Avangrid Inc (AGR) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to AVANGRID's Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Glenn, and I will be recording your call today. (Operator Instructions) I will now turn the call over to Alvaro Ortega, Vice President of Finance, Investor Relations and Treasury. Please go ahead.

女士們，先生們，歡迎來到 AVANGRID 的第四季度和 2022 年全年收益電話會議。我的名字是格倫，今天我會為你的電話錄音。 （操作員說明）我現在將電話轉給財務、投資者關係和財政部副總裁阿爾瓦羅奧爾特加。請繼續。

Thank you, Glenn, and good morning to everyone. Thank you for joining us today to discuss AVANGRID's fourth quarter and full year 2022 earnings results. 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 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.

謝謝你，格倫，大家早上好。感謝您今天加入我們討論 AVANGRID 的第四季度和 2022 年全年收益結果。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 Stempien 今天也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會議的問答部分。

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 Securities Litigation Reform Act of 1995 and based on current expectations and assumptions, which are subject to risks and uncertainties. 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 and 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. We do not undertake any duty to update any forward-looking statements.

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，可以在我們的網站 avangrid.com 上找到它們。在今天的電話會議中，我們將根據 1995 年美國私人證券訴訟改革法案安全港條款的含義並根據當前的預期和假設做出各種前瞻性陳述，這些陳述受到風險和不確定性的影響。如果我們的任何關鍵假設不正確或由於 AVANGRID 的收益新聞稿中討論的其他因素以及本次電話會議期間、隨附演示文稿的風險因素部分或我們向美國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。我們不承擔更新任何前瞻性陳述的義務。

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. I will now turn the call over to Pedro.

今天的演示文稿還包括對非 GAAP 財務指標的引用。您應該參考今天的演示文稿附帶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調節。我現在將把電話轉給佩德羅。

Okay. Thank you, Alvaro, and good morning, everyone. We appreciate you joining us for our fourth quarter and full year results presentation. I'd like to thank now the Chairman and the rest of the Board, the rest of the Iberdrola Group and all my team present with me and not present with me today and every single employee of AVANGRID for the great work that we have done altogether in the last 12 months. I'd like to also remember our customers, regulators, governors, legislators, AGs, consumer representatives, investors, analysts. We are here to serve all of you, and we are very proud of doing that.

好的。謝謝阿爾瓦羅，大家早上好。感謝您參加我們的第四季度和全年業績報告。我現在要感謝主席和董事會其他成員、Iberdrola Group 的其他成員和我的所有團隊，今天和我一起出席和沒有出席的還有 AVANGRID 的每一位員工，感謝我們共同完成的出色工作在過去的 12 個月裡。我還想記住我們的客戶、監管機構、州長、立法者、AG、消費者代表、投資者和分析師。我們在這里為你們所有人服務，我們為此感到非常自豪。

I think let's move now to Slide #5. Over the last year, our team has worked under one simple and clear principle to make sure that almost everything we say are hopefully everything we deliver, even when faced with challenges, uncertainty or skepticism. Through an increased focus on operational and financial excellence, we accomplished our objectives and have now delivered double-digit net income growth, 25%, year-over-year and adjusted -- and 16% year-over-year on an adjusted basis.

我想現在讓我們轉到幻燈片 #5。在過去的一年裡，我們的團隊在一個簡單明了的原則下工作，以確保我們所說的幾乎所有內容都是我們交付的所有內容，即使面臨挑戰、不確定性或懷疑。通過更加關注運營和財務卓越，我們實現了目標，現在實現了兩位數的淨收入增長，同比和調整後增長 25%，調整後同比增長 16%。

Since 2015, we have grown net income and adjusted net income at a strong compound annual growth rates of 9% and 10%, respectively. On an earnings per share basis, our EPS has grown 15% year-over-year to $2.28 per share, and adjusted EPS has grown 7% year-over-year to $2.33 per share. In adjusted EPS, we have exceeded the midpoint of our 2022 guidance range of $2.20 to $2.38 per share and surpassed the analyst consensus of $2.07 per share from the first quarter of the year.

自 2015 年以來，我們的淨收入和調整後淨收入分別以 9% 和 10% 的強勁複合年增長率增長。按每股收益計算，我們的每股收益同比增長 15% 至每股 2.28 美元，調整後的每股收益同比增長 7% 至每股 2.33 美元。在調整後的每股收益中，我們已經超過了 2022 年每股 2.20 美元至 2.38 美元的指導範圍的中點，並超過了今年第一季度分析師一致認為的每股 2.07 美元。

In Networks, we invested $1.9 billion and grew our rate base by $1 billion or 8% to $12.7 billion. We also achieved significant operational improvements with successful response to winter storm Elliott, which impacted over 0.5 million of AVANGRID customers, recognition from EEI for April 2022, a snowstorm in New York and mutual aid provided to Nova Scotia and Louisiana and enhanced reliability performance, including double-digit improvement to average SAIFI and SAIDI.

在網絡方面，我們投資了 19 億美元，並將利率基數增加了 10 億美元或 8%，達到 127 億美元。我們還取得了顯著的運營改進，成功應對了影響超過 50 萬 AVANGRID 客戶的冬季風暴 Elliott、2022 年 4 月 EEI 的認可、紐約的暴風雪以及向新斯科舍省和路易斯安那州提供的互助以及增強的可靠性性能，包括平均 SAIFI 和 SAIDI 有兩位數的提高。

In Renewables, we are focused on ensuring disciplined and prudent growth. We placed nearly 400 megawatts of new capacity into operation, including our first large-scale solar project, and we are advancing construction of approximately 1.4 gigawatts on and offshore. This includes AVANGRID's 806 megawatts Vineyard Wind 1 project, which is progressing on a schedule to reach full commercial operations next year.

在可再生能源領域，我們專注於確保有紀律和審慎的增長。我們投入運營了近 400 兆瓦的新產能，包括我們的第一個大型太陽能項目，我們正在推進約 1.4 吉瓦的陸上和海上建設。這包括 AVANGRID 的 806 兆瓦 Vineyard Wind 1 項目，該項目正按計劃在明年實現全面商業運營。

We are very pleased with our strong performance for the year. We have set a 2023 outlook for our earnings per share of $1.90 to $2.10 per share or $2.20 to $2.35 per share on an adjusted earnings per share basis. This translates into an adjusted net income of $850 million to $910 million. As we implement our $21.5 billion investment plan, we believe we are very well positioned to deliver our targeted 6% to 7% compound annual growth in adjusted EPS through 2025 of the midpoint of our 2022 guidance of $2.29 per share.

我們對今年的強勁表現感到非常滿意。我們已將 2023 年的每股收益展望設定為每股 1.90 美元至 2.10 美元或每股 2.20 美元至 2.35 美元（按調整後的每股收益計算）。這意味著調整後的淨收入為 8.5 億美元至 9.1 億美元。在我們實施 215 億美元的投資計劃時，我們相信我們完全有能力在 2025 年之前實現調整後每股收益 6% 至 7% 的複合年增長率目標，即我們 2022 年每股 2.29 美元指導的中點。

Let's turn on to Page 6. I believe that when it comes to execution, our actions speak the loudest, no company and no industry comes without challenges, what matters most is to deliver solutions. As you can see here, our team is taking action on the things we pledged to deliver. To start in New Mexico, we extended our merger agreement with PNM Resources and a new public regulatory commission has been seated.

讓我們翻到第6頁。我認為，執行力最重要的是我們的行動，任何公司和行業都面臨挑戰，最重要的是提供解決方案。正如您在此處看到的，我們的團隊正在對我們承諾要實現的目標採取行動。從新墨西哥州開始，我們延長了與 PNM Resources 的合併協議，並且新的公共監管委員會已經就位。

The new commissioners are each highly experienced individuals with deep knowledge of the challenges and opportunities, the energy transition will bring as well as the central role of utilities in enabling that transition. We remain committed to the merger and the benefits it will bring to the state of New Mexico and intend to seek a settlement that reflects this value to all parties. Additionally, we are successfully constructing the first large-scale offshore wind project in the nation and are on track to enter commercial operations next year.

新委員都是經驗豐富的人，對挑戰和機遇、能源轉型將帶來的挑戰和機遇以及公用事業在實現這一轉型中的核心作用有著深刻的了解。我們仍然致力於合併及其將給新墨西哥州帶來的好處，並打算尋求一種能向各方反映這一價值的解決方案。此外，我們正在成功建設全國首個大型海上風電項目，並有望在明年進入商業運營。

AVANGRID's Vineyard Wind 1 will bring clean energy to 400,000 Massachusetts' homes and businesses and support more than 3,000 full-time equivalent jobs over the project's lifetime. And we are working with our stakeholders to address macro pressures on our other New England projects and ensure these projects meet our investment criteria and can support the financing need in order to move forward with them.

AVANGRID 的 Vineyard Wind 1 將為馬薩諸塞州的 400,000 戶家庭和企業提供清潔能源，並在項目生命週期內支持 3,000 多個全職同等工作崗位。我們正在與我們的利益相關者合作，以解決我們其他新英格蘭項目的宏觀壓力，並確保這些項目符合我們的投資標準，並能夠支持融資需求，以便推進這些項目。

Let me be clear. While we are terminating our PPAs for Commonwealth Wind, we remain fully committed to our offshore business. We are on track to bring the first large-scale project to successful completion. This is not a question of commitment or capabilities, but rather of a unique economic situation. We believe that offshore wind is the ideal solution to quickly deliver clean, reliable energy to the Northeast.

讓我說清楚。雖然我們正在終止 Commonwealth Wind 的購電協議，但我們仍然完全致力於我們的離岸業務。我們有望成功完成第一個大型項目。這不是承諾或能力的問題，而是獨特的經濟形勢。我們相信，海上風能是向東北快速輸送清潔、可靠能源的理想解決方案。

Unfortunately, the impact of historic inflation, sharp interest rate increases, supply chain bottlenecks and existence of a price cap prevent us from moving Commonwealth Wind forward under viable economic conditions. AVANGRID is fully committed to Offshore Wind and to Massachusetts, but we must always be disciplined investors, particularly given the size of the investments on the table. For Commonwealth, this means we expect to repeat the project in the upcoming solicitation. With regards to Park City Wind, we're initiating over sections with the key stakeholders in Connecticut to address these issues. Regarding our regulated utilities, we filed rate cases in all jurisdictions and enhanced our engagement and relationship building. Ahead of our rate case filings, we ensured we had a stronger bridge plan in place and held over 160 meetings with the stakeholders to discuss our proposals and listen to their feedback.

