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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eversource Energy | NYSE:ES | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 60.01 | 34 | 13:39:09 |
|
|
|
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
For the Quarterly Period Ended September 30, 2017
|
|
or
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
|
For the transition period from ____________ to ____________
|
Commission
File Number
|
Registrant; State of Incorporation;
Address; and Telephone Number
|
I.R.S. Employer
Identification No.
|
|
|
|
1-5324
|
EVERSOURCE ENERGY
(a Massachusetts voluntary association)
300 Cadwell Drive
Springfield, Massachusetts 01104
Telephone: (800) 286-5000
|
04-2147929
|
|
|
|
0-00404
|
THE CONNECTICUT LIGHT AND POWER COMPANY
(a Connecticut corporation)
107 Selden Street
Berlin, Connecticut 06037-1616
Telephone: (800) 286-5000
|
06-0303850
|
|
|
|
1-02301
|
NSTAR ELECTRIC COMPANY
(a Massachusetts corporation)
800 Boylston Street
Boston, Massachusetts 02199
Telephone: (800) 286-5000
|
04-1278810
|
|
|
|
1-6392
|
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
|
02-0181050
|
|
|
|
0-7624
|
WESTERN MASSACHUSETTS ELECTRIC COMPANY
(a Massachusetts corporation)
300 Cadwell Drive
Springfield, Massachusetts 01104
Telephone: (800) 286-5000
|
04-1961130
|
|
|
|
|
|
|
|
Yes
|
No
|
|
x
|
¨
|
|
Yes
|
No
|
|
x
|
¨
|
|
Large
accelerated filer
|
|
Accelerated
filer
|
|
Non-accelerated
filer
|
|
Smaller reporting company
|
|
Emerging growth company
|
|
|
|
|
|
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|
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|
Eversource Energy
|
x
|
|
¨
|
|
¨
|
|
¨
|
|
¨
|
The Connecticut Light and Power Company
|
¨
|
|
¨
|
|
x
|
|
¨
|
|
¨
|
NSTAR Electric Company
|
¨
|
|
¨
|
|
x
|
|
¨
|
|
¨
|
Public Service Company of New Hampshire
|
¨
|
|
¨
|
|
x
|
|
¨
|
|
¨
|
Western Massachusetts Electric Company
|
¨
|
|
¨
|
|
x
|
|
¨
|
|
¨
|
|
Yes
|
No
|
|
|
|
Eversource Energy
|
¨
|
x
|
The Connecticut Light and Power Company
|
¨
|
x
|
NSTAR Electric Company
|
¨
|
x
|
Public Service Company of New Hampshire
|
¨
|
x
|
Western Massachusetts Electric Company
|
¨
|
x
|
Company - Class of Stock
|
Outstanding as of October 31, 2017
|
|
|
Eversource Energy Common Shares, $5.00 par value
|
316,885,808 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
|
100 shares
|
Public Service Company of New Hampshire Common Stock, $1.00 par value
|
301 shares
|
Western Massachusetts Electric Company Common Stock, $25.00 par value
|
434,653 shares
|
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 and other subsidiaries, which primarily includes our unregulated businesses, HWP Company, The Rocky River Realty Company (a real estate subsidiary), and the consolidated operations of CYAPC and YAEC
|
CL&P
|
The Connecticut Light and Power Company
|
NSTAR Electric
|
NSTAR Electric Company
|
PSNH
|
Public Service Company of New Hampshire
|
WMECO
|
Western Massachusetts Electric Company
|
NSTAR Gas
|
NSTAR Gas Company
|
Yankee Gas
|
Yankee Gas Services Company
|
NPT
|
Northern Pass Transmission LLC
|
Northern Pass
|
The HVDC and associated alternating-current transmission line project from Canada into New Hampshire
|
Eversource Service
|
Eversource Energy Service Company
|
Bay State Wind
|
A project being developed jointly by Eversource and Denmark-based Ørsted (formerly known as DONG Energy) to construct an offshore wind farm off the coast of Massachusetts
|
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, PSNH, and WMECO, the natural gas distribution businesses of Yankee Gas and NSTAR Gas, NPT, and the generation activities of PSNH and WMECO
|
|
|
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:
|
|
Access Northeast
|
A project being developed jointly by Eversource, Enbridge, Inc. ("Enbridge"), and National Grid plc ("National Grid") through Algonquin Gas Transmission, LLC to bring needed additional natural gas pipeline and storage capacity to New England.
|
ADIT
|
Accumulated Deferred Income Taxes
|
AFUDC
|
Allowance For Funds Used During Construction
|
AOCL
|
Accumulated Other Comprehensive Loss
|
Aquarion
|
Aquarion Water Company
|
ARO
|
Asset Retirement Obligation
|
Bcf
|
Billion cubic feet
|
C&LM
|
Conservation and Load Management
|
CfD
|
Contract for Differences
|
Clean Air Project
|
The construction of a wet flue gas desulphurization system, known as "scrubber technology," to reduce mercury emissions of the Merrimack coal-fired generation station in Bow, New Hampshire
|
CO
2
|
Carbon dioxide
|
CPSL
|
Capital Projects Scheduling List
|
CTA
|
Competitive Transition Assessment
|
CWIP
|
Construction Work in Progress
|
EDC
|
Electric distribution company
|
EPS
|
Earnings Per Share
|
ERISA
|
Employee Retirement Income Security Act of 1974
|
ESOP
|
Employee Stock Ownership Plan
|
ESPP
|
Employee Share Purchase Plan
|
Eversource 2016 Form 10-K
|
The Eversource Energy and Subsidiaries 2016 combined Annual Report on Form 10-K as filed with the SEC
|
FERC ALJ
|
FERC Administrative Law Judge
|
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)
|
kWh
|
Kilowatt-Hours (the basic unit of electricity energy equal to one kilowatt of power supplied for one hour)
|
LBR
|
Lost Base Revenue
|
LNG
|
Liquefied natural gas
|
LRS
|
Supplier of last resort service
|
MMcf
|
Million cubic feet
|
MGP
|
Manufactured Gas Plant
|
MMBtu
|
One million British thermal units
|
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)
|
NO
x
|
Nitrogen oxides
|
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 that provides certain retiree benefits, primarily medical, dental and life insurance
|
PCRBs
|
Pollution Control Revenue Bonds
|
Pension Plan
|
Single uniform noncontributory defined benefit retirement plan
|
PPA
|
Pension Protection Act
|
RECs
|
Renewable Energy Certificates
|
Regulatory ROE
|
The average cost of capital method for calculating the return on equity related to the distribution and generation business segment excluding the wholesale transmission segment
|
RNS
|
Regional Network Service
|
ROE
|
Return on Equity
|
RRB
|
Rate Reduction Bond or Rate Reduction Certificate
|
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
|
SIP
|
Simplified Incentive Plan
|
SO
2
|
Sulfur dioxide
|
SS
|
Standard service
|
TCAM
|
Transmission Cost Adjustment Mechanism
|
TSA
|
Transmission Service Agreement
|
UI
|
The United Illuminating Company
|
|
Page
|
|
PART I
–
FINANCIAL INFORMATION
|
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||
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|
PART II – OTHER INFORMATION
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Thousands of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
|
|
|
|
|
|||
ASSETS
|
|
|
|
|
|||
Current Assets:
|
|
|
|
|
|||
Cash and Cash Equivalents
|
$
|
125,761
|
|
|
$
|
30,251
|
|
Receivables, Net
|
919,959
|
|
|
847,301
|
|
||
Unbilled Revenues
|
146,634
|
|
|
168,490
|
|
||
Fuel, Materials, Supplies and Inventory
|
305,035
|
|
|
328,721
|
|
||
Regulatory Assets
|
746,142
|
|
|
887,625
|
|
||
Prepayments and Other Current Assets
|
159,939
|
|
|
215,284
|
|
||
Total Current Assets
|
2,403,470
|
|
|
2,477,672
|
|
||
|
|
|
|
|
|
||
Property, Plant and Equipment, Net
|
22,537,304
|
|
|
21,350,510
|
|
||
|
|
|
|
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
||
Regulatory Assets
|
3,505,901
|
|
|
3,638,688
|
|
||
Goodwill
|
3,519,401
|
|
|
3,519,401
|
|
||
Marketable Securities
|
570,255
|
|
|
544,642
|
|
||
Other Long-Term Assets
|
627,289
|
|
|
522,260
|
|
||
Total Deferred Debits and Other Assets
|
8,222,846
|
|
|
8,224,991
|
|
||
|
|
|
|
|
|
||
Total Assets
|
$
|
33,163,620
|
|
|
$
|
32,053,173
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Notes Payable
|
$
|
18,238
|
|
|
$
|
1,148,500
|
|
Long-Term Debt – Current Portion
|
957,697
|
|
|
773,883
|
|
||
Accounts Payable
|
794,195
|
|
|
884,521
|
|
||
Obligations to Third Party Suppliers
|
149,789
|
|
|
122,806
|
|
||
Regulatory Liabilities
|
170,215
|
|
|
146,787
|
|
||
Other Current Liabilities
|
530,297
|
|
|
562,108
|
|
||
Total Current Liabilities
|
2,620,431
|
|
|
3,638,605
|
|
||
|
|
|
|
||||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated Deferred Income Taxes
|
6,001,589
|
|
|
5,607,207
|
|
||
Regulatory Liabilities
|
700,207
|
|
|
702,255
|
|
||
Derivative Liabilities
|
391,910
|
|
|
413,676
|
|
||
Accrued Pension and SERP
|
946,629
|
|
|
1,141,514
|
|
||
Other Long-Term Liabilities
|
881,056
|
|
|
853,260
|
|
||
Total Deferred Credits and Other Liabilities
|
8,921,391
|
|
|
8,717,912
|
|
||
|
|
|
|
|
|
||
Capitalization:
|
|
|
|
||||
Long-Term Debt
|
10,468,193
|
|
|
8,829,354
|
|
||
|
|
|
|
|
|
||
Noncontrolling Interest – Preferred Stock of Subsidiaries
|
155,568
|
|
|
155,568
|
|
||
|
|
|
|
|
|
||
Equity:
|
|
|
|
||||
Common Shareholders' Equity:
|
|
|
|
||||
Common Shares
|
1,669,392
|
|
|
1,669,392
|
|
||
Capital Surplus, Paid In
|
6,235,846
|
|
|
6,250,224
|
|
||
Retained Earnings
|
3,474,185
|
|
|
3,175,171
|
|
||
Accumulated Other Comprehensive Loss
|
(63,615
|
)
|
|
(65,282
|
)
|
||
Treasury Stock
|
(317,771
|
)
|
|
(317,771
|
)
|
||
Common Shareholders' Equity
|
10,998,037
|
|
|
10,711,734
|
|
||
Total Capitalization
|
21,621,798
|
|
|
19,696,656
|
|
||
|
|
|
|
|
|
||
Total Liabilities and Capitalization
|
$
|
33,163,620
|
|
|
$
|
32,053,173
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars, Except Share Information)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Operating Revenues
|
$
|
1,988,512
|
|
|
$
|
2,039,706
|
|
|
$
|
5,856,458
|
|
|
$
|
5,862,525
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased Power, Fuel and Transmission
|
651,776
|
|
|
665,810
|
|
|
1,955,129
|
|
|
2,001,929
|
|
||||
Operations and Maintenance
|
300,421
|
|
|
324,734
|
|
|
933,400
|
|
|
965,584
|
|
||||
Depreciation
|
194,466
|
|
|
181,288
|
|
|
571,152
|
|
|
531,781
|
|
||||
Amortization of Regulatory Assets, Net
|
41,848
|
|
|
43,942
|
|
|
58,058
|
|
|
56,223
|
|
||||
Energy Efficiency Programs
|
129,205
|
|
|
149,121
|
|
|
391,761
|
|
|
405,962
|
|
||||
Taxes Other Than Income Taxes
|
168,193
|
|
|
164,942
|
|
|
479,648
|
|
|
479,219
|
|
||||
Total Operating Expenses
|
1,485,909
|
|
|
1,529,837
|
|
|
4,389,148
|
|
|
4,440,698
|
|
||||
Operating Income
|
502,603
|
|
|
509,869
|
|
|
1,467,310
|
|
|
1,421,827
|
|
||||
Interest Expense
|
108,719
|
|
|
99,865
|
|
|
319,477
|
|
|
298,568
|
|
||||
Other Income, Net
|
21,184
|
|
|
13,641
|
|
|
56,304
|
|
|
23,689
|
|
||||
Income Before Income Tax Expense
|
415,068
|
|
|
423,645
|
|
|
1,204,137
|
|
|
1,146,948
|
|
||||
Income Tax Expense
|
152,818
|
|
|
156,446
|
|
|
447,921
|
|
|
428,186
|
|
||||
Net Income
|
262,250
|
|
|
267,199
|
|
|
756,216
|
|
|
718,762
|
|
||||
Net Income Attributable to Noncontrolling Interests
|
1,880
|
|
|
1,880
|
|
|
5,639
|
|
|
5,639
|
|
||||
Net Income Attributable to Common Shareholders
|
$
|
260,370
|
|
|
$
|
265,319
|
|
|
$
|
750,577
|
|
|
$
|
713,123
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted Earnings Per Common Share
|
$
|
0.82
|
|
|
$
|
0.83
|
|
|
$
|
2.36
|
|
|
$
|
2.24
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Declared Per Common Share
|
$
|
0.48
|
|
|
$
|
0.45
|
|
|
$
|
1.43
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
317,393,029
|
|
|
317,787,836
|
|
|
317,415,848
|
|
|
317,696,823
|
|
||||
Diluted
|
317,949,396
|
|
|
318,577,079
|
|
|
318,007,042
|
|
|
318,511,609
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
262,250
|
|
|
$
|
267,199
|
|
|
$
|
756,216
|
|
|
$
|
718,762
|
|
Other Comprehensive (Loss)/Income, Net of Tax:
|
|
|
|
|
|
|
|
||||||||
Qualified Cash Flow Hedging Instruments
|
519
|
|
|
534
|
|
|
1,567
|
|
|
1,602
|
|
||||
Changes in Unrealized (Losses)/Gains on
Marketable Securities
|
(1,872
|
)
|
|
946
|
|
|
733
|
|
|
2,271
|
|
||||
Changes in Funded Status of Pension, SERP and
PBOP Benefit Plans
|
673
|
|
|
(1,733
|
)
|
|
(633
|
)
|
|
(2,646
|
)
|
||||
Other Comprehensive (Loss)/Income, Net of Tax
|
(680
|
)
|
|
(253
|
