阿莫林 (AEE) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Ameren Corporation third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Andrew Kirk, Director of Investor Relations and Corporate Modeling for Ameren Corporation. Mr. Kirk, please proceed.

您好，歡迎您參加 Ameren Corporation 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹主持人安德魯·柯克先生，他是 Ameren Corporation 投資者關係和企業建模總監。柯克先生，請繼續。

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；以及我們的高階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 is Marty, who will start on Page 4.

現在是馬蒂，他將從第 4 頁開始。

Thanks, Andrew. Good morning, everyone. Thank you for joining us today as we cover our third quarter 2024 earnings results. I'll begin today on Page 4. We're focused on delivering strong long-term value for our customers, communities, shareholders and the environment. By investing in rate regulated infrastructure, enhancing regulatory frameworks and advocating for responsible energy policies, we are positioning ourselves to take advantage of future opportunities to benefit all of our stakeholders.

謝謝，安德魯。大家早安。感謝您今天加入我們，我們將報告 2024 年第三季的獲利結果。今天我將從第 4 頁開始。我們致力於為客戶、社區、股東和環境提供強大的長期價值。透過投資費率監管基礎設施、加強監管框架和倡導負責任的能源政策，我們將利用未來的機會造福所有利害關係人。

And through a disciplined approach to optimizing our operating performance, we have been able to keep our customer rates low in comparison to the national average as we transform the energy grid to enhance reliability and provide cleaner energy to our communities. We remain excited for the future and we see strong growth opportunities unfolding over the next decade.

透過嚴格的方法來優化我們的營運績效，在我們改造能源網路以提高可靠性並為我們的社區提供清潔能源的同時，我們能夠將客戶費率保持在低於全國平均水平的水平。我們對未來仍然感到興奮，我們看到未來十年將出現強勁的成長機會。

Turning to Page 5. Yesterday, we announced third quarter 2024 adjusted earnings of $1.87 per share compared to earnings of $1.87 per share in the third quarter of 2023. These comparable adjusted earnings results were in line with our expectations. The third quarter and year-to-date 2024 adjusted results exclude two charges related to separate proceedings that had been ongoing for over a decade.

翻到第 5 頁。昨天，我們宣布 2024 年第三季調整後每股收益為 1.87 美元，而 2023 年第三季調整後每股收益為 1.87 美元。這些可比較調整後獲利結果符合我們的預期。2024 年第三季和年初至今的調整後業績不包括兩項與已持續十多年的單獨訴訟相關的指控。

The first, related to an agreement in principle to settle the Rush Island Energy Center New Source Review and Clean Air Act proceeding; and the second, for customer refunds required by the Federal Energy Regulatory Commission's, FERC's, October 2024 order, which established a new base return on equity within the Midcontinent Independent System Operator, or MISO, that was applied retroactively to certain periods extending back to 2013.

第一個涉及原則上解決拉什島能源中心新能源審查和清潔空氣法案訴訟的協議；第二個是聯邦能源管理委員會(FERC) 2024 年10 月命令要求的客戶退款，該命令在中大陸獨立系統運營商(MISO) 內建立了新的基本股本回報率，追溯適用於可追溯到2013 年的某些時期。

Key earnings drivers are highlighted on this page. Mike will discuss the factors driving the quarterly results in more detail in a moment. Our strong investment pipeline continues to drive earnings growth and I'm excited about the significant economic growth opportunities in the communities we serve. The Greater St. Louis region is experiencing some of the highest employment growth we've seen in the better part of three decades.

本頁重點介紹了主要的獲利驅動因素。麥克稍後將更詳細地討論推動季度業績的因素。我們強大的投資管道繼續推動獲利成長，我對我們所服務的社區的重大經濟成長機會感到興奮。大聖路易斯地區正在經歷三十年來最高的就業成長。

In August, the region was ranked fourth among large metro areas in the country for employment growth. And we're seeing the strength in our region reflected in strong weather-normalized retail sales growth year-to-date across all customer classes in Missouri.

8月份，該地區的就業成長在全國大城市中排名第四。我們看到，我們地區的實力體現在密蘇裡州所有客戶類別今年迄今天氣正常化零售額的強勁增長上。

Turning now to Page 6. Thanks to our team's execution of our strategy over the course of this year, we have a strong foundation as we head into the final months of 2024. We expect to deliver 2024 earnings within our adjusted guidance range of $4.55 per share and $4.69 per share. And we expect our 2025 earnings per share to be in the range of $4.85 and $5.05 with the midpoint representing a 7.1% increase over the midpoint of our 2024 adjusted guidance range.

現在翻到第 6 頁。由於我們的團隊在今年執行了我們的策略，我們在進入 2024 年最後幾個月時擁有了堅實的基礎。我們預計 2024 年的獲利將在每股 4.55 美元和 4.69 美元的調整後指導範圍內。我們預計 2025 年每股盈餘將在 4.85 美元至 5.05 美元之間，中點較 2024 年調整後指引範圍的中點成長 7.1%。

While our historical practice has been to provide initial earnings guidance on our fourth quarter earnings call in February, we're issuing this 2025 guidance now to reinforce our confidence in our ability to deliver on our 6% to 8% earnings per share growth guidance expectations. We expect to provide our long-term earnings growth guidance and capital and financing plans on our year-end call in February.

雖然我們的歷史做法是在 2 月份的第四季度財報電話會議上提供初步盈利指引，但我們現在發布 2025 年指引是為了增強我們對實現 6% 至 8% 每股收益增長指引預期的信心。我們預計將在二月份的年終電話會議上提供長期獲利成長指引以及資本和融資計畫。

On Page 7, we highlight the latest advancements across Ameren as we execute our strategic objectives for the year. Our infrastructure investment plan is designed to improve the reliability, resiliency, safety and efficiency of our system as we remain focused on a reliable clean energy transition.

在第 7 頁，我們重點介紹了 Ameren 在執行本年度策略目標時所取得的最新進展。我們的基礎設施投資計畫旨在提高系統的可靠性、彈性、安全性和效率，因為我們仍然專注於可靠的清潔能源轉型。

Year-to-date, we've invested $3 billion to replace aging infrastructure and also build the new infrastructure needed to meet our customers' growing demand with a diverse mix of energy resources. Just last week, we announced that we have now closed on three solar energy centers this year, totaling 500 megawatts of new generation, which are undergoing final testing and are expected to be in service by the end of the year.

今年迄今為止，我們已投資 30 億美元來更換老化的基礎設施，並建造新的基礎設施，以滿足客戶對多樣化能源組合不斷增長的需求。就在上週，我們宣布今年已經關閉了三個太陽能中心，總計500兆瓦的新一代太陽能中心，正在進行最後的測試，預計將在今年年底投入使用。

On the regulatory front, MISO's long-range transmission planning process is progressing toward approval of the Tranche 2.1 portfolio by the end of the year. In September, MISO released additional Tranche 2.1 project details which included approximately $3.6 billion of transmission investment needed in our Missouri and Illinois service territories to support reliability for the region.

在監管方面，MISO 的遠端輸電規劃流程正朝著在年底前批准 Tranche 2.1 產品組合的方向邁進。9 月，MISO 發布了額外的 Tranche 2.1 項目詳細信息，其中包括密蘇裡州和伊利諾伊州服務區域所需的約 36 億美元的輸電投資，以支持該地區的可靠性。

At Ameren Missouri, we're working to bring more dispatchable generation onto the grid. In October, the Missouri Public Service Commission, or Missouri PSC, approved a Certificate of Convenience and Necessity, or CCN and post-construction cost deferral for the 800-megawatt simple-cycle natural gas energy center, Castle Bluff. This $900 million investment in dispatchable generation will support energy reliability in our region and will also create hundreds of construction jobs, several new permanent jobs and additional tax revenue for the region.

在密蘇裡州阿梅倫，我們正在努力將更多的可調度發電引入電網。10 月，密蘇裡州公共服務委員會 (Missouri PSC) 批准了位於 Castle Bluff 的 800 兆瓦簡單循環天然氣能源中心的便利性和必要性證書 (CCN) 以及施工後成本遞延。這筆 9 億美元的可調度發電投資將支持我們地區的能源可靠性，也將為該地區創造數百個建築工作、幾個新的永久性工作和額外的稅收收入。

In addition, in November, we reached an agreement in principle with the US Department of Justice to settle the Rush Island Energy Center New Source Review and Clean Air Act proceeding. I'll cover the details of the agreement in a moment.

此外，11月，我們與美國司法部原則上達成協議，解決拉什島能源中心新能源審查和清潔空氣法案訴訟。我稍後將介紹該協議的詳細資訊。

And finally, at Ameren Illinois, in October, the Administrative Law Judge, or ALJ, issued a proposed order regarding our revised 2024 through 2027 electric distribution Multi-Year Rate Plan. Importantly, the ALJ proposed order supports 99% of our requested rate base when excluding the impacts of other post-employment benefits or OPEB.

最後，10 月在伊利諾伊州阿梅倫，行政法法官 (ALJ) 就我們修訂後的 2024 年至 2027 年配電多年費率計劃發布了一項擬議命令。重要的是，在排除其他離職後福利或 OPEB 的影響時，ALJ 提議的命令支持我們要求的費率基數的 99%。

Following our team's extensive engagement with key stakeholders, all Intervenors support the Illinois Commerce Commission, or ICC's approval of a revised grid plan with limited adjustments. We look forward to an ICC decision by the end of this year, which we expect to be consistent with the multiyear capital plans we issued in February.

在我們的團隊與主要利益相關者進行廣泛接觸後，所有乾預者都支持伊利諾伊州商業委員會或國際商會批准經過有限調整的修訂後的電網計劃。我們期待國際商會在今年年底做出決定，我們預計該決定將與我們 2 月發布的多年資本計劃保持一致。

Last, operational performance across our company remains strong with a focus on delivering safer, more reliable and affordable energy through grid hardening, enhanced automation, optimization and standardization.