不幸的是，歷史通貨膨脹的影響、利率急劇上升、供應鏈瓶頸和價格上限的存在使我們無法在可行的經濟條件下推動 Commonwealth Wind 向前發展。 AVANGRID 完全致力於海上風電和馬薩諸塞州，但我們必須始終是自律的投資者，特別是考慮到桌面上的投資規模。對於 Commonwealth，這意味著我們希望在即將到來的招標中重複該項目。關於 Park City Wind，我們正在與康涅狄格州的主要利益相關者展開討論，以解決這些問題。關於我們受監管的公用事業，我們在所有司法管轄區提交了費率案件，並加強了我們的參與和關係建設。在提交費率案例之前，我們確保制定了更強大的橋樑計劃，並與利益相關者舉行了 160 多次會議，討論我們的建議並聽取他們的反饋。

Strengthened by this proactive engagement, the proposals we put forward will allow our companies to respond to critical system needs while maintaining among the lowest rates in New York and New England. We are working hard to move our rate cases forward. Settlement negotiations are actively going in New York, which accounts for the largest portion of our rate base, and we anticipate newer rates will be effective from May.

通過這種積極的參與，我們提出的建議將使我們的公司能夠響應關鍵的系統需求，同時保持紐約和新英格蘭的最低利率。我們正在努力推進我們的費率案例。和解談判正在紐約積極進行，紐約占我們利率基礎的最大部分，我們預計新利率將從 5 月開始生效。

In Maine, we filed Rebuttal testimony, and we plan to begin settlement discussions shortly. Evidentiary hearings started in Connecticut last week. And in Massachusetts, we successfully closed the rate case process and new rates are already in place.

在緬因州，我們提交了反駁證詞，我們計劃很快開始和解討論。證據聽證會上週在康涅狄格州開始。在馬薩諸塞州，我們成功結束了費率案例流程，新費率已經到位。

2022 also brought important successes for our New England Clean Energy Connect, NECEC project. We received favorable rulings from the Maine Law Court on 2 critical items. First, in August, regarding our legal challenges to the main referendum that resulted in the halting of construction of NECEC. And second, in November, upholding our lease of a small section of public lands for the project. The Law Court additionally denied a motion to reconsider its decision, meaning that the issue of lease validity is now settled.

2022 年還為我們的新英格蘭清潔能源連接、NECEC 項目帶來了重要的成功。我們收到了緬因州法院關於 2 個關鍵項目的有利裁決。首先，在 8 月，關於我們對導致 NECEC 建設停止的主要公民投票的法律挑戰。其次，在 11 月，維持我們為該項目租用的一小部分公共土地。法院還駁回了重新考慮其決定的動議，這意味著租約有效性問題現已解決。

Earlier this month, the FERC issued a decision directing the breaker upgrade at Seabrook station, which is necessary for the safe operation of NECEC and the continued reliability of the regional New England grid. As we work to close the remaining legal matters, we are working on multiple fronts to ensure the economic viability of the project.

本月早些時候，FERC 發布了一項決定，指示對西布魯克站的斷路器進行升級，這對於 NECEC 的安全運行和新英格蘭區域電網的持續可靠性是必要的。在我們努力解決剩餘的法律問題時，我們正在多方面開展工作，以確保該項目的經濟可行性。

And in our onshore business, we are confronting the current challenging market environment by successfully renegotiating 780 megawatts of wind and solar PPAs in 2022. We are also pursuing partnerships and asset rotation opportunities that help mitigate capital needs and maximize the value of our robust pipeline.

在我們的陸上業務中，我們通過在 2022 年成功重新談判 780 兆瓦的風能和太陽能購電協議來應對當前充滿挑戰的市場環境。我們還在尋求合作夥伴關係和資產輪換機會，以幫助減輕資本需求並最大限度地提高我們強大管道的價值。

Turning to Slide #7. Since I was appointed as CEO, we put in place a highly skilled, diverse and stable management team that is driving successful execution in multiple critical areas. First, delivering strong earnings performance for 2022, coming in or above the midpoint of our guidance and well above initial consensus expectations.

轉到幻燈片#7。自從我被任命為首席執行官以來，我們組建了一支技術精湛、多元化且穩定的管理團隊，在多個關鍵領域推動成功執行。首先，在 2022 年實現強勁的盈利表現，達到或高於我們指引的中點，並遠高於最初的共識預期。

Next, we've enhanced our focus on engagement and relationship building which enable us to obtain several positive regulatory outcomes over the course of the year and supported our rate case filings. We also took decisive action to protect the company by moving to terminate nonviable offshore wind PPAs in Massachusetts, renegotiating multiple onshore PPAs, addressing misinformation around customer build increases caused by unregulated generators, and advocating for long-term solutions. And finally, combating efforts to implement government control power.

接下來，我們加強了對參與和關係建立的關注，這使我們能夠在這一年中獲得多項積極的監管成果，並支持我們的利率案件備案。我們還採取了果斷行動來保護公司，包括終止馬薩諸塞州不可行的海上風電購電協議、重新談判多個陸上購電協議、解決有關因不受監管的發電機導致的客戶建設增加的錯誤信息，以及倡導長期解決方案。最後，打擊實施政府控制權的努力。

Furthermore, we are addressing the current economic uncertainties by driving a sharper focus on cash flow management and value creation. All in all, these strategic actions we are taking reinforce our trend towards consistent execution and provide a solid foundation for future growth and delivery of our long-term commitments. In Slide 8, I'd like to further highlight for you that our strong financial performance is not the product of an isolated year or a stream of good quarters, but rather a trend that we have cultivated over the course of multiple years. Since 2020, we have delivered over 50% and 40% growth in net income and adjusted net income, respectively, in most cases, with over 20% growth from year-to-year.

此外，我們正在通過更加關注現金流管理和價值創造來應對當前的經濟不確定性。總而言之，我們正在採取的這些戰略行動加強了我們一致執行的趨勢，並為未來的增長和履行我們的長期承諾奠定了堅實的基礎。在幻燈片 8 中，我想向您進一步強調，我們強勁的財務業績不是孤立的一年或一系列良好季度的產物，而是我們多年來培養的趨勢。自 2020 年以來，在大多數情況下，我們的淨收入和調整後淨收入分別增長了 50% 和 40% 以上，同比增長超過 20%。

Looking at adjusted net income, we outperformed consensus expectations from the start of 2022, which was $801 million by almost $100 million or more than 12%. On an earnings per share basis, we've seen 21% and 15% growth in EPS and adjusted EPS, respectively, since 2020 with a stable or increasing trend year-over-year.

從調整後的淨收入來看，從 2022 年初開始，我們的表現超出了市場普遍預期的 8.01 億美元，高出近 1 億美元，即超過 12%。按每股收益計算，自 2020 年以來，我們看到每股收益和調整後每股收益分別增長了 21% 和 15%，並且同比呈穩定或上升趨勢。

Even with the impact of the 2021 equity issuance, our adjusted EPS has grown at a healthy compound annual growth rate of approximately 7%. This is true both for over the last 2 years and since AVANGRID creation in 2015. We are very proud and encouraged by these strong results, but we won't just be satisfied with our performance to date. Our team will continue to drive execution and deliver what we say will deliver.

即使受到 2021 年股票發行的影響，我們調整後的每股收益仍以約 7% 的健康復合年增長率增長。這在過去 2 年和 2015 年創建 AVANGRID 以來都是如此。我們為這些強勁的結果感到非常自豪和鼓舞，但我們不會僅僅滿足於我們迄今為止的表現。我們的團隊將繼續推動執行並實現我們所說的目標。

If we do that, we will keep building up on this trend well into the future. This is an objective we can't and want to lose sight of. Turning to networks on Slide 9. We are focused on meeting our operational mandate, which is to deliver safe, reliable and affordable service to customers while increasing access to clean energy across the states we serve. Throughout 2022, our teams have worked to enhance system reliability with programs targeting vegetation management, asset condition, increased distribution, automation and more. As a result, we are seeing good operating performance with the liability improving year-over-year as compared to 2021.

如果我們這樣做，我們將在未來繼續建立這種趨勢。這是我們不能也不想忽視的目標。轉到幻燈片 9 上的網絡。我們專注於滿足我們的運營任務，即為客戶提供安全、可靠和負擔得起的服務，同時增加我們服務的各州對清潔能源的訪問。在整個 2022 年，我們的團隊一直致力於通過針對植被管理、資產狀況、增加分佈、自動化等的計劃來提高系統可靠性。因此，與 2021 年相比，我們看到了良好的經營業績，負債同比有所改善。

On average, SAIFI has improved by 10%, SAIDI by 16% and CAIDI has improved by 7%. Over the last years, we have seen a trend towards more frequent and intense storms and 2022 was no exception. I'm proud to say our utilities rose to the challenge. Thanks to the effort of our field crews, both electric and gas as well as the thousands of employees who support them. AVANGRID delivered exceptional strong response for our customers, navigating harsh conditions, both near and far from home.

平均而言，SAIFI 提高了 10%，SAIDI 提高了 16%，CAIDI 提高了 7%。在過去的幾年裡，我們看到了風暴變得更加頻繁和強烈的趨勢，2022 年也不例外。我很自豪地說，我們的公用事業公司迎接了挑戰。感謝我們現場工作人員的努力，包括電力和天然氣以及支持他們的數千名員工。 AVANGRID 為我們的客戶提供了異常強烈的響應，在離家近和遠的惡劣條件下航行。

For example, between November and December, our New York and Maine companies were hit by 7 and 4 major storms, respectively. The most severe was winter storm Elliott, which knocked out of power to more than 0.5 million AVANGRID customers over the holidays. We responded quickly and effectively outperforming some of our neighboring utilities.

例如，在 11 月和 12 月之間，我們在紐約和緬因州的公司分別遭受了 7 次和 4 次大風暴的襲擊。最嚴重的是冬季風暴埃利奧特，它在假期期間導致超過 50 萬 AVANGRID 客戶斷電。我們的反應迅速而有效，超過了我們附近的一些公用事業公司。

In hardest hit, Maine where outages exceeded 300,000, nearly all CMP power customers were back online by day 4. Over half of CMP customers were restored by day 2. In New York, virtually every customer had power back by day 2 with most customers restored within 24 hours.

在受災最嚴重的緬因州，停電超過 300,000 次，幾乎所有 CMP 電力客戶在第 4 天恢復在線。超過一半的 CMP 客戶在第 2 天恢復供電。在紐約，幾乎所有客戶在第 2 天恢復供電，大多數客戶恢復供電24小時內。

I'd like to thank all of our employees for their commitment to stepping up for our customers, not just after Elliott, but in responding to the dozens of storms we faced in 2022 and the work we do every single day. These efforts over the course of the year earned well-deserved recognition from regulators and local stakeholders as well as from EEI.

我要感謝我們所有的員工致力於為我們的客戶挺身而出，不僅僅是在 Elliott 之後，而是為了應對我們在 2022 年面臨的數十場風暴以及我們每天所做的工作。一年中的這些努力贏得了監管機構和當地利益相關者以及 EEI 的當之無愧的認可。

In addition, we are focused on increasing digitalization and providing customer support to enhance satisfaction, reduced costs, improved cash flow and help address pressures cost by the current macro environment and recent generation rate increases across the Northeast. Over the last year, we've expanded our [EB] program by 16% to 1.2 million customers and increased mobile app downloads by 73% to 840,000 customers.

