Eversource Energy (ES): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des infrastructures énergétiques, Eversource Energy apparaît comme un acteur pivot, transformant comment la Nouvelle-Angleterre connaît la prestation de puissance et la durabilité. En fabriquant méticuleusement un modèle commercial complet qui équilibre l'innovation technologique, l'engagement des énergies renouvelables et les services centrés sur le client, ce géant des services publics navigue dans l'écosystème énergétique complexe avec une précision stratégique. Leur toile de modèle commercial révèle une approche multiforme qui va au-delà des opérations de services publics traditionnelles, intégrant les technologies avancées du réseau, les pratiques durables et les stratégies d'engagement client robustes qui les positionnent à la pointe du marché en évolution de l'énergie.

Eversource Energy (ES) - Modèle d'entreprise: partenariats clés

Partenariats nationaux de la grille et des services publics régionaux

Eversource Energy maintient des partenariats stratégiques avec plusieurs sociétés régionales de services publics pour l'interconnexion du réseau et la transmission de puissance.

Utilité des partenaires	Portée du partenariat	Volume d'interconnexion annuel
Réseau national	Interconnexion de la grille régionale	3 847 MW
ISO Nouvelle-Angleterre	Coordination de transmission de puissance	2 285 MW

Collaborations de développeurs d'énergies renouvelables

Eversource s'associe à plusieurs développeurs d'énergie solaire et éolienne pour étendre les infrastructures d'énergie renouvelable.

• Première énergie éolienne
• Vent en eau profonde
• Solar City Corporation

Promoteur	Type de projet	Capacité installée
Première énergie éolienne	Énergie éolienne	412 MW
Vent en eau profonde	Vent offshore	288 MW

Partenariats du gouvernement municipal

Eversource collabore avec les gouvernements municipaux du Connecticut, du Massachusetts et du New Hampshire pour le développement des infrastructures.

État	Nombre d'accords municipaux	Investissement en infrastructure
Connecticut	87 municipalités	124 millions de dollars
Massachusetts	105 municipalités	186 millions de dollars

Partenariats des fournisseurs technologiques

Eversource intègre des solutions de technologie avancée grâce à des partenariats stratégiques des fournisseurs.

• Schneider Electric
• Siemens
• Ibm

Fournisseur de technologie	Focus de la solution	Investissement technologique annuel
Schneider Electric	Technologies de grille intelligente	42 millions de dollars
Siemens	Transformation numérique	35 millions de dollars

Eversource Energy (ES) - Modèle d'entreprise: activités clés

Génération d'électricité et transmission électrique

Eversource Energy gère 4 300 milles de circuit de lignes de transmission à travers la Nouvelle-Angleterre. La société génère et transmet environ 3 200 mégawatts d'électricité via son réseau.

Infrastructure de transmission	Capacité
Miles de circuit	4,300
Capacité de production totale	3 200 MW

Gestion de la distribution du gaz naturel et de l'approvisionnement

Eversource dessert environ 237 000 clients de gaz naturel dans le Connecticut, offrant 58,6 milliards de pieds cubes de gaz naturel par an.

Métriques de distribution de gaz	Volume
Clients du gaz naturel	237,000
Livraison de gaz annuelle	58,6 milliards de pieds cubes

Mises à niveau de maintenance et d'infrastructure de grille

La société investit environ 1,2 milliard de dollars par an en améliorations des infrastructures et en modernisation du réseau.

• Investissement annuel sur les infrastructures: 1,2 milliard de dollars
• Zones de mise au point de la modernisation de la grille:
  • Mises à niveau de la ligne de transmission
  • Améliorations de la sous-station
  • Implémentation de la technologie de la grille intelligente

Développement du programme d'efficacité énergétique

Eversource met en œuvre des programmes d'efficacité énergétique qui ont permis aux clients de 2,1 millions de mégawattheures en 2022.

Métriques de l'efficacité énergétique	Performance
Économies d'énergie	2,1 millions de MWh
Investissement du programme	320 millions de dollars

Service client et opérations de facturation

Eversource dessert plus de 4 millions de clients électriques et de gaz dans trois États avec un réseau complet de support client.

