Good morning, ladies and gentlemen. Welcome to Avangrid's third quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode, and please be advised that this call is being recorded. After the speaker's prepared remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad, and if you would like to withdraw your question, simply press star one again. Now at this time, I would like to turn the call over to Mr. Álvaro Ortega, Vice President of Finance, Investor Relations, and Treasury. Please go ahead, sir. Thank you, Bo, and good morning to everyone. Before we start, our CEO, Pedro Azagra, would like to share a message. Pedro, please. Thank you, Álvaro. I think before we begin, I'd like to say a few words about the horrific and tragic mass shooting and loss of life in Lewiston, Maine. We have many Central Maine Power employees in Lewiston and all over Maine, who are likely severely impacted by this horrible act of senseless violence. We're monitoring the situation very closely, and we're prepared to provide every resource available to our employees and our affected communities. Our hearts and thoughts from all of us at CMP, Avangrid, and Iberdrola are with the Lewiston community during this difficult time. Let's move now to our third quarterly results presentation. Please, Álvaro, proceed. Thank you for joining us today to discuss Avangrid's third quarter 2023 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, José Antonio Miranda, President and Chief Executive Officer of Avangrid Renewables, and Justin Lagasse, Senior Vice President and Controller. 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 at our website, 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 risks 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 of the accompanying presentation, or in our latest reports and filings with the SEC, each of which can be found on our website. 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, Álvaro. During the past months, Avangrid has continued working hard on building the foundation for a stronger and more resilient energy future, not only for our company, but also for the U.S. A year ago, we have many challenges ahead of us. I'm very pleased how the team has performed, and we'll be updating during the presentation on some of the, some of the major achievements we have been able to obtain at present. If we move to slide five, earlier today, Avangrid reported third quarter results for 2023 net income of $59 million or $0.15 per share, and an adjusted net income of $105 million or $0.27 per share. Over the nine months, Avangrid reported net income of $389 million or $1 per share, and an adjusted net income of $434 million or $1.12 per share. In New York, our NYSEG and RG&E rate cases were approved by the Public Service Commission on October 12th, with a positive after-tax impact of $136 million or $0.35 per share to be recognized in the fourth quarter this year. This includes $66 million of positive impact, if impact, as if the joint proposal settlement was effective May 1st, and $70 million for the mitigation of uncollectibles. We successfully terminated our offshore wind PPAs for Commonwealth Wind and Park City Wind, with an after-tax payment of above $29 million in guarantees for this year. By terminating these contracts, we have improved the economics of our offshore wind projects and avoided billions in write-offs at minimal cost. This cost is excluded from our adjusted earnings. Based on our year-to-date achievements and progress on key issues, we are reaffirming our 2023 EPS guidance of $1.90-$2.10, and adjusted EPS of $2.20-$2.35. This includes one-time extraordinary gains from, you know, potential transactions of $0.24-$0.28 cents. Over the last month, we have successfully completed key challenges from 2022. One year ago, we announced our plan to file multi-year rate cases to avoid gaps between rates, balancing earnings, cash flow, and affordability. Just on October 12th, we received the final decision on the rate case for our companies in New York, including over $6 billion of investment for past and future investments. Our rate base will increase by close to 40% from $6.6 billion in 2022 to $9.2 billion in 2026, reflecting increases in plant additions needed to enhance the grid's reliability and resiliency. The three-year rate case will also improve cash flow up to $940 million or in excess of $940 million and enhance our net income to nearly $450 million in 2026. This will help us pay for vegetation management costs, improve our credit, credit metrics, and provide a fair return on historic investments up to 2022, as well as those projected into 2026. The decision also includes risk mitigation provisions for uncollectibles and changes in long-term debt rates, as well as make-whole provision. This make-whole goes back to May 1st, meaning that even though the new rate is going to effect on November 1st, we will make whole, as if the joint proposal settlement had been approved back on May 1st. The allowed return on equity is 9.2%, and the equity ratio is 48%. Ultimately, the New York rate case will enable us to continue to deliver a high-quality service to our customers, accelerate vegetation management, work to improve system reliability and resiliency, and accelerate the clean energy transition in New York. If I remember last year, many people put into question, rightly, that we were, you know, we were going to have a successful rate case. I think in the same case that in Maine, when you work hard, you have relationships, you spend time with the regulator, you explain your case correctly, I think it's delivered. So I'm very, very happy and proud of the work that has been done on this topic. Nobody could believe this outcome a year ago. Turning to slide seven, a year ago, Park City Wind and Commonwealth Wind were financially exposed to significant additional project costs due to unprecedented economic headwinds. Many of the things we said a year ago, I think now everybody comments on the same, in the same way. The contracts did not allow unilateral termination or renegotiation and as promised in our last strategic plan in September 2022, we took steps to improve the economics of the projects. Since that time, Avangrid has been transparent and collaborative, working digitally with the state and federal officials and stakeholders to find solutions. Today, PPAs, PPAs for both projects have been successfully terminated at minimum cost and avoiding massive write-offs. As we said last year, we care about every dollar, every million, as we care about billions. But we're not here to put in danger, you know, the money we receive from our, our equity and debt investors. On Park City Wind, the electric distribution companies filed PPA termination documents with the Connecticut Public Utilities Regulatory Authority, PURA. They approved termination of the PPA's contract early this month. The impact was limited to the security deposit of almost $12 million after tax. On Commonwealth Wind, the Massachusetts Department of Public Utilities, DPU, approved the termination of the PPAs in August. The impact was limited to the security deposit of almost $18 million after tax this year. Over the last year, we continued to advance the permitting and development of these projects. Now we have two high-valuable leases, readily, ready to leverage on the experience as part of the Iberdrola Group, developing, financing, and constructing offshore projects like Vineyard Wind 1. As in the case of the rate case in New York and the rate case in Maine, also in these two projects, I would like to congratulate the team. I think we have done a simply very difficult-to-believe work, which is to, not even to initiate the construction in relation to the project, and to be able to terminate two projects that otherwise we will be now speaking of billions of losses today. Congratulations, and I'm very, very proud of the negotiations, and thank you also to all the legislatures, executives, and, you know, other parties and constituencies we were with, because this is the best thing, you know, thinking of, you know, the company viability in the long- term. Turning to slide eight. Early this year, we received approval for the first multi-year rate case in Maine for 15 years. The Maine Public Utilities Commission, MPUC, approved over $380 million of investments to improve safety, reliability, and resiliency. This increases our rate base to nearly $1.3 billion in rate year two, reflecting the plant additions necessary to improve and modernize the grid in Maine. This plan was designed to ensure that CMP can continue making progress towards upgrading the electric grid, improving vegetation management practices, and enhancing the customer experience. Having been selected this year, CMP, the best company to work in Maine, to work for in Maine, I would say thank you to the team. Terrific job. Again, very few people thought a year ago we were going to achieve a rate case like this one. I think we're doing this because it's necessary. We're happy now, we're spending all the time needed with, you know, all the constituencies we need to deal with. I think this is what basically comes out when the work is done correctly. So congratulations, and let's continue. On the next item, NECEC, we have successfully resolved key legal matters