ES · Eversource Energy

573 filings

ES SEC Filings

Eversource Energy - 573 total filings

Filing record · 2016–202610-K1110-Q338-K126

Showing 1–50 of 573 filings

Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2026

Eversource Energy reported a net income of $346.0 million ($0.92 per share) for the third quarter of 2026, a decrease from $367.5 million ($0.99 per share) in the same quarter of 2025. For the nine months ended September 30, 2026, net income was $1.01 billion ($2.67 per share), down from $1.28 billion ($3.44 per share) in the comparable 2025 period. These results were impacted by significant non-recurring charges, including a $111.4 million after-tax loss from the sale of the Aquarion water distribution business and a $164.0 million after-tax charge related to an increase in the offshore wind contingent liability. Excluding these and other charges, non-GAAP earnings for the nine-month period were $1.33 billion ($3.52 per share). Operationally, the company continues to invest heavily in its regulated utility infrastructure, with capital expenditures for property, plant, and equipment totaling $3.05 billion for the first nine months of 2026. The company has narrowed its 2026 non-GAAP recurring earnings guidance to a range of $4.62 to $4.70 per share. Liquidity remains strong, supported by operating cash flows of $3.07 billion for the first nine months of 2026 and substantial available borrowing capacity under its credit facilities.

Nov 6, 2026 8-K

Eversource Energy 8-K Report, Financial Results (Nov 4, 2026)

Eversource Energy (ES) reported its third quarter and nine months ended September 30, 2026, results, with GAAP earnings per share of $0.92 for the quarter and $2.67 for the nine-month period. These figures represent a decrease compared to the prior year's periods, primarily due to several one-time charges and adjustments. Notably, the company incurred charges related to the sale of Aquarion Water Company, an increase in expected future payments for its offshore wind divestiture, and refunds associated with a FERC decision reducing the allowed return on equity for New England transmission owners. Despite these impacts, Eversource is updating its 2026 non-GAAP recurring earnings guidance to a range of $4.62 to $4.70 per share, with an increased midpoint. The company continues to focus on strategic initiatives including capital investment in its infrastructure, maintaining balance sheet strength, and engaging with regulators. A conference call is scheduled for November 5, 2026, to discuss these results and provide further insights.

Nov 4, 2026 10-Q

Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2026

Eversource reported a sharply weaker second quarter and first half of 2026, driven by non-recurring and non-cash charges rather than operating deterioration. Q2 GAAP net income attributable to common shareholders fell to $53.7 million ($0.14 per diluted share) from $352.7 million ($0.96) a year earlier, while first-half GAAP EPS was $1.75 versus $2.45. The decline reflects three items: a $194 million pre-tax ($164 million after-tax) increase to the offshore wind contingent liability tied to Revolution Wind cost overruns, a $111.4 million after-tax loss on the June 30, 2026 sale of the Aquarion water business, and a $43.9 million after-tax first-quarter charge for estimated FERC ROE refunds. Excluding these items, the company reports non-GAAP earnings of $329.1 million ($0.87) for Q2 and $979.8 million ($2.60) for the first half, and it reaffirmed 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72. The balance sheet and liquidity picture improved meaningfully. Cash and equivalents rose to $1.82 billion, largely from roughly $1.7 billion of net Aquarion sale proceeds that management intends to use to reduce parent debt. Operating cash flow increased to $2.41 billion from $2.10 billion, while capital investment was steady at $2.02 billion. Eversource also issued $2.40 billion of long-term debt and repaid $1.62 billion in the first half, and Moody's moved the outlook for the parent and NSTAR Electric from negative to stable. The most important investor risk is the FERC ROE matter. FERC's March 2026 order lowered the transmission base ROE from 10.57% to 9.57%, which management estimates reduces annual after-tax earnings by about $70 million. The company has recorded only the low end of a $62.0 million to $968.4 million pre-tax refund range, so a further charge could be material if the retroactive refund period is upheld on appeal. The offshore wind contingent liability, now $409.2 million, is also subject to further upward revision if construction costs rise, and the company states that such additional losses could be material.

Aug 3, 2026 8-K

Eversource Energy 8-K Report, Financial Results (Jul 30, 2026)

Eversource Energy (NYSE: ES) reported a sharply lower GAAP result for the second quarter of 2026, with GAAP earnings of $53.7 million, or $0.14 per diluted share, versus $352.7 million, or $0.96 per share, a year earlier. The decline is driven by three non-cash or one-time charges: a $111.4 million after-tax loss tied to the June 30, 2026 sale of Aquarion Water Company, a $164.0 million after-tax charge to increase the offshore wind contingent liability owed to Global Infrastructure Partners, and, for the first half, a $43.9 million charge for estimated refunds tied to the March 2026 FERC decision cutting the New England transmission base ROE from 10.57% to 9.57%. Excluding these items, non-GAAP recurring earnings were $329.1 million, or $0.87 per share, in Q2 2026, and $979.8 million, or $2.60 per share, for the first half, roughly in line with management's revised guidance. Management reaffirmed its 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72, which already reflects the lower transmission ROE and the loss of Aquarion earnings in the second half. The company also reaffirmed a 5% to 7% long-term EPS growth target through 2030 and expects growth toward the upper half of that range by 2028. The Aquarion sale closed with about $1.7 billion of cash, which is being used to reduce parent debt, and Moody's moved its outlook to stable. The company is also pursuing a $2.2 billion ISO-NE longer-term transmission project it has been preliminarily selected for, and a Connecticut rate case filed July 14, 2026 that requests a $451 million base deficiency with a 10.25% ROE. For investors, the key questions are the timing of the FERC ROE outcome (refund exposure runs through mid-2027 and the Section 205 request for an 11.39% ROE is pending), the Revolution Wind commercial operation date (expected by year end), and the execution of the Connecticut rate case and financing plan. The 2026 to 2030 capital plan of $26.5 billion, with about $1.7 billion of incremental opportunities, supports the long-term growth thesis, but near-term reported GAAP earnings remain volatile.

Jul 30, 2026 8-K

Eversource Energy 8-K Report, Financial Results (Jul 1, 2026)

Eversource Energy (ES) announced on June 30, 2026 that it has completed the sale of Aquarion Water Company to the Aquarion Water Authority, a quasi-public Connecticut political subdivision, for a total cash purchase price of $2.4 billion. The transaction was agreed in January 2025 and approved by the Connecticut Public Utilities Regulatory Authority on March 25, 2026. Management says adjusted net equity proceeds of roughly $1.7 billion will be used to pay down Eversource debt, which is framed as a step toward strengthening the balance sheet and credit profile. The sale carries an accounting cost. Eversource expects an after-tax, non-cash, non-recurring charge of approximately $115 million, or $0.31 per share, in the second quarter of 2026. The company also says its revised 2026 non-GAAP EPS guidance of $4.57 to $4.72 already reflects the loss of Aquarion's earnings. Management continues to target a cumulative long-term EPS growth rate of 5% to 7% through 2030 off a $4.65 midpoint base, and expects annual earnings growth in the upper half of that range by 2028. For investors, the key trade-off is a one-time write-down and lost water earnings in exchange for lower leverage and a more focused pipes-and-wires electric and gas utility. The filing also relies on non-GAAP measures that exclude the Aquarion loss and a March 2026 FERC base ROE charge, so investors should weigh GAAP results alongside the adjusted figures.

Jul 1, 2026 10-Q

Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2026

Eversource reported first-quarter 2026 GAAP net income attributable to common shareholders of $606.8 million, or $1.61 per diluted share, up from $550.8 million ($1.50) a year earlier. The result includes a $60.4 million pre-tax ($43.9 million after-tax, $0.12 per share) charge tied to FERC's March 19, 2026 Opinion No. 594, which cut the New England transmission base ROE from 10.57% to 9.57% and ordered refunds with interest. Excluding the charge, non-GAAP earnings were $650.7 million, or $1.73 per share. Operating revenues rose 9.4% to $4.50 billion, driven by base distribution rate increases at NSTAR Electric, PSNH, Yankee Gas, NSTAR Gas and EGMA, and higher wholesale market and tracked energy costs. Interest expense rose 21% to $365 million, largely from $46.9 million of regulatory-deferral interest accrual on the FERC liability. The bigger investor issue is the FERC refund exposure. The company recorded only the $60.4 million low end of a reasonably possible pre-tax loss range of $60.4 million to $932 million, because management views refunds on the retroactive period (about $871 million pre-tax at the high end) as not probable. The NETOs have sought rehearing and a stay of the retroactive refunds, and on April 30, 2026 proposed a prospective replacement ROE of 11.39%. The company also flagged an offshore wind contingent liability of $298.2 million (down from $448.2 million) that could increase materially if Revolution Wind costs rise further. Aquarion's sale to the Aquarion Water Authority was approved by PURA on March 25, 2026, but was not classified as held for sale because appeals create significant timing uncertainty. Liquidity is solid: operating cash flow was $1.32 billion, cash rose to $270 million, and commercial paper capacity was $2.12 billion. The company reaffirmed 2026 non-GAAP EPS guidance of $4.57 to $4.72 (revised for the ROE reduction and the potential Aquarion sale) and long-term EPS growth of 5% to 7% through 2030.

