Eversource Energy's first-quarter profit rises on higher electricity rates

May 1 (Reuters) - Eversource Energy ES.N reported a rise in first-quarter profit on Thursday, as the utility firm benefited from higher electricity rates.

Regulated utilities use rate case proceedings to seek rate increases, basing their appeals on their investments or expenses incurred in delivering services.

Quarterly earnings from its electric distribution segment were up 12.1% at $188.4 million from a year earlier, while it earned $199.4 million from its electric transmission segment, a year-over-year increase of 12.8%.

Eversource Energy supplies electricity and natural gas to about 4 million customers across Connecticut, Massachusetts and New Hampshire.

However, earnings from its water distribution segment were down 33.3% to $3.6 million from last year.

In January, Eversource agreed to sell its public water supply unit, Aquarion Water — which it acquired in 2017 — in a deal worth $2.4 billion, as the utility firm aims to pare debt and focus on its primary businesses of electricity and natural gas.

Eversource reported a net income attributable to common shareholders of $550.8 million for the quarter ended March 31, up 5.5% from a year earlier.