Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 332

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 332
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 bill, collect and adjust a non-bypassable stranded cost recovery charge from PSNH’s retail customers.  The collections are used to pay principal, interest and other costs in connection with the RRBs.  The RRBs are secured by the stranded cost asset-recovery property.  Cash collections from the stranded cost recovery charges and funds on deposit in trust accounts are the sole source of funds to satisfy the debt obligation.  PSNH is not the owner of the RRBs, and PSNH Funding’s assets and revenues are not available to pay PSNH’s creditors.  The RRBs are non-recourse senior secured obligations of PSNH Funding and are not insured or guaranteed by PSNH or Eversource Energy. PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets.  PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders.  Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements.The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:(Millions of Dollars)As of December 31,PSNH Balance Sheets:20242023Restricted Cash - Current Portion (included in Special Deposits)$31.0 $30.0 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)3.1 3.2 Securitized Stranded Cost (included in Regulatory Assets)349.3 392.5 Other Regulatory Liabilities (included in Regulatory Liabilities)6.9 5.3 Accrued Interest (included in Other Current Liabilities)5.7 6.3 Rate Reduction Bonds - Current Portion43.2 43.2 Rate Reduction Bonds - Long-Term Portion324.1 367.3 (Millions of Dollars)PSNH Income Statements:For the Years Ended December 31,202420232022Amortization of RRB Principal (included in Amortization of Regulatory Assets/(Liabilities), Net)$43.2 $43.2 $43.2 Interest Expense on RRB Principal (included in Interest Expense)14.3 15.7 17.0