you, and morning, Alvaro, good everyone. Thank
to our York like many month able join were to Day started, you the Investor New City. us I get at of who I'd last thank Before in
updating a defining on to we consistent you our regulated strategic that we clear share creation, on growth, plan to to 'XX, pleased for execution our were as and forward focus progress We and 'XX value on strategy. look deliver
that So with X here we us months appreciate today our presentation. results being with for said, you
Let's turn Slide #X. to
progress execution commitment We to on our operational excellence. make and to continue
the we growth at businesses the have In months, X both first our double-digit level. in delivered consolidated and
$X.XX Our EPS year-over-year share. $X.XX has per year-over-year and EPS grown XX% XX% has share to grown adjusted per to
enter networks, in our staff we cases planned In each of week. to negotiations settlement week, to and next not rate our New been testimony Last response have starting York proposed filed. have filed
addition, expect rate our shortly. our a on Massachusetts for ruling In we settlement Berkshire case Company Gas in
England construction our were that our New referendum Clean Connect the on main at the August, to of the for the to pleased the favorable in main challenges decision, from the legal to low end the court Energy court determination. trial clarifying rights project, vested transmission matter resulted of project. we of jurisprudence The rights, Regarding receive vested halting remanded was a the
would our while that of generators NECEC XX% referendum an recently, energy on New for to remain injunction the designed the England fuel providing fossil for all themselves giving will of families backs block proceeding projects We our denied renewable or to fuels the dependence region's resume closer legal New needed by its moving fossil reconsideration the price stability energy Maine reducing and rates on continues. our prior that denying a construction higher these keeping future. region and main and England much process allow The is request trial benefit order preliminary unconstitutional. the find full to The construction will court as confident project
XXX megawatts. over In raising this the brought operations capacity months total month, the into COD project reached we to renewables, Lund XXX-megawatt our last Hill Solar XX
approximately are capacity. of megawatts new XXX We constructing additional
We challenges. chain also focus risk to supply on mitigating addressing prudently and continue
addition the 'XX. secured 'XX for previously COD and projects in with panels, we've to In
X now steadily Construction required track have Wind business, also and on We secured all is progressing. panels our In 'XX. is Vineyard on for offshore
for the We that are underway. manufacturing proud of announce all to project major landmark this components is
In addition, steps long-term advance to opportunities our on we're for taking strategic XXXX. growth plan through strategic based
the This the to green and West projects the month, Gulf potential Sempra Coast. U.S. of focus of agreement Infrastructure with ammonia the development large-scale we an executed in and with a heads hydrogen support initial joint on Coast
our achievements, confident expectations. full we are the deliver year our for this Given within and positive trajectory results our operational in ability to
our adjusted or million reaffirming per of $XXX now share. $X.XX and million are net outlook net $X.XX to $XXX income income for We to
'XX, income This ranging versus X% imply between would net XX%. range growth year-over and adjusted
setting We build continuing trend on the focused on and goals, through achievable are importantly, following a and reasonable consistently most we mark. where to meet
of by our results XXXX, look a and Taking X reinforcing at are on Slide very last X-month increased our net over income X-month the over continued of have years. and XX%. a trend trajectory income closer growth further X, net solid earnings Since each our we demonstrating adjusted
reporting earnings in The These earnings X deliver approximately per have last the year fiscal able and surpassed XX% months our have per for net net full growth adjusted adjusted XXXX already income and the results for share. levels in were XXXX. to income today we were share we the driven
compound of grown year's rate impact of has equity XX%. XXXX strong Even a approximately since the issuance our X-month with annual EPS at growth last adjusted
to on businesses. Moving our
are side, and the focused On on investment. we execution network
effective rate have jurisdictions new XXXX. multiyear in seeking We each cases filed this our rates year, with plans in
XX% REITs rate rate regulatory formula base. Investor cases, agreements FERC approximately our at of mentioned Day, for provide our will combined these with our As
and customer to deliver the needed investments aim state policy system on to Our the improve balance requests with a climate affordability.
