Eversource Energy’s exit from the offshore wind business drove a $118 million loss in the third quarter of 2024, offsetting increased revenue from its electric and gas distribution business relative to 2023, the company told investors.

Activists, ISO-NE officials, and state representatives from across New England convened in New London, Conn., to discuss the benefits of offshore wind to the region’s power system.

Eversource announced plans to reduce its investments in Connecticut by about $500 million over the next five years because of the “negative regulatory environment” at the Public Utilities Regulatory Authority.

All of South Fork Wind’s turbines are sending electricity to the New York power grid.

Eversource finalized its long-running attempt to sell off its offshore wind assets, but not soon enough to avoid a $1.95 billion impairment for 2023.