EVERSOURCE ENERGY YEAR END 2022 RESULTS February 14, 2023 Safe Harbor Statement 1 Agenda Clean Energy Initiatives 2 3 Chairman, President & Chief Executive Officer A Look Back at The Year Delivered exceptional service and reliability for our customers through an active storm year Regulatory Received approval for first MA DER proposal Continued advancement with our three offshore wind projects Progress made on networked geothermal pilot in Framingham, MA EVERSOURCE ENERGY YEAR END 2022 RESULTS 2022 Year-End ...

Financial Data and Key Metrics Changes - Eversource Energy reported GAAP earnings of $0.84 per share for Q2 2022, an increase from $0.77 in Q2 2021, and $2.13 per share for the first half of 2022 compared to $1.83 in the same period of 2021 [25][27] - Excluding acquisition-related costs, earnings were $0.86 per share in Q2 2022 versus $0.79 in Q2 2021 [26] - The company narrowed its non-GAAP earnings guidance for the full year to $4.04 to $4.14 per share from a previous range of $4.00 to $4.17 [33] Business Segment Performance - The electric transmission segment earned $0.44 per share in Q2 2022, up from $0.40 in Q2 2021, driven by higher investment levels [28] - The electric distribution segment reported earnings of $0.37 per share in Q2 2022, compared to $0.35 in Q2 2021, attributed to higher revenues and lower pension costs [29] - The natural gas distribution segment saw earnings rise to $2.00 per share in Q2 2022 from $0.01 in Q2 2021, mainly due to increased revenues [30] - The water distribution segment maintained earnings at $0.03 per share, consistent with Q2 2021 [31] Market Data and Key Metrics Changes - The demand for offshore wind generation is increasing, with Rhode Island enacting legislation for an additional 600 to 1,000 megawatts of offshore wind [19] - New York issued a much larger offshore wind RFP for approximately 4,600 megawatts, indicating strong market interest [20] Company Strategy and Industry Competition - Eversource is focused on offshore wind investments and has initiated a strategic review for its 50% interest in a joint venture, expecting a robust sales process [15][16] - The company reaffirmed its $18 billion five-year regulated capital program, including $3.9 billion projected for this year [37] - Eversource is not interested in expanding its natural gas footprint but sees opportunities in the fragmented water business [59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive impact of the Inflation Reduction Act on renewable energy projects, particularly offshore wind [62] - The company anticipates clarity on its offshore wind sale process by the end of 2022, with expectations for a successful outcome [63] Other Important Information - Eversource has fully transitioned its gas business systems to its platform, with positive feedback from customers and employees [34][36] - The company is actively working on regulatory reviews and expects decisions on rate cases by the end of 2022 [46] Q&A Session Summary Question: Can you provide an update on the offshore wind sale process? - Management reported 12 additional interested parties and noted a healthy atmosphere for wind investments, indicating no concerns about construction risk [57] Question: How does the company view inorganic growth opportunities outside New England? - The focus remains on wind investments, with interest in acquiring municipal water systems due to their fragmented nature [59] Question: What is the expected impact of the Inflation Reduction Act on Eversource? - Management is optimistic about the Act's provisions for renewable energy tax credits, which could enhance project value [62] Question: How does the company plan to use proceeds from the offshore wind sale? - Proceeds will primarily be used for debt paydown and to fund regulated investments needed for infrastructure upgrades [64][74] Question: What is the outlook for the Massachusetts climate legislation? - Management expects favorable action from the Governor, indicating a positive outlook for the legislation [95]

