AGR - Earnings call transcript Q4 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2018 Avangrid 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 be given at that time. [Operator Instructions] It is now my pleasure to turn the call over to Patricia Cosgel, Vice President, Investor Relations. Please go ahead.

Patricia Cosgel

good everyone. and Andrew, you, morning to Thank Thank quarter XXXX joining us Avangrid’s fourth to discuss earnings you for results. Chief Presenting on Officer; our Executive Torgerson, our Officer. the call today and are Doug Jim Chief Financial Stuver, officers A your answer will team of also participating call questions. on be to the Avangrid

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

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

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

Jim Torgerson

us in both weather our as executing XXXX Renewables was to some impacted actually uncontrollable Thanks, very strategic and be Patricia, year proved on a everybody. of Networks. and for challenging good terms events plan. Earnings welcome,

of executing the We our XXXX. during with year the invested $X.X start plan. billion in capital me strategic Let on

megawatts in XXX contracts of were wind long-term onshore solar XXXX. that have and We executed

XXX megawatts XXX in X XXXX our and of under another COD. just gigawatt, commercial operation contracts wind megawatts XXXX, for we construction onshore our for have have of We under

future. sales first sale – our RFPs by of and NYSEG pipeline. for Coyote to Massachusetts gigawatts. XX for looking the cases is the Ridge RG&E pipeline, – megawatt megawatt rate both Vineyard and of We’ll and XX% New Natural rate are the continue new Gas England Energy optimize expect operational, then optimize of that with of and with partnership completed continue project in those and now which the and Clean through shortly. in be both Connecticut second do projections the file And also for which Storage XXX went our won effect of also quarter to our had Berkshire We XX.X the that plans business the project XXXX to We case at two non-core on XXXX. we Gas CIP. Wind in XXXX. also and fully XXXX. we’d Connect to wind with rate our Both filed we that We’re about talk continuing developed track CMP for Gas, to we into will We a did megawatt And

share were continuation the a then income net impacted Now share. we wind $X.XX the the adjusted was GAAP had and net down showed at was these results for by also resources and and of – quarter both quarter minor on a storms. for the share. quarter where net income year Adjusted was the was for weather The a Renewables, $X.XX $X.XX basis the $X.XX income fourth share a are and

major storms, implement ancillary care – year, about costs, the allowed Renewables counting had are of and – take costs share. above we amounts with totaled the are $X.XX the share, that all that for the business, in and a these major storms, these and significantly on some minor For about minor the storms as the rates well, a but $X.XX to impact along was Networks costs to

cost a the $X.XX items two those us share So about for year.

moved Now for what the farm. we’re doing each about average we’ve methodology to and wind wind resource wind life-to-date a looked we it, at forecasting

of a amount Now year. mainly the having and – in that rate in for already and we early we with but of address also deal also unprecedented earnings can the and of trying is get by can reducing those the recover by about our in resiliency case we’re share addressing our number plan, New line people so storms they through of will that then we York, that impact in actually $X.X to it. a come standby we And storms, CMP these projections when this costs minor

service company. you public we’re a As know,

obligation an have to serve. We

So we’re back care taking our people we sure customers make and have of quickly as as online possible. to getting

And we incur so have those costs. to

O&M at our very implemented We’ve also best the how out of more We’re get helping pursuing XXXX Board a payable and the actually is share declare of third-party consultant did at in and April X. aggressively business. on by forward look to dividend million now efficiencies. with we the practices did help XXXX, to We fairly us reduce plan mitigate efficiencies of $XX saw [indiscernible] impacts a some about plus a negative $X.XX

X. Page to turning Now

on a a the and a see share. can $X.XX was on GAAP earnings quarter adjusted basis $X.XX You were share

more to had in results projects, first of Connecticut versus drivers, wind normal had development multi-year in were from they had of also results increases cost New results differentiate plans, Some and by I the items. tax We impacts by but sale positively. We want impacted the the we some plans had discrete the storms. We then and were below megawatts rate but of the resources quarter-over-quarter the Networks minor and production. The between and York expectations. our offset than key related quarter-over-quarter new to

Wherein for minor had and we for million our really $XX the impact to an we versus where and was expectations, included events limitation – in that cost incur absorbed CAIDI, Now storms related Tier cost. that a storms the one to Maine, costs. there’s also X of the we’ve exceeded to quarter; have of then the two the minor this penalty adjustment we

place items totaled So about the the adjustment wind and earnings didn’t about those in in $X.X the share and now plans resource items offset. but in that share that. we all normal was our – to get in after will a share you also We below in and mechanism York, XXXX other cases can $X.X a New address $X.X rate a earn those about that had our see

the to now for year Turning results. X Page

on for a the some You of again can our see on were Networks a Networks development weather offset and of and Renewables. $X.XX share share adjusted $X.XX. share Again, the partially O&M the the the Renewables were resources rate plans, I some a negative impacts results said, a storms, by project we for sales below of the sales. development earned we’re as the savings drivers overall, production expectation, impacts $X.XX some for business minor the basis basis impacts $X.XX Versus in But year-over-year GAAP on key for the wind project. and and normal

$X.XX and are $X.XX that $X.XX. So

out been the we of that’s The and on things – page, to incurred find material to mitigate we had weakness one that done. We’ll the we tax other if you had. see expenses items some help can audit the

file it O&M share. about did when efficiencies have XX-K. our We are a then the next $X.X some confident fairly And by week totaled that be will we or we two

being ended due the a spending $X.X storm solar looking Capital we up up down we slightly quite Renewables were $XXX the about quarter, from XX had up related was being delays. next megawatts, spending XXXX, million billion. $X.X but only see Turning XXXX than bit that lower XXXX. of of the small about extra declined our in in can developed so but at versus capital compared spending a XXXX an the in because to anticipated and billion. project the to page picked the pick that about Networks anticipated We and result fourth to million the capital million, project were one down quarter. expected spending we was compared capital megawatts to $XXX was XXXX. in – COD $XXX in you We was that did and increased XXX was

to the page. Now turning next

execution see You our Networks. can for strategy of

fourth April and should moving quarter and project period for York as to forward in fourth rate be our Gas minute. the file expect The in second a we’ll NECEC rate and CMP for go by The Connecticut XXXX. of rate we was quarter received planned. effective We is case in that through the companies, this did quarter. cases in final the three-year first of May decision the that file New the case the the Now quarter details ends Berkshire rate Gas National some in

storms the Mills to Connecticut. and in as the in getting $XX our United for the did in electric We XXXX investments Those LNG years and Connecticut New York. We we York in have Community pilots along And Maine, in The York New service, with respond million Ithaca, vehicle in and completed restored $XX battery as and storage the rate were STATCOM million XXXX Lewiston could. Loop on Coopers unprecedented we back customers successfully spent and and million Gas. and in the possibly the New modernization transmission. $XX in completed new new projects Illuminating we Southern the quickly our Smart

and for with investments to type make investment efficient be the million AC on most this Now activities. these year York in New about we York. also of The results we’re we’ll March our forward part effective of determination final solution looking project ISO New observing at concluded of those of the it. that’ll decisions $XXX be New was move as of TransCo cost The York the how

