康涅狄格電力 (ES) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eversource Energy Q2 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker, 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 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給第一位發言人，投資者關係副總裁 Rima Hyder。請繼續。

Good morning, and thank you for joining us today on the second quarter 2025 earnings call for Eversource. 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 2025 年第二季財報電話會議。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。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 and President and Chief Executive Officer; and John Moreira, our Executive Vice President, 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兼總裁兼執行長喬諾蘭 (Joe Nolan) 和我們的執行副總裁、財務長兼財務主管約翰莫雷拉 (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, and good morning, everyone. Thank you for being with us today. Starting on Slide 4. We have made great progress halfway through the year, executing our key strategic priorities while maintaining our commitment to being a pure-play pipes and wires, a regulated utility. As anticipated, electric demand continues to rise, both in the near term and throughout our 10-year forecast horizon.

謝謝你，Rima，大家早安。感謝您今天與我們同在。從投影片 4 開始。我們在年中取得了巨大進展，執行了我們的關鍵策略重點，同時堅持成為純粹的管道和電線公司和受監管的公用事業公司的承諾。正如預期的那樣，無論是在短期內還是在我們的 10 年預測期內，電力需求都將持續上升。

We recognize this growth trajectory early on and worked closely with key stakeholders to position ourselves to effectively meet the challenge.

我們很早就認識到了這一成長軌跡，並與主要利益相關者密切合作，以有效應對挑戰。

In several regions, demand is expected to outpace existing infrastructure capacity, underscoring the critical need for strategic upgrades and new development. The accelerating electrification of transportation and heating sectors, driven by decarbonization efforts, is further fueling this upward trend.

在一些地區，需求預計將超過現有基礎設施的容量，凸顯了策略升級和新發展的迫切需求。在脫碳努力的推動下，交通運輸和暖氣產業電氣化進程加快，進一步推動了這一上升趨勢。

Notably, low growth through the first half of 2025 has exceeded 2%, nearly double the rate observed during the same period last year, reinforcing our expectations in validating the investments we've made to capitalize on this momentum. A clear indication of this is the 10% increase in our five-year infrastructure investment plan that we announced in February.

值得注意的是，2025 年上半年的低成長率已超過 2%，幾乎是去年同期的兩倍，這增強了我們的預期，證明了我們為利用這一勢頭所做的投資是合理的。我們在二月宣布的五年基礎設施投資計畫增加了10%，這是一個明顯的跡象。

Our balance sheet is strengthening and our FFO to debt ratio continues to improve as a result of constructive regulatory outcomes as well as our execution on cash flow enhancements that we laid out last year, such as exiting the offshore wind business and the planned divestiture of our water business.

我們的資產負債表正在加強，我們的 FFO 與債務比率繼續改善，這得益於建設性的監管結果以及我們執行去年制定的現金流增強措施，例如退出離岸風電業務和計劃剝離水務業務。

Turning to our quarterly accomplishments on Slide 5. Once again, this quarter, we saw solid earnings growth from our transmission and distribution businesses versus last year's results. Earnings for the second quarter were $0.96 a share, in line with our expectations. We are reaffirming our 2025 EPS guidance range of $4.67 per share to $4.82 per share as well as our long-term EPS growth projection of 5% to 7% through 2029.

轉到投影片 5 的季度業績。本季度，與去年同期相比，我們的輸配電業務獲利再次穩健成長。第二季每股收益為 0.96 美元，符合我們的預期。我們重申 2025 年每股盈餘指引範圍為每股 4.67 美元至每股 4.82 美元，以及 2029 年每股盈餘長期成長預測為 5% 至 7%。

In addition to our solid financial results, we had other significant accomplishments across the company. During this hot summer, we continue to maintain our top decile reliability performance even during record-breaking heat waves.

除了穩健的財務表現外，我們公司還取得了其他重大成就。在這個炎熱的夏天，即使在破紀錄的熱浪中，我們仍然保持著最高的十分位可靠性表現。

I'd like to briefly acknowledge the severe weather event that impacted parts of Connecticut, Southeastern Massachusetts, and Cape Cod during the July 4 holiday weekend. This storm had damaging winds, well above 70 miles per hour.

我想簡要介紹一下 7 月 4 日假日週末影響康乃狄克州部分地區、麻薩諸塞州東南部和科德角的惡劣天氣事件。這場風暴具有破壞性，風速遠超過每小時 70 英里。

These dangerous conditions post significant operational challenges. But our team responded swiftly to ensure safety and service continuity. I would like to thank all our employees, including crews, operations, and customer services teams who worked around the clock to restore power to our customers.

這些危險的情況給營運帶來了巨大的挑戰。但我們的團隊迅速做出反應，確保安全和服務連續性。我要感謝我們所有的員工，包括機組人員、營運和客戶服務團隊，他們日以繼夜地工作，為我們的客戶恢復電力。

This is also a testament to our continued investment in grid modernization, which has significantly enhanced system resilience, enabling faster and more efficient storm restoration efforts that minimize customer outages and support long-term reliability.

這也證明了我們對電網現代化的持續投資，這顯著增強了系統彈性，使風暴恢復工作更快、更高效，最大限度地減少了客戶停電並支持長期可靠性。

We issued our annual sustainability report, which is available on our website. The report highlights some of our most innovative sustainability in governance achievements, including our network geothermal pilot project, our Cape Cod Card Solutions transmission project, and our efforts to develop the future energy workforce.

我們發布了年度永續發展報告，可在我們的網站上查閱。該報告重點介紹了我們在治理方面最具創新性的永續發展成就，包括我們的網路地熱試點計畫、我們的科德角卡解決方案傳輸計畫以及我們為培養未來能源勞動力所做的努力。

Shifting focus to the regulatory front, let me begin with an update on Connecticut. The Connecticut legislative session ended in early June. The general assembly passed Senate Bill 4, SB4, on a bipartisan basis. SB4 is a comprehensive energy reform bill with the stated intention of making electric bills more affordable and the utility regulation process more transparent.

將焦點轉移到監管方面，讓我先介紹一下康乃狄克州的最新情況。康乃狄克州立法會議於六月初結束。大會以兩黨一致通過了參議院第 4 號法案 SB4。SB4 是一項全面的能源改革法案，其明確目的是使電費更加實惠，公用事業監管流程更加透明。

The bill was signed into law by Governor at the end of the month. SB4 allows for securitization of storm costs incurred by Eversource from 2018 to 2025, which is important for customer bill predictability as well as strengthening our balance sheet. The new law also clarifies the requirements of the public utility regulatory authority, including requiring that all five commissioners sit on all-rate request proceedings moving forward.

該法案已於月底由州長簽署成為法律。SB4 允許將 Eversource 在 2018 年至 2025 年期間產生的風暴成本證券化，這對於客戶帳單的可預測性以及加強我們的資產負債表非常重要。新法也明確了公用事業監管機構的要求，包括要求所有五名委員都參與今後的全額費率請求程序。

Additionally, the law allows the state to use bonds to cover the cost of some public benefit programs, which are also currently recovered through a separate charge on our customers' bills. This is expected to modestly reduce their overall bill impact. We appreciate that leaders on both sides of the aisle in the general assembly are committed to ensuring a transparent and constructive process for utilities in Connecticut to deliver safe and reliable service.

此外，法律允許州政府使用債券來支付一些公共福利項目的費用，這些費用目前也是透過對客戶帳單單獨收費來收回的。預計這將略微降低其整體帳單影響。我們讚賞大會兩黨領導人致力於確保康乃狄克州公用事業以透明和建設性的方式提供安全可靠的服務。

Staying with Connecticut, the Aquarion divestiture process continues to progress well. We are well into the regulatory approval proceedings in all three states, and we expect to close the seal by the end of the year. We also received a decision from the Connecticut Supreme Court on Aquarion's appeal from its 2023 rate case results.

