NSARP NSTAR Electric Company (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2023 (July 31, 2023)

 

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

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:
Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Eversource Energy	Common Shares, $5.00 par value per share	ES	New York Stock Exchange
The Connecticut Light and Power Company	None	N/A	N/A
NSTAR Electric Company	None	N/A	N/A
Public Service Company of New Hampshire	None	N/A	N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

	Emerging growth company
Eversource Energy	¨
The Connecticut Light and Power Company	¨
NSTAR Electric Company	¨
Public Service Company of New Hampshire	¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Eversource Energy	¨
The Connecticut Light and Power Company	¨
NSTAR Electric Company	¨
Public Service Company of New Hampshire	¨

 

 

Document Type	8-K
Document Period End Date	2023-07-31
Amendment Flag	false
CIK	0000023426
THE CONNECTICUT LIGHT_Written communications	¨
THE CONNECTICUT LIGHT_Soliciting material pursuant to	¨
THE CONNECTICUT LIGHT_Pre-commencement communications pursuant	¨
THE CONNECTICUT LIGHT_Pre-commencement communications pursuant	¨
Document Type	8-K
Document Period End Date	2023-07-31
Amendment Flag	false
CIK	0000013372
NSTAR ELECTRIC_Written communications	¨
NSTAR ELECTRIC_Soliciting material pursuant to	¨
NSTAR ELECTRIC_Pre-commencement communications pursuant	¨
NSTAR ELECTRIC_Pre-commencement communications pursuant	¨
CIK	0000315256
Public Service Company_Written communications	¨
Document Type	8-K
Document Period End Date	2023-07-31
Amendment Flag	false
Public Service Company_Soliciting material pursuant to	¨
Public Service Company_Pre-commencement communications pursuant	¨
Public Service Company_Pre-commencement communications pursuant	¨

 

Section 2

Financial Information

 

Item 2.02

Results of Operations and Financial Conditions.

 

On July 31, 2023, Eversource Energy issued a news release announcing its unaudited results of operations for the second quarter and first six months ended June 30, 2023, and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.

 

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) nor incorporated by reference in any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act of 1933, as amended (the “Securities Act”), unless specified otherwise.

 

Section 7

Regulation FD

 

Item 7.01

Regulation FD Disclosure.

 

On August 1, 2023, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the second quarter of 2023. The webcast will be accessible from the Investors section of the Eversource Energy website at www.eversource.com. Attached as Exhibit 99.3 and incorporated herein by reference are the slides to be discussed by Eversource Energy during the conference call.

 

The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the SEC nor incorporated by reference into any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act, unless specified otherwise.

 

Section 9

Financial Statements and Exhibits

 

Item 9.01

Financial Statements and Exhibits.

 

Exhibit Number	Description
99.1	News Release of Eversource Energy dated July 31, 2023.
99.2	Financial Report for the three and six months ended June 30, 2023.
99.3	August 1, 2023 presentation slides.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

[The remainder of this page left blank intentionally.]

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

	EVERSOURCE ENERGY THE CONNECTICUT LIGHT AND POWER COMPANY NSTAR ELECTRIC COMPANY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (Registrants)
July 31, 2023	By:	/s/ Jay S. Buth
		Jay S. Buth Vice President, Controller and Chief Accounting Officer

 

 

 

Exhibit 99.1

 

56 Prospect St., Hartford, Connecticut 06103-2818   800 Boylston St., Boston, Massachusetts 02199

 

 

 

Eversource Energy Reports Second Quarter Results

 

HARTFORD, Conn. and BOSTON, Mass. (July 31, 2023) – Eversource Energy (NYSE: ES) today reported earnings of $15.4 million, or $0.04 per share, in the second quarter of 2023, compared with earnings of $291.9 million, or $0.84 per share, in the second quarter of 2022. In the first half of 2023, Eversource Energy reported earnings of $506.6 million, or $1.45 per share, compared with earnings of $735.3 million, or $2.13 per share, in the first half of 2022.

