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Eversource(ES) - 2023 Q3 - Earnings Call Transcript
2023-11-06 19:34
Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1 per share for Q3 2023, compared to $0.97 per share in Q3 2022, reflecting a slight increase [38] - The recurring earnings projection for 2023 has been narrowed to a range of $4.30 to $4.43 per share, up from the previous range of $4.25 to $4.43 per share [39] - The company reaffirmed its long-term EPS growth rate expectation in the upper half of the 5% to 7% range [39] Business Segment Data and Key Metrics Changes - The Electric Transmission segment earned $0.46 per share in Q3 2023, up from $0.44 per share in Q3 2022, driven by continued investments [16] - Electric Distribution earnings decreased to $0.50 per share in Q3 2023 from $0.65 per share in Q3 2022, primarily due to timing of rate design changes and increased storm-related costs [16] - The Natural Gas Distribution segment reported a loss of $0.10 per share in Q3 2023, compared to a loss of $0.07 per share in Q3 2022, attributed to higher regulatory and operating expenses [17] Market Data and Key Metrics Changes - The company noted that Connecticut residential customers receiving standard service dropped from over 90% last winter to 70% heading into this winter, indicating a shift towards competitive suppliers [33] - New England electric demand growth is expected to more than double by 2050, contrasting with relatively flat demand over the past decade [13] Company Strategy and Development Direction - The company is focused on enhancing service for customers and has invested significantly in electric and gas systems to ensure reliability and resilience [11] - Eversource is actively planning for a clean-energy future, having filed its Electric Sector Modernization Plan to support Massachusetts' clean energy climate plan [13] - The company is encouraged by recent support from regional governors for offshore wind investment, viewing it as essential for a clean energy future [14] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the New York Public Service Commission's denial of pricing adjustments for renewable projects but remains optimistic about future opportunities [6] - The company anticipates significant cash flow improvements from the sale of offshore wind projects and regulatory rate adjustments in Massachusetts [22][44] - Management emphasized the importance of maintaining strong credit ratings and expects to enhance the FFO to debt ratio significantly in 2024 and beyond [44] Other Important Information - The company completed the sale of its 50% interest in an offshore wind lease area to Orsted for $625 million, marking a significant milestone in exiting the offshore wind business [18] - The company expects to recover $400 million to $500 million in deferred storm cost recovery rolling into rates during 2024 [22] Q&A Session Summary Question: Can you provide clarity on the RFP process and the denial of the repricing petition? - Management explained that the New York PSC denied the repricing petition due to a preference for competitive procurement over administrative adjustments, but an accelerated RFP process was initiated shortly after [26] Question: What is the expected timeline for the sale of offshore wind projects? - Management indicated that while the buyer is familiar with Orsted and negotiations are progressing, they cannot provide a specific timeline for the completion of the sale [106] Question: How does the company plan to manage interest rate exposure moving forward? - Management stated that they have factored interest rate expectations into their long-term growth prospects and are implementing cost-cutting measures to mitigate impacts [91] Question: What are the implications of the recent Moody's credit rating action? - Management expressed disappointment but noted that short-term ratings were unaffected, and they expect to enhance cash flows significantly in 2024, which should improve credit metrics [44] Question: Can you elaborate on the strategy for deferred storm balances? - Management confirmed plans to file for recovery of deferred storm costs and emphasized that this process is in good shape and imminent [98]
Eversource(ES) - 2023 Q3 - Earnings Call Presentation
2023-11-06 17:39
EVERSOURCE ENERGY Q3 2023 RESULTS EVERSOURCE ENERGY Q3 2023 RESULTS 2 Revolution Wind Sunrise Wind | --- | --- | --- | --- | |------------------------------------------------|----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------- ...
Eversource(ES) - 2023 Q3 - Quarterly Report
2023-11-06 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Registrant; State of Incorporation; Address; Telephone Number; Commission File Number; and I.R.S. Employer Identification No. EVERSOURCE ...
