XML 53 R32.htm IDEA: XBRL DOCUMENT v3.25.1
SHORT-TERM AND LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2025
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 $2.00 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, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 11, 2029. This revolving credit facility serves to backstop Eversource parent's $2.00 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 October 11, 2029, that 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 ofAvailable Borrowing Capacity as ofWeighted-Average Interest Rate as of
March 31, 2025December 31, 2024March 31, 2025December 31, 2024March 31, 2025December 31, 2024
(Millions of Dollars)
Eversource Parent Commercial Paper Program $1,381.6 $1,538.0 $618.4 $462.0 4.78 %4.76 %
NSTAR Electric Commercial Paper Program 108.5 504.8 541.5 145.2 4.43 %4.55 %

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2025 and December 31, 2024.

CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, all of which will expire in either May 2025, September 2025 or October 2025. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of March 31, 2025 and December 31, 2024.
Amounts outstanding under the commercial paper programs 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.

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, 2025 and December 31, 2024, there were intercompany loans from Eversource parent to PSNH of $114.5 million and $131.1 million, respectively. As of December 31, 2024, there were intercompany loans from Eversource parent to CL&P of $280.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. 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, as these intercompany borrowings are outstanding for no more than 364 days at one time.

Sources and Uses of Cash: 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.

Long-Term Debt Issuance Authorizations: On March 3, 2025, PSNH filed a petition with the NHPUC requesting authorization to issue up to $300.0 million in long-term debt through December 31, 2025. On March 26, 2025, PURA approved Yankee Gas’ request for authorization to issue up to $360.0 million in long-term debt through December 31, 2026.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:
(Millions of Dollars)Interest RateIssuance/(Repayment)Issue Date or Repayment DateMaturity DateUse of Proceeds for Issuance/
Repayment Information
CL&P Series A First Mortgage Bonds4.95 %$400.0 January 2025January 2030Repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures4.85 %400.0 February 2025March 2030Repay 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures5.20 %400.0 February 2025March 2035Repay 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital
Eversource Parent Series H Senior Notes3.15 %(300.0)January 2025January 2025Paid at maturity
NSTAR Gas Series R First Mortgage Bonds2.33 %(75.0)May 2025May 2025Paid at maturity
In April 2025, NSTAR Gas closed on two First Mortgage Bonds, Series Y and Z for $205.0 million and $20.0 million, respectively, and these bonds will be issued in June 2025.