10-K 0001628280-26-008461 (2026-02-17) vs 10-K 0000072741-25-000007 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,976 |
25.4% |
| MD&A | Item 7 | 26,783 |
38.6% |
| Legal Proceedings | Item 3, via Note 13 – COMMITMENTS AND CONTINGENCIES | 5,959 |
16.8% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4,301 |
11.9% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 397 words changed in this paragraph; it is 51% similar to last year's version.
(Millions of Dollars) Interest Rate Issuance/ Issue Date or Repayment Date Maturity Date Use of Proceeds for Issuance/ (Repayment) Repayment Information CL&P 2024 Series A First Mortgage Bonds 4.65% $ 350.0 January 2024 January 2029 Repaid short-term debt, paid capital expenditures and working capital CL&P Series B First Mortgage Bonds 4.95% 300.0 August 2024 August 2034 Repaid Series D Bonds, repaid short-term debt, and working capital CL&P Series D First Mortgage Bonds 7.875% (139.8) October 2024 October 2024 Paid at maturity CL&P 2025 Series A First Mortgage Bonds 4.95% 400.0 January 2025 January 2030 Repaid short-term debt, paid capital expenditures and working capital CL&P 2020 Series A First Mortgage Bonds 0.75% (400.0) December 2025 December 2025 Paid at maturity NSTAR Electric Debentures 5.40% 600.0 May 2024 June 2034 4.85% 400.0 February 2025 March 2030 Repaid 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital NSTAR Electric Debentures 5.20% 400.0 February 2025 March 2035 Repaid 3.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capital NSTAR Electric Debentures 5.20% 300.0 October 2025 March 2035 Repaid short-term debt, paid capital expenditures and working capital NSTAR Electric Debentures 3.25% (250.0) November 2025 November 2025 Paid at maturity PSNH Series X Y First Mortgage Bonds 5.35% 4.40% 300.0 April 2024 October 2033 June 2025 July 2028 Repaid short-term debt, paid capital expenditures and working capital Eversource Parent Series DD HH Senior Notes 5.00% 350.0 January 2024 January 2027 Repaid short-term debt Eversource Parent 4.45% 600.0 October 2025 December 2030 Repay Series EE Senior Notes 5.50% 650.0 January 2024 January 2034 Repaid short-term debt Eversource Parent Series FF Senior Notes 5.85% 700.0 April 2024 April 2031 Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes J bonds at maturity and repaid short-term debt Eversource Parent Series GG Senior Notes 5.95% 700.0 April 2024 July 2034 Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt Eversource Parent Series X Senior Notes 4.20% (900.0) June 2024 June 2024 Paid at maturity Eversource Parent Series L Senior Notes 2.90% (450.0) October 2024 October 2024 Paid at maturity Eversource Parent Series H Senior Notes 3.15% (300.0) January 2025 January 2025 Paid at maturity Eversource Parent Series Q Senior Notes 0.80% (300.0) August 2025 August 2025 Paid at maturity NSTAR Gas Series W Y First Mortgage Bonds 5.29% 160.0 4.86% 205.0 June 2024 2025 June 2029 2030 Repaid short-term debt, paid capital expenditures and general corporate purposes working capital NSTAR Gas Series X Z First Mortgage Bonds 5.48% 40.0 5.30% 20.0 June 2024 2025 June 2034 2035 Repaid short-term debt, paid capital expenditures and general corporate purposes Yankee working capital NSTAR Gas Series W R First Mortgage Bonds 5.50% 90.0 July 2024 July 2029 Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds 2.33% (75.0) May 2025 May 2025 Paid at maturity Yankee Gas Series X Y First Mortgage Bonds 5.74% 90.0 5.02% 148.0 July 2024 July 2034 2025 January 2031 Repaid Series M bonds at maturity, repaid short-term debt, paid capital expenditures, expenditures and working capital and repaid Series P bonds at maturity Yankee Gas Series P Z First Mortgage Bonds 2.23% (100.0) October 2024 October 2024 5.55% 37.0 July 2025 July 2035 Repaid Series M bonds at maturity, repaid short-term debt, paid capital expenditures and working capital Yankee Gas Series M First Mortgage Bonds 3.35% (75.0) September 2025 September 2025 Paid at maturity EGMA Series E F First Mortgage Bonds 5.17% 100.0 4.77% 125.0 September 2025 October 2024 November 2034 Refinanced existing indebtedness, paid capital expenditures and general corporate purposes Aquarion Senior Notes 4.00% (360.0) August 2024 August 2024 Paid at maturity Aquarion Water Company of Connecticut Senior Notes 5.57% 70.0 August 2024 September 2034 2030 Repaid short-term debt, paid capital expenditures and general corporate purposes working capital
Source: Item 7, 10-K 0001628280-26-008461 vs Item 7, 10-K 0000072741-25-000007
Risk Factors 323 words changed in this paragraph; it is 36% similar to last year's version.
