(AGR) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Avangrid's Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

早安，女士們，先生們。歡迎參加 Avangrid 2023 年第三季財報電話會議。 （操作員說明）

And now at this time, I would like to turn the call over to Mr. Alvaro Ortega, Vice President of Finance, Investor Relations and Treasury. Please go ahead, sir.

現在，我想將電話轉給財務、投資者關係和財務副總裁阿爾瓦羅·奧爾特加先生。請繼續，先生。

Thank you, Bob, and good morning to everyone. Before we start, our CEO, Pedro Azagra, would like to share a message. Pedro?

謝謝你，鮑勃，祝大家早安。在我們開始之前，我們的執行長 Pedro Azagra 想分享一條訊息。佩德羅？

Thank you, Alvaro. I think before we begin, I'd like to say some -- a few words about the horrific and mass shooting and loss of life in Lewiston, Maine. We have many central manpower employees in Lewiston, and all over Maine, who are likely severely impacted by this horrible act of (inaudible) violence. We are monitoring the situation very closely, and we're prepared to provide every resource available to our employees and our affected communities. Our hearts and thoughts from all of us at CMP, Avangrid and Iberdrola are with the Lewiston community during this difficult time.

謝謝你，阿爾瓦羅。我想在我們開始之前，我想說一些關於緬因州劉易斯頓發生的可怕的大規模槍擊事件和人員傷亡的幾句話。我們在劉易斯頓和緬因州各地有許多中央人力資源員工，他們可能受到這種可怕的（聽不清楚）暴力行為的嚴重影響。我們正在密切監視局勢，並準備向我們的員工和受影響的社區提供一切可用資源。在這個困難時期，CMP、Avangrid 和 Iberdrola 全體員工的心與劉易斯頓社區同在。

Let's move now to our third quarterly results presentation. Please, Alvaro, proceed.

現在讓我們進入第三季業績演示。阿爾瓦羅，請繼續。

Thank you for joining us today to discuss Avangrid's Third Quarter 2023 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 Headworks; Jose Antonio Miranda, President and Chief Executive Officer of Avangrid Renewables; and Justin Lagasse, Senior Vice President and Controller. Other members of the executive team are also joining us today and may be called up on to assist with the Q&A part of the call.

感謝您今天加入我們討論 Avangrid 2023 年第三季獲利結果。今天出席電話會議的是我們的執行長 Pedro Azagra；以及我們的財務長 Patricia Cosgel。今天參加電話問答部分的還有 Avangrid Headworks 總裁兼執行長 Catherine Stempien； Jose Antonio Miranda，Avangrid 再生能源公司總裁兼執行長；以及高級副總裁兼財務總監賈斯汀·拉加斯 (Justin Lagasse)。執行團隊的其他成員今天也加入我們，可能會被要求協助電話的問答部分。

If you do not have a copy of our press release or presentation for today's call, they are available at our website, 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 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 of the accompanying presentation or in our latest reports and filings with the SEC, each of which can be found on our website. We do not undertake any duty to update any forward-looking statements.

如果您沒有今天電話會議的新聞稿或簡報的副本，可以在我們的網站 avangrid.com 上取得。在今天的電話會議中，我們將根據當前的預期和假設，做出1995 年《美國私人證券訴訟改革法案》安全港條款含義內的各種前瞻性聲明，這些預期和假設存在風險和不確定性。如果我們的任何關鍵假設不正確，或者由於 Avangrid 的收益新聞稿中討論的其他因素、本次電話會議期間發表的評論、隨附演示文稿的風險因素或我們向SEC 提交的最新報告和文件，每一份都可以在我們的網站上找到。我們不承擔更新任何前瞻性陳述的責任。

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.

今天的演示也提到了非公認會計準則財務指標。您應該參考今天簡報隨附的幻燈片中包含的信息，以了解非 GAAP 財務指標與最接近的 GAAP 財務指標的定義資訊和調整。

I will now turn the call over to Pedro.

我現在將把電話轉給佩德羅。

Thank you, Alvaro. During the past months, Avangrid has continued working hard on building the foundation for a stronger and more resilient energy future, not only for our company, but also for the U.S. A year ago, we have many challenges ahead of us. I'm very pleased how the team has performed and we'll be updating during the presentation some of the major achievements we have been able to obtain at present.

謝謝你，阿爾瓦羅。在過去的幾個月裡，Avangrid 繼續努力為更強大、更有彈性的能源未來奠定基礎，不僅為我們公司，也為美國。一年前，我們面臨許多挑戰。我對團隊的表現感到非常高興，我們將在演示期間更新我們目前取得的一些主要成就。

If we move to Slide 5, earlier today, Avangrid reported third quarter results for 2023 net income of $59 million or $0.15 per share and an adjusted net income of $105 million or $0.27 per share. Over the 9 months, Avangrid reported net income of $389 million or $1 per share and an adjusted net income of $434 million or $1.12 per share.

如果我們轉到幻燈片 5，今天早些時候，Avangrid 報告了 2023 年第三季淨利潤為 5,900 萬美元或每股 0.15 美元，調整後淨利潤為 1.05 億美元或每股 0.27 美元。過去 9 個月，Avangrid 報告淨利潤為 3.89 億美元，即每股 1 美元，調整後淨利潤為 4.34 億美元，即每股 1.12 美元。

In New York, our NYSEG and RG&E rate cases were approved by the Public Service Commission on October 12, with a positive after-tax impact of $136 million or $0.35 per share to be recognized in the fourth quarter this year. This includes $66 million of positive impact as if the joint proposal settlement was effective May 1 and $70 million for the mitigation of uncollectibles. We successfully terminated our offshore wind PPAs for Commonwealth Wind and Park City Wind with an after-tax payment of about $29 million in guarantees for this year. By terminating these contracts, we have improved the economics of our offshore wind projects and avoided billions in write-offs at minimal cost. This cost is excluded from our adjusted earnings.

在紐約，我們的 NYSEG 和 RG&E 費率案例於 10 月 12 日獲得公共服務委員會批准，稅後積極影響為 1.36 億美元或每股 0.35 美元，將於今年第四季度確認。其中包括 6,600 萬美元的正面影響（假設聯合提案和解協議於 5 月 1 日生效）和 7,000 萬美元用於減少壞帳。我們成功終止了 Commonwealth Wind 和 Park City Wind 的離岸風電購電協議，並於今年支付了約 2,900 萬美元的稅後擔保。透過終止這些合同，我們提高了離岸風電項目的經濟效益，並以最低的成本避免了數十億美元的沖銷。該成本不包括在我們調整後的收益中。

Based on our year-to-date achievements and progress on key issues, we are reaffirming our 2023 EPS guidance of $1.90 to $2.10 and adjusted EPS of $2.20 to $2.35. This includes onetime extraordinary gains from potential transactions of $0.24 to $0.28.

根據我們今年迄今在關鍵問題上取得的成就和進展，我們重申 2023 年每股收益指引為 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。這包括潛在交易帶來的 0.24 至 0.28 美元的一次性非凡收益。

Over the last months, we have successfully completed key challenges from '22. One year ago, we announced our plan to file multiyear rate cases to avoid gaps between rates, balancing earnings, cash flow and affordability. Just on October 12, we received a final decision on the rate case for our companies in New York, including over $6 billion of investment for past and future investments. Our rate base will increase by close to 40% from $6.6 billion in '22 to $9.2 billion in '26, reflecting increases in plant additions needed to enhance the grid reliability and resiliency.

在過去的幾個月裡，我們成功完成了 22 年以來的關鍵挑戰。一年前，我們宣布計劃提交多年利率案例，以避免利率之間的差距，平衡收益、現金流和負擔能力。就在 10 月 12 日，我們收到了關於我們在紐約的公司的費率案例的最終決定，其中包括過去和未來投資超過 60 億美元的投資。我們的費率基數將從 22 年的 66 億美元增加到 26 年的 92 億美元，成長近 40%，反映出提高電網可靠性和彈性所需的電廠增設數量的增加。

The 3-year rate case will also improve cash flow up to $940 million -- or in excess of $940 million and enhance our net income to nearly $450 million in 2026. This will help us pay for vegetation management costs, improve our credit metrics and provide a fair return on historic investments up to '22 as well as those projected into '26. The decision also includes risk mitigation provisions for uncollectibles and changes in long-term debt rates as well as make-whole provision. This make-whole goes back to May 1, meaning that even though the new rates go into effect on November 1, we will be able -- we will make whole as the joint proposal settlement had been approved back on May 1.

3 年期利率方案也將現金流改善至9.4 億美元，或超過9.4 億美元，並將我們的淨利潤在2026 年提高至近4.5 億美元。這將有助於我們支付植被管理成本、改善我們的信用指標和截至 22 年的歷史投資以及預計到 26 年的投資提供公平的回報。該決定還包括針對無法收回的資產的風險緩解準備金、長期債務利率的變化以及整體準備金。這一整頓可以追溯到 5 月 1 日，這意味著即使新費率於 11 月 1 日生效，我們也能夠——我們將整頓，因為聯合提案和解方案已於 5 月 1 日獲得批准。

The allowed return on equity is 9.2% and the equity ratio is 48%. Ultimately, the newer rate case will enable us to continue to deliver a high-quality service to our customers, accelerate vegetation management, work to improve system reliability and resiliency and accelerate the clean energy transition in New York.

允許的股本回報率為9.2%，股本比率為48%。最終，新的費率案例將使我們能夠繼續為客戶提供高品質的服務，加速植被管理，努力提高系統可靠性和彈性，並加速紐約的清潔能源轉型。

If I remember last year, many people put into question rightly that we're not going to have a successful rate case. I think in the same case that in Maine, when you work hard, you have relationships, you spend time with the regulator, you explain your case correctly, and things deliver. So I'm very, very happy and proud of the work that has been done on this topic. Nobody could believe this outcome a year ago.

如果我記得去年，許多人正確地質疑我們不會有一個成功的利率案例。我認為，在緬因州，當你努力工作、建立關係、花時間與監管機構相處、正確解釋你的案件時，事情就會順利進行。因此，我對在這個主題上所做的工作感到非常非常高興和自豪。一年前沒有人會相信這個結果。

Turning to Slide 7. A year ago, Park City Wind and Commonwealth Wind were financially exposed to significant additional project costs due to [unprecedented] economic headwinds. Many of the things we said a year ago, I think now everybody comments on the same in the same way. The contracts did not allow unilateral termination or renegotiation and as promised in our last strategic plan in September '22, we took steps to improve the economics of the projects. Since that time, Avangrid has been transparent and collaborative working digitally with the state and further officials and stakeholders to find solutions.

轉向幻燈片 7。一年前，由於[前所未有的]經濟逆風，Park City Wind 和 Commonwealth Wind 在財務上面臨巨大的額外專案成本。我們一年前說過的許多事情，我想現在每個人都以同樣的方式發表同樣的評論。這些合約不允許單方面終止或重新談判，正如我們在 2022 年 9 月的上一份策略計畫中所承諾的那樣，我們採取了措施來提高專案的經濟效益。從那時起，Avangrid 一直與國家以及其他官員和利益相關者進行透明和數位化的協作，以尋找解決方案。

Today, PPIs, PPAs for both projects have been successfully terminated at minimum cost and avoiding massive write-offs. As we said last year, we care about every dollar, every million as we care about billions, but we're not here to put in danger the money we received from our equity and debt investors. On Park City Wind, the electric distribution companies filed PPA termination documents with the Connecticut Public Utilities Regulatory Authority, PURA, they approved termination of the PPA's contract early this month. The impact was limited to the security deposit of almost $12 million after tax.

如今，這兩個項目的生產者物價指數 (PPI)、購電協議 (PPA) 均已以最低成本成功終止，並避免了大規模沖銷。正如我們去年所說，我們關心每一美元、每一百萬，就像我們關心數十億美元一樣，但我們並不是要把我們從股票和債務投資者那裡收到的錢置於危險之中。在 Park City Wind 專案上，配電公司向康乃狄克州公用事業監管局 PURA 提交了 PPA 終止文件，他們於本月初批准終止 PPA 合約。影響僅限於稅後近 1200 萬美元的保證金。

On Commonwealth Wind, the Massachusetts Department of Public Utilities, DPU approved the termination of the PPAs in August. The impact was limited to the security deposit of almost $18 million after tax this year. Over the last year, we continued to advance the permitting and development of these projects. Now we have 2 high valuable leases ready to leverage and experience as part of the Iberdrola Group developing, financing and constructing offshore projects like Vineyard Wind 1.

關於 Commonwealth Wind，麻薩諸塞州公用事業部 DPU 於 8 月批准終止購電協議。影響僅限於今年稅後近 1800 萬美元的保證金。去年，我們繼續推進這些項目的許可和開發。現在，作為 Iberdrola 集團開發、融資和建造 Vineyard Wind 1 等離岸項目的一部分，我們擁有 2 個高價值租賃，可供利用和累積經驗。

As in the case of the rate case in New York and the rate case in Maine, also in these 2 projects, I would like to congratulate the team. I think we have done a simply very difficult to believe work which is not even to initiate the construction in relation to the project and to be able to terminate 2 projects that otherwise, we will be now speaking of billions of losses today. So congratulations, and I'm very, very proud of the negotiations, and thank you also to all the legislatures, executive and other parties and constitutions we were with, because this is the best thing thinking of the company viability in the long term.

正如紐約的費率案例和緬因州的費率案例一樣，在這兩個項目中，我要祝賀該團隊。我認為我們做了一項非常難以相信的工作，甚至沒有啟動與該項目相關的建設，也沒有能夠終止兩個項目，否則，我們今天將談論數十億美元的損失。所以恭喜你，我對這次談判感到非常非常自豪，也感謝我們所參與的所有立法機構、行政部門以及其他政黨和憲法，因為這是考慮公司長期生存能力的最好的事情。

Turning to Slide 8. Earlier this year, we received approval for the first multiyear rate case in Maine for 15 years. The Maine Public Utility Commissions, MPUC, approved over $380 million of investments to improve safety, reliability and resiliency. This increases our rate base to nearly $1.3 billion in rate year 2, reflecting the plant additions necessary to improve and modernize the grid in Maine. This plan was designed to ensure that CMP can continue making progress towards upgrading the electric grid, improving vegetation management practices and enhancing the customer experience.

