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January 10, 2024

Eversource to take $1.6B charge on offshore wind sale

HBJ PHOTO | STEVE LASCHEVER Eversource CEO Joe Nolan in his Prospect Street corner office in downtown Hartford.
By Andrew Larson

Eversource Energy announced that it will take a 2023 fourth-quarter charge of up to $1.6 billion as it seeks to divest its 50% ownership stake in three offshore wind projects in New York and Connecticut.

The utility headquartered in Boston and Hartford said Monday it would record an after-tax impairment charge of $1.4 billion to $1.6 billion.

"Offshore wind projects continue to experience major supply chain disruption and inflationary challenges in the early stage of this growing industry in the U.S., and this impairment is an unfortunate reflection of the current market conditions we are facing," Eversource CEO Joe Nolan said.

In the announcement, Eversource said it is in advanced negotiations with a buyer to sell its ownership interest in the South Fork Wind, Revolution Wind and Sunrise Wind projects, which are joint ventures with the Danish firm Ørsted.

Eversource announced in May 2023 that it planned to exit the offshore wind farm business.

The 132 megawatt South Fork Wind and 924-megawatt Sunrise Wind projects are both located in New York, east of Montauk Point.

Revolution Wind, located more than 32 miles southeast of the Connecticut coast, will generate 304 megawatts of offshore wind energy.

Eversource’s fourth-quarter earnings call is set for mid-February.
 

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