Eversource Energy - 10-Q quarterly report FY

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	UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
	FORM	10-Q
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the Quarterly Period Ended	March 31, 2026
	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 Massachusetts voluntary association)

300 Cadwell Drive, Springfield, Massachusetts 01104

Telephone: (800) 286-5000

Commission File Number: 001-05324

I.R.S. Employer Identification No. 04-2147929

THE CONNECTICUT LIGHT AND POWER COMPANY

(a Connecticut corporation)

107 Selden Street, Berlin, Connecticut 06037-1616

Telephone: (800) 286-5000

Commission File Number: 000-00404

I.R.S. Employer Identification No. 06-0303850

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street, Boston, Massachusetts 02199

Telephone: (800) 286-5000

Commission File Number: 001-02301

I.R.S. Employer Identification No. 04-1278810

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(a New Hampshire corporation)

Energy Park

780 North Commercial Street, Manchester, New Hampshire 03101-1134

Telephone: (800) 286-5000

Commission File Number: 001-06392

I.R.S. Employer Identification No. 02-0181050

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $5.00 par value per share

New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.


			Yes			No
			☒			☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).


			Yes			No
			☒			☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Eversource Energy

Large accelerated filer

☒

Accelerated
filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

The Connecticut Light and Power Company

Large accelerated filer

☐

Accelerated
filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

NSTAR Electric Company

Large accelerated filer

☐

Accelerated
filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Public Service Company of New Hampshire

Large accelerated filer

☐

Accelerated
filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):


	Yes	No

Eversource Energy	☐	☒
The Connecticut Light and Power Company	☐	☒
NSTAR Electric Company	☐	☒
Public Service Company of New Hampshire	☐	☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.


Company - Class of Stock	Outstanding as of April 30, 2026

Eversource Energy Common Shares, $5.00 par value	376,080,025	shares
The Connecticut Light and Power Company Common Stock, $10.00 par value	6,035,205	shares
NSTAR Electric Company Common Stock, $1.00 par value	200	shares
Public Service Company of New Hampshire Common Stock, $1.00 par value	301	shares

Eversource Energy holds all of the 6,035,205 shares, 200 shares, and 301 shares of the outstanding common stock of The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire, respectively.

The Connecticut Light and Power Company, NSTAR Electric Company and Public Service Company of New Hampshire each meet the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q, and each is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) of Form 10‑Q.

Eversource Energy, The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire each separately file this combined Form 10-Q. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.

GLOSSARY OF TERMS

The following is a glossary of abbreviations and acronyms that are found in this report:


Current or former Eversource Energy companies, segments or investments:
Eversource, ES or the Company			Eversource Energy and subsidiaries
Eversource parent or ES parent			Eversource Energy, a public utility holding company
ES parent and other companies			ES parent and other companies are comprised of Eversource parent, Eversource Service, and other subsidiaries, which primarily includes our unregulated businesses, The Rocky River Realty Company (a real estate subsidiary), the consolidated operations of CYAPC and YAEC, and Eversource parent's equity ownership interests that are not consolidated
CL&P			The Connecticut Light and Power Company
NSTAR Electric			NSTAR Electric Company
PSNH			Public Service Company of New Hampshire
PSNH Funding			PSNH Funding LLC 3, a bankruptcy remote, special purpose, wholly-owned subsidiary of PSNH
NSTAR Gas			NSTAR Gas Company
EGMA			Eversource Gas Company of Massachusetts
Yankee Gas			Yankee Gas Services Company
Aquarion			Aquarion Company and its subsidiaries
HEEC			Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric
Eversource Service			Eversource Energy Service Company
CYAPC			Connecticut Yankee Atomic Power Company
MYAPC			Maine Yankee Atomic Power Company
YAEC			Yankee Atomic Electric Company
Yankee Companies			CYAPC, YAEC and MYAPC
Regulated companies			The Eversource regulated companies are comprised of the electric distribution and transmission businesses of CL&P, NSTAR Electric and PSNH, the natural gas distribution businesses of Yankee Gas, NSTAR Gas and EGMA, Aquarion’s water distribution businesses, and the solar power facilities of NSTAR Electric
Regulators and Government Agencies:
DEEP			Connecticut Department of Energy and Environmental Protection
DOE			U.S. Department of Energy
DOER			Massachusetts Department of Energy Resources
DPU			Massachusetts Department of Public Utilities
EPA			U.S. Environmental Protection Agency
FERC			Federal Energy Regulatory Commission
ISO-NE			ISO New England, Inc., the New England Independent System Operator
MA DEP			Massachusetts Department of Environmental Protection
NHPUC			New Hampshire Public Utilities Commission
PURA			Connecticut Public Utilities Regulatory Authority
SEC			U.S. Securities and Exchange Commission
Other Terms and Abbreviations:
ADIT			Accumulated Deferred Income Taxes
AFUDC			Allowance For Funds Used During Construction
AOCI			Accumulated Other Comprehensive Income
ARO			Asset Retirement Obligation
Bcf			Billion cubic feet
CfD			Contract for Differences
CWIP			Construction Work in Progress
EDC			Electric distribution company
EDIT			Excess Deferred Income Taxes
EPS			Earnings Per Share
ERISA			Employee Retirement Income Security Act of 1974
ESOP			Employee Stock Ownership Plan
Eversource 2025 Form 10-K			The Eversource Energy and Subsidiaries 2025 combined Annual Report on Form 10-K as filed with the SEC
Fitch			Fitch Ratings, Inc.
FMCC			Federally Mandated Congestion Charge
GAAP			Accounting principles generally accepted in the United States of America
GSEP			Gas System Enhancement Program


GWh			Gigawatt-Hours
IPP			Independent Power Producers
ISO-NE Tariff			ISO-NE FERC Transmission, Markets and Services Tariff
kV			Kilovolt
kVa			Kilovolt-ampere
kW			Kilowatt (equal to one thousand watts)
kWh			Kilowatt-Hours
LNG			Liquefied natural gas
LPG			Liquefied petroleum gas
LRS			Supplier of last resort service
MG			Million gallons
MGP			Manufactured Gas Plant
MMBtu			Million British thermal units
MMcf			Million cubic feet
Moody's			Moody's Investors Service, Inc.
MW			Megawatt
MWh			Megawatt-Hours
NETOs			New England Transmission Owners (including Eversource, National Grid and Avangrid)
OCI			Other Comprehensive Income/(Loss)
PAM			Pension and PBOP Rate Adjustment Mechanism
PBOP			Postretirement Benefits Other Than Pension
PBOP Plan			Postretirement Benefits Other Than Pension Plan
Pension Plan			Single uniform noncontributory defined benefit retirement plan
PPA			Power purchase agreement
RECs			Renewable Energy Certificates
Regulatory ROE			The average cost of capital method for calculating the return on equity related to the distribution business segment excluding the wholesale transmission segment
ROE			Return on Equity
RRBs			Rate Reduction Bonds or Rate Reduction Certificates
RSUs			Restricted share units
S&P			Standard & Poor's Financial Services LLC
SERP			Supplemental Executive Retirement Plans and non-qualified defined benefit retirement plans
SS			Standard service
UI			The United Illuminating Company
VIE			Variable Interest Entity

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)

	Eversource Energy and Subsidiaries (Unaudited)
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	2
	Condensed Consolidated Statements of Common Shareholders' Equity	3
	Condensed Consolidated Statements of Cash Flows	4

	The Connecticut Light and Power Company (Unaudited)
	Condensed Balance Sheets	5
	Condensed Statements of Income	6
	Condensed Statements of Comprehensive Income	6
	Condensed Statements of Common Stockholder's Equity	7
	Condensed Statements of Cash Flows	8

	NSTAR Electric Company and Subsidiary (Unaudited)
	Condensed Consolidated Balance Sheets	9
	Condensed Consolidated Statements of Income	10
	Condensed Consolidated Statements of Comprehensive Income	10
	Condensed Consolidated Statements of Common Stockholder's Equity	11
	Condensed Consolidated Statements of Cash Flows	12

	Public Service Company of New Hampshire and Subsidiaries (Unaudited)
	Condensed Consolidated Balance Sheets	13
	Condensed Consolidated Statements of Income	14

	Condensed Consolidated Statements of Common Stockholder's Equity	15
	Condensed Consolidated Statements of Cash Flows	16

	Combined Notes to Condensed Financial Statements (Unaudited)	17

ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	Eversource Energy and Subsidiaries	36
	The Connecticut Light and Power Company, NSTAR Electric Company and Subsidiary, and Public Service Company of New Hampshire and Subsidiaries	51

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	56

ITEM 4.	Controls and Procedures	57

PART II – OTHER INFORMATION

ITEM 1.	Legal Proceedings	57

ITEM 1A.	Risk Factors	57

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57

ITEM 3.	Defaults Upon Senior Securities	57

ITEM 4.	Mine Safety Disclosures	58

ITEM 5.	Other Information	58

ITEM 6.	Exhibits	59

SIGNATURES		60

iii

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(Thousands of Dollars)	As of March 31, 2026		As of December 31, 2025

ASSETS
Current Assets:
Cash	$	270,184	$	135,351

Receivables, Net (net of allowance for uncollectible accounts of $611,700 and $580,539 as of March 31, 2026 and December 31, 2025, respectively)	2,080,805		1,847,094
Unbilled Revenues	217,605		275,108
Materials, Supplies, Natural Gas and REC Inventory	489,415		491,592
Regulatory Assets	1,897,191		1,975,083


Prepayments and Other Current Assets	389,535		352,958
Total Current Assets	5,344,735		5,077,186
Property, Plant and Equipment, Net	46,470,244		45,930,959
Deferred Debits and Other Assets:
Regulatory Assets	5,768,159		5,718,646
Goodwill	4,233,767		4,233,767

Prepaid Pension and PBOP	1,566,418		1,511,169
Marketable Securities	322,189		317,101

Other Long-Term Assets	1,002,089		997,883
Total Deferred Debits and Other Assets	12,892,622		12,778,566
Total Assets	$	64,707,601	$	63,786,711

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$	533,000	$	1,525,445
Long-Term Debt – Current Portion	2,643,097		1,392,948
Rate Reduction Bonds – Current Portion	43,210		43,210
Accounts Payable	1,662,046		1,859,692

Regulatory Liabilities	1,739,987		1,264,609

Offshore Wind Contingent Liability	298,157		448,158
Other Current Liabilities	1,290,226		1,274,450
Total Current Liabilities	8,209,723		7,808,512
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	5,894,583		5,647,218
Regulatory Liabilities	4,323,619		4,273,465
Derivative Liabilities	636,179		753,149
Asset Retirement Obligations	597,713		595,442
Accrued SERP and PBOP	100,531		100,859


Other Long-Term Liabilities	1,138,347		1,101,932
Total Deferred Credits and Other Liabilities	12,690,972		12,472,065
Long-Term Debt	26,861,131		26,872,433
Rate Reduction Bonds	259,257		280,862
Noncontrolling Interest – Preferred Stock of Subsidiaries	155,568		155,568
Common Shareholders' Equity:
Common Shares	1,914,273		1,914,273
Capital Surplus, Paid In	9,950,113		9,937,878
Retained Earnings	4,815,846		4,504,983
Accumulated Other Comprehensive Loss	(20,377)		(20,507)
Treasury Stock	(128,905)		(139,356)
Common Shareholders' Equity	16,530,950		16,197,271
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	64,707,601	$	63,786,711

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars, Except Share Information)		2026		2025

Operating Revenues		$	4,504,363	$	4,118,355

Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission		1,518,174		1,340,337
Operations and Maintenance		506,980		487,451
Depreciation		420,481		379,579
Amortization		402,764		455,449
Energy Efficiency Programs		291,499		257,550
Taxes Other Than Income Taxes		288,317		271,595
Total Operating Expenses		3,428,215		3,191,961
Operating Income		1,076,148		926,394
Interest Expense		365,259		300,849

Other Income, Net		101,159		92,344
Income Before Income Tax Expense		812,048		717,889
Income Tax Expense		203,327		165,221
Net Income		608,721		552,668
Net Income Attributable to Noncontrolling Interests		1,880		1,880
Net Income Attributable to Common Shareholders		$	606,841	$	550,788

Basic and Diluted Earnings Per Common Share		$	1.61	$	1.50



Weighted Average Common Shares Outstanding:
Basic		376,026,090		367,320,246
Diluted		376,583,614		367,677,618

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)		2026		2025

Net Income		$	608,721	$	552,668
Other Comprehensive Income, Net of Tax:
Qualified Cash Flow Hedging Instruments		5		5

Changes in Funded Status of Pension, SERP and PBOP Benefit Plans		125		2,518
Other Comprehensive Income, Net of Tax		130		2,523
Comprehensive Income Attributable to Noncontrolling Interests		(1,880)		(1,880)
Comprehensive Income Attributable to Common Shareholders		$	606,971	$	553,311

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY

(Unaudited)


	For the Three Months Ended March 31, 2026
	Common Shares			Capital Surplus, Paid In		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information)	Shares	Amount
Balance as of January 1, 2026	375,416,880	$	1,914,273	$	9,937,878	$	4,504,983	$	(20,507)	$	(139,356)	$	16,197,271
Net Income						608,721						608,721
Dividends on Common Shares - $0.7875 Per Share						(295,978)						(295,978)
Dividends on Preferred Stock						(1,880)						(1,880)

Long-Term Incentive Plan Activity				(24,577)								(24,577)
Issuance of Treasury Shares	557,764			36,812						10,451		47,263

Other Comprehensive Income								130				130
Balance as of March 31, 2026	375,974,644	$	1,914,273	$	9,950,113	$	4,815,846	$	(20,377)	$	(128,905)	$	16,530,950


	For the Three Months Ended March 31, 2025
	Common Shares			Capital Surplus, Paid In		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Common Shareholders' Equity
(Thousands of Dollars, Except Share Information)	Shares	Amount
Balance as of January 1, 2025	366,608,052	$	1,878,622	$	9,428,905	$	3,929,141	$	(26,472)	$	(170,809)	$	15,039,387
Net Income						552,668						552,668
Dividends on Common Shares - $0.7525 Per Share						(276,229)						(276,229)
Dividends on Preferred Stock						(1,880)						(1,880)


Long-Term Incentive Plan Activity				(28,230)								(28,230)
Issuance of Treasury Shares	699,031			39,921						13,097		53,018
Other Comprehensive Income								2,523				2,523
Balance as of March 31, 2025	367,307,083	$	1,878,622	$	9,440,596	$	4,203,700	$	(23,949)	$	(157,712)	$	15,341,257

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)	2026		2025

Operating Activities:
Net Income	$	608,721	$	552,668
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	420,481		379,579
Deferred Income Taxes	81,402		(56,524)
Uncollectible Expense	30,795		22,863
Pension, SERP and PBOP Income, Net	(28,287)		(18,811)

Regulatory Over Recoveries, Net	126,339		84,461
Amortization	402,764		455,449
Cost of Removal Expenditures	(41,385)		(67,151)



Other	28,255		15,840
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(264,738)		(288,984)

Taxes Receivable/Accrued, Net	247,015		288,790
Accounts Payable	(145,387)		(131,367)
Other Current Assets and Liabilities, Net	(141,649)		(196,218)
Net Cash Flows Provided by Operating Activities	1,324,326		1,040,595

Investing Activities:
Investments in Property, Plant and Equipment	(1,009,311)		(1,007,384)
Proceeds from Sales of Marketable Securities	40,954		64,007
Purchases of Marketable Securities	(37,075)		(61,049)
Payments for Offshore Wind Contingent Liability	(150,001)		—
Investments in Unconsolidated Affiliates	—		(504)

Other Investing Activities	5,490		5,700
Net Cash Flows Used in Investing Activities	(1,149,943)		(999,230)

Financing Activities:

Cash Dividends on Common Shares	(290,023)		(270,232)
Cash Dividends on Preferred Stock	(1,880)		(1,880)
Decrease in Notes Payable	(992,445)		(552,694)
Repayment of Rate Reduction Bonds	(21,605)		(21,605)
Issuance of Long-Term Debt	1,502,574		1,201,407
Retirement of Long-Term Debt	(250,116)		(300,051)
Other Financing Activities	(29,342)		(23,000)
Net Cash Flows (Used In)/Provided by Financing Activities	(82,837)		31,945
Net Increase in Cash and Restricted Cash	91,546		73,310
Cash and Restricted Cash - Beginning of Period	246,245		127,308
Cash and Restricted Cash - End of Period	$	337,791	$	200,618

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED BALANCE SHEETS

(Unaudited)


(Thousands of Dollars)	As of March 31, 2026		As of December 31, 2025

ASSETS
Current Assets:
Cash	$	13,047	$	87,615
Receivables, Net (net of allowance for uncollectible accounts of $274,007 and $258,514 as of March 31, 2026 and December 31, 2025, respectively)	732,472		652,150
Accounts Receivable from Affiliated Companies	46,811		60,995
Unbilled Revenues	54,943		63,508
Materials and Supplies	129,838		133,908

Regulatory Assets	235,015		265,175

Prepayments and Other Current Assets	70,386		50,579

Total Current Assets	1,282,512		1,313,930
Property, Plant and Equipment, Net	13,768,014		13,623,296
Deferred Debits and Other Assets:
Regulatory Assets	1,750,400		1,716,212
Prepaid Pension and PBOP	212,999		204,067
Other Long-Term Assets	311,900		321,234
Total Deferred Debits and Other Assets	2,275,299		2,241,513
Total Assets	$	17,325,825	$	17,178,739

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$	39,000	$	—
Long-Term Debt – Current Portion	500,000		—
Accounts Payable	565,353		637,467
Accounts Payable to Affiliated Companies	152,753		141,610


Accrued Taxes	84,727		165,362
Regulatory Liabilities	635,307		417,498

Other Current Liabilities	181,964		220,592
Total Current Liabilities	2,159,104		1,582,529
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,973,144		2,005,888
Regulatory Liabilities	1,468,970		1,445,140



Other Long-Term Liabilities	268,563		239,289
Total Deferred Credits and Other Liabilities	3,710,677		3,690,317
Long-Term Debt	4,610,686		5,110,067
Preferred Stock Not Subject to Mandatory Redemption	116,200		116,200
Common Stockholder's Equity:
Common Stock	60,352		60,352
Capital Surplus, Paid In	3,684,265		3,684,265
Retained Earnings	2,984,416		2,934,877
Accumulated Other Comprehensive Income	125		132
Common Stockholder's Equity	6,729,158		6,679,626
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	17,325,825	$	17,178,739

The accompanying notes are an integral part of these unaudited condensed financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)		2026		2025

Operating Revenues		$	1,568,126	$	1,541,189

Operating Expenses:
Purchased Power and Transmission		588,147		494,204
Operations and Maintenance		190,344		189,156
Depreciation		111,745		106,680
Amortization of Regulatory Assets, Net		280,022		343,213
Energy Efficiency Programs		36,238		51,611
Taxes Other Than Income Taxes		120,564		115,261
Total Operating Expenses		1,327,060		1,300,125
Operating Income		241,066		241,064
Interest Expense		74,187		49,910
Other Income, Net		17,616		17,599
Income Before Income Tax Expense		184,495		208,753
Income Tax Expense		45,166		52,517
Net Income		$	139,329	$	156,236

The accompanying notes are an integral part of these unaudited condensed financial statements.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)		2026		2025

Net Income		$	139,329	$	156,236
Other Comprehensive Loss, Net of Tax:
Qualified Cash Flow Hedging Instruments		(7)		(6)

Other Comprehensive Loss, Net of Tax		(7)		(6)
Comprehensive Income		$	139,322	$	156,230

The accompanying notes are an integral part of these unaudited condensed financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)


	For the Three Months Ended March 31, 2026
	Common Stock			Capital Surplus, Paid In		Retained Earnings		Accumulated Other Comprehensive Income		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2026	6,035,205	$	60,352	$	3,684,265	$	2,934,877	$	132	$	6,679,626
Net Income						139,329				139,329
Dividends on Preferred Stock						(1,390)				(1,390)
Dividends on Common Stock						(88,400)				(88,400)



Other Comprehensive Loss								(7)		(7)
Balance as of March 31, 2026	6,035,205	$	60,352	$	3,684,265	$	2,984,416	$	125	$	6,729,158


	For the Three Months Ended March 31, 2025
	Common Stock			Capital Surplus, Paid In		Retained Earnings		Accumulated Other Comprehensive Income		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2025	6,035,205	$	60,352	$	3,684,265	$	2,819,107	$	158	$	6,563,882
Net Income						156,236				156,236
Dividends on Preferred Stock						(1,390)				(1,390)
Dividends on Common Stock						(247,000)				(247,000)

Other Comprehensive Loss								(6)		(6)
Balance as of March 31, 2025	6,035,205	$	60,352	$	3,684,265	$	2,726,953	$	152	$	6,471,722

The accompanying notes are an integral part of these unaudited condensed financial statements.

