Thank you for joining today's call. I would like to welcome you all to the Avangrid third quarter 2022 earnings conference call. My name is Brica, and I'll be your event specialist operating today's call. After the speaker's remarks, you have the opportunity to ask a question. To do so, please press star followed by the number one on your telephone keypad. If you change your mind at any time, please press star two. For operator assistance at any point, please press star zero. I would now like to hand the call over to our host, Alvaro Ortega, Vice President of Finance, Investor Relations, and Treasury, to begin. Alvaro, please go ahead when you're ready. Thank you, Brica, and good morning to everyone. Thank you for joining us today to discuss Avangrid third quarter 2022 earnings results. Presenting on the call today are Pedro Azagra, our Chief Executive Officer, and Patricia Cosgel, our Chief Financial Officer. Also joining us today for the question-and-answer part of the call will be Catherine Stempien, President and Chief Executive Officer of Avangrid Networks, and José Antonio Miranda, Chief Executive Officer and President of Avangrid Renewables. Other members of the executive team are also joining us today and may be called upon to assist with the Q&A part of the call. If you do not have a copy of our press release or presentation for today's call, they are available on our website at avangrid.com. During today's call, we will make various forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Based on current expectations and assumptions, which are subject to risk and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in Avangrid's earnings news release, in the comments made during this conference call, in the Risk Factors section of the company presentation, or in our latest reports on filings with the Securities and Exchange Commission, each of which can be found on our website, avangrid.com. We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of non-GAAP financial measures to the closest GAAP financial measures. I will now turn the call over to Pedro. Thank you, Alvaro, and good morning, everyone. Before I get started, I'd like to thank the many of you who were able to join us at our Investor Day last month in New York City. We were pleased to share our strategic plan for 2022-2025, defining a clear focus on regulated growth, consistent execution, and value creation, and we look forward to updating you on our progress as we deliver on that strategy. With that said, we appreciate you being here with us today for our nine months results presentation. Let's turn to slide number five. We continue to make progress on our commitment to execution and operational excellence. In the first nine months, we have delivered double-digit growth in both our businesses and at the consolidated level. Our EPS has grown 22% year-over-year to $1.90 per share. Adjusted EPS has grown 11% year-over-year to $1.94 per share. In networks, each of our planned rate cases have now been filed. Last week, we filed our Response to Staff testimony in New York and have proposed to enter settlement negotiations starting next week. In addition, we expect a ruling on our settlement for our Berkshire Gas Company rate case in Massachusetts shortly. Regarding our New England Clean Energy Connect project, we were pleased to receive at the end of August a favorable decision clarifying vested rights jurisprudence from the Maine Law Court on our legal challenges to the Maine referendum that resulted in the halting of the construction of the transmission project. The matter was remanded to the Trial Court for the vested rights determination. The Trial Court recently denied reconsideration of its prior order, denying our request for a preliminary injunction that would allow construction to resume as the legal proceeding continues. We remain confident that the full process will find the referendum designed to block this project's construction is unconstitutional. The NECEC project will benefit Maine and all New England by reducing the region's dependence on fossil fuels and providing much-needed energy price stability, keeping fossil fuel generators from giving themselves an 80% or higher raise on the backs of Maine and New England families, while moving our region closer to a renewable energy future. In renewables, our 184-MW Lund Hill Solar project reached COD this month, raising the total capacity we brought into operations over the last 12 months to 475 MW. We are constructing approximately 600 MW of additional new capacity. We also continue to focus on mitigating risk and prudently addressing supply chain challenges. In addition to the panels we've previously secured for projects with COD in 2022 and 2023, we have now also secured all required panels for 2024. In our offshore business, construction on Vineyard Wind 1 is on track and is steadily progressing. We are proud to announce that the manufacturing of all major components for this landmark project is underway. In addition, we're taking strategic steps to advance opportunities for long-term growth beyond our strategic plan through 2025. This month, we executed a Heads of Agreement with Sempra Infrastructure to support the potential joint development of larger scale green hydrogen and ammonia projects in the U.S., with an initial focus on the Gulf Coast and the West Coast. Given this positive trajectory and our operational achievements, we are confident in our ability to deliver results for the full year within our expectations. We are now reaffirming our outlook for net income and adjusted net income of $850 million-$920 million or $2.20-$2.38 per share. This adjusted net income range would imply year-over-year growth versus 2021, ranging between 9% and 11%. We are focused on setting reasonable and achievable goals, and most importantly, on following through, continuing to build a trend where we consistently meet the mark. Taking a closer look at our nine-month results on slide six, we are demonstrating a very solid earnings trajectory and further reinforcing of our trend of continued growth over the last two years. Since 2020, our nine-month net income and adjusted net income have each increased by over 70%. The net income and adjusted net income we were reporting today for the last nine months have already surpassed the levels we were able to deliver for the full fiscal year 2020. These results have driven approximately 40% growth since 2020 in our earnings per share and adjusted earnings per share. Even with the impact of last year's equity issuance, our nine-month adjusted EPS has grown since 2020 at a strong compound annual growth rate of approximately 18%. Moving on to our businesses. On the network side, we are focused on execution and investments. We have filed rate cases in all jurisdictions this year, each seeking multi-year plans with new rates effective in 2023. As mentioned at our Investor Day, these rate cases, combined with our FERC formula rates, will provide regulatory agreements for approximately 90% of our rate base. Our requests aim to balance the investments needed to improve the system and deliver on a state climate policy with customer affordability. We