Eversource Energy - Company Profile
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Business Description
Eversource Energy (Eversource) is an energy holding company, which distributes and transmits electricity and supplies natural gas to customers through its subsidiaries. It serves approximately 4.4 million electric, natural gas and water customers in Massachusetts, Connecticut, and New Hampshire. Eversource operates its business through five segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, Water Distribution and Other. In FY2022, the company’s capital expenditure stood at US$2,312.8 million, which was 18.84% of its revenue and grew 5.7% YoY. During 2023-27, Eversource plans to spend US$21.51 million. It also intends to invest US$1.09 million in information technology and facilities upgrades and enhancements. It had 42 subsidiaries by the end of FY2022.
Business Segments
Overview
Distributes electricity to retail customers. Also operates solar power facilities. -Operating companies: CL&P, NSTAR Electric and PSNH.
Performance
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Overview
Owns and maintains transmission facilities. -It procures electricity through short-term (less than one year) purchases and spot purchases in the New England wholesale power market. -Operating companies: CL&P, NSTAR Electric and PSNH.
Performance
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Overview
Distributes natural gas to residential, commercial and industrial customers. -Operating companies: NSTAR Gas, Yankee Gas and EGMA -NSTAR Gas has access to Hopkinton LNG Corp facilities in Hopkinton, Massachusetts, that includes a LNG liquefaction and vaporization plant and three above-ground cryogenic storage tanks with an aggregate capacity of 3 Bcf of liquefied natural gas; and also has access to Hopkinton LNG Corp facilities in Acushnet, Massachusetts that include additional storage capacity of 0.5 Bcf. Total vaporization capacity of these facilities is 0.21 Bcf per day. Yankee Gas owns a 1.2 Bcf LNG facility in Waterbury, Connecticut , which also capable of liquefying and vaporizing up to 0.1 Bcf per day. It reported capital expenditure of US$803.9 million in FY2022, which grew 0.6% YoY. During the year 2023-2027, it plans to spend US$5,252 million.
Performance
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Overview
Provides water services to residential, commercial, industrial, municipal and fire protection and other customers. -Sources water from owned surface water sources (reservoirs) and groundwater supplies (wells); and purchases water from other water suppliers. -Operating companies: Eversource Water Ventures. It reported capital expenditure of US$155.3 million in FY2022, which grew 7.7% YoY. During 2023-2027, it plans to spend US$1,020 million.
Performance
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Overview
Includes operations of CYAPC and YAEC, Eversource Water Ventures Inc, other unregulated subsidiaries, and its equity ownership interests in certain natural gas pipeline projects owned by Enbridge Inc, the Bay State Wind project, and two companies that transmit hydroelectricity imported from the Hydro-Quebec system in Canada.
Performance
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