Earnings call transcript Q1 2023

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Operator

Good morning, and thank you for attending today’s Eversource Energy First Quarter 2023 Earnings Call. My name is Jason, and I'll be the moderator for today’s call. [Operator Instructions]

I’d now like to pass the conference over to our host Jeff Kotkin.

Jeff Kotkin

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

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

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

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

Joe our and Director Nolan, us of Investor Vice Becker, will President today Executive Jay Chairman, Buth, Officer, are today Speaking be and CFO. Chief Controller, and John Bob and and Executive our joining Moreira, our President Also our VP Relations

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

Joe Nolan

have reliable I'm as to on grateful. call that had our of excellent safe you we you, an you million calls choices customers. to Jeff, you, know X.X XXXX, joined, and I deliver in very Thank this many morning. joining so thank highly continue had for could this service and We start everyone, other us that

state operations. strong our Our continued of illustrate the key metrics

Our and months safety in as decile, measured between very our top reliability,, remain by remains the interruptions, ratings strong. service

march northeaster in storm to for repairs. and damage crews that that performed brought a access Hampshire, in caused amounts completing difficult historic make New also regions following well very extremely significant snowfall widespread certain employees restoration Our it made to

Turning to partnership Slide X and offshore Ørsted. with wind our

advance offshore the will three completed Construction Fork, is project and Fork process. development America. in South large-scale South to be first that which follow. power of foundations, of the turbines, North We projects York, substation, transmission through our complete, wind New will continues subsea and deliver the will continue to the offshore cable the installation half wind wind at Installation

end early in wind offshore Fork service continue a that milestone. expect April, completion the the supporting in key year. fully will Act-compliant which Port will projects. ECO the XX% New partnerships wind Jefferson, be by Edison, based We to the In the vessel, South reached York, US role operational of our vessel, Jones operation play flagged farm will This be first

for of raise the onshore install That percentage contract for the underground costs Long Just Wind’s will Rhode represents and creating women, Rhode last in Governor, days skilled Also Haugland Island to Sunrise largest McKee, for project. workers XXX Ørsted in wind selection offshore duct contractor, line York New contract jobs Island-based largest This XX%. Long chain Rhode start components XXX announced Eversource the Dan bank for foundation our three yet. helped than is for chain we a to our investment New $XXX jobs Ørsted, Energy. of create single million tradesmen industry few This ago, Union to than more Revolution Wind Island York and more our the were union with Island's plus in locked on Brookhaven projects advanced of system Haugland joined supply with the by construction supply of approximately contract, announce Island. with transmission our and commitment week,

will on our Slide this You four. updates offshore reflected on wind project see

notice that as the to in our change John investment. on Slide X. remarks. our XXXX from make We've will You'll see also does strategic XXXX, progress This continued which moved you of offshore can on spend touch for been in-service review wind his projects, dates into here has not the some of impact the on

We that both XX-XX shortlisted final have lease XXX,XXX Ørsted. in venture of in uncommitted three interested offshore our projects of parties wind joint our part nearly with acres areas a are

outcome review progress due this through diligence, quarter. extensive later updates of are continue an making strategic expect and to We on the

Eversource infrastructure well advancing this generation, centers. leading to to carbon efforts initiatives role for England's believers We a to clean on offshore emissions. energy New may is on significantly of region's for lessening be bringing in electric supply support wind fit energy Although the connecting regulated gas region, natural we focused the clean England will provider, our essential offshore climate our reduce play wind be positioned in New the and load of our power in our numerous big right not remain much-needed assets, are reliance portfolio T&D to

We continue solar resources cluster remaining in in receiving clusters first of capital investment for six at Electric. distributed late through regulatory our NSTAR for investments progress five DPU energy proceedings development projects, the to After now approval the make facilitating are Massachusetts last complete. year

sometime lead Utilities, development final of solar of will capacity innovative alleviate energy to Eversource, full on the addition by up Public issue This expected to distributed put to and regulators with to Massachusetts roadblocks, megawatts those place of the X,XXX summer. participation model, Massachusetts. new clusters of is orders this in expect in significant Department Massachusetts We five energy

construction now in Framingham, to work is network complete, X, design Turning Slide geothermal being on our and evaluated. proposals are project Massachusetts,

season. for on Last, bills. the as for to to available make XXXX successful, If trajectory time is determined clean be very it heating provide commence of we a intend positive in energy to to operation winter I'd solution update pilot the a like customer the We expect customers.

