John Moreira
Executive Vice President, Chief Financial Officer And Treasurer at Eversource Energy
Thank you, Joe, and good morning, everyone. This morning, I will discuss our second quarter earnings results, provide a regulatory update and review our financing activity. As shown on slide nine, our GAAP and recurring earnings for the second quarter were $0.95 per share as compared with GAAP earnings of $0.04 per share in the second quarter of 2023 and recurring earnings of $1 per share in the second quarter of last year. You will recall in the second quarter of 2023, we recorded the first of two impairment charges associated with our offshore wind investment of $331 million or $0.95 per share.
We also had other nonrecurring charges of $6.2 million or $0.01 per share in the second quarter of 2023. Both items are included in our GAAP earnings results for 2023. Breaking down the second quarter earnings results by segment, starting with electric transmission, which earned $0.54 per share compared with earnings of $0.46 per share in 2023. Electric transmission earnings increased due to rate base growth. Our electric distribution earnings were $0.42 per share for the quarter compared with earnings of $0.47 per share in 2023.
The earnings decrease was due primarily to higher O&M expense, driven by higher storm restoration costs and the absence of a favorable prior year regulatory adjustment in New Hampshire, partially offset by higher revenues driven by Instar Electric's base distribution rate increase effective January one of this year. Electric distribution earnings are expected to be higher in the second half of the year, driven by capital cost recovery and New Hampshire's $61 million interim rate increase effective August 1. Our natural gas distribution business earned $0.08 per share for the quarter compared with $0.03 per share last year.
The earnings increase was due primarily to higher revenues from Gas November 1, 2023 rate increase and lower O&M partially offset by higher depreciation, interest and property tax expenses. The Water Distribution segment contributed $0.02 per share for the quarter compared with $0.03 per share last year. The decrease in earnings was primarily due to higher O&M and interest costs. Eversource parent and other companies lost $0.11 per share in the quarter compared with recurring earnings of $0.01 per share last year.
The main driver of this decrease was higher interest expense. Overall, our second quarter earnings results were in line with our expectations, and we are reaffirming our 2024 EPS guidance range of $4.50 to $4.67 as well as our longer-term 5% to 7% EPS growth rate. Turning to our regulatory update on slide 10, starting with Massachusetts. As you may recall, we filed our electric sector modernization plan with the DPU in January, which is a road map to address growth from electrification needs. We expect a decision on our plan later this month.
As a reminder, our electric sector modernization plan calls for $600 million of distribution capital investments for interconnection of clean energy resources and resiliency initiatives through 2028. This $600 million is incremental to our $23.1 billion five year capital forecast we announced back in February. Next, I'm pleased to report that in early June, the DPU approved four additional capital investment projects to enable the interconnection of large-scale distributed generation resources on our system.
Combined with the first project approved in December of 2022, these projects represent approximately $1 billion of total capital investment with $600 million of distribution investment and approximately $400 million of transmission investment. This $1 billion of investment is included in our five year capital plan. In May, as per our settlement agreement related to the acquisition of EGMA, we filed our first rate base reset for rates to be effective November 1, 2024.
This filing reconciles our rate base, which has increased from $770 million to approximately $1.7 billion as of the end of 2023. This rate base reset is subject to a cap on the revenue change. With the application of this revenue cap, the proposed revenue increases are $78.7 million this year and $67.5 million effective November 1, 2025. Closing out the Massachusetts regulatory items, we were pleased to receive final approval from the Massachusetts Energy Facility Siting Board for the Cambridge substation project.
This is a $1.6 billion investment, of which $1 billion of investment is included in our five year capital plan. And the remaining balance in 2029 and 2030. This project consists of a new underground substation that will address the growing electricity needs of the city of Cambridge and the surrounding area. Turning to New Hampshire. PSNH filed a rate case in early June to recover more than $765 million of investment since our last rate case in 2019.
The filing requests a rate range of $182 million in base distribution rates. That will take effect in two steps. The first rate adjustment will go into rates today, reflecting an increase of $61 million, with the remainder to go into effect on August one of next year. Interim rates will provide enhanced cash flows to the company until we receive a final rate decision next year. The filing proposes to recover investments made to improve reliability and includes recovery of increased costs associated with storm response and vegetation management due to the more frequent and more intense storm events.
On blu sky days, the company's reliability investments in New Hampshire have certainly paid off for our customers. For example, banks in large part to investments in distribution automation technology, the percentage of New Hampshire customers restored in nonstorm events in less than five minutes has improved from 30% in 2018 to over 50% in 2023. In addition, the company has rigorously controlled O&M costs since our last rate case.
We have also proposed to implement a four year performance-based ratemaking plan, including our capital support mechanism that would adjust rates annually to be approved by the commission. This mechanism enhances cash flow supports resiliency investments, replacement of aging infrastructure and investments for the integration of customer distributed generation while maintaining the additional transparency that comes with PBR.
We anticipate a final decision in this case in 2025. In Connecticut, discovery is underway on the storm cost prudency review for $634 million. We are also preparing to file for storm prudency review later this year for storm restoration costs related to events in 2022 and early 2023. As Joe mentioned, we received a decision from PURA allowing us to continue supporting the electric vehicle tranching program for customers under a constructive cost recovery framework that will enhance our cash flow position. I'll now provide an update on of the items shown on slide 11 that will enhance our FFO to debt ratio from 2023 to 2025.
First, the 2024 annual rate adjustment in Connecticut became effective July one of this year, recovering approximately $900 million of several costs, including public benefits related costs. The July 1st rate adjustment is recovering under collections from 2023 and has reset rates to a level matching recurred cost that we expect in 2024. Public benefit costs include the cost of energy supply contracts with the Millstone and Seabrook nuclear power plants and uncollectible hardship costs.
Second, with the closing of our sale of Sunrise Wind to Austin, we received net proceeds of $152 million that will be used to pay down debt. Third, the closing of our sale of Revolution and South Fork Wind to Global Infrastructure Partners, we anticipate receiving gross proceeds of approximately $1.1 billion, subject to adjustments for capital expenditures. These proceeds will also be used to pay down debt. As a reminder, there is no impact to our financing plan from these capital expenditure adjustments.
In addition, the filings for distribution rate increases at PSNH and at EGMA will provide additional cash flow enhancement. And lastly, regarding our equity issuances, we have raised approximately $250 million of equity through our ATM program and issued approximately 819,000 treasury shares in the first half of this year. We continue to anticipate equity means of up to $1.3 billion over the next several years, as shown on slide 12.
We are making progress on our effort to sell Aquarion Water Company. I'm happy to report that we have recently launched the initial phase of this process. All of the above actions give us a clear road map for improvement of our FFO to debt ratio in 2024 and give us confidence in achieving our 14% to 15% FFO to debt target at S&P in 2025. In summary, as you can see on slide 13, we have a proven track record of earnings and dividend growth, and we are confident that our robust $23.1 billion five year capital forecast and our forecasted financing plan will enable us to drive our 5% to 7% EPS growth rate through 2028 based off of our 2023 recurring EPS of $4.34.
I'll now turn the call back to Matt for Q&A.