over $XX jobs of approval local in resiliency years, We improving the of customers, and in investments communities. our on which next also create will reliability service have requested transformation, energy our the X focusing capital approximately clean billion and quality to
policy the proposals and substantial The investments put goals we the needed forward are needs. and have address to path a to balanced meet modernize the represent state system those
conservative we Maintaining with work the to we needs the in on future. levels future, long-term full into capital ultimately of As historical, approach our a the at spending regulators these system outlook. the average taken meet but sufficient to on have proceedings,
build filed, be As is of than resulting with X% current CMP, Berkshire in inflation. and the impact around increase and lowest state the an between the UI XX% company the that among lower Gas, level will our for remaining New for X% and York in rates
rates New would remain our in for utilities investor-owned CMP, England. At the among lowest
a York, businesses hearings filed average staff next of process. all increase to supported X to the have New which we versus across XX%. scheduled are Turning an A month. now In XX% rate testimony, response early our to begin bench
stay a in voluntary negotiations proceedings enter However, shortly of we those settlement order with all parties. have into filed to for
in In May, to testimonies November. technical for in are the filed conferences be on And expected Connecticut, initial intervener are testimony scheduled December.
Massachusetts, our settlement is in order rates In an currently new If will is regulators shortly. General take profiling with our effect by approved, Attorney expected being considered and January.
Turning Slide now on to our offshore #X. business
wind clean, emissions is year. and for in homes As U.S. XXX,XXX the you know, the over for key carbon Vineyard affordable reducing company the both a Wind will tons country, and and first per farm generate utility businesses while scale which for our by project, energy X.X X over offshore million
the remains project and progressing on construction with is plan. track The well
As for labor Wind capped, and fixed the contracted is pressures. we costs previously, current market projects either supply Vineyard which chain are the X have or fully discussed protects from all
cable now is components notices offshore this We manufacturing is and export major equipment for erection the to ongoing. the A are hoping onshore the all substation installation all is have XX% and start proceed underway. report will now installation to particular, week. we complete steel issued In of for that
XXXX. very Commonwealth excellent ever progress focus on our In closer our of this as difficult we and milestone the by PPAs environment. renegotiating delivering economics we encouraged project are get the Park We and City the project is and here, to because made Wind, -- improving even closer get in
XXXX, we the terms, due for inflation, to higher constraints, know, which market anticipated borrowing modest XXXX in chain high believe changes we these to experienced beat to supply and and changes capital you are Since necessary it then, make As projects pursue meaningful the costs, achievable. PPA and us and respectively. and
Massachusetts month. process, a filed with have we this X review motion regulatory in suspend of for facilitate to regulators To Wind PPAs Commonwealth our
wind offshore largest the wide England's to developing American industry to AVANGRID New is new this with bringing supplier, benefits our communities. As committed range it and of
of X,XXX our jobs construction Connecticut the phase, also will in our where by generating most jobs during Massachusetts during PwC, England life projects of long-term in we be thousands the of operational generate that we X investment the which over estimate on will New and be sustained Based projects. of our will report tens
proven activities As and we development execution. record track benefit of benefits, from Iberdrola's these deliver will offshore our experience
months, X. achieved have of megawatts and Slide In XXX the to megawatts Moving XXX wind onshore, operation last approximately of solar. we of including XXX megawatts, XX over commercial
roughly XXX new and of megawatts an of have under wind megawatts additional including We onshore construction, XXX new XXX megawatts solar.
also on mitigating the with 'XX funnels ensuring and 'XX. to worked our we line existing deliver COD our on secure risk suppliers for commitments, in with and have In our focus required our with can projects planned we
project pressures, be continue customers energy value. next terms address clean of or over and Inflation a driving years, force X Americas with X impact the industry, our certain Act we PPAs will accommodate our addition, and conditions inflation In next to renegotiate to the maximize just Reduction to decade. The work in schedule but not for
wind, other the moving renewables. plans a create to in to IRA on expect that brings. IRA opportunities We we the long-term will guidance, and additional capture And solar forward tailwinds for investments subject strong are treasury
to best maximizing schemes. execute proposal past, in the credits contribution our projects, fit evaluating by as monetization maximize basis fronts a in and we within their are project-by-project done of we We well tax the will new have growth fleet different on their value as of the the repower
the deliver we comes and green the hydrogen. experience new also especially like Group, to power As of it continue future the from when we and scale purchasing technologies and Iberdrola near-term will benefit to projects,
Slide Turning now to #XX.
