‘Cash coming in the door’: Eversource says potential sale of Aquarion would help alleviate cash flow issues

Chief Financial Officer John Moreira blamed the Public Utilities Regulatory (PURA) for the company’s cash flow issues, saying the regulatory agency’s new methodology has prevented it from recovering $800 million related to supply costs and arrearages. PURA no longer allows utilities to forecast costs for supply in rate adjustments. However, Eversource expects to recover that $800 million within the next year, or longer, the company said. In the meantime, Nolan said Eversource is working to evaluate market interest in the sale of Aquarion. He declined to put a valuation on the company and also declined to provide a timetable. Bridgeport-based Aquarion serves about 241,000 customers in Connecticut, Massachusetts and New Hampshire — 92% of whom are based in Connecticut. It had net income of $33 million in 2023 and book equity of $1.3 million.


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