Financial Data and Key Metrics Changes - The second quarter 2023 Electric Distribution earnings were $0.47 per share compared to $0.37 in the same quarter last year, primarily due to higher revenues from base distribution rate increases and lower O&M costs [53] - GAAP earnings were $0.04 per share in Q2 2023, down from $0.84 in Q2 2022, impacted by a $331 million after-tax impairment charge related to offshore wind investments [89][68] - Recurring earnings were $1 per share in Q2 2023 compared to $0.86 in Q2 2022, excluding the impairment charge [66] Business Line Data and Key Metrics Changes - The Electric Transmission segment earned $0.46 per share in Q2 2023, up from $0.44 per share in Q2 2022, driven by continued investments in the electric transmission system [79] - The Natural Gas Distribution segment earned $0.03 per share in Q2 2023, compared to $0.02 in the same quarter last year, due to higher revenues from capital tracking mechanisms [90] - The Water Distribution segment maintained earnings at $0.03 per share in Q2 2023, consistent with the previous year [67] Market Data and Key Metrics Changes - Supply rates for residential customers in Connecticut and Massachusetts decreased approximately 40% per kilowatt hour from January to July 2023, with New Hampshire customers seeing a similar decline effective August 1 [101] - The company expects an improvement in cash flows in 2023 compared to 2022, driven by the absence of one-time cash outflows and net proceeds from the sale of offshore wind investments [93] Company Strategy and Development Direction - The company is committed to a $21.5 billion five-year regulated capital program, reaffirming its long-term EPS growth rate in the upper half of the 5% to 7% range [69] - Eversource is focused on clean energy initiatives, having invested nearly $800 million in clean energy in 2022, including offshore wind and battery storage [48] - The company is advancing the sale of its offshore wind assets, with a focus on ensuring all agreements are in place before finalizing the transaction [92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in completing the offshore wind transaction soon, emphasizing the importance of wind energy in transitioning to a clean energy environment [75][99] - The company remains focused on engaging with policymakers to discuss long-term solutions for energy supply challenges, particularly in light of natural gas supply constraints [46][60] - Management highlighted the need for continued investments in clean energy technologies and infrastructure to support electrification and reduce reliance on natural gas [49][61] Other Important Information - The company has $1 billion remaining under its ATM program for equity issuance, which it plans to utilize opportunistically [94] - The impairment charge recognized in Q2 2023 was based on the sale price of uncommitted lease areas and expectations regarding tax credit qualifications [68] Q&A Session Summary Question: What are the next steps regarding the Sunrise Wind repricing? - Management indicated that the repricing process is underway and that they are confident in the outcome, with an estimated investment level of around $400 million related to this [15][32] Question: Can you elaborate on the deferred storm costs recovery in Connecticut? - Management explained that recovery of storm costs will occur during a general rate proceeding, with the earliest recovery expected by the end of 2025 [16][18] Question: What is the expected impact of the offshore wind sale on FFO to debt? - Management did not disclose specific figures but indicated that the transaction would improve the FFO to debt ratio significantly, with discussions planned with rating agencies [157][158] Question: How does the recent draft decision impact investment in Connecticut? - Management expressed concern over the draft decision's potential to discourage investment but remains committed to working with stakeholders to achieve a favorable outcome [139]

Financial Data and Key Metrics Changes - The company reported GAAP earnings of $1.41 per share for Q1 2023, an increase from $1.28 per share in Q1 2022, reflecting improved operational performance [30][11] - The full-year guidance for earnings per share is maintained at $4.25 to $4.43, with a reaffirmation of a long-term EPS growth rate in the upper half of the 5% to 7% range [12][30] Business Line Data and Key Metrics Changes - Electric distribution earnings were $0.47 per share in Q1 2023, compared to $0.45 in Q1 2022, driven by increased distribution revenues [31] - The electric transmission segment earned $0.45 per share in Q1 2023, up from $0.43 in Q1 2022, attributed to higher investment levels [31] - Natural gas distribution earnings increased to $0.49 per share in Q1 2023 from $0.47 in Q1 2022, primarily due to higher base distribution revenues [31] - Water distribution segment earnings decreased by $0.01 per share due to higher operations and maintenance costs [31] Market Data and Key Metrics Changes - The company noted a significant decline in natural gas prices, which is expected to reflect positively in customer bills [9] - Electric supply rates in New England are anticipated to decline significantly in July for customers on basic or default service in Connecticut and Massachusetts [9] Company Strategy and Development Direction - The company is advancing its offshore wind projects in partnership with Ørsted, with significant investments and job creation in Rhode Island and New York [8] - A strategic review of offshore wind investments is ongoing, with expectations for updates later in the quarter [28] - The company is focused on facilitating solar development in Massachusetts, aiming to add up to 1,000 megawatts of new solar energy capacity [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strategic review of offshore wind investments and the potential for a positive outcome for shareholders [39] - The company is actively engaging with state regulators and the governor regarding performance-based rate-making, emphasizing the importance of collaboration [41] - Concerns were raised about fuel supply for generators and the need to minimize risks to customers, especially in light of past supply issues [59] Other Important Information - The company has issued $750 million of parent company debt and retired $450 million of parent debt recently [14] - The timing of some offshore wind construction costs has been adjusted, lowering the 2023 capital projection by $500 million while extending costs into future periods [32] Q&A Session Summary Question: Can you provide more details on the sale process and pricing expectations? - Management indicated that the sale process is advanced, involving two parties, and expressed confidence in achieving good value for the projects [17][39] Question: How do you see the regulatory environment evolving in Connecticut? - Management confirmed they have a seat at the table in legislative discussions and are optimistic about reaching a workable resolution [41] Question: Will the offshore wind projects be sold as separate transactions? - Management confirmed that there will be two announcements for the leases and contracts, expected in the second quarter [51] Question: What are the expectations for the Aquarion hearing on May 15? - Management expressed hope for a favorable outcome, emphasizing their strong track record and relationships with state officials [71] Question: How does the company view future investment opportunities in offshore wind? - Management sees significant opportunities for investment in offshore wind transmission and is focused on regulated assets [57]

