ES - Earnings call transcript Q3 2017

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Operator

Welcome to the Eversource Energy Third Quarter Earnings Call. My name is Christine, and I will be the operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded. the to turn Kotkin. now will call Jeffrey over I

You may begin.

Jeffrey R. Kotkin

Relations. Good Christine. Energy's you Investor morning for you, Vice joining for Eversource thank Kotkin, and Thank Jeff us. President I'm

which XXXX. some As Private management's to of investor you Securities may Act of as the meaning forecasts forward-looking within These be on of cause uncertainty, Safe current risk can and Slide Harbor call, the Reform made provisions during are see statements from this the on of forward-looking defined results Litigation based X, actual subject the expectations, are and materially to may the statements differ projections. and U.S.

Some issued of the in are news forth yesterday. these release factors set

differ Form Additional Annual and in months information June about for various XX-K the that three ended the December XXXX. to be XX, Report XX-Q can our factors XX, on may year results the ended found the XXXX, for actual cause

certain how last measures Additionally, night of posted most Presentations our web news contained on we within and non-GAAP is our explanation in site and and slides recent our and our under we release the Webcasts, why XX-K. use

today Slide Executive President our Lembo, Controller; and Moreira, today us Planning Analysis; CFO; our President and Phil Turning X, Buth, Vice Vice Strategy Olivier, for Vice our will our and for Financial Treasurer Executive Regulatory. John Development. and our Lee Enterprise President and President of joining Also to and Vice Vice Energy speaking Business be Christine and Vaughan, are President Jay

turn Phil. turn I over to will the and X to Now, Slide call

Phil Lembo

key Aquarion an plan on Company financial I'll and Today, transaction, and status projects. of of capital cover our quarter Jeff. Water year-to-date Thank the results, our several transmission of the status dockets, third the regulatory and give update you, our

drivers XXXX higher results results share earnings, primary financial Electric quarterly XXXX. in being offset our third of of The quarter Electric our $X.XX were Distribution in Earnings to were Slide on to turn let's $X.XX by lower compared per share X. the So, per Transmission results.

in share XXXX. third transmission in compared primary $X this invested the transmission capital $X.XX Our transmission with Transmission billion. quarter was plan just of our driver per year here of is million through earnings XXXX, $XXX the base. We've quarter in The under rate per system September and earned segment share for these the higher $X.XX for third year our

in This implement On which Distribution operation, the earnings a year reflecting overall it sales, share quarter. hot revenue much and the decrease cooling the days to never compared XX% to experienced milder we Hampshire lower third earned Electric to Public to $X.XX Service quarter share -- XXXX. side, New neither this was per weather XXXX. August compared NSTAR of This $X.XX XXXX. has yet and of Electric July New we primarily our impacted per due wave, in in This Hampshire decoupling. to in compares XXXX. In so of of the same nearly degree but to example, stretch summer, degree were This of we the XXXX in the normal nearly X% And had not in down for weather is for third heat additionally, of cooling mild terms really was days below a of Boston, or only in third quarter speak. period primarily

also So, were declined. revenue demand-related and peak modest loads

the cost property non-tracked $X.XX higher continued addition our success O&M able revenues, with expense to and We're these impacts electric to Lower offset in tax, results. So in quarter. cost. share to added much third in per depreciation lower interest our our controlling of quarter we recorded

was The impact XXXX. higher in recent reflecting third quarter share Other, comparable resulting the per Parent per year. to XXXX, $X.XX the $X.XX we this rates debt, share in Fed debt which from share interest side, of of third primarily On decline Gas per and and earned compares The Distribution in short-term interest the $X.XX Natural last of due of we higher on was to lost the earnings expense quarter, Eversource interest levels higher and to hikes. rate

per the results Turning of to $X.XX from nine nine-month with the results, per last O&M quarter Parent, higher we third the earned the and to Transmission for share were cost. results Improved share earnings, year. $X.XX compared XXXX, lower first months improved due at

added lower $X.XX our O&M results. per costs share fact, In to year-to-date

$X.XX to share. to earn continue for expect And the long-term, X% EPS full For between project to and we growth. the per year, long-term we $X.XX X%