繼續在康乃狄克州，Aquarion 資產剝離過程繼續進展順利。我們已經順利進入這三個州的監管審批程序，預計在今年年底前完成審批。我們也收到了康乃狄克州最高法院關於 Aquarion 2023 年利率案結果上訴的裁決。

We are encouraged by the court's findings on the applicability of the legal standards for rate making, including the application of prudency standards as well as utility companies being entitled to carrying charges on deferred costs. This court ruling was an important development for future investments and cost recovery.

我們對法院關於費率制定法律標準的適用性的裁決感到鼓舞，包括應用審慎標準以及公用事業公司有權對遞延成本收取費用。這項法院裁決對於未來的投資和成本回收來說是一個重要的發展。

Our focus in this legal challenge has always been to get clarity from the court on the applicability of prudent standards in order to support and defend capital investments in the future. Having the rules of the road clarified by the court is critical in this regard. It is of greater value than the evidentiary disputes on Aquarion's 2023 rate case.

我們在這場法律挑戰中的重點一直是從法院獲得關於審慎標準的適用性的明確說明，以支持和捍衛未來的資本投資。在這方面，法院明確交通規則至關重要。它比Aquarion 2023年費率案的證據爭議更有價值。

Moving on, we received a constructive decision on the rate case for a public service company of New Hampshire. We are pleased with the Commission's collaborative approach on this rate case proceeding. This decision which was in line with our expectations, largely supports our investments in grid monetization, system reliability, and necessary energy infrastructure needed to continue delivering safe, affordable, and sustainable electricity to our New Hampshire customers. John will cover the details of this recent decision.

接下來，我們收到了有關新罕布夏州一家公共服務公司費率案的建設性決定。我們對委員會在這項利率案件審理過程中所採取的合作方式感到滿意。這項決定符合我們的預期，在很大程度上支持了我們對電網貨幣化、系統可靠性和必要能源基礎設施的投資，以便繼續向新罕布夏州的客戶提供安全、經濟和永續的電力。約翰將介紹這項最新決定的細節。

We're pleased to announce that during the second quarter, we finalized contracts that maintain positive constructive relationships with several of our key unions, representing electric and natural gas employees in Massachusetts. It's important to Eversource that we maintain these relationships with our union partners.

我們很高興地宣布，在第二季度，我們完成了與代表馬薩諸塞州電力和天然氣員工的幾個主要工會保持積極建設性關係的合約。對 Eversource 來說，與工會夥伴維持這種關係非常重要。

Turning to Slide 6. As we invest in modernizing our infrastructure and supporting the energy transition of the future, we are equally focused on keeping costs manageable for the families and businesses we serve. Affordability is not just a goal, it's a cornerstone principle in every investment we make.

翻到幻燈片 6。在我們投資現代化基礎設施和支持未來能源轉型的同時，我們同樣注重為我們服務的家庭和企業控製成本。可負擔性不僅僅是一個目標，它是我們每項投資的基石原則。

Through innovative solutions and strategic grid enhancements, we're enabling the integration of renewable energy resources and preparing for the increase in electric demand expected in our region. Our advanced metering infrastructure rollout in Massachusetts is progressing very well, and we reached a major milestone in July.

透過創新解決方案和策略性電網增強，我們正在實現再生能源資源的整合，並為我們地區預期的電力需求成長做好準備。我們在馬薩諸塞州的先進計量基礎設施推廣進展順利，並在 7 月達到了一個重要的里程碑。

The AMI communication network, which started deployment earlier this year in Western Massachusetts, is substantially complete. This was a critical foundational step prior to the meter installation. We have also started the construction of the communication network in Eastern Massachusetts.

AMI 通訊網路於今年稍早在麻薩諸塞州西部開始部署，目前已基本完工。這是電錶安裝之前的關鍵基礎步驟。我們也已經開始建造馬薩諸塞州東部的通訊網路。

I am pleased to report that following a successful system launch last week, we have begun the installation of the first AMI meters in Western Massachusetts. The transition to AMI meters, for all Eversource, Massachusetts electric customers is expected to take approximately three years to complete.

我很高興地報告，在上周成功啟動系統後，我們已經開始在馬薩諸塞州西部安裝第一批 AMI 電錶。對於所有馬薩諸塞州埃弗索斯電力客戶來說，向 AMI 電錶的過渡預計需要大約三年時間才能完成。

We are very excited to bring AMI to Massachusetts. This initiative aims to bring transparency, efficiency, and reliability to energy distribution, while empowering customers to make informed decisions about their energy consumption. Even more exciting is our key project, the Cambridge Underground substation, the first of its kind in the United States. Construction is moving ahead well since breaking ground earlier this year.

我們非常高興將 AMI 帶到馬薩諸塞州。該計劃旨在提高能源分配的透明度、效率和可靠性，同時使客戶能夠就其能源消耗做出明智的決策。更令人興奮的是我們的重點項目—劍橋地鐵變電站，這是美國首個此類變電站。自今年稍早破土動工以來，工程進展順利。

Boston Properties, our partner on this project, is now advancing toward the final depth of approximately 105 feet. We are pleased that we can meet the growing needs that enable clean energy resources for Cambridge, a global center of innovation.

我們在該專案上的合作夥伴波士頓房地產 (Boston Properties) 目前正朝著大約 105 英尺的最終深度前進。我們很高興能夠滿足劍橋這個全球創新中心日益增長的清潔能源資源需求。

The Eversource team behind our innovative Outer Cape battery energy storage was recognized for their work on the project by the Energy Systems Integration Group. This group is an independent not-for-profit organization that galvanizes the expertise of the technical community to support grid transformation in energy systems integration.

我們創新的 Outer Cape 電池儲能專案背後的 Eversource 團隊因其在該專案上的工作而獲得了能源系統整合集團的認可。該組織是一個獨立的非營利組織，旨在調動技術界的專業知識來支援能源系統整合中的電網轉型。

Our system was recognized for its state-of-the-eye nature and the seamless implementation of the first of its kind systems to improve reliability for customers. Since full commissioning in December of 2022, this system has been dispatched on several occasions, avoiding sustained outages for thousands of customers during storms and other unexpected events.

我們的系統因其先進的特性和首創的無縫實施系統而受到認可，從而提高了客戶的可靠性。自 2022 年 12 月全面投入使用以來，該系統已多次調度，避免了暴風雨和其他意外事件期間數千名客戶持續停電。

Turning to a brief update on Revolution Wind on Slide 7. You may recall that in early May, Orsted announced that the project was approximately 75% complete. We expect Orsted to update the overall project status soon. The onshore substation construction, which Eversource overseas is progressing well. We expect the onshore substation construction to be substantially complete this month.

前往投影片 7 上有關 Revolution Wind 的簡要更新。您可能還記得，5 月初，Orsted 宣布該項目已完成約 75%。我們期待 Orsted 盡快更新整體專案狀態。Eversource海外負責的陸上變電站建設進展順利。我們預計陸上變電站建設將於本月基本完工。

The testing and commissioning process is underway, which will allow the substation to provide back feed power to the offshore facilities in early 2026. This construction progress significantly reduces the critical path risk for Eversource.

目前，測試和調試過程正在進行中，這將使變電站能夠在 2026 年初向海上設施提供反饋電力。這項施工進展大大降低了Eversource的關鍵路徑風險。

Before we conclude today's call, I want to thank all of you, our employees, partners, and investors for your continued trust and support. This quarter's results reflect our team's unwavering commitment to operational excellence, customer service, and long-term value creation.

在我們結束今天的電話會議之前，我想感謝大家，我們的員工、合作夥伴和投資者，感謝你們一直以來的信任和支持。本季度的業績反映了我們團隊對卓越營運、客戶服務和長期價值創造的堅定承諾。

This quarter wasn't just about performance. It was about our over 10,000 employees working together every day to keep the lights on and provide superior customer service. From our line workers restoring power in the dock to our engineers design the grid of tomorrow, to customers and shareholders who trust us everyday, we're proud to serve over 4 million customers across three states.

