康涅狄格電力 (ES) 2024 Q2 法說會逐字稿

Good morning and good afternoon, ladies and gentlemen.

早安，下午好，女士們先生們。

Welcome to the Eversource Energy Q2 2024 earnings call.

歡迎參加 Eversource Energy 2024 年第二季財報電話會議。

My name is JaQuita, and I will be your moderator for today's call.

我叫 JaQuita，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員說明）

I would now like to pass the conference over to your host, Matthew Fallon with Eversource Energy Director for Investor Relations.

現在我想將會議轉交給主持人、Eversource Energy 投資者關係總監 Matthew Fallon。

Matt, please go ahead.

馬特，請繼續。

Good morning and thank you for joining us.

早安，感謝您加入我們。

I am Matt Fallon, Eversource Energy's Director for Investor Relations.

我是馬特法倫 (Matt Fallon)，Eversource Energy 投資者關係總監。

During this call, we'll be referencing slides that we posted yesterday on our website.

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.

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。

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.

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.

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

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 結果相一致的信息包含在我們的新聞稿、昨晚發布的幻燈片以及最近的10 季報告中。

Speaking today, will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President, CFO and Treasurer.

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。

Also joining us today is Jay Buth, our Vice President and Controller.

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.

謝謝你，馬特。

Good morning, everyone, and thank you for joining us on the call.

大家早安，感謝您加入我們的電話會議。

Let me begin with an update on offshore wind.

首先讓我介紹一下離岸風電的最新情況。

I am very pleased to report that we have closed the sale of Sunrise Wind project to Ørsted and that we anticipate closing the sale of our South Fork and Revolution Wind projects to Global Infrastructure Partners in the third quarter.

我很高興地向大家報告，我們已經完成了向 ärsted 出售 Sunrise Wind 專案的交易，並預計在第三季完成向 Global Infrastructure Partners 出售 South Fork 和 Revolution Wind 專案的交易。

Closing these sales delivers on our commitment to exit the offshore wind business and focus our resources on being a pure play regulated utility with tremendous low risk regulated growth opportunities to enable the clean energy transition for customers.

完成這些銷售兌現了我們退出離岸風電業務的承諾，並將我們的資源集中於成為一家純粹的受監管公用事業公司，提供巨大的低風險監管成長機會，以實現客戶的清潔能源轉型。

Turning to slide 3.

轉到投影片 3。

We continue to be a leader on delivering energy solutions for our customers with our focus on resiliency investments to address aging infrastructure and minimize customer outages on blue-sky days and during storm events.

我們繼續成為為客戶提供能源解決方案的領導者，重點關注彈性投資，以解決基礎設施老化問題，並最大限度地減少藍天和風暴事件期間的客戶停電。

We are also very busy preparing for the future of electrification to achieve our region's greenhouse gas reduction goals.

我們也非常忙於為電氣化的未來做準備，以實現我們地區的溫室氣體減排目標。

Moving to slide 4.

轉到投影片 4。

Shown here are our states near term and long-term greenhouse gas reduction goals.

這裡顯示的是我們各州的近期和長期溫室氣體減量目標。

To achieve these goals, we are planning investments to our grid to meet the demand growth from electrification of transportation and residential and commercial heating sectors.

為了實現這些目標，我們正在計劃對電網進行投資，以滿足交通運輸、住宅和商業供暖行業電氣化的需求成長。

This effort requires us to upgrade and expand the electric system to handle the new demands that we will face, including more EV charging, more customers turning to heat pumps to warm and cool their homes, and expanded capacity needs to accommodate additional renewable energy resources.

這項工作要求我們升級和擴展電力系統，以滿足我們將面臨的新需求，包括更多的電動車充電、更多的客戶轉向熱泵來為房屋供暖和製冷，以及擴大容量需求以容納更多的再生能源。

In addition, we must make our system smarter and stronger to withstand Mother Nature and the forces of climate change, which are resulting in more frequent and intense storms.

此外，我們必須使我們的系統更加聰明和強大，以抵禦大自然和氣候變遷的力量，這些力量導致了更頻繁和強烈的風暴。

We are continuing to invest in our electric system with smart technologies to help the grid automatically adjust to disturbances on the system and empower customers with more information to control their energy use.

我們將繼續利用智慧技術投資電力系統，幫助電網自動適應系統幹擾，並為客戶提供更多資訊來控制其能源使用。

These increasing demands on the electric system, make it critical for us to work together with our regulators to obtain timely cost recovery and maintain a solid financial position for the company.

對電力系統日益增長的需求使得我們與監管機構合作至關重要，以便及時回收成本並維持公司穩健的財務狀況。

A strong financial position enables Eversource to plan for and meet these increasing demands while continuing to provide high levels of safe, reliable service to our customers.

強大的財務狀況使 Eversource 能夠規劃並滿足這些不斷增長的需求，同時繼續為我們的客戶提供高水準的安全、可靠的服務。

Turning to slide 5.

轉到投影片 5。

Our nearly $6 billion in transmission investments over the next five years is the largest program in our company's history and is key to achieving our collective greenhouse gas reduction goals.

我們未來五年的近 60 億美元輸電投資是我們公司史上最大的計劃，也是實現我們集體溫室氣體減排目標的關鍵。

Based on system needs, our transmission investment program is moving from overhead line rebuilds and smaller reliability projects to much-needed new substations to meet electrification demands and work toward a carbon free future.

根據系統需求，我們的輸電投資計畫正在從架空線路重建和小型可靠性專案轉向急需的新變電站，以滿足電氣化需求並努力實現無碳未來。

In our five-year plan, these new substations and substation upgrades will equal approximately $1 billion of investment, and over $600 million of transmission projects are planned to enable clean energy resources.

在我們的五年計畫中，這些新變電站和變電站升級將相當於約 10 億美元的投資，並規劃超過 6 億美元的輸電項目來實現清潔能源。

Our five-year transmission investment program also includes over $3 billion for investments to replace aging infrastructure.

我們的五年輸電投資計畫還包括超過 30 億美元的投資，用於更換老化的基礎設施。

We are also evaluating additional infrastructure requirements that could materialize during this forecast, and we expect incremental projects will be needed as we move forward.

我們還在評估在此預測期間可能實現的額外基礎設施需求，並且我們預計隨著我們的前進，將需要增量項目。

As we plan ahead, there are many areas of focus such as advancing the Electric Sector Modernization Plan in Massachusetts, increasing import capacity into Boston and enabling offshore wind and other renewables to advance regional decarbonization efforts that will drive transmission infrastructure investment for years to come.

在我們未來的計劃中，有許多重點領域，例如推進馬薩諸塞州的電力部門現代化計劃、增加波士頓的進口能力以及使海上風電和其他可再生能源能夠推進區域脫碳工作，從而推動未來幾年的輸電基礎設施投資。

To give you an example of the magnitude of the incremental transmission investments we are seeing over the next ten years, we are planning for over a dozen new substations in Eastern Massachusetts alone to meet demand, compared to just four new substations constructed in that service area in the past decade.

為了向您舉例說明未來十年我們將看到的增量輸電投資的規模，我們僅在馬薩諸塞州東部就計劃建造十多個新變電站以滿足需求，而在該服務區僅建造了四個新變電站在過去的十年裡。

Moving to electric distribution on slide 6, we are preparing for substantial growth in distribution investment.

轉到投影片 6 上的配電，我們正在為配電投資的大幅成長做好準備。

In Massachusetts, our current electric distribution investment plan is nearly double the previous five-year plan.

在麻薩諸塞州，我們目前的配電投資計畫幾乎是先前五年計畫的兩倍。

As we move forward to prepare for significant electric demand growth in Massachusetts to meet the state's clean energy goals, we are constantly evaluating solutions that will provide the right balance in outcomes for our customers.

當我們繼續為馬薩諸塞州的電力需求大幅增長做好準備，以實現該州的清潔能源目標時，我們不斷評估解決方案，為客戶提供適當的結果平衡。

In order to determine our distribution system investments needs in Massachusetts, we have carefully evaluated the factors that drive the needs in each specific area, allowing us to plan efficiently and cost effectively for future system needs.

為了確定我們在馬薩諸塞州的配電系統投資需求，我們仔細評估了推動每個特定領域需求的因素，使我們能夠針對未來的系統需求進行高效且具有成本效益的規劃。

Turning to slide 7, we are very pleased with our progress of our Massachusetts AMI program, which we and other stakeholders know is critical for enabling a clean energy future.

