Eversource Energy (s): modelo de negócios [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura energética, a Eversource Energy surge como um jogador essencial, transformando como a Nova Inglaterra experimenta a entrega e a sustentabilidade do poder. Ao criar meticulosamente um modelo de negócios abrangente que equilibra a inovação tecnológica, o comprometimento energético renovável e os serviços centrados no cliente, essa gigante da utilidade navega no complexo ecossistema de energia com precisão estratégica. Seu modelo de negócios Canvas revela uma abordagem multifacetada que vai além das operações de utilidade tradicionais, integrando tecnologias avançadas de grade, práticas sustentáveis ​​e estratégias robustas de envolvimento do cliente que as posicionam na vanguarda do mercado de energia em evolução.

Eversource Energy (s) - Modelo de Negócios: Parcerias -Chaves

Grid National e parcerias de utilidade regional

A Eversource Energy mantém parcerias estratégicas com várias empresas de serviços públicos regionais para interconexão da rede e transmissão de energia.

Utilitário de parceiros	Escopo da parceria	Volume anual de interconexão
Grade nacional	Interconexão da grade regional	3.847 MW
ISO Nova Inglaterra	Coordenação de transmissão de energia	2.285 MW

Colaborações de desenvolvedor de energia renovável

A Eversource faz parceria com vários desenvolvedores de energia solar e eólica para expandir a infraestrutura de energia renovável.

• Primeira energia eólica
• Vento de água profunda
• Solar City Corporation

Desenvolvedor	Tipo de projeto	Capacidade instalada
Primeira energia eólica	Energia eólica	412 MW
Vento de água profunda	Vento offshore	288 MW

Parcerias do governo municipal

A Eversource colabora com governos municipais em Connecticut, Massachusetts e New Hampshire para o desenvolvimento de infraestrutura.

Estado	Número de acordos municipais	Investimento de infraestrutura
Connecticut	87 municípios	US $ 124 milhões
Massachusetts	105 municípios	US $ 186 milhões

Parcerias de fornecedores de tecnologia

A Eversource integra soluções de tecnologia avançada por meio de parcerias estratégicas de fornecedores.

• Schneider Electric
• Siemens
• IBM

Fornecedor de tecnologia	Solution Focus	Investimento de tecnologia anual
Schneider Electric	Tecnologias de grade inteligente	US $ 42 milhões
Siemens	Transformação digital	US $ 35 milhões

Eversource Energy (s) - Modelo de Negócios: Atividades -chave

Geração de energia elétrica e transmissão

A Eversource Energy gerencia 4.300 milhas de circuito de linhas de transmissão em toda a Nova Inglaterra. A empresa gera e transmite aproximadamente 3.200 megawatts de eletricidade por meio de sua rede.

Infraestrutura de transmissão	Capacidade
Miles de circuito	4,300
Capacidade total de geração	3.200 MW

Distribuição de gás natural e gerenciamento de suprimentos

A Eversource atende a aproximadamente 237.000 clientes de gás natural em Connecticut, fornecendo 58,6 bilhões de pés cúbicos de gás natural anualmente.

Métricas de distribuição de gás	Volume
Clientes de gás natural	237,000
Entrega anual de gás	58,6 bilhões de pés cúbicos

Atualizações de manutenção e infraestrutura da grade

A empresa investe aproximadamente US $ 1,2 bilhão anualmente em melhorias na infraestrutura e na modernização da grade.

• Investimento anual de infraestrutura: US $ 1,2 bilhão
• Áreas de foco em modernização da grade:
  • Atualizações da linha de transmissão
  • Melhorias na subestação
  • Implementação de tecnologia de grade inteligente

Desenvolvimento do Programa de Eficiência Energética

A Eversource implementa programas de eficiência energética que salvaram os clientes de 2,1 milhões de megawatts-horas em 2022.

Métricas de eficiência energética	Desempenho
Economia de energia	2,1 milhões de MWh
Investimento do programa	US $ 320 milhões

Operações de atendimento ao cliente e cobrança

A Eversource atende a mais de 4 milhões de clientes elétricos e de gás em três estados com uma rede abrangente de suporte ao cliente.

