康涅狄格電力 (ES) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eversource Energy first-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Rima Hyder, Vice President of Investor Relations. Please go ahead.

各位好，感謝您稍候。歡迎參加 Eversource Energy 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議正在錄音。我現在把會議交給今天的第一位講者——投資人關係副總裁 Rima Hyder。請開始。

Good morning, and thank you for joining us today on our first-quarter 2026 earnings call. During this call, we'll be referencing slides that are available on our website at investors.eversource.com. 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.

各位早安，感謝今天加入我們的 2026 年第一季財報電話會議。在本次會議中，我們將引用可於我們網站 investors.eversource.com 取得的簡報。如投影片 1 所示，本次投資人電話會議中的部分陳述可能屬於前瞻性陳述。這些陳述係基於管理階層目前的預期，並受風險與不確定性影響，可能導致實際結果與預測及推估出現重大差異。我們不承擔更新或修訂任何此類陳述之義務。

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

關於可能導致實際結果出現差異之各項因素的更多資訊，以及我們對非 GAAP 衡量指標的說明與其如何與 GAAP 結果調節（reconcile），均載於我們的新聞稿、昨晚發布的簡報，以及我們最新的 10-Q 與 10-K 中。

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, Controller, and Chief Accounting Officer. I will now turn the call over to Joe.

今天出席發言的有：董事長、總裁暨執行長 Joe Nolan；以及執行副總裁、財務長暨司庫 John Moreira。同時加入我們的還有副總裁、主計長暨會計長 Jay Buth。現在我把電話交給 Joe。

Thank you, Rima, and good morning, everyone, and thank you for joining us today for our first-quarter 2026 earnings call. Beginning on slide 4, we are starting the year on a strong operational footing and with a clear plan for disciplined execution of our key strategic objectives of safety and reliability, strengthening the balance sheet and derisking our business profile.

謝謝你，Rima。各位早安，也感謝大家今天參加我們的 2026 年第一季財報電話會議。從投影片 4 開始，我們以強勁的營運基礎展開新的一年，並對關鍵策略目標有清晰且嚴謹執行的計畫：安全與可靠性、強化資產負債表，以及降低我們的業務風險輪廓。

As you can see on slide 5, our team delivered excellent operational performance, especially during the powerful blizzard we experienced in February. With over 40 inches of snow and wind gust over 70 miles per hour, this Nor'easter was one of the most severe blizzards to impact the Northeast, particularly Massachusetts in recent years.

如投影片 5 所示，我們的團隊交出優異的營運表現，特別是在 2 月我們遭遇的強烈暴風雪期間。降雪超過 40 英吋、陣風時速超過 70 英里，這場東北風暴（Nor'easter）是近年來影響美國東北部、尤其是麻薩諸塞州最嚴重的暴風雪之一。

We executed our large coordinated restoration effort, mobilizing thousands of line crews, leveraging mutual aid, and using remote switching and pre-staged materials to restore service quickly while keeping safety and critical facilities top of mind. Our team worked in tight coordination with local and state agencies to prioritize life safety, accelerate restorations, and support impacted communities.

我們執行了大規模、協同的復電修復行動，動員數千名線路作業人員、運用互助支援（mutual aid），並使用遠端切換與預先部署的物資，在以安全與關鍵設施為優先的前提下快速恢復供電。我們的團隊與地方及州政府機關緊密協調，以生命安全為優先，加速復電，並支援受影響的社區。

In total, we responded to over 2,000 fire, police, and safety events, and restored power to more than 500,000 customers. These efforts and our successful restoration reflect the benefits of ongoing infrastructure investments for our electric grid and emergency preparedness. We are very grateful for the support and positive feedback from numerous state and local policymakers, first responders, and our customers. A majority of the customers surveyed after the blizzard said they greatly appreciated how quickly service was restored.

總計而言，我們處理了超過 2,000 起消防、警政與安全事件，並為超過 50 萬名客戶恢復供電。這些行動與成功復電，反映出我們持續投資電網基礎設施與強化緊急應變準備所帶來的效益。我們非常感謝眾多州與地方政策制定者、第一線應變人員以及客戶的支持與正面回饋。暴風雪後接受調查的大多數客戶表示，他們非常感謝我們能如此迅速恢復服務。

Moving on to slide 6. As we look to the current year, we recognize that there are some remaining items that we need to resolve to further strengthen our balance sheet and derisk our business profile. First, on the sale of Aquarion, we received final approval from PURA in March. Last week, PURA denied an appeal from certain parties. We are now waiting for an additional appeal period to end in mid-June before we can close the transaction. Second, on Revolution Wind, as Orsted recently reported, the project is about 95% complete. The commercial operation date is still expected to be in the second half of this year, and we look forward to this much needed source of generation for the New England region.

接著看投影片 6。展望今年，我們認知到仍有一些待完成事項需要解決，以進一步強化資產負債表並降低我們的業務風險輪廓。第一，關於出售 Aquarion，我們已於 3 月取得 PURA 的最終核准。上週，PURA 駁回了部分人士提出的上訴。我們目前正等待額外的上訴期間於 6 月中旬結束，之後才能完成交易交割。第二，關於 Revolution Wind，如 Orsted 近期所報告，該專案約完成 95%。商轉日期仍預期在今年下半年，我們也期待這個對新英格蘭地區而言迫切需要的發電來源投入運轉。

Given the latest construction update and cost estimates, we believe that the current contingent liability balance due to GIP remains appropriate. Finally, the recent decisions from FERC on the New England transmission owners' base ROE that was an attempt to address a 15-year-long complaint is flawed. We believe this decision by FERC departs from the statutory limitations imposed by the Federal Power Act, and long-standing judicial precedent requiring FERC to set just and reasonable rates of return sufficient to attract the capital needed for essential utility investment.

基於最新的施工進度更新與成本估算，我們認為因 GIP 所產生的或有負債（contingent liability）目前帳列餘額仍屬適當。最後，FERC 近期就新英格蘭輸電業者（New England transmission owners）基礎 ROE 所作出的決定——原意在處理一項長達 15 年的申訴——存在缺陷。我們認為，FERC 的此一決定偏離《聯邦電力法》（Federal Power Act）所施加的法定限制，以及長期以來的司法先例；該等先例要求 FERC 設定公允且合理的報酬率，足以吸引必要資本以支持關鍵公用事業投資。

As priorities have changed over multiple administrations and commissioners at FERC, one thing has remained constant: New England's need for new energy supply resources to address affordability, ensure reliability, and support economic development. Achieving these goals requires a modern, more resilient transmission system regardless of the energy source powering it. Our investments in transmission have delivered billions of dollars in savings for customers over the years by eliminating significant congestion costs for the region while making the grid more resilient.

