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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Provision for Uncollectible Accounts | The activity in the allowance for uncollectible accounts by portfolio segment is as follows:
| Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
(Millions of Dollars) | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Hardship Accounts |  | Retail (Non-Hardship), Wholesale, and Other |  | Total Allowance |  | Total Allowance (3)
Balance as of January 1, 2022 | $ | 226.1 |  |  | $ | 191.3 |  |  | $ | 417.4 |  |  | $ | 144.6 |  |  | $ | 36.7 |  |  | $ | 181.3 |  |  | $ | 43.3 |  |  | $ | 53.7 |  |  | $ | 97.0 |  |  | $ | 24.3 |
Uncollectible Expense | — |  |  | 61.9 |  |  | 61.9 |  |  | — |  |  | 15.6 |  |  | 15.6 |  |  | — |  |  | 21.6 |  |  | 21.6 |  |  | 9.2 |
Uncollectible Costs Deferred (1) | 77.8 |  |  | 34.7 |  |  | 112.5 |  |  | 58.3 |  |  | 1.2 |  |  | 59.5 |  |  | 1.5 |  |  | 10.9 |  |  | 12.4 |  |  | 2.5 |
Write-Offs | (21.3) |  |  | (102.7) |  |  | (124.0) |  |  | (15.3) |  |  | (23.0) |  |  | (38.3) |  |  | (1.1) |  |  | (41.2) |  |  | (42.3) |  |  | (7.7) |
Recoveries Collected | 1.8 |  |  | 16.7 |  |  | 18.5 |  |  | 1.3 |  |  | 5.9 |  |  | 7.2 |  |  | — |  |  | 6.3 |  |  | 6.3 |  |  | 0.9 |
Balance as of December 31, 2022 | $ | 284.4 |  |  | $ | 201.9 |  |  | $ | 486.3 |  |  | $ | 188.9 |  |  | $ | 36.4 |  |  | $ | 225.3 |  |  | $ | 43.7 |  |  | $ | 51.3 |  |  | $ | 95.0 |  |  | $ | 29.2 |
Uncollectible Expense | — |  |  | 72.5 |  |  | 72.5 |  |  | — |  |  | 11.7 |  |  | 11.7 |  |  | — |  |  | 22.8 |  |  | 22.8 |  |  | 4.0 |
Uncollectible Costs Deferred (1) | 137.0 |  |  | 21.2 |  |  | 158.2 |  |  | 114.4 |  |  | 12.0 |  |  | 126.4 |  |  | 1.5 |  |  | 16.0 |  |  | 17.5 |  |  | (8.7) |
Write-Offs | (55.9) |  |  | (122.2) |  |  | (178.1) |  |  | (44.7) |  |  | (28.5) |  |  | (73.2) |  |  | (1.6) |  |  | (41.7) |  |  | (43.3) |  |  | (10.9) |
Recoveries Collected | 1.3 |  |  | 14.3 |  |  | 15.6 |  |  | 1.1 |  |  | 4.7 |  |  | 5.8 |  |  | — |  |  | 5.0 |  |  | 5.0 |  |  | 0.7 |
Balance as of December 31, 2023 | $ | 366.8 |  |  | $ | 187.7 |  |  | $ | 554.5 |  |  | $ | 259.7 |  |  | $ | 36.3 |  |  | $ | 296.0 |  |  | $ | 43.6 |  |  | $ | 53.4 |  |  | $ | 97.0 |  |  | $ | 14.3 |
Uncollectible Expense | — |  |  | 74.1 |  |  | 74.1 |  |  | — |  |  | 17.2 |  |  | 17.2 |  |  | — |  |  | 33.6 |  |  | 33.6 |  |  | 4.7 |
Uncollectible Costs Deferred (1) | 71.4 |  |  | 48.3 |  |  | 119.7 |  |  | 35.5 |  |  | 11.3 |  |  | 46.8 |  |  | 16.2 |  |  | 21.5 |  |  | 37.7 |  |  | 5.1 |
Write-Offs | (74.3) |  |  | (129.5) |  |  | (203.8) |  |  | (55.1) |  |  | (30.9) |  |  | (86.0) |  |  | (4.6) |  |  | (52.4) |  |  | (57.0) |  |  | (10.9) |
Recoveries Collected | 0.7 |  |  | 13.3 |  |  | 14.0 |  |  | 0.6 |  |  | 4.5 |  |  | 5.1 |  |  | — |  |  | 3.6 |  |  | 3.6 |  |  | 0.9 |
Decrease due to Assets Held for Sale (2) | — |  |  | (2.3) |  |  | (2.3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2024 | $ | 364.6 |  |  | $ | 191.6 |  |  | $ | 556.2 |  |  | $ | 240.7 |  |  | $ | 38.4 |  |  | $ | 279.1 |  |  | $ | 55.2 |  |  | $ | 59.7 |  |  | $ | 114.9 |  |  | $ | 14.1 |