and restarted construction, enabling us to accrue AFUDC. The Massachusetts, in Massachusetts, sorry, you know, we are right now investing, you know, in this project, both in Maine and then in Massachusetts. You know, as you know, we have the agreement with EDCs. We will be investing approximately $1.5 billion in this project. Through the end of the third quarter, we have spent already almost $700 million. NECEC contributed $70 million on after-tax earnings in the third quarter, and is expected to add earnings, you know, almost approaching $20 million in the fourth quarter. On slide nine, we move to key items that we continue to meet, to make progress on. On Vineyard Wind 1, construction is progressing, and we are on track for delivering first power before the end of the year and achieving commercial operation by the end of 2024. Once online, this project will generate clean, renewable, and affordable energy for over 400,000 homes and businesses in Massachusetts, while also reducing carbon emissions by over 1.3 million tons per year, which is equivalent to removing 325,000 cars from the road. Nearly 60% of the construction has been successfully completed, and we have achieved key milestones, including the installation of the first two wind turbines, 25 monopiles, and 18 array cables to connect the turbines. We have also completed the installation of the offshore substation earlier this summer, and the onshore substation has been energized. Additionally, we have fully secured the components needed to support construction and executed a first-of-its-kind tax equity financing for $1.2 billion. It represents the largest single asset tax equity financing closed, and the first for a commercial-scale offshore wind. This allows us to monetize great depreciation of the project, supporting the capital structure and project economics. We are proud of the work accomplished by the offshore team in pioneering a new industry in the U.S. The lessons learned will be invaluable as we continue developing, you know, this project and others in the U.S. Finally, parties in the merger case related to PNM presented oral arguments to the New Mexico Supreme Court in September, and we are now awaiting a decision. We are also progressing in the divestiture plan, that, as you know, is needed, you know, before the end of 2024, and we continue to make progress there. Turning to slide 10, we will discuss our UI rate case and the challenging regulatory environment in Connecticut. Two months ago, the Public Utilities Regulatory Authority, PURA, issued a final decision regarding the rate case. This decision departs without prior notice from over 25 years of PURA practices, resulting in our inability to recover reasonably incurred costs and earn a fair return on and off capital. The decision would hinder our ability to invest in the grid, to improve storm resiliency and reliability, and would slow down the state's progress on its clean energy goals. For this reason, we have filed, among others, an appeal in the Superior Court of the Judicial District of New Britain on September 18th. Turning now to slide 11. The IRA is bringing tremendous opportunities to the industry, and will be crucial for Avangrid's plan to repower up to approximately 1.6 GW of our renewable assets between 2023 and 2032. Repowering allows us to increase production of our existing assets by around 30% and reduce O&M costs by approximately 10%. Let's not forget that it allows, you know, for tax credits for 100% of the asset production, not only the increased production, including both, you know, as, you know, we, we commented for the next 10 years. Unlike green field projects, repowering does not require full development and permitting, allowing the projects to reach completion much faster. In fact, we have already repowered three projects successfully in the last two years. This represents a low-risk opportunity to increase the value of our existing portfolio at least through 2032. We have continued advancing in slide 22, sorry, 12, in our priorities and achieve additional key milestones this year. On this slide, we have some examples. Within networks of CMP, we have secured a grant of $30 million awarded by the DOE Grid Development Office under Grid Resiliency and Innovation Partnership Program. This grant was established by the Bipartisan Infrastructure Law, and will position CMP to accelerate the deployment of smart grid technologies and reduce the frequency and impact of power outages. CMP also delivered an exceptional response to Hurricane Lee, which affected the region of Northern New England on September 16th. We successfully restored power to the vast majority of the 130,000 customers impacted within 24 hours. CMP has also been recognized as one of Maine's best places to work. This is a research-driven program from Best Companies Group that examines the practices, programs, and benefits of a company, and performs surveys to its employees to evaluate their perspective. Across all operating companies and networks, we have improved our System Average Interruption Duration Index, or SAIDI, by 9% in 2023, when compared to our average SAIDI between 2019 and 2022. We continue to put the customer experience at the core of our network business by expanding our digital platforms. Year to date, we have over 1.1 million app downloads, which represents an 8% increase on over one million customers on outage alert, which is a 46% increase. These tools and technologies will help increase customer satisfaction, reduce costs to customers, and improve cash flow. Moving on to renewables, we have reached an installed capacity of 8.6 GW of wind and solar energy, and we are on track to install around 1.2 GW between 2023 and 2025, as addressed in our strategic plan. Right now, we have close to 150 MW of solar energy projects under construction. Equipment and supply needed for these projects are fully contracted and secure, preventing capacity variation. In the first nine months, we have also secured 580 MW of new and renegotiated PPAs. In addition, early this year, we joined the CAISO Western Energy Imbalance Market, EIM, as a first-generation-only entity. Regarding our corporate accomplishments, we recently reached an agreement with Vitol to transfer $100 million of PTCs in 2023. The PTCs will come from eight operating wind farms, totaling over 1.1 GW for projects that are not in tax equity. This is one of the first for tax transfers of PTCs since the IRA allowed for transferability of tax credits. Early this year, Fitch also upgraded Avangrid outlook to a stable, improving our credit profile. Related to ESG achievements, we hosted our first Supplier Diversity Summit this quarter, with the objective of bringing our small and diverse businesses together to promote equitable and competitive business practices. On innovation, we hosted our annual digital summit this past quarter, with technology leaders from around the country to showcase the latest digital solutions for the energy sector. This year's event featured disruptive technologies that will advance smart grids, improve operations, and enhance the customer experience. Also related to innovation, Fortnightly recently awarded us with the Lewis Latimer Top Innovator Award in Design. We were recognized for our project simulating cybersecurity threats and our response. Thanks to these achievements, Avangrid is well-positioned for success, and I am confident that we're taking the firm steps to deliver future growth. Turning to slide 13, Avangrid continues to be recognized in the key ESG-related indexes, reaffirming our strong efforts to meet our sustainability and governance goals. This year, we have received over 14 ESG recognitions. I would like to highlight the following four, which align with our ESG goals. World's Most Ethical Companies by Ethisphere, the Bloomberg Gender- Equality Index, the Financial Times Stock Exchange4 Good by FTSE Russell, and the 2023 Sustainability Yearbook by S&P. 2023 marks the fifth consecutive year being recognized as one of the world's most ethical companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. We are one of the only nine honorees globally in the energy and utility sector this year. The Bloomberg Gender- Equality Index connects with Avangrid's goal to build, maintain, and employ a diverse workforce and inclusive culture, aligned with our ESG targets for women in executive and leadership positions. This is the sixth time we have won the FTSE4Good Award. Created by the global index and data provider, FTSE Russell, the FTSE4Good Index measures the quality of each company's management of environmental, social, and governance matters. Avangrid has also been included in S&P's 2023 Sustainability Yearbook, scoring more than twice the average of the industry. All these awards and accomplishments are a testament of the hard work and dedication of the teams to make this possible. As such, I wanted to thank everyone in Avangrid who works on hard every day to continue to deliver excellent customer and employee experiences, innovative ideas, and contribution to these ESG goals. In particular, I would like to thank you, Patricia, for your dedication to the many, and the many contributions you have made to Avangrid over the past eight years. You didn't join last year. You were here, you