AGR - Earnings call transcript Q1 2018

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Operator

Good day ladies and gentlemen and welcome to the Q1 2018 Avangrid Inc. earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. to of call Investor like Cosgel, to now President Vice Relations. would turn over the Patricia I Please go ahead.

Patricia Cosgel

results. call Good be will morning Chief Financial Avangrid's to earnings Officer. discuss call joining Executive participating us on to everyone. Nicholas, your of answer Thank on first you Officer and A quarter the our Torgerson, team are also Jim today for Rich to Presenting questions. our the Chief XXXX officers Avangrid

release a at have for copy not or do press available website presentation call, our our you www.avangrid.com. are they If today's of on

During statements based in Harbor XXXX, during today's duty Commission, Today's filings of with update accompanying and Exchange the which differ our and found Litigation any be presentation call, our reports our any avangrid.com. provisions Avangrid's forward-looking we the if factors Safe financial assumptions, the earnings which of are will latest Act comments assumptions subject or of key call, news this in the Risk section discussed on made release, in Factors make of We references undertake to current risks because the from not could Securities in various conference forward-looking the Private any Reform can within website, statements, materially forward-looking of of statements. to includes presentation and do expectations also on non-GAAP of each and U.S. to the incorrect results Securities are measures. or uncertainties. other our meaning Actual

the of to the the I With definitional presentation Jim non-GAAP to will measures. over turn measures in today's to Torgerson. that for GAAP financial You slides and information the contained closest said, should reconciliations accompanying call financial informational refer

Jim Torgerson

over outlook good of morning everybody and earnings our said of sale decided the quarter up business non-core the was participating we It's thank or gas and that $XXX previously, to plan to strategic to quarter net XXXX. and first XXXX. we a very had Thanks we implement as and very sell which continuing per $XXX a in we are first our important million or When the was our Patricia meet numbers as storage the completed in $X.XX for $X.XX themselves, reported share, are X%. for has the income, a assets definitive our we call. up March for been track have Adjusted gas We you to Avangrid the really was trading gas adjusted at to share X% expected sell business on million on May. agreement that's and now which you income good look reached and storage close business, X. the and that's

two subject close has, final Now once business solar wind proceeds of will the end operational that and are that's be the this at going about and to from businesses million that renewables under $XXX to those be sale, XXXX. will the by be construction XXX and The adjustments. point, we the onshore currently megawatts

New in England with are executing and Massachusetts Energy project shortly for in Mass the but be excited the project. Clean long-term outlook, the very new DPU that also are filing We we’re a selected that not will Connect about was making on that opportunities we our RFP

then the partnership, in Wind file with as process. operations assessment the Moving to RFP and first construction ahead commence our Vineyard bid and the offshore Massachusetts environmental it's plan

in bid first and for are both XXX a the quarter, also point. Vineyard for winners and Connecticut wind. offshore the Connecticut Wind in in The submitted scheduled this Massachusetts RFP for of at May June Now megawatts selections respectively the

Now on slide six..

can trading call and see GAAP two gas is on per will still of this what left as reflects earnings X%. months and I results required storage, the earnings share reporting. net You of the you up the and for slide, is see the gas income That the SEC mark-to-market. half the And

quarter. the reflect XXXX in in first network discrete well renewables, of The comparison in performed tax favorable doesn't mark-to-market and absence and of their the businesses, to positive renewables. quarter solid two adjustments Our the a performance less due

adjusted side a we Now, earnings, the our a on it removal $X.XX. and the storage were We it slide, was was and trading the affected $X.XX, trading estimated you reconciliation held results. is mark-to-market received share sale we per at $X.XX. This a then started of so right Really, of the to loss earnings that had that of and measurement. result the positive early the quarter see gas renewables first $X.XX, from for by lower on, earnings this adjusted the of price and And $X.XX. the

to slide earnings. adjusted and Turning the seven

excludes actually, mark-to-market Networks, XXXX, can Now was that non-core us income $X.XX you to was guidance achieve that versus net earnings When quarter a see $X.XX this were and our our $X.XX. X% this items. was nonrecurring up really to the XX%. annual you share. look certain And at itself positions up That well and up target.

the that, gas in at that went year. plan this we Southern January because results rate Now the New multiyear also York X Connecticut plans look of includes and rate of of Connecticut into which effect

to and tax compared earnings base, also our The the XXXX. -- $X.XX have and best first implementing as We actually sharing we to the did of management was do our what the spending. quarter had that lower been Renewables our second a We earnings in adjusted $X.XX impacted practices capital the we that rate haven't share. sharing existing down quarter reform see. higher cost or probably capital additional mechanism, really some

