康涅狄格電力 (ES) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eversource Energy Fourth Quarter and Full Year 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 年第四季及全年業績電話會議。（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 speaker today, Rima Hyder, Vice President of Investor Relations. Please go ahead.

現在我謹將會議交給今天的主講人，投資者關係副總裁裡瑪·海德女士。請繼續。

Good morning, and thank you for joining us today on the full year and fourth quarter 2025 earnings call. During this call, we'll be referencing slides that we posted on our website.

早安，感謝各位今天參加2025年全年及第四季財報電話會議。在本次通話中，我們將參考我們網站上發布的幻燈片。

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. 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 are in our most recent 10-Q and 10-K.

正如您在投影片 1 中看到的，本次投資者電話會議中所做的一些陳述可能具有前瞻性。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。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、昨晚發布的幻燈片以及我們最新的 10-Q 和 10-K 報告。

Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President CFO 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兼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。

Thank you, Rima, and good morning, everyone, and thank you for joining us today for our year-end earnings call. I'm pleased to report that 2025 was another year of strong execution across the organization. Our team delivered excellent operational performance, continue to advance critical infrastructure needs for our customers, leveraging technology solutions to lower O&M costs, and remain focused on providing safe, reliable and affordable service to customers and communities we are proud to serve.

謝謝 Rima，大家早安，謝謝各位今天參加我們的年終財報電話會議。我很高興地報告，2025 年是公司各部門執行力強勁的另一年。我們的團隊實現了卓越的營運績效，持續推進客戶的關鍵基礎設施需求，利用技術解決方案降低營運維護成本，並始終專注於為我們引以為傲的客戶和社區提供安全、可靠和經濟實惠的服務。

We also made meaningful progress working collaboratively with state policymakers, regulators and stakeholders to address critical priorities like affordability, while remaining focused on reliability. This remains a top priority for Eversource.

我們也與州政策制定者、監管機構和利益相關者合作，在解決可負擔性等關鍵優先事項方面取得了有意義的進展，同時繼續關注可靠性。這仍然是Eversource的首要任務。

Our goal is to ensure state leaders have the tools they need to support customers and that we have the regulatory clarity to make the investments essential to balancing affordability and reliability. These challenges can only be solved through true partnerships, working together face-to-face with shared goals.

我們的目標是確保州領導人擁有支持客戶所需的工具，並確保我們擁有清晰的監管政策，以便進行必要的投資，從而在可負擔性和可靠性之間取得平衡。只有透過真正的夥伴關係，面對面地共同努力，朝著共同的目標前進，才能解決這些挑戰。

Moving to slide 4. Let me take you through some of our 2025 accomplishments. Starting with our financial performance. I am proud to report that we delivered on our commitment of non-GAAP earnings with full year earnings per share of $4.76. We also paid dividends of $3.01 per share to our shareholders, representing a 5.2% increase.

切換到第4張投影片。讓我帶您了解我們2025年所取得的一些成就。首先來看我們的財務業績。我很自豪地宣布，我們實現了非GAAP獲利目標，全年每股收益為4.76美元。此外，我們也向股東派發了每股3.01美元的股息，成長了5.2%。

Moving on to slide 5. In 2025, our employees once again demonstrated their commitment to operational excellence. Throughout the year, we delivered high levels of service reliability, responded effectively to several significant weather events, and continued making progress on projects that strengthen the resiliency and sustainability of our electric, natural gas and water systems.

接下來是第5張投影片。2025年，我們的員工再次展現了他們對卓越營運的承諾。在過去一年中，我們提供了高水準的服務可靠性，有效應對了幾次重大天氣事件，並繼續推進加強電力、天然氣和水系統的韌性和可持續性的項目。

As a result, we had top decile performance for both the MBI and the SAIDI metrics that demonstrates our investments vastly improved reliability for customers. With this high level of performance, our electric customers, on average, experienced an outage only once in nearly two years.

因此，我們在 MBI 和 SAIDI 指標上都取得了前 10% 的成績，這表明我們的投資大大提高了客戶的可靠性。憑藉如此高的供電性能，我們的電力用戶平均每近兩年只遇到一次停電。

We successfully deployed over $4 billion in capital investments in 2025. Our team has advanced grid modernization initiatives, expanded customer energy efficiency programs, and continued supporting the region's long-term decarbonization goals. These efforts reinforce our role as a trusted partner for New England's clean energy future and demonstrates our ability to execute consistently across a broad set of priorities.

我們已成功在 2025 年投入超過 40 億美元的資本。我們的團隊推進了電網現代化計劃，擴大了客戶能源效率計劃，並繼續支持該地區的長期脫碳目標。這些努力鞏固了我們作為新英格蘭清潔能源未來值得信賴的合作夥伴的地位，並展現了我們在廣泛的優先事項中持續執行的能力。

Our advanced metering infrastructure or AMI program has officially reached over 100,000 smart meter installations in Massachusetts, a significant milestone in this multiyear effort to upgrade more than 1.5 million meters statewide and deliver more modern tools with greater functionality that will benefit customers. On the regulatory front, we obtained several constructive decisions that will support ongoing infrastructure needs, including rate outcomes and cost recovery mechanisms that align with our infrastructure investment needs.

我們的先進計量基礎設施 (AMI) 計畫在馬薩諸塞州已正式完成超過 10 萬個智慧電錶的安裝，這是這項多年計畫的一個重要里程碑，該計畫旨在升級全州超過 150 萬個電錶，並提供更強大的現代化工具，從而造福客戶。在監管方面，我們獲得了一些建設性的決定，這些決定將支持持續的基礎設施需求，包括符合我們基礎設施投資需求的費率結果和成本回收機制。

We advanced key grid modernization initiatives, progressed on storm cost proceedings with 98% of our $2 billion in deferred storm cost in current rates are pending cost prudence reviews, and we continue to engage with policymakers on the affordability and reliability implications of the region's energy transition and address low growth.

我們推進了關鍵的電網現代化計劃，在風暴成本處理方面取得了進展，目前 20 億美元的風暴成本延期支付中，98% 仍在等待成本審慎審查，我們繼續與政策制定者就該地區能源轉型的可負擔性和可靠性影響進行溝通，並解決增長緩慢的問題。

Our commitment to building strong regulatory relationships is enabling productive dialogue in all three state jurisdictions. The outcomes we obtained last year reflect a shared recognition of the importance of modernizing the distribution system while keeping customer affordability at the forefront.

我們致力於建立牢固的監管關係，從而在所有三個州管轄範圍內開展富有成效的對話。我們去年的成果反映出大家普遍意識到，在將客戶負擔能力放在首位的同時，實現分銷系統的現代化至關重要。

Last month, in Massachusetts, we worked with Governor Healey's administration to implement a rate relief plan for electric and gas customers, which is a constructive step in support of affordability for Massachusetts customers. The plan provides customer discounts in February and March during peak winter usage. The discounts are partly funded by the state, and we will gradually recover our portion of the discounts over the lower usage period this year. This approach aligns with our efforts to smooth bill impacts for our customers.

上個月，我們在馬薩諸塞州與州長希利的政府合作，實施了一項針對電力和天然氣用戶的費率減免計劃，這是支持馬薩諸塞州用戶負擔能力的一個建設性步驟。該計劃在二月和三月冬季用電高峰期為客戶提供折扣。這些折扣部分由國家資助，我們將在今年使用量較低的時期逐步收回我們應承擔的折扣部分。這種做法符合我們為減輕客戶帳單負擔所做的努力。

Strengthening our balance sheet was a top priority for us in 2025. And over the last 12 months, ending September 30, we have delivered an improvement of more than 400 basis points in our FFO-to-debt ratio at Moody's. As a result of the cash flow enhancements previously outlined. Maintaining this improvement will be a continued key focus area for us in 2026. In January 2025, we broke ground on the Cambridge underground substation, a $1.8 billion investment, which is the largest underground substation in the nation and critical investment in strengthening the electric system that serves one of the fastest-growing and most energy-intensive areas of our region.

