阿莫林 (AEE) 2024 Q2 法說會逐字稿

Greeting and welcome to Ameren Corporation's second quarter 2024 earnings call. (operator instructions) As a reminder, this conference is being recorded.

歡迎參加 Ameren Corporation 2024 年第二季財報電話會議。（操作員說明） 請注意，本次會議正在錄製中。

It is now my pleasure to introduce your host, Andrew Kirk, Director of Investor Relations and Corporate Modeling for Ameren Corporation. Thank you. Mr. Kirk. You may begin.

現在我很高興向大家介紹主持人安德魯·柯克 (Andrew Kirk)，他是 Ameren Corporation 的投資者關係和企業建模總監。謝謝。柯克先生。你可以開始了。

Thank you, and good morning. On the call with me today are Marty Lyons, our Chairman, President and Chief Executive Officer; and Michael Moehn, our Senior Executive Vice President and Chief Financial Officer, as well as other members of the Ameren management team.

謝謝你，早安。今天與我通話的是我們的董事長、總裁兼執行長 Marty Lyons；以及我們的高級執行副總裁兼財務長 Michael Moehn，以及 Ameren 管理團隊的其他成員。

This call contains time-sensitive data that is accurate only as of the date of today's live broadcast and redistribution of this broadcast is prohibited. We have posted a presentation on the amereninvestors.com homepage that will be referenced by our speakers.

此通話包含時間敏感數據，僅截至今天直播之日準確，禁止重新分發此廣播。我們已在 amereninvestors.com 主頁上發布了演示文稿，我們的演講者將參考該演示。

As noted on Page 2 of the presentation, comments made during this conference call may contain statements about future expectations, plans, projections, financial performance and similar matters, which are commonly referred to as forward-looking statements.

如同簡報第 2 頁所述，本次電話會議期間發表的評論可能包含有關未來預期、計畫、預測、財務績效和類似事項的陳述，這些陳述通常稱為前瞻性陳述。

Please refer to the Forward-Looking Statements section in the news release we issued yesterday as well as our SEC filings for more information about the various factors that could cause actual results to differ materially from those anticipated.

請參閱我們昨天發布的新聞稿中的前瞻性陳述部分以及我們向 SEC 提交的文件，以了解有關可能導致實際結果與預期產生重大差異的各種因素的更多資​​訊。

Now here's Marty, who will start on page 4.

現在是馬蒂，他將從第 4 頁開始。

Thanks, Andrew, and good morning, everyone.

謝謝安德魯，大家早安。

We're pleased to have you join us today as we cover our second quarter 2024 earnings results and recent developments across our business segments. Overall, it was a very productive and positive quarter. As always, our dedicated and experienced management team remained laser-focused on executing our strategic plan, positioning us well to take advantage of future opportunities to drive significant value for our customers and shareholders.

我們很高興您今天加入我們，我們將報告 2024 年第二季的獲利結果以及我們各業務部門的最新發展。總體而言，這是一個非常富有成效和積極的季度。像往常一樣，我們敬業且經驗豐富的管理團隊仍然專注於執行我們的策略計劃，使我們能夠充分利用未來的機會，為我們的客戶和股東帶來巨大的價值。

Speaking of opportunities, I'm tremendously excited about the investment opportunities ahead for us in this dynamic period for the utility industry. In my 20 plus years with the company, our economic development and sales growth pipeline is the most robust I have seen, which I'll touch on more in a moment.

說到機會，我對公用事業行業這個充滿活力的時期所面臨的投資機會感到非常興奮。在我在公司工作的 20 多年裡，我們的經濟發展和銷售成長管道是我所見過的最強勁的，我稍後會詳細討論這一點。

First, let me cover our earnings and operations results for the second quarter. Yesterday, we announced second quarter 2024 earnings of $0.97 per share compared to earnings of $0.90 per share in the second quarter of 2023. Key drivers of these strong results are highlighted on this page.

首先，讓我介紹一下我們第二季的獲利和營運表現。昨天，我們宣布 2024 年第二季每股收益為 0.97 美元，而 2023 年第二季每股收益為 0.90 美元。本頁重點介紹了這些強勁業績的關鍵驅動因素。

And for the first six months of the year, our results have been solid, driven by infrastructure investments made for the benefit of our customers, encouraging weather-normalized retail sales and disciplined cost control. We remain on track to deliver earnings within our guidance range of $4.52 per share and $4.72 per share.

今年前六個月，我們的業績表現穩健，這得益於為客戶利益而進行的基礎設施投資、鼓勵天氣正常化的零售銷售和嚴格的成本控制。我們仍有望在每股 4.52 美元和 4.72 美元的指導範圍內獲利。

Turning to Page 5. Our strategic plan is designed to deliver on our steadfast commitment to providing safe and reliable energy in a sustainable manner. We do this by investing in rate-regulated infrastructure, enhancing regulatory frameworks, and advocating for responsible energy policies, while optimizing operating performance through ongoing continuous improvement in order to keep rates affordable.

翻到第 5 頁。我們的戰略計劃旨在兌現我們以可持續方式提供安全可靠能源的堅定承諾。為此，我們投資受費率監管的基礎設施，加強監管框架，並倡導負責任的能源政策，同時透過持續改善優化營運績效，以維持費率可負擔。

I'd like to express appreciation for my Ameren coworkers unwavering commitment to our strategy. On page 6, we highlight our key accomplishments in the second quarter as we execute our strategy to deliver on our 2024 objectives. The strategic infrastructure investments we have made in the first six months of the year are designed to maintain the safety and reliability of the energy grid to modernize the grid, and do a hardened against more frequent severe weather events.

我要對我的 Ameren 同事對我們策略的堅定承諾表示感謝。在第 6 頁，我們重點介紹了第二季度在執行策略以實現 2024 年目標過程中所取得的主要成就。今年前六個月我們進行的戰略基礎設施投資旨在維護電網的安全性和可靠性，實現電網現代化，並加強應對更頻繁的惡劣天氣事件的能力。

Over Memorial Day weekend, severe thunderstorms swept through Missouri and Illinois, bringing strong winds, flooding, and golf ball sized hail. As always, our teams quickly and safely assess the damage, cleared trees, and worked long hours to make repairs to restore power as quickly as possible, allowing critical infrastructure to continue operations, businesses to remain open, and homes to stay cool and safe.

陣亡將士紀念日週末，嚴重雷暴席捲密蘇裡州和伊利諾伊州，帶來強風、洪水和高爾夫球大小的冰雹。一如既往，我們的團隊快速、安全地評估損失，清除樹木，並長時間工作進行維修以盡快恢復供電，從而使關鍵基礎設施能夠繼續運營，企業能夠繼續營業，家庭能夠保持涼爽和安全。

But even better, during the first half of 2024, over 22,000 Missouri and 11,000 Illinois customer outages were prevented during storms due to rapid detection, rerouting and restoration of power by automated switches across our system and over 6.4 million minutes of customer outages across both states were avoided due to investments to modernize the grid.

但更好的是，在2024 年上半年，由於我們系統中的自動開關能夠快速檢測、重新路由和恢復電力，兩個州的客戶停電時間超過640 萬分鐘，暴風雨期間避免了超過22,000 個密蘇裡州和11,000 個伊利諾伊州客戶停電由於對電網現代化的投資而被避免。

As we look ahead to future investment for the benefit of our customers, it's important to operate under constructive regulatory jurisdiction and legislative policies. This quarter, we've made significant regulatory advancements, which Michael and I will cover in more depth on the coming slides.

當我們展望未來投資以造福客戶時，在建設性的監管管轄權和立法政策下運作非常重要。本季度，我們在監管方面取得了重大進展，邁克爾和我將在接下來的幻燈片中更深入地介紹這些進展。

At Ameren Missouri, our largest business segment, we continue to make regulatory progress with the Missouri Public Service Commission for new solar and natural gas generation, which supports our integrated resource plan. Our Cass County solar project was approved in June and is expected to be one of three solar projects placed in service this year, which collectively, along with Huck Finn and Boomtown, represented an investment of approximately $1 billion.

在我們最大的業務部門 Ameren Missouri，我們繼續與密蘇裡州公共服務委員會合作，在新的太陽能和天然氣發電方面取得監管進展，這支持了我們的綜合資源計劃。我們的卡斯縣太陽能專案於 6 月獲得批准，預計將成為今年投入使用的三個太陽能專案之一，這三個專案與 Huck Finn 和 Boomtown 一起投資額約為 10 億美元。

The Commission also approved a constructive order for the securitization of costs associated with our Rush Island Energy Center in connection with its retirement in October of this year. And finally, regarding generation updates, in June, we filed the CCN with the Missouri PSC for our dispatchable Castle bluff Energy Center.

委員會還批准了一項建設性命令，將與今年 10 月退役的拉什島能源中心相關的成本進行證券化。最後，關於發電更新，6 月份，我們向密蘇裡州 PSC 提交了可調度的 Castle bluff 能源中心的 CCN。

Overall, we continue to make significant progress on our Smart Energy Plan in Missouri, a combination of distribution, transmission and generation projects to bolster reliability and empower our customers.

總體而言，我們在密蘇裡州的智慧能源計畫上繼續取得重大進展，該計畫結合了配電、輸電和發電項目，以提高可靠性並為我們的客戶提供支援。

In late June, Ameren Missouri filed its electric rate review request with the commission, which is substantially driven by infrastructure improvements made under this plan. If approved, Ameren Missouri customer rates would still remain well below national and Midwest averages.

六月下旬，密蘇裡州阿麥隆向委員會提交了電費審查請求，該請求在很大程度上是由該計畫下的基礎設施改善所推動的。如果獲得批准，密蘇裡州阿麥隆的客戶率仍將遠低於全國和中西部的平均值。

Turning to transmission, the Midcontinent Independent System Operator or MISO's long-range transmission plan continues to evolve. In April, MISO concluded the bid evaluation process for the Tranche 1 competitive projects in our service territory, ultimately awarding all three competitive projects to Ameren. And they continue to develop the $23 billion to $27 billion Tranche 2.1 project portfolio, which promises meaningful brownfield and greenfield investment opportunities within our service territory.

談到傳輸，中大陸獨立系統運營商或 MISO 的遠端傳輸計劃不斷發展。4 月，MISO 結束了我們服務區域內第一批競爭性項目的評標流程，最終將所有三個競爭性項目授予 Ameren。他們繼續開發 230 億至 270 億美元的 Tranche 2.1 項目組合，這將為我們的服務領域帶來有意義的棕地和綠地投資機會。

Finally, in Illinois, the Illinois Commerce Commission issued an order on the rehearing of Ameren Illinois' multiyear rate plan for '24 through 2027. Importantly, the order supports our planned base level of grid reliability investment that is reflected in our 2024 earnings guidance.

最後，在伊利諾伊州，伊利諾伊州商業委員會發布了一項命令，要求重新審理伊利諾伊州阿梅倫 24 日至 2027 年的多年費率計劃。重要的是，該訂單支持我們計劃的電網可靠性投資基本水平，這反映在我們的 2024 年獲利指引中。

Further, the ICC order reflects 94% of the rate base in our ongoing multiyear rate plan proceeding, we look forward to an ICC decision on the multiyear grid investment and rate plans by the end of this year.