隨著 FERC 在多屆政府與多位委員任內的優先事項不斷變化，有一件事始終不變：新英格蘭需要新的能源供給資源，以改善可負擔性、確保可靠性並支持經濟發展。要達成這些目標，無論由何種能源驅動，都需要一套現代化、更具韌性的輸電系統。多年來，我們在輸電方面的投資透過消除該地區顯著的壅塞成本，為客戶帶來數十億美元的節省，同時也讓電網更具韌性。

Funding these investments requires a stable, predictable regulatory environment to attract long-term capital at the lowest possible cost. For more than a decade, uncertainty stemming from FERC's lack of action after US Court of Appeals vacated FERC's prior order in the case in 2017 has challenged investor confidence. Unfortunately, this FERC decision further undermines utilities' ability to secure the capital needed to support state and federal policies and mandates to build and upgrade grid infrastructure and maintain safe operations and top-tier reliability for customers.

為這些投資提供資金，需要一個穩定、可預測的監管環境，以在最低可能成本下吸引長期資本。十多年來，由於 FERC 在 2017 年該案中其先前命令遭美國上訴法院撤銷後未採取行動所引發的不確定性，一直在挑戰投資人信心。不幸的是，這項 FERC 決定進一步削弱公用事業取得所需資本的能力，進而影響其支持州與聯邦政策及法規要求、建置與升級電網基礎設施，以及維持安全營運與一流可靠性以服務客戶。

As you have seen from some of our recent actions, we have appealed this decision and filed a motion for stay in the courts. We have also submitted a Section 205 filing following the exact FERC methodology used in their March 19 order but with updated data. The data FERC used to derive the 9.57% ROE is over a decade old. By updating the data for current market conditions, the ROE comes to 11.39%. A key procedure of this filing is the potential for settlement. We are hopeful that all parties in this proceeding can come together to reach an outcome that benefits customers while also providing reasonable financial support for New England transmission owners to continue to upgrade and build the much needed transmission system for future load growth.

如各位從我們近期的一些行動所見，我們已就此決定提出上訴，並向法院提出暫緩執行（stay）動議。我們也依據 FERC 於 3 月 19 日命令中採用的完全相同方法論提出《第 205 條》（Section 205）申報，但使用更新後的數據。FERC 用以推導 9.57% ROE 的數據已逾十年。將數據更新以反映當前市場狀況後，ROE 為 11.39%。此申報的一項關鍵程序是可能進行和解。我們希望本案所有當事方能共同努力，達成一個既能讓客戶受益、同時也能為新英格蘭輸電業者提供合理財務支持的結果，使其得以持續升級並建置未來負載成長所需的輸電系統。

On the back of the FERC ROE decision, which lowered our transmission base ROE to 9.57%, we did adjust our guidance for 2026, which John will reiterate in a few minutes. We are reaffirming our long-term earnings growth rate of 5% to 7% off the midpoint of our revised 2026 guidance. Let me now highlight a few key state policy developments across our territory. On slide 7, in Massachusetts, in March, Governor Healey signed an executive order to secure Massachusetts' energy future, establishing a comprehensive strategy to strengthen the Commonwealth's energy, reliability, affordability, and independence. This order responds to extremely adverse shifts in federal policy, rising electricity demand, volatile fossil fuel prices and global energy supply disruptions by directing state agencies to rapidly expand energy resources and modernize the distribution and transmission systems.

在 FERC ROE 決定將我們的輸電基礎 ROE 降至 9.57% 之後，我們確實調整了 2026 年的財測指引，John 將在幾分鐘後再次說明。我們重申，以修訂後 2026 年指引的中點為基礎，我們的長期盈餘成長率目標為 5% 至 7%。接下來我將重點說明我們服務區域內幾項重要的州政策發展。投影片 7 顯示，在麻薩諸塞州，Healey 州長於 3 月簽署一項行政命令以確保麻州的能源未來，建立一套全面性策略以強化本州的能源、可靠性、可負擔性與自主性。該命令回應聯邦政策極為不利的轉變、用電需求上升、化石燃料價格波動以及全球能源供應中斷，並指示州政府機關迅速擴大能源資源並使配電與輸電系統現代化。

The executive order recognizes that Massachusetts energy supply needs are growing. It cites ISO-New England projections that electricity consumption could rise by nearly [15%] by 2035 and by nearly 50% by 2045, and with peak demand increasing even faster. The order also emphasizes the need for immediate action to maximize federal tax credits for clean energy projects before they expire under accelerated timelines established by recent federal law. We appreciate Governor Healey's recognition that addressing regional supply constraints through an all-of-the-above approach is essential to achieving energy affordability. As an energy delivery company, we remain focused on maintaining and upgrading infrastructure to integrate new energy resources, enhance reliability, and control costs for customers. We look forward to continued collaboration with the administration, the legislature, and other stakeholders to advance solutions that deliver lasting reliability and affordability benefits.

該行政命令認知到麻薩諸塞州的能源供應需求正在成長。命令引用 ISO-New England 的預測指出，至 2035 年用電量可能上升近 [15%]，至 2045 年則可能上升近 50%，且尖峰需求增幅更快。該命令亦強調需要立即採取行動，以在近期聯邦法律所建立的加速時程下、於潔淨能源專案的聯邦稅額抵免到期前，最大化取得相關稅額抵免。我們肯定 Healey 州長認知到，透過「全方位（all-of-the-above）」的方法解決區域供應限制，對於達成能源可負擔性至關重要。作為能源輸送公司，我們仍將專注於維護與升級基礎設施，以整合新的能源資源、提升可靠度，並為客戶控制成本。我們期待持續與州政府、立法機關及其他利害關係人合作，推動能帶來長期可靠度與可負擔性效益的解決方案。

In Connecticut, as we mentioned last quarter, we are going to begin our first-rate review for CL&P in about eighth years. We see that as an incredible opportunity to show how we vastly improved reliability and that those investments are valuable to customers. We expect to file a letter of intent with PURA for the CL&P rate case later this month. We recognize that this will be a big ask. And as we do in other jurisdictions, we will collaborate with PURA and other key stakeholders to submit a rate case filing that is constructive, responsible, and designed to protect the interests of customers. Our filing will address customers' need for reliable electric service, affordability, and stable, predictable rates. Another key item for us is the recovery of storm costs. We expect to receive a final decision from PURA on our Connecticut storm cost prudency review in July, which would allow us to begin the legislative-backed securitization process. Importantly, securitization enables timely cash collection, improving our FFO-to-debt metrics while addressing affordability concerns for our customers. In New Hampshire, Governor Ayotte signed House Bill 1539, a bill allowing for the securitization of storm costs, which provides an affordable path for recovery of our outstanding storm costs, which are currently under review at the PUC. We are grateful for the support of the governor and the general assembly for passing this important legislation. As we have stated before, 2026 will be a truly transformational year for us as we operate within a changing regulatory landscape and navigate affordability concerns. We will maintain transparent communication with all our stakeholders and take decisive actions to mitigate potential risk. I will now turn the call over to John to discuss our financial results. Thank you.

