8-K

CONNECTICUT LIGHT & POWER CO (CNTHP)

8-K 2020-05-06 For: 2020-05-06
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Added on April 06, 2026


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2020 (May 6, 2020)

Commission<br><br> <br>File Number Registrant; State of Incorporation<br><br> <br>Address;<br>and Telephone Number I.R.S. Employer<br><br> <br>Identification No.
1-5324 EVERSOURCE ENERGY<br><br> <br>(a Massachusetts voluntary association)<br><br> <br>300 Cadwell Drive<br><br> <br>Springfield, Massachusetts 01104<br><br> <br>Telephone: (800) 286-5000 04-2147929
0-00404 THE CONNECTICUT LIGHT AND POWER COMPANY<br><br> <br>(a Connecticut corporation)<br><br> <br>107 Selden Street<br><br> <br>Berlin, Connecticut 06037-1616<br><br> <br>Telephone: (800) 286-5000 06-0303850
1-02301 NSTAR ELECTRIC COMPANY<br><br> <br>(a Massachusetts corporation)<br><br> <br>800 Boylston Street<br><br> <br>Boston, Massachusetts 02199<br><br> <br>Telephone: (800) 286-5000 04-1278810
1-6392 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE<br><br> <br>(a New Hampshire corporation)<br><br> <br>Energy Park<br><br> <br>780 North Commercial Street<br><br> <br>Manchester, New Hampshire 03101-1134<br><br> <br>Telephone: (800) 286-5000 02-0181050

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the<br>Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the<br>Exchange Act (17 CFR 240.14a-12)
--- ---
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
--- ---
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--- ---
Securities registered pursuant to Section 12(b) of the Act:
--- --- --- ---
Registrant Title of each class Trading<br><br> <br>Symbol(s) Name of each exchange on<br><br> <br>which registered
Eversource Energy Common Shares, $5.00 par value per share ES New York Stock Exchange
The Connecticut Light and Power Company None N/A N/A
NSTAR Electric Company None N/A N/A
Public Service Company of New Hampshire None N/A N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth<br><br> <br>company
Eversource Energy ¨
The Connecticut Light and Power Company ¨
NSTAR Electric Company ¨
Public Service Company of New Hampshire ¨

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.

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

Section 2       Financial Information


Item 2.02 Results of Operations and Financial Conditions.

On May 6, 2020, Eversource Energy issued a news release announcing its unaudited results of operations for the three months ended March 31, 2020 and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) nor incorporated by reference in any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act of 1933, as amended (the “Securities Act”), unless specified otherwise.


Section 7       Regulation FD


Item 7.01 Regulation FD Disclosure.

On May 7, 2020, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the first quarter of 2020. The webcast will be accessible from the Investors section of the Eversource Energy website at www.eversource.com. Attached as Exhibit 99.3 and incorporated herein by reference are the slides to be discussed by Eversource Energy during the conference call.

The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the SEC nor incorporated by reference into any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act, unless specified otherwise.

Section 9       Financial Statementsand Exhibits


Item 9.01 Financial Statements and Exhibits.

Exhibit<br><br>Number Description
99.1 News Release of Eversource Energy dated May 6, 2020.
99.2 Financial Report for the three months ended March 31, 2020.
99.3 May 7, 2020 presentation slides.
104 Cover Page lnteractive Data File (embedded within the Inline XBRL document).

[The remainder of this page left blank intentionally.]

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

EVERSOURCE ENERGY
THE CONNECTICUT LIGHT AND POWER COMPANY
NSTAR ELECTRIC COMPANY
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
(Registrants)
May 6, 2020 By: /s/ JAY S. BUTH
Jay S. Buth
Vice President, Controller and
Chief Accounting Officer
Document Type 8-K
--- ---
Document Period End Date 2020-05-06
Amendment Flag false
CIK 0000023426
THE<br> CONNECTICUT LIGHT_Written communications ¨
THE<br> CONNECTICUT LIGHT_Soliciting material pursuant to ¨
THE<br> CONNECTICUT LIGHT_Pre-commencement communications pursuant ¨
THE<br> CONNECTICUT LIGHT_Pre-commencement communications pursuant ¨
Document Type 8-K
Document Period End Date 2020-05-06
Amendment Flag false
CIK 0000013372
NSTAR<br> ELECTRIC_Written communications ¨
NSTAR<br> ELECTRIC_Soliciting material pursuant to ¨
NSTAR<br> ELECTRIC_Pre-commencement communications pursuant ¨
NSTAR<br> ELECTRIC_Pre-commencement communications pursuant ¨
CIK 0000315256
Public Service Company_Written communications ¨
Document Type 8-K
Document Period End Date 2020-05-06
Amendment Flag false
Public Service Company_Soliciting material pursuant to ¨
Public Service Company_Pre-commencement communications pursuant ¨
Public Service Company_Pre-commencement communications pursuant ¨