強化資產負債表是我們2025年的首要任務。在過去 12 個月（截至 9 月 30 日）中，我們在穆迪評級中的 FFO 與債務比率提高了 400 多個基點。由於先前概述的現金流改善措施。維持這一進步將是我們在 2026 年的持續重點關注領域。2025 年 1 月，我們為劍橋地下變電站舉行了奠基儀式，這是一項 18 億美元的投資，也是全國最大的地下變電站，是對加強電力系統的重要投資，該電力系統服務於我們地區增長最快、能源消耗最大的地區之一。

Construction on this project continues to progress very well. We completed the construction of the onshore substation for the Revolution Wind project late last year. And as Orsted recently announced, the project is expected to achieve first power within the coming weeks. Orsted has also stated that construction of Revolution Wind has resumed since the preliminary injunction on the recent stop work order was granted, and the project is 87% complete.

該專案的建設進展非常順利。去年底，我們完成了 Revolution Wind 專案的陸上變電站建設。正如沃旭能源最近宣布的那樣，該項目預計將在未來幾週內實現首次發電。沃旭能源也表示，自最近停工令的初步禁令獲得批准以來，Revolution Wind的建設已經恢復，該項目已完成87%。

Currently, given the latest construction updates and cost estimates, we do not need to change the contingent liability that we recorded in the third quarter of 2025. Another one of our proud accomplishments for the seventh year in a row was that Newsweek recognized Eversource as one of America's most responsible companies. This recognition highlights our excellence in environmental, social and corporate governance areas. This recognition is a reflection on the hard work and dedication of nearly 11,000 Eversource employees who do the right thing every day, and I want to sincerely thank them for that.

目前，根據最新的施工進度和成本估算，我們不需要改變我們在 2025 年第三季記錄的或有負債。我們連續第七年取得的另一項值得驕傲的成就是，《新聞週刊》將 Eversource 評為美國最負責任的公司之一。這項榮譽彰顯了我們在環境、社會和公司治理領域的卓越表現。這份榮譽體現了近 11,000 名 Eversource 員工的辛勤工作和奉獻精神，他們每天都在做正確的事情，我衷心地感謝他們。

Moving to slide 6. As we look at 2026, our priorities remain clear, and well aligned with the needs of the region. First, we will continue to deliver top-tier operational performance for our customers, maintaining high reliability enhancing customer experience, and ensuring the safety of our workforce, and the public are our core commitments. Second, we will advance our infrastructure investment program, including grid modernization, resiliency projects, and targeted upgrades that support reliability today while enabling the clean energy transition of tomorrow. The service we provide is critical, and replacing the aging infrastructure and addressing capacity requirements to meet demand growth is extremely important for our customers.

切換到第6張投影片。展望 2026 年，我們的工作重點依然明確，並且與該地區的需求高度契合。首先，我們將持續為客戶提供一流的營運績效，保持高可靠性以提升客戶體驗，確保員工和公眾的安全是我們的核心承諾。其次，我們將推動基礎設施投資計劃，包括電網現代化、彈性項目和有針對性的升級，以支持當前的可靠性，同時為未來的清潔能源轉型奠定基礎。我們提供的服務至關重要，更換老化的基礎設施並滿足不斷增長的需求對我們的客戶來說極為重要。

John will discuss in greater detail our new five-year capital investment plan of $26.5 billion. This new plan increases our necessary infrastructure investment over the next five years by $2.3 billion. The majority of this increase is aimed at electric and natural gas distribution investments to address aging infrastructure needs under a multiyear project, such as the electric sector modernization plan, and the underground cable modernization program as well as complying with applicable state safety regulations.

約翰將更詳細地討論我們新的五年資本投資計劃，該計劃總額為 265 億美元。這項新計劃將在未來五年內增加我們必要的基礎建設投資23億美元。此次成長的大部分資金將用於電力和天然氣分配投資，以滿足多年項目（例如電力行業現代化計劃和地下電纜現代化計劃）下老化的基礎設施需求，並遵守適用的州安全法規。

Third, we will continue to actively pursue our constructive engagement with regulators and stakeholders. In each of our states, new leadership in government brings fresh perspectives, new conversations and new opportunities to partner in shaping the future of energy in our region.

第三，我們將繼續積極與監管機構和利害關係人進行建設性溝通。在我們每個州，政府的新領導層帶來了新的視角、新的對話和新的機遇，讓我們能夠攜手塑造本地區能源的未來。

In Massachusetts, our smart meter initiative is a cornerstone of that future, offering customers more insight, more control and more connection to the way they use energy. Last year in Connecticut, we reached an agreement to sell Aquarion Water Company. This decision followed a thoughtful and disciplined review of our investment portfolio. While we were disappointed with PURA's initial decision, we will continue to work with them on the judge's remand. The commission recently announced that we can expect to revise draft and final decision in March.

在麻薩諸塞州，我們的智慧電錶計劃是這個未來的基石，它為客戶提供了更多洞察力、更多控制權以及與能源使用方式的更多聯繫。去年我們在康乃狄克州達成協議，出售 Aquarion Water Company。這項決定是在我們對我們的投資組合進行深思熟慮和嚴謹審查之後做出的。雖然我們對PURA的初步決定感到失望，但我們將繼續與他們合作，爭取法官發回重審。委員會近日宣布，我們預計在三月對草案和最終決定進行修訂。

Aquarion is a well-run business with a strong local team, and this transaction positions the water system for continued investments under a dedicated water operator while also delivering value to our customers and shareholders. In addition, as this business is still part of Eversource, we have provided PURA with notice of intent to file a rate case for Aquarion, consistent with our responsibility, to seek appropriate recovery for ongoing investments that ensure safe, reliable and sustainable water service for customers.

Aquarion 是一家運作良好的企業，擁有強大的在地團隊。這項交易將使水務系統能夠在專門的水務營運商的領導下繼續進行投資，同時也將為我們的客戶和股東創造價值。此外，由於該業務仍是 Eversource 的一部分，我們已向 PURA 發出通知，表示有意就 Aquarion 的費率申請提起訴訟，這符合我們的職責，即尋求適當的補償，以確保為客戶提供安全、可靠和可持續的供水服務，並持續進行相關投資。

We will also begin our first rate review in Connecticut for CL&P in about eight years. We see that as an incredible opportunity to show how we've provided best in the industry reliability and that those investments are valuable to customers. Another key item for us is our recovery of storm costs. We expect to receive a decision from PURA on our Connecticut storm cost prudency review in July, which would allow us to begin the legislative-backed securitization process.

我們也將在大約八年後開始對康乃狄克州的 CL&P 進行首次費率審查。我們認為這是一個絕佳的機會，可以向客戶展示我們如何提供業界最佳的可靠性，以及這些投資對客戶的價值。對我們來說，另一個關鍵事項是風暴損失的回收。我們預計將於 7​​ 月收到 PURA 對我們康乃狄克州風暴成本審慎性審查的決定，這將使我們能夠開始立法支持的證券化進程。

Importantly, securitization enables timely cash collection, improving our FFO to debt metrics while reducing near-term bill impacts for customers. This year, we're also looking at how we thoughtfully and responsibly use artificial intelligence, which is helping us reimagine how we work, from safety to line inspections, to system planning to customer service, and even leveraging AI in how we prepare and respond to regulatory proceedings.

重要的是，證券化能夠及時收回現金，改善我們的 FFO 與債務指標，同時減少對客戶近期帳單的影響。今年，我們還將探討如何深思熟慮、負責任地使用人工智慧，這有助於我們重新構想工作方式，從安全到線路檢查，從系統規劃到客戶服務，甚至在準備和應對監管程序方面利用人工智慧。

Using AI to optimize our system operations can reduce costs for our customers. And finally, we will continue to execute with financial discipline. We remain committed to a strong balance sheet, prudent capital deployment and delivering stable, predictable long-term value for our stakeholders. I want to thank our employees across the organization for their commitment, professionalism and exceptional work throughout 2025. Their dedication is the foundation of everything we do, and it positions us well for another productive year ahead, and continued long-term success with a keen eye on enhancing our earnings and derisking our business profile.

