Ladies and gentlemen, thank you for standing by. My name is Shamali and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's first quarter 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session for members of the financial community. At that time, if you have a question, you will need to press the star and the number one on your telephone keypad. To withdraw your question, please press star and the number two. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded today, April 30, 2025. and will be available for replay as an audio webcast on PSEG's Investor Relations website at investor.pseg.com. I would now like to turn the conference over to Carlotta Chan. Please go ahead.

Good morning and welcome to PSEG's first quarter 2025 earnings presentation. On today's call are Ralph LaRosa, Chair President and CEO, and Dan Craig, Executive Vice President and CFO. The press release attachments and slides for today's discussion are posted on our IR website at investor.pseg.com, and our 10-Q will be filed later today. PSEG's earnings release and other matters discussed during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. We will also discuss non-GAAP operating earnings, which differs from net income as reported in accordance with generally accepted accounting principles or GAAP in the United States. We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's material. Following our prepared remarks, we will conduct a 30-minute question and answer session. I will now turn the call over to Ralph LaRosa.

Thank you, Carlotta, and thank you for joining us this morning to review PSEG's first question. PSEG delivered a solid PSE&G of and on, as well as the seasonality of gas results also reflected the positive impact of our consistent and reliable nuclear generation performance, which realized higher prices. remaining below 20 degrees Fahrenheit, PSE&G maintained high levels of reliability, while PSEG Nuclear generated and supplied the grid with approximately 8.4 terawatt hours of 24 by 7. PSEG's focus on increasing the predictability of our results continues to benefit both customers and the company, aided by our Conservation Incentive Program, which decouples revenues from volumes and deferral mechanisms for pension and storms from the recently concluded combined with pseg's predominantly residential and commercial customer profile also reinforces our stability as a utility investment with defensive characteristics in a turbulent equity market we manage our cost structure to keep bills as low as possible while maintaining pseg's financial flexibility to deliver safe and reliable concentration of our supply chain also limits the amount of tariff-related costs binds with our multi-year labor agreements with all of our New Jersey unions extending into 2027 provides stability. The basic generation service or BGS default rate is scheduled to increase our residential electric bills by 17%. As a reminder, BGS is a pass-through cost for energy supply that PSE&G does not earn. The increase is largely due to July 2024 base residual auction result of $270 a megawatt day that was reflected in the latest BGS update as well as a true-up for the prior two years of BGS auction which had included proxy prices for comported public utilities directed the state's electric companies to submit proposals to mitigate the customer bill impacts of the BGS increase. PSE&G continues to work with the BPU and state policymakers to develop a solution. We understand the real kitchen table difficulties these PGM-related increases will have on our electric customers. Generating supply is added to the grid. Given the existing resource adequacy and balance, upward pressure on energy prices will persist. These discussions are ongoing. PSE&G continues to offer an enviable record of reliability, affordability, and customer satisfaction pfcng's combined electric and gas bill still compares favorably to all other utilities in new jersey our reliability metrics continue to differentiate our service and our customer satisfaction rankings are second to none i would add that this last metric measures us against all of our large peers in the east not just in new 25 remains focused on infrastructure replacement and modernization to ensure safe and reliable service and to meet growing. These efforts are on track and on budget. P&G also began rolling out the second phase of its Clean Energy Future Energy Efficiency II program, which will help customers save energy, lower their bills, and reduce carbon emissions while supporting job training and economic growth here in New Jersey. We mentioned the 12-fold increase in inquiries from large load or data center customers into to PSE&G's new business pipeline, which had grown from 400 MW in early 2024 to 4,700 MW. These numbers include both mature applications and initial leads. Our latest update now shows PSE&G experienced another quarterly increase in large load inquiries for new service connections, which will exceed 6,400 MW of Capazza's March 30th. We've done these inquiries on a timely basis, still averaging about four months, and our Our speed to response is so to the extent these large load prospects convert into new utility customers in the future, fixed costs are then spread over a larger user base which can help to lower existing customer bills. Now with the PSEG power and other, our nuclear operations generated the supply of the grid with approximately 8.4 and reliable base load power and achieved a complete capacity factor of 99.9%. There has been a lot of discussion in New Jersey about the need and potential for new generation in the region and potentially in the state. Legislation was introduced this past February that proposes to change the current New Jersey law that prohibits regulated utilities from building and owning new generation possibility, and we continue to work with New Jersey policymakers about this and other solutions to meet New Jersey energy needs. Regarding the ongoing discussion around the pending data center proceeding at FERC, we recently submitted PSEG's comments in support of co-location. With the position that the behind-the-meter data centers should pay for their actual use, consistent with the treatment of other behind-the-meter customers, top solar and other large generators and data centers, developers have requested a 90-day settlement process, which could be a path towards timely establishment. We are reiterating PSEG's full-year non-GAAP operating earnings guidance at $3.94 to $4.00, which is up by approximately 9% at the $4.00 midpoint over our $20.00. We are reiterating PSEG's updated five-year capital spending program at $21 to $24 billion, which supports an expected rate-based CAGR of 2029. This, in turn, drives PSEG's 5% to 7% non-GAAP operating earnings CAGR using the nuclear production To conclude, let me again thank our 13,000 employees across PSEG, Nuclear, PSEG, Long Island, and at Every Day for our customers, our company, and the communities where we live and work. I'll now turn the call over to Dan who will walk you through the results for the quarter and our outlook for the remainder of 2025, and then rejoin the call for our Q&A.

