XML 62 R36.htm IDEA: XBRL DOCUMENT v3.25.4
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Details of long-term debt outstanding are as follows:
CL&P
(Millions of Dollars)
As of December 31,
Interest Rate20252024
First Mortgage Bonds:  
2004 Series B due 20345.750 %130.0 130.0 
2005 Series B due 20355.625 %100.0 100.0 
2006 Series A due 20366.350 %250.0 250.0 
2007 Series B due 20375.750 %150.0 150.0 
2007 Series D due 20376.375 %100.0 100.0 
2014 Series A due 2044  4.300 %475.0 475.0 
2015 Series A due 20454.150 %350.0 350.0 
   2017 Series A due 20273.200 %500.0 500.0 
2018 Series A due 20484.000 %800.0 800.0 
2020 Series A due 20250.750 %— 400.0 
2021 Series A due 20312.050 %425.0 425.0 
2023 Series A due 20535.250 %500.0 500.0 
2023 Series B due 20334.900 %300.0 300.0 
2024 Series A due 20294.650 %350.0 350.0 
2024 Series B due 20344.950 %300.0 300.0 
2025 Series A due 20304.950 %400.0 — 
Total First Mortgage Bonds5,130.0 5,130.0 
Less Amounts due Within One Year— (400.0)
Current Portion Classified as Long-Term Debt (1)
— 397.1 
Unamortized Premiums and Discounts, Net12.4 14.3 
Unamortized Debt Issuance Costs(32.3)(33.2)
CL&P Long-Term Debt$5,110.1 $5,108.2 
NSTAR Electric
(Millions of Dollars)
As of December 31,
Interest Rate20252024
Debentures:  
2006 Debentures due 20365.750 %$200.0 $200.0 
2010 Debentures due 20405.500 %300.0 300.0 
2014 Debentures due 2044  4.400 %300.0 300.0 
2015 Debentures due 20253.250 %— 250.0 
2016 Debentures due 20262.700 %250.0 250.0 
2017 Debentures due 20273.200 %700.0 700.0 
2019 Debentures due 20293.250 %400.0 400.0 
2020 Debentures due 20303.950 %400.0 400.0 
2021 Debentures due 20513.100 %300.0 300.0 
2021 Debentures due 20311.950 %300.0 300.0 
2022 Debentures due 20524.550 %450.0 450.0 
2022 Debentures due 20524.950 %400.0 400.0 
2023 Debentures due 20285.600 %150.0 150.0 
2024 Debentures due 20345.400 %600.0 600.0 
2025 Debentures due 20304.850 %400.0 — 
2025 Debentures due 20355.200 %700.0 — 
Total Debentures5,850.0 5,000.0 
Notes:  
2004 Senior Notes Series B due 20345.900 %50.0 50.0 
2007 Senior Notes Series D due 20376.700 %40.0 40.0 
2016 Senior Notes Series H due 20262.750 %50.0 50.0 
Total Notes140.0 140.0 
Less Amounts due Within One Year(300.0)(250.0)
Unamortized Premiums and Discounts, Net(8.1)(14.0)
Unamortized Debt Issuance Costs(36.3)(31.1)
NSTAR Electric Long-Term Debt$5,645.6 $4,844.9 

PSNH
(Millions of Dollars)
As of December 31,
Interest Rate20252024
First Mortgage Bonds:  
2005 Series M due 20355.600 %$50.0 $50.0 
2019 Series T due 2049  3.600 %300.0 300.0 
2020 Series U due 20502.400 %150.0 150.0 
2021 Series V due 20312.200 %350.0 350.0 
2023 Series W due 20535.150 %300.0 300.0 
2023 Series X due 20335.350 %600.0 600.0 
2025 Series Y due 20284.400 %300.0 — 
Total First Mortgage Bonds2,050.0 1,750.0 
Unamortized Premiums and Discounts, Net(2.8)(2.6)
Unamortized Debt Issuance Costs(15.9)(15.3)
PSNH Long-Term Debt$2,031.3 $1,732.1 
OTHER
(Millions of Dollars)
As of December 31,
Interest Rate20252024
Eversource Parent - Senior Notes due 2026 - 20501.400 %-5.950%$11,350.0 $11,350.0 
Yankee Gas - First Mortgage Bonds due 2026 - 20511.380 %-5.740%1,205.0 1,095.0 
NSTAR Gas - First Mortgage Bonds due 2029 - 20512.250 %-7.110%1,055.0 905.0 
EGMA - First Mortgage Bonds due 2028 - 20522.110 %-5.730%933.0 808.0 
Aquarion - Unsecured Notes due 2028 - 20523.000 %-6.430%596.6 596.8 
Aquarion - Secured Debt due 2027 - 20451.296 %-9.290%47.9 40.7 
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC)5.9 5.6 
Fair Value Adjustment (2)
11.6 — 
Less Fair Value Adjustment - Current Portion (2)
(2.4)— 
Less Amounts due in One Year(1,090.5)(750.3)
Unamortized Premiums and Discounts, Net  37.8 41.7 
Unamortized Debt Issuance Costs (64.5)(76.1)
Total Other Long-Term Debt $14,085.4 $14,016.4 
Total Eversource Long-Term Debt $26,872.4 $25,701.6 

(1)     As a result of the CL&P long-term debt issuance in January 2025, $397.1 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource’s and CL&P’s balance sheets as of December 31, 2024.

(2)    The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record Aquarion’s long-term debt at fair value upon the 2017 acquisition date. As of December 31, 2024, this fair value adjustment was reclassified to Liabilities Held for Sale. As of December 31, 2025, the fair value adjustment was reclassified to Long-Term Debt. For further information, see Note 24, “Assets Held for Sale.”

