康涅狄格電力 (ES) 2022 Q3 法說會逐字稿

Good morning, and welcome to today's Eversource Energy Third Quarter 2022 Earnings Conference Call. My name is Candice, and I will be your moderator for today's call. (Operator Instructions)

早上好，歡迎參加今天的 Eversource Energy 2022 年第三季度收益電話會議。我的名字是 Candice，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. Vice President of Investor Relations, to begin.

我現在想將會議轉交給我們的主持人 Jeff Kotkin。投資者關係副總裁，開始。

Thank you, Candy. Good morning, and thank you for joining us. 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.

謝謝你，糖果。早上好，感謝您加入我們。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，並受到風險和不確定性的影響，這可能導致實際結果與預測和預測存在重大差異。這些因素在昨天下午發布的新聞稿中有所闡述。

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 June 30, 2022. 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.

有關可能導致實際結果不同的各種因素的更多信息，請參見我們截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告和截至 2022 年 6 月 30 日止 3 個月的 10-Q 表格。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. Also joining us today is our new Director of Investor Relations, Bob Becker.

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。今天加入我們的還有我們的新投資者關係總監 Bob Becker。

Now I will turn to Slide 2, and turn over the call to Joe.

現在我將轉到幻燈片 2，並將電話轉給 Joe。

Thank you, Jeff, and thank you, everyone, for joining us on this call this morning. I will provide you updates on the energy supply challenges facing New England this winter and the strategic review of offshore wind investments.

謝謝你，傑夫，謝謝大家今天早上加入我們的電話會議。我將為您提供有關今年冬天新英格蘭面臨的能源供應挑戰以及海上風電投資戰略審查的最新信息。

Before turning over the call to John to review the quarter in various regulatory proceedings. But first, I will review our operating performance. We've had an excellent first 9 months of 2022 with our reliability indices remaining among the industry's best. Our safety ratings strong and our diversity and sustainability metrics looking quite favorable compared with our goals and our peers. Response time to natural gas service calls, a key safety and performance metric for our gas distribution business continues to be excellent.

在將電話轉給約翰以在各種監管程序中審查該季度之前。但首先，我將回顧我們的經營業績。我們在 2022 年的前 9 個月表現出色，我們的可靠性指數保持在業內最佳水平。與我們的目標和同行相比，我們的安全評級很高，我們的多樣性和可持續性指標看起來相當有利。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，仍然非常出色。

Our sustainability ratings at MSCI and Sustainalytics continue to be well within the top quartile among our peers, and we are in the final stages of reviewing how to best move forward with establishing aggressive goals for greenhouse gas reduction, including potentially setting a science-based target, something that only a handful of U.S. utilities are undertaking.

我們在 MSCI 和 Sustainalytics 的可持續發展評級在同行中繼續處於前四分之一，我們正處於審查如何最好地推進制定積極的溫室氣體減排目標的最後階段，包括可能設定一個基於科學的目標，只有少數美國公用事業公司正在開展這項工作。

While we continue to improve the service, we are delivering to our 4.4 million customers. We understand that our customers have a significant concern over this winter's energy costs. Not only are fossil fuel prices much higher than they were a year ago. Our region continues to be challenged by the combination of heavy reliance on natural gas generation and inadequate infrastructure to supply sufficient natural gas to that generation during cold winter months.

在我們繼續改進服務的同時，我們正在為我們的 440 萬客戶提供服務。我們了解到，我們的客戶對今年冬天的能源成本有很大的擔憂。化石燃料價格不僅比一年前高得多。我們地區繼續受到嚴重依賴天然氣發電和基礎設施不足的挑戰，無法在寒冷的冬季為該發電發電提供充足的天然氣。

This winter looks particularly challenging for New England, given the disruptions in the global energy markets caused by the war in Ukraine. New England's access to reported LNG will be even more limited than in the past years. ISO New England has indicated that while our supply should be adequate in a moderate a normal winter, they may be challenged during a prolonged period of bitterly cold weather.

鑑於烏克蘭戰爭對全球能源市場造成的破壞，這個冬天對新英格蘭來說尤其具有挑戰性。新英格蘭獲得報告的液化天然氣的機會將比過去幾年更加有限。 ISO 新英格蘭表示，雖然我們的供應在溫和的正常冬季應該是充足的，但在長時間的嚴寒天氣中可能會受到挑戰。

Last week, I wrote to President Biden, asking him to consider a number of measures to help New England through the winter. They included emergency audits under the Federal Power Act in the Natural Gas Policy Act in emergency authority under the Defense Production Act to ensure adequate energy supplies for New England. The letter also recommended considerations of a waiver under the Jones Act to ease the obstacles that effectively prevent the shipping of LNG between U.S. ports in New England. I also asked President Biden to direct the Secretary of Energy to convene all relevant parties, to develop a plan to ensure the region is ready to meet the challenges 1 or more extreme winter weather events would present, using both the authorities available to the market participants in the federal government's emergency authorities.

上週，我寫信給拜登總統，請他考慮一些措施來幫助新英格蘭度過冬天。它們包括根據《國防生產法》在《天然氣政策法》中的《聯邦電力法》進行的緊急審計，以確保為新英格蘭提供充足的能源供應。這封信還建議考慮根據《瓊斯法案》給予豁免，以緩解有效阻止液化天然氣在新英格蘭美國港口之間運輸的障礙。我還要求拜登總統指示能源部長召集所有相關各方，制定一項計劃，以確保該地區準備好迎接一個或多個極端冬季天氣事件可能帶來的挑戰，同時利用市場參與者可以使用的權力在聯邦政府的緊急機構中。

Many points in my letter were consistent with the [letter to] New England [6th] governance sent to Energy Secretary Grand Home in late July, the need for action now is compelling. Many of the solutions require advanced planning because they may require actions by regulators, finding new resources, chartering vessels and arranging for additional fuel deliveries. As a T&D utility with no generation other than 70 megawatts of solar, we are very limited in terms of how we influence the wintertime supply-demand equation.

我信中的許多觀點與 7 月下旬發給能源部長 Grand Home 的 [致新英格蘭 [6th] 治理的 [信] 一致，現在採取行動的必要性是令人信服的。許多解決方案需要提前規劃，因為它們可能需要監管機構採取行動、尋找新資源、租船和安排額外的燃料交付。作為一個 T&D 公用事業公司，除了 70 兆瓦的太陽能，我們在如何影響冬季供需方程方面非常有限。

In those areas, we can influence. We've done a tremendous amount. We have invested billions of dollars [hiding] our transmission and distribution systems to alleviate bottlenecks. Our nationally recognized energy efficiency programs have helped customers become more -- much more efficient with their energy consumption.

在這些領域，我們可以施加影響。我們已經做了很多。我們已投資數十億美元 [隱藏] 我們的輸配電系統以緩解瓶頸。我們國家認可的能源效率計劃幫助客戶在能源消耗方面變得更加高效。

We offer our customers innovative payment options, including year-round budget billing options. But this winter is nevertheless promises to be expensive for those electric customers who do not lock in multiyear contracts in the past years. In New Hampshire, our standard offer, our default service rate rose in August from $0.11 to $0.22 per kilowatt hour. Similar levels are likely in Massachusetts and Connecticut beginning in January.

我們為客戶提供創新的付款方式，包括全年預算計費方式。但是，對於那些在過去幾年沒有簽訂多年合同的電力客戶來說，這個冬天仍然是昂貴的。在我們的標準報價新罕布什爾州，我們的默認服務費率在 8 月份從每千瓦時 0.11 美元上升到 0.22 美元。從 1 月份開始，馬薩諸塞州和康涅狄格州可能會出現類似的水平。

For our natural gas customers, residential heating costs in total bills will be up just over 20% on average compared with last winter, somewhat less than that in Connecticut. Well, any increases in these times is difficult for our customers, we are looking at much more significant increases a month or 2 ago before the recent pullback in natural gas prices.

對於我們的天然氣客戶，住宅供暖總費用將比去年冬天平均上漲 20% 以上，略低於康涅狄格州。好吧，對於我們的客戶來說，這些時期的任何上漲都很難，在最近天然氣價格回落之前的一個月或 2 個月前，我們正在尋找更顯著的漲幅。

Turning to Slide 3. I will provide you with an update on our offshore wind partnership with Orsted. As you know, construction of our first project, South Fork, commenced early this year. Installation of the onshore conduit system including cable vaults in town roads and along the Long Island railroad right-of-way is nearly complete and ahead of schedule. Construction of our new onshore substation is on schedule, progressing well. It should be complete in the second quarter of 2023.

