Q3 2023 Avangrid Inc Earnings Call
Please standby were about to begin.
Good morning, ladies and gentlemen, welcome to Avon grids 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 speakers' prepared remarks, there will be a question and answer session. If you would like to ask questions. During this time simply press star one.
On your telephone keypad.
And if you would like to withdraw your question Press Star One again and now at this time I would like to turn the call over to Mr. Alfaro Ortega Vice President of Finance Investor Relations and Treasury. Please go ahead Sir.
Thank you Bill and good morning to everyone before we start our CEO Pedro Saga I would like to share a message.
Thank you al why don't I think before we begin I'd like to say a few words about the horrific entre mass shooting and loss of life and Luis domain.
We have many central Maine power in producing that we stood up on all of our main who are likely to severely impacted by this horrible senseless.
We are monitoring the situation very closely and we're prepared to provide every resource available to our employees and our affected communities. Our heartfelt thoughts from all of us at CMP and greatly but drawn up or with the lowest turn community.
Difficult time, let's move now to our third quarter results presentation. Please proceed.
Thank you for joining us today to discuss <unk> third.
Third quarter 2023 earnings results presenting on the call today are Pedro Saga, our Chief Executive Officer, Patricia Scheller, Our Chief Financial Officer also joining us today for the question and answer part of the call. It will be <unk>, President and Chief Executive officer of boundaries headwaters Monsanto's roundup precedent on.
<unk> Executive officer of I'm going to renewables and Justin Lake as senior Vice President and controller or other members of the executive team are also joining us today on may be called upon to US is 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 <unk> com.
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 1095.
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 <unk> earnings news release in the comments made during this conference call in the risk factors of the accompanying presentation or in it.
Our latest reports on file as our 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 Oliver.
During the past months and greenhouse continue 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 and supplement some of the major achievements, we have been able to.
At present.
If we move to slide five.
Earlier today up in grid reported third quarter results for 2023 net income of $59 million of 15 <unk> per share and an adjusted net income of $105 million or 27% 27 per share.
Over the nine months of Ingrid reported net income of $389 million.
Our $1 per share and an adjusted net income of $134 million or $1 12 per share.
In New York, our nicely on our G&A rate cases were approved by the public Service Commission on October 12, with a positive after tax impact of $136 million or <unk> 35 per share to be recognized in the fourth quarter. This year.
This includes $66 million of positive <unk> <unk> impact as if the joint proposal settlement was effective may one and $70 million.
For the mitigation of uncollectible we.
We successfully terminated our offshore wind ppas for Commonwealth Wind and Park City wind with an after tax payment of about $29 million in guarantees for these year.
By terminating these contracts we have improved the economics of our offshore wind projects and appointed billions and write offs at minimal cost. This cost is excluded from our adjusted earnings.
Just on our year to date achievements and progress on key issues. We are reaffirming our 2023 EPS guidance of $1 90 to $2 and Tencent and adjusted EPS of $2 20 to $2 35.
This includes onetime extraordinary gains from potential transactions of 24% to 28%.
Over the last months, we have successfully completed key challenges from 2000 to one.
One year ago, we announced our plan to file multi rate multiyear rate cases to avoid gaps between rates balancing earnings cash flow and affordability.
On October 12, we received a final decision on the rate case for our companies in New York, including over $6 billion of investment our past and future investments.
Our rate base will increase by close to 40% from $6 6 billion.
22% to $9 $2 billion in 2006, reflecting increases in plant additions needed to enhance the grid reliability and resiliency.
The three year rate case will also improve cash flow up to 940 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 cost improve our credit metrics and provide a fair return on historic investments up to 'twenty, two as well on those projected into 26 <unk>.
The decision also includes risk mitigation provisions for uncollectible and changes in long term debt rates as well as make whole provision. This may hope goes back may 1st meaning that even though you're right. It's going to affect on November <unk>, we will be able.
We will make whole as at the gym proposal settlement had been approved to back on May one.
The allowed return on equity is nine 2% and the equity ratio is 48%.
Ultimately the new rate case will enable us to continue to deliver a high quality service to our customers accelerate vegetation management work in process and reliability and resiliency and accelerate the clean energy transition in New York if.
If I remember last year. Many people put into question rightly that we were all we were going to have a successful rate case I think in the same case that in May when you work hard you have relationships to spend time with our regulator to explain you guys correctly I think deliver so I'm very very happy and proud of the work that has been done on this topic nobody could believe this outcome.
