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INVESTMENTS IN UNCONSOLIDATED AFFILIATES
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED AFFILIATES INVESTMENTS IN UNCONSOLIDATED AFFILIATES
Investments in entities that are not consolidated are included in long-term assets on the balance sheets. Investments in affiliates where Eversource has the ability to exercise significant influence, but not control, over an investee are initially recognized as an equity method investment at cost. Earnings impacts from these equity investments are included in Other Income, Net on the statements of income.  Eversource's investments accounted for under the equity method include the following:
 Investment Balance as of December 31,
(Millions of Dollars)Ownership Interest20252024
Tax Equity Investment in South Fork Wind100%$19.1 $22.2 
Natural Gas Pipeline - Algonquin Gas Transmission, LLC15%110.8 112.6 
Other various36.3 33.9 
Total Investments in Unconsolidated Affiliates$166.2 $168.7 

For the years ended December 31, 2025, 2024 and 2023, Eversource had equity in earnings of unconsolidated affiliates of $19.9 million, $51.9 million, and $15.5 million, respectively. Eversource received dividends from its equity method investees (excluding proceeds received from sale or liquidation of investments) of $20.7 million, $20.5 million, and $20.1 million, respectively, for the years ended December 31, 2025, 2024 and 2023.
Tax Equity Investment in South Fork Wind: Eversource holds a noncontrolling tax equity investment in South Fork Wind through a 100 percent ownership in South Fork Wind Holdings, LLC Class A interests. In September 2023, Eversource made a $528 million investment in a tax equity interest for South Fork Wind. South Fork Wind was restructured as a tax equity investment, with Eversource purchasing 100 percent ownership of a new Class A tax equity membership interest. This investment will result in Eversource receiving cash flow benefits from investment tax credits (ITC) and other future cash flow benefits as well. During 2024, $459 million of expected investment tax credits and other expected tax benefits were reclassified from the South Fork Wind tax equity investment balance reported in Investments in Unconsolidated Affiliates as a decrease in Accumulated Deferred Income Taxes on the Eversource balance sheet, which represented a non-cash reclassification. As a result of these investment tax credits, Eversource expects lower federal income tax payments through 2028.

Offshore Wind Investments: During 2024, Eversource sold its 50 percent ownership interests in each of North East Offshore and South Fork Class B Member, LLC and in doing so, sold its interests in the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project. For more information on the sale, see Note 13G, "Commitments and Contingencies – Offshore Wind Sale and Contingent Liability," to the financial statements. Eversource recognized an aggregate pre-tax loss on the sales of its offshore wind investments of $464 million ($524 million after-tax) in 2024. In 2023, Eversource recorded pre-tax other-than-temporary impairment charges totaling $2.17 billion ($1.95 billion after-tax) in connection with the process to divest these offshore wind investments. In the impairment assessments, Eversource evaluated its investments and determined that the carrying value of the equity method offshore wind investments exceeded the fair value of the investments and that the decline in fair value was other-than-temporary. Impairment charges were recorded to reflect the investments at estimated fair value at that time. Capital contributions in the offshore wind investments in 2023 and 2024, including the 2023 contribution for the tax equity investment in South Fork Wind, were included in Investments in Unconsolidated Affiliates on the statements of cash flows. Proceeds received from the sales of the offshore wind investments of $863 million in 2024, the sale of an unused lease area to Ørsted for $625 million in 2023, and an October 2023 distribution of $318 million received primarily as a result of being a 50 percent joint owner in the Class B shares of South Fork Wind which was restructured as a tax equity investment, were included in Proceeds from Unconsolidated Affiliates on the statements of cash flows. Payments made in 2025 related to Eversource’s remaining offshore wind contingent obligation are reflected in investing activities on the statement of cash flows.

Liquidation of Renewable Energy Investment Fund: On March 21, 2023, Eversource’s equity method investment in a renewable energy investment fund was liquidated by the fund’s general partner in accordance with the partnership agreement. Proceeds received from the liquidation totaled $147.6 million and were included in Proceeds from Unconsolidated Affiliates on the statement of cash flows for the year ended December 31, 2023. A portion of the proceeds was used to make a charitable contribution to the Eversource Energy Foundation (a related party) of $20.0 million in 2023. The liquidation benefit received in excess of the investment’s carrying value and the charitable contribution were included in Other Income, Net on the statement of income.

Impairments: Equity method investments are assessed for impairment when conditions exist as of the balance sheet date that indicate that the fair value of the investment may be less than book value. Eversource continually monitors and evaluates its equity method investments to determine if there are indicators of an other-than-temporary impairment. If the decline in value is considered to be other-than-temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment. Impairment evaluations are based on best information available at the impairment assessment date. Subsequent declines or recoveries after the reporting date are not considered in the impairment recognized. Investments that are other-than-temporarily impaired and written down to their estimated fair value cannot subsequently be written back up for increases in estimated fair value. Impairment evaluations involve a significant degree of judgment and estimation, including identifying circumstances that indicate an impairment may exist at the equity method investment level, selecting discount rates used to determine fair values, and developing an estimate of discounted future cash flows expected from investment operations or the sale of the investment.

NSTAR Electric: As of December 31, 2025 and 2024, NSTAR Electric's investments included a 14.5 percent ownership interest in two companies that transmit hydro-electricity imported from the Hydro-Quebec system in Canada of $12.2 million and $11.5 million, respectively.