Eversource Energy (ES) FY2025 results: revenue $13.5 billion, up 13.8% on the year

Eversource Energy is a public utility holding company headquartered in Boston and Hartford, engaged primarily in the energy delivery business through wholly-owned utility subsidiaries. It delivers electricity, natural gas and water in Connecticut, Massachusetts and New Hampshire, and it does not own generation to supply its electricity customers. Its four reportable segments are electric distribution, electric transmission, natural gas distribution and water distribution. It employed 10,731 people at the end of 2025, approximately 49 percent of them covered by collective bargaining agreements with the International Brotherhood of Electrical Workers, the Utility Workers Union of America or The United Steelworkers.

Electric distribution

The electric distribution segment is the distribution businesses of CL&P, NSTAR Electric and PSNH, engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts and New Hampshire respectively, together with the solar power facilities of NSTAR Electric. The Connecticut Light and Power Company furnished retail franchise electric service to approximately 1.32 million customers in 157 cities and towns in Connecticut. NSTAR Electric served approximately 1.62 million customers in 159 cities and towns in eastern and western Massachusetts, including Boston, Cape Cod, Martha's Vineyard and the greater Springfield metropolitan area. Public Service Company of New Hampshire served approximately 549,000 retail customers in 206 cities and towns. None of the three owns electric generation facilities used to supply customers, though NSTAR Electric owns, operates and maintains 70 MW of solar power facilities.

Retail rates include an energy supply component and a delivery service component, the second covering distribution, transmission, conservation, renewable energy programmes and other public benefit charges that are assessed on all customers. In Connecticut all customers are entitled to choose their energy supplier while the utility remains their distribution company, and for those who do not choose one the utility buys power on their behalf and passes the cost through without mark-up. It charges customers only the amount it pays generators for producing electricity and does not earn a return on the cost of that electricity. The local delivery part of the rate is the cost to build, maintain, repair and operate the distribution grid, including the poles, lines and meters that deliver power from the substation, and the cost of resiliency and reliability improvements.

Electric transmission

The same three utilities own and maintain transmission facilities that form part of an interstate grid over which electricity is transmitted throughout New England. They and most other New England utilities are parties to agreements providing for coordinated planning and operation of the region's transmission facilities and the rules by which they acquire transmission services, under which ISO-NE, a non-profit corporation whose board and staff are independent of all market participants, serves as the regional transmission organisation.

Natural gas distribution

The natural gas businesses are engaged in the distribution and sale of natural gas to customers. NSTAR Gas serves approximately 306,000 customers in 59 communities in central and eastern Massachusetts, Eversource Gas Company of Massachusetts approximately 335,000 customers in 66 communities across Massachusetts, and Yankee Gas approximately 256,000 customers in 85 cities and towns in Connecticut. Total throughput, meaning sales and transportation together, was approximately 69.9 Bcf for NSTAR Gas, 56.6 Bcf for Eversource Gas Company of Massachusetts and 61.6 Bcf for Yankee Gas in 2025.

Water distribution, and its pending sale

Aquarion Company operates five regulated water utilities across Connecticut, Massachusetts and New Hampshire, serving approximately 249,000 residential, commercial, industrial, municipal and fire protection and other customers in 73 towns and cities. Approximately 91 percent of those customers were in Connecticut at the end of 2025.

In December 2024 the board approved a sale, and in January 2025 Eversource signed a definitive agreement to sell Aquarion to the Aquarion Water Authority, a quasi-public corporation and political subdivision of the State of Connecticut chartered by a Connecticut law in June 2024 to acquire, own and operate Aquarion as a not-for-profit water authority. The sale requires approval by the Connecticut and Massachusetts regulators; approvals in New Hampshire and Maine were received, and the antitrust waiting period has expired.

What it plans to spend

The company says it projects capital expenditures of $26.51 billion from 2026 through 2030: $11.24 billion in electric distribution, $7.24 billion in electric transmission and $6.80 billion in natural gas distribution, with a further $1.23 billion for information technology and facilities upgrades and enhancements.

Offshore wind, and the Yankee companies

In the third quarter of 2024 Eversource sold its 50 percent interests in two entities and with them its interests in the Revolution Wind, South Fork Wind and Sunrise Wind projects, leaving only a noncontrolling tax equity investment in South Fork Wind. Separately, the three electric utilities are stockholders alongside other New England utilities in three inactive regional nuclear generation companies, which have completed the physical decommissioning of their nuclear power facilities and are now engaged in the long-term storage of their spent nuclear fuel.

From Eversource Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.