Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 36

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 36
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 at NSTAR Electric was due primarily to higher pre-tax earnings ($1.7 million), higher state taxes ($0.3 million) and higher share-based payment tax deficiency ($0.4 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.6 million).

•The increase at PSNH was due primarily to higher pre-tax earnings ($5.0 million), higher state taxes ($1.3 million) and higher share-based payment tax deficiency ($0.1 million), partially offset by an increase in amortization of EDIT ($0.1 million) and a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.6 million).

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EARNINGS SUMMARY

CL&P's earnings increased $17.8 million for the three month period due primarily to an increase in transmission earnings driven primarily by a higher transmission rate base, higher revenues from its capital tracking mechanism due to increased electric system improvements, and lower operations and maintenance expense.  The earnings increase was partially offset by higher depreciation expense and higher property tax expense.

NSTAR Electric's earnings increased $7.2 million for the three month period due primarily to higher revenues as a result of the base distribution rate increase effective January 1, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base, and higher revenues from its AMI tracking mechanism.  The earnings increase was partially offset by higher property tax expense, higher interest expense, and higher depreciation expense.

PSNH's earnings increased $17.9 million for the three month period due primarily to higher revenues as a result of the base distribution rate increase effective August 1, 2024 and an increase in transmission earnings driven primarily by a higher transmission rate base.  The earnings increase was partially offset by higher operations and maintenance expense, higher interest expense, and higher depreciation expense.

LIQUIDITY

Cash Flows:  CL&P had cash flows provided by operating activities of $422.7 million for the three months ended March 31, 2025, as compared to cash flows used in operating activities of $26.6 million in the same period of 2024.  The increase in operating cash flows was due primarily to an improvement in regulatory recoveries driven primarily by the timing of collections for the non-bypassable FMCC and the SBC regulatory tracking mechanisms.  The CL&P non-bypassable FMCC retail rate increased