Q1 2024 Eversource Energy Earnings Call Transcript
Key Points
- Eversource Energy is on track with the sale of its offshore wind projects, expecting to close transactions in the coming months, which will bring significant cash proceeds.
- The company has successfully energized the South Fork Wind project and is applying similar construction processes to other projects, enhancing its renewable energy portfolio.
- Eversource Energy is making substantial investments in infrastructure to support clean energy transitions, aiming to increase electrification capacity significantly.
- The company reported strong financial results for Q1 2024, with earnings per share increasing from the previous year, and reiterated its EPS guidance for 2024.
- Eversource Energy is actively engaged in regulatory initiatives and collaborations to advance clean energy goals across the states it serves, particularly in Massachusetts and New Hampshire.
- Regulatory challenges in Connecticut are impacting the company's investment decisions, leading to a reduction in capital expenditure plans for the state.
- The lack of alignment between state policy and regulatory decisions in Connecticut is creating an uncertain environment for utility investments and innovation.
- Eversource Energy expressed concerns about the deferred and delayed cost recovery for upfront program funding in Connecticut, which affects financial planning and resource allocation.
- The company is facing pressures on its balance sheet due to under-collected costs, particularly in Connecticut, which contributed to a reduction in its FFO to debt ratio in 2023.
- Despite ongoing outreach and discussions, there remains significant work to align Connecticut's regulatory framework with the state's clean energy vision, posing ongoing challenges for Eversource Energy.
Good morning, and thank you for attending the Eversource Energy Q1 2024 Earnings Call. My name is Elissa, and I will be your moderator. (Operator Instructions)
I would now like to pass the call to our host, Matt Fallon, Eversource Energy's Director for Investor Relations. Matt, please go ahead.
Good morning, and thank you for joining us. I am Matt Fallon, Eversource Energy's Director for Investor Relations. During this call, we'll be referencing slides that we posted yesterday on our website.
As you can see on Slide 1, some of the statements made during this investor call may be forward-looking. These statements are based on management's current expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements.
Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile to GAAP results
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