PART I – FINANCIAL INFORMATION [ITEM 1. Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) Presents the unaudited condensed consolidated financial statements for Eversource Energy and its key subsidiaries [EVERSOURCE ENERGY AND SUBSIDIARIES - Condensed Consolidated Financial Statements](index=7&type=section&id=EVERSOURCE%20ENERGY%20AND%20SUBSIDIARIES%20-%20Financial%20Statements) The company reported increased total assets, equity, and net income year-over-year Balance Sheet Summary | Metric | As of March 31, 2022 (Thousands of Dollars) | As of December 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Total Assets | $49,289,152 | $48,492,144 | | Total Current Liabilities | $5,601,309 | $5,847,039 | | Long-Term Debt | $17,912,462 | $17,023,577 | | Common Shareholders' Equity | $14,836,690 | $14,599,844 | Income Statement Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Operating Revenues | $3,471,310 | $2,825,840 | | Operating Income | $663,055 | $585,568 | | Net Income Attributable to Common Shareholders | $443,446 | $366,143 | | Basic Earnings Per Common Share | $1.28 | $1.07 | | Diluted Earnings Per Common Share | $1.28 | $1.06 | Cash Flow Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Net Cash Flows Provided by Operating Activities | $371,940 | $411,416 | | Net Cash Flows Used in Investing Activities | $(858,247) | $(704,517) | | Net Cash Flows Provided by Financing Activities | $429,888 | $203,755 | [THE CONNECTICUT LIGHT AND POWER COMPANY (Unaudited) - Condensed Financial Statements](index=11&type=section&id=THE%20CONNECTICUT%20LIGHT%20AND%20POWER%20COMPANY%20(Unaudited)%20-%20Financial%20Statements) CL&P reported increased total assets and net income, though operating cash flows declined Balance Sheet Summary | Metric | As of March 31, 2022 (Thousands of Dollars) | As of December 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Total Assets | $14,138,821 | $13,949,656 | | Total Current Liabilities | $1,540,941 | $1,148,004 | | Long-Term Debt | $3,815,662 | $4,215,379 | | Common Stockholder's Equity | $5,477,953 | $5,299,501 | Income Statement Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Operating Revenues | $1,285,831 | $987,274 | | Operating Income | $222,523 | $165,435 | | Net Income | $152,977 | $98,398 | Cash Flow Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Net Cash Flows Provided by Operating Activities | $135,283 | $156,193 | | Net Cash Flows Used in Investing Activities | $(204,997) | $(197,874) | | Net Cash Flows Provided by/(Used in) Financing Activities | $25,510 | $(39,840) | [NSTAR ELECTRIC COMPANY AND SUBSIDIARY (Unaudited) - Condensed Consolidated Financial Statements](index=15&type=section&id=NSTAR%20ELECTRIC%20COMPANY%20AND%20SUBSIDIARY%20(Unaudited)%20-%20Financial%20Statements) NSTAR Electric reported increased assets and operating cash flows, while net income slightly decreased Balance Sheet Summary | Metric | As of March 31, 2022 (Thousands of Dollars) | As of December 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Total Assets | $14,037,723 | $13,799,946 | | Total Current Liabilities | $1,950,625 | $1,712,014 | | Long-Term Debt | $3,586,326 | $3,585,399 | | Common Stockholder's Equity | $4,993,321 | $4,973,019 | Income Statement Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Operating Revenues | $863,176 | $737,043 | | Operating Income | $126,182 | $136,384 | | Net Income | $92,739 | $93,924 | Cash Flow Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Net Cash Flows Provided by Operating Activities | $189,864 | $172,595 | | Net Cash Flows Used in Investing Activities | $(234,024) | $(215,461) | | Net Cash Flows Provided by Financing Activities | $44,125 | $42,829 | [PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES (Unaudited) - Condensed Consolidated Financial Statements](index=19&type=section&id=PUBLIC%20SERVICE%20COMPANY%20OF%20NEW%20HAMPSHIRE%20AND%20SUBSIDIARIES%20(Unaudited)%20-%20Financial%20Statements) PSNH reported increased total assets and net income, though operating