With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-338-Eversource Energy

The energy company is the largest electric energy provider in Connecticut and New Hampshire, while also servicing over 2.1 million customers in the Northeast U.S. with water, natural gas, and electric power.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-371-Eversource-Energy

Eversource is the parent of New England power utilities that provide electric- and natural gas-powered energy to customers in Connecticut, Massachusetts, and New Hampshire.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Key Financials (last Fiscal Year)

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Profits ($M)

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Total Stockholder Equity ($M)

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Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

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EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

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Total Return to Investors (10 year, annualized)

Eversource Energy is a public utility holding company delivering electricity, natural gas, and water across Connecticut, Massachusetts, and New Hampshire. It operates through electric distribution and transmission, natural gas distribution, and water services. Eversource also manages solar power facilities. Formerly known as Northeast Utilities, the company was founded in 1927 and adopted its current name in 2015.

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Eversource Energy (ES): Company Profile, Stock Price, News, Rankings

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Eversource Energy

eversource energy

Good day, and thank you for standing by. Welcome to the Eversource Energy First Quarter twenty twenty five Earnings Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during this session, you will need to press 11 on your telephone.

You will then hear automated message if your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Rima Hyder, Vice President of Investor Relations. Please go ahead.

Good morning, and thank you for joining us today on the first quarter twenty twenty five earnings call. During this call, we'll be referencing slides that we posted this morning on our website. As you can see on slide one, some of the statements made during this call may be forward looking. These statements are based on management's current expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements.

Additional information about the various factors that may cause actual results to differ in our explanation of non GAAP measures and how they reconcile to GAAP results is contained within our news release, the slides we posted last night, and in our most recent 10 Q and 10 ks. Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer and John Marreira, our Executive Vice President and Chief Financial Officer and Treasurer. Also joining us today is Jay Booth, our Vice President and Controller. I will now turn the call over to Joe.

Thank you, Rima. Good morning, everyone, and thank you for joining us today for our first quarter earnings call. I am pleased to share our results and discuss the progress we have made towards our key initiatives in the first quarter of this year. This quarter, we saw strong growth across our transmission and distribution businesses versus last year, and we are pleased to reaffirm our 2025 EPS guidance, as well as our long term EPS growth rate of 5% to 7% through 2029. As shown on slide four, as a pure play pipes and wires regulated utility, we are uniquely positioned to leverage our strengths in transmission and distribution investment opportunities.

Our regulated status provides stability and predictability, allowing us to focus on long term growth and sustainability that will continue to deliver on customer expectations. Over the five year forecast period, we are projecting rate base growth at 8% with numerous additional opportunities outside of this forecasted period. As shown here, the composition of our rate base is strategically shifting toward higher distribution spend in Massachusetts, primarily to meet the state's electrification goals set in the electric sector modernization plan and conversely the reduction of capital investment in Connecticut. We are excited to partner with the Commonwealth of Massachusetts on its decarbonization strategy and to make necessary investments to meet these goals and enhance reliability. We have strong investment opportunities beyond our five year forecast period.

We were pleased to see that ISO New England recently issued a new RFP to solicit longer term proposals from transmission operators to address the region's future load growth in connection with their 2,050 transmission study. We are examining numerous opportunities and we look forward to working with ISO New England on this unique opportunity to address the region's energy transition and maintain system reliability. Another area of growth for us is the acquisition of the Mystic Site in Everett. With its strategic location, flexibility and existing infrastructure, this facility stands out as one of the most promising multi use interconnection points for a wide range of energy resources in New England, representing a unique opportunity to support the region's energy goals, spur economic development, and create jobs. These future transmission and distribution opportunities give us confidence for growth for years to come, as well as ensuring that our customers receive safe and reliable service.

At the heart of our operation is our commitment to customer innovation and affordability. We continue to invest in advanced technologies and innovative solutions that enhance the reliability and efficiency of our transmission and distribution networks. Our focus on affordability ensures that we deliver value to our customers while maintaining reasonable rates. We have launched several initiatives aimed at improving customer experience and reducing costs in the long term. As shown on slide five in Massachusetts, our AMI project remains on track with significant progress made on standing up, integrating and testing the necessary systems.