May 7, 2026 8-K

Eversource Energy 8-K Report, Financial Results (May 6, 2026)

Eversource Energy (ES) reported first-quarter 2026 GAAP earnings of $606.8 million, or $1.61 per share, up from $1.50 per share a year earlier. Non-GAAP recurring earnings were $650.7 million, or $1.73 per share. The GAAP figure absorbs a $43.9 million after-tax (about $0.12 per share) charge tied to FERC's March 19, 2026 decision cutting the New England transmission base ROE from 10.57% to 9.57%, including refunds with interest for prior periods. Growth was led by Natural Gas Distribution (up $76.9 million on base rate increases effective November 1, 2025), with Electric Transmission and Electric Distribution also improving. Parent and other losses widened, driven by higher interest expense and a higher effective tax rate. The bigger story for investors is the revised 2026 guidance. Following the FERC order and the potential Aquarion sale, non-GAAP recurring EPS guidance was cut to $4.57-$4.72 from $4.80-$4.95. Management reaffirmed a 5-7% long-term EPS growth target through 2030, using the $4.65 midpoint as the base, and expects growth in the upper half of that range by 2028. The company has filed a Section 205 request for a replacement ROE of 11.39%, expected to take effect later in 2026 subject to refund, and is pursuing rehearing, a refund extension (through May 2027), and a stay motion at the D.C. Circuit. The balance sheet and capital plan remain central to the thesis. The company has a $26.5 billion capital plan for 2026-2030, with about $1.0 billion of incremental opportunities, and it targets FFO-to-debt at least 100 basis points above S&P and Moody's downgrade thresholds. Financing needs are largely met from operating cash flow, with the remainder covered by equity-content hybrids, asset sales, and storm securitization proceeds. Near-term catalysts include the Aquarion sale appeal period, Revolution Wind's second-half 2026 commercial operation date, a Connecticut rate case, and a FERC ROE decision expected in mid-2027.

May 6, 2026 8-K

Eversource Energy 8-K Report, Regulation FD Disclosure (Mar 31, 2026)

Eversource Energy (ES) has filed an 8-K detailing its response to a recent Federal Energy Regulatory Commission (FERC) order reducing the authorized return on equity (ROE) for New England transmission owners. The company views this decision, which sets a base ROE of 9.57% and a maximum incentive ROE of 12.09%, as arbitrary and inconsistent with federal law, arguing it uses outdated data and fails to reflect current economic conditions. This reduction is expected to have significant negative impacts on transmission owners and customers by increasing the cost of capital for essential infrastructure upgrades and potentially eroding investor confidence. In response, Eversource is pursuing legal action, including a motion for a stay of the order, and is considering a Section 205 filing to propose updated rates. The company also highlights concerns about potential retroactive refunds, which could be implemented over 18-24 months if upheld. The negative impact on Eversource's 2026 earnings is estimated at approximately $70 million due to the ROE change, leading to a revised non-GAAP earnings guidance range of $4.57 to $4.72 per share. The company reiterates its long-term earnings per share growth target of 5-7% through 2030.

Mar 31, 2026 8-K

Eversource Energy 8-K Report, Financial Obligation (Feb 26, 2026)

Eversource Energy (ES) announced on February 26, 2026, the issuance of $1.5 billion in aggregate principal amount of Junior Subordinated Notes. This offering is split equally between $750 million of Series A Notes and $750 million of Series B Notes, both due in 2056. These notes are unsecured obligations of the company and were issued under separate supplemental indentures to a master Junior Subordinated Note Indenture, with The Bank of New York Mellon Trust Company, N.A. serving as trustee. This debt issuance represents a significant capital raise for Eversource Energy. Investors should note that these are junior subordinated notes, which typically carry higher risk and offer potentially higher yields compared to senior debt. The long-term maturity of 2056 suggests the company is seeking to finance long-term projects or refinance existing debt with a protracted repayment schedule. Further details on the terms, covenants, and specific use of proceeds would be found in the prospectus supplement and related filings.

Feb 26, 2026 10-K

Eversource Energy Annual Report, Year Ended Dec 31, 2025

Eversource Energy (ES) reported a significant rebound in financial performance for 2025, with net income attributable to common shareholders reaching $1.69 billion, or $4.56 per diluted share, a substantial increase from $811.7 million, or $2.27 per diluted share, in 2024. Excluding specific charges related to offshore wind investments and the pending sale of its water business, the company's non-GAAP earnings were $1.77 billion, or $4.76 per share, compared to $1.63 billion, or $4.57 per share, in the prior year. This improvement was driven by higher revenues across its electric distribution, electric transmission, and natural gas distribution segments, largely due to rate increases and investments in infrastructure. Looking ahead, Eversource projects 2026 non-GAAP earnings per share to be between $4.80 and $4.95, with a long-term EPS growth rate target of 5-7% through 2030. The company also reported robust operating cash flows and managed its liquidity effectively, issuing significant amounts of new long-term debt while repaying existing obligations. Capital expenditures are projected to be substantial, totaling $26.51 billion from 2026 through 2030, primarily focused on electric and natural gas distribution and transmission infrastructure upgrades, signaling a continued commitment to modernization and reliability.

Feb 17, 2026 8-K

Eversource Energy 8-K Report, Financial Results (Feb 12, 2026)

Eversource Energy (NYSE: ES) reported full-year 2025 GAAP earnings of $1.69 billion, or $4.56 per share, versus $2.27 per share in 2024, and non-GAAP recurring earnings of $4.76 per share (up from $4.57). Fourth-quarter 2025 GAAP EPS was $1.12 versus $0.20 a year earlier, which was depressed by a $298.3 million loss on the pending Aquarion Water sale. Full-year 2025 GAAP results absorbed a $75.0 million after-tax loss tied to higher offshore wind contingent liabilities from the September 2024 sale of South Fork and Revolution Wind. Growth was led by electric transmission ($776.7M, up from $724.6M), natural gas distribution ($360.5M, up from $291.0M), and electric distribution ($667.1M, up from $631.7M), partly offset by higher parent-company interest expense. Management guided 2026 non-GAAP EPS to $4.80 to $4.95 and reaffirmed a cumulative 5% to 7% long-term EPS growth target through 2030, with growth expected toward the upper half of that range by 2028. The company unveiled a $26.5 billion five-year capital plan for 2026 to 2030, up $2.3 billion from the prior plan, mostly in electric and gas distribution, and expects to issue $800 million to $1.1 billion of common equity over the period, excluding dividend reinvestment and employee equity programs. Investors should monitor the pending Aquarion sale, which management says is not a condition for the equity raise, and the regulatory decisions tied to the CL&P rate case, Aquarion rate proceedings, and storm cost securitization. The filing also highlights ongoing credit-metric repair, with management targeting FFO-to-debt at least 100 basis points above S&P and Moody's downgrade thresholds. Affordability remains a central regulatory theme, reflected in the Massachusetts joint settlement and the customer credits recorded at NSTAR Electric in the fourth quarter.

Feb 12, 2026 8-K

Eversource Energy 8-K Report, Code of Ethics Amendment (Jan 30, 2026)

Eversource Energy and its subsidiaries, including The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire, filed an 8-K on January 30, 2026, primarily to report an update to their Code of Ethics for Senior Financial Officers. The Amended and Restated Code, effective January 27, 2026, incorporates updated language regarding auditor oversight and compliance programs, along with clarifying and stylistic revisions. Importantly, the company stated that these changes are not material and do not represent any waiver of existing ethical standards.

Jan 30, 2026 8-K

Eversource Energy 8-K Report, Executive Changes (Dec 5, 2025)

Eversource Energy (NYSE: ES) filed an 8-K on December 5, 2025 reporting governance changes rather than financial results. On December 3, 2025, the Board of Trustees elected Warren Robert "Bob" Mudge as a Trustee effective January 1, 2026. He joins the Audit Committee and the Finance and Risk Management Committee. His initial term runs until the 2026 Annual Meeting of Shareholders in May 2026, and he will receive a $125,000 annual cash retainer plus an equity grant of RSUs valued at $175,000 on January 15, 2026. The Board also named David H. Long Chair of the Governance, Environmental and Sustainability Committee, effective January 1, 2026, and approved updates to the Corporate Governance Guidelines that more precisely define the Lead Independent Trustee's responsibilities. The filing does not disclose financial metrics, guidance, or capital plan changes. Mudge's background (Verizon COO, Brightspeed CEO) is largely in telecom and network operations, which may signal a focus on operational transformation, large-scale capital execution, and fiber-style infrastructure modernization. For investors, the filing is a routine-to-moderately-notable governance update. The board addition brings operational and capital-budget experience, and the committee changes and governance guideline refinements are incremental. No material financial impact is reported, and the filing contains no new risk disclosures.

Dec 5, 2025 8-K

Eversource Energy 8-K Report, Corporate Update (Nov 24, 2025)

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 million 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 $4.80 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 million, 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.