Exhibit 99.1

56 Prospect St., Hartford, Connecticut 06103-2818<br><br><br><br><br><br><br><br>800 Boylston St., Boston, Massachusetts 02199

EversourceEnergy Reports First Quarter 2020 Results


(HARTFORD, Conn. and BOSTON, Mass. – May6, 2020) Eversource Energy (NYSE: ES) today reported first quarter 2020 earnings of $334.8 million, or $1.01 per share, compared with earnings of $308.7 million, or $0.97 per share, in the first quarter of 2019. Results for 2020 include an after-tax charge of $3.5 million, or $0.01 per share, associated with Eversource’s pending acquisition of the assets of Columbia Gas of Massachusetts. Absent that charge, Eversource Energy earned $338.3 million^1^, or $1.02 per share^1^, in the first quarter of 2020.

Also today, the Eversource Energy Board of Trustees declared a regular quarterly dividend of $0.5675 per share, payable June 30, 2020 to shareholders of record as of May 20, 2020. Additionally, the company today reaffirmed its 2020 earnings per share (EPS) guidance of $3.60 to $3.70 and its projected 5 to 7 percent long-term EPS growth rate.

“Our 8,300 employees do an outstanding job delivering safe and reliable service to our 4 million customers, despite the extreme challenges posed by the COVID-19 crisis,” said Jim Judge, Eversource chairman, president and chief executive officer. “Even when challenged by a late winter snowstorm in New Hampshire in March and an unusual coastal storm in Connecticut and Massachusetts in April, we safely and efficiently restored power to customers who are more dependent than ever on our critical service.”

Electric Distribution

Eversource Energy’s electric distribution segment earned $130.1 million in the first quarter of 2020, compared with earnings of $120.1 million in the first quarter of 2019. Improved results were due primarily to higher distribution revenues and lower storm restoration costs, partially offset by higher depreciation, interest and property tax expense.

Electric Transmission

Eversource Energy’s transmission segment earned $126.8 million in the first quarter of 2020, compared with earnings of $118.2 million in the first quarter of 2019. Higher transmission earnings were primarily due to additional electric transmission system investment.

Natural Gas Distribution

Eversource Energy’s natural gas distribution segment earned $84.4 million in the first quarter of 2020, compared with earnings of $76.5 million in the first quarter of 2019. Improved results were due primarily to higher revenues, partially offset by higher operation, maintenance and depreciation expense.

Water Distribution

Eversource Energy’s water distribution segment earned $2.1 million in the first quarter of 2020, compared with $0.9 million in the first quarter of 2019. The increase was due primarily to higher revenues.

Parent and other companies

Parent and other companies had a net loss of $5.1 million in the first quarter of 2020, compared with a loss of $7 million in the first quarter of 2019. The reduced loss was due in part to lower interest expense.

The following table reconciles consolidated earnings per share for the first quarters of 2020 and 2019:

2019 Reported EPS 0.97
Higher electric and natural gas distribution revenues in 2020 offset by higher depreciation and property tax expense and 0.01/share dilution 0.02
Higher level of electric and natural gas distribution investment trackers in 2020 offset by 0.01/share dilution 0.02
Higher transmission earnings offset by 0.02/share dilution 0.01
Columbia Gas of MA acquisition charge (0.01 )
2020 Reported EPS 1.01

All values are in US Dollars.

