Avangrid Inc (AGR) 2022 Q3 法說會逐字稿

Thank you for joining today's call. I would like to welcome you all to the AVANGRID Third Quarter 2022 Earnings Conference Call.

感謝您加入今天的電話會議。歡迎大家參加 AVANGRID 2022 年第三季度收益電話會議。

My name is Brika, and I'll be your event specialist operating today's call. (Operator Instructions) I would now like to hand the call over to our host, Álvaro Ortega, Vice President of Finance, Investor Relations and Treasury to begin. So Alvaro, please go ahead, when you're ready.

我的名字是 Brika，今天我將擔任您的活動專家。 （操作員說明）我現在想將電話轉交給我們的主持人，財務、投資者關係和財政部副總裁 Álvaro Ortega 開始。所以阿爾瓦羅，當你準備好時，請繼續。

Thank you, Brika, and good morning to everyone. Thank you for joining us today to discuss AVANGRID's Third Quarter 2022 Earnings Results.

謝謝你，Brika，大家早上好。感謝您今天加入我們討論 AVANGRID 的 2022 年第三季度收益結果。

Presenting on the call today are Pedro Azagra, our Chief Executive Officer; and Patricia Cosgel, our Chief Financial Officer. Also joining us today for the question-and-answer part of the call will be Catherine S Stempien, President and Chief Executive Officer of AVANGRID Networks; and Jose Antonio Miranda, Chief Executive Officer and President of Avangrid Renewables. Other members of the executive team are also joining us today and may be called upon to assist with the Q&A part of the call.

今天出席電話會議的是我們的首席執行官 Pedro Azagra；和我們的首席財務官 Patricia Cosgel。 AVANGRID Networks 總裁兼首席執行官 Catherine S Stempien 今天也將加入我們的電話問答環節； Avangrid Renewables 首席執行官兼總裁 Jose Antonio Miranda。執行團隊的其他成員今天也加入了我們，可能會被要求協助電話的問答部分。

If you do not have a copy of our press release or presentation for today's call, they are available on our website at avangrid.com. During today's call, we will make various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Litigation Reform Act of 1995 based on current expectations and assumptions, which are subject to risks and uncertainties.

如果您沒有我們今天電話會議的新聞稿或演示文稿的副本，請訪問我們的網站 avangrid.com。在今天的電話會議中，我們將根據當前的預期和假設，根據 1995 年美國私人訴訟改革法案的安全港條款做出各種前瞻性陳述，這些預期和假設受到風險和不確定性的影響。

Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in AVANGRID's earnings news release in the comments made during this conference call in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, avangrid.com.

如果我們的任何關鍵假設不正確或由於本次電話會議期間隨附演示文稿的風險因素部分或我們的向證券交易委員會提交的最新報告和文件，每一份都可以在我們的網站 avangrid.com 上找到。

We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of non-GAAP financial measures to the closest GAAP financial measures.

我們不承擔任何更新任何前瞻性陳述的義務。今天的演示文稿還包括對非公認會計原則財務指標的引用。您應該參考今天演示文稿隨附的幻燈片中包含的信息，以了解非 GAAP 財務指標與最接近的 GAAP 財務指標的定義信息和對賬。

I will now turn the call over to Pedro.

我現在將把電話轉給佩德羅。

Thank you, Alvaro, and good morning, everyone. Before I get started, I'd like to thank the many of you who were able to join us at our Investor Day last month in New York City.

謝謝你，Alvaro，大家早上好。在開始之前，我要感謝上個月在紐約市參加我們的投資者日的你們中的許多人。

We were pleased to share our strategic plan for '22 to '25, defining a clear focus on regulated growth, consistent execution and value creation, and we look forward to updating you on our progress as we deliver on that strategy.

我們很高興分享我們的 '22 至 '25 戰略計劃，明確關注受監管的增長、一致的執行和價值創造，我們期待在我們實施該戰略時向您通報我們的進展。

So with that said, we appreciate you being here with us today for our 9 months results presentation. Let's turn to Slide #5. We continue to make progress on our commitment to execution and operational excellence.

話雖如此，我們感謝您今天與我們一起參加我們為期 9 個月的業績報告。讓我們轉到幻燈片#5。我們繼續在執行和卓越運營方面的承諾取得進展。

In the first 9 months, we have delivered double-digit growth in both our businesses and at the consolidated level. Our EPS has grown 22% year-over-year to $1.90 per share and adjusted EPS has grown 11% year-over-year to $1.94 per share.

在前 9 個月，我們的業務和綜合水平均實現了兩位數的增長。我們的每股收益同比增長 22% 至每股 1.90 美元，調整後的每股收益同比增長 11% 至每股 1.94 美元。

In networks, each of our planned rate cases have not been filed. Last week, we filed our response to staff testimony in New York and have proposed to enter settlement negotiations starting next week. In addition, we expect a ruling on our settlement for our Berkshire Gas Company rate case in Massachusetts shortly.

在網絡中，我們每個計劃的費率案例都沒有提交。上週，我們在紐約提交了對員工證詞的回應，並提議從下週開始進入和解談判。此外，我們預計很快會對我們在馬薩諸塞州的伯克希爾天然氣公司利率案的和解作出裁決。

Regarding our New England Clean Energy Connect project, we were pleased to receive at the end of August, a favorable decision, clarifying vested rights, jurisprudence from the main low court on our legal challenges to the main referendum that resulted in the halting of the construction of the transmission project. The matter was remanded to the trial court for the vested rights determination.

關於我們的新英格蘭清潔能源連接項目，我們很高興在 8 月底收到了一項有利的決定，明確了主要低級法院的既得權利和判例，關於我們對導致建設停止的主要公投的法律挑戰的傳輸項目。此事被發回一審法院進行既得權利裁定。

The trial court recently, denied reconsideration of its prior order denying our request for a preliminary injunction that would allow construction to resume as the legal proceeding continues. We remain confident that the full process will find the referendum designed to block these projects construction is unconstitutional. The NECEC project will benefit main and all New England by reducing the region's dependence on fossil fuels and providing much needed energy price stability keeping fossil fuel generators for giving themselves an 80% or higher rates on the backs of Maine and New England families while moving our region closer to our renewable energy future.

初審法院最近拒絕重新考慮其先前的命令，該命令拒絕了我們要求在法律程序繼續進行時允許恢復施工的初步禁令的請求。我們仍然相信，整個過程會發現旨在阻止這些項目建設的公投是違憲的。 NECEC 項目將通過減少該地區對化石燃料的依賴並提供急需的能源價格穩定性來使主要和所有新英格蘭受益，從而使化石燃料發電機在緬因州和新英格蘭家庭的支持下為自己提供 80% 或更高的費率，同時搬遷我們的地區更接近我們的可再生能源未來。

In renewables, our 194-megawatt Lund Hill Solar project reached COD this month, raising the total capacity we brought into operations over the last 12 months to 475 megawatts.

在可再生能源方面，我們 194 兆瓦的 Lund Hill 太陽能項目本月達到 COD，將過去 12 個月投入運營的總容量提高到 475 兆瓦。

We are constructing approximately 600 megawatts of additional new capacity. We also continue to focus on mitigating risk and prudently addressing supply chain challenges.

我們正在建設大約 600 兆瓦的額外新容量。我們還繼續專注於降低風險和審慎應對供應鏈挑戰。

In addition to the panels, we've previously secured for projects with COD in '22 and '23. We have now also secured all required panels for '24. In our offshore business, Construction on Vineyard Wind 1 is on track and is steadily progressing.

除了面板之外，我們之前還為 22 年和 23 年的 COD 項目提供了擔保。我們現在還獲得了 '24 所需的所有面板。在我們的離岸業務中，Vineyard Wind 1 的建設正步入正軌並穩步推進。

We are proud to announce that the manufacturing of all major components for this landmark project is underway. In addition, we're taking strategic steps to advance opportunities for long-term growth based on our strategic plan through 2025.

我們很自豪地宣布，這個具有里程碑意義的項目的所有主要部件的製造工作正在進行中。此外，我們正在採取戰略步驟，根據我們到 2025 年的戰略計劃來推進長期增長的機會。

This month, we executed a heads of agreement with Sempra Infrastructure to support the potential joint development of large-scale green hydrogen and ammonia projects in the U.S. with an initial focus on the Gulf Coast and the West Coast.

本月，我們與 Sempra Infrastructure 簽署了一項協議，以支持在美國潛在的聯合開發大型綠色氫和氨項目，最初的重點是墨西哥灣沿岸和西海岸。

Given this positive trajectory and our operational achievements, we are confident in our ability to deliver results for the full year within our expectations. We are now reaffirming our outlook for net income and adjusted net income of $850 million to $920 million or $2.20 to $2.38 per share.

鑑於這一積極的軌跡和我們的運營成就，我們有信心在我們的預期內實現全年業績。我們現在重申我們對淨收入的展望，調整後的淨收入為 8.5 億美元至 9.2 億美元或每股 2.20 美元至 2.38 美元。

This adjusted net income range would imply year-over growth versus '21, ranging between 9% and 11%. We are focused on setting reasonable and achievable goals, and most importantly, on following through continuing to build a trend where we consistently meet the mark.

這一調整後的淨收入範圍將意味著與 21 年相比的同比增長，介於 9% 和 11% 之間。我們專注於設定合理和可實現的目標，最重要的是，我們將繼續建立一個我們始終如一地達到目標的趨勢。

Taking a closer look at our 9-month results on Slide 6, we are demonstrating a very solid earnings trajectory and further reinforcing of our trend of continued growth over the last 2 years. Since 2020, our 9-month net income and adjusted net income have each increased by over 70%.

仔細查看幻燈片 6 上的 9 個月業績，我們展示了非常穩健的盈利軌跡，並進一步加強了過去 2 年持續增長的趨勢。自 2020 年以來，我們的 9 個月淨收入和調整後淨收入均增長了 70% 以上。

The net income and adjusted net income we were reporting today for the last 9 months have already surpassed the levels we were able to deliver for the full fiscal year 2020. These results have driven approximately 40% growth in 2020 in our earnings per share and adjusted earnings per share.

我們今天報告的過去 9 個月的淨收入和調整後的淨收入已經超過了我們能夠在 2020 年全年實現的水平。這些結果推動了 2020 年我們的每股收益和調整後的約 40% 的增長每股收益。

Even with the impact of last year's equity issuance our 9-month adjusted EPS has grown since 2020 at a strong compound annual growth rate of approximately 18%. Moving on to our businesses.

即使受到去年股票發行的影響，我們的 9 個月調整後每股收益自 2020 年以來仍以約 18% 的強勁複合年增長率增長。繼續我們的業務。

On the network side, we are focused on execution and investment. We have filed rate cases in our jurisdictions this year, each seeking multiyear plans with new rates effective in 2023. As mentioned at our Investor Day, these rate cases, combined with our FERC formula REITs will provide regulatory agreements for approximately 90% of our rate base.