在康乃狄克州，如同我們上季提到的，我們將在約八年來首次啟動 CL&P 的費率審查。我們視此為一個絕佳機會，展現我們如何大幅提升可靠度，以及這些投資對客戶的價值。我們預期將於本月稍晚向 PURA 提交 CL&P 費率案件的意向書。我們理解這將是一項重大訴求。而且如同我們在其他司法管轄區的作法，我們將與 PURA 及其他關鍵利害關係人合作，提出具建設性、負責任，並以保障客戶利益為設計核心的費率案件申報。我們的申報將回應客戶對可靠電力服務、可負擔性，以及穩定、可預期費率的需求。對我們而言，另一個關鍵項目是風暴成本的回收。我們預期將於 7 月收到 PURA 就康乃狄克州風暴成本審慎性審查的最終決定，這將使我們得以啟動由立法支持的證券化流程。重要的是，證券化可使現金回收更及時，在回應客戶可負擔性疑慮的同時，改善我們的 FFO 對負債比等指標。在新罕布夏州，Ayotte 州長簽署了眾議院法案 1539，該法案允許風暴成本證券化，為我們目前在 PUC 審查中的未回收風暴成本提供一條可負擔的回收途徑。我們感謝州長與州議會通過這項重要立法所提供的支持。如同我們先前所述，2026 年對我們而言將是真正具轉型意義的一年，因為我們在變動的監管環境中營運並因應可負擔性議題。我們將與所有利害關係人保持透明溝通，並採取果斷行動以降低潛在風險。接下來我將把電話會議交給 John，請他說明我們的財務結果。謝謝。

Thank you, Joe, and good morning, everyone. This morning, I will review our first-quarter 2026 earnings results, provide a regulatory update, including the recent FERC ROE decision, and also discuss our balance sheet, progress, and financing plan. I'll start with our first-quarter results on slide 9. Our GAAP earnings per share for the first quarter was $1.61 compared with GAAP earnings of $1.50 per share in the first quarter of 2025. GAAP results for the quarter include an after-tax charge of $43.9 million or $0.12 per share, related to the FERC ROE decision representing the refund for the first 15-month complaint period.

謝謝你，Joe，各位早安。今天早上，我將回顧我們 2026 年第一季的盈餘結果，提供監管面更新（包括近期 FERC ROE 的決定），並討論我們的資產負債表、進展與融資計畫。我先從投影片 9 的第一季結果開始。我們第一季的 GAAP 每股盈餘為 1.61 美元，相較於 2025 年第一季 GAAP 每股盈餘 1.50 美元。本季 GAAP 結果包含一筆稅後費用 4,390 萬美元（或每股 0.12 美元），與 FERC ROE 決定相關，代表第一個 15 個月申訴期間的退款。

Excluding that charge, our non-GAAP earnings were $1.73 per share for the quarter as compared to GAAP as well as non-GAAP earnings of $1.50 per share in the first quarter of 2025. The $0.23 per share improvement over the prior year is primarily in the Gas segment with an $0.18 per share improvement driven by rate-based increases in Massachusetts and implementation of the Yankee Gas rate case in Connecticut. Electric transmission improved $0.06 per share primarily driven by continued investment in the system. Electric and water distributions are both up as well due primarily to rate increases and cost control. Offsetting these positive drivers were higher losses of $0.05 per share at parent and other, primarily due to higher effective tax rate and higher interest costs. Overall, the first quarter was in line with our expectations. Moving to slide 10. The FERC decision that was issued on March 19 arbitrarily reduced the base transmission ROE from 10.57% to 9.57%. As you can see on this slide, this case has been ongoing for nearly 15 years, since the first complaint was filed on October 1, 2011. The 10.57% rate was established on October 16, 2014, and Eversource and the other New England transmission owners have continued billing at this rate, even though the US Court of Appeals for the DC Circuit vacated FERC's order in April of 2017, which would have otherwise allowed us to bill customers using the original 11.14% rate. Since 2011, FERC has gone through 22 separate commissioners and 13 different chairs, each nominated by one of five separate presidential administrations before issuing this arbitrary and capricious decision on March 19.

排除該項費用後，本季我們的 non-GAAP 每股盈餘為 1.73 美元，相較於 2025 年第一季的 GAAP 以及 non-GAAP 每股盈餘皆為 1.50 美元。相較前一年度每股 0.23 美元的改善，主要來自天然氣（Gas）事業部門，每股改善 0.18 美元，係由麻薩諸塞州費率基礎（rate-based）增加，以及在康乃狄克州實施 Yankee Gas 費率案件所帶動。電力輸電每股改善 0.06 美元，主要由系統持續投資所驅動。電力與供水配電亦同步上升，主要原因為費率調升與成本控管。抵銷上述正面因素的是母公司及其他項目每股虧損增加 0.05 美元，主要由較高的有效稅率與較高的利息成本所致。整體而言，第一季表現符合我們的預期。接著看投影片 10。FERC 於 3 月 19 日發布的決定，武斷地將輸電基礎 ROE 自 10.57% 降至 9.57%。如投影片所示，此案自 2011 年 10 月 1 日首次提出申訴以來，已延續近 15 年。10.57% 的費率於 2014 年 10 月 16 日確立，Eversource 與其他新英格蘭輸電業者一直以此費率向客戶計費，儘管美國哥倫比亞特區巡迴上訴法院於 2017 年 4 月撤銷了 FERC 的命令；若非如此，我們原本可依最初的 11.14% 費率向客戶計費。自 2011 年以來，FERC 歷經 22 位不同委員與 13 位不同主席，分別由五個不同的總統政府提名，最終才於 3 月 19 日作出這項武斷且反覆無常（arbitrary and capricious）的決定。

The decision was based on a record of evidence over a decade old for a refund period far beyond what is allowed in the Federal Power Act. Since the decision was issued, Eversource and the other transmission owners have taken several actions to protect the right to a fair rate of return on invested capital. On April 2, we filed a motion for stay at FERC, seeking to pause the order refund obligations and ensure time for an appropriate legal review. This was followed by a similar filing at the US Court of Appeals for the DC Circuit on April 14. Also, on April 2, we filed a motion for an extension of the refund deadline. Without this extension, FERC's order would have required that we issue refunds within 30 days, ignoring the necessary process of working with ISO-New England and load-serving entities throughout the region. This extension was granted by FERC extending the deadline to May of 2027.

該決定係基於十多年前的證據紀錄，且其退款期間遠超出《聯邦電力法》（Federal Power Act）所允許的範圍。自該決定發布以來，Eversource 與其他輸電業者已採取多項行動，以維護對已投入資本取得公平報酬率的權利。4 月 2 日，我們向 FERC 提出暫緩（stay）動議，請求暫停命令所要求的退款義務，並確保有時間進行適當的法律審查。隨後，我們於 4 月 14 日向美國哥倫比亞特區巡迴上訴法院提出類似申請。此外，4 月 2 日我們也提出延長退款期限的動議。若未獲延長，FERC 的命令將要求我們在 30 天內發放退款，忽視了與 ISO-New England 及全區域負載服務實體（load-serving entities）協作所需的必要流程。FERC 已核准延長，將期限延至 2027 年 5 月。

On April 20, we filed a request for rehearing at FERC seeking to resolve the decision's multiple legal deficiencies. And lastly, on April 30, we made a Section 205 filing with FERC to establish a new base ROE using current market data, not market data that's over a decade old. Using FERC's own methodology from its recent decision and current market data, we arrived at a just and reasonable base ROE for transmission of 11.39%. We expect that this updated rate will be implemented towards the end of this year, subject to refund. This filing also includes a change to the ROE cap on transmission investments, raising the cap to 12.89%. We are disappointed with FERC's actions in this proceeding. And while we will continue to protect our right to a fair rate of return on invested capital, we did make two disclosures during the quarter to reflect FERC's March 19 decision. The first was an adjustment to our 2026 non-GAAP EPS guidance as disclosed in our 8-K filed on March 31.

