expected Return on Pension Plan Assets | (17.8 | ) | (17.5 | ) | (10.0 | ) | (4.4 | ) | (18.0 | ) | (16.9 | ) | (9.6 | ) | (4.4 | ) | |||||||||||||||
Actuarial Loss | 6.8 | 8.9 | 3.0 | 1.5 | 6.3 | 8.7 | 2.5 | 1.3 | |||||||||||||||||||||||
Prior Service Cost | 0.4 | 0.1 | 0.1 | 0.1 | 0.4 | — | 0.1 | 0.1 | |||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 4.5 | $ | 3.2 | $ | 0.8 | $ | — | $ | 3.5 | $ | 3.6 | $ | 0.6 | $ | (0.1 | ) | ||||||||||||||
Intercompany Allocations | $ | 2.4 | $ | 1.8 | $ | 0.8 | $ | 0.5 | $ | 3.5 | $ | 2.2 | $ | 1.0 | $ | 0.6 | |||||||||||||||
Capitalized Pension Expense | $ | 2.4 | $ | 1.9 | $ | 0.4 | $ | 0.1 | $ | 2.2 | $ | 2.0 | $ | 0.4 | $ | 0.1 | |||||||||||||||
Pension and SERP | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Service Cost | $ | 13.9 | $ | 9.4 | $ | 7.3 | $ | 2.3 | $ | 14.3 | $ | 9.9 | $ | 7.5 | $ | 2.4 | |||||||||||||||
Interest Cost | 31.3 | 25.6 | 15.9 | 6.3 | 31.2 | 25.3 | 15.4 | 6.3 | |||||||||||||||||||||||
Expected Return on Pension Plan Assets | (53.9 | ) | (52.5 | ) | (29.9 | ) | (13.3 | ) | (54.2 | ) | (50.7 | ) | (28.9 | ) | (13.1 | ) | |||||||||||||||
Actuarial Loss | 20.7 | 26.4 | 8.7 | 4.5 | 19.2 | 25.8 | 7.5 | 4.1 | |||||||||||||||||||||||
Prior Service Cost | 1.1 | 0.2 | 0.4 | 0.2 | 1.1 | — | 0.3 | 0.2 | |||||||||||||||||||||||
Total Net Periodic Benefit Expense/(Income) | $ | 13.1 | $ | 9.1 | $ | 2.4 | $ | — | $ | 11.6 | $ | 10.3 | $ | 1.8 | $ | (0.1 | ) | ||||||||||||||
Intercompany Allocations | $ | 7.4 | $ | 5.5 | $ | 2.5 | $ | 1.4 | $ | 10.3 | $ | 6.7 | $ | 3.0 | $ | 1.9 | |||||||||||||||
Capitalized Pension Expense | $ | 7.3 | $ | 5.4 | $ | 1.1 | $ | 0.3 | $ | 7.1 | $ | 5.7 | $ | 1.0 | $ | 0.3 |
PBOP | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017 | For the Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Service Cost | $ | 0.5 | $ | 0.3 | $ | 0.3 | $ | 0.1 | $ | 0.6 | $ | 0.6 | $ | 0.4 | $ | 0.1 | |||||||||||||||
Interest Cost | 1.3 | 1.9 | 0.8 | 0.3 | 1.3 | 2.5 | 0.7 | 0.3 | |||||||||||||||||||||||
Expected Return on Plan Assets | (2.4 | ) | (6.6 | ) | (1.4 | ) | (0.6 | ) | (2.5 | ) | (6.4 | ) | (1.4 | ) | (0.6 | ) | |||||||||||||||
Actuarial Loss | 0.2 | 0.9 | 0.1 | — | 0.5 | 1.2 | 0.2 | — | |||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.3 | (4.3 | ) | 0.2 | — | 0.2 | (2.9 | ) | 0.1 | — | |||||||||||||||||||||
Total Net Periodic Benefit (Income)/Expense | $ | (0.1 | ) | $ | (7.8 | ) | $ | — | $ | (0.2 | ) | $ | 0.1 | $ | (5.0 | ) | $ | — | $ | (0.2 | ) | ||||||||||
Intercompany Allocations | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||
Capitalized PBOP Income | $ | (0.1 | ) | $ | (4.0 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | (2.2 | ) | $ | — | $ | (0.1 | ) | ||||||||||
PBOP | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | CL&P | NSTAR Electric | PSNH | WMECO | |||||||||||||||||||||||
Service Cost | $ | 1.5 | $ | 1.1 | $ | 1.0 | $ | 0.3 | $ | 1.4 | $ | 2.5 | $ | 0.9 | $ | 0.3 | |||||||||||||||
Interest Cost | 4.0 | 5.7 | 2.3 | 0.8 | 4.0 | 10.3 | 2.2 | 0.8 | |||||||||||||||||||||||
Expected Return on Plan Assets | (7.3 | ) | (19.9 | ) | (4.1 | ) | (1.7 | ) | (7.6 | ) | (19.2 | ) | (4.2 | ) | (1.7 | ) | |||||||||||||||
Actuarial Loss | 0.7 | 2.6 | 0.4 | — | 0.9 | 1.7 | 0.5 | — | |||||||||||||||||||||||
Prior Service Cost/(Credit) | 0.8 | (12.9 | ) | 0.4 | 0.1 | 0.2 | (2.9 | ) | 0.1 | — | |||||||||||||||||||||
Total Net Periodic Benefit Income | $ | (0.3 | ) | $ | (23.4 | ) | $ | — | $ | (0.5 | ) | $ | (1.1 | ) | $ | (7.6 | ) | $ | (0.5 | ) | $ | (0.6 | ) | ||||||||
Intercompany Allocations | $ | (0.5 | ) | $ | (0.7 | ) | $ | (0.3 | ) | $ | (0.1 | ) | $ | 0.3 | $ | — | $ | — | $ | — | |||||||||||
Capitalized PBOP Income | $ | (0.4 | ) | $ | (11.9 | ) | $ | — | $ | (0.2 | ) | $ | (0.5 | ) | $ | (3.3 | ) | $ | — | $ | (0.3 | ) |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||
Number of Sites | Reserve (in millions) | Number of Sites | Reserve (in millions) | ||||||||||
Eversource | 58 | $ | 57.7 | 61 | $ | 65.8 | |||||||
CL&P | 14 | 4.9 | 14 | 4.9 | |||||||||
NSTAR Electric | 10 | 2.0 | 13 | 3.2 | |||||||||
PSNH | 11 | 5.7 | 11 | 5.3 | |||||||||
WMECO | 4 | 0.8 | 4 | 0.6 |
Company | Description | Maximum Exposure (in millions) | Expiration Dates | |||||
On behalf of subsidiaries: | ||||||||
Eversource Gas Transmission LLC | Access Northeast Project Capital Contributions Guaranty (1) | $ | 185.1 | 2021 | ||||
Various | Surety Bonds (2) | 40.1 | 2017 - 2018 | |||||
Eversource Service and Rocky River Realty Company | Lease Payments for Vehicles and Real Estate | 8.2 | 2019 - 2024 |
(1) | Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's capital contributions for its investment in the Access Northeast project. The guaranty decreases as capital contributions are made. The guaranty will expire upon the earlier of the full performance of the guaranteed obligations or December 31, 2021. |
(2) | Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. |
Complaint | 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) | Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) | Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) | Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | FERC ALJ Recommendation of Base ROE on Second and Third Complaints (Issued March 22, 2016) | |
First | 10/1/2011 - 12/31/2012 | 11.14% | 10.57% | $— | (2) | N/A |
Second | 12/27/2012 - 3/26/2014 | 11.14% | N/A | 39.1 | (3) | 9.59% |
Third | 7/31/2014 - 10/30/2015 | 11.14% | 10.57% | — | 10.90% | |
Fourth | 4/29/2016 - 7/28/2017 | 10.57% | 10.57% | — | N/A |
(Millions of Dollars) | |||
Gross Plant | $ | 1,184.1 | |
Accumulated Depreciation | (573.3 | ) | |
Net Plant | 610.8 | ||
Fuel | 92.9 | ||
Materials and Supplies | 44.0 | ||
Emission Allowances | 19.4 | ||
Total Generation Assets | $ | 767.1 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Eversource (Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 155.6 | $ | 160.3 | $ | 155.6 | $ | 158.3 | |||||||
Long-Term Debt | 11,425.9 | 11,968.1 | 9,603.2 | 9,980.5 |
CL&P | NSTAR Electric | PSNH | WMECO | ||||||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
As of September 30, 2017: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 116.2 | $ | 115.9 | $ | 43.0 | $ | 44.4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Long-Term Debt | 3,058.9 | 3,388.8 | 2,426.2 | 2,598.1 | 1,002.6 | 1,047.0 | 566.2 | 603.7 | |||||||||||||||||||||||
As of December 31, 2016: | |||||||||||||||||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption | $ | 116.2 | $ | 114.7 | $ | 43.0 | $ | 43.6 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Long-Term Debt | 2,766.0 | 3,049.6 | 2,078.1 | 2,201.6 | 1,072.0 | 1,109.7 | 566.5 | 589.0 |
For the Nine Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
Qualified | Unrealized | Qualified | Unrealized | ||||||||||||||||||||||||||||
Cash Flow | Gains | Cash Flow | Gains/(Losses) | ||||||||||||||||||||||||||||
Eversource (Millions of Dollars) | Hedging | on Marketable | Defined | Hedging | on Marketable | Defined | |||||||||||||||||||||||||
Instruments | Securities | Benefit Plans | Total | Instruments | Securities | Benefit Plans | Total | ||||||||||||||||||||||||
Balance as of Beginning of Period | $ | (8.2 | ) | $ | 0.4 | $ | (57.5 | ) | $ | (65.3 | ) | $ | (10.3 | ) | $ | (1.9 | ) | $ | (54.6 | ) | $ | (66.8 | ) | ||||||||
OCI Before Reclassifications | — | 0.7 | (3.5 | ) | (2.8 | ) | — | 2.3 | (5.3 | ) | (3.0 | ) | |||||||||||||||||||
Amounts Reclassified from AOCL | 1.6 | — | 2.9 | 4.5 | 1.6 | — | 2.6 | 4.2 | |||||||||||||||||||||||
Net OCI | 1.6 | 0.7 | (0.6 | ) | 1.7 | 1.6 | 2.3 | (2.7 | ) | 1.2 | |||||||||||||||||||||
Balance as of End of Period | $ | (6.6 | ) | $ | 1.1 | $ | (58.1 | ) | $ | (63.6 | ) | $ | (8.7 | ) | $ | 0.4 | $ | (57.3 | ) | $ | (65.6 | ) |
Shares | ||||||||||||
Authorized as of September 30, 2017 and | Issued as of | |||||||||||
Par Value | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||
Eversource | $ | 5 | 380,000,000 | 333,878,402 | 333,878,402 | |||||||
CL&P | $ | 10 | 24,500,000 | 6,035,205 | 6,035,205 | |||||||
NSTAR Electric | $ | 1 | 100,000,000 | 100 | 100 | |||||||
PSNH | $ | 1 | 100,000,000 | 301 | 301 | |||||||
WMECO | $ | 25 | 1,072,471 | 434,653 | 434,653 |
Eversource (Millions of Dollars, except share information) | For the Three Months Ended | For the Nine Months Ended | |||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Net Income Attributable to Common Shareholders | $ | 260.4 | $ | 265.3 | $ | 750.6 | $ | 713.1 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 | |||||||||||
Dilutive Effect | 556,367 | 789,243 | 591,194 | 814,786 | |||||||||||
Diluted | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 | |||||||||||
Basic and Diluted EPS | $ | 0.82 | $ | 0.83 | $ | 2.36 | $ | 2.24 |
For the Three Months Ended September 30, 2017 | |||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | |||||||||||||||||
Operating Revenues | $ | 1,547.1 | $ | 109.2 | $ | 328.5 | $ | 224.2 | $ | (220.5 | ) | $ | 1,988.5 | ||||||||||
Depreciation and Amortization | (159.6 | ) | (15.2 | ) | (52.6 | ) | (9.5 | ) | 0.6 | (236.3 | ) | ||||||||||||
Other Operating Expenses | (1,088.7 | ) | (95.5 | ) | (95.5 | ) | (190.0 | ) | 220.1 | (1,249.6 | ) | ||||||||||||
Operating Income/(Loss) | $ | 298.8 | $ | (1.5 | ) | $ | 180.4 | $ | 24.7 | $ | 0.2 | $ | 502.6 | ||||||||||
Interest Expense | $ | (51.3 | ) | $ | (10.8 | ) | $ | (29.2 | ) | $ | (21.8 | ) | $ | 4.4 | $ | (108.7 | ) | ||||||
Other Income, Net | 7.7 | 0.3 | 8.5 | 267.5 | (262.8 | ) | 21.2 | ||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | 157.4 | (6.2 | ) | 99.0 | 268.4 | (258.2 | ) | 260.4 | |||||||||||||||
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | |||||||||||||||||
Operating Revenues | $ | 4,224.2 | $ | 698.8 | $ | 970.0 | $ | 677.5 | $ | (714.0 | ) | $ | 5,856.5 | ||||||||||
Depreciation and Amortization | (394.9 | ) | (54.8 | ) | (154.5 | ) | (26.7 | ) | 1.7 | (629.2 | ) | ||||||||||||
Other Operating Expenses | (3,056.0 | ) | (535.2 | ) | (280.4 | ) | (602.4 | ) | 714.0 | (3,760.0 | ) | ||||||||||||
Operating Income | $ | 773.3 | $ | 108.8 | $ | 535.1 | $ | 48.4 | $ | 1.7 | $ | 1,467.3 | |||||||||||
Interest Expense | $ | (149.0 | ) | $ | (32.3 | ) | $ | (86.1 | ) | $ | (63.1 | ) | $ | 11.0 | $ | (319.5 | ) | ||||||
Other Income, Net | 15.2 | 0.8 | 20.1 | 853.9 | (833.7 | ) | 56.3 | ||||||||||||||||
Net Income Attributable to Common Shareholders | 393.4 | 49.1 | 289.6 | 839.5 | (821.0 | ) | 750.6 | ||||||||||||||||
Cash Flows Used for Investments in Plant | 752.4 | 209.8 | 575.6 | 104.5 | — | 1,642.3 |
For the Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | |||||||||||||||||
Operating Revenues | $ | 1,623.4 | $ | 99.2 | $ | 306.8 | $ | 211.5 | $ | (201.2 | ) | $ | 2,039.7 | ||||||||||
Depreciation and Amortization | (154.8 | ) | (15.2 | ) | (47.1 | ) | (8.6 | ) | 0.5 | (225.2 | ) | ||||||||||||
Other Operating Expenses | (1,146.8 | ) | (87.8 | ) | (90.2 | ) | (179.3 | ) | 199.5 | (1,304.6 | ) | ||||||||||||
Operating Income/(Loss) | $ | 321.8 | $ | (3.8 | ) | $ | 169.5 | $ | 23.6 | $ | (1.2 | ) | $ | 509.9 | |||||||||
Interest Expense | $ | (49.0 | ) | $ | (10.2 | ) | $ | (26.9 | ) | $ | (15.1 | ) | $ | 1.3 | $ | (99.9 | ) | ||||||
Other Income, Net | 5.3 | 0.6 | 6.3 | 256.9 | (255.5 | ) | 13.6 | ||||||||||||||||
Net Income/(Loss) Attributable to Common Shareholders | 170.1 | (7.0 | ) | 88.4 | 268.5 | (254.7 | ) | 265.3 | |||||||||||||||
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | |||||||||||||||||
Operating Revenues | $ | 4,362.6 | $ | 622.3 | $ | 892.5 | $ | 636.8 | $ | (651.7 | ) | $ | 5,862.5 | ||||||||||
Depreciation and Amortization | (380.9 | ) | (47.9 | ) | (137.7 | ) | (23.1 | ) | 1.6 | (588.0 | ) | ||||||||||||
Other Operating Expenses | (3,230.1 | ) | (462.4 | ) | (245.7 | ) | (564.7 | ) | 650.2 | (3,852.7 | ) | ||||||||||||
Operating Income | $ | 751.6 | $ | 112.0 | $ | 509.1 | $ | 49.0 | $ | 0.1 | $ | 1,421.8 | |||||||||||
Interest Expense | $ | (144.6 | ) | $ | (30.8 | ) | $ | (82.2 | ) | $ | (45.8 | ) | $ | 4.8 | $ | (298.6 | ) | ||||||
Other Income, Net | 11.6 | 0.5 | 14.2 | 781.4 | (784.0 | ) | 23.7 | ||||||||||||||||
Net Income Attributable to Common Shareholders | 381.3 | 51.9 | 266.6 | 791.7 | (778.4 | ) | 713.1 | ||||||||||||||||
Cash Flows Used for Investments in Plant | 570.9 | 170.3 | 536.2 | 81.8 | — | 1,359.2 |
Eversource (Millions of Dollars) | Electric Distribution | Natural Gas Distribution | Electric Transmission | Other | Eliminations | Total | |||||||||||||||||
As of September 30, 2017 | $ | 18,826.0 | $ | 3,432.6 | $ | 9,290.3 | $ | 14,939.4 | $ | (13,324.7 | ) | $ | 33,163.6 | ||||||||||
As of December 31, 2016 | 18,367.5 | 3,303.8 | 8,751.5 | 14,493.1 | (12,862.7 | ) | 32,053.2 |
• | cyber breaches, acts of war or terrorism, or grid disturbances, |
• | actions or inaction of local, state and federal regulatory, public policy and taxing bodies, |
• | changes in business conditions, which could include disruptive technology related to our current or future business model, |
• | changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability, |
• | fluctuations in weather patterns, |
• | changes in laws, regulations or regulatory policy, |
• | changes in levels or timing of capital expenditures, |
• | disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly, |
• | developments in legal or public policy doctrines, |
• | technological developments, |
• | changes in accounting standards and financial reporting regulations, |
• | actions of rating agencies, and |
• | other presently unknown or unforeseen factors. |
• | We earned $260.4 million, or $0.82 per share, in the third quarter of 2017, and $750.6 million, or $2.36 per share, in the first nine months of 2017, compared with $265.3 million, or $0.83 per share, in the third quarter of 2016, and $713.1 million, or $2.24 per share, in the first nine months of 2016. |
• | Our electric distribution segment, which includes generation, earned $157.4 million, or $0.50 per share, in the third quarter of 2017, and $393.4 million, or $1.24 per share, in the first nine months of 2017, compared with $170.1 million, or $0.53 per share, in the third quarter of 2016, and $381.3 million, or $1.20 per share, in the first nine months of 2016. |
• | Our electric transmission segment earned $99.0 million, or $0.31 per share, in the third quarter of 2017, and $289.6 million, or $0.91 per share, in the first nine months of 2017, compared with $88.4 million, or $0.28 per share, in the third quarter of 2016, and $266.6 million, or $0.84 per share, in the first nine months of 2016. |
• | Our natural gas distribution segment had a net loss of $6.2 million, or $0.02 per share, in the third quarter of 2017, and earnings of $49.1 million, or $0.15 per share, in the first nine months of 2017, compared with a net loss of $7.0 million, or $0.02 per share, in the third quarter of 2016, and earnings of $51.9 million, or $0.16 per share, in the first nine months of 2016. |
• | Eversource parent and other companies earned $10.2 million in the third quarter of 2017 and $18.5 million in the first nine months of 2017, compared with $13.8 million in the third quarter of 2016 and $13.3 million in the first nine months of 2016. |
• | Cash flows provided by operating activities totaled $1.49 billion in the first nine months of 2017, compared with $1.65 billion in the first nine months of 2016. Investments in property, plant and equipment totaled $1.64 billion in the first nine months of 2017, compared with $1.36 billion in the first nine months of 2016. Cash and cash equivalents totaled $125.8 million as of September 30, 2017, compared with $30.3 million as of December 31, 2016. |
• | In 2017, we issued $2.5 billion of new long-term debt, consisting of $1.2 billion by Eversource parent, $700 million by NSTAR Electric, $525 million by CL&P, and $75 million by Yankee Gas. Proceeds from these new issuances were used primarily to pay short-term borrowings and redeem long-term debt at maturity. |
• | On September 6, 2017, our Board of Trustees approved a common share dividend payment of $0.475 per share, which was paid on September 29, 2017 to shareholders of record as of September 19, 2017. |
• | On October 6, 2017, the FERC issued an order that did not accept the NETOs June 5, 2017 filing to reinstate the base ROE of 11.14 percent with an associated ROE incentive cap of 13.5 percent. Therefore, the Company will continue to recognize transmission revenues as billed utilizing a base ROE of 10.57 percent with an incentive cap of 11.74 percent. |