THE CONNECTICUT LIGHT AND POWER COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)	2026		2025

Operating Activities:
Net Income	$	139,329	$	156,236
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	111,745		106,680
Deferred Income Taxes	(39,096)		(35,411)
Uncollectible Expense	5,491		4,671
Pension, SERP, and PBOP Income, Net	(4,860)		(3,614)

Regulatory Under Recoveries, Net	(19,603)		(103,101)

Amortization of Regulatory Assets, Net	280,022		343,213
Cost of Removal Expenditures	(9,053)		(16,072)
Other	25,601		826
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(91,971)		4,910
Taxes Receivable/Accrued, Net	(80,105)		57,653
Accounts Payable	(50,494)		(51,626)
Other Current Assets and Liabilities, Net	(41,910)		(41,659)
Net Cash Flows Provided by Operating Activities	225,096		422,706

Investing Activities:
Investments in Property, Plant and Equipment	(248,359)		(223,555)

Net Cash Flows Used in Investing Activities	(248,359)		(223,555)

Financing Activities:
Cash Dividends on Common Stock	(88,400)		(247,000)
Cash Dividends on Preferred Stock	(1,390)		(1,390)

Issuance of Long-Term Debt	—		400,000

Increase/(Decrease) in Notes Payable to Eversource Parent	39,000		(280,000)
Other Financing Activities	(506)		(4,153)
Net Cash Flows Used in Financing Activities	(51,296)		(132,543)
Net (Decrease)/Increase in Cash and Restricted Cash	(74,559)		66,608
Cash and Restricted Cash - Beginning of Period	88,676		2,109
Cash and Restricted Cash - End of Period	$	14,117	$	68,717

The accompanying notes are an integral part of these unaudited condensed financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(Thousands of Dollars)	As of March 31, 2026		As of December 31, 2025

ASSETS
Current Assets:
Cash	$	190,821	$	8,302

Receivables, Net (net of allowance for uncollectible accounts of $127,113 and $132,561 as of March 31, 2026 and December 31, 2025, respectively)	575,045		616,280
Accounts Receivable from Affiliated Companies	201,003		280,099

Unbilled Revenues	45,989		56,948
Materials, Supplies and REC Inventory	234,150		210,865

Regulatory Assets	1,018,886		978,754
Derivative Assets	131,156		91,011
Prepayments and Other Current Assets	15,606		90,040
Total Current Assets	2,412,656		2,332,299
Property, Plant and Equipment, Net	15,569,419		15,308,896
Deferred Debits and Other Assets:
Regulatory Assets	1,805,604		1,823,522
Prepaid Pension and PBOP	826,909		804,109
Other Long-Term Assets	275,491		264,073
Total Deferred Debits and Other Assets	2,908,004		2,891,704
Total Assets	$	20,890,079	$	20,532,899

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$	—	$	245,445

Long-Term Debt – Current Portion	300,000		300,000
Accounts Payable	566,106		558,227
Accounts Payable to Affiliated Companies	187,528		198,085
Obligations to Third-Party Suppliers	183,320		179,757
Renewable Portfolio Standards Compliance Obligations	117,185		98,648
Regulatory Liabilities	835,408		650,813
Other Current Liabilities	148,805		110,331
Total Current Liabilities	2,338,352		2,341,306
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	2,110,852		2,087,287
Regulatory Liabilities	1,722,355		1,702,059
Derivative Liabilities	636,179		753,149
Other Long-Term Liabilities	410,335		401,625
Total Deferred Credits and Other Liabilities	4,879,721		4,944,120
Long-Term Debt	5,646,738		5,645,638
Preferred Stock Not Subject to Mandatory Redemption	43,000		43,000
Common Stockholder's Equity:
Common Stock	—		—
Capital Surplus, Paid In	4,496,842		4,238,842
Retained Earnings	3,485,228		3,319,768
Accumulated Other Comprehensive Income	198		225
Common Stockholder's Equity	7,982,268		7,558,835
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	20,890,079	$	20,532,899

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)		2026		2025

Operating Revenues		$	1,131,088	$	1,014,227

Operating Expenses:
Purchased Power and Transmission		310,158		308,946
Operations and Maintenance		196,670		174,137
Depreciation		119,337		108,014
Amortization of Regulatory Assets, Net		74,716		52,284
Energy Efficiency Programs		108,253		63,438
Taxes Other Than Income Taxes		75,709		75,839
Total Operating Expenses		884,843		782,658
Operating Income		246,245		231,569
Interest Expense		80,275		59,220
Other Income, Net		51,684		46,292
Income Before Income Tax Expense		217,654		218,641
Income Tax Expense		51,704		51,466
Net Income		$	165,950	$	167,175

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)		2026		2025

Net Income		$	165,950	$	167,175
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan		(32)		(7)
Qualified Cash Flow Hedging Instruments		5		5

Other Comprehensive Loss, Net of Tax		(27)		(2)
Comprehensive Income		$	165,923	$	167,173

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)


	For the Three Months Ended March 31, 2026
	Common Stock			Capital Surplus, Paid In		Retained Earnings		Accumulated Other Comprehensive Income		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2026	200	$	—	$	4,238,842	$	3,319,768	$	225	$	7,558,835
Net Income						165,950				165,950
Dividends on Preferred Stock						(490)				(490)

Capital Contributions from Eversource Parent				258,000						258,000
Other Comprehensive Loss								(27)		(27)
Balance as of March 31, 2026	200	$	—	$	4,496,842	$	3,485,228	$	198	$	7,982,268


	For the Three Months Ended March 31, 2025
	Common Stock			Capital Surplus, Paid In		Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2025	200	$	—	$	3,788,842	$	3,127,105	$	(141)	$	6,915,806
Net Income						167,175				167,175
Dividends on Preferred Stock						(490)				(490)
Dividends on Common Stock						(436,000)				(436,000)
Capital Contributions from Eversource Parent				100,000						100,000
Other Comprehensive Loss								(2)		(2)
Balance as of March 31, 2025	200	$	—	$	3,888,842	$	2,857,790	$	(143)	$	6,746,489

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)	2026		2025

Operating Activities:
Net Income	$	165,950	$	167,175
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	119,337		108,014
Deferred Income Taxes	12,431		(10,197)
Uncollectible Expense	8,299		7,485
Pension, SERP and PBOP Income, Net	(11,511)		(10,161)

Regulatory Over Recoveries, Net	67,682		78,429
Amortization of Regulatory Assets, Net	74,716		52,284
Cost of Removal Expenditures	(6,092)		(16,903)

Other	(22,321)		(7,333)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	111,590		(114,975)

Taxes Receivable/Accrued, Net	54,123		78,295
Accounts Payable	(50,973)		3,771
Other Current Assets and Liabilities, Net	11,458		(24,456)
Net Cash Flows Provided by Operating Activities	534,689		311,428

Investing Activities:
Investments in Property, Plant and Equipment	(381,725)		(367,462)

Net Cash Flows Used in Investing Activities	(381,725)		(367,462)

Financing Activities:
Cash Dividends on Common Stock	—		(436,000)
Cash Dividends on Preferred Stock	(490)		(490)
Issuance of Long-Term Debt	—		800,000

Capital Contributions from Eversource Parent	258,000		100,000

Decrease in Notes Payable	(245,445)		(396,282)
Other Financing Activities	(152)		(9,114)
Net Cash Flows Provided by Financing Activities	11,913		58,114
Net Increase in Cash and Restricted Cash	164,877		2,080
Cash and Restricted Cash - Beginning of Period	25,944		9,023
Cash and Restricted Cash - End of Period	$	190,821	$	11,103

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(Thousands of Dollars)	As of March 31, 2026		As of December 31, 2025

ASSETS
Current Assets:
Cash	$	3,096	$	13,665
Receivables, Net (net of allowance for uncollectible accounts of $24,304 and $23,547 as of March 31, 2026 and December 31, 2025, respectively)	240,524		214,117
Accounts Receivable from Affiliated Companies	25,869		24,338
Unbilled Revenues	53,816		62,446

Materials, Supplies and REC Inventory	63,988		58,879
Regulatory Assets	101,449		119,871
Special Deposits	22,274		38,343

Prepayments and Other Current Assets	2,239		19,212
Total Current Assets	513,255		550,871
Property, Plant and Equipment, Net	5,569,694		5,507,663
Deferred Debits and Other Assets:
Regulatory Assets	870,534		841,203
Prepaid Pension and PBOP	117,031		111,833
Other Long-Term Assets	20,774		17,661
Total Deferred Debits and Other Assets	1,008,339		970,697
Total Assets	$	7,091,288	$	7,029,231

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$	79,400	$	49,300

Rate Reduction Bonds – Current Portion	43,210		43,210
Accounts Payable	139,305		179,137
Accounts Payable to Affiliated Companies	52,583		45,277
Obligations to Third-Party Suppliers	36,361		37,584

Accrued Interest	31,300		35,224
Regulatory Liabilities	134,115		118,443
Other Current Liabilities	71,076		62,334
Total Current Liabilities	587,350		570,509
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	817,188		806,270
Regulatory Liabilities	425,128		417,442

Other Long-Term Liabilities	53,482		46,669
Total Deferred Credits and Other Liabilities	1,295,798		1,270,381
Long-Term Debt	2,031,850		2,031,323
Rate Reduction Bonds	259,257		280,862
Common Stockholder's Equity:
Common Stock	—		—
Capital Surplus, Paid In	1,973,134		1,973,134
Retained Earnings	943,899		903,022

Common Stockholder's Equity	2,917,033		2,876,156
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$	7,091,288	$	7,029,231

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)		2026		2025

Operating Revenues		$	383,517	$	347,981

Operating Expenses:
Purchased Power and Transmission		89,195		80,007
Operations and Maintenance		61,540		71,009
Depreciation		44,439		40,502
Amortization of Regulatory Assets, Net		26,650		20,835
Energy Efficiency Programs		10,489		12,202
Taxes Other Than Income Taxes		27,285		25,789
Total Operating Expenses		259,598		250,344
Operating Income		123,919		97,637
Interest Expense		28,617		20,569
Other Income, Net		10,502		10,758
Income Before Income Tax Expense		105,804		87,826
Income Tax Expense		26,027		21,547
Net Income		$	79,777	$	66,279

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

(Unaudited)


	For the Three Months Ended March 31, 2026
	Common Stock			Capital Surplus, Paid In		Retained Earnings		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2026	301	$	—	$	1,973,134	$	903,022	$	2,876,156
Net Income						79,777		79,777
Dividends on Common Stock						(38,900)		(38,900)


Balance as of March 31, 2026	301	$	—	$	1,973,134	$	943,899	$	2,917,033


	For the Three Months Ended March 31, 2025
	Common Stock			Capital Surplus, Paid In		Retained Earnings		Total Common Stockholder's Equity
(Thousands of Dollars, Except Stock Information)	Stock	Amount
Balance as of January 1, 2025	301	$	—	$	1,898,134	$	808,668	$	2,706,802
Net Income						66,279		66,279
Capital Contributions from Eversource Parent				75,000				75,000

Balance as of March 31, 2025	301	$	—	$	1,973,134	$	874,947	$	2,848,081

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Three Months Ended March 31,
(Thousands of Dollars)	2026		2025

Operating Activities:
Net Income	$	79,777	$	66,279
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	44,439		40,502
Deferred Income Taxes	9,324		11,127
Uncollectible Expense	1,442		1,315
Pension, SERP and PBOP Income, Net	(2,679)		(2,211)
Regulatory Under Recoveries, Net	(24,930)		(35,625)
Amortization of Regulatory Assets, Net	26,650		20,835

Cost of Removal Expenditures	(5,159)		(5,894)
Other	2,394		(4,195)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(23,426)		(6,051)

Taxes Receivable/Accrued, Net	8,975		(3,018)
Accounts Payable	(10,390)		7,498
Other Current Assets and Liabilities, Net	7,934		8,856
Net Cash Flows Provided by Operating Activities	114,351		99,418

Investing Activities:
Investments in Property, Plant and Equipment	(110,465)		(143,315)

Net Cash Flows Used in Investing Activities	(110,465)		(143,315)

Financing Activities:
Cash Dividends on Common Stock	(38,900)		—
Capital Contributions from Eversource Parent	—		75,000


Repayment of Rate Reduction Bonds	(21,605)		(21,605)
Increase/(Decrease) in Notes Payable to Eversource Parent	30,100		(16,600)
Other Financing Activities	(118)		—
Net Cash Flows (Used in)/Provided by Financing Activities	(30,523)		36,795
Net Decrease in Cash and Restricted Cash	(26,637)		(7,102)
Cash and Restricted Cash - Beginning of Period	55,186		37,243
Cash and Restricted Cash - End of Period	$	28,549	$	30,141

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVERSOURCE ENERGY AND SUBSIDIARIES

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

COMBINED NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout the combined notes to the unaudited condensed financial statements.

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Presentation

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities), and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4.6 million electric, natural gas and water customers through twelve regulated utilities in Connecticut, Massachusetts and New Hampshire.

The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."

The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2025 Form 10-K, which was filed with the SEC on February 17, 2026. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's and PSNH's financial position as of March 31, 2026 and December 31, 2025, and the results of operations, comprehensive income, common shareholders' equity and cash flows for the three months ended March 31, 2026 and 2025. The results of operations, comprehensive income and cash flows for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results expected for a full year.

CYAPC and YAEC are inactive regional nuclear power companies engaged in the long-term storage of their spent nuclear fuel. Eversource consolidates the operations of CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership and voting interests in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements.

Eversource's utility subsidiaries' electric, natural gas and water distribution and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information.

On March 25, 2026, upon remand from the Connecticut Superior Court, PURA approved the sale of Aquarion to AWA. The Company evaluated whether Aquarion met the criteria to be classified as held for sale as of March 31, 2026, including whether the sale is considered probable to close within 12 months. Although PURA approved the transaction, legal opposition, including the potential for appeals, introduces significant uncertainty regarding the ultimate timing and consummation of the sale. As a result, the Company cannot assert that the sale of Aquarion is probable and concluded that the held‑for‑sale criteria were not met as of March 31, 2026. Closing of the transaction remains subject to finalization of working capital and other transaction-related adjustments and final closing costs, which could result in a loss recognized either upon meeting held for sale classification and measurement or at the time of sale.

Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation.

B. Accounting Standards

Accounting Standards Issued but Not Yet Adopted: In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software, to modernize and clarify the accounting for software costs. The ASU’s provisions change the criteria for capitalization of software development costs by eliminating consideration of “project development stages” and instead requiring consideration of the probability of software project completion for its intended use. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. Entities are permitted to apply one of three transition approaches: prospective, modified transition that is

based on the status of the project and whether software costs were capitalized before the date of adoption, or retrospective. Eversource is currently reviewing the requirements of ASU 2025-06.

C. Allowance for Uncollectible Accounts

Receivables, Net on the balance sheets primarily includes trade receivables from retail customers and customers related to wholesale transmission contracts, wholesale market sales, sales of RECs, and property rentals. Receivables, Net also includes customer receivables for the purchase of electricity from a competitive third-party supplier, the current portion of customer energy efficiency loans, property damage receivables and other miscellaneous receivables. There is no material concentration of receivables.

Receivables are recorded at amortized cost, net of a credit loss provision (or allowance for uncollectible accounts). The current expected credit loss (CECL) model is applied to receivables for purposes of calculating the allowance for uncollectible accounts. This model is based on expected losses and results in the recognition of estimated expected credit losses, including uncollectible amounts for both billed and unbilled revenues, over the life of the receivable at the time a receivable is recorded.

The allowance for uncollectible accounts is determined based upon various judgments and factors, including an aging-based quantitative assessment that applies an estimated uncollectible percentage to each receivable aging category. Factors in determining credit loss include historical collection, write-off experience, analysis of delinquency statistics, and management's assessment of collectability from customers, including current economic conditions, customer payment trends, the impact on customer bills because of energy usage trends and changes in rates, flexible payment plans and financial hardship arrearage management programs offered to customers, reasonable forecasts, and expectations of future collectability and collection efforts. Management continuously assesses the collectability of receivables and adjusts estimates based on actual experience and future expectations based on economic conditions, collection efforts and other factors. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written off against the allowance for uncollectible accounts when the customer accounts are no longer in service and these balances are deemed to be uncollectible. Management concluded that the reserve balance as of March 31, 2026 adequately reflected the collection risk and net realizable value for its receivables.

The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows NSTAR Electric, NSTAR Gas and EGMA to recover in rates amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. Hardship customers are protected from shut-off in certain circumstances, and historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables as compared to non-hardship receivables. The allowance for uncollectible hardship accounts is included in the total uncollectible allowance balance.

The total allowance for uncollectible accounts is included in Receivables, Net on the balance sheets. The activity in the allowance for uncollectible accounts by portfolio segment as of March 31st is as follows:


	Eversource						CL&P						NSTAR Electric						PSNH
(Millions of Dollars)	Hardship Accounts		Retail (Non-Hardship), Wholesale, and Other		Total Allowance		Hardship Accounts		Retail (Non-Hardship), Wholesale, and Other		Total Allowance		Hardship Accounts		Retail (Non-Hardship), Wholesale, and Other		Total Allowance		Total Allowance








Balance as of January 1, 2026	$	367.2	$	213.3	$	580.5	$	225.7	$	32.8	$	258.5	$	60.7	$	71.9	$	132.6	$	23.5
Uncollectible Expense	—		30.8		30.8		—		5.5		5.5		—		8.3		8.3		1.4
Uncollectible Costs Deferred (1)	27.8		18.8		46.6		22.1		2.8		24.9		(3.5)		7.4		3.9		2.2
Write-Offs	(12.2)		(38.5)		(50.7)		(9.5)		(6.9)		(16.4)		(0.6)		(18.6)		(19.2)		(3.1)
Recoveries Collected	0.4		4.1		4.5		0.3		1.2		1.5		—		1.5		1.5		0.3

Balance as of March 31, 2026	$	383.2	$	228.5	$	611.7	$	238.6	$	35.4	$	274.0	$	56.6	$	70.5	$	127.1	$	24.3











Balance as of January 1, 2025	$	364.6	$	191.6	$	556.2	$	240.7	$	38.4	$	279.1	$	55.2	$	59.7	$	114.9	$	14.1
Uncollectible Expense	—		22.9		22.9		—		4.7		4.7		—		7.5		7.5		1.3
Uncollectible Costs Deferred (1)	19.4		13.8		33.2		8.8		1.9		10.7		3.5		5.5		9.0		1.4
Write-Offs	(12.6)		(37.8)		(50.4)		(9.3)		(10.1)		(19.4)		(0.9)		(15.9)		(16.8)		(2.7)
Recoveries Collected	0.1		3.6		3.7		0.1		1.0		1.1		—		1.4		1.4		0.2
Balance as of March 31, 2025	$	371.5	$	194.1	$	565.6	$	240.3	$	35.9	$	276.2	$	57.8	$	58.2	$	116.0	$	14.3

(1) These expected credit losses are deferred as regulatory costs on the balance sheets, as these amounts are ultimately recovered in rates. Amounts include uncollectible costs for hardship accounts and other customer receivables, including uncollectible amounts related to uncollectible energy supply costs.

D. Fair Value Measurements

Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" (normal) and to marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill, long-lived assets, equity method investments, AROs, and in the valuation of business combinations and asset acquisitions. The fair value measurement guidance was also applied in estimating the fair value of preferred stock, long-term debt and RRBs.

Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis.

The levels of the fair value hierarchy are described below:

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable.

Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products.

Uncategorized - Investments that are measured at net asset value are not categorized within the fair value hierarchy.

Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 10, "Fair Value of Financial Instruments," to the financial statements.

E. Other Income, Net

The components of Other Income, Net on the statements of income were as follows:














	For the Three Months Ended
	March 31, 2026								March 31, 2025
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion	$	44.2	$	11.9	$	19.0	$	5.2	$	32.6	$	8.3	$	14.8	$	4.1
AFUDC Equity	23.9		4.6		15.7		2.3		23.9		3.6		14.1		3.9
Equity in Earnings of Unconsolidated Affiliates	3.8		—		0.1		—		6.0		—		0.2		—
Investment Income/(Loss)	0.3		(0.1)		0.4		—		(2.0)		0.1		(1.8)		0.1
Interest Income	28.4		1.2		16.4		3.0		34.0		5.6		19.0		2.7

Other	0.6		—		0.1		—		(2.2)		—		—		—
Total Other Income, Net	$	101.2	$	17.6	$	51.7	$	10.5	$	92.3	$	17.6	$	46.3	$	10.8

F. Other Taxes

Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. These gross receipts taxes are recorded separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows:


	For the Three Months Ended
(Millions of Dollars)		March 31, 2026		March 31, 2025
Eversource		$	68.1	$	63.7
CL&P		52.9		52.9

As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income.

G. Supplemental Cash Flow Information

Non-cash investing activities include plant additions included in Accounts Payable as follows:


(Millions of Dollars)	As of March 31, 2026		As of March 31, 2025
Eversource	$	346.5	$	427.2
CL&P	113.8		82.3
NSTAR Electric	117.1		172.8
PSNH	39.1		58.2

The following table reconciles cash as reported on the balance sheets to the cash and restricted cash balance as reported on the statements of cash flows:


	As of March 31, 2026								As of December 31, 2025
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Cash as reported on the Balance Sheets	$	270.2	$	13.0	$	190.8	$	3.1	$	135.4	$	87.6	$	8.3	$	13.7
Restricted cash included in:
Special Deposits	56.2		1.1		—		22.2		93.6		1.1		17.6		38.3

Marketable Securities	8.2		—		—		—		14.0		—		—		—
Other Long-Term Assets	3.2		—		—		3.2		3.2		—		—		3.2
Cash and Restricted Cash as reported on the Statements of Cash Flows	$	337.8	$	14.1	$	190.8	$	28.5	$	246.2	$	88.7	$	25.9	$	55.2

Special Deposits represent cash collections related to the PSNH RRB customer charges that are held in trust, required ISO-NE cash deposits, cash held in escrow accounts, and CYAPC and YAEC cash balances. Special Deposits are included in Current Assets on the balance sheets. Restricted cash included in Marketable Securities represents money market funds held in restricted trusts to fund CYAPC and YAEC's spent nuclear fuel storage obligations.

Eversource’s restricted cash also includes an Energy Relief Fund for energy efficiency and clean energy measures in the Merrimack Valley established under the terms of an EGMA 2020 settlement agreement. This restricted cash held in escrow accounts included $17.4 million and $21.4 million recorded as short-term in Special Deposits as of March 31, 2026 and December 31, 2025, respectively.

2. REGULATORY ACCOUNTING

Eversource's utility companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's regulated companies are designed to collect each company's costs to provide service, including a return on investment.

The application of accounting guidance for rate-regulated enterprises results in recording regulatory assets and liabilities. Regulatory assets represent the deferral of incurred costs that are probable of future recovery in customer rates. Regulatory assets are amortized as the incurred costs are recovered through customer rates. Regulatory liabilities represent either revenues received from customers to fund expected costs that have not yet been incurred or probable future refunds to customers.

Management believes it is probable that each of the regulated companies will recover its respective investments in long-lived assets and the regulatory assets that have been recorded. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the applicable costs would be charged to net income in the period in which the determination is made.

