Eversource Energy - ES STOCK NEWS

Eversource Energy (NYSE: ES) has announced a webcast conference call with financial analysts scheduled for Tuesday, November 5, 2024, at 9 a.m. Eastern Time. The call will focus on reviewing the company's financial performance through the third quarter of 2024. Interested parties can access the live audio presentation from the Investors section of the Eversource website.

Eversource, recognized as a national leader in corporate citizenship, is featured in Newsweek's list of America's Most Responsible Companies for 2024 and has been named a Five-Year Champion. The company serves approximately 4.4 million customers across Connecticut, Massachusetts, and New Hampshire, providing electricity, natural gas, and water services. As the #1 energy efficiency provider in the nation, Eversource employs about 10,000 people and is committed to delivering reliable energy and water with superior customer service.

Eversource Energy (NYSE: ES) has completed the sale of its 50% interest in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners (GIP) for adjusted gross proceeds of $745 million. This sale, along with the previously completed sale of Sunrise Wind to Ørsted, marks Eversource's exit from the offshore wind business.

The company expects to record an aggregate net loss of approximately $520 million in Q3 2024, which includes a $370 million gain from the Sunrise Wind sale and anticipated increases in Revolution Wind construction costs. Eversource also expects to recognize a liability of approximately $360 million, mostly to be settled in 2026.

Despite the sale, Eversource remains committed to its equity issuance plan of up to $1.3 billion over the next several years and maintains its target FFO/Debt ratio of 14% to 15% by 2025. The company will continue to provide onshore transmission expertise to support the clean energy transition in New England.

Eversource Energy (NYSE:ES) has declared a quarterly dividend of $0.715 per share, payable on September 30, 2024, to shareholders of record as of September 23, 2024. Eversource, recognized as a national leader in corporate citizenship, is among the top energy companies in Newsweek's list of America's Most Responsible Companies for 2024. The company serves approximately 4.4 million customers across Connecticut, Massachusetts, and New Hampshire, providing electricity, natural gas, and water services. As the #1 energy efficiency provider in the nation, Eversource is committed to building a clean energy future in the Northeast through innovative projects and integration of renewable energy resources.

The Massachusetts Department of Public Utilities (DPU) has approved Eversource's Electric Sector Modernization Plan (ESMP), marking a significant step towards enhancing grid resiliency and reliability while achieving the state's clean energy goals. The plan aims to increase electrification hosting capacity to accommodate 2.5 million electric vehicles, 1 million residential heat pumps, and an additional 2.2 GW of new solar power. Eversource's ESMP also focuses on enhancing grid resiliency in environmental justice communities and increasing the use of local clean energy resources as virtual power plant alternatives.

The approval demonstrates Massachusetts' commitment to a clean energy transition that balances decarbonization objectives with customer affordability. Eversource will collaborate with stakeholders through various forums, including a newly established Community Engagement Stakeholder Advisory Group, to ensure equitable participation in clean energy infrastructure development.

Eversource Energy (NYSE: ES) has appointed Rima Hyder as its new Vice President of Investor Relations. Hyder brings over 20 years of experience in finance, communications, and investor relations across various industries. She will lead the company's investor relations strategy, focusing on developing and maintaining strong relationships with the investment community and key stakeholders.

Prior to joining Eversource, Hyder held senior investor relations positions at Crane NXT, Sportradar, FactSet, Houghton Mifflin Harcourt, and Energy Future Holdings. She began her finance career in the utility industry at Exelon Hyder holds a master's degree in organizational and social psychology from the London School of Economics and a bachelor's degree in accounting and finance with computers from the University of Kent at Canterbury.

Eversource Energy's Huntsbrook Offshore Wind (OSW) Hub project has been awarded $89 million in federal grant funding through the U.S. Department of Energy's Grid Innovation Program. The project is part of the Power Up New England portfolio, which received a total of $389 million in funding. The Huntsbrook OSW Hub will construct a new 345 kV switching station in Montville, Connecticut, creating a point of interconnection for future offshore wind developers to deliver 2,400 megawatts of offshore wind power.

The project is expected to create thousands of high-quality jobs and provide savings for Connecticut ratepayers. Eversource has committed $4 million to establish the Connecticut Institute for Clean Energy at UConn and $1 million for community benefits. Construction is anticipated to begin in 2028 and continue through 2031, pending necessary permits.

Eversource Energy (NYSE: ES) reported Q2 2024 GAAP earnings of $335.3 million, or $0.95 per share, compared to $15.4 million, or $0.04 per share, in Q2 2023. The company reaffirmed its 2024 non-GAAP recurring earnings projection of $4.50-$4.67 per share and long-term EPS growth rate of 5-7% from a 2023 base of $4.34 per share. Key highlights include:

• Electric Transmission segment earned $189.0 million in Q2 2024, up from $161.0 million in Q2 2023
• Electric Distribution segment earned $149.7 million in Q2 2024, down from $165.5 million in Q2 2023
• Natural Gas Distribution segment earned $27.1 million in Q2 2024, up from $11.7 million in Q2 2023
• Water Distribution segment earned $8.0 million in Q2 2024, down from $9.3 million in Q2 2023

Eversource Energy (NYSE: ES) has announced a webcast conference call with financial analysts on August 1, 2024, at 9 a.m. Eastern Time. The call will review the company's financial performance through the second quarter of 2024. This live audio presentation will be accessible from the Investors section of Eversource's website.

Eversource, recognized as a national leader in corporate citizenship, serves approximately 4.4 million customers across Connecticut, Massachusetts, and New Hampshire. The company is known for its commitment to energy efficiency and clean energy initiatives, including a pioneering networked geothermal pilot project, solar, offshore wind, electric vehicles, and battery storage integration.

Eversource Energy (NYSE: ES) has completed the sale of its 50% stake in the 924 MW Sunrise Wind project to Ørsted for $230 million, subject to spending adjustments. The payment structure involves 50% at closing and the rest upon achieving construction milestones. The sale was contingent upon the project's successful award under NYSERDA's fourth solicitation for Offshore Wind Renewable Energy Certificates, which was completed on May 31, 2024. Regulatory approvals were obtained from the Federal Energy Regulatory Commission and the New York State Public Service Commission in June 2024. Eversource has divested all ownership in Sunrise Wind and will no longer bear any financial obligations for the project. They will continue to be involved as a service provider for the onshore construction through a separate agreement.