康涅狄格電力 (ES) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eversource Energy Q3 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Eversource Energy 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Rima Hyder, Vice President of Investor Relations.

現在我謹將會議交給今天的第一位發言人，投資者關係副總裁裡瑪·海德女士。

Good morning, and thank you for joining us today on the third 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. 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.

早安，感謝各位參加今天舉行的2025年第三季財報電話會議。在本次通話中，我們將參考今天早上發佈在我們網站上的幻燈片。正如您在投影片 1 中看到的，本次投資者電話會議中發表的一些聲明可能具有前瞻性。這些聲明是基於管理層目前的預期，但存在風險和不確定性，可能導致實際結果與預測和展望有重大差異。

We undertake no obligation to update or revise any of these statements. 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 and in our most recent 10-Q and 10-K.

我們不承擔更新或修改這些聲明的義務。有關可能導致實際結果出現差異的各種因素的更多信息，以及我們對非 GAAP 指標的解釋及其與 GAAP 結果的調整方式，請參閱我們的新聞稿、我們發布的幻燈片以及我們最新的 10-Q 和 10-K 表格。

Speaking today will be Joe Nolan, our Chairman, 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.

今天發言的有我們的董事長、總裁兼執行長喬·諾蘭，以及我們的執行副總裁、財務長兼財務主管約翰·莫雷拉。今天一同出席的還有我們的副總裁兼財務長傑伊‧布思。

I will now turn the call over to Joe.

現在我將把電話交給喬。

Good morning, and thank you for joining us today. Starting on slide 4. Over the past 10 months, our team's relentless focus on executing on our key strategic initiatives has driven strong results and consistent performance. We are well on our way to delivering against these initiatives and ending the year on a strong note. Our strong results have also greatly improved our standing among our peers.

早安，感謝各位今天收看我們的節目。從第4張投影片開始。過去 10 個月，我們的團隊堅持不懈地專注於執行我們的關鍵策略舉措，取得了顯著成果和持續穩定的業績。我們正穩步推進這些舉措，並將以強勁的勢頭為今年畫上圓滿的句號。我們所取得的優異成績也大大提升了我們在同行中的地位。

On a year-to-date basis, our share price has been a top performer among the EEI peer group. Today, I'll walk you through how we're capitalizing on our unique market position, fueling sustainable growth and strengthening the balance sheet to power our future outlook. Moving to slide 5. In the last few months, we have gained more clarity on the Connecticut regulatory environment and the impact for our ongoing and future regulatory proceedings at PURA.

今年以來，我們的股價在EEI同業中表現最佳。今天，我將帶您了解我們如何利用我們獨特的市場地位，推動永續成長，並加強資產負債表，從而為我們的未來前景提供動力。切換到第5張投影片。在過去的幾個月裡，我們對康乃狄克州的監管環境及其對我們在 PURA 正在進行和未來的監管程序的影響有了更清晰的了解。

Additionally, each day of construction that passes yields progress on the derisking of Revolution Wind. We're seeing a constructive shift in Connecticut's regulatory landscape. Last month, Governor, Lamont appointed four new commissioners at PURA, filling out the five-member requirement under Connecticut law. With this new commission on the way, there is now a genuine opportunity to collaborate with all parties on regulatory initiatives and to achieve more balanced regulatory outcomes.

此外，施工的每一天都有助於降低 Revolution Wind 的風險。我們看到康乃狄克州的監管環境正在發生建設性的轉變。上個月，州長拉蒙特任命了四名新的公共事業監管局 (PURA) 委員，滿足了康乃狄克州法律規定的五名委員的要求。隨著這個新委員會的成立，現在有了與各方合作開展監管舉措並實現更加平衡的監管結果的真正機會。

This will enable us to better serve the needs of our customers in this state and to do so with a strong focus on safety, reliability and affordability. Critical needs exist for state and regional infrastructure investments to maintain a strong, reliable and resilient grid that can accommodate new sources of generation to meet the increasing levels of projected electric demand.

這將使我們能夠更好地滿足本州客戶的需求，並高度重視安全性、可靠性和經濟性。為了維持強大、可靠和有韌性的電網，以容納新的發電來源，滿足不斷增長的預計電力需求，各州和地區亟需對基礎設施進行投資。

A transparent and predictable regulatory process is going to benefit all stakeholders, including our customers, and we are looking forward to getting back to work on Connecticut's energy goals. For our ongoing Yankee rate case, we submitted a motion to adopt an alternative resolution with PURA. This was in response to PURA's request for parties to reach a consensus based resolution to reestablish trust in balance in the regulatory process and avoid further legal appeals.

透明且可預測的監管流程將使包括我們的客戶在內的所有利益相關者受益，我們期待著重新投入康乃狄克州的能源目標。針對我們正在進行的 Yankee 費率案件，我們提交了一份動議，要求採納 PURA 的替代方案。這是對PURA要求各方達成共識的解決方案的回應，以重建監管過程中的信任平衡，避免進一步的法律訴訟。

Our proposal includes important customer affordability provisions that we believe are supportive of all stakeholders affordability goals. We expect to see a final decision from PURA today. We remain on schedule to receive a final decision for the sale of Aquarion Water on November 19 and we continue to expect to close the transaction by the end of this year.

我們的方案包含重要的客戶可負擔性條款，我們相信這些條款有助於實現所有利害關係人的可負擔性目標。我們預計PURA今天會做出最終決定。我們仍按計劃於 11 月 19 日收到有關 Aquarion Water 出售的最終決定，並繼續預計在今年年底前完成交易。

As you may be aware, we filed a comprehensive offer of compromise to address concerns raised by the Connecticut Office of consumer counsel. The commitments that were outlined in the offer of compromise provide additional assurances that the transaction will serve the interest of Connecticut and the customers served by Aquarion Water.

您可能已經知道，我們提交了一份全面的和解方案，以解決康乃狄克州消費者法律顧問辦公室提出的問題。和解方案中概述的承諾進一步保證了該交易將符合康乃狄克州和 Aquarion Water 所服務客戶的利益。

Moving on to an update on offshore wind. We have substantially completed construction of the onshore substation for Revolution Wind project. We expect to provide back-feed energization to the offshore facilities by the end of November, which will support testing and commissioning of those facilities. In parallel, we will complete the final testing and commissioning of the remaining onshore equipment.

接下來我們來看看離岸風電的最新進展。我們已經基本完成了 Revolution Wind 專案陸上變電站的建造。我們預計將於 11 月底前向海上設施提供反向供電，這將有助於這些設施的測試和調試。同時，我們將完成剩餘陸上設備的最終測試和調試。

Overall, as Orsted has stated, Revolution Wind is substantially complete and work has continued since the stop order was lifted in September. We recognized an increase to our liability to GIP in the third quarter, which was largely offset by tax benefits. We continue to support the project's owners in their completion of this important generation resource for New England.