Nov 24, 2025 10-Q

Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2025

Eversource Energy's Q3 2025 10-Q shows a sharp swing back to profitability on a GAAP basis, but the quarter was dominated by a non-recurring-looking but still uncertain offshore wind charge. Net income attributable to common shareholders was $367.5 million, or $0.99 per diluted share, versus a loss of $118.1 million ($0.33 per share) a year earlier. For the first nine months, GAAP EPS was $3.44 versus $2.08. Excluding offshore wind items, the company reports non-GAAP earnings of $442.5 million ($1.19 per share) for Q3 and $3.64 per share year-to-date, with the Q3 2025 offshore wind charge of $284 million pre-tax ($75 million after-tax, net of $209 million of expected tax benefits) increasing the GIP contingent liability to $507.7 million, now classified as current. The regulated utilities drove the underlying results, with regulated companies earning $3.89 per share year-to-date versus $3.62 a year ago, supported by rate increases at PSNH and NSTAR Electric and transmission rate base growth. Cash generation improved materially, with operating cash flow of $3.20 billion in the first nine months versus $1.52 billion a year earlier, aided largely by regulatory recoveries and timing of CL&P's FMCC and SBC collections. Capital investment remained heavy at $3.18 billion year-to-date. Leverage is rising: long-term debt increased to $26.9 billion from $25.7 billion, notes payable declined, and the company issued $2.04 billion of long-term debt while raising $465 million through its at-the-market equity program. Cash and equivalents were $259 million at quarter-end. Management reaffirmed a 2025 non-GAAP EPS guidance range of $4.72 to $4.80 (narrowed from $4.67 to $4.82) and a 5% to 7% long-term EPS growth target through 2029. Key risks for investors include the open-ended Revolution Wind cost exposure, where management states additional losses could be material, unresolved FERC ROE complaints with no reasonable estimate of loss, the pending Aquarion water sale (approximately $2.4 billion enterprise value, expected to close late 2025), and Fitch's watch-negative outlook placed on Eversource and its utilities in September 2025 tied to the Revolution Wind stop-work order.

Nov 6, 2025 8-K

Eversource Energy 8-K Report, Financial Results (Nov 4, 2025)

Eversource Energy (NYSE: ES) reported third-quarter 2025 GAAP earnings of $367.5 million, or $0.99 per diluted share, compared with a loss of $(0.33) per share in Q3 2024, which was driven by offshore wind sale losses. Excluding losses tied to its former offshore wind investments, non-GAAP recurring earnings were $442.5 million, or $1.19 per share, up from $1.13 a year earlier. For the first nine months of 2025, GAAP EPS was $3.44 versus $2.08, and non-GAAP recurring EPS was $3.64 versus $3.56. Growth was led by the transmission, electric distribution, and natural gas distribution segments, supported by rate increases and continued capital investment. Management narrowed full-year 2025 non-GAAP recurring EPS guidance to $4.72-$4.80, from the original $4.67-$4.82, and reaffirmed a 5-7% EPS CAGR off a 2024 base of $4.57. The company also disclosed a $75.0 million after-tax loss ($0.20 per share) from an increase in its obligation to Global Infrastructure Partners tied to the 2024 offshore wind sale. The slide deck points to a $24.2 billion five-year capital plan (2025-2029), a $1.2 billion ATM equity program, FFO-to-debt improvement (12.7% at 6/30/2025 versus a 12% threshold), and pending regulatory decisions in Connecticut (Yankee Gas rate case and the Aquarion sale). The quarter was clean on a recurring basis, with the main investor questions centering on regulatory outcomes in Connecticut, the pace of equity issuance to fund capex, and the residual offshore wind obligations. Investors should note that the 8-K itself is a earnings-release filing, and the figures above come from unaudited, preliminary results.

Nov 4, 2025 8-K

Eversource Energy 8-K Report, Financial Obligation (Oct 17, 2025)

Eversource Energy (ES) announced on October 17, 2025, the issuance of $600 million in aggregate principal amount of 4.45% Senior Notes, Series HH, due 2030. These notes are unsecured obligations of the company and were issued under an indenture agreement with The Bank of New York Mellon Trust Company, N.A. This action indicates the company's ongoing need to secure capital, likely for operational needs, infrastructure investments, or refinancing existing debt. Investors should note the interest rate of 4.45% and the semi-annual interest payments. The issuance of new debt will impact the company's leverage ratios and interest expense. While the filing does not specify the exact use of proceeds, such debt issuances are common for utility companies to fund capital expenditures and maintain financial flexibility. Investors should monitor future filings for details on how these funds are deployed and their impact on profitability and cash flow.

Oct 17, 2025 8-K

Eversource Energy 8-K Report, Financial Results (Oct 14, 2025)

Eversource Energy (NYSE: ES) disclosed on October 14, 2025 that it has increased its contingent liability to Global Infrastructure Partners (GIP) by approximately $285 million related to post-closing purchase price adjustments from the September 30, 2024 sale of its South Fork Wind and Revolution Wind projects. The increase reflects revised Revolution Wind construction cost projections that include insurance costs, tariff impacts, damage to the turbine installation vessel, and costs from the August 22, 2025 BOEM stop-work order that halted offshore wind construction through September 22, 2025. Eversource expects a federal tax benefit of approximately $210 million tied to tax losses on the sale, resulting in a net after-tax non-recurring charge of roughly $75 million, or $0.20 per share, to be recorded in the third quarter of 2025. The liability stood at $365 million at closing and was reduced to approximately $296 million as of June 30, 2025 by payments made in 2025. South Fork Wind is in service, so the remaining obligation relates primarily to completing Revolution Wind, which is more than 80 percent complete and is expected to finish in the second half of 2026. Management notes the liability may still change as construction finishes and terms are finalized with GIP, so further adjustments remain a risk. Alongside the charge, Eversource narrowed its full-year 2025 non-GAAP recurring EPS guidance to $4.72–$4.80 from $4.67–$4.82, raising the midpoint. The company continues to exclude offshore wind equity method losses, the pending Aquarion water business sale loss, a Northern Pass land disposition loss, and certain transaction costs from non-GAAP results. Investors should weigh the one-time charge against the improved guidance midpoint and the tax-benefit offset, while monitoring Revolution Wind's completion risk and the final GIP settlement.

Oct 14, 2025 10-Q

Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2025

Eversource Energy reported a solid second quarter and first half of 2025, with GAAP net income attributable to common shareholders of $352.7 million, or $0.96 per diluted share, in Q2 2025 versus $335.3 million, or $0.95, a year earlier. For the first half, earnings were $903.5 million, or $2.45 per diluted share, compared with $857.2 million, or $2.43, in 1H 2024. Management reaffirmed 2025 EPS guidance of $4.67 to $4.82 and a long-term EPS growth target of 5% to 7% through 2029, off a 2024 non-GAAP base of $4.57. Regulated companies drove the results, earning $1.14 per share in Q2, while Parent and Other losses widened, largely due to higher interest costs after capitalized interest on offshore wind projects ended. Cash generation improved sharply, with operating cash flow of $2.10 billion in the first half versus $962 million a year earlier, aided mainly by favorable regulatory recovery timing at CL&P. Capital investment remained heavy at $2.05 billion in the first half. Liquidity strengthened: cash rose to $343.7 million, Eversource issued $1.73 billion of long-term debt, and it set up a $1.2 billion at-the-market equity program, selling about $218 million of shares in Q2. Total assets reached $60.96 billion. Key risks remain. Eversource's FERC ROE complaints could have a material impact, though no reserve change is currently recorded. The Revolution Wind post-closing liability stands at $296 million and could increase if construction overruns occur. Moody's downgraded CL&P to Baa1 in June 2025, citing the Connecticut regulatory environment. The pending $2.4 billion sale of the Aquarion water business, expected to close in late 2025, would be used to pay down parent debt.

Aug 4, 2025 8-K

Eversource Energy 8-K Report, Financial Results (Jul 31, 2025)

Eversource Energy (NYSE: ES) reported second-quarter 2025 GAAP earnings of $352.7 million, or $0.96 per diluted share, compared with $335.3 million, or $0.95 per share, in the second quarter of 2024. For the first half of 2025, earnings were $903.5 million, or $2.45 per share, versus $857.2 million, or $2.43 per share, a year earlier. Revenue rose to $2.84 billion in the quarter from $2.53 billion, and to $6.96 billion for the first half from $5.87 billion. Growth came mainly from the electric transmission, electric distribution, and natural gas segments, which benefited from ongoing infrastructure investment and base rate increases. Those gains were partly offset by a larger parent-company loss, driven by higher interest expense after the sale of the offshore wind projects ended capitalized interest. Management reaffirmed 2025 EPS guidance of $4.67 to $4.82 and its 5% to 7% long-term EPS growth target, measured from a 2024 base of $4.57. The company also reiterated a 2025-2029 capital plan of $24.2 billion, with potential incremental investment of $1.5 billion to $2 billion. Balance sheet metrics improved: management cited FFO-to-debt progress, a $1.2 billion at-the-market equity program, and a $600 million dividend reinvestment and direct stock purchase plan through 2029. A New Hampshire rate case decision on July 25, 2025 approved a $100 million permanent rate increase with a 9.5% return on equity and a 50% equity capital structure. The filing is largely a results release and investor presentation rather than a disclosure of new material events. The key investor considerations are the sustainability of regulated earnings growth, execution on pending Connecticut and Massachusetts regulatory decisions, the cost of the parent's interest burden, and whether credit metrics continue to strengthen relative to rating agency thresholds.

