Eversource Energy Provides Update on Offshore Wind Liability

Eversource Energy (NYSE: ES) announced that it has increased its liability related to expected future payments to Global Infrastructure Partners (GIP) as part of the September 30, 2024, sale of the South Fork Wind and Revolution Wind projects (collectively, the Offshore Wind Projects) by approximately $285 million. Eversource also expects to realize an approximately $210 million federal tax benefit associated with the tax losses on the sales of its offshore wind investments, which mitigates the earnings and cash flow impacts of settling this expected liability with GIP. The net result of these impacts is an aggregate after-tax non-recurring charge of approximately $75 million, or $0.20 per share, which Eversource expects to record in the third quarter of 2025.

Eversource is narrowing its earnings guidance range for full year non-GAAP recurring earnings for 2025 to between $4.72 and $4.80 per share versus its original guidance range of $4.67 to $4.82 per share.

As part of the definitive agreement with GIP for the sale of the Offshore Wind Projects, Eversource is responsible for certain post-closing purchase price adjustments. At the closing of the sale, Eversource recorded a liability of $365 million to reflect these potential adjustments for the Offshore Wind Projects. Certain payments made during 2025 for the Offshore Wind Projects reduced this obligation to approximately $296 million as of June 30, 2025. With South Fork Wind having been placed in-service in 2024, the existing liability primarily relates to the costs of completing construction of Revolution Wind, which is over 80 percent complete.

In the third quarter of 2025, Eversource received an updated report from GIP on the construction status of Revolution Wind, which included revised projections of total construction costs. The revised cost projections reflected quantifiable cost increases, including insurance costs, tariff impacts, construction cost increases from damage to the Revolution Wind turbine installation vessel, and costs incurred as a result of the stop-work order for Revolution Wind received on August 22, 2025, from the Bureau of Ocean Energy Management (“BOEM”) that halted all offshore wind construction activities through September 22, 2025. The aggregate impact of approximately $285 million aforementioned is a result of these revised cost projections.

Eversource continues to review its obligations with GIP to determine if any changes to this liability are warranted as Revolution Wind project completes construction. This liability reflects recent changes to the underlying components of what Eversource expects to finalize with GIP once construction on the Revolution Wind project is completed.

Eversource Energy | www.eversource.com