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spk_0: good morning my name is david and i'll be your conference operator today at this time i like to welcome everyone to the algonquin power and utilities corp first quarter twenty twenty two earnings webcast and conference call it a conference is the recorded online been placed on you to prevent any background noise after the speakers are march so the question and answer session if you
spk_1: like after question during this time simply the starkey followed by the number one on your telephone keypad if you like to withdraw your question pressed are one once again thank you amelia thing vice president of investor relations you may begin your conference
spk_2: thank you the morning everyone and thanks for joining at this morning for our first quarter twenty twenty two earning conference call preventing on the call today or every that go to our president and ceo and aren't the cat for that or chief financial officer also joining us warning for the question and answer protocol will be joe norman or chief development officer and johnny johnson or chief operating officer to accompany earning caught again you have a supplemental web cat presentation available on or web but of uncle car and utilities dot com or financial and measure discussion and announces an annual information from are also available on the website at the bottom feeder and edgar before continue the call you would like to remind you that our discussion during the call will include for and or looking information including but not limited to our expectations regarding earning capital expenditure and the acquisition kaplan is likely and grow at the end the call i will read and notice regarding both or look the information and non got measured please also refer to our most recent and the in a vote on are and had gone and available on our website for additional and for information on the either on are called of morning a rule provide an overview of or to one perform performance arthur will follow with the financial result and then a room of included with an update or strategic plan for the business we will then open the lines for question and i ask that you restrict your question to to and then we q if you have any additional question to out other the opportunity to participate and with that i'll turn over to a room
spk_3: thankyou emilio and very good morning to those who have been able to join us on the goal and online i'm pleased to report them you are on track with good a year over year growth in the following key financial metrics do one adjusted ebitda one three hundred and forty one six million dollars hundred percent increase year over year and argue one or just a little early for sure was put you on defense an increase of five percent compared to last years twenty cents we see ourselves as a business from long lived out his and the lottery isn't and will consistently been able to produce table and brewing financial results and remain confident in our plans to continue worry strong returns to our shareholders leave that out onto the execution of strategic priorities and are strong financial blue to me i've lived with from on board of directors to approve an increase in our common shared the and six percent which was declared yesterday increase national blomfield have consistently including do and each year demonstrating our confident in and or millions of our leaders model we continue to focus our efforts on old i'm going to three strategic pillars
spk_4: growth
spk_3: is excellent and sustainability and i would provide more details on each of these pillars a good word in our regular business is focused on deploying capital to benefit out of the lawyers and investing in i read this i'll review embargo well on april sixth twenty two they do the missouri public service commission you should it's fine already bored and ordered resulting in a broader revenue increase of thirty nine point five million dollars who knew had expected to be implemented on june first twenty twenty two revolver and party let you can already requested a rate increase of seventy nine point nine million dollars which included twenty nine nine million dollars of recovery related and laugh theory extreme midwest weather event and subsequently amended religion quest to fifty million dollars after reading certain components and differing recovery go to a newly costs
spk_5: we believe that women represent a fear outcome
spk_3: forgot the earth and the company we continue to invest in our network do or mission critical services to our communities while keeping butter affordability of mine we also received a regulatory out on for bungled
spk_6: i'm juanita electric utility in the water
spk_3: a earlier increase of twenty two point eight million dollars however we are appealing the decision with the regulatory authority as we do parties could benefit from better methodology good definition are on the real making process another to learn on the inside is from acquisitions at the beginning of the year we closed on the actors in a more do need of water which services over one hundred and twenty seven thousand after more connections across curran county in southeastern york and we have recently walk on the employees into liberty the chances women have gone very well as we have incorporated into operations into our east region and food bath could lose and we are sharing knowledge benchmarking with are other jurisdictions and sharing but practices roth ira utility businesses stay on the topic of acquisitions want to provide you and all day on and two point eight billion dollar acquisition of can to do power company and he began digging transmitting company
spk_7: we remain firmly committed to return to action
spk_3: and move forward to bringing the benefits of our local operating mahmud the eastern kentucky as previously mentioned our is produced and of enhancing your the powers of local operating model many benefits to customers by exploring opportunity to to induce but the marines to investing more involved energy and creating a include local enjoyment are all attributes
