Company: CNLHP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050033
Chunk: 150

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 150
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 nine months of 2024.

48

Common Share Issuances and Equity Distribution Agreement:  On May 30, 2025, Eversource entered into an equity distribution agreement pursuant to which it may offer and sell up to $1.2 billion of its common shares from time to time through an ATM equity offering program.  In the first nine months of 2025, we issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs.  Eversource used the net proceeds received for general corporate purposes.

Cash Flows:  Cash flows from operating activities primarily result from the transmission and distribution of electricity, and the distribution of natural gas and water.  Cash flows provided by operating activities totaled $3.20 billion in the first nine months of 2025, compared with $1.52 billion in the first nine months of 2024.  Operating cash flows were favorably impacted by an improvement in regulatory recoveries driven primarily by the timing of collections for CL&P’s non-bypassable FMCC, CL&P’s SBC, and other 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 Millstone and Seabrook contract cash flows were higher in 2025 as compared to 2024.  These higher collections within the non-bypassable FMCC resulted in an improvement to operating cash flows of $451.5 million for the nine month period.  Higher collections from CL&P’s SBC mechanism resulted in a cash flow improvement of $136.8 million.  The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization on the statements of cash flows.  Additionally, CL&P received general obligation bond proceeds from the State of Connecticut for the reimbursement of hardship costs and for electric vehicle charging program costs of $107.8 million in the third quarter of 2025, which are reflected in Regulatory Recoveries.  Operating cash flows were also favorably impacted by a decrease of $262.2 million in cash payments to vendors for storm costs, the timing of cash collections on our accounts receivable, and the timing of cash payments made on our accounts payable.  These favorable impacts were partially offset by a decrease of $21.5 million in income tax refunds received in 2025 compared to 2024 and the timing of other working capital items