Eversource Energy (ES) 2 May 242024 Q1 Earnings call transcript

Good morning, and thank you for attending the Eversource Energy Q1 2024 Earnings Call. My name is Elissa, and I will be your moderator. [Operator Instructions]

I would now like to pass the call to our host, Matt Fallon, Eversource Energy's Director for Investor Relations. Matt, please go ahead.

you us. thank and morning, for joining Good I Relations. Fallon, Eversource for Investor Energy's Director am Matt

call, be this our During we'll website. yesterday we on posted referencing slides that

made X, As the These forward-looking. actual may materially to based expectations differ of on risk can current are investor from Slide results management's projections. are you the may to see statements statements forecasts cause and during on be and this call which some and subject uncertainty,

revise any We these obligation undertake update or no of to statements.

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

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

to will Joe. I call now turn the over

thank joining Thank Matt, morning. us all this call and you, the on you for

update over with the to offshore pleased our business. Let are wind months. me coming X of sale am on that the projects track of the to I sale we on close the report begin an

transactions, on necessary the We are progressing well on to as close Slide approvals these shown X.

we approvals We Revolution the and executed Wind Wind Public Service infrastructure have Wind the Orsted. Sunrise agreement New recently the [ sale to regulatory filed ] and self-op Commission partners. sale all with York with purchase and of for FERC global and for

will FERC. We New applications take regulatory approvals the and Public also York Service filed have we these days. Commission about XX Wind, for Sunrise For anticipate approvals,

how my [ colleagues energize South I stood New as Eversource was proud Governor Fork flip front, I and construction to excited the York March. switch in wind can't to I alongside tell ] the Hocol you On of

be used same a South will and for its construction onshore in here Wind project capitalize States. will United The from certainly learned Revolution lessons construction first where the We Fork, of offshore on underway. processes project kind is the

wind excited is behind natural offshore X.X and future our service very reliable largely that of we are water us, customers. and the our Now to gas risk million Eversource delivering electric, safe about

forward early doing are are we regulated wires we caused winter Slide doing the example delivering pure best, X. good clean storm late a the what Eversource customers pipes damage A we a significant safely When to every in direct Northeast. as and our do April play what utility our do of this beneficiaries. when is day. Turning moving energy business, and reliably customers to came across best,

from investments response from timely response in our received customers our customers reducing amazing the emergency This stand technology, we in other acknowledgment Through area. for within XX,XXX personal customers teams in impact storm and ability switches Sununu. Hampshire restore to were numerous X organization in We and innovations, minutes, pride Governor up New including that able the take tremendous to emergency many greatly accolades response reliability of our our restoration. smart to in

responded to in minimizing time. New outage customer states the X all storm from teams Eversource damage Hampshire,

to help impacts. Our resiliency minimize investments customer outage

timely restoration work enables tirelessly our are these critical costs preparation in supports communicate is emergency events recovery efforts. response to ground to severe potential who storm running and weather scalable And we Our in support impacted. of front hit of us efficient plan, those the to for that customers

Turning Energy to future. the Clean

emissions. goals. aggressive in and see on we transportation greenhouse you commercial Both to gas largest contributors sectors, have residential sector As the serve reduction states heating greenhouse the can are X, gas Slide very the

XXXX. we carbon reducing by heating way to achieve state's region and emissions has have from long generation, the the transportation on targets power a to Although by acted go

double will these get started meet triple project achievement and we To targets, collaboratively household the a summer work That's today reality. these demand we and making that it's average in all why more than critical in on electric winter. the of that targets

Slide addressed part heating. This Sector plan or clean Electric is will provide demand the of Achievement incorporating ESMP the the processes with being pathway goals clean most planning for requirements energy projected state's the that in in to planning state a to Massachusetts The growth and process, the Plans, its Modernization electric are achieve decarbonization through objectives. X. Moving vehicles comprehensive is ESMP. of nation in the product system assumptions for Eversource electric energy from our

electrification identify To It of and will XXX% the the develop X.X clean and infrastructure Massachusetts, generation, adoption needed by to our X pumps allow to will Energy X for circuit businesses. thereby capacity will electric down energy the homes our million vehicles, in ESMP, investments to and delivering million increase gigawatts the level, its have Clean leader growth into for years convert solar These over transition. distribution making electric next investments X.X the and expected platform grid of grid a analyzed we heat beyond.