Year ago.
Turning to slide seven a year ago Park city, wind and Comber wind or financial exposed to significant additional project cost due to him present economic headwinds.
Many of the things, we said a year ago I think now everybody remains on the same items in the same way.
The contracts did not allow unilateral termination or renegotiation and as promised in our last strategic planning September 22, we took steps to improve the economics of the projects.
Since that time.
<unk> has been transparent and collaborative working digitally with the state and federal officials and our stakeholders to find solutions to de <unk> 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. The money, we received from 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 Ppas contract early this month.
The impact was limited to the security deposits of almost $12 million after tax.
On Commonwealth Wind <unk> Department of public utilities, GPU approved the termination of the Ppas in the.
The impact was limited to the security deposits of almost $18 million after tax this year.
Over the last year, we continue to advance the permitting and development of these projects now we have two high valuable leases readiness ready to leverage on the experience as part of the part of our growth developing financing constructing offshore projects like BTR win one as in the case of the rate case in New York and the rate case. It means also in these two protein.
I would like to congratulate the team I think we have done are simply very difficult to believe work, which is not even to initiate the construction in relation to the project and to be able to terminate two projects that are wise, we will be now speaking of billions of losses to date, so congratulations and I'm very very proud of the negotiation.
And thank you also to all the legislature so executive.
Other parties on Constitution, we were great. Because this is the best team in our thinking of.
The company viability in the long term.
Turning to slide eight early this year, we received approval for the first multiyear rate case in Maine for 15 years, the Maine public utility commissions <unk> approved all of our 3800 $30 million to $380 million of investments to improve safety reliability and resiliency.
This increases our rate base to nearly $1 3 billion.
In radio to reflecting the plant additions necessary to improve and modernize the grid and made.
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 four remain I would say thank you to the team therapeutic Joe again, very few people trusted a year ago, we were going to achieve a rate case like this one I think we are doing this because it's necessary we will have <unk>.
We're expanding all the time needed within 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.
The next item any CEC, we have successfully resolved key legal matters and restarting construction, enabling us to accrue a fee UDC.
Okay.
The Massachusetts in Massachusetts, Sorry, we are right now investing in this project, both in Maine, and Danny, Massachusetts, and as you know we have the agreement with Adcs, we will be investing approximately $1 $5 billion in these projects.
Through the end of the third quarter, we have spent already almost $700 million.
<unk> contributed $7 million on after tax earnings in the third quarter and is expected to add earnings almost approaching $20 million in the fourth quarter.
On slide nine we moved two key items that we continue to meet to make progress.
On beer when one 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 'twenty one.
Once online display will generate clean renewable and affordable energy for over 400000 homes and businesses in Massachusetts, while also reducing carbon emissions by over one 3 million tons per year, which is equivalent to removing 325000 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, monopoles Athena right cables to connect the turbines.
We have also completed the installation of the offshore substation earlier this summer.
The onshore substation has been energized.
Additionally, we have fully secured the components needed to support construction and executed our first of its kind tax equity financing for one 2 billion.
It represents the largest single asset tax equity financing closed on the first for a commercial scale offshore wind.
This allows us to monetize.
<unk> depreciation of the period supporting the capital structure and project economics.
We are proud of the work accomplished by the Altra team in pioneering a new industry in the U S. The lessons learned will be invaluable as we continue developing these projects and others in the U S.
Finally <unk>.
Artist in the merger case related to PNM presented our 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 before the end of 'twenty four and we continue to make progress there.
Turning to slide 10, we will discuss our UA rate case, and the challenging regulatory environment in Connecticut, two months ago, the public utilities regulatory if Europe issued a final decision regarding the rate case there.
In addition, the parts without prior notice from over 25 years of PURA practices resulted in our inability to recover reasonably incur costs and earn a fair return on and off capital.
The decision would hinder our ability to invest in degrees to improve his storm resiliency and reliability and water slowdown the state 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 IRI is bringing tremendous opportunities to the industry.
And we will be crucial for a great plan to repower up to approximately one <unk> of our renewable assets between $23 30 to Repower.
Repowering allows us to increase production of our existing assets by around 30% and reduced O&M cost by approximately 10%.
Let's not forget that it allows for tax credits for 100% of the asset production not only the increased production, including both us.
