康涅狄格電力 (ES) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eversource Energy Q4 and year-end 2024 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Rima Hyder, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Eversource Energy 2024 年第四季和年終收益電話會議。（操作員指令）。請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係副總裁 Rima Hyder。請繼續。

Good morning and thank you for joining us today on the fourth quarter and year-end 2024 earnings call for Eversource Energy. During this call, we'll be referencing slides that we posted this morning 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，感謝您今天參加 Eversource Energy 第四季和 2024 年年終財報電話會議。在本次通話中，我們將參考今天早上在我們網站上發布的幻燈片。正如您在投影片 1 上看到的，本次投資者電話會議中的一些聲明可能是前瞻性的。這些聲明是基於管理層目前的預期，並受風險和不確定性的影響，可能導致實際結果與預測和預期有重大差異。我們不承擔更新或修改任何這些聲明的義務。

Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile to GAAP results is contained within our news release and the slides we posted this morning and in our most recent 10-Q and 10-K.

有關可能導致實際結果不同的各種因素的更多資​​訊以及我們對非 GAAP 指標的解釋及其如何與 GAAP 結果相協調的資訊包含在我們的新聞稿和我們今天早上發布的幻燈片以及我們最近的 10-Q 和 10-K 中。

Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President and Chief Financial Officer and Treasurer. Also joining us today is Jay Buth, our Vice President and Controller. I will now turn the call over to Joe.

今天發言的將是我們的董事長、總裁兼執行長喬諾蘭 (Joe Nolan)；以及我們的執行副總裁、財務長兼財務主管 John Moreira。今天與我們一起參加的還有我們的副總裁兼財務主管 Jay Buth。現在我將電話轉給喬。

Thank you, Rima, and good morning, everyone. Thank you for joining us today for our year-end earnings call. It is my great pleasure to report on another year of success in growth at Eversource. Our fiscal year 2024 closed with strong results in three main areas of focus.

謝謝你，Rima，大家早安。感謝您今天參加我們的年終收益電話會議。我很高興地向大家報告 Eversource 又一年的成功發展。我們的 2024 財年在三個主要重點領域取得了強勁業績。

First, providing top-tier electric gas and water service to our valued customers; second, delivering steady and stable financial results with earnings per share up 5.3% year-over-year, exceeding the midpoint of our revised guidance ; and third strengthening our balance sheet, all reflecting our commitment and dedication to delivering exceptional value to our customers and shareholders.

首先，為我們尊貴的客戶提供一流的電力、燃氣和水服務；第二，實現穩健的財務業績，每股收益同比增長 5.3%，超過了我們修訂後的指引中位數；第三，加強我們的資產負債表，這一切都體現了我們為客戶和股東提供卓越價值的承諾和奉獻。

Starting with slide 4. Let me take you through some of our 2024 accomplishments. Throughout the year, we've faced numerous challenges, but our unwavering focus on customers remains at the forefront of everything we do. Customer trust and satisfaction are paramount to us, and we have implemented several initiatives to enhance their experience and ensure we meet their needs.

從投影片 4 開始。讓我向您介紹我們在 2024 年所取得的一些成就。這一年，我們面臨著無數的挑戰，但我們對客戶的堅定關注始終是我們所做的一切的重中之重。客戶的信任和滿意度對我們至關重要，我們已經實施了多項措施來增強他們的體驗並確保滿足他們的需求。

From hardening infrastructure to withstand severe weather conditions to introducing innovative customer service solutions, we've made significant progress in strengthening our relationship with our customers and key stakeholders. Strengthening our balance sheet was a top priority for us in 2024 and will remain a key focus area for us in 2025.

從加強基礎設施以抵禦惡劣天氣條件到引入創新的客戶服務解決方案，我們在加強與客戶和主要利益相關者的關係方面取得了重大進展。強化我們的資產負債表是我們的 2024 年首要任務，並將繼續成為我們 2025 年關注的重點領域。

We made progress toward improving our FFO to debt ratio through constructive rate outcomes, successfully issuing $1 billion of equity through our ATM program, exiting the offshore wind business and as you recently saw, entering into an agreement to sell Aquarion Water at an attractive multiple of 1.7 times rate base. We were thrilled to announce the sale of this truly exceptional business. Its unique value and strategic importance made it a key asset in our portfolio.

我們透過建設性的利率結果在改善 FFO 與債務比率方面取得了進展，透過我們的 ATM 計畫成功發行了 10 億美元的股權，退出了離岸風電業務，並且正如您最近看到的那樣，達成了以 1.7 倍利率基數的誘人倍數出售 Aquarion Water 的協議。我們非常高興地宣佈出售這家真正卓越的企業。它的獨特價值和策略重要性使其成為我們投資組合中的關鍵資產。

Under Eversource's ownership, we built on Aquarion's long-standing track record of superior customer service, reliability, and operational success, adding nearly 30,000 customers across six acquisitions. But this isn't just any transaction. It's a milestone that marks an exciting new chapter in our growth journey. We are pleased that the Aquarion organization will find a good home with the Aquarion Water Authority, a newly created authority alongside the RWA.

在 Eversource 的領導下，我們以 Aquarion 長期以來的卓越客戶服務、可靠性和營運成功為基礎，透過六次收購增加了近 30,000 名客戶。但這並非普通的交易。這是一個里程碑，標誌著我們成長歷程中令人振奮的新篇章。我們很高興 Aquarion 組織能夠在 Aquarion 水務局找到良好的歸屬，該機構是與 RWA 一起新成立的機構。

Proceeds from the sale will be used to reduce debt, allowing us to reinvest capital into our regulated utilities, enhancing reliability for customers while further strengthening our company's financial position. This sale also reinforces our commitment to our core electric and natural gas operations. Another one of our proud accomplishments for the sixth year in a row was that Newsweek recognized Eversource as one of America's most responsible companies.

出售所得將用於減少債務，使我們能夠將資本重新投資到受監管的公用事業中，提高客戶的可靠性，同時進一步加強我們公司的財務狀況。此次出售也加強了我們對核心電力和天然氣業務的承諾。我們連續第六年取得的另一個值得驕傲的成就是，Eversource 被《新聞週刊》評為美國最負責任的公司之一。

This recognition highlights our excellence in environmental, social, and corporate governance areas. Also, time named Eversource to its annual list of the world's best companies. We were distinguished particularly for our commitments to reduce greenhouse gas emissions, consideration of workforce diversity and transparent disclosure through the global reporting initiative standards.

這項認可凸顯了我們在環境、社會和公司治理領域的卓越表現。此外，《時代》雜誌也將 Eversource 列入年度全球最佳公司名單。我們因致力於減少溫室氣體排放、考慮勞動力多樣性以及透過全球報告倡議標準進行透明揭露而脫穎而出。

As shown on slide 5, a few of our accomplishments in 2024 targeted at advancing energy diversification are all in Massachusetts. These include implementing AMI and receiving approval for Electric Sector Modernization Plan, or ESMP, and constructing a geothermal pilot. We also completed the acquisition of the Mystic site in Everett, Massachusetts.

如投影片 5 所示，我們在 2024 年為推進能源多樣化而取得的一些成就都在麻薩諸塞州。其中包括實施 AMI 並獲得電力部門現代化計劃 (ESMP) 的批准，以及建設地熱試點。我們也完成了位於馬薩諸塞州埃弗雷特的米斯蒂克工廠的收購。

With its strategic location, flexibility and existing infrastructure, this facility stands out as one of the most promising multiuse interconnection points for large-scale energy resources in New England, representing a unique opportunity to support the region's energy goals, spur economic development and create jobs. Purchasing this site will allow us to transform it into a premier energy interconnection hub that enhances reliability and energy supply diversity for the entire New England region.

憑藉其戰略位置、靈活性和現有的基礎設施，該設施成為新英格蘭地區最有前景的大規模能源資源多用途互連點之一，為支持該地區的能源目標、刺激經濟發展和創造就業機會提供了獨特的機會。購買該站點將使我們能夠將其轉變為一流的能源互聯樞紐，從而提高整個新英格蘭地區的能源供應可靠性和多樣性。

Another great example of our successful collaboration in Massachusetts is the greater Cambridge Energy project that recently broke ground in Kendall Square, marking the start of an innovative $1.8 billion energy initiative. This project which is mostly a transmission investment led by Eversource includes the construction of the first fully underground electrical substation in the United States.

我們在馬薩諸塞州成功合作的另一個很好的例子是最近在肯德爾廣場破土動工的大劍橋能源項目，標誌著一項耗資 18 億美元的創新能源計劃的啟動。該計畫主要由 Eversource 牽頭進行輸電投資，其中包括興建美國第一座全地下變電站。

This 35,000 square foot substation will be located over 100 feet underground beneath a newly designed public park. The project is a collaboration between Eversource Boston Properties the Cambridge Redevelopment Authority in the city of Cambridge. It's an exciting development for the community in a significant step towards a more sustainable and resilient energy future.

