美國電力 (AEP) 2023 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Electric Power Fourth Quarter 2023 Earnings Call. (Operator Instructions) I would now like to turn the conference over to Darcy Reese, vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。我叫雷吉娜，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加美國電力公司 2023 年第四季財報電話會議。 （操作員指示）我現在想將會議轉交給投資人關係副總裁 Darcy Reese。請繼續。

Thank you, Regina. Good morning, everyone, and welcome to the Fourth Quarter 2023 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.

謝謝你，雷吉娜。大家早安，歡迎參加美國電力公司 2023 年第四季財報電話會議。我們感謝您今天抽出時間加入我們。我們的收益發布、簡報投影片和相關財務資訊可在我們的網站 aep.com 上取得。

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.

今天，我們將在電話會議中發表前瞻性聲明。有許多因素可能導致未來結果與這些陳述有重大差異。請參閱我們向 SEC 提交的文件，以了解這些因素的討論。

Joining me this morning for opening remarks are Ben Fowke, our Interim President and Chief Executive Officer; Chuck Zebula, our Executive Vice President and Chief Financial Officer; and Peggy Simmons, our Executive Vice President of Utilities. We will take your questions following their remarks. I will now turn the call over to Ben.

今天早上與我一起致開幕詞的是我們的臨時總裁兼執行長 Ben Fowke； Chuck Zebula，我們的執行副總裁兼財務長；以及我們公用事業執行副總裁佩吉·西蒙斯 (Peggy Simmons)。我們將根據他們的發言回答您的問題。我現在將把電話轉給本。

Well, thank you, Darcy, and good morning, and welcome to American Electric Power's Fourth Quarter 2023 Earnings Call. It's great to have a chance to reconnect with you, although I never thought it would be under these circumstances. As you know, the AEP Board of Directors made a decision to remove Julie Sloat from her duties as Chair, President and CEO. Taking this action was not easy, but the Board believes it was in the best interest of AEP and its stakeholders to do so.

好的，謝謝達西，早安，歡迎參加美國電力公司 2023 年第四季財報電話會議。很高興有機會與你重新聯繫，儘管我從未想過會是在這種情況下。如您所知，AEP 董事會決定解除 Julie Sloat 董事長、總裁兼執行長的職務。採取這項行動並不容易，但董事會認為這樣做符合 AEP 及其利害關係人的最佳利益。

On behalf of the Board and the entire AEP family, I would like to wish Julie well and thank her for all her contributions. I would also like to assure everyone that Julie's departure was not due to any unethical behavior, disagreements of financial policy or because of any violation of AEP's code of conduct.

我謹代表董事會和整個 AEP 大家庭祝福 Julie 一切順利，並感謝她所做的所有貢獻。我還要向大家保證，朱莉的離職並不是因為任何不道德行為、財務政策分歧或任何違反 AEP 行為準則的行為。

Now as many of you are aware, after my retirement from Xcel Energy, I joined the AEP Board in February of 2022. I was attracted to this Board because I was impressed with AEP's business model, its strong asset base and the quality of its leadership team and Board. I'm even more impressed 2 years later. In my tenure here, I've seen the AEP team rise to meet multiple challenges.

現在，正如你們許多人所知，我從Xcel Energy 退休後，於2022 年2 月加入了AEP 董事會。我被該董事會吸引，因為AEP 的商業模式、強大的資產基礎及其領導素質給我留下了深刻的印象團隊和董事會。兩年後我印象更深刻。在我任職期間，我見證了 AEP 團隊的奮起應對多重挑戰。

Let me give you some examples, starting with earnings. For 14 years in a row, AEP has met or exceeded earnings guidance, and 2023 is no exception. Our operating earnings came in at $5.25. That's within our guidance range despite $0.37 of unfavorable weather and $0.45 of increased interest cost over the prior year.

