Eversource Energy (ES) 10-K risk factor changes: FY2024 vs FY2023

Specifically, regarding vulnerabilities, we patch systems [added: timely] where patches are available to deploy, and have technologies that detect exploits of vulnerabilities and proactively block the exploit when it happens.

Any such cyberattacks could result in loss of service to customers and a significant decrease in revenues, which could have a material adverse impact on our financial position, results of [removed: operations] [added: operations,] and cash flows.

We maintain cyber insurance to cover damages, [added: costs related to a system disruption,] potential ransom and defense costs arising from unauthorized disclosure of, or failure to protect, private information, as well as costs for notification to, or for credit monitoring of, customers, employees and other persons in the event of a breach of private information.

The ultimate outcome and timing of regulatory rate [removed: proceedings,] [added: proceedings] or challenges to certain provisions in our distribution tariffs could have a significant effect on our ability to recover costs [added: timely] or [added: at all or] earn an adequate return.

Adverse decisions in our proceedings could adversely affect our [added: credit ratings,] financial position, results of [removed: operations] [added: operations,] and cash flows.

These [added: regulatory] decisions [added: currently, and] may [added: in the future,] require us to cancel, reduce, or delay planned development activities or other planned capital expenditures or investments or otherwise incur costs that we may not be able to recover through rates.

The inability to recover a significant amount of [removed: operating] [added: such] costs could have an adverse effect on our financial position, results of operations, and cash flows.

These actions would have an adverse effect on our [added: credit ratings,] financial position, results of [removed: operations] [added: operations,] and cash flows.

An adverse decision in any of these four complaints could adversely affect our financial position, results of [removed: operations] [added: operations,] and cash flows.

If the FERC changes its policies regarding these incentives, there could be a negative impact on our financial position, results of [removed: operations] [added: operations,] and cash flows.

A FERC decision approving this proposal could adversely affect our financial position, results of [removed: operations] [added: operations,] and cash flows.

Changes in tax laws, as well as the potential tax effects of business decisions could negatively impact our business, [added: financial position,] results of operations, [removed: financial condition] and cash flows.

Because utility companies, including our electric, natural gas and water utility subsidiaries, have large customer bases, they are subject to adverse publicity focused on the [added: safety and] reliability of their distribution services and the speed with which they are able to respond to electric outages, natural gas leaks and similar interruptions caused by storm damage or other unanticipated events, including those related to climate change.

Due to a variety of factors, including the inflationary economic environment, geo-political conflicts, [removed: and] increased customer energy demand, the cost of energy [removed: supply] [added: supply, and public benefit charges assessed by our regulators, customer bills] in New England [removed: remains] [added: remain] high.

[removed: The significant supply] [added: Significant] cost increases, as well as any failure to meet customer energy requirements, could negatively impact the satisfaction of our customers and our customers’ ability to pay their utility bills, which could have an adverse impact on our business, reputation, financial position, results of [removed: operations] [added: operations,] and cash flows.

The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on our financial position, results of [removed: operations] [added: operations,] and cash flows.

Our subsidiaries’ operations are subject to extensive and increasing federal, state and local environmental statutes, rules and regulations that govern, among other things, water quality (including treatment of PFAS (Per- and Polyfluoroalkyl Substances) and lead), water discharges, the management of hazardous material and solid waste, and air [removed: emissions.][added: emissions including greenhouse gases.]

For our water business, compliance with [removed: proposed] water quality regulations, including those for PFAS and lead, could require the construction of facilities and replacement of customer lead service lines, respectively.

An increase in such costs, unless promptly recovered, could have an adverse impact on our business and our financial position, results of [removed: operations] [added: operations,] and cash flows.

Physical risks from climate change may include an increase in sea levels and changes in weather conditions, such as changes in precipitation, extreme heat and [removed: extreme] weather [added: events, including the effects of significantly stronger wind-related] events.

Customers’ energy and water needs vary with weather conditions, primarily [added: related to] temperature and humidity.

Severe weather induced by climate change, such as extreme and frequent ice and [removed: snow storms,] [added: snowstorms,] tornadoes, micro-bursts, hurricanes, floods, droughts, wildfires, [added: excess humidity] and other natural [removed: disasters,] [added: or weather-related phenomenon,] may cause outages and property damage, which may require us to incur additional costs that may not be recoverable from customers.

The cost of repairing damage to our operating subsidiaries' facilities and the potential disruption of their operations due to [added: the increase in frequency and severity of] storms, natural disasters or other catastrophic events could be substantial, particularly as regulators and customers demand better and quicker response times to outages.

The inability to recover a significant amount of such costs could have an adverse effect on our financial position, results of [removed: operations] [added: operations,] and cash flows.

An increase in such costs, unless promptly recovered, could have an adverse impact on our financial position, results of [removed: operations] [added: operations,] and cash flows.

Adequacy of water supplies and contamination of our water supplies, the failure of dams on reservoirs providing water to our customers, or requirements to repair, upgrade or dismantle any of these dams, may disrupt our ability to distribute water to our customers and result in substantial additional costs, which could adversely affect our financial position, results of [removed: operations] [added: operations,] and cash flows.

Our water supplies, including water provided to our customers, are also subject to possible contamination from naturally occurring compounds and elements or non-organic substances, including [removed: PFAS and lead.][added: PFAS.]

Our water systems include impounding dams and reservoirs [added: and groundwater sources (e.g. wells and aquifers)] of various sizes.

Although we believe our [removed: dams] [added: water supply facilities, dams, reservoirs, and groundwater sources] are structurally sound and well-maintained, significant damage to these facilities, or a significant decrease in the water [removed: in our reservoirs,] [added: supplies (reservoirs and groundwater),] could adversely affect our ability to provide water to our customers until the facilities and a sufficient amount of water [removed: in our reservoirs] can be restored.

Any losses or liabilities incurred due to a failure of one of our dams may not be recoverable in rates and may have a material adverse effect on our financial position, results of [removed: operations] [added: operations,] and cash flows.

If our assets were physically damaged and were not recovered in a timely manner, it could result in a loss of service to customers, a significant decrease in revenues, significant expense to repair system damage, costs associated with governmental actions in response to such attacks, and liability claims, all of which could have a material adverse impact on our financial position, results of [removed: operations] [added: operations,] and cash flows.

The development of these projects involve numerous significant risks including federal, state and local permitting and regulatory approval processes, scheduling or permitting delays, increased costs, tax strategies and changes to federal tax laws, new legislation impacting the industry, [added: including clean energy programs,] economic events or factors, [removed: environmental] [added: environmental, community,] and [removed: community] [added: customer affordability] concerns, design and siting issues, difficulties in obtaining required rights of way, and competition from incumbent utilities and other entities.

Our transmission and distribution systems may not operate as expected, and could require unplanned expenditures, which could adversely affect our financial position, results of [removed: operations] [added: operations,] and cash flows.

Our ability to [added: safely and] properly operate our transmission and distribution systems is critical to the financial performance of our business.

If significant difficulties in the global supply chain cycle or inflationary impacts were to [removed: worsen,] [added: reemerge,] they could adversely affect our results of operations, or adversely affect our ability to work with regulators, unions, customers or employees.

Our workforce in our subsidiaries includes many workers with highly specialized skills [added: safely] maintaining and servicing the electric, natural gas and water infrastructure that cannot be quickly replaced due to the technically complex work they perform.

In addition, interest rates [removed: have increased and] may [removed: continue to] increase in the future.

As a result, interest rates on future credit facilities and debt offerings could be higher than current levels, causing our financing costs to increase accordingly, which could adversely impact our financial position, results of [removed: operations] [added: operations,] and cash flows.

[removed: A downgrade] [added: Downgrades] of our credit ratings or events beyond our control, such as a disruption in global capital and credit markets, could increase our cost of borrowing and cost of capital or restrict our ability to access the capital markets and negatively affect our ability to maintain and to expand our businesses.

Additional large funding requirements, when combined with the financing requirements of our construction program, could impact the timing, amounts, and number of future financings and negatively affect our financial position, results of [removed: operations] [added: operations,] and cash flows.

The inability to recover a significant amount of operating costs in a timely manner or at all could have an adverse effect on our credit ratings, financial position, results of operations, and cash flows.

S&P recently downgraded the credit ratings of Eversource and its regulated utilities as a result of the challenging regulatory environment in Connecticut.

In each of the states that we operate, there are requirements for purchases of renewable energy credits from the generation of renewable energy.

As the requirement for credits increase and outpace the renewable energy coming online, we may be required to pay higher prices and make alternative compliance payments to the states.

Unless renewable energy availability is increased to meet these credit requirements, we will face the risk of increasing costs.

Offshore Wind Contingent Liability and Tax Risk:

Variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects no longer owned by Eversource and the inability to monetize investment tax credits and investment tax credit adders could have an adverse impact on our financial position, results of operations, and cash flows.

We completed the sales of our offshore wind investments in 2024.

Following the sale of our 50 percent ownership share in the South Fork Wind and Revolution Wind projects, we have continuing financial exposure as it relates to the purchase price post-closing adjustment payments under the terms of the sale agreement with Global Infrastructure Partners (GIP) for these projects.

Our future obligations under the sale terms primarily include a capital expenditure overrun sharing obligation, an obligation to maintain GIP’s internal rate of return through the construction period for each project, and obligation for other future costs.

Post-closing purchase price adjustment payments will be made following the commercial operation of Revolution Wind.

Factors that could increase the post-closing adjustment payments owed to GIP include the ultimate cost of construction and extent of cost overruns for Revolution Wind, delays in construction, which would impact the economics associated with the purchase price adjustment, and Revolution Wind’s eligibility for federal investment tax credits (ITCs) at a lower value than assumed and included in the purchase price.

New information that becomes available or future developments that arise as construction progresses and as cost estimates are reviewed and revised could result in increased costs of the project that would ultimately be owed to GIP.

Adverse changes in facts and circumstances could increase the obligation under the sale agreement above the amount accrued and result in additional losses, which could have a material adverse effect on our financial position, results of operations, and cash flows.

The purchase price included the sales value related to a 40 percent level of federal ITCs, 10 percent of which is the energy community ITC adder included in the Inflation Reduction Act related to Revolution Wind.

If the project does not meet the qualifications under federal tax law for the full value of the ITC or there are changes to tax law, it could have a material adverse effect on our financial position, results of operations, and cash flows.

Additionally, we hold a tax equity investment in South Fork Wind that is expected to result in cash flow benefits from ITCs at a 30 percent level.

The tax deductibility of the ITCs could be challenged.

If the project does not meet the qualifications under federal tax law, we may be unable to monetize the ITCs that support this investment, which could have a material adverse effect on our financial position, results of operations, and cash flows.

The global supply chain of goods and services generally has stabilized; however, certain specialized equipment has long lead times and inflated prices.

Additionally, rising geo-political tensions could negatively impact the global supply chain.

S&P recently downgraded the credit ratings of Eversource and its regulated utilities as a result of the challenging regulatory environment in Connecticut.

Offshore Wind Business Risk:

Our financial position and future results could be materially adversely affected if we are unable to sell our 50 percent interests in three offshore wind projects on the timelines, terms and pricing we expect, if we and the counterparties are unable to satisfy all closing conditions and consummate the purchase and sale transactions with respect to our offshore wind assets, if Sunrise Wind does not win in the OREC contract solicitation process, if we are unable to qualify for investment tax credits related to these projects, if we experience variability in the projected construction costs of the 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.

Our offshore wind business includes 50 percent ownership interests in three jointly-owned offshore wind projects being developed and constructed.

The development and construction of these offshore wind electric generation facilities involves numerous significant risks including meeting construction schedules, federal, state and local permitting and regulatory approval processes, scheduling or permitting delays, cost overruns, higher interest rates, tax strategies and changes to federal tax laws impacting the offshore wind partnership’s ability to monetize tax attributes, new legislation impacting the industry, the cancellation of any projects, and actions of our strategic partner.

Operational risks of these offshore wind electric generation facilities include maintaining continuing interconnection arrangements, power purchase agreements, or other market mechanisms, as well as interconnecting utility and Regional Transmission Organizations rules, policies, procedures and FERC tariffs that permit future offshore wind project operations, and capacity factors once projects are placed in operation.

These risks could impact our offshore wind partnership’s ability to generate returns from its offshore wind projects and result in lower investment returns.

We have entered into agreements to sell our interest in the three offshore wind projects, however we may be unable to complete the sales of these projects on the timelines and for the sales value we expect.

If the ultimate sales value of our interest in these projects is lower than expected, or we are unable to sell our interests, it could have an adverse effect on our financial condition and results of operations.

The sales agreements are subject to certain regulatory approvals as well as other conditions, and we may be unable to satisfy all closing conditions necessary to consummate the purchase and sale transactions.

The purchaser of the Revolution Wind and South Fork Wind projects may be unable to reach a partnership agreement with Ørsted, which is a condition of closing that transaction.

The sale of the Sunrise Wind project to Ørsted is dependent on the successful outcome of Sunrise Wind’s re-bidding process of its OREC contract in the New York solicitation.

If Sunrise Wind were to lose to a competing bid in the New York solicitation, then the existing OREC contract for Sunrise Wind will be cancelled according to the state’s requirements, and Eversource and Ørsted’s joint venture for Sunrise Wind will remain in place.

That scenario could adversely impact the ability to sell the Sunrise Wind project in the future, and could result in the project to be abandoned.

If the Sunrise Wind project were to be abandoned, there would be cancellation and other abandonment costs incurred, and those costs could be above amounts already assumed in our impairment evaluation and reflected in the current fair value on our balance sheet, which could have an adverse effect on our financial condition and results of operations.

