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 30, 2020
Slide 1: 2020 Second Quarter Results
2020 Second Quarter Results July 31, 2020
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: Second Quarter and First Half 2020 EPS Results
2 2Q 2020 2Q 2019 2Q Change 1H 2020 1H 2019 1H Change $0.34 $0.33 $0.01 $0.73 $0.71 $0.02 0.39 0.37 0.02 0.76 0.74 0.02 0.01 0.00 0.01 0.26 0.23 0.03 0.03 0.02 0.01 0.04 0.03 0.01 (0.01) 0.02 (0.03) (0.02) 0.00 (0.02) 0.76 0.74 0.02 1.77 1.71 0.06 0.00 (0.64) 0.64 0.00 (0.64) 0.64 (0.01) 0.00 (0.01)
Slide 4: 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 3 L
Slide 5: Eversource Executing Its Business Plan 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 w
Slide 6: Current Rate Cases
5 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 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
Slide 8: Eversource to Acquire MA Natural Gas Assets of NiSource
7 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 ye
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
Slide 10: Expected Timeline For Eversource-Ørsted Projects
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
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 2
Slide 13: Eversource's Total Shareholder Return Has Outperformed in Short and Long Term
Eversource’s Total Shareholder Return Has Outperformed Significantly in Both the Short and Long Term 12 Total Shareholder Return YTD June 30, 2020 2019 3 - Year* 5 - Year* 10 - Year* Eversource (0.7)% 34.4% 68.7% 85.8% 356.7% EEI 40 - Company Index (12.1)% 25.8% 45.7% 64.4% 214.0% S&P 500 (3.1)% 31.
Slide 14: Projected Capital Expenditures For Core Businesses
13 $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 15: Progress on Major Transmission Reliability Projects
14 • New 13 - mile project between Portsmouth and Madbury , NH • Completed: May 2020 • Total investment: $123 million Seacoast Reliability Project • 26 of 27 projects now in service • One project under construction • Projected completion: Q4 2020 • Total projected investment: $350 million • Investme
Slide 16: Key Facts About Columbia Gas of MA
15 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 millio