 

As a result of Eversource completing its Offshore Wind Strategic Review that included the sale of its interest in the undeveloped offshore lease area to Ørsted and the advancement of the sale of its interest in the projects under development, Eversource has determined that the carrying value of its total offshore wind investment is impaired. Therefore, the results for the second quarter and first half of 2023 include an after-tax impairment charge of $331.0 million, or $0.95 per share, related to Eversource Energy’s offshore wind investment. In addition, results for both years include transaction and transition costs related to Eversource Gas Company of Massachusetts and other charges that totaled $6.2 million in the second quarter of 2023 and $6.7 million in the first half of 2023, compared with $5.5 million in the second quarter of 2022 and $10.8 million in the first half of 2022. Absent these charges and the offshore wind impairment, Eversource earned $352.6 million¹, or $1.00 per share¹, in the second quarter of 2023 and $844.3 million¹, or $2.41 per share¹, in the first half of 2023, compared with $297.4 million¹, or $0.86 per share¹, in the second quarter of 2022 and $746.1 million¹, or $2.16 per share¹, in the first half of 2022.

 

Eversource Energy also today reiterated its 2023 non-GAAP earnings per share (EPS) projection of $4.25 to $4.43 per share, excluding the charges noted above. Eversource Energy also reaffirmed its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5-7 percent, using the $4.09 per share¹ earned in 2022 as a base.

 

“We had a strong first half of the year,” said Joe Nolan, Eversource chairman, president and chief executive officer. “Operationally, we continue to deliver safe and reliable service to our 4.4 million customers. From an electric reliability standpoint, we are on track to deliver on our top performance record this year for our customers and resulting in top decile performance as compared to our peers, with average months between service interruptions at over 2 years system wide. Financially, we’re on plan to deliver on our projections for the year, despite continued pressures from higher inflation and interest rates. The nearly 10,000 employees of Eversource continue their hard work to advance our region’s clean energy goals and build on our position as an industry leader in sustainability, diversity, equity and inclusion.”

 

Electric Transmission

 

Eversource Energy’s transmission segment earned $161.0 million in the second quarter of 2023 and $316.1 million in the first half of 2023, compared with earnings of $151.5 million in the second quarter of 2022 and $300 million in the first half of 2022. Transmission segment results improved primarily due to a higher level of investment in Eversource’s electric transmission system to continue to provide the New England region with the highest system reliability.

 

 

Electric Distribution

 

Eversource Energy’s electric distribution segment earned $165.5 million in the second quarter of 2023 and $331.0 million in the first half of 2023, compared with $129.0 million in the second quarter of 2022 and $269.9 million in the first half of 2022. Improved second-quarter results were due primarily to higher distribution revenues, a favorable regulatory decision in New Hampshire that allowed for the recovery of previously expensed operating costs, and lower storm restoration costs, partially offset by higher interest expense, depreciation, and property taxes. Higher year-to-date results also include favorable timing impact of a rate design change for Eversource’s Massachusetts electric business that have the effect of shifting certain peak demand revenues from the summer period to winter periods, which was a pre-tax benefit that totaled approximately $21 million.

 

Natural Gas Distribution

 

Eversource Energy’s natural gas distribution segment earned $11.7 million in the second quarter of 2023 and $181.9 million in the first half of 2023, compared with earnings of $7.7 million in the second quarter of 2022 and $171.7 million in the first half of 2022. Improved second-quarter and first-half results were primarily the result of higher revenues from our Massachusetts operations and lower operations and maintenance expense (O&M), partially offset by higher depreciation, interest and property tax expense.

 

Water Distribution

 

Eversource Energy’s water segment earned $9.3 million in the second quarter of 2023 and $10.8 million in the first half of 2023, compared with earnings of $9.0 million in the second quarter of 2022 and $12.7 million in the first half of 2022. Lower results in the first half were primarily due to higher O&M and higher interest expense.

 

Eversource Parent and Other Companies

 

Eversource Energy parent and other companies, excluding the charges noted above, earned $5.1 million¹ in the second quarter of 2023 and $4.5 million¹ in the first half of 2023, compared with earnings of $0.2 million¹ in the second quarter of 2022 and losses of $8.2 million¹ in the first half of 2022. Improved second-quarter and first half results primarily reflect a lower effective tax rate, partially offset by higher interest expense. Second quarter and year-to-date results also include a benefit from the disposition of Eversource’s interest in a clean energy fund and a resultant contribution in the first quarter of 2023 to the Eversource Energy Foundation.

