Eversource Energy (ES) 6 Nov 232023 Q3 Earnings call transcript

Hello, and welcome to the Eversource Energy Q3 2023 Earnings Call. My name is Alex, I'll be coordinating the call today. [Operator Instructions] I'll now hand it over to your host, Robert Becker, Director for Investor Relations. Please go ahead.

Good morning, and thank you for joining us. Energy's Investor Eversource Becker, Bob Director Relations. for I'm

during referencing posted can forward on this statements on call, website. looking. we be of we'll made subject or the expectation based of undertake you During These our statements may slides And statements. from X, uncertainties, some investor are forecasts these projections. this call risks Slide be see We which revise to may on management's to results materially current cause obligation differ update to no any and are and the actual as and

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

Speaking Chief be and Vice us and Vice Buth, our Executive our Chairman, and our Officer; today CFO. today President Executive Joe Moreira, joining Also Jay President John will Nolan, is Controller. and President

Now the Joe. to I'll call turn over

conference Thank you, many this our week. everyone, call us this forward on look the I morning. today thank Bob, at EEI you and to conversation and of for seeing joining you, next to

is with that a investment. let you, First, start me mind I top am to is update topic our on wind of offshore certain an of which of all the sale

area in closed have Orsted tax to in of lease investment. Wind our uncommitted sale South pleased the very are We along to equity with Fork stake the September, our XX%

transactions us. to delighted these We behind have are

several under be for development, front. agreement. such progress our as to new substantially venture our What interest buyer make finalize this in good As their documents the Orsted X contract remains and for which a completed the of have to in is to the are continue projects joint buyer completed we on negotiations with sale

the sale. up buyer process announce this of to wrap with the to shortly, and sales the our us agreement terms expect allowing We execute

see our offshore go you is the to project construction connected. the cables cable, advanced on in report that XXXX. to As very substation service to and complete fully The installed export construction I'm our into early turbine Wind happy wind significantly Fork and is expected South offshore while wind with array the by Connecticut in Slide and connected installation #X, of is is onshore remaining This Labor underway, X to year, the spearhead by X we from this will industry have utility-scale expect in be will with installed operationally built end and one to offshore U.S. turbines farms country's project offshore various turbines the unions. of the complete January. first Currently,

full we construction to XX, service our in taken late our and joint advance investment on that that decision, Wind. allows This have milestone project and venture it XXXX. or October to is On and installation an have FID, project important announced final offshore this Revolution onshore in

or XXXX. The pricing with like XX, I'd along recent Sunrise OREC events several many Commission York denied New interest and developed was since supply including chain of petition higher that from petition Wind our our in for challenges address inflation project. executed developers, macroeconomic extraordinary rates, fall to the the disruptions the sought On agreement adjustments the for the source have from great New Public know petitions you. of interest I a in been York, which to October of Service now renewable address

Research York Development their and factors in or incorporated the NYSERDA, solicitation. offshore wind by State These Energy Authority, were New recent

advocated adjustments, commitment that New While we for PSC's had are disappointed competitive their publicly support with NYSERDA to York transparent we especially pricing RFP decision, the given process.

to rebidding JV accelerated as to process, be winning NYSERDA's encouraged next our early we Together information. establish which includes request an are that an to for announced year. York as responded bids New with working We see where very track accelerated is partner, could Orsted,

will Wind in of Sunrise economic and nature confident deliver this developing we much other earlier We reliable that clean project. towards the that Together, region, many feel attractive support York bid will development and the projects. than a reflect energy will work to New

continue maximize remain project project to economics to schedules will ways and We ensure evaluate track. to on

us We Sunrise project limited for maintain Wind. Revolution have Wind onshore have of installation identified our and also been the construction vessel, Wind we begun and Sunrise for schedule for have solutions you many which to asking about

projects excited actions wind who on as Biden We're current offshore We the X expect for encouraging taken offshore as accelerated relief service the provide federal be tax offshore wind late wind projects. both process to recent asked by in regional for benefits U.S. projects in administration by costs, well governors and XXXX. the clarify permitting to lease

in play X,XXX for announced will Island our Ned and Eversource key seek will reduce costs. first between Lamont its kind in with needed in Massachusetts Connecticut the All due investment Governor, region help over these the to connect and benefits megawatts infrastructure the issued And resources early Connecticut, have to important the to of providing states proposals partnership bids wind X October, procure expand offshore and Rhode a distribution transmission to grid. role RFPs that XXXX.

