Slide 1: 2022 Third Quarter Results
EVERSOURCE ENERGY Q3 2022 RESULTS November 3, 2022 2022 Third Quarter Results Exhibit 99.3
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY Q3 2022 RESULTS 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 l
Slide 3: Agenda
EVERSOURCE ENERGY Q3 2022 RESULTS Agenda 2 Joe Nolan President & CEO ▪ Business Update ▪ Winter Energy Pricing ▪ Offshore Wind Update ▪ Q3 2022 Financial Results ▪ Regulatory Update ▪ Financing Activity Update John Moreira CFO & Treasurer
Slide 4: Offshore Wind Update
EVERSOURCE ENERGY Q3 2022 RESULTS ▪ South Fork Wind construction continues to progress – Construction of conduit system in town roads and along the Long Island Railroad is ahead of schedule and nearly complete – Construction of the marine portion of the project will begin this month with the sea to
Slide 5: Overview of Offshore Wind Procurement by State
EVERSOURCE ENERGY Q3 2022 RESULTS 4 Overview of Offshore Wind Procurement by State (In MWs) OSW Target Awarded Remaining Authority Massachusetts 5,600 3,209 2,391 Rhode Island 1,438 438 1,000 Connecticut 2,304 1,108 1,196 New York 9,000 4,362 4,638 Total 18,342 9,117 9,225 ▪ New York and Rhode Islan
Slide 6: Third Quarter and Nine Months 2022 Financial Results
EVERSOURCE ENERGY Q3 2022 RESULTS 5 3Q 2022 3Q 2021 3Q Change 9M 2022 9M 2021 9M Change $0.44 $0.40 $0.04 $1.32 $1.20 $0.12 0.65 0.62 0.03 1.43 1.31 0.12 (0.07) (0.06) (0.01) 0.42 0.37 0.05 0.05 0.05 0.00 0.09 0.09 0.00 (0.06) 0.01 (0.07) (0.09) (0.02) (0.07) 1.01 1.02 (0.01) 3.17 2.95 0.22 (0.01) (
Slide 7: Well Performing Core Businesses Expected to Drive EPS CAGR to Upper Half of 5-7% Through 2026
EVERSOURCE ENERGY Q3 2022 RESULTS 6 Well Performing Core Businesses Expected to Drive EPS CAGR to Upper Half of 5 – 7% Through 2026 $2.28 $2.53 $2.65 $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.04 - $4.14 2012A* 2013A* 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022E* 2023E 2024E 2025E 20
Slide 8: Proposed Capital Investments Needed to Unlock Renewable Distributed Energy Resources in Massachusetts
EVERSOURCE ENERGY Q3 2022 RESULTS 7 Proposed Capital Investments Needed to Unlock Renewable Distributed Energy Resources (DER) in Massachusetts ▪ Interconnection upgrades needed to deliver additional clean energy into our system – Current proposal would enable up to 1 GW of solar ▪ Proposal establis
Slide 9: DER – Area Map of Six Solar Cluster Proposals
EVERSOURCE ENERGY Q3 2022 RESULTS DER – Area Map of Six Solar Cluster Proposals Plymouth Cape Marion/ Fairhaven Dartmouth/ Westport Freetown I - 90 CT MA Plainfield - Blandford I - 91 8
Slide 10: DER Projects – Expected Investment Amounts
EVERSOURCE ENERGY Q3 2022 RESULTS 9 DER Projects – Expected Investment Amounts Investment ($ in Millions) Transmission Investment Distribution Investment Total Investment $902 (1) (1) Approximately 50% of the distribution cost (no transmission) would be reimbursed over time by the developers, based
Slide 11: Rate Review Summary
EVERSOURCE ENERGY Q3 2022 RESULTS Rate Review Summary NSTAR Electric ▪ Expected decision date of December 1, 2022 ▪ Rates effective on January 1, 2023 ▪ Revenue deficiency of $93M ▪ Requested return on equity of 10.5% ▪ Requested capital structure of 53.21% common equity Aquarion Connecticut ▪ Rate
Slide 12: Equity Issuance Update
EVERSOURCE ENERGY Q3 2022 RESULTS 11 Equity Issuance Update New Shares ▪ $1.2 billion At - The - Market Program has issued 2.17M shares at a weighted average price of $92.31 through October with proceeds of approximately $200 million Treasury Shares ▪ Dividend reinvestment, employee equity programs
Slide 13: Appendix
EVERSOURCE ENERGY Q3 2022 RESULTS APPENDIX 12
Slide 14: Inflation Reduction Act Impact on Offshore Wind Review
EVERSOURCE ENERGY Q3 2022 RESULTS Inflation Reduction Act Impact on Offshore Wind Review ▪ Tax credits extended to 2032 ▪ Additional 10% if qualified for domestic content ▪ More seamless transferability of tax benefits to 3 rd parties 13 Impact on Regulated Businesses ▪ Lower cost for customers rela
Slide 15: Offshore Wind Updates
EVERSOURCE ENERGY Q3 2022 RESULTS 14 Assumptions July 2022 October 2022 Costs Locked in for Three Projects 82% 82% Offshore Investment to Date $1.5B $1.8B Expected Spending in 2022 $900M - $1B $900M - $1B Expected Spending 2023 - 2026 $3B - $3.6B $3B - $3.6B Expected Long - Term Average ROE 11 - 13%
Slide 16: Projected Capital Expenditures For Core Businesses
EVERSOURCE ENERGY Q3 2022 RESULTS Projected Capital Expenditures For Core Businesses $1,030 $964 $1,115 $1,118 $979 $861 $834 $808 $1,221 $1,189 $1,244 $1,450 $1,469 $1,391 $1,372 $1,338 $453 $545 $799 $921 $849 $926 $895 $938 $110 $127 $144 $154 $163 $176 $190 $206 $239 $239 $239 $254 $224 $208 $20
Slide 17: AMI Implementation Under Active Review by MA and CT Regulators
EVERSOURCE ENERGY Q3 2022 RESULTS 16 AMI Implementation Under Active Review by MA and CT Regulators AMI - MA Briefing period ended June 27, 2022 Decision expected Q4 2022 AMI - CT Briefing period ended April 29, 2022 Additional written comments filed on July 20, 2022 Decision expected by either year