know, for eight years, you know, with us. Early this week, we shared that Patricia will be leaving, retiring from Avangrid in November. She has been an integral part of our company, first working at UIL as vice president and treasurer, and then as vice president of investor relations. Patricia, we wish you all the best, and Justin, we welcome you now. You've been here also for a long time, and it's a pleasure to have you now as Interim CFO. With that, let me return the call over to you. Thank you, Pedro. Good morning, everyone. Before I start with this quarter's financial performance, I want to comment on the recent announcement of my resignation from the company. It is for personal reasons, a family-related matter that requires my attention. I remain supportive of the company and Pedro as CEO, and I'm very thankful to Pedro, the Avangrid board, the chairman, and Iberdrola, for the opportunities I've had. I admire their support and commitment to the company. I have really enjoyed my tenure here at Avangrid, and I am proud of all of the accomplishments we have achieved, including successfully managing through some real challenges in a complex business environment, and the company's efforts to effectively promote our financial objectives and the advancement of the clean energy transition in the U.S. Thank you to everyone, and I look forward to seeing some of you at EEI in November. Turning to earnings on slide 15. For the third quarter of 2023, our EPS was $0.15 a share, compared to $0.27 in the third quarter of 2022, and our adjusted EPS was $0.27, compared to $0.31 in the third quarter of 2022. Networks results were $0.24, higher by $0.01 quarter-over-quarter, compared to the third quarter of 2022. The key drivers included +$0.06 due to the implementation of the third year of the existing rate plan for our New York companies and the implementation of our new rate plan in CMP. These results do not include the $0.35 one-time benefit of the new rates approved in New York, which will be in our fourth quarter results. We also experienced lower uncollectibles, which had a positive $0.02 impact quarter-over-quarter, due to higher bad debt write-offs in the third quarter of 2022 versus the third quarter of 2023, primarily in New York. The start of construction of our NECEC project in August resulted in an additional $0.02 of AFUDC earnings quarter-over-quarter. Offsetting the positive results at networks were costs to implement our investment plans and operate the businesses, including O&M, depreciation, and interest costs. Our renewables business segment also reflected strong performance of $0.14 for the third quarter of 2023, higher by $0.03 quarter-over-quarter. Wind and solar operating performance, which includes the impacts of pricing, production, and tax benefits, contributed $0.12 a share related to new projects and service, operating performance, and tax credits. We also benefited from higher earnings from our thermal operations and asset management of $0.05 a share, and taxes primarily reflected the implementation of the IRA in 2022. Corporate costs reflect a decrease of $0.08 a share quarter-over-quarter, primarily due to higher interest costs. Moving now to the next slide, we are reaffirming our 2023 outlook ranges for EPS of $1.90-$2.10 a share, and adjusted EPS of $2.20-$2.35 a share. Our ongoing focus remains on achieving these targets as we execute our investment plans with discipline and a risk management focus. We also provide our expectations for the remainder of 2023. This includes, first, the implementation of the New York rate case, with a positive after-tax impact of $136 million or $0.35 per share from May 1st through November 1st. This reflects a make-whole adjustment of $66 million for the incremental rate, as if the rate case had been implemented on May 1st, and a one-time catch-up of uncollectibles adjustment of $70 million to match existing reserve amounts. To explain further, this one-time adjustment reflects a new regulatory treatment allows for the deferral of uncollectibles to match the amounts set aside in our uncollectible reserve. Our NECEC project has a range of $0.04-$0.05, reflecting AFUDC earnings. Additionally, operational performance in our networks and renewables business in the fourth quarter is in the range of $0.41-$0.49, which includes the ongoing impact from the implementation of rate cases for NYSEG and RG&E, CMP, and UI. We have cost management initiatives in the range of $0.04-$0.06. This brings us to expected results prior to our renewables transactions in the range of $1.95-$2.08, which is, which is the same as we indicated last quarter. Adding the renewables transactions that we previously disclosed, which include the partial sale of our Kitty Hawk Lease area, adds a range of $0.24-$0.28, reaching our 2023 outlook range of $2.20-$2.35. Note that the delay in the closing of our merger with PNM has had a - $0.03 impact for the year, which is what we disclosed last quarter. Considering the net impacts of PNM operations and interest rates on the cost of funding, as our guidance had assumed $0.30 contribution in 2023 and $4.5 billion of debt to fund the closing of the transaction. Additionally, opportunities and risks impacting our 2023 results include renewables production and pricing, other regulatory adjustments, thermal and asset management results, taxes, interest, O&M uncollectibles, and asset rotations. Finally, today, we are reaffirming our 6%-7% compound annual growth rate in our adjusted EPS through 2025, off a base that is the midpoint of our 2022 guidance. Moving now to the next slide. We're very much aware of the macro environment and are focused on managing our interest rate exposure. Some of the key points that we wanted to highlight are on this slide. 93% of our long-term debt is fixed. Our variable debt exposure is limited to a hedge on an existing parent company bond and our commercial paper program, which we did pay down by $800 million with an Iberdrola intercompany 10-year term loan earlier in the quarter at a 5.455% rate. Importantly, our regulated utilities can recover higher financing costs in their rates. For example, our New York utilities, which represents 58% of our rate base, allows for the annual recovery of debt costs, and our new rate case includes a fixed rate debt reconciliation mechanism. In UI and CMP, interest costs are reconciled at the end of each rate year. When we issued debt at the utilities in the private placement market, we were able to use a delayed draw feature that allows us to price in advance of taking the funds, acting as a pre-issuance hedge. Through 2024, our maturities include $600 million at the parent and at the utilities, a $75 million bond at United Illuminating and a $12 million tax-exempt note. Our renewables business does not have external debt, including project debt. Our offshore wind project, Vineyard Wind 1, is financed with variable debt, with a swap to fixed for the construction loan and the project debt, average-hedged several years ago at very low rates. Overall, the weighted average interest cost of our debt is 3.94% as of September 30th, and a sensitivity to our interest rate exposure was provided with our September 2022 Investor Day materials, with an estimated impact on a 50%, a 50 basis point change in our interest rates through 2022 through 2025 of about $20 million. We also want to highlight that we have strong processes in place to manage supply chain costs. Our onshore supply chain for our projects under construction is fully contracted and secured, preventing CapEx variations. We are also working with affiliates and suppliers to ensure the availability of transformers, panels, and other equipment. We have renegotiated 1 GW of PPAs to reflect inflation, supply chain disruptions, and higher interest rates. For offshore, our Vineyard Wind 1 project closed supply chain contracts in 2021, insulating the project from the current volatility in the global market. As we have said, we exited our Commonwealth and Park City Wind contracts before securing supply when we saw the unprecedented spike in costs and interest rates to avoid billions in write-offs. Finally, an important distinction for Avangrid is that we are part of the Iberdrola group, and we're leveraging their experience, synergies, and supply chain network to drive efficiencies and mitigate the supply chain and macroeconomics that are impacting the sector. Overall, we are managing costs as well through savings and optimization initiatives across the business. Moving on to our updates to our financing, liquidity, dividends, and credit rating. Just this week, we signed a milestone tax equity transaction for Vineyard Wind 1 for $1.2 billion to monetize project ITCs and accelerated depreciation. This is the first tax equity transaction for offshore wind and the largest single asset renewables transaction, tax equity deal in the U.S. For renewables, we also recently executed a tax credit transfer agreement, one of the first in the sector to do so, to monetize $100 million of tax credits from existing wind assets not in tax equity financing structures, benefiting from the IRA. We expect to continue to use the transferability provisions enabled by the IRA to monetize as generated tax credits to enhance our cash flow, an alternative to