• | On October 12, 2017, PSNH filed an application with the NHPUC requesting approval of the sale of PSNH's thermal and hydroelectric power generation assets in New Hampshire to private investors for a combined purchase price totaling $258 million. |
• | On October 29, 2017, a storm delivered high winds and rain, causing extensive damage to our electric distribution systems across all three states. We estimate that more than 800,000 of our electric distribution customers were without power during or following the storm. Restoration costs cannot be estimated at this time. As a result of the extent of the damages, we expect the storm restoration costs will be material and will exceed the criteria to be declared a major storm in Connecticut, New Hampshire, and Massachusetts and, as a result, we do not expect the storm to have a material impact on our results of operations. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 260.4 | $ | 0.82 | $ | 265.3 | $ | 0.83 | $ | 750.6 | $ | 2.36 | $ | 713.1 | $ | 2.24 | |||||||||||||||
Regulated Companies | $ | 250.2 | $ | 0.79 | $ | 251.5 | $ | 0.79 | $ | 732.1 | $ | 2.30 | $ | 699.8 | $ | 2.20 | |||||||||||||||
Eversource Parent and Other Companies | 10.2 | 0.03 | 13.8 | 0.04 | 18.5 | 0.06 | 13.3 | 0.04 | |||||||||||||||||||||||
Net Income Attributable to Common Shareholders (GAAP) | $ | 260.4 | $ | 0.82 | $ | 265.3 | $ | 0.83 | $ | 750.6 | $ | 2.36 | $ | 713.1 | $ | 2.24 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||
Electric Distribution | $ | 157.4 | $ | 0.50 | $ | 170.1 | $ | 0.53 | $ | 393.4 | $ | 1.24 | $ | 381.3 | $ | 1.20 | |||||||||||||||
Electric Transmission | 99.0 | 0.31 | 88.4 | 0.28 | 289.6 | 0.91 | 266.6 | 0.84 | |||||||||||||||||||||||
Natural Gas Distribution | (6.2 | ) | (0.02 | ) | (7.0 | ) | (0.02 | ) | 49.1 | 0.15 | 51.9 | 0.16 | |||||||||||||||||||
Net Income - Regulated Companies | $ | 250.2 | $ | 0.79 | $ | 251.5 | $ | 0.79 | $ | 732.1 | $ | 2.30 | $ | 699.8 | $ | 2.20 |
For the Three Months Ended September 30, 2017 Compared to 2016 | For the Nine Months Ended September 30, 2017 Compared to 2016 | ||||||||||||||||
Sales Volumes (GWh) | Percentage | Sales Volumes (GWh) | Percentage | ||||||||||||||
Electric | 2017 | 2016 | Decrease | 2017 | 2016 | Decrease | |||||||||||
Traditional: | |||||||||||||||||
Residential | 2,583 | 2,910 | (11.2 | )% | 7,126 | 7,407 | (3.8 | )% | |||||||||
Commercial | 4,291 | 4,525 | (5.2 | )% | 12,058 | 12,376 | (2.6 | )% | |||||||||
Industrial | 671 | 696 | (3.6 | )% | 1,856 | 1,948 | (4.7 | )% | |||||||||
Total – Traditional | 7,545 | 8,131 | (7.2 | )% | 21,040 | 21,731 | (3.2 | )% | |||||||||
Decoupled: | |||||||||||||||||
Residential | 2,972 | 3,398 | (12.5 | )% | 8,334 | 8,750 | (4.8 | )% | |||||||||
Commercial | 2,849 | 3,039 | (6.3 | )% | 8,003 | 8,315 | (3.8 | )% | |||||||||
Industrial | 730 | 776 | (5.9 | )% | 2,054 | 2,170 | (5.3 | )% | |||||||||
Total – Decoupled | 6,551 | 7,213 | (9.2 | )% | 18,391 | 19,235 | (4.4 | )% | |||||||||
Total Sales Volumes | 14,096 | 15,344 | (8.1 | )% | 39,431 | 40,966 | (3.7 | )% |
For the Three Months Ended September 30, 2017 Compared to 2016 | For the Nine Months Ended September 30, 2017 Compared to 2016 | ||||||||||||||||
Sales Volumes (MMcf) | Percentage | Sales Volumes (MMcf) | Percentage | ||||||||||||||
Firm Natural Gas | 2017 | 2016 | Increase/(Decrease) | 2017 | 2016 | Increase/(Decrease) | |||||||||||
Traditional: | |||||||||||||||||
Residential | 1,036 | 956 | 8.4 | % | 10,138 | 10,109 | 0.3 | % | |||||||||
Commercial | 2,482 | 2,350 | 5.6 | % | 14,432 | 13,864 | 4.1 | % | |||||||||
Industrial | 2,032 | 1,964 | 3.5 | % | 7,663 | 7,597 | 0.9 | % | |||||||||
Total – Traditional | 5,550 | 5,270 | 5.3 | % | 32,233 | 31,570 | 2.1 | % | |||||||||
Decoupled: | |||||||||||||||||
Residential | 1,244 | 1,308 | (4.9 | )% | 14,593 | 13,848 | 5.4 | % | |||||||||
Commercial | 2,314 | 2,147 | 7.8 | % | 15,072 | 15,019 | 0.4 | % | |||||||||
Industrial | 1,270 | 990 | 28.3 | % | 4,293 | 4,163 | 3.1 | % | |||||||||
Total – Decoupled | 4,828 | 4,445 | 8.6 | % | 33,958 | 33,030 | 2.8 | % | |||||||||
Special Contracts (1) | 1,147 | 1,208 | (5.0 | )% | 3,495 | 3,507 | (0.3 | )% | |||||||||
Total – Decoupled and Special Contracts | 5,975 | 5,653 | 5.7 | % | 37,453 | 36,537 | 2.5 | % | |||||||||
Total Sales Volumes | 11,525 | 10,923 | 5.5 | % | 69,686 | 68,107 | 2.3 | % |
(1) | Special contracts are unique to the natural gas distribution customers who take service under such an arrangement and generally specify the amount of distribution revenue to be paid to Yankee Gas regardless of the customers' usage. |
For the Nine Months Ended September 30, | |||||||
(Millions of Dollars) | 2017 | 2016 | |||||
CL&P | $ | 300.7 | $ | 211.8 | |||
NSTAR Electric | 108.5 | 162.6 | |||||
PSNH | 87.4 | 80.2 | |||||
WMECO | 70.9 | 75.7 | |||||
NPT | 32.1 | 28.4 | |||||
Total Electric Transmission Segment | $ | 599.6 | $ | 558.7 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
(Millions of Dollars) | CL&P | NSTAR Electric | PSNH | WMECO | Total Electric | Natural Gas | Total Electric and Natural Gas Distribution Segment | ||||||||||||||||||||
2017 | |||||||||||||||||||||||||||
Basic Business | $ | 161.8 | $ | 110.3 | $ | 52.5 | $ | 16.4 | $ | 341.0 | $ | 51.3 | $ | 392.3 | |||||||||||||
Aging Infrastructure | 127.4 | 49.6 | 63.9 | 16.3 | 257.2 | 149.6 | 406.8 | ||||||||||||||||||||
Load Growth (1) | 41.0 | 53.2 | 14.1 | (1.5 | ) | 106.8 | 30.6 | 137.4 | |||||||||||||||||||
Total Distribution | 330.2 | 213.1 | 130.5 | 31.2 | 705.0 | 231.5 | 936.5 | ||||||||||||||||||||
Generation (2) | — | 24.6 | 6.7 | 20.9 | 52.2 | — | 52.2 | ||||||||||||||||||||
Total Electric and Natural Gas Distribution Segment | $ | 330.2 | $ | 237.7 | $ | 137.2 | $ | 52.1 | $ | 757.2 | $ | 231.5 | $ | 988.7 | |||||||||||||
2016 | |||||||||||||||||||||||||||
Basic Business | $ | 127.0 | $ | 87.7 | $ | 46.8 | $ | 10.7 | $ | 272.2 | $ | 48.9 | $ | 321.1 | |||||||||||||
Aging Infrastructure | 97.4 | 57.8 | 61.9 | 17.6 | 234.7 | 103.0 | 337.7 | ||||||||||||||||||||
Load Growth (1) | 31.9 | 48.1 | 11.8 | (2.5 | ) | 89.3 | 28.3 | 117.6 | |||||||||||||||||||
Total Distribution | 256.3 | 193.6 | 120.5 | 25.8 | 596.2 | 180.2 | 776.4 | ||||||||||||||||||||
Generation | — | — | 8.5 | — | 8.5 | — | 8.5 | ||||||||||||||||||||
Total Electric and Natural Gas Distribution Segment | $ | 256.3 | $ | 193.6 | $ | 129.0 | $ | 25.8 | $ | 604.7 | $ | 180.2 | $ | 784.9 |
Complaint | 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) | Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) | Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) | Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | FERC ALJ Recommendation of Base ROE on Second and Third Complaints (Issued March 22, 2016) | |
First | 10/1/2011 - 12/31/2012 | 11.14% | 10.57% | $— | (2) | N/A |
Second | 12/27/2012 - 3/26/2014 | 11.14% | N/A | 39.1 | (3) | 9.59% |
Third | 7/31/2014 - 10/30/2015 | 11.14% | 10.57% | — | 10.90% | |
Fourth | 4/29/2016 - 7/28/2017 | 10.57% | 10.57% | — | N/A |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | |||||||||||||||||||||
Operating Revenues | $ | 1,988.5 | $ | 2,039.7 | $ | (51.2 | ) | (2.5 | )% | $ | 5,856.5 | $ | 5,862.5 | $ | (6.0 | ) | (0.1 | )% | |||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Purchased Power, Fuel and Transmission | 651.8 | 665.8 | (14.0 | ) | (2.1 | ) | 1,955.1 | 2,001.9 | (46.8 | ) | (2.3 | ) | |||||||||||||||||
Operations and Maintenance | 300.4 | 324.7 | (24.3 | ) | (7.5 | ) | 933.4 | 965.6 | (32.2 | ) | (3.3 | ) | |||||||||||||||||
Depreciation | 194.5 | 181.3 | 13.2 | 7.3 | 571.2 | 531.8 | 39.4 | 7.4 | |||||||||||||||||||||
Amortization of Regulatory Assets, Net | 41.8 | 43.9 | (2.1 | ) | (4.8 | ) | 58.1 | 56.2 | 1.9 | 3.4 | |||||||||||||||||||
Energy Efficiency Programs | 129.2 | 149.1 | (19.9 | ) | (13.3 | ) | 391.8 | 406.0 | (14.2 | ) | (3.5 | ) | |||||||||||||||||
Taxes Other Than Income Taxes | 168.2 | 165.0 | 3.2 | 1.9 | 479.6 | 479.2 | 0.4 | 0.1 | |||||||||||||||||||||
Total Operating Expenses | 1,485.9 | 1,529.8 | (43.9 | ) | (2.9 | ) | 4,389.2 | 4,440.7 | (51.5 | ) | (1.2 | ) | |||||||||||||||||
Operating Income | 502.6 | 509.9 | (7.3 | ) | (1.4 | ) | 1,467.3 | 1,421.8 | 45.5 | 3.2 | |||||||||||||||||||
Interest Expense | 108.7 | 99.9 | 8.8 | 8.8 | 319.5 | 298.6 | 20.9 | 7.0 | |||||||||||||||||||||
Other Income, Net | 21.2 | 13.6 | 7.6 | 55.9 | 56.3 | 23.7 | 32.6 | (a) | |||||||||||||||||||||
Income Before Income Tax Expense | 415.1 | 423.6 | (8.5 | ) | (2.0 | ) | 1,204.1 | 1,146.9 | 57.2 | 5.0 | |||||||||||||||||||
Income Tax Expense | 152.8 | 156.4 | (3.6 | ) | (2.3 | ) | 447.9 | 428.2 | 19.7 | 4.6 | |||||||||||||||||||
Net Income | 262.3 | 267.2 | (4.9 | ) | (1.8 | ) | 756.2 | 718.7 | 37.5 | 5.2 | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.9 | 1.9 | — | — | 5.6 | 5.6 | — | — | |||||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 260.4 | $ | 265.3 | $ | (4.9 | ) | (1.8 | )% | $ | 750.6 | $ | 713.1 | $ | 37.5 | 5.3 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | |||||||||||||||||||||
Electric Distribution | $ | 1,547.1 | $ | 1,623.4 | $ | (76.3 | ) | (4.7 | )% | $ | 4,224.2 | $ | 4,362.6 | $ | (138.4 | ) | (3.2 | )% | |||||||||||
Natural Gas Distribution | 109.2 | 99.2 | 10.0 | 10.1 | 698.8 | 622.3 | 76.5 | 12.3 | |||||||||||||||||||||
Electric Transmission | 328.5 | 306.8 | 21.7 | 7.1 | 970.0 | 892.5 | 77.5 | 8.7 | |||||||||||||||||||||
Other and Eliminations | 3.7 | 10.3 | (6.6 | ) | (64.1 | ) | (36.5 | ) | (14.9 | ) | (21.6 | ) | (a) | ||||||||||||||||
Total Operating Revenues | $ | 1,988.5 | $ | 2,039.7 | $ | (51.2 | ) | (2.5 | )% | $ | 5,856.5 | $ | 5,862.5 | $ | (6.0 | ) | (0.1 | )% |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||||||||
Electric | |||||||||||||||||||||||
Traditional | 7,545 | 8,131 | (586 | ) | (7.2 | )% | 21,040 | 21,731 | (691 | ) | (3.2 | )% | |||||||||||
Decoupled | 6,551 | 7,213 | (662 | ) | (9.2 | ) | 18,391 | 19,235 | (844 | ) | (4.4 | ) | |||||||||||
Total Electric | 14,096 | 15,344 | (1,248 | ) | (8.1 | ) | 39,431 | 40,966 | (1,535 | ) | (3.7 | ) | |||||||||||
Firm Natural Gas | |||||||||||||||||||||||
Traditional | 5,550 | 5,270 | 280 | 5.3 | 32,233 | 31,570 | 663 | 2.1 | |||||||||||||||
Decoupled and Special Contracts | 5,975 | 5,653 | 322 | 5.7 | 37,453 | 36,537 | 916 | 2.5 | |||||||||||||||
Total Firm Natural Gas | 11,525 | 10,923 | 602 | 5.5 | % | 69,686 | 68,107 | 1,579 | 2.3 | % |
(Millions of Dollars) | Three Months Ended Increase/(Decrease) | Nine Months Ended Increase/(Decrease) | |||||
Electric Distribution | $ | (0.4 | ) | $ | (109.1 | ) | |
Natural Gas Distribution | 7.0 | 50.1 | |||||
Transmission | (20.6 | ) | 12.2 | ||||
Total Purchased Power, Fuel and Transmission | $ | (14.0 | ) | $ | (46.8 | ) |
(Millions of Dollars) | Three Months Ended Increase/(Decrease) | Nine Months Ended Increase/(Decrease) | |||||
Base Electric Distribution: | |||||||
Employee-related expenses, including labor and benefits | $ | (15.0 | ) | $ | (46.2 | ) | |
Bad debt expense | (2.6 | ) | (15.3 | ) | |||
Shared corporate costs (including computer software depreciation at Eversource Service) | 5.4 | 15.0 | |||||
Storm restoration costs | (4.0 | ) | 3.1 | ||||
Boston Harbor civil action settlement charge recorded in the second quarter of 2017 | — | 4.9 | |||||
Other operations and maintenance | 9.1 | 15.7 | |||||
Total Base Electric Distribution | (7.1 | ) | (22.8 | ) | |||
Total Base Natural Gas Distribution: | |||||||
Shared corporate costs (including computer software depreciation at Eversource Service) | 1.2 | 3.6 | |||||
Other operations and maintenance | (4.1 | ) | (1.5 | ) | |||
Total Base Natural Gas Distribution | (2.9 | ) | 2.1 | ||||
Total Tracked costs (Electric Distribution, Electric Transmission and Natural Gas Distribution) | (5.5 | ) | 7.2 | ||||
Other and eliminations: | |||||||
Eversource Parent and Other Companies | (1.1 | ) | 0.8 | ||||
Eliminations | (7.7 | ) | (19.5 | ) | |||
Total Operations and Maintenance | $ | (24.3 | ) | $ | (32.2 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | 2017 | 2016 | Increase/ (Decrease) | Percent | |||||||||||||||||||||
Operating Revenues | $ | 774.8 | $ | 760.0 | $ | 14.8 | 1.9 | % | $ | 2,173.6 | $ | 2,175.1 | $ | (1.5 | ) | (0.1 | )% | ||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Purchased Power and Transmission | 259.0 | 253.5 | 5.5 | 2.2 | 711.2 | 760.6 | (49.4 | ) | (6.5 | ) | |||||||||||||||||||
Operations and Maintenance | 123.1 | 123.0 | 0.1 | 0.1 | 359.8 | 356.4 | 3.4 | 1.0 | |||||||||||||||||||||
Depreciation | 63.7 | 57.7 | 6.0 | 10.4 | 184.3 | 172.2 | 12.1 | 7.0 | |||||||||||||||||||||
Amortization of Regulatory Assets, Net | 34.6 | 23.4 | 11.2 | 47.9 | 58.8 | 30.3 | 28.5 | 94.1 | |||||||||||||||||||||
Energy Efficiency Programs | 37.7 | 44.4 | (6.7 | ) | (15.1 | ) | 106.5 | 118.0 | (11.5 | ) | (9.7 | ) | |||||||||||||||||
Taxes Other Than Income Taxes | 79.2 | 81.9 | (2.7 | ) | (3.3 | ) | 223.4 | 227.9 | (4.5 | ) | (2.0 | ) | |||||||||||||||||
Total Operating Expenses | 597.3 | 583.9 | 13.4 | 2.3 | 1,644.0 | 1,665.4 | (21.4 | ) | (1.3 | ) | |||||||||||||||||||
Operating Income | 177.5 | 176.1 | 1.4 | 0.8 | 529.6 | 509.7 | 19.9 | 3.9 | |||||||||||||||||||||
Interest Expense | 36.3 | 36.1 | 0.2 | 0.6 | 106.6 | 108.6 | (2.0 | ) | (1.8 | ) | |||||||||||||||||||
Other Income, Net | 7.5 | 3.7 | 3.8 | (a) | 14.1 | 10.9 | 3.2 | 29.4 | |||||||||||||||||||||
Income Before Income Tax Expense | 148.7 | 143.7 | 5.0 | 3.5 | 437.1 | 412.0 | 25.1 | 6.1 | |||||||||||||||||||||
Income Tax Expense | 52.6 | 57.1 | (4.5 | ) | (7.9 | ) | 159.5 | 155.4 | 4.1 | 2.6 | |||||||||||||||||||
Net Income | $ | 96.1 | $ | 86.6 | $ | 9.5 | 11.0 | % | $ | 277.6 | $ | 256.6 | $ | 21.0 | 8.2 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | Decrease | Percent | 2017 | 2016 | Decrease | Percent | ||||||||||||||||
Retail Sales Volumes in GWh | 5,644 | 6,225 | (581 | ) | (9.3 | )% | 15,812 | 16,541 | (729 | ) | (4.4 | )% |
(Millions of Dollars) | Three Months Ended Increase/(Decrease) | Nine Months Ended Increase/(Decrease) | |||||
Purchased Power Costs | $ | 5.7 | $ | (68.1 | ) | ||
Transmission Costs | (0.2 | ) | 18.7 | ||||
Total Purchased Power and Transmission | $ | 5.5 | $ | (49.4 | ) |
For the Nine Months Ended September 30, | ||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||
Operating Revenues | $ | 1,913.5 | $ | 1,986.0 | $ | (72.5 | ) | (3.7 | )% | |||||
Operating Expenses: | ||||||||||||||
Purchased Power and Transmission | 689.8 | 764.9 | (75.1 | ) | (9.8 | ) | ||||||||
Operations and Maintenance | 266.2 | 279.9 | (13.7 | ) | (4.9 | ) | ||||||||
Depreciation | 167.6 | 159.2 | 8.4 | 5.3 | ||||||||||
Amortization of Regulatory Assets, Net | 17.8 | 18.3 | (0.5 | ) | (2.7 | ) | ||||||||
Energy Efficiency Programs | 198.8 | 212.9 | (14.1 | ) | (6.6 | ) | ||||||||
Taxes Other Than Income Taxes | 99.0 | 101.8 | (2.8 | ) | (2.8 | ) | ||||||||
Total Operating Expenses | 1,439.2 | 1,537.0 | (97.8 | ) | (6.4 | ) | ||||||||
Operating Income | 474.3 | 449.0 | 25.3 | 5.6 | ||||||||||
Interest Expense | 70.0 | 62.2 | 7.8 | 12.5 | ||||||||||
Other Income, Net | 8.7 | 7.6 | 1.1 | 14.5 | ||||||||||
Income Before Income Tax Expense | 413.0 | 394.4 | 18.6 | 4.7 | ||||||||||
Income Tax Expense | 161.3 | 154.5 | 6.8 | 4.4 | ||||||||||
Net Income | $ | 251.7 | $ | 239.9 | $ | 11.8 | 4.9 | % |
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Decrease | Percent | ||||||||
Retail Sales Volumes in GWh | 15,204 | 15,746 | (542 | ) | (3.4 | )% |
(Millions of Dollars) | Decrease | ||
Purchased Power Costs | $ | (42.3 | ) |
Transmission Costs | (32.8 | ) | |
Total Purchased Power and Transmission | $ | (75.1 | ) |
For the Nine Months Ended September 30, | ||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||
Operating Revenues | $ | 733.6 | $ | 727.8 | $ | 5.8 | 0.8 | % | ||||||
Operating Expenses: | ||||||||||||||
Purchased Power, Fuel and Transmission | 179.3 | 155.7 | 23.6 | 15.2 | ||||||||||
Operations and Maintenance | 191.2 | 187.2 | 4.0 | 2.1 | ||||||||||
Depreciation | 95.3 | 86.5 | 8.8 | 10.2 | ||||||||||
Amortization of Regulatory (Liabilities)/Assets, Net | (10.7 | ) | 14.5 | (25.2 | ) | (a) | ||||||||
Energy Efficiency Programs | 11.0 | 10.9 | 0.1 | 0.9 | ||||||||||
Taxes Other Than Income Taxes | 67.0 | 64.5 | 2.5 | 3.9 | ||||||||||
Total Operating Expenses | 533.1 | 519.3 | 13.8 | 2.7 | ||||||||||
Operating Income | 200.5 | 208.5 | (8.0 | ) | (3.8 | ) | ||||||||
Interest Expense | 38.7 | 37.4 | 1.3 | 3.5 | ||||||||||
Other Income, Net | 2.9 | 1.0 | 1.9 | (a) | ||||||||||
Income Before Income Tax Expense | 164.7 | 172.1 | (7.4 | ) | (4.3 | ) | ||||||||
Income Tax Expense | 65.1 | 66.3 | (1.2 | ) | (1.8 | ) | ||||||||
Net Income | $ | 99.6 | $ | 105.8 | $ | (6.2 | ) | (5.9 | )% |
