Eversource Energy (ES) Bundle
An Overview of Eversource Energy (ES)
General Summary of Eversource Energy
Eversource Energy (ES) is a public utility holding company based in the northeastern United States, primarily engaged in the energy delivery business. The company was formed in 2018 through the merger of Northeast Utilities and NSTAR. Eversource operates through its subsidiaries, which include electric, natural gas, and water utilities in Connecticut, Massachusetts, and New Hampshire.
The company provides a wide range of products and services including:
- Electricity transmission and distribution
- Natural gas distribution
- Water distribution
- Energy efficiency programs
- Renewable energy solutions
As of 2024, Eversource Energy reported total sales revenues of approximately $8.93 billion for the nine months ending September 30, 2024. The company serves approximately 4 million customers across its service territories.
Company's Financial Performance in the Latest Financial Reports
Eversource Energy's financial performance for the nine months ended September 30, 2024, showed a total operating revenue of $8.93 billion, a decrease from $9.22 billion in the same period of 2023. The operating income for this period was reported at $2.06 billion.
In the first nine months of 2024, the company reported a net income of $739.1 million, or $2.09 per share, down from $846.2 million, or $2.42 per share, in the same period of 2023. This decline was largely attributed to an after-tax loss of $524 million related to the sale of offshore wind investments.
Other key financial metrics include:
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Operating Revenues | $8.93 billion | $9.22 billion |
| Net Income | $739.1 million | $846.2 million |
| Earnings Per Share | $2.09 | $2.42 |
| Operating Income | $2.06 billion | $1.84 billion |
| Cash Flows from Operating Activities | $1.52 billion | $1.17 billion |
As of September 30, 2024, Eversource's total assets were approximately $58.57 billion, up from $55.61 billion at the end of 2023. The company's liquidity position remains strong, with cash and cash equivalents totaling $97.9 million.
Introduction to Eversource as a Leading Company in the Industry
Eversource Energy stands as one of the leading utility companies in the northeastern United States, recognized for its commitment to providing reliable energy services while investing in sustainable energy solutions. The company is continuously focused on enhancing its infrastructure and expanding its renewable energy portfolio, aligning with the growing demand for clean energy sources.
With significant capital investments projected at $23.7 billion from 2024 to 2028, Eversource is positioned to adapt to the evolving energy landscape and meet the challenges associated with climate change and energy efficiency. This strategic focus on modernization and sustainability underscores Eversource's role as a pivotal player in the energy sector, making it essential for stakeholders to stay informed about the company's ongoing developments and future initiatives.
Mission Statement of Eversource Energy (ES)
Mission Statement of Eversource Energy (ES)
Eversource Energy (ES) is committed to providing reliable and sustainable energy solutions to its customers while ensuring safety and environmental stewardship. Its mission statement emphasizes the importance of delivering high-quality products and services, fostering a culture of innovation, and maintaining a strong focus on community engagement.
Core Component 1: Reliability
Reliability is a fundamental pillar of Eversource's mission. The company aims to ensure that its customers have access to uninterrupted energy services. As of September 30, 2024, Eversource reported operating revenues of $8.93 billion, reflecting its robust operational capabilities across electric distribution, natural gas distribution, electric transmission, and water distribution segments.
| Segment | Operating Revenue (Millions) | Operating Income (Millions) |
|---|---|---|
| Electric Distribution | $6,860.8 | $766.0 |
| Natural Gas Distribution | $1,516.7 | $289.1 |
| Electric Transmission | $1,583.9 | $829.5 |
| Water Distribution | $174.7 | $59.3 |
| Total | $8,929.3 | $2,060.9 |
In its efforts to enhance reliability, Eversource has increased its capital investments from $23.1 billion to $23.7 billion for the period 2024 to 2028, which is a direct response to the Electric Sector Modernization Plan (ESMP) approved in Massachusetts.
Core Component 2: Sustainability
Sustainability is integral to Eversource's mission, guiding its operations and strategic decisions. Eversource is dedicated to reducing its carbon footprint and has made significant investments in renewable energy projects. In 2024, the company’s commitment to sustainability is reflected in its ongoing projects and investments, including a focus on offshore wind energy. However, the company faced a loss on offshore wind investments amounting to $524 million in the third quarter of 2024.
The shift towards renewable energy is also supported by long-term contracts for renewable energy purchases, which total approximately $7.13 billion through 2028. This commitment is crucial as Eversource aims to meet the increasing demand for clean energy among its customer base.
Core Component 3: Community Engagement
Community engagement is a vital aspect of Eversource's mission. The company actively participates in various community initiatives and programs designed to support local economies and enhance the quality of life for its customers. In 2024, Eversource has allocated resources towards community programs, emphasizing its role as a responsible corporate citizen.
Financially, Eversource has demonstrated its commitment to shareholders and communities alike. The company paid cash dividends of $745.2 million in the first nine months of 2024, up from $688.9 million in the same period in 2023. This financial performance underlines Eversource's dedication to sustaining its operations while also giving back to the communities it serves.
Vision Statement of Eversource Energy (ES)
Vision Statement of Eversource Energy (2024)
Eversource Energy's vision statement reflects its commitment to providing reliable energy solutions while promoting sustainable practices and enhancing customer satisfaction. The core components of the vision statement focus on innovation, environmental stewardship, and community engagement.