此外，我們專注於增加數字化和提供客戶支持，以提高滿意度、降低成本、改善現金流，並幫助解決當前宏觀環境和東北地區近期發電率上升帶來的成本壓力。去年，我們將 [EB] 計劃擴大了 16% 至 120 萬客戶，移動應用程序下載量增加了 73% 至 840,000 名客戶。

We continue to make critical investments in reliability and resiliency and drive healthy rate base growth, 18% since 2020. We've also collaborated with the state officials to reduce our residues and offer bill deal assistance. To help address this issue across New York, the PSC approved 2 phases of utility customer assistance. Phase 1, targeting residential low-income customers, provided $59 million approximately in state funds for NECEC and RG&E.

我們繼續在可靠性和彈性方面進行關鍵投資，並推動健康的利率基礎增長，自 2020 年以來增長了 18%。我們還與州政府官員合作，以減少我們的殘留物並提供票據交易援助。為了幫助解決整個紐約的這個問題，PSC 批准了 2 個階段的公用事業客戶援助。第一階段針對住宅低收入客戶，為 NECEC 和 RG&E 提供了大約 5900 萬美元的州資金。

NECEC and RG&E expect to receive approximately $34 million in Phase 2, which was approved in January, and will offer assistance to non-low income residential and small businesses customers. After consistently meeting our customer service performance goals, the main PUC in February removed the 100 basis points adjustment on CMP's return on equity.

NECEC 和 RG&E 預計將在 1 月份獲得批准的第二階段獲得約 3400 萬美元，並將為非低收入住宅和小型企業客戶提供幫助。在持續滿足我們的客戶服務績效目標後，主要 PUC 在 2 月份取消了對 CMP 股本回報率的 100 個基點調整。

Lastly, we are continuing to advance major investments in transmission to unlock lower-cost clean capacity. As mentioned earlier, over the last few months, we obtained favorable rulings from the Maine Law Court and FERC that resolve or materially address critical challenges to our NECEC project.

最後，我們將繼續推進對輸電的重大投資，以釋放成本更低的清潔能源。如前所述，在過去幾個月裡，我們獲得了緬因州法院和 FERC 的有利裁決，解決或實質性解決了我們 NECEC 項目面臨的關鍵挑戰。

Turning now to Slide 10. Successfully closing our rate cases is 1 of our top priorities for our regulated business this year. Without a secure and healthy financial position, our utilities cannot meet those objectives described on the previous slide to deliver safe, reliable and affordable service, to expand access to clean energy or to enhance operational performance.

現在轉到幻燈片 10。成功結案是我們今年受監管業務的首要任務之一。沒有安全和健康的財務狀況，我們的公用事業就無法實現上一張幻燈片中描述的目標，即提供安全、可靠和負擔得起的服務，擴大清潔能源的使用範圍或提高運營績效。

We are making steady progress with Massachusetts successfully settled and the process advancing in other states, our expectation is to have new rates in effect across all our states later in the year. These rate cases, combined with our FERC formula rates, will provide regulatory agreements for approximately 90% of our rate base.

我們正在穩步取得進展，馬薩諸塞州已成功解決，其他州的進程也在推進，我們預計今年晚些時候我們所有州的新利率都會生效。這些費率案例與我們的 FERC 公式費率相結合，將為我們大約 90% 的費率基礎提供監管協議。

As a reminder, we have requested approval for approximately $10 billion in capital investments over the next 3 years, focusing on clean energy transformation, reliability, resiliency and improving the quality of service to our customers, which will also create jobs in our local communities. Additionally, we are aiming to secure multiyear agreements, which will provide better rate stability for our customers.

提醒一下，我們已請求批准在未來 3 年內進行約 100 億美元的資本投資，重點關注清潔能源轉型、可靠性、彈性和提高對客戶的服務質量，這也將為我們當地社區創造就業機會。此外，我們的目標是獲得多年協議，這將為我們的客戶提供更好的利率穩定性。

In New York, we are currently in the middle of settlement negotiations with all parties. We expect new rates for NECEC and RG&E to be effective as of May 1 date. As part of this process, we are also seeking authorization to move forward with multiyear investments in our CLCPA Phase I transmission portfolio. In May, we filed Rebuttal testimony earlier this month and are preparing to enter settlement discussions shortly.

在紐約，我們目前正在與各方進行和解談判。我們預計 NECEC 和 RG&E 的新費率將於 5 月 1 日生效。作為此過程的一部分，我們還在尋求授權，以推進對我們的 CLCPA 第一階段傳輸產品組合的多年投資。 5 月，我們在本月早些時候提交了反駁證詞，並準備很快進入和解討論。

We expect CMP's new rates to be effective in July. In Connecticut, in (inaudible) and Rebuttal testimony were filed in December and January. And last week, we began evidentiary hearings. For UI, we expect new rates to be effective in September.

我們預計 CMP 的新利率將於 7 月生效。在康涅狄格州，（聽不清）和反駁證詞於 12 月和 1 月提交。上週，我們開始了證據聽證會。對於 UI，我們預計新利率將於 9 月生效。

Turning to our Renewables business on Slide 11. First and foremost, we are on track to deliver the country's first large-scale Offshore Wind Park, AVANGRID's 806 megawatts Vineyard Wind 1 project. With supply fully contracted and manufacturing of all components underway, labor costs fixed or capped and financing secured with interest rate hedge and no foreign exchange risk, Vineyard Wind 1 is protected from the inflation and supply chain pressures we currently see in the market. Our team has made excellent progress in construction over the last year.

轉到幻燈片 11 上的可再生能源業務。首先，我們正按計劃交付該國首個大型海上風電場，即 AVANGRID 的 806 兆瓦 Vineyard Wind 1 項目。由於供應已完全簽訂合同並且所有組件的製造都在進行中，勞動力成本固定或有上限，並且通過利率對沖保證融資且沒有外匯風險，因此 Vineyard Wind 1 免受我們目前在市場上看到的通貨膨脹和供應鏈壓力的影響。去年，我們的團隊在建設方面取得了長足的進步。

Today, equipment installation at the onshore substation is fully complete and cold commissioning has started. Offshore, we are working to install our export cable with 55% already complete. Midyear, we plan to begin installation of our foundations and turbines. And by the end of the year, we expect to have delivered the first power from AVANGRID's Vineyard Wind 1.

今日，陸上變電站設備安裝已全面完成，並已啟動冷調試。在海上，我們正在努力安裝出口電纜，目前已完成 55%。年中，我們計劃開始安裝地基和渦輪機。到今年年底，我們預計將從 AVANGRID 的 Vineyard Wind 1 交付第一批電力。

This is a significant project for our company, for the country and for Massachusetts, and we are proud to make it possible. We also continue to advance the development of our 2 other New England projects, Park City and Commonwealth Wind. As we collaborate with the stakeholders on the right solutions to address the economic challenges seen across the industry and around the world, we are continuing to make progress on the necessary permits, including the federal environmental impact statement.

這對我們公司、國家和馬薩諸塞州來說都是一個重要的項目，我們很自豪能夠實現它。我們還繼續推進我們另外兩個新英格蘭項目的開發，Park City 和 Commonwealth Wind。當我們與利益相關者合作制定正確的解決方案以應對整個行業和世界範圍內的經濟挑戰時，我們將繼續在必要的許可方面取得進展，包括聯邦環境影響聲明。

This will ensure that in the event that we reach a successful outcome, we can move forward with this project swiftly and efficiently, avoiding unnecessary delays. While this process plays out, we've taken a prudent and conservative approach to our long-term outlook and have not assumed Park City and Commonwealth Wind in our '22-'25 outlook. That being said, we remain confident in the value these projects can bring to the New England state and know that they have an essential role in meeting the region's visionary climate and clean energy objectives.

這將確保在我們取得成功的情況下，我們可以迅速有效地推進該項目，避免不必要的延誤。雖然這個過程已經結束，但我們對我們的長期前景採取了謹慎和保守的態度，並且沒有在我們的 22-25 年展望中假設 Park City 和 Commonwealth Wind。話雖如此，我們仍然對這些項目可以為新英格蘭州帶來的價值充滿信心，並且知道它們在實現該地區富有遠見的氣候和清潔能源目標方面發揮著重要作用。

Turning now to our onshore operation on Slide 12. Over the last year, we managed a challenging market environment to deliver 395 megawatts of new capacity, including our first large-scale solar project. In addition, we worked with our customers and successfully renegotiated 780 megawatts of PPAs to address the current market pressures and support improved economics.

現在轉向我們在幻燈片 12 上的陸上運營。在過去的一年裡，我們管理了一個充滿挑戰的市場環境，以提供 395 兆瓦的新容量，包括我們的第一個大型太陽能項目。此外，我們與客戶合作並成功重新談判了 780 兆瓦的購電協議，以應對當前的市場壓力並支持改善經濟。

We continue to make operational excellence, a top priority for our 8.6 gigawatt fleet, which in 2022 operated with over 97% availability, an early 2 percentage point increase from just 3 years before in 2019. Additionally, our fleet has consistently maintained solid performance and even outperformed during extreme weather events with major generation outages, including a storm Uri in Texas in 2021 and winter storm Elliott in 2022.

我們繼續實現卓越運營，這是我們 8.6 吉瓦機隊的首要任務，該機隊在 2022 年以超過 97% 的可用性運行，比 3 年前的 2019 年提前 2 個百分點。此外，我們的機隊一直保持穩定的性能和甚至在發生重大發電中斷的極端天氣事件中表現出色，包括 2021 年德克薩斯州的烏里風暴和 2022 年的冬季風暴埃利奧特。

Additionally, we successfully worked with our suppliers to secure panels for the 480 megawatts, we are constructing with COD this year. All of these panels have already been delivered on site and are in customs waiting to be released.

此外，我們還與我們的供應商成功合作，為我們今年正在使用 COD 建造的 480 兆瓦電池板提供保障。所有這些面板都已交付到現場，並在海關等待放行。

We have several supply frameworks in place for the main equipment needed in our near-term pipeline with COD in 2024, which adds certainty to these projects and mitigate risks. We're also continuing to explore opportunities to deploy green hydrogen, leveraging our expansive onshore footprint and development and operational expertise to value to the renewable business.

我們為 2024 年 COD 的近期管道所需的主要設備製定了多個供應框架，這增加了這些項目的確定性並降低了風險。我們還在繼續探索部署綠色氫的機會，利用我們廣泛的陸上足跡以及開發和運營專業知識為可再生能源業務創造價值。

Our team is focused on building out a portfolio of commercial projects, along with a network suppliers and experienced partners. As you know, we announced in 2022, an agreement with Sempra Infrastructure to support potential joint development efforts. In addition, we are actively engaged in 7 coalitions for the Department of Energy's Hydrogen Hubs Program. Final applications for this program are due this spring and awards are expected to be announced in fall 2023.

