Eversource Energy (ES): Business Model Canvas

In der dynamischen Landschaft der Energieinfrastruktur erweist sich Eversource Energy als zentraler Akteur und verändert die Art und Weise, wie New England Energieversorgung und Nachhaltigkeit erlebt. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das technologische Innovation, Engagement für erneuerbare Energien und kundenorientierte Dienstleistungen in Einklang bringt, navigiert dieser Versorgungsriese mit strategischer Präzision durch das komplexe Energieökosystem. Ihr Business Model Canvas offenbart einen vielschichtigen Ansatz, der über den traditionellen Versorgungsbetrieb hinausgeht und fortschrittliche Netztechnologien, nachhaltige Praktiken und robuste Kundenbindungsstrategien integriert, die sie an der Spitze des sich entwickelnden Energiemarktes positionieren.

Eversource Energy (ES) – Geschäftsmodell: Wichtige Partnerschaften

Nationale Netz- und regionale Versorgungspartnerschaften

Eversource Energy unterhält strategische Partnerschaften mit mehreren regionalen Versorgungsunternehmen für Netzverbindung und Stromübertragung.

Partner-Dienstprogramm	Umfang der Partnerschaft	Jährliches Verbindungsvolumen
Nationales Netz	Regionale Netzverbindung	3.847 MW
ISO Neuengland	Koordinierung der Kraftübertragung	2.285 MW

Kooperationen von Entwicklern für erneuerbare Energien

Eversource arbeitet mit mehreren Solar- und Windenergieentwicklern zusammen, um die Infrastruktur für erneuerbare Energien auszubauen.

• Erste Windenergie
• Tiefwasserwind
• Solar City Corporation

Entwickler	Projekttyp	Installierte Kapazität
Erste Windenergie	Windkraft	412 MW
Tiefwasserwind	Offshore-Wind	288 MW

Kommunale Regierungspartnerschaften

Eversource arbeitet bei der Infrastrukturentwicklung mit Kommunalverwaltungen in Connecticut, Massachusetts und New Hampshire zusammen.

Staat	Anzahl kommunaler Vereinbarungen	Infrastrukturinvestitionen
Connecticut	87 Gemeinden	124 Millionen Dollar
Massachusetts	105 Gemeinden	186 Millionen Dollar

Partnerschaften mit Technologieanbietern

Eversource integriert fortschrittliche Technologielösungen durch strategische Anbieterpartnerschaften.

• Schneider Electric
• Siemens
• IBM

Technologieanbieter	Lösungsfokus	Jährliche Technologieinvestition
Schneider Electric	Smart-Grid-Technologien	42 Millionen Dollar
Siemens	Digitale Transformation	35 Millionen Dollar

Eversource Energy (ES) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung und -übertragung

Eversource Energy verwaltet 4.300 Leitungsmeilen an Übertragungsleitungen in ganz Neuengland. Das Unternehmen erzeugt und überträgt über sein Netz rund 3.200 Megawatt Strom.

Übertragungsinfrastruktur	Kapazität
Rundstreckenmeilen	4,300
Gesamterzeugungskapazität	3.200 MW

Erdgasverteilung und Versorgungsmanagement

Eversource beliefert rund 237.000 Erdgaskunden in ganz Connecticut und liefert jährlich 58,6 Milliarden Kubikfuß Erdgas.

Gasverteilungsmetriken	Lautstärke
Erdgaskunden	237,000
Jährliche Gaslieferung	58,6 Milliarden Kubikfuß

Netzwartung und Infrastruktur-Upgrades

Das Unternehmen investiert jährlich etwa 1,2 Milliarden US-Dollar in Infrastrukturverbesserungen und Netzmodernisierung.

• Jährliche Infrastrukturinvestitionen: 1,2 Milliarden US-Dollar
• Schwerpunkte der Netzmodernisierung:
  • Modernisierung der Übertragungsleitungen
  • Verbesserungen der Umspannwerke
  • Implementierung der Smart-Grid-Technologie

Entwicklung eines Energieeffizienzprogramms

Eversource implementiert Energieeffizienzprogramme, die Kunden im Jahr 2022 2,1 Millionen Megawattstunden einsparten.

Kennzahlen zur Energieeffizienz	Leistung
Energieeinsparungen	2,1 Millionen MWh
Programminvestition	320 Millionen Dollar

Kundendienst und Abrechnungsvorgänge

Eversource bedient über 4 Millionen Strom- und Gaskunden in drei Bundesstaaten mit einem umfassenden Kundensupport-Netzwerk.

