Q3 2024 Eversource Energy Earnings Call Transcript
Key Points
- Eversource Energy (ES) has successfully exited the offshore wind development business, focusing on $6 billion in transmission and over $10 billion in electric distribution infrastructure investments through 2028.
- The company secured approximately $90 million in federal funding for a clean energy hub in Southeastern Connecticut and $20 million from the US Department of Energy for a battery energy storage project in Massachusetts.
- Eversource Energy (ES) received approval for its Electric Sector Modernization Plan (ESMP) in Massachusetts, which includes an additional $600 million in distribution investment.
- The company is recognized as a leader in clean energy transition, with significant regulated opportunities ahead, and was named the number one utility in the United States by Time Magazine.
- Eversource Energy (ES) has raised approximately $1 billion of equity through its ATM program, enhancing its financial position and supporting its balance sheet improvement efforts.
- Eversource Energy (ES) recognized an aggregate net loss of $524 million from the divestiture of its offshore wind investment.
- The company faces challenges in strengthening its balance sheet and improving its FFO to debt ratio, despite making progress.
- Higher-than-anticipated interest expenses have led to an update in the full-year 2024 recurring EPS guidance to a range of $4.52 to $4.60.
- The draft decision from PURA in Connecticut regarding AMI cost recovery has provisions that Eversource Energy (ES) finds challenging, potentially impacting investment decisions.
- The company is dealing with increased construction costs and delays related to the Revolution Wind project, impacting financial results.
Good morning, and thank you for attending the Eversource Energy Q3 2024 Earnings Call. My name is Elisa, and I will be your moderator today. (Operator Instructions) It is now my pleasure to pass the call to our host, Rima Hyder, VP of Investor Relations. Please go ahead, Rima.
Good morning, and thank you for joining us. I'm Rima Hyder, Eversource Energy's Vice President of Investor Relations. During this call, we'll be referencing slides that we posted yesterday on our website. You can see on slide 1 these statements are based on management 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 the GAAP results is contained within our news release the slides we posted last night
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