我們的團隊專注於構建商業項目組合，以及網絡供應商和經驗豐富的合作夥伴。如您所知，我們在 2022 年宣布與 Sempra Infrastructure 達成協議，以支持潛在的聯合開發工作。此外，我們還積極參與能源部氫能中心計劃的 7 個聯盟。該項目的最終申請將於今年春季截止，預計將於 2023 年秋季公佈獎項。

As we look to the future, we are seeking to maximize the value of our robust [220 gigawatt] onshore pipeline, leveraging the attractive environment created by IRA. We are pursuing opportunities to create value through repowering, targeting the repower of more than half of our fleet by 2035 and leveraging solar PTC optionality and attractive hydrogen credits to improve project economics and generate future growth.

展望未來，我們正在尋求最大化我們強大的 [220 吉瓦] 陸上管道的價值，利用 IRA 創造的有吸引力的環境。我們正在尋求通過重新供電創造價值的機會，目標是到 2035 年為我們一半以上的機隊重新供電，並利用太陽能 PTC 的可選性和有吸引力的氫信用額度來提高項目經濟性和產生未來增長。

Let's turn to Slide 13. As part of the Iberdrola Group, we have been focused on sustainable leadership and value creation for decades. Our ESG+F position is a key part of our business profile. We are proud to lead our peers today with a cleaner generation mix, beating the top renewable operators in the country and an emissions intensity 6x lower than the average U.S. utility and to have created a robust set of goals to keep us ahead well into the future. Regarding our environmental efforts, AVANGRID was the first U.S. utility to establish a goal for carbon neutrality in our generation fleet.

讓我們轉到幻燈片 13。作為 Iberdrola Group 的一部分，我們幾十年來一直專注於可持續的領導力和價值創造。我們的 ESG+F 立場是我們業務概況的關鍵部分。今天，我們很自豪能夠以更清潔的發電組合引領我們的同行，擊敗國內頂級可再生能源運營商，排放強度比美國公用事業平均水平低 6 倍，並製定了一套穩健的目標，使我們在未來保持領先地位.關於我們的環保工作，AVANGRID 是美國第一家為我們的發電機組制定碳中和目標的公用事業公司。

At our last Investor Day, we announced we would expand our goals to cover Scopes 1 and 2 neutrality by 2030, putting us ahead of most almost other major U.S. utilities. We are also developing a strategy to address Scope 3. We have significantly expanded our focus on the social component, more than doubling the number of goals in this area.

在我們的上一個投資者日，我們宣布我們將擴大我們的目標，到 2030 年涵蓋範圍 1 和範圍 2 的中立性，這使我們領先於幾乎所有其他美國主要公用事業公司。我們還在製定解決範圍 3 的戰略。我們顯著擴大了對社會部分的關注，將這一領域的目標數量增加了一倍以上。

In 2022, we made important strides to improve diversity among our management team, increasing the representation of women on the team to 30%, up from 20% in 2021. By 2025, we expect to further increase our presentation of women in executive positions to 35%. As we consider the impact that we have in the communities and that we serve, I also want to acknowledge our recognition and commitment to observing Black History Month.

2022 年，我們在改善管理團隊的多元化方面取得了重要進展，將女性在團隊中的比例從 2021 年的 20% 提高到 30%。到 2025 年，我們預計將進一步增加女性擔任高管職位的比例35%。當我們考慮我們對社區和我們所服務的社區的影響時，我還想感謝我們對慶祝黑人歷史月的認可和承諾。

Through AVANGRID, African-American Council for Excellence, we had focused activities that celebrate our own employees and their experiences, hosted external speakers and highlighted community relationships that increase our reach and impact. We work actively to maintain the highest ethical standards and the best business practices across our organization. As a result, we have been named one of the world's most ethical companies by Ethisphere since 2019.

通過非洲裔美國人卓越委員會 AVANGRID，我們開展了一些重點活動來慶祝我們自己的員工和他們的經歷，接待外部演講者並強調社區關係，以增加我們的影響力和影響力。我們積極努力在整個組織內保持最高的道德標準和最佳商業實踐。因此，自 2019 年以來，我們被 Ethisphere 評為全球最具商業道德的公司之一。

Our focus on financial performance and sustainability makes it all possible. In 2022, we both delivered on our annual earnings commitment and applying a disciplined value-driven plan to create healthy and predictable growth over the next 3 years. In addition, we closed on nearly $800 million of debt, including $270 million in green bonds, taking advantage of delayed draw to lock in a more favorable interest rates.

我們對財務業績和可持續性的關注使這一切成為可能。 2022 年，我們既兌現了年度收益承諾，又實施了嚴格的價值驅動計劃，以在未來 3 年實現健康且可預測的增長。此外，我們還關閉了近 8 億美元的債務，包括 2.7 億美元的綠色債券，利用延遲提款鎖定更優惠的利率。

Our efforts continue to be recognized by many third parties, including JUST Capital, which named AVANGRID to its list of America's most JUST companies for the third year on a row. AVANGRID is 1 of the JUST 2 years utilities recognized by S&P in its 2023 sustainability yearbook and in 2023 joined Bloomberg's Gender Equality Index. Thank you. And now I will turn it over to Patricia to provide more detail on our financial results.

我們的努力繼續得到許多第三方的認可，其中包括 JUST Capital，該公司連續第三年將 AVANGRID 列入美國最公正的公司名單。 AVANGRID 是標準普爾在其 2023 年可持續發展年鑑中認可的僅 2 年公用事業公司之一，並於 2023 年加入了彭博社的性別平等指數。謝謝。現在我將把它交給帕特里夏，以提供有關我們財務業績的更多細節。

Thank you, Pedro. Good morning, everyone. Since our company's formation in 2015, AVANGRID has been a story of long-term growth and evolution. While we've had periods with headwinds, we have aggressively focused on continuous improvement. We remain targeted on improving execution and maximizing our earnings growth opportunities, and we have demonstrated success. Importantly, looking over the long term, net income has grown by 85% or $404 million from our 215 pro forma results to 2022.

謝謝你，佩德羅。大家，早安。自我們公司於 2015 年成立以來，AVANGRID 一直是一個長期成長和演變的故事。雖然我們有過逆風時期，但我們積極專注於持續改進。我們的目標仍然是提高執行力和最大化我們的盈利增長機會，我們已經取得了成功。重要的是，從長遠來看，到 2022 年，從我們的 215 份備考結果來看，淨收入增長了 85% 或 4.04 億美元。

Our adjusted net income has grown by 97% or $443 million. This is a compound annual growth rate of 10%. And over the last 2 years, we have demonstrated stronger growth and execution with an adjusted net income CAGR of 20%. Additionally, over the last 7 years and over the last 2 years, even with our equity issuance in 2021, adjusted EPS has grown at a CAGR of 7%.

我們調整後的淨收入增長了 97% 或 4.43 億美元。這是 10% 的複合年增長率。在過去的 2 年裡，我們展示了更強勁的增長和執行力，調整後的淨收入複合年增長率為 20%。此外，在過去 7 年和過去 2 年中，即使我們在 2021 年發行股票，調整後的每股收益仍以 7% 的複合年增長率增長。

Turning to the next slide, in our 2022 earnings performance. For the full year 2022, our net income was $881 million, an increase of $174 million or 25% compared to 2021, and our adjusted net income was $901 million, an increase of $121 million or 16% compared to 2021. Overall, compared to 2021, our 2022 results benefited from the implementation of our rate plans, primarily for the New York companies. This increased adjusted net income by $74 million. That number includes a positive impact from the removal of a 100 basis point ROE adjustment in Central Maine Power, effective early in 2022, resulting from our improved customer service metrics.

轉到下一張幻燈片，我們 2022 年的收益表現。 2022 年全年，我們的淨收入為 8.81 億美元，比 2021 年增加 1.74 億美元或 25%，調整後的淨收入為 9.01 億美元，比 2021 年增加 1.21 億美元或 16%。總體而言，與2021 年，我們 2022 年的業績受益於我們主要針對紐約公司的費率計劃的實施。這使調整後的淨收入增加了 7400 萬美元。由於我們改進了客戶服務指標，該數字包括從 2022 年初生效的 Central Maine Power 取消 100 個基點 ROE 調整所產生的積極影響。

We also had a gain of $181 million related to the restructuring of our offshore wind lease areas in New England, which gave us 100% control over the Park City Wind and Commonwealth Wind projects. Overall pricing and production was approximately $30 million lower. However, this largely reflected the absence of $93 million, a 2021 benefit from the Storm Uri in Texas. Excluding this, we did see improvements in pricing and production over the year, primarily from new assets in service and PTC.

我們還有 1.81 億美元的收益，與我們在新英格蘭的海上風電租賃區的重組有關，這使我們 100% 控制了帕克城風能和聯邦風能項目。總體定價和產量降低了大約 3000 萬美元。然而，這在很大程度上反映了缺少 9300 萬美元，這是 2021 年得克薩斯州烏里風暴帶來的收益。除此以外，我們確實看到全年定價和生產有所改善，主要來自服務和 PTC 的新資產。

We also had positive thermal and asset management results of $21 million. However, across the business, there were reductions from business costs, financing costs, primarily due to the absence of the NECEC, AFUDC that we had in 2021 and depreciation. We had a consolidated net tax benefit in 2022 that was approximately equal to 2021. In the business segment, it shows as a positive in renewables, primarily due to the release of a valuation reserve related to tax credits that we are now expecting to use due to the Inflation Reduction Act and state tax rate adjustments reduced by state unitary tax adjustments in corporate.

我們還取得了 2100 萬美元的積極熱力和資產管理成果。然而，在整個業務中，業務成本、融資成本都有所減少，這主要是由於沒有我們在 2021 年擁有的 NECEC、AFUDC 和折舊。我們在 2022 年的綜合淨稅收收益大約等於 2021 年。在業務部門，它在可再生能源方面顯示為積極，這主要是由於釋放了與稅收抵免相關的估值儲備，我們現在預計將到期使用通貨膨脹減少法和州稅率調整減少了州統一稅收調整公司。

For a business breakdown, we wanted to highlight the high percentage of Networks adjusted EBITDA with tax credits within AVANGRID's business mix, which explains 70% in 2022. Networks' adjusted EBITDA improved in 2022, although there was a drop in renewables, which again reflects the absence of the 2021 benefits from our strong operational performance during the Texas weather event, net of improved pricing, new capacity and production tax credits in 2022 that I had mentioned. We continue to invest in our businesses, driving future earnings potential as we implement our networks rate plans and construct wind and solar assets that reached COD in 2022 and that we expect to reach COD in 2023.

