EVERSOURCE ENERGYES
EVERSOURCE ENERGY Debt Disclosure
LONG-TERM DEBT
Details of long-term debt outstanding are as follows:
CL&P (Millions of Dollars) | As of December 31, | ||||||||||||||||
| Interest Rate | 2024 | 2023 | |||||||||||||||
| First Mortgage Bonds: | |||||||||||||||||
| 1994 Series D due 2024 | 7.875 | % | $ | — | $ | 139.8 | |||||||||||
| 2004 Series B due 2034 | 5.750 | % | 130.0 | 130.0 | |||||||||||||
| 2005 Series B due 2035 | 5.625 | % | 100.0 | 100.0 | |||||||||||||
| 2006 Series A due 2036 | 6.350 | % | 250.0 | 250.0 | |||||||||||||
| 2007 Series B due 2037 | 5.750 | % | 150.0 | 150.0 | |||||||||||||
| 2007 Series D due 2037 | 6.375 | % | 100.0 | 100.0 | |||||||||||||
| 2014 Series A due 2044 | 4.300 | % | 475.0 | 475.0 | |||||||||||||
| 2015 Series A due 2045 | 4.150 | % | 350.0 | 350.0 | |||||||||||||
| 2017 Series A due 2027 | 3.200 | % | 500.0 | 500.0 | |||||||||||||
| 2018 Series A due 2048 | 4.000 | % | 800.0 | 800.0 | |||||||||||||
| 2020 Series A due 2025 | 0.750 | % | 400.0 | 400.0 | |||||||||||||
| 2021 Series A due 2031 | 2.050 | % | 425.0 | 425.0 | |||||||||||||
| 2023 Series A due 2053 | 5.250 | % | 500.0 | 500.0 | |||||||||||||
| 2023 Series B due 2033 | 4.900 | % | 300.0 | 300.0 | |||||||||||||
| 2024 Series A due 2029 | 4.650 | % | 350.0 | — | |||||||||||||
| 2024 Series B due 2034 | 4.950 | % | 300.0 | — | |||||||||||||
| Total First Mortgage Bonds | 5,130.0 | 4,619.8 | |||||||||||||||
| Less Amounts due Within One Year | (400.0) | (139.8) | |||||||||||||||
Current Portion Classified as Long-Term Debt (1) | 397.1 | 139.8 | |||||||||||||||
| Commercial Paper Classified as Long-Term Debt (See Note 8, Short-Term Debt) | — | 207.3 | |||||||||||||||
| Unamortized Premiums and Discounts, Net | 14.3 | 18.0 | |||||||||||||||
| Unamortized Debt Issuance Costs | (33.2) | (30.7) | |||||||||||||||
| CL&P Long-Term Debt | $ | 5,108.2 | $ | 4,814.4 | |||||||||||||
NSTAR Electric (Millions of Dollars) | As of December 31, | ||||||||||||||||
| Interest Rate | 2024 | 2023 | |||||||||||||||
| Debentures: | |||||||||||||||||
| 2006 Debentures due 2036 | 5.750 | % | $ | 200.0 | $ | 200.0 | |||||||||||
| 2010 Debentures due 2040 | 5.500 | % | 300.0 | 300.0 | |||||||||||||
| 2014 Debentures due 2044 | 4.400 | % | 300.0 | 300.0 | |||||||||||||
| 2015 Debentures due 2025 | 3.250 | % | 250.0 | 250.0 | |||||||||||||
| 2016 Debentures due 2026 | 2.700 | % | 250.0 | 250.0 | |||||||||||||
| 2017 Debentures due 2027 | 3.200 | % | 700.0 | 700.0 | |||||||||||||
| 2019 Debentures due 2029 | 3.250 | % | 400.0 | 400.0 | |||||||||||||
| 2020 Debentures due 2030 | 3.950 | % | 400.0 | 400.0 | |||||||||||||
| 2021 Debentures due 2051 | 3.100 | % | 300.0 | 300.0 | |||||||||||||
| 2021 Debentures due 2031 | 1.950 | % | 300.0 | 300.0 | |||||||||||||
| 2022 Debentures due 2052 | 4.550 | % | 450.0 | 450.0 | |||||||||||||
| 2022 Debentures due 2052 | 4.950 | % | 400.0 | 400.0 | |||||||||||||
| 2023 Debentures due 2028 | 5.600 | % | 150.0 | 150.0 | |||||||||||||
| 2024 Debentures due 2034 | 5.400 | % | 600.0 | — | |||||||||||||
| Total Debentures | 5,000.0 | 4,400.0 | |||||||||||||||
| Notes: | |||||||||||||||||
| 2004 Senior Notes Series B due 2034 | 5.900 | % | 50.0 | 50.0 | |||||||||||||
| 2007 Senior Notes Series D due 2037 | 6.700 | % | 40.0 | 40.0 | |||||||||||||
