康涅狄格電力 (ES) 2023 Q4 法說會逐字稿

Hello, and welcome to the Eversource Energy Q4 and Full Year 2023 Earnings Call. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions) I'd now like to hand over to Bob Becker, Director for Investor Relations. The floor is yours. Please go ahead.

您好，歡迎參加 Eversource Energy 第四季和 2023 年全年財報電話會議。我叫艾利歐特，今天我將協調您的電話。 （操作員指示）我現在想將工作交給投資者關係總監鮑勃·貝克爾（Bob Becker）。地板是你的。請繼續。

Good morning, and thank you for joining us. I am 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.

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，我們將引用昨天在我們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。

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 slides we posted last night and in our most recent 10-K and 10-Q.

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. Now I will turn the call over to Joe.

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。現在我將把電話轉給喬。

Thank you, Bob, and thank you all for joining us on the call this morning and for your interest in Eversource. Let me begin with the pathway for a full exit of our offshore wind business on Slide 4. When we started down this path in 2016, we were very excited for the opportunity to bring much needed renewable energy to our region.

謝謝鮑勃，也謝謝大家今天早上參加我們的電話會議以及對 Eversource 的興趣。讓我從幻燈片 4 中全面退出離岸風電業務的途徑開始。當我們在 2016 年開始走這條道路時，我們非常高興有機會為我們的地區帶來急需的可再生能源。

The high supply prices in the Northeast are not good for anyone, particularly our customers. Until we can reduce the region's reliance on gas, by electric generation price volatility will continue to cause difficulties for our customers. State mandates for our offshore wind procurement provided a strong impetus for our engagement, along with the recognition that offshore wind is one of the few renewable resources that can be produced in quantity to reduce reliance on natural gas and dampen the volatility of our region's electric prices.

東北地區的高供應價格對任何人都沒有好處，尤其是我們的客戶。在我們能夠減少該地區對天然氣的依賴之前，發電價格波動將繼續給我們的客戶帶來困難。國家對我們離岸風電採購的授權為我們的參與提供了強大的動力，同時我們也認識到海上風電是少數可以大量生產以減少對天然氣依賴並抑制我們地區電價波動的可再生資源之一。 。

Unfortunately, our offshore wind investment experienced difficulties as early-stage projects. These difficulties were largely a result of the pandemic, supply chain disruptions, rising interest rates and uncertainty around available resources for installation vessels and fabrication of turbine foundations. We are not alone, as several other offshore wind developers have also experienced similar challenges. These challenges, coupled with the lack of pricing flexibility, inherent in contracts approved by state regulators, result in a projected investment returns substantially below our required thresholds.

不幸的是，我們的離岸風電投資在早期專案中遇到了困難。這些困難主要是由於疫情、供應鏈中斷、利率上升以及安裝船和渦輪機基礎製造的可用資源的不確定性所造成的。我們並不孤單，其他幾家離岸風電開發商也經歷了類似的挑戰。這些挑戰，加上州監管機構批准的合約固有的缺乏定價彈性，導致預計的投資回報大大低於我們要求的門檻。

At the same time, our core business is well positioned to deliver solid operational and financial results, as we move forward in supporting the region's transition to a cleaner energy environment. This led us to seek out a path to refocus our investment portfolio on our utility business, with its strong opportunities for growth. For this reason, I am pleased about our announcement that we have reached an agreement to sell our existing 50% interest in the South Fork and Revolution Wind projects, to Global Infrastructure Partners, our leading infrastructure investor that will generate approximately $1.1 billion of cash proceeds.

同時，隨著我們繼續支持該地區向更清潔的能源環境過渡，我們的核心業務已做好準備，能夠實現穩健的營運和財務表現。這促使我們尋找一條途徑，將投資組合重新集中在具有巨大成長機會的公用事業業務上。因此，我很高興我們宣布已達成協議，將 South Fork 和 Revolution Wind 專案現有 50% 的權益出售給我們領先的基礎設施投資者 Global Infrastructure Partners，這將產生約 11 億美元的現金收益。

With the pending sale to GIP, our announcement last month, regarding the conditional sale of Sunrise Wind to Orsted and the sale of the offshore wind lease area that closed last year, I'm pleased to say that we have the pathway in place to finalize a full exit from the offshore wind business.

隨著向 GIP 的出售待定，我們上個月宣布，關於有條件地將 Sunrise Wind 出售給 Orsted 以及出售去年關閉的海上風電租賃區，我很高興地說，我們已經找到了最終確定的途徑全面退出離岸風電業務。

For the year, we have taken a noncash cumulative impairment charge of approximately $1.95 billion, after tax. John will discuss the impairment in more detail. However, I will say that the impairment reflects assumptions that our Board views as appropriate, given the uncertainty around the ultimate outcome of the Sunrise Wind rebid process.

今年，我們提列了稅後約 19.5 億美元的非現金累積減損費用。約翰將更詳細地討論損害。然而，我要說的是，考慮到 Sunrise Wind 重新投標過程最終結果的不確定性，減損反映了我們董事會認為適當的假設。

As John will discuss, the terms of the agreement with GIP are assumed and reflected in the impairment charge in our long-term financing plan. By taking this impairment charge, we are accounting for our full exit from Offshore Wind. We are pleased to be in the final stage of this long journey, and we feel confident that we are turning over the range of the wind business to capable and committed parties. We will remain involved in managing onshore construction for all 3 projects and through our tax equity investment in the South Fork.

正如約翰將討論的那樣，與 GIP 的協議條款是假設的，並反映在我們長期融資計劃的減損費用中。透過計入這項減損費用，我們正在考慮完全退出離岸風電。我們很高興處於這段漫長旅程的最後階段，我們有信心將風電業務範圍移交給有能力和忠誠的各方。我們將繼續參與管理所有 3 個項目的陸上建設，並透過我們對 South Fork 的稅務股權投資。

I'll close my comments on offshore wind, with a brief update on the status of the project construction activity. As the first utility scale, offshore wind farm in commercial operation in the U.S., South Fork Wind has been supplying power to Long Island since late November 2023, when the first turbine was installed. We are now in the process of installing the 12th and final turbine. We expect all turbines to be producing power by March.

我將結束對離岸風電的評論，並簡要介紹項目建設活動的最新情況。作為美國第一個投入商業營運的公用事業規模離岸風電場，南福克風電場自 2023 年 11 月下旬安裝第一台渦輪機以來一直為長島供電。我們現在正在安裝第 12 台也是最後一台渦輪機。我們預計所有渦輪機將在三月發電。

We continue to advance on both onshore and offshore construction of Revolution Wind, after reaching a positive final investment decision in October of last year. Work on the site of the new onshore substation in Rhode Island, has been underway since late last year. Seabed preparation for the installation of wind turbine foundations is currently in process.

在去年 10 月達成積極的最終投資決定後，我們繼續推動 Revolution Wind 的陸上和海上建設。羅德島州新陸上變電站的工地自去年年底以來一直在進行。目前正在進行風力渦輪機基礎安裝的海底準備。

Lastly on Sunrise Wind, we continue to get closer to the BOEM record of decision, while we await the results of the latest submission into New York's RFP floor. We made this submission jointly with Orsted, on January 25. Next, let me discuss the water distribution announcement, we made last evening, shown on Slide 5. Our water business is a valuable, well-performing and well-managed company.

最後，關於 Sunrise Wind，我們將繼續接近 BOEM 的決策記錄，同時等待紐約 RFP 層最新提交的結果。我們於1 月25 日與Orsted 共同提交了這份文件。接下來，讓我討論一下我們昨晚發布的供水公告，如幻燈片5 所示。我們的供水業務是一家有價值、業績良好且管理完善的公司。

Although the Water business is earnings accretive to Eversource, we see the potential seal of our water business, as an opportunity to reduce equity needs and improve our regulatory diversity. With its current $1.3 billion rate base and a national reputation for operational excellence, the water business has a strong potential to be of substantial value to another owner, as part of a larger Water business, our strategic infrastructure platform.

儘管水業務為 Eversource 帶來了收益成長，但我們認為水業務的潛在潛力是減少股權需求和改善監管多樣性的機會。憑藉目前 13 億美元的費率基礎和卓越營運的全國聲譽，水務業務作為更大的水務業務（我們的戰略基礎設施平台）的一部分，具有為其他所有者帶來巨大價值的強大潛力。

As a result, we plan to launch a process for evaluating market interest in a transaction for the water business, with the objective of delivering value to both customers and investors. If successful, the proceeds from the sale will provide a source of cash without going to the equity market, thereby enhancing our balance sheet.

因此，我們計劃啟動一個評估水業務交易市場興趣的流程，目的是為客戶和投資者創造價值。如果成功，出售所得款項將提供現金來源，而無需進入股票市場，從而改善我們的資產負債表。

Moving forward, Eversource will focus on the delivery of clean, safe, reliable energy to our customers and preparing for the clean energy future that our states, our customers and our investors expect. Now I'll turn to our excellent financial and operating performance results on Slide 6.

展望未來，Eversource 將專注於為我們的客戶提供清潔、安全、可靠的能源，並為我們各州、客戶和投資者所期望的清潔能源未來做好準備。現在我將在投影片 6 上介紹我們出色的財務和營運表現。

Starting with the financials. We delivered another strong year with reoccurring earnings of $4.34 per share in 2023, representing growth of nearly 6% over 2022. Our Board has approved a dividend increase for the first quarter 2024 of $0.715 per share. Which amounts to $2.86 per share on an annualized basis. This reflects an increase of 6% over 2023's dividend level.

從財務開始。我們又迎來了強勁的一年，2023 年的經常性收益為每股4.34 美元，比2022 年增長了近6%。我們的董事會已批准將2024 年第一季的股息增加為每股0.715 美元。以年化計算，每股收益為 2.86 美元。這反映出較 2023 年的股利水準增加了 6%。

Moving to operations. I am extremely proud of our team once again for delivering reliable electric, natural gas and water service to our 4.4 million customers. As you can see, our electric reliability ranks in the top decile among our peers. We're focused on providing reliable electric service to our customers, who on average have gone nearly 2 years without an outage.

轉向營運。我再次為我們的團隊為 440 萬客戶提供可靠的電力、天然氣和水服務感到非常自豪。正如您所看到的，我們的電力可靠性在同行中名列前茅。我們專注於為客戶提供可靠的電力服務，他們平均近兩年沒有停電。

In 2023, Eversource again outperformed its target injury rate. Our teams are keeping a strong focus on safe work practices not just during major storm events, when conditions are tough, but every day on every job. On natural gas safety, once again, the team delivered another strong year, replacing 145 miles of natural gas pipeline and delivering on-time emergency response times of 98% within 45 minutes. A performance that well exceeds our regulatory requirements. I want to congratulate the Eversource team on these accomplishments. I am very proud of the skill and commitment of the entire team in the way that our employees are aligned in our shared vision of providing the highest level of safety, innovation, service quality and financial discipline for the benefit of our customers.

