Eversource Energy Files 8-K on Operations & Financial Condition

TL;DR

**Eversource Energy just dropped an 8-K, signaling fresh updates on their financial performance and operations.**

AI Summary

Eversource Energy filed an 8-K on January 8, 2024, to report on its results of operations and financial condition, along with Regulation FD Disclosure and other events. This filing, under Commission File Number 001-05324, indicates that the company is providing current information to the public, which is crucial for investors to understand the company's recent performance and any material developments that could impact its stock price.

Why It Matters

This filing provides investors with timely updates on Eversource Energy's operational and financial health, which can influence investment decisions and stock valuation.

Risk Assessment

Risk Level: low — This 8-K is a routine disclosure of operational and financial condition, not indicating any immediate high-risk events.

Analyst Insight

Investors should monitor subsequent filings or press releases from Eversource Energy for specific details regarding the 'Results of Operations and Financial Condition' mentioned in this general 8-K.

Key Numbers

• 001-05324 — Commission File Number (identifies Eversource Energy's registration with the SEC)
• 2024-01-08 — Date of Report (indicates the effective date of the reported events)

Key Players & Entities

• EVERSOURCE ENERGY (company) — the registrant filing the 8-K
• January 8, 2024 (date) — date of earliest event reported and filing date
• 001-05324 (dollar_amount) — Commission File Number for Eversource Energy
• Massachusetts (company) — state of incorporation for Eversource Energy
• 300 Cadwell Drive, Springfield, Massachusetts, 01104 (company) — principal executive offices address

Forward-Looking Statements

• Eversource Energy will provide more detailed financial results in an upcoming quarterly or annual report. (EVERSOURCE ENERGY) — high confidence, target: Q1 2024 earnings report

FAQ

Key Financial Figures

• $5.00 — ge on which registered Common Shares, $5.00 par value per share ES New York Sto
• $800 million — mpairment in the range of approximately $800 million to $900 million across all of the three
• $900 million — range of approximately $800 million to $900 million across all of the three wind projects i
• $600 million — mpairment in the range of approximately $600 million to $700 million for Sunrise Wind in the
• $700 million — range of approximately $600 million to $700 million for Sunrise Wind in the fourth quarter
• $400 million — lts in maintaining virtually all of the $400 million in value as part of the anticipated pur
• $1.4 — orary impairment charge in the range of $1.4 to $1.6 billion in the fourth quarter o
• $1.6 billion — pairment charge in the range of $1.4 to $1.6 billion in the fourth quarter of 2023. This ran

Filing Documents

• tm242419d1_8k.htm (8-K) — 42KB
• tm242419d1_ex99-1.htm (EX-99.1) — 18KB
• tm242419d1_ex99-1img001.jpg (GRAPHIC) — 19KB
• 0001104659-24-002248.txt ( ) — 266KB
• es-20240108.xsd (EX-101.SCH) — 3KB
• es-20240108_lab.xml (EX-101.LAB) — 33KB
• es-20240108_pre.xml (EX-101.PRE) — 22KB
• tm242419d1_8k_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. The information set forth under Item 8.01 is incorporated by reference into this Item 2.02. Section 7 Regulation FD

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure . On January 8, 2024, Eversource Energy ("Eversource") issued a news release announcing updates regarding the process to divest its 50 percent ownership interest in three offshore wind projects: South Fork Wind, Revolution Wind and Sunrise Wind. The news release is attached as Exhibit 99.1 and incorporated herein by reference. The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission ("SEC") nor incorporated by reference in any registration statement filed by Eversource or any subsidiary thereof under the Securities Act of 1933, as amended, unless specified otherwise. Section 8 Other Events

01 Other Events

Item 8.01 Other Events . On January 8, 2024, Eversource provided the following updates regarding the process to divest its 50 percent ownership interest in three offshore wind projects: South Fork Wind, Revolution Wind and Sunrise Wind. Eversource currently holds its share of these three projects in two separate joint venture partnerships with rsted (each, a "JV"), one that holds only South Fork Wind and another that holds both Revolution Wind and Sunrise Wind. Eversource also separately holds a tax equity investment in South Fork Wind. Eversource is in advanced, exclusive negotiations with the selected buyer (the "Buyer"), which is a leading global private infrastructure investor, to sell its ownership interest in these projects. Although Eversource cannot provide any assurance that the parties will reach final agreement on terms for this transaction, if successful in reaching an agreement, Eversource will announce the details of the transaction terms and conditions promptly upon execution of such definitive documentation. Closing a transaction with the Buyer would be Regulatory Commission, as well as other conditions, among which, are the completion and execution of the partnership agreements between the Buyer and rsted that will govern the Buyer's new ownership interest following Eversource's divestiture. The scope of the transaction would also be subject to the developments with respect to the Sunrise Wind rebid process. During the fourth quarter of 2023, Eversource identified certain impacts that will require further adjustment to the carrying value of its offshore wind investments for the three projects. Revised projected construction costs caused primarily by supply chain constraints relating to the projects' installation vessels and foundation fabrication, and uncertainties related to the Sunrise Wind rebid process in New Yor

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K includes statements concerning Eversource's expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events and other statements that are not historical facts, including the progress and anticipated timing of the offshore wind investment sale process, the potential terms thereof, the estimated impairment charge for the fourth quarter of 2023 and the factors underlying the anticipated impairment evaluation, including anticipated future expenditures, participation in and outcome of rebidding in the New York RFP and realization of future tax benefits. These statements are "forward-looking statements" within the meaning of U.S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases such as "estimate," "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "would," "should," "could" and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: our ability to complete the offshore wind investment sale process on the timeline or the terms we expect; the risk that we and the potential purchaser, or the potential purchaser and rsted, are unable to reach definitive agreements necessary to consummate the transactions described

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 News release of the Company, dated January 8, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned hereunto duly authorized. EVERSOURCE ENERGY (Registrant) January 8, 2024 By: /s/ Jay S. Buth Jay S. Buth Vice President, Controller and Chief Accounting Officer

View Full Filing

View this 8-K filing on SEC EDGAR