Eversource(ES)2025-02-14 19:26Customer Base and Service Areas - Eversource Energy's electric distribution segment serves approximately 1.30 million customers in Connecticut as of December 31, 2024[35]. - NSTAR Electric's distribution business serves approximately 1.58 million customers in Massachusetts as of December 31, 2024[46]. - NSTAR Gas distributed natural gas to approximately 315,000 customers, EGMA to about 332,000 customers, and Yankee Gas to around 254,000 customers in their respective service areas[75]. - Aquarion provides water services to approximately 248,000 customers across 73 towns and cities in Connecticut, Massachusetts, and New Hampshire[91]. - Approximately 91% of Aquarion's customers were based in Connecticut as of December 31, 2024[91]. Regulatory Environment - Eversource is subject to regulation by the Federal Energy Regulatory Commission (FERC) and various state regulatory bodies, impacting its operational and financial strategies[31]. - Aquarion's water utilities are regulated by PURA, DPU, and NHPUC, which oversee rates and service standards[92]. - NSTAR Electric's basic service rates are reset every six months, with costs reconciled annually, impacting approximately 26% of residential and 14% of small commercial customers[53]. - NSTAR Gas distribution rates were established in an October 2020 DPU-approved rate case, effective November 1, 2020, with a 10-year PBR plan through November 1, 2030[80]. - EGMA's distribution rates were established in a DPU-approved October 2020 rate settlement agreement, with rate base resets occurring on November 1, 2024, and November 1, 2027[81]. Financial Performance and Rate Structures - CL&P's retail rates include a supply component, local delivery component, and public benefits charges, with costs adjusted periodically and reconciled annually[38]. - CL&P supplied approximately 45% of its customer load at standard service rates while 55% migrated to competitive energy suppliers in 2024[44]. - NSTAR Electric achieved results at or above target for all service quality metrics in 2024, avoiding a potential SQ charge of up to 2.5% of annual revenues[52]. - PSNH's distribution rates were established in a 2020 NHPUC-approved rate case, with step increases reflecting plant additions in 2019, 2020, and 2021[61]. - PSNH filed for a temporary annual base distribution rate increase effective August 1, 2024, and a permanent rate increase proposed for August 1, 2025[62]. Renewable Energy and Sustainability Initiatives - Eversource aims to achieve carbon neutrality by 2030, with a 30% reduction in Scope 1 and 2 emissions from 2018 to 2023[119]. - Connecticut's Renewable Portfolio Standards (RPS) obligation for 2024 is set at 37.0%, increasing to 48.0% by 2030[104]. - Massachusetts' RPS and Clean Energy Standard requirements for 2024 are 62.3%, reaching 63.1% in 2025[105]. - New Hampshire's RPS obligation for 2024 is 24.3%, with a target of 25.2% in 2025[106]. - Eversource's Electric Sector Modernization Plan (ESMP) was approved in 2024, detailing steps for clean energy integration and resiliency initiatives[113]. Infrastructure and Technology - Eversource's electric distribution segments include electric distribution, electric transmission, natural gas distribution, and water distribution, representing substantially all of its total consolidated revenues[32]. - The estimated transmission rate base at the end of 2024 was approximately 4.4 billion attributed to NSTAR Electric[68]. - Eversource has implemented a grid modernization plan to enhance electric distribution infrastructure and improve resiliency[116]. - Eversource is exploring alternative technologies like networked geothermal for heating and cooling to reduce carbon intensity[116]. Employee and Safety Metrics - As of December 31, 2024, Eversource Energy employed a total of 10,680 employees, with 48% being members of various labor unions[124]. - Eversource's DART safety performance was 0.76 in 2024, indicating days away, restricted or transferred per 100 workers[125]. - The company emphasizes merit-based hiring practices and employee engagement to foster a diverse and skilled workforce[126]. - Eversource's Board of Trustees oversees human capital management and employee engagement activities, receiving regular updates on progress[128]. Environmental and Risk Management - As of December 31, 2024, the recorded liability for environmental remediation costs is $128.0 million, covering 65 sites[109]. - Eversource's Enterprise Risk Management (ERM) program identifies and mitigates principal risks, integrating with compliance, auditing, and insurance functions[460]. - Eversource's investments in energy efficiency solutions and electric vehicle infrastructure aim to minimize climate-related impacts for customers[120]. - The company actively supports local, state, and federal emission reduction goals to address climate change while improving shareholder value[120]. Business Operations and Investments - Eversource is in the process of selling its Aquarion water distribution business, which serves customers in Connecticut, Massachusetts, and New Hampshire[34]. - Eversource's current offshore wind business consists of a noncontrolling tax equity investment in South Fork Wind after selling its interests in Revolution Wind and South Fork Wind projects in Q3 2024[33]. - NSTAR Electric operates 70 MW of solar power facilities, selling energy into the ISO-NE market, with proceeds credited to customers[47]. - NSTAR Electric does not own generation assets, purchasing energy supply from competitive sources, with contracts for basic service established twice per year[53].