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.