Eversource reported Q2 2026 earnings in line with expectations, reaffirmed its long-term growth guidance, and highlighted progress on strategic initiatives including the sale of Aquarion and a new transmission project win. The company took a significant charge related to Revolution Wind and is navigating a challenging regulatory environment in Connecticut and at FERC. Reaffirmed 2026 EPS guidance of $4.57-$4.72 and long-term 5-7% EPS growth.
Eversource reported Q2 2026 earnings in line with expectations, reaffirmed its long-term growth guidance, and highlighted progress on strategic initiatives including the sale of Aquarion and a new transmission project win. The company took a significant charge related to Revolution Wind and is navigating a challenging regulatory environment in Connecticut and at FERC. Reaffirmed 2026 EPS guidance of $4.57-$4.72 and long-term 5-7% EPS growth.
Management reaffirmed its five-year capital plan of $26.5 billion through 2030 and highlighted potential increases from the ISO New England transmission RFP selection (Eversource's share ~$700 million) and AMI deployment in Connecticut (~$1 billion capex). The CFO noted that…
Reaffirmed 2026 EPS guidance of $4.57-$4.72 and long-term 5-7% EPS growth.
Closed the sale of Aquarion for $1.7 billion in net proceeds, simplifying the business as a pure-play utility.
ISO New England preliminarily selected a joint Eversource/Avangrid transmission project, representing a ~$700M investment for Eversource.
Management reaffirmed long-term EPS growth guidance and signaled a trajectory towards the upper half of the range by 2028, following the successful sale of Aquarion and progress on regulatory and balance sheet initiatives.
Management reaffirmed its five-year capital plan of $26.5 billion through 2030 and highlighted potential increases from the ISO New England transmission RFP selection (Eversource's share ~$700 million) and AMI deployment in Connecticut (~$1 billion capex). The CFO noted that about 50% of the transmission project capex would fall within the current five-year forecast period.
Management expressed confidence in execution, highlighted strategic progress (Aquarion sale, balance sheet strength), and reaffirmed long-term growth guidance of 5-7% despite regulatory challenges.
“Based on revised cost projections of total construction costs, which included cost increases stemming from two stopped work orders, we recognized an after-tax charge of $164 million in the second quarter to increase this liability.”
“we have not recognized one dollar of these retroactive carrying charges. So one would conclude that in our financing plan because we don't have a high level of degree of conviction that we have not assumed that we would get the retroactive…”
“we have updated the analysis and the costs have gone significantly higher. So the benefits really haven't changed, now the cost component has changed and that's why we're really close.”
“following a comprehensive evaluation of six bids submitted in response to ISO New England's 2025 Longer Term Transmission Planning RFP ISO New England has preliminarily selected the joint proposal submitted by Eversource in Avangrid as the…”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $4.57–$4.72 | $4.64 | MAINTAINED |
Eversource and Avangrid's joint project was preliminarily selected as the preferred solution from six bids in ISO New England's transmission planning RFP, highlighting the competitive strength of the winning consortium. — This competitive win positions Eversource and Avangrid to make significant transmission investments (~$700M for ES) and signals the scale of new grid infrastructure required to solve regional congestion.
“ISO New England has preliminarily selected the joint proposal submitted by Eversource and Avangrid as the preferred solution.”
Eversource's proposed $1 billion AMI investment for Connecticut has a slightly positive nominal net benefit but a negative NPV, which management attributes to delays in the regulatory docket that have increased costs. — Delays in regulatory approval are eroding the economic case for advanced metering infrastructure investments, potentially reducing the future capex opportunity for utilities and their suppliers.
Julian Dumoulin- Hi, good morning, team. Sorry to disappoint you. This is actually Tanner James for Julian. I just wanted to follow up on that AMI filing in Connecticut, particularly relating to the benefit cost analysis prepared. That analysis details a slightly positive nominal net benefit, but that turns negative on an NPV basis. Can you just provide some details regarding the proposal and prospects for implementation given the negative NPV for net benefit? Thanks.
Yeah, sure. I think the primary driver is... Let me step back. You know, this docket has been open for a multitude of years. If we had approvals and had the green light to move forward with that, the cost-benefit analysis would have been much, much stronger and positive. But because we haven't been able to get to a mutual place where we would feel comfortable in making the investment without having the assurance that we have recovery, we haven't done so. And we have updated the analysis and the costs have gone significantly higher. So the benefits really haven't changed, now the cost component has changed and that's why we're really close. Over time we think it's the right thing to do and we'll give customers the tools that they need to manage their energy consumption, and we think that that brings a lot of value to the table.