轉向幻燈片 7，我們對馬薩諸塞州 AMI 計劃的進展感到非常滿意，我們和其他利益相關者都知道該計劃對於實現清潔能源的未來至關重要。

As part of the Massachusetts AMI program, we recently completed successful implementation of a new customer billing and information system, replacing a nearly 40-year-old system.

作為馬薩諸塞州 AMI 計畫的一部分，我們最近成功實施了新的客戶計費和資訊系統，取代了已有近 40 年歷史的系統。

This new customer system will provide a critical foundation for our AMI deployment.

這個新的客戶系統將為我們的 AMI 部署提供重要的基礎。

We are currently working on system design, building, and testing of our meter management and communication applications, which we expect to conclude this summer.

我們目前正在致力於儀表管理和通訊應用程式的系統設計、建置和測試，預計將於今年夏天完成。

Network construction is anticipated to start early next year with smart-meter installation beginning in the third quarter next year.

網路建置預計將於明年初開始，智慧電錶安裝將於明年第三季開始。

Our Massachusetts AMI program will deliver numerous day one benefits to customers, including improved grid management to enhance reliability and customer access to monitor electric consumption and control energy use.

我們的麻薩諸塞州 AMI 計畫將為客戶帶來許多第一天的好處，包括改善電網管理以提高可靠性以及客戶監控電力消耗和控制能源使用的權限。

Further customer benefits include greater visibility on outages to enhance storm restoration response; and dynamic rate design to enable customers to adjust electric use and lower their bills.

進一步的客戶利益包括提高停電可見性，以增強風暴恢復反應；動態費率設計使客戶能夠調整用電量並降低電費。

Although we are very excited about the future transition to electrification, we are deeply committed to keeping the customer journey front and center.

儘管我們對未來向電氣化的過渡感到非常興奮，但我們堅定地致力於將客戶旅程放在首位。

Affordability and fair and balanced rate design, along with the focus on environmental justice communities, is top of mind for Eversource.

負擔能力、公平和平衡的費率設計，以及對環境正義社區的關注，是 Eversource 的首要考慮因素。

A good example of Eversource's exploration of creative solutions to enable an equitable transition to clean energy is our first-of-its kind network geothermal pilot in Framingham, Massachusetts, which came online in June.

Eversource 探索創意解決方案以實現向清潔能源的公平過渡的一個很好的例子是我們在馬薩諸塞州弗雷明漢的第一個網路地熱試點項目，該試點項目於 6 月上線。

We look forward to continuing our productive partnership with the state of Massachusetts as we deploy innovative technologies and pursue our carbon emission reduction goals.

我們期待在部署創新技術和實現碳減排目標時繼續與馬薩諸塞州保持富有成效的夥伴關係。

Turning to Connecticut, I want to thank the Lamont administration for its collaboration with utilities to provide regulatory clarity to continue the electric vehicle charging program.

談到康乃狄克州，我要感謝拉蒙特政府與公用事業公司的合作，為繼續電動車充電計畫提供明確的監管。

The solution that PURA is now preparing to put in place benefits our Connecticut customers while ensuring timely and adequate recovery of program costs.

PURA 現在準備實施的解決方案有利於我們康乃狄克州的客戶，同時確保及時、充分地回收專案成本。

As I have said before, it is critical to ensure that our customers receive safe, reliable, and affordable service and a balanced regulatory environment is the best way to get there.

正如我之前所說，確保我們的客戶獲得安全、可靠和負擔得起的服務至關重要，而平衡的監管環境是實現這一目標的最佳途徑。

Also, you may have heard the Governor Lamont has nominated David Arconti as the new PURA commissioner to take the place of Vice Chairman, Betkoski, who is retiring this coming January.

此外，您可能聽說拉蒙特州長已提名 David Arconti 為新任 PURA 專員，接替將於今年 1 月退休的副主席 Betkoski。

We are encouraged that David is a nominee with keen interest in energy policy and valuable experience as a former member of the Connecticut General Assembly.

我們感到鼓舞的是，大衛是一位對能源政策有著濃厚興趣的提名者，並且作為康乃狄克州議會前議員擁有寶貴的經驗。

We are hopeful that this is a step forward in bringing Connecticut closer to its state policy goals with recognition that investment is needed to support these goals.

我們希望這是讓康乃狄克州更接近其州政策目標的一步，因為我們認識到需要投資來支持這些目標。

Touching on New Hampshire, we continue to see positive momentum on the collaborative approach to plan for long-term energy needs with the signing of House Bill 1431 by Governor Sununu in July.

談到新罕布夏州，隨著州長蘇努努於 7 月簽署了眾議院第 1431 號法案，我們繼續看到以合作方式規劃長期能源需求的積極勢頭。

This bill requires utilities to file integrated distribution plans with the Public Utilities Commission every five years, a ten-year forecast of electric demand, and an assessment of the distribution infrastructure needed to meet projected energy demands.

該法案要求公用事業公司每五年向公用事業委員會提交綜合配電計畫、十年電力需求預測，並對滿足預計能源需求所需的配電基礎設施進行評估。

Moving to Eversource's focus on our company's specific emission goals and employee development.

Eversource 的重點轉向我們公司的具體排放目標和員工發展。

I want to highlight the release of our 2023 Sustainability Report and our Diversity, Equity, and Inclusion Report, as shown on slide 8.

我想強調我們發布的 2023 年永續發展報告和多元化、公平和包容性報告，如投影片 8 所示。

Eversource has been a leader in these areas for many years, and it's a part of our DNA.

Eversource 多年來一直是這些領域的領導者，這是我們 DNA 的一部分。

In this year's Sustainability Report, we've submitted our specific greenhouse gas reduction targets to the Science Based Target initiative.

在今年的永續發展報告中，我們向「基於科學的目標」倡議提交了具體的溫室氣體減排目標。

We also highlight the progress made towards reaching our goals of carbon neutrality from our operations by 2030, with over 30% reduction in emissions from the 2018 baseline year.

我們也強調了我們在 2030 年實現營運碳中和目標方面所取得的進展，較 2018 年基準年排放量減少了 30% 以上。

We are excited about the future.

我們對未來感到興奮。

Eversource is uniquely positioned to leverage its skills, expertise, and scale to build utility infrastructure that will enhance system resiliency and transition to a clean energy future for our customers.

Eversource 擁有獨特的優勢，可以利用其技能、專業知識和規模來建立公用事業基礎設施，從而增強系統彈性並為我們的客戶過渡到清潔能源的未來。

We have a long runway of low-risk regulated investment opportunities and earnings growth potential, focused on delivering long-term value to our customers and our investors.

我們擁有長期的低風險監管投資機會和獲利成長潛力，專注於為我們的客戶和投資者提供長期價值。

Thank you for your interest in Eversource.

感謝您對 Eversource 的興趣。

I will now turn the call over to John Moreira to walk you through our financial results and progress made towards strengthening our balance sheet.

我現在將把電話轉給約翰·莫雷拉，向您介紹我們的財務表現以及在加強資產負債表方面取得的進展。

Thank you, Joe, and good morning, everyone.

謝謝你，喬，大家早安。

This morning I will discuss our second quarter earnings results, provide a regulatory update, and review our financing activities.

今天早上，我將討論我們第二季的獲利結果，提供監管更新，並審查我們的融資活動。

As shown on slide 9, our GAAP and recurring earnings for the second quarter were $0.95 per share as compared with GAAP earnings of $0.04 per share in the second quarter of 2023 and recurring earnings of $1.00 per share in the second quarter of last year.

如投影片9 所示，我們第二季的GAAP 和經常性收益為每股0.95 美元，而2023 年第二季的GAAP 收益為每股0.04 美元，去年第二季的經常性收益為每股1.00美元。

You will recall in the second quarter of 2023, we recorded the first of two impairment charges associated with our offshore wind investments of $331 million, or $0.95 per share.

您還記得，在 2023 年第二季度，我們記錄了與離岸風電投資相關的兩項減損費用中的第一項，金額為 3.31 億美元，即每股 0.95 美元。

We also had other non-recurring charges of $6.2 million, or $0.01 per share, in the second quarter of 2023.

2023 年第二季度，我們還有其他非經常性費用 620 萬美元，即每股 0.01 美元。

Both items are included in our GAAP earnings results for 2023.