讓我舉一些例子，先從收入開始。 AEP 連續 14 年達到或超過獲利指引，2023 年也不例外。我們的營業收入為 5.25 美元。儘管與前一年相比，不利天氣增加了 0.37 美元，利息成本增加了 0.45 美元，但這仍在我們的指導範圍之內。

Now as you know, controlling O&M expense has been a challenge for the industry. And AEP has met that challenge, essentially keeping O&M flat for the last 10 years, while at the same time doubling its asset base. This team's continuous focus on O&M efficiency is nothing short of excellent. You may also recall that in early 2023, the Texas Commission denied a petition to be part of SWEPCO's 999-megawatt renewables project for $2.2 billion. But the team didn't miss a beat and put the project back on track with Arkansas and Louisiana ultimately stepping up to move forward with the full project. As a result, and including SWEPCO, today, we have commission approval of $6.6 billion of new renewable projects throughout AEP's service territory, representing a 70% achievement of our current 5-year $9.4 billion new generation capital plan. And I hope you would agree with me that, that is really solid execution.

如您所知，控制維運費用一直是業界面臨的挑戰。 AEP 迎接了這項挑戰，在過去 10 年基本上保持了 O&M 持平，同時其資產基礎翻了一番。這個團隊對維運效率的持續關注非常出色。您可能還記得，2023 年初，德州委員會拒絕了參與 SWEPCO 價值 22 億美元的 999 兆瓦再生能源計畫的申請。但該團隊沒有錯過任何一個機會，使該項目重回正軌，阿肯色州和路易斯安那州最終加緊推進整個項目。因此，今天，包括 SWEPCO 在內，我們在 AEP 服務區域內批准了 66 億美元的新再生能源項目，這意味著我們目前 5 年 94 億美元的新一代資本計劃已完成 70%。我希望您能同意我的觀點，這確實是可靠的執行力。

Initiatives to simplify and derisk our portfolio are squarely the focus of the Board and the management team, and we are pleased with the great progress made. Last year, we completed the sale of our unregulated renewables portfolio, bringing in $1.2 billion of cash proceeds. We should be closing on our New Mexico Renewable Development solar portfolio within the next day or 2. This, in combination with the expected conclusion of our retail and distributed resources sales process in the second quarter, keeps us on schedule to achieve our 2024 asset sales targets.

簡化投資組合和降低風險的措施是董事會和管理團隊的重點，我們對所取得的巨大進展感到高興。去年，我們完成了不受監管的再生能源投資組合的出售，帶來了 12 億美元的現金收益。我們應該在第二天或兩天內完成新墨西哥州再生能源開發太陽能投資組合。這與我們第二季度零售和分散式資源銷售流程的預期結論相結合，使我們能夠按計劃實現 2024 年資產銷售目標。

As we move forward, AEP will continue to be a disciplined portfolio manager, and we will be willing to take action when price and the ability to execute intersect. To that end, we've made the decision to retain our ownership interest in both our Prairie Wind and Pioneer transmission joint ventures. We also completed the review of Transource and ultimately determined that owning this joint venture fits strategically within our portfolio. We like our remaining assets, and we'll focus going forward on doubling down on our efforts to achieve constructive regulatory outcomes that will allow us to provide the quality of service our customers need and expect.

隨著我們的前進，AEP 將繼續成為一個紀律嚴明的投資組合經理，當價格和執行能力相交時，我們願意採取行動。為此，我們決定保留我們在 Prairie Wind 和 Pioneer 變速箱合資企業中的所有權權益。我們也完成了對 Transsource 的審查，並最終確定擁有這家合資企業在策略上符合我們的投資組合。我們喜歡我們剩餘的資產，我們將繼續加倍努力，以實現建設性的監管成果，使我們能夠提供客戶所需和期望的服務品質。

Regarding Icahn Capital, our recent agreement came about from a culmination of a constructive dialogue between AEP and the Icahn teams. Like us, the Icahn team believes AEP shares are undervalued, and there's meaningful upside potential for our investors. The addition to AEP's Board will bring fresh perspective as we continue to execute on strategic priorities and enhance value for our stakeholders.

關於伊坎資本，我們最近達成的協議是 AEP 與伊坎團隊之間建設性對話的結果。和我們一樣，伊坎團隊也認為 AEP 股票被低估，對我們的投資者來說還有很大的上漲潛力。隨著我們繼續執行策略重點並提高利害關係人的價值，AEP 董事會的加入將為我們帶來新的視角。

Looking ahead, today, we are reaffirming our 2024 full year operating earnings guidance range of $5.53 to $5.73 as well as our long-term earnings growth rate of 6% to 7%, which is underpinned by a $43 billion 5-year capital plan in addition to 14% to 15% FFO to debt target, which Chuck will expand upon shortly.

