康涅狄格電力 (ES) 2023 Q3 法說會逐字稿

Hello, and welcome to the Eversource Energy Q3 2023 Earnings Call. My name is Alex, I'll be coordinating the call today. (Operator Instructions) I'll now hand it over to your host, Robert Becker, Director for Investor Relations. Please go ahead.

您好，歡迎參加 Eversource Energy 2023 年第三季財報電話會議。我叫亞歷克斯，今天我將協調通話。 （操作員指示）我現在將其交給東道主投資者關係總監羅伯特·貝克爾（Robert Becker）。請繼續。

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 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 expectation and are subject to risks and uncertainties, 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. 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 slide we posted this morning, and in our most recent 10-K and 10-Q.

早安，感謝您加入我們。我是鮑伯‧貝克爾 (Bob Becker)，Eversource Energy 投資者關係總監。在這次電話會議中，我們將參考我們在網站上發布的幻燈片。正如您在投影片 1 中看到的那樣，本次投資者電話會議期間發表的一些聲明可能具有前瞻性。這些陳述是基於管理階層目前的預期，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有重大差異。我們不承擔更新或修改任何這些聲明的義務。有關可能導致實際結果出現差異的各種因素的更多資​​訊以及我們對非GAAP 衡量標準的解釋以及它們如何與GAAP 結果相一致的資訊包含在我們的新聞稿、今天早上發布的幻燈片以及我們最近的10-K 中和 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、總裁兼執行長喬諾蘭 (Joe Nolan)；以及我們的執行副總裁兼財務長約翰‧莫雷拉 (John Moreira)。今天加入我們的還有我們的副總裁兼財務長 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 look forward to our conversation today and to seeing many of you at the EEI conference next week.

謝謝鮑勃，也謝謝大家今天早上加入我們的電話會議。我期待著我們今天的談話，並期待在下週的 EEI 會議上見到你們中的許多人。

First, let me start with a topic that I am certain is top of mind to all of you, which is an update on the sale of our offshore wind investment. We are very pleased to have closed the sale of our 50% stake in the uncommitted lease area to Orsted in September, along with our South Fork Wind tax equity investment. We are delighted to have these transactions behind us. As for the sale of our interest in the 3 projects which are under development, we have substantially completed our contract negotiations with a buyer and continue to make good progress on this front. What remains to be completed is for the buyer in Orsted to finalize several documents such as their new joint venture agreement. We expect this process to wrap up shortly, allowing us to execute our sales agreement with the buyer and announce the terms of the sale.

首先，讓我從一個我確信你們所有人最關心的話題開始，這是我們離岸風電投資出售的最新情況。我們很高興在 9 月將未承諾租賃區域 50% 的股份以及我們的 South Fork Wind 稅務股權投資出售給 Orsted。我們很高興這些交易已經過去。至於出售我們在開發中的三個項目的權益，我們已基本完成與買方的合約談判，並將繼續在這方面取得良好進展。奧斯特德的買方尚待完成的工作是敲定幾份文件，例如新的合資協議。我們預計這一過程將很快結束，以便我們能夠執行與買方的銷售協議並宣布銷售條款。

As you see on Slide #3, I'm very happy to report that our South Fork Wind project is expected to fully go into service in early 2024. The onshore construction is complete and connected to our export cable, while offshore construction is significantly advanced with the offshore substation in array cables installed and connected. Currently, the turbine installation is underway, and we expect to have 7 to 9 turbines operationally complete by the end of this year, with the remaining turbines installed in January. This project will spearhead the U.S. offshore wind industry and will be one of the country's first utility-scale offshore wind farms built by Connecticut Labor from various unions.

正如您在幻燈片#3 中看到的，我很高興地報告，我們的South Fork 風電項目預計將於2024 年初全面投入使用。陸上施工已完成並連接到我們的出口電纜，而海上施工也顯著推進與海上變電站陣列電纜安裝並連接。目前，渦輪機安裝正在進行中，我們預計到今年年底將有 7 至 9 台渦輪機投入運行，其餘渦輪機將於 1 月安裝。該計畫將引領美國離岸風電產業，並將成為康乃狄克州工黨各工會建造的美國首批公用事業規模離岸風電場之一。

On October 31, our joint venture announced that we have taken our final investment decision, or FID, on Revolution Wind. This is an important project milestone that allows it to advance to full onshore and offshore construction and installation and have this project in service in late 2025.

10 月 31 日，我們的合資企業宣布我們已對 Revolution Wind 做出最終投資決定 (FID)。這是一個重要的專案里程碑，使其能夠全面推進陸上和海上建設和安裝，並於 2025 年底投入使用。

I'd like to now address the recent events in New York, which I know have been a source of great interest for many of you. On October 12, the New York Public Service Commission denied petitions or pricing adjustments from several renewable developers, including the petition for our Sunrise Wind project. The petition sought to address the extraordinary macroeconomic challenges from higher inflation and interest rates, along with supply chain disruptions that developed since our OREC agreement was executed in the fall of 2019.

我現在想談談最近在紐約發生的事件，我知道這引起了你們許多人的極大興趣。 10 月 12 日，紐約公共服務委員會拒絕了幾家再生能源開發商的請願書或定價調整，包括我們的 Sunrise Wind 專案的請願書。請願書旨在解決通膨和利率上升帶來的巨大宏觀經濟挑戰，以及自 2019 年秋季執行 OREC 協議以來出現的供應鏈中斷。

These factors were incorporated by the New York State Energy Research and Development Authority, or NYSERDA, in their recent offshore wind solicitation. While we are disappointed with the New York PSC's decision, especially given that NYSERDA had publicly advocated for pricing adjustments, we support their commitment to transparent competitive RFP process. We are very encouraged to see that New York is working to establish an accelerated rebidding process, which includes an accelerated track where winning bids could be announced as early as next year. Together with our JV partner, Orsted, we responded to NYSERDA's request for information.

紐約州能源研究與發展局（NYSERDA）在最近的離岸風電招標中納入了這些因素。雖然我們對紐約 PSC 的決定感到失望，特別是考慮到 NYSERDA 公開主張進行定價調整，但我們支持他們對透明競爭性 RFP 流程的承諾。我們非常高興地看到紐約正在努力建立一個加速的重新投標流程，其中包括最早在明年宣布中標的加速軌道。我們與我們的合資夥伴 Orsted 一起回應了 NYSERDA 的資訊請求。

Together, we will work towards developing a bid that will reflect the attractive nature of this project. We feel confident that Sunrise Wind will deliver clean and reliable energy to New York and support economic development in the region, much earlier than many other projects. We will continue to evaluate ways to maximize project economics and to ensure project schedules remain on track.

我們將共同努力製定能夠反映該項目吸引力的標書。我們相信，Sunrise Wind 將為紐約提供清潔可靠的能源，並支持該地區的經濟發展，比許多其他項目早得多。我們將繼續評估如何最大限度地提高專案經濟效益並確保專案進度按計劃進行。

We have begun limited onshore construction for Sunrise Wind and we have also identified solutions for our installation vessel, which many of you have been asking us about to maintain the project schedule for Sunrise Wind and Revolution Wind. We expect both projects to be in service in late 2025. We're excited by the recent actions taken by the 6 regional governors who asked the Biden administration to clarify tax benefits for current U.S. offshore wind projects and provide relief on federal offshore wind lease costs, as well as encouraging accelerated permitting process for offshore wind projects.

我們已經開始了 Sunrise Wind 的有限陸上建設，我們也為我們的安裝船確定了解決方案，你們中的許多人一直在向我們詢問如何維持 Sunrise Wind 和 Revolution Wind 的專案進度。我們預計這兩個項目將於 2025 年底投入使用。我們對 6 個地區州長最近採取的行動感到興奮，他們要求拜登政府澄清當前美國離岸風電項目的稅收優惠，並減免聯邦海上風電租賃成本，以及鼓勵加快離岸風電計畫的許可程序。

And in October, Connecticut Governor, Ned Lamont announced the first of its kind partnership between Connecticut, Massachusetts and Rhode Island to seek offshore wind proposals that will expand the benefits for the region and help reduce costs. All 3 states have issued RFPs to procure over 6,000 megawatts with bids due in early 2024. Eversource will play a key role in providing the transmission and distribution infrastructure investment needed to connect these important resources to our grid.

10 月，康乃狄克州州長內德·拉蒙特(Ned Lamont) 宣布康乃狄克州、麻薩諸塞州和羅德島州之間建立首個此類合作夥伴關係，尋求離岸風電提案，以擴大該地區的效益並幫助降低成本。所有3 個州均已發布RFP，採購超過6,000 兆瓦的電力，投標將於2024 年初到期。Eversource 將在提供將這些重要資源連接到我們的電網所需的輸電和配電基礎設施投資方面發揮關鍵作用。

Moving over to our core business. As you know, everything we do here at Eversource is done with a focus to continue to enhance our service for customers. As shown at the top of Slide 4, we continue to serve customers well, delivering top decile electric reliability performance at nearly 2 years between interruption in our gas Emergency Response are exceeding our internal target. These high performance levels are the result of the investment we've made in our electric and gas systems over the past several years, investments focused on ensuring our system is strong and resilient and ready to adapt to the needs of our customers for years to come.

