Janney Montgomery Scott Analyst Michael Gaugler says Eversource Energy (ES) has one of the most impressive regulated investment programs he’s ever seen. He points to two large-scale projects in the company’s capex deck with Northern Pass Transmission and Access Northeast.
“One is an electric transmission project, another one is a natural gas pipeline to get gas to the generators,” Gaugler says. “Eversource is trying to provide solutions to New England and its high power prices and power supply issues.”
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Gaugler says that Eversource unfortunately operates in what he considers to be the worst regulatory environment in the United States. He believes the company does have customers’ best interests at heart, even if that is not always compatible with the political agenda.
“Again, it’s hard to imagine a scenario where their earnings don’t grow at above the peer group average for many years,” Gaugler says. “Two projects in excess of $1 billion between Northern Pass and Access Northeast, and that’s in addition to the normal capex that they’ve got planned.”
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