總的來說，正如沃旭能源公司所言，Revolution Wind工程已基本完工，自9月停工令解除以來，工程一直持續進行。第三季度，我們確認對 GIP 的負債有所增加，但稅收優惠在很大程度上抵消了這一增加。我們將繼續支持該計畫的業主完成這項對新英格蘭地區至關重要的發電資源計畫。

As I said at the start of the call, our execution has delivered positive results and we have made great headway on our many key strategic initiatives this year. We have continued to deliver on our operational metrics with top decile reliability performance among our peers. We have significantly improved our FFO to debt ratio through constructive regulatory outcomes and managed our balance sheet to support solid credit ratings. And we know we are not done yet.

正如我在電話會議開始時所說，我們的執行取得了積極的成果，今年我們在許多關鍵策略舉措方面取得了巨大進展。我們在營運指標持續達標，可靠性表現位居同業前10%。透過積極的監管措施，我們顯著改善了FFO與債務比率，並管理好資產負債表，從而維持了良好的信用評級。我們知道，我們還沒完成。

We have continued to invest in transmission and distribution infrastructure across our service territories. We are on track to invest nearly $5 billion this year. We have installed over 40,000 AMI meters in Massachusetts and completed the communication network deployment in the Western portion of our service territory. These achievements are just a few that underscore the strength of our execution engine and the depth of our operational rigor.

我們持續投資於服務區域內的輸配電基礎設施。我們今年的投資額預計將達到近50億美元。我們在馬薩諸塞州安裝了超過 40,000 個 AMI 電錶，並完成了我們服務區域西部地區的通訊網路部署。這些成就只是我們強大執行力和嚴謹營運水準的幾個例證。

As you can see on slide 6, we have many growth opportunities ahead of us. Our service area is truly the crown jewel of the country. This area is home to cutting-edge biotech and research in the best universities and health care in the world. As these industries expand, they turn to us for a reliable, resilient grid, making us an indispensable partner in their success.

正如你在第 6 張投影片中所看到的，我們面前有很多發展機會。我們的服務區域堪稱全國的璀璨明珠。該地區匯聚了世界頂尖大學和醫療機構，擁有尖端的生物技術和研究實力。隨著這些產業的擴張，他們向我們尋求可靠、有彈性的電網，這使我們成為他們成功中不可或缺的合作夥伴。

We're seeing robust load growth, driven primarily by electrification of transportation and heating, decarbonization initiatives from both the public and private sectors and economic expansion across manufacturing and commercial sectors. These factors help to ensure that our growth is broad-based, durable and aligned with state sustainability goals.

我們看到負載成長強勁，這主要得益於交通運輸和供暖的電氣化、公共和私營部門的脫碳措施以及製造業和商業領域的經濟擴張。這些因素有助於確保我們的成長基礎廣泛、持久，並與州的永續發展目標保持一致。

Year-to-date, we have seen weather-normalized load growth of 2%. And this summer, we experienced a peak of over 12 gigawatts, the highest record since 2013 as load growth in our service territory has started outpacing the impacts of distributed generation such as rooftop solar. The evolving electric demand landscape presents a need for numerous transmission projects such as upgrades linking onshore and offshore wind to load centers, interconnections improving regional reliability and addressing congestion as the generation mix for our region evolves.

今年迄今為止，經天氣因素調整後的負載成長率為 2%。今年夏天，我們經歷了超過 12 吉瓦的峰值，這是自 2013 年以來的最高紀錄，因為我們服務區域的負載增長速度已經開始超過分散式發電（如屋頂太陽能）的影響。隨著我們地區發電結構的變化，電力需求格局不斷變化，因此需要開展許多輸電項目，例如將陸上和海上風電連接到負載中心的升級改造、提高區域可靠性的互聯改造以及解決擁堵問題。

Some of the projects we are pursuing to get ahead of this continued load growth include the Cambridge underground substation, which will be the largest in the nation in one of 14 substations currently on the drafting table that we expect to build in Massachusetts alone to support future growth. Being opportunistic about land acquisitions in our service territory to support this growth, such as the Mystic Land acquisition we did last year with more in the pipeline.

為了應對持續的負載成長，我們正在推進一些項目，其中包括劍橋地下變電站。該變電站建成後將成為全國最大的變電站，也是我們目前正在規劃建設的 14 個變電站之一，這些變電站預計僅在馬薩諸塞州就將建成，以支持未來的成長。為了支持業務成長，我們積極掌握服務區域內的土地收購機會，例如去年收購了 Mystic Land，還有更多收購項目正在籌備中。

Responding to requests for proposals from ISO New England to address longer-term transmission solutions, such as the most recent one to bring power from Northern Maine to Southern New England. These opportunities, some being outside of our five-year forecast period could add billions of dollars to our future investment plans. Each project that we are considering not only supports our growth trajectory, but also deepens our value proposition as a grid innovator.

回應新英格蘭獨立系統營運商 (ISO New England) 的提案請求，以解決長期輸電解決方案，例如最近將電力從緬因州北部輸送到新英格蘭南部的方案。這些機會，其中一些可能超出我們五年的預測期，但可能會為我們未來的投資計劃增加數十億美元。我們正在考慮的每個項目不僅支持我們的成長軌跡，而且還深化了我們作為電網創新者的價值主張。

We also recognize that as demand increases, affordability must remain top of mind. We are working closely with our regulators to offer our customers various options to address affordability as shown on slide 7. We collaborate with large and small customers to design rate structures that incent efficiency. For example, earlier this year, we worked constructively with our regulators in Massachusetts to offer a 10% discount to our gas customers during the winter peak months and recover that in the summer months to smooth the impact of high bills.

我們也意識到，隨著需求的成長，價格負擔能力必須始終是首要考慮因素。我們正與監管機構密切合作，為客戶提供各種解決價格承受能力問題的方案，如投影片 7 所示。我們與大大小小的客戶合作，設計能激勵效率的費率結構。例如，今年早些時候，我們與馬薩諸塞州的監管機構進行了建設性合作，在冬季高峰期為天然氣客戶提供 10% 的折扣，並在夏季恢復折扣，以緩解高額帳單的影響。

Similarly, starting this month, we are offering a seasonal heat pump rate in Massachusetts. Eversource electric customers who use a heat pump to heat their homes can take advantage of a seasonal heat pump rate, which is a reduced rate during the winter months. We are expanding energy efficiency programs to provide incentives for residential and low income customers who choose to adopt energy-efficient technologies.

同樣，從本月開始，我們將在馬薩諸塞州提供季節性熱泵價格。使用熱泵為房屋供暖的 Eversource 電力客戶可以享受季節性熱泵電價，即冬季月份的優惠電價。我們正在擴大節能計劃，為選擇採用節能技術的居民用戶和低收入用戶提供獎勵。

These programs, coupled with AMI give customers greater transparency and control over their energy pocketbook. Our nation-leading energy efficiency programs have already generated $1.4 billion in savings for our customers. We have also implemented low-income discount rates for our most vulnerable customers, and we are recognized for our leadership in advocacy for state utility partnerships in hardship programs.