轉向我們的核心業務。如您所知，我們在 Eversource 所做的一切都是為了繼續增強我們為客戶提供的服務。如幻燈片 4 頂部所示，我們繼續為客戶提供良好的服務，在天然氣緊急響應中斷近 2 年內提供了頂級的十分位電力可靠性性能，超出了我們的內部目標。這些高性能水準是我們過去幾年對電力和燃氣系統進行投資的結果，這些投資的重點是確保我們的系統強大且有彈性，並準備好適應未來幾年客戶的需求。

Looking at our Clean Energy focus, we continue to move forward on enabling clean energy in our region, and we continue to make good progress in reaching our carbon neutrality goal by 2030. In Massachusetts, we are investing nearly $2 billion in our electric transmission and distribution system to advance clean energy resources.

看看我們對清潔能源的關注點，我們將繼續推進在本地區實現清潔能源，並在2030 年實現碳中和目標方面繼續取得良好進展。在馬薩諸塞州，我們正在投資近20 億美元用於電力輸電和發電。推動清潔能源分配體系建設。

Moving to the bottom of Slide 4. Our customers continue to be burdened by high energy prices, particularly during peak winter months. While this winter's supply prices will be high compared to summer rates, they are expected to be significantly lower than last winters, a welcome relief for our customers. To date, Connecticut is fully procured at prices significantly lower than last year. Massachusetts is at 50%. New Hampshire is procured through January. If current market conditions continue, the expectation is that the winter supply rates in all 3 states will be much lower than last year. So prices across the region are lower than last winter.

轉到幻燈片 4 的底部。我們的客戶繼續承受高能源價格的負擔，特別是在冬季高峰期。雖然今年冬季的供應價格將比夏季高，但預計將顯著低於去年冬季，這對我們的客戶來說是一個令人欣慰的安慰。迄今為止，康乃狄克州已全面採購，價格明顯低於去年。馬薩諸塞州為 50%。新罕布夏州的採購期限為一月。如果目前的市場狀況持續下去，預計這三個州的冬季供應率將遠低於去年。因此，整個地區的價格都低於去年冬天。

We recognize that our customers are feeling the pinch of high costs in many areas. That's why we're doing what we can today to help our customers lower their bills this winter. Along with our industry-leading energy efficiency programs, we also launched a new outreach campaign in Connecticut to encourage customers to sign up with competitive suppliers to save money. We're also educating customers on new energy assistance options. I'm happy to report that Connecticut residential customers have responded. The share of residential customers receiving standard service from Eversource has dropped from over 90% last winter to 70% heading into this winter. To serve our customers and ensure they optimize their energy use, we continue to build out our industry-leading energy efficiency programs. In fact, Eversource ranks #1 as the best energy efficiency provider in the country.

我們認識到，我們的客戶在許多領域都感受到了高成本的壓力。這就是為什麼我們今天竭盡全力幫助我們的客戶降低今年冬天的帳單。除了業界領先的能源效率計劃外，我們還在康乃狄克州發起了一項新的推廣活動，鼓勵客戶與有競爭力的供應商簽約以節省資金。我們也向客戶提供有關新能源援助選項的教育。我很高興地報告康乃狄克州住宅客戶已做出回應。接受 Eversource 標準服務的住宅客戶比例已從去年冬天的 90% 以上下降到今年冬天的 70%。為了服務我們的客戶並確保他們優化能源使用，我們繼續制定領先業界的能源效率計劃。事實上，Eversource 在全國最佳能源效率提供者中排名第一。

As you can see on the left side of the slide, we invested over $600 million in these programs last year, avoiding lifetime greenhouse gas emissions of nearly 3 million metric tons. We'll continue to build on this great foundation moving forward. By enabling energy efficiency, encouraging customers to shop for supply and educating customers on energy assistance options, we're doing what we can to lower customer bills today. Longer term, we are working with our states to provide the infrastructure investment necessary to access reliable renewable energy like offshore wind and solar generation.

正如您在幻燈片左側所看到的，我們去年在這些項目上投資了 6 億多美元，避免了近 300 萬噸溫室氣體排放。我們將繼續在這個偉大的基礎上不斷前進。透過提高能源效率、鼓勵客戶購買供應品以及向客戶提供有關能源援助選項的教育，我們正在盡一切努力降低客戶帳單。從長遠來看，我們正在與各州合作，提供必要的基礎設施投資，以獲得可靠的再生能源，如離岸風電和太陽能發電。

Turning to Slide 5. The shift to electric vehicles and zero-carbon heating will add tremendous incremental electric demand to our grid. As you can see here, New England electric demand growth is expected to more than double by 2050, and winter peak demand is expected (technical difficulty) 2050. This is in stark contrast to a relatively flat electric demand we have seen over the past decade. Along with the rest of the utilities across the country, we are aggressively planning for the clean energy future here at Eversource.

轉向幻燈片 5。向電動車和零碳加熱的轉變將為我們的電網增加巨大的電力需求。正如您在這裡所看到的，到2050年，新英格蘭電力需求成長預計將增加一倍以上，冬季高峰需求預計在2050年（技術難度）。這與我們過去十年看到的相對平穩的電力需求形成鮮明對比。與全國其他公用事業公司一起，我們正在 Eversource 積極規劃清潔能源的未來。

On Sept 1, we've filed our Electric Sector Modernization Plan, our ESMP. This plan is a roadmap for our partnership with Massachusetts to enable the state's clean energy climate plan. Plan details how we'll continue to maintain safe and reliable service for our customers as we transition to a decarbonized future. In addition to our base investments necessary to increase distribution system capacity, including the implementation of AMI and other technology platforms, Eversource has proposed additional investment that goes beyond the nearly $2 billion of clean energy investment in Massachusetts through 2027. This investment will go towards improving the resiliency of our system, integrating additional solar generation and implementing new technology to enable additional distributed energy resources.

9 月 1 日，我們提交了電力部門現代化計劃（ESMP）。該計劃是我們與馬薩諸塞州合作夥伴關係的路線圖，以實現該州的清潔能源氣候計劃。計劃詳細說明了在我們向脫碳未來過渡的過程中，我們將如何繼續為客戶提供安全可靠的服務。除了我們增加配電系統容量所需的基礎投資（包括實施AMI 和其他技術平台）之外，Eversource 還提議進行額外投資，該投資將超出馬薩諸塞州到2027 年清潔能源投資的近20 億美元。這投資將用於改善我們系統的彈性，整合額外的太陽能發電並實施新技術以實現額外的分散式能源。

Our proposed plan is expected to exceed Massachusetts' 2040 goals and achieve 70% of the state's 2050 greenhouse gas emission goals. By requiring electric distribution companies to submit in a fully transparent manner their long-term grid modernization plans, Massachusetts is taking a leadership role in enabling decarbonization. They're not just setting policies, but tying infrastructure, clean energy and customer engagement together. We're excited to engage with environmental justice and consumer and business advocates to establish the right framework for all Massachusetts customers to advance towards the clean energy future. We look forward to engaging with all stakeholders as we work towards a final decision from the DPU later next year.

我們提出的計畫預計將超過麻薩諸塞州的 2040 年目標，並實現該州 2050 年溫室氣體排放目標的 70%。透過要求配電公司以完全透明的方式提交其長期電網現代化計劃，馬薩諸塞州在實現脫碳方面發揮了領導作用。他們不僅制定政策，還將基礎設施、清潔能源和客戶參與聯繫在一起。我們很高興與環境正義以及消費者和商業倡導者合作，為所有馬薩諸塞州客戶建立正確的框架，以邁向清潔能源的未來。我們期待與所有利益相關者合作，爭取 DPU 明年晚些時候做出最終決定。

Moving on to Connecticut. The regulatory environment remains challenging as evidenced by (inaudible) rate case decisions which produce returns that are value destructive for investment. But we are encouraged by the recent actions by Governor Lamont supporting offshore wind investment in the region. We see the government's support as a realization that investment at a reasonable return is necessary to provide the clean energy future that our region and countries are moving toward.

繼續前往康乃狄克州。監管環境仍然充滿挑戰，（聽不清楚）利率案件判決所產生的回報對投資價值具有破壞性。但拉蒙特州長最近支持該地區離岸風電投資的行動令我們感到鼓舞。我們認為政府的支持是一種認知，為了提供我們地區和國家正在邁向的清潔能源未來，有必要進行合理回報的投資。

In closing, I couldn't be prouder of the effort that the Eversource team puts in every day, providing for our customers' needs. We have the experience and the expertise to guide our customers as we develop a bold, bright energy future for New England and the Northeast.

最後，我對 Eversource 團隊每天為滿足客戶需求而付出的努力感到無比自豪。我們擁有豐富的經驗和專業知識來指導客戶為新英格蘭和東北部開發大膽、光明的能源未來。

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

再次感謝您抽出時間。我現在將把電話轉給約翰。

Thank you, Joe, and good morning, everyone. This morning, I will review our results for the third quarter of 2023, discuss the status of our offshore wind investment and review our cash flow position. Let me start with Slide 6.

