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April 30, 2015

Favorable settlements drive Eversource's 1Q gains

Hartford-Boston utility parent Eversource Energy (formerly National Grid) said its first-quarter profits grew more than 7 percent thanks to revenue gains in its electric distribution-generation segment.

Profits for the quarter were $253.3 million, or 80 cents per diluted share, up from $236 million, or 75 cents, in the first quarter of 2014.

Operating revenue grew nearly 10 percent, from $2.29 billion to $2.51 billion, primarily due to distribution revenues and the impact of favorable regulatory settlements involving Eversource’s NSTAR Electric Co. subsidiary.

The electric transmission segment’s revenue dropped 11 percent on an order from the Federal Energy Regulatory Commission that affected return on equity and resulted in a $12.4 million charge involving several subsidiaries.

Correction: The original version of this story gave an incorrect former name for Eversource Energy. 

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