Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Angie Storozynski with Macquarie Capital.
Angie Storozynski - Macquarie Capital
I was just wondering, maybe the first question about your hedges, the slight 21, seems like the hedges for your New York nuclear plant are down for 11 and 12 percentage wise. Does that have anything to do with the nuclear joint venture or is it just opportunistic removal of lower priced hedges and in some way your view of the market in New York?
Jonathan W. Thayer
I think with respect to the lower hedge profile, we have been preparing for the close of the EDF transaction and positioning the portfolio to transition in effect our assets or half of our portfolio to the EDF shareholders.
Angie Storozynski - Macquarie Capital
Okay, and then the purchases of power plants to align your load and generation and [inaudible] and then [Miso] you mentioned, is it contingent on the closing of the EDF transaction? I mean, I don’t want to speculate but what if the PSC comes back and basically decides that the -- or you guys decide that conditions for the transaction are unacceptable. Does that mean that you wouldn’t go forward with any purchases of those plants going forward?
Mayo A. Shattuck III
No, the comment really was a comment on our intermediate and long-term strategy to match our load with more physical generation, so that strategy would continue regardless.
Jonathan W. Thayer
Just to add to that, I think it is really more the financing component of that. With the close of the EDF transaction, we’d expect to have roughly $1 billion to reinvest, to support this strategy. In the event of the transaction not moving forward, we would use equity to finance such acquisitions with a balance of debt appropriate to the desired [MS credit rating].
Angie Storozynski - Macquarie Capital
But we should assume that then the purchases would be then only if such purchases would not be dilutive to your earnings, is that correct?
Jonathan W. Thayer
That would be the --
Angie Storozynski - Macquarie Capital
Assuming that equity would be used.
Jonathan W. Thayer
That would be the intent. I think we’d focus on turning on earning attractive returns first and foremost.
Angie Storozynski - Macquarie Capital
Thank you.
Operator
Your next question, Gregg Orrill, Barclays.
Gregg Orrill - Barclays Capital
I was wondering if you could just touch on a couple of the one-timers in the quarter, what was it that you divested around the $0.31 of expenses that you backed out?
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