此外，ICC 命令反映了我們正在進行的多年費率計劃進程中 94% 的費率基礎，我們期待 ICC 在今年年底前就多年電網投資和費率計劃做出決定。

In addition to these significant regulatory advancements, we have seen strong operational performance across the business with a focus on delivering safe, reliable, affordable energy service through enhanced automation, optimization, and standardization, which Michael will cover in more detail.

除了這些重大的監管進步之外，我們還看到整個企業的強勁營運績效，重點是透過增強的自動化、優化和標準化來提供安全、可靠、負擔得起的能源服務，邁克爾將對此進行更詳細的介紹。

Moving now to Page 7 for an update on our expanding customer growth opportunities. On the first quarter call, we touched on economic development opportunities in our service territory. Since then, collectively across Ameren Missouri and Illinois, we have seen a significant increase in the number of data center inquiries and formal engineering reviews underway, which combined would represent thousands of megawatts of additional demand.

現在轉到第 7 頁，以了解有關我們不斷擴大的客戶成長機會的最新資訊。在第一季的電話會議上，我們談到了我們服務領域的經濟發展機會。從那時起，在密蘇裡州阿梅倫和伊利諾伊州，我們看到資料中心查詢和正在進行的正式工程審查的數量顯著增加，這總共意味著數千兆瓦的額外需求。

Our teams, along with a variety of state and local stakeholders are working aggressively to attract these and manufacturing and other economic development opportunities to our service territories. Of course, Ameren has a strong track record of reliable infrastructure development and we have the people, resources, expertise and partnerships needed to go after these opportunities.

我們的團隊以及各州和地方利益相關者正在積極努力，將這些以及製造業和其他經濟發展機會吸引到我們的服務區域。當然，Ameren 在可靠的基礎設施開發方面擁有良好的記錄，我們擁有抓住這些機會所需的人員、資源、專業知識和合作夥伴關係。

Further, our Missouri and Illinois territories offer an attractive value proposition for commercial and industrial customers. This includes sites with transmission, fiber and water access coupled with competitive rates and tax incentives.

此外，我們的密蘇裡州和伊利諾伊州領土為商業和工業客戶提供了有吸引力的價值主張。這包括具有傳輸、光纖和水接入以及具有競爭力的費率和稅收優惠的站點。

In Missouri, we also have reliable generation with a growing portfolio of clean and dispatchable assets and the ability to expand in order to serve these economic development opportunities. So far this year, a construction agreement has been executed for a 250 megawatt data center, which would represent an approximate 40% and 5% annualized increase to Ameren Missouri's industrial Megawatt hour sales and total megawatt hour sales respectively upon completion and full ramp-up.

在密蘇裡州，我們還擁有可靠的發電設施，擁有不斷增長的清潔和可調度資產組合以及擴展能力，以服務這些經濟發展機會。今年到目前為止，250兆瓦資料中心的建設協議已經簽署，這意味著密蘇裡州阿麥隆的工業兆瓦時銷售額和總兆瓦時銷售額在竣工和全面啟動後分別將年化增長約40%和5% 。

Our construction to extend transmission and distribution services to support this data center is expected to be completed in December of 2025, with the customer ramping up operations from 2026 through 2028.

我們旨在擴展輸配電服務以支援此資料中心的建置預計將於 2025 年 12 月完成，客戶將在 2026 年至 2028 年期間加強營運。

In addition, we've received expansion commitments or executed new contracts for over 85 megawatts of additional load for manufacturing, smaller data centers and other industries across both states.

此外，我們還收到了擴建承諾或簽署了新合同，為兩個州的製造業、小型資料中心和其他行業提供超過 85 兆瓦的額外負載。

We would expect these new and expanding customers to be fully ramped up by 2028 with sufficient generation to serve them, creating value for all customers over time. We're excited about these opportunities, which will be in jobs and additional tax base to benefit our state and local communities.

我們預計這些新的和不斷擴大的客戶將在 2028 年全面增加，並有足夠的發電量來服務他們，隨著時間的推移為所有客戶創造價值。我們對這些機會感到興奮，這些機會將帶來就業機會和額外的稅基，使我們的州和當地社區受益。

Importantly, the new data center and other customer commitments were not reflected in the weather normalized sales expectations included in our five year earnings per share growth guidance issued in February.

重要的是，新資料中心和其他客戶承諾並未反映在我們二月發布的五年每股收益成長指引中所包含的天氣正常化銷售預期。

Of course, the ultimate net impact of any incremental load will be dependent upon a variety of factors, including customer ramp-up time, additional generation investment needs, timing of rate reviews and tariff structures.

當然，任何增量負載的最終淨影響將取決於多種因素，包括客戶的啟動時間、額外的發電投資需求、費率審查的時間和電價結構。

To that end, we currently expect to update our Ameren Missouri integrated resource plan or IRP by February 2025, following a careful evaluation of potential load growth and our planned generation portfolio. And we will work with all stakeholders to bring the economic benefits of these customer expansion opportunities to all customers, our communities and shareholders.

為此，在仔細評估潛在負載成長和我們計劃的發電組合後，我們目前預計在 2025 年 2 月之前更新我們的 Ameren 密蘇裡州綜合資源計劃或 IRP。我們將與所有利害關係人合作，將這些客戶擴張機會的經濟效益帶給所有客戶、我們的社區和股東。

Turning to Page 8. We continue to execute our Missouri IRP, which focuses on maintaining and building a diverse generation portfolio to ensure a reliable, low cost and cleaner mix of energy resources to serve our customer needs.

翻到第 8 頁。我們繼續執行密蘇裡州 IRP，其重點是維護和建立多樣化的發電組合，以確保可靠、低成本和清潔的能源組合，以滿足我們的客戶需求。

We had two key developments this quarter. First, in June, the Missouri PSC approved the CCN for the 150 megawatt Cast County solar facility, which is expected to begin serving customers in the fourth quarter of this year. This facility will serve business customers who subscribe through our Renewable Energy Solutions program to receive all or part of their energy needs from renewables.

本季我們有兩個關鍵進展。首先，密蘇裡州 PSC 於 6 月批准了卡斯特縣 150 兆瓦太陽能設施的 CCN，預計今年第四季開始為客戶提供服務。該設施將為透過我們的再生能源解決方案計畫訂閱的企業客戶提供服務，從再生能源獲得全部或部分能源需求。

The Missouri PSC approval followed a successful auction held in May, where customers across Missouri signed up to take part in the Renewable Energy Solutions program expansion. Demand remains strong for programs that bring businesses ready-made solutions to help them reach their sustainability goals.

密蘇裡州 PSC 的批准是在 5 月成功舉行拍賣之後獲得的，密蘇裡州各地的客戶都簽署了參與再生能源解決方案擴展計劃的協議。對於為企業提供現成解決方案以幫助其實現永續發展目標的計劃的需求仍然強勁。

Second, in June, we also filed the CCN with the Missouri PSC for our Castle Bluff Energy Center and on-demand 800 megawatt natural gas, simple cycle facility to serve as a reliable backup source of energy ready to operate on the most extreme winter nights and summer days. Castle Bluff, subject to commission approval represents an approximately $900 million investment and is expected to be in service by the end of 2027.

其次，6 月，我們也向密蘇裡州 PSC 提交了我們的 Castle Bluff 能源中心和按需 800 兆瓦天然氣簡單循環設施的 CCN，作為可靠的備用能源，準備在最極端的冬夜運行和夏日。Castle Bluff 需經委員會批准，投資金額約 9 億美元，預計將於 2027 年底投入使用。

Moving now to Page 9 for an update on the missile long-range transmission projects. MISO and its transmission owners continue to engage an economic analysis of the Tranche 2 proposed set of projects.

現在轉到第 9 頁，了解導彈遠程傳輸項目的最新情況。MISO 及其輸電業主繼續對第二期擬議項目進行經濟分析。

In June, an initial set of Tranche 2 projects now referred to as Tranche 2.1 were proposed with a cost estimate of $23 billion to $27 billion. The portfolio identifies a need for a mix of brownfield and greenfield transmission lines of varying voltage levels and new or improved substations in both our Missouri and Illinois service territories.

6 月，提出了一組最初的 Tranche 2 項目（現稱為 Tranche 2.1），成本估算為 230 億至 270 億美元。該產品組合確定了我們密蘇裡州和伊利諾伊州服務區域需要混合不同電壓等級的棕地和綠地輸電線路以及新建或改進的變電站。

Ultimately, we won 100% of the Tranche 1 projects in our service territories, reflecting our ability to deliver timely cost, effective high value projects to our communities. We expect we'll be able to compete for Tranche 2 greenfield projects in a similarly competitive manner to better serve our customers.

最終，我們贏得了服務區域內 100% 的第一批項目，這反映出我們有能力向社區及時交付成本低、有效的高價值項目。我們預計我們將能夠以類似的競爭方式競爭第二批綠地項目，以更好地服務我們的客戶。

MISO expects to approve the Tranche 2.1 projects by the end of the year. Once approved, MISO plans to propose a second set of Tranche 2 projects or Tranche 2.2 in 2025 to address further transmission needs in the North and Midwest regions.

MISO 預計在今年底前批准 Tranche 2.1 專案。一旦獲得批准，MISO 計劃在 2025 年提出第二組 Tranche 2 項目或 Tranche 2.2，以滿足北部和中西部地區的進一步輸電需求。

Turning to page 10, looking ahead, over the next decade, we have a robust pipeline of investment opportunities of well over $55 billion that will deliver significant value to our stakeholders and create thousands of jobs for our local economies. In addition, we see several tailwinds forming across our business segments.

翻到第 10 頁，展望未來，我們擁有遠超 550 億美元的強勁投資機會，將為我們的利害關係人帶來巨大價值，並為當地經濟創造數千個就業機會。此外，我們也看到我們的業務部門正在形成一些有利因素。

Specifically, we are seeing significant sales growth potential, which I discussed a few moments ago, and this may require us to reassess our Ameren Missouri IRP and further expand our generation investment pipeline. We're seeing a growing focus amongst Missouri stakeholders on generation planning and reliability, and we see a strong need to embrace enhanced reliability focus policies in legislative sessions to come.

具體來說，我們看到了巨大的銷售成長潛力，正如我剛才討論的那樣，這可能需要我們重新評估我們的 Ameren 密蘇裡州 IRP 並進一步擴大我們的發電投資管道。我們看到密蘇裡州的利害關係人越來越關注發電規劃和可靠性，並且我們強烈需要在即將到來的立法會議中採用增強的可靠性重點政策。

Further, MISO's analysis of transmission needs in the Midwest region will likely identify additional opportunities to improve the ability to move electricity across the region. Maintaining constructive energy policies that support robust investment in energy infrastructure and to maintain reliability while transitioning to a cleaner energy future in a responsible fashion will be critical to meeting our country's growing energy needs and delivering on our customers' expectations.

此外，MISO 對中西部地區輸電需求的分析可能會發現提高該地區電力傳輸能力的其他機會。維持建設性的能源政策，支持能源基礎設施的強勁投資並保持可靠性，同時以負責任的方式向清潔能源的未來過渡，對於滿足我國不斷增長的能源需求和實現客戶的期望至關重要。

Moving to Page 11. In February, we updated our 5-year growth plan, which included our expectation of a 6% to 8% compound annual earnings growth rate from 2024 through 2028. This earnings growth is primarily driven by strong compound annual rate base growth of 8.2%, supported by strategic allocation of infrastructure investment to each of our business segments based on their regulatory frameworks.