Future cash flows resulting from the expected sales are also impacted by the ability to qualify the Revolution Wind project for investment tax credit adders, as included in the Inflation Reduction Act.

Evaluating the project’s qualifications to achieve these investment tax credit adders requires significant judgment, and we may be unable to meet these qualifications.

Additionally, for Revolution Wind and South Fork Wind, there could be cost overruns on the projects through each project's respective commercial operation date, which would not be recovered in the expected sales price and other potential future payments to maintain transaction economics required of Eversource.

Amounts incurred above those that have already been assumed in our impairment evaluation and reflected in the current fair value on our balance sheet would adversely impact our financial position, results of operations and cash flows.

These risks could adversely affect the ultimate value of the wind projects and result in an additional, significant impairment in a future period, which could have a material adverse effect on our financial condition and results of operations.

Lower-than-expected sales prices, or the inability to sell the wind projects, could also result in liquidity issues, negatively impact certain of our financial metrics and operations plan, or could result in a downgrade in our credit rating, which could increase our cost of borrowing and cost of capital or restrict our ability to access the capital markets.

The global supply chain of goods and services remains volatile, and as a result, we are seeing delivery delays of certain goods, particularly certain types

of transformers.

The consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." Our discussion of fiscal year [removed: 2023] [added: 2024] compared to fiscal year [removed: 2022] [added: 2023] is included herein.

Unless expressly stated otherwise, for discussion and analysis of fiscal year [removed: 2021] [added: 2022] items and of fiscal year [removed: 2022] [added: 2023] compared to fiscal year [removed: 2021,] [added: 2022,] please refer to Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations,* in our combined [removed: 2022 [Annual] [added: 2023 [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072741/000007274124000005/es-20231231.htm)[Annual] Report on Form [removed: 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/72741/000007274121000005/es-20201231.htm),] [added: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072741/000007274124000005/es-20231231.htm),] which is incorporated herein by reference.

Our earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our earnings and EPS excluding [added: losses on] the [removed: impairment charges for] [added: sales and impairments of] the offshore wind [added: equity method] investments, a loss on the [added: pending sale of the Aquarion water distribution business, a loss on the] disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned, [added: and] certain transaction and transition [removed: costs, and our earnings and EPS excluding charges at CL&P related to an October 2021 settlement agreement that included credits to customers and funding of various customer assistance initiatives and a 2021 storm performance penalty imposed on CL&P by PURA.][added: costs.]

We believe the impacts of the [removed: impairment charges for] [added: losses on] the offshore wind [added: equity method] investments, the loss on the [added: pending sale of the Aquarion water distribution business, the loss on the] disposition of land associated with an abandoned project, [added: and] transaction and transition [removed: costs, and the CL&P October 2021 settlement agreement, and the 2021 storm performance penalty imposed on CL&P by PURA] [added: costs] are not indicative of our ongoing costs and performance.

- We [removed: had a loss of $442.2] [added: earned $811.7] million, or [removed: $1.26] [added: $2.27] per share, in [removed: 2023,] [added: 2024,] compared with [removed: earnings] [added: a loss] of [removed: $1.40 billion,] [added: $442.2 million,] or [removed: $4.05] [added: $1.26] per share, in [removed: 2022.][added: 2023.]

Our 2023 results [removed: include] [added: included] after-tax impairment charges [added: on our offshore wind investments] of $1.95 billion, or $5.58 per [removed: share, recorded at Eversource parent to reflect our current estimate of the fair value of the offshore wind projects.][added: share.]

Our 2023 results also [removed: include] [added: included] after-tax land abandonment and other charges [removed: recorded at Eversource parent] of $6.9 million, or $0.02 per share.

Excluding [removed: the offshore wind impairments and] these [removed: other] charges, our non-GAAP earnings were [removed: $1.52] [added: $1.63] billion, or [removed: $4.34] [added: $4.57] per share, in [removed: 2023,] [added: 2024,] compared with [removed: $1.42] [added: non-GAAP earnings of $1.52] billion, or [removed: $4.09] [added: $4.34] per share, in [removed: 2022.][added: 2023.]

We also project that our long-term EPS growth rate through [removed: 2028 from our regulated utility businesses] [added: 2029] will be in a 5 to 7 percent [removed: range.][added: range, using 2024 non-GAAP EPS of $4.57 per share as the base year.]

- Cash flows provided by operating activities totaled [removed: $1.65] [added: $2.16] billion in [removed: 2023,] [added: 2024,] compared with [removed: $2.40] [added: $1.65] billion in [removed: 2022.][added: 2023.]

Investments in property, plant and equipment totaled [removed: $4.34] [added: $4.48] billion in [removed: 2023 and $3.44] [added: 2024, compared with $4.34] billion in [removed: 2022.][added: 2023.]

- Cash [removed: and Cash Equivalents] totaled [removed: $53.9] [added: $26.7] million as of December 31, [removed: 2023,] [added: 2024,] compared with [removed: $374.6] [added: $53.9] million as of December 31, [removed: 2022.][added: 2023.]

Our available borrowing capacity under our commercial paper programs totaled [removed: $512.3] [added: $607.2] million as of December 31, [removed: 2023.][added: 2024.]

- In [removed: 2023,] [added: 2024,] we issued [removed: $5.20] [added: $4.50] billion of new long-term debt and we repaid [removed: $2.01] [added: $1.95] billion of long-term debt.

- In [removed: 2023,] [added: 2024,] we paid dividends totaling [removed: $2.70] [added: $2.86] per common share, compared with dividends of [removed: $2.55] [added: $2.70] per common share in [removed: 2022.][added: 2023.]

Our quarterly common share dividend payment was [removed: $0.675] [added: $0.715] per share in [removed: 2023,] [added: 2024,] as compared to [removed: $0.6375] [added: $0.675] per share in [removed: 2022.][added: 2023.]

On January [removed: 31, 2024,] [added: 29, 2025,] our Board of Trustees approved a common share dividend payment of [removed: $0.715] [added: $0.7525] per share, payable on March [removed: 29, 2024] [added: 31, 2025] to shareholders of record as of March [removed: 5, 2024.][added: 4, 2025.]

- We project to make capital expenditures of [removed: $23.12] [added: $24.17] billion from [removed: 2024] [added: 2025] through [removed: 2028,] [added: 2029,] of which we expect [removed: $9.71] [added: $10.22] billion to be in our electric distribution segment, [removed: $5.44] [added: $6.00] billion to be in our natural gas distribution segment, [removed: $5.77] [added: and $6.81] billion to be in our electric transmission [removed: segment, and $1.08 billion to be in our water distribution] segment.

We also project to invest [removed: $1.12] [added: $1.15] billion in information technology and facilities upgrades and enhancements.

[removed: - On February 13,] [added: Pending Sale of Aquarion: In early] 2024, [removed: we] [added: Eversource] initiated an exploratory assessment of [removed: monetizing our water distribution business and are exploring] the potential sale of the [added: Aquarion water distribution] business.

[removed: -] On February 13, 2024, Eversource [removed: announced that it has] executed an agreement to sell its [removed: existing] 50 percent interests in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners [removed: (GIP).][added: (GIP) for an initial gross purchase price of approximately $1.1 billion.]

The [added: post-closing purchase price adjustment payments include] cost sharing obligations [removed: provide] that [added: require] Eversource [removed: would] [added: to] share equally with GIP in GIP’s funding obligations [removed: for] up to [added: an effective cap of] approximately $240 million of incremental capital expenditure overruns incurred during the construction phase for [removed: the] Revolution [removed: Wind project,] [added: Wind,] after which [added: Eversource will have responsibility for] GIP’s obligations for any additional capital expenditure overruns [removed: would be shared equally by Eversource and Ørsted.][added: in excess of this amount.]

[removed: Additionally, Eversource’s financial exposure will be adjusted by certain] [added: The] purchase price [removed: adjustments] [added: is also subject] to [removed: be made following commercial operation of the Revolution Wind project and closing of South Fork] [added: post-closing adjustments] as a result of final project economics, which includes Eversource’s obligation to maintain GIP’s internal rate of return [added: through the construction period] for each project as specified in the agreement.

[removed: -] On January 24, 2024, [removed: Ørsted signed] [added: Eversource entered into] an agreement with [removed: Eversource] [added: Ørsted] to [removed: acquire] [added: sell] Eversource’s 50 percent share of Sunrise [removed: Wind.][added: Wind, subject to certain conditions and regulatory approvals.]

*Consolidated:* Below is a summary of our earnings/(loss) by business, which also reconciles the non-GAAP financial measures of consolidated non-GAAP earnings and EPS, as well as EPS by business, to the most directly comparable GAAP measures of consolidated Net [removed: (Loss)/Income] [added: Income/(Loss)] Attributable to Common Shareholders and diluted EPS.

| | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | |

| Net [removed: (Loss)/Income] [added: Income/(Loss)] Attributable to Common Shareholders (GAAP) | | | $ | [removed: (442.2)] [added: 811.7] | | | | | $ | [removed: (1.26)] [added: 2.27] | | | | | $ | [removed: 1,404.9] [added: (442.2)] | | | | | $ | [removed: 4.05] [added: (1.26)] | | | | | $ | [removed: 1,220.5] [added: 1,404.9] | | | | | $ | [removed: 3.54] [added: 4.05] | |

| Regulated Companies (Non-GAAP) | | | $ | [removed: 1,509.3] [added: 1,691.9] | | | | | $ | [removed: 4.31] [added: 4.73] | | | | | $ | [removed: 1,460.4] [added: 1,509.3] | | | | | $ | [removed: 4.21] [added: 4.31] | | | | | $ | [removed: 1,342.4] [added: 1,460.4] | | | | | $ | [removed: 3.89] [added: 4.21] | |

| Eversource Parent and Other Companies (Non-GAAP) | | | [removed: 8.4] [added: (57.9)] | | | | | | [removed: 0.03] [added: (0.16)] | | | | | | [removed: (40.5)] [added: 8.4] | | | | | | [removed: (0.12)] [added: 0.03] | | | | | | [removed: (12.2)] [added: (40.5)] | | | | | | [removed: (0.03)] [added: (0.12)] | | |

| Non-GAAP Earnings | | | $ | [removed: 1,517.7] [added: 1,634.0] | | | | | $ | [removed: 4.34] [added: 4.57] | | | | | $ | [removed: 1,419.9] [added: 1,517.7] | | | | | $ | [removed: 4.09] [added: 4.34] | | | | | $ | [removed: 1,330.2] [added: 1,419.9] | | | | | $ | [removed: 3.86] [added: 4.09] | |

| [removed: Impairments of] [added: Losses on] Offshore Wind Investments (after-tax) (1) | | | [removed: (1,953.0)] [added: (524.0)] | | | | | | [removed: (5.58)] [added: (1.47)] | | | | | | [removed: —] [added: (1,953.0)] | | | | | | [removed: —] [added: (5.58)] | | | | | | — | | | | | | — | | |

| Land Abandonment Loss and Other Charges (after-tax) [removed: (2)] [added: (3)] | | | [removed: (6.9)] [added: —] | | | | | | [removed: (0.02)] [added: —] | | | | | | [removed: —] [added: (6.9)] | | | | | | [removed: —] [added: (0.02)] | | | | | | — | | | | | | — | | |

| Transaction and Transition Costs (after-tax) [removed: (3)] [added: (4)] | | | — | | | | | | — | | | | | | [removed: (15.0)] [added: —] | | | | | | [removed: (0.04)] [added: —] | | | | | | [removed: (23.6)] [added: (15.0)] | | | | | | [removed: (0.07)] [added: (0.04)] | | |

[removed: (1) We] [added: In 2023, we] recorded impairment charges resulting from the expected sales of [removed: our offshore wind investments and to reflect our current estimate of the fair value of the] [added: these] offshore wind [removed: projects.][added: investments.]

[removed: The] [added: Results for 2023 also include a loss on the disposition of] land [added: that] was initially acquired to construct the Northern Pass Transmission project and was subsequently [removed: abandoned.][added: abandoned and other charges recorded of $6.9 million.]

[removed: (3)] [added: (4)] Transaction costs in 2022 [removed: and 2021] primarily include costs associated with the transition of systems as a result of our purchase of the assets of Columbia Gas of Massachusetts (CMA) on October 9, 2020 and integrating the CMA assets onto Eversource’s systems.

*Regulated Companies:* Our regulated companies comprise the electric distribution, electric transmission, natural gas [removed: distribution] [added: distribution,] and water distribution segments.

| Net Income - Regulated Companies (GAAP) | | | $ | [removed: 1,509.3] [added: 1,393.6] | | | | | $ | [removed: 4.31] [added: 3.90] | | | | | $ | [removed: 1,460.4] [added: 1,509.3] | | | | | $ | [removed: 4.21] [added: 4.31] | | | | | $ | [removed: 1,256.3] [added: 1,460.4] | | | | | $ | [removed: 3.64] [added: 4.21] | |

| Electric [removed: Distribution, excluding CL&P Settlement Impacts (Non-GAAP)] [added: Distribution] | | | $ | [removed: 608.0] [added: 631.7] | | | | | $ | [removed: 1.74] [added: 1.77] | | | | | $ | [removed: 592.8] [added: 608.0] | | | | | $ | [removed: 1.71] [added: 1.74] | | | | | $ | [removed: 556.2] [added: 592.8] | | | | | $ | [removed: 1.61] [added: 1.71] | |

| Electric Transmission | | | [removed: 643.4] [added: 724.6] | | | | | | [removed: 1.84] [added: 2.03] | | | | | | [removed: 596.6] [added: 643.4] | | | | | | [removed: 1.72] [added: 1.84] | | | | | | [removed: 544.6] [added: 596.6] | | | | | | [removed: 1.58] [added: 1.72] | | |

Our 2024 results include an aggregate, net after-tax loss on the sales of our offshore wind investments of $524.0 million, or $1.47 per share, and an after-tax loss resulting from the expected sale of Aquarion of $298.3 million, or $0.83 per share.