We began deployment on AMI communication network in Western Massachusetts at the start of this year and is now 40% complete. We expect to complete the AMI network before the first smart meter is deployed in July. We are excited about this technology and how it will empower customers to make data driven decisions about their energy usage and provide customers with more control than ever before. Additionally, with feedback from our customers through our robust Voice of the Customer program, we have implemented many user experience enhancements, including redesigning and streamlining the digital customer experience for managing their account needs. More importantly, we added greater functionality and created a new redesigned account overview page on our website, making it easier for our customers to compare their bills and better understand their usage.

Helping our customers understand their bill, educating them on energy related topics, and making it seamless for customers to interact with Eversource is a key objective for us. On the regulatory front, we continue to make progress across three states. Earlier this year, there was a call to action in Massachusetts from our customers, communities and state policymakers to address affordability, stabilize rates and provide transparency on energy bills. This was in response to high gas bills following the rate adjustments and increased demand due to a very cold winter. In collaboration with state leaders, we developed a plan to reduce winter rates for our gas customers by approximately 10% to smooth bill impacts during high usage periods, which went into effect beginning March 1.

We have also organized many events to work with and educate customers and communities we serve about the various options they have to manage their bills including energy efficiency programs. We recognize there's more to do to address transparency and affordability, and we are actively working with the administration, legislators, communities, and regulators on long term solutions to smooth rate shocks and address affordability. In Connecticut, PURA Commissioners Marissa Gillette and David R. Conti have been confirmed by the state legislature and we look forward to working with them to ensure customers continue to receive the safe, reliable electric, gas and water delivery services that they have become accustomed to over the years. In New Hampshire, we look forward to working with the new administration and partnering with them on meeting their energy goals.

We continue to execute on many fronts to strengthen our balance sheet. One of our key strategic initiatives was to divest Aquarion Water, which is anticipated to close by the end of the year. Last month, we filed for regulatory approval in all three states. The Aquarian proceeds along with our regulatory recoveries will enable us to improve our FFO to debt ratio from 2024 levels. Turning to a brief update on offshore wind and revolution wind project.

We are pleased to report that the construction of the onshore substation, which Eversource continues to oversee, is progressing very well. The onshore substation is the critical path to the project going into service. We continue to monitor the project's overall construction progress closely. Currently, given the latest construction updates and cost estimates we have been provided, we have concluded that we do not need to change the contingent liability that we recorded in the third quarter of twenty twenty four. In summary, our first quarter results reflect unwavering commitment to customer innovation, affordability, financial strength and sustainability.

We are focused on our 2025 key priorities, as shown on slide six, in the first quarter results clearly demonstrate our successful execution of these goals, showcasing our commitment to sustained growth and strategic vision as a pure play pipes and wires regulated utility. We are confident in our ability to continue driving value for our customers and shareholders as we move forward. Our prudent and long standing approach to financial and operational management ensures that we can continue to invest in critical infrastructure and innovation while delivering consistent returns to our shareholders. Thank you for joining us today. I will now turn the call over to John Marreira to discuss our financial results.

Thank you, Joe, and good morning, everyone. This morning, I will review first quarter earnings results, provide a regulatory update and also discuss our balance sheet progress and credit metrics. I'll start with our first quarter results on Slide eight. GAAP and recurring earnings results for the first quarter were $1.5 per share compared with GAAP and recurring earnings of $1.49 per share last year. Higher utility earnings were largely offset by a decrease in parent and other earnings.

Starting with transmission, higher electric transmission earnings of $04 per share were due to increased revenues from continued system investments to address agent infrastructure, reliability and load growth, partially offset by the impact of share dilution. Higher electric distribution earnings of $03 per share benefited from grid modernization and system improvement rate mechanisms. Additionally, base distribution rate increases in New Hampshire and Massachusetts provide a timely recovery of investments. Partially offsetting these revenue adjustments were higher property taxes, interest, depreciation and share dilution. The improved results of $06 per share at Eversource's natural gas segment were due primarily to higher revenues from continued investments to replace agent infrastructure, resulting in base distribution rate increases at our Massachusetts gas businesses, including the eGMA rate base roll in that became effective November first of twenty twenty four, in accordance with the 2021 settlement agreement.