移至第 11 頁。今年 2 月，我們更新了 5 年成長計劃，其中包括我們對 2024 年至 2028 年複合年獲利成長率的預期為 6% 至 8%。這項獲利成長主要是由 8.2% 的強勁複合年增長率推動的，並得到了基於監管框架對我們每個業務部門的基礎設施投資策略分配的支持。

Investment in Ameren presents an attractive opportunity for those seeking a high-quality utility growth story. Combined, our strong long term, 6% to 8% earnings growth plan and an attractive and growing dividend, which today yields 3.4% results in a compelling total return story.

對於那些尋求高品質公用事業成長故事的人來說，投資 Ameren 提供了一個有吸引力的機會。結合起來，我們強勁的長期 6% 至 8% 盈利增長計劃和有吸引力且不斷增長的股息（目前股息收益率為 3.4%）造就了令人信服的總回報故事。

We have a strong track record of execution, a strong balance sheet, and an experienced management team. I'm confident in our ability to execute our investment plans and strategies across all four of our business segments.

我們擁有良好的執行記錄、強大的資產負債表和經驗豐富的管理團隊。我對我們在所有四個業務部門執行投資計劃和策略的能力充滿信心。

Again, thank you all for joining us today, and I'll now turn the call over to Michael.

再次感謝大家今天加入我們，我現在將把電話轉給麥可。

Thanks, Marty, and good morning, everyone.

謝謝，馬蒂，大家早安。

I'll begin on page 13 of our presentation. Yesterday, we reported second quarter 2024 earnings of $0.97 per share compared to $0.90 per share for the year ago quarter. We delivered strong earnings performance during the quarter, driven primarily by strategic infrastructure investments and disciplined cost management. While earnings saw a strong benefit from favorable weather, we also continue to see encouraging levels of customer growth and energy usage.

我將從我們演示的第 13 頁開始。昨天，我們公佈了 2024 年第二季每股收益 0.97 美元，而去年同期每股收益為 0.90 美元。我們在本季實現了強勁的獲利業績，這主要得益於策略基礎設施投資和嚴格的成本管理。雖然有利天氣帶來了收益的強勁成長，但我們也繼續看到令人鼓舞的客戶成長和能源使用水準。

Further, through disciplined cost controls, operations and maintenance expenses companywide were flat for the quarter when excluding the impacts from non-reoccurring items as part of the 2023 Ameren Missouri rate order. Additional factors that contribute to the overall $0.07 per share increase are highlighted on this page.

此外，透過嚴格的成本控制，排除 2023 年 Ameren 密蘇裡州費率令中非重複項目的影響，本季全公司營運和維護費用持平。本頁重點介紹了導致每股 0.07 美元整體成長的其他因素。

Year-to-date results are outlined on page 24 of today's presentation. Notably year to date 2024, we've experienced strong weather-normalized industrial sales growth of 3% as compared to the prior year period. This has been driven primarily by significant growth from our existing large primary service customers in the digital and data analytics industry.

今天的簡報第 24 頁概述了年初至今的結果。值得注意的是，從 2024 年至今，我們經歷了天氣正常化工業銷售較上年同期強勁增長 3% 的情況。這主要是由我們在數位和數據分析行業現有的大型主要服務客戶的顯著增長所推動的。

We expect to see continued growth as we bring on new customers and support existing customers expansions in the coming years. Further, we continue to see strong weather-normalized kilowatt-hour sales growth across all rate classes in Missouri.

我們預計，隨著我們在未來幾年引入新客戶並支持現有客戶的擴張，我們將實現持續成長。此外，我們繼續看到密蘇裡州所有費率等級的天氣正常化千瓦時銷售強勁增長。

Moving to Page 14, as we think about the remainder of the year, we remain confident in our 2024 earnings guidance range and continue to expect earnings to be in the range of $4.52 to $4.72 per share. The warmer spring and early summer temperatures experienced this quarter offset the mild first quarter as we are flat year to date for weather.

轉到第 14 頁，當我們考慮今年剩餘時間時，我們對 2024 年盈利指導範圍仍然充滿信心，並繼續預計每股收益將在 4.52 美元至 4.72 美元之間。本季溫暖的春季和初夏氣溫抵消了第一季的溫和氣候，因為今年迄今為止天氣平穩。

In addition, as we outlined on our first quarter call, we expect to see meaningful year-over-year O&M reductions in the second half of the year, reflecting several cost savings initiatives implemented in 2024, the benefits of which continued to build throughout the year. I encourage you to take these and other supplement our earnings drivers noted on this slide into consideration as you develop your expectations for quarterly earning results for the remainder of the year.

此外，正如我們在第一季電話會議中概述的那樣，我們預計下半年營運和維護將出現同比大幅減少，這反映出 2024 年實施的多項成本節約舉措，其效益將在整個季度持續顯現。年。我鼓勵您在製定今年剩餘時間的季度獲利結果的預期時，請考慮本投影片中提到的這些和其他補充我們的獲利驅動因素。

Moving to Page 15, Ameren Missouri regulatory matters. In June, the Missouri PSC approved the securitization of approximately $470 million of costs associated with the scheduled retirement of our Rush Island Energy Center on October 15, we expect the difference between our original ask of $519 million in the final order to be reflected in future rate proceedings.

轉到第 15 頁，Ameren 密蘇裡州監管事務。6 月，密蘇裡州PSC 批准了與我們的Rush Island 能源中心計劃於10 月15 日退役相關的約4.7 億美元成本的證券化，我們預計最終訂單中最初要求的5.19 億美元之間的差異將反映在未來率程序。

Turning to Page 16. In late June, Ameren Missouri filed for a $446 million electric revenue increase with the Missouri PSC. 90% of this request is driven by increased capital investment under Ameren Missouri Smart Energy Plan to recover investments in major upgrades to the electrical system and investments in generation.

翻到第 16 頁。6 月底，Ameren 密蘇裡州向密蘇裡州 PSC 申請增加 4.46 億美元的電力收入。該請求的 90% 是由 Ameren 密蘇裡州智慧能源計畫增加的資本投資推動的，以收回對電氣系統重大升級的投資和發電投資。

The request includes a 10.25% return on equity, a 52% equity ratio and the December 31, 2024 estimated rate base of $14 billion. We expect a decision from the Missouri PSC by May 2025 with new rates effective by June of next year.

該請求包括 10.25% 的股本回報率、52% 的股本比率以及 2024 年 12 月 31 日預計的 140 億美元的利率基數。我們預計密蘇裡州 PSC 將於 2025 年 5 月做出決定，新費率將於明年 6 月生效。

Turning to Ameren Illinois on page 17. Under Illinois formula ratemaking, which expired at the end of 2023, Ameren Illinois was required to file annual rate updates to systematically adjust cash flows over time for changes in cost of service and a true-up any prior period over or under recovery of such costs.

轉向第 17 頁的伊利諾州阿麥隆。根據於2023 年底到期的伊利諾伊州費率制定公式，Ameren 伊利諾伊州需要提交年度費率更新，以便隨著時間的推移系統地調整現金流量，以適應服務成本的變化，並對任何前期超過或低於此類成本回收的情況進行調整。

For the final electric distribution reconciliation of 2023's revenue requirement. In July, the ICC staff recommended $157 million base rate increase compared to our updated request of $158 million. The full amount would be collected from customers in 2025, replacing the prior reconciliation adjustment of $110 million that is being collected during 2024.

2023 年收入要求的最終配電調節。7 月份，ICC 工作人員建議將基本費率增加 1.57 億美元，而我們最新的要求為 1.58 億美元。將於 2025 年向客戶收取全額款項，取代先前於 2024 年收取的 1.1 億美元調節調整額。

This will result in a net customer impact of $48 million or an approximately 1.5% increase in the total average residential customer bill. The ICC will review this matter in the months ahead with a decision expected by December of this year and new rates effective early next year.

這將導致客戶淨影響達 4,800 萬美元，即住宅客戶平均帳單總額增加約 1.5%。國際刑事法院將在未來幾個月內審查此事，預計今年 12 月做出決定，新費率將於明年初生效。

Turning to page 18 for an update on the multiyear rate plan covering 2024 through 2027. We are pleased to receive a constructive decision from the ICC in the rehearing of our multiyear rate plan. Recall in January, the ICC upon improving our rehearing request had order that we identify a base level investment needed to adequately operate the grid safely.

請參閱第 18 頁，以了解涵蓋 2024 年至 2027 年的多年費率計劃的最新資訊。我們很高興收到國際商會在重審我們的多年費率計劃時所做的建設性決定。回想一月份，國際商會在改進我們的複審請求後命令我們確定充分安全地運營電網所需的基礎投資。

In June, after extensive stakeholder engagement and additional analysis provided by our team, the ICC approved a $285 million cumulative revenue increase from 2023, representing approximately 94% of our rehearing requests and a 1% average residential bill increase for 2024.

6 月，經過廣泛的利害關係人參與和我們團隊提供的額外分析，國際刑事法院批准了從2023 年起累計收入增加2.85 億美元，約占我們重審請求的94%，2024 年住宅帳單平均增加1 %。

Excluding OPEB, the order represents approximately 99% of our rehearing rate base request and also 96% of the rate base included in the revised multiyear rate plan, which will be reviewed by the Commission later this year.

不包括 OPEB，該命令代表了我們重新審理費率基本要求的約 99%，也佔修訂後的多年費率計劃中費率基數的 96%，該計劃將於今年晚些時候由委員會進行審查。

Interim rates for this order were effective in late June and will remain in effect until superseded by a revised MYRP order. The [Ryan] was a positive first step in getting a base level grid investments approved. However, there is still much work to be done in the State of Illinois to achieve the objectives laid out in. The Climate and Ecuador Jobs Act passed in 2021.

該命令的臨時費率於 6 月下旬生效，並將一直有效，直至被修訂後的 MYRP 命令取代。[Ryan] 是獲得基層電網投資批准的積極的第一步。然而，伊利諾伊州要實現其中規定的目標還有很多工作要做。《氣候與厄瓜多就業法案》於 2021 年通過。

Approval of our revised multiyear grid plan and rate plan will allow us to appropriately invest more in the energy grid to preserve safety, reliability and day-to-day operations of our system. And make progress towards our affordable, equitable clean energy transition.

修訂後的多年電網計劃和費率計劃的批准將使我們能夠適當增加對能源電網的投資，以維護系統的安全性、可靠性和日常運營。並在我們負擔得起的、公平的清潔能源轉型方面取得進展。

In July, the ICC staff recommended a cumulative revenue increase of $302 million versus our July 2024 updated request of $334 million with the variance driven primarily by the removal of OPEB and certain capital projects from rate base.

7 月，ICC 工作人員建議將累積收入增加 3.02 億美元，而我們 2024 年 7 月更新的請求為 3.34 億美元，差異主要是由於從費率基礎中刪除了 OPEB 和某些資本項目。

Annual revenues will be based on actual recoverable costs, year-end rate base and a return on equity adjusted for any performance incentives or penalties provided they do not exceed 105% of the approved revenue requirement. Lastly, with the narrowing the remaining issues, cross examination was waiting for hearings earlier this week, and we expect an ICC decision by December with rates effective January 1, 2025.