對於業務細分，我們想強調在 AVANGRID 的業務組合中，網絡調整後的 EBITDA 與稅收抵免的比例很高，這解釋了 2022 年的 70%。儘管可再生能源有所下降，但網絡調整後的 EBITDA 在 2022 年有所改善，這再次反映了2021 年沒有受益於我們在德克薩斯州天氣事件期間的強勁運營表現，扣除我提到的 2022 年定價改善、新產能和生產稅收抵免。我們繼續投資於我們的業務，推動未來盈利潛力，因為我們實施我們的網絡費率計劃並建設風能和太陽能資產，這些資產在 2022 年達到 COD，我們預計在 2023 年達到 COD。

Networks' CapEx represented over 70% of our CapEx in 2022, funding core electric and gas distribution and electric transmission spend for reliability and resiliency. In this challenging and uncertain economic environment, we are focused on our balance sheet, access to liquidity and credit ratings. Our sources and uses of funds on the next slide shows that in 2022, we generated a raise over $3.2 billion from a combination of cash and external borrowings, including green financing to fund our CapEx and our dividend. Access to capital at attractive rates is important. Last year, we secured bonds for approximately $792 million in our regulated utilities, including CMP's inaugural green bonds.

Networks 的資本支出占我們 2022 年資本支出的 70% 以上，為核心電力和天然氣分配以及輸電支出提供資金，以提高可靠性和彈性。在這個充滿挑戰和不確定的經濟環境中，我們專注於我們的資產負債表、流動性和信用評級。我們在下一張幻燈片中的資金來源和用途顯示，在 2022 年，我們通過現金和外部借款的組合籌集了超過 32 億美元的資金，包括為我們的資本支出和股息提供資金的綠色融資。以有吸引力的利率獲得資金很重要。去年，我們在受監管的公用事業中獲得了大約 7.92 億美元的債券，包括 CMP 的首批綠色債券。

We were able to lock in competitive rates ranging from 2.25% to 4.96%, benefiting from a delayed draw pricing strategy. In 2022, we also closed on tax equity funding for $223 million for solar and onshore wind projects. Maintaining our solid credit ratings is a key objective. We had significant cash in 2022 due to the 2021 equity issuance to fund the PNM merger, which we deployed efficiently and cost effectively to offset or defer debt and financing costs in the interim. In 2023, we look forward to closing on our merger with PNM Resources with AVANGRID debt that we deferred due to our early equity issuance.

我們能夠鎖定 2.25% 至 4.96% 的具有競爭力的利率，這得益於延遲抽取定價策略。 2022 年，我們還為太陽能和陸上風能項目完成了 2.23 億美元的稅收股權融資。保持我們可靠的信用評級是一個關鍵目標。由於為 PNM 合併提供資金的 2021 年股票發行，我們在 2022 年擁有大量現金，我們高效且具有成本效益地部署了現金，以抵消或推遲在此期間的債務和融資成本。 2023 年，我們期待完成與 PNM Resources 的合併，其中 AVANGRID 債務因我們提前發行股票而推遲。

As we previously noted on Investor Day, our long-term outlook anticipates additional equity of $1.9 billion in 2024, absent incremental asset sale proceeds that are not included in the formal outlook. Cash and liquidity are also key priorities, supported by our ongoing cash from operations, debt at the utility level, tax equity financing and tax credit transferability at Renewables. We have a $2 billion commercial paper program with an outstanding balance of $397 million at the end of 2022. This is backed by $3.575 billion sustainability-linked credit facility and we have a $500 million intercompany line of credit with Iberdrola. 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 billion in liquidity, covering 21 months.

正如我們之前在投資者日指出的那樣，我們的長期展望預計 2024 年將增加 19 億美元的股本，不包括正式展望中未包括的增量資產出售收益。現金和流動性也是關鍵優先事項，這得益於我們持續的運營現金、公用事業層面的債務、稅收股權融資和可再生能源的稅收抵免可轉讓性。我們有一個 20 億美元的商業票據計劃，到 2022 年底未償餘額為 3.97 億美元。這得到了 35.75 億美元的可持續發展相關信貸額度的支持，我們與 Iberdrola 有 5 億美元的公司間信貸額度。 Iberdrola 還向我們提供了一份 43 億美元的承諾書，以支持我們完成 PNM Resources 合併。這些來源為我們提供了 80 億美元的流動性，涵蓋 21 個月。

We also have the unique benefits of being a member of the Iberdrola Group, which also has strong liquidity of approximately EUR 25 billion, covering 27 months. Finally, our dividend policy remains unchanged. We're targeting a payout of 65% to 75% that we will grow into as our earnings increase over time, subject to Board approval. Importantly, our dividend yield of 4.36% exceeds the sector average of approximately 3.14%.

作為 Iberdrola Group 的成員，我們還享有獨特的優勢，該集團還擁有約 250 億歐元的強大流動性，涵蓋 27 個月。最後，我們的股息政策保持不變。我們的目標是 65% 到 75% 的支出，隨著我們的收入隨著時間的推移而增加，我們將增長到這一比例，但須經董事會批准。重要的是，我們 4.36% 的股息收益率超過了行業平均水平約 3.14%。

Our Board recently declared a quarterly dividend of $0.44 a share payable on April 3, 2023.

我們的董事會最近宣布派發每股 0.44 美元的季度股息，將於 2023 年 4 月 3 日支付。

Moving to the next slide. We are introducing our 2023 outlook ranges for EPS of $1.90 to $2.10 and adjusted EPS of $2.20 to $2.35 per share. We expect 2023 adjusted EPS to be relatively flat compared to our 2022 guidance and note that excluding the offshore wind gain in 2022 and asset sale proceeds in 2023, our expected adjusted EPS results increased by approximately 9%. Our ongoing focus remains on achieving these targets as we execute our investment plans with discipline and our risk management focus. Our 2023 outlook includes debt at the parent level, including to close on the merger transaction, which was financed in 2021, as I mentioned, primarily with the $4 billion of equity that we issued.

移動到下一張幻燈片。我們推出 2023 年每股收益 1.90 美元至 2.10 美元的展望範圍，調整後每股收益 2.20 美元至 2.35 美元。我們預計 2023 年調整後的每股收益與我們的 2022 年指引相比相對持平，並指出，不包括 2022 年的海上風電收益和 2023 年的資產出售收益，我們預計調整後的每股收益增長約 9%。在我們以紀律和風險管理為重點執行投資計劃時，我們的持續重點仍然是實現這些目標。我們的 2023 年展望包括母公司層面的債務，包括完成合併交易，正如我提到的那樣，該交易於 2021 年融資，主要是我們發行的 40 億美元股權。

C&M is included in our guidance starting in mid-2023. And based on public information and our internal estimates, we have assumed EPS of approximately $0.30 in 2023 for P&L. We also provide our expectations of opportunities and risks for the remainder of 2023 versus our outlook expectations, which include Renewables production and pricing, rate cases and other regulatory actions, storms and weather-related events, the restart of the NECEC construction, thermal and asset management results, taxes and financial interest, business costs and uncollectible.

從 2023 年年中開始，C&M 將包含在我們的指南中。根據公開信息和我們的內部估計，我們假設 2023 年損益的每股收益約為 0.30 美元。我們還提供了我們對 2023 年剩餘時間的機會和風險的預期與我們的前景預期，其中包括可再生能源生產和定價、費率案例和其他監管行動、風暴和天氣相關事件、NECEC 建設重啟、熱能和資產經營成果、稅收和經濟利益、經營成本和壞賬。

We expect renewable asset divestitures in 2023 to include the sale of a portion of our Kitty Hawk lease area as we noted on our September Investor Day, but also include estimated proceeds from potential partnership transactions for new projects with CODs expected in '24 and '25. In total, we are estimating pretax earnings benefit of approximately $125 million.

我們預計 2023 年的可再生資產剝離將包括出售我們在 9 月投資者日提到的部分 Kitty Hawk 租賃區，但也包括預計在 24 年和 25 年實現 COD 的新項目的潛在合作交易的估計收益.總的來說，我們估計稅前收益收益約為 1.25 億美元。

Finally, today, we are also confirming our 6% to 7% CAGR in our adjusted EPS through 2025 based off a midpoint that is -- based off a base that is the midpoint of our 2022 guidance unchanged from our Investor Day. In summary, we're very pleased with our 2022 financial results, and we are very focused on continuing to execute our long-term financial plan. As we outlined in our recent Investor Day, we have a disciplined focus on our investments on risk management, our financing plans, liquidity management and our credit ratings.

最後，今天，我們還確認到 2025 年調整後每股收益的複合年增長率為 6% 至 7%，基於中點，即我們 2022 年指引的中點與投資者日保持不變的中點。總而言之，我們對 2022 年的財務業績感到非常滿意，我們非常專注於繼續執行我們的長期財務計劃。正如我們在最近的投資者日中概述的那樣，我們嚴格關注風險管理、融資計劃、流動性管理和信用評級方面的投資。

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

感謝您今天加入我們的財務更新。我現在將把電話轉回給我們的接線員 Glenn，請他提問，然後由 Pedro 發表結束語。

(Operator Instructions) We have our first question comes from Richard Sunderland from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的理查德桑德蘭。

Starting with the '23 outlook. You ran through a lot of the details just at the end there, I wanted to confirm some of the pieces. The $125 million pretax gain, if I heard that correctly, that's inclusive of both Kitty Hawk and the onshore partnerships. I think in the past, Kitty Hawk was tapped for about $100 million. Is that still the case? And just wanted to confirm that those are the 2 moving pieces within that and see if any of your expectations around Kitty Hawk have changed since the fall?

從 23 年展望開始。您在最後介紹了很多細節，我想確認其中的一些內容。如果我沒聽錯的話，1.25 億美元的稅前收益包括 Kitty Hawk 和在岸合作夥伴關係。我想在過去，Kitty Hawk 被挖掘了大約 1 億美元。現在還是這樣嗎？並且只是想確認這些是其中的 2 個移動部分，看看自秋季以來您對 Kitty Hawk 的任何期望是否發生了變化？

No. I think there is no change. Again, this is 2 examples of the different options that we have to obtain those proceeds, okay? It's not just those 2 examples you give, but I think there is no change in specifically having those assets targeted the 60-40 for some assets in development of onshore and then the Kitty Hawk among other things because we're looking into several things right now from an asset in a rotation point of view.

不，我認為沒有變化。同樣，這是我們必須獲得這些收益的不同選擇的兩個例子，好嗎？不只是你給出的那兩個例子，但我認為將這些資產專門針對陸上開發中的某些資產的 60-40 沒有變化，然後是 Kitty Hawk 等等，因為我們正在研究幾件正確的事情現在從資產輪換的角度來看。

And then in terms of the onshore piece, within that, you mentioned '24 and '25 CODs. Would the sum total of the gains there come in '23? Or would you still expect to have '24 and '25 EPS contributions from those partnerships in terms of the gains themselves, not recurring earnings?