利用人工智慧優化系統運作可以降低客戶的成本。最後，我們將繼續秉持嚴謹的財務紀律執行各項工作。我們將繼續致力於維持穩健的資產負債表、審慎的資本部署，並為我們的利害關係人創造穩定、可預測的長期價值。我要感謝我們整個組織的員工在 2025 年所展現的奉獻、專業和卓越工作。他們的奉獻精神是我們一切工作的基石，也為我們迎接又一個碩果累累的年份奠定了良好的基礎，讓我們能夠繼續取得長期的成功，同時密切關注如何提高收益並降低業務風險。

2026 will be a truly transformational year for us as we operate within a changing regulatory landscape and navigate affordability concerns. We are driving forward on several major fronts. We're executing relentlessly on completing our offshore wind commitments, enhancing storm cost securitization and managing the potential sale of Aquarion. At the same time, we remain laser-focused on delivering top decile operational performance across our systems to continue to deliver on our customers' expectations. This combination of strategic execution and operational excellence positions us to achieve earnings growth towards the upper half of our 5% to 7% long-term EPS range by 2028.

2026 年對我們來說將是真正具有變革意義的一年，因為我們將在不斷變化的監管環境中運營，並應對價格承受能力方面的挑戰。我們在幾個主要方面都取得了進展。我們正在不懈地履行離岸風電專案承諾，加強風暴成本證券化，並管理 Aquarion 的潛在出售事宜。同時，我們將繼續全力以赴，確保我們的系統營運效能達到前10%，以持續滿足客戶的期望。策略執行與卓越營運的結合，使我們能夠在 2028 年實現獲利成長，達到我們 5% 至 7% 的長期每股收益目標範圍的上半部分。

I will now turn the call over to John to discuss this long-term growth trajectory as well as our results. Thank you.

現在我將把電話交給約翰，讓他來討論這一長期成長軌跡以及我們的表現。謝謝。

Thank you, Joe, and good morning, everyone. This morning, I will review 2025 full year earnings results, provide a regulatory update, share our updated five-year capital investment plan and provide our 2026 EPS guidance, our five-year financing strategy and our long-term earnings growth expectation.

謝謝你，喬，大家早安。今天上午，我將回顧 2025 年全年盈利結果，提供監管方面的最新信息，分享我們更新後的五年資本投資計劃，並提供我們 2026 年每股收益預期、五年融資戰略和長期盈利增長預期。

Let me start on slide 8 with a review of our 2025 earnings results. Our GAAP results for 2025 were earnings of $4.56 per share compared with GAAP earnings of $2.27 per share in 2024. GAAP results for 2025 include a net loss of $75 million or $0.20 per share, related to an increase in our liability for expected future obligations to global infrastructure partners. As part of the September 30, 2024, sale of South Fork Wind and Revolution Wind projects, net of tax effects associated with the sale of these projects.

讓我們從第 8 張投影片開始，回顧我們 2025 年的收益結果。我們 2025 年的 GAAP 業績為每股收益 4.56 美元，而 2024 年的 GAAP 業績為每股收益 2.27 美元。2025 年的 GAAP 業績包括淨虧損 7,500 萬美元或每股虧損 0.20 美元，這與我們預期未來對全球基礎設施合作夥伴的負債增加有關。作為 2024 年 9 月 30 日 South Fork Wind 和 Revolution Wind 項目出售的一部分，扣除與這些項目出售相關的稅務影響。

For the quarter, our GAAP as well as our non-GAAP earnings results were $1.12 per share compared with GAAP earnings of $0.20 per share for the fourth quarter of 2024, and non-GAAP earnings results of $1.01 per share for the fourth quarter of 2024.

本季度，我們的 GAAP 和非 GAAP 每股盈餘為 1.12 美元，而 2024 年第四季的 GAAP 每股盈餘為 0.20 美元，非 GAAP 每股盈餘為 1.01 美元。

As a reminder, GAAP results for the full year 2024 included a net loss of $2.30 per share related to the divestiture of our offshore wind investment recognized in the third quarter of last year. As well as a loss on a potential sale of Aquarion Water, which we recognized in the fourth quarter of 2024. Excluding those after-tax losses, our non-GAAP earnings were $4.76 per share for the full year 2025 as compared to $4.57 per share in 2024. As you may recall, our revised non-GAAP earnings guidance for 2025 was in the range of $4.72 to $4.80.

提醒一下，2024 年全年 GAAP 業績包括與去年第三季確認的離岸風電投資剝離相關的每股 2.30 美元淨虧損。此外，我們也確認了出售 Aquarion Water 可能造成的損失，該損失已在 2024 年第四季確認。剔除稅後虧損後，我們 2025 年全年的非 GAAP 每股盈餘為 4.76 美元，而 2024 年為 4.57 美元。您可能還記得，我們​​修訂後的 2025 年非 GAAP 獲利預期在 4.72 美元至 4.80 美元之間。

Breaking down the 2025 full year earnings by segment, Electric Transmission earned $2.09 per share in 2025, as compared with earnings of $2.03 per share in 2024. The improved results were driven by continued investments in our electric transmission system to address service reliability and demand growth.

按業務部門細分 2025 年全年收益，電力傳輸業務 2025 年每股收益為 2.09 美元，而 2024 年每股收益為 2.03 美元。績效的提升得益於我們對電力傳輸系統的持續投資，以解決服務可靠性和需求成長問題。

Our electric distribution earnings were $1.80 per share in 2025, as compared with earnings of $1.77 per share in 2024. The higher results were due primarily to increased revenues from base distribution rate increases for Eversource's Massachusetts and New Hampshire businesses, partially offset by higher O&M, interest costs, depreciation and property taxes.

2025 年，我們的電力分銷業務每股收益為 1.80 美元，而 2024 年的每股收益為 1.77 美元。業績成長主要歸功於 Eversource 在麻薩諸塞州和新罕布夏州的業務基本分銷費率提高帶來的收入增加，但部分被更高的營運維護、利息成本、折舊和房產稅所抵消。

The natural gas distribution segment earned $0.97 per share in 2025 as compared with $0.81 per share in 2024. The improved earnings results were due to base distribution rate increases at Eversource's natural gas businesses, and continued investment in our gas system to replace aging infrastructure with a focus on safety.

2025 年天然氣分銷業務每股收益為 0.97 美元，而 2024 年為每股收益 0.81 美元。獲利績效的改善歸功於 Eversource 天然氣業務基本分銷費率的提高，以及對天然氣系統持續投資，以安全為重點替換老化的基礎設施。

These higher revenues were partially offset by higher O&M, which included a $12.2 million charge as part of NSTAR Gas' settlement agreement with the Attorney General's Office in December of 2025 as well as higher depreciation, interest and property tax expense.

更高的收入部分被更高的營運和維護費用所抵消，其中包括 2025 年 12 月 NSTAR Gas 與司法部長辦公室達成的和解協議中的 1,220 萬美元費用，以及更高的折舊、利息和財產稅支出。

Eversource parent and other reflected a GAAP loss of $0.42 per share in 2025, as compared with a GAAP loss of $2.46 per share in 2024. These results include the impact from our offshore wind divestiture and the potential Aquarion sale that I discussed earlier. On a non-GAAP basis, Eversource parent and other loss was $0.22 per share in '25 as compared with a non-GAAP loss of $0.16 per share in 2024. This higher loss was primarily driven by increased interest costs offset by the benefit from a settlement with the Massachusetts Attorney General for the recovery of previously incurred EGMA integration costs as approved by the DPU and to a lower effective tax rate.

Eversource 母公司及其他公司 2025 年的 GAAP 每股虧損為 0.42 美元，而 2024 年的 GAAP 每股虧損為 2.46 美元。這些結果包括我們剝離離岸風電業務以及我之前討論過的Aquarion潛在出售所帶來的影響。以非GAAP準則計算，Eversource母公司及其他公司2025年的每股虧損為0.22美元，而2024年的非GAAP虧損為每股0.16美元。此次虧損增加主要是由於利息成本增加，但與馬薩諸塞州總檢察長達成的和解協議，用於收回先前發生的EGMA整合成本（經DPU批准）以及降低實際稅率，抵消了上述增加的虧損。

That wraps up 2025 a solid financial year despite the challenges we faced. We are proud to have delivered another year of recurring non-GAAP earnings and dividend growth.