Kundendienstkennzahlen	Lautstärke
Gesamtzahl der Kunden	4 Millionen
Kundendienstzentren	12

Eversource Energy (ES) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Infrastruktur für die Stromübertragung und -verteilung

Eversource Energy ist tätig 4.280 Meilen an Übertragungsleitungen in ganz Neuengland. Das Unternehmen verwaltet 21.192 Meilen Verteilungsleitungen betreut Kunden in Massachusetts, Connecticut und New Hampshire.

Kategorie „Infrastruktur“.	Menge	Serviceregion
Übertragungsleitungen	4.280 Rundstreckenmeilen	Neuengland
Verteilungslinien	21.192 Meilen	MA, CT, NH

Energieerzeugungsanlagen

Eversource Energy verwaltet mehrere Energieerzeugungsressourcen in ganz Neuengland.

• Portfolio Erneuerbare Energien: 1.300 MW erneuerbare Erzeugungskapazität
• Solarerzeugung: 185 MW Solaranlagen
• Investitionen in Windenergie: 250 MW Windkraftkapazität

Qualifizierte Ingenieure und technische Arbeitskräfte

Eversource Energy beschäftigt Insgesamt 8.525 Arbeiter ab 2023, mit erheblicher technischer Expertise.

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	8,525
Technisches/Ingenieurpersonal	3,412

Fortschrittliche digitale Technologie und Netzmanagementsysteme

Eversource investiert Jährlich 650 Millionen US-Dollar für Netzmodernisierungstechnologien. Die digitale Infrastruktur umfasst fortschrittliche Mess- und Netzüberwachungssysteme.

Finanzkapital für Infrastrukturinvestitionen

Finanzielle Mittel für 2024:

• Gesamtvermögen: 34,2 Milliarden US-Dollar
• Investitionsbudget: 2,1 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 412 Millionen Dollar

Finanzkennzahl	Wert 2024
Gesamtvermögen	34,2 Milliarden US-Dollar
Kapitalausgaben	2,1 Milliarden US-Dollar
Barreserven	412 Millionen Dollar

Eversource Energy (ES) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Energieversorgung für Privat- und Gewerbekunden

Eversource Energy beliefert rund 4,3 Millionen Strom- und Erdgaskunden in Connecticut, Massachusetts und New Hampshire. Das Unternehmen liefert jährlich 2,2 Milliarden Kilowattstunden Strom.

Kundensegment	Anzahl der Kunden	Jährliche Energielieferung
Privatkunden	3,6 Millionen	1,8 Milliarden kWh
Gewerbliche Kunden	700,000	400 Millionen kWh

Engagement für erneuerbare Energien und Nachhaltigkeit

Eversource hat sich dazu verpflichtet 50 % erneuerbare Energieerzeugung bis 2030. Das aktuelle Portfolio an erneuerbaren Energien umfasst:

• Solarerzeugung: 250 MW
• Windenergieerzeugung: 450 MW
• Wasserkrafterzeugung: 200 MW

Fortschrittliche Grid-Technologie für verbesserte Servicezuverlässigkeit

Investition in die Netzmodernisierung: 1,2 Milliarden US-Dollar über fünf Jahre. Der Einsatz intelligenter Zähler deckt 95 % des Versorgungsgebiets ab.

Technologieinvestitionen	Betrag
Netzmodernisierung	1,2 Milliarden US-Dollar
Smart-Meter-Abdeckung	95%

Energieeffizienzprogramme und Kostenmanagementlösungen

Jährliche Ausgaben für das Energieeffizienzprogramm: 220 Millionen US-Dollar. Erzielte Kundeneinsparungen:

• Jährliche Ersparnis für Privatkunden: 180 $
• Jährliche Ersparnis für gewerbliche Kunden: 4.500 $

Umfassende Versorgungsdienstleistungen für mehrere Energiesektoren

Serviceabdeckung in drei Bundesstaaten mit integrierten Energielösungen:

Servicetyp	Abdeckung
Elektrische Verteilung	Connecticut, Massachusetts, New Hampshire
Erdgasverteilung	Connecticut, Massachusetts

Eversource Energy (ES) – Geschäftsmodell: Kundenbeziehungen

Online-Kundendienstportale

Eversource Energy bietet digitale Kundendienstplattformen mit den folgenden Funktionen:

