康涅狄格電力 (ES) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eversource Energy first quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker 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 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Rima Hyder。請繼續。

Good morning, and thank you for joining us today on the first quarter 2025 earnings call. 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.

早安，感謝您今天參加 2025 年第一季財報電話會議。在這次通話中，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。

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.

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，這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, the slides we posted last night 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、昨晚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長 Jay Buth。現在我將把電話轉給喬。

Thank you, Rima. Good morning, everyone, and thank you for joining us today for our first quarter earnings call. I am pleased to share our results and discuss the progress we have made towards our key initiatives in the first quarter of this year.

謝謝你，Rima。大家早安，感謝大家今天參加我們的第一季財報電話會議。我很高興分享我們的成果並討論我們在今年第一季在關鍵舉措方面取得的進展。

This quarter, we saw strong growth across our transmission and distribution businesses versus last year, and we are pleased to reaffirm our 2025 EPS guidance as well as our long-term EPS growth rate of 5% to 7% through 2029. As shown on slide 4, as a pure-play pipes and wires regulated utility, we are uniquely positioned to leverage our strengths in transmission and distribution investment opportunities.

本季度，我們的輸配電業務與去年相比實現了強勁成長，我們很高興重申 2025 年每股收益指引以及到 2029 年 5% 至 7% 的長期每股收益成長率。如投影片 4 所示，作為一家純粹的管道和電線監管公用事業公司，我們擁有獨特的優勢，可以利用我們在輸電和配電投資機會方面的優勢。

Our regulated status provides stability and predictability, allowing us to focus on long-term growth and sustainability that will continue to deliver on customer expectations. Over the five-year forecast period, we are projecting rate base growth at 8% with numerous additional opportunities outside of this forecasted period.

我們的監管狀態提供了穩定性和可預測性，使我們能夠專注於長期成長和永續性，並繼續滿足客戶的期望。在五年預測期內，我們預計利率基準成長率為 8%，並且在此預測期之外還有許多其他機會。

As shown here, the composition of our rate base is strategically shifting toward higher distribution spend in Massachusetts, primarily to meet the state's electrification goals set in the electric sector modernization plan and conversely, the reduction of capital investment in Connecticut.

如圖所示，我們的費率基礎組成正在策略性地轉向馬薩諸塞州更高的配電支出，主要是為了滿足該州電力部門現代化計劃中設定的電氣化目標，相反，減少康涅狄格州的資本投資。

We are excited to partner with the Commonwealth of Massachusetts on its decarbonization strategy and to make necessary investments to meet these goals and enhance reliability. We have strong investment opportunities beyond our five-year forecast period.

我們很高興與馬薩諸塞州政府合作制定脫碳策略，並進行必要的投資以實現這些目標並提高可靠性。在我們的五年預測期之外，我們擁有強大的投資機會。

We were pleased to see that ISO New England recently issued a new RFP to solicit longer-term proposals from transmission in connection with their 2050 transmission study. We are examining numerous opportunities, and we look forward to working with ISO New England on this unique opportunity to address the region's energy transition and maintain system reliability.

我們很高興看到，ISO New England 最近發布了一份新的 RFP，以徵求與 2050 年輸電研究相關的長期輸電提案。我們正在研究眾多機會，並期待與新英格蘭 ISO 合作，利用這一獨特的機會解決該地區的能源轉型問題並保持系統可靠性。

Another area of growth for us is the acquisition of the Mystic site in Everett. With its strategic location, flexibility and existing infrastructure, this facility stands out as one of the most promising multiuse interconnection points for a wide range of energy resources in New England, representing a unique opportunity to support the region's energy goals, spur economic development, and create jobs.

我們的另一個成長領域是收購埃弗雷特的 Mystic 工廠。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多種能源資源最具前景的多用途互連點之一，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。

These future transmission and distribution opportunities give us confidence for growth for years to come as well as ensuring that our customers receive safe and reliable service.

這些未來的輸電和配電機會使我們對未來幾年的成長充滿信心，並確保我們的客戶獲得安全可靠的服務。

At the heart of our operation is our commitment to customer innovation and affordability. We continue to invest in advanced technologies and innovative solutions that enhance the reliability and efficiency of our transmission and distribution networks.

我們營運的核心是致力於客戶創新和可負擔性。我們持續投資先進技術和創新解決方案，以提高輸配電網路的可靠性和效率。

Our focus on affordability ensures that we deliver value to our customers while maintaining reasonable rates. We have launched several initiatives aimed at improving customer experience and reducing costs in the long term. As shown on slide 5, in Massachusetts, our AMI project remains on track with significant progress made on standing up integrating and testing the necessary systems.

我們注重可負擔性，確保我們在保持合理價格的同時為客戶提供價值。我們已經啟動了多項旨在長期改善客戶體驗和降低成本的措施。如投影片 5 所示，在麻薩諸塞州，我們的 AMI 計畫進展順利，在建立、整合和測試必要的系統方面取得了重大進展。

We began deployment on AMI communication network in Western Massachusetts at the start of this year and is now 40% complete. We expect to complete the AMI network before the first smart meter is deployed in July. We are excited about this technology and how it will empower customers to make data-driven decisions about their energy usage and provide customers with more control than ever before.

我們於今年年初開始在馬薩諸塞州西部部署 AMI 通訊網絡，目前已完成 40%。我們預計在 7 月部署第一個智慧電錶之前完成 AMI 網路。我們對這項技術感到非常興奮，它將如何幫助客戶根據數據做出有關能源使用的決策，並為客戶提供比以往更多的控制權。

Additionally, with feedback from our customers, through our robust voice of the customer program, we have implemented many user experience enhancements, including redesigning and streamlining the digital customer experience for managing their account needs.

此外，根據客戶的回饋，透過我們強大的客戶之聲計劃，我們實施了許多使用者體驗增強功能，包括重新設計和簡化數位客戶體驗以管理他們的帳戶需求。

More importantly, we added greater functionality and created a new redesigned account overview page on our website, making it easier for our customers to compare their bills and better understand their usage.

更重要的是，我們在網站上增加了更多功能並創建了新的重新設計的帳戶概覽頁面，使我們的客戶能夠更輕鬆地比較他們的帳單並更好地了解他們的使用情況。

Helping our customers understand their bill, educating them on energy-related topics and making it seamless for customers to interact with Eversource is a key objective for us. On the regulatory front, we continue to make progress across three states.

幫助我們的客戶了解他們的帳單，教育他們有關能源的主題，並使客戶能夠無縫地與 Eversource 互動，這是我們的關鍵目標。在監管方面，我們在三個州繼續取得進展。

Earlier this year, there was a call to action in Massachusetts from our customers, communities and state policymakers to address affordability, stabilize rates and provide transparency on energy bills. This was in response to high gas bills following the rate adjustments and increased demand due to a very cold winter.

今年早些時候，馬薩諸塞州的客戶、社區和州政策制定者呼籲採取行動，解決可負擔性問題、穩定費率並提供能源帳單透明度。這是為了因應費率調整後天然氣費用上漲以及冬季嚴寒導致的需求增加。

In collaboration with state leaders, we developed a plan to reduce winter rates for our gas customers by approximately 10% to smooth bill impacts during high usage periods, which went into effect beginning March 1.

我們與州領導合作制定了一項計劃，將天然氣客戶的冬季費率降低約 10%，以平滑高使用期間的帳單影響，該計劃於 3 月 1 日生效。

We have also organized many events to work with and educate customers and communities we serve about the various options they have to manage their bills, including energy efficiency programs. We recognize there's more to do to address transparency and affordability, and we are actively working with the administration, legislators, communities, and regulators, on long-term solutions to smooth rate shocks and address affordability.

