AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Electric utilities retain the delivery relationship even when customers switch suppliers, supported by existing transmission assets and approved recovery formulas. This demonstrates an infrastructure advantage without proving broad cost leadership.
durability · 2/4 · Continuing delivery access and decoupling support persistence, but the actual FERC return reduction and enlarged refund exposure weaken confidence in durable economic returns.
customer dependency · 3/4 · Supplier choice leaves customers dependent on the existing distribution provider. Actual first-half delivery volumes support continuing use; this is infrastructure dependency, not evidence of customer preference or a measured retention rate.
erosion resilience · 2/4 · Decoupling and cost recovery protect parts of the business, while realized regulatory return cuts and non-tracked expense exposure demonstrate incomplete protection.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Disclosed approved gas and electric rate increases demonstrate achieved regulatory pricing outcomes. These are balanced by the FERC return reduction; commodity supply recovery without markup does not demonstrate discretionary pricing power.
retention · 3/4 · Delivery relationships persist through energy supplier switching, and all three electric subsidiaries reported higher first-half delivery volumes. Assessment uses continuing service obligations and indirect operating evidence, without inferring a retention percentage.
margin resilience · 2/4 · Actual-cost tracking and decoupling cushion commodity and volume changes. First-half operating income was broadly stable at CL&P and NSTAR Electric and higher at PSNH, but interest costs rose and consolidated earnings suffered investment-related charges. Resilience is partial.
contractual freedom · 1/4 · Delivery prices are regulated, supply costs are recovered without markup, and overcollections are refunded. Regulatory rate increases provide limited flexibility, rather than unilateral control of price or terms.
Predictability51
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 11.12
- Positive FCF years (%)
- 0.00
- FCF margin volatility (pp)
- 7.94
Financial strength3
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 12.76
- currentRatioGrade
- 0.00
- Net debt / operating income (x)
- 9.41
- Interest coverage (x)
- 2.40
- Current ratio (x)
- 0.65
Capital allocation45
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 6.46
- 3-year average dilution (%)
- 2.27
- 3-year average SBC / revenue (%)
- 0.24
- cashConversionGrade
- 0.00
Management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Completed Aquarion debt repayment and successful refinancing demonstrate financing execution. Equity issuance, expensive new subordinated borrowing and renewed offshore wind losses temper that evidence. The passages do not establish superior investment returns or full consolidated cash funding coverage.
incentive alignment · 2/4 · Disclosed ownership and holding requirements, clawbacks and hedging restrictions support alignment. The adopted 2025 formulaic scorecard addresses shareholder concerns, but prior payout discretion and limited ownership-compliance detail prevent a stronger assessment.
execution · 2/4 · Reported reliability outcomes, early substation completion and approved rate settlements demonstrate operational accomplishments. Subsequent offshore wind losses and regulatory setbacks make overall execution mixed. Reliability rankings are issuer-reported, and project completion does not establish the final project return.
governance · 2/4 · Actual audit committee meetings, independent sessions and an adopted compensation response demonstrate functioning oversight. Combined chairman and CEO roles and only 57.13 percent support for the prior compensation vote temper the assessment; later proposal outcomes are not supplied.
Evidence
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.
Results of operations: continuing distribution service and regulated delivery rates · Filed 03/08/2026
Wholesale Transmission Revenues: The Eversource electric transmission-owning companies (CL&P, NSTAR Electric and PSNH) each own and maintain transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England.
Revenue recognition: ownership and maintenance of interstate transmission facilities · Filed 17/02/2026
The Eversource electric transmission-owning companies have a combination of FERC-approved regional and local formula rates that are designed to work in tandem to recover all their transmission costs.
Wholesale transmission revenues: FERC-approved cost recovery formulas · Filed 17/02/2026
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.
Results of operations: distribution revenue decoupling · Filed 03/08/2026
Because customer migration is limited to energy supply service, it has no impact on CL&P's electric distribution business or its operating income.
Connecticut electric distribution: supplier migration does not affect distribution operating income · Filed 17/02/2026
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.
FERC ROE proceedings: replacement base return and historical effective date · Filed 03/08/2026
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.
FERC regulatory risk: increased historical refund obligation · Filed 03/08/2026
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).
Operations and maintenance: non-tracked costs affect earnings · Filed 03/08/2026
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.
