Cybersecurity breach or system disruption
Utility operations depend on IT and control systems that could be targeted directly or through third parties.
- Scope
- Electric, gas, and water operations
- Materiality
- high
Eversource Energy (D/B/A)
Eversource Energy is a regulated utility holding company that delivers electricity, natural gas, and water through its operating subsidiaries in New England. Its business is built around rate-regulated distribution and transmission assets, with revenues largely recovered through approved tariffs and cost-tracking mechanisms rather than competitive market pricing.
39,8 %
12,5 %
+13,8 %
0.65
0.65
| % | |
|---|---|
| Electric distribution | 45% Delivery of electricity to residential, commercial, and industrial customers in Connecticut, Massachusetts, and New Hampshire. |
| Electric transmission | 20% High-voltage transmission assets and related regulated services across the New England grid. |
| Natural gas distribution | 25% Regulated gas delivery and related supply procurement for customers in Connecticut and Massachusetts. |
| Water distribution | 10% Regulated water utility service through Aquarion's subsidiaries in parts of Connecticut, Massachusetts, and New Hampshire. |
Eversource serves end-use utility customers rather than selling into a competitive consumer brand market...
- Residential utility customersprimary
Households buying regulated electricity, gas delivery, and water service for essential daily use.
- Commercial customersprimary
Businesses buying distribution and transmission access to keep facilities powered and heated.
- Industrial customerssecondary
Larger users that need dependable utility infrastructure and tariff-based delivery service.
- Municipal and fire protection customerssecondary
Public-sector and safety-related water customers served through Aquarion's regulated network.
- Third-party supply customersprimary
Customers who buy commodity supply elsewhere but still pay Eversource for regulated delivery.
Eversource is concentrated in New England, with regulated operations in Connecticut, Massachusetts, and New Hampshire...
- •Core operations are in Connecticut, Massachusetts, and New Hampshire
- •Headquartered in Boston, Massachusetts and Hartford, Connecticut
- •Revenue depends on state utility regulation and approved tariffs
- •Electric transmission serves the broader New England regional grid
- •Aquarion adds regulated water exposure in three New England states
Eversource's strategy is centered on investing in regulated infrastructure, recovering capital through rates over asset...
01
Regulated capital investmentmedium-term
Long-lived utility assets earn returns through rate recovery and support future earnings.
02
Liquidity and refinancingshort-term
The business is capital intensive and relies on debt markets to bridge timing gaps in recovery.
03
Portfolio simplificationmedium-term
Non-core or loss-making investments can distract from the regulated utility model.
Eversource faces the classic regulated-utility mix of operational, regulatory, and financing risk, with added exposure...
Physical attack or grid disturbance
Transmission and distribution assets are critical infrastructure and interconnected with regional systems.
- Scope
- Electric transmission and gas pipeline interfaces
- Materiality
- high
Regulatory and permitting delays
Returns depend on timely approval of rates, projects, and cost recovery mechanisms.
- Scope
- Rate cases, siting, and transmission projects
- Materiality
- high
Severe weather and climate-related damage
Storms can cause outages, repair costs, and timing mismatches in regulatory recovery.
- Scope
- New England service territories
- Materiality
- high
Refinancing and liquidity pressure
Large capital needs and near-term maturities require continued access to debt markets.
- Scope
- Parent and utility-level debt maturities
- Materiality
- high
Tracked distribution revenues
Can inflate reported revenues without changing earnings
Derivative instruments
Can create balance-sheet volatility and regulatory asset/liability timing
Environmental reserves
Estimate changes can affect earnings and provisions
Goodwill impairment
Adverse assumptions could trigger non-cash impairment charges
Non-GAAP adjustments
Affects how investors assess underlying earnings power
: 11/08/2026