這個佔地 35,000 平方英尺的變電站將位於新設計的公共公園地下 100 多英尺處。該計畫是 Eversource Boston Properties 與劍橋市劍橋重建局合作的成果。這對社會來說是一個令人興奮的發展，是邁向更永續和有彈性的能源未來的重要一步。

In Southeastern Connecticut, working together with the six New England states, we were pleased to qualify for federal funding for a clean energy hub. The Huntsbuok offshore wind hub will support New England's clean energy transition while improving grid reliability across the region. With all this innovation and investment to meet state energy goals, customer affordability is always top of mind for us.

在康乃狄克州東南部，我們與新英格蘭六個州合作，很高興有資格獲得聯邦政府的清潔能源中心資金。亨茨布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。透過所有這些創新和投資來實現國家能源目標，客戶的承受能力始終是我們的首要考慮。

We are working alongside policymakers to develop and implement strategies to mitigate customer electric grills. By leveraging advancements in technology, enhancing energy efficiency programs and advocating for fair regulations, these partnerships aim to reduce the financial burden on consumers while ensuring a reliable and diverse energy supply.

我們正在與政策制定者合作制定和實施緩解客戶電烤架問題的策略。透過利用技術進步、加強能源效率計劃和倡導公平監管，這些合作旨在減輕消費者的經濟負擔，同時確保可靠和多樣化的能源供應。

And by enabling more supply to come into New England, our customers will benefit from lower rates over time. Turning to our financial performance on slide 6. We have continued to grow our earnings in dividend over the last three years on an average of 6%. We ended 2024 with over 5% growth, and we have recently increased our first quarter 2025 dividend by 5.2% on an annualized basis. John will discuss in greater detail our new five-year capital investment plan in a few minutes.

透過向新英格蘭提供更多的供應，我們的客戶將隨著時間的推移受益於更低的費率。關於第 6 頁的財務表現。過去三年，我們的股息收益持續以平均 6% 的速度成長。我們以超過 5% 的成長率結束了 2024 年，我們最近將 2025 年第一季的股息按年率提高了 5.2%。幾分鐘後，約翰將更詳細地討論我們的新五年資本投資計畫。

This new plan increases our investment over the next five years by nearly 10%, with the majority of that increase aimed at transmission investments to address aging infrastructure needs. We have tremendous growth opportunities ahead of us, both in replacing this aging infrastructure to make our system more resilient as well as building new substations and other infrastructure needs under the ESMP to address increasing load demand. Moving to our operational results on slide 7.

這項新計劃將使我們未來五年的投資增加近 10%，其中大部分增幅將用於輸電投資，以滿足老化的基礎設施需求。我們面臨著巨大的成長機會，既可以更換老化的基礎設施，使我們的系統更具彈性，也可以在 ESMP 下建造新的變電站和其他基礎設施，以滿足日益增長的負載需求。轉到投影片 7 上的我們的營運結果。

We've not only achieved our financial goals, but also have made good strides in reliability to enhance our operational performance for customers. Our electric reliability metrics once again achieved top decile performance among industry peers.

我們不僅實現了財務目標，而且在可靠性方面也取得了長足進步，從而提高了我們為客戶帶來的營運績效。我們的電力可靠性指標再次在業界取得前十名的成績。

More importantly, our safety metrics for the year exceeded not only the industry average, but also improved over last year's by 6%. These results reflect the Eversource brand to provide reliable and extraordinary service to our customers. For example, in Connecticut, 12 years ago, the average time between interruptions was 12 months, now it's nearly two years.

更重要的是，我們全年的安全指標不僅超過了行業平均水平，而且比去年提高了6%。這些結果體現了 Eversource 品牌為客戶提供可靠和卓越的服務。例如，在康乃狄克州，12年前，中斷之間的平均時間間隔為12個月，而現在已經接近兩年。

This success is a testament to the investments Eversource has made in the past, along with the hard work and dedication of our entire team, and I couldn't be prouder of what we've accomplished together. Investing in our infrastructure from improved reliability has been a decade-long process and has paid huge dividends for our customers.

這項成功證明了 Eversource 過去的投資以及我們整個團隊的辛勤工作和奉獻精神，我為我們共同取得的成就感到無比自豪。我們為了提高基礎設施的可靠性而進行的投資已經是一個長達十年的過程，並且已經為我們的客戶帶來了巨大的回報。

When there is a degradation in our investment levels, we know that reliability will likely be adversely impacted. With a stable regulatory environment, we can maintain and even increase infrastructure investments.

當我們的投資水準下降時，我們知道可靠性可能會受到不利影響。在穩定的監管環境下，我們可以維持甚至增加基礎設施投資。

Turning to slide 8. As we look ahead to 2025, we remain committed to maintaining our momentum and continuing to prioritize our strong focus on customers in every decision we make. Additionally, we are also laser-focused on enhancing our ability to finance utility operations by achieving earnings growth during this period.

翻到幻燈片 8。展望 2025 年，我們將繼續致力於保持發展勢頭，並在做出每個決策時繼續將客戶放在第一位。此外，我們還致力於透過在此期間實現盈利增長來增強我們為公用事業運營提供資金的能力。

John will cover our 2025 guidance, and he will discuss how we build upon this year to gain momentum in raising our earnings growth rate within the 5% to 7% range over the long term. We will continue to engage with our regulators across our footprint to drive regulatory relationships that are mutually productive for customers, policymakers and our investors, which starts with the ability to achieve top performance and reasonable rates for our customers.

約翰將介紹我們的 2025 年指引，並討論我們如何在今年的基礎上獲得動力，在長期內將我們的盈利增長率提高到 5% 至 7% 的範圍內。我們將繼續與我們遍布各地的監管機構合作，推動對客戶、政策制定者和投資者都有利的監管關係，這首先要為我們的客戶提供最佳的性能和合理的費率。

In particular, we've undertaken extensive efforts to improve our regulatory paradigm in Connecticut, seeking to identify areas for education, collaboration and consensus while seeking transparency in the regulatory environment.

特別是，我們已經付出了廣泛的努力來改善康乃狄克州的監管模式，尋求確定教育、合作和共識的領域，同時尋求監管環境的透明度。

In conclusion, let me reaffirm our commitment to driving consistent growth in earnings and dividends, investing in sustainable energy future, maintaining a solid financial position and continuing our strong customer focus. Our continued effort to expand our diverse energy initiatives has positioned us as a leader in the energy transition landscape.

最後，讓我重申我們致力於推動獲利和股息的持續成長、投資永續能源的未來、保持穩固的財務狀況並繼續高度關注客戶。我們不斷努力擴大多元化能源計劃，這使我們成為能源轉型領域的領導者。

Through strategic planning and key reliability investments, such as the ESMP and the innovative projects such as the geothermal pilot in the underground substation in Cambridge, we are delivering long-term value. to our stakeholders in contributing to our stronger and more resilient tomorrow for our customers.

透過策略規劃和關鍵可靠性投資（例如 ESMP）以及劍橋地下變電站地熱試點等創新項目，我們正在實現長期價值。為我們的利害關係人做出貢獻，為我們的客戶創造更強大、更具彈性的明天。

I want to extend my sincere thanks to our dedicated team of over 10,000 employees in our union partners for their unwavering support. By fostering a culture of excellence and innovation, we will ensure that we remain a trusted and reliable partner for the 4 million-plus customers we serve. Together, we are powering a sustainable and more prosperous future.

我要向我們工會合作夥伴中超過 10,000 名員工組成的敬業團隊表示誠摯的感謝，感謝他們堅定不移的支持。透過培養卓越和創新的文化，我們將確保繼續成為我們所服務的 400 多萬客戶值得信賴和可靠的合作夥伴。我們共同努力，創造一個可持續的、更繁榮的未來。

I will now turn the call over to John to discuss our full year financial results, financial guidance and capital investment plan and also provide an update on regulatory matters. Thank you.

現在，我將把電話轉給約翰，討論我們的全年財務績效、財務指導和資本投資計劃，並提供監管事宜的最新資訊。謝謝。

Thank you, Joe, and good morning, everyone. This morning, I will discuss the details of the Aquarion sale, review 2024 earnings results along with a regulatory update, share our updated five-year capital investment plan and provide our 2025 EPS guidance, the five-year financing plan, and our long-term earnings growth expectation. Let me start on slide 10 with a discussion of the details of the pending sale of Aquarion.

