EVERSOURCE ENERGY (ES) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that EVERSOURCE ENERGY surfaced in its latest filing.

• We have incurred significant storm restoration costs that are not yet approved by the regulatory commissions
• Changes in the composition of PURA may affect our electric, natural gas and water businesses in Connecticut
• Four complaints have been filed against transmission-owning electric companies within ISO-NE alleging that our allowed ROEs are unjust and unreasonable
• ISO-NE’s Longer-Term Transmission Planning (LTTP) competitive solicitation process introduces uncertainty around project timing, scope and cost recovery
• Competitive solicitations for certain transmission projects may require us to compete against non-incumbent developers
• Post-closing purchase price adjustment payments are owed to Global Infrastructure Partners following commercial operation of Revolution Wind
• Obligation to maintain GIP’s internal rate of return through the construction period for Revolution Wind
• Capital expenditure overrun sharing obligation with GIP for Revolution Wind
• We hold a tax equity investment in South Fork Wind expecting cash flow benefits from investment tax credits at a 30% level, which may be challenged or audited by the IRS
• Connecticut impounded waterways must release minimum downstream flow, with new regulations phasing in over one to five years that increase required releases across our Connecticut service territory
• As of December 31, 2025, goodwill totaled $4.23 billionDecember 31, 2025