prices significant reflected natural to in customer July gas While basic on mild rates bills. is Natural generation being contributed electric a bills supply as or prices the mitigated are in natural it decline And default England. a drive service electric the decline customers winter Massachusetts. also consumption, rates gas gas lower in supply that for in of New also Connecticut on significantly and expected impact to helped result in currently

will be file electric for January. in with very welcome tariffs We this the This bills in later month. customers relief spike proposed saw will following our regulators unprecedented we

Thank the you again turn I Moreira. John for will now over your time. call to

John Moreira

This first Aquarion I X. and start Thank good I of review activity. the review you, our with for our recent and Slide results everyone. rate Joe, will morning, recent discuss quarter XXXX, our financing most morning, will decision,

XXXX, of $X.XX in GAAP the XXXX. quarter were earnings of the compared with first earnings first GAAP Our $X.XX share per in quarter of

the results of impact, as include of Columbia known to the Gas Massachusetts, now primarily quarter of integration of $X.XX XXXX First for transition acquisition Company Massachusetts. per of and the Eversource share assets related

with those XXXX So, the best share, quarter first first compared in in $X.XX $X.XX per year. excluding of is quarter per the of last costs share the

Looking at some additional details segment. on the first by quarter earnings

electric both This $X.XX Our two first in Improved were $X.XX resulted of distribution last review the XXXX year. with the NSTAR XXXX. revenues largely our quarter share, factors, rate compared from quarter conclusion related of results at to Electric. first per by driven earnings from higher were

rate which in about of base quarter. a this that share benefit per provided January $X.XX increase year, first was first was the The effective Xst

X. charge. change took Xst change The moving change per $X.XX eliminated effect share $X.XX the of of quarter out year, per revenues January results, first summertime in design demand after-tax the is expected will equal higher Slide second year. share this third quarters of effect and roughly also rate into This change annual about was quarter the This split. of a rate and design the on this fourth design that of illustrated This have

pension changes additional Power, from revenues partially and Connecticut distribution quarterly the XXXX on the Light were with first results quarter by and X, offset Continuing higher interest depreciation, expense. the & well Slide as higher at costs benefits as those

share Our driven of in in electric $X.XX per higher earnings of of first by level first facilities. the segment quarter results quarter transmission Improved XXXX. compared with were our the $X.XX as of in investment XXXX, transmission earned

XXXX, were base the revenues took distribution earnings compared the quarter primarily first segment quarter well Improved Gas, higher natural of Company offset November effect in tax was our due our in Our per gas $X.XX distribution $X.XX share first earnings natural that XXXX. interest, of with Eversource systems were as results in to as and by serve X, gas customers. increased at Gas partially higher property of XXXX, delivery Massachusetts. better This depreciation, as to expense investment NSTAR related to of

due this Our $XX.X $X.XX higher first This is share year in as segment earnings per compared and quarter million maintenance as the in lower contribution compared and offset primarily losses XXXX. energy quarter quarter to other a by from the XXXX, primarily equity this is benefit companies for partially first resulted to $X.XX this of with investment water our benefit parent costs. Eversource renewable after-tax due our to operations the XXXX, first first to And charitable and the share quarter decreased foundation. in quarter. distribution per were fund, of a a of

offset March, interest the the transaction in were XXXX. quite and per and quarter, $X.XX by transition statement, company by quarter parent parent well after-tax storm expense income as and in $X.X Additionally, our as O&M partially same improvement we share. to you higher of compared benefits have our the costs a slightly higher we year-over-year decreased on Those the tension first another experienced see events about net Overall, despite for in can in million XXXX, of the managed period costs. in

