Avangrid Inc (AGR) 2023 Q1 法說會逐字稿

Good morning or good afternoon all, and welcome to AVANGRID's First Quarter 2023 Earnings Conference Call. (Operator Instructions) I'll now turn the call over to Alvaro Ortega, Vice President of Finance, Investor Relations and Treasury. Over to you.

大家早上好或下午好，歡迎來到 AVANGRID 2023 年第一季度收益電話會議。 （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。交給你了。

Thank you, Adam, and good morning to everyone. Thank you for joining us today to discuss AVANGRID's First Quarter 2023 Earnings Results. Presenting on the call today are Pedro Azagra, our Chief Executive Officer; and Patricia Cosgel, our Chief Financial Officer. Also join 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，亞當，大家早上好。感謝您今天加入我們討論 AVANGRID 2023 年第一季度的收益結果。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.

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。

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 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, 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. We do not undertake any duty to update any forward-looking statements.

在今天的電話會議中，我們將根據受風險和不確定性影響的當前預期和假設，在 1995 年美國私人證券訴訟改革法案安全港條款的含義內做出各種前瞻性陳述。如果我們的任何關鍵假設不正確或由於 AVANGRID 的收益新聞稿、本次電話會議期間發表的評論、隨附演示文稿的風險因素部分或在我們向美國證券交易委員會提交的最新報告和文件中，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.

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。

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. Thank you for joining us today for our first quarter results presentation. Let's get started on Slide 5.

謝謝阿爾瓦羅，大家早上好。感謝您今天加入我們的第一季度業績演示會。讓我們從幻燈片 5 開始吧。

Overall, AVANGRID had a solid start for the year with many important operational achievements, and our team remains highly focused on the successful delivery of our strategic initiatives.

總體而言，AVANGRID 今年開局良好，取得了許多重要的運營成就，我們的團隊仍然高度關注成功實施我們的戰略計劃。

For the first quarter, our earnings per share and adjusted earnings per share were $0.63 and $0.64 per share, respectively. On a year-over-year basis, the comparison is driven by the absence of the $0.40 offshore wind restructuring gain recorded in the first quarter of last year. Most importantly, we are taking meaningful steps forward on the strategic initiatives that will drive future growth across both businesses.

第一季度，我們的每股收益和調整後每股收益分別為 0.63 美元和 0.64 美元。與去年同期相比，這種比較是由於沒有去年第一季度記錄的 0.40 美元的海上風電重組收益。最重要的是，我們正在採取有意義的步驟推進戰略舉措，這些舉措將推動兩家公司未來的增長。

In Networks, we are advancing our rate cases in New York, Maine and Connecticut, and we continue to anticipate having new rates in effect across all jurisdictions this year. In addition, in February, we received approval from the New York Public Service Commission for our CLCPA Phase II portfolio, a $2.25 billion investment that will reduce grid congestion, create a pathway for nearly 2 gigawatt of renewable energy resources and play an integral role in achieving New York's nation-leading climate goals. Together with CLCPA Phase I, the transmission investment opportunities in New York beyond 2025 will reach over $3 billion.

在網絡方面，我們正在推進紐約、緬因州和康涅狄格州的費率案例，我們繼續預計今年所有司法管轄區都會實施新的費率。此外，2 月，我們的 CLCPA II 期投資組合獲得紐約公共服務委員會的批准，這是一項 22.5 億美元的投資，將減少電網擁堵，為近 2 吉瓦的可再生能源開闢一條道路，並在以下方面發揮不可或缺的作用實現紐約全國領先的氣候目標。加上 CLCPA 第一階段，2025 年以後紐約的輸電投資機會將超過 30 億美元。

For our New England Clean Energy Connect Project, the jury trial in Maine's Business and Consumer Court concluded last week and unanimously found that the project can legally proceed. This is another major success for NECEC following positive rulings over the last months from the Maine law court and FERC.

對於我們的新英格蘭清潔能源連接項目，緬因州商業和消費者法院的陪審團審判於上週結束，一致認定該項目可以合法進行。這是繼過去幾個月緬因州法院和 FERC 做出積極裁決後 NECEC 取得的又一重大成功。

We're also progressing on PNM Resources merger and in recent weeks, we have taken several key steps forward. Last month, AVANGRID, PNM Resources and the New Mexico Public Regulation Commission filed a joint motion with the new Supreme Court in New Mexico to dismiss the merger appeal and remand the case back to the PRC. Additionally, we extended our merger agreement through July 20, reinforcing our continued commitment to PNM as we work through the legal and regulatory review process.

我們還在 PNM Resources 合併方面取得進展，最近幾週，我們向前邁出了幾個關鍵步驟。上個月，AVANGRID、PNM Resources 和新墨西哥州公共監管委員會向新墨西哥州新最高法院提出聯合動議，要求駁回合併上訴並將案件發回中國。此外，我們將合併協議延長至 7 月 20 日，以加強我們在法律和監管審查過程中對 PNM 的持續承諾。

In Renewables, we signed or renegotiated PPAs for 524 megawatts of solar capacity projects and commissioned 205 megawatts in Oregon. Additionally, we are advancing the construction of approximately 1 gigawatt of new onshore capacity for COD over the next 2 years.

在可再生能源方面，我們簽署或重新談判了 524 兆瓦太陽能項目的購電協議，並在俄勒岡州投產了 205 兆瓦。此外，我們正在推進在未來 2 年內建設約 1 吉瓦的新陸上 COD 產能。

Construction on our Vineyard Wind 1 offshore project is progressing as planned, keeping the project on track to deliver its first power later this year and reach full commercial operations next year. We expect to install the first monopile during the second quarter, which will mark a major milestone for the construction works. Throughout the year, we will continue working to close these core initiatives which create a strong value proposition for AVANGRID and positions us well to deliver on our annual obligations and estimations.

我們的 Vineyard Wind 1 海上項目的建設正在按計劃進行，該項目有望在今年晚些時候交付第一批電力，並在明年實現全面商業運營。我們預計在第二季度安裝第一根單樁，這將標誌著建築工程的一個重要里程碑。在這一年中，我們將繼續努力完成這些核心計劃，這些計劃為 AVANGRID 創造了強大的價值主張，並使我們能夠很好地履行我們的年度義務和估計。

Slide 6 illustrates one of our most essential priorities: developing trust and collaboration with our key stakeholders as well as accomplishments and constructive outcomes that have resulted from our efforts.

幻燈片 6 說明了我們最重要的優先事項之一：與我們的主要利益相關者建立信任和協作，以及我們的努力所取得的成就和建設性成果。

As discussed on the previous slide, during the first quarter, we delivered several significant accomplishments, including the positive court ruling on NECEC and progress from our PNM Resources merger. We have resumed collections in mid-April, while continuously advocating on behalf of our customers to reduce bill impacts in response to the pandemic and supply cost challenges.

正如上一張幻燈片所討論的，在第一季度，我們取得了幾項重大成就，包括法院對 NECEC 的積極裁決以及 PNM Resources 合併取得的進展。我們已於 4 月中旬恢復收款，同時繼續代表我們的客戶倡導減少賬單影響，以應對大流行病和供應成本挑戰。

In addition to over $50 million in our system secured in 2022, this year, New York approved the second phase of its utility assistance program, which provides another $34 million to [NYSEG and RGE] customers to help reduce substantial arrears that accumulated during and after the pandemic.

除了我們的系統在 2022 年獲得超過 5000 萬美元的擔保外，今年紐約還批准了其公用事業援助計劃的第二階段，該計劃向 [NYSEG 和 RGE] 客戶提供了另外 3400 萬美元，以幫助減少在此期間和之後累積的大量欠款大流行。

On the Renewables side of the business, we are engaging with officials and regulators in New England on the solutions needed to ensure a healthy and competitive offshore wind market on economically viable projects.

在業務的可再生能源方面，我們正在與新英格蘭的官員和監管機構就確保經濟上可行項目的健康和競爭性海上風電市場所需的解決方案進行接觸。

Last week, we announced a new partnership with Navajo Tribal Utility Authority to explore opportunities to develop up to 1 gigawatt of renewable energy projects including wind, solar and storage within the Navajo Nation in New Mexico and Arizona. This partnership is a great example of how the IRA is unlocking innovative investment opportunities and how we are committed to engaging our communities in the transition by delivering jobs and fostering economic growth and development.

上週，我們宣布與納瓦霍部落公用事業管理局建立新的合作夥伴關係，以探索在新墨西哥州和亞利桑那州的納瓦霍部落開發多達 1 吉瓦的可再生能源項目的機會，包括風能、太陽能和儲能。這種夥伴關係很好地說明了 IRA 如何釋放創新的投資機會，以及我們如何致力於通過提供就業機會和促進經濟增長與發展來讓我們的社區參與轉型。

Additionally, we have fully funded the tax equity for our 184-megawatt Lund Hill solar project and are focused on maintaining solid credit ratings. Recently, Fitch affirmed its rating for AVANGRID and improved its outlook to stable.

此外，我們已為我們 184 兆瓦的隆德山太陽能項目的稅收權益提供全額資金，並專注於維持穩健的信用評級。近日，惠譽確認了對 AVANGRID 的評級，並將其展望上調至穩定。

We look forward to seeing more green checkmarks on this slide in the months to come. Our focus on engagement and strong relationship building will continue to be essential. As we work towards successful conclusions for our rate cases, New England offshore wind projects, NECEC and PNM Resources merger, we are encouraged by the strong coalitions of support we have already built, which includes businesses and labor groups, environmental organizations, both policy leaders and others.