我們也舉辦了許多活動，與我們服務的客戶和社區合作並向他們介紹管理帳單的各種選擇，包括能源效率計劃。我們意識到在解決透明度和可負擔性問題方面還有很多工作要做，我們正在積極與政府、立法者、社區和監管機構合作，尋找長期解決方案，以緩解利率衝擊並解決可負擔性問題。

In Connecticut, PURA Commissioners, Marissa Gillett and David Arconti have been confirmed by the state legislature, and we look forward to working with them to ensure customers continue to receive the safe, reliable electric, gas and water delivery services that they have become accustomed to over the years.

在康乃狄克州，PURA 委員 Marissa Gillett 和 David Arconti 已獲得州立法機構的批准，我們期待與他們合作，確保客戶繼續獲得多年來習慣的安全、可靠的電力、天然氣和供水服務。

In New Hampshire, we look forward to working with the new administration and partnering with them on meeting their energy goals. We continue to execute on many fronts to strengthen our balance sheet one of our key strategic initiatives was to divest Aquarion Water, which is anticipated to close by the end of the year.

在新罕布夏州，我們期待與新政府合作並共同實現他們的能源目標。我們將繼續在多個方面採取措施來加強我們的資產負債表，其中一項關鍵策略舉措是剝離 Aquarion Water，預計該業務將於今年年底完成。

Last month, we filed for regulatory approval in all three states. The Aquarion proceeds, along with our regulatory recoveries will enable us to improve our FFO to debt ratio from 2024 levels. Turning to a brief update on Offshore Wind and Revolution Wind project. We are pleased to report that the construction of the onshore substation, which Eversource continues to oversee is progressing very well. The onshore substation is the critical path to the project going into service.

上個月，我們向這三個州提交了監管部門的批准申請。Aquarion 的收益以及我們的監管恢復將使我們能夠從 2024 年的水平改善 FFO 與債務比率。簡單介紹一下離岸風電和 Revolution Wind 專案的最新情況。我們很高興地報告，Eversource 繼續監督的陸上變電站建設進展順利。陸上變電站是此計畫投運的關鍵通道。

We continue to monitor the project's overall construction progress closely. Currently, given the latest construction updates and cost estimates we have been provided, we have concluded that we do not need to change the contingent liability that we recorded in the third quarter of 2024.

我們將繼續密切關注該項目的整體建設進度。目前，根據我們收到的最新施工更新和成本估算，我們得出結論，我們不需要更改我們在 2024 年第三季記錄的或有負債。

In summary, our first quarter results reflect unwavering commitment to customer innovation, affordability, financial strength, and sustainability. We are focused on our 2025 key priorities. As shown on slide 6, in the first quarter results clearly demonstrate our successful execution of these goals, showcasing our commitment to sustained growth and strategic vision as a pure-play pipes and wires regulated utility. We are confident in our ability to continue driving value for our customers and shareholders as we move forward.

總而言之，我們的第一季業績體現了對客戶創新、可負擔性、財務實力和永續性的堅定承諾。我們專注於 2025 年的關鍵優先事項。如投影片 6 所示，第一季的業績清楚地表明我們成功實現了這些目標，展示了我們作為一家純粹的管道和電線監管公用事業公司對持續成長和策略願景的承諾。我們有信心在未來的發展中持續為客戶和股東創造價值。

Our prudent and long-standing approach to financial and operational management ensures that we can continue to invest in critical infrastructure and innovation, while delivering consistent returns to our shareholders. Thank you for joining us today. I will now turn the call over to John Moreira to discuss our financial results.

我們審慎且長期的財務和營運管理方法確保我們能夠繼續投資於關鍵基礎設施和創新，同時為股東帶來持續的回報。感謝您今天加入我們。現在我將把電話轉給約翰·莫雷拉 (John Moreira) 討論我們的財務表現。

Thank you, Joe, and good morning, everyone. This morning, I will review first quarter earnings results, provide a regulatory update, and also discuss our balance sheet progress, and credit metrics. I'll start with our first quarter results on slide 8.

謝謝你，喬，大家早安。今天上午，我將回顧第一季的收益結果，提供監管更新，並討論我們的資產負債表進度和信貸指標。我將從第 8 張投影片開始介紹我們的第一季業績。

GAAP and recurring earnings results for the first quarter were $1.50 per share compared with GAAP and recurring earnings of $1.49 per share last year. Higher utility earnings were largely offset by a decrease in parent and other earnings.

第一季的 GAAP 和經常性收益結果為每股 1.50 美元，去年的 GAAP 和經常性收益為每股 1.49 美元。公用事業收入的增加在很大程度上被父母收入和其他收入的減少所抵消。

Starting with transmission, higher electric transmission earnings $0.04 per share were due to increased revenues from continued system investments to address agent infrastructure, reliability, and load growth, partially offset by the impact of share dilution. Higher electric distribution earnings of $0.03 per share benefited from grid modernization and system improvement rate mechanisms.

從輸電開始，電力傳輸收益增加 0.04 美元/股，這是由於持續的系統投資增加了收入，以解決代理基礎設施、可靠性和負載增長問題，但部分被股份稀釋的影響所抵消。每股 0.03 美元的電力分配收益得益於電網現代化和系統改進利率機制。

Additionally, base distribution rate increases in New Hampshire and Massachusetts provide a timely recovery of investments. Partially offsetting these revenue adjustments were higher property taxes, interest, depreciation, and share dilution.

此外，新罕布夏州和馬薩諸塞州基本分配率的提高也及時恢復了投資。部分抵銷這些收入調整的是更高的財產稅、利息、折舊和股份稀釋。

The improved results of $0.06 per share at Eversource's Natural Gas segment were due primarily to higher revenues from continued investments to replace aging infrastructure resulting in base distribution rate increases at our Massachusetts Gas businesses, including the EGMA rate base roll-in that became effective November 1, 2024, in accordance with the 2021 settlement agreement.

Eversource 天然氣部門每股 0.06 美元的業績改善主要歸因於持續投資更換老化基礎設施帶來的收入增加，從而提高了我們馬薩諸塞州天然氣業務的基本分銷率，包括根據 2021 年和解協議於 2024 年 11 月 1 日生效的 EGMA 利率基準轉入。

Offsetting these higher natural gas revenues were higher O&M, interest, depreciation, property taxes, and the impact from share dilution. Water earnings were comparable year over year as the first quarter is typically a very low usage period. Eversource parent losses increased $0.12 per share in 2025.

抵銷這些較高的天然氣收入的是更高的營運和維護費用、利息、折舊、財產稅以及股份稀釋的影響。由於第一季通常是用水量非常低的時期，水費收入與去年同期相當。2025 年，Eversource 母公司每股虧損增加 0.12 美元。

Lower results were as expected, primarily due to higher interest expense and the impact from the absence of capitalized interest associated with our former offshore wind investment. Overall, our first quarter earnings were in line with our expectations, and we are pleased to start 2025 with such a solid performance.

較低的績效符合預期，主要是由於利息支出較高以及我們先前的離岸風電投資缺乏資本化利息的影響。整體而言，我們的第一季財報符合預期，我們很高興以如此穩健的業績開啟 2025 年。

Moving to our key regulatory items as highlighted on slide 9. Starting with New Hampshire, where we currently have a pending rate proceeding. Hearings in this proceeding are scheduled to start next week. In addition to recovery of previous system investments and deferred storm costs, we have proposed implementing a four-year performance-based ratemaking plan, including a capital support mechanism that would adjust rates annually. We anticipate a final decision in July for rates to become effective August 1.

前往投影片 9 上突出顯示的關鍵監管項目。從新罕布夏州開始，我們目前有一個待決的利率程序。該案件的聽證會定於下週開始。除了恢復先前的系統投資和遞延風暴成本外，我們還提議實施一項為期四年的基於績效的費率制定計劃，包括每年調整費率的資本支持機制。我們預計最終利率將於 7 月做出決定，並於 8 月 1 日生效。

In Massachusetts, on November 1, 2025, new rates will be effective for NSTAR Gas under the annual PBR adjustment and a rate base roll-in. In addition, rates reflected the second phase of the 2024 rate base roll-in for EGMA of approximately $62 million.