Maine the seeking over also for York seek case. that $X.X to billion will and rate resiliency XX in approval we New We with announced in approval the plan years,

ongoing public should Our $XXX settlement The the process that’s necessity, project convenience and track. million on successful. of discussions are and certificate NECEC be and main in is

Department year. for for the we the have can construction. What We project approvals expecting itself. is of parts with And the begin. on by the Power engineering approvals, the a ahead have Maine receipt contracting the Engineering U.S., Central and the of started. from in and then the end And by that be you an the the the Public approvals for of has doing which project energy, expect Maine investment to expect all state the we in all make the to NECEC, federal next then converter. the Service in the getting we’ll XXXX. receive starting end of we decision We’ll March see is the schedule fees HVDC we’ll slide go once we’re

And XXXX. into are is this expense there construction biggest you then construction and Now are see the we good there commence of the again, one in that’s and beginning HVDC now the thing of the federal with items converter and provincial can lock timeframe. And and that approvals Québec, price contract the there in for project. can timelines the will engineering,

you can filed to next rate see Moving the October Central the Maine was page, XX. It Maine case. – Power

And $X.X will in ROE, increase reserve. equity of those million rate net charging vegetation normal the with million for We from propose some expect XXXX. The storm The are due fourth million be year. request by The of decision continued in is Maine storm threshold event. revenue a reform large part $XX XX% a and one-year we rates The initial our plan to to than million and $X the one costs, final put $XX liabilities. against a capital per with offsets that management the in decoupling. triggering storm XX% lower the quarter of $X.X the tax in resiliency spending this increase million was no are

us And Tax will included give flexibility. that more we all the considerations. little So of a XXXX also Act

collecting the Group independent at accurately audit major Maine there the response customer then been Public information, rainstorm There data did SmartCare was in system year, and by were and direction in That of transmitting its Liberty and ongoing reasonably and order done customer were was been have while. for with PUC. that that and October that the a billing Commission find the the preparation an found investigation CMP’s And appropriate wind And During the accurately. Consulting an and that all act for they did CMP of and of measuring metering had XXXX. Utilities system. meters new quite components to usage

an Now rate audit docket to case. through findings, they’re service audit. the And some the and customer the doing technically be audit review a questions communications PUC that open and by did the raise those really did so will of audit addressed they

and Connecticut, jurisdictions. were settled other rate the in to The turning cases York. I said, as New in file Now recent we’ll

electricity quarter the cost NYSEG file and the for the gas plan in to advance XXXX. it the include at the including storm storms, staging expect through. for costs, the major enhanced an crews request storm of of it’s advanced company’s where – filing We minor which rate comes we’re increase or resiliency, resiliency and a no stage in will mechanism that, all earnings metering or RG&E for infrastructure, a in The for of second and recovery adjustment seeing cases and for exists requirement whether

We’re affect going small three-year for XXXX this just XX% XXXX. up And decoupling X.X% lower and and the the and the all year final trackers stage Maine liabilities got program. decision, regulatory the we The XXXX and our Berkshire’s gas now. the for what starting a costs. In has crews a ROE the case guidance the to cases enhancement equity, utility those York. $XX integrity having amounts, determined And in two impacts, year. to case and deferred continued the had also upcoming process and and we Act million X.X% and increase and in rate been then getting program. rates. decision for $X.X in timeframe, the system tracker for and we’re incur about Connecticut in the Massachusetts, about New we’re over and million CNG final ROE thinking be management determined tax in about Connecticut, we decoupling benefits in and those distribution Berkshire of X.X% Tax goes system our period. determined XXXX addressing tax timing rate in got the And been of case equity at the They’ve XX% up going rate the jurisdictions excess again, expense to rate XX% they’re

Renewables. Turning now to

this executing move wind and expectations does with really strategy us plan. our strategic the And We’re position addressing at to the successfully performance our same time. forward

an We onshore operation megawatt contracts offshore in of megawatts construction XXXX commercial gigawatt in wind. the XXXX, XXX in have including X megawatts additional and added XXX XXXX with wind under XXXX. We long-term XXX or

And the added wind sale and The for wind the $X.X below our fourth XX% is WEC forecast of this benefits the methodology We’re megawatt the with is partner. life-to-date We’ve wind than Coyote the going we at another of of to quarter. renewable the of pipeline share, all performance $X.X years taking X.X about been optimizing look utilizing. expectations because to and our the Energy recent a reduced address had the rather a we’ve the went gigawatts tax now performance the wind project Ridge expectation. to life-to-date our impact and period of XX who adjusted software wind a in by share actually Group, time is our also boost so

So is that share. $X.X life-to-date impact a again about

new software. turbines software also this for continuing additional implementation the through with We’re

awarded we for starting XXXX want offshore commercially and final public project impact XX are environmental December we’ve at to Energy approved selection, Vineyard in megawatt Massachusetts we’ve notice supplier proceed in and XXX,XXX We all megawatts, where held X expect schedule you of in add the a were for And now The state, miles NYSERDA we XX approvals in report local Martha’s megawatt be all February. REC for which our then CIP, this X.X Vestas the impact an XXX preferred office track. work. by have agreement, draft was and availability substation and allows XXXX. Vineyard I The was in now packages operated on regional Policy is are BOEM second with XX There’ll advanced offshore vendor stage meetings also site Vineyard, offshore with and that’s partnership selected supplier. environmental statement in the issued south Act receipt in on The XXXX for the And project also of with to turbines. turbines selected Wind. of wind be permitting Massachusetts wind can the solar of contracts our Vineyard that required suppliers which XX all auction will and Wind for lease, in in see a Wind in December. for awarded about is megawatts. XXXX project acres project

the in in commence We by expect lead the the And award construction then and XXXX, going the state to approvals federal will of financing time in the be will this XXXX, we’re in beginning done as year of place end same XXXX. engineering items frame, long the and well.

