In a Feb 13 news release for investors Eversource Energy announced that it lost $442.2 million in 2023, or $1.26 per share.
The report notes that the company intends to focus on its core electric and natural gas distribution and transmission which are described as “well positioned to deliver solid operational and financial results as we move forward in supporting the region’s transition to a cleaner energy environment.”
Eversource does not appear interested in directly owning cleaner energy production facilities as the release also notes the completion of its exit from the offshore wind business, selling its shares in South Fork Wind, Revolution Wind, and Sunrise Wind to other parties, netting over $1 billion.
Aquarion Water, acquired by Eversource in 2017 for more than $1.6 billion is also under consideration for sale.
“Aquarion has been a meaningful investment to Eversource, and I appreciate the hard work and dedication of the Aquarion team and its leadership. The company is well recognized and respected for its operational excellence in the water distribution business,” said Joe Nolan, Eversource Energy Chairman, President and Chief Executive Officer. “The Aquarion team truly shares the Eversource values of customer commitment and stewardship of the environment.”
The report noted that the water business has a rate base of $1.3 billion. Attempts to increase water bills and the value of Aquarion have previously been blocked by regulators.
