We are reaffirming our $64 fair value estimate for Eversource Energy after the company reported earning $0.76 per share in the second quarter, up from $0.74 in the second quarter of 2019 on an adjusted basis. We are reaffirming our no-moat, stable moat trend rating.
Management reaffirmed its $3.60-$3.70 earnings per share guidance for 2020, in line with our estimate. We are reaffirming our five-year 6% annual earnings and dividend-growth rate, in line with management's 5%-7% target.
COVID-19 has had no material financial impact on Eversource, as we expected, since most of its rates are decoupled from usage. Eversource has benefited from usage-based rates in New Hampshire primarily due to warmer-than-normal weather.
We expect Eversource could add to its $14.2 billion five-year capital investment plan in its update this fall. We estimate the Columbia Gas acquisition could add $130 million of annual capital expenditures starting next year, of which more than half is for pipeline replacement. This is advantageous for Eversource and investors because of the annual revenue true-ups associated with that spending.
We also expect Eversource could receive approval for grid modernization spending in Connecticut. We estimate potential investment likely would total less than $50 million per year initially but could ramp up in later years.
Management confirmed it plans to participate in the upcoming New York offshore wind request for proposal. Eversource won an early offshore wind contract in New York for Sunrise Wind, which is set for year-end 2024 completion, but we don't expect that to give Eversource a significant advantage in securing future projects. We continue to exclude offshore wind earnings from our three-year financial forecasts and fair value estimate.
Management said it doesn't plan to pursue offshore wind projects in New Jersey. We think this is a positive for shareholders given Eversource's ample opportunities in New England and New York.