Eversource Energy Files 8-K on Financials and Operations

TL;DR

EVERSOURCE ENERGY FILED AN 8-K ON 9/30/24 DETAILING FINANCIALS AND OPERATIONS.

AI Summary

Eversource Energy filed an 8-K on September 30, 2024, reporting on its results of operations and financial condition. The filing also included disclosures related to Regulation FD and other events, along with financial statements and exhibits. No specific dollar amounts or new material events were detailed in the provided text.

Why It Matters

This filing provides updates on Eversource Energy's financial performance and operational status, which are crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of financial information and does not indicate any immediate or significant risks.

Key Players & Entities

• EVERSOURCE ENERGY (company) — Registrant
• September 30, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $5.00 — ge on which registered Common Shares, $5.00 par value per share ES New York Stock
• $745 million — the transaction payable at closingwere $745 million. Adjusted gross proceeds from the sale
• $375 million — the sale were reduced by approximately $375 million as compared with the previously estimat
• $1.12 billion — timated purchase price of approximately $1.12 billion. This reduction reflects anapproximatel
• $150 million — This reduction reflects anapproximately $150 million reduction resulting from lower capital
• $225 million — ction and closing, and an approximately $225 million reduction primarily due to the delay of
• $520 million — ffshore wind divesture of approximately $520 million in the third quarter of 2024. This aggr
• $370 million — nal gain on the sale of Sunrise Wind of $370 million and anticipated increases in Revolution
• $360 m — recognize a liability of approximately $360 million, which is included as part of the
• $1.3 billion — announced equity issuance plan of up to $1.3 billion over the next several years. The follo
• $350 million — ted to Revolution Wind of approximately $350 million. Anticipated post-closing adjustments
• $315 million — st-closing adjustments of approximately $315 million as a result of final economics of the R
• $240 million — up to an effective cap of approximately $240 million. Eversource will have responsibility fo

Filing Documents

• tm2425236d1_8k.htm (8-K) — 43KB
• tm2425236d1_ex99-1.htm (EX-99.1) — 21KB
• tm2425236d1_ex99-1img001.jpg (GRAPHIC) — 36KB
• 0001104659-24-104387.txt ( ) — 293KB
• es-20240930.xsd (EX-101.SCH) — 3KB
• es-20240930_lab.xml (EX-101.LAB) — 33KB
• es-20240930_pre.xml (EX-101.PRE) — 22KB
• tm2425236d1_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 September 30, 2024, Eversource Energy ("Eversource" or the "Company") issued a news release announcing that the Company has completed the sale of its 50 percent interest in the 132-megawatt South Fork Wind project ("South Fork Wind") and the 704-megawatt Revolution Wind project ("Revolution Wind") toaffiliates of Global Infrastructure Partners ("GIP"). 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 September 30, 2024, Eversource announced that the Company has completed the sale of its 50 percent share in the 132-megawatt South Fork Wind project and the 704-megawatt Revolution Wind project to GIP. Adjusted gross proceeds from the transaction payable at closingwere $745 million. Adjusted gross proceeds from the sale were reduced by approximately $375 million as compared with the previously estimated purchase price of approximately $1.12 billion. This reduction reflects anapproximately $150 million reduction resulting from lower capital spending between announcing the transaction and closing, and an approximately $225 million reduction primarily due to the delay of the commercial operations date of Revolution Wind. With the completion of this sale and the previously completed sale of the Company's 50 percent interest in the Sunrise Wind project ("Sunrise Wind") to rsted consumated on July 9, 2024, Eversource expects to record an aggregate net loss on the completion of its offshore wind divesture of approximately $520 million in the third quarter of 2024. This aggregate net loss includes the final gain on the sale of Sunrise Wind of $370 million and anticipated increases in Revolution Wind construction costs and other project related charges. This estimate is subject to change as Eversource finalizes results for the third quarter ended September 30, 2024. Eversource expects to recognize a liability of approximately $360 million, which is included as part of the aggregate net loss of $520 million on the sale, in the third quarter of 2024. The majority of this liability is expected to be settled in 2026. With the closing of this transaction, and the previously announced sale of Eversource's 50 percent interest in Sunrise Wind, Eversource maintains its previously announced equity issuance plan of up to $1.3 billion over the next several years. The following factors were included in the aggregate net loss of $520 million on sale and re

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K includes future financial performance or growth and other statements that are not historical facts, including anticipated third and fourth quarters of 2024 and fiscal 2025 financial impacts of the now-divested offshore wind investment, the timing of liability settlement, Eversource's equity issuance plans and the timing thereof, Eversource's future onshore work, and the development of offshore wind in New England. 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, the following 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: the ability to qualify for investment tax credits; variability in the costs and projected returns of the offshore wind projects and the risk of deterioration of market conditions in the offshore wind industry; cyberattacks or breaches, including those resulting in the compromise of the confidential

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 News release of Eversource Energy, dated September 30, 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) September 30, 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