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)

Profit Ratios

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.

Q2 2026

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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 Q2 twenty twenty five Earnings Conference Call. At this time, all participants are in a 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 an automated message advising you your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. Would now like to turn the conference over to your first speaker, Rima Hyder, Vice President of Investor Relations. Please go ahead.

Good morning, and thank you for joining us today on the second quarter twenty twenty five earnings call for Eversource. 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 investor 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 and 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 and President and Chief Executive Officer and John Marreira, our Executive Vice President, 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, Arima, and good morning, everyone. Thank you for being with us today. Starting on Slide four, we have made great progress halfway through the year, executing our key strategic priorities, while maintaining our commitment to being a pure play pipes and wires regulated utility. As anticipated, electric demand continues to rise both in the near term and throughout our ten year forecast horizon. We recognize this growth trajectory early on and work closely with key stakeholders to position ourselves to effectively meet the challenge.

In several regions, demand is expected to outpace existing infrastructure capacity, underscoring the critical need for strategic upgrades and new development. The accelerating electrification of transportation and heating sectors driven by decarbonization efforts is further fueling this upward trend. Notably, load growth through the 2025 has exceeded 2%, nearly double the rate observed during the same period last year, reinforcing our expectations and validating the investments we've made to capitalize on this momentum. A clear indication of this is the 10% increase in our five year infrastructure investment plan that we announced in February. Our balance sheet is strengthening and our FFO to debt ratio continues to improve as a result of constructive regulatory outcomes, as well as our execution on cash flow enhancements that we laid out last year, such as exiting the offshore wind business and the planned divestiture of our water business.

Turning to our quarterly accomplishments on slide five. Once again, this quarter, we saw solid earnings growth from our transmission and distribution businesses versus last year's results. Earnings for the second quarter were $0.96 a share, in line with our expectations. We are reaffirming our 2025 EPS guidance range of 4.67 per share to $4.82 per share, as well as our long term EPS growth projection of 5% to 7% through 2029. In addition to our solid financial results, we had other significant accomplishments across the company.

During this hot summer, we continued to maintain our top decile reliability performance, even during record breaking heat waves. I'd like to briefly acknowledge the severe weather event that impacted parts of Connecticut, Southeastern Massachusetts and Cape Cod during the July 4 holiday weekend. This storm had damaging winds well above 70 miles per hour. These dangerous conditions pose significant operational challenges, but our team responded swiftly to ensure safety and service continuity. I would like to thank all our employees, including crews, operations and customer services teams who worked around the clock to restore power to our customers.

This is also a testament to our continued investment in grid modernization, which has significantly enhanced system resilience, enabling faster and more efficient storm restoration efforts that minimize customer outages and support long term reliability. We issued our annual sustainability report, which is available on our website. The report highlights some of our most innovative sustainability and governance achievements, including our network geothermal pilot project, our Cape Cod Solutions Transmission Project, and our efforts to develop the future energy workforce. Shifting focus to the regulatory front, let me begin with an update on Connecticut. The Connecticut legislative session ended in early June, and the General Assembly passed Senate Bill four, SB4, on a bipartisan basis.

SB4 is a comprehensive energy reform bill with the stated intention of making electric bills more affordable and the utility regulation process more transparent. The bill was signed into law by Governor Ned Lamont. SB4 allows for securitization of storm costs incurred by Eversource from 2018 to 2025, which is important for customer bill predictability, as well as strengthening our balance sheet. The new law also clarifies the requirements of the Public Utility Regulatory Authority, including requiring that all five commissioners sit on all rate request proceedings moving forward. Additionally, the law allows the state to use bonds to cover the cost of some public benefit programs, which are also currently recovered through a separate charge on our customers' bills.

This is expected to modestly reduce their overall bill impact. We appreciate that leaders on both sides of the aisle and the General Assembly are committed to ensuring a transparent and constructive process for utilities in Connecticut to deliver safe and reliable service. Staying with Connecticut, the Aquarian divestiture process continues to progress well. We are well into the regulatory approval proceedings in all three states, and we expect to close the seal by the end of the year. We also received a decision from the Connecticut Supreme Court on Aquarion's appeal from its 2023 rate case results.