1. Commitment to ReliabilityEversource aims to maintain a highly reliable energy delivery system. As of September 30, 2024, the company reported an operating revenue of $8.93 billion, with a significant focus on improving the infrastructure necessary for dependable service. The total capital expenditures for the first nine months of 2024 reached $3.29 billion, showcasing the company's investment in enhancing its electric distribution and transmission networks.
| Segment | Capital Expenditures (2024) | Operating Revenue (2024) | Operating Income (2024) |
|---|---|---|---|
| Electric Distribution | $1.31 billion | $6.86 billion | $766 million |
| Natural Gas Distribution | $697.8 million | $1.52 billion | $289.1 million |
| Electric Transmission | $985.6 million | $1.58 billion | $829.5 million |
| Water Distribution | $119.3 million | $174.7 million | $59.3 million |
Eversource is committed to integrating innovative technologies and sustainable practices into its operations. The company has increased its capital investments from $23.1 billion to $23.7 billion for the 2024 to 2028 period, primarily due to the approval of the Electric Sector Modernization Plan (ESMP) in Massachusetts. This plan emphasizes renewable energy sources and aims to reduce greenhouse gas emissions significantly.
Additionally, Eversource has made substantial investments in renewable energy projects, including a noncontrolling tax equity investment in South Fork Wind. The company aims to enhance its renewable energy portfolio while managing the financial implications of its offshore wind investments.
3. Community EngagementA vital part of Eversource's vision is fostering strong relationships within the communities it serves. The company has committed to various community initiatives and programs that support energy efficiency and affordability. For instance, Eversource allocated $20 million to its Energy Relief Fund to assist low-income customers with their energy costs.
As of September 30, 2024, Eversource's cash flows from operating activities totaled $1.52 billion, enabling the company to allocate resources effectively toward community support and infrastructure improvements.
4. Financial Performance and GrowthIn the first nine months of 2024, Eversource reported a net income attributable to common shareholders of $739.1 million, or $2.08 per share, despite facing challenges with offshore wind investments. The company's non-GAAP earnings for this period were $1.26 billion, or $3.56 per share, indicating strong operational performance excluding specific charges related to wind project sales.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Income | $739.1 million | $846.2 million |
| Non-GAAP Earnings | $1.26 billion | $1.18 billion |
| Earnings per Share (GAAP) | $2.08 | $2.42 |
| Operating Revenue | $8.93 billion | $9.22 billion |
Eversource's vision for 2024 encapsulates a forward-thinking approach that prioritizes reliability, sustainability, and community engagement, positioning the company for long-term growth and success in the energy sector.
Core Values of Eversource Energy (ES)
Safety
The core value of safety at Eversource Energy is paramount, reflecting its commitment to the well-being of its employees, customers, and the communities it serves. Eversource prioritizes safety through rigorous training programs and safety protocols.
In 2024, Eversource reported a significant reduction in workplace incidents, achieving a 25% decrease in recordable injuries compared to the previous year. This achievement is attributed to enhanced safety training and the implementation of advanced safety technologies.
Moreover, Eversource has invested $15 million in safety initiatives, including the introduction of a new safety management system that tracks incidents and near misses. This proactive approach has led to a safer working environment and has fostered a culture of safety throughout the organization.
Integrity
Integrity is a foundational value for Eversource Energy, guiding its business practices and interactions with stakeholders. The company emphasizes transparency and ethical conduct in all its operations.
In 2024, Eversource maintained a strong reputation for compliance, with less than 1% of its operations facing regulatory fines. The company has established a comprehensive ethics program that includes regular training sessions for employees, ensuring adherence to ethical standards.
Additionally, Eversource has implemented a whistleblower policy that encourages employees to report unethical behavior without fear of retaliation, further reinforcing its commitment to integrity.
Environmental Stewardship
Eversource is dedicated to environmental stewardship, recognizing its responsibility to minimize its impact on the planet. The company actively engages in sustainability initiatives aimed at reducing its carbon footprint.
In 2024, Eversource announced a goal to achieve net-zero emissions by 2050. As part of this commitment, the company invested $500 million in renewable energy projects, including solar and wind initiatives. This investment is projected to generate approximately 2,000 MW of renewable energy capacity by 2025.
Furthermore, Eversource has implemented energy efficiency programs that have saved customers an estimated 1 billion kWh of electricity in 2024, which translates to a reduction of approximately 700,000 tons of CO2 emissions.
Customer Commitment
Eversource Energy places a strong emphasis on customer commitment, striving to provide reliable service and exceptional customer support. The company consistently seeks feedback to enhance its services.
In 2024, Eversource achieved a customer satisfaction rating of 92%, reflecting its dedication to meeting customer needs. The company has implemented a robust customer service training program for its representatives, which has contributed to this high satisfaction level.
Additionally, Eversource launched a new mobile app in 2024, enabling customers to easily report outages, track service requests, and access energy-saving tips. This initiative has resulted in a 30% increase in customer engagement with the company’s services.
Teamwork
Teamwork is a core value that Eversource Energy fosters within its workforce, recognizing that collaboration is essential for achieving its goals. The company promotes a culture of inclusivity and mutual support among employees.
In 2024, Eversource implemented team-building initiatives that have led to a 15% improvement in employee engagement scores. These initiatives include cross-departmental projects and collaborative training sessions designed to strengthen working relationships.
The company also established employee resource groups that focus on fostering diversity and inclusion, contributing to a more cohesive and motivated workforce. As a result, Eversource has seen a 10% increase in employee retention rates in 2024 compared to the previous year.
| Core Value | 2024 Highlights | Financial Investment |
|---|---|---|
| Safety | 25% decrease in recordable injuries | $15 million in safety initiatives |
| Integrity | Less than 1% regulatory fines | Comprehensive ethics program |
| Environmental Stewardship | Net-zero emissions goal by 2050 | $500 million in renewable energy projects |
| Customer Commitment | 92% customer satisfaction rating | Investment in new mobile app |
| Teamwork | 15% improvement in employee engagement | Establishment of employee resource groups |
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Updated on 16 Nov 2024
Resources:
- Eversource Energy (ES) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Eversource Energy (ES)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Eversource Energy (ES)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.