我們期待在未來幾個月內在這張幻燈片上看到更多綠色複選標記。我們對參與和建立牢固關係的關注將繼續至關重要。當我們努力為我們的費率案例、新英格蘭海上風電項目、NECEC 和 PNM Resources 合併取得圓滿成功時，我們對我們已經建立的強大支持聯盟感到鼓舞，其中包括企業和勞工團體、環境組織、政策領導者和別的。

Let's turn now to our Networks business on Slide 7. Across the business, we are focused on providing safe, reliable and affordable service and investing to create a stronger, more resilient grid that will be the backbone of a cleaner energy future. We're making good progress in our rate cases.

現在讓我們轉到幻燈片 7 上的網絡業務。在整個業務中，我們專注於提供安全、可靠和負擔得起的服務，並投資創建一個更強大、更有彈性的電網，這將成為清潔能源未來的支柱。我們在費率案例上取得了良好進展。

Starting with New York, we continue to advance on our settlement negotiation and expect rates to be effective as of April 22, with a make-whole provision recently approved by the commission.

從紐約開始，我們繼續推進我們的和解談判，預計費率將於 4 月 22 日生效，委員會最近批准了一項完整條款。

In Maine, we reached an agreement with Powell Creek to enter into settle the negotiations in March. We expect CMP's new rates to be effective in August.

在緬因州，我們與 Powell Creek 達成協議，於 3 月開始解決談判。我們預計 CMP 的新利率將於 8 月生效。

In Connecticut, we completed the (inaudible) hearings and briefings are currently ongoing. For UI, we expect new rates will be effective in September. And in Massachusetts, new rates are already authorized and came into effect at the start of the year.

在康涅狄格州，我們完成了（聽不清）聽證會，目前正在進行簡報。對於 UI，我們預計新費率將於 9 月生效。在馬薩諸塞州，新的稅率已經獲得批准並於年初生效。

While we work to bring new rate plans into effect across our remaining states, we continue to drive a focus on operational excellence. We have planned or launched several transformative multiyear investments that will modernize our operations and provide improved service to our customers. This includes $2.25 billion in approved Phase II CLCPA transmission investments, bringing the total transmission opportunities in New York between 2025 to over $3 billion plus the deployment of 1.9 million smart meters across our New York service territories. These meters will be essential to provide our customers with better access to data and insights to help manage costs.

在我們努力使新的費率計劃在我們剩餘的州生效的同時，我們繼續推動對卓越運營的關注。我們已經計劃或啟動了幾項變革性的多年投資，這些投資將使我們的運營現代化並為我們的客戶提供更好的服務。這包括 22.5 億美元的已批准第二階段 CLCPA 輸電投資，使紐約在 2025 年之間的總輸電機會超過 30 億美元，加上在我們的紐約服務區域部署 190 萬個智能電錶。這些儀表對於為我們的客戶提供更好的數據訪問和洞察力以幫助管理成本至關重要。

Additionally, we are accelerating the digitalization of our customer experience. Today, more than 42% of our customers utilize e-bills compared with under 30% in 2020. Over at the same time, we increased use of our mobile app by a factor of 15 and outage alerts by a factor of 6. All of this help us to reduce cost to customers, improve cash flow and reduce [coal] volumes while improving customer satisfaction.

此外，我們正在加速客戶體驗的數字化。今天，超過 42% 的客戶使用電子賬單，而 2020 年這一比例還不到 30%。與此同時，我們將移動應用程序的使用率提高了 15 倍，將中斷警報的使用率提高了 6 倍。所有這有助於我們降低客戶成本、改善現金流並減少[煤炭]量，同時提高客戶滿意度。

We have had some issues with customer service, and that is important to recognize. But we are taking action to address those issues and in the last 4 months we're getting back on track. We have worked to overcome pandemic-related staffing challenges and since October have hired nearly 250 new customer service representatives and billing specialists.

我們在客戶服務方面遇到了一些問題，認識到這一點很重要。但我們正在採取行動解決這些問題，在過去的 4 個月裡我們又回到了正軌。我們努力克服與流行病相關的人員配置挑戰，自 10 月以來已聘請了近 250 名新的客戶服務代表和計費專家。

At our New York companies, customer escalation rates have fallen considerably and calls are being answered more quickly. And in May, we continue to meet or exceed every customer metric. I'm very proud of our team's commitment to our customers and to continuous improvement and the results we have delivered so far.

在我們位於紐約的公司，客戶升級率大幅下降，電話接聽速度也更快。在 5 月，我們繼續達到或超過每個客戶指標。我為我們團隊對客戶的承諾和持續改進以及我們迄今為止取得的成果感到非常自豪。

Let's turn to our Renewable business on Slide 8. We have increased our strong capacity to 8.6 gigawatts, including 205 megawatts from our Montague solar project recently commissioned. In total, we have an additional 1.7 gigawatts of capacity under construction, supporting the delivery of our long-term plan. This includes around 800 megawatts of solar, 106 megawatts of onshore wind and 806 gigawatts of offshore wind. Panel supply for all solar projects under construction has been secured.

讓我們轉到幻燈片 8 上的可再生能源業務。我們已將強大的產能提高到 8.6 吉瓦，其中包括最近投產的 Montague 太陽能項目的 205 兆瓦。總的來說，我們還有 1.7 吉瓦的容量在建，以支持我們長期計劃的交付。這包括大約 800 兆瓦的太陽能、106 兆瓦的陸上風能和 806 吉瓦的海上風能。所有在建太陽能項目的電池板供應均已得到保障。

Additionally, we are focused on building relationships that support our continued growth and drive operational excellence. In the first quarter, we executed a new PPA for our 321-megawatt True North solar project and successfully renegotiated an existing 203-megawatt PPA for Powell Creek.

此外，我們專注於建立支持我們持續增長和推動卓越運營的關係。第一季度，我們為 321 兆瓦的 True North 太陽能項目執行了新的購電協議，並成功地重新談判了 Powell Creek 現有的 203 兆瓦的購電協議。

In total, we have renegotiated nearly 1 gigawatt of PPAs over the last year, which has helped to address a challenging macroeconomic environment and keep planned growth on track.

總的來說，我們在去年重新談判了近 1 吉瓦的購電協議，這有助於應對充滿挑戰的宏觀經濟環境，並使計劃的增長保持在正軌上。

Furthermore, we have recently joined the California [ISO, CAISO] Western Energy Imbalance Market as its first generation-only entity. Our participation in the market will create operational efficiencies by supporting more cost-effective resource balancing and enabling sales of excess power.

此外，我們最近加入了加利福尼亞 [ISO、CAISO] 西部能源失衡市場，作為其第一代實體。我們參與市場將通過支持更具成本效益的資源平衡和銷售過剩電力來提高運營效率。

Turning to our Offshore business. Our team continues to make excellent progress on the construction of our landmark Vineyard Wind 1 project. This month, we received the type certificate for our turbines, initiating the 60-day period for [volume] approval to begin the installation campaign. We plan to install the project's first monopile during the second quarter.

轉向我們的離岸業務。我們的團隊繼續在具有里程碑意義的 Vineyard Wind 1 項目的建設上取得出色進展。本月，我們收到了渦輪機的型式證書，啟動了 60 天的 [批量] 批准期以開始安裝活動。我們計劃在第二季度安裝該項目的第一個單樁。

Regarding our New England projects, we're progressing development to achieve the record position and recently completed the geotech survey.

關於我們的新英格蘭項目，我們正在推進開發以達到創紀錄的水平，並且最近完成了岩土勘測。

In parallel, we're continuing PPA discussions with the stakeholders in Massachusetts and Connecticut, seeking the best way forward for these projects to help deliver the ambitious climate goals in both states.

與此同時，我們正在繼續與馬薩諸塞州和康涅狄格州的利益相關者討論購電協議，為這些項目尋求最佳前進方式，以幫助實現這兩個州雄心勃勃的氣候目標。

Above all else, the future of U.S. clean energy looks bright. The Inflation Reduction Act unlocks transformative incentives and significant untapped value for renewable development. While we are awaiting guidance on its implementation, we believe the IRA provides a long and visible runway for investment.

最重要的是，美國清潔能源的前景一片光明。 《降低通貨膨脹法案》為可再生能源開發開啟了變革性激勵措施和重要的未開發價值。在我們等待其實施指南的同時，我們相信 IRA 為投資提供了一條漫長而可見的跑道。

In response to this historic opportunity, we are planning to accelerate growth across renewable technologies and hydrogen and beyond our long-term outlook.

為了應對這一歷史性機遇，我們計劃加速可再生技術和氫能的增長，並超越我們的長期展望。

Turning now towards Slide 9. At AVANGRID, we believe being a true sustainable leader requires transparent disclosures, consistent reporting and [sign] best targets. Last week, we released our 2022 Sustainability Report, which demonstrates the strong progress we have made towards achieving our key environmental, social, governance and financial goals. On this slide, we have highlighted several of our key metrics. As you can see, we are performing very well in our major environmental and social commitments, and we remain well on track to reach our 2025 goals.

