康涅狄格電力 (ES) 2022 Q2 法說會逐字稿

Good morning. Thank you for attending today's Eversource Energy Q2 2022 Earnings Conference Call. My name is Alexis, and I will be your moderator for today's call. (Operator Instructions)

早上好。感謝您參加今天的 Eversource Energy 2022 年第二季度收益電話會議。我叫亞歷克西斯，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Jeff Kotkin with Eversource. You may proceed.

我現在想將會議轉交給我們的主持人，Eversource 的 Jeff Kotkin。你可以繼續。

Great. Thank you very much, Alexis. Good morning, and thank you for joining us. I'm Jeff Kotkin, Eversource Energy's Vice President for Investor Relations.

偉大的。非常感謝，亞歷克西斯。早上好，感謝您加入我們。我是 Eversource Energy 投資者關係副總裁 Jeff Kotkin。

During this call, we'll be referencing slides that we posted yesterday on our website. And as you can see on Slide 1, some of the statements made during this investor call may be forward-looking as defined within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to risk and uncertainty which may cause the actual results to differ materially from forecasts and projections. These factors are set forth in the news release issued yesterday afternoon. Additional information about the various factors that may cause actual results to differ can be found in our annual report on Form 10-K for the year ended December 31, 2021, and our Form 10-Q for the 3 months ended March 31, 2022.

在本次電話會議中，我們將參考昨天在我們網站上發布的幻燈片。正如您在幻燈片 1 中看到的那樣，本次投資者電話會議期間所做的一些陳述可能是前瞻性的，如 1995 年美國私人證券訴訟改革法案的安全港條款所定義的那樣。這些前瞻性陳述是基於管理層當前的預期，並受到可能導致實際結果與預測和預測存在重大差異的風險和不確定性的影響。這些因素在昨天下午發布的新聞稿中有所闡述。有關可能導致實際結果不同的各種因素的更多信息，請參閱我們截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告和截至 2022 年 3 月 31 日止 3 個月的 10-Q 表格。

Additionally, our explanation of how and why we use certain non-GAAP measures and how those measures reconcile to GAAP results is contained within our news release and the slides we posted last night and in our most recent 10-K and 10-Q.

此外，我們對我們如何以及為什麼使用某些非公認會計原則措施以及這些措施如何與公認會計原則結果相一致的解釋包含在我們的新聞稿和我們昨晚發布的幻燈片以及我們最近的 10-K 和 10-Q 中。

Speaking today will be Joe Nolan, our President and Chief Executive Officer; and John Moreira, our Executive Vice President and CFO. Now I will turn to Slide 2 and turn over the call to Joe.

今天發言的將是我們的總裁兼首席執行官喬·諾蘭；和我們的執行副總裁兼首席財務官 John Moreira。現在我將轉到幻燈片 2 並將呼叫轉給 Joe。

Thank you, Jeff, and thank you, everyone, for joining us on this call this morning. I hope that our investors on this call are having a good summer and have plans for some time off after earnings season concludes in another couple of weeks.

謝謝你，傑夫，謝謝大家今天早上加入我們的電話會議。我希望本次電話會議上的投資者度過了一個愉快的夏天，併計劃在收益季節再過幾週結束後休息一段時間。

We are enjoying a glorious summer so far in New England with many sunny days along our shoreline and our mountains. If you haven't made a trek here this summer, we urge you to do so and support our hundreds of thousands of businesses.

到目前為止，我們正在新英格蘭享受一個美好的夏天，我們的海岸線和山脈有許多陽光明媚的日子。如果您今年夏天還沒有在這裡跋涉，我們敦促您這樣做並支持我們成千上萬的企業。

Over the past few weeks, with the longest sustained heat wave in Eastern Massachusetts in about a decade, our electric system has operated very well, and it has all year. Through June, the average number of months between power interruptions continues to place our reliability in the top decile of the electric industry, and our relatively short average duration of outages continues to place us in the top quartile. This is strong evidence that our investments in infrastructure to enhance reliability have been a significant benefit to our customers.

在過去的幾周里，馬薩諸塞州東部經歷了大約十年來持續時間最長的熱浪，我們的電力系統運行良好，並且全年都運行良好。到 6 月，停電的平均月數繼續使我們的可靠性處於電力行業的前十分位，我們相對較短的平均停電持續時間繼續使我們處於前四分之一。這有力地證明了我們為提高可靠性而對基礎設施的投資已經為我們的客戶帶來了巨大的利益。

Response time to natural gas service calls, a key safety and performance metric for our gas distribution business, continues to be excellent.

天然氣服務呼叫的響應時間是我們天然氣配送業務的一項關鍵安全和績效指標，它仍然非常出色。

Turning to Slide 3. About 2 weeks ago, we posted our 2021 Sustainability Report and linked it to our Diversity, Equity and Inclusion Report. Our DEI report is new this year. Over the past year, a number of our investors requested that we provide additional transparency about our diversity, including providing more detail about statistics around hiring, promotion and retention rates, areas of our organization that are a high focus for us. We decided that the best way to provide investors and others with this information is to create a separate report that highlights the significant and increasing diversity among our employees, our management and our Board. We welcome your feedback on both the DEI and our Sustainability Reports.

轉到幻燈片 3。大約 2 週前，我們發布了 2021 年可持續發展報告，並將其與我們的多元化、公平和包容性報告相關聯。我們的 DEI 報告是今年的新報告。在過去的一年裡，我們的一些投資者要求我們提供更多關於我們多元化的透明度，包括提供更多關於招聘、晉升和保留率的統計數據，這是我們組織的重點領域。我們決定向投資者和其他人提供這些信息的最佳方式是創建一份單獨的報告，突出我們的員工、管理層和董事會之間顯著且不斷增加的多樣性。我們歡迎您對 DEI 和我們的可持續發展報告提供反饋。

The new Sustainability Report highlights our successful accomplishments last year in a variety of areas. We continue to enhance the report and, again, have third-party validation of our Scope 1 and Scope 2 emissions. The report focuses, to a major extent, on Eversource's very significant efforts to support our state's goals to reduce greenhouse gas emissions by 80% to 85% by 2050.

新的可持續發展報告突出了我們去年在各個領域取得的成功。我們繼續改進報告，並再次對我們的範圍 1 和範圍 2 排放進行第三方驗證。該報告在很大程度上側重於 Eversource 為支持我們州到 2050 年將溫室氣體排放量減少 80% 至 85% 的目標所做的重大努力。

From a clean energy perspective, Slide 4 captures 3 of our initiatives in this area. Our battery storage project in Provincetown on Cape Cod was commissioned in the second quarter of 2022 and almost immediately showed its value when it helped a avert an outage for approximately 5,000 NSTAR Electric customers.

從清潔能源的角度來看，幻燈片 4 展示了我們在該領域的 3 項舉措。我們在科德角普羅溫斯敦的電池存儲項目於 2022 年第二季度投入使用，當它幫助約 5,000 名 NSTAR Electric 客戶避免停電時，幾乎立即顯示出它的價值。

We have filed our first application under the most recent legislative authorization for regulated company solar generation investment. We are seeking approval of 3 different projects, all of which would combine solar with battery storage. They would be located in Brockton, Lawrence and Yarmouth in Eastern Massachusetts. And altogether, it's expected to cost an estimated $31 million to build.

我們根據最近的立法授權提交了我們的第一份申請，用於受監管的公司太陽能發電投資。我們正在尋求批准 3 個不同的項目，所有這些項目都將太陽能與電池存儲相結合。他們將位於馬薩諸塞州東部的布羅克頓、勞倫斯和雅茅斯。總體而言，預計建造成本約為 3100 萬美元。

We continue to progress on our unique geothermal network project that Massachusetts regulators approved in the most recent NSTAR gas rate review. The project will be located in Framingham, Massachusetts and will connect 140 apartments, homes and businesses to a geothermal system that will provide both heating and cooling. Customer receptivity to the project has been very strong, with nearly 85% of those along the route signing up for the pilot. We continue to expect the project to be operational in 2023.

我們繼續推進我們獨特的地熱網絡項目，馬薩諸塞州監管機構在最近的 NSTAR 天然氣價格審查中批准了該項目。該項目將位於馬薩諸塞州弗雷明漢，將 140 套公寓、住宅和企業連接到一個地熱系統，該系統將提供供暖和製冷。客戶對該項目的接受度非常高，沿線近 85% 的客戶報名參加了試點。我們繼續預計該項目將在 2023 年投入運營。

Turning to offshore wind and Slide 5. I want to update you on the progress we have made on our strategic review of our offshore wind investments. We've been working closely with Ørsted on developing the marketing materials that will be disseminated to potential buyers for our 50% interest in our joint venture. We continue to target an outcome for this review by the end of this year. Thus far, we have had very high level of interest and expect a robust sales process.

轉向海上風電和幻燈片 5。我想向您介紹我們在海上風電投資戰略審查方面取得的最新進展。我們一直與 Ørsted 密切合作，開發營銷材料，這些材料將分發給潛在買家，以獲得我們在合資企業中 50% 的權益。我們將繼續以今年年底之前的審查結果為目標。到目前為止，我們的興趣非常高，並期望有一個穩健的銷售流程。

We recently kicked off our buyer outreach and have had preliminary discussions with potential buyers and expect that process to continue. Key materials have been developed, including a teaser, nondisclosure agreement, confidentiality memorandum, independent engineering document and other materials.

