Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Q1 2024 Earnings Presentation
15 slides from Eversource Energy (d/b/a)'s earnings presentation, May 2, 2024
Slide 1: Eversource Energy Q1 2024 Earnings Report
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT MAY 2, 2024 CUSTOMER COMMUNITY EMPLOYEE FINANCIAL CLEAN ENERGY RELIABILITY
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT 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
Slide 3: Agenda
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Business Update Offshore Wind Update Operational Excellence Progress on Meeting Aggressive Climate Goals Joe Nolan Agenda Chairman, President & CEO Financial Update Q1 2024 Financial Results Regulatory Update Drivers for Cash Flow Enhancement Joh
Slide 4: Offshore Wind Update: On Track to Close Later This Year
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Offshore Wind Update: On Track to Close Later This Year South Fork Wind and Revolution Wind Construction Update – Sale to GIP for $1.1 billion All South Fork Wind turbines producing power Regulatory approvals filed with the NYPSC and FERC Constructio
Slide 5: Serving Our Customers' Needs Today, Tomorrow, and for Years to Come
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Serving Our Customers’ Needs Today, Tomorrow, and for Years to Come Delivering Clean, Reliable Energy and Water Enabling the Clean Energy Future Delivering for Customers Today… …Preparing for Customers Needs Tomorrow Electric Reliability Gas Pipeline Safety
Slide 6: To Achieve Our Clean Energy Future, We Need to Start Now
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT To Achieve Our Clean Energy Future, We Need to Start Now New England State GHG Reduction Goals New England Carbon Emissions by Source Massachusetts New Hampshire Connecticut Statutory Recommendations Statutory 6% Industrial Requirements Requirements 13% Powe
Slide 7: Electric Sector Modernization Plan
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Electric Sector Modernization Plan A Comprehensive Roadmap to Achieve Massachusetts’ Clean Energy Goals SYSTEM PLANNING PROCESS Incorporated MA’s Analyzed expected Identified areas Leveraged formal anticipated demand growth by region, where system stakeholde
Slide 8: Q1 2024 vs. Q1 2023 Financial Results
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Q1 2024 vs. Q1 2023 Financial Results 1Q 2024 1Q 2023 1Q Change Electric Transmission $0.50 $0.45 $0.05 Electric Distribution 0.48 0.47 0.01 Natural Gas Distribution 0.54 0.49 0.05 Water Distribution 0.01 0.00 0.01 Parent & Other (0.04) 0.00 (0.04) Reported
Slide 9: Regulatory Update
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Regulatory Update Massachusetts 5-Year Electric Sector Modernization Plan – Final Decision expected August 2024 New Hampshire Prudence Review of August 2022-Mar 2023 storm costs ($232M) – Final Decision expected in 2024 Expect to file a request for rat
Slide 10: FFO/Debt Enhancement 2023 to 2025
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT FFO/Debt Enhancement 2023 to 2025 FFO/DEBT ENHANCEMENTS MAJOR DRIVERS 2023 Under Recoveries ($/Millions) + 3% to 4% 2023 Under Recovery of CT Annual Rate Adjustment Mechanism $400 ($1.8 Billion + Other Drivers) 14% to 15% 2023 Other Under Recoveries $200 + ~
Slide 11: Proven Track Record of Performance
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Proven Track Record of Performance $4.50 $4.34 -$4.67 $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 ch
Slide 12: Appendix
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT APPENDIX 11
Slide 13: 2024 Parent Debt and Equity Issuances and Maturities
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT 2024 Parent Debt and Equity Issuances and Maturities 2024 Equity Issuances 2024 Debt Issuances Company Size/Coupon Maturity Parent $350M @ 5.00% Jan 1, 2027 New Shares Parent $650M @ 5.50% Jan 1, 2034 An additional 1.3M shares were issued under the Parent
Slide 14: Projected Capital Expenditures for Core Businesses
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Projected Capital Expenditures for Core Businesses $23.1 Billion 2024-2028 $5,000 $4,647 $4,687 $4,697 $4,593 $4,601 $4,485 $225 $223 $202 $4,500 $213 $234 $162 $169 $218 $234 $239 $204 $251 $4,000 $3,786 $3,541 $266 $1,044 $1,142 $1,089 $998 $1,087 $3,500 $
Slide 15: Offshore Wind Sales Proceeds
EVERSOURCE ENERGY Q1 2024 EARNINGS REPORT Offshore Wind Sales Proceeds Expect to monetize majority of cash flow in 2024 South Fork and Revolution Sale Proceeds Cash Inflows Realization of ~$1.1 billion for 50% interest in South Fork and Revolution Wind Description Timing Amount Projects in 2024 –
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