UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2019 (November 5, 2019)
 
Commission
File Number	Registrant; State of Incorporation
Address; and Telephone Number	I.R.S. Employer
Identification No.	
 	 	 	
1-5324	EVERSOURCE ENERGY
(a Massachusetts voluntary association)
300 Cadwell Drive
Springfield, Massachusetts 01104
Telephone: (800) 286-5000  	04-2147929	
 	 	 	
0-00404	THE CONNECTICUT LIGHT AND POWER COMPANY
(a Connecticut corporation)
107 Selden Street
Berlin, Connecticut 06037-1616
Telephone: (800) 286-5000  	06-0303850	
 	 	 	
1-02301	NSTAR ELECTRIC COMPANY
(a Massachusetts corporation)
800 Boylston Street
Boston, Massachusetts 02199
Telephone: (800) 286-5000	04-1278810	
 	 	 	
1-6392	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
(a New Hampshire corporation)
Energy Park
780 North Commercial Street
Manchester, New Hampshire 03101-1134
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 Securities Act (17 CFR 230.425)	
 
	¨	Soliciting material pursuant to Rule 14a-12 under the 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
Symbol(s)	Name of each exchange on
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
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 November 5, 2019, Eversource Energy issued a news release announcing its unaudited results of operations for the third quarter and nine months ended September 30, 2019 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 November 6, 2019, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the third quarter of 2019. 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 Statements and Exhibits	
 
Item 9.01	Financial Statements and Exhibits.	
 
Exhibit
Number	Description	
99.1	News Release of Eversource Energy dated November 5, 2019.	
99.2	Financial Report for the three and nine months ended September 30, 2019.	
99.3	November 6, 2019 presentation slides.	
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL	
 
[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)	
 	 	
November 5, 2019	 	
 	By:    	/s/ Jay S. Buth	
 	 	Jay S. Buth	
 	 	Vice President, Controller and	
 	 	Chief Accounting Officer	

 

 
Exhibit 99.1

 
Eversource Energy Reports Third Quarter Results
 
(HARTFORD, Conn. and BOSTON, Mass. – November 5, 2019) Eversource Energy (NYSE: ES) today reported earnings of $318.9 million, or $0.98 per share, in the third quarter of 2019, compared with earnings of $289.4 million, or $0.91 per share, in the third quarter of 2018. In the first nine months of 2019, Eversource Energy earned $659 million, or $2.05 per share, compared with earnings of $801.7 million, or $2.52 per share, in the first nine months of 2018. Results for the first nine months of 2019 include a second quarter after-tax impairment charge of $204.4 million, or $0.64 per share, related to Eversource Energy’s investment in the Northern Pass Transmission (NPT) project. Excluding that impairment, Eversource Energy earned $863.4 million1, or $2.69 per share, in the first nine months of 2019.
 
Eversource Energy also today reaffirmed its 2019 earnings per share (EPS) projection of $3.401 to $3.501 per share, excluding the NPT impairment charge noted above, and its long-term EPS growth rate of 5 to 7 percent.
 
Jim Judge, Eversource chairman, president and chief executive officer, said the company was pleased with its financial performance to date, but most thankful for the exceptionally difficult, around-the-clock work employees undertook in mid-October after a severe Nor’easter struck large sections of our electric service territory, particularly southeast Massachusetts and eastern Connecticut. Wind gusts near Cape Cod were clocked at more than 90 miles per hour, causing extensive damage to tree cover and distribution lines. Another severe windstorm struck New England on Halloween night, causing extensive damage, particularly in Connecticut.
 
“We thank our employees for safely and promptly restoring service to our customers and we thank our customers for the patience they showed as we went about our work,” Judge said. “Rising to the challenge posed by extreme weather is a key element of providing the top-tier service our nearly 4 million customers expect from us.”
 
Electric Distribution
 
Eversource Energy’s electric distribution segment earned $197.3 million in the third quarter of 2019 and $422.7 million in the first nine months of 2019, compared with earnings of $173.8 million in the third quarter of 2018 and $379.3 million in the first nine months of 2018. Improved third quarter and year-to-date results were due primarily to higher distribution revenues and lower operation and maintenance (O&M) expense, partially offset by higher depreciation expense. Year-to-date results were also negatively affected by the absence of New Hampshire generation earnings in 2019.

