阿莫林 (AEE) 2025 Q2 法說會逐字稿

Greetings and welcome to Ameren Corporation's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andrew Kirk, Senior Director of Investor Relations and Corporate Modeling for Ameren Corporation.

問候並歡迎參加 Ameren Corporation 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，Ameren Corporation 投資者關係和企業建模高級總監 Andrew Kirk。

Thank you, Mr. Kirk. You may begin.

謝謝你，柯克先生。你可以開始了。

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

謝謝，早安。今天與我一起參加電話會議的有我們的董事長、總裁兼首席執行官馬丁·萊昂斯 (Martin Lyons)，我們的高級執行副總裁兼首席財務官邁克爾·莫恩 (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. The redistribution of this broadcast is prohibited. We have posted a presentation on the Amereninvestors.com homepage that will be referenced by our speakers. 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.

本次通話包含時間敏感數據，這些數據僅在今天的直播日期準確。禁止重新分發此廣播。我們已在 Amereninvestors.com 主頁上發布了一份演示文稿，供我們的演講者參考。如簡報第 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、計劃、預測、財務業績和類似事項的陳述，這些陳述通常被稱為前瞻性陳述。

Please refer to the forward-looking statement 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.

有關可能導致實際結果與預期結果存在重大差異的各種因素的更多信息，請參閱我們昨天發布的新聞稿中的前瞻性聲明部分以及我們向美國證券交易委員會提交的文件。

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

現在，請 Marty 從第 4 頁開始講解。

Thanks, Andrew. Good morning, everyone. At Ameren, we power the quality of life for millions across Missouri and Illinois. Our strategic approach is built on three fundamental pillars, making prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and continuously optimizing our operations to create long-term sustainable value for our customers, communities, and shareholders. This strategy is not just about keeping the lights on. It is about paving the way for a cost-effective, more reliable, and resilient energy grid that meets our customers' growing needs and driving regional growth for decades to come.

謝謝，安德魯。大家早安。在 Ameren，我們為密蘇裡州和伊利諾伊州數百萬人的生活提供優質服務。我們的策略方針建立在三大基本支柱之上：對受監管的能源基礎設施進行審慎投資、倡導負責任的能源政策以及不斷優化我們的運營，為我們的客戶、社區和股東創造長期可持續的價值。這項策略並不只是維持照明。它旨在為建立一個具有成本效益、更可靠、更具彈性的能源網鋪平道路，以滿足客戶日益增長的需求並推動未來幾十年的區域成長。

As highlighted on page 5, we made solid progress on our key strategic objectives in the first half of the year, which will help us deliver on these commitments to our customers and shareholders. During the first half of the year, we invested over $2 billion in critical infrastructure, advanced key regulatory proceedings, and delivered strong operational performance, all while keeping our average electric rates below the national and Midwest averages.

正如第 5 頁所強調的，我們在上半年的關鍵策略目標上取得了堅實的進展，這將有助於我們兌現對客戶和股東的承諾。今年上半年，我們在關鍵基礎設施上投資了超過 20 億美元，推進了關鍵監管程序，並實現了強勁的營運業績，同時將平均電價保持在全國和中西部平均水平以下。

In the second quarter, we experienced a high number of severe weather events, including an EF3 tornado on May 16 that spanned a mile wide and traveled 23 miles through central St. Louis County and northern parts of St. Louis City and into Illinois.

在第二季度，我們經歷了大量的惡劣天氣事件，包括 5 月 16 日的 EF3 級龍捲風，該龍捲風橫跨一英里寬，行進 23 英里，穿過聖路易斯縣中部和聖路易斯市北部，進入伊利諾伊州。

This tornado caused extensive damage and widespread outages across Ameren Missouri and Ameren Illinois. We deployed more than 2,700 field personnel in the days following the tornado, including Ameren crews, contractors, and supporting resources from across the Midwest who responded swiftly and safely, rebuilding damaged infrastructure, replacing nearly 1,000 poles, and restoring service to more than 290,000 customers.

這場龍捲風對密蘇裡州阿美倫公司和伊利諾伊州阿美倫公司造成了嚴重破壞和大面積停電。龍捲風過後，我們部署了超過 2,700 名現場人員，包括 Ameren 工作人員、承包商和來自中西部各地的支援資源，他們迅速且安全地做出了反應，重建了受損的基礎設施，更換了近 1,000 根電線桿，並為超過 290,000 名客戶恢復了服務。

Weather events like those experienced earlier this year underscore the importance of our ongoing investments in a more resilient energy grid. Enhancements like upgraded substations, composite poles designed to withstand high winds, and smart technologies that enable faster outage detection and automated grid self healing are helping us restore power safely and more quickly when these serious storms strike. We remain focused on making these investments responsibly, balancing reliability and resilience with affordability.

今年稍早經歷的天氣事件凸顯了我們持續投資建造更具彈性的電網的重要性。升級的變電站、可抵禦強風的複合桿以及能夠更快地檢測停電和自動電網自我修復的智慧技術等改進正在幫助我們在這些嚴重風暴來襲時安全、更快地恢復供電。我們將繼續致力於負責任地進行這些投資，在可靠性、彈性和可負擔性之間取得平衡。

Now let's cover the financial results for the quarter as shown on page 6. Yesterday we announced second quarter 2025 earnings of $1.01 per share compared to earnings of $0.97 per share in the second quarter of 2024. The key drivers of these results are outlined on this slide. We continue to expect 2025 diluted earnings per share to be in the range of $4.85 per share and $5.05 per share.

現在讓我們來看看第 6 頁所示的本季財務結果。昨天我們宣布 2025 年第二季每股收益為 1.01 美元，而 2024 年第二季每股收益為 0.97 美元。此投影片概述了這些結果的關鍵驅動因素。我們繼續預計 2025 年每股攤薄收益將在 4.85 美元/股至 5.05 美元/股之間。

Turning to page 7, I'll provide an update on economic development activities in our region and associated sales growth opportunities. We continue to expect approximately 5.5% compound annual sales growth from 2025 through 2029 in Missouri, primarily driven by increased data center demand. We remain engaged with potential data center customers and are building a robust pipeline of large load opportunities that extend well into the next decade.

翻到第 7 頁，我將提供有關我們地區經濟發展活動和相關銷售成長機會的最新資訊。我們繼續預計，從 2025 年到 2029 年，密蘇裡州的複合年銷售額成長率將達到約 5.5%，這主要得益於資料中心需求的成長。我們始終與潛在的資料中心客戶保持聯繫，並正在建立一個強大的大負載機會管道，以延續到下一個十年。

As discussed on our first quarter call in May, we've executed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, with this load expected to begin ramp up in late 2026 and beyond. These developers have demonstrated their confidence in and commitment to their potential projects by submitting non-refundable payments totaling $28 million towards the cost of necessary transmission upgrades.

正如我們在 5 月第一季電話會議上所討論的那樣，我們已經與資料中心開發商簽訂了建設協議，代表著未來約 2.3 千兆瓦的需求，預計這一負載將在 2026 年底及以後開始增加。這些開發商已提交總額為 2800 萬美元的不可退還款項用於必要的傳輸升級費用，表明了他們對潛在項目的信心和承諾。

And we are actively engaged with potential customers to execute electric service agreements, or ESAs, that are aligned with our proposed Missouri large load rate structure and, among other things, would establish anticipated minimum ramp schedules. Like our proposed rate structure, which I'll talk about in a moment, these ESAs will be subject to Missouri PSC approval.

