Eversource Energy (formerly Northeast Utilities) uses Yankee ingenuity, power, and gas to keep its customers happy. The largest utility in New England, Eversource operates six electric and gas utilities in Connecticut, Massachusetts, and New Hampshire and serves 3.6 million electric and gas customers. It has 3,932 miles of power transmission lines, 40,258 miles electric distribution lines and 6,567 miles of gas distribution lines. Subsidiaries include Connecticut Light and Power, Public Service Company of New Hampshire, and Western Massachusetts Electric. Eversource's Yankee Gas supplies natural gas to 226,000 customers in 72 cities and towns in Connecticut.
The company operates six electric and gas utilities in Connecticut, Massachusetts, and New Hampshire.
Eversource operates through four segments -- Electric Distribution, Electric Transmission, and Natural Gas Distribution, and Other.
Electric distribution accounted for 67% of Eversource's revenues in 2015; natural gas transmission, 12%; and natural gas distribution, 11%.
Electric utility Connecticut Light and Power Company serves residential, commercial, and industrial customers in parts of Connecticut. The company provides retail franchise electric service to 1.2 million customers in 149 cities and towns in Connecticut.
NSTAR Electric serves electric utility residential, commercial, and industrial customers in parts of Massachusetts. NSTAR Gas Company is a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Massachusetts. It distributes natural gas to 286,000 customers in 51 communities in central and eastern Massachusetts.
Eversource's electric infrastructure includes 578 transmission and distribution electric substations. Its underground lines include 16,778 miles of electric distribution, and 407 miles of electric transmission.
Public Service Company of New Hampshire is a regulated electric utility that serves residential, commercial, and industrial customers in parts of New Hampshire and owns generation assets used to serve customers. Sister power utility Western Massachusetts Electric serves residential, commercial, and industrial customers in parts of western Massachusetts and owns solar generating assets.
Gas utility Yankee Gas Services Company serves residential, commercial, and industrial customers in parts of Connecticut. Yankee Gas also owns a 1.2 billion-cu.-ft. LNG facility in Waterbury, Connecticut, which is used primarily to assist it in meeting its supplier-of-last-resort obligations.
Eversource's other subsidiaries include Northeast Utilities Service Company and Hopkinton LNG Corp. NSTAR Gas and Hopkinton own a satellite vaporization plant and above ground cryogenic storage tanks. In addition, Hopkinton owns a liquefaction and vaporization plant.
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Residential customers accounted for about 45% of Eversource's total revenues in 2015; commercial customers, 31%.
Eversource has recorded a continuous increase in revenues over the last five years. In 2015 the company’s net revenue increased by 3% to $7.95 billion due to higher electric distribution segment revenues.
Electric distribution revenues increased primarily due to a Connecticut Light and Power base distribution rate increase, and higher retail sales volumes driven by weather impacts.
The company’s net income has followed similar trend as net revenues over the last five years. Net income increased in 2015 by 7% to $886 million due to higher net revenues and a decrease in operations and maintenance expenses related to tracked costs and costs that are part of base electric and natural gas distribution rates.
In 2015 Eversource's operating cash inflows decreased by 13% to $1.42 billion as the result of changes in working capital due to Department of Energy damages proceeds received from the Yankee Companies of $4.7 million in 2015 (compared to $132 million in 2014).
Updating its brand to be more inclusive and flexible, in 2015 Northeast Utilities changed its corporate name to Eversource Energy.
That year Eversource, Spectra Energy, and Spectra Energy Partners announced that National Grid was joining Access Northeast, the innovative energy solution for New England, as a co-developer. Once Access Northeast is operational, it is projected to save electric customers an average of $1 billion a year during normal weather conditions and even more during severe cold weather. This alliance will provide New England natural gas distribution companies and generators with additional access to natural gas supplies from multiple, diverse receipt points along the Algonquin pipeline system, including the Iroquois pipeline system.
The company continues to invest heavily in electric transmission projects that maintain the reliability of the region’s electric grid. It also planned to invest heavily in natural gas delivery infrastructure, including $213 million in 2015 and nearly $1.3 billion from 2016 through 2019.