 

 

The following table reconciles 2023 and 2022 second quarter and first half earnings per share:

 

				Second Quarter				First Six Months
2022		Reported EPS		$	0.84			$	2.13
		Higher electric distribution revenues and lower O&M, partially offset by higher interest, depreciation, and property taxes			0.10				0.17
		Higher electric transmission earnings in 2023, net of dilution			0.02				0.03
		Higher natural gas revenues and lower O&M in 2023, partially offset by higher depreciation, interest, and property taxes			0.01				0.03
		Benefit from the planned disposition of a clean energy fund investment, partially offset by resultant charitable contribution and higher interest			0.01				0.02
		Impairment of Offshore Wind Investment			(0.95	)			(0.95	)
		Lower transaction, transition and other charges			0.01				0.02
2023		Reported EPS		$	0.04			$	1.45

 

Financial results by segment for the second quarter and first six months of 2023 and 2022 are noted below:

 

Three months ended:

 

(in millions, except EPS)		June 30, 2023				June 30, 2022				Increase/ (Decrease)				2023 EPS1
Electric Transmission		$	161.0			$	151.5			$	9.5			$	0.46
Electric Distribution			165.5				129.0				36.5				0.47
Natural Gas Distribution			11.7				7.7				4.0				0.03
Water Distribution			9.3				9.0				0.3				0.03
Eversource Parent and Other Companies1			5.1				0.2				4.9				0.01
Impairment of Offshore Wind Investment			(331.0	)			-				(331.0	)			(0.95	)
Transaction, transition and other charges			(6.2	)			(5.5	)			(0.7	)			(0.01	)
Reported Earnings		$	15.4			$	291.9			$	(276.5	)		$	0.04

 

Six months ended:

 

(in millions, except EPS)		June 30, 2023				June 30, 2022				Increase/ (Decrease)				2023 EPS1
Electric Transmission		$	316.1			$	300.0			$	16.1			$	0.90
Electric Distribution			331.0				269.9				61.1				0.95
Natural Gas Distribution			181.9				171.7				10.2				0.52
Water Distribution			10.8				12.7				(1.9	)			0.03
Eversource Parent and Other Companies1			4.5				(8.2	)			12.7				0.01
Impairment of Offshore Wind Investment			(331.0	)			-				(331.0	)			(0.95	)
Transaction, transition and other charges			(6.7	)			(10.8	)			4.1				(0.01	)
Reported Earnings		$	506.6			$	735.3			$	(228.7	)		$	1.45

 

 

Eversource Energy has approximately 349 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.4 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

 

CONTACT:

 

Robert S. Becker 

(860) 665-3249

 

Note:  Eversource Energy will webcast a conference call with senior management on August 1, 2023, beginning at 9 a.m. Eastern Time.  The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com.

 

1 All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non-GAAP) referencing earnings and EPS excluding the impairment charge for the offshore wind investment and certain transaction, transition and other charges. EPS by business is also a non-GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the impacts of the impairment charge for the offshore wind investment and transaction, transition and other charges are not indicative of Eversource Energy’s ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; the ability to sell Eversource’s 50 percent interest in three offshore wind projects under development on the timeline we expect, to satisfy the investment tax credit qualifications related to the tax equity investment in the South Fork Wind project, and the ability of the Revolution Wind and Sunrise Wind projects to qualify for the investment tax credit adders, and to successfully reprice the Sunrise Wind OREC contract; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

 

 

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

 

###

 

 

 

Exhibit 99.2

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
(Thousands of Dollars, Except Share Information)		2023				2022				2023				2022
Operating Revenues		$	2,629,342			$	2,572,641			$	6,424,985			$	6,043,951
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission			1,161,067				940,541				3,064,313				2,330,237
Operations and Maintenance			427,290				452,174				881,852				924,608
Depreciation			319,995				294,238				632,949				583,568
Amortization			(218,422	)			70,409				(294,481	)			307,357
Energy Efficiency Programs			145,823				136,679				368,774				336,163
Taxes Other Than Income Taxes			232,927				223,031				461,344				443,395
Total Operating Expenses			2,068,680				2,117,072				5,114,751				4,925,328
Operating Income			560,662				455,569				1,310,234				1,118,623
Interest Expense			207,313				160,090				401,858				313,334
Impairment of Offshore Wind Investment			401,000				—				401,000				—
Other Income, Net			94,875				93,861				183,857				165,422
Income Before Income Tax Expense			47,224				389,340				691,233				970,711
Income Tax Expense			29,922				95,598				180,893				231,643
Net Income			17,302				293,742				510,340				739,068
Net Income Attributable to Noncontrolling Interests			1,880				1,880				3,759				3,759
Net Income Attributable to Common Shareholders		$	15,422			$	291,862			$	506,581			$	735,309
Basic and Diluted Earnings Per Common Share		$	0.04			$	0.84			$	1.45			$	2.13
Weighted Average Common Shares Outstanding:
Basic			349,462,359				345,893,714				349,339,752				345,525,030
Diluted			349,729,982				346,295,478				349,670,996				345,978,306