2023 年，Eversource 再次超出了目標受傷率。我們的團隊不僅在重大風暴事件期間、條件惡劣時，而且在每天的每項工作中都高度重視安全工作實踐。在天然氣安全方面，該團隊再次取得了另一個強勁的一年，更換了 145 英里的天然氣管道，並在 45 分鐘內提供了 98% 的準時緊急應變時間。性能遠遠超出我們的監管要求。我要祝賀 Eversource 團隊所取得的這些成就。我對整個團隊的技能和承諾感到非常自豪，我們的員工在我們的共同願景中保持一致，即為客戶的利益提供最高水準的安全、創新、服務品質和財務紀律。

Turning to Slide 7. At Eversource, we know our customers expect us to not only deliver energy today, but also to be prepared for the future. To that end, we are actively engaging with our states to enable the Clean Energy future that our customers and our communities envision. At the end of January, we submitted our Electric Sector Modernization Plan, or ESMP to the Massachusetts Department of Public Utilities. After extensive input from the Grid Modernization Advisory Council and stakeholders across the commonwealth.

轉向幻燈片 7。在 Eversource，我們知道客戶期望我們不僅能夠在今天提供能源，而且還為未來做好準備。為此，我們正在積極與各州合作，以實現我們的客戶和社區所設想的清潔能源未來。一月底，我們向馬薩諸塞州公用事業部提交了電力部門現代化計劃 (ESMP)。經過電網現代化諮詢委員會和整個英聯邦利益相關者的廣泛投入。

The ESMP is the road map for building out the electric infrastructure and technology platforms to enable a reliable transition to a Clean Energy future in alignment with the state's Clean Energy plan. The filing specifically addresses the coming 5 and 10 years with a vision toward an 85% reduction in greenhouse gas emissions by 2050.

ESMP 是建造電力基礎設施和技術平台的路線圖，以便能夠根據該州的清潔能源計劃可靠地過渡到清潔能源的未來。該文件特別針對未來 5 年和 10 年的目標，目標是到 2050 年將溫室氣體排放量減少 85%。

Eversource has taken a leadership role in this endeavor and is viewed as a trusted partner at the table in planning the Clean Energy future for Massachusetts. We expect that the Department of Public Utilities to issue a final decision on our plan in August of 2024, addressing approximately $600 million of proposed incremental investment, among other components.

Eversource 在這項努力中發揮了領導作用，並被視為規劃馬薩諸塞州清潔能源未來的值得信賴的合作夥伴。我們預計公用事業部將於 2024 年 8 月就我們的計劃做出最終決定，其中涉及約 6 億美元的擬議增量投資及其他組成部分。

In Connecticut, we are continuing to work on our comprehensive outreach plan with participation from across the company. We are leveraging our internal talent to educate Connecticut's stakeholders on the importance of infrastructure investment to our customers in the broader Connecticut economy, as well as the affordability programs that we offer to customers. This approach has proven to be productive, in terms of raising awareness on the value of utility investment. And on the point that Eversource is (inaudible) that is ready, willing and able to help Connecticut meet its Clean Energy goals.

在康乃狄克州，我們將繼續在全公司的參與下制定全面的外展計畫。我們正在利用我們的內部人才來教育康乃狄克州的利益相關者，讓他們了解基礎設施投資對我們的客戶在更廣泛的康乃狄克州經濟中的重要性，以及我們為客戶提供的負擔能力計畫。事實證明，這種方法在提高人們對公用事業投資價值的認識方面是有效的。就這一點而言，Eversource（聽不清楚）已經準備好、願意並且能夠幫助康乃狄克州實現其清潔能源目標。

Lastly, in New Hampshire. We are gearing up for a number of regulatory initiatives, including a potential PBR proposal, in evaluating ways to help the state advance Clean Energy projects, such as large-scale solar development. We're excited about the role Eversource will continue to play, to enable a Clean Energy future that's affordable and equitable for all customers. We'll continue to engage with all stakeholders to move this massive complex effort forward.

最後，在新罕布夏州。我們正在準備多項監管舉措，包括潛在的 PBR 提案，以評估幫助該州推進清潔能源計畫（例如大規模太陽能開發）的方法。我們對 Eversource 將繼續發揮的作用感到興奮，以實現所有客戶都負擔得起且公平的清潔能源未來。我們將繼續與所有利害關係人合作，推動這項龐大而複雜的工作向前發展。

Turning to Slide 8. As you may know, Eversource is an industry and market leader in environmental, social and governance. We continue that focus in 2023. We expanded the charter of the Board's governance, environmental and social responsibility committee, to extend this oversight to include climate-related matters. The full Board receives regular reports on our climate-related goals, key industry updates and policy activity through the Eversource climate scorecard.

轉向幻燈片 8。如您所知，Eversource 是環境、社會和治理領域的行業和市場領導者。我們將在 2023 年繼續關注這一重點。我們擴大了董事會治理、環境和社會責任委員會的章程，將這種監督範圍擴大到包括氣候相關事務。全體董事會透過 Eversource 氣候記分卡定期收到有關我們氣候相關目標、關鍵產業最新動態和政策活動的報告。

We continue to make progress on reaching our carbon neutrality goal by 2030, and we submitted our application for a new science-based target in December. I'm pleased to report that due to our continued leadership on ESG, last week, Eversource was named one of America's Most JUST Companies, as announced by JUST Capital and CNBC, for the fifth consecutive year. We have a very exciting future here at Eversource, focused on what we do best. I will now turn the call over to John Moreira.

我們繼續在 2030 年實現碳中和目標方面取得進展，並於 12 月提交了新的基於科學的目標申請。我很高興地向大家報告，由於我們在 ESG 方面的持續領先，上週，Eversource 連續第五年被 JUST Capital 和 CNBC 評為美國最公正的公司之一。我們在 Eversource 擁有一個非常令人興奮的未來，專注於我們最擅長的事情。我現在將把電話轉給約翰·莫雷拉。

Thank you, Joe. And good morning, everyone. This morning, I will cover our 2023 financial results, the offshore wind impairment, the 2023 regulatory update, an update of our 5-year investment forecast for our regulated businesses. And I'll wrap up with our 2024 recurring earnings guidance, long-term financing plan, and 5-year earnings and dividend growth guidance.

謝謝你，喬。大家早安。今天早上，我將介紹我們 2023 年的財務表現、離岸風電減值、2023 年監管更新、我們對受監管業務的 5 年投資預測的更新。最後，我將介紹 2024 年經常性收益指引、長期融資計畫以及 5 年收益和股息成長指引。

I'll start with 2023 results on Slide 10. Our GAAP results for the year were a loss of $1.26 per share, compared with GAAP earnings of $4.05 per share in 2022. In the fourth quarter, results were a loss of $3.68 per share, compared with GAAP earnings of $0.92 per share in the fourth quarter of 2022.

我將從幻燈片 10 上的 2023 年業績開始。我們今年的 GAAP 業績為每股虧損 1.26 美元，而 2022 年的 GAAP 收益為每股 4.05 美元。第四季的業績為每股虧損 3.68 美元，相比之下，2022 年第四季GAAP 收益為每股0.92 美元。

Results for the full year 2023 include an after-tax impairment charge of $5.58 per share, related to our offshore wind investment and $0.02 per share after-tax charge related to our nonrecurring costs. Results for 2022 include a $0.04 per share charge, primarily related to transition costs associated with a completed integration of EGMA.

2023 年全年業績包括與我們的離岸風電投資相關的每股 5.58 美元的稅後減損費用，以及與我們的非經常性成本相關的每股 0.02 美元的稅後費用。 2022 年的業績包括每股 0.04 美元的費用，主要與 EGMA 完成整合相關的過渡成本有關。

Excluding these charges and the offshore wind impairment, our non-GAAP recurring earnings were $4.34 per share in 2023 as compared to $4.09 per share in 2022. Breaking down our 2023 full year non-GAAP recurring earnings of $4.34 into segments. electric transmission earned $1.84 per share for 2023, as compared with earnings of $1.72 per share in 2022.

不包括這些費用和離岸風電減值，我們2023 年的非GAAP 經常性收益為每股4.34 美元，而2022 年為每股4.09 美元。將2023 年全年非GAAP 經常性收益4.34 美元細分為幾個部分。電力傳輸公司 2023 年每股收益為 1.84 美元，而 2022 年每股收益為 1.72 美元。

Improved results were driven by continued investments in our transmission system and lower income tax expense. Our electric distribution earnings were $1.74 per share in 2023, as compared with earnings of $1.71 per share in 2022. A base distribution increase at NSTAR Electric was partially offset by higher interest expense, property taxes and depreciation.

對輸電系統的持續投資和所得稅費用的降低推動了績效的改善。 2023 年，我們的配電收益為每股 1.74 美元，而 2022 年為每股收益 1.71 美元。NSTAR Electric 的基本分配增長被較高的利息費用、財產稅和折舊部分抵消。

Our natural gas distribution segment earned $0.64 per share in 2023, as compared to $0.67 per share in 2022. Increases in depreciation and interest expense, higher effective tax rate and the impact of certain reconciliation charges exceeded the revenues we received from capital trackers and base rate increases at NSTAR Gas and EGMA that became effective November 1, 2022.

我們的天然氣分銷部門2023 年每股收益為0.64 美元，而2022 年為每股0.67 美元。折舊和利息費用的增加、有效稅率的提高以及某些對帳費用的影響超過了我們從資本追蹤器和基本利率獲得的收入NSTAR Gas 和 EGMA 的漲價於 2022 年 11 月 1 日生效。

Our water distribution segment earned $0.09 per share in 2023, compared with $0.11 per share in 2022. Lower results were driven by higher depreciation, O&M expense and interest expense. The results reflect the impact of a very disappointing decision in Connecticut, from PURA for the Aquarion water rate case, which is under appeal.

我們的供水部門 2023 年每股收益為 0.09 美元，而 2022 年為每股 0.11 美元。業績下降是由於折舊、營運和維護費用和利息費用增加。結果反映了康乃狄克州 PURA 對 Aquarion 水費案做出的非常令人失望的決定所產生的影響，該案正在上訴。

Eversource parent and other companies' earnings were $0.03 per share in 2023, as compared with a loss of $0.12 per share in 2022. The improved results reflect a lower effective tax rate and the gain on our planned liquidation of a renewable energy fund, partially offset by higher interest expense and a contribution to the Eversource Charitable Foundation.