We are encouraged by the court's findings on the applicability of the legal standards for rate making, including the application of prudency standards, as well as utility companies being entitled to carrying charges on deferred costs. This court ruling was an important development for future investments and cost recovery. Our focus in this legal challenge has always been to get clarity from the court on the applicability of prudent standards in order to support and defend capital investments in the future. Having the rules of the road clarified by the court is critical in this regard and is of greater value than the evidentiary disputes on Aquarian's 2023 rate case. Moving north, we received a constructive decision on the rate case for Public Service Company of New Hampshire.

We are pleased with the Commission's collaborative approach on this rate case proceeding. This decision, which was in line with our expectations, largely supports our investments in grid modernization, system reliability, necessary energy infrastructure needed to continue delivering safe, affordable, and sustainable electricity to our New Hampshire customers. John will cover the details of this recent decision. We're pleased to announce that during the second quarter, we finalized contracts that maintain positive constructive relationships with several of our key unions representing electric and natural gas employees in Massachusetts. It's important to Eversource that we maintain these relationships with our union partners.

Turning to slide six, as we invest in modernizing our infrastructure and supporting the energy transition of the future, we are equally focused on keeping costs manageable for the families and businesses we serve. Affordability is not just a goal, it's a cornerstone principle in every investment we make. Through innovative solutions and strategic grid enhancements, we're enabling the integration of renewable energy resources and preparing for the increase in electric demand expected in our region. Our advanced metering infrastructure rollout in Massachusetts is progressing very well, and we reached a major milestone in July. The AMI communication network, which started deployment earlier this year in Western Massachusetts, is substantially complete.

This was a critical foundational step prior to the meter installation. We have also started the construction of the communication network in Eastern Massachusetts. I am pleased to report that following a successful system launch last week, we have begun the installation of the first AMI meters in Western Massachusetts. The transition to AMI meters for all Eversource Massachusetts Electric customers is expected to take approximately three years to complete. We are very excited to bring AMI to Massachusetts.

This initiative aims to bring transparency, efficiency, and reliability to energy distribution, while empowering customers to make informed decisions about their energy consumption. Even more exciting is our key project, the Cambridge Underground Substation, the first of its kind in The United States. Construction is moving ahead well since breaking ground earlier this year. Boston Properties, our partner on this project, is now advancing toward the final depth of approximately 105 feet. We are pleased that we can meet the growing needs and enable clean energy resources for Cambridge, a global center of innovation.

The Eversource team behind our innovative Outer Cape Battery energy storage was recognized for their work on the project by the Energy Systems Integration Group. This group is an independent, not for profit organization that galvanizes the expertise of the technical community to support grid transformation in energy systems integration. Our system was recognized for its state of the eye nature and the seamless implementation of the first of its kind systems to improve reliability for customers. Since full commissioning in December 2022, this system has been dispatched on several occasions, avoiding sustained outages for thousands of customers during storms and other unexpected events. Turning to a brief update on Revolution Wind on slide seven, you may recall that in early May, Orsted announced that the project was approximately 75% complete.

We expect Orsted to update the overall project status soon. The onshore substation construction, which Eversource oversees, is progressing well. We expect the onshore substation construction to be substantially complete this month. The testing and commissioning process is underway, which will allow the substation to provide back feed power to the offshore facilities in early twenty twenty six. This construction progress significantly reduces the critical path risk for Eversource.

Before we conclude today's call, I want to thank all of you, our employees, partners and investors for your continued trust and support. This quarter's results reflects our team's unwavering commitment to operational excellence, customer service and long term value creation. This quarter wasn't just about performance, it was about our over 10,000 employees working together every day to keep the lights on and provide superior customer service. From our line workers restoring power in the dark to our engineers designing the grid of tomorrow, to customers and shareholders who trust us every day, we're proud to serve over 4,000,000 customers across three states. As we look ahead, we remain focused on delivering safe, reliable and sustainable energy while navigating an evolving regulatory and economic landscape.

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 second quarter earnings results, provide a regulatory update and discuss our balance sheet and credit metrics progress. I'll start with our second quarter results on Slide nine. GAAP and recurring earnings results for the second quarter were $0.96 per share compared with GAAP and recurring earnings of $0.95 per share last year. Higher utility earnings were largely offset by a decrease in parent and other earnings.

