康涅狄格電力 (ES) 2024 Q1 法說會逐字稿

Good morning, and thank you for attending the Eversource Energy Q1 2024 Earnings Call. My name is Elissa, and I will be your moderator. (Operator Instructions)

早安，感謝您參加 Eversource Energy 2024 年第一季財報電話會議。我叫艾莉莎，我將擔任你們的主持人。 （操作員說明）

I would now like to pass the call to our host, Matt Fallon, Eversource Energy's Director for Investor Relations. Matt, please go ahead.

現在我想將電話轉給我們的主持人、Eversource Energy 投資者關係總監 Matt Fallon。馬特，請繼續。

Good morning, and thank you for joining us. I am Matt Fallon, Eversource Energy's Director for Investor Relations. During this call, we'll be referencing slides that we posted yesterday on our website.

早安，感謝您加入我們。我是馬特法倫 (Matt Fallon)，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。

As you can see on Slide 1, some of the statements made during this investor call may be forward-looking. These statements are based on management's current expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements.

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所做的一些陳述可能具有前瞻性。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。

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.

有關可能導致實際結果出現差異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，均包含在我們的新聞稿、昨晚發布的幻燈片以及最新的10-K 中。

Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President, CFO and Treasurer. 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、財務長兼財務主管 John Moreira。今天加入我們的還有我們的副總裁兼財務長 Jay Buth。

I will now turn the call over to Joe.

我現在會把電話轉給喬。

Thank you, Matt, and thank you all for joining us on the call this morning. Let me begin with an update on the sale of our offshore wind business. I am pleased to report that we are on track to close the sale of the 3 projects over the coming months. We are progressing well on the approvals necessary to close these transactions, as shown on Slide 3. We have filed all regulatory approvals with the New York Public Service Commission and FERC for the sale of South Fork Wind and Revolution Wind to Global Infrastructure Partners. And we recently executed the purchase and sale agreement for Sunrise Wind with Orsted.

謝謝你，馬特，也謝謝大家今天早上加入我們的電話會議。首先讓我介紹一下我們離岸風電業務出售的最新情況。我很高興地報告，我們預計在未來幾個月內完成這 3 個項目的銷售。如投影片 3 所示，我們在完成這些交易所需的批准方面進展順利。我們最近與 Orsted 簽署了 Sunrise Wind 的採購和銷售協議。

For Sunrise Wind, we have also filed applications for regulatory approvals with the New York Public Service Commission and FERC. We anticipate these approvals will take about 90 days. On the construction front, I can't tell you how excited and proud I was of my Eversource colleagues as I stood alongside New York Governor Hochul to flip the switch to energize South Fork Wind in March.

對於 Sunrise Wind，我們也向紐約公共服務委員會和 FERC 提交了監管批准申請。我們預計這些批准將需要大約 90 天。在建設方面，當我與紐約州州長 Hochul 一起在三月啟動南福克風電的開關時，我無法形容我為 Eversource 的同事們感到多麼興奮和自豪。

We will certainly capitalize on lessons learned from South Fork, a first-of-its-kind project here in the United States. The same construction processes will be used for the Revolution Wind project where onshore and offshore construction is underway.

我們肯定會吸取南福克計畫的經驗教訓，這是美國首個此類計畫。正在進行陸上和海上施工的 Revolution Wind 專案將採用相同的施工流程。

Now that our offshore wind risk is largely behind us, we are very excited about the future of Eversource delivering safe and reliable electric, natural gas and water service to our 4.4 million customers.

現在，我們的離岸風電風險已基本消除，我們對 Eversource 為我們 440 萬客戶提供安全可靠的電力、天然氣和水服務的未來感到非常興奮。

Turning to Slide 4. Eversource is moving forward as a pure-play regulated pipes and wires utility business, doing what we do best, delivering clean energy safely and reliably to our customers every day. When we are doing what we do best, our customers are the direct beneficiaries. A good example of this came in early April when a late winter storm caused significant damage across the Northeast.

轉向幻燈片 4。當我們做我們最擅長的事情時，我們的客戶就是直接受益者。 4 月初就是一個很好的例子，當時一場冬末風暴對東北地區造成了嚴重破壞。

Through our investments in technology, including smart switches and other reliability innovations, we were able to restore 85,000 customers in New Hampshire within 5 minutes, greatly reducing the impact of the storm to many customers in that area. This amazing response received numerous accolades from customers and personal acknowledgment from Governor Sununu. We take tremendous pride in our emergency response organization in our ability to stand up our emergency response teams for timely restoration.

透過對智慧開關和其他可靠性創新等技術的投資，我們能夠在 5 分鐘內恢復新罕布夏州的 85,000 名客戶，大大減少了風暴對該地區許多客戶的影響。這一令人驚嘆的回應獲得了客戶的眾多讚譽以及蘇努努州長的個人認可。我們對我們的緊急應變組織感到非常自豪，因為我們有能力支援緊急應變團隊及時復原。

Eversource teams from all 3 states responded to the storm damage in New Hampshire, minimizing customer outage time. Our resiliency investments help to minimize customer outage impacts. Our preparation enables us to hit the ground running in front of potential severe weather events in our emergency response plan, supports scalable and efficient restoration for those customers who are impacted. And we work tirelessly to communicate that timely recovery of storm costs is critical to support these efforts.

來自所有 3 個州的 Eversource 團隊對新罕布夏州的風暴破壞做出了回應，最大限度地減少了客戶中斷時間。我們的彈性投資有助於最大限度地減少客戶中斷的影響。我們的準備工作使我們能夠在緊急應變計畫中應對潛在的惡劣天氣事件，為受影響的客戶提供可擴展且高效的復原。我們孜孜不倦地傳達，及時收回風暴成本對於支持這些努力至關重要。

Turning to the Clean Energy Future. As you can see on Slide 5, the states we serve have very aggressive greenhouse gas reduction goals. Both the transportation sector and residential and commercial heating sectors are the largest contributors to greenhouse gas emissions. Although the region has acted by reducing carbon emissions from power generation, we have a long way to go on heating and transportation to achieve the state's targets by 2050.

轉向清潔能源的未來。正如您在投影片 5 中看到的，我們服務的各州都有非常積極的溫室氣體減排目標。運輸部門以及住宅和商業供暖部門是溫室氣體排放的最大貢獻者。儘管該地區已採取行動減少發電產生的碳排放，但要在 2050 年實現國家目標，我們在供暖和交通方面還有很長的路要走。

To meet these targets, we project that average household electric demand will double in the summer and more than triple in the winter. That's why it's critical that we all work collaboratively and get started today on making achievement of these targets a reality.

為了實現這些目標，我們預計夏季平均家庭電力需求將增加一倍，冬季將增加兩倍以上。這就是為什麼我們大家必須共同努力，從今天開始，實現這些目標，這一點至關重要。

Moving to Slide 6. Achievement of Massachusetts' decarbonization goals are being addressed in part through the Electric Sector Modernization Plans, or ESMP. This is the most comprehensive clean energy plan in the nation with planning processes and requirements that will provide the pathway for the state to achieve its clean energy objectives. The Eversource ESMP is a product of our system planning process, incorporating the state's assumptions for projected demand growth from electric vehicles and electric heating.

轉向幻燈片 6。這是全國最全面的清潔能源計劃，其規劃流程和要求將為該州實現其清潔能源目標提供途徑。 Eversource ESMP 是我們系統規劃流程的產物，納入了州政府對電動車和電暖氣預計需求成長的假設。

To develop our ESMP, we have analyzed expected electric growth down to the circuit level to identify grid investments needed over the next 5 years and beyond. These infrastructure investments will convert our distribution grid into the platform for the clean energy transition. It will increase electrification capacity by 180% and will allow for the adoption of 2.5 million electric vehicles, 1 million heat pumps and 5.8 gigawatts of solar generation, thereby making Massachusetts a leader in delivering clean energy to its homes and businesses.

