Company: CNLHP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050033
Chunk: 56

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 56
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 and an increase in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.4 million).

•The increase at PSNH was due primarily to higher pre-tax earnings ($14.0 million), higher state taxes ($3.6 million), and an increase in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($2.2 million), partially offset by an increase in amortization of EDIT ($0.8 million).

EARNINGS SUMMARY

CL&P's earnings increased $27.7 million for the nine month period due primarily to higher revenues from its capital tracking mechanism due to increased electric system improvements and an increase in transmission earnings driven primarily by a higher transmission rate base and lower interest expense.  The earnings increase was partially offset by higher depreciation expense, lower net interest income on regulatory deferrals, and higher property tax expense.

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NSTAR Electric's earnings increased $27.1 million for the nine 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 lower interest expense, and higher earnings from its AMI tracking mechanism.  The earnings increase was partially offset by higher interest expense on long-term debt, higher property tax expense, and lower net interest income on regulatory deferrals.

PSNH's earnings increased $47.8 million for the nine month period due primarily to higher revenues as a result of the base distribution rate increases effective August 1, 2024 and August 1, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base and lower interest expense, and the impact of the rate case decision in July 2025.  The earnings increase was partially offset by higher operations and maintenance expense and higher depreciation expense. 

LIQUIDITY

Cash Flows:  CL&P had cash flows provided by operating activities of $1.13 billion for the nine months ended September 30, 2025, as compared to $390.2 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 rates in effect for the 2025 period were higher than those set in the prior period and the net Mill