10-Q

	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		)	(169,757		)
Cash Dividends on Preferred Stock	(1,880		)	(1,880		)
(Decrease)/Increase in Notes Payable	(408,950		)	829,430
Repayment of Rate Reduction Bonds	(21,605		)	(30,727		)
Issuance of Long-Term Debt	750,000			—
Retirement of Long-Term Debt	(220,253		)	(250,215		)
Other Financing Activities	(21,560		)	16,433
Net Cash Flows Provided by Financing Activities	313,930			393,284
Net Increase/(Decrease) in Cash and Restricted Cash	16,626			(100,952		)
Cash and Restricted Cash - Beginning of Period	117,063			209,324
Cash and Restricted Cash - End of Period	$	133,689		$	108,372

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

4

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)	As of March 31, 2020		As of December 31, 2019
ASSETS
Current Assets:
Cash	$	3,785	$	—
Receivables, Net (net of allowance for uncollectible accounts of $130,876 and $97,348 as of March 31, 2020 and December 31, 2019, respectively)	389,102		400,927
Accounts Receivable from Affiliated Companies	33,701		24,577
Unbilled Revenues	49,982		56,465
Materials and Supplies	49,962		50,700
Regulatory Assets	290,630		178,607
Prepayments and Other Current Assets	69,767		73,184
Total Current Assets	886,929		784,460
Property, Plant and Equipment, Net	9,760,890		9,625,765
Deferred Debits and Other Assets:
Regulatory Assets	1,529,003		1,557,261
Other Long-Term Assets	250,243		217,705
Total Deferred Debits and Other Assets	1,779,246		1,774,966
Total Assets	$	12,427,065	$	12,185,191
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$	219,000	$	63,800
Accounts Payable	331,491		374,698
Accounts Payable to Affiliated Companies	88,553		97,793
Obligations to Third Party Suppliers	50,335		56,952
Regulatory Liabilities	119,283		82,763
Derivative Liabilities	69,631		67,804
Other Current Liabilities	152,138		132,339
Total Current Liabilities	1,030,431		876,149
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,270,025		1,244,551
Regulatory Liabilities	1,179,663		1,164,991
Derivative Liabilities	342,701		338,594
Accrued Pension, SERP and PBOP	385,451		391,159
Other Long-Term Liabilities	149,693		147,586
Total Deferred Credits and Other Liabilities	3,327,533		3,286,881
Long-Term Debt	3,518,129		3,518,136
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	2,535,765		2,535,765
Retained Earnings	1,838,340		1,791,392
Accumulated Other Comprehensive Income	315		316
Common Stockholder's Equity	4,434,772		4,387,825
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	12,427,065	$	12,185,191

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

5

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF INCOME

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020		2019
Operating Revenues	$	899,703	$	849,246
Operating Expenses:
Purchased Power and Transmission	374,717		319,833
Operations and Maintenance	135,597		130,637
Depreciation	78,435		73,289
Amortization of Regulatory Assets, Net	6,548		35,671
Energy Efficiency Programs	35,479		25,988
Taxes Other Than Income Taxes	82,987		92,000
Total Operating Expenses	713,763		677,418
Operating Income	185,940		171,828
Interest Expense	37,883		35,781
Other Income, Net	1,898		3,880
Income Before Income Tax Expense	149,955		139,927
Income Tax Expense	31,217		29,456
Net Income	$	118,738	$	110,471

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

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020			2019
Net Income	$	118,738		$	110,471
Other Comprehensive (Loss)/Income, Net of Tax:
Qualified Cash Flow Hedging Instruments	(7		)	(6		)
Changes in Unrealized Gains on Marketable Securities	6			23
Other Comprehensive (Loss)/Income, Net of Tax	(1		)	17
Comprehensive Income	$	118,737		$	110,488

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

6

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)

	For the Three Months Ended March 31, 2020
	Common Stock			Capital Surplus, Paid In		Retained Earnings			Accumulated Other Comprehensive Income			Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2020	6,035,205	$	60,352	$	2,535,765	$	1,791,392		$	316		$	4,387,825
Net Income						118,738						118,738
Dividends on Preferred Stock						(1,390		)				(1,390		)
Dividends on Common Stock						(69,500		)				(69,500		)
Adoption of New Accounting Standard (See Note 1B)						(900		)				(900		)
Other Comprehensive Loss									(1		)	(1		)
Balance as of March 31, 2020	6,035,205	$	60,352	$	2,535,765	$	1,838,340		$	315		$	4,434,772

	For the Three Months Ended March 31, 2019
	Common Stock			Capital Surplus, Paid In		Retained Earnings			Accumulated Other Comprehensive Income		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2019	6,035,205	$	60,352	$	2,410,765	$	1,727,899		$	301	$	4,199,317
Net Income						110,471					110,471
Dividends on Preferred Stock						(1,390		)			(1,390		)
Dividends on Common Stock						(99,000		)			(99,000		)
Other Comprehensive Income									17		17
Balance as of March 31, 2019	6,035,205	$	60,352	$	2,410,765	$	1,737,980		$	318	$	4,209,415

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

7

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020			2019
Operating Activities:
Net Income	$	118,738		$	110,471
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	78,435			73,289
Deferred Income Taxes	19,910			15,188
Uncollectible Expense	3,230			4,116
Pension, SERP, and PBOP Expense, Net	3,315			4,063
Regulatory Underrecoveries, Net	(34,198		)	(54,671		)
Amortization of Regulatory Assets, Net	6,548			35,671
Other	(27,239		)	(5,848		)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(27,969		)	(60,506		)
Taxes Receivable/Accrued, Net	40,505			41,399
Accounts Payable	(27,298		)	75,373
Other Current Assets and Liabilities, Net	(21,801		)	(40,274		)
Net Cash Flows Provided by Operating Activities	132,176			198,271
Investing Activities:
Investments in Property, Plant and Equipment	(212,374		)	(189,423		)
Other Investing Activities	74			59
Net Cash Flows Used in Investing Activities	(212,300		)	(189,364		)
Financing Activities:
Cash Dividends on Common Stock	(69,500		)	(99,000		)
Cash Dividends on Preferred Stock	(1,390		)	(1,390		)
Retirement of Long-Term Debt	—			(250,000		)
Increase in Notes Payable to Eversource Parent	155,200			261,600
Other Financing Activities	(390		)	(326		)
Net Cash Flows Provided by/(Used in) Financing Activities	83,920			(89,116		)
Net Increase/(Decrease) in Cash and Restricted Cash	3,796			(80,209		)
Cash and Restricted Cash - Beginning of Period	4,971			91,613
Cash and Restricted Cash - End of Period	$	8,767		$	11,404

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

8

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)	As of March 31, 2020		As of December 31, 2019
ASSETS
Current Assets:
Cash	$	2,844	$	52
Receivables, Net (net of allowance for uncollectible accounts of $71,111 and $75,406 as of March 31, 2020 and December 31, 2019, respectively)	375,587		346,785
Accounts Receivable from Affiliated Companies	66,838		29,914
Unbilled Revenues	32,629		37,482
Materials, Supplies and REC Inventory	178,510		124,060
Regulatory Assets	304,007		285,591
Prepayments and Other Current Assets	16,305		31,150
Total Current Assets	976,720		855,034
Property, Plant and Equipment, Net	9,614,555		9,472,770
Deferred Debits and Other Assets:
Regulatory Assets	1,225,314		1,250,029
Prepaid PBOP	172,244		166,058
Other Long-Term Assets	139,304		144,368
Total Deferred Debits and Other Assets	1,536,862		1,560,455
Total Assets	$	12,128,137	$	11,888,259
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$	88,000	$	10,500
Notes Payable to Eversource Parent	38,400		30,300
Long-Term Debt – Current Portion	—		95,000
Accounts Payable	264,148		363,691
Accounts Payable to Affiliated Companies	93,344		96,307
Obligations to Third Party Suppliers	107,341		108,827
Renewable Portfolio Standards Compliance Obligations	179,075		150,429
Regulatory Liabilities	219,872		209,180
Other Current Liabilities	68,463		71,333
Total Current Liabilities	1,058,643		1,135,567
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,374,963		1,357,265
Regulatory Liabilities	1,515,732		1,516,585
Accrued Pension and SERP	95,746		108,243
Other Long-Term Liabilities	334,538		320,629
Total Deferred Credits and Other Liabilities	3,320,979		3,302,722
Long-Term Debt	3,642,325		3,247,086
Preferred Stock Not Subject to Mandatory Redemption	43,000		43,000
Common Stockholder's Equity:
Common Stock	—		—
Capital Surplus, Paid In	1,813,442		1,813,442
Retained Earnings	2,249,526		2,346,287
Accumulated Other Comprehensive Income	222		155
Common Stockholder's Equity	4,063,190		4,159,884
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	12,128,137	$	11,888,259

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

9

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020		2019
Operating Revenues	$	733,833	$	797,612
Operating Expenses:
Purchased Power and Transmission	242,439		330,104
Operations and Maintenance	122,318		112,963
Depreciation	78,345		72,584
Amortization of Regulatory Assets, Net	27,008		22,584
Energy Efficiency Programs	68,667		76,729
Taxes Other Than Income Taxes	48,722		44,822
Total Operating Expenses	587,499		659,786
Operating Income	146,334		137,826
Interest Expense	31,017		27,881
Other Income, Net	12,238		11,086
Income Before Income Tax Expense	127,555		121,031
Income Tax Expense	27,165		27,017
Net Income	$	100,390	$	94,014

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	$	100,390		$	94,014
Other Comprehensive Income, Net of Tax:
Changes in Funded Status of SERP Benefit Plan	(43		)	1
Qualified Cash Flow Hedging Instruments	109			110
Changes in Unrealized Gains on Marketable Securities	1			6
Other Comprehensive Income, Net of Tax	67			117
Comprehensive Income	$	100,457		$	94,131

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

10

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)

	For the Three Months Ended March 31, 2020
	Common Stock			Capital Surplus, Paid In		Retained Earnings			Accumulated Other Comprehensive Income		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2020	200	$	—	$	1,813,442	$	2,346,287		$	155	$	4,159,884
Net Income						100,390					100,390
Dividends on Preferred Stock						(490		)			(490		)
Dividends on Common Stock						(196,500		)			(196,500		)
Adoption of New Accounting Standard (See Note 1B)						(161		)			(161		)
Other Comprehensive Income									67		67
Balance as of March 31, 2020	200	$	—	$	1,813,442	$	2,249,526		$	222	$	4,063,190

	For the Three Months Ended March 31, 2019
	Common Stock			Capital Surplus, Paid In		Retained Earnings			Accumulated Other Comprehensive Loss			Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2019	200	$	—	$	1,633,442	$	2,098,091		$	(1,378	)	$	3,730,155
Net Income						94,014						94,014
Dividends on Preferred Stock						(490		)				(490		)
Dividends on Common Stock						(60,600		)				(60,600		)
Capital Contributions from Eversource Parent				20,000								20,000
Other Comprehensive Income									117			117
Balance as of March 31, 2019	200	$	—	$	1,653,442	$	2,131,015		$	(1,261	)	$	3,783,196

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

11

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020			2019
Operating Activities:
Net Income	$	100,390		$	94,014
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	78,345			72,584
Deferred Income Taxes	9,775			3,722
Uncollectible Expense	3,704			5,953
Pension, SERP and PBOP Income, Net	(4,754		)	(4,279		)
Pension and PBOP Contributions	—			(1,503		)
Regulatory (Under)/Over Recoveries, Net	(17,434		)	4,329
Amortization of Regulatory Assets, Net	27,008			22,584
Other	(1,643		)	(8,043		)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(64,951		)	(29,220		)
Materials, Supplies and REC Inventory	(54,450		)	(46,020		)
Taxes Receivable/Accrued, Net	32,135			29,483
Accounts Payable	(53,462		)	(18,109		)
Other Current Assets and Liabilities, Net	7,033			11,466
Net Cash Flows Provided by Operating Activities	61,696			136,961
Investing Activities:
Investments in Property, Plant and Equipment	(247,549		)	(208,540		)
Other Investing Activities	21			17
Net Cash Flows Used in Investing Activities	(247,528		)	(208,523		)
Financing Activities:
Cash Dividends on Common Stock	(196,500		)	(60,600		)
Cash Dividends on Preferred Stock	(490		)	(490		)
Issuance of Long-Term Debt	400,000			—
Retirement of Long-Term Debt	(95,000		)	—
Capital Contributions from Eversource Parent	—			20,000
Increase in Notes Payable to Eversource Parent	8,100			22,300
Increase in Notes Payable	77,500			89,930
Other Financing Activities	(4,961		)	668
Net Cash Flows Provided by Financing Activities	188,649			71,808
Net Increase in Cash and Restricted Cash	2,817			246
Cash and Restricted Cash - Beginning of Period	6,312			14,659
Cash and Restricted Cash - End of Period	$	9,129		$	14,905

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

12

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)	As of March 31, 2020			As of December 31, 2019
ASSETS
Current Assets:
Cash	$	19		$	413
Receivables, Net (net of allowance for uncollectible accounts of $11,154 and $10,497 as of March 31, 2020 and December 31, 2019, respectively)	99,792			99,934
Accounts Receivable from Affiliated Companies	10,176			6,763
Unbilled Revenues	42,344			48,146
Materials, Supplies and REC Inventory	28,483			24,957
Regulatory Assets	102,438			84,053
Special Deposits	16,627			32,513
Prepayments and Other Current Assets	6,268			19,431
Total Current Assets	306,147			316,210
Property, Plant and Equipment, Net	3,187,282			3,129,506
Deferred Debits and Other Assets:
Regulatory Assets	843,904			861,672
Other Long-Term Assets	41,564			43,270
Total Deferred Debits and Other Assets	885,468			904,942
Total Assets	$	4,378,897		$	4,350,658
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$	84,700		$	27,000
Rate Reduction Bonds – Current Portion	43,210			43,210
Accounts Payable	103,551			127,081
Accounts Payable to Affiliated Companies	32,707			37,946
Regulatory Liabilities	69,042			65,766
Accrued Interest	14,323			19,138
Other Current Liabilities	39,636			32,736
Total Current Liabilities	387,169			352,877
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	511,822			506,212
Regulatory Liabilities	411,959			413,381
Accrued Pension, SERP and PBOP	152,649			157,638
Other Long-Term Liabilities	36,022			37,075
Total Deferred Credits and Other Liabilities	1,112,452			1,114,306
Long-Term Debt	951,747			951,620
Rate Reduction Bonds	518,517			540,122
Common Stockholder's Equity:
Common Stock	—			—
Capital Surplus, Paid In	903,134			903,134
Retained Earnings	507,307			490,306
Accumulated Other Comprehensive Loss	(1,429		)	(1,707		)
Common Stockholder's Equity	1,409,012			1,391,733
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	4,378,897		$	4,350,658

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

13

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	For the Three Months Ended March 31,
(Thousands of Dollars)	2020		2019
Operating Revenues	$	276,368	$	276,435
Operating Expenses:
Purchased Power and Transmission	94,138		113,531
Operations and Maintenance	47,128		52,630
Depreciation	24,334		22,919
Amortization of Regulatory Assets, Net	20,110		13,667
Energy Efficiency Programs	9,364		6,714
Taxes Other Than Income Taxes	19,701		17,311
Total Operating Expenses	214,775		226,772
Operating Income	61,593		49,663
Interest Expense	14,479		14,367
Other Income, Net	3,190		7,022
Income Before Income Tax Expense	50,304		42,318
Income Tax Expense	10,703		9,537
Net Income	$	39,601	$	32,781

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	$	39,601	$	32,781
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments	269		269
Changes in Unrealized Gains on Marketable Securities	9		38
Other Comprehensive Income, Net of Tax	278		307
Comprehensive Income	$	39,879	$	33,088

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

14

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)

	For the Three Months Ended March 31, 2020
	Common Stock			Capital Surplus, Paid In		Retained Earnings			Accumulated Other Comprehensive Loss			Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2020	301	$	—	$	903,134	$	490,306		$	(1,707	)	$	1,391,733
Net Income						39,601						39,601
Dividends on Common Stock						(22,300		)				(22,300		)
Adoption of New Accounting Standard (See Note 1B)						(300		)				(300		)
Other Comprehensive Income									278			278
Balance as of March 31, 2020	301	$	—	$	903,134	$	507,307		$	(1,429	)	$	1,409,012

	For the Three Months Ended March 31, 2019
	Common Stock			Capital Surplus, Paid In		Retained Earnings			Accumulated Other Comprehensive Loss			Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2019	301	$	—	$	678,134	$	627,258		$	(2,851	)	$	1,302,541
Net Income						32,781						32,781
Dividends on Common Stock						(19,000		)				(19,000		)
Other Comprehensive Income									307			307
Balance as of March 31, 2019	301	$	—	$	678,134	$	641,039		$	(2,544	)	$	1,316,629

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

15

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 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	$	39,601		$	32,781
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	24,334			22,919
Deferred Income Taxes	4,167			6,541
Uncollectible Expense	666			1,725
Regulatory Underrecoveries, Net	(22,977		)	(26,986		)
Amortization of Regulatory Assets, Net	20,110			13,667
Other	(3,885		)	(1,621		)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	2,843			1,103
Materials, Supplies and REC Inventory	(3,526		)	144
Taxes Receivable/Accrued, Net	6,110			17,572
Accounts Payable	(18,064		)	11,762
Other Current Assets and Liabilities, Net	9,118			6,472
Net Cash Flows Provided by Operating Activities	58,497			86,079
Investing Activities:
Investments in Property, Plant and Equipment	(88,694		)	(64,361		)
Other Investing Activities	126			102
Net Cash Flows Used in Investing Activities	(88,568		)	(64,259		)
Financing Activities:
Cash Dividends on Common Stock	(22,300		)	(19,000		)
Repayment of Rate Reduction Bonds	(21,605		)	(30,727		)
Increase in Notes Payable to Eversource Parent	57,700			4,000
Other Financing Activities	(22		)	(20		)
Net Cash Flows Provided by/(Used in) Financing Activities	13,773			(45,747		)
Net Decrease in Cash and Restricted Cash	(16,298		)	(23,927		)
Cash and Restricted Cash - Beginning of Period	36,688			52,723
Cash and Restricted Cash - End of Period	$	20,390		$	28,796

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

16

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

COMBINED NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout the combined notes to the unaudited condensed financial statements.

1.    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 and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities).  Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire.

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 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 2019 Form 10-K, which was filed with the SEC on February 27, 2020. 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 and PSNH's financial position as of March 31, 2020 and December 31, 2019, and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2020 and 2019. The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for a full year.  

Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent.  Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method.

Eversource's utility subsidiaries' electric, natural gas and water distribution 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.

In March 2020, the World Health Organization declared the outbreak of the 2019 novel coronavirus (COVID-19) a pandemic and President Trump declared a national emergency affecting the entire United States where each state qualifies as being part of a national disaster. The spread of COVID-19 has adversely affected workforces, the overall economy and caused significant volatility in the financial markets. To date, Eversource has not experienced significant operational or financial impacts directly related to the pandemic. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, management will continue to closely monitor how COVID-19 related developments affect Eversource. As of the date of our filing and based on information available, management is unable to predict the impacts that the COVID-19 pandemic will have on future operations, financial position, results of operations, and cash flows. The extent of the impact in the future will vary and depend in large part on the duration, scope and severity of a national and global economic slowdown, risk of inflation, governmental and regulatory actions, the maintenance of a strong regional and national healthcare system, and the continued spread of the virus, which is mitigated through social distancing measures.

17

Our customer receivable balances and uncollectible accounts have not been materially impacted by COVID-19. We believe that we will be able to develop a successful structure with our respective state regulatory commissions to recover our costs associated with COVID-19, while balancing the impact on our customers’ bills. See Note 1C, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for further discussion of our evaluation of the allowance for doubtful accounts as of March 31, 2020 in light of the COVID-19 pandemic.

An extended economic slowdown could result in lower demand for electricity, natural gas and/or water by our commercial and industrial customers. However, fluctuations in retail sales volumes for CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business are not expected to materially impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms. The revenue decoupling mechanisms mitigate the impact of lower demand and resulting lost sales revenues by allowing for a true-up to occur as part of each company’s annual decoupling filing. These revenue decoupling mechanisms qualify as alternative revenue programs in accordance with accounting guidance for rate-regulated operations.

As of March 31, 2020, we did not have indicators of triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.

The Eversource and PSNH 2019 statements of cash flows and the 2019 segment footnote were revised to correct an error in the presentation of non-cash capital additions.  The impact of this revision on the statement of cash flows is a decrease to operating cash inflows in Accounts Payable of $46.6 million and a corresponding decrease to investing cash outflows in Investments in Property, Plant and Equipment for the quarter ended March 31, 2019.  This revision is not deemed material, individually or in the aggregate, to the previously issued financial statements.

B.    Accounting Standards

Accounting Standards Issued but Not Yet Effective: In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The guidance is effective in the first quarter of 2021. The ASU is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH.

Accounting Standards Recently Adopted: On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a model for recognizing credit losses on financial instruments based on an estimate of current expected losses, requiring immediate recognition of credit losses expected over the life of a financial instrument. The Company determined the impacts of this standard on the allowance for credit losses on its financial instruments, primarily accounts receivable.  As of January 1, 2020, the Company recorded increases to the allowance for uncollectible accounts for late fees and other receivable amounts of $1.6 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The impact to retained earnings, net of tax, was $1.5 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively.

The Company also adjusted the allowance for uncollectible amounts of hardship receivables and other low-income assistance programs, which are ultimately collectible in rates at specified points in time under approved regulatory mechanisms. The impact on the allowance, which was offset in other long-term assets on the balance sheets, was an increase of $22.2 million and $21.3 million at Eversource and CL&P, respectively, and a decrease of $1.5 million at NSTAR Electric. See Note 1C, “Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts,” for further information.

The Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment as of January 1, 2020. The ASU simplified the accounting for goodwill impairment by removing a complex step in the goodwill impairment test. Under the guidance, goodwill impairment is measured as the amount by which its carrying value exceeds its fair value. The ASU is not expected to have an impact on the financial statements of Eversource.

On January 1, 2020, the Company adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligned the requirements for capitalizing costs incurred to implement a cloud computing arrangement with existing internal-use software guidance. The prospective implementation of this standard did not have any impact on the financial statements of Eversource, CL&P, NSTAR Electric or PSNH for the period ending March 31, 2020.

On January 1, 2020, the Company prospectively adopted ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modified fair value disclosure requirements. The standard includes new disclosure requirements for Level 3 unobservable inputs and eliminated the requirement to disclose certain information relating to transfers between levels. The modified disclosures are included in Note 1D, “Summary of Significant Accounting Policies - Fair Value Measurements,” and Note 4, “Derivative Instruments.”

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C.    Allowance for Uncollectible Accounts

Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts).

Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. Effective January 1, 2020, the current expected credit loss (CECL) model was applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded.

The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category.  Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectibility from customers, including current conditions, reasonable forecasts, and expectations of future collectibility and collection efforts. Management continuously assesses the collectibility of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators.  Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible.

As of March 31, 2020, management evaluated the adequacy of the allowance for uncollectible accounts in light of the COVID-19 pandemic and the economic downturn to date. This evaluation included an analysis of collection and customer payment trends in 2020, economic conditions, flexible payment plans and financial hardship arrearage management programs being offered to customers, and the impacts of federal governmental pandemic relief programs for our customers and the expansion of unemployment benefits initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. Based upon the evaluation performed, management concluded that the reserve balance as of March 31, 2020 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments.

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 NSTAR Electric and NSTAR Gas to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. As a result of the adoption of ASU 2016-13, management aligned the allowance for uncollectible hardship accounts across all regulatory jurisdictions, using a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. Implementation impacts of the accounting standard on the allowance for uncollectible hardship accounts are reflected in the rollforward of the uncollectible allowance in the table below. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance.

The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment is as follows:

	For the Three Months Ended March 31, 2020
	Eversource									CL&P									NSTAR Electric									PSNH
(Millions of Dollars)	Hardship Accounts			Retail (Non-Hardship), Wholesale, and Other Receivables			Total Allowance			Hardship Accounts			Retail (Non-Hardship), Wholesale and Other Receivables			Total Allowance			Hardship Accounts			Retail (Non-Hardship), Wholesale, and Other Receivables			Total Allowance			Total Allowance
Beginning Balance	$	143.3		$	81.5		$	224.8		$	80.1		$	17.2		$	97.3		$	43.9		$	31.5		$	75.4		$	10.5
ASU 2016-13 Implementation Impact on January 1, 2020	21.6			2.2			23.8			21.3			0.9			22.2			(1.6		)	0.3			(1.3		)	0.3
Uncollectible Expense (1)	—			11.4			11.4			—			3.2			3.2			—			3.7			3.7			0.7
Uncollectible Costs Deferred (2)	11.8			8.5			20.3			12.9			1.8			14.7			(3.4		)	3.4			—			1.3
Write-Offs	(4.7		)	(16.8		)	(21.5		)	(3.8		)	(3.5		)	(7.3		)	(0.4		)	(8.0		)	(8.4		)	(1.7		)
Recoveries Collected	0.2			3.1			3.3			0.2			0.6			0.8			—			1.7			1.7			0.1
Ending Balance	$	172.2		$	89.9		$	262.1		$	110.7		$	20.2		$	130.9		$	38.5		$	32.6		$	71.1		$	11.2

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⁽¹⁾ Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the three months ended March 31, 2019, uncollectible expense included in Operations and Maintenance Expense was $18.6 million, $4.1 million, $6.0 million and $1.7 million for Eversource, CL&P, NSTAR Electric and PSNH, respectively.

⁽²⁾ The current period provision for expected credit losses for hardship accounts and other customer receivables that are ultimately recovered in rates is deferred as a regulatory cost on the balance sheets.

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, long-lived assets and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs.

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. 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.  

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

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

The components of Other Income, Net on the statements of income were as follows:

	For the Three Months Ended
	March 31, 2020												March 31, 2019
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource		CL&P			NSTAR Electric			PSNH
Pension, SERP and PBOP Non-Service    Income/(Expense) Components	$	12.7		$	1.1		$	7.9		$	1.9		$	7.4	$	(0.6	)	$	7.0		$	0.5
AFUDC Equity	10.6			3.9			5.0			1.5			10.9		2.6			4.0			0.2
Equity in Earnings of Unconsolidated Affiliates	4.0			—			0.1			—			5.0		—			0.2			—
Investment Income/(Loss)	(4.3		)	(3.4		)	(1.3		)	(0.5		)	1.2		1.7			(0.3		)	0.4
Interest Income	0.7			0.3			0.1			0.3			6.5		0.4			0.2			5.9
Other	0.4			—			0.4			—			—		(0.2		)	—			—
Total Other Income, Net	$	24.1		$	1.9		$	12.2		$	3.2		$	31.0	$	3.9		$	11.1		$	7.0

F.    Other Taxes

Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:

	For the Three Months Ended
(Millions of Dollars)	March 31, 2020		March 31, 2019
Eversource	$	43.1	$	45.0
CL&P	35.5		36.2

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Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $10.7 million for the three months ended March 31, 2019. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the Eversource and CL&P statements of income.  

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:

(Millions of Dollars)	As of March 31, 2020		As of March 31, 2019
Eversource	$	273.7	$	336.3
CL&P	85.0		121.9
NSTAR Electric	70.2		83.2
PSNH	37.9		30.4

The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Cash as reported on the Balance Sheets	$	47.4	$	3.8	$	2.8	$	—	$	15.4	$	—	$	0.1	$	0.4
Restricted cash included in:
Special Deposits	39.0		4.7		6.2		16.6		52.5		4.6		6.2		32.5
Marketable Securities	44.1		0.3		0.1		0.6		46.0		0.4		—		0.6
Other Long-Term Assets	3.2		—		—		3.2		3.2		—		—		3.2
Cash and Restricted Cash reported on the    Statements of Cash Flows	$	133.7	$	8.8	$	9.1	$	20.4	$	117.1	$	5.0	$	6.3	$	36.7

Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations.

H.     Pending Acquisition of Assets of Columbia Gas of Massachusetts

On February 26, 2020, Eversource and NiSource Inc. entered into an asset purchase agreement (the Agreement) pursuant to which Eversource would acquire certain assets that comprise NiSource’s local natural gas distribution business in Massachusetts, which is doing business as Columbia Gas of Massachusetts (CMA). The purchase price of $1.1 billion includes a target working capital amount that is subject to adjustment to reflect actual working capital as of the closing date.

The liabilities to be assumed by Eversource under the Agreement specifically exclude any liabilities (past or future) arising out of, or related to, the fires and explosions that occurred on September 13, 2018 in Lawrence, Andover and North Andover, Massachusetts related to the delivery of natural gas by CMA, including certain subsequent events, all as described and in the DPU's Order on Scope dated December 23, 2019 (D.P.U. 19-141) (the Greater Lawrence Incident or GLI). The liabilities to be assumed also exclude any further emergency events prior to the closing of the acquisition related to the restoration and reconstruction with respect to the GLI, including any losses arising out of, or related to, any litigation, demand, cause of action, claim, suit, investigation, proceeding, indemnification agreements or rights. Eversource is not assuming any of CMA's or NiSource Inc.'s debt.

The transaction requires approval from the DPU, the Maine Public Utilities Commission, the FERC, and the Federal Communications Commission, and it is subject to review under the Hart-Scott-Rodino Act, for which the relevant review period has expired. The resulting rate plan also requires DPU approval. Eversource expects to finance the asset acquisition through a combination of debt and equity issuances in a ratio that is consistent with our current consolidated capital structure. The transaction is expected to close by the end of the third quarter of 2020.

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2.    REGULATORY ACCOUNTING

Eversource's utility 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, plus a return on investment.  

The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred costs are recovered through customer rates. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers.

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:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Benefit Costs	$	2,334.3	$	528.3	$	616.3	$	213.9	$	2,382.9	$	539.0	$	629.8	$	218.2
Income Taxes, Net	727.2		458.9		108.5		12.8		725.8		458.8		108.0		12.8
Securitized Stranded Costs	554.5		—		—		554.5		565.3		—		—		565.3
Storm Restoration Costs, Net	497.6		251.6		183.0		63.0		540.6		274.6		200.6		65.4
Regulatory Tracker Mechanisms	551.5		191.0		227.4		84.6		411.5		78.3		207.1		65.8
Derivative Liabilities	335.2		333.8		—		—		334.5		329.2		—		—
Goodwill-related	327.3		—		281.0		—		331.5		—		284.6		—
Asset Retirement Obligations	99.3		31.2		51.5		3.7		97.2		30.8		50.3		3.6
Other Regulatory Assets	136.5		24.8		61.6		13.8		125.4		25.2		55.2		14.7
Total Regulatory Assets	5,563.4		1,819.6		1,529.3		946.3		5,514.7		1,735.9		1,535.6		945.8
Less:  Current Portion	785.1		290.6		304.0		102.4		651.1		178.6		285.6		84.1
Total Long-Term Regulatory Assets	$	4,778.3	$	1,529.0	$	1,225.3	$	843.9	$	4,863.6	$	1,557.3	$	1,250.0	$	861.7

Regulatory Costs in Long-Term Assets:  Eversource's regulated companies had $171.3 million (including $82.6 million for CL&P, $50.3 million for NSTAR Electric and $16.9 million for PSNH) and $146.0 million (including $51.8 million for CL&P, $55.7 million for NSTAR Electric and $18.0 million for PSNH) of additional regulatory costs as of March 31, 2020 and December 31, 2019, respectively, that were included in 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:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
EDIT due to Tax Cuts and Jobs Act	$	2,831.2	$	1,019.8	$	1,063.9	$	391.4	$	2,844.6	$	1,022.8	$	1,071.2	$	392.8
Cost of Removal	579.3		77.4		337.2		14.8		559.8		64.6		330.6		16.3
Benefit Costs	80.1		—		68.6		—		84.5		—		72.2		—
Regulatory Tracker Mechanisms	412.5		121.7		189.8		64.1		325.1		94.8		165.6		57.0
AFUDC - Transmission	74.4		45.7		28.7		—		73.2		46.0		27.2		—
Other Regulatory Liabilities	130.6		34.4		47.4		10.7		132.0		19.6		59.0		13.1
Total Regulatory Liabilities	4,108.1		1,299.0		1,735.6		481.0		4,019.2		1,247.8		1,725.8		479.2
Less:  Current Portion	439.9		119.3		219.9		69.0		361.2		82.8		209.2		65.8
Total Long-Term Regulatory Liabilities	$	3,668.2	$	1,179.7	$	1,515.7	$	412.0	$	3,658.0	$	1,165.0	$	1,516.6	$	413.4

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3.    PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION

The following tables summarize property, plant and equipment by asset category:

Eversource	As of March 31, 2020			As of December 31, 2019
(Millions of Dollars)
Distribution - Electric	$	16,117.4		$	15,880.0
Distribution - Natural Gas	3,984.2			3,931.1
Transmission - Electric	11,059.4			10,958.4
Distribution - Water	1,730.2			1,726.5
Solar	200.5			200.2
Utility	33,091.7			32,696.2
Other (1)	1,073.2			1,025.6
Property, Plant and Equipment, Gross	34,164.9			33,721.8
Less:  Accumulated Depreciation
Utility	(7,572.4		)	(7,483.5		)
Other	(408.0		)	(387.4		)
Total Accumulated Depreciation	(7,980.4		)	(7,870.9		)
Property, Plant and Equipment, Net	26,184.5			25,850.9
Construction Work in Progress	1,856.9			1,734.6
Total Property, Plant and Equipment, Net	$	28,041.4		$	27,585.5

	As of March 31, 2020									As of December 31, 2019
(Millions of Dollars)	CL&P			NSTAR Electric			PSNH			CL&P			NSTAR Electric			PSNH
Distribution - Electric	$	6,607.8		$	7,250.8		$	2,299.1		$	6,485.5		$	7,163.7		$	2,271.1
Transmission - Electric	5,094.1			4,444.7			1,515.8			5,043.0			4,411.9			1,498.7
Solar	—			200.5			—			—			200.2			—
Property, Plant and Equipment, Gross	11,701.9			11,896.0			3,814.9			11,528.5			11,775.8			3,769.8
Less:  Accumulated Depreciation	(2,413.6		)	(2,925.2		)	(810.1		)	(2,385.7		)	(2,895.3		)	(799.9		)
Property, Plant and Equipment, Net	9,288.3			8,970.8			3,004.8			9,142.8			8,880.5			2,969.9
Construction Work in Progress	472.6			643.8			182.5			483.0			592.3			159.6
Total Property, Plant and Equipment, Net	$	9,760.9		$	9,614.6		$	3,187.3		$	9,625.8		$	9,472.8		$	3,129.5

⁽¹⁾  These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company.

4.    DERIVATIVE INSTRUMENTS

The electric and natural gas 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.  These 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 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 electric and natural gas 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.  

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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:

		As of March 31, 2020									As of December 31, 2019
(Millions of Dollars)	Fair Value Hierarchy	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:
CL&P	Level 3	$	12.8		$	(0.4	)	$	12.4		$	12.2		$	(0.4	)	$	11.8
Long-Term Derivative Assets:
CL&P	Level 3	68.2			(2.1		)	66.1			67.5			(2.1		)	65.4
Current Derivative Liabilities:
CL&P	Level 3	(69.6		)	—			(69.6		)	(67.8		)	—			(67.8		)
Other	Level 2	(1.4		)	0.3			(1.1		)	(5.2		)	—			(5.2		)
Long-Term Derivative Liabilities:
CL&P	Level 3	(342.7		)	—			(342.7		)	(338.6		)	—			(338.6		)
Other	Level 2	(0.3		)	—			(0.3		)	(0.1		)	—			(0.1		)

⁽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.

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 capacities of these contracts as of both March 31, 2020 and December 31, 2019, were 676 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.   

As of March 31, 2020 and December 31, 2019, Eversource had New York Mercantile Exchange (NYMEX) financial contracts for natural gas futures in order to reduce variability associated with the price of 3.5 million and 9.6 million MMBtu of natural gas, respectively.

For the three months ended March 31, 2020 and 2019, there were losses of $18.0 million and $5.2 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts.

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 related 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 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.  

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The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:

	As of March 31, 2020								As of December 31, 2019
CL&P	Range				Weighted Average (1)			Period Covered	Range					Period Covered
Capacity Prices	$	4.30	—	$5.82	$	4.81	per kW-Month	2024 - 2026	$	3.01	—	$7.34	per kW-Month	2023 - 2026
Forward Reserve Prices	0.80		—	1.90	1.35		per kW-Month	2020 - 2024	0.80		—	1.90	per kW-Month	2020 - 2024

⁽¹⁾  Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered.

Exit price premiums of 1.5 percent through 13 percent, or a weighted average of 11.9 percent, are also applied to 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. The risk premium was weighted by the relative fair value of the net derivative instruments.

Significant increases or decreases in future capacity or forward reserve 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.

CL&P	For the Three Months Ended March 31,
(Millions of Dollars)	2020			2019
Derivatives, Net:
Fair Value as of Beginning of Period	$	(329.2	)	$	(356.5	)
Net Realized/Unrealized Losses Included   in Regulatory Assets	(16.4		)	(5.3		)
Settlements	11.8			8.7
Fair Value as of End of Period	$	(333.8	)	$	(353.1	)

5.    MARKETABLE SECURITIES

Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits.  The trusts that hold marketable securities 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.

Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of March 31, 2020 and December 31, 2019 was $34.8 million and $45.7 million, respectively.  For the three months ended March 31, 2020 and 2019, there were unrealized losses of $9.1 million and unrealized gains of $1.0 million, respectively, recorded in Other Income, Net related to these equity securities.

Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $162.0 million and $182.8 million as of March 31, 2020 and December 31, 2019, respectively.  Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and 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.

Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.

	As of March 31, 2020									As of December 31, 2019
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	$	224.2	$	10.9	$	(0.6	)	$	234.5	$	228.4	$	5.8	$	(0.1	)	$	234.1

Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $198.7 million and $198.1 million as of March 31, 2020 and December 31, 2019, respectively.

Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income, excluding amounts related to credit losses or losses on securities intended to be sold, which are recorded in Other Income, Net. There have been no significant unrealized losses and no credit losses for the three months ended March 31, 2020 and 2019, and no allowance for credit losses as of March 31, 2020.  Factors considered in determining whether a credit loss exists include adverse conditions specifically affecting the issuer, the payment history, ratings and rating changes of the security, and the severity of the impairment.  For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. Debt securities included in Eversource's non-qualified benefit trust portfolio are investment-grade bonds with a lower default risk based on their credit quality.