number at to we priority organization our execution. is taking top earnings And and list, see in the all, deliver delivered Our our across both a working you team the XXXX our is the are as successes outlook. of Above can from Throughout level, AVANGRID on we businesses. year, have strategic action.
these And billion on we X investments, in $X.X given our trajectory compared have months, as we increase year-over-year to XX% so. Last To do month, through an presented track date, a value are and over on we will above first delivered strong to set deeper steady achievable strategic growth and of a which results, deliver assumptions. identifying healthy our while provide focus incremental but robust our also plan, to new regulated 'XX. opportunities
on focus our also remain through ESG. committed creating We to sustainable value
the of emissions carbon $XXX Scope part we commitment X year, new green action, million Scope and in are X we most $XXX on U.S. major neutrality of by other debt Reinforcing As this to were climate nearly bonds. putting now million ahead utilities. XXXX, us of our closed reach to targeting
addition, decarbonization. new support will technologies hydrogen that are In innovative such we as green advancing long-term
Our including fourth efforts by the one continue of most to for AVANGRID a be the year parties, companies named which Ethisphere, recognized in ethical third world's row.
NECEC to with CMP for have removal in balancing customer on we from forward XXX In hard points in case Court. needs states, affordability. our performance ROE investment improved Maine service filings forward Maine the rate and base taken Networks, leading We've of Supreme common worked received customer adjustment, team significant each of steps of proposals our the to our our favorable a the basis thoughtful ruling put with
of We in help valuable positive to down customers most funds regulatory COVID impacted our providing by of the paying outcomes, York New an order have the state achieved a balances also number pandemic. unpaid financially including
Maine their our for received by recover and also We recognized helping Ida. outstanding amortization deferred in additional approval storm our to utilities Luciana storm performance full XXXX after have Hurricane for been balance recover EEI
Scotia In recent to weeks, restore after our Fiona. help to crews Hurricane north power traveled Nova
experience. the Lastly, for networks, we customer and enhancing transformation our digital are accelerating
year-over-year. mobile our XX% year-over-year, have reaching XX% among We by and by our XX% rate have customers increased e-bill downloads our adoption app enrollments of a increased
roughly In of venture largest on wind allowed which partnership, us of joint onshore we completed take XXX offshore renewables, ownership of income COD to new the megawatts and new projects. full we our capacity. our restructuring reached
the our supply taking XXXX mitigate projects secured We're by macro action the on of through business renegotiation the through for to panel and PPAs. pressure
week, We progress in the our Wind And the X we of cable. this offshore construction the installation continue steady make export to Vineyard start will project. of
transfer our investment stability certainty Furthermore, strong as and on represents largest and for the passage the range growth the industry. and of long-term providing the climate to energy IRA signal the U.S. tax history, in incentives federal creating an of locking equity in clean a overall, alternative
As reviewing federal swiftly our the focused capture with full respond businesses. renewables our additional the impacts government, we benefits is and guidance team can align of that ensuring the await we from package, on all
tax Finally, to for of maximize we reduce assets continue equity risk, and megawatts portfolio projects potentially. optimize our approximately as to we development onshore including and committed pipeline safe expected XXX returns mentioned, and
operational are future firm a bring growth. confident to investments XXXX. on like in that through expect the With Slide strategy further on make to hand, that these I'd achievements, I'm deliver we solid we To and to to footing discuss growth XX, you back in
growth energy You've our seen to reflects and a contribution full broader view U.S. that clean development.