first different $X.XX profile maintaining have XXXX. design year, rate impact as third as results. by $X.XX design it of share. changes quarter we expect this quarter Now are Slide somewhat again, about no turning earnings X, on lower add the per the compared to in a the to to will $X.XX share rate did quarter earnings full-year NSTAR that our fourth guidance about to quarterly we to per $X.XX the of change but Overall, per will with earnings Once share, the full-year

in our our the half program X% that fourth rate range, In reaffirming capital long-term call. the quarter earnings of in February $XX.X five-year reaffirm billion addition we solidly discussed to X% EPS regulated to upper growth during we our of also

capital $XXX business approximately million totaled of first expenditures XXXX. core the Our in quarter

related to timing offshore construction wind XXXX projected construction costs. As have of our our share the of we Ørsted. our joint billion costs some $X.X we Previously, venture changed to $X.X of billion Joe with of noted had earlier,

their of XXXX, an by capital years. wind joint $XXX and it related be million projection Overall, payments billion the future offshore or later expenditures by $X.X to at Rev to billion made over projects effectively $XXX approximately service due able expectation to change to the of three quarter in share of the capital our this now million, and offshore expecting in and expect no are raising year we XXXX. of lowering following costs estimated XXXX total million XXXX, enter continue expenditures this our our that Wind have first In totaled putting to billion periods, $XXX late about wind venture will in be $X.X XXXX, to we Sunrise $X move Fork and to year investment from the through Now, to service timetable, in our completing South March billion. for $X.XX of Wind

update. to regulatory Moving

Connecticut negative scheduled our the rates, the a reduction for the the by received rate $X with to the first concerns commented recover negative working in was will three a with provided to a is in the the The opportunity we decision many Connecticut. for ordered underway, March, reasonable about to rates Aquarion is outcome Due have million where return effect active maintaining currently X.X% and first reduction currently in process order the on investment and we the good the decision, have utility reviews XX XX. years. stay which not that investments. our existing and appealed impact to through with authorized time disappointing For long-term decision very a and equity, forward cost Aquarion long-term while, return preventing temporary a unanimous. rate utilities. the have us next decision, review the on fair May provides the is commissioners signal customers, plans Two stay of and of law, in we to look very a in complies PURA. rate Connecticut's for rate customers, Court, no for that of a to we believe of legality our In appeal rate service, on the We including on Superior hearing come The

just and million company Turning week. retired this $XXX debt, parent to have our previous call, parent million financing of activities. earnings debt we issued Since $XXX of

reinvestment As through employee XXX,XXX ATM shares we additional distributed we treasury our dividend you incentive have can see to from April, Slide but meet issued of shares our approximately X, no program, programs. through and

have service to investors, years may want Finally, as and the from Eversource amidst has of part been community, of and to many and Throughout IR you widely nearly Jeff as his It's day steady XX all, Kotkin he of the to of outstanding department shareholders. financial the this our industry retiring been years and in Utilities very will professional Jeff had the with to exceptional Jeff for our challenging years, the company's Jeff providing first wonder years. ago, over our guidance Jeff working some to years. acknowledge Eversource's joined will always no am I you many goes service later agree, the while growth, has be has know, challenges communications former why evolution, management for senior integral Since he XX the been mile. board. more best pleasure company, for of contributing summer. an it than I many, sure at I his supportive the delivered our Northeast journey, the Jeff colleagues, extra recognized success various

certainly Thank all Connecticut you with wish all are missed. the of his Jeff, shoreline, it Thank for We be you. devoted we best time the truly or more whether be service, he beaches as family, the thankful on grown Hawaii. you, spends and his in will and greatly him

Jeff Kotkin

you, John. Thank

John Moreira

very everyone turn call us morning, joining to this thank to very, Bob the Q&A. And many to forward want for I said, seeing looking you and that soon. with now, of for So, I'll over

Bob Becker

John. Thanks,

to to enter Before let we start Q&A, know I'll everyone return Jason? how Jason questions. the to call

Operator

Instructions] [Operator

Bob Becker

Thanks, Jason.

