Despite Tropical Storm Isaias, Eversource earned $1.2 billion in 2020
Eversource emerged from a bruising 2020 ”“ at least from a public relations standpoint ”“ with full-year earnings of $1.2 billion, compared with $909.1 million in 2019.
For the fourth quarter, Eversource earned $271.9 million, compared with earnings of $250 million for the fourth quarter of 2019.
The utility came under heavy fire from Connecticut residents and lawmakers in August for its slow response to blackouts caused by Tropical Storm Isaias.
“Tropical Storm Isaias was by far the worst storm to damage our system in 2020, but it was far from the only one,” Eversource Chairman, President and CEO Jim Judge said in a statement accompanying the earnings report.
“We had more storm activity in 2020 than in any year in our history, right up through Christmas Day when thousands of Eversource employees responded to extremely high and damaging winds that caused extensive damage across our service territory.
“It was the most recent of dozens of instances in 2020 where Eversource employees worked tirelessly and safely through the pandemic to maintain and restore vital services to our 4.3 million customers,” he continued.
However, the company ”“ which also serves customers in Massachusetts and New Hampshire ”“ may not necessarily be pocketing all of those earnings. The Connecticut legislature last year passed a law requiring utilities to pay residential customers a maximum of $250 for the spoilage of food and medication caused by power outages lasting more than four days, as well as daily credits of $25 for blackouts lasting more than 96 hours.
The state”™s Public Utilities Regulatory Authority (PURA) is still reviewing Eversource”™s and United Illuminating”™s response to Isaias, which should determine how much their customers would receive.
PURA is also planning to separately consider what, if anything, customers should pay for power restoration. Eversource has said it spent about $230 million in Isaias-related costs in Connecticut.
Earlier this month, the state”™s Office of Consumer Counsel advised PURA that the affected customers “should not carry the burden of costs arising from areas of that response that were impaired by inadequate communications or insufficient planning.”