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INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Investments | Eversource's investments accounted for under the equity method include the following:
|  |  |  |  | Investment Balance as of December 31,
(Millions of Dollars) | Ownership Interest |  | 2024 |  | 2023
Offshore Wind Business | 50% | - | 100% |  | $ | 22.2 |  |  | $ | 515.5 |
Natural Gas Pipeline - Algonquin Gas Transmission, LLC | 15% |  | 112.6 |  |  | 116.0 |
Other | various |  | 33.9 |  |  | 29.0 |
Total Investments in Unconsolidated Affiliates |  |  |  |  | $ | 168.7 |  |  | $ | 660.5 |
A summary of the significant estimates and assumptions included in the 2023 impairment charges is as follows:
|  | Second Quarter 2023 |  | Fourth Quarter 2023 |  | Total
(Millions of Dollars) |  |  |
Lower expected sales proceeds across all three wind projects |  | $ | 401 |  |  | $ | 525 |  |  | $ | 926 |
Expected cost overruns not recovered in the sales price |  | — |  |  | 441 |  |  | 441 |
Loss of sales value from the sale price offered by GIP, including loss of ITC adders value, cancellation costs and other impacts assuming Sunrise Wind project is abandoned |  | — |  |  | 800 |  |  | 800 |
Impairment Charges, pre-tax |  | 401 |  |  | 1,766 |  |  | 2,167 |
Tax Benefit |  | (70) |  |  | (144) |  |  | (214) |
Impairment Charges, after-tax |  | $ | 331 |  |  | $ | 1,622 |  |  | 1,953 |
A summary of the carrying value by investee and by project as of December 31, 2023 is as follows:
| Investments Expected to be Disposed of |  | Investment to be Held |  |
| North East Offshore |  | South Fork Class B Member, LLC |  | South Fork Wind Holdings, LLC Class A |  | Total Offshore Wind Investments
(Millions of Dollars) | Sunrise Wind |  | Revolution Wind |  |  |
Carrying Value as of December 31, 2023, before Impairment Charge | $ | 699 |  |  | $ | 799 |  |  | $ | 299 |  |  | $ | 485 |  |  | $ | 2,282 |
Fourth Quarter 2023 Impairment Charge | (1,218) |  |  | (544) |  |  | — |  |  | (4) |  |  | (1,766) |
Carrying Value as of December 31, 2023 | $ | (519) |  |  | $ | 255 |  |  | $ | 299 |  |  | $ | 481 |  |  | $ | 516 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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