ES
Updated: 24/09/2026, 22:57:44
Eversource Energy operates as a public utility holding enterprise, with its core operations centered on the provision and delivery of various energy services. Its business activities are segmented into several key areas: the transmission and distribution of electricity, natural gas distribution, and water utility services. The company is actively engaged in moving electricity, including energy generated from solar facilities, and supplying natural gas to its consumers. Additionally, Eversource manages regulated water systems, serving approximately 226,000 customers. It caters to a wide array of clients, spanning residential homes, businesses, industrial operations, municipal entities (including fire protection), and others across the states of Connecticut, Massachusetts, and New Hampshire. The organization, headquartered in Springfield, Massachusetts, adopted the name Eversource Energy in April 2015, having previously been known as Northeast Utilities.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.7B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$-0.0B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Business description and reportable segments
Regulated utility holding company with electric distribution, electric transmission, natural gas distribution, and water distribution segments
“Eversource is organized into the electric distribution, electric transmission, natural gas distribution, and water distribution reportable segments.”
Company overview
Public utility holding company regulated by FERC, headquartered in Boston, MA and Hartford, CT, engaged primarily in energy delivery through wholly-owned utility subsidiaries
“Eversource Energy (Eversource), headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Public Utility Holding Company Act of 2005.”
Utility subsidiaries
Electric utilities CL&P, NSTAR Electric, PSNH; gas utilities NSTAR Gas, EGMA, Yankee Gas; water holding company Aquarion
“Aquarion Company (Aquarion), a utility holding company that owns five separate regulated water utility subsidiaries and collectively serves residential, commercial, industrial, and municipal and fire protection customers in parts of Connecticut, Massachusetts and New Hampshire.”
Four reportable segments
Eversource has four reportable segments: electric distribution, electric transmission, natural gas distribution and water distribution
“Eversource has four reportable segments: electric distribution, electric transmission, natural gas distribution and water distribution.”
Water Distribution Segment
Aquarion operates five separate regulated water utilities in Connecticut, Massachusetts and New Hampshire
“Aquarion Company (Aquarion) operates five separate regulated water utilities in Connecticut (Aquarion Water Company of Connecticut, or AWC-CT, and The Torrington Water Company), Massachusetts (Aquarion Water Company of Massachusetts, or AWC-MA), and New Hampshire”
Receivables composition and hardship customer exposure
Retail and wholesale receivables with hardship customer sub-population carrying higher default risk; no material concentration of receivables
“historical collection experience has reflected a higher default risk as compared to the rest of the receivable population. Management uses a higher credit risk profile for this pool of trade receivables”
CL&P power supply pass-through without return
CL&P purchases power for non-shopping customers and passes cost through without mark-up; earns no return on the cost of electricity
“CL&P charges customers only the amount that it pays generators for producing electricity and does not earn a return on the cost of electricity.”
CL&P retail tariff sales revenue by bill component 2025 vs 2024
CL&P retail tariff sales 2025: Supply $1,050.0M (25%), Local Delivery $1,425.1M (34%), Public Benefits $959.3M (23%), Transmission $721.0M (17%), Total $4,155.4M vs 2024 total $3,822.7M
“Supply$1,050.0 25 %$1,094.1 29 %$(44.1)pass through costs; no return ... Total Retail Tariff Sales Revenues$4,155.4 $3,822.7 $332.7”
Millstone and Seabrook PPAs
CL&P is required to purchase generation from Millstone and Seabrook under PURA-approved PPAs entered in 2019; earns no return; net cost recovered from customers via FMCC
“CL&P is required by both state legislation and regulation to purchase electric generation from Millstone and Seabrook under PURA-approved PPAs entered in 2019. CL&P does not have legislative authority to use this purchased output to serve its customer load”
Natural gas pipelines and supply sources
Transportation/storage/balancing from Tennessee Gas Pipeline and Algonquin Gas Transmission; Yankee Gas also uses Iroquois; supplies from Gulf Coast, Mid-continent, Appalachian Shale, Canada
“purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company”
NSTAR Gas single portfolio management contract
NSTAR Gas buys all supply under one firm competitively bid annual portfolio management contract
“NSTAR Gas purchases all of its natural gas supply under a firm, competitively bid annual portfolio management contract”
Offshore wind exit
In Q3 2024 Eversource sold its interests in Revolution Wind, South Fork Wind and Sunrise Wind; retains only a noncontrolling tax equity investment in South Fork Wind
“In the third quarter of 2024, Eversource sold its interest in these entities, and in doing so, sold its interests in the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project.”
2025 financing activity
2025: $2.94B debt issued, $1.40B repaid; $465.4M ATM equity under $1.2B program; $1.12B CP capacity
“In 2025, we issued $2.94 billion of new long-term debt and we repaid $1.40 billion of long-term debt.”
