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Eversource to Take $1.6 Billion Charge on US Offshore Wind Farms
Eversource Energy expects to take a charge of as much as $1.6 billion for the fourth quarter for three offshore wind projects after costs climbed. The energy provider also said it’s in advanced negotiations to sell its 50% stakes in the projects, according to a statement Monday. The shares slipped as much as 3% after the close of regular trading in New York. The charge comes as the US offshore wind industry faces increasing challenges from rising inflation and supply-chain kinks that have boosted costs. Other developers, including Eversource’s joint-venture partner Orsted A/S, are canceling contracts and walking ... (full story)