Eversource Responds To Connecticut Public Utilities Regulatory Authority's Rejection Of Aquarion Water Sale; Reaffirms FY25 Non-GAAP Earnings Guidance Of $4.72-$4.80 Per Share; Reaffirms Expected Compound Annual EPS Growth Rate Within The Range Of 5%-7% From A 2024 Base Of $4.57 Per Share

Author: Benzinga Newsdesk | November 21, 2025 04:41pm

Following this week's decision by the Connecticut Public Utilities Regulatory Authority (PURA) to reject the proposed sale of the Aquarion Water Company to the South Central Connecticut Regional Water Authority, Eversource Energy (NYSE:ES) issued the statement below from Eversource Executive Vice President, Chief Financial Officer and Treasurer John Moreira.

"Given recent regulatory developments in Connecticut in the past few days, Eversource Energy is providing a financial and strategic update. As part of our strategic process, we prepared for alternative outcomes in relation to our petition for approval to sell Aquarion Water Company. Reasonable expectations included receipt of a lawful decision on the strong merits of the application, particularly in light of the unique customer benefits and local control that the transaction offers. In addition, we took steps to identify and evaluate strategic financing opportunities in the event that PURA denied the transaction. This resulted in our issuance of common equity earlier this year, combined with an issuance of $600 million of parent company debt. Eversource Energy remains in a strong financial position and we have ample tools in our toolbox to manage our capital structure and liquidity effectively. Our FFO to debt metrics have consistently improved and we expect to remain above the rating-agency downgrade thresholds through 2026 and beyond. We reaffirm our 2025 full-year non-GAAP recurring earnings guidance of between $4.72 per share and $4.80 per share. We also reaffirm our expected compound annual earnings per share growth rate within the range of 5% to 7% from a 2024 base of $4.57 per share.

We are mindful that PURA is transitioning from a difficult situation and reaching decisions in dockets where the new chairman, as the only lawyer on the commission, is recused. Following a thoughtful review of PURA's decision, we are evaluating regulatory and legal remedies to be implemented expeditiously.

We expect to submit an Aquarion rate case early next year in the range of $60 to $70 million, with new rates anticipated before the end of 2026. In the meantime, Aquarion remains a high-quality, well-managed utility with a strong reputation for operational excellence that stands as a valued part of the Eversource organization."

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