our in comfortable November help like although earnings for us of XX, two Hampshire for our turn range these Hampshire submitted expected X New Commission the generation The very I'd we for our with From Utility higher with December divestiture, now reach remaining New and sale very opened and PUC start the end Slide before see with pleased results our along and are the I'd of contracts October end On has and a total sales New purchase purchase which side, approval some to-date to docket to guidance, Public financial with Hampshire We million. in that of is really activity assets $XXX the Hampshire moving this price year. XXXX weather agreements the remain to to cold on well. New XXXX. review generation our of and regulatory our would the

plants we the rates not by of our currently as end settlement, thereafter. sale with early We to September. implementation transactions power including in year, After that's decline continue the soon $XXX fuel securitization activities of through year solicitations end our the and overall follow very PSNH next New competitive process. we and going generating New the expect through energy value for of completion customers, investment these recover supply will totals collected to the market-based Hampshire forward. of approved to book securitization PUC for Hampshire expect assets, or inventory, The on million Under the a of closing approximately

current Turning case and to our Slide X distribution activity. rate

XXXX to intent dollars and FERC. reflect Connecticut for electric rate presented, ability rates end our effect storage the $XXX tax million November, customers. on CL&P WMECO. settlement. The rate and electric for we're rate of movement Connecticut, complete This relates England decoupling, file vehicle millions now and hearings of case grid been plan. stating supporting in higher, Slide costs invest and I'll Electric regulation, for Electric dockets later, results filed transmission case. continues expense, and letter including our required distribution week to various pleased November proposal, significant being you our Electric to the a last with merger that is briefings turn the design customers. next In three-year for are achieve our year. of requesting case early modernization state support general energy driven increases changes and revenue our very by move New which by much and we of controlling proposed vegetation in are our of a we'll decision performance-based of of case The other the with a we We're higher we NSTAR proposals our to NSTAR the largely From some has management property helps and case merger This program, before our went to of case how annually on to expansion ratemaking Massachusetts forward comprehensive hundreds This case depreciation, new many system with taking As for know, that X a that by top-tier and performance of look expenditures. ROE a while

XXXX ROE April on recall, ago once computation approved to a stating FERC FERC the from the the complicate the XX.XX% our of now nearly of may transmission remanded or billed had base changes owners, decade FERC's year, accept changes Eversource, month D.C. XX with Appeals ROE a decision you not revert As any of issued. ROE Circuit the early XX.XX%. region's surcharges the request refunds including of to final In filed New that for Transmission is that did the ROEs order lowered last Court the was or which to vacated would back XX.XX%. England a that FERC the to and this June, base by Owners

to our revenues from XX.XX% FERC. we on continue no based a order new to result, a and As until receive and changes we recognize a made ROE, base rates bill

moving Slide on X, transaction very well. Hampshire have Next, is signed in transaction. our along pending Regulators and Connecticut Water and New also off the Company. involving federal This Aquarion agencies on relevant all

the Utilities. from we'll to we approval As Public of the be Massachusetts receive a result, Department transaction close once able

have all decision. a and and the We DPU completed hearings are briefings awaiting before the

four to profile transaction expect largest We the we X, end. our year reliability On system. Slide before our projects underway in close

XX we've Boston Hartford, XX of already be to with completed We in progress expect all associated of to being with in made and and considerable these date projects Greater XXXX, those Greater service. projects the

XXXX to review continue We capital our budget.

Massachusetts in last water of that revisions likely But electric electric, about approximately systems, allow investments of to detail February. As offset complete making remain additional improve harden during July, progress gas in we in in expect to we you reliability solar some know, in discuss that we'll will distribution Northern through we've across the on to our increased earnings $XXX our also would the system. also and noted time Since our XXXX. million the transmission us initiative. identified would I then, our expect territory This that line Pass reliability-related natural significant call and service further that investment capital billion. transmission $X.X to our such We're budget investments

you solar allowing to additional amended this complete the of As know XX provide two of was to in legislation year, facilities. of to build years many megawatts August us an

our we are for of year. schedule program cost than and XXXX million of by solar with we'll now construction well construction, As for the remaining place small lower into construction a megawatts, to such in capital XXXX. take rather adjusted we remain our end XX that amount budget. spending go a customers, will Moreover, our the Approximately megawatts XX $XXX within the under this result