轉到幻燈片 3。我將向您介紹我們與 Orsted 的海上風電合作夥伴關係的最新情況。如您所知，我們的第一個項目 South Fork 於今年年初開工建設。陸上管道系統的安裝，包括城鎮道路和長島鐵路沿線的電纜拱頂，已接近完成並提前完成。我們新陸上變電站的建設正按計劃進行，進展順利。它應該在 2023 年第二季度完成。

In water construction, we'll begin this month using horizontal directional drilling to install a conduit 80 feet below the beach that will extend offshore. The transmission cable will be installed through that conduit next year to move energy from 12 offshore wind turbines to a new substation and into the Long Island Power Grid. Installation of the largest components including the foundations, turbines and offshore substations will begin next summer off the coast of Massachusetts.

在水上建設方面，我們將在本月開始使用水平定向鑽孔在海灘下方 80 英尺處安裝一條管道，該管道將延伸至海上。傳輸電纜將於明年通過該管道安裝，將能量從 12 個海上風力渦輪機輸送到一個新的變電站並進入長島電網。包括基礎、渦輪機和海上變電站在內的最大部件的安裝將於明年夏天在馬薩諸塞州海岸附近開始。

We also continue to progress well on our larger offshore wind projects. The Bureau of Ocean Energy Management issued a draft environmental impact statement for the 704-megawatt Revolution Wind project in September. We expect the final EIS in the second quarter of 2023, and to have all permits in hand in the second half of 2023. We continue to target a 2025 in-service date.

我們還在大型海上風電項目上繼續取得良好進展。海洋能源管理局於 9 月發布了 704 兆瓦革命風電項目的環境影響報告草案。我們預計最終的 EIS 將於 2023 年第二季度發布，並在 2023 年下半年獲得所有許可證。我們繼續將目標定為 2025 年投入使用的日期。

On Sunrise, our largest offshore project, we filed a joint settlement in September with the New York Public Service Commission. The settlement includes proposed mitigation for certain environmental, community and construction impacts associated with constructing the project. The joint proposal was signed by the New York Department of Public Service environmental conservation, transportation and state as well as the offers of agriculture end markets in the Long Island Commercial Fisheries Association.

在我們最大的離岸項目 Sunrise 上，我們於 9 月向紐約公共服務委員會提交了一項聯合和解協議。解決方案包括對與建設項目相關的某些環境、社區和建設影響的擬議緩解措施。該聯合提案由紐約公共服務部環境保護、交通和州以及長島商業漁業協會的農業終端市場報價簽署。

We also continue to target a 2025 in-service date for Sunrise Wind. We are also making significant progress on our strategic review. That review covers 3 projects I just mentioned which will generate approximately 1,760 megawatts once in service as well as up to 175,000 acres of offshore wind lease areas, where we and Orsted have rights to build additional offshore wind facilities.

我們還繼續將 Sunrise Wind 的服役日期定為 2025 年。我們的戰略審查也取得了重大進展。該審查涵蓋了我剛剛提到的 3 個項目，一旦投入使用，它們將產生大約 1,760 兆瓦的發電量，以及多達 175,000 英畝的海上風電租賃區，我們和 Orsted 有權在其中建造更多的海上風電設施。

We're now engaged with a number of potential buyers for our 50% ownership interest in our offshore wind joint venture. Orsted is actively supporting the process. It is very possible that we contract with 1 buyer for the 3 projects and another for the open acreage. We do not expect to have any incremental news on our strategic review before the EEI conference, but we may by year-end.

我們現在正在與一些潛在買家接洽，以獲得我們在海上風電合資企業中 50% 的所有權權益。 Orsted 正在積極支持這一進程。我們很有可能與 1 個買家簽訂 3 個項目的合同，而另一個買家則為空地簽訂合同。我們預計在 EEI 會議之前不會有任何關於我們的戰略審查的增量消息，但我們可能會在年底前發布。

We remain very big fans of offshore wind and expect it to become a critical energy resource for the Northeast, particularly in the winter when wind speeds are higher and more consistent. You can see on Slide 4, how much has been awarded to date in New England and New York, and how much still needs to be secured. Contingent on the outcome of our review, I expect that our principal role in the future will be that of a regulated transmission provider integrating this valuable resource into our region's grid rather than a turbine owner.

我們仍然是海上風電的忠實擁護者，並希望它成為東北地區的重要能源，尤其是在風速更高、更穩定的冬季。您可以在幻燈片 4 上看到，迄今為止在新英格蘭和紐約已經獲得了多少獎勵，還有多少需要保障。根據我們審查的結果，我預計我們未來的主要角色將是一家受監管的輸電供應商，將這種寶貴的資源整合到我們地區的電網中，而不是渦輪機所有者。

Thanks again for your time. I will now turn the call over 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 earnings results for the third quarter of 2022, discuss recent regulatory developments and review our finance and activity. I will start with Slide 5. Our GAAP earnings were $1 per share in the third quarter of 2022 compared with earnings of $0.82 in the third quarter of 2021.

謝謝你，喬，大家早上好。今天上午，我將回顧我們 2022 年第三季度的收益結果，討論最近的監管發展並回顧我們的財務和活動。我將從幻燈片 5 開始。我們的 GAAP 收益在 2022 年第三季度為每股 1 美元，而 2021 年第三季度的收益為 0.82 美元。

Third quarter results in 2021 included a charge of $0.19 per share to reflect last year's settlement agreement that resolved a number of regulatory issues at Connecticut Light and Power. Both years included the impact of $0.01 per share of charges related to transaction and transition costs associated with the former Columbia Gas asset acquisition. Excluding these charges, we earned $1.01 per share in the third quarter of 2022 compared with earnings of $1.02 per share in the third quarter of 2021.

2021 年第三季度業績包括每股 0.19 美元的費用，以反映去年的和解協議，該協議解決了 Connecticut Light and Power 的一些監管問題。這兩年都包括與前哥倫比亞天然氣資產收購相關的交易和過渡成本相關的每股 0.01 美元費用的影響。不計這些費用，我們在 2022 年第三季度的每股收益為 1.01 美元，而 2021 年第三季度的每股收益為 1.02 美元。

For the first 9 months of 2022, we earned $3.13 per share on a GAAP basis compared with earnings of $2.65 per share in the first 9 months of 2021. Excluding charges related to transaction and transition and the CL&P settlement charges that we recorded last year. We earned $3.17 per share in the first 9 months of 2022 compared with earnings of $2.95 per share in the first 9 months of 2021.

在 2022 年前 9 個月，按公認會計原則計算，我們每股盈利 3.13 美元，而 2021 年前 9 個月的每股盈利為 2.65 美元。不包括我們去年記錄的與交易和過渡相關的費用以及 CL&P 結算費用。 2022 年前 9 個月，我們每股盈利 3.17 美元，而 2021 年前 9 個月每股盈利 2.95 美元。

Looking at additional details on the third quarter earnings by segment, starting with our electric transmission segment, which earned $0.44 per share in the third quarter of 2022 compared with earnings of $0.40 per share in the third quarter of 2021. Improved results were driven by a large level of higher investments in our transmission facilities.

查看按部門劃分的第三季度收益的更多詳細信息，從我們的電力傳輸部門開始，該部門在 2022 年第三季度的每股收益為 0.44 美元，而 2021 年第三季度的每股收益為 0.40 美元。業績的改善是由對我們的輸電設施進行大量更高的投資。

Moving on to our electric distribution segment, which earned $0.65 per share in the third quarter of 2022 compared with earnings of $0.62 per share in the third quarter of 2021. Again, excluding the settlement charges I previously talked about. The improved earnings were driven largely by higher revenues and lower pension costs, partially offset by higher O&M, property taxes and depreciation expense.