tax equity financing. During the quarter, as I noted, we issued an $800 million 10-year green term loan with Iberdrola at a fixed rate of 5.45%, and we issued a $350 million 10-year note at 5.68% and a $400 million 30-year note at 5.85% for NYSEG, each of which we use to re-refinance high-cost short-term debt and encourage to fund the investments and growth of the businesses. We also recently remarketed a United Illuminating tax-exempt bond for $64 million at an attractive rate of 4.50% through the maturity of the bond in 2033. Finally, we have no equity expected in 2023, and as we presented in our September 2022 Investor Day, we had planned for a $1.9 billion in our outlook in 2024. However, we are also looking at other, levers to manage this need, including including renewables divestiture options, as well as other financing alternatives, including securitization, transferability, tax equity, asset rotations and partnerships, and other items to manage our targeted credit metrics. For the nine months, we have $7.8 billion in liquidity, covering 14 months. This includes $4.3 billion commitment letter from Iberdrola that backstops our merger. Maintaining our solid credit ratings is a key objective. At the Avangrid level, all of our ratings are on stable outlook. Finally, our dividend policy remains unchanged, targeting a payout of 65%-75%, and our board recently declared a quarterly dividend of $0.44 a share, payable on January 2nd, 2024. In summary, we continue to focus on executing our long-term financial plan. There are timing impacts to recognize the results of rate cases, transmission, construction, and renewables asset monetization that we expect to materialize in the fourth quarter, as we've demonstrated. As you can see, we have had successes on many important milestones that will support the achievement of our financial goals. Thank you for joining us today for our financial update. I'll now hand the call back to our operator for questions, followed by closing remarks from Pedro. Thank you. Ladies and gentlemen, just as a reminder, if you do have any questions this morning, simply press star one. If you find your question has already been addressed, you can remove yourself from the queue by pressing star one again. We'll take our first question this morning from Richard Sunderland of JP Morgan. Hi, good morning. Can you hear me? Yes. Thank you. Thanks for the time today. Looking at the repowering update and thinking about your onshore platform overall, when's the right time to give an update on kind of how that looks for the megawatts and development targets on a long-term basis? I'm curious if the asset sales that are contemplated in 2023, you know, really the timing there factor into when you might want to give that update. And maybe since I brought up those asset sales, any progress you can provide on terms of where those processes are right now? I'll comment on that. I think, you know, on the second one, on the asset sales, remember that, in the strategic plan, we said that that was something to basically to be done, you know, no, no later than 2022-- sorry, than 2024, okay? Because that's when you-- we had, you know, this $1.9 billion capital increase. If you do divestitures, you need to do it. If you don't do it, you need to do it. So that's why it's, it's by the end of 2024 when we need to do divestitures, not, not in 2023. We are progressing well. I think we have options, but we need to finish that. You know, when we have, you know, final decision on, on some of the options we have, you know, we'll come back. I think on renewables is different. I think on renewables, what we like to do is, you know, come back to you in the upcoming months with a full detailed plan. I think we're now. As you can imagine, we have now more than $8 billion regulated investments in New York, both in the rate case and CLCPA. I think we have, you know, a huge amount of CapEx also in Maine. I think we have, you know, NECEC going on. You know, I think we have, you know, a Vineyard, you know, being completed. So we have, you know, a huge amount of things going on right now. So I think our idea is, you know, to put it all together and the upcoming, in the, in the upcoming months, you know, to come back to you with a clear path, you know, beyond 2025. I think, you know, that's the time, I think, to go into a lot of detail in repowering. I think the good thing about repowering is we have 10 years to do it, so there is nothing that we need to rush and do it, you know, in a second. We have identified all the assets, all the pieces, what need to be changed, and I think we will come back with a very specific, you know, proposal. Got it. Got it. That's helpful. I did just want to circle back on the asset sales by 2024 though. So the gain contemplated in the 2023 guidance, would that gain shift to 2024 if you're doing the asset sales in 2024? Or is there a path to announce something in 2023 that would crystallize the gain, but I guess leave the proceeds for 2024? No, it's two separate things. You know, if you remember, 2023 was a year that we made it clear was a transition year. We had a huge amount of issues last year to deal with. I think, you know, we are almost doing everything that we had to do to get them right. So 2023 was the year that, you know, I think some of you said, "You know, why do you put a gain there?" And we said, "Well, get the guidance with and without the gain. If we do the gain, fine, if we don't do the gain, that's okay as well." But 2024 and 2025, as remember 2025, there was a very, very de minimis amount of gain there, but in 2024 there was no gain. So I think the approach right now that we have is very simple. We're working this year to finalize all these things, you know, to make sure that 2025 and 2024 and 2025 come as smoothly as we have said they were going to. I think in 2024, we were not contemplating, you know, any gain, so that's why we're not moving, you know, one to the other one. I think in the case of the divestitures or rotational assets, of course, you know, we care about value, but term structure would not mean any gain, you know, because maybe we're not selling control. So the important thing about divestment is more the cash angle. Basically, to avoid a capital increase or to make sure that we top it up the financing needs, you know, with such rotation, which we have done in the group, you know, for the past 25 years, you know, non-stop. So that's why it's two separate things, but we're not moving any gain to 2024. I think we're very comfortable right, right now in 2024, that it should be, you know, the business, you know, delivering as we expect, ordinary course of business and no gains in for 2024. Okay. Okay, got it. That's very helpful. Just one quick follow-up here. The uncollectibles change, is this, I guess, a protection on a go-forward basis in terms of uncollectibles deviating from baseline? Could you just parse a little bit more about what's changed and what that does for you going forward? And then, I guess, just to break down the $70 million, how much of that covers 2023, and how much of that covers prior periods that are getting trued up? I'll let Catherine and Patricia comment, but the answer is yes. I think that is exactly the very positive things from the risk case. And again, we didn't go through every single item we put in the presentation, but I think we'll follow up with each of you separately, if needed. I think the rate case is not just the rate increase, but I think many of you remember last year you said, "Well, you know, we're going to have a, you know, 2% increase or, you know, 0% increase." Inflation is there. I think you have seen the rate increases, you have seen the recognition of our CapEx, and I have insisted in the conversations in the last weeks, very strongly, exactly what you are saying. There are many more things in the rate cases that we have achieved, which is, I would say, what we should have achieved a long time ago, but let's not go backwards. We have achieved them right now, and this is one of them because this allows going forward to be done. Keep in mind also, the governor is helping in the budget, so that's why there are a combination of things going on right now that I think allows us to deal with examples like this one. So this is also very important. But Catherine, Patricia, you can comment. Yeah. Thank you, Pedro. So you should think about the uncollectible $70 million as a one-time this year, but ongoing, mitigating the risk going forward on uncollectibles. So from an accounting perspective, it matches up our uncollectible reserves that we make, when accounts go into default, with the deferred amount, acknowledging from the NYPSC that we will be able ultimately to collect on the write-offs that we need to make from the uncollectibles. So going forward, those two will match up, and you won't see increased risk on our balance sheet, but it'll be matched with a deferral entry. Just to give a little more description to it. The $70 million references a reserve amount that we've set aside for uncollectibles. It's not our full uncollectibles balance, it's the amount that we set aside as a reserve. You know, that has a negative impact on earnings when we do that. So now with this new order, we're able to now set aside a deferral