the expected end by to the are operational XXXX XXX be next megawatts XXX of megawatts by XXXX. first The and

to everything work that’s still we can looking in if progress. a XXXX, in get also see to accelerate We’re that but

wind We a project. New on our in the wind And opportunities offshore commitment lease Vineyard RFP. just industry. now most That’s also, RFP. York New York this bid bid wind first emerging we and Wind The offshore offshore really Wind U.S. in in the our the the show next the demonstrate in New page, growing see and Liberty is York’s submitted December. recent acquired we

economic area if port have a along fabricated Albany for So actually bid X,XXX megawatts XXX it’s selected. be payers megawatts, projects development in the The offshore be and New of job wind river. and world And the creation in the at proposal one megawatts largest of components substantial we bids cost foundation the proposal. facility York X,XXX-megawatt XXX include the York in would New rate the most we benefits effective and the

cable Island expect Long in who to the turbines transmission offshore, I in lease own to the with transmission winning Our year. the submarine acquired recently existing Wind’s and bidder is we’re and we and finance be decided partnering transmission, a be Anbaric, of tie delivered will developer, who will by as on April said, and Liberty the a substation will this

XX, to our turning Now outlook. Page

have to earnings $X.XX would $X.XX. and per adjusted – per We to share $X.XX guidance GAAP share earnings $X.XX to be of

said, We’ve we in that looked our and brought specifically $X.XX also in I already. forecast about weather a it guidance for share. year revised to the resource As at Renewables this the impacts wind relative down factored

is and about to wind, and because from the also ice the it’s ice in but when operate just – site, had January operating when the the blades on too Midwest down not this the of we’ve impact the storms low. weather the currently can’t below range, Northeast, access it’s temperatures and We’re in XX% ice then drops they just

of we some shut So turbines well. had down to our wind as

been costs in. Along the with that’s So lean now start requirement of things staging impact for minor we storms in some factored that major and Networks, us. will in earlier the and

be cost Maine, that operating and more recovery improvements, we days, XXX We done we that addressing respond request. already already XX can a so doing have Now available as They’re week, seven crews. will some having rate as that we be days in effectively. a such our in New a in that will York implemented hours we’ve mechanism day,

ROE Since look continuing near-term. to have about in the and at the in capital we RECs on to the of actually a pipeline, in reject impact at bringing you pricing an of much contracts in in The investments. in the projects then contracts sale may them has We’re motion projects market. that opportunity to partners that there have appendix of we been potential our – expired timing our the Merchant see optimize selling partnership an one And obviously with are by will looking so and decision, have develop also pretty not XX-gigawatt line no actually have and pipeline can that will Renewables. FERC development we – January. or and the PG&E far bankruptcy, impact,

in our said, also, We’re to process. Forward plan best-in-class XXXX a to advancing objective I with accelerating we’ve the plus with us as brought to third-party and that in achieve be going status, work

the is to going I’m results. Doug over that, with to it talk So financial about going to who turn

Doug Stuver

today. XXXX the in now per Jim. I’m full to Thank forward we you, you thank slide, and this a Slide from basis. fourth morning periods joining GAAP earnings Good quarter XX. the share On us XXXX everyone on and same of year rolled on for

fourth XX. remeasurement sale is them gas assets We sale roll held Slide in the storage the see, businesses charges driven can and the the a with reflecting trading a show loss per see Gas the per and exclude movements for of share improvement significant annual other businesses of on tax in We the of declines share period-over-period year and showed XXXX. deferred amounts impact impacts you XXXX. from That trading of restructuring which on now Act, impact gas quarter designated the quarter when Renewables tax showing XXXX Tax segment, the full The As In reform mainly GAAP our storage rolled we share storage the resulting second and quarter the the adjusted $X.XX EPS of these for reform. per XXXX roll exited and we of $X.XX forward. by gas the items. remeasurement impacts the and mark-to-market, share for tax in full these XXXX, I’m per balances. the businesses $X.XX sale for from quarter of and in forwards completed Renewables $X.XX forward year, for of the impacts that fourth XXXX largely we and Renewables segment is of earnings the fourth trading as

drivers. the Moving EPS to per quarter results comparing adjusted at $X.XX $X.XX, XXXX slide, XXXX share. on the relatively with share rolled chart share forward see full-year results, declined $X.XX per by while at you fourth $X.XX the same share can from Both when largely that per are the comparisons this flat, earnings earnings to affected and were per

late quarter-over-quarter in at in the York in challenging intercompany rate and that as United of Lower with noted, ongoing Southern issued the periods impact have impacts, wind and to Networks from in fourth related as companies new Renewables continue earnings earlier from that debt added storm-related year-over-year experienced of gas corporate Natural Connecticut absence primarily we positive XXXX Avangrid the Gas, XXXX period-over-period we Connecticut that November the businesses and and quarter, lower-than-normal in New we the plans tax income conditions from Jim their XXXX offsetting our Illuminating, from well increases and sale costs to in that capacity year. during the new As XXXX. resource Gas interest

in next the this more provide I’ll Slide slides, drivers Networks. Starting XX, several business the segment the Now on detail impact. business and results summarizes on for

in quarter, fourth per quarter-over-quarter experienced our the rate year. and second and New quarter-over-quarter see which the in are $X.XX For SCG and is that which can $X.XX York of in share year year-over-year X in were We XXXX, to down you rate utilities by is in per year-over-year its its year, began UI $X.XX results in down due rate $X.XX rate which May that $X.XX first to third by $X.XX increases and share. on benefit to a

continued from include minor capitalized storms not the For lower storm offsetting loss XXXX. well Networks fourth the the $X.XX as and direct labor quarterly did impacts benefits recur positive year-over-year which which which costs, to $X.XX threshold minor a in New related $X.XX a spending to a the non-deferrable $X.XX quarter-over-quarter, and Maine, the These costs in and lower XXXX earnings quarter. the translate the minor included loss capital into comparison. rate benefit and non-deferrable penalty related over fourth a through CAIDI The the related were AFUDC. in that year-over-year and also a storms was impacts In together reduced the quarter impact. events, as for in of Networks York due of of storms, these minor experienced costs negative comparison, related also of these experienced the by storm costs exceedance XXXX,

now from of to due York Going impact Networks, a XXXX full capital drivers quarter, and Avangrid reduced other movements capital comparison. for At higher of Networks new this for the New level, however, for Corporate to and a to New $X.XX consolidated to tax negative tax within the along positive with the year-over-year Networks benefit York Corporate XXXX $X.XX shift charge. remaining and that $X.XX causing item a the impact base investments impacts between base are rates shift back included the earnings, higher both Networks and to the negative XXXX Corporate of charges this a $X.XX depreciation in to

