Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 228

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 228
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), an increase in equity in earnings related to Eversource’s equity method investments ($36.4 million), an increase in capitalized AFUDC related to equity funds ($19.7 million), investment income in 2024 compared to investment losses in 2023 driven by market volatility ($5.5 million) and a gain on the sale of an unregulated water business in 2024 ($4.4 million), partially offset by a decrease related to pension, SERP and PBOP non-service income components ($17.5 million).  The variance in Other Income, Net was also due to the absence in 2024 of a benefit in 2023 from the liquidation of Eversource’s equity method investment in a renewable energy fund in excess of its carrying value, partially offset by a charitable contribution made with a portion of the proceeds from the liquidation in 2023, as well as the absence in 2024 of a loss on the abandonment of land in 2023.  

Income Tax Expense increased due primarily to higher pre-tax earnings ($319.0 million), a decrease in amortization of EDIT ($14.5 million), a higher share-based payment tax deficiency ($1.8 million), and an increase in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($28.3 million).  This was partially offset by a decrease in reserves ($9.0 million) primarily related to the loss on sales of Eversource’s offshore wind investments in 2024 compared to the impairment on these investments in 2023, lower state taxes ($49.3 million), and lower return to provision adjustments ($40.3 million).

RESULTS OF OPERATIONS – 

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for CL&P, NSTAR Electric and PSNH for the years ended December 31, 2024 and 2023 included in this Annual Report on Form 10-K:

 For the Years Ended December 31,CL&PNSTAR ElectricPSNH(Millions of Dollars)20242023Increase/(Decrease)20242023Increase/(Decrease)20242023Increase/(Decrease)Operating Revenues$4,615.0 $4,578.8 $36.2 $3