to match that reserve amount. And so going forward, this deferral will match reserve amounts, and you'll mitigate the risk to your earnings of setting aside an incremental deferral of uncollectibles reserves in the future. But because it goes into effect now with the new rate case, we do get to do a catch-up where we had actually had the expense, and to set up the reserve, now we're getting to set up. That was $70 million, $70 million to offset that. So there is a one-time catch-up expense, and going forward, really no expected impact to PNL, but a risk mitigation going forward. If I can make a comment, I really want to say thank you to the leadership in the Public Service Commission, senior staff, staff, you know, administration in New York. I think when you see the decisions they have taken, they are fixing many things which come from the past, okay? This is not something that is an issue now. And that's why I think this probably puts on the table New York, as a very, very predictable regulatory environment. I think we hear many times, you know, that, you know, people say, "Well, this state, that one." I think in New York, this is a very, very stable and predictable regulatory environment. There are other things still, you know, that we have to deal with, and that's why we continue working with the Public Service Commission. But I think as Patricia said, this is not just this, this, you know, one time. You know, this allows for the future similar situations to be dealt with, which I think is very, very positive because it becomes recurrent. I think this helps. But there are more things that we're working with the Public Service Commission. And again, congratulations to the team, but also thank you to the leadership to be able to fix things that come from the past. I will remind people, the previous rate case, we had a 2% rate increase, and we're now acknowledging, you know, by the Public Service Commission, that, that impact, which it was the wrong thing to be done at that time. I think, you know, when you see right now, we are not only going forward, but going backwards, getting 22 investments, they were still not being, you know, allowed. So many things that I think the leadership in the Public Service Commission, the senior staff and the staff, the settlement rate, the parties that agreed the settlement, when you conclude something is you have the right to do so and you need to be compensated, I would encourage many of you to read, you know, the comments by the commissioners. So if anybody thinks New York is an unpredictable regulatory environment, that's not true. I think, you know, they should get all the credit because I think the leadership in the administration and the leadership and senior staff and staff in the Public Service Commission, you know, they are doing a terrific job right now. Great. Thank you for the time today. Thank you. The next now to Michael Sullivan at Wolfe Research. Hey, good morning. Wanted to just start where we left off there on the, on the uncollectibles. So when you were excluding from non-GAAP COVID costs the past couple of years, was there anything for uncollectibles in there that was being pulled out as well? No, this is not at all related to COVID. It is really just about exactly what I said. It was about the reserve amounts that we set aside. A portion of your uncollectibles is part of our normal business practice. You set aside what you—as they age, what you think you might need to write off in the future, and you put a reserve there. We get to collect that reserve. But in the interim, it's impacting our earnings. With this new order, what we get to do is put the regulatory deferral in place for the recovery of those, and so that has a neutral impact on our earnings. It's not at all related to any specific type of uncollectibles, so like COVID, etc. Okay. And then, just wanted to understand some of the moving pieces, coming out of this New York case. It looked like a few things moved around. So just in the waterfall for the year to go, I think that went up about $0.05 from the slides last quarter. And then, like in your fact book, I think the CapEx went up, but the rate base actually went down. So can you just give a little more color on what kind of moved from last quarter? I think from the earnings perspective, it's really just a better handle on, you know, with the implementation of the rate cases going forward. And, you know, as we get closer to the end of the year, we can have better information on what we expect to achieve through the end of the year. In terms of the rate base, when we did a forecast of CapEx and rate base, as part of our long-term outlook, in the past, that included more generic items. As we go through the rate case and work with the commission in determining what the projects are that we need in place, and what the prioritization of those projects are, some of them have different timelines for construction and for COD, so that doesn't impact our rate base. Yeah. I'll just remind you that, part of our CapEx spend right now, included in the, rate case, has to do with CLCPA Phase 1, which are transmission projects that are going to be multi-year projects and won't go into rate base until outside of the current rate year, in the JPA. So, as Patricia said, it's kind of just a matching up of the CapEx that we're spending and when items actually go into rate base. But, along with CLCPA Phase 1 and, the $2.3 billion for CLCPA Phase 2, that we will start spending, this year up until 2030, there's a significant amount of CapEx that we will be, deploying in New York for future recovery. Okay, appreciate that. That's helpful. Also, and then just another one on the gain assumed in the guidance for the rest of the year. So that $0.24-$0.28 has stayed the same since you initially gave that out. Is that being, like, actively refreshed based on where things are going, or is that kind of something you just put out in the beginning and we're not really sure? Does it still have to be Kitty Hawk, or are there other options? Just trying to understand what's kind of evolved since you initially put that out. I think when you put, you know, some number, you know, as a guidance, is based on a specific potential transactions you are considering. So this is not a number that you cannot explain. And the answer in divestitures right now is very simple. If we get the right value, we go ahead, and those are the numbers, you know, we're targeting, and if not, we will not go ahead. So I think that, you know, again, since for 2024 and 2025, we don't need any gains, this was just, you know, what we thought it was important for this year from a cash point of view, and then that was coming with a gain. I think we had opportunities this year, you know, to sell specific assets. We decided not to. We thought it was better to go from a bigger transaction, which involves, you know, massive amount of cash, you know, in order to go forward because of the CapEx. I think Catherine just mentioned the example of CLCPA. I mean, we have almost $3 billion additional CapEx we didn't have in the projections last year. So that's why we need to work on all those things, you know, going forward. I think in the case of the gain, if we see it happen this year, fine. If it doesn't happen, since we don't need it for next year, that's okay as well. But we are working, you know, to try to see if we can get that done, this year in the amount. If there was to be a variation in the valuation of those potential transactions and basically we were not to achieve, you know, those valuations, we will not go ahead. We will just wait because we don't have any rush to do it. Okay. Thank you. We'll go next now to Sophie Karp at KeyBanc. Hey, guys. Thank you for taking my question. I wanted to ask you about Connecticut, like, any color on the regulatory environment there, the way you see it, and if there is a path to sort of improve it, or for it to get improved, anytime soon? I would love to say yes, but it doesn't depend on us. I think what we can do, and that's why perhaps with this, I'd like to say thank you to the employees, trade unions, suppliers, many other people, you know, very relevant, that they have some support because of the change in precedent, change in past practice, non-compliance with law of the decision we suffered. I think the only thing we can do is to work. I mean, keep in mind that, as you know, from an accounting point of view, because of the strong legal opinion, it's not having a lot of impact, but I think, you know, well, our base case is we need to turn around that regulatory decision because we don't agree with that from a legal point of view. Some people try to take this into, like, personal matters, you know, attacking people. No, we don't do that. You know, we just, you know, disagree strongly from a legal point of view with that decision. And I think in the same way that New York, I think you hear comments by the commissioners about compliance with law. But, you know, in the case of termination of PPAs in offshore, you know, you remind people that companies need to be paid for the investments. I think, you know, we want to make sure that's the case in any jurisdiction where we do business. So I think in the case of Connecticut, there has been a good decision in the