EVERSOURCE ENERGY Business Summary

Eversource Energy (NYSE: ES) operates as a pure-play regulated utility, generating the vast majority of its revenue through rate-regulated delivery services across three primary segments: Electric Transmission, Electric Distribution, and Natural Gas Distribution. Following its strategic exit from the offshore wind sector in 2024 and the ongoing divestiture process of its Aquarion Water subsidiary, the company has refocused on a $26.5 billion five-year capital plan (2026–2030) centered on grid modernization, storm hardening, and decarbonization infrastructure. Revenue is derived from state-approved distribution rates and Federal Energy Regulatory Commission (FERC)-regulated transmission tariffs, providing a predictable cash flow profile. As New England’s largest energy delivery system, Eversource maintains a dominant regional market position, competing for capital and regulatory favor against peers such as National Grid, Avangrid, and Public Service Enterprise Group (PSEG). Leadership is led by Chairman, President, and CEO Joseph R. Nolan, Jr., a 35-year company veteran who assumed the top role in 2021 and has overseen the firm’s transition back to a regulated core. The executive team includes John M. Moreira as Executive VP, CFO, and Treasurer, and Paul W. Chodak, who serves as Executive VP and COO after joining from American Electric Power (AEP). Technology and infrastructure strategy are managed by Katherine Kountze (SVP and CIO) and Aftab Khan (SVP of Engineering). The company’s governance was recently bolstered by the election of W. Robert “Bob” Mudge, former COO of Verizon, to the Board of Trustees effective January 1, 2026. Eversource’s institutional pedigree is rooted in the 2012 merger of Northeast Utilities and NSTAR, and it remains a staple holding for major asset managers including Vanguard and BlackRock.