在麻薩諸塞州，根據年度 PBR 調整和費率基準轉入，NSTAR Gas 的新費率將於 2025 年 11 月 1 日生效。此外，利率反映了 EGMA 2024 年利率基準轉入的第二階段，金額約為 6,200 萬美元。

Moving to Connecticut. We are pleased to report that the average CL&P residential customer will see a 6% reduction on May 1 due to the implementation of the annual rate adjustment mechanism. We appreciate the progress made by PURA from the proposed decision to the final decision to provide customers with this benefit.

搬到康乃狄克州。我們很高興地報告，由於年度費率調整機制的實施，CL&P 普通住宅客戶在 5 月 1 日起將享受 6% 的電費減幅。我們讚賞 PURA 從提出決定到最終決定為客戶提供此福利所取得的進展。

Also in Connecticut, we have an ongoing Yankee Gas rate case, where we seek to recover a revenue deficiency of $209 million, reflecting critical investments and cost increases since our previous rate review in 2018. Hearings are scheduled for June, with a final decision scheduled at the end of October for rates effective November 1 of this year.

此外，在康乃狄克州，我們正在審理一起洋基天然氣公司費率案件，尋求彌補 2.09 億美元的收入缺口，這反映了自 2018 年上次費率審查以來的關鍵投資和成本增加。聽證會定於 6 月舉行，並於 10 月底對今年 11 月 1 日生效的利率做出最終決定。

Next, let me reaffirm our five-year capital plan of $24.2 billion, as shown on slide 10, which reflects our five-year utility infrastructure investments by segment. This plan is a 10% increase over the last five-year plan. As a reminder, this forecast includes only those projects that we have a clear line of sight on from a regulatory approval perspective.

接下來，讓我重申我們 242 億美元的五年資本計劃，如幻燈片 10 所示，它反映了我們按部門劃分的五年公用事業基礎設施投資。該計劃比上一個五年計劃增加了10%。提醒一下，該預測僅包括我們從監管部門批准角度有明確了解的項目。

The plan includes nearly $7 billion of transmission infrastructure investments over the next five years, greatly enabled by efforts in Massachusetts last year, including the state's clean energy bill that reformed siting and permitting of energy facilities as well as the Massachusetts Department of Public Utilities approval of the Electric Sector Modernization Plan, or ESMP.

該計劃包括在未來五年內投資近 70 億美元輸電基礎設施，這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，以及馬薩諸塞州公共事業部批准的電力部門現代化計劃（ESMP）。

It also includes the Greater Cambridge Energy project that commenced construction earlier this year. As a reminder, this project consists of a 35,000 square foot underground substation at a projected capital cost of $1.8 billion with nearly 80% of this investment to be recovered through our transmission tariff.

它還包括今年早些時候開始建造的大劍橋能源項目。提醒一下，該項目包括一個 35,000 平方英尺的地下變電站，預計資本成本為 18 億美元，其中近 80% 的投資將透過我們的輸電費收回。

Turning to electric distribution. The capital forecast reflects over $10 billion of planned utility infrastructure investments with investments related to Massachusetts operations making up 60% of this capital plan.

轉向電力分配。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，其中與馬薩諸塞州營運相關的投資佔該資本計畫的 60%。

This includes $850 million for the AMI program in Massachusetts that Joe discussed. We have already realized significant benefits for our customers from the new billing system implemented to support AMI and we look forward to providing customers with additional benefits as we begin meter installation later this year. In addition to our base capital investment forecast, we continue to see opportunities that could provide additional investments in the range of $1.5 billion to $2 billion within the forecast period.

其中包括喬所討論的馬薩諸塞州 AMI 計畫的 8.5 億美元。我們已經從實施的支援 AMI 的新計費系統中為客戶帶來了顯著的利益，我們期待在今年稍後開始安裝電錶時為客戶提供更多利益。除了我們的基本資本投資預測之外，我們還繼續看到在預測期內可以提供 15 億美元至 20 億美元額外投資的機會。

And as Joe mentioned, we have other growth opportunities that could materialize towards the back end of our forecast period and beyond. Let me now turn to the subject of potential tariffs and how they could impact our O&M and capital investment plan.

正如喬所提到的，我們還有其他成長機會，可能會在預測期後期及以後實現。現在讓我來談談潛在關稅以及它們如何影響我們的營運和維護以及資本投資計劃。

First, we see minimal, if any, impact on our operation and maintenance expense. Secondly, we could potentially see cost increases resulting from the tariffs impacting our capital investment plan, but we expect them to be manageable. While tariffs are disruptive to our supply chain, we have been managing through supply chain disruption for the past five years, especially through the pandemic years.

首先，我們認為對我們的營運和維護費用的影響微乎其微。其次，關稅可能會影響我們的資本投資計劃，從而導致成本增加，但我們預期這些成本是可控的。雖然關稅對我們的供應鏈造成了乾擾，但過去五年來，尤其是在疫情期間，我們一直在應對供應鏈中斷的問題。

The work we have done to expand and diversify our supply chain prior to the tariffs has positioned us well to mitigate this potential tariff risk. Through this strategic planning, we have almost no direct exposure to China where the tariff impact is slated to be the highest.

我們在關稅實施前為擴大和多樣化供應鏈所做的工作使我們能夠很好地降低這種潛在的關稅風險。透過這項戰略規劃，我們幾乎不會直接受到受關稅影響最大的中國的影響。

Overall, we believe the potential cost increase to our capital projects will be approximately 3% to 6%. Should these potential tariffs put pressure on inflation, keep in mind that in Massachusetts, where we currently have performance-based rates that include an inflationary adjustment, which would allow us to recover a portion of this inflation impact. In addition, we have proposed PBR rate mechanisms in the PSNH and Yankee rate filings.

總體而言，我們認為資本項目的潛在成本增加將約為 3% 至 6%。如果這些潛在的關稅對通貨膨脹造成壓力，請記住，在馬薩諸塞州，我們目前採用基於績效的稅率，其中包括通貨膨脹調整，這將使我們能夠收回部分通貨膨脹的影響。此外，我們在 PSNH 和 Yankee 利率文件中提出了 PBR 利率機制。

Turning to slide 11. To efficiently finance our customer-focused investments, we have taken a number of steps to enhance our cash flow position and improve our balance sheet profile.

翻到第 11 張投影片。為了有效地為以客戶為中心的投資提供資金，我們採取了一系列措施來增強我們的現金流狀況並改善我們的資產負債表狀況。

Our plan to enhance our cash flows is well balanced alongside our equity needs of $1.2 billion, the majority of which we expect to issue towards the back half of our five-year forecast period. This plan also supports our FFO to debt ratio target, which we expect to improve significantly over 2024 actual results and certainly above the rating agency downgrade thresholds.

我們增強現金流的計畫與 12 億美元的股權需求保持了良好的平衡，我們預計其中大部分將在五年預測期的後半段發行。該計劃還支持我們的 FFO 與債務比率目標，我們預計該目標將比 2024 年的實際結果有顯著改善，並且肯定高於評級機構的降級門檻。

We continue to expect our FFO to debt targets for 2025 to be well above 100 basis points over the rating agency thresholds. As you can see on the slide, we have provided you with the rating agency thresholds at both S&P and Moody's as well as the actual 2024 results. As we shared with you last quarter and as shown on slide 12, we have executed on all of the items necessary to improve our cash flows and strengthen our balance sheet.

我們繼續預計，2025 年的 FFO 與債務目標將遠高於評級機構的門檻 100 個基點。正如您在幻燈片上看到的，我們為您提供了標準普爾和穆迪的評級機構門檻以及 2024 年的實際結果。正如我們上個季度與您分享的以及投影片 12 中所示的，我們已經執行了改善現金流和加強資產負債表所需的所有項目。

Next, I will turn to 2025 earnings guidance on slide 13. With the first quarter in the books, we are reaffirming our 2025 recurring earnings per share in the range of $4.67 to $4.82 and our long-term EPS growth rate of 5% to 7% off of the 2024 base.