我們正在積極與潛在客戶合作，簽署與我們提議的密蘇裡州大負荷率結構一致的電力服務協議（ESA），其中包括制定預期的最低爬坡時間表。就像我們提出的費率結構（我稍後會談到）一樣，這些 ESA 也將受到密蘇裡州 PSC 的批准。

In addition, data center developers with existing construction agreements have requested that we study expanding their data center projects, given our competitive power rates and access to desirable construction sites with available transmission interconnection. Of course, in order to support economic opportunities, as we outlined in our preferred resource plan in February, we must quickly accelerate generation portfolio additions to provide the energy and capacity needed to serve these customers.

此外，鑑於我們具有競爭力的電價以及可以利用傳輸互連的理想施工場地，已經簽訂建設協議的資料中心開發商要求我們研究擴大他們的資料中心專案。當然，為了支持經濟機會，正如我們在二月的優先資源計劃中概述的那樣，我們必須迅速加快發電組合的增加，以提供服務這些客戶所需的能源和容量。

On page 8, we provide an update on generation resources currently under development at Ameren Missouri, and new Certificates of Convenience and Necessity, or CCNs, requested from the Missouri PSC. In June, we requested a CCN for the Big Hollow Energy Center, which, as proposed, will consist of an 800 megawatt simple cycle natural gas energy center and a 400 megawatt battery energy storage facility.

在第 8 頁，我們提供了 Ameren Missouri 目前正在開發的發電資源的最新情況，以及密蘇裡州 PSC 要求的新的便利和必要證書 (CCN)。6 月份，我們申請了 Big Hollow 能源中心的 CCN，根據提議，該中心將包括一個 800 兆瓦的簡單循環天然氣能源中心和一個 400 兆瓦的電池儲能設施。

Both of these facilities will be located at the site of Ameren's retired Rush Island Energy Center, which will reduce construction time and costs for our customers and keep jobs and tax base in the community. Subject to commission approval, we expect the Big Hollow Energy Center will begin serving customers in 2028.

這兩個設施都將位於 Ameren 已退役的 Rush Island 能源中心所在地，這將減少客戶的建造時間和成本，並為社區保留就業機會和稅基。經委員會批准後，我們預計 Big Hollow 能源中心將於 2028 年開始為客戶提供服務。

Our generation development efforts remain on schedule as we work toward achieving targeted in service dates. To proactively manage supply chain risks, we've already secured key components with long lead times, such as turbines and transformers, for our energy centers with expected in service dates through 2029.

我們正努力實現預定的服務日期，我們的發電開發工作仍按計劃進行。為了主動管理供應鏈風險，我們已經為能源中心確保了交貨時間較長的關鍵零件，例如渦輪機和變壓器，預計投入使用日期為 2029 年。

And we've begun equipment procurement activities for our first natural gas combined cycle energy center. We expect to have purchase commitments in place for turbines and related equipment by the end of this year and for the combined cycle energy center to be serving customers by 2031.

我們已經開始為第一個天然氣聯合循環能源中心進行設備採購活動。我們預計今年底前將對渦輪機和相關設備做出採購承諾，到 2031 年聯合循環能源中心將開始為客戶提供服務。

It's important to note that the significant investment needed to construct data centers, as well as the energy infrastructure needed to support them, will create meaningful job growth and tax revenues to support our local economy. In addition to the energy and capacity to serve these large load customers, to realize this opportunity, we must also offer attractive rates.

值得注意的是，建造資料中心所需的大量投資以及支持資料中心所需的能源基礎設施將創造有意義的就業成長和稅收收入，以支持我們的當地經濟。除了為這些大負載客戶提供能源和容量外，為了實現這一機會，我們還必須提供有吸引力的價格。

On slide 9, we outline Ameren Missouri's proposed large load rate structure, which we filed with the Missouri PSC in May. Under the proposed large load rate structure, we would deliver service under our existing large primary service base rate, which is currently approximately $0.06 per kilowatt hour, and customers would agree to additional terms and conditions as part of an ESA.

在第 9 張投影片上，我們概述了 Ameren Missouri 提出的大負載費率結構，該結構是我們於 5 月向密蘇裡州 PSC 提交的。根據擬議的大負荷費率結構，我們將按照現有的大型主要服務基本費率提供服務，目前約為每千瓦時 0.06 美元，並且客戶將同意作為 ESA 一部分的附加條款和條件。

The additional terms would include a minimum service term of 15 years, a minimum demand charge of 70% of contracted capacity, customer exit provisions, and customer credit and collateral requirements. In addition, new customer programs would be available, allowing customers to advance their clean energy goals by supporting the carbon free energy resource of their choice through incremental payments.

附加條款包括最低服務期限為 15 年、最低需求費用為合約容量的 70%、客戶退出條款以及客戶信用和抵押要求。此外，還將推出新的客戶計劃，讓客戶透過分期付款來支持他們選擇的無碳能源資源，從而推進他們的清潔能源目標。

In summary, this rate structure would offer a competitive rate designed to ensure large customers pay their fair share of the cost of service. We're actively engaging with key stakeholders as we seek Missouri PSC approval for our proposed large load rate structure and related customer programs. While no deadline exists for Missouri PSC approval, based on the existing procedural schedule, we would expect a decision by February 2026.

總而言之，這種費率結構將提供具有競爭力的費率，旨在確保大客戶支付其應承擔的服務費用。我們正在積極與主要利益相關者合作，尋求密蘇裡州公共服務委員會批准我們提出的大負荷率結構和相關客戶計劃。雖然密蘇裡州 PSC 批准沒有最後期限，但根據現有的程序安排，我們預計將在 2026 年 2 月之前做出決定。

Moving now to page 10 for an update on the long range transmission planning process at MISO. Our focus remains on building the Tranche 1 and Tranche 2.1 long range transmission planning projects assigned to us and developing strong proposals for Tranche 2.1 long range transmission planning competitive projects. The bidding and selection process for the $6.5 billion portfolio of competitive projects will take place over this year and next.

現在翻到第 10 頁，了解 MISO 遠端傳輸規劃流程的最新情況。我們的重點仍然是建設分配給我們的第 1 批和第 2.1 批遠程輸電規劃項目，並為第 2.1 批遠程輸電規劃競爭項目制定強有力的提案。價值 65 億美元的競爭性項目組合的招標和遴選過程將於今年和明年進行。

We are carefully evaluating each bidding opportunity and will submit bids for projects where we believe we offer a clear advantage on project design, cost, and execution to deliver value for customers in the MISO region. As we have successfully done in the past, when it enhances the strength and competitiveness of our proposals, we expect to partner with other entities.

