S&P turns Eversource outlook to negative

S&P said it revised its outlook for Eversource Energy and all its subsidiaries that had stable outlooks to negative from stable and affirmed their ratings.

The subsidiaries are Public Service Co. of New Hampshire, NSTAR Electric, NSTAR Gas and Eversource Gas Co. of Massachusetts.

“Earlier this month, the New York State Public Service Commission (NYSPSC) rejected petitions filed by multiple offshore wind developers for price increases in their respective contracts with the New York State Energy Research and Development Authority (NYSERDA). Sunrise Wind LLC, one of the project companies owned by Eversource's joint venture (JV) with Orsted A/S was one of the developers that had its pricing adjustment rejected.

“The denial by the NYSPSC was beyond our previous base case expectation, making the timing of Eversource's exit from its offshore wind business less certain. Furthermore, we believe there is now greater execution risk for the company regarding its projected asset sale proceeds and equity funding plan that could hamper its ability to maintain FFO to debt consistently above 13%,” S&P said in a statement.

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