Eversource 母公司和其他公司2023 年的收益為每股0.03 美元，而2022 年為每股虧損0.12 美元。業績的改善反映了有效稅率的降低以及我們計劃清算可再生能源基金的收益，部分抵消了這一筆收益透過更高的利息支出和 Eversource 慈善基金會的捐款。

Let me now turn to offshore wind, starting with the highlights of our sale of South Fork and Revolution Wind to GIP. With South Fork Wind expected to be in service before the transaction closes, our construction contingency is primarily related to Revolution. The terms of the transaction include a capital cost sharing agreement. Under this agreement, capital expenditure overruns incurred for the 50% interest in the project, up to approximately $240 million will be shared equally between Eversource and GIP.

現在讓我談談離岸風電，首先談談我們向 GIP 出售 South Fork 和 Revolution Wind 的亮點。由於 South Fork Wind 預計將在交易完成前投入使用，因此我們的施工意外事故主要與 Revolution 有關。交易條款包括資本成本分攤協議。根據該協議，該專案 50% 權益所產生的資本支出超支（最多約 2.4 億美元）將由 Eversource 和 GIP 平均分擔。

Above this threshold, 50% of any project cost overruns would be borne by Eversource. If the final project costs come in under the current construction forecast, Eversource will receive a payment for this difference. The terms and pricing of this agreement with GIP are assumed in the impairment charge and in our long-term financing plan.

超過此閾值，任何專案成本超支的 50% 將由 Eversource 承擔。如果最終的專案成本符合目前的建設預測，Eversource 將收到這筆差額的付款。與 GIP 簽訂的本協議的條款和定價已在減損費用和我們的長期融資計劃中假定。

Let me review the offshore wind impairment, as shown on Slide 11. In 2023, we recorded impairment charges on our offshore wind investment of approximately $2.17 billion pretax or $1.95 billion after tax. As you can see on this slide, the impairment charge was driven by a lower-than-expected sales value of approximately $400 million for the 3 projects, after completing our strategic review in the second quarter of last year.

讓我回顧一下離岸風電減損，如投影片 11 所示。2023 年，我們記錄的離岸風電投資減損費用約為稅前 21.7 億美元或稅後 19.5 億美元。正如您在這張投影片中看到的，減損費用是由於我們在去年第二季完成策略審查後，這 3 個項目的銷售價值低於預期的約 4 億美元所致。

As a result of adverse developments in the fourth quarter, including the further reduction in the expected sales prices driven by higher project costs and the October 2023 denial of the OREC pricing petition for Sunrise Wind, we realized an additional impairment charge in the fourth quarter of approximately $1.77 billion.

由於第四季度的不利發展，包括專案成本上升導致預期銷售價格進一步下降，以及 2023 年 10 月 OREC 對 Sunrise Wind 的定價申請被拒絕，我們在第四季度實現了額外的減損支出約17.7億美元。

The Sunrise Wind project drove about $1.22 billion of the impairment charge. In large part due to the OREC repricing denial, which led to a lower assumed revenues and ultimately, an evaluation of the potential abandonment cost of Sunrise, if it is unsuccessful in the New York RFP for solicitation.

Sunrise Wind 專案帶來了約 12.2 億美元的減損支出。很大程度上是由於 OREC 拒絕重新定價，這導致了假定收入的降低，並最終導致了對 Sunrise 的潛在廢棄成本的評估（如果 Sunrise 在紐約 RFP 招標中不成功的話）。

As a reminder, to participate in the process to submit a rebid in the solicitation NYSERDA required any existing projects to terminate their current OREC agreements. This potential loss of both a contract revenue stream and ultimate project viability and any related termination costs was factored into our impairment analysis. Therefore, we assume that if Sunrise is not successful, in the rebid. This would result in no sales proceeds and no value attributable to the ITC adder.

提醒一下，要參與 NYSERDA 招標中提交重新投標的流程，任何現有項目都必須終止其目前的 OREC 協議。合約收入流和最終專案可行性的潛在損失以及任何相關的終止成本都已納入我們的減損分析中。因此，我們假設如果Sunrise不成功，將進行重新競標。這將導致 ITC 加法者沒有銷售收益，也沒有任何價值。

These items, coupled with estimated cancellation costs for the project, net of any salvage value, drove the additional impairment charge. Although we have factored this downside set of assumptions and probabilities into our impairment analysis, if Sunrise is ultimately successful in the RFP, Eversource would then sell its ownership interest in the project to Orsted, under the terms of our recently announced agreement. With the completion of that sale, our interest in Sunrise would be terminated. We would not be subject to any further construction contingencies or project cancellation costs.

這些項目，加上項目的估計取消成本（扣除任何殘值），導致了額外的減損費用。儘管我們已將這些不利的假設和機率納入我們的減損分析中，但如果 Sunrise 最終在 RFP 中取得成功，Eversource 將根據我們最近宣布的協議條款將該專案的所有權出售給 Orsted。隨著該出售的完成，我們在 Sunrise 的權益將終止。我們不會受到任何進一步的施工意外事件或項目取消費用的影響。

If we are successful selling Sunrise to Orsted, it would provide a full exit for the Offshore Wind business. Turning to Slide 12. I'll walk you through the carrying value of our offshore wind investment, as of December 31, 2023. The carrying value that I will discuss reflects the impact of our fourth quarter impairment charge by project.

如果我們成功地將 Sunrise 出售給 Orsted，這將為離岸風電業務提供全面退出。轉向投影片 12。我將向您介紹截至 2023 年 12 月 31 日我們離岸風電投資的帳面價值。我將討論的帳面價值反映了我們第四季度按項目減損費用的影響。

As you can see, the value of both Sunrise and Revolution were impacted by the fourth quarter impairment. The value of South Fork was not impacted. The fourth quarter impairment charge assumes a set of scenarios regarding potential construction contingencies for Revolution Wind. The charge also assumes that Sunrise Wind would be abandoned. We are very disappointed by the financial impact recognized on these early-stage Offshore Wind projects.

正如您所看到的，Sunrise 和 Revolution 的價值都受到第四季度減損的影響。南福克的價值並沒有受到影響。第四季減損費用假設了一系列有關 Revolution Wind 潛在施工意外事件的情境。該指控還假設日出風將被放棄。我們對這些早期離岸風電計畫所造成的財務影響感到非常失望。

However, we are comfortable with the impairment charge assumptions. We have reflected these assumptions in our long-term financial plan, which I'll cover in a minute. As we move forward and finalize the sale of these projects, including the result of the recent New York RFP 4, the ultimate carrying value of our offshore wind investment, could change accordingly.

然而，我們對減損費用假設感到滿意。我們已將這些假設反映在我們的長期財務計劃中，我稍後將對此進行介紹。隨著我們推進並最終完成這些項目的銷售，包括最近紐約 RFP 4 的結果，我們離岸風電投資的最終帳面價值可能會相應變化。

On the regulatory front, we had another busy year. Our key 2023 regulatory items are highlighted on Slide 13. Starting with Massachusetts, we completed proceedings on our 2018 to 2021 storm cost recovery request, of approximately $136 million. I'm pleased to report that the Massachusetts DPU conducted a very thorough review, and we received approval to recover 100% of our request. This approval highlights the importance of our storm response and acknowledges the tremendous effort from my Eversource colleagues and our contractors to restore customers as quickly and as safely as possible.

在監管方面，我們又度過了忙碌的一年。我們的 2023 年關鍵監管項目在幻燈片 13 中突出顯示。從馬薩諸塞州開始，我們完成了 2018 年至 2021 年風暴成本回收請求的程序，金額約為 1.36 億美元。我很高興地報告，馬薩諸塞州 DPU 進行了非常徹底的審查，我們獲得了批准，可以 100% 恢復我們的請求。這項批准凸顯了我們應對風暴的重要性，並認可了我的 Eversource 同事和承包商為盡快、安全地恢復客戶服務所付出的巨大努力。

Also in Massachusetts, we received approval of our first annual revenue adjustment under NSTAR Electric's PBR plan. This adjustment included an increase of a capital adjustment factor or [CAPA] as we call it. Turning to New Hampshire. We received the final order of proven $47 million of storm cost recovery, for weather events occurring in 2020 and in 2021. Again, we were granted nearly 100% of our request. We expect to file a general rate review in New Hampshire later this year, to recover the cost of investments that we have made over the last 4 years to significantly improve reliability for customers in New Hampshire. In total, we are now recovering approximately $400 million in rates, over the next 5 years for storm costs in Massachusetts and New Hampshire.

同樣在馬薩諸塞州，我們根據 NSTAR Electric 的 PBR 計劃獲得了首次年度收入調整的批准。此次調整包括增加資本調整係數或我們所說的[CAPA]。轉向新罕布什爾州。我們收到了針對 2020 年和 2021 年發生的天氣事件的 4700 萬美元風暴成本回收的最終訂單。我們的請求再次獲得了近 100% 的批准。我們預計今年稍後將在新罕布夏州提交全面費率審查，以收回我們在過去 4 年中為顯著提高新罕布夏州客戶的可靠性而進行的投資成本。總的來說，我們現在正在為馬薩諸塞州和新罕布夏州未來 5 年內的風暴損失收回約 4 億美元的費用。

In Connecticut, at the end of December, we filed our request for a prudency review of approximately $635 million of storm costs, relating to weather events that occurred from 2018 through 2021. The Connecticut filing contains more than 10,000 pages of support for costs incurred for these significant weather events. We look forward to working through the prudency review with PURA in 2024.

12 月底，我們在康乃狄克州提交了對約 6.35 億美元的風暴成本進行審慎審查的請求，這些成本涉及 2018 年至 2021 年發生的天氣事件。康乃狄克州的文件包含 10,000 多頁的支持，以說明因這些重大天氣事件。我們期待在 2024 年與 PURA 合作完成審慎審查。

Lastly, in our Aquarion's appeal of its March 2023 rate decision, oral arguments were held on January 11, and we expect the court decision over the coming months. Turning to our regulated utility capital plan. Slide 14 reflects our 5-year utility infrastructure investments, by segment updated through 2028. As a reminder, this plan reflects projects that we have a good line of sight on from a regulatory approval perspective.

最後，在我們的 Aquarion 對其 2023 年 3 月費率決定提出的上訴中，口頭辯論於 1 月 11 日舉行，我們預計法院將在未來幾個月做出決定。轉向我們受監管的公用事業資本計劃。投影片 14 反映了我們的 5 年公用事業基礎設施投資，按細分市場更新至 2028 年。提醒一下，該計劃反映了我們從監管審批角度看好的項目。

Over this 5-year period, we expect to invest approximately $23.1 billion in our regulated electric, natural gas and water businesses, to continue providing customers with safe and reliable service to meet ongoing load growth and to achieve progress on Clean Energy objectives.