繼續我們的配電部門，該部門在 2022 年第三季度每股收益 0.65 美元，而 2021 年第三季度每股收益為 0.62 美元。同樣，不包括我之前談到的結算費用。收益的提高主要是由於收入增加和養老金成本降低，但部分被更高的運維、財產稅和折舊費用所抵消。

Our natural gas distribution segment lost $0.07 per share in the third quarter of 2022 compared with a loss of $0.06 per share in the third quarter of 2021. The increased losses were due to a higher nontrack O&M, property taxes, depreciation and interest costs, which was partly offset by higher revenues and lower pension costs, primarily at Yankee Gas.

我們的天然氣分銷部門在 2022 年第三季度每股虧損 0.07 美元，而 2021 年第三季度每股虧損 0.06 美元。虧損增加是由於較高的非軌道運維、財產稅、折舊和利息成本，其中部分被較高的收入和較低的養老金成本所抵消，主要是在洋基天然氣公司。

Our water segment earned $0.05 per share in the third quarter of 2022, the same as the third quarter of 2021. Eversource parent and other companies lost $0.06 per share in the third quarter of 2022 compared with earnings of $0.01 per share in the third quarter of 2021, excluding the transaction and transition costs that I mentioned earlier. The decline was due largely to 2 factors: higher interest expense, primarily related to new parent company issuances, which lowered the results by $0.04 per share; higher income tax expense of about $0.03 per share, which was specific to the third quarter results as this is when we finalize our annual corporate income tax returns.

我們的水務部門在 2022 年第三季度每股盈利 0.05 美元，與 2021 年第三季度相同。Eversource 母公司和其他公司在 2022 年第三季度每股虧損 0.06 美元，而 2022 年第三季度每股盈利 0.01 美元2021年，不包括我之前提到的交易和過渡成本。下降主要是由於兩個因素：較高的利息費用，主要與新的母公司發行有關，這使每股結果降低了 0.04 美元；更高的所得稅費用約為每股 0.03 美元，這是針對第三季度業績的，因為這是我們最終確定年度企業所得稅申報表的時候。

Despite the headwind from higher interest costs, we continue to project our full year 2022 earnings of between $4.04 and $4.14 per share, excluding transaction and transition costs that I spoke about earlier.

儘管利息成本上升帶來不利影響，但我們繼續預計 2022 年全年每股收益在 4.04 美元至 4.14 美元之間，不包括我之前談到的交易和過渡成本。

Turning to the longer term. As you saw in our news release, and as you can see on Slide 6, we are reaffirming our long-term EPS growth rate in the upper half of 5% to 7% range through 2026. We also reaffirm our $18 billion 5-year regulated capital program that we discussed during our February earnings call, including our $3.9 billion regulated capital investment projection for this year. We will provide you with an updated 5-year forecast when we report our year-end results in February.

轉向更長期。正如您在我們的新聞稿中看到的那樣，正如您在幻燈片 6 中看到的那樣，我們重申到 2026 年上半部分的長期每股收益增長率在 5% 至 7% 範圍內。我們還重申了 180 億美元的 5 年我們在 2 月份的財報電話會議上討論了監管資本計劃，包括我們今年 39 億美元的監管資本投資預測。當我們在 2 月份報告年終業績時，我們將向您提供最新的 5 年預測。

As we mentioned during prior earnings calls, there continues to be an even increasing need for Eversource to make capital investments in our transmission and distribution systems that will enable our region to achieve its aggressive clean energy targets more rapidly. As a result of this strong public policy imperative and our ongoing focus on improving our systems to address agent infrastructure, we estimate that at least $3 billion of additional investments above our current $18 billion capital forecast will be required through 2026.

正如我們在之前的財報電話會議中提到的那樣，Eversource 對我們的輸配電系統進行資本投資的需求繼續增加，這將使我們地區能夠更快地實現其積極的清潔能源目標。由於這一強有力的公共政策必要性以及我們持續關注改進我們的系統以解決代理基礎設施問題，我們估計到 2026 年將需要比我們目前的 180 億美元資本預測至少增加 30 億美元的額外投資。

In July, we discussed the need to invest up to $500 million in our transmission system on Cape Cod to enable approximately 2,000 megawatts of offshore wind generation to be connected into the New England grid. We also noted that ongoing regulatory reviews of our advanced meter infrastructure proposals. At this time, regulators in both Connecticut and in Massachusetts are actively working through dockets, which decisions are expected later this year in Massachusetts and either at year-end or early next year in Connecticut.

7 月，我們討論了需要在科德角的輸電系統上投資高達 5 億美元，以使大約 2,000 兆瓦的海上風力發電能夠連接到新英格蘭電網。我們還注意到正在對我們的先進儀表基礎設施提案進行監管審查。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卷，預計馬薩諸塞州將於今年晚些時候做出決定，康涅狄格州將在年底或明年初做出決定。

Moving to Slide 7. We want to highlight some new infrastructure needs to enable clean energy distribution resources to connect to our grid. Our proposals are currently before the Massachusetts Department of Public Utilities. Massachusetts has very ambitious carbon reduction goals, an 85% reduction by 2050, and 2 cornerstones of efforts to achieve those reductions are embedding -- enabling offshore wind and solar generation. Joe discussed the offshore wind earlier, now on the solar front, a growing number of solar distributed energy resources are awaiting connection to the grid.

轉到幻燈片 7。我們想強調一些新的基礎設施需求，以使清潔能源分配資源能夠連接到我們的電網。我們的提案目前已提交馬薩諸塞州公用事業部。馬薩諸塞州有非常雄心勃勃的碳減排目標，到 2050 年減排 85%，實現這些減排的兩個基石正在嵌入——實現海上風能和太陽能發電。喬早些時候討論了海上風能，現在在太陽能方面，越來越多的太陽能分佈式能源正在等待連接到電網。

In certain areas of our state, particularly in Southeastern Massachusetts, we are at a standstill in connecting new solar resources because there is a very little available grid capacity. Under the current existing model, the developer whose project is the last draw triggering the need for a significant upgrade to infrastructure pays the full cost of resolving this capacity issue of bottleneck.

在我們州的某些地區，特別是在馬薩諸塞州東南部，我們在連接新的太陽能資源方面處於停滯狀態，因為可用的電網容量非常小。在現有的模式下，項目是最後一次抽籤的開發商需要對基礎設施進行重大升級，需要支付解決這一產能瓶頸問題的全部成本。

When large T&D equipment limits are reached, the cost to resolve such bottleneck could become cost prohibitive for these developers. So the project will [not] likely move forward nor will other projects behind it, and thereby stall in the interconnection queue. That has created a backlog of construction of about 350 megawatts of distributed solar generation in the state, a figure that is growing.

當達到大型 T&D 設備限制時，解決此類瓶頸的成本可能會讓這些開發商成本過高。因此，該項目 [不會] 可能會向前推進，其他項目也不會在它後面推進，從而在互連隊列中停滯不前。這導致該州積壓了約 350 兆瓦的分佈式太陽能發電項目，而且這個數字還在增長。

The map on Slide 7 shows the 6 areas of Massachusetts with the greatest bottleneck. We have proposed a resolution whereby we would build out the system in advance, and recover some of the costs from solar developers as they tie their projects into the grid. Slide 9 shows the upgrades would be a combination of transmission and distribution infrastructure needs. Together, they would total about $900 million under our proposal. Developers would pick up about 1/3 of those costs over time and the associated rate base would be adjusted accordingly.

幻燈片 7 上的地圖顯示了馬薩諸塞州瓶頸最大的 6 個地區。我們提出了一項解決方案，我們將提前建立系統，並在太陽能開發商將項目並網時收回部分成本。幻燈片 9 顯示升級將是輸配電基礎設施需求的結合。根據我們的提議，它們合計將達到約 9 億美元。隨著時間的推移，開發商將承擔這些成本的大約 1/3，並且相關的費率基礎將相應調整。

A DPU decision on the first of the 6 projects is expected later this year, with decisions on the remaining 5 projects to follow in 2023. We view our proposal as an innovative solution to a vaccine issue that has slowed the build-out of third-party solar expansion in Massachusetts.

DPU 預計將在今年晚些時候對 6 個項目中的第一個項目做出決定，其餘 5 個項目將在 2023 年做出決定。我們認為我們的提案是對疫苗問題的創新解決方案，該問題減緩了第三個項目的建設速度。馬薩諸塞州的派對太陽能擴張。

On the regulatory side, we are nearing the end of 1 general rate review with hearings on another one about to commence. A summary of these 2 cases can be found on Slide 10. Briefing in the NSTAR Electric rate review concluded late September, and a decision is expected on December 1, with new rates going into effect January 1, 2023. We feel very good about the strength of our case as well as our proposals to enable the Commonwealth's clean energy goals.