現在轉到幻燈片 9。在 AVANGRID，我們相信要成為真正的可持續發展領導者，需要透明的披露、一致的報告和 [簽署] 最佳目標。上週，我們發布了 2022 年可持續發展報告，展示了我們在實現關鍵環境、社會、治理和財務目標方面取得的巨大進展。在這張幻燈片上，我們強調了幾個關鍵指標。如您所見，我們在主要環境和社會承諾方面表現出色，而且我們仍有望實現 2025 年目標。

We are also proud that our leadership has been consistently recognized and validated by external parties. In 2023, AVANGRID was named one of the Ethisphere's World's Most Ethical Companies for the fourth consecutive year, 1 of just 9 utilities and energy companies to receive the honor. We are also listed as one of the Just 100 for the third time consecutive year, #1 in the environment category, and we joined Bloomberg's Gender Equality Index.

我們也感到自豪的是，我們的領導力一直得到外部各方的認可和驗證。 2023 年，AVANGRID 連續第四年被 Ethisphere 評為全球最具商業道德企業之一，是獲此殊榮的 9 家公用事業和能源公司之一。我們還連續第三年被列為 Just 100 之一，在環境類別中排名第一，並且我們加入了彭博社的性別平等指數。

As part of the Iberdrola Group, our ESG+F commitments are a fundamental part of our company strategy ambition. For more than 2 decades, Iberdrola and AVANGRID have anticipated the transition to a more sustainable energy model and have invested substantially to accelerate that transition. We're raising the bar with clear and ambitious goals, including achieving Scopes 1 and 2 carbon neutrality by 2030, and we'll continue to build on these commitments to create value for customers, communities, shareholders and all the stakeholders.

作為 Iberdrola 集團的一部分，我們的 ESG+F 承諾是我們公司戰略目標的基本組成部分。二十多年來，Iberdrola 和 AVANGRID 已經預見到向更可持續的能源模式的轉變，並投入了大量資金來加速這一轉變。我們正在通過明確而雄心勃勃的目標提高標準，包括到 2030 年實現範圍 1 和範圍 2 碳中和，我們將繼續履行這些承諾，為客戶、社區、股東和所有利益相關者創造價值。

Now I'd like to hand the call to Patricia to provide more details on our financial results.

現在我想把電話轉給帕特里夏，提供更多關於我們財務業績的細節。

Thank you, Pedro. Good morning, everyone.

謝謝你，佩德羅。大家，早安。

Turning to our earnings performance. For the first quarter of 2023, our EPS was $0.63 compared to $1.15 in the first quarter of 2022, and our adjusted EPS was $0.64 compared to $1.16 in the first quarter of 2022. Our year-over-year performance largely reflects the absence of the $0.47 gains recorded in 2022 which was related to the restructuring of our offshore wind leases in New England giving us 100% control over the Park City Wind and Commonwealth Wind project. Absent this gain, our operating performance in the Renewables business was strong, supported by increases in renewable production in our Klamath thermal plant. You can see this in our Renewables adjusted EBITDA with tax credits which improved $182 million, a 15% increase compared to the same period last year.

轉向我們的盈利表現。 2023 年第一季度，我們的每股收益為 0.63 美元，而 2022 年第一季度為 1.15 美元，調整後的每股收益為 0.64 美元，而 2022 年第一季度為 1.16 美元。我們的同比表現在很大程度上反映了沒有2022 年錄得 0.47 美元的收益，這與我們在新英格蘭的海上風電租賃重組有關，使我們 100% 控制了 Park City Wind 和 Commonwealth Wind 項目。在沒有這一收益的情況下，我們在可再生能源業務中的經營業績強勁，這得益於我們克拉馬斯熱電廠可再生能源產量的增加。您可以在我們的可再生能源調整後的 EBITDA 中看到這一點，稅收抵免增加了 1.82 億美元，與去年同期相比增長了 15%。

While our Network business was impacted by higher costs in various areas, we anticipate improvement later in the year with the implementation of our pending rate cases that will capture the cost of the businesses and investments that have supported safety, reliability and resiliency.

雖然我們的網絡業務受到各個領域成本上升的影響，但我們預計今年晚些時候會有所改善，因為我們實施了未決費率案例，這些案例將捕獲支持安全性、可靠性和彈性的業務和投資的成本。

The next slide summarizes the results and the key drivers for our business segment. For the first quarter, Networks results were $0.51, lower by $0.15 quarter-over-quarter compared to the first quarter of 2022. In the first quarter of this year, we benefited from rate changes mainly due to the implementation of our rate plans in New York. The joint utility arrearages order in New York resulted in about a $0.05 benefit to adjusted EPS, which was offset by higher uncollectibles mainly in New York. Although with the winter moratorium now concluded, we have commenced collections.

下一張幻燈片總結了我們業務部門的結果和主要驅動因素。第一季度，Networks 的業績為 0.51 美元，與 2022 年第一季度相比環比下降 0.15 美元。在今年第一季度，我們受益於費率變化，這主要是由於我們在新的費率計劃的實施約克。紐約的聯合公用事業欠款訂單導致調整後的每股收益增加約 0.05 美元，這被主要在紐約的更高的壞賬抵消。儘管現在冬季暫停期已經結束，但我們已經開始收集。

Additionally, we had higher costs year-over-year to implement our investment plans and operate the businesses, including O&M, depreciation, interest costs and taxes. O&M includes the absence of a $0.02 benefit from the true-up of carrying charges at one of our utilities in the first quarter of 2022. And in 2023, the remaining $0.04 includes $0.01 for overtime related to additional [storm] activity in the quarter and $0.03 for normal cost of the business.

此外，我們實施投資計劃和經營業務的成本同比增加，包括運維、折舊、利息成本和稅收。 O&M 包括在 2022 年第一季度我們的一個公用事業公司的賬面費用調整中沒有 0.02 美元的收益。在 2023 年，剩餘的 0.04 美元包括與本季度額外 [風暴] 活動相關的加班費 0.01 美元和0.03 美元用於正常的業務成本。

The higher depreciation of $0.02 reflects assets placed in service, and taxes reflect $0.03 related to the previously discussed first quarter 2022 benefit of onetime adjustments in utility valuation allowances, with the other half related to normal tax expense and timing.

0.02 美元的較高折舊反映了投入使用的資產，稅收反映了 0.03 美元與之前討論的 2022 年第一季度公用事業估值津貼的一次性調整收益相關，另一半與正常稅收費用和時間安排有關。

Finally, finance costs are higher year-over-year, reflecting higher interest rates and short-term debt balances but are in line with our expectations year-to-date.

最後，財務成本同比增加，反映出較高的利率和短期債務餘額，但符合我們年初至今的預期。

Importantly, and not unexpectedly, our cost and investment needs supports the pending rate case proposals for our utilities in the 3 states which will update these costs of the businesses.

重要的是，我們的成本和投資需求支持我們在 3 個州的公用事業的未決費率案例提案，這將更新企業的這些成本，這並不意外。

In our Renewables segment, we reported $0.13 a share, lower by $0.41 quarter-over-quarter. This primarily reflected the absence of the $0.47 gain recorded in 2022 from the offshore wind restructuring in that quarter. Excluding that, Renewables had solid earnings performance period-over-period.

在我們的可再生能源部門，我們報告每股 0.13 美元，環比下降 0.41 美元。這主要反映了 2022 年該季度的海上風電重組沒有帶來 0.47 美元的收益。除此以外，可再生能源的盈利表現較上一時期穩健。

Improved wind and solar operating performance, which includes the impact of pricing, production and tax benefits explained $0.02 of the quarter-over-quarter improvement, and we also had higher earnings from our Klamath thermal operations and asset management that increased by $0.10. This was due to wider spark spreads quarter-over-quarter compared to the first quarter of 2022 as a result of the demand and supply factors of cold weather and scarcity in the Pacific Northwest. More specifically, the scarcity is due to the retirement of dispatchable generation and an increase in variable generation in the region. Klamath is strategically positioned on the California-Oregon border with the ability to source gas from both the south and the north, making it less prone to pipeline disruptions versus other plants in the area. Klamath also has long-term transmission contracts to move the power to the Pacific Northwest economically.

風能和太陽能運營業績的改善，包括定價、生產和稅收優惠的影響，解釋了季度環比改善 0.02 美元，我們的 Klamath 熱力運營和資產管理的收益也增加了 0.10 美元。這是由於與 2022 年第一季度相比，由於太平洋西北地區寒冷天氣和資源稀缺的供需因素，季度間的火花價差擴大。更具體地說，稀缺是由於可調度發電的退役和該地區可變發電的增加。 Klamath 戰略性地位於加利福尼亞州和俄勒岡州的邊界，能夠從南部和北部採購天然氣，因此與該地區的其他工廠相比，它不太容易發生管道中斷。 Klamath 還擁有長期輸電合同，可以經濟地向太平洋西北地區輸送電力。

Finally, we also wanted to point out that we have planned maintenance in the second quarter for our Klamath thermal plant, which is scheduled to conclude by mid-July.

最後，我們還想指出，我們已計劃在第二季度對我們的 Klamath 熱電廠進行維護，計劃於 7 月中旬結束。

These positive renewable performance and thermal impacts were reduced by higher O&M costs of $0.04, explained by growth in the business, primarily for offshore development, as well as maintenance costs and higher personnel-related costs.

這些積極的可再生能源性能和熱影響因 0.04 美元的更高 O&M 成本而減少，原因是業務增長（主要用於離岸開發）以及維護成本和更高的人員相關成本。

Corporate costs reflected an increase of $0.04 quarter-over-quarter primarily due to timing as we balance to our annual expected tax rate.