- We project that we will earn within a 2025 earning guidance range of between $4.67 per share and $4.82 per share.

- On January 27, 2025, Eversource entered into a definitive agreement to sell Aquarion.

Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing.

The sale is subject to regulatory and other approvals and is expected to close in late 2025.

Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.

- In the third quarter of 2024, Eversource completed the sale of its 50 percent ownership share in the Sunrise Wind project to Ørsted for adjusted proceeds of $152 million and completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to GIP for adjusted gross proceeds of $745 million.

Eversource recognized an aggregate net after-tax loss on the sales of its offshore wind investments of $524 million.

Eversource recorded a contingent liability of $365 million, reflecting its estimate of the future obligations under the GIP sale terms, which include an expected cost overrun sharing obligation, expected obligation to maintain GIP’s internal rate of return, and obligation for other future costs.

Eversource does not have any ongoing financial obligations associated with Sunrise Wind.

| Loss on Pending Sale of Aquarion (after-tax) (2) | | | (298.3) | | | | | | (0.83) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Net Income/(Loss) Attributable to Common Shareholders (GAAP) | | | $ | 811.7 | | | | | $ | 2.27 | | | | | $ | (442.2) | | | | | $ | (1.26) | | | | | $ | 1,404.9 | | | | | $ | 4.05 | |

(1) In 2024, we recorded a loss on the sales of our offshore wind equity method investments.

(2) The 2024 loss includes an impairment charge of $297 million to write down the carrying value of the water business to fair value resulting from the expected sale of Aquarion, as well as transaction costs.

For further information, see "Business Development and Capital Expenditures – Pending Sale of Aquarion" included in this *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

(3) The 2023 charges primarily include a loss on the disposition of abandoned land intended to be used for the cancelled Northern Pass Transmission project.

| Loss on Pending Sale of Aquarion (after-tax) | | | (298.3) | | | | | | (0.83) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Net Income - Regulated Companies (GAAP) | | | $ | 1,393.6 | | | | | $ | 3.90 | | | | | $ | 1,509.3 | | | | | $ | 4.31 | | | | | $ | 1,460.4 | | | | | $ | 4.21 | |

Earnings also benefited from lower operations and maintenance expense, the absence of a prior year unfavorable regulatory adjustment resulting from NSTAR Gas’ GSEP reconciliation filing, and a lower effective tax rate.

Our water distribution segment recognized a $297 million impairment charge in 2024 as a result of writing down the carrying value of the business to fair value due to the expected sale of Aquarion.

Excluding the impairment charge and transaction costs associated with the expected sale, water distribution segment earnings increased $11.5 million in 2024, as compared to 2023, due primarily to an after-tax benefit of $11.6 million recorded in 2024 to recognize the impacts of the Aquarion Water Company of Connecticut’s rate case decision from PURA.

The impacts of PURA’s rate case decision on March 15, 2023 were recorded beginning in March 2024 as a result of the State of Connecticut Superior Court’s decision on the rate case appeal on March 25, 2024.

The impacts primarily include a reduction to depreciation expense to reflect lower depreciation rates ordered by PURA in its final decision, partially offset by lower authorized revenues.

Eversource is currently in the process of selling its Aquarion water distribution business.

For information regarding the pending sale and use of proceeds, see "Business Development and Capital Expenditures - Pending Sale of Aquarion" included in this *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

On January 28, 2025, Yankee Gas submitted an application to PURA requesting authorization to issue up to $360 million in long-term debt through December 31, 2026.

PSNH has utilized its long-term debt authorizations in place with NHPUC.

| NSTAR Electric Debentures | | | 5.40 | | % | | | | 600.0 | | | | | | May 2024 | | | | | | June 2034 | | | | | | Repaid short-term debt, paid capital expenditures and working capital | | |

| Eversource Parent Series H Senior Notes | | | 3.15 | | % | | | | (300.0) | | | | | | January 2025 | | | | | | January 2025 | | | | | | Paid at maturity | | |

| NSTAR Gas Series X First Mortgage Bonds | | | 5.48 | | % | | | | 40.0 | | | | | | June 2024 | | | | | | June 2034 | | | | | | Repaid short-term debt, paid capital expenditures and general corporate purposes | | |

| Yankee Gas Series X First Mortgage Bonds | | | 5.74 | | % | | | | 90.0 | | | | | | July 2024 | | | | | | July 2034 | | | | | | Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds at maturity | | |

| Yankee Gas Series P First Mortgage Bonds | | | 2.23 | | % | | | | (100.0) | | | | | | October 2024 | | | | | | October 2024 | | | | | | Paid at maturity | | |

| EGMA Series E First Mortgage Bonds | | | 5.17 | | % | | | | 100.0 | | | | | | October 2024 | | | | | | November 2034 | | | | | | Refinanced existing indebtedness, paid capital expenditures and general corporate purposes | | |

| Aquarion Senior Notes | | | 4.00 | | % | | | | (360.0) | | | | | | August 2024 | | | | | | August 2024 | | | | | | Paid at maturity | | |

Eversource completed the program in October 2024.

Our quarterly common share dividend payment was $0.715 per share in 2024, as compared to $0.675 per share in 2023.

On January 29, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on March 31, 2025 to shareholders of record as of March 4, 2025.

| Eversource | | | $ | 1,113.5 | | | | | $ | 1,044.2 | | | | | $ | 982.4 | | | | | $ | 872.3 | | | | | $ | 764.4 | | | | | $ | 6,793.6 | | | | | $ | 11,570.4 | |

| CL&P | | | A- | | | | | | Stable | | | | | | A3 | | | | | | Negative | | | | | | A- | | | | | | Stable | | |

| CL&P | | | A | | | | | | Stable | | | | | | A1 | | | | | | Negative | | | | | | A+ | | | | | | Stable | | |

Our 2022 results include after-tax transaction and transition costs of $15.0 million, or $0.04 per share.

- We project that we will earn within a 2024 non-GAAP earning guidance range of between $4.50 per share and $4.67 per share, which excludes the impact of the expected sales of our 50 percent interests in three jointly-owned offshore wind projects and related transaction costs.

As part of this transaction, Eversource expects to receive approximately $1.1 billion of cash proceeds upon closing, which includes the sales value related to the 10 percent energy community ITC adder of approximately $170 million related to Revolution Wind, and to exit these projects while retaining certain cost sharing obligations for the construction of Revolution Wind.

The purchase price is subject to future post-closing adjustment payments based on, among other things, the progress, timing and expense of construction at each project.

Eversource currently expects that South Fork Wind will reach full commercial operation prior to closing of the sale with GIP and Eversource does not expect any material cost sharing or other purchase price adjustment payments for South Fork Wind.

Closing of the transaction is currently expected to occur in mid-2024.

The sale is subject to the successful selection of Sunrise Wind in the ongoing New York fourth solicitation for offshore wind capacity, signing of an OREC contract with NYSERDA, finalization of sale agreements, receipt of final federal construction permits, and relevant regulatory approvals.

If Sunrise Wind is not successful in the solicitation, then the existing OREC contract for Sunrise Wind will be cancelled according to the state’s requirements, and Eversource and Ørsted’s joint venture for Sunrise Wind will remain in place.

In that scenario, Ørsted and Eversource would then assess their options in determining the best path forward for Sunrise Wind and its assets, which include the BOEM offshore lease area.

- On January 25, 2024, Eversource and Ørsted submitted a new proposal for Sunrise Wind in the New York fourth offshore wind solicitation.

- Four of South Fork Wind’s twelve turbines were installed and placed into service by January 1, 2024, meeting the project commercial operation date requirements under the power purchase agreement with LIPA.

All wind turbines are expected to be installed and placed into service by the end of March 2024.

| CL&P Settlement Impacts (after-tax) (4) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (86.1) | | | | | | (0.25) | | |

(2) The 2023 charges primarily include a loss on the disposition of land.

(4) The 2021 after-tax costs are associated with the October 1, 2021 CL&P settlement agreement approved by PURA that included credits to customers and funding of various customer assistance initiatives and a 2021 storm performance penalty imposed on CL&P by PURA.

| CL&P Settlement Impacts (after-tax) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (86.1) | | | | | | (0.25) | | |

Our water distribution segment earnings decreased $3.7 million in 2023, as compared to 2022, due primarily to higher depreciation, operations and maintenance expense and higher interest expense.

Earnings were also unfavorably impacted by higher interest expense and a loss on the disposition of land in 2023 that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned.

Earnings benefited by a lower effective tax rate as a result of the ability to utilize tax credits and benefits in 2023, as well as a decrease in after-tax transaction and transition costs.

In addition, Eversource uses its capital resources to fund investments in its offshore wind business, which are recognized as long-term assets.

As a result of CL&P’s January 2024 long-term debt issuance, CL&P has now fully utilized this authorization.

On November 21, 2023, NSTAR Electric petitioned the DPU requesting authorization to issue up to $2.4 billion in long-term debt through December 31, 2026.

| NSTAR Electric 2023 Debentures | | | 5.60 | | % | | | | 150.0 | | | | | | September 2023 | | | | | | October 2028 | | | | | | Repaid Series G Senior Notes at maturity and short-term debt and for general corporate purposes | | |

| NSTAR Electric 2013 Series G Senior Notes | | | 3.88 | | % | | | | (80.0) | | | | | | November 2023 | | | | | | November 2023 | | | | | | Paid at maturity | | |

| PSNH Series X First Mortgage Bonds | | | 5.35 | | % | | | | 300.0 | | | | | | September 2023 | | | | | | October 2033 | | | | | | Repaid Series S Bonds at maturity and for general corporate purposes | | |

| PSNH Series S First Mortgage Bonds | | | 3.50 | | % | | | | (325.0) | | | | | | November 2023 | | | | | | November 2023 | | | | | | Paid at maturity | | |

| Eversource Parent Series AA Senior Notes | | | 4.75 | | % | | | | 450.0 | | | | | | May 2023 | | | | | | May 2026 | | | | | | Repaid Series T Senior Notes and Series N Senior Notes at maturity and short-term debt | | |

| Eversource Parent Series BB Senior Notes | | | 5.125 | | % | | | | 800.0 | | | | | | May 2023 | | | | | | May 2033 | | | | | | Repaid Series T Senior Notes and Series N Senior Notes at maturity and short-term debt | | |

| Eversource Parent Variable Rate Series T Senior Notes | | | SOFR plus 0.25% | | | | | | (350.0) | | | | | | August 2023 | | | | | | August 2023 | | | | | | Paid at maturity | | |

| Eversource Parent Series CC Senior Notes | | | 5.95 | | % | | | | 800.0 | | | | | | November 2023 | | | | | | February 2029 | | | | | | Repaid Series N Senior Notes at maturity and short-term debt | | |

In 2023, CL&P increased the flow back to customers of net revenues generated by long-term state-approved energy contracts by providing these credits to customers through the non-bypassable FMCC retail rate.

The reduction in the CL&P non-bypassable FMCC retail rate decreased the regulatory over-recovery balance and created an under-recovery balance as of December 31, 2023, which resulted in a decrease to amortization expense of $802.3 million in 2023, as compared to 2022, and is presented as a cash outflow in Amortization on the statement of cash

flows.

These unfavorable impacts were partially offset by the timing of cash collections on our accounts receivable, the absence in 2023 of $78.4 million of payments in 2022 related to withheld property taxes at our Massachusetts companies, a decrease of $76.3 million in pension contributions made in 2023 compared to 2022, the absence in 2023 of $72.0 million of customer credits distributed in 2022 at CL&P as a result of the October 2021 settlement agreement and the 2021 storm performance penalty for CL&P’s response to Tropical Storm Isaias, and a $38.7 million increase in operating cash flows due to lower income tax payments.

Proceeds from the October 2023 distribution were used to pay down short-term debt.

Proceeds from Unconsolidated Affiliates also includes proceeds received from the liquidation of an equity method investment in a renewable energy investment fund of $147.6 million in 2023.

| Eversource | | | $ | 933.3 | | | | | $ | 868.1 | | | | | $ | 827.5 | | | | | $ | 774.5 | | | | | $ | 671.6 | | | | | $ | 6,860.6 | | | | | $ | 10,935.6 | |

The future funding and guarantee obligations associated with our offshore wind investments will be impacted by the expected sales of our offshore wind investments and related developments.

| CL&P | | | A | | | | | | Watch Neg | | | | | | A3 | | | | | | Stable | | | | | | A- | | | | | | Stable | | |

| CL&P | | | A+ | | | | | | Watch Neg | | | | | | A1 | | | | | | Stable | | | | | | A+ | | | | | | Stable | | |

As of December 31, [removed: 2023,] [added: 2024,] all of our long-term debt was at a fixed interest rate.

As of December 31, [removed: 2023,] [added: 2024,] our regulated companies held collateral (letters of credit or cash) of [removed: $32.0] [added: $15] million from counterparties related to our standard service contracts.

As of December 31, [removed: 2023,] [added: 2024,] Eversource had [removed: $28.7] [added: $21.4] million of cash posted with ISO-NE related to energy transactions.