Moving business. our core over to

to for we As you know, is continue Eversource here customers. to done everything service with at enhance focus do a our

to interruption resilient gas investment the performance years of customers of years, our performance high and system years electric exceeding customers and are reliability Slide we've focused our our adapt levels needs over investments are the top in the well, come. at result to the target. X to strong gas for our continue on ensuring several electric past of X, ready serve made systems is at we delivering These and top Emergency to the between in our nearly decile Response internal shown As

in system to clean billion our $X our good Looking goal at resources. and advance focus, we reaching our Massachusetts, Clean and in our continue to transmission energy XXXX. enabling neutrality electric In in distribution investing region, make clean on continue we Energy progress move are carbon by forward we energy nearly to

Slide bottom of the to X. Moving

Our burdened be high to during particularly by peak energy months. prices, winter customers continue

to this for winter's to winters, Connecticut While significantly prices are To significantly prices last our than at high fully customers. they relief lower at be expected is lower XX%. rates, year. be welcome last supply is than date, will compared a Massachusetts procured summer

current than procured New market continue, expectation the states January. through Hampshire will the year. in is X If conditions all lower rates is supply be that much winter last

than So prices region lower winter. the are across last

happy from report last costs launched heading that we to new to I'm that share a industry-leading responded. customers we to in has our optimize sign over customers energy winter. industry-leading in Along to help options. this of to pinch customers assistance feeling our bills energy out winter of energy we're We with areas. encourage new on lower Eversource they can The continue customers with campaign recognize our Connecticut residential competitive suppliers XX% customers their what many winter. Connecticut today into money. receiving are We're we XX% also build their outreach high doing have our from why customers dropped That's to programs. customers residential serve the ensure also to efficiency programs, To standard our energy educating use, this save service and efficiency up

the country. as #X best in energy ranks Eversource fact, efficiency In provider the

million access avoiding see the forward. this continue side of can are enabling energy supply in lifetime nearly we we million can gas tons. foundation X customer the to on with over to emissions efficiency, metric on solar working for invested last of greenhouse bills term, to the encouraging By slide, build these renewable on reliable $XXX left shop offshore we're great states generation. lower to We'll As doing year, you and programs customers moving like educating today. assistance infrastructure provide wind Longer necessary energy energy options, to customers what investment we and our

X. Turning demand our zero-carbon and to vehicles incremental The shift Slide will tremendous add heating electric to grid. to electric

demand expected here, winter XXXX, As demand XXXX. England peak expected you we at clean This of stark demand see a in utilities is with we can here more for contrast energy over double the the aggressively to the have planning electric to the by Along Gap] flat decade. seen New and Eversource. [Audio electric country, than future is is are past rest the across growth relatively

a ESMP. our clean customers is climate partnership we've how a enable state's energy we'll Plan, X, service transition to Sector Sept our the plan with for continue On as details Massachusetts Electric Plan our to reliable filed Modernization plan. our for roadmap and to This we future. safe maintain decarbonized

distributed clean solar energy towards resiliency generation will integrating technology investment additional to This in resources. our enable implementing new and energy to AMI Eversource In of implementation addition necessary our goes $X technology has investments that the beyond platforms, investment including increase to the Massachusetts distribution XXXX. improving base proposed and additional additional system system, billion the investment capacity, of other through of go nearly

XXXX to year. to engagement engaging justice Our requiring right of energy with in environmental forward we advocates final exceed and all achieve with the infrastructure, their leadership We transparent next modernization They're Massachusetts and tying advance goals all framework future. customer DPU policies, clean greenhouse towards goals. as plans, gas from a work proposed long-term energy submit excited in just not a electric manner but By emission decision towards role together. engage to a business setting consumer later to and taking customers XXXX to state's the We're to enabling grid the is plan XX% distribution is fully expected and Massachusetts for establish stakeholders look Massachusetts' decarbonization. companies the clean

we region the a actions offshore in case environment investment value the investment. and energy Moving our by But realization Governor as wind necessary a that recent support evidenced remains rate return that at future to by are on clean countries produce Lamont decisions The see the to [indiscernible] investment provide Connecticut. by supporting are encouraged reasonable is the destructive that as challenging region. toward. government's moving are for returns regulatory which We

of that providing our puts closing, I needs. in every the prouder couldn't be the for team day, Eversource customers' In effort

New guide the bold, the have for expertise We customers bright to a and as we energy future Northeast. experience and our the England develop

I call for will now again to your turn you the over Thank time. John.