Offsetting these higher natural gas revenues were higher O and M, interest, depreciation, property taxes and the impact from share dilution. Water earnings were comparable year over year as the first quarter is typically a very low usage period. Eversource parent losses increased $0.12 per share in 2025. Lower results were as expected, primarily due to higher interest expense and the impact from the absence of capitalized interest associated with our former offshore wind investment. Overall, our first quarter earnings were in line with our expectations, and we are pleased to start 2025 with such a solid performance.

Moving to our key regulatory items as highlighted on slide nine. Starting with New Hampshire, where we currently have a pending rate proceeding. Hearings in this proceeding are scheduled to start next week. In addition to recovery of previous system investments and deferred storm costs, we have proposed implementing a four year performance based rate making plan, including a capital support mechanism that would adjust rates annually. We anticipate a final decision in July for rates to become effective August 1.

In Massachusetts on November one of twenty twenty five, new rates will be effective for NSTAR Gas under the annual PBR adjustment and a rate base rolling. In addition, rates reflect in the second phase of the 2024 rate based roll in for eGMA of approximately 62,000,000 Moving to Connecticut, we are pleased to report that the average CLMP residential customer will see a 6% reduction on May 1 due to the implementation of the annual rate adjustment mechanism. We appreciate the progress made by PURA from the proposed decision to the final decision to provide customers with this benefit. Also in Connecticut, we have an ongoing Yankee Gas rate case, where we seek to recover a revenue deficiency of $2.00 $9,000,000 reflecting critical investments in cost increases since our previous rate review in 2018. Hearings are scheduled for June with the final decision scheduled at the October for rates effective November first of this year.

Next, let me reaffirm our five year capital plan of $24,200,000,000 as shown on Slide 10, which reflects our five year utility infrastructure investments by segment. This plan is a 10% increase over the last five year plan. As a reminder, this forecast includes only those projects that we have a clear line of sight on from a regulatory approval perspective. The plan includes nearly $7,000,000,000 of transmission infrastructure investments over the next five years, greatly enabled by efforts in Massachusetts last year, including the state's clean energy bill that reformed citing and permitting of energy facilities, as well as the Massachusetts Department of Public Utilities approval of the Electric Sector Modernization Plan or ESMP. It also includes the Greater Cambridge Energy Project that commenced construction earlier this year.

As a reminder, this project consists of a 35,000 square foot underground substation at a projected capital cost of $1,800,000,000 with nearly 80% of this investment to be recovered through our transmission tariff. Turning to electric distribution, the capital forecast reflects over $10,000,000,000 of planned utility infrastructure investments, with investments related to Massachusetts operations making up 60% of this capital plan. This includes $850,000,000 for the AMI program in Massachusetts that Joe discussed. We have already realized significant benefits for our customers from the new billing system implemented to support AMI. And we look forward to providing customers with additional benefits as we begin meter installation later this year.

In addition to our base capital investment forecast, we continue to see opportunities that could provide additional investments in the range of 1.5 to $2,000,000,000 within the forecast period. And as Joe mentioned, we have other growth opportunities that could materialize towards the back end of our forecast period and beyond. Let me now turn the subject of potential tariffs and how they could impact our O and M and capital investment plan. First, we see minimal, if any impact on our operation and maintenance expense. Secondly, we could potentially see cost increases resulting from the tariffs impacting our capital investment plan, but we expect them to be manageable.

While tariffs are disruptive to our supply chain, we have been managing through supply chain disruption for the past five years, especially through the pandemic years. The work we have done to expand and diversify our supply chain prior to the tariffs has positioned us well to mitigate this potential tariff risk. Through this strategic planning, we have almost no direct exposure to China, where the tariff impact is slated to be the highest. Overall, we believe the potential cost increase to our capital projects will be approximately 3% to 6%. Should these potential tariffs put pressure on inflation, keep in mind that in Massachusetts, where we currently have performance based rates that include an inflationary adjustment, which would allow us to recover a portion of this inflation impact.