Financial results for the first quarters of 2020 and 2019 for Eversource Energy’s business segments and parent and other companies are noted below:

Three months ended:

(in millions, except EPS) March 31, 2020 March 31, 2019 Increase/<br> (Decrease) 2020 EPS^1^
Electric Distribution $ 130.1 $ 120.1 $ 10.0 $ 0.39
Electric Transmission 126.8 118.2 8.6 0.38
Natural Gas Distribution 84.4 76.5 7.9 0.25
Water Distribution 2.1 0.9 1.2 0.01
Parent and Other Companies (5.1 ) (7.0 ) 1.9 (0.01 )
Columbia Gas of MA acquisition charge (3.5 ) --- (3.5 ) (0.01 )
Reported Earnings $ 334.8 $ 308.7 $ 26.1 $ 1.01

Eversource Energy has approximately 336 million common shares outstanding. It operates New England’s largest energy delivery system and serves approximately 4 million electric, natural gas and water utility customers in Connecticut, Massachusetts and New Hampshire.


CONTACT:

Jeffrey R. Kotkin

(860) 665-5154

Note:  Eversource Energy will webcast a conference call with senior management on May 7, 2020, beginning at 9 a.m. Eastern Time.  The webcast and associated slides can be accessed through Eversource’s website at www.eversource.com.

^1^All per-share amounts in this presentationare reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy.The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to suchbusiness, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is anon-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net incomeor loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstandingfor the period. Earnings discussions also include non-GAAP financial measures referencing 2020 earnings and EPS excluding certainacquisition costs and Q2 2019 earnings and EPS excluding the NPT impairment charge. Eversource Energy uses these non-GAAP financialmeasures to evaluate and provide details of earnings results by business and to more fully compare and explain 2020 and 2019 resultswithout including these items. Management believes the acquisition costs and the NPT impairment charge are not indicative of EversourceEnergy’s ongoing costs and performance.  Due to the nature and significance of these items on net income attributableto common shareholders, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’sfinancial performance and provides additional and useful information to readers in analyzing historical and future performanceof the business. Non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s consolidatednet income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’soperating performance.

This document includes statements concerning EversourceEnergy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performanceor growth and other statements that are not historical facts. These statements are “forward-looking statements” withinthe meaning of the Private Securities Litigation Reform Act of 1995.  Generally, readers can identify these forward-lookingstatements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions.  Forward-looking statements involve risks and uncertainties that may causeactual results or outcomes to differ materially from those included in the forward-looking statements.  Factors that maycause actual results to differ materially from those included in the forward-looking statements include, but are not limited to:cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information andthe personal information of our customers; disruptions in the capital markets or other events that make our access to necessarycapital more difficult or costly; the negative impacts of the novel coronavirus (COVID-19) pandemic on our customers, vendors,employees, regulators, and operations; changes in economic conditions, including impact on interest rates, tax policies, and customerdemand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities,acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric,natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxingbodies, substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extremeweather due to climate change; changes in business conditions, which could include disruptive technology or development of alternativeenergy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changesin levels or timing of capital expenditures, including the Columbia Gas of Massachusetts asset acquisition; changes in laws, regulationsor regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financialreporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’sreports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’swebsite at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and containuncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You shouldnot 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, Eversource Energy undertakes no obligation to update any forward-looking statementor statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence ofunanticipated events.

