Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Eversource Energy — 2024 EEI Financial Conference
24 slides from Eversource Energy (d/b/a)'s conference presentation, November 2024
Slide 1: Eversource Energy 2024 EEI Financial Conference
EVERSOURCE ENERGY EVERSOURCE ENERGY 2024 EEI FINANCIAL CONFERENCE CUSTOMER COMMUNITY EMPLOYEE FINANCIAL CLEAN ENERGY RELIABILITY
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY 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 recognized under gen
Slide 3: Eversource Energy Overview
EVERSOURCE ENERGY EVERSOURCE ENERGY OVERVIEW (NYSE: ES) 2
Slide 4: Eversource - A Pure Play Regulated Utility & the Largest in New England
EVERSOURCE ENERGY Eversource - A Pure Play Regulated Utility & the Largest in the New England Region 4.4K 59K 4.4M TRANSMISSION DISTRIBUTION MILES CUSTOMERS MILES 18K Underground Lines 3.3M Electric, 900k Gas, 240k Water $59B ~$27B $24B TOTAL ASSETS CURRENT MARKET As of September 30, 2024 ESTIMATED
Slide 5: Executive Management Team
EVERSOURCE ENERGY Executive Management Team Joseph Nolan (Chairman, President & CEO) Penelope James Hunt John Moreira Greg Butler Conner (EVP Corp Paul Chodak Susan Sgroi (EVP, CFO & (EVP & General (EVP Customer Relations and (EVP & COO) (EVP HR & IT) Treasurer) Counsel) Experience & Sustainability
Slide 6: A Unique Investment Opportunity Driven by GHG Reduction – Increased Electrification
EVERSOURCE ENERGY A Unique Investment Opportunity Driven by GHG Reduction – Increased Electrification Regulated Investments driven by our Massachusetts Connecticut New states statutory requirements and Statutory Statutory Hampshire targets to reduce greenhouse gas Requirements Requirements Targets
Slide 7: Key Strategic Priorities
EVERSOURCE ENERGY Key Strategic Priorities Fully Regulated Business Completed the exit of the offshore wind business in Q3 2024, transitioning Eversource Model to a 100% regulated utility 5-Year Capital Executing on a robust capital plan increased to $23.7 billion from $23.1 billion through Plan 202
Slide 8: 5-Year Projected Capital Expenditures for Core Businesses
EVERSOURCE ENERGY 5-Year Projected Capital Expenditures for Core Businesses $23.1 Billion 2024-2028* $5,000 $4,647 $4,687 $4,697 $4,593 $4,601 $223 $202 $4,485 $4,500 $213 $225 $234 $162 $169 $218 $234 $239 $204 $251 $4,000 $3,786 * Including ESMP $3,541 $266 $1,044 $1,142 $1,089 $998 $1,087 $3,500
Slide 9: Proven Track Record of Earnings and Dividend Performance
EVERSOURCE ENERGY Proven Track Record of Earnings and Dividend Performance $4.52 $4.34 -$4.60 $4.09 $3.86 $3.64 $3.45 $3.11 $3.25 $2.81 $2.96 $2.65 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024E* 2025E 2026E 2027E 2028E * Reflects non-GAAP results, excludes nonrecurring cha
Slide 10: Clean Energy Transition
EVERSOURCE ENERGY Clean Energy Transition Electric Transmission Dept. Of Energy funding secured for Clean Energy Hub in Southeastern Connecticut Enable renewable resources to connect to the electric grid Electric Distribution Electric Distribution Sector Modernization Plan approved by Massachu
Slide 11: Massachusetts Leading the Way for Enhancing Distribution Resiliency and Enabling Electrification
EVERSOURCE ENERGY Massachusetts Leading the Way for Enhancing Distribution Resiliency and Enabling Electrification Actual and Forecast Capital Investment for Massachusetts Electric Transmission and Massachusetts Distribution System Distribution Clean Energy Investment ($2.2 Billion 2024 - 2028) $6,0
Slide 12: Key Massachusetts Carbon Reducing Priorities
EVERSOURCE ENERGY Key Massachusetts Carbon Reducing Priorities Electric Sector Advanced Meter Battery Project Modernization Plan Infrastructure Expansion of Cape Cod (ESMP) (AMI) Battery Energy Storage System Received DPU approval Project on track – meter August 2024 installation to begin in 2
