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Why Eversource might exit its offshore wind partnership with Ørsted

Eversource could exit its joint venture to develop offshore wind projects with Ørsted amid record-setting lease auctions in the U.S.

The energy giant announced in its quarterly earnings report that it had launched a “strategic review” of the 50-50 partnership, which could result in the sale of some or all of its stake.

The company said it would analyze whether alternative investments would produce better value for shareholders.

Eversource CEO Joe Nolan noted the record-setting New York Bight lease auction as one of the reasons to conduct the strategic review of the company’s offshore wind portfolio. Winning bids for the rights to develop six areas offshore New York and New Jersey totaled a combined $4.37 billion.

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