展望未來，今天，我們重申 2024 年全年營業利潤指導範圍為 5.53 美元至 5.73 美元，以及長期利潤增長率為 6% 至 7%，這是由 430 億美元的 5 年資本計劃支撐的。除了14 % 到15% 的FFO 債務目標之外，Chuck 很快就會擴大這一目標。

You should know that I am committed to my role as Interim President and CEO, and I believe I can add value while the Board works to identify a permanent successor. So before I turn it over to Peggy for regulatory updates and Chuck for a financial review, let me also acknowledge that 2023 has been at times, a challenging year at AEP. There's certainly been some twists and turns and a few bumps in the road. But I would encourage all of you to focus on the key opportunities that lie ahead. I have tremendous confidence in our team's ability to achieve our objectives as we work every day to deliver safe, reliable and affordable energies to our customers. With that, I'll turn it over to Peggy.

您應該知道，我致力於履行臨時總裁兼執行長的職責，並且我相信在董事會努力確定永久繼任者的同時，我可以增加價值。因此，在我將其交給 Peggy 進行監管更新並交給 Chuck 進行財務審查之前，我還要承認，2023 年有時對 AEP 來說是充滿挑戰的一年。路上肯定有一些曲折和坎坷。但我鼓勵大家專注於未來的關鍵機會。我對我們團隊實現目標的能力充滿信心，因為我們每天都在努力為客戶提供安全、可靠和負擔得起的能源。有了這個，我會把它交給佩吉。

Thanks, Ben, and good morning, everyone. Now I'd like to turn to updates on our ongoing regulatory and legislative efforts. While we made important regulatory progress in 2023, it is clear that we can do even more to facilitate successful and constructive outcomes. Details of related activities can be found in the appendix on Slides 29 through 31.

謝謝，本，大家早安。現在我想談談我們正在進行的監管和立法工作的最新情況。雖然我們在 2023 年在監管方面取得了重要進展，但顯然我們可以採取更多措施來促進成功和建設性的成果。相關活動的詳細資訊可在投影片 29 至 31 的附錄中找到。

Closing the authorized versus earned ROE gap is a key area of focus for us. Our fourth quarter ROE came in at 8.8%, a slight improvement over the third quarter. This also reflects impacts of approximately 40 basis points from mild weather conditions in 2023. Our efforts to improve and bridge the ROE gap is supported by work we've done related to the recent passage of legislation that will help position us to provide safe and reliable service while managing costs and reducing regulatory lag. Most importantly, we obtained securitization in Kentucky, a biannual distribution cost recovery factor, or DCRF in Texas, and rate reviews every 2 years in Virginia.

縮小授權與賺取的股本回報率之間的差距是我們關注的關鍵領域。我們第四季的 ROE 為 8.8%，比第三季略有改善。這也反映了2023 年溫和天氣條件約40 個基點的影響。我們為改善和縮小ROE 差距所做的努力得到了我們最近通過的立法相關工作的支持，這些工作將有助於我們提供安全可靠的服務服務的同時管理成本並減少監管滯後。最重要的是，我們在肯塔基州獲得了證券化，在德克薩斯州獲得了每兩年一次的發行成本回收因子（DCRF），在弗吉尼亞州每兩年進行一次利率審查。

On the regulatory front, we secured several important wins over the course of 2023, including achieving constructive base rate case outcomes in Louisiana, Oklahoma and Virginia, reestablishing formula rate plans in Arkansas and Louisiana and reaching a settlement in our Ohio ESP V filings, on which we're awaiting the commission order. Overall, in 2023, we secured $312 million in rate relief.

在監管方面，我們在2023 年取得了幾項重要勝利，包括在路易斯安那州、俄克拉荷馬州和維吉尼亞州取得了建設性的基本利率案件結果，在阿肯色州和路易斯安那州重新制定了公式利率計劃，以及在俄亥俄州ESP V 文件中達成了和解，我們正在等待委員會的命令。整體而言，2023 年我們獲得了 3.12 億美元的利率減免。

We also filed new base cases in Indiana, Michigan and Kentucky in 2023. In Indiana, we have already reached a settlement, which we filed in December, and we expect the commission decision by June of this year. In Michigan, we continue to advance through the process and currently expect a ruling in the case in July. In Kentucky, the base case and securitization application was approved by the commission earlier this year.