Thank you, Ralph. Good morning, everybody. PCG reported net income of $1.18 per share for the first quarter of 2025. That's compared to $1.06 per share in 2024. And non-GAAP operating earnings were $1.43 per share in the first quarter of 2020 to $1.31 per share. We provided you with information on slide 8 regarding the contributions to net income and non-GAAP operating earnings. by business, and slide 9 contains a waterfall chart that takes you through the net changes quarter over quarter in non-GAAP operating earnings per share, also by major business. Which reported first quarter net income and non-GAAP operating earnings of $546 million for 2025, compared to $488 million in 2024. Utilities results were driven by the implementation of new electric and gas-based distribution rates that went into effect October 15, 2024, and as Ralph mentioned, the recovery of previous capital investments totaling more than $3 billion. On slide nine, compared to the first quarter of 2024, transmission margin was applied to the impact of the rate case, recovering return on and of our capital investments, and in particular gas revenues, as approximately half of our annual gas revenues are realized in the first quarter. The margin also benefited from recovery of energy efficiency investment. Five cents per share unfavorable compared to the first quarter of 2024, with the year-over-year increase driven primarily by timing, as well as higher distribution operational costs due to inflation and the cold weather in January and February. It rose by a penny per share and two cents per share, respectively, compared to the first quarter of 2024, reflecting growth in investment for, as measured by heating degree days, was four percent warmer than normal, but 13% colder than the first quarter of 2024. As a reminder, weather variations have a minimal impact on PSE&G's utility margin because of the Conservation Incentive Program, where the decoupling mechanism limits the impact of weather and other sales variances, positive or negative, on electric and gas margins, while helping PSE&G promote the widespread adoption of energy conservation, including energy efficiency, and solar programs. of electric and gas customers is what drives margin and each segment grew by approximately one percent over the past year capital spending as ralph mentioned psc and g invested approximately eight hundred million dollars during the first quarter to execute on our 2025 regulated capital investment plan of 3.8 billion focused on infrastructure modernization energy efficiency five-year regulated capital investment plan of 21 to 24 billion dollars through 2029 representing a $3 billion increase from our previous plan driven by reliability and resiliency investments. As mentioned, we commenced this next phase of our energy efficiency program to pay to investing a total of $2.9 billion over a six-year period. $3 billion of on-bill repayment options. The quarter of 2025, Power Another reported net income of $43 million compared to $44 million in the first quarter of 2020. Non-GAAP operating earnings were $172 million in the first quarter, $69 million in the first quarter of 2020. Waterfall on slide 9, for the first quarter of 2025, net energy margin rose by $0.02 per share, driven by higher nuclear generation performance, higher realized prices due to the cold weather mentioned earlier, to a higher margin in our gas operations. for the plan increased by $0.03 per share compared to the first quarter of 2024, mostly driven by higher nuclear costs, and interest expense rose by $0.02 per share, reflecting incremental debt, especially the timing of taxes recorded through an annual effective tax rate, which nets to zero over a full year, and other items equally combined to have a net favorable impact of 2024. The financing activity, as of the end of March, PCG had total available liquidity of $4.6 billion, including approximately $900 million of cash on hand. It had significant available liquidity in the year-end 2024, $6 billion. This represents a significant improvement as we accessed the bond markets at both PSE&G and PSEG during the first quarter. This quarter, we issued $1.9 billion of long-term debt, which reduced commercial paper outstanding and increased cash on liquidity position was further enhanced during the first quarter of our existing $3.75 billion revolving credit facilities by one year. These variable rate debt at the end of March was at PSEG Power, consisting of a $1.25 billion term loan, which matures this coming June, and a 364-day term loan for $400 million, which matures in December 31st. We continue to have a low level of variable rate debt, representing approximately 7%. Advancing front, in early March, PSE&G issued a total of $900 million of secured medium-term notes, $400 million, $150 million of 3% medium-term notes due. PSE&G issued a billion dollars of senior notes consisting of $600 million of 4.9% notes due. $400 million of 5.4% notes due. Looking ahead, our solid balance sheet supports the execution of PSG's five-year capital spending plan, dominated by regulated CapEx, without the need to sell new equity or assets, and provides the opportunity for consistent and sustainable dividend growth. Closing, we delivered a solid operating financial performance to begin the year, and we are on track to deliver PCG's full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share. Long-term forecast of 5% to 7% compact operating earnings through 2029, based upon the execution of our capital investment program to clear PTC threshold. as our formal remarks.

