Eversource Energy

“with over 400 basis points of enhancement on the FFO-to-debt metrics at Moody's and 300 basis point improvement at S&P for 2025”

Eversource improved its FFO-to-debt credit metric by 300 bps at S&P, reflecting balance-sheet strengthening tracked by the agency.

“with over 400 basis points of enhancement on the FFO-to-debt metrics at Moody's and 300 basis point improvement at S&P for 2025”

Eversource improved its FFO-to-debt credit metric by over 400 bps at Moody's, reflecting balance-sheet strengthening tracked by the agency.

“expected future obligations to Global Infrastructure Partners as part of the 09/30/2024 sale of South Fork Wind and Revolution Wind projects”

Eversource carries obligations to GIP tied to its 2024 divestiture of the South Fork and Revolution Wind projects to GIP.

“as Ørsted recently announced, the project is expected to achieve first power within the coming weeks”

Eversource's Revolution Wind offshore project, developed with Ørsted, is nearing first power, indicating late-stage progress for Ørsted's US offshore wind build.

“We recognized an increase to our liability to GIP in the third quarter, which was largely offset by tax benefits.”

Eversource increased its estimated payment liability to GIP (Global Infrastructure Partners), the counterparty on its offshore wind divestiture.

“Overall, as Orsted has stated, Revolution Wind is substantially complete and work has continued since the stop order was lifted in September.”

Eversource builds the onshore portion of the Orsted-led Revolution Wind project; Orsted states the project is substantially complete after the stop order was lifted.

“for S&P, we're already in a strong position there.”

Eversource says it already comfortably meets S&P's FFO-to-debt threshold, in contrast to still working toward the Moody's threshold.

“Moody's recently reaffirmed its ratings for both Eversource Energy and NSTAR Electric, which we were very pleased to see. Unfortunately, Moody's also announced a downgrade for Connecticut Light & Power to Baa1 from A3. Moody's cited the Connecticut regulatory environment as their reason for the downgrade.”

Moody's reaffirmed ratings on Eversource Energy and NSTAR Electric but downgraded subsidiary Connecticut Light & Power to Baa1 from A3, citing the Connecticut regulatory environment.

“in early May, Orsted announced that the project was approximately 75% complete. We expect Orsted to update the overall project status soon.”

Orsted is the offshore developer on the Revolution Wind project, for which Eversource is building the onshore substation; the project was about 75% complete as of Orsted's early-May update.

“Boston Properties, our partner on this project, is now advancing toward the final depth of approximately 105 feet.”

Boston Properties is Eversource's development partner on the Cambridge Underground substation project, which is progressing on schedule toward its final depth.

“That has now tailed off effective Q3 with the sales or the final sale to GIP.”

Eversource completed the sale of its offshore wind stake to GIP in Q3, ending the capitalized interest previously associated with that investment.

“there was, like, nuance on Orsted's call where they had said it was had previously said it would be on by 2026, and then they said second half of 2026. Did anything really change there, or is it still on the same timeline that it was?”

Orsted is Eversource's joint venture partner on the Revolution Wind offshore project; management confirmed no change to the timeline despite Orsted's own call commentary, with the 20th turbine now being loaded.