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Eversource Energy 2016 Annual Report

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Eversource Energy 2016 Annual Report 2016 Annual Report Eversource Energy 2016 Annual Report 002CSN78B4 2016 Annual Report Eversource Energy 2016 Annual Report 002CSN78B4 Selected Financial Data (Thousands of dollars, except share information and statistical data) 2016 2015 Operating Revenues $ 7,639,129 $ 7,954,827 Operating Income $ 1,859,859 $ 1,764,164 Net Income Attributable to ES Common Shares $ 942,302 $ 878,485 Diluted Earnings per Common Share (GAAP) $ 2.96 $ 2.76 Diluted Earnings per Common Share (Non-GAAP) (1) $ 2.96 $ 2.81 Diluted Common Shares Outstanding (Weighted Average) 318,454,239 318,432,687 Dividends Paid per Share $ 1.78 $ 1.67 Sales of Electricity (Regulated Retail, kWh-millions) 53,642 54,616 Electric Customers (As of Year End) 3,167,817 3,139,608 Firm Sales of Natural Gas (million cubic feet) 93,346 98,458 Natural Gas Customers (As of Year End) 518,953 511,288 We continue to rank in the upper tier in the electric industry for overall Investments in Property, Plant and Equipment $ 1,976,867 $ 1,724,139 system reliability year after year. That is because we pride ourselves on Property, Plant and Equipment, Net (As of Year End) $ 21,350,510 $ 19,892,441 our level of investment in our smart, resilient and safe electric and gas Market Capitalization (As of Year End) $ 17,501,603 $ 16,198,957 systems. Our electric customers can continue to count on us for reliable Share Price (As of Year End) $ 55.23 $ 51.07 power, thanks in part to nearly $2 billion in capital investments in our (1) Diluted Earnings per Common Share (Non-GAAP) for 2015 was adjusted to exclude integration and merger-related costs. See Item 7, "Management’s distribution and transmission systems in 2016, an increase of about 11 Discussion and Analysis of Financial Condition and Results of Operations," in the accompanying Form 10-K for a reconciliation to GAAP. percent over 2015. We also significantly increased capital expenditures associated with our natural gas system, investing close to $300 million in 2016 to install new pipes and equipment, and connect more customers. This represents a Company Profile 55 percent increase in our annual level of investment since 2013. We added more than 10,000 new natural gas space heating customers in Eversource Energy (NYSE:ES), a Fortune 500 and Standard & 2016 for the fourth year in a row, as natural gas remains the heating fuel Poor’s 500 energy company based in Connecticut, Also in 2016, Eversource was named the number one energy eciency of choice in Massachusetts and Connecticut. In addition to residential Massachusetts and New Hampshire, operates New England’s provider in the nation by Ceres, a non-profit advocate for sustainability expansion, we expect to grow our natural gas investments through common dividend by 6.6 percent in 2016 to an annualized rate largest energy delivery system. Eversource is committed to leadership. This is an incredible achievement that speaks to our safety, reliability, environmental leadership and stewardship, conversion of non-residential customers, new regional gas of $1.78 per share, and in February 2017 we announced a 6.7 company’s commitment to a sustainable energy future for our region. and expanding energy options for its 3.7 million electricity and transmission, and enabling fuel cell development. percent increase in the common dividend to an annualized We invest more than half a billion dollars annually, about 7 percent of natural gas customers. rate of $1.90 per share. I am particularly pleased that this system work was done safely, as 2016 revenues, in an array of residential and business energy eciency saw Eversource achieve its best safety performance ever as a company, measures, which are designed to save 12 billion kWh of electricity and Our total return to shareholders in 2016 was 11.6 percent, in Eversource Service Territory with top quartile results. I am personally committed to a strong safety 125 million therms of natural gas over their lifetimes. Over the line with the S&P 500’s total return of 12 percent over the same Electric culture, as I consider the safety of each employee my top responsibility. long-term, these programs will ultimately translate into over $1.5 billion period. This is the seventh time in eight years that we have Gas I am proud that we continue to embed safety in all that we do for in total customer benefits—savings equaling enough electricity to provided shareholders with a double-digit return. Only four As the leading energy company in New England, Eversource also is Combined Electric and Gas employees, customers and the public. power 1.5 million homes for a year and enough natural gas to heat other companies in the EEI Index have provided double-digit extremely proud to support the communities where we live and 130,000 New England homes for a year. For families, those savings shareholder returns