ES - Earnings call transcript Q2 2018

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Operator

Welcome to the Eversource Energy Second Quarter 2018 Earnings Conference Call. My name is Paula [ph], and I will be your 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. [Operator Instructions] Please note, that this conference is being recorded. the Relations. to turn President Kotkin, now Investor for will call Jeffrey over Vice I

begin. may You

Jeffrey Kotkin

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

as this of during night U.S. our on this may last Slide investor During we some the of can forward-looking as on we'll call slides website. be that defined call, the meaning posted you X, Private And within see the referencing statements be These actual made the uncertainties Litigation Reform based Safe management's forecasts XXXX. of Harbor cause and results and Securities Act of materially from to and forward-looking on the provisions differ which may risks are projections. statements to are current expectations subject

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

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

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

John Lembo, are us Jay Phil President Buth, our is today be our Vice will and CFO; Energy for Executive Moreira, Strategy and joining VP and Enterprise for Analysis. today Speaking Olivier, our and Also Development. by us joining President Q&A for Financial Vice phone our Lee Executive and Planning Controller; Business VP

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

Phil Lembo

results. I'll rate. this on regulatory morning I'll plan long-term summarize growth Thank second has and you, and capital proceedings; our this recent Jeff, year-to-date affirm quarter recap our updated and

we initiatives our first of good provide a the $X.XX will to of We media our So continue a and between progress results year, regulated with and $X.XX target and with consistent through pleased that our overall, our year full enhance on of six expectations to number we're our on EPS Slide months service initiatives X% the per results XXXX but to quarter are I'll share. here shortly financial more the businesses very made specifics our second to of growth in rate. a the compared the with $X.XX We're in second quarter results. support and $X.XX those in review start customers share year. X% of X and long-term last EPS I'll

and in earned $X.XX second business distribution just 'XX. quarter year-on-year generation our of earnings distribution in share in with be And of quarter historically segment, electric the reminder, compared these Hampshire assets the impacted a electric divestiture Our we share reflected service of public in our the per of of New January. $X.XX distribution this so both, 'XX same comparisons per that will by

about old recovery as margins, assets, property year. distribution revenue eastern mechanism new tax Hampshire generating timing talk the the had Connecticut So The electric in former of reflective over in was benefits primarily due is that decoupling expected the higher more seasonal of the was over was rate the mechanism NSTAR revenues primarily in those reflected is pattern Massachusetts. Massachusetts, approved margins NSTAR Electric's and a new adjustments through some last the factors quarter. more mechanism [ph] so also usage offset Together lower state recent mechanism well more proceeding. than decline in distribution quarter distribution the reflect lower to of expenses in the earnings in generation I'll a as Electric's the minute, years, lower was and in This New radically rate mechanism the radical which that seasonal,

the the see other the higher lower in third quarter past words other compared peak result, with and in years really usage a we'll revenues revenues As in quarters. quarters,

by impacted the So the simply is put, decoupling sale both generating distribution and expected. timing new as of asset the mechanism, electric segment

to per XXXX. $X.XX compared in business of quarter electric we our 'XX the earned per in Our level to in transmission Improved share share facilities. do results investment largely second $X.XX increased transmission growth --

business $X.XX $X.XX the in heating month in of Yankee weather 'XX were Gas April of 'XX. not at per second sales share the much a through is natural period Our $X.XX increased in to compared which yet to Improved same decoupled. primarily related quarter due earned gas in the of results share about resulting colder

company second subsidiary the compared expectations. finally, discussed second $X.XX the second years of water consistent Our per both in 'XX in new with quarter share on share the impact we've renewable our from facilities investments $X.XX in in each the quarter And in quarter with which we've per segment quarter and are earned of energy our the aquarium parent in $X.XX year. that in the recorded second 'XX. benefited is And past, of made certain earnings other

of half in year-to-date to 'XX. we to $X.XX $X.XX Turning of share half first 'XX in per results, the the compared first earned

Our loss share our year. period electric the year, as this timing event per in half generation results New of 'XX last versus primarily first Hampshire were share with earned of revenues compared based business lower the in per the distribution $X.XX Again, revenue same $X.XX well the decoupling methodology. due previous as to

