Eversource Energy Boston Consulting Group Matrix
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Stars
Electric transmission expansion
New England’s push to add renewables and tighten reliability standards has driven demand for high-voltage backbone, with ISO‑NE planning transmission buildouts to enable tens of gigawatts of clean capacity by 2040. Eversource, serving roughly 4.4 million customers, leverages scale and incumbency to hold strong share while the category grows. These multi‑billion-dollar projects soak up capital but set regional pace; continued investment positions Eversource to shape tomorrow’s cash cow.
Grid modernization & reliability programs
Automation, sensors and smarter switching have cut outage minutes and satisfied regulators; Eversource is investing heavily on poles and wires, with 2024 capex around $3.9B and grid-modernization accounting for roughly 40% of that spend. This is a high-growth, high-payoff bucket that improves reliability metrics and regulatory support. Growth exists but is cash-intensive; fund aggressively to lock in long-term advantage.
Renewable interconnections enablement
Roof-top solar and utility-scale renewables keep knocking, and Eversource—serving roughly 4 million customers—is positioned as the regional interconnection hub capturing a share of a U.S. interconnection queue that exceeded 1,000 GW in 2024. Connecting them safely and fast is capital-hungry and coordination-heavy, requiring grid upgrades and advanced queue management. Own the interface, own the future.
Storm hardening & resiliency builds
Storm hardening & resiliency builds
Weather risk is rising and regulators in 2024 continued prioritizing resiliency, making storm-hardening a Stars play for Eversource. Eversource’s scale programs—undergrounding, pole replacement, sectionalizing—lead locally and are expanding. Spend is steep but performance incentives and avoided outage costs support keeping the pedal down while the regulatory window remains open.- Tag: scale deployment
- Tag: regulatory tailwind
- Tag: capex intensity
- Tag: performance incentives
Regional transmission projects for clean energy
Regional transmission projects that move offshore wind and other clean generation to New England load centers are accelerating; Eversource in 2024 is a preferred builder-operator across the region, positioning it to capture a rising share as the transmission pie (estimated >$10B planned regionally through 2030) expands. Timelines extend years and capital intensity is high, so early backing converts heavy upfront spend into long-term regulated annuities.
- Role: preferred builder-operator in New England (2024)
- Opportunity: regional transmission pipeline >$10B through 2030
- Trade-off: multi-year timelines, high capex, long-dated returns
- Strategy: invest now to secure future regulated cashflows
≈4.4M customers — $3.9B 2024 capex; >1,000 GW queue; $10B+ regional pipeline
Eversource (≈4.4M customers) is a Stars segment: high growth from ISO‑NE clean buildouts and >1,000 GW U.S. interconnection queue (2024) and strong regional share. 2024 capex ≈$3.9B with ~40% grid‑modernization (~$1.56B). Regional transmission pipeline >$10B through 2030; high capex now, regulated annuities later.
| Metric | 2024 |
|---|---|
| Customers | ≈4.4M |
| Capex | $3.9B |
| Grid‑mod | $1.56B (≈40%) |
| Interconnection queue | >1,000 GW |
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Cash Cows
Core electric distribution in CT, MA, NH
Core electric distribution in CT, MA, NH is a cash cow: a massive, mature customer base of about 4 million customers in 2024 provides regulated returns and highly predictable cash flows. High local share across service territories means low organic growth but steady margins and dependable billing cycles. Focus remains on maintaining assets, trimming distribution losses, and sustaining cash generation.
Natural gas distribution
Natural gas distribution is a cash cow for Eversource, with established networks serving roughly 4 million customers and stable residential/commercial demand; growth is modest but strong utilization and regulatory rate recovery sustain cash generation. Ongoing maintenance and safety spending are material, while promotion needs are minimal; operational optimization can further improve margins and free cash flow.