)
|
|
1,667
|
|
|
1,227
|
|
||||
Comprehensive Income Attributable to
Noncontrolling Interests
|
(1,880
|
)
|
|
(1,880
|
)
|
|
(5,639
|
)
|
|
(5,639
|
)
|
||||
Comprehensive Income Attributable to Common
Shareholders
|
$
|
259,690
|
|
|
$
|
265,066
|
|
|
$
|
752,244
|
|
|
$
|
714,350
|
|
|
For the Nine Months Ended September 30,
|
||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
756,216
|
|
|
$
|
718,762
|
|
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
|
|
|
|
||||
Depreciation
|
571,152
|
|
|
531,781
|
|
||
Deferred Income Taxes
|
374,863
|
|
|
301,413
|
|
||
Pension, SERP and PBOP Expense, Net
|
16,891
|
|
|
31,627
|
|
||
Pension and PBOP Contributions
|
(197,900
|
)
|
|
(121,854
|
)
|
||
Regulatory Overrecoveries, Net
|
185,952
|
|
|
152,808
|
|
||
Amortization of Regulatory Assets, Net
|
58,058
|
|
|
56,223
|
|
||
Other
|
(148,741
|
)
|
|
(27,671
|
)
|
||
Changes in Current Assets and Liabilities:
|
|
|
|
||||
Receivables and Unbilled Revenues, Net
|
(107,473
|
)
|
|
(191,454
|
)
|
||
Fuel, Materials, Supplies and Inventory
|
23,686
|
|
|
25,425
|
|
||
Taxes Receivable/Accrued, Net
|
88,856
|
|
|
347,898
|
|
||
Accounts Payable
|
(96,551
|
)
|
|
(121,513
|
)
|
||
Other Current Assets and Liabilities, Net
|
(32,874
|
)
|
|
(53,077
|
)
|
||
Net Cash Flows Provided by Operating Activities
|
1,492,135
|
|
|
1,650,368
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Investments in Property, Plant and Equipment
|
(1,642,280
|
)
|
|
(1,359,171
|
)
|
||
Proceeds from Sales of Marketable Securities
|
520,664
|
|
|
444,209
|
|
||
Purchases of Marketable Securities
|
(506,302
|
)
|
|
(437,197
|
)
|
||
Other Investing Activities
|
(10,177
|
)
|
|
(9,463
|
)
|
||
Net Cash Flows Used in Investing Activities
|
(1,638,095
|
)
|
|
(1,361,622
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Cash Dividends on Common Shares
|
(451,562
|
)
|
|
(423,471
|
)
|
||
Cash Dividends on Preferred Stock
|
(5,639
|
)
|
|
(5,639
|
)
|
||
Decrease in Notes Payable
|
(231,500
|
)
|
|
(426,453
|
)
|
||
Issuance of Long-Term Debt
|
1,250,000
|
|
|
800,000
|
|
||
Retirements of Long-Term Debt
|
(320,000
|
)
|
|
(200,000
|
)
|
||
Other Financing Activities
|
171
|
|
|
(17,074
|
)
|
||
Net Cash Flows Provided by/(Used in) Financing Activities
|
241,470
|
|
|
(272,637
|
)
|
||
Net Increase in Cash and Cash Equivalents
|
95,510
|
|
|
16,109
|
|
||
Cash and Cash Equivalents - Beginning of Period
|
30,251
|
|
|
23,947
|
|
||
Cash and Cash Equivalents - End of Period
|
$
|
125,761
|
|
|
$
|
40,056
|
|
(Thousands of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash
|
$
|
9,364
|
|
|
$
|
6,579
|
|
Receivables, Net
|
404,065
|
|
|
359,132
|
|
||
Accounts Receivable from Affiliated Companies
|
29,287
|
|
|
16,851
|
|
||
Unbilled Revenues
|
48,625
|
|
|
50,373
|
|
||
Materials, Supplies and Inventory
|
44,516
|
|
|
52,050
|
|
||
Regulatory Assets
|
274,982
|
|
|
335,526
|
|
||
Prepaid Property Taxes
|
55,375
|
|
|
19,678
|
|
||
Prepayments and Other Current Assets
|
13,832
|
|
|
32,992
|
|
||
Total Current Assets
|
880,046
|
|
|
873,181
|
|
||
|
|
|
|
||||
Property, Plant and Equipment, Net
|
8,107,957
|
|
|
7,632,392
|
|
||
|
|
|
|
||||
Deferred Debits and Other Assets:
|
|
|
|
||||
Regulatory Assets
|
1,312,191
|
|
|
1,391,564
|
|
||
Other Long-Term Assets
|
145,246
|
|
|
137,907
|
|
||
Total Deferred Debits and Other Assets
|
1,457,437
|
|
|
1,529,471
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
10,445,440
|
|
|
$
|
10,035,044
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Notes Payable to Eversource Parent
|
$
|
—
|
|
|
$
|
80,100
|
|
Long-Term Debt – Current Portion
|
300,000
|
|
|
250,000
|
|
||
Accounts Payable
|
292,234
|
|
|
289,532
|
|
||
Accounts Payable to Affiliated Companies
|
80,899
|
|
|
88,075
|
|
||
Obligations to Third Party Suppliers
|
52,865
|
|
|
55,520
|
|
||
Accrued Taxes
|
64,332
|
|
|
16,090
|
|
||
Regulatory Liabilities
|
69,296
|
|
|
47,055
|
|
||
Derivative Liabilities
|
59,895
|
|
|
77,765
|
|
||
Other Current Liabilities
|
99,467
|
|
|
104,309
|
|
||
Total Current Liabilities
|
1,018,988
|
|
|
1,008,446
|
|
||
|
|
|
|
||||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated Deferred Income Taxes
|
2,089,480
|
|
|
1,987,661
|
|
||
Regulatory Liabilities
|
98,777
|
|
|
100,138
|
|
||
Derivative Liabilities
|
391,758
|
|
|
412,750
|
|
||
Accrued Pension, SERP and PBOP
|
297,492
|
|
|
300,208
|
|
||
Other Long-Term Liabilities
|
134,870
|
|
|
123,244
|
|
||
Total Deferred Credits and Other Liabilities
|
3,012,377
|
|
|
2,924,001
|
|
||
|
|
|
|
||||
Capitalization:
|
|
|
|
||||
Long-Term Debt
|
2,758,851
|
|
|
2,516,010
|
|
||
|
|
|
|
||||
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
|
2,110,752
|
|
|
2,110,714
|
|
||
Retained Earnings
|
1,367,650
|
|
|
1,299,374
|
|
||
Accumulated Other Comprehensive Income/(Loss)
|
270
|
|
|
(53
|
)
|
||
Common Stockholder's Equity
|
3,539,024
|
|
|
3,470,387
|
|
||
Total Capitalization
|
6,414,075
|
|
|
6,102,597
|
|
||
|
|
|
|
||||
Total Liabilities and Capitalization
|
$
|
10,445,440
|
|
|
$
|
10,035,044
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Operating Revenues
|
$
|
774,762
|
|
|
$
|
760,037
|
|
|
$
|
2,173,629
|
|
|
$
|
2,175,141
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased Power and Transmission
|
259,005
|
|
|
253,509
|
|
|
711,154
|
|
|
760,613
|
|
||||
Operations and Maintenance
|
123,107
|
|
|
123,034
|
|
|
359,834
|
|
|
356,409
|
|
||||
Depreciation
|
63,727
|
|
|
57,675
|
|
|
184,275
|
|
|
172,175
|
|
||||
Amortization of Regulatory Assets, Net
|
34,574
|
|
|
23,418
|
|
|
58,799
|
|
|
30,308
|
|
||||
Energy Efficiency Programs
|
37,739
|
|
|
44,381
|
|
|
106,483
|
|
|
117,969
|
|
||||
Taxes Other Than Income Taxes
|
79,067
|
|
|
81,948
|
|
|
223,482
|
|
|
227,981
|
|
||||
Total Operating Expenses
|
597,219
|
|
|
583,965
|
|
|
1,644,027
|
|
|
1,665,455
|
|
||||
Operating Income
|
177,543
|
|
|
176,072
|
|
|
529,602
|
|
|
509,686
|
|
||||
Interest Expense
|
36,313
|
|
|
36,083
|
|
|
106,577
|
|
|
108,561
|
|
||||
Other Income, Net
|
7,509
|
|
|
3,669
|
|
|
14,070
|
|
|
10,881
|
|
||||
Income Before Income Tax Expense
|
148,739
|
|
|
143,658
|
|
|
437,095
|
|
|
412,006
|
|
||||
Income Tax Expense
|
52,595
|
|
|
57,026
|
|
|
159,450
|
|
|
155,453
|
|
||||
Net Income
|
$
|
96,144
|
|
|
$
|
86,632
|
|
|
$
|
277,645
|
|
|
$
|
256,553
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
96,144
|
|
|
$
|
86,632
|
|
|
$
|
277,645
|
|
|
$
|
256,553
|
|
Other Comprehensive Income, Net of Tax:
|
|
|
|
|
|
|
|
||||||||
Qualified Cash Flow Hedging Instruments
|
96
|
|
|
111
|
|
|
298
|
|
|
333
|
|
||||
Changes in Unrealized (Losses)/Gains on
Marketable Securities
|
(64
|
)
|
|
33
|
|
|
25
|
|
|
78
|
|
||||
Other Comprehensive Income, Net of Tax
|
32
|
|
|
144
|
|
|
323
|
|
|
411
|
|
||||
Comprehensive Income
|
$
|
96,176
|
|
|
$
|
86,776
|
|
|
$
|
277,968
|
|
|
$
|
256,964
|
|
|
For the Nine Months Ended September 30,
|
||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
277,645
|
|
|
$
|
256,553
|
|
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
|
|
|
|
||||
Depreciation
|
184,275
|
|
|
172,175
|
|
||
Deferred Income Taxes
|
90,132
|
|
|
109,637
|
|
||
Pension, SERP, and PBOP Expense, Net of PBOP Contributions
|
4,546
|
|
|
4,825
|
|
||
Regulatory Overrecoveries, Net
|
71,413
|
|
|
33,492
|
|
||
Amortization of Regulatory Assets, Net
|
58,799
|
|
|
30,308
|
|
||
Other
|
(22,113
|
)
|
|
(14,873
|
)
|
||
Changes in Current Assets and Liabilities:
|
|
|
|
||||
Receivables and Unbilled Revenues, Net
|
(70,936
|
)
|
|
(100,074
|
)
|
||
Taxes Receivable/Accrued, Net
|
69,335
|
|
|
197,422
|
|
||
Accounts Payable
|
(1,649
|
)
|
|
(30,168
|
)
|
||
Other Current Assets and Liabilities, Net
|
(38,111
|
)
|
|
(44,908
|
)
|
||
Net Cash Flows Provided by Operating Activities
|
623,336
|
|
|
614,389
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Investments in Property, Plant and Equipment
|
(621,882
|
)
|
|
(438,518
|
)
|
||
Proceeds from the Sale of Property, Plant and Equipment
|
—
|
|
|
9,047
|
|
||
Other Investing Activities
|
185
|
|
|
310
|
|
||
Net Cash Flows Used in Investing Activities
|
(621,697
|
)
|
|
(429,161
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Cash Dividends on Common Stock
|
(205,200
|
)
|
|
(149,700
|
)
|
||
Cash Dividends on Preferred Stock
|
(4,169
|
)
|
|
(4,169
|
)
|
||
Capital Contributions from Eversource Parent
|
—
|
|
|
145,700
|
|
||
Issuance of Long-Term Debt
|
525,000
|
|
|
—
|
|
||
Retirement of Long-Term Debt
|
(250,000
|
)
|
|
—
|
|
||
Decrease in Notes Payable to Eversource Parent
|
(80,100
|
)
|
|
(168,900
|
)
|
||
Premium on Issuance of Long-Term Debt
|
21,937
|
|
|
—
|
|
||
Other Financing Activities
|
(6,322
|
)
|
|
(609
|
)
|
||
Net Cash Flows Provided by/(Used in) Financing Activities
|
1,146
|
|
|
(177,678
|
)
|
||
Net Increase in Cash
|
2,785
|
|
|
7,550
|
|
||
Cash - Beginning of Period
|
6,579
|
|
|
1,057
|
|
||
Cash - End of Period
|
$
|
9,364
|
|
|
$
|
8,607
|
|
(Thousands of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
|
|
||
Current Assets:
|
|
|
|
||||
Cash and Cash Equivalents
|
$
|
89,915
|
|
|
$
|
3,494
|
|
Receivables, Net
|
322,193
|
|
|
257,557
|
|
||
Accounts Receivable from Affiliated Companies
|
13,632
|
|
|
8,581
|
|
||
Unbilled Revenues
|
39,160
|
|
|
31,632
|
|
||
Taxes Receivable
|
—
|
|
|
39,738
|
|
||
Materials, Supplies and Inventory
|
53,203
|
|
|
62,288
|
|
||
Regulatory Assets
|
230,620
|
|
|
289,400
|
|
||
Prepayments and Other Current Assets
|
16,550
|
|
|
14,906
|
|
||
Total Current Assets
|
765,273
|
|
|
707,596
|
|
||
|
|
|
|
||||
Property, Plant and Equipment, Net
|
6,268,689
|
|
|
6,051,835
|
|
||
|
|
|
|
||||
Deferred Debits and Other Assets:
|
|
|
|
||||
Regulatory Assets
|
1,049,324
|
|
|
1,057,746
|
|
||
Prepaid PBOP
|
115,367
|
|
|
95,073
|
|
||
Other Long-Term Assets
|
79,653
|
|
|
60,572
|
|
||
Total Deferred Debits and Other Assets
|
1,244,344
|
|
|
1,213,391
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
8,278,306
|
|
|
$
|
7,972,822
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Notes Payable
|
$
|
—
|
|
|
$
|
126,500
|
|
Long-Term Debt – Current Portion
|
43,814
|
|
|
400,000
|
|
||
Accounts Payable
|
198,251
|
|
|
232,599
|
|
||
Accounts Payable to Affiliated Companies
|
81,953
|
|
|
91,532
|
|
||
Obligations to Third Party Suppliers
|
86,346
|
|
|
55,863
|
|
||
Renewable Portfolio Standards Compliance Obligations
|
69,527
|
|
|
75,571
|
|
||
Accrued Taxes
|
32,021
|
|
|
3,922
|
|
||
Regulatory Liabilities
|
65,520
|
|
|
63,653
|
|
||
Other Current Liabilities
|
58,628
|
|
|
67,200
|
|
||
Total Current Liabilities
|
636,060
|
|
|
1,116,840
|
|
||
|
|
|
|
||||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated Deferred Income Taxes
|
1,910,328
|
|
|
1,836,292
|
|
||
Regulatory Liabilities
|
392,851
|
|
|
391,823
|
|
||
Accrued Pension and SERP
|
39,830
|
|
|
111,827
|
|
||
Other Long-Term Liabilities
|
135,613
|
|
|
123,194
|
|
||
Total Deferred Credits and Other Liabilities
|
2,478,622
|
|
|
2,463,136
|
|
||
|
|
|
|
||||
Capitalization:
|
|
|
|
||||
Long-Term Debt
|
2,382,392
|
|
|
1,678,116
|
|
||
|
|
|
|
||||
Preferred Stock Not Subject to Mandatory Redemption
|
43,000
|
|
|
43,000
|
|
||
|
|
|
|
||||
Common Stockholder's Equity:
|
|
|
|
||||
Common Stock
|
—
|
|
|
—
|
|
||
Capital Surplus, Paid In
|
1,047,678
|
|
|
1,045,378
|
|
||
Retained Earnings
|
1,690,198
|
|
|
1,625,984
|
|
||
Accumulated Other Comprehensive Income
|
356
|
|
|
368
|
|
||
Common Stockholder's Equity
|
2,738,232
|
|
|
2,671,730
|
|
||
Total Capitalization
|
5,163,624
|
|
|
4,392,846
|
|
||
|
|
|
|
||||
Total Liabilities and Capitalization
|
$
|
8,278,306
|
|
|
$
|
7,972,822
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Operating Revenues
|
$
|
725,701
|
|
|
$
|
780,462
|
|
|
$
|
1,913,548
|
|
|
$
|
1,985,979
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchased Power and Transmission
|
259,400
|
|
|
291,382
|
|
|
689,784
|
|
|
764,907
|
|
||||
Operations and Maintenance
