Eversource is a regulated utility holding company serving roughly 3.5 million electric customers and 900,000 natural gas customers across Connecticut, Massachusetts, and New Hampshire. Eversource does not generate electricity or produce natural gas — it owns and operates the wires, pipes, poles, and substations that move energy from generators and pipelines to end customers. Eversource operates as a regulated franchise monopoly in each of its service territories; customers have no choice of distribution utility. Eversource earns money by investing in infrastructure and earning a regulator-approved return on that rate base. State regulators set distribution rates, while FERC sets transmission rates through an annual formula rate framework. Eversource passes energy supply costs directly through to customers with no markup, so commodity prices do not affect operating income. Most distribution businesses have revenue decoupling mechanisms, insulating Eversource's revenues from weather and volume swings. Eversource reports four segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution (Aquarion, serving roughly 249,000 customers, is pending sale). Growth is driven almost entirely by capital investment in grid modernization, electric transmission, and gas pipe replacement programs. Eversource exited offshore wind development in 2024, selling its interests in three offshore wind projects.