Eversource(US:ES)2026-02-17 19:10Revenue and Sales Performance - Eversource's total retail tariff sales revenues increased to $4,155.4 million in 2025, up by $332.7 million from $3,822.7 million in 2024, representing an 8.7% growth[44] - The supply revenue component decreased by $44.1 million to $1,050.0 million in 2025, accounting for 25% of total revenues, while local delivery revenue increased by $70.6 million to $1,425.1 million, representing 34% of total revenues[44] - Public benefits revenue surged by $249.8 million to $959.3 million in 2025, making up 23% of total revenues, compared to 19% in 2024[44] Customer Base and Service Areas - Eversource's electric distribution segment serves approximately 1.32 million customers in Connecticut as of December 31, 2025[35] - NSTAR Electric served approximately 1.62 million customers across 159 cities and towns in Massachusetts as of December 31, 2025[50] - PSNH furnished retail franchise electric service to approximately 549,000 customers in New Hampshire as of December 31, 2025[59] Rate Structures and Adjustments - CL&P's distribution rates are frozen until at least January 1, 2024, following a settlement agreement with PURA, which does not apply to other rate mechanisms[44] - NSTAR Electric's retail rates include a supply component and a delivery component, with the supply charge based on competitive procurements and reset every six months[54] - PSNH's distribution rates were established in a July 2025 NHPUC-approved rate case, with rates effective August 1, 2025[65] Regulatory and Compliance Issues - Eversource is subject to various regulatory risks, including changes in laws and regulations that may impact compliance costs and strategic initiatives[27] - NSTAR Gas and EGMA's rates are subject to regulation by the DPU, while Yankee Gas is regulated by the PURA, covering aspects like rates and service standards[84] - The DPU has mandated that LDCs submit climate compliance plans every five years starting April 1, 2025, to align with Massachusetts' 2050 climate goals[90] Environmental and Sustainability Initiatives - Eversource aims for a 45% reduction in Scope 1 and 2 emissions by 2035 and net zero emissions by 2050, focusing on absolute emissions reductions rather than carbon offsets[124] - From 2018 to 2024, Eversource achieved nearly a 30% reduction in Scope 1 and 2 emissions through initiatives like improved energy efficiency and replacing leak-prone natural gas pipes[125] - The company is exploring alternative technologies such as networked geothermal for heating and cooling to reduce carbon intensity[125] Financial and Risk Management - Eversource's Enterprise Risk Management (ERM) program identifies and mitigates principal risks, integrating with compliance, auditing, and insurance functions[489] - All of Eversource's long-term debt was at a fixed interest rate as of December 31, 2025, significantly reducing interest rate risk[490] - If unsecured debt ratings fall below investment grade, Eversource's contracts would require additional collateral in the form of cash or letters of credit[493] Operational Performance and Metrics - NSTAR Electric's service quality metrics showed that the company achieved results at or above target for all metrics in 2025, avoiding any SQ charge[56] - Eversource's safety performance metric, Days Away Restricted Time (DART), increased from 0.76 in 2024 to 0.87 in 2025, indicating a need for continued focus on safety improvements[133] - NSTAR Gas incurred approximately $1.6 million in service quality charges for failing to meet performance metrics in 2025, recorded as a regulatory liability[91] Employee and Workforce Information - As of December 31, 2025, Eversource employed 10,731 employees, with approximately 49% being union members covered by collective bargaining agreements[132] - The company is committed to fostering a safe and healthy work environment, offering competitive compensation and comprehensive benefits to attract and retain talent[142]