Métricas de atendimento ao cliente	Volume
Total de clientes	4 milhões
Centros de atendimento ao cliente	12

Eversource Energy (s) - Modelo de Negócios: Recursos -Principais

Infraestrutura extensa de transmissão e distribuição elétrica

Eversource Energy opera 4.280 milhas de circuito de linhas de transmissão em toda a Nova Inglaterra. A empresa gerencia 21.192 milhas de linhas de distribuição Atendendo clientes em Massachusetts, Connecticut e New Hampshire.

Categoria de infraestrutura	Quantidade	Região de serviço
Linhas de transmissão	4.280 milhas de circuito	Nova Inglaterra
Linhas de distribuição	21.192 milhas	MA, CT, NH

Instalações de geração de energia

A Eversource Energy gerencia vários recursos de geração de energia em toda a Nova Inglaterra.

• Portfólio de energia renovável: 1.300 MW de capacidade de geração renovável
• Geração solar: 185 MW de instalações solares
• Investimentos de energia eólica: 250 MW de capacidade de energia eólica

Engenharia qualificada e força de trabalho técnica

A Eversource Energy emprega 8.525 trabalhadores totais a partir de 2023, com experiência técnica significativa.

Categoria de funcionários	Número
Total de funcionários	8,525
Equipe técnica/de engenharia	3,412

Sistemas avançados de tecnologia digital e gerenciamento de grade

Eversource investe US $ 650 milhões anualmente em tecnologias de modernização de grade. A infraestrutura digital inclui sistemas avançados de medição e monitoramento de grade.

Capital financeiro para investimentos em infraestrutura

Recursos financeiros para 2024:

• Total de ativos: US $ 34,2 bilhões
• Orçamento de despesas de capital: US $ 2,1 bilhões
• Caixa e equivalentes em dinheiro: US $ 412 milhões

Métrica financeira	2024 Valor
Total de ativos	US $ 34,2 bilhões
Gasto de capital	US $ 2,1 bilhões
Reservas de caixa	US $ 412 milhões

Eversource Energy (s) - Modelo de Negócios: Proposições de Valor

Fornecimento de energia confiável e consistente para clientes residenciais e comerciais

A Eversource Energy atende a aproximadamente 4,3 milhões de clientes elétricos e de gás natural em Connecticut, Massachusetts e New Hampshire. A empresa oferece 2,2 bilhões de quilowatt-hora de eletricidade anualmente.

Segmento de clientes	Número de clientes	Entrega anual de energia
Clientes residenciais	3,6 milhões	1,8 bilhão de kWh
Clientes comerciais	700,000	400 milhões de kWh

Compromisso com energia renovável e sustentabilidade

Eversource se comprometeu 50% de geração de energia renovável até 2030. O portfólio atual de energia renovável inclui:

• Geração solar: 250 MW
• Geração de vento: 450 MW
• Geração hidrelétrica: 200 MW

Tecnologia de grade avançada para melhorar a confiabilidade do serviço

Investimento na modernização da grade: US $ 1,2 bilhão em cinco anos. A implantação do medidor inteligente cobre 95% do território de serviço.

Investimento em tecnologia	Quantia
Modernização da grade	US $ 1,2 bilhão
Cobertura de medidor inteligente	95%

Programas de eficiência energética e soluções de gerenciamento de custos

Gastos anuais do Programa de Eficiência Energética: US $ 220 milhões. Economia do cliente alcançada:

• Economia anual do cliente residencial: $ 180
• Economia anual do cliente comercial: US $ 4.500

Serviços de utilidade abrangentes em vários setores de energia

Cobertura de serviço em três estados com soluções de energia integrada:

Tipo de serviço	Cobertura
Distribuição elétrica	Connecticut, Massachusetts, New Hampshire
Distribuição de gás natural	Connecticut, Massachusetts

Eversource Energy (s) - Modelo de Negócios: Relacionamentos do Cliente

Portais de atendimento ao cliente online

A Eversource Energy fornece plataformas de atendimento ao cliente digital com os seguintes recursos:

Recurso do portal	Detalhes específicos
Acesso à conta on -line	Disponível 24/7 para 1,5 milhão de clientes residenciais
Opções de pagamento da conta	Vários métodos de pagamento digital, incluindo cartão de crédito, transferência bancária
Rastreamento de uso	Monitoramento de consumo de energia em tempo real

Aplicativo móvel para gerenciamento de contas

O aplicativo móvel da Eversource fornece:

• Funcionalidade de relatório de interrupção
• Rastreamento de consumo de energia em tempo real
• Recursos de pagamento da conta
• Integração de bate -papo de suporte ao cliente

Canais diretos de suporte ao cliente

Canal de suporte	Volume de contato
Suporte telefônico	3,2 milhões de interações anuais do cliente
Suporte por e -mail	Aproximadamente 250.000 consultas por e -mail por ano
Bate -papo ao vivo	150.000 interações de suporte digital anualmente

Programas de envolvimento da comunidade

Eversource implementa iniciativas de envolvimento da comunidade:

• Workshops de eficiência energética: 45 eventos anuais da comunidade
• Programas de educação energética renovável: alcançar 75.000 clientes
• Parcerias de sustentabilidade local: 12 colaborações regionais

Comunicação proativa durante interrupções do serviço

Método de comunicação	Alcançar
Alertas de SMS	1,4 milhão de clientes registrados
Atualizações de mídia social	250.000 seguidores entre plataformas
Notificações de telefone automatizadas	Cobertura completa da área de serviço

Eversource Energy (s) - Modelo de Negócios: Canais

Plataformas digitais

A Eversource Energy opera uma plataforma digital abrangente com as seguintes especificações:

Tráfego do site	2,3 milhões de visitantes únicos anualmente
Downloads de aplicativos móveis	487.000 downloads totais
Usuários de pagamento on -line da conta on -line	1,6 milhão de usuários registrados

Centros de atendimento ao cliente local

A Eversource mantém locais de serviço físico em seus territórios de serviço:

• 48 Centros de Atendimento ao Cliente em Connecticut, Massachusetts e New Hampshire
• Tempo médio de espera do cliente: 12 minutos por visita
• Interações anuais do cliente: 672.000 visitas pessoais

Representantes de vendas diretas

Composição e desempenho da equipe de vendas:

Total de representantes de vendas	342 representantes de campo
Custo médio de aquisição de clientes	US $ 187 por novo cliente residencial
Cobertura anual de vendas	3 estados (CT, MA, NH)

Call centers

Métricas operacionais de call center:

Locais totais de call center	5 centros regionais
Volume anual de chamada	4,2 milhões de chamadas de clientes
Tempo médio de resposta	3,5 minutos

Plataformas de mercado de energia de terceiros

Detalhes de engajamento da plataforma:

• Parcerias com 12 plataformas de mercado de energia
• Integração com sites de comparação de energia renovável
• Volume da transação do mercado digital: US $ 87 milhões anualmente

Eversource Energy (s) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

A Eversource Energy atende a aproximadamente 3,7 milhões de clientes elétricos em Connecticut, Massachusetts e New Hampshire.

Estado	Número de clientes residenciais	Conta média mensal de eletricidade
Connecticut	1,260,000	$180.45
Massachusetts	1,520,000	$165.75
New Hampshire	920,000	$195.30

Empresas comerciais e industriais

A Eversource Energy fornece eletricidade a 170.000 clientes comerciais e industriais.

• Grandes clientes comerciais: 22.500
• Empresas de médio porte: 87.500
• Pequenas empresas: 60.000

Entidades municipais e governamentais

A Eversource atende a 520 clientes municipais e governamentais em seus territórios de serviço.

Tipo de cliente	Número de clientes	Consumo anual de energia (MWH)
Municípios	320	1,450,000
Governo do Estado	125	680,000
Governo federal	75	390,000

Clientes agrícolas

A Eversource Energy suporta 2.300 clientes agrícolas em suas regiões de serviço.

• Fazendas: 1.850
• Instalações de processamento agrícola: 450

Desenvolvedores de projetos de energia renovável

A Eversource Energy tem parcerias com 85 desenvolvedores de projetos de energia renovável.