Slide 13: Greater Cambridge Energy Program – A Unique Solution for Load Demand & Reliability
EVERSOURCE ENERGY Greater Cambridge Energy Program – A Unique Solution for Load Demand & Reliability Received approval from the Massachusetts Energy Facilities Siting Board Addresses load growth for the greater Cambridge area Supports the decarbonization and electrification goals of Massachuse
Slide 14: Regulatory Progress
EVERSOURCE ENERGY Regulatory Progress Massachusetts 5-Year Electric Sector Modernization Plan – Approved by MA DPU on August 29, 2024 EGMA Rate Base Reset for Rates Effective November 1, 2024 – Approved October 31, 2024 NSTAR Gas PBR adjustment for Rates Effective November 1, 2024 – Approved O
Slide 15: Financial Overview
EVERSOURCE ENERGY FINANCIAL OVERVIEW 14
Slide 16: Third Quarter and Nine Months 2024 Financial Results
EVERSOURCE ENERGY Third Quarter and Nine Months 2024 Financial Results 3Q 2024 3Q 2023 Change 9M 2024 9M 2023 Change Electric Transmission $0.49 $0.46 $0.03 $1.52 $1.36 $0.16 Electric Distribution 0.57 0.50 0.07 1.47 1.44 0.03 Natural Gas Distribution (0.09) (0.10) 0.01 0.53 0.42 0.11 Water Distribu
Slide 17: FFO to Debt Enhancement Strategy
EVERSOURCE ENERGY FFO to Debt Enhancement Strategy FFO TO DEBT WALK MAJOR DRIVERS Highlighted Cash Flow 2024-2025 Enhancements through 2025 FFO/Debt 2023 Under Recoveries 14%-15%~$600 + 3% to 4% 14% to 15% at S&P South Fork Wind Tax Equity Investment $500 Incremental Storm Cost Recovery $200 + ~2% (
Slide 18: 2024 & 2025 Parent Debt and Equity Issuances and Maturities
EVERSOURCE ENERGY 2024 & 2025 Parent Debt and Equity Issuances and Maturities 2024 Debt Issuances 2024 Equity Issuances Company Size/Coupon Maturity Parent $350M @ 5.00% Jan 1, 2027 Parent $650M @ 5.50% Jan 1, 2034 New Shares Parent $700M @ 5.85% Apr 15, 2031 An additional 15.7M shares were issued
Slide 19: We Plan to Update 5-Year Regulated Cap Ex Plan Through 2029
EVERSOURCE ENERGY We Plan to Update 5-Year Regulated Cap Ex Plan Through 2029 During Year-End 2024 Earnings Call Provide annual updates for electric and gas distribution investments - Reliability, basic business/ safety, and peak load/ capacity/ substation projects are primary drivers of spend - Add
Slide 20: ESG Overview
EVERSOURCE ENERGY ESG OVERVIEW 19
Slide 21: Eversource is an Industry Leader in Environmental, Social, and Governance
EVERSOURCE ENERGY Eversource is an Industry Leader in Environmental, Social, and Governance ENVIRONMENTAL SOCIAL GOVERNANCE HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Reducing GHG Emissions Actions That Care for People Board Governance, From Our Operations and In and Engage Stakeholders Environmental and Soci
Slide 22: Eversource's Strong Sustainability Profile Continues to Attract ESG, Infrastructure Investors
EVERSOURCE ENERGY Eversource’s Strong Sustainability Profile Continues to Attract ESG, Infrastructure Investors Strong performance among leading Number of ESG & Infrastructure Funds Holding ES Shares ESG raters 400 Nation-leading energy efficiency programs 300 95 88 No ownership of fossil-fuel
Slide 23: Eversource Recognized as a Leading Energy Company
EVERSOURCE ENERGY Eversource Recognized as a Leading Energy Company Recognized as a “5 Year Champion” of Included in the CNBC/Just Capital list of JUST 100 Corporate Responsibility by Newsweek Companies, a ranking of most responsible publicly traded companies for the fifth consecutive year Ranked as
Slide 24: Investor Relations Team
EVERSOURCE ENERGY Investor Relations Team Rima Hyder - Vice President, IR Matthew Fallon - Director, IR Melissa Cameron - Program Manager, IR CONTACT US AT: investorrelations@eversource.com 23