最後，我們公司的營運表現仍然強勁，重點是透過電網強化、增強自動化、優化和標準化提供更安全、更可靠和更實惠的能源。

Turning to Page 8 for an update on Ameren Missouri's new generation projects. We continue to execute our Ameren Missouri Integrated Resource Plan, or IRP, which focuses on maintaining and building a diverse, cleaner generation portfolio to ensure a reliable and low-cost mix of energy resources to serve our customers' needs.

請參閱第 8 頁，以了解 Ameren Missouri 新一代專案的最新情況。我們繼續執行 Ameren 密蘇裡州綜合資源計劃 (IRP)，該計劃的重點是維護和建立多樣化、清潔的發電組合，以確保可靠且低成本的能源組合，以滿足客戶的需求。

As I mentioned, we have three solar projects in the later stages of commissioning and testing and that are expected to be in service by the end of this year. We're also working towards the successful construction of another 400 megawatts of solar generation across three additional projects, which we expect will be ready to serve customers in late 2025 and 2026.

正如我所提到的，我們有三個太陽能專案處於調試和測試的後期階段，預計將在今年年底投入使用。我們也致力於在另外三個項目中成功建造另外 400 兆瓦的太陽能發電項目，我們預計這些項目將在 2025 年末和 2026 年準備好為客戶提供服務。

Further, as I mentioned, in October, the Missouri PSC approved a CCN for the dispatchable 800-megawatt simple-cycle natural gas energy center, Castle Bluff, following a constructive settlement with the commission staff and other intervenors.

此外，正如我所提到的，在與委員會工作人員和其他幹預者達成建設性和解後，密蘇裡州 PSC 於 10 月批准了可調度 800 兆瓦簡單循環天然氣能源中心 Castle Bluff 的 CCN。

The order also includes post-construction cost deferral to reduce unrecovered costs by allowing us to defer and recover the depreciation expense from the Castle Bluff Energy Center and an adjusted weighted average cost of capital return on the investment from the time it is placed in service to when it is incorporated into base rates.

該訂單還包括施工後成本延期，以減少未收回的成本，允許我們推遲和收回 Castle Bluff 能源中心的折舊費用，以及自投入使用以來調整後的投資資本回報加權平均成本當它被納入基本費率時。

As solar energy predictably rises and then falls every day, it is vital to have Castle Bluff Energy Center to bolster grid reliability for our customers. Prep work has begun on Castle Bluff, which will be located on the site of our retired Meramec Energy Center, allowing us to cost effectively expedite the construction by leveraging an existing site with infrastructure in place.

由於太陽能每天都會出現可預測的上升和下降，因此擁有 Castle Bluff 能源中心來增強客戶的電網可靠性至關重要。Castle Bluff 的準備工作已經開始，該項目將位於我們退役的 Meramec 能源中心的場地上，使我們能夠利用現有基礎設施的場地，以經濟高效的方式加快建設速度。

The energy center is expected to be in service for our customers by the end of 2027. We look forward to continuing to work with key stakeholders to bring additional generation online as quickly as possible to meet the needs of all customers including businesses looking to relocate or expand in Missouri.

該能源中心預計將於 2027 年底為我們的客戶提供服務。我們期待繼續與主要利害關係人合作，盡快增加發電量，以滿足所有客戶的需求，包括希望在密蘇裡州搬遷或擴張的企業。

Moving now to Page 9 for an update on the MISO long-range transmission projects. In September, MISO provided additional detail and individual project cost estimates underlying the almost $22 billion Tranche 2.1 portfolio which is expected to drive significant reliability and capacity benefits for the region.

現在轉到第 9 頁，了解 MISO 遠端傳輸專案的最新情況。9 月，MISO 提供了近 220 億美元的 Tranche 2.1 投資組合的更多詳細資訊和單一專案成本估算，預計該投資組合將為該地區帶來顯著的可靠性和容量效益。

The portfolio includes three projects in our Missouri and Illinois service territories that collectively represent an investment opportunity of approximately $3.6 billion. We await MISO's determination of which projects will be directly assigned or which will go through a competitive bidding process. MISO expects to approve the Tranche 2.1 projects by the end of this year.

該投資組合包括密蘇裡州和伊利諾伊州服務區域的三個項目，總共代表著約 36 億美元的投資機會。我們正在等待 MISO 確定哪些項目將直接分配或哪些項目將通過競爭性招標流程。MISO 預計在今年底前批准 Tranche 2.1 專案。

Once approved, MISO plans to commence work in 2025 on the Tranche 2.2 portfolio to address further transmission needs in the North and Midwest regions. As we continue to see substantial load growth across the country, MISO and its transmission owners will continue to assess whether the current long-range transmission future scenarios will be sufficient to support our region's energy needs in the years ahead.

一旦獲得批准，MISO 計劃於 2025 年開始 Tranche 2.2 產品組合的工作，以滿足北部和中西部地區的進一步傳輸需求。隨著我們繼續看到全國範圍內的負載大幅增長，MISO 及其輸電所有者將繼續評估當前的遠端輸電未來情景是否足以支持我們地區未來幾年的能源需求。

Moving now to Page 10 for an update on our expanding customer growth opportunities. Our service territories have a broad-based diverse economy, which continues to expand across a variety of manufacturing sectors, including aerospace, agriculture and food processing, to name a few.

現在轉到第 10 頁，以了解有關我們不斷擴大的客戶成長機會的最新資訊。我們的服務領域擁有廣泛的多元化經濟，並持續向航空航太、農業和食品加工等多個製造領域擴張。

So far this year, we've received expansion commitments or executed new contracts for approximately 350 megawatts of new load from data centers, manufacturing and other industries, 90% of which is located in Missouri. These projects are expected to create more than 2,200 jobs. We expect these new and expanding customers to be fully ramped up by 2028.

今年到目前為止，我們已收到資料中心、製造業和其他行業約 350 兆瓦新負載的擴建承諾或簽署了新合同，其中 90% 位於密蘇裡州。這些項目預計將創造超過2,200個就業機會。我們預計這些新客戶和不斷擴大的客戶將在 2028 年全面增加。

We're excited about these opportunities and see tremendous additional opportunities for growth over the next five years to seven years, which will bring jobs and additional tax base to benefit our state and local communities.

我們對這些機會感到興奮，並看到未來五到七年的巨大額外成長機會，這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。

Through ongoing collaboration with a variety of state and local stakeholders, we continue to attract new business and data center interest. Over the last few months, our economic development pipeline of potential additional demand has doubled in size and we are making meaningful progress with several potential customers. These customers representing several gigawatts of interest have completed transmission engineering studies and over the coming months, each will further evaluate the site locations and determine whether they will move forward with construction agreements.

透過與各州和地方利害關係人的持續合作，我們不斷吸引新的業務和資料中心的興趣。在過去的幾個月裡，我們的經濟發展潛在額外需求的規模增加了一倍，我們正在與一些潛在客戶取得有意義的進展。這些代表了數千兆瓦利益的客戶已經完成了輸電工程研究，在接下來的幾個月裡，每個客戶都將進一步評估站點位置，並確定是否繼續簽署建設協議。

We're pleased to offer reliable service and competitive rates as well as the people, resources, expertise and partnerships needed to deliver for these customers. The ultimate net financial impact of any incremental load will be dependent upon a variety of factors, including customer ramp-up time, additional generation or grid investments needed, timing of rate reviews and tariff structures.

我們很高興為這些客戶提供可靠的服務和有競爭力的價格以及所需的人員、資源、專業知識和合作夥伴關係。任何增量負載的最終淨財務影響將取決於多種因素，包括客戶的啟動時間、所需的額外發電或電網投資、費率審查的時間和電價結構。

To that end, we are in the process of carefully evaluating potential load growth opportunities and our associated generation portfolio needs and would expect to update our IRP by February of 2025. This is an exciting time in our industry and we look forward to finding solutions for these significant potential new customers.

為此，我們正在仔細評估潛在的負載成長機會和我們相關的發電組合需求，並預計在 2025 年 2 月之前更新我們的 IRP。這是我們行業的一個令人興奮的時刻，我們期待為這些重要的潛在新客戶找到解決方案。

Turning then to Page 11. After almost 50 years of providing cost-effective energy to our customers, our Rush Island Energy Center was safely retired on October 15. We are grateful to our coworkers who made this plant a reliable and low-cost energy source for our customers for many decades.

然後翻到第 11 頁。經過近 50 年來為客戶提供經濟高效的能源後，我們的 Rush Island 能源中心於 10 月 15 日安全退休。我們感謝我們的同事，幾十年來他們使該工廠成為我們客戶可靠且低成本的能源。

Careful planning over several years enabled us to ensure that every employee impacted by the retirement of Rush Island had an opportunity with the company as we continue to thoughtfully transition our generation resources while retaining our talented workforce.

多年來的精心規劃使我們能夠確保每位受拉什島退休影響的員工都有機會加入公司，同時我們將繼續深思熟慮地過渡我們的發電資源，同時保留我們的優秀員工隊伍。

The Missouri PSC has authorized recovery of approximately $470 million of costs related to retirement of Rush Island through the issuance of securitized utility tariff bonds, and we are working through the next steps to execute that issuance.

密蘇裡州 PSC 已授權透過發行證券化公用事業關稅債券來收回約 4.7 億美元與 Rush Island 退役相關的成本，我們正在製定後續步驟來執行該發行。

In addition, in November, Ameren Missouri and the US Department of Justice reached a settlement agreement in principle requiring Ameren Missouri to fund two mitigation relief programs in addition to retiring the energy center. The cost of these programs, which will provide for the electrification of school buses over a three year period and air purifiers for eligible Ameren Missouri residential customers over 12 months, totaled $64 million.

此外，11月，阿莫倫密蘇裡州與美國司法部原則上達成和解協議，要求阿莫倫密蘇裡州除了退役能源中心外，還為兩項緩解救濟計畫提供資金。這些計劃將在三年內為校車提供電氣化服務，並在 12 個月內為符合條件的 Ameren 密蘇裡州住宅客戶提供空氣清淨器，總成本為 6,400 萬美元。

And the charges recorded this year related to this agreement are excluded from our adjusted earnings results. The agreement between the DOJ and Ameren Missouri is subject to approval by the US District Court for the Eastern District of Missouri, which is expected by the end of the year.