轉向幻燈片 8。今年早些時候，我們獲得了緬因州 15 年來第一個多年期利率案例的批准。緬因州公用事業委員會 (MPUC) 批准了超過 3.8 億美元的投資，以提高安全性、可靠性和彈性。這將我們的費率基數在第二年增加到近 13 億美元，反映了改善和現代化緬因州電網所需的電廠增設。該計劃旨在確保 CMP 能夠在升級電網、改善植被管理實踐和增強客戶體驗方面繼續取得進展。

Having been selected this year, CMP, the best company to work in Maine -- to work for in Maine, I would say thank you to the team, terrific job. Again, very few people trusted a year ago, we were going to achieve a rate case like this one. I think we're doing this because it's necessary. We are happy now we're spending all the time needed with all the constitutions we need to deal with. I think this is what basically comes out when the work is done correctly. So congratulations, and let's continue.

今年被選為 CMP，緬因州最適合工作的公司——在緬因州工作，我要對團隊表示感謝，做得很好。同樣，一年前很少人相信我們會實現這樣的利率案例。我認為我們這樣做是因為這是必要的。我們很高興現在我們花了所有需要的時間來處理我們需要處理的所有憲法。我認為這基本上就是正確完成工作後的結果。那麼恭喜你，讓我們繼續吧。

On the next item, NECEC, we have successfully resolved key legal matters and restarted construction, enabling us to accrue AFUDC. The Massachusetts -- in Massachusetts, sorry, we are right now investing in this project, both in Mainland and then in Massachusetts. And as you know, we have the agreement with ADCs. We will be investing approximately $1.5 billion in this project. Through the end of the third quarter, we have the spend already almost $700 million. NECEC contributed $7 million on after-tax earnings in the third quarter and is expected to add earnings almost approaching $20 million in the fourth quarter.

關於下一個項目，NECEC，我們已成功解決關鍵法律問題並重新啟動建設，使我們能夠累積 AFUDC。馬薩諸塞州——在馬薩諸塞州，抱歉，我們現在正在投資這個項目，先是在大陸，然後是馬薩諸塞州。如您所知，我們與 ADC 達成了協議。我們將為該項目投資約 15 億美元。截至第三季末，我們的支出已接近 7 億美元。 NECEC第三季貢獻了700萬美元的稅後收益，預計第四季的收益將接近2000萬美元。

On Slide 9, we move to key items that we continue to make progress on. On Vineyard Wind 1, construction is progressing, and we are on track for delivering first power before the end of the year and achieving commercial operation by the end of '24. Once online, this project will generate clean, renewable and affordable energy for over 400,000 homes and businesses in Massachusetts, while also reducing carbon emissions by over 1.3 million tons per year, which is equivalent to removing 325,000 cars from the road.

在投影片 9 上，我們轉向繼續取得進展的關鍵項目。 Vineyard Wind 1 的建設正在進行中，我們預計在年底前交付第一批電力，並在 24 年底實現商業營運。一旦上線，該項目將為馬薩諸塞州超過 40 萬戶家庭和企業提供清潔、可再生且經濟實惠的能源，同時每年減少超過 130 萬噸碳排放，相當於道路上減少 325,000 輛汽車。

Nearly 60% of the construction has been successfully completed, and we have achieved key milestones, including the installation of the first 2 wind turbines, 25 monopiles (sic) [24 monopiles] and 15 array cables to connect the turbines. We have also completed the installation of the offshore substation earlier this summer and the onshore substation has been energized. Additionally, we have fully secured the components needed to support construction and executed a first of its kind tax equity financing for $1.2 billion.

近 60% 的施工工作已順利完成，我們已經實現了重要的里程碑，包括安裝首批 2 颱風力渦輪機、25 個單樁 (原文如此) [24 個單樁] 以及連接渦輪機的 15 根陣列電纜。今年初夏，我們也完成了海上變電站的安裝，陸上變電站也已通電。此外，我們已完全獲得支持建設所需的組件，並執行了首個 12 億美元的稅收股權融資。

It represents the largest single asset tax equity financing closed and the first for a commercial scale offshore win. This allows us to monetize trade depreciation of the project, supporting the capital structure and project economics. We are proud of the work accomplished by the offshore team in pioneering a new industry in the U.S. The lessons learned will be invaluable as we continue developing this project and others in the U.S.

這是已完成的最大的單一資產稅收股權融資，也是第一個商業規模的離岸融資。這使我們能夠將項目的貿易折舊貨幣化，支持資本結構和項目經濟。我們為離岸團隊在美國開拓新產業所取得的成就感到自豪。隨著我們繼續在美國開發該項目和其他項目，所獲得的經驗教訓將非常寶貴。

Finally, parties in the merger case related to PNM, presented our arguments to the New Mexico Supreme Court in September, and we are now awaiting a decision. We're also progressing in the divestiture plan that, as you know, is needed before the end of '24, and we continue to make progress there.

最後，PNM 相關合併案的各方於 9 月向新墨西哥州最高法院提出了我們的論點，我們現在正在等待裁決。如您所知，我們也在剝離計劃方面取得進展，該計劃需要在 24 年底之前完成，並且我們將繼續在這方面取得進展。

Turning to Slide 10 we will discuss our UI rate case and the challenging regulatory environment in Connecticut. Two months ago, the Public Utilities Regulatory Authority, PURA issued a final decision regarding the rate case. The decision departs without prior notice from over 25 years of PURA practices resulted in our inability to recover reasonably incur costs and earn a fair return on enough capital. The decision would hinder our ability to invest in the grid to improve the store resiliency and reliability and would slow down the state progress on its clean energy goals. For this reason, we have filed, among others, an appeal in the superior court of the Judicial District of New Britain on September 18.

轉向投影片 10，我們將討論我們的失業保險費率案例以及康乃狄克州充滿挑戰的監管環境。兩個月前，公用事業監理局 PURA 發布了有關費率案件的最終決定。由於 PURA 超過 25 年的實踐，我們在沒有事先通知的情況下就做出了這一決定，這導致我們無法收回合理產生的成本並以足夠的資本獲得公平的回報。這項決定將阻礙我們投資電網以提高儲存彈性和可靠性的能力，並將減緩該州在清潔能源目標方面的進展。為此，我們已於 9 月 18 日向新不列顛司法區高等法院提起上訴。

Turning now to Slide 11. The IRA is bringing tremendous opportunities to the industry and will be crucial for Avangrid's plan to repower up to approximately 1.6 gigawatts (sic) [4.6 gigawatts] of our renewable assets between '23 and '32. Repowering allows us to increase production of our existing assets by around 30% and reduced O&M costs by approximately 10%. Let's not forget that it allows for tax credits for 100% of the asset production, not only the increased production, including both as we commented for the next 10 years and light wind field projects, repowering does not require full development and permitting, allowing the project to reach completion much faster. In fact, we have already repowered very successfully in the last 3 years. This represents a low-risk opportunity to increase the value of our existing portfolio at least through 2032.

現在轉向幻燈片11。IRA 為該行業帶來了巨大的機遇，對於Avangrid 在23 年至32 年期間為我們的可再生資產重新供電高達約1.6 吉瓦（原文如此）[4.6 吉瓦]的計劃至關重要。重新供電使我們能夠將現有資產的產量提高約 30%，並將營運和維護成本降低約 10%。我們不要忘記，它允許對 100% 的資產生產進行稅收抵免，而不僅僅是增加產量，包括我們對未來 10 年的評論和輕型風場項目，重新供電不需要全面開發和許可，允許項目更快地完成。事實上，我們在過去三年裡已經非常成功地重新啟動。這是至少到 2032 年增加我們現有投資組合價值的低風險機會。

We have continued advancing in Slide 22 -- sorry, 12 in our priorities and achieve additional key milestones this year. On this slide, we have some examples. Within networks of CMP, we have secured the grant of $30 million awarded by the DOE grid development office under great resiliency and innovation partnership program. This brand was established by the Bipartisan Infrastructure Law and will position CMP to accelerate the deployment of smart grid technologies and reduce the frequency and impact of power outages.

我們在幻燈片 22 中繼續前進——抱歉，我們的優先事項是 12，並且今年實現了更多關鍵里程碑。在這張投影片上，我們有一些例子。在 CMP 網路中，我們已獲得美國能源部網格開發辦公室根據「彈性和創新合作夥伴計畫」提供的 3,000 萬美元撥款。該品牌是根據兩黨基礎設施法案建立的，將使 CMP 能夠加速智慧電網技術的部署，並減少停電的頻率和影響。

CMP also delivered an exceptional response to Hurricane Lee, which affected the region of Northern New England on September 16. We successfully restored power to the vast majority of the 130,000 customers impacted within 24 hours. CMP has also been recognized as one of Maine's best places to work. This is a research-driven program from Best Companies Group that examines the practices programs and benefits of a company and perform surveys to its employees to evaluate their perspective.

CMP 也對 9 月 16 日影響新英格蘭北部地區的颶風李做出了出色的回應。我們在 24 小時內成功為受影響的 130,000 名客戶中的絕大多數客戶恢復了供電。 CMP 也被公認為緬因州最佳工作場所之一。這是 Best Companies Group 的研究驅動計劃，旨在檢查公司的實踐計劃和福利，並對員工進行調查以評估他們的觀點。

Across all operating companies and networks, we have improved our system average interruption duration index or SAIDI, by 9% in '23, when compared to our average SAIDI between 2019 and 2022. We continue to put the customer experience at the core of our network business by expanding our digital platforms. Year-to-date, we have over 1.1 million app downloads, which represents an 8% increase on over 1 million customers on outage alert, which is a 46% increase. These tools and technologies will help increase customer satisfaction, reduce costs to customers and improved cash flow.

在所有營運公司和網路中，與 2019 年至 2022 年期間的平均 SAIDI 相比，我們在 23 年將系統平均中斷持續時間指數或 SAIDI 提高了 9%。我們繼續將客戶體驗置於我們網路的核心透過擴展我們的數位平台來開展業務。今年迄今為止，我們的應用程式下載量超過 110 萬次，這意味著超過 100 萬名收到中斷警報的客戶數量增加了 8%，即增加了 46%。這些工具和技術將有助於提高客戶滿意度、降低客戶成本並改善現金流。

Moving on to renewables. We have reached an installed capacity of 8.6 gigawatts of wind and solar energy, and we are on track to install around 1.2 gigawatts between '23 and '25 as addressed in our strategic plan. Right now, we have close to 850 megawatts of solar energy projects under construction. Equipment and supply needed for these projects are fully contracted and secure, preventing CapEx variation. In the first 9 months, we have also secured 580 megawatts of new and renegotiated PPAs. In addition, earlier this year, we joined the CAISO Western Energy Imbalance Market, EIM as the first generationally entity.

轉向再生能源。我們的風能和太陽能裝置容量已達到 8.6 吉瓦，並且按照我們的戰略計劃所述，我們預計在 23 年至 25 年期間安裝約 1.2 吉瓦。目前，我們有近850兆瓦的太陽能專案在建。這些項目所需的設備和供應均完全承包且安全，防止資本支出變化。前 9 個月，我們還獲得了 580 兆瓦的新購電協議和重新談判的購電協議。此外，今年早些時候，我們作為第一代實體加入了 CAISO 西部能源失衡市場 (EIM)。

Regarding our corporate accomplishments, we recently reached an agreement with Vito to transfer $100 million of PTCs in '23. The PTCs will come from 8 operating wind farms totaling over 1.1 gigawatts for projects that are not in tax equity. This is one of the first for tax transfers of PTC since the IRA allows for transferability of tax credits. Earlier this year, Fitch also upgraded Avangrid outlook to stable, improving our credit profile.

關於我們的企業成就，我們最近與 Vito 達成協議，將於 23 年轉移 1 億美元的 PTC。 PTC 將來自 8 個營運中的風電場，總裝置容量超過 1.1 吉瓦，適用於不屬於稅收公平的專案。這是 PTC 的首批稅收轉移之一，因為 IRA 允許稅收抵免的轉移。今年早些時候，惠譽也將 Avangrid 的前景升級為穩定，從而改善了我們的信用狀況。

Related to ESG achievements, we hosted our first Supplier Diversity Summit this quarter with the objective of bringing our small and diverse businesses together to promote equitable and competitive business practices.

與 ESG 成就相關，我們本季舉辦了首屆供應商多元化高峰會，目的是將我們的小型和多元化企業聚集在一起，促進公平和有競爭力的商業實踐。

On innovation, we hosted our Annual Digital Summit this past quarter with technology leaders from around the country to showcase the latest digital solutions for the energy sector. This year's event featured disruptive technologies that will advance smart grids, improve operations and enhance the customer experience. Also related to innovation, Fortnightly recently awarded us with the Lewis Latimer Top Innovator Award in design. We were recognized for our projects, simulating cybersecurity threats and our response. Thanks to these achievements, Avangrid is well positioned for success, and I am confident that we are taking the premise steps to drive our future growth.

在創新方面，我們在上個季度與來自全國各地的技術領導者舉辦了年度數位高峰會，展示能源產業的最新數位解決方案。今年的活動以顛覆性技術為特色，這些技術將推動智慧電網、改善營運並增強客戶體驗。同樣與創新相關的是，《雙週刊》最近授予我們劉易斯·拉蒂默 (Lewis Latimer) 設計最佳創新獎。我們因模擬網路安全威脅和回應的項目而獲得認可。由於這些成就，Avangrid 已做好了成功的準備，我相信我們正在採取必要的步驟來推動我們未來的成長。

Turning to Slide 13. Avangrid continues to be recognized in the ESG-related indexes, reaffirming our strong efforts to meet our sustainability and governance goals. This year, we have received over 14 ESG recognitions. I would like to highlight the following 4, which aligns with our ESG goals. The World's Most Ethical Companies by Ethisphere, the Bloomberg Gender and Equality Index, the Financial Times Stock Exchange for Good by FTSE Russell and the '23 Sustainability Yearbook by S&P.