4 月 20 日，我們向 FERC 提出再審（rehearing）申請，尋求解決該決定多項法律瑕疵。最後，4 月 30 日，我們依《第 205 條》（Section 205）向 FERC 提出申報，以使用當前市場數據（而非十多年前的市場數據）建立新的基礎 ROE。依據 FERC 在近期決定中採用的方法論並使用當前市場數據，我們得出輸電合理且公允的基礎 ROE 為 11.39%。我們預期此更新後的費率將於今年年底前後實施，但仍可能需追溯退款（subject to refund）。本次申報亦包含調整輸電投資的 ROE 上限，將上限提高至 12.89%。我們對 FERC 在本案程序中的作為感到失望。儘管我們將持續捍衛對已投入資本取得公平報酬率的權利，但我們確實在本季做出兩項揭露，以反映 FERC 3 月 19 日的決定。第一項是如我們於 3 月 31 日提交的 8-K 所揭露，調整我們 2026 年 non-GAAP 每股盈餘（EPS）指引。

The change in the base ROE is expected to lower Eversource's future after-tax earnings in the aggregate by approximately $70 million for 2026. And we also adjusted for the potential Aquarion sale as a result of PURA's approval. These items together resulted in revised 2026 non-GAAP earnings guidance in the range of $4.57 to $4.72 per share. The second disclosure was the after-tax charge of $43.9 million or $0.12 per share related to the FERC decision that I discussed earlier. Moving on to some state regulatory updates. I won't cover everything that Joe discussed, but I do want to touch on a few items. First, on Aquarion. Should the transaction not close, we would proceed with the pending rate case as filed with PURA, seeking a distribution rate increase of $88 million. The rate case is expected to be completed towards the end of the year, and it would support Aquarion's ability to continue investing in its infrastructure and to provide reliable service for customers. We are pleased with PURA's decision approving the sale. However, should the transaction not close, we are prepared to replace the sale proceeds with other alternative financing solutions, if necessary. Also in Connecticut, I would like to acknowledge the RAM decision that was issued on April 22. The decision addresses two very important things. First, PURA authorized the funding of $100 million reserve for storm restoration costs. The second is that the decision uses forecast data to set rates associated with TPAs. The use of forecast data is a change that we have long advocated. It also allows for rates to be adjusted on a more timely basis, avoiding large over or under recoveries. Both of these changes result in more stable rates for customers and more stable and predictable operating cash flows for Eversource. On top of that, PURA's decision makes these changes while lowering rates for customers. We thank PURA for their thoughtful and constructive decision. Lastly, in New Hampshire, Joe mentioned the new storm cost securitization law. This means that now in Connecticut and New Hampshire together, Eversource should recover approximately $2 billion in deferred storm costs and carrying charges through these securitization transactions within the next 12 to 18 months. Moving to slide 11 for a financing update. We executed on one of the latest steps in our plan to continue building balance sheet stability when we issued our first junior subordinated notes in February. We were very pleased that the offering was more than 5 times oversubscribed and continues to trade at or above par. This gives us confidence that should we decide to issue something similar in the future, the market supports our strategy. I will underscore that our financing strategy is unchanged since the update we provided during our fourth-quarter earnings call. We continue to expect that our equity needs over the next 5-year forecast period are in the range of $800 million to $1.1 billion.

基準 ROE 的變動預期將使 Eversource 於 2026 年未來的稅後盈餘合計減少約 7,000 萬美元。我們也因 PURA 的核准而就 Aquarion 潛在出售進行調整。上述事項合併後，使 2026 年修訂後的非 GAAP 盈餘指引區間為每股 4.57 至 4.72 美元。第二項揭露為我先前提到的 FERC 決定所致之稅後費用 4,390 萬美元，或每股 0.12 美元。接下來談一些州層級的監管更新。我不會涵蓋 Joe 所談的所有內容，但我確實想提幾個重點。首先，關於 Aquarion。若交易未能完成，我們將依向 PURA 提交之申請，推進尚在審理中的費率案件，尋求 8,800 萬美元的配電費率調升。該費率案件預期將於年底前後完成，並將支持 Aquarion 持續投資其基礎設施、為客戶提供可靠服務的能力。我們對 PURA 核准出售的決定感到欣慰。然而，若交易未能完成，如有必要，我們已準備以其他替代融資方案取代出售所得款項。同樣在康乃狄克州，我也想提及 4 月 22 日發布的 RAM 決定。該決定處理了兩項非常重要的事項。第一，PURA 授權設立 1 億美元的風暴復原成本準備金。第二，該決定使用預測資料來設定與 TPA 相關的費率。使用預測資料是我們長期倡議的改變。這也使費率得以更即時地調整，避免出現大幅超收或不足回收。這兩項改變使客戶的費率更穩定，也使 Eversource 的營運現金流更穩定且更可預測。除此之外，PURA 在降低客戶費率的同時完成了這些改變。我們感謝 PURA 作出周延且具建設性的決定。最後，在新罕布夏州，Joe 提到新的風暴成本證券化法律。這表示在康乃狄克州與新罕布夏州合計，Eversource 預期可在未來 12 至 18 個月內，透過這些證券化交易回收約 20 億美元的遞延風暴成本及資金占用費用。接著看第 11 頁，提供融資更新。我們在 2 月發行首筆次順位從屬票據，完成了我們計畫中用以持續強化資產負債表穩定性的最新步驟之一。我們非常高興此次發行超額認購逾 5 倍，且目前持續以面值或高於面值交易。這讓我們有信心，若未來決定發行類似產品，市場將支持我們的策略。我也要強調，自我們在第四季財報電話會議提供更新以來，我們的融資策略並未改變。我們仍預期在未來 5 年預測期間的股權需求約為 8 億至 11 億美元。

As communicated previously, this financing plan includes flexibility related to the Aquarion transaction outcome. Next, on slide 12. I would like to share the latest affirmation of our strategy, which is that our FFO-to-debt metrics remain strong. Our latest metrics are 14.2% and 14.5% for S&P and Moody's, respectively. Consistent with our guidance, these are each over 100 basis points above the downgrade thresholds. In addition, on April 10, following the FERC ROE decision, S&P reaffirmed its ratings and stable outlook for Eversource and our subsidiaries. These objective measures reflect the successful execution of our previously communicated strategy.