Forward-looking risk factors: regulation, technology, capital access and infrastructure risks · Filed 17/02/2026
• Eversource achieved many constructive regulatory outcomes in 2025, including approval of two settlement agreements with the Massachusetts Attorney General’s Office that resulted in a $10 million rate adjustment and Gas System Enhancement Program for NSTAR Gas Company customers and allowance for future recovery of $65 million, net of acquisition and integration costs for Eversource Gas Company of Massachusetts; approval of a Yankee Gas Services Company rate case by the Connecticut Public Utilities Regulatory Authority resulting in an approximately $100 million revenue increase, a 9.32 percent return on equity, and enabled timely recovery of critical safety and regulatory capital investment programs; and a settlement with the New Hampshire Public Utilities Commission (NHPUC) for approximately $100 million in rates with annual inflationary performance-based regulation rate mechanism that provides for an annual rate adjustment through July of 2029 and return on equity of 9.50 percent.
2025 accomplishments: approved rate increases and regulatory settlements · Filed 27/03/2026
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.
Results of operations: energy supply recovery without markup · Filed 03/08/2026
These tracking mechanisms result in rates being changed periodically to ensure recovery of actual costs incurred and the refund of any overcollection of costs.
Revenue recognition: periodic actual-cost recovery and overcollection refunds · Filed 17/02/2026
60 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 six months ended June 30, 2026 and 2025 included in this combined Quarterly Report on Form 10-Q: For the Six Months Ended June 30, CL&P NSTAR Electric PSNH (Millions of Dollars) 2026 2025 Increase/ (Decrease) 2026 2025 Increase/ (Decrease) 2026 2025 Increase/ (Decrease) Operating Revenues $ 2,617.8 $ 2,673.4 $ (55.6) $ 2,069.0 $ 1,883.2 $ 185.8 $ 717.5 $ 651.1 $ 66.4 Operating Expenses: Purchased Power and Transmission 1,049.1 874.5 174.6 537.3 534.7 2.6 154.9 119.3 35.6 Operations and Maintenance 384.2 390.9 (6.7) 386.7 342.5 44.2 128.8 138.0 (9.2) Depreciation 224.8 214.4 10.4 239.3 217.4 21.9 89.4 81.7 7.7 Amortization of Regulatory Assets, Net 202.1 418.0 (215.9) 90.0 67.7 22.3 34.9 47.7 (12.8) Energy Efficiency Programs 68.0 91.7 (23.7) 193.3 107.7 85.6 18.3 22.7 (4.4) Taxes Other Than Income Taxes 230.1 221.0 9.1 159.6 152.0 7.6 55.8 53.0 2.8 Total Operating Expenses 2,158.3 2,210.5 (52.2) 1,606.2 1,422.0 184.2 482.1 462.4 19.7 Operating Income 459.5 462.9 (3.4) 462.8 461.2 1.6 235.4 188.7 46.7 Interest Expense 138.4 97.6 40.8 152.7 114.6 38.1 55.3 41.1 14.2 Other Income, Net 34.8 30.1 4.7 105.8 94.0 11.8 20.9 24.5 (3.6) Income Before Income Tax Expense 355.9 395.4 (39.5) 415.9 440.6 (24.7) 201.0 172.1 28.9 Income Tax Expense 86.4 100.5 (14.1) 96.2 104.5 (8.3) 49.2 41.9 7.3 Net Income $ 269.5 $ 294.9 $ (25.4) $ 319.7 $ 336.1 $ (16.4) $ 151.8 $ 130.2 $ 21.6 Operating Revenues Sales Volumes: A summary of our retail electric GWh sales volumes is as follows: For the Six Months Ended June 30, 2026 2025 Percentage Increase CL&P 10,017 9,881 1.4 % NSTAR Electric 11,326 11,183 1.3 % PSNH 3,901 3,846 1.4 % Fluctuations in retail electric sales volumes at PSNH impact earnings.