(1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to uncollectible energy supply costs. (2) As of December 31, 2024, the allowance for uncollectible accounts attributable to the Aquarion water distribution business has been reclassified to Assets Held for Sale on the Eversource balance sheet. As of December 31, 2023, this balance was recorded within Receivables, Net on the Eversource balance sheet. For further information, see Note 24, “Assets Held for Sale.” (3) In connection with PSNH’s pole purchase agreement on May 1, 2023, the purchase price included the forgiveness of previously reserved receivables for reimbursement of operation and maintenance and vegetation management costs.
Schedule of Utility Inventory | The carrying amounts of materials and supplies, natural gas inventory, and RECs, which are included in Current Assets on the balance sheets, were as follows:
| As of December 31,
| 2024 |  | 2023
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Materials and Supplies | $ | 498.6 |  |  | $ | 217.3 |  |  | $ | 177.8 |  |  | $ | 72.1 |  |  | $ | 397.9 |  |  | $ | 156.2 |  |  | $ | 130.8 |  |  | $ | 76.5 |
Natural Gas | 49.5 |  |  | — |  |  | — |  |  | — |  |  | 65.5 |  |  | — |  |  | — |  |  | — |
RECs | 46.5 |  |  | — |  |  | 42.8 |  |  | 3.7 |  |  | 43.9 |  |  | 0.3 |  |  | 43.0 |  |  | 0.6 |
Total | $ | 594.6 |  |  | $ | 217.3 |  |  | $ | 220.6 |  |  | $ | 75.8 |  |  | $ | 507.3 |  |  | $ | 156.5 |  |  | $ | 173.8 |  |  | $ | 77.1 |
Costs Related to Fuel and Natural Gas | The cost of natural gas included in Purchased Power, Purchased Natural Gas and Transmission on the statements of income was as follows:
| For the Years Ended December 31,
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Eversource - Cost of Natural Gas | $ | 689.6 |  |  | $ | 792.2 |  |  | $ | 1,010.2 |
Weighted-Average AFUDC Rates | AFUDC costs and the weighted-average AFUDC rates were as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars, except percentages) | 2024 |  | 2023 |  | 2022
Borrowed Funds | $ | 64.4 |  |  | $ | 44.6 |  |  | $ | 21.8 |
Equity Funds | 97.8 |  |  | 78.1 |  |  | 47.3 |
Total AFUDC | $ | 162.2 |  |  | $ | 122.7 |  |  | $ | 69.1 |
Average AFUDC Rate | 6.5 | % |  | 5.8 | % |  | 4.7 | %
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
(Millions of Dollars, except percentages) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Borrowed Funds | $ | 8.1 |  |  | $ | 27.2 |  |  | $ | 8.9 |  |  | $ | 7.7 |  |  | $ | 17.2 |  |  | $ | 6.1 |  |  | $ | 4.8 |  |  | $ | 10.7 |  |  | $ | 1.4 |
Equity Funds | 22.4 |  |  | 58.8 |  |  | 7.0 |  |  | 20.0 |  |  | 45.7 |  |  | 5.4 |  |  | 13.6 |  |  | 24.6 |  |  | 2.5 |
Total AFUDC | $ | 30.5 |  |  | $ | 86.0 |  |  | $ | 15.9 |  |  | $ | 27.7 |  |  | $ | 62.9 |  |  | $ | 11.5 |  |  | $ | 18.4 |  |  | $ | 35.3 |  |  | $ | 3.9 |
Average AFUDC Rate | 6.7 | % |  | 7.0 | % |  | 5.5 | % |  | 6.7 | % |  | 5.9 | % |  | 5.1 | % |  | 6.6 | % |  | 5.4 | % |  | 2.6 | %