Eversource(ES) - 2023 Q2 - Quarterly Report
2023-08-03 16:00
Financial Performance - Eversource earned $15.4 million, or $0.04 per share, in Q2 2023, and $506.6 million, or $1.45 per share, in the first half of 2023, compared to $291.9 million, or $0.84 per share, in Q2 2022, and $735.3 million, or $2.13 per share, in the first half of 2022[191]. - The company reported a non-GAAP EPS of $1.00 for Q2 2023 and $2.41 for the first half of 2023, excluding an after-tax impairment charge of $331.0 million related to offshore wind investments[191]. - Eversource reaffirmed its 2023 non-GAAP EPS guidance range of $4.25 to $4.43 per share, with a long-term EPS growth rate projection of 5 to 7 percent through 2027[191]. - Eversource reported a net income attributable to common shareholders of $15.4 million for Q2 2023, a significant decrease from $291.9 million in Q2 2022, primarily due to an impairment charge of $331.0 million related to its offshore wind investment[194]. - Eversource's operating revenues for Q2 2023 were $2,629.3 million, an increase of $56.7 million compared to Q2 2022[280]. - Operating income for Q2 2023 was $560.7 million, up $105.1 million from $455.6 million in Q2 2022[280]. - For the first half of 2023, operating revenues totaled $6,425.0 million, an increase of $381.0 million from $6,044.0 million in the first half of 2022[280]. Cash Flow and Debt Management - Cash flows from operating activities totaled $647.3 million in the first half of 2023, down from $841.8 million in the first half of 2022[191]. - Eversource's cash and cash equivalents were $42.2 million as of June 30, 2023, down from $374.6 million as of December 31, 2022[191]. - The company issued $3.36 billion of new long-term debt in the first half of 2023 and repaid $853 million of long-term debt[191]. - Eversource parent has a $2.00 billion commercial paper program, with $529.0 million outstanding as of June 30, 2023, compared to $1.44 billion at the end of 2022[207]. - The company expects future operating cash flows and access to debt and equity markets to be sufficient for working capital and capital investment needs[203]. Investments and Capital Expenditures - The company invested $2.04 billion in property, plant, and equipment in the first half of 2023, compared to $1.55 billion in the same period of 2022[191]. - Eversource's total capital expenditures reached $1.98 billion in the first half of 2023, up from $1.56 billion in the same period of 2022[224]. - Eversource's total equity investment in its offshore wind business increased to $2.08 billion as of June 30, 2023, compared to $1.95 billion at the end of 2022[233]. - Eversource announced a sale of its 50% interest in an uncommitted lease area for $625 million in cash, expected to close by the end of Q3 2023[234]. - The company plans to use $575 million of the proceeds from the lease area sale to provide tax equity for the South Fork Wind project[190]. Segment Performance - The regulated companies segment generated net income of $347.5 million in Q2 2023, up from $297.2 million in Q2 2022, driven by increased earnings from electric distribution and transmission segments[194]. - Electric distribution segment earnings increased by $36.5 million in Q2 2023 compared to Q2 2022, attributed to a new regulatory tracking mechanism and lower operational costs[194]. - Eversource's electric transmission segment earnings rose by $9.5 million in Q2 2023, reflecting a higher transmission rate base due to ongoing investments in infrastructure[197]. - Natural gas distribution segment earnings increased by $4.0 million in Q2 2023, supported by capital tracking mechanisms and base distribution rate increases[198]. - Eversource's water distribution segment earnings decreased by $1.9 million in the first half of 2023 compared to the same period in 2022, primarily due to higher operational expenses[199]. Impairment and Regulatory Issues - Eversource recognized a pre-tax other-than-temporary impairment charge of $401.0 million in Q2 2023, reflecting a decline in the fair value of its offshore wind investment[192]. - Eversource parent and other companies' earnings decreased by $326.8 million in Q2 2023, largely due to the offshore wind investment impairment and higher interest expenses[200]. - The impairment charge related to Eversource's offshore wind investment was noted as part of the strategic review of its offshore wind investment portfolio[304]. - The company cannot predict the ultimate outcome of regulatory proceedings affecting its transmission incentives[263]. Sales and Volume Trends - Total electric sales volumes decreased by 4.0% to 11,164 GWh for the three months ended June 30, 2023, compared to 11,635 GWh in 2022[282]. - Natural gas sales volumes decreased by 4.6% to 23,751 MMcf for the three months ended June 30, 2023, compared to 24,894 MMcf in 2022[282]. - Water sales volumes increased by 14.0% to 6,370 MG for the three months ended June 30, 2023, compared to 5,590 MG in 2022[282]. - Retail electric sales volumes decreased by 7.9% at CL&P, 2.9% at NSTAR Electric, and 3.7% at PSNH for the six months ended June 30, 2023[310]. Expenses and Cost Management - Total operating expenses decreased by $48.4 million to $2,068.6 million in Q2 2023, compared to $2,117.0 million in Q2 2022[280]. - Interest expense increased by $47.3 million to $207.4 million in Q2 2023 compared to $160.1 million in Q2 2022[280]. - Amortization expense decreased by $220.3 million in Q2 2023 and $507.0 million in the first half of 2023, driven by the November 2022 rate relief plan[299]. - Operations and Maintenance expenses showed a slight increase at CL&P of $0.8 million, while NSTAR Electric experienced a decrease of $1.1 million[323]. Risk Management - Eversource's regulated companies manage credit risk with counterparties in accordance with established practices and monitor contracting risks[358]. - Eversource's Energy Supply Risk Committee reviews and approves all large-scale energy-related transactions to mitigate market risk exposure[354].
