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. My name is Elissa and I will be your moderator today. (Operator Instructions) It is now my pleasure to pass the call to our host, Rima Hyder VP of Investor Relations. Please go ahead, Rima.

早安，感謝您參加 Eversource Energy 2024 年第三季財報電話會議。我叫艾莉莎，今天我將擔任你們的主持人。 （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。請繼續吧，莉瑪。

Good morning and thank you for joining us. I'm Rima Hyder Eversource Energy's Vice President of Investor Relations. During this call, we'll be referencing slides that we posted yesterday on our website. As you can see on slide 1, some of the statements made during this investor call may be forward-looking. These statements are based on management's current expectations and are subject to risk and uncertainty which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements.

早安，感謝您加入我們。我是 Rima Hyder Eversource Energy 投資者關係副總裁。在這次電話會議中，我們將引用昨天在我們網站上發布的幻燈片。正如您在投影片 1 中看到的，本次投資者電話會議期間所做的一些陳述可能具有前瞻性。這些陳述是基於管理階層目前的預期，並受到風險和不確定性的影響，可能導致實際結果與預測和預測有重大差異。我們不承擔更新或修改任何這些聲明的義務。

Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile the GAAP results is contained within our news release. The slides we posted last night. And in our most recent 10-Q speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer, and John Mara, our executive Vice President CFO and treasurer. Also joining us today is Jay Booth, our Vice President and controller.

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 結果均包含在我們的新聞稿中。我們昨晚發布的幻燈片。在今天最新的 10-Q 演講中，我們的董事長、總裁兼執行長喬·諾蘭 (Joe Nolan) 和我們的執行副總裁、財務長兼財務主管約翰·馬拉 (John Mara)。今天加入我們的還有我們的副總裁兼財務長 Jay Booth。

I will now turn the call over to Joe.

我現在會把電話轉給喬。

Thank you, Rima. Good morning, everyone. And thank you for joining us on this call. Let me begin today's call with the year-to-date progress we have made on our many priorities and what has been accomplished as highlighted on slide. Three, first in the third quarter, we reached an important milestone with the Seal of Revolution, Wind and South Fork Wind to global infrastructure partners.

謝謝你，莉瑪。大家早安。感謝您參加本次電話會議。讓我在今天的電話會議中首先介紹今年迄今我們在許多優先事項上取得的進展以及幻燈片上突出顯示的已取得的成就。第三，首先在第三季度，我們透過革命印章、風能和南叉風向全球基礎設施合作夥伴實現了一個重要的里程碑。

We have exited the offshore wind development business. We are now a pure play regulated pipes and wires utility that delivers superior service and value to our customers. Offshore wind has been a complex and challenging journey. One where we made the decision to exit. We are proud of our contributions to advance offshore wind projects in New York and New England. We still believe that offshore wind is a vital solution needed for the region that will provide us with regulated investment opportunities.

我們已經退出離岸風電開發業務。我們現在是一家純粹的受監管管道和電線公用事業公司，為我們的客戶提供卓越的服務和價值。離岸風電是一個複雜且充滿挑戰的旅程。我們決定退出的地方。我們為推動紐約和新英格蘭離岸風電計畫做出的貢獻感到自豪。我們仍然相信離岸風電是該地區所需的重要解決方案，它將為我們提供受監管的投資機會。

We will continue to be a leader in employing our strong transmission expertise to build our regulated onshore infrastructure that will support the clean energy transition in the region. Second, we have a robust capital plan through 2028 where we expect to invest nearly $24 billion in our regulated electric natural gas and water business. Our plan includes nearly $6 billion of transmission and over 10 billion of electric distribution infrastructure investments through 2028.

我們將繼續成為利用強大的輸電專業知識來建立受監管的陸上基礎設施的領導者，以支持該地區的清潔能源轉型。其次，我們制定了到 2028 年的穩健資本計劃，預計將在受監管的電力天然氣和水業務上投資近 240 億美元。我們的計畫包括到 2028 年近 60 億美元的輸電基礎設施投資和超過 100 億美元的配電基礎設施投資。

These investments are necessary to meet increasing low growth, maintain safety and reliability and to achieve progress on the clean energy objectives of our three states. Third, we recognize that we have work to do to strengthen our balance sheet and improve our credit position.

這些投資對於滿足日益增長的低成長、保持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。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 and our equity issuances. 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.

透過及時回收成本、出售離岸風電投資的收益以及發行股票，我們在改善 FFO 與債務比率方面取得了良好進展。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 Aquarian 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，我們將繼續與主要利益相關者一起推動 Aquarian 工作的銷售，以推動及時回收成本的需要，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. Lastly, we are a leader in clean energy transition with tremendous regulated opportunities ahead of us as the largest utility in New England, Eversource is well positioned to meet our state's mandated clean energy goals.

第四，我們相信，我們的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% 的每股盈餘長期成長率。 ，擁有巨大的監管機會作為新英格蘭最大的公用事業公司，Eversource 處於領先地位，能夠很好地實現我們州規定的清潔能源目標。

Turning to slide 4 Let me talk about some of the clean energy initiatives we are working on recently, working together with the six New England states. We secured approximately $90 million in federal funding for clean energy hub in southeastern Connecticut. This hunts Brook offshore wind hub will support new England's clean energy transition.

轉向投影片 4 讓我談談我們最近與新英格蘭六個州合作的一些清潔能源舉措。我們為康乃狄克州東南部的清潔能源中心獲得了約 9,000 萬美元的聯邦資金。這個布魯克離岸風電中心將支持新英格蘭的清潔能源轉型。

While improving grid reliability across the region, 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. 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.

在提高整個地區電網可靠性的同時，我們也從美國能源部獲得了約 2,000 萬美元，用於擴大馬薩諸塞州科德角地區的電池儲能專案。我們感謝母鹿給我們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，以提高客戶的電力可靠性。

On Cape Cod turning to slide 5. We are particularly pleased with our partnership with Massachusetts as it is clearly the leader in the New England region in connecting decarbonization goals with investment needs. Our electric sector modernization plan. Our ES MP was recently approved by the Massachusetts Department of Public Utilities. This plan is the road map for clean energy in the state and we believe it can become the model blueprint for the nation.

關於科德角，請轉到投影片 5。我們的電力部門現代化計劃。我們的 ES MP 最近獲得了馬薩諸塞州公用事業部的批准。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藍圖。

The ES MP 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 in developing our ES MP. We analyzed expected electric growth down to the circuit level to identify grid investments needed over the next five years and beyond these investments will increase electrification capacity by over 180%. Thereby making Massachusetts a leader in delivering clean energy to homes and businesses.

ES MP 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，以便在開發我們的 ES MP 時支持清潔能源項目。我們分析了電路層面的預期電力成長，以確定未來五年所需的電網投資，並且在此之後，這些投資將使電氣化容量增加 180% 以上。從而使馬薩諸塞州成為向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. We recently successfully implemented a new customer billing and information system in Massachusetts. The program is on track and we will begin the installation of the first smart meters next year in Connecticut.

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。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。該計劃正在按計劃進行，我們將於明年開始在康乃狄克州安裝第一批智慧電錶。

We recently received a draft decision from pure for Ami. While the draft decision is a step in the right direction to deploying Ami and 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. We are hopeful that the final decision will provide a clearer path to allow us to make this important investment for our customers.

我們最近收到了 pure for Ami 的決定草案。雖然該決定草案是朝著部署 Ami 和實現該州清潔能源目標的正確方向邁出的一步。我們已對該決定草案中的某些條款提出了評論，這些條款對我們的推進將構成挑戰。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, I want to highlight one of the most innovative low growth solutions we are working on in Cambridge, Massachusetts, the $1.5 billion to $1.6 billion Cambridge Underground Substation, the first of its kind and 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.

轉向幻燈片6，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增長解決方案之一，即耗資15 億至16 億美元的劍橋地下變電站，它是美國同類第一個也是最大的地下變電站這是我們與馬薩諸塞州建立漸進夥伴關係的另一個例子，旨在解決大劍橋地區和該地區日益增長的電力需求。

This project has already received approval from the energy facility Citing board. The project consists of a brand new 35,000 square foot underground substation incorporated into a residential and commercial project led by Boston properties. It will be built 120 ft below ground and consist of eight new 115 kb underground transmission lines with capability for further expansion. Construction is slated to begin in the first quarter of 2025.

該項目已獲得能源設施Citing董事會的批准。該項目包括一個全新的 35,000 平方英尺地下變電站，並納入波士頓房地產主導的住宅和商業項目中。它將建在地下 120 英尺處，由 8 條新的 115 kb 地下傳輸線組成，具有進一步擴展的能力。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.