have requested approval of approximately $10 billion in capital investments over the next three years, focusing on clean energy transformation, reliability and resiliency, and improving the quality of service to our customers, which will also create jobs in our local communities. The investments needed to modernize the system and meet state policy goals are substantial, and the proposals we have put forward represent a balanced path to address those needs. As we work with regulators on these proceedings, we have taken a conservative approach to our long-term outlook, maintaining capital spending on average at historical, but ultimately insufficient levels to meet the full needs of the system into the future. As filed, the resulting bill impact will be around 13% in New York, with rates for our company remaining among the lowest in the state, and between 4% and 5% for CMP, UI, and Berkshire Gas, an increase that is lower than the current level of inflation. At CMP, our rates will remain among the lowest for investor-owned utilities in New England. Turning now to the process. In New York, we have filed our response to a staff testimony, which supported an average rate increase across all four businesses of 20% versus 25% filed. Evidentiary hearings are scheduled to begin early next month. However, we have filed for a stay of those proceedings in order to enter into voluntary settlement negotiations shortly with all parties. In Maine, technical conferences on initial testimony are scheduled for November. In Connecticut, the intervener testimony is expected to be filed in December. In Massachusetts, our pre-filing settlement with the attorney general is currently being considered by regulators, and an order is expected shortly. If approved, our new rates would take effect in January. Turning now to our offshore business on slide eight. As you know, Vineyard Wind 1 is the first utility-scale offshore wind farm in the U.S. and a key project, both for our company and for the country, which will generate clean, affordable energy for over 400,000 homes and businesses while reducing carbon emissions by over 1.6 million tons per year. The project is progressing well and remains on track with the construction plan. As we have discussed previously, the supply chain for Vineyard Wind 1 is fully contracted and all labor costs are either fixed or capped, which protects the project from current macro pressures. We have now issued all notices to proceed, and the manufacturing for all major components is now underway. In particular, we are happy to report that the offshore export cable installation will start this week. Steel erection for the onshore substation is 95% complete, and installation of equipment is ongoing. We are very encouraged by the excellent progress made here, and we get ever closer to delivering this milestone project in 2024. In Park City Wind and Commonwealth Wind, our focus is on improving the project economics and renegotiating our PPAs because of the difficult environment. As you know, we bid these projects in 2019 and 2021 respectively. Since then, the market experienced meaningful unanticipated changes due to high inflation, supply chain constraints, and higher capital and borrowing costs, making it necessary for us to pursue changes to the PPA terms, which we believe are modest and achievable. To facilitate this process, we have filed a motion with regulators in Massachusetts to suspend regulatory review of our Commonwealth Wind PPAs for one month. As New England's largest offshore wind supplier, Avangrid is committed to developing this new American industry and bringing with it the wide range of benefits to our communities. Based on our report by PwC, we estimate that our investment in our three New England projects will generate tens of thousands of jobs during the construction phase, most of which will be in Massachusetts and Connecticut, where we will be also generating over 1,500 long-term sustained jobs during the operational life of the projects. As we deliver these benefits, our offshore activities will benefit from Iberdrola's development experience and proven track record of execution. Moving to slide nine. In onshore, over the last 12 months, we have achieved commercial operation of approximately 475 MW, including 281 MW of wind and 194 MW of solar. We have roughly an additional 600 MW under construction, including 106 MW of new onshore wind and 480 MW of new solar. In line with our focus on mitigating risk and ensuring we can deliver on our existing commitments, we have worked with our suppliers to secure the required panels for all solar projects with planned COD in 2023 and 2024. In addition, we continue to work with our customers to renegotiate certain terms and conditions of our PPAs to address inflation pressures, accommodate the schedule impacts, and maximize project value. The Inflation Reduction Act will be a driving force for America's clean energy industry, not just in the next one or two years, but over the next decade. We expect the IRA will create a strong long-term tailwinds for additional investments in wind, solar, and other renewables. Subject to Treasury guidance, we are moving forward on plans to capture the opportunities the IRA brings. We are evaluating the best fit within our fleet to execute repower projects as we have done in the past, and we will maximize the value proposal of new growth on a project-by-project basis by maximizing the contribution of tax credits in their different forms, as well their monetization schemes. As we deliver near-term and future projects, we will also continue to benefit from the experience and scale of Iberdrola Group, especially when it comes to purchasing power and new technologies like green hydrogen. Turning now to slide number 10. Our top strategic priority is execution. As you can see from the list, our team is taking action. Throughout the year, we have delivered a number of successes across the organization and in both our businesses. Above all, at Avangrid level, we are working to deliver on our 2022 earnings outlook. Given our strong trajectory through these first nine months, we are on track to do so. To date, we have delivered $2.1 billion in investments, an 11% year-over-year increase as compared to 2021. Last month, we presented our new strategic plan, which will provide a deeper focus on a steady regulated growth and healthy but achievable results, while also identifying a robust set of opportunities to deliver incremental value over and above our assumptions. We also remain committed to creating sustainable value through our focus on ESG. As part of the nearly $800 million of debt, which close on this year, $275 million were new green bonds. Reinforcing our commitment to climate action, we are now targeting to reach carbon neutrality in a scope one and a scope two emissions by 2030, putting us ahead of most other major U.S. utilities. In addition, we are advancing innovative new technologies such as green hydrogen that will support long-term decarbonization. Our efforts continue to be recognized by third parties, including Ethisphere, which named Avangrid one of the world's most ethical companies for