Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 179

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 179
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AR ElectricA-StableA2NegativeAStablePSNHAStableA1StableA+ Stable

34

In June 2024, Moody’s revised the outlook from stable to negative for CL&P citing a weaker financial profile and a challenging Connecticut regulatory environment.  In December 2024, S&P downgraded the ratings for Eversource parent and its subsidiaries primarily due to S&P's negative assessment of the Connecticut regulatory construct for Eversource’s Connecticut utilities.  These credit ratings and outlook changes reflect higher regulatory risk in Connecticut with the regulatory construct and adverse regulatory developments, including recent rate orders and the passage of Senate Bill 7, negatively impacting the credit quality of Eversource and its subsidiaries.  

Business Development and Capital Expenditures

Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the capitalized and deferred portions of pension and PBOP income/expense (all of which are non-cash factors), totaled $4.64 billion in 2024, $4.59 billion in 2023, and $3.79 billion in 2022.  These amounts included $260.5 million in 2024, $214.4 million in 2023, and $266.5 million in 2022 related to information technology and facilities upgrades and enhancements, primarily at Eversource Service and The Rocky River Realty Company.

Electric Transmission Business:  Our consolidated electric transmission business capital expenditures decreased by $120.0 million in 2024, as compared to 2023.  A summary of electric transmission capital expenditures by company is as follows:  

 For the Years Ended December 31,(Millions of Dollars)202420232022CL&P$450.0 $470.4 $416.8 NSTAR Electric502.0 567.4 438.4 PSNH375.8 410.0 351.8 Total Electric Transmission$1,327.8 $1,447.8 $1,207.0 

Our transmission projects are designed to improve the reliability of the electric grid, meet customer demand for power, and strengthen the electric grid's resilience against extreme weather and other safety and security threats.  In Connecticut, Massachusetts and New Hampshire, our transmission projects include transmission line upgrades, the installation of new transmission interconnection facilities, substations and lines, and transmission substation enhancements.

Greater Cambridge Energy Program:  The Greater Cambridge Energy