美國電力 (AEP) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the American Electric Power Fourth Quarter 2022 Earnings Call. At this time, all parties are in listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) And as a reminder, this conference is being recorded. I'd now like to turn the call over to our host, Ms. Darcy Reese. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到美國電力公司 2022 年第四季度財報電話會議。此時，各方都處於只聽模式。稍後，我們將進行問答環節。 （操作員說明）作為提醒，正在錄製此會議。我現在想把電話轉給我們的主持人 Darcy Reese 女士。請繼續。

Thank you, Brad. Good morning, everyone, and welcome to the fourth quarter 2022 Earnings Call for American Electric Power. We appreciate you taking time today to join us. Our earnings release, presentation slides and related financial information are available on our website at aep.com. Today, we will be making forward-looking statements during the call. There are many factors that may cause future results to differ materially from these statements. Please refer to our SEC filings for a discussion of these factors. Joining me this morning for opening remarks are Julia Sloat, our President and Chief Executive Officer; and Ann Kelly, our Chief Financial Officer. We will take your questions following their remarks. I will now turn the call over to Julia.

謝謝你，布拉德。大家早上好，歡迎來到美國電力 2022 年第四季度財報電話會議。感謝您今天抽出時間加入我們。我們的收益發布、演示幻燈片和相關財務信息可在我們的網站 aep.com 上獲取。今天，我們將在電話會議期間發表前瞻性聲明。有許多因素可能導致未來的結果與這些陳述存在重大差異。有關這些因素的討論，請參閱我們的 SEC 文件。今天早上和我一起做開場白的是我們的總裁兼首席執行官 Julia Sloat；和我們的首席財務官 Ann Kelly。我們將在他們發言後回答您的問題。我現在將把電話轉給朱莉婭。

Thanks, Darcy. Welcome, everyone, to American Electric Power's Fourth Quarter 2022 Earnings Call. I'm happy to be here with all of you this morning, and I'm pleased to be joined by our recently appointed CFO, Ann Kelly, who joined our team in late November. So here we go.

謝謝，達西。歡迎大家參加 American Electric Power 2022 年第四季度財報電話會議。我很高興今天早上和大家一起來到這裡，我很高興我們最近任命的首席財務官 Ann Kelly 於 11 月下旬加入我們的團隊。所以我們開始吧。

We're making great progress and have a lot to share with you today, starting with the financial performance of our fourth quarter and year. I'll provide update on our Kentucky operations sale, unregulated renewable sale and retail business strategic review. I'll also provide insight into our regulatory and legislative front, as we work to implement important new initiatives to ensure our customers and communities needs, which are met in turn, and drives our high-quality investment proposition.

我們取得了很大的進步，今天有很多東西要與您分享，首先是我們第四季度和今年的財務業績。我將提供有關我們肯塔基州業務銷售、不受監管的可再生能源銷售和零售業務戰略審查的最新信息。在我們努力實施重要的新舉措以確保我們的客戶和社區需求得到滿足並推動我們高質量的投資主張時，我還將深入了解我們的監管和立法方面。

Finally, I'll include an update -- or I'll conclude with an update on our generation fleet transformation as we continue to invest in regulated renewables and our energy delivery infrastructure, a summary of 2022 highlights and our focus for 2023 can be found on Slides 6 and 7 of today's presentation. As you know, we have a long history of consistently delivering and exceeding our earnings guidance and 2022 is no exception.

最後，我將包括一個更新——或者我將在我們繼續投資於受監管的可再生能源和我們的能源輸送基礎設施時以我們的發電車隊轉型的最新情況作為結尾，可以找到 2022 年亮點摘要和我們 2023 年的重點在今天演示文稿的幻燈片 6 和 7 上。如您所知，我們在持續交付並超越我們的收益指引方面有著悠久的歷史，2022 年也不例外。

I'm very proud of the dedication and accomplishments of the entire AEP team over the past year. While we finished the year strong, I can promise you, we're just getting started. Our robust financial plan continues to yield results. We delivered strong fourth quarter 2022 operating earnings of $1.05 per share bringing our full year 2022 operating earnings to $5.09 per share. We're also -- we also increased our quarterly dividend from $0.78 to $0.83 per share, which we announced back in October. AEP's teamwork-driven performance in 2022 has established a strong foundation from which we can reaffirm our 2023 full year operating earnings guidance range of $5.19 to $5.39, all while mitigating inflationary cost pressures, supply chain pressures and higher interest rates as well as constructively navigating regulatory and legislative frameworks. Formula rates in several of our state jurisdictions and in our high-growth transmission business help us to manage increased interest expense and higher costs.

我為整個 AEP 團隊在過去一年的奉獻精神和成就感到非常自豪。雖然我們以強勁的勢頭結束了這一年，但我可以向你保證，我們才剛剛開始。我們穩健的財務計劃繼續取得成果。我們在 2022 年第四季度實現了每股 1.05 美元的強勁營業收益，使我們的 2022 年全年營業收益達到每股 5.09 美元。我們也 - 我們還將季度股息從每股 0.78 美元增加到 0.83 美元，這是我們在 10 月份宣布的。 AEP 在 2022 年以團隊合作為導向的業績奠定了堅實的基礎，我們可以從中重申我們 2023 年全年營業收入指導範圍為 5.19 美元至 5.39 美元，同時減輕通脹成本壓力、供應鏈壓力和更高的利率以及建設性地引導監管和立法框架。我們幾個州管轄區和我們高增長的輸電業務的公式利率幫助我們管理增加的利息支出和更高的成本。

Importantly, as we keep customer affordability top of mind, we are actively working with our states on the economic development front to drive expansion in our service territory, and we are incorporating efficiencies and expense containment into our rate recovery filings to continue to help offset the impact of increased cost pressures. As a matter of fact, the economic development efforts over the past several years are proving to be appreciably beneficial, and we'll talk about normalized load in a few minutes. But to illustrate my point, I can tell you that normalized industrial sales were up 4.5%, largely as a result of those efforts, not to mention the added benefit of attracting jobs, residents and other cascading upside to our communities, all of which helps to manage customer rates given the bigger denominator.

重要的是，由於我們將客戶的負擔能力放在首位，我們正在積極與各州在經濟發展方面合作，以推動我們服務領域的擴張，並且我們正在將效率和費用控制納入我們的費率恢復備案中，以繼續幫助抵消成本壓力增加的影響。事實上，過去幾年的經濟發展努力被證明是非常有益的，我們一會兒再談常態化負荷。但為了說明我的觀點，我可以告訴你，正常化的工業銷售額增長了 4.5%，這主要是這些努力的結果，更不用說為我們的社區吸引就業、居民和其他連鎖優勢的額外好處，所有這些都有助於在給定較大分母的情況下管理客戶費率。

We value our stakeholder relationships, and we made steady progress on the regulatory front over the past year, including achieving constructive base rate outcomes in Arkansas and SWEPCO Texas and a favorable Supreme Court appeal related to Virginia's last rate case and the securitization of Winter Storm Uri costs in Oklahoma. Our resulting earned regulated ROE as of December 31 was 9.1%, which suggests we still have work to do on this front, and I'll talk about our regulatory activity that we have underway to address this. So hang with me for a few minutes, and I'll get there. AEP is leading the transition to a clean energy economy as we engage in one of the largest generation fleet transformations in our industry, in 2022, our 1.5 gigawatt North Central wind portfolio became fully operational with the completion of the Traverse wind farm project, which marked the beginning of our clean energy fleet transition. We'll continue to execute on our fleet transformation strategy with the opportunity to add approximately 17 gigawatts of new generation resources between 2023 and 2032, while mitigating fuel cost volatility and creating a more diverse resource portfolio to benefit our customers. This will significantly contribute to AEP's reduced carbon emissions profile and put us on a path to achieve our upgraded net zero goal by 2045.

我們重視我們的利益相關者關係，過去一年我們在監管方面取得了穩步進展，包括在阿肯色州和得克薩斯州 SWEPCO 取得了建設性的基本利率結果，並在最高法院就弗吉尼亞州的最後一個利率案和冬季風暴 Uri 證券化提出了有利的上訴俄克拉何馬州的費用。截至 12 月 31 日，我們得出的受監管 ROE 為 9.1%，這表明我們在這方面仍有工作要做，我將談談我們為解決這個問題而正在進行的監管活動。所以和我一起呆幾分鐘，我會到達那裡。 AEP 正在引領向清潔能源經濟的過渡，因為我們參與了我們行業最大的發電機組改造之一，2022 年，我們的 1.5 吉瓦中北部風力發電組合隨著 Traverse 風電場項目的完成而全面投入運營，這標誌著我們清潔能源車隊轉型的開始。我們將繼續執行我們的機隊轉型戰略，並有機會在 2023 年至 2032 年期間增加約 17 吉瓦的新一代資源，同時緩解燃料成本波動並創造更多樣化的資源組合，以使我們的客戶受益。這將大大有助於 AEP 減少碳排放量，並使我們走上到 2045 年實現升級後的淨零目標的道路。

Importantly, the recent passage of the Inflation Reduction Act provides support for our clean energy goals, and this will extend our investment runway as we continue to address the needs of our generation fleet. Since assuming the role of President and now CEO, I prioritize simplifying and derisking our business profile, which has become a core standard by which we evaluate our business activity. By actively managing our portfolio and demonstrating a clear commitment to the successful execution of initiatives and transactions, we continue to deliver significant benefits to our stakeholders.

重要的是，最近通過的《降低通貨膨脹法案》為我們的清潔能源目標提供了支持，這將在我們繼續滿足發電車隊的需求時擴大我們的投資跑道。自從擔任總裁兼現任首席執行官以來，我優先考慮簡化和降低我們的業務概況，這已成為我們評估業務活動的核心標準。通過積極管理我們的投資組合併明確承諾成功執行計劃和交易，我們繼續為我們的利益相關者帶來巨大利益。

As you are very much aware, we are working diligently to complete the sale of our Kentucky operations to Liberty. You can find the related regulatory time line on Slide 8 in the presentation today. As an update, AEP and Liberty followed the blueprint provided by the FERC order and filed a new FERC 203 application on February 14 of this year, requesting a shortened comment period and expedited approval to meet the contractual April 26, 2023 transaction close date. Immediately after the filing was made, FERC issued a notice incorporating a shortened 45-day comment deadline related to the application. The shortened comment period is a good sign signaling the commission is open to considering our application on an accelerated basis. AEP and Algonquin are in regular communication discussing various aspects of the transaction, the path forward and our partnership. We're mindful of the April 26 date in the stock purchase agreement and are cognizant of the tight time frame given the March 31 comment period deadline.