the fourth year in a row. In networks, our team have worked hard to put forward thoughtful proposals for our rate case filings in each of our states, balancing investment needs with customer affordability. We've taken significant steps forward in Maine with our improved customer service performance at CMP, leading to the removal of the 100 basis points ROE adjustment, and we received a favorable ruling on NECEC from the Maine Supreme Court. We have also achieved a number of positive regulatory outcomes, including an order in New York providing state funds to help pay down the unpaid balances of our most vulnerable customers impacted financially by the COVID pandemic. We also received approval for additional storm amortization in Maine to recover our full 2021 deferred storm balance, and our utilities have been recognized by EEI for their outstanding performance, helping Louisiana recover after Hurricane Ida. In recent weeks, our crews traveled north to help restore power to Nova Scotia after Hurricane Fiona. Lastly, for networks, we are accelerating our digital transformation and enhancing the customer experience. We have increased our e-bill enrollments by 22% year-over-year, reaching a 40% adoption rate among our customers and have increased downloads of our mobile app by 76% year-over-year. In renewables, we completed the restructuring of our offshore wind joint venture partnership, which allowed us to take full ownership of our largest new income projects. We reached COD on roughly 400 MW of new onshore capacity. We're taking action to mitigate macro pressure on the business by securing panel supply for our projects through 2024 and through the renegotiation of the PPAs. We continue to make steady progress in the construction of our Vineyard Wind 1 project, and this week we will start the installation of the offshore export cable. Furthermore, the passage of the IRA represents the largest federal investment in clean energy and climate in the U.S. history, providing long-term certainty on a range of incentives and locking transferability as an alternative to tax equity and overall, creating a strong growth signal for the industry. As we await additional guidance from the federal government, our renewables team is focused on reviewing the impacts of the full package, ensuring we can swiftly respond and capture all benefits that align with our businesses. Finally, we committed tax equity for approximately 600 MW of onshore projects. As mentioned, we continue to optimize our portfolio and development pipeline to maximize expected returns and reduce risk, including, you know, safe assets potentially. With these achievements and a solid operational and earnings trajectory in hand, I'm confident that we are on firm footing to deliver future growth. To discuss that growth further on slide 11, I'd like to bring you back to the investments we expect to make through 2025. Using a broader view that reflects our full contribution to U.S. growth and clean energy development. On the left are our planned investments without the PNM Resources merger. The chart on the right shows our total investments with PNM Resources, including the full enterprise value of the transaction and estimated CapEx from 2023 - 2025. In both cases, we have included 100% of the CapEx for Vineyard Wind 1, where we have the opportunity to consolidate the projects after COD, pending a final business decision. After including the full CapEx for Vineyard Wind 1, even without PNM Resources, regulated networks account for roughly 60% of investments or $6.3 billion. If we exclude the non-controlling interest in Vineyard Wind 1 without PNM Resources, regulated networks will account for over 70%. PNM Resources adds another $10.9 billion, composed of our equity investment, projected CapEx, and debt, increasing net share of our total investments to 80% or 88% if we exclude the non-controlling interest in Vineyard Wind 1. Altogether, including PNM Resources, our investment totals over $21 billion in regulated networks and contracted renewable assets. Across our existing utility footprint, we are holding CapEx steady at a level consistent with the prior three-year period, allowing us to grow at an even pace, balancing investments to improve reliability and resiliency with customer affordability. As a reminder, our projections do not fully consider the proposed investment, investments in our rate cases, including investments to meet the state policy goals. As mentioned previously, we are focused on taking a disciplined approach that prioritizes the strategic and profitable growth of both our networks and renewables businesses, and positions us to deliver healthy financial results, even through a presently challenging economic environment. Turning now to slide 12. Over the last several months, we have engaged with many of you and have heard your feedback. I'd like to spend a few minutes here providing some additional color and explaining how our team and our new strategic plan are addressing those topics. First, as I continue to say, our number one objective is execution. Over the last two years, we have established a solid trajectory of sustainable and reliable earnings growth, and we are on track to deliver our 2022 guidance. Our investment plan through 2025 centers around our regulated network businesses, and will promote secure and stable growth over the coming years. Including the full enterprise value of PNM Resources and 100% of Vineyard Wind 1 CapEx, we're investing $21.5 billion to expand our footprint in both networks and renewables or approximately $11 billion without PNM's enterprise value and organic CapEx. Another of my top priorities is engagement and building constructive regulatory relationship with regulators and other key stakeholders. We've made important progress over the years. We have been focused on making sustained improvements in customer service in Maine. As a result, we have successfully removed the 100 basis points ROE adjustment on CMP. As you know, we filed multi-year rate plans in each of our states, keeping the bill impact well below the current rate of inflation in Connecticut, Maine, and Massachusetts. We designed our proposals to include mechanisms to reduce risk exposure, such as forward-looking test years, revenue decoupling, and trackers. A challenging macro environment and rising commodity costs puts pressure on our customers. By driving an increased focus on operational excellence, securing government assistance funds, proposing balanced rate plans, and developing low-income rates, our utilities are working hard to help support our customers. Our work has a real positive impact. When we ask for a rate increase, it's to invest in our space through additional capital projects that create economic benefits, such as local jobs and additional tax base. Whereas the much larger increases requested by fossil fuel generators are pure margin. We're also executing on our key projects, with Vineyard Wind 1 progressing on time and on budget. We delivered both the multi-billion dollar financing for this project and finalized the term sheet for the tax equity. We are encouraged by the Maine Law Court's recent ruling on