康涅狄格電力 (ES) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to Eversource Energy's Second Quarter 2023 Earnings Call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 Eversource Energy 2023 年第二季度財報電話會議。我叫艾米麗，今天我將協調您的電話。 （操作員說明）

I'll now turn the call over to our host, Investor Relations Director, Robert Becker. Please go ahead, Robert.

現在我將把電話轉給我們的主持人、投資者關係總監羅伯特·貝克爾。請繼續，羅伯特。

Good morning, and thank you for joining us. I'm Bob Becker, Eversource Energy's Director for Investor Relations. During this call, we'll be referencing slides 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. These 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. We undertake no obligation to update or revise any of these statements.

早上好，感謝您加入我們。我是鮑勃·貝克爾 (Bob Becker)，Eversource Energy 投資者關係總監。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。這些陳述基於管理層當前的預期，並受到風險和不確定性的影響，可能導致實際結果與預測和預測存在重大差異。我們不承擔更新或修改任何這些聲明的義務。

Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile to GAAP results is contained within our news release, 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有所不同的各種因素的更多信息以及我們對非GAAP 衡量標準的解釋以及它們如何與GAAP 結果相一致的信息包含在我們的新聞稿、我們昨晚發布的幻燈片以及我們最近的10-K 和10-Q。

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 is Jay Buth, our Vice President and Controller.

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。

Now I'll turn the call over to Joe.

現在我將把電話轉給喬。

Thank you, Bob, and thank you, everyone, for joining us on this call this morning. I hope that you're all having a good summer and can take some time off after earnings season. Today, we'd like to update you on our commitment to deliver value to our customers to achieve important objectives on both ESG and diversity, and our progress to close out the offshore wind sale process.

謝謝鮑勃，也謝謝大家今天早上加入我們的電話會議。我希望你們都度過了一個愉快的夏天，並且可以在財報季結束後休息一段時間。今天，我們想向您介紹我們為客戶提供價值以實現 ESG 和多元化重要目標的承諾，以及我們完成海上風電銷售流程的最新進展。

Starting on Slide 3. Here at Eversource, we are working tirelessly to deliver energy and clean water safely and reliably to our 4.4 million customers. Our steadfast focus on serving our customers well continues to deliver superior results in all aspects of our businesses in Connecticut, Massachusetts and New Hampshire. As you can see from the bottom of this slide, investments we have made over the past decade are greatly benefiting customers. The average months between interruption has increased significantly from 12 months in 2011 to nearly 20 months at the end of 2022, in over 2 years through the first half of 2023. As a result, this high performance level puts Eversource's reliability in the top decile compared to industry peers. In addition, when an outage occurs, the average duration experienced by customers has improved dramatically.

從幻燈片 3 開始。在 Eversource，我們不懈努力，為 440 萬客戶安全可靠地提供能源和清潔水。我們堅定不移地致力於為客戶提供良好的服務，繼續在康涅狄格州、馬薩諸塞州和新罕布什爾州的業務各個方面取得卓越的成果。正如您從這張幻燈片底部看到的那樣，我們在過去十年中所做的投資使客戶受益匪淺。截至2023 年上半年的兩年多時間裡，平均中斷間隔時間從2011 年的12 個月顯著增加到2022 年底的近20 個月。因此，這種高性能水平使Eversource 的可靠性在同類產品中名列前茅。給業界同行。此外，當發生中斷時，客戶經歷的平均持續時間也顯著改善。

Our relatively short average duration of outages also puts Eversource in the top decile compared to industry peers. This top decile level of reliability is a result of years of investment in the states in which we operate and the dedication and the high work of our skilled employees.

與行業同行相比，我們相對較短的平均中斷時間也使 Eversource 躋身前十分位。這種最高的十分之一可靠性水平是我們在運營所在州多年投資以及我們熟練員工的奉獻和辛勤工作的結果。

Turning to Slide 4, on the energy supply side of our customer bill. We're pleased that our customers have experienced some improvement in supply pricing in New England. Challenges due to natural gas supply constraints because of the war in Ukraine and the global market dynamics [led to us] winter's historically high energy prices here in New England. This summer, natural gas prices have moderated nicely, and we're seeing much lower electricity prices as a result.

轉向幻燈片 4，關於我們客戶賬單的能源供應方面。我們很高興我們的客戶在新英格蘭的供應定價方面有所改善。烏克蘭戰爭和全球市場動態造成的天然氣供應限制帶來的挑戰[導致]新英格蘭冬季能源價格創下歷史新高。今年夏天，天然氣價格大幅放緩，電價也隨之大幅下降。

In Connecticut and Massachusetts, new supply rates went into effect on July 1 and will remain in place through the end of the year. Supply rates for residential customers in Connecticut and Massachusetts decreased approximately 40% per kilowatt hour from January of this year to July 1 of this year. In New Hampshire, residential customers will see a decline of approximately 40% per kilowatt hour in the supply rate effective August 1. As a reminder, we purchased power on behalf of our customers in accordance with guidelines set by our state regulators, and we do not earn any profit from this portion of our customers' bill.

在康涅狄格州和馬薩諸塞州，新的供應費率於 7 月 1 日生效，並將持續到今年年底。從今年 1 月到今年 7 月 1 日，康涅狄格州和馬薩諸塞州住宅用戶的供電率每千瓦時下降了約 40%。在新罕布什爾州，自 8 月 1 日起，住宅客戶的供電率將下降約每千瓦時 40%。謹此提醒，我們根據州監管機構制定的指導方針代表客戶購買電力，並且我們確實這樣做不會從我們客戶的這部分賬單中賺取任何利潤。

We are very pleased that our customers have seen some cost relief this summer as it helps to offset customers' usage that is much higher in the summer than in the winter. And while 2023 prices have come down in recent months, we expect another seasonal increase in supply prices for this coming winter. Therefore, we remain focused on our industry-leading energy efficiency programs, and we're continuing to engage with policymakers to discuss long-term solutions.

我們很高興我們的客戶今年夏天看到了一些成本降低，因為這有助於抵消客戶在夏季比冬季高得多的使用量。儘管 2023 年的價格在近幾個月有所下降，但我們預計即將到來的冬季供應價格將再次出現季節性上漲。因此，我們仍然專注於行業領先的能源效率計劃，並繼續與政策制定者合作討論長期解決方案。

To that end, in June, Senior Lead has actively participated in the FERC-sponsored forum in Portland, Maine, on gas and electric reliability matters. The topics discussed include retaining existing natural gas infrastructure and new electric transmission infrastructure needed to connect onshore and offshore generation in other renewable energy resources. This was a very well-attended meeting that included all 4 FERC commissioners in the state energy policy leaders from across New England. We look forward to continuing the engagement with FERC and other key stakeholders to continue to advance this energy resource challenge for New England.

為此，6 月份，高級主管積極參加了 FERC 在緬因州波特蘭主辦的關於天然氣和電力可靠性問題的論壇。討論的主題包括保留現有的天然氣基礎設施和連接其他可再生能源的陸上和海上發電所需的新電力傳輸基礎設施。這是一次出席人數眾多的會議，與會者包括來自新英格蘭各地的州能源政策領導人中的所有 4 名 FERC 委員。我們期待繼續與 FERC 和其他主要利益相關者合作，繼續推動新英格蘭面臨的能源挑戰。

Turning to Slide 5. In June, we posted on Eversource's website, our 2022 sustainability report, along with our stand-alone diversity, equity and inclusion report. These publications highlight our commitment to leading environmental, social, equity and governance practices. We continue to make strong progress towards our 2030 carbon neutrality goal with 1/4 of the emissions already cut from our baseline year of 2018.

轉向幻燈片 5。6 月，我們在 Eversource 網站上發布了我們的 2022 年可持續發展報告，以及我們獨立的多樣性、公平和包容性報告。這些出版物凸顯了我們對領先環境、社會、公平和治理實踐的承諾。我們繼續在實現 2030 年碳中和目標方面取得重大進展，排放量已較 2018 年基準年減少了 1/4。

To continue progressing toward this target, we're focused on 5 key sources of emissions: line loss, natural gas leaks, energy use across our facilities, fuel use by our fleet and releases of sulfur hexafluoride that is used as an insulator in electrical equipment. The many initiatives we have implemented to drive emissions down are showing results. In fact, from 2021 to 2022, we've seen a 15% overall emissions reduction. These efforts have ranged from enabling more capacity for renewables on the grid to replacing aging leak-prone natural gas pipes to investing in hybrid vehicles and procuring renewable energy for our buildings.

