康涅狄格電力 (ES) 2023 Q1 法說會逐字稿

Good morning, and thank you for attending today's Eversource Energy First Quarter 2023 Earnings Call. My name is Jason, and I'll be the moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Jeff Kotkin.

早上好，感謝您參加今天的 Eversource Energy 2023 年第一季度收益電話會議。我叫傑森，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議轉交給我們的主持人 Jeff Kotkin。

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

非常感謝你，傑森。早上好，感謝您加入我們。我是 Jeff Kotkin，Eversource Energy 投資者關係副總裁。在這次電話會議中，我們將引用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具有前瞻性，正如 1995 年美國私人證券訴訟改革法案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。這些因素已在昨天下午發布的新聞稿中闡述。

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, 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.

有關可能導致實際結果出現差異的各種因素的更多信息，請參閱我們截至 2022 年 12 月 31 日的 10-K 表格年度報告。此外，我們還解釋了我們如何以及為何使用某些非 GAAP 衡量標準以及這些措施如何與 GAAP 結果相一致包含在我們的新聞稿和昨晚發布的幻燈片以及最近的 10-K 中。

Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President and CFO. Also joining us today are Jay Buth, our VP and Controller; and Bob Becker, our Director of Investor Relations.

今天發言的是我們的董事長、總裁兼首席執行官喬·諾蘭 (Joe Nolan)；以及我們的執行副總裁兼首席財務官約翰·莫雷拉 (John Moreira)。今天加入我們的還有我們的副總裁兼財務總監 Jay Buth；以及我們的投資者關係總監鮑勃·貝克爾 (Bob Becker)。

Now I will turn to Slide 3 and turn over the call to Joe.

現在我將翻到幻燈片 3，並將通話轉給 Joe。

Thank you, Jeff, and thank you, everyone, for joining us on this call this morning. I know that you had many other choices of calls that you could have joined so I'm very grateful. We had an excellent start in 2023 as we continue to deliver safe and highly reliable service to our 4.4 million customers. Our key metrics illustrate the continued strong state of our operations. Our service reliability, as measured by months between interruptions remains in the top decile, and our safety ratings remain very strong. Our employees also performed very well and completing significant storm restoration in New Hampshire following a March nor'easter that caused widespread damage and brought historic snowfall amounts that made it extremely difficult for crews to access certain regions to make repairs.

謝謝杰夫，也謝謝大家今天早上參加我們的電話會議。我知道您還有很多其他的通話選擇可以加入，所以我非常感激。我們在 2023 年取得了良好的開端，繼續為 440 萬客戶提供安全且高度可靠的服務。我們的關鍵指標表明我們的運營狀況持續強勁。我們的服務可靠性（以中斷間隔的月份來衡量）仍然處於前十分位，並且我們的安全評級仍然非常高。我們的員工也表現出色，在新罕布什爾州三月的東北風暴之後完成了重大風暴恢復工作，這場風暴造成了廣泛的破壞，並帶來了歷史性的降雪量，使工作人員很難進入某些地區進行維修。

Turning to Slide 3 in our offshore wind partnership with Orsted. We continue to advance our three projects through the development process.

轉向我們與 Orsted 海上風電合作的幻燈片 3。我們將繼續推進我們的三個項目的開發過程。

Construction continues at South Fork, which will be the first large-scale offshore wind project completed in North America. Installation of the South Fork subsea transmission cable that will deliver wind power to New York is half complete and the installation of the foundations, wind turbines in offshore substation will follow. We continue to expect that South Fork will be fully operational by the end of the year.

南福克的建設仍在繼續，這將是北美建成的第一個大型海上風電項目。將向紐約輸送風力的南福克海底輸電電纜的安裝工作已完成一半，隨後將安裝地基和海上變電站的風力渦輪機。我們仍然預計 South Fork 將在今年年底前全面投入運營。

In early April, the U.S. flagged Eco Edison, the first Jones Act-compliant wind farm service operation vessel reached the 50% completion milestone. This vessel, which will be based in Port Jefferson, New York will play a key role in supporting our partnership's offshore wind projects. Just a few days ago, Eversource and Orsted were joined by Rhode Island governor, Dan McKee, to announce the start of construction of our advanced foundation components for our Revolution Wind project. This $100-plus million investment is creating more than 125 union jobs for Rhode Island's skilled tradesmen and women and represents the largest supply chain commitment in Rhode Island yet.

4月初，美國第一艘符合瓊斯法案的風電場服務運營船 Eco Edison 達到了 50% 的完工里程碑。這艘船將以紐約杰斐遜港為基地，將在支持我們合作夥伴的海上風電項目方面發揮關鍵作用。就在幾天前，Eversource 和 Orsted 與羅德島州州長 Dan McKee 一起宣布開始為我們的 Revolution Wind 項目建造先進的基礎組件。這項價值超過 1 億美元的投資將為羅德島州的熟練技工創造超過 125 個工會就業崗位，也是羅德島州迄今為止最大的供應鏈承諾。

Also last week, we announced with Orsted our single largest New York offshore wind industry supply chain contract with the selection of Long Island-based contractor, Haugland Energy. This contract with Haugland will create more than 400 jobs for New York union workers to install the underground duct bank system for Sunrise Wind's onshore transmission line in Brookhaven, on Long Island. That contract helped raise the percentage of costs locked in for our three projects to approximately 92%. You will see this reflected on our offshore wind project updates on Slide 4.

同樣在上週，我們與 Orsted 宣布了我們最大的紐約海上風電行業供應鏈合同，並選擇了長島承包商 Haugland Energy。與 Haugland 簽訂的合同將為紐約工會工人創造 400 多個就業崗位，為 Sunrise Wind 位於長島布魯克海文的陸上輸電線路安裝地下管道組系統。該合同幫助我們將三個項目的鎖定成本百分比提高到約 92%。您將在幻燈片 4 的海上風電項目更新中看到這一點。

You'll notice that some of the spend has been moved from 2023 into 2024, which John will touch on in his remarks. This change does not impact the in-service dates for our projects, as you can also see here on Slide 4. We continue to make progress on the strategic review of our offshore wind investment. We have shortlisted final interested parties in both our three offshore wind projects in a nearly 175,000 acres of uncommitted lease areas that are part of our 50-50 joint venture with Orsted. We are making progress through extensive due diligence and continue to expect updates on an outcome of the strategic review later this quarter. Although offshore wind may not be a right fit for our portfolio of regulated T&D assets, we are big believers in the essential role offshore wind will play in bringing much needed clean energy to the New England region and lessening our reliance on natural gas for power generation.