年收入將基於實際可收回成本、年終費率基數和股本回報率，並根據任何績效激勵或處罰進行調整，前提是不超過批准收入要求的 105%。最後，隨著剩餘問題的縮小，盤問正在等待本週早些時候的聽證會，我們預計 ICC 將於 12 月做出決定，費率將於 2025 年 1 月 1 日生效。

Moving to page 19. We provide a financing update. We continue to feel very good about our financial position. Our Ameren parent credit ratings of Baa1 and BBB plus at Moody's and S&P respectively, compare favorably to the peer average, providing us with financial flexibility. To maintain our credit ratings and strong balance sheet. While we fund our robust infrastructure plan, we expect to issue approximately $300 million of common equity in 2024.

移至第 19 頁。我們提供融資更新。我們對我們的財務狀況仍然感覺非常好。我們的 Ameren 母公司穆迪和標準普爾信用評級分別為 Baa1 和 BBB+，優於同業平均水平，為我們提供了財務靈活性。維持我們的信用評級和強勁的資產負債表。在我們為穩健的基礎設施計劃提供資金的同時，我們預計將在 2024 年發行約 3 億美元的普通股。

By the end of 2023, we had sold for approximately $230 million of this $300 million through the at-the-market or ATM program consisting of approximately 2.9 million shares, which we expect to issue by the end of this year. Together with the issuance under our 401 K. and DRIP plus programs, our ATM equity program is expected to support our equity needs in 2024.

到 2023 年底，我們已透過市場或 ATM 計畫以約 2.3 億美元的價格出售了這 3 億美元中的約 2.3 億美元，該計畫包括約 290 萬股股票，我們預計將在今年年底發行。連同我們的 401 K. 和 DRIP plus 計劃下的發行，我們的 ATM 股權計劃預計將支持我們 2024 年的股權需求。

Turning to page 20. Ameren continuously strives to find ways to work more efficiently to reduce cost for our customers. At the start of the year, we instituted several cost savings initiatives, including a detailed review of our hiring with a focus on spans and layers, reducing some of our contractor and consultant workforce. And deferring or eliminating discretionary spending. While we identified further opportunities for sustainable cost reductions.

翻到第20頁。Ameren 不斷努力尋找更有效率工作的方法，以降低客戶的成本。今年年初，我們制定了多項成本節約舉措，包括對我們的招聘進行詳細審查，重點關注跨度和層次，減少一些承包商和顧問的勞動力。並延後或取消可自由支配的支出。同時我們也發現了可持續降低成本的進一步機會。

Since then, we have enhanced our continuous improvement and disciplined cost management efforts through numerous customer affordability initiatives that will provide greater collaboration and coordination across our business.

從那時起，我們透過眾多的客戶負擔能力計畫加強了我們的持續改進和嚴格的成本管理工作，這將在我們的業務範圍內提供更好的協作和協調。

Through company-wide automation, standardization and optimization, we are streamlining processes, leveraging shared capabilities and eliminating redundant work to provide sustainable cost savings. Our leadership team is committed to prudently managing costs on behalf of our customers while providing quality, service and reliability.

透過全公司範圍的自動化、標準化和最佳化，我們正在簡化流程、利用共享能力並消除冗餘工作，以實現可持續的成本節約。我們的領導團隊致力於代表客戶謹慎管理成本，同時提供品質、服務和可靠性。

Turning to Page 21. We're off to a solid start in the first half of the year and expect to deliver strong earnings growth in 2024 as we continue to successfully execute our comprehensive business strategy, we continue to expect strong earnings per share growth, driven by robust rate base growth and disciplined cost management.

翻到第 21 頁。我們在上半年取得了良好的開局，隨著我們繼續成功執行全面的業務策略，我們預計將在2024 年實現強勁的盈利增長，我們繼續預計在穩健的利率基礎的推動下，每股收益將強勁成長成長和嚴格的成本管理。

As Marty mentioned, we see several tailwinds forming in the months and years ahead. We have the right strategy, team and opportunities to create value for our customers and our shareholders. We believe this growth will compare favorably with the growth of our peers. Ameren shares continue to offer investors an attractive dividend. In total, we have an attractive total shareholder return story.

正如馬蒂所提到的，我們看到未來幾個月和幾年將會出現一些順風車。我們擁有正確的策略、團隊和機會，為我們的客戶和股東創造價值。我們相信這一增長將優於我們同行的增長。Ameren 股票繼續為投資者提供有吸引力的股息。總的來說，我們有一個有吸引力的股東總回報故事。

That concludes our prepared remarks. We now invite your questions.

我們準備好的演講到此結束。我們現在邀請您提問。

(opearatoer instructions) Shar Pourreza, Guggenheim Partners.

（操作者說明）Shar Pourreza，古根漢合夥人公司。

So just a real quick on Rush Island kind of that bid ask saw you guys got a third party media a few days ago. Any sort of read through from that timing or where the process could land within that $100 million range?

因此，幾天前，在 Rush Island 上進行的一次出價詢問中，你們就看到了第三方媒體。從那個時間點進行任何形式的閱讀，或者該過程可以落在 1 億美元範圍內的哪個位置？

Yeah. Thanks Shar. We have posted a slide in the appendix Slide 27. That just provides to be listening a little bit of background on the case. But we were pleased that the judge ordered mediation, which hopefully will lead to some constructive settlement negotiations between the parties. We expect that mediation to take place this summer in the event that mediation isn't successful in reaching a settlement between the party.

是的。謝謝莎爾。我們在附錄投影片 27 發布了一張投影片。這只是提供了一些關於此案的背景知識。但我們很高興法官下令進行調解，這有望導致雙方之間進行一些建設性的和解談判。如果調解未能成功達成雙方和解，我們預計今年夏天進行調解。

We would expect that the judge would likely have evidentiary hearings in September, and we'd still get resolution of the case this year. So I don't think any read-through on exactly where we'll end up between -- in that bid-ask spread, but nonetheless, we think of a positive step forward

我們預計法官可能會在 9 月舉行證據聽證會，今年我們仍能解決此案。因此，我認為沒有任何關於我們最終會在買賣差價之間的具體情況的任何通讀，但儘管如此，我們認為向前邁出了積極的一步

Okay, perfect. And then just on the transmission side, and obviously, it was a little topical as part of the repairs on Tranche 2.0, 2.1. Any color at this point on how to think about the competitive allocation within that? Is it line-by-line, greenfield versus brownfield? And just remind us on potential timing of spend associated with these, what are what are in-service dates?

好的，完美。然後就在變速箱方面，顯然，作為 Tranche 2.0、2.1 修復的一部分，它有點熱門。關於如何考慮其中的競爭性分配，目前有什麼看法嗎？是逐條線、綠地還是棕地？請提醒我們與這些相關的潛在支出時間，什麼是使用日期？

Yeah, Shar. All good questions. So when you look at Tranche 2.1 and you look at the map that we provided on page 9, you see a breakdown between the 765 kV lines and the 345 kV lines, and you see some of those in Missouri and Illinois.

是的，莎爾。都是好問題。因此，當您查看 Tranche 2.1 並查看我們在第 9 頁提供的地圖時，您會看到 765 kV 線路和 345 kV 線路之間的細分，並且您會看到其中一些位於密蘇裡州和伊利諾伊州。

We're pretty excited about the way this is shaping up overall. With respect to the red lines, we see those as being more likely brownfield the green dotted lines more likely greenfield. And so you'll see a mix of those there.

我們對整體的發展方式感到非常興奮。對於紅線，我們認為這些線更有可能是棕地，而綠色虛線更有可能是綠地。所以你會在那裡看到這些的混合體。

At this point, no specific cost estimates for those lines that run in our service territory. The $23 billion to $27 billion numbers we give overall or MISOs estimates for the total portfolio, but I can't give you a breakdown right now on those that are in our footprint.

目前，我們還沒有對在我們的服務區域內運行的線路進行具體的成本估算。我們對整個投資組合給出了 230 億至 270 億美元的總體數字或 MISO 估計，但我現在無法向您提供我們足跡中的具體數字。

And of course, if the round brownfield, we would expect them to be allocated to us. If they're greenfield, we would expect to have to compete for those. And we were very pleased with our ability to compete for the Tranche 1 projects. As we noted on our -- in our prepared remarks, really winning all three that were in our service territory.

當然，如果是圓形棕地，我們希望它們分配給我們。如果它們是未開發的土地，我們預計必須爭奪這些土地。我們對能夠參與第一批專案的競爭感到非常滿意。正如我們在準備好的演講中指出的那樣，真正贏得了我們服務領域內的所有三個。

And Shar, at the end of the day, we think it speaks to our ability to deliver these projects in a timely way in a cost effective way. And again, we feel like we are good at constructing these and great at operating them. And we've done a great job partnering with munis, co-ops, contractors and others to make sure we can we can deliver.

Shar，歸根結底，我們認為這說明了我們以具有成本效益的方式及時交付這些專案的能力。再說一次，我們覺得我們擅長建造這些並且擅長經營它們。我們與市政機構、合作社、承包商和其他機構合作做得很好，以確保我們能夠交付成果。

Now with respect to the time line on the Tranche 1 projects, we really expect the construction of those to extend from 2026 to 2030. I think we have about $1.6 billion or so in our five year plan for this tranche one projects. And then with respect to with respect to the Tranche 2.1 projects, I think largely that spend is probably outside of our five year plan.

現在就第一批專案的時間表而言，我們確實預計這些專案的建設將從 2026 年延長至 2030 年。我認為我們的五年計劃中有大約 16 億美元左右的資金用於第一階段專案。然後，關於 Tranche 2.1 項目，我認為很大程度上，這筆支出可能超出了我們的五年計劃。

However, there's really no reason that these have to happen sequentially to the extent that any of these Tranche 2.1 projects can be started and overlap with some of the work on Tranche 1. No problem there. And again, excited about this Tranche 2.1, but also expect and Tranche 2.2 that we'll see even more projects in our Missouri and Illinois footprints. And so overall, again, just very pleased with the work MISO is doing here and responsiveness to stakeholders in the process

然而，實際上沒有理由認為這些必須按順序進行，以至於這些 Tranche 2.1 項目中的任何一個都可以啟動並與 Tranche 1 的一些工作重疊。那裡沒問題。再次，我們對 Tranche 2.1 感到興奮，但也期望在 Tranche 2.2 中，我們將在密蘇裡州和伊利諾伊州的足跡中看到更多項目。總的來說，再次對 MISO 在這裡所做的工作以及在此過程中對利益相關者的回應感到非常滿意

Fantastic. Thank you, guys so much. Appreciate the disclosure. So I'll pass it to someone else. see you soon.

極好的。非常感謝你們。感謝您的披露。那我就把它轉給別人吧。再見。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

So you just I wanted to ask on the on the data center construction slide. It just seems that you're really only kind of focusing on things where started turning on, but you have -- it looks looks like gigawatts of opportunity. The Missouri system seems to have capacity to supplement this 85 plus megawatts, if I'm right.

所以我想在資料中心建立投影片上詢問您。看起來你真的只專注在那些開始開啟的事情，但你確實——看起來有千兆瓦的機會。如果我沒猜錯的話，密蘇裡州系統似乎有能力補充這 85 多兆瓦的電力。

But what do you think the tipping point is to really accelerate procurements in this next IRP? And I guess how many more megawatts do you think you'll have realistically kind of have clarity on by the time you get to that line?

但您認為下一個 IRP 中真正加速採購的轉捩點是什麼？我想，當您到達那條線時，您認為您實際上還會清楚多少兆瓦？

Yeah. Nick, those are all good observations and takeaways from the information we provided on Slide 7. When you look at that graph on the right, there, we talk about the economic development pipeline we have thousands of megawatts or gigawatts of opportunity. And in fact, that that is true.