We commented for the next 10 years.
Unlikely infill projects Repowering does not require full development and permitting allowing the project to reach completion much faster.
In fact, we have ready repower through pretty successfully in the last three years.
This represents a low risk opportunity to increase the value of our existing portfolio at least through 2032.
We have continued dosing in slide 22, sorry, 12 in our priorities and achieve a key additional key milestones. This year on this slide we have some examples with the networks of CMP, we have secured a grant to $30 million award by the Doe equally development office under grid resiliency and innovation partner.
<unk> program. This ramp was established by the bypass 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.
<unk> also delivered an exceptional response to hear regularly which affected the region of northern New England on September 16, we successfully restore power to the vast majority of the 130000 customers impacted within 24 hours. CMP has also been recognized as one of means best places to work.
This is a research driven program from best companies group that examines the practices programs and benefits of our company and perform service towards term projects to evaluate therefore.
Their perspective.
Across all operating companies and networks, we have improved our system average interruption duration index or <unk> by 9% in 2003, when compare to our average sale between 2019 and 2022.
We continue to put the customer experience at the core of our naval business by expander, expanding our digital platforms year to date, we have over one 1 million app downloads, which represents an 8% increase on over 1 million customers on outage alert, which is a 46% increase.
These tools and technologies will help increase customer satisfaction reduce cost to customers and improve cash flow.
Moving onto renewables, we have reached an installed capacity of eight six gigawatts of wind and solar energy and we are on track to install around one two gigawatts between 23 and 25 as addressed in our strategic plan right. Now we have close to 850 megawatts of solar energy projects under construction.
Equipment and supply needed for these projects are fully contracted on secure preventing capex variation.
In the first nine months, we have also secured 580 megawatts of new and renegotiated ppas.
In addition, early this year, we joined the case of Western energy imbalance market <unk> as the first generation only NTT.
Regarding our corporate accomplishments, we recently reached an agreement with Vitol to transfer $100 million of Ptc's in 'twenty three.
The Ptc's will come from eight operating wind farms totaling over one one gigawatts for projects that are not in tax equity. This is one of the first of our tax transfer.
Transfer sell PTC since the IRA allow for transferability of tax credits.
Early this year Fitch also upgraded having great outlook to a stable improving our credit profile.
Related to ESG achievements, we hosted our first supplier diversity submit this quarter with the objective of bringing our small and diverse businesses together to promote equitable uncompetitive 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 and smart grids improve operations and enhance the customer experience.
Also related to innovation for nicely recently awarded us with the lowest Laytime Latimer Top innovator award in the same.
We were recognized for our projects simulating cyber security threats and our response.
Thanks to these achievements of Ingrid is well position for success and I am confident that we're taking the pharma steps to deliver future growth.
Turning to slide 13, our angry continues to be recognized in the key ESG related indexes reaffirming our strong efforts to meet our stability 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.
We're also most ethical companies by 80 sphere, the Bloomberg gender equality index, the financial times as stock exchange for good by FTE ESC Russell.
And the 23 sustainability yearbook by S&P.
2023 marks the fifth consecutive year being recognized as one of the most of the world's most ethical companies by 80 sphere, a global leader in defining and advancing the standards of ethical business practices. We are one of the only 9% on a risk globally in the energy and utility sector. This year.
The Bloomberg gender equality index connections have been grateful to build maintain and employ a diverse workforce and inclusive culture aligned with our ESG targets for women in executive leadership positions.
This is a six time, we have won the FDIC for due to award.
Created by the global index on data provider FDIC Russell the FTC for Goop index measures the quality of each company's management of environmental social and governance matters.
Okay.
Our country has also been included in S&P in 2023 sources sustainability yearbook, scoring more than twice the average of the industry.
All of 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 and have a great works on heart everyday to continue to deliver excellent customer and employee experiences innovative ideas and contribution to this AFG hopes.
In particular I would like to thank you Patricia for your dedication to <unk> and the many contributions you have made to our great over the past eight years, even joined last year you were here for eight years with US early this week, we shared that Patricia who will be leaving and retiring from a run rate in November. She has been an integral part of our company is working on <unk>.
As Vice President and Treasurer, and then as Vice President of Investor Relations. Patricia We wish you all the best adjusted will welcome Journal You May hear also for on time, and it's a pleasure to have you know as interim CFO and 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 wanted to comment on the recent announcement of my resignation from the company.