results good review investment flow morning, XXXX, you, review Thank and quarter the discuss This will our of offshore morning, third Joe, and status wind position. the of everyone. cash for our I our

start X. me Let Slide with

per of related quarter share, earnings $X.XX of quarter with Eversource of for approximately XXXX third in to XXXX the were and results GAAP per include $X.X both GAAP costs share GAAP share recurring the per Our $X.XX transition earnings of of respectively and Company third million. Gas and for XXXX. transaction and Massachusetts recurring $X compared

the results amount reminder, XXXX would recurring change, Slide for impact X. per as the result on of reflect and NSTAR Electric's a of shown for As this the share earnings Adjusting by a per for GAAP XXXX $X.XX in negative share. third $X.XX of quarter earnings rate third design quarter both

full impact not results. does change design rate this year mentioned, previously have I As

and quarter back X quarter the earnings Moving segment, in details segment the which our continued starting by $X.XX share quarter of per the with with third by on XXXX system. some to investments in Transmission our Slide Improved additional looking of driven third as earnings were third per compared earned XXXX. results Electric at transmission of $X.XX in share our

place. Our year. that due The that earnings Distribution higher interest in Electric $X.XX tax at share we by $X.XX at and were timing share offset property tractors design higher rate third were earnings quarter well the earnings XXXX the in and decrease costs, per from NSTAR with capital These is as expense. to of Electric last per revenues earlier, quarter depreciation factors have third primarily of NSTAR Electric I the storm-related distribution mentioned change compared higher partially as of costs,

at Gas quarter share share the compared Distribution as in per XXXX of losses a Natural regulatory in and revenues and EGMA and from XXXX. and third which third effect were by operating per of $X.XX Our to increases base NSTAR interest segment loss XXXX. rate offset increased higher lost November depreciation The of the expenses, X, $X.XX were partially took quarter expense the Gas to due higher

quarter Eversource year. Distribution companies is the third expense. higher compared third level the quarter in third a partially third per loss the improved offset and as lower earned primarily per of recurring interest of quarter XXXX segment a the quarter results which of tax XXXX. in reflect in share same earned we share Water the share $X.XX parent effective quarter per of $X.XX XXXX that other to earnings third was were $X.XX Our rate by of last The in

share. our of between previous financial on range with are strong per XXXX Turning $X.XX X. to our discipline, Based and share, Slide earnings to our recurring to $X.XX we $X.XX to date narrowing our $X.XX projection results and per cost compared to

earnings we longer-term the EPS on the upper reaffirming our growth range. our in in at news X% growth rate half our and release rate are expectation, X, Looking X% see solidly long-term as saw you Slide to can of

regulated shown We are X-year reaffirming billion also X. as program, our capital $XX.X on Slide

Current capital expenditures first the X months $X.X of approximately XXXX. in totaled billion

Now effort On for business. to covered, in approximately on developable acres its the what exit we includes in September X, Joe to Eversource reached in further XXX,XXX our to lease offshore sale milestone expand deal. all-cash completed the important wind interest that Orsted an an XX% area our $XXX million of

We also used Fork for proceeds South $XXX investment. the our in our from of with tax tax lease equity We the on area closed equity investment million Orsted. Wind sale

tax investment partner current or of a was $XXX equity As half October. Fork, to XX% equity this million returned in in us South

credits the primarily the equity credits federal months. be will income are XX tax the refunds utilized turbines form from to tax tax once tax including These years the service. of recover prior expected to reduce next over expect investment liability, to Eversource's XX We in placed in

Sunrise mentioned, good one Joe of our representing we our earnings As to projects outcome petition, discussed the $XXX second I sale our positive of Eversource. projects. we value advancing existing the that a in continue XX% and million expected of in wind the quarter interest the with OREC to considerations sale offshore On approximately reprice from contingent progress X Wind on our call, make

to reaction an were accelerated Although petition, New its encouraged request Service process. Public Commission's quick the NYSERDA's by of are very rejection the run in RFP pricing we by disappointed we York

a As sales petition. on indicated, of transaction Sunrise's resolution I OREC advancing the not contingent was repricing previously

Sunrise our could move options followed for transaction South a we we assess of Sunrise, the potentially for rebid forward a sale As buyer. for and OREC whereby an the Revolution we for sale a see with by Fork scenario with Wind,

timely will navigate continue through at efficient we in look accelerated to alternative to manner. this forward keep an As sales we and moving RFP the process, every process

Inflation Now our I'd X on credit qualification the investment for XX% Act IRA. you or Reduction for tax the like expectations to update under additional adders

