Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 238

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 238
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 its capital tracking mechanisms due to increased investments, a lower effective tax rate, and higher AFUDC equity income.  The earnings increase was partially offset by higher operations and maintenance expense, higher interest expense, higher property tax expense, and higher depreciation expense.  

PSNH's earnings increased $19.2 million in 2024, as compared to 2023, 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 the absence of a prior year benefit related to the establishment of a new regulatory tracking mechanism that allowed for the recovery of previously incurred operating expenses associated with poles acquired on May 1, 2023, higher operations and maintenance expense, higher depreciation expense, higher interest expense, and a higher effective tax rate.

LIQUIDITY

Cash Flows:  CL&P had cash flows provided by operating activities of $683.4 million in 2024, as compared to $449.6 million in 2023.  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 other regulatory tracking mechanisms partially offset by the unfavorable impact in the timing of collections for energy supply costs, the timing of cash payments made on our accounts payable, a $19.9 million decrease in cost of removal expenditures, an $18.9 million decrease in cash payments to vendors for storm costs, and a $3.3 million increase in income tax refunds received in 2024 compared to 2023.  The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets/(Liabilities) on the statements of cash flows.  These favorable impacts were partially offset by the timing of cash collections on our accounts receivable and the timing of other working capital items.

NSTAR Electric had cash flows provided by operating activities of $687.6 million in 2024, as compared to $713.6 million in 2023.  The decrease in operating cash flows was due primarily to the timing of cash collections on our accounts receivable, an $87.4 million increase in income tax payments made, an increase in regulatory under-recoveries driven by the timing of collections for energy efficiency, residential assistance and other regulatory tracking mechanisms partially offset by the favorable impact in the timing of collections for net metering costs, and the