Regulatory Assets: The components of regulatory assets were as follows:


	As of March 31, 2026								As of December 31, 2025
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Storm Costs, Net	$	2,100.4	$	1,028.9	$	602.7	$	468.8	$	1,959.3	$	991.3	$	499.6	$	468.4
Regulatory Tracking Mechanisms	1,540.3		172.7		749.7		115.9		1,573.8		206.5		705.6		93.2
Income Taxes, Net	1,051.0		547.0		165.9		22.4		1,044.5		546.1		161.5		23.3
Benefit Costs	984.9		172.5		297.1		61.3		992.8		173.7		300.0		61.7
Derivative Contracts	636.2		—		636.2		—		753.2		0.1		753.1		—
Securitized Stranded Costs	295.3		—		—		295.3		306.1		—		—		306.1
Cost of Removal	267.5		—		8.1		—		262.5		—		8.1		—
Goodwill-related	226.2		—		194.2		—		230.4		—		197.8		—
Asset Retirement Obligations	166.0		44.9		86.1		5.5		162.8		44.2		84.6		5.4
Environmental Remediation Costs	134.2		—		—		—		136.1		—		—		—
EGMA Acquisition and Integration Costs	82.3		—		—		—		82.3		—		—		—
Other Regulatory Assets	181.1		19.4		84.5		2.7		189.9		19.5		92.0		3.0
Total Regulatory Assets	7,665.4		1,985.4		2,824.5		971.9		7,693.7		1,981.4		2,802.3		961.1
Less: Current Portion	1,897.2		235.0		1,018.9		101.4		1,975.1		265.2		978.8		119.9
Total Long-Term Regulatory Assets	$	5,768.2	$	1,750.4	$	1,805.6	$	870.5	$	5,718.6	$	1,716.2	$	1,823.5	$	841.2

Regulatory Costs in Other Long-Term Assets: Eversource's regulated companies had $247.4 million (including $130.3 million for CL&P, $47.4 million for NSTAR Electric and $5.1 million for PSNH) and $244.2 million (including $127.1 million for CL&P, $51.0 million for NSTAR Electric and $5.4 million for PSNH) of additional regulatory costs not yet specifically approved as of March 31, 2026 and December 31, 2025, respectively, that were included in Other Long-Term Assets on the balance sheets. These amounts will be reclassified to Regulatory Assets upon approval by the applicable regulatory agency. Based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. As of March 31, 2026 and December 31, 2025, these regulatory costs included $123.7 million (including $60.9 million for CL&P and $30.7 million for NSTAR Electric) and $123.2 million (including $57.0 million for CL&P and $34.0 million for NSTAR Electric), respectively, of deferred uncollectible hardship costs.

Regulatory Liabilities: The components of regulatory liabilities were as follows:


	As of March 31, 2026								As of December 31, 2025
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
EDIT due to Tax Cuts and Jobs Act of 2017	$	2,407.8	$	928.6	$	841.2	$	317.3	$	2,423.4	$	933.3	$	847.9	$	319.8
Regulatory Tracking Mechanisms	1,578.2		661.8		648.2		125.5		1,186.6		457.3		535.2		111.2
Cost of Removal	917.7		297.5		498.0		54.6		867.1		275.1		479.4		45.5
Deferred Portion of Non-Service Income Components of Pension, SERP and PBOP	534.5		76.2		264.7		50.9		509.4		72.8		252.5		48.5
AFUDC - Transmission	187.3		74.7		112.6		—		179.4		72.0		107.4		—
Derivative Contract	131.2		—		131.2		—		91.0		—		91.0		—
Benefit Costs	74.9		9.1		20.2		6.9		80.4		8.8		24.5		6.8
Other Regulatory Liabilities	232.0		56.4		41.7		4.0		200.8		43.3		15.0		4.0
Total Regulatory Liabilities	6,063.6		2,104.3		2,557.8		559.2		5,538.1		1,862.6		2,352.9		535.8
Less: Current Portion	1,740.0		635.3		835.4		134.1		1,264.6		417.5		650.8		118.4
Total Long-Term Regulatory Liabilities	$	4,323.6	$	1,469.0	$	1,722.4	$	425.1	$	4,273.5	$	1,445.1	$	1,702.1	$	417.4

FERC ROE Complaints: As of March 31, 2026, Eversource has a regulatory liability for revenues subject to refund of $60.4 million (pre-tax) as a result of the March 19, 2026 FERC decision in the FERC ROE complaint proceedings, which is reflected within Regulatory Tracking Mechanisms in the table above. The regulatory liability totaled $28.7 million for CL&P, $24.2 million for NSTAR Electric, and $7.5 million for PSNH. The liability recorded reflects the difference between the billed ROE and the replacement ROE for the first complaint period, including interest. Eversource does not have any other reserves recorded for the other complaint periods, as these remaining complaints were dismissed in the decision. See Note 9C, "Commitments and Contingencies – FERC ROE Complaints," for further information on the FERC ROE decision.

3. PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION

The following tables summarize property, plant and equipment by asset category:


Eversource	As of March 31, 2026		As of December 31, 2025
(Millions of Dollars)
Distribution - Electric	$	23,108.6	$	22,695.3
Distribution - Natural Gas	9,899.0		9,888.0
Transmission - Electric	17,181.8		17,082.4
Distribution - Water	2,608.3		2,577.3
Solar	206.8		206.8
Utility	53,004.5		52,449.8
Other (1)	2,532.6		2,476.3
Property, Plant and Equipment, Gross	55,537.1		54,926.1
Less: Accumulated Depreciation
Utility	(11,114.0)		(10,911.7)
Other	(1,303.9)		(1,246.1)
Total Accumulated Depreciation	(12,417.9)		(12,157.8)
Property, Plant and Equipment, Net	43,119.2		42,768.3
Construction Work in Progress	3,351.0		3,162.7
Total Property, Plant and Equipment, Net	$	46,470.2	$	45,931.0

(1) These assets are primarily comprised of computer software, hardware and equipment at Eversource Service and buildings at The Rocky River Realty Company.


	As of March 31, 2026						As of December 31, 2025
(Millions of Dollars)	CL&P		NSTAR Electric		PSNH		CL&P		NSTAR Electric		PSNH
Distribution - Electric	$	9,038.7	$	10,870.2	$	3,239.9	$	8,906.0	$	10,635.7	$	3,193.8
Transmission - Electric	7,263.7		6,749.2		3,170.6		7,222.5		6,722.9		3,138.7
Solar	—		206.8		—		—		206.8		—
Property, Plant and Equipment, Gross	16,302.4		17,826.2		6,410.5		16,128.5		17,565.4		6,332.5
Less: Accumulated Depreciation	(3,140.8)		(4,088.0)		(1,105.2)		(3,081.3)		(4,014.2)		(1,085.4)
Property, Plant and Equipment, Net	13,161.6		13,738.2		5,305.3		13,047.2		13,551.2		5,247.1
Construction Work in Progress	606.4		1,831.2		264.4		576.1		1,757.7		260.6
Total Property, Plant and Equipment, Net	$	13,768.0	$	15,569.4	$	5,569.7	$	13,623.3	$	15,308.9	$	5,507.7

4. DERIVATIVE INSTRUMENTS

The electric and natural gas companies enter into contracts to purchase and procure energy and energy-related products for their customers, which are subject to price volatility. The costs associated with supplying energy to customers are recoverable from customers in future rates. These regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses on the statements of income as electricity or natural gas is delivered.

Derivative contracts that are not designated as normal are recorded at fair value as derivative assets or liabilities on the balance sheets. For the electric and natural gas companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract amounts are recovered from, or refunded to, customers in their respective energy supply rates. The mark to market unrealized losses or gains of these derivative contracts are deferred as regulatory assets (if the derivative is a liability) or as regulatory liabilities (if the derivative is an asset).

The following table presents the fair values of derivative contracts, categorized by risk type, which are recorded as current or long-term derivative assets or liabilities:


NSTAR Electric (Millions of Dollars)	Fair Value Hierarchy	Commodity Supply and Price Risk Management
		As of March 31, 2026		As of December 31, 2025

Current Derivative Assets	Level 3	$	131.2		$	91.0


Long-Term Derivative Liabilities	Level 3	(636.2)			(753.1)

Derivative Contracts at Fair Value with Offsetting Regulatory Amounts

Commodity Supply and Price Risk Management: In accordance with Massachusetts clean energy legislation and under the Massachusetts Clean Energy 83D procurement, in June 2018, NSTAR Electric entered into a 20-year power purchase agreement for the purchase of renewable hydroelectric energy and renewable energy attributes from Hydro-Québec. The agreement requires NSTAR Electric to purchase 579 MW of energy per hour through January 2046. Upon notice of commercial operation of the transmission line needed to deliver this energy, received on December 31, 2025, the power purchase agreement was marked to market on the balance sheet. The current and long-term portions of the contract were recorded as derivative assets and derivative liabilities, respectively, and were offset by current and long-term regulatory liabilities and regulatory assets, respectively, reflecting full recovery from or refund to NSTAR Electric’s customers.

For the three months ended March 31, 2026, gains of $220.5 million from changes in fair value associated with the NSTAR Electric derivative contract were due primarily to changes in the forward energy curve and were deferred in Current Regulatory Liabilities and Long-Term Regulatory Assets on the balance sheet.

Fair Value Measurements of Derivative Instruments

The fair value of derivative contracts utilizes both observable and unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions related to exit price. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding future energy and energy-related prices, the timing and likelihood of scheduled payments, selection of a discount rate, and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty’s credit rating for assets and the Company’s credit rating for liabilities. Valuations also give consideration to premiums or discounts that would be required by a market participant to arrive at an exit price. Future energy prices that are not quoted in an active market are based on available market data with assumptions of future market dynamics and inflation to address the full time period of the contract. Fair value measurements are prepared and reviewed by individuals with expertise in valuation techniques, pricing of energy-related products, and accounting requirements.

For NSTAR Electric’s derivative contract, unobservable inputs for future energy prices using a forward electricity bid price curve are significant to the valuation and are classified as Level 3. Level 3 unobservable inputs utilized in the valuation of NSTAR Electric’s power purchase agreement include energy prices as of March 31, 2026 ranging from $27.16 per MWh through $190.27 per MWh, or a weighted average of $56.12 per MWh, and as of December 31, 2025 ranging from $24.65 per MWh through $145.33 per MWh, or a weighted average of $53.44 per MWh, over the remaining contractual period through 2046.

The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis in the following table.


NSTAR Electric (Millions of Dollars)	For the Three Months Ended
	March 31, 2026
Derivatives, Net:
Fair Value as of Beginning of Year	$	(662.1)
Net Realized/Unrealized Gains Included in Regulatory Assets and Liabilities	220.5
Settlements	(63.4)
Fair Value as of End of Year	$	(505.0)

5. MARKETABLE SECURITIES

Eversource’s marketable securities include the CYAPC and YAEC legally restricted trusts that each hold equity and available-for-sale debt securities to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Equity and available-for-sale debt marketable securities are recorded at fair value. CYAPC and YAEC’s spent nuclear fuel trusts are restricted and are classified in long-term Marketable Securities on the balance sheets.

Equity Securities: Eversource's equity securities include CYAPC's and YAEC's marketable securities held in spent nuclear fuel trusts, which had fair values of $170.4 million and $161.8 million as of March 31, 2026 and December 31, 2025, respectively. Unrealized gains and losses for these spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income.

Eversource’s water business also holds a trust. As of March 31, 2026 and December 31, 2025, the securities held in this trust of $2.9 million and $3.5 million were classified as Marketable Securities on the Eversource balance sheet, respectively. There were unrealized losses of $0.6 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively, recorded in Other Income, Net, related to these equity securities.

Available-for-Sale Debt Securities: The following is a summary of available-for-sale debt securities, which are held in CYAPC’s and YAEC’s spent nuclear fuel trusts:


	As of March 31, 2026								As of December 31, 2025
Eversource (Millions of Dollars)	Amortized Cost		Pre-Tax Unrealized Gains		Pre-Tax Unrealized Losses		Fair Value		Amortized Cost		Pre-Tax Unrealized Gains		Pre-Tax Unrealized Losses		Fair Value
Debt Securities	$	151.6	$	1.7	$	(1.4)	$	151.9	$	156.5	$	0.7	$	(1.8)	$	155.4

Unrealized gains and losses for available-for-sale debt securities included in the CYAPC and YAEC spent nuclear fuel trusts are subject to regulatory accounting treatment and are recorded in Marketable Securities with the corresponding offset to long-term liabilities on the balance sheets, with no impact on the statements of income.

As of March 31, 2026, the contractual maturities of available-for-sale debt securities were as follows:


Eversource (Millions of Dollars)	Amortized Cost		Fair Value
Less than one year	$	11.8	$	12.0
One to five years	45.2		46.0
Six to ten years	22.7		22.9
Greater than ten years	71.9		71.0
Total Debt Securities	$	151.6	$	151.9

Realized Gains and Losses: Realized gains and losses are offset in long-term liabilities for CYAPC and YAEC and are recorded in Other Income, Net for Eversource's benefit trusts. Eversource utilizes the average cost basis method for the CYAPC and YAEC spent nuclear fuel trusts.

Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy:


Eversource (Millions of Dollars)	As of March 31, 2026		As of December 31, 2025
Level 1:
Mutual Funds and Equities	$	173.3	$	165.3
Money Market Funds	8.2		14.0
Total Level 1	$	181.5	$	179.3
Level 2:
U.S. Government Issued Debt Securities (Agency and Treasury)	$	82.9	$	82.0
Corporate Debt Securities	38.6		37.9
Asset-Backed Debt Securities	6.1		6.4
Municipal Bonds	7.3		7.2
Other Fixed Income Securities	8.8		7.9
Total Level 2	$	143.7	$	141.4
Total Marketable Securities	$	325.2	$	320.7

U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instruments and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows.

6. SHORT-TERM AND LONG-TERM DEBT

Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility. Effective October 11, 2025, the revolving credit facility’s termination date was extended for one additional year to October 11, 2030, pursuant to the extension provisions contained in the existing credit agreement. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program.

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility. Effective October 11, 2025, the revolving credit facility’s termination date was extended for one additional year to October 11, 2030, pursuant to the extension provisions contained in the existing credit agreement. This revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program.

The amount of borrowings outstanding and available under the commercial paper programs were as follows:


	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	533.0	$	1,280.0	$	1,467.0	$	720.0	4.08	%	3.98	%
NSTAR Electric Commercial Paper Program	—		245.4		650.0		404.6		—	%	3.87	%

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2026 and December 31, 2025.

CL&P and PSNH have uncommitted line of credit agreements totaling $375 million and $250 million, respectively, all of which will expire in either May 2026, September 2026, October 2026 or May 2027. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of March 31, 2026 and December 31, 2025.

Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of March 31, 2026 and December 31, 2025, there were intercompany loans from Eversource parent to PSNH of $79.4 million and $49.3 million, respectively. As of March 31, 2026, there were intercompany loans from Eversource parent to CL&P of $39.0 million. Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets, as these intercompany borrowings are outstanding for no more than 364 days at one time.

Sources and Uses of Cash: The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Long-Term Debt Issuance Authorizations: On March 3, 2026, PSNH filed a petition with the NHPUC requesting authorization to issue up to $200.0 million in long-term debt through December 31, 2026.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:


(Millions of Dollars)	Interest Rate		Issuance/(Repayment)		Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
Eversource Parent Series A Junior Notes (1)	6.10	%	$	750.0	February 2026	August 2056	Repay Series AA Senior Notes at maturity, repay Series U Senior Notes at maturity, repaid short-term debt, and for general corporate purposes
Eversource Parent Series B Junior Notes (2)	6.35	%	$	750.0	February 2026	August 2056	Repay Series AA Senior Notes at maturity, repay Series U Senior Notes at maturity, repaid short-term debt, and for general corporate purposes
Eversource Parent Series J Senior Notes	3.35	%	$	(250.0)	March 2026	March 2026	Paid at maturity

(1) The Eversource Parent Series A Junior Subordinated Notes bear interest at a fixed rate of 6.10 percent per year from August 15, 2026 to August 14, 2031. Thereafter, the interest rate resets every five years, commencing on August 15, 2031, at a rate per year equal to the five-year U.S. Treasury Rate plus a spread of 2.521 percent.

(2) The Eversource Parent Series B Junior Subordinated Notes bear interest at a fixed rate of 6.35 percent per year from August 15, 2026 to August 14, 2036. Thereafter, the interest rate resets every five years, commencing on August 15, 2036, at a rate per year equal to the five-year U.S. Treasury Rate plus a spread of 2.325 percent.

7. RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

Rate Reduction Bonds: In May 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035. The RRBs are expected to be repaid by February 1, 2033. RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019. The RRBs were issued pursuant to a finance order issued by the NHPUC in January 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets.

PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets. PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations. PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders. Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements.

The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:


(Millions of Dollars)
PSNH Balance Sheets:	As of March 31, 2026		As of December 31, 2025
Restricted Cash - Current Portion (included in Special Deposits)	$	18.4	$	30.6
Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)	3.2		3.2
Securitized Stranded Cost (included in Regulatory Assets)	295.3		306.1
Other Regulatory Liabilities (included in Regulatory Liabilities)	9.1		7.3
Accrued Interest (included in Other Current Liabilities)	1.9		5.1
Rate Reduction Bonds - Current Portion	43.2		43.2
Rate Reduction Bonds - Long-Term Portion	259.3		280.9


(Millions of Dollars) PSNH Income Statements:	For the Three Months Ended
	March 31, 2026		March 31, 2025
Amortization of RRB Principal (included in Amortization of Regulatory Assets, Net)	$	10.8	$	10.8
Interest Expense on RRB Principal (included in Interest Expense)	2.9		3.3

8. PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSION

Eversource provides defined benefit retirement plans (Pension Plans) that cover eligible employees. In addition to the Pension Plans, Eversource maintains non-qualified defined benefit retirement plans (SERP Plans), which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (PBOP Plans) that provide life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses to eligible employees that meet certain age and service eligibility requirements.

The components of net periodic benefit plan expense/(income) for the Pension, SERP and PBOP Plans, prior to amounts capitalized as Property, Plant and Equipment or deferred as regulatory assets/(liabilities) for future recovery or refund, are shown below. The service cost component of net periodic benefit plan expense/(income), less the capitalized portion, is included in Operations and Maintenance expense on the statements of income. The remaining components of net periodic benefit plan expense/(income), less the deferred portion, are included in Other Income, Net on the statements of income. Pension, SERP and PBOP expense/(income) reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include intercompany allocations of net periodic benefit plan expense/(income), as these amounts are cash settled on a short-term basis.














	Pension and SERP								PBOP
	For the Three Months Ended March 31, 2026								For the Three Months Ended March 31, 2026
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Service Cost	$	18.4	$	3.9	$	3.2	$	1.6	$	1.6	$	0.3	$	0.3	$	0.1
Interest Cost	59.1		12.1		12.2		6.2		7.2		1.3		1.9		0.8
Expected Return on Plan Assets	(117.3)		(23.9)		(28.9)		(12.4)		(22.7)		(2.6)		(11.6)		(1.5)
Actuarial Loss/(Gain)	8.7		1.1		2.8		0.4		(0.4)		—		—		—
Prior Service Cost/(Credit)	0.2		—		0.1		—		(5.4)		0.3		(4.2)		0.1

Total Net Periodic Benefit Plan Income	$	(30.9)	$	(6.8)	$	(10.6)	$	(4.2)	$	(19.7)	$	(0.7)	$	(13.6)	$	(0.5)
Intercompany Income Allocations	N/A		$	(1.8)	$	(1.5)	$	(0.5)	N/A		$	(0.6)	$	(0.8)	$	(0.3)













	Pension and SERP								PBOP
	For the Three Months Ended March 31, 2025								For the Three Months Ended March 31, 2025
(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH		Eversource		CL&P		NSTAR Electric		PSNH
Service Cost	$	16.4	$	3.8	$	2.5	$	1.6	$	1.6	$	0.2	$	0.2	$	0.1
Interest Cost	63.2		12.8		13.0		6.8		8.0		1.4		2.2		0.8
Expected Return on Plan Assets	(113.3)		(22.9)		(27.7)		(11.9)		(21.2)		(2.4)		(10.5)		(1.4)
Actuarial Loss/(Gain)	10.0		1.2		3.2		0.5		(0.3)		—		—		—
Prior Service Cost/(Credit)	0.3		—		0.1		—		(5.4)		0.3		(4.2)		0.1
Settlement Loss	3.3		—		—		—		—		—		—		—
Total Net Periodic Benefit Plan Income	$	(20.1)	$	(5.1)	$	(8.9)	$	(3.0)	$	(17.3)	$	(0.5)	$	(12.3)	$	(0.4)
Intercompany Expense/(Income) Allocations	N/A		$	0.1	$	0.3	$	0.1	N/A		$	(0.5)	$	(0.7)	$	(0.2)

9. COMMITMENTS AND CONTINGENCIES

A. Environmental Matters

Eversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations.

The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows:


	As of March 31, 2026			As of December 31, 2025
	Number of Sites	Reserve (in millions)		Number of Sites	Reserve (in millions)
Eversource	67	$	154.1	66	$	154.3
CL&P	15	15.8		15	14.9
NSTAR Electric	15	7.0		14	7.0
PSNH	8	9.2		8	9.2

Included in the number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured natural gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. Eversource’s reserve balances related to these former MGP sites were $139.9 million and $140.9 million as of March 31, 2026 and December 31, 2025, respectively, and related primarily to the natural gas business segment.

These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly.

B. Guarantees and Indemnifications

In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, in the form of guarantees. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications.

Guarantees issued on behalf of unconsolidated entities, including equity method ownership interests, for which Eversource parent is the guarantor, are recorded at fair value as a liability on the balance sheet at the inception of the guarantee. The fair value of guarantees issued on behalf of unconsolidated entities are recorded within Other Long-Term Liabilities on the balance sheet, and were $1.2 million and $1.3 million as of March 31, 2026 and December 31, 2025, respectively. Eversource regularly reviews performance risk under these guarantee arrangements, and believes the likelihood of payments being required under the guarantees is remote. In the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded.

On September 30, 2024, Eversource completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to affiliates of Global Infrastructure Partners (GIP). Under the agreement with GIP, Eversource’s existing and certain additional credit support obligations for Revolution Wind are expected to roll off as the project completes construction. On July 9, 2024, Eversource completed the sale of its 50 percent ownership share of Sunrise Wind to Ørsted. Under the agreement with Ørsted, Eversource’s existing credit support obligations for Sunrise Wind were either terminated or indemnified by Ørsted as a result of the sale.