As of December 31, [removed: 2023,] [added: 2024,] CL&P furnished retail franchise electric service to approximately [removed: 1.28] [added: 1.30] million customers in 157 cities and towns in Connecticut.

CL&P's retail rates include [added: an energy supply component and] a delivery service component, which includes distribution, transmission, conservation, renewable energy programs and other [added: public benefit] charges that are assessed on all customers.

The rates established by PURA for [removed: CL&P] [added: CL&P, which] are [added: grouped by the customer bill components, are] comprised of the following:

The generation service charge is adjusted periodically and reconciled annually in accordance with the policies and procedures of [removed: the] PURA, with any differences refunded to, or recovered from, customers.

The ESI is adjusted periodically and reconciled annually in accordance with the policies and procedures of [removed: the] PURA, with any differences refunded to, or recovered from, customers.

The [removed: FMCC has both a bypassable component and a] non-bypassable [removed: component, and] [added: component of the FMCC] is adjusted periodically and reconciled annually in accordance with the policies and procedures of the PURA, with any differences refunded to, or recovered from, customers.

Distribution Rate [removed: Case:] [added: Case and Settlement Agreement:] CL&P's distribution rates were established in an April 2018 PURA-approved rate case settlement agreement with rates effective May 1, 2018, and incremental step adjustments effective May 1, 2019 and May 1, 2020.

[removed: CL&P Settlement Agreement:] In accordance with a 2021 settlement agreement, CL&P agreed that its current base distribution rates would be frozen, subject to certain customer credits, until no earlier than January 1, 2024.

During [removed: 2023,] [added: 2024,] CL&P supplied approximately [removed: 56] [added: 45] percent of its customer load at SS or LRS rates while the other [removed: 44] [added: 55] percent of its customer load had migrated to competitive energy suppliers.

In terms of the total number of CL&P customers, this equates to [removed: 25] [added: 21] percent being on competitive supply, while [removed: 75] [added: 79] percent remain with SS or LRS.

Currently, CL&P has full requirements supply contracts in place for 100 percent of its SS load for the first half of [removed: 2024.][added: 2025.]

For the second half of [removed: 2024,] [added: 2025,] CL&P has [removed: 70] [added: 50] percent of its SS load under full requirements supply contracts and intends to purchase an additional [removed: 30] [added: 50] percent of full requirements.

[removed: Ten percent] [added: None] of the SS load for [removed: 2025] [added: 2026] has been procured.

CL&P obtained a full requirements supply contract for its LRS load through [removed: June 2024] [added: March 2025] and intends to purchase 100 percent of full requirements for LRS for the remainder of [removed: 2024.][added: 2025.]

As of December 31, [removed: 2023,] [added: 2024,] NSTAR Electric furnished retail franchise electric service to approximately [removed: 1.49] [added: 1.58] million customers in [removed: 161] [added: 159] cities and towns in eastern and western Massachusetts, including Boston, Cape Cod, Martha's Vineyard and the greater Springfield metropolitan area.

The rates established by the DPU for NSTAR [removed: Electric] [added: Electric, which] are [added: grouped by the customer bill components, are] comprised of the following:

- Reconciling adjustment charges that recover certain DPU-approved costs, including pension and PBOP benefits, low income customer discounts, credits issued to net metering facilities installed by customers, payments to solar facilities qualified under the state solar renewable energy target program, attorney general consultant expenses, long-term renewable contracts, company-owned solar facilities, vegetation management costs, storm restoration, credits related to the Tax Cuts and Jobs Act of 2017, grid modernization costs, advanced metering infrastructure costs, electric vehicle make-ready infrastructure [removed: costs] [added: costs,] and provisional system planning charges.

NSTAR Electric will not be required to pay a SQ charge for its [removed: 2023] [added: 2024] performance as the company achieved results at or above target for all of its SQ metrics in [removed: 2023.][added: 2024.]

As approved by the DPU, NSTAR Electric enters into supply contracts for basic service for approximately [removed: 32] [added: 26] percent of its residential and [removed: 29] [added: 14] percent of its small commercial and industrial (C&I) customers twice per year for twelve-month terms.

NSTAR Electric enters into supply contracts for basic service for [removed: 7] [added: three] percent of its large C&I customers every three months.

During [removed: 2023,] [added: 2024,] NSTAR Electric supplied approximately [removed: 18] [added: 14] percent of its overall customer load at basic service rates.

The remaining [removed: 82] [added: 86] percent of its overall customer load was served either by municipal aggregation or competitive supply.

As of December 31, [removed: 2023,] [added: 2024,] PSNH furnished retail franchise electric service to approximately [removed: 539,000] [added: 544,000] retail customers in [removed: 215] [added: 206] cities and towns in New Hampshire.

The rates established by the NHPUC for [removed: PSNH] [added: PSNH, which] are [added: grouped by the customer bill components, are] comprised of the following:

- A Stranded Cost Recovery Charge (SCRC), which allows PSNH to recover its stranded costs, including above-market expenses incurred under mandated power purchase obligations, [added: recovery of costs of the net metering credit program, a credit for revenues generated by the RGGI program,] other long-term investments and obligations, and the remaining costs associated with the 2018 sales of its generation facilities.

For further information, see "Regulatory Developments and Rate Matters - New Hampshire" in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations*.][added: Operations.*]

[removed: These rates are] [added: The SBC rate changes annually and is] reconciled annually in accordance with the policies and procedures of the NHPUC, with any differences refunded to, or recovered from, customers.

Distribution Rate [removed: Case: PSNH’s] [added: Case and Settlement Agreement: PSNH's] distribution rates were established in a [removed: December] 2020 NHPUC-approved [added: rate case] settlement [removed: agreement,] [added: agreement] with rates effective January 1, 2021.

PSNH was [removed: also] permitted three step increases, effective January 1, 2021, August 1, 2021, and [removed: August] [added: November] 1, [removed: 2022,] [added: 2022] to reflect plant additions in calendar years 2019, 2020 and 2021, respectively.

PSNH does not own any generation assets and as approved by the NHPUC, purchases energy supply from a variety of competitive suppliers for its energy service customers through requests for proposals issued twice per year, for six-month terms, for approximately [removed: 64] [added: 58] percent of its residential and small C&I customers and for [removed: 9] [added: 15] percent of its large C&I customers.

During [removed: 2023,] [added: 2024,] PSNH supplied approximately [removed: 37] [added: 58] percent of its customer load at default energy service rates while the other [removed: 63] [added: 42] percent of its customer load had migrated to competitive energy suppliers.

Wholesale Transmission [removed: Rates][added: Rates and Transmission Proceedings]

[removed: Transmission revenues] [added: The transmission rates] are collected from New England [added: wholesale] customers, including distribution customers of CL&P, NSTAR Electric and PSNH.

The financial impacts of differences between actual and estimated costs are deferred for future recovery from, or refund to, transmission [added: wholesale] customers.

At the end of [removed: 2023,] [added: 2024,] our estimated transmission rate base was approximately [removed: $9.8] [added: $10.8] billion, including approximately [removed: $4.1] [added: $4.4] billion at CL&P, [removed: $3.9] [added: $4.4] billion at NSTAR Electric, and [removed: $1.8] [added: $2.0] billion at PSNH.

Given the significant uncertainty regarding the applicability of the FERC [removed: opinions] [added: order] in the MISO transmission [removed: owners'] [added: owners’] two complaint cases to the [removed: NETOs'] [added: NETOs’] pending four complaint [added: cases due to the complex differences between the] cases, Eversource concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the [removed: complaint] [added: complaints or subsequent] periods at this [added: time and Eversource cannot reasonably estimate any potential range of loss for any of the four complaint proceedings at this] time.

NSTAR Gas distributes natural gas to approximately [removed: 307,000] [added: 315,000] customers in 59 communities in central and eastern Massachusetts.

EGMA distributes natural gas to approximately [removed: 336,000] [added: 332,000] customers in 66 communities throughout Massachusetts.

Yankee Gas distributes natural gas to approximately [removed: 252,000] [added: 254,000] customers in 85 cities and towns in Connecticut.

Total throughput (sales and transportation) in [removed: 2023] [added: 2024] was approximately [removed: 67.1] [added: 69.0] Bcf for NSTAR Gas, [removed: 54.2] [added: 54.8] Bcf for EGMA, and [removed: 56.4] [added: 59.5] Bcf for Yankee Gas.

Eversource is currently in the process of selling its Aquarion water distribution business.

For further information, see "Business Development and Capital Expenditures – Pending Sale of Aquarion" in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

Eversource’s previous offshore wind business included 50 percent ownership interests in each of North East Offshore and South Fork Class B Member, LLC.

In the third quarter of 2024, Eversource sold its interest in these entities, and in doing so, sold its interests in the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project.

Eversource’s current offshore wind business is now comprised only of a noncontrolling tax equity investment in South Fork Wind.

Supply: *Cost of electricity from suppliers based on competitive procurements.*

Local Delivery: *Cost to build, maintain, repair and operate the distribution grid, including the poles, lines, and meters that deliver power from the substation.

It also includes the cost of resiliency and reliability improvements.*

In 2023, the state of Connecticut enacted a law that prohibits CL&P’s ESI capital tracking mechanism from being reauthorized in the next general distribution proceeding.

The ESI will therefore remain in place until base distribution rates are adjusted in CL&P’s next general distribution rate proceeding.

Public Benefits: *Cost to support energy programs mandated by the state and federal government for financial assistance and energy efficiency programs, purchasing renewable and carbon-free electricity, and funding solar and electric vehicle incentives.*

These costs include costs associated with ISO-NE, costs to avoid congestion on the transmission system, purchase contracts with zero-carbon energy generators (including the Millstone and Seabrook nuclear contracts) and with renewable energy generators, costs for capacity and gas peaker plants, renewable energy credits, and other initiatives required by state law.

CL&P is required by regulation to purchase electric generation from Millstone and Seabrook under PURA-approved PPAs entered into in 2019.

CL&P does not have legislative authority to use this purchased output to serve its customer load and therefore sells the energy into the wholesale market and uses the proceeds from the energy sales to offset the contract costs.

The net cost or net sales amount is recovered from, or refunded to, customers in the non-bypassable component of the FMCC rate with no company profit.

Transmission: *Cost to maintain high voltage towers and lines, including building, maintaining and operating the regional transmission system that brings electricity from power generators to the local distribution system.*

NSTAR Electric's retail rates include a supply component and a delivery component, which include distribution, transmission, renewable energy programs and other public policy charges that are assessed on all customers.

Supply: *Cost of electricity from suppliers based on competitive procurements.*

Delivery: *Cost of grid maintenance and other critical customer services and also includes government-mandated charges.*

PSNH's retail rates include a supply component and a delivery component, which include distribution, transmission, renewable energy programs and other public policy charges that are assessed on all customers.

Supply: *Cost of electricity from suppliers based on competitive procurements.*

The default energy service charge changes semi-annually, and is reconciled annually in accordance with the policies and procedures of the NHPUC, with any differences refunded to, or recovered from, customers.

Delivery: *Cost of building, maintaining and operating distribution and transmission systems, as well as state and federally mandated charges that fund financial assistance, energy efficiency and renewable energy programs.*

The transmission charge is reconciled annually to actual costs incurred, and reviewed by the NHPUC, with any difference refunded to, or recovered from, customers.

The SCRC rate changes annually with the option to change semi-annually, and is reconciled annually in accordance with the policies and procedures of the NHPUC, with any differences refunded to, or recovered from, customers.

On June 11, 2024, PSNH filed an application with the NHPUC for approval of a temporary annual base distribution rate increase effective August 1, 2024, which was approved by the NHPUC on July 31, 2024.

Also on June 11, 2024, PSNH filed an application with the NHPUC to request an increase in permanent base distribution rates, proposed to take effect August 1, 2025.

A decision by the NHPUC on permanent rates is expected by August 1, 2025.

As required by the NHPUC, PSNH purchased 12.5 percent of its residential and small C&I customer load through direct wholesale market participation for the second half of 2024.

CL&P, NSTAR Electric and PSNH wholesale transmission rates are calculated in accordance with a FERC-approved formula ratemaking framework and each utility is required to file an annual update on or before July 31st with resulting rates effective January 1st the following year.

The formula rate framework provides for an annual reconciliation of the prior calendar year actual costs incurred related to our transmission facilities, including an allowed ROE, plus forecasted information through the next rate period.

The annual update process also includes formula rate protocols that provide disclosure of cost inputs, an opportunity for informal discovery procedures and a challenge process, which provides transparency to stakeholders.

From time to time, various matters are pending before FERC relating to transmission rates, incentives, interconnections and transmission planning.

Depending on the outcome, any of these matters could materially impact our results of operations and financial condition.

At this time, Eversource cannot predict the ultimate outcome of the matters currently pending before FERC, and the resulting impact on its transmission incentives or planning.

On October 17, 2024, FERC issued an order on the remand of the MISO ROE proceedings.

On February 4, 2025, the MISO transmission owners submitted a petition for review with the Court requesting review of the October 17, 2024 MISO ROE order on remand and a December 19, 2024 notice of denial of rehearing.

On November 13, 2024, the NETOs filed a supplemental brief in their four pending ROE proceedings to explain to FERC that it cannot apply the reasoning and methodologies of the MISO ROE case to the NETOs’ cases due to the entirely different set of facts in the MISO and NETOs ROE proceedings.

Doing so would violate the substance of the Court’s April 14, 2017 order and would violate the legal standard required by the Federal Power Act.

The resolution of these proceedings could have a material impact on the financial condition, results of operations, and cash flows.

