Eversource Energy

Eversource Energy is a public utility holding company that delivers electricity, natural gas, and water to approximately 4.3 million customers across Connecticut, Massachusetts, and New Hampshire through wholly-owned regulated utility subsidiaries, generating $13.55 billion in GAAP operating revenue in fiscal 2025. The company is the product of the 1966 merger that created Northeast Utilities and the 2012 combination with NSTAR, rebranded as Eversource in 2015. It operates the largest energy delivery franchise in New England.

This is a story about a utility that stumbled badly outside its circle of competence and is now trying to convince the market it has returned to the steady, predictable business it was always supposed to be. Between 2019 and 2024, Eversource lost roughly $2.5 billion after-tax on an offshore wind venture that was meant to diversify earnings but instead became a multi-year distraction. Having sold the wind assets and completed the Aquarion Water sale in June 2026 — netting $1.7 billion in proceeds to pay down parent debt — the company is now positioned as a pure-play regulated pipes-and-wires utility with a $26.5 billion five-year capital plan.

The question that matters is whether the regulatory compact in New England will support the returns that plan requires. Eversource trades at roughly 15 times trailing earnings and carries $30 billion in debt against a $27 billion equity market capitalization — a balance sheet that works if regulators are constructive and unravels if they are not. The file that follows examines that tension across every dimension of the business.