康涅狄格電力 (ES) 2024 Q3 法說會逐字稿

Good morning, and thank you for attending the Eversource Energy Q3 2024 Earnings Call.

早安，感謝您參加 Eversource Energy 2024 年第三季財報電話會議。

My name is Elisa, and I will be your moderator today.

我叫 Elisa，今天我將擔任你們的主持人。

(Operator Instructions) It is now my pleasure to pass the call to our host, Rima Hyder, VP of Investor Relations.

（操作員指示）現在我很高興將電話轉給我們的東道主投資者關係副總裁 Rima Hyder。

Please go ahead, Rima.

請繼續吧，莉瑪。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

I'm Rima Hyder, Eversource Energy's Vice President of Investor Relations.

我是 Rima Hyder，Eversource Energy 投資者關係副總裁。

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。

You can see on slide 1 these statements are based on management expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections.

您可以在投影片 1 中看到，這些陳述是基於管理層的預期，並受到風險和不確定性的影響，這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 the GAAP results is contained within our news release the slides 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資​​訊以及我們對非 GAAP 衡量標準的解釋以及它們如何協調 GAAP 結果包含在我們昨晚發布的新聞稿和最近的 10 季度報告中。

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, Rima.

謝謝你，莉瑪。

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

大家早安，感謝您參加我們的這次電話會議。

Let me begin today's call with the year-to-date progress we have made on our many priorities in what has been accomplished as highlighted on slide 3.

首先，我將介紹今年以來我們在許多優先事項上所取得的進展，如幻燈片 3 所強調的。

First, in the third quarter, we reached an important milestone with the sale of revolution wind in South Fork Wind to Global Infrastructure Partners.

首先，在第三季度，我們實現了一個重要的里程碑，將 South Fork Wind 的 Revolution Wind 出售給全球基礎設施合作夥伴。

We have exited the offshore wind development business.

我們已經退出離岸風電開發業務。

We are now a pure play noted $6 billion of transmission in over $10 billion of electric distribution infrastructure investments through 2028.

我們現在是一家純粹的公司，指出到 2028 年，在超過 100 億美元的配電基礎設施投資中，輸電投資將達到 60 億美元。

These investments are necessary to meet increasing maintain safety and reliability and to achieve progress on the clean energy objectives of our three states.

這些投資對於滿足不斷提高的安全性和可靠性以及在我們三個州的清潔能源目標方面取得進展是必要的。

Third, we recognize that we have work to do to strengthen our balance sheet and improve our credit position.

第三，我們認識到我們還有很多工作要做，以加強我們的資產負債表並改善我們的信用狀況。

We have made good progress towards improving our FFO to debt ratio through timely cost recovery, proceeds from the sales of our offshore wind investments in our equity issuances.

透過及時回收成本、透過股票發行出售離岸風電投資所得收益，我們在提高 FFO 與債務比率方面取得了良好進展。

As you expect, our financial strength is critical to continue providing safe, reliable service to our customers and to continue on the journey toward enabling the clean energy future.

正如您所期望的那樣，我們的財務實力對於繼續為客戶提供安全、可靠的服務並繼續邁向清潔能源的未來至關重要。

Additionally, we will continue to advance the sale of Aquarion, work with key stakeholders to advance the need for timely recovery of costs and maintain our continued focus on O&M cost opportunities to further enhance our cash flows.

此外，我們將繼續推動 Aquarion 的銷售，與主要利害關係人合作，推動及時回收成本的需求，並繼續關注 O&M 成本機會，以進一步增強我們的現金流。

Fourth, we are confident that our robust five-year capital forecast in our forecasted financing plan will enable us to drive our 5% to 7% EPS long-term growth rate through 2028.

第四，我們相信，我們預測融資計畫中強勁的五年資本預測將使我們能夠在 2028 年之前推動 5% 至 7% 的 EPS 長期成長率。

Lastly, we are a leader in clean energy transition with tremendous, regulated opportunities ahead of us.

最後，我們是清潔能源轉型的領導者，眼前有巨大的、受監管的機會。

As the largest utility in New England, Eversource is well positioned to meet our state's mandated clean energy goals.

作為新英格蘭最大的公用事業公司，Eversource 完全有能力實現我們州規定的清潔能源目標。

Turning to slide 4.

轉到投影片 4。

Let me talk about some of the clean energy initiatives we are working on.

讓我談談我們正在進行的一些清潔能源舉措。

Recently, working together with the six New England states we secured approximately $90 million in federal funding for a clean energy hub in Southeastern Connecticut.

最近，我們與新英格蘭的六個州合作，獲得了約 9000 萬美元的聯邦資金，用於康乃狄克州東南部的清潔能源中心。

This Huntsbrook Offshore Wind Hub will support New England's clean energy transition while improving grid reliability across the region.

亨茨布魯克離岸風電中心將支援新英格蘭的清潔能源轉型，同時提高整個地區的電網可靠性。

We also received approximately $20 million from the US Department of Energy to expand our battery energy storage project for Cape Cod area in Massachusetts.

我們還從美國能源部獲得了約 2000 萬美元，用於擴大馬薩諸塞州科德角地區的電池儲能計畫。

We're grateful to the DOE for this exciting opportunity to take our battery energy storage system to the next level to enhance electric reliability for our customers on Cape Cod.

我們感謝能源部提供這個令人興奮的機會，將我們的電池儲能係統提升到一個新的水平，以提高科德角客戶的電力可靠性。

Turning to slide 5.

轉到投影片 5。

We are particularly pleased with our partnership with Massachusetts as it is clearly the leader in the New England region and connecting decarbonization goals with investment needs.

我們對與馬薩諸塞州的合作關係感到特別滿意，因為它顯然是新英格蘭地區的領導者，並將脫碳目標與投資需求聯繫起來。

Our electric sector modernization plan, our ESMP, was recently approved by the Massachusetts Department of Public Utilities.

我們的電力部門現代化計劃（ESMP）最近獲得了馬薩諸塞州公用事業部的批准。

This plan is the road map for clean energy in the state, and we believe it can become a model footprint for the nation.

該計劃是該州清潔能源的路線圖，我們相信它可以成為國家的典範。

The ESMP provides for an additional $600 million in distribution investment within our current forecast period and unlocks a significant amount of transmission investment for interconnection infrastructure to enable clean energy projects.

ESMP 在我們目前的預測期內提供額外 6 億美元的配電投資，並釋放大量用於互連基礎設施的輸電投資，以實現清潔能源項目。

In developing our ESP, we analyzed expected electric growth down to the circuit level to identify grid investments needed over the next five years and beyond.

在開發 ESP 時，我們分析了電路層面的預期電力成長，以確定未來五年及以後所需的電網投資。

These investments will increase electrification capacity by over 180%, thereby making Massachusetts, a leader in delivering clean energy to its homes and businesses.

這些投資將使電氣化能力提高 180% 以上，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。

And finally, as we have stated before, we are very pleased with the progress of our Massachusetts AMI program, which we and other stakeholders know is critical to enabling a clean energy future for our customers.

最後，正如我們之前所說，我們對馬薩諸塞州 AMI 計劃的進展感到非常高興，我們和其他利益相關者都知道該計劃對於為我們的客戶實現清潔能源的未來至關重要。

We recently successfully implemented a new customer billing and information system in Massachusetts.

我們最近在馬薩諸塞州成功實施了新的客戶計費和資訊系統。

The program is on track, and we will begin the installation of the first smart meters next year.

該計劃正在按計劃進行，我們將於明年開始安裝第一批智慧電錶。

In Connecticut, we recently received a draft decision from PURA for AMI, while the draft decision is a step in the right direction towards deploying AMI in achieving the state's clean energy goals, we have filed comments on certain provisions of the draft decision that would be challenging for us to move forward.

在康乃狄克州，我們最近收到了PURA 的AMI 決定草案，雖然該決定草案是朝著部署AMI 以實現該州清潔能源目標的正確方向邁出的一步，但我們已對該決定草案的某些條款提出了意見，這些條款將對我們前進充滿挑戰。

We are hopeful that the final decision will provide a clearer path to allow us to make this important investments for our customers.

我們希望最終決定能夠提供一條更清晰的途徑，使我們能夠為客戶進行這項重要的投資。

Turning to slide 6.

轉到投影片 6。

I want to highlight one of the most innovative low growth solutions we are working on in Cambridge, Massachusetts.

我想重點介紹我們在馬薩諸塞州劍橋市正在研究的最具創新性的低成長解決方案之一。

The $1.5 billion to $1.6 billion Cambridge underground substation, the first of its kind in the largest underground substation in the United States is another example of our progressive partnership with Massachusetts to address the growing electricity needs of greater Cambridge and the region.

耗資15 億至16 億美元的劍橋地下變電站是美國最大的地下變電站中的第一個此類變電站，是我們與馬薩諸塞州建立漸進夥伴關係的另一個例子，旨在滿足大劍橋地區和該地區不斷成長的電力需求。

This project has already received approval from the Energy Facility Siting Board.

該項目已獲得能源設施選址委員會的批准。

The project consists of a brand new 35,000 square foot underground substation incorporated into a residential and commercial project led by Boston Properties.

該項目包括一個佔地 35,000 平方英尺的全新地下變電站，並納入 Boston Properties 主導的住宅和商業項目中。

It will be built 120 feet below ground and consists of eight new 115 kV underground transmission lines with capability for further expansion.

它將建在地下 120 英尺處，由 8 條新的 115 kV 地下輸電線路組成，並具有進一步擴建的能力。

Construction is slated to begin in the first quarter of 2025.

