Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Q4 2024 Earnings Presentation
25 slides from Eversource Energy (d/b/a)'s earnings presentation, Feb 12, 2025
Slide 1: Eversource Energy Year End 2024 Earnings Report
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT February 12, 2025
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT 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 discussion includes financial measures tha
Slide 3: Agenda
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Business Update 2024 Key Accomplishments Financial & Operational Excellence The Future of Eversource Agenda Joe Nolan Chairman, President & CEO Financial Update Aquarion Water Sale 2024 Financial Results Regulatory Update Earnings Guidanc
Slide 4: Business Update
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT FEBRUARY 12, 2025 Business Joe Nolan Update Chairman, President & Chief Executive Officer
Slide 5: 2024 Accomplishments
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT 2024 Accomplishments HIGHLIGHTS Closed 2024 with 5.3% recurring EPS growth Maintained top decile performance for reliability Ranked as the #1 U.S. utility in TIME’s Advanced Clean Energy initiatives in MA – ESMP, Geothermal pilot, World’s Best EV
Slide 6: Enabling a Diverse Energy Future for Our Customers
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Enabling a Diverse Energy Future for Our Customers Electrification plans result in New England electric demand more than doubling by 2050 New England winter peak electric demand is expected to more than triple by 2050 New England electric demand
Slide 7: Financial Excellence
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Financial Excellence Recurring EPS Dividends Per Share $4.67-$4.82 $4.57 $4.34 $3.01 $2.86 $4.09 $2.70 $2.55 2022 2023 2024 2025 2022 2023 2024 2025 Estimate* Estimate * Recurring EPS estimate represents Eversource’s EPS guidance for the full year 2025
Slide 8: Operational Excellence
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Operational Excellence ELECTRIC RELIABILITY SAFETY GAS RESPONSE Average months between interruptions 21.2 Injury rate per 100 employees 0.8 On-time emergency 98.1% (MBI) (DART) response System average interruption duration 63.5 (SAIDI) Top Decile Among
Slide 9: Our Key Strategic Priorities for 2025
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Our Key Strategic Priorities for 2025 Fully Regulated Focus on being a 100% regulated utility making investments in line with state Business Model policies keeping in mind customer reliability and affordability 5-Year Capital Commence capital investing
Slide 10: Financial Update
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT FEBRUARY 12, 2025 Financial John Moreira Update Executive Vice President, Chief Financial Officer & Treasurer
Slide 11: Aquarion Water Company Sale
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Aquarion Water Company Sale Definitive agreement executed with Aquarion Water Authority on January 27, 2025 Aggregate enterprise value of the sale is approximately $2.4 billion, ~1.7x 2024 rate base or 35x 2025 earnings – Cash of ~$1.6 billion Comp
Slide 12: 2024 vs. 2023 Financial Results
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT 2024 vs. 2023 Financial Results Full Year Full Year 4Q 2024 4Q 2023 Change Change 2024 2023 Electric Transmission $0.50 $0.47 $0.03 $2.03 $1.84 $0.19 Electric Distribution 0.30 0.30 0.00 1.77 1.74 0.03 Natural Gas Distribution 0.28 0.22 0.06 0.81 0.64
Slide 13: Regulatory Progress
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Regulatory Progress Massachusetts EGMA Rate Base Reset for rates effective November 1, 2024 – Approved November 7, 2024 NSTAR Gas PBR adjustment for rates effective November 1, 2024 – Approved October 30, 2024 NSTAR Electric PBR adjustment for ra
Slide 14: $1.9 Billion Increase in 2025-2028 Core Business Investments