Looking at the quarter results, starting with transmission, higher electric transmission earnings of zero two dollars per share were due to increased revenues from continued investments in the transmission system and lower interest expense, partially offset by the impact of share dilution. Next, we have higher electric distribution earnings of $02 per share that benefited from distribution rate increases in New Hampshire and Massachusetts, providing cost recovery of infrastructure investments in our distribution system. These higher revenues were partially offset by higher property taxes, interest, depreciation and the impact from share dilution. The improved results of $02 per share at Eversource's natural gas segment were due primarily to base distribution rate increases at both Massachusetts utilities to also provide timely recovery of investment in our natural gas segment. These revenue increases were partially offset by higher O and M, interest, depreciation, property tax expenses and the impact from share dilution.

Water distribution earnings improved $02 per share year over year as a result of higher revenues and lower interest expense. Eversource parent losses increased $07 per share for the quarter. Lower results were as expected, primarily due to higher interest expense resulting from the absence of capitalized interest after the sale of our offshore wind business. Overall, our second quarter earnings were in line with our expectations, and we are pleased with the solid performance. Moving to our key regulatory items, beginning with New Hampshire on Slide 10.

On July 25, we received the order on the PSNH rate proceeding. We have proposed an increase of $103,000,000 which was amended from the original proposal of 182,000,000 primarily to exclude deferred storm costs, which will be considered by the commission in another docket. The audit approved a permanent rate increase of 100,000,000 based on an ROE of 9.5% and a fiftyfifty percent capital structure. This increase includes the previously approved temporary rate increase of $61,000,000 The PUC also approved a new performance based rate mechanism with a four year term that includes annual inflation adjustments and 142 basis point ADAM. This rate order is effective as of today.

We will continue to evaluate all of the components of the rate order to determine next steps. While not all components of our rate proposal were adopted, we are encouraged by this constructive rate outcome that was in line with our expectations. Moving to slide 11, in Massachusetts on November 1, new rates are expected to go into effect for NSTAR Gas under the annual PBR adjustment and a potential rate base rolling, which are elements of our approved ten year PBR plan for NSTAR Gas. In addition, EGMA will have a rate increase of approximately $62,000,000 also effective on November 1, reflecting the second phase of the 2024 rate base rolling. Moving to Connecticut, we have completed the discovery phase of the hearings of our Yankee Gas rate proceeding and have provided a strong support for our system infrastructure investments and cost structure.

We expect a final decision in this rate proceeding in October for rates to be effective November 1. As a reminder, this filing seeks to recover an adjusted revenue deficiency of approximately $190,000,000 reflecting the recovery of critical investments and cost increases since the previous rate review back in 2018. We also received a draft decision in the Connecticut PBR docket in July. While we appreciate PURA's work on advancing this important regulatory construct, we continue to have concerns with certain core components of this framework and are working with PURA and other stakeholders to ensure that we have alignment with the PBR structure that we can support. Next, let me reaffirm our five year capital plan of $24,200,000,000 as shown on Slide 12, which reflects our five year utility infrastructure investments by segment.

This plan reflects a 10% increase over the last five year plan, and as we've discussed previously, it only includes projects for which we have a clear line of sight from a regulatory perspective. Through June 2025, we have executed on $2,200,000,000 of our $4,700,000,000 infrastructure investment plan. We are very pleased with this progress and we are on track to meet our plan target for the year. We continue to see additional capital investment opportunities in the range of 1,500,000,000 to $2,000,000,000 within this five year forecast period. Turning to slide 13, we remain highly focused on improving our cash flow position and strengthening our balance sheet condition.

Our plan to enhance our cash flows is balanced by our equity needs of 1,200,000,000 the majority of which is expected to be issued towards the back half of our five year forecast period. As I have stated before, we expect our FFO to debt ratios for 2025 to be approximately 100 basis points above the rating agency thresholds. In fact, our Moody's FFO to debt ratio as of the first quarter of this year of 11.5% reflects an improvement of over 200 basis points from 12/31/2024. In early September, we met with all three rating agencies and received positive feedback on our execution of cash flow enhancements. Moody's recently reaffirmed its ratings for both Eversource Energy and NSTAR Electric, which we were very pleased to see.