如您所知，我們正在努力完成將我們在肯塔基州的業務出售給 Liberty。您可以在今天的演示文稿中的幻燈片 8 上找到相關監管時間表。作為更新，AEP 和 Liberty 按照 FERC 命令提供的藍圖，於今年 2 月 14 日提交了新的 FERC 203 申請，要求縮短評論期並加快批准，以滿足合同規定的 2023 年 4 月 26 日交易截止日期。提交申請後，FERC 立即發布了一份通知，其中包含與該申請相關的縮短的 45 天評論期限。縮短的評論期是一個好兆頭，表明委員會願意加速考慮我們的申請。 AEP 和 Algonquin 定期溝通，討論交易的各個方面、前進的道路和我們的合作夥伴關係。我們注意到股票購買協議中的 4 月 26 日日期，並意識到 3 月 31 日評論期截止日期的緊迫時間框架。

The objective of both AEP and Algonquin remains clear, and that's to close the transaction. And both parties are firmly committed to moving forward and bringing forth the benefits of this transaction to customers. Related to our unregulated contract renewables portfolio, after strong buyer interest, we're pleased with our announcement made yesterday for the sale of our 1,365 megawatt portfolio to IRG Acquisition Holdings, which is a partnership owned by Invenergy, CDPQ and funds managed by Blackstone infrastructure. A summary of the sale can be seen on Slide 9 of the presentation today.

AEP 和 Algonquin 的目標仍然很明確，那就是完成交易。雙方都堅定地致力於向前推進，並將此次交易的好處帶給客戶。與我們不受監管的合同可再生能源投資組合相關，在買家興趣濃厚之後，我們很高興昨天宣布將我們的 1,365 兆瓦投資組合出售給 IRG Acquisition Holdings，IRG Acquisition Holdings 是 Invenergy、CDPQ 和黑石基礎設施管理的基金所擁有的合夥企業.可以在今天演示文稿的幻燈片 9 上看到銷售摘要。

We're currently targeting a second quarter 2023 close. The utilization of the proceeds from the sale is now reflected in our updated multiyear financing plan on Slide 39, and the transaction proceeds will be directed to support our regulated businesses as we enhance the energy delivery infrastructure and transform our generation fleet. Our near-term focus remains closing on our 2 pending sale transactions, Kentucky and our unregulated renewables. Once both of these transactions are complete, we plan to revisit the equity needs in our current multiyear financing plan. As we've been clear in the past we will use the asset sales to responsibly eliminate equity while maintaining a strong balance sheet, no change in messaging on this.

我們目前的目標是在 2023 年第二季度結束。出售所得款項的使用現在反映在我們更新的幻燈片 39 的多年融資計劃中，交易所得款項將用於支持我們的受監管業務，因為我們加強了能源輸送基礎設施並改造了我們的發電設備。我們近期的重點仍然是完成我們的 2 筆未決銷售交易、肯塔基州和我們不受監管的可再生能源。一旦這兩項交易完成，我們計劃重新審視當前多年融資計劃中的股權需求。正如我們過去明確表示的那樣，我們將使用資產出售來負責任地消除股權，同時保持強勁的資產負債表，這方面的信息沒有變化。

And that's important that I reiterate that. No change in the messaging. Finally, in October 2022, we announced the strategic review of our retail business. We're looking at this business to determine how or if it fits with the current AEP portfolio and we'll keep you updated on our progress. We're expecting to complete the strategic review in the first half of 2023.

我重申這一點很重要。消息沒有變化。最後，在 2022 年 10 月，我們宣布了對零售業務的戰略評估。我們正在研究這項業務，以確定它如何或是否適合當前的 AEP 產品組合，我們將讓您了解我們的最新進展。我們預計在 2023 年上半年完成戰略審查。

Let me touch on our regulatory and legislative initiatives that we have underway. We remain focused on reducing our authorized versus actual ROE gap. As I mentioned earlier, our 2022 earned regulated ROE 9.1% and our 2023 earnings guidance range assumes a 9.4% earned ROE, and we are already making progress in that direction. In January, we reached the settlement and gain commission approval for our Louisiana base case, which allows us to reestablish a formula rate plan. As we advance through the year, the team will be active in completing our current base case in Oklahoma and rider recovery of the 88 megawatts of the Turk Plant, which is not currently in Arkansas rates. We also filed an electric security plan in Ohio, which will take us into 2024.

讓我談談我們正在進行的監管和立法舉措。我們仍然專注於縮小我們的授權與實際 ROE 差距。正如我之前提到的，我們 2022 年的受監管 ROE 為 9.1%，我們的 2023 年盈利指導範圍假設 ROE 為 9.4%，我們已經在朝著這個方向取得進展。 1 月，我們達成和解並獲得路易斯安那州基本案例的佣金批准，這使我們能夠重新制定公式費率計劃。隨著我們這一年的推進，該團隊將積極完成我們目前在俄克拉荷馬州的基本案例，以及 Turk 工廠 88 兆瓦的騎手恢復，這目前不在阿肯色州的費率中。我們還在俄亥俄州提交了一份電力安全計劃，這將使我們進入 2024 年。

Let me shift gears and provide you with an update on our deferred fuel recovery efforts that are currently underway. As we've previously shared with you over the past several months, we have made adjustments to our traditional cost recovery methods in a number of our states to allow for recovery while spreading the cost out for our customers to make them more affordable.

讓我換檔並向您提供我們目前正在進行的延期燃料回收工作的最新情況。正如我們在過去幾個月中與您分享的那樣，我們已經對我們許多州的傳統成本回收方法進行了調整，以允許回收，同時為我們的客戶分攤成本，使他們更負擔得起。

In West Virginia, we continue to pursue approval of the pass-through of fuel costs under the fuel clause. We also intend to propose an alternative path to recovery of these costs under proposed legislation, if approved, that would allow us to securitize these costs and minimize customer impact. The West Virginia Commission recently instructed its staff to finish its prudence review of the 2021 and 2022 fuel costs. The state legislature continues to move the securitization legislation forward with the Commission Chair recently testify in support before the lawmakers.

在西弗吉尼亞州，我們繼續爭取根據燃料條款批准燃料成本轉嫁。我們還打算根據擬議的立法提出替代途徑來回收這些成本，如果獲得批准，這將使我們能夠將這些成本證券化並最大程度地減少對客戶的影響。西弗吉尼亞委員會最近指示其工作人員完成對 2021 年和 2022 年燃料成本的審慎審查。州立法機構繼續推進證券化立法，委員會主席最近在立法者面前作證支持。

I'll conclude my remarks with an update on our regulated renewables strategy and execution. Our capacity needs continue to drive us forward on the regulated renewables front, and we continue to work with our regulators, policymakers and other key stakeholders to ensure a durable and sustainable transmission -- transition to a clean energy economy in our vertically integrated state.

我將以我們受監管的可再生能源戰略和執行的最新情況來結束我的發言。我們的能力需求繼續推動我們在受監管的可再生能源方面向前發展，我們將繼續與我們的監管機構、政策制定者和其他主要利益相關者合作，以確保持久和可持續的傳輸——在我們垂直整合的狀態下向清潔能源經濟過渡。

The recently enacted Inflation Reduction Act will help us advance our goals in this area and will provide additional value to our customers as we seek to acquire resources consistent with our plan. We've made considerable progress on SWEPCO's 999-megawatt renewables application, which represents a $2.2 billion investment for AEP. Parties filed a unanimous settlement in Arkansas on January 27 for a portfolio of owned wind and solar resources. A hearing was held in Texas in January, and we continue to have constructive settlement dialogue with parties in Louisiana, and the hearing date has been formally extended to March 21 to accommodate this. We look forward to receiving the commission's orders, which are expected in the second quarter of 2023 on Louisiana and the third quarter of 2023 for Texas.

最近頒布的《降低通貨膨脹法案》將幫助我們推進我們在這一領域的目標，並將在我們尋求獲得符合我們計劃的資源時為我們的客戶提供額外的價值。我們在 SWEPCO 的 999 兆瓦可再生能源應用方面取得了相當大的進展，這代表 AEP 的 22 億美元投資。雙方於 1 月 27 日在阿肯色州就擁有的風能和太陽能資源組合達成一致和解。 1 月份在德克薩斯州舉行了聽證會，我們繼續與路易斯安那州的各方進行建設性的和解對話，聽證會日期已正式延長至 3 月 21 日以適應這一情況。我們期待收到委員會的訂單，這些訂單預計在 2023 年第二季度在路易斯安那州和 2023 年第三季度在德克薩斯州收到。

In November of 2022, PSO made a regulatory filing in Oklahoma to own 995.5 megawatts of solar and wind projects representing a $2.5 billion investment. A procedural schedule was issued last month which includes a hearing date in April and an expected commission order in the third quarter of this year. Separately, we're also seeking to acquire the 154-megawatt Rock Hall wind facility in Oklahoma from EDF. FERC approved this acquisition on February 16, and we're pursuing rate recovery of this investment through the ongoing PSO base rate case.

2022 年 11 月，PSO 在俄克拉荷馬州提交了一份監管文件，擁有 995.5 兆瓦的太陽能和風能項目，投資額為 25 億美元。上個月發布了一份程序時間表，其中包括 4 月份的聽證會日期和今年第三季度的預期委託令。另外，我們還尋求從 EDF 收購俄克拉荷馬州 154 兆瓦的 Rock Hall 風能設施。 FERC 於 2 月 16 日批准了此次收購，我們正在通過正在進行的 PSO 基本利率案例追討這項投資的利率。

The Rock Hall project is already in service and will provide immediate capacity for PSO's customers. Our regulated renewables goals are aligned and supported by our integrated resources plans. In accordance with those plans, we issued request for proposal in 2022 for wind, solar and other resources at APCo, I&M and once again at SWEPCO. We anticipate making the related regulatory funds to acquire additional resources under these RFPs throughout 2023.