謝謝你，喬，大家早安。今天早上，我將回顧我們 2023 年第三季的業績，討論我們的離岸風電投資狀況，並回顧我們的現金流狀況。讓我從幻燈片 6 開始。

Our GAAP and recurring earnings were both $0.97 per share in the third quarter of 2023 compared with GAAP and recurring earnings of $1 per share and $1.01 per share, respectively for the third quarter of 2022. GAAP results for 2022 include transition and transaction costs related to Eversource Gas Company of Massachusetts of approximately $2.2 million. As a reminder, results for the third quarter of 2023 reflect a negative $0.08 per share impact for NSTAR Electric's rate design change, as shown on Slide 7. Adjusting the earnings for the third quarter of 2023 by this amount would result in both GAAP and recurring earnings of $1.05 per share. As I have previously mentioned, this rate design change does not impact full year results.

2023 年第三季我們的 GAAP 和經常性收益均為每股 0.97 美元，而 2022 年第三季的 GAAP 和經常性收益分別為每股 1 美元和每股 1.01 美元。2022 年 GAAP 業績包括與馬薩諸塞州Eversource Gas Company 約220 萬美元。提醒一下，2023 年第三季的業績反映出NSTAR Electric 費率設計變更對每股0.08 美元的負面影響，如幻燈片7 所示。按此金額調整2023 年第三季的收益將導致GAAP 和經常性損益每股收益1.05美元。正如我之前提到的，這項利率設計變動不會影響全年業績。

Moving back to Slide 6 and looking at some additional details on the third quarter earnings by segment, starting with our Electric Transmission segment which earned $0.46 per share in the third quarter of 2023 as compared with earnings of $0.44 per share in the third quarter of 2022. Improved results were driven by our continued investments in our transmission system.

回到幻燈片6，查看按部門劃分的第三季度收益的一些其他詳細信息，首先是我們的電力傳輸部門，該部門在2023 年第三季度的每股收益為0.46 美元，而2022 年第三季度的每股收益為0.44 美元. 我們對傳輸系統的持續投資推動了業績的改善。

Our third quarter 2023 Electric Distribution earnings were $0.50 per share compared with earnings of $0.65 per share in the third quarter of last year. The earnings decrease is due primarily to the timing of the rate design change at NSTAR Electric that I mentioned earlier, as well as higher storm-related costs, higher interest costs, depreciation and property tax expense. These factors were partially offset by higher distribution revenues at NSTAR Electric and from capital tractors that we have in place.

我們 2023 年第三季配電收益為每股 0.50 美元，去年第三季為每股 0.65 美元。獲利下降的主要原因是我之前提到的NSTAR Electric費率設計變更的時間，以及風暴相關成本、利息成本、折舊和財產稅費用的增加。這些因素被 NSTAR Electric 更高的分銷收入和我們現有的資本拖拉機部分抵消。

Our Natural Gas Distribution segment lost $0.10 per share in the third quarter of 2023 as compared to a loss of $0.07 per share in the third quarter of 2022. The increased losses were due to higher regulatory and operating expenses, depreciation and interest expense and were partially offset by higher revenues from the base rate increases at NSTAR Gas and EGMA which took effect November 1, 2022.

我們的天然氣分銷部門 2023 年第三季每股虧損 0.10 美元，而 2022 年第三季每股虧損 0.07 美元。虧損增加是由於監管和營運費用、折舊和利息費用增加，部分是由於2022 年11 月1 日生效的NSTAR Gas 和EGMA 基本費率上調帶來的收入增加抵消了這一影響。

Our Water Distribution segment earned $0.05 per share in the third quarter of 2023 which is the same level we earned in the third quarter of last year. Eversource parent and other companies recurring earnings were $0.06 per share in the third quarter of 2023 as compared to a loss of $0.06 per share in the third quarter of 2022. The improved third quarter results primarily reflect a lower effective tax rate that was partially offset by higher interest expense.

我們的供水部門在 2023 年第三季每股獲利 0.05 美元，與去年第三季的獲利水準相同。 Eversource 母公司和其他公司2023 年第三季的經常性收益為每股0.06 美元，而2022 年第三季每股虧損0.06 美元。第三季業績的改善主要反映了有效稅率較低，但該稅率被部分抵銷。更高的利息支出。

Turning to Slide 8. Based on our financial results to date and our strong cost discipline, we are narrowing our 2023 recurring earnings projection to between $4.30 and to $4.43 per share, compared with our previous range of $4.25 to $4.43 per share. Looking at our longer-term earnings growth rate expectation, as you saw in our news release and can see on Slide 8, we are reaffirming our long-term EPS growth rate solidly in the upper half of the 5% to 7% range. We are also reaffirming our $21.5 billion 5-year regulated capital program, as shown on Slide 9.

轉向投影片 8。根據我們迄今為止的財務表現和嚴格的成本控制，我們將 2023 年經常性收益預測縮小至每股 4.30 美元至 4.43 美元，而之前的範圍為每股 4.25 美元至 4.43 美元。看看我們的長期盈利增長率預期，正如您在我們的新聞稿中看到的以及幻燈片8 中看到的那樣，我們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。我們也重申了 215 億美元的 5 年期監理資本計劃，如投影片 9 所示。

Current capital expenditures totaled approximately $3.2 billion in the first 9 months of 2023. Now to further expand on what Joe covered, we reached an important milestone in our effort to exit our offshore wind business. On September 7, Eversource completed the sale of its 50% interest in the lease area that includes approximately 175,000 developable acres to Orsted for $625 million in an all-cash deal.

2023 年前 9 個月的當前資本支出總計約為 32 億美元。現在，為了進一步擴大 Joe 所涵蓋的內容，我們在退出離岸風電業務的努力中達到了一個重要的里程碑。 9 月 7 日，Eversource 以 6.25 億美元的全現金交易完成了向 Orsted 出售其租賃區域 50% 的權益，其中包括約 175,000 英畝可開發英畝的土地。

We also closed on our tax equity investment in South Fork Wind with Orsted. We used $528 million of the proceeds from the lease area sale for our tax equity investment. As a current 50% equity partner in South Fork, half of this tax equity investment or $264 million was returned to us in October. We expect to recover the tax equity investment primarily in the form of tax credits once the turbines are placed in service. These tax credits will be utilized to reduce Eversource's federal income tax liability, including refunds from prior years expected over the next 12 to 18 months.

我們也與 Orsted 完成了對 South Fork Wind 的稅務股權投資。我們將租賃區出售所得的 5.28 億美元用於稅務股權投資。作為 South Fork 目前持有 50% 股權的合作夥伴，這筆稅務股權投資的一半（即 2.64 億美元）已於 10 月返還給我們。一旦渦輪機投入使用，我們預計將主要以稅收抵免的形式收回稅收股權投資。這些稅收抵免將用於減少 Eversource 的聯邦所得稅負債，包括預計在未來 12 至 18 個月內從前幾年獲得的退款。

As Joe mentioned, we continue to make good progress on advancing the sale of our existing 50% interest in our 3 offshore wind projects. On our second quarter earnings call, I discussed one of our contingent considerations with the sale of the projects that we expected a positive outcome from the Sunrise Wind OREC reprice and petition, representing approximately $450 million in value to Eversource. Although we were very disappointed by the New York Public Service Commission's rejection of the pricing petition, we are encouraged by NYSERDA's quick reaction in its request to run an accelerated RFP process.

正如 Joe 所提到的，我們在推動出售 3 個離岸風電項目現有 50% 權益方面繼續取得良好進展。在我們第二季的財報電話會議上，我討論了我們對出售項目的偶然考慮因素之一，我們預計Sunrise Wind OREC 重新定價和請願書會帶來積極的結果，這對Eversource 來說價值約為4.5 億美元。儘管我們對紐約公共服務委員會拒絕定價請願書感到非常失望，但 NYSERDA 對其要求運行加速 RFP 流程的快速反應感到鼓舞。

As I previously indicated, advancing the sales transaction was not contingent on a resolution of Sunrise's OREC repricing petition. As we assess our options for an OREC rebid for Sunrise, we could potentially see a scenario whereby we move forward with a sale for South Fork and Revolution Wind, followed by a transaction for the sale of Sunrise with the buyer. As we navigate through this accelerated RFP process, we will continue to look at every alternative to keep the sales process moving forward in an efficient and timely manner.

正如我之前指出的，推進銷售交易並不取決於 Sunrise 的 OREC 重新定價申請的決議。當我們評估 OREC 對 Sunrise 重新投標的選擇時，我們可能會看到這樣一種情況，即我們繼續出售 South Fork 和 Revolution Wind，然後與買家進行出售 Sunrise 的交易。當我們完成這個加速的 RFP 流程時，我們將繼續尋找各種替代方案，以保持銷售流程有效率且及時地向前推進。

Now I'd like to update you on our expectations for qualification for the 2 additional 10% investment tax credit adders under the Inflation Reduction Act or IRA. We have previously assumed a positive outcome regarding one additional 10% adder for Sunrise Wind and Revolution Wind that represented approximately $400 million in value to Eversource.