Subsidiary operating results: six-month earnings, expenses and delivery volumes · Filed 03/08/2026
1 EVERSOURCE ENERGY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, (Thousands of Dollars, Except Share Information) 2026 2025 2026 2025 Operating Revenues $ 2,903,189 $ 2,838,068 $ 7,407,552 $ 6,956,423 Operating Expenses: Purchased Power, Purchased Natural Gas and Transmission 939,514 818,747 2,457,688 2,159,084 Operations and Maintenance 480,441 467,557 987,420 955,008 Depreciation 423,914 385,595 844,396 765,175 Amortization (44,323) 109,103 358,441 564,552 Energy Efficiency Programs 173,231 135,290 464,730 392,840 Taxes Other Than Income Taxes 278,178 258,727 566,495 530,321 Sale of Aquarion 111,360 — 111,360 — Total Operating Expenses 2,362,315 2,175,019 5,790,530 5,366,980 Operating Income 540,874 663,049 1,617,022 1,589,443 Interest Expense 355,490 293,193 720,749 594,042 Loss on Offshore Wind 194,000 — 194,000 — Other Income, Net 144,033 95,363 245,192 187,706 Income Before Income Tax Expense 135,417 465,219 947,465 1,183,107 Income Tax Expense 79,857 110,611 283,184 275,831 Net Income 55,560 354,608 664,281 907,276 Net Income Attributable to Noncontrolling Interests 1,880 1,880 3,759 3,759 Net Income Attributable to Common Shareholders $ 53,680 $ 352,728 $ 660,522 $ 903,517 Basic Earnings Per Common Share $ 0.14 $ 0.96 $ 1.76 $ 2.46 Diluted Earnings Per Common Share $ 0.14 $ 0.96 $ 1.75 $ 2.45 Weighted Average Common Shares Outstanding: Basic 376,488,004 368,661,995 376,257,047 367,991,121 Diluted 376,998,879 368,917,187 376,791,247 368,297,404 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Unaudited consolidated income statement: first-half 2026 results and investment losses · Filed 03/08/2026
In 2025, Eversource issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs.
Common shares: completed 2025 equity issuance · Filed 17/02/2026
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 NSTAR Electric Debentures 4.65 % $ 350.0 May 2026 May 2031 Repaid 2.70% Debentures at maturity, repaid Series H Senior Notes at maturity, repaid short-term debt, paid capital expenditures and working capital NSTAR Electric Debentures 5.20 % 350.0 May 2026 May 2036 Repaid 2.70% Debentures at maturity, repaid Series H Senior Notes at maturity, repaid short-term debt, paid capital expenditures and working capital NSTAR Electric Debentures 2.70 % (250.0) June 2026 June 2026 Paid at maturity NSTAR Electric Series H Senior Notes 2.75 % (50.0) June 2026 June 2026 Paid at maturity PSNH Series X First Mortgage Bonds 5.35 % 200.0 June 2026 October 2033 Repaid short-term debt, paid capital expenditures and working capital Eversource Parent Series A Junior Notes (1) 6.10 % 750.0 February 2026 August 2056 Repaid 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 Repaid 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 Eversource Parent Series AA Senior Notes 4.75 % (450.0) May 2026 May 2026 Paid at maturity Yankee Gas Series AA First Mortgage Bonds 5.22 % 75.0 July 2026 July 2031 Refinance existing indebtedness, fund capital expenditures, and for general corporate purposes Yankee Gas Series BB First Mortgage Bonds 5.61 % 100.0 July 2026 July 2036 Refinance existing indebtedness, fund capital expenditures, and for general corporate purposes EGMA Series G First Mortgage Bonds 5.12 % 100.0 July 2026 July 2031 Refinance existing indebtedness, fund capital expenditures, and for general corporate purposes (1) The Eversource Parent Series A Junior Subordinated Notes bear interest at a fixed rate of 6.10 percent per year from the issuance date of February 26, 2026 to August 14, 2031.
Debt financing: 2026 issuances, refinancing and repayments · Filed 03/08/2026
In connection with the sale of Aquarion on June 30, 2026, $612.4 million of long-term debt was repaid at closing.
Aquarion sale: debt repaid at closing · Filed 03/08/2026
• Our executive compensation governance program includes share ownership and holding requirements for Trustees and executives, an expanded clawback policy, broad hedging and pledging prohibition and double-trigger change in control agreements.
