Eversource began its anticipated departure from the offshore wind sector, announcing it would sell its interest in an uncontracted New England lease to Ørsted.

Ørsted, the largest OSW developer in the world, reported that earnings from its offshore wind business hit an all-time high in the first quarter of 2023.

Rhode Island Energy said it hoped to receive more than one proposal in the state’s second offshore solicitation but recognizes the challenges facing the sector.

The two companies are proposing an 884-MW wind farm off the coast of Rhode Island.

Eversource’s 2022 earnings were hit by continued uncertainty over its offshore wind portfolio despite record profits, the company said in a call with analysts.

Wind power development off the Northeast U.S. coast continued to advance in 2022, with New York especially seeing a "banner year," according to an OSW advocate.

A bill before the Rhode Island legislature would increase the state’s current 38%-by-2035 Renewable Energy Standard to 100% by 2033.

Sen. Mike Barrett is concerned that removing the OSW procurement price cap would open Massachusetts to higher project prices seen in neighboring states.