為了繼續實現這一目標，我們重點關注 5 個主要排放源：線路損耗、天然氣洩漏、我們設施的能源使用、我們車隊的燃料使用以及用作電氣設備絕緣體的六氟化硫的排放。我們為減少排放而實施的許多舉措正在取得成效。事實上，從 2021 年到 2022 年，我們的總體排放量減少了 15%。這些努力的範圍包括增加電網可再生能源的容量、更換老化、容易洩漏的天然氣管道、投資混合動力汽車以及為我們的建築物採購可再生能源。

We're also pursuing innovative solutions such as a pilot project featuring a first-of-its-kind sulfur hexafluoride-free breaker used in our electric system. And we continue to explore solutions that will enable a decarbonized heating sector. These include our geothermal pilot and evaluating the potential to replace natural gas with low or zero carbon molecules.

我們還在尋求創新的解決方案，例如在我們的電力系統中使用首個無六氟化硫斷路器的試點項目。我們將繼續探索能夠實現供暖行業脫碳的解決方案。其中包括我們的地熱試點以及評估用低碳或零碳分子替代天然氣的潛力。

As many of you know, we're also expanding our emission reduction efforts through the commitment to adopt an ambitious science-based target. Committing to a science-based target is a best practice that places us among a handful of industry leaders in the U.S., and we plan to have our targets submitted by 2024.

正如你們許多人所知，我們還通過承諾採用雄心勃勃的基於科學的目標來擴大我們的減排努力。致力於基於科學的目標是一種最佳實踐，使我們躋身美國少數行業領導者之列，我們計劃在 2024 年之前提交我們的目標。

Turning now to our clean energy effort. In 2022, we invested nearly $800 million in clean energy, including offshore wind, battery storage, electric vehicle charging and first-of-a-kind utility-scale network geothermal energy pilot in Massachusetts. Although we announced our plans to divest of offshore wind assets, Eversource remains committed to supporting the development of important regional clean energy solutions.

現在談談我們在清潔能源方面的努力。 2022 年，我們在清潔能源領域投資近 8 億美元，包括海上風電、電池存儲、電動汽車充電以及馬薩諸塞州首個公用事業規模網絡地熱能試點。儘管我們宣布了剝離海上風電資產的計劃，但 Eversource 仍然致力於支持重要的區域清潔能源解決方案的開發。

Slide 6, reflects the many clean energy initiatives underway in Massachusetts to enable the clean energy transition. As you can see on this slide, Massachusetts has a constructive regulatory framework that will facilitate over $2 billion of clean energy investments over the next 5 years. This includes approximately $200 million, our FERC-approved transmission projects that would enable offshore wind generation to interconnect to our grid.

幻燈片 6 反映了馬薩諸塞州正在進行的許多清潔能源舉措，以實現清潔能源轉型。正如您在這張幻燈片中看到的，馬薩諸塞州擁有建設性的監管框架，將在未來 5 年內促進超過 20 億美元的清潔能源投資。這包括約 2 億美元的 FERC 批准的輸電項目，該項目將使海上風力發電能夠與我們的電網互連。

We could potentially see an additional $350 million of transmission investment when Massachusetts issues, its next RFP for additional offshore wind generation. And certainly, we can expect this transmission interconnection need to grow as additional offshore generation is procured for the region. We continue to emphasize the need for system investments to support increased electrification and distributed generation to help ease the current reliance on natural gas generation in the region.

當馬薩諸塞州發布下一份關於額外海上風力發電的 RFP 時，我們可能會看到額外 3.5 億美元的輸電投資。當然，隨著該地區採購額外的海上發電，我們可以預期這種輸電互連需求將會增長。我們繼續強調需要進行系統投資來支持增加電氣化和分佈式發電，以幫助緩解該地區目前對天然氣發電的依賴。

Here at Eversource, while we are focused on enabling clean energy transition, we're also focused on enabling an equitable transition. This means protecting communities, industries and people that are at risk of being disadvantaged in the clean energy transition.

在 Eversource，我們在專注於實現清潔能源轉型的同時，也致力於實現公平的轉型。這意味著保護在清潔能源轉型中可能處於不利地位的社區、行業和人民。

Now moving to offshore wind. As you see here on Slide 7, we continue to make progress in the development of our offshore wind projects through our joint venture with Ørsted. We recently achieved some major milestones with the South Fork Wind project. Construction of the project's U.S. built onshore substation and transmission cable is complete and the installation of the offshore substation and the subsea transmission cable were recently completed. Additionally, wind turbine preassembly is underway in New London, Connecticut, and installation of offshore towers will begin soon.

現在轉向海上風電。正如您在幻燈片 7 中看到的那樣，我們通過與 ärsted 的合資企業繼續在海上風電項目的開發方面取得進展。最近，我們在南福克風項目中實現了一些重大里程碑。該項目美國建造的陸上變電站和輸電電纜已竣工，海上變電站和海底輸電電纜的安裝已於近期完成。此外，康涅狄格州新倫敦正在進行風力渦輪機預組裝，海上塔架的安裝也將很快開始。

South Fork Wind is on track to become the nation's first completed utility-scale offshore wind farm in Federal waters and will soon deliver enough clean renewable energy to power nearly 70,000 homes. Also, we continue to make good progress on our Revolution Wind project. As on July 17, we received the environmental impact statement from BOEM, setting the process for our record of decision and construction and operations plan approvals over the next few months.

South Fork Wind 有望成為美國聯邦水域內第一個竣工的公用事業規模海上風電場，並將很快提供足夠的清潔可再生能源，為近 70,000 個家庭供電。此外，我們的革命風項目繼續取得良好進展。截至 7 月 17 日，我們收到了 BOEM 的環境影響報告，為我們未來幾個月的決策記錄以及建設和運營計劃審批制定了流程。

In May, we announced the sale of our uncommitted lease area to Ørsted for $625 million in an all-cash transaction. Last week, we received Federal approval on the lease transaction clearing the way toward closing. We are now working on finalizing the transaction for the sale of our interest in the 3 development projects.

5 月，我們宣布以 6.25 億美元的全現金交易將我們的未承諾租賃區域出售給 ärsted。上週，我們獲得了聯邦政府對租賃交易的批准，為完成交易掃清了道路。我們目前正在努力完成出售我們在 3 個開發項目中的權益的交易。

We have substantially completed the due diligence phase and commercial terms on this transaction. We are now truly near the goal line of wrapping up this deal. We are now working through the various agreements needed to complete this transaction and expect to make an announcement soon.

我們已基本完成本次交易的盡職調查階段和商業條款。我們現在真正接近完成這筆交易的目標線。我們現在正在製定完成這項交易所需的各種協議，並預計很快就會發佈公告。

Moving to Slide 8. As you can see here, the expected spending in in-service dates have not changed for the 3 offshore wind projects. But what has changed is that our procurement costs for the 3 projects are now at 93% as we are getting close to commencing construction activities on Revolution Wind. John will discuss the path forward toward our sale of these projects as well as some visibility on the impairment charge on the offshore wind investments.

轉到幻燈片 8。正如您在此處看到的，3 個海上風電項目的投入運營日期的預期支出沒有變化。但變化的是，隨著我們即將開始“革命之風”的建設活動，我們這 3 個項目的採購成本現在為 93%。約翰將討論我們出售這些項目的前進道路，以及海上風電投資減值費用的一些可見性。

In closing, as we continue our focus toward enabling a clean energy future, our nearly 10,000 employees, and I have 1 goal in mind to serve our customers well. That means making sure we understand our customers' needs, continuing to provide reliable and safe service and making the necessary investments to deliver energy and clean water today, tomorrow and for the years to come. We've made a commitment to make the appropriate investments to enable the transition into Clean Energy future. I couldn't be prouder of the effort that the Eversource team performs every day, and I look forward to the future with great excitement.

最後，當我們繼續致力於實現清潔能源的未來時，我們的近 10,000 名員工和我心中都有一個目標，那就是為我們的客戶提供良好的服務。這意味著我們要確保了解客戶的需求，繼續提供可靠和安全的服務，並進行必要的投資，以在今天、明天和未來幾年提供能源和清潔水。我們承諾進行適當的投資，以實現向清潔能源未來的過渡。我為 Eversource 團隊每天所做的努力感到無比自豪，我對未來充滿興奮。

Thank you again for your time, and I will now turn the call over to John Moreira.