 

Electric Transmission
 
Eversource Energy’s electric transmission segment earned $107.5 million in the third quarter of 2019 and $342.8 million1 in the first nine months of 2019, excluding the NPT charge noted above, compared with earnings of $109.5 million in the third quarter of 2018 and $329.6 million in the first nine months of 2018. Lower third quarter earnings in 2019 resulted in part from the absence of benefits from capitalizing interest and equity costs related to the canceled NPT project. Higher full-year results are primarily due to a higher level of investment in Eversource’s transmission facilities.
 
Natural Gas Distribution
 
Eversource Energy’s natural gas distribution segment lost $17.1 million in the third quarter of 2019 and earned $57.6 million in the first nine months of 2019, compared with a loss of $12.6 million in the third quarter of 2018 and earnings of $50.2 million in the first nine months of 2018. Lower third quarter results were due in part to the timing of distribution revenues, which, as disclosed previously, will be lower than in past years in non-heating months and higher during heating months. Improved year-to-date results were primarily due to higher earnings from capital tracking mechanisms on higher levels of investment.
 
Water Distribution
 
Eversource’s Aquarion Water Company subsidiary earned $17.5 million in the third quarter of 2019 and $26.3 million in the first nine months of 2019, compared with earnings of $17.6 million in the third quarter of 2018 and $26.3 million in the first nine months of 2018. For the third quarter, higher revenues and lower depreciation expense in 2019 were offset by the absence of a gain Aquarion recorded in 2018 on the sale of land.
 
Eversource Parent and Other Companies
 
Eversource parent and other companies earned $13.7 million in the third quarter of 2019 and $14 million in the first nine months of 2019, compared with earnings of $1.1 million in the third quarter of 2018 and $16.3 million in the first nine months of 2018. Higher third quarter earnings were due primarily to the absence of the Access Northeast impairment charge in 2018, partially offset by the absence in 2019 of non-recurring benefits related to federal tax reform. Lower nine-month results were due in part to higher interest expense.

 

The following table reconciles 2019 and 2018 third quarter and year-to-date earnings per share:
 
 	 	 	 	Third Quarter	 	 	First Nine Months	 	
2018	 	Reported EPS	 	$	0.91	 	 	$	2.52	 	
 	 	Higher electric distribution revenues in 2019	 	 	0.06	 	 	 	0.15	 	
 	 	Higher level of electric and natural gas distribution investment mechanisms in 2019	 	 	0.02	 	 	 	0.07	 	
 	 	(Lower)/higher electric transmission earnings in 2019, excluding NPT impairment	 	 	(0.01	)	 	 	0.03	 	
 	 	(Lower)/higher natural gas revenues in 2019	 	 	(0.01	)	 	 	0.03	 	
 	 	Lower non-tracked O&M in 2019	 	 	0.04	 	 	 	0.03	 	
 	 	Lower/(higher) depreciation and property tax expense	 	 	0.01	 	 	 	(0.06	)	
 	 	Higher interest expense in 2019	 	 	(0.01	)	 	 	(0.04	)	
 	 	Absence of New Hampshire generation earnings	 	 	---	 	 	 	(0.02	)	
 	 	Other	 	 	(0.02	)	 	 	(0.01	)	
 	 	Share dilution	 	 	(0.01	)	 	 	(0.01	)	
 	 	NPT impairment charge	 	 	---	 	 	 	(0.64	)	
2019	 	Reported EPS	 	$	0.98	 	 	$	2.05	 	
 
Financial results by segment for the third quarter and first nine months of 2019 and 2018 are noted below:
 
Three months ended:

(in millions, except EPS)	 	September 30, 2019	 	 	 September 30, 2018	 	 	Increase/
(Decrease)	 	 	 
2019 EPS	 	
Electric Distribution	 	$	197.3	 	 	$	173.8	 	 	$	23.5	 	 	$	0.61	 	
Electric Transmission	 	 	107.5	 	 	 	109.5	 	 	 	(2.0	)	 	 	0.33	 	
Natural Gas Distribution	 	 	(17.1	)	 	 	(12.6	)	 	 	(4.5	)	 	 	(0.05	)	
Water Distribution	 	 	17.5	 	 	 	17.6	 	 	 	(0.1	)	 	 	0.06	 	
Eversource Parent and Other Companies	 	 	13.7	 	 	 	1.1	 	 	 	12.6	 	 	 	0.03	 	
Reported Earnings	 	$	318.9	 	 	$	289.4	 	 	$	29.5	 	 	$	0.98	 	
 
Nine months ended:

(in millions, except EPS)	 	September 30, 2019	 	 	 September 30, 2018	 	 	Increase/
(Decrease)	 	 	 
2019 EPS1	 	
Electric Distribution	 	$	422.7	 	 	$	379.3	 	 	$	43.4	 	 	$	1.32	 	
Electric Transmission	 	 	342.8	 	 	 	329.6	 	 	 	13.2	 	 	 	1.07	 	
Natural Gas Distribution	 	 	57.6	 	 	 	50.2	 	 	 	7.4	 	 	 	0.18	 	
Water Distribution	 	 	26.3	 	 	 	26.3	 	 	 	---	 	 	 	0.08	 	
Eversource Parent and Other Companies	 	 	14.0	 	 	 	16.3	 	 	 	(2.3	)	 	 	0.04	 	
NPT impairment charge	 	 	(204.4	)	 	 	---	 	 	 	(204.4	)	 	 	(0.64	)	
Reported Earnings	 	$	659.0	 	 	$	801.7	 	 	$	(142.7	)	 	$	2.05	 	

 

Retail sales data:
 
Three months ended:	 	September 30, 2019	 	 	September 30, 2018	 	 	% Change	 	
Electric Distribution (Gwh)	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	 	2,078	 	 	 	2,206	 	 	 	(5.8	%)	
Decoupled	 	 	12,261	 	 	 	13,110	 	 	 	(6.5	%)	
Total Electric Distribution	 	 	14,339	 	 	 	15,316	 	 	 	(6.4	%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Natural Gas Distribution (mmcf)	 	 	 	 	 	 	 	 	 	 	 	 	
All Decoupled	 	 	11,557	 	 	 	11,342	 	 	 	1.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Water Distribution (MG)	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	 	695	 	 	 	732	 	 	 	(5.1	%)	
Decoupled	 	 	6,961	 	 	 	7,118	 	 	 	(2.2	%)	
Total Water Distribution	 	 	7,656	 	 	 	7,850	 	 	 	(2.5	%)	
 
Nine months ended:	 	September 30, 2019	 	 	September 30, 2018	 	 	% Change	 	
Electric Distribution (Gwh)	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	 	5,803	 	 	 	5,981	 	 	 	(3.0	%)	
Decoupled	 	 	33,298	 	 	 	34,690	 	 	 	(4.0	%)	
Total Electric Distribution	 	 	39,101	 	 	 	40,671	 	 	 	(3.9	%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Natural Gas Distribution (mmcf)	 	 	 	 	 	 	 	 	 	 	 	 	
All Decoupled	 	 	74,915	 	 	 	73,325	 	 	 	2.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Water Distribution (MG)	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	 	1,604	 	 	 	1,684	 	 	 	(4.8	%)	
Decoupled	 	 	16,173	 	 	 	16,491	 	 	 	(1.9	%)	
Total Water Distribution	 	 	17,777	 	 	 	18,175	 	 	 	(2.2	%)	
 
Eversource Energy has approximately 324 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4 million electric, natural gas and water 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 November 6, 2019, beginning at 9 a.m. Eastern Time.  The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com.	
 
1All per-share amounts in this news release 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 allocated 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 generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include a non-GAAP financial measure referencing 2019 earnings and EPS excluding the impairment charge for the NPT project.
 
Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2019 results without including the impact of the NPT impairment charge. Management believes the NPT impairment charge is not indicative of Eversource Energy’s ongoing performance.  Due to the nature and significance of the impairment charge 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 analyzing historical and future performance of the business. Non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance.
 