這些項目與高級計量基礎設施 (AMI) 相結合，使客戶能夠更透明地了解和控制自己的能源支出。我們全國領先的節能項目已經為客戶節省了 14 億美元。我們也為最弱勢的客戶實施了低收入折扣費率，並且我們在倡導州公用事業公司參與困難援助計劃方面發揮領導作用，並因此受到認可。

We are excited about new energy supply coming into our region, which should alleviate supply cost pressure on customer bills. Over the next 12-months, Eversource is directly supporting new generation coming into the region totaling over 2,500 megawatts. We aim to deliver reliable, sustainable energy while keeping costs manageable and partnering with customers to ensure affordability through cost-effective investments, efficient operations and equitable rate design.

我們很高興看到新的能源供應進入本地區，這應該會減輕客戶帳單上的能源成本壓力。在接下來的 12 個月裡，Eversource 將直接支援該地區新增總計超過 2500 兆瓦的發電項目。我們的目標是在保持成本可控的同時，提供可靠、可持續的能源，並透過具有成本效益的投資、高效的營運和公平的費率設計，與客戶合作，確保能源價格的可負擔性。

Before I hand the call over to John, I want to thank our 10,000-plus employees for their dedication, our regulators for their collaborative spirit, and our shareholders for their trust. We're executing against a clear strategy, serving extraordinary customer base and working to build the grid for tomorrow, responsibly and sustainably. I look forward to your questions and sharing more details on our path forward.

在將電話交給約翰之前，我要感謝我們一萬多名員工的奉獻精神，感謝監管機構的合作精神，感謝股東的信任。我們正按照明確的策略執行，服務於卓越的客戶群，並致力於以負責任和可持續的方式建立面向未來的電網。我期待回答你們的問題，並分享更多關於我們未來發展方向的細節。

With that, I'll turn the call over to John Moreira.

接下來，我將把電話交給約翰·莫雷拉。

Thank you, Joe, and good morning, everyone. This morning, I will review third quarter earnings results, provide a regulatory update and discuss our recent financings and progress on credit metrics. I'll start with our third quarter results on slide 9. As announced last month, during the third quarter, we recognized a net after-tax nonrecurring charge of $75 million, or $0.20 per share related to our offshore wind liability.

謝謝你，喬，大家早安。今天上午，我將回顧第三季度盈利情況，提供監管方面的最新信息，並討論我們最近的融資情況和信貸指標方面的進展。我將從第 9 頁投影片上的第三季業績開始。正如上個月宣布的那樣，在第三季度，我們確認了與離岸風電負債相關的淨稅後非經常性支出 7,500 萬美元，即每股 0.20 美元。

This charge increased our estimated liability for future payments to GIP by approximately $285 million, which was offset by $210 million of tax benefits. These tax benefits were the result of a change to previously estimated tax attributes primarily associated with Revolution Wind. Our GAAP earnings for the third quarter of this year were $0.99 per share, including the impact of this recent offshore wind net charge.

這項費用使我們預計未來向 GIP 支付的款項負債增加了約 2.85 億美元，但 2.1 億美元的稅收優惠抵消了這部分支出。這些稅收優惠是由於先前估計的稅收屬性變化而產生的，主要與 Revolution Wind 有關。我們今年第三季的 GAAP 收益為每股 0.99 美元，其中包括最近離岸風電淨費用的影響。

GAAP EPS for the third quarter of last year was a loss of $0.33 per share, reflecting the impact of the sale transaction of South Fork and Revolution. Excluding the after-tax losses from offshore wind in both years, non-GAAP recurring earnings for the third quarter of 2025 were $1.19 per share compared with $1.13 of non-GAAP recurring earnings per share last year.

去年第三季的 GAAP EPS 為每股虧損 0.33 美元，反映了 South Fork 和 Revolution 出售交易的影響。若排除這兩年離岸風電的稅後虧損，2025 年第三季的非 GAAP 經常性收益為每股 1.19 美元，而去年同期的非 GAAP 經常性收益為每股 1.13 美元。

Now looking at the quarter results by segment, starting with transmission. Higher electric transmission earnings of $0.01 per share were due to increased revenues from continued investment in the transmission system. Next, we have higher electric distribution earnings of $0.03 per share that reflect distribution rate increases in New Hampshire and Massachusetts provided for cost recovery for infrastructure investments in our distribution system.

現在以業務板塊來看季度業績，先從輸電板塊開始。電力傳輸業務每股收益增加 0.01 美元，是由於對輸電系統持續投資的收入增加。其次，我們每股電力分配收益增加 0.03 美元，這反映了新罕布夏州和馬薩諸塞州的分配費率上漲，用於回收我們配電系統基礎設施投資的成本。

These higher revenues were partially offset by higher interest, depreciation, property taxes and O&M. The improved results of $0.04 per share at Eversource's natural gas segment were due primarily to base distribution rate increases in both Massachusetts utilities and from capital tracking mechanisms to provide timely cost recovery of investments in our natural gas businesses.

這些更高的收入被更高的利息、折舊、房產稅和營運維護費用部分抵消。Eversource天然氣業務每股收益提高0.04美元，主要歸功於馬薩諸塞州公用事業公司基本分銷費率的提高，以及資本追蹤機制及時收回了天然氣業務投資的成本。

These revenue increases were partially offset by higher interest, depreciation and property tax expenses. Water distribution earnings were lower by $0.02 per share for the quarter as compared with prior year, primarily due to higher O&M and depreciation expense. Eversource parent earnings results were flat for the quarter, excluding the net impact from offshore wind that I mentioned earlier.

這些收入成長被更高的利息、折舊和房產稅支出部分抵銷。與去年同期相比，本季供水業務每股收益下降了 0.02 美元，主要原因是營運維護和折舊費用增加。剔除我之前提到的離岸風電的淨影響，Eversource 母公司本季的獲利結果持平。

As a reminder, all of these segment results reflect the impact of share dilution. Overall, we are very pleased with the solid performance for the third quarter and our recurring earnings are in line with our expectations. Moving to some key regulatory items as shown on slide 10. As Joe mentioned, we recently filed an alternative resolution proposal in the Yankee rate case.

需要提醒的是，所有這些分部業績都反映了股份稀釋的影響。整體而言，我們對第三季的穩健業績非常滿意，經常性收益也符合預期。接下來討論一些關鍵的監管事項，如第 10 頁投影片所示。正如喬所提到的，我們最近在揚基費率案中提交了一份替代解決方案提案。

If adopted by PURA without modifications, the alternative resolution would waive our statutory right to appeal the final decision, resulting in a fair and balanced outcome. The alternative resolution is an improvement over the draft decision, increasing revenues by approximately $104 million as compared with the PURA's draft decision of $55 million.