本季不僅與業績有關。我們超過 10,000 名員工每天齊心協力，確保公司正常運作並提供優質的客戶服務。從在碼頭恢復電力的第一線工人到設計未來電網的工程師，再到每天信任我們的客戶和股東，我們很自豪能夠為三個州的 400 多萬客戶提供服務。

As we look ahead, we remain focused on delivering safe, reliable, and sustainable energy while navigating an evolving regulatory and economic landscape. I will now turn the call over to John Moreira to discuss our financial results.

展望未來，我們將繼續致力於提供安全、可靠和永續的能源，同時應對不斷變化的監管和經濟狀況。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 second quarter earnings results, provide a regulatory update, and discuss our balance sheet and credit metrics progress.

謝謝你，喬，大家早安。今天上午，我將回顧第二季的收益結果，提供監管更新，並討論我們的資產負債表和信貸指標進展。

I'll start with our second quarter results on Slide 9. GAAP and recurring earnings results for the second quarter were $0.96 per share compared with GAAP and recurring earnings of $0.95 per share last year. Higher utility earnings were largely offset by a decrease in impairment and other earnings.

我將從幻燈片 9 開始介紹我們的第二季業績。第二季的 GAAP 和經常性收益結果為每股 0.96 美元，去年的 GAAP 和經常性收益為每股 0.95 美元。公用事業收益的增加在很大程度上被減損和其他收益的減少所抵消。

Looking at the quarter results, starting with transmission. Higher electric transmission earnings of $0.02 per share were due to increased revenues from continued investments in the transmission system and lower interest expense, partially offset by the impact of share dilution.

查看季度結果，首先從傳輸開始。電力傳輸收益增加 0.02 美元/股，是由於持續投資傳輸系統帶來的收入增加和利息支出降低，但被股份稀釋的影響部分抵消。

Next, we have higher electric distribution earnings of $0.02 per share that benefited from distribution rate increases in New Hampshire and Massachusetts, providing cost recovery of infrastructure investments in our distribution system. These higher revenues were partially offset by higher property taxes, interest, depreciation, and the impact from share dilution.

其次，由於新罕布夏州和馬薩諸塞州的配電率提高，我們的電力配電收益增加了 0.02 美元/股，從而收回了我們配電系統基礎設施投資的成本。這些增加的收入被更高的財產稅、利息、折舊和股份稀釋的影響部分抵消。

The improved results of $0.02 per share at Eversource's natural gas segment were due primarily to base distribution rate increases at both Massachusetts utilities to also provide timely recovery of investment in our natural gas segment. These revenue increases were partially offset by higher O&M, interest, depreciation, property tax expenses, and the impact from share dilution. Water distribution earnings improved $0.02 per share year-over-year as a result of higher revenues and lower interest expense.

Eversource 天然氣部門每股 0.02 美元的業績改善主要歸因於馬薩諸塞州兩家公用事業公司的基本分銷率提高，也及時收回了我們對天然氣部門的投資。這些收入的成長被更高的營運和維護費用、利息、折舊、財產稅費用以及股份稀釋的影響部分抵消。由於收入增加和利息支出減少，供水業務每股收益年增 0.02 美元。

Eversource parent losses increased $0.07 per share for the quarter. Lower results were as expected, primarily due to higher interest expense resulting from the absence of capitalized interest after the sale of our offshore wind business. Overall, our second quarter earnings were in line with our expectations, and we are pleased with this solid performance.

Eversource 母公司本季每股虧損增加 0.07 美元。較低的業績符合預期，主要原因是出售離岸風電業務後缺乏資本化利息導致利息支出增加。總體而言，我們的第二季收益符合我們的預期，我們對這一穩健的表現感到滿意。

Moving to our key regulatory items beginning with New Hampshire on Slide 10. On July 25, we received the order on the PSNH rate proceeding. We have proposed an increase of $103 million, which was amended from the original proposal of $182 million, primarily to exclude deferred storm costs, which will be considered by the commission in another docket. The audit approved a permanent rate increase of $100 million based on an ROE of 9.5% and a 50-50% capital structure. This increase includes the previously approved temporary rate increase of $61 million.

從第 10 張投影片上的新罕布夏州開始，轉到我們的關鍵監管項目。7 月 25 日，我們收到了有關 PSNH 費率訴訟的命令。我們提議增加 1.03 億美元，這是對最初提議的 1.82 億美元的修改，主要是為了排除遞延風暴成本，委員會將在另一個案卷中考慮這筆費用。審計批准在 9.5% 的 ROE 和 50-50% 的資本結構基礎上永久增加 1 億美元的利率。此次增長包括先前批准的 6,100 萬美元臨時加息。

The PUC also approved a new performance-based rate mechanism with a four-year term that includes annual inflation adjustments and 142-basis-point [adder]. This rate order is effective as of today. We will continue to evaluate all of the components of the rate order to determine next steps. While not all components of our rate proposal were adopted, we are encouraged by this constructive rate outcome that was in line with our expectations.

公共事業委員會還批准了一項新的基於績效的利率機制，該機制為期四年，包括年度通膨調整和 142 個基點的加法。該費率命令自今日起生效。我們將繼續評估利率命令的所有組成部分，以確定下一步措施。雖然我們的利率提案並非所有內容都被採納，但這項符合我們預期的建設性利率結果令我們感到鼓舞。

Moving to Slide 11. In Massachusetts, on November 1, new rates are expected to go into effect for NSTAR Gas under the annual PBR adjustment and a potential rate base roll-in, which are elements of our approved 10-year PBR plan for NSTAR Gas. In addition, EGMA will have a rate increase of approximately $62 million, also effective on November 1, reflecting the second phase of the 2024 rate base roll-in.

移至投影片 11。在馬薩諸塞州，預計 11 月 1 日，根據年度 PBR 調整和潛在的費率基準轉入，NSTAR Gas 的新費率將生效，這些都是我們批准的 NSTAR Gas 十年 PBR 計劃的要素。此外，EGMA 的費率也將增加約 6,200 萬美元，同樣於 11 月 1 日生效，這反映了 2024 年費率基準滾動實施的第二階段。

Moving to Connecticut, we have completed the discovery phase of the hearings of our Yankee Gas rate proceeding and have provided strong support for our system infrastructure investments and cost structure. We expect a final decision in this rate proceeding in October for rates to be effective November 1. As a reminder, this filing seeks to recover an adjusted revenue efficiency of approximately $190 million, reflecting the recovery of critical investments and cost increase since the previous rate review back in 2018.

轉到康乃狄克州，我們已經完成了洋基天然氣費率程序聽證會的調查階段，並為我們的系統基礎設施投資和成本結構提供了強有力的支援。我們預計利率程序將於 10 月做出最終決定，利率將於 11 月 1 日生效。提醒一下，本申請旨在恢復約 1.9 億美元的調整後收入效率，反映自 2018 年上次費率審查以來關鍵投資的恢復和成本的增加。

We also received a draft decision in the Connecticut PBR docket in July. While we appreciate PURA's work on advancing this important regulatory construct, we continue to have concerns with certain core components of this framework and are working with PURA and other stakeholders to ensure that we have alignment with the PBR structure that we can support.

我們也在 7 月收到了康乃狄克州 PBR 案卷中的一份決議草案。雖然我們讚賞 PURA 為推動這一重要監管結構所做的工作，但我們仍然對該框架的某些核心組成部分感到擔憂，並正在與 PURA 和其他利益相關者合作，以確保我們與我們可以支持的 PBR 結構保持一致。

Next, let me reaffirm our five-year capital plan of $24.2 billion, as shown on Slide 12, which reflects our five-year utility infrastructure investments by segment. This plan reflects a 10% increase over the last five-year plan. And as we've discussed previously, it only includes projects for which we have a clear line of sight from a regulatory perspective.

