Here are 1-3 brief analogies for Eversource Energy (ES):

• It's like the Con Edison of New England, but also delivering natural gas and water services.
• Think of it as the company that acts like Pacific Gas & Electric (PG&E) for Connecticut, Massachusetts, and New Hampshire, ensuring electricity, natural gas, and water delivery.

• Electric Distribution: Delivering electricity to residential, commercial, and industrial customers.
• Electric Transmission: Transmitting high-voltage electricity across regions.
• Natural Gas Distribution: Providing natural gas service to various customer types.
• Water Distribution: Supplying water services to residential and commercial customers.
• Solar Power Facilities: Operating facilities for the generation of solar energy.

Eversource Energy (ES) primarily sells its services directly to end-users rather than to other companies. The major categories of customers it serves include:

• Residential customers
• Commercial customers
• Industrial customers

• Kinder Morgan, Inc. (KMI)
• Enbridge Inc. (ENB)
• TC Energy Corporation (TRP)

Joseph R. Nolan, Jr., Chairman, President and Chief Executive Officer

Joseph R. Nolan, Jr. was appointed Chairman, President, and Chief Executive Officer of Eversource Energy in May 2021. He joined Eversource in 1985 and has held various leadership positions within the company, including Executive Vice President-Strategy, Customer and Corporate Relations, and Executive Vice President-Customer and Corporate Relations. His career began running a customer service center for the former Boston Edison Co. Mr. Nolan has been instrumental in securing support for company policies from state legislatures and federal entities, and managed communications for electric restructuring and the sale of generating plants. He also directed Eversource's brand change strategy in 2015. Under his leadership, Eversource has made strategic decisions to exit offshore wind investments in 2024 and plans to sell its Aquarion Water Co. subsidiary in 2025. He holds a Bachelor of Arts degree in Communications and a Master of Business Administration degree from Boston College.

John M. Moreira, CPA, Executive Vice President, Chief Financial Officer and Treasurer

John M. Moreira was named Executive Vice President, Chief Financial Officer, and Treasurer of Eversource Energy in May 2022. He has a tenure of 22 years with Eversource and its predecessor companies. Prior to his current role, he served as Senior Vice President - Finance and Regulatory and Treasurer, and Vice President Financial Planning and Analysis. Mr. Moreira's responsibilities encompass all accounting, treasury, strategic financial planning, investor relations, pension plan investments, enterprise risk management, insurance programs, state and federal rate activities, supply chain, and real estate operations. He previously served as Director of Investor Relations and Financial Reporting for Nstar. Mr. Moreira is a Certified Public Accountant (CPA) and earned a Bachelor of Science in Accounting from the University of Massachusetts Dartmouth and an MBA from Curry College.

Gregory B. Butler, Executive Vice President & General Counsel

Gregory B. Butler serves as Executive Vice President and General Counsel for Eversource Energy. He holds a bachelor's degree in history from the State University of New York at Stony Brook and a Doctor of Jurisprudence degree from the Albany Law School of Union University. He is admitted to practice law in New York and before the United States Court of Appeals for the 9th Circuit.

Paul Chodak III, Executive Vice President & Chief Operating Officer

Paul Chodak III joined Eversource Energy as Executive Vice President & Chief Operating Officer in November 2023. In this role, he is responsible for overseeing the operational execution of the utility business.

Penni McLean-Conner, Executive Vice President Customer Experience and Energy Strategy

Penni McLean-Conner is the Executive Vice President of Customer Experience and Energy Strategy at Eversource Energy. She holds a bachelor's degree in industrial engineering from North Carolina State University and is a registered Professional Engineer.

The key risks to Eversource Energy (ES) primarily revolve around its heavily regulated operating environment, its financial health and debt, and the execution of its strategic initiatives.

1. Restrictive Regulatory Environment and Challenges: Eversource Energy operates within a highly regulated industry across Connecticut, Massachusetts, and New Hampshire, meaning its operations and profitability are significantly influenced by regulatory decisions. Unfavorable regulatory outcomes can impact rate increases, allowed returns on equity, and the ability to recover costs. For example, the denial of the sale of its Aquarion water utility in Connecticut prompted a sell-off of shares and is expected to slow its ability to reduce debt and potentially hinder growth. Regulatory challenges in Connecticut are particularly highlighted as a potential headwind, creating uncertainty for investors and possibly limiting the company's capacity to invest in infrastructure. Multi-state oversight also introduces variability in rate case outcomes and cost recovery.
2. Financial Health and Debt Levels: The company's financial health is under scrutiny due to high debt levels. The current interest rate environment poses meaningful pressure on its valuation, as its earnings yield has historically traded at a spread to the 10-year U.S. Treasury yield. Concerns about credit rating pressure and potential equity dilution are also noted as significant near-term risks. Analysts have highlighted that the denial of the Aquarion sale hampers the company's efforts to streamline operations and reduce debt, with its financial strength rated as poor due to these high debt levels.
3. Execution Risk and Legacy Offshore Wind Impacts: While Eversource is refocusing on its core utility businesses, it faces execution risks related to efficiently managing its substantial capital expenditure plans. Past "missteps" include significant losses from its exit from the offshore wind business. In the fourth quarter of 2023, the company reported a massive loss of $1.288 billion and a full-year 2023 loss of $442 million, primarily due to an impairment charge of $1.77 billion from selling off its offshore wind business. Although Eversource has largely exited this segment, the variability in the costs and final investment returns of the Revolution Wind and South Fork Wind projects (no longer owned by Eversource) and the inability to monetize associated tax credits could still adversely affect its financial position.

