普通外文研报

ES: PFD Partly Cloudy: PURA Previews Position on Storm Costs

发布日期: 2026-06-29研究机构: Wells Fargo Securities, LLC公司 / 股票: ES.N报告页数: 5原文语言: 英语证据页码: 1

研报英文原文证据摘录

Equity Research

Flash Comment — June 29, 2026

Regulated Electric Utilities

Eversource Energy

PFD Partly Cloudy: PURA Previews Position on Storm Costs Overweight

Price Target: $75.00

Ticker ES

Our Call Upside/(Downside) to Target 1.7%

PFD outcome skews negative w/ carrying cost denial but bottom line unchanged: even w/ Price (06/29/2026) $73.77

a haircut to this ask, ES had some room for settlement & planned conservatively. We still 52 Week Range $61.53 - 76.41

see ES executing on planned ~$1.5bn in financing stack across CT + NH Market Cap (MM) $27,781

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

PURA’s PFD for CL&P’s 2018–2023 storms (incl. Isaias) (see HERE) includes a Shahriar (Shar) Pourreza, CFA

recommended approved recovery amount of ~$933mm vs. ~$979mm of actual Equity Analyst | Wells Fargo Securities, LLC

Shahriar.Pourreza@wellsfargo.com | 212-214-5422

catastrophic storm costs requested, favorable vs. staff/OCC positioning, but notably

Constantine Lednevdenies that any carrying costs were prudently incurred, recommending ES be granted

$0 vs. ~$313mm requested Equity Analyst | Wells Fargo Securities, LLC Constantine.Lednev@wellsfargo.com | 212-214-5438

Alexander Calvert

The storm cost disallowances came from several smaller heatwave and storm events Associate Equity Analyst | Wells Fargo Securities, LLC

that were determined to have been improperly combined to try to meet the catastrophic Alexander.J.Calvert@wellsfargo.com | 212-214-5434

event threshold, and partially disallowed pre-staging costs, among other small Whitney Mutalemwa

adjustments. Associate Equity Analyst | Wells Fargo Securities, LLC

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