在網絡方面，我們專注於執行和投資。我們今年在我們的司法管轄區提交了利率案例，每個案例都在尋求從 2023 年生效的新利率的多年計劃。如我們的投資者日所述，這些利率案例與我們的 FERC 公式房地產投資信託基金相結合，將為我們的利率約 90% 提供監管協議根據。

Our requests aim to balance the investments needed to improve the system and deliver on a state climate policy with customer affordability. We have requested approval of approximately $10 billion in capital investments over the next 3 years, focusing on clean energy transformation, reliability and resiliency and improving the quality of service to our customers, which will also create jobs in our local communities.

我們的要求旨在平衡改善系統所需的投資，並在客戶負擔能力方面提供州氣候政策。我們已要求在未來 3 年內批准約 100 億美元的資本投資，重點關注清潔能源轉型、可靠性和彈性以及提高對客戶的服務質量，這也將在我們當地社區創造就業機會。

The investments needed to modernize the system and meet the state policy goals are substantial and the proposals we have put forward represent a balanced path to address those needs. As we work with regulators on these proceedings, we have taken a conservative approach to our long-term outlook. Maintaining capital spending on average at historical, but ultimately in sufficient levels to meet the future, the full needs of the system into the future.

使系統現代化和滿足國家政策目標所需的投資是巨大的，我們提出的建議代表了滿足這些需求的平衡路徑。當我們與監管機構合作處理這些程序時，我們對我們的長期前景採取了保守的態度。將資本支出平均保持在歷史水平，但最終保持在足夠的水平，以滿足未來系統進入未來的全部需求。

As filed, the resulting build impact will be around 13% in New York with rates for our company remaining among the lowest in the state and between 4% and 5% for CMP, UI and Berkshire Gas, an increase that is lower than the current level of inflation.

如文件所述，由此產生的建設影響將在紐約約為 13%，而我們公司的費率將保持在該州最低之列，而 CMP、UI 和伯克希爾天然氣公司的費率在 4% 至 5% 之間，增幅低於目前通貨膨脹水平。

At CMP, our rates would remain among the lowest for investor-owned utilities in New England. Turning now to the process. In New York, we have filed our response to a staff testimony, which supported an average rate increase across all 4 businesses of 20% versus 25%. A bench hearings are scheduled to begin early next month. However, we have filed for a stay of those proceedings in order to enter into voluntary settlement negotiations shortly with all parties.

在 CMP，我們的費率將保持在新英格蘭投資者擁有的公用事業公司中最低的水平。現在轉向過程。在紐約，我們已經提交了對員工證詞的回應，該證詞支持所有 4 家企業的平均費率分別增長 20% 和 25%。法官聽證會定於下月初開始。但是，我們已申請中止這些程序，以便盡快與各方進行自願和解談判。

In May, technical conferences on initial testimony are scheduled for November. And in Connecticut, the intervener testimonies are expected to be filed in December.

5 月，有關初步證詞的技術會議定於 11 月舉行。在康涅狄格州，干預者的證詞預計將於 12 月提交。

In Massachusetts, our profiling settlement with Attorney General is currently being considered by regulators and an order is expected shortly. If approved, our new rates will take effect in January.

在馬薩諸塞州，監管機構目前正在考慮我們與司法部長的分析和解，預計很快就會下達命令。如果獲得批准，我們的新費率將於 1 月生效。

Turning now to our offshore business on Slide #8. As you know, Vineyard Wind 1 is the first utility scale offshore wind farm in the U.S. and a key project, both for our company and for the country, which will generate clean, affordable energy for over 400,000 homes and businesses while reducing carbon emissions by over 1.6 million tons per year.

現在轉到幻燈片 #8 上的離岸業務。如您所知，Vineyard Wind 1 是美國第一個公用事業規模的海上風電場，也是我們公司和國家的一個重要項目，它將為超過 400,000 戶家庭和企業提供清潔、負擔得起的能源，同時減少碳排放每年超過 160 萬噸。

The project is progressing well and remains on track with the construction plan. As we have discussed previously, the supply chain for Vineyard Wind 1 is fully contracted and all labor costs are either fixed or capped, which protects the projects from current market pressures.

該項目進展順利，並與建設計劃保持一致。正如我們之前所討論的，Vineyard Wind 1 的供應鍊是完全承包的，所有勞動力成本都是固定的或有上限的，這保護了項目免受當前市場壓力的影響。

We have now issued all notices to proceed and the manufacturing for all major components is now underway. In particular, we are hoping to report that the offshore export cable installation will start this week. A steel erection for the onshore substation is 95% complete and installation of equipment is ongoing.

我們現在已經發布了所有通知，所有主要部件的製造都在進行中。特別是，我們希望報告海上出口電纜安裝將於本週開始。陸上變電站的鋼架安裝已完成 95%，設備安裝正在進行中。

We are very encouraged by the excellent progress made here, and we get ever closer -- as we get even closer to delivering this milestone project in 2024. In Park City and Commonwealth Wind, our focus is on improving the project economics and renegotiating our PPAs because of the difficult environment.

我們對這裡取得的出色進展感到非常鼓舞，而且我們越來越接近——我們越來越接近於在 2024 年交付這個里程碑式的項目。在帕克城和英聯邦風能，我們的重點是提高項目經濟性和重新談判我們的購電協議因為環境艱苦。

As you know, we beat these projects in 2019 and 2021, respectively. Since then, the market experienced meaningful and anticipated changes due to high inflation, supply chain constraints, and higher capital and borrowing costs, make it necessary for us to pursue changes to the PPA terms, which we believe are modest and achievable.

如您所知，我們分別在 2019 年和 2021 年擊敗了這些項目。從那時起，由於高通脹、供應鏈限制以及更高的資本和借貸成本，市場經歷了有意義的和預期的變化，這使得我們有必要對 PPA 條款進行修改，我們認為這是適度且可以實現的。

To facilitate this process, we have filed a motion with regulators in Massachusetts to suspend regulatory review of our Commonwealth Wind PPAs for 1 month. As New England's largest offshore wind supplier, AVANGRID is committed to developing this new American industry and bringing with it the wide range of benefits to our communities.

為了促進這一過程，我們已向馬薩諸塞州的監管機構提出動議，暫停對我們的聯邦風電 PPA 的監管審查 1 個月。作為新英格蘭最大的海上風電供應商，AVANGRID 致力於發展這一新的美國產業，並為我們的社區帶來廣泛的利益。

Based on our report by PwC, we estimate that our investment in our 3 New England projects will generate tens of thousands of jobs during the construction phase, most of which will be in Massachusetts and Connecticut where we will be also generating over 1,500 long-term sustained jobs during the operational life of the projects.

根據普華永道的報告，我們估計我們對新英格蘭 3 個項目的投資將在建設階段創造數以萬計的就業機會，其中大部分將在馬薩諸塞州和康涅狄格州創造超過 1,500 個長期就業機會項目運營期間的持續工作。

As we deliver these benefits, our offshore activities will benefit from Iberdrola's development experience and proven track record of execution.

當我們提供這些好處時，我們的離岸活動將受益於 Iberdrola 的開發經驗和經過驗證的執行記錄。

Moving to Slide 9. In onshore, over the last 12 months, we have achieved commercial operation of approximately 475 megawatts, including 281 megawatts of wind and 194 megawatts of solar. We have roughly an additional 600 megawatts under construction, including 106 megawatts of new onshore wind and 480 megawatts of new solar.

轉到幻燈片 9。在陸上，在過去 12 個月中，我們實現了約 475 兆瓦的商業運營，其中包括 281 兆瓦的風能和 194 兆瓦的太陽能。我們還有大約 600 兆瓦正在建設中，其中包括 106 兆瓦的新陸上風能和 480 兆瓦的新太陽能。

In line with our focus on mitigating risk and ensuring we can deliver on our existing commitments, we have worked with our suppliers to secure the required funnels for also our projects with planned COD in '23 and '24.

根據我們對降低風險和確保我們能夠兌現現有承諾的關注，我們與供應商合作，為我們在 23 年和 24 年計劃 COD 的項目確保所需的漏斗。

In addition, we continue to work with our customers to renegotiate certain terms and conditions of our PPAs to address inflation pressures, accommodate schedule impact and maximize project value. The Inflation Reduction Act will be a driving force for Americas clean energy industry, not just in the next 1 or 2 years, but over the next decade.

此外，我們將繼續與客戶合作，重新協商 PPA 的某些條款和條件，以應對通貨膨脹壓力、適應進度影響並最大化項目價值。 《降低通脹法案》將成為美國清潔能源產業的推動力，不僅在未來 1 或 2 年內，而且在未來十年。

We expect the IRA will create a strong long-term tailwinds for additional investments in wind, solar and other renewables. And subject to treasury guidance, we are moving forward on plans to capture the opportunities that IRA brings.

我們預計 IRA 將為風能、太陽能和其他可再生能源的額外投資創造強大的長期順風。根據財政部的指導，我們正在推進計劃，以抓住 IRA 帶來的機會。

We are evaluating the best fit within our fleet to execute repower projects, as we have done in the past, and we will maximize the value proposal of new growth on a project-by-project basis by maximizing the contribution of tax credits in their different fronts as well their monetization schemes. As we deliver near-term and future projects, we will also continue to benefit from the experience and the scale of the Iberdrola Group, especially when it comes to purchasing power and new technologies like green hydrogen.

正如我們過去所做的那樣，我們正在評估我們車隊中最適合執行再發電項目的人，我們將通過最大化稅收抵免在不同項目中的貢獻，在逐個項目的基礎上最大化新增長的價值建議。戰線以及他們的貨幣化計劃。隨著我們交付近期和未來項目，我們還將繼續受益於 Iberdrola 集團的經驗和規模，尤其是在購買力和綠色氫等新技術方面。

Turning now to Slide #10. Our top strategic priority is execution. And as you can see from the list, our team is taking action. Throughout the year, we have delivered a number of successes across the organization and in both our businesses. Above all, at AVANGRID level, we are working to deliver on our 2022 earnings outlook.

現在轉到幻燈片 #10。我們的首要戰略重點是執行。從列表中可以看出，我們的團隊正在採取行動。在這一年中，我們在整個組織和我們的兩個業務中都取得了許多成功。最重要的是，在 AVANGRID 層面，我們正在努力實現 2022 年的盈利前景。

And given our strong trajectory through these first 9 months, we are on track to do so. To date, we have delivered $2.1 billion in investments, an 11% year-over-year increase as compared to '21. Last month, we presented our new strategic plan, which will provide a deeper focus on steady regulated growth and healthy but achievable results, while also identifying a robust set of opportunities to deliver incremental value over and above our assumptions.

鑑於我們在前 9 個月的強勁發展軌跡，我們有望實現這一目標。迄今為止，我們已經完成了 21 億美元的投資，與 21 年相比，同比增長了 11%。上個月，我們提出了新的戰略計劃，該計劃將更深入地關注穩定的監管增長和健康但可實現的結果，同時還確定了一系列強大的機會來提供超出我們假設的增量價值。

We also remain committed to creating sustainable value through our focus on ESG. As part of the nearly $800 million of debt we closed on this year, $275 million were new green bonds. Reinforcing our commitment to climate action, we are now targeting to reach carbon neutrality in Scope 1 and Scope 2 emissions by 2030, putting us ahead of most other major U.S. utilities.