#

Exhibit 99.2

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars) As of December<br> 31, 2019
ASSETS
Current Assets:
Cash 47,425 $ 15,432
Receivables, Net (net of allowance for uncollectible accounts of 262,078 and 224,821 as of March 31, 2020 and December 31, 2019, respectively) 1,018,941 989,383
Unbilled Revenues 155,224 181,006
Fuel, Materials, Supplies and REC Inventory 286,498 235,471
Regulatory Assets 785,125 651,112
Prepayments and Other Current Assets 269,457 342,135
Total Current Assets 2,562,670 2,414,539
Property, Plant and Equipment, Net 28,041,356 27,585,470
Deferred Debits and Other Assets:
Regulatory Assets 4,778,321 4,863,639
Goodwill 4,427,266 4,427,266
Investments in Unconsolidated Affiliates 876,328 871,633
Marketable Securities 418,715 449,130
Other Long-Term Assets 544,330 512,238
Total Deferred Debits and Other Assets 11,044,960 11,123,906
Total Assets 41,648,986 $ 41,123,915
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable 661,420 $ 889,084
Long-Term Debt – Current Portion 532,440 327,411
Rate Reduction Bonds – Current Portion 43,210 43,210
Accounts Payable 914,333 1,147,872
Renewable Portfolio Standards Compliance Obligations 192,660 160,149
Regulatory Liabilities 439,859 361,152
Other Current Liabilities 611,706 676,685
Total Current Liabilities 3,395,628 3,605,563
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes 3,816,988 3,755,777
Regulatory Liabilities 3,668,158 3,658,042
Derivative Liabilities 342,990 338,710
Asset Retirement Obligations 489,519 488,511
Accrued Pension, SERP and PBOP 1,331,884 1,370,245
Other Long-Term Liabilities 821,195 810,553
Total Deferred Credits and Other Liabilities 10,470,734 10,421,838
Long-Term Debt 13,898,581 13,770,828
Rate Reduction Bonds 518,517 540,122
Noncontrolling Interest – Preferred Stock of Subsidiaries 155,570 155,570
Common Shareholders' Equity:
Common Shares 1,759,092 1,729,292
Capital Surplus, Paid In 7,479,689 7,087,768
Retained Earnings 4,322,825 4,177,048
Accumulated Other Comprehensive Loss (63,111 ) (65,059 )
Treasury Stock (288,539 ) (299,055 )
Common Shareholders' Equity 13,209,956 12,629,994
Total Liabilities and Capitalization 41,648,986 $ 41,123,915

All values are in US Dollars.

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

For the Three Months Ended March 31,
(Thousands of Dollars, Except Share Information) 2020 2019
Operating Revenues $ 2,373,726 $ 2,415,792
Operating Expenses:
Purchased Power, Fuel and Transmission 876,570 974,882
Operations and Maintenance 342,062 335,597
Depreciation 236,211 214,948
Amortization 49,776 70,961
Energy Efficiency Programs 148,393 140,116
Taxes Other Than Income Taxes 181,594 184,588
Total Operating Expenses 1,834,606 1,921,092
Operating Income 539,120 494,700
Interest Expense 134,715 131,734
Other Income, Net 24,104 30,985
Income Before Income Tax Expense 428,509 393,951
Income Tax Expense 91,876 83,393
Net Income 336,633 310,558
Net Income Attributable to Noncontrolling Interests 1,880 1,880
Net Income Attributable to Common Shareholders $ 334,753 $ 308,678
Basic and Diluted Earnings Per Common Share $ 1.01 $ 0.97
Weighted Average Common Shares Outstanding:
Basic 331,102,237 317,624,593
Diluted 332,937,153 318,316,082

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

Exhibit 99.3

2020 First Quarter Results

Safe Harbor Statement 1 All per - share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocat ed to such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non - GAAP (not determined using generall y accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to common shareholders of each business by the wei ght ed average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include non - GAAP financial measures referencing 2020 earnin gs and EPS excluding certain acquisition costs and Q2 2019 earnings and EPS excluding the Northern Pass Transmission (NPT) impairment charge. Eversource Ene rgy uses these non - GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2020 an d 2019 results without including these items. Management believes the acquisition costs and the NPT impairment charge are not indicative of Eversource Energy’s ong oin g costs and performance. Due to the nature and significance of these items on net income attributable to common shareholders, management believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers in anal yzi ng historical and future performance of the business. Non - GAAP financial measures should not be considered as alternatives to Eversource Energy’s consolidated net income a ttributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, as sumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking statem ents” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward - looking statements through the use of w ords or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Fo rward - looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward - looking statemen ts. Factors that may cause actual results to differ materially from those included in the forward - looking statements include, but are not limited to: cyberattacks or breache s, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capit al markets or other events that make our access to necessary capital more difficult or costly; the negative impacts of the novel coronavirus (COVID - 19) pandemic on our customers, vendors, employees, regulators, and operations; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ab ility; ability or inability to commence and complete our major strategic development projects and opportunities, acts of war or terrorism, physical attacks or grid distu rba nces that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and fede ral regulatory, public policy and taxing bodies, substandard performance of third - party suppliers and service providers; fluctuations in weather patterns, including extreme weat her due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our cu rre nt or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures, including the Columbia Gas of Mas sachusetts asset acquisition; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standar ds and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They ar e updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to pr edict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue relia nce 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, Eversour ce Energy undertakes 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.

