Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 5

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 5
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 Distribution3.6 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