agencies. divestiture, Parent parent about were acquisition to the in with to spreads a amongst continue quality. on The to and to the seven-year credit the and business The issued think five-year the assigned seen early industry lowest we've risk X.XX% X.XX%, of and volumes notes we each paper should by debt Eversource in for the turning financing, us that Finally, respectively. high million in our issuances generation Aquarion $XXX speaks these attractive October, position solidify credit yields

customers and call I discuss take poles, to hundreds morning. I dozens wind The want hurricane all wires. many winds New night our hit struck the In of severe to Monday the transformers near at a power. the miles downed force more lost customers than electric XX% England, over broken Before Across and of hardest moment Lee, service million of of downed was turn X.X into out the New rain Sunday storm of territory, that approximately Hampshire to resulted power point. in some Northeast with

and in see many While you Financial our complete our for well Connecticut, I are Conference We'll Hampshire, this efforts their recognize at to week. our New Massachusetts restoration of the they thank in progressing patience. the EEI efforts are just tireless largely call and customers want employees of on next and

call So, last briefer than now, call quarter. Lee. over to this somewhat making the But I'll turn

Leon J. Olivier

an making our October I'll intervenor Phil. we the and cross-examination in now on with the you turn of Q&As. are Slide up and Jeff update on the on timeframe, then hearings Thanks, focused to back wrapped Pass, witnesses. Northern are early X the Pass, highlights for call Northern witnesses provide progress

SEC nearly the is preserving on state. we billions briefs have intervenor project, compelling same benefits case minimize a of that to final through that the discussed of the a have take XXXX. to schedule cross-examination have targeted New Hampshire We XX of witnesses vote, Pass their and in is underground at seven ours. of receiving the it, days later will scheduled seven the necessary to later than to Committee Then, majority is XX, the the New review now we approve of has the necessary Site overhead Northern project the the Hampshire to council consider to to commence majority will of have lines. subcommittee Our After been the approve but halfway construction proposed decision have Pass. cables could second Northern Pass, a the of file days They XX have Northern members Committee witnesses. XX, A with closed, project complete highly as no viability intervenors the position, will SEC a New sooner. the to it approvals of staff Once assigned simple and The made XXX another XXXX. the of miles miles file all the bring written dollars economic the with Hampshire which the SEC will the quarter consistent March Evaluation XXXX for of We're vote for record February than project SEC Hampshire vote. cross-examination we to project prepare be no has the supportive of made impact place physical steps time New the the and while all will

Permit in In addition and we transmission to secure the Permit We the both Final EIS, both, on awaiting New Decision and Environmental year. on U.S.-Canada stated now action the of issued LLC, of DOE to Department Final ones. the to across permits, from Statement two construct, Pass Presidential EIS the to Record be need to two have connect electric expect significant SEC The applicant, In Presidential the Northern Permit August. issue progress line DOE U.S. Impact is in DOE, border U.S. permit, additional project in Pass "The a issuing the And Final made to Presidential requires new Northern federal are northern a we DOE issued Energy. this the the proposed maintain operate, and the a Hampshire." from The the

two a Mountain Forest selected underground of Record Forest. months Decision of National through the that was issued supportive route Service we've that ago the White

of the expect before We from this Service final order the a Forest year. end

end final of of by year. a Army Corps from Engineers receive the the to expect the also We permit

two XXX-mile the On the settlement state in Consumer was the most for lease achieved Hampshire and New we Public Pass' another intervenors of with on settlement we important PUC yesterday, milestone Office agreed terms reached with of the of filed when Northern case. route. side, the staff Pass' a New Advocate, Service of The Hampshire principal Northern

end approval the PUC settlement We expect Hampshire by the the of New year. the of

with Taken position significant the made in current together, all process siting we being with our venues. are very in pleased progress

XXXX-XXXX Slide enter by of continue critical project third the our to service time, Pass completion construction commence XXXX. would would we the XX, fully constructed in to ABB winter Turning primed allowing operational once the and expect parties with prior be Supporting time commence the contractors, project final price and we Quanta signed approvals. the those Services. All commence, and to major period,. to testing our with of contracts work in firm and we mid-XXXX involved At fixed to that including our Northern quarter to this receive are schedule have suppliers ready

Finally, which Bay before we I touch on our Ørsted. called begin Q&A, new State Wind the and has name will partner, corporate

We December is Massachusetts offshore the are RFP, into wind bid due our XX. which preparing

submit for will New in compelling of wind to European vast evaluators. we the Ørsted of experience be able England offshore our and by markets Given the of knowledge believe we and a transmission, proposals highly set review

call the turn I'll to Now, Q&A. for back Jeff

Jeffrey R. Kotkin

to enter remind Christine how you Thank the to questions. to your you, call Lee. I'll return And just Christine?