 

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

 

 

EVERSOURCE ENERGY Q2 2023 RESULTS August 1, 2023 2023 Second Quarter Results Exhibit 99.3

EVERSOURCE ENERGY Q2 2023 RESULTS 1 Safe Harbor Statement All per - share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings discussion includes financial measures that are not recognized under generally accepted accounting prin cip les (non - GAAP) referencing earnings and EPS excluding the impairment charge for the offshore wind investment and certain transaction, transition and other charge s. EPS by business is also a non - GAAP financial measure and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the we igh ted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal intere st in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Eversource Energy us es these non - GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including the se items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Mana gem ent believes the impacts of the impairment charge for the offshore wind investment and transaction, transition and other charges are not indicative of Everso urc e Energy’s ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholder s a nd EPS, management believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides addition al and useful information to readers in analyzing historical and future performance of the business. These non - GAAP financial measures should not be considered as a lternatives to Eversource Energy’s reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource En ergy’s operating performance. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, as sumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking statem ents” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward - looking statements through the use of w ords or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Fo rward - looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward - looking statemen ts. Forward - looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performa nce. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those co ntained in our forward - looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confi den tiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessa ry capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or in ability to commence and complete our major strategic development projects and opportunities; the ability to sell Eversource’s 50 percent interest in three offshor e w ind projects under development on the timeline we expect, to satisfy the investment tax credit qualifications related to the tax equity investment in the South For k W ind project, and the ability of the Revolution Wind and Sunrise Wind projects to qualify for the investment tax credit adders, and to successfully reprice the Sunrise Wind ORE C contract; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and wa ter distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third - party suppliers and se rvice providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive tec hno logy or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; chang es in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations ; c hanges in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They ar e updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue r eli ance on the forward - looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities la ws, Eversource Energy undertakes no obligation to update any forward - looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

EVERSOURCE ENERGY Q2 2023 RESULTS Agenda 2 Joe Nolan Chairman, President & CEO John Moreira EVP, CFO & Treasurer □ Customer Focus Areas and Clean Energy Initiatives □ 2022 Sustainability and DE&I Reports Published □ Offshore Wind Update □ Q2 2023 Financial Results □ Offshore Wind Impairment □ Financing Update

EVERSOURCE ENERGY Q2 2023 RESULTS 3 Electric Reliability Clean Water Supply Energy Efficiency Renewable Energy Electric Delivery Gas Delivery Clean Water Delivery Providing Safe and Reliable Electric, Gas, and Clean Water Delivery to Customers 12 months 19.5 months 0 5 10 15 20 25 2011 2022 120 minutes 65 minutes 0 50 100 150 2011 2022 Electric Service Average Duration of Interruption (Minutes) Electric Service Months Between Interruptions

EVERSOURCE ENERGY Q2 2023 RESULTS Responding to Current Energy Supply Price Challenges 4 Electric Reliability Clean Water Supply Energy Efficiency Renewable Energy Investment Supply pressures have moderated, but market pressures remain Eversource customer focused programs and investment 0 5 10 15 20 25 30 CL&P MA PSNH cents per kWh Default Service Rates for Residential Customers, 1H 2023 versus 2H 2023 1H 2023 2H 2023

EVERSOURCE ENERGY Q2 2023 RESULTS 5 Eversource 2022 Sustainability and Diversity, Equity and Inclusion Reports □ Highlights our progress to advance environmental, social and governance (ESG) performance □ Working to develop specific, measurable, near - term GHG reduction targets for Science Based Targets initiative □ Progress on our commitment to Net Zero by 2030 2022 Sustainability Report 2022 Diversity, Equity & Inclusion Report □ Includes overview of our DE&I strategy, goals and accomplishments □ Report includes metrics on workforce composition and key DE&I corporate performance measures

