阿莫林 (AEE) 2025 Q3 法說會逐字稿

Greetings. Welcome to Ameren's third-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Ameren 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

At this time, I'll now turn the conference over to Andrew Kirk, Senior Director of Investor Relations and Corporate Modeling. Thank you. You may now begin.

現在，我將把會議交給投資者關係和企業建模高級總監 Andrew Kirk。謝謝。現在你可以開始了。

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

謝謝，早安。今天和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蒂·萊昂斯；我們的高級執行副總裁兼首席財務官邁克爾·莫恩，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.

本次通話包含時效性數據，僅在今天直播當天有效，禁止轉載。我們已在 amereninvestors.com 主頁上發布了一份演示文稿，我們的演講者將會引用這份簡報。

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. 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.

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聲明，這些通常被稱為前瞻性聲明。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，讓我們來看看馬蒂，他將從第 4 頁開始。

Thanks, Andrew. Good morning, everyone. Before we get into the financials, I want to highlight the strategy that drives our actions and deliver strong long-term value for our customers, communities and shareholders. Pursuant to this strategy, we've been investing in the electric and natural gas infrastructure of Missouri and Illinois to harden it and make it more reliable, resilient and safer. And we've been adding new energy generation resources to meet the needs of our communities today and in the years to come.

謝謝你，安德魯。各位早安。在深入探討財務狀況之前，我想重點介紹一下驅動我們行動並為我們的客戶、社區和股東帶來強大長期價值的策略。根據這項策略，我們一直在投資密蘇裡州和伊利諾伊州的電力和天然氣基礎設施，以加強其安全性和可靠性，使其更具韌性和安全性。我們一直在增加新的能源生產資源，以滿足我們社區當前和未來幾年的需求。

Because we are committed to providing a strong value proposition for our 2.5 million electric and 900,000 natural gas customers, we are also laser-focused on optimizing our operations to keep customer rates affordable.

因為我們致力於為我們的 250 萬電力用戶和 90 萬天然氣用戶提供強大的價值主張，所以我們也高度重視優化我們的運營，以保持客戶價格的合理性。

As we look ahead, the region and communities we serve are poised for significant economic growth, bringing investment, jobs and tax revenue as well as necessitating incremental investment in utility infrastructure. To support this growth, we are actively engaging with stakeholders on economic development opportunities and to advance constructive regulatory frameworks designed to serve new large load customers and maintain just and reasonable rates for all customers. We're excited about the opportunities in front of us and believe the future is bright for Ameren and the communities we serve. Michael and I will dive into more details on the pages ahead. Now let's turn to Page 5 for a summary of our third quarter results.

展望未來，我們所服務的地區和社區預計將迎來顯著的經濟成長，這將帶來投資、就業機會和稅收，同時也需要對公用事業基礎設施進行逐步投資。為了支持這一成長，我們正在積極與利害關係人探討經濟發展機遇，並推動建設性的監管框架，旨在服務新的大負荷客戶，並為所有客戶維持公平合理的費率。我們對眼前的機會感到興奮，並相信 Ameren 和我們所服務的社區的未來一片光明。在接下來的篇幅中，我和麥可將深入探討更多細節。現在讓我們翻到第 5 頁，查看我們第三季業績的總結。

Yesterday, we announced third quarter 2025 adjusted earnings of $2.17 per share compared to adjusted earnings of $1.87 per share in the third quarter of 2024. Our recent FERC order provided guidance on ratemaking for net operating loss carryforwards. And as a result, we recorded a tax benefit of $0.18 in the third quarter of 2025. Given the nature of the tax benefit, we have excluded it from our adjusted third quarter 2025 earnings.

昨天，我們公佈了 2025 年第三季調整後每股收益為 2.17 美元，而 2024 年第三季調整後每股收益為 1.87 美元。我們最近發布的聯邦能源監管委員會（FERC）命令為淨營業虧損結轉的費率制定提供了指引。因此，我們在 2025 年第三季獲得了 0.18 美元的稅收優惠。鑑於稅收優惠的性質，我們已將其從 2025 年第三季調整後的收益中剔除。

The key drivers of our strong third quarter results are outlined on this page. As we move to Page 6, I'll cover how execution of our strategy has translated into tangible results for our stakeholders throughout this year. During the first 3 quarters of 2025, Ameren delivered on its commitments, deploying more than $3 billion in critical infrastructure upgrades for customers. For example, as part of our Ameren Missouri 2025 Smart Energy Plan, 11,300 electric distribution poles were replaced, 600 of which were upgraded to stronger composite poles. 300 smart switches were installed to reduce outages and speed restoration.

本頁概述了我們第三季業績強勁成長的關鍵驅動因素。接下來，我們將翻到第 6 頁，我將介紹今年以來，我們的策略執行是如何為我們的利害關係人帶來實際成果的。2025 年前三個季度，Ameren 履行了其承諾，為客戶部署了超過 30 億美元的關鍵基礎設施升級。例如，作為我們 Ameren Missouri 2025 智慧能源計畫的一部分，我們更換了 11,300 根配電桿，其中 600 根升級為更​​堅固的複合材料桿。此外，我們還安裝了 300 個智慧開關，以減少停電並加快恢復供電。

32 miles of subtransmission lines were hardened. 5 new or upgraded substations were energized and 55 miles of underground cable were replaced to strengthen system reliability.

32英里的次級輸電線路進行了加固。 5座新建或升級的變電站投入使用，55英里的地下電纜進行了更換，以提高系統可靠性。

In Illinois, our customers are benefiting from the replacement of more than 8,500 stronger electric distribution poles, 8 miles of coupled steel gas distribution pipelines and 13 miles of gas transmission pipelines for safety. Further, our transmission business placed in service 11 new or upgraded transmission substations and 40 miles of new or upgraded transmission lines to deliver energy more efficiently. These are just a few of the many projects completed through September.

在伊利諾州，為了安全起見，我們的客戶受益於更換了 8500 多根更堅固的配電桿、8 英里長的耦合鋼製燃氣分配管道和 13 英里長的燃氣輸送管道。此外，我們的輸電業務投入使用了 11 個新建或升級的輸電變電站和 40 英里新建或升級的輸電線路，以更有效率地輸送能源。以上僅列舉了九月份完成的眾多項目中的幾個。

We also continue to execute on Ameren Missouri's preferred resource plan. As you know, we updated this plan in February to reflect the growing energy needs of our customers and communities, including during extreme weather conditions. The plan calls for the addition of approximately 10 gigawatts of generation capacity by 2035, including 3.7 gigawatts of natural gas generation, 4.2 gigawatts of renewables and 1.4 gigawatts of battery storage. Through September, we've invested more than $825 million in new or existing generation resources and have requested CCNs from the Missouri Public Service Commission for 1.45 gigawatts of additional resources.

我們將繼續執行 Ameren Missouri 的首選資源計劃。如您所知，我們在 2 月更新了該計劃，以反映我們的客戶和社區日益增長的能源需求，包括在極端天氣條件下的需求。該計劃要求在 2035 年新增約 10 吉瓦的發電容量，其中包括 3.7 吉瓦的天然氣發電、4.2 吉瓦的再生能源發電和 1.4 吉瓦的電池儲能。截至 9 月，我們已在新的或現有的發電資源上投資超過 8.25 億美元，並已向密蘇裡州公共服務委員會申請 CCN，以獲得 1.45 吉瓦的額外資源。

In 2025, we also made the decision to spend more on operating and maintenance by accelerating certain tree trimming and energy center maintenance activities. All of these efforts underscore our commitment to delivering reliable energy for the long term. And as you know, our electric rates remain below both national and Midwest averages, a testament to our unwavering focus on continuous improvement and affordability. Now let's turn to Page 7. We have a long track record of strong and consistent earnings per share growth.

2025年，我們也決定增加營運和維護方面的支出，加速某些樹木修剪和能源中心維護活動。所有這些努力都凸顯了我們致力於長期提供可靠能源的承諾。如您所知，我們的電價一直低於全國和中西部地區的平均水平，這證明了我們始終致力於持續改進和降低成本。現在讓我們翻到第7頁。我們擁有長期強勁且持續的每股盈餘成長記錄。

As we look ahead, we expect this to continue. In February of this year, we updated our long-term earnings growth guidance, which included our expectation to grow earnings at a 6% to 8% compound annual rate from '25 through 2029 based off of our 2025 original guidance midpoint of $4.95. For 2025, we expect adjusted diluted earnings per share to be in the range of $4.90 to $5.10, up from our original guidance range of $4.85 to $5.05. We're well positioned to continue our long history of delivering above the midpoint of our original earnings guidance range.

展望未來，我們預計這種情況還會持續。今年2月，我們更新了長期獲利成長預期，其中包括基於2025年預期中位數4.95美元，預計2025年至2029年獲利將以6%至8%的複合年增長率成長。對於2025年，我們預計調整後稀釋每股盈餘將在4.90美元至5.10美元之間，高於先前預期的4.85美元至5.05美元。我們完全有能力延續長期以來業績高於預期中位數的良好記錄。

For 2026, we now expect diluted earnings per share to be in the range of $5.25 to $5.45. And we expect consistent earnings growth near the upper end of our 6% to 8% EPS compound annual growth rate range in 2027 through 2029. Consistent with prior years, we plan to update our long-term earnings growth guidance on our fourth quarter call in February 2026, including our 5-year capital and financing plans, which will reflect, among other things, firmed up capital estimates related to Ameren Missouri's preferred resource plan. Turning to Page 8. I'll provide an update on economic development activities in our region and associated sales growth expectations.