This news release includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements 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 cause actual results or outcomes to differ materially from those included in the forward-looking statements. 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 breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our transmission and distribution systems; ability or inability to commence and complete our major strategic development projects and opportunities; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology related to our current or future business model; increased conservation measures of customers and development of alternative energy sources; contamination of, or disruption in, our water supplies; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards 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) and updated as necessary, and are 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 predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements; each speaks only as of the date on which such statement is made, except as required by federal securities laws, and Eversource 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.
 
###

 

 
Exhibit 99.2
 
EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
(Thousands of Dollars)	 	As of
September 30,
2019	 	 	As of
December 31,
2018	 	
ASSETS	 	 	 	 	 	 	       	 	
Current Assets:	 	 	 	 	 	 	 	 	
Cash	 	$	22,688	 	 	$	108,068	 	
Receivables, Net	 	 	993,396	 	 	 	994,055	 	
Unbilled Revenues	 	 	150,394	 	 	 	176,285	 	
Fuel, Materials, Supplies and REC Inventory	 	 	204,012	 	 	 	238,042	 	
Regulatory Assets	 	 	538,162	 	 	 	514,779	 	
Prepayments and Other Current Assets	 	 	312,253	 	 	 	260,995	 	
Total Current Assets	 	 	2,220,905	 	 	 	2,292,224	 	
 	 	 	 	 	 	 	 	 	
Property, Plant and Equipment, Net	 	 	26,911,877	 	 	 	25,610,428	 	
 	 	 	 	 	 	 	 	 	
Deferred Debits and Other Assets:	 	 	 	 	 	 	 	 	
Regulatory Assets	 	 	4,292,560	 	 	 	4,631,137	 	
Goodwill	 	 	4,427,266	 	 	 	4,427,266	 	
Investments in Unconsolidated Affiliates	 	 	861,687	 	 	 	464,286	 	
Marketable Securities	 	 	404,804	 	 	 	417,508	 	
Other Long-Term Assets	 	 	606,295	 	 	 	398,407	 	
Total Deferred Debits and Other Assets	 	 	10,592,612	 	 	 	10,338,604	 	
 	 	 	 	 	 	 	 	 	
Total Assets	 	$	39,725,394	 	 	$	38,241,256	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND CAPITALIZATION	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	
Notes Payable	 	$	712,500	 	 	$	910,000	 	
Long-Term Debt — Current Portion	 	 	853,066	 	 	 	837,319	 	
Rate Reduction Bonds — Current Portion	 	 	43,210	 	 	 	52,332	 	
Accounts Payable	 	 	892,106	 	 	 	1,119,995	 	
Regulatory Liabilities	 	 	441,189	 	 	 	370,230	 	
Other Current Liabilities	 	 	806,839	 	 	 	823,006	 	
Total Current Liabilities	 	 	3,748,910	 	 	 	4,112,882	 	
 	 	 	 	 	 	 	 	 	
Deferred Credits and Other Liabilities:	 	 	 	 	 	 	 	 	
Accumulated Deferred Income Taxes	 	 	3,604,791	 	 	 	3,506,030	 	
Regulatory Liabilities	 	 	3,644,477	 	 	 	3,609,475	 	
Derivative Liabilities	 	 	357,869	 	 	 	379,562	 	
Accrued Pension, SERP and PBOP	 	 	821,172	 	 	 	962,510	 	
Other Long-Term Liabilities	 	 	1,290,704	 	 	 	1,196,336	 	
Total Deferred Credits and Other Liabilities	 	 	9,719,013	 	 	 	9,653,913	 	
 	 	 	 	 	 	 	 	 	
Long-Term Debt	 	 	13,440,165	 	 	 	12,248,743	 	
 	 	 	 	 	 	 	 	 	
Rate Reduction Bonds	 	 	540,122	 	 	 	583,331	 	
 	 	 	 	 	 	 	 	 	
Noncontrolling Interest — Preferred Stock of Subsidiaries	 	 	155,570	 	 	 	155,570	 	
 	 	 	 	 	 	 	 	 	