您會注意到，部分支出已從 2023 年移至 2024 年，約翰將在講話中談到這一點。這一變化不會影響我們項目的投入使用日期，您也可以在幻燈片 4 中看到。我們在海上風電投資的戰略審查方面繼續取得進展。我們已入圍三個海上風電項目的最終感興趣方，這些項目位於近 175,000 英畝的未承諾租賃區域，這些區域是我們與 Orsted 的 50-50 合資企業的一部分。我們正在通過廣泛的盡職調查取得進展，並繼續期待本季度晚些時候戰略審查結果的更新。儘管海上風電可能不適合我們受監管的輸配電資產組合，但我們堅信海上風電將在為新英格蘭地區帶來急需的清潔能源並減少我們對天然氣發電的依賴方面發揮重要作用。

Eversource is well positioned to be the leading electric infrastructure provider, connecting this clean energy supply to New England's load centers. We remain focused on advancing our numerous climate initiatives in support of our region's efforts to significantly reduce carbon emissions. We continue to make progress in facilitating solar development in Massachusetts, through our distributed energy resources investments at NSTAR Electric.

Eversource 處於成為領先電力基礎設施提供商的有利地位，將清潔能源供應連接到新英格蘭的負荷中心。我們仍然致力於推進眾多氣候舉措，以支持我們地區大幅減少碳排放的努力。通過對 NSTAR Electric 的分佈式能源投資，我們繼續在促進馬薩諸塞州太陽能發展方面取得進展。

After receiving DPU approval late last year for the first cluster of six capital investment projects, Regulatory proceedings for the remaining five clusters are now complete. We expect Massachusetts regulators to issue final orders on those five clusters sometime this summer. This innovative model put in place by the Massachusetts Department of Public Utilities with full participation of Eversource will alleviate significant distributed energy development roadblocks and is expected to lead to the addition of up to 1,000 megawatts of new solar energy capacity in Massachusetts.

去年年底，首批六個資本投資項目獲得 DPU 批准後，其餘五個項目的監管程序現已完成。我們預計馬薩諸塞州監管機構將在今年夏天的某個時候對這五個集群發布最終命令。這一創新模式由馬薩諸塞州公共事業部在 Eversource 的全面參與下實施，將緩解分佈式能源發展的重大障礙，預計將為馬薩諸塞州新增高達 1,000 兆瓦的太陽能發電能力。

Turning to Slide 5. Design work on our geothermal network project in Framingham, Massachusetts is now complete, and construction proposals are being evaluated. We expect to commence operation in time for the 2023 winter heating season. If the pilot is determined to be successful, we intend to make it available as a clean energy solution for customers.

轉向幻燈片 5。我們位於馬薩諸塞州弗雷明漢的地熱網絡項目的設計工作現已完成，施工方案正在評估中。我們預計將在 2023 年冬季供暖季節及時開始運營。如果該試點確定成功，我們打算將其作為清潔能源解決方案提供給客戶。

Last, I'd like to provide a very positive update on the trajectory of customer bills. While the mild winter mitigated the impact on bills as a result of lower consumption, it also contributed to a significant decline in natural gas prices that is currently being reflected in natural gas customer bills. Natural gas prices also helped drive electric generation supply rates in New England and electric supply rates are expected to decline significantly in July for customers on basic or default service in Connecticut and Massachusetts.

最後，我想提供有關客戶賬單軌蹟的非常積極的最新信息。雖然暖冬減輕了消費減少對賬單的影響，但也導致天然氣價格大幅下降，目前反映在天然氣客戶賬單上。天然氣價格也有助於推動新英格蘭地區的發電供應率，預計康涅狄格州和馬薩諸塞州使用基本或默認服務的客戶 7 月份的電力供應率將大幅下降。

We will file proposed tariffs with regulators later this month. This will be a very welcome relief for our customers following the unprecedented spike we saw in electric bills in January. Thank you again for your time. I will now turn the call over to John Moreira.

我們將於本月晚些時候向監管機構提交擬議的關稅。在一月份電費出現前所未有的飆升之後，這對我們的客戶來說將是一個非常受歡迎的緩解。再次感謝您抽出時間。我現在將把電話轉給約翰·莫雷拉。

Thank you, Joe, and good morning, everyone. This morning, I will review our results for the first quarter of 2023, discuss our recent query in rate decision and review our most recent financing activity. I will start with Slide 6, our GAAP earnings were $1.41 per share in the first quarter of 2023 compared with GAAP earnings of $1.28 in the first quarter of 2022. First quarter results for 2022 include $0.02 per share impact, primarily related to the integration and transition of the acquisition of the assets of Columbia Massachusetts, now known as Eversource Gas Company of Massachusetts.

謝謝你，喬，大家早上好。今天早上，我將回顧我們 2023 年第一季度的業績，討論我們最近對利率決策的質疑，並回顧我們最近的融資活動。我將從幻燈片 6 開始，我們 2023 年第一季度的 GAAP 收益為每股 1.41 美元，而 2022 年第一季度的 GAAP 收益為 1.28 美元。2022 年第一季度的業績包括每股 0.02 美元的影響，主要與整合和收購馬薩諸塞州哥倫比亞資產的過渡，現稱為馬薩諸塞州 Eversource 天然氣公司。

So the $1.41 per share in the first quarter of 2023 is best compared with $1.30 per share, excluding those costs in the first quarter of last year. Looking at some additional details on the first quarter earnings by segment. Our first quarter 2023 electric distribution earnings were $0.47 per share compared with $0.41 in the first quarter of 2022. Improved results were driven largely by higher revenues at NSTAR Electric. This resulted from two factors, both related to the conclusion of our rate review from last year.

因此，與去年第一季度的每股 1.30 美元相比，2023 年第一季度的每股 1.41 美元是最好的。按部門查看第一季度收益的一些其他詳細信息。我們 2023 年第一季度的配電收益為每股 0.47 美元，而 2022 年第一季度為 0.41 美元。業績改善主要是由於 NSTAR Electric 收入增加。這是由兩個因素造成的，都與我們去年的費率審查結論有關。

The first was a base rate increase that was effective January 1 of this year, which provided about $0.03 per share benefit in the first quarter. The second was a rate design change that also took effect January 1 of this year. This design change eliminated the higher summertime demand charge. This change will have the effect of moving about $0.08 per share of after-tax revenues out of expected third quarter results and into the first quarter and the fourth quarters of this year in roughly equal $0.04 per share split. This annual rate design change is illustrated on Slide 7.

