康涅狄格電力 (ES) 2026 Q2 法說會逐字稿

Good day everyone, and thank you for standing by. Welcome to Eversource Energy second quarter 2026 earnings call. (Operator Instructions) Please be advised that today’s conference is being recorded.

各位大家好，感謝各位稍候。歡迎參加 Eversource Energy 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議正在錄音。

Now it’s my pleasure to hand the conference to the vice president of investor relations, Rima Hyder. Please proceed.

現在我很高興將會議交給投資人關係副總裁 Rima Hyder。請開始。

Good morning, and thank you for joining us today on our second 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 one, 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.

各位早安，感謝今天加入我們的 2026 年第二季財報電話會議。在本次會議中，我們將引用可於我們網站 investors.eversource.com 取得的簡報投影片。如投影片一所示，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。

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 in our most recent 10-Q and 10-K. Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer, and John Moreira, our Executive Vice President, CFO and Treasurer.

我們不承擔更新或修訂任何此等陳述之義務。關於可能導致實際結果不同的各項因素之更多資訊，以及我們對非 GAAP 指標的說明與其如何與 GAAP 結果調節，均載於我們的新聞稿、昨晚發布的投影片，以及我們最新的 10-Q 與 10-K 中。今天的發言人包括董事長、總裁兼執行長 Joe Nolan，以及執行副總裁、財務長兼司庫 John Moreira。

Joining us today is Jay Buth, our Vice President, Controller, and Chief Accounting Officer. I will now turn the call over to Joe.

今天與會的還有副總裁、主計長兼首席會計官 Jay Buth。現在我把電話交給 Joe。

Thank you, Rima. Good morning everyone, and thank you for joining us. Starting on slide four, as we complete the midpoint of the year, we’re pleased with the terrific progress we have made this quarter. Our team is focused on executing the priorities we’ve established over the past year, including completing the sale of Aquarion, delivering strong operational performance, and strengthening the balance sheet.

謝謝你，Rima。各位早安，感謝各位加入我們。從投影片四開始，隨著我們完成今年的年中時點，我們對本季取得的卓越進展感到欣慰。我們的團隊專注於執行過去一年所建立的優先事項，包括完成 Aquarion 的出售、交付強勁的營運表現，以及強化資產負債表。

At the same time, we are continuing to advance the investments needed to support safe, reliable, and more resilient electric and natural gas systems for our customers. As you can see on slide five, we have several recent accomplishments. From an earnings perspective, we delivered second quarter recurring earnings per share of $0.87, in line with our expectations, and we are reaffirming our long-term EPS growth guidance of 5%-7%.

同時，我們也持續推進必要投資，以支持客戶安全、可靠且更具韌性的電力與天然氣系統。如投影片五所示，我們近期達成多項成果。就獲利而言，我們第二季經常性每股盈餘為 0.87 美元，符合我們的預期，並且我們重申長期每股盈餘成長指引為 5%–7%。

We have also delivered on maintaining a strong financial foundation, which is a major focus for us. Our disciplined approach to capital allocation and balance sheet management continues to position us well to fund critical infrastructure investments while preserving the financial flexibility needed to support long-term growth. The recent Moody’s change to our outlook from negative to stable is a testament to our consistent execution and commitment to strengthening our balance sheet and the sustainability of our financial strategy to support our long-term growth.

我們也在維持穩健的財務基礎方面交出成果，這是我們的主要重點之一。我們在資本配置與資產負債表管理上的紀律性作法，持續使我們能在維持支持長期成長所需的財務彈性之同時，為關鍵基礎建設投資提供資金。穆迪近期將我們的展望由負向調整為穩定，證明我們一貫的執行力，以及我們致力於強化資產負債表與維持財務策略可持續性，以支持長期成長。

We continue to make progress on key initiatives that will deliver higher growth for our business and further de-risk our business profile. First, we completed the sale of Aquarion, which resulted in net proceeds of $1.7 billion. This sale is a significant milestone in furthering our strategic position as a pure play regulated pipes and wires utility.

我們持續在將為公司帶來更高成長並進一步降低業務風險的關鍵計畫上取得進展。首先，我們完成了 Aquarion 的出售，淨收益為 17 億美元。這筆出售是我們進一步鞏固策略定位、成為純粹受監管「管線與電網」公用事業公司的重要里程碑。

It allows us to optimize our portfolio by focusing on our core electric and natural gas operations across New England, while efficiently reinvesting capital for the benefit of our customers. Second, the Revolution Wind project continues to progress through advanced stages of construction and commissioning. As we do each quarter, we continue to evaluate our contingent liability associated with the sale of Revolution Wind.

這使我們得以透過聚焦新英格蘭地區的核心電力與天然氣業務來優化投資組合，同時有效率地再投資資本以造福客戶。第二，Revolution Wind 專案持續推進，已進入建設與試運轉的後期階段。如同每一季，我們持續評估與 Revolution Wind 出售相關的或有負債。

Based on revised cost projections of total construction costs, which included cost increases stemming from two stop work orders, we recognized an after-tax charge of $164 million in the second quarter to increase this liability. As orsted has previously stated, the project is on track to reach its commercial operation date later this year. Lastly, on the FERC ROE decision, we have taken multiple actions to address this decision, appealing to FERC as well as the D.C. Court of Appeals.

根據修訂後的總建造成本預估（其中包含兩次停工令所導致的成本增加），我們在第二季認列稅後 1.64 億美元費用，以提高該負債。如 Orsted 先前所述，該專案仍按計畫於今年稍晚達到商轉日期。最後，針對 FERC ROE 的決定，我們已採取多項行動因應，包括向 FERC 以及哥倫比亞特區巡迴上訴法院提出上訴。

We expect that FERC will make a decision on the prospective ROE by November 30. John will cover the process and the timeline for the court appeal. One thing is certain now, more than ever, the New England region needs more transmission investment and utilities need a predictable regulatory environment to attract long-term capital to fund these investments for the benefit of customers.

我們預期 FERC 將於 11 月 30 日前就前瞻性 ROE 作出決定。John 將說明法院上訴的程序與時程。有一點比以往任何時候都更確定：新英格蘭地區需要更多輸電投資，而公用事業需要可預期的監管環境，才能吸引長期資本來為這些投資提供資金，以造福客戶。

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 also making the grid more resilient. We see ample need and opportunities for transmission infrastructure investment to further alleviate overall costs for customers.

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。我們看到輸電基礎建設投資仍有充足需求與機會，可進一步降低客戶的整體成本。

In fact, as you can see on slide six, Following a comprehensive evaluation of six bids submitted in response to ISO New England’s 2025 longer-term transmission planning RFP, ISO New England has preliminarily selected the joint proposal submitted by Eversource and Avangrid as the preferred solution. This transmission project is designed to increase transmission capacity between Maine and New Hampshire while strengthening the transmission interface between Northern and Southern New England.

事實上，如投影片六所示，在對回應 ISO New England 2025 年長期輸電規劃 RFP 所提交的六份投標進行全面評估後，ISO New England 已初步選定由 Eversource 與 Avangrid 提交的聯合提案為首選方案。此輸電專案旨在提升緬因州與新罕布夏州之間的輸電容量，同時強化新英格蘭北部與南部之間的輸電介面。

Eversource’s share of the $2.2 billion project is approximately $700 million, with an anticipated in-service date of 2032. There are still significant steps ahead before a final solution is reached in the coming months. If this project is ultimately successful, it will greatly help address the affordability challenge facing New England by enabling increased supply and easing congestion costs. This would mark the second competitive transmission bid awarded to Eversource following the Boston 2028 Solutions Study Project in 2020.

在 22 億美元的專案中，Eversource 的份額約為 7 億美元，預計於 2032 年投入服務。在未來數月達成最終方案之前，仍有重要步驟需要完成。若該專案最終成功，將可透過提升供給並緩解壅塞成本，大幅協助解決新英格蘭面臨的可負擔性挑戰。這將是繼 2020 年 Boston 2028 Solutions Study Project 之後，Eversource 第二次在競爭性輸電投標中獲選。

That project was successfully completed by Eversource ahead of schedule and under budget. As we have stated previously, incumbent utilities are uniquely positioned to deliver reliable, cost-effective transmission solutions for the region, leveraging their operational expertise, existing infrastructure, and established relationships with stakeholders and communities. This is another example of our keen focus as a pure-play pipes and wires utility to deliver cost-effective solutions that provide benefits to customers.