接下來，讓我重申我們的 242 億美元五年資本計劃，如幻燈片 12 所示，該計劃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長了10%。正如我們之前討論過的，它只包括我們從監管角度有明確視線的項目。

Through June of 2025, we have executed on $2.2 billion of our $4.7 billion infrastructure investment plan. We are very pleased with this progress and we are on track to meet our planned target for the year. We continue to see additional capital investment opportunities in the range of $1.5 billion to $2 billion within this five-year forecast period.

截至 2025 年 6 月，我們已執行 47 億美元基礎設施投資計畫中的 22 億美元。我們對這一進展感到非常滿意，並且我們有望實現今年的計劃目標。我們繼續看到在這五年預測期內有 15 億美元至 20 億美元的額外資本投資機會。

Turning to Slide 13. We remain highly focused on improving our cash flow position and strengthening our balance sheet condition. Our plan to enhance our cash flows is balanced by our equity needs of $1.2 billion, the majority of which is expected to be issued towards the back half of our five-year forecast period.

翻到幻燈片 13。我們仍然高度重視改善現金流量狀況和加強資產負債表狀況。我們增強現金流的計畫與 12 億美元的股權需求相平衡，其中大部分預計將在我們五年預測期的後半段發行。

As I have stated before, we expect our FFO to debt ratios for 2025 to be approximately 100 basis points above the rating agency thresholds. In fact, our Moody's FFO to debt ratio as of the first quarter of this year of 11.5% reflects an improvement of over 200 basis points from December 31, 2024.

正如我之前所說，我們預計 2025 年的 FFO 與負債比率將比評級機構的門檻高出約 100 個基點。事實上，截至今年第一季度，我們的穆迪 FFO 與負債比率為 11.5%，比 2024 年 12 月 31 日提高了 200 多個基點。

In early September, we met with all three rating agencies and received positive feedback on our execution of cash flow enhancements. Moody's recently reaffirmed its ratings for both Eversource Energy and NSTAR Electric, which we were very pleased to see. Unfortunately, Moody's also announced a downgrade for Connecticut Light & Power to Baa1 from A3. Moody's cited the Connecticut regulatory environment as their reason for the downgrade.

9月初，我們與所有三家評級機構會面，並收到了對我們實施現金流增強措施的正面回饋。我們很高興看到穆迪最近重申了對 Eversource Energy 和 NSTAR Electric 的評級。不幸的是，穆迪也宣布將康乃狄克電力公司的評級從 A3 下調至 Baa1。穆迪將康乃狄克州的監管環境作為降級的原因。

As we shared with you last quarter and as shown on Slide 14, we have executed on substantially all the items necessary to improve our cash flows and strengthen our balance sheet condition. As a result, our operating cash flows have continued to improve, increasing over $1 billion year-over-year through the first half of this year.

正如我們上個季度與您分享的以及幻燈片 14 中所示，我們已經執行了改善現金流和加強資產負債表狀況所需的幾乎所有項目。因此，我們的營運現金流持續改善，今年上半年年增超過 10 億美元。

We also see further opportunity for customer build stabilization and balance sheet enhancement through Senate Bill 4 in Connecticut, by establishing a legal foundation for securitization of storm costs. This would certainly benefit our cash flow position and our balance sheet improvement efforts. As a reminder, our forecast did not assume securitization as the cost recovery for the Connecticut deferred storm costs.

我們也看到，康乃狄克州參議院第 4 號法案為風暴成本證券化奠定了法律基礎，從而為客戶建設穩定和資產負債表改善提供了進一步的機會。這無疑有利於我們的現金流狀況和資產負債表改善工作。提醒一下，我們的預測並沒有假設證券化作為康乃狄克州遞延風暴成本的成本回收。

Staying with Connecticut. We recently supplemented our storm cost recovery filing, with an additional $171 million of storm costs for the period of February 2023 through December of 2023. This brings the total balance of deferred storm costs currently with PURA for prudency review to $980 million.

留在康乃狄克州。我們最近補充了風暴成本回收申報，為 2023 年 2 月至 2023 年 12 月期間額外追加了 1.71 億美元的風暴成本。這使得目前 PURA 進行審慎審查的延期風暴成本總餘額達到 9.8 億美元。

We continue to believe that all of the storm restoration costs we filed were prudently incurred and should be recovered from customers. It's important to note that we now have approximately 85% of the $2 billion of deferred storm cost balance being recovered in rates or in the prudency review process across all three states.

我們仍然相信，我們提出的所有風暴恢復費用都是謹慎產生的，應該從客戶那裡收回。值得注意的是，目前我們已經透過稅率或審慎審查程序在三個州收回了 20 億美元遞延風暴成本餘額中的約 85%。

Moving to Slide 15, I would like to share a progress update on debt maturities at the parent level and also cover our at-the-market equity issuance program. Our plan to retire $600 million of maturing payment debt during 2025 is progressing as planned. And we are prepared to manage the final maturity this month with existing resources, as shown on the slide. We anticipate no new long-term debt issuances this year at the parent company.

前往投影片 15，我想分享母公司層面債務到期的進度更新，並介紹我們的市場股票發行計畫。我們計劃在 2025 年償還 6 億美元到期債務，該計劃正在按計劃進行。我們準備利用現有資源來管理本月的最終到期日，如幻燈片所示。我們預計母公司今年不會發行新的長期債務。

During the second quarter, we issued approximately $200 million of equity under the ATM program. We will closely manage further issuances and in the second half of the year as we monitor the status of the Aquarion transaction and our short-term commercial paper balances.

第二季度，我們根據 ATM 計畫發行了約 2 億美元的股權。我們將密切管理進一步的發行，並在下半年監控 Aquarion 交易的狀態和我們的短期商業票據餘額。

Next, I will turn to 2025 earnings guidance as shown on Slide 16. With the first half of the year in the record books, we are reaffirming our 2025 recurring earnings per share in the range of $4.67 to $4.82, and our longer-term EPS growth rate of 5% to 7% off of 2024 EPS base.

接下來，我將轉向投影片 16 所示的 2025 年獲利預測。隨著上半年業績的創紀錄，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，長期每股收益增長率將在 2024 年每股收益基礎上增長 5% 至 7%。

We remain confident in our EPS growth outlook, underpinned by the disciplined execution of our strategic plan. Our customer-focused investments in electric transmission and distribution that are supported by constructive regulatory mechanisms, ensuring timely cost recovery for the majority of our businesses.

我們對我們的每股收益成長前景仍然充滿信心，這得益於我們嚴格執行的策略計劃。我們以客戶為中心的電力傳輸和配電投資，並得到建設性監管機制的支持，確保我們的大多數業務能夠及時收回成本。

At the same time, ongoing progress on storm cost recovery and O&M cost discipline are expected to provide a solid foundation, positioning Eversource to provide consistent long-term value to our shareholders.

同時，風暴成本回收和營運與維護成本控制的持續進展預計將提供堅實的基礎，使 Eversource 能夠為我們的股東提供持續的長期價值。

I'll now turn the call back to Rima to begin our Q&A session.

現在我將把電話轉回給 Rima，開始我們的問答環節。

Michelle, we're ready to begin our Q&A session.

米歇爾，我們準備開始問答環節。

(Operator Instructions) Carly Davenport, Goldman Sachs.

（操作員指示）高盛的卡莉·達文波特。

Good morning, Carly.

早安，卡莉。

Hey, Joe, hey. Thanks for taking my questions. Maybe just to start on the balance sheet. I appreciate the updates there. So the 11.5% FFO to debt at the end of 1Q. Just can you walk us through kind of the confidence levels in hitting that 14% level by the end of the year and some of those drivers in addition to the asset sales, which, if I recall, was expected to add about 100 basis points to that ratio?

嘿，喬，嘿。感謝您回答我的問題。也許只是從資產負債表開始。我很欣賞那裡的更新。因此，第一季末的 FFO 與債務比率為 11.5%。您能否向我們介紹一下，對於年底前達到 14% 這一水平的信心水平，以及除了資產出售之外的一些驅動因素？如果我沒記錯的話，預計資產出售將使這一比率增加約 100 個基點？

Hey, Carly, it's John. Good morning. Very highly confident. The biggest driver to enhance our FFO to debt is in rates, and that is the recovery of the deferrals. Albeit, I don't expect to see the significant sizable improvement in the second half of the year because we have already recovered the $900 million that went into rates July 1 of last year.