這兩項均包含在我們 2023 年 GAAP 收益結果中。

Breaking down the second quarter earnings results by segment, starting with electric transmission, which earned $0.54 per share, compared with earnings of $0.46 per share in 2023.

按部門細分第二季獲利結果，從電力傳輸開始，每股收益為 0.54 美元，而 2023 年每股收益為 0.46 美元。

Electric transmission earnings increased due to rate base growth.

由於費率基數成長，輸電收入增加。

Our electric distribution earnings were $0.42 per share for the quarter, compared with earnings of $0.47 per share in 2023.

本季我們的配電收益為每股 0.42 美元，而 2023 年為每股 0.47 美元。

The earnings decrease was due primarily to higher O&M expense driven by higher storm restoration costs and the absence of a favorable prior year regulatory adjustment in New Hampshire, partially offset by higher revenues driven by NSTAR Electric's base distribution rate increase effective January 1st, of this year.

獲利下降的主要原因是風暴恢復成本增加導致營運和維護費用增加，以及新罕布夏州上一年沒有有利的監管調整，但NSTAR Electric 自今年1 月1 日起基本分配率增加帶來的收入增加部分抵消了這一影響。

Electric distribution earnings are expected to be higher in the second half of the year, driven by capital cost recovery and New Hampshire's, $61 million interim rate increase effective August 1s.

受資本成本回收和新罕布夏州 8 月 1 日生效的 6,100 萬美元中期利率上調的推動，預計下半年配電收益將更高。

Our natural gas distribution business earned $0.08 per share for the quarter, compared with $0.03 per share last year.

我們的天然氣分銷業務本季每股收益為 0.08 美元，而去年為每股 0.03 美元。

The earnings increase was due primarily to higher revenues from NSTAR Gas November 1, 2023, rate increase and lower O&M, partially offset by higher depreciation, interest and property tax expenses.

獲利成長主要是由於 NSTAR Gas 自 2023 年 11 月 1 日起收入增加、利率上調以及營運和維護成本下降，但部分被折舊、利息和財產稅費用增加所抵銷。

The water distribution segment contributed $0.02 per share for the quarter, compared with $0.03 per share last year.

配水部門本季每股貢獻 0.02 美元，去年為每股 0.03 美元。

The decrease in earnings was primarily due to higher O&M and interest costs.

獲利下降主要是由於營運維護和利息成本增加。

Eversource parent and other companies lost $0.11 per share in the quarter compared with recurring earnings of $0.01 per share last year.

Eversource 母公司和其他公司本季每股虧損 0.11 美元，去年的經常性收益為每股 0.01 美元。

The main driver of this decrease was higher interest expense.

這一下降的主要驅動因素是利息支出增加。

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

整體而言，我們第二季的獲利結果符合我們的預期，我們重申 2024 年 EPS 指引範圍為 4.50 美元至 4.67 美元，以及長期 5% 至 7% 的 EPS 成長率。

Turning to our regulatory update on slide 10, starting with Massachusetts.

轉向幻燈片 10 上的監管更新，從馬薩諸塞州開始。

As you may recall, we filed our Electric Sector Modernization Plan with the DPU in January, which is a roadmap to address growth from electrification needs.

您可能還記得，我們​​在一月份向 DPU 提交了電力部門現代化計劃，這是解決電氣化需求成長的路線圖。

We expect a decision on our plan later this month.

我們預計本月晚些時候將對我們的計劃做出決定。

As a reminder, our Electric Sector Modernization Plan calls for $600 million of distribution capital investments for interconnection of clean energy resources and resiliency initiatives through 2028.

謹此提醒，我們的電力部門現代化計畫要求在 2028 年之前進行 6 億美元的配電資本投資，用於清潔能源資源的互連和彈性舉措。

This $600 million is incremental to our $23.1 billion five-year capital forecast we announced back in February.

這 6 億美元是我們在 2 月宣布的 231 億美元五年資本預測的增量。

Next, I'm pleased to report that in early June, the DPU approved four additional capital investment projects to enable the interconnection of large-scale distributed generation resources on our system.

接下來，我很高興地向您報告，6月初，DPU批准了四個額外的資本投資項目，以實現我們系統上大規模分散式發電資源的互連。

Combined with the first project approved in December of 2022, these projects represent approximately $1 billion of total capital investment with $600 million of distribution investment and approximately $400 million of transmission investment.

加上 2022 年 12 月批准的第一個項目，這些項目的資本投資總額約為 10 億美元，其中配電投資為 6 億美元，輸電投資約為 4 億美元。

This $1 billion of investment is included in our five-year capital plan.

這筆 10 億美元的投資已納入我們的五年資本計畫中。

In May, as per our settlement agreement related to the acquisition of EGMA, we filed our first rate base reset for rates to be effective November 1, 2024.

5 月，根據與收購 EGMA 相關的和解協議，我們提交了首次利率基準重置，利率將於 2024 年 11 月 1 日生效。

This filing reconciles our rate base, which has increased from $770 million to approximately $1.7 billion as of the end of 2023.

該文件調整了我們的費率基數，截至 2023 年底，費率基數已從 7.7 億美元增加到約 17 億美元。

This rate base reset is subject to a cap on the revenue change.

此費率基礎重置受收入變化上限的影響。

With the application of this revenue cap, the proposed revenue increases are $78.7 million this year and $67.5 million effective November 1, 2025.

根據這項收入上限，今年擬議的收入增長為 7,870 萬美元，自 2025 年 11 月 1 日起收入增長為 6,750 萬美元。

Closing out the Massachusetts regulatory items.

關閉馬薩諸塞州的監管項目。

We were pleased to receive final approval from the Massachusetts Energy Facilities Siting Board for the Cambridge substation project.

我們很高興獲得馬薩諸塞州能源設施選址委員會對劍橋變電站計畫的最終批准。

This is a $1.6 billion investment of which $1 billion of investment is included in our five-year capital plan and the remaining balance in 2029 and 2030.

這是一項16億美元的投資，其中10億美元的投資包含在我們的五年資本計畫中，剩餘餘額將在2029年和2030年進行。

This project consists of a new underground substation that will address the growing electricity needs of the city of Cambridge and the surrounding area.

該項目包括一個新的地下變電站，將滿足劍橋市及週邊地區不斷增長的電力需求。

Turning to New Hampshire, PSNH filed a rate case in early June to recover more than $765 million of investment since our last rate case in 2019.

轉向新罕布夏州，PSNH 於 6 月初提起了利率訴訟，以收回自 2019 年上次利率訴訟以來超過 7.65 億美元的投資。

The filing requests a rate change of $182 million in base distribution rates that will take effect in two steps.

該文件要求對基本分配率進行 1.82 億美元的調整，該調整將分兩步驟生效。

The first rate adjustment will go into rates today, reflecting an increase of $61 million, with the remainder to go into effect on August 1st of next year.

首次利率調整將於今天生效，增加了 6,100 萬美元，其餘部分將於明年 8 月 1 日生效。

Interim rates will provide enhanced cash flows to the company until we receive a final rate decision next year.

中期利率將為公司提供更多的現金流，直到我們明年收到最終利率決定。

The filing proposes to recover investments made to improve reliability and includes recovery of increased costs associated with storm response and vegetation management due to the more frequent and more intense storm events.

該文件提議收回為提高可靠性而進行的投資，包括收回因風暴事件更加頻繁和強烈而與風暴響應和植被管理相關的增加成本。

On blue sky days, the company's reliability investments in New Hampshire have certainly paid off for our customers.

在藍天白雲的日子裡，公司在新罕布夏州的可靠性投資無疑為我們的客戶帶來了回報。

For example, thanks in large part to the investments in distribution automation technology, that percentage of New Hampshire customers restored in non-storm events in less than five minutes, has improved from 30% in 2018 to over 50% in 2023.

例如，在很大程度上得益於對配電自動化技術的投資，新罕布夏州客戶在非風暴事件中不到五分鐘恢復的比例已從 2018 年的 30% 提高到 2023 年的 50% 以上。

In addition, the company has rigorously controlled O&M costs since our last rate case.

此外，自我們上次費率案例以來，該公司一直嚴格控制營運和維護成本。

We have also proposed to implement a four-year performance based rate making plan, including a capital support mechanism that would adjust rates annually to be approved by the commission.