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As of March 31, 2020, the contractual maturities of available-for-sale debt securities were as follows:  

Eversource (Millions of Dollars)	Amortized Cost		Fair Value
Less than one year (1)	$	56.5	$	56.6
One to five years	40.1		41.7
Six to ten years	38.6		41.4
Greater than ten years	89.0		94.8
Total Debt Securities	$	224.2	$	234.5

⁽¹⁾  Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets.

Realized Gains and Losses:  Realized gains and losses are recorded in Other Income, Net for Eversource's 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 spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities.

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:

Eversource (Millions of Dollars)	As of March 31, 2020		As of December 31, 2019
Level 1:
Mutual Funds and Equities	$	196.8	$	228.5
Money Market Funds	44.1		46.0
Total Level 1	$	240.9	$	274.5
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)	$	100.9	$	96.8
Corporate Debt Securities	45.9		44.0
Asset-Backed Debt Securities	13.7		12.9
Municipal Bonds	22.2		26.7
Other Fixed Income Securities	7.7		7.7
Total Level 2	$	190.4	$	188.1
Total Marketable Securities	$	431.3	$	462.6

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 instruments 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.

6.    SHORT-TERM AND LONG-TERM DEBT

Short-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.  Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas and Aquarion Water Company of Connecticut are also parties to a five-year $1.45 billion revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program.  

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program.  

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The amount of borrowings outstanding and available under the commercial paper programs were as follows:

	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	738.4	$	1,224.9	$	711.6	$	225.1	3.38	%	1.98	%
NSTAR Electric Commercial Paper Program	88.0		10.5		562.0		639.5		1.25	%	1.63	%

There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of March 31, 2020 or December 31, 2019.

Amounts outstanding under the commercial paper programs and revolving credit facilities are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the NSTAR Gas long-term debt issuances in May 2020, $25.0 million of the current portion of long-term debt and $165.0 million of commercial paper borrowings under the Eversource parent commercial paper program were classified as Long-Term Debt as of March 31, 2020.

The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2020, there were intercompany loans from Eversource parent to CL&P of $219.0 million, to PSNH of $84.7 million, and to a subsidiary of NSTAR Electric of $38.4 million. As of December 31, 2019, there were intercompany loans from Eversource parent to CL&P of $63.8 million, to PSNH of $27.0 million, and to a subsidiary of NSTAR Electric of $30.3 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets.

Long-Term Debt Issuance Authorization: On January 27, 2020, the DPU approved NSTAR Gas' request for authorization to issue up to $270 million in long-term debt through December 31, 2021.

Long-Term Debt: The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)	Issuance/(Repayment)			Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
NSTAR Electric:
3.95% 2020 Debentures	$	400.0		March 2020	April 2030	Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019
5.10% Series E Senior Notes	(95.0		)	March 2020	March 2020	Paid at maturity
Other:
Eversource Parent 3.45% Series P Senior Notes	350.0			January 2020	January 2050	Paid short-term borrowings
NSTAR Gas 4.46% Series N First Mortgage Bonds	(125.0		)	January 2020	January 2020	Paid at maturity
Yankee Gas 4.87% Series K First Mortgage Bonds	(50.0		)	April 2020	April 2020	Paid at maturity
NSTAR Gas 2.33% Series R First Mortgage Bonds	75.0			May 2020	May 2025	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
NSTAR Gas 3.15% Series S First Mortgage Bonds	115.0			May 2020	May 2050	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes

7.    RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

Rate Reduction Bonds: On May 8, 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035.  The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC on January 30, 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets.

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PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:

(Millions of Dollars)
Balance Sheet:	As of March 31, 2020		As of December 31, 2019
Restricted Cash - Current Portion (included in Current Assets)	$	16.6	$	32.5
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)	3.2		3.2
Securitized Stranded Cost (included in Regulatory Assets)	554.5		565.3
Other Regulatory Liabilities (included in Regulatory Liabilities)	6.0		5.6
Accrued Interest (included in Other Current Liabilities)	3.3		8.6
Rate Reduction Bonds - Current Portion	43.2		43.2
Rate Reduction Bonds - Long-Term Portion	518.5		540.1

(Millions of Dollars)	For the Three Months Ended
Income Statement:	March 31, 2020		March 31, 2019
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)	$	10.8	$	10.6
Interest Expense on RRB Principal (included in Interest Expense)	5.0		5.4

8.    PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

Eversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees.  In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide 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 employees that meet certain age and service eligibility requirements.

The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, are shown below.  The service cost component of net periodic benefit expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.

	Pension and SERP												PBOP
	For the Three Months Ended March 31, 2020												For the Three Months Ended March 31, 2020
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource			CL&P			NSTAR Electric			PSNH
Service Cost	$	19.6		$	5.7		$	3.8		$	2.2		$	2.6		$	0.5		$	0.6		$	0.2
Interest Cost	44.3			9.5			9.6			4.9			6.1			1.2			1.7			0.6
Expected Return on Plan Assets	(100.3		)	(20.0		)	(25.8		)	(11.3		)	(18.1		)	(2.4		)	(8.5		)	(1.4		)
Actuarial Loss	49.3			10.0			13.3			4.1			2.1			0.4			0.7			0.1
Prior Service Cost/(Credit)	0.3			—			0.1			—			(5.4		)	0.2			(4.2		)	0.1
Total Net Periodic Benefit Expense/(Income)	$	13.2		$	5.2		$	1.0		$	(0.1	)	$	(12.7	)	$	(0.1	)	$	(9.7	)	$	(0.4	)
Intercompany Allocations	N/A			$	1.9		$	1.9		$	0.6		N/A			$	(0.4	)	$	(0.4	)	$	(0.2	)

	Pension and SERP												PBOP
	For the Three Months Ended March 31, 2019												For the Three Months Ended March 31, 2019
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource			CL&P			NSTAR Electric			PSNH
Service Cost	$	19.3		$	4.8		$	3.9		$	2.6		$	2.1		$	0.4		$	0.4		$	0.2
Interest Cost	54.2			11.5			11.9			6.2			8.1			1.5			2.3			0.9
Expected Return on Plan Assets	(92.3		)	(18.8		)	(24.4		)	(10.3		)	(16.6		)	(2.3		)	(7.5		)	(1.3		)
Actuarial Loss	35.8			8.1			9.4			3.5			2.5			0.4			0.9			0.2
Prior Service Cost/(Credit)	1.1			—			0.1			—			(5.8		)	0.3			(4.2		)	0.1
Total Net Periodic Benefit Expense/(Income)	$	18.1		$	5.6		$	0.9		$	2.0		$	(9.7	)	$	0.3		$	(8.1	)	$	0.1
Intercompany Allocations	N/A			$	7.8		$	3.0		$	2.4		N/A			$	(0.1	)	$	(0.2	)	$	(0.1	)

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9.    COMMITMENTS AND CONTINGENCIES

A.    Environmental Matters

Eversource, CL&P, NSTAR Electric and PSNH 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 and PSNH 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:

	As of March 31, 2020			As of December 31, 2019
	Number of Sites	Reserve (in millions)		Number of Sites	Reserve (in millions)
Eversource	55	$	79.1	57	$	81.0
CL&P	15	11.8		15	11.4
NSTAR Electric	13	6.2		15	8.0
PSNH	9	7.4		9	7.5

Included in the 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 $67.4 million and $67.9 million as of March 31, 2020 and December 31, 2019, respectively, and related primarily to the natural gas business segment.

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 and PSNH'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 required environmental remediation.  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 and PSNH, in the form of guarantees. 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 and affiliates to external parties as of March 31, 2020:  

Company	Description	Maximum Exposure (in millions)		Expiration Dates
Various	Surety Bonds (1)	$	30.0	2020 - 2023
Rocky River Realty Company and Eversource Service	Lease Payments for Real Estate	6.1		2024
Bay State Wind LLC	Real Estate Purchase	2.5		2020
Sunrise Wind LLC	Offshore Wind (2)	2.2		-

⁽¹⁾  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.  

⁽²⁾  On October 25, 2019, Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guaranty Sunrise Wind LLC’s performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The Company regularly reviews performance risk under this arrangement, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. As of March 31, 2020, the fair value of the guarantee was immaterial.

C.     Spent Nuclear Fuel Obligations - Yankee Companies

CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates.

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The Yankee Companies collect 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 and NSTAR Electric 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 accept delivery of, and 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 previously awarded the Yankee Companies damages for Phases 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 a fourth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies sought monetary damages totaling $104.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (DOE Phase IV). On February 21, 2019, the Yankee Companies received a partial summary judgment and partial final judgment in their favor for the undisputed amount of monetary damages of $103.2 million. The court awarded CYAPC, YAEC and MYAPC damages of $40.7 million, $28.1 million and $34.4 million, respectively. The DOE did not appeal the court's judgment and the decision became final on April 23, 2019. On June 12, 2019, each of the Yankee Companies received the damages proceeds. On June 12, 2019, the court accepted an offer of judgment in the amount of $0.5 million to settle the disputed amount of approximately $1 million in Phase IV contested damages. The Yankee Companies received the $0.5 million payment in July 2019.

In September 2019, the Yankee Companies made a required informational filing with FERC as to the use of proceeds, for which approval was received in the fourth quarter of 2019. In December 2019, YAEC and MYAPC returned proceeds of $5.4 million and $21.0 million, respectively, to its member companies, of which the Eversource utilities (CL&P, NSTAR Electric and PSNH) received a total of $2.8 million from YAEC and $5.0 million from MYAPC. The Eversource utilities refund these amounts received to their utility customers. Also, in December 2019, CYAPC paid $29.0 million to the DOE to partially settle its pre-1983 spent nuclear fuel obligation.

D.    FERC ROE Complaints

Four separate complaints were 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, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, 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 billed 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.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court).

All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH.

Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of March 31, 2020 and December 31, 2019. This reserve represents the difference between the billed rates 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, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of March 31, 2020 and December 31, 2019.

On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results.

The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent.

If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order.

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On November 21, 2019, FERC issued an order concerning the transmission ROEs for the Midcontinent ISO transmission owners (MISO). In that order, FERC adopted another new methodology for determining base ROEs for MISO, which differed significantly from the methodology and framework set forth in its October 16, 2018 FERC order on the NETOs’ ROE dockets. On December 23, 2019, the NETOs filed a Supplemental Paper Hearing Brief and a Motion to supplement the record in the NETO ROE dockets to respond to the new methodology proposed in the MISO order, as there is uncertainty to whether it may be applied to the NETOs’ cases. On January 21, 2020, the FERC issued an order granting rehearing for further consideration to give the FERC more time to act on the substantive issues of the MISO ROE proceedings. Further changes to the methodology by FERC are possible as a result of the arguments in both the MISO and NETO proceedings.

Given the significant uncertainty relating to the October 2018 FERC order, the November 2019 FERC order to MISO, and the FERC's rehearing of the MISO order, the Company is unable to predict the potential effect of the MISO order on the NETO complaints or the outcome of the four complaints and concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods at this time. Further, the Company cannot reasonably estimate a range of gain or loss for any of the four complaint proceedings.

Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order.

A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource's after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods.

E.    Eversource and NSTAR Electric Boston Harbor Civil Action

In 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 against 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 parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Construction of the new distribution cable was completed in August 2019 and removal of the portions of the existing cable was completed in January 2020. 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.

10.    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, Long-Term Debt and Rate Reduction Bonds:  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 and RRB 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 table below are classified as Level 2 within the fair value hierarchy.  Carrying amounts and estimated fair values are as follows:

	Eversource				CL&P				NSTAR Electric				PSNH
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
As of March 31, 2020:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	156.0	$	116.2	$	113.8	$	43.0	$	42.2	$	—	$	—
Long-Term Debt	14,431.0		15,177.1		3,518.1		3,949.4		3,642.3		3,901.2		951.7		995.8
Rate Reduction Bonds	561.7		596.0		—		—		—		—		561.7		596.0
As of December 31, 2019:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	162.0	$	116.2	$	117.8	$	43.0	$	44.2	$	—	$	—
Long-Term Debt	14,098.2		15,170.2		3,518.1		4,058.0		3,342.1		3,659.9		951.6		1,005.7
Rate Reduction Bonds	583.3		625.9		—		—		—		—		583.3		625.9

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.

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11.    ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:

	For the Three Months Ended March 31, 2020											For the Three Months Ended March 31, 2019
Eversource  (Millions of Dollars)	Qualified Cash Flow Hedging Instruments			Unrealized Gains on Marketable Securities		Defined Benefit Plans			Total			Qualified Cash Flow Hedging Instruments			Unrealized Gains/(Losses) on Marketable Securities			Defined Benefit Plans			Total
Balance as of January 1st	$	(3.0	)	$	0.7	$	(62.8	)	$	(65.1	)	$	(4.4	)	$	(0.5	)	$	(55.1	)	$	(60.0	)
OCI Before Reclassifications	—			0.2		—			0.2			—			0.7			—			0.7
Amounts Reclassified from AOCI	0.2			—		1.6			1.8			0.3			—			1.2			1.5
Net OCI	0.2			0.2		1.6			2.0			0.3			0.7			1.2			2.2
Balance as of March 31st	$	(2.8	)	$	0.9	$	(61.2	)	$	(63.1	)	$	(4.1	)	$	0.2		$	(53.9	)	$	(57.8	)

Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI.

12.    COMMON SHARES

The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:  

	Shares
			Authorized as of March 31, 2020 and December 31, 2019	Issued as of
	Par Value			March 31, 2020	December 31, 2019
Eversource	$	5	380,000,000	351,818,402	345,858,402
CL&P	$	10	24,500,000	6,035,205	6,035,205
NSTAR Electric	$	1	100,000,000	200	200
PSNH	$	1	100,000,000	301	301

Common Share Issuance and Forward Sale Agreement: In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends.

Eversource previously issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price of $71.48 per share, as adjusted in accordance with the forward sale agreement.

The 2020 issuances of 5,960,000 common shares resulted in proceeds of $419.8 million, net of issuance costs, and were reflected in shareholders' equity and as financing activities on the statement of cash flows.

Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 14, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS.

Eversource used the net proceeds received upon the direct issuance of common shares and the net proceeds received upon settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to fund capital spending and clean energy initiatives, and for general corporate purposes.

Treasury Shares: As of March 31, 2020 and December 31, 2019, there were 15,407,215 and 15,977,757 Eversource common shares held as treasury shares, respectively. As of March 31, 2020 and December 31, 2019, Eversource common shares outstanding were 336,411,187 and 329,880,645, respectively.

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Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.

13.    COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2020 and 2019. 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 March 31, 2020 and December 31, 2019. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.

14.    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 and the equity forward sale agreement, as if they were converted into outstanding common shares.  The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, 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.  

As described in Note 12, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement is determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price.

The following table sets forth the components of basic and diluted EPS:

Eversource (Millions of Dollars, except share information)	For the Three Months Ended
	March 31, 2020		March 31, 2019
Net Income Attributable to Common Shareholders	$	334.8	$	308.7
Weighted Average Common Shares Outstanding:
Basic	331,102,237		317,624,593
Dilutive Effect of:
Share-Based Compensation Awards and Other	747,233		691,489
Equity Forward Sale Agreement	1,087,683		—
Total Dilutive Effect	1,834,916		691,489
Diluted	332,937,153		318,316,082
Basic and Diluted EPS	$	1.01	$	0.97

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15.    REVENUES

The following tables present operating revenues disaggregated by revenue source:

	For the Three Months Ended March 31, 2020
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution			Other		Eliminations			Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	963.8	$	238.0	$	—	$	27.8		$	—	$	—		$	1,229.6
Commercial	607.0		134.6		—		14.8			—		(1.0		)	755.4
Industrial	79.8		28.3		—		1.1			—		(3.2		)	106.0
Total Retail Tariff Sales Revenues	1,650.6		400.9		—		43.7			—		(4.2		)	2,091.0
Wholesale Transmission Revenues	—		—		336.3		—			17.3		(283.6		)	70.0
Wholesale Market Sales Revenues	91.0		13.2		—		0.8			—		—			105.0
Other Revenues from Contracts with Customers	19.1		0.9		3.4		1.9			277.3		(276.2		)	26.4
Amortization/(Reserve) for Revenues   Subject to Refund	2.3		0.5		—		(0.8		)	—		—			2.0
Total Revenues from Contracts with Customers	1,763.0		415.5		339.7		45.6			294.6		(564.0		)	2,294.4
Alternative Revenue Programs (1)	38.8		32.2		29.8		1.1			—		(27.4		)	74.5
Other Revenues (2)	3.5		0.9		0.2		0.2			—		—			4.8
Total Operating Revenues	$	1,805.3	$	448.6	$	369.7	$	46.9		$	294.6	$	(591.4	)	$	2,373.7

	For the Three Months Ended March 31, 2019
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution		Electric Transmission		Water Distribution			Other		Eliminations			Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	1,033.3		$	258.9	$	—	$	27.0		$	—	$	—		$	1,319.2
Commercial	652.6			143.8		—		14.3			—		(1.1		)	809.6
Industrial	82.1			30.9		—		1.1			—		(2.7		)	111.4
Total Retail Tariff Sales Revenues	1,768.0			433.6		—		42.4			—		(3.8		)	2,240.2
Wholesale Transmission Revenues	—			—		324.9		—			13.5		(270.8		)	67.6
Wholesale Market Sales Revenues	51.5			21.7		—		1.0			—		—			74.2
Other Revenues from Contracts with Customers	12.6			0.9		3.2		1.7			244.6		(245.4		)	17.6
Amortization/(Reserve) for Revenues Subject to Refund	(3.1		)	1.6		—		(0.8		)	—		—			(2.3		)
Total Revenues from Contracts with Customers	1,829.0			457.8		328.1		44.3			258.1		(520.0		)	2,397.3
Alternative Revenue Programs (1)	2.1			10.4		12.4		0.9			—		(11.1		)	14.7
Other Revenues (2)	2.8			0.7		—		0.3			—		—			3.8
Total Operating Revenues	$	1,833.9		$	468.9	$	340.5	$	45.5		$	258.1	$	(531.1	)	$	2,415.8

	For the Three Months Ended March 31, 2020									For the Three Months Ended March 31, 2019
(Millions of Dollars)	CL&P			NSTAR Electric			PSNH			CL&P			NSTAR Electric			PSNH
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	489.9		$	331.0		$	142.9		$	510.5		$	371.0		$	151.8
Commercial	226.4			301.9			79.1			236.7			336.5			79.8
Industrial	34.0			26.8			19.0			34.6			28.8			18.7
Total Retail Tariff Sales Revenues	750.3			659.7			241.0			781.8			736.3			250.3
Wholesale Transmission Revenues	151.8			134.8			49.7			154.8			122.6			47.5
Wholesale Market Sales Revenues	64.7			14.4			11.9			13.7			24.4			13.4
Other Revenues from Contracts with Customers	8.8			10.7			3.7			8.9			4.0			3.6
Amortization/(Reserve) for Revenues Subject to Refund	—			—			2.3			—			—			(3.1		)
Total Revenues from Contracts with Customers	975.6			819.6			308.6			959.2			887.3			311.7
Alternative Revenue Programs (1)	44.6			19.3			4.7			5.7			7.3			1.5
Other Revenues (2)	1.7			1.4			0.6			1.0			1.5			0.3
Eliminations	(122.2		)	(106.5		)	(37.5		)	(116.7		)	(98.5		)	(37.1		)
Total Operating Revenues	$	899.7		$	733.8		$	276.4		$	849.2		$	797.6		$	276.4

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⁽¹⁾  CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and the Connecticut water distribution business each have a revenue decoupling mechanism approved by a regulatory commission. The revenue decoupling mechanisms mitigate the impact of lower demand and resulting lost sales revenues by allowing for a true-up to occur as part of each company’s annual decoupling filing. These revenue decoupling mechanisms qualify as alternative revenue programs in accordance with accounting guidance for rate-regulated operations. The increase in revenues from Alternative Revenue Programs for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019, was primarily the result of a higher decoupling deferral adjustment driven by lower distribution sales volumes in the first quarter of 2020. The decoupling deferral adjustment to revenues is recorded as a regulatory tracker mechanism within Regulatory Assets on the balance sheets.

⁽²⁾   Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.1 million (including $0.2 million at CL&P, and $0.7 million at NSTAR Electric) and $1.0 million (including $0.2 million at CL&P, and $0.6 million at NSTAR Electric) for the three months ended March 31, 2020 and March 31, 2019, respectively.

16.    SEGMENT INFORMATION

Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water 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, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer.  The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. 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.

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, 4) Eversource Water Ventures, Inc., parent company of Aquarion, 5) the results of other unregulated subsidiaries, which are not part of its core business, and 6) Eversource parent's equity ownership interests that are not consolidated, which primarily include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund.

In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income.

Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment.

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 and PBOP expense.   

Eversource's segment information is as follows:

	For the Three Months Ended March 31, 2020
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution			Electric Transmission			Water Distribution			Other			Eliminations			Total
Operating Revenues	$	1,805.3		$	448.6		$	369.7		$	46.9		$	294.6		$	(591.4	)	$	2,373.7
Depreciation and Amortization	(167.3		)	(19.1		)	(67.5		)	(11.4		)	(21.3		)	0.6			(286.0		)
Other Operating Expenses	(1,439.6		)	(311.6		)	(106.8		)	(25.0		)	(257.0		)	591.4			(1,548.6		)
Operating Income	$	198.4		$	117.9		$	195.4		$	10.5		$	16.3		$	0.6		$	539.1
Interest Expense	$	(53.1	)	$	(11.4	)	$	(30.6	)	$	(8.7	)	$	(42.7	)	$	11.8		$	(134.7	)
Other Income, Net	12.5			1.4			5.2			0.1			468.1			(463.2		)	24.1
Net Income Attributable to Common Shareholders	130.1			84.4			126.8			2.1			442.2			(450.8		)	334.8
Cash Flows Used for Investments in Plant	315.8			99.1			232.8			18.5			59.3			—			725.5

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	For the Three Months Ended March 31, 2019
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution			Electric Transmission			Water Distribution			Other			Eliminations			Total
Operating Revenues	$	1,833.9		$	468.9		$	340.5		$	45.5		$	258.1		$	(531.1	)	$	2,415.8
Depreciation and Amortization	(179.2		)	(20.4		)	(61.5		)	(11.8		)	(13.6		)	0.6			(285.9		)
Other Operating Expenses	(1,475.6		)	(341.3		)	(98.8		)	(25.0		)	(225.5		)	531.0			(1,635.2		)
Operating Income	$	179.1		$	107.2		$	180.2		$	8.7		$	19.0		$	0.5		$	494.7
Interest Expense	$	(49.2	)	$	(11.7	)	$	(30.6	)	$	(8.6	)	$	(44.2	)	$	12.6		$	(131.7	)
Other Income, Net	18.2			0.2			8.1			0.4			431.7			(427.6		)	31.0
Net Income Attributable to Common Shareholders	120.1			76.5			118.2			0.9			407.5			(414.5		)	308.7
Cash Flows Used for Investments in Plant (1)	279.3			87.4			184.8			20.7			55.9			—			628.1

The following table summarizes Eversource's segmented total assets:

Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations			Total
As of March 31, 2020	$	23,135.9	$	4,430.4	$	11,137.5	$	2,368.7	$	20,860.8	$	(20,284.3	)	$	41,649.0
As of December 31, 2019	22,541.9		4,345.5		10,904.0		2,351.7		20,469.6		(19,488.8		)	41,123.9

⁽¹⁾  See Note 1A, "Summary of Significant Accounting Policies - Basis of Presentation," for information regarding the correction of cash investments in plant reported in 2019.

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EVERSOURCE ENERGY AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related combined notes included in this combined Quarterly Report on Form 10-Q, as well as the Eversource 2019 combined Annual Report on Form 10-K.  References in this combined Quarterly Report on Form 10-Q to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries.  All per-share amounts are reported on a diluted basis.  The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."  

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations.  

The only common equity securities that are publicly traded are common shares of Eversource.  The earnings and EPS of each business discussed below do not represent a direct legal interest in the assets and liabilities of such business but rather represent a direct interest in our assets and liabilities as a whole.  EPS by business is a financial measure not recognized under GAAP, calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period.  Our earnings discussion also includes non-GAAP financial measures referencing our 2020 earnings and EPS excluding certain acquisition costs and our Q2 2019 earnings and EPS excluding the impairment charge for the NPT project.

We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our 2020 and 2019 results without including these items. We believe the acquisition costs and the NPT impairment charge are not indicative of our ongoing costs and performance.  Due to the nature and significance of these items on Net Income Attributable to Common Shareholders, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as an alternative to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as an indicator of operating performance.

From time to time, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts.  These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  You can generally identify our forward-looking statements through the use of words or phrases such as "estimate," "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "should," "could," and other similar expressions.  Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance.  These expectations, estimates, assumptions or projections may vary materially from actual results.  Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that could cause our actual results to differ materially from those contained in our forward-looking statements, including, but not limited to:

• cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers,

• disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly,

• the negative impacts of the novel coronavirus (COVID-19) pandemic on our customers, vendors, employees, regulators, and operations,

• changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability,

• ability or inability to commence and complete our major strategic development projects and opportunities,

• acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems,

• actions or inaction of local, state and federal regulatory, public policy and taxing bodies,

• substandard performance of third-party suppliers and service providers,

• fluctuations in weather patterns, including extreme weather due to climate change,

• changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model,

• contamination of, or disruption in, our water supplies,

• changes in levels or timing of capital expenditures, including the Columbia Gas of Massachusetts asset acquisition;

• changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations,

• changes in accounting standards and financial reporting regulations,

• actions of rating agencies, and

• other presently unknown or unforeseen factors.

Other risk factors are detailed in our reports filed with the SEC and updated as necessary, and we encourage you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect our actual results, many of which are beyond our control.  You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.  New factors emerge from time to time and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business

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or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see Item 1A, Risk Factors, included in this combined Quarterly Report on Form 10-Q and in Eversource's 2019 combined Annual Report on Form 10-K.  This combined Quarterly Report on Form 10-Q and Eversource's 2019 combined Annual Report on Form 10-K also describe material contingencies and critical accounting policies in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Combined Notes to Financial Statements.  We encourage you to review these items.

Financial Condition and Business Analysis

Executive Summary

The following items in this executive summary are explained in more detail in this combined Quarterly Report on Form 10-Q:

Earnings Overview and Future Outlook: 

• We earned $334.8 million, or $1.01 per share, in the first quarter of 2020, compared with $308.7 million, or $0.97 per share, in the first quarter of 2019. Results for the first quarter of 2020 include after-tax acquisition costs related to our planned purchase of the assets of Columbia Gas of Massachusetts (CMA) of $3.5 million, or $0.01 per share. Excluding those acquisition costs, we earned $338.3 million, or $1.02 per share, in the first quarter of 2020.

• Our electric distribution segment earned $130.1 million, or $0.39 per share, in the first quarter of 2020, compared with $120.1 million, or $0.38 per share, in the first quarter of 2019.  Our electric transmission segment earned $126.8 million, or $0.38 per share, in the first quarter of 2020, compared with $118.2 million, or $0.37 per share, in the first quarter of 2019. Our natural gas distribution segment earned $84.4 million, or $0.25 per share, in the first quarter of 2020, compared with $76.5 million, or $0.24 per share, in the first quarter of 2019.  Our water distribution segment earned $2.1 million in the first quarter of 2020, compared with $0.9 million in the first quarter of 2019.

• Eversource parent and other companies had a net loss of $8.6 million, or $0.02 per share, in the first quarter of 2020, compared with a net loss of $7.0 million, or $0.02 per share, in the first quarter of 2019.  Excluding acquisition costs, Eversource parent and other companies had a net loss of $5.1 million, or $0.01 per share, in the first quarter of 2020.

• We reaffirmed 2020 earnings of between $3.60 per share and $3.70 per share.

• In March 2020, the World Health Organization declared the outbreak of the 2019 novel coronavirus (COVID-19) a pandemic. As of the date of our filing, the outbreak of COVID-19 has not resulted in a significant financial or operational impact. We are continuing to closely monitor for COVID-19 pandemic related changes, as well as operate under our pandemic response plan; however, we cannot at this time predict the impact that the COVID-19 pandemic will have on our future financial condition and operations.

Liquidity:

• Cash flows provided by operating activities totaled $420.3 million in the first quarter of 2020, compared with $381.4 million in the first quarter of 2019. Investments in property, plant and equipment totaled $725.5 million in the first quarter of 2020, compared with $628.1 million in the first quarter of 2019.  Cash totaled $47.4 million as of March 31, 2020, compared with $15.4 million as of December 31, 2019. Our available borrowing capacity under our commercial paper programs totaled $1.27 billion as of March 31, 2020.

• In the first quarter of 2020, we issued 5,960,000 common shares, which resulted in proceeds of $419.8 million, net of issuance costs.

• In the first quarter of 2020, we issued $750 million of new long-term debt, consisting of $400 million by NSTAR Electric and $350 million by Eversource parent. Proceeds from these new issuances were used primarily to refinance investments in eligible green expenditures at NSTAR Electric and to pay short-term borrowings at Eversource parent.

• On May 6, 2020, our Board of Trustees approved a common share dividend payment of $0.5675 per share, payable on June 30, 2020 to shareholders of record as of May 20, 2020. On February 5, 2020, our Board of Trustees approved a common share dividend payment of $0.5675 per share, which was paid on March 31, 2020 to shareholders of record as of March 4, 2020.

Strategic:

• On February 26, 2020, Eversource and NiSource Inc. entered into an asset purchase agreement where Eversource would acquire certain assets that comprise NiSource’s local natural gas distribution business in Massachusetts for a purchase price of $1.1 billion. The liabilities to be assumed by Eversource specifically exclude any liabilities (past or future) arising out of, or related to, the fires and explosions that occurred on September 13, 2018 in Lawrence, Andover and North Andover, Massachusetts. The acquisition and resulting rate plan both require DPU and other approvals. The transaction is expected to close by the end of the third quarter of 2020.

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Impact of COVID-19

In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic and President Trump declared a national emergency affecting the entire United States where each state qualifies as being part of a national disaster. The spread of COVID-19 has adversely affected workforces, the overall economy and caused significant volatility in the financial markets. To date, we have not experienced significant operational or financial impacts directly related to the pandemic. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, we will continue to closely monitor how COVID-19 related developments affect Eversource. As of the date of our filing and based on information we have available, we are unable to predict the impacts that the COVID-19 pandemic will have on our future operations, financial position, results of operations, and cash flows. The extent of the impact to us in the future will vary and depend in large part on the duration, scope and severity of a national and global economic slowdown, risk of inflation, governmental and regulatory actions, the maintenance of a strong regional and national healthcare system, and the continued spread of the virus, which is mitigated through social distancing measures.

Operational: We provide a critical service to our customers and have taken extensive measures to maintain its reliability. We have implemented our company-wide pandemic plan, which guides our emergency response, business continuity, and the precautionary measures we are taking to ensure the safety, health, and well-being of our employees, our customers, and our communities. We continue to adjust our company-wide pandemic plan to assume various scenarios, including reduced workforce levels and limited mutual aid in the event of a significant storm event, and have implemented protective measures to mitigate the impact of COVID-19 on our workforce. We have implemented work from home policies where appropriate, resulting in nearly half of our employees working remotely. For our employees performing essential functions that are required onsite, such as field crews and system operations, we have taken significant safety measures, including establishing social distancing measures, enabling critical operations to be shifted to different control center locations if necessary, and increasing facility sanitization efforts and promoting both the availability and use of personal protective equipment. We have suspended non-critical work inside customer premises, which includes energy audits inside our customers’ homes and businesses; however, as of the date of our filing, we do not expect a significant impact on our 2020 energy efficiency program spending and efforts. At this time, our workforce staffing levels continue to enable us to safely and reliably deliver our critical services to customers. As of May 7, 2020, we had 31 confirmed employee cases of COVID-19. We had a total of 547 quarantined employees, of which 442 employees have returned to the workforce. 

Financial: Overall, our future financial position, results of operations, and cash flows could be negatively impacted by COVID-19 as it relates to the valuation of customer receivables, collectibility estimates and customer payment plans, elimination of late payment revenues, lower sales volumes primarily from PSNH's commercial and industrial customers, market volatility on our equity and debt securities, access to, as well as cost of, capital resources, and the ability of various third-party vendors and suppliers to fulfill their obligations.

As of March 31, 2020, our allowance for uncollectible customer receivable balance of $262.1 million, of which $172.2 million relates to hardship accounts that are specifically recovered in rates charged to customers, adequately reflected the collection risk and net realizable value for our receivables and has not been materially impacted by COVID-19.  We will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, COVID-19 developments, and analysis of aging-based quantitative assessments.  We are working closely with our state regulatory commissions and consumer advocates to develop several customer assistance measures, including more flexible and new payment plan options in order to mitigate the impact on customer rates in the future, as well as financial hardship and arrearage management programs for those customers who are unable to pay their utility bills. We are developing these long-term solutions for customers in order to help minimize the extent of the impact of COVID-19 on customer receivable balances and customers’ affordability in light of the current financial impact they may experience. In Connecticut, Massachusetts and New Hampshire, beginning in March, there is presently a moratorium on disconnections of residential and commercial customers for non-payment.  As of the date of our filing, although our operating companies are beginning to experience some lower cash collections from customers because of the moratorium on disconnections and the economic slowdown, it is not a significant reduction in customer payments. The ultimate amount and duration cannot be estimated at this time; however we anticipate that any potential reduction in operating cash flows will be mitigated by the use of our short-term borrowing facilities.  We believe that we will be able to develop a successful structure with our state regulatory commissions to recover our costs associated with COVID-19, while balancing the impact on our customers’ bills and our operating cash flows.  As such, as of the date of our filing, our uncollectible accounts have not been materially impacted.

An extended economic slowdown could result in lower demand for electricity, natural gas and/or water by our commercial and industrial customers. However, fluctuations in retail sales volumes for CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business are not expected to materially impact earnings due to their respective state regulatory commission-approved distribution revenue decoupling mechanisms. Overall, we believe our risk of exposure to lower demand and resulting lost sales revenues is limited as our regulated utilities, with the exception of PSNH, are under cost-of-service rates with revenue decoupling mechanisms, allowing for a true-up to occur as part of each company’s annual decoupling filing, and a significant portion of uncollectible expenses are tracked for ultimate recovery.

As of March 31, 2020, we did not have indicators of triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values. As of the date of our filing, based on information we have available and the current market trends, we do not expect an impairment to these assets for the remainder of 2020.

We continue to monitor Eversource’s and our operating companies’ ability to access the global capital and credit markets. At the onset of the pandemic in the United States, liquidity in the commercial paper credit market began to deteriorate rapidly. However, federal legislative actions, including actions taken by the Federal Reserve, have provided sufficient liquidity and stabilization of the credit markets. An extended economic slowdown could result in Eversource and our operating companies finding difficulty in accessing necessary capital resources and incurring higher costs for those capital resources. As of the date of our filing, based on information we have available and the current market trends, we believe we will continue to have access to liquidity and capital resources to successfully execute our projected 2020 capital expenditures and strategies. In addition, the successful execution of our timeline for developing our offshore wind projects is based on several factors, including state and federal

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siting and permitting approvals. Currently, we are developing mitigation plans to address permitting delays due to COVID-19 restrictions on our offshore wind projects. For further information, see "Business Development and Capital Expenditures - Offshore Wind Business" included in this Management’s Discussion and Analysis.

Pension and PBOP plan assets and obligations are remeasured annually using a December 31^st measurement date. Our future pension and PBOP obligations are highly dependent on benefit plan asset returns, interest rates, and discount rates, all of which could be materially impacted by the extended economic slowdown. Should these financial metrics be negatively impacted by COVID-19 as of December 31, 2020, it could result in the underperformance of our pension and PBOP plan investments, an increase in pension and PBOP obligations and employee benefit plan costs, and in a minimum pension funding requirement due by March 31, 2022 for the 2021 Plan year. We continue to monitor federal legislative pension developments that could provide additional pension funding relief. As of the date of our filing, it is difficult to determine whether the pandemic will have a material impact to our future pension and PBOP obligations and plan costs and minimum funding requirements. NSTAR Electric and NSTAR Gas recover qualified pension and PBOP expenses through a rate reconciling mechanism that fully tracks the change in net pension and PBOP expenses each year. Our electric transmission companies' rates provide for an annual true-up of estimated to actual costs, which include pension and PBOP expenses.

Earnings Overview

Consolidated:  Below is a summary of our earnings by business, which also reconciles the non-GAAP financial measures of consolidated non-GAAP earnings and EPS, as well as EPS by business, to the most directly comparable GAAP measures of consolidated Net Income Attributable to Common Shareholders and diluted EPS.

	For the Three Months Ended March 31,
	2020						2019
(Millions of Dollars, Except Per Share Amounts)	Amount			Per Share			Amount			Per Share
Net Income Attributable to Common   Shareholders (GAAP)	$	334.8		$	1.01		$	308.7		$	0.97
Regulated Companies	$	343.4		$	1.03		$	315.7		$	0.99
Eversource Parent and Other Companies	(5.1		)	(0.01		)	(7.0		)	(0.02		)
Non-GAAP Earnings	$	338.3		$	1.02		$	308.7		$	0.97
Acquisition-Related Costs (after-tax) (1)	(3.5		)	(0.01		)	—			—
Net Income Attributable to Common   Shareholders (GAAP)	$	334.8		$	1.01		$	308.7		$	0.97

⁽¹⁾ These costs are associated with our pending acquisition of the assets of Columbia Gas of Massachusetts.

Our consolidated earnings also include pre-tax COVID-19 related-charges of $2.1 million incurred in the first quarter of 2020.

Regulated Companies:  Our regulated companies comprise the electric distribution, electric transmission, natural gas distribution and water distribution segments. A summary of our segment earnings and EPS is as follows: 

	For the Three Months Ended March 31,
	2020				2019
(Millions of Dollars, Except Per Share Amounts)	Amount		Per Share		Amount		Per Share
Net Income - Regulated Companies	$	343.4	$	1.03	$	315.7	$	0.99
Electric Distribution	$	130.1	$	0.39	$	120.1	$	0.38
Electric Transmission	126.8		0.38		118.2		0.37
Natural Gas Distribution	84.4		0.25		76.5		0.24
Water Distribution	2.1		0.01		0.9		—
Net Income - Regulated Companies	$	343.4	$	1.03	$	315.7	$	0.99

Our electric distribution segment earnings increased $10.0 million in the first quarter of 2020, as compared to the first quarter of 2019, due primarily to base distribution rate increases at CL&P effective May 1, 2019, at NSTAR Electric effective January 1, 2020, and at PSNH effective July 1, 2019, higher earnings from CL&P's capital tracker mechanism due to increased electric system improvements, and lower operations and maintenance expense. The earnings increase was partially offset by higher depreciation expense, higher interest expense, the absence of the first quarter 2019 recognition of carrying charges on PSNH's 2013 through 2016 storm costs approved for recovery, investment loss in 2020, as compared to investment income in 2019 driven by market volatility, and higher property tax expense.