Eversource(ES) - 2023 Q2 - Earnings Call Transcript
2023-08-01 17:34
Financial Data and Key Metrics Changes - The second quarter 2023 Electric Distribution earnings were $0.47 per share compared to $0.37 in the same quarter last year, primarily due to higher revenues from base distribution rate increases and lower O&M costs [53] - GAAP earnings were $0.04 per share in Q2 2023, down from $0.84 in Q2 2022, impacted by a $331 million after-tax impairment charge related to offshore wind investments [89][68] - Recurring earnings were $1 per share in Q2 2023 compared to $0.86 in Q2 2022, excluding the impairment charge [66] Business Line Data and Key Metrics Changes - The Electric Transmission segment earned $0.46 per share in Q2 2023, up from $0.44 per share in Q2 2022, driven by continued investments in the electric transmission system [79] - The Natural Gas Distribution segment earned $0.03 per share in Q2 2023, compared to $0.02 in the same quarter last year, due to higher revenues from capital tracking mechanisms [90] - The Water Distribution segment maintained earnings at $0.03 per share in Q2 2023, consistent with the previous year [67] Market Data and Key Metrics Changes - Supply rates for residential customers in Connecticut and Massachusetts decreased approximately 40% per kilowatt hour from January to July 2023, with New Hampshire customers seeing a similar decline effective August 1 [101] - The company expects an improvement in cash flows in 2023 compared to 2022, driven by the absence of one-time cash outflows and net proceeds from the sale of offshore wind investments [93] Company Strategy and Development Direction - The company is committed to a $21.5 billion five-year regulated capital program, reaffirming its long-term EPS growth rate in the upper half of the 5% to 7% range [69] - Eversource is focused on clean energy initiatives, having invested nearly $800 million in clean energy in 2022, including offshore wind and battery storage [48] - The company is advancing the sale of its offshore wind assets, with a focus on ensuring all agreements are in place before finalizing the transaction [92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in completing the offshore wind transaction soon, emphasizing the importance of wind energy in transitioning to a clean energy environment [75][99] - The company remains focused on engaging with policymakers to discuss long-term solutions for energy supply challenges, particularly in light of natural gas supply constraints [46][60] - Management highlighted the need for continued investments in clean energy technologies and infrastructure to support electrification and reduce reliance on natural gas [49][61] Other Important Information - The company has $1 billion remaining under its ATM program for equity issuance, which it plans to utilize opportunistically [94] - The impairment charge recognized in Q2 2023 was based on the sale price of uncommitted lease areas and expectations regarding tax credit qualifications [68] Q&A Session Summary Question: What are the next steps regarding the Sunrise Wind repricing? - Management indicated that the repricing process is underway and that they are confident in the outcome, with an estimated investment level of around $400 million related to this [15][32] Question: Can you elaborate on the deferred storm costs recovery in Connecticut? - Management explained that recovery of storm costs will occur during a general rate proceeding, with the earliest recovery expected by the end of 2025 [16][18] Question: What is the expected impact of the offshore wind sale on FFO to debt? - Management did not disclose specific figures but indicated that the transaction would improve the FFO to debt ratio significantly, with discussions planned with rating agencies [157][158] Question: How does the recent draft decision impact investment in Connecticut? - Management expressed concern over the draft decision's potential to discourage investment but remains committed to working with stakeholders to achieve a favorable outcome [139]
Eversource(ES) - 2023 Q1 - Earnings Call Transcript
2023-05-04 18:04