我們現在預計2026年稀釋後每股盈餘將在5.25美元至5.45美元之間。我們預計2027年至2029年，每股盈餘將持續成長，接近我們6%至8%的複合年增長率預期範圍的上限。與往年一樣，我們計劃在 2026 年 2 月的第四季度電話會議上更新我們的長期盈利增長預期，包括我們的 5 年資本和融資計劃，其中將反映出與 Ameren Missouri 的優先資源計劃相關的更明確的資本估算。翻到第8頁。我將報告我們地區的經濟發展活動以及相關的銷售成長預期。

We remain closely engaged with potential data center customers and are building a robust pipeline of large load opportunities that extend into the next decade. Data centers represent significant private investment opportunity for our states, bringing in thousands of jobs in fields such as construction, plumbing, electrical work and technology as well as substantial tax revenue.

我們與潛在的資料中心客戶保持密切聯繫，並正在建立一個強大的大型負載機會管道，該管道將持續到下一個十年。資料中心為我們各州帶來了巨大的私人投資機會，在建築、管道、電氣工程和技術等領域創造了數千個就業崗位，並帶來了可觀的稅收收入。

As we discussed on our earnings call in August, data center developers continue to evaluate opportunities in Missouri, given the numerous desirable construction sites in our territory, available transmission capacity and our ability to deliver power when needed at competitive rates. As a result of this engagement, Ameren Missouri's executed construction agreements with data center developers have expanded to 3 gigawatts, up from the previous total of 2.3 gigawatts. The developers of the data center sites with construction agreements in place have now made nonrefundable payments to us totaling $38 million to cover the necessary transmission upgrades and which demonstrates their confidence in and commitment to the proposed projects.

正如我們在 8 月的財報電話會議上所討論的那樣，鑑於我們轄區內眾多理想的建設用地、可用的輸電容量以及我們能夠在需要時以具有競爭力的價格提供電力，數據中心開發商將繼續評估在密蘇裡州的機會。由於這項合作，Ameren Missouri 與資料中心開發商簽訂的建設協議已從先前的 2.3 吉瓦增加到 3 吉瓦。已簽訂建設協議的資料中心建設專案開發商已向我們支付了總計 3,800 萬美元的不可退還款項，用於支付必要的傳輸升級費用，這表明他們對擬建專案充滿信心並致力於推進這些專案。

We also continue to actively engage with potential data center customers to negotiate electric service agreements that are aligned with our proposed Missouri large load rate structure and, among other things, would establish anticipated minimum ramp schedules. I'll talk more about progress on that large load rate structure in a few minutes.

我們也將繼續積極與潛在的資料中心客戶洽談電力服務協議，以符合我們提出的密蘇裡州大負荷費率結構，並且除其他事項外，還將制定預期的最低爬坡時間表。稍後我會詳細介紹一下大負載率結構的進展。

As outlined in Ameren Missouri's preferred resource plan, we expect 1 gigawatt of new load from data center customers by the end of 2029 and a total of 1.5 gigawatts of new data center demand by the end of 2032. To give you a sense of the proportions, 1 gigawatt of new data center load by 2029 would represent approximately 5.5% compound annual Missouri sales growth from 2025. In addition, we're seeing notable expansion in the region's defense and geospatial intelligence ecosystem which is stimulating growth across multiple sectors, including advanced manufacturing.

根據 Ameren Missouri 的首選資源計劃，我們預計到 2029 年底，資料中心客戶將新增 1 吉瓦的負荷，到 2032 年底，資料中心新增需求總量將達到 1.5 吉瓦。為了讓您了解這個比例，到 2029 年新增 1 吉瓦資料中心負載將相當於密蘇裡州自 2025 年以來年均複合銷售額成長約 5.5%。此外，我們看到該地區的國防和地理空間情報生態系統正在顯著擴張，這刺激了包括先進製造業在內的多個行業的成長。

One such example is the opening of the National Geospatial-Intelligence Agency's new nearly $2 billion campus in St. Louis this September. The campus, which employs more than 3,000 people, represents the largest federal investment in St. Louis' history. Private sector participation is also strong with companies like Scale AI choosing to locate their headquarters downtown.

其中一個例子是國家地理空間情報局耗資近 20 億美元於今年 9 月在聖路易斯開設的新園區。該園區僱用了 3000 多名員工，是聖路易斯歷史上最大的聯邦投資項目。私部門的參與度也很高，像 Scale AI 這樣的公司選擇將總部設在市中心。

The presence in St. Louis of federal and private sector geospatial operations, including advanced mapping, satellite imagery and spatial analytics, strategically aligns with our region's strength in defense and defense tech industries.

聖路易斯擁有聯邦和私營部門的地理空間業務，包括先進的測繪、衛星圖像和太空分析，這與我們地區在國防和國防科技產業的優勢戰略契合。

Looking ahead, Boeing has begun construction of new facilities to build the F-47 fighter approved earlier this year. Production of the F-47 is scheduled to start in 2026. These developments further strengthen St. Louis' position as a national hub for innovation and strategic investment.

展望未來，波音公司已開始建造新的設施，用於生產今年稍早獲準的F-47戰鬥機。F-47的生產計劃於2026年開始。這些發展進一步鞏固了聖路易斯作為全國創新和戰略投資中心的地位。

In Downstate Illinois, developers are also advancing data center projects with expected incremental energy demand totaling 850 megawatts. We have signed construction agreements with these developers and received payments to support the necessary transmission interconnections. Energy supply for these projects is expected to be provided through third-party supply agreements. We expect to provide an update on our Missouri and Illinois 5-year sales growth expectations in February.

在伊利諾州南部，開發商也正在推動資料中心項目，預計新增能源需求總計將達到 850 兆瓦。我們已與這些開發商簽訂了施工協議，並收到了款項，用於支援必要的輸電線路互聯。這些項目的能源供應預計將透過第三方供應協議提供。我們預計將於 2 月發布有關密蘇裡州和伊利諾伊州未來 5 年銷售成長預期的最新資訊。

Moving now to Page 9. We provide an update on generation resources currently in progress at Ameren Missouri. We have procured long lead time components such as turbines and transformers for our planned energy centers with expected in-service dates through 2029. And we have secured production slots for the 3 turbines for our combined cycle energy center expected to be in service in 2031, remaining on track to deliver the dispatchable resources called for in our preferred resource plan.

現在翻到第9頁。我們將介紹 Ameren Missouri 目前正在進行的發電資源專案的最新進展。我們為計畫建造的能源中心採購了渦輪機和變壓器等交貨週期較長的零件，預計到 2029 年將投入使用。我們已經為預計將於 2031 年投入使用的聯合循環能源中心的 3 台渦輪機預留了生產名額，繼續按計劃交付我們首選資源計劃中要求的可調度資源。

In August, we requested a certificate of convenience and necessity for the Reform Solar Energy Center, a planned 250-megawatt solar facility to be located adjacent to our existing Callaway Nuclear Energy Center. Generation projects with CCN requests pending before the Missouri Public Service Commission will support progress toward our goal of maintaining a balanced energy mix. We're targeting approximately 70% generation from on-demand resources and 30% from intermittent resources by 2040.

8 月，我們申請了改革太陽能中心的便利性和必要性證書，該中心計劃建造一座 250 兆瓦的太陽能設施，位於我們現有的卡拉威核能中心旁。密蘇裡州公共服務委員會正在審批 CCN 申請的發電計畫將支持我們實現維持能源結構平衡的目標。我們的目標是到 2040 年，約 70% 的發電量來自按需資源，30% 來自間歇性資源。

Ameren Missouri's planned generation portfolio is expected to provide an estimated $1.5 billion in customer savings from tax credits through 2029, of which approximately $270 million has been realized so far in 2025. Building, maintaining and operating a sufficient and optimal mix of energy centers to meet our customers' needs in an affordable manner is critical for our stakeholders, and I'm proud of the work our team is doing in those regards.

Ameren Missouri 的計畫發電組合預計到 2029 年將透過稅收抵免為客戶節省約 15 億美元，其中 2025 年至今已實現約 2.7 億美元。建立、維護和運作足夠且最佳的能源中心組合，以經濟實惠的方式滿足客戶的需求，這對我們的利害關係人至關重要，我為我們團隊在這方面所做的工作感到自豪。

On Page 10, we outline Ameren Missouri's proposed large load rate structure, which was filed with the Missouri PSC in May and updated in surrebuttal testimony earlier this week. In accordance with Missouri State law, any future large load data center customers would be required to pay for cost to connect them to our system and for their share of ongoing cost of service. 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 electric service agreement.

在第 10 頁，我們概述了 Ameren Missouri 提出的大負荷率結構，該結構於 5 月提交給密蘇裡州公共服務委員會，並在本週早些時候的反駁證詞中進行了更新。根據密蘇裡州法律，任何未來的大型資料中心客戶都必須支付將其連接到我們系統的費用以及其應承擔的持續服務費用。根據擬議的大負荷費率結構，我們將按照我們現有的大負荷主要服務基本費率提供服務，該費率目前約為每千瓦時 0.06 美元，客戶將同意作為電力服務協議的一部分的附加條款和條件。

The additional terms would include a service commitment of 12 years after ramp, a minimum demand charge of 80% of contracted capacity, exit provisions and credit and collateral requirements, all designed to protect existing customers. In addition, new customer programs would be available that would allow qualifying customers to advance their clean energy goals by supporting the carbon-free energy resource of their choice through incremental payments, which would help offset costs for other customers. This structure would offer a fair and competitive rate to large customers and maintain just and reasonable rates for all customers. While no deadline exists for Missouri PSC approval of our proposed large load rate structure, based on the existing procedural schedule, we would expect a decision by February of 2026.