Under state Regulatory commissions may challenge the reasonableness or prudency of operating expenses (including storm restoration costs) incurred or capital investments made by our regulated operating companies and federal law, our electric, natural gas and water companies are entitled to charge rates that are sufficient to allow them an opportunity to recover their prudently incurred operating and capital costs and a reasonable rate deny the full recovery of return on invested capital, to attract needed capital and maintain their financial integrity, while also protecting relevant public interests. Our electric, natural gas and water companies are required to engage cost of service in regulatory approval proceedings as a part of the process of establishing the terms and rates for their respective services. Each of these companies prepares and submits periodic rate filings with their respective state regulatory commissions for review and approval, which allows for various entities to challenge our current or future rates, structures or mechanisms and could alter or limit the rates we are allowed to charge our customers. These proceedings typically involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various consumers of energy, who have differing concerns. Any change in rates, including changes in allowed rate of return, are subject to regulatory approval proceedings that can be contentious, lengthy, and subject to appeal. This may lead to uncertainty as to the ultimate result of those proceedings. rates. Established rates are also subject to subsequent prudency reviews by state regulators, whereby various portions of rates could be adjusted, subject to refund or disallowed, including cost recovery mechanisms. The ultimate outcome and timing of regulatory rate proceedings or challenges to certain provisions in our distribution tariffs could have a significant effect on our ability to recover costs timely timely, or at all all, or earn an adequate return. We have incurred significant storm restoration costs that are not yet approved by the regulatory commissions, and though we believe those costs were prudently incurred, it is possible that some amount may be disallowed. Regulators may also impose penalties or reduce allowed returns, which would adversely affect our financial condition. Additionally, catastrophic events at other utilities could lead to new requirements that increase costs. We continue to monitor the evolving regulatory environment in Connecticut, including changes in the composition of PURA, which may affect our electric, natural gas and water businesses in that state. Adverse decisions in our proceedings could adversely affect our credit ratings, financial position, results of operations, and cash flows.
Source: Item 1A, 10-K 0001628280-26-008461 vs Item 1A, 10-K 0000072741-25-000007
Accounting Policies 118 words changed in this paragraph; it is 66% similar to last year's version.
As of December 31, 2024 2025 and 2023, 2024, Eversource's carrying amount of goodwill was $3.57 $4.23 billion and $4.53 $3.57 billion, respectively. Eversource performs an assessment for possible impairment of its goodwill at least annually. Eversource completed its annual goodwill annually and determined that no impairment assessment for each of its reporting units as of October 1, 2024, and performed an interim goodwill impairment test existed in the fourth quarter of 2024. 2025. Eversource recorded a goodwill impairment charge of $297 million in the fourth quarter of 2024 as a result of the likely sale of Aquarion at a loss. See Note 25, "Goodwill," for further information. The As of December 31, 2024, the assets and liabilities of the Aquarion water distribution business, including remaining goodwill of $662.5 million, met the criteria to be classified as held for sale as of December 31, 2024. sale. Unless otherwise specified, the amounts and information in the notes presented do as of and for the year ended December 31, 2024 did not include assets and liabilities that have been reclassified were classified as held for sale. As of December 31, 2025, the criteria to be classified as held for sale was no longer met and Aquarion’s assets and liabilities, including goodwill, were reclassified as held and used on the Eversource balance sheet as of December 31, 2025. See Note 24, "Assets Held for Sale," and Note 25, "Goodwill," for further information.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-26-008461 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000072741-25-000007
Legal Proceedings 52 words changed in this paragraph; it is 71% similar to last year's version.
(3) Eversource parent entered into a guarantee on behalf of EI, under which Eversource parent would guarantee EI's obligations under a letter of credit facility with a financial institution that EI may request in an aggregate amount of up to approximately $25 million. As of December 31, 2024, EI has issued two 2025, there are no letters of credit on behalf of South Fork Wind, LLC and one letter of credit on behalf of Revolution Wind, LLC totaling $5.3 million. issued under this guarantee. The guarantee will remain in effect until full performance of the guaranteed obligations. On January 24, 2025, the $1.0 million letter of credit issued on behalf of Revolution Wind, LLC was terminated.