謝謝你，喬，大家早安。今天上午，我將討論 Aquarion 出售的細節，回顧 2024 年的盈利結果以及監管更新，分享我們更新的五年資本投資計劃，並提供我們的 2025 年每股收益指引、五年融資計劃以及我們的長期盈利增長預期。讓我從第 10 張投影片開始討論 Aquarion 待賣的細節。

As Joe mentioned, we are very pleased to have signed an agreement to sell this valuable asset. As we stated in the press release at the end of January, the aggregate enterprise value of the sale is approximately $2.4 billion. This includes approximately $1.6 billion in cash and approximately $800 million of net debt that we will extinguish at the closing.

正如喬所說，我們很高興簽署了出售這項寶貴資產的協議。正如我們在 1 月底的新聞稿中所述，此次出售的總企業價值約為 24 億美元。其中包括約 16 億美元現金和約 8 億美元的淨債務，我們將在交易完成時償還這些債務。

The aggregate value represents a multiple of 1.7 times 2024 rate base and is approximately 35 times expected 2025 earnings. This strong valuation will enable us to reduce parent company debt and thereby further strengthen the balance sheet. We expect to file change of control applications in all three states within the next 30 to 45 days and anticipate a closing in late 2025. Now I'll review the 2024 results as shown on slide 11.

總價值相當於 2024 年利率基準的 1.7 倍，約為 2025 年預期收益的 35 倍。這一強勁估值將使我們能夠減少母公司債務，從而進一步加強資產負債表。我們預計在未來 30 到 45 天內在這三個州提交控制權變更申請，並預計在 2025 年底完成。現在我將回顧投影片 11 中所示的 2024 年結果。

Our GAAP results for 2024 earnings of $2.27 per share compared with a GAAP loss of $1.26 per share in 2023. Results for 2024 include an aggregate net after-tax loss of $2.30 per share related to closing the sales of our offshore wind investment recognized in the third quarter as well as the expected loss on the pending sale of Aquarion.

我們的 2024 年 GAAP 業績為每股收益 2.27 美元，而 2023 年 GAAP 每股虧損 1.26 美元。2024 年的業績包括與第三季確認的離岸風電投資銷售結束有關的每股 2.30 美元的稅後淨虧損以及即將出售 Aquarion 的預期損失。

As a reminder, results for 2023 included an aggregate after-tax loss of $5.60 per share that primarily related to losses on offshore wind investments. Excluding those after-tax losses, our non-GAAP earnings were $4.57 per share in 2024 as compared to $4.34 per share in 2023, a year-over-year growth rate of 5.3%. As a reminder, our revised earnings guidance for 2024 was in the range of $4.52 to $4.60 per share.

提醒一下，2023 年的業績包括每股 5.60 美元的稅後總虧損，主要與離岸風電投資損失有關。除這些稅後損失外，我們的 2024 年非 GAAP 收益為每股 4.57 美元，而 2023 年為每股 4.34 美元，較去年同期成長 5.3%。提醒一下，我們對 2024 年獲利預測的修訂範圍為每股 4.52 美元至 4.60 美元。

Breaking down the 2024 full year earnings by segments, electric transmission earned $2.03 per share in 2024 as compared with earnings of $1.84 per share in 2023. The improved results were driven by continued investments in our electric transmission system to address service reliability. Our electric distribution earnings were $1.77 per share in '24 as compared with earnings of $1.74 per share in 2023.

按各部門細分 2024 年全年收益，電力傳輸 2024 年每股收益為 2.03 美元，而 2023 年每股收益為 1.84 美元。績效的改善得益於我們對電力傳輸系統持續的投資，以提高服務可靠性。我們的電力分銷收益在 2024 年為每股 1.77 美元，而 2023 年為每股 1.74 美元。

The higher results were due primarily to increased revenues from base distribution rate increases for Eversource’s, Massachusetts and New Hampshire Electric businesses partially offset by higher O&M interest expense, depreciation, and property taxes. The natural Gas Distribution business segment earned $0.81 per share in 2024 as compared to $0.64 per share in 2023.

業績成長主要歸因於 Eversource、麻薩諸塞州和新罕布夏州電力業務基本分銷率提高帶來的收入增加，但被更高的 O&M 利息支出、折舊和財產稅部分抵銷。天然氣分銷業務部門 2024 年每股收益為 0.81 美元，而 2023 年每股收益為 0.64 美元。

Improved results were due to higher base distribution rate increases at Eversource's Massachusetts natural gas businesses and continued investments in our gas system to replace aging infrastructure partially offset by higher depreciation, interest and property tax expenses.

績效改善的原因是 Eversource 馬薩諸塞州天然氣業務的基本分銷率提高，以及我們繼續對天然氣系統進行投資以替換老化的基礎設施，但折舊、利息和財產稅費用的增加部分抵消了這一影響。

Excluding the loss on the pending sale of Aquarion of $0.83 per share, the water distribution segment earned $0.12 per share in 2024 compared with a $0.09 per share last year. The increase in earnings was due primarily to lower depreciation expense as a result of final rate case decision, partially offset by lower authorized revenues.

不包括 Aquarion 待售每股 0.83 美元的損失，供水部門 2024 年的每股收益為 0.12 美元，而去年的每股收益為 0.09 美元。收益增加主要由於最終利率案例決定導致折舊費用降低，但被授權收入降低部分抵銷。

Eversource parent and other company GAAP losses were $1.63 per share in 2024 as compared to GAAP losses of $5.57 per share in 2023. Non-GAAP losses were $0.16 per share in '24 as compared to non-GAAP earnings of $0.03 per share in 2023.

Eversource 母公司和其他公司 GAAP 虧損在 2024 年為每股 1.63 美元，而 2023 年 GAAP 虧損為每股 5.57 美元。2024 年非 GAAP 虧損為每股 0.16 美元，而 2023 年非 GAAP 收益為每股 0.03 美元。

Lower non-GAAP results for the year were due to higher interest expense and the absence of a prior year net benefit from the sale of Eversource's interest in a clean energy fund, which was partially offset by lower effective tax rate. That wraps up 2024, a very transformative year for us despite the headwinds we faced. We delivered another year of earnings growth and innovative solutions for our customers. Moving on to the regulatory front. We had another very busy year with positive results.

本年度非公認會計準則業績較低是由於利息支出較高，以及去年沒有出售 Eversource 在清潔能源基金中的權益所產生的淨收益，但有效稅率較低部分抵消了這一影響。2024 年就此結束，儘管我們面臨阻力，但對我們來說，這是變革性的一年。我們又實現了一年的獲利成長，並為客戶提供了創新的解決方案。轉向監管方面。我們又度過了非常忙碌的一年，並且取得了正面的成果。

Our key 2024 regulatory items are highlighted on slide 12. Starting with Massachusetts, we received approval of our first-rate base reset request for EGMA, implementing a revenue increase of $77 million effective November 1, 2024, with an additional $62 million of revenue increase that will be effective later this year.

我們的 2024 年關鍵監管項目在第 12 頁上重點介紹。從麻薩諸塞州開始，我們獲得了 EGMA 一流基礎重置請求的批准，從 2024 年 11 月 1 日起實施 7,700 萬美元的收入增加，另外 6,200 萬美元的收入增加將於今年稍後生效。

As a reminder, this adjustment was a key component of our 2020 settlement agreement when we acquired EGMA. We will have a second-rate base roll in, in 2027. Also effective November 1, 2024, was the approval of $12.7 million increase in revenues for NSTAR Gas under the annual PBR adjustment mechanism.

提醒一下，此項調整是我們收購 EGMA 時達成的 2020 年和解協議的關鍵組成部分。2027年，我們將擁有二流的基地。另外，根據年度 PBR 調整機制，批准 NSTAR Gas 的收入增加 1,270 萬美元，該決定自 2024 年 11 月 1 日起生效。

Again, in Massachusetts under the annual PBR plan, we received approval of $56 million revenue increase for NSTAR Electric effective January 1, 2025. Turning to New Hampshire, we continue to work through the rate review filing made last summer, where we requested an increase in distribution rates of $182 million effective August 1, 2025.

同樣，在馬薩諸塞州，根據年度 PBR 計劃，我們獲得批准，自 2025 年 1 月 1 日起為 NSTAR Electric 增加 5,600 萬美元的收入。談到新罕布夏州，我們繼續執行去年夏天提交的利率審查文件，我們要求自 2025 年 8 月 1 日起將分配率提高 1.82 億美元。

As part of this proceeding, the new Hampshire PUC approved a settlement agreement for an interim rate increase of $61 million, effective August 1, 2024. The permanent rate request of $182 million includes the $61 million of temporary rate increase. Also included in this request is recovery of $247 million of deferred storm costs over a five-year period.