2026 EPS guidance and long-term EPS growth
2026 EPS guidance $4.80-$4.95; 5-7% long-term EPS growth through 2030 from 2025 non-GAAP base of $4.76
“We project that we will earn within a 2026 earning guidance range of between $4.80 per share and $4.95 per share. We also project that our long-term EPS growth rate through 2030 will be in a 5 to 7 percent range”
2026-2030 capital expenditure plan
$26.51B capex 2026-2030: $11.24B electric distribution, $6.80B natural gas distribution, $7.24B electric transmission, $1.23B IT/facilities
“We project to make capital expenditures of $26.51 billion from 2026 through 2030, of which we expect $11.24 billion to be in our electric distribution segment”
Yankee Gas rate case
PURA approved Yankee Gas rate case Nov 5, 2025 with distribution rate increase effective Nov 1, 2025
“Yankee Gas distribution rates were established in a November 5, 2025 PURA-approved rate case, which included a distribution rate increase effective November 1, 2025”
NSTAR Gas rate case settlement
Dec 30, 2025 settlement: rate base reset effective Jan 1, 2026, no rate case petition with new rates effective Dec 1, 2026, PBR continues through Nov 1, 2030; DPU approved Jan 16, 2026
“reached a joint settlement agreement that allowed for the reinstatement of a rate base reset in base distribution rates effective January 1, 2026”
EGMA rate plan
EGMA agreed not to file for distribution base rate increase or redesign effective prior to November 1, 2028; second rate base reset Nov 1, 2027
“EGMA agreed not to file for an increase or redesign of distribution base rates effective prior to November 1, 2028”
PSNH rate case outcome and appeal
PSNH rate case: $100.7M increase, 9.5% ROE, 50% equity ratio, formulaic adjustments 2026-2028; under appeal to NH Supreme Court
“approved a permanent rate increase of $100.7 million, effective August 1, 2025... authorized regulatory ROE of 9.5 percent with a 50 percent common equity ratio”
Yankee Gas rate case outcome
Yankee Gas: $95.7M rate increase effective Nov 1, 2025; 9.32% ROE; 53% equity ratio; PURA reconsideration expected by March 15, 2026
“a distribution rate increase of $95.7 million... established an authorized net regulatory ROE of 9.32 percent and a 53 percent common equity ratio”
Massachusetts PAM/RTW settlement and NSTAR Gas PBR settlement
MA PAM/RTW settlement gave $64.8M pre-tax benefit; NSTAR Gas settlement: $45M rate reset, PBR through Nov 2030, $12.2M pre-tax charge
“The settlement resulted in a net pre-tax benefit to earnings of $64.8 million on the Eversource income statement in the fourth quarter of 2025.”
Service quality penalties
NSTAR Gas and EGMA face SQ charges up to 2.5% of annual distribution revenues; NSTAR Gas to pay ~$1.6 million for 2025
“NSTAR Gas is required to pay approximately $1.6 million to customers in SQ charges as a result of not meeting certain customer service-related performance metrics in 2025”
Energy efficiency loan transfer program (CL&P)
CL&P energy efficiency loan transfers: $50M max outstanding at Dec 31, 2025; CL&P remains servicer
“a maximum amount outstanding under this program of $50 million as of December 31, 2025 and $70 million as of December 31, 2024”
REC inventory to meet Renewable Portfolio Standards
RECs purchased from renewable generation suppliers to meet state RPS mandates; inventory $41.2M at Dec 31, 2025
“RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements.”
Regulatory and cost-of-capital risks
Risks include regulatory actions/inaction, changes in laws and executive orders, cost of capital access, rating agency actions, interest rates, tariffs and customer demand/payment ability
“limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly”
FERC transmission ROE and competition risk
Four ISO-NE ROE complaints pending; competitive transmission solicitations may require competing against non-incumbent developers, exposing to cost caps or reduced ROE
“outside parties have filed four complaints against transmission-owning electric companies within ISO-NE, alleging that our allowed ROEs are unjust and unreasonable”
Rate regulation and cost recovery / affordability risk
Regulatory decisions may disallow costs or delay rate adjustments; customer affordability concerns and storm cost prudency reviews could limit recovery
“We have incurred significant storm restoration costs that are not yet approved by the regulatory commissions, and though we believe those costs were prudently incurred, it is possible that some amount may be disallowed.”
Weather and climate risks
Risks include extreme weather/severe storms from climate change, water supply contamination or disruption, and physical damage to transmission and distribution systems
“extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns”
Cyber and physical security risks
Forward-looking statement risk factors include cyber events/breaches, unauthorized access to confidential information, and physical attacks or grid disturbances
“cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely”
Offshore wind sale price adjustment risk
Variability in costs and final investment returns of Revolution Wind and South Fork Wind relates to purchase price post-closing adjustment under the sale agreement
“variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects”
AI integration risk
Eversource deploys AI in weather forecasting, grid planning, asset management, customer service; risks include inaccurate forecasts, service disruptions, regulatory penalties
“We deploy AI tools and models in areas such as weather forecasting, grid planning, asset management, customer service and internal support functions.”
