Cover and table of contents

			UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
			FORM			10-K
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended			December 31, 2025
			or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ____________ to ____________

Registrant; State of Incorporation; Address; Telephone Number;

Commission File Number; and I.R.S. Employer Identification No.

EVERSOURCE ENERGY

(a Massachusetts voluntary association)

300 Cadwell Drive, Springfield, Massachusetts 01104

Telephone: (800) 286-5000

Commission File Number: 001-05324

I.R.S. Employer Identification No. 04-2147929

THE CONNECTICUT LIGHT AND POWER COMPANY

(a Connecticut corporation)

107 Selden Street, Berlin, Connecticut 06037-1616

Telephone: (800) 286-5000

Commission File Number: 000-00404

I.R.S. Employer Identification No. 06-0303850

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street, Boston, Massachusetts 02199

Telephone: (800) 286-5000

Commission File Number: 001-02301

I.R.S. Employer Identification No. 04-1278810

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(a New Hampshire corporation)

Energy Park

780 North Commercial Street, Manchester, New Hampshire 03101-1134

Telephone: (800) 286-5000

Commission File Number: 001-06392

I.R.S. Employer Identification No. 02-0181050

Securities registered pursuant to Section 12(b) of the Act:
Title of each class						Trading Symbol(s)						Name of each exchange on which registered
Common Shares, $5.00 par value per share						ES						New York Stock Exchange

Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act.

			Yes			No
			☒			☐

Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

			Yes			No
			☐			☒

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

			Yes			No
			☒			☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).

			Yes			No
			☒			☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Eversource Energy			Large accelerated filer			☒			Accelerated filer			☐			Non-accelerated filer			☐			Smaller reporting company			☐			Emerging growth company			☐
The Connecticut Light and Power Company			Large accelerated filer			☐			Accelerated filer			☐			Non-accelerated filer			☒			Smaller reporting company			☐			Emerging growth company			☐
NSTAR Electric Company			Large accelerated filer			☐			Accelerated filer			☐			Non-accelerated filer			☒			Smaller reporting company			☐			Emerging growth company			☐
Public Service Company of New Hampshire			Large accelerated filer			☐			Accelerated filer			☐			Non-accelerated filer			☒			Smaller reporting company			☐			Emerging growth company			☐

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):

			Yes			No
Eversource Energy			☐			☒
The Connecticut Light and Power Company			☐			☒
NSTAR Electric Company			☐			☒
Public Service Company of New Hampshire			☐			☒

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, 2025) was $23,590,442,517 based on a closing market price of $63.62 per share for the 370,802,303 common shares outstanding held by non-affiliates on June 30, 2025.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

Company - Class of Stock			Outstanding as of January 31, 2026
Eversource Energy Common Shares, $5.00 par value			375,496,611			shares
The Connecticut Light and Power Company Common Stock, $10.00 par value			6,035,205			shares
NSTAR Electric Company Common Stock, $1.00 par value			200			shares
Public Service Company of New Hampshire Common Stock, $1.00 par value			301			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 Company, and Public Service Company of New Hampshire, respectively.

The Connecticut Light and Power Company, NSTAR Electric 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 Company, and Public Service Company of New Hampshire each separately file this combined Form 10-K. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.

Documents Incorporated by Reference

Portions of the Eversource Energy and Subsidiaries 2024 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 6, 2026, are incorporated by reference into Parts II and III of this Report.

GLOSSARY OF TERMS

The following is a glossary of abbreviations and acronyms that are found in this report:

Current or former Eversource Energy companies, segments or investments:
Eversource, ES or the Company			Eversource Energy and subsidiaries
Eversource parent or ES parent			Eversource Energy, a public utility holding company
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, 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
CL&P			The Connecticut Light and Power Company
NSTAR Electric			NSTAR Electric Company
PSNH			Public Service Company of New Hampshire
PSNH Funding			PSNH Funding LLC 3, a bankruptcy remote, special purpose, wholly-owned subsidiary of PSNH
NSTAR Gas			NSTAR Gas Company
EGMA			Eversource Gas Company of Massachusetts
Yankee Gas			Yankee Gas Services Company
Aquarion			Aquarion Company and its subsidiaries
HEEC			Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric
Eversource Service			Eversource Energy Service Company
CYAPC			Connecticut Yankee Atomic Power Company
MYAPC			Maine Yankee Atomic Power Company
YAEC			Yankee Atomic Electric Company
Yankee Companies			CYAPC, YAEC and MYAPC
Regulated companies			The Eversource regulated companies are comprised of the electric distribution and transmission businesses of CL&P, NSTAR Electric and PSNH, the natural gas distribution businesses of Yankee Gas, NSTAR Gas and EGMA, Aquarion’s water distribution businesses, and the solar power facilities of NSTAR Electric
Regulators and Government Agencies:
DEEP			Connecticut Department of Energy and Environmental Protection
DOE			U.S. Department of Energy
DOER			Massachusetts Department of Energy Resources
DPU			Massachusetts Department of Public Utilities
EPA			U.S. Environmental Protection Agency
FERC			Federal Energy Regulatory Commission
ISO-NE			ISO New England, Inc., the New England Independent System Operator
MA DEP			Massachusetts Department of Environmental Protection
NHPUC			New Hampshire Public Utilities Commission
PURA			Connecticut Public Utilities Regulatory Authority
SEC			U.S. Securities and Exchange Commission
Other Terms and Abbreviations:
ADIT			Accumulated Deferred Income Taxes
AFUDC			Allowance For Funds Used During Construction
AOCI			Accumulated Other Comprehensive Income
ARO			Asset Retirement Obligation
Bcf			Billion cubic feet
CfD			Contract for Differences
CWIP			Construction Work in Progress
EDC			Electric distribution company
EDIT			Excess Deferred Income Taxes
EPS			Earnings Per Share
ERISA			Employee Retirement Income Security Act of 1974
ESOP			Employee Stock Ownership Plan
Eversource 2024 Form 10-K			The Eversource Energy and Subsidiaries 2024 combined Annual Report on Form 10-K as filed with the SEC
Fitch			Fitch Ratings, Inc.
FMCC			Federally Mandated Congestion Charge
GAAP			Accounting principles generally accepted in the United States of America
GSEP			Gas System Enhancement Program