|
92,571
|
|
|
96,282
|
|
|
266,203
|
|
|
279,932
|
|
||||
Depreciation
|
56,200
|
|
|
54,695
|
|
|
167,598
|
|
|
159,151
|
|
||||
Amortization of Regulatory Assets, Net
|
9,845
|
|
|
9,621
|
|
|
17,806
|
|
|
18,275
|
|
||||
Energy Efficiency Programs
|
71,615
|
|
|
84,717
|
|
|
198,803
|
|
|
212,882
|
|
||||
Taxes Other Than Income Taxes
|
37,052
|
|
|
35,050
|
|
|
99,090
|
|
|
101,800
|
|
||||
Total Operating Expenses
|
526,683
|
|
|
571,747
|
|
|
1,439,284
|
|
|
1,536,947
|
|
||||
Operating Income
|
199,018
|
|
|
208,715
|
|
|
474,264
|
|
|
449,032
|
|
||||
Interest Expense
|
24,488
|
|
|
21,101
|
|
|
69,962
|
|
|
62,206
|
|
||||
Other Income, Net
|
3,426
|
|
|
5,022
|
|
|
8,703
|
|
|
7,524
|
|
||||
Income Before Income Tax Expense
|
177,956
|
|
|
192,636
|
|
|
413,005
|
|
|
394,350
|
|
||||
Income Tax Expense
|
69,796
|
|
|
75,440
|
|
|
161,320
|
|
|
154,493
|
|
||||
Net Income
|
$
|
108,160
|
|
|
$
|
117,196
|
|
|
$
|
251,685
|
|
|
$
|
239,857
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
108,160
|
|
|
$
|
117,196
|
|
|
$
|
251,685
|
|
|
$
|
239,857
|
|
Other Comprehensive Loss, Net of Tax:
|
|
|
|
|
|
|
|
||||||||
Changes in Funded Status of SERP Benefit Plan
|
(4
|
)
|
|
(10
|
)
|
|
(12
|
)
|
|
(31
|
)
|
||||
Other Comprehensive Loss, Net of Tax
|
(4
|
)
|
|
(10
|
)
|
|
(12
|
)
|
|
(31
|
)
|
||||
Comprehensive Income
|
$
|
108,156
|
|
|
$
|
117,186
|
|
|
$
|
251,673
|
|
|
$
|
239,826
|
|
|
For the Nine Months Ended September 30,
|
||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Operating Activities:
|
|
|
|
|
|
||
Net Income
|
$
|
251,685
|
|
|
$
|
239,857
|
|
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
|
|
|
|
|
|
||
Depreciation
|
167,598
|
|
|
159,151
|
|
||
Deferred Income Taxes
|
71,327
|
|
|
40,960
|
|
||
Pension, SERP and PBOP (Benefits)/Expense, Net
|
(7,305
|
)
|
|
1,370
|
|
||
Pension and PBOP Contributions
|
(83,040
|
)
|
|
(26,734
|
)
|
||
Regulatory Overrecoveries, Net
|
61,356
|
|
|
131,774
|
|
||
Amortization of Regulatory Assets, Net
|
17,806
|
|
|
18,275
|
|
||
Other
|
(23,120
|
)
|
|
(20,088
|
)
|
||
Changes in Current Assets and Liabilities:
|
|
|
|
|
|
||
Receivables and Unbilled Revenues, Net
|
(95,398
|
)
|
|
(103,444
|
)
|
||
Materials, Supplies and Inventory
|
9,086
|
|
|
30,659
|
|
||
Taxes Receivable/Accrued, Net
|
67,501
|
|
|
141,379
|
|
||
Accounts Payable
|
(38,486
|
)
|
|
(22,913
|
)
|
||
Other Current Assets and Liabilities, Net
|
13,961
|
|
|
(25,942
|
)
|
||
Net Cash Flows Provided by Operating Activities
|
412,971
|
|
|
564,304
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
|
|
||
Investments in Property, Plant and Equipment
|
(358,041
|
)
|
|
(327,731
|
)
|
||
Other Investing Activities
|
(3,617
|
)
|
|
—
|
|
||
Net Cash Flows Used in Investing Activities
|
(361,658
|
)
|
|
(327,731
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
|
|
||
Cash Dividends on Common Stock
|
(186,000
|
)
|
|
(278,300
|
)
|
||
Cash Dividends on Preferred Stock
|
(1,470
|
)
|
|
(1,470
|
)
|
||
Capital Contributions from Eversource Parent
|
2,300
|
|
|
25,000
|
|
||
Decrease in Notes Payable
|
(126,500
|
)
|
|
(26,500
|
)
|
||
Issuance of Long-Term Debt
|
350,000
|
|
|
250,000
|
|
||
Retirements of Long-Term Debt
|
—
|
|
|
(200,000
|
)
|
||
Other Financing Activities
|
(3,222
|
)
|
|
(2,495
|
)
|
||
Net Cash Flows Provided by/(Used in) Financing Activities
|
35,108
|
|
|
(233,765
|
)
|
||
Increase in Cash and Cash Equivalents
|
86,421
|
|
|
2,808
|
|
||
Cash and Cash Equivalents - Beginning of Period
|
3,494
|
|
|
3,346
|
|
||
Cash and Cash Equivalents - End of Period
|
$
|
89,915
|
|
|
$
|
6,154
|
|
(Thousands of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash
|
$
|
597
|
|
|
$
|
4,646
|
|
Receivables, Net
|
93,299
|
|
|
84,450
|
|
||
Accounts Receivable from Affiliated Companies
|
24,331
|
|
|
4,185
|
|
||
Unbilled Revenues
|
37,133
|
|
|
41,004
|
|
||
Fuel, Materials, Supplies and Inventory
|
158,091
|
|
|
162,354
|
|
||
Regulatory Assets
|
112,465
|
|
|
117,240
|
|
||
Prepayments and Other Current Assets
|
3,797
|
|
|
28,908
|
|
||
Total Current Assets
|
429,713
|
|
|
442,787
|
|
||
|
|
|
|
||||
Property, Plant and Equipment, Net
|
3,167,905
|
|
|
3,039,313
|
|
||
|
|
|
|
||||
Deferred Debits and Other Assets:
|
|
|
|
||||
Regulatory Assets
|
244,561
|
|
|
245,525
|
|
||
Other Long-Term Assets
|
51,740
|
|
|
37,720
|
|
||
Total Deferred Debits and Other Assets
|
296,301
|
|
|
283,245
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
3,893,919
|
|
|
$
|
3,765,345
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Notes Payable to Eversource Parent
|
$
|
202,300
|
|
|
$
|
160,900
|
|
Long-Term Debt – Current Portion
|
110,000
|
|
|
70,000
|
|
||
Accounts Payable
|
92,201
|
|
|
85,716
|
|
||
Accounts Payable to Affiliated Companies
|
42,788
|
|
|
29,154
|
|
||
Regulatory Liabilities
|
7,923
|
|
|
12,659
|
|
||
Other Current Liabilities
|
61,210
|
|
|
43,253
|
|
||
Total Current Liabilities
|
516,422
|
|
|
401,682
|
|
||
|
|
|
|
||||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated Deferred Income Taxes
|
827,412
|
|
|
785,385
|
|
||
Regulatory Liabilities
|
40,822
|
|
|
44,779
|
|
||
Accrued Pension, SERP and PBOP
|
98,553
|
|
|
94,652
|
|
||
Other Long-Term Liabilities
|
54,131
|
|
|
49,442
|
|
||
Total Deferred Credits and Other Liabilities
|
1,020,918
|
|
|
974,258
|
|
||
|
|
|
|
||||
Capitalization:
|
|
|
|
||||
Long-Term Debt
|
892,581
|
|
|
1,002,048
|
|
||
|
|
|
|
||||
Common Stockholder's Equity:
|
|
|
|
||||
Common Stock
|
—
|
|
|
—
|
|
||
Capital Surplus, Paid In
|
843,134
|
|
|
843,134
|
|
||
Retained Earnings
|
625,012
|
|
|
549,286
|
|
||
Accumulated Other Comprehensive Loss
|
(4,148
|
)
|
|
(5,063
|
)
|
||
Common Stockholder's Equity
|
1,463,998
|
|
|
1,387,357
|
|
||
Total Capitalization
|
2,356,579
|
|
|
2,389,405
|
|
||
|
|
|
|
||||
Total Liabilities and Capitalization
|
$
|
3,893,919
|
|
|
$
|
3,765,345
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Operating Revenues
|
$
|
250,032
|
|
|
$
|
266,946
|
|
|
$
|
733,572
|
|
|
$
|
727,753
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased Power, Fuel and Transmission
|
57,099
|
|
|
59,833
|
|
|
179,289
|
|
|
155,700
|
|
||||
Operations and Maintenance
|
63,669
|
|
|
64,183
|
|
|
191,153
|
|
|
187,184
|
|
||||
Depreciation
|
32,084
|
|
|
29,646
|
|
|
95,266
|
|
|
86,524
|
|
||||
Amortization of Regulatory Assets/(Liabilities), Net
|
2,835
|
|
|
14,158
|
|
|
(10,658
|
)
|
|
14,490
|
|
||||
Energy Efficiency Programs
|
4,007
|
|
|
3,983
|
|
|
11,040
|
|
|
10,862
|
|
||||
Taxes Other Than Income Taxes
|
22,936
|
|
|
20,460
|
|
|
66,935
|
|
|
64,543
|
|
||||
Total Operating Expenses
|
182,630
|
|
|
192,263
|
|
|
533,025
|
|
|
519,303
|
|
||||
Operating Income
|
67,402
|
|
|
74,683
|
|
|
200,547
|
|
|
208,450
|
|
||||
Interest Expense
|
12,896
|
|
|
12,397
|
|
|
38,676
|
|
|
37,386
|
|
||||
Other Income, Net
|
1,229
|
|
|
574
|
|
|
2,883
|
|
|
1,007
|
|
||||
Income Before Income Tax Expense
|
55,735
|
|
|
62,860
|
|
|
164,754
|
|
|
172,071
|
|
||||
Income Tax Expense
|
22,012
|
|
|
24,345
|
|
|
65,128
|
|
|
66,242
|
|
||||
Net Income
|
$
|
33,723
|
|
|
$
|
38,515
|
|
|
$
|
99,626
|
|
|
$
|
105,829
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
33,723
|
|
|
$
|
38,515
|
|
|
$
|
99,626
|
|
|
$
|
105,829
|
|
Other Comprehensive Income, Net of Tax:
|
|
|
|
|
|
|
|
||||||||
Qualified Cash Flow Hedging Instruments
|
291
|
|
|
290
|
|
|
872
|
|
|
871
|
|
||||
Changes in Unrealized (Losses)/Gains on
Marketable Securities
|
(112
|
)
|
|
56
|
|
|
43
|
|
|
135
|
|
||||
Other Comprehensive Income, Net of Tax
|
179
|
|
|
346
|
|
|
915
|
|
|
1,006
|
|
||||
Comprehensive Income
|
$
|
33,902
|
|
|
$
|
38,861
|
|
|
$
|
100,541
|
|
|
$
|
106,835
|
|
|
For the Nine Months Ended September 30,
|
||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
99,626
|
|
|
$
|
105,829
|
|
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
|
|
|
|
||||
Depreciation
|
95,266
|
|
|
86,524
|
|
||
Deferred Income Taxes
|
43,217
|
|
|
74,522
|
|
||
Regulatory Over/(Under) Recoveries, Net
|
8,910
|
|
|
(4,289
|
)
|
||
Amortization of Regulatory (Liabilities)/Assets, Net
|
(10,658
|
)
|
|
14,490
|
|
||
Other
|
(7,792
|
)
|
|
(12,660
|
)
|
||
Changes in Current Assets and Liabilities:
|
|
|
|
||||
Receivables and Unbilled Revenues, Net
|
(30,276
|
)
|
|
(28,754
|
)
|
||
Fuel, Materials, Supplies and Inventory
|
4,263
|
|
|
(4,014
|
)
|
||
Taxes Receivable/Accrued, Net
|
10,749
|
|
|
33,589
|
|
||
Accounts Payable
|
18,394
|
|
|
14,508
|
|
||
Other Current Assets and Liabilities, Net
|
32,296
|
|
|
26,207
|
|
||
Net Cash Flows Provided by Operating Activities
|
263,995
|
|
|
305,952
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Investments in Property, Plant and Equipment
|
(215,470
|
)
|
|
(215,804
|
)
|
||
Other Investing Activities
|
113
|
|
|
272
|
|
||
Net Cash Flows Used in Investing Activities
|
(215,357
|
)
|
|
(215,532
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Cash Dividends on Common Stock
|
(23,900
|
)
|
|
(58,200
|
)
|
||
Capital Contributions from Eversource Parent
|
—
|
|
|
94,500
|
|
||
Retirements of Long-Term Debt
|
(70,000
|
)
|
|
—
|
|
||
Increase/(Decrease) in Notes Payable to Eversource Parent
|
41,400
|
|
|
(123,800
|
)
|
||
Other Financing Activities
|
(187
|
)
|
|
(217
|
)
|
||
Net Cash Flows Used in Financing Activities
|
(52,687
|
)
|
|
(87,717
|
)
|
||
Net (Decrease)/Increase in Cash
|
(4,049
|
)
|
|
2,703
|
|
||
Cash - Beginning of Period
|
4,646
|
|
|
1,733
|
|
||
Cash - End of Period
|
$
|
597
|
|
|
$
|
4,436
|
|
(Thousands of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Receivables, Net
|
$
|
58,034
|
|
|
$
|
54,940
|
|
Accounts Receivable from Affiliated Companies
|
23,440
|
|
|
14,425
|
|
||
Unbilled Revenues
|
15,000
|
|
|
15,329
|
|
||
Materials, Supplies and Inventory
|
6,221
|
|
|
8,618
|
|
||
Regulatory Assets
|
60,606
|
|
|
64,123
|
|
||
Prepayments and Other Current Assets
|
1,297
|
|
|
2,595
|
|
||
Total Current Assets
|
164,598
|
|
|
160,030
|
|
||
|
|
|
|
||||
Property, Plant and Equipment, Net
|
1,769,566
|
|
|
1,678,262
|
|
||
|
|
|
|
||||
Deferred Debits and Other Assets:
|
|
|
|
||||
Regulatory Assets
|
121,796
|
|
|
127,291
|
|
||
Other Long-Term Assets
|
38,934
|
|
|
29,062
|
|
||
Total Deferred Debits and Other Assets
|
160,730
|
|
|
156,353
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
2,094,894
|
|
|
$
|
1,994,645
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Notes Payable to Eversource Parent
|
$
|
96,900
|
|
|
$
|
51,000
|
|
Accounts Payable
|
58,518
|
|
|
56,036
|
|
||
Accounts Payable to Affiliated Companies
|
22,181
|
|
|
19,478
|
|
||
Obligations to Third Party Suppliers
|
9,736
|
|
|
10,508
|
|
||
Renewable Portfolio Standards Compliance Obligations
|
16,144
|
|
|
20,383
|
|
||
Regulatory Liabilities
|
10,236
|
|
|
14,888
|
|
||
Other Current Liabilities
|
13,020
|
|
|
14,984
|
|
||
Total Current Liabilities
|
226,735
|
|
|
187,277
|
|
||
|
|
|
|
||||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|||
Accumulated Deferred Income Taxes
|
519,998
|
|
|
490,793
|
|
||
Regulatory Liabilities
|
22,726
|
|
|
17,227
|
|
||
Accrued Pension, SERP and PBOP
|
18,038
|
|
|
20,390
|
|
||
Other Long-Term Liabilities
|
45,831
|
|
|
41,308
|
|
||
Total Deferred Credits and Other Liabilities
|
606,593
|
|
|
569,718
|
|
||
|
|
|
|
||||
Capitalization:
|
|
|
|
|
|||
Long-Term Debt
|
566,172
|
|
|
566,536
|
|
||
|
|
|
|
||||
Common Stockholder's Equity:
|
|
|
|
|
|||
Common Stock
|
10,866
|
|
|
10,866
|
|
||
Capital Surplus, Paid In
|
444,398
|
|
|
444,398
|
|
||
Retained Earnings
|
242,157
|
|
|
218,212
|
|
||
Accumulated Other Comprehensive Loss
|
(2,027
|
)
|
|
(2,362
|
)
|
||
Common Stockholder's Equity
|
695,394
|
|
|
671,114
|
|
||
Total Capitalization
|
1,261,566
|
|
|
1,237,650
|
|
||
|
|
|
|
||||
Total Liabilities and Capitalization
|
$
|
2,094,894
|
|
|
$
|
1,994,645
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Operating Revenues
|
$
|
126,335
|
|
|
$
|
124,042
|
|
|
$
|