轉向幻燈片 13。Avangrid 繼續在 ESG 相關指數中獲得認可，再次證明了我們為實現永續發展和治理目標而付出的巨大努力。今年，我們獲得了超過 14 項 ESG 認可。我想強調以下 4 點，它們與我們的 ESG 目標一致。道德村協會評選的全球最具商業道德公司、彭博性別與平等指數、富時羅素評選的《金融時報》善行證券交易所以及標準普爾評選的「23 年永續發展年鑑」。

2023 marks the fifth consecutive year being recognized as one of the World's Most Ethical Companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. We are one of the only 9 honorees globally in the energy and utility sector this year. The Bloomberg Gender-Equality Index connects with Avangrid's goal to build, maintain and improve a diverse workforce and inclusive culture, aligned with our ESG targets for women in executive and leadership positions.

2023 年是道德村 (Ethisphere) 連續第五年被評為全球最具商業道德企業之一。道德村是定義和推進道德商業實踐標準的全球領導者。我們是今年能源和公用事業領域全球僅有的 9 個獲獎者之一。彭博性別平等指數與 Avangrid 建立、維持和改善多元化勞動力和包容性文化的目標相結合，與我們針對擔任行政和領導職位的女性的 ESG 目標保持一致。

This is the 6th time we have won the FTSE4Good award created by the global index and data provider, FTSE Russell. The FTSE4Good index measures the quality of each company's management of environmental, social and governance matters. Avangrid has also been included in S&P's 2023 Sustainability Yearbook, scoring more than twice the average of the industry. All these awards and accomplishments are a testament of the hard work and dedication of the teams to make this possible.

這是我們第六次榮獲全球指數和資料供應商富時羅素 (FTSE Russell) 創建的 FTSE4Good 獎項。 FTSE4Good 指數衡量每家公司在環境、社會和治理事務方面的管理品質。 Avangrid 也被納入標準普爾 2023 年永續發展年鑑，得分是行業平均的兩倍以上。所有這些獎項和成就都證明了團隊的辛勤工作和奉獻精神，使這一切成為可能。

As such, I wanted to thank everyone in Avangrid, who works hard every day to continue to deliver excellent customer and employee experiences, innovative ideas and contribution to these ESG goals. In particular, I would like to thank you, Patricia, for your dedication and the many contributions you have made to Avangrid over the past 8 years. You didn't join us here. You were here for 8 years with us.

因此，我要感謝 Avangrid 的每個人，他們每天努力工作，繼續提供卓越的客戶和員工體驗、創新理念以及對這些 ESG 目標的貢獻。我特別要感謝您，Patricia，您的奉獻精神以及您在過去 8 年裡為 Avangrid 所做的許多貢獻。你沒有加入我們這裡。你和我們一起度過了 8 年。

Earlier this week, we shared that Patricia will be leaving, retiring from Avangrid in November. She has been an integral part of our company, first working at UIL as Vice President and Treasurer and then as Vice President of Investor Relations. Patricia, we wish you all the best. And Justin, we welcome you now. You have been here also for long time, and it's a pleasure to have you now as interim CFO. And with that, let me return the call over to you.

本週早些時候，我們宣布 Patricia 將於 11 月從 Avangrid 退休。她一直是我們公司不可或缺的一部分，首先在 UIL 擔任副總裁兼財務主管，然後擔任投資者關係副總裁。帕特里夏，我們祝你一切順利。賈斯汀，我們現在歡迎你。您也已經在這裡工作很長時間了，很高興您現在擔任臨時財務長。接下來，讓我將電話轉給您。

Thank you, Pedro. Good morning, everyone. Before I start with this quarter's financial performance, I want to comment on the recent announcement of my resignation from the company. It is for personal reasons, a family-related matter that requires my attention. I remain supportive of the company and Pedro as CEO, and I'm very thankful to Pedro, the Avangrid Board, the Chairman and Iberdrola for the opportunities I've had. I admire their support and commitment to the company.

謝謝你，佩德羅。大家，早安。在開始介紹本季的財務業績之前，我想對我最近宣布從公司辭職的消息發表評論。是因為個人原因，是家庭相關的事情，需要我關注。我仍然支持公司和 Pedro 作為首席執行官，我非常感謝 Pedro、Avangrid 董事會、董事長和 Iberdrola 給我的機會。我欽佩他們對公司的支持和承諾。

I have really enjoyed my tenure here at Avangrid, and I am proud of all of the accomplishments we have achieved, including successfully managing through some real challenges in a complex business environment and the company's efforts to effectively promote our financial objectives and the advancement of the clean energy transition in the U.S. Thank you to everyone, and I look forward to seeing some of you at EEI in November.

我非常享受在Avangrid 的任期，我​​為我們所取得的所有成就感到自豪，包括在複雜的商業環境中成功應對一些真正的挑戰，以及公司為有效促進我們的財務目標和進步而做出的努力。美國的清潔能源轉型 謝謝大家，我期待 11 月在 EEI 見到你們中的一些人。

Turning to earnings on Slide 15. For the third quarter of 2023, our EPS was $0.15 a share, compared to $0.27 in the third quarter of 2022, and our adjusted EPS was $0.27, compared to $0.31 in the third quarter of 2022. Networks results were $0.24, higher by $0.01 quarter-over-quarter, compared to the third quarter of 2022. The key drivers included a positive $0.06 due to the implementation of the third year of the existing rate plans for our New York companies and the implementation of our new rate plan in CMP.

轉向幻燈片15 上的收益。2023 年第三季度，我們的每股收益為0.15 美元，而2022 年第三季度為0.27 美元，調整後的每股收益為0.27 美元，而2022 年第三季度為0.31 美元。與 2022 年第三季度相比，環比上漲 0.24 美元，環比上漲 0.01 美元。主要驅動因素包括由於紐約公司現有費率計劃第三年的實施以及我們的CMP 的新費率計劃。

These results do not include the $0.35 onetime benefit of the new rates approved in New York, which will be in our fourth quarter results. We also experienced lower uncollectibles, which had a positive $0.02 impact quarter-over-quarter due to higher bad debt write-offs in the third quarter of 2022 versus the third quarter of 2023, primarily in New York. The start of construction of our NECEC project in August resulted in an additional $0.02 of AFUDC earnings quarter-over-quarter. Offsetting the positive results at Networks were cost to implement our investment plans and operator businesses, including O&M, depreciation and interest costs.

這些結果不包括紐約批准的新費率帶來的 0.35 美元一次性福利，這將包含在我們第四季的業績中。我們的壞帳損失也有所減少，由於 2022 年第三季的壞帳沖銷額高於 2023 年第三季（主要是在紐約），因此對季度環比產生了 0.02 美元的正面影響。我們的 NECEC 專案於 8 月開始建設，導致 AFUDC 收益環比增加 0.02 美元。網路業務的正面成果被實施投資計畫和營運商業務的成本所抵消，包括維運、折舊和利息成本。

Our Renewables business segment also reflected strong performance of $0.14 for the third quarter of 2023, higher by $0.03 quarter-over-quarter. Wind and solar operating performance, which includes the impact of pricing, production and tax benefits contributed $0.12 a share related to new projects and service, operating performance and tax spreads. We also benefited from higher earnings from our thermal operations and asset management of $0.05 a share, and taxes primarily reflected the implementation of the IRA in 2022. Corporate costs reflect a decrease of $0.08 a share quarter-over-quarter, primarily due to higher interest costs.

我們的再生能源業務部門也體現出 2023 年第三季 0.14 美元的強勁業績，季增 0.03 美元。風能和太陽能營運績效（包括定價、生產和稅收優惠的影響）與新項目和服務、營運績效和稅利差相關，每股貢獻 0.12 美元。我們也受惠於熱力業務和資產管理帶來的每股 0.05 美元的更高收益，稅收主要反映了 2022 年 IRA 的實施。企業成本環比下降了每股 0.08 美元，主要是由於利息增加成本。

Moving now to the next slide. We are reaffirming our 2023 outlook ranges for EPS of $1.90 to $2.10 per share and adjusted EPS of $2.20 to $2.35 a share. Our ongoing focus remains on achieving these targets as we execute our investment plan with discipline and a risk management focus. We also provide our expectations for the remainder of 2023. This includes, first, the implementation of the New York rate case with a positive after-tax impact of $136 million or $0.35 a share from May 1 through November 1.

現在轉到下一張投影片。我們重申 2023 年每股收益展望為 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。我們持續的重點仍然是實現這些目標，因為我們嚴格執行投資計劃並專注於風險管理。我們還提供了 2023 年剩餘時間的預期。這首先包括實施紐約利率案例，從 5 月 1 日到 11 月 1 日，稅後影響將達到 1.36 億美元，即每股 0.35 美元。

This reflects a make whole adjustment of $66 million for the incremental rate as if we -- the rate case has been implemented on May 1 and a onetime catch-up of uncollectible adjustment of $70 million to match existing reserve amounts. To explain further, this onetime adjustment reflects a new regulatory treatment allows for the deferral of uncollectibles to match the amounts set aside in our uncollectible reserve.

這反映出對增量利率進行了6600 萬美元的整體調整，就好像我們的利率案例已於5 月1 日實施一樣，並且一次性調整了7000 萬美元的無法收回的調整，以匹配現有的準備金金額。進一步解釋說，這項一次性調整反映了一種新的監管處理方式，允許推遲收回壞帳準備金，以與我們的壞帳準備金中預留的金額相符。

Our NECEC project has a range of $0.04 to $0.05, reflecting AFUDC earnings. Additionally, operational performance in our Networks and Renewables business in the fourth quarter is in the range of $0.41 to $0.49, which includes the ongoing impact from the implementation of rate cases for NYSEG and RG&E, CMP, and UI. And we have cost management initiatives in the range of $0.04 to $0.06. This brings us to expected results prior to our renewables transactions in the range of $1.95 to $2.08, which is the same as we indicated last quarter. Adding the renewable transactions that we've previously disclosed, which includes a partial sale of our Kitty Hawk lease area at a range of $0.24 to $0.28, reaching our 2023 outlook range of $2.20 to $2.35.

我們的 NECEC 專案的範圍為 0.04 至 0.05 美元，反映了 AFUDC 的收益。此外，第四季度我們的網路和再生能源業務的營運業績在 0.41 美元至 0.49 美元之間，其中包括 NYSEG 和 RG&E、CMP 和 UI 費率案例實施的持續影響。我們的成本管理計劃在 0.04 美元到 0.06 美元之間。這使我們在再生能源交易之前的預期結果在 1.95 美元至 2.08 美元之間，這與我們上季度表示的相同。加上我們先前揭露的再生能源交易，其中包括以 0.24 美元至 0.28 美元的價格部分出售 Kitty Hawk 租賃區，達到我們 2023 年 2.20 美元至 2.35 美元的展望範圍。

Note that the delay in the closing of our merger with PNM has had a minus $0.03 impact for the year, which is what we disclosed last quarter. Considering the net impact of PNM operations and interest rates on the cost of funding as our guidance had assumed $0.30 contribution in 2023 and $4.5 billion of debt to fund the closing of the transaction. Additionally, opportunities and risks impacting our 2023 results include renewables production and pricing, other regulatory adjustments, thermal and asset management results, taxes, interest, O&M, uncollectibles and asset rotation. And finally, today, we are reaffirming our 6% to 7% compound annual growth rate in our adjusted EPS through 2025 off a base that is the midpoint of our 2022 guidance.

請注意，我們與 PNM 合併的延遲完成對本年度產生了負 0.03 美元的影響，這是我們上季度披露的。考慮到 PNM 營運和利率對融資成本的淨影響，我們的指導假設 2023 年出資 0.30 美元，債務為 45 億美元，為完成交易提供資金。此外，影響我們 2023 年業績的機會和風險包括再生能源生產和定價、其他監管調整、熱能和資產管理績效、稅收、利息、營運和維護、壞帳和資產輪調。最後，今天，我們重申到 2025 年調整後每股盈餘的複合年增長率為 6% 至 7%，基數為 2022 年指引的中點。

Moving now to the next slide. We're very much aware of the macro environment and are focused on managing our interest rate exposure. Some of the key points that we wanted to highlight are on this slide. 93% of our long-term debt is fixed. Our variable debt exposure is limited to a hedge on an existing parent company bond and our commercial paper program, which we did pay down by $800 million with an Iberdrola intercompany 10-year term loan earlier in the quarter at a 5.45% rate.

現在轉到下一張投影片。我們非常了解宏觀環境，並專注於管理我們的利率風險。我們想要強調的一些關鍵點都在這張投影片上。我們 93% 的長期債務是固定的。我們的可變債務風險僅限於對現有母公司債券和商業票據計劃的對沖，我們在本季早些時候透過 Iberdrola 公司間公司間貸款以 5.45% 的利率支付了 8 億美元。

Importantly, our regulated utilities can recover higher financing costs in their rates. For example, our New York utilities, which represents 58% of our rate base, allowed for the annual recovery of debt costs and our new rate case includes a fixed rate debt reconciliation mechanism. In UI and CMP, interest costs are reconciled at the end of each rate year. And when we issued debt of utilities in the private placement market, we were able to use a delayed draw feature that allows us to price in advance of taking the fund at a pre-issuance hedge.

重要的是，我們受監管的公用事業公司可以在其利率中收回更高的融資成本。例如，我們的紐約公用事業公司占我們費率基數的 58%，允許每年收回債務成本，而我們的新費率案例包括固定利率債務調節機制。在 UI 和 CMP 中，利息成本在每個利率年度結束時進行調整。當我們在私募市場發行公用事業債券時，我們能夠使用延遲提取功能，使我們能夠在發行前對沖基金之前進行定價。

Through 2024, our maturities include $600 million at the parent and at the utilities a $75 million bond at United Illuminating and a $12 million tax exempt note. Our renewables business does not have external debt, including project debt. Our offshore wind project, Vineyard Wind 1 is financed with variable debt with a swap to fixed for the construction loan and the project debt, hedged several years ago at very low rates. Overall, the weighted average interest cost of our debt is 3.94% as of September 30, and a sensitivity to our interest rate exposure was provided with our September '22 Investor Day materials with an estimated impact on a 50% -- a 50 basis point change in our interest rates through 2022 through 2025 of about $20 million.

