Eversource Energy says it is moving full steam ahead on its offshore wind power projects, including turbine farms that are expected to one day feed into Connecticut’s power grid.
During a conference call with analysts to discuss the utility’s fourth-quarter and full-year 2021 earnings, Eversource CEO Joe Nolan said the company has made more progress in offshore wind in the last 13 months than in the previous three years.
Nolan cited the recent groundbreaking for the South Fork wind farm, which will connect to Long Island’s power grid. The site is expected to become operational in late 2023.
Revolution Wind, which is expected to channel renewable energy to Connecticut and Rhode Island, is “well into” the state and federal siting process, according to Nolan. Final siting approval is expected in the second half of 2023, and if that timeline is met, the project could be up and running sometime in 2025.
Nolan also highlighted what he described as an improving relationship between Eversource and its Connecticut customer base, pointing to the regulator-approved October settlement in which the company agreed to provide bill credits for electric customers as part of a penalty for its handling of Tropical Storm Isaias in 2020.
“Compared with a year ago, I believe we are in a much better place,” he said.
Eversource reported full-year 2021 earnings of $1.22 billion, or $3.54 per share, up slightly from $1.2 billion, or $3.55 per share, in the year before. Fourth-quarter earnings came in at $306.7 million, or 89 cents per share, up from $271.9 million, or 79 cents per share, in 2020.