公司成本環比增加 0.04 美元，這主要是由於我們平衡了我們的年度預期稅率。

Moving now to the next slide. We are affirming our 2023 outlook (inaudible) EPS of $1.90 to $2.10 and adjusted EPS of $2.20 to $2.35. Our ongoing focus remains on achieving these targets as we execute our plan with discipline and a risk management focus.

現在轉到下一張幻燈片。我們確認 2023 年展望（聽不清）每股收益為 1.90 美元至 2.10 美元，調整後每股收益為 2.20 美元至 2.35 美元。當我們以紀律和風險管理為重點執行我們的計劃時，我們的持續重點仍然是實現這些目標。

We also provide our expectations of opportunities and risks through the remainder of 2023 versus our outlook expectations. This includes the implementation of new rates in New York, Connecticut and Maine as a result of our pending rate cases and the merger with PNM which we had previously indicated was approximately $0.30 a share, along with the approximately $4.3 billion of debt at the parent level to close the merger transaction. We call it transaction was financed primarily with (inaudible) with $4 billion of equity. Additionally, the opportunities and risks include renewables production and pricing, other regulatory adjustments, NECEC, thermal and asset management results, taxes, interest, O&M, uncollectibles and our asset rotation program.

我們還提供了我們對 2023 年剩餘時間的機遇和風險的預期與我們的前景預期。這包括由於我們未決的利率案件以及與 PNM 的合併而在紐約、康涅狄格和緬因州實施的新利率，我們之前曾表示，每股約 0.30 美元，以及母公司約 43 億美元的債務關閉合併交易。我們稱之為交易主要由（聽不清）40 億美元的股權融資。此外，機會和風險包括可再生能源生產和定價、其他監管調整、NECEC、熱能和資產管理結果、稅收、利息、O&M、壞賬和我們的資產輪換計劃。

And finally, today, we're also reaffirming our 6% to 7% CAGR in our adjusted EPS through 2025, off a base that is the midpoint of our 2022 guidance.

最後，今天，我們還重申到 2025 年調整後每股收益的複合年增長率為 6% 至 7%，這是我們 2022 年指導方針的中點基礎。

Moving on to updates to our financing, liquidity, dividends and credit ratings on the next slide. As we noted on our Investor Day, our organic capital expenditures for 2023 are expected to be $3 billion inclusive of approximately $4 billion for PNM Resources. In the first quarter, we have invested approximately $836 million of those investments.

在下一張幻燈片中繼續更新我們的融資、流動性、股息和信用評級。正如我們在投資者日指出的那樣，我們 2023 年的有機資本支出預計為 30 億美元，其中包括 PNM Resources 的約 40 億美元。在第一季度，我們已經投資了其中約 8.36 億美元。

Cash and liquidity are key priorities, supported by our ongoing cash from operations, debt at the utility level and tax equity financing and tax credit transferability to finance the PNM merger closing which we have -- and we have used -- we have used -- we issued equity. And just to remind everyone, we issued equity in 2021 to finance the PNM Resource merger closing, which we have used to fund the capital investments in our Networks and Renewables business, relieving our need to raise capital at the parent level.

現金和流動性是關鍵優先事項，得到我們持續的運營現金、公用事業層面的債務以及稅收股權融資和稅收抵免可轉讓性的支持，為 PNM 合併關閉提供資金，我們已經 - 我們已經使用 - 我們已經使用 -我們發行了股權。提醒大家，我們在 2021 年發行了股票以資助 PNM Resource 合併完成，我們用這筆資金為我們的網絡和可再生能源業務的資本投資提供資金，從而減輕了我們在母公司層面籌集資金的需要。

At the end of the first quarter, we had $7.2 billion of liquidity, covering 13 months, and this includes the $4.3 billion commitment letter from Iberdrola that backs up the merger.

第一季度末，我們擁有 72 億美元的流動資金，涵蓋 13 個月，其中包括支持合併的 Iberdrola 的 43 億美元承諾書。

During the quarter, we closed on the funding of tax equity for our Lund Hill solar project, and we are evaluating our options for tax credit transferability pending IRS guidance which provides an additional source of cash for the PTCs that we have retained in lieu of tax equity for certain operating projects. We are also evaluating all options potentially available from the IRA. Again, pending guidance, we're using PTCs versus ITCs, additional credits related to domestic content for specific -- and specific energy communities and hydrogen investments as well as potential federal funding available through the infrastructure investment and Jobs Act and the IRA.

在本季度，我們結束了為我們的隆德山太陽能項目提供的稅收股權融資，我們正在評估我們的稅收抵免可轉讓性選項，等待 IRS 指導，這為我們保留的 PTC 提供了額外的現金來源，以代替稅收某些運營項目的股權。我們還在評估 IRA 可能提供的所有選項。再次，待定指南，我們正在使用 PTC 與 ITC，與特定和特定能源社區和氫投資的國內內容相關的額外信貸，以及通過基礎設施投資和就業法案和 IRA 提供的潛在聯邦資金。

Maintaining our solid credit ratings is a key objective. At the AVANGRID level, all of our ratings are on stable outlook.

保持我們可靠的信用評級是一個關鍵目標。在 AVANGRID 級別，我們所有的評級都是穩定展望。

And finally, our dividend policy remains unchanged, targeting a payout of 65% to 75%. Our Board recently declared a quarterly dividend of $0.44 a share payable on July 3.

最後，我們的股息政策保持不變，目標是派息率達到 65% 至 75%。我們的董事會最近宣布將於 7 月 3 日支付每股 0.44 美元的季度股息。

In summary, we have started the year focused on continuing to execute our long-term financial plan. We remain targeted on improving execution and maximizing our earnings growth opportunities, demonstrating successes through our businesses that are not only short-term achievements but will have long-term positive impact.

總而言之，我們在今年開始專注於繼續執行我們的長期財務計劃。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，通過我們的業務展示成功，這不僅是短期成就，而且將產生長期的積極影響。

Thank you for joining us today for our financial update. I will now hand the call back to our operator, Adam, 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 Adam，讓他提問，然後由 Pedro 發表結束語。

(Operator Instructions) And our first question today comes from Richard Sunderland from JPMorgan.

（操作員說明）我們今天的第一個問題來自摩根大通的理查德桑德蘭。

Appreciate the updates across the business and wanted to start with NECEC given the recent court success. What are the remaining hurdles here to restart in construction? And when will you have clarity both on the start timing and the in-service date?

感謝整個企業的更新，並希望從 NECEC 開始，因為最近在法庭上取得了成功。重啟建設還有哪些障礙？您什麼時候才能清楚開始時間和服務日期？

I think let me start, and I will allow Catherine to comment on the construction angle. I think let's all keep in mind that still, we have a decision that has just happened, so we are evaluating right now the next legal steps, if any, which I think we need to conclude in the upcoming weeks. And I think there, we'll be in a much better position again to give a definitive answer. But I think, Catherine, perhaps you want to comment on that.

我想讓我開始吧，我將允許凱瑟琳對構造角度發表評論。我想讓我們都記住，我們剛剛做出了一個決定，所以我們現在正在評估接下來的法律步驟（如果有的話），我認為我們需要在接下來的幾週內完成。而且我認為在那裡，我們將再次處於更好的位置來給出明確的答案。但我想，凱瑟琳，也許你想對此發表評論。

Sure. Thanks, Pedro. And thanks for the question, Richard. To reiterate what Pedro said, we're really pleased and excited about the results of the unanimous decision by the jury. Now if you remember, we haven't been constructing for quite a long time. So while we work through the remaining legal issues, which include a potential appeal period, we also have permits at issue that we're looking at. We've also been keeping our partners, meeting our contractors, the EDCs in Massachusetts, our partner Hydro-Quebec, all up to speed and talking with them about what needs to happen next in order to restore construction on this project.

當然。謝謝，佩德羅。謝謝你的問題，理查德。重申佩德羅所說的話，我們對陪審團一致決定的結果感到非常高興和興奮。現在，如果你還記得的話，我們已經很長時間沒有建造了。因此，在我們解決剩餘的法律問題（包括潛在的上訴期）的同時，我們也有我們正在研究的問題許可證。我們還一直在與我們的合作夥伴保持聯繫，會見我們的承包商、馬薩諸塞州的 EDC、我們的合作夥伴 Hydro-Quebec，並與他們討論下一步需要做什麼以恢復該項目的建設。

So we'll be working over that over the next few weeks and months. And I expect that we'll have more information in midyear about what the new construction timeline will be. But as I said, we're excited about the project. We still think it's the best project to build for New England in order to help Massachusetts, Maine and all of New England meet its clean energy future, and we're excited to restart construction.

所以我們將在接下來的幾周和幾個月內解決這個問題。我預計我們將在年中獲得更多關於新建設時間表的信息。但正如我所說，我們對這個項目感到興奮。我們仍然認為這是為新英格蘭建設的最佳項目，以幫助馬薩諸塞州、緬因州和整個新英格蘭實現清潔能源的未來，我們很高興能重新開始建設。

Got it. Very helpful details there. Maybe turning to Park City and Commonwealth and offshore overall. How are you thinking about the progress there in your discussions around improving returns? Is the outlook for Kitty Hawk in terms of monetization, is that still screening as an attractive opportunity? Back again on Park City, Commonwealth any idea on when you might have a more detailed update there?