| 2016 Senior Notes Series H due 2026 | 2.750 | % | 50.0 | 50.0 | |||||||||||||
| Total Notes | 140.0 | 140.0 | |||||||||||||||
| Less Amounts due Within One Year | (250.0) | — | |||||||||||||||
| Unamortized Premiums and Discounts, Net | (14.0) | (14.0) | |||||||||||||||
| Unamortized Debt Issuance Costs | (31.1) | (29.1) | |||||||||||||||
| NSTAR Electric Long-Term Debt | $ | 4,844.9 | $ | 4,496.9 | |||||||||||||
PSNH (Millions of Dollars) | As of December 31, | ||||||||||||||||
| Interest Rate | 2024 | 2023 | |||||||||||||||
| First Mortgage Bonds: | |||||||||||||||||
| 2005 Series M due 2035 | 5.600 | % | $ | 50.0 | $ | 50.0 | |||||||||||
| 2019 Series T due 2049 | 3.600 | % | 300.0 | 300.0 | |||||||||||||
| 2020 Series U due 2050 | 2.400 | % | 150.0 | 150.0 | |||||||||||||
| 2021 Series V due 2031 | 2.200 | % | 350.0 | 350.0 | |||||||||||||
| 2023 Series W due 2053 | 5.150 | % | 300.0 | 300.0 | |||||||||||||
| 2023 Series X due 2033 | 5.350 | % | 600.0 | 300.0 | |||||||||||||
| Total First Mortgage Bonds | 1,750.0 | 1,450.0 | |||||||||||||||
| Unamortized Premiums and Discounts, Net | (2.6) | (4.9) | |||||||||||||||
| Unamortized Debt Issuance Costs | (15.3) | (13.5) | |||||||||||||||
| PSNH Long-Term Debt | $ | 1,732.1 | $ | 1,431.6 | |||||||||||||
OTHER (Millions of Dollars) | As of December 31, | ||||||||||||||||||||||
| Interest Rate | 2024 | 2023 | |||||||||||||||||||||
| Eversource Parent - Senior Notes due 2025 - 2050 | 0.800 | % | - | 5.950% | $ | 11,350.0 | $ | 10,300.0 | |||||||||||||||
| Yankee Gas - First Mortgage Bonds due 2025 - 2051 | 1.380 | % | - | 5.740% | 1,095.0 | 1,015.0 | |||||||||||||||||
| NSTAR Gas - First Mortgage Bonds due 2025 - 2051 | 2.250 | % | - | 7.110% | 905.0 | 705.0 | |||||||||||||||||
| EGMA - First Mortgage Bonds due 2028 - 2052 | 2.110 | % | - | 5.730% | 808.0 | 708.0 | |||||||||||||||||
| Aquarion - Senior Notes due 2024 | 4.000% | — | 360.0 | ||||||||||||||||||||
Aquarion - Unsecured Notes due 2028 - 2052 (2) | 3.000 | % | - | 6.430% | 596.8 | 527.0 | |||||||||||||||||
Aquarion - Secured Debt due 2027 - 2045 (2) | 1.296 | % | - | 9.290% | 40.7 | 39.0 | |||||||||||||||||
| Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | 5.6 | 12.5 | |||||||||||||||||||||
Fair Value Adjustment (3) | — | 19.3 | |||||||||||||||||||||
Less Fair Value Adjustment - Current Portion (3) | — | (5.5) | |||||||||||||||||||||
| Less Amounts due in One Year | (750.3) | (1,810.2) | |||||||||||||||||||||
Current Portion Classified as Long-Term Debt (1) | — | 990.9 | |||||||||||||||||||||
| Unamortized Premiums and Discounts, Net | 41.7 | 49.7 | |||||||||||||||||||||
| Unamortized Debt Issuance Costs | (76.1) | (65.0) | |||||||||||||||||||||
| Total Other Long-Term Debt | $ | 14,016.4 | $ | 12,845.7 | |||||||||||||||||||
| Total Eversource Long-Term Debt | $ | 25,701.6 | $ | 23,588.6 | |||||||||||||||||||
(1) As a result of the CL&P long-term debt issuance in January 2025, $397.1 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource’s and CL&P’s balance sheets as of December 31, 2024. As a result of the CL&P and Eversource parent long-term debt issuances in January 2024, $139.8 million and $990.9 million, respectively, of current portion of long-term debt were reclassified to Long-Term Debt on CL&P’s and Eversource parent’s balance sheets as of December 31, 2023.