Cybersecurity risk
Cyber events could severely impair operations; insurance may be insufficient in limits and coverage exclusions
“it may be insufficient in limits and coverage exclusions to cover all losses”
Connecticut regulatory environment (PURA composition)
Company continues to monitor changes in PURA composition which may affect electric, gas and water businesses in Connecticut
“We continue to monitor the evolving regulatory environment in Connecticut, including changes in the composition of PURA”
Massachusetts Future of Gas regulatory transition risk
DPU Future of Gas proceedings may require significant changes to LDC planning and business models; Eversource sees no current impairment indication
“Eversource does not believe there is any indication of an inability to recover costs or risk of impairment of NSTAR Gas’ and EGMA’s natural gas assets at this time.”
PURA sets CL&P's rates, has jurisdiction over rate components and reconciliations, and its 2023 statutory change ends the ESI capital tracker at the next rate case.
“CL&P is subject to regulation by the Connecticut Public Utilities Regulatory Authority (PURA), which, among other things, has jurisdiction over rates, certain dispositions of property and plant, mergers and consolidations”
PURA controls Yankee Gas rates (CL&P as well) and blocked the Aquarion water sale pending appeal remand decision expected March 25, 2026.
“On November 19, 2025, PURA denied an application to approve the sale of the Aquarion Water Company”
PSNH rate case drove $100.7M permanent rate increase and formulaic adjustments 2026-2028; NH DOE and Consumer Advocate appeals create regulatory uncertainty over revenue requirement.
“the New Hampshire Department of Energy filed a notice of appeal with the New Hampshire Supreme Court challenging certain aspects of the PSNH distribution rate case decision”
CL&P's ~1.32 million Connecticut customers drive its retail tariff revenues of $4,155.4M in 2025; Connecticut regulatory policy directly shapes revenue recovery.
“CL&P furnished retail franchise electric service to approximately 1.32 million customers in 157 cities and towns in Connecticut”
DPU approved MA PAM/RTW settlement ($64.8M pre-tax benefit) and NSTAR Gas PBR extension through November 1, 2030 with $45M rate base reset.
“allowed for the reinstatement of a rate base reset of $45.0 million increase to base distribution rates effective January 1, 2026 and for continuation of NSTAR Gas' PBR program through November 1, 2030”
PURA regulates Yankee Gas rates and its evolving composition creates regulatory uncertainty for electric, gas and water businesses in Connecticut.
“changes in the composition of PURA, which may affect our electric, natural gas and water businesses in that state”
NSTAR Electric, NSTAR Gas and EGMA serve electric and gas distribution customers in Massachusetts.
“a regulated electric utility that serves residential, commercial and industrial customers in parts of eastern and western Massachusetts”
Severe storms and changing weather patterns are disclosed as factors that can materially affect results, relevant to storm costs and system reliability for a T&D utility.
“extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns”
Massachusetts decarbonization proceedings may require significant changes to LDC planning processes and business models, affecting gas investment recovery.
“which may require significant changes to the LDC planning process and business models”
Changes in economic conditions impacting interest rates and capital access are identified as factors that could materially affect results for this capital-intensive regulated utility.
“changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability”
State-mandated PPAs with Millstone and Seabrook create a supply cost recovered from customers with no return to CL&P.
“CL&P is required by both state legislation and regulation to purchase electric generation from Millstone and Seabrook under PURA-approved PPAs entered in 2019.”
PSNH serves electric distribution customers in New Hampshire and Aquarion serves water customers in parts of New Hampshire.
“Public Service Company of New Hampshire (PSNH), a regulated electric utility that serves residential, commercial and industrial customers in parts of New Hampshire”
Eversource owes contingent future payments under the 2024 GIP sale agreement for South Fork Wind and Revolution Wind; increased contingent liability by $284 million pre-tax in 2025.
“expected future payments under the terms of the 2024 sale agreement with Global Infrastructure Partners (GIP) for the South Fork Wind and Revolution Wind projects”
NSTAR Gas, EGMA and Yankee Gas purchase interstate transportation/storage/balancing services from Tennessee Gas Pipeline to serve firm customers.
“purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company”
Algonquin is one of the interstate pipelines directly serving the gas distribution utilities.
“Yankee Gas obtains its interstate capacity from the three interstate pipelines that directly serve Connecticut: the Algonquin, Tennessee and Iroquois Pipelines”
$26.51B 2026-2030 capex plan funded with $2.94B new debt issuance in 2025 plus ATM equity; utility financing costs and rate base economics are sensitive to interest rates.
“We project to make capital expenditures of $26.51 billion from 2026 through 2030”
Disclosed risk that disruptive technology or alternative energy sources could affect the current or future business model and customer demand.
“changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model”
Management credit-loss estimates incorporate energy usage trends and rate impacts on customer bills, reflecting demand sensitivity of regulated delivery revenues.
“the impact on customer bills because of energy usage trends and changes in rates”
Hardship customer receivables ($367.2M allowance at Dec 31, 2025) carry higher default risk but are recoverable in rates via regulatory mechanisms in CT and MA.
“The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress”
Hopkinton LNG Corp. provides LNG/LPG peak-shaving storage critical to meeting winter heating demand.
“1.8 Bcf LNG and LPG storage is provided by Hopkinton LNG Corp. in facilities located at seven different locations in Massachusetts”
State RPS mandates require purchasing RECs from renewable generation suppliers; $41.2M REC inventory at Dec 31, 2025.
“RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements”
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