知道了。那裡有非常有用的細節。也許轉向帕克城和英聯邦以及整體離岸。您如何看待有關提高回報的討論的進展？ Kitty Hawk 在貨幣化方面的前景是否仍然是一個有吸引力的機會？再次回到聯邦公園城，您知道什麼時候可以在那裡進行更詳細的更新嗎？

I think on the Kitty Hawk, we continue to seek, as you know, asset rotation alternatives. So from that point of view, yes, we continue to work on that.

我認為在 Kitty Hawk 上，如你所知，我們繼續尋求資產輪換替代方案。所以從這個角度來看，是的，我們會繼續努力。

I think on the Park City and Commonwealth, we've always been very transparent and going to the public saying that the numbers were well beyond where is acceptable. I think, as you know, in the case of Massachusetts, we already defaulted in one of the steps that in the contract had. I think we're working with both the states and the different parties involved to seek a final resolution to this matter. And I think we will also be able to clarify this in the upcoming weeks and months.

我認為在 Park City 和 Commonwealth，我們一直非常透明，並向公眾表示這些數字遠遠超出了可接受的範圍。我認為，如您所知，在馬薩諸塞州的案例中，我們已經違約了合同中規定的步驟之一。我認為我們正在與各州和有關各方合作，尋求最終解決此事的辦法。我認為我們也將能夠在接下來的幾周和幾個月內澄清這一點。

The next question comes from Michael Sullivan from Wolfe Research.

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

Just wanted to check in on the PNM process and how realistic is reaching conclusion by the extended date of July at this point? And maybe if we could get a sense, I think it's been alluded to in the past, like a modified merger stipulation being put forth relative to the original one you had a couple of years ago. If maybe at a high level you could just talk to how that may have changed.

只是想檢查一下 PNM 流程，以及此時在 7 月的延長日期之前得出結論有多現實？也許如果我們能理解的話，我認為過去已經提到過，比如相對於幾年前的原始合併規定提出的修改後的合併規定。如果可能是高級別的，你可以談談這可能是如何改變的。

Yes. I think at this stage, also, as you know, we are at the Supreme Court, and we have requested the Supreme Court to rule to remand it to the public commission. I think what we need to do right now is just wait for the Supreme Court to take its decision. And if the decision is to remand it to the public commission, then a schedule, a time table will be requested to the public commission and they will take the decision that is scheduled. I think that will give us all clarity on that timetable.

是的。我認為現階段，正如你所知，我們在最高法院，我們已請求最高法院裁定將其發還給公共委員會。我認為我們現在需要做的就是等待最高法院做出決定。如果決定將其發還給公共委員會，那麼將向公共委員會索取時間表和時間表，他們將做出預定的決定。我認為這將使我們所有人都清楚該時間表。

I think right now, we need to be prudent and silent and just let the Supreme Court to do, to take the decision they deem appropriate to take. And then once it's back in the public commission, I think we'll be able to have clarity on the timetable.

我認為現在，我們需要謹慎和沈默，讓最高法院去做，讓他們做出他們認為合適的決定。然後一旦它回到公共委員會，我想我們就能明確時間表。

Okay. And what are the options in terms of extending beyond that July date if the court or commission timeline extends beyond that?

好的。如果法院或委員會的時間表超過 7 月日期，那麼在延長 7 月日期之後有哪些選擇？

I think -- we don't think it's the right time to comment on that. Let's wait to see what timetable the public commission approves and I think we will have to react to that. Let's go step by step. I think we are on the right track in our opinion just to pull back on the public commission on the topic and then discuss our case. So let's just wait for the public commission to take it -- for this week or first and the public commission afterwards in terms of timetable. I think that's the moment to react.

我認為 - 我們認為現在不是對此發表評論的合適時機。讓我們拭目以待，看看公共委員會批准的時間表是什麼，我認為我們將不得不對此做出反應。讓我們一步一步來。我認為我們的觀點是正確的，只是撤回關於該主題的公共委員會，然後討論我們的案例。因此，讓我們等待公共委員會接受它——本週或首先，然後是公共委員會的時間表。我認為那是做出反應的時刻。

Okay. Understood. And then just shifting to New York. You talked about these CLCPA approvals and the transmission opportunity. Does any of that factor into the pending rate case at all? And if so, how?

好的。明白了。然後只是轉移到紐約。你談到了這些 CLCPA 批准和傳輸機會。這些因素是否會影響未決利率案件？如果是這樣，怎麼辦？

I think in the rate case, it's only CLCPA 1, so we don't have CLCPA 2. And that's part of the discussions we're having right now. I think -- let's keep in mind that in New York, I'd like everybody to understand, we have the rate case, but we have other discussions as well. So I think there are going to be many things we're working with the public commission to improve cash availability for the companies, to have certainty on when the returns are going to happen on those assets. But it's only CLCP1 -- CLCPA1, which is in the rate case, not CLCPA2.

我認為在費率情況下，只有 CLCPA 1，所以我們沒有 CLCPA 2。這是我們目前正在進行的討論的一部分。我想——讓我們記住，在紐約，我希望每個人都能理解，我們有利率案例，但我們也有其他討論。因此，我認為我們將與公共委員會合作做很多事情，以提高公司的現金可用性，以確定這些資產何時會產生回報。但它只是 CLCP1 -- CLCPA1，在利率情況下，而不是 CLCPA2。

Okay. So should we think of that as like that's kind of a known thing within the case and then there's other items contributing to the rate request outside of that?

好的。那麼我們是否應該將其視為案例中的已知事物，然後還有其他項目對費率請求做出貢獻？

Yes. So let's take a step back. We've got a total under CLCPA about $3.4 billion worth of investment to be made through 2030. That split up into 2 phases: Phase 1, which is in the rate case; and Phase 2, which is outside of the rate case. The rate case encompasses both Phase 1 investments, and it covers additional investments that we need to make for the resiliency and the performance of our system. So all of that together, Phase 1 and those resiliency investments, are being considered in the rate case and in a hopeful settlement.

是的。所以讓我們退後一步。根據 CLCPA，到 2030 年，我們總共需要進行價值約 34 億美元的投資。這分為兩個階段：第 1 階段，在利率情況下；和第 2 階段，在利率案例之外。費率案例既包括第一階段投資，也包括我們需要為系統的彈性和性能進行的額外投資。因此，所有這些，第一階段和那些彈性投資，都在利率案例和有希望的解決方案中得到考慮。

The next question comes from David Arcaro from Morgan Stanley.

下一個問題來自摩根士丹利的 David Arcaro。

I was wondering if you could give your latest views on the demand backdrop for new PPA signings. It was encouraging to see the new contracts that you got in place this quarter. What are you seeing in terms of renewables demand? And do you have a target in mind for what we might expect in terms of additions to the backlog this year?

我想知道您是否可以就新 PPA 簽約的需求背景發表最新看法。看到你們本季度簽訂的新合同令人鼓舞。您對可再生能源需求有何看法？對於今年積壓工作的增加，您是否有一個目標？

I'll let Jose Antonio to answer the question. I'm very pleased with the work we've been doing in the last 9 months with the team, cleaning up a lot of things, fixing issues that we had, that's why those 500-megawatt plus that we have announced in terms of PPAs, I'm very pleased about that. We are back on the table to do profitable and long-term investments in renewables.

我會讓何塞·安東尼奧來回答這個問題。我對過去 9 個月我們與團隊所做的工作感到非常滿意，清理了很多東西，解決了我們遇到的問題，這就是為什麼我們在 PPA 方面宣布了 500 兆瓦以上的原因，我對此感到非常高興。我們回到談判桌上，對可再生能源進行有利可圖的長期投資。

I'm also pleased about renegotiations in leases. So we're doing a lot of things. I think we'll come back in the coming months with our revised business plan going forward for the Renewables business. And I think we are back on the table with nice growth ahead of us. So please, Jose Antonio.

我也對租約的重新談判感到高興。所以我們正在做很多事情。我想我們會在未來幾個月回來，為可再生能源業務制定修訂後的業務計劃。而且我認為我們已經回到了談判桌上，前面有很好的增長。所以，何塞·安東尼奧，請。

Thank you, Pedro. Good morning, David. Yes, as Pedro is saying, we see a quite important traction in terms of demand for renewable power, and we are very glad to have been able to sign this PPA with Meta. It's a great contract, 320 megawatts there current in Texas and ERCOT. And also, we have successfully renegotiated [Powell Creek] and recognizing that prices are different and the time of COD has to be adjusted to the new supply chain situation, so I think that we are making progress on that end.

謝謝你，佩德羅。早上好，大衛。是的，正如 Pedro 所說，我們在可再生能源需求方面看到了非常重要的牽引力，我們很高興能夠與 Meta 簽署此 PPA。這是一份很棒的合同，德克薩斯州和 ERCOT 的電流為 320 兆瓦。而且，我們已經成功地重新談判 [Powell Creek] 並認識到價格不同並且 COD 的時間必鬚根據新的供應鏈情況進行調整，所以我認為我們在這方面正在取得進展。

About the backlog and what could be the evolution, what I can say is that we have a healthy pipeline, and we have projects that are -- we are working now very intensively to be able to push them through our FID process, always with a lot of rigor, always very prudent, as Pedro has commented before. And we are in the good track so far to accomplish and to deliver what we promised in the Capital Market Day for '23 and '24.