Jul 31, 2025 8-K

Eversource Energy 8-K Report, Corporate Update (May 30, 2025)

Eversource Energy (ES) has announced the execution of an Equity Distribution Agreement with a syndicate of thirteen financial institutions, acting as Managers. This agreement allows Eversource Energy to issue and sell up to $1.2 billion of its common shares over time through these Managers. The offering is being conducted under an effective registration statement filed with the SEC and is accompanied by a prospectus supplement. This filing signals Eversource Energy's intent to potentially raise significant capital through the equity markets. Investors should note that this agreement provides flexibility for the company to access funds as needed, which could be utilized for various corporate purposes, including ongoing capital expenditures, debt repayment, or strategic initiatives. The specific timing and volume of share sales will depend on market conditions and the company's financial needs.

May 30, 2025 10-Q

Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2025

Eversource Energy's first-quarter 2025 10-Q shows a quarter driven by regulated earnings growth and a sharp swing in operating cash flow. Net income attributable to common shareholders rose to $550.8 million, or $1.50 per diluted share, versus $521.8 million ($1.49) a year earlier. Regulated companies earned $1.66 per share, up from $1.53, led by electric transmission, natural gas distribution, and electric distribution, while the parent and other companies lost $0.16 per share, weighed down by higher interest expense after capitalized interest ended with the 2024 offshore wind sales. Management reaffirmed its 2025 EPS guidance of $4.67 to $4.82 and its 5% to 7% long-term growth target through 2029. Cash generation improved materially. Operating cash flow was $1.04 billion versus $291 million, mainly from favorable timing of regulatory recoveries at CL&P, including the non-bypassable FMCC, and lower storm-related vendor payments. Capital investment was $1.01 billion, slightly below last year's $1.15 billion. Total debt grew, with $1.20 billion of new long-term issuance against $300 million repaid, and commercial paper and notes payable fell by about $553 million. Liquidity is adequate, with $1.16 billion of commercial paper capacity and $111 million of cash on hand. The main investor watch items are the pending $2.4 billion sale of the Aquarion water business, expected to close in late 2025, with proceeds earmarked for parent debt reduction, and the unresolved FERC transmission ROE complaints, for which the company cannot estimate a loss range. The $365 million contingent liability tied to the offshore wind sale to GIP also remains open, and management has flagged that further cost overruns at Revolution Wind could be material.

May 5, 2025 8-K

Eversource Energy 8-K Report, Financial Results (May 1, 2025)

Eversource Energy (NYSE: ES) reported first-quarter 2025 GAAP earnings of $550.8 million, or $1.50 per diluted share, up from $521.8 million, or $1.49 per share, in the first quarter of 2024. Growth was led by the Natural Gas Distribution segment ($0.60 per share, up $0.06), Electric Transmission ($0.54, up $0.04), and Electric Distribution ($0.51, up $0.03). These gains were partly offset by a $0.12 per share increase in losses at the parent and other companies, driven mainly by higher interest expense after the sale of its offshore wind investments eliminated capitalized interest. Management reaffirmed its 2025 EPS guidance of $4.67 to $4.82 and its 5% to 7% cumulative long-term EPS growth target through 2029 from a 2024 base of $4.57. The board also approved a quarterly dividend of $0.7525 per share, payable June 30, 2025. The filing also covers the company's pending sale of its Aquarion water business, which management expects to close later in 2025 and which it says will support a pure-play regulated utility profile and balance-sheet strengthening. The company reiterated a $24.2 billion core capital plan for 2025 to 2029, with potential incremental investment of $1.5 billion to $2 billion, and a $1.2 billion at-the-market equity program to help fund it. Credit metrics remain a focus: management cites FFO-to-debt improvement as a priority, with S&P and Moody's downgrade thresholds in view. At the May 1, 2025 annual meeting, shareholders re-elected all nine trustees and approved the advisory say-on-pay proposal, though the vote was narrower than in past years. They also approved amending the Declaration of Trust to remove supermajority voting requirements and permit virtual shareholder meetings. A shareholder proposal for an independent board chairman was defeated. Investors should watch the Aquarion closing, New Hampshire and Connecticut rate decisions, and continued equity dilution.

May 1, 2025 10-K

Eversource Energy Annual Report, Year Ended Dec 31, 2024

Eversource Energy's 2024 Form 10-K highlights a significant shift from a net loss in 2023 to a net income in 2024, primarily driven by the divestiture of its offshore wind investments and the planned sale of its water utility business, Aquarion. Excluding these significant one-time items, the company's non-GAAP earnings per share saw an increase to $4.57 in 2024 from $4.34 in 2023, indicating underlying operational growth. Eversource projects continued earnings growth for 2025 and maintains a long-term EPS growth target of 5-7% through 2029. The company plans substantial capital expenditures of $24.17 billion from 2025-2029, focusing heavily on electric distribution ($10.22 billion), electric transmission ($6.81 billion), and natural gas distribution ($6.00 billion), signaling a commitment to infrastructure improvements and modernization. The sale of Aquarion for approximately $2.4 billion is expected to close in late 2025 and will be used to reduce parent company debt, potentially improving the balance sheet and financial flexibility.

Feb 14, 2025 8-K

Eversource Energy 8-K Report, Financial Results (Feb 11, 2025)

Eversource Energy (NYSE: ES) reported full-year 2024 GAAP earnings of $811.7 million, or $2.27 per diluted share, versus a 2023 loss of $(442.2) million, or $(1.26) per share, which was driven by a large offshore wind impairment. Non-GAAP recurring earnings rose to $4.57 per share from $4.34 in 2023, a 5.3% increase. Fourth-quarter GAAP EPS was $0.20, reflecting an after-tax $298.3 million (about $0.81 per share) loss tied to the pending sale of the Aquarion Water Company. Results were supported by higher transmission and gas distribution earnings, with electric transmission contributing $2.03 per share on a non-GAAP basis. Management guided 2025 EPS to $4.67-$4.82 and reaffirmed a 5-7% long-term EPS growth rate through 2029 off the 2024 base. The five-year capital plan for 2025-2029 was raised roughly 10% to $24.2 billion, excluding Aquarion, with the increase driven mainly by transmission. The company also expects to issue $1.2 billion of new equity over the forecast period, weighted toward the back half. Management cited headwinds in 2025, including higher interest, depreciation, and property taxes, and share dilution. The Aquarion sale, with an aggregate enterprise value of about $2.4 billion, is expected to close in late 2025 and will fund parent-company debt paydown, strengthening the balance sheet. Investors will be watching execution on that sale, the New Hampshire rate review decision expected in 2025, and the pace of equity issuance against the rising capital plan.

Feb 11, 2025 8-K

Eversource Energy 8-K Report, Regulation FD Disclosure (Jan 28, 2025)

On January 27, 2025, Eversource Energy (NYSE: ES) entered into a Purchase and Sale Agreement to sell its wholly-owned subsidiary Aquarion Water Company to the newly created Aquarion Water Authority (AWA), a quasi-public Connecticut political subdivision affiliated with the South Central Connecticut Regional Water Authority (RWA). The aggregate enterprise value is approximately $2.4 billion, consisting of about $1.6 billion in cash and $800 million of net debt extinguished at closing, equal to roughly 1.7x rate base at December 2024. The transaction requires approvals from the Connecticut PURA, the Massachusetts DPU, the New Hampshire PUC, and Hart-Scott-Rodino clearance, with closing expected in late 2025 per the press release (the 8-K body says 2025). For investors, the key financial implication is that Eversource expects to record a loss on sale of approximately $300 million in Q4 2024, including roughly $140 million of estimated income tax expense. The company frames the proceeds as a means to pay down parent company debt and redeploy capital into its core electric and natural gas businesses, which it says will support reliability investment and balance sheet strength. Management reaffirmed its long-term EPS growth target of 5% to 7% through 2028, signaling that the divestiture is not intended to alter that outlook. The filing is a strategic portfolio-optimization move that exits a non-core water business acquired in 2017 and reinforces Eversource's focus on electric and gas utilities in New England. Investors should monitor the timing and conditions of multi-state regulatory approvals, the final realized proceeds after closing adjustments, and how the proceeds are used to reduce leverage. The forward-looking statements caution that closing timing and conditions remain uncertain.

Jan 28, 2025 8-K

Eversource Energy 8-K Report, Executive Changes (Dec 6, 2024)

Eversource Energy (ES) has filed an 8-K report on December 6, 2024, detailing an amendment to its Supplemental Executive Retirement Program. Effective January 1, 2025, the company's Compensation Committee has approved the addition of the Eversource Supplemental Cash Balance Pension Plan to the existing program. This amendment impacts executive compensation and retirement benefits. While this filing does not disclose specific financial performance figures, it signals a change in how a select group of senior executives will be compensated and provided for in their retirement. Investors should note that the full details of this amended program are available as an exhibit to this filing.