我們也在 2023 年在印第安納州、密西根州和肯塔基州提交了新的基本案件。在印第安納州，我們已於 12 月提交了和解協議，預計委員會將在今年 6 月做出決定。在密西根州，我們繼續推動整個程序，目前預計該案將於 7 月做出裁決。在肯塔基州，基本案例和證券化申請於今年稍早獲得了委員會的批准。

Other upcoming cases include a new Oklahoma base rate case for PSO, which we filed last month. Additional filings in the first quarter will include an AEP Texas base rate case and the APCo Virginia biennial rate review that should have the benefits of legislative changes attained in 2023.

其他即將審理的案件包括我們上個月提交的一項新的俄克拉荷馬州 PSO 基本費率案件。第一季的其他文件將包括 AEP 德州基本費率案件和 APCo 維吉尼亞州兩年一度的費率審查，這應該會受益於 2023 年實現的立法變革。

While we reached many constructive outcomes in 2023, we are disappointed in a couple disallowances recently received. First, in Texas, the commission issued a decision disallowing capitalization of AFUDC related to our Turk Plant in mid-December 2023. And we filed a motion for reconsideration a week later.

雖然我們在 2023 年取得了許多建設性成果，但我們對最近收到的一些拒絕令感到失望。首先，在德克薩斯州，該委員會於 2023 年 12 月中旬發布了一項決定，禁止對與我們的土耳其工廠相關的 AFUDC 進行資本化。一周後，我們提交了重新審議動議。

In West Virginia, last month, the commission disallowed a portion of our March 2021 to February 2023 under recovered fuel, and we recently filed an appeal with the West Virginia Supreme Court on February 8. We are also disappointed with the FERC order we received in January 2024 related to treatment of accumulated deferred income taxes associated with net operating loss carryforwards, or NOLC, mostly affecting our Transmission Holdco segment. We just filed for rehearing on February 20. Shortly, Chuck will discuss the related unfavorable net financial impact to 2023 operating earnings.

上個月，在西維吉尼亞州，該委員會禁止我們在2021 年3 月至2023 年2 月期間回收燃料，我們最近於2 月8 日向西維吉尼亞州最高法院提起上訴。我們對FERC 在2021 年收到的命令也感到失望2024 年 1 月涉及與淨營業虧損結轉（NOLC）相關的累計遞延所得稅的處理，主要影響我們的 Transmission Holdco 部門。我們剛在 2 月 20 日申請重審。不久後，查克將討論對 2023 年營運收益的相關不利淨財務影響。

Looking ahead, we know there is more work to be done as we advance our regulatory strategies in 2024 to achieve a forecasted regulated ROE of 9.1%. We are well on our way this year with almost 70% of rate relief either secured or related to mechanisms that are more administrative in nature. We look forward to continuing to engage constructively with our regulators and strengthening relationships at all levels.

展望未來，我們知道，在 2024 年推進監管策略以實現 9.1% 的預測監管 ROE 方面，還有更多工作要做。今年我們進展順利，近 70% 的利率減免要么是有保障的，要么與更具行政性的機制有關。我們期待繼續與監管機構進行建設性接觸，並加強各層面的關係。

As Ben mentioned, this year, AEP continued to advance our 5-year $9.4 billion regulated renewables capital plan and now have a total of $6.6 billion approved by various state commissions. More detail of resource additions can be viewed in the appendix on Slides 32 through 34. As previously disclosed, we received approval for APCo's 143 megawatts of wind generation, totaling more than $400 million of investment. This is in addition to the previously approved 209 megawatts of solar and wind projects for approximately $500 million.

正如 Ben 所提到的，今年，AEP 繼續推進 5 年 94 億美元的受監管再生能源資本計劃，目前已獲得各州委員會批准的總額為 66 億美元。有關資源添加的更多詳細信息，請參閱附錄中的幻燈片 32 至 34。 如前所述，我們已獲得 APCo 143 兆瓦風力發電的批准，投資總額超過 4 億美元。這是先前批准的 209 兆瓦太陽能和風能項目的補充，耗資約 5 億美元。

In 2023, we also received commission approval in both Indiana and Michigan for I&M 469 megawatts of solar projects, representing $1 billion of investment, PSO's 995.5-megawatt renewables portfolio for $2.5 billion and SWEPCO's 999-megawatt renewables for $2.2 billion. Our fleet transformation goals are aligned with and supported by our integrated resource plan.

