Eversource(ES)

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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 ...
Eversource(ES) - 2022 Q4 - Earnings Call Presentation
2023-02-14 14:14
EVERSOURCE ENERGY YEAR END 2022 RESULTS February 14, 2023 Safe Harbor Statement 1 Agenda Clean Energy Initiatives 2 3 Chairman, President & Chief Executive Officer A Look Back at The Year Delivered exceptional service and reliability for our customers through an active storm year Regulatory Received approval for first MA DER proposal Continued advancement with our three offshore wind projects Progress made on networked geothermal pilot in Framingham, MA EVERSOURCE ENERGY YEAR END 2022 RESULTS 2022 Year-End ...
Eversource(ES) - 2022 Q2 - Earnings Call Transcript
2022-07-29 19:58
Financial Data and Key Metrics Changes - Eversource Energy reported GAAP earnings of $0.84 per share for Q2 2022, an increase from $0.77 in Q2 2021, and $2.13 per share for the first half of 2022 compared to $1.83 in the same period of 2021 [25][27] - Excluding acquisition-related costs, earnings were $0.86 per share in Q2 2022 versus $0.79 in Q2 2021 [26] - The company narrowed its non-GAAP earnings guidance for the full year to $4.04 to $4.14 per share from a previous range of $4.00 to $4.17 [33] Business Segment Performance - The electric transmission segment earned $0.44 per share in Q2 2022, up from $0.40 in Q2 2021, driven by higher investment levels [28] - The electric distribution segment reported earnings of $0.37 per share in Q2 2022, compared to $0.35 in Q2 2021, attributed to higher revenues and lower pension costs [29] - The natural gas distribution segment saw earnings rise to $2.00 per share in Q2 2022 from $0.01 in Q2 2021, mainly due to increased revenues [30] - The water distribution segment maintained earnings at $0.03 per share, consistent with Q2 2021 [31] Market Data and Key Metrics Changes - The demand for offshore wind generation is increasing, with Rhode Island enacting legislation for an additional 600 to 1,000 megawatts of offshore wind [19] - New York issued a much larger offshore wind RFP for approximately 4,600 megawatts, indicating strong market interest [20] Company Strategy and Industry Competition - Eversource is focused on offshore wind investments and has initiated a strategic review for its 50% interest in a joint venture, expecting a robust sales process [15][16] - The company reaffirmed its $18 billion five-year regulated capital program, including $3.9 billion projected for this year [37] - Eversource is not interested in expanding its natural gas footprint but sees opportunities in the fragmented water business [59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive impact of the Inflation Reduction Act on renewable energy projects, particularly offshore wind [62] - The company anticipates clarity on its offshore wind sale process by the end of 2022, with expectations for a successful outcome [63] Other Important Information - Eversource has fully transitioned its gas business systems to its platform, with positive feedback from customers and employees [34][36] - The company is actively working on regulatory reviews and expects decisions on rate cases by the end of 2022 [46] Q&A Session Summary Question: Can you provide an update on the offshore wind sale process? - Management reported 12 additional interested parties and noted a healthy atmosphere for wind investments, indicating no concerns about construction risk [57] Question: How does the company view inorganic growth opportunities outside New England? - The focus remains on wind investments, with interest in acquiring municipal water systems due to their fragmented nature [59] Question: What is the expected impact of the Inflation Reduction Act on Eversource? - Management is optimistic about the Act's provisions for renewable energy tax credits, which could enhance project value [62] Question: How does the company plan to use proceeds from the offshore wind sale? - Proceeds will primarily be used for debt paydown and to fund regulated investments needed for infrastructure upgrades [64][74] Question: What is the outlook for the Massachusetts climate legislation? - Management expects favorable action from the Governor, indicating a positive outlook for the legislation [95]
Eversource(ES) - 2022 Q1 - Quarterly Report
2022-05-05 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 March 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 ENER ...