Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Eversource Energy — Q1 2020 Earnings Presentation
14 slides from Eversource Energy (d/b/a)'s earnings presentation, May 6, 2020
Slide 1: 2020 First Quarter Results
2020 First Quarter Results EVERSSURCE ENERGY
Slide 2: Safe Harbor Statement
Safe Harbor Statement 1 All per - share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and li
Slide 3: Eversource Executing Its Business Plan and Serving 4 Million Customers During COVID-19 Crisis
Eversource Executing Its Business Plan and Serving 4 Million Customers During COVID - 19 Crisis ▪ Extensive efforts to protect employees, moving to remote working, hygienically cleaning facilities and fleet, promoting social distancing ▪ Essential field work continues with states exempting utility w
Slide 4: Eversource's Total Shareholder Return Has Outperformed Significantly in Both the Short and Long Term
Eversource’s Total Shareholder Return Has Outperformed Significantly in Both the Short and Long Term 3 Total Shareholder Return YTD April 30, 2020 2019 3 - Year* 5 - Year* 10 - Year* Eversource - 4.6% 34.4% 68.7% 85.8% 356.7% EEI 40 - Company Index - 11.2% 25.8% 45.7% 64.4% 214.0% S&P 500 - 9.3% 31.
Slide 5: Current Rate Cases
4 Current Rate Cases • PSNH filed a general rate case to raise annual base distribution rates by approximately $70 million on a permanent basis, effective 7/1/20, including an increase sought on a temporary basis • On 6/27/19, after settlement with Staff, the NHPUC allowed PSNH to raise annual distr
Slide 6: Eversource to Acquire MA Natural Gas Assets of NiSource
5 Eversource to Acquire MA Natural Gas Assets of NiSource ▪ $1.1 billion in cash (~1x rate base) ▪ Financing to be consistent with existing ES capital structure ▪ No assumption of debt ▪ Expected to be accretive over first 12 months and incrementally accretive over following years ▪ DPU key approval
Slide 7: Eversource Has Completed Several Financings This Year
Eversource Has Completed Several Financings This Year ▪ ES parent sold $350M of 30 - year notes in January ▪ NSTAR Electric sold $400M of 10 - year “Green Bonds” in March ▪ ES closed on the remaining nearly $420M of its June 2019 forward sale arrangement in March ▪ NSTAR Gas closes today on $190M of
Slide 8: Q1 2020 vs. Q1 2019 Financial Results
Q1 2020 Q1 2019 Change $0.39 $0.38 $0.01 0.38 0.37 0.01 0.25 0.24 0.01 0.01 0.00 0.01 (0.01) (0.02) 0.01 $1.02 $0.97 $0.05 (0.01) 0.00 (0.01) $1.01 $0.97 $0.04 Natural Gas Distribution Electric Transmission Electric Distribution Water Distribution Reported EPS (GAAP) 7 Q1 2020 vs. Q1 2019 Financial
Slide 9: 2020 Guidance, Long-Term Growth Rate Intact
2020 Guidance, Long - Term Growth Rate Intact Key 2020 Earnings Drivers EPS Range $3.60 - $3.70 • Distribution rate increases • Transmission rate base growth • Growth in distribution capital tracking programs • Higher depreciation and property taxes • Higher interest expense • Higher share count 8 L
Slide 10: Offshore Wind Projects: South Fork, Revolution, Sunrise
South Fork Wind Revolution Wind Sunrise Wind Size 130 MW 704 MW 880 MW Price as of first day of commercial operation ~ $160.33/MWH for 90 MW ~ $86.25/MWH for 40 MW (avg. annual escalator: 2%) $98.43/MWH for RI (no escalator) CT pricing not disclosed $110.37/MWH (no escalator) Status of Contracts Neg
Slide 11: Appendix
= | a everrseunce ENERGY APPENDIX 10
Slide 12: Projected Capital Expenditures For Core Businesses
11 $889 $994 $1,030 $910 $832 $855 $711 $668 $1,082 $1,145 $1,221 $1,347 $1,208 $1,162 $1,170 $1,234 $335 $404 $453 $470 $498 $501 $507 $537 $14 $102 $110 $124 $127 $134 $147 $153 $152 $185 $239 $220 $169 $165 $171 $171 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2017A 2018A 2019A 2020E 2021E
Slide 13: Progress on Major Transmission Reliability Projects
12 • New 13 - mile project between Portsmouth and Madbury , NH • Construction began in May 2019 • Projected completion: Q2 2020 • Total projected investment: $125 million • Investment through March 31, 2020: $103.7 million Seacoast Reliability Project • 25 of 27 projects now in service • Two project
Slide 14: Key Facts About Columbia Gas of MA
13 Key Facts About Columbia Gas of MA Number of customers ~330,000 Communities served 65 (~20 served by NSTAR Electric) Allowed ROE in most recent rate case 9.55% Average net income 2016 - 2017 $32 million (non - GAAP) Average cap ex 2016 - 2017 $124 million Owned LNG storage 1.83 bcf Customer growt