附加條款包括：上線後 12 年的服務承諾、合約容量 80% 的最低需求費用、退出條款以及信用和抵押要求，所有這些都是為了保護現有客戶。此外，還將推出新的客戶計劃，允許符合資格的客戶透過分期付款支持他們選擇的無碳能源資源，從而推進其清潔能源目標，這將有助於抵消其他客戶的成本。這種結構將為大客戶提供公平且有競爭力的價格，並維持所有客戶公平合理的價格。雖然密蘇裡州公共服務委員會對我們提出的大負荷率結構沒有批准期限，但根據現有的程序安排，我們預計在 2026 年 2 月之前會做出決定。

Moving now to Page 11 for an update on the long-range transmission planning process at MISO. Our focus remains on building the LRTP Tranche 1 and Tranche 2.1 projects that were assigned to us and developing strong proposals for Tranche 2.1 competitive projects. We are carefully evaluating each bidding opportunity, and we'll submit bids for projects when we believe we offer a clear advantage on project design, cost and execution. 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.

現在翻到第 11 頁，了解 MISO 的長期輸電規劃流程的最新進展。我們將繼續專注於建設分配給我們的 LRTP 第一批和第二批第二部分項目，並為第二批第二部分競爭性項目制定強而有力的提案。我們正在認真評估每一個投標機會，只有當我們認為在專案設計、成本和執行方面具有明顯優勢時，我們才會提交專案投標書。正如我們過去成功做到的那樣，當合作能夠增強我們提案的實力和競爭力時，我們希望與其他實體合作。

For example, in August, we submitted a joint proposal with 3 other partners on a Tranche 2.1 competitive project in Wisconsin. We expect MISO to select the developer for this project in early 2026. The bidding and selection process for the 4 remaining Tranche 2.1 competitive projects will continue to take place over the remainder of this year and next. As a reminder, we do not include investment related to competitive projects in our 5-year plan until projects have been awarded to us.

例如，8 月份，我們與另外 3 個合作夥伴共同提交了一份關於威斯康辛州 2.1 期競爭性項目的聯合提案。我們預計 MISO 將於 2026 年初選定該專案的開發商。剩餘 4 個 2.1 期競爭性項目的招標和遴選過程將在今年剩餘時間和明年繼續進行。再次提醒，在專案授予我們之前，我們不會將與競爭性專案相關的投資納入我們的五年計劃。

Further, MISO continues to analyze increasing energy demand and updated resource mix assumptions across the region as part of the futures redesign process. We expect this analysis will show the need for significant incremental transmission investments that would benefit the wider MISO region over time. MISO is expected to issue its report in early 2026.

此外，作為未來重新設計過程的一部分，MISO 將繼續分析該地區不斷增長的能源需求和更新的資源組合假設。我們預計這項分析將顯示需要進行大量的增量輸電投資，這將使更廣泛的 MISO 區域從長遠來看受益。MISO預計將於2026年初發布其報告。

Moving now to Page 12. Looking ahead over the next decade, our pipeline of investment opportunities continues to grow, standing today at more than $68 billion. We will provide further details in February as to the planned capital investments expected for the period of 2026 through 2030 and the associated financing plan. These investments will deliver significant value to all of our stakeholders by making our energy grid stronger, smarter and cleaner and by powering economic growth in our communities.

現在翻到第12頁。展望未來十年，我們的投資機會儲備持續成長，目前已超過 680 億美元。我們將於2月份提供2026年至2030年期間預計的資本投資計畫及相關融資計畫的更多細節。這些投資將使我們的能源網路更強大、更聰明、更清潔，並促進我們社區的經濟成長，從而為我們所有的利害關係人帶來巨大的價值。

Turning to Page 13. In February, we updated our 5-year growth plan, which included our expectation of 6% to 8% compound annual earnings growth from 2025 through 2029. This earnings growth expectation is primarily driven by strong anticipated compound annual rate base growth of 9.2%, reflecting strategic allocation of infrastructure investment to strengthen the grid in each of our business segments and to build new energy resources to meet increased demand. 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 our broader strategy across all 4 of our business segments as we have a skilled and experienced team dedicated to achieving our growth objectives while keeping customers at the center of everything we do.

翻到第13頁。今年 2 月，我們更新了 5 年成長計劃，其中包括我們對 2025 年至 2029 年複合年收益成長 6% 至 8% 的預期。這項獲利成長預期主要得益於預計 9.2% 的強勁複合年費率基數成長，這反映了我們在各個業務部門策略性地分配基礎設施投資，以加強電網並建立新的能源資源，從而滿足不斷增長的需求。我們預期將實現強勁的長期獲利和股息成長，從而帶來可觀的總回報。我對我們在所有 4 個業務部門執行投資計劃和更廣泛策略的能力充滿信心，因為我們擁有一支技術精湛、經驗豐富的團隊，致力於實現我們的成長目標，同時將客戶放在我們一切工作的中心。

Now before turning the call over to Michael, I'd like to briefly share a leadership update. Effective January 1, Michael will assume the role of Group President of Ameren Utilities, overseeing the operations of each of our business segments. Michael is an experienced leader, bringing to this newly created position, deep financial and broad operational expertise, qualities that will continue to support our focus on delivering value for customers and shareholders.

在將電話交給邁克爾之前，我想簡要地分享領導層的最新情況。自 1 月 1 日起，Michael 將擔任 Ameren Utilities 集團總裁，負責監督我們各個業務部門的營運。Michael 是一位經驗豐富的領導者，他將為這個新設立的職位帶來深厚的財務和廣泛的營運專業知識，這些品質將繼續支持我們專注於為客戶和股東創造價值。

When Michael transitions to this new role, Lenny Singh, currently Chairman and President of Ameren Illinois, will transition into the role of Executive Vice President and Chief Financial Officer. Lenny has nearly 35 years of utility leadership experience with substantial operational, regulatory and profit and loss responsibilities. These experiences will ensure we continue to practice financial discipline aligned with our regulatory frameworks and deliver value for our customers and shareholders. I'm pleased with the strength and alignment of our leadership team and believe these changes position us well for continued execution of our strategy and strong performance.

當邁克爾過渡到這個新職位時，現任 Ameren Illinois 董事長兼總裁 Lenny Singh 將過渡到執行副總裁兼財務長的職位。Lenny 擁有近 35 年的公用事業領導經驗，在營運、監管和損益方面承擔著重要的責任。這些經驗將確保我們繼續奉行符合監管框架的財務紀律，並為我們的客戶和股東創造價值。我對我們領導團隊的實力和協調一致感到滿意，並相信這些變化使我們能夠更好地繼續執行我們的策略並取得優異的業績。

With that, I'll hand the call over to Michael.

這樣，我就把電話交給麥可了。

Thanks, Marty, and good morning, everyone. Turning now to Page 15 of our presentation. Yesterday, we reported third quarter 2025 GAAP earnings of $2.35 per share, which included a tax benefit related to our Ameren Transmission segment. This tax benefit was recorded due to IRS guidance and a FERC order issued to another taxpayer regarding treatment of net operating loss carryforwards. Pursuant to this guidance, this quarter, we decreased income tax expense by $48 million or $0.18 per share.

謝謝你，馬蒂，大家早安。現在請翻到簡報的第15頁。昨天，我們公佈了 2025 年第三季 GAAP 每股收益為 2.35 美元，其中包括與 Ameren Transmission 業務部門相關的稅收優惠。這項稅收優惠是根據美國國稅局的指導意見以及聯邦能源監管委員會向另一納稅人發布的關於淨經營虧損結轉處理的命令而記錄的。根據這項指導原則，本季我們將所得稅支出減少了 4,800 萬美元，即每股 0.18 美元。

Excluding this benefit, third quarter 2025 adjusted earnings were $2.17 per share compared to adjusted earnings of $1.87 per share for the third quarter of 2024.

剔除此收益後，2025 年第三季調整後每股收益為 2.17 美元，而 2024 年第三季調整後每股收益為 1.87 美元。

The key factors that drove the $0.30 increase in adjusted earnings per share are highlighted by segment on Page 16 and reflect the important investments we've made to strengthen the energy grid across our service territory. In addition to benefiting from new electric service rates in Missouri and warmer-than-normal weather in July, we continue to experience strong sales growth within Ameren Missouri's service territory. In fact, total normalized Ameren Missouri retail sales over the trailing 12 months through September increased across all customer classes with an overall increase of approximately 1.5%. Further, in light of the benefit from weather this year and to support stronger reliability, we've increased energy center and discretionary tree trimming expenditures, the latter in targeted areas to address vegetation growth near our power lines.

推動調整後每股收益增加 0.30 美元的關鍵因素在第 16 頁按業務板塊進行了重點介紹，反映了我們為加強服務區域內的能源網絡而進行的重要投資。除了受益於密蘇裡州新的電力服務費率和 7 月份異常溫暖的天氣外，我們在 Ameren Missouri 的服務區域內繼續經歷強勁的銷售成長。事實上，截至 9 月的過去 12 個月中，Ameren Missouri 的零售總額（經調整後）在所有客戶類別中均有所增長，整體增長約 1.5%。此外，鑑於今年天氣帶來的利好，為了提高供電可靠性，我們增加了能源中心和可自由支配的樹木修剪支出，後者針對特定區域，以解決輸電線路附近的植被生長問題。

Moving to Page 17. Since 2013, we've delivered strong, consistent normalized adjusted earnings per share growth of greater than 7.5% compound annually. Yesterday, we increased our 2025 earnings per share guidance range of $4.90 to $5.10. The midpoint of the new range represents approximately 8% growth compared to both our original 2024 earnings guidance range midpoint and our 2024 results. Outlined on the page are select earnings considerations for the fourth quarter of 2025, which I encourage you to take into consideration as you develop your expectations for the balance of the year.