為了開發我們的 ESMP，我們分析了電路層面的預期電力成長，以確定未來 5 年及以後所需的電網投資。這些基礎設施投資將把我們的配電網轉變為清潔能源轉型的平台。它將把電氣化能力提高 180%，並允許採用 250 萬輛電動車、100 萬台熱泵和 5.8 吉瓦太陽能發電，從而使馬薩諸塞州成為為其家庭和企業提供清潔能源的領導者。

In New Hampshire, we are focused on a number of regulatory initiatives and are evaluating ways to advance clean energy initiatives such as large-scale utility-owned solar development. For example, New Hampshire state legislators are working on a bill that would institute structural reforms to New Hampshire's Energy Facility Site Evaluation Committee or the SEC, reducing the size of the SEC from 9 members to 5 and eliminating unnecessary process to improve efficiency and to lead to more consistent outcomes. In turn, this will lead to an accelerated citing and permitting process for these clean energy initiatives.

在新罕布夏州，我們專注於多項監管舉措，並正在評估推動清潔能源舉措的方法，例如大型公用事業公司擁有的太陽能開發。例如，新罕布夏州立法者正在製定一項法案，將對新罕布夏州能源設施現場評估委員會或SEC 進行結構性改革，將SEC 的規模從9 名成員減少到5 名，並消除不必要的流程，以提高效率和領導以獲得更一致的結果。反過來，這將加速這些清潔能源計劃的引用和許可過程。

Turning to Connecticut. State policy leaders have a vision of solar expansion, electric vehicle adoption and future renewable purchase power agreements as part of its clean energy transition. We are a strong supporter of these efforts to enable the clean energy future for our customers, and we certainly are looking to partner with the state collaboratively and productively to achieve this important vision for our customers.

轉向康乃狄克州。作為清潔能源轉型的一部分，國家政策領導人的願景是擴大太陽能、採用電動車和未來再生能源購買電力協議。我們是這些努力的堅定支持者，為我們的客戶創造清潔能源的未來，我們當然希望與國家合作和富有成效地合作，為我們的客戶實現這一重要願景。

While we continue to work diligently to support state policy leaders on thoughtful and reasonable policies aimed at increased adoption of clean energy technologies and the reduction of carbon emissions, we have serious concerns with the lack of alignment between state policy and regulatory decisions implementing that policy. As it stands, regulatory policies in Connecticut discourage investment and utility innovation as well as our participation in a wide range of clean energy initiatives that rely on our balance sheet, in our capital resources.

雖然我們繼續努力支持國家政策領導人制定深思熟慮、合理的政策，旨在增加清潔能源技術的採用和減少碳排放，但我們對國家政策與實施該政策的監管決策之間缺乏一致性表示嚴重關切。目前，康乃狄克州的監管政策阻礙了投資和公用事業創新，也阻礙了我們參與各種依賴我們的資產負債表和資本資源的清潔能源計畫。

Upfront program funding by the utilities does not work where cost recovery is continually deferred and delayed into the future on certain terms. Without recognition that our funding sources rely on a secure and predictable cost recovery path, we cannot move forward to put additional capital resources on the table.

如果成本回收不斷推遲並按某些條件推遲到未來，公用事業公司的前期計劃資助將不起作用。如果我們不認識到我們的資金來源依賴安全且可預測的成本回收路徑，我們就無法繼續提供額外的資本資源。

We are encouraged by PURA's decision last month to provide timely reimbursement of deferred public policy costs through the company's electric annual rate adjustment mechanism. Decisions that adhere to law and legislative policy are critical to assure a constructive regulatory environment in Connecticut and to make the vision of a clean energy future a reality for our customers.

PURA 上個月決定透過公司的電動年度費率調整機制及時償還遞延公共政策成本，對此我們感到鼓舞。遵守法律和立法政策的決策對於確保康乃狄克州建設性的監管環境以及為我們的客戶實現清潔能源未來的願景至關重要。

Looking forward to the future, we remain committed to our extensive outreach plan across Connecticut, furthering our efforts to engage collaboratively and productively with Connecticut's leadership.

展望未來，我們仍然致力於在康乃狄克州實施廣泛的外展計劃，進一步努力與康乃狄克州的領導層進行富有成效的合作。

Lastly, I want to thank my Eversource colleagues for their unwavering commitment and dedication to our customers. I have the utmost confidence in our team to deliver safe and reliable energy service to our customers with daily progress toward a clean energy future.

最後，我要感謝 Eversource 的同事對我們客戶堅定不移的承諾和奉獻。我對我們的團隊充滿信心，他們能夠為客戶提供安全可靠的能源服務，朝著清潔能源的未來不斷進步。

I will now turn the call over to John Moreira to walk through our financial results.

我現在將把電話轉給約翰·莫雷拉（John Moreira），他將詳細介紹我們的財務表現。

Thank you, Joe, and good morning, everyone. This morning, I will discuss our first quarter financial results, give you a regulatory update and cover drivers for our cash flow enhancement.

謝謝你，喬，大家早安。今天早上，我將討論我們第一季的財務業績，為您提供最新的監管信息，並涵蓋增強現金流的驅動因素。

I'll start with the first quarter results on Slide 7. Our GAAP and recurring earnings for the quarter were $1.49 per share compared with GAAP and recurring earnings of $1.41 per share last year. Breaking down the first quarter earnings results of the $1.49 per share into segments, our Electric Transmission earned $0.50 per share compared with earnings of $0.45 share in 2023. Improved results were driven by our continued investments in our transmission system to address capacity growth for customers and connect clean energy resources to the region.

我將從幻燈片 7 上的第一季業績開始。將第一季每股1.49 美元的收益按細分市場細分，我們的電力傳輸每股收益為0.50 美元，而2023 年每股收益為0.45 美元。以解決客戶和客戶的容量成長問題。

Our Electric Distribution earnings were $0.48 per share compared with earnings of $0.47 per share in 2023. Higher revenues primarily due to a base distribution rate increase at NSTAR Electric were partially offset by higher operating expense, higher interest expense and increased property taxes and depreciation.

我們的配電收益為每股0.48 美元，而2023 年每股收益為0.47 美元。增加的財產稅和折舊所抵銷。

Our Natural Gas Distribution business earned $0.54 per share compared with $0.49 per share in 2023. Natural Gas Distribution earnings increased due to higher revenues from capital cost recovery mechanisms, a base rate increase at NSTAR Gas and lower operating expenses. Our Water Distribution segment contributed $0.01 per share compared with flat earnings in 2023.

我們的天然氣分銷業務每股收益為 0.54 美元，而 2023 年為每股 0.49 美元。與 2023 年持平收益相比，我們的配水部門每股貢獻 0.01 美元。

Eversource Parent & Other Company earnings were a loss of $0.04 per share compared to breakeven results in 2023. The lower results were due primarily to higher interest expense and the absence of a net benefit in the first quarter of last year from the liquidation of a renewable energy fund.

與 2023 年的損益平衡業績相比，Eversource Parent & Other Company 的每股盈餘虧損 0.04 美元。

Overall, our first quarter earnings were in line with our expectations, and we are reiterating our 2024 EPS guidance of $4.50 to $4.67 per share as well as our longer-term 5% to 7% EPS growth rate.

總體而言，我們第一季的收益符合我們的預期，我們重申 2024 年每股收益 4.50 美元至 4.67 美元的指引以及 5% 至 7% 的長期每股收益成長率。

Turning to regulatory items on Slide 8. Starting with Massachusetts, we filed our Electric Sector Modernization Plan with the Massachusetts Department of Public Utility in January. And we expect to have a decision on our plan in the August timeframe. Our ESMP calls for an incremental $600 million capital investments for interconnection of solar resources through 2028. As a reminder, this $600 million is incremental to our $23.1 billion capital investment forecast we announced back in February.

轉向幻燈片 8 上的監管項目。我們預計將在八月就我們的計劃做出決定。我們的 ESMP 要求在 2028 年為太陽能資源互連增加 6 億美元的資本投資。

In New Hampshire, we are very busy on the regulatory front. In March, we submitted our documentation for a prudence review of $232 million of storm costs related to storm events from August 2022 through March of 2023. We anticipate that review will be completed later this year. In addition, we anticipate filing a rate review in New Hampshire this summer, with temporary rate relief going into effect 90 days after the filing.