However, wind adjusted really of performance. and renewables on production wind and megawatts we increasing resources. with new at reflects the actually operating solar XXX up very improved renewables’ The was PTCs, had projects gross operating performance margin XX%. We this. positive had The

versus This new result capacity. for in prices better tax were there the our a at adjustments XX.X% about quarter wind net discrete X%. prior was of quarter were which and the reduced the year. Average Although, year-over-year first in of factor XXXX, positive down some the comparison, capacity XX.X% was

Now, really in remains have in we XXXX, And at XX%. none XXXX the in a expiring the megawatts XXXX, under about mix megawatts and in PPAs, merchant XXX PPA XXXX. about XX% little XXXX, XXX none in then just when and look to over XXX you

that’s remains Our secured, likely up is X.XX at secured that's portfolio gigawatts highly XXX gigawatts. megawatts, X.X

have So in with gigawatts the we’ve that, category. and put likely we X.XX highly secured

we secured to the have have gigawatts So need we end to X.X and by we of want X.X XXXX. X.X got to here, gigawatts that get that the are

year. in the recommended to the a Cuts New Tax and be So turning company passed the to net eight, talk networks it now rate October offset back. back is regulatory case bit or to customers a just the would instead proposing to directly and March The through about of some of deferred a storm staff and benefits surcredit on requirements little and the passing Act. want of current this the costs In revenue York, X effective AMI to slide we update Jobs be

savings addressing Now proceedings at CMP. under capture X, are offset the in a FERC major Transmission October And the Tax the XXXX automatically the In of true and Act in is comments moment. we recovery Owner Massachusetts, of and rate the proceedings will to and in Illuminating Maine, benefits Connecticut has United England up. progress. are also July XXXX proposing opened formula storms New annual our FERC,

Connecticut anticipate later discussions Gas the New are in XXXX. and been so Natural adjustment planning earnings delayed been activity the filings quarter rate other for things, and York, and Massachusetts, discussions AMI for approval AMI in ongoing. areas discussions second the other Gas we and that's are the the in Some somewhat. XXXX. impacted The ongoing have regulatory by storm We mechanism Connecticut of Berkshire

Berkshire to effect feel shown second quarter existing the on the CNG, unreasonable. in effective need for that's that IV. Administrative of point For make rates been positive January recommended Judge frame ROE change X the Gas, in We probably progress XXXX. at in for but With decision. still commission There II the to be ROE was this Complaints there's not Complaint XXXX The Law and no no to has Complaint will the III. will ultimately be no of or I for remand and and time and has really decide unjust FERC,

the was and Hydro-Québec. is very England selected this in with nine, slide that Connect New on Now Clean Energy partnership pleased

and way for we project. It's believe CMP hydropower about a control on right transmission is the shortest. megawatt to X,XXX responsibility Québec Now and we ground. in through the has to is memory, all existing above two-thirds an It's link deliver of of DC and line XXX cost border the and it's all we Maine. is transmission To there Canada lowest Hydro-Québec It is also the corridor the project refresh New so the can to going Massachusetts. that England solution, of to miles, your

the many the XXXX then as with of goal a The receive construction pricing are have we and in the the what But all filed support pricing and Mass filing other and approvals projects in getting million the communities virgin land would The and XXXX. The XXXX levelized understand owners. between we approvals approvals other the distribution of shortly XXXX XX were from it going the in strong expected of expect and we The the companies They building main AFUDC. territory. involved. levelized call, end all are remaining the XXXX. investment, context. through, to is by be ongoing will negotiations third we contract approval it's for to and are permits end and It's and fixed. with in be in this to will excluding by DPU I Massachusetts be with electric be keep The mind, $XXX years talked XXXX

Contracts, Maine of of the Impact As PUC Approval Approval Army Massachusetts and approval and Permit along Presidential the Convenience Engineers Department have you can then and then then Public see Maine PUC FERC we and we Protection the list really Tariff. Certificate permits of have Necessity, of key approvals, of the the ISO-NE with the Corps which of goes the Environmental Study, the

deliver not strength offshore able considerable U.S. want then directly. absorb momentum the On in of mind, I getting to and the to we highly and keep projections this budget this our included our are was the The in in and the on to are update slide confident it We wind. be prospects long-term time within financial on wind XX, have to ability offshore an it and give finance

although be established as a Now, strategy ago role plan a in long-term to forecast new growth that offshore established part the our again industry our we business We with not leading offshore and in wind. wind. a of year about long-term the

one we do the Hawk, Energy Ocean won March Now North of off when auction was in Management of Bureau Kitty one we a first XXXX Carolina.

gigawatts that of We produce to and lease up have could a ownership that XXX% energy. X.X of

Wind. of We through acquisition a the in acquired partnership Vineyard an interest also XX% of

believe We mature offshore is Massachusetts Partners. Infrastructure Copenhagen RFP. with partnership this the a in the it's Now, wind project most

will to get minute that a to I Now in as why.