In addition, we have proposed PBR rate mechanisms in the PSNH and Yankee rate filings. Turning to Slide 11, to efficiently finance our customer focused investments, we have taken a number of steps to enhance our cash flow position and improve our balance sheet profile. Our plan to enhance our cash flows is well balanced alongside our equity needs of $1,200,000,000 The majority of which we expect to issue towards the back half of our five year forecast period. This plan also supports our FFO to debt ratio target, which we expect to improve significantly over 2024 actual results, and certainly above the rating agency downgrade thresholds. We continue to expect our FFO to debt targets for 2025 to be well above 100 basis points over the rating agency thresholds.

can see on the slide, we have provided you with the rating agency thresholds at both S and P and Moody's, as well as the actual 2024 results. As we shared with you last quarter, and as shown on slide 12, we have executed on all of the items necessary to improve our cash flows and strengthen our balance sheet. Next, I will turn to 2025 earnings guidance on Slide 13. With the first quarter in the books, we are reaffirming our 2025 recurring earnings per share in the range of $4.67 to $4.82 and our long term EPS growth rate of 5% to 7% off of the 2024 base. Our EPS growth profile will continue to strengthen as we execute on the strategic plan with customer focused transmission and distribution infrastructure investments recovered through constructive rate mechanisms.

In addition, the progress with the recovery of deferred storm costs throughout the system and continued O and M cost discipline provide a solid foundation for Eversource to return value to our investors for years to come. I will now turn the call over to Rima to begin the Q and A session.

Thank you, John. Marvin, we are ready for our question and answers now. Thank you.

Thank you. At this time, we'll conduct a question and answer session. As a reminder to ask a question, you'll need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please limit yourself to one question and a follow-up.

Please stand by while I compile the Q and A roster. Our first question comes from the line of Durgesh Chopra of Evercore ISI. Your line is now open.

Hey, good morning, Joe. For giving Good morning, John. Guys, just appreciate the tariff commentary. We've been getting a lot of questions on the offshore project, obviously, under construction. Can you just frame for us if you already have the equipment on hand?

I know there's one monopile that is being manufactured. There's also some storage, some equipment you have stored in Canada. Maybe just a little bit more color, you know, on the tariff exposure to revolution, please.

Sure. I appreciate the appreciate the question. We have all items procured. There is as you mentioned, there is a monopod that's being constructed that we do expect in the fall. But the remaining items, even the item that is the substation that's being stored in Canada has already come to The United States.

It's already been here. So we don't anticipate or expect any calculated challenges of anything around revolution other than, you know, is one monopod that is coming that's under construction. But we feel very good about it as we had mentioned, you know, this project is very, very mature. It's going on very, very well. It's construction.

I'm very, very pleased with the progress. As you know, we do oversee the construction of that substation in Rhode Island. And I will tell you that both John and I get daily updates on the progress and I'm very, very impressed with the team down there and what they've been able to do to bring that station to fruition. So we don't feel as though there's going to be anything that's going to challenge us around tariffs as it relates to revolution. But Dagesh, I also want

little bit about our business and some of our capital investments. When COVID hit, we made a concerted effort to go in and kind of fill the warehouses with a lot of components and parts that might be challenging to get. So fortunately Eversource is blessed with a very robust warehouse operation that hopefully will insulate us from anything that's very, very challenging. But again, it is an issue we need to look at. We do look at it all the time.

John, it does oversee warehousing and procurement. So it's in very, very good hands, I know that he'll do everything he can to mitigate any risk that tariffs could have on the company.

Got it. Got it, Joe. Thanks. That's very thorough. Thank you.

Sounds like you don't see it as a major risk. Okay. Really quickly shifting gears, Aquarian still on track for year end. And then what kind of regulatory approval timeline, you know, as as as you think about approvals through two different states? Are you should we be expecting, please?

Sure. Yeah, the inquiry filing has been made. We anticipate that that transaction will close in 2025. We don't see any bumps in the road. As you know, we will pass through Connecticut, Massachusetts and New Hampshire, the regulatory bodies.

