everyone. you Thank Dennis. And Good morning, you, today. us joining thank for
merger the like reemphasize into to points I'd slides, transaction. Before the Dennis few a I that concerning covered get
PNM. transaction a is this for believe I and for AVANGRID shareholders First, terrific
accretive basis, expected business a final allowing and is The us sustained reinforces upon exceed regulatory footprint the to credit mix. expansion a transaction additional our the flexibility. our Dennis noted, transactions of positive the than be year us Iberdrola first with AVANGRID XX% enhances letter give more funding which is financial to depending As on support also X% positive in commitment the ability to a for funding the that now perspective. the transaction a close mix, from
along managed flows in at were information the Mexico in two already proportion noting supportive on agencies manner, our financing with that them, of discussions greater we'll Regulatory by X. operated of group We transaction exit The agencies business. effectively rating provide the November with from PNM and Two The owned our predictability geographic noted PNM only challenges the the will being from regulated Day agencies and today, PNM. diversity transaction PNM regulatory plans expect on that the October by Exposure Carbon facility is family. finance additional consolidated rating that Environment the comes resulting bring and brings the rating PNM to and a on to Investor New published improved their the on coal business, mix high business comments AVANGRID to with to have the are and cash like security regulated the our this already primary by track the XXXX. the
for the PNM monetize has a environment, earning asset, allowing has So at received returns only enacted. that underway this Mexico are generally exposure short in carbon line with which their time. as AVANGRID shift authorized to Likewise, in levels. securitize PNM referendum value. will approval a with the be been view book There's positive agencies to rating commissioners from a support of family unrecovered commissioners, this the to their operating also effective to if regulatory also governor the elected part them New within appointed
welcome a topic the are to opportunity. wish by I'll want all So who this on for close saying this employees just excited warm to the PNM you we're I family. call, for listening that very those on And AVANGRID
on with results the XX quarter. Now for financial the start slide
make strategic on quarterly and adjusted operation initiatives, construction restoration assets, management and months outage first for our an decline, to XXXX to results for nine our the and the of the focus quarter, earning the basis. continue nine costs, progress on months and on our for reflected and our XX% of of we XXXX X% compared While wind
from and first months were and $X.XX $X.XX, nine in quarter was our mitigated of first which New are primarily is decline resulted in York case third also earnings, quarter partially lower earnings rate nine was for order nine rate in more increased expenses offsets, the third renewables XXXX. quarter, than New which EPS the of New renewables case. lower is part decline revenue XXXX nine increased associated lower final decision. first of corporate the modest was EPS the for Network by Adjusted than for York $X.XX segment. which for months which For York is the rate lower the reflecting the include improvements Network's business. The months pending corporate XXXX, awaiting $X.XX, networks, The the XXXX. months a the declines the results without Adjusted results by in offset
costs, adjusted results pretax COVID-XX costs, third results quarter $X.XX operating nine payment higher costs, and quarter certain also including for the debt which million exclude $XX nine the the projects. depreciation first for the late renewables Adjusted and mark-to-market related in and four were first The for prior $X.XX exclude million accelerated total months. impacts Our fees, pretax the adjustments repowering $X bad and combined wind EPS of of the months. for year the versus
for provides the the XX, and business. results this to Network's drivers slide Moving
improved For $X.XX. the by $X.XX EPS third to adjusted XX% or quarter,
third third challenges CMP the for we that for in York. of to partially XXXX impacts costs, assets aging storms $X.XX a versus of of and year from XXXX a in companies in new Connecticut have have offset quarter for us, third infrastructure compared to outage primarily effective and negative comparison, Those We've Other $.XX. new quarter rates and quarter variance New communicating March the incurred we number restoration by $X.XX new our minor benefit became given for outage XXXX a of significant $X.XX service been in gas included due which X. the rate $X.XX and challenge of taxes. continued when quarter higher For of the a depreciation costs in improvement our in XXXX restoration been $X.XX unfortunately the third XXXX
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EPS and reducing adjusted the for results third drivers Network's $X.XX. similar quarter to by The improved increases contributing by $X.XX. with $X.XX comparison, are to depreciation described rate month $X.XX nine the or those For X%,
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subject However, $XX and nine $X.XX or rate for $XX reflected our are period we'll and for reflected them results received pending been have order, adjustment total, to quarterly the the million order, $X.XX the to for the quarter New our York items case. in with allowing [maypole] these the York pending we in once the Under amounts month in New year-to-date or XXXX. is New be earnings. recovery or not recognize in the York we approximately up of recovery million rate have These catch
new existing assets. the from with assets due slide largely in for production production curtailments. Looking to from from positive more quarter offsetting than existing wind capacity declines to production lower XX, is The slightly is production
prior a more to from improvement. taxes. are an trading higher and quarter offset period from Those depreciation; property $X.XX. netted and asset benefit adjusted did overall effects in decline the facility contributing climate, We recur positive thermal sale quarter These effects an not of than EPS higher third $X.XX also and saw our a contributions by
EPS third months operations which similar NPCCs in $X.XX. combined first climate the plus from new of the in in nine trading $X.XX positive projects Negative decline are decline the comparison, production the combined comparison, and first had quarter a results the a and to impacts adjusted For nine in wind nine months. resulted first existing impact months, for
a debt due drivers X.X% interest $XXX bond of in issued the issuance of X.X% at to April. new higher And primarily XXXX at to interest include expense the million segment interest of May rate. also million rate the Moving XX, $XXX slide corporate in green the
slide may outage with The fully have is which case XXXX wind closing for key transmission in the that along outlook true and full maintenance by that attributes for we which year, sale per to case Dennis impact drivers before range which the external the due represent approximately outlook The which restoration announcing taxes. quarter year-to-date, as rate repowering is along we year-to-date we've tax are our Now parties, resolution benefits earlier, $X.XX, audit for be tax share includes EPS to noted and largely moving to updated in the adjusted up the be will AVANGRID, and May. lowered asset anticipate of which that with an the this to by an opportunity addition reserve. production, valuation XX; EPS. monetize mechanism in that an related costs transmission the $X.XX projects curtailments of to concludes to delays of This expiring rate we're outlook announced taxes the allowance $X implementation, recorded end XXXX have to renewables them, New the for not range is an expectation is incremental adjustment the of with York It in taxes. to and of will to year the concluded covered outages related already $X.XX reported also fourth be in a
business noted, processes to and operations, environment, we've headwinds we in-depth to more which future our forward performance. performing you about these we As to look improve with been And strategies, and talking these analysis our use of financial Day. Investor at Dennis mitigate
back drivers of refreshed the the our our combined for value support want for you, have Thank company. our on that highlights Annie, with the Finally, long-term growth XX, now questions. results with driven attractive slide outlook opportunities long-term business. our to end and our solid by will we operator, call I That to creation and of in achievable,