今年記錄的與該協議相關的費用不包括在我們調整後的獲利結果中。美國司法部與 Ameren Missouri 之間的協議尚需獲得美國密蘇裡州東區地方法院的批准，預計今年底批准。

Moving to Page 12. Looking ahead over the coming decade, we have a robust pipeline of investment opportunities of more than $55 billion that will continue to deliver significant value to our stakeholders, create thousands of jobs, generate tax revenue for our local economies and support economic growth in our region. Importantly, our 10-year investment pipeline does not reflect possible additional generation as we evaluate our needs to serve potential additional load growth. Any such changes to our 10-year investment pipeline will be reflected in our February earnings call update.

移至第 12 頁。展望未來十年，我們擁有超過 550 億美元的強勁投資機會，將繼續為我們的利害關係人創造巨大價值，創造數千個就業機會，為當地經濟創造稅收並支持我們地區的經濟成長。重要的是，我們的 10 年投資管道並不反映可能的額外發電量，因為我們評估了滿足潛在額外負載成長的需求。我們 10 年投資管道的任何此類變化都將反映在我們 2 月的財報電話會議更新中。

Moving to Page 13. Our five year growth plan released last February included our expectation of a 6% to 8% compound annual earnings growth rate from 2024 through 2028. This earnings growth is driven by strong compound annual rate base growth of 8.2% and strategic allocation of infrastructure investment to each of our business segments based on their regulatory frameworks.

移至第 13 頁。我們去年 2 月發布的五年成長計畫包括我們對 2024 年至 2028 年複合年獲利成長率的預期為 6% 至 8%。這項獲利成長的推動因素是 8.2% 的強勁複合年增長率，以及根據監管框架對每個業務部門進行基礎設施投資的策略分配。

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 and an attractive and growing dividend, which today yields 3.1% result 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 6% 至 8% 的長期盈利增長以及有吸引力且不斷增長的股息（目前股息收益率為 3.1%）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 other elements of our strategy 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其他要素的能力充滿信心。

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. I'll begin on Page 15 of our presentation with an earnings reconciliation for the two earnings adjustments that Marty mentioned earlier. Yesterday, we reported third quarter 2024 GAAP earnings of $1.70 per share, which included a charge for additional mitigation relief related to the Rush Island Energy Center and a charge for the October 2024 FERC on MISO's allowed base ROE. Both of these charges related to matters outstanding for the last decade.

謝謝，馬蒂，大家早安。我將從簡報的第 15 頁開始，對馬蒂之前提到的兩個收益調整進行收益調節。昨天，我們報告了 2024 年第三季 GAAP 每股收益 1.70 美元，其中包括與 Rush Island 能源中心相關的額外緩解救濟費用以及 2024 年 10 月 FERC 對 MISO 允許的基本 ROE 的費用。這兩項指控都與過去十年未決事項有關。

Excluding these two charges, Ameren reported third quarter adjusted earnings of $1.87 per share compared to earnings of $1.87 per share for the year ago quarter. The total after-tax charge of $0.17 per share in 2024 related to our Rush Island Energy Center reflects the estimated cost of the mitigation relief programs agreed to with the US Department of Justice.

排除這兩項費用，Ameren 報告第三季調整後每股收益為 1.87 美元，而去年同期為每股 1.87 美元。與我們的拉什島能源中心相關的 2024 年每股稅後費用總額為 0.17 美元，反映了與美國司法部商定的緩解救濟計劃的估計成本。

This includes the $0.04 per share charge recorded in the first quarter of 2024. Subject to approval by the District Court, we expect this settlement agreement to resolve the proceeding related to the New Source Review provisions of the Clean Air Act.

這包括 2024 年第一季記錄的每股 0.04 美元的費用。待地方法院批准後，我們預計和解協議將解決與《清潔空氣法》新來源審查條款相關的訴訟。

Turning to the charge for the FERC order. Recall, since November 2013, the allowed base ROE for FERC-regulated transmission rate base within the MISO has been subject to review. In FERC's October 2024 order, it established a new base ROE of 9.98% for the periods of November 2013 through February 2015 and September 2016 forward, which decreased the allowed base ROE from 10.02% and will require refunds with interest for these periods, totaling an after-tax impact of $0.04 per share.

轉向 FERC 命令的收費。回想一下，自 2013 年 11 月以來，MISO 內 FERC 監管的傳輸速率基礎允許的基本 ROE 已接受審查。在FERC 2024 年10 月的命令中，它將2013 年11 月至2015 年2 月和2016 年9 月的新基本ROE 設定為9.98%，這將允許的基本ROE 從10.02% 降低，並將要求退還這些期間的利息，總計每股稅後影響為 0.04 美元。

The return on equity for MISO projects is now 10.48%, including the 50 basis points adder and we do not expect the 4 basis points decrease in ROE to have a material impact on earnings expectations going forward.

MISO 專案的股本回報率目前為 10.48%，包括 50 個基點的增加，我們預期 ROE 4 個基點的下降不會對未來的獲利預期產生重大影響。

Turning to Page 16 for detailed earnings results for the third quarter. Our adjusted earnings performance during the quarter were driven primarily by strategic infrastructure investments and disciplined cost management, offset by changes in return on equity for Ameren Illinois Electric Distribution and rate design at Ameren Illinois Natural Gas.

請參閱第 16 頁以了解第三季的詳細獲利結果。我們本季調整後的獲利表現主要是由戰略基礎設施投資和嚴格的成本管理所推動的，但被阿梅倫伊利諾伊州電力分配股本回報率變化和阿梅倫伊利諾伊州天然氣費率設計所抵消。

Additional factors that contributed to the year-over-year earnings per share results are highlighted on this page. Year-to-date results are outlined on Page 26 of today's presentation. Before moving on, I'll touch on sales trends for Ameren Missouri and Ameren Illinois Electric Distribution. While milder weather this quarter compared to the year ago period created some earnings drag, our third quarter weather-normalized retail sales remained strong at an overall increase of approximately 1.5% compared to the year ago period.

本頁重點介紹了影響每股收益同比結果的其他因素。今天的簡報第 26 頁概述了今年迄今的結果。在繼續之前，我將介紹 Ameren Missouri 和 Ameren illinois Electric Distribution 的銷售趨勢。儘管本季天氣較去年同期溫和，對獲利造成一定拖累，但第三季天氣正常化零售額仍保持強勁，整體較去年同期成長約 1.5%。

Year-to-date, weather-normalized kilowatt hour sales to Missouri residential, commercial and industrial customers increased approximately 2%, 1% and 3%, respectively, compared to last year. Year-to-date increase in industrial sales reflect production growth driven by new industrial plant additions and additional shift work in our service territory.

今年迄今為止，密蘇裡州住宅、商業和工業客戶的天氣正常千瓦時銷量與去年相比分別增長了約 2%、1% 和 3%。今年迄今工業銷售的成長反映了我們服務領域新增工業工廠和額外輪班工作所推動的產量成長。

Year-to-date weather-normalized kilowatt hour sales to Illinois customers were flat compared to last year. Recall that changes in electric -- Illinois electric sales, no matter the cause, do not affect earnings since we have full revenue decoupling.

年初至今，伊利諾州客戶的天氣正常化千瓦時銷售量與去年持平。回想一下，伊利諾伊州電力銷售的變化，無論原因如何，都不會影響收益，因為我們已經實現了完全的收入脫鉤。

On Page 17, we summarize select earnings considerations for the balance of the year. We expect our 2024 adjusted earnings to be in the range of $4.55 to $4.69 per share. Notably, we expect a positive year-over-year earnings impact in the fourth quarter, driven primarily by strategic infrastructure investments, strong cost management programs and lower charitable trust contributions compared to the year ago period. I encourage you to take the supplemental earnings drivers noted on this slide into consideration as you develop your earnings expectations for the remainder of the year.

在第 17 頁，我們總結了今年剩餘時間的部分獲利考量。我們預計 2024 年調整後每股盈餘將在 4.55 美元至 4.69 美元之間。值得注意的是，我們預計第四季度的同比盈利將產生積極影響，這主要得益於戰略基礎設施投資、強有力的成本管理計劃以及與去年同期相比較低的慈善信託捐款。我鼓勵您在製定今年剩餘時間的收入預期時考慮本投影片中提到的補充收入驅動因素。

Turning to Page 18, where we provide detail on our expectations for 2025 earnings per share. As we head into 2025, we feel confident that strong execution of our strategic plan this year will position us to deliver on our expected long-term earnings growth. With that in mind, we expect 2025 earnings per share to be in the range of $4.85 and $5.05.

轉向第 18 頁，我們詳細介紹了 2025 年每股盈餘的預期。邁入 2025 年，我們相信，今年策略計畫的有力執行將使我們能夠實現預期的長期獲利成長。考慮到這一點，我們預計 2025 年每股收益將在 4.85 美元至 5.05 美元之間。

This midpoint of this range represents a little above 7% earnings per share growth compared to the midpoint of our 2024 adjusted earnings guidance range. Expected 2025 earnings detail by segment as compared to our 2024 expectations are highlighted on this page.

與我們 2024 年調整後獲利指引範圍的中點相比，該範圍的中點代表每股盈餘成長略高於 7%。本頁重點介紹了與我們 2024 年預期相比的各細分市場的 2025 年預期收益詳細資訊。

Beginning with Ameren Missouri, earnings are expected to benefit from new electric service rates effective by June 2025 and higher investment eligible for plant-in-service accounting. Earnings are also expected to benefit from higher weather-normalized retail sales primarily to Missouri's commercial and industrial customers, which are expected to increase by 1% and 2%, respectively, driven primarily by the expansion and growth from our existing customers. We expect to update our long-term sales forecast in February.