Common Shareholders' Equity:	 	 	 	 	 	 	 	 	
Common Shares	 	 	1,699,292	 	 	 	1,669,392	 	
Capital Surplus, Paid In	 	 	6,675,889	 	 	 	6,241,222	 	
Retained Earnings	 	 	4,100,220	 	 	 	3,953,974	 	
Accumulated Other Comprehensive Loss	 	 	(52,017	)	 	 	(60,000	)	
Treasury Stock	 	 	(301,770	)	 	 	(317,771	)	
Common Shareholders' Equity	 	 	12,121,614	 	 	 	11,486,817	 	
 	 	 	 	 	 	 	 	 	
Total Liabilities and Capitalization	 	$	39,725,394	 	 	$	38,241,256	 	
 
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
September 30,	 	 	For the Nine Months Ended
September 30,	 	
(Thousands of Dollars, Except Share Information)	 	2019	 	 	2018	 	 	2019	 	 	2018	 	
Operating Revenues	 	$	2,175,797	 	 	$	2,271,425	 	 	$	6,476,084	 	 	$	6,413,243	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Power, Fuel and Transmission	 	 	730,255	 	 	 	842,291	 	 	 	2,326,041	 	 	 	2,442,953	 	
Operations and Maintenance	 	 	331,054	 	 	 	344,475	 	 	 	994,660	 	 	 	970,881	 	
Depreciation	 	 	222,599	 	 	 	208,671	 	 	 	656,632	 	 	 	612,077	 	
Amortization	 	 	73,854	 	 	 	92,711	 	 	 	183,760	 	 	 	174,108	 	
Energy Efficiency Programs	 	 	136,832	 	 	 	129,965	 	 	 	382,785	 	 	 	366,162	 	
Taxes Other Than Income Taxes	 	 	171,965	 	 	 	187,291	 	 	 	537,636	 	 	 	547,155	 	
Impairment of Northern Pass Transmission	 	 	—	 	 	 	—	 	 	 	239,644	 	 	 	—	 	
Total Operating Expenses	 	 	1,666,559	 	 	 	1,805,404	 	 	 	5,321,158	 	 	 	5,113,336	 	
Operating Income	 	 	509,238	 	 	 	466,021	 	 	 	1,154,926	 	 	 	1,299,907	 	
Interest Expense	 	 	135,216	 	 	 	125,201	 	 	 	399,654	 	 	 	372,734	 	
Other Income, Net	 	 	26,968	 	 	 	16,718	 	 	 	103,818	 	 	 	100,656	 	
Income Before Income Tax Expense	 	 	400,990	 	 	 	357,538	 	 	 	859,090	 	 	 	1,027,829	 	
Income Tax Expense	 	 	80,226	 	 	 	66,278	 	 	 	194,435	 	 	 	220,497	 	
Net Income	 	 	320,764	 	 	 	291,260	 	 	 	664,655	 	 	 	807,332	 	
Net Income Attributable to Noncontrolling Interests	 	 	1,880	 	 	 	1,880	 	 	 	5,639	 	 	 	5,639	 	
Net Income Attributable to Common Shareholders	 	$	318,884	 	 	$	289,380	 	 	$	659,016	 	 	$	801,693	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic Earnings Per Common Share	 	$	0.98	 	 	$	0.91	 	 	$	2.06	 	 	$	2.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted Average Common Shares Outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	324,037,169	 	 	 	317,360,110	 	 	 	320,442,253	 	 	 	317,367,252	 	
Diluted	 	 	326,008,342	 	 	 	317,967,311	 	 	 	321,570,926	 	 	 	317,948,498	 	
 
