Financial Data and Key Metrics Changes - The company reported full-year non-GAAP earnings per share of $4.76, a 4.2% increase from $4.57 in 2024 [21] - GAAP earnings for 2025 were $4.56 per share, compared to $2.27 per share in 2024 [19] - The company paid dividends of $3.01 per share, representing a 5.2% increase [6] Business Line Data and Key Metrics Changes - Electric transmission earned $2.09 per share in 2025, up from $2.03 per share in 2024, driven by investments in service reliability [22] - Electric distribution earnings increased to $1.80 per share in 2025 from $1.77 per share in 2024, due to base distribution rate increases [22] - Natural gas distribution segment earnings rose to $0.97 per share in 2025 from $0.81 per share in 2024, attributed to base distribution rate increases and infrastructure investments [23] Market Data and Key Metrics Changes - The company achieved top decile performance for both MBI and SAIDI metrics, indicating improved reliability for customers [8] - The average electric customer experienced an outage only once in nearly two years, reflecting high service reliability [8] Company Strategy and Development Direction - The company plans to invest approximately $26.5 billion in infrastructure over the next five years, a $2.3 billion increase from the previous plan [25] - Key focus areas include grid modernization, resiliency projects, and compliance with state safety regulations [14] - The company aims to enhance customer experience and maintain high reliability while addressing aging infrastructure [13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of partnerships with state policymakers to address affordability and reliability [5] - The company expects 2026 to be a transformational year, with a focus on completing offshore wind commitments and managing potential sales [17] - Long-term earnings growth is projected to be in the range of 5%-7% by 2028, with expectations for growth towards the upper half of this range [38] Other Important Information - The company received regulatory approvals for rate adjustments, including a $55 million increase for NSTAR Electric and a $10 million increase for NSTAR Gas [29] - The company is actively pursuing the sale of Aquarion Water Company, with a court ruling in favor of the sale process [30] Q&A Session Summary Question: Growth trajectory and balance sheet flexibility - Management indicated that if the Aquarion sale is approved, it could eliminate some funding needs and potentially be accretive to growth [46][60] Question: Status of Revolution Wind project liabilities - Management clarified that the obligation is to Global Infrastructure Partners, not Ørsted, and that the project is on track for first power soon [60][65] Question: Sources and uses of cash regarding minority interest sales - Management discussed various alternatives for financing, including potential minority interest sales, but emphasized that these are not immediate plans [72] Question: Timeline for Connecticut AMI resolution - Management expects to meet regarding AMI in Connecticut soon and is optimistic about clarity on investment recovery mechanisms [75] Question: Impact of Aquarion sale on equity needs - Management confirmed that equity needs remain unchanged regardless of the Aquarion sale outcome, but alternative financing flexibility exists [103]