Unfortunately, Moody's also announced a downgrade for Connecticut Light and Power to Baa1 from A3. Moody's cited the Connecticut regulatory environment as their reason for the downgrade. As we shared with you last quarter, and as shown on slide 14, we have executed on substantially all the items necessary to improve our cash flows and strengthen our balance sheet condition. As a result, our operating cash flows have continued to improve, increasing over 1,000,000,000 year over year through the first half of this year. We also see further opportunity for customer bill stabilization and balance sheet enhancement through Senate Bill four in Connecticut by establishing a legal foundation for securitization of storm costs.

This would certainly benefit our cash flow position and our balance sheet improvement efforts. As a reminder, our forecast did not assume securitization as the cost recovery for the Connecticut deferred storm costs. Staying with Connecticut, we recently supplemented our storm cost recovery filing with an additional 171,000,000 of storm costs for the period of February 2023 through December 2023. This brings the total balance of deferred storm costs currently with PURA for prudency review to $980,000,000 We continue to believe that all of the storm restoration costs we filed were prudently incurred and should be recovered from customers. It's important to note that we now have approximately 85% of the $2,000,000,000 of deferred storm costs balance being recovered in rates or in the prudency review process across all three states.

Moving to slide 15, I would like to share a progress update on debt maturities at the parent level and also cover our at the market equity issuance program. Our plan to retire 600,000,000 of maturing parent debt during 2025 is progressing as planned, and we are prepared to manage the final maturity this month with existing resources as shown on the slide. We anticipate no new long term debt issuances this year at the parent company. During the second quarter, we issued approximately $200,000,000 of equity under the ATM program. We will closely manage further issuances in the second half of the year as we monitor the status of the Aquarion transaction and our short term debt commercial paper balances.

Next, I will turn to 2025 earnings guidance as shown on slide 16. With the first half of the year in the record books, we are reaffirming our 2025 recurring earnings per share in the range of $4.67 to $4.82 and our longer term EPS growth rate of 5% to 7% off of 2024 EPS base. We remain confident in our EPS growth outlook underpinned by the disciplined execution of our strategic plan. Our customer focused investments in electric transmission and distribution that are supported by constructive regulatory mechanisms, ensuring timely cost recovery for the majority of our businesses. At the same time, ongoing progress on storm cost recovery and O and M cost discipline are expected to provide a solid foundation positioning Eversource to provide consistent long term value to our shareholders.

I'll now turn the call back to Rima to begin our Q and A session.

Michelle, we're ready to begin our Q and A session.

Thank you. Our first question is going to come from the line of Carly Davenport with Goldman Sachs. Your line is open. Please go ahead.

Hey, Joe. Hey, thanks for taking the questions. Maybe just to start on the balance sheet, appreciate the updates there. So the 11.5% FFO to debt at the end of 1Q, just can you walk us through kind of the confidence levels in hitting that 14% level by the end of the year and some of those drivers in addition to the asset sale, which if I recall was expected to add about 100 basis points to that ratio?

Hey, Collie, this is John, good morning. Very highly confident. The biggest driver to enhance our FFO to debt is in rates, and that is the recovery of the deferrals. Albeit, I don't expect to see the significant sizable improvement in the second half of the year because we have already recovered the $900,000,000 that went into rates July 1. So we're on track.

It's not just the public benefits. We also have cost recovery of deferrals. As I mentioned storms in my formal remarks and other regulatory assets that we have coming into rates in the other jurisdictions. In my formal remarks, I mentioned that we will monitor the progress that we're making on the regulatory approval for Aquarion. That in and of itself, we're at about 100 basis points.

So highly confident that we'll reach the 13 handle, with the Aquarion closing towards the end of the year that will contribute approximately 100 basis points to get us to that nice cushion.

Got it. Great. Thank you. And then just on Connecticut, you mentioned obviously the securitization of the storm cost was not in your base plan. So could you talk a little bit about how that potentially could impact the longer term FFO to debt levels?

And then just from a logistics perspective, how should we think about the timing to filing for that securitization and when that could ultimately have an impact on the balance sheet?

Sure, sure. Let start with your first question. First question is, how that impacts right now. We're not moving from the $1,200,000,000 need. Clearly everything else being equal, and that would certainly have an impact on our financing needs.

