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Connecticut Light & Power Co 3.90% PRF PERPETUAL USD 50 (CNLHN0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including operating revenues of $11.9 billion, a slight decrease from the previous year. The decrease is attributed to lower energy supply procurement costs.
Operating expenses totaled $9.5 billion, with purchased power, natural gas, and transmission costs decreasing by $1.4 billion. This decrease was primarily due to lower energy supply procurement costs.
The company reported an operating income of $2.4 billion, a slight increase from the previous year. Interest expense increased to $1.1 billion due to higher interest on long-term debt.
Connecticut Light & Power Co recorded a net income attributable to common shareholders of $811.7 million, compared to a net loss of $442.2 million the previous year. The previous year's loss was due to impairment charges on offshore wind investments.
The filing also includes information on the company's liquidity, with cash flows from operating activities totaling $2.16 billion. Investments in property, plant, and equipment totaled $4.48 billion.
The company announced a pending sale of its Aquarion water distribution business, expected to close in late 2025. The sale is projected to generate approximately $2.4 billion in cash, which will be used to pay down parent company debt.
Connecticut Light & Power Co continues to focus on infrastructure improvements, with projected capital expenditures of $24.17 billion from 2025 through 2029. These expenditures will be primarily allocated to electric distribution, natural gas distribution, and electric transmission segments.
The filing details various regulatory matters, including rate cases and performance-based regulation initiatives. The company is engaged in ongoing discussions with regulatory bodies to address these matters.
Connecticut Light & Power Co's credit ratings were affected by the challenging regulatory environment in Connecticut, leading to a downgrade by S&P in December 2024. The company is addressing these challenges through strategic adjustments to its capital expenditure plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Connecticut Light & Power Co 3.90% PRF PERPETUAL USD 50 annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.