BALANCE SHEETS | ||
(Unaudited) | ||
(Thousands of Dollars) | As of March 31, 2026 | As of December 31, 2025 |
ASSETS | ||
Current Assets: | ||
Cash | $ 11,316 | $ 47 |
Receivables, Net (net of allowance for uncollectible accounts of $60,359 and $54,606 as of March 31, 2026 and December 31, 2025, respectively) | 150,647 | 90,552 |
Accounts Receivable from Affiliated Companies | 10,214 | 12,716 |
Unbilled Revenues | 20,506 | 39,664 |
Natural Gas, Materials and Supplies Inventory | 19,351 | 25,984 |
Regulatory Assets | 195,836 | 249,435 |
Restricted Cash | 17,347 | 21,376 |
Other Current Assets | 967 | 15,192 |
Total Current Assets | 426,184 | 454,966 |
Property, Plant and Equipment, Net | 2,229,360 | 2,218,190 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 168,616 | 166,694 |
Goodwill | 51,932 | 51,932 |
Prepaid Pension | 40,982 | 40,368 |
Other Long-Term Assets | 40,330 | 38,950 |
Total Deferred Debits and Other Assets | 301,860 | 297,944 |
Total Assets | $ 2,957,404 | $ 2,971,100 |
LIABILITIES AND CAPITALIZATION | ||
Current Liabilities: | ||
Notes Payable to Eversource Parent | $ 118,000 | $ 88,000 |
Accounts Payable | 49,977 | 78,202 |
Accounts Payable to Affiliated Companies | 40,674 | 128,699 |
Accrued Taxes | 41,397 | 5,037 |
Regulatory Liabilities | 47,926 | 20,996 |
Energy Relief Fund Obligations | 17,387 | 21,419 |
Finance Lease Obligations | 22,005 | 21,955 |
Other Current Liabilities | 25,562 | 18,785 |
Total Current Liabilities | 362,928 | 383,093 |
Deferred Credits and Other Liabilities: | ||
Regulatory Liabilities | 125,434 | 125,856 |
Accumulated Deferred Income Taxes | 209,958 | 224,180 |
Finance Lease Obligations | 36,193 | 36,927 |
Other Long-Term Liabilities | 54,579 | 54,116 |
Total Deferred Credits and Other Liabilities | 426,164 | 441,079 |
Long-Term Debt | 930,536 | 930,452 |
Common Stockholder's Equity: | ||
Common Stock | - | - |
Capital Surplus, Paid In | 972,382 | 972,382 |
Retained Earnings | 265,394 | 244,094 |
Common Stockholder's Equity | 1,237,776 | 1,216,476 |
Total Liabilities and Capitalization | $ 2,957,404 | $ 2,971,100 |
Note: In the opinion of the Company, all adjustments for a fair presentation of these financial statements for the periods shown have been made.
STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended March 31,
(Thousands of Dollars) 2026 2025
Operating Revenues $ 533,728 $ 451,438
Operating Expenses: | ||
Cost of Natural Gas | 217,736 | 179,770 |
Operations and Maintenance | 43,994 | 46,178 |
Depreciation | 25,748 | 24,769 |
Amortization of Regulatory Assets, Net | 26,571 | 21,706 |
Energy Efficiency Programs | 66,882 | 50,724 |
Taxes Other Than Income Taxes | 11,991 | 10,848 |
Total Operating Expenses | 392,922 | 333,995 |
Operating Income | 140,806 | 117,443 |
Interest Expense | 9,005 | 7,792 |
Other Income, Net | 4,631 | 4,637 |
Income Before Income Tax Expense | 136,432 | 114,288 |
Income Tax Expense | 37,532 | 31,468 |
Net Income | $ 98,900 | $ 82,820 |
Note: In the opinion of the Company, all adjustments for a fair presentation of these financial statements for the periods shown have been made.
STATEMENTS OF COMMON STOCKHOLDER'S EQUITY
(Unaudited)
For the Three Months Ended March 31, 2026
Common Stock
Total Common
Retained Stockholder's
(Thousands of Dollars, Except Stock Information)
Stock
Amount
Capital Surplus, Paid In
Earnings
Equity
Net Income
98,900
98,900
Dividends on Common Stock (77,600) (77,600)
Balance as of January 1, 2026 100 $ - $ 972,382 $ 244,094 $ 1,216,476
Balance as of March 31, 2026 100 $ - $ 972,382 $ 265,394 $ 1,237,776
For the Three Months Ended March 31, 2025
Common Stock
Total Common
Retained Stockholder's
(Thousands of Dollars, Except Stock Information)
Stock
Amount
Capital Surplus, Paid In
Earnings
Equity
Net Income
82,820
82,820
Dividends on Common Stock (15,500) (15,500)
Balance as of January 1, 2025 100 $ - $ 922,382 $ 174,124 $ 1,096,506
Balance as of March 31, 2025 100 $ - $ 922,382 $ 241,444 $ 1,163,826
Note: In the opinion of the Company, all adjustments for a fair presentation of these financial statements for the periods shown have been made.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31,
(Thousands of Dollars) 2026 2025
Operating Activities:
Net Income | $ 98,900 | $ 82,820 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 25,748 | 24,769 |
Deferred Income Taxes | (14,180) | (14,648) |
Pension and PBOP Income, Net | (230) | (233) |
Amortization of Regulatory Assets, Net | 26,571 | 21,706 |
Regulatory Over Recoveries, Net | 52,944 | 50,172 |
Uncollectible Expense | 7,163 | 6,955 |
Cost of Removal Expenditures | (7,742) | (5,551) |
Other | 3,224 | 2,605 |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (48,578) | (77,843) |
Taxes Receivable/Accrued, Net | 55,273 | 80,233 |
Accounts Payable | (105,934) | (7,665) |
Other Current Assets and Liabilities, Net | 4,615 | 4,753 |
Net Cash Flows Provided by Operating Activities | 97,774 | 168,073 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (42,250) | (55,640) |
Net Cash Flows Used in Investing Activities | (42,250) | (55,640) |
Financing Activities: | ||
Cash Dividends on Common Stock | (77,600) | (15,500) |
Increase/(Decrease) in Notes Payable to Eversource Parent | 30,000 | (93,000) |
Other Financing Expenses | (684) | (697) |
Net Cash Flows Used in Financing Activities | (48,284) | (109,197) |
Net Increase in Cash and Restricted Cash | 7,240 | 3,236 |
Cash and Restricted Cash - Beginning of Period | 21,423 | 29,036 |
Cash and Restricted Cash - End of Period | $ 28,663 | $ 32,272 |
Note: In the opinion of the Company, all adjustments for a fair representation of these financial statements for the periods shown have been made.