Now, that there resources megawatts legislation in renewable announced XXX Wind of into for by requiring should Massachusetts selection and was in wind The process. an Connecticut be energy had megawatt offshore of RFP June year. X,XXX this Vineyard XXXX. did offshore

place XXX for RFP is up Now in current to the megawatt.

and up Now required to XXX you XXX. are XXX could to or bid also bid

Now that is Wind selection and in project. actually Vineyard May. bid later expected XXX XXX megawatt

commercially by be are the to and Cod. Cape operational expect to to only direct we provide XXXX company benefits We

opportunities Island. looking are located to plan they how O&M that, York, implications Also or and by megawatts environmental the Island megawatts that other the apply the the in there and want are X,XXX is center is information coming New activities evaluating Vineyard first start from on to In Martha's to wind process. we company Rhode XXX operation Massachusetts to could construction are and going Our evaluate RFP it looking the fall and assessment on is for XXXX. in and offshore Rhode up. impact for the

as So on Governor may there we BOEM new very focus be Rhode again. market. looking New that be Massachusetts for about for for New areas said and well wind leadership for in offshore closely. lease offshore expectation looking positioned be is some in And U.S. Murphy could an impact opened looking that And two megawatts will there slide And offshore of Jersey XX, On we to Jersey. future the X,XXX very will Island wind the the those is Avangrid Phil well. at role is offshore

gigawatts. We installed X.X third transmission significant and in has U.S. U.S. capacity onshore the of Renewables have renewables experience. the largest proven

the We recent of gigawatts projects we on of into. over project we Maine, which on also get can have came time a pipeline completion eight in and billion transmission in of And successful budget. $X

They Both through Avangrid have significant well offshore we offshore chain partner We the Iberdrola. have our have engineering Vineyard experience experience, managing developed with experience wind. relationship CIP. and with Wind global offshore and affiliate O&M technical supply deep proven have and experience of significant and knowledge

capabilities. financing financing have and CIP's experience We wind. sheet and strong in Avangrid's offshore investing balance

great to So able to we be this. position in a are capitalize on

have also knowledge local going global We but required. we the that's have to teams be

Turning slide now XX. to

goals. are going our execute strategic We to to achieve on opportunities

exiting the removes We business, and ongoing trading the volatility are gas storage related from trading. It eliminates the been significant. commodities losses have net That to and business. also which

March the completed of to gas X, sale we the business U.S. trading So CCI

Asset affiliate Holdings. Commodities is expected transaction is business definitive sell a ArcLight a Enstor to XX, be Gas, subsidiary That's to Partners. an of to On assets, Storage is which February announced completed which May. International. Amphora Castleton That storage LLC the Capital Gas agreement gas of in we

as renewable megawatts. increased plan. of project, execution our I on highly The progress said, to continuing are XXX likely our to We growth

plus likely megawatts entered megawatts. We a contract Portland XXXX. totaled secured X,XXX contract into into five our a contract about a it X.X highly Renewables Klamath target. Peaking Electric for So for years XXX and That's in is the beginning gigawatt with of entered the Plant. XX% at General

targeting forward are transmission new with in of We moving also regions.

transmission business MISO. the the in bids RFPs registered networks has So submit into

NYSEG, XX. is earnings Investor XX from in I long-term SCG. new said highlight to February We solid of performance want target, It a first wind the plan had we is It slide as outlook. and operation. a in UI rate couple quarter Now multiyear the the XXXX, projects of our Day. RGE, for on

practices and mitigation. efficient are to This to for practices and cost that's and possible. going and going moving the jurisdictions. an keep as Implementing best to we all the being achieve looking costs at is as employ major process the continue ongoing forward, We as tax continue we reducing best reform our keep

of going plan. and trading we As we is growth X, a gas of the are to gas March long-term in outside the be sale completed well for business, non-core storage May we said, positioned