如果沒有我們與包括週邊社區在內的主要利害關係人之間的密切合作，這個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 as a testament of this hard work. Eversource was recently recognized by Time magazine as the number one utility in the United States and one of the best companies to work for in the world. We are honored to receive the strong reinforcement of our position as an energy industry leader.

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，這是我們辛勤工作的證明。 Eversource 最近被《時代》雜誌評為美國排名第一的公用事業公司和世界上最適合工作的公司之一。我們很榮幸我們作為能源產業領導者的地位得到了強而有力的鞏固。

Thank you for joining us on the call today. 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.

感謝您今天加入我們的電話會議。 Eversource 具有獨特的優勢，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、受監管的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. I look forward to seeing many of you at the E I conference next week.

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。我期待在下週的 E I 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. This morning, I will discuss our third quarter earnings results including the impact from our offshore wind divestiture. Provide a brief regulatory update and review our financing activity in the third quarter. We completed the sale of the offshore wind investment as a result. We recognized an aggregate net loss on the divestiture of 524 million included in this loss was approximately 365 million related to obligations under the sale terms. With G IP, the majority of which is expected to settle once revolution wind reaches its commercial operation date in 2026.

謝謝喬，大家早安。今天早上，我將討論我們第三季的獲利結果，包括離岸風電剝離的影響。提供簡要的監管更新並回顧我們第三季的融資活動。我們因此完成了離岸風電投資的出售。我們確認，剝離帶來的總淨虧損為 5.24 億美元，其中包括與銷售條款下的義務相關的約 3.65 億美元。對於 G IP，一旦革命風能在 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. Turning to the quarterly earnings results on slide, seven GAAP results for the third quarter were a loss of 33¢ per share. These results include an after tax loss of a dollar 46¢ per share related to the offshore wind divestiture.

這一估計反映了對先前宣布的服務日期延遲和革命勝利的預計建築成本較高以及與 GIP 銷售協議的其他組成部分相關的成本評估。轉向幻燈片中的季度獲利結果，第三季的 7 個 GAAP 業績每股虧損 33 美分。這些結果包括與離岸風電資產剝離相關的每股 46 美分的稅後損失。

Absent the offshore win after tax loss, recurring earnings were a dollar 13 per share in the third quarter compared with GAAP and recurring earnings of 97¢. Per share for the third quarter of last year. Breaking down the third quarter, earnings results by segment starting with electric transmission which earned 49¢ per share compared with earnings of 46¢ per share in 2023 electric transmission earnings increased due to our continued investment in infrastructure needs.

如果沒有稅損後的離岸獲利，第三季的經常性收益為每股 13 美元，而 GAAP 和經常性收益為 97 美分。去年第三季每股。按第三季細分，從電力傳輸開始，各細分市場的獲利結果為每股49 美分，而2023 年電力傳輸收益為每股46 美分，由於我們對基礎設施需求的持續投資，電力傳輸盈利增加。

Electric distribution earnings were 57¢ per share for the quarter. Compared with earnings of 50¢ per share in 2023. 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. Our natural gas distribution business lost 9¢ per share for the quarter compared with a loss of 10¢ per share last year. The improved results were due to higher revenues from investments in natural gas infrastructure partially offset by higher property taxes, depreciation and interest expenses.

該季度配電收益為每股 57 美分。與 2023 年每股收益 50 美分相比。我們的天然氣分銷業務本季每股虧損 9 美分，而去年每股虧損 10 美分。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 7¢ per share this quarter compared with 5¢ per share last year. The increase in earnings was primarily due to lower depreciation expense and higher revenues from a water company acquisition that closed in late 2023 Eversource parent and other companies excluding the loss from offshore win earned 9¢ per share this quarter compared with recurring earnings of 6¢ per share last year.

本季度供水部門貢獻了每股 7 美分，而去年為每股 5 美分。收益成長主要是由於折舊費用降低以及水務公司收購（於2023 年底完成）帶來的收入增加，Eversource 母公司和其他公司（不包括離岸勝利的損失）本季每股收益9 美分，而經常性收益為每股6 美分去年分享。

The improved third quarter results primarily reflect a lower effective tax rate partially offset by higher interest expense. Overall. Our third quarter earnings results were in line with our expectations. We are updating our full year 2024 recurring EPS guidance to a range of $4.52 to $4.60 due to higher than anticipated interest expense. We reaffirm our longer term 5% to 7% EPS growth rate turn into our regulatory update on slide 8 starting with Massachusetts. As Joe mentioned, we received a decision in August on our electric sector modernization plan or ES MP.

第三季業績的改善主要反映了較低的有效稅率，部分被較高的利息支出所抵銷。全面的。我們第三季的獲利結果符合我們的預期。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 至 4.60 美元。我們重申 5% 至 7% 的長期 EPS 成長率將成為我們在投影片 8 上從麻州開始的監管更新。正如 Joe 所提到的，我們在 8 月收到了關於我們的電力部門現代化計劃或 ES MP 的決定。

As a reminder, we filed an initial draft of the E SNP with the grid modernization Advisory Council in September of 2023 for their 70 day review. We held stakeholder workshops in November followed by our final ES MP filing with the Massachusetts CPU in January of this year which incorporated feedback from the Advisory Council and stakeholder recommendations.

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 E SNP 初稿，供其進行 70 天的審查。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 CPU 提交了最終的 ES MP 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's 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. As a result, we have increased our five year capital investment forecast to 23.7 billion.

我很高興地向大家報告，該州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。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 E GM A, we received approval for our first rate base reset filing. This filing will incorporate the infrastructure investments that have increased our rate base from approximately 800 million to 1.7 billion. As of the end of 2023. This rate based reset is subject to a cap on revenue change.

十月底也在麻薩諸塞州。根據我們的和解協議。當我們收購 E GAM 時，我們的首次費率基礎重置申請獲得批准。該文件將納入基礎設施投資，這些投資已將我們的利率基數從約 8 億增加到 17 億。截至 2023 年底。

With the application of this revenue cap, we will implement a revenue increase of $77 million this year and 62 million in 2025. As a reminder, the next rate base reset is expected to be November 1 of 2027 current investments through 2026 Turning to New Hampshire, we are working through the cost prudency review of our late 2022 through early 23 storm costs of $232 million where we expect a final decision in the first half of next year. As a reminder, the determination of the final storm cost or recovery will be incorporated into our June 2024 rate case filing and we anticipate final rates will be effective next summer.

在應用此收入上限後，我們今年將實現收入增長 7700 萬美元，2025 年收入增長 6200 萬美元。我們正在對2022 年底至23 月初的2.32 億美元風暴成本進行成本審慎審查，預計在明年上半年做出最終決定。提醒一下，最終風暴成本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 rate making plan including a capital support mechanism that would adjust rates annually. Interim rates reflecting a $61 million increase took effect on August 1st, providing rate stability for customers and enhanced cash flows for the company.

作為新罕布夏州一般利率案例審查的一部分，我們建議實施一項基於績效的四年利率制定計劃，其中包括每年調整利率的資本支持機制。反映增加 6,100 萬美元的中期利率於 8 月 1 日生效，為客戶提供了利率穩定性，並增強了公司的現金流。

Moving to Connecticut as Joe mentioned last week, we filed written exceptions to Pura's draft decision in the ami cost recovery proceeding. 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.

正如喬上週提到的，搬到康涅狄格州，我們在 ami 成本回收程序中對普拉的決定草案提出了書面例外。該計劃要求在本月稍後做出最終決定，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 shortly where we have an operating revenue efficiency of approximately $210 million. This reflects core capital investments made since 2021 and projected investments through late 2026 approval of our rate request will allow us to recover those costs and continue to make important investments in the future. Keeping our system safe and reliable for our 252,000 customers in Connecticut.

同樣在康乃狄克州，我們預計很快就會提交揚基天然氣費率案件，該州的營業收入效率約為 2.1 億美元。這反映了自 2021 年以來進行的核心資本投資，以及到 2026 年末批准我們的費率請求為止的預計投資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 252,000 名客戶確保我們的系統安全可靠。

Turning to our balance sheet improvement, we have provided several major drivers that we expect to enhance our FFO to debt metrics. As shown on slide 9 with the Connecticut rate adjustment related to public benefit costs in place effective July 1. Our scheduled 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.

談到我們的資產負債表改善，我們提供了幾個主要驅動因素，我們預計這些驅動因素將增強我們的 FFO 與債務指標。如投影片9 所示，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。率回收和稅收優惠。我們繼續啟動一系列專案來改善我們的現金流狀況，並在實現 FFO 債務目標方面取得進展。到 2025 年。

On the sale of our aqua water business, we have recently launched the second phase of the process which would enable closing a sale by the end of 2025. 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 24th. In addition, we have issued 1.1 million shares of treasury stock.