2023 年，我們還獲得了印第安納州和密西根州委員會批准的I&M 469 兆瓦太陽能專案（投資10 億美元）、PSO 的995.5 兆瓦再生能源投資組合（投資25 億美元）和SWEPCO 的999 兆瓦再生能源項目（投資22 億美元）。我們的機隊轉型目標與我們的綜合資源計劃一致並得到其支持。

We have pending requests for proposals for a diverse set of additional generation resources at I&M in Kentucky, PSO and SWEPCO, with more to come from other operating companies, including APCo. These generation investments are an integral part of our broader capital program, which is 100% focused on regulated assets and the production tax credits that are generated from our renewable energy projects are passed along to and provide great value to our customers.

我們正在等待肯塔基州 I&M、PSO 和 SWEPCO 的各種額外發電資源提案請求，包括 APCo 在內的其他營運公司也將提供更多資源。這些發電投資是我們更廣泛的資本計劃的一個組成部分，該計劃100% 專注於受監管的資產，我們的可再生能源項目產生的生產稅收抵免將傳遞給我們的客戶，並為他們提供巨大的價值。

In addition to these projects, AEP is advancing an additional $27 billion in investments in our transmission and distribution systems to support reliability and resiliency. These combined investments underpin our 6% to 7% EPS growth commitment while mitigating customer bill impacts.

除了這些項目之外，AEP 還在我們的輸電和配電系統上追加 270 億美元的投資，以支持可靠性和彈性。這些綜合投資鞏固了我們 6% 至 7% 每股盈餘成長的承諾，同時減輕了客戶帳單的影響。

With that, I'll pass it over to Chuck to walk through the performance drivers in details supporting our financial commitments.

接下來，我將把它交給查克，讓他詳細介紹支持我們財務承諾的績效驅動因素。

Thanks, Peggy, and good morning to everyone on the call. I'll walk us through the fourth quarter and full year results for 2023, share some updates on our service territory load, our outlook for this year and finish with commentary on credit metrics and liquidity.

謝謝佩吉，祝所有參加電話會議的人早安。我將向我們介紹 2023 年第四季和全年業績，分享我們的服務區域負載的一些最新情況和今年的展望，最後對信用指標和流動性進行評論。

Let's go to Slide 9, which shows the comparison of GAAP to operating earnings for the quarter and year-to-date periods. GAAP earnings for the fourth quarter were $0.64 per share compared to $0.75 per share in 2022. For the year, GAAP earnings were $4.26 compared to $4.51 in 2022. As we have highlighted throughout 2023, our year-to-date comparison of GAAP to operating earnings reflects the gain or loss related to the sale of certain businesses, regulatory outcomes as well as our typical mark-to-market adjustments as nonoperating.

讓我們看幻燈片 9，它顯示了 GAAP 與本季和年初至今的營運收益的比較。第四季的GAAP 收益為每股0.64 美元，而2022 年為0.75 美元。全年GAAP 收益為4.26 美元，而2022 年為4.51 美元。正如我們在2023 年全年強調的那樣，我們年初至今對GAAP與營運收益的比較收益反映了與某些業務出售、監管結果以及我們典型的非經營性以市價調整相關的收益或損失。

Our team is committed to minimizing the variances between GAAP and operating earnings as we go forward. Detailed reconciliations of GAAP to operating earnings are shown on Slide 16 and 17 of the presentation today.

我們的團隊致力於在不斷前進的過程中盡量減少 GAAP 與營業利潤之間的差異。今天簡報的投影片 16 和 17 顯示了 GAAP 與營運收益的詳細調整表。

Let's quickly cover the fourth quarter. Our fourth quarter earnings came in at $1.23 per share, which was an $0.18 improvement over the same period in 2022. Note that we had $0.25 of favorable O&M and strong performance in our Generation and Marketing segment, partially offset by $0.06 of unfavorable weather, $0.09 of higher interest costs and lower performance in Transmission Holdco. December weather, in particular, was the 28th warmest out of the last 30 years. For reference, the full details of our fourth quarter results are shown on Slide 15 of the presentation.

