UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
	FORM	10-Q
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the Quarterly Period Ended	March 31, 2020
	or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE      SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ____________ to ____________

Registrant; State of Incorporation; Address; Telephone Number;

Commission File Number; and I.R.S. Employer Identification No.

EVERSOURCE ENERGY

(a Massachusetts voluntary association)

300 Cadwell Drive, Springfield, Massachusetts 01104

Telephone: (800) 286-5000

Commission File Number: 1-5324

I.R.S. Employer Identification No. 04-2147929

THE CONNECTICUT LIGHT AND POWER COMPANY

(a Connecticut corporation)

107 Selden Street, Berlin, Connecticut 06037-1616

Telephone: (800) 286-5000

Commission File Number: 0-00404

I.R.S. Employer Identification No. 06-0303850

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street, Boston, Massachusetts 02199

Telephone: (800) 286-5000

Commission File Number: 1-02301

I.R.S. Employer Identification No. 04-1278810

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

Commission File Number: 1-6392

I.R.S. Employer Identification No. 02-0181050

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $5.00 par value per share	ES	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

Yes	No
☒	☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

Yes	No
☒	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Eversource Energy	Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
The Connecticut Light and Power Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐
NSTAR Electric Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Public Service Company of New Hampshire	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):

	Yes	No
Eversource Energy	☐	☒
The Connecticut Light and Power Company	☐	☒
NSTAR Electric Company	☐	☒
Public Service Company of New Hampshire	☐	☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

Company - Class of Stock	Outstanding as of April 30, 2020
Eversource Energy Common Shares, $5.00 par value	336,442,541	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	200	shares
Public Service Company of New Hampshire Common Stock, $1.00 par value	301	shares

Eversource Energy holds all of the 6,035,205 shares, 200 shares, and 301 shares of the outstanding common stock of The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire, respectively.

NSTAR Electric Company and Public Service Company of New Hampshire each meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q, and each is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) of Form 10‑Q.

Eversource Energy, The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire each separately file this combined Form 10-Q.  Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.

GLOSSARY OF TERMS

The following is a glossary of abbreviations and acronyms that are found in this report:

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, Eversource Water Ventures, Inc. (parent company of Aquarion), and other subsidiaries, which primarily includes our unregulated businesses, HWP Company, The Rocky River Realty Company (a real estate subsidiary), the consolidated operations of CYAPC and YAEC, and Eversource parent's equity ownership interests that are not consolidated
CL&P	The Connecticut Light and Power Company
NSTAR Electric	NSTAR Electric Company
PSNH	Public Service Company of New Hampshire
PSNH Funding	PSNH Funding LLC 3, a bankruptcy remote, special purpose, wholly-owned subsidiary of PSNH
NSTAR Gas	NSTAR Gas Company
Yankee Gas	Yankee Gas Services Company
Aquarion	Eversource Aquarion Holdings, Inc. and its subsidiaries
NPT	Northern Pass Transmission LLC
Northern Pass	The HVDC and associated alternating-current transmission line project from Canada into New Hampshire
HEEC	Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric
Eversource Service	Eversource Energy Service Company
Bay State Wind	Bay State Wind LLC, an offshore wind business being developed jointly by Eversource and Denmark-based Ørsted, which holds the Sunrise Wind project
North East Offshore	North East Offshore, LLC, an offshore wind business holding company being developed jointly by Eversource and Denmark-based Ørsted, which holds the Revolution Wind and South Fork Wind projects
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 and PSNH, the natural gas distribution businesses of Yankee Gas and NSTAR Gas, NPT, Aquarion, and the solar power facilities of NSTAR Electric
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:
ADIT	Accumulated Deferred Income Taxes
AFUDC	Allowance For Funds Used During Construction
AOCI	Accumulated Other Comprehensive Income
ARO	Asset Retirement Obligation
Bcf	Billion cubic feet
C&LM	Conservation and Load Management
CfD	Contract for Differences
CTA	Competitive Transition Assessment
CWIP	Construction Work in Progress
EDC	Electric distribution company
EDIT	Excess Deferred Income Taxes
EPS	Earnings Per Share
ERISA	Employee Retirement Income Security Act of 1974

i

ESOP	Employee Stock Ownership Plan
Eversource 2019 Form 10-K	The Eversource Energy and Subsidiaries 2019 combined Annual Report on Form 10-K as filed with the SEC
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)
LBR	Lost Base Revenue
LNG	Liquefied natural gas
LRS	Supplier of last resort service
MG	Million gallons
MGP	Manufactured Gas Plant
MMBtu	One million British thermal units
MMcf	Million cubic feet
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)
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
Pension Plan	Single uniform noncontributory defined benefit retirement plan
PPA	Power purchase agreement
RECs	Renewable Energy Certificates
Regulatory ROE	The average cost of capital method for calculating the return on equity related to the distribution business segment excluding the wholesale transmission segment
ROE	Return on Equity
RRBs	Rate Reduction Bonds or Rate Reduction Certificates
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
SS	Standard service
TCAM	Transmission Cost Adjustment Mechanism
TSA	Transmission Service Agreement
UI	The United Illuminating Company
VIE	Variable Interest Entity

