Eversource is a regulated utility holding company serving roughly 3.5 million electric customers and 897,000 natural gas customers across Connecticut, Massachusetts, and New Hampshire. Eversource does not own power generation assets — it buys electricity and gas from competitive suppliers and passes those costs through to customers at no mark-up. Eversource earns its profit on the delivery side: owning and maintaining the poles, wires, and pipelines that move energy from the grid to homes and businesses. Eversource also owns Aquarion, a regulated water utility serving ~249,000 customers across its three-state footprint, which is currently being sold. Eversource operates through four segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution. The company's business model centers on earning a regulated return on its utility infrastructure investment (rate base), with rates set by state and federal regulators designed to recover operating costs plus a permitted return on equity. Rate base growth — driven by capital investment in grid upgrades, transmission infrastructure, gas pipe replacement, and resiliency hardening — is the primary earnings growth lever. Most of Eversource's distribution businesses have revenue decoupling mechanisms that insulate earnings from fluctuations in customer energy usage, though gas distribution revenues remain sensitive to weather. The transmission segment earns FERC-regulated returns under annually updated formula rates tied to a transmission rate base of ~$11.3B.