我們還繼續致力於通過關注 ESG 來創造可持續價值。作為我們今年結清的近 8 億美元債務的一部分，其中 2.75 億美元是新的綠色債券。為了加強我們對氣候行動的承諾，我們現在的目標是到 2030 年在範圍 1 和範圍 2 排放中實現碳中和，使我們領先於大多數其他美國主要公用事業公司。

In addition, we are advancing innovative new technologies such as green hydrogen that will support long-term decarbonization. Our efforts continue to be recognized by third parties, including Ethisphere, which named AVANGRID one of the world's most ethical companies for the fourth year in a row.

此外，我們正在推進綠色氫等創新新技術，以支持長期脫碳。我們的努力繼續得到第三方的認可，包括 Ethisphere，它連續第四年將 AVANGRID 評為全球最具道德的公司之一。

In Networks, our team have worked hard to put forward thoughtful proposals for our rate case filings in each of our states, balancing investment needs with customer affordability. We've taken significant steps forward in Maine with our improved common customer service performance of CMP leading to the removal of the 100 base basis points ROE adjustment, and we received a favorable ruling on NECEC from the Maine Supreme Court.

在 Networks 中，我們的團隊努力為我們在每個州的費率案例提交提出深思熟慮的建議，平衡投資需求和客戶負擔能力。我們在緬因州邁出了重要的一步，改進了 CMP 的共同客戶服務績效，從而取消了 100 個基點的 ROE 調整，我們收到了緬因州最高法院對 NECEC 的有利裁決。

We have also achieved a number of positive regulatory outcomes, including an order in New York providing state funds to help paying down the unpaid balances of our most valuable customers impacted financially by the COVID pandemic.

我們還取得了一些積極的監管成果，包括在紐約下令提供國家資金，以幫助償還受 COVID 大流行影響的最有價值客戶的未付餘額。

We also received approval for additional storm amortization in Maine to recover our full 2021 deferred storm balance and our utilities have been recognized by EEI for their outstanding performance helping Luciana recover after Hurricane Ida.

我們還獲得了緬因州額外風暴攤銷的批准，以恢復我們 2021 年的全部延期風暴餘額，我們的公用事業公司因其出色的表現幫助 Luciana 在颶風艾達之後恢復而獲得 EEI 的認可。

In recent weeks, our crews traveled north to help restore power to Nova Scotia after Hurricane Fiona. Lastly, for networks, we are accelerating our digital transformation and enhancing the customer experience. We have increased our e-bill enrollments by 22% year-over-year, reaching a 40% adoption rate among our customers and have increased downloads of our mobile app by 76% year-over-year.

最近幾週，我們的工作人員北上幫助在颶風菲奧娜之後恢復新斯科舍省的電力供應。最後，在網絡方面，我們正在加速數字化轉型並提升客戶體驗。我們的電子賬單註冊量同比增長 22%，客戶採用率達到 40%，我們的移動應用下載量同比增長 76%。

In renewables, we completed the restructuring of our offshore wind joint venture partnership, which allowed us to take full ownership of our largest new income projects. and we reached COD on roughly 400 megawatts of new onshore capacity.

在可再生能源方面，我們完成了海上風電合資夥伴關係的重組，這使我們能夠完全擁有我們最大的新收入項目。我們在大約 400 兆瓦的新陸上容量上達到了 COD。

We're taking action to mitigate macro pressure on the business by secured panel supply for our projects through 2024 and through the renegotiation of the PPAs. We continue to make steady progress in the construction of our Vineyard Wind 1 project. And this week, we will start the installation of the offshore export cable.

我們正在採取行動，通過在 2024 年之前為我們的項目確保面板供應以及通過重新談判 PPA 來減輕業務的宏觀壓力。我們繼續穩步推進 Vineyard Wind 1 項目的建設。本週，我們將開始安裝海上出口電纜。

Furthermore, the passage of the IRA represents the largest federal investment in clean energy and climate in the U.S. history, providing long-term certainty on our range of incentives and locking transfer stability as an alternative to tax equity and overall, creating a strong growth signal for the industry.

此外，IRA 的通過代表著美國歷史上對清潔能源和氣候的最大聯邦投資，為我們的激勵範圍提供了長期確定性，並鎖定了轉移穩定性作為稅收公平的替代方案，整體而言，創造了強烈的增長信號為行業。

As we await additional guidance from the federal government, our renewables team is focused on reviewing the impacts of the full package, ensuring we can swiftly respond and capture all benefits that align with our businesses.

在我們等待聯邦政府的額外指導時，我們的可再生能源團隊專注於審查整個一攬子計劃的影響，以確保我們能夠迅速做出反應並獲得與我們的業務相一致的所有好處。

Finally, we committed tax equity for approximately 600 megawatts of onshore projects and as mentioned, we continue to optimize our portfolio and development pipeline to maximize expected returns and reduce risk, including safe assets potentially.

最後，我們承諾為大約 600 兆瓦的陸上項目提供稅收權益，如前所述，我們將繼續優化我們的投資組合和開發渠道，以最大限度地提高預期回報並降低風險，包括潛在的安全資產。

With these achievements, and a solid operational in strategy in hand, I'm confident that we are on firm footing to deliver future growth. To discuss that growth further on Slide 11, I'd like to bring you back to the investments we expect to make through 2025. You've seen a broader view that reflects our full contribution to U.S. growth and clean energy development. On the left are our planned investments without the PNM Resources merger. The chart on the right shows our total investments with PNM Resources, including the full enterprise value of the transaction and estimated CapEx from '23 to '25.

憑藉這些成就，以及穩固的運營戰略，我相信我們將站穩腳跟，實現未來的增長。為了在幻燈片 11 上進一步討論這種增長，我想帶你回到我們預計到 2025 年進行的投資。你已經看到了一個更廣泛的觀點，它反映了我們對美國增長和清潔能源發展的全部貢獻。左邊是我們計劃的投資，沒有合併 PNM Resources。右圖顯示了我們對 PNM Resources 的總投資，包括交易的全部企業價值和從 23 年到 25 年估計的資本支出。

In both cases, we have included 100% of the CapEx for Vineyard Wind 1, where we have the opportunity to consolidate the projects after COD pending a final business decision. After including the full CapEx for Vineyard Wind 1, even without PNM Resources, regulated networks account for roughly 60% of investments or $6.3 billion.

在這兩種情況下，我們都為 Vineyard Wind 1 提供了 100% 的資本支出，我們有機會在 COD 之後合併項目，等待最終的業務決策。在包括 Vineyard Wind 1 的全部資本支出後，即使沒有 PNM Resources，受監管的網絡也約佔投資的 60% 或 63 億美元。

If we exclude the noncontrolling interests in Vineyard Wind 1 without PNM Resources, regulated networks will account for over 70%. PNM Resources adds another $10.9 billion, composed of our equity investment, projected CapEx and debt, increasing network share of our total investments to 80% or 88% if we exclude the noncontrolling interest in Vineyard Wind 1.

如果我們排除沒有 PNM Resources 的 Vineyard Wind 1 的非控股權益，受監管的網絡將佔 70% 以上。 PNM Resources 又增加了 109 億美元，包括我們的股權投資、預計資本支出和債務，如果我們排除 Vineyard Wind 1 的非控股權益，我們的總投資中的網絡份額將增加到 80% 或 88%。

Altogether, including PNM Resources, our investment totals over $21 billion in regulated networks and contracted renewable assets. Across our existing utility footprint, we are holding CapEx steady at a level consistent with the prior 3-year period, allowing us to grow at an even pace balancing investments to improve reliability and resiliency with customer affordability.

包括 PNM Resources 在內，我們在受監管的網絡和簽約的可再生資產方面的投資總額超過 210 億美元。在我們現有的公用事業足跡中，我們將資本支出穩定在與前 3 年期間一致的水平，使我們能夠以均衡的速度增長，平衡投資以提高可靠性和彈性以及客戶的承受能力。

As a reminder, our projections do not fully consider the proposed investment, investments in our rate cases, including investments to meet the state policy goals. As mentioned previously, we are focused on taking a disciplined approach that prioritizes the strategic and profitable growth of both our Networks and Renewables business and positions us to deliver healthy financial results even through a presently challenging economic environment.

提醒一下，我們的預測並未充分考慮擬議的投資、我們利率情況下的投資，包括滿足國家政策目標的投資。如前所述，我們專注於採取嚴謹的方法，優先考慮我們的網絡和可再生能源業務的戰略和盈利增長，並使我們即使在當前充滿挑戰的經濟環境中也能提供健康的財務業績。

Turning now to Slide 12. Over the last several months, we have engaged with many of you and have heard your feedback. I'd like to spend a few minutes here providing some additional color and explaining how our team and our new strategic plan are addressing those topics.

現在轉到幻燈片 12。在過去幾個月中，我們與你們中的許多人進行了接觸，並聽取了你們的反饋。我想在這里花幾分鐘提供一些額外的顏色，並解釋我們的團隊和我們的新戰略計劃如何解決這些主題。

First, as I continue to say, our #1 objective is execution. Over the last 2 years, we have established a solid trajectory of sustainable and reliable earnings growth, and we are on track to deliver our 2022 guidance. Our investment plan through 2025 centers around our regulated network businesses and will promote secure and stable growth over the coming years.

首先，正如我繼續說的，我們的第一目標是執行。在過去的 2 年裡，我們已經建立了可持續和可靠的盈利增長的堅實軌跡，我們有望實現 2022 年的指導。我們到 2025 年的投資計劃以我們受監管的網絡業務為中心，並將在未來幾年促進安全穩定的增長。

Including the full enterprise value of PNM Resources and 100% of Vineyard Wind 1 CapEx, we're investing $21.5 billion to expand our footprint in both Networks and Renewables or approximately $11 billion without PNM's enterprise value and organic CapEx.

包括 PNM Resources 的全部企業價值和 100% 的 Vineyard Wind 1 資本支出，我們將投資 215 億美元來擴大我們在網絡和可再生能源領域的足跡，如果不考慮 PNM 的企業價值和有機資本支出，我們將投資約 110 億美元。

Another of my top priorities is engagement and building constructive regular relationship with regulators and other key stakeholders and we've made important progress over the years. We have been focused on making sustained improvements in customer service in Maine.

我的另一個首要任務是與監管機構和其他主要利益相關者進行接觸並建立建設性的定期關係，這些年來我們取得了重要進展。我們一直專注於持續改進緬因州的客戶服務。

And as a result, we are successfully removed the 100 basis point ROE adjustment on CMP. And as you know, we filed multiyear rate plans in each of our states keeping the bill impact well below the current rate of inflation in Connecticut, Maine and Massachusetts.

結果，我們成功取消了 CMP 100 個基點的 ROE 調整。如您所知，我們在每個州都提交了多年利率計劃，使該法案的影響遠低於康涅狄格州、緬因州和馬薩諸塞州目前的通貨膨脹率。

We designed our proposals to include mechanisms to review risk exposure, such as forward-looking test years, revenue decoupling and trackers. A challenging macro environment and rising commodity costs put pressure on our customers and by driving an increased focus on operational excellence, securing government assistant funds, proposing balanced rate plans and developing low income rates, our utilities are working hard to help support our customers.