EVERSOURCE ENERGY Q2 2023 RESULTS 6 Massachusetts Has Constructive Regulatory Frameworks in Place to Enable the Clean Energy Transition Clean Energy Regulatory Support Mechanisms Advanced Metering Infrastructure Solar Development Distributed Energy Resources Offshore Wind Transmission Interconnection & Electric Vehicles Grid Modernization Factor Advanced Metering Infrastructure 27% Solar 24% Distributed Energy Resources 26% Offshore Wind Transmission & EV 10% Grid Mod 13% MA Clean Energy Investments (2023 - 2027) Over $2 Billion Clean Energy Investment Plan

EVERSOURCE ENERGY Q2 2023 RESULTS Offshore Wind Update □ South Fork Wind (130 MW) construction continues to advance towards a late 2023 in - service date ​ □ Construction of onshore substation and transmission cable is complete ​ □ Installation of offshore substation and subsea transmission cable recently completed, testing and energization will soon begin ​ □ Wind turbine pre - assembly underway in New London, CT, and installation offshore will begin once monopile foundation installation is complete ​ □ BOEM issued Revolution Wind’s Final Environmental Impact Statement on July 17, 2023 □ Completed strategic review and currently advancing the completion of the project sale 7

EVERSOURCE ENERGY Q2 2023 RESULTS 8 Assumptions May 2023 Aug 2023 Costs Locked in for Three Projects ~92% ~93% Offshore Investment at Quarter End $2.16B $2.08B (1) Expected Spending in 2023 $1.4B - $1.6B $1.4B - $1.6B South Fork Wind In Service Late 2023 (Under Construction) Late 2023 (Under Construction) Revolution Wind In Service In 2025 In 2025 Sunrise Wind In Service Late 2025 Late 2025 Offshore Wind Project Updates (1) August 2023 Investment balance reflects the pre - tax impact of the announced Q2 2023 $401 million impairment

EVERSOURCE ENERGY Q2 2023 RESULTS 9 2Q 2023 2Q 2022 Change 1H 2023 1H 2022 Change $0.46 $0.44 $0.02 $0.90 $0.87 $0.03 0.47 0.37 0.10 0.95 0.78 0.17 0.03 0.02 0.01 0.52 0.49 0.03 0.03 0.03 0.00 0.03 0.04 (0.01) 0.01 0.00 0.01 0.01 (0.02) 0.03 $1.00 $0.86 $0.14 $2.41 $2.16 $0.25 (0.96) (0.02) (0.94) (0.96) (0.03) (0.93) $0.04 $0.84 $(0.80) $1.45 $2.13 $(0.68) Electric Transmission Electric Distribution Natural Gas Distribution Parent & Other (Non - GAAP) Water Distribution EPS, Ex. Wind Impairment, Transition/Transaction and Other Costs (Non - GAAP) Wind Impairment, Transition/Transaction and Other Costs Reported EPS (GAAP) Second Quarter and First Half 2023 Financial Results

EVERSOURCE ENERGY Q2 2023 RESULTS Eversource Offshore Wind Financial Update □ The s ale of 50 percent interest in uncommitted lease area of 175,000 developable acres off the south coast of Massachusetts to Ørsted for $625 million in an all - cash transaction o On July 27, received approval from the Committee on Foreign Investment in the United States o Transaction is expected to close by the end of the third quarter of 2023 □ Eversource to invest in the tax equity for South Fork for $575 million immediately after closing on the sale of the uncommitted acreage o Half of $575 million returned to Eversource as a 50% equity partner in South Fork o Investment Tax Credits (ITC) expected to be used in the fourth quarter of 2023 and first half of 2024 to lower Eversource’s cash tax obligation □ In the final phase of advancing the sale of 50% interest in South Fork Wind, Revolution Wind, and Sunrise Wind □ Eversource recorded a non - recurring after - tax impairment charge of $331 million in the second quarter □ Proceeds from the transactions will be used to pay off parent - company debt □ Eversource remains committed to being a catalyst in the region’s clean energy transition, with our regulated companies building many of the facilities that will enable renewable generation 10

EVERSOURCE ENERGY Q2 2023 RESULTS 11 Well Performing Core Businesses Drive EPS CAGR Solidly into Upper Half of 5 – 7% Through 2027 $2.28 $2.53 $2.65 $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.09 $4.25 - $4.43 2012A* 2013A* 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023E* 2024E 2025E 2026E 2027E * Reflects non - GAAP results, excludes nonrecurring charges

