EVERSOURCE ENERGY
For the period ended May 1, 2024. Filed Mar 22, 2024.
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May 1, 2024 · Filed Mar 22, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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Preliminary Proxy Statement
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material under §240.14a-12
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11
2024 ANNUAL MEETING OF SHAREHOLDERS
| | Dear Fellow Shareholders: On behalf of the Board of Trustees and employees of Eversource Energy, it is my pleasure to invite you to attend the 2024 Annual Meeting of Shareholders of Eversource Energy. In 2023, Eversource’s diverse, talented team of 10,000 employees maintained our commitment to provide safe, reliable energy and water service, top-class customer service, and focused storm response to our 4.4 million customers. We invested more than $4.6 billion into our core businesses in 2023. These investments improved our already strong reliability, hardened our systems against the impacts of weather and climate change, enabled additional clean energy resources to connect to the grid, and made it more convenient for our customers to do business with us. | | | |
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Eversource remains a regional catalyst for clean energy, investing considerable sums and working with our states to advance electrification and opportunities for needed transmission infrastructure. Our Massachusetts Electric Sector Modernization Plan (ESMP) creates a roadmap for the investments needed to enable the Commonwealth’s clean energy future and accommodate incremental electric demand. Eversource also broke ground on our first-in-the-nation networked geothermal pilot project in Massachusetts; invested in electric vehicle charging stations across our service area; and proposed additional solar energy projects coupled with battery storage.
We believe our sale of our offshore wind assets will have significant benefits to our shareholders by lowering our risk profile and allowing us to focus on our core businesses, where we see tremendous growth opportunities. Although we are exiting offshore wind, we are proud to report that construction of the South Fork Wind project has been completed. On March 15, 2024, South Fork Wind became the first fully-operational commercial-scale offshore wind farm in the U.S., with all 12 turbines delivering power to Long Island. We will continue to support and enable offshore wind as procurers of clean energy for our customers, and as the builders of transmission infrastructure needed to connect wind projects to the regional grid. We are also exploring the potential sale of our Aquarion Water subsidiary, another step toward a focus on electricity and natural gas.
The past year brought many positive developments on the regulatory and legislative front. In Massachusetts, we began the multi-year process of implementing advanced metering infrastructure following approval by the Department of Public Utilities. We also received a positive decision on a major storm cost recovery filing; implemented an NSTAR Electric rate order, including performance-based ratemaking; and filed the first draft of our ESMP. In New Hampshire, we completed our acquisition of more than 175,000 utility poles from Consolidated Communications, with favorable regulatory treatment of cost recovery. The environment in Connecticut remains challenging. Eversource is working closely with key Connecticut stakeholders to explain the importance of our investments to maintain strong reliability and enable additional clean energy, as well as the need for a constructive regulatory environment.
Eversource continues to lead by example in the areas of environmental, social and governance (ESG). We are making progress toward our goal to be carbon neutral by 2030 and filed our draft Science-Based Target, which expands our emissions reduction commitment. We maintained industry-leading ratings from top ESG evaluators; produced enriched and transparent Sustainability and DE&I Reports; and introduced company-wide equity fundamentals training.
We strongly supported our communities throughout the year and were proud to receive independent national recognition for excellence in a variety of areas. These honors included Newsweek’s list of Most Responsible Companies; the JUST Capital list of Most JUST Companies; USA Today’s list of America’s Climate Leaders; and Healthiest Employer’s list of the 100 Healthiest Workplaces in America. We were also honored to receive the U.S. Department of Labor’s Hire Vets Medallion and the U.S. EPA and DOE’s Energy Star Partner of the Year award, and were named the Number 1 energy company on Barron’s 2023 100 Most Sustainable Companies list.
Before closing, I want to recognize Frank Doyle, Ken Leibler and Bill Van Faasen, all of whom will retire from the Board of Trustees effective on the date of our Annual Meeting. Each of these Trustees has been an advisor and a friend whose guidance and support have helped Eversource greatly through the years. We are grateful for their exceptional service to the Board and the Company.
On behalf of your Board of Trustees, we thank you for your continued support of Eversource Energy.
Very truly yours,
Joseph R. Nolan, Jr.
Chairman of the Board, President and Chief Executive Officer
March 22, 2024
Notice of Annual
Meeting of Shareholders
| | DATE: | | | Wednesday, May 1, 2024 | |
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| | TIME: | | | 10:30 a.m. Eastern Time | |
| | PLACE: | | | Ropes & Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199 | |
Business Items/Agenda
Elect the nine nominees named in the proxy statement as Trustees to hold office until the 2025 Annual Meeting.
Consider an advisory proposal approving the compensation of our Named Executive Officers.
Ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm for 2024.
Consider a shareholder proposal titled “Simple Majority Vote,” if properly brought before the meeting.
Consider other matters that may properly come before the meeting.
Adjournments and Postponements
The business items to be considered at the Annual Meeting may be considered at the meeting or following any adjournment or postponement of the meeting.
Record Date
You or your proxy are entitled to vote at the Annual Meeting or at any adjournment or postponement if you were an Eversource Energy shareholder at the close of business on March 5, 2024.
Voting
Whether or not you plan to attend the Annual Meeting, it is important that your shares be represented at the meeting. For specific instructions on how to vote your shares, please refer to the section entitled “Questions and Answers About the Annual Meeting and Voting” beginning on page 88. This Notice of Annual Meeting of Shareholders and our proxy statement are first being made available to shareholders on or about March 22, 2024.
Meeting Attendance Information
You or your proxy are entitled to attend the Annual Meeting or any adjournment or postponement if you were an Eversource Energy shareholder at the close of business on March 5, 2024 or hold a valid proxy to vote at the Annual Meeting. Please be prepared to present photo identification to be admitted to the meeting. If your shares are not registered in your name but are held in “street name” through a bank, broker or other nominee, and you plan to attend, please bring proof of ownership.
By Order of the Board of Trustees,
March 22, 2024
| | | Important Notice Regarding the Availability of Proxy Statement Materials for the Annual Meeting of Shareholders to be held on May 1, 2024. The Proxy Statement for the Annual Meeting of Shareholders to be held on May 1, 2024 and the 2023 Annual Report are available on the Internet at www.envisionreports.com/ES | | |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.