The 704-megawatt Revolution Wind offshore wind farm, situated off the southern New England coast, has entered full commercial service. Developer \u00d8rsted brought the project to completion despite two stop-work orders from the Trump administration that caused construction setbacks.<\/p>\n
For Eversource Energy, the commissioning carries direct financial consequences. The utility divested its 50% stake in Revolution Wind \u2014 along with positions in two other offshore projects \u2014 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 significantly reduces the risk of those payments falling due.<\/p>\n
During the company’s third-quarter earnings call, chairman, president and chief executive Joseph Nolan said the milestone landed at a critical moment for the region, with extreme temperatures underlining why every available source of supply matters to customers. As of June, Eversource had set aside roughly $409 million against possible obligations arising from the divestiture, and management currently considers that reserve sufficient. Final settlement with the buyer is expected next year.<\/p>\n
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 the company expects in June. Separately, a March Federal Energy Regulatory Commission decision found that the base return on equity for New England grid owners had been pitched too high, with the adjustment applied retroactively \u2014 Eversource puts its own potential share of those customer refunds at approximately $880 million.<\/p>\n