ISO New England Picks Eversource's TIDE Transmission Project as Preferred Solution
ES is trading near its 52-week low of $62.89 (7.9% above the low).
Summary
ISO New England selected Eversource's joint TIDE transmission project as the preferred long-term solution to enhance regional reliability and affordability. The project would expand transmission capacity between Maine and New Hampshire, integrate up to 1,200 MW of future onshore wind, and deliver $1.42B in production cost savings, $1.30B in avoided capital investment, and $694M in avoided transmission investment. Eversource's portion primarily involves upgrades within existing rights-of-way in New Hampshire, with construction anticipated to begin in 2029 pending approvals. This selection positions Eversource for a significant regulated transmission investment, though the project still requires extensive engineering, environmental, permitting, and regulatory reviews. The announcement follows Eversource's Q2 earnings decline and Aquarion sale, and provides a positive long-term growth avenue for the utility.
At the time of this announcement, ES was trading at $67.88 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $25.6B. The 52-week trading range was $62.89 to $76.57. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.