我們最近開始了我們的買家外展活動，並與潛在買家進行了初步討論，並希望這一過程能夠繼續下去。已開發出關鍵材料，包括預告片、保密協議、保密備忘錄、獨立工程文件和其他材料。

In the meantime, we continue to make steady progress on our three projects. South Fork is the first project to enter construction. We are virtually complete with the sections beneath the public roads in East Hampton, New York. We are now progressing rapidly on the onshore sections in the railroad right of way on the substation where the 130-megawatt project will connect. As a reminder, the offshore portions of South Fork will be built in 2023. We continue to expect the two larger projects, Revolution Wind and Sunrise Wind, to be fully permitted in 2023 and to be in service in 2025.

與此同時，我們的三個項目繼續穩步推進。 South Fork是第一個進入建設的項目。我們幾乎完成了紐約東漢普頓公共道路下方的路段。我們現在正在鐵路陸上路段快速推進，該變電站將連接 130 兆瓦項目。提醒一下，South Fork 的海上部分將於 2023 年建成。我們繼續預計，Revolution Wind 和 Sunrise Wind 這兩個較大的項目將在 2023 年完全獲准，並在 2025 年投入使用。

On July 8, the Rhode Island Energy Facilities Siting Board issued to Revolution Wind a decision and final order approving the project and granting a license to construct and operate. As a reminder, Revolution will supply a total of 704 megawatts to Rhode Island and Connecticut and tie into the New England grid in North Kingston, Rhode Island.

7 月 8 日，羅德島能源設施選址委員會向 Revolution Wind 發布了批准該項目並授予建設和運營許可證的決定和最終命令。提醒一下，Revolution 將為羅德島和康涅狄格州提供總計 704 兆瓦的電力，並與羅德島北金斯敦的新英格蘭電網相連。

As you can see on Slide 6, we've also made progress on the procurement side with 82% of the three project costs locked in, up from 80% in May.

正如您在幻燈片 6 中看到的那樣，我們在採購方面也取得了進展，三個項目成本的 82% 被鎖定，高於 5 月份的 80%。

The demand for offshore wind generation continues to grow in our region. Rhode Island just recently enacted legislation that requires a solicitation by October of this year for an additional 600 to 1,000 megawatts of offshore wind. Another much larger offshore wind RFP for up to approximately 4,600 megawatts was issued this week by New York. Including projects already awarded, we are now looking at approximately 18,000 megawatts of offshore wind authorizations from New York and the states of Southern New England.

我們地區對海上風力發電的需求持續增長。羅德島最近頒布了一項立法，要求在今年 10 月之前徵集額外 600 至 1,000 兆瓦的海上風電。紐約本週發布了另一份規模更大、容量高達約 4,600 兆瓦的海上風電 RFP。包括已經授予的項目，我們現在正在考慮來自紐約和新英格蘭南部各州的大約 18,000 兆瓦海上風電授權。

We are confident that this level of procurement will attract wide interest in our wind investment since we continue to believe that the ocean tracts that we share with Ørsted are about the most attractive in North America due to the high average wind speeds, moderate depths, proximity to load an incredibly deep public policy support.

我們相信，這種採購水平將吸引我們對風能投資的廣泛興趣，因為我們仍然相信，由於平均風速高、深度適中、距離近，我們與 Ørsted 共享的海洋區域在北美是最具吸引力的加載令人難以置信的深度公共政策支持。

New legislation that passed in Massachusetts House and Senate last week should also further support a robust sales process. As you can see on Slide 7, there were several elements in that bill that should help solidify Massachusetts' effort to stay in the forefront of offshore wind development in the United States. They included an affirmation of the state's commitment to contract for 5,600 megawatts of offshore wind by mid-2027, modification of the bidding process to encourage more competition among developers and incentives to increase the manufacturing and assembly of offshore wind components in Massachusetts.

上週在馬薩諸塞州眾議院和參議院通過的新立法也應進一步支持穩健的銷售流程。正如您在幻燈片 7 中看到的那樣，該法案中有幾個要素應有助於鞏固馬薩諸塞州保持在美國海上風電開發前沿的努力。其中包括確認該州承諾在 2027 年年中之前簽訂 5,600 兆瓦海上風電合同，修改招標程序以鼓勵開發商之間的更多競爭，以及增加馬薩諸塞州海上風電組件的製造和組裝的激勵措施。

There were also provisions to enhance the sale and leasing of electric vehicles in the state, build more energy storage and develop grid modernization plans that would support electrification as a key path to decarbonization. There is also a pilot program that would allow up to ten communities in the state to restrict fossil fuel installation in new buildings. Health care and research facilities, which have proliferated across Massachusetts, would be exempt from the pilot, as would certain communities with housing affordability challenges.

還規定加強該州電動汽車的銷售和租賃，建立更多的儲能係統，並製定電網現代化計劃，以支持將電氣化作為脫碳的關鍵途徑。還有一個試點計劃將允許該州多達 10 個社區限制在新建築物中安裝化石燃料。遍布馬薩諸塞州的醫療保健和研究設施將免於試點，某些面臨住房負擔能力挑戰的社區也將免於試點。

Thanks again for your time. I will now turn over the call to John Moreira.

感謝你的寶貴時間。我現在將把電話轉給 John Moreira。

Thank you, Joe, and good morning, everyone. This morning, I will review our results for the second quarter of 2022, discuss recent regulatory developments and review our 2022 financing activity.

謝謝你，喬，大家早上好。今天上午，我將回顧我們 2022 年第二季度的業績，討論最近的監管發展並回顧我們 2022 年的融資活動。

I will start with Slide 8. Our GAAP earnings were $0.84 per share in the second quarter of 2022 compared with earnings of $0.77 in the second quarter of 2021. Second quarter results for both years include $0.02 per share of an after-tax cost associated with acquisitions, primarily related to the assets acquired from Columbia Gas of Massachusetts. Excluding those costs, we earned $0.86 per share in the second quarter of 2022 compared with earnings of $0.79 per share in the second quarter of 2021.

我將從幻燈片 8 開始。我們的 GAAP 收益在 2022 年第二季度為每股 0.84 美元，而 2021 年第二季度的收益為 0.77 美元。這兩年的第二季度業績包括每股 0.02 美元的稅後成本收購，主要與從馬薩諸塞州哥倫比亞天然氣公司收購的資產有關。不計這些成本，我們在 2022 年第二季度的每股收益為 0.86 美元，而 2021 年第二季度的每股收益為 0.79 美元。

For the first half of 2022, we earned $2.13 per share on a GAAP basis compared with earnings of $1.83 per share in the first half of 2021. Excluding charges related to the acquisition and a Connecticut storm penalty last year, we earned $2.16 per share for the first half of [2022] (corrected by company after the call) compared with earnings of $1.94 per share in the first half of 2021.

2022 年上半年，按公認會計原則計算，我們每股收益 2.13 美元，而 2021 年上半年每股收益為 1.83 美元。不包括與收購相關的費用和去年康涅狄格州風暴罰款，我們的每股收益為 2.16 美元[2022] 上半年（由公司在電話會議後更正）與 2021 年上半年每股收益 1.94 美元相比。

Looking at some additional details on the second quarter earnings results by segment, starting with our electric transmission segment, which earned $0.44 per share in the second quarter of 2022 compared with $0.40 per share in the second quarter of '21. Improved results were driven by a higher level of investment in our transmission facilities.

按部門查看第二季度收益結果的一些其他細節，從我們的電力傳輸部門開始，該部門在 2022 年第二季度每股收益 0.44 美元，而 21 年第二季度每股收益 0.40 美元。對我們的傳輸設施進行更高水平的投資推動了業績的改善。

Our electric distribution segment earned $0.37 per share in the second quarter of 2022 compared with earnings of $0.35 per share in the quarter of 2021. Improved results here were driven largely by higher revenues, lower pension costs and storm restoration costs, partially offset by higher costs related to property taxes, depreciation and other employee-related expenses.

我們的配電部門在 2022 年第二季度的每股收益為 0.37 美元，而 2021 年季度的每股收益為 0.35 美元。這裡的業績改善主要是由於收入增加、養老金成本和風暴恢復成本降低，部分被成本增加所抵消與財產稅、折舊和其他與員工有關的費用。

Our natural gas distribution segment earnings were $0.02 per share in the second quarter of 2022 compared with earnings of $0.01 in the second quarter of '21. Improved results were largely due to higher revenues and lower pension expense, partially offset by higher operating and maintenance costs, property taxes, interest expense and depreciation.

我們的天然氣分銷部門在 2022 年第二季度的每股收益為 0.02 美元，而 21 年第二季度的收益為 0.01 美元。業績改善主要是由於較高的收入和較低的養老金支出，部分被較高的運營和維護成本、財產稅、利息支出和折舊抵消。

Our water distribution segment earned $0.03 per share in the second quarter of 2022, the same level as we earned in the second quarter of '21. Results for our Eversource parent and other companies improved by $1 million in the second quarter of 2022 compared with the second quarter of 2021. Excluding the acquisition and transition costs I mentioned earlier, the results include after-tax gains on clean energy investments which increased by $0.02 per share from last year's levels and were largely offset by higher interest costs on long-term and short-term debt.

我們的配水部門在 2022 年第二季度每股收益 0.03 美元，與我們在 21 年第二季度的收益水平相同。與 2021 年第二季度相比，我們 Eversource 母公司和其他公司的業績在 2022 年第二季度增加了 100 萬美元。不包括我之前提到的收購和過渡成本，結果包括清潔能源投資的稅後收益增加了每股比去年的水平低 0.02 美元，很大程度上被長期和短期債務的更高利息成本所抵消。

Now that we have the first half of 2022 behind us from an earnings perspective, and have a bit more line of sight on the second quarter of 2022, we have narrowed our non-GAAP earnings guidance for the full year to $4.04 to $4.14 per share from our previous range of $4.00 to $4.17 per share.

