Eversource provides update on Offshore Wind Projects liability

Eversource (ES) has increased its liability related to expected future payments to Global Infrastructure Partners as part of the September 30, 2024, sale of the South Fork Wind and Revolution Wind projects – collectively, the Offshore Wind Projects – by approximately $285M. Eversource also expects to realize an approximately $210M federal tax benefit associated with the tax losses on the sales of its offshore wind investments, which mitigates the earnings and cash flow impacts of settling this expected liability with GIP. The net result of these impacts is an aggregate after-tax non-recurring charge of approximately $75M, or 20c per share, which Eversource expects to record in Q3. Eversource is narrowing its earnings guidance range for full year non-GAAP recurring earnings for 2025 to $4.72/$4.80 per share vs. original guidance range of $4.67-$4.82 per share. As part of the definitive agreement with GIP for the sale of the Offshore Wind Projects, Eversource is responsible for certain post-closing purchase price adjustments. At the closing of the sale, Eversource recorded a liability of $365M to reflect these potential adjustments for the Offshore Wind Projects. Certain payments made during 2025 for the Offshore Wind Projects reduced this obligation to approximately $296M as of June 30, 2025. With South Fork Wind having been placed in-service in 2024, the existing liability primarily relates to the costs of completing construction of Revolution Wind, which is over 80% complete.