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, 2024 (July 31, 2024)

 

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	2024-07-31
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	2024-07-31
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	2024-07-31
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, 2024, Eversource Energy issued a news release announcing its unaudited results of operations for the second quarter and first six months ended June 30, 2024, 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, 2024, 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 2024. 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, 2024.
99.2	Financial Report for the three and six months ended June 30, 2024.
99.3	August 1, 2024 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)
	By:	/s/ Jay S. Buth
July 31, 2024		Jay S. Buth
		Vice President, Controller and
		Chief Accounting Officer

 

 

 

 

Exhibit 99.1

 

 

Eversource Energy Reports Second Quarter 2024 Results

 

HARTFORD, Conn. and BOSTON, Mass. (July 31, 2024) – Eversource Energy (NYSE: ES) today reported GAAP earnings of $335.3 million, or $0.95 per share, for the second quarter of 2024, compared with earnings of $15.4 million, or $0.04 per share, for the second quarter of 2023. For the first half of 2024, Eversource Energy reported GAAP earnings of $857.2 million, or $2.43 per share, compared with earnings of $506.6 million, or $1.45 per share, for the first half of 2023.

 

Results in 2023 include after-tax charges of $337.2 million, or $0.96 per share in the second quarter of 2023, and $337.7 million, or $0.96 per share, in the first half of 2023, primarily related to an impairment of Eversource Energy’s offshore wind investment. Excluding these charges, Eversource Energy 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.

 

The company reaffirms its 2024 non-GAAP earnings projection of between $4.50 per share and $4.67 per share. It also reaffirms its long-term earnings per share growth rate within the range of 5 to 7 percent from a 2023 base of $4.34 per share¹.

 

“Eversource once again delivered solid financial results for the second quarter and top-tier service reliability and storm response for customers, while positioning our company well for the future of clean energy,” said Joe Nolan, Eversource Energy Chairman, President and Chief Executive Officer. “We commissioned our first-in-the-nation networked geothermal pilot project and the first round of our Cape Cod Solution transmission project, which will bolster reliability while enabling the interconnection of more renewable energy. We look forward to continuing to advance our Electric Sector Modernization Plan in Massachusetts, and to working with Connecticut and New Hampshire to enable and encourage a low-carbon future.”

 

“We are very pleased to have closed on the sale of the Sunrise Wind Project to Ørsted and that we expect to close the sale of the Revolution and South Fork Wind Projects to Global Infrastructure Partners later this quarter. Closing these transactions delivers on our commitment to exit the offshore wind business and focus our resources on regulated growth opportunities to meet customer demand.”

 

Electric Transmission

 

Eversource Energy’s transmission segment earned $189.0 million in the second quarter of 2024 and $365.7 million in the first half of 2024, compared with earnings of $161.0 million in the second quarter of 2023 and $316.1 million in the first half of 2023. Transmission segment results improved in both periods due primarily to a higher level of investment in Eversource’s electric transmission system, as well as the impact from the annual rate reconciliation filing.

 

 

Electric Distribution

 

Eversource Energy’s electric distribution segment earned $149.7 million in the second quarter of 2024 and $317.9 million in the first half of 2024, compared with earnings of $165.5 million in the second quarter of 2023 and $331.0 million in the first half of 2023. Lower results in both periods were due primarily to higher non-tracked operations and maintenance expense (O&M) driven by higher storm restoration costs of $16.2 million pre-tax ($12.2 million after tax), the absence of the prior year benefit related to a favorable regulatory decision in New Hampshire, as well as higher interest, depreciation and property tax expense, partially offset by higher revenues from the January 1, 2024 base distribution rate increase for Eversource's Massachusetts electric business and from continued investments in our distribution system.

 

Natural Gas Distribution

 

Eversource Energy’s natural gas distribution segment earned $27.1 million in the second quarter of 2024 and $217.6 million in the first half of 2024, compared with earnings of $11.7 million in the second quarter of 2023 and $181.9 million in the first half of 2023. Improved results in both periods were due primarily to higher revenues associated with investments in our natural gas infrastructure and a base distribution rate increase at NSTAR Gas, as well as lower non-tracked O&M, partially offset by higher depreciation and interest expense.

