EVERSOURCE ENERGY (ES): restructuring charge — Eversource sells offshore lease interest to Ørsted for $625M; expects $220M-$280M impairment

EVERSOURCE ENERGY

Agreed to sell 50% interest in 175,000-acre uncommitted lease area to Ørsted for $625M cash; close expected Q3 2023.
Will use portion of proceeds to provide tax equity for South Fork Wind project; commercial operation expected late 2023.
Continuing sale process for 50% interest in three contracted offshore wind projects (1,758 MW); announcement expected by end of June.
Q2 2023 after-tax impairment charge estimated at $220M-$280M due to lower sale values; no impact on cash flows or customers.
Reaffirmed FY2023 non-GAAP EPS guidance $4.25-$4.43 and long-term EPS growth rate upper half of 5-7% from 2022 base $4.09.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

EVERSOURCE ENERGY announced a impairment with charges of $220 million to $280 million affecting offshore wind business (50% ownership interest in North East Offshore, LLC, including three contracted projects and uncommitted lease area).

Type: impairment
Charge: $220 million to $280 million
Affected area: offshore wind business (50% ownership interest in North East Offshore, LLC, including three contracted projects and uncommitted lease area)

Exact text from the filing

Eversource determined that an impairment charge is required to be recognized in the second quarter of 2023. The estimated range of the after-tax impairment charge is from $220 million to $280 million.

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Source: SEC EDGAR

accession 0001104659-23-064664

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