該專案由 Eversource 成功提前完工且低於預算完成。如我們先前所述，既有公用事業公司具備獨特優勢，可為該地區提供可靠且具成本效益的輸電解決方案，並能運用其營運專業、既有基礎設施，以及與利害關係人與社區建立的關係。這是我們作為純粹「管線與電網」公用事業公司，專注提供具成本效益、為客戶帶來效益之解決方案的另一個例證。

Moving on to Connecticut regulatory front on slide seven. We received our final storm cost decision this week and are pleased that we can now proceed with securitization financing to enable the recovery of these storm costs, something we intend to execute on as soon as possible. We also filed our CL&P rate review early this month, the first in almost a decade.

接著談到投影片七所示的康乃狄克州監管面向。我們本週收到最終的風暴成本裁決，並很高興我們現在可以推進證券化融資，以回收這些風暴成本；我們打算儘快執行。我們也在本月初提前提交了 CL&P 的費率審查申請，這是近十年來的首次。

Our proposal creates a sustainable path forward that balances affordability with the investments needed to maintain and strengthen the electric system that Connecticut depends on. A safe, reliable, and resilient electric grid is the cornerstone of the state’s economy and enables the achievement of many important goals, including carbon reduction and electrification.

我們的提案提出一條可持續的前進路徑，在可負擔性與維持及強化康乃狄克州所依賴之電力系統所需投資之間取得平衡。安全、可靠且具韌性的電網是該州經濟的基石，並使許多重要目標得以實現，包括減碳與電氣化。

The decision from this rate review will shape the state’s electric infrastructure for the next decade and prepare the state for future economic growth. Over the last 10 years, our customers in Connecticut have enjoyed increased reliability as a direct result of our strategic investments in the electric system. Continued investment is needed to maintain the level of affordable reliability and resiliency that customers have come to expect.

本次費率審查的決定將形塑本州未來十年的電力基礎設施，並為未來的經濟成長做好準備。在過去10年中，康乃狄克州的客戶因我們對電力系統的策略性投資而直接享有更高的可靠性。為了維持客戶所期待、可負擔的可靠性與韌性水準，仍需要持續投資。

This includes addressing aging infrastructure that is nearing the end of its useful life, responding to more frequent and unpredictable severe weather events, and making the necessary upgrades to support the growing electric demand in the state. Since our last rate case in 2017, we’ve invested over $4 billion to improve and upgrade our electric distribution infrastructure, serving our 1.3 million customers across 157 cities and towns in Connecticut. In our rate filing, we have clearly demonstrated how our Connecticut customers have directly benefited from the investments we have made.

這包括處理接近使用年限終點的老化基礎設施、因應更頻繁且更難以預測的嚴重天氣事件，以及進行必要的升級以支援本州日益成長的用電需求。自2017年我們上一次費率案件以來，我們已投資超過40億美元，用於改善與升級電力配電基礎設施，服務康乃狄克州157個城市與城鎮的130萬名客戶。在我們的費率申報中，我們已清楚說明康乃狄克州客戶如何直接受益於我們所做的投資。

Nearly half of all power interruptions experienced by customers in 2025 were restored remotely in a matter of minutes. The average customer experiences one outage nearly every two years, which is a 15% improvement since 2017. Additionally, we estimate that more than 1.5 million customer outages were avoided across Connecticut last year, thanks to automated technology installed on the system.

2025年客戶所經歷的所有停電事件中，近一半在數分鐘內即透過遠端方式完成復電。平均而言，每位客戶約每兩年經歷一次停電，較2017年改善15%。此外，我們估計去年在康乃狄克州，因系統上安裝的自動化技術而避免了超過150萬次客戶停電。

Lastly, through targeted initiatives such as system upgrades and enhanced system operating training, we’ve further improved our accuracy in determining and communicating estimated times of restoration during outages by 14% since 2017, resulting in clearer, more consistent information available to customers.

最後，透過系統升級、強化系統運轉訓練等具針對性的措施，自2017年以來，我們在判定並對外溝通停電預估復電時間的準確度再提升14%，使客戶可取得更清楚且更一致的資訊。

At the same time, we recognize that importance of keeping energy bills as manageable as possible, and we’re committed to working with our regulators and other stakeholders across our service territories to strike the right balance between investing in the future of energy system and delivering value for our customers in the communities we serve.

同時，我們也了解讓能源帳單盡可能維持在可負擔水準的重要性，並承諾與監管機關及我們服務區域內的其他利害關係人合作，在投資能源系統未來與為我們所服務社區的客戶提供價值之間取得適當平衡。

Affordability and reliability are connected. An electric system that’s allowed to degrade becomes less reliable and, over time, more expensive to maintain and fix. This balance between affordability and reliability can be accomplished through efficient operations, rigorous cost control, and strategically investing to maximize long-term customer value at the lowest reasonable cost.

可負擔性與可靠性彼此相連。若任由電力系統劣化，其可靠性將下降，且隨時間推移，維護與修復成本會更高。透過高效率營運、嚴格成本控管，以及以最低合理成本進行策略性投資以最大化長期客戶價值，即可達成可負擔性與可靠性之間的平衡。

Our approach has been to make proactive, strategic investments that address aging infrastructure in a cost-effective manner long before they fail. From a regional perspective, another area of focus for us is energy supply, which remains the greatest challenge to affordability for customers. While we do not control or earn any profit from energy supply, we want to be an integral part of the conversation to lower costs for our customers.

我們的做法是，在設備故障之前很久，就以具成本效益的方式進行主動且策略性的投資，以處理老化基礎設施問題。從區域角度來看，我們另一個重點領域是能源供應，這仍是影響客戶可負擔性的最大挑戰。雖然我們不控制能源供應、也不從中獲利，但我們希望能成為降低客戶成本對話中的重要一員。

Bringing additional generation to the region is key to reducing energy supply costs for electric customers. Since last year, Eversource has directly supported 2,500 megawatts of new generation coming into the region. Currently, 80% of this new generation is online. While this is a great step forward for the region, we know that we need more to support the growing electric demand across New England.

為本區域引入更多發電資源，是降低電力客戶能源供應成本的關鍵。自去年以來，Eversource 已直接支持2,500兆瓦的新發電資源進入本區域。目前其中80%已上線運轉。雖然這是本區域向前邁出的一大步，但我們知道仍需要更多資源，以支援新英格蘭各地日益成長的用電需求。

In fact, if we want to capture economic opportunities around data centers and welcome them to the region, additional generation and expansion of gas capacity is critical. Growing energy supply alongside demand will help moderate cost increases, preserve system reliability, and ensure that all customers benefit from the growth rather than bearing the cost of constrained resources.

事實上，若我們希望把握資料中心相關的經濟機會並歡迎其進入本區域，新增發電資源與擴增天然氣輸送能力至關重要。讓能源供應與需求同步成長，將有助於緩和成本上升、維持系統可靠性，並確保所有客戶都能受益於成長，而非承擔資源受限所帶來的成本。

This is why we support a comprehensive all-of-the-above strategy to tackle energy affordability, evaluate all opportunities, including identifying new sources of energy supply into the region. Another highlight for us this quarter was the publication of our annual sustainability report, as shown on slide eight. The report showcases our continued leadership in building a clean energy future, fostering a workplace that prioritizes culture and engagement, protecting the environment, and supporting the communities we serve.

因此，我們支持一套全面、全方位並行的策略來因應能源可負擔性，評估所有機會，包括辨識將新的能源供應來源引入本區域的可能性。本季另一項重點是我們發布了年度永續報告，如投影片第八頁所示。該報告展現我們在打造潔淨能源未來、營造重視文化與投入度的職場、保護環境，以及支持我們所服務社區方面的持續領導地位。

Overall, we’re encouraged by the significant progress we’ve made during the first half of the year, which is a result of our continued focus on execution of our key priorities. The strength of our operations, the dedication of our employees, and the discipline with which we’re executing our strategy gives us confidence in our ability to deliver on our commitments for the balance of the year and continue creating long-term value for our stakeholders.

