Eversource Energy
Sector unknown·ES · USA (SEC 10-K)·Fiscal year to 31/12/2025
A summary of CL&P's retail revenues, grouped by customer bill rate components described above, are as follows: For the Years Ended December 31, CL&P (Millions of Dollars) 2025 2024 Increase/ (Decrease) Return Included in Customer Rates Retail Tariff Sales Revenues Amount % Amount % Supply $ 1,050.0 25 % $ 1,094.1 29 % $ (44.1) pass through costs; no return Local Delivery 1,425.1 34 % 1,354.5 35 % 70.6 includes return on investments Public Benefits 959.3 23 % 709.5 19 % 249.8 pass through costs; required by legislation and regulation Transmission 721.0 17 % 664.6 17 % 56.4 includes return on investments Total Retail Tariff Sales Revenues $ 4,155.4 $ 3,822.7 $ 332.7 Distribution Rate Case and Settlement Agreement: CL&P's distribution rates were established in an April 2018 PURA-approved rate case settlement agreement with rates effective May 1, 2018, and incremental step adjustments effective May 1, 2019 and May 1, 2020.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“Further, the view of natural gas as an attractive fuel source for heating and power generation may be at risk. Certain environmental activist groups, investors and governmental entities continue to oppose natural gas delivery and infrastructure investments because of perceived environmental impacts associated with the natural gas supply chain and end use.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For customers who purchase natural gas from NSTAR Gas, EGMA and Yankee Gas, the purchased natural gas commodity cost is passed through to those customers without mark-up. NSTAR Gas, EGMA and Yankee Gas do not earn a return on the cost of purchased gas.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Sources and Availability of Natural Gas Supply NSTAR Gas and EGMA maintain flexible resource portfolios consisting of natural gas supply contracts, transportation contracts on interstate pipelines, market area storage and peaking services. NSTAR Gas and EGMA purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company, as well as other upstream pipelines that transport natural gas from major natural gas producing regions in the U.S., including the Gulf Coast, Mid-continent region, and Appalachian Shale (as well as Ontario, Canada specific to EGMA), which supply to the final delivery points in the NSTAR Gas and EGMA service areas.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“NSTAR Gas purchases all of its natural gas supply under a firm, competitively bid annual portfolio management contract. EGMA purchases the majority of its natural gas supply under a number of firm, competitively bid annual portfolio management contracts, and manages a portion of its own portfolio.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We also depend on third-party suppliers for power and natural gas.”
Annual report 2025A · The company itself
Market
“NSTAR Gas distributes natural gas to approximately 306,000 customers in 59 communities in central and eastern Massachusetts. EGMA distributes natural gas to approximately 335,000 customers in 66 communities throughout Massachusetts. Yankee Gas distributes natural gas to approximately 256,000 customers in 85 cities and towns in Connecticut.”
Annual report 2025A · The company itself
Market
“•A Purchased Gas Adjustment (PGA) clause at Yankee Gas that collects the costs of the procurement of natural gas for its firm and seasonal customers.”
Annual report 2025A · The company itself
Market
“As of December 31, 2025, Yankee Gas owned 28 active gate stations, 189 district regulator stations, and approximately 3,526 miles of natural gas main pipeline. Yankee Gas also owns a liquefaction and vaporization plant and above ground storage tank with a storage capacity equivalent of 1.2 Bcf of natural gas in Waterbury, Connecticut.”
Annual report 2025A · The company itself
Solar power
Technology
DriverPositive impact: strengthens
“Renewable Portfolio Standards Each of the states in which we do business has Renewable Portfolio Standards (RPS) requirements, which generally require fixed percentages of our energy supply to come from renewable energy sources such as solar, wind, hydropower, landfill gas, fuel cells and other similar sources.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Connecticut's RPS statute requires increasing percentages of the electricity sold to retail customers to have direct ties to renewable sources. In 2025, the total RPS obligation was 39.0 percent and will be 37.0 percent in 2030.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Massachusetts' RPS program requires electricity suppliers to meet renewable energy standards. For 2025, the RPS and Clean Energy Standard (CES) requirements were 63.1 percent, and will ultimately reach 69.3 percent in 2026.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Massachusetts electric suppliers were also required to meet Alternative Energy Portfolio Standards (APS) of 6.25 percent and Clean Peak Energy Standards (CPS) of 5.5 percent in 2025. Those requirements will reach 6.5 and 7.0 percent in 2026, respectively.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“New Hampshire's RPS provision requires increasing percentages of the electricity sold to retail customers to have direct ties to renewable sources. In 2025, the total RPS obligation was 22.2 percent and it will ultimately reach 25.2 percent in 2026.”
