Eversource Energy says it’s reviewing whether it will continue its 50-50 Atlantic Ocean offshore wind partnership it launched three years ago with Danish energy company Ørsted and possibly shift spending to strengthen its electric, gas and water systems.

In an announcement late Wednesday, Eversource Chief Executive Officer Joe Nolan cited the recent $4.4 billion in winning bids – the greatest ever – from six companies in a February offshore lease auction.

“In light of the record-setting prices in the recent federal lease auction ... and an evolving landscape, we are conducting a fulsome review of our interest in the joint venture with Ørsted to assess alternatives that will allow us to create shareholder value and continue building a leading clean energy company that is wholly supportive of our region’s climate change goals,” Nolan said late Wednesday

If the company decides to sell all or part of Eversource’s interest in the venture, it said expects potential proceeds would likely be used to bolster its electric, gas and water systems. The review will be completed this year.

Eversource has identified more than $18 billion of regulated investments it plans to make in its systems between now and 2026. Some potential additional initiatives, such as advanced metering infrastructure and additional transmission spending to connect offshore wind projects through Cape Cod, are not yet reflected in its long-term forecast, Eversource said.

The utility committed $225 million to the Ørsted deal in 2019, with a top Eversource official saying at the time the company believes “it’s the future in this region.”