Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 304

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 304
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3 PSNH Pole Acquisition Approval:  On November 18, 2022, the NHPUC issued a decision that approved a proposed purchase agreement between PSNH and Consolidated Communications, in which, PSNH would acquire both jointly-owned and solely-owned poles and pole assets.  The NHPUC also authorized PSNH to recover certain expenses associated with the operation and maintenance of the transferred poles, pole inspections, and vegetation management expenses through a new cost recovery mechanism, the Pole Plant Adjustment Mechanism (PPAM), subject to consummation of the purchase agreement.  The purchase agreement was finalized on May 1, 2023 for a purchase price of $23.3 million.  Upon consummation of the purchase agreement, PSNH established a regulatory asset of $16.9 million for operation and maintenance expenses and vegetation management expenses associated with the purchased poles incurred from February 10, 2021 through April 30, 2023 that PSNH is authorized to collect through the PPAM regulatory tracking mechanism.  The establishment of the PPAM regulatory asset resulted in a pre-tax benefit recorded in Amortization expense on the PSNH statement of income in 2023.

3.     PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION

Utility property, plant and equipment is recorded at original cost.  Original cost includes materials, labor, construction overheads and AFUDC for regulated property.  The cost of repairs and maintenance is charged to Operations and Maintenance expense as incurred.  The following tables summarize property, plant and equipment by asset category:EversourceAs of December 31,(Millions of Dollars)20242023Distribution - Electric$21,144.1 $19,656.5 Distribution - Natural Gas8,922.2 8,155.3 Transmission - Electric16,130.9 14,666.8 Distribution - Water (1)— 2,280.1 Solar201.0 201.1 Utility46,398.2 44,959.8 Other (2)2,254.1 2,006.8 Property, Plant and Equipment, Gross48,652.3 46,966.6 Less:  Accumulated Depreciation  Utility    (9,636.5)(9,670.1)Other(1,044.1)(869.6)Total Accumulated Depreciation(10