Financial Performance - Eversource Energy reported a net income of $491.2 million, or $1.41 per share, for Q1 2023, compared to $443.4 million, or $1.28 per share, in Q1 2022, reflecting a year-over-year increase of 10.5% in net income[181]. - Eversource's operating revenues for Q1 2023 were $3,795.6 million, an increase of $324.3 million (9.3%) compared to Q1 2022[259]. - Net income attributable to common shareholders for Q1 2023 was $491.2 million, an increase of $47.8 million (10.8%) from $443.4 million in Q1 2022[259]. - Total operating expenses for Q1 2023 were $3,046.0 million, up by $237.8 million (8.5%) from $2,808.2 million in Q1 2022[259]. - Eversource paid cash dividends of $229.4 million in Q1 2023, an increase from $213.9 million in Q1 2022[203]. Cash Flow and Debt Management - Cash flows from operating activities were $69.2 million in Q1 2023, a significant decrease from $371.9 million in Q1 2022[181]. - The company issued $1.55 billion in new long-term debt while repaying $400 million of long-term debt in Q1 2023[181]. - Eversource's cash and cash equivalents decreased to $36.0 million as of March 31, 2023, down from $374.6 million as of December 31, 2022[192]. - The company expects future operating cash flows, along with existing borrowing capacity, to be sufficient to meet working capital and capital investment requirements[191]. - As of March 31, 2023, Eversource Parent's commercial paper borrowings outstanding were $1,048.0 million, with an available borrowing capacity of $952.0 million and a weighted-average interest rate of 5.22%[195]. Capital Expenditures - Eversource invested $977.1 million in property, plant, and equipment in Q1 2023, up from $764.6 million in Q1 2022, indicating a 28% increase in capital expenditures[181]. - Eversource's consolidated capital expenditures in Q1 2023 were $789.2 million, up from $685.6 million in Q1 2022, including $42.9 million for IT and facilities upgrades[211]. - Total electric transmission capital expenditures for Q1 2023 were $246.8 million, compared to $230.5 million in Q1 2022, with projects aimed at improving grid reliability and integrating renewable energy[212]. - Total distribution capital expenditures in Q1 2023 were $499.5 million, compared to $401.4 million in Q1 2022, reflecting investments in aging infrastructure and load growth[214]. - The company expects to incur approximately $235 million in additional capital expenditures for ongoing transmission upgrades in Massachusetts[213]. Segment Performance - The electric distribution segment's earnings increased by $24.6 million in Q1 2023, primarily due to higher revenues from a rate design change and a base distribution rate increase[183]. - The electric transmission segment's earnings rose by $6.6 million in Q1 2023, driven by a higher transmission rate base from ongoing infrastructure investments[184]. - The natural gas distribution segment's earnings increased by $6.3 million in Q1 2023, attributed to base distribution rate increases and lower operations and maintenance expenses[185]. - Eversource's electric distribution revenues for Q1 2023 were $202.3 million, while natural gas distribution revenues were $117.6 million[263]. - Electric distribution revenues increased by $28.9 million for the three months ended March 31, 2023, compared to the same period in 2022, primarily due to a rate design change and a base distribution rate increase[266]. Offshore Wind Investments - Eversource's total equity investment in its offshore wind business increased to $2.16 billion as of March 31, 2023, up from $1.95 billion at the end of 2022[220]. - Eversource expects to invest between $1.4 billion and $1.6 billion in its offshore wind business in 2023, with total investments projected between $2.1 billion and $2.4 billion from 2024 to 2026[233]. - The Revolution Wind project has a capacity of 400 MW with a fixed price contract at $98.43 per MWh for 20 years, while the Sunrise Wind project has a capacity of 924 MW at $110.37 per MWh for 25 years[222]. - Eversource is conducting a strategic review of its offshore wind investments, potentially leading to a sale of its 50% interest in the partnership with Ørsted, expected to conclude in Q2 2023[221]. - The expected in-service date for the South Fork Wind project is by the end of 2023, while Revolution Wind and Sunrise Wind are projected to be in service by 2025[232]. Regulatory and Market Conditions - Eversource anticipates a decrease in energy supply retail rates for the second half of 2023 compared to the first half, with new rates effective July 1, 2023, for CL&P and NSTAR Electric, and August 1, 2023, for PSNH[251]. - The estimated annual impact on Eversource's after-tax earnings from the potential elimination of the RTO ROE incentive is approximately $18 million[248]. - The federal permitting process for Revolution Wind and Sunrise Wind is expected to conclude with final approvals in Q4 2023[226]. - Eversource recorded a reserve of $39.1 million related to FERC ROE complaints as of March 31, 2023, reflecting the difference between billed rates and a 10.57% base ROE[237]. - A change of 10 basis points to the base ROE would impact Eversource's after-tax earnings by approximately $3 million for each of the four 15-month complaint periods[244]. Operational Metrics - Electric sales volumes decreased by 5.9% to 12,198 GWh in Q1 2023 compared to 12,965 GWh in Q1 2022[260]. - Firm natural gas sales volumes fell by 12.7% to 59,783 MMcf in Q1 2023 from 68,518 MMcf in Q1 2022[260]. - Retail electric sales volumes decreased by 8.8% for CL&P, 3.7% for NSTAR Electric, and 4.6% for PSNH for the three months ended March 31, 2023[286]. - Operations and Maintenance expense decreased by $17.8 million for the three months ended March 31, 2023, compared to the same period in 2022, due to reductions in various non-tracked costs[275]. - Interest expense increased by $44.6 million for the three months ended March 31, 2023, compared to the same period in 2022, primarily due to new debt issuances and increased interest on short-term notes payable[280].

