EVERSOURCE ENERGY (ES)

Eversource Energy, headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company regulated by FERC that operates primarily through energy delivery businesses across four reportable segments: electric distribution, electric transmission, natural gas distribution, and water distribution. Its wholly-owned subsidiaries include CL&P (serving ~1.28 million electric customers across 157 Connecticut towns), NSTAR Electric (serving ~1.49 million customers across 161 Massachusetts towns, including 70 MW of company-owned solar facilities), PSNH (serving ~539,000 customers in 215 New Hampshire towns), and their respective regulators (PURA, DPU, and NHPUC) oversee rates, service standards, and infrastructure investments. None of these electric utilities own generation assets; they purchase power on behalf of non-competitive-supply customers on a pass-through, no-markup basis, with rates comprising multiple components such as distribution charges, transmission charges, decoupling mechanisms, and various reconciling adjustments for costs like energy efficiency, storm recovery, and stranded costs.

The electric transmission segment includes FERC-regulated interstate transmission assets owned by CL&P, NSTAR Electric, and PSNH, with a combined transmission rate base of approximately $9.8 billion at year-end 2023; the company remains involved in four pending New England transmission owner ROE complaint proceedings with FERC, whose outcome remains uncertain. In natural gas distribution, Eversource operates through NSTAR Gas (~307,000 customers in 59 Massachusetts communities), EGMA (~336,000 customers in 66 Massachusetts communities), and Yankee Gas (~252,000 customers in 85 Connecticut towns), providing firm and interruptible sales and transportation services, with gas commodity costs passed through to customers without markup and supported by LNG/LPG storage facilities. The company also owns Aquarion, a water utility holding company with five regulated subsidiaries serving customers across Connecticut, Massachusetts, and New Hampshire, and holds 50% ownership interests in three offshore wind projects plus a tax equity investment in one project.

Rate structures across all segments include numerous state-regulated reconciling mechanisms designed to ensure cost recovery without profit on pass-through commodity costs, with periodic true-ups between estimated and actual costs.