Our electric transmission segment earnings increased $8.6 million in the first quarter of 2020, as compared to the first quarter of 2019, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure.

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Our natural gas distribution segment earnings increased $7.9 million in the first quarter of 2020, as compared to the first quarter of 2019, due primarily to a base distribution rate increase at Yankee Gas effective January 1, 2020 and higher earnings from capital tracker mechanisms due to continued investments in natural gas infrastructure. The earnings increase was partially offset by higher operations and maintenance expense and higher depreciation expense.

Our water distribution segment earnings increased $1.2 million in the first quarter of 2020, compared to the first quarter of 2019 due primarily to higher revenues from Connecticut's capital tracker mechanism due to increased infrastructure improvements and lower depreciation expense.

Eversource Parent and Other Companies:  Eversource parent and other companies had a net loss of $8.6 million, or $0.02 per share, in the first quarter of 2020, compared with a net loss of $7.0 million, or $0.02 per share, in the first quarter of 2019.  The increased loss was due primarily to acquisition costs related to the pending acquisition of the assets of Columbia Gas of Massachusetts of $3.5 million, or $0.01 per share, partially offset by a higher return at Eversource Service as a result of increased investments in property, plant and equipment and lower interest expense.

Liquidity

Cash totaled $47.4 million as of March 31, 2020, compared with $15.4 million as of December 31, 2019.

Short-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.  Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas and Aquarion Water Company of Connecticut are also parties to a five-year $1.45 billion revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program.  

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program.  

The amount of borrowings outstanding and available under the commercial paper programs were as follows:

	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	738.4	$	1,224.9	$	711.6	$	225.1	3.38	%	1.98	%
NSTAR Electric Commercial Paper Program	88.0		10.5		562.0		639.5		1.25	%	1.63	%

There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of March 31, 2020 or December 31, 2019.

Amounts outstanding under the commercial paper programs and revolving credit facilities are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the NSTAR Gas long-term debt issuances in May 2020, $25.0 million of the current portion of long-term debt and $165.0 million of commercial paper borrowings under the Eversource parent commercial paper program were classified as Long-Term Debt as of March 31, 2020.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2020, there were intercompany loans from Eversource parent to CL&P of $219.0 million, to PSNH of $84.7 million, and to a subsidiary of NSTAR Electric of $38.4 million. As of December 31, 2019, there were intercompany loans from Eversource parent to CL&P of $63.8 million, to PSNH of $27.0 million, and to a subsidiary of NSTAR Electric of $30.3 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets.

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Long-Term Debt: The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)	Issuance/(Repayment)			Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
NSTAR Electric:
3.95% 2020 Debentures	$	400.0		March 2020	April 2030	Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019
5.10% Series E Senior Notes	(95.0		)	March 2020	March 2020	Paid at maturity
Other:
Eversource Parent 3.45% Series P Senior Notes	350.0			January 2020	January 2050	Paid short-term borrowings
NSTAR Gas 4.46% Series N First Mortgage Bonds	(125.0		)	January 2020	January 2020	Paid at maturity
Yankee Gas 4.87% Series K First Mortgage Bonds	(50.0		)	April 2020	April 2020	Paid at maturity
NSTAR Gas 2.33% Series R First Mortgage Bonds	75.0			May 2020	May 2025	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
NSTAR Gas 3.15% Series S First Mortgage Bonds	115.0			May 2020	May 2050	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes

Long-Term Debt Issuance Authorization: On January 27, 2020, the DPU approved NSTAR Gas' request for authorization to issue up to $270 million in long-term debt through December 31, 2021.

Rate Reduction Bonds: PSNH's RRB payments consist of principal and interest and are paid semi-annually. PSNH paid $21.6 million of RRB principal payments and $10.3 million of interest payments in the first quarter of 2020 and paid $30.7 million of RRB principal payments and $16.2 million of interest payments in the first quarter of 2019.

Common Share Issuance and Forward Sale Agreement: In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends.

Eversource previously issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price of $71.48 per share, as adjusted in accordance with the forward sale agreement.

The 2020 issuances of 5,960,000 common shares resulted in proceeds of $419.8 million, net of issuance costs and were reflected in shareholders' equity and as financing activities on the statement of cash flows.

Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 14, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS.

Eversource used the net proceeds received upon the direct issuance of common shares and the net proceeds received upon settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to fund capital spending and clean energy initiatives, and for general corporate purposes.

Cash Flows:  Cash flows provided by operating activities totaled $420.3 million in the first quarter of 2020, compared with $381.4 million in the first quarter of 2019. The increase in operating cash flows was due primarily to the timing of cash collections on our accounts receivables, partially offset by the timing of accounts payable cash payments and lower income tax refunds received in 2020 of $12.2 million.

On May 6, 2020, our Board of Trustees approved a common share dividend payment of $0.5675 per share, payable on June 30, 2020 to shareholders of record as of May 20, 2020. On February 5, 2020, our Board of Trustees approved a common share dividend payment of $0.5675 per share, which was paid on March 31, 2020 to shareholders of record as of March 4, 2020. In the first quarter of 2020, we paid cash dividends of $181.6 million and issued non-cash dividends of $5.9 million in the form of treasury shares, totaling dividends of $187.5 million, compared with cash dividends paid of $169.8 million in the first quarter of 2019.

Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan.

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In the first quarter of 2020, CL&P, NSTAR Electric and PSNH paid $69.5 million, $196.5 million, and $22.3 million, respectively, in common stock dividends to Eversource parent.

Investments in Property, Plant and Equipment on the statements of cash flows do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP expense.  In the first quarter of 2020, investments for Eversource, CL&P, NSTAR Electric, and PSNH were $725.5 million, $212.4 million, $247.5 million, and $88.7 million, respectively.

We expect the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with our existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Business Development and Capital Expenditures

Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the capitalized and deferred portions of pension and PBOP expense (all of which are non-cash factors), totaled $655.7 million in the first quarter of 2020, compared to $603.1 million in the first quarter of 2019.  These amounts included $55.4 million and $49.3 million in the first quarter of 2020 and 2019, respectively, related to information technology and facilities upgrades and enhancements, primarily at Eversource Service and The Rocky River Realty Company.

Electric Transmission Business:  Our consolidated electric transmission business capital expenditures increased by $3.6 million in the first quarter of 2020, as compared to the first quarter of 2019.  A summary of electric transmission capital expenditures by company is as follows:  

	For the Three Months Ended March 31,
(Millions of Dollars)	2020		2019
CL&P	$	84.8	$	112.2
NSTAR Electric	76.7		59.3
PSNH	46.3		27.7
NPT	—		5.0
Total Electric Transmission Segment	$	207.8	$	204.2

Eastern Massachusetts Transmission Projects: These projects consist of a portfolio of electric transmission upgrades in southern New Hampshire, northern Massachusetts and continuing into the greater Boston metropolitan area, of which 28 upgrades are in Eversource's service territory (two in New Hampshire and 26 in Massachusetts). The two New Hampshire upgrades, including the Merrimack Valley Reliability Project, have been placed in service, and 20 Massachusetts upgrades have been placed in service. On December 17, 2019, the Massachusetts Siting Board issued a favorable decision on the Sudbury-Hudson Reliability Project, the last project requiring such approval. On January 17, 2020, the Town of Sudbury and Protect Sudbury, a community group, appealed the decision to the Massachusetts Supreme Judicial Court and oral arguments were conducted on March 17, 2020. The majority of the remaining upgrades are under construction and are expected to be placed in service in 2021.  We estimate our portion of the investment will be approximately $750 million, of which $449.9 million has been spent and capitalized through March 31, 2020.

Hartford-Area Transmission Projects:  These projects consist of 27 projects in the Hartford, Connecticut area with an expected investment of approximately $350 million. As of March 31, 2020, 25 projects have been placed in service, and two projects are in active construction and are expected to be placed in service in the fourth quarter of 2020.  As of March 31, 2020, CL&P had spent and capitalized $281.9 million in costs associated with these projects.

Seacoast Reliability Project:  The Seacoast Reliability Project consists of a 13-mile, 115kV transmission line within several New Hampshire communities, using a combination of overhead, underground and underwater line designs to help meet the growing demand for electricity in the Seacoast region. On December 10, 2018, the NHSEC indicated its unanimous approval of the project, and subsequently issued its written decision on January 31, 2019. On May 13, 2019, two appeals of the NHSEC's approval orders were filed with the New Hampshire Supreme Court. On December 17, 2019, the Conservation Law Foundation requested the Court to withdraw its appeal, and the Court granted the request on December 20, 2019. For the pending appeal by a small group of property owners located adjacent to the project, oral arguments were conducted on March 10, 2020. This project is under construction and is scheduled to be completed in the second quarter of 2020. We estimate the investment will be approximately $125 million, of which PSNH had spent and capitalized $103.7 million in costs through March 31, 2020.

All project costs are anticipated to be fully recoverable through transmission rates.

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Distribution Business:  A summary of distribution capital expenditures is as follows:

	For the Three Months Ended March 31,
(Millions of Dollars)	CL&P		NSTAR Electric		PSNH		Total Electric		Natural Gas		Water		Total
2020
Basic Business	$	43.7	$	59.6	$	9.8	$	113.1	$	20.0	$	1.9	$	135.0
Aging Infrastructure	44.1		54.4		22.5		121.0		67.3		15.8		204.1
Load Growth and Other	15.0		24.0		3.1		42.1		10.8		0.1		53.0
Total Distribution	102.8		138.0		35.4		276.2		98.1		17.8		392.1
Solar	—		0.4		—		0.4		—		—		0.4
Total	$	102.8	$	138.4	$	35.4	$	276.6	$	98.1	$	17.8	$	392.5
2019
Basic Business	$	33.3	$	66.8	$	8.1	$	108.2	$	11.2	$	2.1	$	121.5
Aging Infrastructure	45.2		43.0		25.4		113.6		53.2		13.0		179.8
Load Growth and Other	14.3		17.4		3.9		35.6		10.0		0.4		46.0
Total Distribution	92.8		127.2		37.4		257.4		74.4		15.5		347.3
Solar	—		2.3		—		2.3		—		—		2.3
Total	$	92.8	$	129.5	$	37.4	$	259.7	$	74.4	$	15.5	$	349.6

For the electric distribution business, basic business includes the purchase of meters, tools, vehicles, information technology, transformer replacements, equipment facilities, and the relocation of plant.  Aging infrastructure relates to reliability and the replacement of overhead lines, plant substations, underground cable replacement, and equipment failures.  Load growth and other includes requests for new business and capacity additions on distribution lines and substation additions and expansions.

For the natural gas distribution business, basic business addresses daily operational needs including meters, pipe relocations due to public works projects, vehicles, and tools.  Aging infrastructure projects seek to improve the reliability of the system through enhancements related to cast iron and bare steel replacement of main and services, corrosion mediation, and station upgrades.  Load growth and other reflects growth in existing service territories including new developments, installation of services, and expansion.

For the water distribution business, basic business addresses daily operational needs including periodic meter replacement, water main relocation, facility maintenance, and tools. Aging infrastructure relates to reliability and the replacement of water mains, regulators, storage tanks, pumping stations, wellfields, reservoirs, and treatment facilities. Load growth and other reflects growth in our service territory, including improvements of acquisitions, installation of new services, and interconnections of systems.

Pending Acquisition of Assets of Columbia Gas of Massachusetts: On February 26, 2020, Eversource and NiSource Inc. entered into an asset purchase agreement (the Agreement) pursuant to which Eversource would acquire certain assets that comprise NiSource’s local natural gas distribution business in Massachusetts, which is doing business as Columbia Gas of Massachusetts (CMA). The purchase price of $1.1 billion includes a target working capital amount that is subject to adjustment to reflect actual working capital as of the closing date. Eversource would acquire approximately 330,000 residential, commercial, and industrial natural gas customers, as well as over 5,000 miles of natural gas distribution pipeline across more than 60 communities in Massachusetts.

The liabilities to be assumed by Eversource under the Agreement specifically exclude any liabilities (past or future) arising out of, or related to, the fires and explosions that occurred on September 13, 2018 in Lawrence, Andover and North Andover, Massachusetts related to the delivery of natural gas by CMA, including certain subsequent events, all as described and in the DPU's Order on Scope dated December 23, 2019 (D.P.U. 19-141) (the Greater Lawrence Incident or GLI). The liabilities to be assumed also exclude any further emergency events prior to the closing of the acquisition related to the restoration and reconstruction with respect to the GLI, including any losses arising out of, or related to, any litigation, demand, cause of action, claim, suit, investigation, proceeding, indemnification agreements or rights. Eversource is not assuming any of CMA's or NiSource Inc.'s debt.

The transaction requires approval from the DPU, the Maine Public Utilities Commission, the FERC, and the Federal Communications Commission, and it is subject to review under the Hart-Scott-Rodino Act, for which the relevant review period has expired. The resulting rate plan also requires DPU approval. Eversource expects to finance the asset acquisition through a combination of debt and equity issuances in a ratio that is consistent with our current consolidated capital structure. The transaction is expected to close by the end of the third quarter of 2020.

Offshore Wind Business: Our offshore wind business includes ownership interests in North East Offshore and Bay State Wind, which together hold PPAs and contracts for the Revolution Wind, South Fork Wind and Sunrise Wind projects, as well as offshore leases through BOEM. Our offshore wind projects are being developed and constructed through a joint and equal partnership with Ørsted. This partnership also participates in new procurement opportunities for offshore wind energy in the Northeast U.S.

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Eversource has a 50 percent ownership interest in North East Offshore, which holds the Revolution Wind and South Fork Wind projects, as well as a 257 square-mile lease off the coasts of Massachusetts and Rhode Island. Eversource also has a 50 percent ownership interest in Bay State Wind, which holds the Sunrise Wind project. Bay State Wind's separate 300-square-mile ocean lease is located approximately 25 miles south of the coast of Massachusetts adjacent to the North East Offshore area. In aggregate, the Bay State Wind and the North East Offshore lease sites jointly-owned by Eversource and Ørsted could eventually develop at least 4,000 MW of clean, renewable offshore wind energy. As of March 31, 2020, Eversource's total equity investment balance in its offshore wind business was $655.0 million.

Currently we are concluding on final offshore and onshore project designs and advancing the appropriate federal, state and local siting and permitting processes, all of which is competitively sensitive. Subject to finalization of these designs and processes, all of which are subject to change and modification as a result of our investment decisions, permit approval timelines and final design decisions, we currently expect to make investments in our offshore wind business of approximately $300 million to $400 million during 2020.

The following table provides a summary of the Eversource and Ørsted major projects with announced contracts:

Wind Project	State Servicing	Size (MW)	Term (Years)	Price per MWh	Pricing Terms	Contract Status
Revolution Wind	Rhode Island	400	20	$98.43	Fixed price contract; no price escalation	Approved
Revolution Wind	Connecticut	304	20	(1)	Fixed price contracts; no price escalation	Approved
South Fork Wind	New York (LIPA)	90	20	$160.33	2 percent average price escalation	Approved
South Fork Wind	New York (LIPA)	40	20	$86.25	2 percent average price escalation	(3)
Sunrise Wind	New York (NYSERDA)	880	25	$110.37 (2)	Fixed price contract; no price escalation	Approved

⁽¹⁾  The pricing for the Revolution Wind contracts in Connecticut has not been publicly disclosed.

⁽²⁾  Index Offshore Wind Renewable Energy Certificate (OREC) strike price.

⁽³⁾  The Long Island Power Authority (LIPA) agreed to expand the original 20-year PPA from 90 MW to 130 MW through an amendment to the original agreement. Negotiations are currently underway, and a final amendment is expected in the second quarter of 2020.

The completion dates for these projects are subject to federal permitting through BOEM, engineering, state siting and permitting in New York and Rhode Island, and finalizing a PPA amendment in New York. Significant delays in the siting and permitting process, including the timing of obtaining BOEM approval and the impact of COVID-19, could adversely impact the timing of these projects' in-service dates. At this time, we are unable to predict the impact of delays on the projects' in-service dates.

Currently, BOEM has indicated it will complete its Cumulative Impact Study as part of the Draft Supplemental Environmental Impact Statement (EIS) for a non-affiliated offshore wind project during the second quarter of 2020. The study is designed to assess the overall environmental impact of all offshore wind projects that are planned to be located in waters off of Rhode Island and Massachusetts.

Federal siting and permitting have commenced for the South Fork Wind project, as it has filed its Construction Operations Plan (COP) application with BOEM. South Fork Wind is designated as a “Covered Project” pursuant to Title 41 of the Fixing America’s Surface Transportation Act (“FAST41”) and a Major Infrastructure Project under Section 3(e) of Executive Order 13807, which provides greater federal attention on meeting the project’s permitting timelines. South Fork Wind previously filed federal and state applications in 2018. Although we have received BOEM's Notice of Intent for the South Fork Wind project (the first important milestone towards receiving the final permit), we have not received a confirmed permit schedule from BOEM outlining when the COP will be received.

On April 8, 2020, the state of New York Administrative Law Judge granted a 10-week delay to the South Fork Wind evidentiary hearing schedule, until September 30, 2020, due to ongoing COVID-19 work and travel restrictions. In addition, field work for South Fork Wind and Sunrise Wind in New York has been suspended due to COVID-19 restrictions. Currently, we are developing mitigation plans to address permitting delays due to COVID-19 restrictions on our offshore wind projects, which include delays in New York state for performing offshore site investigations, and onshore environmental and geotechnical surveys, in order to limit the impact and risk to our project siting and permit filing timelines.

Given that we have not received a confirmed permit schedule from BOEM outlining when the South Fork Wind COP will be received and that BOEM has not completed its Cumulative Impact Study, combined with impacts from the COVID-19 related shut-downs in New York, these impacts will very likely delay the in-service date of the South Fork Wind project to beyond the projected end of 2022 in-service date.

Revolution Wind filed its COP application with BOEM in March 2020 and will seek FAST41 designation by the end of 2020. Sunrise Wind's COP filing is planned in 2020. State agencies also will review siting applications for Revolution Wind and Sunrise Wind in New York and Rhode Island, with application filings planned in 2020. For Revolution Wind, we are awaiting BOEM to issue its Notice of Intent, which will outline the timeline for COP approval. For Sunrise Wind, we are currently unable to progress our offshore site surveys due to COVID-19 restrictions, which adversely impacts our COP application process. At this time, for the Revolution Wind and Sunrise Wind projects, we are unable to predict the impact of delays on their projected in-service dates of end of 2023 and end of 2024, respectively.

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FERC Regulatory Matters

FERC ROE Complaints: Four separate complaints were 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, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, 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 billed 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.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court).

All amounts associated with the first complaint period have been refunded. Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of March 31, 2020 and December 31, 2019. This reserve represents the difference between the billed rates 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, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of March 31, 2020 and December 31, 2019.

On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results.

The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent.

If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order.

On November 21, 2019, FERC issued an order concerning the transmission ROEs for the Midcontinent ISO transmission owners (MISO). In that order, FERC adopted another new methodology for determining base ROEs for MISO, which differed significantly from the methodology and framework set forth in its October 16, 2018 FERC order on the NETOs’ ROE dockets. On December 23, 2019, the NETOs filed a Supplemental Paper Hearing Brief and a Motion to supplement the record in the NETO ROE dockets to respond to the new methodology proposed in the MISO order, as there is uncertainty to whether it may be applied to the NETOs’ cases. On January 21, 2020, the FERC issued an order granting rehearing for further consideration to give the FERC more time to act on the substantive issues of the MISO ROE proceedings. Further changes to the methodology by FERC are possible as a result of the arguments in both the MISO and NETO proceedings.

Given the significant uncertainty relating to the October 2018 FERC order, the November 2019 FERC order to MISO, and the FERC's rehearing of the MISO order, the Company is unable to predict the potential effect of the MISO order on the NETO complaints or the outcome of the four complaints and concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods at this time. Further, the Company cannot reasonably estimate a range of gain or loss for any of the four complaint proceedings.

Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order.

A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource's after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods.

FERC Notice of Inquiry on ROE: On March 21, 2019, FERC issued a Notice of Inquiry (NOI) seeking comments from all stakeholders on FERC's policies for evaluating ROEs for electric public utilities, and interstate natural gas and oil pipelines. On June 26, 2019, the NETOs jointly filed comments supporting the methodology established in the FERC’s October 16, 2018 order with minor enhancements going forward. The NETOs jointly filed reply comments in the FERC ROE NOI on July 26, 2019. At this time, Eversource cannot predict how this proceeding will affect its transmission ROEs.

FERC Notice of Inquiry and Proposed Rulemaking on Transmission Incentives: On March 21, 2019, FERC issued a NOI seeking comments on FERC's policies for implementing electric transmission incentives. On June 26, 2019, Eversource filed comments requesting that FERC retain policies that have been effective in encouraging new transmission investment and remain flexible enough to attract investment in new and emerging transmission technologies. Eversource filed reply comments on August 26, 2019. On March 20, 2020, FERC issued a Notice of Proposed Rulemaking (NOPR) on transmission incentives. The NOPR intends to revise FERC’s electric transmission incentive policies to reflect competing uses of transmission due to generation resource mix, technological innovation and shifts in load patterns. FERC proposes to grant transmission incentives based on measurable project economics and reliability benefits to consumers rather than its current project risks and

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challenges framework.  Comments from interested parties on the NOPR are due July 1, 2020. At this time, Eversource cannot predict how these proceedings will affect its transmission incentives.

FERC Transmission Rate Settlement: On December 28, 2015, FERC initiated a proceeding to review the NETOs' regional and local transmission formula rates due to a lack of transparency, finding that the formula rates appeared to lack sufficient details to determine how costs are derived and recovered in rates. This proceeding was set for hearing but held in abeyance to provide time for settlement judge procedures. On August 17, 2018, a signed Settlement Agreement between twenty-eight parties, including all six New England state regulatory commissions, the NETOs (including CL&P, NSTAR Electric and PSNH) and other settling parties, was filed at the FERC. The Settlement Agreement included, among other things, a new formula rate template in which all regional and local transmission revenue requirements will be determined through a single formula rate. The Settlement Agreement was contested by a group of municipal entities and the FERC Trial Staff. On May 22, 2019, FERC rejected the Settlement Agreement and remanded the proceeding for hearings. The parties have been engaged in further settlement negotiations and reached an agreement in principle on October 22, 2019.  The FERC Chief Administrative Law Judge has approved three suspensions of the schedule for the NETOs to review the terms with other active parties and finalize the settlement. The procedural schedule has been suspended to June 8, 2020.

U.S. Federal Corporate Income Taxes: Effective January 1, 2018, the local transmission service rates were updated to reflect the lower U.S. federal corporate income tax rate that resulted from the Tax Cuts and Jobs Act. On June 28, 2018, FERC granted a one-time waiver of tariff provisions related to the federal corporate income tax rate so that, effective June 1, 2018, the regional transmission service rates also reflected the reduced federal corporate income tax rate of 21 percent. The local and regional transmission service rates do not currently reflect amortization of excess ADIT (EDIT) balances that resulted from the Act. On November 15, 2018, FERC issued a Policy Statement and a separate Notice of Proposed Rulemaking addressing accounting and rate issues related to ADIT changes resulting from the Act. On November 21, 2019, FERC issued its final rule requiring public utilities with transmission formula rates to make adjustments to ADIT and EDIT. On February 24, 2020, FERC granted Eversource’s motion for extension to July 31, 2020 to submit compliance filings.

Regulatory Developments and Rate Matters

Electric, Natural Gas and Water Utility Base Distribution Rates: The regulated companies’ distribution rates are set by their respective state regulatory commissions, and their tariffs include mechanisms for periodically adjusting their rates for the recovery of specific incurred costs. Other than as described below, for the first quarter of 2020, changes made to the regulated companies’ rates did not have a material impact on their earnings, financial position, or cash flows.  For further information, see "Financial Condition and Business Analysis – Regulatory Developments and Rate Matters" included in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2019 Form 10-K.

COVID-19 Regulatory Dockets: Beginning in March 2020, in Connecticut, Massachusetts and New Hampshire, there is presently a moratorium on disconnections of residential and commercial customers for non-payment of utility service.  Our operating companies have also eliminated late payment charges. In general, these moratoriums will remain in place until the declared COVID-19 state of emergency is lifted by each respective state Governor or further direction is provided by the respective state regulatory commissions.

In Connecticut, PURA opened a docket to address COVID-19 developments, including issuing an order on March 18, 2020 and April 29, 2020 that authorized electric, natural gas and water utilities to establish a regulatory asset for COVID-19 uncollectible customer receivable expenses and related costs.  PURA’s order on April 29, 2020 also allowed the inclusion of working capital costs in the regulatory asset, and authorized electric, natural gas and water utilities to establish a payment plan program designed to assist any customer who requests financial assistance during the COVID-19 pandemic. Additionally, on April 17, 2020, PURA issued a letter to Connecticut’s Congressional delegation explaining that reliable utility services are critical services paramount to the economic performance of the state and advocated in favor of directing stimulus funds to regulated public service companies that would be used to directly offset uncollectible customer receivable expenses.

In Massachusetts, on March 31, 2020, the DPU issued a request for comments on, among other things, best practices that regulated utilities should utilize when customer shut-off activities resume.  On April 17, 2020, a coalition of electric, natural gas and water utilities submitted a comprehensive response to the DPU that would enable the state’s utilities to provide flexible payment arrangements to those customers who need financial assistance, while simultaneously maintaining the financial integrity necessary to continue to conduct and finance utility operations through appropriate ratemaking treatment and the establishment of a regulatory asset for COVID-19 related expenses, including uncollectible customer receivable expenses, among other proposals.

Consistent with the above-described developments in Connecticut and Massachusetts, Eversource is working closely with the NHPUC on COVID-19 developments impacting our New Hampshire electric and water utilities, including the proposed establishment of flexible payment plan options for those customers who need financial assistance in order to mitigate the size of the uncollectible customer receivable balances that would be borne by all customers in the future.

Massachusetts:

NSTAR Electric Distribution Rates: As part of an inflation-based mechanism, NSTAR Electric submitted its second annual Performance Based Rate Adjustment filing on September 16, 2019 and the DPU approved a $33.6 million increase to base distribution rates on December 19, 2019 for effect on January 1, 2020.

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NSTAR Gas Rate Case: On November 8, 2019, NSTAR Gas filed its application with the DPU, which sought a distribution rate increase of $38.0 million. As part of this filing, NSTAR Gas also proposed to continue its ongoing Gas System Enhancement Program (GSEP), include the GSEP investments since 2015 into base rates, and implement a performance-based ratemaking plan. A final decision from the DPU is expected by October 30, 2020, with rates effective November 1, 2020.

New Hampshire:

Distribution Rates: On April 26, 2019, PSNH filed an application with the NHPUC for approval of a temporary annual base distribution rate increase, effective July 1, 2019. On June 27, 2019, the NHPUC approved a settlement agreement that was reached by PSNH, the NHPUC Staff, the Office of the Consumer Advocate, and another settling party, to implement a temporary annual base distribution rate increase of $28.3 million. Although new rates were implemented on August 1, 2019 to customers, the provisions of the temporary base distribution rate increase were effective July 1, 2019. The settlement agreement also permits PSNH to recover approximately $68.5 million in unrecovered storm costs over a five-year period beginning August 1, 2019, with debt carrying charges, which is included in the temporary rate increase.

On May 28, 2019, PSNH filed an application with the NHPUC for a permanent increase in base distribution rates of approximately $70 million, effective July 1, 2020, which includes the temporary rate increase request.  The temporary rates are subject to reconciliation based on the outcome of the permanent rate case now before the NHPUC. The NHPUC is permitted up to twelve months to adjudicate the permanent rate application from the date of filing.  On April 24, 2020, Governor Sununu issued an emergency order, which extends the maximum adjudication period by six months, for a maximum of 18 months. A decision by the NHPUC is now expected in the fourth quarter of 2020.  Temporary rates will remain in effect with a reconciliation of permanent rates retroactive to July 1, 2019 once permanent rates are set.

Draft Audit Report of Generation Asset Divestiture-Related Costs: On May 4, 2020, the NHPUC Audit Staff issued a draft report on the audit of PSNH’s generation asset divestiture-related costs and resulting securitized and stranded costs.  Responses are due no later than May 12, 2020, with a final NHPUC audit report expected on May 15, 2020.  We are currently evaluating the NHPUC audit findings and continue to believe the amounts deferred are probable of recovery.

Legislative and Policy Matters

Federal: On March 27, 2020, President Trump signed the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act.  Among other provisions, the CARES Act provides for loans and other benefits to small and large businesses, expanded unemployment insurance, direct payments to those with wages middle-income and below, new appropriations funding for health care and other priorities, and tax changes like deferrals of employer payroll tax liabilities coupled with an employee retention tax credit and rollbacks of Tax Cuts and Jobs Act limitations on net operating losses and certain business interest limitation.  For the year ended December 31, 2020, we expect an estimated cash flow benefit of about $35 million related to the deferral of employer payroll tax liability provision.  We will continue to evaluate the CARES Act impact; however, other than the cash flow benefit described, we do not expect the CARES Act to have a material impact.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and, at times, difficult, subjective or complex judgments.  Changes in these estimates, assumptions and judgments, in and of themselves, could materially impact our financial position, results of operations or cash flows.  Our management communicates to and discusses with the Audit Committee of our Board of Trustees significant matters relating to critical accounting policies.  Our critical accounting policies that we believed were the most critical in nature were reported in the Eversource 2019 Form 10-K.  There have been no material changes with regard to these critical accounting policies.

Other Matters

Accounting Standards:  For information regarding new accounting standards, see Note 1B, "Summary of Significant Accounting Policies – Accounting Standards," to the financial statements.

Contractual Obligations and Commercial Commitments:  There have been no material contractual obligations identified and no material changes

with regard to the contractual obligations and commercial commitments previously disclosed in the Eversource 2019 Form 10-K.

Web Site:  Additional financial information is available through our website at www.eversource.com.  We make available through our website a link to the SEC's EDGAR website (http://www.sec.gov/edgar/searchedgar/companysearch.html), at which site Eversource's, CL&P's, NSTAR Electric's and PSNH's combined Annual Reports on Form 10-K, combined Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports may be reviewed.  Information contained on the Company's website or that can be accessed through the website is not incorporated into and does not constitute a part of this combined Quarterly Report on Form 10-Q.

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RESULTS OF OPERATIONS – EVERSOURCE ENERGY AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for Eversource for the three months ended March 31, 2020 and 2019 included in this combined Quarterly Report on Form 10-Q:  

	For the Three Months Ended March 31,
(Millions of Dollars)	2020		2019		Increase/ (Decrease)
Operating Revenues	$	2,373.7	$	2,415.8	$	(42.1	)
Operating Expenses:
Purchased Power, Fuel and Transmission	876.5		974.9		(98.4		)
Operations and Maintenance	342.1		335.6		6.5
Depreciation	236.2		214.9		21.3
Amortization	49.8		71.0		(21.2		)
Energy Efficiency Programs	148.4		140.1		8.3
Taxes Other Than Income Taxes	181.5		184.6		(3.1		)
Total Operating Expenses	1,834.5		1,921.1		(86.6		)
Operating Income	539.2		494.7		44.5
Interest Expense	134.7		131.7		3.0
Other Income, Net	24.1		31.0		(6.9		)
Income Before Income Tax Expense	428.6		394.0		34.6
Income Tax Expense	91.9		83.4		8.5
Net Income	336.7		310.6		26.1
Net Income Attributable to Noncontrolling Interests	1.9		1.9		—
Net Income Attributable to Common Shareholders	$	334.8	$	308.7	$	26.1

Operating Revenues

Sales Volumes: A summary of our retail electric GWh sales volumes, our firm natural gas MMcf sales volumes, and our water MG sales volumes, and percentage changes, is as follows: 

	Electric				Firm Natural Gas				Water
	Sales Volumes (GWh)		Percentage Decrease		Sales Volumes (MMcf)		Percentage Decrease		Sales Volumes (MG)		Percentage Decrease
Three Months Ended March 31:	2020	2019			2020	2019			2020	2019
Traditional	1,906	1,968	(3.2	)%	—	—	—	%	434	451	(3.8	)%
Decoupled and Special Contracts (1)	10,465	11,183	(6.4	)%	39,062	45,376	(13.9	)%	4,372	4,378	(0.1	)%
Total Sales Volumes	12,371	13,151	(5.9	)%	39,062	45,376	(13.9	)%	4,806	4,829	(0.5	)%

⁽¹⁾  Special contracts are unique to Yankee Gas 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.

Weather, fluctuations in energy supply costs, conservation measures (including utility-sponsored energy efficiency programs), and economic conditions affect customer energy usage and water consumption.  Industrial sales volumes are less sensitive to temperature variations than residential and commercial sales volumes.  In our service territories, weather impacts both electric and water sales volumes during the summer and both electric and natural gas sales volumes during the winter; however, natural gas sales volumes are more sensitive to temperature variations than electric sales volumes.  Customer heating or cooling usage may not directly correlate with historical levels or with the level of degree-days that occur.

Fluctuations in retail electric sales volumes at PSNH impact earnings ("Traditional" in the table above).  For CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business, fluctuations in retail sales volumes do not materially impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms ("Decoupled" in the table above).  These distribution revenues are decoupled from their customer sales volumes, which breaks the relationship between sales volumes and revenues recognized.

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Operating Revenues: Operating Revenues by segment increased/(decreased) for the three months ended March 31, 2020, as compared to the same period in 2019, as follows:

(Millions of Dollars)	Three Months Ended
Electric Distribution	$	(28.6	)
Natural Gas Distribution	(20.3		)
Electric Transmission	29.2
Water Distribution	1.4
Other	36.5
Eliminations	(60.3		)
Total Operating Revenues	$	(42.1	)

Electric and Natural Gas Distribution Revenues:

Base Distribution Revenues:

• Base electric distribution revenues increased $31.8 million for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the impact of CL&P's base distribution rate increase effective May 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings, an NSTAR Electric base distribution rate increase effective January 1, 2020, and a PSNH temporary base distribution rate increase effective July 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings.

• Base natural gas distribution revenues increased $8.6 million for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to a base distribution rate increase at Yankee Gas effective January 1, 2020.

Tracked Distribution Revenues: Tracked distribution revenues consist of certain costs that are recovered from customers in retail rates through regulatory commission-approved cost tracking mechanisms and therefore, recovery of these costs has no impact on earnings.  However, tracked revenues do include certain incentives earned, return on rate base, and carrying charges that are billed in rates to customers, which do impact earnings. Costs recovered through cost tracking mechanisms include, among others, energy supply and natural gas supply procurement and other energy-related costs, electric retail transmission charges, energy efficiency program costs, electric restructuring and stranded cost recovery revenues (including securitized RRB charges), and additionally for NSTAR Electric, pension and PBOP benefits and net metering for distributed generation. Tracked revenues also include wholesale market sales transactions, such as sales of energy and energy-related products into the ISO-NE wholesale electricity market and the sale of RECs to various counterparties.

Tracked distribution revenues increased/(decreased) for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

	Electric Distribution			Natural Gas Distribution
(Millions of Dollars)	Three Months Ended			Three Months Ended
Retail Tariff Tracked Revenues:
Energy supply procurement	$	(111.0	)	$	(27.9	)
Retail transmission	(13.3		)	N/A
Other distribution tracking mechanisms	12.4			10.8
Wholesale Market Sales Revenue	39.5			(8.5		)

The decrease in energy supply procurement within electric distribution was driven primarily by lower average sales volumes and lower average prices. The increase in wholesale market sales revenue within electric distribution was due primarily to a new zero-carbon PPA entered into by CL&P in 2019, as required by regulation, from which the energy purchased from Millstone Nuclear Power Station (Millstone) was sold into the market beginning in the fourth quarter of 2019.

Electric Transmission Revenues:  Electric transmission revenues increased $29.2 million for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to continued investment in our transmission infrastructure.

Other Revenues and Eliminations: Other revenues primarily include the revenues of Eversource's service company, most of which are eliminated in consolidation. Eliminations are also primarily related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business.

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Purchased Power, Fuel and Transmission expense includes costs associated with purchasing electricity and natural gas on behalf of our customers.  These electric and natural gas supply costs are recovered from customers in rates through commission-approved cost tracking mechanisms, which have no impact on earnings (tracked costs).  Purchased Power, Fuel and Transmission expense decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

(Millions of Dollars)	Three Months Ended
Electric Distribution	$	(23.9	)
Natural Gas Distribution	(34.6		)
Transmission	(14.3		)
Eliminations	(25.6		)
Total Purchased Power, Fuel and Transmission	$	(98.4	)

The decrease in purchased power expense at the electric distribution business for the three months ended March 31, 2020, as compared to the same period in 2019, was driven primarily by lower average sales volumes and lower average prices associated with the procurement of energy supply, partially offset by the impact of energy purchases from the new Millstone PPA. The decrease in natural gas supply costs at our natural gas distribution business for the three months ended March 31, 2020, as compared to the same period in 2019, was due primarily to lower average sales volumes and prices.

The decrease in transmission costs for the three months ended March 31, 2020, as compared to the same period in 2019, was primarily the result of a decrease in the retail transmission cost deferral, which reflects the actual costs of transmission service compared to estimated amounts billed to customers, and a decrease in costs billed by ISO-NE that support regional grid investments. This was partially offset by an increase in Local Network Service charges, which reflects the cost of transmission service provided by Eversource over our local transmission network.

Operations and Maintenance expense includes tracked costs and costs that are part of base electric, natural gas and water distribution rates with changes impacting earnings (non-tracked costs).  Operations and Maintenance expense increased/(decreased) for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

(Millions of Dollars)	Three Months Ended
Base Electric Distribution (Non-Tracked Costs):
Storm Restoration Costs	$	(8.6	)
Employee-related expenses, including labor and benefits	(2.4		)
Operations-related expenses, including vegetation management, vehicles, and outside services	0.5
Shared corporate costs (including computer software depreciation at Eversource Service)	5.2
Other non-tracked operations and maintenance	3.4
Total Base Electric Distribution (Non-Tracked Costs)	(1.9		)
Base Natural Gas Distribution (Non-Tracked Costs)	1.2
Water Distribution	(0.3		)
Tracked Costs (Electric Distribution, Electric Transmission and Natural Gas Distribution) - Increase due primarily to higher electric transmission expenses and employee-related costs	10.7
Other and eliminations:
Eversource Parent and Other Companies - other operations and maintenance	26.5
Acquisition costs related to our planned purchase of the assets of CMA	4.9
Eliminations	(34.6		)
Total Operations and Maintenance	$	6.5

Depreciation expense increased for the three months ended March 31, 2020, as compared to the same period in 2019, due to higher utility plant in service balances.

