Eversource Energy (formerly Northeast Utilities) uses Yankee ingenuity, power, and gas to keep customers happy. The largest utility in New England, Eversource operates six electric and gas utilities in Connecticut, Massachusetts, and New Hampshire and serves more than 3.6 million electric and gas customers. It has 3,880 miles of power transmission lines, 48,486 miles electric distribution lines and 6,400 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 220,000 customers in 71 cities and towns in Connecticut.
The company operates six electric and gas utilities in Connecticut, Massachusetts, and New Hampshire.
Electric distribution accounted for 73% of Eversource's revenues in 2014, natural gas distribution and transmission, both 13%.
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 distributes natural gas to 282,000 customers in 51 communities in central and eastern Massachusetts.
Eversource's electric infrastructure includes about 575 transmission and distribution electric substations. Its underground lines include 16,770 miles of electric distribution, and 408 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 Company serves residential, commercial and industrial customers in parts of western Massachusetts and owns solar generating assets. NSTAR Gas Company is a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Massachusetts.
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.
Sales and Marketing
Residential customers accounted for about 42% of Eversource's total revenues in 2014; commercial customers, 32%.
Eversource has recorded a continuous increase in revenues over the last five years.
In 2014 net revenues increased by 6% due to growth across all of the company’s reportable segments.
The most significant factor in the increase in revenues relates to cost tracking mechanisms for the recovery of higher costs associated with the procurement of energy supply, which increased $506.8 million and $126.9 million for electric distribution and natural gas distribution, respectively impacted by the overall New England wholesale energy supply market, partially offset by decreases in transition cost recovery revenues.
Natural gas distribution revenues increased due to higher sales volumes driven by colder weather. Base electric distribution revenues declined due a drop in retail electric sales volumes, driven primarily by the cooler summer weather.
Transmission revenues increased due to the recovery of higher revenue requirements associated with ongoing investments in transmission infrastructure, partially offset by the impact of net reserve recorded in 2014 as a result of the FERC change in measuring the return on investment at utilities.
The company also recorded a strong income from 2010-2014.
In 2014 Eversource's net income increased by 4% due to a reduction in the amortization of regulatory assets.
Cash flows provided by operating activities decreased by 2% in 2014 due to the impact of Department of Energy damages proceeds resulting from the spent nuclear fuel litigation, the absence of 2013 cash disbursements for major storm restoration costs, the decrease in pension and related cash contributions, and changes in the timing of working capital items. These impacts were more than offset by higher income tax payments in 2014 and the unfavorable cash flow impact resulting from lower recoveries from customers in 2014, relating to regulatory cost recovery tracking mechanisms.
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.
Eversource projects to make capital expenditures of about $8 billion from 2014 through 2017, out of which it plans to invest $3.5 billion in its electric and natural gas distribution segments and $3.7 billion in its electric transmission segment.