spk_8: expected to help customers and the local communities
spk_3: while driving value for shareholders to that end on for it the kinda the public service commission issued an order including an approval of the blending acquisition
spk_5: subject to certain conditions
spk_3: the water issue is one of several steps required to complete the transaction the prior on need for it to be a fee issued an order authorizing only by ownership and operating agreement
spk_5: related to image of black
spk_3: on that subject remain outstanding from the west virginia dom isn't and for it we have already received a park god you're already know and she feels that rules we expect the transaction him don't you can you do after satisfaction of all posting conditions
spk_2: we continue to work collaboratively with a be a look forward to bringing you benefit of the wars and coming in kentucky
spk_3: going to and leavers on our renewable business in our ability to originate an accident brothers it was pretty go deeper you and year we completed twenty four megawatt a be are valuable facility which reached commercial operations in quebec we'll all have the energy being sold two hundred you back i'm pleased to report a letter to project watching commercial operations either one hundred and seventy five megawatt knew him facility in fact that one with all the energy under contract with that power our construction teams aren't you do actually do well on the time will continue to make progress on should be okay and as as the protection of gear funny to and image do on the floor time we can do to execute either on community solar facility real commercial operation in december hold on his baggage first or is on a new solar project and expected to ruler really do bills for over thirty one hundred denzel customers bounce on and continues to and on the utility scale the new on solar project and we have started construction on t additional community for project in new york state stay on topic of solar avid reader to the us government solar solitary investigation renewable sector we believe there are two categories where investigations impact on our industry might affect our wide like for you yeah i brought you to you under construction which could have a potential nice we are evaluating all options to mitigate the potential impact from the bombers environment in the investigation into for and manufactured solar modules the second category future projects we believe the consequences of the investigation
spk_7: for the last to to be uprising in the industry
spk_3: and is consistent with our development philosophy we generally try and finalize the large supply agreement the a became contract and off takes at together as possible in an effort to protect the margins we expect another leave her alone with on renewable side is developing successful partnerships for renewable development in commercial and indulge your customers the more sustainable energy yeah to be new to report them could do the collaborative up formerly known as the the company and executed and off big agreement between mecca and one hundred and twenty megawatts new farm located in michigan this represents the second all good agreement with murder after the previously announced it out or lisa moving on now do offer are excellent in a mission critical industry in the unreliability at all the key areas of folders i am to share it and we're about to begin breaking milestone of over eight hundred days banning nearly got a million work hours without a female last time injury across our north american witness lol keeping out of the muslim community safe and maintaining our system reliability and resiliency in fact another testament to after safety culture is that i'm pleased to report on notable achievement out onto the movie was recently that in mind by the american gas associates and eighty eight and about fifty performer in getting twenty one mean that you keep the achievement award for the more injured and read in the medium communism utilities category are balanced approach of operating on mobile milo central government continues to be a fungus we like our local management team situated opposed to are active for those community customers and regulators would continue to be innovative any involved in our system the get her to leave future customer needs in a de gar when i doing world one recent example is that he has secured of enron and is now awaiting the final dive for pilot program with their regulatory missouri would you make the for with utility and was due to give up and go to are not regulated return on behind the leader he let me go charging equipment bible inflated to launch my fall and into the number of unique answered and system that are inside that we will be sharing with the conditions down and the program unfolds
spk_9: pilot program is also no they're not given that it's final design read for nearly a year
spk_3: collaboration
spk_5: begin liberty
spk_3: the missouri gonna do that and the of intervenor community adding before the original framework
spk_5: would you find monkey ball around features in response to stay boulder input
spk_3: no pleased with the final design and that type of collaboration becomes the norm when it comes to innovative it and finally william and the bomber permitted to sustainability to the inclusion of environmental social and governance rallies in a water right strategy and day to day operations we all said that are definitively plans and in shoes aren't embedded into a lot of corporate strategy and we've begun another important step in that direction i reboot read or loosening as a family members unit on are under our strategy blue would you being led by alan bremner and getting vice president strategy and sustainability are short medium and long term strategic direction will continue to factor in sustainability as a more strategic in value i'm sure many in the investor community will get a japanese developed in the near future during a blogger abandon what also recognized for his second year in a row by a globe and mail and report on business magazines