翻到第17頁。自 2013 年以來，我們實現了強勁、持續的經調整每股收益成長，年複合成長率超過 7.5%。昨天，我們將 2025 年每股盈餘預期範圍從 4.90 美元上調至 5.10 美元。新預期範圍的中點數值較我們原先 2024 年收益預期範圍的中點數值以及 2024 年的實際業績均成長約 8%。本頁列出了 2025 年第四季的部分獲利考量因素，我建議您在製定今年剩餘時間的預期時予以考慮。

And moving to Page 18, we provide detail on our 2026 earnings per share expectations, which we also announced yesterday. We expect our 2026 earnings per share to be in the range of $5.25 to $5.45, the midpoint of which represents 8.2% growth compared to our original 2025 earnings guidance midpoint of $4.95. Expected 2026 earnings details by segment compared to our 2025 expectations are highlighted on this page. Robust planned infrastructure investment, strong expected sales and economic growth and strategic business process optimization opportunities give us confidence in our ability to grow earnings in 2026 and the years ahead.

接下來，我們將在第 18 頁詳細介紹我們對 2026 年每股收益的預期，該預期也是我們昨天公佈的。我們預計2026年每股收益將在5.25美元至5.45美元之間，其中數值較我們最初對2025年每股收益的預期中位數4.95美元增長8.2%。本頁重點列出了各業務板塊2026年預期收益的詳細數據，並與2025年的預期進行了比較。穩健的基礎設施投資計劃、強勁的預期銷售和經濟成長以及戰略業務流程優化機會，使我們有信心在 2026 年及未來幾年實現盈利增長。

Now turning to our financing plan on Page 19. To support our strong credit ratings and maintain our 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 have fulfilled our equity needs for 2025 and 2026 through forward sales agreements that we expect to physically settle near the end of these years. Having utilized most of the capacity available under our existing equity sales distribution agreement, in August, we increased the program capacity by $1.25 billion to enable additional sales to support equity needs in 2027 and beyond. And in September, Ameren Illinois issued $350 million of 5.625% first mortgage bonds due 2055, completing our planned debt issuances for this year.

現在請翻到第 19 頁查看我們的融資計畫。為了支持我們強勁的信用評級，並在為我們的投資計劃提供資金的同時維持我們的資產負債表，我們在 2 月份制定了一項計劃，到 2029 年每年發行約 6 億美元的普通股。我們已透過遠期銷售協議滿足了 2025 年和 2026 年的股權需求，我們預計這些協議將在這兩年年底前完成實物交割。由於已用盡現有股權銷售分配協議下的大部分可用產能，我們在 8 月將該計劃的產能增加了 12.5 億美元，以支持 2027 年及以後的股權銷售需求。9 月，Ameren Illinois 發行了 3.5 億美元的 5.625% 第一抵押債券，將於 2055 年到期，完成了我們今年的計劃債務發行。

We feel great about our financial position and the progress we've made in our financing plan.

我們對我們的財務狀況以及融資計劃的進展感到非常滿意。

Turning to Page 20. I'll provide a brief update on ongoing regulatory proceedings in Illinois. Our Ameren Illinois natural gas distribution rate review is pending with the Illinois Commerce Commission, or ICC, and we expect a decision this month. As a reminder, we have requested $135 million annual base rate increase. In October, the Administrative Law Judge, or ALJ, recommended an annual base rate increase of $91 million based on a 9.93% return on equity and a 50% common equity ratio.

翻到第20頁。我將簡要介紹伊利諾伊州正在進行的監管程序。我們正在等待伊利諾伊州商業委員會（ICC）對 Ameren Illinois 天然氣分銷費率的審查，預計本月將有結果。再次提醒，我們已申請每年增加 1.35 億美元的基本費率。10 月份，行政法官 (ALJ) 建議，根據 9.93% 的股權回報率和 50% 的普通股股權比率，將年度基本利率提高 9,100 萬美元。

The difference is primarily driven by allowed ROE, the common equity ratio and the treatment of other post-employment benefits. Following the ICC's decision, we expect rates to be effective in December.

差異主要源自於允許的淨資產收益率、普通股權益比率以及其他離職後福利的處理方式。根據國際商會的決定，我們預計利率將於 12 月生效。

Turning to Page 21. Our 2024 annual reconciliation proceeding under the electric multiyear rate plan continues to progress. In September, the ICC staff revised its reconciliation adjustment recommendation to a $47 million increase compared to our updated request of $60 million, with the variance primarily driven by treatment of other post-employment benefits. The ALJ recommendation and the reconciliation proceeding is expected later today. An ICC decision is expected by mid-December and rates reflecting the approved reconciliation adjustment will be effective by January 2026.

翻到第21頁。根據多年電力費率計劃，我們的 2024 年年度結算程序正在繼續推進。9 月，ICC 工作人員修改了其對帳調整建議，與我們更新後的 6000 萬美元請求相比，增加了 4700 萬美元，差異主要源於對其他離職後福利的處理。預計今天稍晚將公佈行政法官的建議和和解程序。國際商會預計將於 12 月中旬做出決定，反映已批准的調整後的利率將於 2026 年 1 月生效。

Turning now to Page 22. Our strong performance so far this 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 base growth, disciplined cost management and a strong customer growth pipeline. Our strategy and team are well aligned and focused to ensure we capitalize on these opportunities for our customers and shareholders. We believe our growth will compare favorably with the growth of our peers.

現在翻到第22頁。今年迄今為止，我們強勁的業績表現使我們能夠更好地執行策略計劃，這將為我們所有的利害關係人創造更大的價值。我們持續預期強勁的每股盈餘成長將得益於穩健的費率基礎成長、嚴格的成本管理和強勁的客戶成長管道。我們的策略和團隊高度契合，目標明確，致力於為客戶和股東掌握這些機會。我們相信，我們的成長速度將優於同業。

And further, Ameren shares continue to offer investors an attractive dividend. In total, we have an attractive total shareholder return story.

此外，Ameren 的股票繼續為投資者提供有吸引力的股息。總而言之，我們擁有極具吸引力的股東總回報方案。

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

我們的發言稿到此結束。現在歡迎大家提問。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

This is Diana Niles, actually on the call for Jeremy. So I was wondering with 3 gigawatts of signed data center construction agreements, would you foresee a need for future revisions to generation plans?

這是戴安娜·奈爾斯，她正在替傑里米接電話。因此，我想知道，在簽署了 3 吉瓦的資料中心建設協議之後，您是否預見到未來需要對發電計劃進行修訂？

Yes, it's a great question. Yes, we're very excited to have expanded the data centers that we have subject to construction agreements. As you know, last quarter, we were at about 2.3 gigawatts, and now we're up to about 3 gigawatts. And I'll tell you, it's great because it gives us even greater confidence in the sales projections that we put forward earlier this year. You'll recall that embedded in the integrated resource plan was about 1 gigawatt of sales increase by 2029 out to 1.5 gig by 2032.

是的，這是一個很好的問題。是的，我們非常高興能夠根據建設協議擴建我們的資料中心。如您所知，上個季度我們的發電量約為 2.3 吉瓦，現在已達到約 3 吉瓦。而且我可以告訴你，這很棒，因為它讓我們對今年早些時候提出的銷售預測更有信心。您可能還記得，綜合資源計畫中設定了到 2029 年銷售量增加約 1 吉瓦，到 2032 年增加約 1.5 吉瓦的目標。

And as you can see on the slide that we presented in our materials, Slide 8, the current generation plans that we have in place would allow us to serve up to 2 gigawatts of increased sales out through 2032. So number one, the 3 gigawatts of construction agreements gives us greater confidence that we'll be able to achieve the sales growth expectations that we've got. And over time, we'll see what -- how these translate into actual ramp rates for the hyperscalers that would utilize these data centers.

正如您在我們材料中的幻燈片（第 8 張幻燈片）上看到的那樣，我們目前的發電計劃將使我們能夠在 2032 年之前滿足高達 2 吉瓦的銷售成長需求。首先，這 3 吉瓦的建設項目協議讓我們更有信心實現我們設定的銷售成長預期。隨著時間的推移，我們將看到這些因素如何轉化為使用這些資料中心的超大規模營運商的實際成長速度。

So as you know, we're working to get a tariff across the finish line with the Missouri Public Service Commission. Then we'll sign energy services agreements with hyperscalers pursuant to that tariff. Those energy services agreements will lay out what the hyperscalers expect to be their minimum ramp rates over time. And with that, we'll see where we land within these projections that we show on Page 8. Now I will say that the current generation plans that we do have allow us to serve greater than 2 gigawatts beyond 2032.

如您所知，我們正在努力與密蘇裡州公共服務委員會敲定關稅方案。然後我們將根據該收費標準與超大規模資料中心營運商簽署能源服務協議。這些能源服務協議將列明超大規模業者預期隨著時間的推移所達到的最低產能爬坡速率。接下來，我們將看看我們在第 8 頁所示的這些預測中最終會落在哪裡。現在我要說的是，我們目前的發電計畫允許我們在 2032 年以後提供超過 2 吉瓦的電力。

So we'll really have to see what those ramp rates look like over time and what that means for added generation capacity over time. But again, the current plans that we have in place, the current plans that we're executing for generation expansion, it would allow us to serve up to that 2 gigawatts by 2032.