Portalfunktion	Spezifische Details
Online-Kontozugriff	Rund um die Uhr für 1,5 Millionen Privatkunden verfügbar
Zahlungsoptionen für Rechnungen	Mehrere digitale Zahlungsmethoden, einschließlich Kreditkarte, Banküberweisung
Nutzungsverfolgung	Überwachung des Energieverbrauchs in Echtzeit

Mobile App zur Kontoverwaltung

Die mobile Anwendung von Eversource bietet:

• Ausfallberichtsfunktion
• Verfolgung des Energieverbrauchs in Echtzeit
• Möglichkeiten zur Rechnungszahlung
• Chat-Integration für den Kundensupport

Direkte Kundensupportkanäle

Support-Kanal	Kontaktvolumen
Telefonsupport	3,2 Millionen jährliche Kundeninteraktionen
E-Mail-Support	Etwa 250.000 E-Mail-Anfragen pro Jahr
Live-Chat	150.000 digitale Support-Interaktionen jährlich

Community-Engagement-Programme

Eversource implementiert Initiativen zum Engagement der Gemeinschaft:

• Energieeffizienz-Workshops: 45 jährliche Community-Events
• Bildungsprogramme für erneuerbare Energien: Erreichen Sie 75.000 Kunden
• Lokale Nachhaltigkeitspartnerschaften: 12 regionale Kooperationen

Proaktive Kommunikation bei Serviceunterbrechungen

Kommunikationsmethode	Reichweite
SMS-Benachrichtigungen	1,4 Millionen registrierte Kunden
Social-Media-Updates	250.000 Follower auf allen Plattformen
Automatisierte Telefonbenachrichtigungen	Vollständige Abdeckung des Servicebereichs

Eversource Energy (ES) – Geschäftsmodell: Kanäle

Digitale Plattformen

Eversource Energy betreibt eine umfassende digitale Plattform mit folgenden Spezifikationen:

Website-Traffic	2,3 Millionen einzelne Besucher jährlich
Mobile App-Downloads	Insgesamt 487.000 Downloads
Benutzer, die Online-Rechnungen bezahlen	1,6 Millionen registrierte Benutzer

Lokale Kundendienstzentren

Eversource unterhält physische Servicestandorte in seinen Servicegebieten:

• 48 Kundendienstzentren in Connecticut, Massachusetts und New Hampshire
• Durchschnittliche Wartezeit für Kunden: 12 Minuten pro Besuch
• Jährliche Kundeninteraktionen: 672.000 persönliche Besuche

Direktvertriebsmitarbeiter

Zusammensetzung und Leistung des Vertriebsteams:

Gesamtzahl der Vertriebsmitarbeiter	342 Außendienstmitarbeiter
Durchschnittliche Kundenakquisekosten	187 $ pro neuem Privatkunden
Jährliche Verkaufsabdeckung	3 Staaten (CT, MA, NH)

Callcenter

Betriebskennzahlen des Callcenters:

Gesamtzahl der Callcenter-Standorte	5 regionale Zentren
Jährliches Anrufvolumen	4,2 Millionen Kundenanrufe
Durchschnittliche Reaktionszeit	3,5 Minuten

Energiemarktplattformen von Drittanbietern

Details zum Plattform-Engagement:

• Partnerschaften mit 12 Energiemarktplattformen
• Integration mit Vergleichsseiten für erneuerbare Energien
• Transaktionsvolumen des digitalen Marktplatzes: 87 Millionen US-Dollar pro Jahr

Eversource Energy (ES) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

Eversource Energy beliefert rund 3,7 Millionen Stromkunden in Connecticut, Massachusetts und New Hampshire.

Staat	Anzahl der Privatkunden	Durchschnittliche monatliche Stromrechnung
Connecticut	1,260,000	$180.45
Massachusetts	1,520,000	$165.75
New Hampshire	920,000	$195.30

Handels- und Industrieunternehmen

Eversource Energy versorgt 170.000 Gewerbe- und Industriekunden mit Strom.

• Große Gewerbekunden: 22.500
• Mittelständische Unternehmen: 87.500
• Kleinunternehmen: 60.000

Kommunale und staatliche Stellen

Eversource bedient 520 kommunale und staatliche Kunden in seinen Servicegebieten.

Kundentyp	Anzahl der Kunden	Jährlicher Energieverbrauch (MWh)
Gemeinden	320	1,450,000
Landesregierung	125	680,000
Bundesregierung	75	390,000

Agrarkunden

Eversource Energy unterstützt 2.300 landwirtschaftliche Kunden in seinen Serviceregionen.

