Jim. our briefly guidance regulatory plans X% XXXX. year you cover and our for in the for I'll support our update review the outstanding XXXX discuss Thanks, provide five-year financing earnings also key CapEx results I'll that. EPS for items our cover X% and that we growth to drivers are plan And pending. for the the what on I'll have today, an XXXX
year XXXX. quarter for and I'll start and with XX results our slide fourth full
Our share a including $X.XX per Pass second quarter. GAAP $X.XX charge XXXX, Northern in in recorded the earnings we were
the a fourth XXXX. we charge X.X% a earned $X.XX in of share the that quarter The and you of XXXX fourth at we of year compared earned guidance Excluding per in in midpoint XXXX, the we of In share share provided was $X.XX quarter compared per XXXX. with $X.XX with $X.XX the increase ago. of $X.XX right earnings earnings per earnings
the Now fourth the and quarter XXXX with some the $X.XX for share of $X.XX in They segment compared were per year. Earnings quarter per specifics of share XXXX in about $X.XX distribution electric XXXX. were in quarter fourth $X.XX XXXX. with in compared our
These revenues. were depreciation So both offset the primarily improved quarter full expense. by year and a higher partially maintenance fourth distribution and results of the operation result as and higher
transmission $X.XX full XXXX. share earnings, level $X.XX fourth The share investments Pass charge compared earned in $X.XX $X.XX compared a year quarter the They Northern of with of facilities. reflects higher quarter quarter XXXX fourth of fourth excluding per our segment in in were of the The an total per in and primarily the in XXXX. XXXX, increased transmission with
billion previous. Our an XXXX of at billion base than estimated more capital higher end at the Transmission rate X.X% or XXXX. the ended transmission about billion year in $X.XX totaled slightly than $X XXXX $X.XX compared expenditures with
XXXX. our XXXX natural $X.XX in share $X.XX XXXX in Fourth per in share in $X.XX with per XXXX. with were quarter from compared earnings segment $X.XX Earnings totaled gas compared
offset depreciation, absence The fourth we well the full that expense was in rate tax benefit year, the higher costs, in O&M interest to due Yankee a of expense. and received operations higher our decline For as as largely were depreciation property XXXX quarter revenues and to XXXX higher related case. higher and with maintenance
higher in water in year Fourth due XXXX. distribution distribution share XXXX $X.XX earnings XXXX. and business per water expense Improved with $X.XX part XXXX in quarter results from share were $X.XX earnings lower the revenues totaled share to interest per up were our Full our that's compared in in $X.XX operating over per segment for quarter
in to regulatory share allowing $X.XX per part largely incurred XXXX. of of effective costs in in in per lost share the Yankee of The and decline compared by XXXX $X.XX share $X.XX per results we of was when the due with parent we earnings earnings rate had fourth from in XXXX. XXXX. others merger-related XXXX quarter XXXX At $X.XX recovery relating This share per parent also the compared earned per resulted in a It share in Gas. to a $X.XX certain than decision higher tax gain the in with
XX. slide to Turning
in be this and in range The to earnings are half the of our adjustment gas positive and distribution $XX electric implementing growth per earnings million plans transmission is are XXXX continued system our regulatory growth of $X.XX share investment distribution Our a share to than our $XX In natural expectations. an for and rate adjustments drivers $X.XX year, consistent with expected for multiyear rate rate the is per long-term this electric base of businesses. and place our nearly we totaling guidance primary impacts million. of of the first natural gas our more
tax increases expected in will Additionally, contributing property shortly, request depreciation, and one electric natural replacements to natural for would impact discuss these in our place pipe be subsidiaries our cost distribution Also in electric I have safety interest one gas mechanisms investment gas growth tracking involve of business. expense. pending earnings of of we and Offsetting in the rate are gas at programs benefits infrastructure our in These distribution our companies. segments.
Also equity investment XXXX in capital as the width turn a and the June XXXX, it year. and From the slide to forecast. of our sale of long-term out by full of higher I'll have May this with XX share last closing result count we'll end
as projecting customers five on technology to our from of reliable across business facilities the are billion capital $XX.X focused well we providing These core three electric investments. and our gas information next years, investments million Over supporting natural X and as states. are service the investments water
In five our transmission over we segment, the billion approximately invest expect to next electric years. $X
by to of base billion. then the expect a $X.X just rate approximately we That's our year base we by result, the billion estimated $X.X And $X regulated rate forecast higher As of billion than we in transmission be period the be XXXX, expect a to had ago. end XXXX. end the at
Turning to slide XX.