因此，我們真的需要觀察這些爬坡速率隨時間的變化情況，以及這對未來新增發電能力意味著什麼。但是，根據我們目前製定的計劃，我們正在執行的發電擴建計劃，到 2032 年，我們將能夠提供高達 2 吉瓦的電力。

Yes. The only thing I might add to that is that as we go through '26, as Marty indicated, we'll have another opportunity to look at this IRP. We'll have an IRP filing probably in the fall, around September '26. So that's something to keep an eye on as well.

是的。我唯一想補充的是，正如馬蒂所指出的，當我們進入 2026 年時，我們將有另一個機會來審視這個 IRP。我們可能會在秋季，大約 2026 年 9 月左右提交 IRP 申請。所以這也是需要關注的一點。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Congrats to Michael and Lenny on the new roles. Yes, absolutely. So I just wanted to ask, you're delivering on an 8% year-over-year growth off of 25%. And I hear you on the communication upper half of the earnings range. But just given you've had some companies kind of moving out to 7% to 9%, what's your view on just what puts you lower in that 6% range now?

恭喜麥可和萊尼榮任新職。是的，絕對的。所以我想問一下，你們的年增長率從 25% 提高到 8% 實現了嗎？我明白你的意思，溝通在收入範圍的上半部至關重要。但鑑於有些公司的收益率已經上升到 7% 到 9%，您認為是什麼原因導致您目前的收益率仍在 6% 左右？

And could that be up for kind of consideration as we look towards fourth quarter?

展望第四季度，這是否可以納入考慮範圍？

Nick, this is Marty. I'll start, and then Michael can certainly tag on. But you're right, the guidance we gave today, obviously, we're delivering earnings this year and projecting earnings next year that are in the top end of that range as we look to '27 to '29, continue to expect to be in the top end of that 6% to 8% earnings growth range. So we feel really good about the growth that we've been achieving and the growth that we project over the next several years.

尼克，我是馬蒂。我先開始，然後麥可當然可以接著說。但你說得對，我們今天給出的指導意見顯然是，我們今年將實現盈利，並預計明年的盈利將處於該範圍的上限，展望 2027 年至 2029 年，我們繼續預計盈利增長將處於 6% 至 8% 範圍的上限。因此，我們對已經取得的成長以及未來幾年的預期成長都感到非常滿意。

I think as we look ahead, we've got some important things that will really solidify our plans. The most notable one we just talked about in response to the last question, which is really getting the tariff approved by the Missouri Public Service Commission and getting these energy services agreements signed with the hyperscalers and really getting some better firmness, if you will, to the ramp rates and to the sales projections that we see between now and 2030. So when we roll around to February, obviously, we're going to update our sales growth expectations. We'll update our CapEx, our rate base growth expectations as well as our financing plans and update our growth guidance. So right now, I feel real good about the 6% to 8%, feel real good about delivering near the upper end of that growth range.

我認為展望未來，我們有一些重要的事情將真正鞏固我們的計劃。最值得一提的是，我們在回答上一個問題時談到了這一點，那就是真正獲得密蘇裡州公共服務委員會的關稅批准，與超大規模數據中心運營商簽署能源服務協議，並真正使我們現在到 2030 年的爬坡率和銷售預測更加明確。所以到了二月份，我們很可能會更新銷售成長預期。我們將更新資本支出、利率基礎成長預期以及融資計劃，並更新成長指引。所以現在，我對 6% 到 8% 的成長目標感覺非常好，對接近該成長範圍限制的目標很有信心。

And look, we won't constrain the growth. We're looking for economic development in all of the regions, the communities that we serve in Missouri and Illinois and certainly don't want to constrain that. And if that translates into greater investment opportunities and greater growth opportunities for us, certainly, we'll pivot with that.

而且，我們不會限製成長。我們希望在密蘇裡州和伊利諾伊州我們服務的所有地區和社區實現經濟發展，當然不希望限制這種發展。如果這能為我們帶來更大的投資機會和更大的成長機會，我們當然會據此調整策略。

Yes, not much to add there. I mean, as Marty said, I mean, you look at what we did here for '25, I mean, it's again, 8% off of '24. What we introduced for '26 is, again, 8.1% off of that $4.95 midpoint. And I think it's a fair question. As Marty said, we'll continue to evaluate it.

是的，沒什麼好補充的了。我的意思是，就像馬蒂說的那樣，我的意思是，看看我們 2025 年的成果，我的意思是，它比 2024 年的成果又打了 8% 的折扣。我們為 2026 年推出的產品，再次以 4.95 美元的中間價為基礎，八折。我認為這是一個合理的問題。正如馬蒂所說，我們會繼續評估它。

I mean I think all of this is just consistent with the track record that we've had now for, what is it, 12, 13 years, 7.5% growth, and we'll continue to focus on delivering the upper half of that.

我的意思是，我認為這一切都與我們過去 12、13 年的業績記錄相符，成長率為 7.5%，我們將繼續專注於實現這一目標的上半部分。

Understood. Not going to constrain the growth rate. All right. And then maybe just as we prepare for the fourth quarter update, maybe how are you framing balance sheet capacity to serve some of the load in CapEx? And just you've always kind of operated at an FFO level that is north of your peers.

明白了。不會限製成長率。好的。那麼，就在我們準備發布第四季業績更新之際，您是如何調整資產負債表能力以滿足部分資本支出需求的呢？而且，你們的 FFO 水準一直都高於同行。

But I'm just curious, one, is the increased sales forecast a net benefit to cash flow and thus should equity needs to be lower? And then two, just any interest in using some balance sheet capacity relative to your minimums?

但我很好奇，第一，銷售成長預測是否會對現金流產生淨收益，因此是否應該降低權益需求？其次，您是否有興趣動用部分資產負債表容量，以達到您的最低要求？

Yes, absolutely. And look, I mean, obviously, all the sales growth is accretive over time. I think we get -- you have to get these ramp schedules and get all that timing nailed down, but certainly look forward to that. And I think we've talked about these tax credits that we're flowing back to customers. There's a brief period of time where those are helpful as well.

是的，絕對的。而且，很明顯，隨著時間的推移，所有的銷售成長都是累積性的。我想我們明白——你必須制定這些停機坪計劃，把所有時間安排都敲定下來，當然，我很期待這一點。我認為我們已經討論過我們將返還給客戶的這些稅收抵免。在很短的一段時間內，這些方法也很有用。

But look, Nick, I mean, we start this from a position of strength, as you know. I mean, we're sitting at Baa1, BBB+. Moody's is really that threshold metric for us. It is a 17% downgrade threshold today. I mean we're operating above that here in '25.

但是，尼克，我的意思是，正如你所知，我們一開始就處於優勢地位。我的意思是，我們的評級是 Baa1，BBB+。穆迪的評級對我們來說確實是一個重要的衡量標準。目前的下調閾值為17%。我的意思是，我們在 2025 年的營運水準高於這個水準。

So we got good margin above that. We continue to guard this balance sheet. I mean we've been very disciplined about the equity that we needed over time and been very good about getting it out there. And again, as you know, we've taken care of all of our '25 and '26 needs. We continue to have very constructive conversations with the rating agencies about sort of where that downgrade threshold will be.

所以我們也獲得了相當不錯的利潤空間。我們將繼續維護這份資產負債表。我的意思是，我們一直以來都非常自律地對待我們所需的股權，並且非常擅長將其公諸於世。再次重申，如您所知，我們已經滿足了 2025 年和 2026 年的所有需求。我們繼續與評級機構進行非常建設性的對話，探討降級閾值究竟在哪裡。

We'll see over time where those conversations continue to go. We have been leaning into the balance sheet, as you know, but it's a balancing act. But we do like our position where we are today and feel good about what we have, and we'll continue to give you the updates as we move into that February call.

隨著時間的推移，我們將拭​​目以待這些對話會如何發展。如您所知，我們一直在重視資產負債表，但這需要權衡各方利益。但是我們對目前的狀況感到滿意，對我們所擁有的一切感到高興，我們將繼續向您提供最新消息，直到二月的電話會議。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe on the data center front, just with the construction agreements now at the 3 gigawatt level, is there anything you can share on that delta just in terms of how many customers that change is attributed to? And then I think there previously was an indication on the slides that you expected the ramp to begin in late 2026. Has that view changed at all? Just curious how we should think about that.

或許在資料中心方面，鑑於目前的建設協議規模已達到 3 吉瓦，您能否分享一下這項變更是由多少客戶造成的？而且我認為之前在幻燈片中曾暗示，你們預計坡道將在 2026 年底開始建設。這種觀點有改變嗎？只是好奇我們應該如何看待這個問題。

Yes. Carly, we're really expecting the ramps to begin in 2027 at this point. So not so much in 2026. So as we've worked through this, a bit of delay there. But nothing discouraging overall as we talked about up to the 3 gigs of construction agreements.

是的。卡莉，目前我們預計坡道建設要到 2027 年才會開始。所以到2026年可能不會有太大變化。所以，在我們處理這件事的過程中，就耽擱了一會兒。但總體而言並沒有什麼令人沮喪的事情，因為我們談到了高達 3 個 G 的建築協議。

Carly, I don't have it in front of me, but I think that's one additional site. I mean these are big sites that folks are looking at.

卡莉，我手邊沒有，但我認為那應該還有一個網站。我的意思是，這些都是很多人都在瀏覽的大網站。

I'll tell you that overall, when you look at the development pipeline we have, we talked about this last year, just still a large number of sites being looked at and data center developers, I'd say, at a minimum kicking the tires, we've got across the 2 states, about 36 gigawatts of economic development opportunities broadly, and it breaks down about half and half. So think about 18 gigawatts in each state, Illinois and Missouri. Now -- and about 80% to 90% of those are data centers, by the way. But -- and most of those are in the early stages of looking at the various sites.