For personal reasons, a family related matter that requires my attention that remains supportive of the company and Pedro as CEO and I'm very thankful to Pedro the oven grid board, the chairman and eventual equity opportunities I've had I had my.
The other support and commitment to the company.
I have really enjoyed my tenure here at <unk> and I am proud of all of the accomplishments, we have achieved including successfully managing through some real challenges and 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 EI November.
Turning to earnings on Slide 15.
Third quarter of 2023, our EPS was <unk> 15 cents a share compared to 27 in the third quarter of 2022.
Adjusted EPS was <unk> 27, compared to 31 in the third quarter of 2020.
Network's adults were 24 <unk>.
Higher by a penny a quarter over quarter compared to the third quarter of 2022 of the key drivers included a positive <unk> due to the implementation of a third year of the existing rate plans for our New York Company and the implementation of our newly planning and CMP.
These results do not include the 35 to one time benefits of the new rates approved in New York, which will be in our fourth quarter results.
We also experienced lower.
And collectibles, which had a positive 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 CEC project in August resulted in an additional two cents of AFDC earnings quarter over quarter.
Offsetting the positive results in network for cost to implement.
Investment plans and operate the businesses, including O&M depreciation and interest costs.
Okay.
Our renewables business segment also reflect the strong performance of 14, the third quarter of 2023 higher by 3% quarter over quarter.
Wind and solar operating performance, which includes the impact of pricing production and tax benefits contributed 12 cents a share.
Related to new projects in service.
Operating performance in tax credit.
Also benefited from higher earnings from our thermal operations and asset management of five cents, a share and taxes, primarily reflected the implementation of the IRI in 2020.
Corporate costs reflect a decrease of eight cents a share quarter over quarter, primarily due to higher interest Scott.
Moving now to the next slide.
You're referring to we are reaffirming our 2023 outlook ranges for EPS of $1 90 to $2.10 a share in adjusted EPS of $2 in 2010 to $2.35 a share.
Our ongoing focus remains on achieving these targets as we execute our investment plans with discipline and a risk management program.
We also provide our expectations for the remainder of 2023.
This includes first the implementation of the New York meeting with a positive after tax impact of $136 million or <unk> 35, a share from <unk>.
On November <unk>.
This reflects our may call adjustment of 66 million for the incremental rate.
The rate case had been implemented on May one.
A one time catch up of uncollectible adjustment of $70 million.
Existing reserve amount.
To explain further this onetime adjustment reflects a new regulatory treatment allows for the deferral of uncollectible amounts the amount set aside in our uncollectible reserve.
Are any safety project has a range of four to five.
Electing at ATC earnings.
Additionally, operational performance and our networks and renewables business in the fourth quarter is in the range of 41% to 49%, which includes the ongoing impact from the implementation of rate cases for nice segue in Ardine CMP and Eli.
And we have cost management initiatives in the range of 4% to six cents.
This brings us to expected results prior to our renewables transactions in the range of $1 95 to $2 eight.
Which is the same as we indicated last quarter.
Adding the renewables transactions that we've treated previously disclosed which include the partial sale of our Kitty Hawk lease area at the range of four to 28 reached.
Reaching our 2023 outlook range of $2 20.
And 35.
Note that the delay in the closing of our merger with PNM has had a negative minus three in fact for the year, which is what we disclosed last quarter, considering the net impact of PNM operations and interest rates on the cost of funding as our guidance had assumed <unk> contribution in 2023.
$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 result taxes interest O&M on collectibles and asset allocation.
And finally today, we are reaffirming our 6% to 7% compound annual growth rate and our adjusted EPS in 2025.
That is the midpoint of our 2022 guidance.
Moving now to the next slide we are very much aware of the macro environment and our focus on managing our interest rate exposure. Some of the key points that we wanted to file later on this slide.
93% of our long term debt is fixed or variable debt exposure is limited to a hedge on an existing parent company bonds and our commercial paper program, which we did pay down by $800 million with an EBITA of intercompany 10 year term loan earlier in the quarter at a 545% rate.
Importantly, our regulated utilities can recover higher financing costs and the rates and the rate for.
For example, our New York utilities, which represents 58% of our rate base.
<unk> for the annual recovery of debt costs, and our new rate case includes a fixed rate debt reconciliation mechanism.
And UI in CMP interest cuts are reconciled at the end of each rate year Andrew.