of New as evaluating development. and Energy utility-owned we In large-scale are advance a ways initiatives solar on to focused Clean regulatory Hampshire, number are such initiatives

to citing this Evaluation lead and turn, Hampshire reforms efficiency working Reducing In and the to the For consistent process Committee of institute to energy initiatives. SEC lead permitting to or example, legislators would state clean on X to and are these a X will structural for outcomes. an to New New more Energy eliminating Facility size the Hampshire's that members improve unnecessary bill from process Site accelerated SEC.

vehicle renewable Clean its adoption Turning to of agreements power a State vision part as transition. Connecticut. leaders future Energy expansion, have policy purchase solar of and electric

our productively our efforts Clean with customers. we partner enable important a customers, and looking supporter are and vision this to to the these certainly Energy of for state are achieve future the collaboratively We strong for to

of While we state and at the on emissions. Clean work to and support policies to carbon aimed of continue increased leaders technologies thoughtful reasonable policy diligently adoption Energy reduction

lack alignment of decisions, that the between with state policy. regulatory concerns and serious have policy We implementing

work in utility program in participation and continually our utilities resources. investment balance on predictable our delayed that recovery capital where policies by on resources terms. Clean table. As recovery does is on and forward innovation the discourage funding and rely Energy it rely as well on future a certain that a as deferred secure Upfront additional stands, funding recognition sheet, initiatives we cannot in our Without capital into not path, cost cost put the range of wide our sources regulatory Connecticut to move the

policy for We decision constructive to war regulatory to deferred environment are a by critical to assure vision timely Decisions mechanism. reimbursement through annual Energy adjustment make legislative Connecticut policy PURA's adhere and future in to customers. a rate costs last provide a month electric our public the that company's of reality of encouraged the are in Clean

Looking forward extensive productively with our Connecticut's to and we leadership. across committed future, outreach plan furthering Connecticut, remain collaboratively engage the our to to efforts

their team energy to colleagues Eversource commitment to to daily clean for and customers. customers want deliver future. my safe dedication energy I Lastly, our service a progress the to thank our reliable in have with unwavering I and confidence our utmost toward

will results. through John to walk now Moreira call turn I over our financial to the

cash enhancement. a morning, our first regulatory everyone. Thank discuss our This flow financial you I drivers will for you, give results, update quarter and morning, cover and Joe, good

the Slide quarter results with I'll start on X. first

first results share compared Our GAAP with the GAAP $X.XX earnings last earned of our in per for down XXXX. with quarter electric $X.XX per the Breaking and recurring share earnings of $X.XX in recurring share year. share per quarter per and the $X.XX compared share X of earnings transmission segments, were $X.XX earnings

energy investments resources continued our for by our in address driven Improved the results to were region. growth capacity system connect to and clean transmission customers

earnings rate Electric with $X.XX and higher partially distribution interest increase and revenues at increased a NSTAR depreciation. $X.XX earnings were property electric offset Our in share by distribution per Higher were expense, taxes compared XXXX. per base to due operating primarily higher of expense share

in per $X.XX distribution recovery at distribution share from Natural Gas gas natural to lower due XXXX. share higher rate Our Gas and base business operating a $X.XX capital NSTAR increase revenues per with increased cost earnings compared mechanisms, expenses. earned

segment with distribution share water $X.XX Our in contributed earnings flat compared per XXXX.

liquidation guidance of to earnings company EPS fund. Overall, first to $X.XX line our loss in last energy absence of a our X% were share quarter of lower our as in compared renewable per growth to reiterating X% rate. a were with the earnings the $X.XX the a XXXX primarily first of are results $X.XX quarter share to of expectations, benefit our interest and from XXXX. and parent due EPS per and year longer-term higher net as Eversource The we well results in were other breakeven expense

August time starting have And on our We Turning Massachusetts. the modernization we of decision Public regulatory sector with on to Department items in plan Slide electric plan our the to a with Utility in January. X, Massachusetts expect frame. filed

calls million for resources of XXXX. ESMP interconnection investments solar incremental an Our $XXX for through capital

