Q2 2024 Eversource Energy Earnings Call Transcript
Key Points
- Eversource Energy (ES) successfully closed the sale of the Sunrise Wind project to Ørsted and anticipates closing the sale of South Fork and Revolution Wind projects to Global Infrastructure Partners in Q3 2024.
- The company is focusing on being a pure-play regulated utility with significant low-risk regulated growth opportunities.
- Eversource Energy (ES) is planning nearly $6 billion in transmission investments over the next five years, the largest program in the company's history.
- The Massachusetts AMI program is progressing well, with smart meter installation expected to begin in Q3 2025.
- Eversource Energy (ES) reaffirmed its 2024 EPS guidance range of $4.50 to $4.67 and its longer-term 5% to 7% EPS growth rate.
- Eversource Energy (ES) reported a decrease in electric distribution earnings due to higher O&M expenses and storm restoration costs.
- The company faces regulatory uncertainty in Connecticut, impacting its ability to make investments, particularly in AMI.
- Higher interest expenses negatively impacted the earnings of Eversource parent and other companies.
- The sale of Aquarion Water Company is still in the initial phase, with completion expected by the end of 2025.
- The company anticipates equity needs of up to $1.3 billion over the next several years, which could dilute existing shareholders.
Ladies and gentlemen, please remain holding. The conference will begin momentarily. Again, please remain holding. The conference will begin momentarily.
A good morning and good afternoon, ladies and gentlemen.
Welcome to the Eversource Energy Q2 2024 earnings call. My name is Nikita, and I will be your moderator for today's call. All lines will be muted and a presentation portion of the call with the opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to your host, Matthew Fassler with Eversource Energy 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
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