In were adjustment in an decline year-over-year efficiency those incentives comparisons in of in performance not a which addition, and with mechanism for there earned resulted the XXXX XXXX, that were energy replaced quarter-over-quarter expired $X.XX. and earnings

turning to Now XX. Slide

from Our of production X% was Renewables the Performance the Earnings year-over-year lower new Energy was driven quarter and XXXX impact capacity was with improvement. largely of $X.XX segment the per earnings these with bankruptcy, for Wind approximately wind sale existing Solutions achieved of the positive added quarter-over-quarter the quarter-over-quarter our Mid-Continent. and claims by that a were from and primarily $X.XX our net power of second smaller existing contributing prices. assets share from share, in selling improvement, XXXX in from First fourth $X.XX. year-over-year merchant per for wind our farms the lower resources up

the in continue quarter, sale the $X opportunities we transmission third to development million the plants. mentioned, generation including PTCs, Other which project flow peaking Group. of the earnings wind fourth includes earned related impacts to tax trading our queue in we and added our per $X.XX Coyote WEC In to climate quarter, position assets As of we our minor sale noted from we and last for quarter, of and as optimize RECs after a business, in the pipeline, that Jim stage. or our $X.XX thermal Ridge XX% approximately sold share. look value-added And to

largely share, per performance the reflects positive Our for similar and was XXXX year-over-year that impacts quarter. $X.XX

flat our at the was per $X.XX Wind performance year-over-year. to expectations than year, compared was although on wind capacity it New share $X.XX contributed normal existing facilities approximately by for relatively our lower year. last

the and new the from wind from issues year-over-year this of transmission into margins and Tule sale solar wind existing El of quarter. impacts negative merchant $X.XX The with First we positive that market. addition, included also results in full $X.XX less from two impact gross lower had the of Energy include share per impacts selling In and of and bankruptcy for our in the farms $X.XX claims that second $X.XX output of collateral, receipt Solutions consists Cabo wind

we turning Now by is to earnings segment, and was was share lower of XXXX XXXX. per versus and At incurred financing the lower for the largely Corporate XXXX, XXXX state XXXX driven XXXX. segment. adjusted as take Corporate tax full that $X.XX This large and the look Slide quarter not XX, at in a the this of are for largely of a versus These fourth by adjustment we positive large $X.XX year the declines taxes. in costs fourth quarter driven

addition, effective financing consolidated was November green tax discrete on of items, costs from of this In effective The basis. on our the intercompany a businesses earlier of the issuance items, GAAP and after GAAP adjusted both XX.X% Corporate XXXX, also reflects then absence basis we approximately gas adjusted interest rate XXXX an that the income in segment a on the discrete before was rate XX.X% exited XX.X% and consolidated And overall from basis. and higher year. bond Avangrid for the tax

$XXX then in covered need. cash by our financing million to paid shows and operations from million other dividends approximately XX, the in our for $XXX XXXX, Moving needs million. to raised cover which We with Slide cash external flows and which net $XXX we debt investment

Energy flexibility which fund as to us clean Slide financial and opportunities. ongoing safety, for project as transmission our Jim that New partnership growth, reliability were New Connect to and England energy Those mentioned. investment including strong projects wind the the our Clean offshore England the gives Vineyard XX, moving Wind resiliency which shows Now well position,

end at cash of debt net of cash from EBITDA, metrics XXXX billion our working we’re and to and before XX% strong, remained capital, the of very net X.X credit leverage, debt. level debt percentage times XX% was Our a adjusted at operations as $X.X

share. we’ve per XXXX, our our metrics plus and the Slide BAAX increased On credit of to with In highlight important third us certainly rating BBB to per quarterly XX, Our the are stable very from quarter dividend and share we agencies. and dividend policy. ratings $X.XXX the maintained dividend $X.XX we

retained to be EPS our payout subject this target our range. increases of line target growth, in expect ratio and payout that also XX%, to to We of future with XX% we

XXXX. XX, we’ve setting When we to earnings $X.XX to our XXXX of benefit about from the the adjusted this we’ll higher on we we’ve the that of well years wind XXXX that effects covered higher assumed as per a performance also considered storm business, earlier, impacts for our we’re earlier. Finally experienced as rates plans, our of the half Slide but In set rate minor level an consolidated through on Networks in Jim recent $X.XX level guidance, mentioned basis. that conservatively outlook storms Jim as share

recoverable requesting steps, lowering rate We’re taking for vegetation thresholds storms, our with of Jim and mentioned, for program to as cases implementing our resiliency minor raise address impacts the including resiliency storms costs, management capital business, in storms, and recovery allowance Networks increasing transforming on to the for energy spending. staging

more conservatism building that’s and be those until need XXXX for in the guidance. impacts into our However, effect won’t XXXX

production in with in methodology share for also down weather. due share we’ve per forecasting quarter. a our to to assuming approximately the performance. wind. and $X.XX Networks that’s view Renewables, with expectations also our below through our per ROE recent positive wind $X.XX estimate reflect impacts per FERC $X.XX negatively wind guidance we that Jim to strategies potential The per roughly of that’s estimates wind revised for share as XXXX, pipeline earlier, approximately XXXX $X.XX a mentioned, our on asset normal per normal having our most $X.XX share This life-to-date then the by a impact of now XXXX, resource reflects start Renewables, with In share order. line in sales in decision roughly mentioned partnerships. are optimize to And and and also I’d in challenging weather as Renewables XX% Jim resource We’re

the efficiencies consolidated effective the plus assume expect Avangrid that in do full do the from through guidance approximately XXXX area. and we tax We before in items rate to our for XX%. year However, Forward overcome discrete our efforts of the plan that

the some awards these highlight business with attractive opportunities business, winning energy carbon company. highlights We major England key leader With we’re business. a conclude role Now we’re the in committed and on wind now, Clean in first projects. for moving the XX, a track and our energy also in RFPs forward which our emphasize by in three our we New to to two moving our Slide access Energy with our investment offshore target, to as want our leading company, leases US sustainable US XXXX. we having And neutral Renewables to Networks achieve

and ratings February target to Andrew hand to strong our investment our Day at back we increasing committed solid balance Exchange, call in at XX% With grade to dividend look the we’re and everyone line to for distinctively on now credit Stock ratio. New and payout a York our questions. forward the I’ll with sheet Investor seeing have XX% that, XX, We

Operator

[Operator our first Praful from Citigroup. question the Instructions] of Mehta And line comes with

now Your open. line is

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

line Your now open. is

Julien Dumoulin-Smith

hear now? me Hey, morning. good you Can

Jim Torgerson

Yes, you, Julien. we hear can

Doug Stuver

Good morning.