Source: Item 3, via Note 13 – COMMITMENTS AND CONTINGENCIES, 10-K 0001628280-26-008461 vs Item 3, via Note 13 – COMMITMENTS AND CONTINGENCIES, 10-K 0000072741-25-000007
Every change, by type
Sentences and paragraphs of ES's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
We are increasingly integrating artificial intelligence (AI) into our operations, and while these technologies offer operational benefits, they also introduce significant risks that could adversely impact our business and results of operations.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
We deploy AI tools and models in areas such as weather forecasting, grid planning, asset management, customer service and internal support functions. This deployment is overseen by an internal governance and oversight committee, which has established policies and procedures and reviews and approves the use of AI throughout the organization. AI systems may produce inaccurate, biased or otherwise unreliable forecasts or recommendations due to flawed algorithms, limited training data or unforeseen conditions which could result in service disruptions, regulatory penalties and reputational harm. Evolving AI regulations may impose new compliance and reporting obligations or restrict usage and stakeholders may raise concerns about transparency, bias, and accountability. Despite implementing a governance framework and policies and controls in place related to AI use, including human oversight of critical decisions and outputs, these risks could negatively affect operations, expose us to litigation or regulatory penalties or fines, increase costs and impair our ability to meet customer expectations, which could have a material adverse impact on our financial position, results of operations, and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Our electric, natural gas, and water utility companies are subject to regulation by federal and state agencies and each is required to engage in regulatory approval proceedings as a part of the process of establishing the terms and rates for service. Our regulated companies are entitled to charge rates that are sufficient to recover prudently incurred costs and a reasonable return on investment on invested capital. Regulatory decisions may require us to cancel, delay, or reduce planned investments or incur costs we cannot recover. Rates are subject to prudency reviews, refunds or disallowances and may not align with the timing of costs incurred. Adverse outcomes, including reductions in allowed rate of return, disallowance of costs or delays in rate adjustment, could adversely affect our financial position, results of operations and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades. Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty. Heightened political and public scrutiny of rate-setting processes may also lead to additional compliance obligations or reputational risk. These factors could adversely affect our financial position, results of operations and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
State commissions regulate rates, operations, accounting and certain financing activities. Rates are set in comprehensive base rate proceedings based on an analysis of invested capital, expenses and other factors, subject to periodic review and adjustments. Regulatory proceedings typically involve multiple parties who have differing concerns and can challenge our current or future rates, and these proceedings can be contentious, lengthy, and subject to appeal. This may lead to uncertainty as to the ultimate result of those proceedings.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Regulatory approval is also required for certain dispositions of property and plant, mergers and consolidations and issuances of long-term securities, and construction and operation of facilities. Failure to obtain required approvals on a timely basis, or at all, could result in increased costs, the postponement or cancellation of planned transactions or projects, changes in financing strategies, and an adverse effect on our financial condition, results of operations, and ability to implement our business strategy.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
New processes and planning frameworks, including ISO-NE’s Longer-Term Transmission Planning (LTTP) competitive solicitation process and advisory role as asset condition reviewer, introduce uncertainty around project timing, scope and cost recovery. Competitive solicitations for certain transmission projects may require us to compete against non-incumbent developers, rather than relying on traditional cost-of-service recovery. Failure to secure projects through these processes could reduce transmission investment opportunities and associated incentives, adversely affecting our financial position, results of operations and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Our electric, natural gas and water utility subsidiaries serve large customer bases and are subject to adverse publicity regarding service safety, reliability and response times to outages, leaks or other interruptions, including those related to storms or climate change. Negative publicity can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes, such as stricter operational standards, vegetation management requirements, fines, penalties or other sanctions.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
We also depend on third-party suppliers for power and natural gas. Factors such as inflation, tariffs, geopolitical conflicts, rising energy demand, supply costs, and public policy charges contribute to high customer bills in New England. In extreme cases, ISO-NE may require load shed if regional power capacity is insufficient. High customer bills or failure to meet energy needs could reduce customer satisfaction adversely affecting our business, reputation, financial position, results of operations, and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
RemovedRisk Factors
Any such cyberattacks could result in loss of service to customers and a significant decrease in revenues, which could have a material adverse impact on our financial position, results of operations, and cash flows.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
The rates that our electric, natural gas and water companies charge their customers are determined by their state regulatory commissions. These commissions also regulate the companies' accounting, operations, the issuance of certain securities and certain other matters. The FERC regulates the transmission of electric energy, the sale of electric energy at wholesale, accounting, issuance of certain securities and certain other matters, including reliability standards through the NERC. The regulatory process may be adversely affected by the political, regulatory and economic environment in the states in which we operate.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
The federal, state and local political and economic environment currently has, and may in the future have, an adverse effect on regulatory decisions with negative consequences for us. These regulatory decisions currently, and may in the future, require us to cancel, reduce, or delay planned development activities or other planned capital expenditures or investments or otherwise incur costs that we may not be able to recover through rates. There can be no assurance that regulators will approve the recovery of all costs incurred by our electric, natural gas and water companies, including costs for construction, operation and maintenance, and storm restoration. The inability to recover a significant amount of operating costs in a timely manner or at all could have an adverse effect on our credit ratings, financial position, results of operations, and cash flows. Changes to rates may occur at times different from when costs are incurred. Additionally, catastrophic events at other utilities could result in our regulators and legislators imposing additional requirements that may lead to additional costs for the companies. In addition to the risk of disallowance of incurred costs, regulators may also impose downward adjustments in a company’s allowed ROE as well as assess penalties and fines. These actions would have an adverse effect on our credit ratings, financial position, results of operations, and cash flows.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
