Good morning, and welcome to the Eversource Energy First Quarter Earnings Conference Call. My name is Brandon, and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note this conference is being recorded. And at this time, I will turn it over Jeff Kotkin. You may begin, sir.

Thank you, Brandon. Good morning, and thank you for joining us. I'm Jeff Kotkin, Eversource Energy's Vice President for Investor Relations. As you can see on slide one, if you've gone into our slides, which are on our website, some of the statements made during this investor call may be forward-looking as defined within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking 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. Some of these factors are set forth in the news release issued yesterday. Additional information about the various factors that may cause actual results to differ can be found in our Annual Report on Form 10-K for the year ended December 31, 2015. Additionally, our explanation of how and why we use certain non-GAAP measures is contained within our news release and the slides we posted last night on the website under Presentations & Webcasts and in our most recent 10-K. Turning to slide two, speaking today will be Jim Judge, who yesterday became Eversource Energy's President and CEO; and Lee Olivier, our Executive Vice President for Enterprise Energy Strategy and Business Development. Also joining us today are Werner Schweiger, our Executive Vice President and Chief Operating Officer; Phil Lembo, our new Senior Vice President and CFO; Jay Buth, our Vice President and Controller; and John Moreira, our Vice President of Financial Planning and Analysis. Now, I will turn to slide three and turn over the call to Jim. James J. Judge - President & Chief Executive Officer: Thank you, Jeff, and thank you all for joining us this morning. I also wanted to thank many of you on our…

Yeah. Thank you, Jim. I would echo Jim, thank you for those notes and congratulations and calls I received. So thank you very much. I know I've known a lot of you for many years going back to the investor relations days several years ago. But I'm looking forward to meeting those of you who I haven't had a chance to meet yet and working with you closely over the weeks and months ahead. I know I have some big shoes to fill and I'm excited about the opportunity. Just also want to close it and say I'll be part of the Eversource team that's at the AGA Conference down in Naples and I hope that I'll get to meet you in person at that event. So thank you, Jim, and I'll turn it back to you. James J. Judge - President & Chief Executive Officer: Thanks, Phil. Today, I will cover our first quarter financial results, strong operating performance results for the quarter, an update on certain transmission projects and regulatory dockets. Starting with our financial result in slide four, we earned $244 million or $0.77 per share in the first quarter of 2016, compared with earnings of $253 million or $0.80 per share in the first quarter of 2015. Both of those are GAAP numbers since we are no longer separating our merger integration costs in reporting our results. These results represent a solid start to 2016 despite the very mild weather in the first quarter. These results also support our full year EPS estimate of $2.90 to $3.05 per share as well as our long-term earnings growth rate of 5% to 7%. Our transmission segment earned $0.27 per share in the first quarter of 2016 compared with $0.21 per share in the first quarter last year. The…

Okay. Thank you, Jim. I'll provide you with a brief update on our major investment initiatives and then turn the call back to Jeff for Q&A. Let's start with Northern Pass on slide eight. The review process for Northern Pass continues to move along according to schedule. March was an important month from the standpoint of receiving public input on our project. A total of seven public meetings were held around this date in the month, three by the New Hampshire Site Evaluation Committee, two by the U.S. Department of Energy, and two jointly between these two primary permitting agencies. The Site Evaluation Committee will hold two additional public meetings on some follow-up items, one later this month and another in June. April 4 was the deadline for the written comments on the draft environmental impact statement, and we expect a final environmental impact statement from the DOE in the fourth quarter of this year. On the state side, the New Hampshire SEC recently established a near-term schedule through the end of June, providing for commencement of the discovery process in mid-May. The dates are similar to what we had proposed. Under the state statute, we would expect the New Hampshire SEC to hold evidentiary hearings and issue a decision before the end of the year. We are aware that some interveners have requested a more prolonged review period, and we expect a ruling soon on those requests and establishment of a firm schedule. Assuming the final schedule is consistent with the statutory deadline, as you can see on slide nine, it would support the issuance of a presidential permit from the Department of Energy early next year and the commencement of construction shortly thereafter. We continue to see support for the project building in New Hampshire, and we were…

All right. And I'm going to turn it back to Brandon just to remind you how to answer questions.

Thank you, sir.

All right. Thank you. Our first question this morning is from Mike Weinstein from UBS. Good morning, Mike.

Hey. Good morning. I was just wondering if we could talk about the – whether the current status of the RFPs and expected approvals for gas contracts support beginning construction in 2017 for getting major sessions with the pipe online for the winter of 2018 and 2019, generally speaking broadly.

Yeah, Mike. This is Lee Olivier. The construction period would start for the project in 2018, will start in early 2018, approximately the April-May timeframe and then the first sections would go in on the piping for the winter of 2018. So you're talking about the November timeframe of 2018. I would say right now we're still on schedule. We will be prepared to file the comprehensive filing at FERC in the November-December timeframe. We believe the timing in and around the other states, including Connecticut, even though Connecticut is built inside of their process, they have 90 days to negotiate precedent agreements with the EDCs, we think that could be done in approximately 30 days or 35 days. Their approval process through their regulatory body PURA is a very short term, it's about 60 days. So we think all of these schedules line up right now for conclusion by the end of this year and filing with FERC and start with construction in the spring of 2018 for the first phase of the pipeline.

