Beatrice Lang
Eversource Energy is a publicly traded, Fortune 500 energy company that provides electricity, natural gas, and water services to approximately 4 million customers in Connecticut, Massachusetts, and New Hampshire. Eversource is the largest electric utility company in New Hampshire, serving over 500,000 customers in 211 cities and towns across the state. The company has a diverse customer base, including both residential and commercial consumers. Eversource's history in New Hampshire can be traced back to its predecessor, Northeast Utilities, which was formed in 1966 through the merger of multiple energy companies. In 2015, Eversource agreed to sell its New Hampshire generation assets, and the company continues to be a significant player in the state's energy market.
| Characteristics | Values |
|---|---|
| Headquarters | Hartford, Connecticut, and Boston, Massachusetts |
| Type of company | Publicly traded, Fortune 500 energy company |
| Number of customers | 4 million |
| Areas served | Connecticut, Massachusetts, and New Hampshire |
| Services offered | Retail electricity, natural gas service, and water service |
| Number of employees | Nearly 10,000 |
| New Hampshire customers | Over 500,000 |
| New Hampshire cities and towns served | 211 |
| New Hampshire market share | 71% |
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What You'll Learn
Eversource Energy's predecessor
Eversource Energy, a publicly traded Fortune 500 energy company, was formed in 2015 when its predecessor, Northeast Utilities (NU), merged with NSTAR and rebranded. NU was created in 1966 through the combination of the Connecticut Light and Power Company (CL&P), the Western Massachusetts Electric Company (WMECO), and the Hartford Electric Light Company (HELCO). CL&P was formed in 1917 from the Rocky River Power Company, which was established in 1905 by J. Henry Roraback. WMECO and HELCO, on the other hand, were founded in 1886 and 1878, respectively.
In 1967, a year after its formation, NU expanded further with the addition of the Holyoke Water Power Company (HWP) to its system. Then, in 1992, the Public Service Company of New Hampshire (PSNH) was merged into NU following the former's bankruptcy due to issues with obtaining a license for the Seabrook Nuclear Power Plant.
NSTAR, which joined NU to form Eversource, was itself the product of several mergers. It included the former Boston Edison Company, Cambridge Electric Light Company, Commonwealth Electric Company, Commonwealth Gas, and Cambridge Gas Company.
Before the 2015 rebranding, the combined company operated six main subsidiaries: CL&P, PSNH, WMECO, Yankee Gas Services Company (Yankee Gas), NSTAR Electric, and NSTAR Gas. Eversource is now Connecticut's and New Hampshire's largest electric utility, serving millions of customers across the two states and in Massachusetts.
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Eversource Energy's merger history
Eversource Energy, a publicly traded Fortune 500 energy company, has a history of mergers and acquisitions that have shaped its growth and expansion. The company is committed to renewable energy and has made significant strides in this direction. Here is a detailed look at its merger history:
Northeast Utilities Formation: Eversource Energy's predecessor, Northeast Utilities (NU), was established on July 1, 1966, through the merger of three companies: the Connecticut Light and Power Company (CL&P), Western Massachusetts Electric Company (WMECO), and the Hartford Electric Light Company (HELCO). This merger created the first new multi-state public utility holding company since the Public Utility Holding Company Act of 1935. Over time, other companies joined the NU System, including the Holyoke Water Power Company (HWP) in 1967.
Public Service Company of New Hampshire Merger: In 1992, the Public Service Company of New Hampshire (PSNH), which had faced bankruptcy issues in 1988, was merged into Northeast Utilities. This expansion solidified NU's presence in New Hampshire, serving electricity and natural gas to a vast customer base.
NSTAR Merger: In October 2010, Northeast Utilities announced its merger with NSTAR, a major electric and gas provider in Greater Boston. This merger was finalised in April 2012, significantly expanding NU's infrastructure in New England. NSTAR itself was the product of several corporate mergers, including the Boston Edison Company, Cambridge Electric Light Company, and Commonwealth Electric and Gas companies.
Rebranding to Eversource Energy: On February 2, 2015, Northeast Utilities and its subsidiaries rebranded as Eversource Energy, with a new stock symbol, "ES". This rebranding reflected the company's unified identity and commitment to providing reliable energy and water services to its customers.
Aquarion Water Company Merger: In June 2017, Eversource Energy announced its merger with the Aquarion Water Company for $1.675 billion. This merger added 300 employees and expanded Eversource's customer base by 230,000 in Connecticut, Massachusetts, and New Hampshire. The merger was completed in December 2017 after receiving government approval.
Columbia Gas of Massachusetts Acquisition: In February 2020, Eversource Energy reached an agreement to purchase the Massachusetts natural gas assets of Columbia Gas from NiSource for $1.1 billion. This acquisition brought Columbia Gas operations under local ownership and further solidified Eversource's position as the largest energy company in New England.
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Eversource Energy's subsidiaries
Eversource Energy is a publicly traded, Fortune 500 energy company with several subsidiaries. It is headquartered in Hartford, Connecticut, and Boston, Massachusetts. Eversource Energy offers retail electricity, natural gas service, and water service to approximately 4 million customers in Connecticut, Massachusetts, and New Hampshire.
Before rebranding as Eversource Energy in 2015, the company operated six main subsidiaries:
- Connecticut Light and Power (CL&P): This subsidiary was formed in 1917 from the Rocky River Power Company, which was established in 1905 by J. Henry Roraback. CL&P is one of the companies that merged to form Eversource Energy's predecessor, Northeast Utilities, in 1966.