現在，我想向您介紹我們對根據《通貨膨脹減少法案》或 IRA 獲得另外 2 個 10% 投資稅收抵免加成者的資格的期望。我們先前曾假設 Sunrise Wind 和 Revolution Wind 的額外 10% 增值會取得正面成果，這對 Eversource 來說意味著價值約 4 億美元。

Let me start with the energy communities. We do believe there is a good path around the prospects for qualifying for the energy communities provision of the IRA for both Sunrise and Revolution which would increase our potential ITCs to 40% of the eligible basis for these projects. Therefore, the energy community's qualification would cover this contingent value that we have recognized. Also, we will continue to explore opportunities to engage with the treasury department as they clarify the rules around the domestic content provisions of the IRA to qualify for an additional 10% investment tax credit.

讓我從能源社區開始。我們確實相信，在日出和革命期間，能源界有一條良好的途徑來獲得 IRA 規定的資格，這將使我們的潛在 ITC 增加到這些專案合格基礎的 40%。因此，能源界的資格將涵蓋我們所認可的這個或有價值。此外，我們將繼續探索與財政部合作的機會，因為他們澄清了有關 IRA 國內成分條款的規則，以獲得額外 10% 的投資稅收抵免。

As a reminder, the $400 million in value I just mentioned is based on achieving a single qualification outcome between either the energy communities or the domestic content adders. As assumed in our second quarter offshore wind impairment charge, we only assumed one additional 10% ITC adder as a contingent consideration. Should the projects qualify for both the energy communities and the domestic content adders, it would result in upside to Eversource.

提醒一下，我剛才提到的 4 億美元價值是基於能源界或國內含量增加者之間實現單一資格結果。正如我們在第二季度離岸風電減損費用中所假設的那樣，我們僅假設額外的 10% ITC 加法器作為或有考慮因素。如果這些項目同時符合能源界和國內含量增加者的資格，這將為 Eversource 帶來上漲空間。

We will continue to monitor both the RFP process and the ability to qualify for one or more of the ITC adders and evaluate their impact along with other potential impacts as part of our continual review of our impairment model. As a part of this evaluation, an important consideration will be the likelihood of success of any future bid award for Sunrise Wind from this accelerated RFP.

我們將繼續監控 RFP 流程以及獲得一項或多項 ITC 加法者資格的能力，並評估其影響以及其他潛在影響，作為我們持續審查減損模型的一部分。作為本次評估的一部分，一個重要的考慮因素將是日出風電未來透過加速招標獲得成功的可能性。

Turning to cash flows. First, let me say that maintaining strong credit ratings is very important to us. Therefore, we are disappointed with the recent credit rating action taken by Moody's as the timing was a bit unfortunate. Our short-term ratings were not impacted by this action, and therefore, we should not see any impact on our commercial paper costs. As it relates to future long-term financing costs, we see potentially minimal impact. We expect our cash flows will be enhanced and more specifically, an improvement in our ratio of funds from operation relative to debt or FFO to debt although we expect that our 2023 FFO to debt would be a bit weak, primarily given the delay in closing the offshore wind sales transaction. However, moving forward, we expect our cash flow position to increase significantly.

轉向現金流。首先，我要說的是，保持良好的信用評級對我們來說非常重要。因此，我們對穆迪最近採取的信用評等行動感到失望，因為時機有點不幸。我們的短期評級並未受到此行動的影響，因此，我們應該不會看到對我們的商業票據成本產生任何影響。由於它與未來的長期融資成本有關，我們認為影響可能很小。我們預計我們的現金流將得到增強，更具體地說，我們的營運資金相對於債務或FFO 與債務的比率將有所改善，儘管我們預計2023 年FFO 與債務的比率將有點弱，主要是考慮到延遲關閉離岸風電銷售交易。然而，展望未來，我們預計我們的現金流狀況將大幅增加。

There are several factors we expect to contribute to enhancing our FFO to debt ratio well beyond the new threshold of 13% of FFO to debt by 2024 and beyond. A key factor driving an improvement in cash flows are the proceeds from the sale of our offshore wind projects, along with eliminating the project funding required. You may recall that as of June 30, 2023, the carrying value of our offshore wind investment was $2.1 billion, net of the $401 million pretax impairment charge and the proceeds from the sale of the lease area.

我們預計，到 2024 年及以後，有幾個因素將有助於提高我們的 FFO 與負債比率，遠遠超出 FFO 與負債比率 13% 的新門檻。推動現金流改善的關鍵因素是出售我們的離岸風電專案的收益，以及消除所需的專案資金。您可能還記得，截至 2023 年 6 月 30 日，我們離岸風電投資的帳面價值為 21 億美元，扣除 4.01 億美元的稅前減損費用和出售租賃區域的收益。

We have previously indicated that there are approximately $850 million of contingent considerations as part of the sale that is comprised of the $450 million pricing adjustment or now an RFP rebid for Sunrise OREC. If successful with the RFP award, this cash flow would be received when the transaction closes. In addition, as I previously discussed, a potential $400 million from the energy communities of a 10% ITC adder qualification would be received when the projects reach COD, which we expect in 2025.

我們之前曾表示，作為出售的一部分，有大約 8.5 億美元的或有對價，其中包括 4.5 億美元的定價調整或現在對 Sunrise OREC 的 RFP 重新投標。如果 RFP 授予成功，這筆現金流將在交易結束時收到。此外，正如我之前討論的，當專案達到 COD（我們預計在 2025 年）時，將從能源界獲得 10% ITC 加法資格的潛在 4 億美元資金。

Cash flows will be further enhanced from our core regulated businesses from electric and gas distribution rate adjustments primarily in Massachusetts and other cost recovery mechanisms. We anticipate additional deferred storm cost recovery of about $400 million to $500 million rolling into rates during 2024 that will be recovered over a 5-year period. Also of note, we will fully monetize our $528 million of South Fork tax equity investment through lower tax payments and refunds which will further contribute to an improvement in our cash flow and provide the ability to pay down debt, including a portion of the $1.4 billion of parent debt maturing in 2024.

我們的核心監管業務的現金流將透過主要在馬薩諸塞州的電力和天然氣分配率調整以及其他成本回收機制進一步增強。我們預計 2024 年將有約 4 億至 5 億美元的額外延期風暴成本回收，並將在 5 年內回收。另外值得注意的是，我們將透過降低納稅和退稅，將我們的5.28 億美元南福克稅務股權投資充分貨幣化，這將進一步有助於改善我們的現金流，並提供償還債務的能力，包括14 億美元的部分債務2024 年到期的母公司債務。

Lastly, we are committed to completing the $1 billion equity as part of our ATM program. As shown on Slide 10, we have issued no additional equity under this program through October. We also anticipate raising an additional equity through our dividend reinvestment and employee incentive programs through October, and we have issued 900,000 shares under that program.

最後，我們致力於完成 10 億美元的股權，作為我們 ATM 計畫的一部分。如投影片 10 所示，截至 10 月份，我們尚未根據該計劃發行任何額外股權。我們也預計到 10 月將透過股息再投資和員工激勵計劃籌集額外股本，並且我們已根據該計劃發行了 900,000 股股票。

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

感謝您今天早上加入我們，我期待下週見到你們中的許多人。我現在將把電話轉回給鮑伯進行問答。

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

謝謝，約翰。我會將電話轉回接線生開始問答。

(Operator Instructions) Our first question for today comes from Shah Pourreza of Guggenheim Partners.

（操作員說明）我們今天的第一個問題來自 Guggenheim Partners 的 Shah Pourreza。

Sorry, we just saw, obviously, your partner, Orsted taking the total impairment of around $900 million for the 3 projects. Can you just talk a little more about why you didn't take an additional impairment this quarter? And maybe just provide more clarity regarding Sunrise and that accelerated RFP process in New York with the buyer? I guess, John, what alternatives were you referencing?

抱歉，顯然，我們剛剛看到您的合作夥伴 Orsted 為這 3 個項目承擔了約 9 億美元的總減值。您能否再多談談為什麼本季沒有採取額外的減損準備？也許只是提供更多關於 Sunrise 的資訊以及在紐約與買家加速的 RFP 流程？我想，約翰，你指的是哪些替代方案？

Great. Well, thanks, Shah. Let me start with the RFP. While the merits of our repricing petition were in line with the recent NYSERD RFPs, and the resulting price ask from our petition was lower than the average price of our recent New York awards, our repricing petition was denied, unfortunately, by the New York PSC.

偉大的。嗯，謝謝，沙阿。讓我從 RFP 開始。雖然我們的重新定價申請的優點與最近的 NYSERD RFP 一致，而且我們的申請產生的價格要低於我們最近紐約獎項的平均價格，但不幸的是，我們的重新定價申請被紐約 PSC 拒絕了。

The primary reason, Shah, they cited was the pricing adjustments would have been done administratively rather than through competitive procurement, which is what they did not want to do. However, you'll see that NYSERD then issued an RFP right after the denial for future RFP for additional offshore wind. We have responded to that recent New York RFI, and we'll evaluate the RFP terms. Given the maturity of Sunrise, in terms of the citing, permitting and early construction, this project is probably best positioned to win this RFP.

