Cover and table of contents

			UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
			FORM			10-Q
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the Quarterly Period Ended			March 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 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 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			☐			☒

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 April 30, 2025
Eversource Energy Common Shares, $5.00 par value			367,384,808			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 H(1)(a) and (b) of Form 10-Q, and each is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) of Form 10‑Q.

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-Q. 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.

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 Services, 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
PPAM			Pole Plant Adjustment Mechanism
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

TABLE OF CONTENTS

						Page
PART I – FINANCIAL INFORMATION
ITEM 1.			Financial Statements (Unaudited)
			Eversource Energy and Subsidiaries (Unaudited)
			Condensed Consolidated Balance Sheets			1
			Condensed Consolidated Statements of Income			2
			Condensed Consolidated Statements of Comprehensive Income			2
			Condensed Consolidated Statements of Common Shareholders' Equity			3
			Condensed Consolidated Statements of Cash Flows			4
			The Connecticut Light and Power Company (Unaudited)
			Condensed Balance Sheets			5
			Condensed Statements of Income			6
			Condensed Statements of Comprehensive Income			6
			Condensed Statements of Common Stockholder's Equity			7
			Condensed Statements of Cash Flows			8
			NSTAR Electric Company and Subsidiary (Unaudited)
			Condensed Consolidated Balance Sheets			9
			Condensed Consolidated Statements of Income			10
			Condensed Consolidated Statements of Comprehensive Income			10
			Condensed Consolidated Statements of Common Stockholder's Equity			11
			Condensed Consolidated Statements of Cash Flows			12
			Public Service Company of New Hampshire and Subsidiaries (Unaudited)
			Condensed Consolidated Balance Sheets			13
			Condensed Consolidated Statements of Income			14
			Condensed Consolidated Statements of Common Stockholder's Equity			15
			Condensed Consolidated Statements of Cash Flows			16
			Combined Notes to Condensed Financial Statements (Unaudited)			17
ITEM 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations
			Eversource Energy and Subsidiaries			37
			The Connecticut Light and Power Company, NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries			49
ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk			53
ITEM 4.			Controls and Procedures			54
PART II – OTHER INFORMATION
ITEM 1.			Legal Proceedings			54
ITEM 1A.			Risk Factors			54
ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds			55
ITEM 3.			Defaults Upon Senior Securities			55
ITEM 4.			Mine Safety Disclosures			55
ITEM 5.			Other Information			55
ITEM 6.			Exhibits			56
SIGNATURES						57

iii

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)			As of March 31, 2025						As of December 31, 2024
ASSETS
Current Assets:
Cash and Cash Equivalents			$	111,362					$	26,656
Receivables, Net (net of allowance for uncollectible accounts of $565,609 and $556,164 as of March 31, 2025 and December 31, 2024, respectively)			1,868,308						1,651,325
Unbilled Revenues			197,255						242,169
Materials, Supplies, Natural Gas and REC Inventory			604,559						594,568
Regulatory Assets			1,793,285						2,189,660
Current Assets Held for Sale			54,661						56,327
Prepayments and Other Current Assets			282,593						315,368
Total Current Assets			4,912,023						5,076,073
Property, Plant and Equipment, Net			41,650,106						40,986,578
Deferred Debits and Other Assets:
Regulatory Assets			4,898,037						4,880,974
Goodwill			3,571,333						3,571,333
Prepaid Pension and PBOP			1,382,936						1,336,633
Marketable Securities			324,113						320,272
Long-Term Assets Held for Sale			2,624,629						2,611,145
Other Long-Term Assets			831,501						811,521
Total Deferred Debits and Other Assets			13,632,549						13,531,878
Total Assets			$	60,194,678					$	59,594,529
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable			$	1,490,099					$	2,042,793
Long-Term Debt – Current Portion			1,350,209						1,003,150
Rate Reduction Bonds – Current Portion			43,210						43,210
Accounts Payable			1,488,704						1,736,880
Accrued Interest			298,902						341,558
Regulatory Liabilities			774,549						632,282
Current Liabilities Held for Sale			43,243						52,593
Other Current Liabilities			1,028,024						868,491
Total Current Liabilities			6,516,940						6,720,957
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes			5,402,397						5,411,206
Regulatory Liabilities			4,068,329						4,032,564
Asset Retirement Obligations			591,902						590,890
Accrued SERP and PBOP			96,034						95,400
Long-Term Liabilities Held for Sale			397,658						398,859
Other Long-Term Liabilities			1,073,345						1,123,999
Total Deferred Credits and Other Liabilities			11,629,665						11,652,918
Long-Term Debt			26,248,781						25,701,627
Rate Reduction Bonds			302,467						324,072
Noncontrolling Interest – Preferred Stock of Subsidiaries			155,568						155,568
Common Shareholders' Equity:
Common Shares			1,878,622						1,878,622
Capital Surplus, Paid In			9,440,596						9,428,905
Retained Earnings			4,203,700						3,929,141
Accumulated Other Comprehensive Loss			(23,949)						(26,472)
Treasury Stock			(157,712)						(170,809)
Common Shareholders' Equity			15,341,257						15,039,387
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization			$	60,194,678					$	59,594,529

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars, Except Share Information)															2025						2024
Operating Revenues															$	4,118,355					$	3,332,575
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission															1,340,337						1,235,956
Operations and Maintenance															487,451						462,964
Depreciation															379,579						339,914
Amortization															455,449						(2,325)
Energy Efficiency Programs															257,550						213,479
Taxes Other Than Income Taxes															271,595						236,614
Total Operating Expenses															3,191,961						2,486,602
Operating Income															926,394						845,973
Interest Expense															300,849						250,749
Other Income, Net															92,344						91,030
Income Before Income Tax Expense															717,889						686,254
Income Tax Expense															165,221						162,526
Net Income															552,668						523,728
Net Income Attributable to Noncontrolling Interests															1,880						1,880
Net Income Attributable to Common Shareholders															$	550,788					$	521,848
Basic and Diluted Earnings Per Common Share															$	1.50					$	1.49
Weighted Average Common Shares Outstanding:
Basic															367,320,246						350,717,114
Diluted															367,677,618						350,997,220

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars)															2025						2024
Net Income															$	552,668					$	523,728
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments															5						5
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans															2,518						5,198
Other Comprehensive Income, Net of Tax															2,523						5,203
Comprehensive Income Attributable to Noncontrolling Interests															(1,880)						(1,880)
Comprehensive Income Attributable to Common Shareholders															$	553,311					$	527,051

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY

(Unaudited)

			For the Three Months Ended March 31, 2025
			Common Shares						Capital Surplus, Paid In			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information)			Shares			Amount
Balance as of January 1, 2025			366,608,052			$	1,878,622		$	9,428,905		$	3,929,141		$	(26,472)		$	(170,809)		$	15,039,387
Net Income												552,668									552,668
Dividends on Common Shares - $0.7525 Per Share												(276,229)									(276,229)
Dividends on Preferred Stock												(1,880)									(1,880)
Long-Term Incentive Plan Activity									(28,230)												(28,230)
Issuance of Treasury Shares			699,031						39,921									13,097			53,018
Other Comprehensive Income															2,523						2,523
Balance as of March 31, 2025			367,307,083			$	1,878,622		$	9,440,596		$	4,203,700		$	(23,949)		$	(157,712)		$	15,341,257

			For the Three Months Ended March 31, 2024
			Common Shares						Capital Surplus, Paid In			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information)			Shares			Amount
Balance as of January 1, 2024			349,540,266			$	1,799,920		$	8,460,876		$	4,142,515		$	(33,737)		$	(195,682)		$	14,173,892
Net Income												523,728									523,728
Dividends on Common Shares - $0.715 Per Share												(250,770)									(250,770)
Dividends on Preferred Stock												(1,880)									(1,880)
Issuance of Common Shares - $5 Per Share			1,292,892			6,465			69,972												76,437
Capital Stock Expense									(1,042)												(1,042)
Long-Term Incentive Plan Activity									(22,405)												(22,405)
Issuance of Treasury Shares			546,256						30,190									10,235			40,425
Other Comprehensive Income															5,203						5,203
Balance as of March 31, 2024			351,379,414			$	1,806,385		$	8,537,591		$	4,413,593		$	(28,534)		$	(185,447)		$	14,543,588

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			For the Three Months Ended March 31,
(Thousands of Dollars)			2025						2024
Operating Activities:
Net Income			$	552,668					$	523,728
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation			379,579						339,914
Deferred Income Taxes			(56,524)						156,976
Uncollectible Expense			22,863						16,387
Pension, SERP and PBOP Income, Net			(18,811)						(16,938)
Pension Contributions			(1,250)						(1,250)
Regulatory Over/(Under) Recoveries, Net			84,461						(232,350)
Amortization			455,449						(2,325)
Cost of Removal Expenditures			(67,151)						(57,337)
Other			17,090						(58,687)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net			(288,984)						(212,171)
Taxes Receivable/Accrued, Net			288,790						65,641
Accounts Payable			(131,367)						(107,014)
Other Current Assets and Liabilities, Net			(196,218)						(123,262)
Net Cash Flows Provided by Operating Activities			1,040,595						291,312
Investing Activities:
Investments in Property, Plant and Equipment			(1,007,384)						(1,149,443)
Proceeds from Sales of Marketable Securities			64,007						41,729
Purchases of Marketable Securities			(61,049)						(37,555)
Investments in Unconsolidated Affiliates			(504)						(307,433)
Other Investing Activities			5,700						5,850
Net Cash Flows Used in Investing Activities			(999,230)						(1,446,852)
Financing Activities:
Issuance of Common Shares, Net of Issuance Costs			—						75,395
Cash Dividends on Common Shares			(270,232)						(244,786)
Cash Dividends on Preferred Stock			(1,880)						(1,880)
(Decrease)/Increase in Notes Payable			(552,694)						216,119
Repayment of Rate Reduction Bonds			(21,605)						(21,605)
Issuance of Long-Term Debt			1,201,407						1,350,000
Retirement of Long-Term Debt			(300,051)						—
Other Financing Activities			(23,000)						(23,725)
Net Cash Flows Provided by Financing Activities			31,945						1,349,518
Net Increase in Cash, Cash Equivalents and Restricted Cash			73,310						193,978
Cash and Restricted Cash - Beginning of Period			127,308						166,418
Cash, Cash Equivalents and Restricted Cash - End of Period			$	200,618					$	360,396

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)			As of March 31, 2025						As of December 31, 2024
ASSETS
Current Assets:
Cash and Cash Equivalents			$	67,690					$	1,093
Receivables, Net (net of allowance for uncollectible accounts of $276,231 and $279,108 as of March 31, 2025 and December 31, 2024, respectively)			678,441						663,171
Accounts Receivable from Affiliated Companies			43,663						68,723
Unbilled Revenues			52,068						59,759
Materials and Supplies			213,016						217,316
Regulatory Assets			417,267						638,529
Prepayments and Other Current Assets			81,473						51,688
Total Current Assets			1,553,618						1,700,279
Property, Plant and Equipment, Net			13,139,142						13,002,193
Deferred Debits and Other Assets:
Regulatory Assets			1,708,150						1,687,029
Prepaid Pension and PBOP			189,646						182,483
Other Long-Term Assets			283,487						267,861
Total Deferred Debits and Other Assets			2,181,283						2,137,373
Total Assets			$	16,874,043					$	16,839,845
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent			$	—					$	280,000
Long-Term Debt – Current Portion			400,000						2,944
Accounts Payable			464,616						548,100
Accounts Payable to Affiliated Companies			161,695						137,150
Regulatory Liabilities			169,066						124,122
Accrued Taxes			98,816						41,654
Derivative Liabilities			51,870						71,090
Other Current Liabilities			181,080						193,040
Total Current Liabilities			1,527,143						1,398,100
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes			2,023,995						2,052,806
Regulatory Liabilities			1,412,685						1,395,883
Other Long-Term Liabilities			214,248						204,801
Total Deferred Credits and Other Liabilities			3,650,928						3,653,490
Long-Term Debt			5,108,050						5,108,173
Preferred Stock Not Subject to Mandatory Redemption			116,200						116,200
Common Stockholder's Equity:
Common Stock			60,352						60,352
Capital Surplus, Paid In			3,684,265						3,684,265
Retained Earnings			2,726,953						2,819,107
Accumulated Other Comprehensive Income			152						158
Common Stockholder's Equity			6,471,722						6,563,882
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization			$	16,874,043					$	16,839,845

The accompanying notes are an integral part of these unaudited condensed financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars)															2025						2024
Operating Revenues															$	1,541,189					$	1,121,291
Operating Expenses:
Purchased Power and Transmission															494,204						565,996
Operations and Maintenance															189,156						186,764
Depreciation															106,680						98,445
Amortization of Regulatory Assets/(Liabilities), Net															343,213						(91,713)
Energy Efficiency Programs															51,611						35,600
Taxes Other Than Income Taxes															115,261						103,801
Total Operating Expenses															1,300,125						898,893
Operating Income															241,064						222,398
Interest Expense															49,910						54,824
Other Income, Net															17,599						16,468
Income Before Income Tax Expense															208,753						184,042
Income Tax Expense															52,517						45,689
Net Income															$	156,236					$	138,353

The accompanying notes are an integral part of these unaudited condensed financial statements.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars)															2025						2024
Net Income															$	156,236					$	138,353
Other Comprehensive Loss, Net of Tax:
Qualified Cash Flow Hedging Instruments															(6)						(7)
Other Comprehensive Loss, Net of Tax															(6)						(7)
Comprehensive Income															$	156,230					$	138,346

The accompanying notes are an integral part of these unaudited condensed financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)

			For the Three Months Ended March 31, 2025
			Common Stock												Capital Surplus, Paid In						Retained Earnings						Accumulated Other Comprehensive Income						Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)			Stock						Amount
Balance as of January 1, 2025			6,035,205						$	60,352					$	3,684,265					$	2,819,107					$	158					$	6,563,882
Net Income																					156,236												156,236
Dividends on Preferred Stock																					(1,390)												(1,390)
Dividends on Common Stock																					(247,000)												(247,000)
Other Comprehensive Loss																											(6)						(6)
Balance as of March 31, 2025			6,035,205						$	60,352					$	3,684,265					$	2,726,953					$	152					$	6,471,722

			For the Three Months Ended March 31, 2024
			Common Stock												Capital Surplus, Paid In						Retained Earnings						Accumulated Other Comprehensive Income						Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)			Stock						Amount
Balance as of January 1, 2024			6,035,205						$	60,352					$	3,384,265					$	2,645,868					$	185					$	6,090,670
Net Income																					138,353												138,353
Dividends on Preferred Stock																					(1,390)												(1,390)
Dividends on Common Stock																					(82,500)												(82,500)
Capital Contributions from Eversource Parent															100,000																		100,000
Other Comprehensive Loss																											(7)						(7)
Balance as of March 31, 2024			6,035,205						$	60,352					$	3,484,265					$	2,700,331					$	178					$	6,245,126

The accompanying notes are an integral part of these unaudited condensed financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

			For the Three Months Ended March 31,
(Thousands of Dollars)			2025						2024
Operating Activities:
Net Income			$	156,236					$	138,353
Adjustments to Reconcile Net Income to Net Cash Flows Provided by/(Used in) Operating Activities:
Depreciation			106,680						98,445
Deferred Income Taxes			(35,411)						91,630
Uncollectible Expense			4,671						3,507
Pension, SERP, and PBOP Income, Net			(3,614)						(3,557)
Regulatory Under Recoveries, Net			(103,101)						(139,979)
Amortization of Regulatory Assets/(Liabilities), Net			343,213						(91,713)
Cost of Removal Expenditures			(16,072)						(17,675)
Other			826						(32,174)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net			4,910						(80,396)
Taxes Receivable/Accrued, Net			57,653						66,015
Accounts Payable			(51,626)						(20,613)
Other Current Assets and Liabilities, Net			(41,659)						(38,466)
Net Cash Flows Provided by/(Used in) Operating Activities			422,706						(26,623)
Investing Activities:
Investments in Property, Plant and Equipment			(223,555)						(285,888)
Net Cash Flows Used in Investing Activities			(223,555)						(285,888)
Financing Activities:
Cash Dividends on Common Stock			(247,000)						(82,500)
Cash Dividends on Preferred Stock			(1,390)						(1,390)
Capital Contributions from Eversource Parent			—						100,000
Issuance of Long-Term Debt			400,000						350,000
Decrease in Notes Payable to Eversource Parent			(280,000)						(30,900)
Other Financing Activities			(4,153)						(3,887)
Net Cash Flows (Used in)/Provided by Financing Activities			(132,543)						331,323
Net Increase in Cash, Cash Equivalents and Restricted Cash			66,608						18,812
Cash and Restricted Cash - Beginning of Period			2,109						12,243
Cash, Cash Equivalents and Restricted Cash - End of Period			$	68,717					$	31,055