在監管方面，我們即將結束 1 次一般利率審查，另一次聽證會即將開始。這兩個案例的摘要可在幻燈片 10 中找到。NSTAR Electric 費率審查簡報於 9 月底結束，預計將於 12 月 1 日做出決定，新費率將於 2023 年 1 月 1 日生效。我們對我們的案例的實力以及我們實現英聯邦清潔能源目標的建議。

Moving to our new rate review. On August 29, Aquarion Water connected -- of Connecticut filed its first rate review application in about 10 years. Key elements of the 3-year plan are shown on this slide. Aquarion Connecticut's case is a result of significant infrastructure, investments made over the past several years to enhance the water service reliability for its customers. Evidentiary hearings will start in about 3 weeks, and a final decision we expect in mid-March.

轉到我們的新費率審查。 8 月 29 日，康涅狄格州的 Aquarion Water connected - 提交了大約 10 年來的第一次費率審查申請。這張幻燈片顯示了 3 年計劃的關鍵要素。 Aquarion Connecticut 的案例是過去幾年為提高客戶供水服務可靠性而進行的重大基礎設施投資的結果。證據聽證會將在大約 3 週後開始，我們預計在 3 月中旬做出最終決定。

Turning to recent financings. We completed our fourth green bond issuance at NSTAR Electric in September, selling $400 million of 30-year notes at 4.95%. That issuance helped pay off a similar size issuance that matured in mid-October. With that issuance now behind us, we have completed our long-term debt issuance program for the year.

轉向最近的融資。 9 月，我們在 NSTAR Electric 完成了第四次綠色債券發行，以 4.95% 的價格出售了 4 億美元的 30 年期票據。此次發行幫助償還了 10 月中旬到期的類似規模的發行。現在發行已經過去，我們已經完成了今年的長期債務發行計劃。

In terms of equity issuances, as you can see on Slide 11, we have now issued about 2.2 million shares through our at-the-market program at a weighted average price of $92.31. Through October, we also have issued approximately 810,000 shares of treasury stock this year to fund our dividend reinvestment and employee equity plans. The impact of those issuances reduced EPS by approximately $0.01 per share in the quarter.

在股票發行方面，正如您在幻燈片 11 中看到的那樣，我們現在通過我們的市場計劃以 92.31 美元的加權平均價格發行了約 220 萬股股票。截至 10 月，我們今年還發行了大約 810,000 股庫存股票，為我們的股息再投資和員工股權計劃提供資金。這些發行的影響使本季度每股收益減少了約 0.01 美元。

Finally, in terms of credit metrics, as you will see shortly, when we file our 10-Q, our cash flows from operations totaled $1.7 billion in the first 9 months of 2022 compared with $1.5 billion in the first 9 months of 2021. The improvement was primarily -- this improvement was primarily driven by higher net income, higher depreciation and amortization and lower pension plan contributions since our plan is essentially fully funded as of the end of 2021.

最後，就信用指標而言，正如您稍後將看到的那樣，當我們提交 10-Q 時，我們的運營現金流在 2022 年前 9 個月總計 17 億美元，而 2021 年前 9 個月為 15 億美元。改善主要是——這種改善主要是由更高的淨收入、更高的折舊和攤銷以及更低的養老金計劃繳款推動的，因為截至 2021 年底，我們的計劃基本上已獲得全部資金。

Thank you very much for joining us this morning, and we look forward to seeing many of those on the call at our Annual EEI Finance Conference in Florida later this month. I will now turn the call back over to Jeff for Q&A.

非常感謝您今天早上加入我們，我們期待在本月晚些時候在佛羅里達州舉行的年度 EEI 財務會議上見到許多參加電話會議的人。我現在將把電話轉回給 Jeff 進行問答。

Thank you, John, and I'm going to return the call to Candice to remind you how to enter your questions. Candice?

謝謝你，John，我會回電給 Candice，提醒你如何輸入你的問題。坎迪絲？

(Operator Instructions)

（操作員說明）

First question this morning is from Shar from Guggenheim.

今天早上的第一個問題來自古根海姆的沙爾。

So Joe, just on the offshore wind sale process, you indicated -- I think on prior calls, you were working on sort of the tax leakage offsets. Anything you have -- anything you've been able to identify there so far? And are we still thinking 100% sale, the leases in the projects, irrespective of what stages they're in, in their construction cycle, so no build own transfer scenarios?

所以喬，就在海上風電銷售過程中，你表示——我認為在之前的電話會議上，你正在研究某種稅收流失抵消。您擁有的任何東西——到目前為止您能夠識別的任何東西？我們是否還在考慮 100% 出售，項目中的租賃，無論他們處於什麼階段，在他們的建設週期中，所以沒有建立自己的轉移方案？

Yes. So we're definitely looking at a complete exit of the projects. In terms of the tax, I'm going to turn that over to John Moreira, he's better equipped to answer that question.

是的。所以我們肯定會考慮徹底退出這些項目。在稅收方面，我將把它交給約翰莫雷拉，他更有能力回答這個問題。

Shar, so as I continue to communicate, we're looking at every alternative to minimize any tax leakage. I think at this point, we're still going through those assessments working with our advisors. I think it's a little premature. But we do have a plan to mitigate as much of that tax leakage as possible.

Shar，所以當我繼續溝通時，我們正在尋找各種替代方案，以盡量減少任何稅收洩漏。我認為在這一點上，我們仍在與我們的顧問一起進行這些評估。我認為這有點為時過早。但我們確實有一個計劃，以盡可能減少稅收流失。

Okay. Perfect. And then, Joe, you previously indicated that you need to find roughly $3 billion of spend to offset the loss of the wind earnings. If I recall, correctly, you had about $1.5 billion that's been identified. So we're simply stepping up here to having a line of sight on roughly $2.4 billion out of the $3 billion with the DER spending you just released, or is there some overlap? And I guess where could we see the remaining opportunities, especially as we're thinking about this in the context of your overall growth guide as we look ahead to the sale and the next roll forward?

好的。完美的。然後，喬，您之前曾表示您需要找到大約 30 億美元的支出來抵消風電收入的損失。如果我沒記錯的話，你已經確定了大約 15 億美元。因此，我們只是在這裡加緊對您剛剛發布的 DER 支出的 30 億美元中的大約 24 億美元的視線，還是有一些重疊？而且我想我們在哪裡可以看到剩餘的機會，特別是當我們在您的整體增長指南的背景下考慮這一點時，我們期待銷售和下一次滾動？

Yes. Well, good news is that number, we've got up to about $2.5 billion. John is going to fill in some of the details on how are we going to fill that in. So John, will you tell him?

是的。好消息是這個數字，我們已經獲得了大約 25 億美元。約翰將填寫一些關於我們將如何填寫的細節。那麼約翰，你會告訴他嗎？

Sure. Shar, once again, we've mentioned about -- we've quantified and put on the table $1.5 billion of that $3 billion number that we have shared with you. So let me run -- take you through that. So $1 billion is AMI. And in my formal remarks, you heard me say that we do expect a decision now in Massachusetts by the end of this year, and Connecticut probably late this year or early 2023. So that's about $1 billion, $1.1 billion, okay?

當然。夏爾，我們再一次提到——我們已經量化了我們與你分享的 30 億美元中的 15 億美元。所以讓我跑——帶你去看看。所以 AMI 是 10 億美元。在我的正式講話中，你聽到我說我們確實希望在今年年底之前在馬薩諸塞州做出決定，康涅狄格州可能會在今年年底或 2023 年初做出決定。所以這大約是 10 億美元，11 億美元，好嗎？

And then we also quantify it for you all, about $0.5 billion of transmission interconnection, of which we already have approval for $200 million of that. And today, we announced close to $900 million that we are very excited about to address this burning issue in Massachusetts to enable solar generation to connect into our grid. Those investment opportunities will enable up to 1 gigawatt of generation to connect into our infrastructure, both transmission and distribution.

