Eversource Energy : Q2 Eversource Financial Results

2019 Second Quarter Results Investor Call

August 1, 2019

Safe Harbor Statement

All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include a non-GAAP financial measure referencing 2019 earnings and EPS excluding the impairment charge for the NPT project.

Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2019 results without including the impact of the NPT impairment charge. Management believes the NPT impairment charge is not indicative of Eversource Energy's ongoing performance. Due to the nature and significance of the impairment charge on net income attributable to common shareholders, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and useful information to readers in analyzing historical and future performance of the business. Non-GAAP financial measures should not be considered as alternatives to Eversource Energy's consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance.

This presentation includes statements concerning Eversource Energy's expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as "estimate," "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "should," "could" and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our transmission and distribution systems; ability or inability to commence and complete our major strategic development projects and opportunities; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology related to our current or future business model; increased conservation measures of customers and development of alternative energy sources; contamination of, or disruption in, our water supplies; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy's reports filed with the Securities and Exchange Commission (SEC) and updated as necessary, and are available on Eversource Energy's website at www.eversource.com and on the SEC's website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy's actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements; each speaks only as of the date on which such statement is made, except as required by federal securities laws, and Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

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Second Quarter and First Half 2019 EPS Results

Electric Distribution

Electric Transmission Ex. NPT

Impairment (Non-GAAP)

Natural Gas Distribution

Water Distribution

Parent & Other

EPS, Ex. NPT Impairment

(Non-GAAP)

NPT Impairment

2Q 2019	2Q 2018	2Q Change	1H 2019	1H 2018	1H Change
$0.33	$0.32	$0.01	$0.71	$0.65	$0.06
0.37	0.35	0.02	0.74	0.69	0.05
0.00	0.02	(0.02)	0.23	0.20	0.03
0.02	0.02	0.00	0.03	0.03	0.00
0.02	0.05	(0.03)	0.00	0.04	(0.04)
0.74	0.76	(0.02)	1.71	1.61	0.10
(0.64)	0.00	(0.64)	(0.64)	0.00	(0.64)

Reported EPS (GAAP)	$0.10	$0.76	$(0.66)	$1.07	$1.61	$(0.54)

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Development of Eversource Battery Storage

Projects Across All Three States

	Westmoreland, NH
	1.7 MW / 7.1 MWh
•Reliability and resiliency on rural circuit
•	Peak shaving
•Defer construction of distribution line	NH
•	Currently before the NHPUC

	Connecticut	MA
	Projects to be proposed
•	Poised to propose projects pending
	PURA guidance
•	Recent CT legislation specifically	CT
	enables utility storage investment

Outer Cape, MA

25 MW / 38 MWh - $40M

• Reliability and resiliency improvements
• Defer construction of distribution line in environmentally sensitive area
• Cost recoverypre-authorized by MA DPU and currently in development

Martha's Vineyard, MA

• 4.9 MW / 20 MWh - $15M

• Reduce reliance on diesel generators
• Distributed Energy Resources Integration
• Peak Shaving
• Cost recoverypre-authorized by MA DPU and currently in development

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2019 Financing Activity

Equity

• $1.3 billion of equity closed in June.Two-thirds of nearly 18 million shares subject to one-year forward sale arrangement
• Approximately 750,000 treasury shares issued through 7/31/19 to fund dividend reinvestment, 401(k) match, and employee incentive plans

Long-Term Debt

• In April, CL&P issued $300 million of 4.00 percent bonds due in 2048
• • Proceeds used to repay $250 million, 5.5 percent February 1, 2019 maturity
• In May, NSTAR Electric issued $400 million of 3.25 percent senior unsecured debentures due in 2029
• • First "green bonds" issued by an Eversource company
• In June, PSNH issued $300 million of 3.60 percent bonds due in 2049
• • Proceeds to repay $150 million of 4.50 percent bonds due December 1, 2019
• In July, NSTAR Gas closed on $75 million of 3.74 percent bonds due in 2049

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Expected Timeline for Major

Eversource-Ørsted Projects

	South Fork Wind	Revolution Wind	Sunrise Wind
Size	130 MW	704 MW	880 MW
Construction Operation	Already filed	Late 2019/Early 2020	2020
Plan Filing with BOEM
Construction to Begin	2021	2021	2022
Commercial Operation	End of 2022	2023	2024

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Status of Offshore Wind RFPs

New York:	NY State Energy Research & Development Authority awarded 880 MW to
	Sunrise Wind on July 18

• Eversource-Ørsted50-50 partners with Con Ed, NYPA potentially partnering on transmission. Project expected to be in service in 2024

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NY has authorized procurement of 9,000 MW by 2035; 1,696 MW awarded to date

South Fork (also Eversource-Ørsted50-50 partnership) has a separate agreement with LIPA for an expected 130 MW

Rhode Island: 400 MW contract with Revolution Wind approved by RIPUC in June

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Eversource-Ørsted50-50 partners on all 400 MW

Committed through the PPA to invest up to $40 million in RI port upgrades

Connecticut: 200 MW contract with Revolution Wind approved by PURA in 2018; PURA approval of another 104 MW contract expected in 2019

• Eversource-Ørsted50-50 partners on all 304 MW
• Legislation authorizing another 2,000 MW signed by Gov. Lamont in June
• • Initial RFP in August with bids in September; awards in November

Massachusetts: 1,600 MW authorized by legislation in 2016

• Second solicitation for400-800 MW issued in May; bids currently due in August; awards in November
• Legislature has instructed the DOER to evaluate raising total authorization to 3,200 MW
• • Report recommends moving ahead with soliciting another 1,600 MW through 2024

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