We and Wind regarding Sunrise Wind value to XX% have million that represented outcome approximately adder in previously assumed positive Revolution additional $XXX one Eversource. for a

they there which XX% to qualification with community's that this eligible both potential is for XX% start energy communities. energy value for recognized. me the will department Let the these increase the energy would provision credit. engage qualify IRA rules domestic investment our path the for continue around the to good have for we with cover Sunrise an the believe prospects we and Therefore, We the to a for qualifying contingent the the content Also, around as of IRA to explore basis Revolution would opportunities communities clarify additional the do projects. ITCs of of tax treasury provisions

As between in a based million outcome just the I is domestic reminder, the content qualification $XXX single mentioned achieving either value energy communities or a the adders. on

impairment qualify wind additional both Eversource. ITC result it a contingent XX% domestic for we consideration. projects adder and as energy quarter Should our only second the in adders, communities would upside content offshore in the to assumed charge, one the As assumed

continue our the other to of RFP process impairment of impact one as the of our ITC will adders potential qualify both model. and and more ability We to continual with part for evaluate the or along their review impacts monitor

evaluation, future likelihood be important accelerated Wind bid an this the of As this part Sunrise success RFP. from of of any a consideration for will award

flows. Turning to cash

credit are a unfortunate. the Therefore, let maintaining by rating we timing action taken is First, the disappointed as to with that say recent very important bit ratings me was strong Moody's credit us.

any impacted were we therefore, impact by and our costs. not on should see paper short-term Our ratings commercial this action, not

costs, long-term potentially relates to future it impact. we As see minimal financing

expect more the primarily transaction. or We wind delay given flows enhanced although would funds to debt debt will cash our ratio we to and our offshore the XXXX an from that expect closing bit weak, sales of be operation a specifically, our debt improvement to in in FFO be FFO relative

expect position cash moving we forward, increase significantly. flow However, to our

threshold to proceeds funding the beyond. are along improvement contribute XX% driving an to our we XXXX in to factor required. There debt several projects, by ratio of are A offshore beyond wind our the sale from new factors debt expect key eliminating flows FFO the of of well with and the enhancing to cash FFO project

lease as XX, proceeds that the our sale of recall June from and of million $X.X of area. may You impairment the value the XXXX, charge was of carrying wind the investment the billion, offshore net $XXX pretax

have there indicated an as for with the successful approximately adjustment Sunrise transaction We previously now pricing this If RFP RFP million flow sale that the the is be that of the $XXX million cash or OREC. closes. part of when considerations contingent $XXX comprised would received award, rebid are of

from be In a projects $XXX energy we reach million previously communities discussed, addition, received I expect adder potential the ITC XX% a of XXXX. as in would the qualification COD, which when

flows improvement debt, be XXXX. primarily businesses of from will of recovered ability to note, equity Fork cost parent storm rate mechanisms. $XXX adjustments a recovery in that in million billion further cash million deferred and in investment monetize the payments period. gas our through and lower $XXX of our core refunds South rolling debt of electric a additional portion and tax flow $XXX Also distribution recovery contribute pay will from of into which XXXX provide tax over during including we will regulated to Cash fully Massachusetts down rates an anticipate the maturing about $X.X further and to will enhanced our be cost X-year other million We

program. ATM we completing committed to equity part are our as billion of Lastly, $X the

equity program on XX, no we this under through additional October. Slide shown As issued have

we incentive XXX,XXX our shares and raising program. an through anticipate have and under through employee October, dividend issued equity that reinvestment programs also We additional

joining look morning, for week. this to you call and many over the Bob of Q&A. to for seeing you now will next Thank turn us forward I I back

to call to Thanks, the operator turn John. the back I'll begin Q&A.

comes Instructions] [Operator for Shah first question from Partners. Pourreza today of Our Guggenheim

this clarity Sorry, York accelerated what maybe in total projects. the X Orsted you didn't why you buyer? and take RFP a the provide with guess, around impairment Can about obviously, more we for John, the I regarding saw, taking your just just additional were alternatives Sunrise of referencing? partner, million $XXX quarter? just more talk New process an impairment you And little that

Great. Well, thanks, Shah.