然後我們還為大家量化它，大約 5 億美元的傳輸互連，其中我們已經批准了其中的 2 億美元。今天，我們宣布投入近 9 億美元，我們非常高興能夠解決馬薩諸塞州的這一緊迫問題，以使太陽能發電能夠連接到我們的電網。這些投資機會將使多達 1 吉瓦的發電量連接到我們的基礎設施，包括輸電和配電。

So right now, we have about 6 cluster projects that we have before the DPU. That amounts to that $900 million. And as I said in my home remarks primarily in Southeastern Massachusetts, where we are stretched from a capacity standpoint. So that is -- from a regulatory standpoint, that's well on its way. And we do have some -- we've been working, we think it's a very creative proposal that we put in front of the regulators to facilitate this need. So we're very excited about that. So that we see materializing between -- over the next 4 to 5 years, and we expect that, that full infrastructure will be in place by 2026 to allow for at least 350 megawatts of that 1 gigawatt that I mentioned.

所以現在，我們在 DPU 之前有大約 6 個集群項目。這相當於9億美元。正如我在主要在馬薩諸塞州東南部的家庭發言中所說的那樣，從容量的角度來看，我們在那兒捉襟見肘。這就是——從監管的角度來看，這一切都在進行中。我們確實有一些——我們一直在努力，我們認為這是一個非常有創意的提案，我們將其提交給監管機構以促進這一需求。所以我們對此感到非常興奮。因此，我們看到在未來 4 到 5 年之間實現，我們預計，到 2026 年，完整的基礎設施將到位，以允許我提到的 1 吉瓦中至少 350 兆瓦。

Got it. Terrific. So I guess the key message is you're chopping wood on that $3 billion that you're looking to backfill. So that's good.

知道了。了不起。所以我想關鍵信息是你正在砍伐你想要回填的 30 億美元。所以這很好。

Absolutely. I feel very -- I feel highly confident that once we update our 5-year capital plan that we'll share with you in February that we will get to that number.

絕對地。我感到非常 - 我非常有信心，一旦我們更新了我們將在 2 月與您分享的 5 年資本計劃，我們將達到這個數字。

Next question is from David Arcaro from Morgan Stanley.

下一個問題來自摩根士丹利的 David Arcaro。

Maybe following up on a couple of the topics that Shar raised. On the offshore wind strategic review process, could you just give an update on what interests you're seeing, whether anything has changed with the rising rate backdrop and overall kind of number and type of potential interested parties there?

也許會跟進 Shar 提出的幾個主題。在海上風電戰略審查過程中，您能否就您所看到的興趣提供最新信息，隨著利率上升的背景以及潛在利益相關方的總體數量和類型是否發生了任何變化？

Yes. So we've had -- the process is going on very well. We have several highly interested parties, and the interest rate has not caused any concern for them, and we're very, very optimistic and continue to be optimistic on the process.

是的。所以我們已經 - 這個過程進行得很好。我們有幾個高度感興趣的各方，利率並沒有引起他們的任何擔憂，我們非常非常樂觀，並繼續對這個過程持樂觀態度。

Okay. Got it. And then on the level of cost that have been locked in, it looked like the percentage hasn't changed since the last quarter. What are you seeing in terms of the inflation in offshore wind kind of construction costs lately and your current thinking around willingness to lock in additional costs with the strategic review going on?

好的。知道了。然後在已鎖定的成本水平上，看起來該百分比自上個季度以來沒有變化。您最近對海上風電類建設成本的通脹有何看法，以及您目前對在戰略審查進行中鎖定額外成本的意願的看法？

We are in the 80% range -- low 80s, the contracts that we're talking about are not ones that I'm particularly worried about around costs or those types of things. And we do have competition in that space. So we're going to be strategic in any type of contracting that we do. But I feel very good about -- I have eyes on the remaining, say, 15% to 18%, and I'm not concerned about it.

我們在 80% 的範圍內——80 年代的低點，我們談論的合同並不是我特別擔心的成本或那些類型的事情。我們確實在那個領域有競爭。因此，我們將在我們所做的任何類型的合同中具有戰略意義。但我感覺很好——我關注剩下的，比如 15% 到 18%，我並不擔心。

Next question is from Steve Fleishman from Wolfe.

下一個問題來自 Wolfe 的 Steve Fleishman。

So just we're getting near the end on the Massachusetts case. Could you just give us a sense of just how you're feeling about getting a reasonable outcome there?

所以我們在馬薩諸塞州的案子上已經接近尾聲了。您能否讓我們了解一下您對在那裡獲得合理結果的感受？

Yes. Steve, it's Joe. We feel very good about it. We had some very, very good hearings. We had a lot of good discovery, a lot of good exchanges. And we have been very actively engaged with multiple parties. So we are still extremely optimistic for a very favorable outcome in that proceeding. It's not a -- it wasn't a big number in terms of increases. And I think that folks recognize the extraordinary job we do for our customers here at Massachusetts. So we continue to be very optimistic.

是的。史蒂夫，是喬。我們對此感覺非常好。我們舉行了一些非常非常好的聽證會。我們有很多很好的發現，很多很好的交流。我們一直非常積極地與多方合作。因此，對於該程序的非常有利的結果，我們仍然非常樂觀。就增長而言，這不是一個大數字。我認為人們認識到我們在馬薩諸塞州為客戶所做的非凡工作。所以我們仍然非常樂觀。

Okay. Great. And then the -- maybe just in terms of asking a question from the beginning a little different way. Just when you announced the offshore wind sale, you talked about that net income that you'd hoped for in '26 and be able to kind of take the proceeds and get to that level with investment in the regulated business. And so obviously, you're starting to get the investments all lined up here. But just overall, how are you feeling about kind of getting to the kind of end game of whatever your growth rate was plus the incremental net income?

好的。偉大的。然後——也許只是從一開始就提出問題的方式有點不同。就在您宣佈出售海上風電時，您談到了您希望在 26 年獲得的淨收入，並且能夠通過對受監管業務的投資獲得收益並達到該水平。很明顯，你開始在這裡得到所有的投資。但總的來說，無論你的增長率是多少，加上淨收入增加，你感覺如何？

Yes. Yes, good question. We are working on an update on our revised 5-year forecast, taken into account or layering into our plan the additional capital that we need to execute on for the reasons that I've stated. So we feel very confident that we'll be able to get into our zone of guidance that you all would expect from us. So I'm feeling very good about it.

是的。是的，好問題。我們正在對修訂後的 5 年預測進行更新，考慮到或將我們需要執行的額外資本納入我們的計劃，原因我已經說過。因此，我們非常有信心，我們將能夠進入我們的指導區域，這是你們所有人對我們的期望。所以我對此感覺很好。

Next question is from Nicholas Campanella from Credit Suisse.

下一個問題來自瑞士信貸的 Nicholas Campanella。

I guess, Joe, just on the Biden letter and the winter scenario. Obviously, the fact that you're right in this letter, it's a serious situation. And I just wanted to ask, when you think about the ability to kind of deploy capital at the pace that you are in the current plan, does it change your thinking at all and the ability to spend capital with the pressure in customer bills from the fuel lines.

我猜，喬，就在拜登的信和冬天的情景中。顯然，你在這封信中是對的，這是一個嚴重的情況。我只是想問一下，當您考慮以當前計劃中的速度部署資金的能力時，它是否會改變您的想法以及在客戶賬單壓力下花費資金的能力燃料管線。

Yes. No. I mean, I think the investments that we want to make around transmission to unlock and tap into some renewable resources that cannot get on to the grid in a way that's meaningful for the operator. So that's something that will only reduce customers' cost at the end of the day, if we're able to get at some of those renewables. So I don't think that, that would have an adverse impact on our customers. So no, I don't feel it's going to impact it.

是的。不。我的意思是，我認為我們希望圍繞傳輸進行的投資以解鎖和利用一些無法以對運營商有意義的方式進入電網的可再生資源。因此，如果我們能夠獲得其中一些可再生能源，那最終只會降低客戶的成本。所以我認為這不會對我們的客戶產生不利影響。所以不，我不覺得它會影響它。

And then on IRA, good to see no AMT impact. And I think you're saying kind of cash uplift in the slides here. So can you maybe just update us on what your FFO to debt is in a post IRA world versus kind of where it is today?