如果 PURA 不加修改地採納該替代決議，則我們將放棄對最終決定提出上訴的法定權利，從而導致公平公正的結果。與草案決定相比，替代決議有所改進，收入增加了約 1.04 億美元，而 PURA 的草案決定收入為 5,500 萬美元。

The alternative resolution would also provide customer relief this winter to a greater extent than the draft decision by accelerating the refund of an existing regulatory liability. Also, as Joe mentioned, on the Aquarion sale, PURA has maintained its final decision date of November 19 and pending that decision, we continue to expect to close the transaction by year-end.

與草案決定相比，替代解決方案將在今年冬天為客戶帶來更大的緩解，因為它將加快退還現有的監管負債。另外，正如喬所提到的，關於 Aquarion 的出售，PURA 仍堅持其 11 月 19 日的最終決定日期，在做出決定之前，我們仍然預計在年底前完成交易。

In Massachusetts, we received the approval of our NSTAR Gas PBR adjustment, and we also filed a motion for reconsideration on the NSTAR Gas rate base reset. Next, let me reaffirm our five-year capital plan of $24.2 billion, as shown on slide 11, which reflects our five-year utility infrastructure investments by segment through 2029.

在馬薩諸塞州，我們獲得了 NSTAR 天然氣 PBR 調整的批准，並且我們還提交了關於 NSTAR 天然氣費率基準重置的重新考慮動議。接下來，讓我重申我們五年資本計劃，金額為 242 億美元，如幻燈片 11 所示，該計劃反映了我們到 2029 年按部門劃分的五年公用事業基礎設施投資。

As a reminder, this plan only includes projects for which we have a clear line of sight from a regulatory perspective. Through September, we have executed on $3.3 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 the five-year forecast period.

再次提醒，該計劃僅包括我們從監管角度能夠清楚了解的項目。截至9月份，我們已執行了47億美元基礎設施投資計畫中的33億美元。我們對這一進展非常滿意，並且我們正按計劃實現今年的目標。我們預計在未來五年預測期內，將有 15 億至 20 億美元的額外資本投資機會。

We plan to update our next five-year capital plan in our fourth quarter earnings call. Turning to slide 12. We remain highly focused on improving our cash flow position and strengthening our balance sheet condition. As I have stated before, we expect our FFO to debt ratio for 2025 to be approximately 100 basis points above the rating agency thresholds by year-end.

我們計劃在第四季財報電話會議上更新下一個五年資本計畫。翻到第12張投影片。我們將繼續高度關注改善現金流狀況和加強資產負債表狀況。正如我之前所說，我們預計到 2025 年底，我們的 FFO 與負債比率將比評級機構的門檻高出約 100 個基點。

In fact, our Moody's FFO to debt ratio was 12.7% as of the second quarter of this year and reflects an improvement of over 300 basis points from December of 2024. We expect this ratio to be over 13% as of the third quarter. As we have shared with you last quarter and as shown on slide 13, we have executed on substantially all the items necessary to improve our cash flows and strengthen our balance sheet.

事實上，截至今年第二季度，我們的穆迪FFO與負債比率為12.7%，比2024年12月增加了300多個基點。我們預計到第三季度，這一比例將超過13%。正如我們上個季度與您分享的，以及第 13 頁幻燈片所示，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。

As a result, our operating cash flows have continued to improve, increasing over $1.7 billion year-over-year through the third quarter. Moving on to our financing activity on slide 14. While earlier this year we did not anticipate issuing long-term debt at the parent company during 2025. However, we did see the need to capitalize on favorable credit spreads, proactively prefunding an early 2026 maturity and strengthening our liquidity position.

因此，我們的經營現金流持續改善，截至第三季度，年增超過 17 億美元。接下來，我們將討論第 14 張投影片中的融資活動。雖然今年稍早我們預計母公司在 2025 年不會發行長期債務。然而，我們確實看到了利用有利的信用利差的必要性，積極主動地為 2026 年初到期的債務預先融資，並加強我們的流動性狀況。

Given where our short-term debt balances were forecasted to be and in order to maintain an appropriate level of liquidity, we issued $600 million of parent company debt. On the equity side, to date, we have issued $465 million of equity under the ATM program. We expect that this level will take care of our equity needs for the near term. We also continue to pursue recovery of our deferred storm costs.

鑑於我們預測的短期債務餘額，為了維持適當的流動性水平，我們發行了 6 億美元的母公司債務。在股權方面，迄今為止，我們已根據 ATM 計劃發行了 4.65 億美元的股權。我們預計這一水準將滿足我們近期的股權需求。我們也在繼續追討之前因風暴造成的損失。

As of the third quarter, 98% of our deferred storm costs are either under review or already in rates. And as a reminder, our previous cash flow improvement forecast did not assume securitization as the cost recovery mechanism for the Connecticut deferred storm costs. Next, I will turn to 2025 earnings guidance as shown on slide 15.

截至第三季度，我們98%的延期風暴成本要么正在審查中，要么已經計入費率中。再次提醒大家，我們先前的現金流量改善預測並未假設證券化是康乃狄克州延期風暴成本的成本回收機制。接下來，我將介紹投影片 15 所示的 2025 年獲利預期。

As announced in October, we are now in 2025 recurring earnings per share guidance to the range of $4.72 to $4.80 per share to a higher midpoint and reaffirming our longer-term EPS growth rate of 5% to 7% off of the 2024 non-GAAP EPS base.

正如我們在 10 月宣布的那樣，我們現在將 2025 年經常性每股收益預期設定為每股 4.72 美元至 4.80 美元，中點值較高，並重申我們基於 2024 年非 GAAP 每股收益基準的長期每股收益增長率為 5% 至 7%。

We remain confident in our EPS growth trajectory driven by disciplined execution of our strategic plan, targeted customer-focused investments in transmission and distribution are backed by constructive regulatory frameworks that enable timely cost recovery for our operations. Continued progress on storm cost recovery combined with strict O&M discipline strengthens our financial foundation and positions Eversource to deliver consistent long-term value to customers and shareholders.

我們對每股盈餘成長軌跡充滿信心，這得益於我們策略計畫的嚴格執行、以客戶為中心的輸配電投資，以及建設性的監管框架，這些都使我們能夠及時收回營運成本。風暴損失回收的持續進展，加上嚴格的營運和維護紀律，鞏固了我們的財務基礎，使 Eversource 能夠為客戶和股東提供持續的長期價值。

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

現在我將把電話轉回給接線員，開始我們的問答環節。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

So just on Yankee Gas, obviously, everyone is watching this one. You've got this motion to adopt the alternative resolution out there. There's some stuff coming out now on it, I think. Is there anything you want to flag? And just remind us, what's kind of embedded in the plan around the outcome? Is it fair to assume that you're kind of conservative around what you're embedding there? And any sort of updates, I think we're starting to see some things come across. Appreciate it.

