EEI ESG Initiative
At Eversource, we are proud to be recognized as one of the greenest energy companies in the nation.
Building on our key pillars of top tier financial performance, customer reliability and operational excellence, we are focusing on:
- Enhancing our customers’ experience by making it easier to do business with us
- Supporting a diverse and engaged group of approximately 8,300 employees who are ready to deliver great service safely
- Being the catalyst for clean energy development in New England to enhance our environmental stewardship
- Being a leading partner in the communities we serve
Our commitment to sustainability is an important component of our vision for how we conduct our business today and for future generations.
As a key catalyst for clean energy, we partner with like-minded companies and stakeholders to conduct our business in a responsible and sustainable way, providing the best solutions for our customers and the communities we serve.
ESG Sustainability Governance
Environmental, social and governance initiatives are integrated into the policies and principles that govern our company and reflect our commitment to sustainable growth.
We are committed to reliability, effective corporate governance, expanding energy options for our region, and environmental stewardship. Our goal is to provide transparency and clarity about our position on these topics
Sustainability reporting at Eversource is managed by a Sustainability team, which is overseen by executive level management. Our team meets regularly throughout the year to assess current practices and identify improvement opportunities, and refine our strategy to reflect our environmental commitment, operational initiatives and standards. All operational and business disciplines are engaged in our sustainability reporting process.
The Board of Trustees, both as a whole and through its committees, is responsible for the oversight of the company’s risk management processes and programs.
Our Enterprise Risk Management (ERM) program applies a well-defined enterprise-wide methodology to allow our Risk Committee, comprised of our senior officers of the company, to identify, categorize, prioritize, and mitigate the principal risks to the company.
The ERM program is integrated with other assurance functions throughout the company, including Compliance, Auditing, and Insurance. In addition to known risks, ERM identifies emerging risks to the company through participation in industry groups, discussions with management and in consultation with outside advisers.
Our management then analyzes risks to determine materiality, likelihood and impact, and develops mitigation strategies. More details on our strong corporate governance program is available in the Corporate Governance section.
Eversource’s Commitment to Environmental Sustainability underscores our environmental priorities and highlights our role as a key catalyst for clean energy. This statement is an important component of our vision for how we conduct our business today and in future generations:
- Climate Leadership: We have developed meaningful strategies to reduce our carbon footprint
- Clean Energy: Our commitment is to bring clean, affordable and sustainable energy to the region
- Accountability: We meet and in many cases exceed environmental laws and regulatory commitments and requirements
- Stewardship: We take great care to promote conservation and manage natural and cultural resources
We actively engage with ESG investors and provide a presentation for investors. More than 100 ESG funds have recently added Eversource shares to their portfolios.
EEI ESG Quantitative Report (PDF)
We have developed meaningful strategies to reduce our carbon footprint.
The carbon intensity of the New England electrical grid is among the lowest in the country and is continuously supported by state reduction goals in Connecticut, Massachusetts and New Hampshire.
Each state has its own carbon goal or action plan to reduce greenhouse gas (GHG) emissions, and we work with stakeholders in each agency to contribute to targeted reductions.
||Targeted Reduction by
2020 (CT, MA) & 2025 (NH)
|Targeted Reduction by 2050
||10% below 1990 level
||80% below 2001 level
||25% below 1990 level
||80% below 1990 level
||20% below 1990 level
||80% below 1990 level
*Recommendation of the New Hampshire Climate Change Policy Taskforce
Greenhouse Gas Reduction Strategies
Our strategies to support our region and facilitate achievement of state GHG reduction targets focus on four broad areas:
- Reducing customer energy use.
- Adding renewables to the energy mix both through generation or transmission expansion.
- Expanding distribution of natural gas.
- Using electricity or natural gas for emerging end uses, such as transportation.
Delivering clean, efficient energy is one of our primary goals. We work with our customers to improve their energy efficiency.
We are currently investing approximately $540 million a year in energy efficiency and consider these investments the most economical way to reduce our region’s emissions and its competitiveness. Eversource recent rankings confirm the success of our programs.
Eversource was ranked #1 for incremental energy efficiency as a percentage of overall sales by the Coalition for Environmentally Responsible Economies (CERES) and the design and deployment of our energy-saving programs and services has contributed to our consistent top-tier ranking in both Massachusetts and Connecticut by the American Council for an Energy-Efficient Economy (ACEEE).
Decoupled distribution rates and financial incentives awarded based on the effectiveness of our energy efficiency programs provide financial stability.
As New England's largest utility and dedicated stewards for the environment, we are committed to bringing more clean, affordable and sustainable energy to the region.
- We are a driving force to bring cleaner energy into the region with projects like Northern Pass Transmission and Bay State Wind. Northern Pass, our partnership with Hydro Quebec, will infuse clean, renewable power from Canada to New England by late 2020. Bay State Wind, our newly announced partnership with Ørsted, the world’s largest and most successful developer of offshore wind generation, proposes the first large-scale offshore wind farm in North America. It has the potential to power one million homes.
- Eversource currently has 8 MW of solar in Massachusetts, and in 2016 received legislative approval to construct up to 62 MW of additional solar capacity, estimated to save nearly 32,000 metric tonnes of carbon per year.
- We are working to become the energy company of the future by modernizing the grid and utilizing the latest engineering advances, including electric vehicle infrastructure and energy storage systems, for the benefit of customers.
- We are focused on improving the efficiency of our electric and gas distribution systems, preparing for the innovation and opportunity that clean energy advancements will create, and providing customers with ways to manage their energy use.