然後在 IRA 上，很高興看到沒有 AMT 影響。而且我認為您在這裡的幻燈片中說的是現金提升。那麼，您能否向我們更新一下您在後 IRA 世界中的債務 FFO 與今天的情況？

It will head in the right direction. There's no doubt about it with the IRA given the deployment of our solar program in Massachusetts, where we get the ability to get that -- those tax benefits upfront and then as required flow it back to customers over time. So we do see an uptick in our FFO to debt.

它會朝著正確的方向前進。鑑於我們在馬薩諸塞州部署太陽能計劃，愛爾蘭共和軍對此毫無疑問，我們有能力獲得這一點——這些稅收優惠是先期的，然後根據需要隨著時間的推移將其返還給客戶。因此，我們確實看到我們的 FFO 債務增加。

Okay. So just directionally positive.

好的。所以只是有方向性的積極。

Yes.

是的。

Next question is from Durgesh from Evercore.

下一個問題來自 Evercore 的 Durgesh。

Guys, what are sort of the key dates for us to watch on these 6 DER-related projects in Massachusetts? I believe you said one of them is under consideration for approval here shortly. Just if you can give us a time line for us to kind of track that would be really helpful, for regulatory approval.

伙計們，我們在馬薩諸塞州的這 6 個與 DER 相關的項目中關注的關鍵日期是什麼？我相信你說過其中一個正在考慮很快在這裡獲得批准。只要您能給我們一個時間表，讓我們進行真正有用的跟踪，以獲得監管部門的批准。

Sure. Durgesh, this is John. So we have filed all 6 proposals individually. And we expect the first one, which is about, let's call it, $150 million opportunity. That's the -- on the Slide 8, it's the Marion Fairhaven project. So we expect to see a decision from the DPU late by the end of the year. And then the remaining 5 will trickle in over 2023.

當然。 Durgesh，這是約翰。因此，我們分別提交了所有 6 個提案。我們期待第一個，我們稱之為 1.5 億美元的機會。那是——在幻燈片 8 上，它是 Marion Fairhaven 項目。因此，我們預計將在年底前看到 DPU 的決定。然後剩下的 5 個將在 2023 年逐漸減少。

Got it. So basically, by the time of your fourth quarter update, CapEx update, you would have received a decision on one of the projects, the remaining 5 will be layered in sometime next year?

知道了。所以基本上，到第四季度更新資本支出時，你會收到其中一個項目的決定，剩下的 5 個將在明年某個時候分層？

That's correct. That's correct. And the construct, as I mentioned, is basically the same for all 6 projects. Obviously, there's varying degrees of investment for these 6, but the construct that we filed for is very consistent.

這是正確的。這是正確的。正如我所提到的，所有 6 個項目的結構基本相同。顯然，這 6 個投資的程度不同，但我們申請的結構非常一致。

Next question is from Jeremy Tonet from JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to touch base on the offshore wind process a little bit more. And just want to see how is the process tracking toward that potential year-end announcement? Just trying to look at the language here, does your slide language point to a slightly longer process versus prior expectations? Just trying to parse through this end of the year as you put it in the slides.

只是想多談談海上風電過程。只是想看看這個潛在的年終公告的過程是如何跟踪的？只是想看看這裡的語言，你的幻燈片語言是否指向一個比之前預期稍長的過程？就像你把它放在幻燈片中一樣，試圖解析今年年底。

Sure. Yes, it's Joe. We're working very hot at this right now. We've got very interested buyers. We would like to be able to have an announcement by year-end, but there's no guarantees around that. But I would tell you that there were a very strong group of buyers that are in there, and we feel very, very good about the process. So we're optimistic.

當然。是的，是喬。我們現在正忙著做這件事。我們有非常感興趣的買家。我們希望能夠在年底前發佈公告，但對此沒有任何保證。但我會告訴你，那裡有一群非常強大的買家，我們對這個過程感覺非常非常好。所以我們很樂觀。

Got it. That's helpful. And then just pivoting, could you frame the impact of higher interest rate expense on growth within your EPS CAGR? Just wondering what levers are left to offset this higher expense? And how much of a headwind could it be? Same thing for pension, overall.

知道了。這很有幫助。然後只是旋轉，您能否確定較高的利率支出對您的每股收益複合年增長率的增長的影響？只是想知道還有什麼槓桿可以抵消這筆更高的費用？會有多大的逆風？總體而言，養老金也是如此。

Yes. Yes, it will be a headwind, as you would expect. But we're on it, and we are working to mitigate that impact. Obviously, it's uncertain, the time frame and this higher interest rate environment will continue. But we -- as I mentioned earlier, we're focused on developing our plan for next year, and I feel very good that we'll have opportunities to mitigate that headwind.

是的。是的，正如你所料，這將是一個逆風。但我們正在努力，我們正在努力減輕這種影響。顯然，時間框架和這種高利率環境將繼續存在是不確定的。但是我們 - 正如我之前提到的，我們專注於製定明年的計劃，我感覺非常好，我們將有機會緩解這種逆風。

Next question is from Ross Fowler from UBS.

下一個問題來自瑞銀的羅斯福勒。

All my questions on offshore would have kind of been answered. So maybe we can loop back to Joe, your comments at the front of the call about bill pressure across this winter. You said bills would be up an average of 20%, and that's given the pullback in natural gas. It's been in the 70s in New England, lately. So we had some good weather, too, which is nice.

我所有關於離岸的問題都會得到解答。所以也許我們可以回到喬，你在電話會議前面關於今年冬天的賬單壓力的評論。你說賬單將平均上漲 20%，這是考慮到天然氣的回落。最近是 70 年代的新英格蘭。所以我們也有一些好天氣，這很好。

But growing up there, it's going to get cold at some point. So can you just remind us how you're hedged across the winter for that natural gas on price, like through January, February and March? And then maybe it's not even necessarily about hedging and price given your commentary, but more about even getting supply should it get colder than normal across this winter. So just maybe frame that risk for us a little bit more.

但是在那里長大，它會在某個時候變冷。所以你能不能提醒我們你是如何在整個冬季對沖天然氣價格的，比如一月、二月和三月？鑑於您的評論，也許它甚至不一定是關於對沖和價格，而是更多關於如果今年冬天比正常情況更冷，甚至獲得供應。因此，也許只是為我們考慮更多的風險。

Sure, sure. Let's focus first on our gas business. We have -- we are hedged. We have LNG. We keep roughly 20-day supply available of LNG at our facilities. We have multiple LNG facilities. So I feel very good about the supply and the natural gas situation for Eversource customers. This went to -- I have no concern around that. We began planning for that in putting resources into storage starting May of the -- in the spring time we start. And we fill all our tanks and we're in very, very good shape this year for that.

一定一定。讓我們首先關注我們的天然氣業務。我們有——我們被對沖了。我們有液化天然氣。我們在我們的設施中保持大約 20 天的 LNG 供應。我們有多個液化天然氣設施。因此，我對 Eversource 客戶的供應和天然氣狀況感到非常滿意。這到了——我對此並不擔心。我們開始計劃從五月開始將資源存儲起來 - 在我們開始的春季時間。我們裝滿了所有的坦克，今年我們的狀態非常非常好。

I think what I was -- what I'm pushing at is the issue around electric generators in the region, whether they are natural gas-fired or they are oil-fired, they do not have a firm fuel supply. And since they don't have a firm fuel supply, when we get these days for a protracted cold spells, they do not have fuel to run. And that is what my concern was. And that was -- that was really the letter that I had written to President Biden, looking for relief. Number one, with the petroleum reserves, he certainly has a significant resources to help with oil. And then really for around the Jones Act, to allow vessels to -- foreign vessels to operate freely within the U.S. foreign vessels.

我想我是什麼 - 我正在推動的是該地區發電機的問題，無論它們是天然氣還是燃油，它們都沒有穩定的燃料供應。而且由於他們沒有穩定的燃料供應，當我們這些天長期寒冷時，他們沒有燃料可以運行。這就是我關心的問題。那就是——那真的是我寫給拜登總統的信，尋求解脫。第一，憑藉石油儲備，他當然有大量資源可以幫助石油。然後真的是圍繞瓊斯法案，允許船隻——外國船隻在美國外國船隻內自由運營。

Just this past week, there are probably 6 to 8 vessels down in the Gulf. They're filling up. These are foreign vessels and they head into Turkey, Japan, South Korea, Europe. And the fact that they can't come up to the Northeast with the U.S. natural gas, LNG. It's disturbing to me. So the President has the policies. He's done it before with the prices in Puerto Rico, and he's been a real champion for energy issues and I don't believe he'll let us down here. I think the President will play an active role here, and help us get what we need to be sure that our customers have an event-free winter.