377,214
|
|
|
$
|
368,533
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased Power and Transmission
|
34,828
|
|
|
32,178
|
|
|
109,553
|
|
|
104,406
|
|
||||
Operations and Maintenance
|
21,528
|
|
|
24,125
|
|
|
65,769
|
|
|
68,018
|
|
||||
Depreciation
|
12,546
|
|
|
11,567
|
|
|
36,844
|
|
|
34,414
|
|
||||
Amortization of Regulatory Assets/(Liabilities), Net
|
286
|
|
|
1,102
|
|
|
(563
|
)
|
|
3,305
|
|
||||
Energy Efficiency Programs
|
10,996
|
|
|
12,389
|
|
|
29,739
|
|
|
33,593
|
|
||||
Taxes Other Than Income Taxes
|
10,779
|
|
|
10,609
|
|
|
31,403
|
|
|
30,440
|
|
||||
Total Operating Expenses
|
90,963
|
|
|
91,970
|
|
|
272,745
|
|
|
274,176
|
|
||||
Operating Income
|
35,372
|
|
|
32,072
|
|
|
104,469
|
|
|
94,357
|
|
||||
Interest Expense
|
6,321
|
|
|
6,222
|
|
|
18,752
|
|
|
18,298
|
|
||||
Other Income, Net
|
1,060
|
|
|
179
|
|
|
1,409
|
|
|
133
|
|
||||
Income Before Income Tax Expense
|
30,111
|
|
|
26,029
|
|
|
87,126
|
|
|
76,192
|
|
||||
Income Tax Expense
|
12,504
|
|
|
10,018
|
|
|
34,680
|
|
|
30,089
|
|
||||
Net Income
|
$
|
17,607
|
|
|
$
|
16,011
|
|
|
$
|
52,446
|
|
|
$
|
46,103
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
17,607
|
|
|
$
|
16,011
|
|
|
$
|
52,446
|
|
|
$
|
46,103
|
|
Other Comprehensive Income, Net of Tax:
|
|
|
|
|
|
|
|
|
|
||||||
Qualified Cash Flow Hedging Instruments
|
109
|
|
|
109
|
|
|
328
|
|
|
328
|
|
||||
Changes in Unrealized (Losses)/Gains on
Marketable Securities
|
(18
|
)
|
|
9
|
|
|
7
|
|
|
22
|
|
||||
Other Comprehensive Income, Net of Tax
|
91
|
|
|
118
|
|
|
335
|
|
|
350
|
|
||||
Comprehensive Income
|
$
|
17,698
|
|
|
$
|
16,129
|
|
|
$
|
52,781
|
|
|
$
|
46,453
|
|
|
For the Nine Months Ended September 30,
|
||||||
(Thousands of Dollars)
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
52,446
|
|
|
$
|
46,103
|
|
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
|
|
|
|
||||
Depreciation
|
36,844
|
|
|
34,414
|
|
||
Deferred Income Taxes
|
29,008
|
|
|
15,587
|
|
||
Regulatory Overrecoveries, Net
|
10,291
|
|
|
323
|
|
||
Amortization of Regulatory (Liabilities)/Assets, Net
|
(563
|
)
|
|
3,305
|
|
||
Other
|
(10,182
|
)
|
|
(2,532
|
)
|
||
Changes in Current Assets and Liabilities:
|
|
|
|
||||
Receivables and Unbilled Revenues, Net
|
(16,818
|
)
|
|
1,933
|
|
||
Taxes Receivable/Accrued, Net
|
4,203
|
|
|
36,658
|
|
||
Accounts Payable
|
(5,777
|
)
|
|
(16,240
|
)
|
||
Other Current Assets and Liabilities, Net
|
(7,482
|
)
|
|
5,277
|
|
||
Net Cash Flows Provided by Operating Activities
|
91,970
|
|
|
124,828
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Investments in Property, Plant and Equipment
|
(109,233
|
)
|
|
(104,811
|
)
|
||
Proceeds from Sales of Marketable Securities
|
1,641
|
|
|
1,934
|
|
||
Purchases of Marketable Securities
|
(1,590
|
)
|
|
(1,894
|
)
|
||
Net Cash Flows Used in Investing Activities
|
(109,182
|
)
|
|
(104,771
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Cash Dividends on Common Stock
|
(28,500
|
)
|
|
(28,500
|
)
|
||
Capital Contributions from Eversource Parent
|
—
|
|
|
53,000
|
|
||
Increase/(Decrease) in Notes Payable to Eversource Parent
|
45,900
|
|
|
(95,200
|
)
|
||
Issuance of Long-Term Debt
|
—
|
|
|
50,000
|
|
||
Other Financing Activities
|
(188
|
)
|
|
(191
|
)
|
||
Net Cash Flows Provided by/(Used in) Financing Activities
|
17,212
|
|
|
(20,891
|
)
|
||
Net Decrease in Cash
|
—
|
|
|
(834
|
)
|
||
Cash - Beginning of Period
|
—
|
|
|
834
|
|
||
Cash - End of Period
|
$
|
—
|
|
|
$
|
—
|
|
|
Total Provision for Uncollectible Accounts
|
|
Uncollectible Hardship
|
||||||||||||
(Millions of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||
Eversource
|
$
|
196.8
|
|
|
$
|
200.6
|
|
|
$
|
126.3
|
|
|
$
|
119.9
|
|
CL&P
|
77.6
|
|
|
86.4
|
|
|
64.6
|
|
|
67.7
|
|
||||
NSTAR Electric
|
55.7
|
|
|
54.8
|
|
|
32.3
|
|
|
26.2
|
|
||||
PSNH
|
10.6
|
|
|
9.9
|
|
|
—
|
|
|
—
|
|
||||
WMECO
|
17.0
|
|
|
15.5
|
|
|
11.3
|
|
|
9.9
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
(Millions of Dollars)
|
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||
Eversource
|
$
|
40.3
|
|
|
$
|
45.1
|
|
|
$
|
118.2
|
|
|
$
|
124.8
|
|
CL&P
|
37.8
|
|
|
42.6
|
|
|
103.5
|
|
|
112.2
|
|
(Millions of Dollars)
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||
Eversource
|
$
|
307.7
|
|
|
$
|
203.6
|
|
CL&P
|
113.4
|
|
|
64.5
|
|
||
NSTAR Electric
|
55.4
|
|
|
39.4
|
|
||
PSNH
|
39.6
|
|
|
31.0
|
|
||
WMECO
|
37.1
|
|
|
17.6
|
|
Eversource
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
(Millions of Dollars)
|
|
||||||
Benefit Costs
|
$
|
1,793.8
|
|
|
$
|
1,817.8
|
|
Derivative Liabilities
|
385.1
|
|
|
423.3
|
|
||
Income Taxes, Net
|
652.7
|
|
|
644.5
|
|
||
Storm Restoration Costs
|
330.1
|
|
|
385.3
|
|
||
Goodwill-related
|
449.0
|
|
|
464.4
|
|
||
Regulatory Tracker Mechanisms
|
470.7
|
|
|
576.6
|
|
||
Asset Retirement Obligations
|
104.8
|
|
|
99.3
|
|
||
Other Regulatory Assets
|
65.8
|
|
|
115.1
|
|
||
Total Regulatory Assets
|
4,252.0
|
|
|
4,526.3
|
|
||
Less: Current Portion
|
746.1
|
|
|
887.6
|
|
||
Total Long-Term Regulatory Assets
|
$
|
3,505.9
|
|
|
$
|
3,638.7
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Benefit Costs
|
$
|
415.8
|
|
|
$
|
436.7
|
|
|
$
|
183.2
|
|
|
$
|
84.8
|
|
|
$
|
429.3
|
|
|
$
|
438.6
|
|
|
$
|
184.2
|
|
|
$
|
86.7
|
|
Derivative Liabilities
|
381.6
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
420.5
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
||||||||
Income Taxes, Net
|
441.1
|
|
|
92.4
|
|
|
22.3
|
|
|
30.5
|
|
|
437.0
|
|
|
89.7
|
|
|
24.2
|
|
|
30.8
|
|
||||||||
Storm Restoration Costs
|
195.7
|
|
|
112.4
|
|
|
9.2
|
|
|
12.8
|
|
|
239.8
|
|
|
112.5
|
|
|
17.1
|
|
|
15.9
|
|
||||||||
Goodwill-related
|
—
|
|
|
385.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
398.7
|
|
|
—
|
|
|
—
|
|
||||||||
Regulatory Tracker Mechanisms
|
87.9
|
|
|
201.1
|
|
|
108.0
|
|
|
44.4
|
|
|
123.9
|
|
|
257.3
|
|
|
104.5
|
|
|
46.7
|
|
||||||||
Asset Retirement Obligations
|
35.1
|
|
|
33.9
|
|
|
16.8
|
|
|
4.5
|
|
|
33.2
|
|
|
31.9
|
|
|
16.2
|
|
|
4.2
|
|
||||||||
Other Regulatory Assets
|
30.0
|
|
|
15.5
|
|
|
17.6
|
|
|
5.4
|
|
|
43.4
|
|
|
15.6
|
|
|
16.5
|
|
|
7.1
|
|
||||||||
Total Regulatory Assets
|
1,587.2
|
|
|
1,279.9
|
|
|
357.1
|
|
|
182.4
|
|
|
1,727.1
|
|
|
1,347.1
|
|
|
362.7
|
|
|
191.4
|
|
||||||||
Less: Current Portion
|
275.0
|
|
|
230.6
|
|
|
112.5
|
|
|
60.6
|
|
|
335.5
|
|
|
289.4
|
|
|
117.2
|
|
|
64.1
|
|
||||||||
Total Long-Term Regulatory Assets
|
$
|
1,312.2
|
|
|
$
|
1,049.3
|
|
|
$
|
244.6
|
|
|
$
|
121.8
|
|
|
$
|
1,391.6
|
|
|
$
|
1,057.7
|
|
|
$
|
245.5
|
|
|
$
|
127.3
|
|
Eversource
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
(Millions of Dollars)
|
|
||||||
Cost of Removal
|
$
|
470.3
|
|
|
$
|
459.7
|
|
Benefit Costs
|
125.5
|
|
|
136.2
|
|
||
Regulatory Tracker Mechanisms
|
175.8
|
|
|
145.3
|
|
||
AFUDC - Transmission
|
65.4
|
|
|
65.8
|
|
||
Other Regulatory Liabilities
|
33.4
|
|
|
42.1
|
|
||
Total Regulatory Liabilities
|
870.4
|
|
|
849.1
|
|
||
Less: Current Portion
|
170.2
|
|
|
146.8
|
|
||
Total Long-Term Regulatory Liabilities
|
$
|
700.2
|
|
|
$
|
702.3
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Cost of Removal
|
$
|
40.5
|
|
|
$
|
278.8
|
|
|
$
|
40.5
|
|
|
$
|
11.7
|
|
|
$
|
38.8
|
|
|
$
|
271.6
|
|
|
$
|
44.1
|
|
|
$
|
8.6
|
|
Benefit Costs
|
—
|
|
|
106.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113.1
|
|
|
—
|
|
|
—
|
|
||||||||
Regulatory Tracker Mechanisms
|
57.1
|
|
|
65.5
|
|
|
5.6
|
|
|
12.7
|
|
|
37.2
|
|
|
63.7
|
|
|
10.7
|
|
|
14.7
|
|
||||||||
AFUDC - Transmission
|
49.2
|
|
|
7.7
|
|
|
—
|
|
|
8.5
|
|
|
50.2
|
|
|
6.9
|
|
|
—
|
|
|
8.7
|
|
||||||||
Other Regulatory Liabilities
|
21.3
|
|
|
0.4
|
|
|
2.6
|
|
|
—
|
|
|
21.0
|
|
|
0.2
|
|
|
2.7
|
|
|
0.1
|
|
||||||||
Total Regulatory Liabilities
|
168.1
|
|
|
458.4
|
|
|
48.7
|
|
|
32.9
|
|
|
147.2
|
|
|
455.5
|
|
|
57.5
|
|
|
32.1
|
|
||||||||
Less: Current Portion
|
69.3
|
|
|
65.5
|
|
|
7.9
|
|
|
10.2
|
|
|
47.1
|
|
|
63.7
|
|
|
12.7
|
|
|
14.9
|
|
||||||||
Total Long-Term Regulatory Liabilities
|
$
|
98.8
|
|
|
$
|
392.9
|
|
|
$
|
40.8
|
|
|
$
|
22.7
|
|
|
$
|
100.1
|
|
|
$
|
391.8
|
|
|
$
|
44.8
|
|
|
$
|
17.2
|
|
Eversource
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
(Millions of Dollars)
|
|
||||||
Distribution - Electric
|
$
|
14,217.3
|
|
|
$
|
13,716.9
|
|
Distribution - Natural Gas
|
3,158.1
|
|
|
3,010.4
|
|
||
Transmission - Electric
|
8,918.2
|
|
|
8,517.4
|
|
||
Generation
|
1,215.8
|
|
|
1,224.2
|
|
||
Electric and Natural Gas Utility
|
27,509.4
|
|
|
26,468.9
|
|
||
Other
(1)
|
679.9
|
|
|
591.6
|
|
||
Property, Plant and Equipment, Gross
|
28,189.3
|
|
|
27,060.5
|
|
||
Less: Accumulated Depreciation
|
|
|
|
||||
Electric and Natural Gas Utility
|
(6,838.5
|
)
|
|
(6,480.4
|
)
|
||
Other
|
(274.4
|
)
|
|
(242.0
|
)
|
||
Total Accumulated Depreciation
|
(7,112.9
|
)
|
|
(6,722.4
|
)
|
||
Property, Plant and Equipment, Net
|
21,076.4
|
|
|
20,338.1
|
|
||
Construction Work in Progress
(2)
|
1,460.9
|
|
|
1,012.4
|
|
||
Total Property, Plant and Equipment, Net
|
$
|
22,537.3
|
|
|
$
|
21,350.5
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Distribution
|
$
|
5,797.6
|
|
|
$
|
5,543.1
|
|
|
$
|
2,048.8
|
|
|
$
|
868.1
|
|
|
$
|
5,562.9
|
|
|
$
|
5,402.3
|
|
|
$
|
1,949.8
|
|
|
$
|
841.9
|
|
Transmission
|
4,061.2
|
|
|
2,545.0
|
|
|
1,115.7
|
|
|
1,147.9
|
|
|
3,912.9
|
|
|
2,435.8
|
|
|
1,059.3
|
|
|
1,061.1
|
|
||||||||
Generation
|
—
|
|
|
—
|
|
|
1,179.8
|
|
|
36.0
|
|
|
—
|
|
|
—
|
|
|
1,188.2
|
|
|
36.0
|
|
||||||||
Property, Plant and Equipment, Gross
|
9,858.8
|
|
|
8,088.1
|
|
|
4,344.3
|
|
|
2,052.0
|
|
|
9,475.8
|
|
|
7,838.1
|
|
|
4,197.3
|
|
|
1,939.0
|
|
||||||||
Less: Accumulated Depreciation
|
(2,207.0
|
)
|
|
(2,143.8
|
)
|
|
(1,315.7
|
)
|
|
(356.5
|
)
|
|
(2,082.4
|
)
|
|
(2,025.4
|
)
|
|
(1,254.7
|
)
|
|
(338.8
|
)
|
||||||||
Property, Plant and Equipment, Net
|
7,651.8
|
|
|
5,944.3
|
|
|
3,028.6
|
|
|
1,695.5
|
|
|
7,393.4
|
|
|
5,812.7
|
|
|
2,942.6
|
|
|
1,600.2
|
|
||||||||
Construction Work in Progress
|
456.2
|
|
|
324.4
|
|
|
139.3
|
|
|
74.1
|
|
|
239.0
|
|
|
239.1
|
|
|
96.7
|
|
|
78.1
|
|
||||||||
Total Property, Plant and Equipment, Net
|
$
|
8,108.0
|
|
|
$
|
6,268.7
|
|
|
$
|
3,167.9
|
|
|
$
|
1,769.6
|
|
|
$
|
7,632.4
|
|
|
$
|
6,051.8
|
|
|
$
|
3,039.3
|
|
|
$
|
1,678.3
|
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||
(Millions of Dollars)
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eversource
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.0
|
|
|
$
|
—
|
|
|
$
|
6.0
|
|
Level 3:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CL&P
|
10.4
|
|
|
(7.7
|
)
|
|
2.7
|
|
|
13.9
|
|
|
(9.4
|
)
|
|
4.5
|
|
||||||
Long-Term Derivative Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eversource
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
Level 3:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CL&P
|
74.3
|
|
|
(6.9
|
)
|
|
67.4
|
|
|
77.3
|
|
|
(11.7
|
)
|
|
65.6
|
|
||||||
Current Derivative Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eversource
|
$
|
(1.5
|
)
|
|
$
|
0.4
|
|
|
$
|
(1.1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 3:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eversource
|
(62.2
|
)
|
|
—
|
|
|
(62.2
|
)
|
|
(79.7
|
)
|
|
—
|
|
|
(79.7
|
)
|
||||||
CL&P
|
(59.9
|
)
|
|
—
|
|
|
(59.9
|
)
|
|
(77.8
|
)
|
|
—
|
|
|
(77.8
|
)
|
||||||
NSTAR Electric
|
(2.3
|
)
|
|
—
|
|
|
(2.3
|
)
|
|
(1.9
|
)
|
|
—
|
|
|
(1.9
|
)
|
||||||
Long-Term Derivative Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 3:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eversource
|
$
|
(391.9
|
)
|
|
$
|
—
|
|
|
$
|
(391.9
|
)
|
|
$
|
(413.7
|
)
|
|
$
|
—
|
|
|
$
|
(413.7
|
)
|
CL&P
|
(391.8
|
)
|
|
—
|
|
|
(391.8
|
)
|
|
(412.8
|
)
|
|
—
|
|
|
(412.8
|
)
|
||||||
NSTAR Electric
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.9
|
)
|
|
—
|
|
|
(0.9
|
)
|
(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.