在這5 年期間，我們預計將在受監管的電力、天然氣和水務業務上投資約231 億美元，以繼續為客戶提供安全可靠的服務，以滿足持續的負載成長並在清潔能源目標方面取得進展。

Starting with transmission. Our plan includes nearly $6 billion of transmission infrastructure investments, over the next 5 years. These investments include replacement of aging infrastructure to harden the system and increase resiliency during extreme weather events. Innovative substation projects undertaken for reliability and electrification purposes and interconnection projects, adding Clean Energy resources to the grid.

從傳輸開始。我們的計劃包括在未來 5 年內進行近 60 億美元的傳輸基礎設施投資。這些投資包括更換老化的基礎設施，以強化系統並提高極端天氣事件期間的彈性。出於可靠性和電氣化目的而開展的創新變電站項目和互連項目，為電網增加了清潔能源資源。

Our Transmission capital plan includes a launch, scale, innovative project to build a substation in Cambridge, Massachusetts, completely underground. We are working closely with the city on this project, which includes nearly $1 billion of investments to interconnect 4 existing transmission lines. This project will increase capacity to enable electrification and improve the reliability of electric service for customers.

我們的輸電資本計畫包括啟動、擴大規模的創新項目，在麻薩諸塞州劍橋建造一座完全地下的變電站。我們正在與該市密切合作進行該項目，其中包括近 10 億美元的投資，用於互連 4 條現有輸電線路。該項目將提高電氣化能力並提高客戶電力服務的可靠性。

Turning to Electric Distribution. Our updated capital forecast now reflects nearly $10 billion of planned utility infrastructure investments, with a continued focus on system resiliency and our top-tier reliability for Electric Service. Our planned electric distribution investments include over $0.5 billion of our AMI program, in Massachusetts. The AMI program will allow customers to save money through heightened control over their own energy consumption and to experience higher service levels through faster outage restoration and other service functions.

轉向配電。我們更新的資本預測現在反映了計劃中的近 100 億美元的公用事業基礎設施投資，並繼續關注系統彈性和電力服務的頂級可靠性。我們計劃的配電投資包括超過 5 億美元的馬薩諸塞州 AMI 計劃。 AMI 計畫將使客戶能夠透過加強對自身能源消耗的控制來節省資金，並透過更快的斷電恢復和其他服務功能體驗更高的服務水準。

On the natural gas side, our 5-year plan reflects nearly $5.5 billion of investments and is centered around reliability and safety. The plan is highlighted by our bare steel and cast iron pipe replacement programs in Massachusetts and Connecticut. Across our natural gas system, we'll continue to thoughtfully engage with our states to ensure our investments enable equitable transition to a Clean Energy future.

在天然氣方面，我們的 5 年計畫反映了近 55 億美元的投資，並以可靠性和安全性為中心。我們在馬薩諸塞州和康涅狄格州的裸鋼和鑄鐵管道更換計劃突出了該計劃。在我們的天然氣系統中，我們將繼續與各州進行深思熟慮的合作，以確保我們的投資能夠公平地過渡到清潔能源的未來。

Turning to the water segment. Our 5-year investments are forecasted to be over $1 billion, supporting investments in water treatment facilities and water main replacements to improve water quality. Rounding out our Eversource capital plan, our investments in technology and facilities that's forecasted at $1.1 billion.

轉向水務部分。我們的 5 年投資預計將超過 10 億美元，支持對水處理設施和水管更換的投資，以改善水質。我們對技術和設施的投資預計為 11 億美元，以完善我們的 Eversource 資本計劃。

Moving to Slide 15. Our updated capital plan reflects a $1.6 billion increase in utility infrastructure investments from 2024, through 2027 versus the prior plan. This increase reflects greater visibility on the work needed to serve our customers over the next 4 years. An important consideration in relation to our 5-year capital plan is what has not been included.

轉向投影片 15。我們更新後的資本計畫反映出，從 2024 年到 2027 年，公用事業基礎設施投資與先前的計畫相比將增加 16 億美元。這一成長反映出我們對未來 4 年為客戶提供服務所需的工作有了更大的了解。我們的五年資本計劃的一個重要考慮因素是尚未包括在內的內容。

On the right-hand side of the slide, we show some potential infrastructure investments not currently included in our forecast, which would be additive to the plan. These opportunities total up to $2 billion in the forecast period with Connecticut AMI at the top of the list at nearly $700 million. The resulting impact from our updated capital plan, is shown on Slide 16. The customer-focused core business investments included in our capital plan would result in 7.7% growth in rate base from 2022 through 2028.

在投影片的右側，我們展示了一些目前未包含在我們的預測中的潛在基礎設施投資，這將是對計劃的補充。在預測期內，這些機會總計高達 20 億美元，其中康乃狄克州 AMI 位居榜首，價值近 7 億美元。我們更新的資本計畫所產生的影響如投影片 16 所示。我們的資本計畫中包含的以客戶為中心的核心業務投資將導致 2022 年至 2028 年的利率基礎增加 7.7%。

Next, I will turn to our 2024 earnings guidance on Slide 17. We are projecting a non-GAAP recurring earnings per share range of $4.50 to $4.67 per share for 2024. Positive drivers this year include transmission investments for system resiliency and increased electric demand, distribution base rate increases in Massachusetts and New Hampshire, continued focus on controlling O&M expense and a lower effective tax rate.

接下來，我將轉向幻燈片17 上的2024 年獲利指引。我們預計2024 年的非GAAP 每股經常性收益範圍為4.50 美元至4.67 美元。今年的積極驅動因素包括用於系統彈性的輸電投資和電力需求的增加，馬薩諸塞州和新罕布什爾州的分銷基本費率上調，繼續專注於控制營運和維護費用以及降低有效稅率。

In 2024, our planned distribution rate increases include the first rate base roll-in for EGMA, which will adjust rates to recover 6 years of capital investments. This rate adjustment will take effect in November of this year. These positive drivers are expected to be partially offset by higher expenses related to increased capital investments and share dilution.

2024 年，我們計劃的分配率上調包括 EGMA 的首次利率基礎轉入，這將調整利率以收回 6 年的資本投資。此次利率調整將於今年11月生效。這些積極的推動因素預計將被資本投資增加和股權稀釋相關的費用增加部分抵消。

Turning to our long-term financing plan. I'll start with our cash flow assumptions regarding offshore wind, as shown on Slide 18. As I said earlier, our wind impairment reflects a set of assumptions that we have also embedded in our long-term financing plan. Let me walk you through what is assumed in our financing plan.

轉向我們的長期融資計劃。我將從我們關於離岸風電的現金流假設開始，如幻燈片 18 所示。正如我之前所說，我們的風電減值反映了我們也納入長期融資計劃的一系列假設。讓我向您介紹一下我們的融資計劃中的假設。

First, we assume cash inflows from the announced sale of South Fork and Rev Wind of $1.1 billion. These proceeds include the value of the 10% ITC adder for Revolution Wind of approximately $170 million. Also assumed in our financing plan, is the realization of our tax equity investment in South Fork Wind, which we expect will bring in around $500 million of cash over the next 24 months. The last item is related to our sale of Sunrise Wind to Orsted, which is not assumed in our long-term financing plan.

首先，我們假設宣佈出售 South Fork 和 Rev Wind 帶來的現金流入為 11 億美元。這些收益包括 Revolution Wind 10% ITC 增值額，價值約 1.7 億美元。我們的融資計畫還假設實現對 South Fork Wind 的稅務股權投資，我們預計這將在未來 24 個月內帶來約 5 億美元的現金。最後一項與我們將 Sunrise Wind 出售給 Orsted 有關，這在我們的長期融資計劃中沒有假設。

If Sunrise is successful in the New York RFP 4 that would be a positive to our plan. I'll now cover a number of drivers that are expected to enhance our FFO to debt ratio from 2023 to 2025, as you can see on Slide 19. These drivers include the Offshore Wind proceeds that I just discussed, planned rate increases at our utilities, recovery of storm cost deferrals, scheduled equity issuances and proceeds from a potential sale of our water business.

如果 Sunrise 在紐約 RFP 4 中取得成功，這將對我們的計劃產生積極影響。我現在將介紹一些預計在2023 年至2025 年期間提高我們的FFO 與債務比率的驅動因素，正如您在幻燈片19 中看到的那樣。這些驅動因素包括我剛才討論的離岸風電收益、我們公用事業公司的計劃利率上漲、恢復風暴成本延期、預定的股票發行以及潛在出售我們的水業務的收益。

In terms of the equity assumed in our plan over the next several years, we expect to issue up to $1.3 billion of equity through our existing ATM program. We will also continue to be opportunistic with our alternatives. As Joe mentioned, we are undertaking a review of our water distribution business. Proceeds from a successful sale are assumed in our long-term financing plan, reducing the level of equity that would otherwise be needed.

就我們未來幾年計畫中假設的股權而言，我們預計透過現有的 ATM 計畫發行最多 13 億美元的股權。我們也將繼續對我們的替代方案持機會主義態度。正如喬所提到的，我們正在對我們的供水業務進行審查。成功出售的收益被納入我們的長期融資計劃，從而降低了原本需要的股本水準。

As you can appreciate, we cannot provide any additional details beyond what we've disclosed. We will keep you updated on any decisions from this evaluation and any changes in our financial guidance.

如您所知，除了我們已披露的資訊之外，我們無法提供任何其他詳細資訊。我們將隨時向您通報本次評估的任何決定以及我們財務指導的任何變更。

Closing now on Slide 20, our robust 5-year capital plan and long-term financing plan drive our 5% to 7% EPS growth rate, through 2028. To be clear, the 5% to 7% is based off of our 2023 recurring EPS of $4.34.

現在結束投影片20，我們穩健的5 年資本計畫和長期融資計畫推動我們的每股盈餘成長率在2028 年之前達到5% 至7%。需要明確的是，5% 至7% 是基於我們2023年的經常性成長每股收益為 4.34 美元。

Before we get to your questions, I'll turn the call over to Joe for his closing remarks.

在回答您的問題之前，我將把電話轉給喬，讓他作結束語。

Thank you, John. As I previously said, I'm very excited as I look ahead to the future of Eversource. This amazing team that delivers every day is on the brink of a critical energy transformation, that will benefit our customers, our communities and our environment.