我們正在仔細評估每個投標機會，並將對我們認為在專案設計、成本和執行方面具有明顯優勢的專案提交投標，以便為 MISO 地區的客戶創造價值。正如我們過去成功做到的那樣，當它增強了我們提案的實力和競爭力時，我們希望與其他實體合作。

Further, MISO continues its future scenario redesign efforts, which will incorporate significantly increasing energy demand and updated resource mix assumptions across the region. We expect this analysis to show the need for significant transmission investment in the region, which is expected to be incorporated into later project portfolios in MISO's long range transmission planning.

此外，MISO 將繼續進行未來情境重新設計工作，這將納入整個地區大幅增加的能源需求和更新的資源組合假設。我們預計該分析將顯示該地區需要大量輸電投資，預計這些投資將納入 MISO 遠端輸電規劃的後續項目組合中。

MISO is now expected to issue its final report outlining four scenarios of possible future energy grid conditions in early 2026. We expect this will lead to identification of specific transmission infrastructure investment needs in our region late in 2026.

預計 MISO 將於 2026 年初發布最終報告，概述未來電網可能出現的四種情境。我們預計這將導致在 2026 年底確定我們所在地區的具體輸電基礎設施投資需求。

Moving to page 11. Looking ahead over the next decade, we have a robust pipeline of investment opportunities, which stands today at more than $63 billion that will deliver significant value to all of our stakeholders by making our energy grid stronger, smarter, and cleaner, and powering economic growth in our communities.

翻到第 11 頁。展望未來十年，我們擁有強勁的投資機會，目前總額已超過 630 億美元，這些投資機會將使我們的能源網路更加強大、更加聰明、更加清潔，並推動我們社區的經濟成長，為我們所有的利害關係人帶來巨大的價值。

Turning to page 12. In February, we updated our five-year growth plan, which include our expectation of a 6% to 8% compound annual earnings growth rate from 2025 through 2029. And we expect to be near the upper end of our guidance range in the mid to latter part of our five-year plan. This earnings growth expectation is primarily driven by our sales growth assumptions and strong anticipated compound annual rate-based growth of 9.2%, reflecting strategic allocation of infrastructure investment to meet these demands and strengthen the grid in each of our business segments based on their regulatory frameworks.

翻到第 12 頁。今年 2 月，我們更新了五年成長計劃，其中包括預計 2025 年至 2029 年的複合年收益成長率為 6% 至 8%。我們預計在五年計畫的中後期將接近指導範圍的上限。這項獲利成長預期主要受到我們的銷售成長假設和強勁預期的 9.2% 複合年增長率的推動，反映了基礎設施投資的策略性分配，以滿足這些需求並根據監管框架加強我們每個業務部門的電網。

We expect to deliver strong long-term earnings and dividend growth, resulting in an attractive total return. I'm confident in our ability to execute our investment plan and strategy across all four of our business segments as we have an experienced and dedicated team to achieve our growth objectives. Again, thank you all for joining us today and for your continued interest in Ameren.

我們期望實現強勁的長期獲利和股息成長，從而帶來可觀的總回報。我相信我們有能力在所有四個業務部門執行我們的投資計劃和策略，因為我們擁有一支經驗豐富、敬業的團隊來實現我們的成長目標。再次感謝大家今天的參與以及對 Ameren 的持續關注。

I will now turn the call over to Michael.

現在我將把電話轉給麥可。

Thanks, Marty, and good morning, everyone. Turning now to page 14 of our presentation. Yesterday, we reported second quarter 2025 earnings of $1.01 per share compared to earnings of $0.97 per share for the second quarter of 2024.

謝謝，馬蒂，大家早安。現在翻到我們簡報的第 14 頁。昨天，我們報告稱，2025 年第二季度每股收益為 1.01 美元，而 2024 年第二季度每股收益為 0.97 美元。

The key factors that drove the increase are highlighted by segment on this page. Our investments to strengthen the energy grid and provide more energy resources to serve our customers continue to be the primary driver of earnings growth across the company. In addition, we continue to experience solid customer growth in Ameren Missouri, where total normalized retail sales over the trailing 12 months through June increased across all customer classes, with an overall increase of approximately 1%.

本頁按部分重點介紹了推動成長的關鍵因素。我們為加強電網和提供更多能源資源以服務客戶而進行的投資繼續成為整個公司獲利成長的主要驅動力。此外，我們在密蘇裡州阿美倫的客戶持續保持穩健成長，截至 6 月的過去 12 個月內，所有客戶類別的標準化零售總額均有所增長，總體增幅約為 1%。

Moving to page 15, due to strong year-to-day performance, we are well positioned to deliver earnings per share in the top half of our 2025 guidance range. Here, we have outlined select earnings considerations for the remainder of the year, including the expected quarterly earnings impacts from the constructive resolution of Ameren, Missouri's 2024 electric rate review.

翻到第 15 頁，由於今年的強勁表現，我們有能力實現 2025 年指導範圍上半部分的每股收益。在這裡，我們概述了今年剩餘時間的部分盈利考慮因素，包括密蘇裡州阿默倫 (Ameren) 2024 年電價審查的建設性決議對季度盈利的預期影響。

Further, I'd like to also highlight the commission approved a unanimous settlement in our Ameren Missouri 2024 gas rate review last month. New rates for our natural gas customers will take effect on September 1. As mentioned, normalized sales in Missouri have remained strong. The strength is particularly evident in the industrial class, with sales up more than 2.5% on a trailing 12-month basis through June. Growth in the sector has been supported primarily by ongoing manufacturing expansions and the continued growth of new digital and communication services firms.

此外，我還想強調的是，委員會上個月在我們 Ameren Missouri 2024 年天然氣價格審查中一致批准了解決方案。我們針對天然氣客戶的新費率將於 9 月 1 日生效。如上所述，密蘇裡州的正常銷售仍然保持強勁。工業領域的強勁表現尤為明顯，截至 6 月的過去 12 個月銷售額年增超過 2.5%。該行業的成長主要得益於製造業的持續擴張以及新數位和通訊服務公司的持續成長。

Looking ahead to the second half of the year, we expect sales growth from a few new small-scale data centers, along with continued strength in the manufacturing sector. We continue to maintain disciplined cost management throughout the company. In the second half of the year, we plan to increase vegetation management in targeted operating regions to support system reliability and grid resiliency.

展望下半年，我們預計一些新的小型資料中心的銷售額將實現成長，同時製造業將持續保持強勁成長。我們繼續在整個公司內保持嚴格的成本管理。下半年，我們計劃加強目標營運區域的植被管理，以支援系統可靠性和電網彈性。

This is in response to more robust vegetation growth driven by wet weather conditions experienced this spring and early summer. I encourage you to take these supplemental earnings drivers into consideration as you develop your expectations for quarterly earnings results for the balance of the year.

這是由於今年春季和初夏的潮濕天氣條件推動了植被更加旺盛的生長。我鼓勵您在製定今年剩餘季度盈利結果預期時考慮這些補充盈利驅動因素。

Now turning to our financing plan on page 16. To support our credit ratings and maintain a strong balance sheet while we fund our investment plan, in February we outlined a plan to issue approximately $600 million of common equity each year through 2029. We've effectively fulfilled our equity needs for 2025 and 2026 through forward sales agreements. We feel very good about our financial position and the progress we've made in our equity financing plan.

