Revolution Wind Reaches Full Operation as Eversource Manages Offshore Exit Costs

The 704-megawatt Revolution Wind offshore wind farm, situated off the southern New England coast, has entered full commercial service. Developer Ørsted brought the project to completion despite two stop-work orders from the Trump administration that caused construction setbacks.

For Eversource Energy, the commissioning carries direct financial consequences. The utility divested its 50% stake in Revolution Wind — along with positions in two other offshore projects — in 2024, with Global Infrastructure Partners acquiring shares in two of those stations. Under the sale agreements, Eversource remains exposed to potential contractual payments to the new owners, and the farm’s successful startup reduces that liability.

During the company’s third-quarter earnings call, chief executive Joseph Nolan noted that Revolution Wind came online during peak demand periods when the regional grid was short of available generation capacity. As of June, Eversource had set aside roughly $409 million against possible obligations arising from the divestiture, and management considers that reserve sufficient. Final settlement with the buyer is expected next year.

These offshore liabilities sit alongside broader regulatory pressures on the company’s finances. Its Connecticut Light & Power subsidiary is pursuing a $451 million rate increase from state regulators, with a Connecticut Public Utilities Regulatory Authority ruling due in June. Separately, a March Federal Energy Regulatory Commission decision found that base return rates for New England grid owners had been pitched too high, with the adjustment applied retroactively — Eversource estimates the resulting customer refunds at approximately $880 million.

Source: Utility Dive