Rock Hall 項目已經投入使用，將為 PSO 的客戶提供即時容量。我們受監管的可再生能源目標與我們的綜合資源計劃保持一致並得到支持。根據這些計劃，我們在 2022 年向 APCo、I&M 以及 SWEPCO 發出了風能、太陽能和其他資源的徵求意見書。我們預計在整個 2023 年，相關監管基金將根據這些 RFP 獲得額外資源。

We continue to see rapid changes in our industry and increasing need and demand from customers and communities across the United States. At the end of 2022, as I prepared to assume my new position at AEP, the team and I dedicated a considerable amount of time and energy to determining how AEP would continue to deliver safe, clean, affordable and reliable energy and how we could deliver this energy faster and more efficiently to our customers while generating enhanced value to our stakeholders. Our long-term earnings growth rate of 6% to 7% is underpinned by a robust $40 billion capital investment plan for 2023 through 2027, which includes $15 billion in transmission and $9 billion in regulated renewables investments.

我們繼續看到我們行業的快速變化以及美國各地客戶和社區不斷增加的需求。 2022 年底，當我準備在 AEP 擔任新職位時，我和團隊投入了大量時間和精力來確定 AEP 如何繼續提供安全、清潔、負擔得起和可靠的能源，以及我們如何提供更快、更高效地為我們的客戶提供這種能源，同時為我們的利益相關者創造更高的價值。我們 6% 至 7% 的長期收益增長率得到 2023 年至 2027 年 400 億美元的強勁資本投資計劃的支持，其中包括 150 億美元的傳輸和 90 億美元的受監管可再生能源投資。

As evidenced by our fourth quarter and full year 2022 performance, AEP has had a long-standing track record of consistently delivering on our strategic objectives, our transformation strategy is working and the investments we're making continue to support our positive earnings growth and results. Now please join me in welcoming Ann to her first AEP earnings call. I'll leave you in her very capable hands as she provides insight and perspective into our performance drivers for 2022 and the details supporting our financial targets. Ann?

正如我們第四季度和 2022 年全年的業績所證明的那樣，AEP 在始終如一地實現我們的戰略目標方面有著長期的記錄，我們的轉型戰略正在發揮作用，我們正在進行的投資繼續支持我們的正收益增長和業績.現在請和我一起歡迎 Ann 參加她的第一次 AEP 財報電話會議。我會把你交給她非常能幹的人，因為她提供了對我們 2022 年績效驅動因素的洞察力和觀點，以及支持我們財務目標的細節。安？

Thank you, Julia and Darcy. It's great to be with you all this morning and thanks for dialing in. I'll walk us through our fourth quarter and full year results, share some updates on our service territory load and our outlook for 2023 and finish with commentary on credit metrics and liquidity as well as some thoughts on our guidance, financial targets and portfolio management.

謝謝你，茱莉亞和達西。很高興今天早上能和大家在一起，感謝您的撥入。我將向我們介紹我們的第四季度和全年業績，分享我們服務區域負載的一些更新和我們對 2023 年的展望，並以對信用指標和流動性以及對我們的指導、財務目標和投資組合管理的一些想法。

So let's go to Slide 10, which shows the comparison of GAAP to operating earnings for the quarter and year-to-date periods. As Julia mentioned, we had a strong operating results in both the fourth quarter and for the full year. GAAP earnings for the fourth quarter were $0.75 per share compared to $1.07 per share in 2021. GAAP earnings for the year were $4.51 per share compared to $4.97 per share in 2021. For the quarter, I'll mention that we have reflected additional charges related to the expected sale of Kentucky Power and Kentucky Transco as nonoperating costs. This is largely a result of the delay in the closing from the need to file a new 203 application with the FERC. There are detailed reconciliations of GAAP to operating earnings on Pages 18 and 19 of the presentation today. Today, I'm going to focus more on our full year results, but I did want to provide a few highlights on the fourth quarter as we show on Slide 11. Operating earnings for the fourth quarter totaled $1.05 per share compared to $0.98 per share in 2021.

那麼讓我們轉到幻燈片 10，它顯示了 GAAP 與本季度和年初至今營業收入的比較。正如 Julia 提到的，我們在第四季度和全年都取得了強勁的經營業績。第四季度的 GAAP 收益為每股 0.75 美元，而 2021 年為每股 1.07 美元。當年的 GAAP 收益為每股 4.51 美元，而 2021 年為每股 4.97 美元。對於本季度，我會提到我們已經反映了與相關的額外費用將 Kentucky Power 和 Kentucky Transco 的預期銷售作為非運營成本。這主要是由於需要向 FERC 提交新的 203 申請而延遲關閉。今天的演示文稿第 18 和 19 頁上有詳細的 GAAP 與營業收入的對賬。今天，我將更多地關注我們的全年業績，但我確實想提供幻燈片 11 中顯示的第四季度的一些亮點。第四季度的營業收益總計為每股 1.05 美元，而每股收益為 0.98 美元2021年。

This is a $0.07 or 7% increase year-over-year. While we had a lot of puts and takes, our vertically integrated and T&D utility segments continued to perform well, resulting from rate changes, transmission revenue and some favorable weather. We did see a $0.03 decline in our normalized retail margin, but that was due to a change in sales mix as [low] as favorable for the quarter.

這是 0.07 美元或 7% 的同比增長。雖然我們有很多投資，但由於費率變化、傳輸收入和一些有利的天氣，我們的垂直整合和 T&D 公用事業部門繼續表現良好。我們確實看到我們的標準化零售利潤率下降了 0.03 美元，但這是由於銷售組合的變化對本季度有利[低]。

I'll discuss load in more detail in a couple of minutes. We were also able to support an increase in our O&M expenses as a result of the strong earnings that we were seeing. Transmission Holdco was favorable by $0.03, even after factoring in the loss the Ohio RTO Adder as we continue to see the benefits of our investments. Generation and Marketing produced $0.16 per share, up $0.10 from last year, driven by increased retail energy margins and favorable generation performance, primarily driven by fewer average days year-over-year.

我將在幾分鐘內更詳細地討論負載。由於我們看到的強勁收益，我們還能夠支持增加我們的 O&M 費用。 Transmission Holdco 的收益為 0.03 美元，即使考慮到俄亥俄州 RTO Adder 的損失，因為我們繼續看到我們的投資收益。發電和營銷每股收益為 0.16 美元，比去年增加 0.10 美元，這主要得益於零售能源利潤率的提高和有利的發電性能，這主要是由於平均天數同比減少。

And finally, Corporate and Other was down $0.05 per share driven by increased interest expense and investment losses, partially offset by favorable income taxes. Now let's have a look at our year-to-date results on Slide 12. Operating earnings for 2022 totaled $5.09 per share compared to $4.74 per share in 2021. This was an increase of $0.35 per share or 7%. Looking at the drivers by segment. Operating earnings for vertically integrated utilities were $2.56 per share, up $0.30. Due to rate changes across various operating companies, favorable weather, increased transmission revenue and also increase normalized load. Offsetting these favorable variances were higher O&M, increased depreciation expense and increased interest expense.

最後，由於利息支出和投資損失增加，公司和其他每股下跌 0.05 美元，部分被優惠所得稅抵消。現在讓我們看看我們在幻燈片 12 上的年初至今的結果。2022 年的營業收益總計為每股 5.09 美元，而 2021 年為每股 4.74 美元。這增加了每股 0.35 美元或 7%。按細分查看驅動程序。垂直整合公用事業的營業收益為每股 2.56 美元，增長 0.30 美元。由於各運營公司的費率變化、有利的天氣、輸電收入增加以及標準化負荷增加。抵消這些有利差異的是更高的 O&M、增加的折舊費用和增加的利息費用。

Once again, the change in accounting around the Rockport Unit 2 lease results in $0.23 of favorable O&M offset by $0.23 of unfavorable depreciation. In the Transmission & Distribution Utilities segment, earned $1.16 per share, up $0.06 from last year. Favorable drivers in this segment included rate changes in Texas and Ohio, favorable weather and increased normalized retail load and transmission revenue. Offsetting these favorable items were unfavorable O&M and depreciation. With the favorable weather and other items that we experienced in 2022, we were able to responsibly deploy additional O&M in both utility segments to spend on items like increased vegetation management to improve system reliability.

再次，圍繞 Rockport Unit 2 租約的會計變更導致 0.23 美元的有利 O&M 被 0.23 美元的不利折舊所抵消。在輸配電公用事業部門，每股收益為 1.16 美元，比去年增加 0.06 美元。該細分市場的有利驅動因素包括德克薩斯州和俄亥俄州的費率變化、有利的天氣以及正常化零售負荷和輸電收入的增加。不利的 O&M 和折舊抵消了這些有利的項目。憑藉我們在 2022 年經歷的有利天氣和其他項目，我們能夠負責任地在兩個公用事業部門部署額外的 O&M，用於增加植被管理等項目，以提高系統可靠性。

The AEP Transmission Holdco segment contributed $1.32 per share, down $0.03 from last year. Favorable investment growth of $0.12 was more than offset by an unfavorable true-up of $0.04, the loss of the RTO Adder in Ohio and increased income taxes. Remember, our 2022 guidance had this segment down by $0.08 year-over-year as a result of the investment growth being more than offset by the annual true-up and some unfavorable comparisons for taxes and interest. Generation and Marketing produced $0.50 per share, up $0.24 from last year. The positive variance here is primarily due to the sale of renewable development sites, improved generation performance in land sales in the generation business, improved retail margins and increased wholesale margins stemming from favorable market conditions.

AEP Transmission Holdco 部門每股貢獻 1.32 美元，比去年下降 0.03 美元。 0.12 美元的有利投資增長被 0.04 美元的不利調整、俄亥俄州 RTO Adder 的損失和所得稅增加所抵消。請記住，我們的 2022 年指導意見使該部分同比下降 0.08 美元，原因是投資增長被年度調整和一些不利的稅收和利息比較所抵消。 Generation and Marketing 每股收益為 0.50 美元，比去年增加 0.24 美元。這裡的正差異主要是由於可再生能源開發場地的銷售、發電業務土地銷售的發電性能提高、零售利潤率提高以及批發利潤率因有利的市場條件而增加。

And finally, Corporate and Other was down $0.22 per share, driven by investment losses unfavorable interest in increased O&M, partly offset by lower income taxes. The investment losses continue to be impacted by the year-over-year comparisons for our ChargePoint investment that we exited in the third quarter. As we mentioned earlier, we are reaffirming our guidance range for 2023. For convenience, we've included an updated waterfall on our actual 2022 results to the midpoint of our guidance for 2023 on Slide 36. While the variances changed due to the 2022 actual results, there is no change to our 2023 segment or overall guidance. We are confident that our regulatory actions to provide timely returns on our distribution and renewable investments, continued investment in transmission assets, the impact of economic development efforts and prudent O&M management will offset headwinds such as rising interest rates and inflationary pressures.