$XXX in February. this is million back reminder, $XX.X billion incremental our announced capital a forecast to we As investment

very New that completed of regulatory In from will prudency related for XXXX August through are our $XXX a storm Hampshire, review million storm of review on documentation March front. We In of to March, later we events we busy the costs XXXX. anticipate submitted this be year.

with effect a In relief this final. going Hampshire XX temporary addition, review filing rate in anticipate after we into summer, New days rate the

million effective The Connecticut, drivers X update rate law. out for major this of required July are of hot power are recoveries both new which final $XXX by contracts we weeks of received mechanism on is decision ago, regulatory increase year. where purchase and accounts, annual become uncollectible adjustment to chip Closing our protected the the the rates costs of X

decision million in impact into to by by to PURA's FFO on costs these time significantly were timely XXXX in longer state costs reduction of our of balance These period. reducing undercollected this We finance to offset as policy which our lower contributed This will X $XXX law, costs reimbursement sheet go year. company July in supply costs that these also debt a significantly required approximately for provide will the a be ratio. appreciate effect the to Connecticut, XXXX, energy rate to pressure

outside to X that majority reduces that storm the to represent prudency these payments assist for of million the period. recovery our Timely that of from charges resulting through significant occurred of from vast pay XXXX weather of crews during costs events relating approximately Connecticut storm avoidance line review on events XXXX. $XXX these March, total of to and carrying The registration, a will these 'XX in we costs In resubmitted through customers amount request costs balances.

proceeding. are of in the currently phase We discovery the

our recovery these following coincide proceeding. As costs with rate of distribution new will a rates next general distribution reminder,

to In early Connecticut the with April, a a appellate appeal along on Aquarion of that following the Corp. the the Court. superior for request Supreme rate filed review our case, directly we court transfer decision decision by to

Without decision. Connecticut the Court rate that a issues, critical legal hear proper be raised this of term. on the and in requesting these to resolution will impact the are long by negative due utility We Supreme there investment case customers issues Aquarion

As leaders ongoing policies. pivotal have been Joe that educating and communities on stable we outreach are the and our mentioned, necessity regulatory to committed for to efforts key extensive

are and also who with emissions forward increased We our state resources. the state's move achieving reducing aimed policy demonstrating policies the clean and at seek carbon to leaders energy adoption support commitment to of thoughtful reasonable

ramp-up enable policies A substantial planned piecemeal that and as legal a to path as Clean sound a rather successful approach principles than investment distribution to to public well proactive Energy infrastructure will require investment. future in adherence

progress vision the Connecticut's framework on of discouraging goals. Clean to future Energy clean regulatory change, However, and core between investment the a transition gap energy even the state's the climate is obstacle service an and existing for transition a

of As hard XXXX in reducing programs. our million. XXXX, on levels Connecticut alignment regulatory notified and over capital at at electric current to law implementing look In unwillingness with put into our based infrastructure advanced meter risk investment. investment vehicle we to capital we with deployment necessary decisions resources utility and to expecting In years. $XXX valuable investment the million our capital the X Connecticut's back we outcomes expenditures the our policy, nearly we taken our over are deployment decisions by have and by have next to be Until state priorities Connecticut to our are a in PURA on a of and result, cuts reduce have we capital come our next relation see regulatory in $XXX And total, X are capital for years. experience

emerging our that, With confirming forecast do business are in resources across $XX.X X-year opportunity our we for all that consistently want valuable of across in capital lieu substantial expenditure capital I deployment of provide ample billion emphasize using needs Connecticut. to those units, infrastructure system

from XXXX to expected cover FFO to debt I are XXXX. that a of to drivers will enhance now number ratio our

in result deferrals you approximately as now costs, XXXX. to recovered deferred lower a XXXX X, under million the adjustment in to decision well of As can see states annual on be will all rate debt the other across as experienced XXXX under-collection policy Slide recoveries the regulatory of contributed which that as state of $XXX FFO of we Connecticut

We sale the proceeds Fork expect receiving include $X.X billion to enhancements sale transaction. that anticipate other the in from this of and approximately GIP Wind of and assets XXXX XXXX of Revolution Upon we cash closing to GIP, South