我們還提議實施一項基於績效的四年費率制定計劃，其中包括每年調整費率並由委員會批准的資本支持機制。

This mechanism enhances cash flow, supports resiliency investments, replacement of aging infrastructure, and investments for the integration of customer distributed generation while maintaining the additional transparency that comes with PBR.

該機制增強了現金流，支援彈性投資、老化基礎設施的更換以及客戶分散式發電整合的投資，同時保持 PBR 帶來的額外透明度。

We anticipate a final decision in this case in 2025.

我們預計此案的最終裁決將於 2025 年做出。

In Connecticut, discovery is underway on the storm cost prudency review for $634 million.

康乃狄克州正在進行 6.34 億美元的風暴成本審慎審查。

We are also preparing to file for storm prudency review later this year for storm restoration costs related to events in 2022 and early 2023.

我們也準備在今年稍後申請風暴審慎審查，以支付與 2022 年和 2023 年初事件相關的風暴恢復費用。

As Joe mentioned, we received a decision from PURA allowing us to continue supporting the Electric Vehicle Charging program for customers under a constructive cost recovery framework that will enhance our cash flow position.

正如 Joe 所提到的，我們收到了 PURA 的決定，讓我們在建設性的成本回收框架下繼續支持客戶的電動車充電計劃，這將增強我們的現金流狀況。

I'll now provide an update on some of the items shown on slide 11 that will enhance our FFO-to-debt ratio from 2023 to 2025.

我現在將提供幻燈片 11 中顯示的一些項目的更新，這些項目將提高我們 2023 年至 2025 年的 FFO 與債務比率。

First, a 2024 annual rate adjustment in Connecticut became effective July 1 of this year, recovering approximately $900 million of several costs including public benefits related costs.

首先，康乃狄克州的 2024 年年度費率調整於今年 7 月 1 日生效，收回了約 9 億美元的多項成本，包括公共福利相關成本。

The July 1 rate adjustment is recovering under collections from 2023 and has reset rates to a level of matching incurred costs that we expect in 2024.

7 月 1 日的費率調整將從 2023 年開始恢復，並將費率重設為與我們預計 2024 年發生的成本相符的水平。

Public benefit costs include the cost of energy supply contracts with the Millstone and Seabrook nuclear power plants and uncollectible hardship costs.

公共利益成本包括與磨石核電廠和西布魯克核電廠簽訂的能源供應合約成本以及無法收回的困難成本。

Second, with the closing of our sale of Sunrise Wind to Ørsted, we received net proceeds of $152 million that will be used to pay down debt.

其次，隨著我們將 Sunrise Wind 出售給 ärsted 的交易完成，我們收到了 1.52 億美元的淨收益，將用於償還債務。

Third, the closing of our sale of Revolution and South Fork Wind to Global Infrastructure Partners, we anticipate receiving gross proceeds of approximately $1.1 billion, subject to adjustments for capital expenditures.

第三，在我們向全球基礎設施合作夥伴出售 Revolution 和 South Fork Wind 後，我們預計將獲得約 11 億美元的總收益，但需根據資本支出進行調整。

These proceeds will also be used to pay down debt.

這些收益也將用於償還債務。

As a reminder, there is no impact to our financing plan from these capital expenditure adjustments.

需要提醒的是，這些資本支出調整不會對我們的融資計畫產生影響。

In addition, the filings for distribution rate increases at PSNH and at EGMA will provide additional cash flow enhancement.

此外，PSNH 和 EGMA 提交的分配率增加申請將提供額外的現金流增強。

And lastly, regarding our equity issuances, we have raised approximately $250 million of equity through our ATM program and issued approximately 819,000 treasury shares in the first half of this year.

最後，關於我們的股票發行，我們透過 ATM 計畫籌集了約 2.5 億美元的股本，並在今年上半年發行了約 81.9 萬股庫存股。

We continue to anticipate equity needs of up to $1.3 billion over the next several years as shown on slide 12.

我們繼續預期未來幾年的股權需求將高達 13 億美元，如投影片 12 所示。

We are making progress on our efforts to sell Aquarion Water Company.

我們在出售 Aquarion Water Company 方面正在取得進展。

I'm happy to report that we have recently launched the initial phase of this process.

我很高興地報告，我們最近啟動了該流程的初始階段。

All of the above actions give us a clear roadmap for improvement of our FFO-to-debt ratio in 2024 and give us confidence in achieving our 14% to 15% FFO-to-debt target at S&P in 2025.

所有上述行動為我們在 2024 年改善 FFO 與債務比率提供了清晰的路線圖，並讓我們有信心在 2025 年實現標普 FFO 與債務比率 14% 至 15% 的目標。

In summary, as you can see on slide 13, we have a proven track record of earnings and dividend growth, and we are confident that our robust $23.1 billion five-year capital forecast, and our forecasted financing plan will enable us to drive our 5% to 7% EPS growth rate through 2028 based off of our 2023 recurring EPS of $4.34.

總而言之，正如您在幻燈片13 中看到的，我們在盈利和股息增長方面擁有良好的記錄，我們相信，我們穩健的231 億美元的五年資本預測以及我們的預測融資計劃將使我們能夠推動我們的 5基於 2023 年經常性每股收益 4.34 美元，到 2028 年每股收益成長率為 % 至 7%。

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, JaQuita, we are now ready for Q&A.

謝謝 JaQuita，我們現在準備好進行問答了。

(Operator Instructions)

（操作員說明）

Shahriar Pourreza, Guggenheim Partners.

Shahriar Pourreza，古根漢合夥人。

Good morning.

早安.

Joe, just maybe starting with Connecticut, I mean, some constructive outcomes on the EV side.

喬，我的意思是，也許從康乃狄克州開始，在電動車方面取得了一些建設性的成果。

Sounds like the governor brought everyone together there.

聽起來州長把所有人都聚集到了那裡。

You're still kind of working through how to recover AMI.

您仍在研究如何恢復 AMI。

Are these like kind of green shoots in your view?

在您看來，這些是不是一種新芽？

Could we see some of that $500 million in capital you allocated elsewhere flow back into the state?

我們能否看到您分配到其他地方的 5 億美元資本中有一部分回流到該州？

Yeah.

是的。

Well, thank you.

嗯，謝謝。

As you know, I had committed to folks that we will work diligently on our relationships in Connecticut.

如您所知，我已向人們承諾，我們將努力維護我們在康乃狄克州的關係。

This is one of the areas of focus.

這是重點領域之一。

As you know, we talked about our exit from wind.

如您所知，我們討論了退出風的問題。

I think you're seeing that we're successfully executing that strategy, working on Connecticut, the sale of Aquarion.

我想你已經看到我們正在成功地執行這項策略，在康乃狄克州開展 Aquarion 的銷售工作。

With regard to Connecticut, and I wish I could say that I had a high degree of comfort right now, the jury is still out.

至於康乃狄克州，我希望我能說我現在感到非常舒適，但目前還沒有定論。

We are grateful for Governor Lamont's leadership that he's done a good job and we'll continue to work at that.

我們感謝拉蒙特州長的領導，他做得很好，我們將繼續努力。

You have my commitment that I will continue to work on that relationship so that we get a stable regulatory environment for us to make any investments down there, especially on AMI because I got to tell you what's taking place in the energy markets, AMI today is more important than ever that we have a system that allows customers to make informed decisions around their use of energy.

我向您承諾，我將繼續致力於這種關係，以便我們獲得穩定的監管環境，以便我們在那裡進行任何投資，特別是在AMI 上，因為我必須告訴您能源市場正在發生什麼，今天的AMI是比以往任何時候都更重要的是，我們擁有一個允許客戶就能源使用做出明智決策的系統。

I think it shows what took place in the PJM markets.

我認為這表明了 PJM 市場發生的情況。

And this is the type of technology that we're going to need to deploy in our states, in order to allow our customers to make those decisions around spending their dollars on energy.

這就是我們需要在我們的州部署的技術類型，以便讓我們的客戶能夠就將資金花在能源上做出決定。

Got it.

知道了。

And sorry, just the PURA size, there's some noise there, like is three the magic number or can we see the governor sort of expand to five?

抱歉，只是 PURA 的尺寸，那裡有一些噪音，例如 3 是神奇的數字，還是我們可以看到調速器擴展到 5？

Yeah, sure.