如先前所傳達，此融資計畫包含與 Aquarion 交易結果相關的彈性。接著看第 12 頁。我想分享對我們策略的最新肯定，也就是我們的 FFO 對負債比（FFO-to-debt）指標仍然強勁。我們最新指標分別為 S&P 的 14.2% 與 Moody's 的 14.5%。與我們的指引一致，這兩項指標各自都高於降評門檻超過 100 個基點。此外，4 月 10 日，在 FERC ROE 決定之後，S&P 重申對 Eversource 及其子公司的評等與穩定展望。這些客觀衡量指標反映了我們先前已對外溝通之策略的成功執行。

Next, let me reaffirm our five-year capital plan of $26.5 billion, as shown on slide 13. This reflects our five-year utility infrastructure investments by segment through 2030, and we are off to a good start with CapEx of nearly $800 million through March as compared to our 2026 forecast of $5.1 billion. As you can see on this slide, Connecticut AMI is not included in our plan. We look forward to the next steps on this opportunity following the recent constructive hearings held by PURA earlier this year. As we stated in the briefs, we filed in March, our goal is to deliver the highest benefit for customers at the lowest possible cost. Turning to slide 14. We continue to look towards a meaningful inflection in our earnings growth driven by improved regulatory outcomes. That includes the recovery of storm costs through securitization in both Connecticut and in New Hampshire. It includes the completion of alternative financing opportunities and distribution rate adjustments, including the results of our CL&P rate request in 2027. Lastly, on slide 15, 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. And just to be clear, this would be off of the midpoint of our revised 2026 non-GAAP earnings EPS range. With that, I will turn the call back to the operator for Q&A.

接下來，我要重申我們的五年資本計畫為 265 億美元，如第 13 頁所示。這反映我們至 2030 年按事業別分列的五年公用事業基礎設施投資；我們已取得良好開局，截至 3 月的資本支出（CapEx）接近 8 億美元，相較於我們 2026 年 51 億美元的預測。如各位在此頁所見，康乃狄克州 AMI 並未納入我們的計畫。我們期待在 PURA 今年稍早舉行的近期具建設性聽證會之後，推進此機會的下一步。正如我們在 3 月提交的書狀中所述，我們的目標是在最低可能成本下，為客戶帶來最高效益。接著看第 14 頁。我們仍預期在監管結果改善的帶動下，盈餘成長將出現具意義的拐點。這包括在康乃狄克州與新罕布夏州透過證券化回收風暴成本；也包括完成替代融資機會與配電費率調整，其中包含我們 CL&P 於 2027 年的費率申請結果。最後，看第 15 頁，我們仍有信心在 2028 年前，將盈餘成長推進至我們長期 5% 至 7% 目標區間的上半部。為避免疑義，這是以我們修訂後 2026 年非 GAAP 每股盈餘區間的中點為基準。接下來我將把電話交回給接線員進行問答。

(Operator Instructions) Carly Davenport, Goldman Sachs.

（接線員指示）Carly Davenport，高盛。

Maybe just to start on Aquarion. I guess, as you mentioned, we're still about five weeks or so out from the new appeal window closing. So maybe could you just provide kind of your latest thoughts on the potential for further appeals to be filed in that process? And I guess, your temperature on this progressing to close?

或許先從 Aquarion 開始。我想，如你提到的，我們距離新的上訴窗口期結束大約還有五週左右。所以你是否可以分享一下你對於在該程序中可能會有進一步上訴提出的最新看法？以及你對於交易推進至完成交割的「溫度」如何？

Yes. We -- obviously, we were pleased with the PURA decision. I think it was very clear. And I think that they spoke to the issues that the appeal -- surrounding the appeal, and I felt very good about the decision. We continue to be watchful down there. As you know, they are not just the parties that appeal, there are others involved. So we're vigilant. But as we've said in the past that we don't have a gun to our head anymore if we do intend to close the transaction, but if it wasn't to close, it's not going to be the end of the world.

是的。我們——顯然，我們對 PURA 的決定感到欣慰。我認為那非常清楚。我也認為他們針對上訴——圍繞上訴的議題——作了回應，而我對該決定感覺非常好。我們仍持續在那邊保持關注。如你所知，不只是提出上訴的當事方，還有其他相關方參與其中。所以我們會保持警覺。但如同我們過去所說，如果我們確實打算完成這筆交易，我們現在已不再是被逼到牆角；但如果最後未能完成，也不會是世界末日。

Got it. Okay. Great. That's helpful. And then just on the FERC ROE decision on -- you're obviously attacking this from a few different angles. But just on the 205 filing, you did mention potential to reach settlement there. So just maybe could you talk a little bit about what that timing could look like in the case that settlement is on the table versus if it has to go at full length?

了解。好的。很好。這很有幫助。接著就 FERC ROE 的裁決來問——你們顯然從幾個不同角度在處理。不過就 205 申報而言，你確實提到有可能在那裡達成和解。所以能否請你稍微談一下，如果和解確實在討論範圍內，時程可能會是什麼樣子；相較之下，如果必須走完整個程序，時程又會如何？

Sure, sure. As we -- as I said in my formal remarks, we feel that a new rate will be implemented towards the end of the year. I would say to your exact question, Carly, the first process or procedure out of the gate once we hear back from FERC within 60 days of the date of our filing is appointment of a settlement judge to the case to bring the parties to the table. So hopefully, we can settle on the rate prospectively as well as address the legal deficiencies in the FERC order as part of that settlement conference. So that should happen later this year.

當然，當然。正如——正如我在正式發言中所說，我們認為新的費率會在今年年底前後實施。就你這個具體問題，Carly，一旦我們在申報日起 60 天內收到 FERC 的回覆，第一個啟動的流程或程序就是指派一位和解法官介入此案，把各方帶到談判桌前。因此，希望我們能就費率的前瞻適用達成和解，同時也在該和解會議中處理 FERC 命令中的法律瑕疵。所以這應該會在今年稍晚發生。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

This is actually [Marcela] on for Shar. Also kind of talking about the FERC decision, what's your level of confidence on the 15-month refund period? And what milestones should investors be watching for, for clarity on whether that interpretation prevails in court? Maybe for example, should we be paying attention to the MISO proceeding as something that might read through? And how should we be thinking about timing on that case?

我其實是代 Shar 發問的 [Marcela]。同樣談到 FERC 的裁決，你們對 15 個月退款期間的把握程度如何？投資人應該關注哪些里程碑，才能更清楚判斷法院是否會採納你們的解讀？例如，我們是否應該把 MISO 的程序視為可能具有指標意義、可供參照的事項？另外，對那個案件的時程我們應該如何看待？

Sure. From a data point, if we go the full process and not be able to settle with the parties, yes, I would agree, the MISO decision is going to be a significant data point for us. But I think the process that we put forth -- and to your question specifically on the 15-month window, we do recognize that we are subject to a 15-month refund period. And therefore, we accrued for that in the first quarter, as I mentioned. So the 15-month refund period is law, and we recognize that. But arbitrarily picking a retroactive date for the refund is where we think PURA -- I'm sorry, FERC did not follow the letter of the law.

當然。就一個觀察指標而言，如果我們走完整個程序、而無法與各方達成和解，是的，我同意，MISO 的裁決將會是對我們非常重要的數據點。但我認為我們提出的流程——而就你特別問到的 15 個月窗口而言，我們確實承認我們受 15 個月退款期間的約束。因此，如我提到的，我們在第一季已就此進行了應計。所以 15 個月退款期間是法律規定，我們也承認這一點。但任意選定一個追溯退款的日期，正是我們認為 PURA——抱歉，是 FERC 沒有遵循法律文字之處。

That's really helpful. And then maybe shifting gears to New Hampshire storm cost securitization. Just how should we be thinking about how much you'll pursue, if there's any carrying costs included in that? And then timing on when we might expect to see that filing?