Let with RFP. me start the

merits and the the line petition lower ask of recent was price PSC. our RFPs, by resulting repricing our average with denied, recent New the the unfortunately, were our awards, of York petition was NYSERD than in the York While our from petition price New repricing

The which the would they cited to is procurement, not Shah, primary pricing did administratively reason, been through do. than done adjustments want competitive they was rather have what

issued that right see then additional an you'll However, for the after offshore NYSERD future for RFP RFP wind. denial

York terms. RFI, to the have We evaluate we'll responded and New recent that RFP

the you Given and for the please. the hit best Sunrise, this on positioned can impairment Shah, maturity question citing, RFP. John, early project of of terms permitting win probably to in this construction, is

Sure.

at the pretty So look impairment lease that you which last took it's of took that week $XXX comparable. in impairment happened charge gain QX, it's pretax on we partner our the reflective the to area, if the charge was for pretty -- million us what and

saw on would I week I with between we it what these is and happened So way what to just last think us has this Orsted. there portray that projects alignment

they comparable for So in assumed and and what what announced considered with the back also are we very that assumptions June. and reason,

that locked a of scenario But part transaction kind agreement. still last formal it the and to buyer be revenue the it's wrap could up the and the Obviously, with should the a we heard Sunrise. to financing this have a with in on be early standpoint, no project And from to anyone process. forward question you South a structural move on you where surprise buyer Rev in on Fork very second call need my in be standpoint, very, remarks there that from as of

very for an there's months, X agreement, us enhance that ability takes or to So we that project revenue are like supportive closing. X of in and the if

any we John, you guess is will hook then, that for How what be you about of sale like? the could the Basically, think project in split process be the And implications which for contingencies? it. look Sunrise mentioned on and later, timing? should Got helpful. I kind the it could with investing that and

Sure.

we in negotiations a a continue of the decision don't in want that. closing us a we'll close. be to but we clarifying so that the have in funding on South But X we lose Revolution, out is by yes, transaction already of have the in buyer, move the further would actually reimbursed and extra X it's a sight and the I the advance to bidders case actually delay Fork process. think at to so front requirement funding of processes, have NYSERDA with So, those I that forward see path for RFP expedited that on RFP we Sunrise. very can is And scenario this that based projects, that important for There's we a followed we where Shah, of come of us by heard there NYSERDA, realize time still in have would those there's we what

Fleishman question of Steve next comes Our Wolfe Research. from

Can like targeting ignoring you're think little forward? a and more the overall comment? So the just going we the kind of action, a how on the about just rating debt FFO should comment on maybe standpoint, you just And -- give your guess color on agencies, the corporate on that timing expecting I Moody's to unfortunate. from thoughts

Sure. Sure.

would of headwind from we that in cash us in a years -- as probably important honestly, quite XX%. XX% a enhancement quite flow And ratings, threshold. been above said having exceeding have perspective. predicament get the unfortunality come. the Moody's pride is But enhance But negative formal And to see fact credit have time. they've that outlook created well been do for in see do that very ourselves the the I As us. in -- a for Storm XXXX, remark that's years activity, it we the my with remarks, strong we fully us the will my past significant that mentioned the in X we and a to some I've understand on in

Okay. you have maybe the XX% in mentioned And then you to gotten could 'XX.

what kind financing you're as we're forward John, do sense, now FFO you the targeting about of thinking -- like have overall plan? going your debt Just what for a to

let lose Well, start having sight I saying of else little on a XX% our the don't at standpoint. does getting strong equal, XX% Steve, by on can me right be based I've I equity strive from see where the XXXX. as that us a I being fact more opportunistic of that bit said, the us very give flexibility an But end now, we now see plan, we -- do And being right want maintaining to rating. by credit everything do to

standpoint, see from -- then that any so that already then given beyond about? you don't more equity talked not you've And in need you Okay. for plan do the what

correct. remarks, confirmed formal in what is that I my That's

to the I could exposure Great. early then -- being judge just you of -- you rate thought kind about maybe you and how Okay. talked conservative kind interest on you in And plan remember year, the that. of

just Just of the a going the about overall, terms stuff, exposure? could think through but of rate to interest know just you how you talk plan in I some slide had to --

to great the focused to in we've mean, exposure, be will we year job managing done a and I current on continue Yes. that.

of been guidance our cost very a narrow And we've fact, of been successful. very as in range. result to able strategy, discipline, range, and matter a guidance are We our disciplined that O&M EPS we've as our

think as yes, I frame were when with say, in the would to I didn't increase year, rates. they So did I Feds it, as started going rapidly to the move

plan on us pressure we that some And put has it to to where have get need be. So a us. would further we

is for just true but growth this year not And the that long-term for rate?