謝謝你，約翰。正如我之前所說，當我展望 Eversource 的未來時，我感到非常興奮。這個每天都在提供服務的出色團隊正處於關鍵的能源轉型的邊緣，這將使我們的客戶、我們的社區和我們的環境受益。

The need for utility infrastructure investment has never been greater. In fact, in a draft study released last year, ISO New England projected a need, for up to $15 billion of transmission investment, to meet the region's 2050 Clean Energy objectives. As we look ahead, we see a tremendous need for a collaborative approach to leverage our utility infrastructure development and superior operating skills in Massachusetts, New Hampshire and Connecticut.

對公用事業基礎設施投資的需求從未如此之大。事實上，在去年發布的一份研究草案中，ISO 新英格蘭預計需要高達 150 億美元的輸電投資，才能實現該地區 2050 年清潔能源目標。展望未來，我們看到非常需要一種協作方法來利用我們在馬薩諸塞州、新罕布夏州和康乃狄克州的公用事業基礎設施開發和卓越的營運技能。

On that note, I want to thank you for your interest in Eversource, and I look forward to seeing you soon. I'll now turn the call back over to Bob, and we look forward to answering your questions.

就此而言，我要感謝您對 Eversource 的興趣，並期待很快見到您。我現在將把電話轉回鮑勃，我們期待回答您的問題。

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

謝謝，喬。我會將電話轉回接線生開始問答。

(Operator Instructions) First question comes from Shar Pourreza with Guggenheim Partners.

（操作員說明）第一個問題來自古根漢合夥人公司的 Shar Pourreza。

Joe, let me ask you a question on the up to $1.3 billion equity, I guess without seeing sort of market interest with the inquiring sale and details around Sunrise, where you could get more proceeds than you embed and planned, depending on how things shake out, right, which you just alluded to in your prepared, what's kind of giving you confidence around the $1.3 billion, can you beat it? And how are you thinking about the timing and the means of raising that equity?

喬，讓我問你一個關於高達13 億美元股權的問題，我猜想，在詢問銷售和圍繞Sunrise 的細節方面沒有看到市場興趣，你可以獲得比嵌入和計劃更多的收益，具體取決於情況如何改變出來，對了，你剛才在你的準備中提到了，什麼樣的東西給了你關於13億美元的信心，你能打敗它嗎？您如何考慮籌集股權的時機和方式？

Sure. Good question, Shar. Thank you. I would start off by saying that Aquarion, we view Aquarion as a very valuable and attractive asset portfolio, company is well managed, well recognized as a water distribution company and its leadership. So we're -- based on that fact pattern, we've sized and we've estimated what we feel we could harvest from a potential sale. And just to be clear, the $1.3 billion is up to $1.3 billion of equity over the next several years. So we have some flexibility, so we can flex that depending on the ultimate proceeds that we receive.

當然。好問題，莎爾。謝謝。我首先要說的是Aquarion，我們認為Aquarion是一個非常有價值和有吸引力的資產組合，公司管理良好，作為一家供水公司及其領導力得到了廣泛認可。因此，我們根據這一事實模式，確定了規模，並估計了我們認為可以從潛在銷售中獲得的收益。需要明確的是，這 13 億美元是未來幾年最多 13 億美元的股本。因此，我們有一定的靈活性，因此我們可以根據我們收到的最終收益來靈活調整。

Sorry, but the timing and the means of that equity, any sense there?

抱歉，但是股權的時機和方式有什麼意義嗎？

Yes. Well, I mean, we've been guiding the street right along for the past several years, had a $1 billion need, right? And now we're going up to $1.3 billion. So I think it will happen over the next several years. We do plan to be in a position to issue, to go to the equity markets over the coming months. And we are going to -- Shar, just wanted to know, that's why we specifically indicated that we will be executing our equity needs through our ATM program to give us the flexibility that we need.

是的。嗯，我的意思是，過去幾年我們一直在引導街道前進，需要 10 億美元，對吧？現在我們的資金增加到了 13 億美元。所以我認為這將在未來幾年內發生。我們確實計劃在未來幾個月內發行股票並進入股票市場。我們將 - Shar，只是想知道，這就是為什麼我們特別表示我們將透過 ATM 計劃執行我們的股權需求，以便為我們提供所需的靈活性。

Great. And then just lastly on this one is just on revolution cost sharing. John, can you just maybe walk us through the pathways for overages on the project? I mean what can go wrong? Any way to sensitize some of the puts and takes either on the construction side, i.e., how expensive does it get putting the crew on standby on the O&M availability side?

偉大的。最後，關於革命成本分攤。約翰，您能否向我們介紹一下該專案超額的途徑？我的意思是會出什麼問題？有什麼辦法可以讓施工方的一些投入和採取變得敏感，也就是說，在營運和維護可用性方面讓工作人員待命的成本有多高？

Yes. Sure, Shar. It's Joe. I'll take that. I'll tell you, I'm really, really proud of the work that's taken place on South Fork. It's been an opportunity for us to really dry run, get a sense as to what's involved in this installation. This is a 12 turbine installation. We have 11 out in the lease area now. the 12th one is loaded on the barge in New London. It will go there this weekend. We have been delivering power since November, to folks in Long Island, which we're very, very proud of.

是的。當然，莎爾。是喬。我會接受的。我告訴你，我對南福克所做的工作感到非常非常自豪。這對我們來說是一次真正的試運行的機會，了解這個安裝涉及的內容。這是 12 台渦輪機的安裝。現在我們的租賃區有 11 個。第 12 艘裝載在新倫敦的駁船上。這個週末它將去那裡。自 11 月以來，我們一直在為長島的人們提供電力，對此我們感到非常非常自豪。

So given that we are the first upscale offshore wind farm in the United States, that brought a great opportunity for us to be able to understand what's involved in that. So in the fall, we were able to take a real good look at the cost, all the charges associated with constructing South Fork, as we begin to kind of refresh the Revolution costs. And I will tell you that we have accounted for the vessel strategy that we have to utilize now, we're utilizing a feeder barge (inaudible) European vessel. It's been going very, very well. Those are some of the big charges. Those are the things that have caused increases in offshore wind costs for everybody, not just us.

鑑於我們是美國第一個高檔離岸風電場，這為我們提供了一個很好的機會來了解其中涉及的內容。因此，在秋天，當我們開始刷新革命成本時，我們能夠真正仔細地審視成本，即與建設南福克相關的所有費用。我會告訴你，我們已經考慮了我們現在必須利用的船舶策略，我們正在使用支線駁船（聽不清楚）歐洲船舶。一切進展得非常非常順利。這些是一些重大指控。這些因素導致了所有人（而不僅僅是我們）的離岸風電成本增加。

The lack of American vessels is certainly going to be a challenge for anyone in this business. But I will tell you that we have successfully executed. We will have -- the project will be done in March in South Fork. All of the kind of lessons learned, all of the challenges, everything that we've experienced in this offshore wind market, associated with South Fork has been brought to the table on Revolution. So that we know exactly what this is going to cost. We feel very comfortable with this number, this exposure at $240 million given what we have already factored in. So I have a great deal of confidence that we will be able to bring this in and not have to worry about these -- in the overruns.

缺乏美國船隻無疑對這個行業的任何人來說都是一個挑戰。但我會告訴你，我們已經成功執行了。我們將——該項目將於三月在南福克完成。我們在離岸風電市場中與南福克相關的所有經驗教訓、所有挑戰和經歷都已被帶到了革命的桌面上。這樣我們就可以確切地知道這將花費多少錢。我們對這個數字感到非常滿意，考慮到我們已經考慮到的因素，這一風險為 2.4 億美元。因此，我非常有信心我們能夠將其納入其中，而不必擔心這些——超支。 。

We now turn to Steve Fleishman with Wolfe Research.

現在我們請教沃爾夫研究公司的史蒂夫‧弗萊什曼。

So just to close, maybe the loop on the equity issuance. I think John, I heard you say after using the ATM, also opportunistic with our alternatives. Could you just clarify what you mean by that?

因此，為了結束，也許是股票發行的循環。我想約翰，我聽你說，在使用 ATM 機後，他也對我們的替代方案投機取巧。您能澄清一下您的意思嗎？

Yes. I mean that was -- we like the ATM program for the reasons I've just stated, it gives us tremendous opportunity and we can take advantage of the market. But if we encounter a very favorable, attractive value, then we can do something -- we'll look to do something else. Whether it's a block or some other deals. So right now, we -- I want to have the most -- the greatest sense of flexibility to execute and maximize the value that we harvest.

是的。我的意思是——我們喜歡 ATM 計劃，原因就在我剛才所說的，它給了我們巨大的機會，我們可以利用市場。但如果我們遇到一個非常有利的、有吸引力的價值，那麼我們就可以做一些事情——我們會考慮做一些其他的事情。無論是區塊還是其他一些交易。所以現在，我們——我希望擁有最大——最大的靈活性來執行和最大化我們收穫的價值。

Okay. All right. That's very clear. On the second question, just on the FFO to debt slide. Do you have a starting point for 2023 actual first?

好的。好的。這非常清楚。關於第二個問題，只是關於FFO債務下滑。你有2023年實際第一的起點嗎？

Yes. I mean we -- 2023, we have been challenged by our operating cash flow, is primarily driven by the turnaround and the methodology that we have been required to use as part of guidance from PURA. So for example, our -- we've been significantly under recovered at the COMP franchise in 2023, by a sizable amount close to $1 billion. So that's going to turn around, and that's going to turn around in 2024 and 2025.

是的。我的意思是，到 2023 年，我們面臨著營運現金流的挑戰，這主要是由轉型和作為 PURA 指導的一部分我們被要求使用的方法所驅動的。例如，我們的 COMP 特許經營權在 2023 年的復甦嚴重不足，數額相當大，接近 10 億美元。所以這種情況將會逆轉，而且會在 2024 年和 2025 年逆轉。

We will get that cash in. So right now, we expect to be in the low single digits for 2023. We're still kind of working those numbers through. But moving forward, I feel confident that we'll be in a 14% to 15% FFO to debt, as I indicated in Slide 19. I'm sorry, I said low single digits. I'm sorry. I meant low double digits.

我們將獲得這筆現金。所以現在，我們預計 2023 年的收入將保持在較低的個位數。我們仍在研究這些數字。但展望未來，我有信心我們的 FFO 債務率為 14% 至 15%，正如我在幻燈片 19 中指出的那樣。抱歉，我說的是低個位數。對不起。我的意思是低兩位數。

Yes. And then just a few of the pieces that you highlight here on the improvement. So just maybe the South Fork part, the tax equity investment, how much like FFO to debt percentage points is that? And is that just all hit '24, '25 and then it goes away. And then I guess you fill it in with more of operating cash?

