ES - Eversource Energy (ES) Q4 2023 Earnings Call Transcript
2024-02-14 16:50:02 ET
Eversource Energy (ES)
Q4 2023 Earnings Conference Call
February 14, 2024 09:00 ET
Company Participants
Robert Becker - Director of Investor Relations
Joseph Nolan - Chairman, President & Chief Executive Officer
John Moreira - Executive Vice President & Chief Financial Officer
Conference Call Participants
Shahriar Pourreza - Guggenheim Partners
Steve Fleishman - Wolfe Research
Nicholas Campanella - Barclays
David Arcaro - Morgan Stanley
Durgesh Chopra - Evercore ISI
Agnieszka Storozynski - Seaport
Anthony Crowdell - Mizuho
Paul Zimbardo - Bank of America
Ryan Levine - Citi
Travis Miller - Morningstar
Paul Patterson - Glenrock Associates
Aidan Kelly - JPMorgan
Presentation
Operator
Hello and welcome to the Eversource Energy Q4 and Full Year 2023 Earnings Call. My name is Elliot and I'll be coordinating your call today. [Operator Instructions] I'd now like to hand over to Bob Becker, Director for Investor Relations. The floor is yours. Please go ahead.
Robert Becker
Good morning and thank you for joining us. I am Bob Becker, Eversource Energy's Director for Investor Relations. During this call, we'll be referencing slides we posted yesterday on our website.
And as you can see on Slide 1, some of the statements made during this investor call may be forward looking. These statements are based on management's current expectations and are subject to risk and uncertainty which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements. Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile to GAAP results is contained within our news release, the slides we posted last night and in our most recent 10-K and 10-Q.
Speaking today will be Joe Nolan, our Chairman, President and Chief Executive Officer; and John Moreira, our Executive Vice President and CFO. Also joining us today is Jay Buth, our Vice President and Controller. Now, I will turn the call over to Joe.
Joseph Nolan
Thank you, Bob and thank you all for joining us on the call this morning and for your interest in Eversource. Let me begin with the pathway for a full exit of our offshore wind business on Slide 4. When we started down this path in 2016, we were very excited for the opportunity to bring much needed renewable energy to our region.
The high supply prices in the Northeast are not good for anyone, particularly our customers. Until we can reduce the region's reliance on gas, by electric generation price volatility will continue to cause difficulties for our customers. State mandates for our offshore wind procurement provided a strong impetus for our engagement, along with the recognition that offshore wind is one of the few renewable resources that can be produced in quantity to reduce reliance on natural gas and dampen the volatility of our region's electric prices.
Unfortunately, our offshore wind investment experienced difficulties as early-stage projects. These difficulties were largely a result of the pandemic, supply chain disruptions, rising interest rates and uncertainty around available resources for installation vessels and fabrication of turbine foundations. We are not alone, as several other offshore wind developers have also experienced similar challenges. These challenges, coupled with the lack of pricing flexibility, inherent in contracts approved by state regulators, result in a projected investment returns substantially below our required thresholds....
Eversource Energy (ES) Q4 2023 Earnings Call Transcript