Eversource expects $1.4-1.6B impairment on offshore wind interests; exclusive sale talks advanced

EVERSOURCE ENERGY

After-tax impairment charge of $1.4B-$1.6B expected in Q4 2023 for offshore wind investments.
$800M-$900M impairment across three projects due to supply chain and construction cost increases.
Additional $600M-$700M impairment for Sunrise Wind after NY rejected OREC contract amendment.
In advanced exclusive negotiations with a leading global private infrastructure investor to sell 50% ownership.
ITC adder value of $400M from Inflation Reduction Act expected to be realized in sale price.

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