Vineyard Offshore no longer plans to proceed with its bid for the 1,200-MW Vineyard Wind 2 project following Connecticut’s decision not to buy power from the project.

Eversource Energy’s exit from the offshore wind business drove a $118 million loss in the third quarter of 2024, offsetting increased revenue from its electric and gas distribution business relative to 2023, the company told investors.

The coordinated offshore wind procurements of Connecticut, Massachusetts and Rhode Island received a total of 5,454 MW in bids from four developers, falling short of the 6,000-MW solicitation cap.