我們設計的提案包括審查風險敞口的機制，例如前瞻性測試年、收入脫鉤和跟踪器。充滿挑戰的宏觀環境和不斷上漲的商品成本給我們的客戶帶來了壓力，通過更加關注卓越運營、確保政府輔助資金、提出平衡利率計劃和製定低收入利率，我們的公用事業公司正在努力幫助支持我們的客戶。

Our work has a real positive impact when we ask for a rate increase. It's to invest in our states through additional capital projects that create economic benefits such as local jobs and additional tax base whereas the much larger increases requested by social fuel generators are peer margin.

當我們要求加息時，我們的工作產生了真正的積極影響。它是通過額外的資本項目投資於我們的州，創造經濟利益，例如當地的就業機會和額外的稅基，而社會燃料生產者要求的更大增長是同行利潤。

We are also executing on our key projects with Vineyard Wind 1, progressing on time and on budget. We've delivered both the multibillion dollar financing for this project and finalized the term sheet for the tax equity. We are encouraged by the Maine Law Court's recent ruling on NECEC.

我們還在使用 Vineyard Wind 1 執行我們的關鍵項目，按時按預算進行。我們已經為這個項目提供了數十億美元的融資，並最終確定了稅收股權的條款清單。我們對緬因州法院最近對 NECEC 的裁決感到鼓舞。

And while the lower court decided not to grant a preliminary injunction, we believe we have a strong standing and remain confident the full legal process will find that the references attractive blocking on NECEC is unconstitutional.

雖然下級法院決定不授予初步禁令，但我們相信我們有很強的地位，並且仍然相信整個法律程序會發現對 NECEC 的引用有吸引力的阻止是違憲的。

We are 100% committed to profitable growth with a disciplined approach focused on value creation. Thanks to our early investments in offshore wind, we have built a large project pipeline at a lower cost than competitors entering the space today. We have 2.4 gigawatts of owned and contracted capacity, including the first commercial large-scale projects under construction. This is part of a larger diversified 20 gigawatts pipeline combining onshore wind, solar and offshore wind, which provides us incremental growth and value creation opportunities through asset rotation or partnerships.

我們 100% 致力於通過專注於價值創造的嚴謹方法實現盈利增長。由於我們對海上風電的早期投資，我們以比當今進入該領域的競爭對手更低的成本建造了一個大型項目管道。我們擁有 2.4 吉瓦的自有和合同容量，包括在建的第一個商業大型項目。這是一個更大的多元化 20 吉瓦管道的一部分，該管道結合了陸上風能、太陽能和海上風能，通過資產輪換或合作夥伴關係為我們提供了增量增長和價值創造機會。

Lastly, as peers strive to create cleaner generation profiles and set a stronger climate commitments, we already hit there and look very attractive from that perspective. Clean renewable resources account for over 90% of our portfolio which is at least twice as much as the other 2 leading renewable operation correctors in the U.S. And unlike those companies, we have no coal in our generation mix.

最後，隨著同行努力創造更清潔的發電概況並製定更強有力的氣候承諾，我們已經做到了這一點，從這個角度來看，我們看起來非常有吸引力。清潔可再生資源占我們投資組合的 90% 以上，至少是美國其他兩家領先的可再生能源運營修正者的兩倍。與這些公司不同，我們的發電組合中沒有煤炭。

We were the first utility to set up a carbon neutral goal and we've continued to raise the bar, now targeting neutrality in Scope 1 and Scope 2 emissions by 2030. If we continue to concentrate on each of these areas and drive a relentless focus on execution, I know we can deliver success.

我們是第一個設定碳中和目標的公用事業公司，並且我們一直在不斷提高標準，現在的目標是到 2030 年在範圍 1 和範圍 2 排放中實現中性。如果我們繼續專注於這些領域中的每一個並持續關注在執行方面，我知道我們可以取得成功。

Now I will hand it over to Patricia to provide more detail on our financial results.

現在，我將把它交給 Patricia，以提供有關我們財務業績的更多細節。

Thank you, Pedro. Good morning, everyone. Turning first to our earnings performance. In the third quarter of 2022, we generated net income of $105 million and our adjusted net income was $122 million.

謝謝你，佩德羅。大家，早安。首先談談我們的盈利表現。 2022 年第三季度，我們產生了 1.05 億美元的淨收入，調整後的淨收入為 1.22 億美元。

While the quarter-over-quarter comparison benefited from the New York and Maine rate plans and positive results in Thermal and Asset Management and Renewables, there was an overall modest decline primarily due to the absence of AFUDC from the NECEC transmission project in 2021.

雖然季度環比比較受益於紐約和緬因州的費率計劃以及熱能和資產管理和可再生能源的積極成果，但總體而言略有下降，主要是由於 2021 年 NECEC 輸電項目中沒有 AFUDC。

Higher depreciation and uncollectibles and business costs in networks that principally reflect the implementation of our rate plans in New York. In Renewables, production and pricing was flat quarter-over-quarter, with favorable pricing offsetting lower volumes due to curtailments and congestion.

網絡中較高的折舊、壞賬和業務成本主要反映了我們在紐約實施的費率計劃。在可再生能源領域，產量和定價環比持平，有利的定價抵消了因減產和擁堵而導致的產量下降。

Quarterly results were also impacted by lower taxes in Renewables that are offset by higher taxes in Networks. During the first 9 months of 2022, our net income was $734 million and our adjusted net income was $749 million, increases of 35% and 23%, respectively, from the same period in 2021.

季度業績也受到可再生能源較低稅收的影響，但網絡中較高的稅收抵消了這一影響。 2022 年前 9 個月，我們的淨收入為 7.34 億美元，調整後的淨收入為 7.49 億美元，分別比 2021 年同期增長 35% 和 23%。

The first 9 months of 2022 compared to the first 9 months of 2021 benefited from the implementation of the rate plans, primarily for the New York companies, which increased adjusted net income by $58 million. That number includes a positive impact from the removal of the 100 basis point ROE adjustment in Central Maine Power effective earlier this year, resulting from our improved customer service metrics and regulatory outcomes, including the New York arrearages order earlier this year, had a net positive impact year-over-year.

與 2021 年前 9 個月相比，2022 年前 9 個月受益於主要針對紐約公司的費率計劃的實施，調整後的淨收入增加了 5800 萬美元。這個數字包括今年早些時候取消緬因州中央電力公司 100 個基點的 ROE 調整帶來的積極影響，這是由於我們改善了客戶服務指標和監管結果，包括今年早些時候的紐約拖欠訂單，產生了淨積極影響影響年復一年。

Results for the 9-month comparison also benefited from the $181 million gain from the restructuring of the offshore wind partnership agreement that gave us control of 100% of the Park City Wind and Commonwealth Wind project. from a $38 million increase in results in renewables pricing and production and from lower taxes. Those increases were moderated by the absence in 2022 of $83 million from our strong performance in the 2021 Texas weather event and $17 million of AFUDC in 2021, primarily for the NECEC project as well as by depreciation and as noted, higher business costs, which -- in Networks are related to the rate plan implementation and in renewables are related to growth.

9 個月比較的結果還得益於海上風電合作協議重組帶來的 1.81 億美元收益，該協議使我們能夠控制 Park City Wind 和 Commonwealth Wind 項目的 100%。可再生能源定價和生產的結果增加了 3800 萬美元，稅收降低了。由於我們在 2021 年德州天氣事件中的強勁表現和 2021 年 AFUDC 的 1700 萬美元（主要用於 NECEC 項目）以及折舊和如前所述的更高的業務成本，導致 2022 年缺席了 8300 萬美元，從而緩和了這些增長，其中 - - 網絡與費率計劃的實施有關，可再生能源與增長有關。

Moving to the next slide. We are reaffirming our 2022 outlook for net income and adjusted net income of $850 million to $920 million and EPS and adjusted EPS of $2.26 to $2.38 per share.

轉到下一張幻燈片。我們重申我們對 2022 年淨收入和調整後淨收入 8.5 億美元至 9.2 億美元以及每股收益和調整後每股收益 2.26 美元至 2.38 美元的展望。

Our focus remains on achieving these targets as we execute our investment plans with discipline and risk management focus continuously driving operational excellence. Our expectations reflect our performance to date, including the implementation of our network rate plans and offshore wind restructuring, higher capitalized labor and thermal and asset management results and lower taxes, which have been moderated by negative regulatory adjustments and uncollectible labor expense and the impact of renewables of congestion and COD delay.

我們的重點仍然是實現這些目標，因為我們以紀律和風險管理為重點執行投資計劃，不斷推動卓越運營。我們的預期反映了我們迄今為止的表現，包括實施我們的網絡費率計劃和海上風電重組、更高的資本化勞動力、熱力和資產管理結果以及更低的稅收，這些都受到負面監管調整和無法收回的勞動力費用的影響，以及擁塞和 COD 延遲的可再生能源。

We also show expectations of opportunities and risks for the remainder of the year versus our outlook expectations, which include wind production and pricing, thermal and asset management results, taxes, regulatory adjustments, including negative revenue adjustments that could be related to achievement of annual reliability and service metrics as well as labor business costs and uncollectibles.

我們還展示了今年剩餘時間的機遇和風險預期與我們的前景預期，其中包括風能生產和定價、熱能和資產管理結果、稅收、監管調整，包括可能與實現年度可靠性相關的負收入調整和服務指標以及勞動力業務成本和無法收集的物品。

Moving to the next slide. In this challenging and changing economic environment, we are focused on our balance sheet, access to liquidity and credit ratings, access to capital at attractive rates is important. Last year, we secured a $2.3 billion construction and term loan facility from a large group of banks that is funding the construction of our Vineyard Wind 1 project, which we have hedged at competitive rates a year ago.

轉到下一張幻燈片。在這個充滿挑戰和不斷變化的經濟環境中，我們專注於我們的資產負債表，獲得流動性和信用評級，以有吸引力的利率獲得資本非常重要。去年，我們從一大群銀行獲得了 23 億美元的建設和定期貸款融資，這些銀行為我們的 Vineyard Wind 1 項目的建設提供資金，我們在一年前以具有競爭力的利率對沖了該項目。

And we recently executed a term sheet for $1.4 billion of tax equity for that project. Vineyard Wind 1 is the first large-scale offshore wind farm in the U.S. to deliver this important achievement, which will allow us to monetize the tax benefits from this landmark project.

我們最近為該項目執行了 14 億美元稅收權益的條款清單。 Vineyard Wind 1 是美國第一個實現這一重要成就的大型海上風電場，這將使我們能夠從這個具有里程碑意義的項目中獲得稅收優惠。

Year-to-date, we also closed on tax equity funding for 606 megawatts of solar and onshore wind projects. As a reminder, several of our regulated subsidiaries priced $575 million of debt in the second quarter, locking in competitive rates for the funding in December. Some of these bonds at our Central Maine Power Company were Green bonds. And as you know, we issued $4 billion of equity in May of 2021 for the PNM Resources merger, which have been using to fund the capital investments in Networks and Renewables and which has helped defray our external debt needs as we grow these businesses.