第一個是今年 1 月 1 日生效的基本利率上調，第一季度每股收益約為 0.03 美元。第二個是費率設計變更，也於今年 1 月 1 日生效。這一設計變更消除了夏季較高的需求費用。這一變化將使每股約 0.08 美元的稅後收入從預期的第三季度業績中移出，並以大致相等的每股 0.04 美元的比例轉移到今年第一季度和第四季度。幻燈片 7 說明了這一年度費率設計變化。

Continuing with the quarterly results on Slide 6. The first quarter 2023 benefits from those changes and the additional distribution revenues at Connecticut Light & Power were partially offset by higher interest costs and higher depreciation as well as pension expense. Our electric transmission segment earned $0.45 per share in the first quarter of 2023 as compared with earnings of $0.43 in the first quarter of 2022. Improved results were driven by higher level of investment in our transmission facilities. Our natural gas distribution segment earnings were $0.49 per share in the first quarter of 2023 as compared with earnings of $0.47 in the first quarter of 2022.

繼續幻燈片 6 上的季度業績。2023 年第一季度受益於這些變化，康涅狄格州照明電力公司的額外分銷收入被較高的利息成本和較高的折舊以及養老金費用部分抵消。我們的電力傳輸部門在 2023 年第一季度的每股收益為 0.45 美元，而 2022 年第一季度的每股收益為 0.43 美元。業績改善是由於我們對輸電設施的投資水平提高所致。我們的天然氣分銷部門 2023 年第一季度的每股收益為 0.49 美元，而 2022 年第一季度的收益為 0.47 美元。

Improved results were due primarily to higher base distribution revenues that took effect November 1, 2022 at NSTAR Gas as well as Eversource Gas Company of Massachusetts. This was partially offset by higher depreciation, interest and property tax expense related to increased investment in our natural gas delivery systems to better serve our customers. Our first quarter water distribution segment earnings were $0.01 per share lower this year as compared to the first quarter of 2022. And this is due primarily to higher operations and maintenance costs. Eversource parent and other companies after-tax losses decreased $12.5 million in the first quarter of 2023 as compared with the first quarter of 2022, and this is due primarily to benefit from our equity investment in a renewable energy fund, partially offset by a contribution to our charitable foundation.

業績改善主要是由於 NSTAR Gas 和馬薩諸塞州 Eversource Gas Company 於 2022 年 11 月 1 日生效的基本分銷收入增加。這部分被我們為更好地服務客戶而增加天然氣輸送系統投資相關的折舊、利息和財產稅費用增加所抵消。與 2022 年第一季度相比，今年第一季度供水部門的每股收益下降了 0.01 美元。這主要是由於運營和維護成本上升。與 2022 年第一季度相比，Eversource 母公司和其他公司的稅後虧損在 2023 年第一季度減少了 1250 萬美元，這主要是由於我們對可再生能源基金的股權投資受益，部分被對我們的慈善基金會。

This resulted in a $0.03 per share benefit for the quarter. Additionally, after-tax transaction and transition costs decreased by $4.8 million in the first quarter of 2023 as compared to the same period in 2022. Those benefits were partially offset by higher parent company interest expense for a net year-over-year improvement in the payment and other of about $0.02 per share. Overall, as you can see on our income statement, we have managed our O&M quite well in the quarter despite the storm events we experienced in March and slightly higher pension costs.

這導致本季度每股收益 0.03 美元。此外，與 2022 年同期相比，2023 年第一季度的稅後交易和過渡成本減少了 480 萬美元。這些收益被母公司利息支出增加部分抵消，因為母公司利息支出同比淨改善付款及其他費用約為每股 0.02 美元。總體而言，正如您在我們的損益表中看到的那樣，儘管我們在三月份經歷了風暴事件並且養老金成本略有上升，但我們在本季度的運營和維護管理得相當好。

Now turning to Slide 8. We have -- excuse me, we are maintaining our full year guidance of $4.25 to $4.43 per share with a somewhat different quarterly earnings profile as compared to 2022. Once again, we expect that NSTAR of rate design change to add about $0.04 per share to the fourth quarter earnings as it did in the first quarter of this year, but will lower the third quarter earnings by about $0.08 per share. Overall, the rate design changes will have no impact on the full year results.

現在轉向幻燈片 8。對不起，我們維持每股 4.25 美元至 4.43 美元的全年指導，但與 2022 年相比，季度收益狀況略有不同。我們再次預計 NSTAR 的利率設計將更改為與今年第一季度一樣，第四季度每股收益增加約 0.04 美元，但第三季度每股收益將減少約 0.08 美元。總體而言，利率設計的變化不會對全年業績產生影響。

In addition to reaffirming our long-term EPS growth rate of solidly in the upper half of the 5% to 7% range, we also reaffirm our 21.5 billion, 5-year regulated capital program that we discussed during our fourth quarter in February earnings call. Core business, our core business capital expenditures totaled approximately $790 million in the first quarter of 2023. As Joe noted earlier, we have changed the timing of some of our offshore wind construction costs. Previously, we have projected $1.9 billion to $2.1 billion of 2023 construction costs related to our share of our joint venture with Orsted. Now due to an expectation that the joint venture will be able to move approximately $1 billion of payments from late 2023, and to future periods, we are now expecting $1.4 billion to $1.6 billion of offshore wind related expenditures in 2023, effectively lowering our capital projection by $500 million in 2023 and raising it by $500 million over the following years.

除了重申我們的長期每股收益增長率穩定在 5% 至 7% 範圍的上半部分外，我們還重申了我們在 2 月份第四季度財報電話會議上討論的 215 億美元的 5 年期監管資本計劃。核心業務，我們的核心業務資本支出在 2023 年第一季度總計約為 7.9 億美元。正如喬早些時候指出的，我們已經改變了一些海上風電建設成本的時間安排。此前，我們預計 2023 年與 Orsted 合資企業的份額相關的建築成本為 19 億至 21 億美元。現在，由於預計該合資企業將能夠從 2023 年末開始轉移約 10 億美元的付款，因此我們現在預計 2023 年海上風電相關支出將達到 14 億至 16 億美元，這實際上降低了我們的資本預測到 2023 年增加 5 億美元，並在接下來的幾年裡籌集 5 億美元。

Overall, we have made no change to the estimated cost of completing our three projects or their timetable and continue to expect South Fork to be in service later this year and for Rev Wind and Sunrise Wind to enter service in 2025.

總體而言，我們沒有改變完成三個項目的預計成本或其時間表，並繼續預計 South Fork 將在今年晚些時候投入使用，Rev Wind 和 Sunrise Wind 將在 2025 年投入使用。

In the first quarter of 2023, our share of capital expenditures totaled about $200 million, putting our total offshore wind investment through March of this year at $2.16 billion. Moving to regulatory updates. For the first time in a while, we currently have no active rate reviews underway and have long-term rate plans in effect for many of our utilities. In March, we received a very disappointing decision in the Aquarion Connecticut's first rate review in about 10 years. The rate decision, which ordered a $2 million reduction to Aquarion rates was not unanimous. Two of the three commissioners commented that the 8.7% authorized return on equity provided a very negative signal for utility investment in Connecticut due to concerns with the legality of the decision and the negative long-term impact on customers we have appealed the decision to the Connecticut Superior Court, where a temporary stay is currently maintaining existing rates and preventing the rate reduction order by PURA. The next hearing on this day is scheduled for May 15.