than to in the XXXX we increase transmission expected at our higher had investments You those through what $X.X is billion are driven primarily ago. in capital This periods electric this years in our time that can see investments XXXX, just year forecast by be time segment. a
expected For investments about are to increase XXXX, capital the XXXX years, through transmission electric by billion. in $X
We this supporting level they're energy have goals. drivers reliable region's to of all affecting service clean our spending multiple providing related increased in and
allowing equipment. use drones replacement problems High-resolution is to us of better equipment at-risk photography identify accelerate customers. For to the more example, it efficiently can we're our of increasing drone and transmission damage the equipment, allowing of to failing for inspect our much reliability us effectively before cause
we also need In address of to addition equipment, notable to areas replacing some older growth.
particularly flat electric to While customer additional overall equipment our loads installing New are Boston growth, Connecticut to lower, we significant and Southwest, are pockets Hampshire. Coastal of in Cambridge, address and
to to that We voltage also and maintain online the equipment better to add energy continues to capacity. integrate come need renewable reactive
five we distribution project over investments of $X.X years. On side, approximately next the the billion electric
nearly forecast. an XXXX investment From project we last XXXX, additional year's through to million $XXX compared
growth Jim our continued identified at to economic and Our time since investments drive mentioned as of reliability are investments our system. addressing growth reliability excellent and improving distribution the year's in resiliency our helping O&M on performance to the that capital same in top-tier Greater helping earlier systems drive the by the by such costs program driven increase earlier is forecast substation last Much of Boston. that regions out I the the
We program in also grid continue modernization in invest Massachusetts. the to DPU-approved
million including investments, distribution first battery DPU You the that on electric million may enhancements connects in an for system. $XXX for the projects, charging $XXX approved and XXXX storage million recall infrastructure $XX late in of that two for of technology additional X,XXX half XXXX, our points and vehicle million $XX
expected or to period in less all five-year these the work expect to or early a would now be but mid-XXXX. year a investments complete be We initially X.X by period had nearly over completed we
XXXX, Additionally an have $XXX to the plan the in we us three-year our by XXXX. three-year new instructed file through capital In XXXX to in mid-XXXX additional DPU included forecast, for Massachusetts. that million cover years plan approximately investment
investments where a to distribution in pipe similar a ago. few of at and The segments we have increased water our a XXXX distribution have where more Yankee work are primarily Gas. the of And continued capital gas resiliency XXXX resembles additional Gas replacement There you projects during number plus our plan year closely we gas years at program. natural in NSTAR we execution is natural the system underway the showed investment changes
you At Aquarion Aquarion updated on the slide rate reflects Hingham XX, we an the base with certain provided water to that town. estimate now facilities sale of around expected Massachusetts
to a State and second year receive expect than We was sale close expect half following the prescribed million to more $XXX we valuation Court facilities, in the for this a review. these that of
and base pipes, irrigation investment will specifics than slide capital is Connecticut that about years bring but not precious Fairfield older work rate supplies you know replacing additional in coming some of located appendix. come about may the More of Water's the Southwest projects only are less of extensive in currently summertime Aquarion into new County also from where the from water the More on much over XX% shown is that. reliable that
forecast, our are From the included XX what not reflected items is capital and in of some in the turn discuss forecast. to that let's slide
those On such charging public dockets regulators and number investments aggressively as pursuing New plan. our the to modernization does the modernization vehicle in opened grid input sessions. are such them with include investments not in included electric storage any infrastructure have or are distribution of grid side complete, dockets we electric Hampshire. not But and regular yet because not a Connecticut related have forecast Connecticut
either. initiatives have not these current initiatives of Similarly yet have any these storage not are in our investments battery several as grid in approved, project plans we included proposed while innovative including we New Hampshire,
any review. will they regulators in now docket this have underway other facing there investment AMI although is as an Connecticut, advanced meter established at its grid indicated that time review has part state. any open in in time. reflecting Massachusetts the AMI of frame In no AMI of modernization technologies, specific not customer are We active been or infrastructure
We approximately our the $X authorized by billion. investment AMI be customers currently might electric Connecticut total in be to of But estimate to and switch if states, when at two the regulators. all of needed AMI over it's time or natural and to gas unclear this Massachusetts
be evaluating we have our -- Massachusetts also gas would or for consultants if expenditures determine any been We are to issued by at report Systems, included on our additional Risk working needed requirements. Dynamic been the meet a Massachusetts incremental to forecast. DPU investments need time Assessment have will identified capital make state These included No investments safety distribution system. evolving to this in recent
As the our you in in growth can CAGR middle base base year-end the and XXXX X% of rate CAGR we a our we've somewhere be see underscores producing core EPS on level said to range. of nearly plan past, XXXX. as investment produce an the slide This X.X% XX, of rate will high X% we that of around from X% the believe business confidence in will through