嘿，卡莉，我是約翰。早安.非常有信心。提高我們的 FFO 與負債比率的最大驅動力是利率，也就是延期付款的恢復。儘管如此，我並不認為今年下半年會出現顯著的改善，因為我們已經收回了去年 7 月 1 日投入利率的 9 億美元。

So we're on track. It's not just the public benefits. We also have cost recovery of deferrals, as I mentioned, storms in my formal remarks, and other regulatory assets that we have coming into rates in the other jurisdictions.

所以我們的進展順利。這不僅僅是公共福利。我們還有延期成本回收，正如我在正式發言中提到的那樣，還有風暴，以及我們在其他司法管轄區內納入利率的其他監管資產。

The -- in my formal remarks, I mentioned that we will monitor the progress that we're making on the regulatory approval for Aquarion. That in and of itself with at about 100 basis points. So highly confident that we'll reach the 13 handle with the Aquarion of closing towards the end of the year, that will contribute approximately 100 basis points to get us to that nice cushion.

在我的正式發言中，我提到我們將監控 Aquarion 監管部門批准的進度。這本身就約為 100 個基點。因此，我們非常有信心，隨著 Aquarion 的關閉，我們將在年底達到 13 個目標，這將貢獻大約 100 個基點，使我們獲得良好的緩衝。

Got it. Great. Thank you. And then just on Connecticut. You mentioned, obviously, the securitization of the storm cost was not in your base plan. So could you talk a little bit about how that potentially could impact the longer-term FFO to debt levels?

知道了。偉大的。謝謝。然後就康乃狄克州而言。您提到，顯然，風暴成本的證券化不在您的基本計劃中。那麼，您能否談談這可能會對長期 FFO 與債務水平產生什麼影響？

And then just from a logistics perspective, how should we think about the timing to filing for that securitization and when that could ultimately have an impact on the balance sheet?

然後從物流角度來看，我們應該如何考慮申請證券化的時機以及最終何時會對資產負債表產生影響？

Sure. Sure. Let me start with your first question. First question is how that it impacts? Right now, were not moving from the $1.2 billion need. Clearly, everything else being equal, that would certainly have an impact on our financing needs.

當然。當然。讓我先回答你的第一個問題。第一個問題是它有何影響？目前，我們仍未滿足 12 億美元的需求。顯然，在其他條件相同的情況下，這肯定會對我們的融資需求產生影響。

The fact of the matter is within six months, we're going to do a clean refresh. And in February, we'll give you an update of what our revised the equity needs. And when we roll out our equity needs at that point in time, we'll certainly take into consideration the securitization aspects of those costs.

事實是，我們將在六個月內進行徹底的更新。二月份，我們將向您提供修訂後的股權需求的最新情況。當我們在那時推出股權需求時，我們肯定會考慮這些成本的證券化方面。

Your second question, as to how it would work. Where we stand right now, we just two weeks ago filed another wave of storm costs of about $171 million into PURA. So that puts the total cost, storm costs under the prudency review close to $1 billion. So that is a very sizable amount for the authority to review and go through it.

您的第二個問題是關於它將如何運作。就我們目前的情況而言，就在兩週前，我們向 PURA 提交了另一波約 1.71 億美元的風暴成本申請。因此，審慎審查下風暴造成的總損失接近 10 億美元。因此，對於當局來說，這是一個需要審查和處理的巨大數字。

In light of that filing, that latest filing, PURA did update their schedule, their procedural schedule to take us out through March of next year with hearings and briefs being filed. So I don't -- right now, we don't have an approval date for those -- for that review. But once we get the review, which is the most critical aspect of [ex], we already have the legislation, we will be off to the running with the securitization process, which we expect would take in and of itself about 12 to 18 months to get complete. So likely now, and we were hoping that we would be able to get that cash in the door by the end of '26. So with this push out in the schedule, it's looking more like 2027.

鑑於該文件，即最新的文件，PURA 確實更新了他們的日程安排，他們的程序日程安排將持續到明年三月，屆時我們將舉行聽證會並提交簡報。所以我不知道——目前，我們還沒有針對這些審查的批准日期。但是一旦我們獲得審查，這是[ex]最關鍵的方面，我們已經有了立法，我們將開始證券化進程，我們預計該進程本身需要大約 12 到 18 個月才能完成。現在很有可能，我們希望能夠在 26 年底前拿到這筆現金。因此，按照這個時間表的推遲，它看起來更像是在 2027 年。

Great. That's super helpful. Thank you for the time.

偉大的。這非常有幫助。感謝您抽出時間。

Thank you, Carly.

謝謝你，卡莉。

Jeremy Tonet, JPMorgan Securities.

摩根大通證券的傑里米·託內特 (Jeremy Tonet)。

Good morning, Jeremy.

早上好，傑里米。

Hey, Jeremy.

嘿，傑里米。

I just wanted to kind of follow up with some of the points that we discussed there. I think the slides highlight the -- ending first quarter FFO to debt. I was just wondering if you could share updated metrics for the second quarter for Moody's and S&P and how you stand against those thresholds at this point?

我只是想跟進我們在那裡討論過的一些觀點。我認為幻燈片重點突出了第一季末的 FFO 與債務的關係。我只是想知道您是否可以分享穆迪和標準普爾第二季度的最新指標，以及您目前對這些門檻的評估如何？

Well for Moody's -- for S&P, we're already in a strong position there. So let me speak to Moody's. So we have line of sight. I would tell you that every quarter, we'll continue to make progress. As I've said, this quarter on a 12-month basis, rolling basis, we improved over 200 basis points, which is very, very sizable just in one quarter. I expect that momentum to continue. And I would say, in the coming quarters, we'll be at that 13%.

對於穆迪和標準普爾來說，我們已經處於強勢地位。那麼請允許我和穆迪談談。因此我們有視線。我想告訴你們，每個季度我們都會繼續進步。正如我所說，本季以 12 個月滾動計算，我們的業績提高了 200 多個基點，僅在一個季度內，這一增幅就非常大。我預計這種勢頭將會持續下去。我想說，在接下來的幾個季度裡，我們的成長率將達到 13%。

Got it. Thank you for that. And I was just wondering if you could turn to New Hampshire a little bit here. If there's any other, I guess, process takeaways that you have from the outcome there? And views, I guess, on settlements versus full litigation, and how you think things progress there?

知道了。謝謝你。我只是想知道您是否可以稍微談談新罕布什爾州。我想，您是否從該結果中獲得了其他一些流程要點？我想，您對和解與全面訴訟有何看法，您認為事情進展如何？

Yes. No. Jeremy, I think it was fantastic. We had been in the rate arena since 2018. Every single case that we had had been settled prior to that.

是的。不。傑里米，我認為這太棒了。我們自 2018 年起就進入利率領域。在此之前，我們處理過的每個案件都已經解決。

I talked to a lot of the folks on any recollection of any time we've had a litigated case. But I think it was a very, very good case that allowed us to flush a lot of the issues out. And I think that the regulatory climate there is very favorable. Obviously, in a situation like that, you don't get everything you want. But the fact of the matter was constructive, it was fair. It was transparent.

我與許多人談論了我們遇到訴訟案件的記憶。但我認為這是一個非常非常好的案例，讓我們能夠解決很多問題。我認為那裡的監管環境非常有利。顯然，在那樣的情況下，你無法得到你想要的一切。但事實是，這是建設性的、公平的。它是透明的。

We asked for -- after we netted out storms, we asked for 103, we ended up getting -- we got 100. We got an ROE of 9.5%. But what I like about it is it's very constructive, not only with the commission, but with all of the parties that were involve. So going forward, I think it's an example for other jurisdictions that this is really a nice way to kind of handle a rate case in a professional manner.