2023 年第一季度，我們的資本支出份額總計約為 2 億美元，截至今年 3 月，我們的海上風電投資總額為 21.6 億美元。轉向監管更新。我們目前第一次沒有進行積極的費率審查，並且對我們的許多公用事業公司製定了長期費率計劃。三月份，我們在康涅狄格州 Aquarion 大約 10 年來的第一次評級審查中收到了非常令人失望的決定。要求將 Aquarion 費率降低 200 萬美元的費率決定並未得到一致同意。三位委員中的兩位表示，由於對該決定的合法性以及對客戶的長期負面影響的擔憂，8.7% 的授權股本回報率對康涅狄格州的公用事業投資發出了非常負面的信號，我們已將該決定向康涅狄格州上訴。高等法院暫時中止目前維持現有費率並阻止 PURA 的費率降低令。這天的下一次聽證會定於 5 月 15 日舉行。

We look forward to working through the appeal process and believe we will come to a reasonable outcome that complies with the law, is good for our customers and provides us with the opportunity to recover our cost of service, including a fair return on our investments. Turning to finance and activities. Since our previous earnings call, we have issued $750 million of parent company debt and retired $450 million of parent debt just this week. As you can see from Slide 9, we have issued no additional shares through our ATM program. But through April, we distributed approximately $400,000 of treasury shares to meet our dividend reinvestment and employee incentive programs.

我們期待著完成上訴程序，並相信我們將得出一個符合法律的合理結果，對我們的客戶有利，並為我們提供收回服務成本的機會，包括公平的投資回報。轉向財務和活動。自上次財報電話會議以來，我們已發行了 7.5 億美元的母公司債務，並於本週償還了 4.5 億美元的母公司債務。正如您從幻燈片 9 中看到的，我們沒有通過 ATM 計劃發行額外的股票。但截至 4 月份，我們分配了約 40 萬美元的庫存股，以滿足我們的股息再投資和員工激勵計劃。

Finally, as some of you may know, Jeff Kotkin will be retiring from Eversource later this summer. I want to acknowledge Jeff for his many years of outstanding service to our company, the financial community and our shareholders. I have had the pleasure of working with Jeff for more than 12 years, and I am sure you will agree he always goes the extra mile. Since the first day Jeff joined the communications department at the former Northeast Utilities, nearly 48 years -- 38 years ago, he has been an integral part of Eversource's journey contributing to the company's growth, evolution and success amidst various challenging -- challenges over the years.

最後，正如你們中有些人可能知道的那樣，Jeff Kotkin 將於今年夏天晚些時候從 Eversource 退休。我要感謝杰夫多年來為我們公司、金融界和股東提供的傑出服務。我很高興與 Jeff 合作超過 12 年，我相信您會同意他總是加倍努力。自 Jeff 加入前 Northeast Utilities 通信部門的第一天起，近 48 年（38 年前）以來，他一直是 Eversource 歷程中不可或缺的一部分，在各種挑戰中為公司的成長、發展和成功做出了貢獻。年。

Throughout it all, Jeff has delivered exceptional service to investors, been very supportive of its colleagues while providing steady guidance to senior management and our Board. It's no wonder why Jeff has been widely recognized as the best IR professional in our industry for many, many years. We are all truly thankful for his devoted service and we wish him all the best as he spends more time with his growing family, whether it be on the Connecticut shoreline or in the beaches of Hawaii.

在整個過程中，傑夫為投資者提供了卓越的服務，非常支持同事，同時為高級管理層和董事會提供穩定的指導。難怪傑夫多年來一直被廣泛認為是我們行業中最好的投資者關係專業人士。我們都衷心感謝他的奉獻服務，並祝愿他一切順利，因為他有更多的時間與不斷壯大的家庭在一起，無論是在康涅狄格州海岸線還是在夏威夷海灘。

Thank you, Jeff. And you will certainly greatly be missed.

謝謝你，傑夫。我們肯定會非常想念您。

Thank you, John.

謝謝你，約翰。

So with that said, I want to thank everyone for joining us this morning and looking forward to seeing many of you very, very soon. And now I'll turn the call over to Bob for Q&A.

話雖如此，我要感謝大家今天早上加入我們，並期待很快見到你們中的許多人。現在我將把電話轉給鮑勃進行問答。

Thanks, John. Before we start Q&A, I'll return the call to Jason to let everyone know how to enter questions. Jason?

謝謝，約翰。在我們開始問答之前，我會回電話給 Jason，讓大家知道如何輸入問題。傑森？

(Operator Instructions)

（操作員說明）

Our first question this morning is from Shar at Guggenheim.

今天早上我們的第一個問題來自古根海姆的 Shar。

Joe, I wanted to maybe start with a little bit more color, if you could provide on the sale process and maybe just additional thoughts beyond sort of the prepared remarks. I mean, are we still looking at three buyers that you can offload all the projects? And then just maybe how you're feeling about pricing? And Joe, the reason why I asked the pricing question is some investors are pitching that you'll sell the projects at substantial discount to book value. So maybe just give us any color on how you've seen valuations evolve even if it's generally.

喬，我想也許從更多的顏色開始，如果你能提供銷售過程，也許只是除了準備好的評論之外的額外想法。我的意思是，我們還在尋找可以卸載所有項目的三個買家嗎？那麼您對定價有何看法？喬，我問定價問題的原因是一些投資者表示您將以低於賬面價值的大幅折扣出售這些項目。因此，也許請告訴我們您所看到的估值如何演變，即使是總體情況。

Yes. Well, thanks, Shar, for joining us this morning. We're very grateful. The process, as I have talked about in the past, when you don't own 100% of an asset, things take a little longer to transact. I will tell you that this is very -- our transaction will involve two parties. It is very far along in the process, and that's why we can tell you with a high degree of confidence that you will have an answer or you'll have an announcement in the second quarter. I will tell you that certainly, the lease areas are highly coveted. Lease areas, I think we saw what has happened in the marketplace. So that I don't think has any impact, obviously.