關於積壓和可能的演變，我能說的是我們有一個健康的管道，我們的項目是——我們現在正在非常密集地工作，以便能夠推動它們通過我們的 FID 流程，始終以非常嚴謹，總是非常謹慎，正如佩德羅之前評論過的那樣。到目前為止，我們在實現和交付我們在 23 年和 24 年資本市場日承諾的目標方面進展順利。

Okay. Great. And I was wondering if you could give an update on the solar supply chain and your ability to secure panels to execute on the construction plant for this year. And also just how you're thinking about domestic supply of solar panels, too.

好的。偉大的。我想知道您是否可以提供有關太陽能供應鏈的最新信息以及您確保面板在今年的建築工廠中執行的能力。以及您對國內太陽能電池板供應的看法。

Yes. So first of all, all our contracts that are under construction, they have already been supplying the panel secured. So this is something that is a must for us. As we always say, we are very prudent, and we don't enter into PPAs and contracts if we don't have the supply chain secured. So all the panels are secured.

是的。因此，首先，我們所有正在建設中的合同，他們已經提供了有保障的面板。所以這對我們來說是必須的。正如我們常說的，我們非常謹慎，如果供應鏈沒有保障，我們不會簽訂購電協議和合同。所以所有的面板都是安全的。

Yes, in terms of the difficulty of getting panels, it's true that the market is struggling with that. We are lucky because we are fortunate to be part of Iberdrola Group and to have the possibilities to lever our position with the suppliers.

是的，就獲得面板的難度而言，市場確實在為此苦苦掙扎。我們很幸運，因為我們很幸運成為 Iberdrola Group 的一部分，並有可能利用我們在供應商中的地位。

And about the situation with the (inaudible) Labor Act, still, we see that the CPB and the suppliers, the panel suppliers, they are discussing about exactly what are the documents and papers that they need in order to be sure that there is, of course, no labor force used in the panels. But I think that in the last weeks, in the last months, we have seen a lot of progress on the understanding of what the documents must be and what information has to be delivered. So hopefully, we will see possible in the next month's how in the industry these panels are starting to being released across the border.

關於（聽不清）勞動法的情況，我們仍然看到 CPB 和供應商，面板供應商，他們正在討論他們需要哪些文件和文件，以確保有，當然，面板中沒有使用勞動力。但我認為在過去幾週，在過去幾個月裡，我們在理解文件必須是什麼以及必須提供什麼信息方面取得了很大進展。因此，希望我們能夠在下個月的行業中看到這些面板如何開始跨境發布。

I think if we can comment on the supply chain in general, I think probably being part of Iberdrola has allowed us in the transformers side to benefit from our presence and connections in Brazil to help that to us here in the U.S. business.

我認為，如果我們可以對一般供應鏈發表評論，我認為可能成為 Iberdrola 的一部分讓我們在變壓器方面受益於我們在巴西的存在和聯繫，從而幫助我們在美國開展業務。

I think the presence that we have right now doing projects in Germany, in the U.K. and in France, in offshore wind, it's allowing us also to have the right conversations for our construction project being built right now. I think that's a benefit and something that allows us to be comfortable for the future. There may be issues in the supply chain, yes, but I think we're very well-positioned to try to be ahead of almost anybody on getting advantage of the opportunities that we have here.

我認為我們現在在德國、英國和法國開展海上風電項目，這也讓我們能夠就目前正在建設的建設項目進行正確的對話。我認為這是一個好處，讓我們對未來感到舒適。供應鏈中可能存在問題，是的，但我認為我們處於非常有利的位置，可以在利用我們在這裡擁有的機會方面領先於幾乎任何人。

The next question is from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

So just first on Klamath there in the West. Nicely done on the outperformance there with the $0.10. Just wanted to understand, is that contemplated in your guidance here? Or is that actually upside when you think about your FY '23 guidance range? Or are there other offsets like the planned maintenance that you described in the second quarter here?

所以首先在西部的克拉馬斯。 0.10 美元的表現很好。只是想了解一下，您在這裡的指導中是否考慮到了這一點？或者當你考慮你的 FY '23 指導範圍時，這實際上是有利的嗎？還是有其他抵消措施，例如您在此處第二季度描述的計劃維護？

So the maintenance is scheduled, so it's known and planned. So that's not unexpected. The Klamath is within the guidance range. And that's why we give a range for a plus or minus and then it could be. We'll see what happens for the rest of the year.

所以維護是有計劃的，所以它是已知的和計劃好的。所以這並不意外。克拉馬斯號在製導範圍內。這就是為什麼我們給出一個加號或減號的範圍，然後它就可以了。我們將看看今年餘下時間會發生什麼。

Got it. Okay. Fair enough. So that's -- at least that's incorporated within your guidance as it stands today. All right. And then related here, on the utility side, obviously, some O&M pressures here in the first quarter. Just want to come back to full year expectations on the Networks side. When you think about the pressures that you've seen year-to-date, do you still see earnings increasing on a year-over-year basis versus '22 here? And what are some of the other offsets to the extent which that you see that still materializing?

知道了。好的。很公平。這就是 - 至少它包含在您今天的指導中。好的。然後在這里相關，在公用事業方面，顯然，第一季度這裡存在一些 O&M 壓力。只想回到網絡方面的全年預期。當您考慮年初至今所面臨的壓力時，您是否仍然看到與 22 年相比收益同比增長？在您認為仍在實現的程度上還有哪些其他抵消？

If I can comment on both, and then Catherine and Patricia, you can also complement. I think on Networks and in Renewables, I'm very pleased on the first quarter how we have been basically delivering according to our internal expectations. So I'm very pleased there. I think you mentioned O&M and I think Patricia mentioned interest cost, I think I'm very pleased we don't have any material deviations from where we would like to be, and we have taken actions to compensate some things that we're deviating. So I'm very pleased there.

如果我可以評論兩者，然後是 Catherine 和 Patricia，你們也可以補充。我認為在網絡和可再生能源方面，我對第一季度的表現感到非常滿意，我們基本上是按照內部預期交付的。所以我在那裡很高興。我想你提到了 O&M，我想 Patricia 提到了利息成本，我想我很高興我們沒有與我們想要的地方有任何實質性的偏差，我們已經採取行動來補償我們正在偏離的一些事情.所以我在那裡很高興。

I think on the guidance, right now, as you can see, we have several items, and we had that last year as well, that are going to be critical. The rate cases. We're going to have PNM, we're going to have the offshore wind -- the offshore projects, I think we're going to have the transmission line NECEC. I think that's going to clarify in the next 2, 3 months, most of them. So that's why we're very close to having a clear path in those items that we will allow us to narrow that range that we gave to you last year and be more accurate. Catherine, if you want to comment.

我認為在指南中，正如你所看到的，我們現在有幾個項目，去年我們也有，這將是至關重要的。率案件。我們將擁有 PNM，我們將擁有海上風電——海上項目，我認為我們將擁有輸電線路 NECEC。我認為這將在接下來的 2、3 個月內得到澄清，其中大部分都是如此。所以這就是為什麼我們非常接近在這些項目中找到一條清晰的路徑，我們將允許我們縮小我們去年給你的範圍並更加準確。凱瑟琳，如果你想發表評論。

Yes. Thank you, Pedro. Just to add a little bit on to that. If you listen to Patricia go through the quarter-over-quarter performance, there were some nonrecurring issues in last year, those carrying charges as well as the tax benefit. So those were unrecurring.

是的。謝謝你，佩德羅。只是為了補充一點。如果你聽 Patricia 回顧一下季度業績，去年有一些非經常性問題，這些問題既有費用也有稅收優惠。所以那些是不經常發生的。

When you look at the core business of Networks, we do have some increased costs, but that's the exact reason why we're in rate cases. So all of those increased cost, depreciation, O&M, storm costs, we anticipate that those will be resolved through our rate cases. And the performance of the system continues to be very strong despite increased storms, so we are flat to increasing our performance on safety metrics and [KD] metrics despite the fact that quarter-to-quarter 13% increased number in storms. Again, those storm costs are going to be reflected in the cases as we resolve them throughout the year.

當您查看 Networks 的核心業務時，我們確實增加了一些成本，但這正是我們處於費率案例中的確切原因。因此，所有這些增加的成本、折舊、運營和維護、風暴成本，我們預計這些將通過我們的費率案例得到解決。儘管暴風雨增加，但係統的性能仍然非常強勁，因此儘管暴風雨數量環比增加 13%，但我們仍堅持提高安全指標和 [KD] 指標的性能。同樣，這些風暴成本將反映在我們全年解決的案例中。

So we're pleased with the performance of Networks, and we're anticipating the results of the rate cases to impact our earnings through the rest of the year.

因此，我們對 Networks 的表現感到滿意，我們預計費率案例的結果將影響我們今年餘下時間的收益。

And if I can give an example on how pleased I am with the work the teams are doing is customer service. And let's focus on New York. I think we had more than 20% attrition, and many reasons why people either -- they prefer not to continue working or they prefer to move to other companies during the pandemic and right after that. I think we had still, unfortunately, in part of New York, meter readers. So we have to go and read the meters at home. And you know for a period of time, we were not given the access. And you know there has been a such increase in the supply part of the build total and related to us.