總的來說，縱觀我們目前的開發項目，正如我們去年討論的那樣，仍然有大量的場地正在考察中，數據中心開發商至少也在進行初步評估。在這兩個州，我們大約有 36 吉瓦的經濟發展機會，大致可以分為兩類。想想看，伊利諾伊州和密蘇裡州每個州都有 18 吉瓦的電力供應。順便說一句，現在——其中大約 80% 到 90% 是資料中心。但是——而且其中大多數還處於考察各個網站的早期階段。

But I will tell you in Missouri, in addition to the 3 gigawatts of signed construction agreements, there's another 2 gigawatts of considerations that are in, I'd say, advanced stages of discussion. So there are folks still looking very seriously at sites and considering entering into construction agreements there as well. Over in Illinois, by the way, I think I mentioned in the prepared remarks, we've got some construction agreements as well, about 850 megawatts of large load with construction agreements. So some good progress really in both states. Did I answer all your questions, Carly?

但我可以告訴你，在密蘇裡州，除了已簽署的 3 吉瓦建設協議外，還有另外 2 吉瓦的考慮事項，我認為這些事項已經進入了討論的後期階段。所以，還是有人非常認真地考察工地，並考慮在那裡簽訂施工協議。順便一提，在伊利諾州，我想我在準備好的發言稿中提到過，我們也有一些建設協議，大約有 850 兆瓦的大負荷建設協議。所以這兩個州都取得了一些不錯的進展。卡莉，我回答了你所有的問題嗎？

Or was there something else there?

或者，那裡還有其他東西？

No, that covered it. That's really helpful. And then maybe just a follow-up on Illinois, just with the Omnibus Energy bill passing over the last couple of weeks here. Just kind of curious your early views on any sort of implications for the business there.

不，那樣就足夠了。這真的很有幫助。然後，或許可以跟進伊利諾伊州的情況，特別是過去幾週該州通過的綜合能源法案。我只是有點好奇您對此事可能對當地業務產生的任何影響有何初步看法。

Yes. Overall, we were neutral on Senate Bill 25 that passed in the veto session, although I think that I'd probably highlight 3 things, and there were a number of things in this bill that go beyond the 3 things I'd cite. But one of them was that it does call now for an integrated resource planning process to be done at the ICC. I think it's the first time that we've really had integrated resource planning in states since 1997. So I think that is a positive thing that the state is going to be looking at integrated resource planning holistically.

是的。總的來說，我們對在否決會議期間通過的參議院第 25 號法案持中立態度，儘管我認為我可能會重點強調 3 點，但該法案中還有許多內容超出了我所能列舉的這 3 點。但其中一點是，現在確實需要國際刑事法院來進行一項綜合資源規劃流程。我認為這是自 1997 年以來，我們第一次在各州真正實現資源綜合規劃。所以我認為，州政府將以整體視角看待綜合資源規劃是件好事。

And my expectation is sort of utility by utility region by region. But I think that's a good thing. And certainly, we'll look to engage there as the ICC gets that process underway in 2026.

我的預期是，效用會因效用區域而異，因效用區域而異。但我認為這是一件好事。當然，隨著國際刑事法院在 2026 年啟動相關進程，我們將尋求參與其中。

The other thing, I think, driving this is that certainly, there's been concern as folks think about resource adequacy across the state and also want to be mindful of the clean energy goals that the state has. And so a couple of other things that I'd mention is that it does establish an energy storage procurement process across the state and also gives the Illinois Power Authority the ability to enter into long-term contracts for renewables. And all of those things are going to be subject -- they'll occur over time, and they'll all be subject to consumer protections that are built into the legislation. But again, processes that lawmakers believe over time will reduce the price of capacity and help to keep volatility and cost under control for customers as it relates to energy and capacity.

我認為，推動這一趨勢的另一個原因是，人們在思考全州的資源充足性問題時，確實存在擔憂，同時也希望關注該州制定的清潔能源目標。我還想提一下，它確實在全州範圍內建立了一個儲能採購流程，並且還賦予了伊利諾伊州電力局簽訂可再生能源長期合約的能力。所有這些事情都會隨著時間的推移而發生，而且它們都將受到立法中規定的消費者保護措施的約束。但立法者再次認為，隨著時間的推移，這些流程將降低產能價格，並有助於控制能源和產能相關客戶的波動性和成本。

And then the third thing I'd mention is increased investment in energy efficiency, which is something we -- does involve us that we partake in. Over time, we'd expect our investment in energy efficiency on behalf of our customers to double to about $250 million a year. All of that would continue to be subject to treatment as a regulatory asset recovery over time with a return. I will tell you that the return there is being reduced down to the return that was granted as part of the multiyear rate plan. However, we have the opportunity to earn up to 200 basis points of incentives.

第三點我想提一下，那就是加大對能源效率的投資，這也包括我們──我們參與其中。隨著時間的推移，我們預計代表客戶在能源效率方面的投資將翻一番，達到每年約 2.5 億美元。所有這些都將繼續作為監管資產回收的一部分進行處理，並隨著時間的推移獲得回報。我要告訴你們的是，那裡的回報率正在降低到多年利率計劃中承諾的回報率。但是，我們有機會獲得高達 200 個基點的獎勵積分。

And we believe with the spending that's called for as well as the metrics to be achieved that we have a very good opportunity to earn incentives that would be additive to that ROE. So those are the 3 things that I'd really call out. There were some other provisions to the bill, but those are the things I'd highlight.

我們相信，根據所需的支出以及要達到的指標，我們有很大的機會獲得激勵，從而提高淨資產收益率。所以，以上就是我想重點強調的三點。法案還有其他一些條款，但以上是我要重點強調的內容。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

It's Brian Russo, on for Julian. Just a follow-up on the Clean and Grid Reliability Affordability Act in Illinois. Do you -- are there anything in that bill that could lead to incremental investments for the Ameren utilities, whether it's indirectly through transmission and distribution, maybe lesser so on the storage opportunities. Just wondering if you could provide more specifics there.

布萊恩·魯索代替朱利安上場。關於伊利諾州清潔能源和電網可靠性負擔能力法案的後續報告。您認為——該法案中是否有任何內容可能會促使 Ameren 公用事業公司進行增量投資，無論是透過輸配電等間接方式，還是在儲能方面帶來較小的收益。請問您能否提供更詳細的資訊？

Yes. Brian, good question. I think the -- really, probably the biggest opportunity, if you will, is in that energy efficiency space where, again, we do treat that as a regulatory asset. So it does get sort of rate base treatment in there. We do expect the investments in energy efficiency, as I said a moment ago, to double over time to about $250 million a year.

是的。布萊恩，問得好。我認為——真的，或許最大的機會在於能源效率領域，在那裡，我們確實將其視為監管資產。所以它確實在那裡得到了某種程度的利率基礎待遇。正如我剛才所說，我們預計對能源效率的投資將隨著時間的推移而翻一番，達到每年約 2.5 億美元。

But I'd say that's the only notable thing from a real investment opportunity standpoint.

但從真正的投資機會角度來看，我認為這是唯一值得注意的地方。

Okay. Understood. And then also on the last earnings call, you had mentioned existing data center customers requesting more studies to pursue possible expansions. And I think there was about 1.7 gigawatts of existing customer expansion cited in some of the large tariff testimony. That's incremental to the 3 gigawatts.

好的。明白了。另外，在上一次財報電話會議上，您也提到現有資料中心客戶要求進行更多研究，以尋求可能的擴張。我認為在一些大型關稅聽證會上提到了大約 1.7 吉瓦的現有客戶擴容。這是在3吉瓦的基礎上增加的。

Is that correct?

是這樣嗎？

Yes, it is. I think that, again, with respect to the 3 gigawatts of construction agreements, we still don't know what the ramp rates are going to be with respect to the hyperscalers there. So again, some of that growth could be between now and, say, 2030 or it could be beyond. We'll just have to wait and see.

是的。我認為，就這 3 吉瓦的建設協議而言，我們仍然不知道超大規模資料中心營運商的產能爬坡速度會是多少。所以，部分成長可能發生在現在到 2030 年之間，也可能發生在更晚的時候。我們只能拭目以待了。

But again, to your question, and I said a few minutes ago, besides that 3 gigawatts of signed construction agreements, another -- we got another 2 gigawatts that are in very advanced stages of discussion in Missouri, which would bring it to 5 overall. And again, the overall sort of funnel, if you will, of data center opportunities is much more significant because, again, we're looking at about 18 gigawatts of overall economic development opportunities in the pipeline. So there's a lot of other sites for data center developers to consider and to pursue.

但是，回到你的問題，正如我幾分鐘前所說，除了已簽署的 3 吉瓦建設協議之外，我們在密蘇裡州還有另外 2 吉瓦的項目正在非常深入的討論階段，這將使總裝機容量達到 5 吉瓦。而且，資料中心機會的整體管道（或通路）意義更加重大，因為我們目前正著眼於大約 18 吉瓦的整體經濟發展機會。因此，資料中心開發人員還有很多其他網站可以考慮和選擇。

And as we talked about on the last call, the conversations with the hyperscalers are progressing very well with respect to the energy services agreements that would be pursuant to this tariff. And it's those hyperscalers that are also inquiring about these expansion opportunities that would be available to them after we sign these ESAs and serve their initial needs, they're certainly looking at expansion opportunities beyond that. And again, we've got plenty of sites in our part of Missouri to accommodate.