Amortization expense includes the deferral of energy supply, energy-related costs and other costs that are included in certain regulatory commission-approved cost tracking mechanisms, and the amortization of certain costs as those costs are collected in rates.  This deferral adjusts expense to match the corresponding revenues. Energy supply and energy-related costs are recovered from customers in rates and have no impact on earnings. Amortization decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the deferral of energy supply and energy-related costs and an increase in the recovery of PSNH storm costs.

Energy Efficiency Programs expense increased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to higher spending for CL&P's and PSNH's energy efficiency programs, partially offset by a decrease in spending on certain large energy efficiency projects in 2020 compared to 2019 at NSTAR Electric due to timing. The costs for the majority of the state energy policy initiatives and expanded energy efficiency programs are recovered from customers in rates and have no impact on earnings.

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Taxes Other Than Income Taxes expense decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to a decrease of $10.7 million related to CL&P's remittance of energy efficiency funds to the State of Connecticut. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. The decrease is partially offset by an increase in property taxes as a result of higher utility plant balances.

Interest Expense increased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to an increase in interest on long-term debt as a result of new debt issuances ($6.8 million). Partially offsetting this increase was an increase in AFUDC related to debt funds and other capitalized interest ($3.1 million) and a decrease in interest on notes payable ($2.2 million).

Other Income, Net decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the absence in 2020 of the recognition of the equity component of the carrying charges related to PSNH storm costs recorded in interest income in 2019 ($5.2 million), and investment losses in 2020, as compared to investment income in 2019 driven by market volatility ($5.5 million). Partially offsetting these decreases was an increase related to pension, SERP and PBOP non-service income components ($5.3 million),

Income Tax Expense increased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to higher pre-tax earnings ($7.3 million), higher state taxes ($4.5 million), and items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($3.1 million), partially offset by an increase in share-based payment excess tax benefits ($4.8 million) and an increase in amortization of EDIT ($1.6 million).

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RESULTS OF OPERATIONS –

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for CL&P, NSTAR Electric and PSNH for the three months ended March 31, 2020 and 2019 included in this combined Quarterly Report on Form 10-Q:

	For the Three Months Ended March 31,
	CL&P							NSTAR Electric							PSNH
(Millions of Dollars)	2020		2019		Increase/ (Decrease)			2020		2019		Increase/ (Decrease)			2020		2019		Increase/ (Decrease)
Operating Revenues	$	899.7	$	849.2	$	50.5		$	733.8	$	797.6	$	(63.8	)	$	276.4	$	276.4	$	—
Operating Expenses:
Purchased Power and Transmission	374.7		319.8		54.9			242.4		330.1		(87.7		)	94.1		113.5		(19.4		)
Operations and Maintenance	135.6		130.6		5.0			122.3		113.0		9.3			47.1		52.6		(5.5		)
Depreciation	78.4		73.3		5.1			78.3		72.6		5.7			24.3		22.9		1.4
Amortization of Regulatory Assets, Net	6.6		35.7		(29.1		)	27.0		22.6		4.4			20.1		13.7		6.4
Energy Efficiency Programs	35.5		26.0		9.5			68.7		76.7		(8.0		)	9.4		6.7		2.7
Taxes Other Than Income Taxes	83.0		92.0		(9.0		)	48.8		44.8		4.0			19.8		17.3		2.5
Total Operating Expenses	713.8		677.4		36.4			587.5		659.8		(72.3		)	214.8		226.7		(11.9		)
Operating Income	185.9		171.8		14.1			146.3		137.8		8.5			61.6		49.7		11.9
Interest Expense	37.8		35.8		2.0			30.9		27.9		3.0			14.5		14.4		0.1
Other Income, Net	1.9		3.9		(2.0		)	12.2		11.1		1.1			3.2		7.0		(3.8		)
Income Before Income Tax Expense	150.0		139.9		10.1			127.6		121.0		6.6			50.3		42.3		8.0
Income Tax Expense	31.3		29.4		1.9			27.2		27.0		0.2			10.7		9.5		1.2
Net Income	$	118.7	$	110.5	$	8.2		$	100.4	$	94.0	$	6.4		$	39.6	$	32.8	$	6.8

Operating Revenues

Sales Volumes: A summary of our retail electric GWh sales volumes is as follows:

	For the Three Months Ended March 31,
	2020	2019	Decrease		Percentage Decrease
CL&P	4,941	5,350	(409	)	(7.6	)%
NSTAR Electric	5,524	5,833	(309	)	(5.3	)%
PSNH	1,906	1,968	(62	)	(3.2	)%

Fluctuations in retail electric sales volumes at PSNH impact earnings.  For CL&P and NSTAR Electric, fluctuations in retail electric sales volumes do not impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms.

Operating Revenues: Operating Revenues, which consist of base distribution revenues and tracked revenues further described below, increased $50.5 million at CL&P, decreased $63.8 million at NSTAR Electric and was unchanged at PSNH, for the three months ended March 31, 2020, as compared to the same period in 2019.

Base Distribution Revenues:

• CL&P's distribution revenues increased $13.4 million due primarily to the impact of its base distribution rate increase effective May 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings.

• NSTAR Electric's distribution revenues increased $7.6 million due primarily to the impact of its base distribution rate increase effective January 1, 2020.

• PSNH's distribution revenues increased $10.8 million due primarily to the impact of its temporary base distribution rate increase effective July 1, 2019, which includes recovery of storm costs and certain other items that do not impact earnings.

Tracked Revenues: Tracked distribution revenues consist of certain costs that are recovered from customers in retail rates through regulatory commission-approved cost tracking mechanisms and therefore, recovery of these costs has no impact on earnings.  However, tracked revenues do include certain incentives earned, return on rate base, and carrying charges that are billed in rates to customers, which do impact earnings. Costs recovered through cost tracking mechanisms include, among others, energy supply procurement and other energy-related costs, retail transmission charges, energy efficiency program costs, electric restructuring and stranded cost recovery revenues (including securitized RRB charges), and additionally for NSTAR Electric, pension and PBOP benefits and net metering for distributed generation.  Tracked revenues also include wholesale market sales transactions, such as sales of energy and energy-related products into the ISO-NE wholesale electricity market and the sale of RECs to various counterparties.

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Tracked revenues increased/(decreased) for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

(Millions of Dollars)	CL&P			NSTAR Electric			PSNH
Retail Tariff Tracked Revenues:
Energy supply procurement	$	(40.4	)	$	(57.1	)	$	(13.5	)
Retail transmission	(10.5		)	(4.9		)	2.1
Other distribution tracking mechanisms	30.4			(14.7		)	(3.3		)
Wholesale Market Sales Revenue	51.0			(10.0		)	(1.5		)

The decrease in energy supply procurement reflects both lower average sales volumes and lower average prices for the three months ended March 31, 2020, as compared to the same period in 2019.

Revenues from CL&P's other distribution tracking mechanisms include higher earnings from its capital tracker mechanism due to increased electric system improvements. CL&P's wholesale market sales revenue increased due primarily to energy sold in the wholesale market resulting from energy purchased from the new Millstone PPA.

Transmission Revenues: Transmission revenues increased $11.4 million at CL&P, $12.3 million at NSTAR Electric, and $5.5 million at PSNH for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to continued investment in our transmission infrastructure.

Eliminations: Eliminations are primarily related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business. The impact of eliminations decreased revenues by $5.5 million at CL&P, $8.0 million at NSTAR Electric and $0.4 million at PSNH for the three months ended March 31, 2020, as compared to the same period in 2019.

Purchased Power and Transmission expense includes costs associated with purchasing electricity on behalf of CL&P, NSTAR Electric and PSNH's customers.  These energy supply costs are recovered from customers in rates through commission-approved cost tracking mechanisms, which have no impact on earnings (tracked costs). Purchased Power and Transmission expense increased/(decreased) for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

(Millions of Dollars)	CL&P			NSTAR Electric			PSNH
Purchased Power Costs	$	71.2		$	(74.7	)	$	(20.4	)
Transmission Costs	(10.8		)	(4.9		)	1.4
Eliminations	(5.5		)	(8.1		)	(0.4		)
Total Purchased Power and Transmission	$	54.9		$	(87.7	)	$	(19.4	)

Purchased Power Costs: Included in purchased power costs are the costs associated with providing electric generation service supply to all customers who have not migrated to third party suppliers and the cost of energy purchase contracts, as required by regulation.

• The increase at CL&P was due primarily to the new Millstone PPA energy purchases, partially offset by lower average sales volumes and lower average prices associated with the procurement of energy supply.

• The decrease at both NSTAR Electric and PSNH was due primarily to lower average sales volumes of power procured on behalf of our customers, as well as lower average prices associated with the procurement of energy supply.

Transmission Costs: Included in transmission costs are charges that recover the cost of transporting electricity over high-voltage lines from generation facilities to substations, including costs allocated by ISO-NE to maintain the wholesale electric market.

• The decrease in transmission costs at CL&P and NSTAR Electric was due primarily to a reduction to the retail transmission cost deferral, which reflects the actual costs of transmission service compared to estimated amounts billed to customers and a decrease in costs billed by ISO-NE that support regional grid investments. This was partially offset by an increase in Local Network Service charges, which reflects the cost of transmission service provided by Eversource over our local transmission network.

• The increase in transmission costs at PSNH was primarily the result of an increase in Local Network Service charges. This was partially offset by a decrease in costs billed by ISO-NE that support regional grid investments.

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Operations and Maintenance expense includes tracked costs and costs that are part of base distribution rates with changes impacting earnings (non-tracked costs).  Operations and Maintenance expense increased/(decreased) for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

(Millions of Dollars)	CL&P			NSTAR Electric			PSNH
Base Electric Distribution (Non-Tracked Costs):
Storm restoration costs	$	(2.4	)	$	(4.4	)	$	(1.8	)
Employee-related expenses, including labor and benefits	0.2			(3.0		)	0.4
Operations-related expenses, including vegetation management, vehicles, and outside services	3.7			0.8			(4.0		)
Shared corporate costs (including computer software depreciation at Eversource Service)	2.1			2.4			0.7
Other non-tracked operations and maintenance	(2.1		)	4.3			1.2
Total Base Electric Distribution (Non-Tracked Costs)	1.5			0.1			(3.5		)
Tracked Costs:
Transmission expenses	(0.1		)	4.2			(0.9		)
Other tracked operations and maintenance	3.6			5.0			(1.1		)
Total Tracked Costs	3.5			9.2			(2.0		)
Total Operations and Maintenance	$	5.0		$	9.3		$	(5.5	)

Depreciation increased for the three months ended March 31, 2020, as compared to the same period in 2019, for CL&P, NSTAR Electric and PSNH due to higher net plant in service balances.

Amortization of Regulatory Assets, Net expense includes the deferral of energy supply, energy-related costs and other costs that are included in certain regulatory-approved cost tracking mechanisms, and the amortization of certain costs as those costs are collected in rates. This deferral adjusts expense to match the corresponding revenues. Energy supply and energy-related costs are recovered from customers in rates and have no impact on earnings. Amortization of Regulatory Assets, Net increased/decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

• The decrease at CL&P was driven primarily by the deferral of energy supply and energy-related costs, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs.

• The increase at NSTAR Electric was driven primarily by the deferral of energy supply and energy-related costs, and an increase in the recovery of costs associated with low-income customer programs.

• The increase at PSNH was due primarily to the deferral of energy supply and energy-related costs, and an increase in storm cost recovery.

Energy Efficiency Programs expense includes costs of various state energy policy initiatives and expanded energy efficiency programs that are recovered from customers in rates, most of which have no impact on earnings. Energy Efficiency Programs expense increased/decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

• The increase at CL&P and PSNH was due to higher spending for energy efficiency programs.

• The decrease at NSTAR Electric was due to the timing of spending on certain large energy efficiency projects in 2020, as compared to 2019.

Taxes Other Than Income Taxes increased/decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

• The decrease at CL&P was related to a $10.7 million decrease in the remittance of energy efficiency funds to the State of Connecticut. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. The decrease was partially offset by higher property taxes as a result of higher utility plant balances.

• The increases at NSTAR Electric and PSNH were due to higher property taxes as a result of higher utility plant balances.

Interest Expense increased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

• The increase at CL&P was due to higher interest on long-term debt ($3.5 million), partially offset by a decrease in interest expense on regulatory deferrals ($0.3 million) and an increase in AFUDC related to debt funds ($0.4 million).

• The increase at NSTAR Electric was due to higher interest on long-term debt ($3.1 million).

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Other Income, Net increased/decreased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

• The decrease at CL&P was due to investment losses in 2020, as compared to investment income in 2019 driven by market volatility ($5.1 million), partially offset by an increase related to pension, SERP and PBOP non-service income components ($1.7 million) and an increase in AFUDC related to equity funds ($1.3 million).

• The increase at NSTAR Electric was due to an increase in AFUDC related to equity funds ($1.0 million) and an increase related to pension, SERP and PBOP non-service income components ($0.9 million), partially offset by investment losses in 2020, as compared to investment income in 2019 driven by market volatility ($1.0 million).

• The decrease at PSNH was due to the absence in 2020 of the recognition of the equity component of the carrying charges related to storm costs recorded in interest income in 2019 ($5.2 million) and investment losses in 2020, as compared to investment income in 2019 driven by market volatility ($0.9 million). Partially offsetting these decreases were an increase related to pension, SERP and PBOP non-service income components ($1.4 million) and an increase in AFUDC related to equity funds ($1.3 million).

Income Tax Expense increased for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the following:

• The increase at CL&P was due to higher pre-tax earnings ($2.0 million), higher state taxes ($1.0 million) and items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.5 million), partially offset by an increase in share-based payment excess tax benefits ($1.6 million).

• The increase at NSTAR Electric was due to higher pre-tax earnings ($1.2 million), higher state taxes ($0.5 million) and flow-through items and permanent differences ($0.2 million), partially offset by an increase in share-based payment excess tax benefits ($1.7 million).

• The increase at PSNH was due to higher pre-tax earnings ($1.9 million) and higher state taxes ($0.5 million), partially offset by an increase in share-based payment excess tax benefits ($0.6 million) and flow-through items and permanent differences ($0.6 million).

EARNINGS SUMMARY

CL&P's earnings increased $8.2 million for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the base distribution rate increase effective May 1, 2019, higher earnings from its capital tracker mechanism, and an increase in transmission earnings driven by a higher transmission rate base. The earnings increase was partially offset by investment loss in 2020 compared to investment income in 2019 driven by market volatility, higher depreciation expense, higher operations and maintenance expense, and higher interest expense.

NSTAR Electric's earnings increased $6.4 million for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the base distribution rate increase effective January 1, 2020 and an increase in transmission earnings driven by a higher transmission rate base. The earnings increase was partially offset by higher interest expense, higher depreciation expense, and higher property tax expense.

PSNH's earnings increased $6.8 million for the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to the temporary base distribution rate increase effective July 1, 2019, an increase in transmission earnings driven by a higher transmission rate base, and lower operations and maintenance expense. The earnings increase was partially offset by the absence of the first quarter 2019 recognition of carrying charges on its 2013 through 2016 storm costs approved for recovery.

LIQUIDITY

Cash Flows: CL&P had cash flows provided by operating activities of $132.2 million for the three months ended March 31, 2020, as compared to $198.3 million in the same period of 2019.  The decrease in operating cash flows was due primarily to the timing of cash payments made on our accounts payable. Partially offsetting this unfavorable impact was the timing of cash collections for regulatory tracking mechanisms, the timing of collections on our accounts receivable, the timing of other working capital items and lower income tax refunds received of $5.2 million in 2020.

NSTAR Electric had cash flows provided by operating activities of $61.7 million for the three months ended March 31, 2020, as compared to $137.0 million in the same period of 2019.  The decrease in operating cash flows was due primarily to the timing of cash collections on our accounts receivable, the timing of cash payments made on our accounts payable and other working capital items, and the timing of collections for regulatory tracking mechanisms. In addition, there were lower income tax refunds received of $13.2 million in 2020.

PSNH had cash flows provided by operating activities of $58.5 million for the three months ended March 31, 2020, as compared to $86.1 million in the same period of 2019.  The decrease in operating cash flows was due primarily to income tax payments of $1.2 million in the first quarter of 2020, as compared to income tax refunds received of $20.3 million in the same period in 2019, and the timing of cash payments made on our accounts payable.

For further information on CL&P's, NSTAR Electric's and PSNH's liquidity and capital resources, see "Liquidity" and "Business Development and Capital Expenditures" included in this Management's Discussion and Analysis of Financial Condition and Results of Operations.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Information

Commodity Price Risk Management:  Our regulated companies enter into energy contracts to serve our customers, and the economic impacts of those contracts are passed on to our customers. Accordingly, the regulated companies have no exposure to loss of future earnings or fair values due to these market risk-sensitive instruments.  Eversource's Energy Supply Risk Committee, comprised of senior officers, reviews and approves all large-scale energy related transactions entered into by its regulated companies.

Other Risk Management Activities

Interest Rate Risk Management:  We manage our interest rate risk exposure in accordance with our written policies and procedures.

Credit Risk Management:  Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of our contractual obligations.  We serve a wide variety of customers and transact with suppliers that include IPPs, industrial companies, natural gas and electric utilities, oil and natural gas producers, financial institutions, and other energy marketers.  Margin accounts exist within this diverse group, and we realize interest receipts and payments related to balances outstanding in these margin accounts.  This wide customer and supplier mix generates a need for a variety of contractual structures, products and terms that, in turn, require us to manage the portfolio of market risk inherent in those transactions in a manner consistent with the parameters established by our risk management process.

Our regulated companies are subject to credit risk from certain long-term or high-volume supply contracts with energy marketing companies.  Our regulated companies manage the credit risk with these counterparties in accordance with established credit risk practices and monitor contracting risks, including credit risk.  As of March 31, 2020, our regulated companies held collateral (letters of credit or cash) of $15.0 million from counterparties related to our standard service contracts.  As of March 31, 2020, Eversource had $19.3 million of cash posted with ISO-NE related to energy transactions.

We have provided additional disclosures regarding interest rate risk management and credit risk management in Part II, Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," in Eversource's 2019 Form 10-K, which is incorporated herein by reference. There have been no additional risks identified and no material changes with regard to the items previously disclosed in the Eversource 2019 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Management, on behalf of Eversource, CL&P, NSTAR Electric and PSNH, evaluated the design and operation of the disclosure controls and procedures as of March 31, 2020 to determine whether they are effective in ensuring that the disclosure of required information is made timely and in accordance with the Securities Exchange Act of 1934 and the rules and regulations of the SEC.  This evaluation was made under management's supervision and with management's participation, including the principal executive officer and principal financial officer as of the end of the period covered by this Quarterly Report on Form 10-Q.  There are inherent limitations of disclosure controls and procedures, including the possibility of human error and the circumventing or overriding of the controls and procedures.  Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.  The principal executive officer and principal financial officer have concluded, based on their review, that the disclosure controls and procedures of Eversource, CL&P, NSTAR Electric and PSNH are effective to ensure that information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized, and reported within the time periods specified in SEC rules and regulations and (ii) is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

There have been no changes in internal controls over financial reporting for Eversource, CL&P, NSTAR Electric and PSNH during the quarter ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

57

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are parties to various legal proceedings.  We have disclosed certain legal proceedings in Part I, Item 3, "Legal Proceedings," and elsewhere in our 2019 Form 10-K.  These disclosures are incorporated herein by reference.  

There have been no material legal proceedings identified and no material changes with regard to the legal proceedings previously disclosed in our 2019 Form 10-K.

ITEM 1A. RISK FACTORS

We are subject to a variety of significant risks in addition to the matters set forth under our forward-looking statements section in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of this Quarterly Report on Form 10-Q.  We have identified a number of these risk factors in Part I, Item 1A, "Risk Factors," in our 2019 Form 10-K, which risk factors are incorporated herein by reference.  These risk factors should be considered carefully in evaluating our risk profile.  The following risk factor should be read in conjunction with the risk factors described in the 2019 Form 10-K.

The global pandemic of the 2019 novel coronavirus (COVID-19) has resulted in widespread disruption to the many systems and processes of daily life, as well as the overall economic market and outlook, which could cause various unfavorable impacts to our customers, vendors, employees, regulators, and operations and could adversely affect our financial position, results of operations and cash flows.

We are responding to COVID-19 by taking steps to mitigate the potential risks to Eversource posed by its spread. We provide a critical service to our customers, which means it is paramount that we keep our employees who operate our businesses safe and minimize unnecessary risk of exposure to COVID-19. We have updated and implemented our company-wide pandemic plan to address specific aspects of the COVID-19 pandemic. This plan guides our emergency response, business continuity, and the precautionary measures we are taking on behalf of employees and the public. As part of our pandemic plan, we are taking extra precautions to mitigate an adverse material impact to the following risk factors that we believe could continue to be impacted by COVID-19:

• Cybersecurity attacks: We have seen an increase in perimeter scanning for vulnerabilities, which can be leveraged to compromise a system, as well as phishing attempts targeted at our employees by outside parties to gain control of our systems and network. We continue to implement strong cybersecurity measures and educate our employees to ensure that our systems remain functional in order to both serve our operational needs with a remote workforce and keep them running to ensure uninterrupted service to our customers.

• Access to, or cost of, capital resources: We utilize the commercial paper market extensively for our short-term borrowing needs. At the onset of the pandemic in the United States, there had been reduced liquidity in the commercial paper credit market. However, federal legislative actions, as well as increased liquidity and the reduction in the federal funds rate by the Federal Reserve, have enabled the credit markets to function. We continue to monitor the ability for us to access the global capital and credit markets; however, we may find it difficult in the future should the economic slowdown continue.

• Actions of regulators: In Connecticut, Massachusetts and New Hampshire, there is presently a moratorium on disconnections of residential and commercial customers for non-payment. We also eliminated late payment charges across all our operating companies. We are working closely with our state regulatory commissions and consumer advocates to develop several customer assistance measures, including more flexible and new payment plan options in order to mitigate the impact on customer rates in the future, as well as financial hardship and arrearage management programs for those customers who are unable to pay their utility bills. We are developing these long-term solutions for customers in order to help minimize the extent of the impact of COVID-19 on customer receivable balances and customers’ affordability in light of the current financial impact they may experience. We believe that we will be able to develop a successful structure with our state regulatory commissions to recover our costs associated with COVID-19, while balancing the impact on our customers’ bills.

• Timing of strategic development opportunities: The successful execution of our timeline for developing our offshore wind projects is based on several factors, including state and federal siting and permitting approvals. Currently, there are delays in New York state for performing offshore site investigations, and onshore environmental and geotechnical surveys, which could have an impact on our project siting and permit filing timelines. On April 8, 2020, the state of New York Administrative Law Judge granted a ten-week delay until September 30, 2020 to the start of the South Fork Wind evidentiary hearing schedule due to ongoing COVID-19 work and travel restrictions. At this time, although we are unable to predict the impact of delays on our offshore wind projects, we are currently developing mitigation plans to address permitting delays due to COVID-19 restrictions on our offshore wind projects.

• Suppliers and Vendors: We have instituted measures to ensure our supply chain remains open to us; however, there could be global shortages that will impact our maintenance, capital programs, and storm response that we currently cannot anticipate.

• Loss of key personnel: We continue to adjust our pandemic plan to assume various scenarios including reduced workforce levels and limited mutual aid in the event of a significant storm event. We have implemented remote work arrangements for our workforce by enabling nearly half of our employees to work from home and taking extra precautions for our field-based employees. We have taken significant safety measures to ensure adequate social distancing for our field crews to safely provide essential services to our customers. We have also adopted protocols to ensure the safety and health of those employees who work onsite in critical facilities. We continue to monitor COVID-19 developments affecting our workforce and will take additional precautions that we determine are necessary in order to mitigate the impacts.

58

Although to date our workforce continues to be able to safely and reliably deliver our critical services to customers, we are unable to predict the extent of the impact of COVID-19 on our employees.

• Impact to Benefit Plans: As of March 31, 2020, under the Pension Protection Act, the funded status of our pension plan was approximately 100 percent, as compared to 111 percent as of December 31, 2019. The pension and PBOP plans' funded status is highly dependent on benefit plan asset returns, interest rates, and discount rates, all of which could be materially impacted by the extended economic slowdown. Should these financial metrics be negatively impacted by COVID-19 as of December 31, 2020, it could result in the underperformance of our pension and PBOP plan investments, an increase in pension and PBOP obligations and employee benefit plan costs, and in a minimum pension funding requirement due by March 31, 2022 for the 2021 Plan year. We continue to monitor federal legislative pension developments that could provide additional pension funding relief.

We currently cannot estimate the potential impact of COVID-19 to our financial position, results of operations and cash flows.

Other than as set forth above, there have been no additional risk factors identified and no material changes with regard to the risk factors previously disclosed in our 2019 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table discloses purchases of our common shares made by us or on our behalf for the periods shown below.  The common shares purchased consist of open market purchases made by the Company or an independent agent.  These share transactions related to matching contributions under the Eversource 401k Plan.

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)
January 1 - January 31, 2020	—	$	—	—	—
February 1 - February 29, 2020	—	—		—	—
March 1 - March 31, 2020	2,428	79.71		—	—
Total	2,428	$	79.71	—	—

59

ITEM 6. EXHIBITS

Each document described below is filed herewith, unless designated with an asterisk (*), which exhibits are incorporated by reference by the registrant under whose name the exhibit appears.

	Exhibit No.	Description
	Listing of Exhibits (Eversource)
*	4	Twelfth Supplemental Indenture between Eversource Energy and The Bank of New York Trust Company N.A., as Trustee, dated as of January 1, 2020, relating to $350 million of Senior Notes, Series P, Due 2050 (Exhibit 4.1, Eversource Energy Current Report on Form 8-K filed January 16, 2020, File No. 001-05324)
	31	Certification by the Chief Executive Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.1	Certification by the Chief Financial Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32	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)
	31	Certification by the Chairman of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.1	Certification by the Chief Financial Officer of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32	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)
*	4	Form of 3.95% Debenture due 2030 (Exhibit 4, NSTAR Electric Company Current Report on Form 8-K filed on March 26, 2020, File No. 001-02301)
	31	Certification by the Chairman of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.1	Certification by the Chief Financial Officer of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32	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)
	31	Certification by the Chairman of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.1	Certification by the Chief Financial Officer of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32	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 (Eversource, CL&P, NSTAR Electric, PSNH)
	101.INS	Inline XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
	101.SCH	Inline XBRL Taxonomy Extension Schema
	101.CAL	Inline XBRL Taxonomy Extension Calculation
	101.DEF	Inline XBRL Taxonomy Extension Definition

60

101.LAB	Inline XBRL Taxonomy Extension Labels
101.PRE	Inline XBRL Taxonomy Extension Presentation
104	The cover page from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in Inline XBRL

61

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	EVERSOURCE ENERGY
May 8, 2020	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE CONNECTICUT LIGHT AND POWER COMPANY
May 8, 2020	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NSTAR ELECTRIC COMPANY
May 8, 2020	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
May 8, 2020	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

62

EX-31

Exhibit 31

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James J. Judge, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eversource Energy (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	James J. Judge
	James J. Judge
	Chairman of the Board, President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Philip J. Lembo, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eversource Energy (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of Eversource Energy (the registrant) for the period ending March 31, 2020 as filed with the Securities and Exchange Commission (the Report), we, James J. Judge, Chairman of the Board, President and Chief Executive Officer of the registrant, and Philip J. Lembo, Executive Vice President and Chief Financial Officer of the registrant, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/	James J. Judge
	James J. Judge
	Chairman of the Board, President and Chief Executive Officer

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer

Date:  May 8, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-31

Exhibit 31

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James J. Judge, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Connecticut Light and Power Company (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	James J. Judge
	James J. Judge
	Chairman
	(Principal Executive Officer)

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Philip J. Lembo, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Connecticut Light and Power Company (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of The Connecticut Light and Power Company (the registrant) for the period ending March 31, 2020 as filed with the Securities and Exchange Commission (the Report), we, James J. Judge, Chairman of the registrant, and Philip J. Lembo, Executive Vice President and Chief Financial Officer of the registrant, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/	James J. Judge
	James J. Judge
	Chairman

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer

Date:  May 8, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-31

Exhibit 31

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James J. Judge, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of NSTAR Electric Company (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	James J. Judge
	James J. Judge
	Chairman
	(Principal Executive Officer)

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Philip J. Lembo, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of NSTAR Electric Company (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of NSTAR Electric Company (the registrant) for the period ending March 31, 2020 as filed with the Securities and Exchange Commission (the Report), we, James J. Judge, Chairman of the registrant, and Philip J. Lembo, Executive Vice President and Chief Financial Officer of the registrant, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/	James J. Judge
	James J. Judge
	Chairman

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer

Date:  May 8, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-31

Exhibit 31

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James J. Judge, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Company of New Hampshire (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	James J. Judge
	James J. Judge
	Chairman
	(Principal Executive Officer)

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Philip J. Lembo, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Company of New Hampshire (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 8, 2020

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of Public Service Company of New Hampshire (the registrant) for the period ending March 31, 2020 as filed with the Securities and Exchange Commission (the Report), we, James J. Judge, Chairman of the registrant, and Philip J. Lembo, Executive Vice President and Chief Financial Officer of the registrant, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/	James J. Judge
	James J. Judge
	Chairman

/s/	Philip J. Lembo
	Philip J. Lembo
	Executive Vice President and Chief Financial Officer

Date:  May 8, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	$ 155,570	$ 155,570
Rate Reduction Bonds	518,517	540,122
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	155,600	155,600
Long-Term Debt	14,431,000	14,098,200
Rate Reduction Bonds	561,700	583,300
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	156,000	162,000
Long-Term Debt	15,177,100	15,170,200
Rate Reduction Bonds	596,000	625,900
CL&P
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	116,200	116,200
CL&P | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	116,200	116,200
Long-Term Debt	3,518,100	3,518,100
Rate Reduction Bonds	0	0
CL&P | Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	113,800	117,800
Long-Term Debt	3,949,400	4,058,000
Rate Reduction Bonds	0	0
NSTAR Electric
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	43,000	43,000
NSTAR Electric | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	43,000	43,000
Long-Term Debt	3,642,300	3,342,100
Rate Reduction Bonds	0	0
NSTAR Electric | Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	42,200	44,200
Long-Term Debt	3,901,200	3,659,900
Rate Reduction Bonds	0	0
PSNH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate Reduction Bonds	518,517	540,122
PSNH | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	0	0
Long-Term Debt	951,700	951,600
Rate Reduction Bonds	561,700	583,300
PSNH | Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Not Subject to Mandatory Redemption	0	0
Long-Term Debt	995,800	1,005,700
Rate Reduction Bonds	$ 596,000	$ 625,900

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COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Equity [Abstract]
Dividends on preferred stock	$ 1,880	$ 1,880
Noncontrolling interest attributed to preferred stock of subsidiaries	$ 155,570		$ 155,570

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SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 27, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Issuance of Long-Term Debt	$ 750,000,000	$ 0
CL&P
Line of Credit Facility [Line Items]
Notes payable to Eversource parent	219,000,000.0			$ 63,800,000
PSNH
Line of Credit Facility [Line Items]
Notes payable to Eversource parent	84,700,000			27,000,000.0
NSTAR Electric
Line of Credit Facility [Line Items]
Issuance of Long-Term Debt	400,000,000	$ 0
Notes payable to Eversource parent	38,400,000			30,300,000
NSTAR Gas Company [Member]
Line of Credit Facility [Line Items]
Current portion of long-term debt	25,000,000.0
Amount of long-term debt approved for issuance			$ 270,000,000
Commercial Paper | NSTAR Electric
Line of Credit Facility [Line Items]
Maximum borrowing capacity	650,000,000
Line of Credit
Line of Credit Facility [Line Items]
Amount outstanding under line of credit	0			0
Line of Credit | NSTAR Electric
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 650,000,000
Debt instrument term	5 years
Amount outstanding under line of credit	$ 0			$ 0
Eversource Parent | Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,450,000,000
Issuance of Long-Term Debt	165,000,000.0
Eversource Parent | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,450,000,000
Debt instrument term	5 years

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MARKETABLE SECURITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Available-for-sale equity securities	$ 34.8		$ 45.7
Unrealized loss recorded in other income	9.1
Unrealized gains recorded in other income		$ 1.0
CYAPC and YAEC
Debt Securities, Available-for-sale [Line Items]
Available-for-sale equity securities	162.0		182.8
Marketable securities held in nuclear decommissioning trust	$ 198.7		$ 198.1

XML

DERIVATIVE INSTRUMENTS - Gross Fair Values and Net Amounts of Contracts (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Derivative Assets | CL&P | Level 3
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Commodity Supply and Price Risk Management	$ 12.8	$ 12.2
Netting	(0.4)	(0.4)
Net Amount Recorded as a Derivative	12.4	11.8
Long-term Derivative Assets | CL&P | Level 3
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Commodity Supply and Price Risk Management	68.2	67.5
Netting	(2.1)	(2.1)
Net Amount Recorded as a Derivative	66.1	65.4
Current Derivative Liabilities | CL&P | Level 3
Current and Long-Term Derivative Liabilities
Commodity Supply and Price Risk Management	(69.6)	(67.8)
Netting	0.0	0.0
Net Amount Recorded as a Derivative	(69.6)	(67.8)
Current Derivative Liabilities | Other | Level 2
Current and Long-Term Derivative Liabilities
Commodity Supply and Price Risk Management	(1.4)	(5.2)
Netting	0.3	0.0
Net Amount Recorded as a Derivative	(1.1)	(5.2)
Long-Term Derivative Liabilities | CL&P | Level 3
Current and Long-Term Derivative Liabilities
Commodity Supply and Price Risk Management	(342.7)	(338.6)
Netting	0.0	0.0
Net Amount Recorded as a Derivative	(342.7)	(338.6)
Long-Term Derivative Liabilities | Other | Level 2
Current and Long-Term Derivative Liabilities
Commodity Supply and Price Risk Management	(0.3)	(0.1)
Netting	0.0	0.0
Net Amount Recorded as a Derivative	$ (0.3)	$ (0.1)

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MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Debt Securities

The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.

	As of March 31, 2020									As of December 31, 2019
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	$	224.2	$	10.9	$	(0.6	)	$	234.5	$	228.4	$	5.8	$	(0.1	)	$	234.1

Contractual Maturities of Available-for-Sale Debt Securities

As of March 31, 2020, the contractual maturities of available-for-sale debt securities were as follows:  

Eversource (Millions of Dollars)	Amortized Cost		Fair Value
Less than one year (1)	$	56.5	$	56.6
One to five years	40.1		41.7
Six to ten years	38.6		41.4
Greater than ten years	89.0		94.8
Total Debt Securities	$	224.2	$	234.5

⁽¹⁾ 

Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets.

Marketable Securities Recorded at Fair Value on a Recurring Basis by Level

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:

Eversource (Millions of Dollars)	As of March 31, 2020		As of December 31, 2019
Level 1:
Mutual Funds and Equities	$	196.8	$	228.5
Money Market Funds	44.1		46.0
Total Level 1	$	240.9	$	274.5
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)	$	100.9	$	96.8
Corporate Debt Securities	45.9		44.0
Asset-Backed Debt Securities	13.7		12.9
Municipal Bonds	22.2		26.7
Other Fixed Income Securities	7.7		7.7
Total Level 2	$	190.4	$	188.1
Total Marketable Securities	$	431.3	$	462.6

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COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Environmental Sites and Related Reserves

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:

	As of March 31, 2020			As of December 31, 2019
	Number of Sites	Reserve (in millions)		Number of Sites	Reserve (in millions)
Eversource	55	$	79.1	57	$	81.0
CL&P	15	11.8		15	11.4
NSTAR Electric	13	6.2		15	8.0
PSNH	9	7.4		9	7.5

Summary of Exposure to Guarantees and Indemnifications

The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties as of March 31, 2020:  

Company	Description	Maximum Exposure (in millions)		Expiration Dates
Various	Surety Bonds (1)	$	30.0	2020 - 2023
Rocky River Realty Company and Eversource Service	Lease Payments for Real Estate	6.1		2024
Bay State Wind LLC	Real Estate Purchase	2.5		2020
Sunrise Wind LLC	Offshore Wind (2)	2.2		-

⁽¹⁾  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.  

⁽²⁾  On October 25, 2019, Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guaranty Sunrise Wind LLC’s performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The Company regularly reviews performance risk under this arrangement, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. As of March 31, 2020, the fair value of the guarantee was immaterial.

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Components of Basic and Diluted EPS

The following table sets forth the components of basic and diluted EPS:

Eversource (Millions of Dollars, except share information)	For the Three Months Ended
	March 31, 2020		March 31, 2019
Net Income Attributable to Common Shareholders	$	334.8	$	308.7
Weighted Average Common Shares Outstanding:
Basic	331,102,237		317,624,593
Dilutive Effect of:
Share-Based Compensation Awards and Other	747,233		691,489
Equity Forward Sale Agreement	1,087,683		—
Total Dilutive Effect	1,834,916		691,489
Diluted	332,937,153		318,316,082
Basic and Diluted EPS	$	1.01	$	0.97

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

A.    Environmental Matters

Eversource, CL&P, NSTAR Electric and PSNH 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 and PSNH 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:

	As of March 31, 2020			As of December 31, 2019
	Number of Sites	Reserve (in millions)		Number of Sites	Reserve (in millions)
Eversource	55	$	79.1	57	$	81.0
CL&P	15	11.8		15	11.4
NSTAR Electric	13	6.2		15	8.0
PSNH	9	7.4		9	7.5

Included in the 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 $67.4 million and $67.9 million as of March 31, 2020 and December 31, 2019, respectively, and related primarily to the natural gas business segment.

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 and PSNH'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 required environmental remediation.  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 and PSNH, in the form of guarantees. 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 and affiliates to external parties as of March 31, 2020:  

Company	Description	Maximum Exposure (in millions)		Expiration Dates
Various	Surety Bonds (1)	$	30.0	2020 - 2023
Rocky River Realty Company and Eversource Service	Lease Payments for Real Estate	6.1		2024
Bay State Wind LLC	Real Estate Purchase	2.5		2020
Sunrise Wind LLC	Offshore Wind (2)	2.2		-

⁽¹⁾  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.  

⁽²⁾  On October 25, 2019, Eversource parent issued a guaranty on behalf of its 50 percent-owned affiliate, Sunrise Wind LLC, whereby Eversource parent will guaranty Sunrise Wind LLC’s performance of certain obligations, in an amount not to exceed $15.4 million, under the Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement (the Agreement). The Agreement was executed on October 23, 2019, by and between the New York State Energy Research and Development Authority (NYSERDA) and Sunrise Wind LLC. The Company regularly reviews performance risk under this arrangement, and in the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded. As of March 31, 2020, the fair value of the guarantee was immaterial.