接下來，我將轉到第 13 張投影片上的 2025 年獲利預測。根據第一季的數據，我們重申 2025 年每股經常性收益將在 4.67 美元至 4.82 美元之間，長期每股收益成長率將在 2024 年基礎上成長 5% 至 7%。

Our EPS growth profile will continue to strengthen as we execute on the strategic plan with customer-focused transmission and distribution infrastructure investments recovered through constructive rate mechanisms.

隨著我們執行策略計劃，透過建設性利率機制收回以客戶為中心的輸配電基礎設施投資，我們的每股盈餘成長狀況將繼續增強。

In addition, the progress with the recovery of deferred storm costs throughout the system and continued O&M cost discipline provide a solid foundation for Eversource to return value to our investors for years to come. I will now turn the call over to Rima to begin the Q&A session.

此外，整個系統在收回遞延風暴成本方面的進展以及持續的營運和維護成本紀律為 Eversource 在未來幾年為我們的投資者帶來回報奠定了堅實的基礎。現在我將把電話轉給 Rima，開始問答環節。

Thank you, John. Marvin, we are ready for question and answers now. Thank you.

謝謝你，約翰。馬文，我們現在準備好問答了。謝謝。

(Operator Instructions)

（操作員指示）

Durgesh Chopra, Evercore.

杜爾格甚喬普拉（Durgesh Chopra），Evercore。

Guys, just appreciate the tariff commentary. We've been getting a lot of questions on the offshore project, obviously under construction. Can you just frame for us if you already have the equipment on hand? I know there's one monopile that is being manufactured. There's also some storage -- some equipment you've stored in Canada. Maybe just a little bit more color on the tariff exposure to Revolution, please.

夥計們，很欣賞關稅評論。我們收到了很多關於這個顯然正在建設中的海上項目的問題。如果您手邊已經有設備，可以幫我們裝框嗎？我知道有一座單樁正在製造中。還有一些儲存空間——一些您在加拿大儲存的設備。請再多介紹 Revolution 的關稅影響。

Sure. I appreciate the question. We have all items procured. There is -- as you mentioned, there is a monopile that's being constructed that we do expect in the fall. But the remaining items, even the item that is the substation that's being stored in Canada has already come in the United States.

當然。我很感謝你提出這個問題。我們已採購所有物品。正如您所提到的，我們正在建造一座單樁基座，預計在秋季完工。但其餘的物品，甚至是存放在加拿大的變電站，都已經運抵美國。

It's already been here. So we don't anticipate or expect any tariff-related challenges of anything around Revolution other than there is one monopile that is coming that's under construction. But we feel very good about it. As we had mentioned, this project is very, very mature. It's going along very, very well.

它已經到這兒了。因此，除了一座正在建設中的單樁基礎工程外，我們預計或預期 Revolution 不會遇到任何與關稅相關的挑戰。但我們對此感覺很好。正如我們所提到的，這個項目非常非常成熟。一切進展非常順利。

It's construction. I'm very, very pleased with the progress. As you know, we do oversee the construction of that substation in Rhode Island. And I will tell you that both John and I get daily updates on the progress, and I'm very, very impressed with the team down there and what they've been able to do to bring that station to fruition. So we don't feel as though there's going to be anything that's going to challenge us around tariffs as it relates to Revolution.

這是建築。我對這項進展感到非常非常滿意。如您所知，我們確實負責監督羅德島變電站的建造。我會告訴你，約翰和我每天都會收到進展更新，我對那裡的團隊以及他們為實現該站所做的一切印象非常深刻。因此，我們並不認為在與革命相關的關稅問題上會有什麼事情會對我們構成挑戰。

But Durgesh, I also want to talk to you a little bit about our business and some of our capital investments. When COVID hit, we made a concerted effort to go and kind of fill the warehouses with a lot of components and parts that might be challenging to get.

但是杜爾格甚，我也想跟你談談我們的業務和一些資本投資。當新冠疫情來襲時，我們齊心協力，將倉庫裡裝滿了大量可能難以取得的零件。

So fortunately, Eversource is blessed with a very robust warehouse operation that hopefully will insulate us from anything that's very, very challenging. But again, it is an issue we need to look at. We do look at it all the time.

因此幸運的是，Eversource 擁有非常強大的倉庫運營，希望可以保護我們免受任何非常具有挑戰性的事情的影響。但再次強調，這是我們需要研究的問題。我們確實一直在關注它。

John, it does oversee the warehousing and procurement. So it's in very, very good hands, and I know that he'll do everything he can to mitigate any risk that tariffs could have on the company.

約翰，它確實負責監督倉儲和採購。所以公司現在處於非常非常好的管理之下，我知道他會盡一切努力減輕關稅可能對公司造成的任何風險。

Got it, Joe. That's very thorough. It sounds like you don't see it as a major risk. Okay. Really quickly, shifting gears. Aquarion still on track for year-end. And then what kind of regulatory approval time line as you think about approvals through different states, are you -- should we be expecting, please?

明白了，喬。這非常徹底。聽起來你不認為這是一個重大風險。好的。真的很快，換檔。Aquarion 年底仍按計劃進行。那麼，當您考慮通過不同州的批准時，我們應該期待什麼樣的監管批准時間表？

Sure. Yeah, the Aquaria filing has been made. We anticipate that, that transaction will close in 2025. We don't see any bumps in the road. As you know, we will pass through Connecticut, Massachusetts, and New Hampshire, the regulatory bodies.

當然。是的，Aquaria 的備案已經完成。我們預計該交易將於 2025 年完成。我們沒有看到路上有任何顛簸。如您所知，我們將透過康乃狄克州、麻薩諸塞州和新罕布夏州的監管機構。

But it's a pretty straightforward filing. And I think that, obviously, when you look at the buyer of the assets, they're a very competent buyer that is already operating in the jurisdiction. So we don't see any issues at all.

但這是一個非常簡單的歸檔。我認為，顯然，當你看看資產的買家時，你會發現他們是一個非常有能力的買家，並且已經在該管轄範圍內開展業務。所以我們根本沒發現任何問題。

Got it. Is there a specific time line for Connecticut to rule on this?

知道了。康乃狄克州對此作出裁決是否有具體的時間表？

Yes, they have. The timeline would be October. So five months range.

是的，他們有。時間是十月。所以是五個月的範圍。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

It's actually James on for Shar. So maybe just starting off in Connecticut. The -- a lot of moving pieces on the legislative front. I think one of them is securitization potentially for the storm cost rig assets. I guess if you receive that, would it change your thoughts on the timing of the quantum of the current ATM equity? I think you had said back half, but just any kind of thoughts there for us.

實際上是詹姆斯 (James) 取代了沙爾 (Shar)。所以也許剛從康乃狄克州開始。立法方面有很多變動。我認為其中之一就是可能將風暴成本鑽井資產證券化。我想，如果您收到這封郵件，它會改變您對當前 ATM 股權量子時機的想法嗎？我想你已經說了後半部分，但這只是我們心中的想法。

Hey, James, this is John. Yes. So obviously, as I communicated in February, we did not assume securitization as part of our financing strategy. But certainly, if we get that and we get that cash in the door on an accelerated basis, we would revisit our equity needs at that point in time.

嘿，詹姆斯，我是約翰。是的。顯然，正如我在二月所說的那樣，我們並沒有將證券化作為我們融資策略的一部分。但可以肯定的是，如果我們實現了這一目標，並且能夠加速獲得現金，那麼我們將在那時重新審視我們的股權需求。

Okay. Perfect. And then just any updated thoughts or expectations for movement in the AMI process at this point?