Additionally, Eversource is in the process of divesting of its generation facilities in New Hampshire that include units fueled by coal (540 MW) and dual fuel oil/natural gas (400 MW). The sale process is expected to be complete by the end of 2017.
Eversource is committed to help the states that we operate in meet Renewable Portfolio Standards (RPS), which require a certain percentage of the states’ electricity supply to come from renewable sources.
|Renewable Portfolio Standards in Place
Natural Gas Distribution Expansion
Connecticut’s first-ever Comprehensive Energy Strategy (CES) includes recommendations in the areas of energy efficiency; industrial energy needs; and electricity supply, including renewable power, natural gas, and transportation.
Within the CES, Connecticut’s leaders endorsed natural gas as the “fuel of choice” for the state. The plan recognizes the emerging opportunity provided by shale gas for a lower-cost, cleaner, and domestically available fuel choice that offers residents and businesses an option to significantly reduce their heating bills.
Eversource growth goals include bringing the choice of natural gas to more than 82,000 customers within its franchise areas in Connecticut. In addition, the plan will help reduce emissions by 820,000 tons, for a seven percent reduction of total emissions in Connecticut.
Actions to Reduce Emissions in Our Operations
Eversource is committed to reducing emissions coming from the transportation sector by evaluating and implementing strategic changes to our fleet.
Our fleet consists of approximately 5,200 vehicles, including light duty trucks for meter readers and bucket trucks for line workers. We have switched portions of our diesel equipment to operate on B5 and B20 biodiesel, an alternative fuel created by mixing diesel fuel and soybean oil and ethanol.
In 2016, we burned more than 720,000 gallons of biodiesel fuel, displacing approximately 145,000 gallons of diesel fuel with a 1,477 metric tonne reduction in greenhouse gas emissions.
Fleet's goal is to replace 45 percent of fleet diesel use system-wide with biofuel in 2017.
We are further reducing our carbon footprint by installing 35 electric vehicle (EV) charging stations at our facilities and operating plug-in hybrid electric vehicles. In 2014, along with other utility members of the Edison Electric Institute, we pledged to commit five percent of our annual fleet spend on plug-in electric technologies beginning in our 2015 budget cycle.
We have 87 compressed natural gas (CNG) powered vehicles across our service territory that in 2016 consumed 49,820 gallon equivalent of natural gas, thus avoiding 93 metric tonnes of CO2e emissions.
In 2016, Eversource constructed 5 time-fill CNG refueling facilities in Connecticut (two) and Massachusetts (three), which will service eight CNG vehicles at each location – 40 vehicles in total.
Eversource has many facilities throughout our territory to ensure that we are strategically located to best serve our customers.
As our operations have been consolidated for maximum efficiency, many underutilized facilities have been sold and/or leased to other entities.
As buildings and spaces are renovated, we seek opportunities to reduce our energy use through energy efficient lighting and equipment, control system upgrades and optimum use of space.
Facilities goals set in 2017 include:
- Complete cost/benefit analysis for retro-commissioning project at three major Eversource facilities in 2017 to identify potential energy use reduction goals.
- Transition 25 percent of our facility square footage to LED or energy-efficient lighting by 2020.
Reel-Less Cable Pilot
Starting in 2016, we piloted a reel-less cable as a solution to eliminate wood reels by using a reusable spindle. New Hampshire purchased five spools for the pilot to investigate the feasibility of this environmentally preferable option in our operations.
Initial results of the pilot were positive, so in 2017 we are expanding the pilot and have ordered an additional 40 reels to use for all underground cable in New Hampshire.
Eversource provides investors with:
- Attractive earnings growth;
- Upper tier dividend growth;
- Very strong financial condition;
- Highest S&P corporate credit ratings in the industry;
Our future earnings growth is driven in part from implementing progressive state policies on reducing energy use and emissions, and accelerating adoption of clean technology.
Our strong financial condition and best-in-industry credit ratings provide important access to the capital markets to support the substantial investment in our distribution and transmission infrastructure.
Eversource recognizes that an engaged workforce is critical to our mission of delivering reliable energy and a superior customer experience.
Eversource leaders strive to create employee engagement through continuous communication, developing talent, fostering teamwork and creating a diverse, inclusive workplace.
- Eversource has a strategic plan in place to advance diversity and inclusion by improving workforce diversity, building an inclusive workplace, increasing supplier diversity and committing resources to the diverse communities we serve. In 2016, we exceeded our goals in the areas of diversity of leadership promotions and hires, diverse external hires, supplier diversity, and resources to the communities we serve.
- A diverse workforce and inclusive culture contributes to our success and sustainability by driving innovation and creating trusted relationships with employees, customers, suppliers and community partners. In 2016, Our Diversity and Inclusion state teams organized and delivered more than 50 presentations and engagement sessions to field workers and corporate departments, reaching well over 3,000 employees in our area work centers and corporate locations.
- Safety is of paramount concern, and in 2016, we reduced our DART (Days Away Restricted or Transferred) injury rates by 20 percent over the previous year; as well as achieving best safety performance in past five years and first quartile DART performance.
- Eversource leaders strive to engage employees through continuous communication, talent development, fostering teamwork, and building a diverse, inclusive workplace. In 2016, more than 70 percent of our employees participated in our various programs and initiatives to promote diversity of thought, to nurture inclusion, and to demonstrate ethical, honest and respectful behavior.
We encourage you to read our Eversource Sustainability Report to learn more about our sustainability efforts, including our strong corporate governance, financial performance, and environmental stewardship, as well as how we serve our customers, improve reliability and support our communities.