value investments enterprise with the of Resources transaction without Resources, merger. the on 'XX are to and right the total CapEx shows estimated the the including chart The planned On full our from PNM 'XX. our PNM left investments
XXX% Vineyard of consolidate even pending XX% Wind we where billion. have for including to cases, or roughly PNM the both account Resources, COD After $X.X Vineyard without networks CapEx we In decision. the business regulated for have opportunity the projects a for after final of Wind full X, X, CapEx the investments included
Vineyard for interest Vineyard another total If to we in investment, networks adds composed share network regulated XX% CapEx X the account PNM Resources or if our noncontrolling Resources, projected exclude interests equity increasing the of Wind billion, XX%. X. our of without XX% noncontrolling PNM will debt, and $XX.X exclude in we Wind investments over
an CapEx balancing billion and investments renewable networks with contracted in our with Resources, consistent holding at footprint, existing our the period, Altogether, grow regulated $XX us allowing to including utility assets. at are Across reliability totals improve a even customer over affordability. X-year steady investment prior level we and pace PNM to resiliency
meet proposed state cases, a investment, goals. rate projections policy including do the in our consider reminder, to fully the our As not investments investments
of we and challenging strategic positions and Networks the As through a are profitable even taking both disciplined a presently mentioned previously, financial and healthy Renewables business deliver on environment. to growth focused prioritizes that approach our us results economic
Slide now XX. to Turning
Over the few explaining you spend like your I'd and providing are we have several our many additional have and here with months, and our to how new heard minutes feedback. engaged a of addressing some strategic last plan team topics. color those
our #X continue is objective I as say, execution. First, to
are we years, growth, earnings a solid guidance. the deliver trajectory sustainable on our of reliable to track have Over XXXX last established X and and we
through plan network around investment regulated will and XXXX years. stable Our coming and businesses centers secure our promote growth over the
Vineyard enterprise and Including of investing the value we're Wind in CapEx, $XX.X or billion full expand and of without Renewables to enterprise Networks organic $XX and X approximately Resources billion PNM's value both footprint PNM XXX% our CapEx.
made key engagement of and regulators the is constructive we've relationship building Another top other over regular and priorities with stakeholders and years. important my progress
sustained We have been Maine. making on customer focused in improvements service in
filed each impact multiyear of our we removed we below of know, Maine keeping And CMP. bill basis Massachusetts. you are in rate and adjustment plans well result, current rate the the XXX Connecticut, inflation as states a And successfully on point as ROE the in
as test macro hard revenue working We our customers review and utilities income funds, plans by proposals operational decoupling rate low focus include mechanisms designed and risk such our to trackers. customers. rates, our rising securing proposing environment commodity put support to developing to are challenging forward-looking costs excellence, increased A balanced years, pressure on and and our on assistant driving government an help exposure,
requested social has additional projects in margin. such through by benefits larger whereas tax to impact much a we are as generators create base invest that local ask jobs increase. our states positive peer a Our fuel the increases and additional work rate for capital when real It's economic
Vineyard key X, and term and budget. executing also project on equity. dollar with the are tax progressing We both financing multibillion delivered on our time projects Wind finalized this for the sheet on We've the for
We are Maine ruling recent encouraged the by NECEC. Court's Law on
we grant that is and legal And strong process will believe confident the blocking preliminary full while a not lower to the decided NECEC injunction, have a attractive court references we unconstitutional. remain on the find standing
approach growth a with a cost today. creation. than project XXX% have disciplined We to space lower a competitors entering the we on profitable focused offshore large our built investments Thanks at value to are wind, in early committed pipeline
or and value first through gigawatts rotation X.X creation owned asset solar including pipeline large-scale This provides have commercial wind, part construction. partnerships. growth projects capacity, is of of diversified contracted wind, a We XX and incremental gigawatts the onshore under and offshore larger us opportunities combining which
renewable at of X strive correctors our Clean the companies, leading the very generation that U.S. renewable over look much hit peers create account least our mix. no commitments, is as we Lastly, to from generation for have profiles which coal those climate a already and perspective. XX% resources other set twice as in unlike attractive as cleaner and there we in portfolio operation stronger And
up XXXX. We set were and carbon a to continue areas X raise on drive now on If and Scope we bar, deliver relentless to a continued focus the execution, neutral X neutrality first these Scope utility goal concentrate to in know by success. targeting I of emissions the and can we each we've
hand Now provide our it on to detail to over financial results. I Patricia more will
