Eversource Energy

Eversource Energy is the largest regulated utility in New England, delivering electricity to 3.5 million customers, natural gas to 897,000, and water to 249,000 across Connecticut, Massachusetts, and New Hampshire through twelve wholly-owned regulated subsidiaries. The company generated $13.55 billion in operating revenue and $1.69 billion in GAAP net income in fiscal 2025, and carries a $26.5 billion five-year capital investment plan — one of the largest in the sector relative to its rate base.

This is a story about a utility completing a multi-year de-risking while simultaneously executing one of the most capital-intensive infrastructure buildouts in the industry. Eversource spent 2023 and 2024 exiting the offshore wind business, taking nearly $2.5 billion in after-tax charges to sever its exposure to construction risk on Revolution Wind, South Fork Wind, and Sunrise Wind. What remains is a pure-play regulated wires-and-pipes franchise whose earnings power is overwhelmingly a function of three things: the pace at which capital enters rate base, the regulatory compact that determines what that capital earns, and the balance-sheet capacity to fund it all without leaning too hard on equity markets.

The file turns on a single question: whether the regulatory mechanisms across three states — and now a contested FERC transmission ROE — can support the returns the company needs to deliver on its 5-to-7 percent long-term earnings growth target without either diluting equity holders or testing the patience of credit rating agencies.