We continue to experience challenges related to the regulatory environment in Connecticut with respect to our electric distribution, natural gas, and water businesses. S&P recently downgraded the credit ratings of Eversource and its regulated utilities as a result of the challenging regulatory environment in Connecticut.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
The FERC also has jurisdiction over our transmission rate incentives such as the regional transmission organization (RTO) participation ROE incentive adder, CWIP in rate base incentive and the abandoned plant incentive. If the FERC changes its policies regarding these incentives, there could be a negative impact on our financial position, results of operations, and cash flows. Additionally, the FERC issued a Supplemental Notice of Proposed Rulemaking (NOPR) on Transmission Incentives that proposes to eliminate the existing RTO ROE incentive adder for utilities that have been participating in an RTO for more than three years. A FERC decision approving this proposal could adversely affect our financial position, results of operations, and cash flows.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Because utility companies, including our electric, natural gas and water utility subsidiaries, have large customer bases, they are subject to adverse publicity focused on the safety and reliability of their distribution services and the speed with which they are able to respond to electric outages, natural gas leaks and similar interruptions caused by storm damage or other unanticipated events, including those related to climate change.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Adverse publicity of this nature could harm our reputation and the reputation of our subsidiaries; may make state legislatures, utility commissions and other regulatory authorities less likely to view us in a favorable light; and may cause us to be subject to less favorable legislative and regulatory outcomes, legal claims or increased regulatory oversight. Unfavorable regulatory outcomes can include more stringent laws and regulations governing our operations, such as reliability and customer service quality standards or vegetation management requirements, as well as fines, penalties or other sanctions or requirements. Further, we rely upon purchased power and purchased natural gas supply from third parties to meet customers’ energy requirements. Due to a variety of factors, including the inflationary economic environment, geo-political conflicts, increased customer energy demand, the cost of energy supply, and public benefit charges assessed by our regulators, customer bills in New England remain high. We also may be required to implement rolling blackouts by ISO-NE, the region’s independent grid operator if enough capacity is not available in the area to meet peak demand needs. Significant cost increases, as well as any failure to meet customer energy requirements, could negatively impact the satisfaction of our customers and our customers’ ability to pay their utility bills, which could have an adverse impact on our business, reputation, financial position, results of operations, and cash flows.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Additionally, rising geo-political tensions could negatively impact the global supply chain. If significant difficulties in the global supply chain cycle or inflationary impacts were to reemerge, they could adversely affect our results of operations, or adversely affect our ability to work with regulators, unions, customers or employees.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedRisk Factors
Implementation of FERC's goals, including within our service territories, goals may expose us to competition for construction of transmission projects, which could result in being exposed to cost caps or a reduced ROE in order to win a project bid, additional regulatory considerations, considerations and potential delay with respect to future transmission projects, which may adversely affect our results of operations and lower rate base growth.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Further, FERC's policy has encouraged competition for transmission projects, even within existing service territories of electric companies, projects as it looks to expand the transmission system to accommodate state and federal policy goals to utilize more renewable energy resources as well as to enhance reliability and resilience for extreme weather events. events while lowering costs.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Factors that could increase the post-closing adjustment payments owed to GIP include the ultimate cost of construction and timing and extent of cost overruns for Revolution Wind, delays in construction, construction such as from federal governmental stop work orders, damage to equipment, and weather conditions, which would also impact the economics associated with the purchase price adjustment, and Revolution Wind’s eligibility for federal investment tax credits (ITCs) at a value lower value than assumed and included in the purchase price.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, publicity may have a material adverse effect on materially affect our financial position, results of operations, and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
We maintain cyber insurance to cover damages, costs related to a system disruption, potential ransom and defense costs arising from unauthorized disclosure of, or failure to protect, private information, as well as costs for notification to, or for credit monitoring of, customers, employees and other persons in the event of a breach of private information.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Further, regional clean energy goals may not be achieved if local, state, state and federal policy is not in alignment aligned with integrated planning of our infrastructure investments. investments or if goals result in a significant increase to customer rates.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
We have instituted safeguards to protect our information technology systems and assets. assets; however, we cannot guarantee that our security efforts will prevent or deter cyberattacks.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
If FERC changes its methodology on developing ROEs, there ROEs or eliminates certain transmission incentives, it could be a negative negatively impact on our financial position, results of operations and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
The development of these projects involve involves numerous significant risks including federal, state and local permitting and regulatory approval processes, scheduling or permitting delays, increased costs, tax strategies and changes to federal tax laws, new legislation impacting the industry, including clean energy programs, economic events or factors, environmental, community, and customer affordability concerns, design and siting issues, issues and difficulties in obtaining required rights of way, and competition from incumbent utilities and other entities. way.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Changes in tax laws, as well as the potential tax effects of business decisions or other actions by the federal government such as Presidential executive orders could negatively impact our business, financial position, results of operations, operations and cash flows.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
The global supply chain of goods and services generally has stabilized; however, certain specialized equipment has long lead times and inflated prices. prices, as well as competition from within and outside the utility industry.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
New information that becomes available or future developments that arise as the construction of Revolution Wind progresses and as cost estimates are reviewed and revised could result in increased costs of the project that would ultimately be owed to GIP.
Read it in 10-K 2026-02-17 at sec.gov ↗
Quiet changesRisk Factors
Additionally, certain outside parties have filed four complaints against transmission-owning electric companies within ISO-NE ISO-NE, alleging that our allowed ROEs are unjust and unreasonable.
