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DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Fair Values and Net Amounts of Contracts | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
|  |  | As of March 31, 2023 |  | As of December 31, 2022
CL&P (Millions of Dollars) | Fair Value Hierarchy |  | Commodity Supply and Price Risk Management |  | Netting (1) |  | Net Amount Recorded as a Derivative |  | Commodity Supply and Price Risk Management |  | Netting (1) |  | Net Amount Recorded as a Derivative
Current Derivative Assets | Level 3 |  | $ | 17.0 |  |  | $ | (0.5) |  |  | $ | 16.5 |  |  | $ | 16.3 |  |  | $ | (0.5) |  |  | $ | 15.8 |
Long-Term Derivative Assets | Level 3 |  | 24.9 |  |  | (0.8) |  |  | 24.1 |  |  | 28.8 |  |  | (0.9) |  |  | 27.9 |
Current Derivative Liabilities | Level 3 |  | (85.1) |  |  | — |  |  | (85.1) |  |  | (81.6) |  |  | — |  |  | (81.6) |
Long-Term Derivative Liabilities | Level 3 |  | (124.3) |  |  | — |  |  | (124.3) |  |  | (143.9) |  |  | — |  |  | (143.9) |
(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.
Summary of Level 3 Derivative Contracts and Significant Unobservable Inputs Used | The following is a summary of the significant unobservable inputs utilized in the valuations of the derivative contracts classified as Level 3:
| As of March 31, 2023 |  | As of December 31, 2022 |  |
CL&P | Range |  | Average |  |  |  | Period Covered |  | Range |  | Average |  |  |  | Period Covered
Forward Reserve Prices | $ | 0.44 |  |  | — |  | $0.50 |  | $ | 0.47 |  |  | per kW-Month |  | 2023 - 2024 |  | $ | 0.44 |  |  | — |  | $0.50 |  | $ | 0.47 |  |  | per kW-Month |  | 2023 - 2024
Changes in the Level 3 Category of Derivative Assets Measured at Fair Value on a Recurring Basis | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis.
CL&P |  |  | For the Three Months Ended March 31,
(Millions of Dollars) |  |  |  |  | 2023 |  | 2022
Derivatives, Net: |  |  |  |  |  |  |
Fair Value as of Beginning of Period |  |  |  |  | $ | (181.8) |  |  | $ | (249.2) |
Net Realized/Unrealized (Losses)/Gains Included in Regulatory Assets |  |  |  |  | (1.9) |  |  | 6.2 |
Settlements |  |  |  |  | 14.9 |  |  | 13.6 |
Fair Value as of End of Period |  |  |  |  | $ | (168.8) |  |  | $ | (229.4) |

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