是的。然後是您在此處強調的有關改進的一些部分。那麼，也許南福克部分，稅收股權投資，與 FFO 與債務百分比有多少相似？是不是所有的事情都發生在 24、25 年，然後就消失了。然後我猜你會用更多的營運現金來填充它？

Exactly. So the utilization of that, Steve, will happen based on our taxable income. So a lot can happen, storm costs being one of them that we take the deduction as we incur those storm costs and that can lower the utilization of that ITC. So right now, we've modeled it over the next 24 months, but if we have further deductions from an operating standpoint, that would slip into '26.

確切地。因此，史蒂夫，它的利用將根據我們的應稅收入進行。因此，可能會發生很多事情，風暴成本就是其中之一，我們會在產生這些風暴成本時扣除，這會降低 ITC 的使用率。所以現在，我們已經對未來 24 個月進行了建模，但如果我們從營運角度進一步扣除，那麼這將滑入 26 個月。

Okay. But for now, just take that $500 million and spread it over the 2 years, if we want to calculate that?

好的。但現在，如果我們想計算的話，只需將這 5 億美元分攤到兩年內？

Correct. That's a reasonable approach.

正確的。這是一個合理的做法。

Okay. And then just one other question on that slide. The storm cost recovery, is that just related to Massachusetts and New Hampshire? Or are you assuming you're able to get storm cost recovery in Connecticut somehow or is that after this period?

好的。然後是該投影片上的另一個問題。風暴成本回收僅與馬薩諸塞州和新罕布什爾州有關嗎？或者您是否假設您能夠以某種方式在康涅狄格州獲得風暴成本回收，或者是在這段時間之後？

Yes. We don't have -- Connecticut is not factored in. As you -- we just said in the formal remarks, we filed for the prudency review. That's going to take some time. So none of that, it's all really predicated on Massachusetts and New Hampshire. However, once the Connecticut storm cost recovery kicks in, that will give us more inflow of cash for the out years beyond 2025.

是的。我們沒有——康乃狄克州沒有考慮在內。正如你——我們剛剛在正式評論中所說，我們申請了審慎審查。這需要一些時間。所以這些都不是，這一切都是以馬薩諸塞州和新罕布夏州為基礎的。然而，一旦康乃狄克州風暴成本回收開始，我們將在 2025 年後的幾年內獲得更多現金流入。

Our next question comes from Nicholas Campanella with 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。

So good to see you reaffirming the 5% to 7%, I guess, just you previously used to say high end of that range. I just wanted to kind of clarify if you have any message on where you kind of stand in the 5% to 7% at this point? And then how do we kind of think about Aquarion sales kind of impact to that 5% to 7%? Is it baked in? Does it put you somewhere else in the range depending on those outcomes there?

很高興看到你重申 5% 到 7%，我想，就像你之前常說的這個範圍的高端。我只是想澄清一下，對於目前 5% 到 7% 的人的立場，您是否有任何意見？那我們如何看待 Aquarion 銷售對 5% 到 7% 的影響？是烤進去的嗎？根據那裡的結果，它是否會將您置於範圍內的其他位置？

Sure, Nick. So let me start with the latter question. The Aquarion potential sale is baked into that guidance, as I mentioned. So we are assuming that. And then the 5% to 7%, as I want to reiterate, it's a growth aspiration of 5% to 7%. We're not giving any indication where on that spectrum we will ultimately land. Right now, we're comfortable with that, a lot can happen that can move us up. But until we have that more transparency and more clarity, we're sticking with 5% to 7% growth rate. We'll continue to update you all as things progress on our long-term guidance growth.

當然，尼克。那麼讓我從後一個問題開始。正如我所提到的，Aquarion 的潛在銷售已納入該指南。所以我們假設是這樣。然後是 5% 到 7%，正如我想重申的那樣，這是 5% 到 7% 的成長願望。我們沒有給出任何跡象表明我們最終將落在這個範圍內的哪個位置。現在，我們對此感到滿意，很多事情都會發生，可以讓我們進步。但在我們獲得更高的透明度和清晰度之前，我們將堅持 5% 到 7% 的成長率。隨著我們長期指導成長的進展，我們將繼續向大家通報最新情況。

Okay. I appreciate that. And then I guess just sticking with Aquarion, obviously, you're trying to find ways to mitigate equity issuance in the 5-year plan. Just what's inspiring your confidence to kind of come back to do another sales process at this point? Do you feel confident it's not going to be as drawn out as the last one? And then just how do we kind of think about like the time line and then also the agency's willingness to kind of see through another asset sale, just given you're still on negative outlook?

好的。我很感激。然後我想，顯然，只要堅持使用 Aquarion，你就會試圖找到減少 5 年計劃中股票發行的方法。是什麼激發了您此時回來進行另一個銷售流程的信心？你有信心它不會像上一個那麼漫長嗎？然後，我們如何考慮時間線以及該機構是否願意透過另一次資產出售，只是考慮到您仍然對前景持負面看法？

Yes. Well, let me add a couple of things. I'm not going to give you a time line on the asset yield, but I will tell you that it's a very different animal, Aquarion. I mean we're talking about wind partnership with another party. We only own 50%. We talked about the fact that it's very challenging and you don't own the entire asset. We own all of Aquarion. It makes things a lot less complex. This asset is very, very attractive. We've been in this business now for several years. It's a great business. It's the seventh largest water company in the country. But the fact of the matter is there are 50,000 water companies in the country.

是的。好吧，讓我補充幾件事。我不會給你一個資產收益率的時間表，但我會告訴你，Aquarion 是一種非常不同的動物。我的意思是我們正在談論與另一方的風能合作夥伴關係。我們只擁有50%。我們談到了這樣一個事實：這是非常具有挑戰性的，而且你並不擁有全部資產。我們擁有 Aquarion 的全部。它使事情變得不那麼複雜。這個資產非常非常有吸引力。我們從事這項業務已經好幾年了。這是一項偉大的事業。它是該國第七大自來水公司。但事實是該國有 5 萬家自來水公司。

So to try to do -- to assemble water companies. It takes time, it takes effort, but something of this magnitude certainly is attractive to many, many folks. So I won't give you a time line, but I will tell you that it's not nearly as complex. It's not even in the same category of the wind assets. So I feel very, very good about it.

所以要嘗試去做－組成自來水公司。這需要時間，需要努力，但這種規模的東西肯定對很多很多人有吸引力。所以我不會給你一個時間表，但我會告訴你它並沒有那麼複雜。它甚至不屬於風電資產的同一類別。所以我對此感覺非常非常好。

And I would just add, Joe, is spot on from an execution, this is a totally different animal. And then from your latter question on how the agencies, as long as we have a pathway, this kind of mitigates any further equity needs that we may have. So it's still cash coming in the door, which is very appealing and supportive of our credit metrics.

我想補充一點，喬，在執行死刑時表現得很出色，這是一種完全不同的動物。然後從你的後一個問題來看，只要我們有一條途徑，這些機構如何減輕我們可能有的任何進一步的股權需求。因此，現金仍然湧入，這對我們的信用指標非常有吸引力和支持。

Our next question comes from David Arcaro with Morgan Stanley.

我們的下一個問題來自摩根士丹利的大衛·阿卡羅。

Could you just touch on cost savings initiatives. I think you mentioned that you're expecting lower O&M in 2024. I guess how much lower? What are the levers you're pulling there? And what are you thinking kind of going forward off of a 2024 base there, too?

能否談談成本節約舉措？我想您提到您預計 2024 年的維運成本會降低。我猜會降低多少？你在那裡拉動什麼槓桿？您對 2024 年基地的未來有何想法？

Yes. I would say that in 2023, we did experience some higher O&M levels that we don't think will reoccur in 2024. So that's one of the drivers, David. And then we are still in the technology deployment. Right now, we are going through a new CIS system, as part of the Massachusetts AMI deployment. And we think that there are savings, there are efficiencies that we can harvest as well. We already have one of our operator in Western Massachusetts went live a couple of weeks ago. So we think that there's savings there as well that we can harvest. So those are the major drivers. And as well as other efficiencies throughout the organization.

是的。我想說，在 2023 年，我們確實經歷了一些更高的營運和維護水平，但我們認為 2024 年不會再出現這種情況。這就是驅動因素之一，大衛。然後我們還在技術部署中。目前，我們正在使用新的 CIS 系統，作為馬薩諸塞州 AMI 部署的一部分。我們認為，我們可以節省成本，提高效率。幾週前，我們在馬薩諸塞州西部的一位運營商已經投入使用。因此，我們認為我們也可以從中節省成本。這些是主要的驅動因素。以及整個組織的其他效率。

Okay. Great. Then I just wanted to clarify maybe on the New York 4 outcome with the auction. How could that change the outlook? Is -- are you saying the proceeds for Orsted are not currently contemplated in the equity need guidance? And could that come down from where it is now based on being successful in that auction?

好的。偉大的。然後我只是想澄清紐約四號拍賣的結果。這如何改變前景？您是說 Orsted 的收益目前沒有在股權需求指導中考慮嗎？如果在那次拍賣中取得成功，這個數字是否會比現在的水平有所下降？

That is absolutely correct. It's not -- any proceeds from an ultimate sale to Orsted has not been factored into our financing plan. So it would adjust our equity needs. And then for that reason, among other things, that's why we went out with an up to valuation. So you're thinking about it correctly.

這是絕對正確的。事實並非如此——最終出售給 Orsted 的任何收益都沒有計入我們的融資計劃。所以它將調整我們的股權需求。出於這個原因，除此之外，這就是我們給出最高估值的原因。所以你的想法是正確的。

Yes, makes sense. Then just wanted to quickly clarify. Just the $1.3 billion, does that include the DRIP? Or do you -- what do you expect that to be on an annual cadence going forward?

是的，有道理。然後只是想快速澄清一下。光是這 13 億美元，包括 DRIP 嗎？或者您預計未來每年的節奏會是如何？

The 1 point -- the up to $1.3 billion does not include the DRIP. So that level is pretty consistent about $100 million to $120 million per year, and that will continue.

第一點－高達 13 億美元不含 DRIP。因此，這個水準相當穩定，每年約為 1 億至 1.2 億美元，而且這種情況將會持續下去。

We now turn to Durgesh Chopra with Evercore ISI.

我們現在轉向 Evercore ISI 的 Durgesh Chopra。

Can I go back to Aquarion? And in relation to you kind of alluding the 5% to 7% incorporates in Aquarion sale, you have the CapEx baked into your 5-year plan, the Aquarion CapEx currently. I'm just -- I guess what I'm trying to ask is, how do you fill the earnings hole for Aquarion, I understand it's small. Is it basically debt reduction from the proceeds or CapEx could go elsewhere to substitute Aquarion earnings?

