Eversource Energy (ES) SEC Filings & Earnings Calls

Offshore wind contingent liability further increase

“It is reasonably possible that as additional updated cost estimates become available, and if additional cost overruns materialize or other adverse changes in facts, regulations and circumstances occur, there could be additional losses and increases to the offshore wind contingent liability, which could be material.” · word for word

FERC ROE reduction impact

“Our electric transmission segment earnings decreased $24.3 million in the second quarter of 2026, as compared to the second quarter of 2025, due primarily to the prospective impact from the March 19, 2026 FERC decision in the FERC base ROE complaints that lowered the allowed ROE from 10.57 percent to 9.57 percent.” · word for word

Connecticut storm cost disallowance

“PURA approved $869.4 million of prudently incurred catastrophic storms... and postponed review of $63.3 million of storm costs to a future proceeding. CL&P is currently evaluating the impact of costs not allowed for recovery in the decision and potential legal courses of action.”

Regulatory risk from FERC ROE reduction

“FERC decision reduced ROE from 10.57% to 9.57%, resulting in a $43.9 million charge.”

Offshore wind contingent liability

“After-tax charge of $164.0 million for expected future payments to Global Infrastructure Partners.” · word for word

Non-cash charge of $115M from sale; absence of Aquarion earnings impacts near-term EPS.

“Expects to recognize after-tax non-cash non-recurring charge of approximately $115 million.”

FERC ROE Refund Liability

“We recorded a current regulatory liability of $60.4 million (pre-tax) as of March 31, 2026, which represents the low end of the range as no amount within this range is considered a better estimate.” · word for word

Storm Cost Prudency Review

“PURA established a prudency review proceeding to evaluate costs reported by CL&P for catastrophic storms ... Storm costs reported by CL&P for this six-year period total approximately $978 million.” · word for word

Aquarion Sale Uncertainty

“The closing of the transaction remains subject to appeals, regulatory processes, and customary closing conditions.” · word for word

Regulatory risk from FERC ROE reduction and retroactive refunds.

“FERC used outdated, decade-old data to set the ROE...retroactive refund order beyond the 15-month statutory limit” · word for word

Credit downgrade risk due to increased borrowing costs.

“raising borrowing costs caused by the likelihood of credit downgrades” · word for word

Infrastructure investment risk from eroded investor confidence.

“eroding investor confidence, raising the cost of capital required for vital infrastructure improvements” · word for word

Offshore Wind Divestiture and Contingent Liability

“2025 Non-GAAP EPS presented in this proxy statement excludes an after tax charge resulting from our previous offshore wind investments of $0.20 per share, net of successful tax benefits related to Revolution Wind.” · word for word

Aquarion Divestiture Regulatory Uncertainty

“The Company received an unfavorable regulatory decision from the Connecticut Public Utilities Regulatory Authority (PURA) on the sale of Aquarion Water Company.” · word for word

High Debt Levels and Balance Sheet Pressure

“Eversource's FFO to debt ratio is currently approximately 14 percent and in excess of the 13 percent Moody's threshold.” · word for word

Interest Rate Sensitivity

“Despite the headwinds from higher interest costs and offshore wind challenges, the Company has continued to successfully enhance its balance sheet condition and deliver solid financial performance.” · word for word

Regulatory and Political Risk in Connecticut

“Changes in the Connecticut regulatory structure, including the appointment of new commissioners and increasing the committee membership to five commissioners, signaled a more balanced and constructive regulatory environment.” · word for word

Increased leverage from $1.5B debt issuance may pressure credit ratings.

“Issuance of $1.5B in junior subordinated notes increases fixed obligations.”

Offshore wind contingent liability could increase materially

“It is reasonably possible that as additional updated cost estimates become available, and if additional cost overruns materialize or other adverse changes in facts, regulations and circumstances occur, it could result in additional losses and increases to the offshore wind contingent liability, which could be material.” · word for word

FERC ROE complaints could reduce transmission earnings

“The resolution of these proceedings could have a material impact on the financial condition, results of operations, and cash flows.” · word for word

Aquarion sale uncertainty

“Based on PURA’s November 19, 2025 denial of the sale and the uncertainty of the ultimate outcome, the Aquarion water distribution business no longer met the criteria to be classified as held for sale” · word for word

Equity dilution from planned $800M-$1.1B equity raise.

“expects to raise equity in the range of $800 million to $1.1 billion” · word for word

Customer credits at NSTAR Electric impacted distribution earnings.

“charge to earnings for customer credits at NSTAR Electric as a result of the joint settlement agreement” · word for word

No material risk from this routine board election.

“Standard director election and committee appointment; no related-party transactions.”

Regulatory risk: state utility commission rejection of a planned asset sale, indicating potential difficulty in executing strategic divestitures.

“Connecticut Public Utilities Regulatory Authority’s decision to reject the proposed sale of the Aquarion Water Company.” · word for word

Offshore Wind Contingent Liability Expansion

“It is reasonably possible that as additional updated cost estimates become available, and if additional cost overruns materialize or other adverse changes in facts, regulations and circumstances occur, it could result in additional losses and increases to the offshore wind contingent liability, which could be material.” · word for word

FERC ROE Complaint Uncertainty

“Given the significant uncertainty regarding the applicability of the FERC order in the MISO transmission owners’ two complaint cases to the NETOs’ pending four complaint cases due to the complex differences between the cases, Eversource concluded that there is no reasonable basis for a change to the reserve or recognized ROEs for any of the complaints or sub” · word for word

Credit Rating Watch Negative

“On September 15, 2025, Fitch revised the outlook from stable to watch negative for Eversource parent, CL&P, NSTAR Electric and PSNH due to the stop-work order for the Revolution Wind project.” · word for word

Storm Cost Recovery Uncertainty

“As part of the decision, unrecovered storm costs of $247 million were removed from the rate proceeding for consideration in a separate proceeding.” · word for word

Regulatory change risk at state and federal levels could impact rate case outcomes and allowed returns.

“Management commentary: 'continuing to focus on energy affordability... during a time of extensive regulatory change at the state and federal levels.'”

Offshore wind sale liability increased by $75M after-tax, indicating residual financial exposure from divested projects.

“Results include aggregate net after-tax loss of $75.0 million related to increase in liability for expected future obligations to Global Infrastructure Partners.”