沙阿，他們引用的主要原因是定價調整將透過行政方式完成，而不是透過競爭性採購，而這是他們不想做的。然而，您會看到 NYSERD 在拒絕未來額外離岸風電的 RFP 後立即發布了 RFP。我們已經回覆了最近的紐約 RFI，並將評估 RFP 條款。鑑於 Sunrise 的成熟度，就引用、許可和早期建設而言，該項目可能最有可能贏得本次 RFP。

John, you can hit on the impairment question for Shah, please.

約翰，你可以問一下沙阿的減損問題。

Sure. So it's pretty -- if you look at the impairment charge that our partner took last week and what happened to us in Q2, the impairment charge that we took for pretax $401 million which was reflective of the gain on the lease area, it's pretty comparable. So I would portray it this way that I think there is alignment between what has happened to us on these projects and what we saw just last week with Orsted. So for that reason, and also the assumptions are very comparable with what they assumed and announced and what we considered back in June.

當然。所以這很漂亮- 如果你看看我們的合作夥伴上週收取的減值費用以及我們在第二季度發生的情況，我們收取的稅前4.01 億美元的減值費用反映了租賃面積的收益，這是相當可比的。所以我會這樣描述它，我認為我們在這些項目中發生的事情與我們上週在 Orsted 中看到的情況是一致的。因此，出於這個原因，這些假設與他們的假設和宣布以及我們在 6 月考慮的內容非常相似。

And the last part of that question as from a structural standpoint, you heard in my formal remarks that it's still very, very early in the process. But there could be a scenario where we move forward with the buyer on South Fork and Rev and kind of have a second transaction with this buyer to wrap up Sunrise. Obviously, it should be no surprise to anyone on the call from a project financing standpoint, you need to be locked in on the revenue agreement. So if there's an ability for us to enhance the revenue agreement, and that takes 4 or 5 months, we are very supportive of that project like in closing.

從結構的角度來看，這個問題的最後一部分，你在我的正式發言中聽到，這個過程還處於非常非常早期的階段。但可能存在這樣一種情況，即我們與買家在 South Fork 和 Rev 上繼續推進，並與該買家進行第二筆交易以完成 Sunrise。顯然，從專案融資的角度來看，任何參加電話會議的人都不會感到驚訝，您需要鎖定收入協議。因此，如果我們有能力增強收入協議，並且需要 4 或 5 個月的時間，那麼我們非常支持該項目，就像結束時一樣。

Got it. And then, John, you mentioned that the sale process could be split with Sunrise later, which is kind of helpful. I guess what could that look like? How should we think about the implications for investing in the project and timing? Basically, will you be on the hook for it and any contingencies?

知道了。然後，約翰，您提到銷售流程可以稍後與 Sunrise 分開，這很有幫助。我猜那會是什麼樣子？我們該如何考慮專案投資和時機的影響？基本上，您會為此負責嗎？還有任何意外情況嗎？

Sure. So, yes, we'll continue to have a funding requirement but the negotiations that we already have with the buyer, we would be reimbursed for that extra funding at the time that we close. And Shah, I think it's important to realize that based on what we have heard come out of NYSERDA, this is a very expedited RFP process. There's actually 2 and so we can actually see a decision in advance of us closing the transaction in South Fork and Revolution, so I don't want to lose sight of that. But in case there's a further delay by NYSERDA in clarifying the bidders of those RFP processes, there is a scenario where we would still move forward on the path that we have in front of us for those 2 projects, followed by Sunrise.

當然。所以，是的，我們將繼續有資金需求，但我們已經與買家進行了談判，我們將在交易結束時獲得額外資金的補償。 Shah，我認為重要的是要認識到，根據我們從 NYSERDA 聽到的消息，這是一個非常快速的 RFP 流程。實際上有 2 個，所以我們實際上可以在完成南福克和革命的交易之前看到一個決定，所以我不想忽視這一點。但是，如果 NYSERDA 在澄清這些 RFP 流程的投標人方面進一步延遲，我們仍將按照這兩個項目前面的道路前進，然後是 Sunrise。

Our next question comes from Steve Fleishman of 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 guess on the comment on the Moody's action, the timing unfortunate. Can you just maybe give a little more color on kind of like your thoughts on that comment? And just from a corporate standpoint, ignoring the rating agencies, how should we think about the FFO to debt you're overall expecting and targeting going forward?

所以只是 - 我想關於穆迪行動的評論，時機不幸。您能否就您對該評論的想法提供更多的色彩？僅從公司的角度來看，忽略評級機構，我們應該如何考慮您整體預期和未來目標的 FFO 債務？

Sure. Sure. As I said in my formal remarks, we pride ourselves in having very strong credit ratings, and that's important to us. And my remark on the unfortunality of it is the fact that we do see a significant enhancement in 2024, that would get us well above the 13%. And quite honestly, probably exceeding the 15% threshold. But we fully understand the predicament that Moody's will -- they've been in with a negative outlook for quite some time. Storm activity, as I've mentioned in the past 3 years have been -- have created a headwind for us from a cash flow perspective. But we do see that enhance in the years to come.

當然。當然。正如我在正式演講中所說，我們為擁有非常高的信用評級而感到自豪，這對我們很重要。我對這種不幸的看法是，我們確實看到 2024 年會有顯著的提高，這將使我們遠高於 13%。老實說，可能超過了 15% 的門檻。但我們完全理解穆迪的困境——他們長期以來一直對前景持負面態度。正如我在過去三年中提到的，從現金流的角度來看，風暴活動給我們帶來了阻力。但我們確實看到這種情況在未來幾年有所增強。

Okay. And then you mentioned you maybe could have gotten to the 15% in '24. Just like what -- do you have a sense, John, kind of what you're targeting going forward now for the FFO to debt as we're thinking about your overall financing plan?

好的。然後你提到你也許可以在 24 年達到 15%。就像——約翰，當我們考慮您的整體融資計劃時，您是否知道您現在為 FFO 舉債的目標是什麼？

Well, Steve, let me start by saying that having -- being at the 13% right now does give us a little bit more flexibility where we can be opportunistic from an equity standpoint. But as I've said, I don't want to lose sight of the fact that we strive on maintaining a very strong credit rating. And right now, based on our plan, I do see everything else being equal, I do see us getting to 15% by the end of 2024.

好吧，史蒂夫，首先讓我說，現在處於 13% 確實給了我們更多的靈活性，從公平的角度來看，我們可以投機取巧。但正如我所說，我不想忽視我們努力維持非常強大的信用評級的事實。現在，根據我們的計劃，我確實認為其他條件都相同，我確實認為到 2024 年底我們將達到 15%。

Okay. And then so from that standpoint, given that you don't -- do you not see then any need for more equity in the plan beyond what you've already talked about?

好的。那麼從這個角度來看，鑑於您不認為該計劃除了您已經討論過的內容之外還需要更多的股權？

That's what I confirmed in my formal remarks, that is correct.

我在正式發言中證實了這一點，這是正確的。

Okay. Great. And then just could you maybe -- I remember early in the year, you talked to about the plan being kind of -- you thought kind of conservative on interest rate exposure and how you judge that. Just could you talk to just -- I know you had a slide going through some of the stuff, but just overall, how to think about the plan in terms of interest rate exposure?

好的。偉大的。然後你可能會——我記得今年早些時候，你談到了這個計劃——你認為在利率風險以及你如何判斷這一點上有點保守。您能否談談——我知道您有一張幻燈片討論了一些內容，但總的來說，如何從利率風險角度考慮該計劃？

Yes. I mean, we've done a great job in managing to the current year exposure, and we will continue to be focused on that. We are very disciplined in our O&M strategy, and we've been very successful. And as a matter of fact, as a result of that cost discipline, we've been able to narrow our guidance range, our EPS guidance range. So yes, I would say, to frame it, when I started the year, I didn't think the Feds were going to move as rapidly as they did with increase in rates. So it has put some further pressure on us. And we have a plan that would get us to where we need to be.

是的。我的意思是，我們在管理今年的曝光方面做得很好，我們將繼續關注這一點。我們的維運策略非常嚴格，而且非常成功。事實上，由於成本紀律，我們已經能夠縮小我們的指導範圍，即每股收益指引範圍。所以，是的，我想說，總的來說，當我年初時，我並不認為聯準會會像升息那樣迅速採取行動。所以這給我們帶來了一些進一步的壓力。我們有一個計劃可以幫助我們到達我們需要到達的地方。

And is that true not just for this year but for the long-term growth rate?

不只對今年如此，對長期成長率也是如此嗎？

That's correct. That is correct.

這是正確的。那是對的。

Our next question comes from David Arcaro from Morgan Stanley.

我們的下一個問題來自摩根士丹利的大衛·阿卡羅。

Let's see, maybe just following up on Steve's last question. If rates stay where they are, do you continue to see the ability to hit solidly in the upper half of your guidance range? And maybe could you elaborate on some of the cost-cutting initiatives, where the opportunities are that you see going forward?

讓我們看看，也許只是跟進史蒂夫的最後一個問題。如果利率保持不變，您是否繼續認為有能力穩定地達到指導範圍的上半部？也許您可以詳細說明一些削減成本的舉措，您認為未來的機會在哪裡？

Sure. Thanks, David. So yes, I mean, in our longer forecast, based on what consensus had interest rates moving and where the Fed is likely to be, we have factored that into our long-term growth prospects. The question is when will the Fed start to turn the corner, either stabilize or perhaps even go start reducing rates. So that's what we're looking at in our '24 plan but right now, as I've said, the cost cutting that we have been very successful to implement has compensated for that. From a cost-cutting measure, we look at a multitude of things, right? We have done a great job in introducing technology that has lower operational costs. We look at on the shared services side, what can we do there. So those are some of the items that we are very focused on.