2023 First Quarter Results EVERSOURCE ENERGY Q1 2023 RESULTS 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 financial measure that is not r ...

Financial Data and Key Metrics Changes - The company's GAAP earnings for 2022 were $4.05 per share, an increase from $3.54 per share in 2021, with fourth-quarter earnings at $0.92 per share compared to $0.89 per share in Q4 2021 [78][79] - Non-GAAP earnings for 2022 were $4.09 per share, up 6% from $3.86 in 2021, with Q4 non-GAAP earnings at $0.92 per share, slightly higher than $0.91 in Q4 2021 [79][80] - The company projects non-GAAP earnings for 2023 to be between $4.25 and $4.43 per share, compared to $4.09 in 2022 [82] Business Line Data and Key Metrics Changes - Electric transmission earned $1.72 per share in 2022, up from $1.58 in 2021, driven by continued investment in the transmission system [80] - Electric distribution segment earnings were $1.71 per share in 2022, compared to $1.61 in 2021, with higher revenues and lower pension expenses offset by increased O&M and depreciation costs [103] - The natural gas distribution segment earned $0.67 per share in 2022, an increase from $0.59 in 2021 [104] Market Data and Key Metrics Changes - The company noted a reduction in natural gas prices, which has started to lower bills for some customers, with New Hampshire electric customers seeing a rate decline [76] - The company expects lower power supply costs to be reflected in customer bills starting in July [76] Company Strategy and Development Direction - The company is committed to investing approximately $21.5 billion in regulated electric, natural gas, and water distribution businesses over the next five years to enhance service and meet decarbonization goals [84] - The strategic review of offshore wind investments is expected to conclude in the second quarter of 2023, with ongoing projects moving ahead [58][59] - The company aims to be a leading catalyst for clean energy development in the Northeast, with significant progress on various clean energy initiatives [59][97] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to deliver safe and reliable service while addressing climate change impacts [53] - The company anticipates that the introduction of renewables will improve the gas supply situation in the region [14] - Management acknowledged the uncertainty surrounding offshore wind investments but expects to resolve it in the coming months [57] Other Important Information - The company has committed to setting a science-based target for emissions reduction, enhancing its ESG profile [55] - The company plans to install a new customer information system over the next two years, with meter installations expected from 2025 to 2027 [61] Q&A Session Summary Question: Can you quantify the historical pension income for 2022 and expectations for 2023? - Management indicated that the headwind from lower pension income in 2023 compared to 2022 is about $0.04 per share [6] Question: What percentage increase in equity investments is embedded in the 2023 EPS outlook? - Management stated that there is not a sizable component of equity investments in the EPS outlook, but they may issue more if market conditions are favorable [17] Question: Can you provide clarity on the PBR proceeding in Connecticut? - Management noted that it is still early in the process and they are working with regulators to address concerns regarding the staff proposal [40] Question: What is the timeline for the strategic review of offshore wind investments? - Management expects the review to conclude in the second quarter of 2023, with significant interest from sophisticated buyers [141][142] Question: How does the company plan to manage financing if the offshore wind sale process is delayed? - Management emphasized the need to be mindful of energy supply costs and indicated that they have various options to manage potential delays [35]

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, 2022 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 ...

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 ...