Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| I mean that was -- we like the ATM program for the reasons I've just stated, it gives us tremendous opportunity and we can take advantage of the market |
| We are pleased to be in the final stage of this long journey and we feel confident that we are turning over the range of the wind business to capable and committed parties |
| We have a very exciting future here at Eversource, focused on what we do best |
| At the same time, our core business is well positioned to deliver solid operational and financial results, as we move forward in supporting the region's transition to a cleaner energy environment |
| Improved results were driven by continued investments in our transmission system and lower income tax expense |
| We have been delivering power since November, to folks in Long Island which we're very, very proud of |
| We're excited about the role Eversource will continue to play, to enable a Clean Energy future that's affordable and equitable for all customers |
| Moving to operations; I am extremely proud of our team once again for delivering reliable electric, natural gas and water service to our 4.4 million customers |
| And that's been factored into our financing plan, the timing of when that would reach COD and so we're -- we feel good |
| This amazing team that delivers every day is on the brink of a critical energy transformation, that will benefit our customers, our communities and our environment |
| Although the Water business is earnings accretive to Eversource, we see the potential seal of our water business, as an opportunity to reduce equity needs and improve our regulatory diversity |
| With its current $1.3 billion rate base and a national reputation for operational excellence, the water business has a strong potential to be of substantial value to another owner, as part of a larger Water business, our strategic infrastructure platform |
| So it's still cash coming in the door which is very appealing and supportive of our credit metrics |
| So I feel very, very good about it |
| I would start off by saying that Aquarion, we view Aquarion as a very valuable and attractive asset portfolio, company is well managed, well recognized as a water distribution company and its leadership |
| Starting with the financials; we delivered another strong year with reoccurring earnings of $4.34 per share in 2023, representing growth of nearly 6% over 2022 |
| This led us to seek out a path to refocus our investment portfolio on our utility business, with its strong opportunities for growth |
| So we feel very, very optimistic, we are able not only to replace the earnings but also mitigate any of the dilution |
| Our water business is a valuable, well-performing and well-managed company |
| As I previously said, I'm very excited as I look ahead to the future of Eversource |
| I am very proud of the skill and commitment of the entire team in the way that our employees are aligned in our shared vision of providing the highest level of safety, innovation, service quality and financial discipline for the benefit of our customers |
| Positive drivers this year include transmission investments for system resiliency and increased electric demand, distribution base rate increases in Massachusetts and New Hampshire, continued focus on controlling O&M expense and a lower effective tax rate |
| On natural gas safety, once again, the team delivered another strong year, replacing 145 miles of natural gas pipeline and delivering on-time emergency response times of 98% within 45 minutes |
| It's been going very, very well |
| In 2023, Eversource again outperformed its target injury rate |
| This project will increase capacity to enable electrification and improve the reliability of electric service for customers |
| When we started down this path in 2016, we were very excited for the opportunity to bring much needed renewable energy to our region |
| So we have a long-standing record of continuing to grow our dividend in line with our earnings |
| I'm pleased to report that due to our continued leadership on ESG, last week, Eversource was named one of America's Most JUST Companies, as announced by JUST Capital and CNBC, for the fifth consecutive year |
| State mandates for our offshore wind procurement provided a strong impetus for our engagement, along with the recognition that offshore wind is one of the few renewable resources that can be produced in quantity to reduce reliance on natural gas and dampen the volatility of our region's electric prices |
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| The results reflect the impact of a very disappointing decision in Connecticut, from PURA for the Aquarion water rate case which is under appeal |
| We are very disappointed by the financial impact recognized on these early-stage Offshore Wind projects |
| These challenges, coupled with the lack of pricing flexibility, inherent in contracts approved by state regulators, result in a projected investment returns substantially below our required thresholds |
| We've seen other utilities slow the dividend growth to be less than EPS growth |
| As you can see on this slide, the impairment charge was driven by a lower-than-expected sales value of approximately $400 million for the 3 projects, after completing our strategic review in the second quarter of last year |
| Until we can reduce the region's reliance on gas, by electric generation price volatility will continue to cause difficulties for our customers |
| As a result of adverse developments in the fourth quarter, including the further reduction in the expected sales prices driven by higher project costs and the October 2023 denial of the OREC pricing petition for Sunrise Wind, we realized an additional impairment charge in the fourth quarter of approximately $1.77 billion |
| The lack of American vessels is certainly going to be a challenge for anyone in this business |
| Unfortunately, our offshore wind investment experienced difficulties as early-stage projects |
| But obviously, there's some concerns that you guys have about it that you voiced in your filings |
| Lower results were driven by higher depreciation, O&M expense and interest expense |
| In large part due to the OREC repricing denial which led to a lower assumed revenues and ultimately, an evaluation of the potential abandonment cost of Sunrise, if it is unsuccessful in the New York RFP for solicitation |
| We talked about the fact that it's very challenging and you don't own the entire asset |
| In the fourth quarter, results were a loss of $3.68 per share, compared with GAAP earnings of $0.92 per share in the fourth quarter of 2022 |
| We are not alone, as several other offshore wind developers have also experienced similar challenges |
| These difficulties were largely a result of the pandemic, supply chain disruptions, rising interest rates and uncertainty around available resources for installation vessels and fabrication of turbine foundations |
| The high supply prices in the Northeast are not good for anyone, particularly our customers |
| And then secondly, you have this port challenge for Aquarion's rate case |
| Our GAAP results for the year were a loss of $1.26 per share, compared with GAAP earnings of $4.05 per share in 2022 |
| Number one, quite honestly, we were a bit disappointed that docket or those dockets, there is actually 3 of them got delayed or pushed out a bit |
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