C.     Spent Nuclear Fuel Obligations - Yankee Companies

CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates.

The Yankee Companies collect 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 and NSTAR Electric 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 accept delivery of, and 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 previously awarded the Yankee Companies damages for Phases 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 a fourth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies sought monetary damages totaling $104.4 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (DOE Phase IV). On February 21, 2019, the Yankee Companies received a partial summary judgment and partial final judgment in their favor for the undisputed amount of monetary damages of $103.2 million. The court awarded CYAPC, YAEC and MYAPC damages of $40.7 million, $28.1 million and $34.4 million, respectively. The DOE did not appeal the court's judgment and the decision became final on April 23, 2019. On June 12, 2019, each of the Yankee Companies received the damages proceeds. On June 12, 2019, the court accepted an offer of judgment in the amount of $0.5 million to settle the disputed amount of approximately $1 million in Phase IV contested damages. The Yankee Companies received the $0.5 million payment in July 2019.

In September 2019, the Yankee Companies made a required informational filing with FERC as to the use of proceeds, for which approval was received in the fourth quarter of 2019. In December 2019, YAEC and MYAPC returned proceeds of $5.4 million and $21.0 million, respectively, to its member companies, of which the Eversource utilities (CL&P, NSTAR Electric and PSNH) received a total of $2.8 million from YAEC and $5.0 million from MYAPC. The Eversource utilities refund these amounts received to their utility customers. Also, in December 2019, CYAPC paid $29.0 million to the DOE to partially settle its pre-1983 spent nuclear fuel obligation.

D.    FERC ROE Complaints

Four separate complaints were 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, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, 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 billed 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.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, the FERC set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court).

All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH.

Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of March 31, 2020 and December 31, 2019. This reserve represents the difference between the billed rates 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, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of March 31, 2020 and December 31, 2019.

On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results.

The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent.

If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order.

On November 21, 2019, FERC issued an order concerning the transmission ROEs for the Midcontinent ISO transmission owners (MISO). In that order, FERC adopted another new methodology for determining base ROEs for MISO, which differed significantly from the methodology and framework set forth in its October 16, 2018 FERC order on the NETOs’ ROE dockets. On December 23, 2019, the NETOs filed a Supplemental Paper Hearing Brief and a Motion to supplement the record in the NETO ROE dockets to respond to the new methodology proposed in the MISO order, as there is uncertainty to whether it may be applied to the NETOs’ cases. On January 21, 2020, the FERC issued an order granting rehearing for further consideration to give the FERC more time to act on the substantive issues of the MISO ROE proceedings. Further changes to the methodology by FERC are possible as a result of the arguments in both the MISO and NETO proceedings.

Given the significant uncertainty relating to the October 2018 FERC order, the November 2019 FERC order to MISO, and the FERC's rehearing of the MISO order, the Company is unable to predict the potential effect of the MISO order on the NETO complaints or the outcome of the four complaints and concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaint periods at this time. Further, the Company cannot reasonably estimate a range of gain or loss for any of the four complaint proceedings.

Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order.

A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource's after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods.

E.    Eversource and NSTAR Electric Boston Harbor Civil Action

In 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 against 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 parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and remove portions of the existing cable. Construction of the new distribution cable was completed in August 2019 and removal of the portions of the existing cable was completed in January 2020. 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.

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MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

MARKETABLE SECURITIES

Eversource holds marketable securities that are primarily used to fund certain non-qualified executive benefits.  The trusts that hold marketable securities 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.

Equity Securities: Unrealized gains and losses on equity securities held in Eversource's non-qualified executive benefit trust are recorded in Other Income, Net on the statements of income. The fair value of these equity securities as of March 31, 2020 and December 31, 2019 was $34.8 million and $45.7 million, respectively.  For the three months ended March 31, 2020 and 2019, there were unrealized losses of $9.1 million and unrealized gains of $1.0 million, respectively, recorded in Other Income, Net related to these equity securities.

Eversource's equity securities also include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $162.0 million and $182.8 million as of March 31, 2020 and December 31, 2019, respectively.  Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and 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.

Available-for-Sale Debt Securities: The following is a summary of the available-for-sale debt securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets.

	As of March 31, 2020									As of December 31, 2019
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	$	224.2	$	10.9	$	(0.6	)	$	234.5	$	228.4	$	5.8	$	(0.1	)	$	234.1

Eversource's debt securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts in the amounts of $198.7 million and $198.1 million as of March 31, 2020 and December 31, 2019, respectively.

Unrealized gains and losses on available-for-sale debt securities held in Eversource's non-qualified benefit trust are recorded in Accumulated Other Comprehensive Income, excluding amounts related to credit losses or losses on securities intended to be sold, which are recorded in Other Income, Net. There have been no significant unrealized losses and no credit losses for the three months ended March 31, 2020 and 2019, and no allowance for credit losses as of March 31, 2020.  Factors considered in determining whether a credit loss exists include adverse conditions specifically affecting the issuer, the payment history, ratings and rating changes of the security, and the severity of the impairment.  For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. Debt securities included in Eversource's non-qualified benefit trust portfolio are investment-grade bonds with a lower default risk based on their credit quality.

As of March 31, 2020, the contractual maturities of available-for-sale debt securities were as follows:  

Eversource (Millions of Dollars)	Amortized Cost		Fair Value
Less than one year (1)	$	56.5	$	56.6
One to five years	40.1		41.7
Six to ten years	38.6		41.4
Greater than ten years	89.0		94.8
Total Debt Securities	$	224.2	$	234.5

⁽¹⁾  Amounts in the Less than one year category include securities in the CYAPC and YAEC spent nuclear fuel trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets.

Realized Gains and Losses:  Realized gains and losses are recorded in Other Income, Net for Eversource's 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 spent nuclear fuel trusts to compute the realized gains and losses on the sale of marketable securities.

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:

Eversource (Millions of Dollars)	As of March 31, 2020		As of December 31, 2019
Level 1:
Mutual Funds and Equities	$	196.8	$	228.5
Money Market Funds	44.1		46.0
Total Level 1	$	240.9	$	274.5
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)	$	100.9	$	96.8
Corporate Debt Securities	45.9		44.0
Asset-Backed Debt Securities	13.7		12.9
Municipal Bonds	22.2		26.7
Other Fixed Income Securities	7.7		7.7
Total Level 2	$	190.4	$	188.1
Total Marketable Securities	$	431.3	$	462.6

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 instruments 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.

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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross Fair Values and Net Amounts of Contracts

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:

		As of March 31, 2020									As of December 31, 2019
(Millions of Dollars)	Fair Value Hierarchy	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:
CL&P	Level 3	$	12.8		$	(0.4	)	$	12.4		$	12.2		$	(0.4	)	$	11.8
Long-Term Derivative Assets:
CL&P	Level 3	68.2			(2.1		)	66.1			67.5			(2.1		)	65.4
Current Derivative Liabilities:
CL&P	Level 3	(69.6		)	—			(69.6		)	(67.8		)	—			(67.8		)
Other	Level 2	(1.4		)	0.3			(1.1		)	(5.2		)	—			(5.2		)
Long-Term Derivative Liabilities:
CL&P	Level 3	(342.7		)	—			(342.7		)	(338.6		)	—			(338.6		)
Other	Level 2	(0.3		)	—			(0.3		)	(0.1		)	—			(0.1		)

⁽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.

Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used

The following is a summary of Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:

	As of March 31, 2020								As of December 31, 2019
CL&P	Range				Weighted Average (1)			Period Covered	Range					Period Covered
Capacity Prices	$	4.30	—	$5.82	$	4.81	per kW-Month	2024 - 2026	$	3.01	—	$7.34	per kW-Month	2023 - 2026
Forward Reserve Prices	0.80		—	1.90	1.35		per kW-Month	2020 - 2024	0.80		—	1.90	per kW-Month	2020 - 2024

⁽¹⁾ 

Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered.

Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis

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.

CL&P	For the Three Months Ended March 31,
(Millions of Dollars)	2020			2019
Derivatives, Net:
Fair Value as of Beginning of Period	$	(329.2	)	$	(356.5	)
Net Realized/Unrealized Losses Included   in Regulatory Assets	(16.4		)	(5.3		)
Settlements	11.8			8.7
Fair Value as of End of Period	$	(333.8	)	$	(353.1	)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2020

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 and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities).  Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire.

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 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 2019 Form 10-K, which was filed with the SEC on February 27, 2020. 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 and PSNH's financial position as of March 31, 2020 and December 31, 2019, and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2020 and 2019. The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for a full year.  

Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent.  Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method.

Eversource's utility subsidiaries' electric, natural gas and water distribution 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.

In March 2020, the World Health Organization declared the outbreak of the 2019 novel coronavirus (COVID-19) a pandemic and President Trump declared a national emergency affecting the entire United States where each state qualifies as being part of a national disaster. The spread of COVID-19 has adversely affected workforces, the overall economy and caused significant volatility in the financial markets. To date, Eversource has not experienced significant operational or financial impacts directly related to the pandemic. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, management will continue to closely monitor how COVID-19 related developments affect Eversource. As of the date of our filing and based on information available, management is unable to predict the impacts that the COVID-19 pandemic will have on future operations, financial position, results of operations, and cash flows. The extent of the impact in the future will vary and depend in large part on the duration, scope and severity of a national and global economic slowdown, risk of inflation, governmental and regulatory actions, the maintenance of a strong regional and national healthcare system, and the continued spread of the virus, which is mitigated through social distancing measures.

Our customer receivable balances and uncollectible accounts have not been materially impacted by COVID-19. We believe that we will be able to develop a successful structure with our respective state regulatory commissions to recover our costs associated with COVID-19, while balancing the impact on our customers’ bills. See Note 1C, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for further discussion of our evaluation of the allowance for doubtful accounts as of March 31, 2020 in light of the COVID-19 pandemic.

An extended economic slowdown could result in lower demand for electricity, natural gas and/or water by our commercial and industrial customers. However, fluctuations in retail sales volumes for CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business are not expected to materially impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms. The revenue decoupling mechanisms mitigate the impact of lower demand and resulting lost sales revenues by allowing for a true-up to occur as part of each company’s annual decoupling filing. These revenue decoupling mechanisms qualify as alternative revenue programs in accordance with accounting guidance for rate-regulated operations.

As of March 31, 2020, we did not have indicators of triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.

The Eversource and PSNH 2019 statements of cash flows and the 2019 segment footnote were revised to correct an error in the presentation of non-cash capital additions.  The impact of this revision on the statement of cash flows is a decrease to operating cash inflows in Accounts Payable of $46.6 million and a corresponding decrease to investing cash outflows in Investments in Property, Plant and Equipment for the quarter ended March 31, 2019.  This revision is not deemed material, individually or in the aggregate, to the previously issued financial statements.

Accounting Standards

Accounting Standards

Accounting Standards Issued but Not Yet Effective: In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The guidance is effective in the first quarter of 2021. The ASU is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH.

Accounting Standards Recently Adopted: On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a model for recognizing credit losses on financial instruments based on an estimate of current expected losses, requiring immediate recognition of credit losses expected over the life of a financial instrument. The Company determined the impacts of this standard on the allowance for credit losses on its financial instruments, primarily accounts receivable.  As of January 1, 2020, the Company recorded increases to the allowance for uncollectible accounts for late fees and other receivable amounts of $1.6 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The impact to retained earnings, net of tax, was $1.5 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively.

The Company also adjusted the allowance for uncollectible amounts of hardship receivables and other low-income assistance programs, which are ultimately collectible in rates at specified points in time under approved regulatory mechanisms. The impact on the allowance, which was offset in other long-term assets on the balance sheets, was an increase of $22.2 million and $21.3 million at Eversource and CL&P, respectively, and a decrease of $1.5 million at NSTAR Electric. See Note 1C, “Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts,” for further information.

The Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment as of January 1, 2020. The ASU simplified the accounting for goodwill impairment by removing a complex step in the goodwill impairment test. Under the guidance, goodwill impairment is measured as the amount by which its carrying value exceeds its fair value. The ASU is not expected to have an impact on the financial statements of Eversource.

On January 1, 2020, the Company adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligned the requirements for capitalizing costs incurred to implement a cloud computing arrangement with existing internal-use software guidance. The prospective implementation of this standard did not have any impact on the financial statements of Eversource, CL&P, NSTAR Electric or PSNH for the period ending March 31, 2020.

On January 1, 2020, the Company prospectively adopted ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modified fair value disclosure requirements. The standard includes new disclosure requirements for Level 3 unobservable inputs and eliminated the requirement to disclose certain information relating to transfers between levels. The modified disclosures are included in Note 1D, “Summary of Significant Accounting Policies - Fair Value Measurements,” and Note 4, “Derivative Instruments.”

Allowance for Uncollectible Accounts

Allowance for Uncollectible Accounts

Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts).

Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. Effective January 1, 2020, the current expected credit loss (CECL) model was applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded.

The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category.  Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectibility from customers, including current conditions, reasonable forecasts, and expectations of future collectibility and collection efforts. Management continuously assesses the collectibility of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators.  Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible.

As of March 31, 2020, management evaluated the adequacy of the allowance for uncollectible accounts in light of the COVID-19 pandemic and the economic downturn to date. This evaluation included an analysis of collection and customer payment trends in 2020, economic conditions, flexible payment plans and financial hardship arrearage management programs being offered to customers, and the impacts of federal governmental pandemic relief programs for our customers and the expansion of unemployment benefits initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. Based upon the evaluation performed, management concluded that the reserve balance as of March 31, 2020 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments.

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 NSTAR Electric and NSTAR Gas to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. As a result of the adoption of ASU 2016-13, management aligned the allowance for uncollectible hardship accounts across all regulatory jurisdictions, using a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. Implementation impacts of the accounting standard on the allowance for uncollectible hardship accounts are reflected in the rollforward of the uncollectible allowance in the table below. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance.

The total allowance for uncollectible accounts is included in Receivables, Net 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, long-lived assets and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs.

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. 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.  

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

Other Taxes

Other TaxesEversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers.

Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $10.7 million for the three months ended March 31, 2019. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the Eversource and CL&P statements of income.  

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. 

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 and the equity forward sale agreement, as if they were converted into outstanding common shares.  The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, 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.  

As described in Note 12, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement is determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price.

Restricted Cash

Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations.

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COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2020

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 and PSNH that were authorized and issued, as well as the respective per share par values:  

	Shares
			Authorized as of March 31, 2020 and December 31, 2019	Issued as of
	Par Value			March 31, 2020	December 31, 2019
Eversource	$	5	380,000,000	351,818,402	345,858,402
CL&P	$	10	24,500,000	6,035,205	6,035,205
NSTAR Electric	$	1	100,000,000	200	200
PSNH	$	1	100,000,000	301	301

Common Share Issuance and Forward Sale Agreement: In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends.

Eversource previously issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price of $71.48 per share, as adjusted in accordance with the forward sale agreement.

The 2020 issuances of 5,960,000 common shares resulted in proceeds of $419.8 million, net of issuance costs, and were reflected in shareholders' equity and as financing activities on the statement of cash flows.

Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 14, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS.

Eversource used the net proceeds received upon the direct issuance of common shares and the net proceeds received upon settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to fund capital spending and clean energy initiatives, and for general corporate purposes.

Treasury Shares: As of March 31, 2020 and December 31, 2019, there were 15,407,215 and 15,977,757 Eversource common shares held as treasury shares, respectively. As of March 31, 2020 and December 31, 2019, Eversource common shares outstanding were 336,411,187 and 329,880,645, respectively.

Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2020 and 2019. 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 March 31, 2020 and December 31, 2019. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.

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COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Site Contingency [Line Items]
Reserve balance	$ 79.1	$ 81.0
MGP Sites
Site Contingency [Line Items]
Reserve balance	$ 67.4	$ 67.9

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CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Capital Surplus, Paid In	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	The Connecticut Light and Power Company	The Connecticut Light and Power Company Common Shares	The Connecticut Light and Power Company Capital Surplus, Paid In	The Connecticut Light and Power Company Retained Earnings	The Connecticut Light and Power Company Accumulated Other Comprehensive Income (Loss)	NSTAR Electric Company	NSTAR Electric Company Common Shares	NSTAR Electric Company Capital Surplus, Paid In	NSTAR Electric Company Retained Earnings	NSTAR Electric Company Accumulated Other Comprehensive Income (Loss)	Public Service Company of New Hampshire	Public Service Company of New Hampshire Common Shares	Public Service Company of New Hampshire Capital Surplus, Paid In	Public Service Company of New Hampshire Retained Earnings	Public Service Company of New Hampshire Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2018		316,885,808						6,035,205					200					301
Balance at Dec. 31, 2018	$ 11,486,817	$ 1,669,392	$ 6,241,222	$ 3,953,974	$ (60,000)	$ (317,771)	$ 4,199,317	$ 60,352	$ 2,410,765	$ 1,727,899	$ 301	$ 3,730,155	$ 0	$ 1,633,442	$ 2,098,091	$ (1,378)	$ 1,302,541	$ 0	$ 678,134	$ 627,258	$ (2,851)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	310,558			310,558			110,471			110,471		94,014			94,014		32,781			32,781
Dividends on Common Shares	(169,757)			(169,757)			(99,000)			(99,000)		(60,600)			(60,600)		(19,000)			(19,000)
Dividends on Preferred Stock	(1,880)			(1,880)			(1,390)			(1,390)		(490)			(490)
Long-Term Incentive Plan Activity	(16,609)		(16,609)
Issuance of Treasury Shares (in shares)		461,662
Issuance of Treasury Shares	26,109		17,476			8,633
Capital Contributions from Eversource Parent												20,000		20,000
Other Comprehensive Income (Loss)	2,196				2,196		17				17	117				117	307				307
Balance (in shares) at Mar. 31, 2019		317,347,470						6,035,205					200					301
Balance at Mar. 31, 2019	$ 11,637,434	$ 1,669,392	6,242,089	4,092,895	(57,804)	(309,138)	4,209,415	$ 60,352	2,410,765	1,737,980	318	3,783,196	$ 0	1,653,442	2,131,015	(1,261)	1,316,629	$ 0	678,134	641,039	(2,544)
Balance (in shares) at Dec. 31, 2019	329,880,645	329,880,645						6,035,205					200					301
Balance at Dec. 31, 2019	$ 12,629,994	$ 1,729,292	7,087,768	4,177,048	(65,059)	(299,055)	4,387,825	$ 60,352	2,535,765	1,791,392	316	4,159,884	$ 0	1,813,442	2,346,287	155	1,391,733	$ 0	903,134	490,306	(1,707)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	336,633			336,633			118,738			118,738		100,390			100,390		39,601			39,601
Dividends on Common Shares	(187,462)			(187,462)			(69,500)			(69,500)		(196,500)			(196,500)		(22,300)			(22,300)
Dividends on Preferred Stock	$ (1,880)			(1,880)			(1,390)			(1,390)		(490)			(490)
Issuance of Common Shares (in shares)	5,960,000	5,960,000
Issuance of Common Shares	$ 432,100	$ 29,800	402,300
Long-Term Incentive Plan Activity	(15,295)		(15,295)
Issuance of Treasury Shares (in shares)		570,542
Issuance of Treasury Shares	27,746		17,230			10,516
Capital Stock Expense	(12,314)		(12,314)
Other Comprehensive Income (Loss)	$ 1,948				1,948		(1)				(1)	67				67	278				278
Balance (in shares) at Mar. 31, 2020	336,411,187	336,411,187						6,035,205					200					301
Balance at Mar. 31, 2020	$ 13,209,956	$ 1,759,092	$ 7,479,689	$ 4,322,825	$ (63,111)	$ (288,539)	$ 4,434,772	$ 60,352	$ 2,535,765	$ 1,838,340	$ 315	$ 4,063,190	$ 0	$ 1,813,442	$ 2,249,526	$ 222	$ 1,409,012	$ 0	$ 903,134	$ 507,307	$ (1,429)

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 47,425	$ 15,432
Receivables, Net (net of allowance for uncollectible accounts)	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
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 Income (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 Connecticut Light and Power Company
Current Assets:
Cash	3,785	0
Receivables, Net (net of allowance for uncollectible accounts)	389,102	400,927
Accounts Receivable from Affiliated Companies	33,701	24,577
Unbilled Revenues	49,982	56,465
Fuel, Materials, Supplies and REC Inventory	49,962	50,700
Regulatory Assets	290,630	178,607
Prepayments and Other Current Assets	69,767	73,184
Total Current Assets	886,929	784,460
Property, Plant and Equipment, Net	9,760,890	9,625,765
Deferred Debits and Other Assets:
Regulatory Assets	1,529,003	1,557,261
Other Long-Term Assets	250,243	217,705
Total Deferred Debits and Other Assets	1,779,246	1,774,966
Total Assets	12,427,065	12,185,191
Current Liabilities:
Notes Payable to Eversource Parent	219,000	63,800
Accounts Payable	331,491	374,698
Accounts Payable to Affiliated Companies	88,553	97,793
Obligations to Third Party Suppliers	50,335	56,952
Regulatory Liabilities	119,283	82,763
Derivative Liabilities	69,631	67,804
Other Current Liabilities	152,138	132,339
Total Current Liabilities	1,030,431	876,149
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,270,025	1,244,551
Regulatory Liabilities	1,179,663	1,164,991
Derivative Liabilities	342,701	338,594
Accrued Pension, SERP and PBOP	385,451	391,159
Other Long-Term Liabilities	149,693	147,586
Total Deferred Credits and Other Liabilities	3,327,533	3,286,881
Long-Term Debt	3,518,129	3,518,136
Noncontrolling Interest – Preferred Stock of Subsidiaries	116,200	116,200
Common Shareholders' Equity:
Common Shares	60,352	60,352
Capital Surplus, Paid In	2,535,765	2,535,765
Retained Earnings	1,838,340	1,791,392
Accumulated Other Comprehensive Income (Loss)	315	316
Common Shareholders' Equity	4,434,772	4,387,825
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	12,427,065	12,185,191
NSTAR Electric Company
Current Assets:
Cash	2,844	52
Receivables, Net (net of allowance for uncollectible accounts)	375,587	346,785
Accounts Receivable from Affiliated Companies	66,838	29,914
Unbilled Revenues	32,629	37,482
Fuel, Materials, Supplies and REC Inventory	178,510	124,060
Regulatory Assets	304,007	285,591
Prepayments and Other Current Assets	16,305	31,150
Total Current Assets	976,720	855,034
Property, Plant and Equipment, Net	9,614,555	9,472,770
Deferred Debits and Other Assets:
Regulatory Assets	1,225,314	1,250,029
Prepaid PBOP	172,244	166,058
Other Long-Term Assets	139,304	144,368
Total Deferred Debits and Other Assets	1,536,862	1,560,455
Total Assets	12,128,137	11,888,259
Current Liabilities:
Notes Payable	88,000	10,500
Notes Payable to Eversource Parent	38,400	30,300
Long-Term Debt – Current Portion	0	95,000
Accounts Payable	264,148	363,691
Accounts Payable to Affiliated Companies	93,344	96,307
Obligations to Third Party Suppliers	107,341	108,827
Renewable Portfolio Standards Compliance Obligations	179,075	150,429
Regulatory Liabilities	219,872	209,180
Other Current Liabilities	68,463	71,333
Total Current Liabilities	1,058,643	1,135,567
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,374,963	1,357,265
Regulatory Liabilities	1,515,732	1,516,585
Accrued Pension, SERP and PBOP	95,746	108,243
Other Long-Term Liabilities	334,538	320,629
Total Deferred Credits and Other Liabilities	3,320,979	3,302,722
Long-Term Debt	3,642,325	3,247,086
Noncontrolling Interest – Preferred Stock of Subsidiaries	43,000	43,000
Common Shareholders' Equity:
Common Shares	0	0
Capital Surplus, Paid In	1,813,442	1,813,442
Retained Earnings	2,249,526	2,346,287
Accumulated Other Comprehensive Income (Loss)	222	155
Common Shareholders' Equity	4,063,190	4,159,884
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	12,128,137	11,888,259
Public Service Company of New Hampshire
Current Assets:
Cash	19	413
Receivables, Net (net of allowance for uncollectible accounts)	99,792	99,934
Accounts Receivable from Affiliated Companies	10,176	6,763
Unbilled Revenues	42,344	48,146
Fuel, Materials, Supplies and REC Inventory	28,483	24,957
Regulatory Assets	102,438	84,053
Special Deposits	16,627	32,513
Prepayments and Other Current Assets	6,268	19,431
Total Current Assets	306,147	316,210
Property, Plant and Equipment, Net	3,187,282	3,129,506
Deferred Debits and Other Assets:
Regulatory Assets	843,904	861,672
Other Long-Term Assets	41,564	43,270
Total Deferred Debits and Other Assets	885,468	904,942
Total Assets	4,378,897	4,350,658
Current Liabilities:
Notes Payable to Eversource Parent	84,700	27,000
Rate Reduction Bonds – Current Portion	43,210	43,210
Accounts Payable	103,551	127,081
Accounts Payable to Affiliated Companies	32,707	37,946
Regulatory Liabilities	69,042	65,766
Accrued Interest	14,323	19,138
Other Current Liabilities	39,636	32,736
Total Current Liabilities	387,169	352,877
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	511,822	506,212
Regulatory Liabilities	411,959	413,381
Accrued Pension, SERP and PBOP	152,649	157,638
Other Long-Term Liabilities	36,022	37,075
Total Deferred Credits and Other Liabilities	1,112,452	1,114,306
Long-Term Debt	951,747	951,620
Rate Reduction Bonds	518,517	540,122
Common Shareholders' Equity:
Common Shares	0	0
Capital Surplus, Paid In	903,134	903,134
Retained Earnings	507,307	490,306
Accumulated Other Comprehensive Income (Loss)	(1,429)	(1,707)
Common Shareholders' Equity	1,409,012	1,391,733
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$ 4,378,897	$ 4,350,658

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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	$ 5,563,400	$ 5,514,700
Regulatory Liabilities	3,668,158	3,658,042
Accrued Interest (included in Other Current Liabilities)	611,706	676,685
Rate Reduction Bonds - Current Portion	43,210	43,210
Rate Reduction Bonds - Long-Term Portion	518,517	540,122
Securitized Stranded Costs
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	554,500	565,300
Other Regulatory Assets
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	136,500	125,400
Special Deposits
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted Cash	39,000	52,500
Other Long-Term Assets
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted Cash	3,200	3,200
PSNH
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	946,300	945,800
Regulatory Liabilities	411,959	413,381
Accrued Interest (included in Other Current Liabilities)	39,636	32,736
Rate Reduction Bonds - Current Portion	43,210	43,210
Rate Reduction Bonds - Long-Term Portion	518,517	540,122
PSNH | VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Rate Reduction Bonds - Current Portion	43,200	43,200
Rate Reduction Bonds - Long-Term Portion	518,500	540,100
PSNH | Securitized Stranded Costs
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	554,500	565,300
PSNH | Securitized Stranded Costs | VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	554,500	565,300
PSNH | Other Regulatory Assets
Condensed Balance Sheet Statements, Captions [Line Items]
Securitized Stranded Cost (included in Regulatory Assets)	13,800	14,700
PSNH | Other Regulatory Assets | VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Regulatory Liabilities	6,000	5,600
Accrued Interest (included in Other Current Liabilities)	3,300	8,600
PSNH | Special Deposits
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted Cash	16,600	32,500
PSNH | Special Deposits | VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted Cash	16,600	32,500
PSNH | Other Long-Term Assets
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted Cash	3,200	3,200
PSNH | Other Long-Term Assets | VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted Cash	$ 3,200	$ 3,200

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SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Segment Information and Segmented Total Assets

Eversource's segment information is as follows:

	For the Three Months Ended March 31, 2020
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution			Electric Transmission			Water Distribution			Other			Eliminations			Total
Operating Revenues	$	1,805.3		$	448.6		$	369.7		$	46.9		$	294.6		$	(591.4	)	$	2,373.7
Depreciation and Amortization	(167.3		)	(19.1		)	(67.5		)	(11.4		)	(21.3		)	0.6			(286.0		)
Other Operating Expenses	(1,439.6		)	(311.6		)	(106.8		)	(25.0		)	(257.0		)	591.4			(1,548.6		)
Operating Income	$	198.4		$	117.9		$	195.4		$	10.5		$	16.3		$	0.6		$	539.1
Interest Expense	$	(53.1	)	$	(11.4	)	$	(30.6	)	$	(8.7	)	$	(42.7	)	$	11.8		$	(134.7	)
Other Income, Net	12.5			1.4			5.2			0.1			468.1			(463.2		)	24.1
Net Income Attributable to Common Shareholders	130.1			84.4			126.8			2.1			442.2			(450.8		)	334.8
Cash Flows Used for Investments in Plant	315.8			99.1			232.8			18.5			59.3			—			725.5

	For the Three Months Ended March 31, 2019
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution			Electric Transmission			Water Distribution			Other			Eliminations			Total
Operating Revenues	$	1,833.9		$	468.9		$	340.5		$	45.5		$	258.1		$	(531.1	)	$	2,415.8
Depreciation and Amortization	(179.2		)	(20.4		)	(61.5		)	(11.8		)	(13.6		)	0.6			(285.9		)
Other Operating Expenses	(1,475.6		)	(341.3		)	(98.8		)	(25.0		)	(225.5		)	531.0			(1,635.2		)
Operating Income	$	179.1		$	107.2		$	180.2		$	8.7		$	19.0		$	0.5		$	494.7
Interest Expense	$	(49.2	)	$	(11.7	)	$	(30.6	)	$	(8.6	)	$	(44.2	)	$	12.6		$	(131.7	)
Other Income, Net	18.2			0.2			8.1			0.4			431.7			(427.6		)	31.0
Net Income Attributable to Common Shareholders	120.1			76.5			118.2			0.9			407.5			(414.5		)	308.7
Cash Flows Used for Investments in Plant (1)	279.3			87.4			184.8			20.7			55.9			—			628.1

The following table summarizes Eversource's segmented total assets:

Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations			Total
As of March 31, 2020	$	23,135.9	$	4,430.4	$	11,137.5	$	2,368.7	$	20,860.8	$	(20,284.3	)	$	41,649.0
As of December 31, 2019	22,541.9		4,345.5		10,904.0		2,351.7		20,469.6		(19,488.8		)	41,123.9

⁽¹⁾ 

See Note 1A, "Summary of Significant Accounting Policies - Basis of Presentation," for information regarding the correction of cash investments in plant reported in 2019.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Gross Tax Receipts [Line Items]
Gross receipts taxes	$ 43.1	$ 45.0
CL&P
Schedule of Gross Tax Receipts [Line Items]
Gross receipts taxes	$ 35.5	$ 36.2

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REGULATORY ACCOUNTING - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Regulatory Assets [Line Items]
Amount of regulatory costs not yet approved	$ 171.3	$ 146.0
CL&P
Regulatory Assets [Line Items]
Amount of regulatory costs not yet approved	82.6	51.8
PSNH
Regulatory Assets [Line Items]
Amount of regulatory costs not yet approved	16.9	18.0
NSTAR Electric
Regulatory Assets [Line Items]
Amount of regulatory costs not yet approved	$ 50.3	$ 55.7

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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water 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, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer.  The Electric Distribution reportable segment includes the results of NSTAR Electric's solar power facilities. 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.

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, 4) Eversource Water Ventures, Inc., parent company of Aquarion, 5) the results of other unregulated subsidiaries, which are not part of its core business, and 6) Eversource parent's equity ownership interests that are not consolidated, which primarily include the offshore wind business, a natural gas pipeline owned by Enbridge, Inc., and a renewable energy investment fund.

In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income.

Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment.

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 and PBOP expense.   

Eversource's segment information is as follows:

	For the Three Months Ended March 31, 2020
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution			Electric Transmission			Water Distribution			Other			Eliminations			Total
Operating Revenues	$	1,805.3		$	448.6		$	369.7		$	46.9		$	294.6		$	(591.4	)	$	2,373.7
Depreciation and Amortization	(167.3		)	(19.1		)	(67.5		)	(11.4		)	(21.3		)	0.6			(286.0		)
Other Operating Expenses	(1,439.6		)	(311.6		)	(106.8		)	(25.0		)	(257.0		)	591.4			(1,548.6		)
Operating Income	$	198.4		$	117.9		$	195.4		$	10.5		$	16.3		$	0.6		$	539.1
Interest Expense	$	(53.1	)	$	(11.4	)	$	(30.6	)	$	(8.7	)	$	(42.7	)	$	11.8		$	(134.7	)
Other Income, Net	12.5			1.4			5.2			0.1			468.1			(463.2		)	24.1
Net Income Attributable to Common Shareholders	130.1			84.4			126.8			2.1			442.2			(450.8		)	334.8
Cash Flows Used for Investments in Plant	315.8			99.1			232.8			18.5			59.3			—			725.5

	For the Three Months Ended March 31, 2019
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution			Electric Transmission			Water Distribution			Other			Eliminations			Total
Operating Revenues	$	1,833.9		$	468.9		$	340.5		$	45.5		$	258.1		$	(531.1	)	$	2,415.8
Depreciation and Amortization	(179.2		)	(20.4		)	(61.5		)	(11.8		)	(13.6		)	0.6			(285.9		)
Other Operating Expenses	(1,475.6		)	(341.3		)	(98.8		)	(25.0		)	(225.5		)	531.0			(1,635.2		)
Operating Income	$	179.1		$	107.2		$	180.2		$	8.7		$	19.0		$	0.5		$	494.7
Interest Expense	$	(49.2	)	$	(11.7	)	$	(30.6	)	$	(8.6	)	$	(44.2	)	$	12.6		$	(131.7	)
Other Income, Net	18.2			0.2			8.1			0.4			431.7			(427.6		)	31.0
Net Income Attributable to Common Shareholders	120.1			76.5			118.2			0.9			407.5			(414.5		)	308.7
Cash Flows Used for Investments in Plant (1)	279.3			87.4			184.8			20.7			55.9			—			628.1

The following table summarizes Eversource's segmented total assets:

Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations			Total
As of March 31, 2020	$	23,135.9	$	4,430.4	$	11,137.5	$	2,368.7	$	20,860.8	$	(20,284.3	)	$	41,649.0
As of December 31, 2019	22,541.9		4,345.5		10,904.0		2,351.7		20,469.6		(19,488.8		)	41,123.9

⁽¹⁾ 

See Note 1A, "Summary of Significant Accounting Policies - Basis of Presentation," for information regarding the correction of cash investments in plant reported in 2019.

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COMMON SHARES

3 Months Ended

Mar. 31, 2020

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 and PSNH that were authorized and issued, as well as the respective per share par values:  

	Shares
			Authorized as of March 31, 2020 and December 31, 2019	Issued as of
	Par Value			March 31, 2020	December 31, 2019
Eversource	$	5	380,000,000	351,818,402	345,858,402
CL&P	$	10	24,500,000	6,035,205	6,035,205
NSTAR Electric	$	1	100,000,000	200	200
PSNH	$	1	100,000,000	301	301

Common Share Issuance and Forward Sale Agreement: In June 2019, Eversource completed an equity offering consisting of 5,980,000 common shares issued directly by the Company and 11,960,000 common shares issuable pursuant to a forward sale agreement with an investment bank. Under the forward sale agreement, 11,960,000 common shares were borrowed from third parties and sold by the underwriters. The forward sale agreement allowed Eversource, at its election and prior to May 29, 2020, to physically settle the forward sale agreement by issuing common shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially, $71.48 per share) or, alternatively, to settle the forward sale agreement in whole or in part through the delivery or receipt of shares or cash. The forward sale price was subject to adjustment daily based on a floating interest rate factor and would decrease in respect of certain fixed amounts specified in the agreement, such as dividends.

Eversource previously issued 6,000,000 common shares under the forward sale agreement in December 2019. On March 23, 2020, Eversource physically settled a portion of the forward sale agreement by delivering 1,500,000 common shares in exchange for net proceeds of $105.7 million. Subsequently, on March 26, 2020, Eversource physically settled the remaining portion of the forward sale agreement by delivering 4,460,000 common shares in exchange for net proceeds of $314.1 million. The forward sale price used to determine the cash proceeds received by Eversource was calculated based on the initial forward sale price of $71.48 per share, as adjusted in accordance with the forward sale agreement.

The 2020 issuances of 5,960,000 common shares resulted in proceeds of $419.8 million, net of issuance costs, and were reflected in shareholders' equity and as financing activities on the statement of cash flows.

Issuances of shares under the forward sale agreement are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreement were recorded in the financial statements until settlements took place. Prior to any settlements, the only impact to the financial statements was the inclusion of incremental shares within the calculation of diluted EPS using the treasury stock method. See Note 14, "Earnings Per Share," to the financial statements for information on the forward sale agreement’s impact on the calculation of diluted EPS.

Eversource used the net proceeds received upon the direct issuance of common shares and the net proceeds received upon settlement of the forward sale agreement to repay short-term debt under the commercial paper program, to fund capital spending and clean energy initiatives, and for general corporate purposes.

Treasury Shares: As of March 31, 2020 and December 31, 2019, there were 15,407,215 and 15,977,757 Eversource common shares held as treasury shares, respectively. As of March 31, 2020 and December 31, 2019, Eversource common shares outstanding were 336,411,187 and 329,880,645, respectively.

Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2020 and 2019. 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 March 31, 2020 and December 31, 2019. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.

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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Public Utility Property, Plant, and Equipment

The following tables summarize property, plant and equipment by asset category:

Eversource	As of March 31, 2020			As of December 31, 2019
(Millions of Dollars)
Distribution - Electric	$	16,117.4		$	15,880.0
Distribution - Natural Gas	3,984.2			3,931.1
Transmission - Electric	11,059.4			10,958.4
Distribution - Water	1,730.2			1,726.5
Solar	200.5			200.2
Utility	33,091.7			32,696.2
Other (1)	1,073.2			1,025.6
Property, Plant and Equipment, Gross	34,164.9			33,721.8
Less:  Accumulated Depreciation
Utility	(7,572.4		)	(7,483.5		)
Other	(408.0		)	(387.4		)
Total Accumulated Depreciation	(7,980.4		)	(7,870.9		)
Property, Plant and Equipment, Net	26,184.5			25,850.9
Construction Work in Progress	1,856.9			1,734.6
Total Property, Plant and Equipment, Net	$	28,041.4		$	27,585.5

	As of March 31, 2020									As of December 31, 2019
(Millions of Dollars)	CL&P			NSTAR Electric			PSNH			CL&P			NSTAR Electric			PSNH
Distribution - Electric	$	6,607.8		$	7,250.8		$	2,299.1		$	6,485.5		$	7,163.7		$	2,271.1
Transmission - Electric	5,094.1			4,444.7			1,515.8			5,043.0			4,411.9			1,498.7
Solar	—			200.5			—			—			200.2			—
Property, Plant and Equipment, Gross	11,701.9			11,896.0			3,814.9			11,528.5			11,775.8			3,769.8
Less:  Accumulated Depreciation	(2,413.6		)	(2,925.2		)	(810.1		)	(2,385.7		)	(2,895.3		)	(799.9		)
Property, Plant and Equipment, Net	9,288.3			8,970.8			3,004.8			9,142.8			8,880.5			2,969.9
Construction Work in Progress	472.6			643.8			182.5			483.0			592.3			159.6
Total Property, Plant and Equipment, Net	$	9,760.9		$	9,614.6		$	3,187.3		$	9,625.8		$	9,472.8		$	3,129.5

⁽¹⁾ 

These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company.