最後，公司和其他業務每股下跌 0.22 美元，原因是投資損失和對增加 O&M 的不利興趣，部分被較低的所得稅所抵消。投資損失繼續受到我們在第三季度退出的 ChargePoint 投資的同比比較的影響。正如我們之前提到的，我們重申了 2023 年的指導範圍。為方便起見，我們在幻燈片 36 上將 2022 年實際結果的更新瀑布添加到我們 2023 年指導的中點。雖然差異因 2022 年實際結果而變化結果，我們的 2023 年細分市場或總體指導沒有變化。我們相信，我們為配電和可再生能源投資提供及時回報的監管行動、對輸電資產的持續投資、經濟發展努力的影響以及審慎的 O&M 管理將抵消利率上升和通脹壓力等不利因素。

Now turning to Slide 13, I'll provide an update on our normalized load performance. Overall, 2022 was a remarkable year for normalized load growth across the AEP service territory. Despite the Federal Reserve's intentional actions to slow down the economy, AEP experienced its strongest weather-normalized load growth in over 15 years with 2.8% annual growth. The most impressive part is that this is experience on top of a recovery year. As a reminder, 2021 was the strongest year for AEP's normalized growth in over a decade until 2022. The growth in 2022 was spread across nearly every operating company in every major retail class. Starting in the lower right corner of the slide, normalized retail sales increased by 1.9% in the fourth quarter and ended the year up 2.8% compared to last year. For the quarter, the growth in commercial and industrial sales will more than offset the modest decline in residential sales.

現在轉到幻燈片 13，我將提供有關我們標準化負載性能的更新。總體而言，2022 年對於整個 AEP 服務領域的正常負載增長來說是非凡的一年。儘管美聯儲有意採取行動減緩經濟增長，但 AEP 經歷了 15 年來最強勁的天氣標準化負荷增長，年增長率為 2.8%。最令人印象深刻的部分是，這是在復蘇年之上的經驗。提醒一下，2021 年是 AEP 在 2022 年之前的十多年來正常化增長最強勁的一年。2022 年的增長遍及每個主要零售類別的幾乎所有運營公司。從幻燈片的右下角開始，第四季度標準化零售額增長 1.9%，與去年同期相比增長 2.8%。本季度，商業和工業銷售額的增長將抵消住宅銷售額的小幅下滑。

Looking forward, you will see that we are expecting growth of 7% to 10% in 2023. The story is changing somewhat to further remove away from the pandemic. In 2022, the boost from fiscal policy overwhelmed the Federal Reserve's efforts to constrain the economy through monetary policy. In 2023, we expect the fiscal boost to date given the congressional changes after the election, while the Fed's efforts to tame inflation remain in place. We expect this to result in a slight moderation of economic growth for the balance of this year.

展望未來，您會看到我們預計 2023 年將增長 7% 至 10%。情況正在發生一些變化，以進一步遠離大流行病。 2022年，財政政策的提振壓倒了美聯儲通過貨幣政策約束經濟的努力。到 2023 年，鑑於大選後國會的變化，我們預計迄今為止的財政刺激，而美聯儲抑制通脹的努力仍在進行。我們預計這將導致今年餘下時間的經濟增長略有放緩。

Moving to the upper left corner, normalized residential sales decreased by 0.8% in the fourth quarter but finished the year slightly above 2021. For the quarter, residential customer counts increased by 0.4%, but this was offset by a 1.2% decline in weather normalized usage.

移動到左上角，第四季度標準化住宅銷售下降 0.8%，但全年略高於 2021 年。本季度，住宅客戶數量增長 0.4%，但這被標準化天氣下降 1.2% 所抵消用法。

This is not surprising when you consider the impact that higher inflation, energy costs and interest rates on customers' disposable income to end the year. You will notice that we now expect residential sales to decrease by 0.5% in 2023 for the same reason. Moving right, weather-normalized commercial sale increased by 5.4% for the quarter and ended the year up 4.2% compared to 2021. The growth in commercial sales was spread across nearly every operating company. Fastest-growing commercial sectors, professional scientific and tech services that includes data centers, which -- where load was up nearly 30% compared to last year for both the quarter and the year-to-date comparisons.

考慮到年末通貨膨脹、能源成本和利率上升對客戶可支配收入的影響，這並不奇怪。您會注意到，出於同樣的原因，我們現在預計 2023 年住宅銷售額將下降 0.5%。向右移動，與 2021 年相比，本季度天氣標準化商業銷售額增長 5.4%，年底增長 4.2%。商業銷售額的增長幾乎遍及所有運營公司。增長最快的商業部門、包括數據中心在內的專業科學和技術服務，與去年同期和年初至今的比較相比，這些部門的負載增長了近 30%。

The outlook for 2023 is showing a modest 0.6% growth. While we do see momentum in this class driven by economic development, the sustained impact of the labor shortage, inflation, high interest rates and energy costs will act as a headwind in 2023. Finally, focusing on the lower left corner, you see the industrial sales growth moderated in the fourth quarter, up 1.5% and while the year ended 4.5% above 2021. Industrial sales increased at most operating companies in many of our largest sectors.

2023 年的前景顯示 0.6% 的溫和增長。雖然我們確實看到了經濟發展推動這一類別的勢頭，但勞動力短缺、通貨膨脹、高利率和能源成本的持續影響將在 2023 年成為不利因素。最後，關注左下角，您會看到工業第四季度銷售額增長放緩，增長 1.5%，而全年比 2021 年增長 4.5%。我們許多最大行業的大多數運營公司的工業銷售額都有所增長。

We continue to experience robust growth in the oil and gas sectors, which were up 6% compared to the fourth quarter of 2021. Outside of oil and gas, which tends to run countercyclical with the rest of the economy, we did notice softer industrial sales growth consistent with many of the economic indicators. As you know, the ISM manufacturing index fell below 50 in the fourth quarter, which is a sign of an industrial contraction. The combination of sustained inflation, supply chain disruptions, increasing borrowing costs, strong dollar and elevated energy costs have formed significant challenges for domestic manufacturing. Fortunately, AEP's past economic development activities are providing an offset and are keeping AEP's industrial sales growth in positive territory. You see that the outlook is showing industrial sales growth of 2.1% in 2023, which is largely attributable to the consistent economic development activities from the past. I'll provide additional detail on the impact of these efforts in the next slide.

我們繼續經歷石油和天然氣行業的強勁增長，與 2021 年第四季度相比增長了 6%。除了往往與其他經濟領域逆週期運行的石油和天然氣之外，我們確實注意到工業銷售疲軟增長與許多經濟指標一致。如您所知，第四季度 ISM 製造業指數跌破 50，這是工業收縮的跡象。持續的通貨膨脹、供應鏈中斷、借貸成本增加、美元走強和能源成本上升等因素共同構成了國內製造業面臨的重大挑戰。幸運的是，AEP 過去的經濟發展活動起到了抵消作用，並使 AEP 的工業銷售增長保持在正區間。你看，前景顯示 2023 年工業銷售增長 2.1%，這主要歸功於過去持續的經濟發展活動。我將在下一張幻燈片中提供有關這些努力的影響的更多詳細信息。

To summarize, the AP service territory experienced a remarkable year for load growth in 2022 despite the inflationary pressures on wages and energy and a federal reserve that was intentionally trying to slow down the economy. We are finally seeing evidence that these measures are starting to have an impact, which will result in slower growth in 2023. Fortunately, AEP's disciplined commitment to economic development should keep our load growth in the black moving forward.

總而言之，AP 服務區域在 2022 年經歷了非凡的負荷增長，儘管工資和能源面臨通脹壓力，而且美聯儲有意放慢經濟發展。我們終於看到這些措施開始產生影響的證據，這將導致 2023 年增長放緩。幸運的是，AEP 對經濟發展的嚴格承諾應該會使我們的負荷增長保持盈利。

For example, absent economic development, our loan growth would have been essentially flat in the fourth quarter and up 1.1% for the year.

例如，如果沒有經濟發展，我們的貸款增長在第四季度基本持平，全年增長 1.1%。

Turning to Slide 14, I want to highlight how our commitment to economic development is helping to sustain load growth even in the face of challenging economic conditions. The chart on this slide illustrates why the strategy is so important to us. The blue bars on this chart show the growth of gross regional product for the AEP service territory over the past year. You can see that it has been slowing over the period. And in fact, for the fourth quarter, growth in AEP's GRP was slightly negative compared to the fourth quarter of 2021. However, the green bars here show our industrial sales growth over the same period. You'll notice they have been resilient throughout 2022 without any help from GRP. A lot of the growth in industrial load that we are seeing today is a consequence of economic development projects from previous years. And our focus on economic development is not just about the additional load that we report to you on a quarterly basis. We are also focused on attracting employers to the service territory. We know that adding new loading customers are a key strategy to providing value to all customers. This allows us to continue to prioritize investments that will improve the customer experience while mitigating the rate impacts on our customer base.

轉到幻燈片 14，我想強調我們對經濟發展的承諾如何幫助維持負荷增長，即使面對充滿挑戰的經濟條件。這張幻燈片上的圖表說明了為什麼該戰略對我們如此重要。此圖表上的藍色條顯示過去一年 AEP 服務區域地區生產總值的增長。你可以看到它在此期間一直在放緩。事實上，與 2021 年第四季度相比，AEP 的 GRP 第四季度略有負增長。但是，這裡的綠色條顯示了我們同期的工業銷售增長。您會注意到，在沒有 GRP 的任何幫助的情況下，他們在整個 2022 年都保持了彈性。我們今天看到的許多工業負荷增長是前幾年經濟發展項目的結果。我們對經濟發展的關注不僅僅是我們每季度向您報告的額外負荷。我們還專注於吸引雇主到服務領域。我們知道，增加新的裝載客戶是為所有客戶提供價值的關鍵戰略。這使我們能夠繼續優先考慮將改善客戶體驗的投資，同時減輕利率對我們客戶群的影響。

By making this a key component of our strategy, AEP is helping to mitigate the impact of the economic downturn on our customers, communities and shareholders. And AEP's economic development team has a proven track record of helping to bring these new customers to our service territory with an emphasis on jobs and load. In fact, the AEP service territories added over 141,000 jobs in 2022.