The accompanying notes are an integral part of these unaudited condensed financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)			As of March 31, 2025						As of December 31, 2024
ASSETS
Current Assets:
Cash			$	2,907					$	911
Receivables, Net (net of allowance for uncollectible accounts of $115,971 and $114,910 as of March 31, 2025 and December 31, 2024, respectively)			589,719						614,563
Accounts Receivable from Affiliated Companies			148,413						82,921
Unbilled Revenues			53,743						59,079
Materials, Supplies and REC Inventory			256,888						220,621
Regulatory Assets			874,087						902,770
Prepayments and Other Current Assets			21,041						72,986
Total Current Assets			1,946,798						1,953,851
Property, Plant and Equipment, Net			14,352,198						14,037,828
Deferred Debits and Other Assets:
Regulatory Assets			1,168,754						1,204,337
Prepaid Pension and PBOP			744,983						724,661
Other Long-Term Assets			157,582						154,571
Total Deferred Debits and Other Assets			2,071,319						2,083,569
Total Assets			$	18,370,315					$	18,075,248
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable			$	108,500					$	504,782
Long-Term Debt – Current Portion			250,000						250,000
Accounts Payable			444,793						534,868
Accounts Payable to Affiliated Companies			197,249						153,672
Obligations to Third Party Suppliers			153,910						163,711
Renewable Portfolio Standards Compliance Obligations			129,172						106,399
Regulatory Liabilities			497,405						436,312
Other Current Liabilities			120,906						95,798
Total Current Liabilities			1,901,935						2,245,542
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes			2,004,876						2,005,439
Regulatory Liabilities			1,654,352						1,643,079
Other Long-Term Liabilities			382,461						377,462
Total Deferred Credits and Other Liabilities			4,041,689						4,025,980
Long-Term Debt			5,637,202						4,844,920
Preferred Stock Not Subject to Mandatory Redemption			43,000						43,000
Common Stockholder's Equity:
Common Stock			—						—
Capital Surplus, Paid In			3,888,842						3,788,842
Retained Earnings			2,857,790						3,127,105
Accumulated Other Comprehensive Loss			(143)						(141)
Common Stockholder's Equity			6,746,489						6,915,806
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization			$	18,370,315					$	18,075,248

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars)															2025						2024
Operating Revenues															$	1,014,227					$	947,615
Operating Expenses:
Purchased Power and Transmission															308,946						273,305
Operations and Maintenance															174,137						173,672
Depreciation															108,014						96,922
Amortization of Regulatory Assets, Net															52,284						48,392
Energy Efficiency Programs															63,438						82,301
Taxes Other Than Income Taxes															75,839						60,010
Total Operating Expenses															782,658						734,602
Operating Income															231,569						213,013
Interest Expense															59,220						49,423
Other Income, Net															46,292						47,114
Income Before Income Tax Expense															218,641						210,704
Income Tax Expense															51,466						50,727
Net Income															$	167,175					$	159,977

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars)															2025						2024
Net Income															$	167,175					$	159,977
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan															(7)						(21)
Qualified Cash Flow Hedging Instruments															5						5
Other Comprehensive Loss, Net of Tax															(2)						(16)
Comprehensive Income															$	167,173					$	159,961

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)

			For the Three Months Ended March 31, 2025
			Common Stock												Capital Surplus, Paid In						Retained Earnings						Accumulated Other Comprehensive Loss						Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)			Stock						Amount
Balance as of January 1, 2025			200						$	—					$	3,788,842					$	3,127,105					$	(141)					$	6,915,806
Net Income																					167,175												167,175
Dividends on Preferred Stock																					(490)												(490)
Dividends on Common Stock																					(436,000)												(436,000)
Capital Contributions from Eversource Parent															100,000																		100,000
Other Comprehensive Loss																											(2)						(2)
Balance as of March 31, 2025			200						$	—					$	3,888,842					$	2,857,790					$	(143)					$	6,746,489

			For the Three Months Ended March 31, 2024
			Common Stock												Capital Surplus, Paid In						Retained Earnings						Accumulated Other Comprehensive Income						Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)			Stock						Amount
Balance as of January 1, 2024			200						$	—					$	3,013,842					$	3,136,612					$	44					$	6,150,498
Net Income																					159,977												159,977
Dividends on Preferred Stock																					(490)												(490)
Dividends on Common Stock																					(96,700)												(96,700)
Capital Contributions from Eversource Parent															300,000																		300,000
Other Comprehensive Loss																											(16)						(16)
Balance as of March 31, 2024			200						$	—					$	3,313,842					$	3,199,399					$	28					$	6,513,269

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			For the Three Months Ended March 31,
(Thousands of Dollars)			2025						2024
Operating Activities:
Net Income			$	167,175					$	159,977
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation			108,014						96,922
Deferred Income Taxes			(10,197)						31,812
Uncollectible Expense			7,485						6,109
Pension, SERP and PBOP Income, Net			(10,161)						(8,954)
Regulatory Over/(Under) Recoveries, Net			78,429						(85,422)
Amortization of Regulatory Assets, Net			52,284						48,392
Cost of Removal Expenditures			(16,903)						(11,715)
Other			(7,333)						(12,395)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net			(114,975)						(74,262)
Taxes Receivable/Accrued, Net			78,295						(18,223)
Accounts Payable			3,771						13,088
Other Current Assets and Liabilities, Net			(24,456)						7,316
Net Cash Flows Provided by Operating Activities			311,428						152,645
Investing Activities:
Investments in Property, Plant and Equipment			(367,462)						(394,895)
Net Cash Flows Used in Investing Activities			(367,462)						(394,895)
Financing Activities:
Cash Dividends on Common Stock			(436,000)						(96,700)
Cash Dividends on Preferred Stock			(490)						(490)
Issuance of Long-Term Debt			800,000						—
Capital Contributions from Eversource Parent			100,000						300,000
(Decrease)/Increase in Notes Payable			(396,282)						53,153
Other Financing Activities			(9,114)						5
Net Cash Flows Provided by Financing Activities			58,114						255,968
Net Increase in Cash and Restricted Cash			2,080						13,718
Cash and Restricted Cash - Beginning of Period			9,023						22,785
Cash and Restricted Cash - End of Period			$	11,103					$	36,503

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)			As of March 31, 2025						As of December 31, 2024
ASSETS
Current Assets:
Cash			$	4,397					$	1,431
Receivables, Net (net of allowance for uncollectible accounts of $14,299 and $14,090 as of March 31, 2025 and December 31, 2024, respectively)			172,444						163,063
Accounts Receivable from Affiliated Companies			29,783						27,285
Unbilled Revenues			47,933						57,226
Materials, Supplies and REC Inventory			71,395						75,778
Regulatory Assets			153,635						173,267
Special Deposits			22,566						32,668
Prepayments and Other Current Assets			7,042						15,916
Total Current Assets			509,195						546,634
Property, Plant and Equipment, Net			5,188,357						5,089,943
Deferred Debits and Other Assets:
Regulatory Assets			894,369						892,411
Prepaid Pension and PBOP			95,077						91,005
Other Long-Term Assets			22,170						21,948
Total Deferred Debits and Other Assets			1,011,616						1,005,364
Total Assets			$	6,709,168					$	6,641,941
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent			$	114,500					$	131,100
Rate Reduction Bonds – Current Portion			43,210						43,210
Accounts Payable			184,814						226,074
Accounts Payable to Affiliated Companies			58,998						45,141
Regulatory Liabilities			103,097						121,058
Other Current Liabilities			84,601						92,018
Total Current Liabilities			589,220						658,601
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes			794,481						781,559
Regulatory Liabilities			400,903						394,982
Other Long-Term Liabilities			41,630						43,859
Total Deferred Credits and Other Liabilities			1,237,014						1,220,400
Long-Term Debt			1,732,386						1,732,066
Rate Reduction Bonds			302,467						324,072
Common Stockholder's Equity:
Common Stock			—						—
Capital Surplus, Paid In			1,973,134						1,898,134
Retained Earnings			874,947						808,668
Common Stockholder's Equity			2,848,081						2,706,802
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization			$	6,709,168					$	6,641,941

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

									For the Three Months Ended March 31,
(Thousands of Dollars)															2025						2024
Operating Revenues															$	347,981					$	326,116
Operating Expenses:
Purchased Power and Transmission															80,007						87,938
Operations and Maintenance															71,009						68,712
Depreciation															40,502						37,409
Amortization of Regulatory Assets, Net															20,835						21,264
Energy Efficiency Programs															12,202						11,176
Taxes Other Than Income Taxes															25,789						23,316
Total Operating Expenses															250,344						249,815
Operating Income															97,637						76,301
Interest Expense															20,569						19,194
Other Income, Net															10,758						7,050
Income Before Income Tax Expense															87,826						64,157
Income Tax Expense															21,547						15,801
Net Income															$	66,279					$	48,356

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)

			For the Three Months Ended March 31, 2025
			Common Stock												Capital Surplus, Paid In						Retained Earnings						Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)			Stock						Amount
Balance as of January 1, 2025			301						$	—					$	1,898,134					$	808,668					$	2,706,802
Net Income																					66,279						66,279
Capital Contributions from Eversource Parent															75,000												75,000
Balance as of March 31, 2025			301						$	—					$	1,973,134					$	874,947					$	2,848,081

			For the Three Months Ended March 31, 2024
			Common Stock												Capital Surplus, Paid In						Retained Earnings						Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)			Stock						Amount
Balance as of January 1, 2024			301						$	—					$	1,698,134					$	655,785					$	2,353,919
Net Income																					48,356						48,356
Capital Contributions from Eversource Parent															100,000												100,000
Balance as of March 31, 2024			301						$	—					$	1,798,134					$	704,141					$	2,502,275

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			For the Three Months Ended March 31,
(Thousands of Dollars)			2025						2024
Operating Activities:
Net Income			$	66,279					$	48,356
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation			40,502						37,409
Deferred Income Taxes			11,127						31,763
Uncollectible Expense			1,315						1,163
Pension, SERP and PBOP Income, Net			(2,211)						(2,322)
Regulatory Under Recoveries, Net			(35,625)						(78,464)
Amortization of Regulatory Assets, Net			20,835						21,264
Cost of Removal Expenditures			(5,894)						(12,518)
Other			(4,195)						761
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net			(6,051)						11,194
Taxes Receivable/Accrued, Net			(3,018)						(6,387)
Accounts Payable			7,498						(1,559)
Other Current Assets and Liabilities, Net			8,856						1,186
Net Cash Flows Provided by Operating Activities			99,418						51,846
Investing Activities:
Investments in Property, Plant and Equipment			(143,315)						(148,934)
Net Cash Flows Used in Investing Activities			(143,315)						(148,934)
Financing Activities:
Capital Contributions from Eversource Parent			75,000						100,000
Repayment of Rate Reduction Bonds			(21,605)						(21,605)
(Decrease)/Increase in Notes Payable to Eversource Parent			(16,600)						18,000
Net Cash Flows Provided by Financing Activities			36,795						96,395
Net Decrease in Cash and Restricted Cash			(7,102)						(693)
Cash and Restricted Cash - Beginning of Period			37,243						35,004
Cash and Restricted Cash - End of Period			$	30,141					$	34,311

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

COMBINED NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout the combined notes to the unaudited condensed financial statements.

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Presentation

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities), and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.6 million electric, natural gas and water customers through twelve regulated utilities in Connecticut, Massachusetts and New Hampshire.

The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."

The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2024 Form 10-K, which was filed with the SEC on February 14, 2025. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of March 31, 2025 and December 31, 2024, and the results of operations, comprehensive income, common shareholders' equity and cash flows for the three months ended March 31, 2025 and 2024. The results of operations, comprehensive income and cash flows for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the results expected for a full year.

CYAPC and YAEC are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates the operations of CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.

B. Accounting Standards

Accounting Standards Issued but Not Yet Adopted: In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, primarily requiring consistent categories and greater detailed disclosure information in the tax rate reconciliation as well as income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted and may be applied on either a prospective or retrospective basis. Eversource expects to adopt the amendments to this standard prospectively upon effective date and does not expect an impact on the financial statements of Eversource, CL&P, NSTAR Electric and PSNH.

C. Allowance for Uncollectible Accounts

Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables.

Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). The current expected credit loss (CECL) model is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded.

The allowance for uncollectible accounts is determined based upon a variety of judgments and factors, including an aging-based quantitative assessment that applies an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, analysis of delinquency statistics, and management's assessment of collectability from customers, including current economic conditions, customer payment trends, the impact on customer bills because of energy usage trends and changes in rates, flexible payment plans and financial hardship arrearage management programs offered to customers, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic conditions, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. Management concluded that the reserve balance as of March 31, 2025 adequately reflected the collection risk and net realizable value for its receivables.

The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric, NSTAR Gas and EGMA to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance.

The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment as of March 31st is as follows:

			Eversource																		CL&P																		NSTAR Electric																		PSNH
(Millions of Dollars)			Hardship Accounts						Retail (Non-Hardship), Wholesale, and Other						Total Allowance						Hardship Accounts						Retail (Non-Hardship), Wholesale, and Other						Total Allowance						Hardship Accounts						Retail (Non-Hardship), Wholesale, and Other						Total Allowance						Total Allowance
Three Months Ended 2025
Balance as of December 31, 2024			$	364.6					$	191.6					$	556.2					$	240.7					$	38.4					$	279.1					$	55.2					$	59.7					$	114.9					$	14.1
Uncollectible Expense			—						22.9						22.9						—						4.7						4.7						—						7.5						7.5						1.3
Uncollectible Costs Deferred (1)			19.4						13.8						33.2						8.8						1.9						10.7						3.5						5.5						9.0						1.4
Write-Offs			(12.6)						(37.8)						(50.4)						(9.3)						(10.1)						(19.4)						(0.9)						(15.9)						(16.8)						(2.7)
Recoveries Collected			0.1						3.6						3.7						0.1						1.0						1.1						—						1.4						1.4						0.2
Balance as of March 31, 2025			$	371.5					$	194.1					$	565.6					$	240.3					$	35.9					$	276.2					$	57.8					$	58.2					$	116.0					$	14.3

			Eversource																		CL&P																		NSTAR Electric																		PSNH
(Millions of Dollars)			Hardship Accounts						Retail (Non-Hardship), Wholesale, and Other						Total Allowance						Hardship Accounts						Retail (Non-Hardship), Wholesale, and Other						Total Allowance						Hardship Accounts						Retail (Non-Hardship), Wholesale, and Other						Total Allowance						Total Allowance
Three Months Ended 2024
Balance as of December 31, 2023			$	366.8					$	187.7					$	554.5					$	259.7					$	36.3					$	296.0					$	43.6					$	53.4					$	97.0					$	14.3
Uncollectible Expense			—						16.4						16.4						—						3.5						3.5						—						6.1						6.1						1.2
Uncollectible Costs Deferred (1)			27.5						11.4						38.9						22.7						2.7						25.4						(0.8)						4.4						3.6						1.3
Write-Offs			(15.1)						(28.5)						(43.6)						(10.8)						(7.7)						(18.5)						(1.0)						(9.2)						(10.2)						(3.2)
Recoveries Collected			0.2						3.7						3.9						0.2						1.2						1.4						—						1.2						1.2						0.2
Balance as of March 31, 2024			$	379.4					$	190.7					$	570.1					$	271.8					$	36.0					$	307.8					$	41.8					$	55.9					$	97.7					$	13.8

(1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to uncollectible energy supply costs.

As of both March 31, 2025 and December 31, 2024, the allowance for uncollectible accounts attributable to the Aquarion water distribution business has been reclassified to Assets Held for Sale on the Eversource balance sheets. For further information, see Note 17, “Assets Held for Sale.”

D. Fair Value Measurements

Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, AROs, and in the valuation of business combinations and asset acquisitions. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs.

Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis.

The levels of the fair value hierarchy are described below:

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable.

Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products.

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 10, "Fair Value of Financial Instruments," to the financial statements.

E. Other Income, Net

The components of Other Income, Net on the statements of income were as follows:

			For the Three Months Ended
			March 31, 2025																								March 31, 2024
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion			$	32.6					$	8.3					$	14.8					$	4.1					$	27.8					$	6.5					$	12.3					$	3.6
AFUDC Equity			23.9						3.6						14.1						3.9						26.8						6.0						16.2						1.9
Equity in Earnings of Unconsolidated Affiliates			6.0						—						0.2						—						7.8						—						0.2						—
Investment (Loss)/Income			(2.0)						0.1						(1.8)						0.1						(0.8)						(0.7)						0.4						(0.2)
Interest Income			34.0						5.6						19.0						2.7						30.0						4.7						18.0						1.8
Other			(2.2)						—						—						—						(0.6)						—						—						—
Total Other Income, Net			$	92.3					$	17.6					$	46.3					$	10.8					$	91.0					$	16.5					$	47.1					$	7.1

F. Other Taxes

Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:

									For the Three Months Ended
(Millions of Dollars)															March 31, 2025						March 31, 2024
Eversource															$	63.7					$	53.3
CL&P															52.9						43.9

As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income.

G. Supplemental Cash Flow Information

Non-cash investing activities include plant additions included in Accounts Payable as follows:

(Millions of Dollars)			As of March 31, 2025						As of March 31, 2024
Eversource			$	427.2					$	453.6
CL&P			82.3						112.8
NSTAR Electric			172.8						132.7
PSNH			58.2						75.2

The following table reconciles cash and cash equivalents as reported on the balance sheets to the cash, cash equivalents and restricted cash balance as reported on the statements of cash flows:

			As of March 31, 2025																								As of December 31, 2024
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
Cash and Cash Equivalents as reported on the Balance Sheets			$	111.4					$	67.7					$	2.9					$	4.4					$	26.7					$	1.1					$	0.9					$	1.4
Restricted cash included in:
Special Deposits			64.6						1.0						8.2						22.5						75.8						1.0						8.1						32.7
Assets Held for Sale, Current			5.8						—						—						—						5.8						—						—						—
Marketable Securities			9.5						—						—						—						10.0						—						—						—
Other Long-Term Assets			9.3						—						—						3.2						9.0						—						—						3.1
Cash, Cash Equivalents and Restricted Cash as reported on the Statements of Cash Flows			$	200.6					$	68.7					$	11.1					$	30.1					$	127.3					$	2.1					$	9.0					$	37.2

Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, cash held in escrow accounts, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations.

Eversource’s restricted cash also includes an Energy Relief Fund for energy efficiency and clean energy measures in the Merrimack Valley established under the terms of an EGMA 2020 settlement agreement. This restricted cash held in escrow accounts included $20.0 million recorded as short-term in Special Deposits as of both March 31, 2025 and December 31, 2024, and $6.1 million and $5.9 million recorded in Other Long-Term Assets on the balance sheets as of March 31, 2025 and December 31, 2024, respectively.