是的。尼克，這些都是我們在幻燈片 7 上提供的資訊中得到的很好的觀察和收穫。當你看右邊的圖表時，我們談論的是經濟發展管道，我們擁有數千兆瓦或千兆瓦的機會。事實上，確實如此。

So we've got just a number of parties that are doing engineering reviews and interconnection studies and all of that's great. Those are initial processes. What we called out on the left, however, is -- you mentioned you're turning. I would say we have construction agreements, it means we have an executed agreement between ourselves and a data center, which confirms transmission capacity cost to extend service and time lines, et cetera.

因此，我們只有一些團體正在進行工程審查和互連研究，所有這些都很棒。這些是初始過程。然而，我們在左邊喊的是──你提到你要轉彎。我想說的是，我們有建設協議，這意味著我們和資料中心之間有一份已執行的協議，該協議確認了延長服務和時間軸等的傳輸容量成本。

And importantly, obligates the customer to pay for that extension of service with downpayments for equipment. So you're right, that things have begun to take shape. And so that's when we felt like we can move it into the category of really kind of talking about what we see in terms of the time line, how that would ramp up its overall size.

重要的是，客戶有義務透過設備首付來支付延長服務的費用。所以你是對的，事情已經開始成形。因此，那時我們覺得我們可以將其轉移到真正談論我們在時間軸方面所看到的內容的類別，以及這將如何擴大其整體規模。

And so we're pretty excited there to have a 250 megawatt data center that we see starting to use service in 2026 and ramping up through 2028. And of course, that's a nice tailwind as we think about that usage over that period of time.

因此，我們非常高興能夠擁有一個 250 兆瓦的資料中心，我們預計該資料中心將於 2026 年開始使用服務，並在 2028 年之前逐步增加。當然，當我們考慮那段時間的使用情況時，這是一個很好的推動力。

And then I mentioned this other 85 megawatts. We're not just going after data centers from an economic development standpoint, really going after manufacturing and others. And that 85 megawatts that you mentioned is really a mix of manufacturing, smaller data centers, et cetera.

然後我提到了另外 85 兆瓦。我們不僅從經濟發展的角度來追求資料中心，而是真正追求製造業和其他領域。您提到的 85 兆瓦實際上是製造業、小型資料中心等的混合體。

So look, we're pretty excited. There's a -- certainly, I think you mentioned there's a concentration of interest in Missouri. And to the extent that this load grows, that very well may require that we would provide an update to our IRP. So again, we expect that over the coming six months or so that we'll see a firming of some of these other economic development opportunities.

所以看，我們非常興奮。當然，我想你提到人們對密蘇裡州的興趣集中。如果負載增長，很可能需要我們對 IRP 進行更新。因此，我們再次預計，在未來六個月左右的時間內，我們將看到其他一些經濟發展機會的鞏固。

As we further assess that load and what it means to our sales, and we give thought to what that means to our generation portfolio. That's where we expect that we would need to update our IRP with in mind right now, we're thinking February of next year.

當我們進一步評估該負載及其對我們的銷售意味著什麼時，我們會考慮這對我們的發電組合意味著什麼。這就是我們預計現在需要更新我們的 IRP 的地方，我們正在考慮明年 2 月。

Nick, this is Michael here. I might just add. That's a great update from Marty and just from an overall macro perspective, I think the backdrop in the St. Louis region is positive though, even putting aside this data center opportunity and we noted this in the slide, year to date, sales for residential up 2.5%, commercial, 1.6% industrial 3.1%. So a little bit over 2% year to date, which is a marked change from where we've been in the past.

尼克，這是麥可。我可能只是補充一下。這是馬蒂的重大更新，僅從整體宏觀角度來看，我認為聖路易斯地區的背景是積極的，即使拋開這個數據中心機會，我們在幻燈片中註意到了這一點，今年迄今為止，住宅銷售商業成長2.5%，工業成長1.6%，工業成長3.1%。今年迄今為止，成長略高於 2%，這與我們過去的情況相比發生了顯著變化。

And so there are some really positive things happening about 25,000 jobs created in the past year and the St. Louis region. One of a kind of hotter job markets here, unemployment rates running below the national average. So all of those things, I think, bode well with respect to all the things that Marty talked about as well.

因此，去年聖路易斯地區創造了 25,000 個就業崗位，發生了一些非常積極的事情。這裡的就業市場較為熱門，失業率低於全國平均。因此，我認為，所有這些事情對於馬蒂談到的所有事情來說都是好兆頭。

Yeah. Thanks for the additional color there. And I guess just account a few things that have changed since fourth quarter when you kind of set this this guidance of the 6% to 8%. The IRP is coming, You had this Tranche 2 visibility to MISO. I understand that, that's a little bit more longer dated.

是的。感謝那裡的額外顏色。我想，請考慮一下自第四季度以來發生的一些變化，當時您將這一指導設定為 6% 至 8%。IRP 即將到來，您對 MISO 有了第 2 階段的可見性。我明白，這有點過時了。

Obviously, we have more kind of clarity on Illinois with the rehearing process. But your stock's also up year to date, and that should also help your kind of financing accretion, if you're still doing that $600 million a year through the plan?

顯然，透過重審過程，我們對伊利諾州的情況有了更多的了解。但今年迄今為止，您的股票也有所上漲，如果您仍然透過該計劃每年籌集 6 億美元，這也應該有助於您的融資成長？

And in the fourth quarter, you kind of talked about tracking towards the 6.2%. You said 6.2% when kind of discussing the 6% to 8%. Just how do you feel about your position within the 6% to 8% now? Has that improved a bit, with some of these tailwinds? How should we think about that? Thanks.

在第四季度，您談到了向 6.2% 的目標邁進。你在討論 6% 到 8% 時說的是 6.2%。您現在對自己在 6% 到 8% 之間的位置有何看法？在這些有利因素的推動下，情況是否有改善？我們該如何思考這個問題？謝謝。

Yeah. Nick, I'd tell you that was a great questions statement. I think you got it right. If you look back at our track record over the past 10 plus years, we've been growing EPS at north of 7%, and that's our goal, which is to deliver at or above the midpoint of our earnings per share growth range. And as I sit here today versus where we were six months ago, I agree with you that there are a number of tailwinds that have been have been forming.

是的。尼克，我告訴你這是一個很棒的問題陳述。我認為你說得對。如果你回顧我們過去 10 多年的業績記錄，你會發現我們的 EPS 成長率一直在 7% 以上，這就是我們的目標，即達到或高於每股盈餘成長範圍的中點。當我今天坐在這裡與六個月前相比時，我同意你的觀點，已經形成了許多順風車。

Inflation's been cooling interest rates have been moderating. Stock prices have been improving. You're all right on all those things. Our demand outlook has been improving with data centers and other. Michael just talked about some of the job growth that we're seeing in the Greater St. Louis region. We're really excited about these transmission investment prospects we have with Tranche 1, Tranche 2.1, Tranche 2.2, all very exciting.

通貨膨脹一直在降溫，利率也一直在放緩。股價一直在改善。你在所有這些事情上都沒有問題。我們對資料中心和其他方面的需求前景一直在改善。麥可剛剛談到了我們在大聖路易斯地區看到的一些就業成長。我們對 Tranche 1、Tranche 2.1、Tranche 2.2 的輸電投資前景感到非常興奮，所有這些都非常令人興奮。

We still have a tremendous amount of investment needed for grid modernization and the clean energy transition and we've got a really strong balance sheet to be able to get it done. So very excited about those prospects and again, when we look back just in terms of what our team was able to accomplish in the second quarter, I'm very proud of that overall.

我們仍然需要大量投資來實現電網現代化和清潔能源轉型，並且我們擁有非常強大的資產負債表來完成這些任務。對這些前景感到非常興奮，當我們回顧我們的團隊在第二季度所取得的成就時，我對整體感到非常自豪。

We continue to make great investments for the benefit of our customers. And on page 6, we'll set out a half dozen things that we are we completed during the second quarter that really position us for success in the years ahead. And I have to say this was all accomplished by a team that is also, at the same time, really focused on customer affordability.

為了客戶的利益，我們將繼續進行大量投資。在第 6 頁，我們將列出我們在第二季完成的六件事，這些事情真正為我們在未來幾年的成功奠定了基礎。我必須說，這一切都是由一個同時真正專注於客戶負擔能力的團隊完成的。

We put a lot of our cost savings initiatives in place this year and the team overcame that and delivered a really strong quarter from an operations and earnings standpoint. Again, I think you're right, we're set up very well for the future given some of the tailwinds we have.

今年我們實施了許多成本節約舉措，團隊克服了這一點，從營運和盈利的角度來看，我們的季度表現非常強勁。再說一次，我認為你是對的，考慮到我們所擁有的一些有利條件，我們已經為未來做好了很好的準備。

All right.

好的。

Well, thanks a lot and have a great weekend.

嗯，非常感謝，祝週末愉快。

Thank you.

謝謝。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning. I'm just wanted to pick up -- I guess, start with the Chevron doctrine here. In recent changes, does that impact your thought process going forward? Or any thoughts you could share there?

嗨，早安。我只是想繼續——我想，從這裡的雪佛龍主義開始。最近的變化是否會影響您未來的思考過程？或是有什麼想法可以分享嗎？

Yeah. Nick, I don't know that it really changes our thought process going forward. Obviously, Chevron is going to probably have far-reaching implications for the federal agencies and core proceedings going forward. Of course, it doesn't affect any prior cases. I mean, I think when the Supreme Court ruled on Chevron, they basically said, hey, this doesn't call into question the prior cases.

是的。尼克，我不知道這是否真的會改變我們未來的思考過程。顯然，雪佛龍可能會對聯邦機構和未來的核心程序產生深遠的影響。當然，這不會影響之前的任何情況。我的意思是，我認為當最高法院對雪佛龍做出裁決時，他們基本上說，嘿，這並沒有對先前的案件提出質疑。

But my sense is it will impact ongoing rulemakings and court reviews as it relates to things coming out of FERC or things coming out of EPA, et cetera. So again, I think there will be far-reaching impacts, but I'll leave it to the lawyers that are working through all those matters to assess how it may impact things.

但我的感覺是，它將影響正在進行的規則制定和法院審查，因為它涉及 FERC 或 EPA 等的規定。再說一次，我認為這將會產生深遠的影響，但我將把它留給正在處理所有這些問題的律師來評估它可能如何影響事情。

Got it. This is Jeremy. But Nick a friend, so we're all good here. But maybe to follow on the -- just as far as that it just seems like a vast opportunity set with the multiple gigs you're talking about and how you think about, I guess, conversion rate there. It still seems like a sizable opportunity. But just wondering, there's thoughts about double counting out there. So just wondering how you, I guess think about the whole process.

知道了。這是傑里米。但尼克是朋友，所以我們在這裡都很好。但也許可以繼續下去——就這一點而言，這似乎是一個巨大的機會，包含你所談論的多種演出以及你如何看待那裡的轉換率。這似乎仍然是一個相當大的機會。但只是想知道，有人有關於重複計算的想法。所以我想知道你是如何思考整個過程的。

Yeah, Jeremy. I don't think I called you Nick, but if I did, I apologize. But in any event, Jeremy, it's a good question. I think again, when I did respond to Nick earlier, I think that, again, we're going to be conservative, I would say, in how we bring these things into our guidance. Obviously, when we gave our guidance at the beginning of the year, none of this was in our load growth projections.

