ES · 10-Q · 2026Q3 · Full report

Distribution Load Growth Trends

EVERSOURCE ENERGY · 2026-11-06 · Importance 35 · Surprise 48

Distribution capital expenditures classified as “Load Growth and Other” totaled $246.1 million in the first nine months of 2026, down from $338.2 million in the comparable 2025 period, a decline of about 27 percent. Electric distribution load-growth spending decreased to $219.7 million from $301.5 million, while natural gas distribution spending decreased to $26.0 million from $36.1 million. The filing describes this category as including new-business requests, capacity additions on distribution lines, substation additions and expansions, and growth in existing natural-gas service territories through new developments and service installations.

Key facts

• Eversource’s firm natural gas sales volume rose 3.4% to 17,558 MMcf in the third quarter of 2026 and declined 0.3% to 111,132 MMcf in the first nine months of 2026.
• CL&P retail electric sales volumes were 15,565 GWh for the nine months ended September 30, 2026, up 1.2% from 15,375 GWh in 2025.
• NSTAR Electric retail electric sales volumes were 17,755 GWh for the nine months ended September 30, 2026, up 2.3% from 17,354 GWh in 2025.
• PSNH retail electric sales volumes were 6,027 GWh for the nine months ended September 30, 2026, up 2.0% from 5,907 GWh in 2025.
• Eversource’s retail electric sales volume rose 2.7% to 14,103 GWh in the third quarter of 2026 and rose 1.8% to 39,347 GWh in the first nine months of 2026.
• Retail sales-volume fluctuations affect PSNH earnings, while sales-volume fluctuations do not materially affect earnings at CL&P, NSTAR Electric, NSTAR Gas, EGMA and Yankee Gas because of approved revenue-decoupling mechanisms.
• Retail electric sales-volume fluctuations at PSNH affect earnings, while CL&P and NSTAR Electric have regulatory commission-approved distribution revenue decoupling mechanisms that prevent such fluctuations from affecting earnings.