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT $1.9 Billion Increase in 2025-2028 Core Business Investments Primarily in Transmission $2,000 ~$1.9 Billion $27 $1,800 Feb 2024 Plan* Feb 2025 Plan* $304 $1,600 5% 5% $1,400 26% 28% $1,200 $601 24% 25% $ in Millions $1,000 $800 $600 $923 44% 43% $400 $
Slide 15: 2025-2029 Projected Capital Expenditures for Core Businesses
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT 2025 – 2029 Projected Capital Expenditures for Core Businesses* $24.2 Billion 2025-2029 $5,500 $5,009 $4,912 $5,000 $4,645 $4,721 $222 $222 $4,776 $4,754 Potential for incremental $4,593 $4,500 $213 $260 $256 $225 $227 investments during this $162 $163
Slide 16: Rate Base Growth Driven by Regulated Businesses
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Rate Base Growth Driven by Regulated Businesses $41.9 billion* 23% * Rate base estimates exclude certain CWIP balances which $26.4 billion* totaled approximately $2.2 billion at 20% 43% the end of 2023 and are expected to increase to approximately $3.3
Slide 17: Key 2025 Earnings Drivers
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Key 2025 Earnings Drivers Transmission capital investments Base rate changes in MA and NH Capital recovery mechanisms 2025 EPS Lower operations and maintenance expenses Guidance: $4.67 - $4.82 Higher depreciation and property taxes Higher i
Slide 18: Cash Flow Enhancement Drivers
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Cash Flow Enhancement Drivers $ in millions 2024 & 2025 Beyond 2025 2023 Under Recoveries ~$600 Rate Increases South Fork Wind Tax Equity Investment $500 Incremental Storm Cost Recovery $200 Constructive Cost Recovery for Incremental Distribu
Slide 19: Proven Track Record of Earnings and Dividend Performance
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Proven Track Record of Earnings and Dividend Performance $4.67 $4.57 -$4.82 $4.34 $4.09 $3.86 $3.45 $3.64 $3.11 $3.25 $2.81 $2.96 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025E 2026E 2027E 2028E 2029E * Reflects non-GAAP resul
Slide 20: Appendix
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT APPENDIX 19
Slide 21: Projected Transmission Capital Expenditures
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Projected Transmission Capital Expenditures Other concepts under development $1,600 $1,406 $1,392 $1,363 $1,334 $1,400 $1,328 $1,312 $354 $260 $204 $198 $1,200 $347 $376 $ in Millions $1,000 $800 $635 $611 $502 $675 $861 $854 $600 $400 $450 $441 $497 $
Slide 22: Transmission Rate Base Growth Projections
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Transmission Rate Base Growth Projections $16,000 $14,443 $13,716 $14,000 $13,038 $12,249 $3,017 $12,000 $2,931 $11,411 $2,757 $10,771 $2,538 $10,000 $2,262 $2,018 $ in Millions $8,000 $6,337 $5,258 $5,693 $4,984 $4,363 $4,627 $6,000 $4,000 $4,522 $4,7
Slide 23: Prior 2024-2028 Capital Expenditure Plan
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Prior 2024 – 2028 Capital Expenditure Plan (revised for exclusion of water business)* ~$22.1 Billion 2024-2028 $5,000 $4,478 $4,397 $4,469 $4,463 $4,500 $225 $223 $202 $4,234 $234 $239 $4,000 $1,044 $1,089 $1,087 $1,142 $3,500 $1,079 $3,000 $ In Millio
Slide 24: 2024 & 2025 Parent Debt and Equity Issuances and Maturities
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT 2024 & 2025 Parent Debt and Equity Issuances and Maturities 2024 Debt Issuances Equity Issuances Company Size/Coupon Maturity Parent $350M @ 5.00% Jan 1, 2027 New Shares Parent $650M @ 5.50% Jan 1, 2034 $1.2 billion of equity, the majority of which,
Slide 25: Eversource - A Pure Play Regulated Utility & the Largest in New England
EVERSOURCE ENERGY YEAR END 2024 EARNINGS REPORT Eversource - A Pure Play Regulated Utility & the Largest in the New England Region 4.5K 60K 4.6M TRANSMISSION DISTRIBUTION MILES CUSTOMERS MILES 19K Underground Lines 3.4M Electric, 901k Gas, 248k Water $60B ~$30B $21B TOTAL ASSETS CURRENT MARKET As of
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