The fact of the matter is within six months, we're going to do a clean refresh and in February, we'll give you an update of what our revised equity needs. And when we roll out our equity needs at that point in time, we'll certainly take into consideration the securitization aspects of those costs. Your second question as to how it would work, where we stand right now, we just two weeks ago filed another wave of storm costs, about $171,000,000 into PURA. So that puts the total cost, storm costs under the prudency review close to $1,000,000,000 So that is a very sizable amount for the authority to review and go through it. In light of that filing, that latest filing, PURA did update their schedule, their procedural schedule, to take us out through March with hearings and briefs being filed.

So right now we don't have an approval date for that review. But once we get the review, which is the most critical aspect of it, because we already have the legislation, we will be off to the running with the securitization process, which we expect would take in and of itself about twelve to eighteen months to get complete. So likely now, we were hoping that we would be able to get that cash in the door by the 2026. So with this push out in the schedule, it's looking more like 2027.

Great. That's super helpful. Thank you for the time.

Thank you. And one moment as we move on to our next question. Our next question is going to come from the line of Jeremy Tonet with JPMorgan Securities. Your line is open. Please go ahead.

Hi, good morning. I just wanted to kind of follow-up with some of the points that we discussed there. I think the slides highlight the ending first quarter FFO to debt. I was just wondering if you could share updated metrics for the second quarter for Moody's and S and P and how you stand against those thresholds at this point?

Well, for Moody's, S and P, we're already in a strong position there. So let me speak to Moody's. So we have line of sight. I would tell you that every quarter we'll continue to make progress. As I've said, this quarter on a twelve month basis, rolling basis, we improved over 200 basis points, which is very, very sizable just in one quarter.

I expect that momentum to continue. And I would say in the coming quarters, we'll be at that 13.

Got it. Thank you for that. And I was just wondering if you could turn to New Hampshire a little bit here, if there's any other, I guess process takeaways that you have from the outcome there and views I guess on settlements versus full litigation and how you think things progress there?

Yeah, no, Jeremy, I think it was fantastic. We had been in the rate arena since 2018. Every single case that we had had been settled prior to that. I talked to a lot of the folks, we don't have any recollection of any time we've had a litigated case. But I think it was a very, very good case that allowed us to flush a lot of the issues out.

And I think that the regulatory climate there is very favorable. Obviously, in a situation like that, you don't get everything you want. But the fact of the matter was constructive, it was fair, it was transparent. We asked for after we netted out storms, we asked for 103, we ended up getting we got 100, we got an ROE of 9.5%. But what I like about it is it's very constructive, not only with the commission, but with all of the parties that were involved.

So going forward, I think it's an example for other jurisdictions that this is really a nice way to kind of handle a rate case in a professional manner. So we're pleased. Obviously, we're looking at the order and there's some puts and takes and some things that we might like to have tweaked. But at the end of the day, it's a good order for not only the customers, but it's a good order for the company as well.

And I would just add, let's not lose sight that we did get the PBR structure, which was important to us and we hope that prevails. And very pleased that ultimately the revenue level was that the rate case provided for us is very supportive as that is kind of the cast off basis, if you will, for future rate increases as we move into this, PBR environment.

Got it. Thank you for that. I'll leave it there.

Thank you. One moment as we move on to the next question. Our next question is going to come from the line of Andrew Wiesel with Scotiabank. Your line is open. Please go ahead.

Hi, good morning, everyone. Andrew. One more on the balance sheet. So the ATM issuances of about $220,000,000 during the quarter after quarter, it was off during the first quarter. I know the commentary still shows the majority of equity toward the back half of the forecast period.

So how should we think about that? What made you turn it on during the last quarter? And I know last year you had that similar run rate, 1,000,000,000 over the year, $250,000,000 per quarter on average. So what should we expect going forward? And at a minimum, were you active in July?

You'll see that when the third quarter happens, Jeremy. Obviously, in my formal remarks, I said, look, our equity needs for this year will be dictated by how the Aquarian approval progresses and what our short term debt balances are. So we saw a window of opportunity in June and we did that raise all in the month of June, as a way to provide liquidity for us, which is very important to us. So I've said that time and time again, what we need for this year is going to be based on the timing of the Aquarion and our short term balances. So once again, I think the guidance that I just reiterated still holds.