既然從收益的角度來看，我們已經過去了 2022 年上半年，並且對 2022 年第二季度有了更多的展望，我們已將全年的非公認會計準則收益指引縮小至每股 4.04 美元至 4.14 美元從我們之前的每股 4.00 美元到 4.17 美元的區間。

Before moving on, I'm pleased to announce that, as of the end of June, we have fully transitioned the remainder of Eversource Gas of Massachusetts business systems off of the legacy NiSource system and onto the Eversource platform. Overall, we cannot be more proud of the conversion process.

在繼續之前，我很高興地宣布，截至 6 月底，我們已將馬薩諸塞州 Eversource Gas 業務系統的其餘部分從傳統的 NiSource 系統完全過渡到 Eversource 平台上。總的來說，我們對轉換過程感到無比自豪。

It has gone extremely well since we closed the transaction in the fourth quarter of [2020] (corrected by company after the call). We have converted approximately 300 business processes over to Eversource, including the most recent move on to a new customer information system.

自從我們在 [2020] 第四季度完成交易以來，情況一直非常好（在電話會議後由公司更正）。我們已經將大約 300 個業務流程轉換到 Eversource，包括最近遷移到新的客戶信息系統。

Feedback from both EGMA customers and employees have been very positive, and our operating and financial metrics have consistently met or exceeded our expectations. As a result, transition-related costs for this transaction will be minimal next quarter.

EGMA 客戶和員工的反饋都非常積極，我們的運營和財務指標始終達到或超過我們的預期。因此，該交易的過渡相關成本將在下個季度降至最低。

We are very appreciative of the great support we have received from the NiSource team during this transition period.

我們非常感謝 NiSource 團隊在此過渡期間給予我們的大力支持。

Turning to longer-term earnings. As you saw in our news release, and you can see on Slide 9, we are reaffirming our long-term EPS growth rate in the upper half of 5% to 7% range.

轉向長期收益。正如您在我們的新聞稿中看到的那樣，您可以在幻燈片 9 中看到，我們重申我們的長期每股收益增長率在 5% 至 7% 的上半部分。

On Slide 10, we also reaffirm our $18 billion five-year regulated capital program that we discussed during our February earnings call, including our $3.9 billion regulated capital investment projected for this year. As Joe mentioned, we expect that by 2026, the last year of our current five-year forecast, our incremental investments required to offset the loss of the offshore wind earnings contributions that would have been in place, we estimate that, that will require approximately $3 billion of investments. More to come on this front soon.

在幻燈片 10 上，我們還重申了我們在 2 月財報電話會議上討論的 180 億美元的五年期監管資本計劃，包括我們今年預計的 39 億美元的監管資本投資。正如喬所提到的，我們預計到 2026 年，即我們當前五年預測的最後一年，我們需要進行增量投資以抵消本應到位的海上風電收益貢獻的損失，我們估計，這將需要大約30億美元的投資。很快就會有更多的東西出現在這方面。

In both February and in May, we noted a couple of additional areas where we expect the need for incremental investment over our current five-year forecast period to enhance reliability, customer experience and efficiently connect clean energy resources.

在 2 月和 5 月，我們注意到我們預計在當前五年預測期內需要增加投資的幾個額外領域，以提高可靠性、客戶體驗和有效連接清潔能源資源。

Turning to Slide 11. We have provided a status update on AMI for both NSTAR Electric and CL&P. At this time, regulators in both Connecticut and Massachusetts are actively working through dockets, with decisions expected later this year.

轉到幻燈片 11。我們提供了 NSTAR Electric 和 CL&P 的 AMI 狀態更新。目前，康涅狄格州和馬薩諸塞州的監管機構都在積極處理案件，預計將在今年晚些時候做出決定。

Briefing has been completed in Massachusetts, and we expect a decision towards the end of the year. In Connecticut, PURA held hearings earlier this month to address further questions that the commission posed about an AMI rollout. We also expect PURA's AMI review to be completed by the end of the year.

馬薩諸塞州的簡報已經完成，我們預計將在今年年底做出決定。在康涅狄格州，PURA 本月早些時候舉行了聽證會，以解決委員會就 AMI 推出提出的進一步問題。我們還預計 PURA 的 AMI 審查將在年底前完成。

Separately, as we mentioned on our first quarter earnings call, NSTAR Electric filed an application with FERC in March on an innovative recovery structure to help promote offshore wind development off Massachusetts. The application involved Park City Wind, which is an 800-megawatt Avangrid project that was selected a couple of years ago as the winner of Connecticut's most recent offshore wind RFP.

另外，正如我們在第一季度財報電話會議上提到的那樣，NSTAR Electric 於 3 月向 FERC 提交了一份關於創新復蘇結構的申請，以幫助促進馬薩諸塞州的海上風電開發。該申請涉及 Park City Wind，這是一個 800 兆瓦的 Avangrid 項目，幾年前被選為康涅狄格州最近海上風電 RFP 的獲勝者。

Park City will connect into the 345 kV system, where we are already planning some upgrades to meet rising electric load requirements.

Park City 將連接到 345 kV 系統，我們已經在計劃進行一些升級以滿足不斷增長的電力負載要求。

By working on the two projects together, we were able to reduce costs for customers. In total, the incremental upgrades would be about $200 million, of which, about $150 million of it will be collected from Park City with FERC-based returns. FERC approved our application at its June meeting. We expect there will be other opportunities to emulate this type of offshore wind transmission interconnection agreement going forward.

通過共同開展這兩個項目，我們能夠為客戶降低成本。總體而言，增量升級約為 2 億美元，其中約 1.5 億美元將從帕克城收取，並以 FERC 為基礎。 FERC 在 6 月份的會議上批准了我們的申請。我們預計未來還會有其他機會效仿這種類型的海上風電互聯協議。

ISO New England is already reviewing another project that expects to tie into the New England grid through Cape Cod. We have discussed previously that, including Park City, there are probably about $500 million of regulated transmission investment needs on Cape Cod to efficiently connect offshore wind that is reflected -- that are not reflected in our current $18 billion capital forecast. We expect other significant investment needs to arise in the near future in both electric distribution and transmission segments since our states view renewable power as a critical means of reducing greenhouse gas emissions related to space heating and transportation.

ISO 新英格蘭已經在審查另一個項目，該項目預計將通過科德角與新英格蘭電網相連。我們之前已經討論過，包括帕克城在內，科德角可能有大約 5 億美元的受監管輸電投資需求，以有效地連接海上風能，這反映在我們目前 180 億美元的資本預測中。由於我們的州將可再生能源視為減少與空間供暖和運輸相關的溫室氣體排放的關鍵手段，我們預計在不久的將來配電和輸電領域將出現其他重大投資需求。

On the regulatory side, we have one general rate review well underway and another one about to be filed. A summary of those cases is shown on Slide 12. Hearings in the NSTAR Electric rate review concluded just last week, and we will be entering the briefing phase soon with a decision expected December 1 of this year and with rates effective January 1, 2023.

在監管方面，我們正在進行一項全面的利率審查，另一項即將提交。幻燈片 12 顯示了這些案例的摘要。 NSTAR Electric 費率審查聽證會於上周剛剛結束，我們將很快進入簡報階段，預計將於今年 12 月 1 日做出決定，費率將於 2023 年 1 月 1 日生效。

We feel very good about the strength of our case as well as our proposals to enable the Commonwealth's clean energy goals. Briefing will take place through the month of September.

我們對我們的案例以及我們實現英聯邦清潔能源目標的建議感到非常滿意。簡報會持續到 9 月份。

On July 1, Aquarion Water of Connecticut filed a letter of intent for its rate review in about 10 years. Key elements of the three-year plan are shown on the slide. We expect to file the actual application in August. Aquarion Connecticut's regulatory ROE was about 7.8% during the 12 months ended March 31, 2022, and the company's infrastructure investments have significantly increased over the past several years to enable water service reliability for its customers.

7 月 1 日，康涅狄格州 Aquarion Water 提交了一份意向書，要求在大約 10 年內進行費率審查。幻燈片顯示了三年計劃的關鍵要素。我們預計將在 8 月提交實際申請。在截至 2022 年 3 月 31 日的 12 個月內，康涅狄格 Aquarion 的監管 ROE 約為 7.8%，該公司的基礎設施投資在過去幾年中顯著增加，以確保其客戶的供水服務可靠性。

Turning to recent financings. We issued $1.5 billion of two-year and five-year parent debt in late June. Proceeds were used to reduce short-term debt. The relatively short average maturity of these senior notes is due to our anticipation of a successful sale of our offshore wind interest.

轉向最近的融資。我們在 6 月底發行了 15 億美元的兩年期和五年期母公司債券。所得款項用於減少短期債務。這些優先票據相對較短的平均到期日是由於我們預期成功出售我們的海上風電權益。

In terms of the equity issuances. As you can see on Slide 13, we launched our $1.2 billion at-the-market program in the second quarter of this year, and to date, have issued nearly 1.4 million shares at a weighted average price of $91.98.

在股權發行方面。正如您在幻燈片 13 中看到的那樣，我們在今年第二季度推出了價值 12 億美元的市場計劃，迄今為止，已以 91.98 美元的加權平均價格發行了近 140 萬股股票。

Through July, we also have issued approximately 640,000 treasury shares this year to fund our dividend reinvestment and employee plans. We have received a number of inquiries from investors regarding our pension obligation. Let me start with an overview of our plan's performance last year.

截至 7 月，我們今年還發行了大約 640,000 股庫存股，為我們的股息再投資和員工計劃提供資金。我們收到了許多投資者關於我們的養老金義務的詢問。讓我先概述一下我們計劃去年的表現。

Our retirement plans earned approximately $1.25 billion, which amounts to a 24% return on plan investments, and we have contributed about $180 million into the plans last year. This resulted in the funded status of our pension plans increasing over the course of 2021 from about 79% to nearly 100%.