整體而言，我們對今年上半年所取得的顯著進展感到振奮，這是我們持續聚焦於落實關鍵優先事項的成果。我們營運的強勁表現、員工的投入，以及我們以紀律執行策略的方式，使我們對於在今年剩餘期間履行承諾並持續為利害關係人創造長期價值的能力充滿信心。

Let me now turn the call over to John to discuss our financial results and outlook, as well as provide a regulatory update.

接下來我把電話會議交給John，請他說明我們的財務結果與展望，並提供監管最新進展。

Thank you, Joe, and good morning, everyone. This morning, I will review our second quarter 2026 earnings results, provide an update on regulatory matters, and discuss our balance sheet progress and financing plan. I’ll start with our first quarter results on slide 10. Our GAAP earnings for the second quarter were $0.14 per share, compared with GAAP earnings of $0.96 per share in the second quarter of 2025. GAAP results for the quarter were impacted by a non-cash after-tax charge of $111.4 million, or $0.30 per share, related to the carrying value of Aquarion Water Company as we have closed on the sale. The results also include an after-tax charge of $164 million, or $0.43 per share, related to an increase in our estimated offshore wind contingent liability.

謝謝你，Joe，各位早安。今天早上，我將回顧我們2026年第二季的盈餘結果，更新監管事項，並說明我們資產負債表改善進度與融資計畫。我先從投影片第10頁的第一季結果開始。我們第二季的GAAP每股盈餘為0.14美元，對比2025年第二季GAAP每股盈餘0.96美元。本季GAAP結果受到一筆非現金稅後費用1.114億美元（每股0.30美元）的影響，該費用與Aquarion Water Company的帳面價值有關，因我們已完成出售交易。本季結果亦包含一筆稅後費用1.64億美元（每股0.43美元），與我們對離岸風電或有負債估計增加有關。

Excluding these charges, our non-GAAP or recurring earnings were $0.87 per share for the quarter, compared with GAAP as well as non-GAAP earnings of $0.96 per share in the second quarter of 2025. The decrease in recurring earnings over the prior years, primarily due to lower earnings in the electric transmission and gas distribution segments.

排除上述費用後，本季我們的非GAAP（或經常性）每股盈餘為0.87美元，對比2025年第二季GAAP及非GAAP每股盈餘皆為0.96美元。經常性盈餘較前一年下降，主要是因電力輸電與天然氣配氣部門的盈餘較低。

Lower earnings in the transmission business were primarily driven by the base ROE rate reduction ordered by FERC back in March. Lower earnings in the gas distribution segment were impacted by a prior year benefit for recoverable expenses. These results were partially offset by increased earnings in the electric distribution segment, thanks to higher electric distribution revenues. Our results in the parent and other segment were flat as compared to prior year. Moving on to a regulatory update on slide 11.

輸電業務盈餘較低，主要是因FERC於3月下令調降基準ROE。天然氣配氣部門盈餘較低，則受到前一年可回收費用帶來的一次性利益影響。上述影響部分被電力配電部門盈餘增加所抵銷，主要受惠於較高的電力配電收入。母公司及其他部門的結果與前一年相比持平。接著看投影片第11頁的監管最新進展。

Let me start with the CL&P rate case filing we made on July 14, a rate request that balances affordability and reliability for our customers. This was the first general rate request for CL&P since 2017. The rate request calculates a revenue deficiency of $451 million, reflecting a proposed ROE rate of 10.25%. The proposed increase would result in an 11% impact on total customer bill.

我先從我們於7月14日提出的CL&P費率案件申報談起，這是一項在可負擔性與可靠性之間為客戶取得平衡的費率申請。這是CL&P自2017年以來首次提出的一般性費率申請。該費率申請計算的收入不足為4.51億美元，反映所提議的ROE為10.25%。所提議的調升將使客戶總帳單影響約為11%。

Approximately 90% of this revenue deficiency is related to capital investments, future storm resiliency investments, storm restoration costs, depreciation, and taxes. Only 11% of the filed revenue deficiency is for increased O&M since our last rate increase. Compared to inflation, that’s about a $45 million in expenses that have been avoided for our customers. We are proud of how the filing demonstrates our commitment to cost control.

約90%的收入不足與資本投資、未來風暴韌性投資、風暴復電成本、折舊與稅負相關。自上次調升費率以來，申報的收入不足中僅11%用於增加的營運與維護（O&M）成本。相較於通膨，這相當於為客戶避免了約4,500萬美元的費用。我們對於本次申報展現我們對成本控管的承諾感到自豪。

Additionally, as Joe described, we have clearly demonstrated in this filing that we can deliver strong reliability benefits in an affordable manner. Our customers and our regulators need to know that when we make investments in our system, those investments are being made to protect safety, improve reliability, and achieve state policy goals in the most efficient and cost-effective way possible. The filing also proposes a multi-year PBR mechanism that protects against future rate shocks.

此外，正如 Joe 所描述的，我們已在本次申報中清楚證明，我們能以可負擔的方式提供強勁的可靠性效益。我們的客戶與監管機關需要了解，當我們對系統進行投資時，這些投資是為了保護安全、提升可靠性，並以最有效率且最具成本效益的方式達成州政策目標。本次申報亦提出一項多年期的 PBR 機制，以防範未來費率的劇烈波動。

This PBR mechanism would provide gradual rate increases over time and ensure that customer bills reflect the fair cost of doing business. In the filing, we have included a plan for implementing AMI for Connecticut with nearly $1 billion of capital investment and $300 million of O&M expense. As detailed in our filing, AMI would deliver customer benefits in excess of this estimated cost.

此 PBR 機制將隨時間提供逐步的費率調升，並確保客戶帳單反映公平的營運成本。在本次申報中，我們納入一項在康乃狄克州導入 AMI 的計畫，資本投資近 10 億美元，並包含 3 億美元的營運與維護（O&M）費用。如我們申報所詳述，AMI 所帶來的客戶效益將超過此估計成本。

Lastly, I want to highlight the economic development and heat pump rates proposed in our filing. These rates were designed after years of working closely with Connecticut stakeholders and policymakers to align our rate design with customer needs and state policy. Moving briefly to New Hampshire, I want to mention the annual base rate adjustment that was approved on July 21. You’ll recall that as part of our New Hampshire rate case, we proposed a multi-year PBR plan. The July order approved an increase of approximately $24 million that will be effective August 1 of this year. This is another example of how a well-designed PBR mechanism can help moderate rates long term. Moving to slide 12.

最後，我想強調本次申報中提出的經濟發展費率與熱泵費率。這些費率是在多年與康乃狄克州利害關係人及政策制定者密切合作後設計，以使我們的費率設計與客戶需求及州政策一致。簡要轉到新罕布夏州，我想提及於 7 月 21 日獲核准的年度基本費率調整。各位會記得，作為我們新罕布夏州費率案件的一部分，我們提出了一項多年期 PBR 計畫。7 月的命令核准約 2,400 萬美元的調升，並將於今年 8 月 1 日生效。這是另一個例子，說明設計良好的 PBR 機制如何在長期內協助緩和費率。接著到第 12 張投影片。

I would like to update you on the FERC ROE decision that was issued back in March, which reduced the base transmission ROE rate and ordered a refund going back more than a decade. We have made several filings with FERC and with the courts challenging this decision. As part of these actions, we did receive approval from FERC to extend the refund until mid 2027.

我想向各位更新 3 月發布的 FERC ROE 決定；該決定下調了輸電基礎 ROE 費率，並命令追溯超過十年的退款。我們已向 FERC 及法院提出多項申請，對此決定提出挑戰。作為這些行動的一部分，我們確實已獲 FERC 核准將退款期限延長至 2027 年年中。

We have also escalated our challenge with a petition for review and a motion for a stay of the FERC decision with the D.C. Circuit Court of Appeals. In our June filings with the D.C. Circuit Court, we made multiple arguments. First, we argued that FERC exceeded its authority by ordering a refund for a period longer than 15 months allowed by the Federal Power Act.

