Eversource Energy (NYSE:ES) announced that it had 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% interest in its offshore wind joint venture with Orsted. The Eversource Energy Board of Trustees approved this action earlier May 4, 2022.

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 Orsted 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. Eversource remains committed to supporting offshore wind with advocacy, transmission investment solutions, and clean energy resource integration. We have seen up close why Orsted is unquestionably the world leader in engineering, building and operating offshore wind and have no doubt that the joint venture we launched five years ago will be a tremendous source of clean energy and economic development for the Northeast." Eversource expects to complete this review during 2022.

If the recommended path forward following the strategic review is a sale of all or part of Eversource's interest in the joint venture, Eversource expects potential proceeds from such transaction would likely be used to support Eversource's regulated investments in strengthening, modernizing and decarbonizing its regulated energy and water delivery systems.