NECEC, and while the lower court decided not to grant a preliminary injunction, we believe we have a strong standing and remain confident the full legal process will find that the referendums that are actually blocking the NECEC is unconstitutional. We are 100% committed to profitable growth with a disciplined approach focused on value creation. Thanks to our early investments in offshore wind, we have built a large project pipeline at a lower cost than competitors entering the space today. We have 2.4 GW of owned and contracted capacity, including the first commercial large-scale project under construction. This is part of a larger diversified 20 GW pipeline, combining onshore wind, solar, and offshore wind, which provide us incremental growth and value creation opportunities through asset rotation or partnerships. Lastly, as peers strive to create cleaner generation profiles and set stronger climate commitments, we're already there and look very attractive from that perspective. Clean, renewable resources account for over 90% of our portfolio, which is at least twice as much as the other two leading renewable operators in the U.S. Unlike those companies, we have no coal in our generation mix. We were the first utility to set up a carbon-neutral goal, and we've continued to raise the bar, now targeting neutrality in Scope 1 and Scope 2 emissions by 2030. If we continue to concentrate on each of these areas and drive a relentless focus on execution, I know we can deliver success. Now, I will hand it over to Patricia to provide more detail on our financial results. Thank you, Pedro. Good morning, everyone. Turning first to our earnings performance. In the third quarter of 2022, we generated net income of $105 million, and our adjusted net income was $122 million. While the quarter-over-quarter comparison benefited from the New York and Maine rate plans and positive results in thermal and asset management in renewables, there was an overall modest decline, primarily due to the absence of AFUDC from the NECEC transmission project in 2021, higher depreciation on collectibles, and business costs in networks that principally reflect the implementation of the rate plans in New York. In renewables, production and pricing was flat quarter-over-quarter, with favorable pricing offsetting lower volumes due to curtailments and congestion. Quarterly results were also impacted by lower taxes in renewables that are offset by higher taxes in networks. During the first nine months of 2022, our net income was $734 million, and our adjusted net income was $749 million, increases of 35% and 23% respectively from the same period in 2021. The first nine months of 2022 compared to the first nine months of 2021 benefited from the implementation of the rate plan, primarily for the New York companies, which increased adjusted net income by $58 million. That number includes the positive impact from the removal of the 100 basis point ROE adjustment in Central Maine Power, effective earlier this year, resulting from our improved customer service metrics. Regulatory outcomes, including the New York arrears order earlier this year, had a net positive impact year-over-year. Results for the nine-month comparison also benefited from the $181 million gained from the restructuring of the Offshore Wind Partnership Agreement that gave us control of 100% of the Park City Wind and Commonwealth Wind projects. From a $38 million increase in results in Renewables pricing and production and from lower taxes. Those increases were moderated by the absence in 2022 of $83 million from our strong performance in the 2021 Texas weather event and $17 million of AFUDC in 2021, primarily for the NECEC project, as well as by depreciation and, as noted, higher business costs, which in Networks are related to the rate plan implementation and in Renewables are related to growth. Moving to the next slide. We are reaffirming our 2022 outlook for net income and adjusted net income of $850 million-$920 million and EPS and adjusted EPS of $2.20-$2.38 per share. Our focus remains on achieving these targets as we execute our investment plans with discipline and a risk management focus, continuously driving operational excellence. Our expectations reflect our performance to date, including the implementation of our network rate plans and offshore wind restructuring, higher capitalized labor and thermal and asset management results, and lower taxes, which have been moderated by negative regulatory adjustments and uncollectibles, labor expense, and the impacts of renewables, congestion and COD delays. We also show expectations of opportunities and risks for the remainder of the year versus our outlook expectations, which include wind production and pricing, thermal and asset management results, taxes, regulatory adjustments, including negative revenue adjustments that could be related to achievement of annual reliability and service metrics, as well as labor business costs and uncollectibles. Moving to the next slide. In this challenging and changing economic environment, we are focused on our balance sheet, access to liquidity, and credit ratings. Access to capital at attractive rates is important. Last year, we secured a $2.3 billion construction and term loan facility from the large group of banks that is funding the construction of our Vineyard Wind 1 project, which we attached at competitive rates a year ago. We recently executed a term sheet for $1.4 billion of tax equity for that project. Vineyard Wind 1 is the first large-scale offshore wind farm in the U.S. to deliver this important achievement, which will allow us to monetize the tax benefits from this landmark project. Year to date, we also closed on tax equity funding for 606 MW of solar and onshore wind projects. As a reminder, several of our regulated subsidiaries priced $575 million of debt in the second quarter, locking in competitive rates for this funding in December. Two of these bonds at our Central Maine Power company were green bonds. As you know, we issued $4 billion of equity in May 2021 for the PNM Resources merger, which we have been using to fund the capital investments in networks and renewables, and which has helped defray our external debt needs as we grow these businesses. Strong liquidity is a key priority. At the end of the third quarter, we had approximately $60 million of cash, which along with ongoing cash from operations, debt at the utility level, tax equity financing at renewables, our $2 billion commercial paper program backed by a $3.575 billion credit facility, our $500 million intercompany line of credit with Iberdrola, and the $575 million of debt proceeds we will receive in December, we will use to fund investments and dividends. Iberdrola has also provided us with a $4.3 billion-dollar commitment letter that backstops our PNM Resources merger closing. These sources provide us with $8.7 billion of liquidity covering 21 months. We also have the unique benefit of being a member of the Iberdrola group, which has a strong liquidity of approximately EUR 25 billion covering 27 months. Finally, our dividend policy remains the same. We are targeting a payout of 65%-75% that we will grow into as our earnings increase over time, subject to board approval. Our board recently declared a quarterly dividend of $0.44 a share payable January 3rd, 2023. In summary, our year-to-date results remain on track, and we're focused on execution. As we outlined in our recent Investor Day, we have a disciplined focus on our investments, risk management, financing plans, liquidity management, and maintaining our credit rating. Thank you for joining us today for our financial update. I'll now hand the call back over to our operator for questions, followed by closing remarks from Pedro. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. We have the first question from the phone lines from Rich Sunderland with JPMorgan Chase. Hi, good morning. Thank you for the time today. Maybe starting on offshore. You've been very clear on the challenging backdrop for offshore now versus when striking the Park City Wind and Commonwealth Wind contracts. Thinking about the restructuring gain earlier this year versus the current PPA challenges on those two projects, do you need to be successful in the renegotiations to realize this value? I'm also curious what the range of options are for moving forward and the timing expectations for that process versus the 2027, 2028 CODs. I think you know, if I'm gonna take the lead on this one. I think first of all, from a gain point of view, I think we're very comfortable. You know, the value, as you can see, of just the leases of those projects is huge. From that point of view, I think you know, there is a value in those assets, whether you go ahead with the projects now, later, or you just cancel them and start again. You know, the leases you know, are worth a lot. From that point of view, I think, you know, the value, you know, that we have, you know, agreed for our gain that you mentioned in the agreement with CIP is clearly a very good value for us, you know, well below, you know, most of the comparable transactions, you know, just for even leases. Second, I think it's important that, you know, everything we're doing right now is what we do in many projects. You know, we renegotiate. We've been working right now in onshore wind, you know, and solar projects that we're developing this year in renegotiating timelines, renegotiating periods of delivery and avoiding, you know, tens and tens of millions of potential penalties. We're doing the same thing here. You know, there is a change, a dramatic change in the world right now in many aspects that we have commented. Therefore, you know, we believe these projects are the cheapest alternative for energy in New England, you know, by any without any doubt, you know, it doesn't matter what you compare this with. Therefore, we're not, you know, suggesting, you know, we wanna make more money. We're just suggesting we need to find, you know, these projects back, you know, to the return we were expecting, you know, and basically not to lose money. It's a question of, you know, putting that on the table, which we are doing. I think we are comfortable that, you know, this is something to work, you know, with many parties. We are, you know, working right now in those negotiations, many meetings already. This is a process that is gonna take, you know, probably, you know, nine months, you know, at least. You know, from that point of view, we are working as we do, you know, in other situations. Very comfortable in the process ahead of us, either to renegotiate or to start again. I think we're comfortable right now with the process and the arguments we're using. Got it. Appreciate the color there. Just to be clear, you see the value in terms of the gain that's being derived from the leases rather than the contracts, meaning if you have to go into the process again for new contracts on a, you know, a new RFP, there wouldn't be a change on the gain. Is that the case? You can pick up one or the other one. You know, if you conclude a successful renegotiation, the value is huge. You saw the group how they sold the asset in East Anglia, you know, and you saw how they have sold the stake also in the stake in Vineyard. So if you have a proper renegotiation, I think the value would be amazing. Okay. If you stay with the leases and you participate in an auction, you know how much it was paid in Carolinas and New York and other places. So you will see that it's also hundreds of millions of value there. Well above, in any case, you know, the values that we have considered for the CIP agreement. Got it. That's very helpful. I just wanted to ask on the Sempra agreements, can you speak a little bit more about either what you're evaluating or what the next steps could be here? Like, I think on the Sempra agreement, again, you know, we know each other for a long time. From that point of view, there are some times in life, either for financial discipline and complementary in terms of, you know-how by both, you know, that, you know, we're much better going together to such a massive development that you have ahead of us in the U.S. in hydrogen. Therefore, you know, they have, as you know, very good, you know, gas business, gas infrastructure, etc. I think we know we are probably one of the leaders, you know, in renewables. I think we know that we are in the geographies where, you know, the ammonia, you know, the hydrogen is needed. From that point of view, let's get together, analyze. The next step is simple. I think we're gonna conclude this analysis on a specific project. For the time being, for confidential reasons, we don't mention where and what exactly we're doing. I think it's probably two to three months. You know, we should conclude, you know, those analysis and then go full speed if we think, you know, it's successful. Got it. That's very helpful. If I could just slip one more in here. You've spoken a lot about the activity on the rate front, and on your, you know, developing regulatory relationships with the states. How do you see this from a higher level in terms of the discussions on the offshore contract side, the rate case backdrop, and your relationships in the state? Is there any trade-off between what you're asking for on the offshore side versus what you hope to achieve in terms of the regulated relationships, or do you view that as completely separate processes? I mean, the teams involved, sometimes you have legal restrictions and regulatory restrictions that they need to be different. I think the important thing is it shows the commitment, you know, Avangrid has and Iberdrola Group, you know, to the region. I think we're there to help the states, you know, to put on the table the energy that otherwise they will not have. You see, you know, the news recently about the lack of oil. You know the potential issues of the lack of gas. You know, there are many issues. Well, those are not to become less and less over time. They are to increase. I think we're working to bring energy, renewable energy, and the cheapest possible you can find. From that point of view, I think we're not, you know, we're not negotiating like two opposed parties. You know, this is a common objective, and we are, we know, one of the few people, you know, putting ideas