New England multiple with and New positioned selected are Clean targets. region Mass offshore for wind the the we Energy in RFP, ownerships Connect growth in program England that's lease offshore

we outlook $X.XX based XXXX share earnings and adjusted is And today earnings our share. of XXXX to per $X.XX. affirming share So adjusted per on $X.XX to the per to $X.XX the are earnings guidance

July, going Now before acknowledge he turn to be retiring over, early I want July. Nicholas it announced to Rich is I who in has

now I I the be accomplished on been we call, is of this UIL the companies, with things a for importantly So integral the the great been he has to Iberdrola When earnings provided starting going then at and and of USA. doing integral his with part last working and together believe. Rich merger a was years us. dozen and acquisition assistance as an look that Rich gas just you

get job then So Rich of helping that the afterwards. has great getting done integration a and done and

now I to want everything done So, it you. and to over Rich, we thank you will have you for turn

Rich Nicholas

kind I you comments. Jim, your really much. thank appreciate very Well,

wrap GAAP up XXXX, on from the where XXXX now roll-forward to quarter I we by U.S. XX slide quarter have to just first am on of earnings. our segment. again, of So first first quarter

did last not positive had in mentioned, recur in those I perspective the strong and significantly an Jim we that cover really adjusted As by strong turn have from networks And XX, some And of will again over earnings performance contributing quarter-over-quarter, the operating moment. renewables a slide renewables a to per increase earnings when XXXX. share, that networks X% in tax in adjustments positive driven operational you year we but just period, to performance, increase in the results

Gas. driven on and out by networks were increases, that XX, and XX% basis up steps slide adjusted Connecticut rate and quarter-over-quarter, the NYSEG the in the segments have UI York plan year-over-year, Connecticut And for already So an New broken there. on approved primarily we in RGE Southern

In addition, cost management implementation of practices. we continue focus to best on

New Rate determined X, year, with sharing this million quarter And quarter of accrued last Year the the Year Rate companies. X be Now for in $XX had first in our in second will we year. about pretax York

expect reform, rate XXXX. we as probably sharing program Given less the our be somewhat well amount as would capital growth base, tax the in in from both will

side On And to did quarter program. a the regulated our higher year. FERC share compared networks, on transmission that in of we capital have contributed $X.XX the base last a rate

the segment. flat to Moving essentially corporate year-over-year. It was

assets assets, share. segment, from offset roll-offs and net credits we per those $X.XX from depreciation on the benefited of those production lower quarter-over-quarter credit really $X.XX that by a in, production up the energy of we renewable that share. wind For a along tax in picked solar share increased the with went was service capacity of projects and capacity. that increased Sales existing from including renewable the the tax credits This new from $X.XX somewhat added $X.XX and come

negative tax a state when As of occurred details unitary as you we you On there the have but around adjustments segment. was recall, I primarily slide quarter some operational the compare mentioned, quarter-over-quarter, in to positive XX, were XXXX. first additional taxes that renewables related

in can XXX years see the you have megawatts As XXX left quadrant, two we added are construction. under megawatts the now we between of PPAs and upper that

Overall as the In factor last the impacted increase new shown X% production positively our a earnings primarily overall certificate load capacity, in due sales to which to such energy to was increased as in XX% year. pricing XX.X%, our that renewable addition compared declined lower were by left up X% quadrant. to

quarter-over-quarter the And impacts these gross largest terms the which components margin contribution from together for slide up adjusted to of was in capacity. coming margin Moving the XX% had million. or bring quarter that XX. We gross all new $XX

negative $X else. everything negative assets $X we and PTCs, the Existing segment. the added even $X roll-off, roughly million of pick million million. that from positive up million As was for Again, by $XX million very a pricing. operational quarter net did renewable I in mentioned, $X about offset

So turning slide XX. to

strong. Our strength financial remained

new Jim leverage debt to was BBB+ the net quarter debt times X.X capitalization, XX% investment XX% credit board. and net to ability and As mentioned, with net closed some of funds EBITDA these the operations the finance total from ratings to adjusted net to projects debt grade across

no slide consolidated the affirming segments. and an the reflect a we our on our XXXX is segments as GAAP an on XX, change does and additional mentioned, well business XXX adjusted adjusted wind we basis, the sale it's retiring capacity to of in outlook the So guidance $X.XX. And in allowed On of basis Jim and again a are into in personal note, amounts. both the as outlook and assume The $X.XX earn into megawatts normal and business, the will be I and July. storage went trading service gas XXXX early networks that return As the bands. sharing On for will

the both of our not are questions. been So now talented you just round that earnings Holdings and exclusive. call. Thank my upcoming Avangrid. being operator and day always to come Avangrid's and leader I with and many I work will demonstrating more the gentleman that of UIL the incredibly now although your being moment will one energy in many I you want financial interesting would take the And be this to to And thank AGA Jim last call the I has to and particular, hand conference, your a like acknowledge people to inside those a a at back in know have for I interesting to community my of CFO the privilege had pleasure. your It time, company for mutually as truly questions. the for investment will see every