我們也已透過向哥倫比亞特區巡迴上訴法院（D.C. Circuit Court of Appeals）提出覆核請願（petition for review）及暫緩執行動議（motion for a stay），升級我們對 FERC 決定的挑戰。在我們 6 月向 D.C. 巡迴上訴法院提交的文件中，我們提出多項論點。首先，我們主張 FERC 依《聯邦電力法》（Federal Power Act）僅能命令最長 15 個月期間的退款，但其命令退款期間超過該上限，已逾越其權限。

Second, FERC failed to declare that either the 11.14% or the 10.57% rates were unjust and unreasonable until March of this year. Third, that FERC denied Eversource and other New England Transmission owners the opportunity for due process by delaying their decision for almost a decade in response to a higher court order for remand. Lastly, we argue that FERC set the 9.57% ROE rate in a range previously found to be unjustly low. The D.C. Circuit Court will consider our arguments and FERC’s actions over the next several months. Staying with the FERC topic, on slide 13, I would like to provide an update on the Section 205 filing we made with FERC on April 30th to determine the prospective ROE rate.

第二，FERC 直到今年 3 月才宣告 11.14% 或 10.57% 的費率屬不公正且不合理。第三，FERC 因應上級法院發回更審（remand）的命令，延宕近十年才作出決定，剝奪了 Eversource 與其他新英格蘭輸電業主的正當程序（due process）機會。最後，我們主張 FERC 將 ROE 設為 9.57%，落在先前已被認定不當偏低的區間內。D.C. 巡迴上訴法院將在未來數月審酌我們的論點以及 FERC 的作為。延續 FERC 議題，在第 13 張投影片，我想提供我們於 4 月 30 日向 FERC 提交的第 205 條（Section 205）申報之最新進展，以決定未來適用的 ROE 費率。

As a reminder, our filing calculated a new base ROE rate of 11.39% by using FERC’s existing ROE methodology and only updating it to reflect current market conditions. As required by law, FERC issued their order in response to our 205 filing on June 29, accepting and suspending tariff revisions and establishing a pay-for-adhering procedure. FERC’s order was in line with our expectations, suspending the implementation of the requested ROE rate for the maximum five-month period allowed by law. Next steps in this process are that parties will file initial briefs by August 28th and reply briefs by September 28. A new ROE rate is expected to go into effect on November 30th. Moving to slide 14 for a financing update.

提醒各位，我們的申報係採用 FERC 現行的 ROE 方法論，僅更新以反映當前市場狀況，計算出新的基礎 ROE 為 11.39%。依法規要求，FERC 於 6 月 29 日就我們的 205 申報發布命令，接受並暫緩（suspend）費率表（tariff）修訂，並建立「遵循即付」（pay-for-adhering）程序。FERC 的命令符合我們的預期，將所請求 ROE 費率的實施暫緩至法律允許的最長五個月期間。此程序的下一步為：各方將於 8 月 28 日前提交初步書狀（initial briefs），並於 9 月 28 日前提交答辯書狀（reply briefs）。預期新的 ROE 費率將於 11 月 30 日生效。接著到第 14 張投影片，更新融資情況。

We are pleased that we have closed on the sale of Aquarion on June 30, generating a net cash benefit to Eversource of $1.7 billion. These proceeds will be used to displace debt at the parent company. The closing of the Aquarion transaction leaves our balance sheet in a much stronger position. We do not currently anticipate any changes to our financing plans as described on this slide.

我們很高興已於 6 月 30 日完成 Aquarion 的出售交割，為 Eversource 帶來 17 億美元的淨現金收益。這些款項將用於在母公司層級替代（償還）債務。Aquarion 交易的完成使我們的資產負債表處於更強健的狀態。目前我們不預期會對本投影片所述的融資計畫作出任何變更。

Our equity needs over the five-year forecast period remain in the range of $800 million-$1.1 billion, and we do not expect to issue any equity over the remainder of this year. We continue to consider a variety of debt and alternative financing solutions for our future needs, including the securitization of deferred storm costs in both Connecticut and New Hampshire.

在五年預測期間內，我們的股權需求仍維持在 8 億至 11 億美元的區間，且我們預期在今年剩餘期間不會發行任何股權。我們持續評估多元的債務與替代性融資方案以因應未來需求，包括在康乃狄克州與新罕布夏州將遞延的風暴成本進行證券化（securitization）。

On slide 15, I would like to share the latest affirmation of our financial strategy, which is that our FFO to debt metrics remain solid. Our latest FFO to debt ratios as of March 31 of 2026 are 14.3% and 15.7% for S&P and Moody’s respectively. Consistent with our commitment, these results are each over 100 basis points above the downgrade thresholds. We were also very pleased that Moody’s changed Eversource’s and NSTAR Electric’s outlook from negative to stable in recognition of what we have recently accomplished.

在第 15 張投影片，我想分享對我們財務策略的最新肯定，也就是我們的「FFO 對債務」指標仍然穩健。截至 2026 年 3 月 31 日，我們最新的 FFO 對債務比率分別為：S&P 14.3%，Moody’s 15.7%。依我們的承諾，這些結果各自均高於降評門檻 100 個基點以上。我們也很高興 Moody’s 基於我們近期的成果，將 Eversource 與 NSTAR Electric 的展望由負向調整為穩定。

These objective measures reflect the successful execution of our previously communicated financing strategy. Looking at slide 16, we are encouraged by the final storm cost decision we received from PURA two days ago. Of the approximately $975 million that we requested, PURA approved approximately $870 million.

這些客觀衡量指標反映了我們先前已對外溝通之融資策略的成功執行。看第 16 張投影片，我們對兩天前自 PURA 收到的最終風暴成本決定感到鼓舞。在我們申請的約 9.75 億美元中，PURA 核准約 8.70 億美元。

PURA is deferring $60 million in storm costs pending the completion of a third-party audit review and audit $40 million in exclusions. Of the $870 million approved, approximately $200 million have already been recovered in rates. This results in approximately $670 million that is expected to be securitized. PURA did not approve the recovery of carrying charges that we requested.

PURA將 6,000 萬美元的風暴成本予以遞延，待第三方稽核審查完成後再行處理，並就 4,000 萬美元的排除項目進行稽核。在核准的 8.70 億美元中，約 2.00 億美元已透過費率回收。因此，預計約 6.70 億美元將進行證券化。PURA 未核准我們所申請回收的資金占用費（carrying charges）。

We are evaluating our options and next steps. With this final decision, we can now move ahead on the securitization process, starting with filing our financing plan at PURA in early fall. After hearings and PURA’s review, we expect to receive a final financing plan decision in the first quarter of next year. This will allow us to begin the rating agency review, file the SEC registration statement, and begin marketing. With those steps completed, we anticipate cash in the door approximately one year from now.

我們正在評估可行選項與後續步驟。隨著此最終決定出爐，我們現在可以推進證券化流程，首先是在初秋向 PURA 提交我們的融資計畫。在聽證及 PURA 審查後，我們預期將於明年第一季取得最終融資計畫決定。這將使我們得以啟動信用評等機構審查、提交 SEC 註冊聲明，並開始行銷。完成上述步驟後，我們預期約在一年後資金到位。

Let me reaffirm our five-year capital plan of $26.5 billion, as shown on slide 17. This reflects our five-year utility infrastructure investments by segment through 2030. I do want to note that we have now highlighted the potential increase to our capital forecast from the announcement of ISO’s preliminary decision on the transmission RFP selection, as well as AMI in Connecticut.

我想再次確認我們的五年資本計畫為 265 億美元，如第 17 張投影片所示。這反映了我們至 2030 年按事業別分列的五年公用事業基礎設施投資。我也要指出，我們現已將資本預測可能上調的因素加以標示，包括 ISO 就輸電 RFP 遴選所公布的初步決定，以及康乃狄克州的 AMI。

Turning to slide 18, we reaffirm our non-GAAP EPS guidance range of $4.57 to $4.72 per share for 2026. This guidance was revised in March for the lower base ROE rate of 9.57, as well as the sale of Aquarion. Lastly, on slide 19, we remain confident in our ability to deliver earnings growth towards the upper half of our long-term target range of 5%-7% by 2028. Of note, this guidance currently assumes the 9.57% base ROE rate for transmission investments.