這真的很有幫助。接著也許換個話題到新罕布夏州風暴成本證券化。你們打算追討多少金額？其中是否包含任何資金占用/遞延成本（carrying costs）？另外，我們大概何時可以預期看到你們提出申報？

Sure. So we're hoping the timing is soon that we can get to the table and work with the PUC and the Department of Energy in New Hampshire. I think the dollar amount is probably in the $4 to $4.70 range, and that would include the carry-in charge that has already been -- that continues to accrue. So it's really to the customer's benefit, the sooner we complete the securitization, the better off our customers would be in lowering the ultimate cost that would, in fact, be securitized. So we hope then we could complete that transaction, I would say, in a reasonable time frame, late 2027.

當然。所以我們希望很快就能坐下來，與新罕布夏州的 PUC 以及能源部合作。我認為金額大概會在 4 到 4.70（的區間），而這會包含已經——且仍在持續累積的資金占用費用（carry-in charge）。所以這其實對客戶有利：我們越早完成證券化，我們的客戶就越能受益，因為最終將被證券化的成本會更低。因此，我們希望能在合理的時間範圍內完成這筆交易，我會說是在 2027 年底。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

Great. On the FERC, just a follow up on the FERC questions. When we think about the other parties that you might settle with, like who are the parties in this case at FERC? Is it your state advocates? Is it transmission customers or -- yeah.

很好。關於 FERC，我想追問一下。當我們思考你們可能會與哪些其他方達成和解時——例如，在 FERC 這個案子裡的當事方有哪些？是你們各州的倡議團體嗎？是輸電客戶，或是——對。

It's a broad range of stakeholders that would be involved. Obviously, as you very well know, this is a New England tariff. So all six New England state transmission owners are impacted. So you can expect that every consumer advocate from those states, the AG's office from six New England states will have a seat at the table. And we are prepared to have those discussions with everyone involved.

會涉及非常廣泛的利害關係人。顯然，如你非常清楚的，這是一個新英格蘭的費率（tariff）。因此，新英格蘭六州的所有輸電業主都會受到影響。所以你可以預期，這些州的每一位消費者倡議者、以及新英格蘭六州的州檢察長（AG）辦公室都會在談判桌上占有一席之地。我們也已準備好與所有相關方進行討論。

Okay. And is there like a man -- it sounds like, as you said, you can implement subject to refund by a certain date. Is there a deadline though, where they actually have to rule by?

好的。那是否有一個——聽起來如你所說，你們可以在某個日期前以「可退款」（subject to refund）的方式實施。但是否有一個截止期限，要求他們必須在那之前作出裁定？

Sure. Yes. Good question. Our understanding is that FERC has 60 days from the date of filing to let us know when the rate can be implemented. And there's a -- FERC can take up to five -- suspend the rate up to five months. So I think we can all expect that, if you take the 60 days, plus the 5 months, so within 7 months from the filing date is where we would expect the rate to be implemented, as I've mentioned on the subject to refund basis.

當然。是的，好問題。我們的理解是，FERC 自申報日起有 60 天時間通知我們何時可以實施該費率。此外——FERC 最多可以把費率暫停（suspend）長達五個月。所以我想大家可以預期，如果把 60 天加上 5 個月，也就是在申報日起 7 個月內，我們會預期該費率以我提到的「可退款」基礎實施。

Okay. And then just on the Aquarion and -- I mean, what are we actually waiting for at this point to decide whether to close or not just for the -- I mean, they rejected the reconsideration. So what is actually left from here?

好的。那再談 Aquarion——我的意思是，就目前而言，我們到底在等什麼，才決定是否完成交割（close）？我是說，他們已經駁回了重新考慮。所以接下來實際上還剩下什麼？

Yeah. We're waiting for the appeal period to be exhausted. And so, this is the second of the appeal period, they exhaust on June 14.

是的。我們在等上訴期間走完。所以，這是第二段上訴期間，會在 6 月 14 日到期。

And that's at the commission or at the court?

那是在委員會，還是在法院？

At the commission.

在委員會。

Sophie Karp, KBCM.

Sophie Karp，KBCM。

So my question is, in light of all of the uncertainties you guys are facing with the FERC (inaudible) process and the kind of the residual Aquarion situation as you wait out of the appeal window. How are you thinking about the timing of equity capital here? Does that make sense to just like issue the amount that you need and rip the Band-Aid off? Or would you wait and see these pieces kind of fall into place before you rightsize the offering? Like what's your thinking process here?

所以我的問題是，考量到你們在 FERC（聽不清）流程上面臨的各種不確定性，以及在等待上訴窗口期結束時 Aquarion 的殘餘狀況，你們如何思考此處股權資本的時點？是否合理就直接發行你們需要的金額、一次把「OK 繃撕掉」？還是你們會等這些事情逐步明朗後，再把發行規模調整到合適水準？你們的思考邏輯是什麼？

Sure. Sophie, this is John. So let me just reiterate, our guidance is between now and 2030 to issue between -- in the range of $800 million to $1.1 billion. Clearly, that's a very nominal number over the next five-year period. Also, as another reminder, in February, we did do our first JSN offering, which I was very excited about. That brought in $1.5 billion of cash. So right now, we're seeing how this thing plays out. And also, as I highlighted in my formal comments, within the next 12 to 15 months, we would expect up to around $2 billion of incremental cash coming in through the Connecticut and New Hampshire storm securitization proceeds. So we will be very thoughtful and mindful of all of these significant interactions -- transactions that could have an impact on our equity needs. So we really have no urgency to go to market right now. So it's -- we'll pay a close eye as to how these transactions ultimately materialize.

當然。Sophie，我是 John。讓我再重申一次，我們的指引是在現在到 2030 年之間，發行金額介於——約 8 億到 11 億美元的區間。很明顯，這在未來五年期間是一個非常小的數字。另外再提醒一次，我們在 2 月完成了第一次 JSN 發行，我對此非常興奮。那帶來了 15 億美元的現金。所以目前我們在觀察事情如何發展。同時，如我在正式評論中強調的，在未來 12 到 15 個月內，我們預期可透過康乃狄克州與新罕布夏州風暴證券化的收益，帶來最多約 20 億美元的增量現金流入。因此，我們會非常審慎、並留意所有這些重大互動——交易，因為它們可能影響我們的股權需求。所以我們目前完全不急著進市場。也就是說——我們會密切關注這些交易最終如何落地實現。

And then my other question is really not something that impacts your Eversource's economics. But when we think about energy supply situation in New England and Millstone upcoming recontracting potential rate and forward prices in New England given the situation in global oil and gas markets. Clearly, that impacts affordability. And so what are you seeing in terms of a policy response maybe across these territories to this intended impact from higher energy pricing in your territory specifically?