Operator

you. Thank

Jeffrey R. Kotkin

Christine. you, Thank Great.

delay Rights covered vote of time guess, that Way? intervenor I to in the Good get of Securities SEC of the February? bit morning. How question line done mind impression their or Mike. - is what's for that Weinstein miles Credit would Hi, some at the good Lee, in New your Public impression, from settlement not way process (USA) SEC, Weinstein arrived the your the but witnesses of LLC what's many morning is the Suisse. just also, Michael Our those you about Hampshire from SEC, you Mike Credit and the has that the is Suisse the Utility morning, cross-examination significant – settlement by at. a project started, Commission on how talking And first little this or ability now Hi,

Leon J. Olivier

of of Hi, In on this XX exception Yes. and the is part is or Right all Way private underground of a about Northern Lee. Mike, is to the lease with essentially of Way the of regards miles Right the land. which the

underground XX about private So miles. add if the and you that's lease, then

remains of miles. rest XXX is the it what So of

what very, to Pass as good had to utility the the is public very Northern part that Pass in the to state. they say of the do in would utility, it's do PUC because to and be earlier So significant Northern obviously become approved that

project many be steps. the will the this major Rights SEC. existing the approved Way conclusion Right there other So the itself use the New us by to again very, It because obviously, of of last credence to members where lends the Way by sit giving important, now Hampshire that very PSNH Eversource rights the is that, of the same that of or is of one it is on

very say to hearing, feel those good just very would regards that. SEC well. So meetings about we the have I proceeded in

judicious think jarring the it's constructive allowing and SEC process the essentially I keeping to in that is opposing going. on terms has is cross-examination cross-examination been not and meant of the timely, very be of ensuring or kind

is and schedule Energy year. decision. Suisse this later have support think, I then in a would an subsequent and January Weinstein for by RFP support, determined of timeframe, of - RFP, happening earlier in bring hearings of the and year, the the we deliberations your Credit Securities opinion, for then So point? focused this Great. (USA) than And end thing outcome completed oral in January is that's written that vote quarter, terms the the first to no as conclusion in the a And LLC how Hydro-Québec's at this this being Massachusetts Michael significant Clean all right now to early SEC

Leon J. Olivier

RFP Energy for Michael Northern could - project? last Suisse How Massachusetts of Pass (USA) the the is LLC that part? of Hydro-Québec's repeat Excuse significant you Credit Clean me. Securities Mike, the Weinstein outcome support

Leon J. Olivier

Pass a with on Northern talk regular basis. We

course further to over is next predominantly, XX U.S. the if goal New double Passes best New to double into to, and of is the their and put possible, Northern three You increase their their the which revenue would market. years is imports They like England, the into know, England. earnings

to So Presidential year through along quite is they very much project. the very, should the this process pretty we have of federal And the sooner. this moving SEC committed if nicely. permit we're look are end or The project, this at you siting, by

the all We have out. contracts laid

the the credit least in-service end Massachusetts the has by by reduce anybody years RFP Northern that Pass, of you that's of We mandate the for looking state Canadian if before end out the at when will projects is XX%. to sector up XXXX, electric just to provided of additional else. XX% have by look the siting three an on XXXX, the date have their you will the And Massachusetts. end of at in of two of side. will And carbon if take And carbon it then, the you RFP, inside

We the this will the end siting year. side have about on Canadian of the

will of Canada another three The projects two siting to take would into in that other Canada. cross years

certainty contracts air in-service a of meet far exists Thanks the Lee. as dates contractors have project plan. goals Massachusetts So Securities that and Okay. Suisse with needs no other clean the around we that and are Michael LLC fixed along we - really and as that price has Credit the (USA) Weinstein lot,

Leon J. Olivier

Mike. Thanks,

Jeffrey R. Kotkin

Thanks, Mike.

Mehta Good question from from is morning, Praful. Next Praful Citi.

