What Happened

Eversource recorded a $164M charge due to construction delays at the Revolution Wind offshore project, caused by two Trump administration stop-work orders in 2023. Despite selling its 50% stake to Global Infrastructure Partners in 2022, Eversource remains liable for cost overruns under the sale terms.

Who Is Affected

Eversource faces $194M in total liabilities ($164M after tax) for Revolution Wind. Ørsted shares cost overruns as the co-developer. Avangrid (Iberdrola) faces similar delays at Vineyard Wind 1. Global Infrastructure Partners now owns the majority stake in Revolution Wind.

Market Impact

• Offshore wind projects face $100M+ budget overruns from regulatory delays
• Utilities are exiting offshore development (Eversource sold all wind assets)
• New England grid upgrades ($2.2B approved) prioritize onshore wind access

What to Watch

Revolution Wind's completion by December 2024 (currently 97% done) and final ISO New England approval in September for the $2.2B transmission project with Eversource/Avangrid. Monitor whether utilities renegotiate vendor contracts to mitigate future overrun risks.

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