Financial Data and Key Metrics Changes - The company reported GAAP earnings of $1.41 per share for Q1 2023, an increase from $1.28 per share in Q1 2022, reflecting improved operational performance [30][11] - The full-year guidance for earnings per share is maintained at $4.25 to $4.43, with a reaffirmation of a long-term EPS growth rate in the upper half of the 5% to 7% range [12][30] Business Line Data and Key Metrics Changes - Electric distribution earnings were $0.47 per share in Q1 2023, compared to $0.45 in Q1 2022, driven by increased distribution revenues [31] - The electric transmission segment earned $0.45 per share in Q1 2023, up from $0.43 in Q1 2022, attributed to higher investment levels [31] - Natural gas distribution earnings increased to $0.49 per share in Q1 2023 from $0.47 in Q1 2022, primarily due to higher base distribution revenues [31] - Water distribution segment earnings decreased by $0.01 per share due to higher operations and maintenance costs [31] Market Data and Key Metrics Changes - The company noted a significant decline in natural gas prices, which is expected to reflect positively in customer bills [9] - Electric supply rates in New England are anticipated to decline significantly in July for customers on basic or default service in Connecticut and Massachusetts [9] Company Strategy and Development Direction - The company is advancing its offshore wind projects in partnership with Ørsted, with significant investments and job creation in Rhode Island and New York [8] - A strategic review of offshore wind investments is ongoing, with expectations for updates later in the quarter [28] - The company is focused on facilitating solar development in Massachusetts, aiming to add up to 1,000 megawatts of new solar energy capacity [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strategic review of offshore wind investments and the potential for a positive outcome for shareholders [39] - The company is actively engaging with state regulators and the governor regarding performance-based rate-making, emphasizing the importance of collaboration [41] - Concerns were raised about fuel supply for generators and the need to minimize risks to customers, especially in light of past supply issues [59] Other Important Information - The company has issued $750 million of parent company debt and retired $450 million of parent debt recently [14] - The timing of some offshore wind construction costs has been adjusted, lowering the 2023 capital projection by $500 million while extending costs into future periods [32] Q&A Session Summary Question: Can you provide more details on the sale process and pricing expectations? - Management indicated that the sale process is advanced, involving two parties, and expressed confidence in achieving good value for the projects [17][39] Question: How do you see the regulatory environment evolving in Connecticut? - Management confirmed they have a seat at the table in legislative discussions and are optimistic about reaching a workable resolution [41] Question: Will the offshore wind projects be sold as separate transactions? - Management confirmed that there will be two announcements for the leases and contracts, expected in the second quarter [51] Question: What are the expectations for the Aquarion hearing on May 15? - Management expressed hope for a favorable outcome, emphasizing their strong track record and relationships with state officials [71] Question: How does the company view future investment opportunities in offshore wind? - Management sees significant opportunities for investment in offshore wind transmission and is focused on regulated assets [57]
Eversource(ES) - 2023 Q1 - Quarterly Report
2023-05-04 16:00
Financial Performance - Eversource Energy reported a net income of $491.2 million, or $1.41 per share, for Q1 2023, compared to $443.4 million, or $1.28 per share, in Q1 2022, reflecting a year-over-year increase of 10.5% in net income[181]. - Eversource's operating revenues for Q1 2023 were $3,795.6 million, an increase of $324.3 million (9.3%) compared to Q1 2022[259]. - Net income attributable to common shareholders for Q1 2023 was $491.2 million, an increase of $47.8 million (10.8%) from $443.4 million in Q1 2022[259]. - Total operating expenses for Q1 2023 were $3,046.0 million, up by $237.8 million (8.5%) from $2,808.2 million in Q1 2022[259]. - Eversource paid cash dividends of $229.4 million in Q1 2023, an increase from $213.9 million in Q1 2022[203]. Cash Flow and Debt Management - Cash flows from operating activities were $69.2 million in Q1 2023, a significant decrease from $371.9 million in Q1 2022[181]. - The company issued $1.55 billion in new long-term debt while repaying $400 million of long-term debt in Q1 2023[181]. - Eversource's cash and cash equivalents decreased to $36.0 million as of March 31, 2023, down from $374.6 million as of December 31, 2022[192]. - The company expects future operating cash flows, along with existing borrowing capacity, to be sufficient to meet working capital and capital investment requirements[191]. - As of March 31, 2023, Eversource Parent's commercial paper borrowings