在新罕布夏州，我們在監管方面非常忙碌。今年 3 月，我們提交了文件，對 2022 年 8 月至 2023 年 3 月期間與風暴事件相關的 2.32 億美元風暴成本進行審慎審查。此外，我們預計今年夏天在新罕布夏州提交利率審查，臨時利率減免將在提交後 90 天生效。

Closing out the regulatory update is Connecticut, where we received the final decision on our annual rate adjustment mechanism 2 weeks ago, for new rates to become effective July 1 of this year. The major drivers of the $873 million increase are recoveries of purchase power contracts and protected hardship uncollectible accounts, both of which are costs required by law.

康乃狄克州完成了監管更新，兩週前我們收到了年度利率調整機制的最終決定，新利率將於今年 7 月 1 日生效。 8.73 億美元成長的主要動力是購電合約和受保護的困難壞帳帳戶的收回，這兩者都是法律規定的成本。

These under-collected costs in Connecticut, which were approximately $400 million in 2023, contributed significantly to a reduction in our 2023 FFO to debt ratio. This rate impact will be significantly offset by lower energy supply costs that will also go into effect July 1 of this year. We appreciate PURA's decision to provide timely reimbursement to the company of these state policy costs as required by law, reducing the pressure on our balance sheet to finance these costs for a longer time period.

康乃狄克州這些未收回的成本在 2023 年約為 4 億美元，為我們 2023 年 FFO 與債務比率的降低做出了重大貢獻。這項費率影響將被今年 7 月 1 日生效的能源供應成本降低所抵銷。我們很欣賞 PURA 決定按照法律要求及時向公司償還這些國家政策費用，從而減輕我們的資產負債表在較長時間內為這些費用提供資金的壓力。

Timely recovery of these costs reduces the total amount that customers will pay through avoidance of carrying charges on these balances. In March, we resubmitted our request for a prudence review of approximately $635 million of Connecticut storm costs relating to weather events that occurred from 2018 through 2021. The vast majority of these costs represent payments to outside line and tree crews to assist in the restoration, resulting from 24 significant storm events during that period. We are currently in the discovery phase of the proceeding. As a reminder, recovery of these costs will coincide with new distribution rates following our next general distribution rate proceeding.

及時收回這些成本可以避免這些餘額的持有費用，從而減少客戶需要支付的總金額。今年3 月，我們重新提交了審慎審查請求，要求對康乃狄克州與2018 年至2021 年發生的天氣事件有關的約6.35 億美元風暴成本進行審慎審查。線路和樹木工作人員支付的費用，以協助恢復、在此期間發生了 24 起重大風暴事件。我們目前正處於訴訟的發現階段。提醒一下，這些成本的回收將與我們下一次一般分配率程序之後的新分配率一致。

In early April, following the Superior Court decision on our Aquarion rate case, we filed for a review of that decision by the Appellate Court along with a request to transfer the appeal directly to the Connecticut Supreme Court. We are requesting that the Connecticut Supreme Court hear this case due to the critical legal issues raised by the Aquarion rate decision. Without proper resolution of these issues, there will be a negative impact on utility investment and customers long term.

4 月初，在高等法院對我們的 Aquarion 費率案件做出裁決後，我們向上訴法院申請對該裁決進行複審，並請求將上訴直接轉移至康涅狄格州最高法院。由於 Aquarion 利率決定引發了關鍵的法律問題，我們請求康乃狄克州最高法院審理此案。如果這些問題無法妥善解決，將對公用事業投資和客戶產生長期負面影響。

As Joe mentioned, we are committed to our extensive and ongoing outreach efforts that have been pivotal to educating key leaders and communities on the necessity for stable regulatory policies. We are also demonstrating our commitment to support the state's policy leaders who seek to move the state forward with thoughtful and reasonable policies aimed at reducing carbon emissions and achieving increased adoption of clean energy resources.

正如喬所提到的，我們致力於廣泛且持續的外展工作，這些工作對於教育主要領導者和社區了解穩定的監管政策的必要性至關重要。我們也表明我們致力於支持國家政策領導人，他們尋求透過深思熟慮、合理的政策推動國家前進，旨在減少碳排放並增加清潔能源的採用。

A successful path to a clean energy future will require a substantial ramp-up in planned proactive distribution infrastructure investment rather than piecemeal approach as well as sound public policies and adherence to legal principles to enable that investment. However, the existing gap between the state's vision of a transition to a clean energy future and the regulatory framework discouraging investment is an obstacle for Connecticut's progress on climate change, the clean energy transition and even core service goals.

通往清潔能源未來的成功道路將需要大幅增加計畫中的主動配電基礎設施投資，而不是零敲碎打的方法，以及健全的公共政策和遵守法律原則來實現投資。然而，該州向清潔能源未來過渡的願景與阻礙投資的監管框架之間存在的差距，是康乃狄克州在氣候變遷、清潔能源轉型甚至核心服務目標方面取得進展的障礙。

As a result, we have taken a hard look at our capital deployment priorities and are implementing necessary cuts to our Connecticut investment levels in 2024 and over the next 5 years. In 2024, we are reducing our capital expenditures by nearly $100 million. And we have notified PURA of our unwillingness to put capital at risk in relation to advanced meter infrastructure and electric vehicle programs.

因此，我們認真審視了我們的資本部署優先事項，並正在對 2024 年和未來 5 年康乃狄克州的投資水準進行必要的削減。到 2024 年，我們將減少近 1 億美元的資本支出。我們已通知 PURA，我們不願意將先進電錶基礎設施和電動車專案的資本置於風險之中。

In total, we are expecting to reduce capital investment in Connecticut by $500 million over the next 5 years. Until we see Connecticut's regulatory decisions come back into alignment with law and state policy, our decisions on the deployment of our valuable capital resources have to be based on our current experience with regulatory outcomes for utility investment.

總的來說，我們預計未來 5 年內將在康乃狄克州減少 5 億美元的資本投資。在我們看到康乃狄克州的監管決策重新與法律和州政策保持一致之前，我們關於部署寶貴資本資源的決策必須基於我們目前對公用事業投資監管結果的經驗。

With that, I do want to emphasize that we are confirming our 5-year capital expenditure forecast of $23.1 billion across all business units. Substantial, consistently emerging infrastructure needs across our system provide ample opportunity for capital deployment in lieu of using those valuable resources in Connecticut.

在此，我想強調的是，我們確認所有業務部門的 5 年資本支出預測為 231 億美元。我們系統中不斷出現的大量基礎設施需求為資本部署提供了充足的機會，而不是使用康乃狄克州的這些寶貴資源。

I will 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 9, the under-collection of 2023 deferred state policy costs, which will now be recovered as a result of the 2024 annual rate adjustment decision in Connecticut as well as other under-recoveries of regulatory deferrals across all states of approximately $200 million, contributed to the lower FFO to debt that we experienced in 2023.

現在，我將介紹一些預計將在2023 年至2025 年期間提高我們的FFO 與債務比率的驅動因素。如下收回：由於康乃狄克州做出 2024 年年度利率調整決定，以及各州其他約 2 億美元的監管延期回收不足，導致我們在 2023 年經歷了較低的 FFO 債務比。

We expect other enhancements in 2024 and 2025 that include the sale of South Fork and Revolution Wind assets to GIP. Upon closing of the sale to GIP, we anticipate receiving approximately $1.1 billion of cash proceeds from this transaction. In addition to the GIP sale proceeds, we anticipate utilizing our tax equity investment in South Fork Wind, which we expect will bring around $500 million of cash over the next 24 months.

我們預計 2024 年和 2025 年還會有其他改進，包括將 South Fork 和 Revolution Wind 資產出售給 GIP。在向 GIP 的出售完成後，我們預計將從此次交易中獲得約 11 億美元的現金收益。除了 GIP 出售收益外，我們預計還將利用對 South Fork Wind 的稅務股權投資，預計這將在未來 24 個月內帶來約 5 億美元的現金。

Lastly, collection of storm costs in Massachusetts and New Hampshire, planned rate increases at our utilities, the sale of our Sunrise Wind project to Orsted, equity issuances and cash flows from a potential sale of our water business will drive the enhancement of 2023 FFO to debt to 14% to 15% targeted by 2025.