通過將此作為我們戰略的關鍵組成部分，AEP 正在幫助減輕經濟衰退對我們的客戶、社區和股東的影響。 AEP 的經濟發展團隊在幫助將這些新客戶帶到我們的服務領域方面有著良好的記錄，重點是工作和負荷。事實上，AEP 服務地區在 2022 年增加了超過 141,000 個工作崗位。

Let's move on to Slide 15 to discuss the company's capitalization and liquidity position. Taking a look at the upper left quadrant on this page, you see our FFO-to-debt metric stands at 13.2%, which is a decrease of 1.3% from the prior quarter. The primary reason for this decrease is the impact on both FFO and short-term debt from a decrease in our mark-to-market collateral positions associated with the decline in natural gas and power prices as well as a continued increase in our deferred fuel balances.

讓我們轉到幻燈片 15 來討論公司的資本化和流動性狀況。查看此頁面的左上象限，您會看到我們的 FFO 與債務比率指標為 13.2%，比上一季度下降 1.3%。減少的主要原因是我們的按市值計價的抵押品頭寸減少對 FFO 和短期債務的影響與天然氣和電力價格下降以及我們的遞延燃料餘額持續增加有關.

We remain committed to our targeted FFO-to-debt range of 14% to 15%, and we plan to trend back into that range near the end of 2023 as we continue to work through the regulatory recovery process of our deferred fuel balances, which can drive some volatility in the metrics. You can see our liquidity summary on the lower left quadrant slide. Our 5-year $4 billion bank revolver and 2-year $1 billion revolving credit facility support our liquidity position, which remains strong at $2.6 billion. The $1.1 billion change from last quarter is mainly due to an increase in commercial paper outstanding for the reasons I mentioned earlier.

我們仍然致力於實現 14% 至 15% 的 FFO 與債務比率目標範圍，並且我們計劃在 2023 年底附近回到該範圍，因為我們將繼續完成遞延燃料餘額的監管恢復流程，這可能會導致指標出現一些波動。您可以在左下象限幻燈片上查看我們的流動性摘要。我們 5 年期 40 億美元的銀行循環貸款和 2 年期 10 億美元的循環信貸額度支持我們的流動性狀況，該狀況保持在 26 億美元的強勁水平。與上一季度相比 11 億美元的變化主要是由於我之前提到的原因導致未償商業票據增加。

On a GAAP basis, our debt-to-capital ratio increased from the prior quarter by 1.5% to 62.9%. On the qualified pension front, our funding status remained strong, ending the quarter at 102.4%. While assets performed as expected during the quarter, the primary driver for the funded status decreased was due to an increase in the liability caused by changes in actuarial assumptions influenced by the rising interest rate environment in 2022.

根據 GAAP，我們的債務資本比率比上一季度增加 1.5% 至 62.9%。在合格養老金方面，我們的資金狀況依然強勁，本季度末為 102.4%。儘管本季度資產表現符合預期，但資金狀況下降的主要驅動因素是由於 2022 年利率上升環境影響精算假設變化導致負債增加。

Now turning to Slide 16. I'll give a quick recap of today's message. First, we are focused on execution. The Kentucky transaction is back in front of the FERC and Liberty and AEP are committed to moving forward with this transaction. We just announced the agreement to sell our unregulated contract renewables portfolio and are working through the strategic review of the retail business. Each of these actions will help us to simplify and derisk our business. Even as we worked on these initiatives, we didn't take our eye off the ball of managing the business. We finished 2022 with solid earnings and made significant investments to support our customers even with the backdrop of supply chain challenges and inflationary pressures.

現在轉到幻燈片 16。我將快速回顧一下今天的信息。首先，我們專注於執行。肯塔基州的交易又回到了 FERC 面前，Liberty 和 AEP 致力於推進這項交易。我們剛剛宣布了出售不受監管的合同可再生能源組合的協議，並且正在對零售業務進行戰略審查。這些行動中的每一項都將幫助我們簡化業務並降低業務風險。即使我們致力於這些舉措，我們也沒有將注意力從管理業務上移開。我們以穩健的收益結束了 2022 年，並進行了大量投資以支持我們的客戶，即使在供應鏈挑戰和通脹壓力的背景下也是如此。

We continue to be committed to our long-term growth rate of 6% to 7%, continuing dividend growth and a strong balance sheet while derisking the company, focusing on the customer and actively managing the portfolio. We really appreciate your time and attention today.

我們繼續致力於實現 6% 至 7% 的長期增長率、持續的股息增長和強勁的資產負債表，同時降低公司風險，專注於客戶並積極管理投資組合。我們非常感謝您今天的時間和關注。

I'm going to ask Brad to open up the call so that we can answer any questions that you may have.

我要請布拉德打開電話，以便我們可以回答您可能提出的任何問題。

(Operator Instructions)

（操作員說明）

And we'll first go to Shahriar Pourreza with Guggenheim Partners.

我們將首先與 Guggenheim Partners 一起去 Shahriar Pourreza。

So a couple of quick ones here. Looking at just the West Virginia fuel cost recovery, hearings were obviously held in 4Q, and there was a discussion about moving to quarterly time periods as well as securitization. I guess, Julia can you give us maybe an update on how you're looking at the situation where we might be headed from here? There's a lot of moving pieces I guess. So how is the dialogue going? And sort of any sense of bill impact ranges, especially with the recent gas price collapse? .

所以這裡有幾個快速的。只看西弗吉尼亞州的燃料成本回收，顯然在第四季度舉行了聽證會，並且討論了轉向季度時間段以及證券化。我想，朱莉婭，你能否向我們介紹一下你如何看待我們可能從這裡出發的情況的最新情況？我猜有很多動人的片段。那麼對話進行得如何？以及任何意義上的賬單影響範圍，尤其是最近的天然氣價格暴跌？ .

Yes. I still appreciate the question because Shar, I'm sure you can imagine, and it is absolutely top of mind for us. And as Ann mentioned in her comments, top of mind from a CFO perspective, most definitely. As you know, we did get an order.

是的。我仍然很欣賞這個問題，因為 Shar，我相信你可以想像，這絕對是我們的首要考慮。正如 Ann 在她的評論中提到的，從首席財務官的角度來看，這是最重要的。如您所知，我們確實收到了訂單。

The staff is going through its paces as we had to work through the prudency review. And in the background, what's playing is a legislation that could potentially accommodate securitization of the dollars we have outstanding, our deferred fuel balance in West Virginia $520 million so it's not insignificant and it's extremely important to be able to digest this in a way that can accommodate customer rates. So we're hoping that we'll be able to be in a position we'll be able to utilize the securitization legislation, if approved, to be able to smooth this out and take care of customer needs in terms of the bill in path. And I don't know, Ann, do you have any other thoughts on that, how we might do that?

由於我們必須完成審慎審查，工作人員正在按部就班地進行。在後台，正在發揮作用的是一項立法，該立法可能會適應我們未償還的美元的證券化，我們在西弗吉尼亞州的遞延燃料餘額為 5.2 億美元，因此這並非微不足道，能夠以一種能夠消化的方式消化這一點非常重要適應客戶的價格。因此，我們希望我們能夠利用證券化立法（如果獲得批准）來解決這個問題，並根據路徑中的法案滿足客戶需求.我不知道，安，你對此有何其他想法，我們可以如何做到這一點？

Yes. No, it's absolutely right. I mean utilizing the securitization allows us to spread it out over time and minimize and actually keep our customer rates relatively flat, which is really the intention. Now this will take some time. It will be effective in June, and we need to commission the order. So we would expect the securitization to take place in the first half of 2024.

是的。不，這是絕對正確的。我的意思是，利用證券化可以讓我們隨著時間的推移分散它，最大限度地減少並實際上保持我們的客戶利率相對平穩，這確實是我們的意圖。現在這需要一些時間。 6月生效，需要委託訂單。因此，我們預計證券化將在 2024 年上半年進行。

Got it. Okay. Perfect. And then just lastly, on the financing needs. Obviously, we've noticed that you now include both the $1.2 billion expected cash proceeds from Kentucky as well as I think for the first time, the expected $1.2 billion from the contracted renewable sale. I guess looking at the sources and uses, why wait to update your funding needs on the equity side, especially if you're including the proceeds already. Is there anything we should be thinking about here? .

知道了。好的。完美的。最後，關於融資需求。顯然，我們注意到您現在包括來自肯塔基州的 12 億美元預期現金收益，以及我認為第一次來自合同可再生能源銷售的預期 12 億美元。我想看看來源和用途，為什麼要等到更新您在股權方面的資金需求，特別是如果您已經包括收益。這裡有什麼我們應該考慮的嗎？ .

No hidden message there at all, Shar. We want to make sure that we get both of these transactions in the bag, get them taken care of and then we'll recalibrate. And as you know, our objective is twofold. We want to make sure we have a strong balance sheet because we don't want anybody worried about any dilutive otherwise actions that we would have to take. So that's first and foremost. So top of mind for us is making sure that balance sheet is in check.

那裡根本沒有隱藏的信息，Shar。我們想確保我們將這兩項交易都放在包裡，處理好它們，然後我們將重新校準。如您所知，我們的目標是雙重的。我們希望確保我們擁有穩健的資產負債表，因為我們不希望任何人擔心我們必須採取的任何攤薄行動。所以這是首要的。因此，我們的首要任務是確保資產負債表受到控制。

And as you know, we put out a target goal for FFO to debt of 14% to 15%. That being said, to the extent that we will then be able to eliminate future equity needs, we don't have a significant amount of equity financing when you look out over the horizon. But if we're able to kind of pull that back a little bit and still hit the objective on the strong balance sheet, we'll absolutely do that. So no hidden message. Obviously, both of these are moving along, contractor renewables new for us. We know that, that will close in the second quarter. We believe that's the plan to close in the second quarter. And as you know, Kentucky is pending with its 203 application. So stay tuned. We just want to make sure that we got this completely right for you all and that you're not concerned.