2. REGULATORY ACCOUNTING

Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs 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. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers.

Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets and the regulatory assets that have been recorded. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the applicable costs would be charged to net income in the period in which the determination is made.

Regulatory Assets: The components of regulatory assets were as follows:

			As of March 31, 2025																								As of December 31, 2024
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
Storm Costs, Net			$	2,034.1					$	986.5					$	579.9					$	467.7					$	2,039.4					$	971.1					$	609.8					$	458.5
Regulatory Tracking Mechanisms			1,416.0						311.3						622.8						147.6						1,781.6						507.7						650.0						162.8
Income Taxes, Net			979.1						525.0						149.5						20.5						968.4						521.0						145.4						20.7
Benefit Costs			957.9						167.5						290.4						65.0						967.4						168.8						293.6						65.6
Securitized Stranded Costs			338.5						—						—						338.5						349.3						—						—						349.3
Goodwill-related			243.0						—						208.6						—						247.2						—						212.3						—
Asset Retirement Obligations			153.2						42.0						79.8						5.2						150.2						41.2						78.3						5.1
Derivative Liabilities			41.8						41.8						—						—						57.2						57.2						—						—
Other Regulatory Assets			527.7						51.4						111.9						3.5						510.0						58.5						117.7						3.7
Total Regulatory Assets			6,691.3						2,125.5						2,042.9						1,048.0						7,070.7						2,325.5						2,107.1						1,065.7
Less: Current Portion			1,793.3						417.3						874.1						153.6						2,189.7						638.5						902.8						173.3
Total Long-Term Regulatory Assets			$	4,898.0					$	1,708.2					$	1,168.8					$	894.4					$	4,881.0					$	1,687.0					$	1,204.3					$	892.4

As of both March 31, 2025 and December 31, 2024, the Regulatory Assets attributable to the Aquarion water distribution business have been reclassified to Assets Held for Sale on the Eversource balance sheets. For further information, see Note 17, “Assets Held for Sale.”

Regulatory Costs in Other Long-Term Assets: Eversource's regulated companies had $236.1 million (including $124.9 million for CL&P, $44.1 million for NSTAR Electric and $5.7 million for PSNH) and $221.0 million (including $116.3 million for CL&P, $41.1 million for NSTAR Electric and $4.5 million for PSNH) of additional regulatory costs not yet specifically approved as of March 31, 2025 and December 31, 2024, respectively, that were included in Other Long-Term Assets on the balance sheets. These amounts will be reclassified to Regulatory Assets upon approval by the applicable regulatory agency. Based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. As of March 31, 2025 and December 31, 2024, these regulatory costs included $105.4 million (including $55.8 million for CL&P and $28.2 million for NSTAR Electric) and $92.5 million (including $47.2 million for CL&P and $24.4 million for NSTAR Electric), respectively, of deferred uncollectible hardship costs.

Regulatory Liabilities: The components of regulatory liabilities were as follows:

			As of March 31, 2025																								As of December 31, 2024
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
EDIT due to Tax Cuts and Jobs Act of 2017			$	2,432.4					$	954.6					$	872.0					$	328.6					$	2,442.7					$	956.6					$	877.6					$	330.6
Regulatory Tracking Mechanisms			840.5						221.8						475.0						96.1						702.4						180.3						413.6						114.4
Cost of Removal			711.0						226.8						457.6						26.6						684.1						212.8						451.3						20.1
Deferred Portion of Non-Service Income Components of Pension, SERP and PBOP			448.1						64.5						222.3						44.1						427.1						61.6						211.6						42.6
AFUDC - Transmission			160.3						66.6						93.7						—						154.8						65.1						89.7						—
Benefit Costs			63.4						4.7						17.1						4.0						69.3						4.5						21.4						3.9
Other Regulatory Liabilities			187.1						42.8						14.1						4.6						184.5						39.1						14.2						4.5
Total Regulatory Liabilities			4,842.8						1,581.8						2,151.8						504.0						4,664.9						1,520.0						2,079.4						516.1
Less: Current Portion			774.5						169.1						497.4						103.1						632.3						124.1						436.3						121.1
Total Long-Term Regulatory Liabilities			$	4,068.3					$	1,412.7					$	1,654.4					$	400.9					$	4,032.6					$	1,395.9					$	1,643.1					$	395.0

As of both March 31, 2025 and December 31, 2024, the Regulatory Liabilities attributable to the Aquarion water distribution business have been reclassified to Liabilities Held for Sale on the Eversource balance sheets. For further information, see Note 17, “Assets Held for Sale.”

3. PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION

The following tables summarize property, plant and equipment by asset category:

Eversource			As of March 31, 2025						As of December 31, 2024
(Millions of Dollars)
Distribution - Electric			$	21,467.7					$	21,144.1
Distribution - Natural Gas			9,131.9						8,922.2
Transmission - Electric			16,303.5						16,130.9
Solar			205.8						201.0
Utility			47,108.9						46,398.2
Other (1)			2,305.8						2,254.1
Property, Plant and Equipment, Gross			49,414.7						48,652.3
Less: Accumulated Depreciation
Utility			(9,807.5)						(9,636.5)
Other			(1,093.9)						(1,044.1)
Total Accumulated Depreciation			(10,901.4)						(10,680.6)
Property, Plant and Equipment, Net			38,513.3						37,971.7
Construction Work in Progress			3,136.8						3,014.9
Total Property, Plant and Equipment, Net			$	41,650.1					$	40,986.6

			As of March 31, 2025																		As of December 31, 2024
(Millions of Dollars)			CL&P						NSTAR Electric						PSNH						CL&P						NSTAR Electric						PSNH
Distribution - Electric			$	8,564.9					$	9,930.9					$	3,012.2					$	8,437.9					$	9,782.3					$	2,964.2
Transmission - Electric			6,996.7						6,426.4						2,882.1						6,937.7						6,375.2						2,819.6
Solar			—						205.8						—						—						201.0						—
Property, Plant and Equipment, Gross			15,561.6						16,563.1						5,894.3						15,375.6						16,358.5						5,783.8
Less: Accumulated Depreciation			(2,979.9)						(3,846.7)						(1,048.1)						(2,928.0)						(3,782.0)						(1,032.3)
Property, Plant and Equipment, Net			12,581.7						12,716.4						4,846.2						12,447.6						12,576.5						4,751.5
Construction Work in Progress			557.4						1,635.8						342.2						554.6						1,461.3						338.4
Total Property, Plant and Equipment, Net			$	13,139.1					$	14,352.2					$	5,188.4					$	13,002.2					$	14,037.8					$	5,089.9

(1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company.

As of both March 31, 2025 and December 31, 2024, the property, plant and equipment balance, net of accumulated depreciation, attributable to the Aquarion water distribution business has been reclassified to Assets Held for Sale on the Eversource balance sheets. For further information, see Note 17, “Assets Held for Sale.”

4. DERIVATIVE INSTRUMENTS

The electric and natural gas companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income as electricity or natural gas is delivered.

Derivative contracts that are not designated as normal are recorded at fair value as derivative assets or liabilities on the balance sheets. For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates.

The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets. The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:

									As of March 31, 2025																		As of December 31, 2024
CL&P (Millions of Dollars)			Fair Value Hierarchy						Commodity Supply and Price Risk Management						Netting (1)						Net Amount Recorded as a Derivative						Commodity Supply and Price Risk Management						Netting (1)						Net Amount Recorded as a Derivative
Current Derivative Assets			Level 2						$	10.4					$	(0.3)					$	10.1					$	14.2					$	(0.3)					$	13.9
Current Derivative Liabilities			Level 2						(51.9)						—						(51.9)						(71.1)						—						(71.1)

(1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists.

Derivative Contracts at Fair Value with Offsetting Regulatory Amounts

Commodity Supply and Price Risk Management: As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacities of these contracts as of both March 31, 2025 and December 31, 2024 were 610 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets.

For the three months ended March 31, 2025 and 2024, there were losses of $0.3 million and $1.0 million, respectively. These changes in fair value associated with CL&P’s derivative contracts are deferred in Regulatory Assets on the balance sheet.

Fair Value Measurements of Derivative Instruments

The fair value of derivative contracts utilizes both observable and unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled capacity payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Significant observable inputs for valuations of these contracts include energy-related product prices in future years for which quoted prices in an active market exist. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. Fair value measurements were prepared by individuals with expertise in valuation techniques, pricing of energy-related products, and accounting requirements. All derivative contracts were classified as Level 2 in the fair value hierarchy as of both March 31, 2025 and December 31, 2024.

5. MARKETABLE SECURITIES

Eversource’s marketable securities include the CYAPC and YAEC legally restricted trusts that each hold equity and available-for-sale debt securities to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity and available-for-sale debt marketable securities are recorded at fair value. CYAPC and YAEC’s spent nuclear fuel trusts are restricted and are classified in long-term Marketable Securities on the balance sheets.

Eversource’s water business also holds a trust. Securities held in this trust as of March 31, 2025 and December 31, 2024 of $4.0 million and $4.1 million, respectively, were reclassified to Assets Held for Sale on the Eversource balance sheets.

Equity Securities: Eversource's equity securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $163.8 million and $163.1 million as of March 31, 2025 and December 31, 2024, respectively. Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income.

Available-for-Sale Debt Securities: The following is a summary of available-for-sale debt securities, which are held in CYAPC’s and YAEC’s spent nuclear fuel trusts:

			As of March 31, 2025																								As of December 31, 2024
Eversource (Millions of Dollars)			Amortized Cost						Pre-Tax Unrealized Gains						Pre-Tax Unrealized Losses						Fair Value						Amortized Cost						Pre-Tax Unrealized Gains						Pre-Tax Unrealized Losses						Fair Value
Debt Securities			$	163.5					$	0.6					$	(3.8)					$	160.3					$	163.2					$	0.1					$	(6.1)					$	157.2

Unrealized gains and losses for available-for-sale debt securities included in the CYAPC and YAEC spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income.

As of March 31, 2025, the contractual maturities of available-for-sale debt securities were as follows:

Eversource (Millions of Dollars)			Amortized Cost						Fair Value
Less than one year			$	13.0					$	13.0
One to five years			42.1						42.4
Six to ten years			23.8						23.7
Greater than ten years			84.6						81.2
Total Debt Securities			$	163.5					$	160.3

Realized Gains and Losses: Realized gains and losses are offset in long-term liabilities for CYAPC and YAEC and are recorded in Other Income, Net for Eversource's benefit trusts. Eversource utilizes the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts.

Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:

Eversource (Millions of Dollars)			As of March 31, 2025						As of December 31, 2024
Level 1:
Mutual Funds and Equities			$	163.8					$	163.1
Money Market Funds			9.5						10.0
Total Level 1			$	173.3					$	173.1
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)			$	91.0					$	92.0
Corporate Debt Securities			37.9						32.5
Asset-Backed Debt Securities			8.5						7.8
Municipal Bonds			6.8						6.8
Other Fixed Income Securities			6.6						8.1
Total Level 2			$	150.8					$	147.2
Total Marketable Securities			$	324.1					$	320.3

U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows.

6. SHORT-TERM AND LONG-TERM DEBT

Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 11, 2029. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program.

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on October 11, 2029, that serves to backstop NSTAR Electric's $650 million commercial paper program.

The amount of borrowings outstanding and available under the commercial paper programs were as follows:

			Borrowings Outstanding as of												Available Borrowing Capacity as of												Weighted-Average Interest Rate as of
			March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
(Millions of Dollars)
Eversource Parent Commercial Paper Program			$	1,381.6					$	1,538.0					$	618.4					$	462.0					4.78		%				4.76		%
NSTAR Electric Commercial Paper Program			108.5						504.8						541.5						145.2						4.43		%				4.55		%

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2025 and December 31, 2024.

CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, all of which will expire in either May 2025, September 2025 or October 2025. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of March 31, 2025 and December 31, 2024.

Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2025 and December 31, 2024, there were intercompany loans from Eversource parent to PSNH of $114.5 million and $131.1 million, respectively. As of December 31, 2024, there were intercompany loans from Eversource parent to CL&P of $280.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time.

Sources and Uses of Cash: The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Long-Term Debt Issuance Authorizations: On March 3, 2025, PSNH filed a petition with the NHPUC requesting authorization to issue up to $300.0 million in long-term debt through December 31, 2025. On March 26, 2025, PURA approved Yankee Gas’ request for authorization to issue up to $360.0 million in long-term debt through December 31, 2026.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)			Interest Rate						Issuance/(Repayment)						Issue Date or Repayment Date						Maturity Date						Use of Proceeds for Issuance/ Repayment Information
CL&P Series A First Mortgage Bonds			4.95		%				$	400.0					January 2025						January 2030						Repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures			4.85		%				400.0						February 2025						March 2030						Repay 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures			5.20		%				400.0						February 2025						March 2035						Repay 3.25% Debentures at maturity, 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 R First Mortgage Bonds			2.33		%				(75.0)						May 2025						May 2025						Paid at maturity

In April 2025, NSTAR Gas closed on two First Mortgage Bonds, Series Y and Z for $205.0 million and $20.0 million, respectively, and these bonds will be issued in June 2025.

7. RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

Rate Reduction Bonds: In May 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035. The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC in January 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets.

PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements.

The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:

(Millions of Dollars)
PSNH Balance Sheets:			As of March 31, 2025						As of December 31, 2024
Restricted Cash - Current Portion (included in Special Deposits)			$	17.9					$	31.0
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)			3.2						3.1
Securitized Stranded Cost (included in Regulatory Assets)			338.5						349.3
Other Regulatory Liabilities (included in Regulatory Liabilities)			8.4						6.9
Accrued Interest (included in Other Current Liabilities)			2.2						5.7
Rate Reduction Bonds - Current Portion			43.2						43.2
Rate Reduction Bonds - Long-Term Portion			302.5						324.1

(Millions of Dollars) PSNH Income Statements:									For the Three Months Ended
												March 31, 2025						March 31, 2024
Amortization of RRB Principal (included in Amortization of Regulatory Assets/(Liabilities), Net)															$	10.8					$	10.8
Interest Expense on RRB Principal (included in Interest Expense)															3.3						3.7

8. PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

Eversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees. In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses to eligible employees that meet certain age and service eligibility requirements.

The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense/(income) reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis.

In August 2024, Eversource communicated to its employees participating in the Eversource 401k Plan enhanced defined contribution feature (referred to as K-Vantage) that effective January 1, 2025, a Cash Balance Pension Plan is established, which replaces employer K-Vantage contributions. Eversource transferred into the Cash Balance Pension Plan employees who are participants in the K-Vantage plan, with the exception of one union group with ongoing negotiations, and will credit employees a set percentage of an employee’s eligible pay based on age and years of service on the employee’s behalf. This benefit is a new, additional obligation of the existing Pension Plan and will be funded through the existing assets of the Eversource Pension Plan. The liability began accruing benefits upon the effective date of January 1, 2025.

			Pension and SERP																								PBOP
			For the Three Months Ended March 31, 2025																								For the Three Months Ended March 31, 2025
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
Service Cost			$	16.4					$	3.8					$	2.5					$	1.6					$	1.6					$	0.2					$	0.2					$	0.1
Interest Cost			63.2						12.8						13.0						6.8						8.0						1.4						2.2						0.8
Expected Return on Plan Assets			(113.3)						(22.9)						(27.7)						(11.9)						(21.2)						(2.4)						(10.5)						(1.4)
Actuarial Loss/(Gain)			10.0						1.2						3.2						0.5						(0.3)						—						—						—
Prior Service Cost/(Credit)			0.3						—						0.1						—						(5.4)						0.3						(4.2)						0.1
Settlement Loss			3.3						—						—						—						—						—						—						—
Total Net Periodic Benefit Plan Income			$	(20.1)					$	(5.1)					$	(8.9)					$	(3.0)					$	(17.3)					$	(0.5)					$	(12.3)					$	(0.4)
Intercompany Expense/(Income) Allocations			N/A						$	0.1					$	0.3					$	0.1					N/A						$	(0.5)					$	(0.7)					$	(0.2)
			Pension and SERP																								PBOP
			For the Three Months Ended March 31, 2024																								For the Three Months Ended March 31, 2024
(Millions of Dollars)			Eversource						CL&P						NSTAR Electric						PSNH						Eversource						CL&P						NSTAR Electric						PSNH
Service Cost			$	10.8					$	2.9					$	2.1					$	1.0					$	1.7					$	0.3					$	0.3					$	0.1
Interest Cost			62.0						12.4						13.1						6.7						8.0						1.4						2.2						0.9
Expected Return on Plan Assets			(115.6)						(23.3)						(28.3)						(12.2)						(20.4)						(2.4)						(9.9)						(1.4)
Actuarial Loss/(Gain)			19.8						2.5						6.4						1.1						(0.1)						—						—						—
Prior Service Cost/(Credit)			0.3						—						0.1						—						(5.4)						0.3						(4.2)						0.1
Settlement Loss			4.3						—						—						—						—						—						—						—
Total Net Periodic Benefit Plan Income			$	(18.4)					$	(5.5)					$	(6.6)					$	(3.4)					$	(16.2)					$	(0.4)					$	(11.6)					$	(0.3)
Intercompany Expense/(Income) Allocations			N/A						$	0.3					$	0.4					$	0.1					N/A						$	(0.6)					$	(0.7)					$	(0.2)

9. COMMITMENTS AND CONTINGENCIES

A. Environmental Matters

Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations.