我們要求——在扣除風暴影響後，我們要求的是 103，最終我們得到了——我們得到了 100。我們的 ROE 為 9.5%。但我喜歡它的地方在於它非常具有建設性，不僅對委員會如此，而且對所有相關方也是如此。因此，展望未來，我認為這對其他司法管轄區來說是一個榜樣，表明這是一種以專業方式處理利率案件的好方法。

So we're pleased. Obviously, we're looking at the order and -- there's some puts and takes and some things that we might like to have tweak. But at the end of the day, it's a good order for not only the customers, but it's a good order for the company as well.

所以我們很高興。顯然，我們正在查看訂單，其中有一些我們可能想要調整的地方。但最終，這不僅對客戶來說是一份好訂單，對公司來說也是一份好訂單。

And I would just add, let's not lose sight that we did get the PBR structure, which was important to us, and we hope that, that prevails. And very pleased that ultimately, the revenue level was that we -- that the rate case provided for us is very supportive as that is kind of the cast off basis, if you will, for future rate increases as we move into this -- our PBR environment.

我想補充一點，我們不要忘記我們確實獲得了 PBR 結構，這對我們很重要，我們希望它能夠盛行。我們很高興看到，最終的收入水平是我們 - 為我們提供的利率案例非常支持，因為如果您願意的話，這是一種拋棄的基礎，因為我們進入這個 - 我們的 PBR 環境時，未來的利率會上升。

Got it. Thank you for that. I'll leave it there.

知道了。謝謝你。我就把它留在那裡。

All right. Thanks, Jeremy.

好的。謝謝，傑里米。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Morning, Andrew.

早安，安德魯。

Hi, good morning, everyone. First, one more on the balance sheet. So the ATM issuances of about $220 million during the quarter after -- whereas it was off during the first quarter. I know the commentary still shows the majority of equity towards the back half of the forecast period. So how should we think about that? What made you turn it on during the last quarter?

大家好，早安。首先，再談一下資產負債表。因此，下一季 ATM 發行量約為 2.2 億美元，而第一季則有所下降。我知道評論仍然顯示大部分股權處於預測期的後半段。那我們該如何看待這個問題呢？是什麼促使您在上個季度啟用它？

And I know last year, you had that similar run rate of $1 billion over the year, about $250 million per quarter on average. So what should we expect going forward -- not a minute where you acted in July?

我知道去年，你們的全年營業額也達到了類似的 10 億美元，平均每季約 2.5 億美元。那麼，我們應該對未來抱持怎樣的期待──與你在七月採取的行動沒有什麼不同嗎？

Well, you'll see that -- the third quarter happens, Jeremy. So obviously, in my formal remarks, I said, look, our equity needs for this year will be dictated by how the Aquarion approval progresses and what our short-term debt balances are.

好吧，你會看到——第三節發生了，傑里米。因此，顯然，在我的正式演講中，我說過，你看，我們今年的股權需求將取決於 Aquarion 的批准進展情況以及我們的短期債務餘額。

So we saw a window of opportunity in June, and we did that raise all in the month of June as a way to provide liquidity for us, which is very important to us. So I've said that time and time again, what we need for this year is going to be based on the timing of the Aquarion and our short-term balances. So once again, I think the guidance that I just reiterated still holds. Once we close Aquarion, I don't see the need to raise any equity for some time.

因此，我們在六月看到了機會之窗，並且我們在六月進行了加息，以此為我們提供流動性，這對我們來說非常重要。所以我已經一次又一次地說過，我們今年所需要的將取決於 Aquarion 的時間和我們的短期平衡。因此，我再次認為，我剛才重申的指導仍然有效。一旦我們關閉 Aquarion，我認為在一段時間內就沒有必要籌集任何股權。

Okay. Thank you. That's helpful. A longer-term question on Connecticut. Between the legislative updates and the Connecticut court ruling, do you think you're positioned to redeploy some of the capital back into the state? In the past, you diverted some money away from Connecticut into other states, given the uncertainty.

好的。謝謝。這很有幫助。關於康乃狄克州的一個長期問題。根據立法更新和康乃狄克州法院的裁決，您是否認為您有能力將部分資金重新部署回該州？過去，考慮到不確定性，您將一些資金從康乃狄克州轉移到其他州。

Do you think you're ready to reallocate? Or would you want to see some more constructive data plans from the commission itself first?

您認為您已準備好重新分配嗎？或者您想先看到委員會本身提出的一些更具建設性的數據計劃？

We would like to see some more constructive data points coming out of the commission before we reassess our capital redeployment.

在重新評估我們的資本重新部署之前，我們希望看到委員會提供一些更具建設性的數據點。

Okay. Do you think there's opportunity between now and the year-end update when you formally refresh the capital forecast? Or do you think it will take a little more time than that?

好的。您認為從現在到年底正式更新資本預測之間還有機會嗎？或者您認為這還需要更多時間嗎？

That's difficult to predict. But one of the events that we're watching very closely is what the outcome of the Yankee Gas case proceeding.

這很難預測。但我們密切關注的事件之一是洋基天然氣案的審理結果。

And we also have a reconsideration on AMI, if we get some clarity around that and some rules of the road that are fair to us, then that's also an opportunity as well.

我們也對 AMI 進行了重新考慮，如果我們能對此做出更清晰的認識，並製定一些對我們公平的規則，那麼這也是一個機會。

Great. That's really helpful. Thank you so much.

偉大的。這真的很有幫助。太感謝了。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Good morning, Anthony.

早安，安東尼。

Good morning. Hey, Joe, I don't want to cause start off on a bad foot, but the last earnings call, I made a call that Knicks would be the Celtics.

早安.嘿，喬，我不想一開始就造成不好的影響，但在上次財報電話會議上，我預測尼克隊將是凱爾特人隊。

Yeah. I know you're good, you're good. I thought you were going to tell me happy 40th anniversary, as my 40th anniversary at the company. I start my 41st year, Anthony. I mean I thought you had something nice like that.

是的。我知道你很好，你很好。我以為你會對我說 40 週年快樂，因為這是我在公司工作 40 週年。我已經 41 歲了，安東尼。我的意思是我以為你有這樣好的東西。

Wow, congratulations. I worked at a utility and people were very fortunate. I guess a lot of like you do a lot of different jobs like your career really moves to different things. How many different jobs do you think you had over the 40 years?

哇，恭喜你。我曾在一家公用事業公司工作，那裡的人都很幸運。我想，就像你做了很多不同的工作一樣，你的職涯也會朝著不同的方向發展。您認為在過去的 40 年裡您從事過多少種不同的工作？

Well, I was heartbroken and I had a stat in customer service, I thought it was terrible. I wanted to be in communications, and we look what happened. It was probably the best job I ever had starting in customer service because I ended up going back and running it. And I've done everything. There's not really a job that I haven't done. So it's been a great, great run.

好吧，我很傷心，而且我有一個客戶服務統計數據，我認為這太糟糕了。我想從事通訊行業，看看發生了什麼事。這可能是我在客戶服務領域做過的最好的工作，因為我最終回去繼續經營它。我已經做完了一切。事實上，沒有我沒做過的工作。所以這是一次非常非常棒的歷程。

Well, congratulations. 40 years is very impressive. I just --

好吧，恭喜你。 40 年非常令人印象深刻。我只是--

Thank you. You're the most thoughtful analyst, most thoughtful analyst of the call. You wished me happy anniversary. I appreciate that, Anthony.

謝謝。你是最深思熟慮的分析師，電話中最深思熟慮的分析師。你祝我周年快樂。我很感激，安東尼。

I hope I make 30 years of work so 40 (inaudible) I just had some housekeeping questions in New Hampshire. What's the percentage breakout in rate base in New Hampshire? I think, you guys have a decent amount of FERC the rate base there, just a percentage between, I guess, what's regulated by the New Hampshire regulators and what's regulated by FERC. And then just a follow-up, the equity layer in -- at FERC assets in New Hampshire. Are they based on an actual equity ratio? Or what's set in rates, like our hypothetical structure?