2025 年圓滿結束，儘管面臨許多挑戰，但總體而言，這是一個穩健的財政年度。我們很自豪地宣布，公司連續第二年實現了非GAAP經常性收益和股息成長。

Turning to our updated five-year capital plan for 2026 through 2030, as shown on slide 9, which reflects our utility infrastructure investments by segment. As a reminder, this plan includes only those projects that we have a clear line of sight on from a regulatory approval perspective. Over this five-year period from '26 through 2030, we expect to invest approximately $26.5 billion in our regulated electric and natural gas businesses, representing a $2.3 billion increase as compared to our prior five-year plan and a $1.5 billion increase from 2026 through 2029, the overlapping period.

接下來是我們在投影片 9 中更新的 2026 年至 2030 年五年資本計劃，該計劃反映了我們按業務板塊劃分的公用事業基礎設施投資。再次提醒，該計劃僅包括那些從監管審批角度來看我們有明確進展的項目。從 2026 年到 2030 年的五年期間，我們預計將在受監管的電力和天然氣業務中投資約 265 億美元，比我們之前的五年計劃增加 23 億美元，比 2026 年至 2029 年（重疊期間）增加 15 億美元。

The $26.5 billion does not include Aquarion Water, which would amount to an additional $1.3 billion over this five-year period. This infrastructure investment plan will allow us to continue to provide customers with safe and reliable service support low growth and address our state's clean energy objectives.

這 265 億美元還不包括 Aquarion Water，如果收購 Aquarion Water，五年內將額外增加 13 億美元。這項基礎設施投資計畫將使我們能夠繼續為客戶提供安全可靠的服務，支持低成長，並實現我們州的清潔能源目標。

Looking at the $1.5 billion increase from a segment standpoint, as shown on slide 10, electric distribution is the largest driver of the increase at $696 million. Our updated capital forecast now includes over $11 billion of electric distribution investments, with a continued focus on system resiliency and top-tier electric reliability for our customers. This level of investment is primarily driven by the Massachusetts electric sector modernization plan as well as over $300 million remaining for the AMI program in Massachusetts. The next driver of the increase in our capital investment plan is natural gas distribution at $523 million. The updated capital forecast plan includes nearly $7 billion of natural gas distribution investments, centered around reliability and safety.

從細分市場的角度來看，如幻燈片 10 所示，15 億美元的成長中，電力分配是最大的成長驅動因素，達到 6.96 億美元。我們更新的資本預測現在包括超過 110 億美元的電力分配投資，並將繼續專注於提高系統彈性，為我們的客戶提供一流的電力可靠性。這一投資水準主要受馬薩諸塞州電力行業現代化計劃以及馬薩諸塞州 AMI 計劃剩餘的 3 億美元資金的推動。推動我們資本投資計畫成長的下一個因素是天然氣分銷，投資額為 5.23 億美元。更新後的資本預測計畫包括近 70 億美元的天然氣分銷投資，重點是可靠性和安全性。

Contributing to this increase are a variety of mandatory safety regulations that recently became effective, which represents approximately 25% of the growth in this gas distribution plan. Our transmission plan increased by $233 million for the overlapping period.

導致這一增長的原因之一是近期生效的各種強制性安全法規，這些法規約佔該天然氣分銷計劃增長的 25%。在重疊期間，我們的輸電計劃增加了 2.33 億美元。

The revised plan includes over $7 billion of infrastructure investments over the next five years. These investments include replacement of aging infrastructure, to harden the system and increase resiliency during extreme weather events as well as innovative substation and other infrastructure projects undertaken for reliability and load growth.

修訂後的計畫包括未來五年超過70億美元的基礎建設投資。這些投資包括更換老化的基礎設施，以加強系統並提高在極端天氣事件中的韌性，以及為提高可靠性和應對負載增長而開展的創新變電站和其他基礎設施項目。

Rounding out our capital plan, are investments in technology and facilities, which increased by $75 million and now is forecasted at $1.2 billion, including cybersecurity investments, AI tools to enable our employees to work more efficiently and tools to protect customer information.

我們的資本計畫還包括對技術和設施的投資，這部分投資增加了 7,500 萬美元，目前預計將達到 12 億美元，其中包括網路安全投資、人工智慧工具（使我們的員工能夠更有效率地工作）以及保護客戶資訊的工具。

As shown on slide 11, the transmission capital plan includes future ESMP substations towards the end of the five-year forecast period. For this reason and to address load growth for the New England region, the plan includes sizable transmission investments for NSTAR Electric, which will have the largest transmission rate base in our service territory, projected at nearly $8 billion by 2030.

如投影片 11 所示，輸電資本計畫包括在五年預測期末建造未來的 ESMP 變電站。正因如此，為了應對新英格蘭地區的負載成長，該計劃包括對 NSTAR Electric 進行大量輸電投資，預計到 2030 年，NSTAR Electric 將在我們的服務區域內擁有最大的輸電費率基礎，接近 80 億美元。

The resulting impact to rate base from the updated capital investment plan is shown on slide 12. The customer-focused core business investments included in the capital plan results in an 8.3% growth in rate base from 2024 through 2030. On the regulatory front, we had another busy year with encouraging results.

更新後的資本投資計畫對利率基礎的影響如圖 12 所示。資本計畫中包含的以客戶為中心的核心業務投資，使得 2024 年至 2030 年的費率基礎增加了 8.3%。在監管方面，我們又度過了忙碌的一年，並且取得了令人鼓舞的成果。

Our key 2025 regulatory proceedings are highlighted on slide 13. Highlighting some recent outcomes starting with Massachusetts, we received approval of our PBR rate adjustments with a $55 million increase for NSTAR Electric implemented on January 1 of this year, and a $10 million increase for NSTAR Gas effective November 1, 2025.

第 13 頁重點介紹了我們 2025 年的關鍵監管程序。以麻州為例，我們最近取得了一些成果：我們的 PBR 費率調整獲得批准，NSTAR Electric 的費率從今年 1 月 1 日起增加 5,500 萬美元，NSTAR Gas 的費率從 2025 年 11 月 1 日起增加 1,000 萬美元。

Also in Massachusetts, we received approval to implement a settlement agreement that included the recovery of EGMA, acquisition and integration costs, and to solve some long-standing regulatory matters related to pension and other deferred cost recovery items. EGMA integration costs of $82 million will be recovered over a 10-year period and will be implemented as part of our next EGMA rate case.

此外，在馬薩諸塞州，我們獲得了批准，可以實施和解協議，其中包括收回 EGMA 的款項、收購和整合成本，以及解決與退休金和其他遞延成本回收項目相關的一些長期監管問題。EGMA 整合成本 8,200 萬美元將在 10 年內收回，並將作為我們下一個 EGMA 費率案例的一部分實施。

The pension and other cost settlement will result in a onetime bill credit for NSTAR Electric customers in 2026 of approximately $20 million. This impact was recognized in the fourth quarter of 2025.

退休金和其他成本結算將使 NSTAR Electric 的客戶在 2026 年獲得約 2000 萬美元的一次性帳單抵免。這一影響在 2025 年第四季得到證實。

Lastly, in Massachusetts, we successfully worked with the Attorney General's office on a settlement, which was approved by the DPU for the NSTAR Gas rate base roll-in, which resulted in a $45 million base rate increase and a onetime customer credit of $12.2 million, which will be effective in 2026. This impact was also recognized in the fourth quarter of 2025.

最後，在馬薩諸塞州，我們與總檢察長辦公室成功達成和解，該和解方案已獲得公共事業部 (DPU) 的批准，用於 NSTAR 天然氣費率基準滾動，導致基準費率增加 4500 萬美元，並一次性向客戶提供 1220 萬美元的信用額度，該信用額度將於 2026 年生效。這一影響在 2025 年第四季也得到了證實。

In Connecticut, we continue to pursue the sale of Aquarion Water with PURA. In January, the Superior core overturn PURA denial of the Aquarion sale and sent the transaction back to PURA on remand to address some items. The court agreed with our argument that the first decision was legally incorrect, finding that PURA lacked the authority to reject the legislatively mandated governance structure of the newly created Aquarion Water Authority.

在康乃狄克州，我們繼續與 PURA 合作銷售 Aquarion Water。1 月，Superior 核心機構推翻了 PURA 對 Aquarion 出售的否決決定，並將交易發回 PURA 重新審理，以解決一些問題。法院同意我們的論點，即第一個決定在法律上是錯誤的，並認定 PURA 無權拒絕新成立的 Aquarion 水務局依法規定的治理結構。

On February 4, PURA issued a new procedural schedule that includes briefs, a proposed decision with an opportunity for written exceptions, and a final decision to be issued on March 25. We will continue to engage with PURA and all stakeholders as the process moves ahead. We recognize the uncertainty surrounding the Aquarion sale, and our priority is to ensure that Aquarion continues to make necessary system investments to maintain reliable service for customers.

