Eversource Energy (Eversource), through its wholly-owned utility subsidiaries, primarily engages in the energy delivery business.
Subsidiaries
The company’s wholly-owned utility subsidiaries are:
The Connecticut Light and Power Company (CL&P), a regulated electric utility that serves residential, commercial, and industrial customers in parts of Connecticut;
NSTAR Electric Company (NSTAR Electric), a regulated electric utility that serves residential, commercial, and industrial customers in p...
Eversource Energy (Eversource), through its wholly-owned utility subsidiaries, primarily engages in the energy delivery business.
Subsidiaries
The company’s wholly-owned utility subsidiaries are:
The Connecticut Light and Power Company (CL&P), a regulated electric utility that serves residential, commercial, and industrial customers in parts of Connecticut;
NSTAR Electric Company (NSTAR Electric), a regulated electric utility that serves residential, commercial, and industrial customers in parts of eastern and western Massachusetts, and owns solar power facilities, and its wholly-owned subsidiary Harbor Electric Energy Company (HEEC), also a regulated electric utility that distributes electric energy to its sole customer;
Public Service Company of New Hampshire (PSNH), a regulated electric utility that serves residential, commercial, and industrial customers in parts of New Hampshire;
NSTAR Gas Company (NSTAR Gas), a regulated natural gas utility that serves residential, commercial, and industrial customers in parts of Massachusetts;
Eversource Gas Company of Massachusetts (EGMA), a regulated natural gas utility that serves residential, commercial, and industrial customers in parts of Massachusetts;
Yankee Gas Services Company (Yankee Gas), a regulated natural gas utility that serves residential, commercial, and industrial customers in parts of Connecticut; and
Aquarion Company (Aquarion), a utility holding company that owns five separate regulated water utility subsidiaries and collectively serves residential, commercial, industrial, municipal, and fire protection customers in parts of Connecticut, Massachusetts, and New Hampshire.
CL&P, NSTAR Electric, and PSNH also serve New England customers through Eversource's electric transmission business. Along with NSTAR Gas, EGMA, and Yankee Gas, each is doing business as Eversource in its respective service territory.
Eversource, CL&P, NSTAR Electric, and PSNH each report their financial results separately. Eversource has four reportable segments: electric distribution, electric transmission, natural gas distribution, and water distribution.
Eversource’s previous offshore wind business included 50 percent ownership interests in each of North East Offshore and South Fork Class B Member, LLC. In the third quarter of 2024, Eversource sold its interest in these entities, and in doing so, sold its interests in the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project. Eversource’s current offshore wind business now comprises only a noncontrolling tax equity investment in South Fork Wind.
Electric Distribution Segment
Eversource's electric distribution segment consists of the distribution businesses of CL&P, NSTAR Electric, and PSNH, which are engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts, and New Hampshire, respectively, and the solar power facilities of NSTAR Electric.
Electric Distribution – Connecticut – The Connecticut Light and Power Company
CL&P's distribution business consists primarily of the purchase, delivery, and sale of electricity to its residential, commercial, and industrial customers. As of December 31, 2024, CL&P furnished retail franchise electric service to approximately 1.30 million customers in 157 cities and towns in Connecticut. CL&P does not own any electric generation facilities.
Rates
CL&P is subject to regulation by the Connecticut Public Utilities Regulatory Authority (PURA), which, among other things, has jurisdiction over rates, certain dispositions of property and plant, mergers and consolidations, issuances of long-term securities, standards of service, and construction and operation of facilities. CL&P's present general rate structure consists of various rate and service classifications covering residential, commercial, and industrial services.
Sources and Availability of Electric Power Supply
As approved by PURA, CL&P periodically enters into full requirements supply contracts for SS loads for periods of up to one year. CL&P typically enters into full requirements supply contracts for LRS loads every three months.
Electric Distribution – Massachusetts – NSTAR Electric Company
NSTAR Electric's distribution business consists primarily of the purchase, delivery, and sale of electricity to its residential, commercial, and industrial customers. As of December 31, 2024, NSTAR Electric furnished retail franchise electric service to approximately 1.58 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.
NSTAR Electric owns, operates, and maintains a total of 70 MW of solar power facilities on twenty-two sites in Massachusetts. NSTAR Electric sells energy from these facilities into the ISO-NE market, with proceeds credited to customers.
Rates
NSTAR Electric is subject to regulation by the Massachusetts Department of Public Utilities (DPU), which, among other things, has jurisdiction over rates, certain dispositions of property and plant, mergers and consolidations, issuances of long-term securities, acquisition of securities, standards of service, and construction and operation of facilities.
Under Massachusetts law, all customers of NSTAR Electric are entitled to choose their energy suppliers, while NSTAR Electric remains their electric distribution company.