cash flows decreased Balance Sheet Summary | Metric | As of March 31, 2022 (Thousands of Dollars) | As of December 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Total Assets | $4,802,376 | $4,740,784 | | Total Current Liabilities | $609,743 | $546,928 | | Long-Term Debt | $1,164,010 | $1,163,833 | | Common Stockholder's Equity | $1,612,251 | $1,592,713 | Income Statement Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Operating Revenues | $339,427 | $293,435 | | Operating Income | $64,420 | $66,650 | | Net Income | $45,586 | $44,676 | Cash Flow Summary | Metric | For the Three Months Ended March 31, 2022 (Thousands of Dollars) | For the Three Months Ended March 31, 2021 (Thousands of Dollars) | |:---|:---|:---| | Net Cash Flows Provided by Operating Activities | $58,083 | $74,901 | | Net Cash Flows Used in Investing Activities | $(107,323) | $(68,141) | | Net Cash Flows Provided by/(Used in) Financing Activities | $38,172 | $(18,327) | [Combined Notes to Condensed Financial Statements (Unaudited)](index=23&type=section&id=Combined%20Notes%20to%20Condensed%20Financial%20Statements%20(Unaudited)) Details key accounting policies, regulatory matters, and the strategic review of its offshore wind portfolio - Eversource initiated a strategic review of its offshore wind investment portfolio on May 4, 2022, exploring a potential sale of its **50% interest** in the Ørsted partnership[66](index=66&type=chunk)[213](index=213&type=chunk) - CL&P, NSTAR Electric, and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, funded through litigation proceeds and wholesale rates[157](index=157&type=chunk) - The Yankee Companies filed a fifth lawsuit against the DOE seeking **$120.4 million** in damages for failure to accept spent nuclear fuel from 2017 to 2020[159](index=159&type=chunk) Total Regulatory Assets and Liabilities (Millions of Dollars) | Metric | As of March 31, 2022 | As of December 31, 2021 | |:---|:---|:---| | Total Regulatory Assets | $5,701.4 | $5,715.8 | | Total Regulatory Liabilities | $4,547.2 | $4,468.7 | Eversource EPS Components (Millions of Dollars, except per share amounts) | Metric | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | |:---|:---|:---| | Net Income Attributable to Common Shareholders | $443.4 | $366.1 | | Basic Weighted Average Common Shares Outstanding | 345,156,346 | 343,678,243 | | Diluted Weighted Average Common Shares Outstanding | 345,661,133 | 344,334,689 | | Basic EPS | $1.28 | $1.07 | | Diluted EPS | $1.28 | $1.06 | Eversource Operating Revenues by Segment (Millions of Dollars) | Segment | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | |:---|:---|:---| | Electric Distribution | $2,386.3 | $1,900.3 | | Natural Gas Distribution | $927.6 | $780.5 | | Electric Transmission | $435.2 | $400.6 | | Water Distribution | $48.5 | $46.4 | | Other | $383.5 | $343.0 | | Eliminations | $(709.8) | $(645.0) | | Total Operating Revenues | $3,471.3 | $2,825.8 | [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial condition, results of operations, liquidity, and key business developments [Eversource Energy and Subsidiaries - Management's Discussion and Analysis](index=44&type=section&id=Eversource%20Energy%20and%20Subsidiaries%20-%20Management's%20Discussion%20and%20Analysis) The company reported strong Q1 2022 earnings, reaffirmed guidance, and initiated a strategic offshore wind review - Eversource reaffirmed its long-term EPS growth rate through 2026 in the upper half of the **5% to 7% range** and its 2022 non-GAAP earnings guidance of **$4.00 to $4.17 per share**[209](index=209&type=chunk) - A strategic review of the offshore wind portfolio was initiated on May 4, 2022, to explore a potential sale of its **50% interest** in the Ørsted partnership[213](index=213&type=chunk) - The South Fork Wind project entered the construction phase in early 2022 and is projected to be in-service by the **end of 2023**[215](index=215&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk) Consolidated Earnings Overview (Millions of Dollars, Except