作為此程序的一部分，新罕布夏州公共事業委員會批准了一項和解協議，暫時提高電費 6,100 萬美元，自 2024 年 8 月 1 日起生效。1.82 億美元的永久利率請求包括 6,100 萬美元的臨時利率上調。該請求還包括在五年內收回 2.47 億美元的延期風暴成本。

A decision on the New Hampshire rate case is expected in July for rates to be effective August 1, 2025. As a reminder, the final rate decision will also provide a reconciling adjustment back to August 1, 2024. In Connecticut, the Yankee Gas rate review application to recover a revenue deficiency of $209 million, reflecting critical investments and cost increases since our previous rate review in 2018 continues to move along. We are in the discovery phase of the proceeding with a scheduled call for hearings in May and a final decision expected in October.

預計將於 7​​ 月對新罕布夏州利率案作出裁決，該利率將於 2025 年 8 月 1 日生效。提醒一下，最終利率決定還將提供至2024年8月1日的調整。在康乃狄克州，洋基天然氣公司的費率審查申請仍在繼續推進，旨在彌補 2.09 億美元的收入缺口，這反映了自 2018 年上一次費率審查以來的關鍵投資和成本增加。我們正處於訴訟的調查階段，計劃於五月舉行聽證會，預計十月將做出最終決定。

Next, let me discuss our updated five-year capital plan. As you can see on slide 13, our new plan reflects a $1.9 billion increase in utility infrastructure investments for the years 2025 through 2028, the period that overlaps with our prior plan. Please note that throughout this presentation, due to the pending sale of Aquarion, we have excluded those investments from our capital plan.

接下來，讓我討論一下我們更新的五年資本計畫。正如您在第 13 張投影片上看到的，我們的新計畫反映了 2025 年至 2028 年期間公用事業基礎設施投資增加 19 億美元，這段時期與我們先前的計畫重疊。請注意，在整個演示過程中，由於 Aquarion 即將出售，我們已將這些投資排除在我們的資本計劃之外。

The $1.9 billion increase is primarily driven by higher electric transmission and higher electric distribution investments in Massachusetts reflecting greater visibility into work needed to serve our customers over the next four years. Turning to our updated five-year capital plan that runs from 2025 through 2029 as shown on slide 14, which reflects our five-year utility infrastructure investments by segment.

19億美元的成長主要得益於馬薩諸塞州電力傳輸和電力分配投資的增加，這反映了未來四年為客戶提供服務所需工作的更大可見性。如投影片 14 所示，我們最新的五年資本計畫從 2025 年持續到 2029 年，該計畫反映了我們各部門的五年公用事業基礎設施投資。

As a reminder, this plan includes only those projects that we have a clear line of sight on from a regulatory approval perspective. Over this five-year period that runs from 2025 through 2029, we expect to invest approximately $24.2 billion in our regulated electric and natural gas businesses.

提醒一下，該計劃僅包括我們從監管部門批准角度明確關注的項目。從 2025 年到 2029 年的五年期間，我們預計將向受監管的電力和天然氣業務投資約 242 億美元。

These investments will allow us to continue to provide customers with safe, and reliable service, meet ongoing load growth and achieved progress on our state's clean energy objectives. Excluding Aquarion from both time frames, the 2025 through 2029 plan is an increase of $2.1 billion or a 10% increase from our previous five-year plan of $22.1 billion. From a segment standpoint, starting with transmission, the plan includes nearly $7 billion of transmission infrastructure investments over the next five years.

這些投資將使我們能夠繼續為客戶提供安全、可靠的服務，滿足持續的負載成長並在我們州的清潔能源目標上取得進展。如果將 Aquarion 從兩個時間段中剔除，2025 年至 2029 年的計劃將比我們之前的五年計劃（221 億美元）增加 21 億美元或 10%。從細分市場來看，該計畫從輸電開始，包括未來五年內近 70 億美元的輸電基礎設施投資。

These investments include replacement of agent infrastructure to harden the system and to increase resiliency during extreme weather events as well as innovative substation and other infrastructure projects undertaken for reliability and electrification purposes and interconnection projects, adding diversified energy resources to the grid.

這些投資包括更換代理基礎設施以強化系統並提高在極端天氣事件中的彈性，以及為可靠性和電氣化目的而進行的創新變電站和其他基礎設施項目和互連項目，為電網增加了多樣化的能源資源。

This five-year transmission plan is greatly enabled by efforts in Massachusetts last year, including the state's clean energy bill which reformed siting and permitting of energy facilities as well as the Department of Public Utilities approval of the electric sector Modernization Plan, or ESMP. Our transmission capital plan now includes engineering and development for future ESMP substations as well as significant ESMP substation investments toward end of the five-year forecasted period.

這個五年輸電計畫在很大程度上得益於馬薩諸塞州去年的努力，包括該州改革能源設施選址和許可的清潔能源法案，以及公共事業部對電力行業現代化計劃（ESMP）的批准。我們的輸電資本計畫現在包括未來 ESMP 變電站的工程和開發以及五年預測期末的重大 ESMP 變電站投資。

In fact, the ESMP gives us more visibility for transmission capital allowing us to raise the back end of our transmission capital forecast. We expect this trend to continue beyond the forecast period.

事實上，ESMP 為我們提供了更清晰的輸電資本可見性，使我們能夠提高輸電資本預測的後端。我們預計這一趨勢將在預測期之後持續下去。

Turning to electric distribution, our updated capital forecast now reflects over $10 billion of planned utility infrastructure investments with a continued focus on system resiliency and top tier electric reliability for our customers.

談到電力分配，我們更新後的資本預測反映了超過 100 億美元的計畫公用事業基礎設施投資，並繼續關注客戶的系統彈性和頂級電力可靠性。

Our planned electric distribution investments include $850 million for AMI program in Massachusetts. This technology will enable near real-time communications and includes an operating system and application environment for distributed intelligence at the meter. These enhancements will allow customers to increasingly participate in the transformation of energy usage. On the natural gas side, the plan reflects nearly $6 billion of investments centered around reliability and safety.

我們計劃的電力分配投資包括為馬薩諸塞州的 AMI 項目投資 8.5 億美元。該技術將實現近乎即時的通信，並包括用於電錶分散式智慧的作業系統和應用環境。這些增強功能將使客戶越來越多地參與能源使用的轉型。在天然氣方面，該計劃反映了以可靠性和安全性為中心的近60億美元的投資。

This plan is highlighted by the bare steel and cast-iron pipe replacement programs in Massachusetts and Connecticut. Across the natural gas system, we'll continue to thoughtfully engage with our states to ensure investments enable an affordable transition to a clean energy future. Rounding out our capital plan, our investments in technology and facilities forecasted at $1.2 billion, including AI and cybersecurity investments and tools to enable our employees to work more efficiently to serve customers.

該計劃的亮點是馬薩諸塞州和康涅狄格州的裸鋼管和鑄鐵管更換項目。在整個天然氣系統中，我們將繼續與各州進行認真的合作，以確保投資能夠實現向清潔能源未來的可承受過渡。完善我們的資本計劃，我們在技術和設施方面的投資預計為 12 億美元，其中包括人工智慧和網路安全投資以及工具，以使我們的員工能夠更有效率地為客戶服務。

We are excited about the regulated opportunities this plan brings to Eversource and the positive impact it can have for our customers. We do see opportunities that could provide additional investment in the range of $1.5 billion to $2 billion within this forecast period.

我們對該計劃為 Eversource 帶來的監管機會以及它為我們的客戶帶來的積極影響感到非常興奮。我們確實看到了可以在此預測期內提供 15 億至 20 億美元額外投資的機會。

These opportunities include Connecticut AMI, solar generation, increased usage of EVs and LNG facility upgrades. As we have in the past, we will update our plan as these opportunities materialize. The resulting impact to rate base growth from the updated capital plan is shown on slide 15. The customer-focused core business investments included in the capital plan results in an 8% growth in rate base from 2023 through 2029. Next, I will turn to our 2025 earnings guidance on slide 16.

這些機會包括康乃狄克州 AMI、太陽能發電、電動車使用增加和液化天然氣設施升級。正如我們過去所做的那樣，當這些機會實現時，我們將更新我們的計劃。投影片 15 顯示了更新後的資本計畫對利率基準成長的影響。資本計畫中包含的以客戶為中心的核心業務投資將使 2023 年至 2029 年的利率基數增加 8%。接下來，我將在第 16 頁討論我們的 2025 年獲利預測。

We are projecting an earnings per share in the range of $4.67 to $4.82 for 2025. Positive drivers this year include transmission investment for system resiliency and to address increased electric demand, gas and electric distribution rate increases, rate case outcomes in New Hampshire and Connecticut and a strong focus on reducing O&M expenses from 2024 level.

我們預計 2025 年每股收益將在 4.67 美元至 4.82 美元之間。今年的積極驅動因素包括為實現系統彈性和應對不斷增長的電力需求而進行的輸電投資、天然氣和電力分配費率的提高、新罕布什爾州和康涅狄格州的費率案例結果，以及高度注重從 2024 年的水平降低運營和維護費用。

These positive drivers are expected to be partially offset by higher depreciation and property taxes from increased investment. Higher interest costs impact of share dilution and higher effective tax rate. As Joe stated, we continue to be laser focused on improving our balance sheet.