關於出售我們的aqua water 業務，我們最近啟動了第二階段的流程，該流程將在2025 年底前完成出售。了截至 10 月 24 日，該公司已發行約 1,570 萬股普通股。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.05 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，正如您在投影片 11 中看到的，我們在獲利和股息成長方面擁有良好的記錄，並且我們對更新的 237 億美元的年度資本預測充滿信心。我們預測的融資計劃將使我們能夠在 2028 年之前實現 5% 至 7% 的每股收益增長率。

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

現在我將把電話轉回給 Rema，讓 Alyssa 進行問答。

We are now ready to take our questions.

我們現在準備好回答我們的問題。

(Operator Instructions)

（操作員說明）

Shar Peraza, Guggenheim partners.

沙爾‧佩拉薩 (Shar Peraza)，古根漢合夥人。

Hey, good morning guys.

嘿，早上好，夥計們。

Good morning, Shar.

早安，莎爾。

Morning Joe. Joe, I just wanted to maybe start really quickly on Millstone. Just a lot of discussion in Connecticut on the public benefits charges. Now it sounds like the state of Massachusetts is involved in the dialogue. Are you involved in this conversation? Is the net positive for both sides with the state's bulk at pricing above the current $50?

早安，喬。喬，我只是想盡快開始磨石。康乃狄克州有很多關於公共福利收費的討論。現在看來馬薩諸塞州也參與了對話。你參與了這次談話嗎？如果該州的大部分定價高於目前 50 美元，這對雙方來說都是積極的嗎？

Well, you know, I think it's interesting, I will tell you that there's a very strong working relationship between Rhode Island, Connecticut, Massachusetts as it relates to clean energy. You know, everyone's trying to do their part to secure clean energy for the region given that we are capacity constrained here. You know, I've been involved only to the extent that I understand the objectives of these three parties. The three bodies are my friends.

嗯，你知道，我認為這很有趣，我會告訴你，羅德島州、康乃狄克州、麻薩諸塞州之間存在著非常牢固的工作關係，因為它與清潔能源有關。你知道，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。你知道，我只是在了解這三個團體的目標的範圍內參與其中。這三個身體是我的朋友。

So we do talk about what they're trying to achieve. I think you, you know, you have Governor Lamont that would like some of the other states to participate in Millstone in terms of pricing. I have not been privy to what the thought is around pricing. I only have been privy to the fact that everybody is trying to bring something to the table.

所以我們確實談論了他們想要實現的目標。我認為拉蒙特州長希望其他一些州在定價方面參與米爾斯通。我不知道定價方面的想法。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're passionate about. They have wind. We also have the Seabrooke Acid which is under contract and we have obviously the Dominion. So those are some of the tools that we have available for a carbon free New England. And what I'm, what I'm, I take great comfort in is the fact that these governors are all very mature governors, they all get along very, very well. 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.

如您所知，馬薩諸塞州有 1,100 兆瓦來自加拿大的清潔能源連接，他們對此充滿熱情。他們有風。我們還有合約期間的西布魯克酸，顯然我們還有統治者。這些是我們為無碳新英格蘭提供的一些工具。而我，讓我感到非常欣慰的是，這些州長都是非常成熟的州長，他們相處得非常非常好。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 perfect. And then just lastly, Joe, I mean, I said this morning took another impairment on construction contingency and market prices. With revolution, I think for another 250 million. What, what are your, I guess runs, what are your obligations costs here under the G IP agreement is this morning's or that impairment included in your net loss for offshore wind under the G IP agreement. Are you going to fund the contingency and cost increase? Thanks, appreciate it.

完美了。最後，喬，我的意思是，我今天早上說過，對建築意外事故和市場價格又進行了減值。透過革命，我認為還有 2.5 億。我想，你的、我想運行的、你在 G IP 協議下的義務成本是多少，是今天早上的，或者是根據 G IP 協議包含在你的離岸風電淨損失中的減值。您打算為意外事件和成本增加提供資金嗎？謝謝，感激不盡。

Sure. I turn it over.

當然。我把它翻過來。

To John. Hey John, good morning. As you know, this quarter we did, we did take a very sizable charge, a loss on rev to the tune of 900 million. If you exclude the gain for sunrise, we were aware of the mono ple issue that was highlighted in and in aets commentary this morning. And you know, we have factored that concern into our into that charge. We will continue to work very closely with the parties including G IP and A to monitor the progress that they will continue to make, to mitigate this exposure.

對約翰.嘿約翰，早安。如您所知，本季我們確實承擔了相當大的費用，轉速損失高達 9 億。如果排除日出的增益，我們就意識到了今天早上 aets 評論中強調的單一問題。你知道，我們已將這種擔憂納入我們的指控之中。我們將繼續與包括 G IP 和 A 在內的各方密切合作，監測他們將繼續取得的進展，以減輕這種風險。

Okay. Got it. So everything's embedded in, in, in, in your charge, right? And no incrementals as of right now.

好的。知道了。所以一切都在你的掌控之中，對吧？目前還沒有增量。

As of right now.

截至目前。

Okay. Okay, perfect. Thank you guys. Appreciate it. See you in a couple of days.

好的。好的，完美。謝謝你們。欣賞它。幾天後見。

See you next week, see you next week.

下週見，下週見。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey. Good morning. Thanks so much for taking the questions. Hey, thanks for taking the time. Maybe just to start on the financing side, you know, you've now done about a billion dollars of equity for the year messaging has been sort of one up to 1.3 over the next several years, I guess. Can you just provide some color on the cadence looking into 25 and beyond on the equity side and in the context of what you've now done so far in 2024?

嘿。早安.非常感謝您提出問題。嘿，謝謝您抽出時間。也許只是從融資方面開始，你知道，你現在已經完成了大約 10 億美元的股本，我想，在接下來的幾年裡，訊息傳遞的比例將達到 1.3。您能否就 25 年及以後股票方面的節奏以及您在 2024 年迄今為止所做的事情提供一些資訊？

Sure. Our colleague, let me start by asking, answering the question in this fashion. It's really all about our balance sheet improvement. We are focused on that and I think this, the fact that we did issue a billion dollars is testament to how passionate we are about improving our balance sheet position. We will continue to update you as we progress. Obviously, in the in the fourth quarter call, which is literally within months away, we will refresh our our plan. Give you our revised capital forecast, align it with our financing plan and disseminate the equity needs over that forecast period. So be patient with us. We'll have more information in a couple of months.

當然。我們的同事，讓我先以這種方式提問、回答問題。這實際上與我們的資產負債表的改善有關。我們專注於這一點，我認為，我們確實發行了 10 億美元，這一事實證明了我們對改善資產負債表狀況的熱情。隨著我們的進展，我們將繼續向您通報最新情況。顯然，在幾個月後的第四季電話會議中，我們將更新我們的計劃。向您提供我們修訂後的資本預測，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。所以請對我們有耐心。幾個月後我們將獲得更多資訊。

Great. We'll stay tuned there and then maybe just to follow up on the, the FFO to debt walk. Appreciate the update on the known cash flow enhancements moving higher here. 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 Aquarian sale? That's still kind of TBD built into those numbers.

偉大的。我們將繼續關注，然後也許只是跟進 FFO 到債務的進展。感謝此處已知的現金流增強的更新。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，您能給我們一些了解嗎？這些數字仍有待確定。

K. The purpose of this slide once again continues to be to highlight the major drivers of the the enhancements to that 3 to 4% improvement. I would say all of the items except for the one that we have highlighted as TBD unknown and measurable. The rate adjustments was something that we were well along in the, in the, in this process. In my formal remarks, I mentioned that just a couple of days ago, we got the mess to approve the EE GM A which was 77 million that's going, that went into rates November 1st with a second rate adjustments happened in 12 months from now.

K. 這張投影片的目的仍然是強調 3% 到 4% 改進的主要驅動因素。我想說的是，除了我們強調為待定未知且可測量的項目之外的所有項目。利率調整是我們在這個過程中進展順利的事情。在我的正式發言中，我提到，就在幾天前，我們在批准EE GM A 時遇到了麻煩，該金額為7700 萬美元，於11 月1 日進入費率，從現在起12 個月後發生了第二次費率調整。

So all of those items are known and obviously we have closed on both offshore wind transactions and we highlighted the the billion dollars of equity that's also known. So I would say on this on these key major drivers, most of them are locked and loaded. The one that's still pending is the Aquarian sale.

因此，所有這些項目都是已知的，顯然我們已經完成了兩項離岸風電交易，並且我們強調了也已知的數十億美元的股權。所以我想說的是，在這些關鍵的主要驅動程式上，它們中的大多數都已鎖定並加載。仍懸而未決的是水瓶座出售。

Great to see the progress there. Thanks so much for the time.