Eversource Executing Its Business Plan and Serving 4 Million Customers During COVID - 19 Crisis ▪ Extensive efforts to protect employees, moving to remote working, hygienically cleaning facilities and fleet, promoting social distancing ▪ Essential field work continues with states exempting utility work from statewide business restrictions ▪ Since early March, approximately 4,000 employees normally working in ES facilities successfully redeployed to work remotely, including vast majority of customer service representatives ▪ Emergency response tested during March 23 - 24 snowstorm in New Hampshire that caused 56,000+ customer outages and intense nor’easter that battered our service territory on April 13 and caused 240,000 outages – Power back within 24 hours for vast majority ▪ Moratorium on customer shut - offs in all states, unless safety issue ▪ No significant supply issues ▪ Very positive feedback from customers and key policymakers 2

Eversource’s Total Shareholder Return Has Outperformed Significantly in Both the Short and Long Term 3 Total Shareholder Return YTD April 30, 2020 2019 3 - Year* 5 - Year* 10 - Year* Eversource - 4.6% 34.4% 68.7% 85.8% 356.7% EEI 40 - Company Index - 11.2% 25.8% 45.7% 64.4% 214.0% S&P 500 - 9.3% 31.5% 53.2% 73.9% 256.7% *3 - year, 5 - year, and 10 - year for periods ended 12/31/19

4 Current Rate Cases • PSNH filed a general rate case to raise annual base distribution rates by approximately $70 million on a permanent basis, effective 7/1/20, including an increase sought on a temporary basis • On 6/27/19, after settlement with Staff, the NHPUC allowed PSNH to raise annual distribution rates by $28 million on a temporary basis, effective 7/1/19, until decision on permanent rates is effective. Once permanent rates are approved, revenues will be reconciled back to 7/1/19. • NHPUC - reported Distribution ROE for 2019: 8.07% (9.67% authorized) • Staff recommendation: $24.4 million increase, 8.25% ROE and 50% equity ratio • Emergency order on 4/24/20 delays rate decision until as late as November 2020. Temporary rates to remain in effect until permanent rates are implemented PSNH • On 11/8/19, NSTAR Gas filed a rate request seeking a $38 million base rate adjustment, effective 10/1/20 • Request includes a proposed Performance Based Rate (PBR) mechanism (tied to a 5 - year stayout ) • PBR adjustment includes inflation plus approximately 1.3% adder • First general rate review since 2014 • Proposed authorized ROE: 10.45%; capital structure 54.85% equity; 45.15% long - term debt • AG recommendation: Between 8.25% and 8.50% • ROE reported to the DPU for 2019: 7.40% • Final decision expected by October 30, 2020; rates effective November 1, 2020 NSTAR Gas

5 Eversource to Acquire MA Natural Gas Assets of NiSource ▪ $1.1 billion in cash (~1x rate base) ▪ Financing to be consistent with existing ES capital structure ▪ No assumption of debt ▪ Expected to be accretive over first 12 months and incrementally accretive over following years ▪ DPU key approval required ▪ Closing expected by end of Q3 2020

Eversource Has Completed Several Financings This Year ▪ ES parent sold $350M of 30 - year notes in January ▪ NSTAR Electric sold $400M of 10 - year “Green Bonds” in March ▪ ES closed on the remaining nearly $420M of its June 2019 forward sale arrangement in March ▪ NSTAR Gas closes today on $190M of 5 - year and 30 - year bonds ▪ Remaining maturities for 2020 total only $25M ▪ Primary remaining financing activity is to raise $1.1 billion of equity and debt to acquire Columbia Gas of MA assets ▪ Commercial paper rates continue to trend favorably: – ES Parent weighted average Q1 2020 rate was 2.09% vs. 2.73% in Q1 2019 – NSTAR Electric weighted average Q1 2020 rate was 1.49% vs. 2.49% in Q1 2019 6