預計這些積極驅動因素將被投資增加導致的折舊費和財產稅提高部分抵消。更高的利息成本受到股權稀釋和更高有效稅率的影響。正如喬所說，我們將繼續致力於改善我們的資產負債表。

As you can see on slide 17, we executed on all our cash flow enhancing commitments for 2024 and 2025. As a result, we expect to see a significant improvement in our cash flows from operations of nearly 50% in 2025 as compared to 2024 primarily driven by timely recovery of regulatory deferrals and distribution rate increases that I previously discussed.

正如您在投影片 17 上看到的，我們履行了 2024 年和 2025 年所有現金流增強承諾。因此，我們預計 2025 年的經營現金流將較 2024 年顯著改善近 50%，這主要得益於及時恢復我之前討論過的監管延期和分配率提高。

With the recent announcement of our sale of Aquarion, the $1 billion of equity that we issued in 2024, along with the projection of minimal cash tax payments through 2028 and a higher level of storm cost recoveries, our forecasted equity needs for 2025 through 2029 are expected to be approximately $1.2 billion.

隨著我們最近宣佈出售 Aquarion、我們在 2024 年發行的價值 10 億美元的股權，以及預計到 2028 年的最低現金稅收和更高水平的風暴成本回收，我們預測 2025 年至 2029 年的股權需求預計約為 12 億美元。

This $1.2 billion includes the remaining $300 million left on our previous equity issuance plan or said differently, incremental equity needs of $900 million from our previous equity guidance. This equity forecast is driven by the growth in our updated capital plan, given our solid execution on our cash flow enhancement commitments, including the expected proceeds from the Aquarion sale later this year, we expect to issue the majority of this $1.2 billion of equity towards the back half of our five-year forecast period.

這 12 億美元包括我們先前的股權發行計畫中剩餘的 3 億美元，或者換句話說，包括我們先前的股權指導中的 9 億美元增量股權需求。該股權預測是由我們更新後的資本計劃的增長推動的，鑑於我們對現金流增強承諾的穩健執行，包括今年晚些時候 Aquarion 出售預期所得，我們預計將在五年預測期的後半段發行這 12 億美元股權中的大部分。

This financing plan supports our FFO to debt ratio target well above the Moody's downgrade threshold of 13% during the forecast period. Additionally, this financing plan assumes no incremental holding company debt issuances in 2025 and assumes paying off $600 million of maturities in 2025 with internally generated cash and the expected proceeds from the acquiring on sales.

此融資計畫支持我們的 FFO 與負債比率目標在預測期間遠高於穆迪 13% 的降級門檻。此外，該融資計畫假設 2025 年不會增加控股公司債務發行量，並假設使用內部產生的現金和收購銷售的預期收益在 2025 年償還 6 億美元的到期債務。

Turning to slide 18. We are projecting the five-year long-term earnings per share growth rate to be in the range of 5% to 7% based off of 2024 non-GAAP recurring EPS of $4.57 per share. Given the headwinds in 2025, we expect the results to be a bit muted.

翻到第 18 張投影片。我們預計，基於 2024 年非 GAAP 經常性每股盈餘 4.57 美元，五年長期每股盈餘成長率將介於 5% 至 7% 之間。考慮到 2025 年的不利因素，我們預期結果會有些平淡。

However, our EPS growth profile will continue to strengthen as we execute on our strategic plan, which includes growth in transmission and distribution infrastructure investments that we are able to recover through constructive rate mechanisms as well as significant progress with the recovery of deferred storm costs throughout the system and continued O&M cost discipline. Before we get to your questions, I'll turn the call back over to Joe for his closing remarks.

然而，隨著我們執行策略計劃，我們的每股盈餘成長狀況將繼續增強，其中包括我們能夠透過建設性利率機制收回的輸電和配電基礎設施投資的成長，以及在整個系統內收回遞延風暴成本方面取得的重大進展和持續的營運和維護成本紀律。在我們回答您的問題之前，我將把電話轉回給喬，讓他做最後發言。

Thank you, John. I am immensely proud of our team's dedication and commitment to excellence, which has yielded a strong performance this past year. As we look ahead, we remain focused on our strategic priorities, enhancing operational efficiency, investing in regulated opportunities in delivering value to our shareholders and customers. I'll now turn it back over to Rima to begin the question-and-answer session.

謝謝你，約翰。我為我們團隊的奉獻和對卓越的承諾感到無比自豪，這使我們在過去一年裡取得了出色的成績。展望未來，我們將繼續專注於我們的策略重點，提高營運效率，投資受監管的機會，為我們的股東和客戶提供價值。現在我將把主題交還給 Rima，開始問答環節。

Thank you, Joe. Lisa, we're ready now for the Q&A session.

謝謝你，喬。麗莎，我們現在準備好進行問答環節。

(Operator Instructions) Shahriar Pourreza, Guggenheim Partners.

(操作員指示) Shahriar Pourreza，古根漢合夥人。

Joe, let me just start off with Connecticut, if it's okay. There's obviously a lot of back and forth to kick off the legislative session, seems to be some bipartisan support at this point for an expansion of PURA. Do you support three or five commissioners? And what do you see as the pathway forward from here for the broader set of reforms like making PURA independent a deep tweaking the public benefits, et cetera?

喬，如果可以的話，讓我先從康乃狄克州開始。顯然，立法會議的啟動需要經過許多反复，目前看來兩黨都支持擴大 PURA。您支持三位還是五位委員？您認為今後更廣泛的改革路徑是什麼，例如讓 PURA 獨立、深度調整公共福利等等？

Yes. So the current law, as you know, Shar, calls for five commissions. We don't have a position either way, whether it's three or five. From our perspective, we just want a fair transparent and lawful process. That's all we've ever asked for.

是的。因此，正如沙爾您所知，現行法律要求設立五個委員會。無論如何，我們都沒有確定的位置，無論是三或五。從我們的角度來看，我們只是想要一個公平、透明和合法的程序。這就是我們一直以來的全部要求。

Right now, what we know is similar to what you know to date that the Governor has nominated the Chair Marissa Gillette and David Arkantito serve as pure commissions through March of 2028. Under the Connecticut law nominees must appear before the joint executive Nominations Committee for a hearing and their executive nomination reports out to the house and the Senate where this typically a four vote.

目前，我們所知道的情況與您迄今所知的情況類似，州長已提名主席瑪麗莎·吉列 (Marissa Gillette) 和大衛·阿坎蒂托 (David Arkantito) 擔任純粹的委員會成員，任期至 2028 年 3 月。根據康乃狄克州法律，被提名人必須出席聯合行政提名委員會的聽證會，並將其行政提名報告提交給眾議院和參議院，通常需要四票。

As of today, the process is pending, and no date has been set for that exact nominations hearing. So we are awaiting the same news as everyone else in terms of what the schedule looks like. But again, we are indifferent on whether it's three or five, we just want to be treated fairly.

截至今天，該程序仍處於擱置狀態，並且尚未確定提名聽證會的具體日期。因此，我們和其他人一樣，也在等待有關日程安排的消息。但再說一次，我們不在乎是三分還是五分，我們只希望得到公平對待。

Got it. Hopefully, we get some positive changes there. John, just I know just a quick one for you. I know we're getting this credit question this morning. It's putting a little bit of pressure on the shares. But I guess what's the FFO to debt target for '25 to '29, sounds like there's a change versus the previous 14% to 50% target. What are you embedding in that $1.2 billion of equity for CT storm recovery, all of it, none of it.

知道了。希望我們能在那裡取得一些正面的改變。約翰，我只知道一個簡單的問題。我知道我們今天早上會遇到這個信用問題。這給股價帶來了一點壓力。但我猜測，25 年至 29 年的 FFO 與債務目標是多少，聽起來與之前的 14% 至 50% 的目標相比有所變化。您為康乃狄克州風暴恢復投入的 12 億美元股本中，會投入什麼呢？全部投入，還是一點投入都沒有？

Sure. First, let me start by saying, really, nothing has changed. As I shared with you on slide 17 in my presentation, you can see that all of those major cash flow enhancements is still intact from what we previously shared with you. We have now added the $1.6 billion that we anticipate receiving from the Aquarion later this year.

當然。首先，我要說的是，實際上什麼都沒有改變。正如我在簡報的第 17 張投影片中與您分享的那樣，您可以看到，我們之前與您分享的所有這些主要現金流增強仍然完好無損。我們現在已經增加了預計今年稍後從 Aquarion 獲得的 16 億美元。

So in addition to that, in the formal remarks that I made this morning, I've indicated that our expectation is that we should see a significant improvement, and I said in my formal remarks, nearly 50% increase in cash flows from operation, which is primarily driven by the regulatory deferrals coming in, which includes very little storms in 2025.

