Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Eversource Energy — Q2 2020 Earnings Presentation
16 slides from Eversource Energy (d/b/a)'s earnings presentation, Jul 31, 2020
Slide 1: 2020 Second Quarter Results
2020 Second Quarter Results July 31, 2020
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 liabil
Slide 3: Second Quarter and First Half 2020 EPS Results
Second Quarter and First Half 2020 EPS Results 2Q 2020 2Q 2019 2Q Change 1H 2020 1H 2019 1H Change Electric Distribution $0.34 $0.33 $0.01 $0.73 $0.71 $0.02 Electric Transmission Ex. NPT 0.39 0.37 0.02 0.76 0.74 0.02 Impairment (Non-GAAP) Natural Gas Distribution 0.01 0.00 0.01 0.26 0.23 0.03 Water
Slide 4: 2020 Guidance, Long-Term Growth Rate Intact
2020 Guidance, Long-Term Growth Rate Intact EPS Range $3.60 - $3.70 Long-Term Growth 5%-7% Key 2020 Earnings Drivers • Distribution rate increases • Transmission rate base growth • Growth in distribution capital tracking programs • Higher depreciation and property taxes • Higher interest expense • H
Slide 5: 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 our 8,300 employees, moving to remote working, hygienically sanitizing facilities and fleet, promoting social distancing In March, approximately 4,000 employees normally wor
Slide 6: Current Rate Cases
Current Rate Cases PSNH NSTAR Gas • PSNH filed a general rate case to raise annual • On 11/8/19, NSTAR Gas filed a rate request base distribution rates by approximately seeking a $38 million base rate adjustment, $70 million on a permanent basis, effective effective 10/1/20 7/1/20, including an incr
Slide 7: Key Elements of Eversource's Grid Mod Filing in CT This Week
Key Elements of Eversource’s Grid Mod Filing in CT This Week AMI • Recommend a full rollout to all CL&P customers by the end of 2024 • Significant economic, environmental and operational benefits for the state, 1.25 million CL&P customers • $500 million capital investment from 2021-2025 with most sp
Slide 8: Eversource to Acquire MA Natural Gas Assets of NiSource
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 Equity sold in June No assumption of debt Expected to be accretive over first 12 months and incrementally accretive over following year
Slide 9: Key Elements of Settlement
Key Elements of Settlement Joint settlement with MA AG, DOER, NiSource and low-income network Eight-year rate plan Day One rate base of approximately $1 billion Authorized ROE: 9.7% Authorized equity in capital structure of 53.25% General rate increases of $13 million on 11/1/21 and $10
Slide 10: Expected Timeline For Eversource-Ørsted Projects
Expected Timeline For Eversource-Ørsted Projects South Fork Wind Revolution Wind Sunrise Wind Size 130 MW 704 MW 880 MW Price as of first ~ $160.33/MWH for 90 MW $98.43/MWH for RI (no escalator) $110.37/MWH day of commercial ~ $86.25/MWH for 40 MW CT pricing not disclosed (no escalator) operation (a
Slide 11: Appendix
a = = A eveersourcee ENERGY APPENDIX
Slide 12: Eversource Has Completed Several Equity and Debt Financings This Year
Eversource Has Completed Several Equity and Debt Financings This Year ES sold 6 million shares in June for Columbia Gas financing – Debt component to be financed later this year. NSTAR Electric sold $400M of 10-year “Green Bonds” in March ES closed on the remaining nearly $420M of its June 201
Slide 13: 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 YTD Total Shareholder June 30, 2019 3-Year* 5-Year* 10-Year* Return 2020 Eversource (0.7)% 34.4% 68.7% 85.8% 356.7% EEI 40-Company (12.1)% 25.8% 45.7% 64.4% 214.0% Index S&P 500 (3.1)% 31.5% 53.2% 73
Slide 14: Projected Capital Expenditures For Core Businesses
Projected Capital Expenditures For Core Businesses $14.2 Billion 2020-2024 $3,500 $3,053 $3,071 $3,000 $220 $2,834 $2,817 $2,830 $239 $2,763 $124 $2,706 $185 $110 $169 $165 $171 $171 $2,472 $102 $127 $134 $2,500 $470 $147 $153 $152 $453 $ In Millions $14 $404 $498 $501 $335 $507 $537 $2,000 $1,221 $
Slide 15: Progress on Major Transmission Reliability Projects
Progress on Major Transmission Reliability Projects Eastern MA Transmission Projects Hartford-Area Transmission Projects • 22 projects in service; 5 under construction; 1 expected to enter construction in Q2 2021 • 26 of 27 projects now in service • Approval of remaining 1 project received in Q4 • O
Slide 16: Key Facts About Columbia Gas of MA
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% (settlement authorizes 9.7%) Average annual net income 2016-2017 $32 million (non-GAAP) Average annual cap ex 2016-2017 $124 million Owned L