Eversource Q2 income plunges on transmission ROE, offshore wind charges
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- Eversource Energy reported second-quarter income of $53.7 million, down from $352.7 million a year earlier, with EPS falling to 14 cents from 96 cents.
- One-time charges in the quarter totaled roughly $337 million — $111.4 million for Eversource's Aquarion sale, $62 million for a pending transmission return-on-equity refund, and $164 million for increased liability tied to its Revolution Wind investment.
- Revolution Wind, a 704-MW offshore project Ørsted is building with Eversource as investor, is 97% complete and was delayed by two Trump administration stop-work orders; CEO Joseph Nolan said it will still come online by year-end and is already delivering 300 MW to ISO-NE.
- ISO-NE on July 22 tentatively selected a joint Avangrid and Eversource proposal to build $2.2 billion in transmission that would move up to 1.2 GW of Maine wind power into Massachusetts by 2032, with a final decision expected in September.
- Under a FERC mid-March ruling that New England transmission ROEs were too high, Eversource faces up to $968.4 million in refunds and has asked the agency to reset its allowed returns.
- Connecticut Power & Light, an Eversource subsidiary, proposed a $1 billion, six-year advanced metering infrastructure plan covering 1.4 million customers; Jefferies analysts said its 0.66 benefit-to-cost ratio means ratepayers would pay about $350 million more than the benefits, calling state approval "unlikely."
- Eversource reaffirmed full-year earnings guidance of $4.57 to $4.72 per share in ongoing income and continues to project 5% to 7% annual EPS growth through 2030.
Why it matters: Eversource faces up to $968.4 million in FERC-ordered transmission refunds, while Jefferies estimates Connecticut Power & Light's $1 billion advanced metering proposal would cost the utility's 1.4 million customers a net $350 million — putting regulators under pressure to reject a plan that erodes whatever rate-case savings the FERC refund delivers.
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