Eversource Energy (ES): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, Eversource Energy surge como un jugador fundamental, transformando cómo Nueva Inglaterra experimenta la entrega de energía y la sostenibilidad. Al crear meticulosamente un modelo comercial integral que equilibra la innovación tecnológica, el compromiso de energía renovable y los servicios centrados en el cliente, este gigante de servicios públicos navega por el complejo ecosistema de energía con precisión estratégica. Su lienzo de modelo de negocio revela un enfoque multifacético que va más allá de las operaciones de servicios públicos tradicionales, integrando tecnologías de red avanzadas, prácticas sostenibles y estrategias sólidas de participación del cliente que las posicionan a la vanguardia del mercado energético en evolución.

Eversource Energy (ES) - Modelo de negocio: asociaciones clave

National Grid y asociaciones regionales de servicios públicos

Eversource Energy mantiene asociaciones estratégicas con múltiples compañías de servicios públicos regionales para la interconexión de la red y la transmisión de energía.

Utilidad de pareja	Alcance de la asociación	Volumen de interconexión anual
Cuadrícula nacional	Interconexión de la cuadrícula regional	3,847 MW
ISO Nueva Inglaterra	Coordinación de transmisión de energía	2,285 MW

Colaboraciones de desarrolladores de energía renovable

Eversource se asocia con múltiples desarrolladores de energía solar y eólica para expandir la infraestructura de energía renovable.

• Primera energía eólica
• Viento de aguas profundas
• Solar City Corporation

Revelador	Tipo de proyecto	Capacidad instalada
Primera energía eólica	Energía eólica	412 MW
Viento de aguas profundas	Viento en alta mar	288 MW

Asociaciones del gobierno municipal

Eversource colabora con gobiernos municipales en Connecticut, Massachusetts y New Hampshire para el desarrollo de infraestructura.

Estado	Número de acuerdos municipales	Inversión en infraestructura
Connecticut	87 municipios	$ 124 millones
Massachusetts	105 municipios	$ 186 millones

Asociaciones de proveedores de tecnología

EverSource integra soluciones de tecnología avanzada a través de asociaciones estratégicas de proveedores.

• Schneider Electric
• Siemens
• IBM

Proveedor de tecnología	Enfoque de solución	Inversión tecnológica anual
Schneider Electric	Tecnologías de cuadrícula inteligente	$ 42 millones
Siemens	Transformación digital	$ 35 millones

Eversource Energy (ES) - Modelo de negocio: actividades clave

Generación de energía eléctrica y transmisión

Eversource Energy administra 4.300 millas de circuito de líneas de transmisión en Nueva Inglaterra. La compañía genera y transmite aproximadamente 3.200 megavatios de electricidad a través de su red.

Infraestructura de transmisión	Capacidad
Millas de circuito	4,300
Capacidad de generación total	3,200 MW

Distribución de gas natural y gestión de suministro

Eversource atiende a aproximadamente 237,000 clientes de gas natural en Connecticut, entregando 58.6 mil millones de pies cúbicos de gas natural anualmente.

Métricas de distribución de gas	Volumen
Clientes de gas natural	237,000
Entrega anual de gas	58.6 mil millones de pies cúbicos

Mantenimiento de la cuadrícula y actualizaciones de infraestructura

La compañía invierte aproximadamente $ 1.2 mil millones anuales en mejoras de infraestructura y modernización de la red.

• Inversión anual de infraestructura: $ 1.2 mil millones
• Áreas de enfoque de modernización de la cuadrícula:
  • Actualizaciones de la línea de transmisión
  • Mejoras de subestación
  • Implementación de tecnología de cuadrícula inteligente

Desarrollo del programa de eficiencia energética

Eversource implementa programas de eficiencia energética que ahorraron a los clientes 2.1 millones de megavatios-hora en 2022.

Métricas de eficiencia energética	Actuación
Ahorro de energía	2.1 millones de MWh
Inversión de programas	$ 320 millones

Servicio al cliente y operaciones de facturación

Eversource atiende a más de 4 millones de clientes eléctricos y de gas en tres estados con una red integral de atención al cliente.