Annual report 2025A · The company itself
Market
“NSTAR Electric owns, operates and maintains a total of 70 MW of solar power facilities on twenty-two sites in Massachusetts. NSTAR Electric sells energy from these facilities into the ISO-NE market, with proceeds credited to customers.”
Annual report 2025A · The company itself
Market
“NSTAR Electric also owns renewable solar power facilities. The RECs generated from NSTAR Electric's solar power facilities are sold to other energy suppliers, and the proceeds from these sales are credited back to customers.”
Annual report 2025A · The company itself
Electricity
Raw materials and inputs
DriverNegative impact: weakens
“In extreme cases, ISO-NE may require load shed if regional power capacity is insufficient.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related cost, without mark-up, through to those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers). CL&P charges customers only the amount that it pays generators for producing electricity and does not earn a return on the cost of electricity.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We also depend on third-party suppliers for power and natural gas.”
Annual report 2025A · The company itself
Market
“A summary of CL&P's retail revenues, grouped by customer bill rate components described above, are as follows: For the Years Ended December 31, CL&P (Millions of Dollars) 2025 2024 Increase/ (Decrease) Return Included in Customer Rates Retail Tariff Sales Revenues Amount % Amount % Supply $ 1,050.0 25 % $ 1,094.1 29 % $ (44.1) pass through costs; no return Local Delivery 1,425.1 34 % 1,354.5 35 % 70.6 includes return on investments Public Benefits 959.3 23 % 709.5 19 % 249.8 pass through costs; required by legislation and regulation Transmission 721.0 17 % 664.6 17 % 56.4 includes return on investments Total Retail Tariff Sales Revenues $ 4,155.4 $ 3,822.7 $ 332.7 Distribution Rate Case and Settlement Agreement: CL&P's distribution rates were established in an April 2018 PURA-approved rate case settlement agreement with rates effective May 1, 2018, and incremental step adjustments effective May 1, 2019 and May 1, 2020.”
Annual report 2025A · The company itself
Market
“CL&P, NSTAR Electric and PSNH also serve New England customers through Eversource's electric transmission business.”
Annual report 2025A · The company itself
Market
“ELECTRIC TRANSMISSION SEGMENT CL&P, NSTAR Electric and PSNH each own and maintain transmission facilities that are part of an interstate power transmission grid over which electricity is transmitted throughout New England. Each of CL&P, NSTAR Electric and PSNH, and most other New England utilities, are parties to a series of agreements that provide for coordinated planning and operation of the region's transmission facilities and the rules by which they acquire transmission services.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Consumer spending
Macro
DriverPositive impact: strengthens
“Under Connecticut law, all of CL&P's customers are entitled to choose their energy suppliers, while CL&P remains their electric distribution company. For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related cost, without mark-up, through to those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades. Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty.”