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. Today, I will review our results for the second quarter of 2023, including our offshore wind impairment charge. And I'll also discuss our recent offshore lease sale transaction, give you a status update and review our 2023 financing activity.

謝謝你，喬，大家早上好。今天，我將回顧我們 2023 年第二季度的業績，包括我們的海上風電減值費用。我還將討論我們最近的離岸租賃銷售交易，為您提供最新狀態並回顧我們 2023 年的融資活動。

So let me start with Slide 9, our GAAP earnings were $0.04 per share in the second quarter of 2023 compared with GAAP earnings of $0.84 in the second quarter of 2022. As we announced in May, based on our completion of the offshore wind strategic review and the status of the pending project sale process, the results for the second quarter include an after-tax impairment charge of $0.95 per share related to Eversource Energy's total offshore wind investment. I will review details of this impairment in a few minutes.

讓我從幻燈片9 開始，我們2023 年第二季度的GAAP 收益為每股0.04 美元，而2022 年第二季度的GAAP 收益為0.84 美元。正如我們在5 月份宣布的，基於我們完成的海上風電戰略審查以及待定項目銷售流程的狀態，第二季度的業績包括與 Eversource Energy 海上風電投資總額相關的每股 0.95 美元的稅後減值費用。我將在幾分鐘內查看此損傷的詳細信息。

Results for both years include transaction and transition costs related to the acquisition of Eversource's Gas Company of Massachusetts and other charges that totaled $6.2 million in the second quarter of 2023 compared with $5.5 million in the second quarter of 2022. Absent these charges, and the offshore wind impairment, our recurring earnings were $1 per share in the second quarter of this year compared with $0.86 in the second quarter of last year.

兩年的業績包括與收購馬薩諸塞州 Eversource 天然氣公司相關的交易和過渡成本以及其他費用，2023 年第二季度總計 620 萬美元，而 2022 年第二季度總計 550 萬美元。由於風電減值，今年第二季度我們的經常性收益為每股1 美元，而去年第二季度為0.86 美元。

Looking at some additional details on the second quarter recurring earnings by segment, starting with our electric transmission segment, which earned $0.46 per share in the second quarter of 2023 compared with earnings of $0.44 per share in the second quarter of 2022. Improved results were driven by our continued investment in Eversource's electric transmission system to maintain high reliability performance for our customers.

按部門查看第二季度經常性收益的一些其他詳細信息，首先從我們的電力傳輸部門開始，該部門在2023 年第二季度的每股收益為0.46 美元，而2022 年第二季度的每股收益為0.44 美元。通過我們對 Eversource 電力傳輸系統的持續投資，為我們的客戶保持高可靠性性能。

Our second quarter 2023 electric distribution earnings were $0.47 per share compared with $0.37 in the second quarter of last year. The improved results were primarily due to higher revenues, mainly from base distribution rate increases at NSTAR Electric, and expected favorable -- unexpected favorable regulatory decision in New Hampshire that provided the recovery of previously expensed costs and lower O&M as a result of lower storm restoration costs. These benefits were partially offset by higher interest expense, depreciation and property taxes.

我們 2023 年第二季度的配電收益為每股 0.47 美元，而去年第二季度為 0.37 美元。業績改善主要是由於收入增加，主要來自NSTAR Electric 基本分配率的增加，以及新罕布什爾州預期有利的、意想不到的有利監管決定，該決定恢復了之前支出的成本，並因風暴恢復程度較低而降低了運營和維護成本成本。這些好處被較高的利息支出、折舊和財產稅部分抵消。

Our natural gas distribution segment earned $0.03 per share in the second quarter of 2023 compared with earnings of $0.02 in the second quarter of last year. The improved second quarter results were due primarily to higher revenues from capital tracking mechanisms, supporting our continued investments in Massachusetts natural gas infrastructure as well as lower non-tracked O&M expense. These benefits were partially offset by higher depreciation, interest and property tax expense.

我們的天然氣分銷部門 2023 年第二季度的每股收益為 0.03 美元，而去年第二季度的收益為 0.02 美元。第二季度業績的改善主要歸因於資本跟踪機制的收入增加，支持我們對馬薩諸塞州天然氣基礎設施的持續投資以及非跟踪運營和維護費用的降低。這些好處被較高的折舊、利息和財產稅費用部分抵消。

Moving on to our water distribution segment that earned $0.03 per share in the second quarter of this year, really at the same level that we earned in the second quarter of last year.

接下來是我們的供水部門，今年第二季度每股收益為 0.03 美元，與去年第二季度的收益水平相當。

Eversource parent and other companies' earnings were $0.01 per share in the second quarter of 2023 compared with flat earnings in the second quarter of 2022. Excluding the offshore wind impairment charge and the transaction and transition charges as I previously discussed. Improved second quarter results primarily reflect a lower effective tax rate, the residual benefit of a disposition of Eversource's interest in a clean energy fund, partially offset by higher interest expense.

Eversource 母公司和其他公司 2023 年第二季度的每股收益為 0.01 美元，而 2022 年第二季度的收益持平。不包括我之前討論過的海上風電減值費用以及交易和過渡費用。第二季度業績的改善主要反映了有效稅率的降低、Eversource 清潔能源基金權益處置的剩餘收益，但部分被較高的利息支出所抵消。

Now turning to Slide 10, to further expand on what Joe covered on the sale of our 50% interest in approximately 175 acres of undeveloped -- uncommitted lease area to Ørsted for $625 million in an all-cash deal. We have executed a letter of intent with Ørsted to use a portion of the proceeds from the lease area to provide tax equity to the South Fork project through a new tax equity ownership interest that we are finalizing the terms of this new agreement as we speak.

現在轉向幻燈片 10，進一步擴展喬以 6.25 億美元的全現金交易將我們在約 175 英畝未開發、未承諾租賃區域中的 50% 權益出售給阿斯特德的情況。我們已經與 ärsted 簽署了一份意向書，使用租賃區的部分收益通過新的稅收股權所有權權益為 South Fork 項目提供稅收股權，我們正在敲定這份新協議的條款，因為我們說話。

On July 27, we received approval from the Committee on Foreign Investment in the U.S. or CFIUS that allows us to close on both the lease area as well as the tax equity investment in South Fork later this month or early September. As part of completing our offshore wind strategic review, Eversource evaluated its aggregate investment in the contracted projects, the uncommitted lease area and other related capitalized costs and determine that the carrying value of the offshore wind investment exceeded its carrying value. The current estimate of fair value has been based on the sale price of the uncommitted lease area, the expected sale price of Eversource's 50% interest in the 3 contracted projects based on the most recent deal pricing, investment tax credit qualifications for potential adders and the expectation of a successful repricing of the Sunrise Wind OREC contract.

7 月 27 日，我們獲得了美國外國投資委員會或 CFIUS 的批准，允許我們在本月晚些時候或 9 月初完成南福克的租賃區以及稅務股權投資。作為完成海上風電戰略審查的一部分，Eversource評估了其對合同項目的總投資、未承諾的租賃面積和其他相關資本化成本，並確定海上風電投資的賬面價值超過其賬面價值。目前的公允價值估計是基於未承諾租賃區域的銷售價格、Eversource 在 3 個合同項目中的 50%權益的預期銷售價格（基於最近的交易定價）、潛在增加者的投資稅收抵免資格以及預計Sunrise Wind OREC 合約將成功重新定價。

As a result, Eversource recognized an after-tax impairment charge of $331 million or $0.95 per share in the second quarter of this year. This charge will have no -- will not have any impact on our cash flows from operations. We have made good progress on advancing the sale of our existing 50% interest in the 3 contracted offshore wind projects. As Joe mentioned, the due diligence phase is now substantially complete and behind us and we are advancing the transaction documentation. This process is complex with multiple agreements that must be completed at the same time, such as a replacement joint venture agreement.

因此，Eversource 在今年第二季度確認了 3.31 億美元的稅後減值費用，即每股 0.95 美元。這項費用不會對我們的運營現金流產生任何影響。我們在推進出售 3 個海上風電合同項目現有 50%權益方面取得了良好進展。正如喬所提到的，盡職調查階段現已基本完成並已經過去，我們正在推進交易文件。這個過程很複雜，必須同時完成多項協議，例如替代合資協議。

We recognize this process has taken a bit longer than expected, but we are now -- but we are not going to rush through this documentation phase. It's important for us to have all agreements in a good place. With that said, we continue to remain focused on completing the final phase of this process. And once again, as Joe mentioned, we expect to announce the transaction soon. As a reminder, our total offshore wind investment after accounting for the impairment charge is approximately $2.1 billion as of June 30 of this year.

