Eversource has boosted its five-year capital plan to $26.5B as it ramps up grid and gas system upgrades, posts sharply higher earnings and signals confidence in improving regulatory conditions in Connecticut.
Eversource Energy announced a $26.5 billion five-year capital investment plan Thursday, marking a major increase in infrastructure spending as the utility navigates regulatory changes and grid modernization demands across its New England service territory.
The plan for 2026 through 2030 represents a $2.3 billion increase over the company’s previous $24.2 billion forecast, with the additional spending primarily directed toward electric and natural gas distribution infrastructure, according to the company’s fourth-quarter earnings report.
Compared to Eversource’s earlier plan for 2025 through 2029, the new forecast adds $1.5 billion in investment. Both projections exclude any capital spending related to Aquarion Water Co., the utility’s water subsidiary currently
subject to regulatory proceedings over a proposed $2.4 billion sale.
Eversource didn’t break down where those investments would be targeted. The Hartford and Boston-based utility operates in Connecticut, Massachusetts and New Hampshire.
Eversource had previously
threatened to reduce its capital spending in Connecticut due to the uncertain regulatory environment under former Public Utilities Regulatory Authority Chair Marissa Gillett.
“These investments enable Eversource to continue to provide customers with safe and reliable service, support load growth and clean energy objectives for the Eversource territory,” the company said in its earnings release.
Eversource reported fourth-quarter earnings of $421.3 million, or $1.12 per share, up from $72.5 million, or 20 cents per share in the year-ago period, beating analyst expectations. Revenue for the quarter rose 13.4% to $3.37 billion from $2.97 billion in the year-ago period.
For the full year 2025, Eversource reported earnings of $1.69 billion, or $4.56 per share, compared with $811.7 million, or $2.27 per share, in 2024.
The company set 2026 earnings guidance between $4.80 and $4.95 per share and projected long-term earnings growth of 5% to 7% annually through 2030.
To support its capital plan, the utility expects to raise $800 million to $1.1 billion in equity over the 2026 to 2030 period. The company said the equity raise “is not impacted by the status of the potential sale of Aquarion.”
The increased infrastructure spending comes as Eversource
navigates leadership changes at the Public Utilities Regulatory Authority.
Eversource Chairman Joe Nolan said in the earnings release that the company made “significant progress in achieving constructive regulatory outcomes by working collaboratively with our regulators during a time of extensive change at the state and federal levels.”
Eversource serves approximately 4.6 million electric, natural gas and water customers, making it New England’s largest energy delivery system.