讓我們快速回顧一下第四季。我們第四季的每股盈餘為1.23 美元，比2022 年同期提高了0.18 美元。請注意，我們的發電和行銷部門有0.25 美元的有利營運和維護以及強勁的業績，部分被不利天氣的0.06 美元,0.09 美元的不利天氣所抵銷。Transmission Holdco 的利息成本較高，業績較低。特別是 12 月的天氣是過去 30 年來第 28 最熱的天氣。作為參考，我們第四季業績的完整細節顯示在簡報的投影片 15 中。

Let's have a look at our full year results for 2023 on Slide 10. Operating earnings were $5.25 per share compared to $5.09 per share in 2022. Looking at the drivers by segment. Operating earnings for Vertically Integrated Utilities were $2.47 per share, down $0.09, mostly due to unfavorable weather, higher interest expense and higher income taxes. These items were partially offset by rate changes across various operating companies, increased transmission revenue, higher normalized retail load, favorable depreciation and lower O&M. Once again, depreciation is favorable at the Vertically Integrated segment, primarily due to the expiration of the Rockport Unit 2 lease in December 2022.

讓我們來看看幻燈片 10 上的 2023 年全年業績。營業利潤為每股 5.25 美元，而 2022 年為每股 5.09 美元。按細分市場查看驅動因素。垂直整合公用事業公司的營業利潤為每股 2.47 美元，下降 0.09 美元，主要是由於不利的天氣、較高的利息支出和較高的所得稅。這些項目被各營運公司的費率變化、輸電收入增加、標準化零售負載增加、有利的折舊以及營運和維護減少所部分抵消。垂直整合部門的折舊再次有利，主要是由於羅克波特 2 號機組的租約將於 2022 年 12 月到期。

The Transmission and Distribution Utility segment earned $1.30 per share, up $0.14 from last year. Positive drivers in this segment included increased transmission revenue, rate changes in Texas and Ohio and lower O&M. Partially offsetting these items were unfavorable weather, higher depreciation and higher interest expense.

輸配電公用事業部門每股獲利 1.30 美元，比去年增加 0.14 美元。該領域的積極驅動因素包括輸電收入增加、德克薩斯州和俄亥俄州費率變化以及營運和維護成本降低。不利的天氣、較高的折舊和較高的利息支出部分抵消了這些項目的影響。

The AEP Transmission Holdco segment contributed $1.43 per share, up $0.11 from last year, positive investment growth of $0.09 and favorable income taxes of $0.05 were the main drivers in this segment. As Peggy mentioned, we received the FERC NOLC order in January, resulting in an unfavorable net impact to consolidated earnings of $0.07 per share, with the majority of that impact occurring at the Transmission Holdco. The impact of this order to our 2024 plan is approximately $0.03 per share.

AEP Transmission Holdco 部門每股貢獻 1.43 美元，比去年增加 0.11 美元，投資成長 0.09 美元，所得稅優惠 0.05 美元，是該部門的主要推動力。正如 Peggy 所提到的，我們在一月份收到了 FERC NOLC 的訂單，對每股合併收益產生了 0.07 美元的不利淨影響，其中大部分影響發生在 Transmission Holdco。該訂單對我們 2024 年計畫的影響約為每股 0.03 美元。

Generation and Marketing produced $0.59 per share, up $0.09 from last year. The positive variance here is primarily due to improved retail and wholesale power margins, the sale of renewable development sites and favorable impacts associated with the contracted renewable sale in August. These items were partially offset by higher interest expense and unfavorable income taxes.

Generation and Marketing 每股收益 0.59 美元，比去年增加 0.09 美元。這裡的正差異主要是由於零售和批發電力利潤率的提高、可再生能源開發場地的銷售以及與 8 月份合約再生能源銷售相關的有利影響。這些項目被較高的利息支出和不利的所得稅部分抵消。

Finally, Corporate and Other was down $0.09 per share, driven by higher interest expense, partially offset by a favorable year-over-year change in investment gains, largely due to investment losses that occurred in the fourth quarter of 2022. As we mentioned earlier, we are reaffirming our guidance range for 2024.

最後，由於利息支出增加，企業及其他業務每股下跌 0.09 美元，部分被投資收益同比有利變化所抵消，這主要是由於 2022 年第四季度發生的投資損失。 ，我們重申 2024 年的指導範圍。

For convenience, we've included an updated waterfall bridging our actual 2023 results to the midpoint of our guidance this year in Slide 24. While some variances changed due to last year's actual results, there is no change to our segments or overall guidance.