從密蘇裡州阿麥隆開始，預計獲利將受益於 2025 年 6 月生效的新電力服務費率以及符合在役工廠會計資格的更高投資。預計盈利還將受益於主要面向密蘇裡州商業和工業客戶的天氣正常化零售額的增加，預計零售額將分別增長 1% 和 2%，這主要是由我們現有客戶的擴張和增長推動的。我們預計將在二月更新長期銷售預測。

Further, we expect higher interest expense in [air] Ameren Missouri and Ameren Parent. Earnings in Ameren Transmission and Ameren Illinois Electric Distribution are expected to rise, driven by higher infrastructure investments. Earnings in Ameren Illinois Natural Gas are expected to be lower due to cost recovery impacts between rate reviews. And Ameren wide, we expect increased weighted average common shares outstanding to unfavorably impact earnings per share.

此外，我們預計 Ameren Missouri 和 Ameren Parent 的利息支出將會上升。在基礎設施投資增加的推動下，阿麥隆輸電公司和阿麥隆伊利諾州電力分配公司的獲利預計將成長。由於費率審查之間的成本回收影響，阿梅倫伊利諾伊州天然氣公司的利潤預計會較低。就阿莫倫而言，我們預期加權平均已發行普通股的增加將對每股盈餘產生不利影響。

Robust infrastructure investment and economic growth opportunities, coupled with identified business process optimization opportunities and continued strong strategic focus give us confidence in our ability to grow in 2025 and the years ahead.

強勁的基礎設施投資和經濟成長機會，加上已確定的業務流程優化機會和持續強大的策略重點，讓我們對 2025 年及未來幾年的成長能力充滿信心。

Turning to Page 19 for a brief update on Ameren Missouri regulatory matters. In August, the Missouri PSC set the procedural schedule for our ongoing Ameren Missouri electric rate review. Intervenor testimony is due in early December and we expect a decision by the commission by May 2025 with new rates effective by June.

請參閱第 19 頁，以了解有關 Ameren 密蘇裡州監管事務的簡要更新。8 月，密蘇裡州 PSC 為我們正在進行的 Ameren 密蘇裡州電費審查制定了程序時間表。幹預者的證詞將於 12 月初提交，我們預計委員會將在 2025 年 5 月之前做出決定，新費率將於 6 月生效。

Recall that approximately 90% of this request is driven by investments under Ameren Missouri Smart Energy Plan, including major upgrades to the electric system and investments in generation. If approved, as requested, the new electric service rates would remain well below the national and Midwest averages.

回想一下，這項請求的大約 90% 是由 Ameren 密蘇裡州智慧能源計畫下的投資所驅動的，包括電力系統的重大升級和發電投資。如果按照要求獲得批准，新的電力服務費率將仍遠低於全國和中西部的平均水準。

Turning to Ameren Illinois regulatory matters on Page 20. 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 the cost of service and to true up any prior period over-or under-recovery of such costs.

轉向第 20 頁的伊利諾伊州 Ameren 監管事務。根據於2023 年底到期的伊利諾伊州費率制定公式，阿梅倫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，並糾正任何前期超額或不足恢復的情況這樣的費用。

For the final electric distribution reconciliation of 2023's revenue requirement, in August, the ICC staff recommended approval of our proposed $158 million reconciliation adjustment. The full amount would be collected from customers in 2025, replacing the prior reconciliation adjustment of $110 million that is being collected during 2024. This will result in a net increase in cash flow of $48 million or approximately 1.5% increase in total average residential customer bill. An ICC decision is expected by December with new rates effective in 2025.

對於 2023 年收入要求的最終配電調節，ICC 工作人員在 8 月建議批准我們提議的 1.58 億美元調節調整。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。這將導致現金流淨增加 4,800 萬美元，或平均住宅客戶帳單總額增加約 1.5%。國際商會預計將於 12 月做出決定，新費率將於 2025 年生效。

Turning to Page 21 for an update on the Multi-Year Rate Plan covering 2024 through 2027. In October, the ALJ recommended a cumulative revenue increase of $315 million based on an average rate base of $4.9 billion by 2027. Excluding the OPED issue, the ALJ's proposed order supports 99% of the rate base that we requested in our revised Multi-Year Rate Plan. This would allow us to invest in the energy grid to maintain safety, reliability and the day-to-day operations of our system while also making progress towards an affordable, equitable clean energy transition.

請參閱第 21 頁，以了解涵蓋 2024 年至 2027 年的多年費率計劃的最新情況。10 月，行政法官建議到 2027 年，基於 49 億美元的平均費率基數，累計收入增加 3.15 億美元。排除 OPED 問題，行政法官提議的命令支持我們在修訂後的多年費率計劃中要求的費率基數的 99%。這將使我們能夠投資能源網，以維持系統的安全性、可靠性和日常運營，同時在經濟實惠、公平的清潔能源轉型方面取得進展。

Following constructive engagement with intervenors to narrow the remaining issues, the latest proposals will reflect a multiyear grid plan that is largely consistent with our guidance laid out in February. We expect an ICC decision by December with new rates effective January 1, 2025.

在與幹預者進行建設性接觸以縮小剩餘問題後，最新提案將反映一項多年電網計劃，該計劃與我們 2 月制定的指導方針基本一致。我們預計 ICC 將於 12 月做出決定，新費率將於 2025 年 1 月 1 日生效。

Under the Multi-Year Rate Plan framework, annual revenues will be based on actual recoverable costs, year-end rate base and a return on equity provided they do not exceed 105% of the approved revenue requirement after certain exclusions.

在多年費率計畫框架下，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，前提是在排除某些因素後，這些收入不超過批准收入要求的 105%。

Moving to Page 22. We provide a financing update. We continue to feel very good about our financial position. Our Ameren Parent long-term issuer credit ratings of Baa1 and BBB+ 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 total in 2024.

移至第 22 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 Parent 在穆迪和標準普爾的長期發行人信用評級分別為 Baa1 和 BBB+，優於同行平均水平，為我們提供了財務靈活性。為了在為穩健的基礎設施計劃提供資金的同時維持我們的信用評級和強勁的資產負債表，我們預計將在 2024 年發行總計約 3 億美元的普通股。

By the end of 2023, we sold forward approximately $230 million of the expected $300 million through the at-the-market, or ATM program, consisting of approximately 2.9 million shares, which we expect to settle by the end of this year. Together with the issuances under our [401K] and DRPlus programs, our ATM equity program is expected to fulfill our 2024 equity needs.

到 2023 年底，我們透過市場或 ATM 計畫遠期出售了預計 3 億美元中的約 2.3 億美元，其中包括約 290 萬股，我們預計在今年年底前結算。連同我們的 [401K] 和 DRPlus 計劃下的發行，我們的 ATM 股權計劃預計將滿足我們 2024 年的股權需求。

Additionally, as of September 30, we've entered into forward sales agreements under our ATM program for approximately $155 million to support our 2025 equity needs with an average initial forward sales price of approximately $82 per share. As always, we continue to be thoughtful about strategically financing our robust capital plan.

此外，截至 9 月 30 日，我們已根據 ATM 計劃簽訂了約 1.55 億美元的遠期銷售協議，以支持我們 2025 年的股權需求，平均初始遠期銷售價格約為每股 82 美元。一如既往，我們繼續深思熟慮地為我們穩健的資本計劃提供策略性融資。

Turning to Page 23. We remain confident in our long-term strategy, which we expect to continue to drive consistent superior value for all of our stakeholders. As highlighted today, we have made significant progress towards resolving several regulatory and legal proceedings.

翻到第 23 頁。我們對我們的長期策略仍然充滿信心，我們希望該策略能夠繼續為所有利害關係人帶來一致的卓越價值。正如今天所強調的，我們在解決多項監管和法律訴訟方面取得了重大進展。

We have strong infrastructure investment opportunities to benefit our customers and attract new businesses. And we continue to see signs of an attractive regional economy, including solid retail sales growth, strong employment growth in the St. Louis region, moderating interest rates and inflation and a robust economic development pipeline that will allow us to deliver strong earnings growth in 2025.

我們擁有強大的基礎設施投資機會，可以使我們的客戶受益並吸引新業務。我們繼續看到區域經濟有吸引力的跡象，包括零售額穩健成長、聖路易斯地區就業成長強勁、利率和通膨放緩以及強勁的經濟發展管道，這將使我們能夠在 2025 年實現強勁的獲利成長。

Looking beyond, we expect consistent strong earnings share growth driven by robust rate base growth, disciplined cost management and a robust customer growth pipeline. As we said before, we have the right strategy, team and culture to capitalize on opportunities to create value for our customers and shareholders. We believe this growth will compare favorably with the growth of our peers and shares continue to offer investors an attractive dividend. In total, we have an attractive total shareholder return story.

展望未來，我們預期強勁的利率基礎成長、嚴格的成本管理和強勁的客戶成長管道將推動獲利份額持續強勁成長。正如我們之前所說，我們擁有正確的策略、團隊和文化，可以利用機會為我們的客戶和股東創造價值。我們相信，這一成長將優於我們同業的成長，且股票將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。

(Operator Instructions)

（操作員說明）

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

This is Robin on for Jeremy.

這是傑里米的羅賓。

Great, good morning.

太好了，早安。

So maybe just to follow up. You mentioned providing 2025 guidance at 3Q to underscore your confidence in your earnings trajectory. Could you elaborate on that strategy amid several ongoing regulatory proceedings? And specifically, how should we think about the 2025 range relative to potential regulatory outcomes?

所以也許只是為了跟進。您提到在第三季提供 2025 年指引，以強調您對獲利軌跡的信心。您能否在幾個正在進行的監管程序中詳細說明此策略？具體來說，我們應該如何考慮相對於潛在監管結果的 2025 年範圍？

Yes, sure. Well, first of all, as you look back on some of the comments we made at the second quarter, we have a long history of growing at 7% or above. Our goal, as we go into each year, of course, is to deliver at the midpoint or even higher within our range.

是的，當然。嗯，首先，當你回顧我們在第二季度發表的一些評論時，我們長期以來一直保持著 7% 或以上的成長。當然，我們每年的目標是實現我們範圍內的中點甚至更高。

And some of things that we pointed to last quarter that are just giving us more long-term conviction have to do with inflation cooling, strong local economy, demand improving, some of the things we've talked about even on this call with respect to customer growth opportunities, great investments that we've got across all of our operations, whether it's distribution, transmission and generation and of course, a strong balance sheet.