現在翻到第 16 頁的融資計畫。為了支持我們的信用評級並在為投資計劃提供資金的同時保持強勁的資產負債表，我們在 2 月份制定了一項計劃，即到 2029 年每年發行約 6 億美元的普通股。我們透過遠期銷售協議有效地滿足了 2025 年和 2026 年的股權需求。我們對我們的財務狀況和股權融資計劃所取得的進展感到非常滿意。

Having utilized most of the capacity available under our existing equity sales distribution program, we expect to increase the program capacity to enable additional sales to support equity needs in 2027 and beyond. On the balance sheet front, Moody's and S&P affirmed our BAA1 and BBB+ issuer credit ratings respectively in their annual credit opinions issued in the second quarter, a signal of our ongoing financial strength and stability.

我們已利用了現有股權銷售分配計劃下的大部分可用容量，並預計將增加該計劃的容量，以實現額外的銷售，從而滿足 2027 年及以後的股權需求。在資產負債表方面，穆迪和標準普爾在第二季發布的年度信用意見中分別確認了我們的 BAA1 和 BBB+ 發行人信用評級，這表明我們持續的財務實力和穩定性。

On page 17, we provide an update on federal tax and energy policy enacted in July. Significant advocacy from across the industry helped ensure that federal policies continue to support investment in energy resources nationwide to meet rising energy needs. As we work to provide the substantial generation required to serve growing demand, energy related tax credits help to reduce the cost of resources for our customers.

在第 17 頁，我們提供了 7 月頒布的聯邦稅收和能源政策的最新資訊。來自整個行業的大力倡導有助於確保聯邦政策繼續支持全國範圍內的能源資源投資，以滿足不斷增長的能源需求。當我們努力提供滿足不斷增長的需求所需的大量發電量時，能源相關的稅收抵免有助於降低客戶的資源成本。

We expect these credits to provide approximately $1.5 billion of cost savings for our customers from 2025 through 2029. Under the One Big Beautiful Bill Act, we are well positioned to realize all the energy tax credits reflected in our current five-year plan. Approximately $750 million of the credits are expected to be generated by wind and solar projects either already in service or plan to be in service by 2027.

我們預計，從 2025 年到 2029 年，這些信貸將為我們的客戶節省約 15 億美元的成本。根據《一項偉大的美麗法案》，我們完全有能力實現目前五年計畫中反映的所有能源稅收抵免。預計其中約 7.5 億美元的信用額將來自已投入使用或計劃於 2027 年投入使用的風能和太陽能專案。

We also expect to begin construction before the end of the year on battery projects, which we anticipate will generate $250 million of credits. And finally, we expect to begin construction on additional solar projects this year and meet in-service dates for Safe Harbor to generate the remaining $500 million of credits.

我們也預計將在今年年底前開始建造電池項目，預計將產生 2.5 億美元的信貸額度。最後，我們預計今年將開始建造更多的太陽能項目，並滿足 Safe Harbor 的投入使用日期，以產生剩餘的 5 億美元信用。

On page 18, we provide a brief update on ongoing regulatory proceedings in Illinois. Our 2024 annual reconciliation proceeding under the electric multi-year rate plan continues to progress. In July, the Illinois Commerce Commission, or ICC, staff recommended a reconciliation adjustment of $49 million compared to our updated requests of $60 million, with the variance primarily driven by treatment of other post-employment benefits. An ICC decision is expected by mid-December, and rates reflecting the approved reconciliation adjustment will be affected by January 2026.

在第 18 頁，我們簡要介紹了伊利諾州正在進行的監管程序的最新情況。我們根據電力多年期費率計劃進行的 2024 年度協調程序正在繼續推進。7 月份，伊利諾伊州商業委員會 (ICC) 工作人員建議進行 4900 萬美元的對帳調整，而我們最新的請求是 6000 萬美元，這一差異主要是由於其他離職後福利的處理所致。預計 ICC 將於 12 月中旬做出決定，反映已批准的對帳調整的利率將於 2026 年 1 月受到影響。

Turning to page 19, in July, the ICC staff recommended a $103 million annual base rate increase in Ameren Illinois natural gas distribution rate review. The variance from our requests for a $135 million increase is primarily driven by staff's recommendation of a 9.93% return equity and a 50% common equity ratio. An ICC decision is expected by early December, with new rates effective later that month.

翻到第 19 頁，7 月份，ICC 工作人員建議在 Ameren Illinois 天然氣分銷費率審查中將年度基準費率提高 1.03 億美元。與我們要求的 1.35 億美元增幅不同的是，這主要是因為員工建議的 9.93% 的股權回報率和 50% 的普通股權益比率。預計 ICC 將於 12 月初做出決定，新的利率將於當月稍後生效。

We also saw regulatory progress on transmission development in July for both Missouri and Illinois, as the Missouri PSC and the Illinois Commerce Commission approved CCNs for tranche 1 long-range transmission projects. These approvals will allow the construction to begin on schedule in 2026.

7 月份，我們也看到密蘇裡州和伊利諾伊州在輸電發展監管方面取得了進展，密蘇裡州公共服務委員會和伊利諾伊州商業委員會批准了第一批長距離輸電項目的 CCN。這些批准將使該工程能夠於 2026 年按計劃開始建設。

In summary, turning to page 20, our strong performance in the first half of the year has positioned us well to continue executing our strategic plan, which will drive superior value for all of our stakeholders. We continue to expect strong earnings per share growth to be driven by robust rate-based growth, disciplined cost management, and a strong customer growth pipeline.

總而言之，翻到第 20 頁，我們上半年的強勁表現使我們能夠繼續執行我們的戰略計劃，這將為我們所有的利益相關者帶來卓越的價值。我們繼續預期強勁的每股盈餘成長將受到強勁的基於利率的成長、嚴格的成本管理和強大的客戶成長管道的推動。

Our strategy and team are well aligned to capitalize on these opportunities for our customers and shareholders. We believe our growth will compare favorably with the growth of our peers. Further, Ameren shares continue to offer investors an attractive dividend. In total, we had an attractive total shareholding return story.

我們的策略和團隊高度一致，能夠為我們的客戶和股東抓住這些機會。我們相信，我們的成長將與同行的成長相媲美。此外，Ameren 股票繼續為投資者提供有吸引力的股息。整體而言，我們擁有頗具吸引力的總持股報酬率。

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

我們的準備好的演講到此結束。現在我們歡迎您提問。

(Operator Instructions) Jeremy Tonet, JP Morgan.

（操作員指示） 摩根大通 (JP Morgan) 的傑里米·託內特 (Jeremy Tonet)。

Hi, good morning. Just wanted to touch base on data center load, if I could here. We've seen a number peers lift their pipeline this quarter I was just wondering if you could talk a bit more about what Ameren sees here with regards to economic development coming to the service territory and outlook for future growth here.

嗨，早安。如果可以的話，我只是想了解一下資料中心的負載。我們看到本季許多同行都提升了他們的管道，我只是想知道您是否可以再多談談 Ameren 對服務領域的經濟發展以及未來成長前景的看法。

Yes. You bet, Jeremy. I'll tell you, we remain really excited about the opportunities we have ahead of us. we continue to see really robust interest and really strong momentum in the second quarter and here into the third with the data center developers and hyperscalers. Earlier this year, we bumped up the data centers with -- in our pipeline with signed construction agreements, as you know, to 2.3 gigawatts of signed construction agreements.