如您所知，我們為 FFO 設定了 14% 至 15% 的債務目標。話雖這麼說，就我們屆時能夠消除未來股權需求的程度而言，當你放眼未來時，我們並沒有大量的股權融資。但是，如果我們能夠將其稍微拉回一點，並且仍然在強勁的資產負債表上實現目標，我們絕對會這樣做。所以沒有隱藏消息。顯然，這兩者都在發展，承包商可再生能源對我們來說是新的。我們知道，這將在第二季度結束。我們相信這是在第二季度結束的計劃。如您所知，肯塔基州正在等待其 203 申請。敬請期待。我們只是想確保我們完全適合你們所有人並且你們不擔心。

And next, we'll go to Jeremy Tonet with JPMorgan.

接下來，我們將與摩根大通一起去 Jeremy Tonet。

I just want to pivot towards the retail business a little bit. And if you could just peel back, I guess, a little bit how that process stands at this point. Just wondering, any thoughts that are be considered here of why that would remain in the portfolio, what might prevent you from selling it? I'm just wondering if you might be able to provide a little bit more color of what's in that business, EBITDA earnings or anything else to wrap our heads around there?

我只想稍微轉向零售業務。我想，如果你能稍微回顧一下這個過程在這一點上的情況。只是想知道，這裡考慮的任何想法為什麼會保留在投資組合中，什麼可能會阻止你出售它？我只是想知道您是否可以提供更多有關該業務的內容、EBITDA 收益或其他任何內容的信息，讓我們對此有所了解？

Yes, absolutely. And I love the question because that's exactly what we're doing in our house right now is going through the paces to determine exactly does it fit, if there's anything that does fit, what does that look like? So stay tuned. That will be a first half story for AEP. So expect us to be coming to you probably in the second quarter with a little more granular detail because we're literally going through that analysis now and working with the troops to make sure we have that finally tuned, so we can get back out to you.

是的，一點沒錯。我喜歡這個問題，因為這正是我們現在在家裡做的事情，正在逐步確定它是否合適，如果有任何合適的東西，那看起來像什麼？敬請期待。這將是 AEP 的前半部分。因此，預計我們可能會在第二季度向您提供更詳細的細節，因為我們現在確實在進行分析，並與部隊合作以確保我們最終調整好了，這樣我們就可以回到你。

As far as quantifying how big is this business and what does it mean currently to AEP, the net asset position or, I guess, equity position, if you strip out the liabilities, we're talking about $193 million, the vast majority of that is working capital to the tune of about $150 million of the $193 million, and the rest is largely IT software, and then we have a little smidge of goodwill in there of about $15 million to give you some parameters.

至於量化這項業務有多大以及它目前對 AEP 意味著什麼，淨資產頭寸，或者我猜，股權頭寸，如果你剔除負債，我們談論的是 1.93 億美元，其中絕大部分是 1.93 億美元中的大約 1.5 億美元的營運資金，其餘主要是 IT 軟件，然後我們有大約 1500 萬美元的一點點善意給你一些參數。

And then another thing -- that I would think about is what does that mean from an EPS perspective, in 2022, this retail business contributed $0.05 of EPS. And in 2023, we have $0.04 embedded in our guidance to give you that goalpost too. Hopefully, that helps.

然後另一件事——我會考慮的是，從每股收益的角度來看，這意味著什麼，到 2022 年，該零售業務貢獻了 0.05 美元的每股收益。在 2023 年，我們的指導中嵌入了 0.04 美元，也為您提供了目標。希望這會有所幫助。

That's very helpful. And just going back to the renewables sale here. Was there an EBITDA number that you might be able to share with us or have shared on that?

這很有幫助。回到這裡的可再生能源銷售。您是否可以與我們分享或分享過 EBITDA 數據？

We haven't disclosed an EBITDA number. I can tell you that in our guidance for 2023, we're looking at $0.01 that renewable business contributed, I think it was $0.08. Does that sound right, Ann?

我們尚未披露 EBITDA 數字。我可以告訴你，在我們 2023 年的指導中，我們正在尋找可再生能源業務貢獻的 0.01 美元，我認為是 0.08 美元。聽起來對嗎，安？

$0.08, yes?

0.08 美元，是嗎？

$0.08, yes.

0.08 美元，是的。

yes, $0.08 in 2022 to give you those parameters.

是的，2022 年 0.08 美元即可為您提供這些參數。

Got it. That's helpful. And just one last one, if I could. Touching on what Shar was talking about the fuel business what have you. And I guess different moving pieces here, getting back to what the agencies are looking at, how should we think about the cadence of fuel balance normalizing and any other items as we get to the 14% to 15% FFO debt target range by year-end '23, I think?

知道了。這很有幫助。還有最後一張，如果可以的話。談到 Shar 所說的燃料業務，你有什麼。我想這裡有不同的移動部分，回到機構正在研究的內容，我們應該如何考慮燃料平衡正常化的節奏以及我們每年達到 14% 至 15% FFO 債務目標範圍的任何其他項目-結束'23，我想？

That's right. We expect to get our -- up to the -- get the ball between the uprates in the last part of the year. We do expect to have a little bit of pressure on the front end as we continue to work through some of the fuel balances. As I mentioned, when you look at West Virginia stand-alone, it's about $520 million. Does that sound right, Ann?

這是正確的。我們希望在今年下半年的升息之間獲得我們的 - 最多 - 得到球。隨著我們繼續努力解決一些燃料平衡問題，我們確實希望對前端施加一點壓力。正如我提到的，當你單獨看西弗吉尼亞州時，它大約是 5.2 億美元。聽起來對嗎，安？

Yes, $520 million. And as I mentioned, the securitization of that will take some time. So likely won't be done by the end of this year. But -- in terms of our other fuel balances and other jurisdictions, we have positive mechanisms to recover that. And also natural gas rates and power prices are declining, so that will help somewhat as well.

是的，5.2 億美元。正如我所提到的，它的證券化需要一些時間。所以很可能不會在今年年底完成。但是 - 就我們的其他燃料平衡和其他司法管轄區而言，我們有積極的機制來恢復它。天然氣價格和電價也在下降，因此這也會有所幫助。

And next, we'll go to Steve Fleishman with Wolfe Research.

接下來，我們將與 Wolfe Research 的史蒂夫·弗萊什曼 (Steve Fleishman) 談談。

Yes. So just kind of similar -- similar question on the deferred fuel. If you just looked at the year-end number on FFO to debt, how much do you think deferred fuel represents in terms of impact that's lowering that number? Looking at FFO to debt?

是的。所以有點類似——關於延遲燃料的類似問題。如果您只查看 FFO 與債務的年終數字，您認為遞延燃料在降低該數字的影響方面代表了多少？看著 FFO 到債務？

So we're at 13.2% as of year-end. And so if we get above that 14%-ish range by year-end 2023, I don't know that looks about -- I don't say entirely 100 basis points, but it's pretty significant.

因此，截至年底，我們的增長率為 13.2%。因此，如果我們在 2023 年底之前超過 14% 左右的範圍，我不知道這看起來——我不說完全是 100 個基點，但它非常重要。

Yes. I think it actually might be a little bit less than 100 basis when you think about it because we have $1.7 billion of deferred fuel at the end of the year. .

是的。我認為當你考慮時，它實際上可能略低於 100 個基點，因為我們在年底有 17 億美元的遞延燃料。 .

Okay. That's very helpful. And then just on the ROE improvement to the 9.4% in this year's guidance. Is it -- is there any states that are really driving a lot of that? Are there any states that they're still kind of the most room to go after '23?

好的。這很有幫助。然後只是將 ROE 提高到今年指導中的 9.4%。是 - 是否有任何州真正推動了很多？是否有任何狀態表明他們在 23 年後仍然有最大的發展空間？

Yes. So here's where I'll draw your attention to. And I know we have the little equalizer chart here in the slide deck somewhere. I think it's on Page 41. And so you can get a sense of kind of where we are hanging out on each of the respective operating company entities. But what we do have in play right now is that at PSO, so Oklahoma, we have a base case underway. So that should help us to begin to heal the ROE, the earned ROE at PSO. So stay tuned for that. So base case in play there.

是的。所以這就是我要提請你注意的地方。我知道我們在幻燈片的某個地方有均衡器圖表。我認為它在第 41 頁上。因此您可以了解我們在每個運營公司實體上閒逛的地方。但我們現在正在做的是在 PSO，所以俄克拉荷馬州，我們正在進行一個基本案例。因此，這應該有助於我們開始修復 ROE，即 PSO 中獲得的 ROE。所以請繼續關注。所以基本情況在那裡發揮作用。

And then as I mentioned in my opening remarks, we recently were able to finalize our Louisiana base case and then reactivate this formula rate plan. So that will get underway to, again, to help move SWEPCO's ROE back up closer to its authorized levels. Kentucky, obviously, you know what we're doing with Kentucky. And APCo, I think APCo, that's why the legislation in Virginia becomes so important to us because we're in an under-earning position right now. We got the outcome of the Virginia triennial case, which should be beneficial to us in 2023, but I would still expect APCo's ROE to be under pressure until we get, hopefully, some resolution around Virginia legislation that to the extent that we're able to modify the regulatory recovery methods that are being employed in that particular state, we'll begin to see some healing on that particular ROE, too.

然後正如我在開場白中提到的那樣，我們最近能夠最終確定我們的路易斯安那州基本案例，然後重新激活這個公式費率計劃。因此，這將再次進行，以幫助將 SWEPCO 的 ROE 提高到更接近其授權水平。肯塔基州，很明顯，你知道我們在肯塔基州做什麼。而 APCo，我認為 APCo，這就是為什麼弗吉尼亞州的立法對我們如此重要，因為我們現在處於收入不足的境地。我們得到了弗吉尼亞三年一次案例的結果，這應該在 2023 年對我們有利，但我仍然希望 APCo 的 ROE 會承受壓力，直到我們希望圍繞弗吉尼亞立法達成一些解決方案，在我們能夠做到的範圍內為了修改在該特定狀態下使用的監管恢復方法，我們也將開始看到該特定 ROE 有所改善。

So our triennial versus say a biennial, AEP is going to lean more toward a biennial or an annual type look versus necessarily than triennial because unfortunately it kind of traps us in an under-earning position, so stay tuned. We'll see how the Virginia legislation process moved along. Our team is absolutely at the table with all the other stakeholders. So that sounds constructive. So we're hopeful and we'll see this developing situation through and then we would expect something to be in the improvement territory for APCo.