好的。完美的。那麼，對於目前 AMI 流程的進展，您有什麼最新的想法或期望嗎？

Well, that docket, James, is under the final one we did file for reconsideration to try to get some clarity and some certainty around the recovery of dollars that we might spend. And so we'll see how that plays out there. But we just want to get comfortable. Obviously, we'll spend what Connecticut wants us to spend, but you need to have line of sight on recover.

嗯，詹姆斯，這個案卷是我們提交重新審議的最後一份案卷，目的是試圖就我們可能花費的資金的追回問題獲得一些清晰和確定的信息。我們將拭目以待事情將如何發展。但我們只是想過得舒服一點。顯然，我們會按照康乃狄克州的要求花費，但你需要關注恢復情況。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just a follow-up on Connecticut. Just could you provide your latest thoughts just around some of the noise on the forward composition of PURA just in terms of filling those other 2Cs, anything you can share and how you're thinking about the timing of when potentially we could get some certainty on that piece.

也許只是對康乃狄克州的後續行動。您能否提供您對 PURA 未來構圖的一些看法，例如填補其他 2C 方面的一些空白，您可以分享什麼，以及您如何考慮我們何時可以就該部分內容獲得一些確定性。

Yeah. Great question. We are indifferent on whether it's [3 or whether it's 5]. We do feel as though there's a movement that hopefully we'll see some activity down there on that and get some clarity. But unfortunately, I cannot predict for you when we might see it or whether it's [3 or whether it's 5].

是的。好問題。我們不在乎它是否[3 還是 5]。我們確實感覺到好像有一場運動，希望我們能看到那裡的一些活動並獲得一些清晰度。但不幸的是，我無法預測我們什麼時候能看到它，或者它是否[3 還是 5]。

We are obviously eager for a stable regulatory climate in that jurisdiction. So we'll continue to monitor it and we will hope that we do get a transparent regulatory environment that allows us to continue to operate in that state.

我們顯然渴望該司法管轄區擁有穩定的監管環境。因此，我們將繼續監控，並希望獲得一個透明的監管環境，使我們能夠繼續在該州運作。

Great. Appreciate that. And then maybe just shifting to the balance sheet and FFO to debt. I appreciate the detail that you shared in the slides there. Just anything you can provide in terms of conversations, in particular with Moody's in terms of what they need to see to sort of shift from the negative watch and how you feel about the path to executing on that goal?

偉大的。非常感謝。然後也許只是轉向資產負債表和 FFO 到債務。我很欣賞您在幻燈片中分享的細節。在與穆迪的對話中，您能提供什麼資訊嗎？特別是關於他們需要看到什麼才能擺脫負面觀察，以及您對實現這一目標的途徑有何看法？

Yeah, Carly. I would say what I need to see is us to continue to execute on our plan that we have put before them. We're going through a refresh of that plan next month with all three agencies. But suffice it to say, as you'll see in our first quarter statement of cash flows, you'll see a significant improvement in our operating cash flows, and it's really execution of what we've been saying for the past year. the recovery of previously under-recovered regulatory costs have come in and will continue to come in.

是的，卡莉。我想說的是，我需要看到的是我們繼續執行我們向他們提出的計劃。下個月我們將與這三個機構一起重新審視該計劃。但可以說，正如您在我們的第一季現金流量表中看到的那樣，您會看到我們的經營現金流有了顯著改善，這實際上是我們過去一年來一直在說的話的執行。先前未收回的監管成本已開始收回，並將繼續收回。

That in and of itself is probably -- will generate and benefit FFO to debt at Moody's of about 300 basis points. So everything that we've been executing on everything that we've been communicating to you all, has materialized and will continue to materialize.

這本身很可能將為穆迪的債務產生約 300 個基點的 FFO 並使之受益。因此，我們所執行的一切以及我們與大家溝通的一切，都已實現，並將繼續實現。

Jeremy Tonet, J.P. Morgan Securities.

摩根大通證券的傑里米·託內特 (Jeremy Tonet)。

Thank you for the color here today. Just want to pick up with the FFO to debt commentary that you provided in the slide there. Just wondering if you had thoughts you could share with regards to where you think you would land in 2026, FFO to debt on both agency metrics there?

感謝你們今天在這裡帶來的​​色彩。只是想回顧一下您在幻燈片中提供的 FFO 對債務的評論。只是想知道您是否可以分享一下您認為 2026 年 FFO 與債務在兩個機構指標上的比率會達到什麼水平？

Sure. I mean the groundwork that we've laid to get us to a much better spot in 2025, that will continue with the reduction of about $2.4 billion of debt just related to the Aquarion sale, that's going to continue to persist.

當然。我的意思是，我們已經奠定了基礎，使我們在 2025 年的處境變得更好，而與 Aquarion 出售相關的約 24 億美元債務的減少將繼續下去。

And what I think is very, very important for you all to understand is that this huge under recovery, what's really important and what I feel so optimistic about and confident is that the future costs and rates have been set to align with those costs. So we should not see significant swings in under recoveries in the future. So that -- having that sustainable cost incurred with the revenues to match it is a major, major benefit for us.

我認為，大家必須理解，在如此巨大的復甦不足的情況下，真正重要且讓我感到樂觀和有信心的是，未來的成本和費率已經設定為與這些成本相一致。因此，我們不應該看到未來復甦出現大幅波動。因此，擁有可持續的成本和與之相匹配的收入對我們來說是一個非常大的好處。

Got it. And so I guess, do you expect FFO to debt will improve from the numbers outlined in 2025, the 100 bps cushion?

知道了。所以我想，您是否預計 FFO 與債務的比率將從 2025 年概述的數字（100 個基點的緩衝）中得到改善？

Our FFO to debt will continue to enhance. Obviously, that's contingent. We have to look at where our capital forecast is over a five-year period. As I've communicated to a while, this potentially $1.5 billion to $2 billion kind of sitting on the sidelines that we'll hope to have clarity certainly within the next 6 to 12 months. period. And as we typically do, we'll update you all on our finance and plan annually.

我們的 FFO 與債務比率將持續提高。顯然，這是有條件的。我們必須考慮五年內的資本預測情況。正如我之前所說的，這筆潛在的 15 億到 20 億美元的資金目前處於擱置狀態，我們希望在未來 6 到 12 個月內能夠得到明確的答案。時期。像往常一樣，我們每年都會向大家通報我們的財務狀況和計劃。

Got it. And then just related to the rev win cost estimates. Just wondering, I guess, how the process works with Ørsted there. You guys kind of worked together in formulating those estimates, those expectations of tariff impacts. And we would expect them to kind of say the same thing where the independent processes. Just wondering how that process works.

知道了。然後僅與收益贏利成本估算相關。我只是好奇，那裡的 Ãrsted 流程是如何運作的。你們共同製定了這些估計值和對關稅影響的預期。我們希望他們在獨立過程中也說出同樣的話。只是想知道這個過程是如何進行的。

No, it's a collaborative. We get updates, as Joe mentioned, from them, they share their forecast update routinely. So we're much aligned, obviously, the deal that we struck with GIP gives us the line of sight and clarity. So we have access to Ørsted, and we're constantly engaged with GIP.

不，這是一次合作。正如喬所提到的，我們從他們那裡獲得最新消息，他們定期分享他們的預測更新。因此，我們非常一致，顯然，我們與 GIP 達成的協議為我們提供了視線和清晰度。因此我們可以存取 Ãrsted，我們一直與 GIP 保持合作。

Sophie Karp, KBCM.

索菲·卡普（Sophie Karp），KBCM。

I was wondering about the upcoming Millstone re-contracting, right? So can I on the lines of, would that present an opportunity to either maybe improve affordability for payers or at least make it clearer to repay in Connecticut, what they're paying for? Because I think right now, it's rolled into something called public benefit charge. And from a PR standpoint, would that benefit you in any way?