當然。謝謝，大衛。所以，是的，我的意思是，在我們的長期預測中，基於利率變動的共識以及聯準會可能採取的行動，我們已將其納入我們的長期成長前景中。問題是聯準會何時開始扭轉局面，要么穩定利率，甚至開始降息。這就是我們在 24 小時計劃中考慮的內容，但現在，正如我所說，我們非常成功地實施的成本削減已經彌補了這一點。從削減成本的角度來看，我們會考慮很多事情，對吧？我們在引進降低營運成本的技術方面做得非常出色。我們著眼於共享服務方面，我們能在那裡做什麼。這些是我們非常關注的一些項目。

Okay. Great. That's helpful. And then also, just looking out at the FFO to debt trends. You've got a couple -- or I guess I'm thinking of the tax equity payment in 2024, that's a bit of a onetime boost, but then post 2024, is there a trend off of that year where you expect FFO to debt to trend naturally just based on the core business outlook? Does it fall below 15% after that? Or are there ways to maintain it in that rough range?

好的。偉大的。這很有幫助。然後，看看 FFO 與債務的趨勢。你有幾個 - 或者我想我正在考慮 2024 年的稅收公平支付，這有點一次性的提振，但 2024 年之後，是否會出現你預計 FFO 負債的趨勢僅僅基於核心業務前景就自然地走向趨勢？之後會跌破15%嗎？或者有什麼方法可以將其維持在這個大致範圍內？

No. No. If you my recall formal remarks, I said, look, right now, our prospects is we turn the corner in 2024 and beyond. So our core business is going to be a significant contributor to that. And the biggest driver of that will be the rate adjustments that we have in Massachusetts locked in and what we -- the pathway that we see to start recovering the nearly $1.6 billion of the storm costs.

不。不。如果你還記得我的正式言論，我說，看，現在，我們的前景是我們在 2024 年及以後渡過難關。因此，我們的核心業務將對此做出重要貢獻。其中最大的推動因素將是我們在馬薩諸塞州鎖定的費率調整以及我們看到的開始收回近 16 億美元風暴成本的途徑。

In Massachusetts and New Hampshire, as I've mentioned, we have about $400 million to $500 million kicking in into rates in 2024. That will be recovered over the 5-year period. And then we will be focused on the Connecticut deferred storm costs. And as we've said in the past, we look to file our prudency, a cost review and get that filing into PURA later this year.

正如我所提到的，在馬薩諸塞州和新罕布夏州，我們將在 2024 年投入約 4 億至 5 億美元的資金。這些資金將在 5 年內收回。然後我們將重點關注康乃狄克州的延期風暴成本。正如我們過去所說，我們希望謹慎地提交成本審查報告，並在今年稍後向 PURA 提交該文件。

Our next question comes from Nicholas Campanella from Barclays.

我們的下一個問題來自巴克萊銀行的尼古拉斯·坎帕內拉。

I just wanted to follow up on Connecticut. I think you started to hit it there, but obviously, the Governor you're saying has been more supportive, but it has been a challenging backdrop from a rate-making standpoint. Just how are you kind of thinking through the timing of the next CL&P Rate Case?

我只是想跟進康乃狄克州的情況。我認為你已經開始做到這一點，但顯然，你所說的州長更加支持，但從利率制定的角度來看，這是一個具有挑戰性的背景。您對下一次 CL&P 利率案例的時間安排有何看法？

And then secondly, just a strategy for deferred storm balances. I think you said that you're going to file later this year with recovery thereafter. But can you just kind of give us some more detail on what that process looks like?

其次，只是延遲風暴平衡的策略。我想你說過你將在今年稍後提交恢復申請。但是您能給我們更多關於過程的細節嗎？

Sure. Thanks, Nick. I'll take a crack at it and then John can pipe in. A couple of things. We are not -- we have no plans of filing a rate case in Connecticut. We actually -- the settlement precludes that until 2025. So that would be the earliest, although not required at that point. Our storm cost filing is in very good shape, and the filing is imminent. At any time, we will make that filing as well. Again, that's a filing that we need to go through first a review of it. So it's -- they'll go through all the documents and make sure that everything is in order. So that is something that you want to deal with outside of a rate case. We'll get that behind us, get the amount established. And then that way makes for a simpler or less complex rate case. So that's the current thinking right now. John, if you want to add any color, feel free.

當然。謝謝，尼克。我會嘗試一下，然後約翰可以插話。有幾件事。我們沒有—我們沒有計劃在康乃狄克州提起費率案件。實際上，和解協議規定 2025 年之前不會出現這種情況。因此，這將是最早的，儘管當時並不需要。我們的風暴成本歸檔情況非常好，歸檔即將進行。我們也會隨時進行備案。同樣，我們需要先對其進行審查。所以他們會仔細檢查所有文件並確保一切都井然有序。因此，這是您想要在費率案例之外處理的事情。我們會解決這個問題，確定金額。這樣就可以實現更簡單或不太複雜的費率情況。這就是目前的想法。約翰，如果你想添加任何顏色，請隨意。

Sure. I mean, it's -- as you can very well appreciate, it's a sizable amount that we will seek prudency review. Right now, it's about $650 million that we're looking to put in front of PURA. So from a timing standpoint, I would imagine that, that would take quite some time, probably 10 to 12 months. There's a lot of information, a lot of due diligence that the regulator has to go through, Nick.

當然。我的意思是，正如您所理解的，我們將尋求審慎審查，這是一個相當大的金額。目前，我們計劃向 PURA 投入約 6.5 億美元。因此，從時間的角度來看，我想這將需要相當長的時間，可能需要 10 到 12 個月。尼克，監管機構必須進行大量資訊和盡職調查。

That's helpful. And then just one follow-up on the assumptions underlying the 5% to 7% EPS CAGR here, acknowledging that you're continuing to point to the high end of that range. You do have the ATM outstanding and you haven't issued a lot of that and multiples are lower. So I'm just trying to understand, is this like a true mark-to-market of if the stock price stays where it is, you still see this as an executable 5% to 7% CAGR?

這很有幫助。然後是對每股收益複合年增長率 5% 至 7% 的假設的一個後續行動，承認您繼續指出該範圍的高端。您確實有 ATM 未結清的款項，但您並未發行大量款項，而且倍數較低。所以我只是想了解，這是否像真正的按市值計價，如果股價保持在原位，您仍然認為這是可執行的 5% 至 7% 複合年增長率？

Sure, sure. Yes. Yes, we do. Yes, we do. I mean, I'm hoping that the market and the whole sector doesn't stay at this level much longer. And I'm hoping that things will start to move forward in the right direction for all of us, quite honestly. But yes, when we haven't issued any equity, it's not a mad dash to issue equity. So we will continue to monitor things and be opportunistic as we can.

一定一定。是的。是的，我們願意。是的，我們願意。我的意思是，我希望市場和整個行業不會在這個水平上停留太久。老實說，我希望事情會開始朝著對我們所有人來說正確的方向發展。但是，是的，當我們還沒有發行任何股票時，發行股票並不是瘋狂的舉動。因此，我們將繼續監控情況並盡可能抓住機會。

Our next question comes from Durgesh Chopra from Evercore.

我們的下一個問題來自 Evercore 的 Durgesh Chopra。

First, just can you tell us what's the expected spending on the offshore projects this year? I think you're targeting roughly $1.5 billion for the...

首先，您能否介紹一下今年海外項目的預期支出是多少？我認為您的目標是大約 15 億美元...

Yes, Durgesh, I think we will be. We will come below that significantly. I think you'll recall that we -- early in the year, we moved $500 million out of '23 and into '24 and beyond. And currently, we are behind. So when you see our 10-Q, you're going to see a balance for offshore wind at the end of 9/30 of about $2.5 billion but keep in mind that we got in a little bit over $300 million in mid-October so which puts our year-to-date balance net of the impairment charge at about roughly $2.2 billion to $2.3 billion, as compared to about a $2 billion balance at the end of the year.

是的，德吉什，我想我們會的。我們將大幅低於這一水平。我想你會記得，今年年初，我們將 5 億美元從 23 年轉移到了 24 年及以後。目前，我們落後了。因此，當您看到我們的10-Q 時，您會看到9/30 年底海上風電的餘額約為25 億美元，但請記住，我們在10 月中旬的收入略高於3 億美元，因此這使得我們年初至今扣除減損費用後的餘額約為 22 億至 23 億美元，而年底的餘額約為 20 億美元。

Got it. Okay. And then just going back to the equity question, just off the remaining amount that you've -- kind of the $1.2 billion, what's the -- any help you can give us on timing of how you might execute on that equity?

知道了。好的。然後回到股權問題，就您所擁有的剩餘金額（12 億美元）而言，您可以在如何執行該股權的時機方面為我們提供任何幫助嗎？

We'll have to wait and see where valuations are, but it's not -- right now, it will be over the next several years to put it in the 2 to 3 window time frame.