EVERSOURCE ENERGY Q2 2023 RESULTS 12 Key Drivers to Enhance Funds from Operations to Debt 2023+ Collection of deferrals Lower tax obligation/refunds 2022 one - time regulatory credits and tax items Recent and planned distribution rate increases Lower storm costs 2022 OSW proceeds/lower debt ATM equity issuances/lower debt

EVERSOURCE ENERGY Q2 2023 RESULTS Company Size/Coupon Maturity Parent $450M @ 2.80% May 1, 2023 Parent $350M @ SOFR + 25 bps. Aug 15, 2023 Parent $400M @ 3.80% Dec 1, 2023 13 2023 Parent Debt and Equity Issuances and Maturities 2023 Debt Issuances through July 2023 Maturities Company Size/Coupon Maturity Parent $750M @ 5.45% Mar 1, 2028 Parent $550M @ 5.45% Mar 1, 2028 Parent $450M @ 4.75% May 15, 2026 Parent $800M @ 5.125% May 15, 2033 New Shares □ $1.2 billion At - The - Market Program issued 2.17M shares at a weighted average price of $92.31 in 2022 with proceeds of approximately $200 million. □ No additional shares issued through July 2023 Treasury Shares □ Dividend reinvestment, employee equity programs continue with approximately 950,000 shares issued in 2022 □ Approximately 640,000 additional shares issued through July 2023 2023 Equity Issuances through July

EVERSOURCE ENERGY Q2 2023 RESULTS 14 APPENDIX

EVERSOURCE ENERGY Q2 2023 RESULTS Projected Capital Expenditures For Core Businesses 15 $964 $1,115 $1,207 $1,196 $1,109 $1,012 $1,012 $956 $1,189 $1,244 $1,354 $1,847 $1,750 $1,768 $1,870 $1,628 $545 $799 $804 $1,035 $1,038 $1,146 $1,115 $918 $127 $144 $155 $170 $194 $203 $218 $235 $239 $239 $266 $215 $213 $244 $219 $208 $3,064 $3,541 $3,786 $4,463 $4,304 $4,373 $4,434 $3,945 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities $ In Millions $21.5 Billion 2023 - 2027

EVERSOURCE ENERGY Q2 2023 RESULTS 16 Impact of 2023 NSTAR Electric Rate Design Change on Quarterly EPS Distribution 2022 Non - GAAP Results by Quarter Assuming Rate Design Change Effective 1/1/2022 2022 Pro Forma Non - GAAP Results if Rate Design Change Had Been Effective 1/1/2022 % of Total EPS Q1 $1.30 $0.04 $1.34 32% Q2 0.86 0.00 0.86 21% Q3 1.01 (0.08) 0.93 23% Q4 0.92 0.04 0.96 24% Full Year $4.09 $0.00 $4.09 100%

 

v3.23.2

Cover	Jul. 31, 2023
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Document Type	8-K
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Document Period End Date	Jul. 31, 2023
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Title of 12(b) Security	Common Shares, $5.00 par value per share
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Security Exchange Name	NYSE
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The Connecticut Light And Power Company
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2023
Entity File Number	0-00404
Entity Registrant Name	THE CONNECTICUT LIGHT AND POWER COMPANY
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Entity Incorporation, State or Country Code	CT
Entity Address, Address Line One	107 Selden Street
Entity Address, City or Town	Berlin
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Entity Address, Postal Zip Code	06037-1616
City Area Code	800
Local Phone Number	286-5000
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Nstar Electric Company
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2023
Entity File Number	1-02301
Entity Registrant Name	NSTAR ELECTRIC COMPANY
Entity Central Index Key	0000013372
Entity Tax Identification Number	04-1278810
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Entity Address, Address Line One	800 Boylston Street
Entity Address, City or Town	Boston
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Public Service Company Of New Hampshire
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2023
Entity File Number	1-6392
Entity Registrant Name	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
Entity Central Index Key	0000315256
Entity Tax Identification Number	02-0181050
Entity Incorporation, State or Country Code	NH
Entity Address, Address Line One	Energy Park
Entity Address, Address Line Two	780 North Commercial Street
Entity Address, City or Town	Manchester
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