Electric Distribution – New Hampshire – Public Service Company of New Hampshire
PSNH's distribution business consists primarily of the purchase, delivery, and sale of electricity to its residential, commercial, and industrial customers. As of December 31, 2024, PSNH furnished retail franchise electric service to approximately 544,000 retail customers in 206 cities and towns in New Hampshire. PSNH does not own any electric generation facilities.
Rates
PSNH is subject to regulation by the New Hampshire Public Utilities Commission (NHPUC), which, among other things, has jurisdiction over rates, certain dispositions of property and plant, mergers and consolidations, issuances of securities, standards of service, and construction and operation of facilities.
Electric Transmission segment
CL&P, NSTAR Electric, and PSNH each own and maintain transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England. Each of CL&P, NSTAR Electric, and PSNH, and most other New England utilities, are parties to a series of agreements that provide for coordinated planning and operation of the region's transmission facilities and the rules by which they acquire transmission services.
Wholesale Transmission Rates
CL&P, NSTAR Electric, and PSNH wholesale transmission rates are calculated in accordance with a FERC-approved formula ratemaking framework, and each utility is required to file an annual update on or before July 31st, with resulting rates effective January 1st the following year. The transmission rates are collected from New England wholesale customers, including distribution customers of CL&P, NSTAR Electric, and PSNH.
Transmission Rate Base
Transmission rate base under the company's FERC-approved tariff primarily consists of its investment in transmission net utility plant less accumulated deferred income taxes.
Natural Gas Distribution Segment
NSTAR Gas distributes natural gas to approximately 315,000 customers in 59 communities in central and eastern Massachusetts. EGMA distributes natural gas to approximately 332,000 customers in 66 communities throughout Massachusetts. Yankee Gas distributes natural gas to approximately 254,000 customers in 85 cities and towns in Connecticut. The company’s natural gas businesses provide firm natural gas sales and transportation service to eligible retail customers who require a continuous natural gas supply throughout the year, such as residential customers who rely on natural gas for heating, hot water, and cooking needs, as well as commercial and industrial customers who rely on natural gas for space heating, hot water, cooking, and commercial and industrial applications.
NSTAR Gas, EGMA, and Yankee Gas generate revenues primarily through the sale and/or transportation of natural gas. All NSTAR Gas and EGMA retail customers have the ability to choose to purchase gas from third-party marketers under the Massachusetts Retail Choice program. In the past year in Massachusetts, Retail Choice represented only approximately one percent of the total residential load, while Retail Choice represented approximately 40 percent of the total commercial and industrial load. Retail natural gas service in Connecticut is partially unbundled: residential customers in Yankee Gas' service territory buy natural gas supply and delivery only from Yankee Gas. For customers who purchase natural gas from NSTAR Gas, EGMA, and Yankee Gas, the purchased natural gas commodity cost is passed through to those customers without mark-up.
Firm transportation service is offered to customers who purchase natural gas from sources other than NSTAR Gas, EGMA, or Yankee Gas. NSTAR Gas and EGMA have the ability to offer interruptible transportation and interruptible natural gas sales service to high-volume commercial and industrial customers. Yankee Gas offers interruptible transportation and interruptible natural gas sales service to commercial and industrial customers who have the ability to switch from natural gas to an alternate fuel on short notice. NSTAR Gas, EGMA, and Yankee Gas can interrupt service to these customers during peak demand periods or at any other time to maintain distribution system integrity.
A portion of the storage of natural gas supply for NSTAR Gas and EGMA during the winter heating season is provided by Hopkinton LNG Corp., an indirect, wholly-owned subsidiary of Eversource. NSTAR Gas has access to facilities consisting of an LNG liquefaction and vaporization plant and three above-ground cryogenic storage tanks having an aggregate capacity of 3.0 Bcf of liquefied natural gas and facilities that include additional storage capacity of 0.5 Bcf. Total vaporization capacity of these facilities is 0.21 Bcf per day. EGMA has access to approximately 1.7 Bcf of LNG and 0.1 Bcf of LPG storage, with a total vaporization capacity of 0.15 Bcf per day. Yankee Gas owns a 1.2 Bcf LNG facility, which also has the ability to liquefy and vaporize up to 0.1 Bcf per day. This facility is used primarily to assist Yankee Gas in meeting its supplier-of-last-resort obligations and also enables it to provide economic supply and make economic refill of natural gas, typically during periods of low demand.
Rates
NSTAR Gas and EGMA are subject to regulation by the DPU, and Yankee Gas is subject to regulation by the PURA, both of which, among other things, have jurisdiction over rates, certain dispositions of property and plant, mergers and consolidations, issuances of long-term securities, standards of service, and construction and operation of facilities.