因此，我們的三年展與雙年展相比，AEP 將更傾向於雙年展或年度類型的外觀，而不是三年展，因為不幸的是，這有點讓我們陷入收入不足的境地，敬請期待。我們將看到弗吉尼亞州的立法程序是如何進行的。我們的團隊絕對與所有其他利益相關者坐在一起。所以這聽起來很有建設性。所以我們充滿希望，我們會看到這種發展情況，然後我們希望 APCo 的改進領域有所改善。

Just for clarity on that last point, in Virginia, why does -- what are things that would help you in the Virginia law, it go into the biannual so you don't have to go so far between cases or something else?

只是為了清楚最後一點，在弗吉尼亞州，為什麼 - 在弗吉尼亞州的法律中有哪些對你有幫助的事情，它進入一年兩次，這樣你就不必在案件或其他事情之間走得太遠？

Anything shorter, Steve, is going to be better for us. So that will move us in a more productive situation or direction for APCo in particular. I mean an annual rate trout would be fine, too. But again, you can see the direction. So that will be important for us as we work through the different solutions that are being contemplated now because I know we have, I think, 3 bills that are being evaluated or at least shopped in Virginia. But as I mentioned, AEP is absolutely at the table, and we'll see how this ultimately shakes out. Obviously, the benefit needs to go to the customers, but then also our investors as we work to improve the ROE.

任何更短的內容，史蒂夫，對我們來說都會更好。因此，這將使我們處於更有成效的情況或方向，尤其是 APCo。我的意思是年率鱒魚也可以。但同樣，你可以看到方向。因此，這對我們來說很重要，因為我們正在研究現在正在考慮的不同解決方案，因為我知道我們有 3 份正在評估或至少在弗吉尼亞購買的賬單。但正如我所提到的，AEP 絕對在談判桌上，我們將看到這最終會如何解決。顯然，利益需要讓客戶受益，但在我們努力提高 ROE 的過程中，我們的投資者也需要受益。

Next, we can go to Nick Campanella with Credit Suisse.

接下來，我們可以去瑞士信貸的 Nick Campanella。

I guess just -- very clear from the filings that have been made so far on the Kentucky transaction that the parties are committed here and you're working towards closing and what is somewhat of a tight deadline. Can you just kind of give us a sense how that changes, if your funding strategy changes at all if this deal weren't to go through and how that would overall kind of change your strategy if it went there?

我想只是 - 從迄今為止就肯塔基州交易提交的文件中可以清楚地看出，雙方都在這裡做出承諾，你正在努力完成交易，而且最後期限有點緊迫。如果這筆交易沒有通過，如果你的融資策略完全改變，你能告訴我們這是如何改變的嗎？如果交易成功，這將如何改變你的策略？

Yes. Nick, I still appreciate the question, and I'll let Ann jump in here in a second one, what our thoughts are on funding. But I have -- before I do that, I have to say, we're committed to the transaction. I know you point that out. And I know we do have a tight time line. That's precisely why I threw that out there in my opening comments. The objective is to, I'll say, push for the take because I know we've got that April 26 date. But importantly, I need you guys to have this takeaway both the AEP and the Algonquin team members continue to have a regular dialogue and work closely together.

是的。尼克，我仍然很欣賞這個問題，我會讓安在第二個問題上跳到這裡，我們對資金的看法是什麼。但我已經 - 在我這樣做之前，我必須說，我們致力於交易。我知道你指出了這一點。我知道我們的時間很緊。這正是我在開場評論中提出這一點的原因。目標是，我會說，推動接受，因為我知道我們有 4 月 26 日的日期。但重要的是，我需要你們讓 AEP 和 Algonquin 團隊成員繼續定期對話並密切合作。

So we're all in and we'll continue to push to try to do this as expeditiously as possible. But I think we're also in a good position from a financing perspective. Ann, you want to talk a little bit...

所以我們全力以赴，我們將繼續努力盡快做到這一點。但我認為從融資的角度來看，我們也處於有利地位。安，你想談談...

Yes, absolutely. So I mean should Kentucky not close, we would expect to keep our equity needs the same. So no new equity if that happens. We'll just be managing our FFO to debt as tightly as possible and don't expect any changes.

是的，一點沒錯。所以我的意思是，如果肯塔基州不關閉，我們希望保持我們的股權需求不變。因此，如果發生這種情況，則不會有新的股權。我們將盡可能嚴格地管理我們的 FFO 到債務，預計不會有任何變化。

Okay. That's helpful. I appreciate that. And then I guess just I know we talked a lot about deferred fuel, but we noticed that the CFO is slightly depressed in '23 versus kind of what you outlined at the Analyst Day. And I think you're making up for that in the back part of the plan. But is that purely just deferred fuel impacts? Or is there something else fundamental there? That would helpful.

好的。這很有幫助。我很感激。然後我想我知道我們談了很多關於遞延燃料的問題，但我們注意到首席財務官在 23 年與你在分析師日概述的情況相比有點沮喪。而且我認為您正在計劃的後半部分彌補這一點。但這純粹只是延遲的燃料影響嗎？還是那裡有其他基本的東西？那會有幫助。

Yes, there's really 2 main drivers. Deferred fuel is the biggest piece, but the other piece is we've had some return of collateral from a mark-to-market due to the reduction in natural gas and power prices that has impacted that as well.

是的，確實有兩個主要驅動因素。遞延燃料是最大的一部分，但另一部分是由於天然氣和電力價格的下降也對其產生了影響，我們從按市值計價的抵押品中獲得了一些回報。

Next, we can go to Bill Appicelli with UBS.

接下來，我們可以去瑞銀的 Bill Appicelli。

Just going back to the Kentucky sale. I know you said that FERC provided for a 45-day comment period so that was look like it was going to be supportive of maybe an expedited ruling. But will we get further indications from FERC, if they will rule an expedited manner? Or do we just have to wait and see?

回到肯塔基州的銷售。我知道你說過 FERC 提供了 45 天的評論期，所以看起來它可能會支持加速裁決。但是，如果他們將加快裁決，我們是否會從 FERC 獲得進一步的指示？還是我們只能拭目以待？

Yes. So the next dating item for us is March 31. That ends the commentary period, and we'll just proceed from there. We know the other backdrop for us or backstop for us, as I mentioned in my comments, is the April 26 date. So that's top of mind for us as well. But here's where I continue to go in my mind. None of the benefits yet to the customer until we close the transaction. They don't start in advance. So that's incredibly important. And I think we've got everyone's attention.

是的。所以我們的下一個約會項目是 3 月 31 日。評論期到此結束，我們將從那裡開始。正如我在評論中提到的，我們知道我們的另一個背景或支持是 4 月 26 日。所以這也是我們的首要考慮。但這是我繼續思考的地方。在我們完成交易之前，客戶還沒有任何好處。他們不會提前開始。所以這非常重要。我認為我們已經引起了所有人的注意。

And Bill, the other thing that we were particularly sensitive to, and I know Darcy has probably shared this with you, if you've called in, in the interim here, but we really made an effort to take the FERC blueprint to make sure that we were accommodating or addressing the concerns that FERC voiced as it relates to taking care of customers and making sure there's no harm.

比爾，另一件我們特別敏感的事情，我知道達西可能已經和你分享過這個，如果你打過電話，在此期間，但我們真的努力採用 FERC 藍圖來確保我們正在適應或解決 FERC 表達的與照顧客戶和確保沒有傷害有關的擔憂。

And as a matter of fact, if you at the application. I think we go in pre through -- the new 203 application in pretty granular form. I think it's Pages 4, 5 and 6. Clearly, I've read this a few times. Take a look at that if you want to get a better sense of what the parties have come up with to be able to take care of the customers in the state of Kentucky and specifically Kentucky Power's footprint. So I think everybody is going to be working on an expedited basis and schedule.

事實上，如果你在申請。我想我們已經開始了——新的 203 應用程序以非常精細的形式出現。我認為是第 4、5 和 6 頁。顯然，我已經讀過幾次了。如果您想更好地了解各方為能夠照顧肯塔基州的客戶，特別是肯塔基電力公司的足跡，請看一看。所以我認為每個人都將在加快的基礎上和時間表上工作。

And clearly, we very much appreciated the shortened comment period because I do think it's indicative. So we'll continue to work through it and rest assured that both the AEP and Algonquin team members will continue to be in regular contact with one another because at this point, we're partners in all of this.

顯然，我們非常感謝縮短評論期，因為我確實認為這是指示性的。因此，我們將繼續努力解決它，並請放心，AEP 和 Algonquin 團隊成員將繼續保持定期聯繫，因為在這一點上，我們是所有這一切的合作夥伴。

Okay. No, that's very helpful. And then I guess, what happens if we get to the April 26 date, and we don't have a decision from FERC. Can that be extended or...

好的。不，這非常有幫助。然後我想，如果我們到了 4 月 26 日，而 FERC 還沒有做出決定，會發生什麼。可以延長還是...

Excellent question, excellent question. And here's how we can answer that for you. I mentioned that the teams are in constant contact and regular contact. I would expect that if we get closer to that date, that the teams will be talking specifically about this. So stay tuned.

好問題，好問題。以下是我們如何為您解答。我提到了團隊經常聯繫和定期聯繫。我希望如果我們接近那個日期，團隊將專門討論這個問題。敬請期待。

And next, we'll go to Durgesh Chopra with Evercore.

接下來，我們將與 Evercore 一起去 Durgesh Chopra。

Just first, a quick clarification. I think you mentioned $0.08 for the renewables business EPS. That's just half year, right? So that's what's embedded in the guidance and the full year earnings are double that's $0.16, right? .