Eversource has an offshore wind business, which includes 50 percent ownership interests in three offshore wind projects and a tax equity investment in one of the projects.

For further information, see "Offshore Wind Business” below.

As required by regulation, CL&P has entered into long-term contracts for the purchase of (i) products from renewable energy facilities, which may include energy, renewable energy certificates, or capacity, (ii) capacity-related contracts with generation facilities, and (iii) contracts for peaking capacity.

Some of these contracts are subject to sharing agreements with UI, whereby CL&P is responsible for 80 percent and UI for 20 percent of the net costs or benefits.

CL&P's portion of the costs and benefits of these contracts will be paid by, or refunded to, CL&P's customers.

As approved by the DPU, NSTAR Electric has signed long-term commitments for the purchase of energy from renewable energy facilities.

The default energy service charge changes semi-annually, the SCRC rate changes annually with the option to change semi-annually beginning in 2023, and the transmission and SBC rates change annually.

As approved by the NHPUC, PSNH has signed long-term commitments for the purchase of energy from renewable energy facilities.

The NHPUC approved a rate increase effective February 1, 2022 designed to collect $1.1 million dollars annually to fund a reserve account to pay for arrearage forgiveness for customers with past due balances and the New Start Program.

On October 20, 2022, the NHPUC approved the third step adjustment for 2021 plant in service to recover a revenue requirement of $8.9 million, with rates effective November 1, 2022.

The total approved revenue requirement increase was collected over the remainder of the rate year (November 1, 2022 – July 31, 2023).

Wholesale transmission revenues are recovered through FERC-approved formula rates.

Annual transmission revenue requirements include recovery of transmission costs and include a return on equity applied to transmission rate base.

The transmission rates provide for an annual true-up of estimated to actual costs.

At this time, Eversource cannot predict how and when FERC will address the Court’s findings on the remand of the MISO FERC opinions or any potential associated impact on the NETOs’ four pending ROE complaint cases.

As well, Eversource cannot reasonably estimate a range of loss for any of the four complaint proceedings at this time.

In December 2023, the DPU issued an order for this docket.

The DPU will consider and, in some cases, require new processes and analysis for traditional natural gas investments, which may require significant changes to the LDC planning process and business models.

The DPU intends to put policies and structures in place that would protect customers as Massachusetts works to decarbonize the building sector, which may involve subsequent dockets and regulatory proceedings and potentially recasting the role of LDCs in Massachusetts.

The DPU preserved customer choice for energy needs and encouraged further development of decarbonized alternatives, such as the networked geothermal systems that NSTAR Gas is piloting in Framingham, Massachusetts.

At this time, Eversource cannot predict the ultimate outcome of this proceeding, as the Company and other LDCs are seeking formal clarity from the DPU to fully understand the resulting impact to their natural gas businesses and the associated timing of any impacts.

The Company does not believe there is any indication of an inability to recover costs or risk of impairment of our natural gas assets at this time.

In September 2021, PURA undertook a review of Connecticut natural gas companies’ infrastructure system expansion plan (SEP) to determine if the SEP continues to be in the best interest of the state’s comprehensive energy strategy.

On April 27, 2022, PURA issued an order for the immediate winding down of the SEP by (1) ending the enrollment of new customers in the SEP program and permitting only a specific group of potential customers who have executed a services agreement with a natural gas company on or before a specified date (subsequently approved as August 16, 2022) to qualify for incentives under the current SEP; (2) directing all surplus non-firm margin to be deferred as a regulatory liability and applied to rate base in a future rate proceeding; and (3) directing the natural gas companies to cease all outbound and passive marketing regarding the SEP.

On July 15, 2022, Yankee Gas appealed the portion of this order pertaining to the deferral of non-firm margin as a reduction to future rate base.

On October 24, 2023, Yankee Gas informed the Connecticut Superior Court that the parties mutually agreed to resolve the appeal through a stipulation, which clarified that PURA will decide in Yankee Gas’s next gas rate case the ratemaking treatment of the deferred non-firm margin.

Yankee Gas evaluated the prospective impact of this proceeding and does not believe the impact will be material to its future financial position, results of operations and cash flows.

OFFSHORE WIND BUSINESS

Eversource’s offshore wind business includes 50 percent ownership interests in wind partnerships, which collectively hold the Revolution Wind, South Fork Wind and Sunrise Wind projects, and a tax equity investment in South Fork Wind.

The offshore wind projects are being developed and constructed through joint and equal partnerships with Ørsted.

Revolution Wind is a 704 MW offshore wind power project located approximately 15 miles south of the Rhode Island coast, and South Fork Wind is a 130 MW offshore wind power project located approximately 35 miles east of Long Island.

Sunrise Wind is a 924 MW offshore wind facility located 35 miles east of Montauk Point, Long Island.

The completion dates for these projects are subject to federal permitting through BOEM, engineering, state siting and permitting in New York, Rhode Island and Massachusetts and construction schedules.

We are in the process of selling our existing 50 percent interests in the three jointly-owned offshore wind projects.

In connection with the sales process, we have recorded impairments to the carrying value of the offshore wind investments to reflect the investments at estimated fair value.

- Implementing programs to address risks that may impact water availability and water quality; and

In December 2023, we submitted an application to the Science Based Target initiative (SBTi) seeking validation of a broader GHG target, which will expand our emission reduction efforts and include indirect Scope 3 sources.

To measure our influences on climate change, we quantify and publicly report our operational carbon footprint through a third-party verified GHG emission inventory on an annual basis.

Diversity, Equity & Inclusion. Our commitment to Diversity, Equity & Inclusion (DEI) is critical to building a diverse, empowered and engaged team that delivers superior service safely to our customers.

We also remain committed to developing a workforce that fully reflects the diversity of the people and communities we serve.

For information regarding material lawsuits and proceedings, see [removed: [](#ifee1e5d7e5d44aeda2387d44cb7441ac_226)[Note] [added: [](#i184ea07dcc794a91967170698e8b08b9_229)[Note] 13, “Commitments and [removed: Contingencies,”](#ifee1e5d7e5d44aeda2387d44cb7441ac_226)] [added: Contingencies,”](#i184ea07dcc794a91967170698e8b08b9_229)] of the Combined Notes to Financial Statements.

| | | | [removed: ] [added: ] | | | | | |

| | | | For the fiscal year ended | | | December 31, [removed: 2023] [added: 2024] | | |

The aggregate market value of Eversource Energy's Common Shares, $5.00 par value, held by non-affiliates, computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of Eversource Energy's most recently completed second fiscal quarter (June 30, [removed: 2023)] [added: 2024)] was [removed: $24,734,207,777] [added: $20,096,384,968] based on a closing market price of [removed: $70.92] [added: $56.71] per share for the [removed: 348,762,095] [added: 354,371,098] common shares outstanding held by non-affiliates on June 30, [removed: 2023.][added: 2024.]

| Company - Class of Stock | | | Outstanding as of January 31, [removed: 2024] [added: 2025] | | | | | |

| Eversource Energy Common Shares, $5.00 par value | | | [removed: 349,687,183] [added: 366,785,030] | | | shares | | |

Eversource Energy holds all of the 6,035,205 shares, 200 shares, and 301 shares of the outstanding common stock of The Connecticut Light and Power Company, NSTAR Electric [removed: Company] [added: Company,] and Public Service Company of New Hampshire, respectively.

The Connecticut Light and Power Company, NSTAR Electric [removed: Company] [added: Company,] and Public Service Company of New Hampshire each meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K, and each is therefore filing this Form 10-K with the reduced disclosure format specified in General Instruction I(2) of Form 10‑K.

Eversource Energy, The Connecticut Light and Power Company, NSTAR Electric [removed: Company] [added: Company,] and Public Service Company of New Hampshire each separately file this combined Form 10-K.

Portions of the Eversource Energy and Subsidiaries [removed: 2022] [added: 2023] combined Annual Report on Form 10-K and portions of the Proxy Statement relating to the Annual Meeting of Shareholders to be held on May 1, [removed: 2024,] [added: 2025,] are incorporated by reference into Parts II and III of this Report.

| ES parent and other companies | | | ES parent and other companies are comprised of Eversource parent, Eversource Service, and other subsidiaries, which primarily includes our unregulated businesses, [removed: HWP Company,] The Rocky River Realty Company (a real estate subsidiary), the consolidated operations of CYAPC and YAEC, and Eversource parent's equity ownership interests that are not consolidated | | |

| Eversource [removed: 2022] [added: 2023] Form 10-K | | | The Eversource Energy and Subsidiaries [removed: 2022] [added: 2023] combined Annual Report on Form 10-K as filed with the SEC | | |

[removed: 2023] [added: 2024] FORM 10-K ANNUAL REPORT

| Item 1. | | | [removed: [Business](#ifee1e5d7e5d44aeda2387d44cb7441ac_19)] [added: [Business](#i184ea07dcc794a91967170698e8b08b9_19)] | | | [removed: [2](#ifee1e5d7e5d44aeda2387d44cb7441ac_19)] [added: [2](#i184ea07dcc794a91967170698e8b08b9_19)] | | |

| Item 1A. | | | [Risk [removed: Factors](#ifee1e5d7e5d44aeda2387d44cb7441ac_22)] [added: Factors](#i184ea07dcc794a91967170698e8b08b9_22)] | | | [removed: [16](#ifee1e5d7e5d44aeda2387d44cb7441ac_22)] [added: [16](#i184ea07dcc794a91967170698e8b08b9_22)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ifee1e5d7e5d44aeda2387d44cb7441ac_25)] [added: Comments](#i184ea07dcc794a91967170698e8b08b9_25)] | | | [removed: [22](#ifee1e5d7e5d44aeda2387d44cb7441ac_25)] [added: [22](#i184ea07dcc794a91967170698e8b08b9_25)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ifee1e5d7e5d44aeda2387d44cb7441ac_2483)] [added: [Cybersecurity](#i184ea07dcc794a91967170698e8b08b9_28)] | | | [removed: [22](#ifee1e5d7e5d44aeda2387d44cb7441ac_2483)] [added: [22](#i184ea07dcc794a91967170698e8b08b9_28)] | | |

| Item 2. | | | [removed: [Properties](#ifee1e5d7e5d44aeda2387d44cb7441ac_28)] [added: [Properties](#i184ea07dcc794a91967170698e8b08b9_31)] | | | [removed: [23](#ifee1e5d7e5d44aeda2387d44cb7441ac_28)] [added: [23](#i184ea07dcc794a91967170698e8b08b9_31)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ifee1e5d7e5d44aeda2387d44cb7441ac_31)] [added: Proceedings](#i184ea07dcc794a91967170698e8b08b9_34)] | | | [removed: [26](#ifee1e5d7e5d44aeda2387d44cb7441ac_31)] [added: [25](#i184ea07dcc794a91967170698e8b08b9_34)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ifee1e5d7e5d44aeda2387d44cb7441ac_34)] [added: Disclosures](#i184ea07dcc794a91967170698e8b08b9_37)] | | | [removed: [26](#ifee1e5d7e5d44aeda2387d44cb7441ac_34)] [added: [26](#i184ea07dcc794a91967170698e8b08b9_37)] | | |

| | | | [Information About Our Executive [removed: Officers](#ifee1e5d7e5d44aeda2387d44cb7441ac_37)] [added: Officers](#i184ea07dcc794a91967170698e8b08b9_40)] | | | [removed: [26](#ifee1e5d7e5d44aeda2387d44cb7441ac_37)] [added: [26](#i184ea07dcc794a91967170698e8b08b9_40)] | | |

| Item 5. | | | [Market for the Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ifee1e5d7e5d44aeda2387d44cb7441ac_40)] [added: Securities](#i184ea07dcc794a91967170698e8b08b9_43)] | | | [removed: [27](#ifee1e5d7e5d44aeda2387d44cb7441ac_40)] [added: [26](#i184ea07dcc794a91967170698e8b08b9_43)] | | |

| Item 6. | | | [Removed and [removed: Reserved](#ifee1e5d7e5d44aeda2387d44cb7441ac_43)] [added: Reserved](#i184ea07dcc794a91967170698e8b08b9_46)] | | | [removed: [28](#ifee1e5d7e5d44aeda2387d44cb7441ac_43)] [added: [28](#i184ea07dcc794a91967170698e8b08b9_46)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ifee1e5d7e5d44aeda2387d44cb7441ac_46)] [added: Operations](#i184ea07dcc794a91967170698e8b08b9_49)] | | | [removed: [29](#ifee1e5d7e5d44aeda2387d44cb7441ac_46)] [added: [29](#i184ea07dcc794a91967170698e8b08b9_49)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ifee1e5d7e5d44aeda2387d44cb7441ac_91)] [added: Risk](#i184ea07dcc794a91967170698e8b08b9_91)] | | | [removed: [59](#ifee1e5d7e5d44aeda2387d44cb7441ac_91)] [added: [59](#i184ea07dcc794a91967170698e8b08b9_91)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ifee1e5d7e5d44aeda2387d44cb7441ac_94)] [added: Data](#i184ea07dcc794a91967170698e8b08b9_94)] | | | [removed: [60](#ifee1e5d7e5d44aeda2387d44cb7441ac_94)] [added: [60](#i184ea07dcc794a91967170698e8b08b9_94)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ifee1e5d7e5d44aeda2387d44cb7441ac_280)] [added: Disclosure](#i184ea07dcc794a91967170698e8b08b9_283)] | | | [removed: [143](#ifee1e5d7e5d44aeda2387d44cb7441ac_280)] [added: [145](#i184ea07dcc794a91967170698e8b08b9_283)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ifee1e5d7e5d44aeda2387d44cb7441ac_280)] [added: Procedures](#i184ea07dcc794a91967170698e8b08b9_283)] | | | [removed: [143](#ifee1e5d7e5d44aeda2387d44cb7441ac_280)] [added: [145](#i184ea07dcc794a91967170698e8b08b9_283)] | | |

