Eversource Energy

Leadership has reset the portfolio to core regulated operations, executed sizable asset sales, and is advancing grid modernization and first in nation networked geothermal pilots in Massachusetts. Communications around guidance and balance sheet objectives are clear, including acknowledging that Aquarion outcomes are excluded from 2026 guidance.

That said, the offshore wind commitment ended with material impairments and contingent obligations, and CT regulatory friction coincided with rating pressure.

Overall we view management as capable operators of a complex tri state franchise with improved strategic focus, but we reserve higher scores for teams with cleaner execution histories and less dilution.