施工預計於 2025 年第一季開始。

This unique investment opportunity would not be possible without the close collaboration between us and key stakeholders, including surrounding communities, and we believe this approach can be applied for future projects.

如果沒有我們和包括週邊社區在內的主要利害關係人之間的密切合作，這種獨特的投資機會就不可能實現，我們相信這種方法可以應用於未來的專案。

I am pleased with our progress to date on all fronts and the dedication of our hard-working employees.

我對我們迄今為止在各方面取得的進展以及辛勤工作的員工的奉獻精神感到高興。

As a testament of this hard work, Eversource was recently recognized by Time Magazine as the number one utility in the United States in one of the best companies to work for in the world, we are honoured to receive the strong reinforcement of our position as an energy industry leader.

作為這項辛勤工作的證明，Eversource 最近被《時代》雜誌評為美國排名第一的公用事業公司，也是世界上最適合工作的公司之一，我們很榮幸能夠強有力地鞏固我們作為能源行業的領軍者。

Thank you for joining us on the call today.

感謝您今天加入我們的電話會議。

Eversource is uniquely positioned to leverage its skills, expertise, and scale to invest in utility infrastructure that provides a long runway of low-risk regulated investment opportunities and earnings growth potential.

Eversource 擁有獨特的優勢，可利用其技能、專業知識和規模來投資公用事業基礎設施，從而提供低風險監管投資機會和獲利成長潛力。

We have spoken to many of you over the last few months, and we recognize the importance of sustainable growth, strengthening our balance sheet and continuing to return value to our investors.

在過去的幾個月裡，我們與你們中的許多人進行了交談，我們認識到可持續成長、加強我們的資產負債表和繼續為投資者回報價值的重要性。

I look forward to seeing many of you at the EEI conference next week.

我期待在下週的 EEI 會議上見到你們中的許多人。

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

我現在將把電話轉給約翰，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 third quarter earnings results, including the impact from our offshore wind divestiture provides a brief regulatory update and review our financing activity.

今天早上，我將討論我們第三季的獲利結果，包括我們離岸風電剝離的影響，提供簡要的監管更新並回顧我們的融資活動。

In the third quarter, we completed the sale of the offshore wind investment.

第三季度，我們完成了離岸風電投資的出售。

As a result, we recognized an aggregate net loss on the divestiture of $524 million.

因此，我們確認剝離帶來的淨損失總額為 5.24 億美元。

Included in this loss was approximately $365 million related to obligations under the sale terms with GIP.

該損失包括與 GIP 銷售條款下的義務相關的約 3.65 億美元。

The majority of which is expected to settle once Revolution win reaches its commercial operation date in 2026.

一旦 Revolution win 於 2026 年達到商業營運日期，其中大部分預計將得到解決。

This estimate reflects the assessment of costs associated with the previously announced delay to the in-service date and higher projected construction costs of Revolution win, along with other components of the sales agreement with GIP.

這一估計反映了對先前宣布的推遲投入使用日期和革命勝利的較高預計施工成本以及與 GIP 銷售協議的其他組成部分相關的成本評估。

Turning to the quarterly earnings results on slide 7, GAAP results for the third quarter were a loss of $0.33 per share.

轉向幻燈片 7 中的季度盈利結果，第三季度 GAAP 業績為每股虧損 0.33 美元。

These results include an after-tax loss of $1.46 per share related to the offshore wind divestiture.

這些業績包括與離岸風電資產剝離相關的每股 1.46 美元的稅後虧損。

Absent the offshore win after-tax loss recurring earnings were $1.30 per share in the third quarter compared with GAAP and recurring earnings of $0.97 per share for the third quarter of last year.

如果沒有離岸業務的勝利和稅後虧損，第三季的經常性收益為每股 1.30 美元，而以 GAAP 計算，去年第三季的經常性收益為每股 0.97 美元。

Breaking down the third quarter earnings results by segment, starting with electric transmission, which earned $0.49 per share compared with earnings of $0.46 per share in 2023.

按部門細分第三季獲利結果，從電力傳輸開始，每股收益為 0.49 美元，而 2023 年每股收益為 0.46 美元。

Electric transmission earnings increased due to our continued investment in infrastructure needs.

由於我們對基礎設施需求的持續投資，輸電收入增加。

Electric distribution earnings were $0.57 per share for the quarter compared with earnings of $0.50 per share in 2023.

本季配電收益為每股 0.57 美元，而 2023 年為每股 0.50 美元。

Improved results were primarily driven by base distribution rate increases at NSTAR Electric and at PSNH offset by higher interest, depreciation, and property tax expenses.

業績改善主要是由於 NSTAR Electric 和 PSNH 的基本分配率增加，但被利息、折舊和財產稅費用增加所抵消。

Our natural gas distribution business lost $0.09 per share for the quarter compared with a loss of $0.10 per share last year.

我們的天然氣分銷業務本季每股虧損 0.09 美元，而去年每股虧損 0.10 美元。

The improved results were due to higher revenues from investments in natural gas infrastructure, partially offset by higher property taxes, depreciation, and interest expenses.

業績改善的原因是天然氣基礎設施投資收入增加，但部分被財產稅、折舊和利息支出增加所抵銷。

The Water Distribution segment contributed $0.07 per share this quarter compared with $0.05 per share last year.

本季供水部門每股貢獻 0.07 美元，而去年為每股 0.05 美元。

The increase in earnings was primarily due to lower depreciation expense and higher revenues from a water company acquisition that closed in late 2023.

收益增加主要是由於折舊費用降低以及 2023 年底完成的自來水公司收購帶來的收入增加。

Eversource parent and other companies, excluding the loss from offshore wind earned $0.09 per share this quarter compared with recurring earnings of $0.06 per share last year.

Eversource母公司和其他公司（不包括離岸風電的損失）本季每股收益為0.09美元，而去年的經常性收益為每股0.06美元。

The improved third quarter results primarily reflect a lower effective tax rate, partially offset by higher interest expense.

第三季業績的改善主要反映了有效稅率的降低，但部分被利息支出的增加所抵銷。

Overall, our third quarter earnings results were in line with our expectations.

整體而言，我們第三季的獲利結果符合我們的預期。

We are updating our full year 2024 recurring EPS guidance to a range of $4.52 to $4.6 due to higher-than-anticipated interest expense.

由於利息支出高於預期，我們將 2024 年全年經常性每股盈餘指引更新為 4.52 美元至 4.6 美元。

We reaffirm our longer-term 5% to 7% EPS growth rate.

我們重申 5% 至 7% 的長期 EPS 成長率。

Turning to our regulatory update on slide 8, starting with Massachusetts.

轉向幻燈片 8 上的監管更新，從馬薩諸塞州開始。

As Joe mentioned, we received a decision in August on our electric sector modernization plan or ESMP.

正如 Joe 所提到的，我們在 8 月收到了關於電力部門現代化計劃（ESMP）的決定。

As a reminder, we filed an initial draft of the ESMP with the Grid Modernization Advisory Council in September of 2023 and for their 70-day review.

謹此提醒，我們於 2023 年 9 月向電網現代化諮詢委員會提交了 ESMP 初稿，並進行了 70 天的審查。

We held stakeholder workshops in November, followed by our final ESMP filing with the Massachusetts DPU in January of this year, which incorporated feedback from the advisory council and stakeholder recommendations.

我們於 11 月舉辦了利益相關者研討會，隨後於今年 1 月向馬薩諸塞州 DPU 提交了最終的 ESMP 報告，其中納入了諮詢委員會的反饋和利益相關者的建議。

I'm pleased to report that this collaborative approach between the state utilities and key stakeholders to enable the clean energy future resulted in the approval of an incremental $600 million of distribution investments to increase resiliency, and to interconnect clean energy resources.

我很高興地向大家報告，國家公用事業公司和主要利益相關者之間為實現清潔能源未來而採取的這種合作方法，最終批准了增量6 億美元的配電投資，以提高彈性並互連清潔能源資源。

As a result, we have increased our five-year capital investment forecast to $23.7 billion.

因此，我們將五年資本投資預測提高至 237 億美元。

Also in Massachusetts in late October as per our settlement agreement when we acquired EGMA, we received approval for our first rate base reset filing.

同樣在馬薩諸塞州，根據我們收購 EGMA 時的和解協議，我們在 10 月底獲得了首次利率基礎重置申請的批准。

This filing will incorporate the infrastructure investments that have increased our rate base for approximately $800 million to $1.7 billion as of the end of 2023.

該文件將納入基礎設施投資，截至 2023 年底，這些投資已將我們的費率基數提高了約 8 億美元至 17 億美元。

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

此費率基礎重置會受到收入變化的限制。

With the application of this revenue cap, we will implement a revenue increase of $77 million this year and $62 million in 2025.

透過實施這項收入上限，我們今年的收入將增加 7,700 萬美元，2025 年將增加 6,200 萬美元。

As a reminder, the next rate base reset is expected to be November 1, 2027, covering investments through 2026.

提醒一下，下一次利率基準重置預計為 2027 年 11 月 1 日，涵蓋 2026 年之前的投資。

Turning to New Hampshire.

轉向新罕布什爾州。

We are working through the (technical difficulty) review of our late 2022 through early '23 storm cost of $232 million, where we expect a final decision in the first half of next year.

我們正在對 2022 年底至 23 年初的 2.32 億美元風暴成本進行（技術難度）審查，預計將在明年上半年做出最終決定。

As a reminder, the determination of the final storm parts or recovery will be incorporated into our June 2024 rate case filing, and we anticipate final rates will be effective next summer.