正如我們在上次電話會議中討論的那樣，與超大規模資料中心營運商就根據該關稅協議達成的能源服務協議進行的對話進展非常順利。而且，正是這些超大規模資料中心營運商也在詢問，在我們簽署這些擴展服務協議 (ESA) 並滿足他們的初始需求後，他們將有機會獲得哪些擴展服務，他們當然也在尋求更進一步的擴展機會。而且，我們密蘇裡州這部分地區有很多場地可以容納。

Paul Patterson, Glenrock Associates.

Paul Patterson，Glenrock Associates。

It sounds to me -- and I apologize, I got slightly distracted when you were talking to Nick. But just to sort of summarize his question about the earnings, it sounds like you guys are sort of being conservative now. And when you guys refresh the numbers and everything, there's a potential for upside. Is that sort of a -- is that a good summary? Does that summary make sense or...

聽起來——抱歉，你和尼克說話的時候我有點走神了。但簡單總結他關於收益的問題，聽起來你們現在採取的策略比較保守。當你們更新數據等等之後，就有上漲的潛力。這樣概括算是……這樣總結好嗎？這個總結說得通嗎？

I would -- I'll start out. This is Marty. Paul, I think that there's certainly upside. We do agree with that. In terms of conservative, maybe we're always a bit conservative, but I think what we really try to do is be accurate with you in terms of our expectations based on sort of what we know today.

我願意——我先來。這是馬蒂。保羅，我認為這肯定有好處。我們同意這一點。就保守程度而言，我們或許總是有點保守，但我認為我們真正努力做的，是根據我們今天所了解的情況，盡可能準確地向您傳達我們的預期。

And again, what our plan has been based on is, as it relates to sales growth, you look at that Page 8 and you look at that 1 gigawatt by 2029, 1.5 gigs by 2032, which is sort of the demand expectations that are at the heart of our preferred resource plan, those are also the sales expectations that we've got built into our plan.

再次強調，我們的計劃是基於銷售成長的，您可以查看第 8 頁，了解到 2029 年達到 1 吉瓦，到 2032 年達到 1.5 吉瓦的目標，這可以說是我們首選資源計劃的核心需求預期，也是我們計劃中納入的銷售預期。

But there's -- we still got to get the ESAs across the finish line. We've still got to get the ramp rates spelled out. But we also can serve, as we've talked about, as you see there, up to that 2 gigawatts by 2032, you see in the lighter green shape. And we've got construction agreements for up to 3 gigawatts of sites. So certainly upside in the plan.

但——我們仍然需要完成ESA的最後階段。我們還需要明確具體的爬坡速率。但正如我們之前討論過的，正如你在這裡看到的，到 2032 年，我們也可以提供服務，最高可達 2 吉瓦，你可以看到圖中較淺的綠色部分。我們已經簽訂了高達 3 吉瓦的電站建設協議。所以這個計劃一定有正面的一面。

But again, I think what we're providing to you today is what we believe is sort of the best guidance given the facts that we've got today.

但是，我認為我們今天向你們提供的，是我們認為根據我們目前掌握的事實所能提供的最佳指導。

Michael?

麥可？

Yes. And look, we are providing, obviously, quite a bit of clarity today. I mean I think the thing that's really missing is what Marty said, it's getting this large load tariff across the finish line, getting these ESA executed. And I think we can put a bit finer point in terms of the overall guidance. But we pointed to today is somewhere close to the upper end of that 6% to 8% off of this 26% that we just put out there at $535.

是的。而且，很明顯，我們今天提供了相當清晰的資訊。我的意思是，我認為真正缺乏的正如馬蒂所說，就是完成這項大型負載關稅協議，落實這些能源服務協議。我認為我們可以對整體指導方針進行更細緻的闡述。但我們指出，今天的價格接近我們剛推出的 26% 折扣價 535 美元的 6% 到 8% 的上限。

So hopefully, that gives you a decent amount of visibility.

希望這能帶給你一定的曝光度。

No, I think it does. And then with respect to the tax gain, it sounds to me like it might be related to -- you guys did mention it was related to, I guess, a FERC order. And I'm just wondering, without getting into great detail on it, is there a potential for any rate base change as a result of the IRS and the FERC order that you're referring to?

不，我認為確實如此。至於稅收收益，我覺得可能與——你們確實提到過，我猜是與聯邦能源監管委員會（FERC）的命令有關。我只是想問一下，不打算深入探討細節，您提到的美國國稅局和聯邦能源監管委員會的命令是否有可能導致費率基礎發生變化？

Yes, Paul, this is Michael. A small amount. I mean what you're effectively doing is taking some net operating losses and putting those -- setting those up as some tax assets. So you'll have some opportunity over time with a little bit of rate base. I wouldn't say that it's a material number.

是的，保羅，我是麥可。少量。我的意思是，你實際上是將一些淨營業虧損——並將這些虧損——設置成一些稅務資產。所以隨著時間的推移，你會有一些機會，累積一些利率基礎。我不會說這是一個實質的數字。

And again, that's really why we ended up excluding it from the GAAP earnings.

再次強調，這正是我們最終決定將其從 GAAP 收益中排除的原因。

Okay. And then just with Carly's question on the legislation. I was just wondering, it does seem like there's -- the ROE change that you referenced seems like an improvement. Of course, there's some execution issues there. I was wondering like -- am I right in thinking that?

好的。然後，卡莉就立法問題提出了疑問。我只是在想，你提到的 ROE 變化似乎確實有所改善。當然，這裡面也存在一些執行上的問題。我當時就在想──我這麼想對嗎？

I mean, like -- I mean, just -- it sounds like that could be kind of a boost potentially. Obviously, there's execution, but you guys have been executing pretty well. So any elaboration on that?

我的意思是，就像——我的意思是，聽起來這可能會起到一定的推動作用。當然，執行力還有待提高，但你們的執行力一直都相當不錯。那麼，關於這一點，還有什麼要詳細說明的嗎？

Yes. I'd go into it looking at it more as a neutral. I do think that there is some -- from an ROE perspective, I do think that over time, as I said before, there's opportunity for incremental investment. And you're absolutely right. We have a good track record of execution overall as a company, and we're going to look to execute well on these energy efficiency programs for the benefit of our customers.

是的。我會以中立的視角來看這件事。從淨資產收益率的角度來看，我認為隨著時間的推移，正如我之前所說，存在著逐步增加投資的機會。你說得完全正確。我們公司整體執行力良好，我們將努力在這些節能專案中取得好成績，以造福我們的客戶。

I think that's what is expected of us. And if we do that well, then we'll have the opportunity to earn the incentives that are in there. But you're right. I mean, we're -- there's some opportunity in there. I think about the overall ROE effect as being more neutral, some good investment opportunities.

我認為這是我們應該做的。如果我們能做到這一點，那麼我們就有機會獲得相應的獎勵。但你說得對。我的意思是，這裡面蘊藏著一些機會。我認為整體 ROE 的影響比較中性，存在一些不錯的投資機會。

And certainly, we're going to try to maximize the impact for the benefit of our customers.

當然，我們一定會盡力發揮影響力，造福我們的客戶。

David Paz, Wolfe Research.

David Paz，Wolfe Research。

Yes. Just a couple of quick questions and clarifications here. First, how should we think of the $5 billion increase in your 10-year capital plan pipeline as we sit here today, is that back-end loaded? Or could we see the bulk of that in the '26 to '30 update?

是的。這裡還有幾個問題需要澄清。首先，我們應該如何看待您 10 年資本計畫中增加的 50 億美元？這筆資金是後期投入的嗎？或者我們能否在 2026 年至 2030 年的更新中看到大部分內容？

David, it's Michael. Yes. Look, we'll obviously give you some more visibility on that here in the February time frame. As you noted, I mean, there is a $5 billion increase there. I think Marty alluded to some of that -- I mean, I wouldn't say it's one thing.

大衛，我是麥可。是的。嗯，我們顯然會在二月的時候讓大家更清楚地了解這方面的情況。正如你所指出的，我的意思是，那裡增加了50億美元。我認為馬蒂暗示過其中的一些內容——我的意思是，我不會說這是一件事。

It's a number of things in terms of kind of firming up some of this generation, which you know is a bit back-end loaded. But there are other things in terms of just investing in the grid and continue to build out reliability and making sure that -- we're making investments that are benefiting customers, et cetera. I mean we have a massive service territory, 64,000 square miles, 1 million poles, thousands of substations, et cetera.

從多方面來看，這都是為了鞏固這一代人，你知道，這一代人有點後半段發育遲緩。但就投資電網、持續提高可靠性以及確保我們所做的投資能夠惠及客戶等方面而言，還有其他一些事情需要考慮。我的意思是，我們的服務區域非常龐大，64,000平方英里，100萬根電線桿，數千個變電站等等。

And so as we continue to go through time and look at those opportunities, those are all things that are being accretive to the capital plan. Technology is also an opportunity here. As we continue to invest in systems, those are also leading to some increases as well. So not one thing I can point to, but we'll certainly give you visibility on the years as we roll forward into February. But some great opportunities in terms of the overall pipeline.

因此，隨著時間的推移，當我們繼續審視這些機會時，所有這些都將對資本計劃產生積極影響。科技也帶來了機會。隨著我們對系統的持續投入，這些投入也導致了部分成本的成長。所以，我無法指出具體的事情，但隨著我們進入二月份，我們一定會讓大家了解未來幾年的情況。但就整體產品線而言，存在一些絕佳的機會。

Okay. And then just on the (technical difficulty) Can you break that down by Missouri and Illinois?