i

GWh			Gigawatt-Hours
IPP			Independent Power Producers
ISO-NE Tariff			ISO-NE FERC Transmission, Markets and Services Tariff
kV			Kilovolt
kVa			Kilovolt-ampere
kW			Kilowatt (equal to one thousand watts)
kWh			Kilowatt-Hours
LNG			Liquefied natural gas
LPG			Liquefied petroleum gas
LRS			Supplier of last resort service
MG			Million gallons
MGP			Manufactured Gas Plant
MMBtu			Million British thermal units
MMcf			Million cubic feet
Moody's			Moody's Investors Service, Inc.
MW			Megawatt
MWh			Megawatt-Hours
NETOs			New England Transmission Owners (including Eversource, National Grid and Avangrid)
OCI			Other Comprehensive Income/(Loss)
PAM			Pension and PBOP Rate Adjustment Mechanism
PBOP			Postretirement Benefits Other Than Pension
PBOP Plan			Postretirement Benefits Other Than Pension Plan
Pension Plan			Single uniform noncontributory defined benefit retirement plan
PPA			Power purchase agreement
RECs			Renewable Energy Certificates
Regulatory ROE			The average cost of capital method for calculating the return on equity related to the distribution business segment excluding the wholesale transmission segment
ROE			Return on Equity
RRBs			Rate Reduction Bonds or Rate Reduction Certificates
RSUs			Restricted share units
S&P			Standard & Poor's Financial Services LLC
SERP			Supplemental Executive Retirement Plans and non-qualified defined benefit retirement plans
SS			Standard service
UI			The United Illuminating Company
VIE			Variable Interest Entity

ii

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

2025 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

						Page
PART I
Item 1.			Business			2
Item 1A.			Risk Factors			16
Item 1B.			Unresolved Staff Comments			22
Item 1C.			Cybersecurity			22
Item 2.			Properties			23
Item 3.			Legal Proceedings			26
Item 4.			Mine Safety Disclosures			26
			Information About Our Executive Officers			26
PART II
Item 5.			Market for the Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			27
Item 6.			Removed and Reserved			28
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			29
Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			60
Item 8.			Financial Statements and Supplementary Data			61
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			149
Item 9A.			Controls and Procedures			149
Item 9B.			Other Information			149
PART III
Item 10.			Directors, Executive Officers and Corporate Governance			150
Item 11.			Executive Compensation			150
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			150
Item 13.			Certain Relationships and Related Transactions, and Director Independence			151
Item 14.			Principal Accountant Fees and Services			151
PART IV
Item 15.			Exhibits and Financial Statement Schedules			153
Item 16.			Form 10-K Summary			153
Signatures						E-10

iii

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES

LITIGATION REFORM ACT OF 1995

References in this Annual Report on Form 10-K to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries. CL&P, NSTAR Electric, and PSNH are each doing business as Eversource Energy.

We make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the U.S. federal securities laws. You can generally identify our forward-looking statements through the use of words or phrases such as "estimate," "expect," "pending," "anticipate," "intend," "plan," "project," "believe," "forecast," "would," "should," "could," and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in our forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to:

• cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely,

• unauthorized access to, and the misappropriation of, confidential and proprietary Company, customer, employee, financial or system operating information,

• actions or inaction of local, state and federal regulatory, public policy and taxing bodies,

• changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with laws and regulations, which may impact the cost of compliance and strategic initiatives of the Company,

• adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes,

• 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,

• the ability to qualify for investment tax credits,

• extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns,

• adequacy, contamination of, or disruption in, our water supplies,

• physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems,

• ability or inability to commence and complete our major strategic development projects and opportunities,

• breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems,

• changes in levels or timing of capital expenditures, including unplanned expenditures and increased capital expenditure requirements,

• changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model,

• substandard performance of third-party suppliers and service providers, or counterparties not meeting their obligations,

• limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly,

• changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability,

• changes in accounting standards and financial reporting regulations,

• actions of rating agencies, and

• other presently unknown or unforeseen factors.

Other risk factors are detailed in our reports filed with the SEC and are updated as necessary and available on our Investor Relations website at investors.eversource.com and on the SEC’s website at www.sec.gov, and we encourage you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect our actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see Item 1A*, Risk Factors,* included in this combined Annual Report on Form 10-K. This Annual Report on Form 10-K also describes material contingencies and critical accounting policies in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Combined Notes to Financial Statements. We encourage you to review these items.

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

PART I