Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 167

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 167
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 technology and facilities upgrades and enhancements.

Strategic Developments:

•On January 27, 2025, Eversource entered into a definitive agreement to sell Aquarion.  Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which includes approximately $1.6 billion for the equity and $800 million of net debt that will be extinguished at closing.  The sale is subject to regulatory and other approvals and is expected to close in late 2025.  Eversource plans to use the net proceeds from the pending sale to pay down parent company debt.

•In the third quarter of 2024, Eversource completed the sale of its 50 percent ownership share in the Sunrise Wind project to Ørsted for adjusted proceeds of $152 million and completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to GIP for adjusted gross proceeds of $745 million.  Eversource recognized an aggregate net after-tax loss on the sales of its offshore wind investments of $524 million.  Eversource recorded a contingent liability of $365 million, reflecting its estimate of the future obligations under the GIP sale terms, which include an expected cost overrun sharing obligation, expected obligation to maintain GIP’s internal rate of return, and obligation for other future costs.  Eversource does not have any ongoing financial obligations associated with Sunrise Wind. 

Earnings Overview

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

 For the Years Ended December 31,202420232022(Millions of Dollars, Except Per Share Amounts)AmountPer ShareAmountPer ShareAmountPer ShareNet Income/(Loss) Attributable to Common Shareholders (GAAP)$811.7 $2.27 $(442.2)$(1.26)$1,404.9 $4.05 Regulated Companies (Non-GAAP)$1,691.9 $4.73 $1,509.3 $4.31 $1,460.4 $4.21 Eversource Parent and Other Companies (Non-GAAP)(57.9)(0.