spk_5: human media benchmark
spk_2: which acknowledges corporations
spk_3: record of executed gender diversity in canada yeah
spk_2: i'll after the old albert
spk_3: you speak to our first quarter gone you planning to financial results either beg becky around and good morning everyone i'm pleased to report strong first quarter results before and of that that's over diversified and brazilian business model i'll first quarter twenty twenty to consolidate on a job and even up with three hundred thirty point six million which is approximately seventeen percent from the two hundred eighty two point nine billion be reporter for the same period last year the regulated services group deliver two hundred and thirty one point two million an operating profit and the current quarter which compares to two hundred and six point four million and the same quarter last year and increase of twenty four point eight million or nearly twelve percent because increase reflects the addition of six hundred megawatts of wind generation in the first half and twenty twenty one as part of the greening of the initiative in the midwest the facilities contributed approximately nine point five million of additional operating profit a group also benefited from the implementation of new rates across several of utility systems adding approximately seven point five million to operating profit as compared to the fire year lastly or operations that empire electric although modeling negatively impacted by whether discolor as compared to long term averages reporter higher operating profit as compared to the prior year due to higher long passed through fuel costs incurred in the prior year resulting from the impact of store marie operating profit would negatively impacted this color by operating loss of the liberty new york water which was acquired in january as a reminder that utility is impacted by steven alan and unexpected error and a disproportionate amount of operating profit during the summer months renewable energy group reporter first quarter divisional operating profit of one hundred and eighteen point six million which compares to ninety five million in the same quarter last year the an increase of twenty three point six million or nearly twenty five percent during the quarter production of our existing wind and solar generation facilities was more in line with long term averages increasing and by twenty percent over the same period last year and other a result contributed approximately twelve point four million to the your overall increase in operating profit generation from newly commissioned facilities and investments added eight point five million primarily from the maverick week when and out of this first solar facilities by both achieved for commercial operations in the second quarter lusher operating results also benefited from incremental dividends received from atlantic up or partially offset by will try to capture some of our when facilities and other people got other saying thermal italy in california
spk_1: our investment into text of course the wind facilities provided a positive contribution to operating profit this color with the addition of the watch raymond facility in the second half of last year
spk_3: but continued to perform be lower expectations primarily due to higher than anticipated basis called resulting from the imposition of the journal transmission constraint into the city give the facilities and total or que on adjusted net earnings per share came at twenty one sense which compares to twenty cents in the prior year in addition to the drivers have caused a result for negatively impacted by financing costs associated with the capital deployed and twenty twenty one and an increase in weighted average shares related to the kentucky power acquisition funding peace financing costs were and continue to be incorporated into our volume financial outlook for the year moving on to our capital plans for the early for twenty twenty two or the up is targeting to spend over four point three billion and capital wouldn't with the majority related to the acquisitions at liberty europe water which caused earlier this year and kentucky power which is expected to close but this year our capital plan that remains on track during the corner in addition to be approximately six hundred and nine million of capital deployed for the closing of new york water we invested over two hundred twenty five million of capital and into our utilities and continue to invest into a renewable development and construction projects we also continue to make good progress on our financing plan for the year which is a reminder is predicated on maintaining a strong and resilient balance sheet targeting a triple be fly investment grade quite agreement as much you know my remarks last quarter early this year we should approximately one point one billion of hybrid debt which we expect to use in connection to causing of kentucky power together with the common equity offering completed last year and totally of raised just over one point seven billion towards the two point eight billion purchase price with the remainder being that assume that on acquisition a portion of which we expect to refinance in the deck capital markets shortly after
spk_1: the remaining funding requirements for the here are expected to be saw a combination of various funding sources available to us including retain cash additional hybrid that proceed from securitization of regulatory out it and long term debt
spk_3: and a second half of the year when they also reactivating and our our as the market often program to provide flexibility to write some modest amount of equity capital we've also recently commenced a process are exploring the modernization of several of our valuable assets which would be on another source the potential value a creative capital for this year
spk_1: considering the various funding sources available we cannot expect to require a discrete common equity offering for the rest of the sheer