是的。好吧，謝謝莎爾今天早上加入我們。我們非常感激。正如我過去談到的，當你不擁有 100% 的資產時，這個過程會需要更長的時間來進行交易。我會告訴你，這是非常——我們的交易將涉及兩方。這個過程已經很漫長了，這就是為什麼我們可以充滿信心地告訴您，您將在第二季度得到答案或發佈公告。我會告訴你，當然，租賃區域是非常令人垂涎的。租賃領域，我想我們看到了市場上發生的事情。所以我認為顯然沒有任何影響。

On the project side, these are very mature projects. These are not just concepts on paper. These are projects that are very mature and in the process. So for that, I think we'll recognize good value for those projects. Obviously, that's about the extent of what I can share with you. But I will tell you that we've been pleased with the process. We're pleased with what we're seeing. We're pleased with the results, and I think that at the end of the day, it will be a very good outcome for Eversource and Eversource's shareholders.

從項目方面來說，這些都是非常成熟的項目。這些不僅僅是紙上的概念。這些項目都非常成熟並且正在進行中。因此，我認為我們會認識到這些項目的良好價值。顯然，我能與您分享的內容就僅限於此。但我會告訴你，我們對這個過程感到滿意。我們對所看到的感到滿意。我們對結果感到滿意，我認為最終這對 Eversource 和 Eversource 的股東來說將是一個非常好的結果。

Okay. Perfect. And then lastly, Joe, there's obviously been a good deal of attention in the investment community on the backdrop in Connecticut and the prospects really for lawmakers to tighten sort of the regulatory guardrails around things like settlements with [SB 7]. I guess how do you see that process evolving as the session enters its final innings to you and other utilities? Do you even have a seat at the table in those conversations? Just some aspects of this data become somewhat very adversarial. So I'd love to maybe get some thoughts there.

好的。完美的。最後，Joe，投資界顯然對康涅狄格州的背景以及立法者收緊與 [SB 7] 和解等問題的監管護欄的前景產生了很大的關注。我想您和其他公用事業公司如何看待隨著會議進入最後一局而演變的過程？你在這些談話中是否有席位？只是這些數據的某些方面變得有些非常敵對。所以我很想在那裡得到一些想法。

Yes. Thank you. And a valid question. I mean, when you look at the Aquarion auto -- obviously, very disappointing. But I'll tell you, on the legislative front, we have a seat at the table. In terms of the governor, I do speak with him regularly, I spoke with them last week. We talked about a host of issues. But one of the pieces that he highlights, and I think it's important for this community to understand is, number one, he insists that we have a seat at the table, and he wants us to participate and he basically shared that with folks that who's better equipped around performance-based ratemaking than the utilities. We do very well in that environment. I mean, we do incredibly well here in Massachusetts. We have a PBR model in place.

是的。謝謝。一個有效的問題。我的意思是，當你看到 Aquarion 汽車時，顯然非常令人失望。但我會告訴你，在立法方面，我們擁有一席之地。就州長而言，我確實定期與他交談，上週我與他們交談過。我們討論了很多問題。但他強調的一件事情，我認為這個社區理解這一點很重要，第一，他堅持認為我們在談判桌上有一席之地，他希望我們參與，他基本上與人們分享了這一點比公用事業公司更好地圍繞基於績效的利率制定。我們在那種環境下做得很好。我的意思是，我們在馬薩諸塞州做得非常好。我們有一個 PBR 模型。

We've had it in place for some time. And I think when you look at our track record, our performance, that just -- it speaks for itself how well we do. With regard to the legislative front, great relations with the legislature. We are with them. We talk with them. This happens every year. I grew up in this part of the business. And it's -- unfortunately, it's like making sausage. It's a very challenging process and sometimes it's not too attractive. But at the end of the day, you can be assured that we do have a seat at the table and that we are communicating.

我們已經使用它有一段時間了。我認為，當你看看我們的記錄、我們的表現時，這本身就說明了我們做得有多好。關於立法方面，與立法機關關係很大。我們和他們在一起。我們和他們交談。這種情況每年都會發生。我是在這部分業務中長大的。不幸的是，這就像製作香腸。這是一個非常具有挑戰性的過程，有時也不太有吸引力。但最終，您可以放心，我們確實擁有一席之地，並且我們正在溝通。

I think the last piece that you should take away is that event that the governor spoke about around performance-based rates he highlighted by name, both myself as well as Pedro about our ability to invest dollars. And we have choices where we can invest all this. And if it's not attractive, then obviously, we've got other places we can go. So I think that he was stressing that point to kind of get the message across to regulators that it's important that we have a seat at the table that they collaborate with us. And that, in fact, it's a fair and equitable place to do business. So I am confident, as I have been in the past, that we will get to a resolution that is workable and good for all, Shar.

我認為你應該帶走的最後一件事情是州長談到的基於績效的利率的事件，他強調了我自己和佩德羅關於我們投資美元的能力的能力。我們可以選擇投資這一切。如果它沒有吸引力，那麼顯然我們還有其他地方可以去。因此，我認為他強調這一點是為了向監管機構傳達這樣的信息：我們在談判桌上佔有一席之地，讓他們與我們合作，這一點很重要。事實上，這是一個公平公正的做生意的地方。因此，正如我過去一樣，我相信我們將達成一項可行且對所有人有利的解決方案，莎爾。

Got it. Perfect. And then, Jeff, congrats on Phase 2. You're going to be really missed and drinks -- unlimited drinks on Mr. Nolan and I. I appreciate it guys.

知道了。完美的。然後，傑夫，恭喜你進入第二階段。我們會非常想念你的，還有我和諾蘭先生無限暢飲。我很感激，伙計們。

Every IR professional in the country is cheering because they might have a shot at the #1 slot this year. So that is what's going on there.

該國的每一位投資者關係專業人士都在歡呼，因為他們今年可能有機會獲得第一名。這就是那裡發生的事情。

There you go. Congrats, guys.

就這樣吧。恭喜，伙計們。

Our next question comes from the line of Durgesh at Evercore.

我們的下一個問題來自 Evercore 的 Durgesh。

I think they dropped their question.

我認為他們放棄了問題。

Our next question comes from the line of Paul Patterson.

我們的下一個問題來自保羅·帕特森。

Okay. Good. You can hear me. Okay. So just to follow up on the -- first of all, congratulations, Jeff, again. But just to follow up on a couple of things. With the -- you mentioned that you've got PVR, you've got some experience with PVR and what have you. But one of the things that I think that you guys were focusing on as well as UI was regarding this CapEx, OpEx sort of U.K. portion of the order when it was a draft order and it stayed in the order. I was just wondering how you guys see that? And also, you mentioned the press conference that happened afterwards. How should we think about -- I mean, how do you think about, I guess, this element of the performance-based ratemaking order?