是的，當然。

So, the governor is now at four, but will go down to three in January.

因此，州長現在是四位，但一月將降至三位。

I think the governor is committed.

我認為州長已經做出了承諾。

I mean, I certainly any discussions I've had with him, he wants to strike a balance, and that's what he's told me that he wants to strike a balance in Connecticut.

我的意思是，我當然與他進行過任何討論，他都想取得平衡，這就是他告訴我的，他希望在康乃狄克州取得平衡。

So yeah, he may go to five.

所以是的，他可能會去五。

I think he is going to continue to work at it.

我認為他會繼續努力。

It's a work in progress to make sure that you bring stability and regulatory certainty to the state of Connecticut but again, you know, it's we're taking a wait-and-see approach.

這是一項正在進行的工作，以確保為康乃狄克州帶來穩定性和監管確定性，但我們再次採取觀望態度。

Got it.

知道了。

Okay.

好的。

Got it.

知道了。

And then just lastly, the Aquarion, I mean, some data points around the Muni legislation this spring and trade press on the process.

最後，Aquarion，我的意思是，有關今年春天市政立法的一些數據點以及有關該過程的貿易新聞。

I guess any finer points you can put on the sale timeline, is it kind of your goal at this point to roll forward the plan next February without anything for Aquarion in it?

我想您可以在銷售時間表上提出任何更詳細的觀點，您目前的目標是明年二月推進該計劃，而不包含任何 Aquarion 內容嗎？

Thanks, guys.

謝謝，夥計們。

Yeah.

是的。

Well, you know, I got to tell you first, in terms of the legislative process and there was a lot of discussion on that.

嗯，你知道，我必須先告訴你，在立法程序方面，對此進行了很多討論。

That one particular piece of legislation was designed to allow a bit of that in the absence of that legislation would not have been able to participate in our sale process.

這項特定立法的目的是允許在沒有該立法的情況下，有些人無法參與我們的銷售過程。

So, it doesn't give them any more of a leg up than anybody else.

因此，這並沒有讓他們比其他人更有優勢。

We have a very robust group.

我們有一個非常強大的團隊。

So, that was encouraging that this is a player that wanted to be the other a known entity in Connecticut.

因此，令人鼓舞的是，這是一名希望成為康乃狄克州另一個知名實體的球員。

So, the process will move forward.

因此，這個過程將會向前推進。

And we, John, if you want to talk about with respect to timing?

我們，約翰，如果你想談談時間安排？

Sure, as I mentioned in my formal remarks, we recently have launched the process.

當然，正如我在正式發言中提到的，我們最近啟動了這個流程。

Actually we're still working our way through finalizing some NDAs.

事實上，我們仍在努力敲定一些保密協議。

In our forecasted financing plan, we assume that that transaction would wrap up by the end of '25.

在我們預測的融資計劃中，我們假設該交易將在 25 年底完成。

So that's no change in that timeframe.

因此，在該時間範圍內沒有變化。

Okay, guys.

好吧，夥計們。

Excellent.

出色的。

Thank you so much.

太感謝了。

Jeremy Tonet.

傑里米·託內特.

JPMorgan.

摩根大通。

Hi, good morning, I just wanted to go back to the FFO-to-debt slide if I could, just want to make sure that I have seen that right specifically on the under-recoveries in the bridge, it looked like the $600 million it is listed twice.

嗨，早上好，如果可以的話，我只是想回到 FFO 到債務的幻燈片，只是想確保我已經看到了這一點，特別是在橋樑的回收不足方面，它看起來像是 6 億美元它被列出兩次。

So just wanted to kind of clarify what's happening there?

所以只是想澄清一下那裡發生了什麼事？

Well, if you look at the table, Jeremy, the way this was designed is to highlight where it'll end up in the FFO-to-debt calculation.

好吧，傑里米，如果你看一下表格，它的設計方式是突出顯示它在 FFO 與債務計算中的最終位置。

So, the $600 million will be impacting the enhanced numerator of the math there and the $2.6 billion will offset debt.

因此，6 億美元將影響那裡的數學增強分子，而 26 億美元將抵消債務。

So, that was the purpose of that table in there.

所以，這就是那張桌子的目的。

So sorry if that added any confusion.

如果這增加了任何混亂，我很抱歉。

But that was the kind of the design.

但這就是設計的類型。

And Jeremy I think it's important to keep in mind that these numbers only reflect '24 and '25.

傑里米（Jeremy）我認為重要的是要記住這些數字僅反映“24”和“25”。

Obviously, there's certain recoveries that will continue well beyond '25.

顯然，某些復甦將持續到 25 年後。

Got it.

知道了。

That's helpful there.

這很有幫助。

And then just wanted to go back to the offshore wind sale timing.

然後只想回到離岸風電銷售時機。

Could you just update us there on, I guess when everything was closed, and I guess the timeline shifted a little bit.

你能告訴我們最新情況嗎，我想當一切都關閉的時候，我想時間軸發生了一些變化。

Just wondering if there's anything to note there.

只是想知道那裡有什麼需要注意的地方嗎？

Well, Jeremy, I know the timeline has not shifted.

好吧，傑里米，我知道時間線沒有改變。

We were all guiding that this potentially would close late Q2 or early Q3.

我們都認為這可能會在第二季末或第三季初結束。

And what we've said is we've already closed Sunrise Wind we did that on July 9, and we expect to close on the GIP deal in this quarter.

我們已經說過，我們已經在 7 月 9 日完成了 Sunrise Wind 交易，我們預計將在本季完成 GIP 交易。

Okay.

好的。

Understood.

明白了。

I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝。

Thank you.

謝謝。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Good morning.

早安.

Yeah, so I just wanted to just follow up on Jeremy's question on the offshore wind.

是的，所以我只想跟進傑里米關於離岸風電的問題。

Can you just maybe give us a state of the construction status on Revolution where you stand on those costs and capital expenditures?

您能否向我們介紹一下革命號的建設狀況，您對這些成本和資本支出有何看法？

And then just how much does Eversource actually incur an offshore wind CapEx for this year before you sell the assets to GIP?

那麼，在將資產出售給 GIP 之前，Eversource 今年實際承擔的離岸風電資本支出是多少？

Thank you.

謝謝。

Well, I would say, the construction activity is progressing very, very well.

嗯，我想說，建設活動進展得非常非常順利。

As of a week ago when we connected with Ørsted, the monopiles, or the foundations, they're probably at 50% installed, which is a remarkable task, knowing that we had a time of year restrictions.

截至一週前，當我們與 ärsted、單樁或地基聯繫時，它們可能已經安裝了 50%，這是一項了不起的任務，因為我們知道一年中的某個時間有限制。

From a capital deployment standpoint, Jeremy, obviously that is sensitive information as you -- I'm sorry, Nick, as you know, we haven't really disclosed that.

從資本部署的角度來看，傑里米，顯然這對你來說是敏感資訊——對不起，尼克，正如你所知，我們還沒有真正披露這一點。

Okay, no problem.

好的，沒問題。

But knowing that the sale process is imminent, it may happen in the third quarter.

但知道出售進程迫在眉睫，可能會在第三季發生。

So, you'll have line of sight.

所以，你會有視線。

And you guys still feel good about that underlying IRR that you have to kind of deliver to GIP as per the contracts?

你們仍然對必須按照合約交付給 GIP 的基本 IRR 感到滿意嗎？

Yes, we do.

是的，我們願意。

I mean, it's as I just stated, Nick, the construction activity is going very well thus far.

我的意思是，正如我剛才所說，尼克，到目前為止，施工活動進展順利。

I appreciate that.

我很欣賞這一點。

Thank you.

謝謝。

I appreciate it.

我很感激。

And Jeremy and I are friends.

傑里米和我是朋友。

So that's a totally, okay.

所以這是完全可以的。

So just on storm cost recovery, the $200 million that you have in the FFO-to-debt enhancements, I know you're in the discovery phase right now and there's been some shift in that proceeding over the last year.

因此，就風暴成本回收而言，您在 FFO 到債務增強方面擁有 2 億美元，我知道您現在正處於發現階段，並且去年的進展情況發生了一些轉變。

But just mechanically, do you have to file a rate case to get that cash recovery and ultimately back and get that regulatory asset wound down?

但機械地，你是否必須提交利率案件才能收回現金並最終收回並減少監管資產？

Or what's the rate case outlook in Connecticut for you currently?