Components of Other Income, Net | The components of Other Income, Net on the statements of income were as follows:
Eversource | For the Years Ended December 31,
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion (1) | $ | 115.4 |  |  | $ | 132.9 |  |  | $ | 219.8 |
AFUDC Equity | 97.8 |  |  | 78.1 |  |  | 47.3 |
Equity in Earnings of Unconsolidated Affiliates (2) | 51.9 |  |  | 15.5 |  |  | 22.9 |
Investment Income/(Loss) | 0.6 |  |  | (4.9) |  |  | 1.9 |
Interest Income | 138.2 |  |  | 94.2 |  |  | 50.5 |
Other (2) | 6.6 |  |  | 32.3 |  |  | 3.7 |
Total Other Income, Net | $ | 410.5 |  |  | $ | 348.1 |  |  | $ | 346.1 |
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
(Millions of Dollars) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion (1) | $ | 28.2 |  |  | $ | 52.8 |  |  | $ | 14.9 |  |  | $ | 34.9 |  |  | $ | 57.4 |  |  | $ | 16.2 |  |  | $ | 64.4 |  |  | $ | 85.5 |  |  | $ | 26.8 |
AFUDC Equity | 22.4 |  |  | 58.8 |  |  | 7.0 |  |  | 20.0 |  |  | 45.7 |  |  | 5.4 |  |  | 13.6 |  |  | 24.6 |  |  | 2.5 |
Investment (Loss)/Income | (1.4) |  |  | 1.9 |  |  | (0.5) |  |  | (2.4) |  |  | (0.2) |  |  | (0.7) |  |  | (1.3) |  |  | 1.2 |  |  | 0.2 |
Interest Income | 28.3 |  |  | 77.0 |  |  | 9.6 |  |  | 9.0 |  |  | 60.6 |  |  | 5.3 |  |  | 6.5 |  |  | 30.7 |  |  | 3.1 |
Other | 0.1 |  |  | 0.9 |  |  | 0.1 |  |  | 0.1 |  |  | 0.6 |  |  | 0.4 |  |  | 0.1 |  |  | 0.7 |  |  | 0.1 |
Total Other Income, Net | $ | 77.6 |  |  | $ | 191.4 |  |  | $ | 31.1 |  |  | $ | 61.6 |  |  | $ | 164.1 |  |  | $ | 26.6 |  |  | $ | 83.3 |  |  | $ | 142.7 |  |  | $ | 32.7 |
(1) See Note 11A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pension," for the components of net periodic benefit income/expense for the Pension, SERP and PBOP Plans. The non-service related components of pension, SERP and PBOP benefit income/expense, after capitalization or deferral, are presented as non-operating income and recorded in Other Income, Net on the statements of income. (2) Equity in Earnings of Unconsolidated Affiliates includes $23.4 million of pre-tax income recorded at Eversource in the second quarter of 2024 from Eversource’s wind equity method investment, North East Offshore, as a result of a vendor settlement agreement payment received by the joint venture. In the third quarter of 2024, Eversource sold its equity method investments in three offshore wind projects. In March 2023, Eversource’s equity method investment in a renewable energy fund was liquidated. Liquidation proceeds in excess of the carrying value were recorded in 2023 within Other in the table above. For the year ended December 31, 2022, pre-tax income of $12.2 million associated with the renewable energy fund investment was included in Equity in Earnings of Unconsolidated Affiliates within Other Income, Net in the table above. See Note 6, “Investments in Unconsolidated Affiliates,” for further information on the 2024 sales of the offshore wind investments and the 2023 liquidation of the renewable energy fund.