That That's is correct. correct.

comes question Stanley. Arcaro David next from Morgan from Our

elaborate going up to could Steve's cost-cutting rates see, maybe Let's some opportunities the question. the see where are, they continue And do range? of guidance where upper hit half are stay in on on you of last to that the ability If you solidly the see you your following initiatives, just forward? maybe

David. Thanks, Sure.

mean, have the in that start is Fed or stabilize reducing forecast, when I to had where on perhaps and the we interest rates. even factored what moving Fed based consensus yes, start growth to prospects. question likely rates be, turn the So long-term longer our will our The corner, into either is go

plan cost to our that's we I've been a the but that measure, successful said, we cutting looking cost-cutting now, So implement we're what right compensated as very has for at 'XX have From in that. a have what of look things, We right? multitude technology operational introducing We in services we there. the shared great on lower look at job can at has do that costs. side, a done

those some on. very the we of So focused items are that are

Okay. out Great. That's to helpful. trends. And the then also, FFO looking just at debt

you there in -- a onetime guess expect that couple of off XX% Does ways post it or to based is got outlook? maintain a a core after the bit that? where Or that of boost, You've business but then range? naturally on to in thinking it I'm to just trend the below I trend FFO are year debt rough there XXXX, fall of tax equity payment XXXX, that's a

No. No.

my turn you our now, I If said, look, and beyond. prospects corner the formal XXXX remarks, is we right recall in

-- going is rate to the to storm have be we a we the contributor the that we biggest business And nearly core the significant and recovering billion what locked that the driver our of in start that adjustments Massachusetts to So costs. pathway will $X.X in that. of be see

get we I've will kicking the be a as into in said this deferred prudency, recovered costs. rates $XXX million look PURA later Connecticut $XXX have In storm X-year XXXX. the mentioned, million on cost to to as file And Massachusetts then over New our past, we've in in and filing about focused be That that we the will Hampshire, period. into review year. we And and

Campanella from from comes Nicholas Barclays. next Our question

wanted on to just Connecticut. I follow up

hit has rate-making started supportive, but from challenging it standpoint. there, you're a been but a saying to I been obviously, backdrop think has the Governor you more it

of how the through of thinking Case? Just Rate kind the you timing next CL&P are

balances. And then deferred secondly, just a strategy storm for

going like? what detail you're to with you recovery more file us that that of said you think But process this give looks just some kind thereafter. can on I year later

Sure. Thanks, and John Nick. couple I'll can it pipe take a things. of in. A at then crack

we We until have precludes Connecticut. XXXX. no -- plans of -- filing are case settlement We not a actually the rate in that

earliest, So point. not that required would the at that be although

cost very of filing At well. time, go good first need we filing shape, will that's any it. filing is and to review imminent. that in we is through Again, that storm a a filing the make Our as

in all through So it's they'll order. the that everything go and -- documents make is sure

want case. that to way makes rate amount established. complex then is the We'll behind case. So simpler something that get rate of And for a deal with that get less a that or you us, outside

So color, you want any free. that's right now. add if current thinking feel the to John,

Sure. now, it's amount we well a as we're it's sizable -- in front very you appreciate, seek looking to I that review. put that it's $XXX prudency Right will mean, can of PURA. about million

imagine lot that from that So There's would of regulator a take I Nick. timing diligence would lot time, of a due that, some a to XX standpoint, XX through, has quite the to months. probably go information,

high acknowledging assumptions that to That's end EPS one underlying X% here, then X% of point the range. you're follow-up CAGR continuing to just that to helpful. the And on the

lower. outstanding and ATM are the have multiples of a haven't that lot you and issued do You

as see X% I'm So is true to just stays price to CAGR? the of mark-to-market this X% where it is, understand, this executable a trying stock you an like still if

hoping issued do. much equity, forward the the doesn't that whole we this us, not quite level of hoping longer. a we we for sector honestly. to move do. I'm But Yes, haven't issue direction dash that things mad when any will start sure. Yes. mean, it's the I and equity. stay in at market to Yes, yes, Sure, I'm all right And

opportunistic will and be continue So as to monitor we things we can.

from from comes question next Our Evercore. Durgesh Chopra

First, tell the expected the... roughly can projects $X.X just what's you the us year? spending think you're this targeting I for billion on offshore

be. Yes, Durgesh, I think we will

We that will come significantly. below

'XX out And recall moved behind. million beyond. 'XX that early I into in we the think year, we of you'll are $XXX we -- and currently, and

impairment mid-October our as about year-to-date $X.X the mind in the billion of at end got a so going $X.X the at net to $X.X see compared balance for when we you're about a in roughly keep puts end of $XXX So see $X that balance balance billion, to little our you billion offshore of X/XX a over at billion to the XX-Q, bit of in which about year. wind charge million but

Got it.

Okay. the on off just -- going you've equity that on the back might how the timing you you And to amount question, any what's just then billion, $X.X the -- kind give us that execute remaining can of of equity? help

will X valuations next the be and put to -- in have where window it are, We'll it's several see time not it over X now, right the to to wait years but frame.