Dec 6, 2024 8-K

Eversource Energy 8-K Report, Regulation FD Disclosure (Nov 8, 2024)

Eversource Energy (NYSE: ES) furnished this Form 8-K on November 8, 2024 under Regulation FD (Item 7.01), attaching slides (Exhibit 99.1) for its presentation at the Edison Electric Institute Financial Conference, held November 10-12, 2024. The filing itself contains no new financial results, guidance changes, or material events; its substance lies in the investor deck. The deck reinforces management's positioning of Eversource as a pure-play regulated utility following the completion of its exit from offshore wind in Q3 2024, a transition it describes as making the company 100% regulated. The key financial messages are: updated FY 2024 non-GAAP EPS guidance of $4.52 to $4.60, reaffirmed long-term EPS and dividend growth of 5% to 7%, and a five-year capital plan increased to $23.7 billion for 2024-2028 (up from $23.1 billion), including $600 million of incremental Massachusetts ESMP investment. Year-to-date through Q3 2024, non-GAAP EPS was $3.56 versus $3.38 in 2023, while GAAP EPS fell to $2.08 from $2.42 due to offshore wind losses and other charges. Management is targeting FFO-to-debt of 14% to 15% by 2025, supported by identified cash flow enhancements of roughly $3.75 billion, including the GIP and Orsted sale proceeds, rate increases, and equity issuances. Investors should note several upcoming catalysts: a Connecticut AMI cost recovery decision expected November 20, 2024; a Yankee Gas rate case filing expected in the first half of November 2024; a New Hampshire rate review with a final decision expected in 2025; and a planned update of the five-year capital plan through 2029 at year-end 2024 earnings. The presentation also notes risk factors and non-GAAP reconciliation disclosures, and the slides are not deemed filed for Securities Act purposes.

Nov 8, 2024 10-Q

Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2024

Eversource reported a third-quarter 2024 net loss attributable to common shareholders of $118.1 million, or $0.33 per diluted share, compared with earnings of $339.7 million, or $0.97 per share, a year earlier. The swing was driven by a $524.0 million after-tax loss on the sale of its offshore wind investments (Sunrise Wind, South Fork Wind and Revolution Wind). Excluding that loss, the company reported third-quarter non-GAAP earnings of $405.9 million, or $1.13 per share. For the first nine months of 2024, GAAP earnings were $739.1 million, or $2.08 per share, and non-GAAP earnings were $1.26 billion, or $3.56 per share. Management updated 2024 non-GAAP EPS guidance to $4.52 to $4.60 and reaffirmed a 5 to 7 percent long-term EPS growth rate through 2028. The regulated business continued to grow. Electric transmission and electric distribution earnings rose on higher rate base and base rate increases at NSTAR Electric and PSNH. Capital plans were raised to $23.1 to $23.7 billion for 2024 to 2028, reflecting Massachusetts' approved Electric Sector Modernization Plan. Operating cash flow improved to $1.52 billion in the first nine months, from $1.17 billion. Capital investment was $3.29 billion. Eversource issued $4.4 billion of long-term debt and raised $830 million through its at-the-market equity program, while using proceeds from the offshore wind sales to repay parent-company debt. Key open items include a $365 million liability for post-closing adjustment payments to GIP on Revolution Wind, which management says could increase, pending FERC base ROE complaint proceedings with a $39.1 million reserve, and a pending Connecticut AMI cost-recovery decision. The company is also exploring a sale of its Aquarion water business.

Nov 6, 2024 8-K

Eversource Energy 8-K Report, Financial Results (Nov 4, 2024)

Eversource Energy (ES) reported a third-quarter 2024 GAAP net loss of $(118.1) million, or $(0.33) per share, versus earnings of $339.7 million ($0.97 per share) a year earlier. The loss was driven by a $524.0 million after-tax charge tied to the sale and complete divestiture of its offshore wind investment. Excluding that charge and other items, non-GAAP recurring earnings were $405.9 million, or $1.13 per share, up from $0.97 in Q3 2023. For the first nine months of 2024, GAAP EPS was $2.08 and non-GAAP recurring EPS was $3.56, compared with $2.42 and $3.38 a year earlier. The core regulated businesses performed well. Electric transmission, electric distribution, natural gas distribution and water distribution all improved year over year, supported by investment growth and base rate increases at NSTAR Electric and PSNH. Management updated 2024 non-GAAP EPS guidance to $4.52–$4.60 from $4.50–$4.67, citing higher-than-anticipated interest expense. It reaffirmed a 5–7% long-term EPS growth rate off a 2023 base of $4.34. The 2024–2028 capital plan rose to $23.7 billion from $23.1 billion, driven by the Massachusetts Electric Sector Modernization Plan. For investors, the key message is that Eversource has completed its exit from offshore wind and now describes itself as a pure-play regulated utility. Management is targeting FFO-to-debt of 14–15% by 2025, supported by known cash flow enhancements of about $3.75 billion, including Orsted and GIP sale proceeds and equity issuance. The main risks to watch are rising interest expense, the pace of regulatory decisions in Connecticut and New Hampshire, and balance sheet execution.

Nov 4, 2024 8-K

Eversource Energy 8-K Report, Financial Results (Sep 30, 2024)

Eversource Energy (NYSE: ES) announced on September 30, 2024 that it completed the sale of its 50% interests in the 132-MW South Fork Wind and 704-MW Revolution Wind projects to affiliates of Global Infrastructure Partners (GIP). Adjusted gross proceeds at closing were $745 million, down roughly $375 million from the previously estimated ~$1.12 billion. About $150 million of the reduction reflects lower capital spending between announcement and closing, and about $225 million reflects the delay in Revolution Wind's commercial operations date and related final deal terms. The transaction, combined with the July 2024 sale of the Sunrise Wind stake to Ørsted, leaves Eversource with a aggregate net loss of approximately $520 million on its offshore wind exit, to be recorded in Q3 2024. That figure includes a ~$370 million final gain on Sunrise Wind, offset by the $225 million proceeds reduction, ~$350 million of forecasted higher Revolution Wind construction costs, and ~$315 million of anticipated post-closing adjustments. Eversource also expects to recognize a liability of about $360 million within the loss, with most of it settled in 2026. Management states the company has now fully exited its offshore wind ownership and has no ongoing obligations on Sunrise Wind. For investors, the key points are the one-time charge, the continuing exposure to Revolution Wind through purchase price adjustments (tied to construction costs, with sharing up to an effective cap of about $240 million, and to the project's commercial operation date and potential tax credit eligibility), and the reduced but still-existing credit support obligations that are expected to decline as construction finishes. Management reaffirmed its up-to-$1.3 billion equity issuance plan and said the transaction is not expected to materially affect its FFO/Debt target of 14%-15% by 2025. The sale does not affect its regulated utility operations, and Eversource will keep its tax equity investment in South Fork Wind.

Sep 30, 2024 10-Q

Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2024

Eversource Energy's second-quarter 2024 10-Q shows a quarter that swung back to solid profitability after the 2023 offshore wind impairment. GAAP net income attributable to common shareholders was $335.3 million, or $0.95 per diluted share, versus $15.4 million, or $0.04, a year earlier. For the first half, GAAP EPS was $2.43 against $1.45. The prior-year comparison is distorted by a $401 million pre-tax (about $331 million after-tax) offshore wind impairment, so non-GAAP earnings are the better guide: Q2 2024 non-GAAP EPS was $0.95 versus $1.00 in Q2 2023, and first-half non-GAAP EPS rose to $2.43 from $2.41. Regulated companies earned $373.8 million in Q2 (about $1.06 per share), with electric transmission the standout, up $28 million on a larger rate base. Electric distribution earnings fell on higher storm and interest costs. The balance sheet grew quickly to $58.4 billion in total assets, with long-term debt up to $25.8 billion. Eversource issued $3.85 billion of long-term debt in the first half and retired $900 million, and it raised $248 million through its at-the-market equity program. Capital spending was $2.22 billion in the first half, up from $2.04 billion. Operating cash flow was $962 million, versus $647 million a year earlier, helped by timing of payables and tax refunds. Notes payable fell sharply, and the company reports $1.21 billion of available commercial paper capacity. Cash was only $33 million, which is typical for a utility that relies on short-term borrowing. The main investor catalysts are the offshore wind exit and regulatory matters. Eversource sold its 50% Sunrise Wind stake to Orsted on July 9, 2024, receiving $118 million at closing with $34 million more deferred. A sale of South Fork and Revolution Wind to Global Infrastructure Partners for $1.1 billion is expected to close in Q3 2024, with post-closing adjustments and cost-sharing obligations still open. Management does not expect a material 2024 earnings impact and plans to use the proceeds to pay down parent-company debt. Management reaffirmed 2024 non-GAAP EPS guidance of $4.50 to $4.67 and a 5% to 7% long-term growth rate through 2028. Moody's revised CL&P's outlook to negative on June 18, 2024, a credit item to monitor. The company also has a pending PSNH rate case seeking a $181.9 million permanent increase, with a temporary $61.2 million increase effective August 1, 2024.