| Item 9B. | | | [Other [removed: Information](#ifee1e5d7e5d44aeda2387d44cb7441ac_280)] [added: Information](#i184ea07dcc794a91967170698e8b08b9_283)] | | | [removed: [143](#ifee1e5d7e5d44aeda2387d44cb7441ac_280)] [added: [145](#i184ea07dcc794a91967170698e8b08b9_283)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ifee1e5d7e5d44aeda2387d44cb7441ac_283)] [added: Governance](#i184ea07dcc794a91967170698e8b08b9_286)] | | | [removed: [144](#ifee1e5d7e5d44aeda2387d44cb7441ac_283)] [added: [146](#i184ea07dcc794a91967170698e8b08b9_286)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ifee1e5d7e5d44aeda2387d44cb7441ac_286)] [added: Compensation](#i184ea07dcc794a91967170698e8b08b9_289)] | | | [removed: [144](#ifee1e5d7e5d44aeda2387d44cb7441ac_286)] [added: [146](#i184ea07dcc794a91967170698e8b08b9_289)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ifee1e5d7e5d44aeda2387d44cb7441ac_289)] [added: Matters](#i184ea07dcc794a91967170698e8b08b9_292)] | | | [removed: [144](#ifee1e5d7e5d44aeda2387d44cb7441ac_289)] [added: [146](#i184ea07dcc794a91967170698e8b08b9_292)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ifee1e5d7e5d44aeda2387d44cb7441ac_292)] [added: Independence](#i184ea07dcc794a91967170698e8b08b9_295)] | | | [removed: [145](#ifee1e5d7e5d44aeda2387d44cb7441ac_292)] [added: [147](#i184ea07dcc794a91967170698e8b08b9_295)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#ifee1e5d7e5d44aeda2387d44cb7441ac_295)] [added: Services](#i184ea07dcc794a91967170698e8b08b9_298)] | | | [removed: [145](#ifee1e5d7e5d44aeda2387d44cb7441ac_295)] [added: [147](#i184ea07dcc794a91967170698e8b08b9_298)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ifee1e5d7e5d44aeda2387d44cb7441ac_298)] [added: Schedules](#i184ea07dcc794a91967170698e8b08b9_301)] | | | [removed: [147](#ifee1e5d7e5d44aeda2387d44cb7441ac_298)] [added: [149](#i184ea07dcc794a91967170698e8b08b9_301)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ifee1e5d7e5d44aeda2387d44cb7441ac_301)] [added: Summary](#i184ea07dcc794a91967170698e8b08b9_304)] | | | [removed: [147](#ifee1e5d7e5d44aeda2387d44cb7441ac_301)] [added: [149](#i184ea07dcc794a91967170698e8b08b9_304)] | | |

You can generally identify our forward-looking statements through the use of words or phrases such as "estimate," "expect," [added: "pending,"] "anticipate," "intend," "plan," "project," "believe," "forecast," "would," "should," "could," and other similar expressions.

- changes in laws, [removed: regulations] [added: regulations, Presidential executive orders] or regulatory policy, including compliance with environmental laws and regulations,

| GSEP | | | Gas System Enhancement Program | | |

| [Signatures](#i184ea07dcc794a91967170698e8b08b9_316) | | | | | | E-[10](#i184ea07dcc794a91967170698e8b08b9_316) | | |

- the ability to qualify for investment tax credits and investment tax credit adders,

- variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects,

| North East Offshore | | | North East Offshore, LLC, an offshore wind business being developed jointly by Eversource and Denmark-based Ørsted | | |

| BOEM | | | U.S. Bureau of Ocean Energy Management | | |

| OREC | | | Offshore Wind Renewable Energy Certificate | | |

| [Signatures](#ifee1e5d7e5d44aeda2387d44cb7441ac_313) | | | | | | E-[9](#ifee1e5d7e5d44aeda2387d44cb7441ac_313) | | |

- our ability to complete the offshore wind investments sales process on the timelines, terms and pricing we expect; if we and the counterparties are unable to satisfy all closing conditions and consummate the purchase and sale transactions with respect to our offshore wind assets; if Sunrise Wind does not win in the OREC contract solicitation process; if we are unable to qualify for investment tax credits related to these projects; if we experience variability in the projected construction costs of the 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,

The Company has a robust Enterprise Risk Management Program [removed: which] [added: that] has identified cyber security as a top enterprise risk.

To assess, identify and manage material risks from cybersecurity threats and to prevent, detect, mitigate and remediate a cyber security [removed: or ransomware] incident, the following key processes and programs have been implemented and are performed by the Company’s Cyber Security Group, which is overseen by the Chief Information Security Officer:

The Company’s cyber program has been modeled after the [added: Department of Energy’s Cyber Capability Maturity Model and the] National Institute of Standards and Technology framework; [removed: a] [added: both] widely accepted [removed: framework] [added: frameworks] utilized by [added: utilities and other] critical infrastructure industries.

As of December 31, [removed: 2023,] [added: 2024,] there were no [removed: risks from cybersecurity threats, including due to any previous cybersecurity incidents,] [added: cyber incidents] that have materially affected or are reasonably likely to materially affect the Company, its business strategy, results of operations, or financial condition.

Members include key leaders of the Company, including the Chief Information Officer.

- Established an Artificial Intelligence Executive Working Committee to ensure a “Secure by Design” approach to implementations of artificial intelligence.

As of December 31, [removed: 2023,] [added: 2024,] Eversource and our electric operating subsidiaries owned the following:

| Transformer capacity (in kVa) | | | [removed: 47,706,000] [added: 48,055,400] | | | | | | [removed: 16,222,000] [added: 16,223,000] | | |

| Overhead lines (in circuit miles) | | | [removed: 40,673] [added: 40,595] | | | | | | [removed: 3,992] [added: 3,998] | | |

| Underground lines (in circuit miles) | | | [removed: 18,119] [added: 19,001] | | | | | | [removed: 423] [added: 459] | | |

| Transformer capacity (in kVa) | | | [removed: 21,850,000] [added: 21,984,000] | | | | | | 3,184,000 | | | | | | [removed: 21,420,000] [added: 21,477,400] | | | | | | 8,688,000 | | | | | | [removed: 4,436,000] [added: 4,594,000] | | | | | | [removed: 4,350,000] [added: 4,351,000] | | |

As of December 31, [removed: 2023,] [added: 2024,] NSTAR Electric owned the following solar power facilities:

As of December 31, [removed: 2023,] [added: 2024,] NSTAR Gas owned [removed: 22] [added: 21] active gate stations, [removed: 147] [added: 165] district regulator stations, and approximately [removed: 3,330] [added: 3,337] miles of natural gas main pipeline.

As of December 31, [removed: 2023,] [added: 2024,] EGMA owned [removed: 14] [added: 15] active gate stations, [removed: 191] [added: 178] district regulator stations, and approximately [removed: 5,033] [added: 5,021] miles of natural gas main pipeline.

As of December 31, [removed: 2023,] [added: 2024,] Yankee Gas owned 28 active gate stations, [removed: 200] [added: 197] district regulator stations, and approximately [removed: 3,540] [added: 3,530] miles of natural gas main pipeline.

As of December 31, [removed: 2023,] [added: 2024,] NSTAR Gas owned 0.65 miles of intrastate transmission natural gas pipeline.

As of December 31, [removed: 2023,] [added: 2024,] Aquarion owned and operated sources of water supply with a combined yield of approximately 135 million gallons per day; [removed: 3,802] [added: 3,817] miles of transmission and distribution mains; 10 surface water treatment plants; [removed: 36] [added: 37] dams; and 119 wellfields.

| Overhead lines (in circuit miles) | | | 16,744 | | | | | | 1,674 | | | | | | 11,506 | | | | | | 1,272 | | | | | | 12,345 | | | | | | 1,052 | | |

| Underground lines (in circuit miles) | | | 6,932 | | | | | | 157 | | | | | | 9,940 | | | | | | 299 | | | | | | 2,129 | | | | | | 3 | | |

| Underground and overhead line transformers in service | | | 650,632 | | | | | | 294,777 | | | | | | 183,831 | | | | | | 172,024 | | |

| Aggregate capacity (in kVa) | | | 39,547,666 | | | | | | 16,931,978 | | | | | | 15,165,820 | | | | | | 7,449,868 | | |

| Overhead lines (in circuit miles) | | | 16,738 | | | | | | 1,679 | | | | | | 11,619 | | | | | | 1,260 | | | | | | 12,316 | | | | | | 1,053 | | |

| Underground lines (in circuit miles) | | | 6,884 | | | | | | 143 | | | | | | 9,135 | | | | | | 277 | | | | | | 2,100 | | | | | | 3 | | |

| Underground and overhead line transformers in service | | | 638,464 | | | | | | 293,942 | | | | | | 173,705 | | | | | | 170,817 | | |

| Aggregate capacity (in kVa) | | | 39,360,574 | | | | | | 16,730,938 | | | | | | 15,327,341 | | | | | | 7,302,295 | | |

NSTAR Gas reclassified 0.35 miles of transmission pipeline from 49 CFR 192 Pipeline regulated to 49 CFR 193 LNG regulated at the Hopkinton LNG facility.

As of December 31, 2023, EGMA did not own any miles of intrastate transmission natural gas pipeline.

EGMA replaced its last remaining 0.5 miles of transmission pipeline.

The replacement pipeline was designed and engineered to be Distribution class.

The following sets forth the executive officers of Eversource Energy as of February 14, [removed: 2024.][added: 2025.]

| Joseph R. Nolan, Jr. | | | | | | [removed: 60] [added: 61] | | | | | | Chairman of the Board, President, Chief Executive Officer and a Trustee | | |

| John M. Moreira | | | | | | [removed: 62] [added: 63] | | | | | | Executive Vice President, Chief Financial Officer and Treasurer | | |

| Gregory B. Butler | | | | | | [removed: 66] [added: 67] | | | | | | Executive Vice President and General Counsel | | |

| Paul Chodak III | | | | | | [removed: 60] [added: 61] | | | | | | Executive Vice President and Chief Operating Officer | | |

| Penelope M. Conner | | | | | | [removed: 60] [added: 61] | | | | | | Executive Vice President-Customer Experience and Energy Strategy | | |

| James W. Hunt, III | | | | | | [removed: 52] [added: 53] | | | | | | Executive Vice President-Corporate Relations and Sustainability and Secretary | | |

| Susan Sgroi | | | | | | [removed: 59] [added: 60] | | | | | | Executive Vice President-Human Resources and Information Technology | | |

| Jay S. Buth | | | | | | [removed: 54] [added: 55] | | | | | | Vice President, Controller and Chief Accounting Officer | | |

As of January 31, [removed: 2024,] [added: 2025,] there were [removed: 29,025] [added: 27,747] registered common shareholders of our company on record.

As of the same date, there were a total of [removed: 349,687,183] [added: 366,785,030] shares outstanding.

The performance graph below illustrates a five-year comparison of cumulative total returns based on an initial investment of $100 in [removed: 2018] [added: 2019] in Eversource Energy common stock, as compared with the S&P 500 Stock Index and the EEI Index for the period [removed: 2018] [added: 2019] through [removed: 2023,] [added: 2024,] assuming all dividends are reinvested.

[removed: ][added: ]

| | | | [removed: 2018 | | |] 2019 | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | | [added: 2024 | | |]

| Eversource Energy | | | $100 | | | $104 | | | $113 | | | $107 | | | $82 | | | $80 | | |

| EEI Index | | | $100 | | | $99 | | | $116 | | | $117 | | | $107 | | | $127 | | |

| S&P 500 | | | $100 | | | $118 | | | $152 | | | $125 | | | $158 | | | $197 | | |

| October 1 - October 31, 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| November 1 - November 30, 2024 | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| December 1 - December 31, 2024 | | | 3,065 | | | | | | 57.39 | | | | | | — | | | | | | — | | |

| Total | | | 3,065 | | | | | | $ | 57.39 | | | | | — | | | | | | — | | |

| Eversource Energy | | | $100 | | | $134 | | | $140 | | | $152 | | | $144 | | | $111 | | |

| EEI Index | | | $100 | | | $126 | | | $124 | | | $146 | | | $147 | | | $134 | | |

| S&P 500 | | | $100 | | | $131 | | | $156 | | | $200 | | | $164 | | | $207 | | |

| October 1 - October 31, 2023 | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| November 1 - November 30, 2023 | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| December 1 - December 31, 2023 | | | 2,941 | | | | | | 61.80 | | | | | | — | | | | | | — | | |

| Total | | | 2,941 | | | | | | $ | 61.80 | | | | | — | | | | | | — | | |

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting were effective as of December 31, [removed: 2023.][added: 2024.]

We have audited the internal control over financial reporting of Eversource Energy and subsidiaries (the “Company”) as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2023,] [added: 2024,] of the Company and our report dated February 14, [removed: 2024,] [added: 2025,] expressed an unqualified opinion on those financial statements.

We have audited the accompanying consolidated balance sheets of Eversource Energy and subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income, comprehensive income, common shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and the schedules listed in the Index at Item 15 of Part IV (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 14, [removed: 2024,] [added: 2025,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

Critical Audit [removed: Matter][added: Matters]

We identified the impact of [removed: rate-regulation] [added: rate regulation related to regulatory assets] as a critical audit matter due to the [removed: significant] judgments made by [removed: management] [added: management, including assumptions regarding the outcome of future decisions by the Commissions] to support its assertions [removed: about impact of future regulatory orders] on the [removed: financial statements.][added: likelihood of future recovery for deferred costs.]

