ES · 10-Q · 2026Q3 · Full report
Revolution Wind Charge
EVERSOURCE ENERGY · 2026-11-06 · Importance 43 · Surprise 42 · From source text
Eversource recorded a $194 million pre-tax charge, or $164.0 million after tax, in the second quarter of 2026 to increase its contingent liability for expected payments to Global Infrastructure Partners (GIP) under the Revolution Wind sale agreement. The charge followed a $284 million pre-tax increase in the third quarter of 2025, partially offset by $209 million of tax benefits, resulting in a $75.0 million after-tax charge in that quarter. The contingent liability was $409.2 million at September 30, 2026, compared with $448.2 million at December 31, 2025; payments during the first nine months of 2026 totaled $233.0 million. Project owners announced construction completion in November 2026, and the post-closing adjustment reconciliation is expected in 2027.
Key facts
- Revolution Wind construction was announced complete in November 2026; the post-closing adjustment reconciliation with GIP is expected in 2027.
- Eversource paid GIP $233.0 million in the first nine months of 2026 and $141.3 million in the first nine months of 2025, reducing its offshore wind contingent liability.
- Eversource’s nine-month 2026 losses on offshore wind included a $194 million second-quarter pretax charge to increase its expected future-payment contingent liability for Revolution Wind.
- In Q2 2026, Eversource recorded a $194 million pre-tax ($164.0 million after-tax) charge to increase its Revolution Wind offshore wind contingent liability.
- In Q3 2025, Eversource recorded a $284 million pre-tax charge to increase the offshore wind contingent liability, offset by $209 million of expected tax benefits, resulting in a $75.0 million after-tax charge.
- Eversource's offshore wind contingent liability was $409.2 million at September 30, 2026, compared with $448.2 million at December 31, 2025, and was recorded as a current liability.
- Additional increases to Eversource's offshore wind contingent liability could be material if further cost overruns or other adverse changes occur.
- Revolution Wind's purchase price included value for a 40 percent level of federal investment tax credits; a change in expected value or qualification could cause a significant future-period loss.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | unclear | contingent | — | Revolution Wind construction was announced complete in November 2026; the post-closing adjustment reconciliation with GIP is expected in… |
| cash | negative | realized | 0.0% | Eversource paid GIP $233.0 million in the first nine months of 2026 and $141.3 million in the first nine months of 2025, reducing its… |
| liability | positive | realized | 0.0% | Eversource paid GIP $233.0 million in the first nine months of 2026 and $141.3 million in the first nine months of 2025, reducing its… |