是的，傑瑞米。我不認為我叫過你尼克，但如果我叫過你，我很抱歉。但無論如何，傑里米，這是一個很好的問題。我再次想，當我早些時候回覆尼克時，我認為，我想說，我們在如何將這些事情納入我們的指導方面將再次保持保守。顯然，當我們在年初給出指導時，這些都沒有包含在我們的負載成長預測中。

And so we're going to be thoughtful about it. As I as I said earlier, we thought it'd be good to share with you all the economic development pipeline that we have, and it's robust. But again, a large amount of this is still in the process of engineering reviews and interconnection studies, and so we're really excited about that.

所以我們會認真考慮這個問題。正如我之前所說，我們認為與大家分享我們擁有的所有經濟發展管道是件好事，而且它很強勁。但同樣，其中大部分仍處於工程審查和互連研究的過程中，因此我們對此感到非常興奮。

And I said, as I said in the prepared remarks, our team as well as state local, stakeholders are working hard to bring these fruition. We think that our -- both of our states, Missouri and Illinois should be very competitive with respect to these opportunities. Again, access to transmission, fiber, workforce, water, all those things, both of our states have very good sales and use tax incentives.

我說，正如我在準備好的演講中所說，我們的團隊以及州當地的利益相關者正在努力實現這些成果。我們認為，我們的密蘇裡州和伊利諾伊州在這些機會方面應該非常有競爭力。同樣，在獲得傳輸、光纖、勞動力、水等所有這些方面，我們兩個州都有非常好的銷售和使用稅收優惠。

I think we're to have just 26 states that have these and our incentives are very competitive with those that do. So we feel like we're positioned very well to convert these and bring these to fruition. But to your point, Jeremy, it's hard to know with some of these folks. They're looking at our sites, they're looking potentially at sites in other states. And so we're going to be conservative about how we bring those into our guidance.

我認為我們只有 26 個州擁有這些，而且我們的激勵措施與那些擁有這些的州非常有競爭力。因此，我們覺得我們處於非常有利的位置來轉化這些並實現它們。但傑里米，就你的觀點而言，很難了解其中一些人的情況。他們正在查看我們的網站，他們可能正在查看其他州的網站。因此，對於如何將這些納入我們的指導，我們將採取保守態度。

Again, just repeating, we felt comfortable talking about this 250 megawatt data center because we have a construction agreement. We think that's a firmer firmer position to be in. And then as we update our sales guidance again in February, we'll incorporate the those opportunities that we believe are firmer like this one that has a construction agreement.

再次強調，我們很樂意談論這個 250 兆瓦的資料中心，因為我們有建設協議。我們認為這是一個更堅定的立場。然後，當我們在二月再次更新銷售指導時，我們將納入那些我們認為更牢固的機會，例如簽訂了建設協議的機會。

Got it. That's helpful there. Maybe just picking up real quick with stakeholders in this state, our conversations with stakeholders in Missouri seem to indicate a view of that constructive commentary, I guess coming out of the commission there, and we've seen some kind of changes over time with the composition. I'm just wondering any updated thoughts you could share on Missouri, any changes you see there?

知道了。這很有幫助。也許只是很快地與該州的利益相關者進行交流，我們與密蘇裡州利益相關者的對話似乎表明了對這種建設性評論的看法，我猜是來自那裡的委員會，隨著時間的推移，我們已經看到了一些變化作品。我只是想知道您可以分享有關密蘇裡州的任何最新想法，您看到那裡有什麼變化嗎？

Well, I would just say that I'd refer you back just to even this past quarter, Jeremy, and some of the things that we accomplished from a regulatory standpoint, which is back on page 6. The approval of the Cass County project. We filed the CCN for the 800 megawatt Castle Bluff natural gas energy center, some of the commentary coming coming out of the commission suggests a desire for more dispatchable resources and an understanding that we need that for reliability. So we're excited to make that filing.

好吧，我只想說，傑里米，我想請您回顧一下上個季度，以及我們從監管角度完成的一些事情，這在第 6 頁上。卡斯縣工程獲準。我們為 800 兆瓦 Castle Bluff 天然氣能源中心提交了 CCN，該委員會的一些評論表明我們希望獲得更多可調度資源，並理解我們需要這些資源來提高可靠性。因此，我們很高興提交該文件。

We got the approval of the securitization. So I think that what we're seeing is a continuation of a constructive regulatory results in Missouri, the commission is going to have a forum to talk about our reliability for the state looking forward, and we think that's a constructive thing.

我們獲得了證券化的批准。因此，我認為我們看到的是密蘇裡州建設性監管結果的延續，委員會將舉辦一個論壇來討論我們對該州未來的可靠性，我們認為這是一件建設性的事情。

We're seeing these exciting economic development opportunities, and we need to make sure that Missouri has the resources to serve our existing customers and those additional economic development opportunities. So we think, again, that's a good constructive form of setting up for the future.

我們看到了這些令人興奮的經濟發展機會，我們需要確保密蘇裡州擁有資源來服務我們現有的客戶和這些額外的經濟發展機會。因此，我們再次認為，這是為未來做好準備的良好建設性形式。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey, good morning. Thanks so much for taking my question. Maybe -- (multiple speakers) Yeah, no, thanks for having me on.

嘿，早安。非常感謝您提出我的問題。也許－（多位發言者）是的，不，謝謝你邀請我參加。

Maybe just to start to go quickly back to the IRP update that you guys expect to file early next year. Recognize you've got the low growth element that could have an impact there. But could you also talk a little bit about the expectations around resource mix as you sort of have some more time to work through the EPA regulations?

也許只是開始快速回到你們預計明年初提交的 IRP 更新。認識你所擁有的低成長因素可能會產生影響。但您能否也談談對資源組合的期望，因為您有更多時間來完成 EPA 法規？

Yeah, Carly, it's a good question. And look, it's something we'll file in February, a lot of work to be done, as I mentioned, really trying to assess the load growth, get our arms around, what of this will come to fruition, how do we want to serve it?

是的，卡莉，這是個好問題。看，這是我們將在二月份提交的文件，正如我提到的，有很多工作要做，真正嘗試評估負載增長，全力以赴，這將實現什麼，我們想要如何服務它嗎？

I think when you look at the IRP that we filed back in September 2023, it was a good mix of resources, maintaining our existing dispatchable assets, thinking about bringing in a mix of renewables, dispatchable resources like simple cycle gas combined-cycle gas as well as battery storage technologies.

我認為，當您查看我們於2023 年9 月提交的IRP 時，您會發現這是一個很好的資源組合，維護了我們現有的可調度資產，考慮引入可再生能源、可調度資源的組合，例如簡單循環天然氣、複合循環天然氣等以及電池儲存技術。

And my sense is that if we see load growth that we're going to build into our plans going forward, it probably means in the short term, an acceleration of some of the renewables, the batteries and very possibly additional simple-cycle natural gas. When you look longer term, we will have to give some thought as we file that, and to your point about how we think about the EPA's proposed greenhouse gas rules.

我的感覺是，如果我們看到我們將在未來的計劃中納入負載增長，這可能意味著在短期內，一些可再生能源、電池以及很可能增加的簡單循環天然氣的加速發展。當你著眼長遠時，我們在提交該文件時必須考慮一下，以及你的觀點，即我們如何看待美國環保署擬議的溫室氣體規則。

And that may be impacted by whether the Supreme Court issues a stay of those later this year. But again, I would just say the things we have to think about, as I mentioned on one of our prior calls is the implications of those rules for carbon capture at our planned combined cycle facility as well as co-firing with gas at our Liberty Energy Center.

這可能會受到最高法院今年稍後是否下令暫緩執行這些決定的影響。但我想說的是，我們必須考慮的事情，正如我在之前的一次電話會議中提到的那樣，這些規則對我們計劃的聯合循環設施的碳捕獲以及我們的 Liberty 的天然氣混燒的影響能源中心。

So those are some of the things we'll be thinking about. And given the uncertainty of whether that greenhouse gas rule will ultimately come into effect, we'll have to think about how we do or don't reflect that in our plans going forward. So a lot to think about. So I appreciate you teeing it up. I Don't have any firm answer for you today, but those are some of the considerations.

這些是我們將要考慮的一些事情。考慮到溫室氣體規則最終是否會生效的不確定性，我們必須考慮如何在未來的計劃中反映或不反映這一點。所以有很多值得思考的地方。所以我很感謝你的準備。我今天沒有給你任何明確的答案，但這些是一些考慮因素。

Yeah, Carly, It's Mike. The only thing I might add to that is with respect to some of these environmental rules, there probably are some no-regrets moves that we'll continue to look at. Marty mentioned this co-firing issue, trying to make sure we have access to gas some of these facilities that we don't have today. So taking some steps there that we think probably are prudent just to give us some additional flexibility, not knowing exactly where these rules will ultimately end up.

是的，卡莉，是麥克。我唯一可以補充的是，對於其中一些環境規則，我們可能會繼續關註一些不後悔的舉措。馬蒂提到了這個混燒問題，試圖確保我們能夠使用其中一些我們目前沒有的設施的天然氣。因此，採取一些我們認為可能謹慎的步驟只是為了給我們一些額外的靈活性，而不是確切地知道這些規則最終會在哪裡結束。

Got it. Okay. That context is super helpful, and we'll stay tuned there. The follow-up was just on MISO Tranche 2. I know you guys addressed kind of Tranche 2.1 a bit earlier. But could you talk a little bit about 2.2 kind of how that split of the tranches came about. And ultimately, if you have any views on what that could look like from a sizing perspective relative to Tranche 2.1 and also Tranche 1?

知道了。好的。該上下文非常有幫助，我們將繼續關注。後續只是 MISO Tranche 2。我知道你們早些時候討論過 Tranche 2.1。但是您能談談 2.2 中的部分是如何進行的嗎？最後，從相對於 Tranche 2.1 和 Tranche 1 的規模調整角度來看，您是否有任何看法？

Yeah, I'll -- this is Marty again. Currently. I'll start, I think is MISO looked at these projects and heard from stakeholders, there was some logical order in terms of how you might want to build out some of the infrastructure that we believe is ultimately going to be required in the Midwest region, given all of the region's goals with respect to clean energy transition and what MISO sees in terms of the potential relocation of generation facilities and load, et cetera.

是的，我會——這又是馬蒂。現在。首先，我認為 MISO 考察了這些項目並聽取了利益相關者的意見，在如何構建我們認為中西部地區最終需要的一些基礎設施方面存在一些邏輯順序考慮到該地區在清潔能源轉型方面的所有目標以及MISO 在發電設施和負載的潛在搬遷等方面的看法。

So I think it was more or less of what's a logical order to build some of these things out and then to step back and use the expectation of these investments in consideration and planning for the next set of projects.

因此，我認為這或多或少是一個邏輯順序，先建立其中一些東西，然後退後一步，利用這些投資的期望來考慮和規劃下一組項目。

Now with that said, I had mentioned, for example, we have this 345 line that they're planning in Missouri. It may or may not preclude the need for a 765 line, which was in the last last presentation presented.

話雖如此，我已經提到過，例如，我們在密蘇裡州規劃了 345 條線路。它可能會也可能不會排除對 765 線路的需要，這在最後一次演示中已介紹過。

We also don't see a whole lot of investment on the current map in the Southern part of Illinois and extending Indiana, so we may see some more investment there. But again, it's premature. Again, we'll get these finalized by MISO expecting this year. Talking to MISO, while they've been added working on potential for 2.2, there's still a lot of more work to be done, which is why they really don't expect to get those approved until sometime into 2025.