Thank you. Ladies and gentlemen, we will now begin the question and answer session for members of the financial community. If you have a question, please press the star and the number one on your telephone keypad. If your question has been answered and you wish to withdraw your polling request, you may do so by pressing the star and the number two. If you are on a speakerphone, please pick up your handset before entering your request. One moment, please, for the first question. Our first question comes from the line of Bashar Pereza with Guggenheim Partners. Please proceed with your question.

Hi, good morning, team. It's actually Constantine here, Bashar. Thanks for taking the question.

Hey, Constantine. Hey, Constantine.

Good morning. Maybe just starting off on the 6,400 megawatts of large load interconnection that you've noted in the prepared remarks, do you see a timeline starting to form on the potential load inflection? And how is New Jersey thinking about resource adequacy with that load potential? You mentioned the legislative potential, but do you envision a potential shift on gas generation policy or anything else?

Yeah, you broke up a little bit at the end there, Constantine, but I think we have always said 100% and you apply a factor, 10%, 20%, and we'll leave that to you all. Any cost, there seem to be some folks that have been shopping at the best location for their particular application that they might have. But, you know, we just, from PJM that are in there, our legislators over the law about that and vocal with our questions.

Daniel, your other part of your question, Constantine, is, you know, proposed legislation in New Jersey. We had some hearings last week. I would say right now it's at the discussion point as opposed to certainly being active, but we are here and remain available as a resource to the state if they decide to take resource adequacy into their own hands through some legislation.

Understood. Appreciate that. And on the FERC tool six, with the comments that were filed last week, and do you have a view on settlement process versus outright order, any preferred route from your perspective? And has that FERC process come up in your commercial discussions at all in artificial islands? And would you be able to kind of mitigate any of that through any kind of continued provisions? Or are we kind of walking step by step there?

Yeah, so eating down at FERC, and we as an industry need to find a comment. Certainly think that in doing that, we need to make sure that we're not discriminatory in one customer.

The non-discriminatory aspect is really important. I think I'd just leave the commercial comment that I think that the counterparties are looking for the flexibility, the most flexibility that they can have. But right now, there's some uncertainty related to waiting on this answer, whether settlement can get us the best answer, which it seems like it's going to be more representative of what the parties are looking for. I think that that would be ideal, but they're never easy to get. So time will tell whether we can.

We appreciate that. Thanks for taking the questions.

Thanks, Scott.

Our next question comes from the line of Durgis Chopra with Evercore ISI. Please proceed with your question.

Hey, Dugash.

I see there's a lot of news in the market. There's tariffs. You know, we've seen Microsoft, Amazon, some of the other hyperscalers, you know, sort of pull off of some of their contracts. Just seeing if you're seeing any softness there.

No, I definitely would not call it softness. I think there's still a demand for power, and I think there's still a demand for that type of outstanding.