Given that management’s accounting judgments are based on assumptions about the outcome of future decisions by the Commissions, auditing these judgments [removed: requires] [added: required] specialized knowledge of accounting for rate regulation and the [removed: rate setting] [added: ratemaking] process due to its inherent [removed: complexities.][added: complexities as it relates to regulatory assets.]

- We tested the effectiveness of management’s controls over the evaluation of the likelihood of [removed: (1)] the recovery in future rates of costs [removed: incurred as property, plant, and equipment and] deferred as regulatory [removed: assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.][added: assets.]

- We read relevant regulatory orders issued by the Commissions for the Company and other public utilities, regulatory statutes, interpretations, procedural memorandums, filings made by intervenors, and other publicly available information to assess the likelihood of recovery in future rates [removed: or of a future refund or reduction in rates] based on precedents of the Commissions’ treatment of similar costs under similar circumstances.

We [added: also] evaluated the external information and compared it to management’s recorded regulatory asset and liability balances for completeness.

- We made inquiries of management, including legal counsel, and obtained the regulatory orders and analysis from management that support the probability of [removed: recovery, refund, or future reductions] [added: recovery] in rates for regulatory assets [removed: and liabilities] to assess management’s assertion that amounts are probable of [removed: recovery, refund, or a future reduction in rates.][added: recovery.]

Investments in Unconsolidated Affiliates – Impact of Offshore Wind [removed: Impairment and Offshore Wind] [added: Investment] Divestiture - Refer to Note 6 to the Financial Statements

[added: *Offshore Wind Business:*] Eversource’s [added: previous] offshore wind business [removed: includes] [added: included] 50 percent ownership interests in each of North East Offshore and South Fork Class B Member, [removed: LLC, which collectively hold three offshore wind projects.][added: LLC.]

Eversource’s [added: current] offshore wind business [removed: also includes] [added: is now comprised only of] a noncontrolling tax equity investment in South Fork Wind through a 100 percent ownership in South Fork Wind Holdings, LLC Class A [removed: shares.][added: interests.]

[removed: In the second quarter of] [added: On May 25,] 2023, [removed: the Company] [added: Eversource] announced that it had completed [removed: the] [added: a] strategic review of its offshore wind investments and determined that it would [removed: continue to] pursue the sale of its offshore wind investments.

We tested the effectiveness of management’s controls over the [removed: initial] [added: loss] recognition [removed: of] [added: on] the [removed: impairment charge.][added: investments.]

- We evaluated the Company’s disclosures related to the [removed: impairment charges disclosed] [added: offshore wind transactions] in the financial statements.

| (Thousands of Dollars) | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash | | | $ | [removed: 53,873] [added: 26,656] | | | | | $ | [removed: 47,597] [added: 53,873] | |

| Receivables, Net (net of allowance for uncollectible accounts of [removed: $554,455] [added: $556,164] and [removed: $486,297] [added: $554,455] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively) | | | [removed: 1,431,531] [added: 1,651,325] | | | | | | [removed: 1,517,138] [added: 1,431,531] | | |

| Unbilled Revenues | | | [removed: 225,325] [added: 242,169] | | | | | | [removed: 238,968] [added: 225,325] | | |

| Materials, Supplies, Natural Gas and REC Inventory | | | [removed: 507,307] [added: 594,568] | | | | | | [removed: 374,395] [added: 507,307] | | |

| Regulatory Assets | | | [removed: 1,674,196] [added: 2,189,660] | | | | | | [removed: 1,335,491] [added: 1,674,196] | | |

| Prepayments and Other Current Assets | | | [removed: 355,762] [added: 315,368] | | | | | | [removed: 382,603] [added: 355,762] | | |

| Total Current Assets | | | [removed: 4,247,994] [added: 5,076,073] | | | | | | [removed: 4,223,198] [added: 4,247,994] | | |

| Property, Plant and Equipment, Net | | | [removed: 39,498,607] [added: 40,986,578] | | | | | | [removed: 36,112,820] [added: 39,498,607] | | |

| Regulatory Assets | | | [removed: 4,714,970] [added: 4,880,974] | | | | | | [removed: 4,242,794] [added: 4,714,970] | | |

| Goodwill | | | [removed: 4,532,100] [added: 3,571,333] | | | | | | [removed: 4,522,632] [added: 4,532,100] | | |

| Investments in Unconsolidated Affiliates | | | [removed: 660,473] [added: 168,652] | | | | | | [removed: 2,176,080] [added: 660,473] | | |

| Prepaid Pension and PBOP | | | [removed: 1,028,207] [added: 1,336,633] | | | | | | [removed: 1,045,524] [added: 1,028,207] | | |

| Marketable Securities | | | [removed: 337,814] [added: 320,272] | | | | | | [removed: 366,508] [added: 337,814] | | |

| Other Long-Term Assets | | | [removed: 592,080] [added: 642,869] | | | | | | [removed: 541,344] [added: 592,080] | | |

| Total Deferred Debits and Other Assets | | | [removed: 11,865,644] [added: 13,531,878] | | | | | | [removed: 12,894,882] [added: 11,865,644] | | |

| Total Assets | | | $ | [removed: 55,612,245] [added: 59,594,529] | | | | | $ | [removed: 53,230,900] [added: 55,612,245] | |

| Notes Payable | | | $ | [removed: 1,930,422] [added: 2,042,793] | | | | | $ | [removed: 1,442,200] [added: 1,930,422] | |

| Long-Term Debt – Current Portion | | | [removed: 824,847] [added: 1,003,150] | | | | | | [removed: 1,320,129] [added: 824,847] | | |

| Accounts Payable | | | [removed: 1,869,187] [added: 1,736,880] | | | | | | [removed: 2,113,905] [added: 1,869,187] | | |

February 14, 2025

February 14, 2025

The Company is subject to regulation by federal, Connecticut, Massachusetts, and New Hampshire utility regulatory agencies (the “Commissions”), which have jurisdiction with respect to the rates of the Company’s electric, natural gas, and water distribution companies.

Management has determined it meets the criteria for the application of regulated operations accounting in preparing its financial statements under accounting principles generally accepted in the United States of America.

Judgment can be required to determine if otherwise recognizable incurred costs qualify to be presented as a regulatory asset and deferred because such costs are probable of future recovery in customer rates.

As discussed in Note 2, regulatory proceedings in recent years have focused on the recoverability of costs, including storm costs, regulatory tracking mechanisms and benefit costs, amongst others.

As a result, assessing the potential outcomes of future regulatory orders requires management judgment.

- We performed audit procedures on deferred storm restoration costs for completeness and accuracy.

In the third quarter of 2024, Eversource sold its interests in the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project.

Eversource’s offshore wind business continues to hold a noncontrolling tax equity investment in the South Fork Wind project through a 100 percent ownership in the Class A shares of South Fork Wind Holdings, LLC.

Upon sale, Eversource recorded a loss of approximately $524 million.

As part of the sale, Eversource agreed to make certain post-closing purchase price adjustment payments, which could further impact the final purchase price.

The Company recorded a liability of $365 million reflecting its estimate of the future obligations under the sale terms, which primarily include a cost overrun sharing obligation, an expected obligation to maintain the buyer’s internal rate of return and obligations for other future costs.

We identified the evaluation of the offshore wind investment divestiture as a critical audit matter because of the extensive effort required to audit the subjective and complex judgments associated with the determination of the loss on sale and related contingent liability.

Our audit procedures related to the offshore wind investment divestiture included the following, among others:

- We tested the effectiveness of management’s controls over loss considerations including the recording and disclosure of the loss on the offshore wind investments, including estimates and assumptions used to measure the loss.

- We evaluated management’s assumptions utilized in recording the loss on investments.

- We evaluated the sufficiency of the contingent liability based on facts and circumstances that existed as of the reporting date.

- We made inquiries of management and evaluated management’s analysis that supported the project forecast, the timing of the loss, and the assumptions made in the recording of the loss on investments, including the contingent liability.

February 14, 2025

| (Thousands of Dollars) | | | 2024 | | | | | | 2023 | | |

| Current Assets Held for Sale | | | 56,327 | | | | | | — | | |

| Long-Term Assets Held for Sale | | | 2,611,145 | | | | | | — | | |

| Accrued Interest | | | 341,558 | | | | | | 260,577 | | |

| Current Liabilities Held for Sale | | | 52,593 | | | | | | — | | |

| Other Current Liabilities | | | 868,491 | | | | | | 821,404 | | |

| Long-Term Liabilities Held for Sale | | | 398,859 | | | | | | — | | |

| Loss on Pending Sale of Aquarion | | | 297,000 | | | | | | — | | | | | | — | | |

| Net Income | | | | | | | | | | | | 819,172 | | | | | | | | | 819,172 | | |

| Issuance of Common Shares - $5 par value | | | 15,740,294 | | | 78,702 | | | 921,387 | | | | | | | | | | | | 1,000,089 | | |

| Capital Stock Expense | | | | | | | | | (10,642) | | | | | | | | | | | | (10,642) | | |

| Issuance of Treasury Shares | | | 1,327,492 | | | | | | 63,841 | | | | | | | | | 24,873 | | | 88,714 | | |

| Balance as of December 31, 2024 | | | 366,608,052 | | | $ | 1,878,622 | | $ | 9,428,905 | | $ | 3,929,141 | | $ | (26,472) | | $ | (170,809) | | $ | 15,039,387 | |

| Net Income/(Loss) | | | $ | 819,172 | | | | | $ | (434,721) | | | | | $ | 1,412,394 | |

| Depreciation | | | 1,433,503 | | | | | | 1,305,840 | | | | | | 1,194,246 | | |

| Amortization | | | 342,864 | | | | | | (490,117) | | | | | | 448,892 | | |

| Losses on Offshore Wind Investments | | | 464,019 | | | | | | 2,167,000 | | | | | | — | | |

| Loss on Pending Sale of Aquarion | | | 297,000 | | | | | | — | | | | | | — | | |

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting were effective as of December 31, 2024.

February 14, 2025

February 14, 2024

The Company’s utility companies are subject to rate regulation by the Federal Energy Regulatory Commission and by their respective state public utility authorities in Connecticut, Massachusetts, or New Hampshire (the “Commissions”).

The rate regulation by these Commissions is based on cost recovery.

The regulated companies’ financial statements reflect the effects of the rate-making process.

The rates charged to the customers of the Company’s regulated companies are designed to collect each company’s cost to provide service, plus a return on investment.

The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities.

Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates.

Regulatory assets are amortized as the incurred costs are recovered through customer rates.

The Company must use judgment to conclude that costs deferred as regulatory assets are probable of future recovery.

The Company bases its conclusion on certain factors, including, but not limited to, regulatory precedent.

Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers.

The Company uses judgment when recording regulatory assets and liabilities; however, regulatory commissions can reach different conclusions about the recovery of costs, and those conclusions could have a material impact on the Company’s financial statements.

Management believes it is probable that each of the regulated companies will recover its respective investment in long-lived assets, including regulatory assets.

If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises to any of the regulated companies’ operations, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the costs would be charged to net income in the period in which the determination is made.

Accounting for the economics of rate-regulation impacts multiple financial statement line items and disclosures, such as regulated property, plant, and equipment, regulatory assets and liabilities, operating revenues, depreciation expense and amortization of regulatory assets.

While management has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve full recovery of such costs or full recovery of all amounts invested in the utility business and a reasonable return on that investment.

Management judgments include assessing the probability of recovery in future rates of incurred costs and of a refund to customers.

We tested the effectiveness of management’s controls over the initial recognition of amounts as property, plant, and equipment; regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates, a refund, or a future reduction in rates.

North East Offshore holds the Revolution Wind project and the Sunrise Wind project.

South Fork Class B Member, LLC holds the South Fork Wind project.

The offshore wind projects are being developed and constructed through joint and equal partnerships with Ørsted.

The Company also entered into a purchase and sale agreement with Ørsted for its 50% interest in an uncommitted lease area and committed to provide tax equity for the South Fork Wind project through a new tax equity ownership interest.

In connection with the conclusion of the strategic review, Eversource evaluated its aggregate investment in the projects, uncommitted lease area, and other related capitalized costs and determined that the carrying value of the equity method offshore wind investment exceeded the fair value of the investment and that the decline was other-than-temporary.

The estimate of fair value was based on the expected sale price of the Company’s 50 percent interest in the three contracted projects based on the most recent bid value, the sale price of the uncommitted lease area included in the purchase and sale agreement, expected investment tax credits and potential investment tax credit adder amounts, the value of the tax equity ownership interest, and the expectation of a successful repricing of the Sunrise Wind Offshore Renewable Energy Credit (“OREC”) contract.

As a result, the Company recognized an other-than temporary impairment charge in the second quarter of 2023.

In the fourth quarter of 2023, The New York State Public Service Commission denied Sunrise Wind’s petition to amend its OREC contract to increase the contract price to cover increased costs and inflation.

Also during the fourth quarter, project construction forecasts were updated, and these new forecasts reflected additional expenditures for construction and scheduling related pressures, including the availability and increased cost of installation vessels and supply chain cost increases related to foundation fabrication.

In determining the current fair value of the investments, these updated projections exceeded the previously estimated projections for construction expenditures, which resulted in a revised sales price that is now significantly lower than the previous bid value.