好的。好的。你能聽到我。好的。因此，我想跟進一下——首先，再次祝賀傑夫。但只是為了跟進一些事情。您提到您已經擁有 PVR，您已經擁有一些 PVR 經驗等等。但我認為你們關注的事情之一以及用戶界面是關於訂單的資本支出、運營支出（當它是草案訂單並且保留在訂單中時）的英國部分。我只是想知道你們怎麼看？另外，你提到了隨後舉行的新聞發布會。我們應該如何考慮——我的意思是，我猜你如何考慮基於績效的利率制定命令的這一要素？

Paul, it's John. So first of all, I think the order that came out was really more of a framework. The details are still out. We'll be picking this up in April of next year to finalize and work on the specifics. So I think it's too early to make the determination.

保羅，是約翰。首先，我認為出來的命令實際上更像是一個框架。細節尚未確定。我們將在明年 4 月開始處理這個問題，以最終確定並處理具體細節。所以我認為現在做出決定還為時過早。

Clearly, the U.K. model is significant difference from how we've been operating through the traditional cost of service. And then -- and if we were to change to something that drastic, it would have significant ramifications financially and otherwise to the utilities in the country. So I think it's too early for us to indicate one way or the other as to where things ultimately will shape out.

顯然，英國模式與我們通過傳統服務成本進行運營的方式存在顯著差異。然後，如果我們要做出如此激烈的改變，它將對該國的公用事業在財務和其他方面產生重大影響。因此，我認為現在就我們來表明事情最終的發展方向還為時過早。

Okay. So we'll stay tuned, I guess. And then with respect to the May 15th Aquarion hearing, what should we think about as being -- what do you guys expect to happen at that hearing, I guess?

好的。所以我想我們會繼續關注。然後，關於 5 月 15 日的 Aquarion 聽證會，我們應該考慮什麼——我猜你們預計在聽證會上會發生什麼？

I mean our expectation is that the stay would be a permanent stay from where it currently stands today, we feel very we -- based on our assessment, we feel very comfortable with our position in the commentary that we've made in our filing, and we will make it on filing on Monday, briefs to do on Monday. So more to come on that front. But hopefully, that permanent, it will move from a temporary to a permanent stay until we see the appeal process work its way through.

我的意思是，我們的期望是，從目前的情況來看，這一中止將是永久的中止，我們感到非常——根據我們的評估，我們對我們在文件中所做的評論中的立場感到非常滿意，我們將在周一歸檔，週一做簡報。因此，這方面還有更多內容。但希望永久居留能夠從臨時居留轉變為永久居留，直到我們看到上訴程序順利完成。

Okay. Great. And then in the prepared remarks on the offshore wind, just sort of wondering with respect to the potential for retaining some ownership of the JV. How should we think about that? Is that a strong possibility or...

好的。偉大的。然後，在關於海上風電的準備好的評論中，我想知道保留合資企業部分所有權的可能性。我們應該如何思考這個問題？這種可能性很大還是...

No, it's not. It's not a strong possibility. We see a path for a clean exit from this. So that's not -- that's definitely not the case.

不，這不對。這可能性不大。我們看到了一條徹底退出的道路。所以事實並非如此——絕對不是這樣的。

Okay. Great. And once again, congratulations, Jeff.

好的。偉大的。再次恭喜你，傑夫。

Thank you, Paul.

謝謝你，保羅。

Our next question comes from the line of Steven Fleishman of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的史蒂文·弗萊什曼。

Yes. I am really happy I picked this call of all the other ones at this time to wish Jeff congratulations, and I think I may be one of the few people that remembers IR before Jeff at Northeast Utilities, but -- yes. Congrats.

是的。我真的很高興我在這個時候從所有其他人中選擇了這個電話來祝傑夫表示祝賀，我想我可能是在東北公用事業公司工作之前記得傑夫之前的 IR 的少數人之一，但是 - 是的。恭喜。

Thank you.

謝謝。

So just -- just a follow-up on, I guess, the question on -- a couple of questions on the offshore wind sale. So in the past, you've talked about two separate transactions for the leases and for the contracts. And wanted to clarify if that's still the case? Do you expect them to be announced at different times? And do you expect each of those to be announced during the second quarter?

我想，這只是關於海上風電銷售的幾個問題的後續問題。因此，在過去，您討論過租賃和合同的兩項單獨交易。並想澄清情況是否仍然如此？您預計它們會在不同時間宣布嗎？您預計這些內容都會在第二季度公佈嗎？

Yes, yes. So thanks, Steve. Couple of things on this, we're talking about two announcements to buyers in the second quarter, and there might be a space of a short period of time between announcements, but both in the second quarter, yes.

是的是的。所以謝謝，史蒂夫。關於這一點，我們正在談論第二季度向買家發布的兩項公告，公告之間可能會有很短的時間間隔，但都是在第二季度，是的。

Okay. Great. And just on -- you mentioned, Joe, the clean exit, which is great. I just wanted to ask if there's any chance there need to be any like contingencies or stuff related to the projects that you need to commit to as part of this other than just supporting them locally, just any financial contingencies?

好的。偉大的。剛才 - 你提到，喬，乾淨的退出，這很棒。我只是想問是否有可能需要任何類似的意外事件或與您需要承諾的項目相關的東西作為其中的一部分，而不僅僅是在當地支持他們，只是任何財務意外事件？

Steve, this is John. Yes, we're going through the negotiations right now. So it's a little premature for us to indicate ultimately where that will shake out.

史蒂夫，這是約翰。是的，我們現在正在進行談判。因此，我們現在就指出最終的結果還為時過早。

Okay. And just on the -- sorry, on the Connecticut, it -- so you're basically expecting that to kind of argue this through the courts and basically address it that way? Or -- you sounded like almost you think it could be like settled at some point. So I just wanted to kind of clarify that.

好的。就在——抱歉，在康涅狄格州——所以你基本上期望通過法庭來爭論這個問題並基本上以這種方式解決它？或者——你聽起來幾乎認為這可能會在某個時候解決。所以我只是想澄清一下。

Yes. I mean, obviously, I think you know our track record around settlement. And if there's an opportunity there, we certainly will work with any parties around settlement. We -- the Aquarian asset, we've managed very, very well. We have very low rates. We've been making significant investments, as you know, that I think is one of the best run water companies. So we do see an opportunity. We think we have allies in the state down there to kind of work through that. But as you know, it takes two to tango on the settlement space, and we need to have some willing participants. So we'll always work towards settlement. We think settlement is the way to go and -- we're optimistic that we can probably have some type of an outcome that would benefit both parties.

是的。我的意思是，顯然，我想你知道我們在結算方面的記錄。如果有機會，我們當然會與任何一方圍繞解決方案進行合作。我們——水瓶座的資產，我們管理得非常非常好。我們的利率非常低。如您所知，我們一直在進行重大投資，我認為這是最好的自來水公司之一。所以我們確實看到了機會。我們認為我們在該州有盟友可以解決這個問題。但如你所知，在定居點空間上探戈需要兩個人，我們需要一些願意的參與者。因此，我們將始終致力於解決問題。我們認為和解是解決之道，而且我們樂觀地認為，我們可能會取得某種對雙方都有利的結果。

Our next question comes from Jeremy Tonet at JPMorgan.