Julien Dumoulin-Smith

you’ve Can Good Obviously, segment? different little the to wanted on coming a a cases how dynamics specifically, Perhaps CMP XXXX year. we start on rate about walk moving there, off just baked this can earned there? the are that are what given And by you thinking guidance. bit expectations bit little ROE Excellent. of number got a morning. you start if your into here pieces, through

Jim Torgerson

probably until not of order an going we’re XXXX. CMP, have the fourth quarter to

today. rates we and place earning for So in we’ll have basically have in very the be little that, we guidance on

you I do ones, think? For address to Bob, want the do other what don’t you know,

Bob Kump

sure. good morning. Yes, Julien,

be going New we important case a file a For York, host reasons. to of very obviously for it’s that

need both have investment this. But AMI, a we resiliency Doug and that have First get to initiatives Jim different importantly, spoke the approval number we of we of for. and to plan, all,

have terms I in of year experienced over was past XXXX, the truly what in year, unprecedented of think calendar storms. the we frequency the

think customers, touched, the community a restore this seeing heightened – we of should at a us or speed with to we In in staging of heightened power. I more regards of lot costs. which expectation part what to addition, I call use on sense frequency, local regulators, leaders, given our say Jim required terms the the we’re And as

And in getting get had that as we the XXXX, and early would the Moving that occur. in expect significant a contractors a XXXX risk types we in a should result, our regard. folks would those in next the continue around, and of until storm impact of XXXX reflected we costs case, prepared, part of

don’t continuing XXXX. is lag there anticipate that. impossible, associated will I and be anticipate, don’t XXXX of storms I Now the in level it we a with But saw while not

be I piece create results for York a potentially XXXX. say, our that would the would that year So main would in New on drag calendar

Jim Torgerson

be aside, the I Julien, other earning areas our looking allowed areas. different think, we’re the to returns New at now, targeting in right York

Bob Kump

And frankly we’ve reflect some we the New get on historically aligned to quite extremely doing well. that. the we’ve and will headwinds Maine associated it XXXX during the to structures storms rate costs as But new be and the kind XXXX. of to And performance difficult past our of it that, in proved been with reality be given achieve we’ve the Until York challenging. done seen,

Julien Dumoulin-Smith

in specifically you here, –? I’ll elaborate prepared Maine CPCN, ongoing, the the come Maine NECEC elaborate. I back that in and align the can the the can there And in timeline let settlement and perhaps bit and Department are you you Public about how Excellent. it. process do discussions on March on the Got commentary provided on might remarks Service against You think on of you the or specifically? said is process little of a to timing

Bob Kump

Yes, yes, sure.

having we’ve now terms proceedings. parties in at are think progress for I part with time of many of discussions the looking good project. getting been some that I And and support made of the broad the for we’ve So, mean, CPCN

time. track those be on that as about, to Jim But there at year. by that end of are final track of we is do can’t the be by CPCN our to rumors made good and quarter think said remarks, March. where discussions. confidential that, we it in getting the CPCN that the feel reached, not we’re Obviously, will that on this we something We’re as there approval public the first if discussions, in we, been of getting to yet, are for obviously for we some his this when will have floating on But speak in continue end

Julien Dumoulin-Smith

sorry I a But, are clarify we to month out. just mean, this,

that that of to in for understand, just out, of the Just vote a a happen on by – process get I even the to back commentary for and process terms want needing timeline end XQ?

Bob Kump

we had the timeline while discussions, settlement continued. even Yes, so recognize litigated has have that

March. such the the planned or commission is not, deliberations So for whether settlement of a that end reach timeline we its at

a introduced commission would on, March. one and both get in litigated proceeding that the would there’s that those But reach of and So introduced track settlement, we’re not, to get for into if and able then timelines instance, time result to the if a by of normal decided again, would in the by decision sufficient apply. end

Julien Dumoulin-Smith

it that and seems outlook are that I Maine thinking about sort again Got I’d today? inorganic piece, the may to like it. be clarify outside, be fully going as in what relative or opportunities you with then like some to upgrades to opportunities may Excellent. clarity these with of of back, not stands respect included utilities, too. some Just sticking the And mean here, at just how

Doug Stuver

inorganic, you are NECEC, what said just if –? you Maybe focusing beyond clarify you

Julien Dumoulin-Smith

It outlook. of guidance obviously your those in remarks included that? be least have moving thoughts separately, you all there’s Specifically that of saying And are here. utility not a Obviously on, developments your today the in a any curious you acquisitions, on different curious base then year’s last lot projects, in would what some you different are rate at from sector. seems discussed of projects front. lot latest prepared on I on formal like

Jim Torgerson

Yes.

comment you know don’t As can’t comment anything far that, as so, M&A, that, Julien. there. on I we know we

Doug Stuver

now. mean, things on I in couple a Maine of right our focus, is Julien, strictly

meeting the serving getting expectations. getting are on company in obviously, the through So, billing are there some the getting and system effective it’s that, make bills customers system the very Jim for their different rather if frank, audit terms But would, doing approvals completely still on one, that investigate shown so review two being their commission be operating has now that – just outstanding It’s Further and meeting and and is as of don’t said, of the case people the they audit, rate accurate designed. the which going are customers to assurance as that and the you audits. to of by to the the produced, is that of sure believe it. been NECEC

Jim Torgerson

mentioned transmission typical ongoing a the we projects, projects we’ve that other The things are jurisdiction the the couple – grid. improve that system we are smart in line to would those lowest just in any got, do those the of and

are So time. ongoing just the those that things all are

Bob Kump

little the in we talked about other a that we’ve that are projects past, along. the further that And have,

of that’s continuing. well them the mean, as is I anticipated, process continuing is as we Brightline in as rebuild. MEPCO One that’s investments,

changed So, in nothing’s really that regard.

Julien Dumoulin-Smith

you. feed Thank I’ll into queue. the

Operator

line Mehta Thank you. from Praful comes And next our Citi. with the of question

Your line is now open.