$X.XX per 'XX facilities. half primary the the and of compared Natural the in of period in sales due with 'XX, to versus also the 'XX. of share earned the business January half were higher in in of higher of of same resulting earned investment $X.XX April. earnings share from was colder weather first This driver segment $X.XX our in transmission electric gas 'XX in months a $X.XX transmission Our first per level

sales natural same the X.X% in our As compared about period with up XXXX. gas were year-to-date for

increases customers. We've increased investment On the energy adjustment $X.XX Light goals. profitable X core per and and and per accelerated our our [indiscernible] of took note first Two share that year. quarter initial follow pipes, developments; to some $X.XX X turn the our & plan distribution $XX the Connecticut with business investments reliability, utilities to been regulatory million. our distribution meet grid, of our of natural modernize water I and parent May the May infrastructure in meet rate new replacement increasing business electric results period. third capital for of distribution of to enhance of environmental X, clean plans, May most water increased have of an gas earned earned the of months six older rate three-year expectations ever Our other rate our water quarter 'XX the and typically, smaller Power's From the states share supportive electric since I'll should and constructive and and our in of usage the effect Slide recent during will designed about to peaked for XXXX. decisions summer time regulatory

per the addition, identifying amount adjustments underway, these And modernization go year. year, above Currently these expect pure In million of grid trimming system switches, these rate our mechanism. recovery to resilient $XXX investments of the we and investments our at costs through modernization totaled grid a as CL&P, with of end process to [ph], and base substation integrity, is associated more are a top see regulators we upgrades their such separate about reconciliation polls this approved the file at for grid million responsive tree aimed making will $XX enhanced base investments these plan a capital for before the a for year, priorities security. smart and tracker the and

the years X a the with of increase without utilities the Hearing one replace rate Connecticut new to we decoupling In meaningful O&M our structure. our includes spring, well these to iron cost we case as rates. conditions, [ph] electric potential related rate well than CL&P it important leads metrics infrastructure. Gas capital of of only performance We in projects our proposed in decoupling improvement Yankee investments about due as with begin month in proposal The XXXX; since on customers. significant implement lower Class filed actual to key have vehicle four final storage. Connecticut non-fuel customers. particularly years. a continuing and real-time would for on XX investments Connecticut proposal expenditures, was earlier will we the Shortly, as includes We've not another [ph] unprotected lower years highlighted additionally scheduled [ph] review one decision to two-way Gas's since over yet in a eight case will improve XXXX, a the base pure be first capital with are steel our this X% believe take seven the our any performance December environment Yankee up customers November Fuel our provide after in This consider in O&M in in forecast. the also and and application rate ultimately service in and decision I The draft for grid X. we rate excellent past benefiting leak-prone to our January and XXXX. application could acceleration is Gas we cast grid revenue battery rates XXXX infrastructure of story which Yankee to modern and increase no The of leaks expect good about was effect safety, reliability the to enhance reduction are help in work investment reflected grid wrapped XX% great animation distribution distribution capital communications as rate to pipes. this in as

storage resiliency to $XXX over XXXX Connecticut initial the vehicle of spring the two NSTAR addition battery the authorized years. infrastructure. and Electric. move for continue the This $XXX is to initiatives Massachusetts; DPU next with to investments three approved in we forward modernization million by electric past from This Electric in DPU additional investments for grid NSTAR million Turning at

a recovery $XXX grid result, a a total cost of investing which be million As through recovered modern capital will in we'll be projects mechanism.

DPU the a for continued XXXX. through grid for file three-year addition, instructed XXXX plan efforts modernization years Electric rate to the In NSTAR

We expect file sometime in XXXX. to that plan

seen to for at Every the capital capital year plan. provided that the policymakers to pause continued capital we Turning infrastructure to subsequent and we've customer published as X; accelerate the needs. grid, years we with long-term discuss end recent year forecast. in of of the electric updating long-term process our Slide the as earnings commence the we've minute forecast, most effort this you the well time state forecast want facilities operating our plan, replacement construct guidance just our Since XX-K. to focus and February, meet to the concludes we This I energy to a operating include our enhance by our growing investment aging in

customer's The gas of level business in next and increased three in the as capital in this to that's natural enhance with core will through from CapEx may electric $XXX Connecticut this time believe the from we include incremental investments, million that transmission, billion. expenditure will grid and to in full us total in benefit increase capital our period expenditures brings for distribution This This all mod provide primary experience. resiliency for initiatives for million to distribution, will between our but electric CapEx total I XXXX years February emerge by that potential reliability Massachusetts. $X.X be driver of And million. to allow investments this of continue our $XXX XXXX $XXX again does infrastructure $X.X reviews of We customers. will you we'll expected million previous be update increase split the our any estimate said, $XXX and a not a that of billion or the $XXX million