Métriques du service client	Volume
Total des clients	4 millions
Centres de service à la clientèle	12

Eversource Energy (ES) - Modèle d'entreprise: Ressources clés

Infrastructure étendue de transmission et de distribution électrique

Eversource Energy fonctionne 4 280 miles de circuit de lignes de transmission à travers la Nouvelle-Angleterre. La société gère 21,192 miles de lignes de distribution Servir les clients du Massachusetts, du Connecticut et du New Hampshire.

Catégorie d'infrastructure	Quantité	Région de service
Lignes de transmission	4 280 miles de circuit	Nouvelle-Angleterre
Lignes de distribution	21 192 miles	MA, CT, NH

Installations de production d'électricité

Eversource Energy gère plusieurs ressources de production d'énergie à travers la Nouvelle-Angleterre.

• Portfolio d'énergie renouvelable: 1 300 MW de capacité de production renouvelable
• Génération solaire: 185 MW d'installations solaires
• Investissements en énergie éolienne: 250 MW de capacité éolienne

Ingénierie qualifiée et main-d'œuvre technique

Eversource Energy utilise 8 525 travailleurs au total En 2023, avec une expertise technique importante.

Catégorie des employés	Nombre
Total des employés	8,525
Personnel technique / génie	3,412

Systèmes avancés de la technologie numérique et de la grille

Eversource investit 650 millions de dollars par an dans les technologies de modernisation du réseau. L'infrastructure numérique comprend des systèmes avancés de mesure et de surveillance du réseau.

Capital financier pour les investissements des infrastructures

Ressources financières pour 2024:

• Actifs totaux: 34,2 milliards de dollars
• Budget des dépenses en capital: 2,1 milliards de dollars
• Equivalents en espèces et en espèces: 412 millions de dollars

Métrique financière	Valeur 2024
Actif total	34,2 milliards de dollars
Dépenses en capital	2,1 milliards de dollars
Réserves en espèces	412 millions de dollars

Eversource Energy (ES) - Modèle d'entreprise: propositions de valeur

Fourniture d'énergie fiable et cohérente aux clients résidentiels et commerciaux

Eversource Energy dessert environ 4,3 millions de clients électriques et de gaz naturel dans le Connecticut, le Massachusetts et le New Hampshire. La société offre 2,2 milliards de kilowattheures d'électricité par an.

Segment de clientèle	Nombre de clients	Livraison d'énergie annuelle
Clients résidentiels	3,6 millions	1,8 milliard de kWh
Clients commerciaux	700,000	400 millions de kWh

Engagement envers les énergies renouvelables et la durabilité

Eversource s'est engagé à 50% Génération d'énergie renouvelable d'ici 2030. Le portefeuille actuel des énergies renouvelables comprend:

• Génération solaire: 250 MW
• Génération de vent: 450 MW
• Génération hydroélectrique: 200 MW

Technologie avancée du réseau pour une meilleure fiabilité des services

Investissement dans la modernisation du réseau: 1,2 milliard de dollars sur cinq ans. Le déploiement du compteur intelligent couvre 95% du territoire de service.

Investissement technologique	Montant
Modernisation de la grille	1,2 milliard de dollars
Couverture de compteur intelligent	95%

Programmes d'efficacité énergétique et solutions de gestion des coûts

Dépenses annuelles du programme d'efficacité énergétique: 220 millions de dollars. Économies des clients réalisées:

• Économies annuelles des clients résidentiels: 180 $
• Économies annuelles commerciales: 4 500 $

Services de services publics complets dans plusieurs secteurs d'énergie

Couverture de service dans trois États avec des solutions énergétiques intégrées:

Type de service	Couverture
Distribution électrique	Connecticut, Massachusetts, New Hampshire
Répartition du gaz naturel	Connecticut, Massachusetts

Eversource Energy (ES) - Modèle d'entreprise: relations clients

Portails de service à la clientèle en ligne

Eversource Energy fournit des plateformes de service client numérique avec les fonctionnalités suivantes:

Caractéristique du portail	Détails spécifiques
Accès au compte en ligne	Disponible 24/7 pour 1,5 million de clients résidentiels
Options de paiement des factures	Plusieurs méthodes de paiement numérique, y compris la carte de crédit, le transfert bancaire
Suivi de l'utilisation	Surveillance de la consommation d'énergie en temps réel

Application mobile pour la gestion des comptes

L'application mobile d'Eversource fournit:

• Fonctionnalité de rapports sur les panneaux
• Suivi de consommation d'énergie en temps réel
• Capacités de paiement des factures
• Intégration de chat de support client

Canaux de support client direct

Canal de support	Volume de contact
Support téléphonique	3,2 millions d'interactions client annuelles
Assistance par e-mail	Environ 250 000 demandes de messagerie par e-mail par an
Chat en direct	150 000 interactions de support numérique par an

Programmes d'engagement communautaire

Eversource implémente les initiatives d'engagement communautaire:

• Ateliers d'efficacité énergétique: 45 événements communautaires annuels
• Programmes d'éducation aux énergies renouvelables: atteindre 75 000 clients
• Partenariats locaux de durabilité: 12 collaborations régionales

Communication proactive lors des perturbations du service

Méthode de communication	Atteindre
Alertes SMS	1,4 million de clients enregistrés
Mises à jour des médias sociaux	250 000 abonnés sur toutes les plateformes
Notifications téléphoniques automatisées	Couverture complète de la zone de service

Eversource Energy (ES) - Modèle d'entreprise: canaux

Plates-formes numériques

Eversource Energy exploite une plate-forme numérique complète avec les spécifications suivantes:

Trafic	2,3 millions de visiteurs uniques par an
Téléchargements d'applications mobiles	487 000 téléchargements totaux
Utilisateurs de factures en ligne	1,6 million d'utilisateurs enregistrés

Centres de service à la clientèle locaux

Eversource maintient des emplacements de service physique sur ses territoires de service:

• 48 centres de service à la clientèle dans le Connecticut, le Massachusetts et le New Hampshire
• Temps d'attente moyen du client: 12 minutes par visite
• Interactions annuelles du client: 672 000 visites en personne

Représentants des ventes directes

Composition et performance de l'équipe de vente:

Représentants des ventes totales	342 Représentants sur le terrain
Coût moyen d'acquisition des clients	187 $ par nouveau client résidentiel
Couverture des ventes annuelle	3 États (CT, MA, NH)

Centres d'appel

Métriques opérationnelles du centre d'appels:

Emplacements du centre d'appel total	5 centres régionaux
Volume d'appel annuel	4,2 millions d'appels clients
Temps de réponse moyen	3,5 minutes

Plates-formes de marché de l'énergie tierces

Détails de l'engagement de la plate-forme:

• Partenariats avec 12 plates-formes Energy Marketplace
• Intégration avec les sites de comparaison des énergies renouvelables
• Volume de transaction sur le marché numérique: 87 millions de dollars par an

Eversource Energy (ES) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

Eversource Energy dessert environ 3,7 millions de clients électriques dans le Connecticut, le Massachusetts et le New Hampshire.

État	Nombre de clients résidentiels	Facture d'électricité mensuelle moyenne
Connecticut	1,260,000	$180.45
Massachusetts	1,520,000	$165.75
New Hampshire	920,000	$195.30

Entreprises commerciales et industrielles

Eversource Energy fournit de l'électricité à 170 000 clients commerciaux et industriels.

• Grands clients commerciaux: 22 500
• Entreprises de taille moyenne: 87 500
• Petites entreprises: 60 000

Entités municipales et gouvernementales

Eversource dessert 520 clients municipaux et gouvernementaux dans ses territoires de service.

Type de client	Nombre de clients	Consommation d'énergie annuelle (MWH)
Municipalités	320	1,450,000
Gouvernement de l'État	125	680,000
Gouvernement fédéral	75	390,000

Clients agricoles

Eversource Energy soutient 2 300 clients agricoles dans ses régions de service.

• Fermes: 1 850
• Installations de traitement agricole: 450

Développeurs de projets d'énergie renouvelable

Eversource Energy a des partenariats avec 85 développeurs de projets d'énergie renouvelable.