在當前地圖上，我們還沒有看到伊利諾伊州南部和印第安納州延伸地區有大量投資，因此我們可能會在那裡看到更多投資。但同樣，現在還為時過早。同樣，我們預計今年將由 MISO 完成這些工作。與 MISO 交談時，雖然他們已經開始研究 2.2 的潛力，但仍有許多工作要做，這就是為什麼他們確實不希望在 2025 年某個時候獲得這些批准。

So again, I just think it's really premature to talk about what those might be and what the size of it's going to be. I don't think there's I don't think it'll be insignificant in terms of the additional investment, but it's probably premature to specifically speculate.

再說一次，我只是認為現在談論這些可能是什麼以及它的規模還為時過早。我認為就額外投資而言，這不會是微不足道的，但現在具體推測可能還為時過早。

Got it. Great. Thank you so much for that color.

知道了。偉大的。非常感謝你的那種顏色。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Good morning. Just the follow-up on the weather and the sales growth and what have you. you might (inaudible) we expect that absolutely years you'll be up 2%. And with EMEA, it's flat. Is that pretty much right? Or If you could just elaborate a little bit on that. I apologize for not being completely clear.

早安.只是對天氣和銷售增長以及您有什麼的跟進。您可能（聽不清楚）我們預計您絕對會在幾年內上漲 2%。歐洲、中東和非洲地區則持平。是這樣嗎？或是能詳細說明一下嗎？我很抱歉沒有完全清楚。

Hey, Paul, this is Michael. From a year-to-date standpoint, again, right, residential is up 2.5%, 1.6% on the commercial side and 3.1% on the industrial side. So about 2.2% overall. Within EMEA impact, I mean, it is a little bit less than that. I don't have it right here in front of me. But overall, I mean, it look, it's just it's been much stronger than it has historically been.

嘿，保羅，這是麥可。從今年迄今的角度來看，住宅成長了 2.5%，商業成長了 1.6%，工業成長了 3.1%。整體而言約為 2.2%。我的意思是，在歐洲、中東和非洲地區的影響比這更小。我面前沒有它。但總的來說，我的意思是，看起來，它只是比歷史上強大得多。

I apologize. I was just looking at slide 24, if I looked at it, it seems to say like versus normal, it was zero. So in terms of -- at least on the EPS impact. So I'm just sort of -- if I -- so if I'm looking at it, I just wanted to -- it sounds like you guys have -- it is really working in terms of is there some impact on keeping for efficiency. Am I right about that?

我道歉。我只是在看幻燈片 24，如果我看它，它似乎在說與正常情況相比，它是零。因此，至少就每股盈餘的影響而言。所以我只是 - 如果我 - 所以如果我正在看它，我只是想 - 聽起來你們已經這樣做了 - 它真的很有效，這對於保持下去是否有一些影響效率。我的說法正確嗎？

Well, I mean, there certainly is some impact from an energy efficiency standpoint. Although I think it's less than it's less than that. I mean the one thing that you're not seeing in here a little bit is a bit of price variance. So as you are switching kind of from between summer and winter rates, you get some different price variances and then block sales. And so when you strip that out, that's masking a little bit of the growth there and that will -- should like it typically does will flip around as you kind of move through time. So -- but I mean, EE does have an impact.

嗯，我的意思是，從能源效率的角度來看，肯定會產生一些影響。雖然我覺得比這個還少。我的意思是，您在這裡看不到的一件事是價格差異。因此，當您在夏季和冬季價格之間切換時，您會得到一些不同的價格差異，然後阻止銷售。因此，當你將其剔除時，就會掩蓋那裡的一點增長，並且應該像通常那樣，隨著時間的推移，它會發生翻轉。所以——但我的意思是，EE 確實有影響。

Yeah, I think, Paul, if you're looking at that zero versus normal. What that's really just meant to say is that the weather to date has been normal. In the first quarter -- Yeah, in the first quarter, weather was weak, second quarter weather was strong. What we're saying here is year to date. There have been no, no weather impact versus normal conditions,

是的，我想，保羅，如果你看的是零與正常值。這實際上只是想說，到目前為止天氣一直正常。第一季－是的，第一季天氣很弱，第二季天氣很強勁。我們在這裡所說的是今年迄今為止的情況。與正常情況相比，沒有任何天氣影響，

Okay. Sorry about that. And then with respect to your load forecast and the IRP that's going to be refreshed. I was wondering can you just give you just a little bit of a sense as to it sounds obviously like you've got a lot of positive things happening here. What kind of maybe range we might be looking at in terms of when the IRP, when it's refreshed, like how much it might go up?

好的。對此感到抱歉。然後是關於您的負載預測和將要刷新的 IRP。我想知道你能否給你一點感覺，聽起來顯然你在這裡發生了很多積極的事情。當 IRP 刷新時，我們可能會考慮什麼樣的範圍，例如它可能會上漲多少？

Yeah Paul, Michael here again, a bit premature, I think, to get into that conversation. Again, I mean, as we as we came out in February, and probably recall this, I mean, we've been seeing historically kind of flat to up maybe 0.5% in terms of growth. And then I think there's been some positive updates as we've kind of moved through the year here and I just went through the year to date statistics.

是的，保羅、麥可又來了，我認為現在進入這個對話還為時過早。再說一次，我的意思是，當我們在 2 月發佈時，可能還記得這一點，我的意思是，我們一直看到歷史上增長持平到可能增長 0.5%。然後我認為有一些積極的更新，因為我們已經度過了這一年，我剛剛瀏覽了今年迄今為止的統計數據。

I mean, we will absolutely do that. I think we're just wanting to make sure we feel good about the confidence level around, as Marty mentioned, around a number of these data centers, et cetera. And as we, I think, kind of March through time, we were going through our typical update and planning process as we always do right now. And so we'll do that here into the fall and then I think we'd be in a much better position as we refresh that IRP and refresh that sales forecast, to give you a sense.

我的意思是，我們絕對會這麼做。我認為我們只是想確保我們對周圍的信心水平感到滿意，正如馬蒂提到的，圍繞著許多這樣的數據中心等等。我認為，隨著時間的推移，我們正在經歷典型的更新和規劃過程，就像我們現在所做的那樣。因此，我們將在秋季這樣做，然後我認為，當我們刷新 IRP 並刷新銷售預測時，我們會處於更好的位置，讓您有一個感覺。

Again, just I think we've used a little bit of a statistic in the past. I mean, just from an industrial perspective, a 250 megawatt project that Marty referenced, I mean that would represent about a 40% increase in our industrial sales in about an overall 5% increase in Missouri's retail sales. Just to give you a sense of it?

再說一次，我認為我們過去使用過一些統計數據。我的意思是，僅從工業角度來看，馬蒂提到的一個250 兆瓦項目，我的意思是，這將代表我們的工業銷售額增長約40%，密蘇裡州零售額總體增長約5% 。只是為了讓你感受一下嗎？

Yeah. I think, Paul, following up on Michael's comment there, I mean, we have the ability to serve that data center today with our existing mix of resources and the planned additions that we've got. So as we think about that IRP update, it's really about thinking about those thousands of megawatts that are in the queue today, looking -- doing is engineering studies, interconnection studies and really working with them and giving more thought to what that's going to come to fruition? And what what changes to the IRP might need to be made in light of those?

是的。保羅，我想，跟進邁克爾的評論，我的意思是，我們今天有能力利用現有的資源組合和計劃中的新增資源為該數據中心提供服務。因此，當我們考慮 IRP 更新時，實際上是要考慮今天排隊的數千兆瓦，我們要做的是工程研究、互連研究，並真正與它們合作，並更多地考慮即將發生的事情實現？鑑於這些，IRP 可能需要做出哪些改變？

Okay. And then just should we think of this as sort of a concern that the existing resources can serve all this? Is this basically going to be something that on would help customers or even near term, at least in terms of just more cost being spread over more megawatt hours or is there an economic development issue that's happening here that -- I guess I'm trying to say is, with your --how should we think about this impacting rates vis-a-vis earnings if you follow what I'm saying on at least in the near term?

好的。那麼我們是否應該將此視為現有資源能否滿足所有這些需求的擔憂？這基本上是否會幫助客戶，甚至在短期內，至少在更多的兆瓦時分攤更多成本方面，或者這裡是否存在經濟發展問題——我想我正在嘗試要說的是，如果您至少在短期內遵循我所說的，我們該如何考慮這種影響利率與收益的關係？

Well, the customers that are signing on today, the 250 megawatts as well as the 85 plus megawatts are really utilizing existing tariffs that we have in place today that obviously have been vetted by the commission and put in place. And the goal of any of these tariffs is to make sure that costs are allocated appropriately and spread appropriately amongst customer classes. I think sit here today, I think we're fine.

嗯，今天簽約的 250 兆瓦以及 85 兆瓦以上的客戶實際上正在利用我們今天實施的現有電價，這些電價顯然已經過委員會的審查並實施。任何這些關稅的目標都是確保成本在客戶類別之間適當分配和適當分攤。我想今天坐在這裡，我想我們很好。

As we move through time, if we have thousands of megawatts that come to fruition, and we start to think about the different resources we may need to put in place to serve them. We're going to have to be thoughtful about what the appropriate tariffs are for those customers to make sure that they pay a fair price and that value again, accrues to all of our customers and communities.

隨著時間的推移，如果我們有數千兆瓦的發電量得以實現，我們就會開始考慮我們可能需要投入哪些不同的資源來為它們服務。我們必須考慮對這些客戶來說適當的關稅是多少，以確保他們支付公平的價格，並且該價值再次惠及我們所有的客戶和社區。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Just one quick one, kind of like a follow-up and it may be challenging to answer. I mean, if I think back to -- and I know you guys don't have the exposure, the PJM capacity auction, but if I think back, 10, 15 years ago, where we started to see some real bullish prices on capacity. I think the utilities kind of in that part of the country really responded with higher CapEx and the regulators really supported it.

只是一個簡短的問題，有點像後續行動，可能很難回答。我的意思是，如果我回想一下——我知道你們沒有接觸過 PJM 產能拍賣，但如果我回想一下，10、15 年前，我們開始看到一些真正看漲的產能價格。我認為該國該地區的公用事業公司確實以更高的資本支出做出了回應，監管機構也確實對此表示支持。

If we fast forward, maybe last December, Illinois, really, I think, tend to message and maybe slow down the CapEx spend in the state. I know you're not exposed to PJM capacity prices, but do you think the Illinois regulators maybe change their view and maybe realize the value of the added infrastructure maybe to help our customer builds as more ways to get power to them?

如果我們快進，也許去年 12 月，伊利諾伊州，我認為，真的傾向於傳達訊息，並可能減緩該州的資本支出。我知道您沒有受到 PJM 容量價格的影響，但您認為伊利諾伊州監管機構可能會改變他們的觀點，並且可能會意識到增加基礎設施的價值，可能會幫助我們的客戶建立更多獲得電力的方式？

Yeah. Look, I think in both states, I mentioned this earlier and the commission having a forum on reliability and resource adequacy and the same concerns I know exist in Illinois. And so, we'll see how policies a shift and change over time. But but look, I think at the end of the day, all stakeholders in both states. And certainly us as a utility and other service providers were all concerned and mindful of resource adequacy, reliability, affordability and a clean energy transition.

