Eversource 2014 Annual Report Download - page 87

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Long-term debt maturities, mandatory tender payments and cash sinking fund requirements on debt outstanding for the years 2015 through 2019 and
thereafter are shown below. These amounts exclude the spent nuclear fuel obligation, net unamortized premiums and discounts, and other fair value
adjustments as of December 31, 2014:
 NU CL&P NSTAR Electric PSNH WMECO
2015 $216.7 $162.0 $4.7 $ - $50.0
2016 200.0 - 200.0 - -
2017 745.0 250.0 400.0 70.0 -
2018 810.0 300.0 - 110.0 -
2019 800.0 250.0 - 150.0 -
Thereafter 4,956.6 1,640.3 1,200.0 746.3 515.0
Total $7,728.3 $2,602.3 $1,804.7 $1,076.3 $565.0
The utility plant of CL&P, PSNH, Yankee Gas and NSTAR Gas is subject to the lien of each company's respective first mortgage bond indenture.
The NSTAR Electric, WMECO and NU parent debt is unsecured.
CL&P's obligation to repay each series of PCRBs is secured by first mortgage bonds. Each such series of first mortgage bonds contains similar terms
and provisions as the applicable series of PCRBs. If CL&P fails to meet its obligations under the first mortgage bonds, then the holder of the first
mortgage bonds (the issuer of the PCRBs) would have rights under the first mortgage bonds. CL&P's $62 million tax-exempt PCRBs, which are
subject to mandatory tender for purchase on April 1, 2015 and carry a coupon rate of 1.55 percent during the current three-year fixed rate period,
cannot be redeemed prior to its tender date. CL&P's $120.5 million tax-exempt PCRBs will be subject to redemption at par on or after September 1,
2021. All other long-term debt securities are subject to make-whole provisions.
PSNH's obligation to repay the PCRBs is secured by first mortgage bonds and bond insurance. The first mortgage bonds contain similar terms and
provisions as the PCRBs. If PSNH fails to meet its obligations under the first mortgage bonds, then the holder of the first mortgage bonds (the issuer
of the PCRBs) would have rights under the first mortgage bonds. The PSNH Series A tax-exempt PCRBs are currently callable at 100 percent of par.
The PCRBs bear interest at a rate that is periodically set pursuant to auctions. PSNH is not obligated to purchase these PCRBs, which mature in
2021, from the remarketing agent. As of December 31, 2014 and 2013, the interest rate was 0.175 percent and 0.088 percent, respectively.
The long-term debt agreements provide that NU and certain of its subsidiaries must comply with certain covenants as are customarily included in
such agreements, including a minimum equity requirement for NSTAR Gas. Under the minimum equity requirement, the outstanding long-term debt
of NSTAR Gas must not exceed equity.
Yankee Gas has certain long-term debt agreements that contain cross-default provisions. No other debt issuances contain cross-default provisions as
of December 31, 2014.
On August 27, 2014, PURA approved CL&P's request to extend the authorization period for issuance of up to $366.4 million in long-term debt from
December 31, 2014 to December 31, 2015.
On October 3, 2014, FERC granted authorization to allow NPT to issue short-term and long-term debt securities in an aggregate amount not to
exceed $500 million outstanding at any one time, effective December 31, 2014 through December 31, 2016.
On November 26, 2014, PURA approved Yankee Gas'request to extend the authorization period for issuance of up to $200 million in long-term debt
from December 31, 2014 to December 31, 2015.
On January 12, 2015, NSTAR Gas filed an application with the DPU requesting authorization to issue up to $100 million in long-term debt for the
period ending December 31, 2015.
 Under the Nuclear Waste Policy Act of 1982, CL&P and WMECO must pay the DOE for the costs of disposal of
spent nuclear fuel and high-level radioactive waste for the period prior to the sale of their ownership shares in the Millstone nuclear power stations.
The Millstone Nuclear Generating station was made up of Millstone 1, Millstone 2, and Millstone 3 and all three units were sold in March 2001.
The DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste.
For nuclear fuel used to generate electricity prior to April 7, 1983 (Prior Period Spent Nuclear Fuel) for CL&P and WMECO, an accrual has been
recorded for the full liability, and payment must be made by CL&P and WMECO to the DOE prior to the first delivery of spent fuel to the DOE.
After the sale of Millstone, CL&P and WMECO remained responsible for their share of the disposal costs associated with the Prior Period Spent
Nuclear Fuel. Until such payment to the DOE is made, the outstanding liability will continue to accrue interest at the 3-month Treasury bill yield
rate. In addition, as a result of consolidating CYAPC, NU has consolidated $179.4 million in additional spent nuclear fuel obligations, including
interest, as of both December 31, 2014 and 2013. The obligation due to the DOE for the disposal of CL&P's and WMECO's Prior Period Spent
Nuclear Fuel and CYAPC's spent nuclear fuel obligation include accumulated interest costs of $350.4 million and $350.3 million ($178 million and
$177.9 million for CL&P and $41.8 million and $41.7 million for WMECO) as of December 31, 2014 and 2013, respectively.
WMECO and CYAPC maintain trusts to fund amounts due to the DOE for the disposal of spent nuclear fuel. For further information on these trusts,
see Note 5, "Marketable Securities," to the financial statements.