Earnings to expect we years core adding offshore from any the not incremental our CAGR. be wind, to X% be In in business to wind offshore we are range. when to the X% will X% major X% investments solidly
service, X% we above wind said be after Jim project immediately into offshore growth bring likely is the in earnings to periods range. X% As to large a significantly
periods expect months into Revolution those Wind Wind the and first then XX to high-growth service. Sunrise We after be
projects. reasons not siting our have in process, competitive in investment As the early because for total we we're discussed these and still you know expected
we business expecting will to million $XXX are XXXX. wind say the So offshore the in to year $XXX that million in invest I
to once mid-teens Eversource debt we equity current with to said, the consistent expect returns said, earn And we XX% XX% equity our we've previously in That's expect as XX% projects capitalization. to we've projects the these As operational. percentage. continue on XX% to to a and capitalize with
base noted rate on business XX, just is growth earnings As not growth the CWIP slide in core associated items. tied are other to there
forward. are the New significant in distribution below XXXX of some going First, Massachusetts their returns a particularly and expecting and these recovery we regulated earned from Hampshire levels authorized segments
an our highly potential receive we energy incentives so efficiency -- do Second, as for grow doing exceptional programs see job. regarded we
that flat we is are compared growth XXXX period nominal O&M our X% conservatively The with the very year to segments five X% relatively in during modeling that support will the to and the comfortable Third, alone again bottom-line range. forecast middle somewhere of earnings we're levels. be regulated
From at rate in public rate service New of the Gas. our status in New cases. active these one growth Slide Massachusetts a Hampshire; two rate XX turn to cases I'll and NSTAR in shows Hampshire,
case On increase last the the $XX side see left-hand in rates. you'll PSNH a seeking a rate filed year distribution base million
settlement increase the permanent Utility the a staff with Hampshire the remain approved PUC in a decision effect the until final that million will Commission $XX the Following temporary rates. on Public New implements
in decision We date expect X. May with effective July an that
targets X includes we're discussions process PUC Hampshire been devoted historically hearings in April negotiate rate if days the April take to Hampshire most the Regardless settlement and filing cases New of the settlement able The have the of one. settled. number will for to and scheduled place New
we X, application November $XX NSTAR Gas October rates in filed an raise distribution effective of year At million last XXXX. by to
We approved of to similar performance-based in NSTAR the the plan. in XXXX. mechanism rate two also inflation case years rate in requested five its through adjustments late a one to a measures tie Electric year future Such a would in five rate for mechanism
to fully NSTAR case. case Electric the be this rate litigated as was expect We
we no plans be noting before new base franchises largest is currently effective rate under these are Worth to that multiyear franchises and for our distribution three rate plans anticipate XXXX.
significant ROE activity FERC our Turning on slide from of earnings information New identified but related states against our been by England call pending FERC complaints the the directly the four November the it ROEs transmission none There's XX. to owners. since to
flow it abandon solely and suggested reasonable of earlier cash it four discounted that In to in focus ruled Instead had would November the methodologies of a ROEs. it would two it just it would decision was recent that use disappointing said us FERC CAPM in on quite XXXX and determining mechanisms.
us XX.XX%. In the MISO same and continue book at case. to ruling be -- meantime, which rate XX.XX% earnings base of FERC reviewing its in ROE appears FERC has of project parties of the with at the decision customers. requested reconsideration ordered in that to to cap we Many includes bill That a that considering a
at since have the from We New early change to rules expect and the do FERC billed XXXX England same not case. rate it on
XX. status of slide to issuance. Turning the our I'll equity review
As that issued recall in XX shares and were June nearly million of you may sold of on one-third we immediately XXXX. closed
So time forward just XX the shares. issuance at purchase that was million nearly shares million subject remaining a The under was to share six arrangement.
XX million on shares treasury December rate shares On of one of XXXX. year. that we the We forward to retirement to and million of issuance. shares closed because year, employee Also six additional and price we'll approximately used fund million our had an and obligations. six about million May reinvestment shares we close end out of remaining the the reduced share about last certain of higher our expected But we've dividend issue X.X incentive plan last by
we've over we equity through in period. no in we that to in equity This year a this equity. issue the discussed to any is to requirements same have forecast. that forecast we exist. $XXX Later evaluate program for time, We'll needs as our number forecast million the implement to move the period such At the an forecast but at-the-market expect address expect continue during new approximately period, mechanism now additional we the through financing
which fulfill to states supporting of the enthused policies very this we'll The our of customers, our you work we confident accomplish while We're to on ambitious they've energy behalf adopted. plan described allow able our plan us this be and will morning.
investors. it Slide and significant XX we've and of them, beating we've our ourselves delivering illustrates track to past our over successful the meeting and value some set illustrates or the how for years our benefits been eight customers targets records to in
the to Jeff. back Thanks turn again for your time. call I'll