接著看第18頁投影片，我們重申2026年非GAAP每股盈餘（EPS）指引區間為每股4.57美元至4.72美元。該指引已於3月因較低的基準ROE（股東權益報酬率）9.57，以及出售Aquarion而進行修訂。最後，在第19頁投影片，我們仍對於在2028年前將獲利成長推進至我們長期目標區間5%–7%的上半段充滿信心。值得注意的是，此指引目前假設輸電投資適用9.57%的基準ROE。

As you can see on this slide, we have executed on many of our key initiatives. Through improved regulatory outcomes such as storm cost securitization in both Connecticut and New Hampshire, the result of the CL&P rate case request in mid-2027, and the sale of Aquarion, we are confident in our ability to achieve the higher growth as we move forward.

如各位在這張投影片所見，我們已在多項關鍵倡議上落實執行。透過改善的監管結果，例如在康乃狄克州與新罕布夏州的風暴成本證券化、CL&P於2027年年中提出的費率案件申請結果，以及出售Aquarion，我們對於未來持續推進並達成較高成長充滿信心。

With that, I would like to turn the call back to the operator for Q&A.

接下來，我想把電話交回給主持人，進入問答環節。

(Operator Instructions)

（主持人指示）

Shar Pourreza, Analyst, Wells Fargo.

Shar Pourreza，分析師，富國銀行（Wells Fargo）。

Morning, guys.

早安，各位。

Morning, Char.

早安，Shar。

Morning.

早安。

Morning, Joe. Joe, just on the storm cost, obviously the carrying costs were denied in full. It’s kind of material, I guess. How does that compare against what you had embedded in the financing plan? I guess, what are the offsets and next steps there? Just, I guess, what are the components of the $1.8 billion from storm cost securitization, just in terms of how much is Connecticut versus New Hampshire? Thanks.

早安，Joe。關於風暴成本，顯然資金占用成本（carrying costs）被全數否決。我想這算是相當重大。這與你們在融資計畫中原先納入的假設相比如何？我想問的是，有哪些抵銷項與接下來的步驟？另外，風暴成本證券化的18億美元，組成上康乃狄克州與新罕布夏州各占多少？謝謝。

Sure. Shar, this is John.

好的。Shar，我是John。

Hey, John.

嗨，John。

How are you? Let me take the storm decision that we received a couple of days ago. I think it’s important and for us, and first and foremost, that we are very pleased to finally have a decision, and more importantly, the number with which we can move forward with securitization. Overall, when you read the decision, it is constructive. Certainly better than what we’ve seen from other rate decisions coming out of PURA. We are a bit disappointed with a couple of items that we don’t really agree with. Things like the $63 million that they deferred really doesn’t make sense to us, and certainly the carrying charge. We continue to review the decision and really assess our options as I stated in my formal remarks.

你好嗎？我先談談我們幾天前收到的風暴決議。我認為這對我們很重要；首先也是最重要的是，我們非常高興終於有了決定，更重要的是，有了一個數字，讓我們可以推進證券化。整體而言，當你閱讀該決議時，它是具建設性的。確實比我們從PURA其他費率決議中看到的要好。有幾個我們不太認同的項目，讓我們有些失望。例如他們遞延的6,300萬美元，對我們而言並不合理，當然也包括資金占用費用。我們仍在持續檢視該決議，並如我在正式發言中所述，評估我們的選項。

Once again, we’re encouraged that we finally have a number that we can move forward and get nearly $700 million in the door a year from now. As it relates to the carrying charge specifically, I do want to mention, we only include things in our forecast that we have a high degree of conviction. More importantly, we have not recognized $1 of these retroactive carrying charges. One would conclude that in our financing plan, because we don’t have a high level of degree of conviction, that we have not assumed that we would get the retroactive piece. We think that we continue to be entitled to it, and we will assess our next steps as it relates to the carrying charge.

再次強調，我們很受鼓舞，因為終於有了一個數字，讓我們可以往前推進，並在一年後讓近7億美元到位。就資金占用費用（carrying charge）而言，我確實想提到，我們只會把我們高度確信的事項納入預測。更重要的是，我們尚未認列這些追溯性資金占用費用中的任何1美元。因此可以推論，在我們的融資計畫中，由於我們並沒有高度確信，我們並未假設能取得追溯部分。我們認為我們仍有權取得，並將就資金占用費用評估下一步。

Got it. Perfect. Just the last thing is on the rate case. Joe, obviously it’s a pretty sizable ask at Connecticut Light & Power, and PURA’s posture in the storm decision, cost decision wasn’t great. What’s your read on how PURA approaches a filing of this size, especially kind of in an election year? It’s early, but how informed were stakeholders pre-filing? Were they surprised? What’s giving you confidence they’re going to do the right thing?

了解。很好。最後一點是關於費率案件。Joe，顯然康乃狄克電力與照明公司（Connecticut Light & Power）的申請金額相當可觀，而PURA在風暴決議、成本決議上的立場並不理想。你怎麼看PURA在選舉年、面對這種規模的申報時會如何處理？雖然還早，但在申報前利害關係人被告知到什麼程度？他們有感到意外嗎？是什麼讓你有信心他們會做出正確的決定？

Obviously, it’s a large ask, the fact of the matter is, we have not filed a distribution rate change since 2017. I’m very proud of the reliability metrics, the investments that we’ve made down there in Connecticut, and I think that that will stand up in this proceeding. As John had mentioned, only 11% of the deficiency is coming from O&M. You’ll see how seriously we’re taking cost controls. We feel very good about the investments. We think that our regulators will feel good about the investments. The other 90% of the deficiency is CapEx. Resiliency, taxes, depreciation. It’s nothing that’s optional. It’s about keeping the lights on and getting fair cost recovery. Not investing in the system, as you know, would be far more expensive. As I said earlier, I am very optimistic. It’s encouraging what’s been happening at PURA.

顯然這是一個很大的申請；但事實是，我們自2017年以來就沒有提出過配電費率調整申請。我對我們在康乃狄克州的可靠度指標以及我們在當地所做的投資感到非常自豪，我認為這些都能在本次程序中站得住腳。如John提到的，缺口中只有11%來自營運與維護（O&M）。你們會看到我們對成本控管的重視程度。我們對這些投資非常有信心。我們認為監管機構也會對這些投資感到放心。其餘90%的缺口是資本支出（CapEx）。包括韌性、稅負、折舊。這些都不是可有可無的。這關乎維持供電並取得公平的成本回收。如你所知，不投資系統反而會更昂貴。如我先前所說，我非常樂觀。PURA近期的動向令人鼓舞。

If you look at the past six months of decisions, whether it’s around Yankee, whether it’s around storm cost recovery, they’re a very engaged regulatory body. All five of them are on the bench. All five of them are engaged. All five of them are asking very good questions. We feel very good that we will get a fair hearing in Connecticut. I think that they’re going to see that the money that was spent, the money we’re seeking in rates is prudent. I’m very confident that we’ll be treated very fairly in Connecticut. Just looking at the history over the past six months, it’s very encouraging. Keep in mind, as I tell folks, it is an election year. It’s an election year in Massachusetts. It’s an election year here in Connecticut. With that comes additional amount of press and drama.

如果你看過去六個月的決定，不論是關於Yankee，或是關於風暴成本回收，他們都是一個非常投入的監管機構。五位委員都在席。五位都很投入。五位都提出非常好的問題。我們很有信心在康乃狄克州會得到公平的審理。我認為他們會看到我們已花出去的錢、以及我們在費率中所尋求的金額，都是審慎合理的。我非常有信心我們在康乃狄克州會被非常公平地對待。僅從過去六個月的歷史來看，這非常令人鼓舞。也請記住，正如我常跟大家說的，今年是選舉年。麻薩諸塞州是選舉年。康乃狄克州也是選舉年。這會帶來更多的媒體關注與戲劇性。

The fact of the matter is, we will stick to the facts. We’ll stick to our record. We’ll stick to what we have done, and we are very proud of that effort.