然後我另一個問題其實並不是會影響你們 Eversource 經濟性的事情。但當我們思考新英格蘭的能源供應情勢，以及 Millstone 即將重新簽約的潛在費率與新英格蘭的遠期價格（鑑於全球油氣市場的情況）。很明顯，這會影響可負擔性。因此，就政策回應而言，你們在這些地區看到什麼樣的作法，來因應你們轄區內能源價格上升所帶來的預期影響？

Yeah, we've been very encouraged. I mean we're injecting 2,600 megawatts of new power into the region. So that is really going to help moderate the clearing price at ISO New England. I think that if you look at the volatility in ISO New England, it's really not -- it's not a very volatile market compared to PJM. So I feel good about it. When I look at Clean Energy Connect injecting 1,100 megawatts into our system, I look at Revolution Wind at 704 megawatts, and I look at Vineyard Wind coming in at over 800 megawatts, that's having a significant impact on pricing in the region, so I feel very encouraged. Couple that with the fact that we are resisting data centers. I'm really not interested in the data center coming here. It's of no value to our residential customers -- actually any customer, it's only going to drive up the price of energy. And so those are some of the things.

是的，我們一直非常受到鼓舞。我的意思是，我們正把 2,600 兆瓦的新電力注入該區域。所以這確實將有助於抑制 ISO New England 的結算價格。我認為如果你看看 ISO New England 的波動性，它其實並不——它相較於 PJM 並不是一個非常波動的市場。所以我對此感覺良好。當我看到 Clean Energy Connect 向我們系統注入 1,100 兆瓦，我看到 Revolution Wind 的 704 兆瓦，還有 Vineyard Wind 進來超過 800 兆瓦，這對區域定價產生了顯著影響，所以我感到非常受到鼓舞。再加上我們正在抵制資料中心。我真的對資料中心來這裡不感興趣。它對我們的住宅客戶——其實對任何客戶——都沒有價值，只會推高能源價格。所以這些就是其中一些作法。

And then you take a state like Massachusetts, where they had an executive order that's looking at all things that we can possibly do. I mean they have approved a natural gas pipeline enhancement with Enbridge that we're going to partner with to bring in additional gas capacity into the region. As you know, we did purchase a 26-acre site from Joe Dominguez at Constellation, that's going to allow us to inject upwards of 2,400 megawatts of power into the region. So I feel we're very well positioned to help our customers manage any cost, energy cost and try to drive.

然後你再看像麻薩諸塞州這樣的州，他們有一項行政命令，正在檢視我們可能可以做的所有事情。我的意思是，他們已核准與 Enbridge 的天然氣管線增強案，我們將與其合作，把更多的天然氣輸送能力帶進該區域。如你所知，我們也向 Constellation 的 Joe Dominguez 購買了一塊 26 英畝的土地，這將使我們能夠向該區域注入最高約 2,400 兆瓦的電力。所以我覺得我們的定位非常好，能協助客戶管理任何成本、能源成本並嘗試推動。

We want to drive that clearing price down and make sure that we provide a stable, reliable network for it to operate on. I mean I continue to be encouraged by the number of requests that we're getting to inject into our system. This clean energy resources, whether it's the hydro or the offshore wind, and offshore wind is at a 50% capacity. In fact, it's very, very good. And it's at a time when we really need it, those winter months, that's when it's really peaking. So I'm not really that concerned. Obviously, I love more generation. I wish we had a dozen more combined cycle plants built here. But the fact of the matter is, I think we're still very well positioned and we're not going to see the volatility that some of these other exchanges are seeing.

我們希望把那個結算價格壓低，並確保我們提供一個穩定、可靠的網路讓其運作。我的意思是，我仍然對我們收到的、要求注入我們系統的申請數量感到鼓舞。這些潔淨能源資源，不論是水力或離岸風電；而離岸風電的容量因子約 50%。事實上，非常、非常好。而且正好是在我們真正需要的時候——那些冬季月份，那時需求達到高峰。所以我並不是那麼擔心。當然，我希望有更多發電。我希望這裡能再建十幾座複循環電廠。但事實是，我認為我們仍然處於非常有利的位置，我們不會看到像其他一些交易市場所出現的那種波動。

Andrew Weisel, Scotiabank.

Andrew Weisel，豐業銀行（Scotiabank）。

Another one on the transmission ROEs. I understand what you're saying about the 205 process and how you can implement subject to refund. My question is, what would you be booking on a prospective basis in terms of earnings, say, 2027 and beyond? Will you assume the 11.39% up and until the FERC or a court indicates that you shouldn't? Will future guidance be based on the 11.39% or the 9.57% as a base ROE?

再問一個關於輸電 ROE（股東權益報酬率）的問題。我理解你對 205 程序以及你們如何在「可追溯退款（subject to refund）」基礎上實施的說法。我的問題是，就未來期間而言，例如 2027 年及以後，你們在收益上會以什麼作為前瞻性的入帳假設？你們會假設 11.39% 一直適用，直到 FERC 或法院表示不應該嗎？未來的指引會以 11.39% 還是以 9.57% 作為基礎 ROE？

Well, first and foremost, the current guidance that we just reiterated and updated back when we issued the 8-K, which was March 31, assumed the current rate, which is 9.57%, okay? So we'll wait to see how this 205 ultimately shakes out later this year. We'll have -- we'll know that definitively. And we'll revise our guidance to reflect whatever rate we can bill to customers. But that will be done on the fourth-quarter call in February once we've solidified this issue.

嗯，首先也是最重要的，我們剛剛重申並更新的現行指引——也就是我們在發布 8-K 時（3 月 31 日）所做的——是假設現行費率，也就是 9.57%，好嗎？所以我們會等著看今年稍晚這個 205 最終會如何發展。我們會——我們會明確知道結果。然後我們會修正指引，以反映我們可以向客戶收取的任何費率。但這會在第四季電話會議（2 月）時進行，屆時我們已把這個議題定案。

Right. Okay. So your assumption is that you'll get resolution before the fourth-quarter call when you give guidance?

了解。也就是說，你們的假設是，在第四季電話會議給出指引之前就會有結果？

Yeah. Under the current procedure on the Federal Power Act, we expect a decision from FERC to determine when we can implement this new proposed rate. And as I've said, on a subject to refund basis. So we will be billing customers, provided that we don't mutually reach a settlement agreement with the stakeholders. We will -- this rate will go live and it will -- and the process to review and decide the ultimate rate that's just and reasonable. FERC will have plenty of time to do that.

是的。依照《聯邦電力法》（Federal Power Act）目前的程序，我們預期 FERC 會做出決定，以判定我們何時可以實施這個新提案費率。正如我所說，是在「可追溯退款（subject to refund）」的基礎上。因此，只要我們沒有與利害關係人達成共同的和解協議，我們就會向客戶開立帳單。我們——這個費率將會生效，而且——而審查並決定最終「公正且合理」（just and reasonable）費率的程序也會展開。FERC 會有充足的時間來完成這件事。

Right. Okay. Let's hope they stick to the schedule. They don't always stay on time, but let's hope they do. Then the second question, if I can. On the refunds of $880 million or so. I know the refund period was extended through May of 2027. From an accounting perspective, have you taken any reserves? Or will you have to? Or is that just looming while the challenging appeals play out?