很高興看到那裡的進展。非常感謝您抽出時間。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, good morning, morning, morning. So, thanks for the time. Just wanted to follow up on Shar's question around the offshore wind cost. I just, I recall that you kind of had the 5,050 sharing agreement with G IP. And you know, obviously some of the cost of revolution have changed. Can you just kind of confirm, you know, are you now taking on 100% or is there still, you know, more to go there and what, what's that level look like now? Thanks.

嘿，早上好，早安，早安。所以，謝謝你的時間。只是想跟進 Shar 關於離岸風電成本的問題。我只是，我記得你和G IP有過5,050的共享協定。你知道，顯然革命的一些成本已經改變了。你能否確認一下，你知道，你現在是否達到了 100%，或者還有，你知道，還有更多的東西可以達到，現在的水平是什麼樣的？謝謝。

Sure, Nick. We, we are at the point where we have reached that cap. So you are correct. Any further exposure would be shared 50% by eversource and 50% by Austin.

當然，尼克。我們，我們已經達到這個上限了。所以你是對的。任何進一步的曝光將由eversource 分擔50%，由Austin 分擔50%。

Okay. That, that's helpful. And then on the 5 to 7, I just wanted to kind of confirm, you know, you typically kind of rebase off of prior year actual. So is that still kind of the plan as we get into the fourth quarter? So we would kind of take this new fiscal '24 guide and rebase off of that? And then does that 5 to 7 include the aquarium proceeds or is that upside to the plan? And how, how should we think about that? Thank you.

好的。那，那很有幫助。然後在 5 日到 7 日，我只是想確認一下，你知道，你通常會根據前一年的實際情況進行調整。那麼，當我們進入第四季度時，這仍然是這樣的計劃嗎？那麼我們會採取這個新的 24 財年指南並以此為基礎進行調整嗎？那麼這 5 到 7 是否包括水族館的收益，或者說這對計劃有好處嗎？我們該如何思考這個問題？謝謝。

Sure, Nick. Well, let me, let me start by saying that the aquarium was a key component of our financing plan. So you can assume that that is, that's in there. I, you know, we highlighted in that ffo to debt slide, it is part of the assumption our financing plan. Right now, we have no reason to deviate from what we have done for many, many years, over well over a decade and that is to rebase as we move forward each year.

當然，尼克。好吧，首先我要說的是，水族館是我們融資計畫的關鍵組成部分。所以你可以假設它就在那裡。我，你知道，我們在 FFO 到債務下滑中強調了這一點，這是我們融資計劃假設的一部分。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。

Thank you.

謝謝。

CAD I.

電腦輔助設計 I。

So you had the E I.

所以你有 E I。

Durgesh Chopra, Evercore.

杜爾吉什喬普拉，Evercore。

Good morning, DSH. Hey, hey, good morning. Joe, thank you for giving me time. Just a couple of clarification questions. One is that the Cambridge Underground Station investment? Is that incorporated in the current five year plan or would that be incremental?

早上好，DSH。嘿嘿嘿，早安。喬，謝謝你給我時間。只是幾個澄清問題。一是劍橋地鐵站的投資？這是納入目前的五年計畫還是會逐步增加？

No, that has been incorporated in the the five year plan. So a lot of that spending will, will happen between 28. But the phase in of the in service date will happen over, think of it as a three year period, 29 30 31. But the bulk of the of the spend is on our current plan.

不，這已納入五年計劃。因此，大部分支出將在 28 日之間發生。

Okay, thank you. So, it's in the plan clear. How about the funding of the 600 million higher CapEx? I guess you'll, you'll, you know, that's you, you'll give us an update on the Q4 call, I guess. So let me know, but maybe just then.

好的，謝謝。所以，計劃裡是明確的。更高的 6 億資本支出的融資情況如何？我想你會，你會，你知道，就是你，我想你會給我們第四季電話會議的最新消息。所以請讓我知道，但也許就在那時。

Okay. Yes, yes. Understood. Okay, so then maybe just can you, as you file this Yankee gas rate case here, you know, in the, in the, in the back half of the month, maybe just talk to your strategy there. What to expect? Will you be filing for a sort of AP BR framework like you've done in other states? And then just how do you view, you know, the risk to ROE S given sort of some of the data points and decisions we've, we've seen in, in the state?

好的。是的，是的。明白了。好吧，那麼也許你可以，當你在這裡提交這個洋基汽油費率案件時，你知道，在這個月的後半個月，也許只是談談你的策略。會發生什麼事？您會像在其他州一樣申請某種 AP BR 框架嗎？然後，根據我們在州內看到的一些數據點和決策，您如何看待 ROE S 的風險？

Sure, sure. You know, I would, I would tell you that we are introducing PB R. We we like that construct from a rate stability that work that's worked very well for us in Massachusetts. We have recently introduced PB R in New Hampshire. So we would like to see that play its way through the Connecticut. So we are proposing a construct that we feel is appropriate. You know, I would say in terms of, of Yankee and how it's viewed, we, we view Yankee is a very well run organization. You know, we make, we make investments that are needed to continue to provide safe and reliable gas service to the Connecticut customers.

當然，當然。你知道，我會告訴你，我們正在引入 PB R。我們最近在新罕布什爾州引入了 PB R。因此，我們希望看到這種情況在康乃狄克州發揮作用。因此，我們提出了一個我們認為合適的結構。你知道，我想說的是，就洋基隊以及人們如何看待它而言，我們認為洋基隊是一個運作良好的組織。您知道，我們進行投資，以繼續為康乃狄克州客戶提供安全可靠的天然氣服務。

Connecte Yankee Gas has been under earning for, for quite some time. So cash flows are very important to the company. And we would like to to enhance the cash flow position for Yankee in order to continue to make these needed investments.

Connecte Yankee Gas 的獲利狀況已經持續了一段時間。所以現金流對公司來說非常重要。我們希望增強洋基的現金流狀況，以便繼續進行這些所需的投資。

Of course, we are practical and you know, in our plan, we will, we will, you know, hope to plan for very constructive outcomes.

當然，我們是務實的，你知道，在我們的計劃中，我們將，我們將，你知道，希望能夠計劃出非常有建設性的成果。

Okay, thank you. I appreciate the call.

好的，謝謝。我很感謝您的來電。

William Appicelli, UBS.

威廉‧阿皮切利，瑞銀集團。

Good morning, good.

早上好，很好。

Morning.

早晨。

Good morning.

早安.

Can you maybe just expand upon the comments around the. Connecticut draft decision, the Ami. Docket. You, you mentioned some conditions. That you'd like to see modified. Can you maybe just expand upon what you'd like to see to make that a more acceptable outcome?

您能否擴展一下周圍的評論？康乃狄克州決議草案，阿米。案卷。你，你提到了一些條件。您希望看到的修改。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, you know, one of the things that I think is important for us as we make investments, not only not only in, in our other jurisdiction, but in Connecticut is to have, you know, a clear path for regulatory recovery of our costs as well as sound legal standards around any decision. It's a big investment. It's an important investment.

當然，你知道，我認為在我們進行投資時，對我們來說很重要的一件事不僅是在我們的其他司法管轄區，而且在康涅狄格州，你知道，有一個明確的路徑來恢復我們的監管成本以及圍繞任何決定的健全的法律標準。這是一筆很大的投資。這是一項重要的投資。

And you know, the decision that we received, you know, 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 you know, for for the AMI program in Connecticut. So now we have commented obviously, it's a very comprehensive docket.

你知道，我們收到的決定是一個重大改進。但是，在我們願意為康乃狄克州的 AMI 計畫花費您所知道的資金之前，我們需要先了解該決定的某些方面和某些要素。所以現在我們已經明確評論了，這是一個非常全面的案卷。

There's a lot of obviously the devils in the details. But it, it just that the wind up is clear, regulatory certainty on the recovery of our, of our dollars that we spend as well as sound legal principles. It 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, our money back.

細節中有很多明顯的問題。但這只是結局是明確的，我們所花費的美元的回收以及健全的法律原則的監管確定性。它包含在該訂單中，以便我們可以放心，當我們代表客戶投資資金時，我們將收回我們的資金。

Okay. And so then how would it work after the final decision? I mean, do you, is it potential to scale some of the investment, you know, up or down or.

好的。那麼最終決定之後會如何運作呢？我的意思是，你知道，是否有可能擴大一些投資規模，向上或向下，或。

Would you have to sort of.

你是否必須這樣做。

Make a decision to do the program or not?

決定做還是不做這個計劃？

Well, I mean, we have to make a decision to move forward. I mean, a couple of, as you know, the elements of it, which has gone very, very smoothly here in Massachusetts. You know, I've been in this business for 40 years. I never thought that I would put in a billing system because as you know, it, it always ends badly, but we just put in a billing system, SAS billing system. S AP I mean, and we've got a tremendous, tremendous success to the point that we're we were won several awards for the implementation.