年初至今，我們還完成了 606 兆瓦太陽能和陸上風電項目的稅收股權融資。提醒一下，我們的幾家受監管子公司在第二季度的債務定價為 5.75 億美元，在 12 月鎖定了具有競爭力的融資利率。我們中央緬因州電力公司的一些債券是綠色債券。如您所知，我們於 2021 年 5 月為 PNM Resources 合併發行了 40 億美元的股權，這些股權一直用於為網絡和可再生能源的資本投資提供資金，並在我們發展這些業務的過程中幫助滿足了我們的外債需求。

Strong liquidity is a key priority. At the end of the third quarter, we had approximately $60 million of cash which along with ongoing cash from operations, dedicated utility level, tax equity financing at Renewables, our $2 billion commercial paper program backed by a $3.575 billion credit facility, our $500 million intercompany line of credit with Iberdrola and the $575 million of debt proceeds we will receive in December, we will use to fund investments and dividends.

強勁的流動性是重中之重。在第三季度末，我們擁有大約 6000 萬美元的現金，以及來自運營的持續現金、專用公用事業水平、可再生能源的稅收股權融資、我們 20 億美元的商業票據計劃，由 35.75 億美元的信貸額度支持，我們的 5 億美元與 Iberdrola 的公司間信用額度以及我們將在 12 月收到的 5.75 億美元債務收益，我們將用於為投資和股息提供資金。

Iberdrola has also provided us with a $4.3 billion commitment letter that backs up our PNM Resources merger closing. These sources provide us with $8.7 billion of liquidity covering 21 months. We also have the unique benefit of being a member of Iberdrola Group, which has a strong liquidity of approximately EUR 25 billion, covering 27 months.

Iberdrola 還向我們提供了 43 億美元的承諾函，以支持我們完成 PNM Resources 合併。這些來源為我們提供了 21 個月的 87 億美元流動性。我們還擁有成為 Iberdrola 集團成員的獨特優勢，該集團擁有約 250 億歐元的強勁流動性，涵蓋 27 個月。

Finally, our dividend policy remains the same. We are targeting a payout of 65% to 75% that we will grow into as our earnings increase over time, subject to board approval. Our board recently declared a quarterly dividend of $0.44 a share payable January 3, 2023.

最後，我們的股息政策保持不變。我們的目標是派息 65% 到 75%，隨著我們的收入隨著時間的推移而增加，我們將增長到這一水平，但須經董事會批准。我們的董事會最近宣布派發每股 0.44 美元的季度股息，於 2023 年 1 月 3 日支付。

In summary, our year-to-date results remain on track, and we're focused on execution. As we outlined in our recent Investor Day, we have a disciplined focus on our investments, risk management, financing plans, liquidity management and maintaining our credit rating.

總而言之，我們年初至今的業績保持在正軌上，我們專注於執行。正如我們在最近的投資者日中概述的那樣，我們嚴格關注我們的投資、風險管理、融資計劃、流動性管理和維持我們的信用評級。

Thank you for joining us today for our financial update. I'll now hand the call back over to our operator for questions, followed by closing remarks from Pedro.

感謝您今天加入我們的財務更新。我現在將電話轉回給我們的接線員提問，然後是佩德羅的結束語。

(Operator Instructions) we have the first question from the phone line from Richard Sunderland from JPMorgan Chase.

（操作員說明）我們有第一個問題來自摩根大通的 Richard Sunderland 的電話線。

Maybe starting on offshore. You've been very clear on the challenging backdrop for offshore now versus when striking the Park City and Commonwealth contracts. Thinking about the restructuring gain earlier this year versus the current PPA challenges on those 2 projects, do you need to be successful in the renegotiations to realize this value?

也許從海上開始。您已經非常清楚現在離岸市場的挑戰性背景與達成帕克城和英聯邦合同時的情況相比。考慮到今年早些時候的重組收益與當前 PPA 對這兩個項目的挑戰，您是否需要在重新談判中取得成功才能實現這一價值？

I'm also curious what the range of options are for moving forward and the timing expectations for that process versus the 2027, 2028 CODs.

我也很好奇前進的選擇範圍以及該過程與 2027 年、2028 年 COD 相比的時間預期。

I think I'm going to take the lead on this one. I think, first of all, from a game point of view, I think we're very comfortable. The value, as you can see of just the leases of those projects is huge. So from that point of view, I think there is a value in those assets, whether you go ahead with the project now, later, or you just cancel them and start again, the leases are worth a lot.

我想我會在這方面帶頭。我認為，首先，從比賽的角度來看，我認為我們很舒服。正如你所看到的，這些項目的租賃價值是巨大的。所以從這個角度來看，我認為這些資產是有價值的，無論你現在還是以後繼續這個項目，或者你只是取消它們並重新開始，這些租約都非常有價值。

So from that point of view, I think the value that we have agreed for our gain that you mentioned in the agreement with CIP, it's clearly a very good value for us, well below most of the comparable transactions just for even leases, okay?

因此，從這個角度來看，我認為您在與 CIP 的協議中提到的我們為獲得收益而達成的價值，對我們來說顯然是一個非常好的價值，遠低於大多數可比交易的平均租賃，好嗎？

Second, I think it's important that everything we're doing right now is what we do in many projects. We renegotiate. We've been working right now in onshore wind, solar projects that we're developing this year in renegotiating time lines, in renegotiating period of delivery and avoid tens and tens of millions of potential penalties.

其次，我認為重要的是我們現在所做的一切都是我們在許多項目中所做的。我們重新談判。我們現在一直在致力於今年正在開發的陸上風能和太陽能項目，以重新協商時間表，重新協商交付期限，並避免數千萬和數千萬的潛在罰款。

We're doing the same thing here. There is a change -- a dramatic change in the world right now in many aspects that we have commented, and therefore, we believe these projects are the cheapest alternative for energy in New England by any -- without any doubt.

我們在這裡做同樣的事情。有一個變化——我們評論過的許多方面現在世界發生了巨大的變化，因此，我們相信這些項目是新英格蘭最便宜的能源替代品——毫無疑問。

It doesn't matter what you compare this with. And therefore, we're not suggesting we want to make more money. We're just suggesting we need to find these projects back to the return we were expecting and basically not to lose money.

你把它和什麼比較都沒關係。因此，我們並不是說我們想賺更多的錢。我們只是建議我們需要讓這些項目恢復到我們預期的回報，並且基本上不會賠錢。

And it's a question of putting that on the table, which we are doing. And I think we are comfortable that this is something to work with many parties and we are working right now in the negotiations, many meetings already. This is a process that is going to take probably 9 months at least. So from that point of view, we are working as we do in other situations. So very comfortable in the -- in the process ahead of us either to renegotiate or to start again, but I think we're comfortable right now with the process and the arguments we're using.

這是一個將其放在桌面上的問題，我們正在這樣做。我認為我們很滿意這是與多方合作的事情，我們現在正在談判中，已經有很多次會議。這是一個至少可能需要 9 個月的過程。因此，從這個角度來看，我們正在像在其他情況下一樣工作。在我們面前的重新談判或重新開始的過程中非常舒服，但我認為我們現在對我們正在使用的過程和論點感到舒服。

Got it. I appreciate the color there. So just to be clear, you see the value in terms of the gain is being derived from the leases rather than the contracts, meaning if you have to go into the process of getting for new contracts on a new RFP, there wouldn't be a change on the gain, is that the case?

知道了。我很欣賞那裡的顏色。因此，為了清楚起見，您看到收益的價值來自租賃而不是合同，這意味著如果您必須進入獲取新 RFP 的新合同的過程，就不會有增益的變化，是這樣嗎？

You can pick up one or the other one. If you conclude a successful renegotiation, the value is huge. If you saw the group they sold the asset in East of Anglia. And you saw they have sold the stake also in Wikinger. So if you have appropriate renegotiation, I think the value would be amazing, okay?

你可以拿起一個或另一個。如果你達成了成功的重新談判，價值是巨大的。如果你看到他們在東安格利亞出售資產的集團。你看到他們也賣掉了 Wikinger 的股份。因此，如果您進行適當的重新談判，我認為價值將是驚人的，好嗎？

If you stay with the leases and you participate in an auction, you know how much it was paid in Carolinas and New York and other places. So you will see there is also hundreds of millions of value there, well above, in any case, the values that we have considered for the CIP agreement.

如果您保留租約並參加拍賣，您就會知道在卡羅來納州、紐約和其他地方支付了多少錢。所以你會看到那裡還有數億美元的價值，無論如何，遠高於我們為 CIP 協議考慮的價值。

Got it. That's very helpful. And then I just wanted to ask on the Sempra agreement. Can you speak a little bit more about either what you're evaluating or what the next steps could be here?

知道了。這很有幫助。然後我只想問一下 Sempra 協議。您能否多談談您正在評估的內容或下一步可能採取的措施？

I think on the Sempra agreement, again, we knew each other for a long time. And from that point of view, there are some times in life, either for financial discipline and complementary in terms of know-how by both that we're much better going together to such a massive development that you have ahead of us in the U.S. in hydrogen.

我想在 Sempra 協議上，我們又認識了很長時間。從這個角度來看，生活中有一些時候，無論是為了財務紀律還是在專業知識方面的互補，我們最好一起去實現你在美國前面所擁有的如此巨大的發展。在氫氣中。

And therefore, they have, as you know, a very good gas business, gas infrastructure, et cetera. I think we know we are probably one of the leaders in renewables. I think we know that we are in the geographies where the ammonia, the hydrogen is needed. So from that point of view, let's get together, analyzed.

因此，如您所知，他們擁有非常好的天然氣業務、天然氣基礎設施等。我想我們知道我們可能是可再生能源領域的領導者之一。我想我們知道我們處於需要氨和氫的地區。所以從這個角度來看，讓我們一起來分析一下。

The next step is simple. I think we're going to conclude this analysis on specific projects, but for the time being, for confidential reasons, we don't mention where and what exactly we're doing, but I think it's probably 2, 3 months we should conclude those analysis and then go full speed, if we think it'll be successful.

下一步很簡單。我認為我們將針對特定項目完成此分析，但目前，出於保密原因，我們沒有提及我們在哪里以及具體在做什麼，但我認為我們應該在 2、3 個月後得出結論如果我們認為它會成功，那些分析然後全速進行。

Got it. That's very helpful. And if I could just slip one more in here. You've spoken a lot about the activity on the rate front and on your developing regulatory relationships with the states, how do you see this from a higher level in terms of the discussions on the offshore contract side, the rate case stack drop and your relationships in the state, is there any trade-off between what you're asking for on the offshore side versus what you hope to achieve in terms of the regulated relationships? Or do you view that as completely separate processes?

知道了。這很有幫助。如果我能在這裡再放一個。你已經談了很多關於利率方面的活動以及你與各州發展監管關係的問題，你如何從更高的層面看待離岸合同方面的討論、利率案例堆棧下降和你的在該州的關係中，您在離岸方面的要求與您希望在受監管的關係方面實現的目標之間是否有任何權衡？還是您認為這是完全獨立的過程？

I mean the teams involved. Sometimes you have legal restrictions and regulatory restrictions that they need to be different. But I think the important thing is it shows the commitment AVANGRID has and Iberdrola Group to the region.

