Eversource Energy officials say they’re optimistic about the company’s relationship with Connecticut regulators and the public as they work to put the fallout stemming from Tropical Storm Isaias — which left hundreds of thousands of people without power — behind them.
During a second quarter earnings call with analysts Friday, CEO Joe Nolan said he’s spending much of his time in the state, shoring up relationships with government agencies, municipalities and other groups that had frayed due to Eversource’s handling of last summer’s disastrous storm. That list of stakeholders includes the Public Utilities Regulatory Authority, which authorized a $31 million fine against Eversource that the utility is fighting to have thrown out in state court.
Those proceedings aside, Nolan said, both Eversource and PURA want to improve reliability for ratepayers and know they’ll have to work together to do it.
“The temperature certainly has reduced,” he said. “We need to prove ourselves down there and we know that.”
The CEO pointed to Eversource’s recent handling of Tropical Storm Elsa, which brought heavy rains and strong winds to New England earlier this month. Far fewer Connecticut residents lost power during that storm than during Isaias, and those who did had service restored promptly.
The company is now utilizing an online portal that allows municipalities to list sites that repair crews should prioritize during emergencies.
“It shows a lot of things have changed,” Nolan said.
Eversource, which maintains dual headquarters in Hartford and Boston, saw a modest rise in second quarter income on a year-to-year basis, fueled mainly by gains in its electricity transmission and distribution businesses.
The utility reported earnings of $264.5 million, or 77 cents per share, up from $252.2 million, or 75 cents per share, in the corresponding period of 2020. On a half-year basis, Eversource’s income rose from $587 million, or $1.75 per share, in the first six months of 2020 to $630.7 million, or $1.83 per share, in the first six months of 2021.