是的。當然，傑里米。我會告訴你，我們對我們面臨的機會仍然感到非常興奮。我們繼續看到資料中心開發商和超大規模企業在第二季和第三季表現出濃厚的興趣和強勁的發展勢頭。今年早些時候，我們已簽署建設協議，將資料中心數量增加到 2.3 千兆瓦。

And I'd say in Q2 and in Q3, as we've gotten through July, we're right where we expected to be. We filed our tariff, our proposed rate structure, if you will, in -- and now we're actively engaged with hyperscalers, negotiating ESAs aligned with that tariff that we proposed to the Missouri Public Service Commission. And -- we feel good about the tariff that we filed, and we're working through that.

我想說，在第二季度和第三季度，隨著我們進入 7 月份，我們的業績已經達到了預期。如果你願意的話，我們已經提交了我們的關稅，也就是我們提議的費率結構——現在我們正在積極與超大規模企業合作，就與我們向密蘇裡州公共服務委員會提出的關稅相一致的 ESA 進行談判。我們對我們提出的關稅感到滿意，並且正在努力解決這個問題。

In the meantime, I can tell you that developers and the hyperscalers are asking us to study expansion relative to the existing sites where we have construction agreement. And that simply adds to our excitement because I think it extends the pipeline of investments and jobs and economic development for our region.

同時，我可以告訴你，開發商和超大規模企業正在要求我們研究相對於已有建設協議的現有場地的擴建。這讓我們更加興奮，因為我認為這擴大了我們地區的投資、就業和經濟發展管道。

And of course, the sales growth opportunities we have beyond 2032, which we've outlined our expectations for that on slide 7. So conversations, the work we're doing continues to progress as expected, and we're real excited about the outlook.

當然，我們在 2032 年以後還有銷售成長機會，我們在第 7 張投影片上概述了對此的期望。因此，我們正在進行的工作正在按預期繼續進展，我們對前景感到非常興奮。

Jeremy, it's Michael here. I agree with the anything that Marty said there on the data center side. But as I indicated in my talking points, I mean, I think just foundationally, the overall economy just remains very strong in our service territory here. On that trailing 12 months, we said we saw 1% growth overall. It was in every class residential one, commercial one, industrial, in particular, about 2.5%.

傑瑞米，我是麥可。我同意 Marty 在資料中心方面所說的一切。但正如我在談話要點中提到的，我認為從根本上來說，我們服務領域的整體經濟仍然非常強勁。在過去的12個月裡，我們整體實現了1%的成長率。具體而言，住宅、商業、工業等各類建築的佔比約為 2.5%。

And I know there's a lot of focus on the data center, so rightly so. But I mean, there is some really good momentum just from a manufacturing perspective, which obviously has jobs associated with it. You talked about this air dominance contract that was awarded to Boeing. It's probably a $20 billion-plus investment over time F-47. Unilever has had some nice expansions, GM, et cetera.

我知道大家非常關注資料中心，這是理所當然的。但我的意思是，僅從製造業的角度來看，就存在一些非常好的勢頭，這顯然與就業有關。您談到了授予波音公司的空中優勢合約。隨著時間的推移，F-47 的投資可能會超過 200 億美元。聯合利華、通用汽車等等都進行了一些不錯的擴張。

They're smaller data centers that are going downtown. I know they don't get quite the same attention, but these are kind of starting out of 5 megawatts ramping to 25 over the course of the next couple of years. So it does provide, I think, just a nice backdrop into the overall economic development opportunity.

它們是位於市中心的小型資料中心。我知道它們沒有得到同樣的關注，但這些發電廠的發電量將從 5 兆瓦開始，並在未來幾年內增加到 25 兆瓦。因此，我認為它確實為整體經濟發展機會提供了良好的背景。

Got it. So nothing to read into the unchanged pipeline here. These things are lumpy and happen when they happen?

知道了。因此，這裡無需了解未改變的管道。這些事情都是坑坑洞洞的，發生的時候會怎麼樣？

Yeah, I would say the pipeline is -- this is Marty, by the way, Jeremy. the pipeline remains extremely strong, both in Missouri and Illinois. So, no change in the number of construction agreements signed. But the pipeline of opportunity is still very large. Folks looking at data center development in both Illinois and Missouri in near term.

是的，我想說的是，這條管道——順便說一下，這是馬蒂，傑里米。這條管道在密蘇裡州和伊利諾伊州都保持著極其強勁的勢頭。因此，簽署的建築協議數量沒有變化。但機會依然很大。人們正在關注伊利諾伊州和密蘇裡州近期的資料中心建設。

But as I want to highlight again, we're seeing some extension of that pipeline as well as some of these developers and hyperscalers are really asking about expansion opportunities beyond the current data centers that have been identified and looking at expansion opportunities, which we're studying along with them. So yes, the pipeline remains really strong and feel really good about the data center construction agreements that we have.

但我想再次強調的是，我們看到了該管道的一些延伸，而且其中一些開發商和超大規模企業確實在詢問超出已確定的現有數據中心的擴展機會，並正在尋找擴展機會，我們正在與他們一起研究。所以是的，管道仍然非常強勁，並且我們對已達成的資料中心建設協議感到非常滿意。

And as you know, the 2.3 gigawatts assigned construction agreements really marries up very well with the sales expectations that we've outlined previously. I mean we have sort of a midpoint of expected growth in Missouri of about 1.5 gigs of sales out through 2032 that aligns with that 5.5% sales growth. But as outlined in our integrated resource plan we filed earlier this year in Missouri, we're investing in generation that could serve up to 2 gigs by 2032 and even more beyond that.

如您所知，2.3 千兆瓦的指定建設協議與我們先前概述的銷售預期非常吻合。我的意思是，我們預計密蘇裡州到 2032 年的銷售成長中點約為 1.5 千兆位元組，這與 5.5% 的銷售成長率一致。但正如我們今年稍早在密蘇裡州提交的綜合資源計劃中概述的那樣，我們正在投資到 2032 年可以提供 2 千兆瓦甚至更多的發電能力的發電項目。

And we think that marries up real well with that 2.3 gigawatts of signed construction agreements. And again, just very happy with the progress we're making with the end-use customers with these in terms of negotiation of energy services agreements that would allow us to serve them as they move into these data centers and ramp up load.

我們認為這與已簽署的 2.3 千兆瓦建設協議非常吻合。再次，我們對與最終用戶在能源服務協議談判方面取得的進展感到非常高興，這將使我們能夠在他們進入這些數據中心並增加負載時為他們提供服務。

Got it. That's very helpful there. And maybe continuing with the thought. We've seen a number of peers firming spots in the turbine slot queue if higher growth does materialize, has Ameren look to derisk turbine slots needed here for any growth beyond the preferred resource plan?