Annual report 2025A · The company itself
Market
“NSTAR Gas, EGMA and Yankee Gas generate revenues primarily through the sale and/or transportation of natural gas. Our natural gas businesses provide uninterruptible (or firm) natural gas sales and transportation service to eligible retail customers who require a continuous natural gas supply throughout the year, such as residential customers who rely on natural gas for heating, hot water and cooking needs, as well as commercial and industrial customers who rely on natural gas for space heating, hot water, cooking and commercial and industrial applications and who choose to purchase natural gas from our natural gas businesses.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Water
Raw materials and inputs
DriverNegative impact: weakens
“Our subsidiaries’ operations are also subject to extensive and increasing federal, state and local environmental statutes, rules and regulations that govern, among other things, water quality (including treatment of PFAS (Per- and Polyfluoroalkyl Substances) and lead), water discharges, the management of hazardous material and solid waste, and air emissions including greenhouse gases. Compliance with these requirements requires us to incur significant costs relating to environmental permitting, monitoring, maintenance and upgrading of facilities, remediation, and reporting. For our water business, compliance with water quality regulations, including those for PFAS and lead, could require the construction of facilities and replacement of customer lead service lines, respectively.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our water business faces an inherent strategic risk related to adequacy of supply (i.e., water scarcity). We expect that climate change will cause both an increase in demand due to increasing temperatures and a potential for a decrease in available supply due to shifting rainfall and recharge patterns.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In Connecticut, where most of our dams are located, impounded waterways are required to release minimum downstream flow. New regulations are being phased into effect over the next one to five years that will increase the volume of downstream releases required across our Connecticut service territory, depleting the volume of supply in storage that is used to meet customer demands.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our water supplies, including water provided to our customers, are also subject to possible contamination from naturally occurring compounds and elements or non-organic substances, including PFAS.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Sources and Availability of Water Supply Our water utilities obtain their water supplies from owned surface water sources (reservoirs) and groundwater supplies (wells) with a total supply yield of approximately 135 million gallons per day, as well as water purchased from other water suppliers. Approximately 98 percent of our annual production is self-supplied and processed at ten surface water treatment plants and numerous well stations, which are all located in Connecticut, Massachusetts, and New Hampshire.”
Annual report 2025A · The company itself
Market
“WATER DISTRIBUTION SEGMENT Aquarion Company (Aquarion) operates five separate regulated water utilities in Connecticut (Aquarion Water Company of Connecticut, or AWC-CT, and The Torrington Water Company), Massachusetts (Aquarion Water Company of Massachusetts, or AWC-MA), and New Hampshire (Aquarion Water Company of New Hampshire, or AWC-NH, and Abenaki Water Company). These regulated companies provide water services to approximately 249,000 residential, commercial, industrial, municipal and fire protection and other customers, in 73 towns and cities in Connecticut, Massachusetts and New Hampshire.”
Annual report 2025A · The company itself
Market
“As of December 31, 2025, Aquarion owned and operated sources of water supply with a combined yield of approximately 135 million gallons per day; 3,861 miles of transmission and distribution mains; 10 surface water treatment plants; 37 dams; and 119 wellfields.”
Annual report 2025A · The company itself
Market
“Aquarion’s general rate structure consists of various rate and service classifications covering residential, commercial, industrial, and municipal and fire protection services. The rates established by the PURA, DPU and NHPUC are comprised of the following: •A base rate, which is comprised of fixed charges based on meter/fire connection sizes, as well as volumetric charges based on the amount of water sold.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
Market
“ELECTRIC DISTRIBUTION – CONNECTICUT – THE CONNECTICUT LIGHT AND POWER COMPANY CL&P's distribution business consists primarily of the purchase, delivery and sale of electricity to its residential, commercial and industrial customers. As of December 31, 2025, CL&P furnished retail franchise electric service to approximately 1.32 million customers in 157 cities and towns in Connecticut.”
Annual report 2025A · The company itself
Market
“As of December 31, 2025, NSTAR Electric furnished retail franchise electric service to approximately 1.62 million customers in 159 cities and towns in eastern and western Massachusetts, including Boston, Cape Cod, Martha's Vineyard and the greater Springfield metropolitan area. NSTAR Electric does not own any generating facilities that are used to supply customers, and purchases its energy requirements from competitive energy suppliers.”
Annual report 2025A · The company itself
Market
“As of December 31, 2025, PSNH furnished retail franchise electric service to approximately 549,000 retail customers in 206 cities and towns in New Hampshire.”
Annual report 2025A · The company itself
Market
“NSTAR Gas, EGMA and Yankee Gas generate revenues primarily through the sale and/or transportation of natural gas. Our natural gas businesses provide uninterruptible (or firm) natural gas sales and transportation service to eligible retail customers who require a continuous natural gas supply throughout the year, such as residential customers who rely on natural gas for heating, hot water and cooking needs, as well as commercial and industrial customers who rely on natural gas for space heating, hot water, cooking and commercial and industrial applications and who choose to purchase natural gas from our natural gas businesses.”