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Decrease | Percent | ||||||||
Retail Sales Volumes in GWh | 5,835 | 5,985 | (150 | ) | (2.5 | )% |
(Millions of Dollars) | Increase | ||
Purchased Power and Generation Fuel Costs | $ | 5.1 | |
Transmission Costs | 18.5 | ||
Total Purchased Power, Fuel and Transmission | $ | 23.6 |
For the Nine Months Ended September 30, | ||||||||||||||
(Millions of Dollars) | 2017 | 2016 | Increase/ (Decrease) | Percent | ||||||||||
Operating Revenues | $ | 377.2 | $ | 368.5 | $ | 8.7 | 2.4 | % | ||||||
Operating Expenses: | ||||||||||||||
Purchased Power and Transmission | 109.6 | 104.4 | 5.2 | 5.0 | ||||||||||
Operations and Maintenance | 65.8 | 68.0 | (2.2 | ) | (3.2 | ) | ||||||||
Depreciation | 36.8 | 34.4 | 2.4 | 7.0 | ||||||||||
Amortization of Regulatory Assets/(Liabilities), Net | (0.6 | ) | 3.3 | (3.9 | ) | (a) | ||||||||
Energy Efficiency Programs | 29.7 | 33.6 | (3.9 | ) | (11.6 | ) | ||||||||
Taxes Other Than Income Taxes | 31.4 | 30.4 | 1.0 | 3.3 | ||||||||||
Total Operating Expenses | 272.7 | 274.1 | (1.4 | ) | (0.5 | ) | ||||||||
Operating Income | 104.5 | 94.4 | 10.1 | 10.7 | ||||||||||
Interest Expense | 18.8 | 18.3 | 0.5 | 2.7 | ||||||||||
Other Income, Net | 1.4 | 0.1 | 1.3 | (a) | ||||||||||
Income Before Income Tax Expense | 87.1 | 76.2 | 10.9 | 14.3 | ||||||||||
Income Tax Expense | 34.7 | 30.1 | 4.6 | 15.3 | ||||||||||
Net Income | $ | 52.4 | $ | 46.1 | $ | 6.3 | 13.7 | % |
For the Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Decrease | Percent | ||||||||
Retail Sales Volumes in GWh | 2,579 | 2,695 | (116 | ) | (4.3 | )% |
(Millions of Dollars) | Increase/(Decrease) | ||
Purchased Power Costs | $ | (2.6 | ) |
Transmission Costs | 7.8 | ||
Total Purchased Power and Transmission | $ | 5.2 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans and Programs (at month end) | |||||
July 1 - July 31, 2017 | 99,090 | $ | 60.76 | — | — | ||||
August 1 - August 31, 2017 | 4,802 | 62.08 | — | — | |||||
September 1 - September 30, 2017 | 74,148 | 60.77 | — | — | |||||
Total | 178,040 | $ | 60.80 | — | — |
ITEM 6. | EXHIBITS |
Exhibit No. | Description | ||
Listing of Exhibits (Eversource) | |||
Thirteen Supplemental Indenture of Mortgage and Deed of Trust between Yankee Gas Services Company and The Bank of New York Mellon Trust Company, N.A., successor as Trustee to The Bank of New York, as successor to Fleet National Bank (formerly known as The Connecticut National Bank), dated as of September 1, 2017 | |||
Ratio of Earnings to Fixed Charges | |||
Certification by the Chief Executive Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chief Financial Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chief Executive Officer and Chief Financial Officer of Eversource Energy pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (CL&P) | |||
* | Supplemental Indenture (2017 Series A Bonds) between CL&P and Deutsche Bank Trust Company Americas, as Trustee dated as of August 1, 2017 (incorporated by reference to Exhibit 4.1, CL&P Current Report on Form 8-K filed August 23, 2017, File No. 000-00404) | ||
Ratio of Earnings to Fixed Charges | |||
Certification by the Chairman of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chief Financial Officer of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chairman and the Chief Financial Officer of The Connecticut Light and Power Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (NSTAR Electric Company) | |||
Ratio of Earnings to Fixed Charges | |||
Certification by the Chairman of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chief Financial Officer of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chairman and the Chief Financial Officer of NSTAR Electric Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (PSNH) | |||
Ratio of Earnings to Fixed Charges | |||
Certification by the Chairman of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chief Financial Officer of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Certification by the Chairman and the Chief Financial Officer of Public Service Company of New Hampshire pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (WMECO) | |||
Ratio of Earnings to Fixed Charges | |||
Certification by the Chairman of Western Massachusetts Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chief Financial Officer of Western Massachusetts Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
Certification by the Chairman and the Chief Financial Officer of Western Massachusetts Electric Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||
Listing of Exhibits (Eversource, CL&P, NSTAR Electric, PSNH, WMECO) | |||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema | ||
101.CAL | XBRL Taxonomy Extension Calculation | ||
101.DEF | XBRL Taxonomy Extension Definition | ||
101.LAB | XBRL Taxonomy Extension Labels | ||
101.PRE | XBRL Taxonomy Extension Presentation |
EVERSOURCE ENERGY | |||
November 3, 2017 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
THE CONNECTICUT LIGHT AND POWER COMPANY | |||
November 3, 2017 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
NSTAR ELECTRIC COMPANY | |||
November 3, 2017 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE | |||
November 3, 2017 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
WESTERN MASSACHUSETTS ELECTRIC COMPANY | |||
November 3, 2017 | By: | /s/ Jay S. Buth | |
Jay S. Buth | |||
Vice President, Controller and Chief Accounting Officer |
'!A8VME="!B
M96=I;CTG[[N_)R!I9#TG5S5-,$UP0V5H:4AZ
Eversource Energy and Subsidiaries | Exhibit 12 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2014 | 2013 | 2012 (a) | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Net income | $ | 756,216 | $ | 949,821 | $ | 886,004 | $ | 827,065 | $ | 793,689 | $ | 533,077 | |||||||||||
Income tax expense | 447,921 | 554,997 | 539,967 | 468,297 | 426,941 | 274,926 | |||||||||||||||||
Equity in earnings of equity investees | (22,975 | ) | (243 | ) | (883 | ) | (1,044 | ) | (1,318 | ) | (1,154 | ) | |||||||||||
Dividends received from equity investees | 13,996 | 120 | — | — | 582 | 733 | |||||||||||||||||
Fixed charges, as below | 340,994 | 429,406 | 397,392 | 386,451 | 362,403 | 353,616 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (8,277 | ) | (10,791 | ) | (7,221 | ) | (5,766 | ) | (4,062 | ) | (5,261 | ) | |||||||||||
Preferred dividend security requirements of consolidated subsidiaries (pre-tax) | (9,398 | ) | (12,532 | ) | (12,532 | ) | (12,532 | ) | (12,803 | ) | (11,715 | ) | |||||||||||
Total earnings, as defined | $ | 1,518,477 | $ | 1,910,778 | $ | 1,802,727 | $ | 1,662,471 | $ | 1,565,432 | $ | 1,144,222 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 319,477 | $ | 400,961 | $ | 372,420 | $ | 362,106 | $ | 338,699 | $ | 329,945 | |||||||||||
Rental interest factor | 3,842 | 5,122 | 5,219 | 6,047 | 6,839 | 6,695 | |||||||||||||||||
Preferred dividend security requirements of consolidated subsidiaries (pre-tax) | 9,398 | 12,532 | 12,532 | 12,532 | 12,803 | 11,715 | |||||||||||||||||
Interest capitalized (including AFUDC) | 8,277 | 10,791 | 7,221 | 5,766 | 4,062 | 5,261 | |||||||||||||||||
Total fixed charges, as defined | $ | 340,994 | $ | 429,406 | $ | 397,392 | $ | 386,451 | $ | 362,403 | $ | 353,616 | |||||||||||
Ratio of Earnings to Fixed Charges | 4.45 | 4.45 | 4.54 | 4.30 | 4.32 | 3.24 | |||||||||||||||||
(a) NSTAR amounts were included in Eversource beginning April 10, 2012. |
/s/ | James J. Judge |
James J. Judge | |
Chairman, President and Chief Executive Officer | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman, President and Chief Executive Officer |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
The Connecticut Light and Power Company | Exhibit 12 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Net income | $ | 277,645 | $ | 334,254 | $ | 299,360 | $ | 287,754 | $ | 279,412 | $ | 209,725 | |||||||||||
Income tax expense | 159,450 | 208,308 | 177,396 | 133,451 | 141,663 | 94,437 | |||||||||||||||||
Equity in earnings of equity investees | (31 | ) | (61 | ) | (31 | ) | (32 | ) | (67 | ) | (40 | ) | |||||||||||
Dividends received from equity investees | — | 60 | — | — | 289 | — | |||||||||||||||||
Fixed charges, as below | 113,943 | 152,635 | 153,751 | 152,513 | 139,929 | 139,982 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (3,461 | ) | (3,319 | ) | (2,630 | ) | (1,867 | ) | (2,249 | ) | (2,456 | ) | |||||||||||
Total earnings, as defined | $ | 547,546 | $ | 691,877 | $ | 627,846 | $ | 571,819 | $ | 558,977 | $ | 441,648 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 106,577 | $ | 144,110 | $ | 145,795 | $ | 147,421 | $ | 133,650 | $ | 133,127 | |||||||||||
Rental interest factor | 3,905 | 5,206 | 5,326 | 3,225 | 4,030 | 4,399 | |||||||||||||||||
Interest capitalized (including AFUDC) | 3,461 | 3,319 | 2,630 | 1,867 | 2,249 | 2,456 | |||||||||||||||||
Total fixed charges, as defined | $ | 113,943 | $ | 152,635 | $ | 153,751 | $ | 152,513 | $ | 139,929 | $ | 139,982 | |||||||||||
Ratio of Earnings to Fixed Charges | 4.81 | 4.53 | 4.08 | 3.75 | 3.99 | 3.16 |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
NSTAR Electric Company and Subsidiary | Exhibit 12 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Net income | $ | 251,685 | $ | 292,705 | $ | 344,542 | $ | 303,088 | $ | 268,546 | $ | 190,242 | |||||||||||
Income tax expense | 161,320 | 187,767 | 228,044 | 201,981 | 172,866 | 123,966 | |||||||||||||||||
Equity in earnings of equity investees | (221 | ) | (309 | ) | (343 | ) | (408 | ) | (550 | ) | (412 | ) | |||||||||||
Dividends received from equity investees | — | 20 | — | — | 344 | 286 | |||||||||||||||||
Fixed charges, as below | 74,929 | 91,766 | 80,536 | 82,503 | 73,115 | 72,364 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (2,622 | ) | (4,634 | ) | (1,980 | ) | (2,027 | ) | (511 | ) | (259 | ) | |||||||||||
Total earnings, as defined | $ | 485,091 | $ | 567,315 | $ | 650,799 | $ | 585,137 | $ | 513,810 | $ | 386,187 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 69,962 | $ | 84,005 | $ | 75,347 | $ | 77,878 | $ | 70,383 | $ | 70,054 | |||||||||||
Rental interest factor | 2,345 | 3,127 | 3,209 | 2,598 | 2,221 | 2,051 | |||||||||||||||||
Interest capitalized (including AFUDC) | 2,622 | 4,634 | 1,980 | 2,027 | 511 | 259 | |||||||||||||||||
Total fixed charges, as defined | $ | 74,929 | $ | 91,766 | $ | 80,536 | $ | 82,503 | $ | 73,115 | $ | 72,364 | |||||||||||
Ratio of Earnings to Fixed Charges | 6.47 | 6.18 | 8.08 | 7.09 | 7.03 | 5.34 |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
Public Service Company of New Hampshire and Subsidiary | Exhibit 12 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Net income | $ | 99,626 | $ | 131,985 | $ | 114,442 | $ | 113,944 | $ | 111,397 | $ | 96,882 | |||||||||||
Income tax expense | 65,128 | 82,364 | 73,060 | 72,135 | 71,101 | 60,993 | |||||||||||||||||
Equity in earnings of equity investees | (7 | ) | (15 | ) | (8 | ) | (8 | ) | (12 | ) | (8 | ) | |||||||||||
Dividends received from equity investees | — | 25 | — | — | 42 | — | |||||||||||||||||
Fixed charges, as below | 39,940 | 51,843 | 47,949 | 46,530 | 47,318 | 52,769 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (502 | ) | (787 | ) | (994 | ) | (640 | ) | (500 | ) | (1,579 | ) | |||||||||||
Total earnings, as defined | $ | 204,185 | $ | 265,415 | $ | 234,449 | $ | 231,961 | $ | 229,346 | $ | 209,057 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 38,676 | $ | 50,040 | $ | 45,990 | $ | 45,349 | $ | 46,176 | $ | 50,228 | |||||||||||
Rental interest factor | 762 | 1,016 | 965 | 541 | 642 | 962 | |||||||||||||||||
Interest capitalized (including AFUDC) | 502 | 787 | 994 | 640 | 500 | 1,579 | |||||||||||||||||
Total fixed charges, as defined | $ | 39,940 | $ | 51,843 | $ | 47,949 | $ | 46,530 | $ | 47,318 | $ | 52,769 | |||||||||||
Ratio of Earnings to Fixed Charges | 5.11 | 5.12 | 4.89 | 4.99 | 4.85 | 3.96 |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
Western Massachusetts Electric Company | Exhibit 12 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
(Thousands of Dollars) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||
Net income | $ | 52,446 | $ | 58,072 | $ | 56,506 | $ | 57,819 | $ | 60,438 | $ | 54,503 | |||||||||||
Income tax expense | 34,680 | 38,022 | 36,970 | 37,268 | 37,368 | 32,140 | |||||||||||||||||
Equity in earnings of equity investees | (8 | ) | (16 | ) | (8 | ) | (8 | ) | (18 | ) | (11 | ) | |||||||||||
Dividends received from equity investees | — | 15 | — | — | 80 | — | |||||||||||||||||
Fixed charges, as below | 19,846 | 25,776 | 26,553 | 26,202 | 26,316 | 28,162 | |||||||||||||||||
Less: Interest capitalized (including AFUDC) | (564 | ) | (644 | ) | (1,042 | ) | (864 | ) | (498 | ) | (534 | ) | |||||||||||
Total earnings, as defined | $ | 106,400 | $ | 121,225 | $ | 118,979 | $ | 120,417 | $ | 123,686 | $ | 114,260 | |||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||
Interest Expense | $ | 18,752 | $ | 24,425 | $ | 24,792 | $ | 24,931 | $ | 24,851 | $ | 26,634 | |||||||||||
Rental interest factor | 530 | 707 | 719 | 407 | 967 | 994 | |||||||||||||||||
Interest capitalized (including AFUDC) | 564 | 644 | 1,042 | 864 | 498 | 534 | |||||||||||||||||
Total fixed charges, as defined | $ | 19,846 | $ | 25,776 | $ | 26,553 | $ | 26,202 | $ | 26,316 | $ | 28,162 | |||||||||||
Ratio of Earnings to Fixed Charges | 5.36 | 4.70 | 4.48 | 4.60 | 4.70 | 4.06 |
/s/ | James J. Judge |
James J. Judge | |
Chairman | |
(Principal Executive Officer) |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ | James J. Judge |
James J. Judge | |
Chairman |
/s/ | Philip J. Lembo |
Philip J. Lembo | |
Executive Vice President and Chief Financial Officer |
EXHIBIT 10.1
THIRTEENTH SUPPLEMENTAL INDENTURE
from
YANKEE GAS SERVICES COMPANY
doing business as EVERSOURCE ENERGY
to
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
TRUSTEE
_________________________________
Dated as of September 1, 2017
Supplemental to Indenture of Mortgage
and Deed of Trust from
Yankee Gas Services Company to
The Bank of New York Mellon Trust Company, N.A. (formerly known as
The Bank of New York Trust Company, N.A., successor to
The Bank of New York, successor to
Fleet National Bank, formerly known as
The Connecticut National Bank), Trustee,
dated as of July 1, 1989, as amended and restated as of January 1, 2014
THIRTEENTH SUPPLEMENTAL INDENTURE
THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of September 1, 2017, between YANKEE GAS SERVICES COMPANY, a specially chartered Connecticut corporation, doing business as Eversource Energy (herein called the Company), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking corporation, successor as trustee to The Bank of New York, as successor to Fleet National Bank (formerly known as The Connecticut National Bank), as Trustee (the Trustee) under the Indenture of Mortgage and Deed of Trust, dated as of July 1, 1989, as amended and restated as of January 1, 2014, including any and all indentures and instruments supplemental thereto, including, without limitation, this Thirteenth Supplemental Indenture, being herein called the Indenture);
WHEREAS, pursuant to Sections 201, 301, 401, 1301(b) and 1301(f) of the Indenture, the Company desires to provide for the issuance of a new series of Securities which Securities will be secured by and entitled to the benefits of the Indenture, and to add to its covenants and agreements contained in the Indenture certain other covenants and agreements; and
WHEREAS, all acts and things necessary to make this Thirteenth Supplemental Indenture a valid, binding and legal instrument have been performed, and the issuance of the new series of Securities, subject to the terms of the Indenture, has been duly authorized by the Board of Directors of the Company and approved by the Connecticut Public Utilities Regulatory Authority (PURA), and the Company has requested and hereby requests the Trustee to enter into and join the Company in the execution and delivery of this Thirteenth Supplemental Indenture;