然後就陸上部分而言，您在其中提到了'24 和'25 COD。那裡的收益總和會在 23 年出現嗎？還是您仍然期望這些合夥企業在收益本身而不是經常性收益方面做出 24 和 25 年的每股收益貢獻？

In '25, I think we had almost nothing, long-term projections from EPS.

在 25 年，我認為我們幾乎沒有 EPS 的長期預測。

Yes. We had -- we actually had the project COD in '24 and '25. And these are project COD in '24 and '25 and a long-term outlook. I think we had $15 million of pretax in each year.

是的。我們有——我們實際上在 24 年和 25 年有項目 COD。這些是 24 年和 25 年的項目 COD 以及長期展望。我認為我們每年有 1500 萬美元的稅前收入。

15?

15？

Yes.

是的。

Okay. Got it. So the $15 million expectation...

好的。知道了。所以 1500 萬美元的預期......

Sorry. Richard, just my comment was we're always looking for these opportunities. So if they arrive sooner, we're going to capitalize on those. And as Pedro mentioned and we mentioned actually on Investor Day that there are a lot of other opportunities that we're looking at that we're not putting in the plan.

對不起。理查德，我的意見是我們一直在尋找這些機會。因此，如果他們早點到達，我們將利用這些。正如佩德羅提到的那樣，我們實際上在投資者日提到過，我們正在尋找很多其他機會，但我們沒有將其納入計劃。

Okay. Got it. And sorry, just one last follow-up on the guidance itself. The $0.30 from T&M based on a midyear close. Is that kind of all in with the financing cost or is that a separate contribution just from the PNM acquisition.

好的。知道了。抱歉，只是對指南本身的最後一次跟進。 T&M 的 0.30 美元基於年中收盤價。是那種全部包含在融資成本中，還是僅來自 PNM 收購的單獨貢獻。

That's PNM's contribution. It's not inclusive of any...

這是 PNM 的貢獻。它不包括任何...

Okay. Got it. And then just for my second question, the 6% to 8% and reiterating the outlook there, I noticed you referred back to the fall update for that. Does that then consider, I guess, changes in the interest rate outlook or power prices subsequent to the fall update. I'm curious if that has an impact on where you are within the 6% to 8% range? Or any other changes relative to the fall that might impact the -- sorry, the 6% to 7% of the EPS CAGR?

好的。知道了。然後就我的第二個問題，6% 到 8% 並重申那裡的前景，我注意到你提到了秋季更新。我猜，那是否考慮了秋季更新後利率前景或電價的變化。我很好奇這是否會影響您在 6% 到 8% 範圍內的位置？或者任何其他可能影響 EPS CAGR 的 6% 到 7% 的秋季變化？

Yes. I was just going to say it was 6% to 7% of the EPS CAGR. So we are affirming that today. And we do consider changes in the macro environment that have gone on since that point in time. I think what we're -- when we refer back to Investor Day, we're just talking about some of the key items we are really unchanged, like the asset sales assumptions, the equity assumption, the assumptions we had in the model for rate cases and investments rate base, all of that is unchanged. But we do look at other things as we narrow the range and got closer to this disclosure.

是的。我只是想說它是 EPS CAGR 的 6% 到 7%。所以我們今天確認這一點。我們確實考慮了自那個時間點以來發生的宏觀環境變化。我認為我們是什麼——當我們回顧投資者日時，我們只是在談論一些我們真正沒有改變的關鍵項目，比如資產銷售假設、股權假設、我們在模型中的假設利率案件和投資利率基礎，所有這些都沒有改變。但隨著我們縮小範圍並接近這一披露，我們確實會考慮其他事情。

We have our next question comes from David Arcaro from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 David Arcaro。

Okay. I was wondering if you could give an update on the New York settlement discussions. Any latest thoughts on how those are going, the timing of when we could get a settlement out in that state?

好的。我想知道你是否可以提供有關紐約和解討論的最新信息。關於這些進展如何的任何最新想法，我們何時可以在該州達成和解？

Catherine, I know it's confidential but...

凱瑟琳，我知道這是機密但是...

Sure. Thanks, David. I'll update you as much as I can right now. We have an extension until March 6 for the proceedings, and we are continuing those settlement conversations with staff and with all intervenors. And we'll just continue to work through those, as Pedro said, our guidance estimates that we will have rates in effect from May. And I will note that historically, the commission has -- have looked favorably upon make-whole agreements for rates. So we're working hard to see what we can do as soon as possible, but we'll continue to hold those settlement negotiations as long as they're productive.

當然。謝謝，大衛。我現在會盡可能多地更新你。我們將訴訟程序延期至 3 月 6 日，我們將繼續與工作人員和所有乾預者進行和解對話。正如佩德羅所說，我們只是繼續努力解決這些問題，我們的指導估計我們將從 5 月開始生效。我會指出，從歷史上看，委員會一直很看好利率的整體協議。因此，我們正在努力盡快了解我們能做些什麼，但只要它們富有成效，我們就會繼續進行這些和解談判。

Okay. Got it. And then I was wondering if you could just speak to Commonwealth Wind a bit. Just in terms of your strategy as you bid that into the next auction, do you feel you have a good line of sight into the cost structure in terms of having a high level of confidence in the cost structure to be able to bid at a level that does protect your returns in this next round, but also be able to bid competitively. Just wondering if you could speak to how you think about positioning that strategically and particularly downside risk on returns?

好的。知道了。然後我想知道你是否可以和 Commonwealth Wind 談談。就您在下一次拍賣中出價的策略而言，您是否覺得您對成本結構有很好的認識，對成本結構有高度的信心，能夠以一定的水平出價？這確實可以保護您在下一輪的回報，但也能夠有競爭力地出價。只是想知道您是否可以談談您如何看待戰略性定位，尤其是回報的下行風險？

I think the first thing is, I think we need to terminate the existing contract. I think as we commented, we have already declared our termination, but it has a process, so we need to finish that process. And then the repeat that will be in the May auction and then decisions in September and by the end of the year, the answer is yes. We're very committed. What we are trying to do right now is also to make sure everybody understand that these situations that we have been suffering in the last quarters is not just to us.

我認為第一件事是，我認為我們需要終止現有合同。我認為正如我們評論的那樣，我們已經宣布終止，但它有一個過程，因此我們需要完成該過程。然後將在 5 月的拍賣中重複，然後在 9 月和年底做出決定，答案是肯定的。我們非常投入。我們現在正在努力做的也是確保每個人都明白，我們在過去幾個季度遭受的這些情況不僅僅是我們自己。

It's worldwide and it has consequences. I think we see material deviations in many projects in solar, in onshore, in offshore, in substations, in many situations. And I think the important thing is also that when the auctions come out, keep in mind, you've seen some index considerations in other states in terms of the offshore development. And I think that has to be taken into account. It will be very important in the auctions that they take into account that the process takes so long that other things can happen in the middle and then there should be adjustments.

它是世界性的，它會產生影響。我認為在許多情況下，我們在太陽能、陸上、海上、變電站的許多項目中都看到了材料偏差。而且我認為重要的是，當拍賣出來時，請記住，你已經看到其他州在離岸開發方面的一些指數考慮因素。我認為必須考慮到這一點。在拍賣中非常重要的是，他們要考慮到這個過程需要很長時間，中間可能會發生其他事情，然後應該進行調整。

But I think because of the work we have already done in the last more than 3 years, we're probably as best positioned as we can to have as certain deals we can to making a new bid for this project because we continue working in the project, and we are committed to deliver this project.

但我認為，由於我們在過去 3 年多的時間裡所做的工作，我們可能處於最佳位置，可以達成盡可能多的交易，為這個項目進行新的競標，因為我們繼續在項目，我們致力於交付該項目。

We have our next question comes from Michael Sullivan from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Michael Sullivan。

Wanted to ask on just the latest on NECEC and some of the cost estimate updates and timeline updates that you had in the fact book. And then maybe just a little more on what you mean by ensuring economic viability that was in the slide. So is there any risk to this project at this point?

只想詢問有關 NECEC 的最新信息以及您在資料書中的一些成本估算更新和時間表更新。然後可能只是更多地了解幻燈片中確保經濟可行性的意思。那麼這個項目在這個時候有沒有風險呢？

I think if I can answer that and please Catherine, that up. It's very simple. We have legal things ahead of us, and we need to finalize them. And also, we have to review the economics just to make sure that we get the right recovery of the costs we have incurred. There has been a change in law in this contract and that allows you not for updating the cost due to that change of law. So I think those are the 2 things that we're going to be working on. Catherine?

我想如果我能回答這個問題並取悅凱瑟琳，那就好了。這很簡單。我們面前有法律問題，我們需要完成它們。而且，我們必須審查經濟性，以確保我們能夠正確收回所產生的成本。本合同中的法律發生了變化，因此您不能因該法律變化而更新成本。所以我認為這是我們將要做的兩件事。凱瑟琳？

Yes, I'll just add that with the delay that was caused by the kind of unprecedented action from our opponents, and we continue to look at restarting construction as soon as possible. And with that restart of construction, we're negotiating with all of our vendors to make sure that we can optimize all the construction schedule as well as the pricing that we're receiving. So we're doing that in the background as we're proceeding along with the legal matters.

是的，我只是補充一點，由於我們的對手採取前所未有的行動而造成的延誤，我們將繼續考慮盡快重啟建設。隨著施工的重新開始，我們正在與所有供應商進行談判，以確保我們能夠優化所有施工進度以及我們收到的價格。因此，當我們處理法律事務時，我們是在後台這樣做的。

Okay. So this is more negotiating on the cost side, not the revenue contract side? Or is that part of this as well?

好的。所以這更多是在成本方面進行談判，而不是在收入合同方面？或者這也是其中的一部分？

Well, it's both things. I think there is a change in law and those additional costs. Legally, we believe we're entitled to them. And I think that's something part of the things that we're working with ADCs and subsequent with public commission. So the answer is yes. We're going to be working and we are working in both sides.

好吧，這是兩件事。我認為法律和那些額外費用發生了變化。從法律上講，我們認為我們有權獲得它們。我認為這是我們與 ADC 合作以及隨後與公共委員會合作的一部分。所以答案是肯定的。我們將繼續努力，我們正在雙方努力。

Okay. And then just on the '23 guide on Slide 18, you point out 9% growth, excluding some of the offshore wind gain and the divestitures planned for '23. But then you show PNM as $0.30. I mean isn't PNM the majority of that 9% kind of normalized growth? And if that's right? Or what's kind of going on with the rest of the business that it's seeing such little growth, I guess?