• Bauernhöfe: 1.850
• Landwirtschaftliche Verarbeitungsbetriebe: 450

Projektentwickler für erneuerbare Energien

Eversource Energy unterhält Partnerschaften mit 85 Projektentwicklern für erneuerbare Energien.

Art der erneuerbaren Energie	Anzahl der Projekte	Gesamte installierte Leistung (MW)
Solar	52	620
Wind	22	380
Biomasse	11	95

Eversource Energy (ES) – Geschäftsmodell: Kostenstruktur

Wartung und Upgrades der Infrastruktur

Im Jahr 2022 investierte Eversource Energy 2,4 Milliarden US-Dollar in Investitionen in Infrastrukturverbesserungen und Netzmodernisierung.

Kategorie	Jährliche Investition
Übertragungsinfrastruktur	1,2 Milliarden US-Dollar
Upgrades des Verteilungssystems	865 Millionen Dollar
Netzmodernisierung	335 Millionen Dollar

Kosten für Stromerzeugung und -übertragung

Die Stromerzeugungs- und -übertragungskosten von Eversource beliefen sich im Jahr 2022 auf rund 1,7 Milliarden US-Dollar.

• Kosten für die Kraftstoffbeschaffung: 612 Millionen US-Dollar
• Stromabnahmeverträge: 453 Millionen US-Dollar
• Kosten für den Übertragungsbetrieb: 635 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Im Jahr 2022 beliefen sich die gesamten Mitarbeitervergütungsaufwendungen von Eversource Energy auf 834 Millionen US-Dollar.

Vergütungskomponente	Betrag
Grundgehälter	521 Millionen US-Dollar
Leistungen und Altersvorsorgebeiträge	213 Millionen Dollar
Leistungsprämien	100 Millionen Dollar

Investitionen in Technologie und digitale Transformation

Eversource stellte im Jahr 2022 187 Millionen US-Dollar für Technologie- und digitale Transformationsinitiativen bereit.

• Modernisierung der IT-Infrastruktur: 76 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 42 Millionen US-Dollar
• Digitale Kundendienstplattformen: 69 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltinitiativen

Die Compliance- und Umweltkosten für Eversource beliefen sich im Jahr 2022 auf 293 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Einhaltung von Umweltvorschriften	156 Millionen Dollar
Investitionen in erneuerbare Energien	87 Millionen Dollar
Programme zur Emissionsreduzierung	50 Millionen Dollar

Eversource Energy (ES) – Geschäftsmodell: Einnahmequellen

Gebühren für die Stromübertragung und -verteilung

Im Jahr 2022 meldete Eversource Energy einen Gesamtumsatz aus der Stromübertragung von 1,24 Milliarden US-Dollar. Das Unternehmen beliefert rund 1,3 Millionen Stromkunden in Connecticut, Massachusetts und New Hampshire.

Servicebereich	Stromkunden	Übertragungseinnahmen
Connecticut	594,000	542 Millionen US-Dollar
Massachusetts	436,000	398 Millionen US-Dollar
New Hampshire	270,000	300 Millionen Dollar

Gebühren für die Erdgasverteilung

Einnahmen aus der Erdgasverteilung für Eversource Energy erreicht 786 Millionen US-Dollar im Jahr 2022 rund 272.000 Erdgaskunden bedienen.

• Erdgaskunden in Connecticut: 148.000
• Erdgaskunden in Massachusetts: 124.000
• Durchschnittlicher jährlicher Gasverteilungsumsatz pro Kunde: 2.890 US-Dollar

Einnahmen aus dem Energieeffizienzprogramm

Eversource hat investiert 293 Millionen Dollar in Energieeffizienzprogrammen im Jahr 2022 und generieren zusätzliche Einnahmen durch staatlich geförderte Effizienzinitiativen.

Programmtyp	Investition	Kundenbeteiligung
Wohneffizienz	142 Millionen Dollar	87.000 Teilnehmer
Kommerzielle Effizienz	151 Millionen Dollar	3.200 Geschäftskunden

Investitionen in Projekte für erneuerbare Energien

Investitionen in erneuerbare Energien generiert 215 Millionen Dollar Umsatzsteigerung für Eversource im Jahr 2022, mit Schwerpunkt auf Solar- und Windprojekten.

• Einnahmen aus Solarprojekten: 128 Millionen US-Dollar
• Einnahmen aus Windprojekten: 87 Millionen US-Dollar
• Gesamtkapazität erneuerbarer Energien: 450 MW

Versorgungsdienstleistungsverträge und Partnerschaften

Versorgungsdienstleistungsverträge und strategische Partnerschaften trugen dazu bei 167 Millionen Dollar zur Einnahmequelle von Eversource im Jahr 2022.