或者您目前康乃狄克州的利率狀況前景如何？

Just maybe you can walk us through that.

也許你可以引導我們完成這個過程。

Thank you.

謝謝。

Yeah.

是的。

So let me start with the $200 million, Nick.

那麼就讓我從 2 億美元開始吧，尼克。

The $200 million, it does not reflect any recovery of Connecticut storms.

2億美元並沒有反映出康乃狄克州風暴的任何恢復。

The $200 million is all related to Massachusetts and New Hampshire.

這2億美元全部與麻薩諸塞州和新罕布夏州有關。

And keep in mind, this is only two-year recovery, in both of those jurisdictions the recovery period is five years.

請記住，這只是兩年的恢復期，在這兩個司法管轄區中，恢復期均為五年。

As it pertains to the $634 million request that we have in front of PURA from a prudency review, as the schedule currently is laid out, which we're hoping to have a bit more of an acceleration there, will take us through September-ish timeframe of 2025.

由於這涉及我們向 PURA 提出的審慎審查中提出的 6.34 億美元請求，按照目前製定的時間表，我們希望能有更多的加速，這將帶我們度過 9 月份左右的時間2025 年的時間表。

So, that really would align with the expectation that potentially we could file a rate case around that time.

因此，這確實符合我們可能在那段時間提交費率案件的預期。

The historical process is you do the prudence in Connecticut, you do the prudency review and then you file a rate case.

歷史過程是你在康乃狄克州進行審慎審查，然後提交費率案件。

And then once the rate case has been buttoned up and that new rate goes into effect, that's when we would roll in the storm costs.

然後，一旦費率問題得到解決並且新費率生效，我們就會計入風暴成本。

That's super helpful.

這非常有幫助。

I appreciate the clarification, and thanks for the time.

我很感謝您的澄清，並感謝您抽出時間。

Thanks, Nick.

謝謝，尼克。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Hey, good morning.

嘿，早安。

Thank you.

謝謝。

Just to kind of maybe close the loop on a prior question, just whatever the latest cost estimate on Revolution, is that still a good cost estimate?

只是為了結束之前的問題，無論革命的最新成本估算如何，這仍然是一個好的成本估算嗎？

As of right now, I mean, we will always continue to work with Ørsted on further updates.

我的意思是，截至目前，我們將始終繼續與 ärsted 合作進行進一步的更新。

But as of right now, yes.

但就目前而言，是的。

Okay.

好的。

And then on just on the equity plans.

然後是股權計劃。

So back at the beginning of the year, I think that was before you had the go-ahead on Sunrise and I think not only did you get this $230 million, but you avoided potential breakage costs, if I recall, when you kind of came up with the current plan?

所以，早在今年年初，我想那是在你獲得 Sunrise 專案批准之前，我認為你不僅獲得了 2.3 億美元，而且還避免了潛在的損壞成本，如果我沒記錯的話，當你來的時候目前的計劃進行得怎麼樣？

That's correct, Steve

沒錯，史蒂夫

And so kind of given that is now done, I guess I'd like to get more color on how that plays into the up to $1.3 billion and obviously, you still have other things in flux, but maybe just a little more color since we now have that specific update.

鑑於現在已經完成，我想我想獲得更多有關這如何影響高達 13 億美元的信息，顯然，還有其他事情在變化，但也許只是更多一些信息，因為我們現在有了具體的更新。

Sure.

當然。

I think you just nailed the answer to that question.

我想你剛剛回答了這個問題。

We do have a lot of things in flux.

我們確實有很多事情在改變。

Our forecast -- our financing forecast when we pulled that together and disseminated it as part of our guidance in February, had a lot of puts and takes a lot of assumptions, and we're still navigating our way through that.

我們的預測——我們的融資預測，當我們將其整合在一起並將其作為我們二月份指導的一部分進行傳播時，有很多看跌期權並採取了很多假設，我們仍在努力解決這個問題。

So, I think it's a bit too early to give further guidance on our equity needs.

因此，我認為現在就我們的股權需求提供進一步指導還為時過早。

Where we are today as we stand here, $1.3 billion is the right number until certain things reach closure.

我們今天所處的位置，在某些事情結束之前，13 億美元是正確的數字。

And can you just remind me the $1.3 billion, like what the time frame was for that?

您能提醒我一下 13 億美元的時間範圍嗎？

Was that over the whole four-year period or

是在整個四年期間還是

--

--

That was the guidance that we've said over the next several years.

這是我們在接下來的幾年裡所說的指導方針。

Several years.

幾年。

Okay.

好的。

And yes, I think that's it for now.

是的，我想現在就這樣了。

Thank you.

謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Good morning.

早安.

Hey, thanks so much for taking my questions.

嘿，非常感謝您回答我的問題。

Wanted to circle back on the FFO-to-debt enhancement slide.

想回到 FFO 到債務增強幻燈片。

I was just a wondering if like, have there been any changes in the underlying enhancements there or is this mostly just pulling in some of the known items and breaking them out more specifically here or has anything changed to the upside or downside?

我只是想知道，那裡的潛在增強功能是否有任何變化，或者這主要是引入一些已知的項目，並在這裡更具體地分解它們，或者有什麼變化到上行或下行？

Yeah, these are the major, I would say headlines, right.

是的，這些是主要的，我想說的是頭條新聞，對吧。

However, you know, things always change.

然而，你知道，事情總是會改變的。

One of the items that's not included in this slide that has materially developed is some of the tax benefits that we've been able to harvest has generated some cash refunds.

本投影片中未包含的已實質開發的項目之一是我們已經能夠獲得的一些稅收優惠已經產生了一些現金退款。

So that 2024 alone, we had an inflow of tax refunds of about $120 million.

光是 2024 年，我們就有約 1.2 億美元的退稅流入。

The other thing that's noted that has not been quantified, but in my formal remarks I did give you a lot of our intel, is the rate increases.

另一件值得注意的事情尚未量化，但在我的正式演講中，我確實向您提供了很多我們的情報，那就是費率上漲。

We have EGMA going in with a very sizable increase to start recovering the significant level of investments that we've made to that utility.

我們讓 EGMA 大幅增加，以開始收回我們對該公用事業公司的大量投資。

And then we have the normal PBR rate mechanisms kicking in, and just yesterday we got the approval to increase rates at PSNH, $61 million of interim rates, and within the next 12 months we hope to have the final decision with another rate change effective August 1, 2025.

然後我們就啟動了正常的PBR 利率機制，就在昨天，我們獲得了提高PSNH 利率的批准，即6100 萬美元的臨時利率，在接下來的12 個月內，我們希望做出最終決定，並於8 月生效的另一次利率調整2025 年 1 月。

So that quantification would be further upside to this table that shown, David.

因此，這種量化將比該表所示的進一步上升，大衛。

Great.

偉大的。

That's helpful color.

這是有用的顏色。

Thanks.

謝謝。

And the $120 million that's not included in here currently.

目前，還有 1.2 億美元未包含在其中。

So that would be an upside?

那麼這會是一個好處嗎？

Correct.

正確的。

That would enhance the numerator and enhance our operating cash flows.

這將增強分子並增強我們的營運現金流。

Okay, awesome.

好吧，太棒了。

Thanks for that.

謝謝你。

And then I was just wondering on EGMA to, any issues that you would anticipate with this rate base step up?

然後我想知道 EGMA，您預計此次利率基礎上調會出現什麼問題？

It's a pretty big increase, obviously, given all the investments that you've made in that system.

顯然，考慮到您在該系統中所做的所有投資，這是一個相當大的成長。

I'm just wondering what your expectations would be with how challenging this case might be.

我只是想知道您對這個案件的挑戰性有什麼期望。

And then to the extent you hit the cap subsequent increases?

然後你達到了後續漲幅的上限嗎？

Yes, we do expect that the cap and I would say what gives us comfort is the fact that this was all assumed as part of our settlement agreement when we acquired the company.

是的，我們確實期望上限，我想說的是，讓我們感到安慰的是，當我們收購該公司時，這一切都被視為我們和解協議的一部分。

We worked through with the regulators, the key stakeholders as to what the investments that that entity needed.

我們與監管機構和主要利害關係人合作，確定該實體需要哪些投資。

And that's why we needed this rate base roll-in.

這就是我們需要這種費率基礎轉入的原因。

This is the first of two rate base roll-ins that will kick in, the first one is we, as I just announced on the call this morning kicks in on November 1 of this year.

