Eversource Energy on Tuesday reported a loss in the fourth quarter, as the utility recorded after-tax impairment charges of about $1.62 billion related to its offshore wind projects.
Eversource plans to sell its stake in two offshore wind projects – South Fork Wind and Revolution Wind to Global Infrastructure Partners – for $1.1 billion, and is exploring the sale of its water distribution unit as the company seeks to reduce equity needs and improve regulatory diversity.
Earlier this year, Eversource had flagged it would incur charges of up to $1.6 billion during the quarter on three of its wind projects, owing to additional expenditures for construction and schedule-related pressures.
Last month, the firm said it intends to divest its 50% stake in the three wind projects that are operated jointly with Danish firm Orsted.
The utility, which serves about 4.4 million customers in Connecticut, Massachusetts and New Hampshire, forecast an adjusted profit of $4.50 per share to $4.67 per share in 2024.
The company reported a loss of $1.29 billion, or $3.68 per share, in the October-December quarter, versus a profit of $320.2 million, or 92 cents apiece, a year earlier.
Reuters