Partnerschaftstyp	Einnahmen	Anzahl der Verträge
Kommunale Versorgungsverträge	92 Millionen Dollar	43 Verträge
Infrastrukturmanagement	75 Millionen Dollar	28 Partnerschaften

Eversource Energy (ES) - Canvas Business Model: Value Propositions

You're looking at the core promises Eversource Energy is making to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete capital plans and performance metrics.

Highly reliable and safe delivery of essential electric and gas services

Eversource Energy delivers essential services across Connecticut, Massachusetts, and New Hampshire, supporting approximately 4.6 million customers. The value here is operational consistency, even when the weather tests the system.

• Maintained top decile reliability performance among peers even during record-breaking heat waves in the summer of 2025.
• Responded to a severe weather event impacting parts of Connecticut and Massachusetts over the July 4 holiday weekend in 2025.

Predictable infrastructure investment supporting grid modernization

The commitment to the future grid is substantial, giving customers and investors a clear view of where capital is being deployed. This investment supports resilience and the integration of new energy sources.

Here's the quick math on the capital plan:

Metric	Value
Five-Year Capital Plan (2025-2029)	$24.2 billion
Investment On Track for 2025	Nearly $5 billion
Transmission Investment (2025-2029)	About $6.8 billion
Distribution Investment (2025-2029)	About $10.3 billion
Advanced Metering Infrastructure (AMI) Rollout in MA (as of Q2 2025)	70% complete

This investment is designed to support an annual rate base growth rate of 8 per cent through 2029.

Energy efficiency programs and rebates to reduce customer usage

Eversource Energy is recognized as the #1 energy efficiency provider in the nation. These programs translate directly into customer savings and lower environmental impact.

• Energy-saving programs generated approximately $115 million in annual bill savings for customers in 2024.
• Energy efficiency improvements helped avoid over 2.8 million metric tons of lifetime greenhouse gas emissions.
• The ConnectedSolutions demand response program actively dispatches nearly 210 megawatts across three states every year.
• The Residential New Construction core initiative showed a benefit-cost ratio of 4.97.

Facilitating state clean energy goals and decarbonization efforts

Eversource Energy plays a critical role in supporting state climate objectives, particularly in Massachusetts, through its Electric Sector Modernization Plan (ESMP).

The company has set aggressive internal targets to align with these broader goals:

• Expanded target to reduce operational (Scope 1 and 2) greenhouse gas (GHG) emissions by 45% by 2035 (from 2018 levels).
• Long-term target to achieve Net Zero emissions by 2050, which includes Scope 3 emissions.
• The Massachusetts ESMP aims for a 180% increase in electrification hosting capacity.
• This capacity is intended to enable the adoption of 2.5 million electric vehicles and 1 million residential heat pumps statewide.
• A first-of-its-kind utility-scale networked geothermal pilot project began servicing about 135 customers in Framingham, Massachusetts, in June 2024.

Financial stability with a $4.72-$4.80 recurring EPS guidance for 2025

Financial confidence is underpinned by reaffirmed guidance and strong operational execution, supported by constructive regulatory mechanisms for cost recovery in the majority of its businesses.

Here are the key financial markers as of late 2025:

Financial Metric	2025 Guidance/Result
Narrowed Full-Year Recurring EPS Guidance	$4.72 to $4.80 per share
Long-Term EPS Growth Target	5% to 7% off the 2024 base year
Q3 2025 Non-GAAP Recurring EPS	$1.19 per share
FFO to Debt Ratio Expectation (Year-End 2025)	Approximately 100 basis points above rating agency thresholds

The third quarter 2025 GAAP EPS was reported at $0.99 per share.

Eversource Energy (ES) - Canvas Business Model: Customer Relationships

You're looking at how Eversource Energy manages the connection points with its 4.6 million electric, natural gas, and water customers across Connecticut, Massachusetts, and New Hampshire as of late 2025. The relationships are built on digital convenience, direct financial support, emergency response, and ongoing program engagement.

Self-service digital tools for billing, payments, and outage reporting

Eversource Energy pushes customers toward digital channels for routine interactions. You need an online account to access the most detailed self-service features, which are available via the website and the mobile app, which was updated in August 2025.