最後，馬薩諸塞州和新罕布夏州的風暴成本收集、我們的公用事業計劃的費率上漲、將我們的Sunrise Wind 項目出售給Orsted、股票發行以及潛在出售我們的水務業務產生的現金流將推動2023 年FFO的增強到 2025 年，債務目標降至 14% 至 15%。

Moving on to our equity issuances. In the first quarter of 2024, we raised approximately $75 million through our existing ATM program. And we issued 550,000 treasury shares. We continue to anticipate our equity needs to be up to $1.3 billion over the next several years.

繼續我們的股票發行。 2024 年第一季度，我們透過現有 ATM 計畫籌集了約 7,500 萬美元。我們發行了55萬股庫存股。我們仍然預計未來幾年我們的股本將需要達到 13 億美元。

Also, as we announced in February, 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. We continue to prepare materials needed to launch the first phase of this process.

此外，正如我們在二月宣布的那樣，我們正在對供水業務進行審查。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。我們將繼續準備啟動該流程第一階段所需的材料。

Closing out on Slide 10, as I mentioned earlier, our $23.1 billion 5-year capital forecast and our forecasted financing plan drive our 5% to 7% EPS growth rate through 2028 based off of our 2023 recurring EPS of $4.34 per share.

在投影片10 的最後，正如我之前提到的，我們231 億美元的5 年期資本預測和我們預測的融資計劃將推動我們到2028 年的每股收益增長率為5% 至7%，基於2023 年每股4.34 美元的經常性每股盈餘。

I'll now turn the call back to Matt for Q&A.

我現在將把電話轉回給馬特進行問答。

Thank you, John. Elissa, we are now ready for questions.

謝謝你，約翰。艾莉莎，我們現在準備好提問了。

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

（操作員說明）第一個問題來自 Shahriar Pourreza 與古根漢的關係。

Joe, I guess what -- just firstly, what CapEx are you guys actually cutting in Connecticut? Where are you kind of redeploying? And is that redeployment actually accretive just given the cost of capital differences?

喬，我想——首先，你們在康乃狄克州實際削減了多少資本支出？您要重新部署到哪裡？考慮到資本成本差異，這種重新部署實際上會增加嗎？

Thank you, Shahriar. Over the past decade, we've spent a significant amount of money on electric reliability for our Connecticut customers. Our best-in-class engineering has moved months between interruptions from 10 months to nearly 2 years. So clearly, our investments have paid huge dividends for our Connecticut customers. However, the regulatory decisions over the past few years are misaligned with the law and the state policy. And without a secure and predictable cost recovery path, we cannot continue to put additional capital resources on the table. So our investment objectives in Connecticut have been centered around safety and reliability.

謝謝你，沙赫里亞爾。在過去的十年中，我們在康乃狄克州客戶的電力可靠性方面花費了大量資金。我們一流的工程技術已將中斷時間從 10 個月縮短到近 2 年。顯然，我們的投資為康乃狄克州的客戶帶來了巨大的紅利。然而，過去幾年的監管決策與法律和國家政策不符。如果沒有安全且可預測的成本回收路徑，我們就無法繼續投入額外的資本資源。因此，我們在康乃狄克州的投資目標一直以安全性和可靠性為中心。

As you'd expect, we will not reduce our safety spending. Therefore, the reduction will likely come from reliability areas. As John has mentioned, we have ample opportunities for capital deployment on our system. So we are -- we feel very, very good about that. And yes, it would be accretive.

正如您所期望的，我們不會減少安全支出。因此，減少可能來自可靠性領域。正如約翰所提到的，我們有充足的機會在我們的系統上進行資本部署。所以我們對此感覺非常非常好。是的，這會帶來增值。

Got it. And Joe, can you cut more if need be?

知道了。喬，如果需要的話，你能削減更多嗎？

Well, we are going to be very thoughtful and deliberate about it. Obviously, we've had a great track record down there. I will tell you that the reliability numbers in that state are best-in-class. I don't think you'll find it. You'll find it really anywhere else around the country. So I'm very proud of that. But if we continue to see this negative regulatory environment, we're going to have to look at everything.

好吧，我們將對此進行深思熟慮和深思熟慮。顯然，我們在那裡有著良好的記錄。我會告訴你，州的可靠性數據是同類中最好的。我認為你不會找到它。您確實會在全國其他任何地方找到它。所以我對此感到非常自豪。但如果我們繼續看到這種負面的監管環境，我們將不得不審視一切。

I would also add, Shahriar, that as a reminder, we do have a resiliency program in place, which we get timely recovery of up to $300 million of distribution investments at CL&P, which has been very, very critical for us to achieve this performance level that Joe just mentioned.

Shahriar，我還要補充一點，提醒一下，我們確實制定了彈性計劃，我們及時收回了 CL&P 高達 3 億美元的分銷投資，這對於我們實現這一業績非常非常關鍵喬剛才提到的水平。

Got it. And then -- and maybe just a quick one for John. John, just the up to $1.3 billion of equity is obviously still in plan. And obviously, that level is going to be dictated by the water sale outcome. I guess how are you thinking about the means of issuances? Are you thinking more in systematic terms or kind of prefunding spending and the balance sheet ahead of time, so ATMs versus maybe rip the bandage off block?

知道了。然後——也許對約翰來說只是一個快速的過程。約翰，高達 13 億美元的股權顯然仍在計劃中。顯然，這個水平將取決於水銷售結果。我想您對發行方式有何看法？您是否更多地從系統性角度考慮，或者提前為支出和資產負債表進行預先融資，以便使用 ATM 機而不是撕掉繃帶？

Our view, and that will continue to be our position, is to be opportunistic in exploring and utilizing our ATM program to accomplish that. As I've said time and time again, an ATM program gives us tremendous flexibility. And we were very successful in executing at least through month $75 million. We've done quite a bit more over the past couple of weeks.

我們的觀點（並將繼續成為我們的立場）是，在探索和利用我們的 ATM 計劃來實現這一目標時要抓住機會。正如我一次又一次說過的，ATM 程式為我們提供了巨大的靈活性。我們非常成功地執行了至少 7500 萬美元的任務。過去幾週我們做了很多事。

The next question comes from the line of Carly Davenport with Goldman Sachs.

下一個問題來自卡莉·達文波特與高盛的關係。

I wanted to just start on the FFO to debt walk, thanks for the detail there. I guess, first, could you just remind us of the cadence of the 2023 under-recoveries hitting the cash flow statement this year? And then how should we just think about -- as we think about the other drivers that you'd identified, sort of the split between the impacts between the $1.8 billion and those other drivers?

我想開始從 FFO 到債務的旅程，感謝那裡的詳細資訊。我想，首先，您能否提醒我們 2023 年復甦不足影響今年現金流量表的節奏？然後，當我們考慮您所確定的其他驅動因素時，我們應該如何考慮 18 億美元和其他驅動因素之間的影響之間的差異？

Sure. So the under-recovery, as highlighted on Slide 9, Carly, for 2023 across all of the utilities with the biggest impact being CL&P and Connecticut, was approximately $600 million. So if you were to normalize, where we landed at the end of 2023 from an FFO to debt using -- at Moody's was approximately 9%. So that would drive that up as we've indicated on the slide about 200 basis points.

當然。因此，正如幻燈片 9 中所強調的那樣，卡莉在 2023 年所有公用事業公司（影響最大的是 CL&P 和康乃狄克州）的恢復不足金額約為 6 億美元。因此，如果要實現正常化，我們在 2023 年底從 FFO 轉向債務使用——穆迪的比率約為 9%。因此，正如我們在幻燈片上指出的那樣，這將推動該匯率上漲約 200 個基點。

So with the favorable order that we received a couple of weeks ago on the annual rate adjustment mechanism, we feel good that both that cash plus more related to 2024 costs will start to come in the door effective July 1 through April 30 of next year, so a 10-month recovery which is very, very helpful to us.