Operator

question America. Julien our Bank of And is with Instructions]. from [Operator first Dumoulin-Smith

Your is now open. line

Josephine Moore

line doing This for morning Hope Josephine Julien. Good is is well. everyone the everyone. on

Jim Torgerson

Josephine. Hi

Josephine Moore

Hi.

the is England question So Connect. first Energy on Clean my New

heard you any have been congestion. Is some color there We concerns Could have around mitigants provide on that? possible grid considering? you that

Jim Torgerson

New and a back front The it's has in England puts cluster grid that of being at done really us us party to that congestion, it the of study there's pushed be – little kind done that's one bit. ISO

We about concerned it. are not

transfer And who a heads New into Bob England want said the Kump New business. megawatts system here, Bob know, capability did you I was networks England of from is up there Maine. that to? X,XXX don't study earlier our

Bob Kump

No, that have been you The isn't and shown really are there absolutely congestion. done studies right.

have So no we that concerns in regard.

Josephine Moore

to are great the Got thinking on that you be Okay. then end? And debt how about all for hear. That's your it. to project? financing the second, Is going

Rich Nicholas

This could. certainly We is Rich.

in could finance one strong terms sheet balance all the strength the certainly forward. our sheet going balance with of be it we have that given leaders still So and we debt, of of the

Jim Torgerson

cash to flow we internal internal have project debt, flaw easily. rather finance We be that will and and able cash between

Josephine Moore

And just Okay. then moving to offshore. Great. the

you note mature I --? that that I most looking that think considered highlighted you had projects. was I the of as competitors your FAST-XX one is have wondering the should you at well program. or have

Jim Torgerson

up Laura Beane business our heads who renewables here. Well, is here,

I will touch let Laura that. So on

Laura Beane

We bet. you that. consider definitely Yes, did

have BOEM XX was out April the you then process be public We impact we approved this another approved public environmental will and that through expecting And be have been point be path statement that rejected. throughout comments comment we At and or day with with or it fall submitted working period. as comment was made, not all COP, optimal. our it would current hand-in-hand we for the with XX our know, and isolation, going our in that determination to

confident are ability we well on meet to online in feel our we So our the XXXX date. and way

Josephine Moore

the Sorry. would for Like when beginning start construction And that? construction? you be when would

Laura Beane

we It how months begin probably would to the at XX you on to But date. construction. least online XX define depends prior

Josephine Moore

end. Great. Thank much. my Okay. That's very you all on

Jim Torgerson

Thank you.

Operator

Our Greg ISI. next from with question Evercore is Gordon

now is Your open. line

Durgesh Chopra

on Hi It's morning. you? Durgesh, guys. Greg. for How Good are

Jim Torgerson

Hi How Durgesh. you? Good. are

Durgesh Chopra

Great.

follow-up to Energy the England New Clean project. Just on

do as AFUDCs be booking any through right? construction XXXX you XXXX. you shouldn't lag, there regulatory So material There from be will

Jim Torgerson

Correct.

Durgesh Chopra

currently contract. a it? contract one are and extending Okay. simply Klamath just then merchant already Is And it's in or follow-up the you the on that

Jim Torgerson

contract new There was is a and that in contract we which XXXX. a starts had this previously,

Durgesh Chopra

pleasure. Rich, Perfect. been That's a I big and congratulations, it's it. And all had. Got

Rich Nicholas

very you appreciate much. I Thank that.

Durgesh Chopra

guys. Thanks

Operator

question is Citigroup. Praful And from with Mehta next our

open. Your now line is

is is mute, from please our line it. Andrew your And question next unmute Capital. Avon If with Levi on

now Your line is open.

Andrew Levi

Hi. Good morning.

Jim Torgerson

Andy. Hi

Rich Nicholas

Hi Andy.

Andrew Levi

Congratulations Rich.

Rich Nicholas

appreciate I sir. you Thank it.