Customer billing and service operations
Regulated customer billing and service operations support Eversource’s ~4.5 million customers across CT, MA and NH, delivering predictable, recurring cash flow and underwriting a 2024 utility capex plan of roughly $4.2B. When run tight this core business consistently spins off cash, with authorized returns near 9.5% and scale efficiencies across three states. Priorities—process automation and first-call resolution—reduce truck rolls, lower OpEx and boost margin.
Distribution maintenance & field services
Distribution maintenance and field services at Eversource focus on planned work in mature circuits with well-understood cost curves, producing low growth but high repeatability and minimal competitive threat inside the franchise. Standardize, schedule, and squeeze unit costs to protect margins; that operational discipline converts predictable O&M into reliable cash generation.
- Planned work
- Low growth, high repeatability
- Minimal competition
- Standardize & reduce unit costs
- Reliable cash
Regulated rate base returns
Regulated rate base returns deliver steady cash flow for Eversource; the company reported a utility rate base of about $30.5 billion in 2024 with regulatory ROEs near 9.5–10%, producing predictable earnings under allowed returns. Growth is low but the check arrives like clockwork, funding capital allocation, dividends and M&A support. Keep filing cadence clean and performance metrics solid.
- 2024 rate base ~30.5B
- Regulatory ROE ~9.5–10%
- Predictable cash generation
- Funds dividends, capex, growth
Regulated utilities: ~4.5M customers, $30.5B rate base
Core electric and gas distribution are cash cows: ~4.5M regulated customers in CT/MA/NH deliver predictable billing and steady margins. 2024 utility rate base ~30.5B with authorized ROE ~9.5–10% underpins recurring cash; 2024 capex plan ~4.2B supports reliability while spinning off free cash for dividends and M&A.
| Metric | 2024 |
|---|---|
| Customers (electric+gas) | ~4.5M |
| Rate base | ~30.5B |
| Authorized ROE | ~9.5–10% |
| Capex plan | ~4.2B |
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Dogs
Small water services footprint (NH)
Small NH water footprint: limited geography and scale—serving a handful of systems and representing under 1% of Eversource’s 2024 regulated rate base—limits growth and ties up management attention without moving the needle. Cash neutral at best and a distraction at worst; 2024 operating margins remain immaterial versus core electric and gas units. Consider pruning or partnering to reallocate capital and focus on higher-return core assets.
Legacy IT and metering systems
Legacy IT and metering systems at Eversource, which serves about 4 million electric and gas customers, slow workflows and inflate O&M through higher troubleshooting and integration costs. These platforms do not drive growth or competitive advantage, producing break-even economics and diverting capital from grid modernization. Sunset and replace methodically—prioritizing high-failure assets and aligning upgrades with regulatory and resilience investments in 2024.
Underutilized depots and fleet assets
Excess depots and aging fleet sit idle too often, creating low-growth, low-productivity cash traps that bleed O&M without improving service; incremental spend won’t reverse the trend. Consolidate or dispose of redundant sites and vehicles to free capital. Eversource serves ~4.4 million customers and reported ~US$3.7B capex scale, so redeploying 1–2% could fund targeted modernization.
Niche programs with thin uptake
Small, bespoke offerings at Eversource function as Dogs: highly specialized pilots with thin uptake that fail to scale across the ~4 million-customer New England footprint; they occupy staff time without moving revenue or regulatory metrics, and observed turnaround costs often outweigh marginal benefits, prompting recommendation to wind down programs and redeploy talent into high-impact grid modernization and DER initiatives.
- Scale: niche, non-scalable within territory
- Impact: low revenue/metric movement
- Cost: turnaround costs exceed benefits
- Action: wind down and redeploy talent to priority programs
Duplicative back-office workflows
Duplicative back-office workflows—manual reconciliations, overlapping approvals and paper-heavy steps—consume headcount and O&M without revenue upside; they don’t grow, they just cost. 2024 AP benchmarks show manual invoice processing at $15–30 per invoice versus $3–5 when automated, and industry estimates suggest ~40% back-office cost reduction with automation; in a lean, regulated utility these are hard to justify—automate or eliminate.