到 2024 年，我們的到期期限包括母公司和公用事業公司的 6 億美元債券、聯合照明公司的 7,500 萬美元債券和 1,200 萬美元的免稅票據。我們的再生能源業務沒有外債，包括專案債務。我們的離岸風電專案 Vineyard Wind 1 透過可變債務融資，並將建築貸款和專案債務互換為固定債務，幾年前以非常低的利率進行對沖。總體而言，截至 9 月 30 日，我們債務的加權平均利息成本為 3.94%，我們的 22 年 9 月投資者日材料提供了對利率風險的敏感性，預計影響為 50%，即 50 個基點2022 年至2025 年我們的利率變動約為2,000 萬美元。

We also want to highlight that we have strong processes in place to manage supply chain costs. Our onshore supply chain for our projects under construction is fully contracted and secured, presenting CapEx variations. We are also working with affiliates and suppliers to ensure the availability of transformers, panels and other equipment. We have renegotiated 1 gigawatt of PPAs to reflect inflation, supply chain disruptions and higher interest rates.

我們也想強調，我們擁有強大的流程來管理供應鏈成本。我們在建工程的陸上供應鏈已完全簽約並獲得保障，呈現資本支出變化。我們也與附屬公司和供應商合作，確保變壓器、面板和其他設備的可用性。我們重新協商了 1 吉瓦的購電協議，以反映通貨膨脹、供應鏈中斷和更高的利率。

For offshore, our Vineyard Wind 1 project closed supply chain contracts in 2021, insulating the project from the current volatility in the global market. And as we have said, we exited our Commonwealth and Park City Wind contracts before securing supplies when we saw the unprecedented spike in cost and interest rates to avoid billions and write-offs.

對於離岸風電，我們的 Vineyard Wind 1 專案於 2021 年關閉了供應鏈合同，使該專案免受當前全球市場波動的影響。正如我們所說，當我們看到成本和利率空前飆升以避免數十億美元和沖銷時，我們在確保供應之前退出了聯邦和帕克城風電合約。

Finally, an important distinction for Avangrid is that we are part of the Iberdrola Group, and we're leveraging their experience, synergies and supply chain network to drive efficiencies and mitigate the supply chain and macroeconomics that are impacting the sector. Overall, we are managing costs as well through savings and optimization initiatives across the business.

最後，Avangrid 的一個重要區別是，我們是 Iberdrola 集團的一部分，我們正在利用他們的經驗、協同效應和供應鏈網絡來提高效率並減輕對該行業影響的供應鏈和宏觀經濟。整體而言，我們也透過整個業務的節約和優化措施來管理成本。

Moving on to our updates to our financing, liquidity, dividend and credit ratings. Just this week, we signed a milestone tax equity transaction for Vineyard Wind 1 for $1.2 billion to monetize project ITCs and accelerated depreciation. This is the first tax equity transaction for offshore wind and the largest single asset renewables transaction -- tax equity deal in the U.S.

接下來是我們對融資、流動性、股利和信用評等的更新。就在本週，我們簽署了一項價值 12 億美元的 Vineyard Wind 1 里程碑式稅務股權交易，以將專案 ITC 貨幣化並加速折舊。這是第一筆離岸風電稅收股權交易，也是美國最大的單一資產再生能源交易——稅收股權交易。

For renewables, we recently -- we also recently executed a tax credit transfer agreement, one of the first in the sector to do so to monetize $100 million of tax credits from existing wind assets, not in tax equity financing structures, benefiting from the IRA. We expect to continue to use the transferability provisions enabled by the IRA to monetize as generated tax credits to enhance our cash flow and alternative to tax equity financing.

對於再生能源，我們最近還簽署了一項稅收抵免轉讓協議，這是該行業第一個這樣做的協議，從現有風電資產（而不是稅收股權融資結構）中貨幣化1 億美元的稅收抵免，受益於IRA 。我們預計將繼續利用 IRA 啟用的可轉讓性條款將所產生的稅收抵免貨幣化，以增強我們的現金流量和稅收股權融資的替代方案。

During the quarter, as I noted, we issued an $800 million 10-year green term loan with Iberdrola at a fixed rate of 5.45%. And we issued a $350 million 10-year note (sic) [5-year note] at 5.68% (sic) [5.65%] and a $400 million 30-year note (sic) [10-year note] at 5.85% for NYSEG, each of which we used to refinance high-cost short-term debt. And encourage to fund the investments and growth of the businesses. We also recently remarketed United Illuminating tax-exempt bond for $64 million at an attractive rate of 4.50% through the maturity of the bond in 2033.

正如我所指出的，我們在本季向 Iberdrola 發放了 8 億美元的 10 年期綠色定期貸款，固定利率為 5.45%。我們發行了3.5 億美元的10 年期票據（原文如此）[5 年期票據]，利率為5.68%（原文如此）[5.65%]，以及4 億美元的30 年期票據（原文如此）[10年期票據]，利率為5.85%。 NYSEG，我們以它們為高成本的短期債務進行再融資。並鼓勵為企業的投資和發展提供資金。我們最近也以 4.50% 的有吸引力的利率以 6,400 萬美元的價格重新銷售了 United Illuminating 免稅債券，該債券將於 2033 年到期。

Finally, we have no equity expected in 2023. And as we presented in our September 2022 Investor Day, we had planned for $1.9 billion in our outlook in 2024. However, we are also looking at other levers to manage this need, including renewable divestiture options as well as other financing alternatives, including securitization transferability, tax equity, asset rotations and partnerships and other items to manage our targeted credit metrics. For the 9 months, we have $7.8 billion in liquidity, covering 14 months. This includes $4.3 billion commitment letter from Iberdrola that backstops our merger. Maintaining our solid credit ratings is a key objective. At the Avangrid level, all of our ratings are on stable outlook.

最後，我們預計2023 年不會有股本。正如我們在2022 年9 月的投資者日中介紹的那樣，我們計劃在2024 年的前景中投入19 億美元。但是，我們也在尋找其他槓桿來管理這項需求，包括再生能源剝離選項以及其他融資替代方案，包括證券化可轉讓性、稅收公平、資產輪調和合作夥伴關係以及其他管理我們目標信貸指標的項目。過去 9 個月，我們的流動性為 78 億美元，涵蓋 14 個月。其中包括 Iberdrola 提供的價值 43 億美元的承諾書，以支持我們的合併。維持我們穩健的信用評等是一個關鍵目標。在 Avangrid 層面，我們所有的評級展望均為穩定。

Finally, our dividend policy remains unchanged, targeting a payout of 65% to 75%, and our Board recently declared a quarterly dividend of $0.44 a share, payable on January 2, 2024.

最後，我們的股息政策保持不變，目標派息率為 65% 至 75%，我們的董事會最近宣布季度股息為每股 0.44 美元，將於 2024 年 1 月 2 日支付。

In summary, we continue to focus on executing our long-term financial plan. There are timing impacts to recognize the results of rate cases, transmission construction and renewable asset monetization that we expect to materialize in the fourth quarter as we've demonstrated. As you can see, we have successes on -- we have had successes on many important milestones that will support the achievement of our financial goals.

總之，我們繼續專注於執行我們的長期財務計劃。正如我們所證明的那樣，我們預計在第四季度實現的費率案例、輸電建設和可再生資產貨幣化的結果會產生時間影響。正如您所看到的，我們在許多重要的里程碑上取得了成功，這些里程碑將支持我們實現財務目標。

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

感謝您今天加入我們的財務更新。現在我將把電話轉給我們的接線員詢問問題，然後由佩德羅致結束語。

(Operator Instructions) And we'll take our first question this morning from Richard Sunderland of JPMorgan.

（操作員說明）今天早上我們將回答摩根大通的理查德·桑德蘭提出的第一個問題。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Looking at the repowering update and thinking about your onshore platform overall, when is the right time to give an update on kind of how that looks for the megawatts and development targets on a long-term basis? Curious if the asset sales that are contemplated in 2023, really the timing there factored into when you might want to give that update? And maybe since I brought up those asset sales, any progress you can provide in terms of where those processes are right now?

著眼於重新供電的更新並考慮您的陸上平台的整體情況，什麼時候是更新有關兆瓦和長期發展目標的最新資訊的最佳時機？好奇 2023 年考慮的資產出售是否真的會考慮到您何時需要提供更新資訊？也許自從我提出這些資產銷售以來，您可以在這些流程目前的進展方面提供任何進展嗎？

I'll comment on that. I think on the second one on the asset sales, remember that in the strategic plan, we said that, that was something to basically to be done no later than '22 -- sorry, than '24, okay? Because that's when we had this $1.9 billion capital increase. If you do divestitures, you don't need to do it. If you don't do it, you need to do it. So that's why it's by the end of '24 when we need to do the divestitures not in '23. We are progressing well. I think we have options, but we need to finish that. When we have a final decision on some of the options we have, we'll come back.

我會對此發表評論。我認為關於資產出售的第二個問題，請記住，在戰略計劃中，我們說過，這基本上是要在 22 年之前完成的事情 - 抱歉，在 24 年之前完成，好嗎？因為就在那時我們進行了 19 億美元的增資。如果您進行資產剝離，則無需這樣做。如果你不這樣做，你就需要這樣做。這就是為什麼我們需要在 24 年底而不是 23 年底進行資產剝離。我們進展順利。我認為我們有選擇，但我們需要完成它。當我們對我們擁有的一些選擇做出最終決定時，我們會回來。

I think on renewables is different. I think on renewables, what I would like to do is come back to you in the upcoming months with a full detailed plan. I think we're now -- as you can imagine, we have now more than $8 billion regulated investments in New York both in the rate case, RG&E, CPA . I think we have a huge amount of CapEx also in Maine. I think we have NECEC going on. I think we have Vineyard being completed. So we have a huge amount of things going on right now.

我認為再生能源是不同的。我認為在再生能源方面，我想做的是在接下來的幾個月內向您提供完整的詳細計劃。我認為我們現在 - 正如你可以想像的那樣，我們現在在紐約有超過 80 億美元的受監管投資，無論是在利率案例、RG&E、CPA 方面。我認為我們在緬因州也有大量的資本支出。我認為我們正在進行 NECEC。我想我們的葡萄園已經完工了。所以我們現在正在發生大量的事情。

So I think our idea is to put that all together in the upcoming months to bring -- come back to you with a clear path beyond '25. And I think that's the time to go into a lot of detail in repowering. I think the good thing about repowering is we have 10 years to do it. So there is nothing that we need to rush and do it in a second. And we have identified all the assets on the pieces, what need to be changed. And I think we will come back with a very specific proposal.

所以我認為我們的想法是在接下來的幾個月將所有這些整合在一起，為您帶來 25 年後的清晰道路。我認為現在是時候詳細討論重新供電的細節了。我認為重新供電的好處是我們有 10 年的時間來做到這一點。所以我們不需要急於求成，一秒鐘就能完成。我們已經確定了各個部分的所有資產以及需要更改的內容。我認為我們會提出一個非常具體的建議。

Got it. Got it. That's helpful. I did just want to circle back on the asset sales by '24 point, though. So the gain contemplated in the '23 guidance would that gain shift to '24 if you're doing the asset sales in '24? Or is there a path to announce something in '23 that would crystallize the gain, but I guess, leave the proceeds for '24?

知道了。知道了。這很有幫助。不過，我只是想回顧一下 24 點之前的資產出售情況。那麼，如果您在 24 年進行資產銷售，那麼 23 年指引中預期的收益是否會轉移到 24 年？或者是否有辦法在 23 年宣布一些可以具體化收益的方法，但我想，將收益留到 24 年？

No, it's 2 separate things. If you remember, '23 was a year that we made it clear was a transition year. We had a huge amount of issues last year to deal with. I think we are almost doing everything that we had to do to get them right. So '23 was the year that I think some of you said, "Why do you put a gain there?" And we said, "Well, get the guidance with and without the gain. If we do the gain fine, we don't do the gain, that's okay as well." But '24 and '25, remember, '25, there was a very, very de minimus amount of gain there. But in '24, there was no gain.

不，這是兩件不同的事情。如果你還記得的話，我們明確表示 23 年是過渡年。去年我們有很多問題需要處理。我認為我們幾乎正在盡一切努力來使它們正確。所以，我認為你們中的一些人在 23 年說：“為什麼你要在那裡增加收益？”我們說，“好吧，獲得有增益和無增益的指導。如果我們做得很好，我們不做增益，那也沒關係。”但是'24和'25，請記住，'25，那裡有非常非常微不足道的收益。但到了24年，卻沒有任何收穫。

So I think the approach right now that we have is very simple. We are working this year to finalize all these things to make sure that '24 and '25 [turn] smoothly as we have said they were going to. I think in '24, we were not contemplating any gain. So that's why we want to move in one to the other one.

所以我認為我們現在的方法非常簡單。今年我們正在努力敲定所有這些事情，以確保「24」和「25」如我們所說的那樣順利。我認為在 24 年，我們並沒有考慮任何收穫。這就是為什麼我們想要將其中一個搬到另一個地方。

I think in the case of the divestitures or rotation of assets, of course, we care about value, but semi structures will not mean any gain, because maybe we're not semi control. So the important thing about the divestiture is more the cash angle, basically, to avoid a capital increase or to make sure that we top it up the financing needs with asset rotation, what we have done in the group for the past 25 years, nonstop. So that's why it's 2 separate things. But we're not moving any gain to '24. I think we're very comfortable right now in '24, that it should be the business delivering as we expect, ordinary cost of business and no gains in -- for '24.

我認為，在資產剝離或輪換的情況下，我們當然關心價值，但半結構並不意味著任何收益，因為也許我們不是半控制權。因此，剝離更重要的是現金角度，基本上是為了避免資本增加或確保我們透過資產輪調來滿足融資需求，這是我們在過去 25 年裡不間斷地在集團所做的事情。這就是為什麼它是兩個不同的東西。但我們不會將任何收益轉移到 24 年。我認為我們現在對 24 年感到非常滿意，因為業務應該按照我們的預期交付，業務成本正常，並且 24 年沒有收益。

Okay. Okay. Got it. That's very helpful. And just one quick follow-up here. The uncollectibles change, is this, I guess, a protection on a go-forward basis in terms of uncollectible deviating from baseline? Could you just parse a little bit more about what's changed and what that does for you going forward? And then I guess, just to break down the $70 million, how much of that covers 2023? And how much of that covers prior periods that are getting trued up?

