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Investing.com -- Eversource Energy (NYSE:ES) stock falls 4% Monday after the Trump administration blocked construction of Orsted’s nearly completed Revolution offshore wind farm, a project for which Eversource has financial liabilities.
The U.S. Department of Interior instructed Orsted to stop offshore work on the Revolution project, though this does not represent a complete project cancellation. Eversource had previously sold the project along with South Fork to Global Infrastructure Partners (GIP) for $745 million but remains responsible for additional cost increases related to Revolution, which is being constructed by former 50% partner Orsted.
DA Davidson analyst William Appicelli maintained a Buy rating and $77.00 price target on Eversource Energy despite the setback. Appicelli noted that the project could still meet its second half of 2026 start-up goal despite the work stoppage, depending on how quickly concerns from the Bureau of Ocean Energy Management (BOEM) can be addressed.
The halt comes at a time when the Revolution project was approaching completion, creating uncertainty around potential financial implications for Eversource due to its remaining liabilities related to the project’s cost overruns.
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