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

2019 Third Quarter Results Investor Call November 6, 2019

Safe Harbor Statement 1 All per - share amounts in this news release 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 a non - GAAP financial measure referencing 2019 earni ngs and EPS excluding the impairment charge for the Northern Pass transmission (NPT) project. Eversource Energy uses these non - GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2019 results without including the impact of the NPT impairment charge. Management believes the NPT impairment charge is not indi cat ive of Eversource Energy’s ongoing performance. Due to the nature and significance of the impairment charge on net income attributable to common shareholders, man agement believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and use ful information to readers in analyzing historical and future performance of the business. Non - GAAP financial measures should not be considered as alternatives to Ever source Energy’s consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s ope rat ing performance. This presentation includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strateg ies , assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking state ments” 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; acts of war or terrorism , p hysical attacks or grid disturbances that may damage and disrupt our transmission and distribution systems; ability or inability to commence and complete our major strateg ic development projects and opportunities; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third - pa rty suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which coul d i nclude disruptive technology related to our current or future business model; increased conservation measures of customers and development of alternative energy sources; co ntamination of, or disruption in, our water supplies; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and pay men t ability; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make our access to necessary capital more diffi cul t or costly; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financia l r eporting 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) and up dat ed as necessary, and are 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; each speaks only as of the date on which such statement is made, except as required by federal securities laws, and Eversource Ene rgy 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. .

2 3Q 2019 3Q 2018 3Q Change YTD 9 - 30 - 19 YTD 9 - 30 - 18 YTD Change $0.61 $0.55 $0.06 $1.32 $1.19 $0.13 0.33 0.34 (0.01) 1.07 1.04 0.03 (0.05) (0.04) (0.01) 0.18 0.16 0.02 0.06 0.06 0.00 0.08 0.08 0.00 0.03 0.00 0.03 0.04 0.05 (0.01) 0.98 0.91 0.07 2.69 2.52 0.17 --- --- --- (0.64) --- (0.64) $0.98 $0.91 $0.07 $2.05 $2.52 ($0.47) Electric Distribution Electric Transmission (Non - GAAP) Natural Gas Distribution Parent & Other Water Distribution Third Quarter and First Nine Months 2019 Results NPT Impairment EPS (Non - GAAP) Reported EPS (GAAP)

3 ▪ PURA decision released on 10/02/19 focused on multiple objectives ▪ Removing barriers to the growth of CT’s green economy ▪ Enabling transition to decarbonize future focused on efforts in power generation, transportation and heating and cooling ▪ Addressing resilience reliability and standards system - wide and deploy or enhance use of AMI ▪ Addressing energy affordability ▪ Next stage to focus on eleven topics Fourth Quarter 2019 Start First Half 2020 Start Later Topics • AMI • Electric Storage • Zero emission vehicles • Innovative technology • Interconnection standards • Energy affordability • Non - wires alternatives • Resilience & reliability standards & programs • Distributed energy resources • Rate designs • Resource adequacy and clean - energy supply Framework for an Equitable Modern Grid in CT

South Fork Wind Revolution Wind Sunrise Wind Size 130 MW 704 MW 880 MW Construction Operation Plan Filing with BOEM Already filed Early 2020 2020 Construction to Begin 2021 Late 2021/early 2022 2022 Commercial Operation End of 2022 Late 2023 2024 Price as of first day of commercial operation ~ $0.160/KWH for 90 MW ~ $0.086/KWH for 40 MW (Avg. annual escalator: 2%) $0.098425/KWH for RI (no escalator) CT pricing not disclosed $0.11037/KWH (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 200 MW for CT approved 104 MW for CT pending with decision due by end of 2019 Contract signed with NYSERDA in October 2019 4 Expected Timeline For Eversource - Ørsted Projects

5 2019 Financing Activity ▪ $1.3 billion of equity closed in June. Two - thirds of nearly 18 million shares subject to one - year forward sale arrangement • None of the forward has settled to date ▪ Approximately 900,000 treasury shares issued through 10/31/19 to fund dividend reinvestment, 401(k) match, and employee incentive plans ▪ In April, CL&P issued $300 million of bonds due in 2048 (3.85% yield). Proceeds used to repay $250 million, 5.5% maturity ▪ In May, NSTAR Electric issued $400 million of 3.25% “green bonds” due in 2029 ▪ In June, PSNH issued $300 million of 3.6% bonds due in 2049. Proceeds to repay $150 million of 4.5% bonds due December 1, 2019 ▪ In July, NSTAR Gas issued $75 million of 3.74% bonds due in 2049 ▪ In September: • CL&P issued $200 million of bonds due in 2027 (2.42% yield) • Yankee Gas issued $100 million of 2.23% bonds due 2024 and $100 million of 3.3% bonds due 2049 Equity Long - Term Debt