 

Water Distribution

 

Eversource Energy’s water distribution segment earned $8.0 million in the second quarter of 2024 and $13.4 million in the first half of 2024, compared with earnings of $9.3 million in the second quarter of 2023 and $10.8 million in the first half of 2023. Lower earnings in the second quarter were due primarily to higher non-tracked O&M and interest expense. Higher earnings in the first half were due primarily to lower depreciation and higher revenues from our two water company acquisitions in the prior year, partially offset by higher interest and non-tracked O&M.

 

Eversource Parent and Other Companies

 

Eversource Energy parent and other companies, excluding the charges noted above, had a loss of $38.5 million in the second quarter of 2024 and $57.4 million in the first half of 2024, compared with earnings of $5.1 million¹ in the second quarter of 2023 and $4.5 million¹ in the first half of 2023. Lower results in both periods were primarily the result of higher interest expense.

 

 

Eversource Energy Consolidated Earnings

 

The following table reconciles consolidated GAAP earnings per share for the second quarter and first half of 2024 and 2023:

 

				Second Quarter				First Half
2023		Reported GAAP EPS		$	0.04			$	1.45
		Higher electric transmission segment earnings in 2024			0.08				0.14
		At the electric distribution segment, higher non-tracked O&M, the absence of a regulatory benefit in New Hampshire, as well as higher interest, depreciation expense and share dilution, partially offset by higher revenues			(0.05	)			(0.05	)
		At the natural gas distribution segment, higher revenues and lower non-tracked O&M, partially offset by higher depreciation, interest and share dilution			0.05				0.09
		At the water distribution segment, higher interest and non-tracked O&M, partially offset by adjustments related to the Connecticut rate case			(0.01	)			0.01
		At parent and other companies, higher interest			(0.12	)			(0.17	)
		Absence of prior year impairment of offshore wind investment, and other prior year charges			0.96				0.96
2024		Reported GAAP EPS		$	0.95			$	2.43

 

 

Financial results for the second quarter and first half of 2024 and 2023 for Eversource Energy’s business segments and parent and other companies are noted below:

 

Three months ended:

 

(in millions, except EPS)		June 30, 2024				June 30, 2023				Increase/ (Decrease)				2024 EPS				2023 EPS 1
Electric Transmission		$	189.0			$	161.0			$	28.0			$	0.54			$	0.46
Electric Distribution			149.7				165.5				(15.8	)			0.42				0.47
Natural Gas Distribution			27.1				11.7				15.4				0.08				0.03
Water Distribution			8.0				9.3				(1.3	)			0.02				0.03
Parent and Other Companies 1			(38.5	)			5.1				(43.6	)			(0.11	)			0.01
Impairment of Offshore Wind Investment			—				(331.0	)			331.0				—				(0.95	)
Transaction and other charges			—				(6.2	)			6.2				—				(0.01	)
Reported Earnings		$	335.3			$	15.4			$	319.9			$	0.95			$	0.04

 

Six months ended:

 

(in millions, except EPS)		June 30, 2024				June 30, 2023				Increase/ (Decrease)				2024 EPS				2023 EPS 1
Electric Transmission		$	365.7			$	316.1			$	49.6			$	1.04			$	0.90
Electric Distribution			317.9				331.0				(13.1	)			0.90				0.95
Natural Gas Distribution			217.6				181.9				35.7				0.61				0.52
Water Distribution			13.4				10.8				2.6				0.04				0.03
Parent and Other Companies 1			(57.4	)			4.5				(61.9	)			(0.16	)			0.01
Impairment of Offshore Wind Investment			—				(331.0	)			331.0				—				(0.95	)
Transaction and other charges			—				(6.7	)			6.7				—				(0.01	)
Reported Earnings		$	857.2			$	506.6			$	350.6			$	2.43			$	1.45

 

Eversource Energy has approximately 355 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:

 

Matthew P. Fallon 

(860) 665-6242

 