因此，鑑於我們幾週前收到的關於年度利率調整機制的有利命令，我們感到高興的是，這些現金加上與2024 年成本相關的更多費用將開始於明年7 月1 日至4 月30日生效，所以10個月的恢復對我們來說非常非常有幫助。

And then the other items, what we've tried to do is to highlight where we -- as it relates to our offshore win, what we have already identified and have disclosed to you all, that would significantly move us up closer to the 14% to 15% range by the end of 2025, but certainly building up towards that range towards the -- towards that time period.

然後，我們試圖做的其他項目是強調我們的位置——因為它與我們的離岸勝利有關，我們已經確定並向大家披露了哪些內容，這將顯著使我們更接近 14到2025 年底，這一個數字將在% 到15% 之間變化，但肯定會在那個時期朝著這個範圍不斷發展。

Got it. Okay. Great. And then maybe just on the Massachusetts ESMP process. What are sort of the next milestones for us to look out for their? And then just more broadly, how do you think about opportunities for the other states that you serve to adopt sort of similar frameworks?

知道了。好的。偉大的。然後也許只是馬薩諸塞州 ESMP 流程。我們需要關注的下一個里程碑是什麼？然後更廣泛地說，您如何看待您所服務的其他州採用類似框架的機會？

Sure. So I'll start with Massachusetts. So hearings on that docket just basically concluded. So now we get into the briefs and reply briefs. But one thing I want to point out to, based on the legislation that was passed a couple of years ago, the Clean Energy legislation, the DPU does have to render a decision by that August timeframe that I stated in my formal remarks.

當然。我將從馬薩諸塞州開始。因此，有關該案卷的聽證會剛好基本結束。現在我們進入摘要和回覆摘要。但我想指出的一件事是，根據幾年前通過的立法，即清潔能源立法，DPU 確實必須在我在正式發言中所述的 8 月期限內做出決定。

So as we move forward, the $600 million that I highlighted in my formal remarks is really what will materialize if we do get a favorable approval from the DPU that will materialize within our forecast period, but there's further investments that will be needed beyond our current forecast period that we've also have highlighted in our filing. So obviously, Massachusetts continues to be very proactive in identifying opportunities to really make sure that the goals that the state has established is realistically and proactively accomplished.

因此，隨著我們向前邁進，我在正式演講中強調的6 億美元確實是如果我們確實獲得DPU 的有利批准（這將在我們的預測期內實現）將會實現的，但是除了我們當前的投資之外，還需要進一步的投資我們也在我們的文件中強調了預測期。顯然，馬薩諸塞州繼續非常積極地尋找機會，以真正確保該州既定的目標切實、主動地實現。

In Connecticut, as Joe mentioned, we would love to support their Clean Energy strategy. But as we have both indicated in our formal remarks, it will require collaboration and cooperation by us -- by the utilities in Connecticut as well as the authority.

正如喬所提到的，在康乃狄克州，我們很樂意支持他們的清潔能源策略。但正如我們在正式演講中所指出的那樣，這需要我們——康乃狄克州的公用事業公司以及當局的協作與配合。

And then lastly, New Hampshire, as we mentioned, we are having discussions with the state on utility-owned solar. We will likely be proposing an investment opportunity in the months to come. As you -- as I mentioned in my formal remarks, we do plan to file for a rate review this summer.

最後，正如我們所提到的，新罕布夏州我們正在與該州就公用事業擁有的太陽能進行討論。我們可能會在未來幾個月內提出投資機會。正如我在正式發言中提到的，我們確實計劃在今年夏天申請費率審查。

In all of that solar investment, just to keep in mind would be regulated investment -- solar investment, utility-owned, very similar to the model that we have here in Massachusetts, Carly.

在所有太陽能投資中，要記住的是受監管的投資——公用事業公司擁有的太陽能投資，與我們在馬薩諸塞州卡莉的模式非常相似。

The next question comes from the line of Nick Campanella with Barclays.

下一個問題來自巴克萊銀行的尼克·坎帕內拉（Nick Campanella）。

So just kind of sticking with Connecticut here and just the fact that you're cutting investment there, but you also had this rate order -- this outcome on Aquarion, just how do you kind of see that kind of affecting the process that you're running there to potentially monetize the asset?

所以，堅持康涅狄格州，事實上你正在削減那裡的投資，但你也有這個利率命令——Aquarion 的結果，你如何看待這種影響你的進程正在那裡運行以潛在地將資產貨幣化？

And just maybe you can kind of update us on that process, your confidence level that whatever happens there, there wouldn't be additional equity kind of coming into the plan that you outlined today?

也許您可以向我們介紹一下該流程的最新情況，您的信心水平是，無論那裡發生什麼，您今天概述的計劃中都不會出現額外的股權？

Well, the appeal process, obviously, we would love to have a positive data point. But the appeal process will continue to make its way. You're probably looking at, at least a year in the making, but we are continuing to move forward with launching Phase 1 of the process relatively soon. And then, we'll make the decision at that point.

嗯，顯然，在上訴過程中，我們希望有一個積極的數據點。但上訴程序將繼續進行。您可能正在考慮，至少需要一年的時間，但我們正在繼續前進，相對較快地啟動流程的第一階段。然後，我們將在那時做出決定。

Okay. So still moving ahead, it seems. I appreciate that. I guess just a follow-up on Carly's question just around the FFO to debt, just -- the South Fork's tax equity investment would probably be, I would guess, more onetime in nature to the, I guess, cash flow improvement. But just -- I just wanted to kind of confirm like net of these kind of one-time items, you still see this path getting you to 14% to 15%.

好的。看來仍在繼續前進。我很感激。我想這只是卡莉關於 FFO 債務問題的後續行動，我想，南福克的稅收股權投資可能更多是一次性的，我想，現金流量的改善。但只是——我只是想確認一下，除去這些一次性項目，你仍然會看到這條路徑讓你達到 14% 到 15%。

And what's really kind of driving that net of the one-time issues?

到底是什麼推動了一次性問題的出現​​呢？

Yes. No, we certainly do, Nick, the tax equity. We actually think, as I stated, 24 months. That's probably a bit conservative. I think that will probably lead into 2026. We do have other tax benefits that we want to utilize for us before we tap into those ITCs. So that can be elongated a bit, which is great.

是的。不，尼克，我們當然關注稅收公平。正如我所說，我們實際上認為是 24 個月。這可能有點保守。我認為這可能會持續到 2026 年。這樣就可以拉長一點，這很棒。

And then longer term, yes, that does fall off the cliff. But we have other items that will certainly kick in. We are sitting on a pretty large deferred storm balance. So I see those costs coming in, in potentially '26, certainly '27 and beyond to really maintain that high level of FFO to debt.

從長遠來看，是的，這確實會從懸崖上掉下來。但我們還有其他項目肯定會發揮作用。因此，我認為這些成本可能會在 26 年、當然是 27 年及以後出現，以真正維持高水準的 FFO 債務比。

And then just one last one for me just on Sunrise. I know that you're not giving the price, but -- last quarter, there was negative book value. I don't believe that the queue is out, but is that still the case or something that you can kind of talk about? Or do we have to wait for the sale agreement to be public for you to revise that?

然後我就在《日出》節目中看到了最後一首。我知道你沒有給出價格，但是上個季度，帳面價值為負。我不認為隊列已經結束，但是情況仍然如此嗎？或者我們必須等待銷售協議公開才能讓您修改？

It does. And that's really -- we have to follow the accounting rules, and the accounting rules basically says that if you have a contingent gain, you have to wait to get your cash, right? So that, therefore, the transaction has to close. So where probably, I would say you should expect a true-up of those balances to occur likely in the third quarter of this year.

確實如此。這確實是——我們必須遵守會計規則，而會計規則基本上說，如果你有或有收益，你必須等待才能拿到現金，對嗎？因此，交易必須結束。因此，我想說，您應該預計這些餘額可能會在今年第三季出現調整。

The next question comes from the line of Jeremy Tonet with JPMorgan.