Our is Good Shahriar. first Shah question this Guggenheim. morning morning, from at

Shahriar Pourreza

Joe. morning, Good

the more could I mean, and Joe, maybe a additional bit process are on you And all little wanted book projects? feeling we sell can the question beyond looking some about remarks. the why ask at still the investors just to you're maybe start pitching provide that three I value. I reason discount the just sort if of to thoughts Joe, you are substantial you'll And offload projects how buyers maybe that then the pricing is, with So, pricing. at sale color prepared

even give maybe color us it's generally. just So, seen evolve, any if on you've how valuations

Joe Nolan

have It far answer, an have confidence the you second can in - joining highly why you parties. you a areas. tell process, for have of with will I morning. that We're XXX% Yes. you is asset, quarter. very take The that the don't grateful. transaction transact. as will when very longer I that's degree will past, Well, a is thanks things tell along you of an own are Shah, in this we the and us areas an you'll involve very announcement that process, high tell this or to lease lease coveted talked two our about little will I in this certainly

we happened marketplace. in saw has think the what I

obviously. any So, I impact, don't think that, has

side, mature not mature concepts projects. are process. are very just these very These are that paper. on are On the projects in and These project the

the good at it outcome the think think that for the that's the will good value we're extent pleased I shareholders. what and with with pleased share We're projects. Eversource We're we've of with can a about that I very So, that, what end And I we'll for results. you with be will day, recognize you, those but the Eversource’s seeing. pleased tell been process. of I for Obviously,

Shahriar Pourreza

I'd have that to Thanks. get adversarial, the of process deal regulatory really evolving conversations? and in to like obviously community I maybe some there's love there. settlements prospects the so in and Joe, enters very guess, somewhat investment do around Just you for how State SB-X. lastly, seat innings become those as see other Connecticut attention a with the the session lawmakers the aspects even utilities? to then final And the its guardrails you things you tighten table at have good on of some been Do in perfect. sort thoughts a backdrop the Okay, of

Joe Nolan

when a valid the tell and seat legislative table. you, disappointing, question. I front, Aquarion around you, the I'll very at thank look at but have order, obviously the Yes, mean, you we

very of issues, We one, spoke regularly. him week. utilities? environment. governor, table the him community around equipped incredibly with I host terms in important speak do the number I making but the a it's wants he he to think with that that well one that with In basically us that better here rate who's the of Massachusetts. seat participate. mean, insists have is, pieces talked that do to a We than at do last performance-based we I understand about this of and highlights, well we And and folks he I he shared for in

that happens attractive, sausage. the table communicating. we PBI We some challenging and when well great you but it's every our with them. think it's front, too it this up business, we a a not legislature. of in do. for the record, could and talk seat to it's year. With at with had itself, the speaks the them. place. how legislative just model unfortunately, end We've I day, have I are process the that grew we look for and like - part a track you with in place it regard We very do We're performance, of making that sometimes It's in our This be at have time. - assured relations at the And

name, and attractive, can Pedro, we got then both ability should our the dollars, he and that invest obviously have at the myself where we go. choices you performance-based at we've we invest it's not dollars, spoke places other that if as event to take can by think governor away about piece as is well that last highlighted I rates, around

message And the important to that so, collaborate place point was that kind fact and it's stressing the that at I the we to it's that in that equitable think to get he table, regulators with and that seat a do fair us, of across business. a have they

am past, I to been Shah. good is resolution So, the that get confident, have a all, workable will I and that we for in as

Shahriar Pourreza

Got Perfect. congrats phase then Jeff, it. two. on And

really be on guys. Nolan to Mr. Thanks. unlimited drinks and going drinks You're it, - I. and Appreciate missed,

Joe Nolan

they is might the year. Every IR professional spot in shot at because the a cheering have number this country one

going So, there. what's that's on

Shahriar Pourreza

Congrats, There guys. you go.