Q1 2020 Q1 2019 Change $0.39 $0.38 $0.01 0.38 0.37 0.01 0.25 0.24 0.01 0.01 0.00 0.01 (0.01) (0.02) 0.01 $1.02 $0.97 $0.05 (0.01) 0.00 (0.01) $1.01 $0.97 $0.04 Natural Gas Distribution Electric Transmission Electric Distribution Water Distribution Reported EPS (GAAP) 7 Q1 2020 vs. Q1 2019 Financial Results Parent & Other (Non - GAAP) EPS (Non - GAAP) exc. Acquisition Charge Acquisition Charge

2020 Guidance, Long - Term Growth Rate Intact Key 2020 Earnings Drivers EPS Range $3.60 - $3.70 • Distribution rate increases • Transmission rate base growth • Growth in distribution capital tracking programs • Higher depreciation and property taxes • Higher interest expense • Higher share count 8 Long - Term Growth 5% - 7%

South Fork Wind Revolution Wind Sunrise Wind Size 130 MW 704 MW 880 MW Price as of first day of commercial operation ~ $160.33/MWH for 90 MW ~ $86.25/MWH for 40 MW (avg. annual escalator: 2%) $98.43/MWH for RI (no escalator) CT pricing not disclosed $110.37/MWH (no escalator) Status of Contracts Negotiating agreement to increase original 90 MW to 130 MW. NY Comptroller and AG approval required 400 MW for RI approved 304 MW for CT approved Contract signed with NYSERDA in October 2019 Most Recent Projected In - Service Date End of 2022 End of 2023 End of 2024 Permitting Status BOEM review of Construction and Operations Plan (COP) application on “pause.” NY State hearings delayed 10 weeks until 9/30/20. In - service before 2023 very unlikely BOEM COP application filed on 3/13/20. Continuing to target end - of - 2023 in - service On - shore and off - shore survey work on hold in NY due to COVID - 19. Impact on 2020 COP filing and end - of - 2024 in - service better known by late summer 9 Expected Timeline For Eversource - Ørsted Projects

10 APPENDIX

11 $889 $994 $1,030 $910 $832 $855 $711 $668 $1,082 $1,145 $1,221 $1,347 $1,208 $1,162 $1,170 $1,234 $335 $404 $453 $470 $498 $501 $507 $537 $14 $102 $110 $124 $127 $134 $147 $153 $152 $185 $239 $220 $169 $165 $171 $171 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E Transmission Electric Distribution and MA Solar Natural Gas Distribution Water IT and Facilities $2,817 $2,834 $ In Millions Projected Capital Expenditures For Core Businesses $3,053 $2,830 $2,472 $14.2 Billion 2020 - 2024 $3,071 $2,706 $2,763

12 • New 13 - mile project between Portsmouth and Madbury , NH • Construction began in May 2019 • Projected completion: Q2 2020 • Total projected investment: $125 million • Investment through March 31, 2020: $103.7 million Seacoast Reliability Project • 25 of 27 projects now in service • Two projects under construction • Projected completion: Q4 2020 • Total projected investment: $350 million • Investment through March 31, 2020: $281.9 million Hartford - Area Transmission Projects Progress on Major Transmission Reliability Projects • All development and management plans approved by CSC • Projected completion: Fall 2020 • Total projected investment: $110 million • Investment through March 31, 2020: $69.0 million Greenwich Substation Project Eastern MA Transmission Projects • 22 projects in service; 5 under construction; 1 expected to enter construction in Q2 2021 • Approval of remaining 1 project received in Q4 2019; decision appealed January 2020 • Projected completion: 2023 • Total projected investment: approximately $750 million • Investment through March 31, 2020: $449.9 million

13 Key Facts About Columbia Gas of MA Number of customers ~330,000 Communities served 65 (~20 served by NSTAR Electric) Allowed ROE in most recent rate case 9.55% Average net income 2016 - 2017 $32 million (non - GAAP) Average cap ex 2016 - 2017 $124 million Owned LNG storage 1.83 bcf Customer growth rate (2018 - 2019) 1.4% Total miles of main ~5,000