嗯，我的意思是，我們必須做出繼續前進的決定。我的意思是，正如你所知，其中的幾個要素在馬薩諸塞州進展得非常非常順利。你知道，我從事這個行業已經 40 年了。我從來沒有想過我會安裝一個計費系統，因為正如你所知，它總是以糟糕的方式結束，但我們只是安裝了一個計費系統，SAS 計費系統。我的意思是，S AP，我們取得了巨大的成功，以至於我們因實施而獲得了多個獎項。

So I am very, very pleased with that, but that would be the first thing that we would need to invest. Obviously, we change out the billing system and then begin implementation. But you know, ami is not something you can do piecemeal, 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.

所以我對此非常非常滿意，但這將是我們需要投資的第一件事。顯然，我們改變了計費系統，然後開始實施。但你知道，ami 不是你可以零敲碎打做的事情，你要么介入並進行投資，要么等到你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. You know, Ami is really the answer to that the opportunities in Ami around allowing customers to understand how they're spending their money, folks that want to interconnect. You know, some of their distributed generation, whether it's solar panels, whether it's a vehicle, those things are very, very important. Ami is critical for to enable that grid. So it's kind of all or nothing. I don't, I don't see any kind of piecemeal there.

但我會告訴你，如果你真的想啟用電網，你就想實現清潔能源的未來。你知道，Ami 確實是 Ami 提供的機會的答案，讓客戶了解他們如何花錢，以及那些想要相互聯繫的人。你知道，他們的一些分散式發電，無論是太陽能電池板，無論是車輛，這些東西都非常非常重要。 Ami 對於啟用該網格至關重要。所以這有點全有或全無。我沒有，我沒有看到任何零碎的東西。

Okay. And, and then just the second part on the, the higher interest expense. Is that, was that more timing related or, or rates being higher or just more debt being issued?

好的。然後是第二部分，更高的利息費用。那是更多的時間相關，還是利率更高，還是只是發行了更多的債務？

I would, I would say, well, obviously, because of the delay in offshore when we did need to be a bit more aggressive with our debt offering. So it's a combination of rates and volume higher debt outstanding.

我會說，嗯，顯然，因為當我們確實需要更積極地發行債務時，離岸業務出現了延遲。因此，這是利率和未償債務數量增加的結合。

Okay. Alright, great. Thank you very much.

好的。好吧，太棒了。非常感謝。

Thanks, Bill.

謝謝，比爾。

Jeremy Tonet, JP Morgan.

傑里米·託內特，摩根大通。

Hey, Jeremy.

嘿，傑里米。

Good morning, Jeremy.

早上好，傑里米。

Hi, Good morning. Hey, just want to dive into Aquarian a little bit more if I could appreciate there's limitations what you can say at this juncture, 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 and how you think about, I guess you know, value achieved versus timing of sales execution here. Just any other color would be great.

嗨，早安。嘿，如果我能理解的話，我只是想更深入地了解水瓶座，在這個時刻你能說的話是有限的，但你可以提供的任何其他高級評論，據我猜測，興趣程度，過程如何跟踪與期望，以及您如何看待（我想您知道）所實現的價值與銷售執行時間的關係。任何其他顏色都會很棒。

Sure, this asset received, a lot of attention is significant interest in the asset. It's a two step process. We completed the first step. We are down to the buyer list that we're going to deal with. We feel very, very good about the process. The interest is is exceeded our expectations 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. And then in Connecticut, there is a statutory process of six months and we feel very confident that we will close this transaction in 2025.

當然，這項資產受到了許多關注，並且對該資產產生了巨大的興趣。這是一個兩步驟過程。我們完成了第一步。我們已經確定了要處理的買家名單。我們對這個過程感覺非常非常好。興趣超出了我們的預期，我們確實預計在第一季度，我們將在第一季度宣布獲勝者。然後在康乃狄克州，有一個為期六個月的法定程序，我們非常有信心在 2025 年完成這筆交易。

Got it great. That's very helpful there. Thanks and, and just, you know, wanted to touch on the equity a little bit more. If you just remind us, maybe I missed apologies for that if any of the equity issued was forward sale or just want to make sure it was straight on that.

太棒了。這非常有幫助。謝謝，而且，你知道，我想多談一點股權問題。如果你只是提醒我們，如果任何發行的股票是遠期銷售，或者只是想確保它是直接的，也許我錯過了道歉。

No, no, those are the equity issuances were not put on a forward. So the cash is in the door.

不，不，這些股票發行並未進行遠期。這樣現金就進門了。

Great. That's it for me. Thank you.

偉大的。對我來說就是這樣。謝謝。

Thank you.

謝謝。

Ross Fowler with Bank of America. Your line is now open.

美國銀行的羅斯‧福勒。您的線路現已開通。

Morning, morning, good morning. So just, just a couple of questions for me on sort of going forward-looking at regulation. We've talked about Yankee and the deficiency there and moving that to, to PB R. Have you kind of, have you got an initial estimate or a feel for how the PB R shift would sort of layer that into customer rates over time?

早安，早安，早安。那麼，我想問幾個關於前瞻性監管的問題。我們已經討論過 Yankee 和那裡的缺陷，並將其轉移到 PB R。

Well, you know, the, one of the reasons that we like P PV R, it's, it's it does create a nice rate stability for our customers. You know, you have these annual inflationary adjustments plus an additional performance added for, for the utility. So we really like that aspect and I think that having that PB R that annual rate adjustment, it does in fact mitigate the volatility that would, would be led from a general rate receiving. So we, we very much like PB R you know, we, we're not afraid of having those performance tied into you know, targets that we can achieve that are reasonable and practical for us. So we are a performance based culture and and we look forward to that proceeding.

嗯，你知道，我們喜歡 P PV R 的原因之一是，它確實為我們的客戶創造了良好的費率穩定性。你知道，你有這些年度通貨膨脹調整加上為公用事業增加的額外績效。因此，我們真的很喜歡這個方面，我認為，透過年度利率調整來實現市價淨值比，它實際上減輕了一般利率接收帶來的波動性。所以我們非常喜歡 PB R，你知道，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聯繫起來。因此，我們是一種基於績效的文化，我們期待這一進程。

Maybe on that point, John, just kind of thinking about Massachusetts and, and what you've got there in terms of a regulatory set up, how do you, how do you, you know, give us, give us maybe some color on the process of full electrification and we've seen some policy statements that are pushing that forward in Massachusetts. How, how do you think about, you know, the two things? One, there's, there's probably some bill pressure coming from that, but you've got some P pr there as well. But how do we contextualize also the other side of that, which is some capital opportunity that 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.

也許在這一點上，約翰，只是想一下馬薩諸塞州，以及你在那裡的監管設置，你如何，你如何，你知道，給我們，給我們一些顏色全面電氣化的進程，我們已經看到了一些正在馬薩諸塞州推動這項進程的政策聲明。你如何看待這兩件事？第一，這可能會帶來一些帳單壓力，但你也有一些 P 公關。但我們如何將另一方面的情況考慮在內，這是你們已經開始的一些資本機會。但就像我只是想衡量當你繼續在州內進行過渡時的好處。

Sure, I think that the model that Massachusetts has deployed is one that we, we are very supportive and, and as Joe mentioned, we feel that that's something that other utilities could, could adapt to on a broader perspective. There was a lot of with the ES MP and that's the, the, the mechanism that I'm referring to. There was a lot of stakeholder collaboration to balance the investment needs to achieve electrification. We think that that's a very great model for all parties involved, very balanced.

當然，我認為馬薩諸塞州部署的模式是我們非常支持的模式，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來適應這種模式。 ES MP 有很多內容，這就是我所指的機制。為了平衡實現電氣化的投資需求，利害關係人進行了大量合作。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 ES MP with the DPU, the P you know, knew exactly what had happened before we filed that there was support by key stakeholders of that filing. So it kind of makes the regulatory and, and you know, the utility process from a rate making standpoint a bit more straightforward if you will. So we are very supportive of that. What the what we are implementing now is that think of it as that first wave, the 1st 45 years of spend Massachusetts wanted to look beyond that period. Look at what what's going to happen in 10 years and beyond. So we think it's a very collaborative process and we're very much supportive of it.

因此，當我們向 DPU 提交 ES MP 時，您知道的 P 確切地知道在我們提交該文件之前發生了什麼，並得到了該文件的主要利益相關者的支持。因此，如果你願意的話，這會讓監管以及從利率制定的角度來看公用事業流程變得更加簡單。所以我們非常支持這一點。我們現在正在實施的是，將其視為第一波浪潮，馬薩諸塞州的第一個 45 年支出希望超越那個時期。看看 10 年後及以後會發生什麼。所以我們認為這是一個非常協作的過程，我們非常支持它。

Yeah, that's perfect. Thank you.