我們的退休計劃賺取了大約 12.5 億美元，相當於 24% 的計劃投資回報率，我們去年為這些計劃貢獻了大約 1.8 億美元。這導致我們養老金計劃的資金狀況在 2021 年期間從約 79% 增加到近 100%。

The impact of pension expense on our earnings is mitigated by the fact that we have adopted a smoothing of actuarial gains and losses over the average participant future years of service. It's further mitigated by our pension trackers in place at our three Massachusetts electric and gas distribution companies, and for our transmission segment.

養老金費用對我們收入的影響因我們採用了對參與者未來平均服務年限的精算損益進行平滑處理這一事實而得到緩解。我們在馬薩諸塞州的三個電力和天然氣分銷公司以及我們的輸電部門安裝的養老金追踪器進一步緩解了這種情況。

Additionally, much of our pension expense is capitalized into our capital projects and doesn't affect our earnings. And lastly, our qualified pension plan has been closed for new participants for well over a decade.

此外，我們的大部分養老金支出都資本化了我們的資本項目，不會影響我們的收入。最後，我們的合格養老金計劃已經為新參與者關閉了十多年。

Less than half of our pension expense actually affects earnings. The expense is lower this year due in large part to the strong returns we realized last year and a slightly higher discount rate. At this time, it is unclear whether pension expense will be a positive or a negative factor for our 2023 earnings. While it is unlikely that in 2022, we will -- excuse me, in 2023, we will experience the same returns as we realized in 2021, the discount rate that we will use for 2023 is expected to be significantly higher than the rate we are using currently, and that could help lower pension expense next year. As a reminder, our expected long-term rate of return assumed in our pension investments is 8.25%.

不到一半的養老金支出實際上會影響收入。今年的費用較低，很大程度上是由於我們去年實現了強勁的回報和略高的貼現率。目前，尚不清楚養老金支出對我們 2023 年的收益是正面因素還是負面因素。雖然在 2022 年，我們不太可能——對不起，在 2023 年，我們將獲得與 2021 年實現的相同的回報，但我們將在 2023 年使用的貼現率預計將大大高於我們現在的貼現率目前正在使用，這可能有助於降低明年的養老金支出。提醒一下，我們在養老金投資中假設的預期長期回報率為 8.25%。

Thank you very much for joining us this morning. And now I will turn the call back over to Jeff.

非常感謝您今天早上加入我們。現在我將把電話轉回傑夫。

Great. Thank you, John. And I'm going to turn the call back to Alexis to remind you how to enter your questions. Alexis?

偉大的。謝謝你，約翰。我將把電話轉回給亞歷克西斯，提醒你如何輸入你的問題。亞歷克西斯？

(Operator Instructions) We may now begin.

（操作員說明）我們現在可以開始了。

All right. Thank you, Alexis. Our first question this morning is from Shar from Guggenheim.

好的。謝謝你，亞歷克西斯。我們今天早上的第一個問題來自古根海姆的 Shar。

Joe, I appreciate sort of the color on the process, but can we maybe dig a little deeper into where we are right now? Did you get any inbounds since the first quarter update?

喬，我很欣賞這個過程中的某種色彩，但我們是否可以更深入地挖掘一下我們現在所處的位置？自第一季度更新以來，您是否收到任何入站信息？

And I know it's early, but what's kind of your preferred structure? So, if the leases and projects do get split up, would you kind of be willing to do a COD and take the construction risk for Sunrise and Revolution? So, like a build on transfer? Or when you're thinking about an exit, you really want to exit and not take any development risk at that point?

我知道現在還早，但你喜歡哪種結構？那麼，如果租約和項目真的分開了，你會願意做 COD 並承擔 Sunrise 和 Revolution 的建設風險嗎？那麼，就像建立在轉移上？或者當您考慮退出時，您真的想退出並且此時不承擔任何開發風險？

So a couple of pieces of your question. First off, we've had twelve additional inbounds, folks that are interested in the properties. I will tell you that initial discussions, folks are not afraid of construction risk. There's no concern of that. There's a very healthy, excited atmosphere for wind, as you might imagine. And since the start of this year, it's been nothing but positive things for wind. We started with the New York Bight leases, then the recent Rhode Island RFP news, the New York RFP news and obviously now this Washington deal, which is very exciting.

所以你的幾個問題。首先，我們有十二個額外的入站，對這些屬性感興趣的人。我會告訴你，最初的討論，人們不怕施工風險。對此沒有任何顧慮。正如您所想像的那樣，風的氣氛非常健康，令人興奮。自今年年初以來，風向都是積極的事情。我們從紐約灣租約開始，然後是最近的羅德島 RFP 新聞、紐約 RFP 新聞，顯然現在是華盛頓的交易，這非常令人興奮。

So, we feel really good about it. We don't think we're going to have to do anything different in this -- in the sale process. It's been very, very well received.

所以，我們對此感覺非常好。我們認為我們不必在這方面做任何不同的事情——在銷售過程中。它非常非常受歡迎。

Got it. Perfect. And then, Joe, just lastly, there's been some healthy amount of debating around how you sort of think about inorganic opportunities. Can you maybe just provide some thoughts around how you think about diversifying outside of New England, whether there is really any interest around acquiring electric operations? Or are your strategic priorities outside of your footprint really around the water business?

知道了。完美的。然後，喬，最後，圍繞你如何看待無機機會進行了一些健康的辯論。您能否就您如何看待新英格蘭以外的多元化發展提供一些想法，是否真的對收購電力業務感興趣？或者您的戰略重點是否真的圍繞水業務？

Yes. Great. So, first of all, just so you understand, we are laser-focused on this wind, the wind piece right now. That's what we're focused on. That's where we're spending our time. The water business, we love the water business. It's extremely fragmented. I think you know that. When we were making acquisitions there, they're in the 10,000-customer range, 5,000 to 10,000. That's what we feel very, very good about. But there are really virtually no independent publicly traded water companies in New England that really are left. So, the focus has been on municipally owned water systems.

是的。偉大的。所以，首先，讓你明白，我們現在專注於這種風，風片。這就是我們所關注的。這就是我們花費時間的地方。水業務，我們熱愛水業務。它非常分散。我想你知道的。當我們在那裡進行收購時，他們在 10,000 個客戶範圍內，從 5,000 到 10,000 個。這就是我們感覺非常非常好。但在新英格蘭，幾乎沒有真正留下的獨立公開交易的水公司。因此，重點一直放在市政供水系統上。

Aquarion has a phenomenal reputation in the water space. We think we have a great platform for us to grow. And also, some of these municipal systems in the region are facing some capital constraints as they have to look at upgrading their systems.

Aquarion 在水領域享有盛譽。我們認為我們有一個很好的平台讓我們成長。此外，該地區的一些市政系統也面臨著一些資金限制，因為他們不得不考慮升級他們的系統。

I just want to make it very clear that we have no interest in expanding our natural gas footprint. That is not on our radar at all.

我只想明確表示，我們對擴大天然氣足跡沒有興趣。這根本不在我們的雷達上。

And with regard to -- on the electric side, while there are potential customer benefits from a larger footprint, it would be very difficult for an acquisition to compete with investments in our own systems in Massachusetts, Connecticut, New Hampshire. There's no question that increased electrification will necessitate significantly increased investment in our distribution and transmission systems and our substations to handle increased heating and electric transportation loads. Those investments will require significant capital.

關於 - 在電力方面，雖然更大的足跡可能會給客戶帶來好處，但收購很難與我們在馬薩諸塞州、康涅狄格州和新罕布什爾州的系統投資相競爭。毫無疑問，電氣化程度的提高將需要顯著增加對我們的配電和輸電系統以及變電站的投資，以應對增加的供暖和電力運輸負荷。這些投資將需要大量資金。

I think you know that our company history indicates that M&A is infrequent but highly effective when it occurs. Mergers that created NSTAR about 25 years ago, Eversource ten years ago and added Eversource Gas of Massachusetts assets two years ago were beneficial to customers, accretive to our shareholders in the first twelve months after closing, increased our EPS growth, and lowered our risk.

我想您知道，我們公司的歷史表明，併購並不頻繁，但在發生時非常有效。大約 25 年前創建 NSTAR、10 年前創建 Eversource 以及兩年前增加了馬薩諸塞州資產的 Eversource Gas 的合併對客戶有利，在交易完成後的前 12 個月內為我們的股東增加了收益，提高了我們的每股收益增長，並降低了我們的風險。

And that's what I want to emphasize. We are about derisking. Lower risk. So, we would apply all these same principles to any future opportunities that we would pursue, Shar.

這就是我要強調的。我們是關於去冒險的。降低風險。因此，我們會將所有這些相同的原則應用於我們將追求的任何未來機會，Shar。

Next question is from Neil Kalton from Wells.

下一個問題來自 Wells 的 Neil Kalton。

So Joe, you mentioned the news out of Washington, and you guys have had the advantage over others having a day to kind of evaluate this. So would love to get to take on what you see in there that could be helpful to Eversource, particularly on the offshore wind side.

所以喬，你提到了華盛頓的新聞，你們比其他人有優勢有一天來評估這個。因此，我很樂意接受你在那裡看到的可能對 Eversource 有幫助的東西，特別是在海上風電方面。

And is this something, as you're looking to kick off the sale process, would you need to wait and see this actually pass before moving forward with that?

這是什麼，當您希望啟動銷售流程時，您是否需要等待並看到這實際上通過，然後再繼續進行？

Yes. I don't think we need to wait for it to pass. I think it will move. We feel very confident that the Inflation Reduction Act will move. I think you see a lot of support in Washington, a lot of discussions around it.