就在過去一周，海灣地區可能有 6 到 8 艘船隻。他們正在填滿。這些是外國船隻，它們駛往土耳其、日本、韓國和歐洲。而且他們無法將美國的天然氣液化天然氣帶到東北部。這讓我很不安。所以總統有政策。他以前在波多黎各的價格上就做到了，而且他是能源問題的真正擁護者，我不相信他會讓我們失望。我認為總統將在這裡發揮積極作用，幫助我們獲得我們需要的東西，以確保我們的客戶有一個沒有活動的冬天。

And then maybe winding back for a little bit more color on an earlier question. You mentioned that all of these capital programs you're deploying and filed for but aren't yet approved yet, some of them are really to sort of mitigate the bill pressure around electric bills because you're taking fuel costs out of the system. But if bills are going up in the near term, are you worried about bill pressure, maybe not certainly taking those programs away because that's where we're trying to get to is mitigating that bill pressure. But are you worried about regulators slowing the pace to alleviate some of that bill pressure?

然後可能會在前面的問題上回過頭來獲得更多的色彩。您提到您正在部署和申請但尚未批准的所有這些資本計劃，其中一些確實是為了減輕電費的賬單壓力，因為您正在從系統中扣除燃料成本。但是，如果賬單在短期內上漲，您是否擔心賬單壓力，也許不一定會取消這些計劃，因為這就是我們試圖減輕賬單壓力的地方。但是，您是否擔心監管機構會放慢減輕部分賬單壓力的步伐？

Well, listen, we feel for our customers, this is a challenging time, but there's not anything new to this region. We have experienced this before, and we have a long track record of working with our customers. I think when the regulators see the type of investments that we want to make, and the benefits. I can list 10 transmission projects that have reduced customers' bills by billions of dollars. So these are all very, very -- very good projects to help our customers access lower price electricity. So you have to put -- to make the investments in order to get the savings. And I think that's what the regulators and key decision-makers will look at and decide that it's the right decision.

好吧，聽著，我們對我們的客戶感到，這是一個充滿挑戰的時期，但這個地區並沒有什麼新鮮事。我們以前經歷過這種情況，並且我們與客戶合作的長期記錄。我認為當監管機構看到我們想要進行的投資類型以及收益時。我可以列出 10 個為客戶減少數十億美元賬單的輸電項目。所以這些都是非常非常非常好的項目，可以幫助我們的客戶獲得低價電力。所以你必須投入 - 進行投資以獲得儲蓄。我認為這就是監管機構和關鍵決策者會考慮並決定這是正確的決定。

Next question is from Paul Patterson from Glenrock.

下一個問題來自 Glenrock 的 Paul Patterson。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

So I wanted to follow up on a few things. First of all, on the preceding in Massachusetts by Commonwealth Edison asking for a delay. You guys filed a joint letter, I believe, on Tuesday with National Grid and Unitil, I think. -- basically indicating that you guys had no intention to renegotiate the contract. And then, I guess, I saw that yesterday the Governor of Massachusetts seemed a little bit more open to the idea. Just wondering if you could give us a little bit more color on how you see this. And I guess if you can, why you guys see yourselves in a different position with your projects as opposed to this one that's asking for renegotiation?

所以我想跟進一些事情。首先，英聯邦愛迪生在馬薩諸塞州要求延遲。我想，你們在周二與 National Grid 和 Unitil 提交了一封聯名信。 ——基本上表明你們無意重新談判合同。然後，我想，我昨天看到馬薩諸塞州州長似乎對這個想法更加開放了。只是想知道你是否可以給我們更多關於你如何看待這個的顏色。我想如果可以的話，為什麼你們認為自己在項目中處於不同的位置，而不是要求重新談判的那個？

Yes. Keep in mind that our pricing is higher. It's in the 100 to 110 megawatt hour range. The project that we're talking about came in here and did very, very low pricing against projects that we had bid. I do not feel that likelihood and success for any renegotiation. And keep in mind that what the government has said is that he would allow Avangrid to make 7a proposal. He didn't say that he was going to go and renegotiate with them. And so there's a lot of plays that we'll have to decide on this. Certainly, it's our regulators. Now regulators at the end of the day are the ones that are going to decide what is best for the customers. And so that's the reason why you're not seeing any of our projects in there right now looking to renegotiate.

是的。請記住，我們的定價更高。它在 100 到 110 兆瓦時的範圍內。我們正在談論的項目來到這裡，與我們投標的項目相比，定價非常非常低。我不認為任何重新談判的可能性和成功。請記住，政府所說的是他將允許 Avangrid 提出 7a 提案。他沒有說他要去和他們重新談判。所以有很多戲我們必須決定。當然，這是我們的監管機構。現在監管機構最終將決定什麼對客戶最有利。這就是為什麼你現在沒有看到我們的任何項目在那裡尋求重新談判的原因。

Okay. That's great. And then just I was wondering what kind of response you've gotten -- I mean you sort of answered it, I think, just now with respect to the White House, and your letter, which makes a lot of sense. But I'm just thinking in general, is this -- I'm just wondering, is this a wake-up call maybe that -- I mean you just sort of wonder, the fact that LNG is being imported as a significant part of New England's reliability situation.

好的。那太棒了。然後我只是想知道你得到了什麼樣的回應——我的意思是你剛剛回答了白宮和你的信，這很有意義。但我只是在總體上想，這是否——我只是想知道，這是否是一個警鐘——我的意思是你只是有點想知道，液化天然氣作為重要組成部分被進口的事實新英格蘭的可靠性情況。

Is this any sort of a wake-up call that maybe infrastructure -- maybe the region should be more open to infrastructure or maybe the federal government should be sort of pushing the stuff along? Do you follow what I'm saying, whether it's done to go through Northern Pass or just a whole variety of projects that have been delayed. And it just -- you sort of wondered, is there any change in Washington that you're noting in the region with respect to perhaps sort of getting real about reliability? And do you follow what I'm saying and the need for significant infrastructure improvements to be streamlined and what have you?

這是否是對基礎設施的警鐘——也許該地區應該對基礎設施更加開放，或者聯邦政府應該推動這些東西？您是否按照我的說法進行操作，無論是通過 Northern Pass 還是只是各種被推遲的項目。它只是 - 你有點想知道，華盛頓是否有任何變化，你注意到該地區可能在可靠性方面變得真實？您是否遵循我所說的以及精簡基礎設施的重大改進的需要，您有什麼？

Well, yes, you appreciating the inquiry here, absolutely. I do see that each of these governors realized the seriousness of this. I mean we are at fragile point in time as we transition to this clean energy environment. And so consequently, we're going to need some relief, whether it's the Jones Act relief or other types of projects, certainly, the -- it's disappointing. You know how hard we worked on Northern Pass to bring hydro down. Another great resource that this region could really use.

嗯，是的，你絕對欣賞這裡的詢問。我確實看到這些州長中的每一個都意識到了這一點的嚴重性。我的意思是，當我們過渡到這種清潔能源環境時，我們正處於脆弱的時間點。因此，我們需要一些救濟，無論是瓊斯法案救濟還是其他類型的項目，當然，這令人失望。您知道我們在 Northern Pass 上為降低水力發電而付出的努力。該地區可以真正使用的另一個重要資源。

So I do think -- I mean, we're all working collaboratively. We've -- we were up in Burlington, Vermont. We had all of the states along with the FERC, and we're looking at these issues. And listen, a lot of my people at the table, a lot of people understand the seriousness of it. And so I'm fully confident that we're going to be able to put steps in place that are going to allow us to transition uneventfully to a clean energy future. It's going to be challenging. It's going to be challenging. It's going to require a lot of work. But I know that the folks that -- and the people at the table can get this done.