Note: Eversource Energy will webcast a conference call with senior management on August 1, 2024, 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 investments, a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned, and certain transaction and transition costs. 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 investments, the loss on the disposition of land associated with an abandoned project, and transaction and transition costs 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 of this report in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to 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; our ability to complete the sale of our offshore wind investments in the South Fork Wind and Revolution Wind projects on the timeline, terms and pricing we expect; if we and the counterparty are unable to satisfy all closing conditions and consummate the purchase and sale transaction with respect to these offshore wind assets; if we are unable to qualify for investment tax credits related to these projects; if we experience variability in the projected construction costs of these offshore wind projects, if there is a deterioration of market conditions in the offshore wind industry; and if the projects do not commence operation as scheduled or within budget or are not completed; 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; 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)		2024				2023				2024				2023
Operating Revenues		$	2,533,522			$	2,629,342			$	5,866,097			$	6,424,985
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission			841,431				1,161,067				2,077,387				3,064,313
Operations and Maintenance			464,424				427,290				927,388				881,852
Depreciation			354,591				319,995				694,505				632,949
Amortization			(114,137	)			(218,422	)			(116,462	)			(294,481	)
Energy Efficiency Programs			145,288				145,823				358,767				368,774
Taxes Other Than Income Taxes			239,427				232,927				476,042				461,344
Total Operating Expenses			1,931,024				2,068,680				4,417,627				5,114,751
Operating Income			602,498				560,662				1,448,470				1,310,234
Interest Expense			271,316				207,313				522,064				401,858
Impairment of Offshore Wind Investment			—				401,000				—				401,000
Other Income, Net			115,285				94,875				206,315				183,857
Income Before Income Tax Expense			446,467				47,224				1,132,721				691,233
Income Tax Expense			109,246				29,922				271,772				180,893
Net Income			337,221				17,302				860,949				510,340
Net Income Attributable to Noncontrolling Interests			1,880				1,880				3,759				3,759
Net Income Attributable to Common Shareholders		$	335,341			$	15,422			$	857,190			$	506,581
Basic Earnings Per Common Share		$	0.95			$	0.04			$	2.44			$	1.45
Diluted Earnings Per Common Share		$	0.95			$	0.04			$	2.43			$	1.45
Weighted Average Common Shares Outstanding:
Basic			353,212,378				349,462,359				351,964,747				349,339,752
Diluted			353,419,658				349,729,982				352,208,440				349,670,996

 

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.

 

 

 

Exhibit 99.3

 

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT AUGUST 1, 2024 CUSTOMER COMMUNITY FINANCIAL EMPLOYEE CLEAN ENERGY RELIABILITY Exhibit 99.3

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT Safe Harbor Statement 1 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 Ev ersource Energy. The earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non - GAAP) referencing earnings and EP S excluding the impairment charge for the offshore wind investments, a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently aba ndoned, and certain transaction and transition costs. 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 t he 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 bus iness, 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 bus iness 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 an d f orecasting of future periods. Management believes the impacts of the impairment charge for the offshore wind investments, the loss on the disposition of land associated with an abandoned project, and trans act ion and transition costs 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 n ot 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 pr esentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and useful information to readers of this report in analyzing historical and fu tur e performance of the business. These non - GAAP financial measures should not be considered as alternatives to reported net income attributable to common shareholders or EPS determined in accordance with GA AP as indicators of Eversource Energy's operating performance. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions o f f uture 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,” “fore cas t,” “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 - lookin g 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, estimat es, 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 impor tan t 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; our ability to complete the sale of our offshore wind investments in the South Fork Wind and Re vol ution Wind projects on the timeline, terms and pricing we expect; if we and the counterparty are unable to satisfy all closing conditions and consummate the purchase and sale transaction with respect to th ese offshore wind assets; if we are unable to qualify for investment tax credits related to these projects; if we experience variability in the projected construction costs of these offshore wind projects, if there is a deterioration of market conditions in the offshore wind industry; and if the projects do not commence operation as scheduled or within budget or are not completed; disruptions in the capital markets or other events tha t m ake 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 t o c ommence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric , n atural 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; fluctuation s 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 cu rre nt 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 wit h 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 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 res ults, 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 o n 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 circ umstances after the date on which such statement is made or to reflect the occurrence of unanticipated events .

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT Agenda Business Update ▪ Overview ▪ Electric Transmission and Distribution Investment Growth ▪ Delivering an Equitable and Affordable Clean Energy Future 2 Joe Nolan Chairman, President & CEO John Moreira EVP, CFO & Treasurer Financial Update ▪ Q2 2024 Financial Results ▪ Regulatory Update ▪ Financing Activity Review

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT 3 Clean Energy Transition Provides Investment Growth Utility - scale solar EV charging buildout Energy efficiency solutions Battery energy storage Offshore wind interconnection Networked geothermal Achieving carbon neutrality in our own operations by 2030 Cambridge Substation Project