Andrew Levi

Yes.

very to us. have helpful You been

that really we So appreciate us. all spent you with the time

again. thanks So

the on guys quarter. guess to that resource renewable a our just then what the have And of like? that. follow-up about wind strong side, had just was very the just could talk resource understanding So I kind is you wind in I we

Jim Torgerson

think I the U.S. resource in as for for was wind expected much keep we because mind, across entire pretty us, quarter are the the

So it little board. pretty actually in different varies it you good know, across Laura areas. don't the I looked But a want to more? comment

Laura Beane

Yes.

think at last February did by Western average years. in all operating I an depends, for tends regions, really to particularly been it because are have said, come we in for it varies just to us. Jim And be of it as we our and region really average that in about pointing couple the region. the was strong

Andrew Levi

people where particularly Okay. have one types of because of And wind wind. too to was of looking to of see particularly of that was strong, resource, had talking the at more machines back your the for out Midwest that. dial because the machines? strength that it then the machines weed strong follow-up that depending any you you Did happening had, And then the you but to just maps, I kind seems on it I from a in various little maybe bit guess to

Laura Beane

Yes.

back we where corrective instances were farms of time. anything quarter, turbines unable conditions we numerous winds had terms was definitely weather icing that after it reach man high in for turbines for We this unable more various snows. to really outs I than us and periods were online Midwest of think impacted short regions. we say putting heavy I wind maintenance in or and to in first cut experienced the would the strong

most. us probably the So that affected

Andrew Levi

you find very however want weather it related, interesting. percent machines Well, obviously technology is wind level, technology I Because or technology I strong, seems to industry the word know up. in existing were And guys a we instead gearing the guess, Could machines kind gear know, for far guess, like the fleet interesting. curious, the it's know maybe when move and age on a more obviously like on the but about or like on to neutral, we possibly kind depending it down don't we on maybe Midwest, concerned? I of it whether tried machines machines, but the as the been you it And know, have of where was that just about makes guess as to that or the whether you or just kind have as I just the working that because I if because talk about talk if as have talk that you I is, of then to follow-up. if guys figure of can the out on high it don't enhanced very if it machine you you ability you the your and is talk very majority in we guess I not, you new, technology But of that gear have, kind that just are having of your you Siemens the don't and about general, detail. there's is in can general.

Laura Beane

Sure. Yes.

I think specific it's want of on do the probably details. We if from our as really well fleet. to you it best vary all for follow-up six turbines. manufacturer will have vintage us And different across as turbines based OEMs

specific resiliency certainly to their with these just neutral of are or As machines could our tread turned conditions But and we and themselves available be working job have follow-up where they really previously, factors and aware, capacity you where, are done of into the come improved we interested referenced before out has you wind. technology if generate as update, industry every on what to think would the turbines I and nice through you and with continue of new fleet. to the technology ability a increase technology version wind high

Andrew Levi

the guess right are you age IR your And technology machine or to that on word, technology, to point may the too, right you the running if a repower, not older is kind repower, but that's has I the I new of because of PTCs whether word. also I a But Yes. would. the an adding you machines? difference and I as it's doing And that understand would, of maybe right, guess you really lot it's whether that be I as I of far far as you Maybe now. repower if been some would guess helpful recontracting out, obviously would should call work not just it that add want machine say. to Have technology? if is, that a but makes as the us, machine, right older

Laura Beane

When you -- add technology, part say, the most for

Andrew Levi

guess it, ability guess. to gear I I Well, the

Jim Torgerson

there value one. But is PTC. XX% moving you replace of repowering you of or aspect. much could One, to is Andy, that's parts the things the pretty one actually in when of That's do. XX% a get couple clearly order

software we other machines that The boost them. lot with from and are is which actually our power right Laura of which output about what was a the talking upgrades, is doing now

machines said, more that all tech, them. things we also newer the are And you actually those have the at time. look So as technology the in newer

it. of more up pick you So

on all keep lot a things there's to of going on. of speed So up that. We

Andrew Levi

can a get very If would much. you. you we we call, Thank appreciate. Thank Okay.

Jim Torgerson

Okay.

Operator

no the showing turn I for Jim Thank closing any would back to now you. am Torgerson And remarks. I questions. further to like call

Jim Torgerson

thank to Well, I everybody. want

all to we through continue for thank we quarter to the contributions great the participation. their Rich over year to want his said, to everybody want I and first for I that good for years. again thank look the had we company a very As and

all. So, thank you

Rich Nicholas

everyone. Thanks

Operator

conference. thank gentlemen, in you and today's Ladies for participating

day. You may Everyone great a disconnect. now have

Avangrid (AGR) 23 Apr 182018 Q1 Earnings call transcript