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COMMITMENTS AND CONTINGENCIES - Environmental Sites and Related Reserves (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($) site	Dec. 31, 2019 USD ($) site
Site Contingency [Line Items]
Number of Sites | site	55	57
Reserve | $	$ 79.1	$ 81.0
CL&P
Site Contingency [Line Items]
Number of Sites | site	15	15
Reserve | $	$ 11.8	$ 11.4
NSTAR Electric
Site Contingency [Line Items]
Number of Sites | site	13	15
Reserve | $	$ 6.2	$ 8.0
PSNH
Site Contingency [Line Items]
Number of Sites | site	9	9
Reserve | $	$ 7.4	$ 7.5

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CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends on Common Shares (in dollars per share)	$ 0.5675	$ 0.535
Issuance of Common Shares, par value (in dollars per share)	$ 5

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Provision for uncollectible accounts	$ 262,078	$ 224,821
The Connecticut Light and Power Company
Provision for uncollectible accounts	130,876	97,348
NSTAR Electric Company
Provision for uncollectible accounts	71,111	75,406
Public Service Company of New Hampshire
Provision for uncollectible accounts	$ 11,154	$ 10,497

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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Narrative (Details) - PSNH - Rate Reduction Bonds $ in Millions	May 08, 2018 USD ($)
Debt Instrument [Line Items]
Amount of securitized rate reduction bonds issued	$ 635.7
Weighted average interest rate	3.66%

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REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	$ 4,108,100	$ 4,019,200
Less: Current Portion	439,859	361,152
Total Long-Term Regulatory Liabilities	3,668,158	3,658,042
EDIT due to Tax Cuts and Jobs Act
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	2,831,200	2,844,600
Cost of Removal
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	579,300	559,800
Benefit Costs
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	80,100	84,500
Regulatory Tracker Mechanisms
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	412,500	325,100
AFUDC - Transmission
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	74,400	73,200
Other Regulatory Liabilities
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	130,600	132,000
CL&P
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	1,299,000	1,247,800
Less: Current Portion	119,283	82,763
Total Long-Term Regulatory Liabilities	1,179,663	1,164,991
CL&P | EDIT due to Tax Cuts and Jobs Act
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	1,019,800	1,022,800
CL&P | Cost of Removal
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	77,400	64,600
CL&P | Benefit Costs
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	0	0
CL&P | Regulatory Tracker Mechanisms
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	121,700	94,800
CL&P | AFUDC - Transmission
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	45,700	46,000
CL&P | Other Regulatory Liabilities
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	34,400	19,600
NSTAR Electric
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	1,735,600	1,725,800
Less: Current Portion	219,872	209,180
Total Long-Term Regulatory Liabilities	1,515,732	1,516,585
NSTAR Electric | EDIT due to Tax Cuts and Jobs Act
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	1,063,900	1,071,200
NSTAR Electric | Cost of Removal
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	337,200	330,600
NSTAR Electric | Benefit Costs
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	68,600	72,200
NSTAR Electric | Regulatory Tracker Mechanisms
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	189,800	165,600
NSTAR Electric | AFUDC - Transmission
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	28,700	27,200
NSTAR Electric | Other Regulatory Liabilities
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	47,400	59,000
PSNH
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	481,000	479,200
Less: Current Portion	69,042	65,766
Total Long-Term Regulatory Liabilities	411,959	413,381
PSNH | EDIT due to Tax Cuts and Jobs Act
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	391,400	392,800
PSNH | Cost of Removal
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	14,800	16,300
PSNH | Benefit Costs
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	0	0
PSNH | Regulatory Tracker Mechanisms
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	64,100	57,000
PSNH | AFUDC - Transmission
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	0	0
PSNH | Other Regulatory Liabilities
Regulatory Liabilities [Line Items]
Total Regulatory Liabilities	$ 10,700	$ 13,100

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands, customer in Millions		3 Months Ended
	Feb. 26, 2020 USD ($)	Mar. 31, 2020 USD ($) customer utility	Mar. 31, 2019 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Summary of Accounting Policies [Line Items]
Number of electric, natural gas and water customers | customer		4,000,000
Decrease to operating cash flows inflows in accounts payable		$ (127,366)	$ (60,121)
Decrease to investing cash outflows in investments in property, plant and equipment		(725,520)	(628,129)
Allowance for uncollectible accounts for late fees and other receivable amounts		262,100			$ 224,800
Stockholders' equity		13,209,956	11,637,434		12,629,994	$ 11,486,817
Adoption of new accounting standard				$ (1,514)
Energy efficiency funds collected from customers to be remitted to the State of Connecticut		10,700
Columbia Gas of Massachusetts (CMA)
Summary of Accounting Policies [Line Items]
Purchase price	$ 1,100,000
Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity		4,322,825	4,092,895		4,177,048	3,953,974
Adoption of new accounting standard				(1,514)
NSTAR Electric
Summary of Accounting Policies [Line Items]
Decrease to operating cash flows inflows in accounts payable		(53,462)	(18,109)
Decrease to investing cash outflows in investments in property, plant and equipment		(247,549)	(208,540)
Allowance for uncollectible accounts for late fees and other receivable amounts		71,100			75,400
Stockholders' equity		4,063,190	3,783,196		4,159,884	3,730,155
Adoption of new accounting standard				(161)
NSTAR Electric | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity		2,249,526	2,131,015		2,346,287	2,098,091
Adoption of new accounting standard				(161)
CL&P
Summary of Accounting Policies [Line Items]
Decrease to operating cash flows inflows in accounts payable		(27,298)	75,373
Decrease to investing cash outflows in investments in property, plant and equipment		(212,374)	(189,423)
Allowance for uncollectible accounts for late fees and other receivable amounts		130,900			97,300
Stockholders' equity		$ 4,434,772	4,209,415		4,387,825	4,199,317
Adoption of new accounting standard				(900)
Period of accounts receivable recoverable under financial or medical duress		180 days
CL&P | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity		$ 1,838,340	1,737,980		1,791,392	1,727,899
Adoption of new accounting standard				(900)
PSNH
Summary of Accounting Policies [Line Items]
Decrease to operating cash flows inflows in accounts payable		(18,064)	11,762
Decrease to investing cash outflows in investments in property, plant and equipment		(88,694)	(64,361)
Allowance for uncollectible accounts for late fees and other receivable amounts		11,200			10,500
Stockholders' equity		1,409,012	1,316,629		1,391,733	1,302,541
Adoption of new accounting standard				(300)
PSNH | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity		$ 507,307	641,039		490,306	$ 627,258
Adoption of new accounting standard				(300)
Yankee Gas
Summary of Accounting Policies [Line Items]
Period of accounts receivable recoverable under financial or medical duress		90 days
Restatement Adjustment
Summary of Accounting Policies [Line Items]
Decrease to operating cash flows inflows in accounts payable			46,600
Decrease to investing cash outflows in investments in property, plant and equipment			46,600
Restatement Adjustment | PSNH
Summary of Accounting Policies [Line Items]
Decrease to operating cash flows inflows in accounts payable			46,600
Decrease to investing cash outflows in investments in property, plant and equipment			$ 46,600
Connecticut, Massachusetts and New Hampshire
Summary of Accounting Policies [Line Items]
Number of regulated utilities | utility		8
Revision of Prior Period, Adjustment
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					23,800
Revision of Prior Period, Adjustment | NSTAR Electric
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					(1,300)
Revision of Prior Period, Adjustment | CL&P
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					22,200
Revision of Prior Period, Adjustment | PSNH
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					300
Adoption Adjustment | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity				(1,500)
Adoption Adjustment | NSTAR Electric | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity				(200)
Adoption Adjustment | CL&P | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity				(900)
Adoption Adjustment | PSNH
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts				300
Adoption Adjustment | PSNH | Retained Earnings
Summary of Accounting Policies [Line Items]
Stockholders' equity				(300)
Retail (Non-Hardship), Wholesale, and Other Receivables
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts		$ 89,900			81,500
Retail (Non-Hardship), Wholesale, and Other Receivables | NSTAR Electric
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts		32,600			31,500
Retail (Non-Hardship), Wholesale, and Other Receivables | CL&P
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts		$ 20,200			17,200
Retail (Non-Hardship), Wholesale, and Other Receivables | Revision of Prior Period, Adjustment
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					2,200
Retail (Non-Hardship), Wholesale, and Other Receivables | Revision of Prior Period, Adjustment | NSTAR Electric
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					300
Retail (Non-Hardship), Wholesale, and Other Receivables | Revision of Prior Period, Adjustment | CL&P
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					900
Retail (Non-Hardship), Wholesale, and Other Receivables | Adoption Adjustment
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts				1,600
Retail (Non-Hardship), Wholesale, and Other Receivables | Adoption Adjustment | NSTAR Electric
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts				200
Retail (Non-Hardship), Wholesale, and Other Receivables | Adoption Adjustment | CL&P
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts				$ 900
Hardship Accounts and Other Low-Income Assistance Programs | Revision of Prior Period, Adjustment
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					22,200
Hardship Accounts and Other Low-Income Assistance Programs | Revision of Prior Period, Adjustment | NSTAR Electric
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					(1,500)
Hardship Accounts and Other Low-Income Assistance Programs | Revision of Prior Period, Adjustment | CL&P
Summary of Accounting Policies [Line Items]
Allowance for uncollectible accounts for late fees and other receivable amounts					$ 21,300

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Supplemental Cash Flow [Line Items]
Plant additions included in accounts payable	$ 273.7	$ 336.3
CL&P
Schedule of Supplemental Cash Flow [Line Items]
Plant additions included in accounts payable	85.0	121.9
NSTAR Electric
Schedule of Supplemental Cash Flow [Line Items]
Plant additions included in accounts payable	70.2	83.2
PSNH
Schedule of Supplemental Cash Flow [Line Items]
Plant additions included in accounts payable	$ 37.9	$ 30.4

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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent [Roll Forward]
OCI Before Reclassifications	$ 200	$ 700
Amounts Reclassified from AOCI	1,800	1,500
Other Comprehensive Income (Loss), Net of Tax	1,948	2,196
Total
AOCI Attributable to Parent [Roll Forward]
Balance	(65,100)	(60,000)
Other Comprehensive Income (Loss), Net of Tax	1,948	2,196
Balance	(63,100)	(57,800)
Qualified Cash Flow Hedging Instruments
AOCI Attributable to Parent [Roll Forward]
Balance	(3,000)	(4,400)
OCI Before Reclassifications	0	0
Amounts Reclassified from AOCI	200	300
Other Comprehensive Income (Loss), Net of Tax	200	300
Balance	(2,800)	(4,100)
Unrealized Gains on Marketable Securities
AOCI Attributable to Parent [Roll Forward]
Balance	700	(500)
OCI Before Reclassifications	200	700
Amounts Reclassified from AOCI	0	0
Other Comprehensive Income (Loss), Net of Tax	200	700
Balance	900	200
Defined Benefit Plans
AOCI Attributable to Parent [Roll Forward]
Balance	(62,800)	(55,100)
OCI Before Reclassifications	0	0
Amounts Reclassified from AOCI	1,600	1,200
Other Comprehensive Income (Loss), Net of Tax	1,600	1,200
Balance	$ (61,200)	$ (53,900)

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income Attributable to Common Shareholders	$ 334,753	$ 308,678
Weighted Average Common Shares Outstanding:
Basic (in shares)	331,102,237	317,624,593
Dilutive Effect of:
Share-Based Compensation Awards and Other (in shares)	747,233	691,489
Equity Forward Sale Agreement (in shares)	1,087,683	0
Dilutive Effect (in shares)	1,834,916	691,489
Diluted (in shares)	332,937,153	318,316,082
Basic EPS (in dollars per share)	$ 1.01	$ 0.97

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DERIVATIVE INSTRUMENTS - Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis (Details) - CL&P - Level 3 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivatives, Net [Rollforward]
Fair Value as of Beginning of Period	$ (329.2)	$ (356.5)
Net Realized/Unrealized Losses Included in Regulatory Assets	(16.4)	(5.3)
Settlements	11.8	8.7
Fair Value as of End of Period	$ (333.8)	$ (353.1)

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PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Public Utility, Property, Plant and Equipment [Line Items]
Distribution - Electric	$ 16,117,400	$ 15,880,000
Distribution - Natural Gas	3,984,200	3,931,100
Transmission - Electric	11,059,400	10,958,400
Distribution - Water	1,730,200	1,726,500
Solar	200,500	200,200
Utility	33,091,700	32,696,200
Other	1,073,200	1,025,600
Property, Plant and Equipment, Gross	34,164,900	33,721,800
Less: Accumulated Depreciation
Utility	(7,572,400)	(7,483,500)
Other	(408,000)	(387,400)
Total Accumulated Depreciation	(7,980,400)	(7,870,900)
Property, Plant and Equipment, Net	26,184,500	25,850,900
Construction Work in Progress	1,856,900	1,734,600
Total Property, Plant and Equipment, Net	28,041,356	27,585,470
CL&P
Public Utility, Property, Plant and Equipment [Line Items]
Distribution - Electric	6,607,800	6,485,500
Transmission - Electric	5,094,100	5,043,000
Solar	0	0
Property, Plant and Equipment, Gross	11,701,900	11,528,500
Less: Accumulated Depreciation
Total Accumulated Depreciation	(2,413,600)	(2,385,700)
Property, Plant and Equipment, Net	9,288,300	9,142,800
Construction Work in Progress	472,600	483,000
Total Property, Plant and Equipment, Net	9,760,890	9,625,765
NSTAR Electric
Public Utility, Property, Plant and Equipment [Line Items]
Distribution - Electric	7,250,800	7,163,700
Transmission - Electric	4,444,700	4,411,900
Solar	200,500	200,200
Property, Plant and Equipment, Gross	11,896,000	11,775,800
Less: Accumulated Depreciation
Total Accumulated Depreciation	(2,925,200)	(2,895,300)
Property, Plant and Equipment, Net	8,970,800	8,880,500
Construction Work in Progress	643,800	592,300
Total Property, Plant and Equipment, Net	9,614,555	9,472,770
PSNH
Public Utility, Property, Plant and Equipment [Line Items]
Distribution - Electric	2,299,100	2,271,100
Transmission - Electric	1,515,800	1,498,700
Solar	0	0
Property, Plant and Equipment, Gross	3,814,900	3,769,800
Less: Accumulated Depreciation
Total Accumulated Depreciation	(810,100)	(799,900)
Property, Plant and Equipment, Net	3,004,800	2,969,900
Construction Work in Progress	182,500	159,600
Total Property, Plant and Equipment, Net	$ 3,187,282	$ 3,129,506

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MARKETABLE SECURITIES - Marketable Securities Recorded at Fair Value on a Recurring Basis by Level (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 431.3	$ 462.6
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	240.9	274.5
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	190.4	188.1
Mutual Funds and Equities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	196.8	228.5
Money Market Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	44.1	46.0
U.S. Government Issued Debt Securities (Agency and Treasury) | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	100.9	96.8
Corporate Debt Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45.9	44.0
Asset-Backed Debt Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	13.7	12.9
Municipal Bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	22.2	26.7
Other Fixed Income Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 7.7	$ 7.7

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REVENUES (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Operating Revenues Disaggregated by Revenue Source

The following tables present operating revenues disaggregated by revenue source:

	For the Three Months Ended March 31, 2020
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution			Other		Eliminations			Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	963.8	$	238.0	$	—	$	27.8		$	—	$	—		$	1,229.6
Commercial	607.0		134.6		—		14.8			—		(1.0		)	755.4
Industrial	79.8		28.3		—		1.1			—		(3.2		)	106.0
Total Retail Tariff Sales Revenues	1,650.6		400.9		—		43.7			—		(4.2		)	2,091.0
Wholesale Transmission Revenues	—		—		336.3		—			17.3		(283.6		)	70.0
Wholesale Market Sales Revenues	91.0		13.2		—		0.8			—		—			105.0
Other Revenues from Contracts with Customers	19.1		0.9		3.4		1.9			277.3		(276.2		)	26.4
Amortization/(Reserve) for Revenues   Subject to Refund	2.3		0.5		—		(0.8		)	—		—			2.0
Total Revenues from Contracts with Customers	1,763.0		415.5		339.7		45.6			294.6		(564.0		)	2,294.4
Alternative Revenue Programs (1)	38.8		32.2		29.8		1.1			—		(27.4		)	74.5
Other Revenues (2)	3.5		0.9		0.2		0.2			—		—			4.8
Total Operating Revenues	$	1,805.3	$	448.6	$	369.7	$	46.9		$	294.6	$	(591.4	)	$	2,373.7

	For the Three Months Ended March 31, 2019
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution		Electric Transmission		Water Distribution			Other		Eliminations			Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	1,033.3		$	258.9	$	—	$	27.0		$	—	$	—		$	1,319.2
Commercial	652.6			143.8		—		14.3			—		(1.1		)	809.6
Industrial	82.1			30.9		—		1.1			—		(2.7		)	111.4
Total Retail Tariff Sales Revenues	1,768.0			433.6		—		42.4			—		(3.8		)	2,240.2
Wholesale Transmission Revenues	—			—		324.9		—			13.5		(270.8		)	67.6
Wholesale Market Sales Revenues	51.5			21.7		—		1.0			—		—			74.2
Other Revenues from Contracts with Customers	12.6			0.9		3.2		1.7			244.6		(245.4		)	17.6
Amortization/(Reserve) for Revenues Subject to Refund	(3.1		)	1.6		—		(0.8		)	—		—			(2.3		)
Total Revenues from Contracts with Customers	1,829.0			457.8		328.1		44.3			258.1		(520.0		)	2,397.3
Alternative Revenue Programs (1)	2.1			10.4		12.4		0.9			—		(11.1		)	14.7
Other Revenues (2)	2.8			0.7		—		0.3			—		—			3.8
Total Operating Revenues	$	1,833.9		$	468.9	$	340.5	$	45.5		$	258.1	$	(531.1	)	$	2,415.8

	For the Three Months Ended March 31, 2020									For the Three Months Ended March 31, 2019
(Millions of Dollars)	CL&P			NSTAR Electric			PSNH			CL&P			NSTAR Electric			PSNH
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	489.9		$	331.0		$	142.9		$	510.5		$	371.0		$	151.8
Commercial	226.4			301.9			79.1			236.7			336.5			79.8
Industrial	34.0			26.8			19.0			34.6			28.8			18.7
Total Retail Tariff Sales Revenues	750.3			659.7			241.0			781.8			736.3			250.3
Wholesale Transmission Revenues	151.8			134.8			49.7			154.8			122.6			47.5
Wholesale Market Sales Revenues	64.7			14.4			11.9			13.7			24.4			13.4
Other Revenues from Contracts with Customers	8.8			10.7			3.7			8.9			4.0			3.6
Amortization/(Reserve) for Revenues Subject to Refund	—			—			2.3			—			—			(3.1		)
Total Revenues from Contracts with Customers	975.6			819.6			308.6			959.2			887.3			311.7
Alternative Revenue Programs (1)	44.6			19.3			4.7			5.7			7.3			1.5
Other Revenues (2)	1.7			1.4			0.6			1.0			1.5			0.3
Eliminations	(122.2		)	(106.5		)	(37.5		)	(116.7		)	(98.5		)	(37.1		)
Total Operating Revenues	$	899.7		$	733.8		$	276.4		$	849.2		$	797.6		$	276.4

⁽¹⁾  CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and the Connecticut water distribution business each have a revenue decoupling mechanism approved by a regulatory commission. The revenue decoupling mechanisms mitigate the impact of lower demand and resulting lost sales revenues by allowing for a true-up to occur as part of each company’s annual decoupling filing. These revenue decoupling mechanisms qualify as alternative revenue programs in accordance with accounting guidance for rate-regulated operations. The increase in revenues from Alternative Revenue Programs for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019, was primarily the result of a higher decoupling deferral adjustment driven by lower distribution sales volumes in the first quarter of 2020. The decoupling deferral adjustment to revenues is recorded as a regulatory tracker mechanism within Regulatory Assets on the balance sheets.

⁽²⁾  

Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.1 million (including $0.2 million at CL&P, and $0.7 million at NSTAR Electric) and $1.0 million (including $0.2 million at CL&P, and $0.6 million at NSTAR Electric) for the three months ended March 31, 2020 and March 31, 2019, respectively.

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SHORT-TERM AND LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Borrowings Outstanding and Available under the Commecrial Paper Programs

The amount of borrowings outstanding and available under the commercial paper programs were as follows:

	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	738.4	$	1,224.9	$	711.6	$	225.1	3.38	%	1.98	%
NSTAR Electric Commercial Paper Program	88.0		10.5		562.0		639.5		1.25	%	1.63	%

Summary of Long-Term Debt Issuance and Repayments

The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)	Issuance/(Repayment)			Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
NSTAR Electric:
3.95% 2020 Debentures	$	400.0		March 2020	April 2030	Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019
5.10% Series E Senior Notes	(95.0		)	March 2020	March 2020	Paid at maturity
Other:
Eversource Parent 3.45% Series P Senior Notes	350.0			January 2020	January 2050	Paid short-term borrowings
NSTAR Gas 4.46% Series N First Mortgage Bonds	(125.0		)	January 2020	January 2020	Paid at maturity
Yankee Gas 4.87% Series K First Mortgage Bonds	(50.0		)	April 2020	April 2020	Paid at maturity
NSTAR Gas 2.33% Series R First Mortgage Bonds	75.0			May 2020	May 2025	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
NSTAR Gas 3.15% Series S First Mortgage Bonds	115.0			May 2020	May 2050	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values are as follows:

	Eversource				CL&P				NSTAR Electric				PSNH
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
As of March 31, 2020:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	156.0	$	116.2	$	113.8	$	43.0	$	42.2	$	—	$	—
Long-Term Debt	14,431.0		15,177.1		3,518.1		3,949.4		3,642.3		3,901.2		951.7		995.8
Rate Reduction Bonds	561.7		596.0		—		—		—		—		561.7		596.0
As of December 31, 2019:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	162.0	$	116.2	$	117.8	$	43.0	$	44.2	$	—	$	—
Long-Term Debt	14,098.2		15,170.2		3,518.1		4,058.0		3,342.1		3,659.9		951.6		1,005.7
Rate Reduction Bonds	583.3		625.9		—		—		—		—		583.3		625.9

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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

3 Months Ended

Mar. 31, 2020

Postemployment Benefits [Abstract]

PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

Eversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees.  In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide 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 employees that meet certain age and service eligibility requirements.

The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, are shown below.  The service cost component of net periodic benefit expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.

	Pension and SERP												PBOP
	For the Three Months Ended March 31, 2020												For the Three Months Ended March 31, 2020
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource			CL&P			NSTAR Electric			PSNH
Service Cost	$	19.6		$	5.7		$	3.8		$	2.2		$	2.6		$	0.5		$	0.6		$	0.2
Interest Cost	44.3			9.5			9.6			4.9			6.1			1.2			1.7			0.6
Expected Return on Plan Assets	(100.3		)	(20.0		)	(25.8		)	(11.3		)	(18.1		)	(2.4		)	(8.5		)	(1.4		)
Actuarial Loss	49.3			10.0			13.3			4.1			2.1			0.4			0.7			0.1
Prior Service Cost/(Credit)	0.3			—			0.1			—			(5.4		)	0.2			(4.2		)	0.1
Total Net Periodic Benefit Expense/(Income)	$	13.2		$	5.2		$	1.0		$	(0.1	)	$	(12.7	)	$	(0.1	)	$	(9.7	)	$	(0.4	)
Intercompany Allocations	N/A			$	1.9		$	1.9		$	0.6		N/A			$	(0.4	)	$	(0.4	)	$	(0.2	)

	Pension and SERP												PBOP
	For the Three Months Ended March 31, 2019												For the Three Months Ended March 31, 2019
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource			CL&P			NSTAR Electric			PSNH
Service Cost	$	19.3		$	4.8		$	3.9		$	2.6		$	2.1		$	0.4		$	0.4		$	0.2
Interest Cost	54.2			11.5			11.9			6.2			8.1			1.5			2.3			0.9
Expected Return on Plan Assets	(92.3		)	(18.8		)	(24.4		)	(10.3		)	(16.6		)	(2.3		)	(7.5		)	(1.3		)
Actuarial Loss	35.8			8.1			9.4			3.5			2.5			0.4			0.9			0.2
Prior Service Cost/(Credit)	1.1			—			0.1			—			(5.8		)	0.3			(4.2		)	0.1
Total Net Periodic Benefit Expense/(Income)	$	18.1		$	5.6		$	0.9		$	2.0		$	(9.7	)	$	0.3		$	(8.1	)	$	0.1
Intercompany Allocations	N/A			$	7.8		$	3.0		$	2.4		N/A			$	(0.1	)	$	(0.2	)	$	(0.1	)

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DERIVATIVE INSTRUMENTS

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

The electric and natural gas 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.  These 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 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 electric and natural gas 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:

		As of March 31, 2020									As of December 31, 2019
(Millions of Dollars)	Fair Value Hierarchy	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:
CL&P	Level 3	$	12.8		$	(0.4	)	$	12.4		$	12.2		$	(0.4	)	$	11.8
Long-Term Derivative Assets:
CL&P	Level 3	68.2			(2.1		)	66.1			67.5			(2.1		)	65.4
Current Derivative Liabilities:
CL&P	Level 3	(69.6		)	—			(69.6		)	(67.8		)	—			(67.8		)
Other	Level 2	(1.4		)	0.3			(1.1		)	(5.2		)	—			(5.2		)
Long-Term Derivative Liabilities:
CL&P	Level 3	(342.7		)	—			(342.7		)	(338.6		)	—			(338.6		)
Other	Level 2	(0.3		)	—			(0.3		)	(0.1		)	—			(0.1		)

⁽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.

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 capacities of these contracts as of both March 31, 2020 and December 31, 2019, were 676 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.   

As of March 31, 2020 and December 31, 2019, Eversource had New York Mercantile Exchange (NYMEX) financial contracts for natural gas futures in order to reduce variability associated with the price of 3.5 million and 9.6 million MMBtu of natural gas, respectively.

For the three months ended March 31, 2020 and 2019, there were losses of $18.0 million and $5.2 million, respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts.

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 related 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 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 Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts:

	As of March 31, 2020								As of December 31, 2019
CL&P	Range				Weighted Average (1)			Period Covered	Range					Period Covered
Capacity Prices	$	4.30	—	$5.82	$	4.81	per kW-Month	2024 - 2026	$	3.01	—	$7.34	per kW-Month	2023 - 2026
Forward Reserve Prices	0.80		—	1.90	1.35		per kW-Month	2020 - 2024	0.80		—	1.90	per kW-Month	2020 - 2024

⁽¹⁾  Unobservable inputs were weighted by the relative future capacity and forward reserve prices and contractual MWs over the periods covered.

Exit price premiums of 1.5 percent through 13 percent, or a weighted average of 11.9 percent, are also applied to 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. The risk premium was weighted by the relative fair value of the net derivative instruments.

Significant increases or decreases in future capacity or forward reserve 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.

CL&P	For the Three Months Ended March 31,
(Millions of Dollars)	2020			2019
Derivatives, Net:
Fair Value as of Beginning of Period	$	(329.2	)	$	(356.5	)
Net Realized/Unrealized Losses Included   in Regulatory Assets	(16.4		)	(5.3		)
Settlements	11.8			8.7
Fair Value as of End of Period	$	(333.8	)	$	(353.1	)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Allowance for Uncollectible Accounts

The activity in the allowance for uncollectible accounts by portfolio segment is as follows:

	For the Three Months Ended March 31, 2020
	Eversource									CL&P									NSTAR Electric									PSNH
(Millions of Dollars)	Hardship Accounts			Retail (Non-Hardship), Wholesale, and Other Receivables			Total Allowance			Hardship Accounts			Retail (Non-Hardship), Wholesale and Other Receivables			Total Allowance			Hardship Accounts			Retail (Non-Hardship), Wholesale, and Other Receivables			Total Allowance			Total Allowance
Beginning Balance	$	143.3		$	81.5		$	224.8		$	80.1		$	17.2		$	97.3		$	43.9		$	31.5		$	75.4		$	10.5
ASU 2016-13 Implementation Impact on January 1, 2020	21.6			2.2			23.8			21.3			0.9			22.2			(1.6		)	0.3			(1.3		)	0.3
Uncollectible Expense (1)	—			11.4			11.4			—			3.2			3.2			—			3.7			3.7			0.7
Uncollectible Costs Deferred (2)	11.8			8.5			20.3			12.9			1.8			14.7			(3.4		)	3.4			—			1.3
Write-Offs	(4.7		)	(16.8		)	(21.5		)	(3.8		)	(3.5		)	(7.3		)	(0.4		)	(8.0		)	(8.4		)	(1.7		)
Recoveries Collected	0.2			3.1			3.3			0.2			0.6			0.8			—			1.7			1.7			0.1
Ending Balance	$	172.2		$	89.9		$	262.1		$	110.7		$	20.2		$	130.9		$	38.5		$	32.6		$	71.1		$	11.2

⁽¹⁾ Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the three months ended March 31, 2019, uncollectible expense included in Operations and Maintenance Expense was $18.6 million, $4.1 million, $6.0 million and $1.7 million for Eversource, CL&P, NSTAR Electric and PSNH, respectively.

⁽²⁾ The current period provision for expected credit losses for hardship accounts and other customer receivables that are ultimately recovered in rates is deferred as a regulatory cost on the balance sheets.

Components of Other Income, Net

The components of Other Income, Net on the statements of income were as follows:

	For the Three Months Ended
	March 31, 2020												March 31, 2019
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource		CL&P			NSTAR Electric			PSNH
Pension, SERP and PBOP Non-Service    Income/(Expense) Components	$	12.7		$	1.1		$	7.9		$	1.9		$	7.4	$	(0.6	)	$	7.0		$	0.5
AFUDC Equity	10.6			3.9			5.0			1.5			10.9		2.6			4.0			0.2
Equity in Earnings of Unconsolidated Affiliates	4.0			—			0.1			—			5.0		—			0.2			—
Investment Income/(Loss)	(4.3		)	(3.4		)	(1.3		)	(0.5		)	1.2		1.7			(0.3		)	0.4
Interest Income	0.7			0.3			0.1			0.3			6.5		0.4			0.2			5.9
Other	0.4			—			0.4			—			—		(0.2		)	—			—
Total Other Income, Net	$	24.1		$	1.9		$	12.2		$	3.2		$	31.0	$	3.9		$	11.1		$	7.0

Other Taxes

These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:

	For the Three Months Ended
(Millions of Dollars)	March 31, 2020		March 31, 2019
Eversource	$	43.1	$	45.0
CL&P	35.5		36.2

Non-cash Investing Activities

Non-cash investing activities include plant additions included in Accounts Payable as follows:

(Millions of Dollars)	As of March 31, 2020		As of March 31, 2019
Eversource	$	273.7	$	336.3
CL&P	85.0		121.9
NSTAR Electric	70.2		83.2
PSNH	37.9		30.4

Reconciliation of Cash Balances to Cash and Restricted Cash

The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Cash as reported on the Balance Sheets	$	47.4	$	3.8	$	2.8	$	—	$	15.4	$	—	$	0.1	$	0.4
Restricted cash included in:
Special Deposits	39.0		4.7		6.2		16.6		52.5		4.6		6.2		32.5
Marketable Securities	44.1		0.3		0.1		0.6		46.0		0.4		—		0.6
Other Long-Term Assets	3.2		—		—		3.2		3.2		—		—		3.2
Cash and Restricted Cash reported on the    Statements of Cash Flows	$	133.7	$	8.8	$	9.1	$	20.4	$	117.1	$	5.0	$	6.3	$	36.7

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

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 and the equity forward sale agreement, as if they were converted into outstanding common shares.  The dilutive effect of unvested RSU and performance share awards, as well as the equity forward sale agreement, 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.  

As described in Note 12, "Common Shares," earnings per share dilution, if any, related to the forward sale agreement is determined under the treasury stock method until settlement of the forward sale agreement. Under this method, the number of Eversource common shares used in calculating diluted EPS is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement less the number of shares that would be purchased by Eversource in the market (based on the average market price during the same reporting period) using the proceeds receivable upon settlement (based on the adjusted forward sale price at the end of that reporting period). Share dilution occurs when the average market price of Eversource's common shares is higher than the adjusted forward sale price.

The following table sets forth the components of basic and diluted EPS:

Eversource (Millions of Dollars, except share information)	For the Three Months Ended
	March 31, 2020		March 31, 2019
Net Income Attributable to Common Shareholders	$	334.8	$	308.7
Weighted Average Common Shares Outstanding:
Basic	331,102,237		317,624,593
Dilutive Effect of:
Share-Based Compensation Awards and Other	747,233		691,489
Equity Forward Sale Agreement	1,087,683		—
Total Dilutive Effect	1,834,916		691,489
Diluted	332,937,153		318,316,082
Basic and Diluted EPS	$	1.01	$	0.97

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of Accounting Policies [Line Items]
Other income, net	$ 24,104	$ 30,985
Pension, SERP and PBOP Non-Service Income Components
Summary of Accounting Policies [Line Items]
Other income, net	12,700	7,400
AFUDC Equity
Summary of Accounting Policies [Line Items]
Other income, net	10,600	10,900
Equity in Earnings of Unconsolidated Affiliates
Summary of Accounting Policies [Line Items]
Other income, net	4,000	5,000
Investment Income/(Loss)
Summary of Accounting Policies [Line Items]
Other income, net	(4,300)	1,200
Interest Income
Summary of Accounting Policies [Line Items]
Other income, net	700	6,500
Other
Summary of Accounting Policies [Line Items]
Other income, net	400	0
CL&P
Summary of Accounting Policies [Line Items]
Other income, net	1,898	3,880
CL&P | Pension, SERP and PBOP Non-Service Income Components
Summary of Accounting Policies [Line Items]
Other income, net	1,100	(600)
CL&P | AFUDC Equity
Summary of Accounting Policies [Line Items]
Other income, net	3,900	2,600
CL&P | Equity in Earnings of Unconsolidated Affiliates
Summary of Accounting Policies [Line Items]
Other income, net	0	0
CL&P | Investment Income/(Loss)
Summary of Accounting Policies [Line Items]
Other income, net	(3,400)	1,700
CL&P | Interest Income
Summary of Accounting Policies [Line Items]
Other income, net	300	400
CL&P | Other
Summary of Accounting Policies [Line Items]
Other income, net	0	(200)
NSTAR Electric
Summary of Accounting Policies [Line Items]
Other income, net	12,238	11,086
NSTAR Electric | Pension, SERP and PBOP Non-Service Income Components
Summary of Accounting Policies [Line Items]
Other income, net	7,900	7,000
NSTAR Electric | AFUDC Equity
Summary of Accounting Policies [Line Items]
Other income, net	5,000	4,000
NSTAR Electric | Equity in Earnings of Unconsolidated Affiliates
Summary of Accounting Policies [Line Items]
Other income, net	100	200
NSTAR Electric | Investment Income/(Loss)
Summary of Accounting Policies [Line Items]
Other income, net	(1,300)	(300)
NSTAR Electric | Interest Income
Summary of Accounting Policies [Line Items]
Other income, net	100	200
NSTAR Electric | Other
Summary of Accounting Policies [Line Items]
Other income, net	400	0
PSNH
Summary of Accounting Policies [Line Items]
Other income, net	3,190	7,022
PSNH | Pension, SERP and PBOP Non-Service Income Components
Summary of Accounting Policies [Line Items]
Other income, net	1,900	500
PSNH | AFUDC Equity
Summary of Accounting Policies [Line Items]
Other income, net	1,500	200
PSNH | Equity in Earnings of Unconsolidated Affiliates
Summary of Accounting Policies [Line Items]
Other income, net	0	0
PSNH | Investment Income/(Loss)
Summary of Accounting Policies [Line Items]
Other income, net	(500)	400
PSNH | Interest Income
Summary of Accounting Policies [Line Items]
Other income, net	300	5,900
PSNH | Other
Summary of Accounting Policies [Line Items]
Other income, net	$ 0	$ 0

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REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Regulatory Assets [Line Items]
Total Regulatory Assets	$ 5,563,400	$ 5,514,700
Less: Current Portion	785,125	651,112
Total Long-Term Regulatory Assets	4,778,321	4,863,639
Benefit Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	2,334,300	2,382,900
Income Taxes, Net
Regulatory Assets [Line Items]
Total Regulatory Assets	727,200	725,800
Securitized Stranded Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	554,500	565,300
Storm Restoration Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	497,600	540,600
Regulatory Tracker Mechanisms
Regulatory Assets [Line Items]
Total Regulatory Assets	551,500	411,500
Derivative Liabilities
Regulatory Assets [Line Items]
Total Regulatory Assets	335,200	334,500
Goodwill-related
Regulatory Assets [Line Items]
Total Regulatory Assets	327,300	331,500
Asset Retirement Obligations
Regulatory Assets [Line Items]
Total Regulatory Assets	99,300	97,200
Other Regulatory Assets
Regulatory Assets [Line Items]
Total Regulatory Assets	136,500	125,400
CL&P
Regulatory Assets [Line Items]
Total Regulatory Assets	1,819,600	1,735,900
Less: Current Portion	290,630	178,607
Total Long-Term Regulatory Assets	1,529,003	1,557,261
CL&P | Benefit Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	528,300	539,000
CL&P | Income Taxes, Net
Regulatory Assets [Line Items]
Total Regulatory Assets	458,900	458,800
CL&P | Securitized Stranded Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	0	0
CL&P | Storm Restoration Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	251,600	274,600
CL&P | Regulatory Tracker Mechanisms
Regulatory Assets [Line Items]
Total Regulatory Assets	191,000	78,300
CL&P | Derivative Liabilities
Regulatory Assets [Line Items]
Total Regulatory Assets	333,800	329,200
CL&P | Goodwill-related
Regulatory Assets [Line Items]
Total Regulatory Assets	0	0
CL&P | Asset Retirement Obligations
Regulatory Assets [Line Items]
Total Regulatory Assets	31,200	30,800
CL&P | Other Regulatory Assets
Regulatory Assets [Line Items]
Total Regulatory Assets	24,800	25,200
NSTAR Electric
Regulatory Assets [Line Items]
Total Regulatory Assets	1,529,300	1,535,600
Less: Current Portion	304,007	285,591
Total Long-Term Regulatory Assets	1,225,314	1,250,029
NSTAR Electric | Benefit Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	616,300	629,800
NSTAR Electric | Income Taxes, Net
Regulatory Assets [Line Items]
Total Regulatory Assets	108,500	108,000
NSTAR Electric | Securitized Stranded Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	0	0
NSTAR Electric | Storm Restoration Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	183,000	200,600
NSTAR Electric | Regulatory Tracker Mechanisms
Regulatory Assets [Line Items]
Total Regulatory Assets	227,400	207,100
NSTAR Electric | Derivative Liabilities
Regulatory Assets [Line Items]
Total Regulatory Assets	0	0
NSTAR Electric | Goodwill-related
Regulatory Assets [Line Items]
Total Regulatory Assets	281,000	284,600
NSTAR Electric | Asset Retirement Obligations
Regulatory Assets [Line Items]
Total Regulatory Assets	51,500	50,300
NSTAR Electric | Other Regulatory Assets
Regulatory Assets [Line Items]
Total Regulatory Assets	61,600	55,200
PSNH
Regulatory Assets [Line Items]
Total Regulatory Assets	946,300	945,800
Less: Current Portion	102,438	84,053
Total Long-Term Regulatory Assets	843,904	861,672
PSNH | Benefit Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	213,900	218,200
PSNH | Income Taxes, Net
Regulatory Assets [Line Items]
Total Regulatory Assets	12,800	12,800
PSNH | Securitized Stranded Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	554,500	565,300
PSNH | Storm Restoration Costs
Regulatory Assets [Line Items]
Total Regulatory Assets	63,000	65,400
PSNH | Regulatory Tracker Mechanisms
Regulatory Assets [Line Items]
Total Regulatory Assets	84,600	65,800
PSNH | Derivative Liabilities
Regulatory Assets [Line Items]
Total Regulatory Assets	0	0
PSNH | Goodwill-related
Regulatory Assets [Line Items]
Total Regulatory Assets	0	0
PSNH | Asset Retirement Obligations
Regulatory Assets [Line Items]
Total Regulatory Assets	3,700	3,600
PSNH | Other Regulatory Assets
Regulatory Assets [Line Items]
Total Regulatory Assets	$ 13,800	$ 14,700

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2020

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 and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities).  Eversource provides energy delivery and/or water service to approximately four million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire.

