Eversource Energy

Eversource Energy (NYSE: ES) is a New England public-utility holding company that delivers electricity and natural gas to roughly 4.4 million customers through regulated subsidiaries in Connecticut, Massachusetts and New Hampshire, and reported $13.55 billion of operating revenues in 2025.

The company that files today is considerably narrower than the one that entered the decade. Across 2023 to 2025 Eversource absorbed about $2.55 billion of after-tax losses on offshore-wind projects it has since exited, and on 30 June 2026 it completed the sale of Aquarion, its water business, at an enterprise value of roughly $2.4 billion. What remains is a pure-play electric and gas delivery utility — "pipes and wires," in management's phrase — carrying a $26.51 billion capital plan for 2026 through 2030 and a stated ambition to grow earnings 5% to 7% a year.

The file turns on one question: whether a utility that has just removed its two largest self-inflicted risks can convert a record construction program into per-share earnings fast enough to carry its balance sheet, in a region whose regulators have shown a willingness to trim what the company asks for. Almost everything else — the FERC transmission-return case, the Connecticut rate filing, the pace of New England load growth — is a way of settling that question.