Executive compensation governance: ownership requirements and protective policies · Filed 27/03/2026
Mr. Nova, our Lead Independent Trustee and Chair of the Compensation Committee met with our largest shareholder and discussed the Company’s executive compensation program at length Although the 2025 goals had been previously approved by the Compensation Committee, the Committee undertook a robust review of the feedback from shareholders and approved the following changes to our 2025 and 2026 compensation program as summarized below: What We Heard What We Did Desire for more formulaic incentive system where discretion is reduced For 2025, we adopted a formal balanced scorecard in which a large majority of payouts are determined on a purely formulaic basis through the setting of pre-established threshold, target, and maximum achievement levels and the use of interpolation to determine payout factors.
Compensation discussion: adopted 2025 formulaic incentive scorecard · Filed 27/03/2026
Key themes of shareholder feedback: • Annual Incentive Plan: Desire for clearly defined performance ranges (threshold, target, maximum); concern that discretionary adjustments contributed to above-target payouts; and a call for greater rigor and transparency in goal-setting.
Shareholder feedback: payout discretion and goal-setting concerns · Filed 27/03/2026
Operational Performance • Reliability Performance: Electric System Reliability – measured by months between interruptions was 21 months apart – a performance that was top decile in our industry.
2025 operational performance: reported interruption frequency · Filed 27/03/2026
• Restoration Performance: Average system outage duration was 66 minutes, which was top decile amongst our New England and Mid-Atlantic peers and top quartile in the entire industry.
2025 operational performance: reported outage duration · Filed 27/03/2026
• Eversource completed the onshore substation construction of the Revolution Wind project ahead of schedule.
2025 accomplishments: completed onshore substation ahead of schedule · Filed 27/03/2026
The Committee meets independently with the internal audit staff, the independent registered public accounting firm, management, and then solely as a Committee, at least quarterly.
Audit committee: independent quarterly meetings · Filed 27/03/2026
The Audit Committee met six times during 2025, including the annual joint meeting with the Finance and Risk Management Committee.
Audit committee: actual 2025 meeting frequency · Filed 27/03/2026
The CD&A also contains an assessment of performance measured against established 2025 goals and additional accomplishments, the compensation awards made by the Compensation Committee, and other information relating to our compensation programs, including: ➢ Responsiveness to Shareholder Feedback (2025 Say-On-Pay) ➢ Summary of 2025 Financial and Operational Accomplishments ➢ Pay for Performance Philosophy ➢ Executive Compensation Governance ➢ Named Executive Officers ➢ Overview of Our Compensation Program ➢ Market Analysis ➢ Target Percentage of Compensation Elements ➢ Results of our 2025 Say-On-Pay Vote ➢ Elements of 2025 Compensation ➢ Risk Analysis of Executive Compensation Program ➢ 2025 Annual Incentive Program Performance Assessment ➢ Long-Term Incentive Program ➢ Clawback, No Hedging and No Pledging Policies ➢ Share Ownership Guidelines and Retention Requirements ➢ Other Benefits ➢ Contractual Agreements ➢ Tax and Accounting Considerations ➢ Equity Grant Practices ➢ Compensation Committee Report Responsiveness to Shareholder Feedback to 2025 Say-On-Pay Results At the Company’s Annual Meeting of Shareholders held on May 1, 2025, 57.13 percent of the votes cast on the Say-On-Pay proposal were voted to approve the 2024 compensation of the Named Executive Officers, as described in our 2025 proxy statement.
Compensation discussion: actual 2025 say-on-pay voting support · Filed 27/03/2026
Chairman of the Board, President and Chief Executive Officer March 27, 2026 TABLE OF CONTENTS [THIS PAGE LEFT BLANK INTENTIONALLY.] TABLE OF CONTENTS Notice of Annual Meeting of Shareholders DATE: Wednesday, May 6, 2026 TIME: 10:30 a.m., Eastern Time PLACE: Ropes & Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199 Business Items/Agenda 1.
March 27, 2026 letter: combined chairman, president and chief executive roles · Filed 27/03/2026
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 and post-sale obligations from its previous offshore wind investments 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, the solar power facilities of NSTAR Electric, and Aquarion’s water distribution businesses until sale on June 30, 2026 Regulators and Government Agencies: DEEP Connecticut Department of Energy and Environmental Protection DOE U.S.
Glossary: regulated business scope and completed Aquarion sale · Filed 03/08/2026
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 ii 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.
Glossary: named New England transmission owners · Filed 03/08/2026
