ES · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

EVERSOURCE ENERGY · 2026-11-06 · Importance 15 · Surprise 6

For the nine months ended September 30, 2026, operating revenues decreased $249.3 million at CL&P, increased $224.4 million at NSTAR Electric, and increased $91.0 million at PSNH. CL&P state-mandated tracked revenues declined $685.5 million, primarily reflecting changes in the NBFMCC rate and timing of recovery of net costs under the Millstone and Seabrook contracts; NSTAR Electric wholesale market sales revenue rose $192.6 million, primarily from Hydro-Québec PPA output sales beginning in the first quarter of 2026. CL&P wholesale market sales revenue rose $113.8 million as its average ISO-NE wholesale price increased to $71.71 per MWh from $64.09 per MWh; base distribution revenues rose $40.8 million at NSTAR Electric and $29.8 million at PSNH following rate increases.

Key facts

• Natural gas distribution losses increased $26.6 million in Q3 2026, primarily due to lower EGMA and NSTAR Gas revenues from seasonal rate-design changes, higher depreciation, interest and O&M expense, partly offset by capital tracking revenues and Yankee Gas's November 1, 2025 rate increase.
• Natural gas distribution earnings increased $44.7 million in the first nine months of 2026, primarily due to base rate increases effective November 1, 2025 at Yankee Gas, NSTAR Gas and EGMA, and capital tracking revenues.
• Eversource reported a $10.0 million decline in electric transmission revenues in the third quarter of 2026, primarily from the prospective effect of the March 19, 2026 FERC decision lowering allowed ROE from 10.57% to 9.57%, partly offset by transmission investment.
• Electric distribution earnings increased $2.5 million in the first nine months of 2026 versus 2025, with higher revenues from NSTAR Electric and PSNH base distribution rate increases and CL&P and NSTAR Electric capital tracking mechanisms among the drivers.
• For the three months ended September 30, 2026, Eversource’s operating revenues were $2,978.9 million, down $241.7 million year over year; nine-month operating revenues were $10,386.4 million, up $209.4 million.
• Base electric distribution revenues increased $24.2 million in the third quarter and $70.6 million in the first nine months of 2026; base natural gas distribution revenues increased $27.4 million and $265.5 million, respectively.
• Eversource’s electric transmission revenues increased $39.1 million in the first nine months of 2026, primarily due to higher transmission rate base from continued investment.