這是將啟動的兩項費率基礎轉入中的第一項，第一項是我們，正如我今天早上在電話會議上宣布的那樣，將於今年 11 月 1 日開始實施。

And then the second one will kick in November 1, 2027.

第二次將於 2027 年 11 月 1 日啟動。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Appreciate it.

欣賞它。

Thanks, David.

謝謝，大衛。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Thank you guys very much, I appreciate it.

非常感謝你們，我很感激。

Nice to chat with you guys again.

很高興能再次和你們聊天。

Look, let me follow up on a couple of things that have been flagged here.

聽著，讓我跟進一下這裡標記的幾件事。

Speaking of returns here, how do you think about the green shoots in Connecticut?

說到這裡的回報，您如何看待康乃狄克州的萌芽？

I want to talk a little bit more on that thesis for a quick second.

我想簡單地談談該論文。

I suppose of the Yankee Gas filing at some point here, maybe late this year in December.

我想揚基天然氣公司的文件可能會在今年 12 月底的某個時候提交。

How do you think about that foreshadowing any elements of that cause for the 4Q '25, CL&P case, anything that you'd be watching any items there again, I get it electric versus gas, but curious on that front and then related, any items that you'll be watching on the PBR front, right.

您如何看待預示 25 年第 4 季 CL&P 案件的任何因素，您會再次觀看那裡的任何項目，我得到它是電力與天然氣，但對這方面感到好奇，然後相關，任何您將在PBR 前端觀看的項目，對吧。

Given that's been kicked out here a little bit presumably a year or so.

考慮到它已經被踢出這裡了大概一年左右。

How do you think about the items that you'd be looking at there for those presumed green shoots as well.

您如何看待您在那裡尋找那些假定的萌芽的物品？

So, thank you guys, very much.

所以，非常感謝你們。

Nice to chat.

很高興聊天。

Yeah, well, listen, I just will tell you that we have been spending a lot of time, significant outreach to over 100 communities that we serve there.

是的，聽著，我只是想告訴你，我們花了很多時間，對我們服務的 100 多個社區進行了大量的外展活動。

We've spent a lot of time down there.

我們在那裡度過了很多時間。

We continue to work it.

我們繼續努力。

I think it's important and I think folks are beginning to understand just the type of impact Eversource has in Connecticut.

我認為這很重要，而且我認為人們開始了解 Eversource 對康乃狄克州的影響。

I mean, we employ over 5,000 people in that state, pay over $300 million in taxes, and our reliability numbers are extraordinary.

我的意思是，我們在該州僱用了 5,000 多名員工，繳納了超過 3 億美元的稅款，而且我們的可靠性數據非常出色。

You know when we first did that merger deal, our months between interruptions was in 12.

你知道，當我們第一次進行合併交易時，我們的中斷間隔時間是 12 個月。

Now we're over 24 months between interruptions.

現在我們的中斷間隔已經超過 24 個月了。

We're probably best in class down there in terms of reliability.

就可靠性而言，我們可能是同類中最好的。

So, I feel very good about that.

所以，我對此感覺非常好。

But, you know, I wish I could tell you with certainty that, you know, everything is hunky dory, but it's not.

但是，你知道，我希望我能肯定地告訴你，你知道，一切都很美好，但事實並非如此。

We are taking a wait-and-see approach on it, but I will commit to you that my efforts as we have exited the wind business, you know it's narrowing down to my focus is Connecticut.

我們對此採取觀望態度，但我會向您承諾，隨著我們退出風電業務，我的努力正在縮小，我的焦點正在縮小到康乃狄克州。

I spend a lot of time.

我花了很多時間。

I was there last week.

上週我在那裡。

Had an opportunity to spend some time with key decision-makers.

有機會與關鍵決策者一起度過一些時間。

I will continue to do that until such time as those relationships improve and that we can get some regulatory certainty on behalf of our customers and also our investors.

我將繼續這樣做，直到這些關係得到改善，並且我們可以代表我們的客戶和投資者獲得一些監管確定性。

Fair enough.

很公平。

I hear you on that one.

我聽到你的聲音了。

And then maybe related here, how do you think about just the amortization period, to the extent which you get that $600 and change in Connecticut here, presumably in that next rate case, how do you think about the time period that that recovery would entail.

然後也許與這裡有關，您如何看待攤銷期，在康涅狄格州這裡獲得 600 美元和變化的情況下，大概在下一個利率情況下，您如何看待復甦所需的時間段。

Again, I'm thinking with the FFO-to-debt to add on as you roll in out of that case?

再說一遍，我正在考慮在您擺脫這種情況時添加 FFO 債務？

Sure.

當然。

So, the historical amortization period in Connecticut has been six years.

因此，康乃狄克州的歷史攤提年限為六年。

Okay.

好的。

So about $100 million a year of uplift after you get that approved here.

因此，在您獲得此處批准後，每年將獲得約 1 億美元的提升。

Correct.

正確的。

As I mentioned in my formal remarks, we're also preparing to file our second prudency request for incremental storms that we've incurred.

正如我在正式發言中提到的，我們也準備好針對我們所遭受的增量風暴提出第二次審慎請求。

That's not part of the $634.

這不屬於 634 美元的一部分。

So we hope that filing goes in later this year.

因此，我們希望今年稍後能夠提交申請。

Exactly.

確切地。

And presumably, that would be also trued up in the next case such that would be incremental for kind of a '26 run rate?

據推測，這在下一種情況下也會得到證實，這樣就會增加 26 年的運行率？

That is correct.

這是正確的。

Okay, excellent.

好的，非常好。

Thank you.

謝謝。

See you guys soon.

很快再見到你們。

Yes, hope so.

是的，希望是如此。

Paul Patterson, Glenrock.

保羅·帕特森，格倫洛克。

I wanted to follow up on the prodigal son's, Julien's question on Connecticut.

我想跟進浪子朱利安關於康乃狄克州的問題。

The delay in the PBR case, what do you attribute that to?

PBR 案件的延遲，您認為是什麼原因造成的？

Is that just simply the complexity of the case?

這僅僅是案件的複雜性嗎？

Or is there something else we should be thinking about?

或者還有什麼我們應該思考的嗎？

Yeah, we're glad that it did get pushed out.

是的，我們很高興它確實被推出了。

We've been pushing for this it allows for us to bring in key stakeholders and collaborate with these key stakeholders in Connecticut to reach a very constructive PBR structure.

我們一直在推動這一點，它使我們能夠引入關鍵利益相關者，並與康乃狄克州的這些關鍵利益相關者合作，以達成一個非常有建設性的 PBR 結構。

We are very familiar with the PBR, what we have in Massachusetts.

我們對馬薩諸塞州的 PBR 非常熟悉。

And recently, as I mentioned in my formal remarks, we're looking to introduce the same type of structure in New Hampshire.

最近，正如我在正式發言中提到的，我們希望在新罕布夏州引入相同類型的結構。

Okay.

好的。

And then with respect to the transmission and everything, there's as you know, at FERC, the White House, et cetera, there's a lot of talk about the implementation of grid enhancing technologies, and a lot of lawmakers from New England, what have you, seem to be pushing for this as well, DOR or what have you.

然後，關於輸電和其他一切，如你所知，在 FERC、白宮等機構，有很多關於電網增強技術實施的討論，還有很多來自新英格蘭的立法者，你們有什麼想法？ ，似乎也在推動這一點，DOR 或者你有什麼。

And I'm just sort of wondering how you think about those technologies, I guess and what kind of opportunities do you see there or issues or any color that you might give with respect to that given your build-out and everything that you're looking at doing?

我只是想知道你如何看待這些技術，我猜你在那裡看到了什麼樣的機會或問題，或者考慮到你的構建和你所擁有的一切，你可能會對此給予什麼顏色看著做什麼？

Sure.

當然。

I mean, we've been active participants in these forums.

我的意思是，我們一直是這些論壇的積極參與者。

And I think as you know the one attractive piece of Eversource is that over 40% of our business is FERC related and transmission.

我認為，如您所知，Eversource 的一個有吸引力的部分是我們超過 40% 的業務與 FERC 相關和傳輸。

So we're very good at it.

所以我們非常擅長。

I think we probably have the best engineering talent in the industry and any type of technology, or deployment of technology, or opportunities I can promise you that Eversource will be at the forefront of them.

