Eversource Energy Initiates Strategic Review Of Offshore Wind Investment Portfolio

(RTTNews) - Eversource Energy (ES) Wednesday announced that it has initiated a strategic review of its offshore wind investment portfolio.

As part of that review, the company will explore strategic alternatives that could result in a potential sale of all or part of its 50 percent interest in its offshore wind joint venture with Ørsted.

Joe Nolan, Eversource's president and chief executive officer, said, "In light of the record-setting prices in the recent federal lease auction for tracts around the New York Bight and an evolving landscape, we are conducting a fulsome review of our interest in the joint venture with Ørsted to assess alternatives that will allow us to create shareholder value and continue building a leading clean energy company that is wholly supportive of our region's climate change goals."

While reporting its first quarter results, the company also reaffirmed its 2022 adjusted earnings projection of between $4.00 per share and $4.17 per share.

Separately, Eversource Energy also announced that Phil Lembo is retiring as Chief Financial Officer and as part of the company's leadership succession plan John Moreira, the company's Senior Vice President and Treasurer, has been elected as Chief Financial Officer, effective May 4.

Lembo has served as Eversource's Chief Financial Officer since May 2016, and will continue to serve the company until later this year as a non-executive Senior Strategic Advisor focusing on strategic options for Eversource's offshore wind investments.