是的。我認為我們不需要等待它通過。我認為它會移動。我們對降低通脹法案的實施充滿信心。我認為你在華盛頓看到了很多支持，圍繞它進行了很多討論。

I think that some of the things around it, the enhancements of the renewable energy tax credits are going to create substantial value for our projects. This bill is 725 pages long, and it's very detailed that we're going through each and every piece of it. But I will tell you that all indications that we have surfaced in that bill is very, very favorable for our business and for the wind business, actually for all renewable businesses, quite frankly. So, we're optimistic that this will help us. But we don't need it -- this is not going to have us pause our efforts around our wind exit.

我認為圍繞它的一些事情，可再生能源稅收抵免的增強將為我們的項目創造可觀的價值。這份法案有 725 頁長，非常詳細，我們正在仔細研究它的每一部分。但我會告訴你，我們在該法案中出現的所有跡像都非常非常有利於我們的業務和風能業務，實際上是所有可再生能源業務，坦率地說。因此，我們樂觀地認為這將對我們有所幫助。但我們不需要它——這不會讓我們在出風口附近暫停我們的努力。

Okay. And one quick follow-up. And I don't know if you mentioned this in the remarks, so I apologize if you did. But any sort of sense on how long this process will take to play out? It seems like there's a pretty healthy interest. I mean, does that suggest that this could be fairly quick? Or just any thoughts on that.

好的。并快速跟進。我不知道你是否在評論中提到了這一點，所以如果你提到了，我深表歉意。但是，對於這個過程需要多長時間才能發揮作用有什麼意義嗎？似乎有一種非常健康的興趣。我的意思是，這是否表明這可能相當快？或者只是對此的任何想法。

Yes. And I feel very strongly that we will have answers in this year, in 2022. I would expect in the fourth quarter we would be able to share a lot more color around it and hopefully execute shortly thereafter.

是的。我非常強烈地認為，我們將在今年，即 2022 年得到答案。我希望在第四季度，我們將能夠圍繞它分享更多的色彩，並希望在此後不久執行。

But realistically, we wouldn't execute in 2022, but we will have a lot of clarity around the buyer.

但實際上，我們不會在 2022 年執行，但我們會對買家有很多明確的了解。

Our next question is from Nick Campanella from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Nick Campanella。

So I guess just in your prepared remarks, you kind of just talked about you issued some Holdco debt that had a little bit of a shorter tenure. And it sounds like the offshore proceeds will go towards potentially paying down that first, if I'm hearing you correctly. So that's about like, I think, $1.5 billion of debt.

所以我想在你準備好的評論中，你剛剛談到你發行了一些持有期較短的持有公司債務。如果我沒聽錯的話，聽起來離岸收益可能會首先支付。我認為這大約是 15 億美元的債務。

And how do you just think about use of proceeds in excess of that? You talk about replacing offshore earnings in the out-years? Is there kind of further debt paydown in the near term with capital deployment in the long term? Can you just kind of help us understand that more?

您如何看待超出此範圍的收益使用？你談論在未來幾年取代離岸收入？短期內是否有進一步的債務償還以及長期的資本部署？你能幫助我們更多地理解這一點嗎？

Sure, Nick. This is John. So, if you look at some of the upcoming maturities that we have at the holding company, we have pretty sizable maturities that will kick in, in early, mid and late '23 in the billions of dollars. So those will mature around the time that this transaction will happen. So, there's more debt that is on our doorstep.

當然，尼克。這是約翰。所以，如果你看看我們在控股公司即將到期的一些到期日，我們有相當大的到期日，將在 23 年早期、中期和晚期開始，價值數十億美元。因此，這些將在交易發生時成熟。所以，我們家門口就有更多的債務。

Okay. And then I guess just on the Inflation Reduction Act, just sounds great for the industry in general. Just how are you thinking about the potential impact of like an alternative minimum tax to your business?

好的。然後我猜只是關於《通貨膨脹減少法案》，這對整個行業來說聽起來都很棒。您如何看待替代性最低稅對您的業務的潛在影響？

Sure. I mean, the Bill has only been out 24 hours, literally. So, we're going through that. The team is looking at what that really means. It's a little unclear right now on the surface. But we'll look at that. Certainly, if it's a big check that we have to write from a minimum tax perspective, that has to weigh in. But we're still reviewing that.

當然。我的意思是，從字面上看，該法案僅在 24 小時內發布。所以，我們正在經歷那個。團隊正在研究這意味著什麼。現在表面上有點不清楚。但我們會看看那個。當然，如果我們必須從最低稅收的角度來寫一張大支票，那必須權衡。但我們仍在審查。

Got it. Yes. I appreciate it's really early.

知道了。是的。我很感激它真的很早。

And then one more if I could just squeeze it in. The NSTAR rate review. Just how do you feel about kind of ultimately being able to bring a settlement to the table? Is that something you're actively trying to work towards? Or -- and if you could, what's the timing there?

如果我能把它擠進去，然後再來一個。NSTAR 費率審查。你對最終能夠達成和解的感覺如何？這是你正在積極努力的方向嗎？或者——如果可以的話，那裡的時間是什麼？

Sure. I mean, we just completed the hearings. And you always need to have enough information on the docket in order to raise any settlement discussions. But I guess I'm not ruling it out. I feel that settlement is certainly an option. And I think if you look at our track record, we always gravitate to settlement versus a fully litigated proceeding. So I feel very good about that.

當然。我的意思是，我們剛剛完成了聽證會。而且您總是需要在案卷上獲得足夠的信息才能提出任何和解討論。但我想我不排除它。我覺得和解當然是一種選擇。而且我認為，如果您查看我們的記錄，我們總是傾向於解決而不是完全訴訟程序。所以我對此感覺很好。

Thanks, Nick. Next question is from Jeremy Tonet from JPMorgan.

謝謝，尼克。下一個問題來自摩根大通的 Jeremy Tonet。

This is actually Rich Sutherland on for Jeremy. Maybe starting off with the Massachusetts climate legislation. Can you speak to some of the distribution system upgrades that might come out of that legislation? Or any other enhancements you're looking at on the distribution side?

這實際上是傑里米的 Rich Sutherland。也許從馬薩諸塞州的氣候立法開始。您能否談談該立法可能帶來的一些配電系統升級？或者您在分銷方面正在考慮的任何其他增強功能？

Yes. Thanks, Rich. We've got, as you know, a significant capital plan around that. We have been working towards these investments, whether it's AMI or other upgrades in interconnection. So that legislation really dovetails nicely with what our existing plans are, so it's nothing but positive from our standpoint in terms of dollars. Again, that is also heading to the governor's desk. We're hoping that gets signed, and there's no changes before Sunday, Sunday is the deadline. So again, these are very new, and these are only days old.

是的。謝謝，里奇。如您所知，我們有一個重要的資本計劃。我們一直致力於這些投資，無論是 AMI 還是其他互連升級。因此，該立法確實與我們現有的計劃非常吻合，所以從我們的角度來看，這對美元來說是積極的。同樣，這也是前往州長的辦公桌。我們希望能夠簽署，週日之前沒有任何變化，週日是最後期限。再說一次，這些都是非常新的，而且只有幾天的歷史。

Understood. Appreciate the color there. And maybe a similar question, but on the transmission side. You're thinking about the coming offshore wind in the region. You spoke about the Park City upgrades. How do you think about the timing to scope out some more of these opportunities? Is this something that could evolve over the next year or 2? And particularly thinking about all the wind kind of coming down the runway here that you spoke to in the script.

明白了。欣賞那裡的顏色。也許是一個類似的問題，但在傳輸方面。您正在考慮該地區即將到來的海上風電。你談到了帕克城的升級。您如何看待尋找更多這些機會的時機？這會在未來一年或兩年內發展嗎？特別是考慮到你在劇本中談到的所有從跑道上吹來的風。

Yes. I will tell you, I've been pleasantly surprised. One of the reasons we've had this kind of point of inflection around our wind business is the fact that there's such significant need for interconnections on our -- in our service territory. And this is right in our regulated business, which is our sweet spot.

是的。我會告訴你，我很驚喜。我們的風能業務出現這種轉折點的原因之一是，在我們的服務領域內，我們非常需要互連。這在我們受監管的業務中是正確的，這是我們的最佳選擇。

So, I think every year or every six months, you're going to begin to see greater and greater clarity around folks that want to interconnect. We are in a, what I would say, the crown jewel of service territories. We are in the load centers here, whether it's in Connecticut, Massachusetts. This is where folks want -- this is where the load is and that's where folks want to interconnect.

所以，我認為每年或每六個月，你將開始看到越來越清晰的人們想要相互聯繫。正如我所說，我們處於服務領域的皇冠上。我們在這裡的負載中心，無論是在馬薩諸塞州的康涅狄格州。這就是人們想要的地方——這是負載所在的地方，也是人們想要互連的地方。

So, I think that every time that we get on this call and we are talking with you and meeting with you, I think we're going to have more and more clarity and more information around transmission opportunities that are taking place for renewable projects.

因此，我認為每次我們接到這個電話並與您交談並與您會面時，我認為我們將越來越清楚地了解有關可再生項目正在發生的傳輸機會的更多信息。

Next question is from Steve Fleishman from Wolfe.

下一個問題來自 Wolfe 的 Steve Fleishman。

First question is just, Joe, I think on the first quarter call, you said that you'd be able to ultimately get back to the earnings you were going to get from the offshore wind with the proceeds from this sale. Are you still confident that, that is the case?

第一個問題是，喬，我認為在第一季度的電話會議上，你說你最終能夠用這次出售的收益恢復你將從海上風電中獲得的收益。你仍然有信心，是這樣嗎？

Yes. We are very confident, Steve. Yes.