RAM, in the rate adjustment mechanism after the rate case. I think we're, you know, working very hard in the appeal. I think we're gonna take further action soon, we're gonna continue. I think we're filing some rate cases right now. I would love to say that, you know, we have learned because of the prior decision, how to file a rate case differently. But the problem is, if you have read the decision, it says, "Well, you didn't prove this," but it doesn't say how you have proven it. Okay? That's, you know, why, you know, we strongly disagree with the decision that was taken. So the only thing we can do is, you know, work hard, you know, in the relationships, put a lot of information on the table, and also, unfortunately, to follow the complaint angle in any matter we can think of. And I think when you do those things, and you have done nothing wrongly, and perhaps, you know, the decision is not correct, I think we just expect this to turn around, you know, in the future. Is there something we expect in the near future? I think we're working every single day. We do not stop. We continue to do many meetings. We continue to look, to see additional legal actions. We continue to have, you know, employees actions, you know, suppliers actions, management actions. The good thing about, you know, this decision is to prove how close we are, you know, how proud we are of being part of the Iberdrola family. We are a company. There is no differentiation between management and employees. There is no differentiation between union workers and non-union workers. I think when you have a decision like this, one affects everybody. And that's why, you know, we have strongly reacted, all of us. I think it's the same thing with government control power. You know, it's something that, you know, a lot of, you know, employees have reacted, you know, on their own against, you know, that approach. So I think we're very proud of the reaction all of us have taken. But again, what we can do now is work, you know, do as many actions as we can. I think, in the same way that last year, I think we told you, you know, the way you're asking us if we are going to get a 2% rate increase in New York or, you know, 0% rate increase in New York because of a comment by a governor or one comment by somebody else. I think we told you, "Let us work." Okay, and I think right now, you've seen the rate cases, you know, you've seen this one. Again, this is very small. Keep in mind that $50 million less investment in Connecticut is compensated by $3 billion in New York that we have in the plan. So you multiply by, pick up any number you want. So the whole agreement is not affected. But we, we simply do not accept, you know, having decisions what we believe are illegal, change of practice without notice, change of precedent. That's not the way, you know, to have to do business and invest in our sector. So from that point of view, I think we need to continue working. You know, this is no personal matter, this is just objective matters that we need to deal with, and give us some time, you know, to continue working. Terrific. Thank you. My other question was, kind of like a big picture question on offshore wind. You guys probably are the closest utility in the U.S. to this space and have the most expertise. So from where you sit, right, and from what you know about the cost of equipment, cost of capital, tax equity, availability, etc. Like, the PPAs that you have been canceled, right? Can they be rebid in a way that's both economic, given the current environment, and also palatable for the ratepayers in those states? I guess it's kind of like a question, is the LCOE of offshore wind acceptable right now, I guess, for policymakers, for other stakeholders, as things stand? Like, I'm just curious to hear your thoughts. I think in our case, to say offshore business, you know, there are a lot of risks going on in Europe. You know, there are a good project we're building here in the U.S. at present. So we don't like the stereotypes or generic comments because it's, it's not true. You know, I think you need to go case by case. I think in our case, the message last year was simple, and this is how we have done business in Iberdrola for 25 years. We're not gonna put in danger the financial health of the company. That's it. And I think we said that a year ago. I think some people said that we have done a bad bid. Other people said that, you know, we, you know, we didn't have any negotiation, you know, here, we didn't do this. It doesn't matter to us, you know, what other people do. I think in our case, we were clear, we will not, you know, start a project if we already have information, and we got, as soon as we got it, a week after we got the information, we sat down with the leadership in those states. We're not gonna, we cannot go ahead with the project, that you already know you're gonna have, you know, $1.6 billion write-off and $1.2 billion, because the contractors are renegotiating, they are opening the contracts, and you cannot reopen the PPA. So it doesn't work. So that's why, for us, the answer is, we have, you have to not, not stop. I think a lot of people refer to stop, is to not to start. And that's what we did. We simply did not to start. I think right now you have, you know, a couple of leases that are very valuable. I think if you see the new auctions, you know, are we going to participate? Let's see. I think, you know, you know, unless you know you have indexation, unless you have, we will not be able to to have any risk. The important thing for us is, we will not run risks. I think that's the message. As in other people, we don't know. You need to check with everybody where they are. In our case, we don't have billions of losses right now. You know, I think, you know, we have a very modest, you know, loss, you know, because of losing those guarantees. You know, by the way, sometimes, you know, in renewables, you have those losses quite often, you know, in some projects that are compensated with some other gains in other projects because you beat the budget. I think in this case, we have two beautiful leases. They are worth a lot right now, and I think we are on the right stage. I would encourage, you know, all of you to keep in mind the president, you know, Governor Hochul, Governor Healey, Governor Lamont. I think they're leading right now, the U.S. in terms of renewable green transition, climate change, et cetera. And we are as well. We're building, you know, transmission line from Canada into Massachusetts, and we're building the only project in large scale right now in offshore. And will this continue? Well, you know, sometimes things stop for a year, sometimes they stop for five years, for three years. In our case, what we're gonna do at all is to put in risk billions of dollars coming from our shareholders and lenders, basically get not only Avangrid, but the whole, you know, [would roll] into danger. That's not how we do business. I think in our case, we will go case by case. Thank you. We go next now to Julien Dumoulin-Smith at Bank of America. Hey, good morning, team. Thank you guys very much. Hope you guys are doing well. Can you hear me? Yeah. Hey, excellent. Thank you. Congrats to both of you here on your successive moves here. So maybe actually starting with that, if you can, a little bit further, can you just speak a little bit to the commentary in the 8-K the other day around the backdrop with the new committee here and just sort of the context for what drove that decision here, if you don't mind? It's certainly an intriguing release here. What precipitated it, and can you confirm that this was related at all to the latest decisions to see, obviously, the turnover in the CFO role, if you can affirm that as well? Okay. As long as that's your concern, I'm very happy, Julien. You know, so I'm more than happy to speak about that. First, I will speak on the compliance, and then, Patricia, you can answer if that has anything to do with you retiring. I think, you know, on the compliance, you know, we never stop, you know, improving and enhancing our compliance unit. I think we believe there has been a probably six to nine months, you know, analysis of further improvement of the compliance. Basically, we're moving from just one compliance unit at the Avangrid level to putting compliance units in each of the businesses. So we are multiplying by three, the focus right now in terms of, you know, how we're gonna do compliance in the group. So I think what we're doing is going beyond. If somebody wants to say that this is related to three, four years ago, that we had a tax, you know, you know, you know, issue in the account, well, maybe let's go back to, I don't know, 2022 to 2002. Maybe we also have something wrong there. This is something that we never stop at the group level, at the Avangrid level, and at each subsidiary. You know, we think, you know, we need to continue enhancing the, the compliance. A lot of people right now may say, "Well, because of Ukraine war and other dynamics, it's not ESG, you know, so, so important right now." For us, it is. We're not gonna stop, and one of the key things is to enhance compliance across the organization. That's why we know there is no, like, a perfect time to announce this. No, this is not a, well, this