我們上個季度指出的一些事情只是給了我們更多的長期信念，這些事情與通膨降溫、強勁的當地經濟、需求改善有關，甚至在這次電話會議上我們也談到了一些與客戶成長機會，我們在所有業務中進行的大量投資，無論是配電、輸電和發電，當然還有強大的資產負債表。

So we have strong conviction in our ability to grow long term. And as we look at 2025, we certainly have confidence in our ability to deliver within the range that we pointed out to today. And as we look ahead over the next few months, typically, we have delivered this guidance in February. We're delivering it now because we do have strong confidence and we believe that whatever unfolds in the months ahead that we'll be able to adjust our plan to hit the mark in terms of the guidance that we delivered.

因此，我們對長期成長的能力充滿信心。展望 2025 年，我們當然對我們在今天指出的範圍內實現目標的能力充滿信心。當我們展望未來幾個月時，通常我們會在二月發布這項指導方針。我們現在就交付它，因為我們確實有堅定的信心，我們相信，無論未來幾個月發生什麼，我們都能夠調整我們的計劃，以達到我們交付的指導的目標。

Great. Thanks. And then maybe just a follow-up on the mentioned economic development opportunities. You mentioned you've gotten some interest from an impressive several gigawatts of potential opportunities. Just any high-level thoughts on like how you factor in potential double counting, like, say, if those customers are also submitting those inbounds to other utilities or service territories?

偉大的。謝謝。然後也許只是對提到的經濟發展機會的後續行動。您提到您已經從令人印象深刻的數千兆瓦的潛在機會中獲得了一些興趣。只是關於如何考慮潛在的重複計算的任何高層想法，例如，這些客戶是否也將這些入站資料提交給其他公用事業或服務領域？

Yes, sure. And look, I think you're absolutely right. We pointed out on our slide that we have tens of thousands of megawatts of potential new demand. So a significant amount. We certainly expect that, if we call it double counting but a lot of these folks are looking at the same properties and you've got developers as well as hyperscalers. And so yes, there's certainly duplication in there. So what we're doing is really working through with each of those counterparties in a methodical way.

是的，當然。聽著，我認為你是完全正確的。我們在投影片上指出，我們有數萬兆瓦的潛在新需求。所以數量很大。我們當然希望，如果我們稱之為重複計算，但很多人都在關注相同的屬性，並且有開發人員和超大規模開發者。是的，其中肯定存在重複。因此，我們正在做的是以有條不紊的方式與每個交易對手進行真正的合作。

We mentioned that we had progress with potential counterparties representing several gigawatts of demand. And we're working through with them on evaluating the sites, the transmission access, the generation that might be needed to serve them. And eventually, we expect that to be narrowed down. It's one of the reasons why we have been cautious about not really announcing any of this load until we get a construction agreement because these conversations have to progress to the point where we have a construction agreement.

我們提到，我們與代表數吉瓦需求的潛在交易對手取得了進展。我們正在與他們合作評估站點、傳輸接入以及為他們服務可能需要的發電。最終，我們預期範圍會縮小。這就是為什麼我們在獲得施工協議之前不會真正宣布任何此類負載的原因之一，因為這些對話必須進展到我們達成施工協議的程度。

The other thing to keep in mind, as we mentioned in our prepared remarks, that we expect that over the coming months, we'll get even greater visibility. We'll have a better sense of what the demand might be over the coming years and be able to incorporate that into our plans for incremental generation. And so expect to put a stake -- a different -- a greater stake in the ground, if you will, in February, which is when we believe we'll be in a position to update some of those sales forecasts and update our IRP.

另一件要記住的事情，正如我們在準備好的演講中提到的那樣，我們預計在未來幾個月內，我們將獲得更大的知名度。我們將更了解未來幾年的需求，並能夠將其納入我們的增量發電計劃中。因此，如果你願意的話，預計在二月份會投入更多的股份——一種不同的——更大的股份，屆時我們相信我們將能夠更新其中一些銷售預測並更新我們的 IRP 。

Great. Thank you. I appreciate the color.

偉大的。謝謝。我很欣賞它的顏色。

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Hey, good morning.

嘿，早安。

Good morning.

早安.

So just a few quick questions. On the refiled Grid Plan, it looks like, I guess, they're going to have oral arguments, I guess, based on what the AG wanted. Any thoughts about that? I mean at this late date that they're looking at doing that.

所以只有幾個簡單的問題。在重新提交的網格計劃中，我猜他們將根據 AG 的要求進行口頭辯論。對此有什麼想法嗎？我的意思是，現在他們正在考慮這樣做。

Yes. Paul, I don't think I'd read anything into that. Obviously, there are some differences, which I think because of the hard work of our teams, along with various stakeholders in this cases, we've really narrowed down the potential adjustments that folks have argued for.

是的。保羅，我想我不會讀到任何內容。顯然，存在一些差異，我認為由於我們團隊以及在這種情況下的各個利益相關者的辛勤工作，我們確實縮小了人們主張的潛在調整範圍。

If you look on Slide 21 in our materials, we laid out where the proposed rate base would be, taking into consideration potential adjustments that have been advocated by various parties. You see where the staff is and where the ALJ came out. But I think it's normal that you have oral arguments over the remaining differences. But again, I'd point to the ALJ's proposed order, which certainly gives us confidence in terms of where this may land with the commission when they ultimately decide in December.

如果您查看我們資料中的投影片 21，我們會列出建議的費率基數，同時考慮到各方主張的潛在調整。您可以看到工作人員在哪裡以及 ALJ 出來的地方。但我認為你們就剩下的分歧進行口頭爭論是正常的。但我想再次指出 ALJ 提議的命令，這無疑讓我們對委員會在 12 月最終做出決定時可能採取的措施充滿信心。

Yes. Paul, this is Michael. I was just going to add, Paul. And I think these oral arguments have been scheduled for a long time. It's fairly typical and they're actually being held November 20. So as Marty said, I think what we have today is a constructive data point from the ALJ. I think all the intervenors are recommending approval of the grid plan at this point and we'll just see where the arguments take us.

是的。保羅，這是麥可。我只是想補充一點，保羅。而且我認為這些口頭辯論已經安排了很長時間了。這很典型，而且實際上是在 11 月 20 日舉行。正如馬蒂所說，我認為我們今天得到的是 ALJ 提供的建設性數據點。我認為所有乾預者此時都建議批准網格計劃，我們將看看這些論點將我們帶到何處。

Okay. Great. And then on Slide 9, you mentioned the transmission projects and the reliability and also the lowering customer costs. I was wondering if you just could elaborate a little bit more on the customer cost side, like what this might mean to customers because we don't see them. Go ahead, I'm sorry.

好的。偉大的。然後在投影片 9 上，您提到了傳輸項目和可靠性以及降低客戶成本。我想知道您是否可以在客戶成本方面詳細說明一下，例如這對客戶意味著什麼，因為我們看不到他們。繼續吧，對不起。

Yes. No, that's okay, Paul. I mean we're really referring to and we added a bullet which we haven't had in the past about the customer benefits in a range of 1.3 times to 5.6 times in terms of the portfolio cost. So -- and that relates to the overall approximately $22 billion of projects. So when MISO goes through these and they propose these various projects, I mean one of the things they do is obviously estimate the cost of these projects, which we've listed at least for the projects in our service territory down below.

是的。不，沒關係，保羅。我的意思是，我們真正提到的是，我們添加了一個我們過去從未有過的項目符號，即客戶收益在投資組合成本的 1.3 倍到 5.6 倍範圍內。這涉及到總價值約 220 億美元的項目。因此，當MISO 審查這些項目並提出這些不同的項目時，我的意思是，他們所做的一件事顯然是估算這些項目的成本，我們至少在下面列出了我們服務區域內的項目的成本。

But they also do an assessment of what the benefits to the customers are going to be in relation to those costs. And each of these projects has the positive math behind it, if you will, that suggests that customers' costs over time will be lower as a result of these investments. So that's what we're really trying to point out.

但他們也會評估與這些成本相關的客戶利益。如果你願意的話，這些項目背後都有積極的數學原理，這表明隨著時間的推移，這些投資的結果是客戶的成本將會降低。這就是我們真正想指出的。

Okay. But there's not going to be some dramatic costs, I guess, when these new lines show up and cheaper stuff comes in? Or is it -- I mean, I'm just sort of -- I'm wondering if there's any quantification on a rate impact? Or is it sort of just -- it's sort of all mixed up together and it's going to take some time for it all to show up, kind of thing?

好的。但我想，當這些新產品線出現且更便宜的產品出現時，不會產生一些巨大的成本？或者是——我的意思是，我只是想知道是否有任何對利率影響的量化？還是只是──所有的東西都混在一起了，需要一些時間才能全部顯現出來，之類的？

Yes. I mean I think it will show up over time. I don't have any exact rate impact to point to.

是的。我的意思是，我認為隨著時間的推移它會顯現出來。我沒有任何確切的利率影響可以指出。

Okay. And then finally, on the new customers. You mentioned with one tranche of the new customers that there was 90% Missouri versus Illinois, I guess. And I guess I was wondering, when people are looking to -- with all these robust discussions that you're having, is there one service territory that's more attractive or there's more interest in versus another? Or is there any flavor as to -- if there is, what might be driving that?

好的。最後，關於新客戶。我猜你對一群新客戶提到，90% 是密蘇裡州，而不是伊利諾州。我想我想知道，當人們在進行所有這些激烈的討論時，是否有一個服務領域比另一個服務領域更具吸引力或更有興趣？或者是否有任何味道——如果有的話，可能是什麼推動了這一趨勢？

Yes. Look, we have data center interest really in each of the states. So if you look over to the right, we -- on that Slide 10, we talked about tens of thousands of megawatts of potential new demand. And you see various elements of that. And I would say, today, in our pipeline, it's about 75% data centers, 15% manufacturing and 10% other, it's probably how that breaks down. Within that data center interest that we've got, about 65% of it is Missouri and 35% of it is Illinois today in terms of what's in our pipeline.