NOW, THEREFORE, THIS THIRTEENTH SUPPLEMENTAL INDENTURE WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Securities, including the new series of Securities hereunder issued, and the performance of the covenants therein and herein contained and to declare the terms and conditions on which all such Outstanding Securities are secured, and in consideration of the premises and of the purchase of the Securities by the Holders thereof, the Company by these presents does grant, bargain, sell, alien, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, all property, rights, privileges and franchises of the Company of every kind and description, real, personal or mixed, tangible and intangible, whether now owned or hereafter acquired by the Company, wherever located, and grants a security interest therein for the purposes herein expressed, except any Excepted Property which is expressly excepted from the lien hereof in the Indenture, and including, without limitation, all property, rights, privileges and franchises particularly described in the Indenture, and twelve Supplemental Indentures thereto dated respectively as of April 1, 1992, December 1, 1992, June 1, 1995, April 1, 1997, January 1, 1999, January 1, 2004, November 1, 2004, July 1, 2005, October 1, 2008, April 1, 2010, January 1, 2014 and September 1, 2015, and, in addition, all the property, rights, privileges and franchises particularly described in Schedule A annexed to this Thirteenth Supplemental Indenture, which are hereby made a part of, and deemed to be described herein, as fully as if set forth herein at length.
TO HAVE AND TO HOLD all said property, rights, privileges and franchises of every kind and description, real, personal or mixed, hereby and hereafter (by supplemental indenture or otherwise) granted, bargained, sold, aliened, remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over or confirmed as aforesaid, or intended, agreed or covenanted so to be, together with all the appurtenances thereto appertaining (said properties, rights, privileges and franchises, including any cash and securities hereafter deposited or required to be deposited with the Trustee (other than any such cash which is specifically stated herein not to be deemed part of the Mortgaged Property), being herein collectively called Mortgaged Property) unto the Trustee and its successors and assigns forever.
SUBJECT, HOWEVER, to Permitted Liens (as defined in Section 101 of the Indenture).
BUT IN TRUST, NEVERTHELESS, for the proportionate and equal benefit and security of the Holders from time to time of all the Outstanding Securities without any preference or priority of any such Security over any other such Security.
UPON CONDITION that, until the happening of an Event of Default (as defined in Section 901 of the Indenture) and subject to the provisions of Article Sixteen of the Indenture, the Company shall be permitted to possess and use the Mortgaged Property, except cash, securities and other personal property deposited and pledged, or required to be deposited and pledged, with the Trustee, and to receive and use the rents, issues, profits, revenues and other income of the Mortgaged Property.
AND IT IS HEREBY COVENANTED AND DECLARED that all the Series N Bonds are to be authenticated and delivered and the Mortgaged Property is to be held and applied by the Trustee, subject to the further covenants, conditions and trusts hereinafter set forth, and the Company does hereby covenant and agree to and with the Trustee, for the equal and proportionate benefit of all Holders of the Securities as follows:
ARTICLE I
DEFINITIONS AND RULES OF CONSTRUCTION
Section 1.01. Terms from the Indenture. All defined terms used in this Thirteenth Supplemental Indenture and not otherwise defined herein shall have the respective meanings ascribed to them in the Indenture.
Section 1.02. References are to Thirteenth Supplemental Indenture. Unless the context otherwise requires, all references herein to Articles, Sections and other subdivisions are to the designated Articles, Sections and other subdivisions of this Thirteenth Supplemental Indenture, and the words herein, hereof, hereby, hereunder and words of similar import refer to this Thirteenth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision hereof or to the Indenture.
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Section 1.03. Consent to Amendment and Restatement of Indenture. Each holder of a Series N Bond, solely by virtue of its acquisition thereof, including as an owner of a book-entry interest therein, shall have and be deemed to have consented, without the need for any further action or consent by such holder, to the amendment and restatement of the Indenture in the form set forth in Exhibit B to the 11th Supplemental Indenture, dated as of January 1, 2014.
ARTICLE II
SERIES N BONDS
Section 2.01. Designation; Amount. There is hereby created and shall be outstanding under and secured by the Indenture a series of Securities entitled First Mortgage Bonds, 3.02% Series N, Due 2027 (herein called the Series N Bonds or Bonds), limited in aggregate principal amount at any one time outstanding to Seventy-Five Million Dollars ($75,000,000).
Section 2.02. Form of Series N Bonds. The form of the Series N Bonds shall be substantially as set forth in Exhibit A hereto with such insertions, omissions, substitutions and variations as may be determined by the officers executing the same as evidenced by their execution thereof.
The Series N Bonds shall be issued as fully registered Securities in denominations of $500,000 or any amount in excess thereof which is an integral multiple of $250,000 (except as may be necessary to reflect any principal amount not evenly divisible by $250,000 remaining after any partial redemption), or in such other denominations as the Trustee may approve. The Series N Bonds shall be numbered N-1 and consecutively upwards, or in any other manner deemed appropriate by the Company.
Section 2.03. Provisions of Series N Bonds; Interest Accrual. The Series N Bonds shall mature on September 15, 2027, and shall bear interest, payable semiannually on the 15th day of March and September of each year, commencing March 15, 2018, at the rate of 3.02% per annum. The interest on the Series N Bonds shall be payable without presentation of such Series N Bonds; and such interest to be paid only to or upon the written order of the registered Holders thereof of record at the applicable record date (as hereinafter defined). The Series N Bonds shall be callable for redemption in whole or in part according to the terms and provisions herein in Article II.
Each Series N Bond authenticated in accordance with the terms of this Thirteenth Supplemental Indenture shall be dated as of September 11, 2017 and shall bear interest on the principal amount thereof from such date until the maturity date unless redeemed pursuant to Section 2.05. Interest on the Series N Bonds shall be computed on the basis of a 360-day year consisting of twelve 30-day months, and with respect to any such period less than a full month, on the basis of the actual number of days elapsed in such period.
The person in whose name any Series N Bond is registered at the close of business on any record date with respect to any interest payment date shall be entitled to receive the interest payable on such interest payment date notwithstanding the cancellation of such Series N Bond
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upon any registration of transfer or exchange thereof subsequent to the record date and prior to such interest payment date, except that if and to the extent the Company shall default in the payment of the interest due on such interest payment date, then such defaulted interest shall be paid to the person in whose name such Series N Bond is registered on the Business Day immediately preceding the date of such payment. The term record date as used in this Section with respect to any regular interest payment (i.e. March 15 or September 15) shall mean the March 1 or September 1, as the case may be, next preceding such interest payment date, or if such March 1 or September 1 shall be a legal holiday or a day on which banking institutions in the Borough of Manhattan, New York, New York are authorized by law to close, the next preceding day which shall not be a legal holiday or a day on which such institutions are so authorized to close.
Notwithstanding the otherwise applicable provisions of the Indenture, the principal and the redemption price of, and interest on, the Series N Bonds shall be payable by Federal funds bank wire transfer of immediately available funds so long as required by Section 5.1 of the Bond Purchase Agreements, each dated July 14, 2017, between the Company and the initial purchasers of the Series N Bonds (the Bond Purchase Agreements) or, in the event such section shall no longer be applicable, at the office or agency of the Company in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public or private debts.
Section 2.04. No Sinking Fund; No Mandatory Scheduled Redemptions Prior to Final Maturity. The Series N Bonds shall not be subject to any sinking fund or mandatory scheduled redemption prior to final maturity.
Section 2.05. Optional Redemption. The Series N Bonds are subject to redemption at the option of the Company, prior to maturity, as a whole at any time or in part from time to time, in accordance with the provisions of the Indenture, upon not less than thirty (30) days and not more than sixty (60) days prior notice (which notice may be made subject to the deposit of redemption moneys with the Trustee before the date fixed for redemption). Such notice shall specify (a) the date of such redemption, (b) the principal amount of the Holders Bond to be redeemed on such date, (c) that a premium may be payable, (d) the estimated premium, calculated as of the day such notice is given and (e) the accrued interest applicable to such redemption. Such notice of redemption shall also certify all facts, if any, which are conditions precedent to any such redemption and shall conform to the requirements in the Indenture. Notice of redemption having been so given, the aggregate principal amount of the Series N Bonds specified in such notice, together with accrued interest thereon, and the premium, if any, payable with respect thereto shall become due and payable on the redemption date specified in such notice (unless the notice is made subject to the deposit of redemption moneys with the Trustee before the date fixed for redemption). No later than two Business Days prior to the redemption date specified in such notice of optional redemption, the Company shall provide the Trustee and each Holder of a Series N Bond written notice of whether or not any premium is payable in connection with such redemption, the premium, if any, calculated as of the second Business Day prior the redemption date, and a reasonably detailed computation of the Make-Whole Amount (as defined in Section 2.06). If the Company elects to redeem the Series N Bonds prior to the Par Call Date (as defined in Section 2.06), it will do so at a redemption price equal to the
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principal amount of the Series N Bonds being prepaid plus accrued interest thereon to the date of such redemption together with a premium equal to the then applicable Make-Whole Amount. If the Company elects to redeem the Series N Bonds on or after the Par Call Date, it will do so at a redemption price equal to one hundred percent (100%) of the principal amount of the Series N Bonds being redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months.
If the Company elects to redeem less than all of the Series N Bonds, the Trustee shall select on a pro rata basis the particular Series N Bonds, or portions of them, to be redeemed.
Notice of redemption shall be given to the Holder of the Series N Bonds. On and after the date of redemption of the Series N Bonds (unless the Company defaults in the payment of the redemption price and interest accrued thereon to such date), interest on the Series N Bonds, or the portions of them so called for redemption, shall cease to accrue.
The Series N Bonds are not otherwise subject to redemption.
Section 2.06. Definitions Applicable to Redemption Provisions.
The Make-Whole Amount, as calculated by the Company, shall mean, with respect to any Series N Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments through the Par Call Date with respect to the Called Principal of such Bond over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.
The Called Principal means, with respect to any Series N Bond, the principal of such Series N Bond that is to be prepaid or has become or is declared to be immediately due and payable pursuant to Section 2.05, as the context requires.
The Discounted Value means, with respect to the Called Principal of any Bond, the amount obtained by discounting all Remaining Scheduled Payments through the Par Call Date with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.
The Par Call Date means the date that is three months prior to the maturity date of the Series N Bonds.
The Reinvestment Yield means, with respect to the Called Principal of any Bond, 0.50% over the yield to maturity implied by the yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as Page PX1 (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (Reported) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities
- 5 -
Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.
If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then Reinvestment Yield means, with respect to the Called Principal of any Series N Bond, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.
The Remaining Average Life means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment through the Par Call Date with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment through the Par Call Date.
The Remaining Scheduled Payments means, with respect to the Called Principal of any Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Bonds, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date.
The Settlement Date means, with respect to the Called Principal of any Bond, the date on which such Called Principal is to be prepaid or has become or is declared to be immediately due and payable pursuant to Section 2.05, as the context requires.
The principal amount, if any, of the Series N Bonds to be redeemed pursuant to this Section 2.05 shall be selected on a pro rata basis from all Series N Bonds Outstanding on the date of redemption.
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The Series N Bonds shall not be redeemable at the option of the Company prior to their Stated Maturity other than as provided in Section 2.05.
All calculations hereunder shall be the responsibility of the Company.
Section 2.07. Place of Payment. The principal and the redemption price of, and the premium, if any, and the interest on, the Series N Bonds shall be payable at the corporate trust office of The Bank of New York Mellon Trust Company, N.A., in New York, New York.
Section 2.08. Transfer and Exchange of Series N Bonds. The Series N Bonds may be surrendered for registration of transfer as provided in Section 305 of the Indenture at the office or agency of the Company in the Borough of Manhattan, New York, New York, and may be surrendered at said office for exchange for a like aggregate principal amount of Series N Bonds of other authorized denominations. Notwithstanding the provisions of Section 305 of the Indenture, no charge, except for taxes or other governmental charges, shall be made by the Company for any registration of transfer of Series N Bonds or for the exchange of Series N Bonds for Securities of other authorized denominations.
Section 2.09. Bond Purchase Agreements. Reference is made to Sections 5 and 7 of the Bond Purchase Agreements for certain provisions governing the rights and obligations of the Company, the Trustee and the Holders of the Series N Bonds. Such provisions are deemed to be incorporated in this Article II by reference as if set forth herein at length.
Section 2.10. Restrictions on Transfer. All Series N Bonds originally issued hereunder shall bear the following legend:
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 1933 ACT). THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF YANKEE GAS SERVICES COMPANY DOING BUSINESS AS EVERSOURCE ENERGY (THE COMPANY) AND PRIOR HOLDERS THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY (UPON REDEMPTION THEREOF OR OTHERWISE), (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE 1933 ACT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 (IF AVAILABLE) UNDER THE 1933 ACT, (5) IN RELIANCE ON ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, SUBJECT TO THE RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (6) PURSUANT
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TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, SUBJECT (IN THE CASE OF CLAUSES (2), (3), (4) AND (5)) TO THE RECEIPT BY THE COMPANY OF A CERTIFICATION OF THE TRANSFEROR TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE 1933 ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY JURISDICTION OF THE UNITED STATES. THE HOLDER OF THIS SECURITY WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.