是的。看，我認為在這兩個州，我之前提到過這一點，委員會有一個關於可靠性和資源充足性的論壇，我知道伊利諾伊州也存在同樣的擔憂。因此，我們將看到政策如何隨著時間的推移而變化。但是，我認為歸根結底，這兩個州的所有利益相關者都是如此。當然，我們作為公用事業公司和其他服務提供者都關心並牢記資源充足性、可靠性、可負擔性和清潔能源轉型。

And so I think your intuition is right that as you see cost pressures grow because of things like capacity prices or you see the need to support economic development and growth logically, you're going to have to start to think about the policies that support those things and resource adequacy. So I think your intuition is correct.

因此，我認為你的直覺是正確的，當你看到成本壓力因產能價格等因素而增加，或者你看到有必要從邏輯上支持經濟發展和成長時，你將不得不開始考慮支持這些政策的政策事物和資源充足性。所以我認為你的直覺是正確的。

David Paz, Wolfe Research.

大衛‧帕斯，沃爾夫研究中心。

Good morning. Thanks for squeezing me in here on the call today. So I just -- one thing just popped up as I listen to your response. Just have you provided what of just simple rule of thumb sensitivity on EPS for every 1% increase in industrial sales?

早安.感謝您今天把我擠到這裡來參加電話會議。所以當我聽到你的回應時，我突然想到一件事。您是否提供了工業銷售額每成長 1%，對 EPS 的簡單經驗敏感度？

Yeah. We have historically, David, you know, for every 1% on the industrial side, it's about a $0.05 here is a good way to think about it. Now that change it will change over time as you kind of move through and you got to change the generation mix, et cetera. But I mean, I think it's probably at a decent rule of thumb today.

是的。大衛，我們從歷史上看，工業方面每 1% 相當於 0.05 美元，這是一個很好的思考方式。現在，隨著時間的推移，這種變化也會發生變化，你必須改變一代的組合，等等。但我的意思是，我認為今天這可能是個不錯的經驗法則。

Thank you. And just on the discussions and I know there's been plenty of questions here on attracting large load and efforts you're making. Just what have you to rate stakeholders and leaders that that would what you need on a from a ratemaking standpoint. And could we see efforts to add trackers and riders expedite the amortization of the three large loader or maybe an expansion of piece? I guess what are you telling them that (inaudible) in Missouri?

謝謝。就討論而言，我知道這裡有很多關於吸引大量負載和您所做的努力的問題。從利率制定的角度來看，您對利害關係人和領導者的評價是您所需要的。我們是否會看到增加追蹤器和騎士的努力會加快三台大型裝載機的攤銷，或者可能會擴大零件範圍？我猜你在密蘇裡州告訴他們什麼（聽不清楚）？

Yeah, I think, David, David, all things for consideration. As I mentioned a few moments ago with respect to the the data center that we show on page 7, this 250 megawatt data center and the other 85 megawatts a load again they're able to use our current industrial tariffs, and we're able to serve them with on our current generation. and planned generation.

是的，我想，大衛，大衛，所有的事情都需要考慮。正如我剛才提到的，關於我們在第 7 頁上顯示的資料中心，這個 250 兆瓦的資料中心和其他 85 兆瓦的負載再次能夠使用我們當前的工業關稅，我們能夠為我們這一代服務。和計劃生成。

So no need for any special tariff there. Over time, as I said, to the extent that these other opportunities come to fruition, we may think need to think about some special tariffs. One thing to point to is we just had that and Cass County solar project approved. And there, we did put a special sort of tariff arrangement into place to ensure that there was a -- an appropriate apportionment of costs between our customer base as well as those industrial customers that are going to take power from from Cass County. So we do have some experience working with the commission to put special tariffs in place. And we'll be giving thought to that as we move forward with additional data centers that we may be able to serve.

所以那裡不需要任何特殊關稅。正如我所說，隨著時間的推移，當這些其他機會實現時，我們可能認為需要考慮一些特殊關稅。需要指出的一件事是我們剛剛獲得了卡斯縣太陽能專案的批准。在那裡，我們確實制定了一種特殊的電價安排，以確保我們的客戶群以及將從卡斯縣獲取電力的工業客戶之間進行適當的成本分攤。因此，我們確實有一些與委員會合作實施特殊關稅的經驗。當我們推進我們可能能夠提供服務的更多資料中心時，我們將考慮這一點。

And then to your point on, -- I think it was on PSA, certainly, one of the things we pursued legislatively last spring that had very good support was the extension of PSA to dispatchable generation. Such as the simple cycle assets that we're planning and combined cycle asset that we're planning. And so again, we had very good support for that. Again, the legislative session ended with with that not getting across the finish line, but certainly expect that strong support as we go into next year.

然後說到你的觀點，我認為這當然是關於 PSA 的，去年春天我們在立法上追求的、得到很好支持的事情之一就是將 PSA 擴展到可調度發電。例如我們正在規劃的簡單循環資產和我們正在規劃的聯合循環資產。同樣，我們對此也得到了很好的支持。立法會議再次以沒有跨越終點線結束，但我們肯定會在進入明年時獲得強有力的支持。

Thank you so much.

太感謝了。

You bet.

你打賭。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Just following up on this right. So just on the process behind the -- shall we say, shorter term procurement potential here right. You alluded to it earlier, obviously, you have enough resources to deal with the 250 here initially. Perhaps that's not it as you allude to -- how do you think about the process itself, right? You do typically these IRPs at relative relatively consistent period-over-period interims as well as there's a construction cycle behind that.

就在這個右邊跟進。因此，我們可以說，短期採購潛力背後的流程是正確的。你之前提到過，顯然，你有足夠的資源來應付最初的250。也許這不是你提到的——你如何看待這個過程本身，對吧？您通常會在相對一致的期間內執行這些 IRP，並且背後有一個建置週期。

There's the PSC process behind that, you mentioned kind of the shorter term potential in the medium term, potentially need. How do you think about expediting that? We've seen that potentially in some of your adjacent jurisdictions? How do you think about that A? and then B, going back to the point raised, would you expect some of these tariff dynamics just play out in the like should we say it subsequent rate case process beyond the current instance?

這背後有 PSC 流程，您提到了中期的短期潛力，潛在的需求。您如何看待加快這項進程？我們已經在您的一些鄰近司法管轄區看到了這種情況？你覺得這個A怎麼樣？然後B，回到所提出的觀點，您是否期望其中一些關稅動態會以類似的方式發揮作用，我們是否應該說它是當前實例之外的後續稅率案例流程？

Yeah. All good questions, Julien. So first of all, as I mentioned, with respect to these opportunities, we're certainly not waiting. We and other stakeholders around the states are aggressively interacting with these folks that are doing these engineering reviews, interconnection studies and doing everything we can to be able to support them and locating these facilities either in Missouri or Illinois as is appropriate. And so we're aggressively doing that. When you look at some of opportunity. Think about this 250 megawatt one that we talked about specifically.

是的。所有的問題都很好，朱利安。首先，正如我所提到的，對於這些機會，我們當然不會等待。我們和各州的其他利害關係人正在積極與這些進行工程審查、互連研究的人員進行互動，並盡我們所能來支持他們，並將這些設施適當地安置在密蘇裡州或伊利諾伊州。所以我們正在積極地這樣做。當你看到一些機會。想想我們專門討論過的這個 250 兆瓦的專案。

They're going to be in service in 2026, ramping up usage through 2028. And that's what we're hearing from many of these is really a desire to ramp up over time. And so the idea is that, that would sort of dovetail with an update to the IRP, where we would potentially accelerate some of the planned additions, perhaps add some additional resources that we would get in place in time to be able to serve this load as it grows.

它們將於 2026 年投入使用，並在 2028 年之前增加使用量。這就是我們從許多人那裡聽到的，他們確實希望隨著時間的推移而增加。因此，我們的想法是，這將與 IRP 的更新相吻合，我們可能會加速一些計劃中的添加，也許會添加一些我們及時到位的額外資源，以便能夠服務此負載隨著它的成長。

When you think about that, certainly there are some limitations, but when you think about that 800 megawatt simple cycle that we're putting in in our plants today, the Castle Bluff about four years to get that in service between them of turbines, transformers, construction time line, et cetera. So we feel like we'll be able to work with some of these data center opportunities, get the IRP updated and filed.

當你想到這一點時，當然存在一些限制，但是當你想到我們今天在工廠中投入使用的 800 兆瓦簡單循環時，城堡布拉夫大約需要四年的時間才能在渦輪機、變壓器之間投入使用、施工時間線等。因此，我們覺得我們將能夠利用其中一些資料中心機會，更新並歸檔 IRP。

And hopefully be able to sort of have all these things dovetail and brought together at the right, right, pace and speed. And yeah, in terms of the any kind of changes in tariffs. We think those can happen both inside the context of a rate review or outside of a rate review. So we think we have flexibility there.

希望能夠將所有這些事情以正確、正確的節奏和速度結合在一起。是的，就關稅的任何變化而言。我們認為這些可能發生在費率審查的範圍內或費率審查之外。所以我們認為我們在這方面具有靈活性。

Okay. Even outside of rate review, nice, It sounds like you have got something in mind already. And then separately, quickly, just coal ash new regs here in the last few months. I'm just curious on AROs accumulating and just thoughts about some of the twist here.

好的。即使在費率審查之外，也很好，聽起來您已經想到了一些事情。然後，在過去的幾個月裡，很快，這裡就出現了煤灰新法規。我只是對 ARO 的累積感到好奇，並思考這裡的一些變化。

Hey, Julien Michael here. It's really not a significant issue for us. I mean, we did go through and a couple of AROs, but it's really immaterial amount. If you think about our exposure from a coal ash standpoint, I mean, we really got in front of this issue, probably seven or eight years ago. All of our ponds are closed or in the process of being finalized here. And so just not a lot of additional exposure, just a little bit of stuff around the edges.

嘿，朱利安·邁克爾在這裡。這對我們來說確實不是一個重要的問題。我的意思是，我們確實經歷了一些 ARO，但這實際上是無關緊要的。如果你從煤灰的角度考慮我們所面臨的風險，我的意思是，我們可能在七、八年前就真正遇到了這個問題。我們這裡所有的池塘都已關閉或正在最後確定過程中。因此，沒有太多額外的曝光，只是邊緣的一些東西。

Got it. Okay. Excellent. Thank you, guys. Have a great day.

知道了。好的。出色的。謝謝你們，夥計們。祝你有美好的一天。

There are no further questions at this time. I'd like to hand the floor back over to Marty Lyons for any closing comments.

目前沒有其他問題。我想將發言權交還給馬蒂·萊昂斯以徵求結束語。

Yeah. Thanks, everybody, for joining us today. Some great questions. Appreciate the dialogue. Look, overall, we are really pleased to share our updates with you today, and we remain absolutely focused on strong execution for the remainder of this year. And we look forward to seeing many of you in the coming months.

是的。謝謝大家今天加入我們。一些很好的問題。欣賞對話。總體而言，我們非常高興今天與您分享我們的最新動態，並且我們仍然絕對專注於今年剩餘時間的強勁執行力。我們期待在未來幾個月見到你們中的許多人。

So with that, thanks. Have a great day. Have a great weekend.

就這樣，謝謝。祝你有美好的一天。週末愉快。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。