好的。然後，關於（技術難題），您能按密蘇裡州和伊利諾伊州分別細分一下嗎？

David, you're back. We missed that question. Can you repeat it again? Sorry, we had a technical issue.

大衛，你回來了。我們錯過了你剛才的問題。你能再說一次嗎？抱歉，我們遇到了一些技術問題。

Sure. (technical difficulty) You gave a number that was in advanced discussions. Just can you break that down between Illinois and Missouri?

當然可以。 （技術問題）您提供的號碼屬於高階討論區。能具體分析一下伊利諾州和密蘇裡州的情況嗎？

David, I'm going to try to answer the question. I think you're asking, but you may need to ask it again. You've cut out twice. I think you're talking about sort of advanced discussions on the data centers. And when I talked about the 2 gigawatts of discussions that were sort of advanced, those were in Missouri.

大衛，我來試著回答這個問題。我想你是在問，但你可能需要再問一次。你已經剪了兩次了。我想你是在討論資料中心方面的高階問題。當我談到那 2 吉瓦的、比較深入的討論時，那些討論是在密蘇裡州進行的。

So we've got 3 gigawatts of signed construction agreements, another 2 gigawatts in advanced stages of discussion.

目前我們已經簽署了 3 吉瓦的建設協議，另有 2 吉瓦的項目正在深入洽談中。

If that didn't answer your question or you have more, why don't you repeat it again?

如果這沒有回答你的問題，或者你還有其他問題，為什麼不再重複一次呢？

No, I think we're having a technical issue. Sorry about that. Noticing it elsewhere, too. But anyway, yes, that was the answer. It sounds like Missouri is the 2 gigawatts that were in advanced discussions.

不，我想我們遇到了技術問題。抱歉。在其他地方也發現了這種情況。總之，是的，那就是答案。聽起來密蘇裡州就是之前進行過深入討論的那2吉瓦計畫。

And then maybe just one quick one. Obviously, we've heard from some in the state of Missouri on new large load and affordability. Just maybe if you can elaborate on the regulatory and political engagement you have there and then touch on how those conversations might look in Illinois and your wires-only business.

然後也許就快速地來一個。顯然，我們已經從密蘇裡州的一些地方了解到了新的大宗貨物運輸和價格承受能力的問題。或許您可以詳細說明您在伊利諾伊州的監管和政治參與情況，然後談談這些對話在伊利諾伊州以及您的電匯業務中可能會如何展開。

Yes. So in Missouri, I would say the state is very supportive and encouraging of economic development and including data center development and data center attraction. And so the state certainly wants to realize those opportunities. Certainly, there are certain communities that have expressed concern around various things, water usage, noise, electricity rates and the like, things that have to be addressed as we go through the process of getting these data centers approved and built. And I think those concerns can and are being addressed.

是的。因此，我認為密蘇裡州非常支持和鼓勵經濟發展，包括資料中心建設和吸引資料中心。因此，政府當然希望抓住這些機會。當然，有些社區對各種問題表示擔憂，例如用水量、噪音、電費等等，這些問題都需要在資料中心獲得批准和建造的過程中加以解決。我認為這些問題可以而且正在解決。

And of course, these data center opportunities bring with them, as we said earlier, tremendous investment, a lot of jobs, especially in construction trades as well as tax base over time, taxes for communities over time. So a lot of good economic development benefits associated with these data center opportunities. Of course, I think a concern as it relates to utility rates over time is just making sure that these data center developers, the hyperscalers pay for the cost to serve them, the cost to connect them to the system, to make sure that over time, they're paying a cost of service that reflects the cost to serve them and that there's no detriment to the rest of the utility customers that we and other service providers are serving.

當然，正如我們之前所說，這些資料中心帶來的機會也帶來了巨大的投資、大量的就業機會，尤其是在建築業，隨著時間的推移，還能增加稅收基礎，為社區帶來稅收。因此，這些資料中心所帶來的機會可以帶來許多良好的經濟發展效益。當然，我認為隨著時間的推移，與公用事業費率相關的一個問題是，要確保這些資料中心開發人員、超大規模資料中心營運商支付為他們提供服務的成本，支付將他們連接到系統的成本，確保隨著時間的推移，他們支付的服務成本能夠反映為他們提供服務的成本，並且不會對我們和其他服務提供者服務的其他公用事業客戶造成損害。

And that was actually one of the focuses of Senate Bill 4 earlier this year in Missouri, where, again, they embedded in that requirement that the Missouri Public Service Commission as they think about the tariff that would be approved to serve these to make sure that, again, there was reasonable assurance that the rest of the customers were not being harmed by these data centers.

事實上，這正是今年稍早密蘇裡州參議院第 4 號法案的重點之一，該法案再次要求密蘇裡州公共服務委員會在考慮批准為這些資料中心提供服務的關稅時，要確保能夠合理保證其他客戶不會受到這些資料中心的損害。

And so David, when we filed our tariff with the commission, and again, we outlined the components of that on Slide 10. It was really designed to make sure that we were designing the tariff and charging the hyperscalers a rate, which would be in accordance with Senate Bill 4 and the provisions that I just talked about. And I think that's been a concern of some of our elected officials just making sure that we weren't providing the discounted rate, that we were providing a rate that held the rest of our customers harmless that there weren't costs included in rates for our existing customers that were associated with service to these large load customers.

所以，David，當我們向委員會提交關稅時，我們在第 10 張投影片上概述了其組成部分。它的設計初衷是為了確保我們制定的關稅和向超大規模資料中心收取的費率符合參議院第 4 號法案和我剛才提到的條款。我認為，我們的一些民選官員一直擔心的是，我們提供的折扣價不會損害其他客戶的利益，現有客戶的費率中不會包含與為這些大負荷客戶提供服務相關的成本。

So I think that's sort of the balance of concerns that are out there. But back to your point, overall, the state is very supportive and very desiring of these economic development opportunities. We're certainly working in concert with the state as well as economic development organizations across the state to bring the fruition in our service territory. And we're going to try to do this the right way, where we make sure that there are rewards that are brought to the communities that we serve in terms of the economic development opportunities and that from a rates perspective, these customers pay their fair share and the rest of our customers are not harmed by their usage.

所以我認為這大致反映了各方關注的問題之間的平衡。但回到你剛才的觀點，總的來說，州政府非常支持並非常渴望這些經濟發展機會。我們當然會與州政府以及全州的經濟發展組織通力合作，以確保在我們的服務區域內取得成果。我們將努力以正確的方式做這件事，確保我們所服務的社區在經濟發展機會方面獲得回報，並且從費率的角度來看，這些客戶支付他們應盡的份額，而其他客戶不會因他們的使用而受到損害。

Stephen D'Ambrisi, RBC Capital Markets.

Stephen D'Ambrisi，加拿大皇家銀行資本市場。

Congrats to Marty and Lenny on the new roles -- Michael and Lenny, excuse me. Just really quickly on -- there's been some questions about Illinois legislation, but I thought given we'll probably see some bills get prefiled in December and Missouri, I was wondering if there's any legislative priorities that you guys are advancing or if there's anything we should be legislative topics that you think will be pertinent or come up kind of in the bill prefiling in December?

恭喜 Marty 和 Lenny 獲得新職位——對不起，是 Michael 和 Lenny。簡單問一下——最近有人問到伊利諾伊州的立法問題，考慮到我們可能會在 12 月份看到一些法案預先提交，還有密蘇裡州的情況，我想知道你們是否有任何正在推進的立法重點，或者是否有任何你們認為會在 12 月份的法案預先提交中出現或與之相關的立法議題？

Yes. Nothing to comment on specifically, Steve. I mean, obviously, we've continued to improve the environment there. I appreciate what the legislature has done. I mean the commission continues to be very thoughtful and forward-looking.

是的。史蒂夫，沒什麼特別要說的。我的意思是，很顯然，我們一直在不斷改善那裡的環境。我很欣賞立法機構所做的工作。我的意思是，委員會一如既往地深思熟慮，富有遠見。

I mean, trying to find ways to provide the right incentive for investment, but at the same time, continue to balance that with customer impact.

我的意思是，要努力找到合適的激勵措施來鼓勵投資，但同時，也要持續平衡投資對客戶的影響。

So anything that would occur over the next couple of months, my sense is would be constructive and balanced, and we'll see what time brings. As you know, the prefiling is December 1. And so beyond that, it's probably a bit premature to get into the details.

因此，我認為接下來幾個月發生的任何事情都將是建設性的、平衡的，讓我們拭目以待。如您所知，預審日期為12月1日。因此，除此之外，現在深入細節可能還為時過早。

This now concludes our question-and-answer session. I'd like to turn the floor back over to Marty Lyons for closing comments.

我們的問答環節到此結束。現在我把發言權交還給馬蒂·萊昂斯，讓他做總結發言。

All right. Well, thanks to everybody who joined us this morning. A lot of great questions, a lot of great dialogue. As you can tell, we remain absolutely focused on strong execution of our plan, and we will continue to do that for the remainder of this year and into next as we work to really diligently serve our customers and deliver safe, reliable and affordable energy.

好的。感謝今天早上所有參加我們節目的朋友。很多很好的問題，很多精彩的對話。正如您所看到的，我們仍然全力以赴地執行我們的計劃，並且在今年剩餘的時間裡以及明年，我們將繼續這樣做，努力為我們的客戶提供安全、可靠和價格合理的能源。

So again, thank you all for joining us. I'm sure we'll see many of you at the upcoming EEI Financial Conference. And with that, have a great day and a great weekend.

再次感謝各位的參與。我相信我們會在即將舉行的EEI金融大會上見到你們中的許多人。祝您今天過得愉快，週末也過得開心。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。