下一個問題來自傑里米·托內特（Jeremy Tonet）與摩根大通的對話。

Maybe just continuing with Slide 10 here real quick. Thanks for all the color provided. Just want to confirm the major drivers, everything on the right hand of that slide, that's all treated as FFO and not debt reduction when you talk about the walk from -- into 14% to 15%.

也許只是快速繼續這裡的幻燈片 10。感謝您提供的所有顏色。只是想確認一下主要驅動因素，即幻燈片右側的所有內容，當您談論從 14% 升至 15% 時，這些都被視為 FFO，而不是債務削減。

Yes. No, it's a mixed bag. So obviously, what's more critical is that we have the cash coming in, right, which will displace debt and obviously enhance our operating cash flows.

是的。不，這是一個混合體。顯然，更重要的是我們有現金進來，這將取代債務並明顯增強我們的營運現金流。

Got it. And so maybe just pivoting towards Aquarion here in just a little bit more detail, I guess, on where you guys are in the process right now and how you -- what you prioritize here, pace of transaction versus value that you can achieve or just any other thoughts on the parameters of how you see this process unfolding.

知道了。因此，我想，也許只是在這裡更詳細地轉向 Aquarion，關於你們現在在這個過程中的位置以及你們如何——你們在這裡優先考慮什麼，交易的速度與你們可以實現的價值，或者只是關於你們如何看待這個過程展開的參數的任何其他想法。

Sure. I would frame it this way. It's not about a mad dash to the finish line. It's about a thoughtful process that we will run for the greatest value that we possibly can harvest. So that's what's important to us, is obtaining the greatest maximum value we possibly can. So if its transactions takes a bit longer, we are fine with that. The rating agencies are fully aware of the timeframe that we've mapped out with them. And obviously, they are comfortable with that.

當然。我會這樣設計。這不是瘋狂衝向終點線。這是一個深思熟慮的過程，我們將透過這個過程來爭取我們可能收穫的最大價值。因此，對我們來說最重要的是盡可能獲得最大的價值。因此，如果交易需要更長的時間，我們也可以接受。評級機構完全了解我們與他們所製定的時間表。顯然，他們對此感到滿意。

Got it. And then just to confirm real quick here, the sales proceeds are going to be helping FFO in this illustration here. I just want to make sure I was straight on that.

知道了。然後在這裡快速確認一下，銷售收入將在本圖中幫助 FFO。我只是想確保我說的是實話。

Absolutely, absolutely because it displaces debt.

絕對，絕對，因為它取代了債務。

The next question comes from the line of Steve Fleishman with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steve Fleishman。

Just maybe tie up one more question on Aquarion on the -- you mentioned appealing to the Supreme Court. Is there like a timeline? I don't know if you already filed that or when would you file that and when would you know if they take the case.

也許再問一個關於 Aquarion 的問題——你提到向最高法院上訴。有類似的時間軸嗎？我不知道您是否已經提交了該文件，或者您何時會提交該文件以及您何時知道他們是否會受理此案。

We filed that early April, that request. So we feel good that the Supreme Court will take the case and that it will just expedite the whole process. Once the court accepts that, then you're probably looking at a 9- to 12-month process, is what we're estimating.

我們在四月初提交了該請求。因此，我們很高興最高法院將受理此案，並且只會加快整個過程。一旦法院接受這一點，我們估計整個過程可能需要 9 到 12 個月。

Okay. But you're not going to hold off the sale process to wait for that, you just move forward.

好的。但您不會為了等待而推遲銷售流程，您只需繼續前進即可。

No. No, we're not. I was going to say, Steve, in the meantime, we are expecting to implement the original rate change, and we actually accounted for that in the first quarter this year. Once we get that, then the company can move forward with the filing for their WICA program, which will give them much -- which will give them about 30%, 35% of their annual capital program cost recovery on.

不，不，我們不是。我想說，史蒂夫，與此同時，我們預計會實施原來的費率變化，我們實際上在今年第一季就考慮到了這一點。一旦我們得到了這一點，那麼公司就可以繼續提交他們的 WICA 計劃，這將為他們帶來很多——這將為他們帶來每年資本計劃成本回收的大約 30%、35%。

Okay. And then just on Connecticut Regulatory Environment. I appreciate the decisions being made there. Early in the year, there had been talk about the governor may be kind of expanding the commission and some changes there. Is that still being considered at all? And just -- I know you've been on an initiative to try to highlight these issues. Just do you feel like you're making any progress in resonating on the kind of quality of the regulatory environment being kind of investable?

好的。然後是康乃狄克州監管環境。我很欣賞那裡所做的決定。今年早些時候，有人談論州長可能會擴大該委員會並進行一些改變。還在考慮這個問題嗎？我知道您一直在主動嘗試強調這些問題。您是否覺得您在對可投資的監管環境品質產生共鳴方面取得了任何進展？

Yes. Steve, a couple of things, the governor has the ability to appoint 5 commissioners. He has vacillated over that, and I'm not really sure at this point whether he wants to take it up to 5. As you know, all 3 commissioners remain in hold-over status, and I'm not really quite sure what the current plan is around that. Obviously, we have grave concerns about the environment there. I think you know that. I think everyone knows that.

是的。史蒂夫，有幾件事，州長有能力任命 5 名專員。他對此猶豫不決，目前我不太確定他是否願意將其增加到 5。顯然，我們非常擔心那裡的環境。我想你知道這一點。我想每個人都知道這一點。

We enjoy a very productive working relationship in our other 2 jurisdictions where we are so aligned that no light shines between kind of the state's initiatives and our initiatives. And when you collaborate, I think you should have tremendous outcomes. You look at the benefits that Massachusetts is achieving. You look at the progressive moves that are taking place up in New Hampshire as we collaborate with those folks. And they really understand it.

我們在其他兩個司法管轄區享有非常有成效的工作關係，我們在這兩個司法管轄區非常一致，以至於州的舉措和我們的舉措之間沒有任何區別。當你們合作時，我認為你們應該會取得巨大的成果。你看看馬薩諸塞州正在實現的好處。當我們與這些人合作時，你會看到新罕布夏州正在發生的進步舉措。他們真的明白這一點。

And it's going to take that type of collaboration as we look to electrify our system and move away from carbon fuels. But if we don't collaborate, it makes it very, very difficult. I mean we've have operated this way. In my 40-year history, we've always had strong working relation. So it's a disappointment to me, and it's a priority to me as we try to focus on Connecticut and to see if we can't get aligned and get on the same page so that we can move the agenda.

當我們尋求使我們的系統電氣化並擺脫碳燃料時，將需要這種類型的合作。但如果我們不合作，事情就會變得非常非常困難。我的意思是我們一直都是這樣運作的。在我 40 年的工作經驗中，我們一直保持著牢固的工作關係。因此，這讓我感到失望，但這是我的首要任務，因為我們試圖專注於康乃狄克州，看看我們是否無法達成一致並達成共識，以便我們能夠推動議程。

Connecticut has a phenomenal opportunity to be really a leader in clean energy. We built that port down there. We collaborated. That clean energy port down there should put them on the map for clean energy. But unfortunately, it's been a real challenge. But I just want to assure you and all of our investors that this is something I take very seriously, and I will continue to work at it 7 days a week until such time as we can get some constructive change.

康乃狄克州擁有成為清潔能源領域真正領導者的絕佳機會。我們在那裡建造了那個港口。我們合作了。那裡的清潔能源港口應該會讓他們出現在清潔能源地圖上。但不幸的是，這是一個真正的挑戰。但我只是想向你們和我們所有的投資者保證，這是我非常認真對待的事情，我將繼續每週 7 天致力於此，直到我們能夠取得一些建設性的改變。

Okay. Appreciate that. And then lastly, on the New Hampshire Solar opportunity, I know -- solar in New England tends to be a decent amount, kind of capital cost, just not as much available land, all that stuff. So just any sense on kind of size and investment opportunity there for the New Hampshire Solar?