知道了。這非常有幫助。或許可以繼續這樣想。如果更高的成長確實實現，我們已經看到許多同行在渦輪機槽位隊列中佔據了穩固的位置，那麼 Ameren 是否會考慮降低此處所需的渦輪機槽位風險，以實現優先資源計劃之外的任何增長？

Yes, Jeremy, it's Michael here. Look, again, we feel good about the near-term and we've talked about this with respect to the two simple cycles that we have coming online here in '27, '28 teams actively got in front of the queue there, long lead time materials, as Marty talked about, got shovels in the ground.

是的，傑瑞米，我是麥可。再說一次，我們對近期的情況感覺良好，我們已經就我們在 27 年和 28 年上線的兩個簡單週期討論過這個問題，團隊積極地排在了隊伍的最前面，正如 Marty 所說的那樣，長交貨期的材料已經開工了。

A lot of work to be done there, but feeling good about meeting those in-service dates for '27 and '28. We have that combined cycle, which is out there in 2031, some active conversations going on at this point. I think I may have indicated at 1 point we were in the process of going through, I think over the course of the next 60, 90 days, we'll have locked that in.

那裡有很多工作要做，但對於 27 年和 28 年的服役日期的實現感到很高興。我們有聯合循環，預計在 2031 年推出，目前正在進行一些積極的討論。我想我可能已經指出，我們正處於這一過程中，我認為在接下來的 60 到 90 天內，我們將會鎖定這一點。

But I think the preliminary discussions are the teams feeling good about that time line that 2031 and that's obviously a big project. So beyond that, we continue to stay flexible and agile, but that's what we got going on at the moment.

但我認為初步討論顯示各團隊對 2031 年的時間表感到滿意，這顯然是一個大專案。除此之外，我們將繼續保持靈活性和敏捷性，但這就是我們目前正在做的事情。

Jeremy, this is Marty. Just to add to what Michael said. I mean he's absolutely right. I mean our focus is on making sure we shore up the resources to be able to execute the preferred resource plan that we've got out there, marries up very well again with the low growth opportunities we're seeing.

傑里米，這是馬蒂。只是想補充一下麥可所說的話。我的意思是他完全正確。我的意思是，我們的重點是確保我們能夠鞏固資源，以便能夠執行我們已經擁有的首選資源計劃，並與我們所看到的低成長機會完美結合。

But as I said on one of our prior calls, I mean, to the extent that the load growth ultimately looks like it may exceed some of what we've outlined in our Integrated Resource Plan and what we've got on slide 7, we're certainly exploring other opportunities to enhance our generation portfolio to be able to serve that incremental sales growth.

但正如我在之前的一次電話會議上所說的那樣，我的意思是，如果負載增長最終看起來可能會超過我們在綜合資源計劃中概述的內容以及幻燈片 7 中的內容，我們肯定會探索其他機會來增強我們的發電組合，以便能夠滿足增量銷售增長的需求。

But as Michael said, our focus right now is really bringing this 1.5 to 2 gigs of sales growth by 2032 to fruition and building the resources to serve it, but at the same time, to your point, exploring opportunities to expand beyond that.

但正如麥可所說，我們現在的重點是到 2032 年實現 1.5 到 2 千兆位元組的銷售成長，並建立資源來服務它，但同時，正如你所說，探索超越這一目標的擴展機會。

Got it. That's helpful. And if I could just round out the thought quickly here. Just wondering, as far as access to gas needed for the plans, as you outlined here, have you signed up for a sufficient gas transmission today. And is there a need for any new pipeline? Or can this all be satisfied with existing pipe?

知道了。這很有幫助。如果我可以在這裡快速地總結一下這個想法的話。只是想知道，就您在此處概述的計劃所需的天然氣而言，您今天是否簽署了足夠的天然氣輸送協議。是否需要建造新的管道？或者現有的管道就能滿足這一切嗎？

Yes. We feel pretty good about our position today there, Jeremy. Again, this is Michael. The Merrimack facility that we're repowering it obviously had gas at it already. We had some peaking units there. Rush Island, we'll have to do some work on repurposing inside, but feel good about what we need to get done there.

是的。傑里米，我們對今天在那裡的地位感到非常滿意。再說一次，我是麥可。我們正在重新供電的梅里馬克工廠顯然已經有天然氣了。我們在那裡有一些峰值機組。拉什島，我們必須對內部進行一些改造，但對於我們需要在那裡完成的工作，我們感到很滿意。

And then for the combined cycle, there's also a transmission line that's very, very close to that plant. And so we have -- we'll be able to tap into that and feel good about the work the needs to get done between now and then as well.

對於聯合循環來說，還有一條距離工廠非常非常近的輸電線路。因此，我們將能夠利用這一點，並對從現在到那時需要完成的工作感到滿意。

Got it. I'll leave it there. Thank you very much.

知道了。我就把它留在那裡。非常感謝。

Thank you.

謝謝。

Thanks, Jeremy.

謝謝，傑里米。

Julien Dumolin-Smith, Jefferies.

朱利安杜莫林史密斯，傑弗里斯。

Good morning. It's Brian Russo on for Julian. Just a follow-up on some of your existing large load customers requesting studies for, I guess, expansions. I mean, how meaningful is that? Is there any sort of time line? Maybe just put it in the context with the 2.3 gigawatts you're referencing.

早安.布萊恩·魯索 (Brian Russo) 取代朱利安 (Julian)。我猜這只是對一些現有的大負載客戶請求進行擴展研究的後續跟進。我的意思是，這有多大意義？有沒有什麼時間表？也許只是把它放在您所引用的 2.3 千兆瓦的背景下。

Well, we do think it's meaningful for the reasons I stated. I think that the opportunity for economic growth and development in the region, even beyond the 2.3 gigawatts that have been signed as construction agreements, I think it's exciting for our communities because of the jobs it brings long-lasting jobs, the tax base it brings, et cetera.

嗯，我們確實認為這是有意義的，理由如上所述。我認為該地區經濟成長和發展的機會，甚至超出了已簽署的 2.3 千兆瓦建設協議，我認為這對我們的社區來說是令人興奮的，因為它帶來了長期就業機會、稅基等等。

So I think that's all good. it's hard to say right now what the timing of that would be right now. We think about it as additive to the length of, say, the pipeline of growth that we've got. And we'll know more, Brian, as we sign some of these ESAs and we get deeper into the analysis of those growth opportunities.

所以我認為這一切都很好。現在很難說具體時間是什麼時候。我們認為它可以增加我們現有的成長渠道的長度。布萊恩，隨著我們簽署一些 ESA 並深入分析這些成長機會，我們將會了解更多。

We really see the ESAs, these energy services agreements as outlining the ramp rates for the load that we would expect associated with the 2.3 gigawatts of signed construction agreements. Again, we've outlined in on slide 7, what we anticipate that ramp rate to be based upon conversations we've had with the hyperscalers, the ultimate customers, but ultimately, the ESAs will outline sort of the minimum expected ramp rate over this period.

我們確實將 ESA（這些能源服務協議）視為概述我們預期與已簽署的 2.3 千兆瓦建設協議相關的負載的上升率。再次，我們在第 7 張投影片中概述了我們預期的爬坡率，該爬坡率是基於我們與超大規模企業（最終客戶）的對話，但最終，ESA 將概述這段時期的最低預期爬坡率。

And I think that will even better firm up. the load growth expectations that we've got. But we see the conversations we're having, again, is very positive and we provide incremental growth. Right now, we're thinking beyond that 2032 time frame, but we'll see based on the discussions that we have.