是的，那太完美了。謝謝。

Steve Fleishman, Wolf Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Good morning, Steve.

早安，史蒂夫。

Yeah. Hi everybody. Good morning Joe John. Thanks. Just wanted to close the loop first on the revolution or it also mentioned higher vessel cost for their impairment. Just wanted to clarify that that was also updated when you closed.

是的。大家好。早上好，喬約翰。謝謝。只是想先關閉革命的循環，或者它也提到了由於其損害而導致的更高的船舶成本。只是想澄清一下，當您關閉時，該資訊也已更新。

Yes, yes. So we, we were aware of those issues when at the time that we, we did the the charge. And you know, the vessel issue has been rectified and we have that behind us. So we, we just need to keep monitoring the project development as we progress.

是的，是的。因此，當我們進行收費時，我們就意識到了這些問題。你知道，船隻問題已經解決，我們已經解決了這個問題。因此，我們只需要隨著進度不斷監控專案開發。

Okay. And then simple question, I, I'm not sure I missed this but just the, the guidance range for this year, you know, just the midpoint down a couple pennies. Not a, not a big deal. Is that, is it fair to say that that's just the equity issuance maybe coming a little earlier in the plan or, or is there some other driver this year?

好的。然後是簡單的問題，我，我不確定我錯過了這個，但只是今年的指導範圍，你知道，只是中間點下降了幾美分。不是，沒什麼大不了的。公平地說，這只是股票發行可能會在計劃中提前一點，或者今年還有其他推動因素嗎？

No, no, I I would say the the equity issuance was exactly pretty much right on plan as to what we anticipated. It was really more of the, the interest that, you know, the assumption that we had in the plan, we were, we were hoping for further fed action to be taken sooner in the year and that came a bit later. So it's really interest related.

不，不，我想說，股票發行完全符合我們的預期。這實際上更多的是，你知道，我們在計劃中的假設，我們希望聯準會在今年早些時候採取進一步的行動，但那會晚一點。所以這確實是跟興趣有關。

Okay, thank you very much.

好的，非常感謝。

Sure. Thanks Steve. See you next week.

當然。謝謝史蒂夫。下週見。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning, everyone.

大家早安。

Good morning, Travis.

早上好，崔維斯。

Hey Travis.

嘿特拉維斯。

Hi there. Just a little more on the ES MP and kind of higher level linking it with the whole clean energy idea. If you were to kind of put it in a percentage basis, how far does this get you? Just that program? The 600 million get to get you to kind of either where you need to be or where you want to be in terms of clean energy electrification. 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? That, that makes sense.

你好呀。關於 ES MP 的更多資訊以及將其與整個清潔能源理念聯繫起來的更高層次。如果你用百分比來表示，你能走多遠？就那個程式嗎？這 6 億可以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。我想另一種思考方式是，要到達你想去的地方，還需要走多少路？那個，說得有道理。

Yeah. No, I, I, I know exactly where you're going. I think it's, it's the starting point but it's, once again, I want to remind you that it's not just the ES MP prior to the E SNP being implemented, we already had another program that the DPU had previously approved kind of the same investment needs. And that interconnection of clean energy resources, primarily solar in Massachusetts, we refer to that as the you know, the SIP program C IP. And that program that we filed for, it was six clusters throughout, throughout the state of Massachusetts, predominantly in the southeastern part of the, of Massachusetts.

是的。不，我，我，我很清楚你要去哪裡。我認為這是一個起點，但我想再次提醒您，這不僅僅是在實施 E SNP 之前的 ES MP，我們已經有另一個計劃，DPU 之前已經批准了類似的投資需求。清潔能源資源（主要是馬薩諸塞州的太陽能）的互連，我們稱之為您知道的 SIP 計劃 C IP。我們申請的該計劃在整個馬薩諸塞州有六個集群，主要是在馬薩諸塞州的東南部。

So six individual clusters. The DPU has approved five of the six and that program was approximately a billion dollars of a combination of T&D investments that we would make. So, so that was kind of the first wave if you will. And that was baked into our five year plan. So ES MP is the second wave but there, there is more to come.

所以有六個單獨的群集。 DPU 已批准了六項中的五項，該計劃大約是我們將進行的 T&D 投資組合的 10 億美元。所以，如果你願意的話，這就是第一波。這已納入我們的五年計劃。所以 ES MP 是第二波浪潮，但未來還會有更多浪潮。

Okay, beyond the ES MP. Okay.

好吧，超越 ES MP。好的。

Correct.

正確的。

Okay. And then Connecticut should be that you, 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 positive at the gas Yankee gas or or on the electric side.

好的。然後康乃狄克州應該是你，你一直非常直率和公開地表示，除非你在那裡獲得更好的監管待遇，否則你不想投資，除了ami 之外，還有哪些類型的大型項目，或者是否有更大的項目現在坐在場邊嗎？如果瓦斯揚克氣或電側有正極，則可能是瓦斯或電。

So I I would say obviously the AMI is one that we would like to, to see the 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 in the state of Connecticut. It's not about revenues, it's not about net income. It's all about getting the cash in the door to pay for those investments, whether they're O&M or capital.

所以我想說，顯然 AMI 是我們希望看到的前進之路。但顯然，由於它與其他投資機會有關，我們必須非常注意，復甦機制絕對需要與我們在康乃狄克州進行的投資的時間和程度保持一致。這與收入無關，與淨利無關。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 that, that is critical for us as any utility would operate. You really need that cap slow to be coming in a bit more timely kicking the can down the road really doesn't accomplish net benefits for customers. It's short sighted. And we just need to work collaboratively with this, with, with Connecticut to be able to to invest those the necessary investments to continue to make the system reliable and safe for them.

這就是說，這對我們來說至關重要，因為任何公用事業都會運行。你確實需要這個上限慢慢來，以便更及時地把罐頭踢下去，這並不能為客戶帶來淨收益。這是短視的。我們只需要與康乃狄克州合作，就能夠進行必要的投資，繼續使系統對他們來說可靠且安全。

Sure thing. Okay. Thanks for the thought.

當然可以。好的。謝謝你的想法。

Thank you.

謝謝。

Julian Demou Smith with Jeffrey. Your line is now open.

朱利安·德穆·史密斯和傑弗裡。您的線路現已開通。

Good morning, good morning team. Hey, hey, how are you guys doing? Good to chat. Thank you. So just wanted to follow up on a couple of clean up items here. I know earlier you were talking with Carly there about the FFO debt. 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, that improvement? I mean, I know you list out what the items are but how are you doing against that target? If you will?

早上好，團隊早安。嘿嘿，你們好嗎？很高興聊天。謝謝。所以只想跟進這裡的一些清理項目。我知道早些時候您正在那裡與卡莉談論 FFO 債務。您能否向我們介紹一下您今年迄今為止在朝著這一進步邁進的過程中的感受？我的意思是，我知道您列出了這些項目，但是您在實現該目標方面做得如何？如果你願意的話？

It's, it's increased significantly from where we were in 23. So we have been making improvements, just leave it. I, I would prefer to leave it at that June.

是的，比我們23的時候顯著增加了。我，我寧願把它留在那個六月。

Yeah. Okay, I got you there and then separately a little bit of a cleanup item. You talked a little bit about this elevated interest expense here. Can you give us a sense like what is that gross run rate kind of year end? You know, exiting or starting into 25 if you will just kind of that nets against the parent a positive here if you think about it. 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 a.

是的。好的，我把你帶到那裡，然後單獨提供一些清理物品。您在這裡談到了利息支出的增加。您能否讓我們了解一下年底的總運行率是多少？你知道，退出或開始進入 25 歲，如果你想一想的話，這會對父母產生積極的影響。有沒有什麼方法可以給我們一個你現在正在考慮的總大小，甚至是作為一個。

Quarter run rate?

季度運行率？

Just so I'm clear. Can you repeat that question again?

只是這樣我就清楚了。你能再重複一次這個問題嗎？

Yeah, on the you, you talk about elevated parent interest expense maybe. Can you give us a sense of like what that gross run rate is at this point? If, if you will, whether quarter end or entering 25 or what have you.

是的，關於你，你可能會談論父母利息費用的增加。您能否讓我們了解一下目前的總運行率是多少？如果，如果你願意的話，無論是季度末還是進入25或什麼都有。

Well, if you look at the debt that parent has you, you can, you can calculate, calculate that. But remember we we were out there issuing the equity the first half of the year and we didn't get the win proceeds. We didn't get the cash flow. We didn't get the equity, the cash from the equity issuance until the second half and frame. And it was predominantly in the third quarter that we issued the bulk of that equity. So it did create a drag obviously having a billion dollars in the door that has gone to offset some debt and enhance the interest. Awesome.