The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:

			As of March 31, 2025												As of December 31, 2024
			Number of Sites						Reserve (in millions)						Number of Sites						Reserve (in millions)
Eversource			65						$	144.8					65						$	128.0
CL&P			15						13.2						15						13.4
NSTAR Electric			14						7.9						14						6.6
PSNH			8						6.4						8						6.3

The increase in the reserve balance was due primarily to changes in cost estimates at an MGP site at NSTAR Gas.

Included in the number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured natural gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. Eversource’s reserve balances related to these former MGP sites were $132.8 million and $115.9 million as of March 31, 2025 and December 31, 2024, respectively, and related primarily to the natural gas business segment.

These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly.

B. Guarantees and Indemnifications

In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications.

Guarantees issued on behalf of unconsolidated entities, including equity method ownership interests, for which Eversource parent is the guarantor, are recorded at fair value as a liability on the balance sheet at the inception of the guarantee. The fair value of guarantees issued on behalf of unconsolidated entities are recorded within Other Long-Term Liabilities on the balance sheet, and were $0.9 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively. Eversource regularly reviews performance risk under these guarantee arrangements, and believes the likelihood of payments being required under the guarantees is remote. In the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded.

On September 30, 2024, Eversource completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to GIP. Under the agreement with Global Infrastructure Partners (GIP), Eversource’s existing and certain additional credit support obligations for Revolution Wind are expected to roll off as the project completes construction. On July 9, 2024, Eversource completed the sale of its 50 percent ownership share of Sunrise Wind to Ørsted. Under the agreement with Ørsted, Eversource’s existing credit support obligations for Sunrise Wind were either terminated or indemnified by Ørsted as a result of the sale.

The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties, and primarily relates to its previously-owned offshore wind investments:

As of March 31, 2025
Company (Obligor)						Description						Maximum Exposure (in millions)
Revolution Wind, LLC and TurbineCo, LLC						Offshore wind construction-related purchase agreements with third-party contractors (1)						$	268.9
Eversource Investment LLC, Eversource Investment Service Company LLC and South Fork Class B Member, LLC						Offshore wind funding and indemnification obligations (2)						276.8
Eversource Investment LLC						Letters of Credit (3)						4.3
Eversource TEI LLC						South Fork Wind Tax Equity (4)						50.0
South Fork Wind, LLC						Power Purchase Agreement Security (5)						7.1
Various Eversource subsidiaries						Surety bonds (6)						34.1

(1) Eversource parent issued guarantees on behalf of its previously 50 percent-owned affiliate, Revolution Wind, LLC, and on behalf of TurbineCo, LLC (successor in interest to North East Offshore, LLC (NEO)), under which Eversource parent agreed to guarantee each entity’s performance of obligations under certain construction-related purchase agreements with third-party contractors, in an aggregate amount not to exceed $800.9 million. Eversource parent’s obligations under the guarantees expire upon the earlier of (i) dates ranging between June 2025 and November 2027 and (ii) full performance of the guaranteed obligations.

(2) Eversource parent issued guarantees on behalf of its wholly-owned subsidiary Eversource Investment LLC (EI), which held Eversource's previous investments in offshore wind-related equity method investments until sale, and on behalf of its previously 50 percent-owned affiliate, South Fork Class B Member, LLC, whereby Eversource parent will guarantee each entity’s performance of certain funding obligations of the South Fork and Revolution Wind projects. Eversource parent also guaranteed certain indemnification obligations of EI associated with third party credit support for EI’s investment in NEO. On September 30, 2024, Eversource parent issued a guaranty on behalf of its wholly-owned subsidiary, Eversource Investment Service Company LLC, whereby Eversource parent will guarantee Eversource Investment Service Company LLC’s performance of certain indemnification obligations during the onshore construction phase of the Revolution Wind project, in an amount not to exceed $100.0 million. These guarantees will not exceed $1.62 billion and expire upon the full performance of the guaranteed obligations.

(3) Eversource parent entered into a guarantee on behalf of EI, under which Eversource parent would guarantee EI's obligations under a letter of credit facility with a financial institution that EI may request in an aggregate amount of up to approximately $25 million. As of March 31, 2025, EI has issued two letters of credit on behalf of South Fork Wind, LLC totaling $4.3 million. The guarantee will remain in effect until full performance of the guaranteed obligations.

(4) Eversource parent issued a guarantee on behalf of its wholly-owned subsidiary, Eversource TEI LLC, whereby Eversource parent will guarantee Eversource TEI LLC’s performance of certain obligations, in an amount not to exceed $50.0 million, in connection with any remaining obligations under the LLC agreement. Eversource parent’s obligations expire upon the full performance of the guaranteed obligations.

(5) Eversource parent issued a guarantee on behalf of its previously 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an amount not to exceed $7.1 million, under a Power Purchase Agreement between the Long Island Power Authority and South Fork Wind, LLC (the Agreement). The guarantee expires upon the later of (i) the end of the Agreement term, January 2044, with the option to extend to January 2049 and (ii) full performance of the guaranteed obligations.

(6) Surety bonds expire in 2025 and 2026. Expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded.

On September 30, 2024, Eversource entered into an agreement with GIP and Ørsted to contingently provide future credit support up to a maximum of $850 million in guarantees, if required, to support third party tax equity financing for Revolution Wind.

C. FERC ROE Complaints

Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE for transmission incentive (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, FERC issued Opinion No. 531-A and set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court).

All amounts associated with the first complaint period have been refunded, which totaled $38.9 million (pre-tax and excluding interest) at Eversource and reflected both the base ROE and incentive cap prescribed by the FERC order. The refund consisted of $22.4 million for CL&P, $13.7 million for NSTAR Electric and $2.8 million for PSNH.

Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of both March 31, 2025 and December 31, 2024. This reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of both March 31, 2025 and December 31, 2024.

On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results.

The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent.

If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order.

On November 21, 2019, FERC issued Opinion No. 569 affecting the two pending transmission ROE complaints against the Midcontinent ISO (MISO) transmission owners, in which FERC adopted a new methodology for determining base ROEs. Various parties sought rehearing. On December 23, 2019, the NETOs filed supplementary materials in the NETOs' four pending cases to respond to this new methodology because of the uncertainty of the applicability to the NETOs' cases. On May 21, 2020, the FERC issued its order in Opinion No. 569-A on the rehearing of the MISO transmission owners' cases, in which FERC again changed its methodology for determining the MISO transmission owners' base ROEs. On November 19, 2020, the FERC issued Opinion No. 569-B denying rehearing of Opinion No. 569-A and reaffirmed the methodology previously adopted in Opinion No. 569-A. The new methodology differs significantly from the methodology proposed by FERC in its October 16, 2018 order to determine the NETOs' base ROEs in their four pending cases. FERC Opinion Nos. 569-A and 569-B were appealed to the Court. On August 9, 2022, the Court issued its decision vacating MISO ROE FERC Opinion Nos. 569, 569-A and 569-B and remanded to FERC to reopen the proceedings. The Court found that FERC’s development of the new return methodology was arbitrary and capricious due to FERC’s failure to offer a reasonable explanation for its decision to reintroduce the risk-premium financial model in its new methodology for calculating a just and reasonable return.

On October 17, 2024, FERC issued an order on the remand of the MISO ROE proceedings. The order addressed the Court’s decision that the reintroduction of the risk-premium financial model in the ROE methodology was arbitrary and capricious by removing the risk-premium financial model from the ROE methodology. The removal of the risk-premium financial model was the only revision to FERC’s ROE methodology and resulted in a two-model approach utilizing the two-step discounted cash flow model and the capital asset pricing model. MISO transmission owners were directed to provide refunds for the period November 12, 2013 to February 11, 2015 (the first MISO ROE complaint refund period) and for the period from September 28, 2016 (the date of FERC’s order on the first MISO ROE complaint) to October 17, 2024 by December 1, 2025. The order also stated that FERC does not preclude the use of the risk-premium financial model in future proceedings if the parties can demonstrate that FERC’s stated concerns around the inclusion of the model have been addressed. On March 25, 2025, FERC issued an order addressing arguments raised on rehearing, sustaining the result, and denying 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.

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. The petition requests review of FERC’s decision to retroactively backdate the MISO transmission owners’ base ROE to the date of an earlier order that FERC abandoned when it issued Order No. 569, treat an underlying unlawful complaint as if it were legitimate, and order eight years of interest as part of the directed refunds.

Given the significant uncertainty regarding the applicability of the FERC order in the MISO transmission owners’ two complaint cases to the NETOs’ pending four complaint 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 complaints or subsequent periods at this time and Eversource cannot reasonably estimate any potential range of loss for any of the four complaint proceedings at this time. The resolution of these proceedings could have a material impact on the financial condition, results of operations and cash flows.

Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order.

A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource’s after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods.

D. Offshore Wind Contingent Liability

On September 30, 2024, Eversource 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, which were received at closing. As part of the sale, Eversource and GIP agreed to make certain post-closing purchase price adjustment payments, which could impact the final purchase price. The post-closing purchase price adjustment payments include cost sharing obligations that require Eversource to share equally with GIP in GIP’s funding obligations up to an effective cap of approximately $240 million of incremental capital expenditure overruns incurred during the construction phase for Revolution Wind, after which Eversource will have responsibility for GIP’s obligations for any additional capital expenditure overruns in excess of this amount. The purchase price is also subject to post-closing adjustments as a result of final project economics, which includes Eversource’s obligation to maintain GIP’s internal rate of return through the construction period for each project as specified in the agreement. Post-closing purchase price adjustment payments will be made following the commercial operation date of Revolution Wind. South Fork Wind has achieved commercial operation, and Eversource is in the process of finalizing the construction cost post-close purchase price adjustment payment related to this project, which is not expected to be material.

Eversource recorded a contingent liability of $365 million as of March 31, 2025 and December 31, 2024, reflecting its estimate of the future obligations under the GIP sale terms, which include the expected cost overrun sharing obligation, expected obligation to maintain GIP’s internal rate of return, and obligation for other future costs. The majority of this liability is expected to be settled upon the completion of the Revolution Wind project.

Contingencies are evaluated using the best information available at the time the financial statements are published, and this assessment involves judgments and assumptions about future events. Factors that could increase the post-closing adjustment payments owed to GIP include the ultimate completed cost of construction for South Fork Wind, construction cost overruns for Revolution Wind as well as the extent of construction delays, which would impact the economics associated with the purchase price adjustment, and the eligibility for federal investment tax credits for Revolution Wind at a lower value than assumed and included in the purchase price.

The purchase price of Revolution Wind included the sales value related to a 40 percent level of federal investment tax credits. A change in the expected value or qualification of ITC adders could result in a significant loss in a future period.

New information or future developments that arise as the construction of Revolution Wind progresses, and as cost estimates are received, reviewed and revised, as well as schedule updates, will necessitate a reassessment of the estimated liability related to post-closing adjustment payments. The Company is currently aware that the construction of the offshore foundations, offshore substation, and turbine tower installations may lead to future cost overruns. The Company reviews available projection of total construction costs, including the latest cost estimates and project timeline. Management has determined that the information currently available does not necessitate a change to the Company’s existing liability estimate of $365 million. The Company will continue to monitor developments, evaluate potential exposures, and revise its estimates as additional information becomes available.

It is possible that as additional updated cost estimates become available, or other adverse changes in facts, regulations and circumstances occur, it could result in additional losses and increases to this liability, which could be material. The Company believes it is reasonably possible that there is an additional loss in excess of the liability recorded, but management cannot reasonably estimate a range of loss beyond the $365 million recorded at this time.

Total net proceeds could also be adjusted for a benefit due to Eversource if there are lower operation costs or higher availability of the projects through the period that is four years following the commercial operation of Revolution Wind.

E. Leases

In the first quarter of 2025, EGMA entered into a land and building finance lease that is expected to commence 2026. The lease contains a purchase option that the Company has determined is probable of being executed. In accordance with ASC 842, Leases, the Company will recognize the right-of-use asset and corresponding lease liability, and will assess the purchase option as part of the lease fair value upon commencement. As of March 31, 2025, the lease agreement totaled $18.7 million and the estimated purchase option was $19.0 million.

10. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments:

Preferred Stock, Long-Term Debt and Rate Reduction Bonds: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows:

			Eversource												CL&P												NSTAR Electric												PSNH
(Millions of Dollars)			Carrying Amount						Fair Value						Carrying Amount						Fair Value						Carrying Amount						Fair Value						Carrying Amount						Fair Value
As of March 31, 2025:
Preferred Stock Not Subject to Mandatory Redemption			$	155.6					$	124.8					$	116.2					$	92.0					$	43.0					$	32.8					$	—					$	—
Long-Term Debt			27,599.0						26,038.9						5,508.1						5,168.9						5,887.2						5,617.4						1,732.4						1,551.6
Rate Reduction Bonds			345.7						336.7						—						—						—						—						345.7						336.7
As of December 31, 2024:
Preferred Stock Not Subject to Mandatory Redemption			$	155.6					$	123.8					$	116.2					$	90.3					$	43.0					$	33.5					$	—					$	—
Long-Term Debt			26,704.8						24,791.4						5,111.1						4,705.8						5,094.9						4,759.4						1,732.1						1,529.7
Rate Reduction Bonds			367.3						352.1						—						—						—						—						367.3						352.1

Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements.

See Note 1D, "Summary of Significant Accounting Policies – Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy.

11. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:

			For the Three Months Ended March 31, 2025																		For the Three Months Ended March 31, 2024
Eversource (Millions of Dollars)			Qualified Cash Flow Hedging Instruments						Defined Benefit Plans						Total						Qualified Cash Flow Hedging Instruments												Defined Benefit Plans						Total
Balance as of Beginning of Period			$	(0.4)					$	(26.1)					$	(26.5)					$	(0.4)											$	(33.3)					$	(33.7)
Amounts Reclassified from AOCI			—						2.5						2.5						—												5.2						5.2
Net OCI			—						2.5						2.5						—												5.2						5.2
Balance as of End of Period			$	(0.4)					$	(23.6)					$	(24.0)					$	(0.4)											$	(28.1)					$	(28.5)

Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. Defined benefit plan amounts reclassified from AOCI also include a settlement loss amortized into net periodic benefit plan expense/(income) for the three months ended March 31, 2025. See Note 8, “Pension Benefits and Postretirement Benefits Other Than Pension,” for further information.

12. COMMON SHARES

The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:

			Shares
									Authorized as of March 31, 2025 and December 31, 2024						Issued as of
			Par Value									March 31, 2025						December 31, 2024
Eversource			$	5					410,000,000						375,724,367						375,724,367
CL&P			$	10					24,500,000						6,035,205						6,035,205
NSTAR Electric			$	1					100,000,000						200						200
PSNH			$	1					100,000,000						301						301

Common Share Issuances: Eversource had an equity distribution agreement pursuant to which it could offer and sell up to $1.2 billion of its common shares from time to time through an “at-the-market” (ATM) equity offering program. Eversource issued and sold its common shares through its sales agents during the term of this agreement. Shares were offered in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. Sales were made at either market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. In 2024, Eversource issued 15,740,294 common shares, which resulted in proceeds of $989.4 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes. Eversource completed this program in October 2024.

Treasury Shares: As of March 31, 2025 and December 31, 2024, there were 8,417,284 and 9,116,315 Eversource common shares held as treasury shares, respectively. As of March 31, 2025 and December 31, 2024, there were 367,307,083 and 366,608,052 Eversource common shares outstanding, respectively.

Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.

13. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2025 and 2024. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of March 31, 2025 and December 31, 2024. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.

14. EARNINGS PER SHARE

Basic earnings per share is computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. For the three months ended March 31, 2025 and 2024, there were no antidilutive share awards excluded from the computation of diluted EPS.