因此除此之外，在我今天早上的正式演講中，我表示我們期望看到顯著的改善，我在正式發言中說過，營運現金流將增加近 50％，這主要是由於監管延期，包括 2025 年很少發生風暴。

So to answer your question on the longer-term perspective, yes, we have a sizable portion of those storm costs coming in throughout the forecast period, which has led to the determination of our equity needs at that $1.2 billion. So -- but going back to your (technical difficulty) now the FFO to debt over the Moody's downgrade threshold.

因此，從長期角度回答你的問題，是的，在整個預測期內，我們將承受相當大一部分風暴成本，這導致我們確定股權需求為 12 億美元。所以 —— 但回到你的（技術難題）現在 FFO 與債務之比超過了穆迪的降級門檻。

Right now, as you know, Moody's is the only one that has us on negative outlook. So my focus is going to continue to improve that and hopefully get that outlook to a more stable setting from where we are right now. So continue to be very laser-focused on maintaining a very healthy FFO to debt ratio.

如你所知，目前只有穆迪對我們給予負面展望。因此，我的重點將繼續改善這一點，並希望使這種前景從目前的狀況走向更穩定的狀態。因此，繼續高度集中精力維持非常健康的 FFO 與負債比率。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特（Carly Davenport）。

Maybe just to stick on the sort of balance sheet and financing point. I appreciate the comments on the equity financing. Just as you think about the timing and methodology, I know you said back half of the plan, but would you expect that to be -- put a new ATM program in place as you kind of work through the initial $1.3 billion or do you see potential to execute more from a block sale perspective as you reach the latter parts of the plan?

也許只是堅持資產負債表和融資點。我很欣賞對股權融資的評論。正如您考慮時間和方法時，我知道您說過計劃的後半部分，但您是否期望在完成最初的 13 億美元時實施一個新的 ATM 計劃，或者您是否認為在完成計劃的後半部分時有潛力從大宗銷售的角度執行更多計劃？

Thank you, Carly. Very good question. We've been very, very pleased with the ATM program. I'd love the fact that we can control our destiny as to when we go to the market. You should expect us to use that vehicle for future -- to accommodate our future equity needs.

謝謝你，卡莉。非常好的問題。我們對 ATM 計劃非常非常滿意。我希望我們能夠掌控自己何時去市場的命運。您應該期望我們在未來使用該工具來滿足我們未來的股權需求。

Got it. Great. That's helpful. And then maybe just as you think about the potential for that $1.5 billion to $2 billion of incremental investments on top of the new five-year plan. How should we think about the potential timing of some of those buckets coming into play here?

知道了。偉大的。這很有幫助。然後也許正如您所想的，在新的五年計劃的基礎上，還有可能增加 15 億到 20 億美元的增量投資。我們應該如何考慮其中一些桶子在這裡發揮作用的潛在時機？

Well, the biggest component of that incremental investment opportunity is Connecticut AMI. And we continue to await Pure's action as they reconsider the final decision. So I don't -- we don't have a date as to when that proceeding is going to happen. So -- but I would say that certainly, you can expect something hopefully later this year, some guidance there. And then I think the bulk of the remainder piece of that, we should see more transparency in the coming 12 to 18 months.

嗯，這個增量投資機會的最大組成部分是康乃狄克州 AMI。我們將繼續等待 Pure 的行動，重新考慮最終決定。所以我不知道——我們不知道該程序何時會發生。所以 — — 但我可以肯定地說，您可以在今年晚些時候期待一些事情，一些指導。然後我認為，剩餘部分的大部分內容在未來 12 到 18 個月內應該會看到更多的透明度。

Steve Fleishman, Wolfe.

史蒂夫·弗萊什曼，沃爾夫。

I don't know. My phone might have gone out just briefly there. Just on -- did you actually give an FFO to debt number target in the answer to the question before went out -- my phone went out for like 10 seconds.

我不知道。我的電話可能只是短暫斷線了。剛才——在回答問題之前，您是否真的給了 FFO 與債務數字目標——我的電話斷了大約 10 秒鐘。

It's not -- I did not give a target, and I'm not going to give a target other than to say that we are trying to get to a better position, change the negative outlook at Moody's to more stable in the coming months. And right now, our downgrade threshold at Moody's is 13%. And Steve, what I said is our financing plan provides with the $1.2 billion of equity over the five-year period. We are very solidly above that 13% level.

我沒有給出目標，也不會給出目標，只是說我們正努力達到更好的狀態，在未來幾個月內將穆迪的負面展望轉變為更穩定。目前，穆迪對我們的評級下調門檻是 13%。史蒂夫，我剛才說了，我們的融資計畫將在五年內提供 12 億美元的股本。我們的比率穩居 13% 以上。

Okay. And where did it end up for end of '24?

好的。那麼 24 年末它最終去了哪裡？

Yes. We landed in, I would say, in the low single digits between 10.5%, 11% -- I'm sorry, low double digits.

是的。我想說，我們的成長率處於 10.5% 到 11% 之間的低個位數——抱歉，是低兩位數。

And then -- low double, yes. Okay. And then on -- could you -- you didn't really talk at all about revolution, and there was like nuance on Orsted's call where they had said it was -- previously said it would be on by 2026 and then they said second half of 2026. Did anything really change there? Or is it still on the same timeline that it was?

然後 —— 低雙倍，是的。好的。然後 — — 您實際上根本沒有談論革命，而且奧斯特德的電話中有一些細微差別，他們之前說過 — — 將在 2026 年實現，然後他們說是在 2026 年下半年。那裡真的有什麼改變嗎？還是它仍然處於原來的同一時間線上？

Yes, Steve, nothing has changed on Revolution. We continue to make great progress. They just defined that second half of 2026. But I will tell you that the 20 turbine is being loaded now with New London, we're making great progress. We feel very good about executing there. So.

是的，史蒂夫，革命方面沒有任何改變。我們不斷取得巨大進步。他們只是定義了2026年下半年。但我要告訴你，20 台渦輪機現在正在由新倫敦公司裝載，我們正在取得巨大進展。我們對在那裡的執行感到非常滿意。所以。

And you don't see anything like in your K or anything where you'd have to take another write-off there or anything like that?

並且您沒有看到任何類似 K 之類的情況，需要在那裡進行另一次註銷或類似的事情嗎？

No. No, we're filing our 10-K. We issued -- we released earnings, as you know, and we're filing our 10-K hopefully by Friday.

不。不，我們正在提交 10-K 表格。正如你們所知，我們發布了收益報告，並預計在周五之前提交我們的 10-K 報表。

Okay. Great. And then I know you filed the lawsuit recently in Connecticut about the actions of PURA. Just -- is there like a timeline on that lawsuit to be decided or.

好的。偉大的。我知道您最近在康乃狄克州針對 PURA 的行為提起了訴訟。只是──該訴訟的判決是否有時間表？

There's no timeline for the court to act. We have asked a superior court along with [Avangrid], we filed this complaint, just looking for transparency from PURA around orders that come out of the department. So no, we do not have any timeline as to when the court will make a decision around that.

法院沒有設定採取行動的時間表。我們已經與 [Avangrid] 一起向高等法院提出申請，並提起了訴訟，只是希望 PURA 對部門發布的命令保持透明。所以，我們不知道法院何時會就此作出裁決。

William Appicelli, UBS.

瑞銀的 William Appicelli。

Just a follow-up question there on the -- some of the cash flow items. So you mentioned the minimal cash tax payments through 2028. Can you just maybe expand upon that and what's driving that?

我只想問一些關於一些現金流項目的後續問題。所以您提到了到 2028 年的最低現金稅支付額。您能否詳細闡述這一點以及背後的原因是什麼？

Sure. As you -- as I've mentioned previously, we've had some nice tax credits that we've been able to utilize. We took advantage of that in '23, took advantage of that in '24, and there is a bit more that we will take advantage of 2025. So we really haven't tapped into the South Work ITC bucket yet. So when you look at what we've taken and what is yet to be taken, that probably puts us at a very minimal cash payer between now and 2028.

當然。正如我之前提到的，我們獲得了一些不錯的稅收抵免，可以利用。我們在2023年利用了這一點，在2024年也利用了這一點，到2025年我們還會利用更多的優勢。所以我們其實還沒有利用 South Work ITC 桶。因此，當你看到我們已經拿走的和尚未拿走的，這可能意味著從現在到 2028 年，我們的現金支付將非常低。

Okay. And I guess the other credits that you've utilized ahead of the South Fork is what is are they?