ii

EVERSOURCE ENERGY AND SUBSIDIARIES   

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
ITEM 1.	Financial Statements (Unaudited)
	Eversource Energy and Subsidiaries (Unaudited)
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	2
	Condensed Consolidated Statements of Common Shareholders' Equity	3
	Condensed Consolidated Statements of Cash Flows	4
	The Connecticut Light and Power Company (Unaudited)
	Condensed Balance Sheets	5
	Condensed Statements of Income	6
	Condensed Statements of Comprehensive Income	6
	Condensed Statements of Common Stockholder's Equity	7
	Condensed Statements of Cash Flows	8
	NSTAR Electric Company and Subsidiary (Unaudited)
	Condensed Consolidated Balance Sheets	9
	Condensed Consolidated Statements of Income	10
	Condensed Consolidated Statements of Comprehensive Income	10
	Condensed Consolidated Statements of Common Stockholder's Equity	11
	Condensed Consolidated Statements of Cash Flows	12
	Public Service Company of New Hampshire and Subsidiaries (Unaudited)
	Condensed Consolidated Balance Sheets	13
	Condensed Consolidated Statements of Income	14
	Condensed Consolidated Statements of Comprehensive Income	14
	Condensed Consolidated Statements of Common Stockholder's Equity	15
	Condensed Consolidated Statements of Cash Flows	16
	Combined Notes to Condensed Financial Statements (Unaudited)	17
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	Eversource Energy and Subsidiaries	37
	The Connecticut Light and Power Company, NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries	53
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	57
ITEM 4.	Controls and Procedures	57
PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	58
ITEM 1A.	Risk Factors	58
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
ITEM 6.	Exhibits	60
SIGNATURES		62

iii

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)	As of March 31, 2020			As of December 31, 2019
ASSETS
Current Assets:
Cash	$	47,425		$	15,432
Receivables, Net (net of allowance for uncollectible accounts of $262,078 and $224,821 as of March 31, 2020 and December 31, 2019, respectively)	1,018,941			989,383
Unbilled Revenues	155,224			181,006
Fuel, Materials, Supplies and REC Inventory	286,498			235,471
Regulatory Assets	785,125			651,112
Prepayments and Other Current Assets	269,457			342,135
Total Current Assets	2,562,670			2,414,539
Property, Plant and Equipment, Net	28,041,356			27,585,470
Deferred Debits and Other Assets:
Regulatory Assets	4,778,321			4,863,639
Goodwill	4,427,266			4,427,266
Investments in Unconsolidated Affiliates	876,328			871,633
Marketable Securities	418,715			449,130
Other Long-Term Assets	544,330			512,238
Total Deferred Debits and Other Assets	11,044,960			11,123,906
Total Assets	$	41,648,986		$	41,123,915
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$	661,420		$	889,084
Long-Term Debt – Current Portion	532,440			327,411
Rate Reduction Bonds – Current Portion	43,210			43,210
Accounts Payable	914,333			1,147,872
Renewable Portfolio Standards Compliance Obligations	192,660			160,149
Regulatory Liabilities	439,859			361,152
Other Current Liabilities	611,706			676,685
Total Current Liabilities	3,395,628			3,605,563
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	3,816,988			3,755,777
Regulatory Liabilities	3,668,158			3,658,042
Derivative Liabilities	342,990			338,710
Asset Retirement Obligations	489,519			488,511
Accrued Pension, SERP and PBOP	1,331,884			1,370,245
Other Long-Term Liabilities	821,195			810,553
Total Deferred Credits and Other Liabilities	10,470,734			10,421,838
Long-Term Debt	13,898,581			13,770,828
Rate Reduction Bonds	518,517			540,122
Noncontrolling Interest – Preferred Stock of Subsidiaries	155,570			155,570
Common Shareholders' Equity:
Common Shares	1,759,092			1,729,292
Capital Surplus, Paid In	7,479,689			7,087,768
Retained Earnings	4,322,825			4,177,048
Accumulated Other Comprehensive Loss	(63,111		)	(65,059		)
Treasury Stock	(288,539		)	(299,055		)
Common Shareholders' Equity	13,209,956			12,629,994
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	41,648,986		$	41,123,915