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||
|
Range
|
|
Period Covered
|
|
Range
|
|
Period Covered
|
||||||||||||||||||
Capacity Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CL&P
|
$
|
5.00
|
|
|
—
|
|
8.70
|
|
|
per kW-Month
|
|
2021 - 2026
|
|
$
|
5.50
|
|
|
—
|
|
8.70
|
|
|
per kW-Month
|
|
2020 - 2026
|
Forward Reserve:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CL&P
|
$
|
1.00
|
|
|
—
|
|
2.00
|
|
|
per kW-Month
|
|
2017 - 2024
|
|
$
|
1.40
|
|
|
—
|
|
2.00
|
|
|
per kW-Month
|
|
2017 - 2024
|
REC Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NSTAR Electric
|
$
|
15.75
|
|
|
—
|
|
22.00
|
|
per REC
|
|
2017 - 2018
|
|
$
|
24.00
|
|
|
—
|
|
29.00
|
|
per REC
|
|
2017 - 2018
|
|
For the Three Months Ended September 30,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
(Millions of Dollars)
|
Eversource
|
|
CL&P
|
|
NSTAR
Electric
|
|
Eversource
|
|
CL&P
|
|
NSTAR
Electric |
||||||||||||
Derivatives, Net:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value as of Beginning of Period
|
$
|
(397.1
|
)
|
|
$
|
(394.8
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(412.6
|
)
|
|
$
|
(411.3
|
)
|
|
$
|
(1.3
|
)
|
Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities
|
0.5
|
|
|
(0.7
|
)
|
|
1.2
|
|
|
(52.3
|
)
|
|
(49.8
|
)
|
|
(2.5
|
)
|
||||||
Settlements
|
12.6
|
|
|
13.9
|
|
|
(1.3
|
)
|
|
21.2
|
|
|
20.1
|
|
|
1.1
|
|
||||||
Fair Value as of End of Period
|
$
|
(384.0
|
)
|
|
$
|
(381.6
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
(443.7
|
)
|
|
$
|
(441.0
|
)
|
|
$
|
(2.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
(Millions of Dollars)
|
Eversource
|
|
CL&P
|
|
NSTAR
Electric |
|
Eversource
|
|
CL&P
|
|
NSTAR
Electric |
||||||||||||
Derivatives, Net:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value as of Beginning of Period
|
$
|
(423.3
|
)
|
|
$
|
(420.5
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
(380.9
|
)
|
|
$
|
(380.8
|
)
|
|
$
|
(0.1
|
)
|
Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities
|
(17.9
|
)
|
|
(15.9
|
)
|
|
(2.0
|
)
|
|
(128.9
|
)
|
|
(122.0
|
)
|
|
(6.9
|
)
|
||||||
Settlements
|
57.2
|
|
|
54.8
|
|
|
2.4
|
|
|
66.1
|
|
|
61.8
|
|
|
4.3
|
|
||||||
Fair Value as of End of Period
|
$
|
(384.0
|
)
|
|
$
|
(381.6
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
(443.7
|
)
|
|
$
|
(441.0
|
)
|
|
$
|
(2.7
|
)
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||||||||||
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
|
$
|
286.5
|
|
|
$
|
5.5
|
|
|
$
|
(0.5
|
)
|
|
$
|
291.5
|
|
|
$
|
296.2
|
|
|
$
|
1.1
|
|
|
$
|
(2.1
|
)
|
|
$
|
295.2
|
|
Equity Securities
|
210.7
|
|
|
81.5
|
|
|
—
|
|
|
292.2
|
|
|
203.3
|
|
|
62.3
|
|
|
(1.2
|
)
|
|
264.4
|
|
Eversource
(Millions of Dollars)
|
Amortized Cost
|
|
Fair Value
|
||||
Less than one year
(1)
|
$
|
40.2
|
|
|
$
|
40.2
|
|
One to five years
|
56.7
|
|
|
57.6
|
|
||
Six to ten years
|
52.6
|
|
|
54.1
|
|
||
Greater than ten years
|
137.0
|
|
|
139.6
|
|
||
Total Debt Securities
|
$
|
286.5
|
|
|
$
|
291.5
|
|
(1)
|
Amounts in the Less than one year category include securities in the CYAPC and YAEC nuclear decommissioning trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets.
|
Eversource
(Millions of Dollars)
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
Level 1:
|
|
|
|
||||
Mutual Funds and Equities
|
$
|
292.2
|
|
|
$
|
274.0
|
|
Money Market Funds
|
21.8
|
|
|
54.8
|
|
||
Total Level 1
|
$
|
314.0
|
|
|
$
|
328.8
|
|
Level 2:
|
|
|
|
||||
U.S. Government Issued Debt Securities (Agency and Treasury)
|
$
|
69.0
|
|
|
$
|
63.0
|
|
Corporate Debt Securities
|
56.1
|
|
|
41.1
|
|
||
Asset-Backed Debt Securities
|
20.4
|
|
|
18.5
|
|
||
Municipal Bonds
|
113.6
|
|
|
107.5
|
|
||
Other Fixed Income Securities
|
10.6
|
|
|
10.3
|
|
||
Total Level 2
|
$
|
269.7
|
|
|
$
|
240.4
|
|
Total Marketable Securities
|
$
|
583.7
|
|
|
$
|
569.2
|
|
|
Pension and SERP
|
||||||||||||||
Eversource
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
(Millions of Dollars)
|
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||
Service Cost
|
$
|
17.4
|
|
|
$
|
18.6
|
|
|
$
|
53.8
|
|
|
$
|
56.6
|
|
Interest Cost
|
47.2
|
|
|
46.4
|
|
|
140.7
|
|
|
139.2
|
|
||||
Expected Return on Pension Plan Assets
|
(83.5
|
)
|
|
(79.4
|
)
|
|
(250.5
|
)
|
|
(238.5
|
)
|
||||
Actuarial Loss
|
33.9
|
|
|
31.4
|
|
|
101.3
|
|
|
94.2
|
|
||||
Prior Service Cost
|
1.2
|
|
|
0.9
|
|
|
3.4
|
|
|
2.6
|
|
||||
Total Net Periodic Benefit Expense
|
$
|
16.2
|
|
|
$
|
17.9
|
|
|
$
|
48.7
|
|
|
$
|
54.1
|
|
Capitalized Pension Expense
|
$
|
5.5
|
|
|
$
|
5.4
|
|
|
$
|
16.5
|
|
|
$
|
16.8
|
|
|
|
|
|
|
|
|
|
||||||||
|
PBOP
|
||||||||||||||
Eversource
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
(Millions of Dollars)
|
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||
Service Cost
|
$
|
2.4
|
|
|
$
|
3.0
|
|
|
$
|
7.1
|
|
|
$
|
9.2
|
|
Interest Cost
|
6.8
|
|
|
7.5
|
|
|
20.3
|
|
|
26.5
|
|
||||
Expected Return on Plan Assets
|
(16.0
|
)
|
|
(15.9
|
)
|
|
(47.8
|
)
|
|
(47.3
|
)
|
||||
Actuarial Loss
|
2.2
|
|
|
3.0
|
|
|
6.9
|
|
|
5.0
|
|
||||
Prior Service Credit
|
(5.3
|
)
|
|
(3.6
|
)
|
|
(16.1
|
)
|
|
(3.7
|
)
|
||||
Total Net Periodic Benefit Income
|
$
|
(9.9
|
)
|
|
$
|
(6.0
|
)
|
|
$
|
(29.6
|
)
|
|
$
|
(10.3
|
)
|
Capitalized PBOP Income
|
$
|
(4.8
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(4.6
|
)
|
|
Pension and SERP
|
||||||||||||||||||||||||||||||
|
For the Three Months Ended September 30, 2017
|
|
For the Three Months Ended September 30, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Service Cost
|
$
|
4.6
|
|
|
$
|
3.1
|
|
|
$
|
2.4
|
|
|
$
|
0.7
|
|
|
$
|
4.6
|
|
|
$
|
3.3
|
|
|
$
|
2.5
|
|
|
$
|
0.8
|
|
Interest Cost
|
10.5
|
|
|
8.6
|
|
|
5.3
|
|
|
2.1
|
|
|
10.2
|
|
|
8.5
|
|
|
5.1
|
|
|
2.1
|
|
||||||||
Expected Return on Pension Plan Assets
|
(17.8
|
)
|
|
(17.5
|
)
|
|
(10.0
|
)
|
|
(4.4
|
)
|
|
(18.0
|
)
|
|
(16.9
|
)
|
|
(9.6
|
)
|
|
(4.4
|
)
|
||||||||
Actuarial Loss
|
6.8
|
|
|
8.9
|
|
|
3.0
|
|
|
1.5
|
|
|
6.3
|
|
|
8.7
|
|
|
2.5
|
|
|
1.3
|
|
||||||||
Prior Service Cost
|
0.4
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.4
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
||||||||
Total Net Periodic Benefit Expense/(Income)
|
$
|
4.5
|
|
|
$
|
3.2
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
3.5
|
|
|
$
|
3.6
|
|
|
$
|
0.6
|
|
|
$
|
(0.1
|
)
|
Intercompany Allocations
|
$
|
2.4
|
|
|
$
|
1.8
|
|
|
$
|
0.8
|
|
|
$
|
0.5
|
|
|
$
|
3.5
|
|
|
$
|
2.2
|
|
|
$
|
1.0
|
|
|
$
|
0.6
|
|
Capitalized Pension Expense
|
$
|
2.4
|
|
|
$
|
1.9
|
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
2.2
|
|
|
$
|
2.0
|
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Pension and SERP
|
||||||||||||||||||||||||||||||
|
For the Nine Months Ended September 30, 2017
|
|
For the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Service Cost
|
$
|
13.9
|
|
|
$
|
9.4
|
|
|
$
|
7.3
|
|
|
$
|
2.3
|
|
|
$
|
14.3
|
|
|
$
|
9.9
|
|
|
$
|
7.5
|
|
|
$
|
2.4
|
|
Interest Cost
|
31.3
|
|
|
25.6
|
|
|
15.9
|
|
|
6.3
|
|
|
31.2
|
|
|
25.3
|
|
|
15.4
|
|
|
6.3
|
|
||||||||
Expected Return on Pension Plan Assets
|
(53.9
|
)
|
|
(52.5
|
)
|
|
(29.9
|
)
|
|
(13.3
|
)
|
|
(54.2
|
)
|
|
(50.7
|
)
|
|
(28.9
|
)
|
|
(13.1
|
)
|
||||||||
Actuarial Loss
|
20.7
|
|
|
26.4
|
|
|
8.7
|
|
|
4.5
|
|
|
19.2
|
|
|
25.8
|
|
|
7.5
|
|
|
4.1
|
|
||||||||
Prior Service Cost
|
1.1
|
|
|
0.2
|
|
|
0.4
|
|
|
0.2
|
|
|
1.1
|
|
|
—
|
|
|
0.3
|
|
|
0.2
|
|
||||||||
Total Net Periodic Benefit Expense/(Income)
|
$
|
13.1
|
|
|
$
|
9.1
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
11.6
|
|
|
$
|
10.3
|
|
|
$
|
1.8
|
|
|
$
|
(0.1
|
)
|
Intercompany Allocations
|
$
|
7.4
|
|
|
$
|
5.5
|
|
|
$
|
2.5
|
|
|
$
|
1.4
|
|
|
$
|
10.3
|
|
|
$
|
6.7
|
|
|
$
|
3.0
|
|
|
$
|
1.9
|
|
Capitalized Pension Expense
|
$
|
7.3
|
|
|
$
|
5.4
|
|
|
$
|
1.1
|
|
|
$
|
0.3
|
|
|
$
|
7.1
|
|
|
$
|
5.7
|
|
|
$
|
1.0
|
|
|
$
|
0.3
|
|
|
PBOP
|
||||||||||||||||||||||||||||||
|
For the Three Months Ended September 30, 2017
|
|
For the Three Months Ended September 30, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Service Cost
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
Interest Cost
|
1.3
|
|
|
1.9
|
|
|
0.8
|
|
|
0.3
|
|
|
1.3
|
|
|
2.5
|
|
|
0.7
|
|
|
0.3
|
|
||||||||
Expected Return on Plan Assets
|
(2.4
|
)
|
|
(6.6
|
)
|
|
(1.4
|
)
|
|
(0.6
|
)
|
|
(2.5
|
)
|
|
(6.4
|
)
|
|
(1.4
|
)
|
|
(0.6
|
)
|
||||||||
Actuarial Loss
|
0.2
|
|
|
0.9
|
|
|
0.1
|
|
|
—
|
|
|
0.5
|
|
|
1.2
|
|
|
0.2
|
|
|
—
|
|
||||||||
Prior Service Cost/(Credit)
|
0.3
|
|
|
(4.3
|
)
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
(2.9
|
)
|
|
0.1
|
|
|
—
|
|
||||||||
Total Net Periodic Benefit (Income)/Expense
|
$
|
(0.1
|
)
|
|
$
|
(7.8
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
0.1
|
|
|
$
|
(5.0
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
Intercompany Allocations
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Capitalized PBOP Income
|
$
|
(0.1
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(2.2
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
PBOP
|
||||||||||||||||||||||||||||||
|
For the Nine Months Ended September 30, 2017
|
|
For the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR
Electric
|
|
PSNH
|
|
WMECO
|
|
CL&P
|
|
NSTAR Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||
Service Cost
|
$
|
1.5
|
|
|
$
|
1.1
|
|
|
$
|
1.0
|
|
|
$
|
0.3
|
|
|
$
|
1.4
|
|
|
$
|
2.5
|
|
|
$
|
0.9
|
|
|
$
|
0.3
|
|
Interest Cost
|
4.0
|
|
|
5.7
|
|
|
2.3
|
|
|
0.8
|
|
|
4.0
|
|
|
10.3
|
|
|
2.2
|
|
|
0.8
|
|
||||||||
Expected Return on Plan Assets
|
(7.3
|
)
|
|
(19.9
|
)
|
|
(4.1
|
)
|
|
(1.7
|
)
|
|
(7.6
|
)
|
|
(19.2
|
)
|
|
(4.2
|
)
|
|
(1.7
|
)
|
||||||||
Actuarial Loss
|
0.7
|
|
|
2.6
|
|
|
0.4
|
|
|
—
|
|
|
0.9
|
|
|
1.7
|
|
|
0.5
|
|
|
—
|
|
||||||||
Prior Service Cost/(Credit)
|
0.8
|
|
|
(12.9
|
)
|
|
0.4
|
|
|
0.1
|
|
|
0.2
|
|
|
(2.9
|
)
|
|
0.1
|
|
|
—
|
|
||||||||
Total Net Periodic Benefit Income
|
$
|
(0.3
|
)
|
|
$
|
(23.4
|
)
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(7.6
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(0.6
|
)
|
Intercompany Allocations
|
$
|
(0.5
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Capitalized PBOP Income
|
$
|
(0.4
|
)
|
|
$
|
(11.9
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||
|
Number of Sites
|
|
Reserve
(in millions)
|
|
Number of Sites
|
|
Reserve
(in millions)
|
||||||
Eversource
|
58
|
|
|
$
|
57.7
|
|
|
61
|
|
|
$
|
65.8
|
|
CL&P
|
14
|
|
|
4.9
|
|
|
14
|
|
|
4.9
|
|
||
NSTAR Electric
|
10
|
|
|
2.0
|
|
|
13
|
|
|
3.2
|
|
||
PSNH
|
11
|
|
|
5.7
|
|
|
11
|
|
|
5.3
|
|
||
WMECO
|
4
|
|
|
0.8
|
|
|
4
|
|
|
0.6
|
|
Company
|
|
Description
|
|
Maximum
Exposure
(in millions)
|
|
Expiration Dates
|
||
On behalf of subsidiaries:
|
|
|
|
|
|
|
||
Eversource Gas Transmission LLC
|
|
Access Northeast Project Capital Contributions
Guaranty
(1)
|
|
$
|
185.1
|
|
|
2021
|
Various
|
|
Surety Bonds
(2)
|
|
40.1
|
|
|
2017 - 2018
|
|
Eversource Service and Rocky River Realty Company
|
|
Lease Payments for Vehicles and Real Estate
|
|
8.2
|
|
|
2019 - 2024
|
(1)
|
Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's capital contributions for its investment in the Access Northeast project. The guaranty decreases as capital contributions are made. The guaranty will expire upon the earlier of the full performance of the guaranteed obligations or December 31, 2021.
|
(2)
|
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.