Métricas de servicio al cliente	Volumen
Total de clientes	4 millones
Centros de servicio al cliente	12

Eversource Energy (ES) - Modelo de negocio: recursos clave

Infraestructura extensa de transmisión y distribución eléctrica

Eversource Energy opera 4,280 millas de circuito de líneas de transmisión en Nueva Inglaterra. La empresa administra 21,192 millas de líneas de distribución Sirviendo a los clientes en Massachusetts, Connecticut y New Hampshire.

Categoría de infraestructura	Cantidad	Región de servicio
Líneas de transmisión	4,280 millas de circuito	Nueva Inglaterra
Líneas de distribución	21,192 millas	MA, CT, NH

Instalaciones de generación de energía

Eversource Energy administra múltiples recursos de generación de energía en Nueva Inglaterra.

• Portafolio de energía renovable: 1.300 MW de capacidad de generación renovable
• Generación solar: 185 MW de instalaciones solares
• Inversiones de energía eólica: 250 MW de capacidad de energía eólica

Ingeniería especializada y fuerza laboral técnica

Eversource Energy emplea 8.525 trabajadores totales A partir de 2023, con una experiencia técnica significativa.

Categoría de empleado	Número
Total de empleados	8,525
Personal técnico/de ingeniería	3,412

Sistemas avanzados de tecnología digital y gestión de redes

Eversource invierte $ 650 millones anuales en tecnologías de modernización de la red. La infraestructura digital incluye sistemas avanzados de medición y monitoreo de cuadrícula.

Capital financiero para inversiones de infraestructura

Recursos financieros para 2024:

• Activos totales: $ 34.2 mil millones
• Presupuesto de gastos de capital: $ 2.1 mil millones
• Equivalentes de efectivo y efectivo: $ 412 millones

Métrica financiera	Valor 2024
Activos totales	$ 34.2 mil millones
Gasto de capital	$ 2.1 mil millones
Reservas de efectivo	$ 412 millones

Eversource Energy (ES) - Modelo de negocio: propuestas de valor

Suministro de energía confiable y consistente para clientes residenciales y comerciales

Eversource Energy atiende a aproximadamente 4,3 millones de clientes de gases eléctricos y de gas natural en Connecticut, Massachusetts y New Hampshire. La compañía ofrece 2,2 mil millones de kilovatios-hora de electricidad anualmente.

Segmento de clientes	Número de clientes	Entrega de energía anual
Clientes residenciales	3.6 millones	1.800 millones de kWh
Clientes comerciales	700,000	400 millones de kWh

Compromiso con la energía renovable y la sostenibilidad

Eversource se ha comprometido 50% de generación de energía renovable para 2030. La cartera actual de energía renovable incluye:

• Generación solar: 250 MW
• Generación de viento: 450 MW
• Generación hidroeléctrica: 200 MW

Tecnología de cuadrícula avanzada para mejorar la confiabilidad del servicio

Inversión en modernización de la red: $ 1.2 mil millones en cinco años. La implementación de medidores inteligentes cubre el 95% del territorio de servicio.

Inversión tecnológica	Cantidad
Modernización de la cuadrícula	$ 1.2 mil millones
Cobertura de medidor inteligente	95%

Programas de eficiencia energética y soluciones de gestión de costos

Gasto anual del programa de eficiencia energética: $ 220 millones. Ahorros de clientes logrados:

• Ahorro anual de clientes residenciales: $ 180
• Ahorro anual de clientes comerciales: $ 4,500

Servicios de servicios públicos integrales en múltiples sectores de energía

Cobertura de servicio en tres estados con soluciones de energía integradas:

Tipo de servicio	Cobertura
Distribución eléctrica	Connecticut, Massachusetts, New Hampshire
Distribución de gas natural	Connecticut, Massachusetts

Eversource Energy (ES) - Modelo de negocio: relaciones con los clientes

Portales de servicio al cliente en línea

Eversource Energy proporciona a las plataformas de servicio al cliente digital las siguientes características:

Característica de portal	Detalles específicos
Acceso a la cuenta en línea	Disponible 24/7 para 1.5 millones de clientes residenciales
Opciones de pago de facturas	Múltiples métodos de pago digital que incluyen tarjeta de crédito, transferencia bancaria
Seguimiento de uso	Monitoreo del consumo de energía en tiempo real

Aplicación móvil para la gestión de cuentas

La aplicación móvil de Eversource proporciona:

• Funcionalidad de informes de interrupción
• Seguimiento de consumo de energía en tiempo real
• Capacidades de pago de facturas
• Integración de chat de soporte al cliente

Canales directos de atención al cliente

Canal de soporte	Volumen de contacto
Soporte telefónico	3.2 millones de interacciones anuales de clientes
Soporte por correo electrónico	Aproximadamente 250,000 consultas por correo electrónico por año
Chat en vivo	150,000 interacciones de soporte digital anualmente

Programas de participación comunitaria

EverSource implementa iniciativas de participación comunitaria:

• Talleres de eficiencia energética: 45 eventos comunitarios anuales
• Programas de educación de energía renovable: llegar a 75,000 clientes
• Asociaciones locales de sostenibilidad: 12 colaboraciones regionales

Comunicación proactiva durante las interrupciones del servicio

Método de comunicación	Alcanzar
Alertas de SMS	1.4 millones de clientes registrados
Actualizaciones de redes sociales	250,000 seguidores en todas las plataformas
Notificaciones de teléfono automatizadas	Cobertura completa del área de servicio

Eversource Energy (ES) - Modelo de negocio: canales

Plataformas digitales

Eversource Energy opera una plataforma digital integral con las siguientes especificaciones:

Tráfico del sitio web	2.3 millones de visitantes únicos anualmente
Descargas de aplicaciones móviles	487,000 descargas totales
Usuarios de pago de facturas en línea	1.6 millones de usuarios registrados

Centros de servicio al cliente local

EverSource mantiene ubicaciones de servicios físicos en sus territorios de servicio:

• 48 Centros de servicio al cliente en Connecticut, Massachusetts y New Hampshire
• Tiempo de espera promedio del cliente: 12 minutos por visita
• Interacciones anuales del cliente: 672,000 visitas en persona

Representantes de ventas directas

Composición y rendimiento del equipo de ventas:

Representantes de ventas totales	342 Representantes de campo
Costo promedio de adquisición de clientes	$ 187 por cliente residencial
Cobertura de ventas anual	3 estados (CT, MA, NH)

Centros de llamadas

Métricas operativas del centro de llamadas:

Ubicaciones totales del centro de llamadas	5 centros regionales
Volumen de llamadas anual	4.2 millones de llamadas de clientes
Tiempo de respuesta promedio	3.5 minutos

Plataformas de mercado de energía de terceros

Detalles de participación de la plataforma:

• Asociaciones con 12 plataformas de mercado energético
• Integración con sitios de comparación de energía renovable
• Volumen de transacciones del mercado digital: $ 87 millones anuales

Eversource Energy (ES) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

Eversource Energy atiende a aproximadamente 3.7 millones de clientes eléctricos en Connecticut, Massachusetts y New Hampshire.

Estado	Número de clientes residenciales	Factura de electricidad mensual promedio
Connecticut	1,260,000	$180.45
Massachusetts	1,520,000	$165.75
New Hampshire	920,000	$195.30

Negocios comerciales e industriales

Eversource Energy proporciona electricidad a 170,000 clientes comerciales e industriales.

• Grandes clientes comerciales: 22,500
• Empresas de tamaño mediano: 87,500
• Pequeñas empresas: 60,000

Entidades municipales y gubernamentales

Eversource atiende a 520 clientes municipales y gubernamentales en sus territorios de servicio.

Tipo de cliente	Número de clientes	Consumo anual de energía (MWH)
Municipios	320	1,450,000
Gobierno estatal	125	680,000
Gobierno federal	75	390,000

Clientes agrícolas

Eversource Energy admite a 2.300 clientes agrícolas en sus regiones de servicio.

• Granjas: 1.850
• Instalaciones de procesamiento agrícola: 450

Desarrolladores de proyectos de energía renovable

Eversource Energy tiene asociaciones con 85 desarrolladores de proyectos de energía renovable.