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars, Except Share Information)	2020		2019
Operating Revenues	$	2,373,726	$	2,415,792
Operating Expenses:
Purchased Power, Fuel and Transmission	876,570		974,882
Operations and Maintenance	342,062		335,597
Depreciation	236,211		214,948
Amortization	49,776		70,961
Energy Efficiency Programs	148,393		140,116
Taxes Other Than Income Taxes	181,594		184,588
Total Operating Expenses	1,834,606		1,921,092
Operating Income	539,120		494,700
Interest Expense	134,715		131,734
Other Income, Net	24,104		30,985
Income Before Income Tax Expense	428,509		393,951
Income Tax Expense	91,876		83,393
Net Income	336,633		310,558
Net Income Attributable to Noncontrolling Interests	1,880		1,880
Net Income Attributable to Common Shareholders	$	334,753	$	308,678
Basic and Diluted Earnings Per Common Share	$	1.01	$	0.97
Weighted Average Common Shares Outstanding:
Basic	331,102,237		317,624,593
Diluted	332,937,153		318,316,082

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020			2019
Net Income	$	336,633		$	310,558
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments	229			316
Changes in Unrealized Gains on Marketable Securities	160			655
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans	1,559			1,225
Other Comprehensive Income, Net of Tax	1,948			2,196
Comprehensive Income Attributable to Noncontrolling Interests	(1,880		)	(1,880		)
Comprehensive Income Attributable to Common Shareholders	$	336,701		$	310,874

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY

(Unaudited)

	For the Three Months Ended March 31, 2020
	Common Shares			Capital Surplus, Paid In			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information)	Shares	Amount
Balance as of January 1, 2020	329,880,645	$	1,729,292	$	7,087,768		$	4,177,048		$	(65,059	)	$	(299,055	)	$	12,629,994
Net Income							336,633									336,633
Dividends on Common Shares - $0.5675 Per Share							(187,462		)							(187,462		)
Dividends on Preferred Stock							(1,880		)							(1,880		)
Issuance of Common Shares - $5 par value	5,960,000	29,800		402,300												432,100
Long-Term Incentive Plan Activity				(15,295		)										(15,295		)
Issuance of Treasury Shares	570,542			17,230									10,516			27,746
Capital Stock Expense				(12,314		)										(12,314		)
Adoption of New Accounting Standard (See Note 1B)							(1,514		)							(1,514		)
Other Comprehensive Income										1,948						1,948
Balance as of March 31, 2020	336,411,187	$	1,759,092	$	7,479,689		$	4,322,825		$	(63,111	)	$	(288,539	)	$	13,209,956

	For the Three Months Ended March 31, 2019
	Common Shares			Capital Surplus, Paid In			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information)	Shares	Amount
Balance as of January 1, 2019	316,885,808	$	1,669,392	$	6,241,222		$	3,953,974		$	(60,000	)	$	(317,771	)	$	11,486,817
Net Income							310,558									310,558
Dividends on Common Shares - $0.535 Per Share							(169,757		)							(169,757		)
Dividends on Preferred Stock							(1,880		)							(1,880		)
Long-Term Incentive Plan Activity				(16,609		)										(16,609		)
Issuance of Treasury Shares	461,662			17,476									8,633			26,109
Other Comprehensive Income										2,196						2,196
Balance as of March 31, 2019	317,347,470	$	1,669,392	$	6,242,089		$	4,092,895		$	(57,804	)	$	(309,138	)	$	11,637,434

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020			2019
Operating Activities:
Net Income	$	336,633		$	310,558
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	236,211			214,948
Deferred Income Taxes	44,201			18,085
Uncollectible Expense	11,353			18,565
Pension, SERP and PBOP Expense, Net	1,953			8,428
Pension and PBOP Contributions	(723		)	(4,700		)
Regulatory Underrecoveries, Net	(22,288		)	(19,232		)
Amortization	49,776			70,961
Other	(33,317		)	(37,310		)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(55,290		)	(155,823		)
Fuel, Materials, Supplies and REC Inventory	(51,027		)	(39,063		)
Taxes Receivable/Accrued, Net	92,140			126,381
Accounts Payable	(127,366		)	(60,121		)
Other Current Assets and Liabilities, Net	(61,950		)	(70,242		)
Net Cash Flows Provided by Operating Activities	420,306			381,435
Investing Activities:
Investments in Property, Plant and Equipment	(725,520		)	(628,129		)
Proceeds from Sales of Marketable Securities	58,627			234,497
Purchases of Marketable Securities	(50,723		)	(237,794		)
Investments in Unconsolidated Affiliates, Net	(6,113		)	(249,138		)
Other Investing Activities	6,119			4,893
Net Cash Flows Used in Investing Activities	(717,610		)	(875,671		)
Financing Activities:
Issuance of Common Shares, Net of Issuance Costs	419,786			—
Cash Dividends on Common Shares	(181,608		)	(