我想知道即將進行的 Millstone 重新承包，對嗎？那麼，我是否可以這樣想，這是否會提供一個機會，要么提高付款人的負擔能力，要么至少讓他們更清楚地了解康涅狄格州的還款方式，了解他們所支付的費用？因為我認為現在它被歸類為所謂的公共福利費。從公關角度來看，這會為您帶來什麼好處嗎？

Yeah. I mean if that contract is up in 2029. Obviously, having 1,000 megawatts of clean energy at baseload generation in the region is helpful and in a region where we are actually losing generation. So it's very helpful, but I think it's too early right now, Sophie, to be looking at that contract and maybe what's going to happen going forward. As you know, this was a desire of the administration -- the previous administration to contract for this power and we'd have to work collaboratively with the administration on what's important to them.

是的。我的意思是如果該合約在 2029 年到期。顯然，在該地區，擁有 1,000 兆瓦的清潔能源作為基載發電是有幫助的，而且在我們這個地區，發電量實際上正在減少。所以這非常有幫助，但是我認為現在考慮合約以及未來會發生什麼還為時過早，索菲。如你所知，這是政府的願望——上一屆政府希望透過合約獲得這種權力，我們必須與政府就他們關心的問題進行合作。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Let's go Nicks, right? I think I heard that in the background.

尼克斯，我們走吧？我想我聽到了背景中的聲音。

We'll see what happens on Monday.

我們將看看周一會發生什麼。

I don't think the Nicks have a chance. But just some odds and ends. In Connecticut, the securitization, the public benefit and the storm cost recovery. Are those rolled up together in same legislation and it's not decided yet?

我認為尼克隊沒有機會。但只是一些零碎的東西。在康乃狄克州，證券化、公共利益和風暴成本回收。這些是否都歸入同一項立法並且尚未做出決定？

Well, yeah. No, it has rolled up. I mean, not that it would be allowing securitization for storm costs, but in SB-1560, all of those issues are discussed and contemplated. So -- but again, that's just to allow the recovery so cost. As you know, we do have a prudency review underway at PURA, and we'll continue to work through that process, but it's going very, very well.

嗯，是的。不，它已經捲起來了。我的意思是，並不是說它允許將風暴成本證券化，而是在 SB-1560 中，所有這些問題都經過了討論和考慮。所以 — — 但再說一次，這只是為了允許恢復成本。如您所知，我們確實正在 PURA 進行審慎審查，我們將繼續推進這一進程，目前進展非常順利。

Great. And then if I move to Massachusetts, I think on Wednesday, there was a first share gas decision that maybe change some of the rules on the acronym, I think it's GSEP. Does that impact you guys? Or what kind of exposure do you have with the new rules on the GSEP.

偉大的。然後，如果我搬到馬薩諸塞州，我想在星期三，會有一個首次共享天然氣的決定，可能會改變首字母縮略詞的一些規則，我認為這是 GSEP。這對你們有影響嗎？或者您對 GSEP 的新規則有何了解。

Well, the GSEP file impacted NSTAR Gas and EGMA, Anthony, where they lowered the ceiling from 3% cap to 2.5%. So in and of itself, I don't see that as something that's devastating, we can certainly manage to that. Obviously, our focus will continue to make sure that we provide safe and reliable gas services to our customers. That's first and foremost. And once again, I think we're still going through that review process and we haven't determined what action we would take.

嗯，GSEP 文件影響了 NSTAR Gas 和 EGMA、Anthony，他們將上限從 3% 降低到 2.5%。因此，就其本身而言，我並不認為這是一件毀滅性的事情，我們一定能夠做到這一點。顯然，我們的重點將繼續確保為客戶提供安全可靠的天然氣服務。這是首要的。我再次強調，我認為我們仍在進行審查過程，尚未確定將採取什麼行動。

So I think it's a bit early in that process. So there's more to come, but we don't see that as a major impact to us. It's not as though they don't want us to make the investments, they continue to support it, which is -- but they're basically saying, hey, consider other non-pipe alternatives. So that's really what message and what they've communicated to us, and we're very supportive of that concept.

所以我認為這個過程還為時過早。因此，未來還會有更多變化，但我們認為這不會對我們造成重大影響。這並不是說他們不希望我們進行投資，而是他們會繼續支持，但他們基本上是在說，嘿，考慮其他非管道替代方案。這就是他們真正向我們傳達的訊息，我們非常支持這個理念。

Great. And if I could just squeeze one more in. It follows off of Durgesh's question earlier. Have you guys stated what percentage of the Revolution project is complete, 50%, 40%, 30%. Have you guys quantified what percent of the project is completed?

偉大的。如果我能再擠進一個就好了。這是 Durgesh 之前提出的問題。你們有沒有說過革命計畫完成了多少百分比，50%，40%，還是30%。你們有沒有量化過專案完成的百分比？

We have not. I will just tell you that construction is going very, very well.

我們沒有。我只想告訴你，施工進度非常非常順利。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Back sticking on the regulatory under-recovery. I was wondering if you could just give a little bit of a list here. What you got in, in the first quarter and the ones you expect or what you expect to get in over the next, say, two quarters or even through the end of the year. I know that the New Hampshire one is outstanding, Connecticut is a bit outstanding, but --

重新回到監管不足的復甦上。我想知道您是否可以在這裡給出一個小清單。您在第一季獲得了什麼，以及您預期獲得什麼，或者您預期在接下來的兩個季度甚至到年底獲得什麼。我知道新罕布夏州的很出色，康乃狄克州也有點出色，但是--

Well, I would say the most significant one, Travis is the RAM docket, which recovered some of the Millstone Seabrook kind of all the public benefits charge, some bad debt recovery. As you know, we had a $900 million rate increase to collect those under-recoveries into set rates for the current year at a much more reasonable level.

嗯，我想說最重要的一個，特拉維斯是 RAM 案卷，它收回了部分 Millstone Seabrook 類型的公共福利費用，以及一些壞帳追償。如您所知，我們將利率提高了 9 億美元，以便以更合理的水平將這些未回收的款項納入本年度的既定利率。

So that was a $900 million rate increase that went live July 1, okay? So -- and that runs from July through April 30 of this year. And then recently, as I stated in my formal remarks, we just got the final decision on the RAM for this year that will go live May -- that went live May 1 which lowered the recovery by $142 million.

所以從 7 月 1 日起，利率將增加 9 億美元，對嗎？所以 — — 這段時間從今年 7 月持續到 4 月 30 日。最近，正如我在正式發言中所說，我們剛剛就今年的 RAM 做出了最終決定，該決定將於 5 月生效——該決定於 5 月 1 日生效，這將回收金額降低了 1.42 億美元。

So we have very good line of sight. But suffice it to say, in that 300 basis point that I just mentioned, that includes the bulk of the RAM decision recovery of those costs.

因此我們的視線非常好。但我可以說，我剛才提到的 300 個基點，包括了大部分 RAM 決策恢復的成本。

Okay. And then the New Hampshire and then any kind of results in future Connecticut.

好的。然後是新罕布什爾州，然後是未來康涅狄格州的任何結果。

I would characterize it in this fashion, in Massachusetts and New Hampshire. We have timely recovery. So they could -- within a very short period of time, we adjust rates whether it's no recovery or under recovery. And they're not significant balances, Travis.

我會用這種方式來描述馬薩諸塞州和新罕布夏州的情況。我們及時恢復。因此，他們可以在很短的時間內調整利率，無論是沒有復甦還是復甦不足。而這些並不是重大的餘額，崔維斯。

Yeah. Okay. Very good. And then just real quick, that $1.5 billion to $2 billion CapEx opportunity, anything different or changed in that bucket since last quarter or since February.

是的。好的。非常好。然後很快，15 億美元到 20 億美元的資本支出機會，自上個季度或 2 月以來，這個數字有什麼不同或變化嗎？

Well, there's -- we always continue to progress and look at it. It's a little bit early in obviously, embedded in that is the AMI in Connecticut. And I think Joe addressed that.