• View past bills and payment history for up to 36 months.
• Make a payment or set up auto payments directly from a bank account.
• Report or check the status of service outages.
• Go paperless and receive notifications when bills are ready or due.
• Use the Bill Forecast tool, exclusive to smart meter customers, to project the next bill based on usage.

The company is tracking customer satisfaction with its website experience as part of its performance-based ratemaking metrics, establishing a baseline from 2022-2024 data.

Dedicated customer assistance programs for bill payment and financial hardship

Eversource Energy actively promotes programs to help customers manage costs, especially following rate adjustments. For instance, the August 1, 2025, rate increase in Eastern Massachusetts could add around $10 per month to an average customer's supply charge. The company offers specific programs like the New Start Program, which can help income-eligible customers reduce or eliminate outstanding balances over as little as 12 months with on-time payments.

In New Hampshire, the Electric Assistance Program (EAP) provides concrete financial relief, as seen in the September 2025 reporting:

Metric	September 2025 Amount
Total EAP Costs	$1,121,614.61
Discounts Applied to Customers' Bills	$1,016,467.26
Payments to Community Action Agencies (Monthly)	$105,147.35
Net Cumulative Amount Remitted by NH State Treasury (To Date)	$7,011,369.94

The New Hampshire EAP offers a Discount Rate for customers with household incomes at or below 60% of the state median income, which can result in up to a 42% discount on the monthly electric bill.

Transactional support via call centers for general service and emergencies

For issues not resolved digitally, customers rely on phone support. Eversource Energy maintains phone lines for residential customers, typically operating Monday to Friday, 8 a.m. - 6 p.m. ET, offering service in English and Español. The company is focused on improving transactional satisfaction, tracking it via a Transactional Customer Satisfaction Index, which uses a weighted average of component scores. For construction-related service requests in 2023, simple services took an average of 8 days to complete.

Programmatic relationships through energy efficiency and demand response initiatives

Eversource Energy heavily engages customers through programs designed to manage energy use, positioning itself as the #1 energy efficiency provider in the nation. These programs are customized by state.

• In 2024, energy-saving programs delivered approximately $115 million in annual bill savings to customers.
• The ConnectedSolutions demand response program actively dispatches nearly 210 megawatts (MW) across its service territory annually.
• In 2024, demand response efforts engaged over 320 businesses and 70,000 residential customers.
• The Main Streets energy efficiency program, which connects small businesses with upgrades, served a total of 40 communities in 2024, and is launching in over 35 Massachusetts communities for 2025.

The company is making significant capital investments to support this engagement, projecting capital expenditures of $24.17 billion from 2025 through 2029.

Eversource Energy (ES) - Canvas Business Model: Channels

You're looking at how Eversource Energy gets its product-reliable energy-to the millions it serves. It's a mix of heavy physical assets and modern digital touchpoints.

Physical electric and natural gas transmission/distribution networks represent the core physical channel. This infrastructure connects the power source to the end-user. Eversource Energy operates New England's largest energy delivery system, serving approximately 4.6 million electric, natural gas, and water customers across Connecticut, Massachusetts, and New Hampshire. The company is heavily investing in this physical channel, projecting capital expenditures of $24.17 billion from 2025 through 2029 across electric distribution, natural gas distribution, and electric transmission segments. At the end of 2024, the estimated transmission rate base stood at approximately $10.8 billion.

The financial performance through the first three quarters of 2025 reflects the scale of this operation:

Metric	Period Ended Q3 2025	Period Ended Q3 2024
Electric Distribution Segment Earnings	Data not isolated for Q3 2025	Loss of $(118.1) million
Non-GAAP Recurring Earnings	$442.5 million	$405.9 million
Non-GAAP Recurring EPS	$1.19 per share	$1.13 per share
Total Revenue (Reported Dec 2025)	$13.15 billion (Full Year Context)	N/A

The digital channels start with the Eversource.com website and mobile applications for account management. The website, www.eversource.com, is the hub for investor relations and customer self-service tools. The mobile apps, available on Google Play and the App Store, allow customers to manage their accounts and access usage insights. Digital tools include the Energy Profiler Online (EPO), a web-based service in conjunction with Schneider Electric, allowing access to meter usage data 24 hours a day, 7 days a week. Features available online and via the app include Bill Forecast and Bill Comparison tools for smart meter customers.

For immediate support, dedicated 24/7 emergency and general customer service phone lines are maintained. While specific call volume data isn't available, these lines serve the base of approximately 4.6 million customers. The company also employs more than 10,000 people across Connecticut, Massachusetts, and New Hampshire.