我可以回到 Aquarion 嗎？關於您提到的 Aquarion 銷售中的 5% 到 7%，您已將資本支出納入您的 5 年計劃，即目前的 Aquarion 資本支出。我只是——我想我想問的是，你如何填補 Aquarion 的收入缺口，我知道這個缺口很小。基本上是從收益中減少債務，還是資本支出可以轉移到其他地方來取代 Aquarion 的收益？

I would say it's a combination of both. Yes, we did leave the CapEx, their CapEx in our forecast, but it's clear, it's delineated. You can see how much that relates to. And the fact that in my formal remarks, I highlighted, and we have it in the slide on the deck that if you look at the forecast period, forecast over forecast, we're up $1.6 billion. And in my formal remarks, I also indicated that we should be mindful of what has not been included in our 5-year forecast. And that amount could be up to $1 billion to -- up to $2 billion, once again within this forecast period. So we feel very, very optimistic, we are able not only to replace the earnings but also mitigate any of the dilution.

我想說這是兩者的結合。是的，我們確實在預測中留下了資本支出，他們的資本支出，但很明顯，它已經被描繪出來了。你可以看到這有多大關係。事實上，在我的正式演講中，我強調了這一點，我們在幻燈片中也提到了這一點：如果你看一下預測期，預測超過預測，我們將增加 16 億美元。在我的正式發言中，我還表示我們應該注意我們的五年預測中沒有包含的內容。在此預測期內，這筆金額可能再次達到 10 億至 20 億美元。因此，我們感到非常非常樂觀，我們不僅能夠彌補收益，還能夠減輕任何稀釋。

Understood. That's very clear. And then just what -- can you just remind us your earned ROEs in Connecticut, as of 2023? And what are you modeling as you think about the 5% to 7% EPS growth target going forward?

明白了。這非常清楚。那麼，您能提醒我們截至 2023 年您在康乃狄克州獲得的 ROE 嗎？當您考慮未來 5% 至 7% 的 EPS 成長目標時，您正在建立什麼模式？

Yes. I mean, obviously, they have dipped a little. We've been out of Connecticut for quite some time. We've had the settlement agreement. I would say that they're probably in the [CL&P], is around hovering around 8% and Yankee in the 7% range.

是的。我的意思是，顯然，它們已經下降了一點。我們離開康乃狄克州已經有一段時間了。我們已經達成了和解協議。我想說他們可能屬於 [CL&P]，徘徊在 8% 左右，而 Yankee 則在 7% 範圍內。

Got you. And then just what are you modeling? Like are you modeling ROE improvement, ROE staying the same, perhaps going lower as you think about the 5% to 7% growth rate?

明白你了。那你在建模什麼？就像您正在對 ROE 改善進行建模一樣，ROE 保持不變，或者當您考慮 5% 到 7% 的成長率時可能會降低？

Well, I mean, we were -- we've determined that we're going to stay out for at least another year or longer. So we model in the appropriate assumptions as we normally do with any rate proceeding in our 5-year forecast.

嗯，我的意思是，我們已經決定，我們將至少再待一年或更長時間。因此，我們採用適當的假設進行建模，就像我們通常對 5 年預測中的任何利率進行的那樣。

We now turn to Angie Storozynski with Seaport.

現在我們請來 Seaport 的 Angie Storozynski。

So just maybe first on assumptions behind the equity needs. So again, if I just look at the $1.3 billion and what I would expect Aquarion could bring. That's a little bit -- it seems like we're getting close to $3 billion in equity, again, my estimates, that seems large versus our prior expectations. And I'm just wondering what kind of credit assumptions you have embedded in it? So do you expect that, that amount, whatever the number is, eventually allows you to keep current ratings -- credit ratings, especially with the S&P?

因此，也許首先要考慮股權需求背後的假設。再說一次，如果我只看 13 億美元以及我對 Aquarion 能帶來什麼的期望。這有點——看來我們的股本接近 30 億美元，我的估計，這似乎比我們之前的預期要大。我只是想知道你在其中嵌入了什麼樣的信用假設？那麼，您是否期望這個金額，無論數字是多少，最終都能讓您保持目前的評級——信用評級，尤其是標準普爾的信用評級？

Yes. So Angie, we're very mindful of what the downgrade thresholds are. And our financing plan, we feel confident that it will meet that -- those thresholds, particularly at S&P, which has moved us up to a 14% threshold, as you know.

是的。安吉，我們非常注意降級閾值。對於我們的融資計劃，我們有信心滿足這些門檻，特別是在標準普爾，如你所知，這已將我們的門檻提高到 14%。

Yes. And then secondly, you have this port challenge for Aquarion's rate case. And I'm just wondering if, one, there's an outcome we need for that sale process to be successful; and two, if you approach the regulator in Connecticut about this potential sale?

是的。其次，Aquarion 的費率案例面臨連接埠挑戰。我只是想知道，第一，我們是否需要一個結果才能使銷售過程成功；第二，您是否就此次潛在出售向康乃狄克州的監管機構詢問？

Yes. So Angie, this is Joe. The court case was heard. We felt that the -- it went very well. We do expect a decision in the next few months. And our expectation is that it would go back to PURA. It will have no impact on our ability to transact. So we're still -- we're very, very confident in that case in the outcome.

是的。安吉，這是喬。法庭審理了此案。我們覺得——進展非常順利。我們預計將在未來幾個月內做出決定。我們的期望是它會回到 PURA。這不會對我們的交易能力產生影響。所以我們仍然對這種情況的結果非常非常有信心。

Angie, I would just add that, quite honestly, as Joe mentioned, we should see that court decision in the next couple of weeks. That's our expectation. And that would actually be behind us before we execute on the transaction.

安吉，我想補充一點，老實說，正如喬提到的那樣，我們應該在接下來的幾週內看到法庭的裁決​​。這是我們的期望。在我們執行交易之前，這實際上已經過去了。

Okay. And no discussions with PURA around that potential sale or putting the asset on the block?

好的。沒有與 PURA 就潛在出售或出售資產進行討論嗎？

Yes. No, we've had communication with the governor. I did talk to the governor and I let him know of this transaction. As you know, it's quasi-judicial Board, the PURA and there's certain things they can and can't talk about. So we're trying to be very mindful of that.

是的。不，我們已經與州長進行了溝通。我確實和州長談過，並讓他知道了這筆交易。如你所知，這是一個準司法委員會，PURA，有些事情他們可以談論，也不能談論。所以我們正努力非常注意這一點。

And then lastly, the dividend growth profile, is it basically mimicking the earnings growth or EPS growth?

最後，股息成長狀況是否基本上模仿了獲利成長或每股盈餘成長？

Angie, you're spot on. As you heard from me, our growth rate 2023, compared to '22, hovered around a 6% growth rate. We just -- as Joe mentioned, the Board just approved on an annualized basis, another 6% dividend increase. So we have a long-standing record of continuing to grow our dividend in line with our earnings.

安吉，你說得對。正如您從我那裡聽到的，與 22 年相比，我們 2023 年的成長率徘徊在 6% 左右。正如 Joe 所提到的，我們剛剛批准了按年化計算的股息再增加 6%。因此，我們有著根據獲利繼續增加股利的長期記錄。

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。

Just I guess 2 quick ones. One to follow up from Steve's question. I think you were talking about maybe some ITCs in your FFO to debt metrics. Any chance you could tell us what amount of ITCs you booked in '23 earnings and what your forecast is in '24 earnings?

我猜有兩個快的。史蒂夫問題的後續之一。我認為您可能談論的是 FFO 與債務指標中的一些 ITC。您能否告訴我們您在 23 年收益中預訂的 ITC 金額以及您對 24 年收益的預測是多少？

Yes, Anthony, this is John. So the ITC that Steve was alluding to, relates to the South Fork equity investment, that we just completed last year. And the size of that bread box is about $500 million. We have not recognized any of those ITCs. And I would view those ITCs as being cash driven and not earnings driven.

是的，安東尼，這是約翰。因此，史蒂夫提到的 ITC 與我們去年剛完成的 South Fork 股權投資有關。而那個麵包盒的規模約為 5 億美元。我們尚未承認任何此類 ITC。我認為這些 ITC 是現金驅動的，而不是盈利驅動的。

Great. And then just lastly, on the 8-K you filed this morning, gave some more details on the transaction. I believe in it, you guys have guaranteed an IRR to the buyer of roughly 13%. If you use your best estimate today of what you think the project would cost and your best estimate forecasting everything, where do you think the IRR stands today?

偉大的。最後，在您今天早上提交的 8-K 中，提供了有關交易的更多細節。我相信這一點，你們已經向買家保證了大約 13% 的 IRR。如果您今天使用您認為專案成本的最佳估計值並預測一切，您認為今天的 IRR 處於什麼位置？

Yes. With the cost pressures that we've had, I want to make sure I understand your question.

是的。由於我們面臨成本壓力，我想確保我理解你的問題。

Well, I guess I'm wondering, it's at 13%, we were maybe forecasting a lower IRR of the project based on our assumptions. And so we're thinking that -- or is there from day 1 that you assume that there's a payment going out to the buyer to get to the 13% IRR?

嗯，我想我想知道，它是 13%，我們可能根據我們的假設預測了該專案的較低 IRR。所以我們在想，或從第一天開始，您就認為向買方支付了一筆款項，以獲得 13% 的 IRR？

It's been -- it's already been baked in the transaction. That's what -- that's a portion of the impairment, which would allow them to be able to get the return that they expect. So that's already been factored in that -- that was accounted for.

它已經——它已經在交易中被烘烤了。這就是減損的一部分，這將使他們能夠獲得他們期望的回報。所以這已經被考慮在內了——已經被考慮在內了。

Yes. That's right.

是的。這是正確的。

We now turn to Paul Zimbardo with Bank of America.

現在我們請來美國銀行的保羅‧津巴多 (Paul Zimbardo)。

To clarify, what's the forecast for capital investment into offshore wind into 2024 and specifically kind of before the close of the transaction?

需要澄清的是，到 2024 年，離岸風電的資本投資預測是多少，具體是在交易結束前的情況？

Yes, Paul, we really haven't said that. There's time sensitivities as to when funding obligations transfer, not only to both GIP but also to Orsted as well. But I can tell you that it's not a significant level. And all of those assumptions have been baked into our financing plan.