as consistently as we have since 2009. work through strategic charitable partnerships, local giving, Our focus on customer service also remains paramount. In 2016, we mean more relief in their overall household budget. For businesses employee volunteerism and economic development opportunities. continued to reshape and enhance customers’ experience in doing When it comes to our credit ratings, no other electric utility large and small, those savings incentivize them to become more In 2016, Eversource proudly supported an array of charitable business with us. We unveiled a new preference management platform, peer matches our profile. In 2016, Moody’s Investors Service ecient, and allow them increased ability to invest and expand. organizations across New England. While each may have a distinct putting customers in the driver’s seat as to how they want to hear from and Fitch Ratings raised their credit ratings on multiple mission, all share a common purpose with Eversource: building us, pay their bill, or receive information during storms. We also moved In 2016, despite some challenging headwinds, we reported earnings of Eversource operating subsidiaries, while Standard & Poor’s also healthier, stronger communities. all customers to an easier-to-read bill, which was revamped top to $2.96 per share, an increase of more than 5 percent over 2015 recurring raised its outlook on the Eversource family of companies from bottom with customer feedback. Both of these improvements are earnings. That growth is consistent with our long-term projected stable to positive. This follows Standard & Poor's 2015 upgrade Our employees are our biggest champions when it comes to leading customer satisfaction indicators in our increasingly annual earnings per share growth rate of 5 to 7 percent, which is among of the corporate credit rating for the Eversource family of community outreach. We continued to see substantial employee information-centric society. the most attractive growth rates in the utility industry. We raised our companies to “A,” tops among our industry peers. involvement and support for our work in the community in 2016, as 1 Eversource employees and their family members oered over North America. It has the potential to power one million homes. 15,000 hours of their time and talent to participate at local Access Northeast, our joint venture with Enbridge and National Eversource-sponsored volunteer days, and at one or more of our Grid, will increase our much-needed natural gas capacity and marquee charitable events: the Eversource Hartford Marathon, the infrastructure in the region. Finally, in 2017, we expect to invest Eversource Walk for Boston Children’s Hospital, the Eversource approximately $200 million in utility-scale solar development in Walk & 5K Run for Easterseals New Hampshire and the Special Massachusetts. Olympics Connecticut Winter Games. Employees also give In the community, we will continue to provide broad, meaningful generously each year to our United Way Campaign. Eversource and support by leveraging our existing investments, and focusing on our employees are leading partners in New England when giving to developing additional charitable partnerships. Providing superior United Way, and in fact we are the number one ranked contributor customer service encompasses so much more than our core to that organization in New Hampshire. business responsibilities, and I believe we are uniquely positioned Thanks to another solid year from our company in 2016, we are to make a lasting, positive impact in our communities. poised for further success. With positive financial results and Looking back over the past several years, we have accomplished robust, innovative operational performance as our foundation, we some significant milestones. We have an incredibly talented and will continue to make the smart investments that advance our diverse group of nearly 8,000 women and men working at customer service, community outreach and clean energy Eversource. Our financial standing is stronger today than ever leadership, and will enable us to be recognized as the top energy before. Our electric systems are more reliable and our gas business company in the country. has grown faster than at any time in decades. Our customers For our customers, we will continue to innovate, whether it’s with increasingly tell us we are a reliable provider of energy. We our daily customer service and interactions, the information we continue to partner with our states to drive investments in clean deliver, or our ability to anticipate what customers want. The goal is energy technologies. We have invested time and dollars in support simple: make it easy to do business with us—every transaction, of our charitable partnerships. every time. We are a strong team, a great place to work, and a leader in both In the clean energy arena, we will be the catalyst for change and our industry and in the communities we serve.
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