但事實是，我們會堅持事實。我們會堅持我們的紀錄。我們會堅持我們所做的一切，而我們對此非常自豪。

Okay. Perfect. Appreciate it, guys. Have a good morning.

好的。很好。謝謝各位。祝各位早安愉快。

Thank you.

謝謝。

Carly Davenport with Goldman Sachs.

高盛的 Carly Davenport。

Good morning, Carly.

早安，Carly。

Good morning.

早安。

Good morning. Thanks for taking the questions. Maybe to start on the New England transmission opportunity that you highlighted, what are the next milestones that we should watch there to de-risk that potential investment to the point that you’d consider rolling that into the baseline? Would that just be the 4Q call, or is there anything we should watch there?

早安。謝謝讓我提問。或許先從你們提到的新英格蘭輸電機會開始，接下來有哪些里程碑是我們應該關注的，好讓這項潛在投資的風險降低到你們會考慮把它納入基準情境的程度？是只要等到第四季電話會議就好，還是還有其他我們應該留意的事項？

Yeah. I think the third quarter call, you’ll have some good insight. We’re expecting stakeholder comments on August 14th on the preliminary recommendations. August, September, ISO New England will review it. They’re going to respond to the stakeholders. We currently anticipate a publication of a final recommendation in September. We should be in a good position for the third quarter call to give you more updates, and that will allow us to roll that into the plan.

是。我認為在第三季電話會議時，你們會得到一些很好的洞見。我們預期利害關係人會在 8 月 14 日就初步建議提出意見。8 月、9 月期間，ISO New England 會進行審查。他們會回覆利害關係人。我們目前預期 9 月會發布最終建議。到第三季電話會議時，我們應該能在很好的位置提供更多更新，並讓我們把它納入計畫中。

Yeah. Carly, I’m sure you’re going to have a follow-up question. I’m sure everyone is wondering how much of that $700 million will be rolled into our current five-year forecast, taking us through 2030. You should think of it as probably half, 50% of that CapEx will incur during that forecast period.

是。Carly，我相信你會有追問。我想大家都在想，那 7 億美元中有多少會納入我們目前的五年預測、一路到 2030 年。你可以把它想成大概一半，也就是 50% 的資本支出會發生在那個預測期間內。

Got it. Okay. That’s great. Super clear. Thank you for that. Then, maybe just on the incremental Revolution charge this quarter, can you just expand a bit on kind of the drivers that I guess were unknown relative to last quarter? And then any kind of risks that you see around cost slipping incrementally relative to this update?

了解。好。這很棒。非常清楚。謝謝你們。那再請教一下本季額外的 Revolution 費用，你們能否再多談一點，相較於上季有哪些驅動因素是當時未知的？以及就這次更新而言，你們看到成本相對於本次更新再度小幅上滑的任何風險嗎？

Sure. We have been watching this very closely in terms of the remaining charges associated with Revolution Wind. As we had mentioned, the two stop work orders led us to lose that vessel, and that vessel needed to get remobilized in order to finish the job. I’m very encouraged by many factors associated with Revolution Wind. First of all, we have every component needed to install it.

當然。我們一直非常密切地關注與 Revolution Wind 相關的剩餘費用。如我們先前提到的，兩次停工令導致我們失去那艘船，而那艘船需要重新動員才能完成工作。就 Revolution Wind 而言，有許多因素讓我非常受到鼓舞。首先，我們已具備安裝所需的所有組件。

The remaining pieces of the installation are very straightforward. There’s no uncertainty around it. We’re delivering over 300 megawatts of capacity right now to the ISO New England grid, and we’re ramping up. We’re heading towards the 704 number. I feel good about it. The fact of the matter is, the project is nearly complete. We have an in-service date of 2026. We’re going to finish this and get it over the goal.

剩餘的安裝工作非常直接。沒有任何不確定性。我們目前已向 ISO New England 電網輸送超過 300 兆瓦的容量，而且正在爬坡提升。我們正朝 704 的數字前進。我對此感到樂觀。事實上，該專案幾乎已完成。我們的投運日期是 2026 年。我們會把它做完並達成目標。

I do feel very good that with the number that we have captured to date, and I don’t see any other types of risks that worry me or are going to keep me up at night, Callie. I feel very good about it. We’re going to bring this in, and I’m very proud of the work that was done. And obviously, we couldn’t control the shutdowns, but we just wanted to capture that and make sure that we are up front about charges.

我確實覺得，以我們目前已認列的金額來看，我看不到其他會讓我擔心、或讓我夜不能寐的風險，Callie。我對此非常有信心。我們會把它完成，我也為所做的工作感到非常自豪。顯然，我們無法控制停工，但我們只是想把這些反映出來，並確保我們對費用是坦誠透明的。

Understood. Great. Thank you so much for the color.

了解。很好。非常感謝你們提供的說明。

Nicholas Woods with Bank of America.

美國銀行的 Nicholas Woods。

Good morning, Nick.

早安，Nick。

Good morning, guys. How you guys doing?

各位早安。你們最近如何？

Great.

很好。

I guess just going back to offshore wind a little bit. Can you give us a sense of how much of the project is completed at this point? I thought I saw, or maybe I didn’t see it correctly, but I didn’t see a percentage completion figure this time, so I just want to get a sense of where we’re at in terms of that. Can we start from there?

我想再回到離岸風電一點。你們能否讓我們了解一下，目前專案完成了多少？我以為我有看到——或可能我看錯了——但這次我沒有看到完成百分比的數字，所以我想了解一下我們目前的進度。可以先從這裡開始嗎？

Sure, yeah. The project is over 95%, actually 97% complete. We are really in the final, we’re in the five-yard line to get over the goal. We feel very good about that.

當然，可以。專案已完成超過 95%，實際上是 97% 完成。我們真的已進入最後階段——已到達達陣前的最後幾碼，準備跨過終點線。我們對此非常有信心。

Got it. Thanks for that. Just touching on the FERC ROEs. There’s several processes as you guys highlighted, that are running kind of in parallel. You guys mentioned before that, ultimately you would guys want an ALJ to be appointed and get an overall global resolution to all these outstanding dockets. Has that view changed, or what do you guys expect from all this?

了解。謝謝。再談一下 FERC 的 ROE（股東權益報酬率）。如你們所提，有好幾個程序是某種程度上並行進行的。你們之前提到，最終你們希望指派一位 ALJ（行政法官），並對所有未決案卷達成一個整體性的解決方案。這個看法有改變嗎？或者你們對整件事的預期是什麼？

Hey, Nick, this is John. The process is pretty much in line with what we were expecting, with the exception that there was no administrative judge appointed to kind of work with the parties. As you know, in any proceeding, settlement is always on the table. I think, what we like about it is FERC wants to accelerate this paper hearing to have a reasonable rate going to effect on November 30th, which is very quickly. I think once we have that and we see the rate, and I think that could potentially get parties to reengage and hopefully look at a global settlement.

嗨，Nick，我是 John。整體流程大致符合我們的預期，唯一的例外是沒有指派行政法官來協助各方。如你所知，在任何程序中，和解永遠都是選項之一。我想我們喜歡的一點是，FERC 希望加速這個書面審理，讓合理費率能在 11 月 30 日生效，時間非常快。我認為一旦我們拿到並看到該費率，這可能會促使各方重新投入，並希望能朝整體性和解邁進。

Great. Appreciate the time. Thank you so much.

很好。感謝撥冗。非常謝謝。

Thank you.

謝謝。

Sophie Karp with KBCM.

KBCM 的 Sophie Karp。

Good morning, Sophie.

早安，Sophie。

Hi. Good morning. Thanks for the time. I’m just curious, guys, now that a bunch of overhangs and I guess uncertainties are getting to have them in the rear view mirror, have you given any thought to maybe revising your long-term growth targets, or at least having them so you’re one of a few peers that don’t explicitly have a rate base growth target in your materials, things like that. Is there a path here now to higher precision in disclosures?