Okay.

this So not right, obviously? year,

No, no.

Our next Tonet Jeremy of question comes JPMorgan. from

announcement how that back for to weeks a there and the get the about or thinking here. Just negotiations? months starting identify is off this your and realize sales at we're But if material here. items any hands a point? like outside trying at gating timing point elements of unfold this here, process are able around other Coming matter sense could Just to to are are or risks process these you days, of this

buyer. mind. Obviously, buyer with we've have Orsted. everyone's Yes. And a on the this Well, we process is as now with working The is working our It's completed we've terms through. the partner, thanks. been mentioned,

And this need They've transactions As play just to is we've to familiar out. that see mentioned, we buyer Orsted. done very with them.

we buyer have wind that and I we Eversource these And will and a very been of terms execution the can completed business. going give week our remain good still can't or I John a are about projects, on divestiture with So month, and transaction of the that I a of associated feel All the and you all it. focused tell you very with unfortunately. day, through that. disciplined to around work The is eager is

guess, it. offshore the to adders? reaffirmation The sales just to the New of kind price price talked does wanted of to Or earlier, wind to you there. that planned ITC is Very at I success then here I got this price for to And does point, stock later is couple it the billion on about confirm, I levels? right. get Got then X growth? guess, York make equity, a is just higher assume level? of external helpful pivoting clarify X% this trying a needs, and sure X of clarity embedding, that certain of back points And And to and $X.X -- X% factored. to reevaluated what on kind need what based Just at current on just equity be

Sure.

Let me of items take in there. -- there's a lot

billion. already $XXX have in executed our We've So let not me million. we ATM what left start with $X.X is

left. I would the that And have contingent does today, we we million $X is on assumption reiterated highlighted. billion assume that on that all consideration call that $XXX was prevail So

in the made that, that feel assumed would very to it we've and about So on good the we call. that come points we

price, stock simple on year haven't the this of values fact issued for So any mean, going are. we now where I equity the

will we valuation as continue move monitor we So to forward. that

all have year time. now I've As issue at next said, year, over we said, this I flexibility to looking as or

Our Anthony next Mizuho. from Crowdell question from comes

of Just couple on a questions first Sunrise.

rebid. of I last successful Orsted very probability lowered optimistic on you week think guys a being mean, I rebid. their on seem a

change Just curious if maybe thinking there's any last your versus on quarter? Sunrise in

feel Yes. where it. offshore benefits, we less given demand the matter No. New interconnection the great about benefit, good average very, that feel in others mean, York fact in significant development is for appetite than the were good And much selected. we And pointed the the and wind. still location, of project is Sunrise is pricing our filing for process. is seeking got I very we that very gestation The it It's was about so what in economic jobs a price the project.

feel feeling a it's our it. winner. that's We on So

the know submitted you curious Service you pricing. attractive. don't to Great. if but pricing you New And to want said, just the disclose I Commission it, as York Public was the on

assume on the rebid, a the even or there's that change? exist higher could up the On pricing chance rebid, I we pricing would through mean, go lower? price could that, could the that rebid or the

a not something we're that's in that As players there, There and process. you are might this other competitive highly imagine, is comfortable disclosing.

Great. debt start moving in pieces in to And in 'XX. then big we improvement just lastly, a FFO should seeing story, whole of the bunch

Just do you the becomes and that regulated 'XX? when a cleanup dust year think up? all does offshore in the it sooner does fully settles, mean, the more clears think or we story Or happen to happens look when like a transition about 'XX wind I

feel on and year seeking I that everybody a very, for No, 'XX call very is our comfortable. singles pure this and transition doubles very regulated confident to utility, a clean, keeping

of Our next of from Bank Julien question Dumoulin-Smith comes America.

level -- talk if don't guys I'm on clean the we about things couple a the as end capitalized year-to-date? you Where on wind of just about we mind. up interest at Just a about talk what expectations that you can your if we of like talked is are that, in parent to offshore day Can the doubles, singles projects? what you world, of if about as drag, you normal, and you think offshore will? a post want call it new ongoing just that kind

Julien. Sure, Sure.

about, at So capitalized $XX interest say, parent don't would company, the at million. the now, that's I and the right million, all know, I it's $XX-ish million -- $XX

Got it.

will, about you And $XX I that capitalize here? the then million. the you parent for kind offshore, at how Right. -- of right. to if going million, tied $XX normal, do new All think Okay. the forward

