Eversource Energy

ES: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$39.00	Jqhc	Rthvrwzgy

Eversource Energy: Initial Offshore Wind Deal Suggests Weak Market Prices

Travis Miller

May 31, 2023

We are reaffirming our $74 per share fair value estimate for Eversource after the company announced it effectively converted its ownership of 175,000 undeveloped offshore wind acreage into a tax equity investment in the South Fork Wind project through a deal with co-owner Orsted. South Fork is scheduled to begin operation in late 2023. We are reaffirming our no-moat and stable-moat trend ratings for Eversource.

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