Praful Mehta

guys. Hi, Jeff. Thanks

Pass, the bit that doesn't the mean risks SEC what are case, decision delay I the following possibility up just are go guess way? options or what In terms So Northern but of is if timeline moving your point? at here? have just there you any a I on to well, what understand approvals, wanted of the is that the little further in

Leon J. Olivier

I – is further, opportunity answer there would just the Yes. part question, your say to of say first the there would no. I delay to is

project. in members the in there. this a the efficient SEC we New project it from of of Presidential frankly supports number so very long, But it's don't very delays have it's has the senior always We has long experience including with believe Chairman Governor strong that this quite legislature been of The supports Hampshire had judicious, interveners the complete, legislature. failed. it's we which challenge and The and very a process, see any We have think it when all A so legal withstood will very process the permit. it's the tried, previous SEC litigation, suits very that comprehensive. judicious

see So delays not we there. do

RFP. very it be the So that of confident in get am I for our three-state will will be will RFP time successful decision, we and we inside that

Praful Mehta

transmission about right, And perspective about all to you, Got million growth platform $XXX X% spend? at the understand approvals had XXXX. move CapEx helping Is that X% the to keeping you've – And just of for range? incremental what wanted of talked X% X% through the also the to to that midpoint? talked the you've like But incremental that a that from today. you've upper right. Is growth it the your end also transmission were required

Phil Lembo

is a that Pass that's amount that when to so Pass fill answer into $XX Northern about out to changed earlier million that million. short the and capital moving gap had the its total that million So Northern $XX talked was we helps of and schedule, $XX spending

will just Northern that's discussed we've that the moves spending in over. plan package support element as that XXXX of more one Pass the capital So

it it sort say of the this I'd doesn't that, number stage. So enhance replaces just at

Praful Mehta

that versus the growth the business, growth or then terms Got you, profile to growth thanks. rest similar? finally X%, that is Aquarion opportunities, your of higher is profile within what a is of And X% it in

Phil Lembo

bit but that It's – number. little range, so enhance of the that end a on of it does the similar, higher

Praful Mehta

Thanks, Got guys. you.

Phil Lembo

thank right, you. All

Leon J. Olivier

Thanks, Praful.

Jeffrey R. Kotkin

from question Next Travis. Good Travis is Miller from Morningstar. morning,

Travis Miller

Thank morning. you. Good

on number? not how to electric else is on retail down weather is a what that $X.XX one due in quick that the here or all Just that if much of revenues, going and

Phil Lembo

a we there's days weather. I as efficiency, that's energy on Boston. due bit had much down it's cooling to looked to pretty there XX% said, so it's normalized, mean of relating fewer degree I cetera. et I slightly, going if in little But more at No, you guess sort –

pretty know warm. year you that's – previous know, previous You versus was that the the year,

X%. even they versus normal, So down were

of quarter that the driver So number. and it a just weather it really was bad was

Travis Miller

appreciate all I it. That's now. Okay. for

Phil Lembo

you. Thank

Leon J. Olivier

right. All

Jeffrey R. Kotkin

Travis. Thanks

Booream America. Welcome Next Bank from question back. of Jerimiah is from

Jerimiah Booream

you, Good morning. and hi Jeff Thank everyone.

Phil Lembo

morning. Good

Jerimiah Booream

the have see of when XXX? could the decisions for on I just touch NETOs basically for given Opinion idea to wanted all to timing coming your that way, do have the revision Is also, any the the kind have any be at a into FERC you you chance FERC, of a And you requested could of time it that some complaints come to seem at insight the like triaging vacated. process the do there the here? that same does issues and they're

Phil Lembo

your probably Well, statement has a portrayal good currently is And on I think going not there triaging there filled that even though is it's last commissioners. all above the probably priority with a is some out items. still highest the the quorum, FERC

not So, good the probably we'd decision timing to of XXXX, we a us I get I would when something expect so. be wouldn't see had if until to guess for any that doing. is of I predicting think item But that a

up. were So, X combined of couple but we've X, together, the X long and looked handled these in for then complaints a complaints of a came fact all and be to complaint

it So we investment that's these anybody there. XX-year, think types provide doesn't do that pancaking uncertainty XX-year an It of for to over over complaints investment. XX-year, keep really some again and does any good

be we very in it decided, like So will that's when it. filed the guess. approach take probably would near-term, and to terms of in not that's But the we'd predicting my why be

