Eversource Energy is a public utility holding company engaged in the energy delivery business through its regulated electric, gas, and water utility subsidiaries, serving residential, commercial, and industrial customers in parts of Connecticut, Massachusetts, and New Hampshire . The company is involved in the development of clean energy projects, including offshore and land-based wind farms, solar farms, energy storage facilities, and bioenergy plants . Eversource has been active in strategic initiatives, such as selling its offshore wind investments, including its interest in the Sunrise Wind project, to Ørsted . Additionally, the company is considering selling its water business to reduce equity needs and improve regulatory diversity .
- Electric Utility Services - Provides electricity delivery services to residential, commercial, and industrial customers in Connecticut, Massachusetts, and New Hampshire.
- Gas Utility Services - Supplies natural gas to customers in the regions it serves, ensuring reliable and safe energy delivery.
- Clean Energy Development - Engages in the development of renewable energy projects, including offshore and land-based wind farms, solar farms, energy storage facilities, and bioenergy plants.
- Water Utility Services - Offers water delivery services, with potential plans to sell this segment to optimize financial and regulatory strategies.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Joseph R. Nolan, Jr. ExecutiveBoard | Chairman of the Board, President, and CEO | None provided | Joined ES in 2016; previously EVP-Customer and Corporate Relations; became CEO in 2021; focuses on strategy and leadership. | View Report → |
Gregory B. Butler Executive | EVP and General Counsel | None provided | General Counsel since 2001; EVP since 2016; oversees legal and regulatory matters. | |
James W. Hunt, III Executive | EVP-Corporate Relations and Sustainability | None provided | Joined ES in 2016; previously SVP-Regulatory Affairs and Chief Communications Officer; focuses on sustainability and corporate relations. | |
John M. Moreira Executive | EVP, CFO, and Treasurer | None provided | Joined ES in 2018; previously SVP-Financial and Regulatory and Treasurer; became CFO in 2022; oversees financial strategy and operations. | |
Susan Sgroi Executive | EVP-Human Resources and Information Technology | Director at Everett Bank; Board Member at St. Francis House | Joined ES in 2024; previously EVP and CHRO at Blue Cross and Blue Shield of Massachusetts; specializes in HR, IT, and organizational transformation. | |
Cotton M. Cleveland Board | Trustee | President of Mather Associates; Director of Ledyard National Bank | Trustee since 1992; leadership and organizational development expert; active in non-profit and corporate boards. | |
Daniel J. Nova Board | Trustee | General Partner at Highland Capital Partners; Director at Rent the Runway and ThredUp | Trustee since 2023; venture capital expert with over 25 years of experience; serves on public and private company boards. | |
David H. Long Board | Trustee | Chairman of Liberty Mutual Holding Company; Board Member at multiple organizations | Trustee since 2019; over 25 years of leadership experience; active in civic and non-profit organizations; expertise in finance and insurance. | |
Frederica M. Williams Board | Trustee | President and CEO of Whittier Street Health Center; Board Member at Dana Farber Cancer Institute and others | Trustee since unknown; over 25 years of experience in regulated industries; focuses on community health and financial management. | |
Gregory M. Jones Board | Trustee | VP of Community Health and Engagement at Hartford Healthcare; Chairman of The Legacy Foundation of Hartford, Inc. | Trustee since 2020; focuses on community health and engagement; serves on several non-profit boards. | |
John Y. Kim Board | Trustee | Founder of Brewer Lane Ventures; Director at Franklin Resources; Board Member at multiple startups | Trustee since 2018; extensive experience in venture capital and financial services; serves on public and private company boards. | |
Linda Dorcena Forry Board | Trustee | Principal of LDF Holdings, LLC; Co-publisher of Reporter Newspapers; Board Member at multiple organizations | Trustee since 2018; expertise in diversity, inclusion, and community relations; active in civic and non-profit organizations. | |
Loretta D. Keane Board | Trustee | CFO of Arcadia Solutions, LLC | Trustee since 2023; over 20 years of CFO experience in high-growth technology companies; CPA and active in financial leadership organizations. |
- Given the regulatory uncertainties in Connecticut, particularly around timely cost recovery for critical investments like the AMI program, how does Eversource plan to manage capital allocation in this jurisdiction, and are you considering further reductions in planned investments if regulatory conditions do not improve?
- With the approval of your electric sector modernization plan adding $600 million in distribution investments, can you clarify how you intend to fund this increased capital expenditure and what impact it may have on your balance sheet and financing requirements?
- Considering the sale of Aquarion is a key component of your financing plan and embedded in your FFO to debt targets and EPS growth guidance, what risks do you foresee if the sale does not close by the end of 2025 as planned, and how would this affect your financial metrics and growth trajectory?