是的。我們非常有信心，史蒂夫。是的。

Okay. And then secondly, just the -- on the pension, John, I think you mentioned something of kind of a -- for 2023, not sure if you'd be plus or minus -- is that versus 2022 pension expense? Or is that pension expense or income overall?

好的。其次，就養老金而言，約翰，我想你提到了一些類似的東西——對於 2023 年，不確定你是加還是減——與 2022 年的養老金費用相比是多少？或者是養老金支出還是整體收入？

Steve, it would be a comparison to 2022. Obviously, our returns right now are lagging behind what we earned in 2021, which is a basis for '22 expense. But the significant change is the discount rate. So, if I were to size the funded status of that plan today, we would move from 100% to something north of closer to 120%. So even though returns might come down a bit than what we earned in 2021, the movement in the discount rate could far exceed that impact.

史蒂夫，這將是與 2022 年的比較。顯然，我們現在的回報落後於我們在 2021 年的收入，這是 22 年費用的基礎。但顯著的變化是貼現率。因此，如果我今天要確定該計劃的資金狀況，我們將從 100% 提高到接近 120% 的水平。因此，即使回報可能會比我們在 2021 年獲得的回報有所下降，但貼現率的變化可能遠遠超過這種影響。

Okay. And then one last question, just to be clear on the use of proceeds. So, when we look at the likely use of proceeds from the outcome of the offshore wind sale, how should we think about the likely use of debt pay down versus regulated investments versus something else?

好的。然後是最後一個問題，只是為了明確收益的用途。因此，當我們查看海上風電銷售結果的收益可能用途時，我們應該如何考慮債務償還與受監管投資與其他方式的可能用途？

Sure, sure. So immediately, when you get that cash, we're going to focus and pay off some short term. And as I mentioned in the earlier comment, we do have quite a bit of maturities that mature in 2023. So that's where we will deploy. But certainly, it gives us the capacity to redeploy into incremental regulated wind investments that are needed, as Joe has mentioned, for transmission interconnections and to address the load concerns that our infrastructure is faced with to accommodate electrification. So, we're going through that analysis now. And we'll update you kind of the normal course of business. As you know, we typically will update our forecast in February. So, the team is working on that analysis as we speak.

一定一定。因此，當您獲得現金時，我們將立即集中精力並在短期內還清。正如我在之前的評論中提到的，我們確實有相當多的成熟期在 2023 年成熟。所以這就是我們將部署的地方。但可以肯定的是，它使我們有能力重新部署到增量受監管的風電投資中，正如喬所提到的那樣，用於傳輸互連並解決我們的基礎設施面臨的負載問題以適應電氣化。所以，我們現在正在進行分析。我們會為您更新正常的業務流程。如您所知，我們通常會在 2 月份更新我們的預測。因此，正如我們所說，該團隊正在研究該分析。

Next question this morning is from Insoo Kim from Goldman.

今天早上的下一個問題來自高盛的 Insoo Kim。

First question on the ATM equity within amounts you issued so far. Any additional color on roughly how much more you're contemplating issuing in 2022? Or do you think like this might be kind of it until we get clarity on the offshore wind stuff?

第一個關於您迄今為止發行的金額內的 ATM 權益的問題。關於您打算在 2022 年發行的大約多少，還有什麼其他顏色嗎？或者你認為在我們弄清海上風電之前可能是這樣的嗎？

Right. So, it's not a race to the finish line. So, we will continue to be very opportunistic and take advantage of our stock price. And that's exactly what we did. I mean, we issued the 1.4 million at close to $92 a share. So it's difficult for me to answer that question without knowing where we'll be. But if we have an opportunity to go to market for the next five months, we'll do so.

正確的。所以，這不是終點線的比賽。因此，我們將繼續非常機會主義並利用我們的股價。這正是我們所做的。我的意思是，我們以接近每股 92 美元的價格發行了 140 萬美元。所以我很難在不知道我們會在哪裡的情況下回答這個問題。但是，如果我們有機會在接下來的五個月內進入市場，我們就會這樣做。

Okay. Got it. And then going back to the question on the M&A side. You've made it pretty clear that the focus is probably on water. Obviously, a lot of municipal acquisition opportunities, I think, exists, but would you also potentially be open to looking at publicly traded water companies as well, if they warrant?

好的。知道了。然後回到併購方面的問題。你已經很清楚地表明重點可能是水。顯然，我認為存在許多市政收購機會，但如果他們允許的話，您是否也可能對公開交易的水務公司持開放態度？

Yes, absolutely. If it was a strategic fit. We're not going to go across the country. It's going to have to make sense for us. It's going to have to be in the general area. So yes, we'd absolutely look at that, as they're far and few between, as you know, but certainly, water is very, very attractive to us.

是的，一點沒錯。如果這是一個戰略契合。我們不會去全國各地。這對我們來說必須有意義。它必須在一般區域。所以是的，我們絕對會考慮這一點，因為它們之間的距離很遠而且很少，正如你所知，但可以肯定的是，水對我們非常非常有吸引力。

All right. Next question is from Durgesh from Evercore.

好的。下一個問題來自 Evercore 的 Durgesh。

Just on the water M&A topic, Joe, just wanted to pick your brain on this. Like -- so one of your peer water utilities, I guess, announced an agreement here north of $1 billion, or close to $1 billion in Bucks County, Pennsylvania. I mean, you have an experience running the Connecticut water system for several years now. So, are you -- outside of the publicly traded water companies, could we see you get into the municipal market in neighboring states on the water front?

就水資源併購話題而言，喬，只是想在這方面動一動腦筋。就像——我猜你的同行之一的自來水公司在這裡宣布了一項價值 10 億美元的協議，或者在賓夕法尼亞州巴克斯縣接近 10 億美元。我的意思是，你已經有幾年運行康涅狄格供水系統的經驗了。那麼，除了上市的水務公司之外，您是否可以進入鄰近州的濱水區市政市場？

Absolutely. But they would be in neighboring states, just like you said. They would be states that we're doing business in. And we feel that, that really is going to be the next road traveled. I think you're seeing municipalities and some of these water systems that are facing some capital constraints, and I think they feel it's probably best to turn it over to a professional operator. And that's what I think you're saying.

絕對地。但就像你說的，他們會在鄰國。他們將是我們開展業務的州。我們認為，這真的將是下一條路。我認為您看到市政當局和其中一些供水系統面臨一些資金限制，我認為他們認為最好將其移交給專業運營商。這就是我認為你要說的。

That's what I think happened down there in the one you were talking about in Pennsylvania, that they thought it would be best to turn it over to a fantastic operator. I think that Essential is a fantastic operator. And I think the municipalities recognized that, and that's why they did it.

這就是你所說的賓夕法尼亞州發生的事情，他們認為最好把它交給一位出色的運營商。我認為 Essential 是一個出色的運營商。我認為市政當局認識到了這一點，這就是他們這樣做的原因。

But I think the same thing is happening in this region, that we're seeing opportunities where municipalities do approach us and are looking for our expertise in the space. So that will continue.

但我認為該地區正在發生同樣的事情，我們看到了市政當局確實接近我們並正在尋找我們在該領域的專業知識的機會。所以這將繼續。

Again, these are small opportunities. I mean, when you're doing transactions that are in the $80 million to $100 million range to pick up 9,000 to 10,000 customers or even a municipal treatment, they are there a lot of work. But again, they're also very attractive to us because we have the platform. We have an incredible management team at Aquarion that has the expertise needed to really turn things around. And I think that our record stands for itself.

同樣，這些都是小機會。我的意思是，當您進行 8,000 萬至 1 億美元範圍內的交易以吸引 9,000 至 10,000 名客戶甚至市政治療時，他們需要做很多工作。但同樣，它們對我們也很有吸引力，因為我們有這個平台。我們在 Aquarion 擁有一支令人難以置信的管理團隊，他們擁有真正扭轉局面所需的專業知識。我認為我們的記錄不言自明。

Got it. Appreciate that color. And then, John, I had a quick clarification. In your comments, you mentioned the $3 billion in investments in offshore. That's sort of the current plan. Is that what you were referring to on the offshore front? Or was that sort of the regulated CapEx hole you needed to fill to kind of sort of make you square on the offshore earnings. Can you just clarify that?

知道了。欣賞那個顏色。然後，約翰，我有一個快速的澄清。在您的評論中，您提到了 30 億美元的離岸投資。這就是目前的計劃。這就是你在海上前線所指的嗎？或者是你需要填補的那種受監管的資本支出漏洞，以使你在離岸收入上保持一致。你能澄清一下嗎？

Sure, sure. The $3 billion, it would be the incremental investments that we would need to replace the earnings that, once we divest of the offshore wind, would need to be replaced.

一定一定。這 30 億美元將是我們需要的增量投資，以取代一旦我們剝離海上風電，就需要被取代的收益。

So -- and that aligns with the guidance that we gave you back in February, where we said that we would expect our wind business to contribute between 6% to 8% based off of the regulated returns for the first full year of operations, and that is 2026 -- so if you do the math, that puts you at about $140 million, $130 million, $140 million. And the $3 [billion] (correctd by company after the call) is what it would take from a regulated standpoint to replace those earnings, using in a 50-50 cap structure.

所以 - 這與我們在 2 月份給您的指導一致，我們在該指導中表示，我們預計我們的風電業務將在第一年運營的受監管回報的基礎上貢獻 6% 至 8%，並且那是 2026 年——所以如果你算一下，你會得到大約 1.4 億美元、1.3 億美元、1.4 億美元。而 3 [00 億美元]（在電話會議後由公司更正）是從受監管的角度來取代這些收益所需要的，使用 50-50 的上限結構。

Got it. So, $3 billion in regulated investments would equal the earnings loss from offshore.