on how to work together to a, you know, good future for the citizens of those states. I think we're working together in the same direction. Great. Many thanks for your time today. Thank you. We now have InSoo Kim of Goldman Sachs. Your line is now open. Thank you. First question, just following up on the offshore wind PPA repricing process. I guess if we think about whether you know you do successfully are able to renegotiate through the states or you know if they offer a new competitive bidding process that you may you know reenter into, are you still looking to. In either option, are you still looking to choose or stick to the option that gets you to the low teens levered returns, or are you willing to I guess accept a modestly lower return you know if you're able to at least get the current price restruck? I think the idea is to go back to, you know, the same return that we were expecting in the project, you know, when we put it on the table. I think what has changed, you know, is you know the world is different. The supply chain issues, you know, the commodity prices, the delay in construction. There are many things happening that were you know unexpected. You know, even in the last 20 years, you know, this has not happened at all. I think the idea is to go back, you know, to the same numbers and economics we had before. Okay. Just from a legal perspective, is there any legal precedent for a competitively struck contract to, through a regulatory system, be repriced? Just trying to see if there's something that we can look to in history. There are cases I understand that there has been renegotiation in contracts. Second, you know, I understand also what we're trying to do here is to renegotiate within the framework of our contract. Okay? We're not trying to go up, you know, around or above the contract that we have that we believe has, you know, clauses. Same thing in the transmission line in Maine, same thing in the offshore projects. We believe within, you know, what is in the contracts, there is room, you know, for the requests we are doing. Just one more. On NECEC, you know, with the remand to the lower courts and but not being able to, I guess, commence construction until at least the April 2023 trial concludes, does this still keep you in that timeline of year-end 2024, or does this latest development push it back a little bit? Thanks. Catherine? Yeah. Hey, and InSoo, this is Catherine. What we said at the Investor Day was, you know, we currently had at that time, an in-service date of 2024. What we are really focused on is the contract that we have with the EDCs, which requires us to have COD by April 2025. We're currently assessing the construction timeline, when we think that we'll be able to start construction after that expedited trial proceeding in front of the trial court, and just looking to work with our contractors so that we can start construction soon thereafter, and get going back on the project again. Got it. Thank you. Your next question comes from the line of Julien Dumoulin-Smith of Bank of America Merrill Lynch Your line is open, Julien. Hey, good morning, Pedro and team. Thanks for the time. If I can, just to go back on the last set of questions, and I just wanna pin you down a little bit more on the offshore considerations. If the Massachusetts Commission does not grant a higher PPA, will you move forward with the project? Again, I just wanna see if we can ask this in a more of a black and white kind of way. The answer is we need to, you know, those revisions in order to continue with the project. We just need them. Yeah. You need them to move forward, right? I'm hearing you right? Yes, yes. No, no doubt. As I said, I mean, we don't go to see regulators. Excellent You know, just trying to make more money. No, this is a very serious matter with full transparency and putting you know everything happening on the table. That's why I think we're having good meetings so far, you know in general. The answer is simple. Yes, we need that. Yep. Thank you for the clarity there. I appreciate it. Separately, team, does the change in the equity value here change your view about the relative merits of selling assets versus raising common equity here? I get that the common equity timing might be somewhat delayed here given the close of PNM pushed to the next year, etc. Can you talk about the desire to pursue more asset sales relative to the equity issuance outlined at the Analyst Day, just considering, you know, higher rates obviously impacting the stock price, but also impacting the asset sale market as well? I think, you know, usually, the conclusion why you need to raise equity is because you need equity. I think, you know, for us, the message we passed in the strategic presentation was clear. You know, we maintain what we had told the market before, but we're gonna focus on asset rotation. If PNM doesn't happen, we don't need to do any capital increase. Actually, we will be overlevered with excess leverage capacity. If PNM happens, you know, we are still considering, as we said, you know, at least $2 billion of asset rotation. If that happens, then probably we will need either all or part of that capital increase. The answer is yes, of course, you know, we always keep in mind the price, but I don't think the price or the share price is what drives the divestitures. The divestitures is something we're analyzing, and we'll try to get them done as we have done in the group for 20 years nonstop, and we have always delivered. It's not really because of the price that we will, you know, do more or less divestitures. We'll do as many divestitures as needed because they make sense. That will be the driver for doing it. Right. Let me put it this way. If I can take your temperature on the asset sale market, I mean, how is that market evolving here? Obviously, we see the equity price where it is. Do you still see a robust buyer backdrop? Especially, it's sort of relative, right? As I think about it's like if asset valuations are sustained relative to stock price, you would think that would be on the marginal a bit more of an interesting avenue. As you say, timeline is important to watch here as well, right? I think asset valuations, we can go back, you know, to 2005, 2006. I think, you know, there is a moment that you review history, and I thought that was going to be all-time high since, you know, multiples of sales. Then there was another deal, and then there was another one. I think the amount of money, you know, that is right now on the table because of funds, because of, you know, other companies, they need renewables, you know, they need regulated assets, you know, is unlimited, you know, and it's unbelievable compared, you know, to with 10, 15 years ago. You see recent transactions, you know, involving a German company and a U.S. company. You see, you know, another U.S. company with TotalEnergies. I mean, you can go one by one. I think, you know, you always thought maybe this is when things are gonna change. I don't think there is, you know, even, you know, one feeling that I have that the appetite of the people I usually deal with, that they're interested in either buying things or