All Series N Bonds issued upon transfer or exchange thereof shall bear such legend unless the Company shall have delivered to the Trustee an Opinion of Counsel which states that the Series N Bonds may be issued without such legend. All Series N Bonds issued upon transfer or exchange of a Series N Bond or Series N Bonds which do not bear such legend shall be issued without such legend. The Company may from time to time modify the foregoing restrictions on resale and other transfers, without the consent of but upon notice to the Holders, in order to reflect any amendment to Rule 144A under the Securities Act of 1933 or change in the interpretation thereof or practices thereunder.
Section 2.11. Authentication and Delivery. Upon the execution of this Thirteenth Supplemental Indenture, the Series N Bonds shall be executed by the Company and delivered to the Trustee for authentication, and thereupon the same shall be authenticated and delivered by the Trustee pursuant to and upon a Company Request.
Section 2.12. Default. Pursuant to the Indenture (and notwithstanding any provision of Section 901 thereof to the contrary), for purposes of determining whether an Event of Default exists with respect to the Series N Bonds, any default in payment (whether due as a scheduled installment of principal or interest, or at original maturity or earlier redemption or acceleration, or otherwise) with respect to Securities of any other series which constitutes an Event of Default with respect to the Securities of such series shall also constitute an Event of Default with respect to the Series N Bonds.
ARTICLE III
AMENDMENT OF INDENTURE
Section 3.01. Consent and Amendment to Section 1003 of the Indenture. (a) Each holder of a Series N Bond, solely by virtue of its acquisition thereof, including as an owner of a book-entry interest therein, shall have and be deemed to have consented, without the need for any further action or consent by such holder, to the amendment of the Indenture by deleting and at the end of Section 1003(i), deleting the period at the end of Section 1003(j), adding ; at the end of Section 1003(j), and adding the following clauses at the end of Section 1003 of the Indenture:
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(k) in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
(l) in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services.
(b) The amendments contained in this Section 3.01 shall apply to and be effective with respect to the Series N Bonds from and after the issuance thereof. The amendments contained in this Section 3.01 shall not become effective with respect to any other series of Securities until such series consents thereto or otherwise in accordance with Section 1302 of the Indenture.
Section 3.02. Consent and Amendment of the Indenture by Adding Section 117. (a) Each holder of a Series N Bond, solely by virtue of its acquisition thereof, including as an owner of a book-entry interest therein, shall have and be deemed to have consented, without the need for any further action or consent by such holder, to the amendment of the Indenture by adding the following Section 117:
SECTION 117 WAIVER OF JURY TRIAL.
EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS MORTGAGE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.
(b) The amendments contained in this Section 3.02 shall apply to and be effective with respect to the Series N Bonds from and after the issuance thereof. The amendments contained in this Section 3.02 shall not become effective with respect to any other series of Securities until such series consents thereto or otherwise in accordance with Section 1302 of the Indenture.
ARTICLE IV
MISCELLANEOUS PROVISIONS
Section 4.01. Effectiveness and Ratification of Indenture. The provisions of this Thirteenth Supplemental Indenture shall be effective from and after the execution hereof; and the Indenture, as hereby supplemented, shall remain in full force and effect.
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Section 4.02. Titles. The titles of the several Articles and Sections of this Thirteenth Supplemental Indenture shall not be deemed to be any part thereof, are inserted for convenience only and shall not affect any interpretation hereof.
Section 4.03. Acceptance of Trust; Not Responsible for Recitals, Etc. The Trustee hereby accepts the trusts herein declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions herein and in the Indenture, as heretofore supplemented, set forth and upon the following terms and conditions:
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Thirteenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition contained in Article Ten of the Indenture shall apply to and form part of this Thirteenth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Thirteenth Supplemental Indenture.
Section 4.04. Successors and Assigns. All covenants, provisions, stipulations and agreements in this Thirteenth Supplemental Indenture contained are and shall be for the sole and exclusive benefit of the parties hereto, their successors and assigns, and (subject to the provisions of the Bond Purchase Agreements) of the Holders and registered owners from time to time of the Securities issued and outstanding under and secured by the Indenture (except that the provisions of Article II hereof are and shall be for the sole and exclusive benefit of the Holders of the Series N Bonds).
Section 4.05. Counterparts. This Thirteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
Section 4.06. Governing Law. The laws of the State of Connecticut shall govern this Thirteenth Supplemental Indenture and the Series N Bonds, except to the extent that the validity or perfection of the lien of the Indenture, or remedies thereunder, are governed by the laws of a jurisdiction other than the State of Connecticut; provided however that the rights and obligations of the Trustee shall be governed by the laws of the state in which the Corporate Trust Office is located.
[THE REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY]
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IN WITNESS WHEREOF, the parties hereto have caused this Thirteenth Supplemental Indenture to be duly executed, sealed and attested as of the day and year first above written.
YANKEE GAS SERVICES COMPANY
doing business as EVERSOURCE ENERGY
By: /S/ PHILIP J. LEMBO
Philip J. Lembo
Executive Vice President and
Chief Financial Officer
Executed, sealed and delivered by
YANKEE GAS SERVICES COMPANY
doing business as EVERSOURCE ENERGY
in the presence of:
/S/ MATTHEW J. BENSON
/S/ FLORENCE J. IACONO
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
By: /S/ R. TARNAS
Name: R. Tarnas
Title: Vice President
Executed, sealed and delivered by
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
as Trustee, in the presence of:
/S/ ROBERT W. HARDY
/S/ EMILY GIGERICH
COMMONWEALTH OF MASSACHUSETTS )
) ss.: Westwood
COUNTY OF NORFOLK )
On this 23rd day of August , 2017, before the undersigned officer, personally appeared Philip J. Lembo, who acknowledged himself to be the Executive Vice President and Chief Financial Officer of Yankee Gas Services Company, a Connecticut corporation, doing business as Eversource Energy, and that they, as such officers, being authorized so to do, executed the foregoing instrument for the purpose therein contained, by signing the name of the corporation by themselves as such officers, and as their free act and deed.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
/S/ DANA M. FENNELLY
Notary Public
My commission expires: December 14, 2023.
(SEAL)
STATE OF ILLINOIS )
) ss.:
COUNTY OF COOK )
On this 6th day of September, 2017, before me Carrie M. Beecher, the undersigned, personally appeared R. Tarnas, who acknowledged himself to be a Vice President of The Bank of New York Mellon Trust Company, N.A., a national baking association, and that he, as such officer and being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the association by himself as such officer, and as his free act and deed.
IN WITNESS WHEREOF, I hereunto set my hand.
/S/ CARRIE M. BEECHER
Notary Public State of Illinois
My commission expires: 3-29-2021
SCHEDULE A
(Series N)
ALL THE PROPERTY, RIGHTS, PRIVILEGES AND FRANCHISES AS SET FORTH IN THE FOLLOWING DESCRIPTIONS.
EXHIBIT A
[FORM OF FIRST MORTGAGE BOND, 3.02% SERIES N, DUE 2027]
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 1933 ACT). THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF YANKEE GAS SERVICES COMPANY DOING BUSINESS AS EVERSOURCE ENERGY (THE COMPANY) AND PRIOR HOLDERS THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY (UPON REDEMPTION THEREOF OR OTHERWISE), (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE 1933 ACT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 (IF AVAILABLE) UNDER THE 1933 ACT, (5) IN RELIANCE ON ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, SUBJECT TO THE RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, SUBJECT (IN THE CASE OF CLAUSES (2), (3), (4) AND (5)) TO THE RECEIPT BY THE COMPANY OF A CERTIFICATION OF THE TRANSFEROR TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE 1933 ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY JURISDICTION OF THE UNITED STATES. THE HOLDER OF THIS SECURITY WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.
Yankee Gas Services Company
doing business as Eversource Energy
First Mortgage Bonds,
3.02% Series N, Due 2027
CUSIP Number:
No. N - [ ]
Principal Amount: $[ ]
Stated Maturity of Principal: September 15, 2027
Applicable Rate: 3.02%
Interest Payment Dates: March 15 and September 15, commencing March 15, 2018 and at
the Stated Maturity of the principal
Yankee Gas Services Company, doing business as Eversource Energy, a specially chartered Connecticut corporation (hereinafter called the Company, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [___________], or registered assigns, at the Stated Maturity set forth above, the Principal Amount set forth above (or so much thereof as shall not have been paid upon prior redemption) and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) thereon from the date of issuance hereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on each Interest Payment Date set forth above in each year at the Applicable Rate set forth above. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in said Indenture, be paid to the Person in whose name this Bond (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the Regular Record Date for such interest, which shall be the 1st day of the calendar month next preceding such Interest Payment Date (or if such 1st day shall be a legal holiday or a day on which banking institutions in the Borough of Manhattan, New York, New York are authorized by law to close, the next preceding day which shall not be a legal holiday or a day on which such institutions are so authorized to close). Any such interest not so punctually paid or duly provided for shall be paid to the Person in whose name this Bond is registered on the Business Day immediately preceding the date of such payment. If all or any portion of the principal of, or the premium (if any) or interest on, this Bond shall not be paid when due, the amount not so paid shall bear interest at the lesser of (x) the highest rate allowed by applicable law or (y) the greater of (i) the Prime Rate (as defined in the Bond Purchase Agreements) or (ii) the Applicable Rate plus 1% per annum.
The principal and the Redemption Price of, and the interest on, this Bond shall be payable at the principal corporate trust office of The Bank of New York Mellon Trust Company, N.A., in New York, New York. All such payments shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
This Series N Bond is one of a duly authorized issue of Bonds of the Company designated as its First Mortgage Bonds (herein called the Bonds), issued and to be issued in one or more series under, and all equally and ratably secured by, an Indenture of Mortgage and Deed of Trust, dated as of July 1, 1989, as amended and restated as of January 1, 2014 (herein, together with twelve Supplemental Indentures thereto dated respectively as of April 1, 1992, December 1, 1992, June 1, 1995, April 1, 1997, January 1, 1999, January 1, 2004, November 1, 2004, July 1, 2005, October 1, 2008, April 1, 2010, January 1, 2014, September 1, 2015 and the Thirteenth Supplemental Indenture, dated as of September 1, 2017 (the Thirteenth Supplemental Indenture), called the Indenture), between the Company and The Bank of New York Mellon Trust Company, N.A., (formerly known as The Bank of New York Trust Company, N.A.), as successor trustee to The Bank of New York, successor to Fleet National Bank (formerly known as The Connecticut National Bank), as Trustee (herein called the Trustee, which term includes any successor Trustee under the Indenture). Reference is hereby made to the Indenture for a description of the properties thereby mortgaged, pledged and assigned, the nature and extent of the security, the respective rights thereunder of the Holders of the Bonds, the Trustee and the Company, and the terms upon which the Bonds are, and are to be, authenticated and delivered. All capitalized terms used in this Bond which are not defined herein shall have the respective meanings ascribed thereto in the Indenture. Reference is also made to the Bond Purchase Agreements, as defined in the Thirteenth Supplemental Indenture, for a further description of the respective rights of the Holders of the Series N Bonds, the Company and the Trustee, and the terms applicable to the Series N Bonds.
As provided in the Indenture, the Bonds are issuable in series which may vary as in the Indenture provided or permitted. This Series N Bond is one of the series specified in its title.
The Series N Bonds are not subject to any sinking fund or mandatory scheduled redemption prior to final maturity.
The Series N Bonds are subject to redemption at the option of the Company, prior to maturity, as a whole at any time or in part from time to time, in accordance with the provisions of the Indenture, upon not less than thirty (30) days and not more than sixty (60) days prior notice (which notice may be made subject to the deposit of redemption moneys with the Trustee before the date fixed for redemption). Such notice shall specify (a) the date of such redemption, (b) the principal amount of the Holders Bond to be redeemed on such date, (c) that a premium may be payable, (d) the estimated premium, calculated as of the day such notice is given and (e) the accrued interest applicable to such redemption. Such notice of redemption shall also certify all facts, if any, which are conditions precedent to any such redemption and shall conform to the requirements in the Indenture. Notice of redemption having been so given, the aggregate principal amount of the Series N Bonds specified in such notice, together with accrued interest thereon, and the premium, if any, payable with respect thereto shall become due and payable on the redemption date specified in such notice (unless the notice is made subject to the deposit of redemption moneys with the Trustee before the date fixed for redemption). No later than two Business Days prior to the redemption date specified in such notice of optional redemption, the Company shall provide the Trustee and each Holder of a Series N Bond written notice of whether or not any premium is payable in connection with such redemption, the premium, if any, calculated as of the second Business Day prior the redemption date, and a reasonably detailed computation of the Make-Whole Amount (as defined below). If the Company elects to redeem the Series N Bonds prior to the Par
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Call Date (as defined below), it will do so at a redemption price equal to the principal amount of the Series N Bonds being prepaid plus accrued interest thereon to the date of such redemption together with a premium equal to the then applicable Make-Whole Amount. If the Company elects to redeem the Series N Bonds on or after the Par Call Date, it will do so at a redemption price equal to one hundred percent (100%) of the principal amount of the Series N Bonds being redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months.
If the Company elects to redeem less than all of the Series N Bonds, the Trustee shall select on a pro rata basis the particular Series N Bonds, or portions of them, to be redeemed.
Notice of redemption shall be given to the Holder of the Series N Bonds. On and after the Redemption Date (unless the Company defaults in the payment of the redemption price and interest accrued thereon to such date), interest on the Series N Bonds, or the portions of them so called for redemption, shall cease to accrue.
The Series N Bonds are not otherwise subject to redemption.
The Make-Whole Amount, as calculated by the Company, shall mean, with respect to any Series N Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments through the Par Call Date with respect to the Called Principal of such Bond over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.
The Called Principal means, with respect to any Series N Bond, the principal of such Series N Bond that is to be prepaid or has become or is declared to be immediately due and payable pursuant to Section 2.05 of the Thirteenth Supplemental Indenture, as the context requires.
The Discounted Value means, with respect to the Called Principal of any Bond, the amount obtained by discounting all Remaining Scheduled Payments through the Par Call Date with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.
The Par Call Date means the date that is three months prior to the maturity date of the Series N Bonds.
The Reinvestment Yield means, with respect to the Called Principal of any Bond, 0.50% over the yield to maturity implied by the yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as Page PX1 (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (Reported) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities
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Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.
If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then Reinvestment Yield means, with respect to the Called Principal of any Series N Bond, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.
The Remaining Average Life means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment through the Par Call Date with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment through the Par Call Date.
The Remaining Scheduled Payments means, with respect to the Called Principal of any Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Bonds, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date.
The Settlement Date means, with respect to the Called Principal of any Bond, the date on which such Called Principal is to be prepaid or has become or is declared to be immediately due and payable pursuant to Section 2.05 of the Thirteenth Supplemental Indenture, as the context requires.
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If an Event of Default, as defined in the Indenture, shall occur, the principal of the Series N Bonds may become or be declared due and payable in the manner and with the effect provided in the Indenture and the Bond Purchase Agreements.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Bonds under the Indenture at any time by the Company with the consent of the Holders of a majority in aggregate principal amount of the Bonds of all series at the time Outstanding affected by such modification. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of Bonds at the time Outstanding on behalf of the Holders of all the Bonds, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver agreed to as set forth above by the Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Bond.
No reference herein to the Indenture and no provision of this Bond or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Bond at the times, places and rates, and in the coin or currency, herein prescribed.
The Bond is transferable by the registered Holder hereof in person or by attorney upon surrender hereof at the office or agency of the Company in the Borough of Manhattan, New York, New York, together with a written instrument of transfer in approved form, signed by the Holder, and a new Bond or Bonds of this series for a like principal amount in authorized denominations will be issued in exchange, all as provided in the Indenture. Prior to due presentment for registration of transfer of this bond the Company and the Trustee may deem and treat the registered owner hereof as the absolute owner hereof, whether or not this bond be overdue, for the purpose of receiving payment and for all other purposes, and neither the Company nor the Trustee shall be affected by any notice to the contrary.
The Bond is exchangeable at the option of the registered Holder hereof upon surrender hereof, at the office or agency of the Company in the Borough of Manhattan, New York, New York, for an equal principal amount of Bonds of this series of other authorized denominations, in the manner and on the terms provided in the Indenture.
No service charge shall be made for any transfer or exchange hereinbefore referred to, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Bond is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
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As set forth in the Supplemental Indenture establishing the terms and series of the bonds of this series, each holder of a Series N Bond, solely by virtue of its acquisition thereof, including as an owner of a book-entry interest therein, has and has been deemed to have consented, without the need for any further action or consent by such holder, to the amendment and restatement of the Indenture in the form set forth in Exhibit B to the 11th Supplemental Indenture dated as of January 1, 2014.
Unless the certificate of authentication hereon has been executed by the Trustee or Authenticating Agent by manual signature, this Bond shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
A-6
IN WITNESS WHEREOF, the Company has caused this Bond to be duly executed under its corporate seal.
Dated: YANKEE GAS SERVICES COMPANY
doing business as EVERSOURCE ENERGY
By:
Philip J. Lembo
Executive Vice President and
Chief Financial Officer
Attest:
[Signature page for Yankee Gas Services Company, First Mortgage Bond, 3.02% Series N, Due 2027]
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This is one of the Bonds of the series designated therein referred to in the within-mentioned Indenture.
