Eversource Energy Reports Second Quarter Results

Source: www.gulfoilandgas.com 7/31/2023, Location: North America

Eversource Energy (ES) reported earnings of $15.4 million, or $0.04 per share, in the second quarter of 2023, compared with earnings of $291.9 million, or $0.84 per share, in the second quarter of 2022. In the first half of 2023, Eversource Energy reported earnings of $506.6 million, or $1.45 per share, compared with earnings of $735.3 million, or $2.13 per share, in the first half of 2022.

As a result of Eversource completing its Offshore Wind Strategic Review that included the sale of its interest in the undeveloped offshore lease area to Ørsted and the advancement of the sale of its interest in the projects under development, Eversource has determined that the carrying value of its total offshore wind investment is impaired. Therefore, the results for the second quarter and first half of 2023 include an after-tax impairment charge of $331.0 million, or $0.95 per share, related to Eversource Energy’s offshore wind investment. In addition, results for both years include transaction and transition costs related to Eversource Gas Company of Massachusetts and other charges that totaled $6.2 million in the second quarter of 2023 and $6.7 million in the first half of 2023, compared with $5.5 million in the second quarter of 2022 and $10.8 million in the first half of 2022. Absent these charges and the offshore wind impairment, Eversource earned $352.6 million1, or $1.00 per share1, in the second quarter of 2023 and $844.3 million1, or $2.41 per share1, in the first half of 2023, compared with $297.4 million1, or $0.86 per share1, in the second quarter of 2022 and $746.1 million1, or $2.16 per share1, in the first half of 2022.

Eversource Energy also today reiterated its 2023 non-GAAP earnings per share (EPS) projection of $4.25 to $4.43 per share, excluding the charges noted above. Eversource Energy also reaffirmed its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5-7 percent, using the $4.09 per share1 earned in 2022 as a base.

“We had a strong first half of the year,” said Joe Nolan, Eversource chairman, president and chief executive officer. “Operationally, we continue to deliver safe and reliable service to our 4.4 million customers. From an electric reliability standpoint, we are on track to deliver on our top performance record this year for our customers and resulting in top decile performance as compared to our peers, with average months between service interruptions at over 2 years system wide. Financially, we’re on plan to deliver on our projections for the year, despite continued pressures from higher inflation and interest rates. The nearly 10,000 employees of Eversource continue their hard work to advance our region’s clean energy goals and build on our position as an industry leader in sustainability, diversity, equity and inclusion.”

Electric Transmission
Eversource Energy’s transmission segment earned $161.0 million in the second quarter of 2023 and $316.1 million in the first half of 2023, compared with earnings of $151.5 million in the second quarter of 2022 and $300 million in the first half of 2022. Transmission segment results improved primarily due to a higher level of investment in Eversource’s electric transmission system to continue to provide the New England region with the highest system reliability.

Electric Distribution
Eversource Energy’s electric distribution segment earned $165.5 million in the second quarter of 2023 and $331.0 million in the first half of 2023, compared with $129.0 million in the second quarter of 2022 and $269.9 million in the first half of 2022. Improved second-quarter results were due primarily to higher distribution revenues, a favorable regulatory decision in New Hampshire that allowed for the recovery of previously expensed operating costs, and lower storm restoration costs, partially offset by higher interest expense, depreciation, and property taxes. Higher year-to-date results also include favorable timing impact of a rate design change for Eversource’s Massachusetts electric business that have the effect of shifting certain peak demand revenues from the summer period to winter periods, which was a pre-tax benefit that totaled approximately $21 million.

Natural Gas Distribution
Eversource Energy’s natural gas distribution segment earned $11.7 million in the second quarter of 2023 and $181.9 million in the first half of 2023, compared with earnings of $7.7 million in the second quarter of 2022 and $171.7 million in the first half of 2022. Improved second-quarter and first-half results were primarily the result of higher revenues from our Massachusetts operations and lower operations and maintenance expense (O&M), partially offset by higher depreciation, interest and property tax expense.

Water Distribution
Eversource Energy’s water segment earned $9.3 million in the second quarter of 2023 and $10.8 million in the first half of 2023, compared with earnings of $9.0 million in the second quarter of 2022 and $12.7 million in the first half of 2022. Lower results in the first half were primarily due to higher O&M and higher interest expense.

Eversource Parent and Other Companies
Eversource Energy parent and other companies, excluding the charges noted above, earned $5.1 million1 in the second quarter of 2023 and $4.5 million1 in the first half of 2023, compared with earnings of $0.2 million1 in the second quarter of 2022 and losses of $8.2 million1 in the first half of 2022. Improved second-quarter and first half results primarily reflect a lower effective tax rate, partially offset by higher interest expense. Second quarter and year-to-date results also include a benefit from the disposition of Eversource’s interest in a clean energy fund and a resultant contribution in the first quarter of 2023 to the Eversource Energy Foundation.


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