Utility firm Eversource Energy said on Tuesday it expects a $75 million or 20 cents per share after-tax charge in the third quarter due to an increased liability for the two wind projects sold to Global Infrastructure Partners (GIP).
In 2024, Eversource sold its stake in the South Fork and Revolution Wind projects to GIP, receiving adjusted gross proceeds of $745 million, down from $1.12 billion due to reduced capital spending and delayed commercial operations of Revolution Wind.
The company added it increased its expected payments to GIP by about $285 million, following revised construction cost estimates including higher insurance expenses, tariff impacts, turbine vessel damage and costs tied to a temporary stop-work order issued by the Bureau of Ocean Energy Management in August.
However, the company also said it expects to offset part of the impact with an estimated $210 million federal tax benefit linked to tax losses on its offshore wind investments.
The company also said it is narrowing its full-year adjusted profit forecast to between $4.72 and $4.80 per share from a previous forecast of $4.67 to $4.82 per share.
(Reuters)