Annual report 2025A · The company itself
Market
“We serve a wide variety of customers and transact with suppliers that include IPPs, industrial companies, natural gas and electric utilities, oil and natural gas producers, financial institutions, and other energy marketers.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Our subsidiaries’ operations are also subject to extensive and increasing federal, state and local environmental statutes, rules and regulations that govern, among other things, water quality (including treatment of PFAS (Per- and Polyfluoroalkyl Substances) and lead), water discharges, the management of hazardous material and solid waste, and air emissions including greenhouse gases. Compliance with these requirements requires us to incur significant costs relating to environmental permitting, monitoring, maintenance and upgrading of facilities, remediation, and reporting. For our water business, compliance with water quality regulations, including those for PFAS and lead, could require the construction of facilities and replacement of customer lead service lines, respectively.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In Connecticut, where most of our dams are located, impounded waterways are required to release minimum downstream flow. New regulations are being phased into effect over the next one to five years that will increase the volume of downstream releases required across our Connecticut service territory, depleting the volume of supply in storage that is used to meet customer demands.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Initiatives to mitigate the impacts of climate change, support a transition to cleaner energy, and reduce emissions, may have a material adverse financial impact on our business. These impacts include the costs associated with the development and implementation of new technologies to maintain system reliability and resiliency and lower emissions, including grid modernization and energy storage. An increase in such costs, unless promptly recovered, could have an adverse impact on our financial position, results of operations, and cash flows.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are pursuing investment opportunities in electric transmission facilities, distributed generation and other clean-energy infrastructure, including interconnection facilities. The development of these projects involves numerous significant risks including federal, state and local permitting and regulatory approval processes, scheduling or permitting delays, increased costs, tax strategies and changes to federal tax laws, new legislation impacting the industry, including clean energy programs, economic events or factors, environmental, community, and customer affordability concerns, design and siting issues and difficulties in obtaining required rights of way.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Artificial intelligence
Technology
DriverNegative impact: weakens
“AI systems may produce inaccurate, biased or otherwise unreliable forecasts or recommendations due to flawed algorithms, limited training data or unforeseen conditions which could result in service disruptions, regulatory penalties and reputational harm.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Advances in technology that reduce the costs of alternative methods of producing electric energy to a level that is competitive with that of current electric production methods, could result in loss of market share and customers and may require us to make significant expenditures to remain competitive. These changes in technology, including micro-grids and advances in energy or battery storage, could also alter the channels through which electric customers buy or utilize energy, which could reduce our revenues or increase our expenses.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are increasingly integrating artificial intelligence (AI) into our operations, and while these technologies offer operational benefits, they also introduce significant risks that could adversely impact our business and results of operations. We deploy AI tools and models in areas such as weather forecasting, grid planning, asset management, customer service and internal support functions.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Retail
End markets
Market
“ELECTRIC DISTRIBUTION – CONNECTICUT – THE CONNECTICUT LIGHT AND POWER COMPANY CL&P's distribution business consists primarily of the purchase, delivery and sale of electricity to its residential, commercial and industrial customers. As of December 31, 2025, CL&P furnished retail franchise electric service to approximately 1.32 million customers in 157 cities and towns in Connecticut.”
Annual report 2025A · The company itself
Market
“As of December 31, 2025, NSTAR Electric furnished retail franchise electric service to approximately 1.62 million customers in 159 cities and towns in eastern and western Massachusetts, including Boston, Cape Cod, Martha's Vineyard and the greater Springfield metropolitan area. NSTAR Electric does not own any generating facilities that are used to supply customers, and purchases its energy requirements from competitive energy suppliers.”
Annual report 2025A · The company itself
Market
“As of December 31, 2025, PSNH furnished retail franchise electric service to approximately 549,000 retail customers in 206 cities and towns in New Hampshire.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Power grid expansion
Technology
StrategyPositive impact: strengthens
“We are pursuing investment opportunities in electric transmission facilities, distributed generation and other clean-energy infrastructure, including interconnection facilities. The development of these projects involves numerous significant risks including federal, state and local permitting and regulatory approval processes, scheduling or permitting delays, increased costs, tax strategies and changes to federal tax laws, new legislation impacting the industry, including clean energy programs, economic events or factors, environmental, community, and customer affordability concerns, design and siting issues and difficulties in obtaining required rights of way.”