我們認識到這個過程比預期花費的時間要長一些，但我們現在——但我們不會匆忙完成這個文檔階段。對我們來說，將所有協議落實到一個好的地方非常重要。儘管如此，我們仍將繼續專注於完成這一過程的最後階段。正如喬再次提到的，我們預計很快就會宣布這筆交易。需要提醒的是，截至今年 6 月 30 日，扣除減值費用後，我們的海上風電投資總額約為 21 億美元。

Now turning to Slide 11. We are maintaining our full year guidance of $4.25 to $4.43 per share with a somewhat different quarterly earnings profile from 2022 due to a rate change, as I previously discussed in our first quarter call. As a reminder, the rate change -- the rate design change at NSTAR Electric became effective at the beginning of this year, which eliminated higher summertime demand charges. This change shifts $0.08 per share of after-tax revenues out of the third quarter and into the first and fourth quarter and roughly equal $0.04 per share split. There is no impact on the rate design change on the second quarter or the full year results.

現在轉向幻燈片 11。正如我之前在第一季度電話會議中所討論的那樣，我們維持每股 4.25 美元至 4.43 美元的全年指導，但由於利率變化，季度盈利狀況與 2022 年略有不同。提醒一下，費率變化——NSTAR Electric 的費率設計變化於今年年初生效，消除了夏季較高的需求費用。這一變化將每股 0.08 美元的稅後收入從第三季度轉移到第一和第四季度，大致相當於每股 0.04 美元的分割。費率設計變更對第二季度或全年業績沒有影響。

In addition to reaffirming our long-term EPS growth rate 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 shared during our February earnings call. Capital expenditures totaled -- has totaled about $1.98 billion in the first half of 2023.

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 月份的財報電話會議上分享的 215 億美元的 5 年期監管資本計劃。 2023 年上半年資本支出總額約為 19.8 億美元。

Moving to Slide 12. Here, we highlight several factors that we expect will contribute to an improvement in cash flows in 2023 as compared to 2022. We expect an improvement over last year's in the ratio of funds from operation relative to total debt levels. Items we are highlighting on this slide include absence of 2022 onetime cash outflow items, net proceeds from the sale of our offshore wind investment, both the projects and for lease area that will be used to lower debt balances, monetization of South Fork Wind investment tax credits, higher storm cost recoveries and distribution rate increases and the remaining equity issuance that we have discussed.

轉向幻燈片 12。在這裡，我們強調了我們預計將有助於 2023 年現金流較 2022 年改善的幾個因素。我們預計運營資金相對於總債務水平的比率將比去年有所改善。我們在這張幻燈片上強調的項目包括不存在2022 年一次性現金流出項目、出售海上風電投資（包括將用於降低債務餘額的項目和租賃面積）的淨收益、南福克風電投資稅的貨幣化信貸、更高的風暴成本回收和分配率增加以及我們討論過的剩餘股權發行。

As you are all aware, over the past several years, we have experienced several significant storm events having an adverse impact on our cash flows, with a sizable deferred storm balance in Connecticut alone had approximately $900 million at the end of June. Our dedicated employees and the external contractor resources we depend upon to restore service to our customers safely and efficiently, which comprise the vast majority of the level of deferred costs do an incredible job working around the clock in these severe weather events, but that does come at a cost.

眾所周知，在過去的幾年裡，我們經歷了幾次重大風暴事件，對我們的現金流產生了不利影響，截至 6 月底，僅康涅狄格州的延期風暴餘額就達到了約 9 億美元。我們敬業的員工和外部承包商資源是我們安全、高效地恢復為客戶提供服務所依賴的，其中絕大多數是遞延成本，在這些惡劣的天氣事件中，我們全天候工作，完成了令人難以置信的工作，但這確實發生了需要付出一定的代價。

In terms of the year-to-date financing activity, please turn to Slide 13. As you can see here in early May, we issued $1.8 billion of parent debt in 3 tranches at coupon rates ranging from 4.75% to 5.45%, and we retired $450 million of parent company debt. Our expectation is that debt issuances will be much, much lower in the second half of 2023. We have issued no additional equity under our ATM program through July of this year. We remain committed to completing the remaining $1 billion in our ATM program. In addition, we anticipate raising additional equity through our dividend reinvestment and employee incentive programs used in treasury shares. And through July, we have issued 647,000 shares.

就今年迄今的融資活動而言，請參閱幻燈片 13。正如您在 5 月初所看到的，我們分 3 期發行了 18 億美元的母公司債務，票面利率從 4.75% 到 5.45% 不等。償還了4.5 億美元的母公司債務。我們的預期是，2023 年下半年的債務發行量將大大降低。截至今年 7 月，我們尚未根據 ATM 計劃發行任何額外股票。我們仍然致力於完成 ATM 計劃剩餘的 10 億美元。此外，我們預計通過股息再投資和庫存股中使用的員工激勵計劃籌集額外股本。截至 7 月份，我們已發行 647,000 股。

Thank you very much for joining us this morning, and I look forward to seeing many of you soon. I will now turn the call over to Bob for Q&A.

非常感謝您今天早上加入我們，我期待很快見到你們中的許多人。我現在將把電話轉給鮑勃進行問答。

Thanks, John. I'll now turn the call back to Emily to begin Q&A.

謝謝，約翰。現在我將把電話轉回艾米麗以開始問答。

(Operator Instructions) Our first question comes from the line of Shahriar Pourreza with Guggenheim Partners.

（操作員說明）我們的第一個問題來自 Shahriar Pourreza 和 Guggenheim Partners 的線路。

Can you hear me?

你能聽到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Just a couple of questions here. Perfect. Joe, just given the uncertainty that we're seeing nationally around just the offshore wind with a lot of project cancellations and renegotiations. How -- I guess, how confident are you that you get this transaction across the finish line at a reasonable price? And what does this sort of mean for the growth rate and the remaining portion of the ATM as is stands. So do you see kind of any situation post this deal, where we could see incremental financing or impact of how you manage around the 5% to 7% EPS growth rate?

這裡只有幾個問題。完美的。喬，考慮到我們在全國范圍內看到的海上風電的不確定性，有很多項目被取消和重新談判。我想，您對以合理的價格完成這筆交易有多大信心？這對於增長率和 ATM 的剩餘部分意味著什麼？那麼，您是否認為這筆交易後會出現任何情況，我們可以看到增量融資或您管理 5% 至 7% 每股收益增長率的方式的影響？

Yes. Well, thank you, Shahriar, and I want to thank everybody for their patience around this complex offshore wind sale. And it's been very, very complex. It involves multiple agreements that all have to be aligned, and we want to be sure that we get the most money for our shareholders out of that exit. And we remain focused on completing this transaction to the point -- we're not going to let John Moreira take any summer vacation until he has it all taken care of.

是的。好吧，謝謝你，Shahriar，我要感謝大家對這個複雜的海上風電銷售的耐心。這非常非常複雜。它涉及多項協議，所有協議都必須保持一致，我們希望確保我們的股東從退出中獲得最多的錢。我們仍然專注於完成這筆交易——在約翰·莫雷拉處理完所有事情之前，我們不會讓他放暑假。

But back on one point here, this region is so dependent on natural gas for electric generation and that shift has to come, it has to come in some form of alternative generation. And that's where wind, given the energy factors in this region, we can -- you get a wind availability factor out there of 49% to 50% in the winter months, it's even greater when we peak. So we feel very strongly that wind is going to play a major role as we transition to this clean energy environment.

但回到這裡的一點，該地區非常依賴天然氣發電，這種轉變必須到來，必須以某種形式的替代發電方式出現。這就是風能，考慮到該地區的能源因素，我們可以在冬季獲得 49％ 至 50％ 的風能可用性係數，當我們達到峰值時，該係數甚至更高。因此，我們強烈認為，在我們向清潔能源環境過渡的過程中，風能將發揮重要作用。

It performs especially well for us and for our customers. So I don't see any anyone taking their foot off the gas. The policymakers are very, very excited about wind. So I don't see that whining. And I really feel the appetite for wind assets, although there's been a few that have decided not to go forward. There are -- as you know, we're out there, very actively building. I was excited to get a lot of reports out of -- the foundation is being installed for the new substation. And we are -- we will be the first offshore wind company in service in the fall, which is very, very exciting to me. So there are many parties that remain committed to offshore wind.