如果我能舉例說明我對團隊所做的工作有多滿意，那就是客戶服務。讓我們關注紐約。我認為我們有超過 20% 的人員流失，原因有很多——他們不想繼續工作，或者他們更願意在大流行期間和之後轉移到其他公司。不幸的是，我認為我們在紐約的部分地區仍然有抄表器。所以我們必須去家裡看表。你知道有一段時間，我們沒有獲得訪問權。而且您知道，與我們相關的建築總量的供應部分有所增加。

When you see those factors and I see the actions we have taken in 2, 3, 4 months, I'm very pleased. And this is exactly what we're supposed to be doing. So that's -- those are examples that I think we need to continue doing. No reacting, anticipating issue, just fixing them very quickly. So I'm very happy for those efforts.

當您看到這些因素並且我看到我們在 2、3、4 個月內採取的行動時，我感到非常高興。而這正是我們應該做的。這就是——我認為我們需要繼續做的例子。沒有反應，預期問題，只是非常快速地修復它們。所以我為這些努力感到非常高興。

Got it. So it sounds like as you get offshore clarity NECEC -- oh, sorry, go for it.

知道了。所以這聽起來像是你獲得離岸清晰度 NECEC -- 哦，對不起，去吧。

Sorry, Julien. I just wanted to add a couple of additional points. As I mentioned, for example, that we had rising uncollectibles, but we had a benefit of our averages order that offset that in the period. And it's also important to note that we are -- we've completed the moratorium, the winter moratorium in New York and we have started the collections process. So that kind of helps us going forward as we move into the pending rate cases outgoing.

對不起，朱利安。我只想補充幾點。例如，正如我提到的，我們的收藏品增加了，但我們的平均訂單的好處抵消了這一時期的損失。同樣重要的是要注意我們——我們已經完成了暫停，紐約的冬季暫停，我們已經開始了收集過程。因此，當我們進入待處理的利率案件時，這有助於我們前進。

I also mentioned on Renewables, because we had rising O&M, but I think this is to Pedro's point that the businesses are operating well, and we will expect to see additional cost as we grow the business. So a lot of this is development, it's origination costs as we grow the business. It's also rewards for strong origination in the business that are reflected in the O&M.

我還提到了可再生能源，因為我們的 O&M 增加了，但我認為這是 Pedro 的觀點，即業務運營良好，我們預計隨著業務的增長會增加成本。所以很多都是發展，這是我們發展業務時的原始成本。這也是對 O&M 中反映的業務強大起源的獎勵。

Got it. And it sounds like an update maybe in the next 2, 3 months by second quarter, you guys are in a position to narrow that guidance.

知道了。聽起來可能會在接下來的 2、3 個月到第二季度進行更新，你們可以縮小該指導範圍。

Yes.

是的。

(inaudible). Awesome. And then just if I can super quickly, just to clarify the prior question here. It looks like the solar pipeline moderated a little bit here, especially on the solar side quarter-over-quarter. Can you comment about why that might be? Is that a function of forward curves pulling back here and just the opportunity? Or just what are you seeing out there? I'm very curious.

（聽不清）。驚人的。然後，只要我能超快，就可以在這裡澄清先前的問題。看起來太陽能管道在這裡有所緩和，尤其是太陽能方面的季度環比。你能評論一下為什麼會這樣嗎？這是前向曲線向後拉回的功能嗎？只是一個機會？或者你在外面看到了什麼？我很好奇。

Let me ask a little bit more going forward. And I think Jose Antonio, you can answer specifically right now. Going forward, I think it's the other way around, Julien. I think we are actually putting the right team right now to continue to focus on growth. And our expectation is, as you know, in Renewables, there is not that much you can do in the next 1 or 2 years because that's already something you have. I'm very comfortable we're going to deliver in those 1 or 2 years. But our expectation is when you go beyond that, to increase the pipeline -- the actual megawatts we're going to be developing.

讓我再多問一點。我想 Jose Antonio，你現在可以具體回答。展望未來，我認為情況正好相反，Julien。我認為我們現在實際上正在安排合適的團隊繼續專注於增長。正如你所知，我們的期望是，在可再生能源領域，在未來 1 或 2 年內你無能為力，因為你已經擁有了。我很高興我們將在這 1 或 2 年內交付。但我們的期望是當你超越這一點時，增加管道——我們將要開發的實際兆瓦。

I think just to comment on those specific items. I think probably we avoided $40 million, $50 million on penalties when we were building assets in the last 12 months by renegotiating the contracts. I think we're extending the leases and signing additional leases that allow us to be positioned for the future. So it seems to me that we have done things that probably are not in the public domain but allows us to be in a much better position than we were a year ago. And I think the growth, more than happy to update in upcoming months because we're going to have further growth in the future and especially 3 years from now. But I think Jose Antonio, you want to comment on the current one.

我只想對那些具體項目發表評論。我認為我們在過去 12 個月中通過重新談判合同來建立資產時，可能避免了 4000 萬美元、5000 萬美元的罰款。我認為我們正在延長租約並簽署額外的租約，使我們能夠為未來做好準備。所以在我看來，我們所做的事情可能不屬於公共領域，但讓我們比一年前處於更好的位置。而且我認為增長，非常樂意在接下來的幾個月中更新，因為我們將在未來，尤其是從現在起的 3 年內進一步增長。但我認為 Jose Antonio，你想對當前的發表評論。

Thank you, Pedro. And yes, Julien, our solar pipeline now stands at about 13,000 megawatts, 13 gigawatts of solar. And we have put in place something that is important when you are developing because the figures are important, but the most important thing is the health of the pipeline. So we want to have a pipeline that is really healthy. And we put in place recently a program of what we call early retention of (inaudible) flow. So we want to be sure that the pipeline that is here is healthy. And when we see something that in a very early stage is leading us to think that the project could not be profitable in the future, then we prefer to just get it out of the pile.

謝謝你，佩德羅。是的，朱利安，我們的太陽能管道現在大約有 13,000 兆瓦，13 吉瓦的太陽能。我們已經制定了一些在您開發時很重要的東西，因為數字很重要，但最重要的是管道的健康狀況。所以我們想要一個真正健康的管道。我們最近實施了一項我們稱之為早期保留（聽不清）流量的計劃。所以我們要確保這裡的管道是健康的。當我們在很早的階段看到一些東西讓我們認為該項目將來無法盈利時，我們更願意把它從一堆中拿出來。

So the reflection of this small drop is because we are putting this system in place to be sure that only we invest in growing the pipeline that we have certainty that will be profitable for us.

因此，這一小幅下降的反映是因為我們正在建立這個系統，以確保只有我們投資於增加我們有把握為我們帶來利潤的管道。

And in the last 12 months, we were asked several times if we were exiting the business, so we were stopping the development. I think we made it clear no, we're fixing some things that we had and strengthening the team and the projections going forward. And you know that we like to deliver. I think we have delivered now with more than 500 megawatts. I think more to come. But I think the idea right now is to focus on being very, very clear on the next 3 years of exactly what assets we have where and when and then working already in 2, 3 years from now because that's what we can focus on right now.

在過去的 12 個月裡，我們多次被問及是否要退出該業務，因此我們停止了開發。我認為我們明確表示不，我們正在修復我們擁有的一些東西並加強團隊和未來的預測。你知道我們喜歡交付。我想我們現在已經交付了超過 500 兆瓦的電力。我想還有更多。但我認為現在的想法是專注於非常清楚地了解未來 3 年我們在何時何地擁有哪些資產，然後在 2、3 年後開始工作，因為這是我們現在可以專注的事情.

The next question comes from Angie Storozynski from Seaport Research Partners.

下一個問題來自 Seaport Research Partners 的 Angie Storozynski。

So I wanted to ask about the Connecticut rate case. We've heard some public comments from our President or Chairman, Chairwoman that sounded really scary and highly punitive for utilities in the state of Connecticut. So you are in the midst of your rate case on the electric side. The first one, when she can demonstrate stands. So that is concerning. And on top of that, we have (inaudible) has just issued a decision in its performance-based rate making. And I'm not sure actually if it will impact the current rate case. But just talk to us, please, how you feel about this pending rate case.

所以我想問一下康涅狄格州的利率案例。我們從我們的總裁或主席那裡聽到了一些公開評論，這些評論聽起來真的很可怕，而且對康涅狄格州的公用事業公司來說是高度懲罰性的。所以你正處於電力方面的費率案例之中。第一個，當她可以示範站立時。所以這是令人擔憂的。最重要的是，我們（聽不清）剛剛就其基於績效的費率制定做出了決定。而且我不確定它是否會影響當前的利率情況。但請與我們談談您對這個懸而未決的利率案件的看法。

Let me perhaps answer first, and Catherine, you can complement. The first one is, we said this 9 months ago when we started this team working on everything. Our first obligation is to have relationships, to be on top of things, to know everybody. I think I'm very pleased. We're working very well with the governor and his team. We're working very well with the Department of Energy. We're working very well with the AG. And from that point of view, that's what we have to continue, okay, building relationships.

也許讓我先回答，凱瑟琳，你可以補充。第一個是，我們在 9 個月前說這個，當時我們開始這個團隊處理所有事情。我們的首要義務是建立關係，掌控事物，了解每個人。我想我很高興。我們與州長和他的團隊合作得很好。我們與能源部合作得很好。我們與 AG 的合作非常順利。從這個角度來看，這就是我們必須繼續的，好吧，建立關係。

I think the legislature, we've been with them working on a proposed [legislation] that has been put on the table right now, we just need to continue. I don't think we have results in a month, but I think once we have reinitiated or started many of those relationships, I think after 6, 9 months, I'm very pleased that we have the right access to everybody.