Read it in 10-K 2026-02-17 at sec.gov ↗
Quiet changesRisk Factors
In Connecticut, where the vast majority most of our dams are located, impounded waterways are required to release minimum downstream flow.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•On July 25, 2025, the NHPUC issued its decision in the PSNH distribution rate case and approved a permanent rate increase of $100.7 million, effective August 1, 2025, inclusive of the temporary rate increase that went into effect in August 2024. The order established an authorized regulatory ROE of 9.5 percent with a 50 percent common equity ratio for PSNH’s capital structure. The NHPUC approved an alternative regulatory framework that authorizes formulaic annual revenue adjustments on August 1st of 2026, 2027 and 2028.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•On November 3, 2025, EGMA, NSTAR Electric, and the Massachusetts Office of the Attorney General reached a joint settlement agreement that resolved outstanding issues in multiple open Pension Adjustment Mechanism (PAM) dockets and open Resiliency Tree Work (RTW) dockets at NSTAR Electric and allows recovery of transaction and integration costs related to Eversource’s acquisition of EGMA. The settlement agreement was approved by the DPU on December 1, 2025. The settlement resulted in a net pre-tax benefit to earnings of $64.8 million on the Eversource income statement in the fourth quarter of 2025.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•On November 5, 2025, PURA issued a final decision in the Yankee Gas distribution rate case that included a distribution rate increase of $95.7 million, which excluded a previously recorded non-firm margin rate credit of $13.5 million to be refunded annually over three years, effective November 1, 2025. The final decision also established an authorized net regulatory ROE of 9.32 percent and a 53 percent common equity ratio for Yankee Gas’ capital structure. Yankee Gas filed motions to request PURA reconsider the disallowances of certain capitalized overhead costs, certain computational errors, and other issues identified in its final decision. A final decision on the reconsideration is expected from PURA by March 15, 2026.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•On November 19, 2025, PURA denied an application to approve the sale of the Aquarion Water Company, finding that the transaction did not meet managerial suitability and responsibility requirements due to concerns with governance and oversight structure over Aquarion and its consumer advocate. On January 15, 2026, the Connecticut Superior Court issued a decision on the appeal of PURA’s denial, sustaining the appeal and remanding back to PURA. A final decision is expected by PURA on March 25, 2026.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•On December 30, 2025, NSTAR Gas and the Massachusetts Office of the Attorney General reached a joint settlement agreement that allowed for the reinstatement of a rate base reset of $45.0 million increase to base distribution rates effective January 1, 2026 and for continuation of NSTAR Gas’ PBR program through November 1, 2030. The settlement agreement also required NSTAR Gas to provide credits to customers and a concession to the Office of the Attorney General, among other items. The DPU approved the settlement agreement on January 16, 2026. The settlement agreement resulted in a pre-tax charge to earnings of $12.2 million in the fourth quarter of 2025.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•On January 30, 2026, the New Hampshire Department of Energy filed a notice of appeal with the New Hampshire Supreme Court challenging certain aspects of the PSNH distribution rate case decision approved by the NHPUC on July 25, 2025, including the alternative regulatory framework and the revenue requirement. On February 6, 2026, the Office of the Consumer Advocate filed a notice of cross-appeal challenging other aspects of the rate case decision. Eversource is currently evaluating the appeals.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
The impact of higher shares outstanding resulted in $0.17 earnings per share dilution in 2025, as compared to 2024.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
Eversource Parent and Other Companies: Eversource parent and other companies’ losses decreased $425.8 million in 2025, as compared to 2024, due primarily to an after-tax charge of $524.0 million recorded in 2024 resulting from the sale of Eversource parent’s offshore wind investments, as compared to an aggregate net after-tax charge of $75.0 million recorded in 2025 resulting from an increase to the offshore wind contingent liability, net of tax benefits associated with the tax losses on the sales of its offshore wind investments.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
Excluding these charges, Eversource parent and other companies losses increased $23.2 million due to higher interest expense from the absence in 2025 of capitalized interest as a result of the sale of our offshore wind projects in the third quarter of 2024 and higher interest costs from short-term debt, partially offset by the allowed recovery of previously expensed acquisition-related and integration costs of EGMA as part of the joint settlement agreement approved in Massachusetts on December 1, 2025.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
In the third quarter of 2025, Eversource received an updated report from GIP on the construction status of Revolution Wind, which included revised projections of total construction costs. The revised cost projections reflected known and quantifiable cost increases, including those associated with the impacts of damage to the wind turbine installation vessel, insurance costs, tariff impacts, and costs incurred as a result of the stop-work order for Revolution Wind received on August 22, 2025 from the Bureau of Ocean Energy Management that halted all offshore wind construction activities through September 22, 2025. Based on those developments, Eversource recognized a pre-tax charge of $284.0 million in the third quarter of 2025 as a result of the aggregate impact of these items to increase the liability for purchase price adjustments associated with the offshore wind projects.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
Payments made in 2025 reduced the contingent liability and are reflected within investing activities on the statement of cash flows. These payments included cost overruns for the Revolution Wind project paid to GIP, insurance payments, and the purchase price adjustment payment related to the South Fork Wind project paid to GIP.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
Eversource continually evaluates the contingent liability and will reassess the balance as new information becomes available. Based on most recent updates from GIP on the construction status of Revolution Wind, factoring in estimated costs incurred as a result of a second stop-work order for Revolution Wind received on December 22, 2025 and removed on January 12, 2026, revised insurance costs, and other information currently available, Eversource believes that the contingent liability balance as of December 31, 2025 is a reasonable estimate to cover this contingent liability for purchase price adjustments. As of December 31, 2025, the contingent liability totaled $448.2 million and is recorded as a current liability on Eversource’s balance sheet, based upon the timing of expected payments to GIP. The contingent liability totaled $365.0 million as of December 31, 2024.