In addition to South next cash $XXX we will the bring expect XX sale Fork anticipate equity months. we around tax in million our win, proceeds, GIP which over utilizing of investment the

sale issuances equity our potential debt to cash XX in the drive of to New of targeted our sale collection utilities, Sunrise will business of from Massachusetts storm costs flows the XX Lastly, enhancement project increases XXXX. by to rate a of planned XXXX Orsted, at our Wind water and and to FFO Hampshire,

In we of to our we program. first on Moving equity issued treasury approximately million shares. raised our the existing $XX And through issuances. XXX,XXX quarter XXXX, ATM

to next several the continue years. $X.X anticipate to billion equity be our needs up over We to

in we business. needed. the distribution announced are assumed of we otherwise from Proceeds a review be our that undertaking a as equity sale Also, reducing water our would plan successful of level long-term February, financing in are

continue the launch materials We phase to needed prepare of first process. this to

based I drive our rate Slide off X-year our to forecast on billion XXXX XXXX of mentioned EPS and $XX.X out of X% per Closing XX, recurring earlier, growth forecasted as financing through X% $X.XX EPS our plan our share. capital

to Matt I'll Q&A. now back the for call turn

Thank you, are questions. for John. ready Elissa, we now

Thank you.

the comes Pourreza begin The now will first from Instructions] with We question-and-answer [Operator Shahriar session. question line the Guggenheim. of

cost is -- guess you guys just what are Joe, and kind capital what actually accretive you given that redeploying firstly, CapEx differences. -- of Connecticut, redeployment I of the just actually where in are cutting

Thank you, Shahriar.

we've for our reliability decade, past Connecticut significant of amount the Over a customers. spent electric on money

between months XX months moved nearly to has engineering X best-in-class Our years. interruptions from

So have Connecticut customers. investments dividends our clearly, our for paid huge

years the recovery the However, few put cannot past without law continue are the a regulatory policy. predictable resources additional and misaligned on secure state cost the decisions capital path, to the over And we with and table.

in Connecticut and So centered been our around objectives investment have safety reliability.

areas. we you'd As spending. from reduce reduction our Therefore, will expect, come not safety reliability the will likely

for on mentioned, capital our As John ample we have opportunities has deployment system.

it about we would good -- are we very So feel very, be accretive. that. And yes,

need it., can be? you Joe, Got if more cut

down the we a we've are going state you to I thoughtful it. Well, in are think very that will numbers and about that deliberate be it. find Obviously, best-in-class. had great don't you'll there. reliability track tell record I

really else it around find country. You'll the anywhere

see to I'm going have that. if negative look proud So to regulatory this everything. we of continue to environment, we're very at But

have timely mentioned. critical just $XXX of as very, in I at would which achieve been level a do a Joe to place [ we us also very million for this that that reminder, distribution CL&P, performance get resiliency ] which Shahriar, we of up investments to add, has program recovery

time? And one just And equity John. outcome. billion maybe I you about in and the quick for that guess and sheet So of sale the dictated systematic kind to block. obviously be of maybe level plan. the of rip ahead terms prefunding then John, going of off $X.X how versus just up is you means thinking -- balance obviously, are Got more by bandage Are to a issuances? is or water the it. spending in the thinking ATMs still

be. Our continue to view that will

to exploring to utilizing is be ATM position program accomplish that. in our Our opportunistic

And month tremendous $XX at ] successful least couple over past we again, quite an I've done of the million. program more in very a bit were [ As gives time said through us We've flexibility. weeks. executing ATM and time

next the with The Sachs. question Goldman comes Carly from line Davenport of

recovery cash walks, I just on the there. debt could XXXX $X.X thanks the And wanted of start to the the just think detail as hitting us that to you those then between under the first, and other cadence other the I -- you'd billion how for we statement guess, the sort of remind about between just flow FFO about the drivers the drivers? this we split impacts think year? identified should of

Sure.