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT State GHG Reduction Goals Drive Electric Demand 4 Massachusetts Statutory Requirements New Hampshire Recommendations Connecticut Statutory Requirements Base Year 1990 1990 2001 Near - Term Target 50% by 2030 50% by 2025 45% by 2030 Long - Term Target 85% by 2050 80% by 2050 80% by 2050 Additional targets Net zero emissions by 2050 Zero - carbon electric supply by 2040 48% Transportation 33% Commercial and Residential 13% Power Generation 6% Industrial GHG Reduction Goals New England Carbon Emissions by Source Electrification plans result in New England electric demand more than doubling by 2050 New England winter peak demand is expected to more than triple by 2050

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT Electric Transmission Investment: Enabling Electrification and Access to Clean Energy Resources 5 ▪ $2 Billion: Replacement of Aging Infrastructure ▪ $1.5 Billion: Underground Cable Modernization Program ▪ $1.0 Billion: New Substations and Substation Upgrades Included in the Electric Sector Modernization Plan ▪ $500 Million to Enable Clean Energy 2024 - 2028 Major Drivers… … 2029 and Beyond ▪ Continued Replacement of Aging Infrastructure ▪ Continued Underground Cable Modernization Projects ▪ Advancement of the Electric Sector Modernization Plan ▪ Projects to Increase Import Capability into Boston ▪ Projects to Enable Clean Energy and Advance Regional Decarbonization

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT Massachusetts Leading the Way for Enhancing Distribution Resiliency and Enabling Electrification 6 $3.1 Billion $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2019 - 2023 2024 - 2028 $5.5 Billion Advanced Metering Infrastructure $ 634 M Solar $ 90 M Distributed Energy Resources $ 637 M Grid Mod $ 141 M EV $ 87 M Excluding $600M ESMP Investments Incremental to Capital Plan Actual and Forecast Capital Investment for Massachusetts Distribution System Massachusetts Electric Transmission and Distribution Clean Energy Investment ($1.6 Billion 2024 - 2028)

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT AMI: Critical Step on the Journey to an Affordable Clean Energy Future 7 1880s - 1970s 1980s 1990s 2000s - 2010s 2020s Traditional Meters EMR AMR AMI AMI 2.0 Manual Meter Reads Drive - By Reads 2 - Way Communication Reads AMI 2.0 is revolutionary, adding intelligence at the Grid Edge & Automation Day 1 Capabilities ( Q3 2025 ) • Near Real - Time Meter Data • Automatic Data Collection • Visibility Into Usage Data & Meter Health • Improved Grid Management & Data Analysis • Customer Access for Usage Monitoring Phase 1 Future Phases Future Capabilities ( 2025 + ) • Ability for Remote Disconnect & Reconnect of Services • Enhanced Efficiency for Power Outage & Restoration Services • Time Varying Rates to Save on Customer Costs • Greater Reliability through Improved Power Quality

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT Eversource 2023 Sustainability and Diversity, Equity and Inclusion Reports ▪ Highlights our commitment to environmental, social and governance (ESG) priorities and 2023 progress ▪ Submission of application to have a new GHG reduction target validated with the Science Based Targets initiative ▪ Enabling a clean energy transition while maintaining our focus on reliability 2023 Diversity, Equity & Inclusion Report 2023 Sustainability Report ▪ Includes overview of our DE&I strategy, goals and accomplishments ▪ Report includes metrics on workforce composition and key DE&I corporate performance measures 8

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT Second Quarter and First Half 2024 Financial Results 9 2Q 2024 2Q 2023 Change 1H 2024 1H 2023 Change $0.54 $0.46 $0.08 $1.04 $0.90 $0.14 0.42 0.47 (0.05) 0.90 0.95 (0.05) 0.08 0.03 0.05 0.61 0.52 0.09 0.02 0.03 (0.01) 0.04 0.03 0.01 (0.11) 0.01 (0.12) (0.16) 0.01 (0.17) $0.95 $1.00 $(0.05) $2.43 $2.41 $0.02 0.00 (0.96) 0.96 0.00 (0.96) 0.96 $0.95 $0.04 $0.91 $2.43 $1.45 $0.98 Electric Transmission Electric Distribution Natural Gas Distribution Water Distribution Parent & Other (Non - GAAP) EPS, Ex. Wind Impairment, Land Abandonment Loss and Other Charges (Non - GAAP) Wind Impairment, Land Abandonment Loss and Other Charges Reported EPS (GAAP)

EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Regulatory Update 10 Massachusetts ▪ 5 - Year Electric Sector Modernization Plan – Final Decision expected August 2024 ▪ 4 CIP Projects to Enable Distributed Generation – Approved by MA DPU on June 4, 2024 ▪ EGMA Rate Base Reset for Rates Effective November 1, 2024 – Filed May 29, 2024 ▪ Cambridge Substation – Approved by MA Energy Facilities Siting Board on June 28, 2024 New Hampshire ▪ Filed a request for rate review in June 2024 – Interim Rates of $61 million effective August 1, 2024 – Final Decision expected in 2025 ▪ Prudence Review of August 2022 - Mar 2023 storm costs ($232M) – Final Decision expected in 2025 Connecticut ▪ Prudence Review of 2018 - 2021 Storm Costs in Connecticut ($634M) – Discovery phase in progress ▪ Motion Establishing a Rate Recovery Mechanism for EV Programs – Proposed Final Decision Issued July 23, 2024 ▪ Anticipate Filing Yankee Gas Rate Case in Q4 2024

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT FFO/Debt Enhancement 2023 to 2025 11 FFO/DEBT ENHANCEMENTS 9% + ~2% (~$600 Million) + 3% to 4% ($2.6 Billion + Additional Enhancements) 14% to 15% 2023 FFO/Debt (Estimated S&P) 2023 Under Recoveries Other Cash Flow Enhancements 2025 Target (S&P) 2023 Under Recoveries ($/Millions) 2023 Under Recovery of CT Annual Rate Adjustment Mechanism $400 2023 Other Under Recoveries $200 Total 2023 Under Recoveries ~$600 Other FFO Enhancements through 2025 2023 Under Recoveries ~$600 South Fork Wind Tax Equity Investment $500 Incremental Storm Cost Recovery (2024 and 2025) $200 Orsted Sale Gross Proceeds $230 GIP Sale Gross Proceeds $1,100 Total Known Cash Flow Enhancements ~$2,600 Additional Cash Flow Enhancements: Filed Rate Increases (NH, EGMA), Equity Issuance, and Potential Sale of Water Business MAJOR DRIVERS

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT 2024 Parent Debt and Equity Issuances and Maturities Company Size/Coupon Maturity Parent $900M @ 4.20% Jun 27, 2024 Parent $450M @ 2.90% Oct 1, 2024 2024 Debt Issuances 2024 Maturities Company Size/Coupon Maturity Parent $350M @ 5.00% Jan 1, 2027 Parent $650M @ 5.50% Jan 1, 2034 Parent $700M @ 5.85% Apr 15, 2031 Parent $700M @ 5.95% Jul 15, 2034 New Shares ▪ An additional 4.2 M shares were issued under the At - The - Market Program year - to - date Q2 2024 with proceeds of approximately $ 250 million Treasury Shares ▪ Dividend reinvestment, employee equity programs continue with approximately 819,000 shares issued through Q2 2024 2024 Equity Issuances 12

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT $2.65 $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.09 $4.34 $4.50 - $4.67 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024E 2025E 2026E 2027E 2028E * Reflects non - GAAP results, excludes nonrecurring charges 13 Proven Track Record of Earnings and Dividend Performance

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT APPENDIX 14

EVERSOURCE ENERGY Q2 2024 EARNINGS REPORT $1,115 $1,207 $1,448 $1,200 $1,207 $1,053 $1,166 $1,146 $1,244 $1,354 $1,772 $2,009 $1,869 $2,051 $2,006 $1,770 $799 $804 $998 $1,044 $1,087 $1,142 $1,089 $1,079 $144 $155 $162 $169 $204 $218 $234 $251 $239 $266 $213 $225 $234 $223 $202 $239 $3,541 $3,786 $4,593 $4,647 $4,601 $4,687 $4,697 $4,485 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities $ In Millions $23.1 Billion 2024 - 2028 Projected Capital Expenditures for Core Businesses 15

v3.24.2

Cover	Jul. 31, 2024
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The Connecticut Light And Power Company [Member]
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2024
Entity File Number	0-00404
Entity Registrant Name	THE CONNECTICUT LIGHT AND POWER COMPANY
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Nstar Electric Company [Member]
Document Information [Line Items]
Document Type	8-K
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Document Period End Date	Jul. 31, 2024
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Public Service Company Of New Hampshire [Member]
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Document Period End Date	Jul. 31, 2024
Entity File Number	1-6392
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