GE Vernova expects USD-300m EBITDA loss at wind unit for Q3
Sep 13, 2024 14:38 CESTUS utility company Eversource Energy (NYSE:ES) will receive a USD-89-million (EUR 80.3m) federal grant to install new infrastructure that will enable the interconnection of roughly 2.4 GW of offshore wind capacity across New England states.
The proposed Huntsbrook Offshore Wind (OSW) Hub project will be developed in Connecticut, Eversource said on Monday. Specifically, the utility will install a new 345-kV switching station in Montville, southeastern Connecticut to serve as a point linking high-voltage transmission lines carrying electricity from wind turbines at sea.
Eversource will use existing utility property and rights of way to avoid negative environmental effects from the project, betting on experience gained from other infrastructure initiatives to connect offshore wind projects to the electric grid in the Northeast. Among these are the infrastructure facilities for the South Fork wind farm in Long Island.
The company said it plans to apply for the required permits late this year, expecting the review procedures to last until 2027. Once the approvals are in place, construction could be initiated in 2028 and completed in 2031.
The offshore wind hub project secured the grant financing under the Department of Energy’s (DOE’s) Grid Innovation Programme as part of a larger initiative for powering up New England.
(USD 1.0 = EUR 0.903)
GE Vernova expects USD-300m EBITDA loss at wind unit for Q3
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