好的。好的。知道了。這非常有幫助。這裡只是一個快速跟進。壞帳發生了變化，我想，這是否是對壞帳偏離基線的一種未來保護？您能否詳細分析一下發生了什麼變化以及這對您未來有何影響？然後我想，如果將這 7000 萬美元細分一下，其中有多少可以涵蓋 2023 年？其中有多少涵蓋了正在得到糾正的之前時期？

I'll let Catherine and Patricia to comment. But the answer is yes. I think that is a sign the very positive things on this rate case. And again, we didn't go through every single item we put in the presentation, but I think we'll follow up with each of you separately if needed. I think the rate case is not just the rate increase. But many of you remember last year, you said, well, we're going to have a 2% increase or 0% increase. Inflation is there. I think you have seen the rate increases. You have seen the recognition of our CapEx. And I haven't set it in the conversations in the last week very strongly starting what you're saying.

我會讓凱瑟琳和帕特里夏發表評論。但答案是肯定的。我認為這是這個利率案例中非常積極的跡象。再說一次，我們並沒有仔細檢查簡報中的每一個項目，但我認為如果需要的話，我們會分別與你們每個人進行跟進。我認為升息案例不僅僅是升息。但你們很多人都記得去年，你們說，好吧，我們將增加 2% 或 0%。通貨膨脹是存在的。我想你已經看到利率的上升了。您已經看到了我們資本支出的認可。我在上週的談話中並沒有非常強烈地開始你所說的內容。

There are many more things in the rate cases that we have achieved, which is, I would say, what we should have achieved around technical, but let's not go backwards. We have achieved them right now. And this is one of them, because this allows going forward to be done. Keep in mind also the governor is helping in the budget. So that's why there are a combination of things going on right now that I think allows us to deal with examples like this one. So this is also very important. But Catherine and Patricia, you can comment.

在費率案例中，我們已經取得了更多的成就，我想說，這是我們應該在技術方面取得的成就，但我們不要倒退。我們現在已經實現了這些目標。這就是其中之一，因為這可以讓我們繼續前進。還要記住，州長正在幫忙制定預算。這就是為什麼現在發生的一系列事情讓我們能夠處理這樣的例子。所以這也是非常重要的。但是凱瑟琳和帕特里夏，你們可以發表評論。

Yes. Thank you, Pedro. So you should think about the uncollectible $70 million as a onetime this year, but ongoing mitigating the risk going forward on uncollectibles. So from an accounting perspective, it matches up our uncollectible reserves that we make when accounts go into default with the deferred amount acknowledging from the NYPSC that we will be able ultimately to collect on the write-offs that we need to make from the uncollectibles. So going forward, those 2 will match up, and you won't see increased risk on our balance sheet, but it will be matched with a deferral entry.

是的。謝謝你，佩德羅。因此，您應該將無法收回的 7000 萬美元視為今年的一次，但將持續降低未來不可收回的風險。因此，從會計角度來看，它將我們在帳戶違約時所做的壞帳準備金與 NYPSC 確認的遞延金額相匹配，即我們最終將能夠收回我們需要從壞帳中沖銷的金額。因此，展望未來，這兩者將相匹配，您不會在我們的資產負債表上看到風險增加，但它將與遞延條目相匹配。

Just to give a little more description to it. And the $70 million reference is a reserve amount that we've set aside for uncollectibles. It's not our full uncollectible balance. It's the amount that we set aside as a reserve that has a -- when we do that, that has a negative impact on earnings. So now with this new order, we're able to now set aside a deferral to match that reserve amount. And so going forward, these deferral will match reserve amounts and you'll mitigate the risk to your earnings upsetting aside incremental uncollectible reserves in the future.

只是對其進行更多描述。 7000 萬美元的參考金額是我們為不可收藏品預留的儲備金額。這不是我們全部的無法收回的餘額。我們留出的儲備金金額－當我們這樣做時，會對獲利產生負面影響。因此，現在有了這個新訂單，我們現在可以預留延期以匹配儲備金額。因此，展望未來，這些延期將與準備金金額相匹配，您將減輕收入擾亂未來增量無法收回準備金的風險。

But because it goes into effect now with the new rate case, we do get to do a catch-up where we had actually had the expense and to set up the reserve, now we're getting to set up that was $70 million to offset that. So there is a onetime catch-up expense and going forward, really no expected impact to P&L, but a risk mitigation going forward.

但因為它現在隨著新的利率情況而生效，我們確實可以在我們實際有費用的地方進行追趕並設立儲備金，現在我們要設立 7000 萬美元來抵消那。因此，存在一次性的追趕費用，並且未來實際上不會對損益產生預期影響，但會緩解未來的風險。

If I can make a comment, I really want to say thank you to the leadership in the public commission, senior staff, administration in New York. I think when you see the decisions they have taken, they are fixing many things, which come from the past, okay? This is not something that is an issue now. And that's why I think this probably puts on the table New York as a very, very predictable regulatory environment. I think we hear many times that people say, "Well, this state that one." I think in New York, this is a very, very stable and predictable regulatory environment.

如果我可以發表評論，我真的想對紐約公共委員會的領導層、高級職員和行政部門表示感謝。我想當你看到他們所做的決定時，他們正在解決很多過去的事情，好嗎？這不是現在的問題。這就是為什麼我認為這可能會讓紐約成為一個非常非常可預測的監管環境。我想我們很多次聽到人們說：“好吧，這個說那個。”我認為在紐約，這是一個非常非常穩定且可預測的監管環境。

There are other things still that we have to deal with, and that's why we continue working with the public commission, but I think as Patricia said, this is not just this 1 time. This allows for the future similar situations to be dealt with, which I think is very, very positive, because it becomes recurrent. I think this help. But there are more things that we're working with the public commission. And again, congratulations to the team, but also thank you to the leadership to be able to fix things that come from the past.

我們還有其他事情需要處理，這就是我們繼續與公共委員會合作的原因，但我認為正如帕特里夏所說，這不僅僅是這一次。這使得未來類似的情況能夠得到處理，我認為這是非常非常積極的，因為它會反覆出現。我認為這有幫助。但我們正在與公共委員會合作更多工作。再次恭喜我們的團隊，同時也感謝領導階層能夠解決過去的問題。

I will remind people, the previous rate case, we had a 2% rate increase and we're now acknowledging by the public commission that impact, which it was the wrong thing to be done at that time. I think when you see right now, we are not only going forward, but going backwards getting '22 investments, they were still not being allowed. So many things that I think the leadership in the public commission, the senior staff understand the settlement rate. The parties that agree the settlement when you conclude something is you have the right to do so and you need to be compensated, I would encourage many of you to read the comments by the commissioner.

我要提醒人們，在先前的利率案例中，我們提高了 2% 的利率，現在公共委員會承認了這種影響，但當時的做法是錯誤的。我認為，當你現在看到的時候，我們不僅在前進，而且還在倒退，獲得 22 年的投資，但它們仍然不被允許。如此多的事情，我認為公共委員會的領導階層、高級工作人員都了解結算率。當你得出結論時同意和解的各方是你有權這樣做並且你需要得到補償，我鼓勵你們中的許多人閱讀專員的評論。

So if anybody thinks New York is an unpredictable regulatory environment that's not true. I think they should get all the credit, because I think the leadership in the administration on the (inaudible) and senior staff at the public commission, they are doing a terrific job right now.

因此，如果有人認為紐約的監管環境難以預測，那是錯誤的。我認為他們應該獲得所有的榮譽，因為我認為政府的領導階層（聽不清楚）和公共委員會的高級工作人員，他們現在做得非常出色。

We'll go next now to Michael Sullivan at Wolfe Research.

接下來我們請教沃爾夫研究中心的麥可‧沙利文。

I wanted to just start where we left off there on uncollectibles. So when you were excluding from non-GAAP COVID costs the past couple of years, was there anything for uncollectibles in there that was being pulled out as well?

我想從我們上次停下來的地方開始討論不可收藏的東西。那麼，當您在過去幾年中將非公認會計準則新冠肺炎成本排除在外時，是否也有一些不可收藏的東西也被剔除了？

No, this is not at all related to COVID. And it is really just about exactly what I said about the reserve amount that we set aside a portion of your uncollectibles as part of our normal business practice you set aside, but as they age, what you think you might need to write off in the future and you put a reserve there. And we get to collect that reserve. But in the interim, it's impacting our earnings. With this new order, where we get to do is put the regulatory deferral in place for the recovery of those and so that has a neutral impact on our earnings. It's not at all related to any specific type of uncollectibles like COVID, et cetera.

不，這與新冠​​病毒完全無關。這實際上正是我所說的關於準備金金額，我們預留了一部分不可收回的資產，作為您預留的正常業務實踐的一部分，但隨著它們的老化，您認為可能需要在未來，你在那裡存了儲備金。我們可以收集該儲備金。但在此期間，它影響了我們的收入。透過這項新命令，我們要做的就是推遲監管以恢復這些訂單，這對我們的收益產生中性影響。它與任何特定類型的不可收藏品（例如新冠病毒等）完全無關。

Okay. And then just wanted to understand some of the moving pieces coming out of this New York case. It looked like a few things moved around. So just in the waterfall for the year to go, I think that went up about $0.05 from the slides last quarter. And then like in your fact book, I think the CapEx went up, but the rate days actually went down. So can you just give a little more color on what kind of moved from last quarter?

好的。然後只是想了解紐約案件中的一些感人的內容。看起來有一些東西在移動。因此，就今年的瀑布而言，我認為比上個季度的幻燈片上漲了約 0.05 美元。然後就像您的情況手冊中一樣，我認為資本支出上升了，但利率天數實際上下降了。那麼您能否對上個季度的變化進行更多說明？

I think the -- from the earnings perspective, it's really just a better handle on -- with the implementation of the rate cases going forward. And as we get closer to the end of the year, we can have better information on what we expect to achieve through the end of the year. In terms of the rate base, when we did a forecast of CapEx and rate base as part of our long-term outlook in the past, that included more generic items as we go through the rate case and work with the commission in determining what the projects are that we need to in place and what the prioritization of those projects are. Some of them have different time lines for construction and for COD. So that doesn't impact our rate base.

我認為，從收益的角度來看，隨著利率案例的實施，這確實是一個更好的處理方式。隨著年底的臨近，我們可以更了解年底前預期實現的目標。就費率基數而言，當我們過去對資本支出和費率基數進行預測作為我們長期展望的一部分時，當我們仔細研究費率案例並與委員會合作確定哪些內容時，其中包括更多通用項目。我們需要實施哪些項目以及這些項目的優先順序是什麼。其中一些項目的施工時間和 COD 時間不同。所以這不會影響我們的費率基礎。

Yes. I'll just remind you that our CapEx spend right now included in the rate case has to do with CLCPA Phase 1, which are transmission projects that are going to be multiyear projects and won't go into rate base until outside of the current rate year in the GPA. So as Patricia said, it's kind of just a matching up of the CapEx that we're spending and win items to actually go into rate base. But along with CLCPA Phase 1 and the $2.3 billion for CLCPA Phase 2 that we will start spending this year up until 2030. There's a significant amount of CapEx that we will be deploying in New York for future recovery.

是的。我只是提醒您，我們現在包含在費率案例中的資本支出與 CLCPA 第一階段有關，這些輸電項目將是多年期項目，只有在當前費率之外才會進入費率基礎年 GPA 成績。因此，正如帕特里夏所說，這只是我們花費和贏得的項目的資本支出的匹配，以實際進入費率基礎。但連同 CLCPA 第一階段和 CLCPA 第二階段的 23 億美元，我們將從今年開始支出直至 2030 年。我們將在紐約部署大量資本支出，以用於未來的復甦。

Okay. I appreciate that. That's helpful. Also -- and then just another one on the gain assumed in the guidance for the rest of the year. So that $0.24 to $0.28 has stayed the same since you initially gave that out. Is that being like actively refreshed based on where things are going? Or is that kind of something you just put out in the beginning and we're not really sure? Does it still have to be Kitty Hawk or are there other options? Just trying to understand what's kind of evolved since you initially put that out?

好的。我很感激。這很有幫助。另外——然後是關於今年剩餘時間的指導中假設的收益的另一項。因此，自您最初發放以來，0.24 至 0.28 美元一直保持不變。是不是根據事情的進度主動刷新？或者這是您一開始就提出的東西，我們不確定？還是必須是 Kitty Hawk 還是還有其他選擇？只是想了解自您最初提出以來發生了什麼演變？

I think when you put some number as a guidance is based on specific potential transactions you are considering. So this is not a number that you cannot explain. And the answer in divestitures right now is very simple. If we get the right value, we'll go ahead and those are the numbers we're targeting. And if not, we will now go ahead. So I think again, since for '24 and '25, we don't need any gains. These were just what we thought it was important for this year from a cash point of view, and then that was coming with a gain. I think we had opportunities this year to sell specific assets. We decided not to with what it was better to go from a bigger transaction, which involves a massive amount of cash in order to go forward because of the CapEx.

我認為當你把一些數字作為指導時，是基於你正在考慮的特定潛在交易。所以這不是一個你無法解釋的數字。現在剝離的答案非常簡單。如果我們得到正確的數值，我們就會繼續，這些就是我們的目標數字。如果沒有，我們現在就繼續。所以我再次認為，因為對於'24和'25，我們不需要任何收益。從現金的角度來看，這些正是我們認為今年重要的，然後就會帶來收益。我認為今年我們有機會出售特定資產。我們決定不進行更好的交易，因為由於資本支出，交易涉及大量現金才能繼續進行。

I think Catherine just mentioned the example of CLCPA. I mean we have almost $3 billion additional CapEx we didn't have in the projections last year. So that's why we need to work on all those things going forward. I think in the case of the gain, if it happens this year, fine. If it doesn't happen, we don't need it for next year, that's okay as well. But we are working to try to see if we can get that done this year in the amounts. If there was to be a variation in the valuation of those potential transactions and basically, we were not to achieve those valuations, we will not go ahead. We will just wait because we don't have any rush to do it.

我想 Catherine 剛剛提到了 CLCPA 的範例。我的意思是，我們去年的預測中沒有增加近 30 億美元的額外資本支出。這就是為什麼我們需要繼續努力解決所有這些問題。我認為就收益而言，如果今年發生的話，那就太好了。如果沒有發生，我們明年就不需要它了，那也沒關係。但我們正在努力看看今年是否能實現這一目標。如果這些潛在交易的估值發生變化，而且基本上我們無法實現這些估值，我們就不會繼續進行。我們只會等待，因為我們不急於這樣做。

We'll go next to now to Sophie Karp at KeyBanc.

