Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 190

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 190
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 Offshore Wind Investments(Millions of Dollars)Sunrise WindRevolution WindCarrying Value as of December 31, 2023, before   Impairment Charge$699 $799 $299 $485 $2,282 Fourth Quarter 2023 Impairment Charge(1,218)(544)— (4)(1,766)Carrying Value as of December 31, 2023$(519)$255 $299 $481 $516 

During 2024, Eversource sold its interest in the North East Offshore and South Fork Class B, Member LLC equity method investments and recognized an aggregate, net after-tax loss on the sale of its offshore wind investments of $524 million.  

Capital contributions in the offshore wind investments, including the 2023 contribution for the tax equity investment in South Fork Wind, were included in Investments in Unconsolidated Affiliates on the statements of cash flows.  Proceeds received from the sale of the investments in 2024, and proceeds received from the 2023 sale of the unused lease area and from an October 2023 distribution of $318 million received primarily as a result of being a 50 percent joint owner in the Class B shares of South Fork Wind which was restructured as a tax equity investment, were included in Proceeds from Unconsolidated Affiliates on the statements of cash flows.  

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