是的。看，我們對每個州的資料中心都非常感興趣。因此，如果你向右看，我們——在幻燈片 10 上，我們討論了數萬兆瓦的潛在新需求。你會看到其中的各種要素。我想說，今天，在我們的管道中，大約有 75% 是資料中心，15% 是製造業，還有 10% 其他，這可能是分解的方式。在我們所感興趣的資料中心中，就我們目前正在建造的資料中心而言，大約 65% 位於密蘇裡州，35% 位於伊利諾州。

So there's clearly data center interest in each of the states. And each of the states is attractive for various reasons and in some cases, different reasons. But what we have announced to date with respect to these construction agreements, which is more over on the left, where we have 250 megawatts of data center demand, 100 megawatts of additional load from a variety of sources, it just so happens that 90% of that is actually in Missouri and about 10% of that is Illinois today in terms of those agreements that we have in place.

因此，每個州顯然都對資料中心感興趣。每個州都因各種原因而具有吸引力，在某些情況下，原因也各不相同。但我們迄今為止就這些建設協議所宣布的內容，在左邊更多，我們有 250 兆瓦的數據中心需求，來自各種來源的 100 兆瓦的額外負載，碰巧 90%根據我們現有的協議，其中實際上是在密蘇裡州，而今天約10% 是在伊利諾州。

Now as we look ahead, certainly, the impact to us from an earnings perspective is going to be differentiated in the two states. In Illinois, obviously, if we have transmission or distribution investment that supports that load growth, we get the earnings impact of that in Missouri, which is vertically integrated, we also have the impact of the opportunity to earn on any incremental generation.

現在，當我們展望未來時，當然，從獲利角度來看，這兩個州對我們的影響將會有所不同。顯然，在伊利諾州，如果我們有支持負載成長的輸電或配電投資，我們就會得到密蘇裡州的獲利影響，這是垂直整合的，我們還會受到任何增量發電的獲利機會的影響。

Okay. But there's no -- that's the way it fell out, I guess. Okay. I appreciate it. Thanks so much and have a great one.

好的。但沒有——我猜這就是結果。好的。我很感激。非常感謝，祝你過得愉快。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey, good morning. Thanks so much for taking my question. Maybe just to follow up on an earlier question on the earnings guidance range. As you think about '25 growth at just over 7% relative to the midpoint of '24, can you just give us your thoughts on looking forward where you see yourself in the range, just taking into consideration some of the incremental opportunities as you've highlighted? And if there's any potential upside to that range going forward?

嘿，早安。非常感謝您提出我的問題。也許只是為了跟進之前關於獲利指導範圍的問題。當您認為“25 年的增長率相對於 24 年中點略高於 7% 時，您能否告訴我們您對未來您認為自己處於該範圍內的想法，僅考慮到您的一些增量機會”已經突出顯示了嗎？這個範圍未來是否有任何潛在的上行空間？

Yes. Carly, look, I mean, in terms of our range, we've said 6% to 8% is our EPS CAGR that we're targeting for the period 2024 to 2028. As I mentioned earlier, when we look back, we've got a strong track record of delivering above the midpoint, above 7%. And our goal as we look ahead is to deliver at or above.

是的。卡莉，你看，我的意思是，就我們的範圍而言，我們說過 6% 到 8% 是我們 2024 年至 2028 年期間每股收益複合年增長率的目標。正如我之前提到的，當我們回顧過去時，我們在實現中點以上（即 7% 以上）方面擁有良好的記錄。我們展望未來的目標是達到或更高水準。

As you said, I mean, we have some positive data points we're seeing today. Again, one of the things is this load growth, which we just talked about some potential load growth. We're working hard to bring that to fruition for the benefit of our customers, our communities and we're going to work hard to do that.

正如你所說，我的意思是，我們今天看到了一些正面的數據點。同樣，其中之一就是負載成長，我們剛剛談到了一些潛在的負載成長。我們正在努力實現這一目標，以造福我們的客戶、我們的社區，我們將努力做到這一點。

But at this point, I'd say that's where we're at. Now we'll come out in February. We'll provide our perspectives on load growth going forward, update our investment plans and we'll note any potential implications on our guidance. But feel good about the 6% to 8%. And again, our target of hitting at or above that midpoint. Michael, anything to add?

但在這一點上，我想說這就是我們現在的處境。現在我們將在二月出來。我們將提供對未來負載成長的看法，更新我們的投資計劃，並且我們將注意到對我們的指導的任何潛在影響。但感覺還好6%到8%左右。再說一遍，我們的目標是達到或高於該中點。邁克爾，有什麼要補充的嗎？

Carly, it's Michael. I think it's well said. The only thing I might add is just, again, the overall backlog of investment opportunities, right? And Marty spoke about this earlier. We got the $55 billion that we continue to point to. I think that pipeline remains robust. We talked about this opportunity just with the data centers that could potentially drive some additional capital. So I mean, your question specifically was what could take you to the upside of that. I think it's those additional investment opportunities over time.

卡莉，是麥可。我覺得說得很好。我唯一要補充的是，投資機會總體積壓，對吧？馬蒂早些時候談到這一點。我們得到了我們繼續指出的 550 億美元。我認為管道仍然強大。我們只是與資料中心討論了這個機會，它可能會帶來一些額外的資本。所以我的意思是，你的問題具體是什麼可以讓你獲得好處。我認為這是隨著時間的推移而出現的額外投資機會。

I think there's also opportunities, as Marty said, not only just from the data center but the underlying economic data within -- certainly in the Missouri territory is very strong today. Just looking at the overall unemployment, the GDP rate, we're seeing customer growth, which we just alluded to. We're seeing customer count growth, population growth and all of those things, I think, are a great backdrop. And then, yes, we continue to think about just how do we optimize the financing of this going forward. So that's where I'd probably leave it at this point.

正如馬蒂所說，我認為也存在機會，不僅來自數據中心，而且內部的基礎經濟數據——當然，今天密蘇裡州地區的基礎經濟數據非常強勁。只要看看整體失業率、GDP 率，我們就能看到我們剛才提到的客戶成長。我認為，我們看到客戶數量的增長、人口的增長以及所有這些都是一個很好的背景。然後，是的，我們繼續思考如何優化未來的融資。所以這就是我現在可能會留下來的地方。

Got it. Great. That's super helpful. And then maybe just another quick one. You've previously talked about some O&M reductions coming in the second half of the year. Looks like 3Q was still up year-over-year but then you called out some efficiencies in the earning driver slides for 4Q. Are you able to give some color on what types of programs you're sort of pursuing there? And if what you've called out on the slides is all inclusive of what you're looking at on O&M?

知道了。偉大的。這非常有幫助。然後也許只是另一個快速的。您之前曾談到下半年將進行一些營運和維護削減。看起來第三季度仍然同比增長，但隨後您指出了第四季度盈利驅動因素幻燈片中的一些效率。你能透露一下你在那裡追求什麼類型的項目嗎？如果您在投影片上提到的內容包含您在維運中看到的全部內容？

Yes, you bet. And you're right, we have been pointing to this towards the beginning of the year, said it would be in the half. And I think you're certainly seeing that show up in Missouri, you look specifically $0.05. You look at what we're pointing to in the fourth quarter year-over-year, expecting $0.03 and $0.01 in Missouri and Illinois natural gas, respectively.

是的，你敢打賭。你是對的，我們在今年年初就已經指出了這一點，說會在下半年。我想你肯定會在密蘇裡州看到這種情況，特別是 0.05 美元。你看看我們第四季的預期，預計密蘇裡州和伊利諾伊州的天然氣價格分別為 0.03 美元和 0.01 美元。

And again, just consistent with some of the things I've talked about in the past. I mean this is not something that's new to us. We've been after these programs for a long time. At the beginning of the year, we talked specifically about some things that we were doing around just being thoughtful with respect to headcount, discretionary spend coming out of some of the Illinois decision. I think we've continued to lean into that. We continue to find more opportunities, looking at spans and layers, looking at simplification.

再說一次，這與我過去談到的一些事情是一致的。我的意思是這對我們來說不是什麼新鮮事。我們長期以來一直在關注這些計劃。今年年初，我們專門討論了我們正在做的一些事情，只是考慮到伊利諾伊州的一些決定中的人員數量和可自由支配支出。我認為我們已經繼續傾向於這一點。我們繼續尋找更多機會，著眼於跨度和層次，著眼於簡化。

I mean, we just -- we have an opportunity for us to just be more consistent across our platform, which drives efficiencies back-end, reduction of overhead costs, et cetera. And so we do a lot of benchmarking in this. You see some of that public benchmarking and we benchmark well but in areas we have opportunities. And so wherever we're benchmarking, we're constantly looking at how do we move up a quartile. And I think the team is absolutely committed to this and we have not exhausted all the opportunities at this point.

我的意思是，我們有機會在整個平台上更加一致，這可以提高後端效率，減少管理成本等等。所以我們在這方面做了很多基準測試。你會看到一些公共基準測試，我們的基準測試很好，但在我們有機會的領域。因此，無論我們在哪裡進行基準測試，我們都會不斷研究如何提高四分位數。我認為團隊絕對致力於此，我們目前尚未用盡所有機會。

Got it. Great. Thanks so much.

知道了。偉大的。非常感謝。

(Operator Instructions)

（操作員說明）

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Yeah, hi, good morning. It's actually Brian Russo on for Julien. Alright. Just to follow up on Ameren Transmission, it looks like just the assumption in the '25 versus '24, it looks like growth in rate base is pushing 9% and it seems that the growth there is accelerating for it, as we move through the five year plan approaching, I guess, the double-digit overall rate base growth CAGR.

是的，嗨，早安。實際上是布萊恩·羅素（Brian Russo）取代朱利安（Julien）。好吧。只是為了跟進 Ameren Transmission，看起來只是 25 年與 24 年的假設，看起來利率基數的增長正在推動 9%，而且隨著我們經歷五年計劃臨近，我猜想，總體複合增長率將達到兩位數的基數增長。

Is the near term in '25 and '26, really just the prior MISO tranche projects that have been approved and that you're developing? And then is there any possibility of these Tranche 2 projects being pulled forward versus the early to mid-2030s target dates?

