Eversource raises offshore wind liability by $285 million, takes $75 million after-tax charge
Eversource said it increased its liability for expected future payments to Global Infrastructure Partners tied to the 2024 sale of the South Fork Wind and Revolution Wind projects by about $285 million. After a roughly $210 million federal tax benefit, the net after-tax charge is about $75 million, or $0.20 per share, to be recorded in the third quarter of 2025, while the company narrowed its 2025 non-GAAP recurring EPS guidance to $4.72 to $4.80 from $4.67 to $4.82.
- Liability increase of about $285 million tied to revised Revolution Wind construction cost projections
- Net after-tax non-recurring charge of about $75 million, or $0.20 per share, expected in Q3 2025
- 2025 non-GAAP recurring EPS guidance narrowed to $4.72 to $4.80 from $4.67 to $4.82, with a higher mid-point
- Revolution Wind is over 80 percent complete and expected to finish construction in the second half of 2026