|
Complaint
|
15-Month Time Period
of Complaint
(Beginning as of Complaint Filing Date)
|
Original Base ROE Authorized by FERC at Time of Complaint
Filing Date
(1)
|
Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from
October 16, 2014 through April 14, 2017
(1)
|
Reserve
(Pre-Tax and Excluding Interest) as of September 30, 2017
(in millions)
|
|
FERC ALJ Recommendation of Base ROE on Second and
Third Complaints
(Issued March 22, 2016)
|
First
|
10/1/2011 - 12/31/2012
|
11.14%
|
10.57%
|
$—
|
(2)
|
N/A
|
Second
|
12/27/2012 - 3/26/2014
|
11.14%
|
N/A
|
39.1
|
(3)
|
9.59%
|
Third
|
7/31/2014 - 10/30/2015
|
11.14%
|
10.57%
|
—
|
|
10.90%
|
Fourth
|
4/29/2016 - 7/28/2017
|
10.57%
|
10.57%
|
—
|
|
N/A
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||
Eversource
(Millions of Dollars)
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Preferred Stock Not Subject to Mandatory Redemption
|
$
|
155.6
|
|
|
$
|
160.3
|
|
|
$
|
155.6
|
|
|
$
|
158.3
|
|
Long-Term Debt
|
11,425.9
|
|
|
11,968.1
|
|
|
9,603.2
|
|
|
9,980.5
|
|
|
CL&P
|
|
NSTAR Electric
|
|
PSNH
|
|
WMECO
|
||||||||||||||||||||||||
(Millions of Dollars)
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||||||||||
As of September 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption
|
$
|
116.2
|
|
|
$
|
115.9
|
|
|
$
|
43.0
|
|
|
$
|
44.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt
|
3,058.9
|
|
|
3,388.8
|
|
|
2,426.2
|
|
|
2,598.1
|
|
|
1,002.6
|
|
|
1,047.0
|
|
|
566.2
|
|
|
603.7
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
As of December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Preferred Stock Not Subject to Mandatory Redemption
|
$
|
116.2
|
|
|
$
|
114.7
|
|
|
$
|
43.0
|
|
|
$
|
43.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt
|
2,766.0
|
|
|
3,049.6
|
|
|
2,078.1
|
|
|
2,201.6
|
|
|
1,072.0
|
|
|
1,109.7
|
|
|
566.5
|
|
|
589.0
|
|
|
For the Nine Months Ended September 30, 2017
|
|
For the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||||
|
Qualified
|
|
Unrealized
|
|
|
|
|
|
Qualified
|
|
Unrealized
|
|
|
|
|
||||||||||||||||
|
Cash Flow
|
|
Gains
|
|
|
|
|
|
Cash Flow
|
|
Gains/(Losses)
|
|
|
|
|
||||||||||||||||
Eversource
(Millions of Dollars)
|
Hedging
|
|
on Marketable
|
|
Defined
|
|
|
|
Hedging
|
|
on Marketable
|
|
Defined
|
|
|
||||||||||||||||
Instruments
|
|
Securities
|
|
Benefit Plans
|
|
Total
|
|
Instruments
|
|
Securities
|
|
Benefit Plans
|
|
Total
|
|||||||||||||||||
Balance as of Beginning of Period
|
$
|
(8.2
|
)
|
|
$
|
0.4
|
|
|
$
|
(57.5
|
)
|
|
$
|
(65.3
|
)
|
|
$
|
(10.3
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(54.6
|
)
|
|
$
|
(66.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
OCI Before Reclassifications
|
—
|
|
|
0.7
|
|
|
(3.5
|
)
|
|
(2.8
|
)
|
|
—
|
|
|
2.3
|
|
|
(5.3
|
)
|
|
(3.0
|
)
|
||||||||
Amounts Reclassified from AOCL
|
1.6
|
|
|
—
|
|
|
2.9
|
|
|
4.5
|
|
|
1.6
|
|
|
—
|
|
|
2.6
|
|
|
4.2
|
|
||||||||
Net OCI
|
1.6
|
|
|
0.7
|
|
|
(0.6
|
)
|
|
1.7
|
|
|
1.6
|
|
|
2.3
|
|
|
(2.7
|
)
|
|
1.2
|
|
||||||||
Balance as of End of Period
|
$
|
(6.6
|
)
|
|
$
|
1.1
|
|
|
$
|
(58.1
|
)
|
|
$
|
(63.6
|
)
|
|
$
|
(8.7
|
)
|
|
$
|
0.4
|
|
|
$
|
(57.3
|
)
|
|
$
|
(65.6
|
)
|
|
Shares
|
|||||||||||
|
|
|
Authorized as of September 30, 2017 and
|
|
Issued as of
|
|||||||
|
Par Value
|
|
December 31, 2016
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||
Eversource
|
$
|
5
|
|
|
380,000,000
|
|
|
333,878,402
|
|
|
333,878,402
|
|
CL&P
|
$
|
10
|
|
|
24,500,000
|
|
|
6,035,205
|
|
|
6,035,205
|
|
NSTAR Electric
|
$
|
1
|
|
|
100,000,000
|
|
|
100
|
|
|
100
|
|
PSNH
|
$
|
1
|
|
|
100,000,000
|
|
|
301
|
|
|
301
|
|
WMECO
|
$
|
25
|
|
|
1,072,471
|
|
|
434,653
|
|
|
434,653
|
|
Eversource
(Millions of Dollars, except share information)
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
|||||||||
Net Income Attributable to Common Shareholders
|
$
|
260.4
|
|
|
$
|
265.3
|
|
|
$
|
750.6
|
|
|
$
|
713.1
|
|
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
317,393,029
|
|
|
317,787,836
|
|
|
317,415,848
|
|
|
317,696,823
|
|
||||
Dilutive Effect
|
556,367
|
|
|
789,243
|
|
|
591,194
|
|
|
814,786
|
|
||||
Diluted
|
317,949,396
|
|
|
318,577,079
|
|
|
318,007,042
|
|
|
318,511,609
|
|
||||
Basic and Diluted EPS
|
$
|
0.82
|
|
|
$
|
0.83
|
|
|
$
|
2.36
|
|
|
$
|
2.24
|
|
|
For the Three Months Ended September 30, 2017
|
||||||||||||||||||||||
Eversource
(Millions of Dollars)
|
Electric
Distribution
|
|
Natural Gas
Distribution
|
|
Electric
Transmission
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating Revenues
|
$
|
1,547.1
|
|
|
$
|
109.2
|
|
|
$
|
328.5
|
|
|
$
|
224.2
|
|
|
$
|
(220.5
|
)
|
|
$
|
1,988.5
|
|
Depreciation and Amortization
|
(159.6
|
)
|
|
(15.2
|
)
|
|
(52.6
|
)
|
|
(9.5
|
)
|
|
0.6
|
|
|
(236.3
|
)
|
||||||
Other Operating Expenses
|
(1,088.7
|
)
|
|
(95.5
|
)
|
|
(95.5
|
)
|
|
(190.0
|
)
|
|
220.1
|
|
|
(1,249.6
|
)
|
||||||
Operating Income/(Loss)
|
$
|
298.8
|
|
|
$
|
(1.5
|
)
|
|
$
|
180.4
|
|
|
$
|
24.7
|
|
|
$
|
0.2
|
|
|
$
|
502.6
|
|
Interest Expense
|
$
|
(51.3
|
)
|
|
$
|
(10.8
|
)
|
|
$
|
(29.2
|
)
|
|
$
|
(21.8
|
)
|
|
$
|
4.4
|
|
|
$
|
(108.7
|
)
|
Other Income, Net
|
7.7
|
|
|
0.3
|
|
|
8.5
|
|
|
267.5
|
|
|
(262.8
|
)
|
|
21.2
|
|
||||||
Net Income/(Loss) Attributable to
Common Shareholders
|
157.4
|
|
|
(6.2
|
)
|
|
99.0
|
|
|
268.4
|
|
|
(258.2
|
)
|
|
260.4
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Nine Months Ended September 30, 2017
|
||||||||||||||||||||||
Eversource
(Millions of Dollars)
|
Electric Distribution
|
|
Natural Gas Distribution
|
|
Electric Transmission
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating Revenues
|
$
|
4,224.2
|
|
|
$
|
698.8
|
|
|
$
|
970.0
|
|
|
$
|
677.5
|
|
|
$
|
(714.0
|
)
|
|
$
|
5,856.5
|
|
Depreciation and Amortization
|
(394.9
|
)
|
|
(54.8
|
)
|
|
(154.5
|
)
|
|
(26.7
|
)
|
|
1.7
|
|
|
(629.2
|
)
|
||||||
Other Operating Expenses
|
(3,056.0
|
)
|
|
(535.2
|
)
|
|
(280.4
|
)
|
|
(602.4
|
)
|
|
714.0
|
|
|
(3,760.0
|
)
|
||||||
Operating Income
|
$
|
773.3
|
|
|
$
|
108.8
|
|
|
$
|
535.1
|
|
|
$
|
48.4
|
|
|
$
|
1.7
|
|
|
$
|
1,467.3
|
|
Interest Expense
|
$
|
(149.0
|
)
|
|
$
|
(32.3
|
)
|
|
$
|
(86.1
|
)
|
|
$
|
(63.1
|
)
|
|
$
|
11.0
|
|
|
$
|
(319.5
|
)
|
Other Income, Net
|
15.2
|
|
|
0.8
|
|
|
20.1
|
|
|
853.9
|
|
|
(833.7
|
)
|
|
56.3
|
|
||||||
Net Income Attributable to Common Shareholders
|
393.4
|
|
|
49.1
|
|
|
289.6
|
|
|
839.5
|
|
|
(821.0
|
)
|
|
750.6
|
|
||||||
Cash Flows Used for Investments in Plant
|
752.4
|
|
|
209.8
|
|
|
575.6
|
|
|
104.5
|
|
|
—
|
|
|
1,642.3
|
|
|
For the Three Months Ended September 30, 2016
|
||||||||||||||||||||||
Eversource
(Millions of Dollars)
|
Electric
Distribution
|
|
Natural Gas
Distribution
|
|
Electric
Transmission
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating Revenues
|
$
|
1,623.4
|
|
|
$
|
99.2
|
|
|
$
|
306.8
|
|
|
$
|
211.5
|
|
|
$
|
(201.2
|
)
|
|
$
|
2,039.7
|
|
Depreciation and Amortization
|
(154.8
|
)
|
|
(15.2
|
)
|
|
(47.1
|
)
|
|
(8.6
|
)
|
|
0.5
|
|
|
(225.2
|
)
|
||||||
Other Operating Expenses
|
(1,146.8
|
)
|
|
(87.8
|
)
|
|
(90.2
|
)
|
|
(179.3
|
)
|
|
199.5
|
|
|
(1,304.6
|
)
|
||||||
Operating Income/(Loss)
|
$
|
321.8
|
|
|
$
|
(3.8
|
)
|
|
$
|
169.5
|
|
|
$
|
23.6
|
|
|
$
|
(1.2
|
)
|
|
$
|
509.9
|
|
Interest Expense
|
$
|
(49.0
|
)
|
|
$
|
(10.2
|
)
|
|
$
|
(26.9
|
)
|
|
$
|
(15.1
|
)
|
|
$
|
1.3
|
|
|
$
|
(99.9
|
)
|
Other Income, Net
|
5.3
|
|
|
0.6
|
|
|
6.3
|
|
|
256.9
|
|
|
(255.5
|
)
|
|
13.6
|
|
||||||
Net Income/(Loss) Attributable to
Common Shareholders
|
170.1
|
|
|
(7.0
|
)
|
|
88.4
|
|
|
268.5
|
|
|
(254.7
|
)
|
|
265.3
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||
Eversource
(Millions of Dollars)
|
Electric
Distribution
|
|
Natural Gas
Distribution
|
|
Electric
Transmission
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating Revenues
|
$
|
4,362.6
|
|
|
$
|
622.3
|
|
|
$
|
892.5
|
|
|
$
|
636.8
|
|
|
$
|
(651.7
|
)
|
|
$
|
5,862.5
|
|
Depreciation and Amortization
|
(380.9
|
)
|
|
(47.9
|
)
|
|
(137.7
|
)
|
|
(23.1
|
)
|
|
1.6
|
|
|
(588.0
|
)
|
||||||
Other Operating Expenses
|
(3,230.1
|
)
|
|
(462.4
|
)
|
|
(245.7
|
)
|
|
(564.7
|
)
|
|
650.2
|
|
|
(3,852.7
|
)
|
||||||
Operating Income
|
$
|
751.6
|
|
|
$
|
112.0
|
|
|
$
|
509.1
|
|
|
$
|
49.0
|
|
|
$
|
0.1
|
|
|
$
|
1,421.8
|
|
Interest Expense
|
$
|
(144.6
|
)
|
|
$
|
(30.8
|
)
|
|
$
|
(82.2
|
)
|
|
$
|
(45.8
|
)
|
|
$
|
4.8
|
|
|
$
|
(298.6
|
)
|
Other Income, Net
|
11.6
|
|
|
0.5
|
|
|
14.2
|
|
|
781.4
|
|
|
(784.0
|
)
|
|
23.7
|
|
||||||
Net Income Attributable to Common Shareholders
|
381.3
|
|
|
51.9
|
|
|
266.6
|
|
|
791.7
|
|
|
(778.4
|
)
|
|
713.1
|
|
||||||
Cash Flows Used for Investments in Plant
|
570.9
|
|
|
170.3
|
|
|
536.2
|
|
|
81.8
|
|
|
—
|
|
|
1,359.2
|
|
Eversource
(Millions of Dollars)
|
Electric
Distribution
|
|
Natural Gas
Distribution
|
|
Electric
Transmission |
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
As of September 30, 2017
|
$
|
18,826.0
|
|
|
$
|
3,432.6
|
|
|
$
|
9,290.3
|
|
|
$
|
14,939.4
|
|
|
$
|
(13,324.7
|
)
|
|
$
|
33,163.6
|
|
As of December 31, 2016
|
18,367.5
|
|
|
3,303.8
|
|
|
8,751.5
|
|
|
14,493.1
|
|
|
(12,862.7
|
)
|
|
32,053.2
|
|
•
|
cyber breaches, acts of war or terrorism, or grid disturbances,
|
•
|
actions or inaction of local, state and federal regulatory, public policy and taxing bodies,
|
•
|
changes in business conditions, which could include disruptive technology related to our current or future business model,
|
•
|
changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability,
|
•
|
fluctuations in weather patterns,
|
•
|
changes in laws, regulations or regulatory policy,
|
•
|
changes in levels or timing of capital expenditures,
|
•
|
disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly,
|
•
|
developments in legal or public policy doctrines,
|
•
|
technological developments,
|
•
|
changes in accounting standards and financial reporting regulations,
|
•
|
actions of rating agencies, and
|
•
|
other presently unknown or unforeseen factors.
|
•
|
We earned
$260.4 million
, or
$0.82
per share, in the
third
quarter of
2017
, and
$750.6 million
, or
$2.36
per share, in the first
nine months
of
2017
, compared with
$265.3 million
, or
$0.83
per share, in the
third
quarter of
2016
, and
$713.1 million
, or
$2.24
per share, in the first
nine months
of
2016
.
|
•
|
Our electric distribution segment, which includes generation, earned
$157.4 million
, or
$0.50
per share, in the
third
quarter of
2017
, and
$393.4 million
, or
$1.24
per share, in the first
nine months
of
2017
, compared with
$170.1 million
, or
$0.53
per share, in the third quarter of
2016
, and
$381.3 million
, or
$1.20
per share, in the first
nine months
of
2016
.
|
•
|
Our electric transmission segment earned
$99.0 million
, or
$0.31
per share, in the
third
quarter of
2017
, and
$289.6 million
, or
$0.91
per share, in the first
nine months
of
2017
, compared with
$88.4 million
, or
$0.28
per share, in the
third
quarter of
2016
, and
$266.6 million
, or
$0.84
per share, in the first
nine months
of
2016
.
|
•
|
Our natural gas distribution segment had a net loss of
$6.2 million
, or
$0.02
per share, in the
third
quarter of
2017
, and earnings of
$49.1 million
, or
$0.15
per share, in the first
nine months
of
2017
, compared with a net loss of
$7.0 million
, or
$0.02
per share, in the
third
quarter of
2016
, and earnings of
$51.9 million
, or
$0.16
per share, in the first
nine months
of
2016
.
|
•
|
Eversource parent and other companies earned
$10.2 million
in the
third
quarter of
2017
and
$18.5 million
in the first
nine months
of
2017
, compared with
$13.8 million
in the
third
quarter of
2016
and
$13.3 million
in the first
nine months
of
2016
.
|
•
|
Cash flows provided by operating activities totaled
$1.49 billion
in the first
nine months
of
2017
, compared with
$1.65 billion
in the first
nine months
of
2016
. Investments in property, plant and equipment totaled
$1.64 billion
in the first
nine months
of
2017
, compared with
$1.36 billion
in the first
nine months
of
2016
. Cash and cash equivalents totaled
$125.8 million
as of
September 30, 2017
, compared with
$30.3 million
as of
December 31, 2016
.
|
•
|
In 2017, we issued $2.5 billion of new long-term debt, consisting of $1.2 billion by Eversource parent, $700 million by NSTAR Electric, $525 million by CL&P, and $75 million by Yankee Gas. Proceeds from these new issuances were used primarily to pay short-term borrowings and redeem long-term debt at maturity.
|
•
|
On September 6, 2017, our Board of Trustees approved a common share dividend payment of $0.475 per share, which was paid on September 29, 2017 to shareholders of record as of September 19, 2017.
|
•
|
On October 6, 2017, the FERC issued an order that did not accept the NETOs June 5, 2017 filing to reinstate the base ROE of
11.14 percent with an associated ROE incentive cap of 13.5 percent. Therefore, the Company will continue to recognize transmission revenues as billed utilizing a base ROE of 10.57 percent with an incentive cap of 11.74 percent.
|
•
|
On October 12, 2017, PSNH filed an application with the NHPUC requesting approval of the sale of PSNH's thermal and hydroelectric power generation assets in New Hampshire to private investors for a combined purchase price totaling $258 million.
|
•
|
On October 29, 2017, a storm delivered high winds and rain, causing extensive damage to our electric distribution systems across all three states. We estimate that more than
800,000
of our electric distribution customers were without power during or following the storm. Restoration costs cannot be estimated at this time. As a result of the extent of the damages, we expect the storm restoration costs will be material and will exceed the criteria to be declared a major storm in Connecticut, New Hampshire, and Massachusetts and, as a result, we do not expect the storm to have a material impact on our results of operations.
