Slide 1: 2022 First Quarter Results
EVERSOURCE ENERGY Q1 2022 RESULTS 2022 First Quarter Results May 5, 2022
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY Q1 2022 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 and EPS of each business do not represent a direct legal
Slide 3: Agenda
EVERSOURCE ENERGY Q1 2022 RESULTS Agenda Joe Nolan Massachusetts Future of Gas Update President & CEO Offshore Wind Update Phil Lembo Q1 2022 Financial Results Senior Strategic Advisor & Outgoing CFO 2022 – 2026 Guidance & Outlook John Moreira Executive Vice-President, Incoming CFO Regulat
Slide 4: Massachusetts Future of Gas Proceeding – Highlights
EVERSOURCE ENERGY Q1 2022 RESULTS Massachusetts Future of Gas Proceeding – Highlights Proposed a portfolio of initiatives to help Portfolio of Initiatives: achieve the state’s net-zero greenhouse Reduce energy demand gas by 2050 emission goal, while still – Through energy efficiency programs and
Slide 5: Eversource Commencing Strategic Review of Offshore Wind Joint Venture
EVERSOURCE ENERGY Q1 2022 RESULTS Eversource Commencing Strategic Review of Offshore Wind Joint Venture Eversource-Ørsted 50-50 joint venture owns three projects plus open offshore wind lease area – South Fork Wind, Revolution Wind and Sunrise Wind with a total capacity of 1,758 MW – Up to 175,000
Slide 6: South Fork Wind Construction Under Way
EVERSOURCE ENERGY Q1 2022 RESULTS South Fork Wind Construction Under Way 5
Slide 7: Offshore Wind Updates
EVERSOURCE ENERGY Q1 2022 RESULTS Offshore Wind Updates Assumptions Feb 2022 May 2022 Costs Locked in for Three Projects 80% 80% Offshore Investment to Date $1.2B $1.3B Expected Spending in 2022 $900M - $1B $900M - $1B Expected Spending 2023 - 2026 $3B - $3.6B $3B - $3.6B Expected Long-Term Average
Slide 8: Q1 2022 vs. Q1 2021 Financial Results
EVERSOURCE ENERGY Q1 2022 RESULTS Q1 2022 vs. Q1 2021 Financial Results 1Q 2022 1Q 2021 Change Electric Transmission $0.43 $0.39 $0.04 Electric Distribution 0.41 0.34 0.07 (Non-GAAP) Natural Gas Distribution 0.47 0.43 0.04 Water Distribution 0.01 0.01 0.00 Parent & Other (Non- (0.02) (0.02) 0.00 GAA
Slide 9: Well Performing Core Businesses Drive EPS CAGR to Upper Half of 5 – 7% Through 2026
EVERSOURCE ENERGY Q1 2022 RESULTS Well Performing Core Businesses Drive EPS CAGR to Upper Half of 5 – 7% Through 2026 $4.00- $4.17 $3.11 $3.25 $3.45 $3.64 $3.86 $2.53 $2.65 $2.81 $2.96 $2.28 2012A* 2013A* 2014A* 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022E* 2023E 2024E 2025E 2026E * Reflects
Slide 10: Projected Capital Expenditures For Core Businesses
EVERSOURCE ENERGY Q1 2022 RESULTS Projected Capital Expenditures For Core Businesses $18.1 Billion 2022-2026 $4,500 $4,000 $3,897 $3,684 $3,562 $3,541 $254 $3,494 $3,504 $3,500 $154 $224 $239 $163 $208 $203 $214 $3,053 $3,064 $144 $176 $190 $206 $3,000 $239 $921 $239 $849 $110 $127 $ In Millions $79
Slide 11: AMI Implementation Under Active Review by MA, CT regulators
EVERSOURCE ENERGY Q1 2022 RESULTS AMI Implementation Under Active Review by MA, CT regulators AMI - MA Briefing period ends June 27, 2022 Decision expected Q4 2022 AMI - CT Briefing period ended April 29, 2022 Decision expected Q4 2022 What does AMI do for . . . The Customer? System Performance? 10
Slide 12: Equity Issuance Update
EVERSOURCE ENERGY Q1 2022 RESULTS Equity Issuance Update New Shares Treasury Shares $1.2 billion At-The-Market Dividend reinvestment, Program expected to employee equity programs commence in Q2 2022 continue with 475,000 shares issued YTD through April 30 11
Slide 13: Appendix
EVERSOURCE ENERGY Q1 2022 RESULTS APPENDIX 12
Slide 14: Key Elements of NSTAR Electric Rate Review
EVERSOURCE ENERGY Q1 2022 RESULTS Key Elements of NSTAR Electric Rate Review Filing Date: Key Revenue January 14, 2022 Requirement Factors Intervenor Testimony Test Year (12 Months Ended) December 31, 2020 Filed: Revenue Deficiency $89M April 29, 2022 Average Bill Impact (residential customer) 5.7%
Slide 15: Massachusetts Future of Gas Proceeding
EVERSOURCE ENERGY Q1 2022 RESULTS Massachusetts Future of Gas Proceeding Initiatives 2022 2023 2024 2025 Reduce the energy demand by maximizing the application of all energy efficiency investments in concert with Energy Efficiency decarbonization options Develop and propose a hybrid heat pump pilo
Slide 16: FERC Transmission New England ROE Update
EVERSOURCE ENERGY Q1 2022 RESULTS FERC Transmission New England ROE Update Current base: 10.57%; Cap: 11.74% (2014 Opinion 531A) October 2018 FERC Order in New England ROE cases proposed a new methodology to address issues raised by Court in vacating Opinion 531A (New England ROE Complaint I) –
Slide 17: Lower Generation Capacity Costs Helping to Keep New England Electric Bills In Check
EVERSOURCE ENERGY Q1 2022 RESULTS Lower Generation Capacity Costs Helping to Keep New England Electric Bills In Check $4,500 $4,000 $4,000 $3,500 $3,000 $3,000 $ In Millions $2,500 $2,400 $2,100 $2,000 $1,600 $1,500 $1,360 $980 $1,040 $1,000 $500 $0 FCA 9 FCA 10 FCA 11 FCA 12 FCA 13 FCA 14 FCA 15 FC