'25 和 '26 的近期專案真的只是之前已獲得批准且您正在開發的 MISO 部分專案嗎？那麼，這些第二階段項目是否有可能比 2030 年代初至中期的目標日期提前？

As it relates to the MISO projects, the Tranche 1 projects, I'd tell you, the construction there is really going to take place between 2026 and 2030, is our projection today. And then some of these MISO Tranche 2.1 projects, those will probably go into service in the 2032 to 2034 timeframe. We think most of the expenditures for those are outside of the current five year period, although we'll be certainly looking to accelerate those, if possible. There's no reason that Tranche 2 project work and Tranche 1 project work can't overlap.

由於它與 MISO 項目、Tranche 1 項目相關，我告訴你，那裡的建設確實將在 2026 年至 2030 年之間進行，這是我們今天的預測。然後，其中一些 MISO Tranche 2.1 專案可能會在 2032 年至 2034 年的時間範圍內投入使用。我們認為這些支出的大部分都在當前五年期間之外，儘管如果可能的話，我們肯定會尋求加速這些支出。第 2 階段專案工作和第 1 階段專案工作沒有理由不能重疊。

So we'll be looking to bring those to fruition for the benefit of our customers and communities as soon as we can once they're approved and once they're assigned to us. And then otherwise, we always have ongoing projects in the transmission space that are outside of those that are part of the Tranche 1 or Tranche 2 that are approved through annual MISO processes. And so those continue to be foundational in our overall spending and growth in the transmission space.

因此，一旦這些項目獲得批准並分配給我們，我們將盡快實現這些項目，以造福我們的客戶和社區。除此之外，我們在傳輸領域始終有正在進行的項目，這些項目不屬於透過年度 MISO 流程批准的第 1 階段或第 2 階段的項目。因此，這些仍然是我們在傳輸領域的整體支出和成長的基礎。

The only thing I might add to it, I mean, if you think about the $55 billion pipeline, we've talked about this, about $5 billion is in there with respect to the LRTP projects, Brian. So if you think about Tranche 1, we had the $1.8 billion assigned, the $700 million on the competitive projects.

我唯一可以補充的是，我的意思是，如果你考慮一下 550 億美元的管道，我們已經討論過這一點，大約 50 億美元是關於 LRTP 項目的，布萊恩。因此，如果您考慮第一階段，我們分配了 18 億美元，其中 7 億美元用於競爭性項目。

There was some variation of those ultimately where they ended up settling out. But then you have this Tranche 2.1, which will, again, we'll see what ultimately gets assigned were competitive but there's $3.6 billion eligible projects. And then they're going to obviously roll into this 2.2 tranche. And so I mean, I'm just giving you the math, if you kind of want to think about that $5 billion, it's -- you can see the pipeline associated with getting there pretty easily.

他們最終安頓下來的情況有些不同。但是，然後你有了這個 Tranche 2.1，我們將再次看到最終分配的項目具有競爭力，但有 36 億美元的合格項目。然後他們顯然會進入 2.2 部分。所以我的意思是，我只是給你算一下，如果你想考慮那 50 億美元，你可以很容易地看到與實現這一目標相關的管道。

Okay. Great. And just as we look towards the 2025 Missouri legislative session, how active will Ameren be or involved in any posed bills that I think might need to be proposed as early as this December, whether it's PISA for fossil fuel or gas-fired generation, any ROFR or I guess, expanding -- expediting the generation review, which would, I think, tie into maybe your February 2025 IRP update.

好的。偉大的。正如我們展望 2025 年密蘇裡州立法會議一樣，我認為最早可能需要在今年 12 月提出的任何法案，無論是針對化石燃料還是燃氣發電的 PISA， ROFR 或者我猜是擴展——加快生成審核，我認為這可能與您2025 年2 月的IRP 更新有關。

Yes. Look, those are all potential considerations that are very logical. Last session, we were advocating for things along those lines, which was an expansion of PISA to be able to cover generation assets, extending the sunset date on the PISA legislation to a later date to make sure it overlapped and covered some of the generation assets that are included in our IRP.

是的。看，這些都是非常合乎邏輯的潛在考量。在上屆會議上，我們提倡按照這些思路進行工作，即擴大 PISA 範圍，使其能夠覆蓋發電資產，將 PISA 立法的日落日期推遲到稍後的日期，以確保其重疊並覆蓋一些發電資產包含在我們的IRP 中。

We did and will continue to advocate for a right of first refusal on transmission because, again, we think it's critical to get these transmission projects done sooner rather than later, just talk about the great benefit to cost ratios, they've got. And of course, I think they're key as well as building incremental duration to making sure that we've got reliable power, low-cost power here in our region. So those are going to be key things that we focus on.

我們曾經並將繼續主張對輸電的優先購買權，因為我們再次認為，儘早完成這些輸電項目至關重要，只需談談他們所獲得的巨大效益與成本比。當然，我認為它們是關鍵以及增加持續時間以確保我們在我們地區獲得可靠的電力、低成本的電力。因此，這些將是我們關注的關鍵問題。

And then my sense is that there'll be a variety of other things that might be considered as we focus on, as a state, on economic development, job creation and making sure that we've got strong, reliable, affordable, balanced portfolio of energy resources to be able to meet the needs of prospective customers. So certainly be considering all those things as we move towards that next legislative session.

然後我的感覺是，當我們作為一個州專注於經濟發展、創造就業機會並確保我們擁有強大、可靠、負擔得起、平衡的投資組合時，可能會考慮許多其他事情能源資源，以滿足潛在客戶的需求。因此，當我們進入下一次立法會議時，一定要考慮所有這些事情。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

David Paz, Wolfe Research.

大衛‧帕斯，沃爾夫研究中心。

Good morning.

早安.

Good morning.

早安.

You may have just hit on this but let me ask it a little differently. Can you maybe elaborate on how some of these potential agreements with large load customers may transpire? Could they entail like potential new generation that the customer helps cover directly? And then just how are regulators and policymakers facilitating those type of discussions, if they are?

你可能剛剛想到了這個問題，但讓我換個方式問一下。您能否詳細說明一下與大負載客戶達成的一些潛在協議如何達成？它們是否可以像客戶幫助直接覆蓋的潛在新一代一樣？那麼監管機構和政策制定者如何促進此類討論（如果是的話）？

Yes. Good question. Yes. I think that as we look at some of the potential load growth, specifically in Missouri, where we're vertically integrated and we own generation, we've got to be thoughtful about what incremental resources might be needed to serve some of the incremental load. We mentioned on our last call with respect to this 350 megawatts of additional load that's been announced with the construction agreements, we have the available resources to be able to serve them.

是的。好問題。是的。我認為，當我們考慮一些潛在的負載成長時，特別是在密蘇裡州，我們在那裡進行垂直整合並擁有自己的發電設備，我們必須考慮可能需要哪些增量資源來服務一些增量負載。我們在上次電話會議中提到，關於隨建設協議宣布的 350 兆瓦額外負荷，我們擁有可用資源來為其提供服務。

But as these load forecasts grow, we're going to need to consider additional resources. And so that's under consideration now. That's going to be what we'll be trying to work through as we think about updating our integrated resource plan early next year. And I think that plan, when we file, it will deliver more clarity in terms of our thoughts there.

但隨著這些負載預測的成長，我們將需要考慮額外的資源。所以現在正在考慮這一點。當我們考慮明年初更新我們的綜合資源計劃時，這將是我們將努力解決的問題。我認為，當我們提交該計劃時，它將讓我們的想法更加清晰。

And then with respect to the incremental cost, yes, it's something we need to think through as we think about the incremental investments that will be made to serve all of our customers, including these additional customers, just need to think through the appropriate apportionment of costs so that all parties are treated fairly. So that's a ongoing consideration, ongoing dialogue with some of the some of the entities that are looking to expand here. And I think those conversations will continue over the coming months.

然後，關於增量成本，是的，當我們考慮為服務所有客戶（包括這些額外客戶）而進行的增量投資時，我們需要考慮這一點，只需考慮適當的分配成本，以便各方得到公平對待。因此，這是一個持續的考慮，與一些尋求在這裡擴張的實體的持續對話。我認為這些對話將在未來幾個月繼續進行。

Yes. David, it's Michael. Just pointing out the obvious. I mean, we obviously, historically were a bit long, right? And as we began this transition and we have some of these plants closing, obviously, we have less length today. And adding Castle Bluff, that Marty spoke about earlier, that's certainly that step in that right direction.

是的。大衛，這是麥可。只是指出顯而易見的事。我的意思是，我們顯然在歷史上有點長，對吧？當我們開始這種轉變時，我們關閉了一些工廠，顯然，我們今天的長度縮短了。再加上馬蒂之前提到的城堡崖，這無疑是朝著正確方向邁出的一步。

And then that's exactly what the team is evaluating as part of this IRP evaluation and whether we're going to need to file again, is trying to take some various scenarios under these load growth opportunities in match that really up against our generation to see if we need to add additional generation on top of that.

然後，這正是團隊正在評估的 IRP 評估的一部分，以及我們是否需要再次提交文件，正在嘗試在這些負載增長機會下採取一些不同的場景，以真正與我們這一代相匹配，看看是否我們需要在此基礎上添加額外的一代。

I would just say this. Yes. And look, when you look at our IRP, you can see the elements that we might move forward. I mean we had renewable resources in there, we'll be evaluating, can we pull those forward? Can we pull forward battery storage technology? As Michael said, we've got some simple cycle, combined cycle, do we need to add some additional gas-fired generation. I mean these are the elements we're looking at as we think about updating that IRP.

我只想說這個。是的。看，當您查看我們的 IRP 時，您可以看到我們可能向前推進的要素。我的意思是我們那裡有可再生資源，我們將進行評估，我們可以推動這些資源嗎？我們能否推動電池儲存技術的發展？正如麥可所說，我們有一些簡單的循環、複合循環，我們是否需要添加一些額外的燃氣發電。我的意思是，這些是我們在考慮更新 IRP 時正在考慮的元素。

Okay. That makes sense. And then just on '25 quickly, do you anticipate your consistent EPS growth that you gave us in February to be based off of '25 guidance?