我的意思是參與的團隊。有時您有法律限制和監管限制，它們需要有所不同。但我認為重要的是它表明了 AVANGRID 和 Iberdrola 集團對該地區的承諾。

I think we're there to help the states to put on the table the energy that otherwise, they will not have. You see the news recently about the lack of oil, you know the potential issues of lack of gas. There are many issues.

我認為我們的存在是為了幫助各州將能量擺在桌面上，否則他們將不會擁有。你最近看到關於缺乏石油的新聞，你知道缺乏天然氣的潛在問題。有很多問題。

Well, those are not to become less and less over time. They are to increase. I think we're working to bring energy, renewable energy and the cheapest possible you can find. So from that point of view, I think we're not negotiating like to oppose parties. This is a common objective and where we know one of the few people putting ideas on how to work together to a good future for the citizens of those states. So I think we're working together in the same direction.

好吧，這些不會隨著時間的推移而變得越來越少。他們要增加。我認為我們正在努力帶來能源、可再生能源和你能找到的最便宜的能源。所以從這個角度來看，我認為我們不是在談判，而是反對政黨。這是一個共同的目標，我們知道少數人之一就如何共同努力為這些州的公民創造美好未來提出想法。所以我認為我們正朝著同一個方向努力。

We now have Insoo Kim of Goldman Sachs.

我們現在有高盛的 Insoo Kim。

First question, just following up on the offshore wind PPA repricing process. I guess if we think about whether you do successfully, are you able to renegotiate through the states? Or if they offer a new competitive bidding process that you may re-enter into.

第一個問題，只是跟進海上風電 PPA 重新定價過程。我想如果我們考慮一下您是否成功，您是否能夠通過各州重新談判？或者，如果他們提供了一個新的競爭性投標流程，您可以重新進入。

Are you still looking to -- in either auction, are you still looking to choose or stick to the option that gets you to the low teens levered returns? Or are you willing to I guess, accept the modestly lower return if you're able to at least get the current price restruck?

您是否仍在尋找 - 在任一拍賣中，您是否仍在尋找或堅持讓您獲得較低的青少年槓桿回報的選項？或者我猜你願意接受適度較低的回報，如果你至少能夠重新獲得當前的價格？

I think the idea is to go back to the same return that we were expecting in the project when we put it on the table. So I think what has changed is that the world is different, the supply chain issues, the commodity prices, the delay in construction. So there are many things happening that were unexpected, even in the last 20 years, this has not happened at all. So I think the idea is to go back to the same numbers and economies we have before.

我認為這個想法是回到我們在將項目放在桌面上時所期望的相同回報。所以我認為改變的是世界不同，供應鏈問題，商品價格，建設延遲。所以發生了很多出乎意料的事情，即使在過去的 20 年裡，也完全沒有發生過。所以我認為這個想法是回到我們以前的相同數字和經濟。

Okay. And then just from a legal perspective, is there any legal precedent for a competitively struck contract to -- through a regulatory system be repriced? Just trying to see if there is something that we can look to in history.

好的。然後從法律的角度來看，是否有任何法律先例可以通過監管系統重新定價競爭性合同？只是想看看歷史上是否有我們可以研究的東西。

There are cases, I understand that there has been renegotiation in contracts. And then second, I understand also what we're trying to do here is to renegotiate within the framework of our contract, okay?

有一些案例，我知道合同中有重新談判。其次，我也明白我們在這裡試圖做的是在我們的合同框架內重新談判，好嗎？

So we're not trying to go around or above the contract that we have that we believe has closes, same thing in the transmission line in Maine and same thing in the offer projects. We believe we think what is in the contracts, there is room for the requests we are doing.

因此，我們不會試圖繞過或超過我們認為已經關閉的合同，緬因州輸電線路中的相同內容和報價項目中的相同內容。我們相信我們認為合同中的內容，我們正在做的要求有空間。

Okay. Just one more. On NECEC, with the reman to the lower courts and but not being able to, I guess, recommence construction until at least the April 2023 trial concludes. Does this still keep you in that time line of year-end 2024? Or does this latest development will push it back a little bit?

好的。還有一個。在 NECEC 上，隨著下級法院的再製造，但我想至少在 2023 年 4 月的審判結束之前無法重新開始施工。這是否仍然讓您停留在 2024 年年底的時間線上？或者這個最新的發展會推動它一點點？

Catherine?

凱瑟琳？

Yes. Insoo, this is Catherine. So what we said at the Investor Day was we currently had at that time, an in-service date of '24. But what we are really focused on is contract that we have with the EDCs, which requires us to have COD by April of 2025. So we're currently assessing the construction time line when we think that we'll be able to start construction after that expedited trial proceeding in front of the trial court and just looking to work with our contractors so that we can start construction soon thereafter and get going back on the project again.

是的。 Insoo，這是凱瑟琳。所以我們在投資者日說的是我們當時有一個服役日期，即 24 年。但我們真正關注的是我們與 EDC 簽訂的合同，這要求我們在 2025 年 4 月之前擁有 COD。因此，我們目前正在評估施工時間表，當我們認為我們將能夠在之後開始施工時在審判法庭前加快了審判程序，只是希望與我們的承包商合作，以便我們可以在此後儘快開始建設並重新開始該項目。

Your next question comes from the line of Julien Dumoulin-Smith of Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的 Julien Dumoulin-Smith。

If I can, just to go back on the last set of questions, and I just want to pin it down a little bit more on the offshore considerations. If the Massachusetts Commission does not grant a higher PPA, will you move forward with the project?

如果可以的話，只是回到最後一組問題，我只是想把它更多地固定在離岸考慮因素上。如果馬薩諸塞州委員會不授予更高的 PPA，您會推進該項目嗎？

Again, I just want to see if we can ask this in a more of a black and white kind of way.

再說一次，我只是想看看我們是否可以用一種更黑白的方式來問這個問題。

The answer is we need to -- those revisions in order to continue with the project. We just need them.

答案是我們需要進行這些修改才能繼續項目。我們只需要它們。

Yes. You need them to move forward, right? I'm hearing you right?

是的。你需要他們繼續前進，對吧？我沒聽錯吧？

Yes, yes. No doubt. I mean we don't go to see regulators just trying to make more money. No, this is a very serious matter. With full transparency and putting everything happening on the table. That's why I think we're having good meetings so far in general. So that's -- but the answer is simple, yes, we need that.

是的是的。毫無疑問。我的意思是我們不會看到監管機構只是想賺更多的錢。不，這是一件非常嚴重的事情。完全透明，將發生的一切都擺在桌面上。這就是為什麼我認為到目前為止我們的會議總體上都很好。這就是——但答案很簡單，是的，我們需要它。

Yes. I appreciate it. And then separately, does the change in the equity value here change your view about the relative merits of selling assets versus raising common equity here?

是的。我很感激。然後單獨地，這裡股權價值的變化是否改變了你對出售資產與籌集普通股本的相對優勢的看法？

I get that the common equity timing might be somewhat delayed here given the close of PNM pushed into next year, et cetera. But can you talk about the desire to pursue more asset sales relative to the equity issuance outlined at the Analyst Day just considering higher rates, obviously impacting the stock price, but also impacting the asset sale market as well.

我知道，鑑於 PNM 的收盤時間推遲到明年等等，普通股的時間可能會有所延遲。但是，您能否談談相對於分析師日概述的股票發行的更多資產出售的願望，只是考慮到更高的利率，顯然會影響股價，但也會影響資產出售市場。

I think usually, the conclusion what you need to raise equity is because you need equity. I think for us, the message we've passed in the strategic presentation was clear. We maintain what we have told the market before, but we're going to focus on asset rotation.

我認為通常，你需要籌集股權的結論是因為你需要股權。我認為對我們來說，我們在戰略演示中傳遞的信息很明確。我們維持之前告訴市場的內容，但我們將專注於資產輪換。

And if PNM doesn't happen, we don't need to do any capital increase. Actually, we will be over levered -- over excess leverage capacity. And if PNM happens, we are still considering, as we said, at least $2 billion of asset rotation. So if that happens, then probably we will meet either all or part of that capital increase.

如果 PNM 沒有發生，我們不需要進行任何增資。實際上，我們將過度槓桿化——過度槓桿化能力。如果 PNM 發生，我們仍在考慮，正如我們所說，至少 20 億美元的資產輪換。因此，如果發生這種情況，那麼我們可能會滿足全部或部分增資。

So the answer is yes. Of course, we always keep in mind the price. But I don't think the price or the share price is what drives the divestitures. The divestiture is something we're analyzing, and we'll try to get that done as we have done in the group for 20 years, nonstop and we have always delivered.

所以答案是肯定的。當然，我們始終牢記價格。但我不認為價格或股價是推動資產剝離的原因。剝離是我們正在分析的事情，我們將努力完成這項工作，就像我們在集團 20 年來所做的那樣，不間斷，我們一直在交付。

So it's not really because of the price that we will do more or less divestitures. We'll do as many divestitures as needed because they make sense. I think that will be the driver for doing it.

因此，我們或多或少地進行資產剝離並不是因為價格。我們將根據需要進行盡可能多的資產剝離，因為它們是有意義的。我認為這將是這樣做的驅動力。

Right. But let me put it this way. If I can take your temperature on the asset sale market. I mean, how is that market evolving here? Obviously, we see the equity price where it is. Do you still see a robust buyer backdrop and especially sort of relative right, as I think about it, if asset valuations are sustained relative to stock price, you would think that, that would be on the margin a little bit more of an interesting avenue. But as you say, time line is important to watch here as well, right?

正確的。但是讓我這樣說。如果我能在資產出售市場上了解你的溫度。我的意思是，這個市場在這裡如何發展？顯然，我們看到了股價在哪裡。你是否仍然看到強勁的買家背景，尤其是某種相對權利，正如我所想的那樣，如果資產估值相對於股價是持續的，你會認為，這將是一個更有趣的途徑.但正如你所說，時間線在這裡也很重要，對吧？

I think asset valuations, we can go back to the 2005, 2006. I think there is a moment that you review history, and I thought that was going to be all-time high in multiples of sales.

我認為資產估值，我們可以回到 2005 年、2006 年。我認為有一個時刻可以回顧歷史，我認為那將是銷售額的歷史新高。

And then there was another deal. And then there was another one. I think the amount of money you know that is right now on the table because of funds, because of other companies, they need renewables. They need regulated assets. It's unlimited and it's unbelievable compared with 10, 15 years ago. You see recent transactions involving a German company and a U.S. company, you see another U.S. company with Total . I mean you can go one by one. I think you always thought maybe this is when things are going to change.