doing things with us, you know, has been reduced. It's the contrary. You know, I think, you know, the appetite is there and very good relationships, and I think, you know, there is an interest. Got it. All right. Excellent. Well, thank you very much. Thank you. We now have the next question from Michael Sullivan of Wolfe Research. Your line is open. Hey, everyone. Good morning. Wanted to start with just the quarter and the year-to-date results. If I'm doing the math right, it looks like the implied Q4 earnings are gonna be down about $0.09-$0.10 year-over-year at the midpoint of your guide. Are there any headwinds that we should be aware of as we just think about the next quarter? Or is it just conservatism and just reaffirming the guide? Patricia, you want to take that? Sure. Yeah. I mean, we're confident in our guidance, which is why we reiterated it today. We don't do quarterly estimates so, you know, we're just kinda put out that year to date information with our annual guidance number. I think we highlighted some risks and opportunities that, you know, we are always focused on in the year to date into the quarter. Just to reiterate, kind of for the fourth quarter, we will definitely have some incremental benefits from the rate cases if we look on a year-over-year basis. We do have risks and opportunities, and those relate to, you know, wind production and pricing, thermal asset management, variability in results. It includes even as we get to the end of the year, we do tax true ups. We look at how we're performing against some of our reliability and customer service metrics. There could be regulatory adjustments related to that. You know, and then we were kind of watching, you know, any regulatory development could happen or trends in uncollectibles, things like that. Those are the things we've highlighted on the call, those things that have been impacting us, you know, year to date or in prior years, as well. Okay. It sounds like there's no specific items from last year's quarter that we should be backing out or mindful of? You know, I think that there's, you know, it's just really more a continuation of what's going on. There might be little things, but not a big, you know, a big item. Okay. Then as we think about next year, just wanted to understand a little bit better the base business. I think you pointed out some of the kind of bigger moving pieces year over year, like the offshore wind gain. I think you had a Kitty Hawk sale in there as well, and then obviously PNM for half the year. As we think about excluding that, what are the drivers? Is the base business growing at all or not? Some of the things that we're looking at is if you're looking at the renewables business, we do have, you know, just under 600 MW in construction. We have new assets that just went COD this year. We just announced Lund Hill, so that'll have a positive impact year-over-year. We have a couple of other projects as well that'll be COD. You know, those will have an impact on year-over-year. Then we're looking at, you know, the timing of rate case. Rate cases, I mean, might not have a decision until later in the year, but there might be similar to what we had in the New York rate case settlement in the past where we had a decision at the end of the year, but there was sort of a true up that happened later on in the year. Those are some of the things to consider. Okay, thanks. Last one, just on the New York rate case. Can you just summarize the CLCPA upside, what you filed and what staff is recommending? Catherine? Yeah. I'll take this one. The New York rate case gets complicated because of the legislation with the CLCPA that got filed. Our rate case filing contained base CapEx that we see is needed for the resiliency of the grid, as well as proposals under both phase I CLCPA and phase II of CLCPA. If you recall, phase I are those reliability projects that we have accelerated within our service territory, and phase II projects are projects that are needed to bring renewable production downstate. Those phase II projects are anticipated to be spread across all of the state as opposed to just within the NYSEG and RG&E service territories. In total, our filing amounted to about $8.6 billion worth of investment, and $2.9 billion of that was CLCPA. When we look at the staff testimony, they had a higher weighting of expenditures in CLCPA than in base CapEx. As Pedro said, overall, as their testimony came in, their rate increase was approximately 20% versus our 26% on the base P&D rates. We're looking forward to entering into negotiations with staff and with other interveners to really talk about what's the base CapEx and what are the clean energy kind of requirements for New York investments in order for them to meet their aggressive timeline for the clean energy transition. Okay, thanks. Sorry, just to be really clear, though, the $2.9 billion you filed, I understand there's moving pieces, but what is the apples to apples staff number on that? It's hard to put exactly the pieces because they excluded all of the phase II, pushed that off. Most of those are investments that we would be making and putting into rate base post 2026. They're really focused on the portion that's a little bit over $1.5 billion on the phase II, phase I investments rather. They would accelerate a large part, about $900 million of those phase I investments into the rate case year. Our rate case proposal was focused more on the base CapEx needs of the system. If you compare again, if you look at what they asked for versus or what their testimony supported versus what we requested, they're not that far off. It's just a mix of how you get to that, total rate impact and the CapEx investments needed for the system. Remembering, in our base case, you know, for the projections in our state plan months ago, we assume nothing in CLCPA. Okay. We didn't put anything into the model about CLCPA. Thank you. We now have the next question from David Arcaro from Morgan Stanley. Please go ahead when you're ready. Oh, hi. Thanks for taking my question. Could you just give an update on what you're seeing for the inflationary backdrop, just any inflationary pressure on O&M, whether it's labor, materials, components, other things, in the business right now? Sure. I guess I'd just say, in terms of inflation, you know, there certainly are impacts on labor, and there's certainly impacts on cost. I think in our network business, you know, we have which is really about 80% of our net income and our earnings. We're pretty well protected over time because our commodity prices are passed through. When we're looking at gas and commodity costs, we ladder those. We don't purchase them all at once, and we store them for the winter. We've also entered into rate case filings where we have included updated inflation estimates, and we actually have requests for inflation trackers in those cases. Going forward, we're looking at a strategy where we minimize the gap between rate years. We are updating and accounting for these new costs going forward. Then just a reminder that the FERC transmission rates are reconciled annually. We look at on the offshore businesses, you know, as Pedro