(2) In January 2025, Eversource entered into an agreement to sell Aquarion. Upon close of the sale, Aquarion’s long-term debt will be repaid by Eversource and has therefore not been classified as held for sale. The sale is expected to close in late 2025.
(3) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record long-term debt at fair value on the dates of the 2012 merger with NSTAR and the 2017 acquisition of Aquarion. As of December 31, 2024, the fair value adjustments were only related to the Aquarion acquisition and were reclassified to Liabilities Held for Sale.
Availability under Long-Term Debt Issuance Authorizations: On May 1, 2024, the DPU approved NSTAR Electric’s request for authorization to issue up to $2.40 billion in long-term debt through December 31, 2026. On July 24, 2024, PURA approved CL&P’s request for authorization to issue up to $1.00 billion in long-term debt through December 31, 2025. On August 12, 2024, the DPU approved EGMA’s request for authorization to issue up to $325 million in long-term debt through December 31, 2026. On December 18, 2024, the DPU approved NSTAR Gas’ request for authorization to issue up to $475 million in long-term debt through December 31, 2027. On January 28, 2025, Yankee Gas submitted an application to PURA requesting authorization to issue up to $360 million in long-term debt through December 31, 2026. PSNH has utilized its long-term debt authorizations in place with NHPUC.
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 | ||||||||||||||||||||||||
| CL&P 2024 Series A First Mortgage Bonds | 4.65 | % | $ | 350.0 | January 2024 | January 2029 | Repaid short-term debt, paid capital expenditures and working capital | ||||||||||||||||||||||
| CL&P Series B First Mortgage Bonds | 4.95 | % | 300.0 | August 2024 | August 2034 | Repaid Series D Bonds, repaid short-term debt, and working capital | |||||||||||||||||||||||
| CL&P Series D First Mortgage Bonds | 7.875 | % | (139.8) | October 2024 | October 2024 | Paid at maturity | |||||||||||||||||||||||
| CL&P 2025 Series A First Mortgage Bonds | 4.95 | % | 400.0 | January 2025 | January 2030 | Repaid short-term debt, paid capital expenditures and working capital | |||||||||||||||||||||||
| NSTAR Electric Debentures | 5.40 | % | 600.0 | May 2024 | June 2034 | Repaid short-term debt, paid capital expenditures and working capital | |||||||||||||||||||||||
| PSNH Series X First Mortgage Bonds | 5.35 | % | 300.0 | April 2024 | October 2033 | Repaid short-term debt, paid capital expenditures and working capital | |||||||||||||||||||||||
| Eversource Parent Series DD Senior Notes | 5.00 | % | 350.0 | January 2024 | January 2027 | Repaid short-term debt | |||||||||||||||||||||||
| Eversource Parent Series EE Senior Notes | 5.50 | % | 650.0 | January 2024 | January 2034 | Repaid short-term debt | |||||||||||||||||||||||
| Eversource Parent Series FF Senior Notes | 5.85 | % | 700.0 | April 2024 | April 2031 | Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt | |||||||||||||||||||||||
| Eversource Parent Series GG Senior Notes | 5.95 | % | 700.0 | April 2024 | July 2034 | Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt | |||||||||||||||||||||||
| Eversource Parent Series X Senior Notes | 4.20 | % | (900.0) | June 2024 | June 2024 | Paid at maturity | |||||||||||||||||||||||
| Eversource Parent Series L Senior Notes | 2.90 | % | (450.0) | October 2024 | October 2024 | Paid at maturity | |||||||||||||||||||||||
| Eversource Parent Series H Senior Notes | 3.15 | % | (300.0) | January 2025 | January 2025 | Paid at maturity | |||||||||||||||||||||||
| NSTAR Gas Series W First Mortgage Bonds | 5.29 | % | 160.0 | June 2024 | June 2029 | Repaid short-term debt, paid capital expenditures and general corporate purposes | |||||||||||||||||||||||
| NSTAR Gas Series X First Mortgage Bonds | 5.48 | % | 40.0 | June 2024 | June 2034 | Repaid short-term debt, paid capital expenditures and general corporate purposes | |||||||||||||||||||||||
| Yankee Gas Series W First Mortgage Bonds | 5.50 | % | 90.0 | July 2024 | July 2029 | Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds at maturity | |||||||||||||||||||||||