好的。我猜您在 South Fork 之前使用過的其他積分是什麼？

R&D-related tax credits. And Bill the way you should think about it on a normal basis, our tax obligation would be around $150 million to $170 million annually. So you can see that if you take that divided by the $500 million that we have available for ITC, that would likely get us through certainly '27 and we think that there's opportunity to continue to harvest that into 2028. So that will be primary driver.

與研發相關的稅收抵免。比爾，你應該按照正常情況來考慮，我們的納稅義務每年約為 1.5 億至 1.7 億美元。因此，您可以看到，如果將其除以我們可用於 ITC 的 5 億美元，那麼這筆錢很可能足以讓我們度過 27 年，我們認為有機會在 2028 年繼續獲得這筆錢。所以這將是主要驅動力。

Okay. And then when we think about the 5.7% growth rate, obviously, the guidance for this year is somewhat below that. But can you just sort of outline the drivers of some of the acceleration to get you back into that 5% to 7% as we think of into '26 and '27 and '28.

好的。然後，當我們考慮 5.7% 的成長率時，顯然今年的預期略低於這個數字。但是，您能否概述一下推動經濟成長的一些因素，以便讓您在 26 年、27 年和 28 年回到 5% 到 7% 的水平？

Sure. One, I've already spoken to and that is the recovery of deferred storm costs. We -- right now, we have $2 billion on our balance sheet and over this forecast period, I'm hoping that we get substantially all of that in the door, and that's part of our financing plan.

當然。第一，我已經談過了，那就是收回延期風暴成本。我們 - 目前，我們的資產負債表上有 20 億美元，在此預測期內，我希望我們能夠獲得大部分資金，這是我們融資計劃的一部分。

And then as I also mentioned in my formal remarks, recovery of our increment -- our investments through constructive rate mechanisms in place as we continue to expand to help the states meet their energy objectives. Part of that is in Massachusetts with the S&P, which we are executing.

正如我在正式演講中提到的那樣，我們將透過建設性的利率機制恢復我們的增量投資，並繼續擴大規模以幫助各州實現其能源目標。其中一部分是與馬薩諸塞州的標準普爾合作，我們正在執行。

As you know, we just broke ground last month on the Cambridge on the ground substation. A lot of that -- a lot of that spend is happening within this forecast period. However, the in-service will be towards the tail end of our forecast period. So it's timely recovery in our O&M. 2024 was a pretty healthy O&M year.

如您所知，我們上個月才剛破土動工建設劍橋地面變電站。其中很多——很多支出都發生在這預測期內。然而，投入使用的時間將接近我們預測期的尾聲。因此，這是我們在運作和維護中及時恢復的。 2024 年是營運和維護相當健康的一年。

And the last one, which we continue to be extremely focused on and that's offloading debt, offloading our holding company debt. I mentioned that my expectation is we're not -- we will not be in the debt capital markets this year for the holding company. They have $600 million of maturities that are coming due this year. Actually, half of that has already happened. And the remaining $300 million will happen in August.

最後一個我們繼續高度關注的點是卸載債務，卸載我們的控股公司債務。我提到，我的預期是，我們今年不會代表控股公司進入債務資本市場。他們今年有 6 億美元的債務即將到期。事實上，一半已經發生了。剩餘的3億美元將於8月到帳。

So the use of the cash proceeds from the Aquarion sale is -- will significantly drive that. So that's our growth in our CapEx plan that I just -- we just rolled out this morning. All of those components will help gain momentum to continue to build upon that 5% to 7% growth rate.

因此，Aquarion 出售所得現金收益的使用將極大地推動這一點。這就是我們今天早上剛推出的資本支出計畫的成長。所有這些因素將有助於獲得動力，繼續保持 5% 至 7% 的成長率。

Durgesh Chopra, Evercore.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore。

I have two. Just as I think about 2025, John, right? This is year-over-year is 4% growth below the target. And I do the math on your equity issuance, it's about $0.10 the amount of equity issued in 2024. Is that really the driver?

我有兩個。正如我所想的 2025 年，約翰，對吧？與去年同期相比，這一增幅低於目標 4%。我計算了一下你的股權發行量，2024 年發行的股權金額約為 0.10 美元。那真的是司機嗎？

I guess what I'm asking you is if you -- because you front-run that equity, you're below that 5% to 7%. Absent that, you would have been in that 5% to 7% rate. Is that the right way to think about it? Or there were other issues like.

我想問的是，由於你搶先交易了這些股權，所以你的收益率低於 5% 到 7%。如果沒有這個，你的利率就會處於 5% 到 7% 之間。這是正確的思考方式嗎？或有其他類似的問題。

Durgesh, you're absolutely right. I mean as I mentioned in my formal remarks, the equity that we issued is dilutive to our 2025 earnings. So -- and you're in the ZIP code in that quantification. But I think one of the things I would want to highlight to you all is your query on sales is going to bring in $1.6 billion of cash. I'm really not going to get the full benefit of that in 2025 because of when we get -- when we expect the closing.

Durgesh，你完全正確。我的意思是，正如我在正式發言中提到的那樣，我們發行的股權會稀釋我們 2025 年的收益。所以 —— 您在那個量化中的郵遞區號中。但我想向大家強調的一件事是，你們的銷售查詢將帶來 16 億美元的現金。我確實無法在 2025 年獲得全部好處，因為我們預計交易將在何時結束。

So the full value of that cash utilization is going to happen in 2026. So it's a combination of the dilution, and I'm not able to offload $1.6 billion of debt and enhance my interest expense.

因此，現金利用的全部價值將在 2026 年實現。所以這是股權稀釋的綜合結果，而且我無法卸下 16 億美元的債務並增加我的利息支出。

Got it. Okay. And then just on the interest expense topic, just as you think about your long-term growth rate, what are you modeling for interest rates? Are you modeling the current rate levels? Or do you see interest rates going up? Maybe just help us with your thought process there?

知道了。好的。然後僅就利息支出話題而言，當您考慮長期成長率時，您對利率的模型是怎樣的？您正在對目前的費率等級進行建模嗎？或者您認為利率會上升嗎？也許只是幫助我們了解你的思考過程？

I think as we always do, we look at multiple consensus that's in the market, and I'm very comfortable with what we have assumed in 2025 and beyond. It does -- Durgesh, it does assume that the Fed will move in the right direction.

我認為，正如我們一貫所做的那樣，我們會關注市場上的多種共識，並且我對我們對 2025 年及以後的假設非常滿意。確實如此——杜爾格甚，它確實假設聯準會將朝著正確的方向前進。

Well, let's hope they do.

好吧，我們希望他們能這麼做。

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

So just a couple of questions on a couple of things at the state level that are happening. In Massachusetts, we've seen the DPU has put out this proposal to end most gas line extensions. Does that shift your capital plan sort of under the surface away from gas and more towards electric?

我只想問一下州一級正在發生的一些事情。在馬薩諸塞州，我們看到 DPU 提出了終止大部分天然氣管道延長的提案。這是否會使您的資本計畫從天然氣轉向電力？

Or are you kind of already doing that in anticipation of things like this coming as you go through the full electrification runway in that state? And then the follow-on to that is how do you think about customer bill impacts as we switch from less gas surface going forward? Should this proposal be accepted towards more electric heating service in the future.

或者您已經這樣做了，以應對該州全面電氣化進程中即將發生的情況？那麼接下來的問題是，當我們從減少天然氣表面使用量轉向減少天然氣使用量時，您如何看待對客戶帳單的影響？這個建議是否應該被接受，以便將來提供更多的電加熱服務。

Yes. This is literally just came out, and we are actually going to provide comments to it. So I think it would be premature right now to kind of have any discussion around that as we formulate our response to the DPU.

是的。這實際上是剛剛發布的，我們實際上將對其提供評論。因此我認為，在我們制定對 DPU 的回應時，就此進行任何討論都為時過早。

Okay. Fair enough, Joe. And then I guess there's some legislative efforts in Connecticut to talk through or at least think about the statutory changes that were made around the Aquarion sale. How do you like contextualize the risks related to that? Or have they actually moved forward with legislation there?

好的。相當公平，喬。然後我想康乃狄克州正在做一些立法努力來討論或至少考慮圍繞 Aquarion 出售所做的法定變更。您如何看待與此相關的風險？或者他們實際上已經推進了那裡的立法？

Yes. Like every legislative arena, there are hundreds and hundreds of bills that are filed. This happens to be one there. Obviously, we will be active in that proceeding. But keep in mind that this legislative body is the one that enacted the law, not even seven months ago that allowed this particular buyer to bid.

是的。像所有立法領域一樣，有成百上千的法案被提交。這正好是那裡的一個。顯然，我們將積極參與這項進程。但請記住，這個立法機構是頒布這項法律的機構，甚至不到七個月前它就允許這位特定的買家競標。

So we feel confident that things are on track there and the governor did sign that. So we'll obviously play an active role, but I don't -- I'm not concerned about that at this point.