But it's a pretty straightforward filing and I think that obviously when you look at the buyer of the assets, you know, they're very competent buyer that has is already operating in the jurisdiction. So we don't see any issues at all.

Got it. Is there a specific timeline for Connecticut to rule on this?

Yes. They have the timeline would be October. So five months range.

Thank you. One moment for our next question. Our next question comes from the line of Shar Pourreza of Guggenheim Partners. Your line is now open.

Hey, guys. Good morning. It's actually James on for Shar. Happy Friday.

Good morning, James. Good morning, James.

Good morning. So maybe just starting off in Connecticut, a lot of moving pieces on the legislative front. I think one of them is securitization potentially for the storm cost reg assets. I guess if you receive that, would it change your thoughts on the timing, the quantum of the current ATM equity? I think you had said back half, but just any kind of thoughts there for us.

Yeah. Hey, James, this is John. Yes. So, obviously, as I communicated in February, we did not assume securitization as part of our financing strategy. But certainly, if we get that and we get that cash in the door on an accelerated basis, we would revisit our equity needs at that point in time.

Okay, perfect. And then just any updated thoughts or expectations for movement in the AMI process at this point?

Well, that docket James is under the final one we did file for reconsideration to try to get some clarity and some certainty around the recovery of dollars that we might spend. And so we'll see how that plays out there, but we just want to get comfortable. Obviously, we'll spend what Connecticut wants us to spend, but we do need to have line of sight on recovery.

Excellent. Thanks guys. I'll leave it there.

You. One moment for our next question. Our next question comes from the line of Carly Davenport of Goldman Sachs. Your line is now open.

Good morning. For taking the questions. Maybe just a follow-up on Connecticut. Just could you provide your latest thoughts just around some of the noise on the forward composition of PURA just in terms of filling those other two seats? You can share and how you're thinking about the timing of when potentially we could get some certainty on that piece?

Yeah, you know, great question. You know, we are indifferent on whether it's three or whether it's five. We do feel as though there's a movement that, know, hopefully we'll see some activity down there on that and get some clarity. But you know, unfortunately, I cannot predict for you when we might see it or whether it's three or whether it's five. You know we are obviously eager for a stable regulatory climate in that jurisdiction.

So we'll continue to monitor it we will hope that, we do get a transparent, regulatory environment that allows us to continue to operate in that state.

Great. Appreciate that. And then maybe just shifting to the balance sheet and FFO to debt. Appreciate the detail that you shared in the slides there. Just anything you can provide in terms of conversations, in particular with Moody's, in terms of what they need to see to sort of shift from the negative watch and how you feel about the path to executing on that goal?

Yes, Collie. I would say what they need to see is, us to continue to execute on our plan that we have put before them. We're going through a refresh of that plan, next month, with all three agencies. But suffice it to say, as you'll see in our first quarter statement of cash flows, you'll see a significant improvement in our operating cash flows. And it's really execution of what we've been saying for the past year.

The recovery of previously under recovered regulatory costs have come in and will continue to come in. That in and of itself is probably will generate benefit FFO to debt at Moody's of about 300 basis points. So everything that we've been executing on, everything that we've been communicating to you all has materialized and will continue to materialize.

Thank you. We'll move it for our next question. Our next question comes from the line of Jeremy Tonet of JPMorgan Securities. Your line is now open.

Morning. Thank you for the color here today. Just wanted to pick up with the FFO to debt commentary that you provided in the slide there. Just wondering if you had thoughts you could share with regards to where you think you'd land in 2026 FFO to debt on both agency metrics there?

Sure. I mean, the groundwork that we've laid to get us to a much better spot in 2025, that'll continue with the reduction of about $2,400,000,000 of debt just related to the acquiring on sale. That's going to continue to persist. And what I think is very, very important for you all to understand is that this huge under recovery, what's really important and what I feel so optimistic about and confident is that the future costs and rates have been set to align with those costs. So we should not, see significant swings in under recoveries in the future.

So then, having that sustainable cost incurred with the revenues to match it is a major, major, benefit for us.