And when we issued debt at the utilities and the private placement market, we were able to use a delayed draw feature that allows us to price in advance of taking the funds.
Please go ahead.
Through 2024, our maturities include $600 million at the parent and at the utilities of $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 projects vineyard wind one is financed with variable debt with a swap to fix for the construction loan and the project debt coverage hedged several years ago at very low rates.
Overall, the weighted average interest cost of our debt is 394% as of September 30th Genesis a sensitivity to our interest rate exposure was provided with our September 22, Investor day materials, but with an estimated impact on a 50%.
The 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 presenting capex variations.
We're also working with affiliates and suppliers to ensure the availability of transformers panels and other equipment.
We have renegotiated one gigawatt of PPA to reflect inflation supply chain disruptions and higher interest rates.
For offshore our vineyard wind one project flow 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 and write offs.
Finally, an important distinction for App included that were part of the EBIT for the 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.
Okay.
Okay.
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 one for $1 $2 billion to monetize project Itc's and accelerated depreciation. This is our first tax equity transaction for offshore wind and the largest single asset renewables transaction tax equity deal in the U S.
For renewables. We recently, we also recently executed a tax credit transfer agreement one of the first in this sector to do so to monetize $100 million of tax credits from existing wind assets not in tax equity financing structure benefitting from the IRS, we expect to.
Continue to use the transferability provisions enabled by the IRI to monetize as generated tax credits to enhance our cash flow and alternative to tax equity financing.
During the quarter as I noted.
We issued an $800 million 10 year Green term loan with EBITDAR at a fixed rate of five 5% and we issued a $350 million 10 year note at 568% and a 400 million 30 year notes at five eight.
85% for <unk>, each of which we used to write refinanced high cost short term debt incurred to fund the investments in growth of the businesses.
We also recently re marketed by United Illuminating tax exempt bond for $64 million at attract at attractive rate of 450% through the maturity of the bond in 2000 22033.
Finally, we have no equity expected in 2023 and as we presented in our September 2022, Investor Day, We had planned for at $1 9 billion and 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 in 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 EBIT that Backstops our merger.
Maintaining our solid credit ratings as a key objective at the oven grid level all of our ratings are on stable outlook.
Finally, our dividend policy remains unchanged targeting a payout of 65% to 75% and our board recently declared a quarterly dividend of <unk> 44 cents a share payable on January 2024.
Yes.
In summary, we continue to focus on executing our long term financial plan. There are timing impacts to recognize the results of rate cases of transfer.
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 successes.
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 will 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 of the do you have any questions. This morning.
While our one and if you find your question has already been addressed you can remove yourself from the queue by pressing star one again.
And we will take our first question. This morning from Richard Sunderland J P. Morgan.
Hi, Good morning can you hear me.
Yes.
Thank you thanks for the time today.
The Repowering update you about your onshore platform overall.
And when's the right time to give an update on kind of how that looks for the megawatts in development targets on a long term basis Im curious if the asset sales that are contemplated in 2023 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 you can provide in terms of where are those processes are right now.
Okay.
Comment on that.
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.
No later than 'twenty, two sorry, 'twenty four okay, because thats when we have these $1 9 billion capital increase in utilization as you need to do it if you don't do it you need to do it. So that's why it is by the end of 'twenty for when we need to do divestitures not in 'twenty. Three we are progressing well I think we have options, but we need to finish that.
No final decision on some of the options. We have we will come back I think on our renewals as different lithium renewables, but we'd like to do it and I'll come back to during the upcoming months with a full detailed plan I think we're now as you can imagine we have no more than <unk> billion regulated investments in New York.
In the rate case items Youll CPA I think we have a huge amount of Capex also remain I think we have any sea going on.
I think we have all been jarden are being completed so we have a huge amount of things going on right now so Athena what a DIY as you know to put our altogether on the upcoming in the upcoming months in order to bring them back to you with a clear path between 25, and I think does that type of thing to go into a lot of detail in recovery I think the good thing.
Of our Repowering is we have 10 years to do it. So there is nothing that we need to rush and do it in a second and we have identified all the assets of the Pcs would need to be changed and I think we will come back with a very specific proposal.
Got it got it that's helpful. I just wanted to circle back on the asset sales by 24.
Point, though so.
The game contemplated in the 'twenty three guidance.
That game shift to 'twenty four if youre doing the added sales of 24.