Carly, all recovery Connecticut impact across $XXX So CL&P highlighted as XXXX approximately being with X, of under million. for the the the biggest and on was utilities Slide

at normalize end So we if you were of landed to to the where Moody's from an was FFO XXXX approximately use at X%. debt

basis that points. we've slide, would as on the So about drive XXX that up indicated

ago effective in more we April the XXXX of of costs that cash the a couple door with weeks the annual that adjustment start come received year. next through rate So to July plus favorable mechanism, order feel to related XX will we on X good

So recovery which XX-month very to is helpful us. a very,

we've is then offshore significantly the of relates already time we range have the up to but the would And tried certainly you and it closer XX% to to identified the win, other that highlight range that by items, XXXX, our us as what to building period. end move XX% to towards -- to we what have up do towards where disclosed all,

Got it.

And do to Massachusetts just that ESMP their. to you then just Great. look broadly, think on are maybe for of more And us What you the other about adopt next sort process. serve of out the sort states then for opportunities milestones Okay. how the frameworks? similar for

Sure.

Massachusetts. with start I'll So

hearings just that on So concluded. docket basically

remarks. thing legislation of Clean now to briefs that we frame want reply render ]. out stated by time that to August the the get ago, passed decision a formal based I the that years was the have point a So to, and in couple does DPU But into legislation, [ one on my briefs Energy I

the highlighted formal do further really forecast our our if will period, beyond a we current what materialize we get from within highlighted in be forward, that there's that the also that my will investments that but filing. in remarks I is we favorable forecast move materialize approval will period our needed GPU as So have million $XXX

love So Connecticut, really have in continues well as support formal But by Joe be the goals obviously, make realistically to cooperation state require it In that mentioned, Massachusetts authority. as to we will accomplished. the and in is our established their has strategy. remarks, us, the opportunities collaboration to in very utilities as Energy identifying and Connecticut both indicated we that sure proactive by the as would proactively Clean

New Hampshire, discussions in lastly, then utility-owned are And we on solar. the having state we with as mentioned,

investment proposing likely to We months opportunity in will an be the come.

As I plan this to review my you -- formal as we do for mentioned summer. in remarks, rate a file

In similar all very investment that here just solar in we solar mind investment, keep regulated to would that -- Carly. of to in model the utility-owned investment, be have Massachusetts,

comes Nick Campanella The the next line question of Barclays. from with

on you there So additional be Connecticut Aquarion, the rate your the of kind happens running you're that outlined the there, of us see cutting this update whatever of on -- just affecting you're just kind wouldn't to there, sticking potentially asset? fact of kind coming how kind you that today? equity can there had level and do here also with that you maybe this just confidence kind plan into the process, that monetize outcome just but that investment this that And of you process order

obviously, way. love will its to Well, make the continue the appeal to would process positive have a data point. we But appeal process,

of process are that the making, at in soon. least the decision to launching Phase a relatively at X looking then continuing but point. we'll And make year probably forward move You're we with the at

Okay.

around moving FFO still question the just follow-up guess appreciate I it a on debt. Carly's seems. to just So that. ahead, I

be, nature kind would in net improvement. Fork would to these of kind -- the you guess, onetime to investment still I XX% I this like you of getting guess, equity wanted flow tax to to Just just But items, the, of confirm just see onetime South path probably more cash I XX%?

that what's onetime issues? of net And driving the really kind of

months, think, the as No, probably do, tax We I Yes. a equity. stated, that's XX certainly actually bit we conservative. Nick,

into have We into do we I before that tax those tap ITCs. think utilize will that XXXX. to probably we for want lead other us benefits

that can a bit. be great. elongated which So is

yes, that certainly term, fall in. the off But have cliff. we longer will then items does that And kick other

We are large deferred balance. sitting pretty a on storm

So beyond potentially 'XX, I coming maintain 'XX and level debt. really high see to those that of to certainly, FFO in, costs

is last just ] And not then but out, do is that but something sale you can the kind to negative we the giving I quarter, revise one last value. that Or still that Sunrise. be wait to don't have was of you're agreement believe that public there me the cue that? or I [ book just to for case you about? on one for know for price, the -- talk

wait and transaction that's get So follow It gain, And if the to to accounting therefore, the does. have you rules have your basically says a accounting the that close. to rules have really we has -- you cash, contingent right? to

should to we're this would I balances So probably, you likely of occur in the expect a true-up say, year. of those third quarter

