Gas boosts US utility Eversource Energy in Q1
Eversource Energy, among the largest utility providers on the US east coast, said May 10 its first quarter performance was lifted by the addition of gas distribution assets in Massachusetts.
Eversource reported Q1 earnings of $366mn, compared with $334.6mn in Q1 2020. Its natural gas distribution division saw earnings of $147.6mn, above the $85.9mn a year ago. The company attributed the improvement to last year’s acquisition of rival Columbia Gas of Massachusetts
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CEO Joe Nolan said his company, along with its 4.3mn customers, have enjoyed a strong 2021 so far.
“We also continue to make substantial progress in our efforts to be carbon neutral by 2030 and to help our states and communities achieve their very ambitious long-term carbon reduction targets,” he added.
Results for Q1 included a $30mn charge associated with customer credits stemming from power failures that followed Tropical Storm Isaias in August.
Isaias evolved into a Category 1 hurricane during the busy Atlantic hurricane season last year as it barreled its way north along the US coastline from Florida. In announcing year-end results for 2020, Eversource said storm activity last year was the most severe in its corporate history,
For this year, forecasters at Colorado State University estimate the East Coast, including the Florida peninsula, has a 45% chance of a major hurricane, above the century average of 31%.