Bob Becker

Shah. Thanks,

of at Good Evercore. the Durgesh. comes Our next question Durgesh from morning, line

Operator

they think I question. dropped their

Bob Becker

right. All

Our Paul. of morning, Patterson. next question comes from line Good the Paul

Paul Patterson

Hello. Hi.

Joe Nolan

Hey, Paul.

Bob Becker

Hi, Paul.

Paul Patterson

Okay, good.

You can hear me.

Okay.

So, on just on up congratulations, first a Jeff couple a future, to all, But of of just to follow things. again. follow-up

PBR, draft was I And do I about should order order got you've a You you you as order. that CapEx, well portion and I happened guess, how think think as on, but were that afterwards. rate-making we and regarding how performance-based of sort press I of experience UK just mentioned about, guys the you've got PBR when - How you of it UI, wondering was conference the it with this also, mentioned some guys stayed of think mean, the focusing in things have you, that. that what you one OpEx see that the the this was order? element

John Moreira

Hey, Paul, it’s John.

order picking April to finalize I this of be are really next We'll the that and came was out out. of more of up a in think work still specifics. framework. the on year The first So, details all,

the then utilities country. were ramifications determination. financially the drastic, how operating otherwise to and make if And through to early that of too traditional we've significant difference the have UK it service. something to to it's model and a think the significant change I we the would in - is Clearly, cost So, been from

other things or early for to us I where way one too it's So, will indicate ultimately as think to shake out. the

Paul Patterson

Okay.

being May that tuned, happen you the So, do hearing, then I we'll guess. guess? with as stay to hearing, guys XXth should at And I Aquarion what respect expect think what to about we -

Joe Nolan

very the stands filing we've with filing comfortable currently our where we expectation that and opposition it the based our in make made feel our would We we state in permanent stay is Monday. assessment, very feel be our mean, that I and - on commentary today. a from will on

Our are Monday. briefs due on

it'll So, more a But stay work way to from a the hopefully, temporary permanent its until process that to front. come through. and see - on we appeal move that permanent

Paul Patterson

possibility just then retaining ownership remarks the some should JV, Okay, with of how that great. about in we the of sort potential And think wondering that? to strong or? prepared the wind, on respect Is offshore the for a

Joe Nolan

No, We strong a from It’s a exit this. a see not clean path for it's not. possibility.

is not case. So, - the that's that not definitely

Paul Patterson

once congratulations, Jeff. great. much, And so Thanks Okay, again, guys.

Bob Becker

Paul. Thanks,

Our comes Fleishman the Steve next of question Wolfe Steve. of Good from morning, line Research.

Steve Fleishman

of think one really time of Yes. I I Hey, before all but picked this good happy the may other yes, IR Northeast ones And few at congrats. call the this of Jeff wish morning. remembers that best I I Jeff the people at time. am to Congratulations. be Utilities,

follow just on the sale. So, to the wind up - question on, offshore on I questions couple a guess

wanted you've for so? Do past, the expect for separate be contracts, the case. the quarter, that's different clarify second to and do leases those of about in the times, to announced to them be expect and announced you during the So, each at talked you still if two transactions if and

Joe Nolan

Yes.

short talking two of second the in the space about couple be of Yes, time a two announcements, - in might yes. we're Steve. a of there's quarter, buyers but thanks, - announcements, things. So, quarter, second both between A there period and

Steve Fleishman

locally, any is commit great. you contingencies just to I just any projects that there wanted mentioned, need Okay, stuff contingencies? the great. related if need financial other the ask be clean than to like And Joe, to part on or which exit, to of just just supporting to as there's this, you - them chance any

John Moreira

John. is now. Yes, we're through negotiations the going this right Steve,

little to shake out. ultimately it's will indicate a for premature So, that us where

Steve Fleishman

it so some sounded it you that sorry, this on just - like think Or kind argue expecting at of you - basically the address - basically that to do on could point. Okay. like way. you're you settled Connecticut, the be through the almost And and courts

of clarify kind to that. wanted just So,

Joe Nolan

settlement, if Aquarion work Yes, around very know parties obviously, around track our very, opportunity will there, think we managed any I I mean, we've an record there's with asset, certainly you well. and settlement. The

We making water I the of best-run have We've you as it's know rates. think companies. very low investments significant been that one

there opportunity. So, kind and We think we do But willing have takes we the need you of in tangle that. to as settlement down know, through see to work participants. some we allies an State two the in space, to have it

we'll we're some So, always parties. settlement. is to the of that and type way optimistic settlement think go towards both work an We would we have benefit can probably that outcome

Steve Fleishman

Thank great. for Okay, the you update.