Annual report 2025A · The company itself
Chains in: Electricity strengthens, Electrification strengthens, Energy security strengthens, Wind power strengthens, Reconstruction of Ukraine strengthens
Utilities
End markets
Market
“We serve a wide variety of customers and transact with suppliers that include IPPs, industrial companies, natural gas and electric utilities, oil and natural gas producers, financial institutions, and other energy marketers.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Physical and Transitional Impacts of Climate Change: Eversource assesses the physical impacts of climate change that are presented in the form of weather and natural events or longer-term shifts in climate patterns, as well as transitional impacts related to a shift to a lower-carbon economy and mitigation and adaptation requirements.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Physical risks from climate change may be acute due to increased severity of extreme weather events, such as extreme heat, severe storms, droughts, wildfires, and floods. Acute risks are often exacerbated by chronic risks due to changes in precipitation patterns, extreme variability in weather patterns, rising mean temperatures, and/or rising sea levels.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“These risks may result in customers’ energy and water usage increasing or decreasing depending on the duration and magnitude of the changes, degradation of water quality, and our ability to reliably deliver our services to customers.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our electric, natural gas and water utility subsidiaries serve large customer bases and are subject to adverse publicity regarding service safety, reliability and response times to outages, leaks or other interruptions, including those related to storms or climate change. Negative publicity can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes, such as stricter operational standards, vegetation management requirements, fines, penalties or other sanctions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Additionally, these types of weather events risk interruption of the supply chain and could disrupt the delivery of goods and services required for our operations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our water business faces an inherent strategic risk related to adequacy of supply (i.e., water scarcity). We expect that climate change will cause both an increase in demand due to increasing temperatures and a potential for a decrease in available supply due to shifting rainfall and recharge patterns.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our transmission and distribution businesses face several operational risks, including the breakdown, failure of, or damage to operating equipment, information technology systems, or processes, especially due to age; labor disputes; disruptions in the delivery of electricity, natural gas and water; increased capital expenditure requirements, including those due to environmental regulation; catastrophic events resulting from equipment failures such as wildfires and explosions, or external events such as a solar event, an electromagnetic event, or other similar occurrences; increasingly severe weather conditions due to climate change beyond equipment and plant design capacity; human error; global supply chain disruptions; and potential claims for property damage or personal injuries beyond the scope of our insurance coverage.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“As our business transitions to support a more energy diverse economy, human capital needs will also change with the potential to impact our workforce. As new technologies are implemented, we will need to recruit, develop and possibly retrain employees to meet the need for new skill sets.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“To attract and retain talent in critical technical roles, we partnered with trade organizations and educational institutions within our communities. These partnerships, along with proactive sourcing strategies, help us recruit experienced professionals in engineering, electric and gas operations, and energy efficiency.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our transmission and distribution businesses face several operational risks, including the breakdown, failure of, or damage to operating equipment, information technology systems, or processes, especially due to age; labor disputes; disruptions in the delivery of electricity, natural gas and water; increased capital expenditure requirements, including those due to environmental regulation; catastrophic events resulting from equipment failures such as wildfires and explosions, or external events such as a solar event, an electromagnetic event, or other similar occurrences; increasingly severe weather conditions due to climate change beyond equipment and plant design capacity; human error; global supply chain disruptions; and potential claims for property damage or personal injuries beyond the scope of our insurance coverage.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“As of December 31, 2025, Eversource Energy employed a total of 10,731 employees, excluding temporary employees, of which 1,554 were employed by CL&P, 2,164 were employed by NSTAR Electric, and 802 were employed by PSNH. Of Eversource Energy’s employees, 4,495 were employed by Eversource Service, Eversource's service company, that provides support services to all Eversource operating companies.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Approximately 49 percent of our employees are members of the International Brotherhood of Electrical Workers, the Utility Workers Union of America or The United Steelworkers, and are covered by various collective bargaining agreements.”