然後還有另一筆交易。然後還有一個。我認為，由於資金，由於其他公司，他們需要可再生能源，因此您現在知道的金額是擺在桌面上的。他們需要受監管的資產。與10、15年前相比，它是無限的，令人難以置信。您會看到最近涉及一家德國公司和一家美國公司的交易，您會看到另一家美國公司與 Total 。我的意思是你可以一個一個地去。我想你一直認為也許這就是事情會發生變化的時候。

I don't think there is even one feeling that I have that the appetite of the people I usually deal with that they're interested in either buying things or doing things with us has been reduced. It's the contrary. I think the appetite is there and very good relationships, and I think there is an interest.

我認為我什至沒有一種感覺，即我通常與之打交道的人對購買東西或與我們合作的興趣已經降低了。恰恰相反。我認為胃口在那裡，關係很好，而且我認為有興趣。

We now have the next question from Michael Sullivan of Wolfe Research.

我們現在有來自 Wolfe Research 的 Michael Sullivan 的下一個問題。

I wanted to start with just the quarter and the year-to-date results. If I'm doing the math right, it looks like the implied Q4 earnings are going to be down about $0.09, $0.10 year-over-year at the midpoint of your guide.

我想從季度和年初至今的結果開始。如果我的數學計算正確，那麼在您的指南中點，隱含的第四季度收益似乎將下降約 0.09 美元，同比下降 0.10 美元。

Are there any headwinds that we should be aware of as we just think about the next quarter? Or is it just conservatism and just reaffirming the guide?

當我們考慮下一季度時，是否有任何我們應該注意的不利因素？還是只是保守主義，只是重申指南？

Patricia?

帕特里夏？

Sure. Yes. I mean we are confident in our guidance, which is why we reiterated it today. We don't do quarterly estimates. So we just kind of put out that year-to-date information with our annual guidance number.

當然。是的。我的意思是我們對我們的指導充滿信心，這就是我們今天重申它的原因。我們不做季度估計。所以我們只是用我們的年度指導數字發布了年初至今的信息。

I think we highlighted some risks and opportunities that are always focus on in the year-to-date into the quarter. So just to reiterate kind of for the fourth quarter, we will definitely have some incremental benefits from the rate cases if we look on a year-over-year basis.

我認為我們強調了一些風險和機遇，這些風險和機遇在本季度年初至今一直受到關注。因此，重申一下第四季度的情況，如果我們逐年看的話，我們肯定會從利率案例中獲得一些增量收益。

But we do have risks and opportunities, and those relate to wind production and pricing, thermal asset management, variability in results. Now it includes even as we get to the end of the year, we do tax true-ups. We look at how we're performing against some of our reliability and customer service metrics.

但我們確實存在風險和機遇，這些風險和機遇與風能生產和定價、熱力資產管理、結果的可變性有關。現在它包括即使我們到了年底，我們也會進行稅收調整。我們根據我們的一些可靠性和客戶服務指標來查看我們的表現。

So there could be regulatory adjustments that are related to that. And then we were kind of watching -- any regulatory development could happen or trends in uncollectibles, things like that. I can't -- we haven't -- those are the things we've highlighted on the call and those things that have been impacting us year-to-date or in prior years as well.

因此，可能會有與此相關的監管調整。然後我們就在觀察——任何監管發展都可能發生或不可收藏品的趨勢，諸如此類。我不能——我們沒有——這些是我們在電話會議上強調的事情，以及那些從年初至今或前幾年一直影響我們的事情。

Okay. But it sounds like there's no specific items from last year's quarter that we should be backing out or mindful of?

好的。但聽起來去年季度沒有我們應該退出或註意的具體項目？

I think what we -- I think that there's -- it's just really more a continuation of what's going on. There might be little things, but not a big item.

我認為我們 - 我認為存在 - 這實際上更像是正在發生的事情的延續。可能有小事，但不是大事。

Okay. And then as we think about next year, just wanted to understand a little bit better the base business.

好的。然後當我們考慮明年時，只是想更好地了解基礎業務。

So I think you pointed out some of the kind of bigger moving pieces year-over-year, like offshore wind gain, I think you had a Kitty Hawk sale in there as well and then obviously, PNM for half the year. But as we think about excluding that, what are the drivers? Is the base business growing at all or not?

因此，我認為您每年都指出了一些更大的移動部分，例如海上風電增益，我認為您在那裡也進行了 Kitty Hawk 的銷售，然後顯然是半年的 PNM。但當我們考慮排除這一點時，驅動因素是什麼？基礎業務到底有沒有增長？

So some of the things that we're looking at is if you look at the renewables business, we do have just under 600 megawatts in construction. We have new assets that were -- just went COD.

所以我們正在關注的一些事情是，如果你看看可再生能源業務，我們確實有不到 600 兆瓦的在建。我們有新的資產——剛剛變成了貨到付款。

This year, we just announced Lund Hill. So that will have a positive impact year-over-year. We have a couple of other projects as well that will be COD. So those will have an impact on year-over-year. And then we're looking at the timing of rate cases.

今年，我們剛剛宣布了 Lund Hill。因此，這將逐年產生積極影響。我們還有幾個其他項目將是 COD。因此，這些將逐年產生影響。然後我們正在研究利率案件的時間安排。

I mean, we might not have a decision until later in the year, but there might be similar to what we had in the New York rate settlement in the past where we had a decision at the end of the year, but there was sort of a true-up that happened later on in the year. So those are some of the things to consider.

我的意思是，我們可能要到今年晚些時候才能做出決定，但可能與我們過去在紐約利率結算中所做的類似，我們在年底做出決定，但有一種今年晚些時候發生的真實事件。所以這些是需要考慮的一些事情。

Okay. And then last one, just on the New York rate case. Can you just summarize the CLCPA upside, what you filed and what staff is recommending?

好的。然後是最後一個，就紐約利率案而言。您能否總結一下 CLCPA 的優勢、您提交的內容以及工作人員的建議？

Catherine?

凱瑟琳？

Yes, I'll take this one. So the New York rate case gets complicated because of the legislation with the CLCPA that got filed. So our rate case filing contained base CapEx that we see is needed for the resiliency of the grid as well as proposals under both Phase 1 CLCPA and Phase 2 of CLCPA.

是的，我要這個。因此，由於向 CLCPA 提交的立法，紐約利率案變得複雜。因此，我們提交的費率案例包含我們認為電網彈性所需的基本資本支出以及 CLCPA 第一階段和 CLCPA 第二階段下的提案。

And if you recall, Phase 1 are those reliability projects that we have accelerated within our service territory and Phase 2 projects are projects that are needed to bring renewable production down the state. And so those Phase 2 projects are anticipated to be spread across all of the state as opposed to just within the NYSEG RG&E service territory.

如果你還記得，第一階段是我們在服務範圍內加速的那些可靠性項目，第二階段項目是需要將可再生能源生產帶入該州的項目。因此，預計這些第 2 階段項目將分佈在整個州，而不僅僅是在 NYSEG RG&E 服務範圍內。

So in total, our filing amounted to about $8.6 billion worth of investment and $2.9 million of that was CLCPA. When we look at the staff testimony, they had a higher weighting of expenditures in CLCPA than in base CapEx, but as Pedro said, overall, as they -- as their testimony came in, their rate increase was approximately 20% versus our 26% on the base P&D rates.

因此，總的來說，我們提交的投資總額約為 86 億美元，其中 290 萬美元是 CLCPA。當我們查看員工證詞時，他們在 CLCPA 中的支出權重高於基本資本支出，但正如佩德羅所說，總體而言，隨著他們的證詞出現，他們的增長率約為 20%，而我們的增長率為 26%基礎 P&D 費率。

So we're looking forward to entering into negotiations with staff and with other interveners to really talk about what's the base CapEx and what are the clean energy kind of requirements for New York investments in order for them to meet their aggressive timeline for the clean energy transition.

因此，我們期待與員工和其他干預者進行談判，以真正討論基本資本支出是什麼以及紐約投資的清潔能源類型要求是什麼，以便他們滿足他們積極的清潔能源時間表過渡。

Sorry, just to be really clear, the $2.9 billion you filed that -- understand there's moving pieces, but what is the apples-to-apples staff number on that?

抱歉，要明確一點，您提交的 29 億美元 - 知道有移動的部分，但是蘋果對蘋果的員工人數是多少？

It's hard to put exactly the pieces because they excluded all of the Phase 2, pushed that off on most of those investments are investments that we would be making and putting into rate base post 2026. So they're really focused on the portion of -- it's a little bit over $1.5 billion on the Phase 2 -- Phase 1 investments, rather.

很難準確地說出這些部分，因為它們排除了所有第 2 階段，將其推遲到大多數這些投資是我們將在 2026 年後進行並投入利率基礎的投資。所以他們真正專注於 - - 第 2 階段 - 第 1 階段的投資略高於 15 億美元。

And so they would accelerate a large part about $900 million of those Phase 1 investments into the rate case here. Our rate case proposal was focused more on the base CapEx needs of the system.

因此，他們將加速第一階段投資中的大約 9 億美元用於此處的費率案例。我們的費率案例建議更多地關注系統的基本資本支出需求。

So if you compare, again, if you look at what they ask for versus -- or what their testimony supported versus what we requested, they're not that far off. It's just a mix of how you get to that total rate impact and the CapEx investments needed for the system.

因此，如果您再次比較他們要求的內容與 - 或者他們的證詞支持的內容與我們要求的內容，他們並沒有那麼遙遠。這只是您如何獲得總費率影響和系統所需的資本支出投資的組合。

And remember in our base case for the projections in our steel plant a month ago, we assume nothing in CLCPA, okay? So it'd be important if anything into the model about CLCPA.

請記住，在我們一個月前對我們鋼鐵廠的預測的基本情況下，我們在 CLCPA 中沒有假設，好嗎？因此，關於 CLCPA 的模型中是否包含任何內容很重要。

We now have the next question from David Arcaro from Morgan Stanley.

我們現在有來自摩根士丹利的 David Arcaro 的下一個問題。

Could you just give an update on what you're seeing for the inflationary backdrop? Just any inflationary pressure on O&M, whether it's labor, materials, components, other things in the business right now?

您能否就通貨膨脹背景下的最新情況提供最新信息？只是 O&M 的任何通脹壓力，無論是勞動力、材料、組件，還是目前業務中的其他事物？

Sure. So I guess I'd just like to say in terms of inflation, we -- there certainly are impacts on labor and there's certainly impact on cost. But I think in our Networks business, we have -- it is really about 80% of our net income and our earnings we're pretty well protected over time because our commodity prices are passed through.

當然。所以我想我只想就通貨膨脹說一下，我們 - 肯定會對勞動力產生影響，肯定會對成本產生影響。但我認為，在我們的網絡業務中，我們確實擁有大約 80% 的淨收入和我們的收入，隨著時間的推移，我們得到了很好的保護，因為我們的商品價格是通過傳遞的。

When we're looking at gas and commodity costs, we lack at those, we don't purchase them all at once, and we store them for the winter. We were also entered into rate case filings where we have included updated inflation estimates and we actually have request for inflation trackers in those cases.

當我們考慮天然氣和商品成本時，我們缺乏這些，我們不會一次購買它們，而是將它們儲存起來以備過冬。我們還進入了利率案例文件，其中我們包含了更新的通貨膨脹估計，我們實際上要求在這些案例中使用通貨膨脹跟踪器。

And going forward, we're looking at a strategy where we minimize the gap between rates. So we are updating and accounting for these new costs going forward. And then just a reminder that the transmission rates are reconciled annually.

