Eversource Energy

Capital deployment is centered on regulated rate base with a newly increased five year plan of about 26.5B for 2026 to 2030, primarily electric and gas distribution.

Exiting offshore wind simplifies the story after large write downs in 2023 and a 2024 exit that included purchase price adjustments and a remaining contingent liability; that outcome was prudent albeit costly. Management targets 5 to 7 percent long term EPS growth and intends modest external equity issuance over 2026 to 2030 to fund plans.

Dividends increased in January 2026 and the payout ratio on 2025 GAAP EPS is in a typical utility range. We would prefer slower dilution and steadier capex cadence, but recognize the strategic need to harden grids and support electrification under state ESMP frameworks.