接下來我們將採訪 KeyBanc 的 Sophie Karp。

I wanted to ask you about Connecticut, like any color on the regulatory environment there, the way you see it and if there is a path to sort of improve it or for it to get improved anytime soon?

我想問您有關康乃狄克州的情況，就像那裡監管環境的任何顏色一樣，您看待它的方式以及是否有某種途徑可以改進它或使其很快得到改進？

I would love to say yes, but it doesn't depend on us. I think what we can do, and that's why perhaps with this, I'd like to say thank you to the employees, trade unions, suppliers, many other people very relevant that they have some support because of the change in precedent, changing past practice, noncompliance with law of the decision we suffer. I think the only thing we can do is to work.

我很想說是，但這並不取決於我們。我認為我們可以做些什麼，這就是為什麼我想對員工、工會、供應商以及許多其他非常相關的人表示感謝，因為先例的改變，過去的改變，他們得到了一些支持實踐中，不遵守規律的決定我們遭受損失。我想我們唯一能做的就是工作。

I mean, keep in mind that, as you know, from an accounting point of view, because of the strong legal opinion is not having a lot of impact, but I think what our base case is, we need to turn around that regulatory decision, because we don't agree with that from a legal point of view. Some people try to take this into like personal matters in attacking people, no, we don't do that. We just disagree strongly from a legal point of view with that decision. And I think in the same way in New York, I think you hear comments by the commissioners about compliance with law in the case of termination of PPAs in offshore, you will remind people that companies need to be paid for the investments. I think we want to make sure that's the case in any jurisdiction where we do business.

我的意思是，請記住，正如你所知，從會計的角度來看，由於強烈的法律意見並沒有產生很大的影響，但我認為我們的基本情況是什麼，我們需要扭轉監管決定，因為從法律角度來看我們不同意這一點。有些人試圖將其視為個人事務來攻擊別人，不，我們不這樣做。我們只是從法律角度強烈反對這個決定。我認為在紐約也是如此，我想你聽到委員們關於終止離岸購電協議時遵守法律的評論，你會提醒人們公司需要為投資付費。我認為我們希望確保我們開展業務的任何司法管轄區都是如此。

So I think in the case of Connecticut, there has been a good decision in the run, in a rate of just mechanism after the rate case. I think we are working very hard in the appeal. We think we're going to take further action soon. We're going to continue. I think we're finding some rate cases right now. I would love to say that we have learned because of the prior decision how to file a rate case differently. But the problem is if you have read the decision, you say, well, you did improve this, but you also (inaudible) you have proven it. okay? That's why we strongly disagree with the decision that was taken.

因此，我認為就康乃狄克州而言，在利率案件之後的公正機制中，在運作中做出了一個很好的決定。我認為我們在上訴方面非常努力。我們認為我們很快就會採取進一步行動。我們要繼續。我認為我們現在正在發現一些利率案例。我想說的是，由於先前的決定，我們已經學會如何以不同的方式提交費率案件。但問題是，如果你讀過這個決定，你會說，好吧，你確實改進了這一點，但你也（聽不清楚）你已經證明了這一點。好的？這就是為什麼我們強烈不同意所做的決定。

So the only thing we can do is work hard in the relationships where we put a lot of information on the table. And also, unfortunately, to follow the complaint angle in any manner we can think of. And I think when you do those things and you have done nothing wrongly and perhaps the decision is not correct. I think we just expect this to turn around in the future. Is there something we expect in the near future? I think we're working every single day. We do not stop. We continue to do many meetings. We continue to see additional legal actions. We continue to have employee actions, suppliers actions, management actions.

因此，我們唯一能做的就是在我們公開大量資訊的關係中努力工作。而且，不幸的是，以我們能想到的任何方式追蹤投訴角度。我認為當你做了這些事情並且你沒有做錯任何事情時，也許這個決定是不正確的。我認為我們只是期望這種情況在未來能夠扭轉。在不久的將來有什麼值得我們期待的嗎？我想我們每天都在工作。我們不會停止。我們繼續召開許多會議。我們繼續看到更多的法律行動。我們繼續採取員工行動、供應商行動、管理行動。

The good thing about this decision is to prove how close we are, how proud we are of being part of the Avangrid Iberdrola family. We are a company. There's no differentiation between management and employees. There is no differentiation between union workers and nonunion workers. I think when you have a decision like this, will affect everybody. And that's why we are strongly reactive to all of us. I think it's the same thing with governing control power. It's something that a lot of employees have reacted on their own against that approach.

這項決定的好處是證明我們是多麼親密，我們為成為 Avangrid Iberdrola 家族的一員而感到多麼自豪。我們是一家公司。管理階層和員工之間沒有區別。工會工人和非工會工人之間沒有區別。我認為當你做出這樣的決定時，將會影響每個人。這就是為什麼我們對我們所有人做出強烈反應。我認為這與治理控制權是一樣的。許多員工都對這種做法做出了自己的反應。

So I think we're very proud of the reaction all of us have taken. But again, what we can do now is work, do as many actions as we can. And I think in the same way that last year, I think we told you you're asking us if we are going to get a 2% rate increase in New York or 0% rate increase in New York because of a comment by a governor or 1 comment by somebody else. I think we told you, let us work, okay? And I think right now, you're seeing the rate cases. You've seen this one. Again, this is very small. Keep in mind that $50 million less investment in Connecticut is compensated by $3 billion in New York that we have in the plan. So you multiply by pick up any number you want. So the whole (inaudible) are affected.

所以我認為我們對大家的反應感到非常自豪。但話又說回來，我們現在能做的就是工作，盡可能地採取行動。我認為和去年一樣，我想我們告訴過你，你問我們是否會因為州長的評論而在紐約加息 2% 或 0%或其他人的 1 條評論。我想我們告訴過你，讓我們工作吧，好嗎？我認為現在，您正在看到費率案例。你已經看過這個了。再說一遍，這是非常小的。請記住，康乃狄克州少投資 5,000 萬美元，但我們計劃中在紐約的投資為 30 億美元。所以你可以乘以任何你想要的數字。所以整個（聽不清楚）都會受到影響。

But we simply do not accept having decisions where we believe are illegal, change of practice without notice, change of precedent. That's not the way to have -- to do business and invest in our sector. So from that point of view, I think we need to continue working. This is not personal matter. These are just objective matters that we need to deal with and give us some time to continue working.

但我們根本不接受我們認為非法的決定、未經通知而改變做法、改變先例。這不是在我們的行業開展業務和投資的方式。所以從這個角度來看，我認為我們需要繼續努力。這不是個人問題。這些只是我們需要處理的客觀問題，給我們一些時間繼續工作。

Terrific. And my other question was kind of like a big picture question on offshore wind. You guys probably are the closest utility in the U.S. to the space and have the most expertise. So from where you sit, right, and from what you know about the cost of equipment, cost of capital, tax equity availability, et cetera, like the PPAs that you have been canceled, right? Can they be rebid in a way that's both economic given the current environment and also palatable for the rate payers in those states? I guess it's kind of like a question. Is the LCOE of offshore wind acceptable right now, I guess, for policymakers for other stakeholders as the things stand, like I'm just curious to hear your thoughts?

了不起。我的另一個問題有點像是關於離岸風電的大局問題。你們可能是美國距離該領域最近並且擁有最專業知識的公用事業公司。因此，從你的立場來看，對吧，從你對設備成本、資本成本、稅收公平可用性等的了解來看，就像你已經取消的購電協議一樣，對嗎？在當前環境下，它們能否以一種既經濟又適合這些州納稅人的方式重新競標？我想這有點像是個問題。我想，就目前情況而言，對於政策制定者和其他利害關係人來說，離岸風電的平準化電成本現在是否可以接受，就像我只是想聽聽你的想法一樣？

I think in our case, to say offshore business, there are a lot of risk going on in Europe. They are a good project we are building here in the U.S. at present. So I don't -- we don't like the stereotypes or generic comments, because it's not true. I think you need to go case by case. I think in our case, the message last year was simple. And this is how we have done business in Iberdrola for 25 years. We're not going to put in danger of the financial health of the company. That's it. And I think we said that a year ago.

我認為就我們而言，就離岸業務而言，歐洲存在著許多風險。這是我們目前在美國正在建造的一個很好的項目。所以我不——我們不喜歡刻板印像或籠統的評論，因為這不是真的。我認為你需要具體情況具體分析。我認為就我們而言，去年的信息很簡單。這就是我們 25 年來在 Iberdrola 開展業務的方式。我們不會將公司的財務健康置於危險之中。就是這樣。我想我們一年前就說過了。

I think some people say that we have done a bad bid. Other people said that we didn't have any negotiation here, we didn't do this. It doesn't matter to us, what other people do. I think in our case, we were clear, we will not start a project if we already have information and we got -- as soon as we got it a week after we got information, we sat down with the leadership in those states, we kind of go ahead with the project that you already know you're going to have $1.6 billion write-off and $1.2 billion, because the contractors are renegotiating, they're opening the contracts and you cannot reopen the PPA so it doesn't work.

我認為有些人說我們出價不好。其他人說我們這裡沒有任何談判，我們沒有這樣做。別人做什麼對我們來說並不重要。我認為就我們的情況而言，我們很清楚，如果我們已經掌握了信息，並且我們在獲得信息一周後得到信息，我們就不會啟動一個項目，我們與這些州的領導層坐下來，我們繼續推進你已經知道將有16 億美元沖銷和12 億美元的項目，因為承包商正在重新談判，他們正在打開合同，而你無法重新打開PPA，所以它不起作用。

So that's why for us, the answer is you have to -- not a stop. I think a lot of people refer to stop this, do not to start. And that's what we did. We simply did not start. I think right now, you have a couple of leases that are very valuable, I think, if you see the new options, are we going to participate? Let's see. I think unless you have indexation unless you have, we will not be able to have any risk.

所以這就是為什麼對我們來說，答案是你必須——而不是停下來。我想很多人都說停止這個，而不是開始。這就是我們所做的。我們根本就沒有開始。我認為現在，你們有幾個非常有價值的租約，我想，如果你們看到新的選擇，我們會參與嗎？讓我們來看看。我認為除非你有指數化除非你有，否則我們將無法有任何風險。

The important thing for us is we will not run risks. I think that's the message. Other people, we don't know. You need to check with everybody where they are. In our case, we don't have billions of losses right now. I think we have a very modest loss because of losing those guarantees. By the way, sometimes in renewables, you have those losses quite often in some projects that are compensating with other gains in other projects because you beat the budget. I think in this case, we have 2 beautiful leases. They are worth a lot right now. And I think we are in the right space.

對我們來說重要的是我們不會冒風險。我想這就是訊息。其他人，我們不知道。您需要與每個人核實他們在哪裡。就我們而言，我們現在沒有數十億美元的損失。我認為，由於失去這些保證，我們的損失非常小。順便說一句，有時在再生能源領域，某些項目經常會出現這些損失，而這些損失卻用其他項目的其他收益來彌補，因為超出了預算。我認為在這種情況下，我們有兩個漂亮的租約。它們現在值很多錢。我認為我們處於正確的位置。

I would encourage all of you to keep in mind, the President, Governor Hochul, Governor Healey, Governor Lamont, I think they're leading right now, the U.S. in terms of renewable, green transition, climate change, et cetera, and we are as well. We are building a transmission line from Canada into Massachusetts, and we are building the only project in larger scale right now in offshore. And will this continue? Well, sometimes things to stop for a year, sometimes it stop for 5 years, for 3 years. But in our case, what we're going to do at all is to put in risk billions of dollars coming from our shareholders and lenders basically get not only Avangrid, but the whole with rolling to danger, that's now how we do business. So I think in our case, we will go case by case.

我鼓勵大家記住，總統、霍赫爾州長、希利州長、拉蒙特州長，我認為他們現在在再生能源、綠色轉型、氣候變遷等方面處於領先地位，而我們也是如此。我們正在建造一條從加拿大到馬薩諸塞州的輸電線路，我們正在海上建造目前唯一一個更大規模的項目。這會持續下去嗎？嗯，有時事情會停止一年，有時會停止5年，3年。但就我們而言，我們要做的就是將來自股東和貸方的數十億美元投入風險，基本上不僅會獲得 Avangrid，而且會陷入危險，這就是我們現在開展業務的方式。所以我認為就我們的情況而言，我們將具體情況具體分析。

We go next now to Julien Dumoulin-Smith at Bank of America.

接下來我們請美國銀行的 Julien Dumoulin-Smith 演講。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Excellent. And congrats to both of you here on your successive moves here. So maybe actually starting with that, if you can, a little bit further. Can you just speak a little bit to the commentary in the 8-K the other day around the backdrop with the new committee here and just sort of the context of what drove that decision here, if you don't mind? It's certainly an intriguing release here, what precipitated it? And can you confirm that this was related at all to the latest decisions to see, obviously, the turnover in the CFO role, if you can affirm that as well?

出色的。並祝賀你們兩位連續搬到這裡。所以，如果可以的話，也許可以從這個開始，再進一步一點。如果您不介意的話，您能否就前幾天 8-K 的評論談談這裡新委員會的背景以及推動這一決定的背景？這無疑是一個有趣的發布，是什麼促成了它？如果您也能確認這一點，您能否確認這與最新的決定有關，顯然是財務長職位的更替？

Okay. As long as that's your concern, I'm very happy, Julien. So I'm more than happy to speak about that. First, I will speak on the compliance and then Patricia, you can answer if that has anything to do with you retiring. I think on the compliance, we never stopped improving and enhancing our compliance unit. I think we believe there has been probably 6 to 9 months analysis of further improvement of the compliance. Basically, we're moving from just one compliance unit of the Avangrid level to put in compliance units in each of the businesses. So we are multiplying by 3 the focus right now in terms of how we're going to do compliance in the group.

好的。只要這是你所關心的，我就很高興，朱利安。所以我非常樂意談論這個。首先，我會談談合規性，然後帕特里夏，你可以回答這是否與你退休有關。我認為在合規方面，我們從未停止改進和加強我們的合規部門。我認為我們相信可能已經進行了 6 到 9 個月的分析來進一步改善合規性。基本上，我們正​​在從 Avangrid 層級的一個合規部門轉變為在每項業務中都設立合規部門。因此，我們現在將如何在集團中實現合規性作為重點。

So I think what we're doing is going to beyond. If somebody wants to say that this is related to 3, 4 years ago that we had a tax issuing the accounts. Well, maybe let's go back to '22 to 2002, maybe we also had something wrong there. This is something that we never stop at the group level, at the Avangrid level and at each subsidiary. We think we need to continue enhancing the compliance. A lot of people right now may say, well, because of Ukraine war and other dynamics, it's not ESG so important right now for us, it is.