提醒一下，最終風暴部分或恢復的確定將納入我們 2024 年 6 月的費率案例歸檔中，我們預計最終費率將於明年夏天生效。

As part of the New Hampshire general rate case review, we have proposed to implement a four-year performance-based ratemaking plan, including a capital support mechanism that would adjust rates annually.

作為新罕布夏州一般利率案例審查的一部分，我們提議實施一項為期四年的基於績效的利率制定計劃，包括每年調整利率的資本支持機制。

Interim rates reflected a $61 million increase took effect on August 1, providing rate stability for customers and enhanced cash flows for the company.

中期費率增加了 6,100 萬美元，於 8 月 1 日生效，為客戶提供了費率穩定性，並增強了公司的現金流。

Moving to Connecticut.

搬到康乃狄克州。

As Joe mentioned, last week, we filed written exceptions to PURA's draft decision in the AMI cost recovery proceeding.

正如 Joe 所提到的，上週我們在 AMI 成本回收程序中針對 PURA 的決定草案提交了書面例外情況。

The schedule calls for a final decision later this month. and we are hopeful that the decision will provide the transparency needed to undertake this critical investment.

該時間表要求本月晚些時候做出最終決定。我們希望該決定能夠提供進行這項關鍵投資所需的透明度。

Also in Connecticut, we expect to file a rate case for Yankee Gas (technical difficulty), where we have an operating revenue efficiency of approximately $210 million.

同樣在康乃狄克州，我們預計將為 Yankee Gas（技術困難）提交費率案例，該公司的營業收入效率約為 2.1 億美元。

This reflects core capital investments made since 2021 and projected investments through late 2026.

這反映了 2021 年以來的核心資本投資以及截至 2026 年末的預期投資。

Approval of our rate request will allow us to recover those costs and continue to make important investments in the future, keeping our systems safe and reliable for our 252,000 customers in Connecticut.

批准我們的費率請求將使我們能夠收回這些成本，並在未來繼續進行重要投資，為康乃狄克州的 252,000 名客戶保證我們的系統安全可靠。

Turning to our balance sheet improvements.

轉向我們的資產負債表改善。

We have provided several major drivers that we expect to enhance our FFO to debt metrics as shown on slide 9.

我們提供了幾個主要驅動因素，我們希望這些驅動因素能增強我們的 FFO 債務指標，如投影片 9 所示。

With the Connecticut rate adjustment related to public benefit costs in place effective July 1, our schedule distribution rate increases and closing of our offshore wind sales in the third quarter, along with additional regulatory rate recoveries and tax benefits we continue to kick off a number of items to improve our cash flow position and make progress towards our FFO to debt target by 2025.

隨著康乃狄克州與公共福利成本相關的費率調整於7 月1 日生效，我們的計畫分配費率增加並在第三季結束我們的離岸風電銷售，以及額外的監管費率回收和稅收優惠，我們繼續啟動一系列改善我們的現金流狀況並在 2025 年實現 FFO 債務目標方面取得進展的項目。

On the sale of our acquiring water business, we have recently launched the second phase of the process, which would enable closing a sale by the end of 2025.

關於出售我們的收購水業務，我們最近啟動了第二階段的流程，這將能夠在 2025 年底之前完成出售。

Regarding our equity issuances, we have raised approximately $1 billion of equity through our ATM program and issued approximately 15.7 million common shares to date through October 24.

關於我們的股票發行，截至 10 月 24 日，我們已透過 ATM 計畫籌集了約 10 億美元的股票，並發行了約 1,570 萬股普通股。

In addition, we have issued 1.1 million shares of treasury stock.

此外，我們也發行了110萬股庫存股。

In summary, as you can see on slide 11, we have a proven track record of earnings and dividend growth, and we are confident that our updated $23.7 billion five-year capital forecast and our forecasted financing plan will enable us to drive a 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 11 中看到的，我們在盈利和股息增長方面擁有良好的記錄，我們有信心更新後的 237 億美元五年資本預測和預測融資計劃將使我們能夠推動 5%基於2023 年經常性每股盈餘4.34 美元，到2028 年每股盈餘成長率達7%。

I will now turn the call back to Rima for Q&A.

我現在將把電話轉回 Rima 進行問答。

Elissa, we are now ready to take our questions, please.

艾莉莎，我們現在準備好回答我們的問題了。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Joe, I just wanted to maybe start really quickly on Millstone.

喬，我只是想盡快開始磨石。

Just a lot of discussion in Connecticut the public benefits charges.

康乃狄克州對公共福利收費進行了很多討論。

Now it sounds like the state of Massachusetts involved in the dialogue.

現在看來馬薩諸塞州參與了對話。

Are you involved in these conversations?

您參與這些對話嗎？

Is the net positive for both sides with the state's bulk at pricing above the current $50.

該州的大部分定價高於目前 50 美元，對雙方來說都是淨利好。

Well, I think it's interesting.

嗯，我覺得這很有趣。

I will tell you that there's a very strong working relationship between Rhode Island, Connecticut, Massachusetts as it relates to Clean Energy.

我會告訴你，羅德島州、康乃狄克州、麻薩諸塞州之間在清潔能源方面有著非常牢固的工作關係。

Everyone is trying to do their pot to secure clean energy for the region given that we are capacity constrained here.

鑑於我們這裡的產能有限，每個人都在盡力確保該地區的清潔能源。

I've been involved only to the extent that I understand the objectives of these three parties, those three parties are my friends.

我只是在了解這三個團體的目標的情況下參與其中，這三個團體是我的朋友。

So we do talk about what they're trying to achieve.

所以我們確實談論了他們想要實現的目標。

I think you have government (technical difficulty) that would like some of the other states to participate in Millstone.

我認為政府（技術困難）希望其他一些州參與磨石。

In terms of pricing, I have not been privy to what the thought is around pricing.

在定價方面，我並不了解定價的想法。

I only have been privy to the fact that everybody is trying to bring something to the table.

我只知道每個人都在努力提出一些建議。

As you know, Massachusetts has 1,100 megawatts coming in from Clean Energy Connect in Canada, which they've passion about.

如您所知，馬薩諸塞州有 1,100 兆瓦來自加拿大清潔能源連接項目，他們對此充滿熱情。

They have wind.

他們有風。

We also have the Seabrook asset, which is under contract, and we have obviously the dominion.

我們還擁有西布魯克資產，該資產已簽訂合同，我們顯然擁有主導權。

So those are some of the tools that we have available for a carbon-free New England.

這些是我們為無碳新英格蘭提供的一些工具。

And what I'm -- I take great comfort in is the fact that these governments are all very mature, governors, they all get along very, very well.

讓我感到非常欣慰的是，這些政府都非常成熟，州長們，他們相處得非常非常好。

And I am very confident that they will come to a decision or a solution that is beneficial to all of the customers in New England.

我非常有信心他們會做出有利於新英格蘭所有客戶的決定或解決方案。

Got it.

知道了。

Perfect.

完美的。

And then just lastly, Joe, I mean, (technical difficulty) this morning took another impairment on construction contingency and market prices with evolution, I think, for another $250 million.

最後，喬，我的意思是，（技術困難）今天早上又因施工意外事故和市場價格的演變而受到另一次減值，我認為，又損失了 2.5 億美元。

I guess, what are your obligations costs here under the GIP agreement?

我想，根據 GIP 協議，你們的義務成本是多少？

Is this morning's Orsted impairment included in your net loss for offshore wind under the GIP agreement, are you going to fund the contingency cost increase?

根據 GIP 協議，今天早上的 Orsted 減值是否包含在你們離岸風電的淨虧損中？

Shar, I'll turn it over to John.

莎爾，我會把它交給約翰。

It's John.

是約翰。

As you know, in this quarter, we did take a very sizable charge, a loss on rev to the tune of $900 million, if you exclude the gain for Sunrise.

如您所知，在本季度，我們確實收取了相當大的費用，如果排除 Sunrise 的收益，則收入損失高達 9 億美元。

We were aware of the monopile issue that was highlighted in (technical difficulty) commentary this morning.

我們意識到今天早上（技術難度）評論中強調的單樁問題。

And we have factored that concern into our intent change.

我們已將這種擔憂納入我們意圖的改變中。

We will continue to work very closely with the parties, including GIP and Orsted to monitor the progress that they will continue to make to mitigate this exposure.

我們將繼續與包括 GIP 和 Orsted 在內的各方密切合作，監測他們為減輕此風險而繼續取得的進展。

Okay.

好的。

Got it.

知道了。

So everything is embedded in your charge or just no incremental as of right now?

那麼，一切都包含在您的費用中，或者目前為止沒有增量？

As of now.

截至目前。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Maybe just to start on the financing side.

也許只是從融資方面開始。

You've now done about $1 billion of equity for the year.

您今年已經完成了約 10 億美元的股權投資。

Messaging has been sort of up to $1.3 billion over the next several years.

在接下來的幾年裡，訊息傳遞的價值將達到 13 億美元。

I guess, can you just provide some color on the cadence looking into '25 and beyond on the equity side in the context of what you've now done so far in 2024?

我想，您能否在 2024 年迄今為止所做的事情的背景下，對 25 年及以後股權方面的調查節奏提供一些資訊？

Sure.

當然。

Carly, let me start by answering the question in this fashion.

卡莉，讓我先以這種方式回答這個問題。

It's really all about our balance sheet improvement.

