Eversource Energy second-quarter profit jumps on higher demand
Eversource Energy reported a rise in second-quarter profit due to increased demand for electricity during the peak summer months. Quarterly earnings from the company's electric transmission segment rose 17.4%, while its natural gas distribution segment saw earnings more than double. The company serves about 4.4 million customers in Connecticut, Massachusetts, and New Hampshire. Net income for the April-June quarter rose to $335.3 million.
July 31 (Reuters) - Eversource Energy (ES.N) reported a rise in second-quarter profit on Wednesday, as the electric utility benefited from increased demand for electricity during the peak summer months.
Extremely hot weather prompted consumers to increase their usage of air conditioners and refrigerators, helping utilities such as Eversource.
According to some scientists, 2024 could surpass 2023 as the hottest year on record, with climate change and El Nino natural weather phenomenon, which ended in April, pushing temperatures ever higher this year.
Quarterly earnings from the company’s electric transmission segment rose 17.4% to $189 million and its natural gas distribution segment saw earnings more than doubled to $27.1 million from a year earlier.
In the second quarter of 2023, Eversource had incurred an after-tax charge of $337.2 million, or $0.96 per share, related to an impairment of its offshore wind investment, impacting profit for that period.
The utility serves about 4.4 million customers in Connecticut, Massachusetts and New Hampshire, and is mainly involved in the electric distribution, electric transmission and natural gas distribution businesses. It operates New England’s most extensive energy delivery system.
The Massachusetts-based company’s net income rose to $335.3 million, or 95 cents per share, in the April-June quarter, from $15.4 million, or 4 cents per share, last year.