ITC, to the over inflows sight wind. harvest able XX months. in offshore including XX million proceeds cash Well, lose that. the the some mentioned, That's the in I coming of we door, be I've utilization to $XXX of with the to plus can't would next the we from that feel close

turn in will the XXXX corner beyond. and We

turning will mentioned, and company So pivotal half in we is I And take October. that's mature maturities back XXXX. 'XX kind for my formal end remarks the I at us. Julien, Joe that all do have, as $X.X will is as June those in the mentioned holding year, billion period of -- place

and back trying on what's assumed ID. I a metric understanding? far guys notes the maybe here XXX the the And as Where also just in reaffirm? not that assess you're have concerned? compare your What's offshore plan Orsted in a to for Right, EPS I'm bucket. out sorry what as indeed. do are sure number coming -- between Again, to and your doesn't that I'm quoted as yourselves, CAGR breakup fees just here like they And think you Sunrise to proceeds of positive side or with

Okay.

fees on we're breakup Orsted call, partner. that XX% the announced So their

So XX% for we the would on that well. as be hook

kind it. in just the Got plan proceeds the super quickly? of through think just And to

the The sale? proceeds from

maybe you a a but how to puzzle? as disclose, CAGR what broadly of close you will, too to you Well, if in know placeholder, reflecting it's to are Yes. reaffirming mean, right? be able your I the I piece a that plan about and big you're today, think sale do as the here

transaction of have we contingent the moving haven't that investment think where as you I this to million And assess of mentioned mean, have because consideration But I that draw covers but we we total as balance. and of to line the a was sand that as still $X.X $XXX funding commitment. is X/XX, in the Yes. target stand. if that, reason I that kind when disclosed can certainly we you closes billion, our the that it's

of in expect. range So would of the the be what you balance would kind

of next Morningstar. Miller Travis from Our question comes

or that thinking you planned either Do ESMP investments or all rate the the there. filing? then energy of on Massachusetts, clean around Jump and the have your rate you design investments, What's foresee traditional into in are going think going Or these like you've just the timely? these investments could in rate past? some done more to wrap about unique you design cases you rate

and differentiate mechanism, in we're I mod as made filed need that's to his up because this to we're a would being bit We policymakers now, would Massachusetts. more. think excited Travis, from as and cost early of I that it's stakeholders be. does Joe grid legislation, for plan mentioned in us formal too with we speculate that as about that kind as the working a say process remarks. that before continue recovery per progressive this so what out key council, of council, play far to regard, key to very this of Right it it's Massachusetts stakeholders,

council still is that and the file reviewed with being the that So by early DPU. we'll 'XX

So it's bit speculating on start premature I to recovery think a the mechanism.

your terms operating what's thinking terms O&M cost, in that? and about Okay. the of costs about capital in costs or mix And variable of rough

being I say, would XX XX-XX, O&M.

Perfect. on about dividend, the way And XX% the ratio payout into real thinking going next quick of year? Okay. then kind Yes. target you're still

been consistently, dividend mean, payoff. that we've policy and XX% I at supports Yes. our

of from Associates. final Glenrock Our Paul today Patterson question for comes

I the guess before end all be to of my sounds sort of -- timing really questions little really transaction but slow mentioned [indiscernible] It wondering, Just cost bit NYSERDA -- been I'm almost a like you sorry just get by on final the And here. the rebid I'm of year. a the sort -- answered, may we have process.

impact being other If on the up splitting over that how slow -- projects on might you could versus for potential the and have timing just little that this you? Fork again, the and a you're this, South this for expecting apologize go I what

are Sure. close turnaround. I we guess they ones until year-end And asserting quick to that XXXX. a transaction announced that be regard it obviously, that are then would the NYSERDA, by wouldn't would And be very with a ideal.

with have we dealing when So in sight may, fact, is buyer have for understand here. pricing obviously, this any to the which what we're already with even line we transacted be contemplated Sunrise, that that of have idea beneficial why would buyer around not we on

pricing. term, -- this we the year, it's could optimistic an Sunrise that a very around not and So we make would then in some closing it's XXXX then end be announcement near of and clarity

now hand for to any remarks. I'll you. management team further Thank back the

taking on time call. our want the earnings to this for morning to us I thank Yes, everybody join

the many available you you more of relations in is the spend as And Desert Conference, Looking you any any our team important forward digging answer seeing some to next always of have might interims. in that are and details can at questions Financial week time to the EEI that also, into the investment to know, you. we

for and you day. you wonderful a time So again thank have

call. today's joining for you Thank

You may your now lines. disconnect