Read it in 10-K 2026-02-17 at sec.gov ↗
RemovedMD&A
(4) Transaction costs in 2022 primarily include costs associated with the transition of systems as a result of our purchase of the assets of Columbia Gas of Massachusetts (CMA) on October 9, 2020 and integrating the CMA assets onto Eversource’s systems.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Eversource Parent and Other Companies: Eversource parent and other companies’ losses decreased $1.37 billion in 2024, as compared to 2023, due primarily to the loss on the sale of Eversource parent’s offshore wind investments in 2024, which resulted in an after-tax charge of $524.0 million, as compared to an impairment charge on these investments in 2023 of $1.95 billion. Results for 2023 also include a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned and other charges recorded of $6.9 million. Excluding these charges, Eversource parent and other companies earnings decreased by $66.3 million due primarily to higher interest expense and the absence of a benefit in 2023 from the liquidation of Eversource parent’s equity method investment in a renewable energy fund, partially offset by the absence of a charitable contribution made in 2023 with a portion of the proceeds from the liquidation, and a lower effective tax rate.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
As a result of the CL&P long-term debt issuance in January 2025, $397.1 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource’s and CL&P’s balance sheets as of December 31, 2024.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
In June 2024, Moody’s revised the outlook from stable to negative for CL&P citing a weaker financial profile and a challenging Connecticut regulatory environment. In December 2024, S&P downgraded the ratings for Eversource parent and its subsidiaries primarily due to S&P's negative assessment of the Connecticut regulatory construct for Eversource’s Connecticut utilities. These credit ratings and outlook changes reflect higher regulatory risk in Connecticut with the regulatory construct and adverse regulatory developments, including recent rate orders and the passage of Senate Bill 7, negatively impacting the credit quality of Eversource and its subsidiaries.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
The projected capital expenditures reflect a reduction in planned capital expenditures for Connecticut’s electric and natural gas distribution businesses due to regulatory policies in Connecticut that discourage investment, including ensuring the timely recovery of costs and the ability to earn a fair return. The continuing pattern of adverse regulatory outcomes for Connecticut utilities and associated credit downgrades from our credit rating agencies necessitated a reduction to Connecticut’s electric and natural gas distribution projected capital expenditures. These capital reductions do not impact Eversource’s commitment to safety, reliability, or critical staffing structure.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Projected capital expenditures for the water distribution business of $130 million are expected until the time of sale in late 2025 and have been factored into the water business impairment recorded as of December 31, 2024.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Offshore Wind Business: Eversource’s previous offshore wind business included 50 percent ownership interests in each of North East Offshore and South Fork Class B Member, LLC. During 2024, Eversource sold its interest in these entities, and in doing so, sold its interests in the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project. Eversource’s current offshore wind business is now comprised only of a noncontrolling tax equity investment in South Fork Wind through a 100 percent ownership in South Fork Wind Holdings, LLC Class A interests.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On May 25, 2023, Eversource announced that it had completed a strategic review of its offshore wind investments and determined that it would pursue the sale of its offshore wind investments. On September 7, 2023, Eversource completed the sale of its 50 percent interest in an uncommitted lease area consisting of approximately 175,000 developable acres located 25 miles off the south coast of Massachusetts to Ørsted for $625 million in an all-cash transaction.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
In September of 2023, Eversource made a $528 million investment in a tax equity interest for South Fork Wind. South Fork Wind was restructured as a tax equity investment, with Eversource purchasing 100 percent ownership of a new Class A tax equity membership interest. This investment will result in Eversource receiving cash flow benefits from investment tax credits (ITC) and other future cash flow benefits as well. As of December 31, 2024, $459 million of expected investment tax credits and other expected tax benefits were reclassified from the South Fork Wind tax equity investment balance reported in Investments in Unconsolidated Affiliates as a decrease in Accumulated Deferred Income Taxes on the Eversource balance sheet, which represented a non-cash reclassification. As a result of these investment tax credits, Eversource expects lower federal income tax payments from 2025 to 2027. As of December 31, 2024, the tax equity interest in South Fork Wind totaled $22.2 million.