我希望我能工作 30 年，這樣 40（聽不清楚）我剛剛在新罕布夏州遇到了一些家務問題。新罕布夏州利率基數的百分比突破是多少？我認為，你們有相當數量的 FERC 費率基礎，我猜，這只是新罕布夏州監管機構監管的費率和 FERC 監管的費率之間的一個百分比。接下來是後續行動，即新罕布夏州聯邦能源管理委員會資產的股權層。它們是基於實際股權比率嗎？或者利率是如何設定的，就像我們的假設結構一樣？

Anthony, on the FERC side. The FERC side is based on the [tab] for all of New England, and it's based on the actual.

安東尼，代表聯邦能源管理委員會 (FERC) 方面。FERC 方面基於整個新英格蘭的 [tab]，並且基於實際情況。

Great. And then in New Hampshire, how much of if -- I think of PSNH, how much of that rate base is state regulated versus FERC regulated?

偉大的。然後在新罕布夏州，如果——我想到 PSNH，該費率基礎中有多少是由州監管，有多少是由 FERC 監管？

State regulated is about $2.1 billion on the distribution side. And on the FERC side, subject to check, I think it's $1.7 billion, $1.8 billion, if my memory serves me correct. But I can double check that.

在分銷方面，國家監管的金額約為 21 億美元。在聯邦能源管理委員會方面，經過核實，如果我沒記錯的話，我認為這個數字是 17 億美元、18 億美元。但我可以再確認一下。

No, that's great. Just -- sorry, go ahead.

不，那太好了。只是——抱歉，請繼續。

No, I was just going to say follow up with you and confirm that for you.

不，我只是想跟進並為你確認一下。

No, Joe, I mean John, how many years do you have with Eversource, even the of companies?

不，喬，我的意思是約翰，你在 Eversource 工作多少年了，甚至是這家公司？

25. Going on my 26th year. And I've had numerous jobs, Anthony, not as exciting as Joe's though so (laughter) --

25.我今年 26 歲了。安東尼，我做過很多工作，但不如喬的工作那麼令人興奮，所以（笑聲）——

Thanks so much for taking my questions, guys.

非常感謝你們回答我的問題。

Thanks so much.

非常感謝。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

Morning, Angie.

早安，安吉。

Good morning, happy Friday [stay see] everybody. Happy we made it. (laughter) Okay. So just one question about the equity needs vis-a-vis the storm cost recovery in Connecticut. Obviously, we're waiting to see the outcome of the Aquarion sale. But I'm just -- again, I'm trying not to get too excited here, but we will have lower equity needs. I mean, because you are mentioning also additional CapEx, right?

早安，大家星期五快樂。很高興我們做到了。（笑聲） 好的。因此，我只想問一個關於康乃狄克州風暴成本恢復的公平需求的問題。顯然，我們正在等待 Aquarion 出售的結果。但我只是──再說一次，我試著不要太激動，但我們的股權需求將會降低。我的意思是，因為您還提到了額外的資本支出，對嗎？

So assuming that at least a portion of that $1.5 billion to $2 billion comes in, that would carry additional equity needs, right? So it's not likely even with the sale of Aquarion and with securitization that there is a reduction in the total equity amount just that the equity is not going to rise meaningfully along with higher CapEx. Is this how I should think about it?

因此，假設這 15 億到 20 億美元中至少有一部分投入，那麼就會帶來額外的股權需求，對嗎？因此，即使出售 Aquarion 並進行證券化，總股本金額也不太可能減少，只是股本金額不會隨著資本支出的增加而大幅增加。我該這樣想嗎？

I think, you're thinking about it correctly. As I said, -- and then the last question, within -- in February, we're going to do a refresh. As you know, there's a lot of puts and takes. And in February, we will know exactly where the Aquarion transaction, and I'm hoping that it closes. Our guidance is still to close that transaction by the end of the year.

我認為你的想法是正確的。正如我所說的——最後一個問題，在二月份，我們將進行一次更新。如你所知，這其中有很多得失。到二月份，我們就會確切知道 Aquarion 交易的具體情況，我希望它能夠完成。我們的指導仍然是在年底前完成交易。

So we'll have that. And that's obviously assumed in our plan already. And then securitization, we'll see, we'll have better clarity on the timing and the amount by that point in time. And we'll also do a refresh of our five-year capital plan at another year. So -- and we'll know we had a $1.5 billion to $2 billion potential adds.

所以我們會擁有它。這顯然已經在我們的計劃中考慮到了。然後，我們會看到證券化，到那時我們將對時間和金額有更清晰的認識。我們還將在明年更新我們的五年資本計劃。所以——我們知道我們有 15 億到 20 億美元的潛在增值。

As Joe mentioned, a good portion of that is the AMI in Connecticut. So we'll see how that progresses. So we'll have much more clarity certainly by the end of this year.

正如喬所提到的，其中很大一部分是康乃狄克州的 AMI。我們將拭目以待事情的進展。因此，到今年年底，我們肯定會有更清晰的認知。

Okay. And then on the Yankee Gas rate case vis-a-vis SB4 -- so I mean, we obviously saw the comments from the Attorney General and Connecticut, you've been out of for quite, what is it seven years, right, since the last rate case?

好的。然後是關於洋基天然氣公司與 SB4 費率案——我的意思是，我們顯然看到了來自司法部長和康涅狄格州的評論，自上次費率案以來，你們已經離開很久了，是七年吧？

2018.

2018年。

Yeah. And so I mean, again, is the -- so are we -- so this SB4 is going to apply here. So all of the commissioners need to apply on the rate case? So this is more like a test case, how future rate cases in the state are likely to go?

是的。所以我的意思是，再說一次，我們也是，所以這個 SB4 將在這裡適用。那麼所有委員都需要就利率案提出申請嗎？所以這更像是一個測試案例，該州未來的利率案件可能會如何發展？

Yeah. I think it's highly unlikely they'll see two more in the time that this decision will be coming out. Keep in mind, it's really general is an elected official. He's -- a lot of it is related to messaging for other audiences. I don't -- we have a good working relationship with the Attorney General, and we're going to continue to work out in that case to get get a decision that's fair. It's fair for us and it's fair for our customers.

是的。我認為，在這項決定出台期間，他們不太可能再看到另外兩個這樣的決定。請記住，這確實是一名民選官員。他——其中許多內容與向其他受眾傳達訊息有關。我不知道——我們與司法部長保持著良好的工作關係，我們將繼續努力，以期做出公正的裁決。這對我們公平，對我們的客戶也公平。

Yes. And Angie, as I said in my formal remarks, the team did a phenomenal job in presenting the justification for the investments that we've made to maintain that system very safe and reliable for our customers. So we did an excellent job taking into account some of the issues that PURA had raised and other rate proceedings. So we put a very, very strong case in front of them. We do we have to and we did.

是的。安吉，正如我在正式發言中所說，團隊在闡述我們為維護該系統對客戶的安全性和可靠性而進行的投資合理性方面做得非常出色。因此，我們出色地考慮了 PURA 提出的一些問題和其他稅率程序。因此，我們向他們提出了非常有力的論點。我們必須這麼做，而且我們也確實這麼做了。

And I'm very, very pleased with how that progress. How that process has progressed.

我對這項進展感到非常非常高興。該過程進展如何。

And then the last one on Aquarion, given the pushback. So I understand that the plan is to sell the assets. But are we -- I mean if this route doesn't work, how we -- I mean are you going to restart the sale process? Or is it just that -- if the commission doesn't approve the current transaction, you're just going to keep the asset and just address the funding needs with more equity?