我認為這將更好地鞏固我們對負載成長的預期。但我們看到，我們正在進行的對話非常積極，我們提供了漸進式增長。目前，我們正在考慮 2032 年後的時間範圍，但我們將根據現有的討論情況進行判斷。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

(Operator Instructions) Paul Patterson, Glenrock Associates.

（操作員指示）Paul Patterson，Glenrock Associates。

Hey, good morning. So on the 2.1, MISO awards, there has been a complaint that was filed on Wednesday, which you guys are probably very familiar with from a different bunch of state commissions, not your state commissions, but Arkansas Louisiana, Mississippi, North Dakota, Montana, I think.

嘿，早安。因此，關於 2.1 MISO 獎項，週三已經有人提出了投訴，你們可能非常熟悉來自不同州委員會的投訴，不是你們的州委員會，而是阿肯色州、路易斯安那州、密西西比州、北達科他州、蒙大拿州，我想。

What are you -- how do you -- there's that -- and there's also been this IMM case with the IMM potentially reviewing transmission plans and what have you. Just could you comment on that, what you think about what's going on there?

您是什麼 — — 您如何 — — 有這個 — — 還有這個 IMM 案例，IMM 可能會審查傳輸計劃等等。您能否對此發表評論，您對那裡發生的事情有何看法？

Yes. I guess, Paul, I commented on it briefly. I mean you're right and for others on the call two days ago, on July 30, the five state commissions that Paul referenced alleged that MISO violated its tariff when it developed its benefit to cost ratios for the tranche 2.1 portfolio. And they ask FERC to declassify the tranche 2.1 projects as multi-value projects.

是的。保羅，我想我對此做了簡短的評論。我的意思是，你是對的，對於兩天前（7 月 30 日）電話會議中的其他人來說，保羅提到的五個州委員會指控 MISO 在製定 2.1 部分投資組合的收益成本比時違反了其關稅規定。他們要求聯邦能源管理委員會將 2.1 部分項目從多價值項目類別中移除。

Obviously, based on the recent, we're still assessing that filing and what our response might be. But look, Paul, we all know that load is growing in the region. We just talked about that. The mix of generation resources has certainly been shifting over time. and capacity prices have been rising.

顯然，根據最近的情況，我們仍在評估該文件以及我們可能的回應。但是，保羅，你看，我們都知道該地區的負荷正在增加。我們剛才討論過這個。發電資源的結構確實隨著時間的推移而變化，容量價格也一直在上漲。

And so all of that suggests to us that more transmission investment is needed. I think, look, we look back, MISO went through a very lengthy and consistent process of scenario planning and modeling, which ultimately led to the identification of these projects. and we support the need for the projects and the value of the project.

所有這些都向我們表明，需要更多的傳輸投資。我認為，回顧過去，MISO 經歷了一個非常漫長且一致的情境規劃和建模過程，最終確定了這些專案。我們支持這些項目的必要性和項目的價值。

So we're disappointed to see the filing, and we certainly hope that it doesn't delay the needed investments that we believe we need to make. So again, we're in the early stages of assessing it. It was just filed on July 30, and we'll be thoughtful about our response.

因此，我們對該文件感到失望，我們當然希望它不會延遲我們認為需要進行的投資。所以，我們仍處於評估的早期階段。該訴訟於 7 月 30 日提交，我們會認真考慮回應。

Okay, good. Great. So the second thing is as I'm sure you guys are aware, the Trump administration doesn't seem to be as excited about renewables as perhaps the previous one, and they put out their executive -- he put out an executive order regarding treasury guidance and what have you. And I know that you guys don't know what's going -- I mean I assume you guys don't know what's going to be in it.

好的，很好。偉大的。所以第二件事是，我相信你們都知道，川普政府似乎對再生能源不像前政府那麼興奮，他們發布了行政命令——他發布了有關財政指導的行政命令等等。我知道你們不知道會發生什麼事——我的意思是，我認為你們不知道裡面會發生什麼事。

But I guess my question sort of is, to your point, sort of which we're making earlier, obviously, there's a need for new generation. The tax cuts basically accrue to rate payers. If there was any disruption from this guidance, in which the safe harbors or something would be -- I know this is kind of hypothetical, but I'm just sort of thinking ahead here.

但我想我的問題是，正如你所說，我們之前提到的，顯然需要新一代。減稅基本上惠及納稅人。如果該指南對安全港或其他方面造成任何干擾，我知道這有點假設，但我只是在這裡提前思考。

If there was a potential issue in which sand was sort of thrown in the gear, so to speak and the tax -- some tax cuts were made in eligible. What would be sort of the process to deal with that? I mean, obviously, again, to what you were sort of saying, there's a need for this -- there's a need for some generation, whatever it may be, and the tax credits are really not something that -- it's really something that crease to rate pairs, right?

如果存在一個潛在問題，即在齒輪中扔了沙子，那麼可以說稅收——一些符合條件的稅收減免是可以接受的。處理該問題的流程是怎樣的？我的意思是，顯然，再次重申一下你剛才說的，有這樣的需要——有某些代際需要，不管它是什麼，而稅收抵免實際上並不是——它實際上是對比率對產生影響的東西，對吧？

So I'm just sort of wondering what -- do you have any thoughts about what the process might be or what the flexibility you guys might have in terms of how you would approach a situation like that, but we should develop.

所以我只是有點好奇——你對這個過程可能是什麼有什麼想法，或者你們在如何處理這種情況方面可能具有什麼樣的靈活性，但我們應該發展。

Yes. Paul, maybe Michael and I will kind of tag team this a little bit. I think, first of all, I'm not sure I can comment on what the process might be on that hypothetical. And hopefully, the hypothetical doesn't come to pass. I think we and the industry, obviously, we were very active on the Hill as the BBBA was negotiated and finalized.

是的。保羅，也許麥可和我會以某種方式組隊合作。我認為，首先，我不確定我是否可以評論該假設的過程。希望這個假設不會成為現實。我認為，在 BBBA 談判和最終敲定的過程中，我們和業界顯然在國會中非常活躍。

And one of the things that we really lobbied for was business certainty with respect to near-term planned projects and that if the tax credits were going to be phased out that they were done and that was done in a sort of a sensible way that gave us the ability to move forward with planned projects and with some certainty. And I think at the end of the day, historical treasury guidance with respect to when does construction begin along with continuity, safe harbor.

我們真正遊說的事情之一是針對近期計劃項目的商業確定性，並且如果稅收抵免要逐步取消，那麼就以一種合理的方式完成，這使我們能夠有一定的確定性地推進計劃項目。我認為，最終，歷史財政部指導將涉及何時開始建造以及連續性、安全港。

Some of these provisions go back more than a decade. And it's our belief the legislative intent was to rely on that decade's worth of precedent. And codify it actually in the legislation in the OBBA. So we feel good about what's in the law and that it should stick. And again, consistent with past treasury practice.

