Eversource Energy has reported a one-time after-tax charge of $75mn in the third quarter of 2025, following a $285mn increase in liabilities associated with the sale of its South Fork Wind and Revolution Wind offshore wind projects to Global Infrastructure Partners (GIP). This charge is partially offset by a $210mn federal tax benefit resulting from losses on the asset sales.
Financial guidance revised upwards
The utility has adjusted the midpoint of its non-GAAP recurring earnings per share forecast for 2025, now ranging between $4.72 and $4.80, up from a previous range of $4.67 to $4.82. The update reflects efforts to strengthen financial visibility despite offshore wind-related volatility.
Liabilities linked to Revolution Wind
At the time of the project sale closing on September 30, 2024, Eversource had recorded a $365mn liability to reflect potential post-closing adjustments. By June 30, 2025, this had decreased to $296mn, mainly due to payments related to South Fork Wind, which has been operational since 2024. The remaining liability primarily concerns the completion costs for Revolution Wind, which is more than 80% built.
Cost increases and temporary work stoppage
In Q3 2025, GIP provided Eversource with an updated construction cost report for Revolution Wind, highlighting several quantifiable increases. These include higher insurance premiums, tariff impacts, damage-related construction costs for the turbine installation vessel, and expenses stemming from a stop-work order issued by the Bureau of Ocean Energy Management (BOEM) on August 22, 2025, halting all offshore wind construction through September 22, 2025.
Ongoing assessment of contractual obligations
Eversource continues to review its contractual obligations with GIP, pending the completion of the Revolution Wind project. The company stated the liability could be subject to future adjustments depending on technical and contractual developments as construction concludes.
