Eversource Energy (ES) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 1, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, everyone, and welcome to Eversource Energy’s Second Quarter 2023 Earnings Call. My name is Emily, and I’ll be coordinating your call today. [Operator Instructions]

I’ll now turn the call over to our host, Investor Relations Director, Robert Becker. Please go ahead, Robert.

Robert Becker

Good morning, and thank you for joining us. I’m Bob Becker, Eversource Energy’s Director for Investor Relations. During this call, we’ll be referencing slides we posted yesterday on our website. And as you can see on Slide 1, some of the statements made during this investor call may be forward-looking. These statements are based on management’s current expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements.

Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile to GAAP results is contained within our news release, the slides we posted last night and in our most recent 10-K and 10-Q. Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President and CFO. Also joining us today is Jay Buth, our Vice President and Controller.

Now I’ll turn the call over to Joe.

Joe Nolan

Thank you, Bob, and thank you, everyone, for joining us on this call this morning. I hope that you’re all having a good summer and can take some time off after earnings season. Today, we’d like to update you on our commitment to deliver value to our customers to achieve important objectives on both ESG and diversity, and our progress to close out the offshore wind sale process.

Starting on Slide 3. Here at Eversource, we are working tirelessly to deliver energy and clean water safely and reliably to our 4.4 million customers. Our steadfast focus on serving our customers well continues to deliver superior results in all aspects of our businesses in Connecticut, Massachusetts and New Hampshire.

As you can see from the bottom of this slide, investments we have made over the past decade are greatly benefiting customers. The average months between interruption has increased significantly from 12 months in 2011 to nearly 20 months at the end of 2022, in over two years through the first half of 2023. As a result, this high performance level puts Eversource’s reliability in the top decile compared to industry peers. In addition, when an outage occurs, the average duration experienced by customers has improved dramatically.