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Eversource's quarterly profits rise on the strength of transmission and distribution

Eversource Energy announced a higher second-quarter profit Thursday as continued investments in its electric transmission systems and rate increases throughout its New England service area helped offset higher operating expenses.

The utility's earnings for the quarter ended 30 June were $352.7 million or 96 cents a share. This is up from $335.3 millions or 95 cents a share compared to a year ago.

Segmentally, Eversource’s electric transmission business saw a 10% increase in profit, reaching $208 million, in the second quarter. This was largely due to ongoing upgrades of its network in New England.

Electric distribution unit's earnings were up $161.5 millions in the quarter reported, compared to $149.7 in the previous year, due to base rate increases in Massachusetts and New Hampshire, which helped offset rising interest, property taxes and depreciation costs.

The natural gas segment's profit jumped 30% to $35.3 Million, mostly due to distribution rate increases which took place in late 2024 in order to recover infrastructure investment.

The water distribution income rose from $8 to $14.4 millions, thanks to higher revenues and reduced interest costs.

The company confirmed its earnings forecast for 2025, which ranges between $4.67 and $4.82 a share. (Reporting and editing by Alan Barona in Bengaluru, Sumit Saha from Bengaluru)

(source: Reuters)