And, Dregas, overall, you know, that is not all coming in.

That's very helpful, caller.

Just switching gears quickly on LIPA, just what to expect there. I believe there are some meetings here end of May. Do you expect a decision then, or what are kind of the data points or dates we need to track throughout the year as they make the decision on whether you're going to provide services there or not?

So, Dergesh, I've got to take a half a step to the meeting that just took place at LIPA on this subject.

The one, the first, I think there was a, what I'm up to speed on is there was a first, I guess you went awarded the first portion of the contract, and then there's the bigger contract that still.

Yeah, no, there was actually, so continue to do the right thing, and Flurry of Act Management recommendation.

Got it. Sorry, I missed that. So what, do we know what the next step is here? Do they go back to the drawing board or?

Yeah, it gets right back to what you said. On May 22nd, there's going to be a next board meeting, and I expect that we'll hear some next steps. They went into executive session, among other things, that are being addressed.

Perfect. Okay, I'll leave it there, get back in the queue. Thanks so much.

All right, thank you, Zagesh.

Thank you. Our next question comes from the line of David Arcaro with Morgan Stanley.

Please proceed with your question. hey good morning thanks so much um maybe on um on new jersey and affordability i was just curious if you could elaborate on your um your your strategy or approach um to managing affordability just given some of the concerns i think stemming from pgm capacity pricing um but what are approaches that you could take uh to manage some of the concerns that have popped up from both the governor and the Commission yeah no concern is trying to really be

supportive of anything that comes out from there are legislators that have proposed a number of different bills I think the most significant one would be the one that would be addressing the core problem here which is supply and another way to procure supply in the state and meeting that one's any other

things that are going on the background David there's a lot of customer assistance like why heap and we're making sure that customers are aware of the programs that are out there to help those in need that probably will be hit toughest from the standpoint of some of these increases. So a lot of activity at the company and a lot of activity outside the company all addressing this particular issue.

And that to mention the remarks is very helpful on that front as well because if we can help customers use less, as I said to an earlier question, as we're decoupled, we can help the customer and be supportive without any financial impact.

Yeah, excellent. Okay, that's helpful. Thanks. And then on, I guess, on your efforts to contract nuclear capacity with data centers, I was just curious, do things now stand, like, are your discussions and negotiations contingent on the FERC process and figuring out, you know, behind the meter co-location arrangements and frameworks such that that time frame is going to be important and maybe critical to getting over the finish line here? Or are there other approaches that may not kind of have to wait for the full FERC process and potential settlement to play out?

Yeah, no, again, I'm going to give that to Dan and give you any details he wants. I think he addressed before. But, look, we think that for the industry as a whole is meeting the needs. And, again, I would encourage in meeting the customers, thirsty for it is not contingent upon that.

I think it's helpful to have that move forward.

Okay, got it. Thanks so much. I'll leave it there.

Thank you. Our next question comes from the line of Nick Campanella with Barclays. Please proceed with your question.

Morning, Nick. Hey, good morning. Thanks for that real-time update on LIPA. That was impressive. Hey, I just wanted to follow up on the prior line of questioning just in regards to the commercial agreement. And, you know, we kind of talked about this prior just being maybe a more realistic opportunity for 25. And just given everything that's transpired, can you, I just want to be clear, like, do you still see executing on a nuclear deal in 25 as still on the table before the governor leaves office, in your mind?

Yeah, what we're doing is still working.

Okay, that's helpful. And then just maybe remind us on, like, the quantum of megawatts that could potentially be part of a commercial agreement. you know would you be open to doing more than more than a third of it at this point just trying to take your temperature on that yeah there's there's not a target number but I would say that there's no restriction on anything that that we have that there's interest related to some kind of a commercial group all right thanks see you at AGA thank you our next question comes from the line

of jeremy tone with jp morgan please proceed with your question hey jeremy hi hi good morning morning um just maybe uh you know building a little bit on uh prior comments here and appreciate appreciating pjm's uh collar for the next capacity auction how do you think about the potential capacity price outcome in the next auction as it relates to customer bill growth at this point and Do you see the price floor carries enough substance to incent ongoing investments in capacity supply? Just any other thoughts on the market there?