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts)
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
||||||||||||||||
Net Income Attributable to
Common Shareholders (GAAP)
|
$
|
260.4
|
|
|
$
|
0.82
|
|
|
$
|
265.3
|
|
|
$
|
0.83
|
|
|
$
|
750.6
|
|
|
$
|
2.36
|
|
|
$
|
713.1
|
|
|
$
|
2.24
|
|
Regulated Companies
|
$
|
250.2
|
|
|
$
|
0.79
|
|
|
$
|
251.5
|
|
|
$
|
0.79
|
|
|
$
|
732.1
|
|
|
$
|
2.30
|
|
|
$
|
699.8
|
|
|
$
|
2.20
|
|
Eversource Parent and Other Companies
|
10.2
|
|
|
0.03
|
|
|
13.8
|
|
|
0.04
|
|
|
18.5
|
|
|
0.06
|
|
|
13.3
|
|
|
0.04
|
|
||||||||
Net Income Attributable to Common Shareholders (GAAP)
|
$
|
260.4
|
|
|
$
|
0.82
|
|
|
$
|
265.3
|
|
|
$
|
0.83
|
|
|
$
|
750.6
|
|
|
$
|
2.36
|
|
|
$
|
713.1
|
|
|
$
|
2.24
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts)
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
||||||||||||||||
Electric Distribution
|
$
|
157.4
|
|
|
$
|
0.50
|
|
|
$
|
170.1
|
|
|
$
|
0.53
|
|
|
$
|
393.4
|
|
|
$
|
1.24
|
|
|
$
|
381.3
|
|
|
$
|
1.20
|
|
Electric Transmission
|
99.0
|
|
|
0.31
|
|
|
88.4
|
|
|
0.28
|
|
|
289.6
|
|
|
0.91
|
|
|
266.6
|
|
|
0.84
|
|
||||||||
Natural Gas Distribution
|
(6.2
|
)
|
|
(0.02
|
)
|
|
(7.0
|
)
|
|
(0.02
|
)
|
|
49.1
|
|
|
0.15
|
|
|
51.9
|
|
|
0.16
|
|
||||||||
Net Income - Regulated Companies
|
$
|
250.2
|
|
|
$
|
0.79
|
|
|
$
|
251.5
|
|
|
$
|
0.79
|
|
|
$
|
732.1
|
|
|
$
|
2.30
|
|
|
$
|
699.8
|
|
|
$
|
2.20
|
|
|
For the Three Months Ended September 30, 2017 Compared to 2016
|
|
For the Nine Months Ended September 30, 2017 Compared to 2016
|
||||||||||||||
|
Sales Volumes (GWh)
|
|
Percentage
|
|
Sales Volumes (GWh)
|
|
Percentage
|
||||||||||
Electric
|
2017
|
|
2016
|
|
Decrease
|
|
2017
|
|
2016
|
|
Decrease
|
||||||
Traditional:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
2,583
|
|
|
2,910
|
|
|
(11.2
|
)%
|
|
7,126
|
|
|
7,407
|
|
|
(3.8
|
)%
|
Commercial
|
4,291
|
|
|
4,525
|
|
|
(5.2
|
)%
|
|
12,058
|
|
|
12,376
|
|
|
(2.6
|
)%
|
Industrial
|
671
|
|
|
696
|
|
|
(3.6
|
)%
|
|
1,856
|
|
|
1,948
|
|
|
(4.7
|
)%
|
Total – Traditional
|
7,545
|
|
|
8,131
|
|
|
(7.2
|
)%
|
|
21,040
|
|
|
21,731
|
|
|
(3.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Decoupled:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
2,972
|
|
|
3,398
|
|
|
(12.5
|
)%
|
|
8,334
|
|
|
8,750
|
|
|
(4.8
|
)%
|
Commercial
|
2,849
|
|
|
3,039
|
|
|
(6.3
|
)%
|
|
8,003
|
|
|
8,315
|
|
|
(3.8
|
)%
|
Industrial
|
730
|
|
|
776
|
|
|
(5.9
|
)%
|
|
2,054
|
|
|
2,170
|
|
|
(5.3
|
)%
|
Total – Decoupled
|
6,551
|
|
|
7,213
|
|
|
(9.2
|
)%
|
|
18,391
|
|
|
19,235
|
|
|
(4.4
|
)%
|
Total Sales Volumes
|
14,096
|
|
|
15,344
|
|
|
(8.1
|
)%
|
|
39,431
|
|
|
40,966
|
|
|
(3.7
|
)%
|
|
For the Three Months Ended September 30, 2017 Compared to 2016
|
|
For the Nine Months Ended September 30, 2017 Compared to 2016
|
||||||||||||||
|
Sales Volumes (MMcf)
|
|
Percentage
|
|
Sales Volumes (MMcf)
|
|
Percentage
|
||||||||||
Firm Natural Gas
|
2017
|
|
2016
|
|
Increase/(Decrease)
|
|
2017
|
|
2016
|
|
Increase/(Decrease)
|
||||||
Traditional:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
1,036
|
|
|
956
|
|
|
8.4
|
%
|
|
10,138
|
|
|
10,109
|
|
|
0.3
|
%
|
Commercial
|
2,482
|
|
|
2,350
|
|
|
5.6
|
%
|
|
14,432
|
|
|
13,864
|
|
|
4.1
|
%
|
Industrial
|
2,032
|
|
|
1,964
|
|
|
3.5
|
%
|
|
7,663
|
|
|
7,597
|
|
|
0.9
|
%
|
Total – Traditional
|
5,550
|
|
|
5,270
|
|
|
5.3
|
%
|
|
32,233
|
|
|
31,570
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Decoupled:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
1,244
|
|
|
1,308
|
|
|
(4.9
|
)%
|
|
14,593
|
|
|
13,848
|
|
|
5.4
|
%
|
Commercial
|
2,314
|
|
|
2,147
|
|
|
7.8
|
%
|
|
15,072
|
|
|
15,019
|
|
|
0.4
|
%
|
Industrial
|
1,270
|
|
|
990
|
|
|
28.3
|
%
|
|
4,293
|
|
|
4,163
|
|
|
3.1
|
%
|
Total – Decoupled
|
4,828
|
|
|
4,445
|
|
|
8.6
|
%
|
|
33,958
|
|
|
33,030
|
|
|
2.8
|
%
|
Special Contracts
(1)
|
1,147
|
|
|
1,208
|
|
|
(5.0
|
)%
|
|
3,495
|
|
|
3,507
|
|
|
(0.3
|
)%
|
Total – Decoupled and Special Contracts
|
5,975
|
|
|
5,653
|
|
|
5.7
|
%
|
|
37,453
|
|
|
36,537
|
|
|
2.5
|
%
|
Total Sales Volumes
|
11,525
|
|
|
10,923
|
|
|
5.5
|
%
|
|
69,686
|
|
|
68,107
|
|
|
2.3
|
%
|
(1)
|
Special contracts are unique to the 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.
|
|
For the Nine Months Ended September 30,
|
||||||
(Millions of Dollars)
|
2017
|
|
2016
|
||||
CL&P
|
$
|
300.7
|
|
|
$
|
211.8
|
|
NSTAR Electric
|
108.5
|
|
|
162.6
|
|
||
PSNH
|
87.4
|
|
|
80.2
|
|
||
WMECO
|
70.9
|
|
|
75.7
|
|
||
NPT
|
32.1
|
|
|
28.4
|
|
||
Total Electric Transmission Segment
|
$
|
599.6
|
|
|
$
|
558.7
|
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||
(Millions of Dollars)
|
CL&P
|
|
NSTAR Electric
|
|
PSNH
|
|
WMECO
|
|
Total Electric
|
|
Natural Gas
|
|
Total Electric and Natural Gas Distribution Segment
|
||||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic Business
|
$
|
161.8
|
|
|
$
|
110.3
|
|
|
$
|
52.5
|
|
|
$
|
16.4
|
|
|
$
|
341.0
|
|
|
$
|
51.3
|
|
|
$
|
392.3
|
|
Aging Infrastructure
|
127.4
|
|
|
49.6
|
|
|
63.9
|
|
|
16.3
|
|
|
257.2
|
|
|
149.6
|
|
|
406.8
|
|
|||||||
Load Growth
(1)
|
41.0
|
|
|
53.2
|
|
|
14.1
|
|
|
(1.5
|
)
|
|
106.8
|
|
|
30.6
|
|
|
137.4
|
|
|||||||
Total Distribution
|
330.2
|
|
|
213.1
|
|
|
130.5
|
|
|
31.2
|
|
|
705.0
|
|
|
231.5
|
|
|
936.5
|
|
|||||||
Generation
(2)
|
—
|
|
|
24.6
|
|
|
6.7
|
|
|
20.9
|
|
|
52.2
|
|
|
—
|
|
|
52.2
|
|
|||||||
Total Electric and Natural Gas Distribution Segment
|
$
|
330.2
|
|
|
$
|
237.7
|
|
|
$
|
137.2
|
|
|
$
|
52.1
|
|
|
$
|
757.2
|
|
|
$
|
231.5
|
|
|
$
|
988.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic Business
|
$
|
127.0
|
|
|
$
|
87.7
|
|
|
$
|
46.8
|
|
|
$
|
10.7
|
|
|
$
|
272.2
|
|
|
$
|
48.9
|
|
|
$
|
321.1
|
|
Aging Infrastructure
|
97.4
|
|
|
57.8
|
|
|
61.9
|
|
|
17.6
|
|
|
234.7
|
|
|
103.0
|
|
|
337.7
|
|
|||||||
Load Growth
(1)
|
31.9
|
|
|
48.1
|
|
|
11.8
|
|
|
(2.5
|
)
|
|
89.3
|
|
|
28.3
|
|
|
117.6
|
|
|||||||
Total Distribution
|
256.3
|
|
|
193.6
|
|
|
120.5
|
|
|
25.8
|
|
|
596.2
|
|
|
180.2
|
|
|
776.4
|
|
|||||||
Generation
|
—
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
|||||||
Total Electric and Natural Gas Distribution Segment
|
$
|
256.3
|
|
|
$
|
193.6
|
|
|
$
|
129.0
|
|
|
$
|
25.8
|
|
|
$
|
604.7
|
|
|
$
|
180.2
|
|
|
$
|
784.9
|
|
Complaint
|
15-Month Time Period
of Complaint
(Beginning as of Complaint Filing Date)
|
Original Base ROE Authorized by FERC at Time of Complaint
Filing Date
(1)
|
Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from
October 16, 2014 through April 14, 2017
(1)
|
Reserve
(Pre-Tax and Excluding Interest) as of September 30, 2017
(in millions)
|
|
FERC ALJ Recommendation of Base ROE on Second and
Third Complaints
(Issued March 22, 2016)
|
First
|
10/1/2011 - 12/31/2012
|
11.14%
|
10.57%
|
$—
|
(2)
|
N/A
|
Second
|
12/27/2012 - 3/26/2014
|
11.14%
|
N/A
|
39.1
|
(3)
|
9.59%
|
Third
|
7/31/2014 - 10/30/2015
|
11.14%
|
10.57%
|
—
|
|
10.90%
|
Fourth
|
4/29/2016 - 7/28/2017
|
10.57%
|
10.57%
|
—
|
|
N/A
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||
(Millions of Dollars)
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
||||||||||||||
Operating Revenues
|
$
|
1,988.5
|
|
|
$
|
2,039.7
|
|
|
$
|
(51.2
|
)
|
|
(2.5
|
)%
|
|
$
|
5,856.5
|
|
|
$
|
5,862.5
|
|
|
$
|
(6.0
|
)
|
|
(0.1
|
)%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased Power, Fuel and Transmission
|
651.8
|
|
|
665.8
|
|
|
(14.0
|
)
|
|
(2.1
|
)
|
|
1,955.1
|
|
|
2,001.9
|
|
|
(46.8
|
)
|
|
(2.3
|
)
|
||||||
Operations and Maintenance
|
300.4
|
|
|
324.7
|
|
|
(24.3
|
)
|
|
(7.5
|
)
|
|
933.4
|
|
|
965.6
|
|
|
(32.2
|
)
|
|
(3.3
|
)
|
||||||
Depreciation
|
194.5
|
|
|
181.3
|
|
|
13.2
|
|
|
7.3
|
|
|
571.2
|
|
|
531.8
|
|
|
39.4
|
|
|
7.4
|
|
||||||
Amortization of Regulatory Assets, Net
|
41.8
|
|
|
43.9
|
|
|
(2.1
|
)
|
|
(4.8
|
)
|
|
58.1
|
|
|
56.2
|
|
|
1.9
|
|
|
3.4
|
|
||||||
Energy Efficiency Programs
|
129.2
|
|
|
149.1
|
|
|
(19.9
|
)
|
|
(13.3
|
)
|
|
391.8
|
|
|
406.0
|
|
|
(14.2
|
)
|
|
(3.5
|
)
|
||||||
Taxes Other Than Income Taxes
|
168.2
|
|
|
165.0
|
|
|
3.2
|
|
|
1.9
|
|
|
479.6
|
|
|
479.2
|
|
|
0.4
|
|
|
0.1
|
|
||||||
Total Operating Expenses
|
1,485.9
|
|
|
1,529.8
|
|
|
(43.9
|
)
|
|
(2.9
|
)
|
|
4,389.2
|
|
|
4,440.7
|
|
|
(51.5
|
)
|
|
(1.2
|
)
|
||||||
Operating Income
|
502.6
|
|
|
509.9
|
|
|
(7.3
|
)
|
|
(1.4
|
)
|
|
1,467.3
|
|
|
1,421.8
|
|
|
45.5
|
|
|
3.2
|
|
||||||
Interest Expense
|
108.7
|
|
|
99.9
|
|
|
8.8
|
|
|
8.8
|
|
|
319.5
|
|
|
298.6
|
|
|
20.9
|
|
|
7.0
|
|
||||||
Other Income, Net
|
21.2
|
|
|
13.6
|
|
|
7.6
|
|
|
55.9
|
|
|
56.3
|
|
|
23.7
|
|
|
32.6
|
|
|
(a)
|
|
||||||
Income Before Income Tax Expense
|
415.1
|
|
|
423.6
|
|
|
(8.5
|
)
|
|
(2.0
|
)
|
|
1,204.1
|
|
|
1,146.9
|
|
|
57.2
|
|
|
5.0
|
|
||||||
Income Tax Expense
|
152.8
|
|
|
156.4
|
|
|
(3.6
|
)
|
|
(2.3
|
)
|
|
447.9
|
|
|
428.2
|
|
|
19.7
|
|
|
4.6
|
|
||||||
Net Income
|
262.3
|
|
|
267.2
|
|
|
(4.9
|
)
|
|
(1.8
|
)
|
|
756.2
|
|
|
718.7
|
|
|
37.5
|
|
|
5.2
|
|
||||||
Net Income Attributable to Noncontrolling Interests
|
1.9
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|
5.6
|
|
|
—
|
|
|
—
|
|
||||||
Net Income Attributable to Common Shareholders
|
$
|
260.4
|
|
|
$
|
265.3
|
|
|
$
|
(4.9
|
)
|
|
(1.8
|
)%
|
|
$
|
750.6
|
|
|
$
|
713.1
|
|
|
$
|
37.5
|
|
|
5.3
|
%
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||
(Millions of Dollars)
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
||||||||||||||
Electric Distribution
|
$
|
1,547.1
|
|
|
$
|
1,623.4
|
|
|
$
|
(76.3
|
)
|
|
(4.7
|
)%
|
|
$
|
4,224.2
|
|
|
$
|
4,362.6
|
|
|
$
|
(138.4
|
)
|
|
(3.2
|
)%
|
Natural Gas Distribution
|
109.2
|
|
|
99.2
|
|
|
10.0
|
|
|
10.1
|
|
|
698.8
|
|
|
622.3
|
|
|
76.5
|
|
|
12.3
|
|
||||||
Electric Transmission
|
328.5
|
|
|
306.8
|
|
|
21.7
|
|
|
7.1
|
|
|
970.0
|
|
|
892.5
|
|
|
77.5
|
|
|
8.7
|
|
||||||
Other and Eliminations
|
3.7
|
|
|
10.3
|
|
|
(6.6
|
)
|
|
(64.1
|
)
|
|
(36.5
|
)
|
|
(14.9
|
)
|
|
(21.6
|
)
|
|
(a)
|
|
||||||
Total Operating Revenues
|
$
|
1,988.5
|
|
|
$
|
2,039.7
|
|
|
$
|
(51.2
|
)
|
|
(2.5
|
)%
|
|
$
|
5,856.5
|
|
|
$
|
5,862.5
|
|
|
$
|
(6.0
|
)
|
|
(0.1
|
)%
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Percent
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Percent
|
||||||||
Electric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Traditional
|
7,545
|
|
|
8,131
|
|
|
(586
|
)
|
|
(7.2
|
)%
|
|
21,040
|
|
|
21,731
|
|
|
(691
|
)
|
|
(3.2
|
)%
|
Decoupled
|
6,551
|
|
|
7,213
|
|
|
(662
|
)
|
|
(9.2
|
)
|
|
18,391
|
|
|
19,235
|
|
|
(844
|
)
|
|
(4.4
|
)
|
Total Electric
|
14,096
|
|
|
15,344
|
|
|
(1,248
|
)
|
|
(8.1
|
)
|
|
39,431