它對我們和我們的客戶來說表現尤其出色。所以我沒有看到有人停下來。政策制定者對風能非常非常興奮。所以我沒有看到那種抱怨。我確實感受到了對風能資產的興趣，儘管有一些已經決定不再繼續發展。如您所知，我們正在非常積極地建設。我很高興收到很多報告——正在為新變電站安裝地基。我們將成為秋季第一家投入運營的海上風電公司，這對我來說非常非常令人興奮。因此，許多各方仍然致力於海上風電。

Our offshore wind leases are very, very priced assets. They sit in an area that has all the fundamentals necessary to deliver great wind speeds for any future bias. So that's why we feel good that it will continue to do well here. So all in all, it's going to take place. It didn't take place, obviously, at the pace that all of us would have liked it to take place, but I just want to promise you that we are here at the 1 yard line and we are getting it over the goal.

我們的海上風電租賃是非常非常昂貴的資產。它們所在的區域具備為未來任何偏差提供大風速所需的所有基礎設施。這就是為什麼我們感覺良好，因為它將在這裡繼續表現良好。總而言之，這將會發生。顯然，這並沒有以我們所有人都希望發生的速度發生，但我只想向你們保證，我們就在 1 碼線處，我們正在越過球門。

I think some of the analysis that we made today should give you greater clarity as to how much we really know about this transaction. This really is the final stage. We are really focused on redeploying the proceeds for a debt paydown, and we're reaffirming our $1 billion equity issuance that we provided to you on the year-end 2022 earnings call. So for that reason, I'm very confident that we'll complete the deal sooner. And thank you again for your patience, Shahriar.

我認為我們今天所做的一些分析應該能讓您更清楚地了解我們對這筆交易到底了解多少。這確實是最後階段了。我們真正專注於重新部署收益以償還債務，並且我們重申我們在 2022 年年底財報電話會議上向您提供的 10 億美元股票發行。因此，我非常有信心我們會更快完成交易。再次感謝您的耐心等待，Shahriar。

No. Joe, I guess, are you comfortable with the current financing that's out there and the growth rate post this transaction? I mean obviously, you're still dotting your Is and crossing your Ts, but I think investor won't understand...

不，喬，我想，您對當前的融資情況以及交易後的增長率感到滿意嗎？我的意思是，很明顯，你仍然在打點“Is”並跨越“T”，但我認為投資者不會理解......

Yes, we are. We are fully confident on that. Yes, we are fully confident in that and there's no change.

是的我們是。我們對此充滿信心。是的，我們對此充滿信心，而且沒有任何改變。

Okay. Perfect. And then just lastly, obviously, you've highlighted this deal is taking a lot longer to get over the finish line and there's obviously a lot of investor angst over the contingencies and downside exposure. I guess can you just maybe elaborate what remains on the negotiation side. How much of this kind of falls on Ørsted, which is kind of out of your control and do you see the contingencies as being reasonable at this point in the discussion as we're thinking about upside and downside?

好的。完美的。最後，顯然，您強調了這筆交易需要更長的時間才能完成，而且投資者顯然對意外事件和下行風險感到擔憂。我想你能否詳細說明一下談判方面剩下的內容。這種情況有多少是由阿斯特德承擔的，這有點超出你的控制範圍，在我們考慮上行和下行的討論中，你認為這些意外事件是合理的嗎？

John?

約翰？

Yes, sure. Shahriar, this is John. So yes, I mean, there are -- as Joe mentioned and I mentioned in my formal remarks, there are a multitude of agreements that needs to be executed in conjunction with our purchase and sale agreement, some of which we do not -- we will not be a party to. So those -- but we will help facilitate those working with the buyer to make sure that they get to a good place with Ørsted.

是的，當然。沙赫里亞爾，這是約翰。所以，是的，我的意思是，正如喬和我在正式發言中提到的那樣，有許多協議需要與我們的採購和銷售協議一起執行，其中一些我們沒有——我們不會成為一方。所以這些 - 但我們將幫助促進那些與買家合作的人，以確保他們與 ärsted 達成良好的協議。

As far as the contingencies, what's on the table right now, and we're not here to disclose those components because we have an -- we do not have an executed agreement. But I think we feel comfortable with that we can manage those well with Ørsted. And they -- both pluses and minuses, downside and upside, and we feel comfortable what will ultimately be agreed to.

至於意外情況，目前擺在桌面上的是什麼，我們不會在這裡披露這些組成部分，因為我們有一個——我們沒有執行的協議。但我認為我們對可以與奧斯特德一起很好地管理這些感到滿意。它們都有優點和缺點，有缺點和優點，我們對最終達成的協議感到滿意。

Our next question comes from Steve Fleishman with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的史蒂夫·弗萊什曼。

So just -- I think you mentioned that the impairment that you took on the offshore wind assumes you get the New York restructuring as well as the ITC adders. Is there any way to get a sense of what the investment level would be if you don't get those?

所以，我想你提到過，你對海上風電的減值假設你得到了紐約重組以及 ITC 加法器。如果您沒有獲得這些，是否有什麼方法可以了解投資水平？

Yes, Steve. So that is correct. We have included both of those components in our impairment analysis. And obviously, in order for us to be in a position to do that, there needs to be a certain level of conviction and probability, and on both of those, we feel very, very good about. I would say, on average, I mean, folks can certainly calculate it but it's probably $400 million apiece, $400 million.

是的，史蒂夫。所以這是正確的。我們已將這兩個組成部分納入減值分析中。顯然，為了讓我們能夠做到這一點，需要有一定程度的信念和可能性，在這兩方面，我們都感覺非常非常好。我想說的是，平均而言，人們當然可以計算出來，但每個人可能是 4 億美元，4 億美元。

Okay. Understood. That's helpful color also on the probability part. And then my other question, John, just on the FFO-to-debt slide, that's very helpful in terms of the drivers. Is there any way to get a better sense of start and end points there or kind of the scale of any of those your driver buckets there?

好的。明白了。這對於概率部分也很有幫助。然後我的另一個問題，約翰，就 FFO 到債務幻燈片而言，這對驅動因素非常有幫助。有沒有什麼方法可以更好地了解那裡的起點和終點，或者你的司機在那裡的任何一個桶的規模？

Yes. And I think some of those items we have already shared, and they might even be disclosed in our 10-Q. But I would size kind of the first category these one timers that we experienced in 2022 that we will not materialize in '23, I would say, at least $0.25 billion, so $250 million goes away. The 3 categories of those where we were as part of the 2021 Connecticut CL&P settlement agreement we still had half a year of refunds in 2022. That's been -- that fees. So that's behind us. So that was about 70-some-odd million, $78 million.

是的。我認為其中一些項目我們已經分享過，甚至可能會在我們的 10-Q 中披露。但我會估計我們在 2022 年經歷的第一類計時器的規模，我們不會在 23 年實現，我想說，至少 2.5 億美元，所以 2.5 億美元消失了。作為 2021 年康涅狄格州 CL&P 和解協議的一部分，我們在 2022 年仍有半年的退款時間。這就是費用。這就是我們身後的事了。所以這大約是七十多萬，七千八百萬美元。

We made early on in 2022, some capital contributions, which we don't expect to make at least for the foreseeable future. And then we had another property tax settlement in Massachusetts to the tune of about another $7 -- $70 million that will not materialize this year. So that's that first category.

我們在 2022 年初做出了一些出資，但我們預計至少在可預見的未來不會做出這些出資。然後我們在馬薩諸塞州達成了另一項財產稅和解協議，金額約為 7 至 7000 萬美元，但今年不會實現。這就是第一類。

And I think all the other ones, when you look at rate adjustments, cost recovery of previously deferred costs. Those are starting to kick in. So in Massachusetts, as part of the rate case, we have close to $400 million rolling into rates, we had a piece of it that took effect earlier this year, and we have another chunk that will take effect January 1, 2024.