Well, look, we'll tag team this one again. I continue to see in the consensus in three years worth of capacity increases, a large increase for customers in the forward years, delays at PJM and the capacity. And, Jeremy, I'd be way merchant generation business at the moment here. Look, if we have an opportunity to do something in rate-based, be able to answer that question in a lot more detail. But, Dan, you want to add anything?

No, I'll just add two things. On your last point, you know, the concept of bullet prompt incremental generation, honestly, it's less about the price and more about the duration and the time frame that you're talking about. So the periods that the auction covers and given the time frame that it takes to build something new, the price that they're putting out is not something that you're going to get if it prompts you to build a new unit. So I think the timing continues to be the challenge of PJM. And then just kind of maybe pile on what Ralph talked about before with respect to the overall pricing and customer bill, the BPU set up PJM's delays in the capacity auction. So that proxy price amplified the effect because there was a catch-up. We're still not caught up with respect to timing of capacity auctions. And so that proxy price, which was in the last go-round, the previous auction, as we move forward is currently the previous auction. So that proxy price is the $270 price we saw last time. And so Ralph says we don't expect to see a big move within this auction. It's because we're sitting at that. So there could be smaller moves, but nothing the magnitude of what we've seen. And the collar rounds at $270. So as Ralph said, it probably leaves you closer to where we are now. but without another jump like that.

Got it. That's a helpful contact there. Thank you for that. And maybe pivoting to offshore wind and fully appreciating that Peg has exited offshore wind, but maybe just, you know, any thoughts as far as, you know, recent frictions offshore wind that we're seeing today and how you think that impacts maybe the transmission planning opportunity set, or are there any knock-on effects to you guys that we should think about?

Well, no knock-on effects for us to the east of New Jersey because we did not have anything depending upon how we solve. Look, we, again, we have to be very, we need to either.

Got it. That's helpful. I'll leave it there. Thank you.

Thank you. Our next question comes from the line of Julian DeMoulin-Smith with Jeffries. Please proceed with your question.

Hey, good morning, team. Good to chat with you guys again. Hey, pleasure. Hey, so just following up on this affordability narrative, I'd love to hear a little bit more specifically. I know you guys alluded to, you know, kind of guiding customers with what's out there, but I just want to make sure I'm hearing from you guys right, especially to think about proposals and trying to assuage concerns out there. I mean, what would you say specifically you all bring to the table or would potentially bring to the table in a long-term and short-term sense here? I mean, I just want to understand the scope of how far this affordability narrative is going in the state and what you're hearing from the stakeholders, whether it's the governor, the BPU, all this.

Yeah, look, again, this is the PGM for passing delayed as long as we've talked a lot of it would lead me to believe that we would want to have an idea that was put in that would level that this would be a little bit different. I currently read it, electricity in the long term, and that counts on an equal payment plan. So that's a policy decision that will continue to be discussed. We have said and we want to be part of the solution, and we've always been that way in the state, and I don't see that being any different. So whether it's the long term, the rules, the supply, or the short term where we're trying to help customers out, and in the three ways that we mentioned, we're going to be here as best we can.

And on that short-term item, too, kind of an obvious statement, Julian, but our energy year starts June 1st, so you'll see volume increases at the same time you're starting to see that price increase. And so part of that design and part of that thinking is to take this thing out of the summer month.

Yeah, absolutely. And, guys, just to clarify here real quickly, on LIPA, you guys have commented that you see offsetting potentially this headwind to the extent to which you may or may not get it. But would that be effective here as soon as, you know, the start of next year as far as your ability to offset the full ramp, right, the six to eight cents ballpark that we're talking about here?

Well, it's not that high. I think we would say a five to six.

Got it. Excellent, guys. Thank you so much. Appreciate it.

Thank you. Our next question comes in the line of Carly Davenport with Goldman Sachs. Please proceed with your question.

Hey, good morning. Thanks for taking the questions. Hi, Carly. Hey, maybe just a follow-up on the large load pipeline comments from earlier. Any indications you can share on the breakdown of that 6,400 megawatts in terms of what are more geared towards initial applications versus those that are more mature in the process?