Bob Becker

Thanks, Steve.

at from Jeremy. morning, Our question comes next Jeremy Good Tonet JPMorgan.

Rich Sunderland

topic morning. thinking light Hi, what in to Jeremy. thought Sunderland of there good I of decade? the RFP. seeing It's touch transmission the balance the or evolution new on actually today. for higher-level you just wind Rich of on offshore the time you're side latest on for the a over investment incremental wanted Thank Any opportunities around around

Joe Nolan

there's much had that only in, think that one the the the in we projects involved is us and pivot that land not of both so we I the aspect projects mean, think that the everybody it else but investment around, of make I opportunity Well, because points was were with. involved the

positioned people well those. load to very in are want this centers, get at region We to and

spend going go time to So, them, because to and with they want get us. they're to

what So, tremendous our focus. as our it we offshore that's relates wind investment really regulated opportunity in And a see for business. to

focusing has and been de-risking assets. focus on regulated around the Our

these great grid. clean right not wind Ørsted, with playing into other only and transmission-related England with with ownership see, on now a but that and any other help opportunity, to York partners. do It's new don't build partners New out wind the assets, energy inject So, them have we we Rich, to already wind

Rich Sunderland

for you Thanks the around into customer we're how next this concerns there. it. this around on regional of you backdrop that already winter, highlighted supply you really winter. touched but overall coming into see thinking out the the past curious, now winter, And do Got color then that bills,

Joe Nolan

And about great just that. mean, we've a talking question. been I Yes,

I'm happened folks it - supply me We're in to smaller say know We England situation a what where fall. saw when about place front up. company the center it. in for for take ISO generators. you you last a was New scale radar, concerned show expected had up my show the still folks on in didn't concerned market As late PJM and interested fuel didn't they show I'm And in and similar up. about where on were it's very summer

it I shocker, in they were I about - up significant. mean, was here, they a number think penalties the the PJM. talking were pretty

the don't we going the out. and lights lights And people if day So, come blamed obviously, perform we up on door. although knocking we day, to end out, at our they're are are every to it's risk our minimize could supply because fault, what - go we can our because the of help significant the customers, to not focused line our go do but for on you customers, the get

this facilitate what getting, the it's in our day of area, also them, goal. are that, know are is, what getting devastating engineering grid region, to want drive do down area, supply type So, to We going during they're the of that. our region so energy which which we our our very transmission in that we to the in is area, price clearing and customers been do to conditions. not shock that has in the can energy solutions the price lower as our doing every to what to focused challenging enable But we operate it's to going in fully in to

Rich Sunderland

the all Very clear. you time and for to it. today Thank the Jeff, and Got congrats, you. best. Thank

Bob Becker

Richard. Thanks,

Good Paul Our morning, Zimbardo Paul. at next BofA. question comes from

Paul Zimbardo

Jeff, know been the formal hear news, it's I you. many Thank times, sad morning. said good to Hi, big but and congrats.

entire IRSs so few the retirement. of to well-deserved one have career, with my You're worked

Jeff Kotkin

you, Thank Paul.

