ES 8-K
Eversource Energy (ES)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Section 8 | Other Events |
| Item 8.01 | Other Events. |
On February 29, 2024, Eversource Energy (“Eversource”) issued a news release announcing that, following the recent re-bid of the Sunrise Wind offshore wind farm by joint venture partners Eversource and Ørsted, New York has selected the project in its latest solicitation, New York 4, to deliver substantial economic benefits and advance climate goals.
The ready-to-build project would be the largest U.S. offshore wind farm upon its completion in 2026. With this successful award, Eversource will remain contracted to lead Sunrise Wind’s onshore construction even after finalizing the agreement to sell its 50-percent interest in the project to Ørsted. Upon the completion of a successful sale, Eversource no longer expects to have any risk exposure related to Sunrise Wind, including abandonment costs that were assumed in its impairment assessment. Eversource expects the sale of Sunrise Wind to Ørsted will be completed later this year, subject to customary regulatory approvals.
Sunrise Wind will now begin the next steps of finalizing agreements with New York’s energy agency, NYSERDA, on the OREC (Offshore Wind Renewable Energy Certificates) contract. The completion of Eversource’s agreement to sell its interest in the project is subject to signing of an OREC contract with NYSERDA, finalization of acquisition agreements, receipt of the federal construction and operations plan (COP), and relevant regulatory approvals.
The project’s design has been reviewed and accepted by all relevant state agencies, and it has secured all major supplier and project labor agreements. Sunrise Wind is scheduled to be operational in 2026 and will begin the full scope of construction once it has received all federal permits, slated for this summer, and following a final investment decision by Ørsted that is anticipated in the second quarter of 2024.
Forward-Looking Statements
This Current Report on Form 8-K includes statements concerning Eversource’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; our ability to complete the offshore wind investments sales process on the timelines, terms and pricing we expect; if we and the counterparties are unable to satisfy all closing conditions and consummate the purchase and sale transactions with respect to our offshore wind assets; if we are unable to qualify for investment tax credits related to these projects; if we experience variability in the projected construction costs of the offshore wind projects, if there is a deterioration of market conditions in the offshore wind industry; and if the projects do not commence operation as scheduled or within budget or are not completed, disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.
Other risk factors are detailed in Eversource’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
| Section 9 | Financial Statements and Exhibits |
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number | Description |
| 99.1 | Eversource Energy news release, dated February 29, 2024. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned hereunto duly authorized.
| EVERSOURCE ENERGY | ||
| (Registrant) | ||
| February 29, 2024 | By: | /s/ Jay S. Buth |
| Jay S. Buth | ||
| Vice President, Controller and Chief Accounting Officer | ||
Exhibit 99.1
 |
56 Prospect St., Hartford, Connecticut 06103-2818 800 Boylston St., Boston, Massachusetts 02199 |
News Release
Updated Bid for Sunrise Wind Wins New York’s Latest Offshore Wind Solicitation
Ready-to-build project from Eversource and Ørsted will spur economic development, create jobs and advance clean energy
With successful award in the New York 4 solicitation, Eversource to continue moving forward with agreement to sell its 50-percent interest in Sunrise Wind to Ørsted
HARTFORD, Conn. and BOSTON, Mass. (February 29, 2024) – Following the recent re-bid of the Sunrise Wind offshore wind farm by joint venture partners Eversource and Ørsted, New York has selected the project in its latest solicitation, New York 4, to deliver substantial economic benefits and advance climate goals.
The ready-to-build project would be the largest U.S. offshore wind farm upon its completion in 2026. With this successful award, Eversource will remain contracted to lead Sunrise Wind’s onshore construction even after finalizing the agreement to sell its 50-percent interest in the project to Ørsted. Upon the completion of a successful sale, Eversource no longer expects to have any risk exposure related to Sunrise Wind, including abandonment costs that were assumed in its impairment assessment. Eversource expects the sale of Sunrise Wind to Ørsted will be completed later this year, subject to customary regulatory approvals.
Sunrise Wind will now begin the next steps of finalizing agreements with New York’s energy agency, NYSERDA, on the OREC (Offshore Wind Renewable Energy Certificates) contract. The completion of Eversource’s agreement to sell its interest in the project is subject to signing of an OREC contract with NYSERDA, finalization of acquisition agreements, receipt of the federal construction and operations plan (COP), and relevant regulatory approvals.
“We’re grateful for the Hochul Administration’s support of the state’s offshore wind industry and their selection of our updated Sunrise Wind project, and we look forward to our continued role in making this exciting renewable energy project a reality,” said Eversource Chairman, President and Chief Executive Officer Joe Nolan. “Sunrise Wind is another major step forward for our shared clean energy future and will deliver significant new investments to New York State, including the creation of hundreds of local union jobs building the project’s onshore transmission system. As we continue to move toward finalizing the agreement to sell our 50-percent interest in Sunrise Wind, we’re excited to get shovels in the ground and begin the full scope of onshore construction with the important role we’ll play throughout the remainder of this project, as well as helping to enable other offshore wind projects in our region with our transmission construction expertise in the future.”
The project’s design has been reviewed and accepted by all relevant state agencies, and it has secured all major supplier and project labor agreements. Sunrise Wind is scheduled to be operational in 2026 and will begin the full scope of construction once it has received all federal permits, slated for this summer, and following a final investment decision by Ørsted that is anticipated in the second quarter of 2024.
Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2024 and recognized as a Five-Year Champion, appearing in every edition of the list. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,900 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on X, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
MEDIA CONTACT:
William Hinkle
603-634-2228
INVESTOR CONTACT:
Robert S. Becker
(860) 665-3249
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