因此，我們相信事情正在順利進行，州長也確實簽署了該協議。因此我們顯然會發揮積極作用，但我並不擔心這一點。

Okay. Joe, Fair enough. And then, John, maybe if I can squeeze in one for you, taking out some earlier questions and just trying to fine-tune the detail on slide 17 on the cash flow. So if I think about that green box to the right of beyond 2025, would it be fair to say equity, we know kind of what you've given us, that's the $1.2 billion towards the end of the plan plus the DRIP and employee programs.

好的。喬，夠公平。然後，約翰，也許我可以為你擠出一個時間，解決一些先前的問題，並嘗試對幻燈片 17 上有關現金流的細節進行微調。因此，如果我考慮 2025 年以後右邊的綠色框，是否可以公平地說是股權，我們知道您給了我們什麼，這是計劃結束時的 12 億美元加上 DRIP 和員工計劃。

And then I can kind of get my head into an assumption of what deferred storm cost recovery looks look like and what distribution investment incremental looks like. So if I take sort of your 13% FFO to debt, I can sort of back into what you're assuming for rate increases, would that be fair?

然後我可以假設延遲風暴成本回收是什麼樣子的，以及分銷投資增量是什麼樣子的。所以，如果我將您的 13% FFO 用於償還債務，我就可以回到您假設的利率上漲水平，這樣公平嗎？

That's a fair assumption, correct.

這是一個合理的假設，正確。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just wanted to dive into 2025 EPS a little bit more, if I could, and just headwinds and tailwinds there. What you see four headwinds? And how do you think about, I guess, filling the $0.12 of Aquarion earnings and kind of growth within the plan?

如果可以的話，我只是想更深入地探討 2025 年的每股盈餘，以及那裡的逆風和順風。您看到四大逆風是什麼？我想，您如何看待填補 Aquarion 收益中的 0.12 美元以及計劃內的增長？

Well, for 2025, let me be clear, we are assuming the Aquarion earnings up to the expected closing date, so which is a good portion of the year.

好吧，對於 2025 年，讓我說清楚一點，我們假設 Aquarion 的收益會持續到預計的截止日期，所以這是一年中很大一部分的時間。

Okay. Got it. I didn't know if those move into disc ops, but I guess.

好的。知道了。我不知道這些是否會轉移到光碟操作中，但我猜。

No, it's not moving to discontinued ops, no.

不，這不會意味著停止運營，不會。

Got it. Okay. And I guess in the subsequent year, thinking about offsetting that headwind, just everything as you wait in the plan, anything else explicitly. Just trying to get a feeling for the shape of the earnings trajectory as Aquarion rolls off?

知道了。好的。我想，在接下來的一年裡，你會考慮如何抵消這種不利因素，就像你在計劃中等待的一切，以及其他任何明確的事情。只是想了解 Aquarion 推出後收益軌蹟的形狀？

Yes. I mean I think it's important to keep in mind that when Joe and I made the decision to sell Aquarion that represented a very accretive transaction for us. So having the $1.6 million to offload some of the interest, that should more than replace the earnings from Aquarion. And as I said that benefit will happen in 2026.

是的。我的意思是，我認為重要的是要記住，當喬和我決定出售 Aquarion 時，這對我們來說是一筆非常增值的交易。因此，透過 160 萬美元來減輕部分利息，這應該足以彌補 Aquarion 的收益。正如我所說，這項福利將在 2026 年實現。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾 (Andrew Weisel)。

First one on Mystic. It seems it's a great opportunity with a lot of flexibility, a lot of optionality, I guess my question is, what do you think about where -- what that might become? And what are the odds that might turn into a sizable investment opportunity, something that might be in the $1 billion-plus range. And is that included in your CapEx plan?

第一個是關於 Mystic 的。這似乎是一個很好的機會，具有很大的靈活性，很大的可選性，我想我的問題是，您認為它可能會變成什麼樣子？那麼，這項計畫成為可觀的投資機會（價值可能達到 10 億美元以上）的可能性有多大？這包含在你們的資本支出計畫中嗎？

No, it's not. (technical difficulty) Yes, just to be perfectly -- I mean, we just acquired the property in December. So our planning organization is going through and looking at the opportunities, seeing what RFPs potentially can materialize. So it's really broad -- we're very excited about that property because it gives us tremendous flexibility from a strategic location for the -- not just for Massachusetts, but for New England, okay?

不，不是的。（技術難題）是的，只是為了完美——我的意思是，我們剛剛在 12 月獲得了這處房產。因此，我們的規劃組織正在研究和尋找機會，看看哪些 RFP 可能會實現。所以它的適用範圍真的很廣泛——我們對這處房產感到非常興奮，因為它為我們提供了一個巨大的靈活性，從戰略位置來看——不只是對馬薩諸塞州，而且對新英格蘭來說也是如此，好嗎？

I think that's important. So we'll have to see as these opportunities come about as we what that would entail. It could materialize within this forecast period, but likely more beyond. I think it's also important to recognize that adjacent to that parcel of land, we currently own a very critical substation that's on the drafting table that we need to modify and upgrade to accommodate the slowed requirement. So still too early in the process to put anything in our plan.

我認為這很重要。因此，我們必須觀察這些機會的出現會帶來什麼後果。它可能在此預測期內實現，但很可能更久之後實現。我認為同樣重要的是要認識到，在這塊土地的鄰近，我們目前擁有一個非常重要的變電站，該變電站正在起草中，我們需要對其進行修改和升級，以適應放緩的需求。因此，現在將任何內容納入我們的計劃還為時過早。

Okay. Would you be comfortable making a $1 billion-plus investment there?

好的。您願意在那裡投資10億美元以上嗎？

Well, we certainly would feel very comfortable here not only for the FERC regulated assets as well as the regulatory climate we enjoy here in Massachusetts. So both of those are the proper formula for us to make investment decisions of that nature, yes.

我們在這裡肯定會感到非常舒服，不僅是因為聯邦能源管理委員會監管的資產，也因為我們在馬薩諸塞州享有的監管環境。所以，是的，這兩種都是我們做出這類投資決策的正確公式。

Okay. Great. And then just to clarify one other financing one. The dividend reinvestment and employee compensation programs. I see 1.3 million shares in 2024. Can you just give round numbers what we should expect for 2025 and beyond, whether in shares, dollars, or both?

好的。偉大的。然後只需澄清另一項融資問題。股息再投資和員工薪酬計劃。我預計 2024 年會有 130 萬股。您能否給出我們對 ​​2025 年及以後的預期數字，無論是股票、美元還是兩者？

I think you should assume that to go up slightly. The guidance that we've given is around $100 million to $120 million on an annual basis of cash savings of value.

我認為你應該假設它會略微上升。我們給出的指導價格是每年現金節省價值約 1 億至 1.2 億美元。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

So I -- just one question about Aquarion. So clearly, a very strong outcome of the sale process. Just wondering given that this transaction needs to be approved by PURA if you are anticipating any roadblocks there especially as far as the customer benefit is concerned.

所以我 — — 只想問一個關於 Aquarion 的問題。顯然，銷售過程的結果非常強勁。只是想知道，鑑於這筆交易需要 PURA 的批准，您是否預計會遇到任何障礙，尤其是就客戶利益而言。

When I think about it for a municipal utility, it's hard to see any meaningful cost efficiencies or there's obviously the issue of taxes as well, which I understand can be replaced by the payments in law of taxes. But I'm just, again, wondering the regulatory standard for approvals of deals like that.

當我考慮市政公用事業時，很難看到任何有意義的成本效益，或者顯然也存在稅收問題，我的理解可以透過稅法中的支付來代替。但我只是再次想知道批准此類交易的監管標準是什麼。

Sure. I mean we feel very good about the regulatory process. It's -- as long as the laws have followed, we feel comfortable that this transaction will be approved. And with regard to taxes for cities and towns, the fact that the matter is the rates currently include taxes for every one of those cities in town. So there's no reason going forward that this authority is not able to pay those taxes to those communities. And that's something that we think is very, very important.

當然。我的意思是我們對監管流程感到非常滿意。只要遵守法律，我們就相信這筆交易將會獲得批准。關於城鎮稅收，實際情況是，目前的稅率包括每個城鎮的稅收。因此，沒有理由說該當局無法向這些社區繳稅。我們認為這是非常非常重要的事。

And I would like to now turn the call back over to Joe Nolan for closing remarks. Please go ahead.

現在我想將電話轉回給喬諾蘭，請他作最後發言。請繼續。

Thanks everybody, for taking the time this morning for our year-end earnings call, and we hope you have a great day.

感謝大家今天早上抽出時間參加我們的年終收益電話會議，我們希望你們度過愉快的一天。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。