The following table sets forth the components of basic and diluted earnings per share:

Eversource (Millions of Dollars, except share information)									For the Three Months Ended
												March 31, 2025						March 31, 2024
Net Income Attributable to Common Shareholders															$	550.8					$	521.8
Weighted Average Common Shares Outstanding:
Basic															367,320,246						350,717,114
Dilutive Effect															357,372						280,106
Diluted															367,677,618						350,997,220
Basic and Diluted Earnings Per Common Share															$	1.50					$	1.49

15. REVENUES

The following tables present operating revenues disaggregated by revenue source:

			For the Three Months Ended March 31, 2025
Eversource (Millions of Dollars)			Electric Distribution						Natural Gas Distribution						Electric Transmission						Water Distribution						Other						Eliminations						Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential			$	1,489.3					$	696.5					$	—					$	31.4					$	—					$	—					$	2,217.2
Commercial			807.6						305.9						—						15.3						—						(2.0)						1,126.8
Industrial			104.1						67.8						—						1.0						—						(5.9)						167.0
Total Retail Tariff Sales Revenues			2,401.0						1,070.2						—						47.7						—						(7.9)						3,511.0
Wholesale Transmission Revenues			—						—						594.0						—						—						(439.3)						154.7
Wholesale Market Sales Revenues			347.8						62.3						—						1.1						—						—						411.2
Other Revenues from Contracts with Customers			20.8						1.4						3.6						0.6						439.0						(435.8)						29.6
Total Revenues from Contracts with Customers			2,769.6						1,133.9						597.6						49.4						439.0						(883.0)						4,106.5
Alternative Revenue Programs			2.2						6.4						(49.9)						0.6						—						45.2						4.5
Other Revenues			5.9						1.1						0.1						0.3						—						—						7.4
Total Operating Revenues			$	2,777.7					$	1,141.4					$	547.8					$	50.3					$	439.0					$	(837.8)					$	4,118.4

			For the Three Months Ended March 31, 2024
Eversource (Millions of Dollars)			Electric Distribution						Natural Gas Distribution						Electric Transmission						Water Distribution						Other						Eliminations						Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential			$	1,254.1					$	507.6					$	—					$	30.3					$	—					$	—					$	1,792.0
Commercial			707.5						247.1						—						16.2						—						(1.7)						969.1
Industrial			87.7						59.8						—						1.0						—						(5.1)						143.4
Total Retail Tariff Sales Revenues			2,049.3						814.5						—						47.5						—						(6.8)						2,904.5
Wholesale Transmission Revenues			—						—						474.1						—						—						(361.6)						112.5
Wholesale Market Sales Revenues			165.3						58.2						—						0.9						—						—						224.4
Other Revenues from Contracts with Customers			28.4						1.1						3.9						(0.2)						443.6						(441.4)						35.4
Total Revenues from Contracts with Customers			2,243.0						873.8						478.0						48.2						443.6						(809.8)						3,276.8
Alternative Revenue Programs			13.2						31.5						29.6						1.6						—						(26.8)						49.1
Other Revenues			5.5						0.7						0.2						0.3						—						—						6.7
Total Operating Revenues			$	2,261.7					$	906.0					$	507.8					$	50.1					$	443.6					$	(836.6)					$	3,332.6

			For the Three Months Ended March 31, 2025																		For the Three Months Ended March 31, 2024
(Millions of Dollars)			CL&P						NSTAR Electric						PSNH						CL&P						NSTAR Electric						PSNH
Revenues from Contracts with Customers
Retail Tariff Sales
Residential			$	801.2					$	506.2					$	181.9					$	626.8					$	462.2					$	165.1
Commercial			344.1						375.7						88.3						252.4						373.5						82.0
Industrial			48.4						30.8						24.9						33.3						29.9						24.5
Total Retail Tariff Sales Revenues			1,193.7						912.7						295.1						912.5						865.6						271.6
Wholesale Transmission Revenues			251.1						218.7						124.2						200.7						188.8						84.6
Wholesale Market Sales Revenues			280.0						57.3						10.5						121.2						31.6						12.5
Other Revenues from Contracts with Customers			8.7						11.9						4.3						16.4						11.1						5.2
Total Revenues from Contracts with Customers			1,733.5						1,200.6						434.1						1,250.8						1,097.1						373.9
Alternative Revenue Programs			(18.9)						(9.1)						(19.7)						27.4						7.8						7.6
Other Revenues			2.7						2.4						0.9						2.9						2.0						0.8
Eliminations			(176.1)						(179.7)						(67.3)						(159.8)						(159.3)						(56.2)
Total Operating Revenues			$	1,541.2					$	1,014.2					$	348.0					$	1,121.3					$	947.6					$	326.1

16. SEGMENT INFORMATION

Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. The Electric Distribution segment consists of the rate-regulated distribution businesses of CL&P, NSTAR Electric and PSNH, and includes the results of NSTAR Electric's solar power facilities. The Electric Transmission segment consists of the rate-regulated electric transmission businesses of CL&P, NSTAR Electric and PSNH. The Natural Gas Distribution segment consists of the rate-regulated businesses of Yankee Gas, NSTAR Gas and EGMA. The Water Distribution segment consists of the rate-regulated business of Aquarion. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer.

Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The chief operating decision maker uses the net income of each reportable segment to evaluate return generated from assets and decide how to reinvest profits and allocate resources, to monitor budget-to-actual results, in the planning and forecasting process, in determining compensation achievement, and in benchmarking to Eversource’s peers. Eversource’s chief operating decision maker is its chief executive officer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) the results of other unregulated subsidiaries, which are not part of its core business, and 5) Eversource parent's equity ownership interests that are not consolidated, which primarily included the offshore wind investments until sale of the three offshore wind projects in the third quarter of 2024 and a natural gas pipeline owned by Enbridge, Inc.

In the ordinary course of business, Yankee Gas, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 million annually and are classified as Purchased Power, Purchased Natural Gas and Transmission on the Eversource statements of income.

Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment.

Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. Eversource's segment information is as follows:

			For the Three Months Ended March 31, 2025
Eversource (Millions of Dollars)			Electric Distribution						Natural Gas Distribution						Electric Transmission						Water Distribution						Other						Eliminations						Total
Operating Revenues			$	2,777.7					$	1,141.4					$	547.8					$	50.3					$	439.0					$	(837.8)					$	4,118.4
Depreciation and Amortization			(564.7)						(104.5)						(106.8)						(11.2)						(50.6)						2.8						(835.0)
Operations and Maintenance (1)
Operations, Excluding Storm Costs			(101.7)						(46.2)						(31.5)
Corporate Shared Services			(116.4)						(30.3)						(21.8)
Storm Costs			(19.9)						—						—
Employee Benefits			(48.6)						(18.6)						(11.7)
Uncollectible Expense			(43.7)						(30.0)						—
Other			(27.4)						2.1						(10.9)
Total Operations and Maintenance			(357.7)						(123.0)						(75.9)						(22.8)						(349.1)						441.0						(487.5)
Purchased Power, Purchased Natural Gas and Transmission, Other Taxes and Energy Efficiency (2)			(1,580.6)						(605.2)						(69.6)						(6.8)						(1.4)						394.1						(1,869.5)
Operating Income			274.7						308.7						295.5						9.5						37.9						0.1						926.4
Interest Expense			(91.1)						(28.4)						(38.6)						(7.7)						(178.4)						43.4						(300.8)
Interest Income			27.3						6.7						—						—						43.4						(43.4)						34.0
Other Income, Net			35.3						5.5						12.1						0.8						625.7						(621.1)						58.3
Income Tax (Expense)/Benefit			(56.6)						(74.1)						(68.9)						1.0						33.4						—						(165.2)
Net Income			189.6						218.4						200.1						3.6						562.0						(621.0)						552.7
Net Income Attributable to Noncontrolling Interests			(1.2)						—						(0.7)						—						—						—						(1.9)
Net Income Attributable to Common Shareholders			$	188.4					$	218.4					$	199.4					$	3.6					$	562.0					$	(621.0)					$	550.8
Cash Flows Used for Investments in Plant			$	489.6					$	193.9					$	244.8					$	28.5					$	50.6					$	—					$	1,007.4

			For the Three Months Ended March 31, 2024
Eversource (Millions of Dollars)			Electric Distribution						Natural Gas Distribution						Electric Transmission						Water Distribution						Other						Eliminations						Total
Operating Revenues			$	2,261.7					$	906.0					$	507.8					$	50.1					$	443.6					$	(836.6)					$	3,332.6
Depreciation and Amortization			(109.8)						(83.0)						(101.0)						(0.6)						(45.7)						2.5						(337.6)
Operations and Maintenance (1)
Operations, Excluding Storm Costs			(111.7)						(42.6)						(33.0)
Corporate Shared Services			(112.5)						(27.0)						(19.5)
Storm Costs			(26.4)						—						—
Employee Benefits			(44.9)						(17.3)						(12.2)
Uncollectible Expense			(35.4)						(16.1)						—
Other			(17.2)						(3.1)						(15.7)
Total Operations and Maintenance			(348.1)						(106.1)						(80.4)						(25.5)						(348.6)						445.7						(463.0)
Purchased Power, Purchased Natural Gas and Transmission, Other Taxes and Energy Efficiency (2)			(1,557.0)						(448.5)						(61.5)						(6.5)						(0.9)						388.4						(1,686.0)
Operating Income			246.8						268.4						264.9						17.5						48.4						—						846.0
Interest Expense			(82.5)						(24.5)						(40.9)						(11.4)						(146.1)						54.7						(250.7)
Interest Income			24.5						5.4						0.1						—						54.7						(54.7)						30.0
Other Income, Net			32.1						4.7						14.0						1.7						567.9						(559.4)						61.0
Income Tax (Expense)/Benefit			(51.6)						(63.4)						(60.7)						(2.4)						15.5						—						(162.6)
Net Income			169.3						190.6						177.4						5.4						540.4						(559.4)						523.7
Net Income Attributable to Noncontrolling Interests			(1.2)						—						(0.7)						—						—						—						(1.9)
Net Income Attributable to Common Shareholders			$	168.1					$	190.6					$	176.7					$	5.4					$	540.4					$	(559.4)					$	521.8
Cash Flows Used for Investments in Plant			$	471.3					$	244.8					$	358.4					$	31.9					$	43.0					$	—					$	1,149.4

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Costs of the operations organization include labor and overtime, outside services, vehicles, vegetation management, employee expenses, fees and payments, regulatory assessments, and materials, partially offset by reimbursements. Corporate shared services include corporate centralized functions. Costs within these corporate functions primarily include labor, services by vendors, fees and payments, insurance, and regulatory assessments. Other includes information technology system depreciation at Eversource Service charged to the operating businesses, as well as storm funding, capitalization and various other corporate costs. The segment-level operating expense for information technology system depreciation is eliminated and reflected in depreciation in Eversource’s consolidation.

For the water distribution segment, the chief operating decision maker is provided with total operations and maintenance expense information to manage its operations. Operations and maintenance expenses primarily include employee costs, benefits, and outside services.

(2) Other segment line items for the electric distribution, electric transmission and natural gas distribution segments primarily include purchased power, purchased natural gas and transmission, taxes other than income taxes including property, payroll-related and Connecticut gross earnings taxes, and energy efficiency program expenses. Other segment line items for the water distribution business primarily include taxes other than income taxes.

The following table summarizes Eversource's segmented total assets:

Eversource (Millions of Dollars)			Electric Distribution						Natural Gas Distribution						Electric Transmission						Water Distribution						Other						Eliminations						Total
As of March 31, 2025			$	32,280.6					$	9,955.8					$	16,205.6					$	2,528.2					$	28,824.6					$	(29,600.1)					$	60,194.7
As of December 31, 2024			32,031.9						9,786.7						16,070.9						2,515.8						29,041.1						(29,851.9)						59,594.5

17. ASSETS HELD FOR SALE

On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business. 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 approval by PURA, DPU and the NHPUC, as well as other approvals pursuant to the Hart-Scott-Rodino Antitrust Improvements Act, for which the relevant waiting period has expired, as well as other customary closing conditions. The sale is expected to close in late 2025. Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.

The assets and liabilities of the Aquarion water distribution business met the criteria to be classified as held for sale and have been classified separately as current or long-term assets and liabilities held for sale on the Eversource balance sheets as of March 31, 2025 and December 31, 2024. As Eversource concluded this is the sale of a business, all goodwill held by the water distribution reporting unit was included in the carrying amount of the business and is also classified within assets held for sale. Long-term debt will be repaid by Eversource upon closing and is therefore excluded from liabilities held for sale. Assets and liabilities classified as held for sale are measured at the lower of carrying amount or fair value less costs to sell. The water distribution business did not and will not meet the criteria to be presented as a discontinued operation.

The major classes of Aquarion’s assets and liabilities presented in current and long-term Assets Held for Sale and Liabilities Held for Sale on the Eversource balance sheets, which are included in the Water Distribution reportable segment, were as follows:

(Millions of Dollars)			As of March 31, 2025						As of December 31, 2024
Restricted Cash			$	5.8					$	5.8
Receivables, Net			16.6						14.4
Unbilled Revenues			7.6						11.5
Prepayments and Other Current Assets			24.7						24.6
Total Current Assets Held for Sale			$	54.7					$	56.3
Property, Plant and Equipment, Net			$	1,897.9					$	1,885.2
Regulatory Assets			49.9						51.2
Goodwill			662.5						662.5
Other Long-Term Assets			14.3						12.2
Total Long-Term Assets Held for Sale			$	2,624.6					$	2,611.1
Accounts Payable			$	14.7					$	24.2
Other Current Liabilities			28.5						28.4
Total Current Liabilities Held for Sale			$	43.2					$	52.6
Regulatory Liabilities			$	130.7					$	132.2
Other Long-Term Liabilities			267.0						266.7
Total Long-Term Liabilities Held for Sale			$	397.7					$	398.9

For the three months ended March 31, 2025 and March 31, 2024, pre-tax income associated with the held for sale water distribution business was $2.6 million and $7.8 million, respectively.

EVERSOURCE ENERGY AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related combined notes included in this combined Quarterly Report on Form 10-Q, as well as the Eversource 2024 combined Annual Report on Form 10-K. References in this combined Quarterly Report on Form 10-Q to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries. All per-share amounts are reported on a diluted basis. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations.

The only common equity securities that are publicly traded are common shares of Eversource. Our first quarters 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under GAAP (non-GAAP), and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in our assets and liabilities as a whole. Full year 2024 earnings discussion includes a non-GAAP financial measure referencing earnings and EPS excluding a loss on the sales of the offshore wind equity method investments and a loss on the pending sale of the Aquarion water distribution business.

We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including these items. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the impacts of the loss on the offshore wind equity method investments and the loss on the pending sale of the Aquarion water distribution business are not indicative of our ongoing costs and performance. We view these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance.

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 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:

• cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers,

• 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,

• 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,

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

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

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

• substandard performance of third-party suppliers and service providers,

• fluctuations in weather patterns, including extreme weather due to climate change,

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

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

• changes in levels or timing of capital expenditures,

• changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with environmental laws and regulations,

• changes in accounting standards and financial reporting regulations,

• actions of rating agencies, and

• other presently unknown or unforeseen factors.

Other risk factors are detailed in our reports filed with the SEC and are updated as necessary and available on our website at www.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 Quarterly Report on Form 10-Q and in Eversource's 2024 combined Annual Report on Form 10-K. This combined Quarterly Report on Form 10-Q and Eversource's 2024 combined Annual Report on Form 10-K also describe 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.

Financial Condition and Business Analysis

Executive Summary

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities) and Aquarion (water utilities). Eversource is organized into the electric distribution, electric transmission, natural gas distribution, and water distribution reportable segments.

The following items in this executive summary are explained in more detail in this combined Quarterly Report on Form 10-Q:

Earnings Overview and Future Outlook:

• We earned $550.8 million, or $1.50 per share, in the first quarter of 2025, compared with $521.8 million, or $1.49 per share, in the first quarter of 2024.

• We reaffirmed our projection to earn within a 2025 earnings guidance range of between $4.67 per share and $4.82 per share. We also reaffirmed our projection that our long-term EPS growth rate through 2029 will be in a 5 to 7 percent range, using 2024 non-GAAP EPS of $4.57 per share as the base year.

Liquidity:

• Cash flows provided by operating activities totaled $1.04 billion in the first quarter of 2025, compared with $291.3 million in the first quarter of 2024. Investments in property, plant and equipment totaled $1.01 billion in the first quarter of 2025, compared with $1.15 billion in the first quarter of 2024.

• Cash and Cash Equivalents totaled $111.4 million as of March 31, 2025, compared with $26.7 million as of December 31, 2024. Our available borrowing capacity under our commercial paper programs totaled $1.16 billion as of March 31, 2025.

• In the first quarter of 2025, we issued $1.20 billion of new long-term debt and we repaid $300 million of long-term debt.

*•*On May 1, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on June 30, 2025 to shareholders of record as of May 15, 2025. On January 29, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on March 31, 2025 to shareholders of record as of March 4, 2025.

Strategic Developments:

*•*On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business. 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.

Earnings Overview

Consolidated: Below is a summary of our earnings by business, which also reconciles the non-GAAP financial measure of EPS by business to the most directly comparable GAAP measure of diluted EPS.

									For the Three Months Ended March 31,
															2025												2024
(Millions of Dollars, Except Per Share Amounts)																											Amount						Per Share						Amount						Per Share
Regulated Companies																											$	609.8					$	1.66					$	540.8					$	1.53
Eversource Parent and Other Companies																											(59.0)						(0.16)						(19.0)						(0.04)
Net Income Attributable to Common Shareholders																											$	550.8					$	1.50					$	521.8					$	1.49

The impact of higher shares outstanding resulted in $0.07 earnings per share dilution in the first quarter of 2025, as compared to the first quarter of 2024.

Regulated Companies: Our regulated companies comprise the electric distribution, electric transmission, natural gas distribution, and water distribution segments. A summary of our segment earnings and EPS is as follows:

									For the Three Months Ended March 31,
															2025												2024
(Millions of Dollars, Except Per Share Amounts)																											Amount						Per Share						Amount						Per Share
Electric Distribution																											$	188.4					$	0.51					$	168.1					$	0.48
Electric Transmission																											199.4						0.54						176.7						0.50
Natural Gas Distribution																											218.4						0.60						190.6						0.54
Water Distribution																											3.6						0.01						5.4						0.01
Net Income - Regulated Companies																											$	609.8					$	1.66					$	540.8					$	1.53

Our electric distribution segment earnings increased $20.3 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to higher revenues from base distribution rate increases at PSNH effective August 1, 2024 and at NSTAR Electric effective January 1, 2025 and from CL&P's capital tracking mechanism due to increased electric system improvements. Those earnings increases were partially offset by higher property tax expense, higher interest expense, and higher depreciation expense.

Our electric transmission segment earnings increased $22.7 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure.

Our natural gas distribution segment earnings increased $27.8 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to higher revenues from base distribution rate increases effective November 1, 2024 at EGMA and at NSTAR Gas and from capital tracking mechanisms due to continued investments in natural gas infrastructure. Those earnings increases were partially offset by higher operations and maintenance expense, higher interest expense, higher depreciation expense, and higher property tax expense.

Our water distribution segment earnings decreased $1.8 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to the absence of a benefit recorded in the first quarter of 2024 to recognize the impacts of the Aquarion Water Company of Connecticut’s rate case decision from PURA, partially offset by lower interest expense.

Eversource Parent and Other Companies: Eversource parent and other companies’ losses increased by $40.0 million in the first quarter of 2025, as compared to the first quarter of 2024, due primarily to higher interest expense due to the absence of capitalized interest as a result of the sale of our offshore wind investments in the third quarter of 2024 and higher interest costs from long-term debt.

