Eversource’s 2022 earnings were hit by continued uncertainty over its offshore wind portfolio despite record profits, the company said in a call with analysts on Tuesday.

The New England utility is performing a “strategic review” of its 50% stake in the South Fork Wind Farm, Revolution Wind and Sunrise Wind projects, which could lead to a sale of the assets, all of which are still under development.

“While our longer-term total shareholder return compares favorably with our peers, our 2022 return was disappointing,” CEO Joe Nolan said. “We understand that much of that is related to the uncertainty over our offshore wind investments. We expect to resolve that uncertainty in the coming months as our strategic review progresses.”

The company had originally planned to finish the review by the end of 2022 but now says it will be done by the second quarter of the year.

“I’d like to move at a good pace, but this is very complex and … folks need to understand that any buyer of these assets is going to want to do significant due diligence,” Nolan said.

But there is “significant interest in the lease here as well as the projects,” he said.

“We are going to get a fair price for these assets,” he added. In the meantime, work on the projects is moving ahead.

Despite earning a record $1.4 billion last year, an increase of 15% from 2021, the company missed Wall Street estimates, reporting adjusted earnings of $4.05/share for the full year and 92 cents/share for the fourth quarter.

Nolan said that Eversource’s customers should see reductions to their bills soon as mild winter weather has reduced consumption and eased gas prices.

“For most of our electric customers, lower power supply costs will start to be reflected in bills in July,” he said.

Unitil

Unitil, which serves customers in Massachusetts, Maine and New Hampshire, had a strong 2022, beating estimates and earning $41.4 million, up $5.3 million (24 cents/share) from the previous year.

“The earnings growth reflects higher distribution rates, including recoupment associated with the New Hampshire rate cases, partially offset by higher operating expenses,” CFO Robert Hevert said.

Unitil’s adjusted gross margin increased by more than $12 million thanks to higher rates, colder winter weather and customer growth; the company added 425 new customers on the electric side and 855 for gas.

“2022 certainly had its challenges. Ultimately, we were able to overcome these challenges and finish the year strong,” CEO Thomas Meissner said.