|
|
|
40,966
|
|
|
(1,535
|
)
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Firm Natural Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Traditional
|
5,550
|
|
|
5,270
|
|
|
280
|
|
|
5.3
|
|
|
32,233
|
|
|
31,570
|
|
|
663
|
|
|
2.1
|
|
Decoupled and Special Contracts
|
5,975
|
|
|
5,653
|
|
|
322
|
|
|
5.7
|
|
|
37,453
|
|
|
36,537
|
|
|
916
|
|
|
2.5
|
|
Total Firm Natural Gas
|
11,525
|
|
|
10,923
|
|
|
602
|
|
|
5.5
|
%
|
|
69,686
|
|
|
68,107
|
|
|
1,579
|
|
|
2.3
|
%
|
(Millions of Dollars)
|
Three Months Ended Increase/(Decrease)
|
|
Nine Months Ended
Increase/(Decrease) |
||||
Electric Distribution
|
$
|
(0.4
|
)
|
|
$
|
(109.1
|
)
|
Natural Gas Distribution
|
7.0
|
|
|
50.1
|
|
||
Transmission
|
(20.6
|
)
|
|
12.2
|
|
||
Total Purchased Power, Fuel and Transmission
|
$
|
(14.0
|
)
|
|
$
|
(46.8
|
)
|
(Millions of Dollars)
|
Three Months Ended Increase/(Decrease)
|
|
Nine Months Ended
Increase/(Decrease)
|
||||
Base Electric Distribution:
|
|
|
|
||||
Employee-related expenses, including labor and benefits
|
$
|
(15.0
|
)
|
|
$
|
(46.2
|
)
|
Bad debt expense
|
(2.6
|
)
|
|
(15.3
|
)
|
||
Shared corporate costs (including computer software depreciation at Eversource Service)
|
5.4
|
|
|
15.0
|
|
||
Storm restoration costs
|
(4.0
|
)
|
|
3.1
|
|
||
Boston Harbor civil action settlement charge recorded in the second quarter of 2017
|
—
|
|
|
4.9
|
|
||
Other operations and maintenance
|
9.1
|
|
|
15.7
|
|
||
Total Base Electric Distribution
|
(7.1
|
)
|
|
(22.8
|
)
|
||
Total Base Natural Gas Distribution:
|
|
|
|
||||
Shared corporate costs (including computer software depreciation at Eversource Service)
|
1.2
|
|
|
3.6
|
|
||
Other operations and maintenance
|
(4.1
|
)
|
|
(1.5
|
)
|
||
Total Base Natural Gas Distribution
|
(2.9
|
)
|
|
2.1
|
|
||
Total Tracked costs (Electric Distribution, Electric Transmission and Natural Gas Distribution)
|
(5.5
|
)
|
|
7.2
|
|
||
Other and eliminations:
|
|
|
|
||||
Eversource Parent and Other Companies
|
(1.1
|
)
|
|
0.8
|
|
||
Eliminations
|
(7.7
|
)
|
|
(19.5
|
)
|
||
Total Operations and Maintenance
|
$
|
(24.3
|
)
|
|
$
|
(32.2
|
)
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||||
(Millions of Dollars)
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Percent
|
||||||||||||||
Operating Revenues
|
$
|
774.8
|
|
|
$
|
760.0
|
|
|
$
|
14.8
|
|
|
1.9
|
%
|
|
$
|
2,173.6
|
|
|
$
|
2,175.1
|
|
|
$
|
(1.5
|
)
|
|
(0.1
|
)%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchased Power and Transmission
|
259.0
|
|
|
253.5
|
|
|
5.5
|
|
|
2.2
|
|
|
711.2
|
|
|
760.6
|
|
|
(49.4
|
)
|
|
(6.5
|
)
|
||||||
Operations and Maintenance
|
123.1
|
|
|
123.0
|
|
|
0.1
|
|
|
0.1
|
|
|
359.8
|
|
|
356.4
|
|
|
3.4
|
|
|
1.0
|
|
||||||
Depreciation
|
63.7
|
|
|
57.7
|
|
|
6.0
|
|
|
10.4
|
|
|
184.3
|
|
|
172.2
|
|
|
12.1
|
|
|
7.0
|
|
||||||
Amortization of Regulatory Assets, Net
|
34.6
|
|
|
23.4
|
|
|
11.2
|
|
|
47.9
|
|
|
58.8
|
|
|
30.3
|
|
|
28.5
|
|
|
94.1
|
|
||||||
Energy Efficiency Programs
|
37.7
|
|
|
44.4
|
|
|
(6.7
|
)
|
|
(15.1
|
)
|
|
106.5
|
|
|
118.0
|
|
|
(11.5
|
)
|
|
(9.7
|
)
|
||||||
Taxes Other Than Income Taxes
|
79.2
|
|
|
81.9
|
|
|
(2.7
|
)
|
|
(3.3
|
)
|
|
223.4
|
|
|
227.9
|
|
|
(4.5
|
)
|
|
(2.0
|
)
|
||||||
Total Operating Expenses
|
597.3
|
|
|
583.9
|
|
|
13.4
|
|
|
2.3
|
|
|
1,644.0
|
|
|
1,665.4
|
|
|
(21.4
|
)
|
|
(1.3
|
)
|
||||||
Operating Income
|
177.5
|
|
|
176.1
|
|
|
1.4
|
|
|
0.8
|
|
|
529.6
|
|
|
509.7
|
|
|
19.9
|
|
|
3.9
|
|
||||||
Interest Expense
|
36.3
|
|
|
36.1
|
|
|
0.2
|
|
|
0.6
|
|
|
106.6
|
|
|
108.6
|
|
|
(2.0
|
)
|
|
(1.8
|
)
|
||||||
Other Income, Net
|
7.5
|
|
|
3.7
|
|
|
3.8
|
|
|
(a)
|
|
|
14.1
|
|
|
10.9
|
|
|
3.2
|
|
|
29.4
|
|
||||||
Income Before Income Tax Expense
|
148.7
|
|
|
143.7
|
|
|
5.0
|
|
|
3.5
|
|
|
437.1
|
|
|
412.0
|
|
|
25.1
|
|
|
6.1
|
|
||||||
Income Tax Expense
|
52.6
|
|
|
57.1
|
|
|
(4.5
|
)
|
|
(7.9
|
)
|
|
159.5
|
|
|
155.4
|
|
|
4.1
|
|
|
2.6
|
|
||||||
Net Income
|
$
|
96.1
|
|
|
$
|
86.6
|
|
|
$
|
9.5
|
|
|
11.0
|
%
|
|
$
|
277.6
|
|
|
$
|
256.6
|
|
|
$
|
21.0
|
|
|
8.2
|
%
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
Decrease
|
|
Percent
|
|
2017
|
|
2016
|
|
Decrease
|
|
Percent
|
||||||||
Retail Sales Volumes in GWh
|
5,644
|
|
|
6,225
|
|
|
(581
|
)
|
|
(9.3
|
)%
|
|
15,812
|
|
|
16,541
|
|
|
(729
|
)
|
|
(4.4
|
)%
|
(Millions of Dollars)
|
Three Months Ended Increase/(Decrease)
|
|
Nine Months Ended
Increase/(Decrease)
|
||||
Purchased Power Costs
|
$
|
5.7
|
|
|
$
|
(68.1
|
)
|
Transmission Costs
|
(0.2
|
)
|
|
18.7
|
|
||
Total Purchased Power and Transmission
|
$
|
5.5
|
|
|
$
|
(49.4
|
)
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(Millions of Dollars)
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
|||||||
Operating Revenues
|
$
|
1,913.5
|
|
|
$
|
1,986.0
|
|
|
$
|
(72.5
|
)
|
|
(3.7
|
)%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||||
Purchased Power and Transmission
|
689.8
|
|
|
764.9
|
|
|
(75.1
|
)
|
|
(9.8
|
)
|
|||
Operations and Maintenance
|
266.2
|
|
|
279.9
|
|
|
(13.7
|
)
|
|
(4.9
|
)
|
|||
Depreciation
|
167.6
|
|
|
159.2
|
|
|
8.4
|
|
|
5.3
|
|
|||
Amortization of Regulatory Assets, Net
|
17.8
|
|
|
18.3
|
|
|
(0.5
|
)
|
|
(2.7
|
)
|
|||
Energy Efficiency Programs
|
198.8
|
|
|
212.9
|
|
|
(14.1
|
)
|
|
(6.6
|
)
|
|||
Taxes Other Than Income Taxes
|
99.0
|
|
|
101.8
|
|
|
(2.8
|
)
|
|
(2.8
|
)
|
|||
Total Operating Expenses
|
1,439.2
|
|
|
1,537.0
|
|
|
(97.8
|
)
|
|
(6.4
|
)
|
|||
Operating Income
|
474.3
|
|
|
449.0
|
|
|
25.3
|
|
|
5.6
|
|
|||
Interest Expense
|
70.0
|
|
|
62.2
|
|
|
7.8
|
|
|
12.5
|
|
|||
Other Income, Net
|
8.7
|
|
|
7.6
|
|
|
1.1
|
|
|
14.5
|
|
|||
Income Before Income Tax Expense
|
413.0
|
|
|
394.4
|
|
|
18.6
|
|
|
4.7
|
|
|||
Income Tax Expense
|
161.3
|
|
|
154.5
|
|
|
6.8
|
|
|
4.4
|
|
|||
Net Income
|
$
|
251.7
|
|
|
$
|
239.9
|
|
|
$
|
11.8
|
|
|
4.9
|
%
|
|
For the Nine Months Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
Decrease
|
|
Percent
|
||||
Retail Sales Volumes in GWh
|
15,204
|
|
|
15,746
|
|
|
(542
|
)
|
|
(3.4
|
)%
|
(Millions of Dollars)
|
Decrease
|
||
Purchased Power Costs
|
$
|
(42.3
|
)
|
Transmission Costs
|
(32.8
|
)
|
|
Total Purchased Power and Transmission
|
$
|
(75.1
|
)
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(Millions of Dollars)
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
|
|||||||
Operating Revenues
|
$
|
733.6
|
|
|
$
|
727.8
|
|
|
$
|
5.8
|
|
|
0.8
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Purchased Power, Fuel and Transmission
|
179.3
|
|
|
155.7
|
|
|
23.6
|
|
|
15.2
|
|
|||
Operations and Maintenance
|
191.2
|
|
|
187.2
|
|
|
4.0
|
|
|
2.1
|
|
|||
Depreciation
|
95.3
|
|
|
86.5
|
|
|
8.8
|
|
|
10.2
|
|
|||
Amortization of Regulatory (Liabilities)/Assets, Net
|
(10.7
|
)
|
|
14.5
|
|
|
(25.2
|
)
|
|
(a)
|
|
|||
Energy Efficiency Programs
|
11.0
|
|
|
10.9
|
|
|
0.1
|
|
|
0.9
|
|
|||
Taxes Other Than Income Taxes
|
67.0
|
|
|
64.5
|
|
|
2.5
|
|
|
3.9
|
|
|||
Total Operating Expenses
|
533.1
|
|
|
519.3
|
|
|
13.8
|
|
|
2.7
|
|
|||
Operating Income
|
200.5
|
|
|
208.5
|
|
|
(8.0
|
)
|
|
(3.8
|
)
|
|||
Interest Expense
|
38.7
|
|
|
37.4
|
|
|
1.3
|
|
|
3.5
|
|
|||
Other Income, Net
|
2.9
|
|
|
1.0
|
|
|
1.9
|
|
|
(a)
|
|
|||
Income Before Income Tax Expense
|
164.7
|
|
|
172.1
|
|
|
(7.4
|
)
|
|
(4.3
|
)
|
|||
Income Tax Expense
|
65.1
|
|
|
66.3
|
|
|
(1.2
|
)
|
|
(1.8
|
)
|
|||
Net Income
|
$
|
99.6
|
|
|
$
|
105.8
|
|
|
$
|
(6.2
|
)
|
|
(5.9
|
)%
|
|
For the Nine Months Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
Decrease
|
|
Percent
|
||||
Retail Sales Volumes in GWh
|
5,835
|
|
|
5,985
|
|
|
(150
|
)
|
|
(2.5
|
)%
|
(Millions of Dollars)
|
Increase
|
||
Purchased Power and Generation Fuel Costs
|
$
|
5.1
|
|
Transmission Costs
|
18.5
|
|
|
Total Purchased Power, Fuel and Transmission
|
$
|
23.6
|
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(Millions of Dollars)
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Percent
|
|||||||
Operating Revenues
|
$
|
377.2
|
|
|
$
|
368.5
|
|
|
$
|
8.7
|
|
|
2.4
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Purchased Power and Transmission
|
109.6
|
|
|
104.4
|
|
|
5.2
|
|
|
5.0
|
|
|||
Operations and Maintenance
|
65.8
|
|
|
68.0
|
|
|
(2.2
|
)
|
|
(3.2
|
)
|
|||
Depreciation
|
36.8
|
|
|
34.4
|
|
|
2.4
|
|
|
7.0
|
|
|||
Amortization of Regulatory Assets/(Liabilities), Net
|
(0.6
|
)
|
|
3.3
|
|
|
(3.9
|
)
|
|
(a)
|
|
|||
Energy Efficiency Programs
|
29.7
|
|
|
33.6
|
|
|
(3.9
|
)
|
|
(11.6
|
)
|
|||
Taxes Other Than Income Taxes
|
31.4
|
|
|
30.4
|
|
|
1.0
|
|
|
3.3
|
|
|||
Total Operating Expenses
|
272.7
|
|
|
274.1
|
|
|
(1.4
|
)
|
|
(0.5
|
)
|
|||
Operating Income
|
104.5
|
|
|
94.4
|
|
|
10.1
|
|
|
10.7
|
|
|||
Interest Expense
|
18.8
|
|
|
18.3
|
|
|
0.5
|
|
|
2.7
|
|
|||
Other Income, Net
|
1.4
|
|
|
0.1
|
|
|
1.3
|
|
|
(a)
|
|
|||
Income Before Income Tax Expense
|
87.1
|
|
|
76.2
|
|
|
10.9
|
|
|
14.3
|
|
|||
Income Tax Expense
|
34.7
|
|
|
30.1
|
|
|
4.6
|
|
|
15.3
|
|
|||
Net Income
|
$
|
52.4
|
|
|
$
|
46.1
|
|
|
$
|
6.3
|
|
|
13.7
|
%
|
|
For the Nine Months Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
Decrease
|
|
Percent
|
||||
Retail Sales Volumes in GWh
|
2,579
|
|
|
2,695
|
|
|
(116
|
)
|
|
(4.3
|
)%
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
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)
|
|||||
July 1 - July 31, 2017
|
99,090
|
|
$
|
60.76
|
|
—
|
|
—
|
|
August 1 - August 31, 2017
|
4,802
|
|
62.08
|
|
—
|
|
—
|
|
|
September 1 - September 30, 2017
|
74,148
|
|
60.77
|
|
—
|
|
—
|
|
|
Total
|
178,040
|
|
$
|
60.80
|
|
—
|
|
—
|
|
ITEM 6.
|
EXHIBITS
|
|
|
EVERSOURCE ENERGY
|
|
|
|
|
|
November 3, 2017
|
|
By:
|
/s/ Jay S. Buth
|
|
|
|
Jay S. Buth
|
|
|
|
Vice President, Controller and Chief Accounting Officer
|
|
|
|
|
|
|
|
THE CONNECTICUT LIGHT AND POWER COMPANY
|
|
|
|
|
|
November 3, 2017
|
|
By:
|
/s/ Jay S. Buth
|
|
|
|
Jay S. Buth
|
|
|
|
Vice President, Controller and Chief Accounting Officer
|
|
|
|
|
|
|
|
NSTAR ELECTRIC COMPANY
|
|
|
|
|
|
November 3, 2017
|
|
By:
|
/s/ Jay S. Buth
|
|
|
|
Jay S. Buth
|
|
|
|
Vice President, Controller and Chief Accounting Officer
|
|
|
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
|
|
|
|
|
|
November 3, 2017
|
|
By:
|
/s/ Jay S. Buth
|
|
|
|
Jay S. Buth
|
|
|
|
Vice President, Controller and Chief Accounting Officer
|
|
|
|
|
|
|
|
WESTERN MASSACHUSETTS ELECTRIC COMPANY
|
|
|
|
|
|
November 3, 2017
|
|
By:
|
/s/ Jay S. Buth
|
|
|
|
Jay S. Buth
|
|
|
|
Vice President, Controller and Chief Accounting Officer
|
1 Year Eversource Energy Chart |
1 Month Eversource Energy Chart |
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