Eversource Energy posted a fall in second-quarter profit on Thursday, as the electric utility was weighed down by charges tied to the Aquarion sale, offshore wind liabilities and lower returns on New England transmission assets.
Last quarter, the company said its annual earnings would be hit by the Federal Energy Regulatory Commission's decision to lower rates for electricity in New England.
Regulated utilities like Eversource have been filing requests to increase rates, citing a need for spending on infrastructure as the country's electrical grids face extreme weather and growing demand from industry electrification and data centre expansion.
For the second quarter, the company's net income plunged 84.7 per cent to $53.7 million.
Results included an $111.4 million after-tax non-cash charge related to Aquarion's sale and a $164 million charge from higher expected payments to Global Infrastructure Partners connected with the 2024 sale of its South Fork Wind and Revolution Wind projects.
Operations and maintenance costs came in at $480 million, up 2.7 per cent from a year earlier.
The company reaffirmed its 2026 per-share adjusted earnings forecast of $4.57 to $4.72.
(Reporting by Pranav Mathur in Bengaluru; Editing by Sriraj Kalluvila)