spk_3: on the pull the shelves remain strong and mean the corner with over one point eight billion of available the quitting subsequent to the quarter are regulated services group upside been expanded it's revolving credit facility increasing it from the five hundred million to one billion for five year term the expansion was well oversubscribed highlighting the strong support for the company's credit in the bank market a treasure good remains focused the sure on also extending and potentially upsizing are viewable and corporate and questions before cutting things overture really and i could provide a brief update on our twenty twenty two adjusted net pps guidance
spk_10: we continue to expand our twenty twenty two a joke the he be as to be within the range of seventy two seventy seven cents
spk_3: these expectations are based on underlying assumptions including normalize weather patterns as well as readers production and we is pricing at the nubile generation facilities consists couldn't long term averages you've also assume the acquisition of kentucky power and be completed in the twenty twenty two and will be no impacts from covert operations you look forward to continuing to deliver a solid earnings which with on with our history of dividend growth you believe will continue to dry a strong return fraud or shareholders
spk_5: with that said i'll now and about german to outline our strategic plans
spk_3: i'd rather than before we do not allowed to be comment comment this morning aren't given you on in our strategic initiatives
spk_11: and argue for investigate
spk_3: we updated our by your capital investment program
spk_2: witch project go point four billion dollars from don't you don't do to the and twenty twenty six
spk_3: little vague about capital black all that
spk_5: we have already closed on liberty near water earlier that here
spk_3: executing on approximately six hundred million dollars on the capital plan in january or large portion of the capital plan is being spent on organic investments they improve the safety reliability angry lewinsky ah network on the renewable five we are excited over the growth potential and the believe that we have a launching a generate an opportunity to i'm sure it was good and had shareholder value we all are our our investments in over four thousand megawatts of renewable generation would would scale
spk_11: who's skill we're done to get in to medical benefits
spk_3: improve improve negotiating power nor can i can cause an access to greater opportunity
spk_7: i previously spoken about accelerating renewables road
spk_3: and adding shareholder value as large contingent to improve our investments
spk_2: and briefing development
spk_3: which readers guide will all our to capture the higher you have been large and and take a hummer lord hundred troopers justin wanting operations
spk_12: we see an opportunity to partner with institutional investors
spk_3: wishing to make alternate sustainable investment and we're thinking her would help when a little different develop and deliver on long term contracted for the rebel out
spk_5: more specifically
spk_3: we should be able to sell down in vectors while earning an operating p we could do boy some are all of the capital gains in for brief to do vog creating a potential new recording source of earnings for investors yeah we managed our in our own actively fighting browsers now with a portfolio with the unit and billion in assets in the range are approximately seven hundred fifty megawatts and would provide an update and brought to the countries key objectives for us our injuries were killed five hundred hours of platform together with increasing the amount of entirely generated gash for future girl i'm excited about brought into the one that was regulators and renewables businesses which are more work which isn't to contribute do and benefit from the decarbonizing from transformation that it burned the underway and which will only accelerate
spk_5: over the coming years
spk_3: we welcome you to hear more and putting annual general meeting so much you loved love and not have a lot on boy bundling will be hosting are virtually that you we welcome your participation on june second at four pm eastern but part of twenty thirty do as been very productive so far
spk_7: divorce only the beginning of water
spk_3: and are issued orders for i can to keep our average isn't
spk_11: on the renewable time we are excited about a good potential and believe that we are watching a gingers an opportunity to or nibbled blue an actual valley
spk_3: i'm pleased to the pillars of our though excellent
spk_13: grow and sustainability would be a good foundation as we continue to build a business
spk_1: able to do every day earnings the blow it and long term shareholder value
spk_14: with that
spk_3: how about all the operator for any questions from both online thank you
spk_15: this time like to remind everyone in order to ask a question press star than the number one on your telephone keypad will pass or just a moment to compile the q and a roster
spk_1: he will take our first question from a gave a qatar with raymond james your line of know of and
spk_3: hey thanks for everyone my first question you're just donnie i'm going the renewable power sorry you're building start and is curious to know that guy i think about eighteen percent of your capacity is is not contracted curious what kind of outside you're seeing from higher spot price prices day an attorney opportunities for contracting absolutely go that it and clean environment
spk_2: yeah if you're an average joe norman am
spk_1: the he added that you're you're absolutely right that there is a bit portion of the of those added that are not contracted and we are seeing an increase in pricing a a i think part of the at that we would probably leave the open in in terms of the managing the overall risk it