Once we close Aquarion, I don't see the need to raise any equity for some time.

Okay, thank you. That's helpful. Longer term question on Connecticut between the legislative updates and the Connecticut court ruling, do you think you're positioned to redeploy some of the capital back into the state? In the past, you diverted some money away from Connecticut into other states given the uncertainty. Do you think you're ready to reallocate or would you want to see some more constructive data points from the commission itself first?

We would like to see some more constructive data points coming out of the commission before we reassess our capital redeployment.

Okay, do you think there's opportunity between now and the year end update when you formally refresh the capital forecast? Or do you think it'll take a little more time than that?

That's tough, difficult to predict, but one the events that we're watching very closely is what the outcome of the Yankee gas case proceeding.

And we also have a reconsideration in on AMI, if we get some clarity around that and some rules of the road that are fair to us, then that's also an opportunity as well.

Great, that's really helpful. Thank you so much.

Thank you. And one moment as we move on to the next question. Our next question will come from the line of Anthony Crowdell with Mizuho. Your line is open. Please go ahead.

Hey, Joe. I don't want to, you know, start off on a bad foot, but the last earnings call, I made a call that Knicks would beat the Celtics.

Yeah, I know. You're good. You're good. I thought you were going to tell me happy fortieth anniversary. Jay's my fortieth anniversary at the company. I start my 40 year, Anthony. I mean, I thought you'd have something nice like that. Wow.

How many I worked at a utility and and people were very fortunate. Like, there's a lot of like you you you you do a lot of different job like, you your career really moves to different things. How many different jobs do you think you had over the forty years?

Well, was heartbroken. I had a start in customer service. I thought I was terrible. I wanted to be in communications and look what happened. It was probably the best job I ever had starting in customer service because I ended up going back and running it and I've done everything.

There's not really a job that I haven't done. So it's been a great, great run.

Well, congratulations. Forty years is very impressive.

Most thoughtful analyst to call and really wish me a happy anniversary. I appreciate

I hope I make thirty years of work. So forty, I don't know. I just had some housekeeping questions in New Hampshire. What's the percentage breakout in rate base in New Hampshire? I think you guys have a decent amount of FERC rate base there.

Just a percentage between, I guess, what's regulated by the New Hampshire regulators and what's regulated by FERC. And then just a follow-up, the equity layer in at the FERC assets in New Hampshire, are they based on an actual equity ratio or what's set in rates like a hypothetical structure?

Anthony, on the FERC side, the FERC side is based on the TAVR for all of New England and it's based on the actual.

Great. And then in New Hampshire, how much of I think of PSNH, how much of that rate base is state regulated versus FERC regulated?

State regulated is about $2,100,000,000 on the distribution side. And on the FERC side, subject to check, I think it's 1.7, 1.8, if my memory serves me correct. But I can double check that.

No. I was just gonna say we can follow-up with you and and confirm that for you.

No problem. Joe, how I mean, John, how many years do you have with Eversort or the even the predecessor companies?

Twenty five, going on like twenty sixth a year. And I've had numerous jobs, Anthony. Not as exciting as Joe.

You're like a rookie compared to its 40s.

I've been in the industry almost forty four oh, I think many years as Joe has.

Thank you. One moment as we move on to our next question. Our next question is gonna come from the line of Angie Strawozinski with Seaport. Your line is open. Please go ahead.

Morning, Angie. Morning, guys. Good morning. Happy Friday. See see everybody's, you know, happy we made it.

Okay. So so just one question about the equity needs vis a vis the the storm cost recovery in Connecticut. Obviously, we're waiting to see the outcome of the query and sale, but I'm just again I'm trying not to get too excited here that we will have lower equity needs. Mean because you are mentioning also additional capex right so assuming that you know at least a portion of that 1 and a half to $2,000,000,000 comes in that would carry additional equity needs, So it's not likely even with the sale of Aquarian and with securitization that there is a reduction in the total equity amount, just that the equity is not going to rise meaningfully along with higher CapEx. Is this how I should think about it?

Eversource Energy (ES) Q2 2025 Earnings Call Transcript

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