This story has been updated.

EVERSOURCE ENERGY reported a massive fourth quarter loss on Tuesday as the New England company exited the offshore wind industry and refocused on its core utility businesses of electricity and natural gas distribution and transmission.

The company reported a fourth quarter 2023 loss of $1.288 billion and a full-year 2023 loss of $442 million. In 2022 for those same time periods, Eversource reported earnings of $320 million and $1.4 billion, respectively.

Selling off the remainder of its offshore wind business, where it partnered with Orsted, resulted in an impairment charge of $1.77 billion in the fourth quarter, split between Sunrise Wind ($1.22 billion) and Revolution Wind ($545 million). The impairment charge assumes Sunrise Wind never gets built even though there is a possibility the project could get back on track under an ongoing procurement. If the wind farm wins the procurement, Eversource’s loss could lessen.

Eversource has struggled for well over a year to exit the offshore wind business, but it finally succeeded by selling its 50 percent stake in the South Fork (off Long Island) and Revolution Wind (off Rhode Island) projects to Global Infrastructure Partners. Orsted will retain its 50 percent interest in both projects. Orsted and Global Infrastructure Partners are very familiar with each other, having collaborated on four other projects, according to the companies.

Eversource last month announced the sale of its 50 percent stake in Sunrise Wind (off of New York) to its partner Orsted and in September sold its 50 percent share of an undeveloped wind farm lease off the coast of southeast New England to its partner Orsted for $625 million.

The company said it expects to net $1.1 billion from the sales announced on Tuesday but will be responsible for capital expenditure overruns and other costs associated with the Revolution Wind project.

As it exited the offshore wind business, Eversource said it also intends to explore the sale of Aquarion, its public water supply company based in Connecticut. “With its $1.3 billion rate base as of December 31, 2023, the water business is likely of substantial value to another owner as part of a larger strategic water business or infrastructure platform,” the company said. “As a result, Eversource plans to launch a process evaluating market interest in a transaction for this business segment, with the objective of delivering greater value to all stakeholders.”

Eversource said earnings in 2024 are expected to range between $4.50 and $4.67 a share and earnings per share from its regulated businesses would be within the range of 5 to 7 percent through 2028, using the $4.34 per share earned in 2023 as the base year. Eversource’s utility businesses are concentrated in Massachusetts, Connecticut, and New Hampshire.

“Although we experienced great challenges over the past year, our core utility operations completed an excellent year,” said Joe Nolan, the president, CEO, and chair of Eversource. “Our focus remains on improving our already strong service metrics, making the required investments to modernize the region’s energy delivery system, and enabling our clean energy future while enhancing our balance sheet condition.”