知道了。因此，30 億美元的受監管投資將等於來自海外的收益損失。

That's correct. And on today's call, and what we've been disseminating, is we're well on our way to reaching that. We're at between the AMI and the offshore interconnection into our system, that's about a $1.5 billion of that number. And then just given the opportunities that Joe has mentioned, and we're seeing happen to materialize just on the whole distribution system and transmission system to accommodate the load expansion to bring in further renewable resources to address decarbonization and electrification. We feel very confident that we can reach that level of investment.

這是正確的。在今天的電話會議上，以及我們一直在傳播的內容中，我們正朝著實現這一目標邁進。我們處於 AMI 和我們系統的離岸互連之間，這大約是這個數字的 15 億美元。然後只是考慮到喬提到的機會，我們看到恰好在整個配電系統和輸電系統上實現，以適應負載擴展，以引入更多可再生資源來解決脫碳和電氣化問題。我們非常有信心能夠達到這樣的投資水平。

Thank you, Durgesh. Next question is from Andrew Weisel from Scotia.

謝謝你，德奇什。下一個問題來自 Scotia 的 Andrew Weisel。

If I can first follow up on that last question. It sounds like you're expecting to get at least half, if not all of that $3 billion. You sound more confident. What would that mean for EPS growth? The EEI slides, you said you'd expect to be higher than 5% to 7% thanks to offshore. So, if you are able to backfill the wind earnings, does that mean you could grow earnings faster than 7%.

如果我可以先跟進最後一個問題。聽起來您希望獲得至少一半，如果不是全部，那 30 億美元。你聽起來更有信心。這對每股收益增長意味著什麼？ EEI 下滑，您說由於離岸，您預計會高於 5% 至 7%。因此，如果您能夠回填風電收益，這是否意味著您的收益增長速度可以超過 7%。

Well, we're not here today to update our guidance. We -- what we're saying is that the $3 billion investment would replace the earnings that we would lose from the wind. So, I think it's a little premature.

好吧，我們今天不是來更新我們的指導的。我們——我們所說的是，30 億美元的投資將取代我們從風中損失的收益。所以，我認為這有點為時過早。

Okay. Fair enough. Then from the customer perspective.

好的。很公平。然後從客戶的角度。

But the answer was certainly it would be additive to our core business growth from where we are today.

但答案肯定是，這將有助於我們今天的核心業務增長。

Okay. Got it. And from the customer perspective, the cost of offshore wind obviously won't go away if the owner changes. So how do you think about affordability impact if you're backfilling the capex with projects in the rate base in addition to those offshore projects still moving forward?

好的。知道了。而且從客戶的角度來看，如果所有者改變，海上風電的成本顯然不會消失。那麼，如果除了那些仍在推進的離岸項目之外，您還用費率基礎中的項目補充資本支出，您如何看待可負擔性影響？

No. I think if you look at some of the pricing out there right now for energy, you'll see that wind is very, very competitive and certainly is less costly than the options that are available right now in the marketplace. So, I don't think that cost is going to be a barrier around wind.

不。我認為如果你看看現在的一些能源定價，你會發現風能非常非常有競爭力，而且肯定比現在市場上可用的選項成本更低。所以，我認為成本不會成為風能的障礙。

And then, Andrew, what I would remind you of, the $500 million that we've discussed on the call today, as it relates to offshore wind interconnection, that's paid by the developer and not socialized.

然後，安德魯，我要提醒你的是，我們今天在電話會議上討論的 5 億美元，因為它與海上風電互聯有關，由開發商支付，而不是社會化。

Okay. That's a good reminder. Then one last kind of maybe funny question. In terms of the potential buyer, are there any requirements of preferences for the buyer to be a U.S.-domiciled company? Or could it just as easily be an international buyer?

好的。這是一個很好的提醒。然後是最後一種可能很有趣的問題。就潛在買家而言，作為美國註冊公司的買家是否有偏好要求？或者它可以很容易地成為國際買家嗎？

No, there is no restrictions on that. It could be international buyer or could be a local buyer or whatever.

不，對此沒有任何限制。它可以是國際買家，也可以是本地買家或其他什麼。

Our next question is from David Arcaro from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 David Arcaro。

I was wondering if you could give an update on how conversations have gone with credit rating agencies recently. Any chance that you've seen for a lower FFO to debt threshold after the sale? And what is your thinking right now just around maintaining your ability to hit the thresholds that you've got in place right now, given that you've got quite a bit of spending on the utility CapEx that you'll be adding to the plan.

我想知道您是否可以提供有關最近與信用評級機構的對話情況的最新信息。出售後您是否看到過降低 FFO 到債務門檻的機會？考慮到您已經在公用事業資本支出上投入了大量資金，您將在計劃中添加大量資金.

Sure, David. So, I'll tell you that, and I'm sure you're fully aware of this, that we have completed our annual review with all three agencies. And overall, a great, great outcome.

當然，大衛。所以，我會告訴你，而且我相信你完全了解這一點，我們已經完成了與所有三個機構的年度審查。總的來說，一個偉大的，偉大的結果。

As to how it relates to the Moody's, getting to 15%. So, we do have a plan. Obviously, the use of the proceeds that we would get from offshore wind, that would contribute very nicely and move the needle. The equity issuance that we've discussed in total, in addition to the ATM. We also have about $600 million of treasury shares. So, you're really looking at $1.8 billion that we're looking to execute.

至於它與穆迪的關係，達到 15%。所以，我們確實有一個計劃。顯然，使用我們從海上風電中獲得的收益，這將做出非常好的貢獻並起到推動作用。除了 ATM 之外，我們總共討論過的股票發行。我們還持有約 6 億美元的庫存股。所以，你真的在看我們希望執行的 18 億美元。

And then that metric has been negatively impacted, quite honestly, by the high level of deferred storm costs that we're carrying. And we have plans in Massachusetts to commence recovery, certainly, with this rate case. And as you know, in Connecticut, we do have a stay out that we can't change base rates, including recovery of storm costs any earlier than 1/1/24. So, we're hopeful that over the next coming year or two, those recovery -- that will be in place, that recovery.

然後，老實說，該指標受到了我們承擔的高水平的延期風暴成本的負面影響。我們計劃在馬薩諸塞州開始復蘇，當然，這個利率案例。如您所知，在康涅狄格州，我們確實不能改變基本費率，包括在 24 年 1 月 1 日之前恢復風暴成本。所以，我們希望在接下來的一兩年裡，那些復甦——那將會到位，那種複蘇。

And then as I discussed in my formal remarks, the status of our pension fund. And obviously, because we are expecting to be overfunded, quite honestly, that we have the ability to avoid any contributions for a couple of years out.

然後，正如我在正式發言中所討論的，我們養老基金的狀況。很明顯，因為我們預計資金過剩，老實說，我們有能力在幾年後避免任何捐款。

And then the timing of rate adjustments. We have one kicking in 2023, early '23 for our open case that we have for NSTAR Electric. So, we do have a path to get to enhance FFO to debt. So, I feel very confident that we'll be able to get there.

然後是利率調整的時機。我們在 2023 年，即 23 年初為我們為 NSTAR Electric 提供的開放式案例而踢了一場比賽。因此，我們確實有一條途徑可以提高 FFO 對債務的影響。所以，我對我們能夠到達那裡充滿信心。

Great. That's really helpful. It sounds like there are some clear cash flow improvements coming. Should the base line kind of target an assumption that you don't see the need for any more equity in the plan even to hit that $3 billion or to fund that $3 billion of incremental utility CapEx?

偉大的。這真的很有幫助。聽起來似乎有一些明顯的現金流改善即將到來。基準線是否應該假設您認為計劃中不需要更多股權，甚至達到 30 億美元或為 30 億美元的增量公用事業資本支出提供資金？

Well, I mean that will happen over time. But once again, I think we -- once we get the offshore wind deal wrapped up, we will reevaluate our equity needs and align that with the timing of our incremental investment -- our incremental capital needs, spending.

好吧，我的意思是隨著時間的推移會發生這種情況。但再一次，我認為我們——一旦我們完成海上風電交易，我們將重新評估我們的股權需求，並將其與我們增量投資的時機——我們的增量資本需求、支出保持一致。

Next question is from Paul Patterson from Glen Rock.

下一個問題來自 Glen Rock 的 Paul Patterson。

Just one question now, and that is with respect to the Massachusetts climate legislation, what's your expectation here for what the Governor might do sort of running out of time. So, I'm just sort of -- I was wondering if you guys are hearing anything or getting any sense as to what direction this might be going in.

現在只有一個問題，關於馬薩諸塞州的氣候立法，你對州長可能會做的事情的期望是什麼？所以，我只是有點——我想知道你們是否聽到了什麼或對這可能會走向什麼方向有所了解。

Yes. He's favorably disposed to sign this legislation. I don't anticipate anything standing in the way of that. He might have a couple of messages he sends back. But I think he realizes that it's out of time, and I don't think he wants to jeopardize what he considers to be part of his legacy. So, I think we're in good shape on that Bill.

是的。他很樂意簽署這項立法。我預計不會有任何阻礙。他可能會發回幾條消息。但我認為他意識到已經過時了，我認為他不想危害他認為是他遺產的一部分。所以，我認為我們在該法案上處於良好狀態。

Okay. So that's what I was wondering. When -- in the slide, it says potential seeking modifications. I'm just wondering with the session sort of ending, I guess that would be kind of difficult to do, I would assume. Is that the right way to think about it?