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 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 2019 Form 10-K, which was filed with the SEC on February 27, 2020. 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 and PSNH's financial position as of March 31, 2020 and December 31, 2019, and the results of operations, comprehensive income, common shareholders' equity, and cash flows for the three months ended March 31, 2020 and 2019. The results of operations, comprehensive income, and cash flows for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for a full year.  

Eversource consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent.  Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource holds several equity ownership interests that are not consolidated and are accounted for under the equity method.

Eversource's utility subsidiaries' electric, natural gas and water distribution 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.

In March 2020, the World Health Organization declared the outbreak of the 2019 novel coronavirus (COVID-19) a pandemic and President Trump declared a national emergency affecting the entire United States where each state qualifies as being part of a national disaster. The spread of COVID-19 has adversely affected workforces, the overall economy and caused significant volatility in the financial markets. To date, Eversource has not experienced significant operational or financial impacts directly related to the pandemic. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, management will continue to closely monitor how COVID-19 related developments affect Eversource. As of the date of our filing and based on information available, management is unable to predict the impacts that the COVID-19 pandemic will have on future operations, financial position, results of operations, and cash flows. The extent of the impact in the future will vary and depend in large part on the duration, scope and severity of a national and global economic slowdown, risk of inflation, governmental and regulatory actions, the maintenance of a strong regional and national healthcare system, and the continued spread of the virus, which is mitigated through social distancing measures.

Our customer receivable balances and uncollectible accounts have not been materially impacted by COVID-19. We believe that we will be able to develop a successful structure with our respective state regulatory commissions to recover our costs associated with COVID-19, while balancing the impact on our customers’ bills. See Note 1C, "Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts," for further discussion of our evaluation of the allowance for doubtful accounts as of March 31, 2020 in light of the COVID-19 pandemic.

An extended economic slowdown could result in lower demand for electricity, natural gas and/or water by our commercial and industrial customers. However, fluctuations in retail sales volumes for CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and our Connecticut water distribution business are not expected to materially impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms. The revenue decoupling mechanisms mitigate the impact of lower demand and resulting lost sales revenues by allowing for a true-up to occur as part of each company’s annual decoupling filing. These revenue decoupling mechanisms qualify as alternative revenue programs in accordance with accounting guidance for rate-regulated operations.

As of March 31, 2020, we did not have indicators of triggering events for impairments to our goodwill, long-lived assets, available-for-sale debt securities, or equity method investment carrying values.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.

The Eversource and PSNH 2019 statements of cash flows and the 2019 segment footnote were revised to correct an error in the presentation of non-cash capital additions.  The impact of this revision on the statement of cash flows is a decrease to operating cash inflows in Accounts Payable of $46.6 million and a corresponding decrease to investing cash outflows in Investments in Property, Plant and Equipment for the quarter ended March 31, 2019.  This revision is not deemed material, individually or in the aggregate, to the previously issued financial statements.

B.    Accounting Standards

Accounting Standards Issued but Not Yet Effective: In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which eliminates certain exceptions to the general principles of current income tax guidance in ASC 740 and simplifies and improves consistency in application of that income tax guidance through clarifications of and amendments to ASC 740. The guidance is effective in the first quarter of 2021. The ASU is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH.

Accounting Standards Recently Adopted: On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides a model for recognizing credit losses on financial instruments based on an estimate of current expected losses, requiring immediate recognition of credit losses expected over the life of a financial instrument. The Company determined the impacts of this standard on the allowance for credit losses on its financial instruments, primarily accounts receivable.  As of January 1, 2020, the Company recorded increases to the allowance for uncollectible accounts for late fees and other receivable amounts of $1.6 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively. The impact to retained earnings, net of tax, was $1.5 million, $0.9 million, $0.2 million and $0.3 million at Eversource, CL&P, NSTAR Electric and PSNH, respectively.

The Company also adjusted the allowance for uncollectible amounts of hardship receivables and other low-income assistance programs, which are ultimately collectible in rates at specified points in time under approved regulatory mechanisms. The impact on the allowance, which was offset in other long-term assets on the balance sheets, was an increase of $22.2 million and $21.3 million at Eversource and CL&P, respectively, and a decrease of $1.5 million at NSTAR Electric. See Note 1C, “Summary of Significant Accounting Policies - Allowance for Uncollectible Accounts,” for further information.

The Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment as of January 1, 2020. The ASU simplified the accounting for goodwill impairment by removing a complex step in the goodwill impairment test. Under the guidance, goodwill impairment is measured as the amount by which its carrying value exceeds its fair value. The ASU is not expected to have an impact on the financial statements of Eversource.

On January 1, 2020, the Company adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligned the requirements for capitalizing costs incurred to implement a cloud computing arrangement with existing internal-use software guidance. The prospective implementation of this standard did not have any impact on the financial statements of Eversource, CL&P, NSTAR Electric or PSNH for the period ending March 31, 2020.

On January 1, 2020, the Company prospectively adopted ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modified fair value disclosure requirements. The standard includes new disclosure requirements for Level 3 unobservable inputs and eliminated the requirement to disclose certain information relating to transfers between levels. The modified disclosures are included in Note 1D, “Summary of Significant Accounting Policies - Fair Value Measurements,” and Note 4, “Derivative Instruments.”

C.    Allowance for Uncollectible Accounts

Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables. Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts).

Receivables are presented net of expected credit losses at estimated net realizable value by maintaining an allowance for uncollectible accounts. Effective January 1, 2020, the current expected credit loss (CECL) model was applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded.

The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category.  Factors in determining credit loss include historical collection, write-off experience, and management's assessment of collectibility from customers, including current conditions, reasonable forecasts, and expectations of future collectibility and collection efforts. Management continuously assesses the collectibility of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators.  Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible.

As of March 31, 2020, management evaluated the adequacy of the allowance for uncollectible accounts in light of the COVID-19 pandemic and the economic downturn to date. This evaluation included an analysis of collection and customer payment trends in 2020, economic conditions, flexible payment plans and financial hardship arrearage management programs being offered to customers, and the impacts of federal governmental pandemic relief programs for our customers and the expansion of unemployment benefits initiatives, which help to mitigate the potential for increasing customer account delinquencies. Additionally, management considered past economic declines and corresponding uncollectible reserves as part of the current assessment. Based upon the evaluation performed, management concluded that the reserve balance as of March 31, 2020 adequately reflected the collection risk and net realizable value for Eversource’s receivables. Management will continue to evaluate the adequacy of the uncollectible allowance in future reporting periods based on an ongoing assessment of accounts receivable collections, delinquency statistics, and analysis of aging-based quantitative assessments.

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 NSTAR Electric and NSTAR Gas to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. As a result of the adoption of ASU 2016-13, management aligned the allowance for uncollectible hardship accounts across all regulatory jurisdictions, using a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. Implementation impacts of the accounting standard on the allowance for uncollectible hardship accounts are reflected in the rollforward of the uncollectible allowance in the table below. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance.

The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment is as follows:

	For the Three Months Ended March 31, 2020
	Eversource									CL&P									NSTAR Electric									PSNH
(Millions of Dollars)	Hardship Accounts			Retail (Non-Hardship), Wholesale, and Other Receivables			Total Allowance			Hardship Accounts			Retail (Non-Hardship), Wholesale and Other Receivables			Total Allowance			Hardship Accounts			Retail (Non-Hardship), Wholesale, and Other Receivables			Total Allowance			Total Allowance
Beginning Balance	$	143.3		$	81.5		$	224.8		$	80.1		$	17.2		$	97.3		$	43.9		$	31.5		$	75.4		$	10.5
ASU 2016-13 Implementation Impact on January 1, 2020	21.6			2.2			23.8			21.3			0.9			22.2			(1.6		)	0.3			(1.3		)	0.3
Uncollectible Expense (1)	—			11.4			11.4			—			3.2			3.2			—			3.7			3.7			0.7
Uncollectible Costs Deferred (2)	11.8			8.5			20.3			12.9			1.8			14.7			(3.4		)	3.4			—			1.3
Write-Offs	(4.7		)	(16.8		)	(21.5		)	(3.8		)	(3.5		)	(7.3		)	(0.4		)	(8.0		)	(8.4		)	(1.7		)
Recoveries Collected	0.2			3.1			3.3			0.2			0.6			0.8			—			1.7			1.7			0.1
Ending Balance	$	172.2		$	89.9		$	262.1		$	110.7		$	20.2		$	130.9		$	38.5		$	32.6		$	71.1		$	11.2

⁽¹⁾ Uncollectible expense associated with customer and other accounts receivable is included in Operations and Maintenance expense on the statements of income. For the three months ended March 31, 2019, uncollectible expense included in Operations and Maintenance Expense was $18.6 million, $4.1 million, $6.0 million and $1.7 million for Eversource, CL&P, NSTAR Electric and PSNH, respectively.

⁽²⁾ The current period provision for expected credit losses for hardship accounts and other customer receivables that are ultimately recovered in rates is deferred as a regulatory cost on the balance sheets.

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, long-lived assets and AROs, and the estimated fair value of preferred stock, long-term debt and RRBs.

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. 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.  

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

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

The components of Other Income, Net on the statements of income were as follows:

	For the Three Months Ended
	March 31, 2020												March 31, 2019
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource		CL&P			NSTAR Electric			PSNH
Pension, SERP and PBOP Non-Service    Income/(Expense) Components	$	12.7		$	1.1		$	7.9		$	1.9		$	7.4	$	(0.6	)	$	7.0		$	0.5
AFUDC Equity	10.6			3.9			5.0			1.5			10.9		2.6			4.0			0.2
Equity in Earnings of Unconsolidated Affiliates	4.0			—			0.1			—			5.0		—			0.2			—
Investment Income/(Loss)	(4.3		)	(3.4		)	(1.3		)	(0.5		)	1.2		1.7			(0.3		)	0.4
Interest Income	0.7			0.3			0.1			0.3			6.5		0.4			0.2			5.9
Other	0.4			—			0.4			—			—		(0.2		)	—			—
Total Other Income, Net	$	24.1		$	1.9		$	12.2		$	3.2		$	31.0	$	3.9		$	11.1		$	7.0

F.    Other Taxes

Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:

	For the Three Months Ended
(Millions of Dollars)	March 31, 2020		March 31, 2019
Eversource	$	43.1	$	45.0
CL&P	35.5		36.2

Separate from above were amounts recorded as Taxes Other Than Income Taxes at CL&P related to the remittance to the State of Connecticut of energy efficiency funds collected from customers of $10.7 million for the three months ended March 31, 2019. Energy efficiency funds collected from customers after July 1, 2019 are no longer subject to remittance to the State of Connecticut. These amounts were recorded separately, with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the Eversource and CL&P statements of income.  

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:

(Millions of Dollars)	As of March 31, 2020		As of March 31, 2019
Eversource	$	273.7	$	336.3
CL&P	85.0		121.9
NSTAR Electric	70.2		83.2
PSNH	37.9		30.4

The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Cash as reported on the Balance Sheets	$	47.4	$	3.8	$	2.8	$	—	$	15.4	$	—	$	0.1	$	0.4
Restricted cash included in:
Special Deposits	39.0		4.7		6.2		16.6		52.5		4.6		6.2		32.5
Marketable Securities	44.1		0.3		0.1		0.6		46.0		0.4		—		0.6
Other Long-Term Assets	3.2		—		—		3.2		3.2		—		—		3.2
Cash and Restricted Cash reported on the    Statements of Cash Flows	$	133.7	$	8.8	$	9.1	$	20.4	$	117.1	$	5.0	$	6.3	$	36.7

Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in trusts to fund certain non-qualified executive benefits and restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations.

H.     Pending Acquisition of Assets of Columbia Gas of Massachusetts

On February 26, 2020, Eversource and NiSource Inc. entered into an asset purchase agreement (the Agreement) pursuant to which Eversource would acquire certain assets that comprise NiSource’s local natural gas distribution business in Massachusetts, which is doing business as Columbia Gas of Massachusetts (CMA). The purchase price of $1.1 billion includes a target working capital amount that is subject to adjustment to reflect actual working capital as of the closing date.

The liabilities to be assumed by Eversource under the Agreement specifically exclude any liabilities (past or future) arising out of, or related to, the fires and explosions that occurred on September 13, 2018 in Lawrence, Andover and North Andover, Massachusetts related to the delivery of natural gas by CMA, including certain subsequent events, all as described and in the DPU's Order on Scope dated December 23, 2019 (D.P.U. 19-141) (the Greater Lawrence Incident or GLI). The liabilities to be assumed also exclude any further emergency events prior to the closing of the acquisition related to the restoration and reconstruction with respect to the GLI, including any losses arising out of, or related to, any litigation, demand, cause of action, claim, suit, investigation, proceeding, indemnification agreements or rights. Eversource is not assuming any of CMA's or NiSource Inc.'s debt.

The transaction requires approval from the DPU, the Maine Public Utilities Commission, the FERC, and the Federal Communications Commission, and it is subject to review under the Hart-Scott-Rodino Act, for which the relevant review period has expired. The resulting rate plan also requires DPU approval. Eversource expects to finance the asset acquisition through a combination of debt and equity issuances in a ratio that is consistent with our current consolidated capital structure. The transaction is expected to close by the end of the third quarter of 2020.

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COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	Mar. 31, 2020	Oct. 25, 2019
Sunrise Wind, LLC
Guarantor Obligations [Line Items]
Maximum exposure (up to)		$ 15.4
Ownership interest		50.00%
Surety Bond
Guarantor Obligations [Line Items]
Maximum exposure (up to)	$ 30.0
Lease Payments for Real Estate
Guarantor Obligations [Line Items]
Maximum exposure (up to)	6.1
Real Estate Purchase
Guarantor Obligations [Line Items]
Maximum exposure (up to)	2.5
Sunrise Wind, LLC - Offshore Wind
Guarantor Obligations [Line Items]
Maximum exposure (up to)	$ 2.2

XML

RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES - Summary of the Impact of Funding on the Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Income Statements, Captions [Line Items]
Interest Expense on RRB Principal (included in Interest Expense)	$ 134,715	$ 131,734
PSNH
Condensed Income Statements, Captions [Line Items]
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)	20,110	13,667
Interest Expense on RRB Principal (included in Interest Expense)	14,479	14,367
PSNH | VIE | Rate Reduction Bonds
Condensed Income Statements, Captions [Line Items]
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)	10,800	10,600
Interest Expense on RRB Principal (included in Interest Expense)	$ 5,000	$ 5,400

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 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 (Loss), 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 Connecticut Light and Power Company
Net Income	118,738	110,471
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments	(7)	(6)
Changes in Unrealized Gains on Marketable Securities	6	23
Other Comprehensive Income (Loss), Net of Tax	(1)	17
Comprehensive Income Attributable to Common Shareholders	118,737	110,488
NSTAR Electric Company
Net Income	100,390	94,014
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments	109	110
Changes in Unrealized Gains on Marketable Securities	1	6
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans	(43)	1
Other Comprehensive Income (Loss), Net of Tax	67	117
Comprehensive Income Attributable to Common Shareholders	100,457	94,131
Public Service Company of New Hampshire
Net Income	39,601	32,781
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments	269	269
Changes in Unrealized Gains on Marketable Securities	9	38
Other Comprehensive Income (Loss), Net of Tax	278	307
Comprehensive Income Attributable to Common Shareholders	$ 39,879	$ 33,088

XML

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document And Entity [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity Registrant Name	EVERSOURCE ENERGY
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	300 Cadwell Drive
Entity Address, City or Town	Springfield
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01104
City Area Code	800
Local Phone Number	286-5000
Entity File Number	1-5324
Entity Tax Identification Number	04-2147929
Title of 12(b) Security	Common Shares, $5.00 par value per share
Trading Symbol	ES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		336,442,541
Entity Central Index Key	0000072741
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
The Connecticut Light and Power Company
Document And Entity [Line Items]
Entity Registrant Name	THE CONNECTICUT LIGHT AND POWER COMPANY
Entity Incorporation, State or Country Code	CT
Entity Address, Address Line One	107 Selden Street
Entity Address, City or Town	Berlin
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06037-1616
City Area Code	800
Local Phone Number	286-5000
Entity File Number	0-00404
Entity Tax Identification Number	06-0303850
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		6,035,205
Entity Central Index Key	0000023426
Current Fiscal Year End Date	--12-31
NSTAR Electric Company
Document And Entity [Line Items]
Entity Registrant Name	NSTAR ELECTRIC COMPANY
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	800 Boylston Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02199
City Area Code	800
Local Phone Number	286-5000
Entity File Number	1-02301
Entity Tax Identification Number	04-1278810
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		200
Entity Central Index Key	0000013372
Current Fiscal Year End Date	--12-31
Public Service Company of New Hampshire
Document And Entity [Line Items]
Entity Registrant Name	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
Entity Incorporation, State or Country Code	NH
Entity Address, Address Line One	Energy Park
Entity Address, Address Line Two	780 North Commercial Street
Entity Address, City or Town	Manchester
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03101-1134
City Area Code	800
Local Phone Number	286-5000
Entity File Number	1-6392
Entity Tax Identification Number	02-0181050
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		301
Entity Central Index Key	0000315256
Current Fiscal Year End Date	--12-31

XML

SHORT-TERM AND LONG-TERM DEBT - Borrowings Outstanding and Available under the Commercial Paper Programs (Details) - Commercial Paper - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowings outstanding	$ 738.4	$ 1,224.9
Available borrowing capacity	$ 711.6	$ 225.1
Weighted-average interest rate	3.38%	1.98%
NSTAR Electric
Debt Instrument [Line Items]
Borrowings outstanding	$ 88.0	$ 10.5
Available borrowing capacity	$ 562.0	$ 639.5
Weighted-average interest rate	1.25%	1.63%

XML

MARKETABLE SECURITIES - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Amortized Cost	$ 224.2	$ 228.4
Pre-Tax Unrealized Gains	10.9	5.8
Pre-Tax Unrealized Losses	(0.6)	(0.1)
Fair Value	$ 234.5	$ 234.1

XML

DERIVATIVE INSTRUMENTS - Narrative (Details) MWh in Millions, MMBTU in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) MMBTU MWh MW	Mar. 31, 2019 USD ($)	Dec. 31, 2019 MMBTU MW
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company	20.00%
Amount of power to be purchased under capacity-related contract (in MW) | MW	676		676
Amount of natural gas to be purchased under futures contracts | MMBTU	3.5		9.6
Gains (losses) on deferred as regulatory costs | $	$ (18.0)	$ (5.2)
Level 3 | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of exit price premiums related to derivative contracts	1.50%
Level 3 | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of exit price premiums related to derivative contracts	13.00%
Level 3 | Weighted Average
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of exit price premiums related to derivative contracts	11.90%
CL&P
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of costs or benefits borne under capacity-related contracts	80.00%
Amount of energy to be purchased under renewable energy contract (mwh) | MWh	0.1

XML

COMMITMENTS AND CONTINGENCIES - Eversource and NSTAR Electric Boston Harbor Civil Action (Details)	Jul. 15, 2016 kV
Commitments and Contingencies Disclosure [Abstract]
Amount of capacity required for installation of distribution cable (in kV)	115

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COMMON SHARES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended
	Mar. 26, 2020	Mar. 23, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Equity offering (in shares)			6,000,000	5,980,000
Common shares issuable pursuant to forward sale agreement (in shares)	4,460,000	1,500,000		11,960,000
Net proceeds from common shares issued directly by the Company	$ 314,100	$ 105,700			$ 419,786	$ 0
Forward sale price (in dollars per share)	$ 71.48
Common shares issued directly by the Company (in shares)					5,960,000
Treasury stock (in shares)			15,977,757		15,407,215
Common stock outstanding (in shares)			329,880,645		336,411,187

XML

SEGMENT INFORMATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) segment
CL&P
Segment Reporting Information [Line Items]
Number of reportable segments	1
NSTAR Electric
Segment Reporting Information [Line Items]
Number of reportable segments	1
PSNH
Segment Reporting Information [Line Items]
Number of reportable segments	1
Affiliated Entity
Segment Reporting Information [Line Items]
Amount of natural gas transmission purchased | $	$ 62.5

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FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2020

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, Long-Term Debt and Rate Reduction Bonds:  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 and RRB 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 table below are classified as Level 2 within the fair value hierarchy.  Carrying amounts and estimated fair values are as follows:

	Eversource				CL&P				NSTAR Electric				PSNH
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
As of March 31, 2020:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	156.0	$	116.2	$	113.8	$	43.0	$	42.2	$	—	$	—
Long-Term Debt	14,431.0		15,177.1		3,518.1		3,949.4		3,642.3		3,901.2		951.7		995.8
Rate Reduction Bonds	561.7		596.0		—		—		—		—		561.7		596.0
As of December 31, 2019:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	162.0	$	116.2	$	117.8	$	43.0	$	44.2	$	—	$	—
Long-Term Debt	14,098.2		15,170.2		3,518.1		4,058.0		3,342.1		3,659.9		951.6		1,005.7
Rate Reduction Bonds	583.3		625.9		—		—		—		—		583.3		625.9

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.

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SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

Short-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.  Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas and Aquarion Water Company of Connecticut are also parties to a five-year $1.45 billion revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program.  

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program.  

The amount of borrowings outstanding and available under the commercial paper programs were as follows:

	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	738.4	$	1,224.9	$	711.6	$	225.1	3.38	%	1.98	%
NSTAR Electric Commercial Paper Program	88.0		10.5		562.0		639.5		1.25	%	1.63	%

There were no borrowings outstanding on either the Eversource parent or NSTAR Electric revolving credit facilities as of March 31, 2020 or December 31, 2019.

Amounts outstanding under the commercial paper programs and revolving credit facilities are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time. As a result of the NSTAR Gas long-term debt issuances in May 2020, $25.0 million of the current portion of long-term debt and $165.0 million of commercial paper borrowings under the Eversource parent commercial paper program were classified as Long-Term Debt as of March 31, 2020.

The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2020, there were intercompany loans from Eversource parent to CL&P of $219.0 million, to PSNH of $84.7 million, and to a subsidiary of NSTAR Electric of $38.4 million. As of December 31, 2019, there were intercompany loans from Eversource parent to CL&P of $63.8 million, to PSNH of $27.0 million, and to a subsidiary of NSTAR Electric of $30.3 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets.

Long-Term Debt Issuance Authorization: On January 27, 2020, the DPU approved NSTAR Gas' request for authorization to issue up to $270 million in long-term debt through December 31, 2021.

Long-Term Debt: The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)	Issuance/(Repayment)			Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
NSTAR Electric:
3.95% 2020 Debentures	$	400.0		March 2020	April 2030	Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019
5.10% Series E Senior Notes	(95.0		)	March 2020	March 2020	Paid at maturity
Other:
Eversource Parent 3.45% Series P Senior Notes	350.0			January 2020	January 2050	Paid short-term borrowings
NSTAR Gas 4.46% Series N First Mortgage Bonds	(125.0		)	January 2020	January 2020	Paid at maturity
Yankee Gas 4.87% Series K First Mortgage Bonds	(50.0		)	April 2020	April 2020	Paid at maturity
NSTAR Gas 2.33% Series R First Mortgage Bonds	75.0			May 2020	May 2025	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
NSTAR Gas 3.15% Series S First Mortgage Bonds	115.0			May 2020	May 2050	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes

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REGULATORY ACCOUNTING

3 Months Ended

Mar. 31, 2020

Regulated Operations [Abstract]

REGULATORY ACCOUNTING

REGULATORY ACCOUNTING

Eversource's utility 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, plus a return on investment.  

The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred costs are recovered through customer rates. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers.

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:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Benefit Costs	$	2,334.3	$	528.3	$	616.3	$	213.9	$	2,382.9	$	539.0	$	629.8	$	218.2
Income Taxes, Net	727.2		458.9		108.5		12.8		725.8		458.8		108.0		12.8
Securitized Stranded Costs	554.5		—		—		554.5		565.3		—		—		565.3
Storm Restoration Costs, Net	497.6		251.6		183.0		63.0		540.6		274.6		200.6		65.4
Regulatory Tracker Mechanisms	551.5		191.0		227.4		84.6		411.5		78.3		207.1		65.8
Derivative Liabilities	335.2		333.8		—		—		334.5		329.2		—		—
Goodwill-related	327.3		—		281.0		—		331.5		—		284.6		—
Asset Retirement Obligations	99.3		31.2		51.5		3.7		97.2		30.8		50.3		3.6
Other Regulatory Assets	136.5		24.8		61.6		13.8		125.4		25.2		55.2		14.7
Total Regulatory Assets	5,563.4		1,819.6		1,529.3		946.3		5,514.7		1,735.9		1,535.6		945.8
Less:  Current Portion	785.1		290.6		304.0		102.4		651.1		178.6		285.6		84.1
Total Long-Term Regulatory Assets	$	4,778.3	$	1,529.0	$	1,225.3	$	843.9	$	4,863.6	$	1,557.3	$	1,250.0	$	861.7

Regulatory Costs in Long-Term Assets:  Eversource's regulated companies had $171.3 million (including $82.6 million for CL&P, $50.3 million for NSTAR Electric and $16.9 million for PSNH) and $146.0 million (including $51.8 million for CL&P, $55.7 million for NSTAR Electric and $18.0 million for PSNH) of additional regulatory costs as of March 31, 2020 and December 31, 2019, respectively, that were included in 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:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
EDIT due to Tax Cuts and Jobs Act	$	2,831.2	$	1,019.8	$	1,063.9	$	391.4	$	2,844.6	$	1,022.8	$	1,071.2	$	392.8
Cost of Removal	579.3		77.4		337.2		14.8		559.8		64.6		330.6		16.3
Benefit Costs	80.1		—		68.6		—		84.5		—		72.2		—
Regulatory Tracker Mechanisms	412.5		121.7		189.8		64.1		325.1		94.8		165.6		57.0
AFUDC - Transmission	74.4		45.7		28.7		—		73.2		46.0		27.2		—
Other Regulatory Liabilities	130.6		34.4		47.4		10.7		132.0		19.6		59.0		13.1
Total Regulatory Liabilities	4,108.1		1,299.0		1,735.6		481.0		4,019.2		1,247.8		1,725.8		479.2
Less:  Current Portion	439.9		119.3		219.9		69.0		361.2		82.8		209.2		65.8
Total Long-Term Regulatory Liabilities	$	3,668.2	$	1,179.7	$	1,515.7	$	412.0	$	3,658.0	$	1,165.0	$	1,516.6	$	413.4

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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION (Tables)

3 Months Ended

Mar. 31, 2020

Postemployment Benefits [Abstract]

Components of Net Periodic Benefit Expense/(Income)

The components of net periodic benefit expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets for future recovery, are shown below.  The service cost component of net periodic benefit expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized and deferred portion, as these amounts are cash settled on a short-term basis.

	Pension and SERP												PBOP
	For the Three Months Ended March 31, 2020												For the Three Months Ended March 31, 2020
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource			CL&P			NSTAR Electric			PSNH
Service Cost	$	19.6		$	5.7		$	3.8		$	2.2		$	2.6		$	0.5		$	0.6		$	0.2
Interest Cost	44.3			9.5			9.6			4.9			6.1			1.2			1.7			0.6
Expected Return on Plan Assets	(100.3		)	(20.0		)	(25.8		)	(11.3		)	(18.1		)	(2.4		)	(8.5		)	(1.4		)
Actuarial Loss	49.3			10.0			13.3			4.1			2.1			0.4			0.7			0.1
Prior Service Cost/(Credit)	0.3			—			0.1			—			(5.4		)	0.2			(4.2		)	0.1
Total Net Periodic Benefit Expense/(Income)	$	13.2		$	5.2		$	1.0		$	(0.1	)	$	(12.7	)	$	(0.1	)	$	(9.7	)	$	(0.4	)
Intercompany Allocations	N/A			$	1.9		$	1.9		$	0.6		N/A			$	(0.4	)	$	(0.4	)	$	(0.2	)

	Pension and SERP												PBOP
	For the Three Months Ended March 31, 2019												For the Three Months Ended March 31, 2019
(Millions of Dollars)	Eversource			CL&P			NSTAR Electric			PSNH			Eversource			CL&P			NSTAR Electric			PSNH
Service Cost	$	19.3		$	4.8		$	3.9		$	2.6		$	2.1		$	0.4		$	0.4		$	0.2
Interest Cost	54.2			11.5			11.9			6.2			8.1			1.5			2.3			0.9
Expected Return on Plan Assets	(92.3		)	(18.8		)	(24.4		)	(10.3		)	(16.6		)	(2.3		)	(7.5		)	(1.3		)
Actuarial Loss	35.8			8.1			9.4			3.5			2.5			0.4			0.9			0.2
Prior Service Cost/(Credit)	1.1			—			0.1			—			(5.8		)	0.3			(4.2		)	0.1
Total Net Periodic Benefit Expense/(Income)	$	18.1		$	5.6		$	0.9		$	2.0		$	(9.7	)	$	0.3		$	(8.1	)	$	0.1
Intercompany Allocations	N/A			$	7.8		$	3.0		$	2.4		N/A			$	(0.1	)	$	(0.2	)	$	(0.1	)

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COMMON SHARES (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Common Shares Authorized and Issued

The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:  

	Shares
			Authorized as of March 31, 2020 and December 31, 2019	Issued as of
	Par Value			March 31, 2020	December 31, 2019
Eversource	$	5	380,000,000	351,818,402	345,858,402
CL&P	$	10	24,500,000	6,035,205	6,035,205
NSTAR Electric	$	1	100,000,000	200	200
PSNH	$	1	100,000,000	301	301

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MARKETABLE SECURITIES - Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Less than one year	$ 56.5
One to five years	40.1
Six to ten years	38.6
Greater than ten years	89.0
Amortized Cost	224.2	$ 228.4
Fair Value
Less than one year	56.6
One to five years	41.7
Six to ten years	41.4
Greater than ten years	94.8
Fair Value	$ 234.5	$ 234.1

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DERIVATIVE INSTRUMENTS - Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used (Details) - CL&P - Level 3 - $ / KWmo	Mar. 31, 2020	Dec. 31, 2019
Capacity Prices | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative measurement input	4.30	3.01
Capacity Prices | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative measurement input	5.82	7.34
Capacity Prices | Weighted Average
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative measurement input	4.81
Forward Reserve Prices | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative measurement input	0.80	0.80
Forward Reserve Prices | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative measurement input	1.90	1.90
Forward Reserve Prices | Weighted Average
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative measurement input	1.35

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REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 2,294,400	$ 2,397,300
Alternative Revenue Programs	74,500	14,700
Other Revenues	4,800	3,800
Operating Revenues	2,373,726	2,415,792
Lease revenue	1,100	1,000
Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,229,600	1,319,200
Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	755,400	809,600
Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	106,000	111,400
Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,091,000	2,240,200
Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	70,000	67,600
Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	105,000	74,200
Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	26,400	17,600
Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,000	(2,300)
Other
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	294,600	258,100
Alternative Revenue Programs	0	0
Other Revenues	0	0
Operating Revenues	294,600	258,100
Other | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Other | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Other | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Other | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Other | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	17,300	13,500
Other | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Other | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	277,300	244,600
Other | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(564,000)	(520,000)
Alternative Revenue Programs	(27,400)	(11,100)
Other Revenues	0	0
Operating Revenues	(591,400)	(531,100)
Eliminations | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Eliminations | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(1,000)	(1,100)
Eliminations | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(3,200)	(2,700)
Eliminations | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(4,200)	(3,800)
Eliminations | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(283,600)	(270,800)
Eliminations | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Eliminations | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(276,200)	(245,400)
Eliminations | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Distribution | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,763,000	1,829,000
Alternative Revenue Programs	38,800	2,100
Other Revenues	3,500	2,800
Operating Revenues	1,805,300	1,833,900
Electric Distribution | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	963,800	1,033,300
Electric Distribution | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	607,000	652,600
Electric Distribution | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	79,800	82,100
Electric Distribution | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,650,600	1,768,000
Electric Distribution | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Distribution | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	91,000	51,500
Electric Distribution | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	19,100	12,600
Electric Distribution | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,300	(3,100)
Natural Gas Distribution | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	415,500	457,800
Alternative Revenue Programs	32,200	10,400
Other Revenues	900	700
Operating Revenues	448,600	468,900
Natural Gas Distribution | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	238,000	258,900
Natural Gas Distribution | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	134,600	143,800
Natural Gas Distribution | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	28,300	30,900
Natural Gas Distribution | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	400,900	433,600
Natural Gas Distribution | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Natural Gas Distribution | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	13,200	21,700
Natural Gas Distribution | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	900	900
Natural Gas Distribution | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	500	1,600
Electric Transmission | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	339,700	328,100
Alternative Revenue Programs	29,800	12,400
Other Revenues	200	0
Operating Revenues	369,700	340,500
Electric Transmission | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Transmission | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Transmission | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Transmission | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Transmission | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	336,300	324,900
Electric Transmission | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Electric Transmission | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	3,400	3,200
Electric Transmission | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Water Distribution | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	45,600	44,300
Alternative Revenue Programs	1,100	900
Other Revenues	200	300
Operating Revenues	46,900	45,500
Water Distribution | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	27,800	27,000
Water Distribution | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	14,800	14,300
Water Distribution | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,100	1,100
Water Distribution | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	43,700	42,400
Water Distribution | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
Water Distribution | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	800	1,000
Water Distribution | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,900	1,700
Water Distribution | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	(800)	(800)
CL&P
Disaggregation of Revenue [Line Items]
Operating Revenues	899,703	849,246
Lease revenue	200	200
CL&P | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	975,600	959,200
Alternative Revenue Programs	44,600	5,700
Other Revenues	1,700	1,000
CL&P | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	489,900	510,500
CL&P | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	226,400	236,700
CL&P | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	34,000	34,600
CL&P | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	750,300	781,800
CL&P | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	151,800	154,800
CL&P | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	64,700	13,700
CL&P | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	8,800	8,900
CL&P | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
CL&P | Eliminations
Disaggregation of Revenue [Line Items]
Operating Revenues	(122,200)	(116,700)
NSTAR Electric
Disaggregation of Revenue [Line Items]
Operating Revenues	733,833	797,612
Lease revenue	700	600
NSTAR Electric | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	819,600	887,300
Alternative Revenue Programs	19,300	7,300
Other Revenues	1,400	1,500
NSTAR Electric | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	331,000	371,000
NSTAR Electric | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	301,900	336,500
NSTAR Electric | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	26,800	28,800
NSTAR Electric | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	659,700	736,300
NSTAR Electric | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	134,800	122,600
NSTAR Electric | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	14,400	24,400
NSTAR Electric | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	10,700	4,000
NSTAR Electric | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	0	0
NSTAR Electric | Eliminations
Disaggregation of Revenue [Line Items]
Operating Revenues	(106,500)	(98,500)
PSNH
Disaggregation of Revenue [Line Items]
Operating Revenues	276,368	276,435
PSNH | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	308,600	311,700
Alternative Revenue Programs	4,700	1,500
Other Revenues	600	300
PSNH | Operating Segments | Residential
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	142,900	151,800
PSNH | Operating Segments | Commercial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	79,100	79,800
PSNH | Operating Segments | Industrial
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	19,000	18,700
PSNH | Operating Segments | Total Retail Tariff Sale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	241,000	250,300
PSNH | Operating Segments | Transmission Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	49,700	47,500
PSNH | Operating Segments | Wholesale Revenue
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	11,900	13,400
PSNH | Operating Segments | Other Revenues from Contracts with Customers
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	3,700	3,600
PSNH | Operating Segments | Amortization/(Reserve) for Revenues Subject to Refund
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,300	(3,100)
PSNH | Eliminations
Disaggregation of Revenue [Line Items]
Operating Revenues	$ (37,500)	$ (37,100)