好吧，如果你看看父母欠你的債務，你可以，你可以計算，計算。但請記住，我們在今年上半年發行了股票，但我們沒有獲得獲利收益。我們沒有得到現金流。直到下半年和框架我們才得到股權、股權發行帶來的現金。我們主要是在第三季發行了大部分股票。因此，它確實造成了拖累，顯然有十億美元用於抵消一些債務並提高利息。驚人的。

Yeah, absolutely. This is quickly on the, the the new Substation kudos there. Interesting development there a any cost like how do you think about the cost provisions and, and recovery mechanisms there? Just give it a little bit of a larger size to figure I'd ask on that front.

是的，絕對是。這很快就成為了新變電站的榮譽。有趣的開發有任何成本，例如您如何看待那裡的成本規定和回收機制？只要給它大一點的尺寸就可以知道我在這方面會問什麼。

Yeah, again, you know, the Commonwealth of Massachusetts, the pub public utilities gives us clear line of sight. We've got solid estimates on that and this is a transmission asset as well. The predominantly transmission. So for regulated and we feel good about it. We've, we've, we've, we've been working at that for several years in terms of estimates and pricing. And, so we don't anticipate any lag in terms of the recovery of the $1 of that, of that expenditure over there.

是的，再說一次，你知道，馬薩諸塞州的酒吧公共設施給了我們清晰的視線。我們對此有可靠的估計，這也是一項傳輸資產。以傳播為主。因此，對於監管而言，我們對此感覺良好。我們已經、我們、我們、我們在估算和定價方面已經為此工作了好幾年。因此，我們預計那裡的 1 美元支出的回收不會有任何延遲。

Got it. Okay. Fair.

知道了。好的。公平的。

Enough. Thank you guys very much. See you soon.

足夠的。非常感謝你們。再見。

Thank you. We'll see you next week.

謝謝。我們下週見。

Andrew Weisel, Scotia Bank.

安德魯‧韋塞爾，豐業銀行。

Good morning, Andrew.

早安，安德魯。

Hi, Andrew.

嗨，安德魯。

Good morning, everyone. First question I have for you is on the South Fork, tax equity investment. You're still showing the $500 on the cash flow. Walk. My question though is given the timing of some of the losses and 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?

大家早安。我要問你的第一個問題是關於南福克的稅收股權投資。您仍在現金流中顯示 500 美元。走。不過，我的問題是考慮到一些損失和減記的時間。您是否仍預計到 25 年底才能看到全部效益，還是可能會在 2026 年或更晚看到部分效益？

Andrew? I actually think that that'll spill into beyond 26 and let me explain why. And then the reason that we've left, that number of 500 million is not for the lack that we haven't found other tax benefits that we want to utilize prior to tapping into the, the ITC bucket. So we have been fortunate to utilize other tax credits before tipping into that bucket. So that 500 although this will be a ship out, but we've replaced that with other tax attributes.

安德魯？事實上，我認為這會超出 26 個範圍，讓我解釋一下原因。然後，我們離開的原因是，5 億的數字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。因此，我們很幸運在投入這一桶之前利用了其他稅收抵免。因此，500 雖然這將是一次運送，但我們已將其替換為其他稅收屬性。

Okay. Got it. So the dollars will be, in, they'll be replaced with other dollars. So the math still works. It'll just be, you'll, you'll be able to use those credits in later years. In other words, is that right?

好的。知道了。因此，美元將被其他美元取代。所以數學仍然有效。只是，你將能夠在以後的幾年中使用這些學分。換句話說，是這樣嗎？

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

正確的。正確的。而且，這是將提供的項目之一，我們將向您提供第四季度電話會議的最新情況。

Okay, great. That's helpful and more broadly on that walk. I always appreciate the details even though there's a lot of moving parts. Well, because there's a lot of moving parts. When I look at the bottom line there, obviously, you're now showing 3.75 billion, that's up quite a bit from 2.6 billion last quarter. The punch line is still 14 to 15%. You, how, how do you trend though or does that mean that you're more competent in that? Are you maybe thinking more of the higher end versus low end or is it just more better visibility in getting to that range?

好的，太好了。這對步行很有幫助，而且更廣泛。儘管有很多活動部件，但我總是很欣賞細節。嗯，因為有很多活動部件。當我查看底線時，很明顯，現在顯示的是 37.5 億美元，比上個季度的 26 億美元增長了不少。有趣的是仍然是14%到15%。你，怎麼樣，你的趨勢如何，或者這是否意味著你在這方面更有能力？您是否可能更多地考慮高端而不是低端，或者只是在達到該範圍時有更好的可見性？

Well, I, I would say that, you know, we didn't, we didn't quantify, we had it as an item that says TBD Equity needs the Aquarian on sale and rate cases. So we've just included more known and measurable items such as the billion dollars of equity needs and the, and the rate increases. But I, I would say that we're still in that 14 to 15% range.

好吧，我，我想說，你知道，我們沒有，我們沒有量化，我們把它作為一個項目，說 TBD Equity 需要出售水瓶座並對其進行評級。因此，我們剛剛納入了更多已知和可衡量的項目，例如數十億美元的股權需求和利率成長。但我想說，我們仍然處於 14% 到 15% 的範圍內。

Okay. That's very helpful. Then last one high level in Connecticut, you talked a lot about the AMI and, and more broadly, obviously, it's a tough environment, not only in terms of approvals, but there's a lot of concern about affordability. 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? I'm not looking for numbers. 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? And, and is there the potential to maybe move more capital away from Connecticut like you did a few months ago?

好的。這非常有幫助。然後在康乃狄克州的最後一次高層會議上，您談到了很多關於 AMI 的問題，更廣泛地說，顯然這是一個艱難的環境，不僅在審批方面，而且對負擔能力也有很多擔憂。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？我不是尋找數字。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，您如何定性地考慮在那裡投入資本？而且，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？

Yeah. Well, 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. And obviously, if if things change down there and, and they decide they want to provide timely cost recovery and follow legal standards, we will redeploy the $500 million. But I will tell you, you know, I take great comfort that there's significant amount of opportunities for investment across the eversource portfolio. You know, 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, of our cost. So again, we're, we're staying very, very close to it and, you know, I, I am a eternal optimist. The glass is half full and I hope that we do see a change down in Connecticut so that we can, we can, you know, and make the investments that are needed for our customers.

是的。嗯，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，我們將繼續監控它。顯然，如果那裡的情況發生變化，並且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。但我會告訴你，你知道，我感到非常欣慰的是，eversource 投資組合中有大量的投資機會。你知道，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。所以再說一次，我們非常非常接近它，你知道，我是一個永遠的樂觀主義者。杯子是半滿的，我希望我們確實看到康乃狄克州發生了變化，這樣我們就可以，我們可以，為我們的客戶進行所需的投資。

I mean, I would add, I would just add that our focus 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. So it's important that we get timely recovery of these investments in our operating costs. Otherwise, utilities are just going to be forced to kind of pull back on both buckets.

我的意思是，我想補充一點，我只想補充一點，我們的重點是讓資產負債表達到我們需要的水平，這實際上是為了客戶的利益，我們非常關注這一點。因此，及時收回這些投資的營運成本非常重要。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。

Good morning, Angie.

早安，安吉。

Thank you. Good morning. So, lots of questions. So, thanks for squeezing in. Just one question about your earnings benefit from the, the NECC transmission line. I remember in the past when we had, you know, had waited for the project to to come online, there was like a you know, an earnings benefit associated with it with the interconnection into this transmission line eventual. And I'm just wondering if that's, you know, if you could quantify that benefit and also if that benefit changed depending on the the capital cost of this project. You know, given the, the recent increase that was approved in Massachusetts. Thank you.

謝謝。早安.所以，有很多問題。謝謝您的參與。我記得過去，當我們等待該項目上線時，最終與這條輸電線路的互連會帶來收益收益。我只是想知道，您是否可以量化該收益，以及該收益是否會根據該項目的資本成本而變化。你知道，考慮到最近馬薩諸塞州批准的增長。謝謝。

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, the benefit that we get from executing the PP A agreement is the remuneration.

所以，安吉，我要澄清一下。這不是我們從互連角度尋求機會的項目之一。如果你說的是這個，那麼我們執行PP A協議得到的好處就是報酬。

That's right. Okay. So, so, so there's no like earnings benefit, just.

這是正確的。好的。所以，所以，所以沒有類似的收入福利。

No, there is, there is the earnings benefit is because of the size of the PP A over a long period of time. In order to preserve our and, and strengthen our balance sheet, we get a remuneration on the annual billing for that project. So it's about two point of 225 2.25% that we get that then. And that's, that's what helps us maintain. And, and the earnings that we were able to recognize from that project.