Praful Mehta

and Thanks so sorry confusion about earlier. the much

Jim Torgerson

problem. No

Praful Mehta

$X.XX you drivers that side What factors. could impact end capacity just the right on to you you on opportunities Network end understand now? big the on talked upper of Renewables that wanted other lower good range and for provided the a to you’ve are the on about or to here the I push have Slide and slide earnings, understand the risks So key XXXX XX, wanted already

Jim Torgerson

we the the the that down $X.XX to guidance down, gave our range $X.XX to pushed $X.XX adjusted. frankly, Well,

the Renewables on just Some down January. mentioned, Doug of into through this weather consideration, areas impacts we the as fact and are other from production XX% already that took we year that one is

and something those impact look develop guidance. taken and consideration, things costs, into we will taken in the we that are The that we’ve already we’ve account. basically that how and we about, when lean Bob that’s So we at staging that feel us into talked

are things. So, those

could that things let’s performance, the assume gets Now, better. it wind improve

if could at wind we there history, look and opportunities that. up better. to actually But for the seen haven’t do pick are we far So you

way. to that conservative, be But So go could either down. it brought we

life-to-date So, for assets. looking of at all our

then our that to then we it’s how but ROE go, the factored don’t We they going that. an decision to know, we put on us. other? – I of with then that Doug been plan decision, be XXXX know allow And think FERC Forward would factored would implement one The for other so. be is efficiencies we year, for something could that’s much in areas, what where from initial one can this depending that in, that upside along know, if would get we any cost don’t I out, that – you briefed, us the another lines

Doug Stuver

those points from think of key view, I cover No, Jim. my the point

Praful Mehta

as if Okay, long-term through you expect $X.XX period, in great, in of that’s play views XXXX, growth super you helpful. the a that impact capacity change forward to of And had then forecast a your rate that do factors? part reset

Jim Torgerson

ongoing, if that is We’ll to the it’s every thoughts think see to to be But be our capacity going our factor it I going forward We that keep would view. expect recently forward. right change. year now, looking at longer-range taken into

Praful Mehta

Understood.

as the you from expect some it impact long-term view in So, do well?

Jim Torgerson

do. I Yes, Yes.

Praful Mehta

be, XXXX the that markets that going perspective? of view your how into see on of terms to if PPA and built particular that, a just in have And then on that XXXX, merchant forward in pickup can XX, pricing there in that been you touch XXXX. pricing, seems pricing in and Slide Is finally do the merchant pricing helped Understood. what’s kind numbers, on you merchant of kind

Jim Torgerson

Laura, wants maybe one? comment on she that to

Laura Beane

temperatures some North morning. also really in capacity West is Good with in sure. most prices XXXX gas shortages Yes, everyone I I of high that merchant the experienced scares, mean, of prices really the area prices really, part. hot are in clear And and for what’s think the drove which areas, key driving in summer. in is both some what the because Texas we the

But have expect per to MMBTU been will has on gas based unexpected pretty that just what fundamentals. supply priced and see we when we in And conditions. so along say really we tend $X.XX I upticks, are there the steady

in this in areas the earnings the profile not the we see some we have but that additional And year yet. upside XXXX of experienced so merchant that into we in so to West, as could already extent baked some shortages early in that January potentially for far prices, seen we’ve and

Praful Mehta

Thanks much. Got much appreciated, so guys. you. Well,

Jim Torgerson

Thanks.

Operator

Thank with Evercore. Greg you. And our next question comes from Gordon the line of

now is line Your open.

Phil Covello

another on actually guys. here Greg. It’s call. jumped morning, Good Phil He’s for

Jim Torgerson

Hi, Phil.

Phil Covello

How a items of is it couple here. going? So, just

can color it you those is be will there lobbying other requesting? you the commissions a similar that assume to storm successful First, to peers similar states for regulatory other be realistic elements Any requesting. the the us commissions point Are how issues? are or fix might receptive are in jurisdictions you the how you in on anything what for getting thresholds have are for to

Bob Kump

Bob. is this Yes,

mentioned preparedness. is around they speed think given will a expectation think the increased be, is and storms there That we’ve I restoration there’s necessary earlier, of the I that for storm recognition I heightened and a seen. frequency as

case we at case. don’t, in point, year, May second would if getting this issue issues XXXX. is of filed any The in obviously the us foresee of right, with quarter the and you in would, next next I this to So it the be regards effective for

example, on materialized XX what being there. weren’t that very to But in for So instances. to we York, foresee storms years costs extent staging we because I year, in now long and instances expectation of minor the what reached costs be would around staged for staging problem found types the two an XXXX, deal we New and continue there ago do now so do costs just unprecedented, the were over to $XXX,XXX we have deferrable. some right not getting Rochester, We those when of and we reflected. at But three, but a a is now three New we nothing – staging is York, NYSEG, we some at those probably focus to a allowed was was at XX deferral is costs, basically risk in this storm of XXXX, particularly as ever that experienced but where in which were

of of to we’re next assumptions So, use the based going experience around files. more what for it’s upon updating three

Phil Covello

it. Got

managed Okay, regulatory we the O&M before ability so mean in should you as your But sounds think fix, jurisdictions. impacting this think I ROEs uncontrollable think like it your cost of more a of that allowed get significant XXXX ability you could your point, efficiency, in those to Should those that you until of to of as $X.XX going you the indicative mitigate or the we reductions helped achieve forward, perspective you to extent to? kind do items. have earn that

Doug Stuver

our part XXXX calendar of Well, look third-party Jim XXXX a that to at us process is. now we I mean, and a in at as what help we forward. regard, going mentioned, That’s really year-out. we’re Forward look using year that year-in,

at you’ll as So possible and XXXX business well as perspective, a think from find level offset of to we more particularly us of that cannot that But business I be level efficient realistically do in these to that that. just the continue saw and see run efficiency where some the in you efficiently. are costs

Jim Torgerson

we we’re think we do business And drive around now call $X.XX what I edges ways work. how the into improvement some the we costs things saw, Whereas efficiencies the XXXX certain we where when out. that our the the where long-term is things, Forward cut of transforming I’ll really looking in do

that the would We we efficient tier can. that forward. be all that top improvement to efficiency. expect would I as to have And see that’s in point. some get really the industry on ways get we as to So go going the want the to objective, And we in to

the at driving of look levels So all work way the us that’s with what’s we third-party we help this through us generate, how management, really goal our looking at and reports actually get be things kinds of we’re that’s to do there. to to going we operate, so been now and the a

really So that’s the objective.