had mentioned, we actually have secured all the solar panels for 2024, and we have been renegotiating successfully some contracts to adjust inflation as well as supply chain challenges. Then finally, if we look at our offshore renewables projects, Vineyard Wind 1, we've secured all the CapEx, and we're actually actively and on target with our construction. We do not have that exposure for that project. We've spent some time already talking about future projects beyond our plan in offshore and how we're addressing those. Got it. No, that's really helpful color. I appreciate it. Back on just the asset recycling, potential here for $2 billion of proceeds, going forward. I was just wondering if you could give your latest thinking around what assets could get priority, which might have the most interest in the market, most appeal in the market. Would you also be considering minority interest sales in regulated utilities? I think, you know, the appetite, you know, for our assets, I think is any of the assets, you know. I think, you know, you know that, you know, a lot of people are keen on renewable assets. A lot of people are keen on minority stakes in businesses, not in regulated only, but also in renewable companies. From that point of view, I think we're just reviewing the portfolio, making sure, you know, we put on the table the right approach. I think we will go into action, you know, very soon. From that point of view, I think we don't rule out, you know, anything. Probably the first focus for us is the renewable business, where we have a lot of assets, and I think there is a lot of appetite, you know, for those assets. Probably that should be the first area of focus for us in terms of opportunities in that asset rotation. Okay. Got it. Thanks so much. Thank you. We now have a question on the line from Angie Storozynski from Seaport Research Partners. Please go ahead. Your line is now open. Thank you. My first question is about, you know, what we've seen in Nova Scotia, the proposal to cap customer, you know, utility rates, non-fuel rates, and how you actually see this risk in New England or Northeast in general, given how high electric customer bills are about to go. Secondly, the PURA decision about the implementation of bill discounts for low-income customers and how you're gonna recover those discounts in cash in your future rate cases. Thank you. Go ahead. Yeah. Thanks, Angie. You know, first with respect to your first question, I kind of see it as, you know, the risk with respect to rising costs and will that follow over onto utility rates. That's why we're focused so much on affordability for our customers. When we filed our rate cases, really focused on balancing the needs of the system with the affordability of that. You know, our systems really do require investment, and I think our regulators and stakeholders understand that reliability is a priority, especially as we move into changing climate, and also the aggressive goals that our states have with respect to clean energy. It's all a balance when we talk about that and look for various rate mitigators to help smooth out that transition for our customers. With respect to low-income, it's a couple of things there. First, in our Connecticut rate case, we actually for the first time h ad offered up a special rate for low-income customers. That's, you know, directly in response to some of the feedback that we have had from some of our stakeholders. We'll be discussing that type of a proposal in Connecticut and see what the appetite is for that proposal. With respect to our, you know, existing kind of rates and our customers, we're really proud of the work that we were able to do in New York in order to get some arrearages paid off for some of those low-income customers. Those were accessed from funds that the New York State legislature had set aside to particularly target the impacts of COVID on low-income customers. We're continuing to look for options like that on a federal and a state level to see if we can work with our states as well as with, for instance, the Joint Utilities of New York, to see if there's additional funds that we can access to help those particularly vulnerable customers. Okay. Thank you. That's all I have. Thanks. Thank you. We have no further questions, so I'd like to hand it back to Avangrid CEO, Pedro Azagra, for some final remarks. Okay. To close today's call, I'd like to bring you back to one simple question, why Avangrid, why us? At the heart of our plan is a commitment to execution, as well as a specific focus on regulated growth and value creation. Also our company is, you know, our heart is our regulated utility business, which is, you know, contemplated by additional renewables opportunities. This unique and balanced mix positions us to accelerate transformation in the energy sector from multiple angles. Across all sectors, businesses are facing a challenging economic environment in the near term. We are responding with realistic targets and a steady discipline approach, knowing that the wind is in the longer term is at our back. The energy transition is here to stay. There is no turning back, and diversified utility companies like ours are poised to benefit. As we look at the next three years, we expect to grow our earnings and adjusted earnings per share at a healthy compound annual growth rate of 6%-7%. We don't announce quarterly, you know, guidance. We just go to annual, and I think we're comfortable to provide a clear guidance on, you know, 2023 versus 2024 and 2025 to make it always, you know, very clear what we're expecting, you know, year by year and, you know, on a compound basis for the period. Our core regulated network business continues to be our key driver for growth, representing, as we discussed, approximately 80% of our planned investments. We are determined to maintain a supportive balance sheet and leverage value-creating opportunities like asset rotation and partnerships to further improve our position while maintaining our great ratings and strong liquidity. We are closely aligned with accelerating state and federal policy targets ahead of many of our peers. As a result, we are positioning ourselves, you know, to deliver investments in offshore wind, onshore renewables, and transmission that will create jobs, stimulate economic development, and support our own long-term growth as well. Furthermore, we have substantial upside opportunities to generate value over and above what is assumed in our plan, including approximately $2 billion in our asset rotation options, incremental investments in our rate case proposals, and unprecedented policy support from the IRA. Our objective is execution, and execution. As our team works to deliver, we will benefit every step of the way from the strong backing of Iberdrola, its strong global expertise and proven track record of success. Thank you again for joining us today on our, you know, third quarter call. If you have any other questions, please follow up, you know, with Alvaro on the IR team, and have a great day. Thank you very much. Thank you all for joining. That does conclude today's call. Have a lovely day. You may now disconnect your lines.