Accordingly, the Company also recognized an other-than temporary impairment charge in the fourth quarter of 2023.

We identified the evaluation of other-than-temporary impairment charge for the offshore wind investment as a critical audit matter.

It involves a significant degree of judgment and estimation, including identifying circumstances that indicate an impairment may exist at the equity method investment level, selecting discount rates used to determine fair values, and developing an estimate of discounted future cash flows expected from

investment operations or the sale of the investment.

This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the price and the discount rate used in the discounted future cash flow method.

Our audit procedures related to the discount rate used to determine fair market values and the estimates of discounted future cash flows expected from the sale of the investment.

- We tested the effectiveness of management’s controls over impairment considerations including the aggregate investment in the projects, the sale price of the uncommitted lease area, and other related capitalized costs, as well as the discounted cash flow analysis for the offshore wind investments.

- We evaluated the assumptions utilized within the discounted cash flow model used in the Company’s impairment analysis.

- We made inquiries of management and evaluated the full impairment analysis from management that supported the other-than-temporary impairment charge in accordance with ASC 323-10-35-32A “Equity Method and Joint Ventures – Subsequent Measurement”.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Cash Equivalents | | | — | | | | | | 327,006 | | |

| Other Current Liabilities | | | 1,081,981 | | | | | | 989,053 | | |

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting at Eversource, CL&P, NSTAR Electric and PSNH were effective as of December 31, [removed: 2023.][added: 2024.]

Management, on behalf of Eversource, CL&P, NSTAR Electric and PSNH, evaluated the design and operation of the disclosure controls and procedures as of December 31, [removed: 2023] [added: 2024] to determine whether they are effective in ensuring that the disclosure of required information is made timely and in accordance with the Securities Exchange Act of 1934 and the rules and regulations of the SEC.

There have been no changes in internal controls over financial reporting for Eversource, CL&P, NSTAR Electric and PSNH during the quarter ended December 31, [removed: 2023] [added: 2024] that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

During the quarter ended December 31, [removed: 2023,] [added: 2024,] none of the Company’s directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as such terms are defined under Item 408 of Regulation S-K.

No additional information is required to be disclosed under this item as of December 31, [removed: 2023,] [added: 2024,] as this information has been previously disclosed in applicable reports on Form 8-K during the fourth quarter of [removed: 2023.][added: 2024.]

The information required by this Item 10 for Eversource Energy is incorporated herein by reference to certain information contained in the sections captioned “Election of Trustees,” and “Governance of Eversource Energy” plus related subsections, of Eversource Energy’s definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 22, 2024.][added: 21, 2025.]

The information required by this Item 11 for Eversource Energy is incorporated herein by reference to certain information contained in Eversource Energy's definitive proxy statement for solicitation of proxies, which is expected to be filed with the SEC on or about March [removed: 22, 2024,] [added: 21, 2025,] under the sections captioned “Compensation Discussion and Analysis,” plus related subsections, and “Compensation Committee Report,” plus related subsections following such Report.

In addition to the information below under "Securities Authorized for Issuance Under Equity Compensation Plans," incorporated herein by reference is the information contained in the sections "Securities Ownership of Certain Beneficial Owners" and "Common Share Ownership of Trustees and Management" of Eversource Energy's definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 22, 2024.][added: 21, 2025.]

The following table sets forth the number of Eversource Energy common shares issuable under Eversource Energy equity compensation plans, as well as their weighted exercise price, as of December 31, [removed: 2023,] [added: 2024,] in accordance with the rules of the SEC:

| Equity compensation plans approved by security holders | | | [removed: 1,336,666] [added: 1,579,634] | | | $— | | | [removed: 4,587,376] [added: 3,790,353] | | |

(1) Includes [removed: 672,242] [added: 715,442] common shares for distribution in respect of restricted share units, and [removed: 664,424] [added: 864,192] performance shares issuable at target, all pursuant to the terms of our Incentive Plans.

| Total | | | 1,579,634 | | | $— | | | 3,790,353 | | |

| Total | | | 1,336,666 | | | $— | | | 4,587,376 | | |

Incorporated herein by reference is the information contained in the sections captioned "Trustee Independence" and "Related Person Transactions" of Eversource Energy's definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 22, 2024.][added: 21, 2025.]

Incorporated herein by reference is the information contained in the section "Relationship with Principal Independent Registered Public Accounting Firm" of Eversource Energy's definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 22, 2024.][added: 21, 2025.]

The aggregate fees billed to the Company and its subsidiaries by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, the Deloitte Entities), for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] totaled [removed: $7,070,914] [added: $7,454,414] and [removed: $7,029,422,] [added: $7,070,914,] respectively.

| Audit and Non-Audit Fees | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Audit Fees (1) | | | $ | [removed: 5,310,000] [added: 5,984,500] | | | | | $ | [removed: 5,323,600] [added: 5,310,000] | |

| Audit Related Fees (2) | | | [removed: 1,759,000] [added: 1,386,000] | | | | | | [removed: 1,542,000] [added: 1,759,000] | | |

| All Other Fees (3) | | | [removed: 1,914] [added: 83,914] | | | | | | [removed: 163,822] [added: 1,914] | | |

| TOTAL | | | $ | [removed: 7,070,914] [added: 7,454,414] | | | | | $ | [removed: 7,029,422] [added: 7,070,914] | |

(1) Audit Fees consisted of fees related to the audits of financial statements of Eversource Energy and its subsidiaries in the Annual Report on Form 10-K, reviews of financial statements in the Combined Quarterly reports on Form 10-Q of Eversource Energy and its subsidiaries, consultations with management, regulatory and compliance filings, system conversion quality assurance, out of pocket expenses, and audits of internal controls over financial reporting for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

(2) Audit Related Fees were incurred for procedures performed in the ordinary course of business in support of [added: Eversource’s ATM equity offering program,] certain regulatory filings, comfort letters, consents, and other costs related to registration statements and financials for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

(3) All Other Fees for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] related to an annual license for access to an accounting standards research tool.

All Other Fees for the year ended December 31, [removed: 2022] [added: 2024] also related to a system pre-implementation control [removed: review and an executive training program.][added: review.]

The Audit Committee pre-approves all auditing services and permitted audit-related or other services (including the fees and terms thereof) to be performed for us by our independent registered public accounting firm, subject to the de minimis exceptions for non-audit services described in [removed: Section 10A(i)(1)(B) of the Securities Exchange Act of 1934, which are approved by the Audit Committee prior to the completion of the audit.]

During [removed: 2023,] [added: 2024,] all services described above were pre-approved by the Audit Committee or its Chair.

Section 10A(i)(1)(B) of the Securities Exchange Act of 1934, which are approved by the Audit Committee prior to the completion of the audit.

Audit Related Fees for the year ended 2022 also included Eversource’s ATM equity offering program.

| | | | | | | | | | Eversource Energy (Parent) Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] | | | S-1 | | |

| | | | | | | | | | Eversource Energy (Parent) Statements of Income for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] | | | S-2 | | |

| | | | | | | | | | Eversource Energy (Parent) Statements of Comprehensive Income for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] | | | S-2 | | |

| | | | | | | | | | Eversource Energy (Parent) Statements of Cash Flows for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] | | | S-3 | | |

| | | | | | | II. | | | Valuation and Qualifying Accounts and Reserves for Eversource, CL&P, NSTAR Electric and PSNH for [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] | | | S-4 | | |

AS OF DECEMBER 31, [removed: 2023] [added: 2024] AND [removed: 2022][added: 2023]

| | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash | | | $ | [removed: 542] [added: 1,083] | | | | | $ | [removed: 971] [added: 542] | |

| Accounts Receivable from Subsidiaries | | | [removed: 60,191] [added: 100,320] | | | | | | [removed: 53,338] [added: 60,191] | | |

| Notes Receivable from Subsidiaries | | | [removed: 2,045,570] [added: 2,051,400] | | | | | | [removed: 1,074,800] [added: 2,045,570] | | |

| Prepayments and Other Current [added: Assets, Including] Assets [added: Held for Sale] | | | [removed: 103,735] [added: 96,313] | | | | | | [removed: 23,597] [added: 103,735] | | |

| Total Current Assets | | | [removed: 2,210,038] [added: 2,249,116] | | | | | | [removed: 1,152,706] [added: 2,210,038] | | |

| Investments in Subsidiary Companies, at Equity | | | [removed: 17,977,812] [added: 20,080,215] | | | | | | [removed: 18,379,840] [added: 17,977,812] | | |

| Notes Receivable from Subsidiaries | | | 2,296,500 | | | | | | [removed: 1,896,500] [added: 2,296,500] | | |

| Accumulated Deferred Income Taxes | | | [removed: 10,131] [added: 113,718] | | | | | | [removed: —] [added: 10,131] | | |

| Goodwill | | | [removed: 3,852,524] [added: 3,231,811] | | | | | | 3,852,524 | | |

| Other Long-Term Assets | | | [removed: 28,287] [added: 24,582] | | | | | | [removed: 108,867] [added: 28,287] | | |

| Total Deferred Debits and Other Assets | | | [removed: 24,165,254] [added: 26,082,219] | | | | | | [removed: 24,237,731] [added: 24,165,254] | | |

| Total Assets | | | $ | [removed: 26,375,292] [added: 28,331,335] | | | | | $ | [removed: 25,390,437] [added: 26,375,292] | |

| Notes Payable | | | $ | [removed: 1,564,575] [added: 1,538,011] | | | | | $ | [removed: 1,442,200] [added: 1,564,575] | |

| Long-Term Debt - Current Portion | | | [removed: 364,653] [added: 600,000] | | | | | | [removed: 1,207,047] [added: 364,653] | | |

| Accounts Payable to Subsidiaries | | | [removed: 38,051] [added: 45,326] | | | | | | [removed: 33,530] [added: 38,051] | | |

| Accrued Interest | | | [removed: 106,070] [added: 168,748] | | | | | | [removed: 72,951] [added: 106,070] | | |

| Other Current Liabilities | | | [removed: 41,268] [added: 57,923] | | | | | | [removed: 39,856] [added: 41,268] | | |

| Total Current Liabilities | | | [removed: 2,114,617] [added: 2,410,008] | | | | | | [removed: 2,795,584] [added: 2,114,617] | | |

| Other Long-Term Liabilities | | | [removed: 134,432] [added: 137,656] | | | | | | [removed: 140,393] [added: 134,432] | | |

| Total Deferred Credits and Other Liabilities | | | [removed: 134,432] [added: 152,684] | | | | | | [removed: 148,891] [added: 134,432] | | |

| Long-Term Debt | | | [removed: 9,952,351] [added: 10,729,256] | | | | | | [removed: 6,972,804] [added: 9,952,351] | | |

| Common Shares | | | [removed: 1,799,920] [added: 1,878,622] | | | | | | 1,799,920 | | |

| Capital Surplus, Paid in | | | [removed: 8,460,876] [added: 9,428,905] | | | | | | [removed: 8,401,731] [added: 8,460,876] | | |

| Retained Earnings | | | [removed: 4,142,515] [added: 3,929,141] | | | | | | [removed: 5,527,153] [added: 4,142,515] | | |

| Accumulated Other Comprehensive Loss | | | [removed: (33,737)] [added: (26,472)] | | | | | | [removed: (39,421)] [added: (33,737)] | | |

| Treasury Stock | | | [removed: (195,682)] [added: (170,809)] | | | | | | [removed: (216,225)] [added: (195,682)] | | |

| Common Shareholders' Equity | | | [removed: 14,173,892] [added: 15,039,387] | | | | | | [removed: 15,473,158] [added: 14,173,892] | | |

| Total Liabilities and Capitalization | | | $ | [removed: 26,375,292] [added: 28,331,335] | | | | | $ | [removed: 25,390,437] [added: 26,375,292] | |

See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including [added: the pending sale of Aquarion as described in Note 24, “Assets Held for Sale,”] Eversource common shares information as described in Note 18, "Common Shares," material obligations and guarantees as described in Note 13, "Commitments and Contingencies," and debt agreements as described in Note 8, "Short-Term Debt," and Note 9, "Long-Term Debt."

STATEMENTS OF [removed: (LOSS)/INCOME][added: INCOME/(LOSS)]

FOR THE YEARS ENDED DECEMBER 31, [removed: 2023, 2022] [added: 2024, 2023] AND [removed: 2021][added: 2022]

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Operating Revenues | | | $ | [removed: 840] [added: 4,442] | | | | | $ | [removed: —] [added: 840] | | | | | $ | — | |

| Other | | | [removed: 12,769] [added: 20] | | | | | | [removed: 26,708] [added: 12,769] | | | | | | [removed: 43,048] [added: 26,708] | | |

| Operating Loss | | | [removed: (11,929)] [added: (292,578)] | | | | | | [removed: (26,708)] [added: (11,929)] | | | | | | [removed: (43,048)] [added: (26,708)] | | |

| Interest Expense | | | [removed: 397,281] [added: 549,511] | | | | | | [removed: 237,773] [added: 397,281] | | | | | | [removed: 163,613] [added: 237,773] | | |

| Equity in [removed: (Losses)/Earnings] [added: Earnings/(Losses)] of Subsidiaries | | | [removed: (312,040)] [added: 1,359,297] | | | | | | [removed: 1,565,474] [added: (312,040)] | | | | | | [removed: 1,345,199] [added: 1,565,474] | | |

| Other, Net | | | [removed: 188,003] [added: 214,444] | | | | | | [removed: 79,383] [added: 188,003] | | | | | | [removed: 47,802] [added: 79,383] | | |