After a year of skyrocketing gas and electric bills, Eversource — New England’s largest utility — is now reporting surging profits. The company posted earnings of $1.69 billion for 2025, more than double the $812 million earned in 2024.Eversource’s 2024 profit was depressed from a half-billion dollar hit on the sale of its stake in two offshore wind projects off New England’s south coast — Revolution Wind and South Fork Wind. The sale resulted in a $524 million loss in 2024, lowering the company’s overall earnings that year. In a statement to NewsCenter 5, a company spokesperson said that’s why the year-over-year increase seems so large.But in its 2025 filing, Eversource also credits rising gas and electric rates with fueling higher revenues. One of the company’s fastest-growing segments is its natural gas business, where customers saw surging bills and profit rose 24% in 2025. Eversource reported $360.5 million in natural gas earnings in 2025 up from $291 million a year ago.”Improved full-year and fourth-quarter results were due primarily to higher revenues from base distribution rate increases at Eversource’s Massachusetts natural gas businesses,” the company said in its year-end report. The company said those rate increases are “to recover continued investment in our natural gas infrastructure.”Critics of rising utility costs in Massachusetts point to increased gas infrastructure spending as one area in need of reform, especially in light of a state goal to phase out natural gas for residential use by 2050. Through a program created by state lawmakers called GSEP — the Gas System Enhancement Plan — gas companies are incentivized to accelerate the replacement of old and leaky gas pipes by getting to recover the costs for that work — with guaranteed profit — from customers right away. Spending on GSEP hit $901 million in 2025 before the Department of Public Utilities began taking small steps to scale back the program.Despite knowing about skyrocketing gas heating bills since last winter, state lawmakers have still taken no action, despite calls for them to abolish GSEP.”This isn’t the first time we’ve heard news of some extraordinary profits. So it raises a lot of troubling questions,” said State Representative Mike Connolly (D, Cambridge) in response to Eversource’s earnings filing. “What’s become abundantly clear is they have an incentive to gold plate these repairs. They have an incentive to do gratuitous repairs and there has to be much more stringent oversight and regulation.””The year-over-year increase in company earnings the absence of large one-time losses that affected results in 2024, not broad increases in customer bills,” Eversource spokesperson Olessa Stepanova said. “Affordability remains a top priority, and Eversource has worked with state leaders to provide gas bill credits, support Governor Healey’s winter rate relief initiative and offer assistance programs for customers who need help.”The state’s other big utility company — National Grid — is owned by a British conglomerate and so doesn’t report profits on the same timeframe required by publicly-traded U.S. companies.
After a year of skyrocketing gas and electric bills, Eversource — New England’s largest utility — is now reporting surging profits. The company posted earnings of $1.69 billion for 2025, more than double the $812 million earned in 2024.
Eversource’s 2024 profit was depressed from a half-billion dollar hit on the sale of its stake in two offshore wind projects off New England’s south coast — Revolution Wind and South Fork Wind. The sale resulted in a $524 million loss in 2024, lowering the company’s overall earnings that year. In a statement to NewsCenter 5, a company spokesperson said that’s why the year-over-year increase seems so large.
But in its 2025 filing, Eversource also credits rising gas and electric rates with fueling higher revenues. One of the company’s fastest-growing segments is its natural gas business, where customers saw surging bills and profit rose 24% in 2025. Eversource reported $360.5 million in natural gas earnings in 2025 up from $291 million a year ago.
“Improved full-year and fourth-quarter results were due primarily to higher revenues from base distribution rate increases at Eversource’s Massachusetts natural gas businesses,” the company said in its year-end report. The company said those rate increases are “to recover continued investment in our natural gas infrastructure.”
Critics of rising utility costs in Massachusetts point to increased gas infrastructure spending as one area in need of reform, especially in light of a state goal to phase out natural gas for residential use by 2050. Through a program created by state lawmakers called GSEP — the Gas System Enhancement Plan — gas companies are incentivized to accelerate the replacement of old and leaky gas pipes by getting to recover the costs for that work — with guaranteed profit — from customers right away. Spending on GSEP hit $901 million in 2025 before the Department of Public Utilities began taking small steps to scale back the program.
Despite knowing about skyrocketing gas heating bills since last winter, state lawmakers have still taken no action, despite calls for them to abolish GSEP.
“This isn’t the first time we’ve heard news of some extraordinary profits. So it raises a lot of troubling questions,” said State Representative Mike Connolly (D, Cambridge) in response to Eversource’s earnings filing. “What’s become abundantly clear is they have an incentive to gold plate these repairs. They have an incentive to do gratuitous repairs and there has to be much more stringent oversight and regulation.”
“The year-over-year increase in company earnings [reflects] the absence of large one-time losses that affected results in 2024, not broad increases in customer bills,” Eversource spokesperson Olessa Stepanova said. “Affordability remains a top priority, and Eversource has worked with state leaders to provide gas bill credits, support Governor Healey’s winter rate relief initiative and offer assistance programs for customers who need help.”
The state’s other big utility company — National Grid — is owned by a British conglomerate and so doesn’t report profits on the same timeframe required by publicly-traded U.S. companies.