Eversource Energy Dossier
Qualitative Analysis
Business overview
Eversource Energy (NYSE: ES) is a public utility holding company engaged in the energy delivery business through its wholly-owned regulated utility subsidiaries. The company operates through four primary reportable segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution. Eversource delivers electricity, natural gas, and water services to approximately 4.6 million customers across Connecticut, Massachusetts, and New Hampshire. Its key operating subsidiaries include electric utilities such as The Connecticut Light and Power Company (CL&P), NSTAR Electric, and Public Service Company of New Hampshire (PSNH); natural gas utilities including Yankee Gas, NSTAR Gas, and Eversource Gas Company of Massachusetts (EGMA); and its water utility subsidiary, Aquarion Water Company.
Research as of 29 Jul 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Eversource is executing a strategic shift to exit non-core, high-risk businesses and re-center its portfolio entirely on regulated electric transmission, electric distribution, and natural gas distribution infrastructure. This strategy is designed to eliminate development risk, reduce earnings volatility, and focus capital on assets with clear regulatory cost recovery.
Expected impact: Strengthens the balance sheet, improves cash flow, and supports a stable long-term EPS growth target of 5% to 7% through 2030.
Eversource is significantly expanding its capital deployment toward electric and natural gas distribution networks. Key focus areas include replacing aging infrastructure to enhance system resilience, building new substations to address rising load demand (including electrification and AI data centers), and deploying advanced metering infrastructure (AMI).
Expected impact: Supports regional clean energy integration, improves reliability, and drives rate-base growth of approximately 8% annually.
Eversource has fully divested its offshore wind generation joint ventures (including South Fork Wind, Revolution Wind, and Sunrise Wind) to Ørsted and Global Infrastructure Partners (GIP). While exiting wind farm ownership, Eversource continues to leverage its transmission expertise to build and operate the onshore substation and transmission facilities required to connect these offshore projects to the New England grid.
Expected impact: Eliminates construction and operational risks associated with offshore wind generation while retaining low-risk regulated transmission growth opportunities.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Eversource completed the sale of its 50% ownership stakes in the South Fork Wind and Revolution Wind projects to GIP. This transaction allowed Eversource to fully exit offshore wind generation ownership, realizing adjusted gross proceeds of $745 million at closing, while retaining certain cost-sharing obligations for the construction of Revolution Wind.
Terms: Adjusted gross proceeds of $745 million at closing (reduced from the initial estimate of $1.12 billion due to project delays and construction cost adjustments).
Eversource completed the sale of its 50% interest in the uncommitted offshore wind lease area off Massachusetts and its 50% stake in the 924-megawatt Sunrise Wind project to its joint venture partner, Ørsted. This enabled a clean exit from offshore wind development commitments.
Terms: Sold the uncommitted lease area for $625 million in cash in September 2023; completed the Sunrise Wind sale on July 9, 2024.