Jerimiah Booream

jurisdictions rate about we Okay. And cases talked any coming any that up reason of Yes, is have to there already? housekeeping haven't other you your then question, other would that fair. in that's just guys think

Phil Lembo

Connecticut. in announced a we've the about we ones are that ones and I in filed only of the Massachusetts, terms intent Well, letter of today that talked

So we're evaluating always that.

by by we are have, those the of that rate Some the as you cases some can driven returns are agreements jurisdictions, triggered like things the some – in are imagine, what that. regulatory of

So the are and ones the ones. table Connecticut are on that the electric only the Massachusetts

Jerimiah Booream

very Okay. Thanks much.

Jeffrey R. Kotkin

Jerimiah. Thanks,

question from Caroline. from Deutsche Caroline morning, Good Bank. is Bone Next

Caroline V. Bone

morning, Hey, good guys.

a So is Pass. Northern follow-up this on

Pass well participate which are in for in does way? your the it could like any region, other the in there seem are in, So you the go if positioned pretty Massachusetts But Massachusetts RFP. Northern pipe guys doesn't RFPs

Leon J. Olivier

Well.

mean If essentially be at of there approximately could look has of is the I number for which much hydro. for you've authorization, haven't you Rhode I Island Massachusetts, a They region, Caroline, Connecticut mean got well an that. RFP megawatts XXXX, has X,XXX authorization X,XXX of at gone as out there. an initiated of have that the RFPs to an which those for authorization there about a not energy. but difficult, They by is mandate could have least Governor clean probably in megawatts yet. The just has on states. service be

retire And, they feel there and them they're one folks the that, but older nuclear. really I well of security region. why, nuclear they other they the are around as time. including little into over firm held because Passes. and from But more FERC to issue only New ISO gas, So talk I think region RFPs, we the the has NOPR that could at as hydro do Northern lead moves fuel, will bit to a fuel when do quite not think of that's the plants, least authorizations more reasons frankly, coal up awaiting Hydro-Québec, its that report, They the the issue course, really have that of could will to two as that's three of England region say forward when and potentially

Caroline V. Bone

Okay.

And up something? guess XXXX, by if given mean, you why they so, haven't holding I do Island, target Rhode Connecticut and this Island has what's Rhode know I launched

Leon J. Olivier

case say Connecticut, I of just in they are other they're think, shall with busy issues. the we

Caroline V. Bone

get Connecticut. I Yes,

Leon J. Olivier

budget through move be they'll have those and a issues, to they'll Hopefully, They're able get busy issues. other other on. and with

servicing access very offshore from system interconnects was open businesses. New an They system down. As That's XXX Unit the not essentially again state, London, also only wind seaports really offshore there there. authorization the They that you wind have they really shut close on folks to of constructive, particularly X almost the because XXX into is have a say because facility to Millstone that offshore bright be of the they wind megawatts region. know, in but a future load, XXX transmission have the megawatts. could talked kV We've for it's into

opportunities. So They're they of I Island, really regards to working those to speak can't where see can't lot they Rhode through opportunities. are. really that. I a for In speak

Caroline V. Bone

Phil. just least Okay, know the about, then, pieces? Aquarion, drivers we these moving is that okay. for guidance one talk can one thinking are kind at around should and I'm be if I just going And QX And but this cases, the last on call, maybe to of some all rate wondering you preliminary one particularly to you provide guys of

Phil Lembo

under to Caroline. but little those mean, going without giving and costs control growth to and we're about settled that with and FERC the earlier, guidance ability our the – forward. levers terms kind think the of of I I Well, get what a the rate in give February, what think going of that issue we've difficult, not I keep about transmission that level certainly past a those talked our you be and the we expectations, – key till rates talked certainly others are will that on are manageable ROEs, in assumption that a is how

our outcome remove of rate part mostly impact last sales that. I lot about whatnot, this. that gas So mean, electric talking years have of couple and jurisdictions time the on a case we'll but will of with our spent most after a of Massachusetts great I the we've think the over de-coupled the and weather

the the think variation I sales the bit risk side. and a that of sort So on removes of

prediction. little be might So easier that bit a

I mean, drivers the be think I would consistent. So

projects would we discuss. we'll pipeline probably a still of able out the FERC be And of key think be assumption that to the ROE. think have I maybe comes what I good

Caroline V. Bone

guys say year-to-date? follow-up versus the that. has been you Apologize that, just weather one you impact say last Okay. on did missed normal if I And did what –

Phil Lembo

the about Well, for I for talked – we it mean, quarter. the

quarter for more is past So this quarter, the cooling. about

talk of quarter XX% terms did we X% So it's down being about off the about in and X%, terms of normal. in cooling,

If rest cooling. you've impact. then would the into the talk the about be $X.XX to get But about year, you and heating weather of got

everything about hurt added up for you by has If weather us the year, $X.XX.