好的。這是有道理的。然後很快就到了 25 年，您是否預計 2 月向我們提供的每股盈餘將持續成長是基於 25 年指引？

I mean that's sort of been our historical practice, David, that we'll update based on whatever that midpoint is for that '25 -- in this case, it's that $4.95. So that would be the expectation.

我的意思是，這就是我們的歷史慣例，David，我們將根據 25 年的中點進行更新 - 在本例中為 4.95 美元。這就是我們的期望。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you.

謝謝。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, good morning. Thanks for taking my question. I got on a little late, I'll try not to repeat. But clearly, you gave '25 guide earlier here, which is a sign of confidence going into next year, capital is going up. How much capital is going up in the near term versus kind of the long term of your financial plan? And then as that impacts your equity needs, do you still just kind of programmatically lean on the ATM? Or would you kind of contemplate other mechanisms around that? Thank you.

嘿，早安。感謝您提出我的問題。我來得有點晚了，我會盡量不再重複。但顯然，您早些時候在這裡給出了 25 年指南，這是對明年充滿信心的跡象，資本正在增加。與您的財務計劃的長期相比，近期資本增加了多少？然後，當這影響您的股權需求時，您是否仍然以程式方式依賴 ATM？或者你會考慮圍繞這個問題的其他機制嗎？謝謝。

Nick, Michael here. Yes, I mean, from a capital perspective, I mean, I just continue to think in terms of the $21.9 billion that's out there, right? And so we've talked about a number of factors that we're updating for and just spent some time talking about this IRP. And so that's the process that we're going through and going through our typical capital planning process, as we speak and putting the final touches on that. And that's what we'll come out with here in February.

尼克、麥可在這裡。是的，我的意思是，從資本的角度來看，我的意思是，我只是繼續考慮現有的 219 億美元，對吧？我們已經討論了我們正在更新的許多因素，並且剛剛花了一些時間討論這個 IRP。這就是我們正在經歷的過程，也是我們典型的資本規劃過程，正如我們所說並對此進行最後的修改。這就是我們將在二月發布的內容。

From a financing perspective, the plan that we put out there last February still stands today, focused on that $300 million. We got that largely done for 2024. We're starting to lean in to the '25 piece. We got about $155 million of that $600 million done.

從融資角度來看，我們去年二月提出的計畫至今仍然有效，重點是那 3 億美元。我們在 2024 年基本上完成了這項任務。我們開始傾向於 25 年的作品。這 6 億美元中我們完成了大約 1.55 億美元。

In terms of ongoing financing assumptions, we've talked about this. We like our ratings where they are, the Baa1, BBB+, downgrade threshold of 17% at S&P, we've got quite a bit of margin there. The threshold metric for us is on S&P at 17%. And so that's the one we'll continue to watch.

就持續融資假設而言，我們已經討論過這一點。我們喜歡我們目前的評級，Baa1、BBB+，標準普爾的降級門檻為 17%，我們在那裡有相當多的餘地。我們的門檻指標是標準普爾指數的 17%。這就是我們將繼續關注的。

From a financing assumption standpoint, I would -- you should assume what we've sort of put out there at this point. And so maintaining those and that consolidated equity ratio of around 40%, which is where it is today.

從融資假設的角度來看，我會——你應該假設我們目前已經推出了什麼。因此，將這些以及合併股本比率維持在 40% 左右，這就是今天的情況。

I think -- I appreciate that. And then just maybe some considerations with the election that just happened. I believe that there is some EPA-driven investments in your plan today. And just do you think any of that could change? And then how would you kind of quantify your positioning around the new candidate? And can you also kind of clarify if you have transferability cash flow in the plan? Thank you.

我想——我很欣賞這一點。然後也許只是對剛剛發生的選舉的一些考慮。我相信您今天的計劃中有一些由 EPA 驅動的投資。您認為這一切可以改變嗎？那麼你會如何量化你對新候選人的定位？您能否澄清一下您的計劃中是否有可轉讓現金流？謝謝。

Yes. There's a lot there. I think the -- obviously, election just happened. I think that, look, when we think about the election overall, one of the things to keep in mind is, our strategy and our priorities of the company certainly don't change. Our focus is on making great infrastructure investments for the benefit of our customers and communities advocating for energy policies that maximize that value.

是的。那裡有很多東西。我認為，顯然，選舉剛剛發生。我認為，當我們整體考慮選舉時，要記住的一件事是，我們的策略和公司的優先事項肯定不會改變。我們的重點是進行大量的基礎設施投資，以造福我們的客戶和社區，倡導最大化該價值的能源政策。

And of course, as I mentioned before, seeking great economic development opportunities and we're going to be working with policymakers to make sure we maximize the benefit of those for our communities. Well, you didn't ask about this. I mean, I think the most significant area of focus coming out of the federal election is probably going to be around tax policy.

當然，正如我之前提到的，尋求巨大的經濟發展機會，我們將與政策制定者合作，以確保我們最大限度地為我們的社區帶來這些利益。好吧，你沒有問這個。我的意思是，我認為聯邦選舉最重要的關注領域可能是稅收政策。

And as you know, as a fully rate-regulated company, all the increases and decreases in taxes flow directly through to our customers' rates. So things like the corporate income tax rate, the value of tax credits, those are things that have pretty meaningful effects on our customer rates.

如您所知，作為一家完全受稅率監管的公司，所有稅收的增加和減少都直接影響我們客戶的稅率。因此，諸如企業所得稅率、稅收抵免價值之類的因素對我們的客戶費率產生了非常有意義的影響。

So my sense is with Republican leadership, it's going to be certainly be less likely that we see an increase in corporate taxes. And I think that's a positive for our customers from a bill perspective. And I do expect there's going to be a conversation around some of these clean energy tax provisions in the IRA.

因此，我的感覺是，在共和黨的領導下，我們肯定不太可能看到公司稅增加。我認為從帳單的角度來看，這對我們的客戶來說是正面的。我確實預計將圍繞愛爾蘭共和軍中的一些清潔能源稅條款進行對話。

And so I think we -- in our industry, we'll all engage with policymakers on the considerations and my expectation is that Republicans will probably take a surgical approach to adjustments to the IRA given some of the direct customer benefits.

因此，我認為，在我們的行業中，我們都會與政策制定者就這些考慮因素進行接觸，我的預期是，考慮到一些直接的客戶利益，共和黨人可能會採取外科手術式的方法來調整IRA 。

For us, specifically, I'd say the most meaningful benefits of the tax credits around solar, battery storage, nuclear and wind. And so those are some of the things we'll be thinking about. You mentioned transferability, transferability of tax credits is -- it's important to us and we'll make sure that policymakers are certainly aware of the importance of those, too.

具體來說，對我們來說，我想說太陽能、電池儲存、核能和風能方面的稅收抵免最有意義的好處。這些是我們將要考慮的一些事情。您提到稅收抵免的可轉移性，這對我們很重要，我們將確保政策制定者當然也意識到這些的重要性。

Frankly, based on our IRP that we have on record, we filed, all of those things have a value of about $1.5 billion of positive value those tax credits to our customers in Missouri alone. So it's a significant benefit and that's over about a 10-year period, the next 10-year period in our IRP.

坦白說，根據我們備案的 IRP，所有這些東西僅對密蘇裡州客戶的稅收抵免就具有約 15 億美元的正價值。因此，這是一項重大效益，並且持續了大約 10 年，即我們 IRP 中的下一個 10 年。

So we'll just make sure that as we engage with policymakers, whatever they decide that at least they have those facts and they're aware of those benefits that we expect to have for our customers. And at the end of the day, you should know that we're -- the investments in our system that we're going to make or whatever we think are appropriate from a reliability and affordability perspective and as we continue to adopt some of the new technologies that are out there. So I think those are the biggest points of the election.

因此，我們將確保，當我們與政策制定者接觸時，無論他們做出什麼決定，至少他們掌握了這些事實，並且他們了解我們期望為客戶帶來的好處。歸根結底，您應該知道，我們將對我們的系統進行投資，或者從可靠性和可承受性的角度來看，我們認為適當的任何投資，並且隨著我們繼續採用一些現有的新技術。所以我認為這些是選舉的最大亮點。

You mentioned EPA rules. I think that with respect to the EPA rules and the CapEx that we have in our plans today, I don't see those as changing. The EPA's greenhouse gas rules on the other hand, that are working their way through the courts. I do expect that ultimately those rules will be stayed given some of the provisions that are in them with respect to carbon capture and storage and co-firing with natural gas.

您提到了 EPA 規則。我認為，就我們今天計劃中的 EPA 規則和資本支出而言，我認為這些不會改變。另一方面，美國環保署的溫室氣體規則正在通過法院審理。我確實預計這些規則最終將被保留，因為其中涉及碳捕獲和儲存以及與天然氣共燒的一些規定。

And we'll see what happens with respect to those proposed rules as we go through sort of a change in administration and change in legislature. But I think those rules, personally in my mind, are flawed as they stand today. So those would be my comments. Any other questions from you?

當我們經歷行政管理和立法機構的變革時，我們將看看這些擬議規則會發生什麼。但我認為，就我個人而言，這些規則在今天看來是有缺陷的。這就是我的評論。您還有其他問題嗎？

I would say that you answered the four part question very well. I appreciate it, and thanks for that.

我想說你很好地回答了這四個部分的問題。我很感激，並為此表示感謝。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the call back to Marty Lyons for closing remarks.

謝謝。女士們先生們，我們的問答環節到此結束。我將把電話轉回給馬蒂·里昂斯，讓其結束語。

Terrific. Okay. Thank you all for joining us today. As you can tell, we remain absolutely focused on closing the year very strong and we look forward to seeing many of you at the EEI conference next week. So again, thank you very much and everybody, have a great day.

了不起。好的。感謝大家今天加入我們。如你所知，我們仍然絕對專注於以強勁的勢頭結束今年，我們期待在下週的 EEI 會議上見到你們中的許多人。再次非常感謝大家，祝福大家有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。享受你一天剩下的時間。