好的。然後就在幻燈片 18 的 23 年指南中，您指出了 9% 的增長，不包括一些海上風電收益和 23 年計劃的資產剝離。但隨後您將 PNM 顯示為 0.30 美元。我的意思是，PNM 不是那種 9% 的正常增長中的大部分嗎？如果那是對的？或者我猜其他業務的發展情況如何，增長如此之小？

I will let Patricia to comment on details. But I did remember when we did our strategic presentation because of the rate cases, negotiations that we have going on right now, we made it clear that out of the 3 years, this was the 1 with less growth and then things we catch up later. I think we've been very transparent on how this year will be. I think when you look at the numbers with and without PNM, and you look at the numbers also without existing gains, if you take out the 2 gains, both the one what we had last year, with the Texas event on some other asset divestitures and you take out the actual gain that we had this year in '22, I think you will see that the growth is 7%, okay?

我會讓帕特里夏評論細節。但我確實記得當我們因為費率案例和我們現在正在進行的談判而進行戰略介紹時，我們明確表示在這 3 年中，這是增長較少的 1 年，然後我們會在以後趕上.我認為我們對今年的情況非常透明。我認為，當你查看有無 PNM 的數字時，你也可以在沒有現有收益的情況下查看這些數字，如果你去掉 2 個收益，包括我們去年獲得的收益，以及德克薩斯州其他一些資產剝離事件然後你去掉我們今年在 22 年的實際收益，我想你會看到增長是 7%，好嗎？

When you think about it. And when you think about the growth for '23, if you think about the midpoint of the guidance, we go to 9%. Now you say, well, if you take out PNM, those numbers go more to the 7%. So that's why I think for us, yes, this is the year that we made it clear what we have rate cases negotiations, et cetera. And PNM is a factor to move from 2, 3 points above or below. But Patricia, you can comment.

想的時候。當你考慮 23 年的增長時，如果你考慮指導的中點，我們會達到 9%。現在你說，好吧，如果你去掉 PNM，這些數字會增加到 7%。所以這就是為什麼我認為我們，是的，今年我們明確表示我們有什麼費率案例談判，等等。 PNM 是從 2、3 點向上或向下移動的一個因素。但是帕特里夏，你可以發表評論。

Yes, I think you've hit all the key points. I mean, what we're really trying to show is that even though these events that happened in 2021 and 2022 are part of our -- really are -- and we've said this a couple of times, our ongoing strategy of capturing value in our business. And we've been able to do that by having the strong operational performance in Texas. We've been able to do that by restructuring our offshore wind lease. So now we have 100% ownership of those projects. If you wanted to exclude those, and we had some small asset divestitures also in 2021, which we have typically on a recurrent basis from our pipeline.

是的，我認為你已經擊中了所有關鍵點。我的意思是，我們真正想表明的是，即使 2021 年和 2022 年發生的這些事件是我們的一部分——真的是——而且我們已經說過幾次，我們持續的獲取價值的戰略在我們的業務中。我們已經能夠通過在德克薩斯州擁有強大的運營績效來做到這一點。我們已經能夠通過重組我們的海上風電租賃來做到這一點。所以現在我們擁有這些項目的 100% 所有權。如果你想排除這些，我們在 2021 年也進行了一些小規模的資產剝離，我們通常會定期從我們的管道中剝離這些資產。

You would have a 9% growth, excluding that. Yes, in 2023, there is PNM and we have $0.30 there for the PNM operations. But we also have rate cases that we expect will be -- are very important to the companies that will go into effect mid to late year, so not early in the year. We also have operations from projects that went COD last year. And this year, that will add -- we expect this year that will also add to the performance. We also have the funding costs for debt at the parent company level that needs to be considered into 2023. So it's really not any change from how we have been looking at it all along from Investor Day, considering all those factors other than we're constantly looking, as I mentioned before, at the whole macro environment and other impacts to the business.

不包括在內，你會有 9% 的增長。是的，在 2023 年，有 PNM，我們有 0.30 美元用於 PNM 操作。但我們也有我們預計的費率案例 - 對於將在年中到年底生效的公司來說非常重要，而不是在今年年初生效。我們也有來自去年 COD 項目的業務。而今年，這將增加 - 我們預計今年也將增加性能。我們還有母公司層面的債務融資成本需要考慮到 2023 年。因此，考慮到除我們之外的所有這些因素，我們從投資者日以來一直在看待它的方式真的沒有任何改變正如我之前提到的，不斷關注整個宏觀環境和對業務的其他影響。

Our next question comes from Julien Dumoulin-Smith from Bank of America.

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Appreciate it. Just coming back real quickly here. I know you guys addressed this a little bit, the 6% to 7% CAGR. First off, just when you talk about the assumptions embedded, is it still assuming the same power curve from last year? Or how are you thinking in reaffirming your word, I think, a moment ago, today relative to incorporating some of the assumptions from last year, one of the big deltas would potentially be power? How do you think about the mark-to-market there? And what the curve is out there?

欣賞它。只是很快就回來了。我知道你們稍微解決了這個問題，即 6% 到 7% 的複合年增長率。首先，當你談到嵌入的假設時，它是否仍然假設與去年相同的功率曲線？或者你是如何考慮重申你的話的，我想，就在今天，相對於結合去年的一些假設，一個大的三角洲可能是權力？你如何看待那裡的按市值計價？那裡的曲線是什麼？

We look -- look -- I mean, we call that a couple of things. I said interest rates, macro environment. We look at all these things combined to see how comfortable we are with the guidance. We haven't changed some of the things I mentioned, like rate case assumptions in terms of investments, in terms of expected ROEs and capital structures, CapEx across the business, megawatts, et cetera. But we do -- when we are trying to determine our 2023 budget, we do -- which came after Investor Day, we do deep dive focuses on all of our expectations for 2023. So we take those into account and anything else that we believe could be impact for positive or negative in the long term and that's how we get comfortable with maintaining the 6% to 7%.

我們看 - 看 - 我的意思是，我們稱之為幾件事。我說利率，宏觀環境。我們將所有這些因素結合起來，看看我們對指南的接受程度。我們沒有改變我提到的一些事情，比如投資方面的利率案例假設、預期 ROE 和資本結構、整個企業的資本支出、兆瓦等等。但是我們確實——當我們試圖確定我們的 2023 年預算時，我們確實這樣做了——在投資者日之後，我們深入研究了我們對 2023 年的所有預期。因此我們將這些以及我們認為的任何其他因素都考慮在內從長遠來看可能會產生積極或消極的影響，這就是我們對維持 6% 至 7% 感到滿意的方式。

Maybe just to remind that also, 70% of our earnings are linked to PPAs. So not subject to this change in the power curves. And also just also to highlight that, yes, we were quite prudent when we made our budget because in 2022, we saw basis as an important vector in some assets, and we put prudence in our 2023 budget.

也許只是提醒一下，我們 70% 的收入都與購電協議有關。因此不受功率曲線變化的影響。而且還要強調的是，是的，我們在製定預算時非常謹慎，因為在 2022 年，我們將基礎視為某些資產的重要載體，我們在 2023 年的預算中採取了謹慎態度。

That's right. I think it's important to note that to that 70% of the renewables business, which is less than 30% of the corporate earnings are for PPAs. And we do -- when we look at pricing, consider basis risk and curtailments and prudently managing around those.

這是正確的。我認為重要的是要注意 70% 的可再生能源業務（不到公司收益的 30%）用於 PPA。我們確實這樣做了——當我們考慮定價時，考慮基本風險和縮減，並謹慎地管理這些風險。

Got it. Basically, the way to say this is your power curve assumptions haven't changed formally for the range. But given the mark-to-market today, you're still within the range? Is that the way to read it?

知道了。基本上，這就是您的功率曲線假設在範圍內沒有正式改變的方式。但是考慮到今天的市值，你還在這個範圍內嗎？是這樣讀的嗎？

I'm saying we look at a lot of different things, pluses and minuses, and we're not calling out everything that's in our long term -- every assumption that's in our long-term outlook, positive and negative, because then you're just going to know those single things that we called out. We're just basically saying (inaudible) yes, when we consider everything.

我是說我們會考慮很多不同的事情，包括優點和缺點，我們並沒有說出我們長期的一切——我們長期前景中的每一個假設，積極的和消極的，因為那樣你我們只是想知道我們所說的那些單一的事情。當我們考慮所有事情時，我們基本上只是說（聽不清）是的。

And maybe the follow-up related to that would be, when do you think about coming out with an updated and roll forward long-term outlook? And then to that end, do you think that you could be in a position to give kind of a cleaner number, given the gains, et cetera, there's a lot of lumpiness within the adjusted EPS sale. What point do you think we get kind of a cleaner view on the outlook for the business without kind of the jump in PNM here, for instance. And then related to that, what's the time line do you think for PNM? It seems like the Commission and others are keen to resolve. What's your sense on when you're able to get that clarity given some of the other sort of logistical and pending matters in the state?

也許與此相關的後續行動是，你什麼時候考慮提出更新和前瞻性的長期展望？然後為此，您是否認為您可以給出一個更清晰的數字，考慮到收益等等，調整後的每股收益銷售中有很多波動。例如，您認為我們在沒有 PNM 跳躍的情況下對業務前景有了更清晰的認識。然後與此相關，您認為 PNM 的時間表是什麼？委員會和其他人似乎熱衷於解決這個問題。考慮到該州的其他一些後勤和懸而未決的問題，您對什麼時候能夠弄清楚這一點有何看法？

If I can respond to both. I think, first of all, we have confirmed the outlook for '25. So I think we don't have any date right now that we will come back. I think it's clear we're working always in updating our onshore business plan. I think we're working on updating there was a transmission approval last week. So we're working on that to come back to you. It's a very material amount on CLCPA Part 2. So we always will have to come back to you with updates. It seems to me that most of the dates are more things happening than less things happening.

如果我能對兩者都做出回應。我認為，首先，我們已經確認了 25 年的前景。所以我認為我們現在沒有任何日期可以回來。我認為很明顯，我們一直在努力更新我們的在岸業務計劃。我認為我們正在努力更新上週的傳輸批准。所以我們正在努力回到你身邊。這是 CLCPA 第 2 部分中的一個非常重要的數額。因此我們總是必須返回給您更新。在我看來，大多數日期都是發生的事情多於發生的事情少。

I think on PNM, I hope you are right. I think we respect that you know the process. There is a new commission. The commissioners are very respectful. They have been confirmed. And I think we are just right now working with them to see -- no, not with the commissioners, we're working with the parties, try to come back to the Commission. So we are just waiting right now. But if there is something there, it is going to be in the upcoming weeks.

我認為在 PNM 上，我希望你是對的。我認為我們尊重您了解流程。有一個新的佣金。委員們非常恭敬。他們已經得到證實。而且我認為我們現在正在與他們合作，看看 - 不，不是與委員合作，我們正在與各方合作，試圖回到委員會。所以我們現在只是在等待。但如果那裡有什麼東西，它將在接下來的幾週內出現。

We have our final question from Angie Storozynski from Seaport Research Partners.