所以很明顯，在 Yankee Gas 網站上，每個人都在關注這件事。你們已經提出了採納替代決議的動議。我想現在應該有一些相關消息傳出來了。有什麼需要指出的嗎？請提醒我們一下，該計劃中圍繞著結果都包含哪些內容？我可以合理地假設，你在嵌入內容方面比較保守嗎？至於各種更新，我認為我們已經開始看到一些進展了。謝謝。

Sure. As you know, our call started at 9:00 and the commission went in and the order is out. We need to go through it. As you know, the devils are in the details. So we'll continue to take a good look at that, and I think we'll have some answers for folks on this call later today, I can promise you. John can talk to you a little bit about what's embedded in the plan.

當然。如您所知，我們的電話會議從9點開始，佣金已到賬，訂單已發出。我們需要仔細檢查一遍。如你所知，細節決定成敗。所以我們會繼續認真研究這個問題，我向大家保證，今天晚些時候我們會給電話會議上的各位一些答案。約翰可以跟你簡單介紹一下計畫中包含的內容。

Yes. No, Shar, I would say it's in line with our plan, and it appears that the decision is a little bit better than the draft decision, which is very encouraging for us. But as Joe mentioned, we have to go through it. It's -- the ink is not dry yet at this point. So -- but we will have much more information when we meet with you all at EEI.

是的。不，莎爾，我認為這符合我們的計劃，而且這個決定似乎比草案的決定要好一些，這對我們來說非常令人鼓舞。但正如喬所說，我們必須經歷這個過程。現在——墨跡還沒乾。所以——不過，當我們在EEI與大家見面時，我們會提供更多資訊。

Perfect. I'm just glad we're getting through this process. That's good. And then just on the NSTAR Gas PBR, right? I mean, you have a proposal for recovery of roughly $160 million. Just walking through what you did and didn't get. Why did the Massachusetts, DPU deny that? Is there kind of an opportunity to get it later? And does this mean you're filing a rate case?

完美的。我很高興我們終於度過了這個過程。那挺好的。然後就直接用 NSTAR Gas PBR 吧？我的意思是，你們提出了一項追回約 1.6 億美元的方案。我只是跟你梳理一下你理解了什麼，沒理解的地方。為什麼馬薩諸塞州公共事業部否認了這一點？以後還有機會得到它嗎？這是否意味著你要提起費率調整訴訟？

Obviously, the governor has been kind of warning around rates being too high, then guiding the DPU to scrutinize everything. So I just want to get a sense there. I appreciate it.

顯然，州長一直在警告利率過高，然後指導公共事業部對所有事項進行審查。所以我只是想了解一下狀況。謝謝。

Good question, Shar. So the $160 million component, the piece is the three major items. One is a roll-in of GSEP, which is about $107 million. That really has no impact to customers. It's just going from the right hand to the left hand, the normal PBR adjustment, which was -- which did get approved of about $10 million. What we had proposed as a mitigation plan for the DPU was to allow us to roll in rate base similar to what we saw last year that the DPU approved for EGMA.

問得好，莎爾。所以，這1.6億美元的部分，也就是這三個主要項目。其中一項是 GSEP 的併入，金額約 1.07 億美元。這對顧客來說其實沒有任何影響。這只是從右手到左手的正常 PBR 調整，也就是——已經批准了大約 1000 萬美元。我們向DPU提出的緩解方案是允許我們採用類似去年DPU批准EGMA的費率基數。

That number is about $45 million. And we were very specific when we made that mitigation filing that if we did not receive the rate base role and then our alternative would be to file a general rate case. So as of yesterday, we filed a motion for reconsideration and we also filed our intent to file a rate case. There's been a lot of change, not only in the Connecticut PURA, but also in Massachusetts.

這個數字大約是4500萬美元。我們在提交緩解申請時非常明確地表示，如果我們沒有獲得費率基準角色，那麼我們的替代方案就是提交一般費率申請。因此，截至昨天，我們已提交了重新考慮動議，並且我們也提交了提起費率訴訟的意向書。不僅康乃狄克州公共事業監理局 (PURA) 發生了很大變化，麻州也發生了很大變化。

The putting two new commissioners really have not been there that long. So we're hopeful that the efforts that we will work very closely with the DPU will move in the right direction.

這兩位新委員上任時間其實並不長。因此，我們希望與DPU密切合作的努力能夠朝著正確的方向發展。

Okay. Perfect. Big congrats, Joe, on sort of the traction. It seems like you guys are getting to a pretty good inflection point here. So congrats.

好的。完美的。恭喜喬，你取得了一些進展。看來你們已經到了一個相當不錯的轉折點。恭喜！

Thank you. Well, I'm very, very proud of the team. We've worked very, very hard at that, getting our message out there. We've been all over actually all the states talking about the issues and engaging key decision makers. So we're really, really proud of the team. It took a village [job], but thank you, and I will see you at EEI. I'm looking forward to seeing you.

謝謝。我為這支隊伍感到非常非常自豪。我們為此付出了巨大的努力，努力將我們的訊息傳遞出去。實際上，我們已經走遍了所有州，討論各種問題，並與關鍵決策者進行溝通。所以我們真的為這支隊伍感到非常非常自豪。這需要全村人的努力，但還是要謝謝你，EEI見。我期待見到你。

Our next question comes from Carly Davenport with Goldman Sachs.

下一個問題來自高盛的卡莉·達文波特。

Maybe just to go back to Connecticut, I guess just as you think about the recent changes from a regulatory standpoint, are there any updates you can share from conversations with credit agencies in terms of their views, just given the focus on the regulatory environment and some of the credit rating changes that they've made recently?

或許可以回到康乃狄克州，我想，正如您從監管角度思考最近的變化時，您能否分享一下與信用評級機構的對話中，他們的觀點方面的最新消息？畢竟，目前人們關注的是監管環境以及他們最近做出的一些信用評級變化。

Sure, sure. I would say, and I have -- I always have discussions with the credit rating agencies, but I'm sure you can appreciate. Right now, they're in a wait-and-see mode. They want to see some constructive regulatory outcomes to make the determination similar to what we expect and would like to see come out of PURA. But working collaboratively, we think that this new commission is focused on working collaboratively with all the utilities. So -- but I would overall, they're in a wait-and-see mode right now.

當然，當然。我想說，而且我也確實——我一直都在和信用評級機構進行討論，但我相信您能理解。目前，他們正處於觀望狀態。他們希望看到一些建設性的監管成果，以便做出與我們期望和希望從PURA中看到的結果類似的決定。但我們認為，這個新委員會的重點是與所有公用事業公司合作。所以——但總的來說，我認為他們現在處於觀望狀態。

Got it. Okay. That makes a lot of sense. And then just one other one, I guess, on Connecticut as well. I know you guys have talked previously about kind of timing to file another rate case at CL&P. Just kind of curious how the recent shifts kind of impact your views on timing there?

知道了。好的。這很有道理。然後，我想，還有另一起，也是關於康乃狄克州的。我知道你們之前討論過在 CL&P 提起另一項費率訴訟的時機。我只是有點好奇，最近的這些變化會對你對時機的看法產生什麼影響？

Yes, sure. We had never really had any intention to filing prior to 2026. So we are looking at that, as you know, a filing of that nature is comprehensive. So we would need to get test year and that type of stuff. This would not be something that would happen until at least second, third quarter, if we were to file. Obviously, we're going through that now, and that's what we're looking at, at this point, Carly.