了解。希望他們能按時程走。他們不一定總是準時，但希望這次可以。那第二個問題，如果可以的話。關於大約 8.8 億美元的退款。我知道退款期間已延長到 2027 年 5 月。從會計角度來看，你們有提列任何準備（reserve）嗎？或將來必須提列嗎？還是說在具挑戰性的上訴程序進行期間，這只是懸而未決？

We'll see how things progress, but our position based on the legal merits of our case that we have filed with FERC counsel and our own internal counsel, we feel we have a strong legal position that supports us not booking anything until we have further determination and clarity on the retroactive piece going back to 2014. So I want to be clear. But we do know that we have exposure and we are subject to the 15-month refund period as FERC just validated. We were also pleased and we feel it was the right thing for FERC to do to dismiss complaint two, three, and four. So we have that validated. But we do agree that we are subject on the Federal Power Act to the 15-month refund period. And that's why we booked that this quarter.

我們會看事情如何進展，但基於我們案件的法律實體理由——我們已與 FERC 的外部法律顧問以及我們內部法務提出——我們認為我們有很強的法律立場，支持在對追溯部分（回溯到 2014 年）有進一步的判定與明確性之前，不需要入帳任何金額。所以我想說清楚。不過我們也知道我們確實有曝險，而且正如 FERC 剛剛確認的，我們適用 15 個月的退款期間。我們也很高興，而且我們認為 FERC 駁回第二、第三與第四項申訴是正確的作法。所以這點已獲確認。但我們也同意，依《聯邦電力法》，我們確實適用 15 個月的退款期間。這就是為什麼我們在本季做了入帳。

Travis Miller, Morningstar Inc.

Travis Miller，Morningstar Inc.（晨星）。

Just one quick follow-up for me on FERC. I appreciate all the details here in the script. But on that FERC high level, given the uncertainty there, depending on what happens over the next year, what's the flexibility you have on your transmission investments in your CapEx? Is that an area where you could potentially move around some CapEx if there's a decision that goes against you? Or is there even a need to move around CapEx?

我這邊就一個關於 FERC 的快速追問。我很感謝你們在講稿裡提供的所有細節。但就 FERC 的高層次來看，考量那邊的不確定性，取決於未來一年會發生什麼，你們在輸電投資的資本支出（CapEx）上有多大的彈性？如果有一項對你們不利的決定，你們是否可能在某些資本支出上做調整或挪移？或者其實根本不需要調整資本支出？

We certainly will look at that. I don't want to get ahead of our skis here, but that's something that we can look at. But right now, where we have -- and we said that in our formal remarks that we were a bit taken back by this harsh decision that was just issued by FERC because as Joe mentioned, we need more supply, right? And utilities and transmission owners should be incentivized to explore investment opportunities that would reduce the overall cost for customers. If you recall back a decade ago, where New England was under tremendous amount of congestion pressure, and we unlocked that congestion and saving customers billions of dollars eliminating that price differential. So those investments have resulted in tremendous cost savings for our customers throughout New England.

我們當然會研究那件事。我不想在這裡操之過急，但那是我們可以評估的方向。不過就目前而言，我們——而且我們在正式發言中也提到——對FERC剛發布的這項嚴厲決定感到有些意外，因為如Joe所說，我們需要更多供給，對吧？而公用事業與輸電資產擁有者應該被激勵去探索能降低客戶整體成本的投資機會。回想十年前，新英格蘭面臨極大的壅塞壓力，我們解除了那個壅塞，透過消除價差為客戶節省了數十億美元。因此，這些投資已為新英格蘭各地的客戶帶來了巨大的成本節省。

(Operator Instructions) Paul Patterson, Glenrock Associates.

（接線員指示）Paul Patterson，Glenrock Associates。

So lots of questions answered. I just -- on the Connecticut PBR, is that -- I don't know, are we going to wait 10 years for something on that? Or is that -- I'm just joking around, I apologize. But I mean what do you think is -- I guess, what's the status of that?

很多問題都已經回答了。我只是——關於康乃狄克州的PBR，那是——我不知道，我們要等10年才會有進展嗎？還是——我只是開個玩笑，抱歉。但我的意思是，你覺得——我想問的是，那個目前的狀態是什麼？

Paul, as you know, we've been untangling a lot of things down there. It's a very, very positive turnaround. I think in PURA, we're getting very, very good decisions. We're getting fair decisions. In the (inaudible), PBR would be great to have. But at this point, we're just trying to sort through and get an orderly regulatory environment to operate in. So I'm not going to go poke the bear and start to talk about PBR right now. Let's get some other things or some other priorities that I have on my plate before I'm going to poke the bear on PBR.

Paul，如你所知，我們一直在那邊把很多事情理順。這是一個非常、非常正面的轉變。我認為在PURA，我們拿到非常、非常好的裁決，是公平的裁決。在（聽不清）方面，若能有PBR當然很好。但在這個階段，我們只是想把事情梳理清楚，建立一個有序的監管環境來運作。所以我現在不會去捅馬蜂窩，開始談PBR。先把我手上盤子裡的其他事情或其他優先事項處理好，之後我才會去捅PBR這個馬蜂窩。

Okay. So just wait and see kind of thing, I guess, right?

好的。所以就是先等等看那種感覺，我想，對吧？

Yeah.

對。

Okay. And then I guess one of my questions is, do you know what triggered FERC after all this time to come out with this sort of out of nowhere?

好的。然後我想我的其中一個問題是，你知道是什麼觸發了FERC在過了這麼久之後，突然冒出這種有點像憑空出現的決定嗎？

Yeah. I mean we can suspect that it was a tough decision having to linger out there for many, many years. I think the message that they've sent to New England transmission owners is, we're going to let the courts make the decision on this proceeding. And that's why we're taking the legal action that we discussed on this call today.

對。我的意思是，我們可以推測，這是一個艱難的決定，必須在那裡懸而未決很多很多年。我認為他們傳遞給新英格蘭輸電資產擁有者的訊息是：我們要讓法院來對這個程序作出裁決。也因此，我們才會採取今天在這通電話中所討論的法律行動。

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

我目前看不到其他問題。因此我想把電話交回給Joe Nolan作結語。

Thank you again for joining us today. You still have time to get on David Campbell's [Evergy] call. We gave you 15 minutes. But our teams have weathered a lot of storms this past year, and we delivered top-tier reliability for our customers. We are carrying tremendous momentum into 2026 with a clear focus on derisking our business profile, resolving key open items ahead of us, and positioning the company for sustainable long-term growth. Thanks very much.

再次感謝各位今天加入我們。各位仍然有時間趕上David Campbell的[Evergy]電話會議。我們給了各位15分鐘。不過，我們的團隊在過去一年經歷了許多風暴，而我們也為客戶提供了頂尖等級的可靠性。我們帶著強勁動能邁入2026年，清楚聚焦於降低我們的業務風險、解決眼前關鍵的未結事項，並讓公司站上可持續的長期成長軌道。非常感謝。

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

感謝各位參與今天的電話會議。至此本次議程結束。您現在可以掛線。