Eversource CEO Rejects Data Centers to Protect Residential Energy Prices
Eversource Energy CEO Joe Nolan announced the company's resistance to data center development within its service territory, arguing that such facilities offer no value to residential or general customers and solely drive up energy prices. Speaking during the company's first-quarter earnings call in May 2026, Nolan emphasized that avoiding data center load helps manage costs and reduces exposure to market volatility compared to other regions like PJM. He highlighted the positive impact of new offshore wind projects, specifically Revolution Wind and Vineyard Wind, on regional pricing stability. Despite this strategic stance, Eversource reported significant financial challenges related to a Federal Energy Regulatory Commission (FERC) decision setting a 9.57% base return on equity. The company estimates potential pre-tax losses ranging from $60.4 million to $932 million due to required refunds and is appealing the decision alongside other transmission owners. Nolan maintained that the utility is well-positioned to help customers manage energy costs through clean energy integration and controlled generation growth, despite the regulatory headwinds affecting future earnings.
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Eversource CEO Rejects Data Centers to Protect Residential Energy Prices
Eversource Energy CEO Joe Nolan announced the company's resistance to data center development within its service territory, arguing that such facilities offer no value to residential or general customers and solely drive up energy prices. Speaking during the company's first-quarter earnings call in May 2026, Nolan emphasized that avoiding data center load helps manage costs and reduces exposure to market volatility compared to other regions like PJM. He highlighted the positive impact of new offshore wind projects, specifically Revolution Wind and Vineyard Wind, on regional pricing stability. Despite this strategic stance, Eversource reported significant financial challenges related to a Federal Energy Regulatory Commission (FERC) decision setting a 9.57% base return on equity. The company estimates potential pre-tax losses ranging from $60.4 million to $932 million due to required refunds and is appealing the decision alongside other transmission owners. Nolan maintained that the utility is well-positioned to help customers manage energy costs through clean energy integration and controlled generation growth, despite the regulatory headwinds affecting future earnings.
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