嗯，我們一直在不斷進步並關注它。顯然現在還為時過早，康乃狄克州的 AMI 已經嵌入其中。我認為喬已經解決了這個問題。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Look, I just wanted to come back to where Jeremy was a second to go. If we can talk a little bit more about the FFO to debt numbers. And just trying to understand like the numerator and denominator a little bit because clearly hearing your comments about the 100 basis points of latitude.

聽著，我只是想回到傑里米所在的地方。如果我們可以進一步討論一下 FFO 與債務數字的話。只是想稍微理解一下分子和分母，因為我清楚地聽到了你關於 100 個基點緯度的評論。

Just wanted to understand a little bit more about how you're seeing that happen because if I remember right, I think last quarter, you guys were talking about this, I think it was a 45% number on improvement in operating cash flow. So it's a good -- I think that was a good proxy if we think about the numerator improving.

我只是想進一步了解您是如何看待這種情況的，因為如果我沒記錯的話，上個季度你們就討論過這個問題，我認為經營現金流改善了 45%。所以這是一個很好的——如果我們考慮分子改進的話，我認為這是一個很好的代理。

But is that still the case? Or how do you think about the debt moving versus the CFO to get to that 100 basis points of latitude you talk about from the 9%.

但情況仍然如此嗎？或者您如何看待債務相對於財務長的變動，以達到您所說的從 9% 開始的 100 個基點的自由度。

Julien, I would say that the enhancement in cash flows is obviously -- I mean, when you look at the calculation, it's much more impactful to have a dollar come in and cash flows than it is to have a dollar reduction in debt.

朱利安，我想說的是，現金流的增加是顯而易見的——我的意思是，當你計算的時候，一美元的流入和現金流比一美元的債務減少更有影響力。

So the improvement, and I stated in my formal remarks that we are looking to be well over 100 basis points, not only for 2025, but on a sustainable basis throughout our forecast period, driven by enhanced cash flows from operations.

因此，我在正式發言中表示，我們希望不僅在 2025 年實現遠超 100 個基點的改善，而且在整個預測期內都能保持可持續，這得益於營運現金流的增強。

The 45% is still relevant, though, right? Or is it better than that?

但 45% 仍然有意義，對嗎？或比那更好？

I mean, I haven't done the math recently, but it's probably slightly enhanced. And as I said, you'll see when we file our 10-Q on Monday, you'll see that there's been about a $50 million improvement quarter-over-quarter in our cash flows from operations. So that's very sizable, and that moves the needle quite a bit.

我的意思是，我最近沒有做過數學計算，但它可能略有增強。正如我所說的，當我們在周一提交 10-Q 報表時，您會看到我們的經營現金流環比增長了約 5000 萬美元。所以這個數字非常可觀，而且對指針的影響相當大。

Got it. All right. Awesome. I appreciate it. And then quickly, if I can come back just a little bit nitty-gritty here, but we'll do a little cleanup.

知道了。好的。驚人的。我很感激。然後很快，如果我可以再回來稍微詳細地講一下，我們會做一些清理工作。

On the corporate drag, just to talk about that super quickly, I see the $0.16 drag. And I think for full year '24, you had about $0.16, how do you think about 1Q being a run rate versus what's in there that you should be excluding, right?

關於企業拖累，我只想快速談論一下，我看到了 0.16 美元的拖累。我認為 24 年全年您的收入約為 0.16 美元，您認為第一季的運行率與您應該排除在外的部分相比如何，對嗎？

Like there's a lower tax rate, some other dynamics here? What should we be watching from the -- taking away from that? I know you mentioned some of it in the prepared remarks, but I'm curious if there's anything you'd flag like kind of what you -- what's the glean from the 1Q for full year corporate?

例如稅率較低，還有其他動態嗎？我們應該從中看到什麼？我知道您在準備好的發言中提到了其中的一些內容，但我很好奇您是否想指出一些事情，例如您從第一季的數據中可以了解到全年公司的情況嗎？

So let me start by saying that items that run through the parent and other category, that segment is becoming less items that are impacting, it's really two. It's interest and taxes. For the $0.16 impact in Q1 of 2025, let me remind you, in Q1 of 2024, we would still capitalize an interest on the offshore wind. That has now tailed off effective Q3 with the sale -- the final sale to GIP. So we will see a bit more of an impact in the first couple of quarters until we catch up.

因此，首先我要說的是，貫穿父級和其他類別的項目，該部分的影響越來越小，實際上只有兩個。這是利息和稅金。對於 2025 年第一季的 0.16 美元影響，讓我提醒您，在 2024 年第一季度，我們仍將利用離岸風電的利息。隨著第三季的出售——最後一次出售給 GIP——這一數字現已逐漸減少。因此，在我們趕上之前，我們將在前幾個季度看到更大的影響。

In addition, the first quarter, we didn't have the full impact of the $1.4 billion holding company debt that we issued in mid-April. So this quarter, you're seeing the full brunt of both of those items. As we progress through the year, year over year, quarter over quarter, it will be far less significant. The only item that will create that is be the tax benefits. And as I said in the -- those tax benefits are typically recognized in Q3 and in Q4.

此外，第一季度，我們並未受到 4 月中旬發行的 14 億美元控股公司債務的全部影響。因此，本季度，您將看到這兩個因素的全部衝擊。隨著時間的流逝，年復一年，季度復一季度，它的重要性將變得越來越小。唯一能創造這種效果的因素就是稅收優惠。正如我所說——這些稅收優惠通常在第三季和第四季得到確認。

Got it. So is there a good full year tax rate you'd be running with given those benefits that you talk about in the back half of the year?

知道了。那麼，考慮到您在下半年談到的那些好處，您是否會採用一個合理的全年稅率？

Yeah. So our tax rate for 2025 is in the range of 22.5% to 23.5%. Last year, it was in the upper teens.

是的。因此，我們 2025 年的稅率在 22.5% 至 23.5% 之間。去年，這一數字達到了十幾歲。

Paul Patterson, Glenrock Associates.

保羅·帕特森（Paul Patterson），Glenrock Associates 公司。

So a lot of questions have been answered, but just really following up on the PBR, assuming that these guys get it done by the end of the year, as you mentioned in the prepared remarks, when do you think the first practical impact on rates would be experienced if -- I mean, if you can, if you have sort of a rough estimate as to when we might see it actually impacting you, if you follow what I'm saying as opposed to just the --

所以很多問題都得到了解答，但只是真正跟進 PBR，假設這些人在年底前完成，正如你在準備好的評論中提到的那樣，你認為什麼時候會對利率產生第一個實際影響——我的意思是，如果你可以，如果你對我們何時可以看到它真正對你產生影響有一個粗略的估計，如果你按照我所說的去做，而不是僅僅所說的--

Yeah. Sure. Thanks, Paul. So the first thing is you have to file a rate case, number one, right? And in the Yankee case, we currently have proposed PBR structure. So we were proactive.

是的。當然。謝謝，保羅。所以第一件事就是你必須提起費率訴訟，對嗎？而在洋基隊的案例中，我們目前已經提出了PBR結構。因此我們採取了積極主動的態度。

So we need to see how things continue to pan out. We did see the revised store proposal at the end of February. So we hope to see a draft in the final decision kind of midyear, July time frame, July-August time frame. So I think we still have more to come.

因此我們需要觀察事情如何繼續發展。我們確實在二月底看到了修改後的商店提案。因此，我們希望在年中、七月或七月至八月期間看到最終決策草案。所以我認為我們還會有更多的事情要做。

Right. And then so the Yankee case, just to refresh my memory, with the PBR and these giant sort of dockets or whatever, when would those be -- would those -- do you think -- I apologize for being unfamiliar exactly, but when would those potentially impact the Yankee case. Would those impact the Yankee case? Or would that be at a later time, do you think?

