EVERSOURCE ENERGY (ES)

Eversource Energy is a public utility holding company headquartered in Boston, Massachusetts and Hartford, Connecticut, regulated by the Federal Energy Regulatory Commission under the Public Utility Holding Company Act of 2005. It is engaged primarily in the energy delivery business through wholly-owned regulated utility subsidiaries that deliver electricity, natural gas and water to residential, commercial and industrial customers in parts of Connecticut, Massachusetts and New Hampshire. Its previous offshore wind business was sold in the third quarter of 2024, and its remaining offshore wind exposure is a noncontrolling tax equity investment in South Fork Wind.

Eversource has four reportable segments: electric distribution, electric transmission, natural gas distribution and water distribution, which represent substantially all consolidated revenues. The electric utilities are The Connecticut Light and Power Company (CL&P), NSTAR Electric Company (including its subsidiary Harbor Electric Energy Company and 70 MW of solar power facilities on twenty-two Massachusetts sites) and Public Service Company of New Hampshire (PSNH); CL&P, NSTAR Electric and PSNH also serve New England customers through Eversource's electric transmission business. The natural gas utilities are NSTAR Gas Company, Eversource Gas Company of Massachusetts and Yankee Gas Services Company. Aquarion Company owns five regulated water utility subsidiaries serving residential, commercial, industrial, and municipal and fire protection customers in Connecticut, Massachusetts and New Hampshire. The sale of Aquarion has been subject to a regulatory denial and subsequent appeal.

As of December 31, 2025, CL&P served about 1.32 million retail electric customers in 157 Connecticut cities and towns, NSTAR Electric about 1.62 million customers in 159 eastern and western Massachusetts cities and towns (including Boston, Cape Cod, Martha's Vineyard and the greater Springfield area), and PSNH about 549,000 customers in 206 New Hampshire cities and towns. Customers in all three states may choose competitive energy suppliers; those who do not receive standard, basic or default service with power costs passed through without mark-up. In 2025, CL&P supplied about 50 percent of its load at standard or last resort rates, and NSTAR Electric about 12 percent at basic service rates.

The electric utilities do not own generation for customer supply, apart from NSTAR Electric's solar facilities, and buy power from competitive suppliers through periodic procurements. Each state utility is regulated by its own commission: the Connecticut Public Utilities Regulatory Authority, the Massachusetts Department of Public Utilities and the New Hampshire Public Utilities Commission, which oversee rates, service standards and securities issuances. Rates include supply, delivery, public benefits and transmission components. They are earned through distribution rates set in rate cases, including a performance-based plan at NSTAR Electric and an alternative regulatory framework at PSNH, plus reconciling mechanisms. CL&P must also buy output from the Millstone and Seabrook nuclear plants under state-approved contracts and sells it into the wholesale market. CL&P, NSTAR Electric, PSNH and Eversource each report financial results separately.