Eversource Q2 income plunges on transmission ROE, offshore wind charges

Eversource, the parent company of Connecticut Light and Power, reported a sharp drop in second-quarter income, from $352.7 million a year ago to $53.7 million. The decline came mostly from one-time charges: money set aside for the sale of its Aquarion water business, a refund tied to a federal ruling that lowered allowed returns on New England transmission lines, and higher costs on its share of the Revolution Wind offshore project, which faced construction delays earlier tied to federal stop-work orders. The company says Revolution Wind is now 97% complete and expects it online by year's end.

The part most relevant to homeowners is a proposal from Connecticut Light and Power to spend $1 billion over six years installing advanced metering infrastructure, sometimes called smart meters, for its 1.4 million customers. Wall Street analysts reviewing the plan say its own cost-benefit numbers show it would cost ratepayers about $350 million more than the benefits it delivers, and they doubt state regulators will approve it as is. Separately, the company's Connecticut utility has already filed for an 11% rate increase.

None of this changes what rebates or upgrade programs are available to homeowners right now, but it's a sign that Connecticut electric rates could face pressure from both this proposed rate hike and how regulators handle the smart meter plan. Homeowners in Eversource territory may want to watch how these filings play out with state utility regulators.