Annual report 2025A · The company itself
Wind power
Technology
DriverPositive impact: strengthens
“Renewable Portfolio Standards Each of the states in which we do business has Renewable Portfolio Standards (RPS) requirements, which generally require fixed percentages of our energy supply to come from renewable energy sources such as solar, wind, hydropower, landfill gas, fuel cells and other similar sources.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Connecticut's RPS statute requires increasing percentages of the electricity sold to retail customers to have direct ties to renewable sources. In 2025, the total RPS obligation was 39.0 percent and will be 37.0 percent in 2030.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Massachusetts' RPS program requires electricity suppliers to meet renewable energy standards. For 2025, the RPS and Clean Energy Standard (CES) requirements were 63.1 percent, and will ultimately reach 69.3 percent in 2026.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“New Hampshire's RPS provision requires increasing percentages of the electricity sold to retail customers to have direct ties to renewable sources. In 2025, the total RPS obligation was 22.2 percent and it will ultimately reach 25.2 percent in 2026.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The purchase price included the sales value related to a 40 percent level of federal ITCs, 10 percent of which is the energy community ITC adder included in the Inflation Reduction Act related to Revolution Wind. If the project does not meet the qualifications under federal tax law for the full value of the ITC or there are changes to tax law, it could have a material adverse effect on our financial position, results of operations, and cash flows.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Financial regulation
Regulation
DriverPositive impact: strengthens
“Our regulated companies are entitled to charge rates that are sufficient to recover prudently incurred costs and a reasonable return on investment on invested capital.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Regulatory decisions may require us to cancel, delay, or reduce planned investments or incur costs we cannot recover. Rates are subject to prudency reviews, refunds or disallowances and may not align with the timing of costs incurred.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Federal-Level Risks The FERC has jurisdiction over our transmission cost recovery and our allowed ROEs on transmission investments. If FERC changes its methodology on developing ROEs or eliminates certain transmission incentives, it could negatively impact our financial position, results of operations and cash flows.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The purchase price included the sales value related to a 40 percent level of federal ITCs, 10 percent of which is the energy community ITC adder included in the Inflation Reduction Act related to Revolution Wind. If the project does not meet the qualifications under federal tax law for the full value of the ITC or there are changes to tax law, it could have a material adverse effect on our financial position, results of operations, and cash flows.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades. Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Also, supply constraints in New England have led to significant increases in commodity costs which may impact our ability to accomplish our strategic objectives.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The global supply chain of goods and services generally has stabilized; however, certain specialized equipment has long lead times and inflated prices, as well as competition from within and outside the utility industry. Additionally, rising geo-political tensions could negatively impact the global supply chain.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Under Connecticut law, all of CL&P's customers are entitled to choose their energy suppliers, while CL&P remains their electric distribution company. For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related cost, without mark-up, through to those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers).”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Interest rates
Macro
DriverNegative impact: weakens
“Interest rate increases on future credit facilities and debt offerings could be higher than current levels, causing our financing costs to increase accordingly, which could adversely impact our financial position, results of operations and cash flows.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour regulation
Regulation
DriverNegative impact: weakens
“In addition, various factors, including underperformance of plan investments and changes in law or regulation, could increase the required contribution amount to fund our pension plan in the future.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Labor disputes, work stoppages or an inability to negotiate future collective bargaining agreements on commercially reasonable terms, as well as the increased competition for talent or the intentional misconduct of employees or contractors, may also have an adverse effect on our business, financial position and results of operations.”
Annual report 2025A · The company itself
Batteries and energy storage
Technology
DriverNegative impact: weakens
“Advances in technology that reduce the costs of alternative methods of producing electric energy to a level that is competitive with that of current electric production methods, could result in loss of market share and customers and may require us to make significant expenditures to remain competitive. These changes in technology, including micro-grids and advances in energy or battery storage, could also alter the channels through which electric customers buy or utilize energy, which could reduce our revenues or increase our expenses.”