Phil Covello

Can But I versus hard not Renewables It meaningful in the bit decide just Okay. you me pipeline there? of kind talk And for to sure was about just question. last for the EEI? delta. I’m growth saw of the anything a

Jim Torgerson

solar new gigawatt. the and have not of and then does the and of partnership for guess offshore which X X another gigawatts gigawatts wind, X.X it we offshore lease well, the grown most have would onshore solar. the in The Yes, be our about we is I wind that’s include one also

solar and So, added Laura, EEI? them give between the wind, in since you what we breakdown can

Laura Beane

Jim. to are been to The the or are the you You’re have referring the we when you that the EEI, pipeline, say vast front. of since And on solar absolutely right, announced referring PPAs majority you at EEI? additions

Jim Torgerson

pipeline. The

Phil Covello

There this Yes, don’t that one in relative by target it the that to XXXX, I believe X.X-gigawatt was the pipeline. see replicated is I slide and…

Laura Beane

PPAs. X.X gigawatts Yes, of those the are PPAs,

Phil Covello

Right.

look that does I guess? how So, today

Laura Beane

Yes.

two with in then are with We’ve counterparties. announced project, continuing at you the you NYSERDA wind projects down shortlisted. of sign final There an project for did EEI negotiations RFPs that and and And a XX we megawatts dates tell solar. out. most the I can And see in contracts numerous XX, addition XXXX. have are we megawatts late And then of with been for the pushed process the Slide part, XXXX in recent will so PPA XXX additional selection we of that for additional a the continue got get that solar of lot to months the

far if the announce And we able are to announced be so when is the what so NYSERDA. just with to since and contracts but two we fruition, awaiting have come ability projects to they EEI,

Phil Covello

Thanks guys. for it. was I Okay. looking

Operator

Thank the you. Kim with Goldman question And our Insoo from Sachs. of next comes line

open. now is line Your

Insoo Kim

Thank you.

if the late the apologize the Just Wind what’s on in bid but York? I’m to if in-service information, winning New date the I anticipated Liberty proposal, that is

Jim Torgerson

correct can you like I me I it’s think Laura, XXXX. believe, if but am I wrong,

Laura Beane

think targeting likely? in timeframe the be redacted think was it if XXXX Not sure base. I I Yes, that would

Jim Torgerson

XXXX, I Yes, that. after it’s know

decade. in So it’s the later

Insoo Kim

think to the levels, Got achieve of hundred a it. assume the for the that the of about in different of are above you And that bps capacity sticking I still couple cost put three bps strategy around when you you with capital? trying

Jim Torgerson

the of mind related the to cost And is risks in wind keep that offshore an Yes, our target. that of project. capital is reflective

would than it wind higher So solar. or use that, we’d onshore be for

Insoo Kim

I adjustments factor, the on the you’ve recognize on then capacity And Understood. made the methodology.

wait was wind are of I capacity next for terms around the coming just we you’re confirming to you’re know previous I online, until factors, should Is capacity that able newer the something guess whether XX% wind In new facility or for the that the factor. say guidance week?

Jim Torgerson

Laura, to –? do you want

Laura Beane

our reductions And a Most was Yes. have up because had a just of added the fleet newer the that are been required The of diverse such were technology. footprint what through on XXXX. do capacity that facilities course, simply considering existing higher the operation. we fleet. were were of And factor, that of we

Midwest. for in see facilities You’re in new the capacity for factors lower going much the facilities North going for to even higher factors to capacity but West instance, you’re see

be new where we for communicating, average around on been going really So we I seeing had to is the the are right considering think the life-to-date you’re existing. is what to adjustments be what

Insoo Kim

Understood.

Jim Torgerson

stuff, more So new we’re around mainly the that you give XX%. a We’ll detail bit on next still week. working little on

Insoo Kim

Thank save of the the very for rest Got it. week. questions much. I’ll you next

Jim Torgerson

Sure.

Operator

And next Wolfe Thank Research. comes with you. Michael our from the line Sullivan of question

now line open. is Your

Michael Sullivan

good guys, morning. hi Yes,

Jim Torgerson

Michael. Hi,

Michael Sullivan

sense to XXXX, a yes, and just put start some consider lot with, just expect know the what drivers you headwinds to those some in much we So, XXXX number, then we But you and can XXXX I of and also out around of reverse how in a in XXXX wanted in I then XXXX would of guidance. of and of can would laid that? give kind then normalized you the us cadence numbers just if

Doug Stuver

is This the Doug.

called think projects, development of one I storms, In those of minor out XXXX, sale of the items lack cetera. et terms Jim in slides expectations, of specific versus EAM,

I think have we adjusted again, mentioned outcome per specific minor to our basis eventually roughly hope I to hope XXXX. as that $X.XX, and see process, have go what never in ability XXXX, share. we more storms, normal recovery $X.XX half as that Specific we away. of impact we adjust a to we the of in to but think to the XXXX by diminishing guidance certainly those, on that in address repeat the earlier minus recurring our wind that resource, we to And experienced the that

the a that further On that The we issues, Slide obviously, to development transmission do projects in development built XXXX one-time projects selling roughly guidance. has was X, event. be our $X.XX to anticipate into hopefully $X.XX opportunity on and

downside efficiencies, incremental there done in O&M is what there we’ve in then XXXX. good we impacts opportunity And So to that expect the I don’t think further on category.

So there is XXXX that of XXXX in we’re some degree assuming improvement guidance. versus our

EAM, far for XXXX in we’re as As that. not assuming anything

have would of we be more if think base certainly an success not that be and conservative part there, that’s to I just the upside, but guidance.

Jim Torgerson

until see we EAM, that won’t XXXX.

Doug Stuver

XXXX. mid Yes,

Jim Torgerson

Yes.

Michael Sullivan

more how initiative? you give It Okay, able to can $X.XX And the to date maybe offset thanks. the but what Renewables in you you’re on $X.XX, much any just weather baking Forward are full color like are XXXX sounds to impact year? you saying of for is the

Jim Torgerson

seeing of the would to is, year offset in $X.XX we I was month the of think the Doug the we’re What the saying Renewables. that think $X.XX over we of first course year for

given we project the We with for the number our haven’t third-party. really just because started efficiencies, the

that suffice I give I be say, don’t have than from could but we yet will some see expect the So that more probably project. benefits a $X.XX to you, to That number we saw.

