US utility Eversource shed a revealing light on the reasoning behind its announcement of a “strategic review” of its joint venture (JV) with global offshore wind developer Orsted during its first-quarter earnings call – it could be a simple matter of the numbers adding up.
CEO Joe Nolan disclosed that selling its offshore wind assets now could garner a windfall equivalent to actually seeing the projects through to commercial operation, but with none of the risks, while the proceeds would be better deployed in its core business of onshore power transmission and distribution.