這實際上與我們的資產負債表的改善有關。

We are focused on that.

我們專注於此。

And I think the fact that we did issue $1 billion is a testament to how passionate we are about improving our balance sheet position.

我認為我們發行 10 億美元的事實證明了我們對改善資產負債表狀況的熱情。

We will continue to update you as we progress, obviously, in the fourth quarter call, which is literally within months away.

顯然，我們將在第四季度電話會議中繼續向您通報進度情況，這實際上是在幾個月後的事情上。

We will refresh our plan, give you our revised capital forecast, align it with our financing plan and disseminate the equity needs over that forecast period.

我們將更新我們的計劃，向您提供修訂後的資本預測，使其與我們的融資計劃保持一致，並傳播該預測期內的股權需求。

So be patient with us. we'll have more information in a couple of months.

所以請對我們有耐心。幾個月後我們將獲得更多資訊。

Great.

偉大的。

We'll stay tuned there.

我們將繼續關注那裡。

And then maybe just a follow-up on the FFO to debt walk.

然後也許只是 FFO 債務行走的後續行動。

I appreciate the update on the known cash flow enhancements moving higher here.

我很欣賞這裡已知的現金流增強的最新情況。

Could you give us a little bit of a sense of when we look at that 3% to 4% benefit to FFO to debt from those enhancements sort of how far you can get with the known enhancements versus having the Aquarion sale that's still kind of TBD built into those numbers?

當我們看到這些增強功能為FFO 帶來的3% 到4% 的債務收益時，您能否給我們一些了解，以及已知的增強功能與仍待確定的Aquarion 銷售相比，您能走多遠？

Carly, the purpose of this slide once again continues to be to highlight the major drivers of the enhancements to that 3% to 4% improvement.

卡莉，這張幻燈片的目的仍然是強調 3% 到 4% 改進的主要驅動因素。

I would say all of the items, except for the one that we have highlighted as TBD are unknown and measurable.

我想說，除了我們強調為待定的項目之外，所有項目都是未知且可衡量的。

The rate adjustments was something that we were well aligned in this process in my formal remarks.

在我的正式演講中，我們在這過程中對費率調整進行了很好的協調。

I mentioned that just a couple of days ago, the mess DPU to approve the EGMA, which was $77 million that's going -- that went into rates November 1st with a second rate adjustments happen in 12 months from now.

我提到，就在幾天前，DPU 批准了 EGMA，金額為 7,700 萬美元，於 11 月 1 日進入利率，從現在起 12 個月後將進行第二次利率調整。

So all of those items are known.

所以所有這些項目都是已知的。

And obviously, we have closed on both offshore wind transactions, and we highlighted the equity.

顯然，我們已經完成了兩項離岸風電交易，並且我們強調了股權。

That's also known.

這也是眾所周知的。

So I would say on these key major drivers, most of them are locked and loaded.

所以我想說，在這些關鍵的主要驅動程式上，大多數都已鎖定並加載。

The one that's still pending is the Aquarion sale.

仍然懸而未決的是 Aquarion 的銷售。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Just wanted to follow up on Shar's question around the offshore wind costs.

只是想跟進 Shar 關於離岸風電成本的問題。

I just I recall that you kind of had the 50-50 sharing agreement with GIP.

我只是記得你們與 GIP 達成了 50-50 的共享協議。

And obviously, some of the costs on revolution have changed.

顯然，革命的一些成本已經改變了。

Can you just kind of confirm are you now taking on 100%, or is there still more to go there?

您能否確認一下您現在是否已經完成了 100% 的任務，或者還有更多的任務要做？

And what's that level look like now?

那麼現在這個水平是什麼樣的呢？

Sure, Nick.

當然，尼克。

We are at that point where we have reached that cap, so you are correct, any further exposure would be share at 50% by Eversource and 50% by Orsted.

我們現在已經達到了這個上限，所以你是對的，任何進一步的風險將由 Eversource 和 Orsted 分擔 50% 和 50%。

Okay, that's helpful.

好的，這很有幫助。

And then on the 5 to 7, I just wanted to kind of confirm, you typically kind of rebase off of prior year actuals.

然後在 5 日到 7 日，我只是想確認一下，你通常會根據前一年的實際情況進行調整。

So is that kind of the plan as we get into the fourth quarter so we would kind of take this new fiscal '24 guide and rebate off of that.

當我們進入第四季度時，這就是這樣的計劃，所以我們會採取這個新的 24 財年指南並從中進行回扣。

And then does that 5 to 7 include the Aquarion proceeds?

那麼這 5 到 7 是否包含 Aquarion 收益？

Or is that upside to the plan?

或者說這對計劃有好處嗎？

And how should we think about that?

我們該如何思考這一點？

Sure, Nick.

當然，尼克。

Well, let me start by saying that the Aquarion was a key component of our financing plan.

好吧，首先我要說的是 Aquarion 是我們融資計劃的關鍵組成部分。

So you can assume that, that's in there.

所以你可以假設它就在那裡。

We highlighted in that FFO to debt slide.

我們在 FFO 到債務下滑中強調了這一點。

It is part of the assumption, our financing plan.

這是我們的融資計劃假設的一部分。

Right now, we have no reason to deviate from what we have done for many, many years, well over a decade, and that is to rebase as we move forward each year.

現在，我們沒有理由偏離我們多年來、十多年來所做的事情，那就是在每年前進的過程中重新調整基礎。

Durgesh Chopra, Evercore.

杜爾吉什喬普拉，Evercore。

Just a couple of clarification questions.

只是幾個澄清問題。

One, is that the Cambridge underground station investment, is that incorporated in the current five-year plan, or would that be incremental?

第一，劍橋地鐵站的投資是否納入目前的五年計劃，還是增量投資？

No.

不。

That has been incorporated in the five-year plan.

這已納入五年計劃。

So a lot of that spending will happen between '28, but the phase-in of the in-service phase will happen over, think of it as a three-year period '29, '30 and '31, but the bulk of the spend is on our current plan.

因此，大部分支出將發生在28 年之間，但服役階段的逐步實施將結束，可以將其視為“29”、“30”和“31”這三年期間，但大部分支出將在“ 28”之間發生。支出是我們目前的計劃。

Okay.

好的。

So it's in the plan, clear.

所以它在計劃中，很明確。

How about the funding of the $600 million higher CapEx, I guess, you that's -- you'll give us an update on the Q4 call, I guess.

我想，6 億美元的更高資本支出的資金怎麼樣，我想，您會給我們第四季度電話會議的最新情況。

So let me now front run that, but maybe just then...

所以現在讓我先行一下，但也許就在那時......

Exactly.

確切地。

Okay.

好的。

Yes.

是的。

Understood.

明白了。

Okay.

好的。

So then maybe just can you -- as you file this Yankee Gas rate case here in the back half of the month, maybe just talk to your strategy there?

那麼也許你可以——當你在下半個月在這裡提交洋基天然氣費率案件時，也許只是談談你的策略？

What to expect?

會發生什麼事？

Will you be filing for a sort of a PBR framework like you've done in the other states?

您會像在其他州那樣申請某種 PBR 框架嗎？

I mean just how do you view the risk to ROEs given sort of some of the data points and decisions you've seen in the state?

我的意思是，根據您在州內看到的一些數據點和決策，您如何看待 ROE 的風險？

Sure.

當然。

I would tell you that we are introducing PBR.

我想告訴你，我們正在引入 PBR。

We like that construct from a rate stability that's worked very well for us in Massachusetts.

我們喜歡這種利率穩定性的結構，這對我們在馬薩諸塞州來說非常有效。

We have recently introduced PBR in New Hampshire.

我們最近在新罕布什爾州引入了 PBR。

So we would like to see that play its way through the Connecticut.

因此，我們希望看到這種情況在康乃狄克州發揮作用。

So we are proposing a construct that we feel is appropriate.

因此，我們提出了一個我們認為合適的結構。

I would say in terms of Yankee and how it's viewed, we view, Yankee as a very well-run organization.

我想說的是，就洋基隊以及我們如何看待洋基隊而言，我們認為洋基隊是一個運作良好的組織。

We make investments that are needed to continue to provide safe and reliable gas service to the Connecticut customers.

我們進行必要的投資，以繼續為康乃狄克州客戶提供安全可靠的天然氣服務。

Yankee Gas has been under earning for quite some time.

洋基天然氣公司的獲利狀況已經持續了一段時間。

So cash flows are very important to the company, and we would like to enhance the cash flow position for Yankee in order to continue to make these needed investments.

因此，現金流對公司非常重要，我們希望增強 Yankee 的現金流狀況，以便繼續進行這些所需的投資。

Of course, we are practical in our plan.

當然，我們的計劃是務實的。

We will hope to plan for very constructive outcomes.

我們希望能夠制定非常有建設性的成果的計劃。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Can you maybe just expand upon the comments around the Connecticut draft decision in AMI docket.

您能否在 AMI 案卷中詳細闡述康乃狄克州判決草案的評論？

You mentioned some conditions that you'd like to see modified.

您提到了一些您希望修改的條件。

Can you maybe just expand upon what you'd like to see to make that a more acceptable outcome?

您能否擴展一下您希望看到的內容，以使結果更容易被接受？

Sure.

當然。

One of the things that I think is important for us as we make investments, not only in our (technical difficulty) Connecticut is to have a clear path for regulatory recovery of our costs as well as sound legal standards around any decision.