Aug 2, 2024 8-K

Eversource Energy 8-K Report, Financial Results (Jul 31, 2024)

Eversource Energy (NYSE: ES) reported GAAP earnings of $335.3 million, or $0.95 per diluted share, for the second quarter of 2024, versus $15.4 million, or $0.04 per share, in the prior-year quarter. The comparison is distorted by a $331 million pre-tax offshore wind impairment in 2Q 2023. For the first half of 2024, GAAP EPS was $2.43 versus $1.45 a year earlier. Excluding the 2023 charges, second-quarter EPS was $1.00 in 2023 and $0.95 in 2024, a $0.05 decline, while first-half adjusted EPS rose modestly to $2.43 from $2.41. Management reaffirmed its 2024 non-GAAP EPS guidance of $4.50 to $4.67 and its 5% to 7% long-term EPS growth target from a 2023 base of $4.34. The quarter's operating picture is mixed. Electric transmission earnings rose 17% year over year to $189.0 million, driven by higher investment and the annual rate reconciliation. Electric distribution earnings fell to $149.7 million, pressured by higher non-tracked O&M, $16.2 million of pre-tax storm costs, the absence of a prior-year New Hampshire regulatory benefit, and higher interest and depreciation. Natural gas distribution improved to $27.1 million. Parent and other companies lost $38.5 million, largely because of higher interest expense, which rose to $271.3 million in the quarter from $207.3 million. Strategically, the company closed the sale of its Sunrise Wind interest to Orsted and expects to close the sale of its Revolution and South Fork Wind interests to Global Infrastructure Partners later in the quarter, which management says completes its exit from offshore wind. The company projects $23.1 billion of capital expenditures over 2024 to 2028 and targets a 2025 FFO/debt of 14% to 15% (S&P estimate), supported by roughly $2.6 billion of identified cash flow enhancements. Investors should watch the pending offshore wind closings, the Massachusetts Electric Sector Modernization Plan final decision expected in August 2024, and the rising interest burden.

Jul 31, 2024 10-Q

Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2024

Eversource Energy's first-quarter 2024 results show net income attributable to common shareholders of $521.8 million, or $1.49 per diluted share, up from $491.2 million, or $1.41 per share, in the first quarter of 2023. Operating revenues fell 12% to $3.33 billion, driven mainly by lower energy supply procurement prices that are passed through to customers, so the decline has little effect on earnings. Operating income rose 13% to $846.0 million, helped by a $73.8 million swing in amortization and by higher transmission and distribution rate base. Management reaffirmed 2024 non-GAAP EPS guidance of $4.50 to $4.67, excluding the offshore wind sale, and a 5-7% long-term EPS growth rate through 2028. The balance sheet is growing quickly. Total assets rose to $57.3 billion, and property, plant and equipment net increased to $40.3 billion as capital spending reached $1.15 billion in the quarter. Long-term debt climbed to $24.9 billion after $1.35 billion of new issuance. Cash flow from operations improved to $291.3 million from $69.2 million, though free cash flow after capex remained negative at roughly -$858 million. Dependence on external financing continues, supported by an at-the-market equity program that raised $75.4 million. The main investor catalysts are the pending exits from offshore wind. Eversource agreed to sell its 50% stakes in South Fork Wind and Revolution Wind to Global Infrastructure Partners for about $1.1 billion in cash, and to sell its 50% stake in Sunrise Wind to Ørsted. Management also said it is exploring a potential sale of its water distribution business. The Sunrise Wind sale required a write-down that will be recognized at closing, and the parent-company debt will be paid down from sale proceeds. Regulatory overhangs include CL&P's AMI decision, the water rate case appeal, and the open FERC ROE complaints.

May 3, 2024 8-K

Eversource Energy 8-K Report, Financial Results (May 1, 2024)

Eversource Energy (ES) reported first-quarter 2024 GAAP earnings of $521.8 million, or $1.49 per diluted share, up from $491.2 million, or $1.41 per share, in the first quarter of 2023. The improvement was driven mainly by the electric transmission segment ($0.50 vs. $0.45 EPS), where higher investment in system capacity and clean energy delivery lifted earnings, and by natural gas distribution ($0.54 vs. $0.49), helped by infrastructure investment revenues and a base rate increase at NSTAR Gas. Electric distribution was roughly flat, while parent and other companies swung to a $(0.04) drag from higher interest expense. Operating revenues fell to $3.33 billion from $3.80 billion, largely because lower purchased power and natural gas costs passed through to customers, but operating income rose about 13% to $846 million. Management reaffirmed its 2024 non-GAAP EPS guidance of $4.50 to $4.67, a 5% to 7% compound annual EPS growth target from a 2023 base of $4.34, and $23.1 billion of projected capital expenditures for 2024 through 2028. The board also approved a quarterly common dividend of $0.715 per share, payable June 28, 2024. The most important near-term catalyst for investors is cash flow: the company expects roughly $1.6 billion of offshore wind-related inflows in 2024 to 2026, including about $1.1 billion from the sale of its 50% interests in South Fork and Revolution Wind to GIP, with closing expected later in 2024. Sunrise Wind's sale proceeds have not yet been disclosed. Management also pointed to about $2.4 billion of known cash flow enhancements through 2025 to support its FFO/debt target of 14% to 15%. The filing also reports the 2024 annual shareholder meeting results, at which all nine trustee nominees were elected and the advisory say-on-pay proposal passed. Shareholders approved a simple majority vote proposal, and Deloitte & Touche was ratified as auditor. Daniel J. Nova was named Lead Independent Trustee and Chair of the Compensation Committee, and Loretta D. Keane was named Chair of the Audit Committee and designated an audit committee financial expert. These governance changes are routine for investors, though the approximately 36 million votes against trustee Cotton Cleveland and roughly 33 million against Joseph Nolan (who is also CEO) signal some shareholder dissatisfaction.

May 1, 2024 8-K

Eversource Energy 8-K Report, Financial Obligation (Apr 18, 2024)

Eversource Energy (ES) has filed an 8-K report on April 18, 2024, primarily announcing the issuance of new senior notes totaling $1.4 billion. This financing comprises $700 million in 5.85% Senior Notes due 2031 and $700 million in 5.95% Senior Notes due 2034. These notes are unsecured obligations of the company and were issued under a new supplemental indenture, supplementing an existing master indenture. The issuance of these notes indicates Eversource Energy's active management of its debt structure and its ongoing need for capital, likely to fund its extensive infrastructure investments and projects within its regulated utility territories. Investors should note the specific interest rates and maturity dates, which will impact the company's future interest expenses and cash flow obligations. The company has also filed the underwriting agreement and the supplemental indenture as exhibits to this report.

Apr 18, 2024 8-K

Eversource Energy 8-K Report, Corporate Update (Feb 29, 2024)

Eversource Energy (ES) disclosed on February 29, 2024 that New York selected the Sunrise Wind offshore wind project, a 50-50 joint venture with Ørsted, in its New York 4 solicitation following a re-bid. The project is described as ready-to-build and would be the largest U.S. offshore wind farm upon completion in 2026. The award matters to Eversource mainly because it supports the planned sale of its 50% interest to Ørsted and strengthens the remaining onshore construction role. According to the release, Eversource will remain contracted to lead Sunrise Wind's onshore construction even after the sale. Upon a successful sale, Eversource expects to have no remaining risk exposure to Sunrise Wind, including the abandonment costs that were assumed in its prior impairment assessment. The company expects the sale to close later in 2024, subject to customary regulatory approvals. Completion of the sale is conditioned on several items: signing an OREC contract with NYSERDA, finalizing acquisition agreements, receiving the federal Construction and Operations Plan (COP), and obtaining relevant regulatory approvals. The project's design has been accepted by state agencies and it has secured major supplier and project labor agreements. Full construction is expected to begin after federal permits (anticipated this summer) and a final investment decision by Ørsted, anticipated in Q2 2024. Investors should note that the filing is a forward-looking announcement and the transaction remains contingent on these milestones.

Feb 29, 2024 10-K

Eversource Energy Annual Report, Year Ended Dec 31, 2023

Eversource Energy (ES) reported a net loss of $442.2 million ($1.26 per share) for the year ended December 31, 2023. This was primarily driven by a significant $1.95 billion after-tax impairment charge related to its offshore wind investments. Excluding these impairments and other charges, the company's non-GAAP earnings were $1.52 billion ($4.34 per share), an increase from $1.42 billion ($4.09 per share) in 2022, reflecting strong performance in its regulated utility businesses. The company anticipates continued growth, projecting 2024 non-GAAP earnings between $4.50 and $4.67 per share, with a long-term EPS growth rate of 5-7% for its regulated utilities through 2028. Financially, capital expenditures were substantial at $4.34 billion in 2023, supporting ongoing infrastructure investments across its electric distribution, transmission, natural gas, and water segments. The company also announced strategic initiatives, including the execution of an agreement to sell its 50% interests in the South Fork Wind and Revolution Wind projects for approximately $1.1 billion and an exploratory assessment to potentially monetize its water distribution business. These moves aim to strengthen the company's financial position and focus on its core regulated operations.