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On January 24, 2024, Eversource entered into an agreement with Ørsted to sell Eversource’s 50 percent share of Sunrise Wind, subject to certain conditions and regulatory approvals. On April 18, 2024, Eversource and Ørsted executed an equity and asset purchase agreement and on July 9, 2024, Eversource completed the sale of its 50 percent ownership share of Sunrise Wind to Ørsted. In accordance with the equity and asset purchase agreement and after adjustment for a reduction in capital spending compared to forecasted amounts, adjusted proceeds totaled $152 million. Ørsted paid Eversource $118 million at the closing of the sale transaction, which was used to repay parent company debt. Remaining proceeds of $34 million will be paid after onshore construction is completed and certain other construction milestones are achieved. The remaining expected proceeds have been recorded in Other Long-Term Assets on Eversource’s balance sheet as of December 31, 2024. Eversource recorded a pre-tax gain on the sale of Sunrise Wind of $377 million in 2024. With completion of the sale, Eversource does not have any ongoing financial obligations associated with Sunrise Wind.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On February 13, 2024, Eversource executed an agreement to sell its 50 percent interests in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners (GIP) for an initial gross purchase price of approximately $1.1 billion. The initial purchase price was subject to adjustment based on, among other things, the progress, timing and the construction cost of Revolution Wind, including changes in actual versus forecasted capital spending between signing the agreement and closing of the transaction. On September 30, 2024, Eversource completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to GIP for adjusted gross proceeds of $745 million, which were received at closing. Adjusted gross proceeds from the sale were approximately $375 million lower than the previously estimated purchase price. This reduction reflects approximately $150 million resulting from lower capital spending between signing the agreement and closing, and approximately $225 million related to the final terms of the sale transaction, primarily due to the delay of the commercial operations date of Revolution Wind. Proceeds from the transaction were used to repay parent company debt.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
As part of the Revolution Wind and South Fork Wind sale, Eversource and GIP agreed to make certain post-closing purchase price adjustment payments, which could further impact the final purchase price. The post-closing purchase price adjustment payments include cost sharing obligations that require Eversource to share equally with GIP in GIP’s funding obligations up to an effective cap of approximately $240 million of incremental capital expenditure overruns incurred during the construction phase for Revolution Wind, after which Eversource will have responsibility for GIP’s obligations for any additional capital expenditure overruns in excess of this amount. The purchase price is also subject to post-closing adjustments as a result of final project economics, which includes Eversource’s obligation to maintain GIP’s internal rate of return through the construction period for each project as specified in the agreement. Post-closing purchase price adjustment payments will be made following the commercial operation date of Revolution Wind. South Fork Wind has achieved commercial operation, and Eversource is in the process of finalizing the construction cost post-close purchase price adjustment payment related to this project, which is not expected to be material.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
Purchased Power, Purchased Natural Gas and Transmission 4,209.2 3,736.1 5,168.2 (1,432.1) 473.1 Operations and Maintenance 2,073.8 2,012.9 1,895.7 117.2 60.9 Depreciation 1,568.6 1,433.5 1,305.8 127.7 135.1 Amortization 835.9 342.9 (490.1) 833.0 493.0 Energy Efficiency Programs 778.2 671.8 691.4 (19.6) 106.4 Taxes Other Than Income Taxes 1,092.9 997.9 940.4 57.5 95.0 Loss on Pending Sale of Aquarion 297.0 — 297.0 (297.0) Total Operating Expenses 10,558.6 9,492.1 9,511.4 (19.3) 1,066.5 Operating Income 2,988.6 2,408.7 2,399.3 9.4 579.9 Interest Expense 1,243.3 1,111.3 855.4 255.9 132.0 Losses on Offshore Wind Investments 284.0 464.0 2,167.0 (1,703.0) (180.0) Other Income, Net 378.9 410.5 348.1 62.4 Income/(Loss) (31.6) Income Before Income Tax Expense 1,840.2 1,243.9 (275.0) 1,518.9 596.3 Income Tax Expense 140.3 424.7 159.7 265.0 (284.4) Net Income/(Loss) Income 1,699.9 819.2 (434.7) 1,253.9 880.7 Net Income Attributable to Noncontrolling Interests 7.5 7.5 — Net Income/(Loss) Income Attributable to Common Shareholders $ 1,692.4 $ 811.7 $ (442.2) $ 1,253.9 880.7
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Employee-related expenses (including labor and benefits) $ 22.7 Uncollectible expense 14.9 15.3 Shared corporate costs (including IT system depreciation at Eversource Service) 11.2 12.7 Storm costs 12.2 Uncollectible expense 9.4 Operations-related expenses (including vegetation management, vendor services, vehicles and materials) 6.3 General costs (including vendor services in corporate areas, insurance, fees and assessments) 3.8 Storm-related costs (4.5) (7.4) Total Base Electric Distribution (Non-Tracked Costs) 54.4 42.2 Tracked Electric Costs (Electric Distribution and Electric Transmission) - Increase due primarily to higher transmission expense, increases in grid modernization and pension tracking mechanisms at NSTAR Electric, and higher uncollectible expense 98.0 Total Electric Distribution and Electric Transmission 152.4 Natural Gas Distribution: Transmission):
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
