today. And joining everybody. morning, for and us Thanks, Patricia, you good thank
then Renewables who for the CEO for and who Laura Here as is in Networks. the call and with inaugural AVANGRID; Kump, our is Deputy now CEO also, Tony his President us have for we Beane CEO business; Marone Bob
want you join wish from all Tony well And can I today. the So them to in phone.
out. start Let's
the net Year-to-date, million, down was second which share. $X.XX or $X.XX a year. million XXXX share or net a income quarter of X% was income the was over $XXX $XXX For about
income Our income million, in to $X.XX a share, against XX% $XXX XXXX. adjusted second net about or $XXX adjusted a share. down million the which was amounted quarter was $X.XX net or Year-to-date
with were most resource fleet. the the impact wind for earnings to that our lower-than-expected disappointed non-deferrable and caused expectations and quarter lack impacted wind the we The of staging our continued of of our minor below storms be Now second costs and year-to-date.
enable initiatives and partially beyond. that various in implementing are of confident reduced plan cost the revenue this We initiative XXXX+ us mitigate will and we're achieve Forward XXXX to our to increases and and strategic goals our financial
I recognized also in the to continuing half plan to of execute of objectives. Also, strategic be that will mention efficiencies XXXX. we're second our most the on want
is Massachusetts transmission And Unitil. are those on Energy and project New approved and contracts Now, Hydro-Québec between Connect DPU utilities And Eversource Grid Clean the recently, our XX-year England track. the Utilities. National
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this on Patriot was construction farm and June come track those renewables of are operation and Our Wind XXX megawatts by year. our assets XXX-megawatt purchased online upon they wind commercial end the of in under are to
of know our were Management we statement. the For informed Energy Environmental Impact project has delayed Wind offshore probably Ocean the Bureau recently Vineyard that final as you
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date, have of of the remaining the XX% stages contracts and XX% supply are the chain secured of about negotiations. we To in final
second for New in Mexico. La wind Joya megawatt the PPA a XXX During the ll onshore we new for in quarter, entered farm
issued On the the for our second bond was financing and X%. green side, May coupon million we $XXX successfully in under
In addition $X.XX on October declared quarter Board payable July a third X. XX the dividend of
$X.XX was GAAP earnings down XXXX. or versus of second $X.XX The for earnings X, of slide share XXXX. which quarter $X.XX On share, a the second versus XX% per the $X.XX quarter per quarter the share was adjusted up was
from per adjusted X% York for to New X% For of earnings The the per the plans for $X.XX storms earnings or $X.XX, offset reflect and rate first, half per share are and about results about year-over-year by to Networks XX% half staging first $X.XX $X.XX adjusted or depreciation, to The results decreased is $X.XX decreased costs the share first GAAP share. in our these decreased which $X.XX or and impact multi-year contributions higher share higher $X.XX. drivers share a minor earnings non-deferrable per impacts than negative business more the Connecticut. about and key
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share $X.XX per $X.XX for X. adjusted the $X.XX $X.XX reported slide our to to the we're XXXX to to guidance $X.XX end to compared Today, of per share, consolidated to $X.XX previously $X.XX XXXX. guidance by $X.XX revising share, per to earnings share, GAAP $X.XX reported our guidance lowering and and high earnings per of to to flipping compared previously Now to
in in the than XXXX the storm impact the expected of Now, to Texas costs, weather-related purchased storms In going we reflects efficiencies proceedings by plan. $X.XX about COD this delays share update are Networks expectations Patriot projects delay and rather in partially York, the as New year, And versus Forward of from our gained resolution had XXXX+ This be be lower-than-expected partially addition in to XXXX. for Forward XXXX in with June as these cost as are resource going first offset well wind the the again, May probably over us construction late Renewables, at the in to Karankawa. primarily results has minor half for a for which expected by efficiencies. of offset staging
versus to in renewables, expectations. and and about and we're costs staging storms first minor low related the the negative Impacts wind six months approximately Networks for extreme our $X.XX weather
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was First below wind XX% X% half production expectations was which of resource. about wind
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$X.XX So XXXX. impact this about assumed in
slide X. to Going
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online projects successfully XXX On implementing plan wind onshore slide we're to our the on-track year. renewables, by XX end come strategic of with the of in megawatts construction under
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megawatts. second up a to RFP issued Massachusetts XXX offshore XX, May for On wind
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On I want efficiency. that is improvement which on XXXX that you to XXXX program, slide companywide XX, we with in best-in-class update Forward launched our we're to initiative ensure and operating a optimization Plus
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assessment, have savings opportunities to costs between million expect and mid-period deliver identified of pretax Approximately to growth, mitigate sustainable in for which we this XXXX. $XXX half $XX million achieved we initiatives, Through improvement expect year will to $XX we million provide and savings going rate forward. revenues other of XXXX. Along we sustainable with annual pretax the continue run long-term savings this beyond see in
achieve To across changes in of short-term time, transformative we're the implementing results AVANGRID. period really these
governance closely And improved all labor managing systems. now, spending our last more we're up through example, processes we spending which For staying because and hours year. capital and we're also discretionary do capitalizing right didn't we're across-the-board of with
started initiatives, and initiatives management Increased these benefits second about the P&L will realize We've represent benefits of hit of reduction $XX will in our of real of already pretax initiatives for million the XXXX. the the to spend the capitalization although year. half benefit spend
year quarter, team than for over now the each transitioned $X our we $X and in been more a tax implemented. change successfully has this to year going will co-source Additionally, save second that This million model million forward.
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credit Now and we're office, reduce automating and processes for billing, costs will collection departments, in customers. our our which our service both front enhance
term, We're also on For functions. further but being building implemented now. the the in-sourcing sustainable outsourcing, we're longer reviewing projects
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balance strong we're maintain we and implementing conclusion, in operational Plus on efficiency. and our XXXX execute programs continue to place. We're Forward we best-in-class businesses sheet a strategy put regulated the In contracted like we core focused for the while
solutions. our and growth We build cleaner energy excellent in energy strategy service and care to and deliver grid as the by a customers ever-smarter the to through focus future. investing take sustainable fulfilling on our will smarter continue clean solutions energy We're of delivering future of we
I'm our hand it going CFO, Doug to over now, to But Stuver.