spk_3: in that they can appreciate the upside and or some other benefits in terms of balancing with the the generation pro palette next that to optimize the portfolio okay great thanks for that and then maybe just one are none on topic out by renewable to pointed to out your regulated a footprint answer me appreciate the kentucky dollars a big the big opportunity to i'm just curious at a your footprint an empire district electric i know that god the case for renewables nepad has been at it takes customers money i badgered that that that viewed more capable to a curious if you
spk_16: if you had any initial discussions with the regular their about potential additional renewables in the entire program
spk_3: let into that is because i'm dude will continue to have with on the legally those cloud our jurisdictions including missouri into in california and i really really and to congress' into the water utilities ah we're we're we're doing has begun in the in pin fat
spk_17: david davis to movie and online energy to move water ah
spk_1: so we i even looking at the a how do you have power those our energy needs with him annual energy so that's something we continue to be have a given amount of the bag and me when i was me out this an additional are natural gas mileage and news and in know usually not over time we believe that the mean me ah more opportunity to the phone ringing the feed ah bad as the the bike is illegal and the blue goes down and rebuild them for see
spk_18: a benefit to add to do with it
spk_3: at home that thank you very much alternate other to do it
spk_2: nicaragua to and often in with rbc capital markets you're like open
spk_3: i think some first questions for around at you mention that you started the yeah or recycling process for seven hundred fifty megawatts of can he is clarify that you are or are you looking to sell a minority interest in a retaining oh and i'm rick santelli that the yeah the culture taking so no another finds herself in the first of all like a in the wage is around seven or fifty megawatts i did say that these guy inaugural
spk_2: you will act of recycling pod be good now as we continue to increase on briefly five line and absolutely blew our we wanted to be something that everybody value to our shareholders are we and our every move out
spk_3: a significant amount of flexibility in terms of you know how much you want to sold out ah
spk_1: what had been born in for is really into mean that it
spk_14: a skill on board the development and operational by and daddies mean the most important than thing blood on and do really reality do agenda and development platform by doing this all that the new reagan flexibility
spk_15: are you in those are the exact ownership really maximize our shoulders out
spk_14: okay thanks and then my next question might be for just so in terms of solar panels supply am can you clarify so there's some projects land on on that on on that slide that has sam
spk_1: some solar panels and phallic sixteen offender percent on the community solar cheap and the air
spk_3: new market solar phase one
spk_15: are those like are those projects substantially on hold our dear already have family panels on the ground and this like that this investigation into tears
spk_1: i wouldn't i would they impact the a projects that are already starting the panel installations and i presumed new market phase to and chevron does have been pushed out a bit too to where did it as issue
spk_15: in an alternate the it's a good question certainly the department of commerce decision to investigators has got some turmoil them the supply chain
spk_1: i think maybe stepping back a little bit before entering your specific question wheatley very fortunate that them the solar projects within our twelve point four billion like line only represent about two percent and and the break night and to teach on the project that you're asking specific questions and for which are a little over on
spk_19: hundred megawatts and the remainder which is to projects that are out and twenty four twenty five timeline in our capital plan we don't expect the an impact on on that majority without and twenty four twenty five the book have time to adjust
spk_3: to whatever decision is made by the department of commerce and of and specifically to your question on the community solar projects those are and will continue under construction the panels are in countries fully expect no impact their that to chevron projects which total forty five megawatt and we reaper
spk_1: have made a joint decision was chevron to call those projects until we get the decision from the pound of commerce
spk_20: until a little bit of an impact their but pretty small projects
spk_21: and then a new market solar
spk_1: the up
spk_22: remaining sixty five megawatts in the schedule that around went through is constructed except for panels and it's a once the panel why we can complete construction quite quickly we expect the panels to live in a time to complete but construction before december thirty first at we do expect based on the sourcing of the panels that there is some
spk_1: tara exposure there but it only approximately thirty days of points on return
spk_20: had for thanks look at a psychologist alameda
spk_3: i know that that's about to report more was national bank your lines open
spk_1: good morning
spk_3: getting back to the topic and sell down said initially which assets could you be targeting with the and all assets under construction law been contemplating sell done on some operating assets say i imagine most wind assets you have come about or tenure tax for windows could be good candidates i just want what are your thoughts on
spk_23: on what get us or them
spk_2: so neuberger and than of the or idea for was easy to be missed a beat project to the development ah interconnection and ah fighting or me during construction and the early operations i am so that all use blodgett are being
spk_3: in early stages of on the operation ah and and do not the bodies we have in the pipeline and then moving in together and and and the us i know all are illegal anybody okay i'm gonna contemplating assault on i'm under operating assets at this point ah and we are looking at a lot operating other the renewable energy brought it's just a driver