NSTAR Electric's PSNH's earnings increased $91.9 $54.5 million in 2024, 2025, as compared to 2023, 2024, due primarily to higher revenues as a result of the base distribution rate increase increases effective January August 1, 2024, 2024 and August 1, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base, an increase base and lower interest expense, and the impact of the rate case decision in interest income primarily on regulatory deferrals, higher revenues from its capital tracking mechanisms due to increased investments, a lower effective tax rate, and higher AFUDC equity income. July 2025.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
NSTAR Electric's The earnings increased $91.9 million in 2024, as compared to 2023, due primarily to decrease was partially offset by higher revenues as a result of the base distribution rate increase effective January 1, 2024, 2025, an increase in transmission earnings driven primarily by a higher transmission rate base, an increase in base and lower interest income primarily on regulatory deferrals, expense, and higher revenues earnings from its capital AMI tracking mechanisms due to increased investments, a lower effective tax rate, and higher AFUDC equity income. mechanism.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
The variance in other electric distribution costs is due to an increase in the long-term renewable energy purchase contract cost deferral and higher net metering costs at NSTAR Electric, higher long-term contractual energy-related costs and the cost of renewable energy credits that are recovered in the non-bypassable component of the FMCC mechanism at CL&P, and higher net metering costs and an increase in long-term renewable contract costs at NSTAR Electric, partially offset by a decrease in long-term renewable energy purchase contract costs at PSNH.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
The variance in other electric distribution costs is due to an increase in the long-term renewable energy purchase contract cost deferral and higher net metering costs at NSTAR Electric, higher long-term contractual energy-related costs and the cost of renewable energy credits that are recovered in the non-bypassable component of the FMCC mechanism at CL&P, and higher net metering costs and an increase in long-term renewable contract costs at NSTAR Electric, partially offset by a decrease in long-term renewable energy purchase contract costs at PSNH.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Energy supply procurement $ (710.5) (44.1) $ (253.9) (93.4) $ (275.2) 8.8 Retail transmission 56.3 135.0 53.9 CL&P NBFMCC 544.9 153.3 — — NSTAR Electric net metering — 133.1 — Stranded costs 6.6 77.7 42.8 Retail transmission (9.8) 60.2 48.5 CL&P System Benefit Charge 88.4 94.6 — — Other distribution tracking mechanisms 69.7 77.2 12.3 56.7 143.7 (50.9) Wholesale Market Sales Revenue 62.8 (0.7) (28.2) 309.4 38.5 (2.1)
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Our electric distribution segment earnings increased $23.7 $35.4 million in 2024, 2025, as compared to 2023, 2024, due primarily to higher revenues from base distribution rate increases at PSNH effective August 1, 2024 and August 1, 2025 and at NSTAR Electric effective January 1, 2024 and at PSNH effective August 1, 2024 2025 and from CL&P's capital tracking mechanism due to increased electric system improvements, and an increase in interest income primarily on regulatory deferrals. improvements.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Energy supply procurement $ (1,239.6) (128.7) $ (165.2) 231.7 Retail transmission 245.2 — CL&P NBFMCC 544.9 — NSTAR Electric net metering 133.1 — Stranded costs 127.1 — Retail transmission 98.9 153.3 — CL&P System Benefit Charge 88.4 94.6 — Energy efficiency 26.1 80.5 Other distribution tracking mechanisms 159.2 44.0 123.4 (2.3) Wholesale Market Sales Revenue 33.9 (44.8) 345.8 22.1
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Excluding the 2024 impairment charge and transaction costs associated with the expected sale, water distribution segment earnings increased $11.5 decreased $0.4 million in 2024, 2025, as compared to 2023, due primarily to an after-tax benefit of $11.6 million recorded in 2024 to recognize the impacts of the Aquarion Water Company of Connecticut’s rate case decision from PURA. 2024.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
The CL&P's earnings decrease was partially offset by increased $38.7 million in 2025, as compared to 2024, due primarily to higher revenues from its capital tracking mechanism due to increased electric system improvements, a lower effective tax rate, and an increase in transmission earnings driven primarily by a higher transmission rate base, base and an increase in lower interest income primarily on regulatory deferrals. expense.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Factors that could increase the post-closing adjustment payments owed obligation to GIP include the ultimate cost of construction and extent of cost overruns for Revolution Wind, delays in construction, Wind as well as the timing and extent of construction delays, which would impact the economics associated with the purchase price adjustment, and Revolution Wind’s the eligibility for federal investment tax credits for Revolution Wind at a value lower value than assumed and included in the purchase price.
Read it in 10-K 2026-02-17 at sec.gov ↗
Quiet changesMD&A
Eliminations are primarily related to the Eversource electric transmission revenues that are derived from ISO-NE regional transmission charges to the distribution businesses of CL&P, NSTAR Electric and PSNH that recover the costs of the wholesale transmission business in rates charged to their customers.
Read it in 10-K 2026-02-17 at sec.gov ↗