is not a matter of, you know, when. This is when we have finished, you know, the analysis, and we believe there is an improvement. We check with some of those agencies that basically validate and certify the compliance units later, and we got, you know, very positive reaction. They loved, you know, what we were proposing. I think probably we're the first company in the U.S., you know, that is taking this action. You know, maybe there are others, but at least in our analysis, you know, we believe we're one of the first ones to make this move. So the whole rationale about that is very simple: to increase and enhance the compliance around the company, because for diversity reasons, for contractor reasons, you know, for ESG reasons, it's a must. And if we got ideas that our legal and compliance departments put on the table, that we enhance our compliance, we put it on the table as soon as they are finished. And in this case, we're moving from one compliance to at least three, because we're gonna put one in renewables, another one in networks. I think it's beautiful, you know, to show how much commitment, you know, we have to that. We are announcing that right now because we finished the work, you know, some weeks ago. As simple as that. And again, Patricia, sad for me to be speaking about, you know, you on this topic and relating these things to you, but if you want to comment anything, I give it to you. No, I'm only just gonna add that it is really extremely disappointing to hear that. I think it's offensive. It has zero basis. I've had a long career, and throughout, I've always, in every circumstance, defended law, defended regulation without hesitation. And I just I feel like it's a personal character assassination, and it's completely unfounded. Got it. Excellent. Well, thank you guys for clarifying that. It's good to get the clarity on that front. I appreciate it. I know people at times confound things. Look, maybe just to talk about the third quarter call, third quarter results, rather, can you just elaborate a little bit about what you're seeing in terms of West Power dynamics going on out there? Obviously, it's been a volatile and again, elevated market backdrop. Seems like that's a fairly meaningful contributor here in terms of what's driving the year-over-year results. Can you perhaps clarify more precisely how much of that was West Power? I mean, it seems like over $100/ MWh realized in the quarter here, but if you don't mind. Yeah. Sorry, Julien, because we didn't understand very well the question. Do you mind to repeat? Yeah, sorry. So to ask it more precisely, it seems like West Power, and specifically your asset out there, drove a very meaningful benefit in the quarter here to the tune of over $100/MWh implied. Obviously, West has seen elevated results in recent years. I just want to confirm that that is indeed what's really contributing to the segment results this quarter. Sorry, because we were not hearing the word West. So, José Antonio, so you can speak also in the call, please, you can answer. Good morning, Julien. So first, yes, when you compare year versus year and also quarter versus quarter, the West is been performing very well, and is one important or the most important contributor among the different regions. But also, I would like to highlight the Klamath and all and also our trading team, that we're able also to bring results way above our expectations. So all in all, this is the composition of the main contributors to the good results. Julien, keep in mind, we had Klamath stopped because of, you know, a review that is mandatory, and that's why, you know, the results we're having right now, which were very good last year, very good, you know, this year. Keep in mind, it has not been working the whole year, okay? So going forward, I think please keep that in mind because, unfortunately, you have to stop. And, you know, we take care of OpEx and CapEx very strongly, but I think it's back full speed right now, and again, delivering as it was. And also, I like to highlight that this year is the first year that we are also performing as a new member of the CAISO imbalance market, and this is helping also a lot our costs in the West and driving also these good results. I guess kind of to finalize, I think what we've always highlighted about the business and one of the benefits of our company in the renewable sector is that we're diversified, and we have assets all over the country in multiple regions. So you will see period to period, one region does better than another, and then that could change over time. I think, Julien, on renewables, again, we'll comment on this at the end of the year, but I think, you know, since sometimes people go back to six years ago or seven years ago, things like that, well, we are here since last year, so we can explain what we're doing. But I think in the case of renewables, there was a long history for El Niño, La Niña, many reasons why in a specific year was materially deviated. I think I'm very pleased that the planning we're doing right now, last year, that's why it took us six months, you know, we stopped a lot of things for six months to put everything, you know, in the right direction. So I'm very pleased that, you know, last year and this year, we are almost exactly where we thought we were going to be. I, I think that's something to the credit of the renewable team that is, I'm very pleased. Also, I think, you know, just to make a comment, you know, last year, you know, we really hinted, you know, we were going to be probably around 300 MW a year, you know, and, and I think a lot of people asked us, "Well, why are you doing so little? A lot of people are doing 2,000 MW." I think we made clear that, you know, we didn't believe in YieldC os, you know, when we were asked also that question. Do we, we said that four years ago at the portfolio level, but we said that, you know, last year in November. We also said we're not gonna be in the race of, you know, growth per megawatts. We're in the race of making money, and from that point of view, I think we're gonna put projects that deliver the right return. I think in the year, we already have 500 MW, so we have done 200 MW more than we said we were going to do. And those ones, I think, have supply chain fees. We have very nice return. We have renegotiated PPAs, you know, existing PPAs, I think at least two or three, with material increases. And in other, you know, two or three, we have been able, basically, to renegotiate the penalties, which also is you can call it renegotiate the penalties or increase the price, okay? Both things, you know, have the same impact, and it's material impact that we have been able to do. The new PPAs, you know, perhaps making a comment, Álvaro, related to the debt. When you look at us, I think we have, you know, networks, which is a pass-through, you know, from interest rates. I think, you know, the existing PPAs and new PPAs are reflecting, you know, the new interest expense, and maybe we have a little bit of debt at the holding level that still is floating, where basically interest rates, you know, may be affecting. But we don't have 100% of the business. It's a very small amount there. So I think for us, you know, interest rates, you know, is, is something we're dealing with, you know, very nicely because of pass-through in one case, an adjustment, adjust, you know, new, revised, you know, PPAs, you know, for, for new assets. So I think I'm comfortable that, you know, we have less risk than otherwise be people. And we don't have acquisition debt that you bought, you know, something that has assets with flat, you know, or fixed, you know, revenues, and then you have this acquisition debt now turning around from 1% cost of debt to 5%. That's not us, okay? So from that point of view, that's also, that's an item that helps in those, in those results that you were mentioning in renewables. Sorry to expand, but I thought it was an opportunity to comment as well. Excellent. And the gain just for this year, you're still expecting that here, through the balance of the year. It's not in 2024, right? I know we talked about it a little bit. I just wanted to clarify your earlier comment. Yeah, 2024, we don't need the gain. I think, remember 2023, you know, it was the year that we call it transition year, because, again, you know, I'm very pleased, and I will make some comments on the end about the things we have done. But I, I think we could be here now with two or three of these items not being obtained, and then we will be in a material different way from an earnings point of view, not only for 2023, but going forward. I, I think we have been able to achieve, you know, things that, in my opinion, were not credible a year ago. And from that point of view, remember, 2023 was the transition to a full 2024 and 2025 based on ordinary course of business. I think many of you said last year, "Whether you put an extraordinary gain?" And we said, "Well, you know, you can do the numbers with and without, because it's, it's a one-time off, and if it happens, fine, and if not, you know, we moved into 2024." So that's why for us, we continue to work on that, and if it happens, fine, and if not, we will not need that for 2024. We'll go next now to Angie Storozynski at Seaport