Availability under Long-Term Debt Issuance Authorizations: On May 1, 2024, the DPU approved NSTAR Electric’s request for authorization to issue up to $2.40 billion in long-term debt through December 31, 2026. On August 12, 2024, the DPU approved EGMA’s request for authorization to issue up to $325 million in long-term debt through December 31, 2026. On December 18, 2024, the DPU approved NSTAR Gas’ request for authorization to issue up to $475 million in long-term debt through December 31, 2027. On March 26, 2025, PURA approved Yankee Gas’ request for authorization to issue up to $360 million in long-term debt through December 31, 2026. PSNH has utilized its long-term debt authorizations in place with NHPUC. CL&P has no long-term debt authorization remaining with PURA.
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 2025 Series A First Mortgage Bonds4.95 %400.0 January 2025January 2030Repaid short-term debt, paid capital expenditures and working capital
CL&P 2020 Series A First Mortgage Bonds0.75 %(400.0)December 2025December 2025Paid at maturity
NSTAR Electric Debentures4.85 %400.0 February 2025March 2030
Repaid 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures5.20 %400.0 February 2025March 2035
Repaid 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures5.20 %300.0 October 2025March 2035Repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures3.25 %(250.0)November 2025November 2025Paid at maturity
PSNH Series Y First Mortgage Bonds4.40 %300.0 June 2025July 2028Repaid short-term debt, paid capital expenditures and working capital
Eversource Parent Series HH Senior Notes4.45 %600.0 October 2025December 2030Repay Series J bonds at maturity and repaid short-term debt
Eversource Parent Series H Senior Notes3.15 %(300.0)January 2025January 2025Paid at maturity
Eversource Parent Series Q Senior Notes0.80 %(300.0)August 2025August 2025Paid at maturity
NSTAR Gas Series Y First Mortgage Bonds4.86 %205.0 June 2025June 2030Repaid short-term debt, paid capital expenditures and working capital
NSTAR Gas Series Z First Mortgage Bonds5.30 %20.0 June 2025June 2035Repaid short-term debt, paid capital expenditures and working capital
NSTAR Gas Series R First Mortgage Bonds2.33 %(75.0)May 2025May 2025Paid at maturity
Yankee Gas Series Y First Mortgage Bonds5.02 %148.0 July 2025January 2031Repaid Series M bonds at maturity, repaid short-term debt, paid capital expenditures and working capital
Yankee Gas Series Z First Mortgage Bonds5.55 %37.0 July 2025July 2035Repaid Series M bonds at maturity, repaid short-term debt, paid capital expenditures and working capital
Yankee Gas Series M First Mortgage Bonds3.35 %(75.0)September 2025September 2025Paid at maturity
EGMA Series F First Mortgage Bonds4.77 %125.0 September 2025October 2030Repaid short-term debt, paid capital expenditures and working capital

Long-Term Debt Provisions:  The utility plant of CL&P, PSNH, Yankee Gas, NSTAR Gas, EGMA and a portion of Aquarion is subject to the lien of each company's respective first mortgage bond indenture.  The Eversource parent, NSTAR Electric and a portion of Aquarion debt is unsecured. Additionally, the long-term debt agreements provide that Eversource and certain of its subsidiaries must comply with certain covenants as are customarily included in such agreements, including equity requirements for NSTAR Electric, NSTAR Gas and Aquarion.  Under the equity requirements, NSTAR Electric's and Aquarion's senior notes must maintain a certain consolidated indebtedness to capitalization ratio as of the end of any fiscal quarter and NSTAR Gas' outstanding long-term debt must not exceed equity.

Certain secured and unsecured long-term debt securities are callable at redemption price or are subject to make-whole provisions.

No long-term debt defaults have occurred as of December 31, 2025.

CYAPC's Pre-1983 Spent Nuclear Fuel Obligation:  Under the Nuclear Waste Policy Act of 1982, the DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste. CYAPC is obligated to pay the DOE for the costs to dispose of spent nuclear fuel and high-level radioactive waste generated prior to April 7, 1983 (pre-1983 Spent Nuclear Fuel). CYAPC has partially paid this obligation and recorded an accrual for its remaining liability to the DOE. This liability accrues interest costs at the 3-month Treasury bill yield rate. For nuclear fuel used to generate electricity prior to April 7, 1983, payment may be made any time prior to the first delivery of spent fuel to the DOE. As of December 31, 2025 and 2024, as a result of consolidating CYAPC, Eversource has consolidated $5.9 million and $5.6 million, respectively, in pre-1983 spent nuclear fuel obligations to the DOE. The obligation includes accumulated interest costs of $4.6 million and $4.3 million as of December 31, 2025 and 2024, respectively.  CYAPC maintains a trust to fund amounts due to the DOE for the disposal of pre-1983 spent nuclear fuel.  For further information, see Note 5, "Marketable Securities," to the financial statements. Fees for disposal of nuclear fuel burned on or after April 7, 1983 were billed to member companies and paid to the DOE.
Long-Term Debt Maturities:  Long-term debt maturities on debt outstanding for the years 2026 through 2030 and thereafter are shown below. These amounts exclude PSNH rate reduction bonds, CYAPC pre-1983 spent nuclear fuel obligation, and unamortized premiums, discounts, and debt issuance costs as of December 31, 2025:
(Millions of Dollars)EversourceCL&PNSTAR ElectricPSNH
2026$1,390.5 $— $300.0 $— 
20272,889.5 500.0 700.0 — 
20282,278.8 — 150.0 300.0 
20292,300.5 350.0 400.0 — 
20302,904.0 400.0 800.0 — 
Thereafter16,594.2 3,880.0 3,640.0 1,750.0 
Total$28,357.5 $5,130.0 $5,990.0 $2,050.0