我們的下一個問題來自摩根大通的傑里米·託內特。

It's actually Rich Sundelin on for Jeremy. I wanted to touch on a higher-level topic -- Thank you. I want to touch on a high-level topic around what you're seeing on the offshore wind transmission side, just in late of the latest -- in light of the latest RFP. Any new thinking there or evolution of thought around the incremental investment opportunities over the balance of the decade?

實際上是里奇·桑德林 (Rich Sundelin) 替補傑里米 (Jeremy)。我想談一個更高層次的話題——謝謝。我想談談一個關於您在海上風電傳輸方面所看到的高級別主題，就在最近晚些時候——根據最新的 RFP。在這十年的餘下時間裡，圍繞增量投資機會有什麼新的想法或思想的演變嗎？

Well, I mean, I think that's -- that was one of the -- one of the points that had us make the pivot because we think there's so much opportunity in both the land aspect of it and the investment around not only the projects that we were involved in, but the projects that everybody else is involved with. We are very well positioned in this region at load centers and people want to get to those. So because they want to get to them, they're going to go and spend time with us.

嗯，我的意思是，我認為這是讓我們做出轉變的原因之一，因為我們認為在土地方面和投資方面都有很多機會，而不僅僅是圍繞這些項目我們參與了，但其他人都參與了項目。我們在該地區的負載中心處於非常有利的位置，人們希望到達這些中心。因為他們想要接近他們，所以他們會去和我們一起度過時間。

So we see a tremendous opportunity for investment in offshore wind as it relates to our regulated business. And that's really what our focus. Our focus has been around derisking and focusing on the regulated assets. So we do see, Rich, a great opportunity, not only with Orsted, but with these other wind partners, it's already playing out right now with other wind partners that we're -- that we don't have any ownership on to build wind and transmission-related assets to help them inject clean energy into the New England and New York grid.

因此，我們看到了海上風電的巨大投資機會，因為它與我們的受監管業務相關。這確實是我們的重點。我們的重點是降低風險並關注受監管的資產。所以，Rich，我們確實看到了一個很好的機會，不僅與 Orsted 合作，而且與其他風電合作夥伴合作，現在已經與其他風電合作夥伴合作，我們沒有任何所有權來建設風能和輸電相關資產幫助他們將清潔能源注入新英格蘭和紐約電網。

Got it. Thanks for the color there. And then you touched on this already around customer bills, but curious now that we're coming out of winter, how do you see the overall regional backdrop into next winter? Really thinking around the supply concerns that you highlighted into this past winter.

知道了。感謝那裡的顏色。然後您談到了圍繞客戶賬單的問題，但現在我們很好奇，我們即將走出冬季，您如何看待明年冬季的整體區域背景？認真思考您在去年冬天強調的供應問題。

Yes. I mean, just a great question, and we've been talking about that. As you know, it was front and center for me in the company last -- last late summer, fall, and it's still on my radar, and I'm concerned about it. I'm concerned about is a fuel supply for generators. We're very interested in -- you saw what happened in PJM, where folks didn't show up. We had a similar situation on a smaller scale, take place in the ISO New England market where folks didn't show up when they were expecting to show up. I think it was a shocker. The number -- the penalties they were talking about in PJM. I mean, up here, they were pretty significant.

是的。我的意思是，這是一個很好的問題，我們一直在討論這個問題。如你所知，去年夏末秋天，它一直是我在公司的首要關注點，而且它仍然在我的關注範圍內，我對此感到擔憂。我擔心的是發電機的燃料供應。我們非常感興趣——你看到了 PJM 發生的事情，那裡的人們沒有出現。我們在較小規模的 ISO 新英格蘭市場也遇到過類似的情況，人們在預期出現時卻沒有出現。我認為這令人震驚。這個數字——他們在 PJM 中談論的處罰。我的意思是，在這裡，它們非常重要。

So we are focused every day on what we can do to help minimize the risk to our customers. Because although we could line up significant supply for our customers, at the end of the day, if people don't perform and the lights go out, they're going to come knocking on our door. And we are -- obviously it's not our fault, but you get blamed because the lights go out. So we are focused every day in our energy supply area, in our transmission area, in our engineering area as to what we can do to facilitate solutions to fully enable this grid to operate during very challenging conditions. But in doing that, what it's going to also do is it's going to drive the price of energy down in the region, which is what our goal. We want to lower the clearing price in the region so that our customers are not getting the type of shock that they're getting, which has been devastating to them, and we know that.

因此，我們每天都專注於如何幫助客戶最大限度地降低風險。因為儘管我們可以為客戶提供大量的供應，但最終，如果人們不表現並且燈滅了，他們就會來敲我們的門。我們——顯然這不是我們的錯，但你會因為燈滅而受到指責。因此，我們每天都專注於我們的能源供應領域、輸電領域和工程領域，研究我們可以採取哪些措施來促進解決方案，以充分使該電網能夠在非常具有挑戰性的條件下運行。但這樣做的同時，它還將降低該地區的能源價格，這就是我們的目標。我們希望降低該地區的清算價格，以便我們的客戶不會受到他們所遭受的那種衝擊，這對他們來說是毀滅性的，我們知道這一點。

Got it. Very clear. And to Jeff, congrats and all the best.

知道了。非常清楚。傑夫，恭喜你，祝一切順利。

Thank you.

謝謝。

Our next question comes from Paul Zimbardo at BofA.

我們的下一個問題來自美國銀行的保羅·津巴多。

I know it's been said many times, but sad to hear the formal news, Jeff, and a big congrats, you're one of the few IRs who I have worked with my entire career, so well deserved retirement.

我知道這句話已經被說過很多次了，但傑夫，聽到這個正式消息我很難過，我要恭喜你，你是我整個職業生涯中為數不多的 IR 之一，所以你當之無愧地退休了。

Thank you, Paul.

謝謝你，保羅。

And to dive into the actual quarter for a second, I know that you had the monetization of the clean energy investment. Was that the full investment. I know that there's typically that mark-to-market in the second quarter. So I just want to confirm if you sold the full position there?

深入了解實際季度，我知道您已經實現了清潔能源投資的貨幣化。這是全額投資嗎？我知道第二季度通常會按市值計價。所以我只是想確認一下你是否出售了那裡的全部倉位？

Yes, Paul, we did.

是的，保羅，我們做到了。

Okay. Great. And then thanks for all the context on Connecticut. I want to check, do you have any revised expectations on timing for any Yankee Gas rate case in the future?