The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties, and primarily relates to its previously-owned offshore wind investments:

As of March 31, 2026

Company (Obligor)

Description

Maximum Exposure
(in millions)

Revolution Wind, LLC and TurbineCo, LLC

Offshore wind construction-related purchase agreements with third-party contractors (1)

122.3

Eversource Investment LLC, Eversource Investment Service Company LLC and South Fork Class B Member, LLC

Offshore wind funding and indemnification obligations (2)

143.0

Eversource Investment LLC

Revolution Wind Tax Positions (3)

300.0

Eversource TEI LLC

South Fork Wind Tax Equity (4)

50.0

South Fork Wind, LLC

Power Purchase Agreement Security (5)

7.1

Various Eversource subsidiaries

Surety bonds (6)

34.1

(1) Eversource parent issued guarantees on behalf of its previously 50 percent-owned affiliate, Revolution Wind, LLC, and on behalf of TurbineCo, LLC (successor in interest to North East Offshore, LLC (NEO)), under which Eversource parent agreed to guarantee each entity’s performance of obligations under certain construction-related purchase agreements with third-party contractors, in an aggregate amount not to exceed $682.7 million. Eversource parent’s obligations under the guarantees expire upon the earlier of (i) dates ranging between October 2027 and November 2027 and (ii) full performance of the guaranteed obligations.

(2) Eversource parent issued guarantees on behalf of its wholly-owned subsidiary Eversource Investment LLC (EI), which held Eversource's previous investments in offshore wind-related equity method investments until sale, and on behalf of its previously 50 percent-owned affiliate, South Fork Class B Member, LLC, whereby Eversource parent will guarantee each entity’s performance of certain funding obligations of the South Fork and Revolution Wind projects. Eversource parent also guaranteed certain indemnification obligations of EI associated with third-party credit support for EI’s investment in NEO. On September 30, 2024, Eversource parent issued a guaranty on behalf of its wholly-owned subsidiary, Eversource Investment Service Company LLC, whereby Eversource parent will guarantee Eversource Investment Service Company LLC’s performance of certain indemnification obligations during the onshore construction phase of the Revolution Wind project, in an amount not to exceed $100.0 million. These guarantees will not exceed $1.62 billion and expire upon the full performance of the guaranteed obligations.

(3) Eversource parent issued a guaranty on behalf of EI in an amount not to exceed $900 million, which was subsequently reduced to an amount not to exceed $300 million, to GIP in order to support certain tax positions related to Revolution Wind project through June 30, 2035.

(4) Eversource parent issued a guarantee on behalf of its wholly-owned subsidiary, Eversource TEI LLC, whereby Eversource parent will guarantee Eversource TEI LLC’s performance of certain obligations, in an amount not to exceed $50.0 million, in connection with any remaining obligations under the LLC agreement. Eversource parent’s obligations expire upon the full performance of the guaranteed obligations.

(5) Eversource parent issued a guarantee on behalf of its previously 50 percent-owned affiliate, South Fork Wind, LLC, whereby Eversource parent will guarantee South Fork Wind, LLC's performance of certain obligations, in an amount not to exceed $7.1 million, under a Power Purchase Agreement between the Long Island Power Authority and South Fork Wind, LLC (the Agreement). The guarantee expires upon the later of (i) the end of the Agreement term, January 2044, with the option to extend to January 2049 and (ii) full performance of the guaranteed obligations.

(6) Surety bonds expire in 2026 and 2027. Expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded.

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 March 31, 2026, there are no letters of credit issued under this guarantee. The guarantee will remain in effect until full performance of the guaranteed obligations.

On September 30, 2024, Eversource entered into an agreement with GIP and Ørsted to contingently provide future credit support up to a maximum of $850 million in guarantees, if required, to support third-party tax equity financing for Revolution Wind.

C. FERC ROE Complaints

Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the New England Transmission Owners’ (NETOs’) base return on equity (ROE) of 11.14 percent that had been utilized since 2006 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE including transmission incentives (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable.

The ROE originally billed during the period October 1, 2011 (beginning of the first complaint period) through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent. On October 16, 2014, FERC issued Opinion No. 531-A and set the base ROE at 10.57 percent and the incentive cap at 11.74 percent for the first complaint period. This was also effective for all prospective billings to customers beginning October 16, 2014. The NETOs filed an appeal of this decision, which was vacated on April 14, 2017 by the U.S. Court of Appeals for the D.C. Circuit (the D.C. Circuit Court). All amounts associated with Opinion No. 531-A on the first complaint period lowering the base ROE of 11.14 percent to 10.57 percent were refunded by 2015.

On October 16, 2018, FERC issued an order on all four complaints describing how it intended to address the issues that were remanded by the D.C. Circuit Court. FERC proposed a new framework to determine (1) whether an existing ROE is unjust and unreasonable and, if so, (2) how to calculate a replacement ROE. The FERC order included illustrative calculations for the first complaint using FERC's proposed frameworks with financial data from that complaint. Those illustrative calculations indicated that for the first complaint period, the preliminary just and reasonable base ROE for the NETOs, which FERC concludes are of average financial risk, is 10.41 percent and the preliminary incentive cap on total ROE is 13.08 percent.

On March 19, 2026, FERC issued Opinion No. 594 in the NETO ROE proceedings, attempting to resolve all four pending complaints dating back to 2011 and respond to the D.C. Circuit Court’s April 14, 2017 decision vacating FERC’s prior decision in the first complaint, which found that the FERC had failed to (1) make an explicit, reasoned finding that the then-existing 11.14 percent base ROE was unjust and unreasonable before imposing a replacement ROE, and (2) adequately justify placing the ROE at the midpoint of the upper half of the zone of reasonableness. In Opinion No. 594, FERC applied a revised ROE methodology that it believes is consistent with its 2024 ROE Order on remand to the Midcontinent ISO (MISO) transmission owners, to satisfy the first step in the FERC process to revise the ROE in a Section 206 proceeding by finding the NETOs’ base ROE of 11.14 percent is unjust and unreasonable. FERC then found the just and reasonable replacement base ROE to be 9.57 percent with an incentive cap of 12.09 percent for the first complaint period (October 1, 2011 – December 31, 2012) and applied this same ROE prospectively, effective October 16, 2014, the date of the first complaint order vacated by the D.C. Circuit Court. FERC directed the NETOs to issue refunds with interest for the applicable refund periods. This decision decreases the allowed base ROE of 10.57 percent with an incentive cap of 11.74 percent to a base ROE of 9.57 percent with an incentive cap of 12.09 percent. The second, third and fourth NETO ROE complaints were dismissed as part of the decision and FERC did not direct any refunds for the periods associated with those proceedings.

On April 14, 2026, FERC granted an extension of the refund deadline to May 20, 2027. On April 14, 2026, Eversource and Avangrid filed a joint motion requesting a stay of the retroactive refund obligation applicable to the period October 16, 2014 through March 19, 2026 (retroactive refund period) with the D.C. Circuit Court.

On April 20, 2026, the NETOs submitted to FERC a request for rehearing of Opinion No. 594 to reconsider its decision by highlighting several deficiencies including but not limited to the unlawful retroactive refund period with interest extended beyond the 15-month statutory relief authority granted in Section 206(b) of the Federal Power Act, the FERC not proving that the previously approved 11.14 percent base ROE was unjust and unreasonable as remanded by the D.C. Circuit Court, the flawed methodologies applied in setting the replacement 9.57 percent base ROE, failing to comply with the requirement for FERC to use data that is relevant to the current period at the time of the decision for the NETOs’ going forward ROE, and procedural issues related to overlapping complaints.

On April 30, 2026, the NETOs submitted a Federal Power Act Section 205 filing to FERC, which is a formal request by a public utility to change the ROE rate prospectively and requires the utility to prove the proposed change is just and reasonable. The NETOs proposed a replacement ROE of 11.39 percent, resulting in a cap of 12.89 percent including incentives, which is based on current market data utilizing FERC’s ROE methodology from Opinion No. 594. The NETOs requested an effective date of June 30, 2026. FERC has 60 days to act on the rate proposal and can suspend the proposed rate change for up to five months after the initial 60-day notice. If a settlement is not reached among the parties to the FERC proceeding, Eversource would begin billing the proposed ROE by December 2026 on a subject-to-refund basis after the completion of a hearing on the matter.

As a result of the March 19, 2026 FERC decision, Eversource has determined that a loss is probable and that a range of loss is reasonably estimable. Based on Eversource’s current evaluation of the relevant facts and circumstances, the Company has estimated a range of reasonably possible pre-tax losses of $60.4 million to $932 million, which includes a range of interest of $28.8 million to $256 million, as of March 31, 2026. The low end of the estimated range of loss reflects estimated refunds associated with the fifteen-month first complaint period, including interest. The high end of the estimated range of loss includes the refunds associated with the first complaint period, as well as estimated refunds for the retroactive refund period from October 16, 2014 through March 19, 2026, including interest, in the pre-tax amount of approximately $871 million. The range of loss estimates use the 9.57 percent replacement ROE and incentive cap of 12.09 percent prescribed in the March 19, 2026 FERC decision. Based on Eversource’s legal assessment of the Federal Power Act and the legal and regulatory deficiencies underlying this decision as identified in the rehearing request, including that the retroactive application is inconsistent with the statutory limitations under the Federal Power Act, Eversource does not believe that refunds at the high end of the range for the retroactive period are probable. Eversource continues to challenge the March 19, 2026 FERC decision, but cannot predict the ultimate outcome of these proceedings.

The Company has recorded a current regulatory liability for revenues subject to refund of $60.4 million (pre-tax) as of March 31, 2026, which represents the low end of the range, as no amount within this range is considered a better estimate. The liability recorded reflects the difference between the billed 10.57 percent base ROE and the new 9.57 percent base ROE for the first complaint period, including interest. The liability consists of $28.7 million, $24.2 million and $7.5 million for CL&P, NSTAR Electric and PSNH, respectively, of which $13.7 million, $11.5 million and $3.6 million is accrued interest, respectively, as of March 31, 2026. The revenues subject to refund were recorded as a reduction to Operating Revenues and the accrued interest was recorded as an increase to Interest Expense in the statements of income. Eversource does not have any other reserves recorded for the other complaint periods, as these remaining complaints were dismissed.

The Company’s estimates are based on currently available information; however, it is reasonably possible that the ultimate resolution of this matter may result in a loss in excess of the amount accrued, and such additional losses could have a material impact on the financial condition, results of operations, and cash flows in a future period.

D. Spent Nuclear Fuel Obligations - Yankee Companies

CL&P, NSTAR Electric and PSNH have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies fund these costs through litigation proceeds received from the DOE and, to the extent necessary, through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric and PSNH. CL&P, NSTAR Electric and PSNH, in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies collect amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P and NSTAR Electric will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers.

Spent Nuclear Fuel Litigation:

The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to accept delivery of, and provide for a permanent facility to store, spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high-level waste disposal contracts between the Yankee Companies and the DOE. The court previously awarded the Yankee Companies damages for Phases I, II, III, and IV of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2016, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers.

DOE Phase V Damages - In March 2021, the Yankee Companies filed Phase V lawsuits against the DOE seeking damages for its continued failure to accept spent nuclear fuel, later expanding the claims to include 2021 costs, bringing total claimed damages to $153.5 million. The parties reached a $145 million agreement in principle to settle the Phase V complaint, approved in November 2024. The Department of Justice filed a notice of appeal in January 2025 on an issue outside the scope of the settlement, with oral arguments expected in 2026.

DOE Phase VI Damages – On March 31, 2026, each of the Yankee Companies filed a sixth set of lawsuits against the DOE in the Court of Federal Claims. The Yankee Companies are seeking monetary damages for CYAPC, YAEC and MYAPC, resulting from the DOE’s failure to begin accepting spent nuclear fuel for disposal covering the years from 2022 to 2025 (DOE Phase VI).

E. Offshore Wind Sale and Contingent Liability

On July 9, 2024, Eversource completed the sale of its 50 percent ownership share of Sunrise Wind to Ørsted for adjusted proceeds of $152 million. Ørsted paid Eversource $118 million at the closing of the sale transaction and remaining proceeds of $34 million will be paid after onshore construction is completed and certain other construction milestones are achieved. With completion of the sale, Eversource does not have any ongoing financial obligations associated with Sunrise Wind.

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. As part of the sale, Eversource and GIP agreed to make certain post-closing purchase price adjustment payments that will impact the final purchase price. The post-closing purchase price adjustment payments include cost sharing obligations that require Eversource to share equally 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. For Revolution Wind, purchase price adjustment payments are expected to be completed in late 2026. South Fork Wind has achieved commercial operation, and Eversource made a purchase price adjustment payment related to this project in June 2025. All matters relating to South Fork Wind have been resolved with no material impacts.

Upon the completion of the sales in 2024, Eversource recorded a contingent liability of $365 million, reflecting its estimate of the future obligations under the terms of the sale to GIP. The total sales proceeds were compared to the carrying value of the investments, including the estimate of liability for-post-closing adjustment payments to GIP, and Eversource recognized an aggregate after-tax loss on the sales of its offshore wind investments of $524 million, which included a net $60 million increase in income tax expense including an increase in the valuation allowance for unused capital losses in 2024.

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 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.

Payments made in the first quarter of 2026 reduced the contingent liability and were reflected within investing activities on the statement of cash flows. Payments related to cost overruns for the Revolution Wind project paid to GIP.

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 estimates, and other information currently available, Eversource believes that the contingent liability balance as of March 31, 2026 is an adequate estimate to cover this contingent liability for purchase price adjustments. As of March 31, 2026 and December 31, 2025, the contingent liability totaled $298.2 million and $448.2 million, respectively, and is recorded as a current liability on Eversource’s balance sheets, based upon the timing of expected payments to GIP.

Eversource relies on information that it receives from the project owners for the construction-related, delay-related, and insurance-related costs of Revolution Wind. Eversource uses its judgment to adjust, as needed, its expected obligations to GIP while construction of Revolution Wind is completed.

New information or future developments that arise as the construction of Revolution Wind progresses will necessitate a reassessment of the estimated liability to GIP. The Company reviews available projections of total construction costs, including the latest cost estimates and project timeline, to determine if any changes to this liability are warranted.

It is reasonably possible that as additional updated cost estimates become available, and if additional cost overruns materialize or other adverse changes in facts, regulations and circumstances occur, there could be additional losses and increases to the offshore wind contingent liability, which could be material. The Company will continue to monitor developments and evaluate potential exposures related to this contingency and will revise its estimated liability as additional information becomes available.

Contingencies are evaluated using the best information available at the time the financial statements are published, and this assessment involves judgments and assumptions about future events. Factors that could increase the obligation to GIP include construction cost overruns for Revolution Wind as well as the timing and extent of construction delays, which would impact the economics associated with the purchase price adjustment, and the eligibility for federal investment tax credits for Revolution Wind at a value lower than assumed and included in the purchase price. The purchase price of Revolution Wind included the sales value related to a 40 percent level of federal investment tax credits. A change in the expected value or qualification of investment tax credit adders could result in a significant loss in a future period.

Total net proceeds could also be adjusted for a benefit due to Eversource if there are lower operation costs or higher availability of the projects through the period that is four years following the commercial operation of Revolution Wind.

10. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments:

Preferred Stock, Long-Term Debt and Rate Reduction Bonds: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt and RRB debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the table below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows:


	Eversource				CL&P				NSTAR Electric				PSNH
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
As of March 31, 2026:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	128.2	$	116.2	$	94.6	$	43.0	$	33.6	$	—	$	—
Long-Term Debt	29,504.2		28,026.9		5,110.7		4,767.4		5,946.7		5,683.4		2,031.9		1,851.6
Rate Reduction Bonds	302.5		294.3		—		—		—		—		302.5		294.3

As of December 31, 2025:
Preferred Stock Not Subject to Mandatory Redemption	$	155.6	$	126.1	$	116.2	$	92.9	$	43.0	$	33.2	$	—	$	—
Long-Term Debt	28,265.4		27,055.5		5,110.1		4,844.7		5,945.6		5,752.6		2,031.3		1,874.8
Rate Reduction Bonds	324.1		320.2		—		—		—		—		324.1		320.2

Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements.

See Note 1D, "Summary of Significant Accounting Policies – Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy.

11. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The changes in accumulated other comprehensive income/(loss) by component, net of tax, are as follows:


	For the Three Months Ended March 31, 2026						For the Three Months Ended March 31, 2025
Eversource (Millions of Dollars)	Qualified Cash Flow Hedging Instruments		Defined Benefit Plans		Total		Qualified Cash Flow Hedging Instruments		Defined Benefit Plans		Total
Balance as of Beginning of Period	$	(0.4)	$	(20.1)	$	(20.5)	$	(0.4)	$	(26.1)	$	(26.5)


Amounts Reclassified from AOCI	—		0.1		0.1		—		2.5		2.5
Net OCI	—		0.1		0.1		—		2.5		2.5
Balance as of End of Period	$	(0.4)	$	(20.0)	$	(20.4)	$	(0.4)	$	(23.6)	$	(24.0)

Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses that arose during the year and were recognized in AOCI. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCI into Other Income, Net over the average future employee service period, and are reflected in amounts reclassified from AOCI. Defined benefit plan amounts reclassified from AOCI also include a settlement loss amortized into net periodic benefit plan expense/(income) for the three months ended March 31, 2025. See Note 8, “Pension Benefits and Postretirement Benefits Other Than Pension,” for further information.

12. COMMON SHARES

The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values:


	Shares
			Authorized as of March 31, 2026 and December 31, 2025	Issued as of
	Par Value			March 31, 2026	December 31, 2025
Eversource	$	5	410,000,000	382,854,501	382,854,501
CL&P	$	10	24,500,000	6,035,205	6,035,205
NSTAR Electric	$	1	100,000,000	200	200
PSNH	$	1	100,000,000	301	301

Common Share Issuances: On May 30, 2025, Eversource entered into an equity distribution agreement pursuant to which it may offer and sell up to $1.2 billion of its common shares from time to time through an “at-the-market” (ATM) equity offering program. Eversource may issue and sell its common shares through its sales agents during the term of this agreement. Shares were offered in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. Sales may be made at either market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. In 2025, Eversource issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes.

Treasury Shares: As of March 31, 2026 and December 31, 2025, there were 6,879,857 and 7,437,621 Eversource common shares held as treasury shares, respectively. As of March 31, 2026 and December 31, 2025, there were 375,974,644 and 375,416,880 Eversource common shares outstanding, respectively.

Eversource issues treasury shares to satisfy awards under the Company's incentive plans, shares issued under the dividend reinvestment and share purchase plan, and matching contributions under the Eversource 401k Plan. The issuance of treasury shares represents a non-cash transaction, as the treasury shares were used to fulfill Eversource's obligations that require the issuance of common shares.

13. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for each of the three months ended March 31, 2026 and 2025. These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of March 31, 2026 and December 31, 2025. On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to Eversource parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest.

14. EARNINGS PER SHARE

Basic earnings per share is computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into outstanding common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. For the three months ended March 31, 2026 and 2025, there were no antidilutive share awards excluded from the computation of diluted EPS.

The following table sets forth the components of basic and diluted earnings per share:


Eversource (Millions of Dollars, except share information)	For the Three Months Ended
		March 31, 2026		March 31, 2025
Net Income Attributable to Common Shareholders		$	606.8	$	550.8
Weighted Average Common Shares Outstanding:
Basic		376,026,090		367,320,246
Dilutive Effect		557,524		357,372
Diluted		376,583,614		367,677,618
Basic and Diluted Earnings Per Common Share		$	1.61	$	1.50

15. REVENUES

The following tables present operating revenues disaggregated by revenue source:



















	For the Three Months Ended March 31, 2026
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations		Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	1,467.8	$	844.7	$	—	$	32.7	$	—	$	—	$	2,345.2
Commercial	833.1		390.4		—		16.2		—		(3.5)		1,236.2
Industrial	97.7		83.6		—		1.1		—		(6.5)		175.9
Total Retail Tariff Sales Revenues	2,398.6		1,318.7		—		50.0		—		(10.0)		3,757.3
Wholesale Transmission Revenues	—		—		632.3		—		—		(466.3)		166.0
Wholesale Market Sales Revenues	521.2		59.4		—		1.1		—		—		581.7
Other Revenues from Contracts with Customers	20.5		1.6		11.1		0.7		484.4		(485.3)		33.0

Total Revenues from Contracts with Customers	2,940.3		1,379.7		643.4		51.8		484.4		(961.6)		4,538.0
Alternative Revenue Programs	(5.5)		(7.6)		(58.9)		1.6		—		29.7		(40.7)
Other Revenues	5.7		1.1		0.1		0.2		—		—		7.1
Total Operating Revenues	$	2,940.5	$	1,373.2	$	584.6	$	53.6	$	484.4	$	(931.9)	$	4,504.4



















	For the Three Months Ended March 31, 2025
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations		Total
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	1,489.3	$	696.5	$	—	$	31.4	$	—	$	—	$	2,217.2
Commercial	807.6		305.9		—		15.3		—		(2.0)		1,126.8
Industrial	104.1		67.8		—		1.0		—		(5.9)		167.0
Total Retail Tariff Sales Revenues	2,401.0		1,070.2		—		47.7		—		(7.9)		3,511.0
Wholesale Transmission Revenues	—		—		594.0		—		—		(439.3)		154.7
Wholesale Market Sales Revenues	347.8		62.3		—		1.1		—		—		411.2
Other Revenues from Contracts with Customers	20.8		1.4		3.6		0.6		439.0		(435.8)		29.6

Total Revenues from Contracts with Customers	2,769.6		1,133.9		597.6		49.4		439.0		(883.0)		4,106.5
Alternative Revenue Programs	2.2		6.4		(49.9)		0.6		—		45.2		4.5
Other Revenues	5.9		1.1		0.1		0.3		—		—		7.4
Total Operating Revenues	$	2,777.7	$	1,141.4	$	547.8	$	50.3	$	439.0	$	(837.8)	$	4,118.4




















	For the Three Months Ended March 31, 2026						For the Three Months Ended March 31, 2025
(Millions of Dollars)	CL&P		NSTAR Electric		PSNH		CL&P		NSTAR Electric		PSNH
Revenues from Contracts with Customers
Retail Tariff Sales
Residential	$	787.7	$	471.2	$	208.9	$	801.2	$	506.2	$	181.9
Commercial	304.4		434.5		94.7		344.1		375.7		88.3
Industrial	39.0		34.7		24.0		48.4		30.8		24.9
Total Retail Tariff Sales Revenues	1,131.1		940.4		327.6		1,193.7		912.7		295.1
Wholesale Transmission Revenues	269.2		236.4		126.7		251.1		218.7		124.2
Wholesale Market Sales Revenues	368.7		143.3		9.2		280.0		57.3		10.5
Other Revenues from Contracts with Customers	15.0		13.4		3.7		8.7		11.9		4.3

Total Revenues from Contracts with Customers	1,784.0		1,333.5		467.2		1,733.5		1,200.6		434.1
Alternative Revenue Programs	(32.5)		(16.3)		(15.6)		(18.9)		(9.1)		(19.7)
Other Revenues	2.2		2.4		1.2		2.7		2.4		0.9
Eliminations	(185.6)		(188.5)		(69.3)		(176.1)		(179.7)		(67.3)
Total Operating Revenues	$	1,568.1	$	1,131.1	$	383.5	$	1,541.2	$	1,014.2	$	348.0

16. SEGMENT INFORMATION

Eversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. The Electric Distribution segment consists of the rate-regulated distribution businesses of CL&P, NSTAR Electric and PSNH, and includes the results of NSTAR Electric's solar power facilities. The Electric Transmission segment consists of the rate-regulated electric transmission businesses of CL&P, NSTAR Electric and PSNH. The Natural Gas Distribution segment consists of the rate-regulated businesses of Yankee Gas, NSTAR Gas and EGMA. The Water Distribution segment consists of the rate-regulated business of Aquarion. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer.

Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The chief operating decision maker uses the net income of each reportable segment to evaluate return generated from assets and decide how to reinvest profits and allocate resources, to monitor budget-to-actual results, in the planning and forecasting process, in determining compensation achievement, and in benchmarking to Eversource’s peers. Eversource’s chief operating decision maker is its chief executive officer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, 4) the results of other unregulated subsidiaries, which are not part of its core business, and 5) Eversource parent's equity ownership interests that are not consolidated, which primarily included the offshore wind investments until sale of the three offshore wind projects in 2024 and a natural gas pipeline owned by Enbridge, Inc.

In the ordinary course of business, Yankee Gas, NSTAR Gas and EGMA purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline project described above. These affiliate transaction costs total $77.7 million annually and are classified as Purchased Power, Purchased Natural Gas and Transmission on the Eversource statements of income.

Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment.

Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. Eversource's segment information is as follows:

























	For the Three Months Ended March 31, 2026
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations		Total
Operating Revenues	$	2,940.5	$	1,373.2	$	584.6	$	53.6	$	484.4	$	(931.9)	$	4,504.4
Depreciation and Amortization	(541.7)		(97.5)		(115.2)		(12.4)		(60.6)		4.1		(823.3)
Operations and Maintenance (1)
Operations, Excluding Storm Costs	(106.9)		(50.7)		(34.7)
Corporate Shared Services	(121.6)		(30.4)		(21.7)
Storm Costs	(28.9)		—		—
Employee Benefits	(39.1)		(20.9)		(11.7)
Uncollectible Expense	(35.6)		(33.5)		—
Other	(31.3)		(0.3)		(16.3)
Total Operations and Maintenance	(363.4)		(135.8)		(84.4)		(22.7)		(391.8)		491.1		(507.0)
Purchased Power, Purchased Natural Gas and Transmission, Other Taxes and Energy Efficiency (2)	(1,735.0)		(717.9)		(74.1)		(6.9)		(0.8)		436.7		(2,098.0)
Operating Income	300.4		422.0		310.9		11.6		31.2		—		1,076.1
Interest Expense	(100.0)		(34.0)		(83.1)		(7.2)		(180.2)		39.2		(365.3)

Interest Income	20.5		7.8		0.1		—		39.2		(39.2)		28.4
Other Income, Net	45.0		6.7		14.2		1.7		692.2		(687.0)		72.8
Income Tax (Expense)/Benefit	(61.9)		(107.2)		(61.0)		0.3		26.5		—		(203.3)
Net Income	204.0		295.3		181.1		6.4		608.9		(687.0)		608.7
Net Income Attributable to Noncontrolling Interests	(1.2)		—		(0.7)		—		—		—		(1.9)
Net Income Attributable to Common Shareholders	$	202.8	$	295.3	$	180.4	$	6.4	$	608.9	$	(687.0)	$	606.8
Cash Flows Used for Investments in Plant	$	458.9	$	152.1	$	281.7	$	30.8	$	85.8	$	—	$	1,009.3

























	For the Three Months Ended March 31, 2025
Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations		Total
Operating Revenues	$	2,777.7	$	1,141.4	$	547.8	$	50.3	$	439.0	$	(837.8)	$	4,118.4
Depreciation and Amortization	(564.7)		(104.5)		(106.8)		(11.2)		(50.6)		2.8		(835.0)
Operations and Maintenance (1)
Operations, Excluding Storm Costs	(101.7)		(46.2)		(31.5)
Corporate Shared Services	(116.4)		(30.3)		(21.8)
Storm Costs	(19.9)		—		—
Employee Benefits	(48.6)		(18.6)		(11.7)
Uncollectible Expense	(43.7)		(30.0)		—
Other	(27.4)		2.1		(10.9)
Total Operations and Maintenance	(357.7)		(123.0)		(75.9)		(22.8)		(349.1)		441.0		(487.5)
Purchased Power, Purchased Natural Gas and Transmission, Other Taxes and Energy Efficiency (2)	(1,580.6)		(605.2)		(69.6)		(6.8)		(1.4)		394.1		(1,869.5)
Operating Income	274.7		308.7		295.5		9.5		37.9		0.1		926.4
Interest Expense	(91.1)		(28.4)		(38.6)		(7.7)		(178.4)		43.4		(300.8)

Interest Income	27.3		6.7		—		—		43.4		(43.4)		34.0
Other Income, Net	35.3		5.5		12.1		0.8		625.7		(621.1)		58.3
Income Tax (Expense)/Benefit	(56.6)		(74.1)		(68.9)		1.0		33.4		—		(165.2)
Net Income	189.6		218.4		200.1		3.6		562.0		(621.0)		552.7
Net Income Attributable to Noncontrolling Interests	(1.2)		—		(0.7)		—		—		—		(1.9)
Net Income Attributable to Common Shareholders	$	188.4	$	218.4	$	199.4	$	3.6	$	562.0	$	(621.0)	$	550.8
Cash Flows Used for Investments in Plant	$	489.6	$	193.9	$	244.8	$	28.5	$	50.6	$	—	$	1,007.4

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Costs of the operations organization include labor and overtime, outside services, vehicles, vegetation management, employee expenses, fees and payments, regulatory assessments, and materials, partially offset by reimbursements. Corporate shared services include corporate centralized functions. Costs within these corporate functions primarily include labor, services by vendors, fees and payments, insurance, and regulatory assessments. Other includes information technology system depreciation at Eversource Service charged to the operating businesses, as well as storm funding, capitalization and various other corporate costs. The segment-level operating expense for information technology system depreciation is eliminated and reflected in depreciation in Eversource’s consolidation.

For the water distribution segment, the chief operating decision maker is provided with total operations and maintenance expense information to manage its operations. Operations and maintenance expenses primarily include employee costs, benefits, and outside services.

(2) Other segment line items for the electric distribution, electric transmission and natural gas distribution segments primarily include purchased power, purchased natural gas and transmission, taxes other than income taxes including property, payroll-related and Connecticut gross earnings taxes, and energy efficiency program expenses. Other segment line items for the water distribution business primarily include taxes other than income taxes.

The following table summarizes Eversource's segmented total assets:


Eversource (Millions of Dollars)	Electric Distribution		Natural Gas Distribution		Electric Transmission		Water Distribution		Other		Eliminations		Total
As of March 31, 2026	$	35,382.0	$	10,919.0	$	17,227.4	$	2,990.3	$	30,549.2	$	(32,360.3)	$	64,707.6
As of December 31, 2025	34,858.1		10,865.5		17,193.9		2,977.6		29,743.3		(31,851.7)		63,786.7

EVERSOURCE ENERGY AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related combined notes included in this combined Quarterly Report on Form 10-Q, as well as the Eversource 2025 combined Annual Report on Form 10-K. References in this combined Quarterly Report on Form 10-Q to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries. All per-share amounts are reported on a diluted basis. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations.

The only common equity securities that are publicly traded are common shares of Eversource. Our earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our first quarter 2026 earnings and EPS excluding a charge for the March 2026 FERC decision in the FERC base ROE complaints. EPS by business is also a non-GAAP financial measure and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. 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 our assets and liabilities as a whole.

We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including this item. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the impact of the FERC ROE refund charge is not indicative of our ongoing costs and performance. We view this charge as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of this item on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance.

We do not provide a reconciliation of guidance from non-GAAP recurring EPS to the most directly comparable GAAP measure of EPS because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our Net Income Attributable to Common Shareholders or non-GAAP recurring earnings for the year ending December 31, 2026. These items are uncertain, depend on many factors and could have a material impact on our Net Income Attributable to Common Shareholders and non-GAAP recurring earnings for the year ending December 31, 2026, and therefore cannot be made available without unreasonable effort.

We make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the U.S. federal securities laws. You can generally identify our forward-looking statements through the use of words or phrases such as "estimate," "expect," "pending," "anticipate," "intend," "plan," "project," "believe," "forecast," "would," "should," "could," and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in our forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to:

• cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely,

•unauthorized access to, and the misappropriation of, confidential and proprietary Company, customer, employee, financial or system operating information,

•actions or inaction of local, state and federal regulatory, public policy and taxing bodies,

•changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with laws and regulations, which may impact the cost of compliance and strategic initiatives of the Company,

•adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes,

•variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects,

•the ability to qualify for investment tax credits,

•extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns,

•adequacy, contamination of, or disruption in, our water supplies,

•physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems,

•ability or inability to commence and complete our major strategic development projects and opportunities,

•breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems,

•changes in levels or timing of capital expenditures, including unplanned expenditures and increased capital expenditure requirements,

•changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model,

•substandard performance of third-party suppliers and service providers, or counterparties not meeting their obligations,

•limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly,

•changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability,

•changes in accounting standards and financial reporting regulations,

•actions of rating agencies, and

•other presently unknown or unforeseen factors.

Other risk factors are detailed in our reports filed with the SEC and are updated as necessary and available on our Investor Relations website at investors.eversource.com and on the SEC’s website at www.sec.gov, and we encourage you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect our actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see Item 1A, Risk Factors, included in this combined Quarterly Report on Form 10-Q and in Eversource's 2025 combined Annual Report on Form 10-K. This combined Quarterly Report on Form 10-Q and Eversource's 2025 combined Annual Report on Form 10-K also describe material contingencies and critical accounting policies in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Combined Notes to Financial Statements. We encourage you to review these items.

Financial Condition and Business Analysis

Executive Summary

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities) and Aquarion (water utilities). Eversource is organized into the electric distribution, electric transmission, natural gas distribution, and water distribution reportable segments.

The following items in this executive summary are explained in more detail in this combined Quarterly Report on Form 10-Q:

Earnings Overview and Future Outlook:

•We earned $606.8 million, or $1.61 per share, in the first quarter of 2026, compared with $550.8 million, or $1.50 per share, in the first quarter of 2025. Our first quarter 2026 results include an after-tax charge of $43.9 million, or $0.12 per share, resulting from FERC’s March 19, 2026 order in the NETO ROE complaint proceedings, which was recorded within the Transmission segment. Excluding this charge, our non-GAAP earnings were $650.7 million, or $1.73 per share in the first quarter of 2026.

•We revised 2026 non-GAAP earnings guidance to be in the range of $4.57 per share and $4.72 per share taking into account the impact of the prospective reduction to the transmission ROE resulting from the March 19, 2026 FERC order and the potential Aquarion sale. We also expect that our cumulative long-term earnings per share growth rate will be within the range of 5 to 7 percent through 2030, using the adjusted 2026 non-GAAP earnings guidance mid-point of $4.65 per share as the base year. We expect annual earnings growth towards the upper half of the long-term guidance by 2028.

Liquidity:

•Cash flows provided by operating activities totaled $1.32 billion in the first quarter of 2026, compared with $1.04 billion in the first quarter of 2025. Investments in property, plant and equipment totaled $1.01 billion in the first quarter of 2026, compared with $1.01 billion in the first quarter of 2025.

•Cash totaled $270.2 million as of March 31, 2026, compared with $135.4 million as of December 31, 2025. Our available borrowing capacity under our commercial paper programs totaled $2.12 billion as of March 31, 2026.

•In the first quarter of 2026, we issued $1.50 billion of new long-term debt and we repaid $250 million of long-term debt.

•On May 6, 2026, our Board of Trustees approved a common share dividend payment of $0.7875 per share, payable on June 30, 2026 to shareholders of record as of May 18, 2026. On January 27, 2026, our Board of Trustees approved a common share dividend payment of $0.7875 per share, paid on March 31, 2026 to shareholders of record as of March 5, 2026.

Regulatory Developments:

•On March 19, 2026, FERC issued an order in the NETO ROE proceedings, attempting to resolve all four pending complaints dating back to 2011. In the decision, FERC applied a revised ROE methodology and found the NETOs’ then-existing base ROE of 11.14 percent was unjust and unreasonable and established a replacement base ROE of 9.57 percent, with an incentive cap of 12.09 percent, for the first complaint period (October 1, 2011 through December 31, 2012), and prospectively effective October 16, 2014. FERC directed the NETOs to issue refunds with interest for applicable refund periods, subsequently extended the refund deadline to May 20, 2027, and dismissed the remaining complaints. As a result of the FERC decision, we determined that a loss is probable and estimated a range of reasonably possible pre-tax losses of $60.4 million to $932 million. We recorded a current regulatory liability of $60.4 million (pre-tax) as of March 31, 2026, which represents the low end of the range as no amount within this range is considered a better estimate. The NETOs have filed a request for rehearing with FERC. Eversource and Avangrid have filed a joint motion requesting a stay of the retroactive refund obligation applicable to the period October 16, 2014 through March 19, 2026 with the U.S. Court of Appeals for the D.C. Circuit Court. While we continue to challenge the March 19, 2026 FERC decision, we cannot predict the ultimate outcome of these proceedings.

•On April 30, 2026, the NETOs submitted a Federal Power Act Section 205 filing to FERC proposing a replacement base ROE of 11.39 percent, resulting in a cap of 12.89 percent including incentives, based on current market data utilizing FERC’s revised ROE methodology. The NETOs requested an effective date of June 30, 2026. FERC has 60 days to act on the rate proposal and can suspend the proposed rate change for up to five months after the initial 60-day notice. If a settlement is not reached among the parties to the FERC proceeding, Eversource would begin billing the proposed ROE by December 2026 on a subject-to-refund basis after the completion of a hearing on the matter.

•On March 25, 2026, PURA approved the sale of the Aquarion water business to the Aquarion Water Authority following remand from the Connecticut Superior Court. The closing of the transaction remains subject to appeals, regulatory processes, and customary closing conditions.

Earnings Overview

Consolidated: Below is a summary of our earnings by business, which also reconciles the non-GAAP financial measures of consolidated non-GAAP earnings and EPS, as well as EPS by business, to the most directly comparable GAAP measures of consolidated Net Income Attributable to Common Shareholders and diluted EPS.


	For the Three Months Ended March 31,
		2026	2025
(Millions of Dollars, Except Per Share Amounts)			Amount		Per Share		Amount		Per Share
Net Income Attributable to Common Shareholders (GAAP)			$	606.8	$	1.61	$	550.8	$	1.50

Regulated Companies (Non-GAAP)			$	728.8	$	1.94	$	609.8	$	1.66
Eversource Parent and Other Companies			(78.1)		(0.21)		(59.0)		(0.16)
Non-GAAP Earnings			$	650.7	$	1.73	$	550.8	$	1.50

FERC ROE Refund Charge (after-tax) (1)			(43.9)		(0.12)		—		—

Net Income Attributable to Common Shareholders (GAAP)			$	606.8	$	1.61	$	550.8	$	1.50

(1) In the first quarter of 2026, we recorded a pre-tax charge of $60.4 million as a result of the March 19, 2026 FERC decision in the FERC base ROE complaints. The charge reflects estimated refunds associated with the fifteen-month first complaint period, including interest accrued through March 31, 2026. For further information, see the “FERC Regulatory Matters” section included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The impact of higher shares outstanding resulted in $0.04 earnings per share dilution in the first quarter of 2026, as compared to the first quarter of 2025.

Regulated Companies: Our regulated companies comprise the electric distribution, electric transmission, natural gas distribution, and water distribution segments. A summary of our segment earnings and EPS is as follows:


	For the Three Months Ended March 31,
		2026	2025
(Millions of Dollars, Except Per Share Amounts)			Amount		Per Share		Amount		Per Share
Net Income - Regulated Companies (GAAP)			$	684.9	$	1.82	$	609.8	$	1.66

Electric Distribution			$	202.8	$	0.54	$	188.4	$	0.51
Electric Transmission, excluding FERC ROE Refund Charge (Non-GAAP)			224.3		0.60		199.4		0.54
Natural Gas Distribution			295.3		0.78		218.4		0.60
Water Distribution			6.4		0.02		3.6		0.01
Net Income - Regulated Companies (Non-GAAP)			$	728.8	$	1.94	$	609.8	$	1.66
FERC ROE Refund Charge (after-tax)			(43.9)		(0.12)		—		—
Net Income - Regulated Companies (GAAP)			$	684.9	$	1.82	$	609.8	$	1.66

Our electric distribution segment earnings increased $14.4 million in the first quarter of 2026, as compared to the first quarter of 2025, due primarily to higher revenues from base distribution rate increases at NSTAR Electric effective January 1, 2026 and at PSNH effective August 1, 2025, from CL&P's capital tracking mechanism due to increased electric system improvements and from NSTAR Electric’s Advanced Metering Infrastructure (AMI) capital tracking mechanism. Those earnings increases were partially offset by higher interest expense, higher depreciation expense, higher operations and maintenance expense and higher property tax expense.

Our electric transmission segment earnings decreased $19.0 million in the first quarter of 2026, as compared to the first quarter of 2025, due primarily to the $43.9 million after-tax charge for the March 19, 2026 FERC decision in the FERC base ROE complaints. Excluding this charge, our electric transmission segment earnings increased $24.9 million in the first quarter of 2026, as compared to the first quarter of 2025, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure and higher non-refundable transmission revenues, partially offset by higher interest expense.

Our natural gas distribution segment earnings increased $76.9 million in the first quarter of 2026, as compared to the first quarter of 2025, due primarily to higher revenues from base distribution rate increases effective November 1, 2025 at Yankee Gas, at NSTAR Gas and at EGMA, and from capital tracking mechanisms due to continued investments in natural gas infrastructure. Those earnings increases were partially offset by higher operations and maintenance, higher depreciation expense, higher property tax expense, a higher effective tax rate and higher interest expense.

Our water distribution segment earnings increased $2.8 million in the first quarter of 2026, as compared to the first quarter of 2025, due primarily to higher revenues, partially offset by higher depreciation expense.

Eversource Parent and Other Companies: Eversource parent and other companies losses increased by $19.1 million in the first quarter of 2026, as compared to the first quarter of 2025, due primarily to higher income tax expense and higher interest expense.

Liquidity

Sources and Uses of Cash: Eversource’s regulated business is capital intensive and requires considerable capital resources. Eversource’s regulated companies’ capital resources are provided by cash flows generated from operations, short-term borrowings, long-term debt issuances, capital contributions from Eversource parent, and existing cash, and are used to fund their liquidity and capital requirements. Eversource’s regulated companies typically maintain minimal cash balances and use short-term borrowings to meet their working capital needs and other cash requirements. Short-term borrowings are also used as a bridge to long-term debt financings. The levels of short-term borrowing may vary significantly over the course of the year due to the impact of fluctuations in cash flows from operations (including timing of storm costs and regulatory recoveries), dividends paid, capital contributions received and the timing of long-term debt financings.

Eversource, CL&P, NSTAR Electric and PSNH each uses its available capital resources to fund its respective construction expenditures, meet debt requirements, pay operating costs, including storm-related costs, pay dividends, and fund corporate obligations. Eversource's regulated companies recover their electric, natural gas and water distribution construction expenditures as the related project costs are depreciated over the life of the assets. This impacts the timing of the revenue stream designed to fully recover the total investment including a return on the equity and debt used to finance the investments. Eversource's regulated companies spend a significant amount of cash on capital improvements and construction projects that have a long-term return on investment and recovery period.

We expect the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with our existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Cash totaled $270.2 million as of March 31, 2026, compared with $135.4 million as of December 31, 2025.

The amount of borrowings outstanding and available under the commercial paper programs were as follows:


	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	533.0	$	1,280.0	$	1,467.0	$	720.0	4.08	%	3.98	%
NSTAR Electric Commercial Paper Program	—		245.4		650.0		404.6		—	%	3.87	%

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2026 and December 31, 2025.

Long-Term Debt Issuance Authorizations: On March 3, 2026, PSNH filed a petition with the NHPUC requesting authorization to issue up to $200.0 million in long-term debt through December 31, 2026.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:


(Millions of Dollars)	Interest Rate		Issuance/(Repayment)		Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
Eversource Parent Series A Junior Notes (1)	6.10	%	$	750.0	February 2026	August 2056	Repay Series AA Senior Notes at maturity, repay Series U Senior Notes at maturity, repaid short-term debt, and for general corporate purposes
Eversource Parent Series B Junior Notes (2)	6.35	%	$	750.0	February 2026	August 2056	Repay Series AA Senior Notes at maturity, repay Series U Senior Notes at maturity, repaid short-term debt, and for general corporate purposes
Eversource Parent Series J Senior Notes	3.35	%	$	(250.0)	March 2026	March 2026	Paid at maturity

Rate Reduction Bonds: PSNH's RRB payments consist of principal and interest and are paid semi-annually. PSNH paid $21.6 million of RRB principal payments and $6.1 million of interest payments in the first quarter of 2026, and paid $21.6 million of RRB principal payments and $6.9 million of interest payments in the first quarter of 2025.