be to referenced of focused operations, we we also whether was electric we to on underscored know, years. in harsh substation the thousands our the structures specific, to accelerate you on to several the Our To electric poles ageing accelerate expect new and more now March steel this news them and resiliency transmission very system investments release. May the need of over certain upgrade with transmission and equipment. plan next upgrades replace wooden We're by

to substations electric increasing Cambridge in was need customer to area this in several demand. immediate Boston distribution growth the and which side resulting the additional we're accommodate upgrade seeing ever On key the

steel spending Gas NSTAR at accounts accelerate On pipe mains. of of the side, of which replacement the we XX% beer [ph] natural steel, of our additional the about iron lead-prone cast is code for and gas most as unprotected

greater region gas time Hopkinton critical annual from that this segment beyond natural customers X% which upgrades the also in are spells acquisition; maintaining at Aquarion periods supplies envisions what organic to we're We growth our and anticipating facility of planning Slide during our than past with projects. current growth about LNG cold estimate additional during and this adequate this of not to average our our is one winter. like extended for our for forecast disclosed is prior X only incremental in investments now through water the experienced X% we rate compared February, shows base our XXXX At

Slide our normal -- reliability to to relates to to focus relating revisions, with through struck million cost service. continue so our these benefit Turning management customer combined -- and will the investments that X; CapEx improved $XXX [ph]

projected said cost regulator advanced of be the that earnings the we've express our add able they assume X% capital plan, wind growth assuming manage a but grid always growth that kick-off advanced growth that without execute or current next share be or projects. we're not continue to the around Massachusetts energy and deployment. which not X% to our technology does substantial To EPS I our that's yet consumption involve this for modernization that effective any can cost objectives In to move intend earnings year, where our middle Pass implementation the Northern in evaluate X% the we timely matter. around And of our midpoint customers metering exceled, managing investment. large we X% forecast metering reviewing grid confident capital modernization forward technology, [indiscernible] for even provide we'll are steps to for [ph] for long-term We successful repurchases the to did O&M metering to decision widespread and commitment earlier to and means we'd caution rate to without with offshore information our their achieve and was a states without rate, greater advanced of project access as projects meet our grow or the clear, could our that -- said the should any

modernization considering component are in advanced Additionally, their metering I regulators earlier. Connecticut grid mentioned review

investment As with and February. maintain forecast new in report a you we've end capital year-by-year done we ability our in provide results operate, in confident the past, year we when We're to our core provide cost remarks. million deserve nearly and my That in there response from effective $X are advanced to us. customers invest technologically service, and business of expect concludes the reliable

Lee is and morning back mentioned, this but Q&A Jeff for As offsite to call turn joining I'll the the Jeff.

Jeffrey Kotkin

to enter [ph] And just to I'll you turn to back remind the Paula call questions. how

Operator

Instructions] [Operator

Jeffrey Kotkin

of this from first question is Guggenheim. Our morning [ph] Sharp

Unidentified Analyst

CapEx just So a here. couple on of questions

So of as assume incremental far fairly spend healthy just more to think plan about of pull should we CapEx; obviously jump a somewhat recognition, as in sort forward of the we a spend? of was sort or

Phil Lembo

this to No, incremental is plan.

As of the the of part I occurred really investment of winter a and that a over highlighted need storms in the lot this our said, region in incremental year result as we the first the the just for that identified infrastructure. harsh

Unidentified Analyst

assume growth beyond very we level of of of of shouldn't sort current strong without as confidence move your why Is And there then your trajectory same sort any we trajectory a binary confidence obviously, you've displayed XXXX? level these risky projects. in reason of that

Phil Lembo

you reason shouldn't of confidence. same no expect is level There the

Unidentified Analyst

-- to a enough your fair sort that you're And that clearly sort about still of would a you the mod; then spend, your is will or the to grid get is you just about of lastly, of as you the guys we range of of a in -- -- outcome -- assuming base on think of midpoint end mod, sort sort support sort your think outcome is or as of sort range grid top midpoint? is of base

Phil Lembo

that's smaller are Connecticut sort as all speculate to to Hampshire another our just I in beginning are another year. of current the we're three-year mod a grid in going beyond of Massachusetts sort another and phase they New just but or for filing in be docket proceedings -- at docket beginning because difficult It's -- said since not plan

be initiatives expected able it range. little would so in So point speculate before we bit to a to on, it really need more would clarity -- kinds much of what the or in you difficult that put be to I being focus how

Unidentified Analyst

today of the Are table going off buybacks; this point? at see just capital given of upside likely on then obviously grid then the around And sort we're higher just mod. to incremental sort outlook and buyback

Phil Lembo

-- any in Well, we that rate confidence said, assume growth mid-range does share as repurchases. growth have their of the I not the rate

Jeffrey Kotkin

Our next question is from Angie from [ph] Macquarie.