我認為所有其他問題，當你考慮費率調整、先前遞延成本的成本回收時。這些正在開始發揮作用。因此，在馬薩諸塞州，作為利率案例的一部分，我們有近 4 億美元進入利率，其中一部分已於今年早些時候生效，還有另一部分將生效2024 年 1 月 1 日。

So I think if you factor those items then and -- clearly, the biggest immediate improvement in our cash flow is going to be the closing of these 2 transactions, the offshore wind transaction. So those are all the items. And obviously, as we've said, we still have $1 billion left under our ATM program to be executed. So all of those items gives me confident that we will certainly move in the right direction from an FFO to debt.

因此，我認為，如果考慮到這些項目，那麼顯然，我們現金流的最大直接改善將是這兩筆交易的完成，即海上風電交易。這些就是所有的項目。顯然，正如我們所說，我們的 ATM 計劃仍有 10 億美元需要執行。因此，所有這些都讓我充滿信心，我們一定會朝著正確的方向從 FFO 轉向債務。

Our next question comes from Durgesh Chopra with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Durgesh Chopra。

John, just really quickly, you mentioned as part of the impairment charge, you assumed repricing on the Sunrise Wind. Can you just walk us through what the steps are? What are the next sort of milestones are as you kind of have filed for that repricing? And then what does that mean? Is that $400 million related to that repricing, if that's what you've quantified it as?

約翰，很快，您提到作為減值費用的一部分，您假設對日出風進行重新定價。您能給我們介紹一下步驟嗎？當您申請重新定價時，下一個里程碑是什麼？那麼這意味著什麼呢？如果您這麼量化的話，這 4 億美元是否與重新定價有關？

Yes. So first, let me say that the process is underway. There is a schedule out there that [NiSource] has posted, which could render a decision as soon as October and November. So we expect something to be known by -- certainly by the end of this year. So dependent on what the approval is, we think it could be in the $400 million to $450 million range. So I think discovery is taking place. There's been some requests. So we're going through that phase, Ørsted is going through that phase right now. And so the other bidder as well, we're all in the same procedural schedule.

是的。首先，我要說的是，這個過程正在進行中。 [NiSource] 已經發布了一個時間表，最快可能在 10 月和 11 月做出決定。因此，我們希望在今年年底之前能夠知道一些事情。因此，根據批准的內容，我們認為其金額可能在 4 億至 4.5 億美元之間。所以我認為發現正在發生。已經有一些要求了。所以我們正在經歷這個階段，rsted 現在正在經歷這個階段。因此，其他投標人也是如此，我們都處於相同的程序安排中。

Got it. And then just switching gears. You mentioned roughly like $900 million in the deferred storm costs balance, and I know there is filing coming up in Connecticut. Maybe can you just talk to that? And what is the path to recovery and time line of those costs?

知道了。然後只是切換齒輪。您提到了大約 9 億美元的延期風暴成本餘額，我知道康涅狄格州即將提交申請。也許你可以談談這個嗎？這些成本的回收途徑和時間表是什麼？

Well, the normal process in Connecticut is you will commence recovery of storm costs as part of a general rate proceeding. And what we've done in the past is we filed for a prudency. So it's uncertain right now, we're still compiling all of the necessary data that's needed for that process to take place. But suffice it to say that you will -- the recovery of those costs will happen when there's a general rate proceeding. And as we've said, that will -- the earliest that will happen will be end of 2025.

好吧，康涅狄格州的正常流程是，您將開始收回風暴成本，作為一般費率程序的一部分。我們過去所做的就是謹慎行事。所以現在還不確定，我們仍在編譯該過程發生所需的所有必要數據。但只要說你會的——當進行一般利率程序時，這些成本就會收回。正如我們所說，這最早會在 2025 年底實現。

Got it. So as part of your cash flow walk, there's nothing there like '22 to '23, and then in terms of just improvement from recovery of those costs. That's more longer term dated.

知道了。因此，作為現金流行走的一部分，沒有什麼比“22 到 23”更好的了，然後就從這些成本的回收中得到的改善而言。那是更長期的。

That balance is more longer-term dated. We do have some cost recovery in base rates, embedded in base rates with CL&P, but it's not significant to recover that anytime soon.

這種平衡的期限更為長遠。我們確實在基本費率方面進行了一些成本回收，並將其嵌入到 CL&P 的基本費率中，但短期內恢復這一點並不重要。

The next question comes from David Arcaro with Morgan Stanley.

下一個問題來自摩根士丹利的大衛·阿卡羅。

I was wondering -- are you still expecting $2.1 billion to $2.4 billion in CapEx in that 2024 to 2026 period that I think you disclosed previously and our returns still at that same level in the 11% to 13% ROE range?

我想知道- 您是否仍然預計2024 年至2026 年期間的資本支出為21 億至24 億美元，我認為您之前披露過，並且我們的回報率仍處於11% 至13% ROE 範圍內的同一水平？

Are we refer -- David, is this for offshore wind?

我們是否要提及 - 大衛，這是海上風電嗎？

Yes. Yes. Sorry. Offshore wind 2024 to 2026 CapEx plans. Any changes to the longer-term CapEx?

是的。是的。對不起。海上風電 2024 年至 2026 年資本支出計劃。長期資本支出有何變化？

No, no, that's -- no. It's reflected on that slide that we presented. So there's been no change in the overall capital forecast needs, both for this year because we did revise that on the last quarter call. But longer term, no, there's been no capital changes to that.

不，不，那是——不。這反映在我們展示的幻燈片上。因此，今年的總體資本預測需求沒有變化，因為我們確實在上個季度的電話會議上對此進行了修改。但從長遠來看，沒有任何資本變化。

Okay. Got it. And then the impairment on the offshore wind assets was slightly larger than the last estimate. I was just wondering if you could elaborate on what might have changed since the last estimate when you announced the recent transaction?

好的。知道了。而海上風電資產減值則略大於上次估計。我只是想知道您是否可以詳細說明自您宣布最近交易時上次估計以來可能發生的變化？

Sure, David. So in May, we were -- if the buyer hadn't completed its due diligence process, we hadn't even filed for the request for Sunrise in New York. So a lot of things have come together since we made that announcement. And all of those puts and takes have been factored into the impairment charge that we just recognized. So I would say a lot more is known and measurable today certainly than it was back in May. And that does reflect -- as we've said in my -- as I said in my formal remarks, the completion of due diligence and kind of the current deal pricing.

當然，大衛。因此，在 5 月份，如果買家沒有完成盡職調查流程，我們甚至沒有在紐約提交 Sunrise 的請求。自從我們宣布這一消息以來，很多事情都發生了。所有這些看跌期權和看跌期權都已計入我們剛剛確認的減值費用中。所以我想說，今天已知的和可衡量的信息肯定比五月份多得多。正如我們在正式講話中所說，這確實反映了盡職調查的完成和當前交易定價的情況。

Okay. Got it. So a couple of moving pieces there, and it sounds like so in the original estimate of the write-off that didn't include a repricing of Sunrise or the potential value of the tax credit adders?

好的。知道了。那麼，有一些移動的部分，聽起來像是最初的沖銷估計，不包括日出的重新定價或稅收抵免增加者的潛在價值？

It didn't include the New York repricing, but we've always felt comfortable on the tax component. So we did include the 10% adder.

它不包括紐約的重新定價，但我們一直對稅收部分感到滿意​​。所以我們確實包含了 10% 加法器。

The next question comes from Andrew Weisel with Scotiabank.

下一個問題來自豐業銀行的安德魯·韋塞爾。

First one in detail or I just want to clarify, there's some -- I want to clarify, there's some confusion about the CL&P rate case payout. Does SB 7 allow regulators or interveners to call you in before October 25? Or is the settlement superseded new state law?

第一個是詳細的，或者我只是想澄清一下，有一些——我想澄清一下，關於 CL&P 費率案件支付存在一些混亂。 SB 7 是否允許監管機構或乾預機構在 10 月 25 日之前通知您？或者和解協議是否取代了新的州法律？

Our position is that our 2021 settlement agreement provides the ability or qualifies for that 4-year rate review, and that 4-year rate review will expire in the fall of 2025.

我們的立場是，我們的 2021 年和解協議提供了進行 4 年費率審查的能力或資格，並且 4 年費率審查將於 2025 年秋季到期。

Okay. Great. Next I want to clarify the timing -- okay. Sorry. I want to clarify the timing. I think you said you expect -- can you hear me?