Yeah, Carly, you know, it continues to morph as you go through time. We generally characterize interest that while at the same time also as a 10,000 megawatt peaking system, we don't expect 6,400 megawatts to come on. And so Ralph mentioned earlier 10 to 20 percent. I think we continue to try to do some guesswork. Obviously, you don't know when someone starts to initiate an interest exactly where they're going to go. But as time goes on, their continued interest, how far they go in the process, how often they communicate, and what they're doing gives us some sign that we can get some kind of a gauge as to which are going to be more likely and which are not. And so I don't know if you're in that 10 to 20, 25%, somewhere within there I think is a reasonable expectation as to what's going to come forward. And that's also used for planning purposes. We don't plan our system around 6,400 megawatts coming onto the system. We plan for a subset of that based upon that experience. And so it's probably in that ballpark.

It's an imperfect estimate, but it is an estimate. got it okay very clear that's helpful thank you and then maybe just as you think about the the current five-year capital plan any color you can provide in terms of where you see potential exposure on on the terror front and any risk mitigation tactics that you see as necessary there you know Carly I don't want to I don't want to completely dismiss it because what we don't know we don't know but I am very comfortable that we do not have any any that we are planning over the near term right it's it's we are not no major efforts like

that major work is behind us on this last mile activity and the only project that we have of any magnitude had no indications yet that we have any supply chain concern great thank you so much our next question comes in the line of Michael Sullivan with Wolf's research please proceed with your question hey Michael.

Hey, Ralph. I know you kind of just hit this in one of the recent questions just in terms of short-term and long-term solutions, but do you think the short-term solutions are sufficient enough to kind of tamp down some of the political rhetoric here, just given, you know, like the long-term solution, how long-term are we talking? Like if you were able to bring regulated great generation online how how long would that take yeah michael i don't want to i don't so be lead times we will be you know it's it's a to give you a time okay understood and just kind of tied to that just wanted to get your thoughts on the governor's challenge of the previous pjm auction results and how that factors into to the dynamic yeah i look i i think um policymakers are rightfully concerned three year you know three station they're going to find out what i'm just about okay that's all just last one just back to the long-term solutions is regulated generation in new jersey the only solution that's being considered or are there any other bills that we should be watching okay no no no i i think look i think there's three solutions right we've talked about.

And I say generation without picking a source or technology. The first is you could have a couple of sites.

Very helpful. Thank you.

Our next question comes from the line of Bill Apicelli with UBS. Please proceed with your question.

Hi, guys. Just one quick question here. Just going back to something Dan said earlier about the commercial opportunities and flexibility being key. I mean, just maybe a little bit more color around what that means. Is that flexibility around being on grid or, you know, the timeline of how quickly things can ramp? I mean, what exactly is sort of the flexibility aspect they're looking for?

Well, so this is a follow-up on something Dan said. I'll let Dan answer it.

Yeah, look, I get in line how it's nothing more complicated than that. We've said before, Given where we are and given the transmission rates where we are, it is not in some other areas, and they know exactly what they're dealing with. And I think it's just – it's taken us a long time as an industry and as the regulators within the industry to come to that final answer. Now we had a question before about settlement, and I think that would be a great answer because it would be the participants that are actually devising where things are going to go that would ultimately get approved. But that doesn't happen overnight either. And so I think there is a general desire to move more quickly and get this done, but it's lingered for a while. So that's really all it is, Bill, is trying to solidify exactly what the landscape is that we're working in.

Yeah, and Bill, I would just – where we have our generation right now, we can go on and on.

And then just lastly on – what are you guys seeing on the adoption for demand response, right? That's obviously been something that's gotten more attention here as the price signals has gone up. Is that something you're seeing an increasing level of interest in from your customers?

Yeah, I think you see it in a couple different ways, right? But we don't have as much as here from other companies. Residential standpoint, we do see it, mostly in that case from, you know, pools that are not running and so on. It's continued in our energy efficiency, again, mostly to residents.

Okay. All right. Great. Thanks very much. Thanks, Bill.

Thank you. And there are no further questions at this time. I would like to turn the floor back to Mr. LaRosa for closing comments.

Well, thank you so much. Listen, I think, again, we know what's going on. We're going to be here to be a solution provider to the state, and we hope to continue to be a solution provider to the people of Long Island as well. We appreciate all of your interest, and we will see you at AGA in May. Thanks for calling in.

And ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.