Other Taxes | These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:
| For the Years Ended December 31,
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Eversource | $ | 209.4 |  |  | $ | 202.9 |  |  | $ | 194.7 |
CL&P | 185.1 |  |  | 174.9 |  |  | 166.1 |
Supplemental Cash Flow Information |
Eversource (Millions of Dollars) | As of and For the Years Ended December 31,
2024 |  | 2023 |  | 2022
Cash Paid/(Received) During the Year for: |  |  |  |  |
Interest, Net of Amounts Capitalized | $ | 1,014.4 |  |  | $ | 783.2 |  |  | $ | 636.2 |
Income Taxes | (69.6) |  |  | 39.2 |  |  | 77.9 |
Non-Cash Investing Activities: |  |  |  |  |
Plant Additions Included in Accounts Payable (As of) | 472.5 |  |  | 564.1 |  |  | 586.9 |
| As of and For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
(Millions of Dollars) | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH |  | CL&P |  | NSTAR Electric |  | PSNH
Cash Paid/(Received) During the Year for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest, Net of Amounts Capitalized | $ | 216.8 |  |  | $ | 215.1 |  |  | $ | 78.4 |  |  | $ | 176.8 |  |  | $ | 182.8 |  |  | $ | 62.8 |  |  | $ | 167.2 |  |  | $ | 152.8 |  |  | $ | 58.3 |
Income Taxes | (47.4) |  |  | 118.7 |  |  | (36.0) |  |  | (44.1) |  |  | 31.3 |  |  | (59.9) |  |  | 117.6 |  |  | 23.8 |  |  | 58.3 |
Non-Cash Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plant Additions Included in Accounts Payable (As of) | 95.8 |  |  | 155.4 |  |  | 77.7 |  |  | 139.8 |  |  | 178.9 |  |  | 65.9 |  |  | 131.8 |  |  | 184.3 |  |  | 76.2 |
Cash and Cash Equivalents as Reported on the Balance Sheet |
| As of December 31,
| 2024 |  | 2023
(Millions of Dollars) | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH |  | Eversource |  | CL&P |  | NSTAR Electric |  | PSNH
Cash as reported on the Balance Sheets | $ | 26.7 |  |  | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 1.4 |  |  | $ | 53.9 |  |  | $ | 10.2 |  |  | $ | 6.7 |  |  | $ | 0.2 |
Restricted cash included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Special Deposits | 75.8 |  |  | 1.0 |  |  | 8.1 |  |  | 32.7 |  |  | 81.5 |  |  | 2.0 |  |  | 16.1 |  |  | 31.6 |
Assets Held for Sale, Current | 5.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Marketable Securities | 10.0 |  |  | — |  |  | — |  |  | — |  |  | 13.7 |  |  | — |  |  | — |  |  | — |
Other Long-Term Assets | 9.0 |  |  | — |  |  | — |  |  | 3.1 |  |  | 17.3 |  |  | — |  |  | — |  |  | 3.2 |
Cash and Restricted Cash as reported on the Statements of Cash Flows | $ | 127.3 |  |  | $ | 2.1 |  |  | $ | 9.0 |  |  | $ | 37.2 |  |  | $ | 166.4 |  |  | $ | 12.2 |  |  | $ | 22.8 |  |  | $ | 35.0 |

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