Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 9

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 9
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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, 202