好的。偉大的。接下來我想澄清一下時間安排——好吧。對不起。我想澄清一下時間安排。我想你說過你期待——你能聽到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay, sorry about that, it might be my headset. Anyway, you expect [clarity] on Sunrise for the end of the year, October, November. And yet both Joe and John, you guys both use the word soon from a sale price announcement. To be as clear as we can be, does soon meaning before the repricing process is complete or will you and the potential buyer wait until the future of Sunrise is known either by waiting to make an announcement or adding a contingency to the contract?

好吧，抱歉，可能是我的耳機問題。無論如何，你期望在年底、十月、十一月的日出中得到[清晰]。然而喬和約翰，你們都在促銷價格公告中使用了“很快”這個詞。盡可能明確地說，“很快”是否意味著重新定價過程完成之前，或者您和潛在買家是否會等到 Sunrise 的未來通過等待發佈公告或在合同中添加意外事件來了解？

No, we will not wait for the determination from the state of New York on that. We will announce once these documents, as we've mentioned, are ready to go.

不，我們不會等待紐約州對此做出決定。正如我們所提到的，一旦這些文件準備就緒，我們就會宣布。

Our next question comes from Gregg Orrill with UBS.

我們的下一個問題來自瑞銀集團的格雷格·奧里爾。

Regarding the -- hey, regarding the $1 billion related to the ATM equity, what's the intent there for how long that would last you to fund the plan? And then is there any update on the Aquarion rate case appeal?

關於——嘿，關於與 ATM 股權相關的 10 億美元，你為該計劃提供資金的目的是什麼？那麼Aquarion 費率案件上訴有什麼最新消息嗎？

Okay. Let me take the latter one. So the Aquarion rate case appeal continues to move forward, as I think briefs to do later this month, the 17th of August, I believe, and then reply briefs, and we hope that by -- there is a hearing date schedule for December 14, where the record will be closed, and I believe it's scheduled for oral arguments at that point in time. So shortly thereafter, the judge could render a decision. So that's where we stand on that.

好的。讓我來看後一種情況。因此，Aquarion 利率案件上訴繼續向前推進，我認為本月晚些時候，即 8 月 17 日將進行簡報，然後回复簡報，我們希望到 12 月 14 日有一個聽證會時間表，記錄將在此結束，我相信屆時將安排口頭辯論。不久之後，法官就可以做出決定。這就是我們的立場。

As far as the $1 billion equity -- remaining equity under the ATM program. Certainly, we said it over several years. We haven't issued any equity this year just based on valuation. So the ATM provides us with the ability to take advantage and be opportunistic. So we'll continue to monitor things accordingly and issue the equity as we feel comfortable.

至於 10 億美元的股本——ATM 計劃下的剩餘股本。當然，我們已經說了好幾年了。我們今年沒有僅根據估值發行任何股票。所以ATM為我們提供了利用和投機取巧的能力。因此，我們將繼續相應地監控情況，並在我們感覺舒服的時候發行股權。

Our next question comes from Jeremy Tonet with JPMorgan.

我們的下一個問題來自摩根大通的 Jeremy Tonet。

This is actually Rich citing in on for Jeremy. Can you hear me?

這實際上是 Rich 引用 Jeremy 的話。你能聽到我嗎？

Yes, we can, Rich.

是的，我們可以，里奇。

All right. Great. Just a couple of housekeeping items upfront. The $400 million to $450 million you're referencing for New York, is that a pretax or after tax figure?

好的。偉大的。只需預先準備一些家務用品即可。您提到的紐約 4 億至 4.5 億美元是稅前數字還是稅後數字？

Pretax.

稅前。

Got it. And then on the quarter itself, could you quantify the New Hampshire retroactive piece and the parent tax item as well?

知道了。然後就季度本身而言，您能否也量化新罕布什爾州的追溯項目和母公司稅收項目？

The parent tax item, I would tell you that it's probably close to about 100 basis points different quarter-over-quarter in the effective tax rate. So last year's effective tax rate was like 24% and change, and we're running around 22% and change.

我想告訴你的是，母稅項的有效稅率可能與季度相比有接近 100 個基點的差異。去年的有效稅率約為 24%，並且有所變化，而我們的實際稅率約為 22%，並且有所變化。

Got it. And that New Hampshire retroactive piece, just how much was that? And is that baked into guidance?

知道了。還有那件新罕布什爾州的追溯作品，多少錢？這是否已納入指導？

It was baked into the guidance. We were banking on that. We were tracking the proceeding very, very closely last year, and we felt very good and comfortable about baking that in. I would say it's in -- if I remember correctly, in the $15 million to $20 million range.

它已被納入指南中。我們指望著這一點。去年我們非常非常密切地跟踪進展情況，我們對將其納入其中感覺非常好和放心。如果我沒記錯的話，我想說的是，在 1500 萬美元到 2000 萬美元的範圍內。

Got it. Very helpful. And then just one higher-level question. There's been a lot of attention on UI's draft decision came out recently. Any thoughts on how this impacts your approach on the CL&P front for '25? Or any thoughts on redos there to your Aquarion appeal or just other thoughts on Connecticut overall in light of that draft decision?

知道了。很有幫助。然後是一個更高級別的問題。最近公佈的 UI 決定草案引起了很多關注。對於這將如何影響您在 '25 的 CL&P 方面的做法有何想法？或者根據該決定草案對重做 Aquarion 上訴有什麼想法，或者只是對康涅狄格州整體的其他想法？

Yes. Well, that was a draft, as you know, on July 21. It's not the final decision. Obviously, it appears to track the Aquarion decision, discouraging investment in the state of Connecticut. We're obviously concerned about that decision, and we're hoping that between now and the final decision that there are some changes in that.

是的。嗯，正如你所知，這是 7 月 21 日的草案。這不是最終決定。顯然，它似乎追隨了 Aquarion 的決定，阻礙了對康涅狄格州的投資。我們顯然對這個決定感到擔憂，我們希望從現在到最終決定之間能有一些改變。

As you know, we will have our day in court. And if this remains as is, I assume that UI will be in court as well to talk about that. Anyhow 2025 is a long way away in terms of what we expect will happen in 2025. So I don't want to speculate on that. We will continue to monitor, continue to engage with key policymakers in the state. We have very good relations with the governor, with the attorney general with other parties. Their agenda, our agenda is very much aligned around clean energy and clean energy investments.

如您所知，我們將在法庭上度過這一天。如果這種情況保持不變，我認為 UI 也會出庭討論此事。無論如何，就我們對 2025 年的預期而言，2025 年還有很長的路要走。所以我不想對此進行猜測。我們將繼續監測，繼續與該州的主要政策制定者接觸。我們與州長、總檢察長以及其他政黨都有著非常好的關係。他們的議程，我們的議程與清潔能源和清潔能源投資非常一致。

There are a number. I mean one of the things that's interesting with the state of Connecticut is the number of clean energy technology companies in that state. I mean there are fuel cell companies, battery companies, all of them are looking to deploy their technologies. So any type of a chill on investment in that state is not good for all of these start-up companies, and it's obviously disappointing.

有一些。我的意思是康涅狄格州有趣的事情之一是該州清潔能源技術公司的數量。我的意思是有燃料電池公司、電池公司，他們都在尋求部署他們的技術。因此，該州任何形式的投資降溫都不利於所有這些初創公司，而且顯然令人失望。

But listen, we're not going to get disheart. We're not going to lose faith. We're going to continue to work that -- those relationships down there and try to get to a place that's fair for our customers and for our shareholders. That gets us to a much better, cleaner environment with investments in that state.

但是聽著，我們不會灰心喪氣。我們不會失去信心。我們將繼續努力維持這些關係，並努力為我們的客戶和股東創造一個公平的環境。通過在該州的投資，我們可以創造一個更好、更清潔的環境。

So -- again it's a very fluid situation. We'll have to see what the final decision looks like. But I just want everybody to know that I am personally involved working this along with the 9,500 other employees of this company, and we are going to work through these issues. And I'm confident that we can get to a much better place.

所以——這又是一個非常不穩定的情況。我們必須看看最終的決定是什麼樣的。但我只是想讓每個人都知道，我個人與該公司的 9,500 名其他員工一起參與了這項工作，我們將解決這些問題。我相信我們能夠到達一個更好的地方。

Our next question comes from Anthony Crowdell with Mizuho.