當然可以。我們原本就沒打算在 2026 年之前提出申請。所以，正如您所知，我們正在研究這個問題，因為這類申請是全面的。所以我們要了解考試年份之類的資訊。如果我們提交申請，這至少要到第二季或第三季才會發生。顯然，我們現在正在經歷這件事，卡莉，這就是我們目前關注的重點。

Jeremy Tonet, JPMorgan Securities.

Jeremy Tonet，摩根大通證券。

This is actually Aidan Kelly on for Jeremy.

實際上，這是艾丹凱利代替傑里米上台。

You're breaking up.

你們要分手了。

Can you guys hear me now?

你們現在聽得到我說話嗎？

Yes, it's better now. Yes.

是的，現在好多了。是的。

Upon on the equity --

股權--

But Jeremy, we're losing you again. Can you call in and we'll come back to you? We'll put you back in the queue?

但是傑里米，我們又要失去你了。您好，請您致電我們，我們會盡快回覆您。我們會讓你重新排隊嗎？

Sounds good.

聽起來不錯。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

First question, Joe, you talked about the land acquisition strategy. I know Mystic was a big one last year. Can you talk a little more how you're thinking about this? Is this kind of like a land grab where you're trying to get as much acreage as possible in strategic locations for your own stand-alone development? Or is it working with potential customers or partners like large load customers or data centers? And would it be right to assume that dollars are small, it's more about optionality?

喬，第一個問題，你談到了土地收購策略。我知道去年神祕小鎮很火辣。能再詳細說說您是怎麼考慮這個問題的嗎？這是否類似於一場土地掠奪，試圖在戰略位置獲得盡可能多的土地，用於自己的獨立開發項目？或者，它是否與潛在客戶或合作夥伴（例如大負載客戶或資料中心）合作？假設美元很小，更重要的是選擇權，這種說法是否正確？

Well, yes, a couple of things. This would be for our own use, for our own regulated business. It's in locations that are strategic in nature to allow the injection of energy, whatever energy that is. We are not in the data center business. We're not attracting data centers. As you know, we have a finite amount of generation in the region.

嗯，是的，有幾件事。這將供我們自己使用，用於我們自己的正規業務。它位於具有戰略意義的地點，以便注入能量，無論是什麼能量。我們不做資料中心業務。我們這裡無法吸引資料中心。如您所知，我們地區的發電量是有限的。

What we're working on kind of the single and double strategy that I talked about is to be able to unlock the captive generation that might be in the New England market to allow it to fall freely also to allow anyone else to interconnect into our territory. So we did purchase the Mystic, and we'll have some news on another very strategic site that we're excited about that will position this company for decades to come.

我們正在研究我剛才提到的單雙軌策略，目的是釋放新英格蘭市場中可能存在的受限發電能力，使其自由發展，同時也允許其他任何人連接到我們的市場。所以我們收購了 Mystic，而且我們還會宣布另一個非常有戰略意義的站點的消息，我們對此感到非常興奮，這將使公司在未來幾十年內佔據有利地位。

Interesting. Looking forward to that. Okay, great. Then on equity, just a couple of fine-tuning questions maybe for John here. It looks like the 2025 outlook went up by about $200 million, and you removed the comment that the majority of the outlook will be issued in the back half of the forecast period. But John, I think I also heard you say that you're satisfied for the near term after the recent activity.

有趣的。非常期待。好的，太好了。關於股權方面，約翰這裡可能還有幾個細節的問題需要解答。2025 年的展望似乎增加了約 2 億美元，而你刪除了關於大部分展望將在預測期後半段發布的評論。但是約翰，我好像也聽到你說，你對最近的情況感到滿意。

I might have asked a similar question last quarter, but just wondering about the outlook. Maybe you can detail some of these changes, does that relate to kind of CapEx or the long term thinking of how to get to your targeted credit metrics?

我上季可能問過類似的問題，但只是想了解前景。或許您可以詳細說明這些變化，這些變化是否與資本支出有關，或與如何達到目標信用指標的長期規劃有關？

Yes. So I mean, as I said in my formal remarks, for the near term, I believe we're done, right? Although we took that off the slide, it wasn't an indication that we're going to continue to issue equity. Still the majority is we may have issued like 37%, 38% thus far. So I still stick to my position that the majority of that will be issued towards the latter half of next year.

是的。所以我的意思是，正如我在正式演講中所說，就近期而言，我認為我們已經完成了，對吧？雖然我們取消了該項發行計劃，但這並不意味著我們會繼續發行股票。不過，目前為止我們可能已經發行了約 37% 或 38% 的債券。所以我仍然堅持我的觀點，大部分債券將在明年下半年發行。

With the approval of Aquarion, once we get that decision, that's going to bring in net cash at $1.6 billion. And then with the securitization of Connecticut storm costs likely coming in the door in '27, I think we're primarily covered for those years. So my position still stands. So as I said in my formal remarks, the near term, we're good for now. I have the appropriate level of liquidity. I'm very happy with that, given the financings that we did in the last two-months.

一旦獲得 Aquarion 的批准，我們將獲得 16 億美元的淨現金收入。而隨著康乃狄克州風暴損失證券化可能在 2027 年到來，我認為我們基本上可以應付那幾年的損失了。所以我的立場依然不變。正如我在正式演講中所說，就近期而言，我們目前情況良好。我擁有充足的流動資金。考慮到我們在過去兩個月進行的融資，我對這個結果非常滿意。

Okay. That's very clear, and it sounds like you're in a good position. Thank you so much.

好的。這一點很清楚，聽起來你處境不錯。太感謝了。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

I guess JPMorgan did an update of phone system in a new building there. Just, I guess, quickly on Revolution. I think it was reported from Orsted this morning, it's 85% complete, Revolution. Just if you could talk about what are maybe the critical parts left bringing the project to completion, that's end and is it second half '26 when you believe it's all finished?

我猜摩根大通在那棟新大樓升級了電話系統。我想，就快速地談談革命吧。根據今天早上奧斯特德公司報道，Revolution計畫已完成85%。如果您能談談完成該專案所需的關鍵部分可能有哪些，那就是終點，以及您認為該專案會在 2026 年下半年全部完成嗎？

Yes, Anthony. Yes, Revolution is going very, very well. And right now, we're -- Orsted announced this morning that 52 of the 65 turbines are installed, I will tell you that the work that we're doing in Rhode Island is pretty close to being finished. We've got great job at that onshore substation, we're going to begin to see some power there at the substation very, very soon.