Seaport Research Partners 的 Angie Storozynski 向我們提出了最後一個問題。

I just wanted to go back to the earnings -- segmental earnings. I mean, what happened with Networks earnings in the fourth quarter? Because it seems like the year-over-year delta is pretty harsh, especially for the fourth quarter earnings. You clearly made your consolidated EPS against market expectations mostly through the Renewables business, but Networks looks weak, and you're suggesting that there's basically flat earnings year-over-year roughly for that business in '23, if I understand correctly because of the timing of rate cases. But again, I would argue that the '22 earnings on Networks were relatively weak, no?

我只想回到收益——分部收益。我的意思是，第四季度 Networks 的收益如何？因為看起來同比增量非常苛刻，尤其是第四季度的收益。您顯然主要通過可再生能源業務使綜合每股收益超出市場預期，但網絡看起來很弱，並且您暗示如果我理解正確的話，23 年該業務的同比收益基本持平，因為費率案件的時間安排。但同樣，我會爭辯說 22 年網絡的收益相對較弱，不是嗎？

So yes, let me just go through a couple of things there, Angie. For the fourth quarter, specifically for networks, we did have the ongoing impact of rate increases in New York and Maine. That was about $16 million, and we had a small amount of capitalized labor and some benefit from taxes. But we also had ongoing cost of the business, which is including all across the business, higher vegetation, management spend, other costs of the business. We had personnel costs that were higher that was primarily due to growth including some that were in our prior JP in New York.

所以是的，安吉，讓我簡單介紹幾件事情。對於第四季度，特別是網絡，我們確實對紐約和緬因州的加息產生了持續影響。那大約是 1600 萬美元，我們有少量的資本化勞動力和一些稅收收益。但我們也有持續的業務成本，包括整個業務、更高的植被、管理支出和其他業務成本。我們的人員成本較高，這主要是由於增長，包括我們之前在紐約的 JP 中的一些成本。

We had depreciation as we had new fixed assets put in place. And then if you look quarter over quarter, there's also a negative in finance cost that's really from NECEC because we have that -- there was about $6 million there that was in the fourth quarter of 2021, but not in the fourth quarter of 2022. So that's really for the quarter, what's been timing-wise, what's been driving the business, the cost.

我們有折舊，因為我們有新的固定資產到位。然後，如果你環比地看，NECEC 的財務成本也有負數，因為我們有——2021 年第四季度大約有 600 萬美元，但 2022 年第四季度沒有。所以這真的是本季度的時間，是什麼推動了業務，成本。

I think also, if I can make a comment, and please Catherine or Scott comment as needed. I'm very proud that we have delivered almost -- when I say almost, it's almost 100% the budget we have for the year. I think that's -- I'm very happy. So that's why we want to do the same thing in 2023. And perhaps Scott or Catherine, I don't know if you want to add anything to Patricia.

我還想，如果我可以發表評論，請 Catherine 或 Scott 根據需要發表評論。我很自豪我們幾乎完成了——當我說幾乎時，這幾乎是我們今年預算的 100%。我認為那是——我很高興。所以這就是為什麼我們想在 2023 年做同樣的事情。也許斯科特或凱瑟琳，我不知道你是否想給帕特里夏添加任何東西。

I'll just add, Angie, that this is traditionally the profile that we have in Networks where towards -- as we get towards the fourth quarter, some of those expenditures that Patricia was talking about typically flow through. So what we really target for is the total year EPS.

我只想補充一點，Angie，這傳統上是我們在 Networks 中的概況——當我們進入第四季度時，Patricia 談到的一些支出通常會流過。所以我們真正的目標是全年每股收益。

Okay. Well, but we -- but you never provided us with those segmental earnings targets, right? I mean I understand that you're showing us on a quarterly basis, but I -- as I look into even '23, you're not showing me what is the target for Networks, right? Would you consider providing us with segmental guidance?

好的。好吧，但是我們 - 但您從未向我們提供過這些部門收益目標，對嗎？我的意思是我知道你每季度向我們展示一次，但我 - 當我調查 23 年時，你沒有向我展示 Networks 的目標是什麼，對嗎？您會考慮為我們提供細分指導嗎？

I think we used to do that. And I think we have decided to move more to the commitment as a company in order to do that. And that's why we will explain in the data every quarter, but we prefer to stay with our commitment to the whole company.

我想我們曾經這樣做過。我認為我們已經決定更多地履行作為一家公司的承諾，以便做到這一點。這就是為什麼我們每個季度都會在數據中進行解釋，但我們更願意堅持對整個公司的承諾。

Okay. And just one last one. So you mentioned that you considered asset sales to offset equity needs. It seems like we have had -- or we have a number of pending processes of asset sales on the renewable side. They seem to be getting delayed. There are some questions about how the higher cost of financing impacts the value of these assets. Have you looked at, again, potential monetization of either existing assets or projects -- or undeveloped projects and how the market proceeds these assets versus what you had expected a couple of years ago?

好的。最後一個。所以你提到你考慮過出售資產來抵消股權需求。似乎我們已經 - 或者我們在可再生能源方面有許多未決的資產出售流程。他們似乎要遲到了。關於較高的融資成本如何影響這些資產的價值存在一些問題。您是否再次研究過現有資產或項目或未開發項目的潛在貨幣化，以及市場如何處理這些資產與您幾年前的預期？

I think the answer is yes. We are working on different processes. We have interest from buyers. I think if you see the recent transactions, both in Europe and the U.S., the market continues to be there. And I think interest rates, as you correctly say, may go up now, but people expect the interest rates to go down a year from now or 3 quarters from now. So I think that the amount of money coming into the funds have not changed. You have a lot of money going into the funds. So from that point of view, I think you can see the transaction we have closed at the level -- at the group level already, 3 or 4 in the last 6 months.

我認為答案是肯定的。我們正在研究不同的過程。我們有買家的興趣。我認為，如果你看到最近在歐洲和美國的交易，市場將繼續存在。我認為利率，正如你所說的那樣，現在可能會上升，但人們預計利率會在一年後或三個季度後下降。所以我認為進入基金的資金數額沒有改變。你有很多錢進入基金。所以從這個角度來看，我認為你可以看到我們已經在集團層面完成的交易——在過去 6 個月中已經完成了 3 或 4 筆交易。

And I think if you review the RWA transaction, I think you review some of the other transactions in offshore going on. It seems to me that the appetite is there. So there is no change in dynamics right now in the money market for renewables. All those other processes, I cannot comment. I think I -- we are very pleased on our assets. We believe they are Tier 1. They are very unique. It's not -- not everybody has the third largest onshore operations in the U.S. in onshore.

而且我認為，如果您審查 RWA 交易，我認為您會審查離岸正在進行的其他一些交易。在我看來，胃口就在那裡。因此，目前可再生能源貨幣市場的動態沒有變化。所有其他過程，我無法評論。我想我 - 我們對我們的資產感到非常滿意。我們相信它們是 Tier 1。它們非常獨特。它不是 - 不是每個人都在美國陸上擁有第三大陸上業務。

I think nobody has so much commitment as we do to real projects in offshore. So from that point of view, when you look at those assets, I think the appetite is there and the interest is there. I have not seen any change at all.

我認為沒有人像我們對海上實際項目所做的那樣投入。因此，從這個角度來看，當您查看這些資產時，我認為胃口就在那裡，興趣就在那裡。我根本沒有看到任何變化。

Thank you, and thank you all for your questions. I will now pass it over to Pedro Azagra for closing remarks.

謝謝，也謝謝大家的提問。現在我將把它交給 Pedro Azagra 作結束語。

2022 was a highly successful year for AVANGRID, thanks to our increased focus on execution and risk management, which enabled us to meet or exceed our financial commitments and positions us for continued success in '23. We believe the moment is right for a unique reinvestment opportunity like AVANGRID. In the year ahead, we look to leverage the solid foundation provided by our largely regulated business mix to drive secure, stable and profitable growth across AVANGRID.

2022 年對 AVANGRID 來說是非常成功的一年，這要歸功於我們更加註重執行和風險管理，這使我們能夠實現或超越我們的財務承諾，並使我們在 23 年繼續取得成功。我們相信現在是像 AVANGRID 這樣獨特的再投資機會的正確時機。在未來的一年裡，我們希望利用我們受到嚴格監管的業務組合所提供的堅實基礎，推動整個 AVANGRID 的安全、穩定和盈利增長。

As we look to deliver on our commitments in 2023, we will prioritize completing our PNM Resources merger as far as it depends on us, closing our rate cases to balance cash flow earnings and customer affordability and resolving NECEC legal matters. Our disciplined investment strategy will ensure optimal use of our capital with a sharp eye on balance sheet strength, solid credit agencies and liquidity. Asset rotation, which includes that we announced up to $2 billion, at least, in sale opportunities throughout 2025 and partnerships are a key element of that strategy.

當我們希望在 2023 年兌現我們的承諾時，我們將優先完成 PNM Resources 的合併，只要它取決於我們，關閉我們的費率案例以平衡現金流收入和客戶負擔能力，並解決 NECEC 法律問題。我們嚴格的投資策略將確保我們的資本得到最佳利用，同時密切關注資產負債表實力、穩健的信貸機構和流動性。資產輪換，其中包括我們宣佈在整個 2025 年至少提供高達 20 億美元的銷售機會，而合作夥伴關係是該戰略的關鍵要素。

Our investment plans are well aligned with the state and federal clean energy policies. We are driving faster decarbonization across our own operations and enabling a broader energy transition through first in the nation offshore wind, expand of onshore renewables and by developing clean energy transmission and grid infrastructure. In each of these activities, we benefit from the expertise, scale and strong financial backing of our Iberdrola Group that we are part of.

我們的投資計劃與州和聯邦清潔能源政策保持一致。我們正在推動我們自己的業務更快地脫碳，並通過全國首創的海上風電、擴大陸上可再生能源以及發展清潔能源傳輸和電網基礎設施來實現更廣泛的能源轉型。在每一項活動中，我們都受益於我們所屬的 Iberdrola Group 的專業知識、規模和強大的財務支持。

If we leverage this strength well and capitalize upon these upsides of our plan, I am confident that we will continue to deliver on our commitments and extend our trend of solid execution. Thank you again for joining us today for our fourth quarter call. If you have any other questions, please follow up with Alvaro, Patricia, myself and the rest of the IR team. Thank you very much, and have a great day.

如果我們很好地利用這一優勢並利用我們計劃的這些優勢，我相信我們將繼續履行我們的承諾並擴大我們穩健執行的趨勢。再次感謝您今天加入我們的第四季度電話會議。如果您有任何其他問題，請與 Alvaro、Patricia、我本人和 IR 團隊的其他成員一起跟進。非常感謝，祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。