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Trustee
Dated: By:
Authorized Officer
[Authentication page for Yankee Gas Services Company, First Mortgage Bond, 3.02% Series N, Due 2027]
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Operating Revenues | $ 1,988,512 | $ 2,039,706 | $ 5,856,458 | $ 5,862,525 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 651,776 | 665,810 | 1,955,129 | 2,001,929 |
Operations and Maintenance | 300,421 | 324,734 | 933,400 | 965,584 |
Depreciation | 194,466 | 181,288 | 571,152 | 531,781 |
Amortization of Regulatory Assets, Net | 41,848 | 43,942 | 58,058 | 56,223 |
Energy Efficiency Programs | 129,205 | 149,121 | 391,761 | 405,962 |
Taxes Other Than Income Taxes | 168,193 | 164,942 | 479,648 | 479,219 |
Total Operating Expenses | 1,485,909 | 1,529,837 | 4,389,148 | 4,440,698 |
Operating Income/(Loss) | 502,603 | 509,869 | 1,467,310 | 1,421,827 |
Interest Expense | 108,719 | 99,865 | 319,477 | 298,568 |
Other Income, Net | 21,184 | 13,641 | 56,304 | 23,689 |
Income Before Income Tax Expense | 415,068 | 423,645 | 1,204,137 | 1,146,948 |
Income Tax Expense | 152,818 | 156,446 | 447,921 | 428,186 |
Net Income | 262,250 | 267,199 | 756,216 | 718,762 |
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 |
Net Income Attributable to Common Shareholders | $ 260,370 | $ 265,319 | $ 750,577 | $ 713,123 |
Basic and Diluted Earnings Per Common Share (in dollars per share) | $ 0.82 | $ 0.83 | $ 2.36 | $ 2.24 |
Dividends Declared Per Common Share (in dollars per share) | $ 0.48 | $ 0.45 | $ 1.43 | $ 1.34 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 |
Diluted (in shares) | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 |
The Connecticut Light And Power Company | ||||
Operating Revenues | $ 774,762 | $ 760,037 | $ 2,173,629 | $ 2,175,141 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 259,005 | 253,509 | 711,154 | 760,613 |
Operations and Maintenance | 123,107 | 123,034 | 359,834 | 356,409 |
Depreciation | 63,727 | 57,675 | 184,275 | 172,175 |
Amortization of Regulatory Assets, Net | 34,574 | 23,418 | 58,799 | 30,308 |
Energy Efficiency Programs | 37,739 | 44,381 | 106,483 | 117,969 |
Taxes Other Than Income Taxes | 79,067 | 81,948 | 223,482 | 227,981 |
Total Operating Expenses | 597,219 | 583,965 | 1,644,027 | 1,665,455 |
Operating Income/(Loss) | 177,543 | 176,072 | 529,602 | 509,686 |
Interest Expense | 36,313 | 36,083 | 106,577 | 108,561 |
Other Income, Net | 7,509 | 3,669 | 14,070 | 10,881 |
Income Before Income Tax Expense | 148,739 | 143,658 | 437,095 | 412,006 |
Income Tax Expense | 52,595 | 57,026 | 159,450 | 155,453 |
Net Income | 96,144 | 86,632 | 277,645 | 256,553 |
NSTAR Electric Company | ||||
Operating Revenues | 725,701 | 780,462 | 1,913,548 | 1,985,979 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 259,400 | 291,382 | 689,784 | 764,907 |
Operations and Maintenance | 92,571 | 96,282 | 266,203 | 279,932 |
Depreciation | 56,200 | 54,695 | 167,598 | 159,151 |
Amortization of Regulatory Assets, Net | 9,845 | 9,621 | 17,806 | 18,275 |
Energy Efficiency Programs | 71,615 | 84,717 | 198,803 | 212,882 |
Taxes Other Than Income Taxes | 37,052 | 35,050 | 99,090 | 101,800 |
Total Operating Expenses | 526,683 | 571,747 | 1,439,284 | 1,536,947 |
Operating Income/(Loss) | 199,018 | 208,715 | 474,264 | 449,032 |
Interest Expense | 24,488 | 21,101 | 69,962 | 62,206 |
Other Income, Net | 3,426 | 5,022 | 8,703 | 7,524 |
Income Before Income Tax Expense | 177,956 | 192,636 | 413,005 | 394,350 |
Income Tax Expense | 69,796 | 75,440 | 161,320 | 154,493 |
Net Income | 108,160 | 117,196 | 251,685 | 239,857 |
Public Service Company Of New Hampshire | ||||
Operating Revenues | 250,032 | 266,946 | 733,572 | 727,753 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 57,099 | 59,833 | 179,289 | 155,700 |
Operations and Maintenance | 63,669 | 64,183 | 191,153 | 187,184 |
Depreciation | 32,084 | 29,646 | 95,266 | 86,524 |
Amortization of Regulatory Assets/(Liabilities), Net | 2,835 | 14,158 | (10,658) | 14,490 |
Energy Efficiency Programs | 4,007 | 3,983 | 11,040 | 10,862 |
Taxes Other Than Income Taxes | 22,936 | 20,460 | 66,935 | 64,543 |
Total Operating Expenses | 182,630 | 192,263 | 533,025 | 519,303 |
Operating Income/(Loss) | 67,402 | 74,683 | 200,547 | 208,450 |
Interest Expense | 12,896 | 12,397 | 38,676 | 37,386 |
Other Income, Net | 1,229 | 574 | 2,883 | 1,007 |
Income Before Income Tax Expense | 55,735 | 62,860 | 164,754 | 172,071 |
Income Tax Expense | 22,012 | 24,345 | 65,128 | 66,242 |
Net Income | 33,723 | 38,515 | 99,626 | 105,829 |
Western Massachusetts Electric Company | ||||
Operating Revenues | 126,335 | 124,042 | 377,214 | 368,533 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 34,828 | 32,178 | 109,553 | 104,406 |
Operations and Maintenance | 21,528 | 24,125 | 65,769 | 68,018 |
Depreciation | 12,546 | 11,567 | 36,844 | 34,414 |
Amortization of Regulatory Assets/(Liabilities), Net | 286 | 1,102 | (563) | 3,305 |
Energy Efficiency Programs | 10,996 | 12,389 | 29,739 | 33,593 |
Taxes Other Than Income Taxes | 10,779 | 10,609 | 31,403 | 30,440 |
Total Operating Expenses | 90,963 | 91,970 | 272,745 | 274,176 |
Operating Income/(Loss) | 35,372 | 32,072 | 104,469 | 94,357 |
Interest Expense | 6,321 | 6,222 | 18,752 | 18,298 |
Other Income, Net | 1,060 | 179 | 1,409 | 133 |
Income Before Income Tax Expense | 30,111 | 26,029 | 87,126 | 76,192 |
Income Tax Expense | 12,504 | 10,018 | 34,680 | 30,089 |
Net Income | $ 17,607 | $ 16,011 | $ 52,446 | $ 46,103 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric, PSNH, WMECO, Yankee Gas and NSTAR Gas. Eversource provides energy delivery service to approximately 3.7 million electric and natural gas customers through these six regulated utilities in Connecticut, Massachusetts and New Hampshire. On June 2, 2017, Eversource announced that it had entered into an agreement to acquire Aquarion from Macquarie Infrastructure Partners for $1.675 billion, consisting of approximately $880 million in cash and $795 million of assumed Aquarion debt. The transaction requires approval from PURA, the DPU, the NHPUC, the Maine PUC, and the Federal Communications Commission, and is also subject to a review under the Hart-Scott-Rodino Act. On June 29, 2017, Eversource and Aquarion filed joint applications with regulatory agencies in Connecticut, Massachusetts, New Hampshire and Maine requesting approval of the transaction. With the exception of Massachusetts, all state and federal regulatory agency approvals have been received and the related review period has expired. The transaction is expected to close by December 31, 2017. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P and WMECO are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2016 Form 10-K, which was filed with the SEC. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's, PSNH's and WMECO's financial position as of September 30, 2017 and December 31, 2016, the results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016, and the cash flows for the nine months ended September 30, 2017 and 2016. The results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 and the cash flows for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's, PSNH's and WMECO's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and WMECO and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' distribution (including generation assets) and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. B. Accounting Standards Accounting Standards Issued but Not Yet Effective: In May 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition guidance and is required to be applied retrospectively (either to each reporting period presented or cumulatively at the date of initial application). The Company will implement the standard in the first quarter of 2018 cumulatively at the date of initial application. Implementation of the ASU is not expected to have a material effect on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities, which is required to be implemented in the first quarter of 2018. The ASU will remove the available-for-sale designation for equity securities, whereby changes in fair value are recorded in accumulated other comprehensive income within shareholders' equity, and will require changes in fair value of all equity securities to be recorded in earnings beginning on January 1, 2018, with the unrealized gain or loss on available-for-sale equity securities as of that date reclassified to retained earnings as a cumulative effect of adoption. The fair value of available-for-sale equity securities subject to this guidance as of September 30, 2017 was approximately $51 million with an unrealized gain of $1.7 million. The remaining available-for-sale equity securities included in marketable securities on the balance sheet are held in nuclear decommissioning trusts and are subject to regulatory accounting treatment and will not be impacted by this guidance. Implementation of the ASU for other financial instruments is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In February 2016, the FASB issued ASU 2016-02, Leases, which changes existing lease accounting guidance and is required to be applied in the first quarter of 2019, with earlier application permitted. The ASU lease criteria are required to be applied to leases and lease renewals entered into effective January 1, 2019, and leases entered into before that date are required to be recognized and measured using a modified retrospective approach. The Company is reviewing the requirements of ASU 2016-02, including balance sheet recognition of leases previously deemed to be operating leases, and expects to implement the ASU in the first quarter of 2019. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, required to be implemented in the first quarter of 2018. The ASU requires separate presentation of service cost from other components of net pension and PBOP costs, with the other components presented as non-operating income and not subject to capitalization. The ASU is required to be applied retrospectively for the separate presentation in the income statement of service costs and other components and prospectively in the balance sheet for the capitalization of only the service cost component. The implementation of the ASU will not have an impact on the net income of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. C. Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric, PSNH and WMECO, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows WMECO and NSTAR Gas also to recover in rates amounts associated with certain uncollectible hardship accounts receivable. Certain of NSTAR Electric's uncollectible hardship accounts receivable are expected to be recovered in future rates, similar to WMECO and NSTAR Gas. These uncollectible customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. The total provision for uncollectible accounts and for uncollectible hardship accounts, which is included in the total provision, is included in Receivables, Net on the balance sheets, and was as follows:
D. Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock and long-term debt. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 10, "Fair Value of Financial Instruments," to the financial statements. E. Other Income, Net Items included within Other Income, Net on the statements of income primarily consist of income/(loss) related to equity method investments, investment income/(loss), interest income and AFUDC related to equity funds. For the three and nine months ended September 30, 2017, Eversource had equity in earnings of $5.1 million and $23.0 million, respectively, related to its equity method investments. For the three and nine months ended September 30, 2016 Eversource had equity in earnings of $0.9 million and losses of $2.0 million, respectively, related to its equity method investments. Investment income/(loss) primarily relates to debt and equity securities held in trust. For further information, see Note 5, "Marketable Securities," to the financial statements. F. Other Taxes Gross receipts taxes levied by the state of Connecticut are collected by CL&P and Yankee Gas from their respective customers. These gross receipts taxes are shown separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. G. Supplemental Cash Flow Information Non-cash investing activities include plant additions included in Accounts Payable as follows:
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REGULATORY ACCOUNTING |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's Regulated companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The Regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's Regulated companies are designed to collect each company's costs to provide service, including a return on investment. Management believes it is probable that each of the Regulated companies will recover its respective investments in long-lived assets, including regulatory assets. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises to any of the Regulated companies' operations, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the costs would be charged to net income in the period in which the determination is made. Regulatory Assets: The components of regulatory assets were as follows:
Regulatory Costs in Other Long-Term Assets: Eversource's Regulated companies had $108.7 million (including $3.9 million for CL&P, $42.3 million for NSTAR Electric, $18.5 million for PSNH, and $25.7 million for WMECO) and $86.3 million (including $5.9 million for CL&P, $35.0 million for NSTAR Electric, $8.2 million for PSNH, and $20.1 million for WMECO) of additional regulatory costs as of September 30, 2017 and December 31, 2016, respectively, that were included in Other Long-Term Assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. Regulatory Liabilities: The components of regulatory liabilities were as follows:
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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION The following tables summarize property, plant and equipment by asset category:
(1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. (2) As of September 30, 2017, the total CWIP related to NPT was approximately $201 million.
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DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Regulated companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. The Regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses or Operating Revenues on the statements of income, as applicable, as electricity or natural gas is delivered. Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets. For the Regulated companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates. The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets. The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
For further information on the fair value of derivative contracts, see Note 1D, "Summary of Significant Accounting Policies - Fair Value Measurements," to the financial statements. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts Commodity Supply and Price Risk Management: As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacity of these contracts is 787 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. NSTAR Electric has a renewable energy contract to purchase 0.1 million MWh of energy per year through 2018 and a capacity-related contract to purchase up to 35 MW per year through 2019. As of September 30, 2017 and December 31, 2016, Eversource had New York Mercantile Exchange ("NYMEX") financial contracts for natural gas futures in order to reduce variability associated with the purchase price of approximately 10.4 million and 9.2 million MMBtu of natural gas, respectively. For the three months ended September 30, 2017 and 2016, there were gains of $0.6 million and losses of $53.4 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the nine months ended September 30, 2017 and 2016, these losses were $30.3 million and $127.8 million, respectively. Fair Value Measurements of Derivative Instruments Derivative contracts classified as Level 2 in the fair value hierarchy relate to the financial contracts for natural gas futures. Prices are obtained from broker quotes and are based on actual market activity. The contracts are valued using NYMEX natural gas prices. Valuations of these contracts also incorporate discount rates using the yield curve approach. The fair value of derivative contracts classified as Level 3 utilizes significant unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions relating to exit price. Significant observable inputs for valuations of these contracts include energy and energy-related product prices in future years for which quoted prices in an active market exist. Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy and energy-related products, and accounting requirements. The future power and capacity prices for periods that are not quoted in an active market or established at auction are based on available market data and are escalated based on estimates of inflation in order to address the full term of the contract. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. The following is a summary of Eversource's, including CL&P's and NSTAR Electric's, Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
Exit price premiums of 1 percent through 18 percent are also applied on these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts. Significant increases or decreases in future energy or capacity prices in isolation would decrease or increase, respectively, the fair value of the derivative liability. Any increases in risk premiums would increase the fair value of the derivative liability. Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income. Valuations using significant unobservable inputs: The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis.
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MARKETABLE SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource maintains trusts that hold marketable securities to fund certain non-qualified executive benefits. These trusts are not subject to regulatory oversight by state or federal agencies. CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Trading Securities: Eversource has elected to record certain equity securities as trading securities, with the changes in fair values recorded in Other Income, Net on the statements of income. As of December 31, 2016, these securities were classified as Level 1 in the fair value hierarchy and totaled $9.6 million. These securities were sold during the first quarter of 2017 and were no longer held as of September 30, 2017. For the three and nine months ended September 30, 2016, net gains on these securities of $0.1 million and $0.6 million, respectively, were recorded in Other Income, Net on the statements of income. Dividend income is recorded in Other Income, Net when dividends are declared. Available-for-Sale Securities: The following is a summary of available-for-sale securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.
