Eversource Energy is largely a pure-play transmission and distribution business. It provides electric service and natural gas to 4.6 million customers (of which 3.4 million are electric customers) in Massachusetts, Connecticut, and New Hampshire. The utility has almost 60,000 lines of distribution lines and 4,500 miles of transmission lines, of which about 30% are underground. Eversource's core regulated subsidiaries are Connecticut Light & Power, which serves most of Connecticut; Yankee Gas Services Co.; Public Service Co. of New Hampshire, which serves three-quarters of New Hampshire; NSTAR Electric, which serves eastern Massachusetts; NSTAR Gas, which serves customers in Boston and eastern Massachusetts. We note that many residences in Eversource's service region continue to use heating oil to heat their homes, which tightens the utility's demographic growth. Eversource also owns water operations with subsidiary, Aquarion, pending a final sale of the asset to the South Central Connecticut Regional Water Authority. The company has also exited the windfarm business with cost liability on a remaining project expected to no longer impact earnings beyond 2026. Total operating revenues in 2025 were $13.5 billion. About 85% of earnings are from electric transmission and distribution operations. It is targeting carbon neutrality by 2030, in line with other pure-play transmission utilities. The company's market cap is about $26.1 billion.

Thursday looked like a day of indecision until the early afternoon, when President Trump (again) called off strikes on Iran and said the U.S. will soon sign a deal with that country. Markets went ballistic, with crude oil tanking, Treasury bonds ripping, and stocks exploding - and with money flowing back into prior leaders, namely anything AI. After about 40 headlines that suggested a deal was close, the markets responded like the war in the Middle East is already over and that the Strait of Hormuz is already reopened.

Eversource Energy is a diversified holding company with subsidiaries that provide rate-regulated electric, gas, and water distribution service to more than 4 million customers in the Northeast US. Eversource expanded its service territories with acquisitions of NStar (2012), Aquarion (2017), and Columbia Gas (2020). In 2024 Eversource exited its 50% partnership with European utility Orsted to develop 2 gigawatts of offshore wind projects in the Northeast US. It plans to sell Aquarion in 2026. The company exited most of its unregulated businesses in 2006.

Eversource Energy is a diversified holding company with subsidiaries that provide rate-regulated electric, gas, and water distribution service to more than 4 million customers in the Northeast US. Eversource expanded its service territories with acquisitions of NStar (2012), Aquarion (2017), and Columbia Gas (2020). In 2024 Eversource exited its 50% partnership with European utility Orsted to develop 2 gigawatts of offshore wind projects in the Northeast US. It plans to sell Aquarion in 2026. The company exited most of its unregulated businesses in 2006.