Eversource Q2 income plunges on transmission ROE, offshore wind charges
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- Eversource Energy posted Q2 net income of $53.7 million versus $352.7 million a year earlier, with EPS falling to 14 cents from 96 cents, driven by a $111.4 million Aquarion sale charge, a $62 million transmission return-on-equity refund, and a $164 million increase in Revolution Wind liability
- Revolution Wind, the 704-MW Ørsted-built offshore project in which Eversource holds an investment, is 97% complete and already delivering 300 MW to ISO-NE, but two Trump administration stop-work orders delayed it and raised Eversource's potential costs, CEO Joseph Nolan said
- Eversource reaffirmed full-year ongoing EPS guidance of $4.57 to $4.72 and projected 5%–7% annual EPS growth through 2030, anchored to a 2026 non-GAAP midpoint of $4.65
- ISO-NE on July 22 tentatively selected a joint Avangrid–Eversource proposal for $2.2 billion in transmission that could move 1.2 GW of Maine wind into Massachusetts by 2032, with a final decision expected in September
- Eversource's Connecticut Power & Light unit proposed a $1 billion, six-year advanced metering infrastructure initiative covering 1.4 million customers; Jefferies analysts said the 0.66 benefit-to-cost ratio would cost ratepayers about $350 million above estimated benefits and is unlikely to win regulatory approval
- Eversource faces up to $968.4 million in refunds after FERC's mid-March ruling that New England transmission ROEs were too high, a decision the company and other utilities have challenged at the agency
Why it matters: Ratepayers in New England now sit at the intersection of two regulatory fights: FERC's ROE cut could force up to $968.4 million in refunds flowing back to customers, while Eversource's $1 billion Connecticut metering proposal has a 0.66 cost-benefit ratio that Jefferies says would leave ratepayers roughly $350 million underwater — a rare alignment of federal and state reviews landing on affordability at the same time.