The transition away from natural gas as a primary energy source for heating and cooking, driven by climate change mitigation policies and the increasing viability of electric alternatives like heat pumps, poses an emerging threat to Eversource Energy's Natural Gas Distribution segment.

• Significant Capital Investments in Regulated Infrastructure: Eversource Energy plans to invest substantially in its electric transmission and distribution (T&D) and natural gas distribution systems. The company has unveiled a $26.5 billion 5-year capital investment plan for 2026-2030, an increase of $2.3 billion from its prior plan. These investments are focused on T&D upgrades, grid modernization, system resiliency, and clean-energy interconnections across its service territories in Connecticut, Massachusetts, and New Hampshire. These regulated investments will drive growth in the company's rate base, leading to increased revenue.
• Growth in Regulated Rate Base: The substantial capital expenditures are projected to significantly expand Eversource's regulated rate base. The company anticipates its rate base to grow from $30.6 billion in 2024 to $49.3 billion by 2030, representing an 8.3% compound annual growth rate. This expansion allows Eversource to earn a regulated return on its infrastructure investments, which is a fundamental driver of revenue for utility companies.
• Constructive Regulatory Outcomes and Rate Adjustments: Eversource's revenue is primarily derived from service rates approved by state regulatory commissions. The company's strategy includes actively pursuing constructive engagement with regulators to secure favorable rate outcomes and settlements. Management expects to focus on "additional rate increases" and "constructive cost recovery for incremental distribution investments" beyond 2025, which are critical for covering costs and generating returns on their capital investments.
• Enabling Regional Electrification and Clean Energy Transition: Eversource has adopted a "decarbonization-led model" focusing on enabling regional electrification under state climate mandates. Key initiatives contributing to revenue growth include driving offshore wind interconnections, modernizing the grid, and investing in electric vehicle (EV) infrastructure and gas system upgrades across New England. Transmission is anticipated to be the fastest-growing segment, partly due to accelerated offshore wind interconnections.
• Addressing Electrification Load Growth and Enhanced Reliability: The company's elevated annual capital expenditures of approximately $4.5–$5.5 billion in 2024–2025 are designed to meet increasing "electrification load growth" and address renewable interconnection backlogs. Furthermore, investments in grid modernization filings, such as advanced metering and distribution automation, and reliability investments in New Hampshire, aim to improve service and support increased customer demand, contributing to sustained revenue.

Share Issuance

• Eversource Energy anticipates raising between $800 million and $1.1 billion in equity during the 2026-2030 period, not including annual equity issuances for dividend reinvestment and employee compensation programs.
• The number of shares outstanding increased by 3.77% to 0.371 billion in 2025 from 2024, and by 2.27% to 0.358 billion in 2024 from 2023.

Outbound Investments

• In September 2024, Eversource completed the sale of its 50% interest in the South Fork Wind and Revolution Wind offshore wind projects to Global Infrastructure Partners (GIP) for adjusted gross proceeds of $745 million, resulting in an expected net loss of $520 million for the third quarter of 2024.
• In 2023, Eversource sold its 50% stake in an uncommitted offshore wind lease area in Massachusetts to Ørsted for $625 million.
• Eversource exited its 50% partnership with European utility Ørsted to develop 2 gigawatts of offshore wind projects in the Northeast US in 2024, shifting focus to its pure-play regulated utility business.

Capital Expenditures

• Eversource has announced a $26.5 billion five-year capital investment plan for 2026-2030, which represents a $2.3 billion increase over its previous plan.
• The primary focus of these capital expenditures is on enhancing electric and natural gas distribution infrastructure to ensure safety and reliability, support load growth, and advance clean energy objectives.
• The 2026-2030 capital plan allocates over $11 billion to electric distribution, nearly $7 billion to natural gas distribution, and over $7 billion to transmission.