Unidentified Analyst

should water we you to basically so questions; canceled? that could Two strong, in and continued think separately, or Thank with these on these context now interest bulky does offshore also M&A? in what -- the happens updated look continue like northern like And those you. growth are how will on plan projects your the part, should that assume so comment work you of we completely about wind

Jeffrey Kotkin

the in nothing of analysis point it's on activities time as us second to investments project Yes, in existing the significant or period. on the is terms I are but in on projects that the either forecast going siding position certainly or period there said, that in for success for future;

water, kind this pursuing proposal with we're interested Connecticut familiarity superior In transaction highly that that of first really complementary, employees, locally the that so region, a it's will in the of be the benefits accretive transaction; and -- in terms feel us year of in interested again, transaction, feel that's we the year it's customers, in we in transaction the time. a terms our the of of we're at and territory any communities, that we situated, have compelling in water it's shareholders,

Unidentified Analyst

closing, full transaction after in still first the has accretive I mean year that EPS the to right. be

be to accretive? this -- water potential it the offers across high basically the that's any flexibility has So that Connecticut is for

Jeffrey Kotkin

full -- proposal, be the to correct, it have is in is we That accretive and proposal believe first it's year. would fair of and our

Unidentified Analyst

but that actually healthy so is pretty your base growth the plan that rate all for is Aquaroin; any expect lastly business? And updates to already can we when X% growth on

Phil Lembo

-- be and our full would there update is normal you capital in operating that I expect into plan pulled update. February that information pull our any we that would and we'll change give or if we provide would when update, an

Jeffrey Kotkin

Next question from Credit from is Mike Weinstein Suisse.

Unidentified Analyst

It's for of on given any if recent wanted Mike. complain actually is this the at see ROE I [ph] the commission just departure? full point update to Shank

Phil Lembo

quarter. no update the end situation there same were we're in this the is time; Unfortunately the really we that at first at of

Unidentified Analyst

work, you the all couple can us inter-Connecticut of mentioned through and so the And it year, on half this these second filings remind now was -- of just mechanism? a writers recovered you are

Phil Lembo

few things in a at Yes, Connecticut subsidiary in regulatory as our for Yankee first new that mentioned years. the going on Gas I time in seven that's rates we arena filed

in terms So would also to on, state clean the process of grid early at by objectives in other be that resiliency is this could been that I that a look is and Connecticut of Connecticut this the ongoing going this implemented in year initiated and so there regulator what possibly has next. and discussed be activities through energy ending or modernization, process year types

Jeffrey Kotkin

Next Citi. from question Mehta is from Praful

Praful Mehta

more these that's should term the as of new you kind really majority Is on at for seven; well? real was clarity on to but of what which now expect projects internal CapEx; the then CapEx see that the how we would just of the terms is longer you've five normal for the projects, it to given how a think helpful stable that Thanks plans. kind And kind this it and projects? growth the difficulty driven your a is in look we the have bigger heart of driven and you question off that with about larger the growth organic change growth outside of as be potential should had is, your pursue of of -- really

Phil Lembo

our be the will as Yes, been our focus growth, and to providing operating, business related that I always to projects time service. customers states think our service our our And that relate energy and in time running various that has on great -- strategic has core the core outstanding -- exist providing core been growing our focus on but successfully to from and policies running, business. are

Praful Mehta

it of for the guess see offshore side; going a kind thing? the I as opportunity, do strategic as And initiatives takes wind do of the longer your those in perspective see where that context way, your this or kind your kind speeds upside do wind on had see actually not out the of the offshoring you and you of of range opportunity RFPs where as and do in gap how an think term offshore big growth you've you of story from you terms of now

Phil Lembo

Lee, you want to answer that?