其中一些規定可以追溯到十多年前。我們相信，立法意圖是依靠那十年的先例。並將其實際編入 OBBA 立法中。因此，我們對法律的規定感到滿意，並認為它應該被遵守。這與過去的財務實務一致。

So we feel good about all of that, and that's where we're going to continue to support. Michael can talk to you a little bit now about what we had in our slides with respect to the actual credits and why we feel good about the credits that we have in our five-year plan.

因此，我們對這一切感到滿意，並且我們將繼續提供支援。麥可現在可以和你稍微談談我們在幻燈片中關於實際積分的內容，以及為什麼我們對五年計畫中的積分感到滿意。

I'll start where you kind of left off, Paul, which is we need every bit of this, though, right? We need the solar, the wind, the battery. We need to continue to get every single megawatt we can out of our fossil generation or nuclear plants as well.

保羅，我將從你停止的地方開始，也就是說，我們需要這一切，對嗎？我們需要太陽能、風能和電池。我們需要繼續從化石燃料發電或核電廠中獲取每一兆瓦的電力。

And again, all of these tax credits do go back to customers. That's why we advocated so hard for it. And I think we actually landed in a good spot. And Marty is right. I mean, look, we have a time-tested approach here. I mean we've had IRS guidance here for the better part of a decade under the start of construction, and we've done a lot of safe harboring.

再次強調，所有這些稅收抵免都會回饋給消費者。這就是我們如此大力提倡它的原因。我認為我們實際上處於一個很好的位置。馬蒂是對的。我的意思是，你看，我們這裡有一個經過時間考驗的方法。我的意思是，從建設開始到現在，我們已經有十年多的時間可以得到國稅局的指導，而且我們已經做了許多安全保護措施。

Typically for us, it's under the physical work test. And so as I indicated in the talking points, this $1.5 billion over the next five years, it's really broken down to $750 million under projects that are already in service or going to be in service by the end if you recall, we had 700 megawatts of wind that we put in service a number of years ago will go, that's throwing off PTCs, other things. We have about 400 megawatts of batteries that we have CCNs on that we're going to be deploying here on safe harboring by the end of '25 and then the remaining piece is associated with the solar build-out.

對我們來說，通常這是體力勞動測驗。正如我在談話要點中所指出的，未來五年的這 15 億美元實際上被分解為 7.5 億美元用於已經投入使用或最終將要投入使用的項目，如果你還記得的話，我們幾年前投入使用的 700 兆瓦風電將會消失，這將影響 PTC 和其他項目。我們擁有大約 400 兆瓦的電池，上面裝有 CCN，我們將在 25 年底之前將這些電池部署在這裡的安全港內，然後剩餘部分將與太陽能建設相關。

And again, the team has worked really hard to make sure that we put ourselves in a position to have that physical work test. Again, that's been well established under IRS guidance. completely safe harbored over the next, I'd say, 30 to 60 days. So feel really good about the visibility we have difficult to speculate where sort of this executive order is going to go, but we got heads down and focused on getting this generation built.

再次強調，團隊已經非常努力地確保我們能夠通過體力測試。再次強調，這已在 IRS 指導下得到充分落實。我認為，在接下來的 30 到 60 天內，這將是完全安全的。因此，我們對這一可見性感到非常高興，我們很難猜測這項行政命令將會走向何方，但我們已經埋頭苦幹，專注於建立這一代人。

Awesome. Great questions.

驚人的。很好的問題。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Hey, good morning, thanks so much for taking my question. Maybe just to follow up on the previous one. As we think like post OBBA. I know you had mentioned earlier that everything in the current plan is safe harbored.

嘿，早上好，非常感謝您回答我的問題。也許只是為了跟進上一個。正如我們所想的，就像 OBBA 之後一樣。我知道您之前提到過，目前計劃中的一切都是安全的。

But I guess to the extent that we do get a constructive outcome on these executive orders, is there any potential to pull forward incremental projects or accelerate plans to be able to take advantage of those credits for customers?

但我想，如果我們確實在這些行政命令上取得了建設性成果，是否有可能推進增量專案或加速計劃，以便能夠讓客戶利用這些信貸？

Yes. I mean the team has been actively looking at that, Carly, it's Michael. Yes, they've been going through and looking at transformers and acquiring Transformers to put us in a position not only to focus on kind of this five-year plan, but to see what else that we could potentially pull forward and make sure that we take care of these credits to be obviously, they're extremely helpful from an affordability perspective.

是的。我的意思是團隊一直在積極關注這個問題，卡莉，是麥可。是的，他們一直在研究和收購變壓器，這讓我們不僅能夠專注於這個五年計劃，還能看到我們還有潛力推進哪些工作，並確保我們能夠處理好這些信貸，顯然，從可負擔性的角度來看，它們非常有幫助。

Great. Super helpful. And then maybe just a quick update on the data center growth opportunities. I guess any just shifts in your conversations with customers or incremental potential customers in terms of what they're looking for, the priorities are all sort of in line with previous discussions.

偉大的。超有幫助。然後也許只是對資料中心成長機會進行快速更新。我想，您與客戶或潛在客戶在對話中根據他們的需求做出的任何改變，其優先事項都與先前的討論一致。

Yes. I think the priorities remain in line with previous discussions. I think, again, our sites here in Missouri are attractive for a number of reasons. But again, I think key is that we have good sites with good transmission access where we have affordable power, we have available power I think we have good state support for these economic development opportunities.

是的。我認為優先事項與先前的討論一致。我認為，我們在密蘇裡州的站點因多種原因而具有吸引力。但我再次認為，關鍵在於我們擁有良好的場地和良好的傳輸接入，在那裡我們有價格合理的電力，我們有可用的電力，我認為我們得到了國家對這些經濟發展機會的良好支持。

The state, I think, is very aligned and wanting to bring these development opportunities to fruition. And I think there's a good fit between what the hyperscalers, the data center developers and the state are all looking for with respect to this development.

我認為，國家非常認同並希望將這些發展機會變成現實。我認為超大規模企業、資料中心開發商和政府對這項發展的期望是高度契合的。

Thank you so much for the color.

非常感謝你提供的顏色。

Thank you. At this time, I'd like to turn the floor back over to Marty Lyons for closing comments.

謝謝。現在，我想把發言權交還給 Marty Lyons，請他發表最後評論。

Terrific. Well, thanks for your interest in Ameren. We really appreciate each of you being on the call today. As you can tell, we remain absolutely focused on strong execution of our plan. We've had a very strong start to the year. I feel really good about what we've accomplished strategically and financially.

了不起。好吧，感謝您對 Am​​eren 的關注。我們非常感謝你們每個人今天參加電話會議。如你所知，我們仍然全心全意地專注於強有力地執行我們的計劃。我們今年的開局非常強勁。我對我們所取得的策略和財務成就感到非常滿意。

And we're going to be very focused on executing our plans for the remainder of the year and work diligently to deliver safe, reliable and affordable energy to our customers and communities. So with that, thank you all for joining us today. I hope to see many of you in the coming weeks.

我們將高度重視今年剩餘時間的計畫執行，並努力為我們的客戶和社區提供安全、可靠和負擔得起的能源。因此，感謝大家今天加入我們。我希望在接下來的幾週內見到你們。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or walk off the webcast at this time, and enjoy the rest of your day.

謝謝。女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受剩餘的一天。