May 4, 2017
CT Green Guide

Eversource books higher 1Q profits

PHOTO | Contributed
PHOTO | Contributed
Eversource Energy President and CEO Jim Judge.

Eversource said Thursday that its first-quarter profits climbed 6.3 percent, driven by increases across its electricity business.

The utility parent, dually headquartered in Hartford and Boston, reported net income of $259.5 million, or 82 cents per share, for the quarter ended March 31. That was up from $244.2 million, or 77 cents per share, in the year-ago quarter.

Operating revenue ticked up 2.4 percent, to $2.11 billion, over the year.

Executives said on an earnings call with financial analysts Thursday morning that Eversource hopes to receive final approval late this year for its $1.6 billion Northern Pass transmission project, which aims to transport hydropower from Quebec.

Eversource also said it is continuing its push to convince New England lawmakers of the need for increased natural gas pipeline capacity.

The company is a partner in Spectra's proposed Access Northeast pipeline project, which has been on hold since the Massachusetts Supreme Court ruled last summer that electric utility ratepayers could not finance a natural gas project.

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