Per Share Amounts) | Metric | Q1 2022 Amount | Q1 2022 Per Share | Q1 2021 Amount | Q1 2021 Per Share | |:---|:---|:---|:---|:---| | Net Income Attributable to Common Shareholders (GAAP) | $443.4 | $1.28 | $366.1 | $1.06 | | Regulated Companies (Non-GAAP) | $457.1 | $1.32 | $403.9 | $1.17 | | Eversource Parent and Other Companies (Non-GAAP) | $(8.4) | $(0.02) | $(7.5) | $(0.02) | | Non-GAAP Earnings | $448.7 | $1.30 | $396.4 | $1.15 | | CL&P Storm Performance Penalty (after-tax) | — | — | $(24.1) | $(0.07) | | Acquisition and Transition Costs (after-tax) | $(5.3) | $(0.02) | $(6.2) | $(0.02) | Key Liquidity Metrics (Millions of Dollars) | Metric | Q1 2022 | Q1 2021 | |:---|:---|:---| | Cash flows provided by operating activities | $371.9 | $411.4 | | Investments in property, plant and equipment | $764.6 | $689.0 | | Cash (as of period end) | $46.2 | $66.8 | | Available borrowing capacity (commercial paper) | $981.2 | N/A | | Long-term debt issued | $1,300.0 | N/A | | Long-term debt repaid | $770.0 | N/A | Eversource Operating Revenues and Expenses (Millions of Dollars) | Metric | 2022 | 2021 | Increase/ (Decrease) | |:---|:---|:---|:---| | Operating Revenues | $3,471.3 | $2,825.8 | $645.5 | | Purchased Power, Fuel and Transmission | $1,389.7 | $998.5 | $391.2 | | Operations and Maintenance | $472.4 | $465.5 | $6.9 | | Depreciation | $289.3 | $270.7 | $18.6 | | Amortization | $236.9 | $108.0 | $128.9 | | Energy Efficiency Programs | $199.5 | $188.1 | $11.4 | | Taxes Other Than Income Taxes | $220.4 | $209.4 | $11.0 | | Total Operating Expenses | $2,808.2 | $2,240.2 | $568.0 | | Operating Income | $663.1 | $585.6 | $77.5 | | Interest Expense | $153.3 | $137.8 | $15.5 | | Other Income, Net | $71.6 | $34.2 | $37.4 | | Income Before Income Tax Expense | $581.4 | $482.0 | $99.4 | | Income Tax Expense | $136.1 | $114.0 | $22.1 | | Net Income | $445.3 | $368.0 | $77.3 | | Net Income Attributable to Common Shareholders | $443.4 | $366.1 | $77.3 | [The Connecticut Light and Power Company, NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries - Management's Discussion and Analysis](index=62&type=section&id=The%20Connecticut%20Light%20and%20Power%20Company,%20NSTAR%20Electric%20Company%20and%20Subsidiary,%20and%20Public%20Service%20Company%20of%20New%20Hampshire%20and%20Subsidiaries%20-%20Management's%20Discussion%20and%20Analysis) Subsidiary earnings varied, with CL&P showing strong growth while NSTAR Electric's earnings slightly decreased - CL&P's earnings **increased $54.6 million** (YoY) primarily due to the absence of a prior-year storm performance penalty[354](index=354&type=chunk) - NSTAR Electric's earnings **decreased $1.2 million** (YoY) mainly due to higher O&M and depreciation expenses, partially offset by a rate increase[355](index=355&type=chunk) - PSNH's earnings **increased $0.9 million** (YoY) primarily due to higher transmission earnings and a rate increase, offset by higher O&M expenses[356](index=356&type=chunk) Operating Revenues and Expenses for Subsidiaries (Millions of Dollars) | Metric | CL&P 2022 | CL&P 2021 | NSTAR Electric 2022 | NSTAR Electric 2021 | PSNH 2022 | PSNH 2021 | |:---|:---|:---|:---|:---|:---|:---| | Operating Revenues | $1,285.8 | $987.3 | $863.2 | $737.0 | $339.4 | $293.4 | | Purchased Power and Transmission | $523.5 | $373.3 | $313.7 | $226.5 | $125.8 | $91.6 | | Operations and Maintenance | $157.1 | $175.4 | $164.9 | $143.2 | $59.6 | $54.7 | | Depreciation | $87.3 | $83.4 | $89.0 | $82.8 | $31.3 | $29.5 | | Amortization of Regulatory Assets, Net | $169.7 | $62.8 | $29.3 | $18.4 | $26.8 | $18.5 | | Energy Efficiency Programs | $35.4 | $35.6 | $80.3 | $75.1 | $8.7 | $10.3 | | Taxes Other Than Income Taxes | $90.3 | $91.4 | $59.8 | $54.6 | $22.8 | $22.2 | | Total Operating Expenses | $1,063.3 | $821.9 | $737.0 | $600.6 | $275.0 | $226.8 | | Operating Income | $222.5 | $165.4 | $126.2 | $136.4 | $64.4 | $66.6 | | Interest Expense | $40.6 | $39.0 | $38.2 | $32.3 | $13.6 | $14.6 | | Other Income, Net | $19.6 | $4.9 | $29.2 | $16.8 | $7.5 | $4.2 | | Income Before Income Tax Expense | $201.5 | $131.3 | $117.2 | $120.9 | $58.3 | $56.2 | | Income Tax Expense | $48.5 | $32.9 | $24.5 | $27.0 | $12.7 | $11.5 | | Net Income | $153.0 | $98.4 | $92.7 | $93.9 | $45.6 | $44.7 | Operating Cash Flows for Subsidiaries (Millions of Dollars) | Company | Q1 2022 Operating Cash Flows | Q1 2021 Operating Cash Flows | |:---|:---|:---| | CL&P | $135.3 | $156.2 | | NSTAR Electric | $189.9 | $172.6 | | PSNH | $58.1 | $74.9 | [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the company's exposure and management strategies for commodity, interest rate, and credit risks - Regulated companies pass the economic impacts of energy contracts on to customers, eliminating exposure to commodity price risk[363](index=363&type=chunk) - Interest rate risk is managed by maintaining a mix of **fixed and variable rate** long-term debt[364](index=364&type=chunk) - Credit risk is managed through established practices and collateral, with **$92.7 million** held from counterparties as of March 31, 2022[365](index=365&type=chunk)[366](index=366&type=chunk) [ITEM 4. Controls and Procedures](index=67&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls and procedures as of the quarter's end - Management concluded that the disclosure controls and procedures of Eversource and its subsidiaries were **effective** as of March 31, 2022[368](index=368&type=chunk) - There have been **no material changes** in internal controls over financial reporting during the quarter ended March 31, 2022[369](index=369&type=chunk) PART II – OTHER INFORMATION [ITEM 1. Legal Proceedings](index=68&type=section&id=ITEM%201.%20Legal%20Proceedings) Reports no material changes or new legal proceedings since the last annual report - **No material legal proceedings** have been identified, and no material changes have occurred regarding previously disclosed proceedings since the 2021 Form 10-K[372](index=372&type=chunk) [ITEM 1A. Risk Factors](index=68&type=section&id=ITEM%201A.%20Risk%20Factors) Confirms no material changes or additions to the risk factors disclosed in the 2021 Form 10-K - **No additional risk factors** have been identified, and no material changes have occurred regarding previously disclosed risks since the 2021 Form 10-K[373](index=373&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Discloses common share purchases related to the company's 401k plan matching contributions - The common shares purchased were related to matching contributions under the **Eversource 401k Plan**[374](index=374&type=chunk) Common Shares Purchased (March 2022) | Period | Total Number of Shares Purchased | Average Price Paid per Share | |:---|:---|:---| | March 1 - March 31, 2022 | 2,244 | $88.99 | | Total | 2,244 | $88.99 | [ITEM 6. Exhibits](index=69&type=section&id=ITEM%206.%20Exhibits) Lists all exhibits filed with the report, including indentures, certifications, and XBRL data - Exhibits include supplemental indentures and **CEO/CFO certifications** under Sarbanes-Oxley Act Sections 302 and 906[377](index=377&type=chunk) - The filing also includes **Inline XBRL documents** for Eversource and its subsidiaries[377](index=377&type=chunk) [SIGNATURES](index=70&type=section&id=SIGNATURES) Contains the authorized signatures confirming the filing of the report for all entities - The report is signed by the Vice President, Controller and Chief Accounting Officer on behalf of Eversource and its subsidiaries[381](index=381&type=chunk)[383](index=383&type=chunk)[385](index=385&type=chunk)[386](index=386&type=chunk)

| --- | --- | --- | |-----------------------------|-----------------------------------------|-------| | | EVERSOURCE ENERGY YEAR END 2021 RESULTS | | | | | | | 2021 Year-End Investor Call | | | | February 17, 2022 | | | EVERSOURCE ENERGY YEAR END 2021 RESULTS Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Registrant; State of Incorporation; Address; Telephone Number; Commission File Number; and I.R.S. Employer Identification No. EVERSOURCE ENERGY (a ...

