Company: CNLHP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050033
Chunk: 54

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 54
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 incurred and related rate changes to recover these costs.  The CL&P non-bypassable FMCC retail rates in effect were higher than those in the prior period and the net Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024.  These higher collections within the non-bypassable FMCC resulted in a corresponding increase to amortization expense of $451.5 million for the CL&P non-bypassable FMCC deferral adjustment for the nine month period.  

•The variance at NSTAR Electric was due primarily to the deferral adjustment of costs included in the solar facilities and advanced metering infrastructure regulatory mechanisms, partially offset by 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.

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•The variance at PSNH was due to the deferral adjustment of energy-related and other tracked costs that are included in the stranded cost recovery mechanism as well as the impact of the PSNH rate case decision.  The rate case decision allowed for the recoupment of temporary rates and the allowed recovery of other deferrals resulting in a pre-tax benefit to earnings of $15.6 million, the majority of which was recorded as a reduction to amortization expense on the statement of income in the third quarter of 2025. 

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 nine month period is due primarily to the following:

•The increase at CL&P was due to the deferral adjustment and higher 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