Sources and Availability of Natural Gas Supply
NSTAR Gas and EGMA maintain flexible resource portfolios consisting of natural gas supply contracts, transportation contracts on interstate pipelines, market area storage, and peaking services. NSTAR Gas and EGMA purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company, as well as other upstream pipelines that transport natural gas from major natural gas producing regions in the U.S., including the Gulf Coast, Mid-continent region, and Appalachian Shale (as well as Ontario, Canada specific to EGMA), which supply to the final delivery points in the NSTAR Gas and EGMA service areas. NSTAR Gas purchases all of its natural gas supply under a firm, competitively bid annual portfolio management contract. EGMA purchases the majority of its natural gas supply under a number of firm, competitively bid annual portfolio management contracts, and manages a portion of its own portfolio. In addition to the firm transportation and natural gas storage supplies, NSTAR Gas and EGMA utilize on-system LNG facilities (and also LPG facilities for EGMA) to meet winter peaking demands. These LNG facilities are located within NSTAR Gas' and EGMA’s distribution systems and are used to liquefy pipeline natural gas and/or receive liquefied natural gas or liquefied petroleum gas to be stored during the warmer months for vaporization and use during the heating season. During the summer injection season, excess pipeline capacity and supplies are used to deliver and store natural gas in market area underground storage facilities located in Maryland and Pennsylvania. Stored natural gas is withdrawn during the winter season to supplement flowing pipeline supplies in order to meet firm heating demand. NSTAR Gas has firm underground storage contracts and total storage capacity entitlements of approximately 6.6 Bcf, and 3.5 Bcf LNG storage is provided by Hopkinton LNG Corp. in facilities located in two different locations in Massachusetts. EGMA has firm underground storage contracts and total storage capacity entitlements of approximately 8.8 Bcf, and 1.8 Bcf LNG and LPG storage is provided by Hopkinton LNG Corp. in facilities located at seven different locations in Massachusetts.
PURA requires Yankee Gas to meet the needs of its firm customers under all weather conditions. Specifically, Yankee Gas must structure its supply portfolio to meet firm customer needs under a design day scenario (defined as the coldest day in 30 years) and under a design year scenario (defined as the average of the four coldest years in the last 30 years). Yankee Gas also maintains a flexible resource portfolio consisting of natural gas supply contracts, transportation contracts on interstate pipelines, off-system storage, and its on-system 1.2 Bcf LNG storage facility in Connecticut to meet consumption needs during the coldest days of winter. Yankee Gas obtains its interstate capacity from the three interstate pipelines that directly serve Connecticut: the Algonquin, Tennessee, and Iroquois Pipelines, which connect to other upstream pipelines that transport natural gas from major natural gas producing regions, including the Gulf Coast, Mid-continent, Canadian regions, and Appalachian Shale supplies.
Water Distribution Segment
Aquarion Company (Aquarion) operates five separate regulated water utilities in Connecticut (Aquarion Water Company of Connecticut, or AWC-CT, and The Torrington Water Company), Massachusetts (Aquarion Water Company of Massachusetts, or AWC-MA), and New Hampshire (Aquarion Water Company of New Hampshire, or AWC-NH, and Abenaki Water Company). These regulated companies provide water services to approximately 248,000 residential, commercial, industrial, municipal, and fire protection and other customers, in 73 towns and cities in Connecticut, Massachusetts, and New Hampshire. As of December 31, 2024, approximately 91 percent of Aquarion’s customers were based in Connecticut.
Rates
Aquarion's water utilities are subject to regulation by the PURA, the DPU, and the NHPUC in Connecticut, Massachusetts, and New Hampshire, respectively.
Nuclear Fuel Storage
CL&P, NSTAR Electric, PSNH, and several other New England electric utilities are stockholders in three inactive regional nuclear generation companies, CYAPC, MYAPC, and YAEC (collectively, the Yankee Companies). The Yankee Companies have completed the physical decommissioning of their respective nuclear power facilities and are now engaged in the long-term storage of their spent nuclear fuel.
Other Regulatory and Environmental Matters
The company is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Public Utility Holding Company Act of 2005.
It is regulated by various federal and state agencies, including FERC, the SEC, and various state and/or local regulatory authorities with jurisdiction over the industry and the service areas in which each of the company’s subsidiaries operates, including the PURA, which has jurisdiction over CL&P, Yankee Gas, and Aquarion, the DPU, which has jurisdiction over NSTAR Electric, NSTAR Gas, EGMA, and Aquarion, and the NHPUC, which has jurisdiction over PSNH and Aquarion.
History
The company was incorporated in 1927. The company was formerly known as Northeast Utilities and changed its name to Eversource Energy in 2015.
