Eversource(US:ES)2023-02-14 16:00Customer Base and Service Areas - Eversource Energy serves approximately 1.28 million customers in Connecticut, covering an area of about 4,400 square miles[43]. - NSTAR Electric provides retail electric service to approximately 1.47 million customers in Massachusetts, covering an area of about 3,200 square miles[53]. - As of December 31, 2022, PSNH provided retail electric service to approximately 535,000 customers across 211 cities and towns in New Hampshire, covering an area of about 5,630 square miles[62]. Electric Distribution and Revenue - Eversource Energy's electric distribution segment includes CL&P, NSTAR Electric, and PSNH, which are the primary sources of its consolidated revenues[40]. - Eversource Energy's segments include electric distribution, electric transmission, natural gas distribution, and water distribution, representing substantially all of its total consolidated revenues[40]. - The total approved revenue requirement increase for PSNH was $8.9 million, effective November 1, 2022, following a third step adjustment approved by the NHPUC[67]. Service Quality and Rates - NSTAR Electric achieved results at or above target for all service quality metrics in 2022, avoiding any SQ charge[59]. - NSTAR Electric's distribution rates were established in a November 2022 DPU-approved rate case, effective January 1, 2023[58]. - CL&P's current base distribution rates are frozen until at least January 1, 2024, as per a settlement agreement approved by PURA[50]. Renewable Energy and Environmental Initiatives - Eversource has recorded a liability of $122.6 million for environmental remediation costs as of December 31, 2022, covering 59 sites[115]. - The company aims to achieve carbon neutrality by 2030 and has committed to setting a science-based target within two years[124]. - Eversource's renewable energy investments are aligned with regional emission reduction goals, contributing to both environmental sustainability and shareholder value[125]. Workforce and Diversity - As of December 31, 2022, Eversource Energy employed a total of 9,626 employees, with 1,444 at CL&P, 1,648 at NSTAR Electric, and 796 at PSNH[129]. - Approximately 50% of Eversource employees are covered by collective bargaining agreements[129]. - In 2022, 61.6% of Eversource's external hires were women and/or people of color, and 45.1% of new hires and promotions into leadership roles were women and/or people of color[132]. Financial and Risk Management - As of December 31, 2022, approximately 98% of Eversource's long-term debt was at a fixed interest rate, with a potential increase in annual interest expense of $3.5 million if variable interest rates rose by one percentage point[424]. - Eversource's regulated companies held collateral of $32 million from counterparties related to standard service contracts as of December 31, 2022[426]. - The Enterprise Risk Management (ERM) program identifies and mitigates principal risks, integrating with compliance, auditing, and insurance functions[423]. Community Engagement - Eversource engages in community support through donations and volunteer hours from employees[138]. - The company develops strategic workforce plans annually to ensure the acquisition and retention of diverse talent[136]. Offshore Wind Projects - Eversource has a 50% ownership interest in offshore wind projects developed in partnership with Ørsted[41]. - Eversource's offshore wind projects could develop at least 4,000 MW of clean, renewable offshore wind energy across two ocean lease sites[103]. - The Revolution Wind project has a capacity of 704 MW, South Fork Wind is 130 MW, and Sunrise Wind is 924 MW, with completion dates subject to federal permitting and construction schedules[104]. - Eversource is exploring strategic alternatives that could result in a potential sale of all or part of its 50% interest in the offshore wind partnership with Ørsted[104].