outstanding were $1,048.0 million, with an available borrowing capacity of $952.0 million and a weighted-average interest rate of 5.22%[195]. Capital Expenditures - Eversource invested $977.1 million in property, plant, and equipment in Q1 2023, up from $764.6 million in Q1 2022, indicating a 28% increase in capital expenditures[181]. - Eversource's consolidated capital expenditures in Q1 2023 were $789.2 million, up from $685.6 million in Q1 2022, including $42.9 million for IT and facilities upgrades[211]. - Total electric transmission capital expenditures for Q1 2023 were $246.8 million, compared to $230.5 million in Q1 2022, with projects aimed at improving grid reliability and integrating renewable energy[212]. - Total distribution capital expenditures in Q1 2023 were $499.5 million, compared to $401.4 million in Q1 2022, reflecting investments in aging infrastructure and load growth[214]. - The company expects to incur approximately $235 million in additional capital expenditures for ongoing transmission upgrades in Massachusetts[213]. Segment Performance - The electric distribution segment's earnings increased by $24.6 million in Q1 2023, primarily due to higher revenues from a rate design change and a base distribution rate increase[183]. - The electric transmission segment's earnings rose by $6.6 million in Q1 2023, driven by a higher transmission rate base from ongoing infrastructure investments[184]. - The natural gas distribution segment's earnings increased by $6.3 million in Q1 2023, attributed to base distribution rate increases and lower operations and maintenance expenses[185]. - Eversource's electric distribution revenues for Q1 2023 were $202.3 million, while natural gas distribution revenues were $117.6 million[263]. - Electric distribution revenues increased by $28.9 million for the three months ended March 31, 2023, compared to the same period in 2022, primarily due to a rate design change and a base distribution rate increase[266]. Offshore Wind Investments - Eversource's total equity investment in its offshore wind business increased to $2.16 billion as of March 31, 2023, up from $1.95 billion at the end of 2022[220]. - Eversource expects to invest between $1.4 billion and $1.6 billion in its offshore wind business in 2023, with total investments projected between $2.1 billion and $2.4 billion from 2024 to 2026[233]. - The Revolution Wind project has a capacity of 400 MW with a fixed price contract at $98.43 per MWh for 20 years, while the Sunrise Wind project has a capacity of 924 MW at $110.37 per MWh for 25 years[222]. - Eversource is conducting a strategic review of its offshore wind investments, potentially leading to a sale of its 50% interest in the partnership with Ørsted, expected to conclude in Q2 2023[221]. - The expected in-service date for the South Fork Wind project is by the end of 2023, while Revolution Wind and Sunrise Wind are projected to be in service by 2025[232]. Regulatory and Market Conditions - Eversource anticipates a decrease in energy supply retail rates for the second half of 2023 compared to the first half, with new rates effective July 1, 2023, for CL&P and NSTAR Electric, and August 1, 2023, for PSNH[251]. - The estimated annual impact on Eversource's after-tax earnings from the potential elimination of the RTO ROE incentive is approximately $18 million[248]. - The federal permitting process for Revolution Wind and Sunrise Wind is expected to conclude with final approvals in Q4 2023[226]. - Eversource recorded a reserve of $39.1 million related to FERC ROE complaints as of March 31, 2023, reflecting the difference between billed rates and a 10.57% base ROE[237]. - A change of 10 basis points to the base ROE would impact Eversource's after-tax earnings by approximately $3 million for each of the four 15-month complaint periods[244]. Operational Metrics - Electric sales volumes decreased by 5.9% to 12,198 GWh in Q1 2023 compared to 12,965 GWh in Q1 2022[260]. - Firm natural gas sales volumes fell by 12.7% to 59,783 MMcf in Q1 2023 from 68,518 MMcf in Q1 2022[260]. - Retail electric sales volumes decreased by 8.8% for CL&P, 3.7% for NSTAR Electric, and 4.6% for PSNH for the three months ended March 31, 2023[286]. - Operations and Maintenance expense decreased by $17.8 million for the three months ended March 31, 2023, compared to the same period in 2022, due to reductions in various non-tracked costs[275]. - Interest expense increased by $44.6 million for the three months ended March 31, 2023, compared to the same period in 2022, primarily due to new debt issuances and increased interest on short-term notes payable[280].
