Eversource Energy (NYSE: ES) shares dropped 4% on Monday after the Trump administration ordered a halt to construction of Orsted’s nearly finished Revolution offshore wind farm—a project that still carries financial obligations for Eversource.
The U.S. Department of Interior directed Orsted to stop offshore work on the Revolution project. While this does not amount to a full cancellation, it introduces uncertainty at a critical stage of development. Eversource had previously sold its stake in Revolution, along with the South Fork project, to Global Infrastructure Partners (GIP) for $745 million. However, the company remains liable for additional cost overruns tied to Revolution, which is still being developed by its former 50% partner, Orsted.
Despite the setback, DA Davidson analyst William Appicelli reaffirmed a Buy rating on Eversource with a $77 price target. He noted that the project could still achieve its targeted second-half 2026 launch if issues flagged by the Bureau of Ocean Energy Management (BOEM) are resolved quickly.
The stoppage comes as Revolution nears completion, raising questions about the financial impact on Eversource, which continues to carry responsibility for excess project costs. Investors will be watching closely to see how long the delay lasts and whether it affects the company’s long-term outlook.
