Eversource is a regulated electric and gas utility holding company serving approximately 4 million customers across Connecticut, Massachusetts, and New Hampshire. Eversource owns and operates distribution and transmission infrastructure — wires, poles, pipes, and substations — and earns a regulator-approved return on that capital base. Eversource does not generate electricity; it purchases power on behalf of customers without a competitive supplier and passes that cost through without markup. The company is exiting its water utility business (Aquarion, ~249,000 customers) and describes itself going forward as a pure-play electric and gas utility. Eversource operates through four segments: Electric Transmission (~44% of FY25 non-GAAP EPS), Electric Distribution (~38%), Natural Gas Distribution (~20%), and Water Distribution (pending sale). The core earnings driver is rate base growth — the more Eversource invests in infrastructure, the larger its rate base, and the more earnings it is entitled to earn. Eversource is investing ~$5B per year across its networks, with a five-year capital plan of $26.5B (2026–2030), targeting ~8% rate base growth and 5%–7% long-term EPS growth. Key near-term catalysts include a CL&P rate case in Connecticut, securitization of ~$1B+ in deferred Connecticut storm costs, and continued capital deployment under formula-rate mechanisms in Massachusetts, which is the most constructive regulatory environment and the primary growth driver.