好的。感謝。最後，關於新罕布夏州太陽能的機會，我知道——新英格蘭的太陽能往往是一個相當大的數量，某種資本成本，只是沒有那麼多可用土地，所有這些東西。那麼，新罕布夏州太陽能公司的規模和投資機會有意義嗎？

Yes. I've got to tell you, one of the challenges -- first of all, we don't really have a sizing at this point. We're really in the first inning of this game, but the fact that they are interested around utility on solar, I take great confidence. But I will tell you the one thing there's no shortage of in the state of New Hampshire is land. And so that's where I see great opportunity.

是的。我必須告訴你，挑戰之一——首先，我們目前還沒有真正的規模。我們確實處於這場遊戲的第一局，但事實上他們對太陽能公用事業感興趣，我對此充滿信心。但我會告訴你，新罕布夏州最不缺的一件事就是土地。這就是我看到的巨大機會。

And I also see the proximity to our infrastructure. It makes it very easy as well. One of the challenges that a lot of folks early in the solar days was folks would want to build, but they'd be in rural areas where there wasn't any load. But we have opportunities in New Hampshire with sizable tracks of land that would allow us to obviously collaborate. It has to be a partnership. It has to be a community that's interested in this, but I do see great opportunity up there.

我還看到了我們的基礎設施的鄰近性。這也使它變得非常容易。在太陽時代早期，許多人面臨的挑戰之一是人們想要建造，但他們會在沒有任何負載的農村地區。但我們在新罕布夏州擁有大量土地，可以讓我們進行明顯的合作。它必須是一種夥伴關係。它必須是一個對此感興趣的社區，但我確實看到了巨大的機會。

So we're really in the first inning. I think we'll be able to update you probably on the second, third quarter calls around how that's going. But I think the most important thing for us is to get a model in place in New Hampshire for utility-owned solar that is fair for us and is fair for the customers.

所以我們確實處於第一局。我想我們可能會在第二、第三季的電話會議上向您通報進度。但我認為對我們來說最重要的是在新罕布夏州為公用事業擁有的太陽能建立一個對我們和客戶都公平的模式。

The next question comes from the line of Andrew Weisel with Scotiabank.

下一個問題來自豐業銀行的安德魯‧韋塞爾 (Andrew Weisel)。

In Connecticut, another question here, I agree the state policies and regulatory environment are not aligned. So I understand you're reluctant to put capital to work. My question is, what exactly is it that you're looking for? What would it take to get you more comfortable with the regulatory setup? Is it a qualitative good faith kind of conversation? Are you looking for something more explicit like preapprovals for spending on AMI and EVs?

在康乃狄克州，另一個問題是，我同意國家政策和監管環境不一致。所以我理解你不願意投入資金。我的問題是，您到底在找什麼？怎樣才能讓您更適應監管設定？這是一種定性的善意對話嗎？您是否正在尋找更明確的東西，例如 AMI 和 EV 支出的預先批准？

Yes. Well, we're looking for preapproval, looking for our regulatory recovery, a roadmap for the recovery of odd dollars that we have spent. As you know, the filing that we just got approved there for $800-plus million, that was money we spent on behalf of the customers in Connecticut. These were state-mandated requests that we did. And so we expect to get paid for that.

是的。好吧，我們正在尋求預先批准，尋找我們的監管恢復，以及恢復我們所花費的零用資金的路線圖。如您所知，我們剛剛在那裡獲得批准的申請金額為 8 億多美元，這是我們代表康乃狄克州客戶花的錢。這些是我們所做的國家強制要求。因此我們希望為此獲得報酬。

And if the state wants to have AMI, we expect to have an orderly recovery process for our investments, just like we have in Massachusetts, and that's all we're looking for that if we spend dollars, we want to know we're going to get the dollars back. We don't want to be chasing those dollars. We don't want to have uncertainty around it. And I know that everybody on this call doesn't want uncertainty. And so you could have my assurance that we will not spend dollars until such time as we have a constructive regulatory environment that allows us to get fair treatment in the recovery of our dollars that we've spent on behalf of the customers in Connecticut to bring better service.

如果該州想要建立 AMI，我們希望有一個有序的投資回收流程，就像我們在馬薩諸塞州所做的那樣，這就是我們所尋求的，如果我們花費美元，我們想知道我們會去哪裡拿回美元。我們不想追逐這些美元。我們不想有不確定性。我知道參加這次電話會議的每個人都不希望出現不確定性。因此，我向您保證，我們不會花錢，直到我們擁有建設性的監管環境，使我們能夠在收回我們代表康乃狄克州客戶花費的美元時獲得公平待遇更好的服務。

Okay. Is that something you think could be done in the regulatory arena or would that require legislation?

好的。您認為這可以在監管領域完成還是需要立法？

No, I think we can do it in the regulatory arena. Certainly -- I mean, we're aligned with the governor, we're aligned with this other agencies. So we can have a collaborative effort that we submit a filing for all on the same page. Even the Attorney General, we have very, very strong relations there. But we just have to get pure, aligned with all of the other interests around the state so that we can get a constructive roadmap to move forward.

不，我認為我們可以在監管領域做到這一點。當然——我的意思是，我們與州長保持一致，我們與其他機構保持一致。因此，我們可以共同努力，在同一頁上提交所有文件。即使是司法部長，我們也與那裡有非常非常牢固的關係。但我們只需要變得純粹，與國家周圍的所有其他利益保持一致，這樣我們就可以獲得建設性的前進路線圖。

All right. Sounds good. Then on FFO to debt, if I could elaborate, I know this has been asked a few times, and I appreciate the details on Page 9. Maybe this is a silly question. But if the $600 million from under-recoveries adds 2%, you triple that to $0.8 billion. How come the impact to FFO to debt goes up by -- double or less? What dumb guy math might have get, it would be a 3:1 ratio in the dollars and the percentages. So what are the offsets there?

好的。聽起來不錯。然後關於 FFO 到債務，如果我能詳細說明的話，我知道這個問題已經被問過幾次了，我很欣賞第 9 頁上的詳細信息。但如果回收不足的 6 億美元增加 2%，則數字將增加三倍，達到 8 億美元。為什麼 FFO 對債務的影響會增加一倍或更少？數學傻瓜可能會得到的結果是，美元和百分比的比例是 3:1。那麼那裡的偏移量是多少呢？

Well, keep in mind that in that 300 to 400 basis point movement, it does include other cash flow items that we have not quantified in that $1.8 billion, Andrew, and then additionally, when the cash comes in, it's going to impact both the numerator and the denominator accordingly. So it's not a one for one.

好吧，請記住，在 300 到 400 個基點的變動中，它確實包括我們尚未量化的 18 億美元中的其他現金流項目，安德魯，此外，當現金進來時，它將影響相應的分子和分母。所以這不是一對一的。

The next question comes from the line of Anthony Crowdell with Mizuho.

下一個問題來自安東尼·克勞德爾和瑞穗的對話。

Just quickly on Slide 12, you had issued some parent debt already in the -- for the year. Do I think that's going to -- that's for the maturities at the bottom of this slide or the maturities you may also refinance and that's going to be incremental debt? And let me know if that's not clear.

就在幻燈片 12 上，您已經發行了今年的一些母公司債務。我認為這會是——這是這張投影片底部的到期日，還是您也可能再融資的到期日，這將是增量債務？如果不清楚，請告訴我。

No, you're thinking about it correctly. So it's where the maturity is listed on that slide. We do have $900 million that's due on June 27, and then, we have another $450 million in the fall. Also, in January -- early January, we have another $350 million -- $300 million coming due. So it's more of the prefunding. So with the proceeds from the transactions that I highlighted, we should be out of the debt and capital markets for quite some time.

不，你的想法是正確的。這就是幻燈片上列出的成熟度​​。我們確實有 9 億美元將於 6 月 27 日到期，然後，我們在秋季還有另外 4.5 億美元。此外，在一月——一月初，我們還有另外 3.5 億美元——3 億美元到期。所以更多的是預籌資金。因此，有了我強調的交易收益，我們應該在相當長的一段時間內退出債務和資本市場。

Great. And then just to stay on the mark with Connecticut questions. I know sometimes when utilities ramp up CapEx or they may be doing some new projects, they talk to policymakers, some regulators prior to it and get a feel of just the policymakers are on board with this increased capital that they're spending. I'm curious if something happened in Connecticut where you had similar discussions on actually to lowering of CapEx.

