Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 135

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 135
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3 Total Other Income, Net$1.1 $(0.8)$3.7 

Income Tax Expense - the variance is due primarily to the following:

•The increase at CL&P was due primarily to higher pre-tax earnings ($5.2 million), a decrease in amortization of EDIT ($0.9 million), higher share-based payment tax deficiency ($0.2 million), and higher state taxes ($1.5 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.0 million).

•The increase at NSTAR Electric was due primarily to higher pre-tax earnings ($1.7 million), higher state taxes ($0.3 million) and higher share-based payment tax deficiency ($0.4 million), partially offset by a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.6 million).

•The increase at PSNH was due primarily to higher pre-tax earnings ($5.0 million), higher state taxes ($1.3 million) and higher share-based payment tax deficiency ($0.1 million), partially offset by an increase in amortization of EDIT ($0.1 million) and a decrease in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.6 million).

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EARNINGS SUMMARY

CL&P's earnings increased $17.8 million for the three month period due primarily to an increase in transmission earnings driven primarily by a higher transmission rate base, higher revenues from its capital tracking mechanism due to increased electric system improvements, and lower operations and maintenance expense.  The earnings increase was partially offset by higher depreciation expense and higher property tax expense.

NSTAR Electric's earnings increased $7.2 million for the three 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 higher revenues from its AMI tracking mechanism.  The earnings increase was partially offset by higher property tax expense, higher interest expense, and higher depreciation expense.

PSNH's earnings increased $17.9 million for the three month period 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 higher operations and maintenance expense