嗨。早安。謝謝撥時間。我只是好奇，各位，現在有一堆壓力因素（overhangs）以及我想是不確定性都逐漸成為過去、拋在腦後了，你們是否有考慮過也許修訂你們的長期成長目標？或者至少在揭露上更明確一些——因為在同業中，你們算是少數幾家在資料中沒有明確提供費率基礎（rate base）成長目標的公司。現在是否有一條路徑，能讓揭露更精準？

Hey, Sophie, this is John. We give enough information. We give you the annual CapEx, so you can certainly- calculate a rough number. Our rate base growth, and we do give that number as to what historically it’s been. It’s grown slightly over 8%, an 8% CAGR. We do have that slide every year when we give forward-looking guidance. We just felt it was something that wasn’t really needed because we do give enough color that someone could arrive at the annual rate base growth.

嗨，Sophie，我是 John。我們提供的資訊已經足夠。我們提供年度資本支出（CapEx），所以你當然可以——估算出一個大概的數字。至於我們的費率基礎成長，我們也提供了歷史數字。它略高於 8%，約 8% 的年複合成長率（CAGR）。我們每年在提供前瞻性指引時，都會放那張投影片。我們只是覺得沒有特別需要，因為我們已提供足夠的說明，讓大家可以推導出年度費率基礎成長。

All right. I don’t know if you’re familiar with the slide that I’m referring to, but we do give what is expected for a rate base by 2030 based on our CapEx. We do have that in our deck.

好的。我不確定你是否熟悉我所指的那張投影片，但我們確實在投影片中提供了基於我們資本支出（CapEx）推估到2030年的預期費率基礎（rate base）。我們的簡報裡有這部分。

Right. Secondly on the AMIs, can you maybe talk a little bit about the timeline of the rollout there, and how will that reflect in rate base?

了解。第二個問題關於AMI，你能否談一下那邊的部署時程，以及這將如何反映在費率基礎上？

Sure. Let me start off with the process that we’re nearing the end in Massachusetts. It’s really a five-year journey. As it relates to Connecticut, right now we have included that proposal as I made in my formal remarks in the rate case. We also, outside of the rate case, requested an expedited decision to move forward, hopefully this fall. We do want to take advantage of some contractual pricing that we were able to lock down for the vendors that we’re using in Massachusetts. We feel that, getting the green light for us to proceed with AMI in Connecticut by this fall, customers in Connecticut would be able to take advantage of that pricing. With that, I would say if we get the green light this fall, we would start the project, mobilize it in next year.

當然。我先從我們在麻薩諸塞州接近尾聲的流程談起。這其實是一段為期五年的旅程。至於康乃狄克州，我們目前已如我在費率案件（rate case）正式發言中所述，把該提案納入其中。此外，在費率案件之外，我們也申請了加速裁決，希望能在今年秋天推進。我們確實希望把握我們在麻薩諸塞州所使用供應商、已鎖定的部分合約價格。我們認為，如果今年秋天能獲准在康乃狄克州推進AMI，康州客戶就能受惠於該價格。在此情況下，我會說若今年秋天獲准，我們將於明年啟動並動員該專案。

Five years later, it’s when everything will be wrapped up.

五年後，一切就會全部完成。

All right.

好的。

That $1 billion, some of that will fall beyond our forecast period, given that timeframe.

鑑於那個時程，這10億美元中的一部分將落在我們預測期間之後。

Got you. All right. Thank you very much. That’s all for me.

了解。好的。非常感謝。我這邊就到這裡。

Thank you.

謝謝。

Anthony Crowdell with J.H.

J.H.的Anthony Crowdell。

Good morning, Anthony.

早安，Anthony。

Good morning, John. Good morning, Joe. How’s it going?

早安，John。早安，Joe。最近如何？

Wonderful.

非常好。

Just two quick questions. One is, I think on the FERC refund, there was a decision out, I don’t know, a month or two ago in MISO. I’m just curious if that strengthens your appeal arguments or complicates your appeal argument. I have a follow-up.

兩個很快的問題。第一個是，我想關於FERC退款，MISO那邊在一兩個月前出了一個裁決。我只是好奇，那是否會強化你們的上訴論點，或反而讓你們的上訴論點更複雜。我還有一個追問。

Anthony, I would say no impact. Our facts and circumstances from a legal standpoint is quite different than the MISO decision. Obviously, as you know, the MISO impact on the rate was a couple of basis points. Here in New England, it’s much greater. Our legal position is different than the MISO, and we feel good about our legal position. We’ve done everything we can as far as the motion for a stay, and we’re waiting for the court to rule on that, which could come any day now. Certainly, we’re hoping before we commence any refunds, which we have not at this point initiated any of those refunds at this time.

Anthony，我會說沒有影響。從法律角度來看，我們的事實與情況與MISO的裁決相當不同。顯然，如你所知，MISO對費率的影響只有幾個基點。而在新英格蘭地區，影響大得多。我們的法律立場也不同於MISO，我們對自身的法律立場很有信心。就申請暫緩執行（motion for a stay）而言，我們已盡一切所能，目前正等待法院裁定，可能隨時都會出來。當然，我們希望在開始任何退款之前就能有結果；截至目前，我們尚未啟動任何退款。

Great. If I could just slide 15, you give a lot of clarity on the credit cushion. I’m wondering if you guys have a targeted or a minimum credit cushion that you operate in, and if the FERC refund was upheld, meaning you had to pay it back, I guess, would you use any other levers to maintain the cushion you guys showed today? Would you just use the balance sheet capacity that you have to maybe fund that refund?

很好。如果我可以問一下第15頁投影片，你們對信用緩衝（credit cushion）提供了很多清晰資訊。我想知道你們是否有一個目標或最低的信用緩衝水準；如果FERC退款被維持、也就是你們必須退回，我想問你們是否會使用其他槓桿來維持今天展示的緩衝？你們會不會用資產負債表的融資能力來支付那筆退款？

First and foremost, we stand with our guidance that we want to be 100 basis points above the downgrade thresholds, and we’ve been very successful, as you can see on that slide. That’s our priority. I feel good about the forecast and us achieving that steady state. As it relates to the refund, if we are in the position where we do have to refund the incremental $880 million, we would do that in a balanced manner.

首先，我們維持既有指引：我們希望評等指標能比降評門檻高出100個基點，而且如投影片所示，我們一直做得很成功。那是我們的優先事項。我對預測以及我們達成該穩態水準很有信心。至於退款，如果我們確實必須退還額外的8.8億美元，我們會以平衡的方式來處理。

Great. That’s all I had. Thanks for taking my questions.

很好。我就這些。謝謝回答我的問題。

Thanks, Anthony.

謝謝你，Anthony。

David Paz with Wolfe.

Wolfe的David Paz。

Morning, David. Hey, David.

早安，David。嗨，David。

Good morning, guys. I just wanted to confirm on equity. You’re now with Aquarion done and everything and all the orders you got in place and assuming the securitization as it stands today, is it fair to say your equity is $800 million-$1.1 billion through 2030 without setting aside FERC refunds? Is that the way to read-

各位早安。我想確認一下股權（equity）。現在Aquarion已完成，所有命令也都到位，並假設證券化（securitization）維持目前狀態，是否可以說你們到2030年的股權需求是8億到11億美元，且未預留FERC退款？可以這樣解讀嗎—

Yep.

對。

Correct.

正確。

Okay. Yep, that slide does not assume that we would be in a position to refund the FERC, other than the 15-month refund that we’ve already accounted for and booked.

好的。那張投影片並未假設我們會需要退還FERC退款，除了我們已經納入並入帳的15個月退款之外。

Okay. You said no more equity instances for 2026.

了解。你說2026年不會再有增資（equity）情況。

Correct.

正確。

If I heard you correctly.

如果我沒聽錯的話。

That is correct.

沒錯。

Got it. All right. Thank you. Just switching gears to your parent and other drag. Is it fair to say that the first half of this year is a good indicator or a good run rate if we wanted to do a full year for the 2026 parent drag? How to think about that beyond 2026?

了解。好。謝謝。換個話題談母公司與其他項目的拖累（parent and other drag）。如果我們想推估2026年全年母公司拖累，是否可以說今年上半年是一個不錯的指標或合理的運行水準（run rate）？那2026年之後該如何看待？

Yeah. As you can see, year-over-year, we’re pretty much flat. I think we have more normalcy, if you will, at the parent and other. Once again, the taxes, that can go back and forth a bit. I think to answer your question, I think it would be a good number if you modeled kind of the steady state going forward. We don’t have very much at the parent and other than taxes and interest.

