Tom. you, on X. Slide morning, Thank I'll Good begin everyone.
As months today, XXXX. we results ended September the announced Tom the for breakeven for -- XX, first X mentioned,
For compared the XXXX. first year, was period months of increase the in $X.XX X the net or $X.XX an income share share, corresponding per million per $XX.X of to
operating higher and expenses. adjusted margin by Earnings Electric growth partially reflects offset higher Gas
ongoing of adjusted exclude share We do was mentioned, effect $X.XX reported per amounts, performance. Adjusted earnings $X income and expense, EPS transaction operation the maintenance quarter reflect share certain and Tom the first per third year. share and Bangor have the X also in the of costs as recognized net in months per which and operating not for
Turning to Gas gross million margin and months adjusted XXXX. was X Slide same higher ended the The period to increase and Electric adjusted rates of in will $XX.X margins. distribution our I adjusted gross begin I'll XX, discuss Electric compared increase operations. of the XXXX, as X. reflects for with million customer an September growth. gross electric Electric our $X.X margin
decoupled, prior sales. the XXXX the electric customers Distribution approximately and are which dependency company electricity on substantially Electric eliminates noted volume revenue same in period to distribution calls, new the of X,XXX of added as revenues during compared The
X in customer Moving million $X.X an adjusted gross period reflects rates margin increase September gas the increase to The the in months added company's distribution adjusted the compared estimate Approximately per same Gas The Gas of the the new of customers margin the are higher through months gas approximately and we in X rates million year, share. period ended customers approximately and gross XX% XXXX, decoupling XXXX. margin the same company XXXX. XX, Operations. to was gas XXX $XXX.X by of compared Gas supported under for decoupled to $X.XX first growth.
Moving X. to XXXX earnings We comparing bridge to provide Slide year-to-date results XXXX. an
months of Natural adjusted primarily reflecting the $XX.X As the labor customer increase margin operating driven distribution I growth. million reflecting and maintenance of increased acquisition.
This expenses by mentioned, $X.X and and approved and rates X the costs just of X.X% the as the Maine storm approximately costs expenses Bangor increased approximately Massachusetts and levels costs costs. of higher operation Depreciation well service, recent for over utility X% maintenance costs plant transaction depreciation and other increased million, by and with Gas amortization higher associated gross in period. below utility rate million, higher orders inflation rates is of and higher increase amortization $X.X higher year as in deferred higher Operation first in same and
taxes by income higher higher million $X.X higher borrowings $X.X benefit expense and lastly, largely increased property reflecting higher partially utility income higher debt, interest than higher $X.X on increased assets. interest local to regulatory taxes. Taxes pretax Other well as taxes increased by offset and costs. levels higher service taxes reflecting expense short-term earnings. long-term higher retirement increased due $X as Interest And reflecting plant million on income million, payroll expense other on of million
X. to Slide Turning
beginning rates September As approximately settlement plan requesting annual pipeline November uncontested million million, multiyear Transmission, approval rates XX% an XXXX. XXXX, in capital next by recently X Granite Tom next increase gas X, revenue filed the Gas $X Section previously revenues. to November represents which to years, settlement The of $XX limited X eligible FERC of interstate an filings X recover with the we totaling for rate increase an XXXX. includes effective years our noted, step increase approximately current for Granite's over XX, agreement State for each settlement X The costs.
This will includes
reasonable the Transmission next with which We with Gas settlement, Granite the State few this of are a for to should return outcome years. the opportunity pleased earn provide
XX. Slide to Moving
the from and of currently and the As of July, company early Maine expect this regulatory before we Natural scheduled Utilities XXXX. proceeding we the discussed Bangor approval to transaction Public are by the should quarter through close end currently Gas for February last Utilities working are acquire we quarter, first the agreed Deliberations in Commission. Hope
we Maine. a to is Natural historical jurisdiction deliver Bangor gas affordable gas allow customer climate current low combination of in has complement penetration operations the rates, natural continue our to cold strong and Natural natural experienced and to Gas Bangor Bangor its growth, to Gas customers. great will regulatory believe constructive distribution
provide additional our this on next updates regarding transaction call. will We earnings
Slide Turning to XX.
Our million. strong, XXXX $XXX projected capital totals investment outlook through approximately our remains spending and
energy transition. additional there we for discussed, our supporting capital sector the in electric remains clean previously projects to modernization as As invest plan upside
the Kingston rate been outpacing progress I'd XXXX, In mention at August, base our X.X% great commenced. like long-run to completed X.X% Since guidance growth growth work facility made has of our was that facility. of construction been and the our Solar X.X%. to midpoint has site
the of service during quarter that expect project will XXXX. placed the second We be in
quarter fourth upon Consistent we with to look call. an customers. similar to to investment We regulatory plan and during completion for continue the update prior will benefits recovery providing seek earnings provide that years, opportunities anticipate our
Moving to Slide XX.
is Our our sheet of compares strong, equity. flow we our operating majority Maintaining anticipate sheet balance a and strong our dividends plan balance key our flows and believe to that generation additional and will financing fund the obtained with low-risk less of to strategy, financing cash our mix and we is cash favorably ratings investment credit investment-grade from peers. debt
we transactions balance recapitalized our $XXX long-term and at rates back of Tom. rate the turn Corporation August, million interest utility to all on of short-term Unitil over debt debt reduced successfully These In across and our volatility.
I'll closed now call competitive subsidiaries.