PART I – FINANCIAL INFORMATION [ITEM 1. Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) This section presents Eversource Energy's unaudited condensed consolidated financial statements for the period ended September 30, 2021, along with detailed notes on significant accounting policies and regulatory matters [EVERSOURCE ENERGY AND SUBSIDIARIES Financial Statements](index=7&type=section&id=EVERSOURCE%20ENERGY%20AND%20SUBSIDIARIES%20Financial%20Statements) Eversource Energy reported a slight decrease in net income attributable to common shareholders for the nine months ended September 30, 2021, while total assets increased due to investments in property, plant, and equipment Eversource Energy Consolidated Income Statement Highlights (Unaudited) | Metric | Q3 2021 (in thousands) | Q3 2020 (in thousands) | 9 Months 2021 (in thousands) | 9 Months 2020 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues** | $2,432,794 | $2,343,642 | $7,381,172 | $6,670,497 | | **Operating Income** | $483,331 | $561,230 | $1,520,503 | $1,534,006 | | **Net Income Attributable to Common Shareholders** | $283,166 | $346,260 | $913,829 | $933,244 | | **Diluted Earnings Per Common Share** | $0.82 | $1.01 | $2.65 | $2.76 | Eversource Energy Consolidated Balance Sheet Highlights (Unaudited) | Metric | As of Sep 30, 2021 (in thousands) | As of Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $48,014,055 | $46,099,598 | | **Total Liabilities** | $37,442,444 | $32,036,032 | | **Common Shareholders' Equity** | $14,411,611 | $14,063,566 | - Net cash provided by operating activities remained relatively **stable at $1.52 billion** for the first nine months of 2021, while net cash used in investing activities **increased to $2.42 billion**, primarily due to higher investments in property, plant, and equipment[21](index=21&type=chunk) [Combined Notes to Condensed Financial Statements](index=24&type=section&id=Combined%20Notes%20to%20Condensed%20Financial%20Statements) The notes detail key accounting policies, significant financial events, and regulatory developments, including the impact of COVID-19 on uncollectible accounts, the CL&P storm settlement, and ongoing FERC ROE complaints - The allowance for uncollectible accounts increased due to the COVID-19 pandemic, with **$57.0 million** related to the pandemic expected to be recovered from customers in future rates[71](index=71&type=chunk) - CL&P's settlement agreement for Tropical Storm Isaias resulted in a cumulative **pre-tax impact of $103.6 million** and an **after-tax earnings impact of $85.8 million**, or **$0.25 per share**, for the nine months ended September 30, 2021[97](index=97&type=chunk)[189](index=189&type=chunk) - The company recorded a **$39.1 million pre-tax reserve** for the second FERC ROE complaint period, with the outcome of four pending complaints remaining uncertain, where a **10 basis point change** to the base ROE would impact after-tax earnings by approximately **$3 million** for each 15-month period[170](index=170&type=chunk)[178](index=178&type=chunk) Long-Term Debt Issuances and Repayments (First 9 Months 2021) | Entity | Issuance/(Repayment) (Millions) | Type | | :--- | :--- | :--- | | **CL&P** | $425.0 | 2.05% First Mortgage Bonds | | | ($120.5) | 4.38% Series A PCRB | | **NSTAR Electric** | $300.0 | 3.10% 2021 Debentures | | | ($250.0) | 3.50% Series F Senior Notes | | | $300.0 | 1.95% 2021 Debentures | | **PSNH** | ($122.0) | 4.05% Series Q First Mortgage Bonds | | | ($160.0) | 3.20% Series R First Mortgage Bonds | | | $350.0 | 2.20% Series V First Mortgage Bonds | | **Eversource Parent** | ($450.0) | 2.50% Series I Senior Notes | | | $350.0 | 2.55% Series S Senior Notes | | | $300.0 | 1.40% Series U Senior Notes | | | $350.0 | Variable Rate Series T Senior Notes | [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, including a decrease in GAAP EPS primarily due to CL&P charges, while non-GAAP EPS increased, covering segment performance, liquidity, capital expenditures, and significant regulatory developments [Executive Summary and Earnings Overview](index=55&type=section&id=Executive%20Summary%20and%20Earnings%20Overview) Eversource's GAAP earnings decreased due to CL&P settlement and storm penalty costs, while non-GAAP