Investment Thesis

accordingly.

Competitive Moat

, primarily through regulatory advantages and scale economies. As a regulated utility, it enjoys a barrier to entry that protects its market position in Connecticut, Massachusetts, and New Hampshire. The company’s established infrastructure and customer base create significant switching costs for consumers, further solidifying its competitive edge. However, threats from renewable energy providers and regulatory changes could challenge its dominance over the next 5-10 years.

Growth Engine

Future revenue growth for Eversource is expected to arise from its ongoing investments in renewable energy and infrastructure enhancements. The company is poised to capitalize on the expanding total addressable market (TAM) for clean energy, driven by both regulatory mandates and consumer demand for sustainability. With a focus on organic growth through grid modernization and expansion into solar power facilities, Eversource is likely to gain market share against competitors who may struggle to adapt. Recent initiatives to enhance electric transmission capabilities further position Eversource for substantial revenue growth.