Company: CNLHP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050033
Chunk: 191

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 191
---
 $27.1 million for the nine month period due primarily to higher revenues as a result of the base distribution rate increase effective January 1, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base and lower interest expense, and higher earnings from its AMI tracking mechanism.  The earnings increase was partially offset by higher interest expense on long-term debt, higher property tax expense, and lower net interest income on regulatory deferrals.

PSNH's earnings increased $47.8 million for the nine month period due primarily to higher revenues as a result of the base distribution rate increases effective August 1, 2024 and August 1, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base and lower interest expense, and the impact of the rate case decision in July 2025.  The earnings increase was partially offset by higher operations and maintenance expense and higher depreciation expense. 

LIQUIDITY

Cash Flows:  CL&P had cash flows provided by operating activities of $1.13 billion for the nine months ended September 30, 2025, as compared to $390.2 million in the same period of 2024.  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 the SBC 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 the 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 of Regulatory Assets/(Liabilities), Net 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 the timing of cash collections on our accounts receivable, a decrease of $61.1 million in cash payments to vendors for