我認為我們可能擁有業內最優秀的工程人才以及任何類型的技術、技術部署或機會，我可以向您保證，Eversource 將處於其中的最前沿。

Okay.

好的。

I appreciate it.

我很感激。

Thanks so much my question's been answered.

非常感謝我的問題得到了解答。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Good morning.

早安.

I feel like the prodigal son older brother that got nothing.

我感覺自己就像一個浪子哥哥，一無所有。

I guess just quickly apologize to just keep going back to slide 11 and just for clarification, is the right way to look at this, the $600, the top four plus two, you're saying goes in the numerator on FFO and what's on the bottom below that green line or the green table there, the 2.6 goes on the denominator?

我想只是快速道歉，繼續回到幻燈片 11，只是為了澄清，這是看待這個問題的正確方法，600 美元，前四加二，你說的是 FFO 上的分子以及 FFO 上的分子在那條綠線或綠色表格下方的底部，2.6 是分母嗎？

Correct, which would be permanent as we offload our debt with that.

正確，這將是永久性的，因為我們以此來擺脫債務。

And then on the numerator side of it, once again, as I previously mentioned, those numbers only reflect cash inflows for '24 and '25.

然後在分子方面，正如我之前提到的，這些數字僅反映 24 年和 25 年的現金流入。

Obviously, these deferrals will continue beyond that period.

顯然，這些延期將持續到該期限之後。

Great.

偉大的。

That's all I had.

這就是我所擁有的一切。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Yeah, I'm just going to go one quick clarification here on slide 11, again.

是的，我將再次在投影片 11 上進行快速澄清。

The $200 million for the storm cost recovery, that primarily is the New Hampshire numbers, right?

用於風暴成本回收的 2 億美元，主要是新罕布夏州的數字，對嗎？

Or is it something else?

還是別的什麼？

New Hampshire.

新罕布夏州.

No it's both Massachusetts and New Hampshire.

不，它是馬薩諸塞州和新罕布什爾州。

Okay, that's being debated.

好吧，這個問題正在討論中。

That's part of the prudency review right now.

這是目前審慎審查的一部分。

No, there's multiple things happening in Massachusetts.

不，馬薩諸塞州正在發生很多事情。

So, we do have a prudency review happening in Mass.

因此，我們確實在馬薩諸塞州進行了審慎審查。

These costs have already been approved and in rates for Massachusetts.

這些費用已獲得批准並按馬薩諸塞州的費率計算。

The one in New Hampshire, yes, a good chunk of that.

是的，新罕布夏州的一個，佔了很大一部分。

We filed for $240 million.

我們申請了 2.4 億美元。

That's going through the prudency review there.

那裡正在進行審慎審查。

That will kick in right around the time that permanent rates goes into effect, which will be in 2025.

這將在永久費率生效前後生效，即 2025 年。

So there is a piece of that in here.

所以這裡有一部分。

And as I mentioned, both Massachusetts and New Hampshire have a five year recovery window.

正如我所提到的，馬薩諸塞州和新罕布夏州都有五年的恢復窗口。

Got it.

知道了。

Okay.

好的。

So that kind of goes into that bucket of the filed rate increases to come?

那麼，這種情況會屬於未來申請費率增加的範圍嗎？

Only, right.

只是，對。

Correct.

正確的。

Yes.

是的。

Okay, very good.

好的，非常好。

And then just high level, the New Hampshire legislation, the IDP, what's your thought on how that changes your planning, how that might enhance growth CapEx, just some high-level thoughts on how that could benefit either your financing plan or your CapEx growth over the next five plus years?

然後是高層，新罕布什爾州的立法，IDP，你對這如何改變你的計劃有什麼想法，這可能會如何提高增長資本支出，只是一些關於這如何有利於你的融資計劃或你的資本支出增長的高層想法未來五年多？

Yeah, we were very pleased.

是的，我們非常高興。

I mean that legislation goes hand in glove with our entire operation.

我的意思是立法與我們的整個運作密切相關。

I mean the integrated planning and the type of clarity that's needed as we begin to advance our investments, I think that was really a very, very positive step for us.

我的意思是，當我們開始推進投資時，所需的綜合規劃和清晰度，我認為這對我們來說確實是非常非常積極的一步。

And it's something that, it's what we're all about.

這就是我們所關心的。

We're about collaboration, and that's what's so refreshing up there in New Hampshire, as well as Massachusetts around collaboration that we understand what's important to those administrations, and that's what we're delivering on.

我們專注於合作，這就是新罕布夏州和馬薩諸塞州圍繞合作令人耳目一新的地方，我們了解什麼對這些政府來說是重要的，這就是我們正在實現的目標。

Okay, great.

好的，太好了。

And I appreciate your question.

我很欣賞你的問題。

And as I mentioned Travis, our New Hampshire customers, have experienced the benefit from those investments that we've made.

正如我所提到的，我們新罕布夏州的客戶特拉維斯（Travis）已經體驗到了我們所做投資的好處。

Sure.

當然。

Okay.

好的。

Thank you.

謝謝。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

And just two quick clarifying questions in terms of the GIP deal in your comments, should we assume that there's no earn-out or call back that will be triggered based on the cost estimates that you laid out and then in terms of the free cash flow metrics, part of the disclosure talks about gross proceeds.

在您的評論中，只有兩個關於 GIP 交易的快速澄清問題，我們是否應該假設根據您列出的成本估算以及自由現金流不會觸發盈利或回調指標，披露的一部分談到了總收益。

Is there any material adjustments that we should be looking at to get to a net number that would actually reflect the actual FFO-to-debt metric?

我們是否應該考慮進行任何重大調整，以獲得真正反映實際 FFO 債務指標的淨數字？

As I mentioned in my formal remarks, Ryan, as we saw with the Sunrise, we have to reconcile to the CapEx that was embedded in the original purchase price.

正如我在正式演講中提到的，Ryan，正如我們在 Sunrise 中看到的那樣，我們必須與原始購買價格中包含的資本支出進行協調。

But that in and of itself will not have any impact on our financing plan.

但這本身不會對我們的融資計劃產生任何影響。

We spend less than what we thought the purchase price comes down, we spend more than what we had agreed to the purchase price increases.

我們花的錢比我們認為的購買價格下降的少，我們花的錢比我們同意的購買價格上漲的多。

So really no impact whatsoever.

所以真的沒有任何影響。

As it relates to the Revolution, as we've been saying right along, there is a potential contingency that we would be subject to, from a construction standpoint that we have to be mindful.

由於它與革命有關，正如我們一直以來所說的那樣，從建設的角度來看，我們必須注意，我們可能會遇到潛在的意外情況。

But as I mentioned so far the construction activity has gone pretty well.

但正如我所提到的，到目前為止，建設活動進展順利。

Okay.

好的。

And then in terms of the gross versus net receipt disclosure in your FFO-to-debt targets for the next three years or a three-year window there, is there any material adjustment to the gross proceeds that could be reflected?

然後，就未來三年或三年窗口的 F​​FO 債務目標中的總收益與淨收益揭露而言，是否對總收益有任何重大調整可以反映？

Not as of right now we don't see that had never, no, no, not nothing.

就目前而言，我們還沒有看到它從來沒有，不，不，不是什麼都沒有。

Because once we close the transaction the funding obligation flips to GIP.

因為一旦我們完成交易，融資義務就會轉向 GIP。

Okay.

好的。

So, no tax taxes or anything along those lines.

因此，沒有稅收或任何類似的東西。

Appreciate it.

欣賞它。

Okay.

好的。

Thank you.

謝謝。

Thank you, there are no additional questions waiting at this time.

謝謝，目前沒有其他問題。

So I'd now like to pass the conference back over to Matthew for closing remarks.

現在我想將會議轉回給馬修致閉幕詞。

Yeah, thank you, everybody, for joining us this morning.

是的，謝謝大家今天早上加入我們。

And I know you had a lot of opportunities for other earnings calls, and I'm grateful you joined the Eversource earnings call, and I hope you all get a chance to recharge the batteries, and I get a chance to see all of you at EEI in the fall.

我知道你們有很多機會參加其他財報電話會議，我很感激你們參加 Eversource 財報電話會議，我希望你們都有機會重新充電，我有機會在秋季的 EEI。

Have a great day.

祝你有美好的一天。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。