The outage alert system via text, email, and phone notifications is a key channel for service interruption communication. Smart meter installation enables features like the High Bill Alert and Weekly Energy Update Emails, which customers can set and manage. The company's commitment to system reliability is part of its sustainability story, with major projects ongoing to maintain and upgrade the system. The 2025 full-year non-GAAP earnings guidance is projected between $4.72 to $4.80 per share. Finance: draft 13-week cash view by Friday.

Eversource Energy (ES) - Canvas Business Model: Customer Segments

You're looking at the core of Eversource Energy's regulated business, which is fundamentally about serving a massive, captive customer base across three key New England states. The company operates New England's largest energy delivery system, serving approximately 4.6 million electric, natural gas, and water customers across Connecticut, Massachusetts, and New Hampshire as of mid-2025.

The customer segments are defined by the utility service provided, but for the electric side, which drives the bulk of the business, we can see a clear geographic and service split. For instance, in Connecticut, Massachusetts, and New Hampshire, the electric distribution segment is the primary interface for residential, commercial, and industrial users. The company's 2025 EPS guidance of $4.67-$4.82 is built on the stability of these customer relationships.

Here's a look at the scale of the electric distribution customer base, based on the latest segment data available from the end of 2024, which informs the 2025 revenue picture:

State	Electric Distribution Customers (as of 12/31/2024)	Natural Gas Distribution Customers (as of 12/31/2024)	Water Distribution Customers (as of 12/31/2024)
Connecticut	1.30 million	254,000 (Yankee Gas)	Included in total
Massachusetts	1.58 million	647,000 (315,000 NSTAR Gas + 332,000 EGMA)	Included in total
New Hampshire	544,000	0	Included in total
Total (Segmented)	~3.424 million	~0.901 million	~248,000

Residential customers are the bedrock, but the C&I segment is critical for load growth projections. For example, forecasts for 2025-2026 show commercial users are expected to increase electricity consumption by 2.6%, and industrial users by 2.1%. This infrastructure investment is supported by a projected rate base CAGR of 8% through 2029.

Municipal and state government entities are served through the same regulated delivery system, often through specific contracts for public facilities and street lighting, which fall under the general electric and gas customer counts. The regulatory environment in these states dictates service obligations, such as the recent 6% bill reduction for CL&P customers following a RAM decision in Connecticut.

The energy suppliers segment represents customers who have chosen to shop for their power generation supply rather than taking the utility's Standard Offer. In Connecticut, as of April 2025, retail suppliers served 17.8% of Eversource Energy residential customers. This choice is made against the utility's backdrop; for example, the Eversource standard offer rate for H1 2025 in CT was set at 11.19 cents/kWh, with the H2 2025 rate announced at 9.748 cents/kWh. That's a big difference for the customers who stay on the default service. It shows you the direct competition for the supply portion of the bill, even if Eversource Energy still owns the wires.

You should note the scale of investment tied to serving these customers, with Eversource Energy's five-year capital plan totaling $24.2 billion through 2029. Approximately 60% of distribution capital investments are targeted for Massachusetts.

• Residential customers are the largest group within the electric distribution base.
• C&I businesses drive significant load growth projections for the next few years.
• The company is executing a $24.2 billion capital plan through 2029 to support these customers.
• In CT, 79 percent of residential customers were on the standard service offer as of September 2024.

Eversource Energy (ES) - Canvas Business Model: Cost Structure

The Cost Structure for Eversource Energy is heavily weighted toward capital deployment, fuel procurement, and ongoing maintenance, all characteristic of a large, regulated utility.

High capital expenditures form a massive component of the cost base, driven by necessary grid modernization and resilience projects. Eversource Energy management affirmed they are on track to invest nearly $5 billion in 2025 as part of a larger five-year capital plan totaling $24.2 billion through 2029.

A significant, yet often neutral, cost category involves purchased power and natural gas costs. These are generally pass-through expenses, meaning Eversource purchases the fuel or power on the wholesale market and bills the cost directly to customers without taking a profit margin on the commodity itself. Market volatility directly impacts this cost component; for instance, in Massachusetts, the Basic Service residential electricity rate increased by 12.3% starting August 1, 2025, driven by higher wholesale electricity supply costs. Similarly, a proposed 13% increase in Connecticut's winter electricity rate was linked to constrained natural gas supplies.

Operating expenses represent the day-to-day costs of running the utility network. For the fiscal quarter ending in September of 2025, Eversource Energy reported Operating Expenses of $2.53 billion. This figure is part of the overall cost to manage electric transmission, distribution, and gas services across its footprint.