我認為，在我們進行投資時，不僅在我們的（技術困難）康乃狄克州進行投資，對我們來說很重要的一件事是為我們的成本回收提供明確的監管路徑，以及圍繞任何決定的健全的法律標準。

It's a big investment.

這是一筆很大的投資。

It's an important investment.

這是一項重要的投資。

And the decision that we received, it was a significant improvement, but there are certain aspects of that decision and certain elements of that decision, that we need to get comfortable before we're willing to expend the capital for the AMI program in Connecticut.

我們收到的決定是一個重大改進，但該決定的某些方面和該決定的某些要素，在我們願意為康乃狄克州的 AMI 計畫花費資金之前，我們需要感到放心。

So we have commented, obviously, it's a very comprehensive docket.

所以我們已經評論過，顯然這是一個非常全面的備忘清單。

There's a lot of -- obviously, the devils are in the details.

顯然，細節決定成敗。

But it's just -- the wind up is clear regulatory certainty on the recovery of our dollars that we spend as well as sound legal principles and contained in that order so that we can take comfort that when we invest the money on behalf of our customers that we will get our money back.

但最終的結果是，我們所花的資金的回收有明確的監管確定性，以及該命令中包含的健全的法律原則，這樣我們就可以放心，當我們代表客戶投資資金時，我們會拿回我們的錢。

Okay.

好的。

And so then how would it work after the final decision?

那麼最終決定之後會如何運作呢？

I mean, do you -- is it potential to scale some of the investment up or down, or would you have to sort of make a decision to do the program or not?

我的意思是，您是否有可能增加或減少部分投資，或者您是否必須做出是否執行該計劃的決定？

Well, I mean, we'd have to make a decision to move forward.

嗯，我的意思是，我們必須做出繼續前進的決定。

I mean, a couple -- as you know, the elements of it, which has gone very, very smoothly here in Massachusetts I've been in this business for 40 years.

我的意思是，如你所知，其中的幾個要素，在馬薩諸塞州進展得非常非常順利，我在這個行業已經工作了 40 年。

I never thought that I would put in a billing system because, as you know, it always ends badly.

我從來沒有想過我會建立一個計費系統，因為正如你所知，它總是以糟糕的結果告終。

But we just put in a billing system, SAS billing system -- SAP, I mean, and we've got tremendous success to the point that we were won several awards for implementation.

但我們只是安裝了一個計費系統，SAS 計費系統——我的意思是 SAP，我們已經取得了巨大的成功，我們贏得了多個實施獎項。

So I am very, very pleased with that.

所以我對此非常非常滿意。

But that would be the first thing that we would need to invest.

但這將是我們需要投資的第一件事。

Obviously, we changed out the billing system, and there will be an implementation.

顯然，我們改變了計費系統，並且將會有一個實施。

But AMI is not something you can do a piecemeal.

但 AMI 並不是一件可以零敲碎打就能完成的事情。

You're either going to jump in and make the investment, or you're going to wait until such time as you have the regulatory certainty needed.

您要么立即介入並進行投資，要么等待直到您獲得所需的監管確定性。

But I will tell you that if you really want to enable the grid, you want to get to a clean energy future, AMI is really the answer to that.

但我會告訴您，如果您真的想要啟用電網，想要實現清潔能源的未來，AMI 確實是答案。

The opportunities in AMI around allowing customers to understand how they're spending their money, folks that want to interconnect some of their distributed generation, whether it's solar panels, (technical difficulty) vehicle, those things are very, very important.

AMI 的機會在於讓客戶了解他們如何花錢，讓人們了解他們的分散式發電，無論是太陽能板、（技術難度）車輛，這些都是非常非常重要的。

AMI is critical for -- to enable that grid.

AMI 對於啟用該網格至關重要。

So it's kind of all or nothing.

所以這有點全有或全無。

I don't see any piecemeal there

我沒有看到任何零碎的東西

Okay.

好的。

And then just the second part on the higher interest expense, is that -- was that more timing related or rates being higher or just more debt being issued?

關於更高的利息支出的第二部分是－更多的時間相關性或利率更高或只是發行了更多債務？

I would say, well, obviously, because of the delay in offshore wind, we did need to be a bit more aggressive with our debt offering.

我想說，顯然，由於離岸風電的延遲，我們確實需要在債務發行方面更加積極。

So it's a combination of rates and volume, higher debt outstanding.

因此，這是利率和數量以及未償債務增加的結合。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Just want to dive into Aquarion a little bit more, if I could appreciate there's limitations to what you can say at this juncture.

只是想更深入地了解 Aquarion，如果我能理解您此時能說的話是有限的。

But just any other high-level comments that you could provide as far as, I guess, the level of interest how process is tracking versus expectations?

但我想，您可以提供任何其他高級評論，即流程追蹤與預期的興趣程度嗎？

And how do you think about, I guess, value achieved versus timing of sales execution here?

我想，您如何看待此處實現的價值與銷售執行時間的關係？

Just any other color would be great.

任何其他顏色都會很棒。

Sure.

當然。

This asset received a lot of attention, significant interest in the asset, it's a two-step process.

該資產受到了很多關注，對該資產產生了濃厚的興趣，這是一個兩步驟過程。

We completed the first step.

我們完成了第一步。

We are down to the [biolist] that we're going to deal with.

我們現在要對付的是[生物學家]。

We feel very, very good about the process.

我們對這個過程感覺非常非常好。

The interest is -- exceeded our expectations.

人們的興趣超出了我們的預期。

And we do expect that in the first quarter, we will -- by the first quarter, we'll have an announcement on the winner of that.

我們確實預計，在第一季度，我們將在第一季宣布獲勝者。

And then in Connecticut, there is a statutory process of 6 months, and we feel very confident that we will close this transaction in 2025.

然後在康乃狄克州，有一個為期 6 個月的法定程序，我們非常有信心在 2025 年完成這筆交易。

Got it.

知道了。

Great.

偉大的。

That's very helpful there.

這非常有幫助。

And just wanted to touch on the equity a little bit more.

只是想多談談股權。

Can you just remind us, maybe I missed it apologies for that, if any of the equity issued was forward sale or just wanted to make sure it was trait on that.

您能否提醒我們，如果發行的任何股票是遠期銷售，或者只是想確保其具有特徵，也許我錯過了這一點，對此表示歉意。

No.

不。

Those -- the equity issuances were not put on a forward.

這些股票發行並未進行遠期發行。

So the cash is in the door.

這樣現金就進門了。

Ross Fowler, Bank of America.

羅斯‧福勒，美國銀行。

So just a couple of questions for me on sort of going forward looking at regulation.

所以我想問幾個關於未來監管的問題。

You've talked about Yankee and the deficiency here and moving that to PBR.

你已經談到了 Yankee 和這裡的缺陷，並將其轉移到 PBR。

Have you kind of -- have you got an initial estimate or a feel for how the PBR shift would sort of layer that into customer rates over time?

您是否對 PBR 轉變如何隨著時間的推移將其納入客戶價格有初步的估計或感覺？

Well, one of the reasons that we like PBR, it does create a nice rate stability for our customers.

嗯，我們喜歡 PBR 的原因之一是，它確實為我們的客戶創造了良好的速率穩定性。

You have these annual inflationary adjustments plus an additional performance at for the utility.

您擁有這些年度通貨膨脹調整以及公用事業的額外績效。

So we really like that aspect of it.

所以我們真的很喜歡它的這一方面。

And I think that -- having that PBR in an annual rate adjustment, it does, in fact, mitigate the volatility that would be led from a general rate proceeding.

我認為，將 PBR 納入年度利率調整中，實際上確實減輕了一般利率程序帶來的波動性。

So we very much like PBR.

所以我們非常喜歡PBR。

We're not afraid of having those performance tied into targets that we can achieve that are reasonable and practical for us.

我們不害怕將這些績效與我們可以實現的對我們來說合理且實用的目標連結起來。

So we are a performance-based culture, and we look forward to that proceeding.

因此，我們是一種以績效為基礎的文化，我們期待著這一進程。

And maybe on that point, John, just kind of thinking about Massachusetts and what you've got there in terms of the regulatory setup.

也許在這一點上，約翰，只是想一下馬薩諸塞州以及那裡的監管設置。

How do you give us maybe some color on the process of full electrification.

您如何為我們提供有關全面電氣化過程的一些資訊？

We've seen some policy statements that are pushing that forward in Massachusetts.

我們已經看到一些政策聲明正在馬薩諸塞州推動這項進程。

How do you think about 2 things.

你如何看待兩件事。

One, there's probably some bill pressure coming from that, but you've got some PBR there as well, but how do we contextualize also the other side of that, which is some capital opportunity?

第一，這可能會帶來一些帳單壓力，但你也有一些 PBR，但我們如何將其另一面（即一些資本機會）聯繫起來？

You guys have already started on, but like I'm just trying to gauge the upside there as you continue that transition in the state.

你們已經開始了，但就像我只是想在你們繼續在州內進行過渡時衡量那裡的好處。

Sure.

當然。

I think the model that Massachusetts has deployed is one we are very supportive.

我認為我們非常支持馬薩諸塞州採用的模式。

And as Joe mentioned, we feel that that's something that other utilities could adapt to on a broader perspective.

正如喬所提到的，我們認為其他公用事業公司可以從更廣泛的角度適應這一點。

There was a lot of -- with the ESMP, and that's the mechanism that I'm referring to, there was a lot of stakeholder collaboration to balance the investment needs to achieve electrification.

ESMP 中有很多，這就是我指的機制，有很多利害關係人合作來平衡實現電氣化的投資需求。

We think that that's a very great model for all parties involved, very balanced.