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COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) - USD ($) $ in Millions			3 Months Ended		36 Months Ended
	Apr. 29, 2016	Oct. 16, 2014	Mar. 31, 2020	Mar. 31, 2019	Oct. 15, 2014	Dec. 31, 2019
Loss Contingencies [Line Items]
Percentage of base ROE reasonably justified			10.41%
Percentage of incentive cap on total ROE			13.08%
FERC ROE First, Second and Third Complaints
Loss Contingencies [Line Items]
Base ROE subsequently authorized			11.14%
FERC ROE First, Second and Third Complaints | Minimum
Loss Contingencies [Line Items]
Percentage of maximum ROE for any incentive project					11.14%
FERC ROE First, Second and Third Complaints | Maximum
Loss Contingencies [Line Items]
Percentage of maximum ROE for any incentive project					13.10%
FERC ROE Complaints
Loss Contingencies [Line Items]
Period of complaint			15 months
Basis point change			0.10%
Estimate of possible loss for each 10 basis point change to base ROE			$ 3.0
FERC ROE Fourth Complaint
Loss Contingencies [Line Items]
Base ROE percentage of complaint period	10.57%
Maximum percentage cap of ROE for incentive projects	11.74%
FERC ROE First Complaint
Loss Contingencies [Line Items]
Base ROE subsequently authorized		10.57%
Percentage of maximum ROE for any incentive project		11.74%
Amounts associated with first complaint refunded			38.9
FERC ROE First Complaint | CL&P
Loss Contingencies [Line Items]
Amounts associated with first complaint refunded			22.4
FERC ROE First Complaint | NSTAR Electric
Loss Contingencies [Line Items]
Amounts associated with first complaint refunded			13.7
FERC ROE First Complaint | PSNH
Loss Contingencies [Line Items]
Amounts associated with first complaint refunded			$ 2.8
FERC ROE Second Complaint
Loss Contingencies [Line Items]
Base ROE percentage of complaint period				10.57%
Percentage of maximum ROE for any incentive project			11.74%
Loss contingency, estimate of possible earnings impact			$ 39.1			$ 39.1
FERC ROE Second Complaint | CL&P
Loss Contingencies [Line Items]
Loss contingency, estimate of possible earnings impact			21.4			21.4
FERC ROE Second Complaint | NSTAR Electric
Loss Contingencies [Line Items]
Loss contingency, estimate of possible earnings impact			14.6			14.6
FERC ROE Second Complaint | PSNH
Loss Contingencies [Line Items]
Loss contingency, estimate of possible earnings impact			$ 3.1			$ 3.1

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SEGMENT INFORMATION - Summary of Segment Information and Segmented Total Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating Revenues	$ 2,373,726	$ 2,415,792
Depreciation and Amortization	(286,000)	(285,900)
Other Operating Expenses	(1,548,600)	(1,635,200)
Operating Income/(Loss)	539,120	494,700
Interest Expense	(134,715)	(131,734)
Other Income, Net	24,104	30,985
Net Income/(Loss) Attributable to Common Shareholders	334,753	308,678
Cash Flows Used for Investments in Plant	725,520	628,129
Assets	41,648,986		$ 41,123,915
Other
Segment Reporting Information [Line Items]
Operating Revenues	294,600	258,100
Depreciation and Amortization	(21,300)	(13,600)
Other Operating Expenses	(257,000)	(225,500)
Operating Income/(Loss)	16,300	19,000
Interest Expense	(42,700)	(44,200)
Other Income, Net	468,100	431,700
Net Income/(Loss) Attributable to Common Shareholders	442,200	407,500
Cash Flows Used for Investments in Plant	59,300	55,900
Assets	20,860,800		20,469,600
Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	(591,400)	(531,100)
Depreciation and Amortization	600	600
Other Operating Expenses	591,400	531,000
Operating Income/(Loss)	600	500
Interest Expense	11,800	12,600
Other Income, Net	(463,200)	(427,600)
Net Income/(Loss) Attributable to Common Shareholders	(450,800)	(414,500)
Cash Flows Used for Investments in Plant	0	0
Assets	(20,284,300)		(19,488,800)
Electric Distribution | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	1,805,300	1,833,900
Depreciation and Amortization	(167,300)	(179,200)
Other Operating Expenses	(1,439,600)	(1,475,600)
Operating Income/(Loss)	198,400	179,100
Interest Expense	(53,100)	(49,200)
Other Income, Net	12,500	18,200
Net Income/(Loss) Attributable to Common Shareholders	130,100	120,100
Cash Flows Used for Investments in Plant	315,800	279,300
Assets	23,135,900		22,541,900
Natural Gas Distribution | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	448,600	468,900
Depreciation and Amortization	(19,100)	(20,400)
Other Operating Expenses	(311,600)	(341,300)
Operating Income/(Loss)	117,900	107,200
Interest Expense	(11,400)	(11,700)
Other Income, Net	1,400	200
Net Income/(Loss) Attributable to Common Shareholders	84,400	76,500
Cash Flows Used for Investments in Plant	99,100	87,400
Assets	4,430,400		4,345,500
Electric Transmission | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	369,700	340,500
Depreciation and Amortization	(67,500)	(61,500)
Other Operating Expenses	(106,800)	(98,800)
Operating Income/(Loss)	195,400	180,200
Interest Expense	(30,600)	(30,600)
Other Income, Net	5,200	8,100
Net Income/(Loss) Attributable to Common Shareholders	126,800	118,200
Cash Flows Used for Investments in Plant	232,800	184,800
Assets	11,137,500		10,904,000
Water Distribution | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues	46,900	45,500
Depreciation and Amortization	(11,400)	(11,800)
Other Operating Expenses	(25,000)	(25,000)
Operating Income/(Loss)	10,500	8,700
Interest Expense	(8,700)	(8,600)
Other Income, Net	100	400
Net Income/(Loss) Attributable to Common Shareholders	2,100	900
Cash Flows Used for Investments in Plant	18,500	$ 20,700
Assets	$ 2,368,700		$ 2,351,700

XML

COMMON SHARES - Common Shares Authorized and Issued (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Per value (in dollars per share)	$ 5
Authorized (in shares)	380,000,000	380,000,000
Issued (in shares)	351,818,402	345,858,402
CL&P
Class of Stock [Line Items]
Per value (in dollars per share)	$ 10
Authorized (in shares)	24,500,000	24,500,000
Issued (in shares)	6,035,205	6,035,205
NSTAR Electric
Class of Stock [Line Items]
Per value (in dollars per share)	$ 1
Authorized (in shares)	100,000,000	100,000,000
Issued (in shares)	200	200
PSNH
Class of Stock [Line Items]
Per value (in dollars per share)	$ 1
Authorized (in shares)	100,000,000	100,000,000
Issued (in shares)	301	301

XML

RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2020

Rate Reduction Bonds and Variable Interest Entity [Abstract]

RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

Rate Reduction Bonds: On May 8, 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035.  The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC on January 30, 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets.

PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements. The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:

(Millions of Dollars)
Balance Sheet:	As of March 31, 2020		As of December 31, 2019
Restricted Cash - Current Portion (included in Current Assets)	$	16.6	$	32.5
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)	3.2		3.2
Securitized Stranded Cost (included in Regulatory Assets)	554.5		565.3
Other Regulatory Liabilities (included in Regulatory Liabilities)	6.0		5.6
Accrued Interest (included in Other Current Liabilities)	3.3		8.6
Rate Reduction Bonds - Current Portion	43.2		43.2
Rate Reduction Bonds - Long-Term Portion	518.5		540.1

(Millions of Dollars)	For the Three Months Ended
Income Statement:	March 31, 2020		March 31, 2019
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)	$	10.8	$	10.6
Interest Expense on RRB Principal (included in Interest Expense)	5.0		5.4

XML

PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION

3 Months Ended

Mar. 31, 2020

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:

Eversource	As of March 31, 2020			As of December 31, 2019
(Millions of Dollars)
Distribution - Electric	$	16,117.4		$	15,880.0
Distribution - Natural Gas	3,984.2			3,931.1
Transmission - Electric	11,059.4			10,958.4
Distribution - Water	1,730.2			1,726.5
Solar	200.5			200.2
Utility	33,091.7			32,696.2
Other (1)	1,073.2			1,025.6
Property, Plant and Equipment, Gross	34,164.9			33,721.8
Less:  Accumulated Depreciation
Utility	(7,572.4		)	(7,483.5		)
Other	(408.0		)	(387.4		)
Total Accumulated Depreciation	(7,980.4		)	(7,870.9		)
Property, Plant and Equipment, Net	26,184.5			25,850.9
Construction Work in Progress	1,856.9			1,734.6
Total Property, Plant and Equipment, Net	$	28,041.4		$	27,585.5

	As of March 31, 2020									As of December 31, 2019
(Millions of Dollars)	CL&P			NSTAR Electric			PSNH			CL&P			NSTAR Electric			PSNH
Distribution - Electric	$	6,607.8		$	7,250.8		$	2,299.1		$	6,485.5		$	7,163.7		$	2,271.1
Transmission - Electric	5,094.1			4,444.7			1,515.8			5,043.0			4,411.9			1,498.7
Solar	—			200.5			—			—			200.2			—
Property, Plant and Equipment, Gross	11,701.9			11,896.0			3,814.9			11,528.5			11,775.8			3,769.8
Less:  Accumulated Depreciation	(2,413.6		)	(2,925.2		)	(810.1		)	(2,385.7		)	(2,895.3		)	(799.9		)
Property, Plant and Equipment, Net	9,288.3			8,970.8			3,004.8			9,142.8			8,880.5			2,969.9
Construction Work in Progress	472.6			643.8			182.5			483.0			592.3			159.6
Total Property, Plant and Equipment, Net	$	9,760.9		$	9,614.6		$	3,187.3		$	9,625.8		$	9,472.8		$	3,129.5

⁽¹⁾ 

These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company.

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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

3 Months Ended

Mar. 31, 2020

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, are as follows:

	For the Three Months Ended March 31, 2020											For the Three Months Ended March 31, 2019
Eversource  (Millions of Dollars)	Qualified Cash Flow Hedging Instruments			Unrealized Gains on Marketable Securities		Defined Benefit Plans			Total			Qualified Cash Flow Hedging Instruments			Unrealized Gains/(Losses) on Marketable Securities			Defined Benefit Plans			Total
Balance as of January 1st	$	(3.0	)	$	0.7	$	(62.8	)	$	(65.1	)	$	(4.4	)	$	(0.5	)	$	(55.1	)	$	(60.0	)
OCI Before Reclassifications	—			0.2		—			0.2			—			0.7			—			0.7
Amounts Reclassified from AOCI	0.2			—		1.6			1.8			0.3			—			1.2			1.5
Net OCI	0.2			0.2		1.6			2.0			0.3			0.7			1.2			2.2
Balance as of March 31st	$	(2.8	)	$	0.9	$	(61.2	)	$	(63.1	)	$	(4.1	)	$	0.2		$	(53.9	)	$	(57.8	)

Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI.

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RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2020

Rate Reduction Bonds and Variable Interest Entity [Abstract]

Summary of the Impact of Funding on the Balance Sheets and Income Statements

The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:

(Millions of Dollars)
Balance Sheet:	As of March 31, 2020		As of December 31, 2019
Restricted Cash - Current Portion (included in Current Assets)	$	16.6	$	32.5
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)	3.2		3.2
Securitized Stranded Cost (included in Regulatory Assets)	554.5		565.3
Other Regulatory Liabilities (included in Regulatory Liabilities)	6.0		5.6
Accrued Interest (included in Other Current Liabilities)	3.3		8.6
Rate Reduction Bonds - Current Portion	43.2		43.2
Rate Reduction Bonds - Long-Term Portion	518.5		540.1

(Millions of Dollars)	For the Three Months Ended
Income Statement:	March 31, 2020		March 31, 2019
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)	$	10.8	$	10.6
Interest Expense on RRB Principal (included in Interest Expense)	5.0		5.4

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax

The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:

	For the Three Months Ended March 31, 2020											For the Three Months Ended March 31, 2019
Eversource  (Millions of Dollars)	Qualified Cash Flow Hedging Instruments			Unrealized Gains on Marketable Securities		Defined Benefit Plans			Total			Qualified Cash Flow Hedging Instruments			Unrealized Gains/(Losses) on Marketable Securities			Defined Benefit Plans			Total
Balance as of January 1st	$	(3.0	)	$	0.7	$	(62.8	)	$	(65.1	)	$	(4.4	)	$	(0.5	)	$	(55.1	)	$	(60.0	)
OCI Before Reclassifications	—			0.2		—			0.2			—			0.7			—			0.7
Amounts Reclassified from AOCI	0.2			—		1.6			1.8			0.3			—			1.2			1.5
Net OCI	0.2			0.2		1.6			2.0			0.3			0.7			1.2			2.2
Balance as of March 31st	$	(2.8	)	$	0.9	$	(61.2	)	$	(63.1	)	$	(4.1	)	$	0.2		$	(53.9	)	$	(57.8	)

XML

REGULATORY ACCOUNTING (Tables)

3 Months Ended

Mar. 31, 2020

Regulated Operations [Abstract]

Components of Regulatory Assets

The components of regulatory assets were as follows:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Benefit Costs	$	2,334.3	$	528.3	$	616.3	$	213.9	$	2,382.9	$	539.0	$	629.8	$	218.2
Income Taxes, Net	727.2		458.9		108.5		12.8		725.8		458.8		108.0		12.8
Securitized Stranded Costs	554.5		—		—		554.5		565.3		—		—		565.3
Storm Restoration Costs, Net	497.6		251.6		183.0		63.0		540.6		274.6		200.6		65.4
Regulatory Tracker Mechanisms	551.5		191.0		227.4		84.6		411.5		78.3		207.1		65.8
Derivative Liabilities	335.2		333.8		—		—		334.5		329.2		—		—
Goodwill-related	327.3		—		281.0		—		331.5		—		284.6		—
Asset Retirement Obligations	99.3		31.2		51.5		3.7		97.2		30.8		50.3		3.6
Other Regulatory Assets	136.5		24.8		61.6		13.8		125.4		25.2		55.2		14.7
Total Regulatory Assets	5,563.4		1,819.6		1,529.3		946.3		5,514.7		1,735.9		1,535.6		945.8
Less:  Current Portion	785.1		290.6		304.0		102.4		651.1		178.6		285.6		84.1
Total Long-Term Regulatory Assets	$	4,778.3	$	1,529.0	$	1,225.3	$	843.9	$	4,863.6	$	1,557.3	$	1,250.0	$	861.7

Components of Regulatory Liabilities

The components of regulatory liabilities were as follows:

	As of March 31, 2020								As of December 31, 2019
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
EDIT due to Tax Cuts and Jobs Act	$	2,831.2	$	1,019.8	$	1,063.9	$	391.4	$	2,844.6	$	1,022.8	$	1,071.2	$	392.8
Cost of Removal	579.3		77.4		337.2		14.8		559.8		64.6		330.6		16.3
Benefit Costs	80.1		—		68.6		—		84.5		—		72.2		—
Regulatory Tracker Mechanisms	412.5		121.7		189.8		64.1		325.1		94.8		165.6		57.0
AFUDC - Transmission	74.4		45.7		28.7		—		73.2		46.0		27.2		—
Other Regulatory Liabilities	130.6		34.4		47.4		10.7		132.0		19.6		59.0		13.1
Total Regulatory Liabilities	4,108.1		1,299.0		1,735.6		481.0		4,019.2		1,247.8		1,725.8		479.2
Less:  Current Portion	439.9		119.3		219.9		69.0		361.2		82.8		209.2		65.8
Total Long-Term Regulatory Liabilities	$	3,668.2	$	1,179.7	$	1,515.7	$	412.0	$	3,658.0	$	1,165.0	$	1,516.6	$	413.4

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REVENUES

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

The following tables present operating revenues disaggregated by revenue source:

	For the Three Months Ended March 31, 2020
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution			Other		Eliminations			Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	963.8	$	238.0	$	—	$	27.8		$	—	$	—		$	1,229.6
Commercial	607.0		134.6		—		14.8			—		(1.0		)	755.4
Industrial	79.8		28.3		—		1.1			—		(3.2		)	106.0
Total Retail Tariff Sales Revenues	1,650.6		400.9		—		43.7			—		(4.2		)	2,091.0
Wholesale Transmission Revenues	—		—		336.3		—			17.3		(283.6		)	70.0
Wholesale Market Sales Revenues	91.0		13.2		—		0.8			—		—			105.0
Other Revenues from Contracts with Customers	19.1		0.9		3.4		1.9			277.3		(276.2		)	26.4
Amortization/(Reserve) for Revenues   Subject to Refund	2.3		0.5		—		(0.8		)	—		—			2.0
Total Revenues from Contracts with Customers	1,763.0		415.5		339.7		45.6			294.6		(564.0		)	2,294.4
Alternative Revenue Programs (1)	38.8		32.2		29.8		1.1			—		(27.4		)	74.5
Other Revenues (2)	3.5		0.9		0.2		0.2			—		—			4.8
Total Operating Revenues	$	1,805.3	$	448.6	$	369.7	$	46.9		$	294.6	$	(591.4	)	$	2,373.7

	For the Three Months Ended March 31, 2019
Eversource (Millions of Dollars)	Electric Distribution			Natural Gas Distribution		Electric Transmission		Water Distribution			Other		Eliminations			Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	1,033.3		$	258.9	$	—	$	27.0		$	—	$	—		$	1,319.2
Commercial	652.6			143.8		—		14.3			—		(1.1		)	809.6
Industrial	82.1			30.9		—		1.1			—		(2.7		)	111.4
Total Retail Tariff Sales Revenues	1,768.0			433.6		—		42.4			—		(3.8		)	2,240.2
Wholesale Transmission Revenues	—			—		324.9		—			13.5		(270.8		)	67.6
Wholesale Market Sales Revenues	51.5			21.7		—		1.0			—		—			74.2
Other Revenues from Contracts with Customers	12.6			0.9		3.2		1.7			244.6		(245.4		)	17.6
Amortization/(Reserve) for Revenues Subject to Refund	(3.1		)	1.6		—		(0.8		)	—		—			(2.3		)
Total Revenues from Contracts with Customers	1,829.0			457.8		328.1		44.3			258.1		(520.0		)	2,397.3
Alternative Revenue Programs (1)	2.1			10.4		12.4		0.9			—		(11.1		)	14.7
Other Revenues (2)	2.8			0.7		—		0.3			—		—			3.8
Total Operating Revenues	$	1,833.9		$	468.9	$	340.5	$	45.5		$	258.1	$	(531.1	)	$	2,415.8

	For the Three Months Ended March 31, 2020									For the Three Months Ended March 31, 2019
(Millions of Dollars)	CL&P			NSTAR Electric			PSNH			CL&P			NSTAR Electric			PSNH
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	489.9		$	331.0		$	142.9		$	510.5		$	371.0		$	151.8
Commercial	226.4			301.9			79.1			236.7			336.5			79.8
Industrial	34.0			26.8			19.0			34.6			28.8			18.7
Total Retail Tariff Sales Revenues	750.3			659.7			241.0			781.8			736.3			250.3
Wholesale Transmission Revenues	151.8			134.8			49.7			154.8			122.6			47.5
Wholesale Market Sales Revenues	64.7			14.4			11.9			13.7			24.4			13.4
Other Revenues from Contracts with Customers	8.8			10.7			3.7			8.9			4.0			3.6
Amortization/(Reserve) for Revenues Subject to Refund	—			—			2.3			—			—			(3.1		)
Total Revenues from Contracts with Customers	975.6			819.6			308.6			959.2			887.3			311.7
Alternative Revenue Programs (1)	44.6			19.3			4.7			5.7			7.3			1.5
Other Revenues (2)	1.7			1.4			0.6			1.0			1.5			0.3
Eliminations	(122.2		)	(106.5		)	(37.5		)	(116.7		)	(98.5		)	(37.1		)
Total Operating Revenues	$	899.7		$	733.8		$	276.4		$	849.2		$	797.6		$	276.4

⁽¹⁾  CL&P, NSTAR Electric, Yankee Gas, NSTAR Gas and the Connecticut water distribution business each have a revenue decoupling mechanism approved by a regulatory commission. The revenue decoupling mechanisms mitigate the impact of lower demand and resulting lost sales revenues by allowing for a true-up to occur as part of each company’s annual decoupling filing. These revenue decoupling mechanisms qualify as alternative revenue programs in accordance with accounting guidance for rate-regulated operations. The increase in revenues from Alternative Revenue Programs for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019, was primarily the result of a higher decoupling deferral adjustment driven by lower distribution sales volumes in the first quarter of 2020. The decoupling deferral adjustment to revenues is recorded as a regulatory tracker mechanism within Regulatory Assets on the balance sheets.

⁽²⁾  

Other Revenues include certain fees charged to customers that are not considered revenue from contracts with customers. Other revenues also includes lease revenues under lessor accounting guidance of $1.1 million (including $0.2 million at CL&P, and $0.7 million at NSTAR Electric) and $1.0 million (including $0.2 million at CL&P, and $0.6 million at NSTAR Electric) for the three months ended March 31, 2020 and March 31, 2019, respectively.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 224,800
Uncollectible Expense	11,353	$ 18,565
Uncollectible Costs Deferred	20,300
Write-Offs	(21,500)
Recoveries Collected	3,300
Ending Balance	262,100
CL&P
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	97,300
Uncollectible Expense	3,230	4,116
Uncollectible Costs Deferred	14,700
Write-Offs	(7,300)
Recoveries Collected	800
Ending Balance	130,900
NSTAR Electric
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	75,400
Uncollectible Expense	3,704	5,953
Uncollectible Costs Deferred	0
Write-Offs	(8,400)
Recoveries Collected	1,700
Ending Balance	71,100
PSNH
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	10,500
Uncollectible Expense	666	$ 1,725
Uncollectible Costs Deferred	1,300
Write-Offs	(1,700)
Recoveries Collected	100
Ending Balance	11,200
Revision of Prior Period, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	23,800
Revision of Prior Period, Adjustment | CL&P
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	22,200
Revision of Prior Period, Adjustment | NSTAR Electric
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(1,300)
Revision of Prior Period, Adjustment | PSNH
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	300
Hardship Accounts
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	143,300
Uncollectible Expense	0
Uncollectible Costs Deferred	11,800
Write-Offs	(4,700)
Recoveries Collected	200
Ending Balance	172,200
Hardship Accounts | CL&P
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	80,100
Uncollectible Expense	0
Uncollectible Costs Deferred	12,900
Write-Offs	(3,800)
Recoveries Collected	200
Ending Balance	110,700
Hardship Accounts | NSTAR Electric
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	43,900
Uncollectible Expense	0
Uncollectible Costs Deferred	(3,400)
Write-Offs	(400)
Recoveries Collected	0
Ending Balance	38,500
Hardship Accounts | Revision of Prior Period, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	21,600
Hardship Accounts | Revision of Prior Period, Adjustment | CL&P
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	21,300
Hardship Accounts | Revision of Prior Period, Adjustment | NSTAR Electric
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(1,600)
Retail (Non-Hardship), Wholesale, and Other Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	81,500
Uncollectible Expense	11,400
Uncollectible Costs Deferred	8,500
Write-Offs	(16,800)
Recoveries Collected	3,100
Ending Balance	89,900
Retail (Non-Hardship), Wholesale, and Other Receivables | CL&P
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	17,200
Uncollectible Expense	3,200
Uncollectible Costs Deferred	1,800
Write-Offs	(3,500)
Recoveries Collected	600
Ending Balance	20,200
Retail (Non-Hardship), Wholesale, and Other Receivables | NSTAR Electric
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	31,500
Uncollectible Expense	3,700
Uncollectible Costs Deferred	3,400
Write-Offs	(8,000)
Recoveries Collected	1,700
Ending Balance	32,600
Retail (Non-Hardship), Wholesale, and Other Receivables | Revision of Prior Period, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	2,200
Retail (Non-Hardship), Wholesale, and Other Receivables | Revision of Prior Period, Adjustment | CL&P
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	900
Retail (Non-Hardship), Wholesale, and Other Receivables | Revision of Prior Period, Adjustment | NSTAR Electric
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 300

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash Balances to Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash as reported on the Balance Sheets	$ 47,425	$ 15,432
Cash and Restricted Cash reported on the Statements of Cash Flows	133,689	117,063	$ 108,372	$ 209,324
Special Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	39,000	52,500
Marketable Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	44,100	46,000
Other Long-Term Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,200	3,200
CL&P
Restricted Cash and Cash Equivalents Items [Line Items]
Cash as reported on the Balance Sheets	3,785	0
Cash and Restricted Cash reported on the Statements of Cash Flows	8,767	4,971	11,404	91,613
CL&P | Special Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,700	4,600
CL&P | Marketable Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	300	400
CL&P | Other Long-Term Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0
NSTAR Electric
Restricted Cash and Cash Equivalents Items [Line Items]
Cash as reported on the Balance Sheets	2,844	52
Cash and Restricted Cash reported on the Statements of Cash Flows	9,129	6,312	14,905	14,659
NSTAR Electric | Special Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,200	6,200
NSTAR Electric | Marketable Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	100	0
NSTAR Electric | Other Long-Term Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0
PSNH
Restricted Cash and Cash Equivalents Items [Line Items]
Cash as reported on the Balance Sheets	19	413
Cash and Restricted Cash reported on the Statements of Cash Flows	20,390	36,688	$ 28,796	$ 52,723
PSNH | Special Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	16,600	32,500
PSNH | Marketable Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	600	600
PSNH | Other Long-Term Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,200	$ 3,200

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PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION - Components of Net Periodic Benefit Expense/(Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension and SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 19.6	$ 19.3
Interest Cost	44.3	54.2
Expected Return on Pension Plan Assets	(100.3)	(92.3)
Actuarial Loss	49.3	35.8
Prior Service Cost/(Credit)	0.3	1.1
Total Net Periodic Benefit Expense/(Income)	13.2	18.1
PBOP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	2.6	2.1
Interest Cost	6.1	8.1
Expected Return on Pension Plan Assets	(18.1)	(16.6)
Actuarial Loss	2.1	2.5
Prior Service Cost/(Credit)	(5.4)	(5.8)
Total Net Periodic Benefit Expense/(Income)	(12.7)	(9.7)
CL&P | Pension and SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	5.7	4.8
Interest Cost	9.5	11.5
Expected Return on Pension Plan Assets	(20.0)	(18.8)
Actuarial Loss	10.0	8.1
Prior Service Cost/(Credit)	0.0	0.0
Total Net Periodic Benefit Expense/(Income)	5.2	5.6
Intercompany Allocations	1.9	7.8
CL&P | PBOP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	0.5	0.4
Interest Cost	1.2	1.5
Expected Return on Pension Plan Assets	(2.4)	(2.3)
Actuarial Loss	0.4	0.4
Prior Service Cost/(Credit)	0.2	0.3
Total Net Periodic Benefit Expense/(Income)	(0.1)	0.3
Intercompany Allocations	(0.4)	(0.1)
NSTAR Electric | Pension and SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	3.8	3.9
Interest Cost	9.6	11.9
Expected Return on Pension Plan Assets	(25.8)	(24.4)
Actuarial Loss	13.3	9.4
Prior Service Cost/(Credit)	0.1	0.1
Total Net Periodic Benefit Expense/(Income)	1.0	0.9
Intercompany Allocations	1.9	3.0
NSTAR Electric | PBOP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	0.6	0.4
Interest Cost	1.7	2.3
Expected Return on Pension Plan Assets	(8.5)	(7.5)
Actuarial Loss	0.7	0.9
Prior Service Cost/(Credit)	(4.2)	(4.2)
Total Net Periodic Benefit Expense/(Income)	(9.7)	(8.1)
Intercompany Allocations	(0.4)	(0.2)
PSNH | Pension and SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	2.2	2.6
Interest Cost	4.9	6.2
Expected Return on Pension Plan Assets	(11.3)	(10.3)
Actuarial Loss	4.1	3.5
Prior Service Cost/(Credit)	0.0	0.0
Total Net Periodic Benefit Expense/(Income)	(0.1)	2.0
Intercompany Allocations	0.6	2.4
PSNH | PBOP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	0.2	0.2
Interest Cost	0.6	0.9
Expected Return on Pension Plan Assets	(1.4)	(1.3)
Actuarial Loss	0.1	0.2
Prior Service Cost/(Credit)	0.1	0.1
Total Net Periodic Benefit Expense/(Income)	(0.4)	0.1
Intercompany Allocations	$ (0.2)	$ (0.1)

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 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/(Loss)	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 Earnings Per Common Share (in dollars per share)	$ 1.01	$ 0.97
Weighted Average Common Shares Outstanding:
Basic (in shares)	331,102,237	317,624,593
Diluted (in shares)	332,937,153	318,316,082
The Connecticut Light and Power Company
Operating Revenues	$ 899,703	$ 849,246
Operating Expenses:
Purchased Power, Fuel and Transmission	374,717	319,833
Operations and Maintenance	135,597	130,637
Depreciation	78,435	73,289
Amortization of Regulatory Assets, Net	6,548	35,671
Energy Efficiency Programs	35,479	25,988
Taxes Other Than Income Taxes	82,987	92,000
Total Operating Expenses	713,763	677,418
Operating Income/(Loss)	185,940	171,828
Interest Expense	37,883	35,781
Other Income, Net	1,898	3,880
Income Before Income Tax Expense	149,955	139,927
Income Tax Expense	31,217	29,456
Net Income	118,738	110,471
NSTAR Electric Company
Operating Revenues	733,833	797,612
Operating Expenses:
Purchased Power, Fuel and Transmission	242,439	330,104
Operations and Maintenance	122,318	112,963
Depreciation	78,345	72,584
Amortization of Regulatory Assets, Net	27,008	22,584
Energy Efficiency Programs	68,667	76,729
Taxes Other Than Income Taxes	48,722	44,822
Total Operating Expenses	587,499	659,786
Operating Income/(Loss)	146,334	137,826
Interest Expense	31,017	27,881
Other Income, Net	12,238	11,086
Income Before Income Tax Expense	127,555	121,031
Income Tax Expense	27,165	27,017
Net Income	100,390	94,014
Public Service Company of New Hampshire
Operating Revenues	276,368	276,435
Operating Expenses:
Purchased Power, Fuel and Transmission	94,138	113,531
Operations and Maintenance	47,128	52,630
Depreciation	24,334	22,919
Amortization of Regulatory Assets, Net	20,110	13,667
Energy Efficiency Programs	9,364	6,714
Taxes Other Than Income Taxes	19,701	17,311
Total Operating Expenses	214,775	226,772
Operating Income/(Loss)	61,593	49,663
Interest Expense	14,479	14,367
Other Income, Net	3,190	7,022
Income Before Income Tax Expense	50,304	42,318
Income Tax Expense	10,703	9,537
Net Income	$ 39,601	$ 32,781

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SHORT-TERM AND LONG-TERM DEBT - Summary of Long-Term Debt Issuance and Repayments (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Repayments					$ (220,253)	$ (250,215)
Senior Notes | Eversource Parent 3.45% Series P Senior Notes | Eversource Parent
Debt Instrument [Line Items]
Issuances				$ 350,000
Interest rate, stated percentage				3.45%
NSTAR Electric
Debt Instrument [Line Items]
Repayments					$ (95,000)	$ 0
NSTAR Electric | Senior Notes | 3.95% 2020 Debentures
Debt Instrument [Line Items]
Issuances			$ 400,000
Interest rate, stated percentage			3.95%		3.95%
NSTAR Electric | Senior Notes | 5.10% Series E Senior Notes
Debt Instrument [Line Items]
Repayments			$ (95,000)
Interest rate, stated percentage			5.10%		5.10%
NSTAR Gas | Senior Notes | NSTAR Gas 4.46% Series N First Mortgage Bonds
Debt Instrument [Line Items]
Repayments				$ (125,000)
Interest rate, stated percentage				4.46%
NSTAR Gas | Senior Notes | NSTAR Gas 2.33% Series R First Mortgage Bonds | Subsequent Event
Debt Instrument [Line Items]
Issuances	$ 75,000
Interest rate, stated percentage	2.33%
NSTAR Gas | Senior Notes | NSTAR Gas 3.15% Series S First Mortgage Bonds | Subsequent Event
Debt Instrument [Line Items]
Issuances	$ 115,000
Interest rate, stated percentage	3.15%
Yankee Gas | Senior Notes | Yankee Gas 4.87% Series K First Mortgage Bonds | Subsequent Event
Debt Instrument [Line Items]
Repayments		$ (50,000)
Interest rate, stated percentage		4.87%

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 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 (Under)/Over Recoveries, 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	0
Cash Dividends on Common Shares	(181,608)	(169,757)
Cash Dividends on Preferred Stock	(1,880)	(1,880)
(Decrease)/Increase in Notes Payable	(408,950)	829,430
Repayment of Rate Reduction Bonds	(21,605)	(30,727)
Issuance of Long-Term Debt	750,000	0
Retirement of Long-Term Debt	(220,253)	(250,215)
Other Financing Activities	(21,560)	16,433
Net Cash Flows Provided by/(Used in) Financing Activities	313,930	393,284
Net Increase/(Decrease) in Cash and Restricted Cash	16,626	(100,952)
Cash and Restricted Cash - Beginning of Period	117,063	209,324
Cash and Restricted Cash - End of Period	133,689	108,372
The Connecticut Light and Power Company
Operating Activities:
Net Income	118,738	110,471
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	78,435	73,289
Deferred Income Taxes	19,910	15,188
Uncollectible Expense	3,230	4,116
Pension, SERP and PBOP Expense, Net	3,315	4,063
Regulatory (Under)/Over Recoveries, Net	(34,198)	(54,671)
Amortization of Regulatory Assets, Net	6,548	35,671
Other	(27,239)	(5,848)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(27,969)	(60,506)
Taxes Receivable/Accrued, Net	40,505	41,399
Accounts Payable	(27,298)	75,373
Other Current Assets and Liabilities, Net	(21,801)	(40,274)
Net Cash Flows Provided by Operating Activities	132,176	198,271
Investing Activities:
Investments in Property, Plant and Equipment	(212,374)	(189,423)
Other Investing Activities	74	59
Net Cash Flows Used in Investing Activities	(212,300)	(189,364)
Financing Activities:
Cash Dividends on Common Shares	(69,500)	(99,000)
Cash Dividends on Preferred Stock	(1,390)	(1,390)
Retirement of Long-Term Debt	0	(250,000)
Increase in Notes Payable to Eversource Parent	155,200	261,600
Other Financing Activities	(390)	(326)
Net Cash Flows Provided by/(Used in) Financing Activities	83,920	(89,116)
Net Increase/(Decrease) in Cash and Restricted Cash	3,796	(80,209)
Cash and Restricted Cash - Beginning of Period	4,971	91,613
Cash and Restricted Cash - End of Period	8,767	11,404
NSTAR Electric Company
Operating Activities:
Net Income	100,390	94,014
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	78,345	72,584
Deferred Income Taxes	9,775	3,722
Uncollectible Expense	3,704	5,953
Pension, SERP and PBOP Income, Net	(4,754)	(4,279)
Pension and PBOP Contributions	0	(1,503)
Regulatory (Under)/Over Recoveries, Net	(17,434)	4,329
Amortization of Regulatory Assets, Net	27,008	22,584
Other	(1,643)	(8,043)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(64,951)	(29,220)
Fuel, Materials, Supplies and REC Inventory	(54,450)	(46,020)
Taxes Receivable/Accrued, Net	32,135	29,483
Accounts Payable	(53,462)	(18,109)
Other Current Assets and Liabilities, Net	7,033	11,466
Net Cash Flows Provided by Operating Activities	61,696	136,961
Investing Activities:
Investments in Property, Plant and Equipment	(247,549)	(208,540)
Other Investing Activities	21	17
Net Cash Flows Used in Investing Activities	(247,528)	(208,523)
Financing Activities:
Cash Dividends on Common Shares	(196,500)	(60,600)
Cash Dividends on Preferred Stock	(490)	(490)
Capital Contributions from Eversource Parent	0	20,000
Increase in Notes Payable to Eversource Parent	8,100	22,300
(Decrease)/Increase in Notes Payable	77,500	89,930
Issuance of Long-Term Debt	400,000	0
Retirement of Long-Term Debt	(95,000)	0
Other Financing Activities	(4,961)	668
Net Cash Flows Provided by/(Used in) Financing Activities	188,649	71,808
Net Increase/(Decrease) in Cash and Restricted Cash	2,817	246
Cash and Restricted Cash - Beginning of Period	6,312	14,659
Cash and Restricted Cash - End of Period	9,129	14,905
Public Service Company of New Hampshire
Operating Activities:
Net Income	39,601	32,781
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	24,334	22,919
Deferred Income Taxes	4,167	6,541
Uncollectible Expense	666	1,725
Regulatory (Under)/Over Recoveries, Net	(22,977)	(26,986)
Amortization of Regulatory Assets, Net	20,110	13,667
Other	(3,885)	(1,621)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	2,843	1,103
Fuel, Materials, Supplies and REC Inventory	(3,526)	144
Taxes Receivable/Accrued, Net	6,110	17,572
Accounts Payable	(18,064)	11,762
Other Current Assets and Liabilities, Net	9,118	6,472
Net Cash Flows Provided by Operating Activities	58,497	86,079
Investing Activities:
Investments in Property, Plant and Equipment	(88,694)	(64,361)
Other Investing Activities	126	102
Net Cash Flows Used in Investing Activities	(88,568)	(64,259)
Financing Activities:
Cash Dividends on Common Shares	(22,300)	(19,000)
Repayment of Rate Reduction Bonds	(21,605)	(30,727)
Increase in Notes Payable to Eversource Parent	57,700	4,000
Other Financing Activities	(22)	(20)
Net Cash Flows Provided by/(Used in) Financing Activities	13,773	(45,747)
Net Increase/(Decrease) in Cash and Restricted Cash	(16,298)	(23,927)
Cash and Restricted Cash - Beginning of Period	36,688	52,723
Cash and Restricted Cash - End of Period	$ 20,390	$ 28,796

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COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations - Yankee Companies (Details) - USD ($) $ in Millions				1 Months Ended
	Jun. 12, 2019	Feb. 21, 2019	May 22, 2017	Dec. 31, 2019	Jul. 31, 2019
Loss Contingencies [Line Items]
Damages awarded	$ 0.5
Remaining damages sought		$ 1.0
Damages paid					$ 0.5
DOE settlement payment				$ 29.0
YAEC
Loss Contingencies [Line Items]
Damages awarded				2.8
Total amount of damages awarded				5.4
MYAPC
Loss Contingencies [Line Items]
Damages awarded				5.0
Total amount of damages awarded				$ 21.0
CYAPC, YAEC, and MYAPC
Loss Contingencies [Line Items]
Damages sought			$ 104.4
Damages awarded		103.2
CYAPC
Loss Contingencies [Line Items]
Damages awarded		40.7
YAEC
Loss Contingencies [Line Items]
Damages awarded		28.1
MYAPC
Loss Contingencies [Line Items]
Damages awarded		$ 34.4