Annual report 2025A · The company itself
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“There may also be financial and reputational risks if we fail to meet evolving customer expectations, including enabling the integration of residential renewables and providing low carbon solutions, such as electric vehicle infrastructure and energy efficiency services.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“The global supply chain of goods and services generally has stabilized; however, certain specialized equipment has long lead times and inflated prices, as well as competition from within and outside the utility industry. Additionally, rising geo-political tensions could negatively impact the global supply chain.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverNegative impact: weakens
“The global supply chain of goods and services generally has stabilized; however, certain specialized equipment has long lead times and inflated prices, as well as competition from within and outside the utility industry. Additionally, rising geo-political tensions could negatively impact the global supply chain.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
IT operations and cloud
Raw materials and inputs
InputNegative impact: weakens
“We rely on third-party suppliers for equipment, materials, and services and we outsource certain business functions to third-party suppliers and service providers, and substandard performance or inability to fulfill obligations by those third parties could harm our business, reputation and results of operations. We outsource certain services to third parties in areas including information technology, transaction processing, human resources, payroll and payroll processing and certain operational areas.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“Further, FERC's policy has encouraged competition for transmission projects as it looks to expand the transmission system to accommodate state and federal policy as well as to enhance reliability and resilience for extreme weather events while lowering costs. Implementation of FERC's goals may expose us to competition for construction of transmission projects, which could result in being exposed to cost caps or a reduced ROE in order to win a project bid, additional regulatory considerations and potential delay with respect to future transmission projects, which may adversely affect our results of operations and lower rate base growth.”
Annual report 2025A · The company itself
Renewables auctions and subsidies
Regulation
DriverNegative impact: weakens
“In each of the states that we operate, there are requirements for purchases of renewable energy credits from the generation of renewable energy. As the requirement for credits increases and outpace the renewable energy coming online, we may be required to pay higher prices and make alternative compliance payments to the states. Unless renewable energy availability is increased to meet these credit requirements, we will face the risk of increasing costs.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
United States
Geography
Geography
“NSTAR Electric Through its charter, which is unlimited in time, NSTAR Electric has the right to engage in the business of delivering and selling electricity within its respective service territory, and has the power incidental thereto and is entitled to all the rights and privileges of and subject to the duties imposed upon electric companies under Massachusetts laws.”
Annual report 2025A · The company itself
Geography
“Aquarion Water Company of Connecticut and The Torrington Water Company AWC-CT and The Torrington Water Company derive their rights and franchises to operate from special acts of the Connecticut General Assembly and subject to certain approvals, permits and consents of public authority and others prescribed by statute and by its charter, they have, with minor exceptions, valid franchises free from burdensome restrictions and unlimited as to time, and are authorized to sell potable water in the towns (or parts thereof) in which water is now being supplied by AWC-CT and The Torrington Water Company.”
Annual report 2025A · The company itself
Geography
“Aquarion Water Company of Massachusetts Through its charters, which are unlimited in time, AWC-MA has the right to engage in the business of distributing and selling water within its service territories, and has the power incidental thereto and is entitled to all the rights and privileges of and subject to the duties imposed upon water companies under Massachusetts laws.”
Annual report 2025A · The company itself
Geography
“Aquarion Water Company of New Hampshire and Abenaki Water Company The NHPUC, pursuant to statutory law, has issued orders granting and affirming AWC-NH’s and Abenaki Water Company’s exclusive franchises to own, operate, and manage plant and equipment and any part of the same, for the conveyance of water for the public located within its franchise territory.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Equity and capital markets
Macro
DriverNegative impact: weakens
“Our counterparties may not meet their obligations to us or may elect to exercise their termination rights, which could adversely affect our earnings. We are exposed to the risk that counterparties to various arrangements that owe us money, have contracted to supply us with energy or other commodities or services, or that work with us as strategic partners including on significant capital projects, will not be able to perform their obligations, will terminate such arrangements or, with respect to our credit facilities, fail to honor their commitments. Should any of these counterparties fail to perform their obligations or terminate such arrangements, we might be forced to replace the underlying commitment at higher market prices and/or delay the completion of, or cancel, a capital project.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 13.55 bn USD |
| Revenue growth vs. the year before, same method | 13.8 % |
| EBITDA reported by the company | 5.39 bn USD |
| Net debt debt incl. leasing minus cash | 28.18 bn USD |
| Diluted EPS per share | 4.56 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.