Eversource(ES) - 2023 Q1 - Earnings Call Presentation
2023-05-04 08:44
2023 First Quarter Results EVERSOURCE ENERGY Q1 2023 RESULTS All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a financial measure that is not r ...
Eversource(ES) - 2022 Q4 - Earnings Call Transcript
2023-02-14 19:08
Financial Data and Key Metrics Changes - The company's GAAP earnings for 2022 were $4.05 per share, an increase from $3.54 per share in 2021, with fourth-quarter earnings at $0.92 per share compared to $0.89 per share in Q4 2021 [78][79] - Non-GAAP earnings for 2022 were $4.09 per share, up 6% from $3.86 in 2021, with Q4 non-GAAP earnings at $0.92 per share, slightly higher than $0.91 in Q4 2021 [79][80] - The company projects non-GAAP earnings for 2023 to be between $4.25 and $4.43 per share, compared to $4.09 in 2022 [82] Business Line Data and Key Metrics Changes - Electric transmission earned $1.72 per share in 2022, up from $1.58 in 2021, driven by continued investment in the transmission system [80] - Electric distribution segment earnings were $1.71 per share in 2022, compared to $1.61 in 2021, with higher revenues and lower pension expenses offset by increased O&M and depreciation costs [103] - The natural gas distribution segment earned $0.67 per share in 2022, an increase from $0.59 in 2021 [104] Market Data and Key Metrics Changes - The company noted a reduction in natural gas prices, which has started to lower bills for some customers, with New Hampshire electric customers seeing a rate decline [76] - The company expects lower power supply costs to be reflected in customer bills starting in July [76] Company Strategy and Development Direction - The company is committed to investing approximately $21.5 billion in regulated electric, natural gas, and water distribution businesses over the next five years to enhance service and meet decarbonization goals [84] - The strategic review of offshore wind investments is expected to conclude in the second quarter of 2023, with ongoing projects moving ahead [58][59] - The company aims to be a leading catalyst for clean energy development in the Northeast, with significant progress on various clean energy initiatives [59][97] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to deliver safe and reliable service while addressing climate change impacts [53] - The company anticipates that the introduction of renewables will improve the gas supply situation in the region [14] - Management acknowledged the uncertainty surrounding offshore wind investments but expects to resolve it in the coming months [57] Other Important Information - The company has committed to setting a science-based target for emissions reduction, enhancing its ESG profile [55] - The company plans to install a new customer information system over the next two years, with meter installations expected from 2025 to 2027 [61] Q&A Session Summary Question: Can you quantify the historical pension income for 2022 and expectations for 2023? - Management indicated that the headwind from lower pension income in 2023 compared to 2022 is about $0.04 per share [6] Question: What percentage increase in equity investments is embedded in the 2023 EPS outlook? - Management stated that there is not a sizable component of equity investments in the EPS outlook, but they may issue more if market conditions are favorable [17] Question: Can you provide clarity on the PBR proceeding in Connecticut? - Management noted that it is still early in the process and they are working with regulators to address concerns regarding the staff proposal [40] Question: What is the timeline for the strategic review of offshore wind investments? - Management expects the review to conclude in the second quarter of 2023, with significant interest from sophisticated buyers [141][142] Question: How does the company plan to manage financing if the offshore wind sale process is delayed? - Management emphasized the need to be mindful of energy supply costs and indicated that they have various options to manage potential delays [35]
Eversource(ES) - 2022 Q4 - Annual Report
2023-02-14 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Registrant; State of Incorporation; Address; Telephone Number; Commission File Number; and I.R.S. Employer Identification No. EVERSOURCE ENERGY (a ...