Common Share Issuances and Equity Distribution Agreement: On May 30, 2025, Eversource entered into an equity distribution agreement pursuant to which it may offer and sell up to $1.2 billion of its common shares from time to time through an ATM equity offering program. In 2025, we issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs. Eversource used the net proceeds received for general corporate purposes.

Cash Flows: Cash flows from operating activities primarily result from the transmission and distribution of electricity, and the distribution of natural gas and water. Cash flows provided by operating activities totaled $1.32 billion in the first quarter of 2026, compared with $1.04 billion in the first quarter of 2025. Operating cash flows were favorably impacted by a $65.0 million increase in income tax refunds received in 2026 compared to 2025, an increase in regulatory recoveries for retail and wholesale transmission costs driven by the timing of collections, a $26.2 million decrease in cost of removal expenditures, the timing of cash collections on our accounts receivable, a $17.9 million decrease in cash payments to vendors for storm costs, and the timing of other working capital items. These favorable impacts were partially offset by a decrease in regulatory recoveries for CL&P’s SBC and natural gas regulatory cost tracking mechanisms driven primarily by the timing of collections and the timing of cash payments made on our accounts payable. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization on the statements of cash flows. Additionally, under a winter electric bill relief program in Massachusetts, bill credits were provided to electric and natural gas customers in the first quarter of 2026, which resulted in delayed collections that will be recovered later in 2026, and were partially offset by proceeds of $84.1 million received from the Commonwealth of Massachusetts at NSTAR Electric in January 2026 to fund a portion of the bill relief.

On May 6, 2026, our Board of Trustees approved a common share dividend payment of $0.7875 per share, payable on June 30, 2026 to shareholders of record as of May 18, 2026. On January 27, 2026, our Board of Trustees approved a common share dividend payment of $0.7875 per share, paid on March 31, 2026 to shareholders of record as of March 5, 2026. In the first quarter of 2026, we paid cash dividends of $290.0 million and issued non-cash dividends of $6.0 million in the form of treasury shares, totaling dividends of $296.0 million. In the first quarter of 2025, we paid cash dividends of $270.2 million and issued non-cash dividends of $6.0 million in the form of treasury shares, totaling dividends of $276.2 million.

In the first quarter of 2026, CL&P and PSNH paid $88.4 million and $38.9 million, respectively, in common stock dividends to Eversource parent.

Investments in Property, Plant and Equipment on the statements of cash flows do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the capitalized and deferred portions of pension and PBOP income/expense. In the first quarter of 2026, investments for Eversource, CL&P, NSTAR Electric, and PSNH were $1.01 billion, $248.4 million, $381.7 million, and $110.5 million, respectively. Capital expenditures were primarily for continuing projects to maintain and improve infrastructure and operations, including enhancing reliability to the transmission and distribution systems.

For our offshore wind contingent liability, payments made in the first quarter of 2026 reduced the liability and were reflected within investing activities on the statement of cash flows. Payments related to cost overruns for the Revolution Wind project paid to GIP.

Contractual Obligations: Our cash requirements from contractual obligations were reported in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2025 Form 10-K. There have been no material changes to our cash requirements from contractual obligations and payment schedules previously disclosed in our 2025 Form 10-K.

Credit Ratings: On February 23, 2026, the junior subordinated debt of Eversource parent was assigned new ratings from S&P of BBB-, Moody’s of Baa3 and Fitch of BB+.

Business Development and Capital Expenditures

Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the capitalized and deferred portions of pension and PBOP income/expense (all of which are non-cash factors), totaled $813.1 million in the first quarter of 2026, compared to $1.04 billion in the first quarter of 2025. These amounts included $67.7 million and $51.4 million in the first quarter of 2026 and 2025, respectively, at Eversource Service and The Rocky River Realty Company primarily for information technology and facilities upgrades.

Electric Transmission Business: Our consolidated electric transmission business capital expenditures decreased by $17.0 million in the first quarter of 2026, as compared to the first quarter of 2025. A summary of electric transmission capital expenditures by company is as follows:


	For the Three Months Ended March 31,
(Millions of Dollars)	2026		2025
CL&P	$	87.1	$	79.8
NSTAR Electric	89.3		89.4
PSNH	38.3		62.5
Total Electric Transmission	$	214.7	$	231.7

Our transmission projects are designed to improve the reliability of the electric grid, meet customer demand for power, and strengthen the electric grid's resilience against extreme weather and other safety and security threats. In Connecticut, Massachusetts and New Hampshire, our transmission projects include transmission line upgrades, the installation of new transmission interconnection facilities, substations and lines, and transmission substation enhancements.

Greater Cambridge Energy Program: The Greater Cambridge Energy Program will construct Eversource’s first underground transmission substation in Cambridge, Massachusetts, along with associated transmission and distribution lines. The project will address the increased electric demand in the region, enhance the resiliency of the transmission system, and ensure a flexible grid to reliably serve customers. The flexibility to transmit and distribute mixed energy sources will support the decarbonization and electrification goals of both the City of Cambridge and the state of Massachusetts. The new 115/13.8-kV, 35,000 square foot substation will be located in an underground vault and includes three distribution power transformers supplying thirty-six distribution circuits. The project also includes five underground duct banks housing eight new 115-kV transmission lines. The Massachusetts Energy Facilities Siting Board approved the project on June 28, 2024. Environmental permits are acquired to support ongoing construction activities. Additional required permits for transmission line trenchless crossings, including a license from the MA DEP, are expected to be approved by the end of 2026. The initial in-service date for the project is June 2029, which includes two 115-kV transmission lines and the transmission portion of the substation. The first distribution circuits and substation distribution will be placed in-service by the end of 2029. The remaining transmission and distribution circuits will be placed in-service throughout 2030 and into 2031. The total estimated project cost is approximately $1.84 billion, with $1.38 billion allocated for transmission and $460 million for distribution. As of March 31, 2026, $231.6 million has been spent on the project, with $180.0 million for transmission and $51.6 million for distribution.

Distribution Business: A summary of distribution capital expenditures is as follows:


	For the Three Months Ended March 31,
(Millions of Dollars)	CL&P		NSTAR Electric		PSNH		Total Electric		Natural Gas		Water		Total
2026
Basic Business	$	91.3	$	129.9	$	23.9	$	245.1	$	27.9	$	3.2	$	276.2
Aging Infrastructure	21.9		80.9		18.6		121.4		59.2		23.6		204.2
Load Growth and Other	19.4		24.0		1.8		45.2		4.9		0.2		50.3
Total Distribution	$	132.6	$	234.8	$	44.3	$	411.7	$	92.0	$	27.0	$	530.7
2025
Basic Business	$	83.3	$	127.8	$	28.3	$	239.4	$	51.2	$	3.7	$	294.3
Aging Infrastructure	28.8		118.7		30.0		177.5		136.6		20.3		334.4
Load Growth and Other	24.2		79.6		13.9		117.7		6.7		0.1		124.5
Total Distribution	$	136.3	$	326.1	$	72.2	$	534.6	$	194.5	$	24.1	$	753.2

For the electric distribution business, basic business includes the purchase of meters, tools, vehicles, information technology, transformer replacements, equipment facilities, and the relocation of plant. Aging infrastructure relates to reliability and the replacement of overhead lines, plant substations, underground cable replacement, and equipment failures. Load growth and other includes requests for new business and capacity additions on distribution lines and substation additions and expansions. We are also focused on making strategic AI investments currently in outage discovery, maintenance management and data analytics to better maintain our system and provide value to our customers.

For the natural gas distribution business, basic business addresses daily operational needs including meters, pipe relocations due to public works projects, vehicles, and tools. Aging infrastructure projects seek to improve the reliability of the system through enhancements related to cast iron and bare steel replacement of main and services, corrosion mediation, and station upgrades. Load growth and other reflects growth in existing service territories including new developments, installation of services, and expansion.

For the water distribution business, basic business addresses daily operational needs including periodic meter replacement, water main relocation, facility maintenance, and tools. Aging infrastructure relates to reliability and the replacement of water mains, regulators, storage tanks, pumping stations, wellfields, reservoirs, and treatment facilities. Load growth and other reflects growth in our service territory, including improvements of acquisitions, installation of new services, and interconnections of systems.

Aquarion Sale Status: On January 27, 2025, Eversource entered into a definitive agreement to sell Aquarion to the Aquarion Water Authority (AWA), a quasi-public corporation and political subdivision of the State of Connecticut and a standalone, newly created water authority alongside the South Central Connecticut Regional Water Authority. In June 2024, a Connecticut law chartered AWA and enabled it to acquire, own and operate Aquarion as a not-for-profit water authority. Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which included approximately $1.6 billion for the equity and $800 million of net debt that will either be extinguished at closing or transferred to the buyer. Eversource plans to use the net proceeds from sale to pay down parent company debt.

On November 19, 2025, PURA denied the application to approve the sale, 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 December 2, 2025, the denial was appealed to the Connecticut Superior Court. On January 15, 2026, the Court issued its decision, sustaining the appeal and remanding back to PURA, finding that PURA acted illegally in denying the application as those disputed governance elements were mandated under Connecticut law. The Court upheld that operational aspects of the consumer advocate were within PURA’s statutory authority and regulatory discretion.

On March 25, 2026, upon remand from the Connecticut Superior Court, PURA reversed its November 2025 decision and approved the sale of Aquarion to AWA. As conditions of PURA’s approval, prior to closing, Eversource will contribute $10 million into a rate stabilization fund for the future benefit of Aquarion customers and will return to customers revenues collected and held in escrow related to the 2022 rate case appeal.

Despite PURA approval of the transaction, legal opposition, including the potential for appeals, introduces significant uncertainty regarding the ultimate timing and consummation of the sale. As a result, the Company cannot assert that the sale of Aquarion is probable and concluded that the held‑for‑sale criteria were not met as of March 31, 2026. Closing of the transaction remains subject to finalization of working capital and other transaction-related adjustments and final closing costs, which could result in a loss recognized either upon meeting held for sale classification and measurement or at the time of sale.

FERC Regulatory Matters

FERC ROE Complaints: Four separate complaints were filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively, the Complainants). In each of the first three complaints, filed on October 1, 2011, December 27, 2012, and July 31, 2014, respectively, the Complainants challenged the New England Transmission Owners’ (NETOs’) base return on equity (ROE) of 11.14 percent that had been utilized since 2006 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15-month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE billed of 10.57 percent and the maximum ROE including transmission incentives (incentive cap) of 11.74 percent, asserting that these ROEs were unjust and unreasonable.

The reduction in the base ROE from 10.57 percent to 9.57 percent is expected to lower Eversource's future annual after-tax earnings by approximately $70 million, estimated using 2025 rate base, and would increase over time as we continue to invest in our transmission infrastructure. The change in the related specific transmission incentive adders would partially offset the reduced annual after-tax earnings by approximately $5 million.

Transmission Rates and Other Transmission Rates-Related Proceedings: CL&P, NSTAR Electric and PSNH transmission rates are calculated in accordance with a FERC-approved formula ratemaking framework, and each utility is required to file an annual update on or before July 31st with resulting rates effective January 1st the following year. The formula rate framework provides for an annual reconciliation of the prior calendar year actual costs incurred related to our transmission facilities, including an allowed ROE, plus forecasted information through the next rate period. The annual update process includes formula rate protocols that provide disclosure of cost inputs, an opportunity for informal discovery procedures and a challenge process, which provides transparency to stakeholders.

From time to time, various matters are pending before FERC relating to transmission rates, incentives, interconnections and transmission planning. Depending on the outcome, any of these matters could materially impact our results of operations and financial condition. At this time, Eversource cannot predict the ultimate outcome of the matters currently pending before FERC, and the resulting impact on its transmission incentives or planning.

Regulatory Developments and Rate Matters

Electric, Natural Gas and Water Utility Base Distribution Rates: The regulated companies’ distribution rates are set by their respective state regulatory commissions, and their tariffs include mechanisms for periodically adjusting their rates for the recovery of specific incurred costs. Other than as described below, for the first quarter of 2026, changes made to the regulated companies’ rates did not have a material impact on their earnings. For further information, see "Financial Condition and Business Analysis – Regulatory Developments and Rate Matters" included in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of the Eversource 2025 Form 10-K.

Connecticut:

CL&P Storm Proceeding: On March 28, 2024, PURA established a prudency review proceeding to evaluate costs reported by CL&P for catastrophic storms and pre‑staging events occurring between January 1, 2018 and December 31, 2023. Storm costs reported by CL&P for this six-year period total approximately $978 million. On July 25, 2025, CL&P filed a supplement to include carrying charges calculated at the weighted average cost of capital on the deferred storm costs totaling $246 million, which reflects CL&P’s actual financing costs on the unpaid storm costs from the date the deferred storm costs first began to accrue through May 2025. These carrying charges have not been deferred on the balance sheet. On December 13, 2025, PURA opened a new proceeding for the prudency determination of CL&P’s 2018 to 2023 storm costs either by a settled or litigated process. A final decision is expected on or about July 29, 2026. Although we cannot predict the ultimate outcome of this storm proceeding, we continue to believe these deferred storm restoration costs were prudently incurred and are probable of recovery.

On May 4, 2026, PURA issued a notice of proceeding to consider whether the issuance of rate reduction bonds for the securitization of approved storm costs is in the best interest of rate payers. A timeline in this proceeding has not yet been established.

CL&P RAM Filing: On April 22, 2026, PURA issued an interim decision in CL&P’s Rate Adjustment Mechanisms (RAM) filing and approved rates for six RAM components, with rates effective May 1, 2026 through April 30, 2027. The rates include recovery of over- or under-collection balances as of December 31, 2025, actual costs from the prior year, and adjustments to incorporate certain known and measurable cost changes not

reflected in prior year costs that CL&P will incur in 2026. As part of the RAM decision, PURA approved incremental funding of $100 million of storm restoration costs through the Competitive Transition Assessment (CTA) rate, for the period May 1, 2026 to April 30, 2027. This incremental funding is intended to provide interim recovery for a portion of CL&P’s deferred storm costs, subject to PURA’s final prudency determinations in the related storm cost proceedings.

Yankee Gas Distribution Rate Case: On March 11, 2026, PURA issued a final decision on its December 15, 2025 reconsideration in the Yankee Gas distribution rate case, increasing Yankee Gas' approved revenue requirement to $806.7 million annually, effective November 1, 2025. The $4.4 million increase reflects an authorized regulatory ROE of 9.48 percent, including removal of a 16 basis point ROE reduction, and the correction of certain computational errors identified in their November 5, 2025 distribution rate case final decision. The approved revenue requirement includes a previously recorded rate credit of $37.4 million plus carrying charges for non-firm margin credits over three years beginning November 1, 2025. Excluding the rate credit, the distribution rate increase totaled $100.1 million. PURA reaffirmed the disallowance of certain capitalized employee compensation costs. It also clarified that while there will be an annual cap on the contemporaneous cost recovery of aging infrastructure replacement through the Distribution Integrity Management Program rate tracking mechanism, any costs spent in excess of that annual cap will be deferred for recovery to the next rate case. The final decision on reconsideration resulted in a net pre-tax benefit to earnings of $3.2 million at Yankee Gas in the first quarter of 2026.

Aquarion Water Company of Connecticut Distribution 2026 Rate Case: On March 2, 2026, Aquarion Water Company of Connecticut (AWC-CT) filed an application with PURA to amend its existing rate schedules to address an operating revenue deficiency. AWC-CT’s rate application requested approval of an increase to authorized revenues of $87.6 million for the rate year beginning November 25, 2026, comprised of a proposed base rate increase of $61.4 million inclusive of capital projects placed into service between 2022 and June 2026 and a surcharge revenue requirement of $26.2 million inclusive of capital additions between July 2026 and June 2027. On April 21, 2026, PURA issued correspondence in this proceeding revising the application date to April 8, 2026 and establishing a procedural schedule for the docket. Proposed and final decisions are expected from PURA on November 17, 2026 and December 23, 2026, respectively.

Massachusetts:

Massachusetts 2026 Winter Bill Relief Program: In February 2026, NSTAR Electric, NSTAR Gas and EGMA implemented a winter electric and natural gas bill relief program, as approved by the DPU. Under this program, in February and March 2026, Massachusetts residential electric customers received an aggregate bill reduction of approximately 25 percent, a portion of which was funded by the Commonwealth of Massachusetts, and residential natural gas customers received an aggregate bill reduction of approximately 10 percent. These bill credits were deferred and will be recovered between April and December 2026 for electric customers and between May and October 2026 for natural gas customers. No carrying charges will be collected. The bill relief program results in delayed collections from customers, impacting the timing of cash flows. Proceeds of $84.1 million were received by NSTAR Electric from the Commonwealth of Massachusetts in January 2026 and reduced regulatory assets recorded on its balance sheet in the first quarter of 2026.

Legislative, Policy and Legal Matters

Massachusetts: On March 16, 2026, Massachusetts Governor Healey signed Executive Order No. 654, which establishes a statewide plan to expand energy supply, affordability, and reliability. The order sets targets of ten GW of new energy resources and five GW of energy storage online or under development by 2035. Resources includes solar, wind, storage, nuclear, geothermal, natural gas, and demand‑side resources such as energy efficiency, virtual power plants, and managed EV charging. The order directs state agencies to streamline permitting, reform interconnection and procurement processes, diversify fuel supply, and strengthen grid resilience to ensure Massachusetts can meet projected load growth while keeping energy affordable and reliable. It directs the DPU to require electric distribution companies to accelerate interconnection, implement flexible interconnection and cost-recovery mechanisms, and advance time-of-use rates and distributed energy resources. The order also promotes coordination with utilities to streamline solar and storage deployment and modernize grid infrastructure. For natural gas, it underscores the continued role of existing infrastructure, while requiring evaluation of gas supply and storage capacity and delivery capabilities to promote energy affordability and reliability.

New Hampshire: On April 15, 2026, New Hampshire enacted legislation authorizing electric utilities to recover certain storm‑related costs through securitization, subject to approval by the NHPUC. Under the legislation, eligible storm costs include prudently incurred costs associated with storm preparation, emergency response, and system restoration activities, as well as related financing and transaction costs. Recovery through securitization would occur pursuant to one or more NHPUC finance orders issued following a utility petition and hearing process. If approved, securitized costs would be recovered over a defined period through customer charges designed to provide timely recovery of principal, interest, and associated expenses, generally at interest rates lower than PSNH’s authorized return on equity. This legislation provides a potential alternative to traditional storm cost recovery mechanisms and is intended to mitigate the near‑term cash flow and customer bill impacts of significant storm events. While the legislation does not affect the recovery of storm costs previously incurred, it may influence the manner and timing of recovery of qualifying storm costs incurred in future periods.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and, at times, difficult, subjective or complex judgments. Changes in these estimates, assumptions and judgments, in and of themselves, could materially impact our financial position, results of operations or cash flows. Our management discusses with the Audit Committee of our Board of Trustees significant matters relating to critical accounting policies. Our critical accounting policies that we believed were the most critical in nature were reported in the Eversource 2025 Form 10-K. There have been no material changes with regard to these critical accounting policies.

Refer to Note 9C, “Commitments and Contingencies - FERC ROE Complaints” to the financial statement for further discussion of the critical estimates surrounding the FERC regulatory liability. Also refer to Note 9E, “Commitments and Contingencies - Offshore Wind Sale and Contingent Liability,” to the financial statements for further discussion of the critical accounting estimates surrounding the offshore wind contingent liability.

Other Matters

Website: Additional financial information is available through our website at www.eversource.com. We make available through our website a link to the SEC's EDGAR website (http://www.sec.gov/edgar/searchedgar/companysearch.html), at which site Eversource's, CL&P's, NSTAR Electric's and PSNH's combined Annual Reports on Form 10-K, combined Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports may be reviewed. Information contained on the Company's website or that can be accessed through the website is not incorporated into and does not constitute a part of this combined Quarterly Report on Form 10-Q.

RESULTS OF OPERATIONS – EVERSOURCE ENERGY AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for Eversource for the three months ended March 31, 2026 and 2025 included in this combined Quarterly Report on Form 10-Q:


	For the Three Months Ended March 31,
(Millions of Dollars)		2026		2025		Increase/(Decrease)
Operating Revenues		$	4,504.4	$	4,118.4	$	386.0
Operating Expenses:
Purchased Power, Purchased Natural Gas and Transmission		1,518.2		1,340.3		177.9
Operations and Maintenance		507.0		487.5		19.5
Depreciation		420.5		379.6		40.9
Amortization		402.8		455.4		(52.6)
Energy Efficiency Programs		291.5		257.6		33.9
Taxes Other Than Income Taxes		288.3		271.6		16.7
Total Operating Expenses		3,428.3		3,192.0		236.3
Operating Income		1,076.1		926.4		149.7
Interest Expense		365.3		300.8		64.5

Other Income, Net		101.2		92.3		8.9
Income Before Income Tax Expense		812.0		717.9		94.1
Income Tax Expense		203.3		165.2		38.1
Net Income		608.7		552.7		56.0
Net Income Attributable to Noncontrolling Interests		1.9		1.9		—
Net Income Attributable to Common Shareholders		$	606.8	$	550.8	$	56.0

Operating Revenues

Sales Volumes: A summary of our retail electric GWh sales volumes, our firm natural gas MMcf sales volumes, and our water MG sales volumes, and percentage changes, is as follows:


	Electric				Firm Natural Gas				Water
	Sales Volumes (GWh)		Percentage Increase		Sales Volumes (MMcf)		Percentage Decrease		Sales Volumes (MG)		Percentage Increase/(Decrease)
Three Months Ended March 31:	2026	2025			2026	2025			2026	2025





Traditional	2,067	2,030	1.8	%	—	—	—	%	325	320	1.6	%
Decoupled	11,258	10,942	2.9	%	67,243	68,286	(1.5)	%	4,830	4,976	(2.9)	%
Total Sales Volumes	13,325	12,972	2.7	%	67,243	68,286	(1.5)	%	5,155	5,296	(2.7)	%

Weather, fluctuations in energy supply rates, conservation measures (including utility-sponsored energy efficiency programs), and economic conditions affect customer energy usage and water consumption. Industrial sales volumes are less sensitive to temperature variations than residential and commercial sales volumes. In our service territories, weather impacts both electric and water sales volumes during the summer and both electric and natural gas sales volumes during the winter; however, natural gas sales volumes are more sensitive to temperature variations than electric sales volumes. Customer heating or cooling usage may not directly correlate with historical levels or with the level of degree-days that occur.