Liquidity

Sources and Uses of Cash: Eversource’s regulated business is capital intensive and requires considerable capital resources. Eversource’s regulated companies’ capital resources are provided by cash flows generated from operations, short-term borrowings, long-term debt issuances, capital contributions from Eversource parent, and existing cash, and are used to fund their liquidity and capital requirements. Eversource’s regulated companies typically maintain minimal cash balances and use short-term borrowings to meet their working capital needs and other cash requirements. Short-term borrowings are also used as a bridge to long-term debt financings. The levels of short-term borrowing may vary significantly over the course of the year due to the impact of fluctuations in cash flows from operations (including timing of storm costs and regulatory recoveries), dividends paid, capital contributions received and the timing of long-term debt financings.

Eversource, CL&P, NSTAR Electric and PSNH each uses its available capital resources to fund its respective construction expenditures, meet debt requirements, pay operating costs, including storm-related costs, pay dividends, and fund corporate obligations. Eversource's regulated companies recover their electric, natural gas and water distribution construction expenditures as the related project costs are depreciated over the life of the assets. This impacts the timing of the revenue stream designed to fully recover the total investment plus a return on the equity and debt used to finance the investments. Eversource's regulated companies spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment and recovery period.

We expect the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with our existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

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.

Cash and cash equivalents totaled $111.4 million as of March 31, 2025, compared with $26.7 million as of December 31, 2024.

Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility, which terminates on October 11, 2029. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program.

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on October 11, 2029, that serves to backstop NSTAR Electric's $650 million commercial paper program.

The amount of borrowings outstanding and available under the commercial paper programs were as follows:

			Borrowings Outstanding as of												Available Borrowing Capacity as of												Weighted-Average Interest Rate as of
			March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
(Millions of Dollars)
Eversource Parent Commercial Paper Program			$	1,381.6					$	1,538.0					$	618.4					$	462.0					4.78		%				4.76		%
NSTAR Electric Commercial Paper Program			108.5						504.8						541.5						145.2						4.43		%				4.55		%

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2025 and December 31, 2024.

CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, all of which will expire in either May 2025, September 2025 or October 2025. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of March 31, 2025 and December 31, 2024.

Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2025 and December 31, 2024, there were intercompany loans from Eversource parent to PSNH of $114.5 million and $131.1 million, respectively. As of December 31, 2024, there were intercompany loans from Eversource parent to CL&P of $280.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time.

Long-Term Debt Issuance Authorizations: On March 3, 2025, PSNH filed a petition with the NHPUC requesting authorization to issue up to $300.0 million in long-term debt through December 31, 2025. On March 26, 2025, PURA approved Yankee Gas’ request for authorization to issue up to $360.0 million in long-term debt through December 31, 2026.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:

(Millions of Dollars)			Interest Rate						Issuance/(Repayment)						Issue Date or Repayment Date						Maturity Date						Use of Proceeds for Issuance/ Repayment Information
CL&P Series A First Mortgage Bonds			4.95		%				$	400.0					January 2025						January 2030						Repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures			4.85		%				400.0						February 2025						March 2030						Repay 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital
NSTAR Electric Debentures			5.20		%				400.0						February 2025						March 2035						Repay 3.25% Debentures at maturity, 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 R First Mortgage Bonds			2.33		%				(75.0)						May 2025						May 2025						Paid at maturity

In April 2025, NSTAR Gas closed on two First Mortgage Bonds, Series Y and Z for $205.0 million and $20.0 million, respectively, and these bonds will be issued in June 2025.

Rate Reduction Bonds: PSNH's RRB payments consist of principal and interest and are paid semi-annually. PSNH paid $21.6 million of RRB principal payments and $6.9 million of interest payments in the first quarter of 2025, and paid $21.6 million of RRB principal payments and $7.6 million of interest payments in the first quarter of 2024.

Cash Flows: Cash flows from operating activities primarily result from the transmission and distribution of electricity, and the distribution of natural gas and water. Cash flows provided by operating activities totaled $1.04 billion in the first quarter of 2025, compared with $291.3 million in the first quarter of 2024. Operating cash flows were favorably impacted by an improvement in regulatory recoveries driven primarily by the timing of collections for CL&P’s non-bypassable FMCC, CL&P’s SBC, electric and natural gas energy efficiency costs, energy supply costs and other regulatory tracking mechanisms. The CL&P non-bypassable FMCC retail rate increased as a result of the 2024 RAM decision and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024. These higher collections resulted in an improvement to operating cash flows of $342.6 million for the three month period. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization on the statements of cash flows. Operating cash flows were also favorably impacted by a $91.5 million decrease in cash payments to vendors for storm costs. These favorable impacts were partially offset by the timing of cash collections on our accounts receivable, the timing of cash payments made on our accounts payable, an increase in cost of removal expenditures, a $5.5 million decrease in income tax refunds received in 2025 compared to 2024, and the timing of other working capital items.

On May 1, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, payable on June 30, 2025 to shareholders of record as of May 15, 2025. On January 29, 2025, our Board of Trustees approved a common share dividend payment of $0.7525 per share, paid on March 31, 2025 to shareholders of record as of March 4, 2025. In the first quarter of 2025, we paid cash dividends of $270.2 million and issued non-cash dividends of $6.0 million in the form of treasury shares, totaling dividends of $276.2 million. In the first quarter of 2024, we paid cash dividends of $244.8 million and issued non-cash dividends of $6.0 million in the form of treasury shares, totaling dividends of $250.8 million.

Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan.

In the first quarter of 2025, CL&P and NSTAR Electric paid $247.0 million and $436.0 million, respectively, in common stock dividends to Eversource parent.

Investments in Property, Plant and Equipment on the statements of cash flows do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. In the first quarter of 2025, investments for Eversource, CL&P, NSTAR Electric, and PSNH were $1.01 billion, $223.6 million, $367.5 million, and $143.3 million, respectively. Capital expenditures were primarily for continuing projects to maintain and improve infrastructure and operations, including enhancing reliability to the transmission and distribution systems.

Contractual Obligations: Our cash requirements from contractual obligations were reported in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2024 Form 10-K. There have been no material changes to our cash requirements from contractual obligations and payment schedules previously disclosed in our 2024 Form 10-K.

Business Development and Capital Expenditures

Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the capitalized and deferred portions of pension and PBOP income/expense (all of which are non-cash factors), totaled $1.04 billion in the first quarter of 2025, compared to $1.09 billion in the first quarter of 2024. These amounts included $51.4 million and $75.6 million in the first quarter of 2025 and 2024, respectively, related to information technology and facilities upgrades and enhancements, primarily at Eversource Service and The Rocky River Realty Company.

Electric Transmission Business: Our consolidated electric transmission business capital expenditures decreased by $131.1 million in the first quarter of 2025, as compared to the first quarter of 2024. A summary of electric transmission capital expenditures by company is as follows:

			For the Three Months Ended March 31,
(Millions of Dollars)			2025						2024
CL&P			$	79.8					$	133.5
NSTAR Electric			89.4						117.6
PSNH			62.5						111.7
Total Electric Transmission			$	231.7					$	362.8

Our transmission projects are designed to improve the reliability of the electric grid, meet customer demand for power, and strengthen the electric grid's resilience against extreme weather and other safety and security threats. In Connecticut, Massachusetts and New Hampshire, our transmission projects include transmission line upgrades, the installation of new transmission interconnection facilities, substations and lines, and transmission substation enhancements.

Greater Cambridge Energy Program: The Greater Cambridge Energy Program will construct Eversource’s first underground transmission substation in Cambridge, Massachusetts, along with associated transmission and distribution lines. The project will address the increased electric demand in the region, enhance the resiliency of the transmission system, and ensure a flexible grid to reliably serve customers. The flexibility to transmit and distribute mixed energy sources will support the decarbonization and electrification goals of both the City of Cambridge and the state of Massachusetts. The new 115/13.8-kV, 35,000 square foot substation will be located in an underground vault and includes three distribution power transformers supplying thirty-six distribution circuits. The project also includes five underground duct banks housing eight new 115-kV transmission lines. The Massachusetts Energy Facilities Siting Board approved the project on June 28, 2024. Additional required environmental permits are expected to be approved by the end of 2025, as well as a license from the MA DEP expected to be approved by the end of the second quarter of 2026. The initial in-service date for the project is June 2029, which includes two 115-kV transmission lines and the transmission portion of the substation. The first distribution circuits and substation distribution will be placed in-service by the end of 2029. The remaining transmission and distribution circuits will be placed in-service throughout 2030 and into 2031. The total project cost is approximately $1.84 billion, with $1.38 billion allocated for transmission and $460 million for distribution. As of March 31, 2025, $112.0 million has been spent on the project, with $80.4 million for transmission and $31.6 million for distribution.

Distribution Business: A summary of distribution capital expenditures is as follows:

			For the Three Months Ended March 31,
(Millions of Dollars)			CL&P						NSTAR Electric						PSNH						Total Electric						Natural Gas						Water						Total
2025
Basic Business			$	83.3					$	127.8					$	28.3					$	239.4					$	51.2					$	3.7					$	294.3
Aging Infrastructure			28.8						118.7						30.0						177.5						136.6						20.3						334.4
Load Growth and Other			24.2						79.6						13.9						117.7						6.7						0.1						124.5
Total Distribution			$	136.3					$	326.1					$	72.2					$	534.6					$	194.5					$	24.1					$	753.2
2024
Basic Business			$	70.5					$	112.6					$	22.5					$	205.6					$	53.5					$	5.0					$	264.1
Aging Infrastructure			62.0						65.8						8.8						136.6						130.0						25.9						292.5
Load Growth and Other			27.3						48.6						13.8						89.7						9.6						0.2						99.5
Total Distribution			$	159.8					$	227.0					$	45.1					$	431.9					$	193.1					$	31.1					$	656.1

For the electric distribution business, basic business includes the purchase of meters, tools, vehicles, information technology, transformer replacements, equipment facilities, and the relocation of plant. Aging infrastructure relates to reliability and the replacement of overhead lines, plant substations, underground cable replacement, and equipment failures. Load growth and other includes requests for new business and capacity additions on distribution lines and substation additions and expansions.

For the natural gas distribution business, basic business addresses daily operational needs including meters, pipe relocations due to public works projects, vehicles, and tools. Aging infrastructure projects seek to improve the reliability of the system through enhancements related to cast iron and bare steel replacement of main and services, corrosion mediation, and station upgrades. Load growth and other reflects growth in existing service territories including new developments, installation of services, and expansion.

For the water distribution business, basic business addresses daily operational needs including periodic meter replacement, water main relocation, facility maintenance, and tools. Aging infrastructure relates to reliability and the replacement of water mains, regulators, storage tanks, pumping stations, wellfields, reservoirs, and treatment facilities. Load growth and other reflects growth in our service territory, including improvements of acquisitions, installation of new services, and interconnections of systems.

Pending Sale of Aquarion: On January 27, 2025, Eversource entered into a definitive agreement to sell the Aquarion water distribution business. 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 approval by PURA, DPU and the NHPUC, as well as other approvals pursuant to the Hart-Scott-Rodino Antitrust Improvements Act, for which the relevant waiting period has expired, as well as other customary closing conditions. The sale is expected to close in late 2025. Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.

The assets and liabilities of the Aquarion water distribution business met the criteria to be classified as held for sale and have been classified separately as current or long-term assets and liabilities held for sale on the Eversource balance sheets as of March 31, 2025 and December 31, 2024. For further information, see Note 17, “Assets Held for Sale.”

FERC Regulatory Matters

FERC ROE Complaints: Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE for transmission incentive (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, FERC issued Opinion No. 531-A and set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. This FERC order was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the Court).

All amounts associated with the first complaint period have been refunded. Eversource has recorded a reserve of $39.1 million (pre-tax and excluding interest) for the second complaint period as of both March 31, 2025 and December 31, 2024. This reserve represents the difference between the billed rates during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of both March 31, 2025 and December 31, 2024.

On October 16, 2018, FERC issued an order on all four complaints describing how it intends to address the issues that were remanded by the Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. Initial briefs were filed by the NETOs, Complainants and FERC Trial Staff on January 11, 2019 and reply briefs were filed on March 8, 2019. The NETOs' brief was supportive of the overall ROE methodology determined in the October 16, 2018 order provided the FERC does not change the proposed methodology or alter its implementation in a manner that has a material impact on the results.

The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, for the NETOs, which FERC concludes are of average financial risk, the preliminary just and reasonable base ROE is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent.

If the results of the illustrative calculations were included in a final FERC order for each of the complaint periods, then a 10.41 percent base ROE and a 13.08 percent incentive cap would not have a significant impact on our financial statements for all of the complaint periods. These preliminary calculations are not binding and do not represent what we believe to be the most likely outcome of a final FERC order.

On November 21, 2019, FERC issued Opinion No. 569 affecting the two pending transmission ROE complaints against the Midcontinent ISO (MISO) transmission owners, in which FERC adopted a new methodology for determining base ROEs. Various parties sought rehearing. On December 23, 2019, the NETOs filed supplementary materials in the NETOs' four pending cases to respond to this new methodology because of the uncertainty of the applicability to the NETOs' cases. On May 21, 2020, the FERC issued its order in Opinion No. 569-A on the rehearing of the MISO transmission owners' cases, in which FERC again changed its methodology for determining the MISO transmission owners' base ROEs. On November 19, 2020, the FERC issued Opinion No. 569-B denying rehearing of Opinion No. 569-A and reaffirmed the methodology previously adopted in Opinion No. 569-A. The new methodology differs significantly from the methodology proposed by FERC in its October 16, 2018 order to determine the NETOs' base ROEs in their four pending cases. FERC Opinion Nos. 569-A and 569-B were appealed to the Court. On August 9, 2022, the Court issued its decision vacating MISO ROE FERC Opinion Nos. 569, 569-A and 569-B and remanded to FERC to reopen the proceedings. The Court found that FERC’s development of the new return methodology was arbitrary and capricious due to FERC’s failure to offer a reasonable explanation for its decision to reintroduce the risk-premium financial model in its new methodology for calculating a just and reasonable return.

On October 17, 2024, FERC issued an order on the remand of the MISO ROE proceedings. The order addressed the Court’s decision that the reintroduction of the risk-premium financial model in the ROE methodology was arbitrary and capricious by removing the risk-premium financial model from the ROE methodology. The removal of the risk-premium financial model was the only revision to FERC’s ROE methodology and resulted in a two-model approach utilizing the two-step discounted cash flow model and the capital asset pricing model. MISO transmission owners were directed to provide refunds for the period November 12, 2013 to February 11, 2015 (the first MISO ROE complaint refund period) and for the period from September 28, 2016 (the date of FERC’s order on the first MISO ROE complaint) to October 17, 2024 by December 1, 2025. The order also stated that FERC does not preclude the use of the risk-premium financial model in future proceedings if the parties can demonstrate that FERC’s stated concerns around the inclusion of the model have been addressed. On March 25, 2025, FERC issued an order addressing arguments raised on rehearing, sustaining the result, and denying 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.

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. The petition requests review of FERC’s decision to retroactively backdate the MISO transmission owners’ base ROE to the date of an earlier order that FERC abandoned when it issued Order No. 569, treat an underlying unlawful complaint as if it were legitimate, and order eight years of interest as part of the directed refunds.

Given the significant uncertainty regarding the applicability of the FERC order in the MISO transmission owners’ two complaint cases to the NETOs’ pending four complaint 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 complaints or subsequent periods at this time and Eversource cannot reasonably estimate any potential range of loss for any of the four complaint proceedings at this time. The resolution of these proceedings could have a material impact on the financial condition, results of operations and cash flows.

Eversource, CL&P, NSTAR Electric and PSNH currently record revenues at the 10.57 percent base ROE and incentive cap at 11.74 percent established in the October 16, 2014 FERC order.

A change of 10 basis points to the base ROE used to establish the reserves would impact Eversource’s after-tax earnings by an average of approximately $3 million for each of the four 15-month complaint periods. Prospectively from the date of a final FERC order implementing a new base ROE, based off of estimated 2024 rate base, a change of 10 basis points to the base ROE would impact Eversource’s future annual after-tax earnings by approximately $6 million per year, and will increase slightly over time as we continue to invest in our transmission infrastructure.

Transmission Rates and Other Transmission Rates-Related Proceedings: CL&P, NSTAR Electric and PSNH 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 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.

Regulatory Developments and Rate Matters

Electric, Natural Gas and Water Utility Base Distribution Rates: The regulated companies’ distribution rates are set by their respective state regulatory commissions, and their tariffs include mechanisms for periodically adjusting their rates for the recovery of specific incurred costs. Other than as described below, for the first quarter of 2025, changes made to the regulated companies’ rates did not have a material impact on their earnings. For further information, see "Financial Condition and Business Analysis – Regulatory Developments and Rate Matters" included in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2024 Form 10-K.

Connecticut:

CL&P Performance Based Rate Making: On May 26, 2021, in accordance with an October 2020 Connecticut law, PURA opened a proceeding to begin to evaluate and eventually implement performance-based regulation (PBR) for electric distribution companies. PURA is conducting the proceeding in two phases. On January 25, 2023, PURA staff issued a proposal outlining a suggested portfolio of PBR elements for further exploration and potential implementation in the second phase of the proceeding. On April 26, 2023, PURA issued a final decision on the first phase and identified various objectives to guide PBR development and evaluate adoption of a PBR framework. The decision commenced Phase 2 by initiating three reopener dockets focused on revenue adjustment mechanisms, performance metrics and integrated distribution system planning. Final decisions on the three reopener dockets are expected in 2025.