展望未來，我們正在尋找一種策略，使利率之間的差距最小化。因此，我們正在更新併計算這些新的成本。然後只是提醒一下，傳輸速率每年都會進行核對。

We look at on the offshore businesses. As Pedro had mentioned, we actually have secured all the solar panels for 2024 and we have been renegotiating successfully some contracts to adjust inflation as well as supply chain challenges. And then finally, if we look at our offshore renewable project, Vineyard Wind 1, we've secured all the CapEx, and we're actually actively and on target with our construction. So we have -- do not have that exposure for that project.

我們關注離岸業務。正如佩德羅所提到的，我們實際上已經獲得了 2024 年的所有太陽能電池板，並且我們已經成功地重新談判了一些合同以調整通貨膨脹以及供應鏈挑戰。最後，如果我們看看我們的海上可再生能源項目 Vineyard Wind 1，我們已經獲得了所有的資本支出，而且我們實際上正在積極地進行建設，並達到目標。所以我們有 - 沒有那個項目的曝光。

And we've spent some time already talking about future projects beyond our plan and offshore and how we're addressing that.

我們已經花了一些時間談論超出我們計劃和離岸的未來項目以及我們如何解決這個問題。

Got it. That's really helpful color. I appreciate it. And then back on just the asset recycling potential here for $2 billion of proceeds going forward. I was just wondering if you could give your latest thinking around what assets could get priority, which might have the most interest in the market, most appeal in the market?

知道了。這顏色真的很有幫助。我很感激。然後再回到這裡的資產回收潛力，未來將獲得 20 億美元的收益。我只是想知道您是否可以就哪些資產可以優先考慮，哪些資產可能對市場最感興趣，在市場上最具吸引力，您是否可以提出您的最新想法？

And would you also be considering minority interest sales in regulated utilities?

您是否還會考慮在受監管的公用事業中出售少數股權？

I think the appetite for our assets, I think, is any of the assets. I think you know that a lot of people are keen on renewable assets. A lot of people are keen on minority stakes in businesses, not in regulated only, but also in renewable companies.

我認為對我們資產的胃口是任何資產。我想你知道很多人熱衷於可再生資產。許多人熱衷於企業的少數股權，不僅是受監管的公司，還包括可再生能源公司。

So from that point of view, I think we just -- we're just reviewing the portfolio, making sure we put on the table the right approach. And I think we will go into action very soon. So from that point of view, I think we don't rule out anything.

所以從這個角度來看，我認為我們只是 - 我們只是在審查投資組合，確保我們提出正確的方法。我認為我們很快就會採取行動。所以從這個角度來看，我認為我們不排除任何事情。

Probably the first focus for us is the renewable business, where we have a lot of assets, and I think there is a lot of appetite for those assets and probably that should be the first area of focus for us in terms of opportunities in that asset rotation.

可能我們的第一個關注點是可再生業務，我們擁有大量資產，我認為對這些資產有很大的興趣，就該資產的機會而言，這可能應該是我們關注的第一個領域迴轉。

We now have a question on the line from Angie Storozynski from Seaport Research Partners.

我們現在有一個來自 Seaport Research Partners 的 Angie Storozynski 的問題。

So my first question is about what we've seen in Nova Scotia, the proposal to cap customer utility rates, nonfuel rates and how you actually see this risk in New England or Northeast in general, given how high electric customer bills are about to go?

所以我的第一個問題是關於我們在新斯科舍省看到的情況，關於限制客戶公用事業費率、非燃料費率的提議，以及考慮到電力客戶賬單將有多高，你如何實際看待新英格蘭或東北部的這種風險?

And then secondly, the PURA decision about the implementation of bill discounts for low-income customers and how you're going to recover those discounts in cash in your future rate cases.

其次，PURA 決定為低收入客戶實施賬單折扣，以及您將如何在未來的費率案例中以現金形式收回這些折扣。

Thanks, Angie. So first, with respect to your first question, I kind of see it as the risk with respect to rising cost and will that follow over on to utility rates. And that's why we're focused so much on affordability for our customers.

謝謝，安吉。因此，首先，關於您的第一個問題，我將其視為成本上升的風險，以及公用事業費率的後續風險。這就是為什麼我們如此關注客戶的負擔能力。

And when we found our rate case is really focused on balancing the needs of the system with the affordability of that. But our systems really do require investment, and I think our regulators and stakeholders understand that reliability is a priority, especially as we move into change in climate and also the aggressive goals that our states have with respect to clean energy.

當我們發現我們的費率案例真正側重於平衡系統的需求和可負擔性時。但我們的系統確實需要投資，我認為我們的監管機構和利益相關者明白可靠性是重中之重，尤其是當我們進入氣候變化以及我們各州在清潔能源方面的積極目標時。

So it's all a balance when we talk about that and look for various REIT mitigators to help smooth out that transition for our customers. With respect to low income, a couple of things there. First, in our Connecticut rate case, we actually, for the first time, had offered up a special rate for low-income customers that's directly in response to some of the feedback that we have had from some of our stakeholders.

因此，當我們談論這一點並尋找各種 REIT 緩解措施來幫助我們的客戶順利過渡時，這一切都是一種平衡。關於低收入，有幾件事。首先，在我們的康涅狄格費率案例中，我們實際上第一次為低收入客戶提供了特別費率，這是直接響應我們從一些利益相關者那裡得到的一些反饋。

And so we'll be discussing that type of a proposal in Connecticut and see what the appetite is for that proposal. Then with respect to our existing kind of rates in our customers, we're really proud of the work that we were able to do in New York in order to get some arrearages paid off for some of those low-income customers.

因此，我們將在康涅狄格州討論這種類型的提案，看看人們對該提案的興趣如何。然後，就我們現有的客戶費率而言，我們真的為我們能夠在紐約所做的工作感到自豪，以便為一些低收入客戶償還一些欠款。

And those were accessed from funds that the New York State legislature had set aside to particularly target the impacts of COVID on low income customers. We're continuing to look for options like that on a federal and a state level to see if we can work with our states as well as with, for instance, the joint utility group in New York to see if there's additional funds that we can access to help those particularly vulnerable customers.

這些資金來自紐約州立法機構為特別針對 COVID 對低收入客戶的影響而預留的資金。我們正在繼續在聯邦和州一級尋找類似的選擇，看看我們是否可以與我們的州以及例如紐約的聯合公用事業集團合作，看看我們是否可以提供額外的資金獲得幫助那些特別脆弱的客戶。

We have no further questions. So I'd like to hand it back to AVANGRID's CEO, Pedro Azagra for some final remarks.

我們沒有進一步的問題。所以我想把它交還給 AVANGRID 的首席執行官 Pedro Azagra 做一些最後的評論。

Okay. So to close today's call, I'd like to bring you back to one simple question, why AVANGRID? Why us? As part of our plan is a commitment to execution as well as decisive focus on regulated growth and value creation.

好的。所以在結束今天的電話會議之前，我想帶你回到一個簡單的問題，為什麼選擇 AVANGRID？為什麼是我們？作為我們計劃的一部分，我們承諾執行並果斷地關注受監管的增長和價值創造。

And also, our company is -- our heart is our regulated utility business, which is contemplated by additional renewables opportunities. This unique and balanced mix positions us to accelerate transformation in the energy sector for multiple angles. Across all sectors, businesses are facing a challenging economic environment in the near term.

而且，我們公司是——我們的核心是我們受監管的公用事業業務，預計會有更多的可再生能源機會。這種獨特而平衡的組合使我們能夠從多個角度加速能源領域的轉型。在所有行業中，企業在短期內都面臨著充滿挑戰的經濟環境。

We are responding with realistic targets and a steady disciplined approach, knowing that the wait is in the longer term is at our back. The energy transition is here to stay. There is no turning back and diversified utility companies like ours are poised to benefit.

我們以現實的目標和穩定的紀律方法做出回應，因為我們知道等待是長期的。能源轉型將繼續存在。沒有回頭路，像我們這樣的多元化公用事業公司有望從中受益。

As we look at the next 3 years, we expect to grow our earnings and adjusted earnings per share at a healthy compound annual growth rate of 6%, 7%. We don't announce quarterly guidance, we just go to annual, and I think we're comfortable to provide a clear guidance of '23 versus '24 and '25 to make it always very clear what we're expecting year-over-year on a compound basis for the period.

展望未來 3 年，我們預計我們的收益和調整後的每股收益將以 6%、7% 的健康復合年增長率增長。我們不公佈季度指引，我們只發布年度指引，我認為我們很樂意提供 23 年與 24 年和 25 年的明確指引，以明確我們對年復一年的預期——年在該期間的複合基礎上。

Our core regulated network business continues to be our key driver for growth, representing as we discussed, approximately 80% of our planned investments. We are determined to maintain a supportive balance sheet and leverage value-creating opportunities like asset rotation and partnerships to further improve our position while maintaining our credit ratings and strong liquidity.

我們的核心受監管網絡業務仍然是我們增長的關鍵驅動力，正如我們所討論的，約占我們計劃投資的 80%。我們決心維持支持性的資產負債表，並利用資產輪換和合作夥伴關係等創造價值的機會來進一步提高我們的地位，同時保持我們的信用評級和強大的流動性。

We are closely aligned with accelerating the state and federal policy targets ahead of many of our peers. And as a result, we are positioning ourselves to deliver investments in offshore wind, onshore renewables and transmission that we create jobs, stimulate economic development and support our own long-term growth as well.

我們與許多同行相比，與加速州和聯邦政策目標密切一致。因此，我們將自己定位於對海上風電、陸上可再生能源和輸電進行投資，從而創造就業機會、刺激經濟發展並支持我們自己的長期增長。

Furthermore, we have substantial upside opportunities to generate value over and above what is assumed in our plan, including approximately $2 billion in asset rotation option, incremental investments in our rate case proposal and unprecedented policy support from the IRA.

此外，我們有巨大的上行機會來創造超出我們計劃假設的價值，包括大約 20 億美元的資產輪換選擇權、對我們的利率案例提案的增量投資以及 IRA 前所未有的政策支持。

Our justice is execution, execution and execution as our team works to deliver, we will benefit very step up the way from the strong backing of Iberdrola. Its strongest global expertise and proven track record of success. Thank you again for joining us today on our third quarter call. If you have any other questions, please follow up with Alvaro and the IR team, and have a great day. Thank you very much.

我們的正義就是執行、執行和執行，因為我們的團隊致力於交付，我們將從 Iberdrola 的強大支持中受益匪淺。其最強大的全球專業知識和成功的成功記錄。再次感謝您今天加入我們的第三季度電話會議。如果您有任何其他問題，請與 Alvaro 和 IR 團隊聯繫，祝您度過愉快的一天。非常感謝。

Thank you all for joining. That does conclude today's call. Have a lovely day. You may now disconnect your lines.

謝謝大家的加入。這確實結束了今天的電話會議。祝你有個愉快的一天。您現在可以斷開線路。