Revolution Wind fully operational, Eversource risk eases — SkimNews
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- Revolution Wind reached full commercial operation at 704 MW, delivering power to southern New England and significantly reducing Eversource Energy’s risk of added project obligations, CEO Joseph Nolan said.
- Ørsted built Revolution Wind, whose launch was delayed by two Trump administration stop-work orders.
- Eversource Energy had reserved about $409 million by June for potential obligations tied to two offshore-wind farms sold to Global Infrastructure Partners; Nolan said the reserve was adequate, and the company expects to close out the contractual obligations next year after a reconciliation that will take time.
- Connecticut Light & Power proposed a $451 million rate increase under a multiyear, performance-based framework with gradual annual inflation adjustments and would spend $1 billion on advanced meters; Eversource expects a regulatory decision in June.
- ISO New England selected a $2.2 billion joint transmission proposal from Eversource and Avangrid for the Boston area, with Eversource carrying a $700 million share; the transmission project and advanced-meter work are excluded from Eversource’s current capital-expenditure plan.
- FERC retroactively lowered the base return on equity for New England transmission owners, prompting customer refunds dating to 2011; Eversource and Avangrid said their utilities owe about $880 million and $203 million in potential refunds. Eversource expects a federal appeals court decision by early fall next year, but meeting FERC’s May-next-year deadline will be challenging because more than a decade of settlement and billing data must be recalculated.
Why it matters: Eversource’s roughly $409 million reserve is now assessed as adequate for its offshore-wind obligations, reducing risk of added project liabilities. That relief comes as Connecticut regulators weigh a $451 million rate increase and Eversource utilities face about $880 million in potential transmission refunds.
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