Lee Olivier

offshore somewhere the of of the New terms the see long-term potential years X,XXX we megawatts between power in [indiscernible]. eight England. become bulk offshore a to of Yes, We wind, probably wind inside major to for wind over the seven component the X,XXX see offshore of next additional between

you have of megawatts So you've early got additional authorization, -- opinion Massachusetts into -- next XXX year. in come likely our in that will

to Class we offshore early late offshore wind and will opportunity up X probably that's have would a as megawatts that be be authorized that, of in so a would the been essentially there participate so into the for XXX it will hydro, has kind in clean carbon but first the of was have in could see for and RFP energy another zero We existing this a see as Connecticut, authorize and issued also offshore a of Yesterday authorization XX was legislature that terawatts bill large. RFP or as X,XXX potential of energy; could got kind of Massachusetts wind XXXX. offshore RFP bid they to X,XXX potential specific [indiscernible] we the megawatts megawatts the you've so a be wind offshore well in wind; for come nuclear that year

the were builder we investment. not offshore very world's we've I as sake believe dilute put premier consistent a for potential of we that of and company -- were in we've the with So a do in wind returns successful not wind that Clearly, the told winning, returns stood in offshore transmission, put would see with Massachusetts of earnings current of have have the inside bid compelling risk-adjusted. we we we a wind, compelling RFP, the you great very we in consistently with the was

for delivered lower this as get for as view thing perhaps wining, more win risk Now sake clearly different that, we're returns of that's others the to but took a -- we're of in took not and into company providing signing win on-time shareholder wind value to well around and a we like never with to on customers. and the should source on-budget this certainty build

Jeffrey Kotkin

Next Paul Glenrock. Patterson question from is from

Paul Patterson

I the missed legislation apologize if passed I think this, morning; I Massachusetts that crazy but yesterday?

Phil Lembo

Yes.

Paul Patterson

was I just wasn't DPU it in the Then me out metering how that you in you over if -- was provision -- taken net well, think bit out, impacting that could how a treat took so taken that see out, go excuse it? little -- left the

Phil Lembo

the mutual, some of the line-by-line have you I to honest, overall one is to RPS go be but I so filtering at the assessment details, think think I to in kind problematic out what from assess is standpoint, it is today. think nothing really provisions is out in think what's that other increases is in there. I But that we the some some they still think I that is information through of or -- about there know, of finished o'clock legislature morning, of this came

Paul Patterson

for numbers the half just this for over what then you XXXX for sort through them could the being project year? And if normalized you the to of of are first what XXXX -- over sort And period? -- update of

Phil Lembo

that decoupled I is Yankee Gas, another Well, will say decoupled. our current the proceeding I be before coupled; it's -- quality it will is mentioned subsidiaries when that subsidiary most and as from early, I that -- rate of emerges our whether most sand so are answer of now now

-- that only decoupled. So really out public there be not subsidiary New that's is service would Hampshire at the

would are we'll impacts and question, impact I last minimal on because essentially rates weather 'XX across fully [indiscernible] our for us; expect decoupled so less have less companies. first, So

weather up business; we're sales X.X% the XX% year-to-date just your to electric had about for normalized normalized question, weather for on year-to-date. X.X% -- sales quarter over we for the Specifically gas, and and answer were down same

Paul Patterson

mean, understand do the So, of But outlook, a I'm demand at looking when decoupled, when the of that sense are realize I as and to I -- we're picture about wondering I in I guys guess sort sort sort trying [indiscernible] we're mostly. Ford to of general I'm just talking you Do full of just next grid get three a underlying nothing you media, the a demand see get modernization to to of or over just with has guys just as to that do demand terms But of that's with fundamentals got what lot etcetera. sense to have in this you sort electric I'm trying years. that?

Lee Olivier

one a peak of from the system. I for the you know, by saying rated that energy number I'll demand really in demand, programs, Yes, think and U.S., lot one the start -- energy and removed we're energy efficiency number the utility really our have efficiency effort

our demand. programs lower REIT very energy are cost lower their customers including helping So effective

-- of years, all city, of know, in outlook, we the In next sales expect terms area flat, the general of sort our you so the and been pockets. cranes region this, being probably over into few see you've we see Boston

the the so pockets to is overall when growth of it capital that there way mean think of growing growth investment. but as talked I city look that areas you best I plan, at I'd the significantly require about be certain system there are know and require is our investment, I

three think over let's big growth to but two flat probably that the years. it's I a see next move pocketed overall the So we [indiscernible] on

Jeffrey Kotkin

Point. Levy from Andy from Exodus is question Next [ph]

Unidentified Analyst

just the X% I range, think that I'm I saying understand; make all growth is your but firmly sure that to set correct? in so that you're basically

Phil Lembo

to Yes, in X%. the the middle of X%

Unidentified Analyst

it's or that's what whether the and would you the understand X%? just X%, basically some So other opportunities replacement AMI CapEx get above poll or

