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.

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.

Eversource began its anticipated departure from the offshore wind sector, announcing it would sell its interest in an uncontracted New England lease to Ørsted.

Ørsted, the largest OSW developer in the world, reported that earnings from its offshore wind business hit an all-time high in the first quarter of 2023.

Rhode Island Energy said it hoped to receive more than one proposal in the state’s second offshore solicitation but recognizes the challenges facing the sector.

The two companies are proposing an 884-MW wind farm off the coast of Rhode Island.

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.