是的，安東尼。是的，革命進展非常非常順利。而現在，奧斯特德今天早上宣布，65颱風力渦輪機中已有52台安裝完畢，我可以告訴大家，我們在羅德島所做的工作也接近尾聲了。我們在陸上變電站的工作進展順利，很快就能看到變電站開始發電了。

So right now, I know that Orsted is talking about a second half of 2026. But I will tell you that we've made significant progress. We've brought the dates in by four to five months. So we're hoping that we can see that improve. But I will tell you that I feel very, very good about the project and the work that's been done down there. So I think we'll see that project schedule improve.

所以現在我知道沃旭能源正在談論的是 2026 年下半年。但我可以告訴你，我們已經取得了顯著進展。我們將日期提早了四到五個月。所以我們希望這種情況能夠有所改善。但我可以告訴你，我對這個專案以及那裡已經完成的工作感到非常非常滿意。所以我認為專案進度會有所改善。

When is the first megawatt, first power expected to come online from the project?

該計畫預計何時實現首兆瓦、首批電力併網發電？

Yes. That's an issue that -- for Orsted to discuss. We are basically a partner that's building the onshore piece. They are the conductor of this particular train. So let them -- they can tell you what's going on.

是的。這是奧旭能源需要討論的問題。我們基本上是負責建設境內部分的合作夥伴。他們是這趟列車的列車長。那就讓他們說吧——他們能告訴你發生了什麼事。

Got it. And then just flipping to the storm cost securitization in Connecticut. I know it's with PURA. Any -- and I know the recent change there and it -- only recently has changed. But any update on maybe the timing of getting resolution on the storm cost securitization?

知道了。然後，我們再轉而討論康乃狄克州的風暴成本證券化問題。我知道是PURA的產品。任何——而且我知道那裡最近的變化，而且——只是最近才發生變化。但關於風暴損失證券化問題，是否有任何最新消息，例如何時能夠達成解決方案？

Yes. So a couple of things. I mean, our focus has been on the Yankee case. It has been on the Aquarion sale. So when we start to sequence these items, those are the things that were top of the list for us. We now shift our focus onto storms. I think the team has done an extraordinary job of documenting everything. We've had tremendous success in both Massachusetts, New Hampshire.

是的。有兩件事。我的意思是，我們一直關注的是洋基隊的案子。它一直在Aquarion的促銷活動中。所以當我們開始對這些項目進行排序時，這些就是我們最優先考慮的項目。現在我們將重點轉移到風暴上。我認為團隊在記錄所有資訊方面做得非常出色。我們在馬薩諸塞州和新罕布什爾州都取得了巨大的成功。

And I don't think it will be any different in Connecticut. We have been asked that we pulled that ahead right now. It's a second quarter event, second, third quarter that we'll see a decision. But we think given that the decks have been clear that PURA we're hoping that, that can improve. We can get a decision that will allow us to go forward with securitization and get that money in the door for us. So yes, and the other issue is the interest cost, which -- that will provide us a great opportunity there to stop the interest cost.

我認為康乃狄克州的情況也不會有什麼不同。有人要求我們立即把這件事提上日程。這是第二季的事情，我們會在第二季或第三季看到決定。但我們認為，鑑於牌組已經明確表示 PURA，我們希望情況能有所改善。我們可以獲得一個允許我們推進證券化並把錢弄到手的決定。是的，另一個問題是利息成本，這將為我們提供一個絕佳的機會來阻止利息成本。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Look forward to see you guys next week. Look, I wanted to just follow up on the Massachusetts backdrop. I know Shar asked it, but just how would you frame expectations here from gas onto the electric PBR? Just with respect to the backdrop here, anything to read -- again, I get that the gas PBR had very specific metrics but anything that you'd read into the backdrop here on the electric or EGMA?

期待下週見到大家。我只是想補充一下馬薩諸塞州的背景資訊。我知道 Shar 問這個問題，但是你會如何調整人們對汽油動力 PBR 的期望，使其從汽油動力過渡到電動動力 PBR 呢？就背景而言，有什麼需要閱讀的嗎？ ——我知道燃氣 PBR 有非常具體的指標，但是關於電動 PBR 或 EGMA，您有什麼背景資訊可以參考嗎？

Well, the -- similar to what we have on the electric side, we have the same composition on the gas side. We have to perform. And on the gas side, this was the first touch point being under the PBR structure for Yankee -- for NSTAR Gas. So there's several performance metrics. There's really three criteria that you have to meet. One of them is you have to meet the performance measures that have been approved by DPU. We -- there were 18 actually. We performed very well in 15.

嗯，和我們在電力方面的情況類似，我們在瓦斯方面也有相同的組成成分。我們必須有所作為。在天然氣方面，這是 Yankee 公司在 PBR 架構下與 NSTAR Gas 公司的第一個接觸點。所以，性能指標有很多種。實際上，你需要滿足三個條件。其中一項要求是，你必須達到DPU核准的績效指標。我們——實際上有18個人。我們在15號位表現非常出色。

So three, we did not perform. And those three are very, let's call it, very subjective opinion surveys like JD Powers and surveys that we do, which are very driven by how the customers perceive us. The history of the precedent in front of the DPU as it relates to these performance measures is always viewed as while the company didn't have control. Okay, the company couldn't have done anything.

所以第三點，我們沒有演出。這三項調查，像是 JD Power 的調查和我們自己做的調查，都是非常主觀的意見調查，這很大程度取決於顧客對我們的看法。就這些績效指標而言，DPU 面前的先例歷史總是被視為公司沒有控制權的情況。好吧，公司也無能為力。

And obviously, in a high-cost environment, it's very challenging. So that was the reason that the DPU took the action and did not allow us to roll the $45 million into rate base. And as I mentioned earlier, yesterday, we did file for a motion for reconsideration. So we will continue to work with the DPU. Obviously, as I mentioned, it's -- we have some new players sitting at the table, and we look forward to working with them very closely as we progress on this motion.

顯然，在高成本環境下，這極具挑戰性。所以這就是DPU採取行動，不允許我們將4500萬美元納入費率基數的原因。正如我之前提到的，昨天我們確實提交了重新考慮的動議。因此我們將繼續與DPU合作。顯然，正如我所提到的，我們有一些新成員加入討論，我們期待與他們密切合作，共同推進這項動議。

Right. But the PBR metrics on the electric side kind of have that same composition, though?

正確的。但是，電動方面的 PBR 指標似乎也具有相同的組成？

And we performed well. We have performed well. It's not an annual assessment with NSTAR Electric, it's a 10-year deal, you have a five-year. So the fifth year happens in 2028.

我們表現出色。我們表現不錯。這不是與 NSTAR Electric 的年度評估，而是 10 年的協議，你有五年的時間。所以第五年是 2028 年。

Excellent. No, indeed. And then just if I can -- I mean, obviously, you guys roll forward typically with 4Q. But any early indications, especially as it pertains to transmission and long lead time right time investments where you perhaps had some visibility here already? And any indications from ISO New England's planning process this year?