- Manual reconciliations — high labor hours, error-prone
- Overlapping approvals — slows cycle time, increases carry cost
- Paper-heavy steps — $15–30/invoice vs $3–5 automated (2024 AP benchmarks)
Prune NH water; sunset legacy IT, redeploy 1-2% capex, automate AP
Small NH water <1% of 2024 rate base; low growth, immaterial margins—prune or partner. Legacy IT/metering and bespoke pilots break-even, drain O&M—sunset and redeploy to grid modernization. Excess depots/fleet and manual AP ($15–30 vs $3–5) are cash traps—consolidate and automate.
| Metric | 2024 | Action |
|---|---|---|
| Customers | ~4.4M | Focus core |
| Capex | $3.7B | Redeploy 1–2% |
| NH water | <1% RB | Divest/partner |
| Invoice cost | $15–30 vs $3–5 | Automate |
Question Marks
EV charging enablement & load growth
Transportation electrification is accelerating—US EVs reached roughly 11% of new light‑vehicle sales in 2024—yet Eversource’s direct share of charging value chains (make‑ready, managed charging, interconnection) remains formative. Interconnection upgrades can cost ~$300k–$1M per MW and managed charging can cut system peaks ~10–15%, so deployments can scale fast or stall. Early investments are cash‑intensive with uncertain payback; prioritize dense corridors and fleet depots to prove unit economics.
Community microgrids & municipal resiliency
High interest from towns, hospitals and campuses meets sparse actual deployments; no comprehensive national count of community microgrids existed as of 2024, though the DOE Microgrid Exchange Group remained active that year. If standardized, this could become a signature Eversource offering, but today projects are capital-heavy and coordination-intense. Recommend pilot, create repeatable templates, then scale — or exit fast if pilots fail commercial metrics.
Battery storage integration services
Storage is scaling across New England to balance renewables; ISO‑NE reported about 800 MW online and over 2.5 GW in the queue by mid‑2024. Eversource’s role and revenue model are still evolving, but storage could become core to reliability services and peak shaving. This is early stage with high design and interconnection costs—battery CAPEX around $300–400/kWh in 2024 and interconnection engineering often $0.5–2M per site. Targeting high‑congestion nodes first will help validate economics.
Non-wires alternatives (NWA)
Non-wires alternatives (NWA) promise deferral of traditional capex — Eversource’s 2024 capex plan of about 3.9 billion USD makes deferment attractive — but procurement, performance measurement and cost-allocation are complex; pilots so far yield modest near-term returns. If operationalized, NWAs can unlock growth through smarter spend; focus on a few feeders with clear avoided-cost cases.
- Target: feeders with avoided-cost > project cost
- Measure: standardized MW, MWh and reliability KPIs
- Scale: pilot 3–5 feeders before portfolio rollout
Water services expansion or partnership
Water services expansion via M&A or JV is a clear path for Eversource; the company previously acquired Aquarion Water in a 2017 transaction valued at $1.675 billion, but water remains a small, uncertain-growth segment today.
Scaling requires capital, regulatory approvals, and integration capability; with the right platform deal it could flip to a Star, otherwise the unit could be divested if the thesis fails.
- Small current share; 2017 Aquarion buy: $1.675B
- Needs capital, regulatory, integration
- Can become Star with platform M&A or be sold
Pilot corridors + fleet depots — EVs ~11%, battery $300–400/kWh
Question Marks: EVs ~11% of US new sales in 2024; ISO‑NE storage ~800 MW online/2.5 GW queue (mid‑2024); battery CAPEX $300–400/kWh (2024); Eversource 2024 capex $3.9B; Aquarion buy $1.675B (2017). High capex, uncertain returns—pilot dense corridors, fleet depots, and select feeders.
| Metric | 2024 |
|---|---|
| EV share | ~11% |
| Storage | 800 MW online / 2.5 GW queue |
| Battery CAPEX | $300–400/kWh |