我們認為這對所有相關方來說都是一個非常好的模式，非常平衡。

So when we file that ESMP with the DPU, the DPU know -- knew exactly what had happened before we filed that.

因此，當我們向 DPU 提交 ESMP 時，DPU 知道在我們提交該 ESMP 之前確切地知道發生了什麼。

They were support by key stakeholders of that filing.

他們得到了該文件的主要利害關係人的支持。

So it kind of makes the regulatory and the utility process from a rate-making standpoint, a bit more straightforward, if you will.

因此，如果您願意的話，從利率制定的角度來看，這使得監管和公用事業流程變得更加簡單。

So we are very supportive of that.

所以我們非常支持這一點。

What the -- what we are implementing now is that think of it as that first wave in the first four, five years of spend, Massachusetts wanted to look beyond that period, look at what's going to happen in 10 years and beyond.

我們現在正在實施的是，將其視為前四、五年支出中的第一波浪潮，馬薩諸塞州希望超越該時期，看看 10 年及以後會發生什麼。

So we think it's a very collaborative process, and we're very much supportive of it.

所以我們認為這是一個非常協作的過程，我們非常支持它。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Just wanted to close the (technical difficulty) on the revolution, or is it also mentioned higher vessel costs their impairment.

只是想關閉革命上的（技術困難），或者還提到較高的船舶成本對其造成的損害。

Just wanted to clarify that, that was also updated when you closed your sale.

只是想澄清一下，當您關閉銷售時，該資訊也已更新。

Yes, we were aware of those issues when at the time that we did the change.

是的，我們在進行更改時就意識到了這些問題。

And the vessel issue has been rectified, and we have that behind us.

船隻問題已經解決，我們已經解決了這個問題。

So we just need to keep monitoring the project development as we progress, Steve.

因此，我們只需要隨著進度不斷監控專案開發，史蒂夫。

Okay.

好的。

And then simple question.

然後是簡單的問題。

I'm not sure I missed this, but just the guidance range for this year, just the midpoint down a couple of pennies, not a big deal.

我不確定我錯過了這一點，但只是今年的指導範圍，只是中間點下降了幾美分，沒什麼大不了的。

Is that -- is it fair to say that that's just the equity issuance maybe coming a little earlier in the plan, or is there some other driver this year?

公平地說，這只是股票發行可能會在計劃中提前一點，還是今年還有其他驅動因素？

No, I would say the equity issuance was exact -- pretty much right on plan as to what we anticipated.

不，我想說，股票發行是準確的——與我們的預期完全符合計劃。

It was really more of the interest the assumption that we had in the plan.

我們對計劃中的假設確實更感興趣。

We were hoping for further Fed actions to be taken sooner in the year, and that came a bit later.

我們原本希望聯準會能在今年稍早採取進一步行動，但結果來得晚了一些。

So it's really interest related.

所以這確實是跟興趣有關。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Just a little more on the ESMP and kind of higher level, linking it with the whole clean energy idea.

只是在 ESMP 和更高的層面上多講一點，將其與整個清潔能源理念聯繫起來。

If you were to kind of put it in a percentage basis, how far does this get you?

如果你用百分比來表示，你能走多遠？

Just that program, the $600 million get you to kind of either where you need to be or where you want to be in terms of clean energy electrification.

就該計劃而言，6 億美元可讓您在清潔能源電氣化方面達到您需要或想要達到的目標。

And I guess another way to think about it is how much more is there to go to get to where you want to be, if that makes sense.

我想另一個思考方式是，如果這有意義的話，你還需要走多少路才能到達你想去的地方。

Yes.

是的。

No, I know exactly where you're going.

不，我清楚知道你要去哪裡。

I think it's the starting point.

我認為這是起點。

But it's -- once again, I want to remind you that it's not just the ESMP.

但我想再次提醒您，這不僅僅是 ESMP。

Prior to the ESMP being implemented, we already had another program that the DPU had previously approved, kind of the same investment needs, and that's interconnection of clean energy resources, primarily solar in Massachusetts.

在實施 ESMP 之前，我們已經有了 DPU 之前批准的另一個計劃，有點相同的投資需求，那就是清潔能源資源的互連，主要是馬薩諸塞州的太陽能。

We refer to that as the CIP program, C-I-P.

我們將其稱為 CIP 計劃，C-I-P。

And that program that we filed for, it was six clusters throughout the state of Massachusetts, predominantly in the southeastern part of Massachusetts.

我們申請的該計劃涉及整個馬薩諸塞州的六個集群，主要位於馬薩諸塞州東南部。

So with six individual clusters, the DPU has approved five of the six, and that program was approximately $1 billion of a combination of T and D investments that we would make.

因此，對於六個單獨的集群，DPU 已經批准了六個中的五個，該計劃大約是我們將進行的 T 和 D 投資組合的 10 億美元。

So that was kind of the first wave, if you will, and that was baked into our five-year plan.

如果你願意的話，這可以說是第一波浪潮，並且已納入我們的五年計劃中。

So ESMP is the second way, but there is more to come.

所以 ESMP 是第二種方式，但還有更多方式。

Okay.

好的。

Beyond the ESMP, Okay.

除了 ESMP 之外，好的。

Correct.

正確的。

Okay.

好的。

And then Connecticut, certainly now, you've been pretty forthright and public about the fact that you don't want to invest until you get better regulatory treatment there. other than the AMI, what types of larger projects or are there even larger projects that are sitting on the sidelines right now that might come either gas or electric, if there were a positive at the gas -- Yankee Gas or on the electric side.

然後是康乃狄克州，當然現在，你們非常直率地公開表示，除非在那裡獲得更好的監管待遇，否則你們不想投資。除了 AMI 之外，還有哪些類型的大型項目，或者目前是否有更大的項目處於觀望狀態，這些項目可能來自天然氣或電力，如果天然氣（揚基天然氣）或電力方面有積極的一面。

So I would say, obviously, the AMI is one that we would like to see the pathway to move forward, but as it relates to other investment opportunities, obviously, we have to be very mindful that the recovery mechanism absolutely needs to align as to when and the extent of those investments that we make in the state of Connecticut.

所以我想說，顯然，AMI 是我們希望看到的前進道路，但由於它與其他投資機會相關，顯然，我們必須非常注意，復甦機制絕對需要與以下方面保持一致：我們在康乃狄克州進行投資的時間和程度。

It's not about revenues.

這與收入無關。

It's not about net income.

這與淨收入無關。

It's all about getting the cash in the door to pay for those investments, whether they're O&M or capital.

這一切都是為了獲得現金來支付這些投資，無論是營運和維護還是資本。

So that is critical for us as any utility would operate.

因此，這對我們來說至關重要，因為任何公用事業都會運行。

You really need that cash flow to be coming in a bit more timely.

您確實需要更及時地獲得現金流。

Kicking the can down the road really doesn't accomplish net benefits for customers.

把罐子扔到路上並不能真正為客戶帶來淨收益。

It's shortsighted.

這是短視的。

And we just need to work collaboratively with Connecticut to be able to invest the necessary investments to continue to make the system reliable and safe.

我們只需要與康乃狄克州合作，就能夠進行必要的投資，以繼續使系統可靠且安全。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

So just wanted to follow up on a couple of cleanup items here.

所以只想在這裡跟進一些清理項目。

I know earlier you were talking with Carly there about FFO to debt.

我知道早些時候您正在那裡與卡莉討論 FFO 債務問題。

Can you just give us a little bit of sense of where you stand as of your kind of year-to-date sense as you track towards that improvement.

您能否向我們介紹一下您今年迄今在實現這項改進方面的感受？

I know you listed out what the items are, but how are you doing against that target, if you will?

我知道您列出了這些項目，但是如果您願意的話，您在實現該目標方面做得如何？

It's increased significantly from where we were in '23.

與 23 年相比，它顯著增加。

So we have been making improvements.

所以我們一直在進行改進。

Just leave -- I would prefer to not go(technical difficulty), Julien.

離開吧——我寧願不去（技術困難），朱利安。

Yes.

是的。

Okay.

好的。

I got you there.

我把你帶到那裡了。

And then separately, a little bit of a cleanup item.

然後單獨做一點清理工作。

You've talked a little bit about this elevated interest expense here.

您在這裡談到了利息支出的增加。

Can you give us a sense like what is that gross run rate kind of year-end exiting or starting into '25 if you will, just kind of nets against the parent positive here if you think about it.

如果你願意的話，你能否給我們一個感覺，例如年底退出或開始進入 25 年的總運行率是多少，如果你考慮一下的話，這只是針對母公司正值的網。

Is there kind of any way to kind of give us a gross magnitude that you're thinking about there at this point, or even as of the quarter run rate?

有沒有什麼方法可以為我們提供您目前正在考慮的總規模，甚至是季度運行率？

Just so I'm clear, can you repeat that question again?

我就說清楚了，你能再重複這個問題嗎？

Yes.

是的。

You talked about elevated parent interest expense.

您談到了父母利息支出的增加。

Maybe can you give us a sense of like what that gross run rate is at this point, if you will, whether quarter end or entering '25 or what have you?

如果您願意的話，也許您可以讓我們了解此時的總運行率是多少，無論是季度末還是進入 25 年還是什麼？

If you look at the debt at parent has, you can calculate that.

如果你看看父母的債務，就可以計算出來。

But remember, we were out there issuing equity in the first half of the year, okay?

