Eversource Takes One-Time Charge on Offshore Wind Sale

Eversource Energy (NYSE: ES) announced it will take an after-tax charge of $75 million ($0.20/share) in the third quarter, reflecting an increased liability from the sale of its South Fork Wind and Revolution Wind projects to Global Infrastructure Partners (GIP).

The company said it raised its expected payments to GIP by approximately $285 million, driven by higher construction and insurance costs, tariff-related expenses, turbine vessel damage, and costs incurred during a temporary stop-work order issued by the Bureau of Ocean Energy Management (BOEM) in August.

The BOEM order paused all offshore wind construction activities through September 22, delaying project progress and inflating costs.

Tax Benefit Mitigates Impact

Eversource said part of the impact will be offset by a $210 million federal tax benefit linked to tax losses from the sale of its offshore wind investments, resulting in the net $75 million non-recurring after-tax charge.

The company reaffirmed its commitment to transitioning its portfolio toward regulated utilities and clean energy infrastructure, noting that the financial hit is a one-time adjustment tied to project divestitures.

Earnings Guidance Narrowed

Eversource also narrowed its full-year adjusted earnings guidance to $4.72–$4.80 per share, compared with its prior range of $4.67–$4.82 per share, aligning with the $4.74 FactSet consensus.

“While construction headwinds and regulatory factors increased near-term costs, we remain confident in our long-term strategy and the strength of our regulated utility business,” the company said in a statement.