Got it. And so I guess, do you expect FFO to debt will improve from the numbers outlined in 2025, the 100 bps cushion?

Our FFO to debt will continue to enhance. Obviously, that's contingent. We have to look at where our capital forecast is over our five year period. As I've communicated to you all, there's potentially 1.5 to $2,000,000,000 kind of sitting on the sidelines, and that we'll hope to have clarity certainly within the next six to twelve month period. And as we typically do, we'll update you all in our financing plan annually.

Got it. Thank you. And then just as it relates to the Rev Win cost estimates, just wondering, I guess, how the process works with there. You guys kind of work together in formulating those estimates, those expectations of tariff impacts, and we would expect them to kind of say the same thing or the independent processes. Just wondering if how that process works.

No, it's a collaborative. We get updates, as Joe mentioned, from them. They share their forecast update routinely. So we're much aligned obviously. The deal, that we struck with GIP gives us that line of sight and clarity.

We have access to Arstad and we're constantly engaged with GIP.

Okay, great. Thank you. I'll leave it there.

Thank you. One moment for our next question. Our next question comes from the line of Sophie Karp of KBCM. Your line is now open.

Good morning. Thank you for taking my question. I was wondering about the upcoming Millstone recontracting rates. So kinda along the lines of would that present an opportunity to, you know, either maybe improve affordability for rate payers or at least make it clearer to rate payers in Connecticut what they're paying for because I think right now it's rolled into something called public benefit charge. From a PR standpoint, would that benefit you in any way?

Yeah, mean, that contract is up in 2029, obviously having a 1,000 megawatts of clean energy at baseload generation in the region is helpful and in a region where we are actually losing generation. So it's very helpful, but I think it's too early right now, Sophie, to be looking at that contract and maybe what's gonna happen going forward. As you know, this was a desire of the administration, the previous administration to to contract for this power and, you know, we we we'd have to work collaboratively with the administration on what's important to them.

Alright. Thank you very much. That's all for me.

One moment for our next question. Our next question comes from the line of Anthony Cordell of Mizuho. Your line is now open.

Good morning, Anthony. Good morning. Hey, good morning. Let's go Knicks, right? I think I heard that in the background.

I don't think the Knicks have a chance, but just some odds and ends. In Connecticut, the securitization, the public benefit and the storm cost recovery, are those rolled up together in same legislation or it's not decided yet?

Well, yeah, no, it is rolled up. I mean, not that it would be allowing securitization for storm costs. But in SB fifteen sixty, all of those issues are discussed and contemplated. So, but again, that's just to allow the recovery of storm cost. As you know, we do have a prudence review underway at PURA and we'll continue to work through that process, but it's going very, very well.

Great. And then if I move to Massachusetts, I think on Wednesday, there was a Berkshire gas decision that maybe changed some of the rules on the acronym, I think it's GSEP. Does that impact you guys or what kind of exposure do you have with the new rules on the GSEP?

Well, the GSEP filing impacted NSTAR Gas and EGMA, Anthony, where they lowered the ceiling from 3% cap to 2.5%. So in and of itself, I don't see that as something that's devastating. We can certainly manage to that. Obviously, our focus will continue to make sure that we provide safe and reliable gas services to our customers. That's first and foremost.

And once again, I think, we're still going through that review process and we haven't determined what action we would take. So I think it's a bit early in that process. So there's more to come, but we don't see that as a major impact to us. It's not as though they don't want us to make the investments, they continue to support it, which is but they're basically saying, hey, consider other non pipe alternatives. So that's really what the message and what they've communicated to us and we're very supportive of that concept.

Great. And if I could just squeeze one more in, it follows off of Jerry Geshe's questioning earlier. Have you guys stated what percentage of the Revolution project is complete, fifty, forty, 30? Have you guys quantified what percent of the project is completed?

We have not. I will just tell you that construction is going very, very well.

Great. Thanks for taking my questions and Nixon seven.

Thank you. One moment for our next question. Our next question comes from the line of Travis Miller of Morningstar. Your line is now open.

Good morning, Good morning, everyone. Good morning.

Eversource Energy (ES) Q1 2025 Earnings Call Transcript

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