我們將不得不等待，看看估值在哪裡，但目前情況並非如此，需要在未來幾年內將其納入 2 到 3 個窗口期。

Okay. So not this year, right, obviously?

好的。所以今年不會，對吧，顯然？

No, no.

不，不。

Our next question comes from Jeremy Tonet of JPMorgan.

我們的下一個問題來自摩根大通的傑里米·託內特。

Just starting off here. Coming back to the sales process announcement and realize there are elements that are outside of your hands here. But if we're thinking about timing here, is this a matter of like days, weeks or months and are you able to identify any material gating items at this point or other risks around these negotiations? Just trying to get a sense for how the process could unfold at this point?

剛從這裡開始。回到銷售流程公告，並意識到這裡有一些元素超出了您的控制範圍。但如果我們在這裡考慮時間安排，這是幾天、幾週還是幾個月的問題？您是否能夠在此時確定任何重大限制項目或圍繞這些談判的其他風險？只是想了解此時此過程如何展開？

Yes. Well, thanks. Obviously, this is on everyone's mind. It's a process we've been working through. And as we've mentioned, we have completed the terms with the buyer. The buyer now is working with our partner, Orsted. As we've mentioned, this buyer is very familiar to Orsted. They've done transactions with them. And we just need to see that play out. So I can't give you a day, a week or a month, unfortunately. All I can tell you is that all of the terms associated with transaction with Eversource have been completed and that we feel very good about that. The buyer is still very eager on these projects, and we are going to work through it. And John and I will remain focused and disciplined around the execution of our divestiture of the wind business.

是的。非常感謝。顯然，這是每個人的心裡話。這是我們一直在努力的一個過程。正如我們所提到的，我們已經與買方完成了條款。買家現在正在與我們的合作夥伴 Orsted 合作。正如我們所提到的，Orsted 非常熟悉這位買家。他們已經和他們做了交易。我們只需要看看結果如何。所以不幸的是我不能給你一天、一週或一個月的時間。我能告訴你的是，與 Eversource 交易相關的所有條款都已完成，我們對此感到非常滿意。買家對這些項目還是很熱心的，我們會努力解決的。約翰和我將繼續專注並嚴格執行我們對風電業務的剝離。

Got it. Very helpful there. And then just pivoting back to equity, just wanted to clarify a couple of points here to make sure I got it right. The $1.2 billion of external equity needs, is this kind of embedding, I guess, offshore wind sales price at a certain level? And does this assume higher New York price and success on 1 of the 2 ITC adders? Just trying to get clarity on what is factored. And at that point, -- and then just to confirm, I guess, what you talked about earlier, the planned reaffirmation is based on current stock price levels? Or does that need to be kind of reevaluated later for the 5% to 7% growth?

知道了。那裡非常有幫助。然後回到股權，只是想澄清幾點以確保我的理解是正確的。 12億美元的外部股權需求，我猜這種嵌入離岸風電銷售價格是否達到一定水準？這是否假設紐約價格更高並且 2 個 ITC 加法器中的 1 個取得成功？只是想弄清楚所考慮的因素。到那時，--然後只是為了確認，我想，你之前談到的，計劃的重申是基於當前的股價水平？或是否需要稍後重新評估 5% 至 7% 的成長？

Sure. Let me take -- there's a lot of items in there. So let me start with what we have left in our ATM is not $1.2 billion. We've already executed $200 million. So all we have is $1 billion left. And that assumption was reiterated on the call today, does assume that we would prevail on that $850 million contingent consideration that I highlighted. So we've assumed that, that would come in and we feel very good about it to the points that we made on the call.

當然。讓我來看看——裡面有很多東西。首先，我們的 ATM 機還剩下不到 12 億美元。我們已經執行了 2 億美元。所以我們只剩下 10 億美元了。今天的電話會議上重申了這一假設，確實假設我們會在我強調的 8.5 億美元或有考慮因素上獲勝。所以我們假設，這將會出現，並且我們對我們在電話中提出的觀點感到非常滿意。

So going now on the stock price, I mean, we haven't issued any equity this year for the simple fact of where values are. So we will continue to monitor that valuation as we move forward. As I've said, we have flexibility now looking to issue at all this year or next year, as I said, over time.

現在就股價而言，我的意思是，我們今年沒有發行任何股票，因為價值所在的簡單事實。因此，隨著我們的前進，我們將繼續監控該估值。正如我所說，我們現在可以靈活地考慮在今年或明年發行，正如我所說，隨著時間的推移。

Our next question comes from Anthony Crowdell from Mizuho.

我們的下一個問題來自瑞穗銀行的安東尼克勞德爾。

Just a couple of questions first on Sunrise. I think Orsted last week lowered their probability of being successful on a rebid. I mean, you guys seem very optimistic on a rebid. Just curious if there's any change in your thinking on Sunrise versus maybe last quarter?

首先有幾個關於日出的問題。我認為 Orsted 上週降低了他們重新競標成功的可能性。我的意思是，你們似乎對重新競標非常樂觀。只是好奇您對 Sunrise 的看法與上個季度相比是否有任何變化？

Yes. No. I mean, we still feel very good about Sunrise given where it is in the gestation process. And the fact of the matter is the significant demand and appetite for offshore wind. And the pricing that we were seeking in our filing is less than what the average price was for others selected. The project is a great project. It's got so much economic development benefit, jobs benefits, location, pointed interconnection in New York that we feel very, very good about it. So that's our feeling on it. We feel it's a winner.

是的。不，我的意思是，考慮到 Sunrise 正處於醞釀階段，我們仍然對它感覺非常好。事實上，離岸風電的需求和胃口巨大。我們在文件中尋求的定價低於其他選定產品的平均價格。該項目是一個偉大的項目。它在紐約有如此多的經濟發展效益、就業優勢、地理位置和明確的互聯互通，我們對此感覺非常非常好。這就是我們的感受。我們覺得它是贏家。

Great. And just curious on the pricing. I don't know if you want to disclose it, but as you said, the pricing you submitted to the New York Public Service Commission was attractive. On the rebid, could we assume that, that price would exist on the rebid or through the rebid, there's a chance that the pricing could even go up higher or lower? I mean, could the pricing change?

偉大的。只是對定價感到好奇。我不知道你是否願意透露，但正如你所說，你向紐約公共服務委員會提交的定價很有吸引力。在重新投標時，我們是否可以假設，該價格將存在於重新投標中或透過重新投標，定價甚至有可能更高或更低？我的意思是，價格可以改變嗎？

As you might imagine, this is a highly competitive process. There are other players in there, and that's something that we're not comfortable disclosing.

正如您可能想像的那樣，這是一個競爭激烈的過程。那裡還有其他玩家，這是我們不願意透露的事情。

Great. And then just lastly, a whole bunch of moving pieces in the story, big improvement in FFO to debt we should start seeing in '24. Just when we think about when all the dust settles, I mean, does '24 look like it becomes a transition year and the offshore wind clears up? Or do you think that happens sooner or does the cleanup to a fully regulated story happen more in '25?

偉大的。最後，故事中的一大堆感人的故事，FFO 債務方面的巨大改善，我們應該在 24 年開始看到。正當我們想到什麼時候一切塵埃落定時，我的意思是，24 看起來會成為一個過渡年，海上風會消散嗎？或者你認為這種情況會發生得更早，還是對完全監管的故事的清理會在 25 年發生更多？

No, I feel very, very confident that '24 is our year for a transition to a clean, pure regulated utility, seeking singles and doubles and keeping everybody on this call very comfortable.

不，我非常非常有信心，24 年是我們向乾淨、純粹的監管公用事業過渡的一年，尋求單打和雙打，讓每個人都感到非常舒適。

Our next question comes from Julien Dumoulin-Smith of Bank of America.

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just as a clean up on a couple of things if you guys don't mind. I'm just -- can we talk about capitalized interest year-to-date? Where are we at the end of the day on the offshore wind projects? Can we talk about just what your expectations as you think about that like new normal, you talked about singles and doubles, what is that parent level ongoing drag, if you want to call it that, in a kind of post offshore world, if you will?

如果你們不介意的話，就像清理一些東西一樣。我只是——我們可以談談今年迄今的資本化利息嗎？離岸風電專案最終進度如何？我們能否談談您的期望，當您考慮新常態時，您談到單打和雙打，父母級別的持續阻力是什麼，如果您想這樣稱呼它，在某種後離岸世界中，如果您將要？

Sure. Sure, Julien. So the capitalized interest right now, it's about, I don't know, I would say, $25-ish million at the -- and that's all at the parent company, $25 million, $30 million.

當然。當然，朱利安。所以現在的資本化利息，我不知道，我想說，大概是 2500 萬美元左右——這都是母公司的，2500 萬美元、3000 萬美元。

Got it. Okay. All right. Right. I capitalize tied to the offshore, $25 million, $30 million. And then how do you think about going forward for the -- kind of that new normal, if you will, at the parent here?