所以我確實認為 - 我的意思是，我們都在合作。我們 - 我們在佛蒙特州的伯靈頓。我們擁有所有的州以及 FERC，我們正在研究這些問題。聽著，我的很多人在座，很多人都明白它的嚴重性。因此，我完全有信心，我們將能夠採取措施，使我們能夠順利過渡到清潔能源的未來。這將是具有挑戰性的。這將是具有挑戰性的。這將需要大量的工作。但我知道那些人——以及在座的人可以完成這項工作。

Next question is from Paul Zimbardo from Bank of America.

下一個問題來自美國銀行的 Paul Zimbardo。

Just a couple for me. Following on Jeremy's question, what interest rates are you assuming in the cost of debt on the offshore wind when you give those expected long-term average ROEs? And just -- has that evolved since you gave that original target?

對我來說只是一對。繼 Jeremy 的問題之後，當您給出預期的長期平均 ROE 時，您在海上風電的債務成本中假設的利率是多少？只是——自從你給出了最初的目標後，這種情況發生了變化嗎？

Well, the -- are you referring to next year?

嗯，你指的是明年嗎？

The expected long-term average ROEs from the slides.

幻燈片中的預期長期平均 ROE。

Okay. Well, just looking at it from a long-term perspective, the interest costs associated with offshore wind post close once we divest, those proceeds will be used to reduce our short-term as well as our long-term debt. For 2023, we have $1.2 billion of long-term debt that's maturing at the holding company, okay? So the timing cannot align any better for us.

好的。好吧，從長遠來看，一旦我們撤資，與海上風電相關的利息成本將用於減少我們的短期和長期債務。到 2023 年，我們有 12 億美元的長期債務在控股公司到期，好嗎？因此，時間安排對我們來說再好不過了。

And then on another positive note, if you look at the total utility debt that's maturing, it's probably the lowest amount that I've seen in a long time. We only have about $800 million of debt maturing at the utilities. So that sets us up very nicely. But we still have -- nevertheless, we have to fund our capital program. So I'm not seeing a huge headwind and I'm not seeing a huge movement in our long-term guidance as a result of this environment that we are in from an interest rate perspective.

然後從另一個積極的方面來看，如果你看看即將到期的公用事業債務總額，它可能是我很長時間以來見過的最低金額。我們只有大約 8 億美元的公用事業債務到期。所以這讓我們非常好。但是我們仍然有——儘管如此，我們必須為我們的資本計劃提供資金。因此，從利率的角度來看，我們所處的環境不會導致我們的長期指導出現巨大變化，因此我沒有看到巨大的阻力。

Okay. I was more referring to like the actual projects. I didn't know if the interest rates are pressure and there's an offsetting mitigation positive to compete the average ROEs intact.

好的。我更多地指的是實際項目。我不知道利率是否是壓力，是否存在抵消性緩解積極因素以完整競爭平均 ROE。

Well, number one, the -- because these projects are under construction, the interest cost that we are incurring during construction is capitalized. So we're not seeing any impact from a financing standpoint for these projects. And then once we get the proceeds from the divestiture that will be used to offset the debt that we currently are carrying.

嗯，第一，因為這些項目正在建設中，我們在建設過程中產生的利息成本被資本化了。因此，從這些項目的融資角度來看，我們沒有看到任何影響。然後，一旦我們從資產剝離中獲得收益，將用於抵消我們目前承擔的債務。

Yes. Yes. Understood. Okay. Great. And then briefly, I know you gave some commentary last call about pension. Just if you could give any updated thoughts there about pension returns or just your overall thoughts as we enter next year.

是的。是的。明白了。好的。偉大的。然後簡單地說，我知道你在最後一次電話會議上就養老金發表了一些評論。只是如果您可以在那裡提供有關養老金回報的任何最新想法，或者只是在我們進入明年時您的整體想法。

Sure. Sure, glad to do so. So pension returns, just like our peers, are not heading in the right direction for us. But even with that said, there will be some headwinds. But once again, not anything material, not anything that we cannot overcome.

當然。當然，很高興這樣做。因此，就像我們的同齡人一樣，養老金回報並沒有朝著正確的方向發展。但即便如此，也會有一些不利因素。但再一次，不是任何物質的東西，不是任何我們無法克服的東西。

Next question is from Travis Miller from Morningstar.

下一個問題來自晨星的 Travis Miller。

Not to belabor the point here too much, but back to the idea about what might happen on a harsh winter environment. In the past, on a regulatory standpoint, you guys have had some headwinds when we had difficult weather events. Do you think something has changed? Are you trying to set up a scenario here where if there are issues in terms of energy delivery, resilience, reliability? Is there a way you can turn that into a positive from a regulatory standpoint and get approval for more capital investment instead of getting penalized for not meeting a certain requirement?

在這裡不要過多地強調這一點，而是回到關於在嚴酷的冬季環境中可能發生的事情的想法。過去，從監管的角度來看，當我們遇到困難的天氣事件時，你們會遇到一些不利因素。你覺得有什麼改變了嗎？您是否試圖在這裡設置一個場景，如果在能源輸送、彈性、可靠性方面存在問題？有沒有一種方法可以從監管的角度將其轉變為積極的，並獲得更多資本投資的批准，而不是因為不滿足特定要求而受到懲罰？

Well, I think what we're focused on with the regulators now, our solution is to deal with this current winter. I don't know that maybe that would translate into some longer-term types of investments. But right now, this fuel security program where maybe these generators get given funds to have, say, a 7-day supply of fuel on-site. Those are the types of measures we're looking at short-term measures with our regulators.

好吧，我認為我們現在關注監管機構，我們的解決方案是應對當前的冬天。我不知道這可能會轉化為一些長期類型的投資。但是現在，這個燃料安全計劃可能會給這些發電機提供資金，例如，在現場提供 7 天的燃料供應。這些是我們正在與監管機構一起研究短期措施的措施類型。

But I think that -- during that dialogue is where you can demonstrate to the regulator that a particular transmission investment would unlock potentially a certain number of megawatt hours in a region and lower the cost. So I think the fact is we have very good regulatory relationships. We have very good regulators that are very engaged and we're engaged with them on these issues. So any time you have engaged parties you get much better solutions.

但我認為——在對話期間，你可以向監管機構證明，一項特定的輸電投資可能會在一個地區釋放一定數量的兆瓦時並降低成本。所以我認為事實上我們有很好的監管關係。我們有非常好的監管機構，他們非常投入，我們正在與他們就這些問題進行接觸。因此，只要您參與了聚會，您就會得到更好的解決方案。

Okay. Great. And then one more on the governor's rates. Anything near term after the election that could be impacted either in programs that you're seeking approval for things you'd expect in the next year or so on the policy front, depending on the outcome?

好的。偉大的。然後是州長的利率。選舉後近期內的任何事情都可能會受到影響，或者您正在尋求批准的計劃，您希望在明年或政策方面獲得批准，具體取決於結果？

Yes. No, I think we have eyes on all of the states. I think we've got pretty stable regulatory climate, and we have plans -- we have multiyear plans. We don't expect that any -- but everyone's agenda around clean energy, around AMI, those are all consistent, no matter who the candidate is. I think everyone recognizes that -- we need to have a grid that can enable all sorts of resources to operate on it whether it's your charging your electric vehicle, your solar panels or any type of a distributor resource. So I don't -- I wouldn't expect any changes no matter who wins in what state.

是的。不，我認為我們關注所有州。我認為我們有相當穩定的監管環境，我們有計劃——我們有多年計劃。我們不期望任何 - 但每個人圍繞清潔能源的議程，圍繞 AMI，這些都是一致的，無論候選人是誰。我想每個人都認識到——我們需要一個能夠讓各種資源在其上運行的電網，無論是為電動汽車充電、太陽能電池板還是任何類型的分銷商資源。所以我不——無論誰在什麼狀態下獲勝，我都不希望有任何變化。

Well, that was the last question that we have this morning. So we want to thank you all very much for joining us. We look forward to seeing you at the -- any of you at the EEI Annual Finance Conference. If you have any more follow-ups today, please send me an e-mail or give me a call. Thank you.

嗯，這是我們今天早上的最後一個問題。因此，我們非常感謝大家加入我們。我們期待在 EEI 年度財務會議上與您見面。如果您今天有任何後續跟進，請給我發電子郵件或給我打電話。謝謝你。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開線路。