The company carries significant interest expense on its long-term debt, which fuels its capital-intensive operations. As of September 2025, Eversource Energy's Total Debt on the balance sheet was reported at $29.83 billion USD, with Long Term Debt specifically at $26.854 billion for the quarter ending September 30, 2025. Higher interest expense was noted as a factor impacting earnings in the first nine months of 2025.

Finally, storm restoration and infrastructure maintenance costs are a recurring, though variable, expense. While the capital plan covers proactive maintenance, unexpected weather events drive significant, often recoverable, costs. For example, Eversource sought regulatory approval to recover $634 million in costs associated with 24 catastrophic events and eight predicted storms from 2018 to 2021, requesting to begin collecting $50 million annually starting January 1, 2025.

Here's a snapshot of key cost-related financial figures:

Cost Component Category	Specific Financial Metric/Amount	Period/Context
Capital Investment (2025)	Nearly $5 billion	On track for 2025 investment
Total Debt	$29.83 billion USD	As of September 2025
Long-Term Debt	$26.854 billion	Quarter ending September 30, 2025
Operating Expenses	$2.53 billion	Fiscal quarter ending September 2025
Major Storm Cost Recovery Sought	$634 million	Costs from 2018-2021 storms
MA Basic Service Rate Increase	12.3%	Effective August 1, 2025, due to supply costs

The structure is defined by these large fixed and pass-through costs:

• High, mandated capital spending for grid upgrades.
• Pass-through costs for purchased power and natural gas supply.
• Interest payments on debt exceeding $29 billion.
• Variable, but significant, costs for storm response.

Eversource Energy (ES) - Canvas Business Model: Revenue Streams

You're looking at how Eversource Energy brings in the money, which is heavily weighted toward its regulated utility operations in New England. The core of the business is the predictable, rate-regulated income from moving electrons and molecules. This stability is what underpins the company's long-term EPS growth target of 5-7% off a 2024 base.

The regulated electric transmission segment remains a primary earnings contributor. For the third quarter of 2025, this segment posted earnings of $185.5 million. This revenue is earned based on an approved rate base, allowing Eversource Energy to recover its investments in the high-voltage network that moves power across Connecticut, Massachusetts, and New Hampshire.

The distribution side-electric and natural gas-is where the bulk of the day-to-day revenue comes from. The electric distribution business saw strong performance in Q3 2025, with earnings hitting $221.6 million. The natural gas distribution segment, while reporting a loss of $(16.8) million in Q3 2025, showed significant year-over-year improvement. To give you a clearer picture of the regulated utility performance through the first nine months of 2025, here's how the segments stacked up:

Segment	Q3 2025 Earnings ($ million)	First Nine Months 2025 Earnings ($ million)
Electric Transmission	$185.5	Data not explicitly provided for 9 months
Electric Distribution	$221.6	$571.6
Natural Gas Distribution	$(16.8)	$236.9
Water Distribution (Pre-Sale)	$18.9	$36.8

The ability to recover capital expenditures and operating costs is baked right into the regulatory structure. This is how Eversource Energy funds its massive infrastructure spending, which management affirmed is on track to be nearly $5 billion in 2025.

• Recovery of capital investments and operating costs via approved rate cases.
• Rate increases in New Hampshire and Massachusetts supported electric distribution earnings.
• Natural gas segment benefited from base distribution rate increases and capital tracking mechanisms.
• The company is focused on grid modernization, including over 40,000 AMI meters installed in Massachusetts.

Regarding the planned divestiture of Aquarion Water Company, the expected revenue stream from the sale is now a point of strategic uncertainty. Eversource Energy had entered a definitive agreement to sell Aquarion for an aggregate enterprise value of approximately $2.4 billion. This deal, which included about $1.6 billion in cash, was expected to close by year-end 2025. However, Connecticut's Public Utilities Regulatory Authority recently denied the proposed $2.4 billion sale, disrupting management's core balance sheet improvement plans. The proceeds were intended to pay down parent company debt and allow for reinvestment into the core electric and natural gas businesses.

Finally, non-recurring items related to the prior offshore wind divestiture provided a notable financial offset in Q3 2025. Eversource Energy recognized an approximately $210 million federal tax benefit associated with tax losses from the sales of its offshore wind investments. This benefit mitigated the impact of an increased liability related to those projects, resulting in a net after-tax non-recurring charge of approximately $75 million, or $0.20 per share, recorded in the third quarter.