Eversource's debt and equity securities include CYAPC's and YAEC's marketable securities held in nuclear decommissioning trusts in the amounts of $489.1 million and $466.7 million as of September 30, 2017 and December 31, 2016, respectively. Unrealized gains and losses for these nuclear decommissioning trusts are recorded in Marketable Securities with the corresponding offset to Other Long-Term Liabilities on the balance sheets, with no impact on the statements of income. Unrealized Losses and Other-than-Temporary Impairment: There have been no significant unrealized losses, other-than-temporary impairments or credit losses for the three and nine months ended September 30, 2017 and 2016. Factors considered in determining whether a credit loss exists include the duration and severity of the impairment, adverse conditions specifically affecting the issuer, and the payment history, ratings and rating changes of the security. For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. Realized Gains and Losses: Realized gains and losses on available-for-sale securities are recorded in Other Income, Net for Eversource's non-qualified benefit trust and are offset in Other Long-Term Liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC nuclear decommissioning trusts to compute the realized gains and losses on the sale of available-for-sale securities. Contractual Maturities: As of September 30, 2017, the contractual maturities of available-for-sale debt securities were as follows:
Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instrument and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows. |
SHORT-TERM AND LONG-TERM DEBT |
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Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Commercial Paper Programs and Credit Agreements: Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. As of September 30, 2017 and December 31, 2016, Eversource parent had $917.0 million and approximately $1.0 billion, respectively, in short-term borrowings outstanding under the Eversource parent commercial paper program, leaving $533.0 million and $428.0 million of available borrowing capacity as of September 30, 2017 and December 31, 2016, respectively. The weighted-average interest rate on these borrowings as of September 30, 2017 and December 31, 2016 was 1.34 percent and 0.88 percent, respectively. As of September 30, 2017, there were intercompany loans from Eversource parent of $202.3 million to PSNH and $96.9 million to WMECO. As of December 31, 2016, there were intercompany loans from Eversource parent of $80.1 million to CL&P, $160.9 million to PSNH and $51.0 million to WMECO. Eversource parent, CL&P, PSNH, WMECO, NSTAR Gas and Yankee Gas are parties to a five-year $1.45 billion revolving credit facility. The revolving credit facility terminates on September 4, 2021. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program. There were no borrowings outstanding on the revolving credit facility as of September 30, 2017 and December 31, 2016. Except as described below, amounts outstanding under the commercial paper programs are included in Notes Payable for Eversource and NSTAR Electric and are classified in current liabilities on the balance sheets as all borrowings are outstanding for no more than 364 days at one time. Intercompany loans from Eversource parent to CL&P, PSNH and WMECO are included in Notes Payable to Eversource Parent and are classified in current liabilities on their respective balance sheets. Intercompany loans from Eversource parent to CL&P, PSNH and WMECO are eliminated in consolidation on Eversource's balance sheets. As a result of the October 2017 Eversource parent long-term debt issuances, the net proceeds of which were used to repay short-term borrowings outstanding under the Eversource parent commercial paper program, $898.8 million of short-term debt was reclassified to Long-Term Debt as of September 30, 2017. NSTAR Electric has a $450 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. As of September 30, 2017, NSTAR Electric had no short-term borrowings outstanding and as of December 31, 2016, NSTAR Electric had $126.5 million in short-term borrowings outstanding under its commercial paper program, leaving $450.0 million and $323.5 million of available borrowing capacity as of September 30, 2017 and December 31, 2016, respectively. The weighted-average interest rate on these borrowings as of December 31, 2016 was 0.71 percent. NSTAR Electric is a party to a five-year $450 million revolving credit facility. The revolving credit facility terminates on September 4, 2021. The revolving credit facility serves to backstop NSTAR Electric's $450 million commercial paper program. There were no borrowings outstanding on the revolving credit facility as of September 30, 2017 and December 31, 2016. Long-Term Debt Issuances: In March 2017, Eversource parent issued $300 million of 2.75 percent Series K Senior Notes due to mature in 2022. The proceeds, net of issuance costs, were used to repay short-term borrowings under the Eversource parent commercial paper program. In March 2017, CL&P issued $300 million of 3.20 percent 2017 Series A First and Refunding Mortgage Bonds due to mature in 2027. The proceeds, net of issuance costs, were used to repay short-term borrowings. In May 2017, NSTAR Electric issued $350 million of 3.20 percent Debentures due to mature in 2027. The proceeds, net of issuance costs, were used to repay short-term borrowings and fund capital expenditures and working capital. In August 2017, CL&P issued $225 million of 4.30 percent 2014 Series A First and Refunding Mortgage Bonds due to mature in 2044. These bonds are part of the same series of CL&P’s existing 4.30 percent bonds that were initially issued in 2014. The aggregate outstanding principal amount for these bonds is now $475 million. The proceeds, net of issuance costs, were used to refinance short-term debt and fund capital expenditures and working capital. In September 2017, Yankee Gas issued $75 million of 3.02 percent Series N First Mortgage Bonds due to mature in 2027. The proceeds, net of issuance costs, were used to repay short-term borrowings. In October 2017, Eversource parent issued $450 million 2.75 percent Series K Senior Notes due to mature in 2022. These senior notes are part of the same series of Eversource parent’s existing 2.75 percent Series K Senior Notes that were initially issued in March 2017. The aggregate outstanding principal amount for the Series K Senior Notes is now $750 million. In addition, Eversource parent issued $450 million of 2.90 percent 2017 Series L Senior Notes due to mature in 2024. The proceeds, net of issuance costs, were used to repay short-term borrowings. In October 2017, NSTAR Electric issued $350 million of 3.20 percent Debentures due to mature in 2027. The debentures are part of the same series of NSTAR Electric’s existing 3.20 percent Debentures that were initially issued in May 2017. The aggregate outstanding principal amount for the 3.20 percent Debentures is now $700 million. The proceeds, net of issuance costs, will be used to redeem long-term debt due to mature on November 15, 2017. As the debt issuance refinanced short-term debt, the amount was reclassified to Long-Term Debt on Eversource's and NSTAR Electric's balance sheets. Long-Term Debt Repayments: In March 2017, CL&P repaid at maturity the $150 million 5.375 percent 2007 Series A First and Refunding Mortgage Bonds. In September 2017, CL&P repaid at maturity $100 million of 5.75 percent 2007 Series C First Mortgage Bonds and PSNH repaid at maturity $70 million of 6.15 percent 2007 Series N First Mortgage Bonds. In October 2017, NSTAR Gas repaid at maturity $25 million of 7.04 percent Series M First Mortgage Bonds. Long-Term Debt Issuance Authorizations: On January 4, 2017, PURA approved CL&P's request for authorization to issue up to $1.325 billion in long-term debt through December 31, 2020. On March 30, 2017, the DPU approved NSTAR Electric's request for authorization to issue up to $700 million in long-term debt through December 31, 2018. |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS Eversource Service sponsors a defined benefit retirement plan ("Pension Plan") that covers eligible participants. In addition to the Pension Plan, Eversource maintains non-qualified defined benefit retirement plans sponsored by Eversource Service ("SERP Plans"), which provide benefits in excess of Internal Revenue Code limitations to eligible participants. Eversource Service also sponsors a defined benefit postretirement plan that provides life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses, to eligible participants that meet certain age and service eligibility requirements ("PBOP Plan"). In August 2016, the Company amended its PBOP Plan, which standardized separate benefit structures that existed within the plan and made other benefit changes. The remeasurement resulted in a prior service credit of $5.3 million and $16.1 million for the three and nine months ended September 30, 2017, respectively, which was reflected as a reduction to net periodic benefit expense for PBOP benefits. The majority of this amount will be deferred for future refund to customers. The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portions of pension, SERP and PBOP amounts, are included in Operations and Maintenance expense on the statements of income. Capitalized amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric, PSNH and WMECO does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric, PSNH and WMECO are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric, PSNH and WMECO have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:
Included in the Eversource number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. The reserve balances related to these former MGP sites were $51.9 million and $59.0 million as of September 30, 2017 and December 31, 2016, respectively, and related primarily to the natural gas business segment. The reduction in the reserve balance at the MGP sites in the first quarter of 2017 was primarily due to a change in cost estimates at one site where actual contamination was less than originally estimated. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's, PSNH's, and WMECO's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations, or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to related environmental matters. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. B. Guarantees and Indemnifications In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric, PSNH and WMECO, in the form of guarantees. Eversource parent issued a guaranty on behalf of its subsidiary, NPT, under which, beginning at the time the Northern Pass Transmission line goes into commercial operation, Eversource parent will guarantee the financial obligations of NPT under the TSA with HQ in an amount not to exceed $25 million. Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. Eversource parent has also entered into a guaranty on behalf of NPT under which Eversource parent will guarantee NPT's obligations under a facility with a financial institution pursuant to which NPT may request letters of credit in an aggregate amount of up to approximately $14 million. Eversource parent has also guaranteed certain indemnification and other obligations as a result of the sales of former unregulated subsidiaries and the termination of an unregulated business, with maximum exposures either not specified or not material. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2017:
C. Spent Nuclear Fuel Obligations - Yankee Companies CL&P, NSTAR Electric, PSNH and WMECO have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies collect these costs through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric, PSNH and WMECO. These companies in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies have collected or are currently collecting amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P, NSTAR Electric and WMECO will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to provide for a permanent facility to store spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high level waste disposal contracts between the Yankee Companies and the DOE. The court had previously awarded the Yankee Companies damages for Phase I, II, and III of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2012, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed subsequent lawsuits against the DOE in the Court of Federal Claims seeking damages totaling approximately $100 million for CYAPC, YAEC and MYAPC, covering the years from 2013 to 2016 (“DOE Phase IV”). The DOE Phase IV trial is expected to begin in 2018. For further discussion, see Part I, Item 3, “Legal Proceedings - Yankee Companies v. U.S. Department of Energy” of our 2016 Form 10-K. D. FERC ROE Complaints Four separate complaints have been filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively the "Complainants"). In each of the first three complaints, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE of 10.57 percent and the maximum ROE for transmission incentive ("incentive cap") of 11.74 percent, asserting that these ROEs were unjust and unreasonable. In response to appeals of the FERC decision in the first complaint filed by the NETOs and the Complainants, the U.S. Court of Appeals for the D.C. Circuit (the "Court") issued a decision on April 14, 2017 vacating and remanding the FERC's decision. The Court found that the FERC failed to make an explicit finding that the 11.14 percent base ROE was unjust and unreasonable, as required under Section 206 of the Federal Power Act, before it set a new base ROE. The Court also found that the FERC did not provide a rational connection between the record evidence and its decision to select the midpoint of the upper half of the zone of reasonableness for the new base ROE. On May 26, 2017, the Chief Administrative Law Judge ("ALJ") issued an order that the fourth complaint will continue to trial in December 2017 with an ALJ initial decision expected in March of 2018. A summary of the four separate complaints and the base ROEs pertinent to those complaints are as follows:
(1) The billed ROE (base plus incentives) between October 1, 2011 and October 15, 2014 was within a range of 11.14 percent to 13.1 percent. On October 16, 2014, the FERC set the incentive cap at 11.74 percent for the first complaint period and also effective from October 16, 2014 through April 14, 2017, the date on which the Court vacated this FERC order. (2) CL&P, NSTAR Electric, PSNH and WMECO have refunded all amounts associated with the first complaint period, totaling $38.9 million (pre-tax and excluding interest) at Eversource (consisting of $22.4 million at CL&P, $8.4 million at NSTAR Electric, $2.8 million at PSNH, and $5.3 million at WMECO), reflecting both the base ROE and incentive cap prescribed by the FERC order. (3) The reserve represents the difference between the ROEs billed during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $8.5 million for NSTAR Electric, $3.1 million for PSNH, and $6.1 million for WMECO as of September 30, 2017. On June 5, 2017, the NETOs, including Eversource, submitted a filing to the FERC to reinstate the base ROE of 11.14 percent with an associated ROE incentive cap of 13.5 percent effective June 8, 2017, as these were the last ROEs lawfully in effect for transmission billing purposes prior to the FERC order vacated by the Court on April 14, 2017. On October 6, 2017, the FERC did not accept the NETOs filing, temporarily leaving in place the ROEs (10.57 percent base ROE with an 11.74 percent incentive cap ROE) set in the first complaint proceeding until the FERC addresses the Court’s decision. On October 5, 2017 the NETOs filed a series of motions, requesting that the FERC dismiss the four complaint proceedings. Alternatively, if the FERC does not dismiss the proceedings, the NETOs requested that the FERC consolidate all four complaint proceedings for expeditious resolution and/or stay the trial in the fourth complaint proceeding and resolve it based on the standards set in the April 14, 2017 Court decision. At this time, the Company cannot reasonably estimate a range of gain or loss for the complaint proceedings. The April 14, 2017 Court decision did not provide a reasonable basis for a change to the reserve balance of $39.1 million (pre-tax, excluding interest) for the second complaint period, and the Company has not changed its reserve or recognized ROEs for any of the complaint periods. Management cannot at this time predict the ultimate effect of the Court decision or future FERC action on any of the complaint periods or the estimated impacts on the financial position, results of operations or cash flows of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. The average impact of a 10 basis point change to the base ROE for each of the 15-month complaint periods would affect Eversource's after-tax earnings by approximately $3 million. E. Eversource and NSTAR Electric Boston Harbor Civil Action On July 15, 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts under provisions of the Rivers and Harbors Act of 1899 and the Clean Water Act against NSTAR Electric, Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric ("HEEC"), and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. The action sought an order to compel HEEC to comply with cable depth requirements in the United States Army Corps of Engineers' permit or alternatively to remove the electric distribution cable and cease unauthorized work in U.S. waterways. The action also sought civil penalties and other costs. After substantial negotiations, the parties reached a settlement whereby HEEC will install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and will remove portions of the existing cable. Upon the installation and completion of the new cable and the removal of the portions of the existing cable, all issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved, and such litigation is expected to be dismissed with prejudice. In 2017, as a result of the settlement, NSTAR Electric expensed $4.9 million (pre-tax) of previously incurred capitalized costs associated with engineering work performed on the existing cable that will no longer be used. In addition, NSTAR Electric agreed to provide a rate base credit of $17.5 million to the Massachusetts Water Resources Authority for the new cable. This negotiated credit will result in the initial $17.5 million of construction costs on the new cable to be expensed as incurred. Construction of the new cable is expected to be completed in 2019. |
PSNH GENERATION ASSET SALE |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
PSNH GENERATION ASSET SALE | PSNH GENERATION ASSET SALE On June 10, 2015, Eversource and PSNH entered into the 2015 Public Service Company of New Hampshire Restructuring and Rate Stabilization Agreement (the "Agreement") with the New Hampshire Office of Energy and Planning, certain members of the NHPUC staff, the Office of Consumer Advocate, two State Senators, and several other parties. Under the terms of the Agreement, PSNH agreed to divest its generation assets, subject to NHPUC approval. The Agreement provided for a resolution of issues pertaining to PSNH's generation assets in pending regulatory proceedings before the NHPUC. The Agreement provided for the Clean Air Project prudence proceeding to be resolved and all remaining Clean Air Project costs to be included in rates effective January 1, 2016. As part of the Agreement, PSNH agreed to forego recovery of $25 million of the equity return related to the Clean Air Project. On July 1, 2016, the NHPUC approved the Agreement in an order that, among other things, instructed PSNH to begin the process of divesting its generation assets. The NHPUC selected an auction adviser to assist with the divestiture, and the final plan and auction process were approved by the NHPUC in November 2016. As of September 30, 2017, PSNH's generation assets were as follows:
On October 11, 2017, PSNH entered into two Purchase and Sale Agreements ("Agreements") to sell its thermal and hydroelectric generation assets to private investors at purchase prices of $175 million and $83 million, respectively, subject to adjustments as set forth in each Agreement. On October 12, 2017, PSNH filed an application with the NHPUC requesting approval of the Agreements. We expect to receive approvals from the NHPUC and other necessary regulatory agencies by late December 2017 or early 2018, with the transactions to be completed shortly thereafter. The Company will classify these assets as held for sale upon NHPUC approval of the sale. Upon completion, full recovery of PSNH's generation assets will occur through a combination of cash flows during the remaining operating period, sales proceeds, and recovery of stranded costs via bonds that will be secured by a non-bypassable charge or through recoveries in future rates billed to PSNH's customers. |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each of the following financial instruments: Preferred Stock and Long-Term Debt: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the tables below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows:
Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements. See Note 1D, "Summary of Significant Accounting Policies - Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy. |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows:
Eversource's qualified cash flow hedging instruments represent interest rate swap agreements on debt issuances that were settled in prior years. The settlement amount was recorded in AOCL and is being amortized into Net Income over the term of the underlying debt instrument. CL&P, PSNH and WMECO continue to amortize interest rate swaps settled in prior years from AOCL into Interest Expense over the remaining life of the associated long-term debt. Such interest rate swaps are not material to their respective financial statements. Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses and prior service costs that arose during the year and were recognized in AOCL. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCL into Operations and Maintenance expense over the average future employee service period, and are reflected in amounts reclassified from AOCL. For further information, see Note 7, "Pension Benefits and Postretirement Benefits Other Than Pensions." |
COMMON SHARES |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric, PSNH and WMECO that were authorized and issued, as well as the respective per share par values:
As of both September 30, 2017 and December 31, 2016, there were 16,992,594 Eversource common shares held as treasury shares. As of both September 30, 2017 and December 31, 2016, Eversource common shares outstanding were 316,885,808. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for both of the three months ended September 30, 2017 and 2016, and $5.6 million for both of the nine months ended September 30, 2017 and 2016. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of September 30, 2017 and December 31, 2016. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to the parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric, PSNH and WMECO that were authorized and issued, as well as the respective per share par values:
As of both September 30, 2017 and December 31, 2016, there were 16,992,594 Eversource common shares held as treasury shares. As of both September 30, 2017 and December 31, 2016, Eversource common shares outstanding were 316,885,808. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for both of the three months ended September 30, 2017 and 2016, and $5.6 million for both of the nine months ended September 30, 2017 and 2016. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of September 30, 2017 and December 31, 2016. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to the parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. For the three and nine months ended September 30, 2017 and 2016, there were no antidilutive share awards excluded from the computation of diluted EPS. The following table sets forth the components of basic and diluted EPS:
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION Presentation: Eversource is organized among the Electric Distribution, Electric Transmission and Natural Gas Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity and natural gas primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the generation activities of NSTAR Electric, PSNH and WMECO. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, and 4) the results of other unregulated subsidiaries, which are not part of its core business. In addition, Other in the tables below includes Eversource parent's equity ownership interests in certain natural gas pipeline projects owned by Enbridge, Inc., the Bay State Wind project, a renewable energy investment fund, and two companies that transmit hydroelectricity imported from the Hydro-Quebec system in Canada. In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline projects described above. These affiliate transaction costs total approximately $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension expense. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric, PSNH and WMECO, has one reportable segment. Eversource's operating segments and reporting units are consistent with its reportable business segments. Eversource's segment information is as follows:
The following table summarizes Eversource's segmented total assets:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
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Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric, PSNH, WMECO, Yankee Gas and NSTAR Gas. Eversource provides energy delivery service to approximately 3.7 million electric and natural gas customers through these six regulated utilities in Connecticut, Massachusetts and New Hampshire. On June 2, 2017, Eversource announced that it had entered into an agreement to acquire Aquarion from Macquarie Infrastructure Partners for $1.675 billion, consisting of approximately $880 million in cash and $795 million of assumed Aquarion debt. The transaction requires approval from PURA, the DPU, the NHPUC, the Maine PUC, and the Federal Communications Commission, and is also subject to a review under the Hart-Scott-Rodino Act. On June 29, 2017, Eversource and Aquarion filed joint applications with regulatory agencies in Connecticut, Massachusetts, New Hampshire and Maine requesting approval of the transaction. With the exception of Massachusetts, all state and federal regulatory agency approvals have been received and the related review period has expired. The transaction is expected to close by December 31, 2017. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P and WMECO are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2016 Form 10-K, which was filed with the SEC. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's, PSNH's and WMECO's financial position as of September 30, 2017 and December 31, 2016, the results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016, and the cash flows for the nine months ended September 30, 2017 and 2016. The results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 and the cash flows for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's, PSNH's and WMECO's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and WMECO and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' distribution (including generation assets) and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. |
Accounting Standards | Accounting Standards Accounting Standards Issued but Not Yet Effective: In May 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition guidance and is required to be applied retrospectively (either to each reporting period presented or cumulatively at the date of initial application). The Company will implement the standard in the first quarter of 2018 cumulatively at the date of initial application. Implementation of the ASU is not expected to have a material effect on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities, which is required to be implemented in the first quarter of 2018. The ASU will remove the available-for-sale designation for equity securities, whereby changes in fair value are recorded in accumulated other comprehensive income within shareholders' equity, and will require changes in fair value of all equity securities to be recorded in earnings beginning on January 1, 2018, with the unrealized gain or loss on available-for-sale equity securities as of that date reclassified to retained earnings as a cumulative effect of adoption. The fair value of available-for-sale equity securities subject to this guidance as of September 30, 2017 was approximately $51 million with an unrealized gain of $1.7 million. The remaining available-for-sale equity securities included in marketable securities on the balance sheet are held in nuclear decommissioning trusts and are subject to regulatory accounting treatment and will not be impacted by this guidance. Implementation of the ASU for other financial instruments is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In February 2016, the FASB issued ASU 2016-02, Leases, which changes existing lease accounting guidance and is required to be applied in the first quarter of 2019, with earlier application permitted. The ASU lease criteria are required to be applied to leases and lease renewals entered into effective January 1, 2019, and leases entered into before that date are required to be recognized and measured using a modified retrospective approach. The Company is reviewing the requirements of ASU 2016-02, including balance sheet recognition of leases previously deemed to be operating leases, and expects to implement the ASU in the first quarter of 2019. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, required to be implemented in the first quarter of 2018. The ASU requires separate presentation of service cost from other components of net pension and PBOP costs, with the other components presented as non-operating income and not subject to capitalization. The ASU is required to be applied retrospectively for the separate presentation in the income statement of service costs and other components and prospectively in the balance sheet for the capitalization of only the service cost component. The implementation of the ASU will not have an impact on the net income of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. |
Provision for Uncollectible Accounts | Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric, PSNH and WMECO, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows WMECO and NSTAR Gas also to recover in rates amounts associated with certain uncollectible hardship accounts receivable. Certain of NSTAR Electric's uncollectible hardship accounts receivable are expected to be recovered in future rates, similar to WMECO and NSTAR Gas. These uncollectible customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock and long-term debt. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. |
Other Income, Net | Other Income, Net Items included within Other Income, Net on the statements of income primarily consist of income/(loss) related to equity method investments, investment income/(loss), interest income and AFUDC related to equity funds. |
Other Taxes | As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. Other Taxes Gross receipts taxes levied by the state of Connecticut are collected by CL&P and Yankee Gas from their respective customers. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The total provision for uncollectible accounts and for uncollectible hardship accounts, which is included in the total provision, is included in Receivables, Net on the balance sheets, and was as follows:
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State Of Connecticut Gross Earnings Taxes | These gross receipts taxes are shown separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
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Schedule of Supplemental Cash Flow Information | Non-cash investing activities include plant additions included in Accounts Payable as follows:
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REGULATORY ACCOUNTING (Tables) |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The components of regulatory assets were as follows:
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Schedule of Regulatory Liabilities | The components of regulatory liabilities were as follows:
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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utility Property, Plant, and Equipment | The following tables summarize property, plant and equipment by asset category:
(1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. (2) As of September 30, 2017, the total CWIP related to NPT was approximately $201 million.