所以我認為我們正在做的事情將會超越。如果有人想說，這跟三、四年前我們開立帳目的稅有關。好吧，也許讓我們回到 22 世紀到 2002 年，也許我們那裡也出了問題。這是我們在集團層面、Avangrid 層面和每個子公司從未停止的事情。我們認為我們需要繼續加強合規性。現在很多人可能會說，好吧，由於烏克蘭戰爭和其他動態，ESG 對我們來說現在並不那麼重要，但它確實如此。

We're not going to stop and one of the key things is to enhance compliance across the organization. And that's why we know -- there is not like a perfect time to announce this. This is not a matter of when. This is when we have finished the analysis, and we believe there is an improvement. We check with some of those agencies that basically validate and certificate the compliance units later. And we got a very positive reaction. They loved what we were proposing. I think probably we're the first company in the U.S. that is making this action. Maybe there are others, but at least in our analysis, we believe we're on the first ones to make this move.

我們不會停止，關鍵的事情之一是增強整個組織的合規性。這就是為什麼我們知道——現在並不是宣布這一消息的最佳時機。這不是時間問題。這是我們完成分析的時候，我們相信有改進。我們會與一些機構進行核實，這些機構基本上會在稍後對合規單位進行驗證和認證。我們得到了非常積極的反應。他們喜歡我們的提議。我認為我們可能是美國第一家採取這項行動的公司。也許還有其他人，但至少在我們的分析中，我們相信我們是第一個採取這項行動的人。

So the whole rationale about that is very simple, to increase and enhance the compliance around the company, because for diversity reasons, for contractual reasons, for ESG reasons, is a must. And if we got ideas that our legal and compliance departments put on the table that we enhance our compliance, we put it on the table as soon as they are finished. And in this case, we're moving from 1 compliance to at least 3, because we're going to put one in renewables and other one in networks, I think it's beautiful to show how much commitment we have to that. We are announcing that right now because we finished the work some weeks ago as simple as that.

因此，整個理由非常簡單，就是增加和增強公司的合規性，因為出於多樣性原因、合約原因、ESG 原因，這是必須的。如果我們的法律和合規部門提出了加強合規性的想法，我們會在完成後立即提出。在這種情況下，我們將從1 個合規性轉向至少3 個合規性，因為我們將把一項納入可再生能源，另一項納入網絡，我認為展示我們對此有多少承諾是很美好的。我們現在宣布這一點是因為我們幾週前就完成了這項工作，就這麼簡單。

And again, Patricia, sad for me to be speaking about you on this topic and relating these things to you. But if you want to comment anything I'll leave it you.

帕特里夏，再次為我在這個話題上談論你並將這些事情與你聯繫起來感到難過。但如果你想發表任何評論，我會把它留給你。

No, I'm only just going to add that it is really extremely disappointing to hear that. I think it's offensive. I had 0 basis. I've had a long career and throughout always in every (inaudible) I defended law, defended regulation without hesitation. I just -- I feel like it's a personal character assassination and is completely (inaudible).

不，我只是想補充一點，聽到這個消息真的非常令人失望。我認為這是令人反感的。我的基礎是0。我的職業生涯很長，在每一次（聽不清楚）中，我都毫不猶豫地捍衛法律、監管法規。我只是──我覺得這是對個人人格的攻擊，而且完全是（聽不清楚）。

Got it. Excellent. It's good to get the clarity on that front. I appreciate it. I know people at times confound things. Look, maybe just to talk about the third quarter call -- third quarter results, rather, can you just elaborate a little bit about what you're seeing in terms of West Power dynamics going on out there? Obviously, it's been a volatile and again, elevated market backdrop, seems like that's a fairly meaningful contributor here in terms of what's driving the year-over-year results. Can you perhaps clarify more precisely how much of that was West Power? And it seems like over $100 a megawatt hour realized in the quarter here, but if you don't mind.

知道了。出色的。很高興能弄清楚這方面的情況。我很感激。我知道人們有時會混淆事情。聽著，也許只是談論第三季的電話會議——相反，你能詳細說明一下你所看到的西部電力動態嗎？顯然，這是一個波動性很大的市場背景，就推動年比業績的因素而言，這似乎是一個相當有意義的貢獻者。您能否更準確地澄清其中有多少是西方力量的？如果你不介意的話，本季實現的每兆瓦時似乎超過 100 美元。

Sorry, Julien, we didn't understand very well the question. Do you mind to repeat?

抱歉，朱利安，我們不太明白這個問題。你介意重複一遍嗎？

Yes. Sorry. So to ask it more precisely, it seems like West Power and specifically, your asset out there drove a very meaningful benefit in the quarter here to the tune of over $100 a megawatt hour implied. Obviously, West has seen elevated results in recent years. I just want to confirm that, that is indeed what's really contributing to the segment results this quarter?

是的。對不起。因此，更準確地說，West Power，特別是你們的資產，在本季帶來了非常有意義的效益，每兆瓦時超過 100 美元。顯然，韋斯特近年來的成績有所提升。我只是想確認一下，這確實是本季業績的真正貢獻者？

Sorry, because we were not hearing the word West, so it was Antonio, so you can speak also in the [court] (inaudible) answer.

抱歉，因為我們沒有聽到「西方」這個詞，所以是安東尼奧，所以您也可以在[法庭]（聽不清楚）答案中發言。

Julien. So first, yes, when you compare year versus year and also quarter versus quarter, the West has been performing very well and this is one important or the most important contributor among the different regions. But also I would like to highlight climate and also our trading team that we're able also to win results way above our expectations. So all in all, this is the composition of the main contributors today in results.

朱利安.首先，是的，當你比較年與年、季度與季度時，西方表現得非常好，這是不同地區中一個重要或最重要的貢獻者。但我還想強調氣候和我們的交易團隊，我們也能夠贏得遠遠超出我們預期的結果。所以總而言之，這就是今天結果中主要貢獻者的組成。

And keep in mind, we had planned not to stop because of a review that is mandatory. And that's why the results we're having right now, which were very good last year, very good this year. Keep in mind, it has not been working the whole year, okay? So going forward, I think please keep that in mind because unfortunately, you have to stop, and we take your (inaudible) and CapEx very strongly. But I think it's back to full speed right now and again delivering us as it was.

請記住，我們原計劃不會因為強制性審查而停止。這就是為什麼我們現在取得的結果，去年非常好，今年也非常好。請記住，它一整年都不起作用，好嗎？因此，展望未來，我認為請記住這一點，因為不幸的是，您必須停止，我們非常重視您的（聽不清楚）和資本支出。但我認為它現在又恢復了全速，並再次為我們提供了原來的狀態。

And also, I'd like to highlight that this year is the first year that we are also performing as a new member of the CAISO Imbalance Market, and this is helping also a lot our costs in the West and driving also the good results.

另外，我想強調的是，今年是我們作為 CAISO 不平衡市場新成員的第一年，這也幫助我們在西方節省了大量成本，並取得了良好的成果。

And just kind of to finalize, I think what we've always highlighted about the business and one of the benefits of our company in the renewable sector that we're diversified, and we have assets all over the country in multiple regions. So you will see period-to-period, 1 region does better than another and then that could change over time.

最後，我認為我們一直強調的業務以及我們公司在再生能源領域的優勢之一是我們多元化，我們在全國多個地區擁有資產。因此，您會看到，在不同時期，一個地區的表現優於另一個地區，然後情況可能會隨著時間的推移而變化。

I think Julien on renewables, again, we'll comment on this at the end of the year. But I think since sometimes people go back to 6 years ago or 7 years ago, things like that, when we are here since last year. So we can explain what we are doing. But I think in the case of renewables, there was a long history for El Niño and La Niña, many reasons why in a specific year was materially deviated. I think I'm very pleased that the planning we're doing right now, last year. That's why it took us 6 months. We stopped a lot of things for 6 months to put everything in the right direction.

我認為朱利安在再生能源方面，我們將在年底對此發表評論。但我認為，有時人們會回到 6 年前或 7 年前，類似的事情，當我們從去年開始就在這裡。這樣我們就可以解釋自己在做什麼。但我認為就再生能源而言，厄爾尼諾和拉尼娜現像有著悠久的歷史，導致特定年份出現重大偏差的原因有很多。我想我對去年我們現在所做的計劃感到非常高興。這就是為什麼我們花了 6 個月的時間。我們在 6 個月的時間裡停止了很多事情，讓一切都朝著正確的方向發展。

So I'm very pleased that last year and this year, we are almost exactly where we thought we were going to be. I think that's something to take the credit of the renewable team that I'm very pleased. Also, I think just to make a comment, last year, we really think we were going to be probably around 300 megawatts a year. And I think all of people ask us, well, what are you doing solid, other people are doing 2,000. I think we made clear that we didn't believe in (inaudible) when we were asked also that question. We said that 4 years ago at the (inaudible) level, but we said that last year in November.

所以我很高興去年和今年我們幾乎完全達到了我們預期的目標。我認為這是再生能源團隊的功勞，我對此感到非常高興。另外，我想簡單說一下，去年，我們真的認為我們每年可能會達到 300 兆瓦左右。我想所有人都會問我們，你在做什麼，其他人正在做 2000 件事。我認為當我們被問到這個問題時，我們已經明確表示我們不相信（聽不清楚）。我們四年前在（聽不清楚）層面說過這樣的話，但我們去年 11 月也說過這樣的話。

We also said we're not going to be in the race of growth per megawatts. We're in the race of making money. And from that point of view, I think we're going to put projects that deliver the right return. I think in this year, we already have 500 megawatts. So we have done 200 more than we said what we're going to do. And those ones, I think, have supply chain fix. We have very nice return. We have renegotiated PPAs, existing PPAs, I think at least 2 or 3 with material increases.

我們也表示，我們不會參與每兆瓦成長的競賽。我們正處於賺錢的競爭中。從這個角度來看，我認為我們將推出能夠帶來適當回報的項目。我想今年我們已經有500兆瓦了。因此，我們已經完成了比我們所說的多 200 項任務。我認為這些都修復了供應鏈。我們有很好的回報。我們已經重新談判了購電協議、現有購電協議，我認為至少有 2 或 3 個有實質增加。

And in other 2 or 3, we have been able basically to renegotiate the penalties, which also is -- you can call it, we negotiate the penalties or increase the price, okay? Both things have the same impact. and its material impact that we have been able to do. And the new PPAs, perhaps making a comment, Alvaro, related to the debt. When you look at us, I think we have networks, which is a pass-through from interest rates. I think the existing PPAs and new PPAs are reflecting the new interest expense. And maybe we have a little bit of debt at the holding level that it still is floating, where basically interest rates may be affecting, but we don't have 100% of the business. It's a very small amount there.

在其他 2 或 3 種情況下，我們基本上能夠重新協商處罰，這也是——你可以稱之為，我們協商處罰或提高價格，好嗎？這兩件事具有相同的影響。以及我們已經能夠做到的實質影響。阿爾瓦羅，新的購電協議可能會發表評論，與債務有關。當你看看我們時，我認為我們有一個網絡，這是利率的傳遞。我認為現有的購電協議和新的購電協議反映了新的利息支出。也許我們有一點持有水平的債務，它仍然是浮動的，基本上利率可能會影響，但我們沒有 100% 的業務。那裡的數量非常少。

So I think for us, interest rates it's something we're dealing with very nicely, because of past 3 (inaudible) and adjustment -- adjusted -- revised PPAs for new assets. So I think I'm comfortable that we have less risk than otherwise the people. And we don't have acquisition that, that you bought something that has assets with flat fixed revenues. And then you have this acquisition that now turning around from 1% cost of debt to 5%, that's not us, okay? So from that point of view, it's also -- that's an item that helps in those results that you were mentioning in renewables. Sorry to expand, but I thought it was an opportunity to comment as well.

因此，我認為對我們來說，利率是我們正在很好地處理的事情，因為過去 3 個（聽不清楚）和新資產的調整 - 調整 - 修訂的購電協議。所以我認為我們比其他人面臨的風險更小，對此我感到很放心。我們沒有收購，你買了一些資產固定收入固定的東西。然後你的這項收購現在債務成本從 1% 變成了 5%，那不是我們，好嗎？因此，從這個角度來看，這也是一個有助於實現您在再生能源領域中提到的結果的項目。抱歉擴大範圍，但我認為這也是發表評論的機會。

Excellent. And the gain just for this year, you're still expecting that here through the balance of the year. It's not in '24, right? I know we talked about it a little bit. I just wanted to clarify your earlier comment.

出色的。就今年的收益而言，您仍然期望在今年的剩餘時間內實現這一收益。不是24年的吧？我知道我們談過一點。我只是想澄清你之前的評論。

Yes, '24, we don't need a gain. I think, remember, '23, it was the year that we call it transition year because, again, I'm very pleased, and I will make some comments on the end about the things we have done. But I think we could be here now with 2 or 3 of these items not being obtained. And we will be in a material different way from an earnings point of view, not only for '23, but going forward.

是的，'24，我們不需要收益。我想，請記住，'23，這一年我們稱之為過渡年，因為我再次感到非常高興，我將在最後對我們所做的事情發表一些評論。但我認為我們現在可能沒有獲得其中 2 或 3 個物品。從收益的角度來看，我們將採取一種實質不同的方式，不僅在 23 年，而且在未來。

I think we have been able to achieve things that, in my opinion, were not credible a year ago. And from that point of view, remember '23 was the transition to a full '24 and '25 based on ordinary cost of business. I think many of you said last year, what did you put an extraordinary gain. And we said, well, you can do the numbers with and without because it's a onetime up. And if it happens, fine, and if not, we moved into -- so that's why for us. We continue to work on that. And if it happens fine. And if not, we will not need that for '24..