Phil Lembo

range the a the range and is is of or or CapEx the in know, constructive another one obviously, of other, control the other, one lot there is O&M may way in one of You move decisions regulatory is another the driver of way more costs; you factors that factor. them is moving factor

factors but incremental few range to CapEx could that of alluded or a number, in the if that move probably dockets out there that So you I there bit is correct. comes the certainly enhance is grid a could that that modernization around

Jeffrey Kotkin

Joe Avon Capital. from [ph] is question Next from

Unidentified Analyst

my Actually a you offshore long-term on the guidance actual EPS just follow-up based X% X% here, clarify; 'XX midpoint I your been Since to get Andy's thank wind question you, of to 'XX answered, or on guidance? has Phil. question, on the just

Phil Lembo

'XX. No,

Jeffrey Kotkin

from is question Dumoulin-Smith. Next Julien

Julien Dumoulin-Smith

across from do period, subsidiaries maybe So, the to are in follow-up, versus how today forecast ROE guys terms the of it through out? and capital I ROEs then high give that an much the you just that on baseline -- I it's to want but just that year; piecing just or how understand mindset earlier the maybe magnitude comment for it's back grid contemplated there? grid and to that. you about, wanted talking difficult on low know Connecticut, on to of the of point I go the -- can capital equation follow-up us sense just you earlier know the question secondly, of to think and X% maybe the just earned a of early I And is -- versus the about improvement

Phil Lembo

constructive as ROE rate for elective the Connecticut two in business. of just the reviews and from you come very Massachusetts terms in know In we've

probably at earning creating review Yankee new Electric that's So NSTAR are need since in, plus be surprise. we're -- a for those for in in Gas, our at CL&P, and then rates below I to not spent so the will go that we at I returns seven a said, rate return years below there we've been contemplate allowed earning those as allowed -- the Massachusetts, we've we're there, and

return could know, new to of expect that's to I Hampshire same under again, and business Hampshire, now it's in year, that in haven't there we another to uplift New model different one Hampshire New position into and this loud earning, a for a Hampshire, review return. of we're do move rate for that a divested subsidiary been So a [ph] and the it's know, and as so little later in you in assets a our off and to rates level, in New allowed New generating we -- get with kind see some have we've you there,

and off So others ROE this the I return levels. two think rate those be their at/or uplift earning of recent allowed of reviews to are -- ROE from expect rate subsidiaries,

grid-mod, could depending more it is to the In or it a hundred than terms few as really to say, the it that which of regulator wants said, infrastructure to hard technologies. be extent I be storage million, the on could advance

of So I'd is look would would would it but it hundred be basket -- on the say sort advance initiatives looking anyway. what state depends a million that what the few for of like

Julien Dumoulin-Smith

in in here interpreting the So usual to mid-year process; the should mean in timing the borrowing maybe version a be update words in to relative as just don't on it basically Connecticut we update? grid planning or mod should your perhaps mouth of put your to want a I here pretty this meaningful I draft grid-mod Connecticut largely XQ So clarify be similar update much either?

Phil Lembo

think I don't you that at it all. No, at should look like

that us would as this that do many our to more I time plan think new look February. of. to to stages years as get other we're over to what know an that let the the review in our we just months we that several another go, to is you included and been see likely, at identify by process at in would will we've I say I you that items we operating changes plan that would have we so becomes so information still beginning And available trying ongoing that

Julien Dumoulin-Smith

back question Angie's bit -- on to little quickly; to ultimately? to the heard it go exchange? whatever -- just does to right, well the to this stock in and there be equity sure water year, to cash and sorry on need share make first full I a the clarify I deal needs commitment real here a to be suppose share clarify And accretive of just just B) up earlier a component for your side is And composition leverage clean [ph]

Phil Lembo

the your second of To answer part absolutely. question,

to other know, and an could deal I We all accretive in that terms to year disciplined offer of at -- transactions and that deals or cash shareholder this a the have the Connecticut the to election at that's or elect it's first the we've of highlight the be have previous that's deals, can -- sort -- stage. and or water focus. we approach the previous NSTAR Aquarion The looking new done in in continue would you

Julien Dumoulin-Smith

keeping that And to committed open? election you're

Phil Lembo

the table, That on -- the poll yes. is

Jeffrey Kotkin

don't we We very us. much joining morning, other calls for you the with so this questions have thank more any to want Good luck this morning.

Paula If or send feel me give an Take [ph]? to free email you have any a questions, follow-up care. me call.

Operator

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

Eversource Energy (ES) 1 Aug 182018 Q2 Earnings call transcript