2 月 4 日，PURA 發布了新的程序時間表，其中包括簡報、附帶書面異議機會的擬議決定，以及將於 3 月 25 日發布的最終決定。我們將持續與PURA及所有利害關係人保持溝通，以推進此一進程。我們意識到 Aquarion 出售一事存在不確定性，我們的首要任務是確保 Aquarion 繼續進行必要的系統投資，以維持為客戶提供可靠的服務。

As a result, we have submitted a notice of intent to PURA disclosing our plan to file a rate case for Aquarion, seeking a preliminary rate request of $88 million in additional revenues. This rate request is necessary so that we can support the system long term in the event that PURA does not approved our application for the sale of Aquarion.

因此，我們已向 PURA 提交意向通知，披露我們計劃為 Aquarion 提交費率申請，尋求 8800 萬美元的額外收入的初步費率請求。為了確保在 PURA 不批准我們出售 Aquarion 的申請的情況下，我們能夠長期支援該系統，因此有必要提出此費率申請。

Let me now talk about our financing needs over the next five years. Without the Aquarion proceeds, we anticipate incremental financing needs, and we are reviewing a number of alternatives to ensure we continue to fund the business efficiently.

現在讓我來談談我們未來五年的融資需求。如果沒有 Aquarion 的收益，我們預計需要增加融資，我們正在審查多種替代方案，以確保我們能夠繼續有效地為業務提供資金。

Looking at slide 14, you can see our financing activities. Overall, we need to fund $27.8 billion of infrastructure investments, which includes Aquarion and dividends in the range of $6.7 billion to $7.2 billion for a total cash need of $34.5 billion to $35 billion.

查看第 14 張投影片，您可以看到我們的融資活動。總體而言，我們需要為基礎設施投資提供 278 億美元的資金，其中包括 Aquarion 和 67 億美元至 72 億美元的股息，總現金需求為 345 億美元至 350 億美元。

Over the next five years, we expect cash flows from operations to be in the range of $24.2 billion to $24.7 billion, which would fund nearly 70% of our cash needs. We are looking at approximately $8.5 billion to $9 billion to come from incremental debt and other financing solutions. Within this range, we are looking at various alternatives for these solutions, such as junior subordinated notes, minority interest sale or minority, like capital structured financing transactions. These alternative financing solutions would qualify for equity content in the range of $1.3 billion to $2.5 billion. We expect a decision from PURA regarding storm prudency that would allow us to move forward with securitization and anticipate proceeds of up to $1.5 billion, providing roughly 3% of the cash -- of cash inflows.

未來五年，我們預計經營活動產生的現金流將在 242 億至 247 億美元之間，這將滿足我們近 70% 的現金需求。我們預計需要透過新增債務和其他融資方案籌集約 85 億至 90 億美元。在這個範圍內，我們正在研究這些解決方案的各種替代方案，例如次級附屬票據、少數股權出售或少數股權融資交易等。這些替代融資方案的股權比例將在 13 億美元至 25 億美元之間。我們預期 PURA 就風暴謹慎性問題作出決定，這將使我們能夠推進證券化，並預計獲得高達 15 億美元的收益，約佔現金流入的 3%。

Should an Aquarion sale occur, we would use the proceeds to lower the need for these alternative financing solutions. If we don't close on Aquarion, we would look towards these alternative financing solutions to meet our financing needs. The remaining cash needs would come from equity issuances of roughly $800 million to $1.1 billion. It's important to note that this equity need is not impacted by the Aquarion sales.

如果 Aquarion 被出售，我們將利用所得款項來減少對這些替代融資方案的需求。如果我們未能完成對Aquarion的收購，我們將尋求這些替代融資方案來滿足我們的融資需求。剩餘的現金需求將透過發行股票籌集，金額約為 8 億美元至 11 億美元。值得注意的是，此次股權需求不受 Aquarion 出售的影響。

As Joe stated, we continue to be laser-focused on improving our balance sheet. As you can see on slide 15, we have followed through on our commitment to cash flow and balance sheet improvements with over 400 basis points of enhancement on the FFO to debt metrics at Moody's, and 300 basis point improvement at S&P for 2025.

正如喬所說，我們將繼續全力以赴改善資產負債表。正如您在第 15 頁幻燈片中看到的那樣，我們已經履行了對現金流和資產負債表改善的承諾，穆迪的 FFO 與債務指標提高了 400 多個基點，標準普爾的 FFO 與債務指標在 2025 年提高了 300 個基點。

Assuming no Aquarion sale, our financing plan for the five-year forecast is built to maintain at least 100-basis-point cushion over the S&P and Moody's downgrade threshold each year.

假設 Aquarion 沒有被出售，我們五年預測期的融資計劃旨在每年保持比標普和穆迪的降級閾值至少高出 100 個基點的緩衝。

Next, I will turn to our 2026 earnings guidance on slide 16. Our guidance this year does not assume that the Aquarion sale will occur. And therefore, we have included water segment earnings as part of our full year guidance. With that said, we are projecting earnings per share in the range of $4.80 to $4.95 for 2026.

接下來，我將在第 16 頁介紹我們對 2026 年獲利的預期。我們今年的業績預期並未假設 Aquarion 的出售會成功。因此，我們將水務業務的收益納入了全年業績預期。綜上所述，我們預計 2026 年每股盈餘將在 4.80 美元至 4.95 美元之間。

For 2026, we expect earnings growth to be more moderate due primarily to the timing of key regulatory outcomes. Importantly, we view the 2026 headwinds as transitory and not reflective of the underlying strength of the business or our long-term growth outlook. These outcomes include the potential sale of Aquarion, the recovery of storm costs in Connecticut as well as in New Hampshire.

我們預計 2026 年的獲利成長將較為溫和，這主要是由於關鍵監管結果出台的時間安排所致。重要的是，我們認為 2026 年的不利因素是暫時的，並不反映公司業務的潛在實力或我們的長期成長前景。這些結果包括 Aquarion 的潛在出售，以及康乃狄克州和新罕布夏州風暴損失的追回。

The positive drivers impacting our guidance this year include transmission investments to improve system resiliency and to address increased electric demand. Distribution rate increases, thanks to our PBR mechanisms in Massachusetts and now in New Hampshire, and our strong focus on managing O&M expense. These positive drivers are expected to be partially offset by higher depreciation and property taxes from increased investments, higher interest costs, the impact of share dilution and a higher effective tax rate.

影響我們今年業績指引的正面因素包括為提高系統彈性和應對不斷增長的電力需求而進行的輸電投資。由於我們在馬薩諸塞州和現在在新罕布什爾州實施了 PBR 機制，並且我們非常重視控制營運和維護費用，分銷率得以提高。預計這些積極因素將被投資增加導致的折舊和房產稅增加、利息成本增加、股份稀釋的影響以及實際稅率提高等因素部分抵消。

Turning to slide 17. As we move into 2027 and 2028, we expect a meaningful inflection in earnings growth, driven by improved regulatory outcomes, recovery of storm costs completion of alternative financing opportunities and distribution rate adjustments, including the result of CL&P rates request in 2027.

翻到第17張幻燈片。隨著我們進入 2027 年和 2028 年，我們預計獲利成長將出現顯著轉折，這主要得益於監管結果的改善、風暴損失的回收、替代融資機會的完成以及配電費率的調整，包括 2027 年 CL&P 費率申請的結果。

As a result, while 2026 reflects a year of transformation, we see clear upside starting in 2027 and continuing throughout the forecast period. We are projecting the five-year long-term earnings per share growth rate to be in the range of 5% to 7%, based off of our 2025 non-GAAP recurring EPS of $4.76 per share. We remain confident in our ability to deliver earnings growth towards the upper half of our long-term target of 5% to 7% by 2028. Just to be clear, this expectation would be off of the expected 2027 earnings results.

