Strong Growth in Transmission and Distribution
Eversource saw strong growth across its transmission and distribution businesses, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029. The company is projecting rate-based growth at 8% over the five-year forecast period.
Progress on Key Projects
Significant progress was made on the AMI project in Massachusetts, with the communication network 40% complete and on track for a July completion. The acquisition of the Mystic Site offers promising multi-use interconnection opportunities.
Regulatory and Customer Initiatives
Eversource reduced winter rates for gas customers by approximately 10% in Massachusetts and is actively working on long-term solutions for rate stabilization and affordability. The company is also enhancing its digital customer experience.
Financial Performance and Guidance
First quarter earnings were $1.50 per share, slightly up from $1.49 per share last year, with higher utility earnings offsetting other declines. The company reaffirmed its 2025 earnings guidance and long-term EPS growth rate.