Research. Thank you. Thanks for squeezing me in. So I have a question about transferability. You mentioned the $100 million from existing assets that you are monetizing using the IRA, the transferability. I was just wondering if you're changing the way you plan to finance renewable power projects going forward. I mean, do you expect to use tax equity, you know, versus transferability? And also, how about levering projects basically at the project level instead of using whole debt? Yeah, sure. We'll definitely, Angie, we definitely see a huge benefit from transferability that was enabled by the IRA. I think, this initial transaction was our first foray into being able to early adopt some of those provisions of the IRA, because we do have a number of assets that are generating PTCs that we were otherwise just retaining and holding on our books. These are assets that are not in tax equity structures because we always-- we haven't always used tax equity. So now we're, with the IRA, we're able to monetize those and benefit from the cash, which actually has a material impact for our credit metrics. So that was kind of the first step to do that. And, you know, as they're generated, we can continue to sell from those assets. But we have looked across the business and we'll continue to do that, to see where we can use transferability. We definitely think that there are in projects where we are doing PTCs, it makes a lot of sense. Certainly, we have talked a lot about this large repowering plan that we have ahead of us. You know, those are assets where that could make a lot of sense because those are assets of where the CapEx is a lot lower than a new build, where you already have depreciated assets that because they're existing assets, so you, you're not generating a lot of more of tax losses. So PTCs and transferability makes a lot of sense. Again, transferability proceeds are cash from operations, so they actually have a big benefit to our credit metrics. We do think we'll still look at tax equity. I think it's important that we continue to monitor. There isn't sort of a one and done review because we have to take a look at our tax capacity, and we do have a lot of NOLs on our balance sheet. For large projects, particularly for ITC projects, where we have a larger CapEx, where ITC makes sense, tax equity can make more sense, so we're not just continuing to add to those NOLs. I do think, in summary, it's a very valuable tool that we have, and we will look at it more, not only for these ad-generated PTCs, but for new projects and repowering. Okay. And in those cases where you use transferability, the portion of CapEx that would usually be financed with tax equity would be financed with what? Additional debt? Again, I'm just Well, we would Okay. Yeah, it really depends on the asset, but we also... That's right, the other part of your question, we are looking at just future financing options. It depends on how much we grow the business. I think it has been historically cost-effective for us to do green bonds with the parent company to support that business. But, you know, we are looking at options to fund with project debt as well. Okay. And then changing topics to PNM. So we're obviously waiting for the decision from the New Mexico Supreme Court. And I'm just, again, we don't know when exactly it happens, or what it will be. But I'm just wondering, one, you know, given how long this has been taking and you know, and that we are in a dramatically different P/E multiples for utilities, so I'm asking, one, about potential renegotiation of the price. And number two, you know, if the Supreme Court does not side with you, what kind of route should we expect? Would you refile? And then again, would that give you a chance to potentially, you know, reprice this transaction? I think you know, two comments. The first one is, you know, we're just waiting for the Supreme Court decision, and we prefer not to comment either in the outcome or potential things after that. Let's wait for that. The second one, I think when you do M&A transactions, you don't renegotiate the price if in one year things go up or down. So from that point of view, I think we always look at, you know, valuations on a present value basis, and that's the approach to do it. Okay, so but I think, you know, we just need to wait for the Supreme Court. And there's a history of, you know, somebody makes a comment, and then people say that we said it was going to be four months, three months, two months. I think we prefer to be silent. Let's respect the court decision, and let's wait for that decision, and we go from there. Thank you. Ladies and gentlemen, that is all the time we have for questions this morning. I'd like to turn things back over to you, Mr. Azagra, for any closing comments. Okay. Thank you very much to everybody, you know, for being here today. I think in my case, the first thing I'd like to do is, as I said, you know, to say thank you to the employees, you know, to the union suppliers. Many of them have been supporting us nonstop in some difficult matters. We have on the table some, you know, rate case decisions, government control power, and it's a pleasure to see how committed they are, being at the patrol and great, you know, group. From that point of view, I would say first, thank you. The second comment I want to make is, and again, we'll go back to this at the end of the year, but if a year ago, you know, I was to be asked, you know, if I was comfortable, we were going to have a rate case in New York, as we have got a rate case in Maine, NECEC being built, you know, Park City, you know, terminated and Commonwealth terminated. I think probably the answer, you know, from everybody, from me, would have been no. Okay, so I think right now to see that additional $3 billion in CLCPA, $6 billion approved in New York, $500 million in Maine, I think this is, you know, beautiful. Okay, I think this is, you know, you know, basically the future being achieved this year in, on the foundation for the next five years. So from that point of view, you know, earnings, CapEx, rate base, you know, projects in renewables, you know, we said 300 MW, you know, we are right now at 500 MW, good returns, renegotiations everywhere. I think the dynamic is different. So the only comment I would make right now is that the, the success, I think, in the last 12 months is as simple as saying, "Let's work." And let's make sure we meet everybody nonstop. I think the teams right now are meeting legislatures, executive branch, public advocates, attorney generals, investors, rating agencies, you know, public commissions, nonstop. From that point of view, when you work like this, I think the results come, because there is nothing we have to hide. We are proud of what we're doing, but also we're very objective on the needs that we have. So we have been able to solve many of the outstanding challenges that we had and clear the way for 2024. I insist a lot, we were very clear last year that 2023 was a transition year. Again, you know, we were trying to fix many things as much as we could, and I think we are being, you know, hopefully very successful in all of them, or almost in all of them. But in this case, I think with the rate cases in New York and Maine, the termination of these two offshore projects and NECEC, I'm very, very happy about how we are putting the right thing, you know, for the years to come. I think still, you know, we have other things, you know, to be done. I think we have, you know, asset rotations. I think we need to basically turn around the dynamics that we have right now in Connecticut. We need to make sure we complete Vineyard Wind 1 and NECEC on track, on time, and on budget. I think I'm very, you know, I'm very pleased about making sure we have a strong financial credit metrics, you know, liquidity, because that's also important. When sometimes you don't get the difficult, this is the moment to be. We're just waiting for the PNM decision by the Supreme Court. Also, you know, we're very keen also on developing and diversifying our talent. Talent continues to be, you know, critical, even when, you know, situations like the one with Patricia, she has to take a personal decision. As you can see, we are not, you know, for two months, you know, looking for anybody. We have a decision that is taking the same day because we have a very strong and ready, you know, a succession plan. As a result, I would like also, you know, to comment that, you know, we believe we are very well-positioned to face issues and very well-positioned for growth and the, you know, certainty, you know, certainty in the opportunities ahead of us, that we feel comfortable to generate long-term growth and continue building a better and more sustainable any future, not only for our company, but in general. So thank you. You know, I think if we have any other questions, I know we're going to have follow-ups with each of you separately. So please, you know, Álvaro, you know, I'll let you now to deal with you know, the further Q&A and so on. And, you know, everybody, have a great day. Thank you. Ladies and gentlemen, that will conclude the Avangrid's third quarter 2023 earnings conference call. Again, we'd like to thank you all so much for joining us and wish you all a great day. Goodbye.