Are you seeing more support for the project, just broadly speaking, as a result of the cancellation of Northeast Energy Direct?

I would say, although, the two projects were designed somewhat differently, we were designed to supply gas to generators to firm up 5,000 megawatts and they – ostensibly the (24:55) all around providing LDC power supplies. I think the fact that they're not going to be there obviously puts more pressure on the overall gas supplies of the region. So I believe that there is more support firming up around Access Northeast, both in the business community and with policymakers as well.

And just one last one. Can you give us an update on Massachusetts legislation and work for renewables in the state, how that might impact things like the Clean Energy Connect project, things like that? James J. Judge - President & Chief Executive Officer: Sure, Mike. This is Jim. We had solar legislation that was approved in Massachusetts that increases that needling cap and actually extends the opportunity for utilities to consider a utility-owned solar. There is also proposed legislation that the governor is endorsing which recommends hydroelectric commitments as well as offshore wind is being discussed as well. Those are only in draft form of proposed, it's only until the solar legislation is passed today.

Okay. Thanks a lot.

All right. James J. Judge - President & Chief Executive Officer: Thank you.

Thanks, Mike. Our next question this morning is from Travis Miller from Morningstar. Good morning, Travis.

Good morning. Thanks. I was wondering just on the demand, so electric demand in particular. How much of that was weather do you estimate? I know it's tough to do. James J. Judge - President & Chief Executive Officer: Travis, it's a tough question because you have such an extreme change from one year to the next, a very, very cold winter in the first quarter, a very mild winter this quarter resulting in a sales decline in the electric side of 8.5%. I would say that virtually all of that is weather-driven. I think without the – if we had had normal weather, I think the sales would have been close to flat, is my estimate.

Correct. Is that – remind me what your outlook is for this year in terms of electric sales growth. James J. Judge - President & Chief Executive Officer: Flat is the estimate that we provided.

Okay. And is that – if we look out, call it five years or something, what kind of trends are you seeing in terms of what would keep electric demand flat or 0.5%, something well below what we've seen historically? Are there particular specific trends and programs perhaps that you would see depressing that type of demand? James J. Judge - President & Chief Executive Officer: Yeah. We're estimating the long-term growth rate on the electric side to be flat as well. As you know, we are decoupled in a number of our franchises. And as we have future rate cases, we'll be decoupled everywhere, I expect. But we are forecasting flat on the electric side, but because of the gas conversions going on, we think there'll be 2% to 3% growth in gas sales annually. And really I think the primary driver to that flat growth has got nothing to do with the economy, in particular in the Boston area the economy is moving. There's lots of construction going on. But we as a company spend $500 million a year, $0.5 billion a year on energy efficiency, and I think that has a significant impact – 2% impact on the sales results for the company. Now, fortunately, the rate-making mechanism for energy efficiency spending makes us whole, either decoupling our loss-based revenues reimburse us. If we actually do a good job on the projects, we're able to earn an incentive. And at the same time, we're recovering our costs as we incur them each year. So the cash flow is positive as well. So, yeah, were it not for energy efficiency, I think we'd be looking at 2% or higher sales volume growth.

Okay, great. I appreciate the thoughts. Thanks.

Thank you, Travis. Our next question is from Caroline Bone from Deutsche Bank. Good morning, Caroline.

Hey. Good morning, and first of all congratulations, Jim and Phil. That's wonderful news. James J. Judge - President & Chief Executive Officer: Thank you very much.

Thank you.

You're welcome. So I just have one question. Last call, I believe you guys discussed the possibility of share buybacks. And I was just wondering if you could kind of review with us the circumstances in which we might see such a program? James J. Judge - President & Chief Executive Officer: Sure. We have a lot of positive cash flow items, right? Our fundamental business is strong to begin with. We've got bonus depreciation that's been extended. We have $700 million of cash coming in the door next year from the divestiture and securitization. And what we have said in the past is that to the extent that we can't find additional projects to pursue, to redeploy that cash, ultimately it's shareholders' monies and so obviously we would pay off some debt as well. But we would consider a share buyback if there wasn't a better use of the proceeds. That being said, I wouldn't expect any announcement this year. I mean, we are certainly executing to our plan for 2016. As we reaffirm guidance today, we continue to believe that we're going to be able to achieve those results and those results for 2016 do not assume a buyback is in place.

Okay. Thank you. That's very clear.

Thanks, Caroline. We don't have any other questions this morning. So we want to thank you for joining us. We look forward to seeing you at many conferences over the next couple of weeks, and have a good rest of the day.

Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.

Thanks, Brandon.

You bet. Take care.