On November 16, 2023, PURA issued a straw proposal in the first reopener that focused on revenue adjustment mechanisms. The proposal outlines potential additions and reforms to the current revenue adjustment mechanisms, such as multi-year rate plans, earnings sharing mechanisms and the revenue decoupling mechanism. On March 14, 2024, PURA issued a straw proposal in the second reopener docket that concentrates on performance mechanisms in a PBR framework. The proposal suggests the development of performance incentive mechanisms, reported metrics and scorecards. On February 27, 2025, PURA issued revised straw proposals for both the first and second reopener dockets, resulting in some edits to the previous proposals based on participant feedback. On April 4, 2025, PURA issued a straw proposal in the third reopener docket that focused on the establishment of integrated distribution system planning under a PBR framework. These straw proposals are not authoritative and additional technical sessions, discovery and briefs will continue prior to a final decision, which will not be applied until the time of CL&P’s next distribution rate case.

We continue to monitor developments in this proceeding, and at this time, we cannot predict the ultimate outcome of this proceeding and the resulting impact to CL&P.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and, at times, difficult, subjective or complex judgments. Changes in these estimates, assumptions and judgments, in and of themselves, could materially impact our financial position, results of operations or cash flows. Our management discusses with the Audit Committee of our Board of Trustees significant matters relating to critical accounting policies. Our critical accounting policies that we believed were the most critical in nature were reported in the Eversource 2024 Form 10-K. There have been no material changes with regard to these critical accounting policies.

Other Matters

Website: Additional financial information is available through our website at www.eversource.com. We make available through our website a link to the SEC's EDGAR website (http://www.sec.gov/edgar/searchedgar/companysearch.html), at which site Eversource's, CL&P's, NSTAR Electric's and PSNH's combined Annual Reports on Form 10-K, combined Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports may be reviewed. Information contained on the Company's website or that can be accessed through the website is not incorporated into and does not constitute a part of this combined Quarterly Report on Form 10-Q.

RESULTS OF OPERATIONS – EVERSOURCE ENERGY AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for Eversource for the three months ended March 31, 2025 and 2024 included in this combined Quarterly Report on Form 10-Q:

									For the Three Months Ended March 31,
(Millions of Dollars)																					2025						2024						Increase
Operating Revenues																					$	4,118.4					$	3,332.6					$	785.8
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission																					1,340.3						1,236.0						104.3
Operations and Maintenance																					487.5						463.0						24.5
Depreciation																					379.6						339.9						39.7
Amortization																					455.4						(2.3)						457.7
Energy Efficiency Programs																					257.6						213.4						44.2
Taxes Other Than Income Taxes																					271.6						236.6						35.0
Total Operating Expenses																					3,192.0						2,486.6						705.4
Operating Income																					926.4						846.0						80.4
Interest Expense																					300.8						250.8						50.0
Other Income, Net																					92.3						91.0						1.3
Income Before Income Tax Expense																					717.9						686.2						31.7
Income Tax Expense																					165.2						162.5						2.7
Net Income																					552.7						523.7						29.0
Net Income Attributable to Noncontrolling Interests																					1.9						1.9						—
Net Income Attributable to Common Shareholders																					$	550.8					$	521.8					$	29.0

Operating Revenues

Sales Volumes: A summary of our retail electric GWh sales volumes, our firm natural gas MMcf sales volumes, and our water MG sales volumes, and percentage changes, is as follows:

			Electric																		Firm Natural Gas																		Water
			Sales Volumes (GWh)												Percentage Increase						Sales Volumes (MMcf)												Percentage Increase						Sales Volumes (MG)												Percentage Increase/(Decrease)
Three Months Ended March 31:			2025						2024									2025						2024									2025						2024
Traditional			2,030						1,948						4.2		%				—						—						—		%				320						344						(7.0)		%
Decoupled			10,942						10,587						3.4		%				68,286						61,535						11.0		%				4,976						4,807						3.5		%
Total Sales Volumes			12,972						12,535						3.5		%				68,286						61,535						11.0		%				5,296						5,151						2.8		%

Weather, fluctuations in energy supply rates, conservation measures (including utility-sponsored energy efficiency programs), and economic conditions affect customer energy usage and water consumption. Industrial sales volumes are less sensitive to temperature variations than residential and commercial sales volumes. In our service territories, weather impacts both electric and water sales volumes during the summer and both electric and natural gas sales volumes during the winter; however, natural gas sales volumes are more sensitive to temperature variations than electric sales volumes. Customer heating or cooling usage may not directly correlate with historical levels or with the level of degree-days that occur.

Fluctuations in retail electric sales volumes at PSNH impact earnings ("Traditional" in the table above). For CL&P, NSTAR Electric, NSTAR Gas, EGMA, Yankee Gas, and our Connecticut water distribution business, fluctuations in retail sales volumes do not materially impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms ("Decoupled" in the table above). These distribution revenues are decoupled from their customer sales volumes, which breaks the relationship between sales volumes and revenues recognized.

Operating Revenues: The variance in Operating Revenues by segment is as follows:

(Millions of Dollars)									Three Months Ended
Electric Distribution									$	516.0
Natural Gas Distribution									235.4
Electric Transmission									40.0
Water Distribution									0.2
Other									(4.6)
Eliminations									(1.2)
Total Operating Revenues									$	785.8

Electric and Natural Gas Distribution Revenues:

Base Distribution Revenues:

• Base electric distribution revenues increased $35.5 million for the three month period, due primarily to a temporary base distribution rate increase at PSNH effective August 1, 2024 and a base distribution rate increase at NSTAR Electric effective January 1, 2025.

• Base natural gas distribution revenues increased $55.7 million for the three month period, due primarily to base distribution rate increases effective November 1, 2024 at EGMA and NSTAR Gas.

NSTAR Electric’s PBR mechanism allows for an annual adjustment to base distribution rates for inflation, exogenous events and future capital additions based on a historical five-year average of total capital additions. On December 23, 2024, the DPU approved a $55.8 million increase to base distribution rates for effect on January 1, 2025.

On July 31, 2024, the NHPUC approved a settlement agreement to implement a temporary annual base distribution rate increase of $61.2 million effective August 1, 2024 at PSNH.

NSTAR Gas’ PBR mechanism allows for an annual adjustment to base distribution rates for inflation and exogenous events. On October 30, 2024, the DPU approved the annual PBR Adjustment filing for a $12.7 million increase to base distribution rates for effect on November 1, 2024.

EGMA was allowed two rate base resets in a DPU-approved October 7, 2020 rate settlement agreement, with the first rate base reset on November 1, 2024. The increase to base distribution rates was $85.6 million effective November 1, 2024 (of which $8.8 million is offset by a reduction in the GSEP revenue requirement and GSEP rate also taking effect on November 1, 2024 for a net distribution rate change on November 1, 2024 of $76.8 million). On November 7, 2024, the DPU approved this filing.

Tracked Distribution Revenues: Tracked distribution revenues consist of certain costs that are recovered from customers in retail rates on a fully reconciling basis through regulatory commission-approved cost tracking mechanisms and therefore, recovery of these costs has no impact on earnings. Costs recovered through cost tracking mechanisms include, among others, energy supply and natural gas supply procurement, state mandated energy purchase agreements and other energy-related costs, electric retail transmission charges, energy efficiency program costs, electric restructuring and stranded cost recovery revenues (including securitized RRB charges), certain capital tracking mechanisms for infrastructure improvements, and additionally for the Massachusetts utilities, pension and PBOP benefits, net metering for distributed generation, and solar-related programs. Revenues from certain of these cost tracking mechanisms also include certain incentives earned, return on capital tracking mechanisms, and carrying charges that are billed in rates to customers, which do impact earnings. Tracked revenues also include wholesale market sales transactions, such as sales of energy and energy-related products into the ISO-NE wholesale electricity market, sales of natural gas to third party marketers, and the sale of RECs to various counterparties.

Customers have the choice to purchase electricity from their Eversource electric utility or from a competitive third party supplier. For customers who have contracted separately with these competitive suppliers, revenue is not recorded for the sale of the electricity commodity, as the utility is acting as an agent on behalf of the third party supplier. For customers that choose to purchase electric generation from CL&P, NSTAR Electric or PSNH, each utility purchases power on behalf of, and is permitted to recover the related energy supply cost without mark-up from, its customers, and records offsetting amounts in revenues and purchased power related to this energy supply procurement. CL&P, NSTAR Electric and PSNH each remain as the distribution service provider for all customers and charge a regulated rate for distribution delivery service recorded in revenues. Certain eligible natural gas customers may elect to purchase natural gas from their Eversource natural gas utility or may contract separately with a gas supply operator. Revenue is not recorded for the sale of the natural gas commodity to customers who have contracted separately with these operators, only the delivery to a customer, as the utility is acting as an agent on behalf of the gas supply operator.

The variance in tracked distribution revenues for the three month period is due primarily to the following:

									Electric Distribution												Natural Gas Distribution
(Millions of Dollars)									Three Months Ended												Three Months Ended
Retail Tariff Tracked Revenues:
Energy supply procurement									$	(87.7)											$	107.0
CL&P NBFMCC									217.6												—
CL&P SBC									89.3												—
Retail transmission									27.4												—
Other distribution tracking mechanisms									52.4												68.7
Wholesale Market Sales Revenue									182.5												4.1

Fluctuations in retail tariff tracked revenues are driven by adjustments to retail rates to recover costs and changes in sales volumes.

The decrease in energy supply procurement within electric distribution for the three month period was driven by lower average prices, partially offset by higher average supply-related sales volumes. The increase in energy supply procurement within natural gas distribution for the three month period was driven by higher average prices and higher average supply-related sales volumes.

The increase in CL&P’s NBFMCC revenues was driven by an increase in the retail Non-Bypassable Federally Mandated Congestion Charge (NBFMCC) rate. The CL&P NBFMCC rate includes the recovery of costs incurred under long-term state mandated energy purchase contracts with the Millstone and Seabrook nuclear power plants, net of the benefits received from selling this energy into the ISO-NE wholesale market. Effective September 1, 2023, CL&P’s average NBFMCC rate changed to $0.00293 per kWh. As a result of the April 2024 interim decision in the 2024 CL&P RAM filing, the average NBFMCC rate increased to $0.03906 per kWh effective July 1, 2024. As a result of the August final decision in the 2024 CL&P RAM filing, the average NBFMCC rate increased to $0.04290 per kWh effective September 1, 2024. The rate increases primarily resulted from higher net costs associated with power purchase agreements with the Millstone and Seabrook nuclear power plants.

The increase in electric distribution wholesale market sales revenue for the three month period was due primarily to higher average electricity market prices received for wholesale sales at CL&P. ISO-NE average market prices received for CL&P’s wholesale sales increased to an average price of $99.02 per MWh for the three months ended March 31, 2025, as compared to $39.65 per MWh for the same period in 2024, driven primarily by higher natural gas prices in New England. Volumes sold into the market were primarily from the sale of output generated by the Millstone PPA and Seabrook PPA with CL&P.

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 CL&P FMCC rate. Changes in CL&P’s NBFMCC retail revenues and CL&P’s wholesale market sales, as compared to the actual costs incurred, are deferred on the income statement by an offset to amortization expense.

Electric Transmission Revenues: Electric transmission revenues increased $40.0 million for the three month period, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure.

Other Revenues and Eliminations: Other revenues primarily include the revenues of Eversource's service company, most of which are eliminated in consolidation. Eliminations are also related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business in rates charged to their customers.

Purchased Power, Purchased Natural Gas and Transmission expense includes costs associated with providing electric generation service supply and natural gas to all customers who have not migrated to third party suppliers, the cost of energy purchase contracts entered into as required by regulation, and transmission costs. These electric and natural gas supply procurement costs, other energy-related costs, and transmission costs are recovered from customers in rates through commission-approved cost tracking mechanisms, which have no impact on earnings (tracked costs). The variance in Purchased Power, Purchased Natural Gas and Transmission expense is due primarily to the following:

(Millions of Dollars)									Three Months Ended
Energy supply procurement costs									$	(87.9)
Other electric distribution costs									63.5
Natural gas supply costs									106.4
Transmission costs									28.1
Eliminations									(5.8)
Total Purchased Power, Purchased Natural Gas and Transmission									$	104.3

The variance in energy supply procurement costs is offset in Operating Revenues (tracked energy supply procurement revenues). The variance in other electric distribution costs for the three month period is due to higher long-term contractual energy-related costs that are recovered in the non-bypassable component of the FMCC mechanism at CL&P, an increase in the long-term renewable energy contract cost deferral and higher net metering costs at NSTAR Electric, partially offset by a decrease in long-term renewable energy purchase contract costs at both NSTAR Electric and PSNH.

Costs at the natural gas distribution segment relate to supply procurement costs for retail customers. Total natural gas costs increased for the three month period due primarily to higher average prices and higher average purchased volumes, partially offset by a decrease in the retail cost deferral.

Included in transmission costs are charges that recover the cost of transporting electricity over high-voltage lines from generation facilities to substations, including costs allocated by ISO-NE to maintain the wholesale electric market. The increase in transmission costs for the three month period was primarily the result of an increase in costs billed by ISO-NE that support regional grid investments and an increase in Local Network Service charges, which reflect the cost of transmission service provided by Eversource over our local transmission network. These increases were partially offset by a decrease in the retail transmission cost deferral, which reflects the actual cost of transmission service compared to estimated amounts billed to customers.

Operations and Maintenance expense includes tracked costs and costs that are part of base electric, natural gas and water distribution rates with changes impacting earnings (non-tracked costs). The variance in Operations and Maintenance expense is due primarily to the following:

(Millions of Dollars)									Three Months Ended
Base Electric Distribution (Non-Tracked Costs):
General costs (including vendor services in corporate areas, uncollectible expense, insurance, fees and assessments)									$	10.0
Shared corporate costs (including IT system depreciation at Eversource Service)									3.3
Storm-related costs									(6.5)
Operations-related expenses (including vendor services, vegetation management, vehicles and materials)									(3.9)
Employee-related expenses (including labor and benefits)									(2.4)
Total Base Electric Distribution (Non-Tracked Costs)									0.5
Tracked Electric Costs (Electric Distribution and Electric Transmission) - Increase is due primarily to higher uncollectible expense									4.6
Total Electric Distribution and Electric Transmission									5.1
Natural Gas Distribution:
Base (Non-Tracked Costs) - Increase due primarily to higher uncollectible expense									7.7
Tracked Costs - Increase due primarily to higher uncollectible expense									9.2
Total Natural Gas Distribution									16.9
Water Distribution									(2.7)
Eversource Parent and Other Companies - other operations and maintenance									0.6
Eliminations									4.6
Total Operations and Maintenance									$	24.5

Depreciation expense increased for the three month period due primarily to higher net plant in service balances.

Amortization expense includes the deferral of energy-related costs and other costs that are included in certain regulatory commission-approved cost tracking mechanisms. This deferral adjusts expense to match the corresponding revenues compared to the actual costs incurred. These costs are recovered from customers in rates and have no impact on earnings. Amortization expense also includes the amortization of certain costs as those costs are collected in rates.

The variance in Amortization for the three month period is due primarily to the deferral adjustment of energy-related and other tracked costs at CL&P (included in the non-bypassable component of the FMCC mechanism), NSTAR Electric and PSNH, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. The CL&P non-bypassable FMCC retail rate increased and wholesale market sales revenues were higher in 2025 as compared to 2024. These higher collections resulted in a corresponding increase to amortization expense of $342.6 million for the deferral adjustment for the three month period.

Energy Efficiency Programs expense includes costs of various state energy policy initiatives and expanded energy efficiency programs that are recovered from customers in rates, most of which have no impact on earnings. Energy Efficiency Programs expense includes a deferral adjustment that reflects the actual costs of energy efficiency programs compared to the amounts billed to customers, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. Energy Efficiency Programs expense increased for the three month period due primarily to the deferral adjustment.

Taxes Other Than Income Taxes expense increased for the three month period due primarily to higher property taxes as a result of higher utility plant balances and higher mill rates at NSTAR Electric and higher Connecticut gross earnings taxes.

Interest Expense increased for the three month period due primarily to the following:

(Millions of Dollars)			Three Months Ended
Long-term debt			$	33.9
Absence in 2025 of capitalized interest as a result of the sale of our offshore wind investments in the third quarter of 2024			24.1
Capitalized AFUDC related to debt funds			4.3
Amortization of debt discounts and premiums, net			1.2
Regulatory deferrals			(13.9)
RRBs			(0.4)
Other			0.8
Total Interest Expense			$	50.0

Other Income, Net increased for the three month period due primarily to the following:

(Millions of Dollars)			Three Months Ended
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion			$	4.8
Interest Income			4.0
Capitalized AFUDC related to equity funds			(2.9)
Equity in Earnings of Unconsolidated Affiliates			(1.8)
Investment (Loss)/Income			(1.2)
Other			(1.6)
Total Other Income, Net			$	1.3

Income Tax Expense increased for the three month period due primarily to higher pre-tax earnings ($6.6 million), higher state taxes ($4.4 million), a decrease in amortization of EDIT ($0.7 million), and a higher share-based payment tax deficiency ($0.6 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($9.6 million).

