Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Q2 2023 Earnings Presentation
17 slides from Eversource Energy (d/b/a)'s earnings presentation, Aug 1, 2023
Slide 1: 2023 Second Quarter Results
EVERSOURCE ENERGY Q2 2023 RESULTS 2023 Second Quarter Results August 1, 2023
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY Q2 2023 RESULTS 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 that are not reco
Slide 3: Agenda
EVERSOURCE ENERGY Q2 2023 RESULTS Agenda Customer Focus Areas and Clean Joe Nolan Energy Initiatives Chairman, President & CEO 2022 Sustainability and DE&I Reports Published Offshore Wind Update John Moreira Q2 2023 Financial Results EVP, CFO & Treasurer Offshore Wind Impairment Financin
Slide 4: Providing Safe and Reliable Electric, Gas, and Clean Water Delivery to Customers
EVERSOURCE ENERGY Q2 2023 RESULTS Providing Safe and Reliable Electric, Gas, and Clean Water Delivery to Customers Electric Delivery Gas Delivery Clean Water Delivery Electric Service Electric Service Months Between Interruptions Electric Reliability Average Duration of Interruption (Minutes) Energy
Slide 5: Responding to Current Energy Supply Price Challenges
EVERSOURCE ENERGY Q2 2023 RESULTS Responding to Current Energy Supply Price Challenges Supply pressures have moderated, but market pressures remain Eversource customer focused programs and investment Energy Efficiency Default Service Rates for Residential Customers, 1H 2023 versus 2H 2023 30 25 20 E
Slide 6: Eversource 2022 Sustainability and Diversity, Equity and Inclusion Reports
EVERSOURCE ENERGY Q2 2023 RESULTS Eversource 2022 Sustainability and Diversity, Equity and Inclusion Reports 2022 Sustainability Report Highlights our progress to advance environmental, social and governance (ESG) performance Working to develop specific, measurable, near-term GHG reduction targe
Slide 7: Massachusetts Has Constructive Regulatory Frameworks in Place to Enable the Clean Energy Transition
EVERSOURCE ENERGY Q2 2023 RESULTS Massachusetts Has Constructive Regulatory Frameworks in Place to Enable the Clean Energy Transition MA Clean Energy Investments (2023-2027) Clean Energy Over $2 Billion Clean Energy Investment Plan Regulatory Support Mechanisms Advanced Metering Infrastructure Solar
Slide 8: Offshore Wind Update
EVERSOURCE ENERGY Q2 2023 RESULTS Offshore Wind Update South Fork Wind (130 MW) construction continues to advance towards a late 2023 in- service date Construction of onshore substation and transmission cable is complete Installation of offshore substation and subsea transmission cable recentl
Slide 9: Offshore Wind Project Updates
EVERSOURCE ENERGY Q2 2023 RESULTS Offshore Wind Project Updates Assumptions May 2023 Aug 2023 Costs Locked in for Three Projects ~92% ~93% Offshore Investment at Quarter End $2.16B $2.08B(1) Expected Spending in 2023 $1.4B - $1.6B $1.4B - $1.6B South Fork Wind In Service Late 2023 Late 2023 (Under C
Slide 10: Second Quarter and First Half 2023 Financial Results
EVERSOURCE ENERGY Q2 2023 RESULTS Second Quarter and First Half 2023 Financial Results 2Q 2023 2Q 2022 Change 1H 2023 1H 2022 Change Electric Transmission $0.46 $0.44 $0.02 $0.90 $0.87 $0.03 Electric Distribution 0.47 0.37 0.10 0.95 0.78 0.17 Natural Gas Distribution 0.03 0.02 0.01 0.52 0.49 0.03 Wa
Slide 11: Eversource Offshore Wind Financial Update
EVERSOURCE ENERGY Q2 2023 RESULTS Eversource Offshore Wind Financial Update The sale of 50 percent interest in uncommitted lease area of 175,000 developable acres off the south coast of Massachusetts to Ørsted for $625 million in an all-cash transaction o On July 27, received approval from the Com
Slide 12: Well Performing Core Businesses Drive EPS CAGR Solidly into Upper Half of 5-7% Through 2027
EVERSOURCE ENERGY Q2 2023 RESULTS Well Performing Core Businesses Drive EPS CAGR Solidly into Upper Half of 5 – 7% Through 2027 $4.25- $4.09 $4.43 $3.86 $3.64 $3.45 $3.11 $3.25 $2.81 $2.96 $2.53 $2.65 $2.28 2012A* 2013A* 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023E* 2024E 2025E
Slide 13: Key Drivers to Enhance Funds from Operations to Debt
EVERSOURCE ENERGY Q2 2023 RESULTS Key Drivers to Enhance Funds from Operations to Debt 2023+ ATM equity issuances/lower debt OSW proceeds/lower debt Lower tax obligation/refunds Recent and planned distribution rate increases Collection of deferrals Lower storm costs 2022 one-time regulatory credits
Slide 14: 2023 Parent Debt and Equity Issuances and Maturities
EVERSOURCE ENERGY Q2 2023 RESULTS 2023 Parent Debt and Equity Issuances and Maturities 2023 Debt Issuances through July 2023 Equity Issuances through July Company Size/Coupon Maturity New Shares Parent $750M @ 5.45% Mar 1, 2028 $1.2 billion At-The-Market Program issued Parent $550M @ 5.45% Mar 1,
Slide 15: Appendix
EVERSOURCE ENERGY Q2 2023 RESULTS APPENDIX 14
Slide 16: Projected Capital Expenditures For Core Businesses
EVERSOURCE ENERGY Q2 2023 RESULTS Projected Capital Expenditures For Core Businesses $21.5 Billion 2023-2027 $5,000 $4,463 $4,373 $4,434 $4,500 $4,304 $215 $219 $170 $213 $244 $3,945 $4,000 $3,786 $203 $218 $194 $3,541 $208 $266 $235 $3,500 $1,035 $239 $155 $1,038 $1,146 $1,115 $3,064 $144 $ In Mill
Slide 17: Impact of 2023 NSTAR Electric Rate Design Change on Quarterly EPS
EVERSOURCE ENERGY Q2 2023 RESULTS Impact of 2023 NSTAR Electric Rate Design Change on Quarterly EPS Distribution 2022 Non- Assuming Rate 2022 Pro Forma % of Total GAAP Design Change Non-GAAP Results if EPS Results by Effective Rate Design Change Quarter 1/1/2022 Had Been Effective 1/1/2022 Q1 $1.30
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