ES · CIK 72741
What Eversource Energy told the SEC could break it.
Eversource's most distinctive disclosed risk is its exit from offshore wind, which keeps generating charges — a $284.0 million pre-tax hit in the third quarter of 2025 from cost increases, vessel damage, tariffs and an August 2025 BOEM stop-work order that halted Revolution Wind construction. The rest of its register is the regulated-utility staple: its electric, gas and water businesses depend on rate-case outcomes and cost recovery across Connecticut, Massachusetts and other regulators plus FERC transmission incentives (a roughly $11.3 billion transmission rate base), with pending FERC matters that could affect its allowed returns. Its gas utilities also rely on third-party gas supply, interstate pipeline transportation and storage, with regional capacity strains that in extreme cases could force ISO-NE load shedding.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- offshore wind exit (Revolution Wind) cost overruns and BOEM stop-workmedium
Eversource's exit from offshore wind continues to generate charges — a $284.0M pre-tax Q3 2025 charge for purchase-price adjustments from cost increases, vessel damage, tariffs and an Aug 2025 BOEM stop-work order halting Revolution Wind construction.
“Based on those developments, Eversource recognized a pre-tax charge of $284.0 million in the third quarter of 2025 as a result of the aggregate impact of these items to increase the liability for purchase price adjustments associated with the offshore wind projects.”
SEC filing →As of 2026
Regulatory & policy
- multi-state utility rate regulation (PURA, DPU, FERC)medium
Eversource's electric/gas/water utilities depend on rate-case outcomes and cost-recovery across PURA (CT), DPU (MA), NH/ME regulators and FERC transmission incentives (transmission rate base ~$11.3B); pending FERC matters could affect transmission ROE.
“At this time, Eversource cannot predict the ultimate outcome of the matters currently pending before FERC, and the resulting impact on its transmission incentives or planning.”
Supplier concentration
- natural gas supply, interstate pipeline transportation and storagemedium
Eversource's gas utilities depend on third-party gas supply, interstate pipeline transportation (Tennessee Gas, Algonquin) and storage (incl. Hopkinton LNG); ISO-NE may require load shed if regional power capacity is insufficient.
“We also depend on third-party suppliers for power and natural gas. Factors such as inflation, tariffs, geopolitical conflicts, rising energy demand, supply costs, and public policy charges contribute to high customer bills in New England. In extreme cases, ISO-NE may require load shed if regional power capacity is insufficient.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Algonquin Gas Transmission Company
“NSTAR Gas and EGMA purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company, as well as other upstream pipelines that transport natural gas from major natural gas producing regions in the U.S.”
Cited →Tennessee Gas Pipeline Company
“NSTAR Gas and EGMA purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company, as well as other upstream pipelines that transport natural gas from major natural gas producing regions in the U.S.”
Cited →
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