Skip to Main Content

About Eversource Energy

The largest energy delivery company in New England, Eversource Energy serves roughly four million electric and gas customers via its six distinct utility companies in Connecticut, Massachusetts, and New Hampshire. Eversource delivers its energy through about 630,000 overhead and underground lines and covers over 3,300 square miles of natural gas distribution. Its electricity-focused utility companies include Public Service Company of New Hampshire (PSNH), The Connecticut Light and Power Company, and NSTAR Electric Company. Eversource's gas utilities are NSTAR Gas and Yankee Gas, which supply natural gas to about 295,000 customers in central and eastern Massachusetts and about 235,000 customers in Connecticut, respectively. The company also operates a water utilities subsidiary, Eversource Aquarion Holdings, in Connecticut, Massachusetts, and New Hampshire.

Operations

Eversource Energy's Electric Distribution segment accounts for about 65% of its revenue. It operates through subsidiaries Connecticut Light and Power Company (CL&P), NSTAR Electric, and Public Service Company of New Hampshire (PSNH). The segment owns some 500 substations and 58,000 miles of overhead and underground lines. CL&P provides electricity (which it purchases from other sources) to about 1.25 million residential, commercial, and industrial customers in roughly 150 cities and towns and Connecticut. In Massachusetts, NSTAR Electric purchases and distributes electricity to about 1.5 million customers in approximately 140 cities and towns. PSNH serves some 520,000 customers in more than 200 New Hampshire municipalities.

Through Eversource's Electric Transmission segment, CL&P, NSTAR, and PSNH own and maintain transmission facilities. The segment has about 75 substations and 4,000 miles of overhead and underground lines. Its estimated transformer capacity is 16.1 million kVa. It generates some 10% of Eversource's revenue.

Natural Gas Distribution, which includes NSTAR Gas and Yankee Gas, also brings in about 10% of the company's revenue. Its client base includes around 300,000 customers in Massachusetts and 225,000 customers in Connecticut. The division receives about 55% of its revenue from residential customers, 35% from commercial clients, and 10% from industrial companies.

The Water Distribution Segment operates three regulated water utilities in Connecticut, Massachusetts and New Hampshire which address residential, commercial, industrial, municipal, and fire protection customers.

About 55% of the company's revenue derives from residential customers; commercial clients provide about 40%, and the remainder flows from industrial customers.

Geographic Reach

Springfield, Massachusetts-based Eversource Energy provides regulated electricity and gas service to customers in Connecticut, Massachusetts, and New Hampshire.

Sales and Marketing

Eversource Energy provides services to residential, commercial, industrial and, municipal, and fire protection customers. Residential and commercial clients account for about 55% and 40% of sales, respectively. Industrial customers generate about 5% of its revenue.

Financial Performance

Despite dips in 2016 and 2017, a sizable gain in 2018 has driven an approximate 10% increase in Eversource Energy's revenue since 2014. Net income has risen steadily each year for a five-year expansion of about 25%.

The company's sales grew 22% to $8.4 billion in 2018. Base electric distribution revenue decreased due to lower rates at NSTAR Electric, which were adjusted to align with a lower federal corporate income tax rate. However, tracked revenue -- costs recovered from customers including for electric energy supply, stranded cost, retail electric transmission, and distribution tracking mechanisms -- more than offset those losses. Sales from Eversource Aquarion Holdings, which the company acquired at the end of 2017, also pushed up revenue.

Net income rose 5% in 2018 to $1 billion thanks to a lower income tax expense following the passage of US tax reform.

Eversource's cash increased by $123.4 million to end the year at $209.3 million. Operations generated $1.8 billion; financing activities brought in $729.9 million -- primarily from long-term debt. Property, plant, and equipment purchases (mostly for its electric transmission operations) undergirded investment spend of $2.4 billion.

Strategy

Eversource Energy's primary strategic initiative is to establish itself as a clean energy leader in New England. It also recently expanded its operations into water utilities through an acquisition.

In 2019 Eversource paid $225 million for a 50% stake in offshore wind developer Ørsted's Revolution Wind and South Fork Wind Farm projects and a 257 square mile ocean tract off the coasts of Massachusetts and Rhode Island. Revolution Wind will provide 400 MW of power to Rhode Island and 300 MW to Connecticut and is expected to lower CO2 emissions by millions of tons annually. The project will generate electricity for greater than 400,000 homes after its expected commissioning in 2023. Expected to be commissioned in 2022, South Fork will deliver some 130 MW of power -- enough for more than 70,000 homes -- to customers in eastern Long Island through a purchase agreement with the Long Island Power Authority. The deal builds on a previous joint venture between the companies for an adjacent 300 square mile ocean tract. The combined projects have the potential to provide about 4,000 MW of wind power.

Eversource became the only US energy company to own a water utility through its 2017 acquisition Aquarion Water for $1.7 billion. Aquarion's customer base overlapped geographically with Eversource's, particularly in western Connecticut.

Mergers and Acquisitions

In 2017 Eversource Energy purchased New England's largest private water firm, Aquarion Water Company, for $800 million in cash and assumption of $795 million of Aquarion debt.

Company Background

Eversource Energy was born from the merger of Northeast Utilities and NSTAR Electric & Gas in 2012.

Eversource Energy

300 CADWELL DR
Springfield, MA 01104-1742
Phone: 1 (800) 286-5000

Stats

Employer Type: Publicly Owned
Stock Symbol: ES
Stock Exchange: , NYSE
President and CEO: James J. Judge
Chairman: Thomas J. May
EVP and COO: Werner J. Schweiger
Employees (This Location): 146
Employees (All Locations): 7,998

Major Office Locations

Springfield, MA

Other Locations

Berlin, CT
Cheshire, CT
Danielson, CT
East Hartford, CT
Hartford, CT
Madison, CT
Monroe, CT
Newington, CT
Simsbury, CT
Stonington, CT
Tolland, CT
Waterbury, CT
Windsor, CT
Amherst, MA
Boston, MA
Hadley, MA
Hingham, MA
Millbury, MA
Pittsfield, MA
Plymouth, MA
Rowe, MA
Somerville, MA
Springfield, MA
Stamford, MA
Waltham, MA
Westwood, MA
Berlin, NH
Hooksett, NH
Keene, NH
Nashua, NH
Portsmouth, NH
Roslyn, NY
East Providence, RI