Eversource Offshore Wind Costs and Ratepayers "Editorial"

by Frank Haggerty

17 hours ago

After Eversource divested in Revolution Wind, the prior contract cost could reach $285 million. 

.

Eversource Energy is a major New England utility company with joint headquarters in Boston, Massachusetts, and Hartford, Connecticut. It serves millions of customers across Massachusetts, Connecticut, and New Hampshire. Eversource is the primary electric utility provider on Cape Cod, responsible for power distribution, infrastructure, and storm restoration.

.

Rhode Island Energy does not have an equity stake in the Revolution Wind project; it acts as the power purchaser. 

Eversource reported in October 2025 that total construction costs for the Revolution Wind project increased, requiring them to record a roughly $75 million net after-tax non-recurring charge in the third quarter of 2025. This charge arises from the sale of a 50% interest in the project, where Eversource remained liable for substantial costs.

.

Eversource is liable for significant cost overruns associated with the 704MW Revolution Wind project, despite having sold its 50% stake in the project to Global Infrastructure Partners (GIP) in September 2024. 

.

As of October 2025, Eversource is managing approximately $285 million in increased liability related to expected future payments for the project.

.

Eversource has divested its ownership stake in the Revolution Wind project, selling it to Skyborn Renewables. While no longer an equity partner, Eversource continues to be involved as a developer, building the onshore transmission infrastructure for the project.

.

Despite the ownership change, Eversource Connecticut officials indicated in late 2025 that the state's agreement to purchase power from Revolution Wind ($99/MWh) remains in place, with costs covered by ratepayers.

.

The almost complete, 704 megawatt Revolution Wind project off Rhode Island was halted by the federal government in 2025, with officials warning the cancellation could cost New England ratepayers up to $500 million annually in higher energy market costs.
.

In other debt and rate concerns, in a separate issue, Eversource has faced controversy over attempts to pass roughly $1.5 billion in storm recovery costs and interest to customers.

.