Feb 14, 2024 8-K

Eversource Energy 8-K Report, Material Agreement (Feb 14, 2024)

On February 13, 2024, Eversource Energy (NYSE: ES) agreed to sell its 50% interests in the South Fork Wind (132 MW) and Revolution Wind (704 MW) offshore wind projects to an affiliate of Global Infrastructure Partners (GIP) for approximately $1.1 billion in cash at closing, with closing expected in mid-2024. The sale is structured through a membership interest purchase agreement. Once closed, Eversource will have fully exited these projects except for its tax equity interest in South Fork Wind Holdings, LLC. Management plans to use the proceeds to repay parent-level debt, which should modestly strengthen the balance sheet and reduce leverage. The headline price is not fixed. Eversource retains meaningful post-closing exposure. It will share 50% of GIP's Revolution Wind construction cost overruns up to roughly $240 million, and 100% above that cap. After commercial operation, purchase price adjustments can flow in either direction to bring the buyer's pre-tax equity IRR to 13%. Eversource also keeps existing credit support obligations, which are expected to roll off as each project completes its capital spend. In an abandonment of Revolution Wind, Eversource would have to make GIP whole with a 6.5% IRR and bear decommissioning costs, though it would have an option to buy GIP's interest for nominal consideration. Net proceeds therefore depend on construction costs, the federal investment tax credit level (anticipated at 40%), and project operating performance. Closing is subject to conditions that include HSR antitrust clearance, European Commission approval, FERC approval under Section 203, a declaratory ruling from the New York Public Service Commission, agreements between Ørsted and GIP on post-closing governance, South Fork Wind reaching commercial operation, and the spin-out of the Sunrise Wind project from NEO on satisfactory terms. Eversource's credit ratings must also stay above specified thresholds. Either party may terminate if the deal has not closed by September 30, 2024. The filing also mentions an agreement announced January 24, 2024 to sell Eversource's 50% stake in Sunrise Wind to Ørsted, contingent on a New York NY04 offshore wind REC award. Investors should watch the timing of the Revolution Wind COD in 2025, the cost-overrun exposure, and the regulatory approvals.

Feb 14, 2024 8-K

Eversource Energy 8-K Report, Financial Results (Feb 14, 2024)

Eversource Energy (NYSE: ES) reported a full-year 2023 GAAP net loss of $(442.2) million, or $(1.26) per diluted share, versus full-year 2022 earnings of $1,404.9 million ($4.05). The loss was driven by a $1,953 million after-tax impairment ($5.58 per share) tied to its offshore wind investments. Excluding that impairment and about $6.9 million of other non-recurring charges, non-GAAP 2023 EPS was $4.34, up from $4.09 in 2022, and fourth-quarter non-GAAP EPS was $0.95 versus $0.92. Management framed the year as a focus on its core electric transmission and distribution and natural gas businesses, which are the drivers of its guidance. The company is completing a full exit from offshore wind. It agreed to sell South Fork Wind and Revolution Wind to Global Infrastructure Partners and reached an agreement with Ørsted for Sunrise Wind, which may be abandoned if it is not selected in New York's fourth offshore wind solicitation. Management expects roughly $1.6 billion of cash inflows in 2024, including about $930 million at sale close, a $170 million ITC adder for Revolution Wind, and roughly $500 million from the South Fork tax equity investment over 24 months. Eversource also announced it is exploring a sale of its water distribution business (Aquarion, a $1.3 billion rate base), with the aim of reducing equity needs and improving regulatory diversity. The company cannot assure the outcome or timing of that process. Looking forward, Eversource guided 2024 non-GAAP EPS to $4.50 to $4.67 and projected 5% to 7% compound annual EPS growth from its regulated businesses through 2028, using $4.34 as the base. Core capital expenditures for 2024 to 2028 total $23.1 billion, and projected rate base grows from $25.4 billion in 2022 to $39.6 billion by 2028. Expected equity issuances of up to $1.3 billion, combined with potential water proceeds, are intended to support the balance sheet, which management says it aims to strengthen. Investors should weigh the strong regulated growth outlook against the offshore wind write-down, execution risk on Sunrise Wind, and the uncertain timing of the water sale.

Feb 14, 2024 8-K

Eversource Energy 8-K Report, Corporate Update (Jan 25, 2024)

Eversource Energy (ES) disclosed in this 8-K that its 50/50 joint venture partner Ørsted submitted a revised bid for the Sunrise Wind offshore wind project in New York's latest offshore wind solicitation. The re-bid proposes up to 924 megawatts of clean energy, with completion expected in 2026. The filing is primarily a project update and does not quantify any financial impact on Eversource's earnings, balance sheet, or capital plan. The most important investor item is a conditional sale agreement. If Sunrise Wind wins a contract in New York's fourth offshore wind solicitation, Ørsted would acquire Eversource's 50% stake and become sole owner. Eversource would remain contracted to lead onshore construction. Under the agreement, Ørsted would pay 50% of the negotiated purchase price at closing and the remaining 50% after onshore construction and certain other milestones are achieved. The purchase price itself is not disclosed in this filing. If the project is not selected, the existing contract would be cancelled under state requirements, and the 50/50 joint venture would remain in place, with both companies assessing their options. The outcome is therefore binary for Eversource. A win would monetize its offshore wind exposure and convert part of the proceeds into deferred payments tied to construction milestones. A loss would leave the company in the existing joint venture with the contract cancelled and no near-term resolution. Key risks flagged in the forward-looking statements include the bid outcome, the timing and terms of the sale process, the ability to reach definitive agreements, qualification for investment tax credits, and deterioration in offshore wind market conditions.

Jan 25, 2024 8-K

Eversource Energy 8-K Report, Financial Results (Jan 24, 2024)

Eversource Energy (ES) disclosed on January 24, 2024 that Ørsted has signed an agreement to acquire Eversource's 50% stake in Sunrise Wind, a 924 MW offshore wind project that would deliver power to New York. The deal is conditional: Sunrise Wind must win an award in the ongoing New York 4 offshore wind solicitation, the parties must sign an OREC contract with NYSERDA, finalize acquisition agreements, receive the construction and operations plan (COP), and obtain relevant regulatory approvals. The filing contains no financial results, purchase price, or accounting impact, so investors cannot yet assess the financial effect of the sale. If Sunrise Wind is not awarded, the existing OREC contract will be cancelled under state requirements, and the 50/50 joint venture with Ørsted will continue, with the partners evaluating next steps. If the project is provisionally awarded, a new contract would be negotiated with NYSERDA under the solicitation's updated terms. Management expects completion in 2026 if awarded, and states that the design has been accepted by state agencies, major supplier and project labor agreements are in place, and final federal permits are expected in the summer of 2024. For Eversource, the key takeaway is an exit from a jointly owned offshore wind asset that is contingent on a competitive award outcome. Investors should weigh the potential for capital recovery and reduced offshore wind exposure against the risk that the transaction does not close, and should watch for the New York 4 award results, the signed OREC contract, and any disclosed deal terms.

Jan 24, 2024 8-K

Eversource Energy 8-K Report, Financial Obligation (Jan 19, 2024)

Eversource Energy (ES) announced on January 19, 2024, through an 8-K filing, the issuance of new senior notes totaling $1 billion. This issuance includes $350 million of 5.00% Senior Notes due in 2027 and $650 million of 5.50% Senior Notes due in 2034. These notes are unsecured obligations of the company, issued under an indenture supplemented by a new twenty-first supplemental indenture. The primary purpose of this filing is to inform investors about the company's financing activities and its impact on the capital structure. The issuance of new debt will affect the company's leverage and interest expense. Investors should consider the terms of these notes, including their interest rates and maturity dates, when assessing the company's financial health and future profitability. The filing also includes standard legal opinions and exhibits related to the note issuance.

Jan 19, 2024 8-K

Eversource Energy 8-K Report, Financial Results (Jan 8, 2024)

Eversource Energy (NYSE: ES) disclosed on January 8, 2024 that it is in advanced, exclusive negotiations with a leading global private infrastructure investor to sell its 50% ownership interest in three offshore wind projects: South Fork Wind, Revolution Wind and Sunrise Wind. The interests sit in two joint ventures with Ørsted (one holding South Fork Wind, the other holding Revolution Wind and Sunrise Wind), and Eversource also holds a separate tax equity investment in South Fork Wind. Eversource cannot assure that a final agreement will be reached, and closing would require HSR Act and FERC approvals, completion of new Buyer–Ørsted partnership agreements, and resolution of the Sunrise Wind rebid process. The central investor concern is a large fourth-quarter 2023 impairment. Eversource expects an after-tax other-than-temporary impairment of $1.4 to $1.6 billion, comprising roughly $800 to $900 million from higher construction forecasts (vessel availability and cost, foundation fabrication supply chain) across all three projects and roughly $600 to $700 million specific to Sunrise Wind after New York State denied its OREC price amendment and the state issued a new solicitation requiring bidders to terminate existing OREC agreements. The company states the charge is non-cash and will not affect future cash flows or current cash balances, though it will keep funding required JV contributions until the sale closes. The figure is an estimate that may change before the 2023 financial statements are finalized. Management also said the energy community ITC adder is now considered highly likely to be realized, preserving virtually all of the roughly $400 million in value within the anticipated purchase price. Eversource will provide 2024 earnings guidance, its long-term growth rate, equity needs and a five-year capital forecast on its mid-February 2024 earnings call.