earnings showed growth, and the company reaffirmed its long-term EPS growth forecast GAAP vs. Non-GAAP Earnings Per Share (EPS) | Period | GAAP EPS | Non-GAAP EPS | YoY Change (Non-GAAP) | | :--- | :--- | :--- | :--- | | **Q3 2021** | $0.82 | $1.02 | 0.0% | | **Q3 2020** | $1.01 | $1.02 | - | | **9 Months 2021** | $2.65 | $2.95 | +5.4% | | **9 Months 2020** | $2.76 | $2.80 | - | - The company reaffirmed its long-term EPS growth rate projection through 2025 to be in the **upper half of the 5 to 7 percent range** from its regulated utility businesses[227](index=227&type=chunk) - Key drivers for segment performance in the first nine months of 2021 include a **higher transmission rate base**, the **addition of EGMA earnings** in the natural gas segment, and the **negative impact of the CL&P settlement** on the electric distribution segment[240](index=240&type=chunk)[241](index=241&type=chunk)[243](index=243&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) Operating cash flow remained stable in the first nine months of 2021, while the company increased investments in property, plant, and equipment, funding operations through new long-term debt issuances and maintaining substantial borrowing capacity Key Cash Flow and Liquidity Metrics (First 9 Months) | Metric (in billions) | 2021 | 2020 | | :--- | :--- | :--- | | **Cash from Operations** | $1.52 | $1.50 | | **Investments in PP&E** | $2.21 | $2.10 | | **New Long-Term Debt Issued** | $3.15 | N/A | | **Long-Term Debt Repaid** | $1.14 | N/A | - As of September 30, 2021, the company had **$1.86 billion** in available borrowing capacity under its commercial paper programs[228](index=228&type=chunk) [Business Development and Capital Expenditures](index=62&type=section&id=Business%20Development%20and%20Capital%20Expenditures) Consolidated capital expenditures increased in the first nine months of 2021, driven by investments in major transmission projects and a strategic focus on offshore wind partnerships, with significant equity investment in key projects - Total equity investment in the offshore wind business reached **$1.13 billion** as of September 30, 2021, an increase from **$887.1 million** at year-end 2020[286](index=286&type=chunk) Major Offshore Wind Projects | Wind Project | State Servicing | Size (MW) | Contract Status | | :--- | :--- | :--- | :--- | | **Revolution Wind** | Rhode Island / Connecticut | 704 | Approved | | **South Fork Wind** | New York (LIPA) | 130 | Approved | | **Sunrise Wind** | New York (NYSERDA) | 924 | Approved | - Projected in-service dates are the **end of 2023** for South Fork Wind, and **2025** for both Revolution Wind and Sunrise Wind, contingent on permitting schedules[297](index=297&type=chunk) [Regulatory Developments and Rate Matters](index=66&type=section&id=Regulatory%20Developments%20and%20Rate%20Matters) This section details significant regulatory activities, including unresolved FERC ROE complaints, the CL&P settlement regarding Tropical Storm Isaias, and mitigation plans filed by NSTAR Gas and EGMA to defer rate increases - CL&P entered a settlement agreement resolving Tropical Storm Isaias regulatory proceedings, agreeing to **$75 million in customer credits and assistance** and a **freeze on base distribution rates until at least January 1, 2024**, which resolves PURA's proposed ROE reduction penalties[232](index=232&type=chunk)[320](index=320&type=chunk)[322](index=322&type=chunk) - Four FERC complaints regarding the New England Transmission Owners' (NETOs) Return on Equity (ROE) remain pending, with Eversource maintaining a **$39.1 million pre-tax reserve** for the second complaint period[298](index=298&type=chunk)[300](index=300&type=chunk) - FERC's Supplemental NOPR proposes to eliminate the **50 basis point RTO ROE incentive**, which, if finalized, would have an estimated annual negative impact of approximately **$15 million** on Eversource's after-tax earnings[312](index=312&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=85&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks, including commodity price, interest rate, and credit risk, with commodity price risk largely mitigated for regulated operations and credit risk managed through collateral from counterparties - The