Caroline V. Bone

Okay.

that's so much. Thanks Okay, helpful.

Jeffrey R. Kotkin

Thanks, Caroline.

Paul. is from morning, from Good Paul question Next Glenrock. Patterson

Paul Patterson

morning. Good

of clarity? lot a goes And filed were have sort the due the So when guess I on little happened when any – Chair very apparently up think is process. Friday, of differing might, sort on what my that I understanding a I we document What just we Pass it's resolved might wondering Vice that I get the comments will was or there regarding, certainly economic be was in scenarios. and anything that lengthy market process, I capacity read, I on by we to from some guess, was follow shortly. a just interested agree a there over that some that issue? that Do Northern of been I will hinging analysis hopefully would finally, be

Leon J. Olivier

they conversations working They this Paul, entitled extensive have of be Monitor. megawatts, ongoing markers. a XXX will and Market that made already capacity. megawatts our line is has they England The capacity experience are New statement that, designed the XXX% would with HQ to Lee. No, credit. get XXX ISO without have we're could additional with the HQ over They is on partner able built and capacity in confident and deliverability be over any upgrades. receive to forward

that intent the of year, -HQ here enter into take to really to plan capacity markets. then notify statement. that would think I early is reinforce would and next ISO their And so, And we

Paul Patterson

normalized on then year-to-date the to sales That's sales great on to awesome. hear. what sales on growth normalized the growth, question, – Okay, electric? the And just Travis' was follow-up

Phil Lembo

about X% Just down.

Paul Patterson

settlements. adder. and of And we finally transmission think some those you them seen the case guys the are – but these haven't context ROE of seen in Okay. – the I'm then transmission, with on fully to about of we happen transmission the respect think we litigated, any cases big – do base on you how about big sure how any have with rate ROE, guys for those what about might or England? we what should How think should New aware

Phil Lembo

agreement. reach FERC Well, know as just settlement as of part and there that, is to first I step think an Paul, general is process, discussions effort always you the a

through able steps in that. So we've and these gone those processes do hadn't to been obviously

reasonable an said, part there. it's part outcome. and interest, proceedings, I are everybody's something so a we're of they're the in be but on basis in – ongoing And general and have they're FERC open as is to reasonable something we if track best generally So -- engage our to, is others we record the they settlements process we're think certainly with

Paul Patterson

how think terms that the being seen out, have we of at England, in there anything I'm and or of us, is far, they're here of decisions, context just ones sort geography or Okay. from or... should so don't of seen all of that think But in that the just across haven't seen wondering, in New should mean, different ROE we've we you or country that applicable afar something about because base a think I looking we about there on the us of but number terms different settlements we

Phil Lembo

at expect the And gone we where any right this we'd settlement. I various are No, that stage, past through we processes as said, wouldn't we've I in are now. reach and

that or I cases that there. I far once case least is one which could there along. that, The ago, that the so – some hard, that's won't the along many get pretty be I'm do far hopeful in unless until something an exist years earlier. you the that guess you happen, So is you more guess something cases but like how now, opportunities settle of they're later open the have it's cases, But case that's from when there fourth

for that rest think we trend complaint So I of comes set one out the the have the hopefully see what this cases. will to of and

Paul Patterson

Okay. a it. lot, guys. Thanks I appreciate

Leon J. Olivier

Thanks.

Jeffrey R. Kotkin

Thanks, Paul.

the thank questions who joining more to on are call any of for you Financial us. morning. have care at starting Conference EEI and the don't We for look this you most to safe we Sunday. travel. want seeing So forward Take We

Operator

today's This conference. participating. Thank you, ladies Thank concludes you for gentlemen. and

You now may disconnect.

Eversource Energy (ES) 2 Nov 172017 Q3 Earnings call transcript