Avangrid (AGR) Q2 2023 Earnings Call Transcript
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Welcome to Avangrid’s Second Quarter 2023 Earnings Conference Call [Operator Instructions]. I will now turn the call over to Alvaro Ortega, Vice President of Finance, Investor Relations and Treasury. Please go ahead.
Alvaro Ortega
Thank you, Dennis, and good morning to everyone. Thank you for joining us today to discuss Avangrid Second Quarter 2023 Earnings Results. Presenting on the call today are Pedro Blazquez, our Chief Executive Officer; and Patricia Cosgel, our Chief Financial Officer. Also joining us today for the question-and-answer part of the call will be Catherine Stempien, President and Chief Executive Officer of Avangrid Networks; and Jose Antonio Miranda, President and Chief Executive Officer of Avangrid Renewables. Other members of the executive team are also joining us today and may be called upon to assist with the Q&A part of the call. If you do not have a copy of our press release or presentation for today's call, they are available on our Web site at avangrid.com.
During today's call, we will make various forward looking statements within the meaning of the harbor provisions of the US 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 in this conference call, in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the SEC, each of which can be found on our Web site. 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.
Pedro Blazquez
Thank you, Alvaro, and good morning to all. Thank you for joining us today on our second quarter results presentation. Let's get started on Slide number 5. Avangrid reported second quarter earnings per share of $0.22 and adjusted earnings per share of $0.21. As we anticipated last year, '23 would have timing effects such as the implementation of key rate cases expected later in the year. This year, we have accomplished various important milestones in our core business and strategic initiatives. In Networks, Central Maine Power received approval for a two year rate case effective July 1st. On the New England Clean Energy Connect transmission NECEC in this quarter, we received favorable rulings from Mains Business court supporting the advancement of this project. We also have two new positive developments. First, the Massachusetts House of Senate has included legislation supporting cost recovery for change of law, the referendum costs in Apache appeal. And second, we have an agreement to extend the commercial operation date for the change in law delay if needed. We continue our discussions regarding price adjustments for the change of low cost. Today, we have provided with the regulator in Maine with the required notice that we will continue some critical path construction activities in August. On Commonwealth Wind, the Massachusetts electric distribution companies have filed with the Department of Public Utilities for the termination of the PPA contracts, which will pave the way for Avangrid’s participation in future offshore solicitations. In addition, we are progressing on our Vineyard Wind 1 offshore project, which is on track to deliver first power this year. Finally, our ESG efforts continue to be recognized by third parties. We have earned 11 sustainability and governance awards or recognition in the first half of the year.