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Eversource Energy (NYSE:ES) is a distinguished Fortune 500 and S&P 500 energy company based in Connecticut, Massachusetts, and New Hampshire. As the operator of New England’s largest energy delivery system, Eversource Energy serves over 3.7 million electric and natural gas customers. The company is steadfast in its commitment to safety, reliability, environmental leadership, and expanding energy options.
Founded with a commitment to customer satisfaction and community service, Eversource Energy has grown through strategic acquisitions, including NStar in 2012, Aquarion in 2017, and Columbia Gas in 2020. This expansion has enabled the company to provide rate-regulated electric, gas, and water distribution services to more than 4 million customers in the Northeast U.S.
In recent developments, Eversource Energy is in the process of exiting its 50% partnership with European utility Ørsted to develop 2 gigawatts of offshore wind projects in the Northeast U.S. This move is part of the company's broader strategy to focus on its core regulated businesses. Eversource had previously exited most of its unregulated businesses in 2006.
At the heart of Eversource Energy’s success are its dedicated employees. The company prides itself on fostering a diverse, talented team that values teamwork, collaboration, and safety. This engaged workforce is essential to delivering reliable energy services and achieving the company’s goals.
Financially, Eversource Energy remains robust, with ongoing projects aimed at improving infrastructure and expanding renewable energy sources. The company’s dedication to environmental stewardship is evident through its initiatives to enhance energy efficiency and sustainability.
Recent news highlights the dynamic nature of Eversource’s operations:
- Partnership exit with Ørsted for offshore wind projects.
- Ongoing infrastructure improvements.
- Commitment to environmental sustainability.
Eversource Energy (NYSE: ES) reported Q2 2024 GAAP earnings of $335.3 million, or $0.95 per share, compared to $15.4 million, or $0.04 per share, in Q2 2023. The company reaffirmed its 2024 non-GAAP recurring earnings projection of $4.50-$4.67 per share and long-term EPS growth rate of 5-7% from a 2023 base of $4.34 per share. Key highlights include:
- Electric Transmission segment earned $189.0 million in Q2 2024, up from $161.0 million in Q2 2023
- Electric Distribution segment earned $149.7 million in Q2 2024, down from $165.5 million in Q2 2023
- Natural Gas Distribution segment earned $27.1 million in Q2 2024, up from $11.7 million in Q2 2023
- Water Distribution segment earned $8.0 million in Q2 2024, down from $9.3 million in Q2 2023
Eversource Energy (NYSE: ES) has announced a webcast conference call with financial analysts on August 1, 2024, at 9 a.m. Eastern Time. The call will review the company's financial performance through the second quarter of 2024. This live audio presentation will be accessible from the Investors section of Eversource's website.
Eversource, recognized as a national leader in corporate citizenship, serves approximately 4.4 million customers across Connecticut, Massachusetts, and New Hampshire. The company is known for its commitment to energy efficiency and clean energy initiatives, including a pioneering networked geothermal pilot project, solar, offshore wind, electric vehicles, and battery storage integration.
Eversource Energy (NYSE: ES) has completed the sale of its 50% stake in the 924 MW Sunrise Wind project to Ørsted for $230 million, subject to spending adjustments. The payment structure involves 50% at closing and the rest upon achieving construction milestones. The sale was contingent upon the project's successful award under NYSERDA's fourth solicitation for Offshore Wind Renewable Energy Certificates, which was completed on May 31, 2024. Regulatory approvals were obtained from the Federal Energy Regulatory Commission and the New York State Public Service Commission in June 2024. Eversource has divested all ownership in Sunrise Wind and will no longer bear any financial obligations for the project. They will continue to be involved as a service provider for the onshore construction through a separate agreement.
Eversource has received the Environmental Business Council of New England's (EBC) Inaugural Community Choice Award for their pioneering networked geothermal pilot project in Framingham, Massachusetts. This initiative, which connects multiple homes and buildings to a shared geothermal network, aims to reduce greenhouse gas emissions and provide an efficient, cost-effective, and environmentally friendly heating and cooling solution. The award was presented during the EBC APEX Awards Celebration on June 13, 2024, in Boston. Eversource’s recognition underscores its commitment to decarbonization, innovation, and collaboration. The company is a leader in energy efficiency and is recognized nationally for its corporate responsibility efforts. More information on the project can be found on Eversource’s website.
Eversource Energy (NYSE: ES) has been recognized as one of America's Climate Leaders for 2024 by USA TODAY and Statista Inc. This marks the second consecutive year the company has received this distinction, highlighting its success in reducing greenhouse gas emissions intensity. Eversource ranked #4 in the Energy & Utilities category and #173 overall. The award acknowledges the company's dedication to sustainability and clean energy projects across New England. Eversource serves approximately 4.4 million customers in Connecticut, Massachusetts, and New Hampshire and is also noted for its efforts in energy efficiency and integration of clean energy resources.
Eversource Energy reported earnings of $521.8 million, or $1.49 per share, for Q1 2024, compared to $491.2 million, or $1.41 per share, for Q1 2023. The company approved a dividend of $0.715 per share and reaffirmed its 2024 earnings projection. Eversource Energy's various segments showed improved results, with the electric transmission segment earning $176.7 million, the electric distribution segment earning $168.1 million, the natural gas distribution segment earning $190.6 million, and the water distribution segment earning $5.4 million in Q1 2024.
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