是的，保羅，我們確實沒有這麼說過。資金義務何時轉移存在時間敏感性，不僅轉移到 GIP，也轉移到 Orsted。但我可以告訴你，這並不是一個重要的層次。所有這些假設都已納入我們的融資計劃中。

And whatever we put in comes back to us. It's not as if we're going to be out [of] any money.

無論我們投入什麼，都會回到我們身上。看來我們不會缺錢。

Okay. And then on the lower effective tax rate in 2024, could you quantify what that benefit is, kind of what you had in 2023 from lower effective tax rate? And how much of the improvement is in 2024?

好的。然後，關於 2024 年較低的有效稅率，您能否量化這種好處是什麼，就像您在 2023 年從較低的有效稅率中獲得的好處一樣？ 2024 年會有多少改善？

Yes. I mean, where we landed in 2023, I would say, high teens and where we project to be in 2024 is also in the high teens, I would say, 18% to 20%, is the effective tax rate. So some of the benefits that we were able to recognize, we see those recurring in 2024.

是的。我的意思是，我們在2023 年達到的水平，我想說，是高十幾歲的水平，而我們預計2024 年的水平也是高十幾歲的水平，我想說，18% 到20%，是有效稅率。因此，我們能夠認識到的一些好處將在 2024 年再次出現。

Our next question comes from Ryan Levine with Citi.

我們的下一個問題來自花旗集團的 Ryan Levine。

On the cost sharing or earnout clawback like structure, what's the time line where you would receive cash payments, if costs were lower than targets? And conversely, if there's any cash flows -- cash outflows? And any sense on timing when you expect those payments to be made?

在成本分攤或收益回撥之類的結構中，如果成本低於目標，您將在多長時間內收到現金付款？相反，是否有現金流－現金流出？您預計何時支付這些款項有什麼意義嗎？

Sure. I mean would be all resolved at COD. At COD, our contingent liability is resolved. We plan to have the Revolution project in service in the fall of 2025. So that should be the timing you should be thinking.

當然。我的意思是一切都可以透過貨到付款解決。在 COD，我們的或有負債都解決了。我們計劃在 2025 年秋季讓 Revolution 專案投入使用。所以這應該是您應該考慮的時機。

Okay. And then given the uncertainty of the contingent payments, would you look to wait to time your equity issuance once you have resolution on COD?

好的。然後，考慮到或有付款的不確定性，一旦您就 COD 做出決議，您是否會考慮等待時機發行股票？

Well, the equity issuance is a multiyear program. So it wouldn't be anything, it would be right, it's still the same window of time that we're talking about. John?

嗯，股票發行是多年期計畫。所以這不會是什麼，它是對的，它仍然是我們正在談論的同一個時間窗口。約翰？

Yes. And that's been factored into our financing plan, the timing of when that would reach COD and so we're -- we feel good. Joe, in his formal remarks and some of the Q&A that he's responded to, we feel good where we are with the most current forecast -- construction forecast for Revolution, and that has become the baseline for the sharing.

是的。這已被納入我們的融資計劃，以及何時達到 COD 的時間，所以我們 - 我們感覺很好。喬，在他的正式演講和他回答的一些問答中，我們對最新的預測——革命的建設預測感到滿意，這已經成為分享的基線。

Okay. And then on the water sale, to the extent you can respond, did the process already start? Or is it being initiated with the announcement last night?

好的。然後關於水的銷售，就您可以回答的程度而言，這個過程已經開始了嗎？還是昨晚的公告就開始了？

No, it's -- the process has not started. It's going to -- last night, we kicked it off and it will be -- we'll get to work on it as soon as this call is over.

不，這個過程還沒開始。昨晚，我們啟動了它，一旦電話會議結束，我們就會開始工作。

Great. And then last question for me. We've seen other utilities slow the dividend growth to be less than EPS growth. Is the management or Board considering a change in dividend policy on a go-forward basis, as the capital needs and equity needs evolve?

偉大的。然後是我的最後一個問題。我們已經看到其他公用事業公司將股息成長放緩至低於每股收益成長。隨著資本需求和股權需求的變化，管理階層或董事會是否考慮在未來的基礎上改變股利政策？

No, we don't. I just reiterated what our expectations are for both long-term earnings, EPS growth of 5% to 7%, and we have -- we expect to grow our dividend in line with the earnings growth.

不，我們不。我剛剛重申了我們對長期獲利的預期，即每股收益成長 5% 至 7%，我們預計股息將與獲利成長保持一致。

Our next question comes from Travis Miller with Morningstar.

我們的下一個問題來自晨星公司的崔維斯米勒。

On the Revolution, what kind of involvement are you going to continue to have on the operational construction side? And I'm thinking in part to make sure that the costs stay in line with your estimate. Will you be involved in the project or more third party?

關於革命，您將繼續在營運建設方面進行什麼樣的參與？我在考慮部分是為了確保成本與您的估計保持一致。您會參與該專案還是更多第三方？

Yes. No, no, great question. So we're actively involved in the land-based portion of that construction. I've been down in Rhode Island. I've been with Governor McKee, we broke ground on the substation, the conduit work that runs from the point of entry from the ocean to the substation. We will play a very, very active role. And I think that having a seat at the table is important for all the reasons that you stated. So we will continue to play that role until such time as that project is in commercial operation.

是的。不，不，很好的問題。因此，我們積極參與該建設的陸上部分。我去過羅德島州。我和麥基州長一起，我們在變電站破土動工，管道工程從海洋入口點延伸到變電站。我們將發揮非常非常積極的作用。我認為，出於您所說的所有原因，在談判桌上佔有一席之地很重要。因此，我們將繼續發揮這一作用，直到該項目投入商業運營。

Okay. Perfect. And then going back kind of strategic over the years. I think one of the initial thoughts that you had behind all these nonutility investments was to reduce some of the exposure to Connecticut. Now it seems like you've come back and now have more of that exposure post this. What's kind of changed over the years to -- in Connecticut to suggest that you think perhaps a better operating environment -- investment environment there?

好的。完美的。然後回顧過去幾年的戰略。我認為您在所有這些非公用事業投資背後的最初想法之一是減少康乃狄克州的一些風險敞口。現在看來你已經回來了，並且在這篇文章之後有了更多的曝光。這些年來，康乃狄克州的投資環境發生了哪些變化，您認為那裡的營運環境可能會更好？

Well, I would say the Aquarion transaction was more -- it's predicated on the fact that our equity needs that we need to raise equity and this is an accretive -- potential accretive transaction that we are looking to execute. So that's really kind of the impetus of us pursuing a transaction for Aquarion.

嗯，我想說 Aquarion 交易更多的是——它是基於這樣一個事實，即我們的股權需要我們需要籌集股權，這是我們希望執行的一項增值交易——潛在的增值交易。所以這確實是我們尋求 Aquarion 交易的動力。

(Operator Instructions) We now turn to Paul Patterson with Glenrock Associates.

（操作員說明）我們現在求助於 Glenrock Associates 的 Paul Patterson。

Just really quickly to make sure I understood the answer to Anthony Crowdell question. There is no earnings impact associated with 2023 and 2024 with offshore wind on a non-GAAP basis and adjusted basis. Is that correct?

只是很快地確保我理解安東尼·克勞德爾問題的答案。根據非公認會計準則和調整後的基礎，2023 年和 2024 年離岸風電不會對獲利產生影響。那是對的嗎？

I believe Anthony's question was more on the ITC.

我相信安東尼的問題更多的是關於國際貿易委員會的。

Okay. Yes. Okay. Well, I'm just wondering, just generically speaking, is there any EPS impact on an adjusted non-GAAP basis for offshore wind in 2023 and 2024?

好的。是的。好的。好吧，我只是想知道，一般來說，2023 年和 2024 年海上風電調整後的非公認會計準則基礎上的每股收益是否有任何影響？

No.

不。

Okay. Great. And then moving to the PBR case. I noticed that in December, you guys and also United Illuminating, as for the case to be withdrawn and then reinitiated as a new type of case. And without getting into the details because they're very complicated. But how do you see that case proceeding, I guess, at this point? I know that the commission earlier this month said no to that proposal. But obviously, there's some concerns that you guys have about it that you voiced in your filings. Any thought process we should have about what the outlook is there?

好的。偉大的。然後轉向 PBR 案例。我注意到，去年12月份，你們和聯合照明都提出撤案，然後作為新的案件重新提起。並且不涉及細節，因為它們非常複雜。但我想，目前您如何看待該案的進展？我知道該委員會本月早些時候拒絕了該提議。但顯然，你們在文件中表達了一些擔憂。我們應該對前景有什麼思考過程？

Yes. Paul, a couple of things there. Number one, quite honestly, we were a bit disappointed that docket or those dockets, there is actually 3 of them got delayed or pushed out a bit. So I think it's still far too early for us to speculate because I think there are proceedings that we wanted to take place. And now some of those will likely happen. So we can't speculate, as to what the outcome would be at this point. I think there's a lot more work and a lot more discussion with PURA that will have to take place.

是的。保羅，有幾件事。第一，老實說，我們對一個或多個待辦事項感到有點失望，實際上有 3 個待辦事項被推遲或推遲了一點。所以我認為現在猜測還為時過早，因為我認為我們想要進行一些程序。現在其中一些可能會發生。因此，我們目前無法推測結果會是什麼。我認為還需要與 PURA 進行更多的工作和討論。

We now turn to Jeremy Tonet with JPMorgan.

現在我們請來摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is actually Aidan Kelly on for Jeremy. Just one quick question on our end. What was the parent interest expense drag in '23 versus '22? And could you just talk about like the offsets behind that?

這其實是艾丹凱利（Aidan Kelly）為傑瑞米（Jeremy）代言。我們這邊只有一個簡單的問題。 23 年與 22 年相比，母公司利息支出的拖累是多少？您能談談這背後的抵消嗎？

Well, I would say the interest obviously is higher and we said that has an impact. But I would focus your attention more on to the financing plan, that we just disseminated and the EPS growth rate and for '24 and the longer-term growth rate.

嗯，我想說的是，興趣顯然更高，我們說這會產生影響。但我希望您能更專注於我們剛發布的融資計劃以及 24 年的每股盈餘成長率和長期成長率。

This concludes our Q&A. I'll now hand back to Bob Becker for final remarks.

我們的問答到此結束。現在我將把最後的發言交還給鮑伯·貝克爾。

Thanks, Elliot, and thank you, everybody, for joining us today. If you have any follow-up questions, please reach out to Investor Relations.

謝謝艾略特，也謝謝大家今天加入我們。如果您有任何後續問題，請聯絡投資者關係部。

Thank you, everyone.

謝謝大家。

Thank you, everybody.

謝謝大家。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。