and AVANGRID. Thank you, appointment on your Alright. welcome as congratulations and of behalf all Dennis, just to the CEO employees, AVANGRID on
milestones, as second today. highlights Slide in everyone are any glad of is be are is your this excited our In while well us the reliable and quarter, our on team. clean starting X challenging Good and am half for joined that priority in generating us joining in key first and health gas XXXX providing remain service on particularly energy and of with of success morning you environment, highlights safe you’ve I operating and the electric significant We achieved during to thank and several business. We but we of the page. and our our customers on our the COVID-XX pandemic. safety focused stakeholders communities. employees, top the and We of accomplishments include part
service jump our slides. of a businesses current Slide businesses. now key from our So communities and impact to of for a and our with responsibilities partner an right as It the X, on resiliency into update highlights COVID-XX. On This team we I’ll our area the focus the on the of details us. and expectations our next is essential
For trend That New to payment in fee XXXX the late continue lifted of costs therefore of utility home XXXX certain until income restrictions. and not also bad have disconnects York said, including through expect the continuing their final our COVID-XX impacts be minimal in all Dockets stay and and of easing in quarter state XXXX. expense of service and in and we fees. and partially debt is each and recovery moratoriums a other the our begun not states are reduced we decreases commission load now The in occur load compensating utilities are may utilities. increased decisions from We currently revenue commercial March see during decoupling our orders at nearly evaluate the COVID-XX third timing we our in payment to for Networks we though pursuing pandemic. open the expect business, net state impacts and residential late load, Networks industrial territories have of
social work, With impact the and year we distancing compartmentalization this timing Networks from spending our of business. expect our capital the a in of limited
suppliers, Harbor and expect For our the projects delays of not received PTC and Renewables risk safety notices wind removed COVID-XX tracking pandemic force the qualification construction. Congress’ progress the do We health projects. - are of extension but majeure business, in we Safe from currently although and these protocols.
XX% investment-grade counterparties positive the have side, On ratings. credit of our
full The almost the on cumulative report. our Slide joint our based part in in back with or November X.X% effective in some as a ROE is with we X significant we to which in among New make-whole an with line base covers revenues XXnd, rate to in to business On moving we York X, achievements of Now cases, plan rate XX% Networks be parties expectations. to have expect year which reached April $XXX XX of which million proposal a term three our on incremental our rate XX. June
job about capital Importantly, through year needed of approved three includes system investments credits enhanced regulatory Other rate our key storm storm reliability, and billion. and customers funding cost recovery. with for our assets provisions proposal new enhanced to amortization. staging improve needs, grants, adjustments registration support deferrals and the funding COVID-XX-related also and for The and the addressing recovery as $X hiring preparedness including for and plan was infrastructure response protections workers creation enhanced drive to direct critical in to field joint economic improvements such management, case expenditures liability
the including from important its Army US and stages and Corps permit a the projects, decision Engineers August. Maine we we our ISO transmission England is Department comments final approvals early anticipate are receiving the IXX. permit review New Protection Additionally, of and our Environmental of NECEC in for by
by We permit to expect days. to follow XX the XX this Presidential
project. in region, pursuing ballot potential The a Maine ruled Court to in referendum We permitting this is of June While on we the to outcome the while referendum the revoke the are states Maine to it Law success of prior we pleased the important would challenge Court that, with that parallel prior very of to and the was the not to challenging Superior sustentative, project referendum constitutional this approval the constitutionality issue end August. are would vote. for their with decide of the direct by decision the a expect the appeal
highlighting two to discommend XXX gigawatt benefits PPA years to governor’s in to Maine. Power. Hydro-Québec the prior agreed a to directly the their to on also commitments project, Lastly, financial accelerate for hours the the Hydro-Québec of announced by of annually agreement up execute of Hydro-Québec energy State transmission the their lines Maine office with provide
to slide Renewables On turn our the in the achievements we business. next
that wind XXX projects gigawatt projects X will XXX reached in well We gigawatts. projects. complete including megawatts operation XXXX our projects expect The to access megawatts wind in commercial approximately of bring in of repower operation as of new XXX as and wind onshore XXXX in total to megawatts one March, approximately
the by XXXX commercial Our communicated in expected megawatt XXXX. also Wind delay XXX Puget late Golden we Brook Sound date Oregon executed new Energy by now in to expected second Hills a Project online the Grid. PPA is In National megawatt our an with project with due early operation a wind to for XX Roaring quarter, come interconnection in
second BOEM mild lease XXXXand XXXX. addition, of bringing megawatts the of the U.S. Wind projects indicates the we XX cumulative and wind statement were that the to in direct cumulative to during solar to build the expected of to the offshore the have impacts of nearly gigawatts. quarter, project study impacts Eastern major, Vineyard impacts for the in XX of were gigawatts pipeline areas. our contract size but its megawatts And wind, environmental solar XXX we’ve moderate The with of impact the total added manageable. XXX the with industry expected project In out evaluating some supplement released of our draft In CODs pipeline offshore
constructive. and Additionally, were public hearings on the supplements believe included we
