01—Abstract
Summary
Summary of the 8-K filed November 24, 2025. Cited figures are marked; the original filing is the authoritative source.
Eversource Energy (NYSE: ES) filed an 8-K on November 24, 2025 to disclose a November 21, 2025 news release responding to the Connecticut Public Utilities Regulatory Authority's (PURA) decision to reject the proposed sale of its Aquarion Water Company to the South Central Connecticut Regional Water Authority.
The filing itself is brief; the substance is in the attached statement from CFO John Moreira, which frames the rejection as a setback to the company's strategic process rather than a financial emergency. Management says it had prepared for alternative outcomes, including financing options if the sale were denied. Those steps included an issuance of common equity earlier in 2025 and $600 milliona of parent-company debt.
Management states the company remains in a strong financial position, that FFO-to-debt metrics have consistently improved, and that it expects to stay above rating-agency downgrade thresholds through 2026 and beyond. It also reaffirmed 2025 non-GAAP recurring EPS guidance of $4.72 to $4.80b per share and a 5% to 7% compound annual EPS growth rate from a 2024 base of $4.57 per share. The company is evaluating regulatory and legal remedies, and it criticized PURA's transitional state, noting that the new chairman is recused in relevant dockets.
Eversource plans to file an Aquarion rate case in early 2026 seeking $60 to $70 millionc, with new rates expected before the end of 2026. Investors should watch the outcome of any legal challenge, the rate case, and whether the reaffirmed guidance holds, since the statement offers no quantified impact on earnings or cash flow from the sale failure.
02—Key points
Key Highlights
- PURA rejected the proposed sale of Aquarion Water Company to South Central Connecticut Regional Water Authority, disclosed via Item 8.01 and Exhibit 99.1 news release dated November 21, 2025.
- Management reaffirmed 2025 non-GAAP recurring EPS guidance of $4.72 to $4.80 per share.
- Management reaffirmed a 5% to 7% compound annual EPS growth target from a 2024 base of $4.57 per share.
- Eversource pre-funded alternatives: common equity issued earlier in 2025 plus $600 million of parent-company debt.
- Company expects FFO-to-debt metrics to stay above rating-agency downgrade thresholds through 2026 and beyond.
- Eversource is evaluating regulatory and legal remedies and plans an Aquarion rate case in early 2026 requesting $60 to $70 million, with new rates expected before end-2026.
- The filing does not quantify the earnings or valuation impact of losing the Aquarion sale, so the financial effect remains unclear.
03—Questions
Frequently Asked Questions
Why did PURA reject the Aquarion sale?
The filing does not state PURA's reasoning. The company's statement describes the decision as coming from a commission in transition, with the new chairman recused in relevant dockets, and says Eversource is reviewing the decision and evaluating remedies.
Is Eversource's financial position at risk after the rejection?
Management says the company remains in a strong financial position, with improving FFO-to-debt metrics and expected rating-agency compliance through 2026 and beyond. It also points to the prior equity issuance and $600 million parent-company debt as financing already in place.
Has Eversource changed its earnings guidance?
No. Management reaffirmed 2025 non-GAAP recurring EPS guidance of $4.72 to $4.80 per share and a 5% to 7% EPS CAGR from a 2024 base of $4.57.
What happens to Aquarion now?
Aquarion remains part of Eversource. The company plans to file a rate case in early 2026 seeking $60 to $70 million, with new rates expected before the end of 2026.
What should investors monitor next?
Key items include the outcome of any regulatory or legal challenge to the PURA decision, the Aquarion rate case filing and resulting rates, and whether the reaffirmed 2025 guidance and 2026-and-beyond credit metrics hold in future filings.
04—Continue