是的。如你所見，年對年我們基本上持平。我想母公司與其他項目更趨於正常化。再說一次，稅負可能會有些波動。回答你的問題，我認為如果你用這個數字去建模、作為未來的穩態水準，會是一個不錯的估計。母公司與其他項目除了稅與利息之外，沒有太多內容。

Okay. That’s it. Thank you.

了解。就這些。謝謝。

Thanks, David. Thanks, David.

謝謝，David。謝謝，David。

Jeremy Tonet with JPMorgan.

JPMorgan的Jeremy Tonet。

Morning, Jeremy. Hey, Jeremy.

早安，Jeremy。嗨，Jeremy。

Hey, guys. This is actually Aidan Kelly on for Jeremy. Appreciate the time today.

嗨，各位。我其實是代替Jeremy的Aidan Kelly。感謝今天撥冗。

Hey, Aidan.

嗨，Aidan。

Yeah, just one quick clarifying question on my end. I think it was asked earlier in the call, but could you just break down the key assumptions that comprise the $1.8 billion estimate in storm proceeds in your plan? I guess beyond the $700 million Connecticut, which we talked about. Could you just

是的，我這邊只有一個很快的釐清問題。我想在電話會議較早的時候有人問過，但你能否拆解一下，你們計畫中「風暴相關收益」18億美元估算所包含的關鍵假設？我想是除了我們談到的康乃狄克州7億美元之外。你能否就

Yeah

可以。

quantify the cash flow drivers elsewhere across your jurisdictions?

在你們其他轄區，量化一下現金流的驅動因素？

Let me start with what makes up the up to the $1.8 billion. We talked about, and we have it on the slide, the $700 million that we will move forward with securitization from the Connecticut storm decision that just happened this week. $700 million, and we’re sitting on about $450 million of New Hampshire storm costs that we’re waiting for the final tranche to be approved. That’s about $450 million. We’ve included that in this slide as an update because now we have the legislation in hand. The difference between those two items and the $1.8 billion would be the carrying charges as it pertains to the Connecticut storms. As I mentioned, we are reviewing the decision and looking at our options and next steps. We feel that there is a path forward for us to seek recovery of that.

我先從這最高達18億美元的構成開始說。我們談過，而且投影片上也有，這週剛出爐的康乃狄克州風暴裁決中，我們將推進證券化的7億美元。7億美元；另外我們手上還有約4.5億美元的新罕布夏州風暴成本，正等待最後一批核准。那大約是4.5億美元。我們把它納入這張投影片作為更新，因為我們現在已經拿到相關立法。這兩項合計與18億美元之間的差額，將是與康乃狄克州風暴相關的資金占用成本（carrying charges）。如我提到的，我們正在審視該項決定並評估我們的選項與後續步驟。我們認為有一條可行路徑，讓我們去爭取回收那部分。

It would certainly be within our five-year period. We’ve included that in there as well. That’s the composition of the $1.8 billion.

這當然會落在我們的五年期間內。我們也把那部分納入其中。這就是18億美元的組成。

Great. That’s very helpful. Thanks, John. I’ll leave it there.

很好。這非常有幫助。謝謝，John。我就先到這裡。

Okay. Thank you.

好的。謝謝。

Julien Dumoulin-Smith with Jefferies.

Jefferies 的 Julien Dumoulin-Smith。

Morning, Julien. Hey, Julien.

早安，Julien。嗨，Julien。

Hi. Good morning, team. Sorry to disappoint you. This is actually Tanner James on for Julien. I just wanted to follow up on that AMI filing in Connecticut, particularly relating to the benefit-cost analysis prepared. That analysis details a slightly positive nominal net benefit, but that turns negative on an NPV basis. Can you just provide some details regarding the proposal and prospects for implementation, given the negative NPV for net benefit? Thanks.

嗨。各位早安，團隊。抱歉讓你們失望了。其實我是代 Julien 上線的 Tanner James。我想追問一下康乃狄克州那份 AMI 申報，特別是關於所準備的效益成本分析。該分析顯示名目淨效益略為正值，但以 NPV（淨現值）基礎則轉為負值。鑑於淨效益的 NPV 為負，你能否提供一些關於該提案及其落地實施前景的細節？謝謝。

Yeah, sure. I think the primary driver is. Well, let me step back. This docket has been open for a multitude of years. If we had approval and had the green light to move forward with that, the cost-benefit analysis would have been much, much stronger and positive. Because we haven’t been able to get to a mutual place where we would feel comfortable in making the investment without having the assurance that we have recovery, we haven’t done so. We have updated the analysis, and the costs have gone significantly higher. The benefits really haven’t changed. Now the cost component has changed, and that’s why we’re really close. Over time, we think it’s the right thing to do, and will give customers the tools that they need to manage their energy consumption. We think that brings a lot of value to the table.

好的，當然。我想主要驅動因素是——嗯，我先退一步說。這個案子（docket）已經開了很多年。如果我們當時就獲得核准、也拿到推進的綠燈，那成本效益分析會強很多、也會是正面的。因為我們一直無法達成一個彼此都能接受的狀態，讓我們在有把握能回收成本的前提下安心投資，所以我們一直沒有做。我們已更新分析，而成本已大幅上升。效益其實沒有太大改變。現在變的是成本端，這也是為什麼我們現在非常接近（臨界點）。從長期來看，我們認為這是正確的事，並且能讓客戶擁有管理其能源使用所需的工具。我們認為這能帶來很大的價值。

Understood. Thanks. Maybe following up on the long-term EPS guidance, I noticed the disclosure with the earnings report projects cumulative 5%-7% EPS CAGR through 2030. Could you just provide an update regarding how you might view either the linearity or the shaping of the earnings profile, or if there are other factors to consider regarding targeted EPS growth?

了解。謝謝。另外追問一下長期 EPS 指引，我注意到你們在財報揭露中預估到 2030 年累計 EPS 年複合成長率（CAGR）為 5%–7%。你能否更新一下，你們如何看待獲利曲線的線性程度或形狀（shaping），或是關於目標 EPS 成長還有其他需要考量的因素？

Sure. I did state in my formal remarks that we see the trajectory of growth rate, certainly between now and 2030, moving towards the upper half. One would imply, and I also gave a bit more color that says by 2028 is when you can see that growth happening to put us in the upper half of that 5%-7%. One would conclude that on a sustainable basis, that 2028, 2029, and 2030 to get us to the upper half by the end of 2030. That’s the trajectory that we’re out there with.

當然。我在正式談話中確實提到，我們看到成長率的軌跡在現在到 2030 年之間，會朝向區間的上半部移動。這也意味著——我也補充了一些顏色——大約到 2028 年你會看到那個成長開始發生，讓我們落在 5%–7% 的上半部。你可以推論，在可持續的基礎上，2028、2029 與 2030 這幾年會把我們推到 2030 年底的上半部。這就是我們對外所說的成長軌跡。

Great. Thank you very much. Appreciate it.

很好。非常感謝。感激不盡。

Sure thing. Have a good day.

不客氣。祝你有美好的一天。

Thank you so much. This concludes our Q&A session. I will pass it back to Joe Nolan for final remarks.

非常感謝。我們的問答環節到此結束。我將把時間交回給 Joe Nolan 做最後致詞。

Thank you for joining us today. We’re pleased with our progress year to date, remain confident about our execution momentum into the second half of the year. With a strengthened balance sheet, robust five-year capital plan, and ample opportunities for investment, we are well-positioned for higher growth. Operator, this ends today’s call. Thank you all for joining us.

感謝各位今天加入我們。我們對今年迄今的進展感到滿意，並對下半年持續推進執行動能保持信心。在資產負債表更為強健、穩健的五年資本計畫，以及充足的投資機會之下，我們已做好準備以實現更高成長。接線員，今天的電話會議到此結束。謝謝各位的參與。

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

謝謝。今天的會議到此結束。感謝各位參與。您現在可以掛線。