Jan 8, 2024 8-K

Eversource Energy 8-K Report, Executive Changes (Dec 11, 2023)

Eversource Energy (NYSE: ES) disclosed in this 8-K, filed December 11, 2023, a planned leadership transition in its Human Resources and Information Technology function. The Board of Trustees elected Susan (Sue) Sgroi as Executive Vice President-Human Resources and Information Technology on December 5, 2023, effective January 8, 2024. She succeeds Christine (Chris) Carmody, who has held the role since August 2016 and is retiring from the executive position on the same date. Carmody will remain with the company as a non-executive Senior Advisor until July 2024. The filing is a routine executive succession event rather than a material change to operations, earnings, or capital allocation. Sgroi comes from Blue Cross and Blue Shield of Massachusetts, where she was Executive Vice President and Chief Human Resources Officer from 2015 until October 31, 2023, and previously held senior HR roles at Fidelity Investments and Citizens Bank Financial Group. Her compensation package includes an annual base salary of $555,000, eligibility for the company's executive deferred compensation, change-in-control and severance programs, and annual and long-term incentive plans under the 2018 Eversource Energy Incentive Plan, plus a one-time cash signing bonus of $357,500 payable in February 2024. For investors, the key takeaways are continuity and modest cost impact. The transition is planned with a overlap period through Carmody's advisory role, and the disclosed compensation is modest relative to the company's scale. The filing does not indicate any disagreement with management, change in financial reporting, or related-party transaction, so no governance red flags are raised.

Dec 11, 2023 8-K

Eversource Energy 8-K Report, Executive Changes (Dec 8, 2023)

Eversource Energy (ES) announced on December 8, 2023, through an 8-K filing, the approval of new Executive Change-in-Control and Involuntary Termination (Not For Cause) Severance programs by its Compensation Committee. These programs are designed to provide specific compensation and benefits to certain senior executives under defined circumstances, aiming to ensure executive retention and provide financial security. The new programs detail severance packages in two key scenarios: a termination following a change in control, and an involuntary termination without cause. These packages include lump-sum cash payments based on base salary and target annual incentives, accelerated equity awards (performance shares and RSUs) in change-in-control scenarios, and continued healthcare benefits. Notably, existing agreements for certain top executives like Joseph R. Nolan, Jr. and Christine M. Carmody will remain in effect, and they will not be eligible for these new programs. John M. Moreira, the CFO, is expected to enter into a separate agreement to be eligible.

Dec 8, 2023 8-K

Eversource Energy 8-K Report, Financial Obligation (Nov 13, 2023)

Eversource Energy (ES) has filed an 8-K report detailing the issuance of $800 million in Senior Notes, Series CC, due in 2029, with a coupon rate of 5.95%. This transaction, which closed on November 10, 2023, was facilitated by an Underwriting Agreement with a syndicate of investment banks. These notes are unsecured obligations of the company and are governed by the terms of the Indenture and a Twentieth Supplemental Indenture. This debt issuance is a significant event for investors to monitor as it impacts the company's capital structure and future interest expense. The proceeds are intended to fund various corporate initiatives, although the specific use of proceeds is not detailed in this particular filing. Investors should consider how this new debt aligns with Eversource's overall financial strategy and its ability to service its obligations.

Nov 13, 2023 10-Q

Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2023

Eversource Energy's Q3 2023 10-Q shows a company in a heavy capital investment phase with earnings under pressure. For the first nine months of 2023, GAAP net income attributable to common shareholders was $846.2 million, or $2.42 per diluted share, down from $1.08 billion ($3.13) a year earlier. The decline is driven almost entirely by a $331.0 million after-tax (pre-tax $401.0 million) non-cash impairment of its offshore wind equity investment recorded in Q2 2023. Excluding the impairment and other one-time items, non-GAAP earnings were $1.18 billion, or $3.38 per share, versus $3.17 a year ago. Management narrowed 2023 non-GAAP EPS guidance to $4.30 to $4.43 and reaffirmed a long-term regulated EPS growth target in the upper half of 5 to 7 percent. Capital spending is the central theme. Investments in property, plant and equipment reached $3.13 billion in the first nine months, up from $2.35 billion, and the company issued $4.34 billion of new long-term debt while retiring $1.20 billion. Operating cash flow fell to $1.17 billion from $1.69 billion, largely due to regulatory under-recoveries and timing of collections. Long-term debt rose to $22.1 billion, and the company continues to rely on commercial paper and frequent debt issuance to fund its build-out. The offshore wind story is the key risk and catalyst. Eversource sold a lease area to Orsted for $625 million and funded a $528 million tax equity contribution for South Fork Wind, and it expects a sale of its remaining 50% interests in three contracted projects, with an approximately $318 million distribution received in October 2023 used to pay down short-term debt. However, New York regulators denied the Sunrise Wind OREC repricing petition on October 12, 2023, and the filing warns that further impairments could follow. Credit outlooks were also revised: S&P moved the parent and several subsidiaries to negative outlook, and Moody's downgraded the parent and NSTAR Electric in late October.

Nov 7, 2023 8-K

Eversource Energy 8-K Report, Financial Results (Nov 6, 2023)

Eversource Energy (NYSE: ES) reported third-quarter 2023 GAAP earnings of $339.7 million, or $0.97 per diluted share, versus $349.4 million, or $1.00 per share, a year earlier. For the first nine months of 2023, GAAP earnings were $846.2 million, or $2.42 per share, down from $1,084.7 million, or $3.13 per share, in the prior-year period. The decline is driven by a $331.0 million after-tax impairment ($0.95 per share) on its offshore wind investment, recorded in the first half of the year. Excluding that charge and smaller transaction and transition costs, non-GAAP nine-month EPS was $3.38, up from $3.17, and the company expects to deliver 2023 non-GAAP EPS of $4.30 to $4.43. The quarter's weaker segment performance came mainly from the Electric Distribution business, where Q3 earnings fell to $173.3 million from $225.1 million. Management attributed this to a Massachusetts rate design change that shifts roughly $42 million of peak-demand revenue from the summer quarter into the first and fourth quarters, which management says has no impact on annual results. Natural gas distribution swung to a $33.7 million loss in the quarter, reflecting higher depreciation and operations and maintenance expense. Transmission continued to grow, with Q3 earnings of $160.3 million, supported by higher investment in the transmission system. Management narrowed its 2023 non-GAAP EPS guidance and reiterated a long-term EPS growth target of the upper half of 5% to 7%, using $4.09 per share earned in 2022 as the base. The filing also provides a capital plan of $21.5 billion for 2023 through 2027 for its core businesses, and it reports that the company issued no new common shares under its at-the-market program through October 2023. Investors should weigh the offshore wind impairment and the Sunrise Wind contract rebid as key open items, given the company's exposure to the South Fork, Revolution, and Sunrise Wind projects.

Nov 6, 2023 8-K

Eversource Energy 8-K Report, Executive Changes (Sep 18, 2023)

On September 18, 2023, Eversource Energy (NYSE: ES) disclosed under Item 5.02 that its Board of Trustees elected Paul Chodak III as Executive Vice President and Chief Operating Officer, effective November 13, 2023. Chodak, 59, is joining from American Electric Power (AEP), where he served as Executive Vice President – Generation since 2019. He succeeds James W. Hunt, III, who has been serving as interim principal operating officer and will be re-elected as Executive Vice President-Corporate Relations and Sustainability, also effective November 13, 2023. The appointment is expected to be formalized as CEO and director of several Eversource subsidiaries, including CL&P, NSTAR Electric, PSNH, and the gas and water-related utilities. For investors, the event is primarily a leadership transition rather than a financial event. The filing does not disclose any change to earnings guidance, capital plans, or operating results. The COO role oversees electric transmission and distribution, gas, water, grid modernization, emergency preparedness, offshore wind project execution, and safety, so the hire is relevant to execution risk on Eversource's large capital program and its offshore wind ambitions. Compensation is modest relative to company scale: a $850,000 base salary, an 80% target annual incentive, a 240% target long-term incentive, a $550,000 cash signing bonus, and a $1.8 million equity signing award, which partly offsets forfeited AEP awards and is tied to performance shares vesting in 2025 and 2026. The filing states there is no family relationship or related-party transaction requiring disclosure. Because the change was announced with a planned effective date about eight weeks out and the outgoing officer is retained in a senior role, the transition appears orderly. Investors may watch for how operational priorities evolve under the new COO, particularly around offshore wind and safety performance.

Sep 18, 2023