Tipo de energia renovável	Número de projetos	Capacidade total instalada (MW)
Solar	52	620
Vento	22	380
Biomassa	11	95

Eversource Energy (s) - Modelo de negócios: estrutura de custos

Manutenção e atualizações de infraestrutura

Em 2022, a Eversource Energy investiu US $ 2,4 bilhões em despesas de capital para melhorias na infraestrutura e modernização da rede.

Categoria	Investimento anual
Infraestrutura de transmissão	US $ 1,2 bilhão
Atualizações do sistema de distribuição	US $ 865 milhões
Modernização da grade	US $ 335 milhões

Geração de energia e despesas de transmissão

Os custos de geração e transmissão da Eversource para 2022 totalizaram aproximadamente US $ 1,7 bilhão.

• Custos de aquisição de combustível: US $ 612 milhões
• Contratos de compra de energia: US $ 453 milhões
• Despesas de operação de transmissão: US $ 635 milhões

Salários e benefícios dos funcionários

Em 2022, as despesas totais de remuneração dos funcionários da Eversource Energy foram de US $ 834 milhões.

Componente de compensação	Quantia
Salários da base	US $ 521 milhões
Benefícios e contribuições de aposentadoria	US $ 213 milhões
Bônus de desempenho	US $ 100 milhões

Investimentos de tecnologia e transformação digital

A Eversource alocou US $ 187 milhões às iniciativas de tecnologia e transformação digital em 2022.

• Atualizações de infraestrutura de TI: US $ 76 milhões
• Aprimoramentos de segurança cibernética: US $ 42 milhões
• Plataformas de atendimento ao cliente digital: US $ 69 milhões

Conformidade regulatória e iniciativas ambientais

A conformidade e os custos ambientais da Eversource em 2022 atingiram US $ 293 milhões.

Área de conformidade	Gasto
Conformidade regulatória ambiental	US $ 156 milhões
Investimentos de energia renovável	US $ 87 milhões
Programas de redução de emissões	US $ 50 milhões

Eversource Energy (s) - Modelo de negócios: fluxos de receita

Taxas de transmissão e distribuição de eletricidade

Em 2022, a Eversource Energy relatou receita total de transmissão elétrica de US $ 1,24 bilhão. A empresa atende a aproximadamente 1,3 milhão de clientes elétricos em Connecticut, Massachusetts e New Hampshire.

Área de serviço	Clientes elétricos	Receita de transmissão
Connecticut	594,000	US $ 542 milhões
Massachusetts	436,000	US $ 398 milhões
New Hampshire	270,000	US $ 300 milhões

Taxas de distribuição de gás natural

Receita de distribuição de gás natural para Eversource Energy alcançado US $ 786 milhões Em 2022, atendendo a aproximadamente 272.000 clientes de gás natural.

• Connecticut Natural Gas Clientes: 148.000
• Clientes de gás natural de Massachusetts: 124.000
• Receita média anual de distribuição de gás por cliente: US $ 2.890

Receitas do Programa de Eficiência Energética

Eversource investiu US $ 293 milhões Em programas de eficiência energética em 2022, gerando receita adicional por meio de iniciativas de eficiência patrocinadas pelo Estado.

Tipo de programa	Investimento	Participação do cliente
Eficiência residencial	US $ 142 milhões	87.000 participantes
Eficiência comercial	US $ 151 milhões	3.200 clientes comerciais

Investimentos de projeto de energia renovável

Investimentos de energia renovável gerados US $ 215 milhões em receita da Eversource em 2022, com foco em projetos solares e eólicos.

• Receita do projeto solar: US $ 128 milhões
• Receita do projeto eólico: US $ 87 milhões
• Capacidade total de energia renovável: 450 MW

Contratos de Serviço de Utilidade e parcerias

Contratos de serviço de utilidade e parcerias estratégicas contribuídas US $ 167 milhões ao fluxo de receita da Eversource em 2022.

Tipo de parceria	Receita	Número de contratos
Contratos de utilidade municipal	US $ 92 milhões	43 contratos
Gerenciamento de infraestrutura	US $ 75 milhões	28 parcerias

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.