偉大的。然後就直接回答康乃狄克州的問題。我知道有時當公用事業公司增加資本支出或他們可能正在進行一些新項目時，他們會先與政策制定者和一些監管機構進行交談，並感受到政策制定者是否同意他們正在支出的增加的資本。我很好奇康乃狄克州是否發生過類似的事情，你們實際上對降低資本支出進行了類似的討論。

Yes, we've had discussions about our investments. I mean we started talking about AMI 3 years ago, and we're all on the same page, and everybody wanted AMI. We talked about investment in EVs, electric vehicles, infrastructure. So we were totally aligned with, certainly, key leaders down there. So we continue to have that dialogue. And right now, we have dialogue where we share with them that we can't keep moving forward unless we get the certainty around it. I mean, costs have increased since the time we began talking about AMI. If we would get on with the show, that would have saved our customers money, but this delay doesn't help matters. We're kicking it off here in Massachusetts. We're going to be putting in the AMI meters and infrastructure, and it's -- the customers are going to benefit from that.

是的，我們已經討論過我們的投資。我的意思是，我們從 3 年前開始談論 AMI，我們的意見一致，每個人都想要 AMI。我們討論了對電動車、電動車和基礎設施的投資。因此，我們當然與那裡的主要領導人完全一致。所以我們繼續進行這種對話。現在，我們進行對話，與他們分享，除非我們獲得確定性，否則我們無法繼續前進。我的意思是，自從我們開始談論 AMI 以來，成本就已經增加了。如果我們能繼續演出，這將為我們的客戶節省金錢，但這種延遲無濟於事。我們將在馬薩諸塞州這裡拉開序幕。我們將安裝 AMI 儀表和基礎設施，客戶將從中受益。

The next question comes from the line of Durgesh Chopra with Evercore.

下一個問題來自 Durgesh Chopra 與 Evercore 的關係。

John, just for investors, and I was trying to think about the implications if you don't move forward with the Aquarion water sale. Can you just help clarify what does that do to the equity? Could the equity -- if you don't move forward with the sale, could the equity be higher than $1.3 billion? Or is that the max, and then if you do, do a sale, that number moves lower?

約翰，僅供投資者參考，我正在嘗試考慮如果您不推進 Aquarion 水銷售的影響。您能幫忙澄清一下這對股權有什麼影響嗎？如果不繼續出售，股權會高於 13 億美元嗎？或者這是最大值，然後如果你這樣做，進行銷售，這個數字會降低？

Well, there's still a lot of things in flux, and I'm not -- we're not moving off of the $1.3 billion equity needs until we have more clarity, so as things evolve over the coming year. But right now, our position is to kind of work preparing the potential sale for Aquarion and get through Phase 1 and see what -- how that -- see what that looks like.

嗯，仍然有很多事情在變化，而且我不會——在我們更加明確之前，我們不會放棄 13 億美元的股權需求，所以隨著未來一年事情的發展。但現在，我們的立場是為 Aquarion 的潛在銷售做準備，並完成第一階段，看看會發生什麼——怎麼樣——看看會是什麼樣子。

Understood. And then just to be clear on the FFO to debt, I know a lot of questions have been asked, you get to that 14% to 15% by 2025 with or without the Aquarion sale? Am I thinking about it the right way?

明白了。然後，為了澄清 FFO 債務問題，我知道大家已經提出了很多問題，無論是否出售 Aquarion，到 2025 年您都能達到 14% 到 15% 的目標嗎？我的思考方式正確嗎？

No, no. If you look at the left-hand side of that slide on the bottom, we have other drivers. Those other drivers are cash inflows that we have not quantified. But yes, yes, yes. No, we have assumed -- as I continue to reiterate, in our financing plan that we have assumed the sale of Aquarion.

不，不。如果你看一下底部投影片的左側，我們還有其他驅動程式。其他驅動因素是我們尚未量化的現金流入。但是，是的，是的，是的。不，我們假設——正如我繼續重申的那樣，在我們的融資計劃中，我們假設出售 Aquarion。

Perfect. Okay. And then just one hopefully quick follow-up. Anything to kind of note in terms of the construction process or costs on revolution in Sunrise? Any updates versus your past disclosures there?

完美的。好的。然後只是一個希望快速的後續行動。 《日出》的建造過程或革命成本方面有什麼需要注意的嗎？與您過去的揭露相比有什麼更新嗎？

Yes. No, it's too early right now, but we continue to stay close to it, and we'll keep you updated. We did start though. The good news is we're in the ground, and construction is underway. So we're excited, and we're going to utilize the same practices that we successfully deployed in the construction of the South Fork project, which, as you all know, though, all 12 of the turbines are up, and they're running. And we're very, very proud that we are the first offshore wind provider in the United States.

是的。不，現在還為時過早，但我們將繼續密切關注，並會及時向您通報最新情況。不過我們確實開始了。好消息是我們已經在地下，施工正在進行中。所以我們很興奮，我們將利用我們在 South Fork 項目建設中成功部署的相同做法，但正如你們所知，所有 12 台渦輪機都已啟動，並且它們正在運行。我們非常非常自豪我們是美國第一家離岸風電供應商。

Our final question comes from the line of Travis Miller with Morningstar.

我們的最後一個問題來自特拉維斯·米勒和晨星公司的對話。

Real quick one, staying on CL&P here. If you take out your depreciation or maintenance CapEx, how much of that additional CapEx is covered under an existing rider or tracker or something like that outside of a base rate? You mentioned energy efficiency. Is there other CapEx?

真快，就留在 CL&P 吧。如果您扣除折舊或維護資本支出，那麼現有附加程序或追蹤器或基本費率之外的類似內容涵蓋了多少額外資本支出？您提到了能源效率。還有其他資本支出嗎？

The biggest CapEx is the $300 million system hardening that we've had in place for quite some time. So that has helped the timely cost recovery and has helped Connecticut get to a much better situation from a reliability standpoint. So I would say that a good chunk of the -- as you pointed out, the maintenance depreciation would be covered by that.

最大的資本支出是我們已經實施了一段時間的 3 億美元的系統強化。因此，這有助於及時回收成本，並幫助康乃狄克州從可靠性的角度獲得更好的情況。所以我想說，正如您所指出的，維護折舊的很大一部分將由其中涵蓋。

Okay. Okay. And then kind of a real quick follow-on on some of the other questions. Do you expect the clean energy policy overall, not necessarily just the rate setting, but clean energy policy overall in Connecticut will be a political issue this year? Or is that something for years down the road?

好的。好的。然後對其他一些問題進行真正的快速跟進。您是否預期康乃狄克州的整體清潔能源政策（不一定只是費率設定）以及整體清潔能源政策將成為今年的政治議題？還是這是未來幾年的事？

Yes. No. I mean the legislative session is going to end next week. So I don't expect that you could see anything at that point. But I think the dialogue will continue, as we'll remain engaged for the rest of this year and into the future until such time as we are all on the same page and we can find out what's important to this state that we can invest in and get a fair return and fair -- really a level playing field. That's all we're looking for.

是的。不，我的意思是立法會議將於下週結束。所以我不希望你那時能看到任何東西。但我認為對話將會繼續，因為我們將在今年剩餘時間和未來繼續參與，直到我們達成共識，我們可以找出對這個州來說重要的、我們可以投資的領域。 ——真正的公平競爭環境。這就是我們要尋找的。

Sorry, Elissa, I just want to thank everybody for their time, and please follow up with IR with any additional follow-up questions that we can help out with. And I'll turn it back over to Elissa.

抱歉，Elissa，我只是想感謝大家抽出寶貴的時間，如果有任何其他後續問題，請與 IR 聯繫，我們可以幫助解決。我會把它轉回給艾莉莎。

Thank you. This will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。