首先，快速澄清一下。我想你提到可再生能源業務 EPS 為 0.08 美元。才半年吧？這就是指導中包含的內容，全年收益是 0.16 美元的兩倍，對嗎？ .

No, $0.08 is last year. So the 2022 EPS from renewables, as we mentioned, for 2023, we expect that to be $0.01.

不，去年是 0.08 美元。因此，正如我們提到的，2023 年可再生能源的 2022 年每股收益預計為 0.01 美元。

Got it. So that's the full year contribution for 2022?

知道了。那麼這是 2022 年的全年貢獻嗎？

That's correct. Yes, $0.08 for 2022, $0.01 for 2023. And so the way I would characterize it, and I think this is how we had in press release neutral to maybe slightly dilutive to a $0.01. So from my chair, I'm not worried about it.

這是正確的。是的，2022 年為 0.08 美元，2023 年為 0.01 美元。所以我描述它的方式，我認為這就是我們在新聞稿中保持中立甚至可能略微稀釋到 0.01 美元的方式。所以在我的椅子上，我並不擔心。

Got it. Okay. And then just, again, I want to go back to the sort of the financing slide. Can you just updated thoughts on use of proceeds here. Clearly, the renewable sale is on track and you get $1.2 billion in cash. So how should we think about use of proceeds? Should that at least eliminate equity for 2024? .

知道了。好的。然後，再一次，我想回到那種融資幻燈片。你能在這裡更新關於收益使用的想法嗎？顯然，可再生能源的銷售正在進行中，您將獲得 12 億美元的現金。那麼我們應該如何考慮收益的使用呢？這至少應該消除 2024 年的公平嗎？ .

Yes. So do you want to take that?

是的。那你想接受嗎？

No. Right now, we are not going to reduce any equity in the outer years. But as Julia mentioned, once we close the Kentucky transaction, the renewables transaction, we're going to we reevaluate and see whether or not we can responsibly take out equity in the future while keeping in mind and having a strong balance sheet.

不會。目前，我們不會減少外部年份的任何股權。但正如 Julia 所提到的，一旦我們完成了肯塔基州的交易，即可再生能源交易，我們將重新評估並看看我們是否可以在未來負責任地取出股權，同時牢記並擁有強大的資產負債表。

And next, we can go to Paul Fremont with Ladenburg.

接下來，我們可以和 Ladenburg 一起去 Paul Fremont。

Great. So I guess the first question, right now, the sales proceeds from the 2 transactions actually are in excess of the equity that you had identified last year. So we should assume though that the sales proceeds don't eliminate your equity need, they just reduce it. Is that a fair characterization?

偉大的。所以我想第一個問題，現在，這兩筆交易的銷售收益實際上超過了你去年確定的股權。所以我們應該假設雖然銷售收益不會消除您的股權需求，但它們只會減少它。這是一個公平的表徵嗎？

I think that's a fair characterization. And just as a reminder because Ann wasn't here when we made these announcements last year. But Paul, you may remember, we took out of the 2022 plan -- the 2022 plan, $1.4 billion of equity because we assume that the Kentucky transaction would have closed. We never put that equity back in. And so right now, we're just kind of waiting to have that particular transaction close. And then we introduced the contracted renewables transaction on top of that. So what you see today is versus what we originally had planned, we had already stripped out $1.4 billion of equity. So that's already assumed in this plan versus what we originally had when we announced Kentucky. And so as Ann mentioned, what you should anticipate is we've already assumed all the proceeds from these -- both of these transactions are assumed in the multiyear forecast you have on Page 39.

我認為這是一個公平的描述。提醒一下，因為去年我們發布這些公告時 Ann 不在場。但是保羅，你可能還記得，我們去掉了 2022 年計劃——2022 年計劃，14 億美元的股權，因為我們假設肯塔基州的交易已經完成。我們從來沒有把那筆股權放回去。所以現在，我們只是在等待那個特定的交易結束。然後我們在此基礎上引入了合同可再生能源交易。所以你今天看到的是與我們最初計劃的相比，我們已經剝離了 14 億美元的股權。因此，與我們宣布肯塔基州時最初擁有的相比，該計劃已經假設了這一點。正如 Ann 提到的那樣，您應該預料到我們已經假設了這些交易的所有收益——這兩項交易都在您在第 39 頁的多年預測中進行了假設。

And that once we close on both of them, we like cash. We like cash coming in the door. So once we close on those, we'll be able to recalibrate to make sure we're doing -- hitting 2 objectives: number one, make sure that we're getting to that 15% -- 14% to 15% FFO-to-debt and then being able to tweak, meaning otherwise translation reduce any of those equity needs in those future periods. So don't anticipate us just piping all of that out because we've already assumed the Kentucky utilization was in there, but we may have some wiggle room here to take some additional dollars out in terms of equity once we close on the transaction.

而且一旦我們關閉它們，我們就會喜歡現金。我們喜歡現金進門。因此，一旦我們關閉這些，我們將能夠重新校準以確保我們正在做 - 實現 2 個目標：第一，確保我們達到 15% - 14% 到 15% FFO-債務然後能夠進行調整，否則意味著轉換會減少未來時期的任何這些股權需求。所以不要指望我們只是把所有這些都說出來，因為我們已經假設肯塔基州的利用率在那裡，但是一旦我們完成交易，我們可能會有一些迴旋餘地，可以在股權方面拿出一些額外的美元。

And so no hidden message there. We're just wait until we have the dollars, and we'll be right back to you to be able to take some of those equity needs out assuming we can get the metrics that we need to hit from an FFO-to-debt perspective, and I think we can do it.

所以那裡沒有隱藏的信息。我們只是等到我們有錢，我們會馬上回复您，以便能夠滿足其中一些股權需求，前提是我們能夠從 FFO 到債務的角度獲得我們需要達到的指標，我認為我們可以做到。

Great. And then moving to Virginia. You guys -- or there's a bill, I think that's under duration SB 1075, would you expect that to survive, come out of conference and ultimately be adopted? Or I guess, what's your thought process on what will happen in Virginia?

偉大的。然後搬到弗吉尼亞。伙計們——或者有一項法案，我認為它在 SB 1075 的期限內，你希望它能夠存活下來，從會議中出來並最終被採納嗎？或者我猜，您對弗吉尼亞州將發生的事情有何想法？

Yes. So here's what I have. I have that SB 1075 was amended in the house and then we -- it was transitioned to a biennial. And then we're continuing to work with our legislators and the governors to reach some consensus on the language. And if this does pass, what you should anticipate is that AEP or APCo would file its last triennial in 2023, and that would cover the period 2020 through 2022. So we'll see if we can get this across the goal line.

是的。這就是我所擁有的。我知道 SB 1075 在內部進行了修改，然後我們 - 它被轉換為雙年展。然後我們將繼續與我們的立法者和州長合作，以就語言達成一些共識。如果這真的通過了，你應該預期的是 AEP 或 APCo 將在 2023 年提交其最後一個三年期，這將涵蓋 2020 年到 2022 年期間。所以我們將看看我們是否能夠跨越目標線。

I know we've got some other competing bills or legislation that is being proposed as well, also looks like a biennial situation.

我知道我們還提出了其他一些相互競爭的法案或立法，看起來也是每兩年一次。

Great. And can you break out for 2022, just the contribution from generation?

偉大的。你能為 2022 年爆發，只是一代人的貢獻嗎？

From all of our generating assets or the generation...

從我們所有的發電資產或發電...

In the G&M section, so the merchant -- in other words, the merchant generation contribution in 2022.

在 G&M 部分，商家——換句話說，就是 2022 年商家一代的貢獻。

Yes. I can give you the renewable part, that was $0.08. I have that off the top of my head. I can give you the -- so I'm going to work it a little bit backwards. I give you the retail piece of the business, and that's not the generation component. So that was $0.05. So then you've got, what, $0.13 there of the total earned. We can circle back with you, Paul, and get you that number, though. That would be no problem.

是的。我可以給你可再生部分，那是 0.08 美元。我把它放在了頭頂。我可以給你 - 所以我要倒退一點。我給你業務的零售部分，那不是發電部分。那是 0.05 美元。那麼你得到的是總收入中的 0.13 美元。不過，保羅，我們可以和你一起回來，並為你弄到那個號碼。那沒問題。

That would be great. And maybe the last question for me. The income tax changes and other and Corporate and Other, can you maybe give a little flavor as to what drove those?

那太好了。也許是我的最後一個問題。所得稅變化和其他以及公司和其他，你能不能稍微說明一下是什麼推動了這些？

Hang on, one second here. We're kind of running through my notes because I don't have that in front of me.

等一下，在這裡等一下。我們正在瀏覽我的筆記，因為我面前沒有。

Yes. So the income tax, there's a little bit of geography here with respect to the parent company loss that's driving that impact. And then -- the other is just a lot of very small items that are move together.

是的。所以所得稅，這裡有一點關於推動這種影響的母公司虧損的地理因素。然後 - 另一個只是很多非常小的物品一起移動。

And with no further questions in queue, I'll hand the call back over to Darcy Reese.

如果沒有其他問題，我會把電話轉回 Darcy Reese。

Thank you for joining us on today's call. As always, the IR team will be available to answer any additional questions you may have. Brad, would you please give the replay information.

感謝您參加今天的電話會議。與往常一樣，IR 團隊可以回答您可能有的任何其他問題。布拉德，請你提供重播信息。

Certainly. Thank you. Ladies and gentlemen, this conference will be available for replay after 11:30 Eastern today and running through March 3 at midnight. You can access the AT&T replay system at any time by dialing 1 (866) 207-1041 and entering the access code 3625886. International parties may dial (402) 970-0847. Those numbers again, 1 (866) 207-1041 and International parties (402) 970-0847 with the access code 3625886. That does conclude our call for today. Thanks for your participation and for using the AT&T teleconference. You may now disconnect.

當然。謝謝。女士們，先生們，今天東部時間 11 點 30 分之後並持續到 3 月 3 日午夜，可以重播本次會議。您可以隨時撥打 1 (866) 207-1041 並輸入接入碼 3625886 訪問 AT&T 重放系統。國際用戶可撥打 (402) 970-0847。還是那些號碼，1 (866) 207-1041 和國際方 (402) 970-0847，訪問代碼為 3625886。我們今天的電話會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連接。