spk_1: okay great
spk_3: secondly with the the dividend increase he gonna some thoughts on the pale ratio targets you have near in long term and how long those can you to back of your your to the decreases circular
spk_2: in a church you two to three they should the question her should are expecting a question
spk_23: i'm in terms dreams where are they would anger and as we think about your degree going for to tool to funeral raising dividends as we look at it said we want to ensure new providing a strong yields to are a lot of our investors are also we want to make sure their dividends or sustain woman nicely back an investor day we did layout
spk_24: our our our target and ratios and of about eighty to ninety percent we believe those those ratios with will ensure a sustainable didn't and a really just as a week on how we think about silent that those failed ratios earlier it to bring the combination them or two businesses are on the renewable side which
spk_1: typically pays out of proportion of the cash flows and unregulated side where we see a lot of are usually peers paying out between sixty and seventy percent of filed earnings will be blended together you you get about the eighty to ninety percent the earning senate peeled ratio
spk_25: only the only thing at a table the peer reviewed it a long term payout ratio we probably didn't see it's not a potentially the exceeding that in the short term especially with doesn't the transitional factors this year as we bringing on nye kentucky power
spk_26: but out but not certainly in the long term for probably posts twenty twenty three would set your see ourselves i would end up to that they are issue that assuming at the the six percent increase the that to that we're seeing today
spk_27: great hundred i'll i'll i'll either
spk_25: azure one and cute neck to have been at same with below your light open
spk_3: add extra money i want to kill start off on and an an entire plot he now left that and packet power and then and and year are comments from nineteen actually need you he look and bought electric and gas is there a bias said i want you to my appetite aren't renewables specially utilities that love love and up the an item am and the kind of mean sure the run and you know for them all and i do want to point out that the vast majority of fire i the usual i got the plan is organic girl group ah and brown said he had the last one is a little longer prevented because we have to loud acquisitions been you are making water and i can begin our when you can go to the previous ah in the today i would you wanna nine point four billion dollars and i'm also included there are six hundred million dollars of emanated so either in point eight billion dollars other languages or demon dog apis bull ram when all you know that bad organic growth right so i i want when the pointed out for the also ah we you and blog absolutely deepen our on emanated of a four hours what are what at the same died in a we are the end of the fact that appear in a skill does bring certain benefits and a year when we can execute on emily advert that that fungi strategies that fits all about financial electronics are all this guy new things new execute
spk_25: i am in a villain is buys a major blue really opportunity ah so now we outlawed in the in liberty or water that job that jenkinson and on did very well ah no surprises and even given our i experience based in terms of transitioning in why utility into i only do not anticipate any surprises on i can do follow as well
spk_3: the and so i given all of that the right opportunity bumps and we will look good and the opportunity that again while i will always be reviewing discipline when he comes to fit with strategy people that all about financial matters so on and so forth arian and academics had that cat had and as or markham and wondering also out that national at like year what happened last year you you realize that they're keen on on naqqash and an a but left but maybe you can situation that had a change at all yet again but there again the one of the things are the i mean really player is around a sustainability a day it has to fit and and and as he saw on the american to empower the transaction wow we would get a of structuring to make sure that that janet turn back and food our long term sub division with you gold and up to five or one comes to match guess i'm going to focus on me now civil think first of all now we want to mind our our guy i'd emissions and you again the how he didn't like massachusetts god i think there's a lot of in that is going on under the bleeding ah you're in the new abuse feel and the iron that age with i use a a guy long laughing black bite ah and of that effort to them to do to minimize our is the engine profile of i got into the do we also have filed
spk_25: for renewable natural gas but a filing in front of for different reasons why so far and are willing to that later do bosses are on the renewal died he acquired our platform in with content with the not to love lapland in the live in development determine which we by expect to come into operation this month in fact and and two others in the development or we i would you on our renewable natural gas and and longer term are we looking at either than avenue participate in a number on the most don't you are a particularly the news feeds the program on are now i do than as well and or logged on wifi dad as out of very much of a potential oliver one one make sure that we have a good line with decide on green hydrogen and eight and economics of that before transacting further on on not natural gas and
spk_3: okay got it can add that retired on that it depends on the question had an ass out and when you said that expression and i thought of
spk_28: different factors driving that a also considering your ability to maintain
spk_29: rate of our next couple years
spk_1: or can play around every update on they that you're putting in
spk_30: look at actually gets the and before the i would live by betting that is really odd more