因此，雖然 2026 年是變革之年，但我們看到從 2027 年開始，整個預測期內將出現明顯的上升趨勢。我們預計未來五年的長期每股盈餘成長率將在 5% 至 7% 之間，這是基於我們 2025 年非 GAAP 經常性每股盈餘 4.76 美元的預測。我們仍有信心在 2028 年實現獲利成長，達到我們長期目標 5% 至 7% 的上半部。需要明確的是，這項預期是基於 2027 年預期收益結果的預測。

In closing, our long-term fundamentals remain firmly intact. We have line of sight to improving our earnings as we move beyond 2026, supported by constructive regulatory progress, capital investments moving into rate base in a timely manner and continued focus on disciplined execution.

總之，我們的長期基本面依然穩固。隨著監管的積極進展、資本投資及時進入利率基礎以及對嚴格執行的持續關注，我們有理由相信，到 2026 年以後，我們的獲利能力將得到改善。

Importantly, from an earnings growth perspective, these drivers provide increase in visibility into 2027 and beyond. Adding to this is a resilient regulated portfolio of investments, a steadily improving balance sheet and a clear strategy for long-term value creation. We are confident in our ability to deliver sustainable growth and enhance shareholder value over time.

重要的是，從獲利成長的角度來看，這些因素提高了 2027 年及以後的發展前景的可見度。此外，公司還擁有穩健且受監管的投資組合、不斷改善的資產負債表以及清晰的長期價值創造策略。我們有信心實現永續成長，並隨著時間的推移提升股東價值。

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

現在我將把電話轉回給Rima進行問答環節。

Daniel, we're ready for our Q&A now. Thank you.

丹尼爾，我們現在可以開始問答環節了。謝謝。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

So just really quickly, the first one is, obviously, Joe, your growth trajectory is predicated on the balance sheet and funding, and you say, like, obviously, financing is somewhat flexible. If you sort of get the Aquarion sale approval on March 25 and storm cost recoveries, that will obviously eliminate the hybrids, but could that also take out some of the straight equity? And could that situation, so post-sale and storm cost, recoveries be accretive to the 5% to 7%, since you're already at the upper half under a base assumption and a lot of your funding needs will be eliminated.

那麼，簡單來說，第一個問題很明顯，喬，你的成長軌跡取決於資產負債表和資金，而你說，很明顯，融資在某種程度上是靈活的。如果 Aquarion 的出售能在 3 月 25 日獲得批准，而風暴成本得到回收，那顯然會消除混合型產品，但這是否也會減少一些直接股權？那麼，考慮到售後和風暴損失的補償，這種情況能否使收益率達到 5% 到 7% 呢？因為在基本假設下，你的收益率已經處於上半部分，而且你的許多資金需求將被消除。

Yes, I'm going to let John touch on that.

是的，我會讓約翰來談談這個問題。

Shar, so to start off with Hawaii. To start off with the approach we're taking, just to your point, given the uncertainty around the Aquarion deal is we've given you all kind of range of potential alternatives, as I said in my prepared remarks, that level of $0.8 billion to $1.1 billion of common equity issuances does not -- it's not impacted by whether or not the Aquarion transaction is completed, where we have the flexibility is in the debt -- in the alternative financing to your point. I do expect us -- as you know, we have not issued any junior subordinated debt. So the expectation is with or without Aquarion, we do expect to go to market to -- with that instrument.

莎爾，那就先從夏威夷開始吧。首先，關於我們採取的方法，正如您所說，鑑於 Aquarion 交易的不確定性，我們已經向您提供了各種潛在的替代方案，正如我在準備好的發言稿中所說，0.8 億美元至 1.1 億美元的普通股發行不會受到 Aquarion 交易是否完成的影響，我們擁有靈活性的地方在於債務——也就是您所提到的替代融資。如您所知，我們尚未發行任何次級附屬債務，我對此表示期待。所以，無論有沒有Aquarion，我們都希望能帶著這款儀器進入市場。

And that's despite storm cost recoveries.

即使扣除風暴造成的損失，情況依然如此。

Yes, storm cost recoveries will come in, in 2027. And given the procedural schedule that PURA just issued with a final decision, by July, we probably won't be able to complete the securitization and get the cash in the door until Q3 time frame of 2027. So that's why we feel that even with an Aquarion sale moving forward, we still need to go to market with these junior subs. As you know, it is accretive to issuing straight equity. And yes, yes, let me just leave it at that.

是的，風暴損失補償款將於 2027 年到位。鑑於 PURA 剛發布的最終決定所規定的程序時間表，到 7 月份，我們可能要到 2027 年第三季才能完成證券化並獲得現金。所以，即使 Aquarion 的銷售計劃正在推進，我們仍然需要將這些小型潛艇推向市場。如您所知，發行普通股會增加收益。好的，好的，我就說到這裡吧。

And you're 5% to 7%. So obviously, in that situation, you would need less funding. And your base assumption is already at the higher end of 5%.

而你的比例是 5% 到 7%。顯然，在這種情況下，你需要的資金就會減少。而你的基本假設已經處於 5% 的較高水準。

Correct.

正確的。

Yes, exactly, Shar.

是的，沒錯，莎爾。

Correct. So where we have the lever to push and pull, if Aquarion happens, then the alternative financing solutions will be pulled back. So I would view it this way. Within Aquarion deal closing in a timely fashion, it moves our growth rate for the outer years to a much better start.

正確的。所以，如果我們掌握了推拉的槓桿，那麼如果 Aquarion 計劃成功，那麼其他融資方案就會被撤回。所以我會這樣看待這個問題。Aquarion 交易的及時完成，將使我們未來幾年的成長率有一個更好的開始。

All right. That's perfect. Okay. And then just lastly, another obviously, uncertain here is Revolution Wind. I guess, where do we stand on potential post-close liabilities to Orsted. And at what point does that liability end? So like, at EEI, you guys mentioned First Power was the cutoff point. So does that mean that if the project reaches First Power, even if the BOEM lawsuits are still ongoing, you are off the hook?

好的。那很完美。好的。最後，還有一個顯然不確定的因素，那就是 Revolution Wind。我想問的是，對於交易完成後可能對沃旭能源承擔的責任，我們現在處於什麼位置？那麼，這種責任何時終止呢？所以，在EEI會議上，你們提到First Power是分水嶺。那麼，這是否意味著，即使BOEM的訴訟仍在進行中，如果專案最終落在First Power公司手中，你就不用承擔責任了？

Yes. Thank you. I'll tell you, we have not had this level of clarity around some of the uncertainty, certainly in my tenure as CEO. We expect first power in the next couple of weeks. That is not the trigger though.

是的。謝謝。我可以告訴你，在我擔任執行長期間，我們從未對某些不確定因素有過如此清晰的認識。我們預計將在未來幾週內恢復供電。但這並不是真正的觸發因素。

The trigger is COD, we deliver just as we did with South Fork. We feel very comfortable with the number that we're carrying now. I'm watching weather as we speak, and we expect that 60th turbine to head out to the lease area, and we will have first power in a few weeks. So it's going very, very well. All the land construction that we were responsible for was done. So you take Revolution Wind and the clarity around that and the end being very near, you take the Aquarion decision coming in March, whether it's approved or not, at least it's bringing clarity.

觸發條件是貨到付款，我們會像在 South Fork 那樣進行配送。我們對目前的人數感到非常滿意。我正在關注天氣狀況，預計第 60 台渦輪機將運往租賃區，幾週後我們將迎來首次發電。一切進展得非常順利。我們負責的所有土地建設工作都已完成。所以，看看 Revolution Wind 項目，以及圍繞該項目的清晰進展和即將結束的局面；再看看 3 月份即將出台的 Aquarion 項目決定，無論是否獲得批准，至少都帶來了清晰的局面。

You've got storm costs recovery. You've got a decision coming in July. We already have the securitization vehicle in place. So all of these things, coupled with the rate base rolling that we've got in Massachusetts, we feel very, very comfortable about our future.

你已經承擔了風暴損失恢復工作。你們七月會有一個決定。我們已經建立了證券化工具。綜上所述，再加上麻州實施的利率基礎滾動制度，我們對未來感到非常非常有信心。

Shar, one more. Just to be clear, we don't have any liability to Orsted. Our obligation is to GIP just for --

莎爾，再來一個。需要澄清的是，我們對沃​​旭能源沒有任何責任。我們的義務只是為 GIP 服務--

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just a follow-up on the sources and uses of cash. Maybe could you just dive in a little bit more on what could potentially make sense from a minority interest sale standpoint and how you might consider structuring that in the context of regulatory approval needs?