The Jeremy next JPMorgan. Tonet with the line question of from comes

with Maybe quick. Slide here just continuing XX real

slide, Just want of talk hand the the everything when from that XX% into right the you major to drivers, debt on not and XX%. walk to treated as FFO reduction all -- that's about confirm

No, mixed bag. Yes. a it's

our we So displace that have and more will obviously which enhance obviously, right, cash critical flows. what's the cash operating in, coming debt is

Got it.

pivoting just just you the right any maybe process you parameters guys little and just prioritize see detail, here process unfolding? you more in bit achieve? a are pace how other transaction Or where can Aquarion of towards guess, how now the here, so what you you value And thoughts on in on that of I versus this

value greatest Sure. we it dash [ finish thoughtful It's frame run can line. a that we not a will that mad harvest. the to for would ] this process I It's about possibly about way. the

what's the can. obtaining possibly value is us greatest that's to we maximum important So

are with are The mapped bit are frame of we've that a fully agencies we the that. rating obviously, time with So they if comfortable And aware longer, transaction out with takes fine that. a them.

to to quick are be sure here. FFO just that. going I this want here. I helping illustration then And make straight just real on to in it. sales The proceeds was Got confirm

debt. it because absolutely Absolutely, displaces

The next the question Wolfe comes Fleishman Research. line of from Steve with

more maybe if on Supreme appealing Aquarion, they that? to Just a take when that? don't case? I up would question like the you on tie Or when Is you you would mentioned know already And Court. time the there know line? one if file the filed you --

filed early that request. that April We

we good court that is whole So what a will the and feel that, the court then XX-month at probably case to supreme take the Once you're process. process, expedite just will looking X- accepts the it that we're estimating.

Okay. But you're the process not wait just forward. off going to to move hold you sale that, for

I the get we the of we're expecting not. No, Once rate that, them year. going move that can their Steve, and give much first filing will implement in annual accounted recovery to will we company give which WIC to quarter forward for capital for actually program with -- this their the was which cost program, XX% about then the on. in say, meantime, original are we change, the

the on Environment. there an appreciate and being Okay. in you've these Connecticut And at been Is all? know to Regulatory I kind the there. commission may talk been decisions being highlight governor some changes just there. of And just be I initiative considered the to expanding on try the then had issues. made year, Early that still about

kind in regulatory investable. on of of making Just any do resonating the quality kind environment, you like being the you're of progress feel

sure he this it commissionists. X and take whether Yes. Steve, a vacillated not that, ability has really to wants I'm point to over things. governor He up couple appoint X. of at to the The has

X commissioners the As remain in status you quite current really I'm that. and of know, hold the around what plan sure all is not

the there. Obviously, we environment about have grave concerns

in -- a know everyone I light where think shines you X tremendous you no We our so And productive collaborate, initiatives in are that the other knows enjoy when state's have working we very relationship you of that. that outcomes. jurisdictions kind initiatives. think aligned think I I our between

the is at You that benefits achieving. Massachusetts look

And understand we've You moves in carbon taking and those as it's difficult. And as makes But had way, it. in place look to are history, my mean take of don't collaboration XX-year relation. strong fuels. really we with they type I at always we look folks. New we this going progressive the up that collaborate, it it collaborate system that electrify our to move Hampshire from away very, operated very if work have we've in

so Connecticut get times all it's down there page want I to and should disappointment we change. and days it we some priority our take until assure can't for that phenomenal agenda Energy. Energy move really it's we me something I investors at map and to Clean ] to built that port put the Connecticut there. aligned this of can see on them constructive to down to very or can a X a as week But real seriously, on to and week a collaborated Clean a Energy. and leader be a opportunity unfortunately, you We But continue has work been on the [ that challenge. and I just will port X get same we get is a So me focus if that try in the a to Clean it's We

Okay. cost, know on Solar to stuff. tends lastly, New Hampshire And much in a be the decent solar then just all kind amount opportunity? I available that Appreciate England land, that. not of New capital as