出色的。確實如此。然後，如果我可以的話——我的意思是，很明顯，你們通常會在第四季繼續推進。但有沒有一些早期跡象，尤其是在傳輸和需要較長準備時間的合適投資方面，您可能已經對此有所了解？ISO New England今年的規劃流程有什麼跡象嗎？

Well, as you've seen in the last five-year plan that we rolled out, the latter years are no longer a dip. And I expect that trend to continue where the outer periods will be more increasing versus what we've seen historically. So that's the reason -- that is the primary driver, that's because we have the clarity, and we have the projects that are in the queue to allow us to roll that into our plan.

正如您在我們最近推出的五年計劃中所看到的，後幾年不再是低谷期。我預計這種趨勢還會持續，外週期將會比我們歷史上看到的更長。所以這就是原因——這是主要驅動力，因為我們思路清晰，而且我們有一些項目正在排隊等待，這使我們能夠將其納入我們的計劃。

I appreciate the disclosures on the credit side, and we'll talk to you soon.

我感謝您在信貸方面提供的信息，我們很快會再聯繫。

Operator, I would like to correct a statement that I made earlier to Andrew Weisel's question. I think I may have spoken I just want to get that on the record. The equity, I said that our equity needs in the near term are taken care of. And I stay with my statement that I had made previously that the majority of the equity needs will be towards the tail end of our forecast period. I think in my former -- in my answering Andrew's question, I may have said next year. That is not the case.

接線員，我想更正一下我之前對 Andrew Weisel 的問題所作的陳述。我想我可能已經說過話了，我只是想把這件事記錄下來。關於股權方面，我說過，我們近期的股權需求已經得到滿足。我仍然堅持我先前的說法，即大部分股權需求將出現在我們預測期的尾聲。我想在我之前的回答中——在我回答安德魯的問題時，我可能會說過明年。事實並非如此。

Paul Patterson, Glenrock Associates.

Paul Patterson，Glenrock Associates。

So just on -- I'm having a little trouble with this. How should we think about your tax rate on an adjusted basis for the quarter and how you see it going forward?

剛才——我在這方面遇到了一些問題。我們該如何看待您本季的調整後稅率，以及您對未來稅率的看法？

Paul, this is John. So as I've said previously, over the past several years, we have taken advantage of some very attractive tax benefits last year, and I may have said this previously, we were in the high teens. The expectation is this year, it's probably be in the low 20 -- 20%. But I think next year in 2026, we probably would get to more of a normal sustainable level. But we've taken full advantage of some nice tax benefits for the past several years and we will continue to harvest any and all tax benefits that we can actually achieve.

保羅，這是約翰。正如我之前所說，在過去的幾年裡，我們利用了一些非常有吸引力的稅收優惠，去年，我可能也說過，我們的稅收優惠達到了十幾個百分點。預計今年可能會在 20% 左右。但我認為明年，也就是 2026 年，我們可能會達到一個更正常的、可持續的水平。但過去幾年我們充分利用了一些不錯的稅收優惠，我們將繼續爭取所有我們所能獲得的稅收優惠。

Okay. Because when I look at the after-tax benefit or the -- excuse me, the hit on the offshore wind that was offset by the tax benefits, should we -- are all of those tax benefits reflected in the non-adjusted number? In other words, they seem to be allocated. When you talk about the write-off, it seems like that's being allocated to the write-off. And that isn't leaking into the -- correct?

好的。因為當我查看稅後收益，或者——抱歉，是查看被稅收優惠抵消的離岸風電損失時，我們——所有這些稅收優惠是否都反映在未經調整的數字中？換句話說，它們似乎是被分配的。當你談到註銷時，似乎那筆錢都被分配到註銷項下了。而且這不會洩漏到其他地方——對嗎？

That is not the case. So let me -- the percentages that I just mentioned only relates to our normal recurring results. The $210 million that we harvested to offset the tax liability is directly related to offshore wind. And it's primarily the final change in estimate from where we were at the end of the year of 2024. And the characterization of that benefit is really we were able to deem the loss on wind as more ordinary versus capital.

事實並非如此。所以讓我解釋一下——我剛才提到的百分比只與我們正常的周期性結果有關。我們獲得的用於抵消稅負的 2.1 億美元與離岸風電直接相關。這主要是對 2024 年底的預測結果的最終修改。而這種收益的性質在於，我們能夠將風能損失視為普通損失，而不是資本損失。

So we changed the percentage that we had used in '24 versus that tax split of capital at ordinary increased in this year when we file our tax return in the third quarter. So we were able to allocate more as ordinary versus capital and ordinary, we can carry forward for 15-plus years. So that's really what changed in our tax position as it relates to offshore wind.

因此，我們在第三季提交報稅表時，改變了 2024 年使用的資本稅分成比例，與今年普通股資本稅分成比例的增加相比。因此，我們可以將更多資金分配為普通股，而不是資本利得，而普通股還可以結轉 15 年以上。這就是我們在離岸風電相關稅務狀況方面發生的實際變化。

Okay. And there's -- and so okay, that answers the question, that's kind of what I thought. So okay, I appreciate the clarity.

好的。好了，這個問題就此回答，這正是我所想的。好的，感謝您的解釋。

Sophie Karp, KBCM.

Sophie Karp，KBCM。

I don't know if you guys know this on top of your head, but I'm curious what legally constitutes kind of the end of the Revolution project as far as your agreement with Orsted? Like at what point are you no longer on the hook for anything there? Like is that first power? Is that something of other milestones? Any color would be helpful here.

我不知道你們是否清楚這一點，但我很好奇，就你們與沃旭能源的協議而言，從法律角度來說，什麼才算是「革命」計畫的終結？例如，在什麼情況下你才不再承擔任何責任？那算是第一權力嗎？那是其他里程碑事件嗎？這裡任何顏色都會有所幫助。

Sure. So it's similar to the protocol we're using on the South Fork project. It would be COD. At COD, we will hand that over and that is when we are off the hook.

當然。所以它與我們在南福克計畫中使用的協議類似。應該是使命召喚。在 COD，我們會把那東西交給他們，到那時我們就不用再操心了。

And what is COD specifically?

COD具體指的是什麼？

Full operation, turning over of all of the documents all -- anything associated with the work that we have done and the PPA is in full force.

全面運作，移交所有文件－所有與我們所做工作相關的一切，PPA 完全有效。

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

我目前沒有其他問題要問。現在我謹將發言權交還給喬·諾蘭，請他作總結發言。

Thank you once again for taking the time to join us today. We know many of you have been patient investors over a long time, and we will continue to execute our key strategic initiatives that create value for our customers and shareholders. We look forward to seeing many of you at EEI next week, safe travels. Operator, this ends our call today.

再次感謝您今天抽出時間參加我們的活動。我們知道，長期以來，你們中的許多人都是耐心的投資者，我們將繼續執行關鍵策略舉措，為我們的客戶和股東創造價值。我們期待下週在EEI見到你們中的許多人，祝旅途平安。接線員，我們今天的通話到此結束。

Thank you. This does conclude the program, and you may disconnect.

謝謝。程式到此結束，您可以斷開連線。