不，是的，獲利收益是由於 PP A 在很長一段時間內的規模而產生的。為了保護我們的資產負債表，並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。所以我們得到的大約是 225 2.25% 的兩點。這就是幫助我們維護的原因。並且，以及我們能夠從該項目中確認的收入。

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

這個百分比超過了供電成本，或者只是，再一次，就是這樣。

It's the value that we bill our customers. So that contract is, all utilities in Massachusetts electric utilities have to execute the PP A. So if we bill a dollar to customers, we get a dollar 02.

這是我們向客戶收取的價值。所以該合約是，馬薩諸塞州電力公司的所有公用事業公司都必須執行 PP A。

I understand. Okay. Okay. I might follow up in the past. And also, e I mean, and I understand that the sa associated with those transmission lines over the last couple of decades actually. But, but how are you, I mean, looking at these these projects, you know, going forward, I mean, would you consider maybe reviving your transmission line from, from Canada? I mean, how do you actually see that the supply backdrop for your, well, for New England and overall, you know, given the the load back load growth that we're seeing and granted, I understand that 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?

我明白。好的。好的。我可能會跟進過去。而且，我的意思是，我知道過去幾十年與這些傳輸線相關的 SA 實際上。但是，但是你怎麼樣，我的意思是，看看這些項目，你知道，展望未來，我的意思是，你會考慮從加拿大恢復你的輸電線路嗎？我的意思是，你實際上如何看待新英格蘭和整體的供應背景，你知道，考慮到我們所看到和認可的負載回載增長，我知道大多數其他數據中心不會在新英格蘭。但我只是想知道您如何看待新英格蘭的供需動態？

Yeah. Well, you know, I'll, I'll just tell you that, where we sit today, we are a, we are a pure play regulated utility. I promised all of you on the call and many others in the world that we are not going to swing for the fences anymore. We're looking for the singles and the doubles. We're looking at it in the regulated space. So I don't want anyone to worry that we are going to go and propose a transmission line to Canada as a merchant project because that's not something that we would do that would definitely deviate from, from this company's plan to be a purely regulated pipes and wires company.

是的。好吧，你知道，我會，我會告訴你，我們今天坐的地方，我們是一個，我們是一個純粹的監管公用事業。我向所有參加電話會議的人和世界上許多其他人保證，我們將不再採取中立態度。我們正在尋找單打和雙打。我們正在監管領域關注它。因此，我不希望任何人擔心我們將提議將一條通往加拿大的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管道的計劃和電線公司。

Okay. See you again soon. Thank you.

好的。很快再見。謝謝。

Thank you. See you next week.

謝謝。下週見。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Hey, good morning. Last but not least, hopefully. So, so really quickly on the, on the Ami when I look through your exceptions, I mean, I, I understood pretty much all of it. The only thing is the, 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 the more of the issue than, than with to the incremental O&M then, then there being a dispute about the incremental O&M. Am I correct in that?

嘿，早安。最後但並非最不重要的一點是，希望如此。所以，很快，在阿米身上，當我查看你們的例外情況時，我的意思是，我，我幾乎理解了所有這些。唯一的事情是，在我看來，對於維運來說，這是正確的，如果我錯了，請糾正我，你們關心的只是建立速率增加的能力，問題比增量更多然後是維，然後是關於增量運維的爭論。我的說法正確嗎？

Yeah, Paul, why don't 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，為什麼不讓我的投資人關係團隊帶您了解其中一些細節呢？

Okay, no problem. And then, and then with respect to one of the things that we're, we're, and I know this is necessarily directly associated with you guys, but there is this discussion about offshore wind. Some, some concerns about the impact of offshore winds cost on Connecticut. And I know this isn't specifically, you know, you guys are getting out of the business obviously and what have you, but, but there's a discussion about swapping Millstone again, not your facility with perhaps off wind and what have you.

好的，沒問題。然後，關於我們的一件事，我們是，我知道這必然與你們直接相關，但有關於海上風電的討論。有些人擔心離岸風電成本對康乃狄克州的影響。我知道這並不是特別的，你知道，你們顯然要退出這個行業，你們有什麼，但是，但是，有一個關於再次交換磨石的討論，而不是你們的設施，也許沒有風，你們有什麼。

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

我只是想知道，你們這些人，我的意思是，從你們的角度來看，是否看到這些關於離岸風電和康乃狄克州可能參與其中的長期區域問題。您有什麼潛在的影響，或者您對如何看待這個問題有任何評論，所以基本上是安吉的問題，關於電力價格的前景，以及您在該州有什麼，即使它們可能沒有與您的業務直接相關。

Nonetheless, you guys are delivering the power to people and you guys are concerned about affordability. I, I know. So, just what are you, what are your thoughts about the discussions that you're, that we're hearing about offshore wind and potentially the swap with nuclear?

儘管如此，你們正在向人們提供電力，你們關心負擔能力。我，我知道。那麼，您是誰？

Yeah. Well, I just will tell you that, you know, as I mentioned earlier in the call that you've got three governors, that, that are very actively engaged around the clean energy story and it's kind of like a potluck supper. You know, you've got, Connecticut wants to bring nuclear to the table and Mass has the, hydro coming in out of Canada, you've got a nuclear plant in New Hampshire. So there's a lot of folks that want to bring certain energy resources to the table. You know, the governor of Connecticut would like to have some of the other states pay for the, the, the Millstone assets.

是的。好吧，我只想告訴你，你知道，正如我之前在電話中提到的，你們有三位州長，他們非常積極地參與清潔能源的故事，這有點像一頓聚餐。你知道，康乃狄克州希望將核能帶入談判桌，麻州也有來自加拿大的水電，你在新罕布夏州有一座核電廠。因此，有很多人希望將某些能源資源擺上桌面。你知道，康乃狄克州州長希望其他一些州為磨石資產買單。

I think Massachusetts would like, you know, Connecticut to pay for some of the wind assets. So all I'll tell you is that what I take comfort is that this is very strong working relationship between the New England Governors. I mean, they all, they're all very, very cordial and I, I have no doubt in my mind that you'll come up with a solution that will benefit all of the customers of New England. 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 in the hydro coming, those are really the only injections that are taking place at this point. So I'm optimistic, we'll see how it plays out, but just know that that there is very constructive dialogue going on that everyone has to kind of take a piece of everyone else's recipe.

我認為馬薩諸塞州希望康乃狄克州支付一些風電資產的費用。所以我要告訴你的是，令我感到安慰的是，新英格蘭州長之間的工作關係非常牢固。我的意思是，他們所有人都非常非常熱情，我毫不懷疑你們會提出一個有利於新英格蘭所有客戶的解決方案。我的意思是，考慮到我們的位置，我們的處境很艱難，我們的容量有限，而且我們沒有看到新的資源，除了水力發電中的風，這些實際上是目前正在進行的唯一注入。所以我很樂觀，我們會看看結果如何，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。

I got you and then just respect to the climate bill.

我明白了，然後就是尊重氣候法案。

Yeah, you know, Massachusetts, you know, obviously we're very pleased. We were certainly had a major seat at the table there. And I think it's the, the one understanding I think that everyone sees is if you want to have a clean energy future and you want to electrify you know, infrastructure needs to be cited in a timely manner. You can't, you can't wait 55 years for something at 10 years.

是的，你知道，馬薩諸塞州，你知道，顯然我們非常高興。我們當然在那裡佔據了主要席位。我認為，我認為每個人都看到的一種理解是，如果你想要擁有一個清潔能源的未來，並且想要實現電氣化，你知道，需要及時引用基礎設施。你不能，你不能為了某件事等10年而等55年。

So, you know, one of the things that I'm most proud of is that, you know, we are, we, we, we have a very active presence in in environmental justice communities we want to make sure that nobody's adversely impacted. And I think that's what allowed us to get the siding so smoothly in Cambridge is that, you know, when they went around the room as to who, who had a seat at the table, I think everyone felt that everyone got a seat at the table and everyone's voice was heard and consequently, we had a very favorable outcome.

所以，你知道，我最自豪的事情之一是，你知道，我們在環境正義社區中非常積極地存在，我們希望確保沒有人受到不利影響。我認為這就是讓我們在劍橋如此順利地獲得支持的原因是，你知道，當他們在房間裡走動以確定誰、誰在桌子上有一個座位時，我想每個人都覺得每個人都在桌子上有一個座位桌子上每個人的聲音都被聽到了，因此，我們得到了非常有利的結果。

Thank you. I would now like to turn the call back to Rema for closing remarks.

謝謝。現在我想將電話轉回給雷馬，讓其致閉幕詞。

Thank you, Alyssa. Thank you everyone for joining us this morning. We will see many of you next week. This ends today's call. Thank you.

謝謝你，艾莉莎。感謝大家今天早上加入我們。下週我們將見到你們中的許多人。今天的通話到此結束。謝謝。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。