Michael Sullivan

and when probably more you going kind when did to I is a guys growth last that, we going And little but changed just you were assumptions? what’s capacity as that so, you’re are or rates, into I of you’re of there, long-term as kind growth Okay. November, an basis you of if of clarify, out of the still at outside those the reiterate which Renewables such that doing when actively want on good. And just sort next refreshing of then to put since plan week, rates did ongoing to then your looking EEI, think know you get first really back factor one, that this

Jim Torgerson

kind When look long-term number prospects. of of week it of long-term like as a look date, renewed February we growth that It year that we next of We we once it’s it, was ago. doing for February. at that had it what was don’t at but year looking as wasn’t it, it, look, of our take we but XX XXXX, so at out really we the do put and as that done a we EEI, a we’ll – which is be a at

Day in think not as February XXXX. from do than, other So, the I of can’t it, EEI, did we but – anything say, of I in one mean that we about actually we Investor say

Michael Sullivan

Okay. Thank you.

Operator

from question with Thank our you. line Paul And the Glenrock. comes next of Patterson

is now line Your open.

Paul Patterson

Hey, good morning.

Jim Torgerson

Hi, Paul.

Paul Patterson

a that about the clear terms sense the how at – Just for failure suppression Wind about the from respect we to project? you in to for Renewables appropriate and attributed to quick of cetera given Vineyard New of of ones, impact the England should guys the there indications auction economics least sort previous sort you and guys, your the think with think what and ability few do Chatterjee’s on in – to results of quick in get was about price auctions the et

Jim Torgerson

of clear we just I when. auction, the think will matter it’s longer-term, a

what rights into we to, for but it get ultimately Federal have year, Act that XX projects, be XX our we for long and minor pursuing years contract the be at years, But second believe somewhat the I is will think first whether make let’s we term, the sure capacity, appropriately. the when on sure are right will impact, or there will it we year, will successful. We’re looking now going be would I to to it’s auction the Power say, I that we succeed pursuing whatever consider getting under in need the

Paul Patterson

Okay.

when the year, should terms guess waiver idea or for need an the additional I you guess FCA XX et there second process in we rules the cetera, current to think would of that. say So about the the –? be I was how and under

Jim Torgerson

So, we yes, did get – go ahead.

Paul Patterson

ahead. go please No.

Jim Torgerson

you we Well, zero, auction. would for at got replacement which we megawatts; unfortunately, expect it bid the is XX what

So a going that’s not help lot. to

New they Going with expect if have get did the we us to either now, because work process that to to tariffs to are England get allowed – the in a to forward, have that to avoid the approve we auction. change the waiver going other ISO into see and we to will we is And will a have waiver. and get

waiver. a us to looking they for get were So,

on add them anything do with that. Laura, there? working we’re want to So, you

Laura Beane

to not will perspective, was and rate from avenues we’re Vineyard in There see guess to can makes Yes. so that it clear; fully pay and caused I just mean really makes are able that and it available participate to that. if a exploring going think in us very because the we that payers it I and think I was We right. rate auction sense make continue that. are rejection to we becoming to payers our no of I that our going eligibility Wind think pursue market to was technicality it’s we reiterate the capacity all sense for more,

Paul Patterson

I that words Chatterjee that of outcome policy, up starts other guess made, don’t completely understand is and try the – to it eventually, was know vote a is not of I the show price know basically logic because I there you’re made actually of dissent position idea And whether guys guess have it sort actual that as statements or but position I majority to the such that ruling two-two change and in you what that was and appears issue, – suppression about, an a I now might the is reading saying. seems there and Republican guys were that the [ph] you your sort is to this am this these concern going I’m impact if tea the they months there talking many how follow it original of a leaves the if

Jim Torgerson

do. I Yes,

keep under said, we this As working and I Power will rights one. the will pursue Act our Federal we on

Paul Patterson

I Did average this – this, factor, understand asked was that you said then to Could on more stuff. factor. a new compares coming how capacity I you that new I just date missed the hear life that existing you little your the just now. I’m XX% elaborate with When And and if I you from. mentioned And offshore Okay. and bit just that expectations? for sorry the was capacity you with around stuff correctly? was think

Jim Torgerson

around it. the… factor that. said is it obviously but is we’ve at capacity it’s for around kind of XX%, And the the think look Yes, new XX% Laura, it’s offshore know, onshore, the I varies to I way better than site-by-site, actually it’s generally

Laura Beane

approximately the XX%. yes, range of think, for think I specifically, Vineyard been it’s in I

Paul Patterson

Okay. at that existing, the And it’s correctly, changed the if guys have all, the facilities you existing hasn’t changed just life? average that I understood

Laura Beane

Right.

Paul Patterson

with do of then we terms And apologize. firm I factor, EPC on in potential stand EPC, that? Capacity Right. where wind, offshore

Jim Torgerson

whatever. all said good is we to stages packages transmissions, timely whether different now and prices the fashion we I have feel turbines, suppliers. able seven of different the done advanced work in in it’s components, think, right the all like They’re that lock and the all the very and for there being I in a that pretty about get foundations, the

So, not is characterize that different it, working ones with. I’d it EPC, seven one there’s we’re

Paul Patterson

mitigation understand Okay. firm do sort for correctly? And to those looking you purposes, are of risk I up guys to that

Jim Torgerson

We And offshore preferred have Yes. already turbines. already. substation Vestas we contract for for a a supplier the have the

of. components that bigger are So the care those two taken are already of

Paul Patterson

the in not Okay. I of actual but in the just the getting of I actual mean, of construction it itself. components, facility, it’s sort setup just guess – just terms terms of the

Jim Torgerson

into Well packages seven all goes , that that we these have.

on. and the and that, the the ships, be shipping, the it’s it’s construction it’s how so of logistics, will done, Some

an all So now soon. advanced are negotiations conclude what those of to we I’m right is expect pretty stage in things that saying

Operator

that you. question-and-answer and conclude session And our ladies Thank today. gentlemen, does for

turn remarks. So over with James to I’d for back Mr. Torgerson like call CEO, the that, closing to

Jim Torgerson

very Well, thank you much.

to we and about we’ll very next Investor our at and actually we’re see, going able what see can we’re with the Day our talking you to you that being implement As forward, about where happy at strategic plan, for be week future.

So seeing look all and to participating you you for next forward week thank today.

Operator

today’s conclude This Thank program disconnect. you you a conference. does and in wonderful participating day. for Everyone, the may have all

Avangrid (AGR) 20 Feb 192018 Q4 Earnings call transcript