知道了。好的。好的。正確的。我在離岸資本方面投入了2500萬美元、3000萬美元。那麼，如果您願意的話，您如何看待這裡的家長繼續這種新常態？

Well, with the cash inflows that I've mentioned, including some of the utilization of ITC, we can't lose sight over that. I feel we would be able to harvest in the next 12 to 18 months. That's close to $500 million coming in the door, plus the proceeds from the offshore wind. We will turn the corner in 2024 and beyond. So I do -- as Joe mentioned, '24 is the pivotal turning period for us.

嗯，考慮到我提到的現金流入，包括 ITC 的一些利用，我們不能忽視這一點。我覺得未來12到18個月我們就能收穫。加上離岸風電的收益，這將帶來近 5 億美元的收入。我們將在 2024 年及以後扭轉局面。所以我確實這麼做了——正如 Joe 所提到的，24 年對我們來說是關鍵的轉折期。

Julien, we have, as I mentioned in my formal remarks is $1.4 billion that will mature at the holding company in 2024. And that's all back end kind of half year, those maturities will take place June and October.

Julien，正如我在正式發言中提到的，我們有 14 億美元，將於 2024 年在控股公司到期。這都是半年的後端，這些到期將在 6 月和 10 月進行。

Right, indeed. And just coming back to trying to compare notes between Orsted and yourselves, and I'm sorry to just -- I think they quoted a number like 450 here for breakup fees as Sunrise doesn't have a positive ID. Again, I'm not sure what's in or out of that bucket. Where do you guys assess that metric here on your side as far as you're concerned? What's your understanding? And also maybe what are the offshore proceeds assumed in the plan with the EPS CAGR reaffirm?

沒錯，確實如此。回到嘗試在 Orsted 和你們自己之間交換意見，我很抱歉 - 我認為他們在這裡引用了 450 之類的數字作為分手費，因為 Sunrise 沒有明確的身份證明。再說一次，我不確定桶子或桶外有什麼。就你們而言，你們在哪裡評估這個指標？你的理解是什麼？另外，在每股收益複合年增長率重申的情況下，計劃中假設的離岸收益可能是多少？

Okay. So the breakup fees that Orsted announced on their call, we're 50% partner. So we would be on the hook for that 50% as well.

好的。因此，Orsted 在電話會議上宣布的分手費中，我們是合作夥伴的 50%。所以我們也將承擔這 50% 的責任。

Got it. And the proceeds just in the plan just to kind of think through super quickly?

知道了。計劃中的收益只是為了快速思考？

The proceeds from the sale?

出售的收益？

Yes. Well, I mean, what are you reflecting in your plan as a placeholder, if you will, right? I know you're reaffirming the CAGR here today, and maybe it's too close to a sale to be able to disclose, but how do you broadly think about that as a big piece of the puzzle?

是的。好吧，我的意思是，如果你願意的話，你作為佔位符在你的計劃中反映了什麼，對吧？我知道你今天在這裡重申了複合年增長率，也許它太接近銷售而無法透露，但你如何廣泛地認為這是這個難題的一個重要組成部分？

Yes. I mean, we haven't disclosed that, but I think you can certainly kind of assess that as to where we stand. And the reason is that it's a moving target as to when the transaction closes because we still have this funding commitment. But if you draw the line in the sand as of 9/30, I mentioned that our total investment was $2.1 billion, and we have $850 million of contingent consideration that covers that balance. So the balance would kind of be in the range of what you would expect.

是的。我的意思是，我們還沒有透露這一點，但我認為你當然可以評估我們的立場。原因是交易何時完成是一個不斷變化的目標，因為我們仍然有資金承諾。但如果你在 9 月 30 日劃清界限，我提到我們的總投資為 21 億美元，我們有 8.5 億美元的或有對價來涵蓋這一餘額。所以平衡會在你所期望的範圍內。

Our next question comes from Travis Miller of Morningstar.

我們的下一個問題來自晨星公司的崔維斯米勒。

Jump on Massachusetts, the ESMP and then the investments, the clean energy investments that you have planned there. What's your thinking around either rate design or rate filing? Do you foresee all of these investments going into just traditional rate cases like you've done in the past? Or are you going to think about some unique rate design or you could wrap these in more timely?

跳到馬薩諸塞州、ESMP，然後是你在那裡計劃的投資、清潔能源投資。您對費率設計或費率申報有何看法？您是否預計所有這些投資都會像您過去所做的那樣僅進入傳統利率案例？或者您會考慮一些獨特的費率設計，或者您可以更及時地包裝這些設計？

Travis, we're so excited about that plan that we filed because it does differentiate Massachusetts as being very progressive in that regard, and we're working with the key stakeholders, as Joe mentioned in his formal remarks. I would say from a cost recovery mechanism, I think it's far too early for us to speculate as to what that would be. We need this process to continue to kind of play out a bit more. Right now, as per legislation, it's before this council, this grid mod council, that's made up of key stakeholders and policymakers of Massachusetts. So that is still being reviewed by the council and we'll file that early '24 with the DPU. So I think it's a bit premature to start speculating on the recovery mechanism.

特拉維斯，我們對我們提交的該計劃感到非常興奮，因為它確實使馬薩諸塞州在這方面非常進步，並且我們正在與主要利益相關者合作，正如喬在他的正式講話中提到的那樣。我想說，從成本回收機制來看，我認為現在猜測這會是什麼還為時過早。我們需要這個過程繼續發揮更多作用。目前，根據立法，該委員會，即網格模型委員會，由馬薩諸塞州的主要利益相關者和政策制定者組成。因此，理事會仍在對此進行審查，我們將在 24 年初向 DPU 提交該文件。所以我認為現在開始猜測復甦機制還為時過早。

Okay. And about what's the rough mix in terms of O&M or variable cost, operating costs and capital costs in terms of your thinking about that?

好的。您認為維運或變動成本、營運成本和資本成本的大致組合是什麼？

I would say, 70-30, 30 being O&M.

我想說，70-30，30是維運。

Okay. Yes. Perfect. And then real quick on the dividend, still 60% payout ratio kind of target the way you're thinking about going into next year?

好的。是的。完美的。然後很快就派發股息，60% 的派息率仍然是您考慮明年的目標嗎？

Yes. I mean, consistently, we've been at 62% and our dividend policy supports that payoff.

是的。我的意思是，我們一直處於 62% 的水平，我們的股利政策支持這項回報。

Our final question for today comes from Paul Patterson of Glenrock Associates.

我們今天的最後一個問題來自 Glenrock Associates 的 Paul Patterson。

Just really -- I guess really -- almost all my questions have been sort of answered, but I'm sorry to be a little bit slow on the timing here. It sounds like before -- we may get a final transaction sort of cost (inaudible) by the end of the year. And I'm just wondering, you mentioned the NYSERDA rebid process. If you could just go over again, I apologize for being a little slow on this, the timing you're expecting on that and how that might impact this potential for splitting up this -- the South Fork versus the other projects and what have you?

真的——我想真的——幾乎我所有的問題都得到了解答，但很抱歉我在這裡的時間有點慢。聽起來就像以前一樣——我們可能會在年底前得到最終的交易成本（聽不清楚）。我只是想知道，您提到了 NYSERDA 重新投標流程。如果你能再重來一次，我很抱歉在這件事上有點慢，你所期望的時間以及這可能會如何影響這種分裂的可能性——南福克與其他項目以及你有什麼？

Sure. I guess a transaction announced by year-end would be ideal. And obviously, we wouldn't close that until 2024. And then with regard to NYSERDA, they are the ones that are asserting that it would be a very quick turnaround. So that is why we have contemplated this idea that we may, in fact, have not even transacted with the buyer when we already have line of sight on pricing around Sunrise, obviously, which would be beneficial for any buyer to understand what we're dealing with here. So it's very near term, not -- it's the end of this year, we would be optimistic that we could make an announcement and then a closing in 2024 and then some clarity around Sunrise pricing.

當然。我想年底前宣布的交易將是理想的選擇。顯然，我們要到 2024 年才會關閉它。然後就 NYSERDA 而言，他們聲稱這將是一個非常快速的轉變。因此，這就是為什麼我們考慮了這個想法，事實上，當我們已經了解 Sunrise 周圍的定價時，我們甚至可能還沒有與買家進行交易，顯然，這將有利於任何買家了解我們的產品處理這裡。因此，這是非常近期的事情，不是 - 今年年底，我們樂觀地認為我們可以發佈公告，然後在 2024 年完成交易，然後明確日出定價。

Thank you. I'll now hand back to the management team for any further remarks.

謝謝。我現在將向管理團隊提出進一步的意見。

Yes, I want to thank everybody for taking the time to join us this morning on our earnings call. Looking forward to seeing many of you next week in the Desert at the EEI Financial Conference, and we can spend some more time digging into any of the details that are important to you. And also, as you know, our investment relations team is always available to answer any questions that you might have in the interims. So thank you again for you time and have a wonderful day.

是的，我要感謝大家今天早上抽出時間參加我們的財報電話會議。期待下週在沙漠舉行的 EEI 金融會議上見到你們中的許多人，我們可以花更多時間挖掘對你們來說重要的任何細節。而且，如您所知，我們的投資關係團隊隨時可以回答您在此期間可能遇到的任何問題。再次感謝您抽出寶貴的時間，祝福您有個愉快的一天。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。現在您可以斷開線路。