| Yankee Gas Series X First Mortgage Bonds | 5.74 | % | 90.0 | July 2024 | July 2034 | Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds at maturity | |||||||||||||||||||||||
| Yankee Gas Series P First Mortgage Bonds | 2.23 | % | (100.0) | October 2024 | October 2024 | Paid at maturity | |||||||||||||||||||||||
| EGMA Series E First Mortgage Bonds | 5.17 | % | 100.0 | October 2024 | November 2034 | Refinanced existing indebtedness, paid capital expenditures and general corporate purposes | |||||||||||||||||||||||
| Aquarion Senior Notes | 4.00 | % | (360.0) | August 2024 | August 2024 | Paid at maturity | |||||||||||||||||||||||
| Aquarion Water Company of Connecticut Senior Notes | 5.57 | % | 70.0 | August 2024 | September 2034 | Repaid short-term debt, paid capital expenditures and general corporate purposes | |||||||||||||||||||||||
Long-Term Debt Provisions: The utility plant of CL&P, PSNH, Yankee Gas, NSTAR Gas, EGMA and a portion of Aquarion is subject to the lien of each company's respective first mortgage bond indenture. The Eversource parent, NSTAR Electric and a portion of Aquarion debt is unsecured. Additionally, the long-term debt agreements provide that Eversource and certain of its subsidiaries must comply with certain covenants as are customarily included in such agreements, including equity requirements for NSTAR Electric, NSTAR Gas and Aquarion. Under the equity requirements, NSTAR Electric's and Aquarion's senior notes must maintain a certain consolidated indebtedness to capitalization ratio as of the end of any fiscal quarter and NSTAR Gas' outstanding long-term debt must not exceed equity.
Certain secured and unsecured long-term debt securities are callable at redemption price or are subject to make-whole provisions.
No long-term debt defaults have occurred as of December 31, 2024.
CYAPC's Pre-1983 Spent Nuclear Fuel Obligation: Under the Nuclear Waste Policy Act of 1982, the DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste. CYAPC is obligated to pay the DOE for the costs to dispose of spent nuclear fuel and high-level radioactive waste generated prior to April 7, 1983 (pre-1983 Spent Nuclear Fuel). CYAPC has partially paid this obligation and recorded an accrual for its remaining liability to the DOE. This liability accrues interest costs at the 3-month Treasury bill yield rate. For nuclear fuel used to generate electricity prior to April 7, 1983, payment may be made any time prior to the first delivery of spent fuel to the DOE. As of December 31, 2024 and 2023, as a result of consolidating CYAPC, Eversource has consolidated $5.6 million and $12.5 million, respectively, in pre-1983 spent nuclear fuel obligations to the DOE. The obligation includes accumulated interest costs of $4.3 million and $9.5 million as of December 31, 2024 and 2023, respectively. CYAPC maintains a trust to fund amounts due to the DOE for the disposal of pre-1983 spent nuclear fuel. For further information, see Note 5, "Marketable Securities," to the financial statements. Fees for disposal of nuclear fuel burned on or after April 7, 1983 were billed to member companies and paid to the DOE.
Long-Term Debt Maturities: Long-term debt maturities on debt outstanding for the years 2025 through 2029 and thereafter are shown below. These amounts exclude PSNH rate reduction bonds, CYAPC pre-1983 spent nuclear fuel obligation, and unamortized premiums, discounts, and debt issuance costs as of December 31, 2024:
| (Millions of Dollars) | Eversource | CL&P | NSTAR Electric | PSNH | |||||||||||||||||||
| 2025 | $ | 1,400.3 | $ | 400.0 | $ | 250.0 | $ | — | |||||||||||||||
| 2026 | 1,390.2 | — | 300.0 | — | |||||||||||||||||||
| 2027 | 2,889.2 | 500.0 | 700.0 | — | |||||||||||||||||||
| 2028 | 1,978.5 | — | 150.0 | — | |||||||||||||||||||
| 2029 | 2,300.3 | 350.0 | 400.0 | — | |||||||||||||||||||
| Thereafter | 16,857.0 | 3,880.0 | 3,340.0 | 1,750.0 | |||||||||||||||||||
| Total | $ | 26,815.5 | $ | 5,130.0 | $ | 5,140.0 | $ | 1,750.0 | |||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 14, 2025 | Showing above |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.