RESULTS OF OPERATIONS –

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for CL&P, NSTAR Electric and PSNH for the three months ended March 31, 2025 and 2024 included in this combined Quarterly Report on Form 10-Q:

			For the Three Months Ended March 31,
			CL&P																		NSTAR Electric																		PSNH
(Millions of Dollars)			2025						2024						Increase/ (Decrease)						2025						2024						Increase/ (Decrease)						2025						2024						Increase/ (Decrease)
Operating Revenues			$	1,541.2					$	1,121.3					$	419.9					$	1,014.2					$	947.6					$	66.6					$	348.0					$	326.1					$	21.9
Operating Expenses:
Purchased Power and Transmission			494.2						566.0						(71.8)						308.9						273.3						35.6						80.0						87.9						(7.9)
Operations and Maintenance			189.2						186.8						2.4						174.1						173.7						0.4						71.0						68.7						2.3
Depreciation			106.7						98.4						8.3						108.0						96.9						11.1						40.5						37.4						3.1
Amortization of Regulatory Assets/(Liabilities), Net			343.2						(91.7)						434.9						52.3						48.4						3.9						20.9						21.3						(0.4)
Energy Efficiency Programs			51.6						35.6						16.0						63.4						82.3						(18.9)						12.2						11.2						1.0
Taxes Other Than Income Taxes			115.2						103.8						11.4						75.9						60.0						15.9						25.8						23.3						2.5
Total Operating Expenses			1,300.1						898.9						401.2						782.6						734.6						48.0						250.4						249.8						0.6
Operating Income			241.1						222.4						18.7						231.6						213.0						18.6						97.6						76.3						21.3
Interest Expense			50.0						54.8						(4.8)						59.2						49.4						9.8						20.6						19.2						1.4
Other Income, Net			17.6						16.5						1.1						46.3						47.1						(0.8)						10.8						7.1						3.7
Income Before Income Tax Expense			208.7						184.1						24.6						218.7						210.7						8.0						87.8						64.2						23.6
Income Tax Expense			52.5						45.7						6.8						51.5						50.7						0.8						21.5						15.8						5.7
Net Income			$	156.2					$	138.4					$	17.8					$	167.2					$	160.0					$	7.2					$	66.3					$	48.4					$	17.9

Operating Revenues

Sales Volumes: A summary of our retail electric GWh sales volumes is as follows:

			For the Three Months Ended March 31,
			2025						2024												Percentage Increase
CL&P			5,204						5,001												4.1		%
NSTAR Electric			5,738						5,586												2.7		%
PSNH			2,030						1,948												4.2		%

Fluctuations in retail electric sales volumes at PSNH impact earnings. For CL&P and NSTAR Electric, fluctuations in retail electric sales volumes do not impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms.

Operating Revenues: Operating Revenues, which consist of base distribution revenues and tracked revenues further described below, increased $419.9 million at CL&P, $66.6 million at NSTAR Electric, and $21.9 million at PSNH for the three month period.

Base Distribution Revenues:

• CL&P's distribution revenues were flat for the three month period.

• NSTAR Electric's distribution revenues increased $14.0 million for the three month period due primarily to a base distribution rate increase effective January 1, 2025.

• PSNH's distribution revenues increased $21.5 million for the three month period due primarily to a temporary base distribution rate increase effective August 1, 2024.

Tracked Distribution Revenues: Tracked distribution revenues consist of certain costs that are recovered from customers in retail rates on a fully reconciling basis through regulatory commission-approved cost tracking mechanisms and therefore, recovery of these costs has no impact on earnings. Costs recovered through cost tracking mechanisms include, among others, energy supply procurement, state mandated energy purchase agreements and other energy-related costs, retail transmission charges, energy efficiency program costs, electric restructuring and stranded cost recovery revenues (including securitized RRB charges), certain capital tracking mechanisms for infrastructure improvements, and additionally for NSTAR Electric, pension and PBOP benefits, net metering for distributed generation, and solar-related programs. Revenues from certain of these cost tracking mechanisms also include certain incentives earned, return on capital tracking mechanisms, and carrying charges that are billed in rates to customers, which do impact earnings. Tracked revenues also include wholesale market sales transactions, such as sales of energy and energy-related products into the ISO-NE wholesale electricity market and the sale of RECs to various counterparties.

Customers have the choice to purchase electricity from their Eversource electric utility or from a competitive third party supplier. For customers who have contracted separately with these competitive suppliers, revenue is not recorded for the sale of the electricity commodity, as the utility is acting as an agent on behalf of the third party supplier. For customers that choose to purchase electric generation from CL&P, NSTAR Electric or PSNH, each utility purchases power on behalf of, and is permitted to recover the related energy supply cost without mark-up from, its customers, and records offsetting amounts in revenues and purchased power related to this energy supply procurement. CL&P, NSTAR Electric and PSNH each remain as the distribution service provider for all customers and charge a regulated rate for distribution delivery service recorded in revenues.

The variance in tracked distribution revenues for the three month period is due primarily to the following:

(Millions of Dollars)			CL&P						NSTAR Electric						PSNH
Retail Tariff Tracked Revenues:
Energy supply procurement			$	(52.4)					$	(27.1)					$	(8.2)
CL&P NBFMCC			217.6						—						—
CL&P SBC			89.3						—						—
Retail transmission			(24.8)						35.6						16.6
Other distribution tracking mechanisms			35.8						22.9						(6.3)
Wholesale Market Sales Revenue			158.8						25.7						(2.0)

Fluctuations in retail tariff tracked revenues are driven by adjustments to retail rates to recover costs and changes in sales volumes.

The decrease in energy supply procurement at CL&P for the three month period was driven by lower average prices, partially offset by higher average supply-related sales volumes. The decrease in energy supply procurement at NSTAR Electric and PSNH for the three month period was driven by lower average prices and lower average supply-related sales volumes.

The increase in CL&P’s NBFMCC revenues was driven by an increase in the retail Non-Bypassable Federally Mandated Congestion Charge (NBFMCC) rate. The CL&P NBFMCC rate includes the recovery of costs incurred under long-term state mandated energy purchase contracts with the Millstone and Seabrook nuclear power plants, net of the benefits received from selling this energy into the ISO-NE wholesale market. Effective September 1, 2023, CL&P’s average NBFMCC rate changed to $0.00293 per kWh. As a result of the April 2024 interim decision in the 2024 CL&P RAM filing, the average NBFMCC rate increased to $0.03906 per kWh effective July 1, 2024. As a result of the August final decision in the 2024 CL&P RAM filing, the average NBFMCC rate increased to $0.04290 per kWh effective September 1, 2024. The rate increases primarily resulted from higher net costs associated with power purchase agreements with the Millstone and Seabrook nuclear power plants.

The increase in electric distribution wholesale market sales revenue for the three month period was due primarily to higher average electricity market prices received for wholesale sales at CL&P. ISO-NE average market prices received for CL&P’s wholesale sales increased to an average price of $99.02 per MWh for the three months ended March 31, 2025, as compared to $39.65 per MWh for the same period in 2024, driven primarily by higher natural gas prices in New England. Volumes sold into the market were primarily from the sale of output generated by the Millstone PPA and Seabrook PPA with CL&P.

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 CL&P FMCC rate. Changes in CL&P’s NBFMCC retail revenues and CL&P’s wholesale market sales, as compared to the actual costs incurred, are deferred on the income statement by an offset to amortization expense.

Transmission Revenues: Transmission revenues increased $12.2 million at CL&P, $15.6 million at NSTAR Electric, and $12.2 million at PSNH for the three month period, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure.

Eliminations: Eliminations are primarily related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business in rates charged to their customers. The impact of eliminations decreased revenues by $16.3 million at CL&P, $20.4 million at NSTAR Electric, and $11.1 million at PSNH for the three month period.

Purchased Power and Transmission expense includes costs associated with providing electric generation service supply to all customers who have not migrated to third party suppliers, the cost of energy purchase contracts entered into as required by regulation, and transmission costs. These energy supply procurement costs, other energy-related costs, and transmission costs are recovered from customers in rates through commission-approved cost tracking mechanisms, which have no impact on earnings (tracked costs). The variance in Purchased Power and Transmission expense is due primarily to the following:

(Millions of Dollars)			CL&P						NSTAR Electric						PSNH
Energy supply procurement costs			$	(52.5)					$	(26.9)					$	(8.5)
Other electric distribution costs			20.7						47.4						(4.6)
Transmission costs			(23.7)						35.5						16.3
Eliminations			(16.3)						(20.4)						(11.1)
Total Purchased Power and Transmission			$	(71.8)					$	35.6					$	(7.9)

The variance in energy supply procurement costs is offset in Operating Revenues (tracked energy supply procurement revenues). The variance in other electric distribution costs for the three month period is due to higher long-term contractual energy-related costs that are recovered in the non-bypassable component of the FMCC mechanism at CL&P, an increase in the long-term renewable energy contract cost deferral and higher net metering costs at NSTAR Electric, partially offset by a decrease in long-term renewable energy purchase contract costs at both NSTAR Electric and PSNH.

Included in transmission costs are charges that recover the cost of transporting electricity over high-voltage lines from generation facilities to substations, including costs allocated by ISO-NE to maintain the wholesale electric market.

• The decrease in transmission costs at CL&P was due primarily to a decrease resulting from the retail transmission cost deferral, which reflects the actual costs of transmission service compared to estimated amounts billed to customers and a decrease in Local Network Service charges, which reflect the cost of transmission service provided by Eversource over our local transmission network. The decrease was partially offset by an increase in costs billed by ISO-NE that support regional grid investments.

• The increase in transmission costs at NSTAR Electric was due primarily to an increase in costs billed by ISO-NE that support regional grid investments, partially offset by a decrease in the retail transmission cost deferral and a decrease in Local Network Service charges.

• The increase in transmission costs at PSNH was due primarily to an increase in costs billed by ISO-NE that support regional grid investments and an increase in Local Network Service charges. These increases were partially offset by a decrease resulting from the retail transmission cost deferral.

Operations and Maintenance expense includes tracked costs and costs that are part of base distribution rates with changes impacting earnings (non-tracked costs). The variance in Operations and Maintenance expense is due primarily to the following:

(Millions of Dollars)			CL&P						NSTAR Electric						PSNH
Base Electric Distribution (Non-Tracked Costs):
General costs (including vendor services in corporate areas, uncollectible expense, insurance, fees and assessments)			$	—					$	8.7					$	1.3
Vegetation Management			(5.7)						(0.9)						7.4
Shared corporate costs (including IT system depreciation at Eversource Service)			1.0						1.8						0.5
Storm-related costs			0.2						(6.6)						(0.1)
Operations-related expenses (including vendor services, vehicles and materials)			(1.7)						(2.9)						(0.1)
Employee-related expenses (including labor and benefits)			(0.4)						(0.1)						(1.9)
Total Base Electric Distribution (Non-Tracked Costs)			(6.6)						—						7.1
Total Tracked Costs - Increase at CL&P due primarily to higher uncollectible expense; decrease at PSNH due primarily to funding of PSNH storm reserve as part of August 1, 2024 temporary rate change (offset by higher Amortization expense; no earnings impact)			9.0						0.4						(4.8)
Total Operations and Maintenance			$	2.4					$	0.4					$	2.3

Depreciation expense increased for the three month period for CL&P, NSTAR Electric and PSNH due to higher net plant in service balances.

Amortization of Regulatory Assets/(Liabilities), Net expense includes the deferral of energy-related costs and other costs that are included in certain regulatory commission-approved cost tracking mechanisms. This deferral adjusts expense to match the corresponding revenues compared to the actual costs incurred. These costs are recovered from customers in rates and have no impact on earnings. Amortization expense also includes the amortization of certain costs as those costs are collected in rates. The variance in Amortization of Regulatory Assets/(Liabilities), Net for the three month period is due primarily to the following:

• The variance at CL&P was due primarily to the deferral adjustment of energy-related and other tracked costs that are included in the non-bypassable component of the FMCC mechanism, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. The CL&P non-bypassable FMCC retail rate increased and wholesale market sales revenues were higher in 2025 as compared to 2024. These higher collections resulted in a corresponding increase to amortization expense of $342.6 million for the deferral adjustment for the three month period.

• The increase in expense at NSTAR Electric was due primarily to the deferral adjustment of energy-related and other tracked costs that are included in the grid modernization regulatory mechanism and higher amortization of storm costs recovered in rates, partially offset by the deferral adjustment of costs included in the solar facilities and advanced metering infrastructure regulatory mechanisms.

Energy Efficiency Programs expense includes costs of various state energy policy initiatives and expanded energy efficiency programs that are recovered from customers in rates, most of which have no impact on earnings. Energy Efficiency Programs expense includes a deferral adjustment that reflects the actual costs of energy efficiency programs compared to the amounts billed to customers, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. The variance in Energy Efficiency Programs expense for the three month period is due primarily to the following:

• The increase at CL&P was due to the deferral adjustment, partially offset by lower program spending.

• The decrease at NSTAR Electric was due to the deferral adjustment, partially offset by higher program spending.

• The increase at PSNH was due to higher program spending, partially offset by the deferral adjustment.

Taxes Other Than Income Taxes - the variance is due primarily to the following:

• The increase at CL&P was due to higher Connecticut gross earnings taxes and higher property taxes as a result of higher utility plant balances.

• The increase at NSTAR Electric was due to higher property taxes as a result of higher utility plant balances and higher mill rates.

• The increase at PSNH was due to higher property taxes as a result of higher utility plant balances.

Interest Expense - the variance is due primarily to the following:

(Millions of Dollars)			CL&P						NSTAR Electric						PSNH
Long-term debt			$	6.2					$	11.8					$	4.0
Capitalized AFUDC related to debt funds			0.1						2.8						1.2
Amortization of debt discounts and premiums, net			0.3						0.3						—
Regulatory deferrals			(7.9)						(3.3)						(1.2)
Short-term notes payable			(3.7)						(1.8)						(2.2)
RRBs			—						—						(0.4)
Other			0.2						—						—
Total Interest Expense			$	(4.8)					$	9.8					$	1.4

Other Income, Net - the variance is due primarily to the following:

(Millions of Dollars)			CL&P						NSTAR Electric						PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion			$	1.8					$	2.5					$	0.5
Interest Income			0.9						1.0						0.9
Capitalized AFUDC related to equity funds			(2.4)						(2.1)						2.0
Investment Income/(Loss)			0.8						(2.2)						0.3
Total Other Income, Net			$	1.1					$	(0.8)					$	3.7

Income Tax Expense - the variance is due primarily to the following:

• The increase at CL&P was due primarily to higher pre-tax earnings ($5.2 million), a decrease in amortization of EDIT ($0.9 million), higher share-based payment tax deficiency ($0.2 million), and higher state taxes ($1.5 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.0 million).

• The increase at NSTAR Electric was due primarily to higher pre-tax earnings ($1.7 million), higher state taxes ($0.3 million) and higher share-based payment tax deficiency ($0.4 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.6 million).

• The increase at PSNH was due primarily to higher pre-tax earnings ($5.0 million), higher state taxes ($1.3 million) and higher share-based payment tax deficiency ($0.1 million), partially offset by an increase in amortization of EDIT ($0.1 million) and a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.6 million).

EARNINGS SUMMARY

CL&P's earnings increased $17.8 million for the three month period due primarily to an increase in transmission earnings driven primarily by a higher transmission rate base, higher revenues from its capital tracking mechanism due to increased electric system improvements, and lower operations and maintenance expense. The earnings increase was partially offset by higher depreciation expense and higher property tax expense.

NSTAR Electric's earnings increased $7.2 million for the three month period due primarily to higher revenues as a result of the base distribution rate increase effective January 1, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base, and higher revenues from its AMI tracking mechanism. The earnings increase was partially offset by higher property tax expense, higher interest expense, and higher depreciation expense.

PSNH's earnings increased $17.9 million for the three month period due primarily to higher revenues as a result of the base distribution rate increase effective August 1, 2024 and an increase in transmission earnings driven primarily by a higher transmission rate base. The earnings increase was partially offset by higher operations and maintenance expense, higher interest expense, and higher depreciation expense.

LIQUIDITY

Cash Flows: CL&P had cash flows provided by operating activities of $422.7 million for the three months ended March 31, 2025, as compared to cash flows used in operating activities of $26.6 million in the same period of 2024. The increase in operating cash flows was due primarily to an improvement in regulatory recoveries driven primarily by the timing of collections for the non-bypassable FMCC and the SBC regulatory tracking mechanisms. The CL&P non-bypassable FMCC retail rate increased as a result of the 2024 RAM decision and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024. These higher collections resulted in an improvement to operating cash flows of $342.6 million for the three month period. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets/(Liabilities), Net on the statements of cash flows. Operating cash flows were also favorably impacted by the timing of cash collections on our accounts receivable, and a $34.9 million decrease in cash payments to vendors for storm costs. These favorable impacts were partially offset by a $95.6 million decrease in operating cash flows due to income tax payments made in 2025 compared to income tax refunds received in 2024, the timing of cash payments made on our accounts payable, and the timing of other working capital items.

NSTAR Electric had cash flows provided by operating activities of $311.4 million for the three months ended March 31, 2025, as compared to $152.6 million in the same period of 2024. The increase in operating cash flows was due primarily to an improvement in regulatory recoveries driven primarily by the timing of collections for energy supply costs, energy efficiency costs, net metering costs and other regulatory tracking mechanisms, a $60.2 million decrease in cash payments to vendors for storm costs, and a $45.3 million increase in operating cash flows due to income tax refunds received in 2025 compared to income tax payments made in 2024. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets, Net on the statements of cash flows. These favorable impacts were partially offset by the timing of cash collections on our accounts receivable, the timing of cash payments made on our accounts payable, an increase in cost of removal expenditures, and the timing of other working capital items.

PSNH had cash flows provided by operating activities of $99.4 million for the three months ended March 31, 2025, as compared to $51.8 million in the same period of 2024. The increase in operating cash flows was due primarily to an improvement in regulatory recoveries driven primarily by the timing of collections for retail and wholesale transmission costs and other regulatory tracking mechanisms, the timing of cash payments made on our accounts payable, a decrease in cost of removal expenditures, and the timing of other working capital items. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets, Net on the statements of cash flows. These favorable impacts were partially offset by the timing of cash collections on our accounts receivable, a $14.3 million decrease in operating cash flows due to income tax payments made in 2025 compared to income tax refunds received in 2024, and a $3.6 million increase in cash payments to vendors for storm costs.

For further information on CL&P's, NSTAR Electric's and PSNH's liquidity and capital resources, see "Liquidity" and "Business Development and Capital Expenditures" included in this Management's Discussion and Analysis of Financial Condition and Results of Operations.