我們的下一個問題來自瑞穗銀行的安東尼·克勞德爾。

I've been spending too much time up in Marlborough, Massachusetts, so I feel like in native now. Just, I guess, on Slide 12, if I could jump on Steve's question. Where did you end the quarter on an FFO to debt basis? And if you could just give us a range as you're very close to finishing the sale of offshore wind on what the improvement could possibly would be? Is it 200 basis points or 200 to 250 or 100 to 150? If you're willing to quantify what the type of pickup would be in FFO to debt. I think with Steve, you gave more of the FFO, but not so much the metric.

我在馬薩諸塞州馬爾伯勒待了太多時間，所以我現在感覺就像在本地一樣。我想，在幻燈片 12 上，我是否可以直接回答 Steve 的問題。按 FFO 債務比計算，本季度結束時您的表現如何？如果您能給我們一個範圍，因為您已經非常接近完成海上風電的銷售，那麼可能會有哪些改進？是200個基點還是200到250還是100到150？如果您願意量化 FFO 債務中的提貨類型。我認為對於 Steve，你提供了更多的 FFO，但沒有提供太多的指標。

Yes. No, I hear you and I'm not -- I -- we have not disclosed that. And truth be told that I want to have those discussions with the agencies before I share any of that detail with the broader audience. So we are now, given where we are with the stuff, the contracted project transaction, now we're at a point where I can share some of that information, some of the details with the rating agencies. So -- and I have a meeting schedule over the next several weeks to be able to do that.

是的。不，我聽到了，但我沒有——我——我們還沒有透露這一點。說實話，在與更廣泛的受眾分享任何細節之前，我希望與各機構進行這些討論。所以我們現在，考慮到我們的情況，合同項目交易，現在我可以與評級機構分享一些信息和細節。因此，我在接下來的幾週內製定了一個會議時間表，以便能夠做到這一點。

Great. And then -- just curious on the sale -- and I apologize if I'm using just a different word. You may have answered this with Shahr's question. Once the sale is announced and once the sale closes, is there the potential for further liabilities that you have to be concerned with? Or the expectation is once there's a sale and the sale closes, there's no more impact to Eversource?

偉大的。然後——只是對銷售感到好奇——如果我只是用了不同的詞，我深表歉意。您可能已經用沙赫爾的問題回答了這個問題。一旦宣佈出售並完成出售，您是否可能需要擔心進一步的負債？或者預期一旦有銷售並且銷售結束，Eversource 就不再受到影響？

Those are the -- what we've planned to this M&A once we execute the agreement. But as I've said, there will be some potential movements up or down.

這些就是我們執行協議後計劃進行的併購。但正如我所說，將會出現一些潛在的上漲或下跌走勢。

I'm sorry, potential movements after the close, that could be up or down. Is that fair?

抱歉，收盤後的潛在走勢可能會上漲或下跌。這公平嗎？

Correct.

正確的。

Our final question today comes from the line of Julien Dumoulin-Smith with Bank of America.

我們今天的最後一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just following up on a few housecleaning items here from the prior questions. Just clearly, when in your forecast, do you assume Connecticut electric and natural gas rate cases. Obviously, you're holding to the upper end. I just wanted to clarify when you think you'll pursue those?

只是從之前的問題中跟進一些房屋清潔項目。很明顯，在您的預測中，您是否假設康涅狄格州的電力和天然氣費率情況。顯然，你堅持上限。我只是想澄清一下你什麼時候會追求這些？

On the electric, as we continue to state, our settlement agreement allows us to meet the 4-year review period, and that review period will expire in the fall of 2025. So we do not expect to file a CL&P case prior to that date. And if you look at the length of time it takes in a general rate proceeding, you're looking at a year. So with that time frame, you're probably looking at the earliest date that rates will be changed would be early 2027. And then for Yankee Gas, Julien, we have no plans right now to file a rate proceeding. So we'll continue to monitor that as we always do. But we don't have any current plans to file.

在電力方面，正如我們繼續聲明的那樣，我們的和解協議使我們能夠滿足 4 年審查期，該審查期將於 2025 年秋季到期。因此，我們預計不會在此日期之前提交 CL&P 案件。如果您查看一般利率程序所需的時間長度，您會發現您正在查看一年。因此，在這個時間範圍內，您可能會看到費率更改的最早日期將是 2027 年初。然後，對於 Yankee Gas，Julien，我們目前沒有計劃提交費率程序。因此，我們將一如既往地繼續監控這一情況。但我們目前沒有任何要提交的計劃。

Got it. And no changes to your CapEx forecast for now, right, in Connecticut?

知道了。目前您對康涅狄格州的資本支出預測沒有變化，對嗎？

That is correct.

那是對的。

Got it. Excellent. And then just clarifying earlier the FFO to debt, I know lots of questions, pluses and minuses, but can you just quantify the big building blocks as you think about through the forecast period, especially through '25 here. I mean I think I heard ITC earlier. Can you just clarify, I know that you got some legacy items that we talked about earlier, and thank you again, John. But on '22, can you talk about the big puts and takes here that improve the metrics prospectively through the forecast period?

知道了。出色的。然後只是早些時候澄清 FFO 與債務的關係，我知道很多問題、優點和缺點，但是當你在整個預測期內（尤其是到 25 年）思考時，你能否量化主要的構建模塊。我的意思是，我想我早些時候聽說過 ITC。您能否澄清一下，我知道您獲得了我們之前討論過的一些遺留項目，再次感謝您，約翰。但是在 22 年，您能談談在預測期內前瞻性地改善指標的重大看跌期權和看跌期權嗎？

Well, through the forecast period? Through 2027? Which...

那麼，在預測期內呢？到 2027 年？哪個...

Yes. I'm thinking about not just like '23 to '24, but really kind of getting that sustainable structural level, right, as you think about the big...

是的。我考慮的不僅僅是“23年到24年”，而是真正達到可持續的結構水平，對吧，當你考慮大的......

Yes, yes. I would say offshore wind will be the kick stop to that enhancement once we get those and offload some debt. I think if you look at the longer-term rate mechanisms that we have in place certainly in Massachusetts, that will drive enhanced operating cash flows and the recovery of storm costs.

是的是的。我想說，一旦我們獲得這些並減輕一些債務，海上風電將成為這一增強的動力。我認為，如果你看看我們在馬薩諸塞州建立的長期利率機制，這將推動運營現金流的增強和風暴成本的恢復。

Although for CL&P, it will be towards the latter part of the forecast period. But I think all of those items, when you look at the cash flows in Massachusetts, as I mentioned, well, we are putting into rates about $400 million of deferred storm costs. And as part of the rate case, the amount included in rate base -- in base rates were significantly increased. So those are all of the items that will continue to have enhanced cash flows and then completing our $1 billion equity program over the coming years, will certainly enhance that credit metric.

不過對於 CL&P 來說，這將是在預測期的後半段。但我認為所有這些項目，當你看看馬薩諸塞州的現金流時，正如我提到的，我們正在將大約 4 億美元的遞延風暴成本計入費率中。作為利率案例的一部分，包含在基本利率中的金額顯著增加。因此，這些都是將繼續增強現金流的項目，然後在未來幾年完成我們 10 億美元的股權計劃，肯定會提高信用指標。

Got it. Just to clarify your '24 metrics here. Do they benefit in FFO? Go for it.

知道了。只是為了澄清您的 '24 指標。他們從 FFO 中受益嗎？大膽試試吧。

Yes. No, absolutely. I mean we -- with everything else being equal, yes, we see 2023, as I mentioned in my formal remarks, moving in the right direction from where we landed in 2022, and I see that trend continuing over the -- certainly into 2024 and beyond.

是的。不，絕對是。我的意思是，在其他條件相同的情況下，是的，正如我在正式發言中提到的，我們預計到2023 年，我們將從2022 年的目標出發，朝著正確的方向前進，而且我認為這種趨勢將持續到2024 年。超越。

Right. And '24 includes the tax equity in your FFO?

正確的。 '24 包括您的 FFO 中的稅收權益嗎？

Yes.

是的。

Those are all the questions we have time for today. So I'll hand the call back to Robert Becker for any closing remarks.

這些就是我們今天有時間討論的所有問題。因此，我會將電話轉回給羅伯特·貝克爾，讓其作結束語。

Thanks, Emily. That concludes our call. Thank you for joining us today. If you have any follow-up questions, please reach out to Investor Relations.

謝謝，艾米麗。我們的通話到此結束。感謝您今天加入我們。如果您有任何後續問題，請聯繫投資者關係部。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開線路了。