with Wind statement record decision to BOEM in November issue We on remain the and the City with the Xnd. December. PPA by is environmental mid-August. filed and second impact schedule the their decision Park expected its filed and its in contract In for the Wind operation XXX final quarter, plan City executed PURA expect to also megawatts BOEM Connecticut the commercial July on of a Park
our position Metocean. the the discussions of deployed X.X increasing plan and BOEM in received partner Carolina the survey plan in AVANGRID that area that from City result our with developing are in Hawk, ownership we geotech gigawatt Additionally, assessment a approvals project. North lease is its site could and
for forward to to New X,XXX we up was megawatts looking Finally, are in yesterday. wind offshore next RFP that announced participating York’s
our half operating on first completion restoration our our of continued reflect costs for Turning to management compared through XXXX earnings our in results new of of wind quarterly results Maine, outage Slide and to rate assets. our and operation focus XXXX improving X, our plan
EPS For results X%. in they Networks and EPS minus decline the and in Corporate, second adjusted XX% of of improved although were a by resulting results Renewables quarter, in in lower offset
in first half decline XXXX, while was improvements flat Corporate. of the compared of Networks to For adjusted X% by a EPS the half and first in increased and EPS Renewables XXXX, reflecting
the bad pretax results renewable the operating payment for $X.XX wind and the for $XX adjustments debt year-to-date, year charges, late combined for the projects. accumulated and quarter Our fees, exclude and from restructuring and second million repower quarter and higher $X.XX were depreciation four mark-to-market including versus of prior half. adjusted first certain the the impacts the costs costs COVID-XX-related costs totaling The
the drivers to Now business. moving and for results show Slide XX, we the Networks
quarter, by improved second $X.XX adjusted the For to $X.XX. EPS
reform-related XXXX we have or reported service. Connecticut This the quarterly rates rate to impact, of primarily the new We benefit a for a gas negative outage to XXXX $X.XX our companies negative restoration income by improvement. $X.XX a for $X.XX March assets of from compares impact $X.XX years to for a effective a that quarter to new Taxes negative of tax positive challenging and the second depreciation quarter deferred Xst. had CMP of customers. of and year These were offset a was for $X.XX new with $X.XX second refunds higher due tax due excess improvements and Recall XXXX. costs
improved to $X.XX. contributing those XXXX to the For deferred first The drivers versus first $X.XX. quarter excess the the rate customers. by to primarily half the Taxes by or results half, similar tax EPS reflecting Networks’ X% XXXX were $X.XX described with were in also adjusted of $X.XX increases and refund depreciation reducing favorable,
have $X.XX from New approximately Company’s Importantly, deferred income for our the be amount been in The and results proposal to are that the excess York’s approval. half in approval proposal part we full would will until the the Commission. results be joint a the pending are of of York tax reflected estimate the $X.XX York New will New those impact York decision final have include joint benefit approximately in amortizations that favorable plan. not tax year-to-date We recognized subject New later first rate the Commission of year higher $X.XX
as weaker existing South quarter. was second quarter matched a detriment impacted of from no to were contributions predominantly negative Offsetting moving listed in Slide table. pandemic comparison, $X.XX. declines XXXX inventory production lower the although PTCs in there first region, in in strong a new quarter lower factors by and XX assets prices to about the of resulting Wind adjustment and was quarterly at merchant or second our new wreck impart to pricing and incremental contributed the added results by our we curtailments the in the new assets in were XXXX wind pricing while conditions assets adjusted decline EPS Now a benefit in due to from our quarter-over-quarter $X.XX market $X.XX positively by including where on operating Texas assets reduced Renewables, COVID-XX talked production other the and
of combined $X.XX. $XXX half offset period-over-period that due in impact consolidating the improvement from issuance second green adjustments, primarily Corporate reduced at the interest to the Similar Corporate. existing positive On in negative half of impacts adjustment first NPTCs quarter, X.X% other the our as and a large comparison, for Renewables are the in to higher the half quarter a rate. PTCs in and positive Slide bond second expense XX, of Taxes consolidated the the including had and the For drivers projects include tax first million interest segment offset first to $X.XX. impact new tax impacts wind production the the
Turning liquidity we moved them availability quarter AVANGRID’s this and $XXX strong credit our facilities, to from which parent million credit subsidiaries’ remains additional by limit. Slide increased minimum limits borrowing revolving XX, in our overall the to our allocating
We also facility million an with supplemented AVANGRID’s option. extension XXX liquidity $XXX with a new day credit
$X.X XXth, Board paper through on payable on Xst. in our quarterly As billion facilities million our a $XXX credit at from of borrowing The $X.XX July after its XXth, declared liquidity of dividend program. October we July commercial meeting available had
finally, on company. of creation I to our the value XX, for slide Now highlight want long-term drivers
our to a have noted, review conducting in and attractive by long-term we As businesses. the guidance support our Dennis the achievement solid growth we opportunities of are driven results thorough of XXXX
gigawatts, wind the continue North development progress and We are and U.S. project a Carolina along projects we our area with lease Hawk leader in offshore wind in future our offshore two with X.X to large-scale making the to procure are opportunities. offshore developing Kitty offshore wind first in totaling plan
portfolio. for goal carbon As utility energy XXXX, neutrality set in became in we U.S., sustainable company in the a generation our a to major first the
opportunities hand you. now Renewables the Importantly, Lindsey questions. financial our to enhanced our in operator dividend businesses. and call we And Networks our reliable I’ll position back and growth strong strategic believe for Thank