正確的。那麼，洋基隊的案件，只是為了讓我回憶一下，有 PBR 和這些巨大的案卷或諸如此類的東西，這些什麼時候會 — — 這些會 — — 您認為 — — 我很抱歉我不熟悉，但這些什麼時候可能會對洋基隊的案件產生潛在影響。這些會對洋基隊的案件產生影響嗎？或者您認為那會是稍後的事情？

I think that's to be determined, Paul, to be quite honest with you, because we have proposed our PBR structure that we're very familiar, and we've had it for nearly a decade in Massachusetts. So the timing is going to be a bit tight. We do expect decision in the Yankee case in October time frame. So PURA issues its guidance in July or August time frame, that's really, really close. So we just -- we're getting a little bit ahead of ourselves, yes. So yet to be determined how that would ultimately shake out.

保羅，坦白說，我認為這還有待確定，因為我們已經提出了我們非常熟悉的 PBR 結構，而且我們在馬薩諸塞州已經使用了近十年。所以時間會有點緊張。我們確實預計洋基隊案件將在十月做出判決。因此，PURA 會在七月或八月的時間範圍內發布指導，這真的非常接近了。所以我們只是——我們有點超前了，是的。因此，目前還不確定最終結果會如何。

I appreciate that. And then in Massachusetts, it seems like the governor for the most part, has been oriented towards sort of expanding low-income assistance and sort of the phase-in issue or the avoiding rate shock approach, if I understand it correctly. Is there anything else we should think about? And I just -- one of the things I have heard sort of in the past is sort of an income determination energy burden approach? Do you think that would be expanded greatly.

我很感激。然後在馬薩諸塞州，如果我理解正確的話，州長似乎大部分時間都致力於擴大低收入援助和分階段實施問題或避免利率衝擊的方法。還有什麼我們應該考慮的嗎？我只是——我過去聽說過的一件事是收入決定能源負擔的方法？您認為這會大大擴展嗎？

Or do you just see this as sort of what I just talked about or just expanding low-income assistance and the avoidance of [rate shock]?

或者你只是認為這就是我剛才談到的，或者只是擴大低收入援助，避免[利率衝擊]？

Yeah. I mean I guess the one great thing I'll tell you about Governor Healey and this administration is that they are very collaborative and thoughtful. I was -- I participated in many discussions around the table, we were looking at opportunities to try to help customers that are in need. And I think it's been very, very productive. We continue to look at that.

是的。我的意思是，我想告訴你的關於希利州長和本屆政府的一件偉大的事情是，他們非常善於合作且深思熟慮。我參加了許多會議討論，我們正在尋找機會嘗試幫助有需要的客戶。我認為這是非常非常有成效的。我們將繼續關注此事。

And I think if you look at the 10% reduction we were able to help our customers achieve. That's just another example of when you collaborate when the utilities collaborate with regulators and administrations, you get very positive outcomes that are a win-win for everybody. So I think everything is on the table. I'm not saying that, that particular one, I do remember it being discussed. But how it plays out, it's still pretty early on in that.

我認為，如果您看看我們能夠幫助客戶實現的 10% 的減幅。這只是另一個例子，當公用事業公司與監管機構和行政部門合作時，你會得到非常積極的成果，對每個人來說都是雙贏的。所以我認為一切都已擺在桌面上。我並不是說那個特定的，我確實記得它被討論過。但其結果如何，現在還處於早期階段。

(Operator Instructions)

（操作員指示）

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

First, to follow up on the FFO to debt, just to clarify, which threshold are you referring to when you talk about the 100 basis point cushion? Is it the 12% in S&P? So you're talking about 13% or higher?

首先，為了跟進 FFO 與債務的關係，需要澄清的是，當您談到 100 個基點的緩衝時，您指的是哪個門檻？是標準普爾的 12% 嗎？所以您說的是 13% 或更高？

I'm talking about the both thresholds at S&P and Moody's.

我指的是標準普爾和穆迪的兩個門檻。

Okay. So each of them on a corresponding calculation basis?

好的。那麼它們每個都有對應的計算基礎嗎？

Correct, Andrew. Correct.

正確，安德魯。正確的。

Okay. Great. Next, maybe I need a little bit of a reminder. But when you talk about tariffs and the Massachusetts mechanism around performance-based rate making and inflation, please just remind me how would that work? And would you expect to fully pass on the effect? I think you mentioned an estimate of 3% to 6% impact. Is your expectation that, that would be fully passed on or just some portion of it?

好的。偉大的。接下來，也許我需要一點提醒。但是，當您談到關稅和馬薩諸塞州基於績效的費率制定和通貨膨脹的機制時，請提醒我它將如何運作？您是否希望完全傳遞這種影響？我認為您提到的影響估計為 3% 到 6%。您是否期望這些會全部傳遞下去，還是只傳遞一部分？

Well, the reference to the 3% to 6% that I mentioned was on our capital program. So that would be capital projects related. I also said in my formal remarks that we see very little impact on O&M or O&M. What I'm trying -- with the reference that I made about the PBR mechanism, if these tariffs put inflationary pressure on the commodities that we purchased material from an O&M perspective or general inflation that we've seen across the board.

嗯，我提到的 3% 到 6% 指的是我們的資本計畫。所以這將與資本項目相關。我在正式發言中也說過，我們認為對 O&M 或 O&M 的影響很小。我正在嘗試——參考我提到的 PBR 機制，如果這些關稅對我們從 O&M 角度購買的商品造成通膨壓力，或者對我們全面看到的整體通膨造成通膨壓力。

The PBR mechanism that we have in Massachusetts and we've had it for, as I said, nearly a decade now, the first layer of that mechanism is an adjustment for inflation using the GDP-PPI mechanism.

我們在馬薩諸塞州採用的 PBR 機制，正如我所說，已經使用了近十年，該機制的第一層是使用 GDP-PPI 機制來調整通貨膨脹。

That adjustment -- inflationary adjustment is capped at 5%. So last -- in our last year's adjustment for NSTAR Electric, for example, that took effect January 1 of this year. That inflation adjustment was about 3%, 3.25%. So if inflation were to creep up to 6%, we would at least get up to 5% of that rate impact.

此調整－通貨膨脹調整的上限為 5%。因此，最後——例如，我們去年對 NSTAR Electric 的調整於今年 1 月 1 日生效。通膨調整幅度約為3%、3.25%。因此，如果通貨膨脹率攀升至 6%，我們至少會受到 5% 的利率影響。

I see. Thank you for clarifying that. So two different things. The O&M versus the capital different bucket, thank you for clarifying. Got it. And one last one, if I may. Can you just give us your latest thoughts on timing of a potential CL&P rate case? Would that be something for 2025?

我懂了。感謝您澄清這一點。所以是兩件不同的事情。O&M 與資本不同的是，感謝您的澄清。知道了。如果可以的話，我還有最後一個問題。您能否向我們介紹一下您對潛在 CL&P 利率案例時機的最新看法？這將會是 2025 年的事嗎？

We're still assessing as we -- as I continuously communicated to you, the earliest we would likely file would be in the fall. But this -- we're still assessing the timing of that.

我們仍在評估——正如我不斷向您傳達的那樣，我們最早可能在秋季提交申請。但是——我們仍在評估這個時機。

I'm showing no further questions at this time. I would now like to turn it back to Joe Nolan for closing remarks.

我目前沒有其他問題。現在我想請喬諾蘭作最後發言。

Great. Well, thank you all for taking the time to join us this morning. We really appreciate it. And you've got eight minutes to get on the Ameren call of my good friend, Marty Lyons. So enjoy.

偉大的。好吧，感謝大家今天早上抽出時間來參加我們的活動。我們非常感激。您有八分鐘的時間來接聽我的好朋友 Marty Lyons 的 Ameren 電話。盡情享受吧。

Thank you, everyone.

謝謝大家。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。