spk_31: that that indicates that i didn't do in biology and and that the level of building that you really been an idea after only do to do it was some other factors we consider the interest of the believe get the feeling do that and boston and limit the ability to drive an absolute must answer upset
spk_3: okay thank you baghdad
spk_1: a group that forgot to a julian two million smith west bank of america your line of know of and
spk_3: thank you thanks to connect can hear me now do to good a veteran greetings did hey listen she's actually just to clarify that last response i i want to make sure heard right just fall here but it would you said i didn't act as the speedily sustainability of grounds right i think as a better the after what you that that the six percent dps a second ago it's not just as the majority but i think that you are affirming a confidence on a certain degree of growth that that absolutely great yet ackerman thank you it wasn't clear your spotlight document that that the thank you or it's are so bad back to our the regular schedule question of just with respect you as you are could e acquisition and he returns i know we talking about this i'm at various points with the timeline their rates are coming back to that tab ratio comments from earlier it's sort of seems as if it's try
spk_24: to the are darwish you're cheating a certain level and the normalizing your overall earnings profile such what's your lady sansa an award you get close that are earning those cortical authorized levels wherever that settles
spk_3: ship or something that clear he made a vow went through the expiry of the lot for a unit bridges agreement in a certain level of a default allowances where they are done with it would be recover so that that's the only one is food getting back up to us or to learn along with ah and the next to an opportunity for us clearly be on on the way gave them blanda file in know twenty twenty three ah which goes into effect in bring twenty four and and never done before there's a number of mcgonigle that have already been common among the among other the guy english only to do in kentucky and we plan to try and of the allows them to the lot and then finally and as we started yelling in in a borderline in the long lost
spk_1: unfortunately
spk_31: wow be the ones they want a lovely be a sport expired and and the mitchell ah
spk_32: it gets retired from the from the going to give up by perspective and and bring blue applause really didn't energy know we should be able to pass on in a good the benefits to customers as well as in an hour and early as one so it was that might have been boosted of new building block aggies model
spk_1: and we confident and be of the executed do that
spk_3: excellent guide you in school and further or one one quick get clarification of i can you are you said the right of are expensive process exploring the modernization of several of your the laughs at which you would use another source of all our value capital what is of modernization of you were killed last as look like enough
spk_33: form of of financing it's totally be crystal clear about this i get we thought at l a call earlier about potential modernization of the assets but the i have used the term modernization act will make sure her that right
spk_2: the i would make maybe maybe men modern day in the transcript coming across a little ordinary
spk_34: oh mom again
spk_3: can you can proceed god julian with your question and you came out jedi
spk_24: yep he added
spk_3: or something happened that technology bloodshed
spk_1: so far behind the first of all in in a do
spk_3: earlier get those but i've been there julian i've been money died aged not margin
spk_1: i thought that the helicopter i do i i have reviewed a chance your gear digital divide the the all good thank you so much as there was a really nice guys
spk_3: make your next will go to our sean stewart with td securities lines of thank you good morning everyone
spk_1: lot of questions have been asked one question on the the unregulated renewable platform like is to question the the the process that he formalized for potential asset sales institutional partners get in and i missed a deep deeply can you as context on a timeline for reaching conclusions there ah the and by the end of the year
spk_15: the can move to into blanking like a good idea
spk_3: factor in and maybe push for jeff and he looked to redeploy that capital towards earlier stage development opportunities in given the scale you're at now you lots of what you you a new source yourselves and built michelle can you speak to the the greenfield opportunity that vs
spk_1: acquiring early stage portfolios of projects than than using active to build the growth going forward any any comment on the buyer for my or another for earlier stage renewable development opportunities
spk_14: enter an absolute on and so we we continue to ship more towards greenfield them acquisition of facility that and just because of to two factors one we do the a lot of the early junior developers being acquired by strategic and by financial buyers and to at week with the the ability to create more value
spk_3: like going in earlier and or plant them into that had gotten bigger and bigger and us in our ability and tools for doing that have become improved
spk_1: okay an extra detail at i have had one thing
spk_3: and you next over to rob a hope with scotiabank reminds of them i'm on i'm just a hard question after funny at at my privation tie your id take a look at these protesters you're when you're taking a look at how much you want to sell diet of your consolidating or equity accounting be that has come into play and by that i mean know you have the murder after i could were quite a bit and get and so at the dog no actually a card for you to put at level five as a parent and or them up and not impact the overall balance sheet about a factor that in a week i got sick of and player
