Eversource Energy’s CEO, Joe Nolan, expressed his disinterest in the establishment of data centers within the company’s service areas. During the company’s first-quarter earnings call, he stated that such developments would likely lead to increased energy prices, which would not benefit residential customers or any customers for that matter.
Nolan highlighted the stability of the energy market in New England compared to other regions, specifically noting the lower volatility in prices. Despite this, Eversource’s recent quarterly report revealed an increase in wholesale market prices from $99.02 per megawatt-hour (MWh) to $112.71 MWh over the past year.
In a more positive light, Nolan mentioned that the company’s wind energy projects, including the 700-megawatt Revolution Wind and the 800-megawatt Vineyard Wind initiatives, are positively impacting pricing in the region. He emphasized that by resisting the influx of data centers, Eversource is strategically positioned to assist customers in managing their energy expenses effectively.
Nolan also expressed optimism regarding the growing number of requests for clean energy resources, such as hydro and offshore wind. He called for more renewable generation sources, mentioning a desire for additional combined-cycle plants to be built in the area.
On the finance side, Eversource faces potential losses of up to $932 million as they contest a Federal Energy Regulatory Commission ruling that set the base return on equity at 9.57%. This appeal is based on changes in market conditions, influenced by larger global issues. Eversource’s CFO noted that this ruling might reduce future after-tax earnings by around $70 million for 2026.
Further financial details revealed that Eversource’s total assets increased slightly to $64.7 billion as of March 31, 2026. They estimate pre-tax losses between $60.4 million and $932 million due to the FERC decision and are also adjusting for the controversial $2.4 billion sale of their Aquarion Water Company. The company is awaiting the outcome of a second appeal period concerning this sale, expected to conclude soon.
Revolution Wind, which started supplying power in March, is nearing completion and is projected to be fully operational later this year. Despite some financial obligations after selling its part in the project, Eversource is actively managing its costs and has successfully reduced its financial liabilities related to the project. Meanwhile, Vineyard Wind has finished construction but has encountered legal issues with its turbine supplier and has yet to begin full operations.