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Eversource Energy

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Article Genealogy
Parent: New England Power Company Hop 3
Expansion Funnel Raw 65 → Dedup 28 → NER 7 → Enqueued 7
1. Extracted65
2. After dedup28 (None)
3. After NER7 (None)
Rejected: 21 (not NE: 21)
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Eversource Energy
NameEversource Energy
TypePublic
Traded asNYSE: ES
IndustryElectricity generation, Electricity transmission, Electricity distribution, Natural gas distribution
Founded1966 (as Northeast Utilities)
PredecessorNortheast Utilities, NStar
Hq locationSpringfield, Massachusetts and Boston, Massachusetts, United States
Area servedNew England
Key peopleJoseph R. Nolan Jr. (Chairman, President, CEO)
ProductsElectric power, Natural gas
Websitehttps://www.eversource.com

Eversource Energy is a publicly traded utility holding company and one of the largest energy delivery companies in New England. Formed through the merger of Northeast Utilities and NStar in 2012, it provides electric power and natural gas to millions of customers across Connecticut, Massachusetts, and New Hampshire. The company is regulated by entities like the Federal Energy Regulatory Commission and state bodies including the Connecticut Public Utilities Regulatory Authority.

History

The company's origins trace to the 1966 formation of Northeast Utilities, a holding company for utilities like The Connecticut Light and Power Company. A significant early project was its involvement in the Millstone Nuclear Power Plant complex in Waterford, Connecticut. In 2012, Northeast Utilities completed a merger with Boston-based NStar, creating the current entity, which rebranded as Eversource Energy in 2015. This consolidation was one of the largest utility mergers in New England history, reviewed and approved by the Massachusetts Department of Public Utilities and the Connecticut Public Utilities Regulatory Authority. The merger integrated the operations and service territories of several historic companies, including Western Massachusetts Electric Company and Public Service Company of New Hampshire.

Operations

Eversource operates through regulated subsidiaries focused on Electricity transmission, Electricity distribution, and Natural gas distribution. Its electric transmission business involves high-voltage lines and substations, with oversight from the Federal Energy Regulatory Commission. The company is a major participant in the ISO New England wholesale electricity market. Its distribution utilities deliver power to residential, commercial, and industrial customers, while its gas distribution units serve customers in areas like Greater Boston and Manchester, New Hampshire. Eversource also engages in offshore wind transmission development, such as the proposed New England Clean Energy Connect project designed to deliver hydroelectric power from Quebec.

Service territory

Eversource's service area encompasses over 4,000 communities across three states. In Connecticut, it serves as the state's largest electric utility through The Connecticut Light and Power Company. In Massachusetts, its service area includes Eastern Massachusetts, the Boston metropolitan area, and Western Massachusetts through former NStar and Western Massachusetts Electric Company territories. In New Hampshire, it operates as the state's largest electric utility via Public Service Company of New Hampshire, serving cities from Manchester to Portsmouth. The company's natural gas distribution is primarily concentrated in the Greater Boston area and portions of Connecticut.

Corporate governance

The company is led by a Board of directors and executive officers, with Joseph R. Nolan Jr. serving as Chairman, President, and Chief executive officer. Its corporate headquarters are dual-located in Springfield, Massachusetts and Boston, Massachusetts. As a publicly traded entity, it is listed on the New York Stock Exchange under the ticker symbol ES and is subject to regulations from the U.S. Securities and Exchange Commission. The governance structure includes committees overseeing audits, compensation, and nominations, with accountability to shareholders and regulatory bodies like the Massachusetts Department of Public Utilities.

Environmental and regulatory issues

Eversource faces ongoing scrutiny regarding its environmental policies and infrastructure projects. It has committed to supporting state climate goals, such as those in Massachusetts' Global Warming Solutions Act, by investing in renewables and grid modernization. However, projects like the New England Clean Energy Connect transmission line through Maine have faced legal challenges from groups including the Appalachian Mountain Club and Natural Resources Council of Maine. The company also manages controversies related to storm response, outage restoration, and rate cases before regulators like the Connecticut Public Utilities Regulatory Authority and the New Hampshire Public Utilities Commission.

Financial performance

As a regulated utility, Eversource's financial performance is influenced by rate decisions from state commissions and its capital investment program. Its revenue is derived primarily from its regulated electric and gas delivery services across New England. The company reports its earnings to the U.S. Securities and Exchange Commission and is included in indices like the S&P 500. Major financial undertakings include multi-billion dollar investments in grid resilience, offshore wind transmission, and the replacement of aging gas pipelines, funded through a combination of equity and debt issuances.

Category:Energy companies of the United States Category:Companies based in Boston Category:Companies listed on the New York Stock Exchange Category:Public utility companies of the United States