BALANCE SHEETS | ||
(Unaudited) | ||
(Thousands of Dollars) | As of March 31, 2026 | As of December 31, 2025 |
ASSETS | ||
Current Assets: | ||
Cash | $ 4,580 | $ 75 |
Receivables, Net (net of allowance for uncollectible accounts of $67,050 and $57,542 as of March 31, 2026 and December 31, 2025, respectively) | 123,931 | 96,996 |
Accounts Receivable from Affiliated Companies | 8,823 | 7,148 |
Unbilled Revenues | 17,242 | 19,918 |
Natural Gas, Materials and Supplies Inventory | 21,390 | 36,877 |
Regulatory Assets | 118,750 | 113,597 |
Prepayments and Other Current Assets | 12,956 | 11,924 |
Total Current Assets | 307,672 | 286,535 |
Property, Plant and Equipment, Net | 2,936,891 | 2,925,374 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 351,400 | 343,249 |
Goodwill | 287,591 | 287,591 |
Prepaid Pension and PBOP | 26,809 | 25,785 |
Other Long-Term Assets | 5,518 | 5,557 |
Total Deferred Debits and Other Assets | 671,318 | 662,182 |
Total Assets | $ 3,915,881 | $ 3,874,091 |
LIABILITIES AND CAPITALIZATION | ||
Current Liabilities: | ||
Notes Payable to Eversource Parent | $ 112,900 | $ 126,900 |
Long-Term Debt - Current Portion | 90,000 | 90,000 |
Accounts Payable | 40,944 | 93,044 |
Accounts Payable to Affiliated Companies | 23,394 | 25,383 |
Accrued Taxes | 34,464 | 10,758 |
Accrued Interest | 10,621 | 21,127 |
Regulatory Liabilities | 24,785 | 19,930 |
Other Current Liabilities | 8,638 | 10,712 |
Total Current Liabilities | 345,746 | 397,854 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 402,539 | 392,201 |
Regulatory Liabilities | 214,625 | 217,824 |
Other Long-Term Liabilities | 73,716 | 73,977 |
Total Deferred Credits and Other Liabilities | 690,880 | 684,002 |
Long-Term Debt | 1,111,523 | 1,111,382 |
Common Stockholder's Equity: | ||
Common Stock | 5 | 5 |
Capital Surplus, Paid In | 1,488,362 | 1,458,862 |
Retained Earnings | 279,506 | 222,135 |
Accumulated Other Comprehensive Loss | (141) | (149) |
Common Stockholder's Equity | 1,767,732 | 1,680,853 |
Total Liabilities and Capitalization | $ 3,915,881 | $ 3,874,091 |
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 | $ | 372,977 | $ | 270,333 |
Operating Expenses: | ||||
Cost of Natural Gas | 144,135 | 105,607 | ||
Operations and Maintenance | 40,865 | 36,397 | ||
Depreciation | 25,020 | 16,464 | ||
Amortization of Regulatory Assets, Net | 2,685 | 4,882 | ||
Energy Efficiency Programs | 9,753 | 9,389 | ||
Taxes Other Than Income Taxes | 29,750 | 24,467 | ||
Total Operating Expenses | 252,208 | 197,206 | ||
Operating Income | 120,769 | 73,127 | ||
Interest Expense | 14,048 | 12,124 | ||
Other Income, Net | 2,285 | 2,195 | ||
Income Before Income Tax Expense | 109,006 | 63,198 | ||
Income Tax Expense | 28,935 | 14,574 | ||
Net Income | $ | 80,071 | $ | 48,624 |
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 COMPREHENSIVE INCOME
(Unaudited)
For the Three Months Ended March 31,
(Thousands of Dollars) | 2026 | 2025 | ||
Net Income | $ | 80,071 | $ | 48,624 |
Other Comprehensive Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 7 | 7 | ||
Changes in Funded Status of SERP Benefit Plan | 1 | (7) | ||
Other Comprehensive Income, Net of Tax: | 8 | - | ||
Comprehensive Income | $ | 80,079 | $ | 48,624 |
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 Capital
Accumulated Other
Total Common
(Thousands of Dollars, Except Stock Information) | Stock | Amount | Surplus, Paid In | Retained Earnings | Comprehensive Loss | Stockholder's Equity |
Balance as of January 1, 2026 | 1,000 | $ 5 | $ 1,458,862 | $ 222,135 | $ (149) | $ 1,680,853 |
Net Income | 80,071 | 80,071 | ||||
Dividends on Common Stock | (22,700) | (22,700) | ||||
Capital Contributions from Parent | 29,500 | 29,500 | ||||
Other Comprehensive Income | 8 | 8 | ||||
Balance as of March 31, 2026 | 1,000 | $ 5 | $ 1,488,362 | $ 279,506 | $ (141) | $ 1,767,732 |
For the Three Months Ended March 31, 2025
Common Stock Capital
Accumulated Other
Total Common
(Thousands of Dollars, Except Stock Information) | Stock | Amount | Surplus, Paid In | Retained Earnings | Comprehensive Loss | Stockholder's Equity |
Balance as of January 1, 2025 | 1,000 | $ 5 | $ 1,368,862 | $ 192,753 | $ (78) | $ 1,561,542 |
Net Income | 48,624 | 48,624 | ||||
Dividends on Common Stock | (12,500) | (12,500) | ||||
Balance as of March 31, 2025 | 1,000 | $ 5 | $ 1,368,862 | $ 228,877 | $ (78) | $ 1,597,666 |
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 | $ 80,071 | $ 48,624 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 25,020 | 16,464 |
Deferred Income Taxes | 6,461 | 6,327 |
Pension, SERP and PBOP Income, Net | (492) | (350) |
Amortization of Regulatory Assets, Net | 2,685 | 4,882 |
Regulatory Under Recoveries, Net | (470) | (3,934) |
Uncollectible Expense | 2,913 | 1,992 |
Cost of Removal Expenditures | (7,833) | (17,373) |
Other | (646) | (3,718) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (39,100) | (24,575) |
Taxes Receivable/Accrued, Net | 24,711 | 17,247 |
Accounts Payable | (33,902) | (3,775) |
Other Current Assets and Liabilities, Net | 2,106 | (5,614) |
Net Cash Flows Provided by Operating Activities | 61,524 | 36,197 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (49,819) | (44,174) |
Net Cash Flows Used in Investing Activities | (49,819) | (44,174) |
Financing Activities: | ||
Cash Dividends on Common Stock | (22,700) | (12,500) |
Capital Contributions from Parent | 29,500 | - |
(Decrease)/Increase in Notes Payable to Eversource Parent | (14,000) | 27,400 |
Net Cash Flows (Used in)/Provided by Financing Activities | (7,200) | 14,900 |
Net Increase in Cash | 4,505 | 6,923 |
Cash - Beginning of Period | 75 | - |
Cash - End of Period | $ 4,580 | $ 6,923 |
Note: In the opinion of the Company, all adjustments for a fair representation of these financial statements for the periods shown have been made.