好的。偉大的。然後感謝康涅狄格州的所有背景信息。我想核實一下，您對未來任何揚基天然氣費率案件的時間安排是否有任何修改後的預期？

No, at this point, we do not. We continue to assess the timing of that rate request.

不，目前我們還沒有。我們將繼續評估該利率請求的時間安排。

Our next question comes from Ryan Levine at Citi.

我們的下一個問題來自花旗銀行的 Ryan Levine。

Hoping to follow-up on the offshore wind process. So to the extent that you do move forward with announcing two transactions this quarter, what regulatory or other closing procedures would be needed or any sense around timing of any cash received for the company?

希望後續跟進海上風電進程。那麼，如果您確實在本季度宣布兩項交易，那麼需要哪些監管或其他結算程序，或者對公司收到現金的時間有任何意義嗎？

Sure, Ryan. So it's different for the two pieces, right? So it's different for the uncommitted lease area as it is for the contracted projects. Speaking of the contracted project, that's probably one that has a bit longer time frame for regulatory approval. We -- on that one there because we just -- our subsidiary or the joint venture that holds those projects are considered a public utility company. So we would now need to obtain FERC approval, and that's probably a 3-month process. Other than that, it's more -- it's the traditional hot Scott Rodino. And depending on who the ultimate buyer is, we could require CFIUS approval. But once again, I think that's very -- that's weeks, not months.

當然，瑞安。那麼這兩件作品是不同的，對嗎？因此，未承諾租賃面積與承包項目是不同的。說到簽約項目，這可能是一個監管審批時間較長的項目。我們——在那裡，因為我們——我們的子公司或持有這些項目的合資企業被認為是一家公用事業公司。因此，我們現在需要獲得 FERC 的批准，這可能需要 3 個月的時間。除此之外，它還有更多——這是傳統的性感斯科特·羅迪諾(Scott Rodino)。根據最終買家是誰，我們可能需要 CFIUS 批准。但我再次認為那是幾週，而不是幾個月。

And keep in mind that this is -- there is a process in place. It took place when we acquired the deepwater assets. So it's not unchartered waters.

請記住，這是——有一個適當的流程。這是我們收購深水資產時發生的。所以這不是未知水域。

Appreciate the color. So given that time line, curious how you're thinking about your financing plan. I know you issued some parent debt at [545 basis points] year-to-date. Are you considering the convert market, given that seems to be open to a lot of utilities in this environment?

欣賞顏色。因此，考慮到這個時間線，我很好奇你是如何考慮你的融資計劃的。我知道您今年迄今以 [545 個基點] 發行了一些母公司債務。鑑於在這種環境下似乎對許多公用事業公司開放，您是否正在考慮轉換市場？

Very good question. And right now, looking at the converts, we feel it's not the time and it's not right for us, just given kind of the -- where we're currently trading and kind of our valuations right now, doesn't make sense for us to do that until we have a little bit more certainty and get some announcements made. So we don't see that in the near term as being the right option for us. But we -- just given the timing, we could be in the market for another holding company debt offering.

非常好的問題。現在，看看那些轉換者，我們覺得現在不是時候，也不適合我們，只是考慮到我們目前的交易地點和我們現在的估值，對我們來說沒有意義直到我們有更多的確定性並發布一些公告為止。因此，我們認為短期內這不是我們的正確選擇。但我們——只要考慮到時機，我們可能會在市場上進行另一家控股公司的債券發行。

Okay. I mean, you mentioned in your slide deck a May 1 maturity. Was there any update on what happened there?

好的。我的意思是，您在幻燈片中提到了 5 月 1 日到期。那裡發生的事情有更新嗎？

Yes. So that one -- the $750 million offering that we did in March kind of took care of that.

是的。因此，我們在 3 月份發行的 7.5 億美元股票就解決了這個問題。

Our next question comes from Travis Miller at Morningstar.

我們的下一個問題來自晨星公司的特拉維斯·米勒。

I'm going to public congratulations to Jeff. If you ever mistakenly find yourself in Chicago, let me know. I owe you drinks for all the help over the years, but try to avoid the winter time here. offshore wind again. Thinking about the -- you mentioned the payment shift there, the $500 million. Thinking about the timing in terms of the close of any deal, does that payment shift save you the $500 million of cash that you had previously planned to finance or allow you more capacity to invest in other places this year? Just thinking through the timing of that -- how that affects the plan?

我要公開祝賀傑夫。如果您錯誤地發現自己在芝加哥，請告訴我。這些年來我欠你一杯酒，感謝你的幫助，但盡量避開這裡的冬天。又是海上風。想想你提到的付款轉移，即 5 億美元。考慮一下任何交易完成的時間，這種付款轉移是否可以為您節省之前計劃融資的 5 億美元現金，或者讓您今年有更多能力在其他地方進行投資？只要考慮一下時間安排——這對計劃有何影響？

Well, that $500 million was more towards the tail end of this year, as I mentioned in my comments. So that just gets pushed out. Obviously, it's -- we avoid further construction cost commitments this year. And then, obviously, the pricing would be adjusted accordingly by the buyer.

嗯，正如我在評論中提到的，這 5 億美元更多是在今年年底。所以這只是被推出了。顯然，我們今年避免了進一步的建設成本承諾。然後，顯然，買方會相應地調整定價。

Okay. Okay. And then I know this isn't your project, but there's another transmission line proposal out up your way from Canada. Any thoughts on differences between, say, Northern Pass or any of the other proposals that have been made over a decade that you know of?

好的。好的。然後我知道這不是你的項目，但加拿大還有另一條輸電線路提案。對於北山口或您所知道的十多年來提出的任何其他提案之間的差異有什麼想法嗎？

Well, I mean we are not -- with the offtake. We're taking that power. And as we've always said, any time you inject 1,100 megawatts into the ISO or into the grid. That's good for all customers. It's clean energy that will be coming down from there. So it's a lot of the same players that are involved in that opposition. We'll leave it at that. But I will tell you that any type of injection of clean resources into our marketplace is a good day for us. It's a good day for our customers.

嗯，我的意思是我們沒有——承購。我們正在利用這種力量。正如我們一直所說的，任何時候向 ISO 或電網注入 1,100 兆瓦的電力。這對所有客戶都有好處。將從那裡流出的是清潔能源。因此，參與反對派的有很多相同的球員。我們就這樣吧。但我會告訴你，任何類型的清潔資源注入我們的市場對我們來說都是美好的一天。對於我們的客戶來說，這是美好的一天。

That was the last question we have this morning. So we want to thank you all for joining us. And if you have any follow-up questions, please reach out to Investor Relations. Thank you.

這是我們今天早上的最後一個問題。因此，我們要感謝大家加入我們。如果您有任何後續問題，請聯繫投資者關係部。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。