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DERIVATIVE INSTRUMENTS (Tables) |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
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Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of Eversource's, including CL&P's and NSTAR Electric's, Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:
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Rollforward Of Net Derivative Asset Liabilities Valued Using Unobservable Inputs | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis.
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MARKETABLE SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of available-for-sale securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.
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Investments Classified by Contractual Maturity Date | As of September 30, 2017, the contractual maturities of available-for-sale debt securities were as follows:
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Fair Value on a Recurring Basis | The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:
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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portions of pension, SERP and PBOP amounts, are included in Operations and Maintenance expense on the statements of income. Capitalized amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric, PSNH and WMECO does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis.
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Environmental Loss Contingencies by Site | The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:
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Schedule of Guarantor Obligations | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2017:
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Schedule of Complaints and Base ROE | A summary of the four separate complaints and the base ROEs pertinent to those complaints are as follows:
(1) The billed ROE (base plus incentives) between October 1, 2011 and October 15, 2014 was within a range of 11.14 percent to 13.1 percent. On October 16, 2014, the FERC set the incentive cap at 11.74 percent for the first complaint period and also effective from October 16, 2014 through April 14, 2017, the date on which the Court vacated this FERC order. (2) CL&P, NSTAR Electric, PSNH and WMECO have refunded all amounts associated with the first complaint period, totaling $38.9 million (pre-tax and excluding interest) at Eversource (consisting of $22.4 million at CL&P, $8.4 million at NSTAR Electric, $2.8 million at PSNH, and $5.3 million at WMECO), reflecting both the base ROE and incentive cap prescribed by the FERC order. (3) The reserve represents the difference between the ROEs billed during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $8.5 million for NSTAR Electric, $3.1 million for PSNH, and $6.1 million for WMECO as of September 30, 2017. |
PSNH GENERATION ASSET SALE - (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Generation Assets and Liabilities | As of September 30, 2017, PSNH's generation assets were as follows:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | Carrying amounts and estimated fair values are as follows:
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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows:
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COMMON SHARES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric, PSNH and WMECO that were authorized and issued, as well as the respective per share par values:
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EARNINGS PER SHARE (Tables) |
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the components of basic and diluted EPS:
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SEGMENT INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Eversource's segment information is as follows:
The following table summarizes Eversource's segmented total assets:
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) customer in Millions, $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 02, 2017
USD ($)
|
Sep. 30, 2017
customer
utility
|
|
Schedule of Equity Method Investments [Line Items] | ||
Number of electric and natural gas customers | customer | 3.7 | |
Connecticut, Massachusetts and New Hampshire | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of regulated utilities | utility | 6 | |
Aquarion Water Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Amount involved in acquisition of Aquarion | $ 1,675 | |
Cash paid to acquire Aquarion | 880 | |
Liability assumed in acquisition of Aquarion | $ 795 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Standards (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Accounting Policies [Abstract] | |
Available for sale securities subject to new accounting guidance | $ 51.0 |
Available-for-sale securities, gross unrealized gain | $ 1.7 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Maximum | The Connecticut Light And Power Company | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Period of accounts receivable recoverable under financial or medical duress | 180 days |
Minimum | Yankee Gas Services Company | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Period of accounts receivable recoverable under financial or medical duress | 90 days |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income, Net Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income, Net [Line Items] | ||||
Other Income, Net | $ 21,184 | $ 13,641 | $ 56,304 | $ 23,689 |
Equity Method Investments | ||||
Other Income, Net [Line Items] | ||||
Other Income, Net | $ 5,100 | $ 900 | $ 23,000 | $ (2,000) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Gross Tax Receipts [Line Items] | ||||
Excise and sales taxes | $ 40.3 | $ 45.1 | $ 118.2 | $ 124.8 |
The Connecticut Light And Power Company | ||||
Schedule of Gross Tax Receipts [Line Items] | ||||
Excise and sales taxes | $ 37.8 | $ 42.6 | $ 103.5 | $ 112.2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | $ 307.7 | $ 203.6 |
The Connecticut Light And Power Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 113.4 | 64.5 |
NSTAR Electric Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 55.4 | 39.4 |
Public Service Company Of New Hampshire | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 39.6 | 31.0 |
Western Massachusetts Electric Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | $ 37.1 | $ 17.6 |
REGULATORY ACCOUNTING - Regulatory Costs in Other Long-Term Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 108.7 | $ 86.3 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 3.9 | 5.9 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 42.3 | 35.0 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 18.5 | 8.2 |
Western Massachusetts Electric Company | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 25.7 | $ 20.1 |
DERIVATIVE INSTRUMENTS - Unobservable Inputs Utilized (Details) - Level 3 - $ / KWmo |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
The Connecticut Light And Power Company | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 5.00 | 5.50 |
Forward Reserve (in USDPerKiloWattMonth) | 1.00 | 1.40 |
The Connecticut Light And Power Company | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 8.70 | 8.70 |
Forward Reserve (in USDPerKiloWattMonth) | 2.00 | 2.00 |
NSTAR Electric | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
REC Prices (in USDPerKiloWattMonth) | 15.75 | 24.00 |
NSTAR Electric | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
REC Prices (in USDPerKiloWattMonth) | 22.00 | 29.00 |
DERIVATIVE INSTRUMENTS - Unobservable Inputs Narrative (Details) - Level 3 |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Minimum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 1.00% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 18.00% |
MARKETABLE SECURITIES - Trading Securities (Details) - Level 1 - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fair value of securities under fair value option | $ 9.6 | ||
Other Income | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Net gain (loss) under fair value option | $ 0.1 | $ 0.6 |
MARKETABLE SECURITIES - Schedule of Available for Sale Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 286.5 | $ 296.2 |
Pre-Tax Unrealized Gains | 5.5 | 1.1 |
Pre-Tax Unrealized Losses | (0.5) | (2.1) |
Fair Value | 291.5 | 295.2 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 210.7 | 203.3 |
Pre-Tax Unrealized Gains | 81.5 | 62.3 |
Pre-Tax Unrealized Losses | 0.0 | (1.2) |
Fair Value | $ 292.2 | $ 264.4 |
MARKETABLE SECURITIES - Available for Sale Securities Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Debt, equity and marketable securities held in nuclear decommissioning trust | $ 489.1 | $ 466.7 |
MARKETABLE SECURITIES - Schedule of Contractual Maturities (Details) $ in Millions |
Sep. 30, 2017
USD ($)
|
---|---|
Amortized Cost | |
Less than one year | $ 40.2 |
One to five years | 56.7 |
Six to ten years | 52.6 |
Greater than ten years | 137.0 |
Total Debt Securities | 286.5 |
Fair Value | |
Less than one year | 40.2 |
One to five years | 57.6 |
Six to ten years | 54.1 |
Greater than ten years | 139.6 |
Total Debt Securities | $ 291.5 |
SHORT-TERM AND LONG - Long-Term Debt Issuance Authorization (Details) - Senior Notes - USD ($) $ in Millions |
Mar. 30, 2017 |
Jan. 04, 2017 |
---|---|---|
The Connecticut Light And Power Company | ||
Debt Instrument [Line Items] | ||
Amount of debt authorized (up to) | $ 1,325 | |
NSTAR Electric Company | ||
Debt Instrument [Line Items] | ||
Amount of debt authorized (up to) | $ 700 |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Pension Plan | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Prior service credit as a result of remeasurement | $ 5.3 | $ 16.1 |
COMMITMENTS AND CONTINGENCIES - Schedule of Environmental Matters (Details) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017
USD ($)
site
|
Dec. 31, 2016
USD ($)
site
|
|
Site Contingency [Line Items] | ||
Number of Sites | site | 58 | 61 |
Reserve | $ | $ 57.7 | $ 65.8 |
The Connecticut Light And Power Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 14 | 14 |
Reserve | $ | $ 4.9 | $ 4.9 |
NSTAR Electric Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 10 | 13 |
Reserve | $ | $ 2.0 | $ 3.2 |
Public Service Company Of New Hampshire | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 11 | 11 |
Reserve | $ | $ 5.7 | $ 5.3 |
Western Massachusetts Electric Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 4 | 4 |
Reserve | $ | $ 0.8 | $ 0.6 |
COMMITMENTS AND CONTINGENCIES - Environmental Matters Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Site Contingency [Line Items] | ||
Reserve | $ 57.7 | $ 65.8 |
MGP Site accrual | ||
Site Contingency [Line Items] | ||
Reserve | $ 51.9 | $ 59.0 |
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications Narrative (Details) $ in Millions |
Sep. 30, 2017
USD ($)
|
---|---|
Guarantee Of Financial Obligations Of Npt | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure (up to) | $ 25 |
Guarantee Of Npt Letters Of Credit | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure (up to) | $ 14 |
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations , Yankee Companies (Details) $ in Millions |
May 22, 2017
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Damages sought, value | $ 100 |
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees and Indemnifications (Details) $ in Millions |
Sep. 30, 2017
USD ($)
|
---|---|
Eversource Gas Transmission LLC | |
Loss Contingencies [Line Items] | |
Maximum Exposure | $ 185.1 |
Various | |
Loss Contingencies [Line Items] | |
Maximum Exposure | 40.1 |
Eversource Service and Rocky River Realty Company | |
Loss Contingencies [Line Items] | |
Maximum Exposure | $ 8.2 |
COMMITMENTS AND CONTINGENCIES - Harbor Civil Action (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 15, 2016
MW
|
Sep. 30, 2017
USD ($)
|
|
Loss Contingencies [Line Items] | ||
Amount of capacity required for installation of distribution cable (in volts) | MW | 0.115 | |
NSTAR Electric Company | ||
Loss Contingencies [Line Items] | ||
Charge relating to assets previously recognized as capital | $ 4.9 | |
Base rate credit for new cable | $ 17.5 |
PSNH GENERATION ASSET SALE - Narrative (Details) $ in Millions |
Oct. 11, 2017
USD ($)
agreement
|
Jun. 10, 2015
USD ($)
senator
|
---|---|---|
Regulatory Assets [Line Items] | ||
Equity return related to clean air project forgone | $ 25 | |
Electricity Generation Plant, Non-Nuclear | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Number of state senators | senator | 2 | |
Subsequent Event | ||
Regulatory Assets [Line Items] | ||
Number of purchase sale agreements | agreement | 2 | |
Thermal generation assets | $ 175 | |
Hydroelectric assets | $ 83 |
PSNH GENERATION ASSET SALE - PSNH Generation Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Regulatory Assets [Line Items] | ||
Gross Plant | $ 28,189,300 | $ 27,060,500 |
Accumulated Depreciation | (7,112,900) | (6,722,400) |
Net Plant | 22,537,304 | 21,350,510 |
Emission Allowances | 305,035 | 328,721 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Gross Plant | 4,344,300 | 4,197,300 |
Accumulated Depreciation | (1,315,700) | (1,254,700) |
Net Plant | 3,167,905 | 3,039,313 |
Emission Allowances | 158,091 | $ 162,354 |
Electricity Generation Plant, Non-Nuclear | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Gross Plant | 1,184,100 | |
Accumulated Depreciation | (573,300) | |
Net Plant | 610,800 | |
Fuel | 92,900 | |
Materials and Supplies | 44,000 | |
Emission Allowances | 19,400 | |
Total Generation Assets | $ 767,100 |
COMMON SHARES - Schedule of Common Shares (Details) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 5 | $ 5 |
Authorized (in shares) | 380,000,000 | 380,000,000 |
Issued (in shares) | 333,878,402 | 333,878,402 |
The Connecticut Light And Power Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 10 | $ 10 |
Authorized (in shares) | 24,500,000 | 24,500,000 |
Issued (in shares) | 6,035,205 | 6,035,205 |
NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 1 | $ 1 |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 100 | 100 |
Public Service Company Of New Hampshire | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 1 | $ 1 |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 301 | 301 |
Western Massachusetts Electric Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 25 | $ 25 |
Authorized (in shares) | 1,072,471 | 1,072,471 |
Issued (in shares) | 434,653 | 434,653 |
COMMON SHARES - Narrative (Details) - shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Equity [Abstract] | ||
Treasury stock (in shares) | 16,992,594 | 16,992,594 |
Common stock outstanding (in shares) | 316,885,808 | 316,885,808 |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Equity [Abstract] | |||||
Net income attributable to noncontrolling interests | $ 1,900 | $ 1,900 | $ 5,600 | $ 5,600 | |
Noncontrolling Interest – Preferred Stock of Subsidiaries | $ 155,568 | $ 155,568 | $ 155,568 |
EARNINGS PER SHARE - Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive share awards excluded from computation (in shares) | 0 | 0 | 0 | 0 |
EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Common Shareholders | $ 260,370 | $ 265,319 | $ 750,577 | $ 713,123 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 |
Dilutive Effect (in shares) | 556,367 | 789,243 | 591,194 | 814,786 |
Diluted (in shares) | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 |
Basic and Diluted EPS (in dollars per share) | $ 0.82 | $ 0.83 | $ 2.36 | $ 2.24 |
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 1,988,512 | $ 2,039,706 | $ 5,856,458 | $ 5,862,525 | |
Depreciation and Amortization | (236,300) | (225,200) | (629,200) | (588,000) | |
Other Operating Expenses | (1,249,600) | (1,304,600) | (3,760,000) | (3,852,700) | |
Operating Income/(Loss) | 502,603 | 509,869 | 1,467,310 | 1,421,827 | |
Interest Expense | (108,719) | (99,865) | (319,477) | (298,568) | |
Other Income, Net | 21,184 | 13,641 | 56,304 | 23,689 | |
Net Income Attributable to Common Shareholders | 260,370 | 265,319 | 750,577 | 713,123 | |
Cash Flows Used for Investments in Plant | 1,642,280 | 1,359,171 | |||
Assets | 33,163,620 | 33,163,620 | $ 32,053,173 | ||
Operating Segments | Electric Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 1,547,100 | 1,623,400 | 4,224,200 | 4,362,600 | |
Depreciation and Amortization | (159,600) | (154,800) | (394,900) | (380,900) | |
Other Operating Expenses | (1,088,700) | (1,146,800) | (3,056,000) | (3,230,100) | |
Operating Income/(Loss) | 298,800 | 321,800 | 773,300 | 751,600 | |
Interest Expense | (51,300) | (49,000) | (149,000) | (144,600) | |
Other Income, Net | 7,700 | 5,300 | 15,200 | 11,600 | |
Net Income Attributable to Common Shareholders | 157,400 | 170,100 | 393,400 | 381,300 | |
Cash Flows Used for Investments in Plant | 752,400 | 570,900 | |||
Assets | 18,826,000 | 18,826,000 | 18,367,500 | ||
Operating Segments | Natural Gas Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 109,200 | 99,200 | 698,800 | 622,300 | |
Depreciation and Amortization | (15,200) | (15,200) | (54,800) | (47,900) | |
Other Operating Expenses | (95,500) | (87,800) | (535,200) | (462,400) | |
Operating Income/(Loss) | (1,500) | (3,800) | 108,800 | 112,000 | |
Interest Expense | (10,800) | (10,200) | (32,300) | (30,800) | |
Other Income, Net | 300 | 600 | 800 | 500 | |
Net Income Attributable to Common Shareholders | (6,200) | (7,000) | 49,100 | 51,900 | |
Cash Flows Used for Investments in Plant | 209,800 | 170,300 | |||
Assets | 3,432,600 | 3,432,600 | 3,303,800 | ||
Operating Segments | Electric Transmission | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 328,500 | 306,800 | 970,000 | 892,500 | |
Depreciation and Amortization | (52,600) | (47,100) | (154,500) | (137,700) | |
Other Operating Expenses | (95,500) | (90,200) | (280,400) | (245,700) | |
Operating Income/(Loss) | 180,400 | 169,500 | 535,100 | 509,100 | |
Interest Expense | (29,200) | (26,900) | (86,100) | (82,200) | |
Other Income, Net | 8,500 | 6,300 | 20,100 | 14,200 | |
Net Income Attributable to Common Shareholders | 99,000 | 88,400 | 289,600 | 266,600 | |
Cash Flows Used for Investments in Plant | 575,600 | 536,200 | |||
Assets | 9,290,300 | 9,290,300 | 8,751,500 | ||
Operating Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 224,200 | 211,500 | 677,500 | 636,800 | |
Depreciation and Amortization | (9,500) | (8,600) | (26,700) | (23,100) | |
Other Operating Expenses | (190,000) | (179,300) | (602,400) | (564,700) | |
Operating Income/(Loss) | 24,700 | 23,600 | 48,400 | 49,000 | |
Interest Expense | (21,800) | (15,100) | (63,100) | (45,800) | |
Other Income, Net | 267,500 | 256,900 | 853,900 | 781,400 | |
Net Income Attributable to Common Shareholders | 268,400 | 268,500 | 839,500 | 791,700 | |
Cash Flows Used for Investments in Plant | 104,500 | 81,800 | |||
Assets | 14,939,400 | 14,939,400 | 14,493,100 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (220,500) | (201,200) | (714,000) | (651,700) | |
Depreciation and Amortization | 600 | 500 | 1,700 | 1,600 | |
Other Operating Expenses | 220,100 | 199,500 | 714,000 | 650,200 | |
Operating Income/(Loss) | 200 | (1,200) | 1,700 | 100 | |
Interest Expense | 4,400 | 1,300 | 11,000 | 4,800 | |
Other Income, Net | (262,800) | (255,500) | (833,700) | (784,000) | |
Net Income Attributable to Common Shareholders | (258,200) | $ (254,700) | (821,000) | (778,400) | |
Cash Flows Used for Investments in Plant | 0 | $ 0 | |||
Assets | $ (13,324,700) | $ (13,324,700) | $ (12,862,700) |
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