- Given that the expected $500 million benefit from the South Fork tax equity investment is now anticipated to extend beyond 2026, how will this shift affect your cash flow projections and your ability to utilize other tax benefits to meet near-term financial targets?
- You have raised approximately $1 billion through your ATM program and issued over 15 million common shares to date; with ongoing needs to strengthen your balance sheet and improve your credit position, should investors expect further equity dilution, and how do you balance this with shareholder value considerations?
Research analysts who have asked questions during EVERSOURCE ENERGY earnings calls.
Andrew Weisel
Scotiabank
7 questions for ES
Carly Davenport
Goldman Sachs
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Anthony Crowdell
Mizuho Financial Group
5 questions for ES
Jeremy Tonet
JPMorgan Chase & Co.
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Paul Patterson
Glenrock Associates
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Julien Dumoulin-Smith
Jefferies
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Durgesh Chopra
Evercore ISI
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Sophie Karp
KeyBanc Capital Markets Inc.
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Agnieszka Storozynski
BofA Securities
2 questions for ES
Angie Storozynski
Seaport Research Partners
2 questions for ES
Ross Fowler
Bank of America
2 questions for ES
Ryan Levine
Citigroup
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Shahriar Pourreza
Guggenheim Partners
2 questions for ES
Shar Pourreza
Guggenheim Partners
2 questions for ES
Steven Fleishman
Wolfe Research
2 questions for ES
Travis Miller
Morningstar
2 questions for ES
William Appicelli
UBS
2 questions for ES
James Kennedy
Marathon Microfinder
1 question for ES
Julian Dumoulin-Smith
Jefferies
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Nicholas Campanella
Barclays
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Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Undisclosed Acquisition (by Eversource) | 2024 | This planned deal involves a Purchase Agreement whereby Eversource Energy will acquire seller interests in certain holding companies through a cash payment at closing, with the transaction scheduled no earlier than March 31, 2024 and the purchase price determined by an agreed model. |
The Torrington Water Company (TWC) | 2022 | Aquarion Company, a subsidiary of Eversource Energy, completed a stock-for-stock exchange to acquire TWC—valuing TWC stock at $92.81 per share and issuing 925,264 treasury shares (approximately $72 million), which expanded its regulated water services in Connecticut by adding about 10,100 customers and assets of $65 million. |
Recent press releases and 8-K filings for ES.
- Eversource delivered GAAP EPS of $0.99 in Q3 2025 versus a $0.33 loss in Q3 2024, including a net after-tax $75 million offshore wind charge, and non-GAAP recurring earnings of $1.13 per share.
- Narrowed 2025 recurring EPS guidance to $4.72–$4.80, raising the midpoint and reaffirming 5–7% longer-term EPS growth off the 2024 base.
- Advanced regulatory proceedings: filed an alternative resolution for the Connecticut Yankee rate case (seeking ~$104 million in additional revenue) and remain on track to close the Aquarion Water sale by year-end pending a Nov. 19 decision.
- Executed $3.3 billion of the $4.7 billion 2025 utility capex plan through September; reaffirmed $24.2 billion five-year investment plan and improved Moody’s FFO/debt to 12.7% in Q2 (targeting over 13% in Q3).
- Eversource reported GAAP EPS of $0.99, including a $0.20 per share after-tax non-recurring charge related to its offshore wind liability.
- The company filed an alternative resolution in its Yankee Gas rate case seeking $104 million in incremental revenues versus a $55 million draft decision, with a final ruling expected today, and aims to close the Aquarion Water sale by year-end after a Nov. 19 decision.
- Construction on the Revolution Wind project is substantially complete; the onshore substation is finished and backfeed energization to offshore facilities is anticipated by end-November.
- On track to invest $4.7 billion in utility infrastructure for 2025 (with $3.3 billion spent YTD) and maintaining a five-year capital plan of $24.2 billion through 2029.
- Reaffirmed 2025 recurring EPS guidance of $4.72–$4.80 and targets a FFO/debt ratio above 13% by Q3 2025.
- Eversource delivered Q3 2025 non-GAAP EPS of $1.19, up $0.06 year-over-year, and GAAP EPS of $0.99 versus $(0.33) in Q3 2024.
- By segment, Q3 2025 EPS contributions were $0.50 from Electric Transmission, $0.60 from Electric Distribution, $(0.05) from Natural Gas Distribution, and $0.05 from Water Distribution.
- The company reaffirmed a $24.2 billion 2025–2029 capital investment plan focused on regulated Transmission and Distribution, with 60% allocated to Massachusetts distribution.
- Balance sheet initiatives include improved FFO-to-Debt metrics, a $1.2 billion ATM equity program, and a $600 million DRSPP through 2029 to fund growth.