我認為我們已經能夠實現一年前在我看來是不可信的事情。從這個角度來看，請記住「23」是向基於普通業務成本的完整「24」和「25」的過渡。我想你們很多人去年都說過，你們投入了哪些非凡的收穫。我們說，好吧，你可以做有或沒有的數字，因為它是一次性的。如果它發生了，那很好，如果沒有，我們就搬進去——這就是我們的原因。我們將繼續致力於此。如果一切順利的話。如果沒有，我們就不需要 '24..

And we'll go next now to Angie Storozynski at Seaport Research.

接下來我們將請來海港研究中心的 Angie Storozynski。

So I have a question about transferability. You mentioned the $100 million from existing assets that you are monetizing using the IRA transferability. I was just wondering if you're changing the way you plan to finance renewable power projects going forward? I mean, do you expect to use tax equity versus transferability? And also how about levering projects basically at the project level instead of using (inaudible)?

所以我有一個關於可轉移性的問題。您提到您正在使用 IRA 可轉讓性從現有資產貨幣化 1 億美元。我只是想知道您是否正在改變計劃為未來的可再生能源項目提供資金的方式？我的意思是，您希望使用稅收公平還是可轉讓性？另外，基本上在專案層級利用專案而不是使用（聽不清楚）怎麼樣？

Yes, sure. Well, definitely, Angie, we definitely see a huge backdrop from transferability that was enabled by the IRA. This initial transaction was our first foray into being able to early adopt some of those provisions of the IRA, because we do have a number of assets that are generating PTCs that we were there just retaining and holding on our books. These are assets that are not in tax equity structures, because we haven't always used tax equity. So now with IRA, we're able to monetize (inaudible) and benefit from the cash, which actually has a material impact for our credit metrics.

是的，當然。嗯，當然，安吉，我們確實看到了 IRA 帶來的可轉移性的巨大背景。這次最初的交易是我們第一次嘗試能夠儘早採用 IRA 的一些條款，因為我們確實擁有許多正在產生 PTC 的資產，而我們只是在帳簿上保留和持有這些資產。這些資產不屬於稅收公平結構，因為我們並不總是使用稅收公平。因此，現在有了 IRA，我們能夠貨幣化（聽不清楚）並從現金中受益，這實際上對我們的信用指標產生了重大影響。

So that was kind of the first step to do that. As they're generated, we can continue to sell those assets. But we have looked across the business, and we'll continue to do that to see where we can use transferability. We definitely think that there are -- in projects where we are doing PTC, it makes a lot of sense. Certainly, we have talked a lot about this large repowering plans that we have ahead of us. Those are assets where that could make a lot of sense, because those are assets where the CapEx is a lot lower than a new build where you already have depreciated assets that -- because they're existing assets. So you're not generating a lot more of tax losses. So PTCs and transferability makes a lot of sense.

所以這是做到這一點的第一步。當它們生成時，我們可以繼續出售這些資產。但我們已經審視了整個業務，並將繼續這樣做，看看我們可以在哪裡使用可轉移性。我們確實認為，在我們正在進行 PTC 的專案中，這很有意義。當然，我們已經就擺在眼前的這項大型改造計畫進行了許多討論。這些資產可能很有意義，因為這些資產的資本支出比新建的資產低得多，而新建的資產已經折舊了——因為它們是現有資產。所以你不會產生更多的稅收損失。因此 PTC 和可轉移性非常有意義。

Again, the transferability proceeds are cash from operations, so they actually have a big benefit to our credit metrics. We do think we'll still look at tax equity. I think it's important that we continue to monitor. There isn't sort of a one-and-done review, because we have to take a look at our tax capacity, and we do have a lot of NOLs on our balance sheet. So for large projects, particularly for ITC projects where we have a larger CapEx where ITC makes sense, tax equity can make more sense. So we're not just continuing to add to those NOLs. So I do think, in summary, it's a very valuable tool that we have, and we will look at it more, not only for these ad-generated PTCs, but for new projects and repowering.

同樣，可轉讓收益是來自營運的現金，因此它們實際上對我們的信用指標有很大好處。我們確實認為我們仍會考慮稅收公平。我認為我們繼續監控很重要。沒有一勞永逸的審查，因為我們必須審視我們的納稅能力，而且我們的資產負債表上確實有很多 NOL。因此，對於大型項目，特別是對於資本支出較大且 ITC 有意義的 ITC 項目，稅收公平性更有意義。因此，我們不只是繼續增加這些 NOL。所以我確實認為，總而言之，這是我們擁有的一個非常有價值的工具，我們將更專注於它，不僅對於這些廣告生成的 PTC，而且對於新專案和重新啟動。

Okay. And in those cases where you use transferability, the portion of CapEx that would usually be financed with tax equity would be financed with what additional debt? Again, just -- okay.

好的。在使用可轉讓性的情況下，通常透過稅務股權融資的資本支出部分將透過哪些額外債務融資？再說一次，只是——好吧。

Yes, it really depends on the asset, but we -- that's right. The other part of your question, we are looking at just future financing options. It depends on how much we -- and we grow the business. I think it has been historically cost effective for us to do green (inaudible) at the parent company to support that business, but we are looking at options to fund with project debt as well.

是的，這確實取決於資產，但我們——沒錯。你問題的另一部分，我們正在考慮未來的融資選擇。這取決於我們的業務成長程度。我認為，從歷史上看，我們在母公司進行綠色環保（聽不清楚）來支持該業務是具有成本效益的，但我們也在尋找透過專案債務融資的選擇。

Okay. And then changing topics to PNM. So we're obviously waiting for the decisions from the Mexico Supreme Court. And I'm just -- again, we don't know when exactly it happens or what it will be. But I'm just wondering, one, given how long this has been taken and that we are in a dramatically different PE multiples for utilities. So I'm asking, one, about potential renegotiation of the price? And number two, if you had to -- if the Supreme Court does not side with you what kind of route should we expect? Would you refile? And then again, would that give you a chance to potentially reprice this transaction?

好的。然後把話題轉到PNM。因此，我們顯然正在等待墨西哥最高法院的裁決。我只是——再說一次，我們不知道它到底什麼時候發生或會是什麼。但我只是想知道，第一，考慮到這已經花了多長時間，而且我們的公用事業公司的本益比截然不同。所以我想問的是，第一，關於價格的潛在重新談判？第二，如果你不得不這樣做──如果最高法院不支持你，我們應該期待什麼樣的路線？你要重新歸檔嗎？話又說回來，這會讓你有機會重新定價這筆交易嗎？

I think 2 comments. The first one is we're just waiting for the Supreme Court decision, and we prefer not to comment either in the outcome or potential things after that. Let's wait for that. The second one, I think when you do M&A transactions, you don't renegotiate the price in 1 year, things go up or down. So from that point of view, I think we always look at valuations on a present value basis and that's the approach to do it, okay?

我想有2則評論。第一個是我們只是在等待最高法院的裁決，我們不想對結果或之後可能發生的事情發表評論。讓我們拭目以待吧。第二個，我認為當你進行併購交易時，你不會在一年內重新協商價格，價格會上漲或下跌。因此，從這個角度來看，我認為我們總是以現值為基礎來看待估值，這就是這樣做的方法，好嗎？

So -- but I think we just need to wait for the Supreme Court. And there is a history of somebody makes a comment and then people say that we said it was going to be 4 months, 3 months, 2 months, I think we prefer to be silent. Let's respect the court decision, and let's wait for that decision and we go from there.

所以——但我認為我們只需要等待最高法院的裁決。歷史上有人發表評論，然後人們說我們說這將是 4 個月、3 個月、2 個月，我認為我們更願意保持沉默。讓我們尊重法院的判決，等待判決，然後我們就從那裡開始。

Ladies and gentlemen, that is all the time we have for questions this morning. I'd like to turn things back over to you Mr. Azagra for any closing comments.

女士們、先生們，今天早上我們的提問時間就到此為止。阿扎格拉先生，我想將事情交還給您，請您發表任何結束意見。

Okay. Thank you very much to everybody for being here today. I think in my case, the first thing I'd like to do is, as I said, to say thank you to the employees, to the union suppliers. Many of them have been supporting us not stopping some difficult matters we have on the table, some rate case decisions, government control power and I think it's a pleasure to see how committed they are being at the (inaudible) Avangrid in a group. And from that point of view, I would say first, thank you.

好的。非常感謝大家今天來到這裡。我想就我而言，我想做的第一件事就是，正如我所說，向員工、向工會供應商表示感謝。他們中的許多人一直支持我們不要阻止我們擺在桌面上的一些困難問題，一些利率案件的決定，政府的控制權，我認為很高興看到他們在（聽不清楚）Avangrid 團隊中的投入程度。從這個角度來看，我首先要說，謝謝。

The second comment I want to make is -- and again, we'll go back to this at the end of the year. But if a year ago, I was to be asked if I was comfortable we were going to have a rate case in New York as we have got a rate case in Maine, NECEC being built, Park City terminated and Commonwealth terminated, I think probably the answer from everybody, from me, would have been no, okay? So I think right now, to see that additional $3 billion in CLCPA, $6 billion approved in New York, $0.5 billion in Maine. I think this is beautiful, okay? I think this is basically the future being achieved this year and the foundation for the next 5 years.

我想發表的第二個評論是——我們將在今年年底再次討論這個問題。但如果一年前，有人問我是否願意在紐約進行費率案例，因為我們在緬因州也有費率案例，NECEC 正在建設，帕克城終止，聯邦終止，我想可能是這樣。每個人的答案，包括我自己，都是否定的，好嗎？所以我認為現在 CLCPA 會額外批准 30 億美元，紐約批准 60 億美元，緬因州批准 5 億美元。我覺得這很美，好嗎？我認為這基本上是今年實現的未來，也是未來5年的基礎。

So from that point of view, earnings, CapEx, rate base, projects in renewables, we said 300, we are right now in 500 megawatts, good returns, renegotiations everywhere. I think the dynamic is different. So the only comment I would make right now is that the success, I think, in the last 12 months is as simple as saying that's work. And let's make sure we need everybody nonstop. I think the teams right now are meeting legislatures, executive brands, public advocates, Attorney Generals, investors, rating agencies, public commissions, nonstop.

因此，從這個角度來看，盈利、資本支出、費率基礎、可再生能源項目，我們說的是 300 個，我們現在是 500 兆瓦，回報良好，到處都有重新談判。我認為動態是不同的。因此，我現在唯一想說的是，我認為過去 12 個月的成功就像說這是工作一樣簡單。讓我們確保我們不間斷地需要每個人。我認為團隊現在正在不間斷地與立法機構、執行品牌、公共倡議者、總檢察長、投資者、評級機構、公共委員會會面。

And from that point of view, when you work like this, I think the results come because there is nothing we have to take. We are proud of what we're doing, but also we're very objective on the needs that we have. So we have been able to solve many of the outstanding challenges that we had and clear the way for '24. I insist a lot we were very clear last year that '23 was a transition year. Again, we were trying to fix many things as much as we could. And I think we are being hopefully very successful in all of them or almost in all of them.

從這個角度來看，當你像這樣工作時，我認為結果的到來是因為我們沒有什麼必須承擔的。我們為我們正在做的事情感到自豪，但我們對我們的需求也非常客觀。因此，我們已經能夠解決我們面臨的許多突出挑戰，並為 24 世紀掃清道路。我堅持認為，去年我們非常清楚，23 年是一個過渡年。我們再次嘗試盡可能地修復許多問題。我認為我們希望在所有或幾乎所有方面都取得非常成功。

But in this case, I think with the rate cases in New York and Maine, the termination of these 2 offshore projects, mainly NECEC, I'm very, very happy about how we are putting the right thing for the years to come. I think still we have other things to be done. I think we have asset rotations I think we need to basically turn around the dynamics that we have right now in Connecticut. We need to make sure we complete Vineyard Wind 1 and NECEC on track, on time and on budget.

但在這種情況下，我認為，隨著紐約和緬因州的利率案件，這兩個離岸項目（主要是NECEC）的終止，我對我們如何在未來幾年做出正確的事情感到非常非常高興。我認為我們還有其他事情要做。我認為我們有資產輪換，我認為我們需要基本上扭轉康乃狄克州目前的動態。我們需要確保按計劃、按時、按預算完成 Vineyard Wind 1 和 NECEC。

I think -- I'm very pleased about making sure we have a strong financial credit metrics, liquidity because that's also important where sometimes you don't get difficult. This is the moment to be. We're just waited for the PNM decision by the Supreme Court. And also, we're very keen also on developing and diversifying our talent. Talent continues to be critical, even when situations like the one with Patricia, she has to take a personal decision. As you can see, we are not for 2 months looking for anybody. We have a decision that is taking the same day, because we have a very strong and ready succession plan.

我認為，我很高興確保我們擁有強大的金融信用指標和流動性，因為這在有時不會遇到困難的情況下也很重要。現在就是這樣的時刻。我們正在等待最高法院對 PNM 的裁決。此外，我們也非常熱衷於人才的發展與多元化。才華仍然至關重要，即使在像帕特里夏這樣的情況下，她也必須做出個人決定。正如你所看到的，我們在兩個月內不會尋找任何人。我們在同一天就做出了決定，因為我們有一個非常強大且準備好的繼任計劃。

As a result, I would like also to comment that we believe we are very well positioned to fix issues and very well positioned for growth and the certainty in the opportunities ahead of us that we feel comfortable to generate long-term growth and continue building a better and more sustainable, any future not only for our company, but in general.

因此，我還想指出的是，我們相信我們有能力解決問題，也有能力實現成長，而且我們對眼前的機會充滿信心，我們有信心實現長期成長並繼續建立一個更好、更永續的未來，不僅對我們公司而言，對整個社會也是如此。

So thank you. I think if we have any other questions, I know we're going to have a follow-up with each of you separately. So please, Alvaro, I'll let you now to deal with the further Q&A or so on. And everybody, have a great day.

所以謝謝。我想如果我們還有任何其他問題，我知道我們將分別與你們每個人進行跟進。所以，阿爾瓦羅，我現在讓你處理進一步的問答等問題。祝大家有美好的一天。

Thank you. Ladies and gentlemen, that will conclude the Avangrid's Third Quarter 2023 Earnings Conference Call. Again, I'd like to thank you all so much for joining us and wish you all a great day. Goodbye.

謝謝。女士們先生們，Avangrid 2023 年第三季財報電話會議到此結束。我再次非常感謝大家加入我們，並祝福大家有個愉快的一天。再見。