Fluctuations in retail electric sales volumes at PSNH impact earnings ("Traditional" in the table above). For CL&P, NSTAR Electric, NSTAR Gas, EGMA, Yankee Gas, and our Connecticut water distribution business, fluctuations in retail sales volumes do not materially impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms ("Decoupled" in the table above). These distribution revenues are decoupled from their customer sales volumes, which breaks the relationship between sales volumes and revenues recognized.

Operating Revenues: The variance in Operating Revenues by segment is as follows:


	For the Three Months Ended March 31,
(Millions of Dollars)	2026		2025		Increase/ (Decrease)
Electric Distribution	$	2,940.5	$	2,777.7	$	162.8
Natural Gas Distribution	1,373.2		1,141.4		231.8
Electric Transmission	584.6		547.8		36.8
Water Distribution	53.6		50.3		3.3
Other	484.4		439.0		45.4
Eliminations	(931.9)		(837.8)		(94.1)
Total Operating Revenues	$	4,504.4	$	4,118.4	$	386.0

Electric and Natural Gas Distribution Revenues:

Base Distribution Revenues: Base distribution rates are the approved, regulated charges to recover the utility’s cost of service, including operations and building and maintaining infrastructure, that allow utilities to recover investments and earn a reasonable return. Base distribution rates are established in base rate proceedings and approved by state regulators. Fluctuations in base distribution revenues impact earnings. Base distribution revenues include the impact of the revenue decoupling mechanism, which qualifies as an alternative revenue program (ARP). The increase at Electric Distribution is due primarily to base distribution rate increases at NSTAR Electric effective January 1, 2026 and at PSNH effective August 1, 2025. The increase at Natural Gas Distribution is due primarily to base distribution rate increases effective November 1, 2025 at Yankee Gas, at NSTAR Gas and at EGMA.












	For the Three Months Ended March 31,
	Electric Distribution						Natural Gas Distribution
(Millions of Dollars)	2026		2025		Increase		2026		2025		Increase
Base Distribution Revenues	$	765.5	$	741.8	$	23.7	$	608.4	$	426.2	$	182.2

NSTAR Electric’s PBR mechanism allows for an annual adjustment to base distribution rates for inflation, exogenous events and future capital additions based on a historical five-year average of total capital additions. On December 30, 2025, the DPU approved a $55.1 million increase to base distribution rates for effect on January 1, 2026.

On July 31, 2024, the NHPUC approved a settlement agreement to implement a temporary annual base distribution rate increase of $61.2 million effective August 1, 2024 at PSNH. On July 25, 2025, the NHPUC approved a permanent rate increase of $100.7 million, effective August 1, 2025, inclusive of the temporary rate increase.

NSTAR Gas’ PBR mechanism allows for an annual adjustment to base distribution rates for inflation and exogenous events. On October 30, 2024, the DPU approved the annual PBR Adjustment filing for a $12.7 million increase to base distribution rates for effect on November 1, 2024. On October 29, 2025, the DPU approved a $117.6 million increase to base distribution rates for effect on November 1, 2025. On January 16, 2026, the DPU approved a joint settlement agreement between NSTAR Gas and the Massachusetts Office of the Attorney General that allowed for a $45.0 million increase to base distribution rates effective January 1, 2026 related to non-GSEP plant additions.

EGMA was allowed two rate base resets in a DPU-approved October 7, 2020 rate settlement agreement, with the first rate base reset on November 1, 2024. After adjusting for a cap required under the terms of the rate settlement agreement, the increase to base distribution rates was $85.6 million effective November 1, 2024 (of which $8.8 million is offset by a reduction in the GSEP revenue requirement and GSEP rate also taking effect on November 1, 2024 for a net distribution rate change on November 1, 2024 of $76.8 million). Base distribution rates were increased effective November 1, 2025 to incorporate the $62.2 million remaining revenue requirement. On November 7, 2024, the DPU approved this filing.

PURA issued a final decision in the Yankee Gas distribution rate case on November 5, 2025 that was subsequently updated on March 11, 2026, that included a distribution rate increase of $86.7 million, effective November 1, 2025. The approved revenue requirement includes a previously recorded rate credit of $37.4 million plus carrying charges for non-firm margin credits over three years beginning November 1, 2025. Excluding the rate credit, the distribution rate increase totaled $100.1 million.

Tracked Distribution Revenues: Tracked distribution revenues consist of certain costs that are recovered from customers in retail rates on a fully reconciling basis through regulatory commission-approved cost tracking mechanisms and therefore, recovery of these costs has no impact on earnings. Costs recovered through cost tracking mechanisms include, among others,

•energy supply and natural gas supply procurement;

•electric retail transmission charges;

•state-mandated charges incurred in furtherance of grid reliability, affordability, clean energy and other energy policy directives from the state, such as energy purchase agreements required by legislation and regulation and other energy-related costs, energy efficiency program costs, electric restructuring and stranded cost recovery revenues (including securitized RRB charges), hardship and low income programs, net metering for distributed generation, and additionally for NSTAR Electric solar-related programs; and

•other delivery costs, such as certain capital tracking mechanisms for infrastructure improvements, and additionally for the Massachusetts utilities, pension and PBOP benefits.

Revenues from certain of these cost tracking mechanisms also include certain incentives earned, return on capital tracking mechanisms, and carrying charges that are billed in rates to customers, which do impact earnings. Tracked revenues also include wholesale market sales transactions, such as sales of energy and energy-related products into the ISO-NE wholesale electricity market, sales of natural gas to third-party marketers, and the sale of RECs to various counterparties.

Customers have the choice to purchase electricity from their Eversource electric utility or from a competitive third-party supplier. For customers who have contracted separately with these competitive suppliers, revenue is not recorded for the sale of the electricity commodity, as the utility is acting as an agent on behalf of the third-party supplier. For customers that choose to purchase electric generation from CL&P, NSTAR Electric or PSNH, each utility purchases power on behalf of, and is permitted to recover the related energy supply cost without mark-up from, its customers, and records offsetting amounts in revenues and purchased power related to this energy supply procurement. CL&P, NSTAR Electric and PSNH each remain as the distribution service provider for all customers and charge a regulated rate for distribution delivery service recorded in revenues. Certain eligible natural gas customers may elect to purchase natural gas from their Eversource natural gas utility or may contract separately with a gas supply operator. Revenue is not recorded for the sale of the natural gas commodity to customers who have contracted separately with these operators, only the delivery to a customer, as the utility is acting as an agent on behalf of the gas supply operator.

The variance in tracked distribution revenues is due primarily to the following:












	For the Three Months Ended March 31,
	Electric Distribution						Natural Gas Distribution
(Millions of Dollars)	2026		2025		Increase/ (Decrease)		2026		2025		Increase/ (Decrease)
Retail Tariff Tracked Revenues:
Energy supply procurement	$	576.2	$	506.7	$	69.5	$	533.1	$	406.9	$	126.2
Retail transmission	521.2		450.5		70.7		—		—		—
State-mandated charges	353.1		547.4		(194.3)		143.0		141.2		1.8
Other delivery	179.6		160.8		18.8		21.7		100.2		(78.5)
Wholesale Market Sales Revenue	521.2		347.8		173.4		59.4		62.3		(2.9)

Operating Revenues do not directly correlate to charges on a customer’s bill and cannot be used to determine the percentage of a customer’s bill that contributes to various charges or programs. Differences between total company operating revenues and rates on a customer’s bill can arise due to customer class allocations and rate design, application of regulatory accounting, and other factors. For customers who have contracted with competitive third-party suppliers or gas supply operators, revenue is not recorded for the sale of the electricity or natural gas commodity, which, for those customers, represents a significant portion of a bill but is not reflected in total company operating revenues.

Fluctuations in retail tariff tracked revenues are driven by adjustments to retail rates to recover costs and changes in sales volumes.

Energy supply procurement: The increase in energy supply procurement within both electric distribution and natural gas distribution for the three month period was driven by higher average prices and higher average supply-related sales volumes.

State-mandated charges: The variance in state-mandated charges for the three month period was primarily driven by changes in the retail NBFMCC rate at CL&P and the retail LTRCA rate at NSTAR Electric. The CL&P NBFMCC rate includes the recovery of costs incurred under long-term state mandated energy purchase contracts with the Millstone and Seabrook nuclear power plants, net of the benefits received from selling this energy into the ISO-NE wholesale market. The NBFMCC rate changes primarily resulted from the timing of recovery of net costs associated with these power purchase agreements. The NSTAR Electric LTRCA rate includes recovery of costs incurred under the long-term state mandated energy purchase contract with Hydro-Québec that began in the first quarter of 2026, net of the benefits received from selling this energy into the ISO-NE wholesale market.

CL&P is required by both state legislation and regulation to purchase electric generation from Millstone and Seabrook under PURA-approved PPAs entered in 2019. NSTAR Electric is required by both state legislation and regulation to purchase renewable hydroelectric energy and renewable energy attributes from Hydro-Québec under a DPU-approved PPA entered in 2018. CL&P and NSTAR Electric do not have legislative authority to use this purchased output to serve their customer loads and therefore they sell the energy into the wholesale market and use the proceeds from the energy sales to offset the contract costs. The net cost or net sales amount is recovered from, or refunded to, customers in the non-bypassable component of the CL&P retail FMCC rate and the retail LTRCA rate at NSTAR Electric. CL&P and NSTAR Electric do not earn any margin or return from the sale of these contracted outputs, which solely offsets the cost of the legislatively required purchases from Millstone and Seabrook for CL&P and Hydro-Québec for NSTAR Electric. Changes in CL&P’s NBFMCC and NSTAR Electric’s LTRCA retail revenues and CL&P’s and NSTAR Electric’s wholesale market sales, as compared to the actual costs incurred, are deferred on the income statement by an offset to amortization expense (for CL&P) or purchased power expense (for NSTAR Electric).

Wholesale market sales revenue: The increase in electric distribution wholesale market sales revenue for the three month period was due primarily to higher average electricity market prices received for wholesale sales at CL&P and NSTAR Electric. ISO-NE average market prices received for CL&P’s wholesale sales increased to an average price of $112.71 per MWh for the three months ended March 31, 2026, as compared to $99.02 per MWh for the same period in 2025. The increase in the ISO-NE average market prices was driven primarily by higher natural gas prices in New England. The increase in wholesale market revenues at NSTAR Electric is due primarily to the sale of output from the Hydro-Québec PPA, which began in the first quarter of 2026. Volumes sold into the market were primarily from the sale of output generated by the Millstone PPA and Seabrook PPA with CL&P and the Hydro-Québec PPA with NSTAR Electric.

Electric Transmission Revenues: Electric transmission revenues increased $36.8 million for the three month period, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure and higher non-refundable transmission revenues. This increase was partially offset by the impact of a regulatory liability established for revenues subject to refund that was recorded in the first quarter of 2026 as a result of the March 19, 2026 FERC decision in the FERC base ROE complaints of $31.6 million. For further information, see "FERC Regulatory Matters - FERC ROE Complaints" in this Management's Discussion and Analysis of Financial Condition and Results of Operations.

Other Revenues and Eliminations: Other revenues primarily include the revenues of Eversource's service company, most of which are eliminated in consolidation. Eliminations are also 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.

Purchased Power, Purchased Natural Gas and Transmission expense includes costs associated with providing electric generation service supply and natural gas to all customers who have not migrated to third-party suppliers, the cost of energy purchase contracts entered into as required by regulation, and transmission costs. These electric and natural gas supply procurement costs, other energy-related costs, and transmission costs are recovered from customers in rates through commission-approved cost tracking mechanisms, which have no impact on earnings (tracked costs). The variance in Purchased Power, Purchased Natural Gas and Transmission expense is due to the following:


(Millions of Dollars)	Three Months Ended
Energy supply procurement costs	$	70.9
Other electric distribution costs	(10.7)
Natural gas supply costs	95.8
Transmission costs	64.5
Eliminations	(42.6)
Total Purchased Power, Purchased Natural Gas and Transmission	$	177.9

The variance in energy supply procurement costs is offset in Operating Revenues (tracked energy supply procurement revenues). The decrease in other electric distribution costs for the three month period is due primarily to lower net metering costs at NSTAR Electric, lower long-term contractual energy-related costs that are recovered in the non-bypassable component of the FMCC mechanism at CL&P, and a decrease in transition costs at PSNH resulting from higher Regional Greenhouse Gas Initiatives (RGGI) proceeds received, which are credited back to customers. These decreases were partially offset by an increase in the LTRCA related to NSTAR Electric’s PPA with Hydro-Québec, for which costs began in the first quarter 2026.

Costs at the natural gas distribution segment relate to supply procurement costs for retail customers. Total natural gas costs increased for the three month period due primarily to higher average prices, higher average purchased volumes, and an increase in the retail cost deferral.

Included in transmission costs are charges that recover the cost of transporting electricity over high-voltage lines from generation facilities to substations, including costs allocated by ISO-NE to maintain the wholesale electric system. The increase in transmission costs for the three month period was due primarily to an increase in costs billed by ISO-NE that support regional grid investments, an increase in Local Network Service charges, which reflect the cost of transmission service provided by Eversource over our local transmission network, and an increase in the retail transmission cost deferral, which reflects the actual costs of transmission service compared to estimated amounts billed to customers.

Operations and Maintenance expense includes tracked costs and costs that are part of base electric, natural gas and water distribution rates with changes impacting earnings (non-tracked costs). The variance in Operations and Maintenance expense is due to the following:


(Millions of Dollars)	Three Months Ended
Base Electric Distribution (Non-Tracked Costs):
Storm costs	$	9.0
Employee-related expenses (including labor and benefits)	(8.0)
Shared corporate costs (including IT system depreciation at Eversource Service)	5.3
General corporate costs (including vendor services in corporate areas, uncollectible expense, insurance, fees and assessments)	(5.1)
Operations-related expenses (including vegetation management, vendor services, vehicles and materials)	0.7

Total Base Electric Distribution (Non-Tracked Costs)	1.9
Tracked Electric Costs (Electric Distribution and Electric Transmission)	12.3
Total Electric Distribution and Electric Transmission	14.2
Natural Gas Distribution:
Base (Non-Tracked Costs) - Increase due primarily to higher uncollectible expense and employee-related expenses	19.6
Tracked Costs - Decrease due primarily to lower uncollectible expense	(6.8)
Total Natural Gas Distribution	12.8
Water Distribution	(0.1)
Eversource Parent and Other Companies - other operations and maintenance	42.6
Eliminations	(50.0)
Total Operations and Maintenance	$	19.5

Depreciation expense increased for the three month period due primarily to higher net plant in service balances and higher depreciation rates at Yankee Gas resulting from the November 2025 rate case decision.

Amortization expense includes the deferral of energy-related costs and other costs that are included in certain regulatory commission-approved cost tracking mechanisms. This deferral adjusts expense to match the corresponding revenues compared to the actual costs incurred. These costs are recovered from customers in rates and have no impact on earnings. Amortization expense also includes the amortization of certain costs as those costs are collected in rates.

The variance in Amortization for the three month period is due primarily to the deferral adjustments of energy-related and other tracked costs at CL&P (included in the SBC mechanism), NSTAR Electric and PSNH, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs.

The CL&P SBC retail rates in effect in the first quarter of 2026 were lower than those in the first quarter of 2025. These lower collections resulted in a corresponding decrease to amortization expense of $37.4 million for the CL&P SBC deferral adjustment.

Energy Efficiency Programs expense includes costs of various state energy policy initiatives and expanded energy efficiency programs that are recovered from customers in rates, most of which have no impact on earnings. Energy Efficiency Programs expense includes a deferral adjustment that reflects the actual costs of energy efficiency programs compared to the amounts billed to customers, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. Energy Efficiency Programs expense increased for the three month period due primarily to the deferral adjustment.

Taxes Other Than Income Taxes expense increased for the three month period due primarily to higher property taxes as a result of higher utility plant balances across our subsidiaries and higher Connecticut gross earnings taxes.

Interest Expense increased for the three month period due to the following:


(Millions of Dollars)	Three Months Ended
Long-term debt	$	31.4
Capitalized AFUDC related to debt funds	(1.8)
Amortization of debt discounts and premiums, net	0.6
Regulatory deferrals (due primarily to interest expense accrued on the FERC ROE regulatory liability of $28.8 million recorded in the first quarter of 2026)	46.9
Short-term notes payable	(12.2)
RRBs	(0.4)
Total Interest Expense	$	64.5

Other Income, Net increased for the three month period due to the following:


(Millions of Dollars)	Three Months Ended
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion	$	11.6
Interest Income (primarily on regulatory deferrals)	(5.6)

Equity in Earnings of Unconsolidated Affiliates	(2.2)
Investment Income/(Loss)	2.3

Other	2.8
Total Other Income, Net	$	8.9

Income Tax Expense increased for the three month period due primarily to higher pre-tax earnings ($19.8 million), higher state taxes ($10.1 million), and an increase in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($12.2 million), partially offset by an increase in amortization of EDIT ($3.2 million) and lower share-based payment tax deficiency ($0.8 million).

RESULTS OF OPERATIONS –

THE CONNECTICUT LIGHT AND POWER COMPANY

NSTAR ELECTRIC COMPANY AND SUBSIDIARY

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

The following provides the amounts and variances in operating revenues and expense line items in the statements of income for CL&P, NSTAR Electric and PSNH for the three months ended March 31, 2026 and 2025 included in this combined Quarterly Report on Form 10-Q:


	For the Three Months Ended March 31,
	CL&P						NSTAR Electric						PSNH
(Millions of Dollars)	2026		2025		Increase/ (Decrease)		2026		2025		Increase/ (Decrease)		2026		2025		Increase/ (Decrease)
Operating Revenues	$	1,568.1	$	1,541.2	$	26.9	$	1,131.1	$	1,014.2	$	116.9	$	383.5	$	348.0	$	35.5
Operating Expenses:
Purchased Power and Transmission	588.1		494.2		93.9		310.2		308.9		1.3		89.2		80.0		9.2
Operations and Maintenance	190.3		189.2		1.1		196.7		174.1		22.6		61.5		71.0		(9.5)
Depreciation	111.8		106.7		5.1		119.3		108.0		11.3		44.4		40.5		3.9
Amortization of Regulatory Assets, Net	280.0		343.2		(63.2)		74.7		52.3		22.4		26.7		20.9		5.8
Energy Efficiency Programs	36.2		51.6		(15.4)		108.2		63.4		44.8		10.5		12.2		(1.7)
Taxes Other Than Income Taxes	120.6		115.2		5.4		75.7		75.9		(0.2)		27.3		25.8		1.5
Total Operating Expenses	1,327.0		1,300.1		26.9		884.8		782.6		102.2		259.6		250.4		9.2
Operating Income	241.1		241.1		—		246.3		231.6		14.7		123.9		97.6		26.3
Interest Expense	74.2		50.0		24.2		80.3		59.2		21.1		28.6		20.6		8.0
Other Income, Net	17.6		17.6		—		51.7		46.3		5.4		10.5		10.8		(0.3)
Income Before Income Tax Expense	184.5		208.7		(24.2)		217.7		218.7		(1.0)		105.8		87.8		18.0
Income Tax Expense	45.2		52.5		(7.3)		51.7		51.5		0.2		26.0		21.5		4.5
Net Income	$	139.3	$	156.2	$	(16.9)	$	166.0	$	167.2	$	(1.2)	$	79.8	$	66.3	$	13.5

Operating Revenues

Sales Volumes: A summary of our retail electric GWh sales volumes is as follows:


	For the Three Months Ended March 31,
	2026	2025	Percentage Increase
CL&P	5,397	5,204	3.7	%
NSTAR Electric	5,861	5,738	2.1	%
PSNH	2,067	2,030	1.8	%

Fluctuations in retail electric sales volumes at PSNH impact earnings. For CL&P and NSTAR Electric, fluctuations in retail electric sales volumes do not impact earnings due to their respective regulatory commission-approved distribution revenue decoupling mechanisms.

Operating Revenues: Operating Revenues, which consist of base distribution revenues and tracked revenues further described below, increased $26.9 million at CL&P, $116.9 million at NSTAR Electric, and $35.5 million at PSNH for the three month period.

Base Distribution Revenues: Base distribution rates are the approved, regulated charges to recover the utility’s cost of service, including operations and building and maintaining infrastructure, that allow utilities to recover investments and earn a reasonable return. Base distribution rates are established in base rate proceedings and approved by state regulators. Fluctuations in base distribution revenues impact earnings. Base distribution revenues include the impact of the revenue decoupling mechanism, which qualifies as an ARP. The increases at NSTAR Electric and PSNH are due to base distribution rate increases effective January 1, 2026 and August 1, 2025, respectively.


	For the Three Months Ended March 31,
	CL&P						NSTAR Electric						PSNH
(Millions of Dollars)	2026		2025		Increase		2026		2025		Increase		2026		2025		Increase
Base Distribution Revenues	$	296.0	$	296.0	$	—	$	330.7	$	317.7	$	13.0	$	138.8	$	128.1	$	10.7

•energy supply procurement;

•retail transmission charges;

•other delivery costs, such as certain capital tracking mechanisms for infrastructure improvements, and additionally for NSTAR Electric, pension and PBOP benefits.

The variance in tracked distribution revenues is due primarily to the following:


	For the Three Months Ended March 31,
	CL&P						NSTAR Electric						PSNH
(Millions of Dollars)	2026		2025		Increase/ (Decrease)		2026		2025		Increase/ (Decrease)		2026		2025		Increase/ (Decrease)
Retail Tariff Tracked Revenues:
Energy supply procurement	$	380.6	$	301.3	$	79.3	$	105.9	$	140.1	$	(34.2)	$	89.7	$	65.3	$	24.4
Retail transmission	213.3		157.8		55.5		229.7		223.5		6.2		78.2		69.2		9.0
State-mandated charges	159.7		362.5		(202.8)		172.8		153.8		19.0		20.6		31.1		(10.5)
Other delivery	77.4		76.6		0.8		102.1		82.9		19.2		0.1		1.3		(1.2)




Wholesale Market Sales Revenue	368.7		280.0		88.7		143.3		57.3		86.0		9.2		10.5		(1.3)

Operating Revenues do not directly correlate to charges on a customer’s bill and cannot be used to determine the percentage of a customer’s bill that contributes to various charges or programs. Differences between total company operating revenues and rates on a customer’s bill can arise due to customer class allocations and rate design, application of regulatory accounting, and other factors. For customers who have contracted with competitive third-party suppliers, revenue is not recorded for the sale of the electricity commodity, which, for those customers, represents a significant portion of a bill but is not reflected in total company operating revenues.