我認為立法機關，我們一直在與他們一起制定一項現在已經擺在桌面上的擬議 [立法]，我們只需要繼續。我認為我們一個月內不會有結果，但我認為一旦我們重新啟動或開始其中的許多關係，我認為在 6、9 個月後，我很高興我們能夠正確地接觸到每個人。

Second, I think we're very committed to Connecticut. We don't like to comment on other rate cases. We don't like to comment on public commission -- commissioners. I think we are very pleased on our case. We believe we have a strong case and we can defend that. The governor was [helping] already for 2 years working on this incentive-based performance, nothing new. I think we are happy if we move in that direction as other places in the U.S.

其次，我認為我們非常致力於康涅狄格州。我們不想對其他利率案例發表評論。我們不想評論公共委員會——委員。我認為我們對我們的案子感到非常滿意。我們相信我們有充分的理由，我們可以捍衛這一點。州長已經 [幫助] 兩年來致力於這種基於激勵的績效，這並不是什麼新鮮事。我認為，如果我們像美國其他地方一樣朝這個方向前進，我們會很高興。

And I think in our case, we like to focus on presenting things with no mistakes, making sure that we don't make any mistake to be blamed to us. And I think we're working now on this rate case, and we're also working on many other things. We have offshore projects going on. We have many other matters that we're working with the administration. So we just need to continue working with them. Catherine?

我認為在我們的案例中，我們喜歡專注於沒有錯誤地呈現事物，確保我們不會犯任何錯誤而受到指責。我認為我們現在正在研究這個利率案例，我們也在研究許多其他事情。我們正在進行海上項目。我們還有許多其他事項需要與政府合作。所以我們只需要繼續與他們合作。凱瑟琳？

Yes. I'll just add, Angie, just a little bit of context around the Connecticut rate case. So as Patricia said, we don't anticipate rates are going into effect until later in kind of fourth quarter. So they don't have a material impact on this year's results. But in terms of an update, we have briefs going in this week from all parties. As you may recall, we had our hearings that took place last month, about 17 days' worth of hearings. And I believe our team performed really well in those hearings, and we'll be following that up with briefing, reply briefing it and then it will go to the authority. So we believe we put on a strong case, and we look forward to working through the results.

是的。安吉，我只想補充一點有關康涅狄格州利率案例的背景信息。正如帕特里夏所說，我們預計利率要到第四季度晚些時候才會生效。所以他們對今年的業績沒有實質性影響。但就更新而言，我們本週將收到來自各方的簡報。您可能還記得，我們在上個月舉行了聽證會，為期大約 17 天。我相信我們的團隊在這些聽證會上表現得非常好，我們將通過簡報跟進，回复簡報，然後將其提交給當局。所以我們相信我們提出了一個強有力的案例，我們期待著通過結果來工作。

Okay. Okay. And then separately on the PNM transaction, I understand that we're waiting for the Supreme Court to respond to the request to remand the case back to the commission. I mean the timeline of the merger has been expanded quite considerably. We're in a completely a different interest rate environment right now, also different valuations of utility stocks. How do you see this pending merger, its potential accretion? How are you going to finance it? And yes, I know you issued equity for it. But just talk to us about the appeal of this transaction given this different financing backdrop.

好的。好的。然後分別在 PNM 交易上，我知道我們正在等待最高法院回應將案件發回委員會的請求。我的意思是合併的時間表已經大大延長了。我們現在處於一個完全不同的利率環境中，公用事業股的估值也不同。您如何看待這個未決的合併，它的潛在增長？你打算如何融資？是的，我知道你為此發行了股票。但是，鑑於這種不同的融資背景，請與我們談談這筆交易的吸引力。

First of all, I can remember that as we did at the group level in a couple of other big transactions, we were very prudent and that's why we did a capital increase 1.5 years ago. So from that point of view, from an accretion point of view, the calculation has to be done based on that capital increase being done.

首先，我記得，正如我們在其他幾筆大型交易中在集團層面所做的那樣，我們非常謹慎，這就是我們在 1.5 年前進行增資的原因。因此，從這個角度來看，從增值的角度來看，計算必須基於已經完成的增資。

Now it's true that because of the additional capital expenditure we have done in the last 18 months, part of that has been used. But I think for purposes of that capital increase, the main reason was PNM. So I think that was how we were calculating the accretion.

現在確實，由於我們在過去 18 個月中進行的額外資本支出，其中一部分已經使用。但我認為，就增資而言，主要原因是 PNM。所以我認為這就是我們計算吸積的方式。

I think in terms of the interest, we remain committed. I think one of the important things for us, we're not speculative financial investors that buy some sales in a second. We are long-term and the value of a utility is long-term. I think to [have not] just 1 year of interest rates going up or 1 year of interest rates going down, I think that hasn't changed the appetite. We believe we did a transaction with a very good presentation from a value point of view. I think PNM has been delivering. Earnings is actually better than they were expecting. So there is no change in the appetite.

我認為就利益而言，我們仍然致力於。我認為對我們來說最重要的事情之一是，我們不是投機性金融投資者，他們不會在一秒鐘內買入一些股票。我們是長期的，效用的價值是長期的。我認為 [沒有] 只有 1 年的利率上升或 1 年的利率下降，我認為這並沒有改變胃口。我們相信，從價值的角度來看，我們的交易表現非常出色。我認為 PNM 一直在交付。收益實際上比他們預期的要好。所以食慾沒有變化。

And remember, I think utilities and networks is a very scarce resource that everybody would love to own. We have a great partnership relationships in New Mexico. And do we need to be patient? Yes, these -- the people, they have failed 3, 4, 5 times doing deals. I think in our case, we have a good track record of getting it done and especially because we deliver what we promise and we spent a lot of time and effort in the local communities and with the local decision-makers. So from that point of view, I would love this to have been differently, but this is what it is and we just need to be patient.

請記住，我認為公用事業和網絡是每個人都想擁有的非常稀缺的資源。我們在新墨西哥州擁有良好的合作關係。我們需要耐心嗎？是的，這些人，他們在交易中失敗了 3、4、5 次。我認為在我們的案例中，我們在完成它方面有著良好的記錄，特別是因為我們兌現了我們的承諾，並且我們在當地社區和當地決策者身上花費了大量時間和精力。所以從這個角度來看，我希望它有所不同，但這就是它，我們只需要耐心等待。

(Operator Instructions) As we have no further questions, I'll hand the call back to Pedro Azagra for final remarks.

（操作員說明）由於我們沒有其他問題，我會將電話轉回給 Pedro Azagra 以供最後評論。

Thank you again for joining us for our first quarter earnings call. As we closed the quarter, our team is focused on the path forward and on delivering our commitments to execution, growth and value creation. Our clean, connected and growing regulated business represents an attractive investment opportunity at the center of the energy transition. Here, we're working toward a constructive resolution of our rate cases; balancing cash flow, earnings and customer affordability, progress on NECEC following the positive court ruling; and the successful completion of our PNM Resources merger.

再次感謝您加入我們的第一季度財報電話會議。在本季度結束時，我們的團隊專注於前進的道路，並致力於履行我們對執行、增長和價值創造的承諾。我們清潔、互聯和不斷發展的受監管業務代表了能源轉型中心的一個有吸引力的投資機會。在這裡，我們正在努力以建設性的方式解決我們的費率案件；平衡現金流、收益和客戶負擔能力，在法院作出積極裁決後 NECEC 取得進展；以及我們 PNM Resources 合併的成功完成。

On top of that, our Renewables business provides additional opportunity through the continued expansion of our onshore footprint and the delivery of our offshore projects, including first power from Vineyard Wind 1 later this year.

最重要的是，我們的可再生能源業務通過不斷擴大陸上足跡和交付海上項目（包括今年晚些時候來自 Vineyard Wind 1 的第一批電力）提供了更多機會。

As we pursue each of these objectives, our efforts are guided by our core commitment to financial sustainability, including solid credit ratings and health liquidity.

在我們追求這些目標中的每一個目標時，我們的努力都以我們對財務可持續性的核心承諾為指導，包括可靠的信用評級和健康的流動性。

In summary, we believe that AVANGRID has exceptional growth prospects in both the near- and long-term perspectives. Our planned investments of $21.5 billion through 2025 are strengthened by an environment that provides long-term and stable support for the expansion of renewable energy resources and clean infrastructure.

總而言之，我們認為 AVANGRID 在近期和長期都具有非凡的增長前景。我們到 2025 年計劃投資 215 億美元，並通過為可再生能源資源和清潔基礎設施的擴展提供長期穩定支持的環境而得到加強。

By leveraging additional long-term growth opportunities like New York CLCPA and the IRA, we are confident AVANGRID will continue to drive value for our customers and shareholders. We look forward to sharing our progress with you over the coming months and appreciate your continued support. If you have any other questions, please follow up with Alvaro and the IR team. Have a great day, and thank you very much.

通過利用紐約 CLCPA 和 IRA 等額外的長期增長機會，我們相信 AVANGRID 將繼續為我們的客戶和股東創造價值。我們期待在未來幾個月與您分享我們的進展，並感謝您一直以來的支持。如果您有任何其他問題，請與 Alvaro 和 IR 團隊聯繫。祝你有美好的一天，非常感謝你。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開線路。