company's regulated subsidiaries have no material earnings exposure to **commodity price risk** as economic impacts of energy contracts are passed on to customers through approved rates[425](index=425&type=chunk) - To manage credit risk, the regulated companies held **$108.5 million in collateral** from counterparties as of September 30, 2021[428](index=428&type=chunk) [ITEM 4. Controls and Procedures](index=85&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes in internal controls over financial reporting during the quarter - Management concluded that the disclosure controls and procedures for Eversource and its key subsidiaries are **effective** as of September 30, 2021[430](index=430&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that materially affected or are reasonably likely to materially affect these controls[431](index=431&type=chunk) PART II – OTHER INFORMATION [ITEM 1. Legal Proceedings](index=86&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reported no material legal proceedings or significant changes to those previously disclosed in its 2020 Form 10-K - There have been **no material legal proceedings** identified and **no material changes** with regard to the legal proceedings previously disclosed in the 2020 Form 10-K[434](index=434&type=chunk) [ITEM 1A. Risk Factors](index=86&type=section&id=ITEM%201A.%20Risk%20Factors) This section incorporates risk factors from the 2020 Form 10-K, highlighting updated regulatory, legislative, and compliance risks, particularly the potential negative impact of adverse actions by state and federal regulators on earnings and liquidity - The company highlights the risk that adverse actions by regulators, including the **inability to recover prudently incurred costs**, **adverse decisions on rates of return**, or the **imposition of penalties**, could negatively affect financial results[436](index=436&type=chunk)[438](index=438&type=chunk)[439](index=439&type=chunk) - The **four pending FERC complaints** against New England transmission owners regarding allowed ROEs are cited as a specific risk, where an adverse decision could negatively impact financial position, results of operations, and cash flows[442](index=442&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=88&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the third quarter of 2021, the company purchased a limited number of its common shares at an average price of $82.25 per share, primarily for matching contributions under its 401k Plan Issuer Purchases of Equity Securities (Q3 2021) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **July 2021** | — | $— | | **August 2021** | 21 | $89.05 | | **September 2021** | 2,377 | $82.19 | | **Total** | **2,398** | **$82.25** | [ITEM 6. Exhibits](index=89&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including supplemental indentures for debt offerings, CEO and CFO certifications, and interactive data files

2021 Third Quarter Results November 3, 2021 Safe Harbor Statement All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a financial measure not reco ...

Eversource Energy (NYSE:ES) Q3 2021 Earnings Conference Call November 3, 2021 9:00 AM ET Company Participants Joseph Nolan – President and Chief Executive Officer Jeffrey Kotkin – Vice President for Investor Relations Philip Lembo – Executive Vice President and CFO Conference Call Participants Jeremy Tonet – JPMorgan Steve Fleishman – Wolfe Julien Dumoulin-Smith – Bank of America David Arcaro – Morgan Stanley Sophie Karp – KeyBanc Travis Miller – Morningstar Operator Welcome to the Eversource Energy Q3, 202 ...

Eversource Energy (NYSE:ES) Q2 2021 Earnings Conference Call July 30, 2021 9:00 AM ET Company Participants Jeffrey Kotkin - Vice President, Investor Relations Joe Nolan - President and Chief Executive Officer Phil Lembo - Executive Vice President and Chief Financial Officer Conference Call Participants Shahriar Pourreza - Guggenheim Durgesh Chopra - Evercore Julien Dumoulin-Smith - Bank of America Paul Patterson - Glenrock Andrew Weisel - Scotia Sophie Karp - KeyBanc David Arcaro - Morgan Stanley Steve Flei ...

AGA Virtual Financial Forum May 19-20, 2021 Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non-GAAP (not determined u ...