但請記住，我們在上半年發行了股票，好嗎？

We didn't get the wind proceeds.

我們沒有得到風收益。

We didn't get the cash flow.

我們沒有得到現金流。

We didn't get the equity, the cash from the equity issuance until the second half, and it was predominantly in the third quarter that we issued the bulk of that equity.

直到下半年我們才獲得股權、股票發行帶來的現金，而我們主要是在第三季發行了大部分股權。

So it did create a drag.

所以它確實造成了阻力。

Obviously, having the $1 billion in the door, that has gone to offset some debt and enhance the interest.

顯然，有了這 10 億美元，這已經用來抵消一些債務並提高利息。

Awesome.

驚人的。

Yes absolutely.

是的，絕對是。

And just quickly on the new substation, kudos there, interesting development there.

很快就在新的變電站上，那裡有榮譽，那裡有有趣的發展。

Any -- like how do you think about the cost provisions and recovery mechanisms there?

任何 - 例如您如何看待那裡的成本規定和回收機制？

Just give us a little bit of a larger size figure I'd ask on that front.

只需給我們一個更大尺寸的數字，我會在這方面詢問。

Yes.

是的。

Again, the (technical difficulty) on Massachusetts on the public utilities gives us clear line of sight.

同樣，馬薩諸塞州公用事業方面的（技術困難）給了我們清晰的視線。

We've got solid estimates on that, and this is a transmission asset as well.

我們對此有可靠的估計，這也是一項傳輸資產。

They're predominantly transmission, so FERC regulated, and we feel good about it.

它們主要是傳輸，因此受到 FERC 的監管，我們對此感覺良好。

We've been working at that for several years in terms of estimates and pricing.

多年來，我們一直在進行估算和定價方面的工作。

And so we don't anticipate any lag in terms of the recovery of even $1 of that expenditure over there.

因此，我們預計即使是 1 美元的支出回收也不會出現任何延遲。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，豐業銀行。

First question I have for you is on the South for tax equity investment.

我要問你的第一個問題是關於南方的稅收股權投資。

You're still showing the $500 in the cash flow walk.

您仍顯示現金流量中的 500 美元。

My question though is given the timing of some of the losses and the write-downs, do you still expect that full benefit to show up in -- by year-end '25, or might some of that spill into 2026 or later?

不過，我的問題是，考慮到一些損失和減記的時間，您是否仍然預計全部收益會在 25 年底之前顯現出來，或者其中一些收益可能會延續到 2026 年或更晚？

Andrew, I actually think that, that will spill into beyond '26, and let me explain why.

安德魯，我實際上認為，這將蔓延到 26 年後，讓我解釋一下原因。

And then the reason that we've left that number, $500 million, is not for the lack that we haven't found other tax benefits that we want to utilize prior to happen into the ITC bucket.

然後，我們留下 5 億美元這個數字的原因並不是因為我們在進入 ITC 桶之前沒有找到我們想要利用的其他稅收優惠。

So we have been fortunate to utilize other tax credits before tipping into that bucket.

因此，我們很幸運在投入這一桶之前利用了其他稅收抵免。

So that 500 million, although there will be a shift out, but we replaced that with other tax attributes.

那麼這5億，雖然會有轉移出去，但我們用其他稅收屬性取代了它。

Okay.

好的。

Got it.

知道了。

So the dollars will be -- they'll be replaced with other dollars.

所以美元將被其他美元取代。

So the mess still works, it will be -- you'll be able to use those credits in later years in other words, is that right?

所以混亂仍然存在，換句話說，你將能夠在以後的幾年中使用這些積分，對嗎？

Correct.

正確的。

And that's one of the items that we'll give you an update on the fourth quarter call.

這是我們將在第四季度電話會議上向您提供最新情況的項目之一。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

Then more broadly on that walk.

然後更廣泛地討論那次步行。

I always appreciate the details, even though there's a lot of moving part, well, because there's a lot of moving parts.

我總是很欣賞細節，儘管有很多變化的部分，因為有很多變化的部分。

When I look at the bottom line there, obviously, you're now showing $3.75 billion.

當我查看底線時，顯然，您現在顯示的是 37.5 億美元。

That's up quite a bit from $2.6 billion last quarter.

這比上個季度的 26 億美元增長了不少。

The punch line is still 14% to 15%.

有趣的是仍然是14%到15%。

You -- how do you trend though?

你——你的趨勢如何？

Or does that mean that you're more confident in that?

或者這是否意味著你對此更有信心？

Are you may be thinking more of the higher end versus low end?

您是否可能更多地考慮高端而不是低端？

Or is it just more better visibility in getting to that range?

或只是為了達到這個範圍有更好的可見度？

Well, I would say that we didn't quantify.

好吧，我想說我們沒有量化。

We had it as an item that says TBD, equity needs, the acquiring on sale and rate cases.

我們把它當作一個項目，上面寫著待定、股權需求、出售收購和利率案例。

So we've just included more known and measurable items, such as the $1 billion of equity needs and the rate increases.

因此，我們剛剛納入了更多已知和可衡量的項目，例如 10 億美元的股權需求和利率上漲。

But I would say that we're still in that 14% to 15% range.

但我想說，我們仍然處於 14% 到 15% 的範圍內。

Okay.

好的。

That's very helpful.

這非常有幫助。

Then last one, high level in Connecticut.

最後一場是康乃狄克州的高層。

You talked a lot about the AMI.

您對 AMI 談了很多。

And more broadly, obviously, it's a tough environment, not only in terms of approvals, but there's a lot of concern about affordability.

更廣泛地說，顯然這是一個艱難的環境，不僅在審批方面，而且在負擔能力方面也存在著許多擔憂。

My question is when you think about putting capital to work in Connecticut versus other states, what should we expect when we see the CapEx update in three months?

我的問題是，當您考慮在康乃狄克州與其他州投入資本時，當我們看到三個月後的資本支出更新時，我們應該期待什麼？

I'm not looking for numbers.

我不是尋找數字。

I know we have to be patient, but how do you think qualitatively about putting capital to work there versus in other more constructive states?

我知道我們必須要有耐心，但是與其他更具建設性的州相比，您如何看待在那裡投入資本的定性？

And is there a potential to maybe move more capital away from Connecticut like you did a few months ago?

是否有可能像幾個月前那樣將更多資本從康乃狄克州轉移出去？

Yes.

是的。

That's -- I mean, a few months ago, as you know, we took $500 million out of that plan, and we will continue to monitor it.

我的意思是，幾個月前，如您所知，我們從該計劃中取出了 5 億美元，我們將繼續對其進行監控。

And obviously, if things change down there and they decide they want to provide timely cost recovery and follow legal standards we will redeploy the $500 million.

顯然，如果那裡的情況發生變化，他們決定要及時提供成本回收並遵循法律標準，我們將重新部署這 5 億美元。

But I will tell you, (technical difficulty) comfort that there's a significant amount of opportunities for investment across the Eversource portfolio.

但我會告訴您，（技術難度）令人欣慰的是，Eversource 投資組合中存在大量投資機會。

We've got two jurisdictions, New Hampshire, and Massachusetts, that there's no shortage of opportunities for investment that give us timely recovery of our costs.

我們有兩個司法管轄區，新罕布夏州和馬薩諸塞州，不乏投資機會，可以讓我們及時收回成本。

So again, we're staying very, very close to it.

再說一遍，我們離它非常非常接近。

And I am an internal optimist, the glass is half full, and I hope that we do see a change down in Connecticut so that we can make the investments that are needed for our customers.

我是一個內心樂觀主義者，杯子是半滿的，我希望我們確實看到康乃狄克州發生變化，以便我們可以進行客戶所需的投資。

I would just add that our focus is to get the balance sheet to where we need to be is really for the benefit of customers, and we're very focused on that.

我想補充一點，我們的重點是讓資產負債表達到我們需要的水平，真正有利於客戶，我們非常關注這一點。

So it's important that we get timely recovery of these investments in our operating costs.

因此，及時收回這些投資的營運成本非常重要。

Otherwise, utilities is just going to be forced to kind of pull back on both buckets.

否則，公用事業公司將被迫縮減這兩方面的開支。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

So lots of questions.

所以有很多問題。

Just one question about your earnings benefit from the NEC transmission line.

只是一個關於您從 NEC 輸電線路中獲得收益的問題。

I remember in the past when we had waited for that project to come online.

我記得過去我們一直在等待那個專案上線。

There was like an earnings benefit associated with the interconnection into the transmission line eventual.

最終與輸電線路互連會產生收益收益。

And I'm just wondering if that if you could quantify that benefit?

我只是想知道你是否可以量化這種好處？

And also, if that benefit changed depending on the capital cost of this project given the recent increase that was approved in Massachusetts.

而且，考慮到馬薩諸塞州最近批准的增加資金成本，這種好處是否會根據該項目的資本成本而變化。

So Angie, just to be clear, that's not one of the projects where we were seeking opportunities from an interconnection standpoint if that's what you're referring to.

因此，安吉，需要澄清的是，如果您指的是的話，那不是我們從互連角度尋求機會的項目之一。

The benefit that we get from executing the PPA agreement is the remuneration.

執行PPA協議我們得到的好處就是報酬。

That's right.

這是正確的。

Okay.

好的。

So there's no like benefit just -- okay.

所以沒有類似的好處——好吧。

No, there is, there is.

不，有，有。

The earnings benefit is because of the size of the PPA over a long period of time in order to preserve and strengthen our balance sheet, we get a remuneration on the annual billings for that project.