Type d'énergie renouvelable	Nombre de projets	Capacité totale installée (MW)
Solaire	52	620
Vent	22	380
Biomasse	11	95

Eversource Energy (ES) - Modèle d'entreprise: Structure des coûts

Maintenance et mises à niveau des infrastructures

En 2022, Eversource Energy a investi 2,4 milliards de dollars dans les dépenses en capital pour les améliorations des infrastructures et la modernisation du réseau.

Catégorie	Investissement annuel
Infrastructure de transmission	1,2 milliard de dollars
Mises à niveau du système de distribution	865 millions de dollars
Modernisation de la grille	335 millions de dollars

Frais de production d'électricité et de transmission

Les coûts de production d'électricité et de transmission d'Eversource pour 2022 ont totalisé environ 1,7 milliard de dollars.

• Coûts d'approvisionnement en carburant: 612 millions de dollars
• Accords d'achat d'électricité: 453 millions de dollars
• Dépenses d'opération de transmission: 635 millions de dollars

Salaires et avantages sociaux des employés

En 2022, les frais totaux de rémunération des employés d'Eversource Energy étaient de 834 millions de dollars.

Composant de compensation	Montant
Salaires de base	521 millions de dollars
Avantages et contributions à la retraite	213 millions de dollars
Bonus de performance	100 millions de dollars

Investissements de la technologie et de la transformation numérique

Eversource a alloué 187 millions de dollars aux initiatives de transformation technologique et numérique en 2022.

• Mises à niveau des infrastructures informatiques: 76 millions de dollars
• Améliorations de la cybersécurité: 42 millions de dollars
• Plateformes de service client numérique: 69 millions de dollars

Conformité réglementaire et initiatives environnementales

La conformité et les coûts environnementaux pour Eversource en 2022 ont atteint 293 millions de dollars.

Zone de conformité	Dépense
Conformité réglementaire environnementale	156 millions de dollars
Investissements en énergie renouvelable	87 millions de dollars
Programmes de réduction des émissions	50 millions de dollars

Eversource Energy (ES) - Modèle d'entreprise: Strots de revenus

Frais de transmission et de distribution de l'électricité

En 2022, Eversource Energy a rapporté des revenus totaux de transmission électrique de 1,24 milliard de dollars. La société dessert environ 1,3 million de clients électriques dans le Connecticut, le Massachusetts et le New Hampshire.

Aire de service	Clients électriques	Revenus de transmission
Connecticut	594,000	542 millions de dollars
Massachusetts	436,000	398 millions de dollars
New Hampshire	270,000	300 millions de dollars

Frais de distribution du gaz naturel

Les revenus de distribution du gaz naturel pour Eversource Energy atteint 786 millions de dollars en 2022, desservant environ 272 000 clients de gaz naturel.

• Connectives de gaz naturel du Connecticut: 148 000
• Clients du gaz naturel du Massachusetts: 124 000
• Revenus de distribution annuelle moyenne du gaz par client: 2 890 $

Revenus du programme d'efficacité énergétique

Eversource a investi 293 millions de dollars Dans les programmes d'efficacité énergétique en 2022, générant des revenus supplémentaires grâce à des initiatives d'efficacité parrainées par l'État.

Type de programme	Investissement	Participation du client
Efficacité résidentielle	142 millions de dollars	87 000 participants
Efficacité commerciale	151 millions de dollars	3 200 clients commerciaux

Investissements du projet d'énergie renouvelable

Investissements en énergie renouvelable générés 215 millions de dollars dans les revenus de Eversource en 2022, en mettant l'accent sur les projets solaires et éoliens.

• Revenus de projet solaire: 128 millions de dollars
• Revenus de projets éoliens: 87 millions de dollars
• Capacité totale d'énergie renouvelable: 450 MW

Contrats de services publics et partenariats

Les contrats de service des services publics et les partenariats stratégiques ont contribué 167 millions de dollars à la source de revenus d'Eversource en 2022.

Type de partenariat	Revenu	Nombre de contrats
Contrats de services publics municipaux	92 millions de dollars	43 contrats
Gestion des infrastructures	75 millions de dollars	28 partenariats

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.