Fluctuations in retail tariff tracked revenues are driven by adjustments to retail rates to recover costs and changes in sales volumes.

Energy supply procurement: The increase in energy supply procurement at CL&P and PSNH for the three month period was driven by higher average prices and higher average supply-related sales volumes. The decrease in energy supply procurement at NSTAR Electric for the three month period was driven by lower average supply-related sales volumes, partially offset by higher average prices.

Wholesale market sales revenue: The increase in wholesale market sales revenue for the three month period was due primarily to higher average electricity market prices received for wholesale sales at CL&P and NSTAR Electric. ISO-NE average market prices received for CL&P’s wholesale sales increased to an average price of $112.71 per MWh for the three months ended March 31, 2026, as compared to $99.02 per MWh for the same period in 2025. The increase in the ISO-NE average market prices was driven primarily by higher natural gas prices in New England. The increase in wholesale market revenues at NSTAR Electric is due primarily to the sale of output from the Hydro-Québec PPA, which began in the first quarter of 2026. Volumes sold into the market were primarily from the sale of output generated by the Millstone PPA and Seabrook PPA with CL&P and the Hydro-Québec PPA with NSTAR Electric.

Transmission Revenues: Transmission revenues increased $15.2 million at CL&P, $15.6 million at NSTAR Electric, and $6.0 million at PSNH for the three month period, due primarily to a higher transmission rate base as a result of our continued investment in our transmission infrastructure and higher non-refundable transmission revenues. These increases were partially offset by the impact of a regulatory liability established for revenues subject to refund that was recorded in the first quarter of 2026 as a result of the March 19, 2026 FERC decision in the FERC base ROE complaints of $15.0 million, $12.7 million, and $3.9 million for CL&P, NSTAR Electric and PSNH, respectively. For further information, see "FERC Regulatory Matters - FERC ROE Complaints" in this Management's Discussion and Analysis of Financial Condition and Results of Operations.

Eliminations: Eliminations are 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. The impact of eliminations decreased revenues by $9.5 million at CL&P, $8.8 million at NSTAR Electric, and $2.0 million at PSNH for the three month period.

Purchased Power and Transmission expense includes costs associated with providing electric generation service supply to all customers who have not migrated to third-party suppliers, the cost of energy purchase contracts entered into as required by regulation, and transmission costs. These energy supply procurement costs, other energy-related costs, and transmission costs are recovered from customers in rates through commission-approved cost tracking mechanisms, which have no impact on earnings (tracked costs). The variance in Purchased Power and Transmission expense is due to the following:


(Millions of Dollars)	CL&P		NSTAR Electric		PSNH
Energy supply procurement costs	$	80.2	$	(34.1)	$	24.8
Other electric distribution costs	(27.4)		38.2		(21.5)
Transmission costs	50.6		6.0		7.9
Eliminations	(9.5)		(8.8)		(2.0)
Total Purchased Power and Transmission	$	93.9	$	1.3	$	9.2

The variance in energy supply procurement costs is offset in Operating Revenues (tracked energy supply procurement revenues). The variance in other electric distribution costs at NSTAR Electric is due primarily to an increase in the LTRCA related to NSTAR Electric’s PPA with Hydro-Québec, for which costs began in the first quarter of 2026, partially offset by lower net metering costs, at CL&P is due to lower long-term contractual energy-related costs that are recovered in the non-bypassable component of the FMCC mechanism, and at PSNH is due to a decrease in transition costs resulting from higher RGGI proceeds received, which are credited back to customers.

•The increase in transmission costs at CL&P was due primarily to an increase in costs billed by ISO-NE that support regional grid investments, an increase in Local Network Service charges, which reflect the cost of transmission service provided by Eversource over

our local transmission network and an increase in the retail transmission cost deferral, which reflects the actual costs of transmission service compared to estimated amounts billed to customers.

•The increase in transmission costs at NSTAR Electric was due primarily to an increase in costs billed by ISO-NE and an increase in Local Network Service charges, partially offset by a decrease in the retail transmission cost deferral.

•The increase in transmission costs at PSNH was due primarily to an increase in costs billed by ISO-NE, an increase in Local Network Service charges, and an increase in the retail transmission cost deferral.

Operations and Maintenance expense includes tracked costs and costs that are part of base distribution rates with changes impacting earnings (non-tracked costs). The variance in Operations and Maintenance expense is due to the following:


(Millions of Dollars)	CL&P		NSTAR Electric		PSNH
Base Electric Distribution (Non-Tracked Costs):
Storm costs	$	0.6	$	7.9	$	0.5

Shared corporate costs (including IT system depreciation at Eversource Service)	1.4		3.3		0.6
Employee-related expenses (including labor and benefits)	(4.3)		0.1		(3.8)
Vegetation Management	4.7		1.4		(6.4)
General corporate costs (including vendor services in corporate areas, uncollectible expense, insurance, fees and assessments)	4.4		(7.7)		(1.8)
Operations-related expenses (including vendor services, vehicles and materials)	0.4		2.9		(2.3)
Total Base Electric Distribution (Non-Tracked Costs)	7.2		7.9		(13.2)
Total Tracked Costs - Increase at NSTAR Electric due primarily to higher transmission expense and higher uncollectible expense	(6.1)		14.7		3.7
Total Operations and Maintenance	$	1.1	$	22.6	$	(9.5)

Depreciation expense increased for the three month period for CL&P, NSTAR Electric and PSNH due to higher net plant in service balances.

Amortization of Regulatory Assets, Net expense includes the deferral of energy-related costs and other costs that are included in certain regulatory commission-approved cost tracking mechanisms. This deferral adjusts expense to match the corresponding revenues compared to the actual costs incurred. These costs are recovered from customers in rates and have no impact on earnings. Amortization expense also includes the amortization of certain costs as those costs are collected in rates. The variance in Amortization of Regulatory Assets, Net for the three month period is due primarily to the following:

•The variance at CL&P was due primarily to the deferral adjustment of energy-related and other tracked costs that are included in the SBC mechanism, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. The CL&P SBC retail rates in effect in the first quarter 2026 were lower than those in the first quarter of 2025. These lower collections resulted in a corresponding decrease to amortization expense of $37.4 million for the CL&P SBC deferral adjustment.

•The variance at NSTAR Electric was due primarily to the deferral adjustment of costs included in the solar facilities regulatory mechanism and higher recoveries of storm costs recovered in rates, partially offset by the deferral adjustment of energy-related and other tracked costs that are included in the advanced metering infrastructure regulatory mechanism.

•The variance at PSNH was due to the deferral adjustment of energy-related and other tracked costs that are included in the stranded cost recovery mechanism, partially offset by the energy efficiency regulatory mechanism and the Pole Plant Adjustment Mechanism.

Energy Efficiency Programs expense includes costs of various state energy policy initiatives and expanded energy efficiency programs that are recovered from customers in rates, most of which have no impact on earnings. Energy Efficiency Programs expense includes a deferral adjustment that reflects the actual costs of energy efficiency programs compared to the amounts billed to customers, which can fluctuate from period to period based on the timing of costs incurred and related rate changes to recover these costs. The variance in Energy Efficiency Programs expense for the three month period is due primarily to the following:

•The decrease at CL&P was due to lower program spending.

•The increase at NSTAR Electric was due to the deferral adjustment, partially offset by lower program spending.

•The decrease at PSNH was due to the deferral adjustment.

Taxes Other Than Income Taxes - the variance is due primarily to the following:

•The increases at CL&P and PSNH were due to higher property taxes as a result of higher utility plant balances.

Interest Expense - the variance is due to the following:


(Millions of Dollars)	CL&P		NSTAR Electric		PSNH
Long-term debt	$	(0.1)	$	8.2	$	3.3
Capitalized AFUDC related to debt funds	(0.5)		(2.1)		0.2
Amortization of debt discounts and premiums, net	(0.2)		—		0.2
Regulatory deferrals (due primarily to interest expense accrued on the FERC ROE regulatory liability of $13.7 million, $11.5 million and $3.6 million, respectively, recorded in the first quarter of 2026)	25.4		16.7		5.3
Short-term notes payable	(0.4)		(1.7)		(0.5)
RRBs	—		—		(0.4)
Other	—		—		(0.1)
Total Interest Expense	$	24.2	$	21.1	$	8.0

Other Income, Net - the variance is due to the following:


(Millions of Dollars)	CL&P		NSTAR Electric		PSNH
Pension, SERP and PBOP Non-Service Income Components, Net of Deferred Portion	$	3.6	$	4.2	$	1.1
Interest Income (primarily on regulatory deferrals)	(4.4)		(2.6)		0.3
Capitalized AFUDC related to equity funds	1.0		1.6		(1.6)
Investment Income/(Loss)	(0.2)		2.2		(0.1)


Total Other Income, Net	$	—	$	5.4	$	(0.3)

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

•The decrease at CL&P was due primarily to lower pre-tax earnings ($5.1 million), lower state taxes ($1.0 million), an increase in amortization of EDIT ($2.0 million), and lower share-based payment tax deficiency ($0.3 million), partially offset by an increase in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($1.1 million).

•The increase at NSTAR Electric was due primarily to an increase in items that impact our tax rate as a result of regulatory treatment (flow-through items) and permanent differences ($0.6 million) and higher state taxes ($0.1 million), partially offset by lower share-based payment tax deficiency ($0.5 million).

•The increase at PSNH was due primarily to higher pre-tax earnings ($3.8 million) and higher state taxes ($1.1 million), partially offset by an increase in amortization of EDIT ($0.4 million).

EARNINGS SUMMARY

CL&P's earnings decreased $16.9 million for the three month period due primarily to the after-tax charge of $20.8 million resulting from the March 19, 2026 FERC decision in the FERC base ROE complaints recorded in the first quarter of 2026, higher net interest expense on regulatory deferrals, higher operations and maintenance expense, higher property tax expense and higher depreciation expense. The earnings decrease was partially offset by higher non-refundable transmission revenues, a higher transmission rate base as a result of our continued investment in our transmission infrastructure and higher revenues from its capital tracking mechanism due to increased electric system improvements.

NSTAR Electric's earnings decreased $1.2 million for the three month period due primarily to the after-tax charge of $17.6 million resulting from the March 19, 2026 FERC decision in the FERC base ROE complaints recorded in the first quarter of 2026, higher operations and maintenance expense, higher interest expense on long-term debt and higher depreciation expense. The earnings decrease was partially offset by higher revenues as a result of the base distribution rate increase effective January 1, 2026, higher non-refundable transmission revenues, a higher transmission rate base as a result of our continued investment in our transmission infrastructure and higher earnings from its AMI capital tracking mechanism.

PSNH's earnings increased $13.5 million for the three month period due primarily to lower operations and maintenance expense and higher revenues as a result of the base distribution rate increase effective August 1, 2025. The earnings increase was partially offset by the after-tax charge of $5.5 million resulting from the March 19, 2026 FERC decision in the FERC base ROE complaints recorded in the first quarter of 2026, higher interest expense on long-term debt and higher depreciation expense.

LIQUIDITY

Cash Flows: CL&P had cash flows provided by operating activities of $225.1 million for the three months ended March 31, 2026, as compared to $422.7 million in the same period of 2025. The decrease in operating cash flows was due primarily to a $127.5 million increase in income tax payments made in 2026 as compared to 2025, a decrease in recoveries of the SBC regulatory tracking mechanism driven by the timing of collections, and the timing of cash collections on our accounts receivable. These unfavorable impacts were partially offset by an improvement in regulatory recoveries for retail and wholesale transmission costs and other regulatory cost tracking mechanisms driven by the timing of cash collections, a $7.0 million decrease in cost of removal expenditures, and the timing of cash collections on our accounts payable. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets, Net on the statements of cash flows.

NSTAR Electric had cash flows provided by operating activities of $534.7 million for the three months ended March 31, 2026, as compared to $311.4 million in the same period of 2025. The increase in operating cash flows was due primarily to the timing of cash collections on our accounts receivable, an improvement in regulatory recoveries driven primarily by the timing of collections for solar program costs and other regulatory cost tracking mechanisms, a $10.8 million decrease in cost of removal expenditures, the timing of cash collections on our accounts payable, a $4.6 million increase in income tax refunds received in 2026 compared to 2025, and the timing of other working capital items. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets, Net on the statements of cash flows. These favorable impacts were partially offset by an increase of $3.9 million in cash payments to vendors for storm costs. Additionally, under a winter electric bill relief program in Massachusetts, bill credits were provided to electric customers in the first quarter of 2026, which resulted in delayed collections that will be recovered later in 2026, and were partially offset by proceeds of $84.1 million received from the Commonwealth of Massachusetts at NSTAR Electric in January 2026 to fund a portion of the bill relief.

PSNH had cash flows provided by operating activities of $114.4 million for the three months ended March 31, 2026, as compared to $99.4 million in the same period of 2025. The increase in operating cash flows was due primarily to a decrease of $19.6 million in cash payments to vendors for storm costs, partially offset by the timing of cash payments made on our accounts payable, the timing of cash collections on our accounts receivable, an increase in regulatory recoveries driven primarily by the timing of collections for energy supply costs and other regulatory cost tracking mechanisms, and the timing of other working capital items. The impacts of regulatory collections are included in both Regulatory Recoveries and Amortization of Regulatory Assets, Net on the statements of cash flows.

For further information on CL&P's, NSTAR Electric's and PSNH's liquidity and capital resources, see "Liquidity" and "Business Development and Capital Expenditures" included in this Management's Discussion and Analysis of Financial Condition and Results of Operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Information

Commodity Price Risk Management: Our regulated companies enter into energy contracts to serve our customers, and the economic impacts of those contracts are passed on to our customers. Accordingly, the regulated companies have no exposure to loss of future earnings or fair values due to these market risk-sensitive instruments. Eversource's Energy Supply Risk Committee, comprised of senior officers, reviews and approves all large-scale energy-related transactions entered into by its regulated companies.

Other Risk Management Activities

Interest Rate Risk Management: Interest rate risk is associated with changes in interest rates for our outstanding long-term debt. Our interest rate risk is significantly reduced as typically all or most of our debt financings have fixed interest rates. As of March 31, 2026, all of our long-term debt was at a fixed interest rate.

Credit Risk Management: Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of our contractual obligations. We serve a wide variety of customers and transact with suppliers that include IPPs, industrial companies, natural gas and electric utilities, oil and natural gas producers, financial institutions, and other energy marketers. Margin accounts exist within this diverse group, and we realize interest receipts and payments related to balances outstanding in these margin accounts. This wide customer and supplier mix generates a need for a variety of contractual structures, products and terms that, in turn, require us to manage the portfolio of market risk inherent in those transactions in a manner consistent with the parameters established by our risk management process.

Our regulated companies are subject to credit risk from certain long-term or high-volume supply contracts with energy marketing companies. Our regulated companies manage the credit risk with these counterparties in accordance with established credit risk practices and monitor contracting risks, including credit risk. As of March 31, 2026, our regulated companies held collateral (letters of credit or cash) of $32.6 million from counterparties related to our standard service contracts. As of March 31, 2026, Eversource had $17.2 million of cash posted with ISO-NE related to energy transactions.

We have provided additional disclosures regarding interest rate risk management and credit risk management in Part II, Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," in Eversource's 2025 Form 10-K, which is incorporated herein by reference. There have been no additional risks identified and no material changes with regard to the items previously disclosed in the Eversource 2025 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Management, on behalf of Eversource, CL&P, NSTAR Electric and PSNH, evaluated the design and operation of the disclosure controls and procedures as of March 31, 2026 to determine whether they are effective in ensuring that the disclosure of required information is made timely and in accordance with the Securities Exchange Act of 1934 and the rules and regulations of the SEC. This evaluation was made under management's supervision and with management's participation, including the principal executive officer and principal financial officer as of the end of the period covered by this Quarterly Report on Form 10-Q. There are inherent limitations of disclosure controls and procedures, including the possibility of human error and the circumventing or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. The principal executive officer and principal financial officer have concluded, based on their review, that the disclosure controls and procedures of Eversource, CL&P, NSTAR Electric and PSNH are effective to ensure that information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized, and reported within the time periods specified in SEC rules and regulations and (ii) is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

There have been no changes in internal controls over financial reporting for Eversource, CL&P, NSTAR Electric and PSNH during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are parties to various legal proceedings. We have disclosed certain legal proceedings in Part I, Item 3, "Legal Proceedings," and elsewhere in our 2025 Form 10-K. These disclosures are incorporated herein by reference. There have been no material legal proceedings identified and no material changes with regard to the legal proceedings previously disclosed in our 2025 Form 10-K.

ITEM 1A. RISK FACTORS

We are subject to a variety of significant risks in addition to the matters set forth under our forward-looking statements section in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of this Quarterly Report on Form 10-Q. We have identified a number of these risk factors in Part I, Item 1A, "Risk Factors," in our 2025 Form 10-K, which risk factors are incorporated herein by reference. These risk factors should be considered carefully in evaluating our risk profile. The following risk factor update should be read in conjunction with the risk factors described in the 2025 Form 10-K.

Eversource and other transmission-owning electric companies within ISO-NE have been subject to complaints challenging the reasonableness of our allowed ROEs since 2011. On March 19, 2026, FERC issued an order finding that the base ROE was unjust and unreasonable and setting a new base ROE for the first complaint period and prospectively from October 2014. FERC ordered refunds with interest for those historical refund periods, which are material to us, and dismissed the other three complaints. The material amount of the refunds required by FERC’s order is driven primarily by the length of the retroactive refund period, which spans nearly 12 years. The application of the revised base ROE to revenues collected over this extended historical period substantially increased the aggregate refund obligation compared to what would have resulted from a shorter refund period. The order adversely affects our financial position, results of operations, and cash flows, particularly if we seek rehearing or appeal and are unsuccessful, and creates risks regarding our ability to secure acceptable ROEs in future FERC proceedings. See "FERC Regulatory Matters - FERC ROE Complaints," in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Note 9C, “Commitments and Contingencies - FERC ROE Complaints,” to the financial statements for additional information regarding the financial impact of this order.

Other than as set forth above, there have been no additional risk factors identified and no material changes with regard to the risk factors previously disclosed in our 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table discloses purchases of our common shares made by us or on our behalf for the periods shown below. The common shares purchased consist of open market purchases made by the Company or an independent agent. These share transactions related to matching contributions under the Eversource 401k Plan.


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans and Programs (at month end)
January 1 - January 31, 2026	—	$	—	—	—
February 1 - February 28, 2026	—	—		—	—
March 1 - March 31, 2026	2,522	68.38		—	—
Total	2,522	$	68.38	—	—

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the quarter ended March 31, 2026, none of the Company’s directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as such terms are defined under Item 408 of Regulation S-K.

ITEM 6. EXHIBITS

Each document described below is filed herewith, unless designated with an asterisk (*), which exhibits are incorporated by reference by the registrant under whose name the exhibit appears.


	Exhibit No.	Description

	Listing of Exhibits (Eversource)
*	4	Junior Subordinated Note Indenture, dated as of February 1, 2026, between Eversource Energy and The Bank of New York Mellon Trust Company, N.A., as Trustee (Exhibit 4.1, Eversource Current Report on Form 8-K filed on February 26, 2026, File No. 001-05324)

*	4.1	First Supplemental Indenture, dated as of February 1, 2026, between Eversource Energy and The Bank of New York Mellon Trust Company, N.A., as Trustee (Exhibit 4.2, Eversource Current Report on Form 8-K filed on February 26, 2026, File No. 001-05324)

*	4.2	Second Supplemental Indenture, dated as of February 1, 2026, between Eversource Energy and The Bank of New York Mellon Trust Company, N.A., as Trustee (Exhibit 4.3, Eversource Current Report on Form 8-K filed on February 26, 2026, File No. 001-05324)

	31	Certification by the Chairman of the Board, President and Chief Executive Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.1	Certification by the Chief Financial Officer of Eversource Energy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32	Certification by the Chairman of the Board, President and Chief Executive Officer and Chief Financial Officer of Eversource Energy pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	Listing of Exhibits (CL&P)
	31	Certification by the Chairman and Chief Executive Officer of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.1	Certification by the Chief Financial Officer of The Connecticut Light and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32	Certification by the Chairman and Chief Executive Officer and the Chief Financial Officer of The Connecticut Light and Power Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	Listing of Exhibits (NSTAR Electric Company)
	31	Certification by the Chairman of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.1	Certification by the Chief Financial Officer of NSTAR Electric Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32	Certification by the Chairman and the Chief Financial Officer of NSTAR Electric Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	Listing of Exhibits (PSNH)
	31	Certification by the Chairman of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.1	Certification by the Chief Financial Officer of Public Service Company of New Hampshire pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32	Certification by the Chairman and the Chief Financial Officer of Public Service Company of New Hampshire pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	Listing of Exhibits (Eversource, CL&P, NSTAR Electric, PSNH)
	101.INS	Inline XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document

	101.SCH	Inline XBRL Taxonomy Extension Schema

	101.CAL	Inline XBRL Taxonomy Extension Calculation

	101.DEF	Inline XBRL Taxonomy Extension Definition

	101.LAB	Inline XBRL Taxonomy Extension Labels

	101.PRE	Inline XBRL Taxonomy Extension Presentation

	104	The cover page from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	EVERSOURCE ENERGY

May 7, 2026	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

SIGNATURE


	THE CONNECTICUT LIGHT AND POWER COMPANY

May 7, 2026	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

SIGNATURE


	NSTAR ELECTRIC COMPANY

May 7, 2026	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

SIGNATURE


	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

May 7, 2026	By:	/s/ Jay S. Buth
		Jay S. Buth
		Vice President, Controller and Chief Accounting Officer

Eversource Energy - 10-Q quarterly report FY

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