好的。所以這就是我想知道的。當——在幻燈片中，它說潛在的尋求修改。我只是想知道會議的結束，我想這很難做到，我想。這是正確的思考方式嗎？

Send back some messages. If they're not in formal session, it makes it difficult, obviously, to kind of override that. But that doesn't jeopardize the entire bill. These would be kind of individual or, say, pocket type of a change the one-offs that wouldn't impact the overall bill.

發回一些消息。如果他們不在正式會議上，顯然很難推翻這一點。但這不會危及整個法案。這些將是一種個人或口袋類型的一次性改變，不會影響整體賬單。

Okay, I see. So, in other words -- okay, that's helpful. So, in other words, he could make modifications that -- okay. I got what you're saying. I was thinking maybe a little bit -- so he wouldn't need the legislator to respond to those in order to have them become effective, if I understand that correctly.

好的，我明白了。所以，換句話說——好的，這很有幫助。所以，換句話說，他可以做出這樣的修改——好吧。我明白你在說什麼。我在想也許有點——所以如果我理解正確的話，他不需要立法者對這些做出回應以使它們生效。

That's correct. That's correct. It's not one of these total up or down that you actually can come in a surgical piece if he felt that strongly. I would tell you that, I think, you've got a governor here that is very mature and really understands and has the relationship with the legislature. So, he'll be very thoughtful, very deliberate about anything that he does around this Bill. And I think anything he sent back, he probably will have already had kind of passed through with the legislature to make sure that everybody is on the same page.

這是正確的。這是正確的。如果他有那麼強烈的感覺，你實際上可以穿上外科手術片，這不是這些總的上升或下降之一。我會告訴你，我認為，你這裡有一位非常成熟、真正了解並與立法機關有關係的州長。因此，他會非常周到、非常慎重地對待他圍繞該法案所做的任何事情。而且我認為他發回的任何東西，他可能已經與立法機構進行了某種協商，以確保每個人都在同一頁上。

Next question is from Julien from Bank of America.

下一個問題來自美國銀行的 Julien。

So just checking in, if I can just try to elaborate a little bit, and I know you guys are preliminary on this $3 billion number here, but a little bit more on the timing and the pieces here, right? When you talk about like the $1.5 billion tied to the offshore transmission, for instance, in part, what's the timing there?

所以請檢查一下，如果我可以嘗試詳細說明一下，我知道你們對這個 30 億美元的數字是初步的，但這裡的時間和部分要多一點，對嗎？例如，當您談到與海上輸電相關的 15 億美元時，部分時間是什麼時候？

I know we've been talking about sort of that would displace the '26 offshore. But is the idea that $1.5 billion would be fully deployed by that point in time?

我知道我們一直在談論那種會取代'26離岸的東西。但是，到那個時候，15 億美元會完全部署嗎？

And then similarly, my impression, but tell me what the specifics are, the other $1.5 billion there. How much of that is contemplated, for instance, AMI? And how much of that AMI would be done by '26, if you will?

然後類似地，我的印象，但告訴我具體是什麼，還有 15 億美元。其中有多少是預期的，例如 AMI？如果您願意，到 26 年將完成多少 AMI？

I'm just trying to understand, of the $3 billion how much capital at least under the line of sight that you have today, do you think that you can have in place by '26 versus at some point through the decade, if you will?

我只是想了解，在您今天擁有的至少 30 億美元的資金中，您是否認為您可以在 26 年之前擁有多少資金，而不是在十年中的某個時間點，如果您願意的話?

Julien, the guidance that we've given is that, by 2026, we would have -- if you look at the forecast that we disseminated, take that capital number and add $3 billion. So, we hope to have all of these investments in place by 2026.

朱利安，我們給出的指導是，到 2026 年，我們將擁有 - 如果你看看我們發布的預測，採用該資本數字並增加 30 億美元。因此，我們希望到 2026 年將所有這些投資到位。

So, to answer your question on AMI, as I said in my formal remarks, we expect a decision from both Connecticut and Massachusetts. And quite honestly, we're working on vendor agreements to be able to move forward with those investments. And that's about $1 billion in total and we're going to start on it immediately. So certainly, by 2026, those will be fully in place.

因此，正如我在正式講話中所說，要回答您關於 AMI 的問題，我們期待康涅狄格州和馬薩諸塞州做出決定。老實說，我們正在製定供應商協議，以便能夠推進這些投資。總共大約 10 億美元，我們將立即開始。因此，當然，到 2026 年，這些將完全到位。

And then on the $500 million of interconnections. That one, a good portion of it, if not all of it, could be in place by 2026. So, it's really the other opportunities to accommodate electrification and upgrades to our infrastructure.

然後是 5 億美元的互連。到 2026 年，如果不是全部，其中很大一部分可能會到位。因此，這確實是適應電氣化和升級我們的基礎設施的其他機會。

Got it. Excellent. So, it sounds like, at least on the parts that you've identified, you've got line of sight for '26. And the timeline for more fully introducing the balance here would be sort of coincident with the time line for announcing the sale?

知道了。出色的。所以，聽起來，至少在你已經確定的部分，你已經有了 26 年的視線。在這裡更全面地引入餘額的時間表會與宣佈出售的時間表一致嗎？

Or as part of our normal update in February.

或者作為我們二月份正常更新的一部分。

Next question is from Ryan Levine from Citi.

下一個問題來自花旗的 Ryan Levine。

Any color you could share at this stage in the offshore wind sale process on the coordinated marketing effort between Eversource and Ørsted? What drag-along or tag-along rights does Ørsted have in the process? And how does that impact the role they're playing in the preparation of sims, teasers, et cetera?

對於 Eversource 和 Ørsted 之間的協調營銷工作，您可以在海上風電銷售過程的這個階段分享任何顏色嗎？ Ørsted 在此過程中擁有哪些拖拽或跟踪權利？這對他們在準備模擬人生、預告片等方面所扮演的角色有何影響？

Ørsted is a phenomenal partner. I mean, they are very good friends, and they are arm-in-arm with us even to right down to the level of detail around anything that we distribute. They also join us on any calls with potential bidders.

Ørsted 是一個了不起的合作夥伴。我的意思是，他們是非常好的朋友，他們與我們手挽手，甚至一直到我們分發的任何東西的細節水平。他們還加入我們與潛在投標人的任何電話會議。

So, we don't really have any restrictions. They don't have any veto power. Obviously, they're our friend, they are a great partner, and we will continue to do business with them, whether it's on the interconnection front or helping them in any way. So, you should understand that this is a very amicable, very friendly and very coordinated effort as we look at this piece of our business.

所以，我們真的沒有任何限制。他們沒有任何否決權。顯然，他們是我們的朋友，他們是一個很好的合作夥伴，我們將繼續與他們開展業務，無論是在互連方面還是以任何方式幫助他們。因此，您應該明白，當我們審視我們的這塊業務時，這是一項非常友好、非常友好和非常協調的努力。

Okay. So, you said no veto rights, do they have any ability to offer a price afterwards after the formal auction has completed?

好的。那麼，你說沒有否決權，在正式拍賣結束後，他們有能力出價嗎？

No, they do not. And keep in mind that we love this wind business. We are going to continue to support this wind business, and we want them to be successful. So, we're going to make sure that whoever is the acquirer fits very nicely with Ørsted.

不，他們沒有。請記住，我們熱愛風電業務。我們將繼續支持這項風能業務，我們希望他們取得成功。因此，我們將確保收購方非常適合Ørsted。

Okay. And then somewhat related, is there a preset for evaluation that Eversource would require with this transaction for it to be contemplated? Maybe just leave it open at that.

好的。然後有點相關的是，Eversource 是否需要預置評估這個交易才能考慮到它？也許只是讓它保持開放。

I didn't get the first part of that.

我沒有得到第一部分。

Right. Ryan, could you...

正確的。瑞恩，你能...

Valuation that rate. Is there a minimum bid that you require?

估值那個率。您是否有最低出價要求？

No, we will go -- we're going to test the waters, right? So, it's a little premature. I mean, we know how much we have invested in the joint venture. And we feel, given the market conditions, that we should do -- it will be a lot more -- we're expecting a lot more of value given the current market situation.

不，我們會去——我們要去試水，對吧？所以，有點為時過早。我的意思是，我們知道我們在合資企業中投資了多少。而且我們認為，鑑於市場條件，我們應該做的——這將是更多——鑑於當前的市場情況，我們期待更多的價值。

And keep in mind that this is not -- we have a lot of line of sight on value because obviously, we saw what took place in the New York Bight, we've seen other transactions. So, it's not as if we don't have a rough idea where this is going to end up. We know we're going to end up. And the players we're talking about, I mean, these are major players that are very well aware of the value of our assets. So, we feel very, very good about that.

請記住，這不是——我們對價值有很多看法，因為很明顯，我們看到了紐約灣發生的事情，我們也看到了其他交易。所以，這並不是說我們不知道這將在哪裡結束。我們知道我們會結束。我們正在談論的參與者，我的意思是，這些是非常了解我們資產價值的主要參與者。所以，我們對此感覺非常非常好。

Thanks, Ryan. Appreciate it. Well, we don't have anybody else in the queue, so we want to thank you all for joining us. If you have any follow-ups, let us know today. We look forward to seeing you at the conferences in August and September. And have a wonderful summer, all.

謝謝，瑞恩。欣賞它。好吧，我們沒有其他人在排隊，所以我們要感謝大家加入我們。如果您有任何後續行動，請今天告訴我們。我們期待在 8 月和 9 月的會議上見到您。祝大家度過一個美好的夏天。

Thank you.

謝謝你。

Thank you, everyone.

謝謝大家。

That concludes the Eversource Energy Q2 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

Eversource Energy 2022 年第二季度收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。