spk_14: of or olympics for day and been the first computer to most critical prisoners and brought that you know how to maximize valley ah body bag by be more important than hundred and our the other in a common on on on accounting people are gonna go same thing on the value of the number one
spk_3: he's been an odyssey of if we could that if you can optimize around for financing structure so through and through out the turn on vacation will certainly look at that
spk_1: don't appreciate that and then to follow up on kentucky wifi he has been conditioned that near in a filing the that i'll your back at are always marie for their orders that are has that i don't larger that expected so far
spk_2: a lot uglier than expected the lobby need a we're obviously our economy than of all of the and i deliberately mounting orders ah we are collaborating both he will he be ah on those are on on the on the whole out on the issue ah me into the outstanding
spk_3: but the regulatory requirements are from west virginia on unusual and forth ah we remain confident on resolving again the medulla on you do you ah and we continue to believe that the ah the economic than you need another year old the to that the that i can to get permission or i present declared a faggot bagwell
spk_1: thank you next will go to new major about doing with a capital markets your one is now open
spk_2: i have money to start to questions on on the asset sales of to expect so they are success that fear to perhaps lead to more regular pace or us to fix scale of of the a couple of recycling and shows they're going for the idea emitted out on the renewable dialogue regarding
spk_3: but i in a few months off on our adults allow them and to be able to repeal nine and valley dude the value greeted through than god uganda brothers are you going and we've seen ah even on a brutal mind eating a big issue than inaugural are actively paddling pool on myself yet to go a part due in about three and of leah
spk_35: ana i got continuing about the skill
spk_36: okay got it but i get so far and there's no specific targets scandal in i talked to lots of an unfit in my god the fair and another get kinda depends on how much more you can add to the before the overtime but it's sort of the first step one but he do that to do a more regular about that exact got it
spk_1: look at and from just one a quick question i'm not on the in deerfield that partnership with matter of you are you look at leader of the kinda chevron framework with this clients or what's some other points and us and canada the would would obviously like do i really like to share run for look up even bigger than have enough for didn't around the are often guy have done a lot of things including in a new city living in reducing a transaction costs ah answer we certainly are the would like to done all of these relationships in to do those kind of agreement agreement on that as as you know have other than one byte about this one hour with know our the about that it is the second one ah and food out of the room and and years old few nine partner partnership be something we spend a lot
spk_3: time and effort and focused on making sure that movie delivering done ah to our customers so ah wouldn't work to a will not remember on repeated you know ah of partnerships are not an ongoing project that that the model that we do one out are we there yet at least i can i'm gonna do i forgot your richard sunderland with jp morgan your line of no open by looking at the time today i just want a circle back quickly to the of comments earlier today and just wanna clarify the carry the care for exposure just on a new markets are two and not on the first stage or the community solar is that correct that not hide then and there will be terrific soldier also on a on chevron assets but we just need to sort through exactly what the decision is my resources panels right entrusted thank you for that the party an arm and a generally over the past and talk about your stores like why this church married or effort stand there
spk_37: yeah and so we are out of seventeen hundred megawatt hour at our stories or
spk_24: i am i blind or greenfield or the richard and now we are the blender with the story economic remember everything we need to be your luggage story on every one of our renewable our polluted with your everyone by we knew about in moment and everyone will earn the me out of thinking through are either into gonna
spk_1: i think of the sword
spk_2: we have new for for stories capability in the even when it gets really not bowed out with the inquiries about his doing so they we do need a news story would continue do about it and would run a due to the be price reduction as one of the back to the including those or number of hours a story the so we are pretty bullish on on the back story with the title a bigger than the and we already have actually know the glad what a bit of the a battery gold on a regular the balance of the business and i learned a lot two always in the local out yet again all in all excited about the dodgers stories opportunity they try to college baggage or here are no further questions at this time around that's gotta i'll turn to call back over to you for any additional are closing remarks thank you for taking the time on are grounded a battle with that a the on the line for a disclaimer our discussion during a cog and things are and for looking information including but not limited to or expectations regarding earning capital expenditure and the appalachian capital recycling and grow it's for looking information is paid under an assumption including those described in i most recent and begin a out on feeder and at guard and
spk_38: available on or that by and it's subject to risks and uncertainties that could cause actually dealt with differ materially from historically belt or without anticipated i before looking information for looking information provided during it's called be only as of the either of this call and it's based on the fan you as
spk_1: dammit attractions a patient opinion and assumptions of management and of today's date
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