Paul Zimbardo

the the quarter there's And of I Because know mark-to-market that Was And the second that energy you take the the full a to investment? dive quarter. second, know into that modernization clean care. that for had I actual investment. typically in

So, confirm that full position the you sold to there. just want

Joe Nolan

Yes, did. we Paul,

Paul Zimbardo

revised case any to the thanks then any And Yankee great. rate on I have gas want all Connecticut. you expectations context future? the Okay, on check, in for timing for do

John Moreira

this No, we point not. do at

that assess We of request. the continue rate to timing

Paul Zimbardo

it. Okay, Thank Appreciate all. great. you

Bob Becker

Paul. Thanks,

Our next morning, question comes Good from Ryan Levine Ryan. Citi. at

Ryan Levine

Hoping offshore wind Good process. up morning. follow on to the

the do to move other any received would company? the for around extent any of announcing cash procedures or closing sense this or forward with you needed that timing So, quarter, be two what transactions regulatory

John Moreira

Ryan. Sure,

So, uncommitted two right? the for contracted different as pieces, the area, So, for projects. is it's it’s for it the different lease

obtain subsidiary venture Speaking are the joint need FERC Other one that, would contracted regulatory probably CPH’s - depending more approval, weeks, a and we approval. one again, that that for a traditional projects, probably of company, there, once - holds I we that's that's it's very timeframe And those the who buyer the the that's require it's longer so think is, that But on considered than public ultimate On to has not three-month now approval. or Hart-Scott-Rodino. that's - because just could our project, a process. utility bit months. we

Joe Nolan

assets. And took we a keep deepwater acquired in in is when that place process the mind there - that this place is

So, it's uncharted not waters.

Ryan Levine

color. the Appreciate

Are to seems market you your timeline, know a parent XXX year-to-date. debt at of given how plan. the this convert I financing you're open utilities given that some considering environment? about in to So, be that lot curious basis thinking points you issued

John Moreira

the little right and - of now, currently for right to that make for And doesn't converts, us not question. do some our we're the and of announcements a just made. have good trading given sense not - kind certainty the bit Very - we the we now until it's more where is valuations at get timing right us kind looking feel

as us. in see the just holding could be being the right that debt given in for we don't company we So, the option another timing, market for term offering. near But the

Ryan Levine

maturity. your update I what X May mean, happened deck there? Was side in mentioned you Okay. a any there on

John Moreira

Yes.

one, that million that So, in kind took that. of offering of $XXX care the did March, we

Ryan Levine

the you. Okay. appreciate color. Thank I

Bob Becker

Thanks, Ryan.

Our Miller Travis. Good Travis next from Morningstar. question comes morning, at

Travis Miller

to Jeff. Again, a public congratulations

the there, shift - owe If mentioned drinks, million. the times Chicago, winter the but Offshore ever yourself that, mistakenly of does to just $XXX allow find you in know. all that over you timing help here. the try that again, let you year? wind invest the to in deal, you planned et places shift about more plan. of of avoid how you that me thinking through affects close cash to Thinking terms in or thinking other about for of million I'm capacity previously save payment had payment years, timing I the the the you $XXX the finance, the this the cetera, any

John Moreira

No, in as tail I million year, that, the comments. this towards more mentioned end well, was my of $XXX

obviously, just be would the out. cost this further buyer. avoid Obviously, then So, that pushed adjusted by we pricing And commitments year. gets accordingly the construction

Travis Miller

over Pass of project, Okay. made been on And but I other Northern know of? have that up this any way out your then another say Canada. between, differences from or there's Any you thoughts that the isn't proposal decades proposals transmission line your the know

John Moreira

It’s be customers. Well, for there. good We're I coming from will said, the always mean, you or all clean we've grid, that megawatts the the that's off-taker. anytime that X,XXX inject as we’re into taking energy into ISO down And power.

So, for you the resources tell I marketplace customers. players at We'll us. involved of lot But injection for a any It's our a day same a leave that. good that that it’s day will that is opposition. it clean our good type of in into are of

Travis Miller

Sure.

That's Okay, I very so Thanks good. all much. had.

Bob Becker

want was you all question you joining reach for That morning. to Relations. any have out to Investor thank us, Thank we please last this Travis. and questions, We Thanks, follow-up you. the if have

Operator

you call. concludes conference That the Thank your participation. for

lines. your disconnect now may You

Eversource Energy (ES) 4 May 232023 Q1 Earnings call transcript