Offshore No More? Eversource Makes Plans to Exit Offshore Wind Business

June 21, 2023--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--New England utility holding company Eversource Energy Incorporated (NYSE:ES) (Boston, Massachusetts and Hartford, Connecticut) is letting go of its offshore wind power ambitions and instead turning inward, with plans to boost core infrastructure capital spending by about $1 billion per year compared to previous years' capital expenditures.

Eversource, which provides electricity, natural gas and water service to about 4.4 million customers in Connecticut, Massachusetts and New Hampshire, plans to spend an average of $4.3 billion annually over the 2023-2027 period, or about $21.5 billion on capital projects.