鑑於阻力，這是關於 Aquarion 的最後一個。所以我理解該計劃是出售資產。但是我們——我的意思是如果這條路線不起作用，我們如何——我的意思是您要重新開始銷售流程嗎？或者只是這樣——如果委員會不批准當前交易，你就保留資產並通過更多股權來滿足融資需求？

Yeah. I mean, I think that case is going very, very well. The hearings finished last week, and I don't see any challenges around that. I think, it's highly unlikely that we don't see that approved. I think, the team did a phenomenal job.

是的。我的意思是，我認為這個案子進展得非常非常順利。聽證會已於上週結束，我認為不會有任何問題。我認為，我們不大可能不批准該提案。我認為，該團隊做得非常出色。

And keep in mind, you've got to keep in mind that the legislature and the governor enacted a law to allow this entity to buy that asset. So for that shift or something to happen, there is the likelihood is highly unlikely. If it does, obviously, we'll cross that bridge when it comes to it. But I'm very optimistic that. That transaction will close this year, and we'll be in great shape.

請記住，你必須記住立法機關和州長頒布了一項法律，允許該實體購買該資產。因此，這種轉變或某件事發生的可能性極小。如果確實如此，顯然，我們會解決這個問題。但我對此非常樂觀。該交易將於今年完成，屆時我們的狀況將十分良好。

There, we're good. Thank you.

好了，我們很好。謝謝。

Thank you.

謝謝。

(Operator Instructions) Ryan Levine, Citi.

（操作員指示）Ryan Levine，花旗銀行。

Morning, Ryan.

早安，瑞安。

Good morning, and congratulations on 40 years. Just one clarifying question. In terms of the Connecticut Courts clarification around prudency standards, can you maybe unpack that a little bit more in detail around the implications for your business and how that could impact whether it's an AMI decision or other decisions that would be coming before in the future?

早安，恭喜你 40 週年。只需澄清一個問題。關於康乃狄克州法院對審慎標準的澄清，您能否更詳細地闡述這對您的業務的影響，以及這將如何影響它是 AMI 的決定還是未來將要做出的其他決定？

Sure, sure. We were very pleased with the court's decision kind of reiterating the prudency standard as it exists today in law, but the clarifying provision that we were very appreciative of is the fact that the commission that cannot apply hindsight in the rate recovery process.

當然，當然。我們對法院的判決感到非常高興，該判決重申了現行法律中的審慎標準，但我們非常欣賞的澄清條款是，委員會不能在利率恢復過程中運用後見之明。

So prudency needs to be set at the time management makes the investment decision. And -- when you go in for the prudency review, which could be numerous years later, you can't introduce new facts and circumstances that existed after that period. So that was very, very encouraging for us.

因此，管理層在做出投資決策時需要謹慎。而且——當你進行審慎審查時，可能已經是很多年以後了，你不能引入那段時期之後存在的新事實和情況。這對我們來說非常非常令人鼓舞。

Great. And does that have any implications for any AMI decision or any of the other upcoming decisions that would impact you?

偉大的。這對 AMI 的任何決定或任何其他即將做出的、可能對您產生影響的決定有何影響？

Well, I think it will have a lot of effect on that because at the end of the day, we're making decisions based on the facts that are on the table today. And so if we pull the trigger and we decided to make the investment, it's not going to be something that two or three years from now that somebody is going to say, well, I think the rules have changed now and circumstances are different. So I think, it has changed. I think, it's improved. It's certainly improved my feeling around making that investment, that we wouldn't have to be concerned that the rules could change down the road.

嗯，我認為這將對此產生很大影響，因為歸根結底，我們是根據今天擺在我們面前的事實做出決定的。因此，如果我們下定決心並決定投資，那麼兩三年後就不會有人說，好吧，我認為規則已經改變了，情況也不同了。所以我認為，它已經改變了。我認為，它已經改善了。這確實改善了我對進行這項投資的感覺，我們不必擔心規則將來會改變。

So I think, very much so. I think it helps.

所以我認為確實如此。我認為它有幫助。

Julien Dumoulin-Smith, Jefferies.

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

It is Paul, and happy anniversary. Yes. No, I am 40 years. That is a high milestone. I hope I can make it that long.

我是保羅，週年快樂。是的。不，我已經40歲了。這是一個重要的里程碑。我希望我能堅持那麼久。

I have two quick follow-ups just to make sure I heard it right. Is the plan no additional equity needs in 2025 after you did you planned for June?

我進行了兩次快速跟進，以確保我聽得正確。您在 6 月制定計畫後，2025 年是否不再需要額外股權？

No, no. No, it's not what I said. What I said was we did the $200 million raise, and we will monitor our CP balances and also the progress that we're making on the Aquarion to maintain an appropriate level of liquidity. So -- but I don't see any -- that amount being significant this year. And obviously, having the proceeds from the Aquarion happen later this year, I'm not anticipating a big amount of equity, if any, issued in 2026.

不，不。不，這不是我說的。我所說的是，我們已籌集了 2 億美元，我們將監控我們的 CP 餘額以及我們在 Aquarion 上取得的進展，以保持適當的流動性水平。所以——但我認為今年的金額並不大。顯然，由於 Aquarion 的收益將在今年稍後產生，我預計 2026 年不會發行大量股權（如果有的話）。

Okay. Great. I thank you for clarifying on that. And then the last one I had -- and just with respect to the quarterly and cadence of earnings, could you just describe some of the building blocks for the second half of the year? Just I noticed that the corporate was negative $0.34. I think it was in the first half and you half, yet a positive driver quarter-end third quarter -- just overall, if you could help on some of the building blocks on the--?

好的。偉大的。感謝您對此作出澄清。然後我問的最後一個問題——僅就季度和收益節奏而言，您能否描述一下今年下半年的一些基石？我注意到公司虧損了0.34美元。我認為這是上半年和下半年的業績，但第三季末的業績卻是一個積極的推動因素——總的來說，您能否就一些基本要素提供一些幫助？

Sure, Paul. So as I've -- for the last couple of quarters, I've highlighted the fact that interest costs are going to be a headwind. And I've also said that in the first half of 2025, it will be a far greater headwind. Because we closed on the sale of the transaction, a portion in July and then we closed on the GIP sale in -- on September 30. So that's why it's -- the parent impact is a bit higher than it otherwise would have been.

當然，保羅。因此，正如我在過去幾季中所強調的那樣，利息成本將成為一個阻力。我也說過，2025年上半年，逆風將會更大。因為我們在 7 月完成了部分交易的銷售，然後我們在 9 月 30 日完成了 GIP 銷售。這就是為什麼──對父母的影響比原本高一點。

So the second half of the year, I'm not anticipating it being at least the interest component as being as significant as it was for the first half. So that's one item. And then typically, the tax -- the true-ups that we typically do is -- always happens in the third quarter. So that could have an impact on the parent.

因此，我預計下半年至少利息部分不會像上半年那麼重要。這是其中一項。通常，稅收——我們通常進行的調整——總是在第三季度進行。這可能會對父母產生影響。

But on your point on the utility side, I think it's kind of steady state. I've given you guidance as to what the rate adjustments are going to be on November 1 for the gas companies. So that's pretty much locked in.

但就您所說的實用性方面而言，我認為它處於一種穩定狀態。我已經向您介紹了 11 月 1 日天然氣公司費率調整的具體內容。所以基本上已經確定了。

Okay, great. Thank you very much. Have a nice anniversary.

好的，太好了。非常感謝。祝你周年紀念日愉快。

Okay. Thank you.

好的。謝謝。

Thank you. And this will be concluding our question-and-answer session. And I would now like to hand the conference back over to Joe Nolan for closing remarks.

謝謝。我們的問答環節到此結束。現在我想將會議交還給喬·諾蘭 (Joe Nolan) 並請他致閉幕詞。

Well, thank you very much. Thanks, everybody, for joining us today on the call. We're very excited about the future, and we want to thank for taking the time this morning, and enjoy the rest of the summer.

嗯，非常感謝。感謝大家今天參加我們的電話會議。我們對未來感到非常興奮，我們要感謝您今天上午抽出時間，並享受剩下的夏天。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家有個愉快的一天。