- Public Service Company of New Hampshire (PSNH): PSNH was a private company that joined the Northeast Utilities system in 1992 after declaring bankruptcy in 1988 due to issues with obtaining a license for the Seabrook Nuclear Power Plant.
- Western Massachusetts Electric Company (WMECO): WMECO was formed in 1886 and was one of the original companies that merged to create Northeast Utilities in 1966.
- Yankee Gas Services Company (Yankee Gas): Yankee Gas was one of the six main subsidiaries of Eversource Energy before the rebranding in 2015.
- NSTAR Electric: NSTAR was the result of several corporate mergers, including the Boston Edison Company, Cambridge Electric Light Company, Commonwealth Electric Company, Commonwealth Gas, and Cambridge Gas Company. NSTAR merged with Northeast Utilities in 2012.
- NSTAR Gas: This subsidiary was part of the NSTAR company, which provided electric and gas services in Greater Boston.
In addition to these six main subsidiaries, Eversource Energy has continued to expand through acquisitions and joint ventures. In 2017, Eversource Energy completed a merger with Aquarion Water Company, adding another subsidiary to its portfolio. The company has also ventured into wind farm developments and electric vehicle charging station projects, demonstrating its commitment to renewable energy and innovation.
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Eversource Energy's customer base
Eversource Energy is a publicly traded, Fortune 500 energy company with headquarters in Hartford, Connecticut, and Boston, Massachusetts. The company has several regulated subsidiaries that offer retail electricity, natural gas services, and water services to approximately 4 million customers in Connecticut, Massachusetts, and New Hampshire.
Eversource is the largest electric utility in New Hampshire, serving over 500,000 customers, including homes and businesses, in 211 cities and towns across the state. The company is committed to environmental stewardship and has released a planting guide for property owners, encouraging the planting of native species that thrive in New England while also being utility-compatible. Eversource also participates in the annual Source to Sea Cleanup along the Connecticut River, demonstrating its dedication to sustainability.
The company's commitment to its customers goes beyond just the delivery of electricity, natural gas, and water. Eversource offers various programs to help customers use less energy, manage their energy costs, and get back online quickly and safely after an outage. The company is also taking steps to support the use of electric vehicles, investing $45 million over five years to install more than 400 electric vehicle charging stations in Massachusetts.
Eversource has a diverse customer base, including residential, municipal, commercial, and industrial clients. The company has taken action to support its customers, such as lowering supply prices for default service rate electric customers in New Hampshire during colder months and reminding customers to be vigilant against imposters posing as Eversource representatives and threatening to disconnect their power. Eversource has also shown a commitment to its customers by taking steps to improve the reliability of the power grid in southwest Connecticut and participating in wind farm development joint ventures.
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Eversource Energy's environmental initiatives
Eversource Energy, previously known as Northeast Utilities, is a Fortune 500 energy company that provides electricity, natural gas, and water services to around 4 million customers in Connecticut, Massachusetts, and New Hampshire. The company has outlined its commitment to sustainability and environmental stewardship through various initiatives.
One of Eversource Energy's key environmental initiatives is its focus on addressing climate change. The company aims to drive innovation, develop its employees, and support its communities in transitioning to a clean energy future. This includes investing in renewable energy sources and infrastructure to deliver clean energy to homes and businesses. By the end of 2023, more than 164,000 customers had installed renewable generation sources that connected to Eversource's grid, resulting in over 3,700 MW of customer-owned renewable energy.
The company has also taken steps to support the use of electric vehicles. Starting in 2018, Eversource began investing $45 million over five years to install over 400 electric vehicle charging stations in Massachusetts as part of its Grid Modernization plan. Additionally, Eversource has switched a significant portion of its power sources from coal to natural gas, wind, hydroelectricity, and solar power.
Eversource Energy has also demonstrated its commitment to environmental stewardship by partnering with Lindt & Sprüngli (USA) to improve energy efficiency at their facility in Stratham, New Hampshire. The initiatives undertaken between 2021 and 2023 are expected to result in 3.1 million annual kWh savings, equivalent to over 2,100 metric tons of greenhouse gas emissions. Furthermore, Eversource employees across New England participate in the annual Source to Sea Cleanup of the Connecticut River, contributing to the region's sustainability and environmental health.
In recognition of its efforts, Eversource has been named a Tree Line USA utility by the Arbor Day Foundation in all three states where it operates. The company also released a planting guide, "Nature's Natives", to help property owners in New England choose plant species that thrive in the region and are compatible with power lines, ensuring both environmental stewardship and electric reliability.
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Frequently asked questions
Eversource Energy, formerly known as Northeast Utilities, purchased the Public Service Company of New Hampshire (PSNH) in 1992. Eversource is now New Hampshire's largest electric utility, serving over 500,000 customers in 211 cities and towns across the state.
Eversource Energy is a publicly traded, Fortune 500 energy company that serves nearly 4 million customers in Connecticut, Massachusetts, and New Hampshire.
Eversource Energy was formed through the merger of multiple companies over time. Its predecessor, Northeast Utilities, was created in 1966 by the merging of the Connecticut Light and Power Company, Western Massachusetts Electric Company, and the Hartford Electric Light Company. In 1992, Public Service Company of New Hampshire (PSNH) was merged into Northeast Utilities. In 2012, Northeast Utilities merged with NSTAR, retaining the Northeast Utilities name until 2015 when it became Eversource Energy.
Eversource serves approximately 71% of electricity customers in New Hampshire, covering diverse areas ranging from urban southern regions to rural northern parts of the state.