Tipo de energía renovable	Número de proyectos	Capacidad instalada total (MW)
Solar	52	620
Viento	22	380
Biomasa	11	95

Eversource Energy (ES) - Modelo de negocio: estructura de costos

Mantenimiento y actualizaciones de infraestructura

En 2022, Eversource Energy invirtió $ 2.4 mil millones en gastos de capital para mejoras de infraestructura y modernización de la red.

Categoría	Inversión anual
Infraestructura de transmisión	$ 1.2 mil millones
Actualizaciones del sistema de distribución	$ 865 millones
Modernización de la cuadrícula	$ 335 millones

Gastos de generación de energía y transmisión

Los costos de generación y transmisión de energía de Eversource para 2022 totalizaron aproximadamente $ 1.7 mil millones.

• Costos de adquisición de combustible: $ 612 millones
• Acuerdos de compra de energía: $ 453 millones
• Gastos de operación de transmisión: $ 635 millones

Salarios y beneficios de los empleados

En 2022, los gastos de compensación de empleados totales de Eversource Energy fueron de $ 834 millones.

Componente de compensación	Cantidad
Salarios base	$ 521 millones
Beneficios y contribuciones de jubilación	$ 213 millones
Bonos de rendimiento	$ 100 millones

Inversiones de tecnología y transformación digital

Eversource asignó $ 187 millones a iniciativas de tecnología y transformación digital en 2022.

• Actualización de infraestructura de TI: $ 76 millones
• Mejoras de ciberseguridad: $ 42 millones
• Plataformas de servicio al cliente digital: $ 69 millones

Cumplimiento regulatorio e iniciativas ambientales

El cumplimiento y los costos ambientales para Eversource en 2022 alcanzaron los $ 293 millones.

Área de cumplimiento	Gasto
Cumplimiento regulatorio ambiental	$ 156 millones
Inversiones de energía renovable	$ 87 millones
Programas de reducción de emisiones	$ 50 millones

Eversource Energy (ES) - Modelo de negocio: flujos de ingresos

Tasas de transmisión y distribución de electricidad

En 2022, Eversource Energy reportó ingresos totales de transmisión eléctrica de $ 1.24 mil millones. La compañía atiende a aproximadamente 1.3 millones de clientes eléctricos en Connecticut, Massachusetts y New Hampshire.

Vía de Servício	Clientes eléctricos	Ingresos por transmisión
Connecticut	594,000	$ 542 millones
Massachusetts	436,000	$ 398 millones
New Hampshire	270,000	$ 300 millones

Cargos de distribución de gas natural

Los ingresos de distribución de gas natural para Eversource Energy alcanzado $ 786 millones En 2022, sirviendo a aproximadamente 272,000 clientes de gas natural.

• Connecticut Natural Gas Clients: 148,000
• Massachusetts Natural Gas Clients: 124,000
• Ingresos promedio de distribución de gas anual por cliente: $ 2,890

Ingresos del programa de eficiencia energética

Eversource invertido $ 293 millones en programas de eficiencia energética en 2022, generando ingresos adicionales a través de iniciativas de eficiencia patrocinadas por el estado.

Tipo de programa	Inversión	Participación del cliente
Eficiencia residencial	$ 142 millones	87,000 participantes
Eficiencia comercial	$ 151 millones	3.200 clientes comerciales

Inversiones de proyectos de energía renovable

Inversiones de energía renovable generadas $ 215 millones en ingresos para Eversource en 2022, con enfoque en proyectos solares y eólicos.

• Ingresos del proyecto solar: $ 128 millones
• Ingresos del proyecto eólico: $ 87 millones
• Capacidad total de energía renovable: 450 MW

Contratos y asociaciones de servicios de servicios públicos

Contratos de servicio de servicios públicos y asociaciones estratégicas contribuyeron $ 167 millones al flujo de ingresos de Eversource en 2022.

Tipo de asociación	Ganancia	Número de contratos
Contratos de servicios públicos municipales	$ 92 millones	43 contratos
Gestión de infraestructura	$ 75 millones	28 asociaciones

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.