Revolution Wind
Eversource Energy has formally ended its costly foray into offshore wind development, finalizing the sale of its last two offshore assets and predicting a half-billion-dollar loss as a result.
Activists, ISO-NE officials, and state representatives from across New England convened in New London, Conn., to discuss the benefits of offshore wind to the region’s power system.
Eversource announced plans to reduce its investments in Connecticut by about $500 million over the next five years because of the “negative regulatory environment” at the Public Utilities Regulatory Authority.
Eversource finalized its long-running attempt to sell off its offshore wind assets, but not soon enough to avoid a $1.95 billion impairment for 2023.
A coalition of offshore wind opponents sued to overturn federal approval of the South Fork Wind and Revolution Wind projects.
Eversource will take a fourth-quarter 2023 impairment of up to $1.6 billion due to the ongoing struggles of its offshore wind joint ventures with Ørsted.
Eversource reported it's moving closer to the sale of its share of an offshore wind joint venture, and has substantially completed negotiations with a potential buyer.
Revolution Wind has become the fourth utility-scale U.S. offshore wind project to gain federal approval.
Rhode Island Energy explained that the power purchase agreement proposed would be too expensive for consumers, vows to continue efforts to bring offshore wind to state.
The BOEM environmental impact statement predicts Revolution Wind will have major negative impacts on fisheries, views from shore and other metrics.
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