Solar? size the sense So any New on and Hampshire for just investment opportunity there kind of

the the inning one Yes. -- point. first but the I've interested there's game, really of of this we this to don't are I of ] in no state New great around utility company. I solar, they Hampshire shortage But on [ will one thing that take is We're sizing first all, tell of got you, land. in at tell really a the have fact of challenges you the

great so opportunity. And I that's see where

also it I well. as to makes very the see our it And easy proximity infrastructure,

was that's challenges wasn't would interested days a opportunity that opportunities One has be they'd it Hampshire partnership. in I tracks obviously be folks in where great folks It want to community this, the of of a would but allow in do that solar But in sizable rural us collaborate, there. there areas the have see but to build, has to of up a New lot with load. early ending we to land be

the So in we're thing. really first

second, to I think probably and in the solar. is thing That a the to on New around most us think fair fair model get for we'll update in is calls third important you place for us that's quarter going. Hampshire the for for customers. utility-owned be it's able But how I

comes Andrew Weisel line from Scotiabank. with question next The the of

not policies aligned. question agree state another Connecticut, the In regulatory are environment and here. I

is, So that for My What Is it I comfortable understand what it spending regulatory with take are and conversation you're preapprovals for on EVs? more more the good of would you're it reluctant like is AMI explicit kind or exactly to a qualitative get you looking setup? put question to capital looking for? faith something to work. you

Well, map we that for road regulatory preapproval, looking the our Yes. for have recovery dollars spent. looking for recovery odd we're a of

you were for we RAM customers was know, behalf state-mandated Connecticut. spent there $XXX-plus that filing in the the money million. requests As These of [ approved we that on just did. got ] That we

in to have around looking if want dollars. going to get dollars, we that's uncertainty don't for those we have if we we're to know we to we're for orderly back. expect We get dollars and the wants don't our state an for like And expect recovery it. want so how to to just chasing that process paid we have And want the spend be Massachusetts, investments, to that. have AMI, We

know call want uncertainty. doesn't everybody on I this And that

the time fair will assurance And we we've have recovery spend better you that spent regulatory until on we such to of treatment to the behalf my have customers allows of can bring get not our constructive dollars us in that environment Connecticut in service. a as so that dollars

arena could that Okay. legislation? regulatory the Is done be think you something that in would or require

we arena. I No, do regulatory think can in it

You certainly -- with aligned I with other its mean, agencies. we're governor. the We're aligned with

road we we can collaborative strong page. of a move PURA very submit General, have have map that all all have to a get on to the we Attorney for get constructive aligned we interests Even the we But so with So relations the can forward. around same the state very, that other just effort filing a there.

All right.

few this How ] to on I is that billion. good. the I and Sounds $XXX Maybe the double would a could debt, goes FFO or dollars But less. Page recoveries in percentages. Then I million details from impact the debt the to if elaborate, you appreciate X. been by [ silly under Duguid on triple has it a math $X.X X:X question. and a ratio know this FFO if add times, X% up the be to asked to suggest come would

So are there? what offsets the

in, XXX mind quantified basis Well, accordingly. include that to comes additionally, the cash keep denominator and that items in going have movement, it to that impact that not the point cash we other then and XXX it's billion, does in flow in numerator -- when Andrew, $X.X both

for one. a not it's one So

The of question Mizuho. from Anthony next line comes the Crowdell with

bottom of the Just at maturities maturities -- quickly already to Do for you probably may had some now going that's of incremental that's... slide year. on going some -- And for be also to XX, the Slide the in the think you this debt? that's debt refinance the issued or parent I that's

it thinking No, about you're correctly.

where the another $XXX have January, have and coming due $XXX XX, another fall. $XXX Also, million it's due. the January, in then have on We maturity that's slide. million million So we in listed that early June $XXX is we on do -- million

of So it's prefund. the more

markets proceeds with time. the I the transactions highlighted, so that we some of should the quite out And for debt and be from capital

sometimes I Connecticut regulators questions. then with doing ramp say just prior they capital projects. to policymakers something up talk to in And utilities it actually They to a some new be if may Great. get similar had or the are the happened discussions spending. when mark some CapEx curious Connecticut, on this where they're I'm feel on CapEx? the board that you of increased of and with policymakers on know just lowering

about we've in Well, investments. about discussions AMI We X we EVs, about electric ago, vehicles, I all talking yes, the talked won years we're investment mean everybody page had that an our started on and AMI. infrastructure. same

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