或許可以進一步探討一下現金的來源和用途。您能否更深入地探討一下，從少數股權出售的角度來看，哪些做法可能比較合理，以及在滿足監管審批要求的前提下，您會如何考慮如何建構這種結構？

Yes. Sure, Carly. This is John. So that's -- we're looking at -- as I said in my formal remarks, we're looking at many alternatives. I would say from a minority interest sale, we wouldn't -- we're looking at kind of a traditional equity interest or a kind of think of it as a minority interest capital structure deal. So it's a little bit different than a true minority interest in the equity position at a line of business or at one of our utilities. So I think it's a little premature for us to start talking about the level of details, because that would be -- we're not looking to do that immediately. It's just something that we have on the table or as I like to refer, it's a tool that we have in our toolkit.

是的。當然可以，卡莉。這是約翰。所以，正如我在正式演講中所說，我們正在考慮多種方案。就少數股權出售而言，我們不會——我們正在考慮的是一種傳統的股權交易，或者可以把它看作是一種少數股權資本結構交易。所以這與在某個業務線或我們某個公用事業部門中擁有真正的少數股權略有不同。所以我覺得現在討論細節還為時過早，因為我們並不打算立即這樣做。這只是我們目前考慮的方案之一，或者正如我更喜歡稱呼的那樣，這是我們工具箱裡的一種工具。

Great. Okay. That's helpful. And then you're still highlighting $1 billion of upside to the new capital plan tied to Connecticut AMI. Obviously, a lot going on in Connecticut at the moment. So just kind of any sense of when you think from a timing standpoint, you could get some resolution on that and potentially see that start to roll into the plan?

偉大的。好的。那很有幫助。然後你還在強調與康乃狄克州 AMI 相關的新的資本計畫帶來的 10 億美元收益。顯然，康乃狄克州目前發生了很多事情。所以，從時間安排的角度來看，您認為什麼時候可以解決這個問題，並有可能將其納入計劃？

Yes, sure. So we expect that we'll be meeting in Connecticut on AMI. All we want really is to get a woeful application of the prudent standard. And then we'll have to update the implementation schedule, and that meeting is going to be next week. So we're optimistic that we can, at least, get additional clarity around, number one, the desire and the rules of the road down there to make it fair for us to make that investment.

當然可以。所以我們預計會在康乃狄克州透過 AMI 電視台見面。我們真正想要的，只是看到審慎標準被糟糕地應用。然後我們需要更新實施計劃，相關會議將在下週舉行。因此我們樂觀地認為，至少我們可以進一步明確以下幾點：第一，那裡的意願和規則，以便我們能夠公平地進行這項投資。

But we're not going to make the investment until we feel comfortable with the recovery mechanism. As you know, we've got a lot of money on the line down there right now, and we want to get our storm costs back. We've got a CL&P rate case, and if AMI is important to them, we certainly are ready to implement. I'm thrilled to tell you that 100,000 meters have been put in, in Massachusetts. It's going very, very well. And I think it's to be a great opportunity for the customs of Connecticut to be able to enjoy the benefits of AMI. And I think that we're in a good position to be able to deliver on that.

但是，在我們對恢復機制感到滿意之前，我們不會進行這項投資。如你所知，我們現在在那邊投入了很多錢，我們希望能夠收回風暴造成的損失。我們已經接到 CL&P 的費率申請，如果 AMI 對他們來說很重要，我們當然已經準備好實施。我很高興地告訴大家，麻州已經安裝了 10 萬個電子表。一切進展得非常順利。我認為這對康乃狄克州的居民來說是一個絕佳的機會，讓他們能夠享受 AMI 的好處。我認為我們有能力實現這一目標。

And Carly, I would just add that $1 billion that we have on the slide, you need to, at this point in time, view that as a placeholder that number from a cost perspective is kind of stale. So the team is looking at updating that. As Joe mentioned, we do have some discussions happening next week, and we will file a revised cost estimate for that program.

卡莉，我還要補充一點，幻燈片上提到的 10 億美元，在目前這個階段，你應該把它看作是一個佔位符，從成本的角度來看，這個數字已經過時了。所以團隊正在考慮更新它。正如喬所提到的，我們下週會進行一些討論，並且我們會提交一份關於該專案的修訂成本估算。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Just going back one step to something you guys said earlier, and I think to make sure I understand it. When you guys say that the upper half -- towards the upper half, I guess, one, just to be clear, that means into the upper half in '28, and then -- and when you say -- you mean rebasing that essentially off of the '27, right? So you're not -- there's no risk of rebasing off of '26, which is obviously a lower number, right? When you say you're sort of off of '27, you're referring to more normalized earnings power in '27 and then growing into the upper half into '28. That's the intention there?

我想回到你們之前說的一件事，確保我理解正確。你們說上半部分——我猜是上半部分，首先，為了說清楚，這意味著到 2028 年的上半部分，然後——你們說——你們的意思是基本上以 2027 年為基礎重新制定，對嗎？所以你不會——以 2026 年為基準進行重新計算沒有風險，因為 2026 年顯然是一個較低的數字，對吧？當你說你有點脫離 2027 年的水準時，你指的是 2027 年的收入能力更加正常化，然後在 2028 年增長到上半年。這就是他們的意圖嗎？

That you are spot on, and that's why in my formal remarks, I made it perfectly clear as to what the base year was. So we -- the expectation is we're going to be at the upper half, which implies over 6% off of the earnings that we delivered for 2027.

您說得完全正確，所以我在正式演講中明確說明了基準年是什麼。因此，我們預計我們將處於上半部分，這意味著比我們 2027 年實現的收益減少 6% 以上。

All right. Understood. And then -- as far as the tax benefits from South Fork and how much of that is reflected in earnings for '26? And what's the runway there?

好的。明白了。那麼——南福克帶來的稅收優惠有多少反映在 2026 年的收益上呢？那裡的跑道是什麼？

From an ITC standpoint associated with our tax equity ownership, zero. Okay? We have not dipped into that bucket yet. So we still have roughly $500 million that we will be utilizing in the coming years. And quite honestly, that it will allow us to be for all intents and purposes, a noncash taxpayer, certainly at the federal level for the next several years and hopefully, towards even the tail end of our forecast period.

從與我們稅務權益所有權相關的ITC角度來看，為零。好的？我們還沒動過那個桶子。因此，我們未來幾年還將利用約 5 億美元的資金。坦白說，這將使我們實際上成為非現金納稅人，至少在未來幾年內，尤其是在聯邦層面，而且希望甚至在我們預測期的尾聲也能如此。

Okay. And then -- so you're utilizing other credits that are available to you this year because there --

好的。然後——所以你今年還在利用其他可用的學分，因為…--

I mean, yes, we always have puts and takes from a credit standpoint, a tax standpoint. As I continue, as I've highlighted throughout 2025, in 2025, we were able to harvest a bit more than what we were planning on. And I've also guided you all that don't expect it to be at the same level for 2026. So -- and then Bill, I just want to clarify that the ITC credits that we are yet to utilize, those do not generate a P&L impact, just to be clear. So that is strictly a cash.

我的意思是，是的，從信貸和稅收的角度來看，我們總是會有得失。正如我之前在 2025 年所強調的那樣，2025 年我們收穫的果實比我們計劃的要多一些。我也已經提醒過大家，不要期待 2026 年的情況能達到同樣的水準。所以——比爾，我只想澄清一下，我們尚未使用的 ITC 抵免額不會對損益產生影響，這一點要明確。所以這筆交易嚴格來說是現金。

Right. Okay. Understood. And then, I guess, the last question, just any other color you can give on drivers into '27 because of sort of the importance of that. Obviously, the CL&P case, but anything else you can sort of frame out when we think about how earnings will shape up in '27 over this '26 number you gave today?

