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What Offshore Wind Means for U.S. Utilities

Travis Miller (travis.miller@morningstar.com),Daniel Grunwald (daniel.grunwald@morningstar.com)

After reviewing the latest developments in the U.S. offshore wind industry, we are reaffirming our fair value estimates, economic moat ratings, and moat trend ratings for the U.S. utilities we cover. Utilities under our coverage with the most offshore wind exposure include  Avangrid AGR ,  Eversource Energy ES ,  Dominion Energy D , and  Public Service Enterprise Group  PEG . European utility  Orsted's U.S. projects in part support our estimated 21% compound annual growth rate for the company's earnings per share through 2028.