- Regulatory progress: Connecticut decisions on the Yankee Gas rate case (Nov 5, 2025) and Aquarion sale (Nov 19, 2025) are expected soon; Massachusetts rate increases of $77 million (Nov 2024) and $62 million (Nov 2025) have been approved.
- Q3 GAAP EPS of $0.99, including a $0.20 per-share net charge for offshore wind liability; earnings reflect continued transmission and distribution rate increases.
- Reaffirmed 2025 recurring EPS guidance narrowed to $4.72–$4.80 and maintained long-term EPS growth target of 5–7%.
- Five-year capital plan of $24.2 billion through 2029; $3.3 billion invested through September against a $4.7 billion YTD target and on track for ~$5 billion of total 2025 investments.
- Revolution Wind offshore project is substantially complete: onshore substation built, backfeed energization expected by end-November to begin testing and commissioning.
- Pending regulatory outcomes include today’s expected PURA decision on the Yankee rate case and a final PURA decision on the Aquarion Water sale by November 19, with closing targeted by year-end.
- Eversource reported GAAP EPS of $0.99 in Q3 2025 vs a loss of $(0.33) in Q3 2024; non-GAAP recurring EPS was $1.19, up from $1.13.
- For the first nine months, GAAP EPS was $3.44 vs $2.08 year-ago; non-GAAP recurring EPS rose to $3.64 from $3.56.
- Electricity transmission segment earned $185.5 million and distribution segment $221.6 million in Q3, driven by system investments and rate increases.
- Full-year 2025 non-GAAP recurring EPS guidance narrowed to $4.72–$4.80, and 5–7% EPS CAGR reaffirmed from a 2024 base of $4.57.
- On October 17, 2025, Eversource Energy issued $600 million aggregate principal amount of its 4.45% Senior Notes, Series HH, due December 15, 2030, under an underwriting agreement dated October 15, 2025.
- The notes are unsecured obligations issued under a Twenty-Third Supplemental Indenture dated October 1, 2025, and pay interest semi-annually on June 15 and December 15.
- The offering was led by BofA Securities, J.P. Morgan, Morgan Stanley, PNC Capital Markets, RBC Capital Markets and U.S. Bancorp Investments, with co-managers including Samuel A. Ramirez and Siebert Williams Shank.
- The notes were priced at 99.171% of par, settled on a T+2 basis on October 17, 2025, and include a make-whole call provision prior to November 15, 2030, and redemption at par thereafter.
- Eversource Energy expects a $75 million after-tax non-recurring charge (≈$0.20/share) in Q3 2025 due to revised cost projections for Revolution Wind.
- The contingent liability for post-closing adjustments increased by $285 million, partially offset by an expected $210 million federal tax benefit.
- Full-year non-GAAP recurring EPS guidance narrowed to $4.72–$4.80 per share from $4.67–$4.82.
- Original contingent liability of $365 million at closing was reduced to $296 million as of June 30, 2025, with further reviews as Revolution Wind nears completion.
- Eversource increased its liability to Global Infrastructure Partners by $285 million, leading to an anticipated aggregate after-tax non-recurring charge of $75 million (or $0.20 per share) to be recorded in Q3 2025.
- At closing of the Offshore Wind Projects sale, Eversource recorded a $365 million liability, which was reduced to $296 million as of June 30, 2025, mainly to complete construction of Revolution Wind (over 80% finished).
- The company expects a $210 million federal tax benefit to mitigate earnings impacts and has narrowed its full-year 2025 non-GAAP recurring EPS guidance to $4.72–$4.80 per share, from $4.67–$4.82.
- The $285 million increase reflects revised cost projections for Revolution Wind, including higher insurance costs, tariff impacts, vessel damage and a BOEM stop-work order from August to September 2025.
- Eversource posted Q2 GAAP and recurring EPS of $0.96, flat year-over-year, driven by higher transmission, distribution and gas earnings offset by increased parent interest expense.
- The company reaffirmed its 2025 EPS guidance of $4.67–4.82 and its long-term EPS growth target of 5–7% through 2029.
- Connecticut’s SB4 energy reform was signed into law, enabling securitization of 2018–2025 storm costs and regulatory enhancements; New Hampshire’s PSNH rate case granted a $100 M permanent increase at a 9.5% ROE, with Aquarion’s divestiture on track to close by year-end.
- Eversource upheld its five-year utility infrastructure capex plan of $24.2 B (10% increase), with $2.2 B executed through June and further $1.5–2 B investment opportunities identified.
- Eversource Energy has entered into an equity distribution agreement with several major managers, enabling the sale of its common shares with an aggregate offering price of up to $1,200,000,000, with a par value of $5.00 per share.
- The offering is supported by the company’s effective registration statement on Form S-3 and a corresponding prospectus supplement, providing a framework for the sale of shares during the term of the agreement as detailed on May 30, 2025.