Fitch placed Eversource and its subsidiaries on “rating watch negative” after the Trump administration’s stop-work order on Revolution Wind raised the risk of delays and cost overruns. (Utility Dive)
Eversource sold its 50% stake in the 704 MW project last year but remains on the hook for certain costs, including ensuring Global Infrastructure Partners receives a 13% IRR. The utility recorded about $360M in liabilities tied to construction delays.
Fitch warned prolonged delays could trigger a credit downgrade, though it noted Eversource’s $24B five-year capex plan is otherwise relatively low risk, with 36% of its rate base under FERC jurisdiction.