正確的。好的。明白了。然後，我想最後一個問題，你能否為 27 年的車手們加上其他顏色，因為這很重要。顯然，CL&P 的案例很重要，但除此之外，您還能就 2027 年的獲利情況（相對於您今天給出的 2026 年數據）做出哪些其他預測嗎？

Sure, Bill, and thank you for raising that question. To address that topic, we did introduce a brand-new slide that I hope you find everyone finds useful. It highlights those major drivers, and the timing of when we would expect things to start materializing. So if you look at that slide, it's slide 17 in the deck that we disseminated, we have the Aquarion transaction. We have the storm case.

當然可以，比爾，謝謝你提出這個問題。為了解決這個問題，我們推出了一張全新的投影片，希望大家覺得它對每個人都有用。它重點介紹了這些主要驅動因素，以及我們預期事情開始實現的具體時間。所以如果你看一下那張投影片，也就是我們分發的簡報中的第 17 張投影片，我們會看到 Aquarion 交易。我們有風暴事件的報道。

We have the Aquarion rate case, we have the securitization, and we have revolution get behind us. All key overhangs that we've had for a long time will not be solidified in 2026. The 2027 enhancements will be, obviously, if Aquarion closes, the CL&P rate case as we continue to forecast, we will likely file that case midyear of '26 with a rate adjustment kicking in midyear of 2027. And the storm cost prudency, securitization transaction will happen around the Q3 of 2027. So those are the major drivers that will give us the momentum from a growth standpoint into '27 and beyond.

我們有 Aquarion 利率案，我們有證券化，而且我們還有革命的支持。2026 年，我們長期以來面臨的所有關鍵懸而未決的問題都不會解決。顯然，如果 Aquarion 倒閉，2027 年的改進措施將是 CL&P 的費率調整案，正如我們繼續預測的那樣，我們可能會在 2026 年年中提交該案，費率調整將於 2027 年年中生效。而風暴成本謹慎性證券化交易將在 2027 年第三季左右發生。因此，這些是推動我們2027年及以後成長的主要因素。

Sophie Karp, KBCM.

Sophie Karp，KBCM。

So I guess I'm wondering, can you give us some sense when is the COD on the Revolution Wind going to occur after you have first power, which you will have in a few weeks? Like what's the timeline there? And that just will you press release that? Will we know that? Or are you going to wait until the next time you report?

所以我想問的是，您能否大致說明一下，在您獲得首次電力供應（幾週後）之後，Revolution Wind 的 COD 大概會在什麼時候發生？具體時間線是怎樣的？你就只發布那份新聞稿嗎？我們會知道嗎？還是打算等到下次報告的時候再說？

Yes. We're targeting the second half of 2026. We are very, very pleased with the progress. As you know, we've pulled that schedule in significantly. It continues to improve.

是的。我們的目標是在2026年下半年實現。我們對目前的進展非常非常滿意。如你所知，我們已經大幅縮短了日程安排。情況持續好轉。

I see nothing standing in the way of that schedule only getting better. And again, the only situation that we worry about is weather and something that none of us can control. But -- so second half of 2026 at this point, yes, and as we get more clarity as we get first power in another week or 2, I think that Orsted, who was actually has the lead, we're not really the one that's able to disclose that. We'll give updates to the market.

我認為沒有任何因素會阻止這個計劃越來越好。再說一遍，我們唯一擔心的情況就是天氣，這是我們誰都無法控制的事情。但是——所以目前來看，是的，2026 年下半年，隨著我們在未來一兩週內獲得首次電力，情況會更加明朗，我認為實際上領先的奧斯特德公司，我們並不是能夠透露具體情況的公司。我們會向市場提供最新資訊。

(Operator Instructions) Paul Patterson, Glenrock Associates.

（操作說明）保羅·帕特森，格倫羅克聯合公司。

So just to sort of -- and I apologize for being a little slow on this. With the Aquarion sale, what is the difference if you get it or you don't in terms of the incremental amount of equity or equity hybrids that were that we're talking about? Could you just fill that out for me? I just -- I'm not completely clear. I apologize.

所以，我只是想——很抱歉我反應有點慢。就 Aquarion 的銷售而言，購買或不購買，在我們所討論的股權或股權混合方面的增量金額有什麼區別？你能幫我填一下這個表格嗎？我只是——我不太明白。我道歉。

Sure. So once again, Paul, this is John. No change to what we just rolled out as our equity needs, $800 million to $1.1 billion from a pure-play equity raise, where we have the flexibility is in the other alternative financing. We were assuming that in the current transaction to get $1.6 billion of the equity portion of the sale of Aquarion. So that's what you should think about as being the impact.

當然。保羅，我再次向你介紹一下，我是約翰。我們剛剛公佈的股權需求沒有改變，即透過純粹的股權融資籌集 8 億至 11 億美元，而我們靈活的融資方式是其他替代融資方式。我們當時假設，在目前的交易中，我們將獲得 Aquarion 出售所得的 16 億美元股權部分。所以，這就是你應該考慮的影響。

And also, we'll put them on notice if we do not transact we will file for a rate case to improve those earnings down there as well. I mean it is a phenomenal asset, but we made the decision to exit that business to improve our balance sheet. And that was a decision that we made. But if, in fact, we don't exit it, it still is a very, very good business.

此外，我們也會通知他們，如果我們不進行交易，我們將提起利率申訴，以提高那裡的收益。我的意思是，它是一項非常寶貴的資產，但為了改善我們的資產負債表，我們決定退出這項業務。這是我們所做的決定。但即便我們最終沒有退出，它仍然是一項非常非常好的業務。

Yes, I see that. Also on the Eversource Gas benefit in the fourth quarter that -- if I read the press release correctly, it was in the parent. I was just wondering, could you -- how much was that? And why is it in the parent and not in the gas business? Or what am I missing?

是的，我看到了。另外，關於 Eversource Gas 在第四季度的收益——如果我沒理解錯新聞稿的話，這筆收益來自母公司。我只是想問一下，那多少錢？為什麼是在母公司而不是在天然氣業務部門？還是我漏掉了什麼？

Okay. Very, very good question, Paul. So those are costs that we had incurred several years ago when we were integrating EGMA. It's not in-stock gas, it's EGMA. And per the settlement agreement that we executed back when we acquired the company back in 2020, it did provide similar to what we have been granted in previous M&A transactions in all three jurisdictions, quite honestly, okay?

好的。保羅，你問得非常好。這些費用是我們幾年前整合 EGMA 時所產生的。這不是庫存汽油，而是EGMA汽油。根據我們在 2020 年收購該公司時簽署的和解協議，它確實提供了與我們在之前三個司法管轄區的併購交易中獲得的類似的東西，坦白說，好嗎？

Those costs -- those integration-related costs were incurred by the parent company as the source of fund. So those costs are at the parent company. We recorded the benefit at the parent company to reimburse the parent. The recovery, the recovery, the dollars will come in from EGMA customers, because the EGMA is the -- are the customers that are reaping the benefits of that.

這些成本——這些與整合相關的成本是由母公司作為資金來源而產生的。所以這些費用都是由母公司負擔。我們已將這筆收益記入母公司帳目，以便向母公司支付補償。復甦、復甦、資金將來自 EGMA 的客戶，因為 EGMA 是——是那些正在享受其中好處的客戶。

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

我目前沒有其他問題要問。現在我謹將發言權交還給喬·諾蘭，請他作總結發言。

Thank you all for joining us today. 2025 was a solid execution of our business plan. Our team delivered top-tier reliability for our customers we advanced major strategic priorities. We enhanced our financial condition, and we strengthened the foundation of the business.

感謝各位今天蒞臨。 2025年，我們的商業計劃得到了穩健的執行。我們的團隊為客戶提供了一流的可靠性，並推進了重要的策略重點。我們改善了財務狀況，並鞏固了業務基礎。

As we move into 2026, we're carrying that momentum forward, with a clear focus on derisking our business profile, resolving the key open items ahead of us, and positioning the company for sustainable long-term growth. We are firing on all cylinders to finish this work, and I'm confident that the disciplined execution you've seen for us this year will continue as we deliver on the commitments we've made to our customers, communities and shareholders. Thank you very much.

展望 2026 年，我們將繼續保持這一勢頭，專注於降低業務風險，解決擺在我們面前的關鍵未決事項，並為公司的可持續長期成長做好準備。我們正在全力以赴完成這項工作，我相信，今年你們看到的我們嚴謹的執行力將會繼續下去，我們將履行對客戶、社區和股東的承諾。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。