收益收益是由於長期購電協議的規模，為了維護和加強我們的資產負債表，我們根據該項目的年度帳單獲得報酬。

So it's about 2.25% that we gave.

所以我們給的大約是 2.25%。

That's what helps meet -- maintain and the earnings that we were able to recognize from that project.

這就是有助於滿足 - 維持和我們能夠從該項目中確認的收入。

And that percentage over the cost of power delivered, or just, again, is it linked to the capital cost of the.

佔供電成本的百分比，或只是與資本成本相關。

It's the value that we bill our customers.

這是我們向客戶收取的價值。

So that contract is all utilities in -- all electric utilities have to execute the PPA.

因此，該合約涉及所有公用事業公司——所有電力公司都必須執行購電協議。

So if we bill $1 to customers, we get $1.02.

因此，如果我們向客戶收取 1 美元的費用，我們將獲得 1.02 美元。

I understand.

我明白。

Okay.

好的。

I might follow up in the past.

我可能會跟進過去。

And also, I mean, and I understand that the SAC associated with those [precision] lines over the last couple of decades, actually.

而且，我的意思是，我知道 SAC 實際上與過去幾十年中的那些[精確]生產線相關。

But how are you, I mean, looking at these projects going forward?

但我的意思是，你如何看待這些專案的進展？

I mean, would you consider maybe reviving your transmission line from Canada?

我的意思是，您會考慮恢復加拿大的輸電線路嗎？

I mean, how would you actually see that the supply backdrop for your -- well, for New England and overall, given the low growth that we're seeing in granted.

我的意思是，考慮到我們所看到的低成長是理所當然的，你實際上會如何看待新英格蘭和整體的供應背景。

I understand that most of the other data centers are not going to be in New England, but I'm just wondering how you think about the supply-demand dynamics in New England.

據我所知，大多數其他資料中心不會位於新英格蘭，但我只是想知道您如何看待新英格蘭的供需動態。

Yes.

是的。

Well, I'll just tell you that where we sit today, we are a pure-play regulated utility.

好吧，我只是告訴你，我們今天所處的位置，我們是一家純粹的受監管公用事業公司。

I've promised all of you on the call and many others in the world that we are not going to swing for the fences anymore.

我已經向各位與會者以及世界上的許多其他人保證，我們不會再採取中立態度。

We're looking for the singles and the doubles, we'll look at it in the regulated space.

我們正在尋找單打和雙打，我們將在規定的空間中進行研究。

So I don't want anyone to worry that we are going to go and pose a transmission line in Canada as a merchant project because that's not something that we would do that would definitely deviate from this company's plan to be a purely regulated (technical difficulty) company.

因此，我不希望任何人擔心我們將在加拿大建立一條輸電線路作為商業項目，因為這不是我們會做的事情，這肯定會偏離該公司成為純粹受監管的計劃（技術難度） ） 公司。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Last but not least, hopefully.

最後但並非最不重要的一點是，希望如此。

So really quickly on the AMI.

AMI 上的速度非常快。

When I look through your exceptions, I mean I understood pretty much all of it.

當我瀏覽你的例外情況時，我的意思是我幾乎理解了所有這些。

The only thing is with the O&M, it seemed to me that this is -- and correct me if I was wrong, you guys were concerned about just the ability to institute the rate increases, that more of the issue than then with respect to the incremental O&M than there being a dispute about the incremental O&M.

唯一的問題是維運，在我看來，這是──如果我錯了，請糾正我，你們關心的只是提高費率的能力，比當時更多的問題是關於增量運維比增量維運有爭議。

Am I correct in that?

我的說法正確嗎？

Yes, Paul, do you -- why don't we have my Investor Relations team kind of take you through some of those details, if you don't mind.

是的，保羅，如果您不介意的話，為什麼我們不讓我的投資人關係團隊帶您了解其中一些細節呢？

Okay.

好的。

No problem.

沒問題。

And then with respect to one of the things that we're -- and I know this is necessarily directly associated with you guys, but there is this discussion about offshore wind, some concerns about the impact of offshore wins costs on Connecticut.

然後，關於我們正在做的一件事——我知道這必然與你們直接相關，但是有關於海上風電的討論，一些關於海上獲勝成本對康涅狄格州影響的擔憂。

And I know this isn't specifically you guys are getting out to business, obviously, and what have you.

我知道這顯然不是你們專門做生意的，你們有什麼。

But there's a discussion about swapping Millstone, again, not your facility with perhaps offshore wind and what have you.

但再次出現了關於更換磨石的討論，而不是你的設施與可能的離岸風電以及你擁有的東西。

And I was just wondering if you -- how you guys from their perspective are either seeing this sort of longer-term regional questions about offshore wind in Connecticut's participation, maybe in it, what have you having any potential impact or just any comments you have about how you see the -- sort of maybe Angie's kind of question here about the outlook for power prices and what have you in the state, even though they may not be directly associated with your business.

我只是想知道，你們——從他們的角度來看，如何看待康涅狄格州參與海上風電的這種長期區域問題，也許在其中，你們有什麼潛在影響，或者只是你們有任何評論關於你如何看待— —這可能是安吉的問題，關於電價的前景以及你所在州的情況，即使它們可能與你的業務沒有直接關係。

Nonetheless, you guys are delivering the power to people and you guys are concerned about affordability, I know.

儘管如此，我知道，你們正在向人們提供電力，而且你們擔心負擔能力。

So just what are your thoughts about the discussions that we're hearing about offshore wind and potentially the swap with nuclear?

那麼，您對我們聽到的有關離岸風電以及可能與核電交換的討論有何看法？

Yes.

是的。

Well, I just will tell you that, as I mentioned earlier in the call that you've got three governors that are very actively engaged around the clean energy story.

好吧，我只想告訴你，正如我之前在電話中提到的那樣，三位州長都非常積極地參與清潔能源的發展。

And it's kind of like a pot like suffer.

這有點像鍋子一樣的痛苦。

You've got Connecticut wants to bring nuclei at the table and Mass has the hydro coming in out of Canada.

康乃狄克州希望將核能帶入談判桌，而麻州則希望從加拿大引進水力發電。

You've got a nuclear plant in New Hampshire.

新罕布夏州有一座核電廠。

So there's a lot of folks that want to bring certain energy resources to the table.

因此，有很多人希望將某些能源資源擺上桌面。

The Governor of Connecticut would like to have some of the other states pay for the Millstone assets.

康乃狄克州州長希望其他一些州支付磨石資產的費用。

I think Massachusetts would like Connecticut to pay for some of the wind assets.

我認為馬薩諸塞州希望康乃狄克州支付部分風電資產的費用。

So all I'll tell you is that what I take confident is that this very strong working relationship between the New England governance.

所以我要告訴你的是，我有信心的是新英格蘭政府之間這種非常牢固的工作關係。

I mean, they all -- they're all very, very cordial.

我的意思是，他們都非常非常熱情。

And I have no doubt in my mind that we'll come up with a solution that will benefit all the customs of New England.

我堅信我們會找到一個有利於新英格蘭所有習俗的解決方案。

I mean we are in a tough situation given our location, and we are capacity constrained, and we're not seeing new resources other than, say, the wind and the hydro coming.

我的意思是，鑑於我們的地理位置，我們的處境很艱難，而且我們的容量有限，而且除了風能和水力發電之外，我們沒有看到新的資源。

Those are really the only injections that are taking place at this point.

這些實際上是目前正在進行的唯一注射。

So I'm optimistic we'll see how it plays out, but just know that there is very constructive dialogue going on that everyone has to kind of take a piece of everyone else's recipe.

所以我很樂觀，我們會看到結果如何，但要知道，正在進行非常有建設性的對話，每個人都必須從其他人的食譜中分一杯羹。

Got it.

知道了。

And then just respect to the climate bill.

然後就是尊重氣候法案。

Yes,(technical difficulty) Massachusetts.

是的，（技術難度）馬薩諸塞州。

Obviously, we're very pleased.

顯然，我們非常高興。

We were -- certainly had a major seat at the table there.

我們確實在那裡佔據了主要席位。

And I think it's -- I want to understand that everyone sees electrify.

我認為——我想了解每個人都看到電氣化。

Infrastructure needs to be cited in a timely manner.

基礎設施需要及時引用。

You kind of wait five years or something in 10 years.

你會等五年或十年。

So one of the things that I'm most proud of is that we are -- we have a very active presence in environmental justice communities.

因此，我最自豪的一件事是，我們在環境正義社區中非常活躍。

We want to make sure that nobody is adversely impacted.

我們希望確保沒有人受到不利影響。

And I think that's what allowed us to get the siting so smoothly in Cambridge is that when they went around the room as to who had a seat at the table, I think everyone felt that everyone got to see at the table and everyone's voice was heard and consequently, we had a very favourable outcome.

我認為這就是我們能夠在劍橋如此順利地選址的原因，當他們在房間裡走動以確定誰在桌子上有座位時，我想每個人都覺得每個人都可以看到桌子並且每個人的聲音都被聽到因此，我們取得了非常有利的結果。

Thank you.

謝謝。

I would now like to turn the call back to Rima for closing remarks.

現在我想將電話轉回給 Rima，讓其致閉幕詞。

Thank you, Elissa.

謝謝你，艾莉莎。

Thank you, everyone, for joining us this morning.

謝謝大家今天早上加入我們。

We will see many of you next week this ends today's call.

我們下週將見到你們中的許多人，今天的電話會議到此結束。

Thank you.

謝謝。

This does conclude today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路。