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Eversource Energy second-quarter profit jumps on higher demand
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Eversource Energy second-quarter profit jumps on higher demand
Jul 31, 2024 3:21 PM

July 31 (Reuters) - Eversource Energy ( ES ) reported a

rise in second-quarter profit on Wednesday, as the electric

utility benefited from increased demand for electricity during

the peak summer months.

Extremely hot weather prompted consumers to increase their

usage of air conditioners and refrigerators, helping utilities

such as Eversource.

According to some scientists, 2024 could surpass 2023 as the

hottest year on record, with climate change and El Nino natural

weather phenomenon, which ended in April, pushing temperatures

ever higher this year.

Quarterly earnings from the company's electric transmission

segment rose 17.4% to $189 million and its natural gas

distribution segment saw earnings more than doubled to $27.1

million from a year earlier.

In the second quarter of 2023, Eversource had incurred an

after-tax charge of $337.2 million, or $0.96 per share, related

to an impairment of its offshore wind investment, impacting

profit for that period.

The utility serves about 4.4 million customers in

Connecticut, Massachusetts and New Hampshire, and is mainly

involved in the electric distribution, electric transmission and

natural gas distribution businesses. It operates New England's

most extensive energy delivery system.

The Massachusetts-based company's net income rose to $335.3

million, or 95 cents per share, in the April-June quarter, from

$15.4 million, or 4 cents per share, last year.

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