為方便起見，我們在幻燈片24 中添加了一個更新的瀑布圖，將2023 年的實際結果與今年指導的中點聯繫起來。雖然由於去年的實際結果導致一些差異發生了變化，但我們的細分市場或整體指導沒有變化。

Turning to Slide 11, I'll provide an update on weather normalized load performance. Overall retail load grew 2.5% in 2023. This was stronger than the 0.7% in our original guidance, thanks to an acceleration in data center growth and our commitment to economic development across our service territory. This is most apparent when looking at the incredible expansion in commercial load, shown in the upper right-hand quadrant of the slide. Commercial sales grew 7.8% for the year, and were again dominated by data centers. We are encouraged that the gains are becoming more geographically diverse.

轉向幻燈片 11，我將提供有關天氣標準化負載性能的最新資訊。 2023 年整體零售負載成長 2.5%。這高於我們最初指導的 0.7%，這要歸功於資料中心成長的加速以及我們對整個服務領域經濟發展的承諾。當看到商業負荷令人難以置信的擴張時，這一點最為明顯，如幻燈片的右上象限所示。商業銷售全年成長 7.8%，並再次以資料中心為主。我們感到鼓舞的是，成果在地域上變得更加多樣化。

New projects have come online in Michigan, Kentucky and Oklahoma to supplement the development of what we see in Ohio and Texas. This is a trend we expect to continue over the next several years as the global demand for data storage and processing accelerates through the growth of AI and other technologies. We expect commercial load to continue to grow from its new higher base this year as projects work their way through the queue and commitments for 2025 are exceptionally robust. I believe that some of the 2025 load is going to accelerate and bleed into this year.

密西根州、肯塔基州和俄克拉荷馬州已上線新項目，以補充俄亥俄州和德克薩斯州的發展。隨著人工智慧和其他技術的發展，全球對資料儲存和處理的需求加速，我們預計這一趨勢將在未來幾年持續下去。我們預計今年商業負荷將在新的更高基數上繼續增長，因為該項目正在排隊中，並且 2025 年的承諾異常強勁。我相信 2025 年的部分負荷將會加速並滲透到今年。

Industrial sales grew at 1.6%, which you can see in the lower left-hand quadrant of the slide. This is mostly attributable to a number of large industrial loads we've recently added across our service territories, which are more than offsetting any economic challenges seen by our existing customers.

工業銷售成長 1.6%，您可以在投影片的左下象限看到這一點。這主要歸因於我們最近在服務領域增加的大量工業負荷，這足以抵消我們現有客戶所面臨的任何經濟挑戰。

We expect industrial load growth to continue to reflect the softness in manufacturing nationally, with only a modest increase this year. However, growth in industrial sales beyond this year should accelerate as borrowing costs moderate and several large loads currently under construction come online.

我們預計工業負荷成長將繼續反映全國製造業的疲軟，今年僅小幅成長。然而，隨著借貸成本的緩和以及目前正在建造的幾個大型負載的上線，今年以後的工業銷售成長應該會加速。

In the upper left-hand corner of the slide, you'll see that residential load declined slightly in 2023. Usage per residential customer has declined for the past 2 years, as homes have become more energy efficient and workers spend more time in an office instead of at home. The negative impact of inflation on household budgets may be influencing usage as well.

在幻燈片的左上角，您會看到住宅負載在2023 年略有下降。過去2 年中，每個住宅客戶的使用量有所下降，因為家庭能源效率越來越高，而且員工在辦公室呆的時間越來越多而不是在家。通貨膨脹對家庭預算的負面影響也可能影響使用。

On a positive note, we've seen our residential customer base grow consistently in certain regions. In 2023, we added almost 31,000 net new residential customers across our footprint, resulting in a positive offset to this segment. Overall, we're optimistic about the positive trends in load over the next several years, especially from a commercial and industrial perspective. Our conservative approach to estimating large loads gives us a lot of confidence in the growth we forecasted. In our next update, however, I would expect to see some upside in this area.

從正面的方面來看，我們看到某些地區的住宅客戶群持續成長。 2023 年，我們的業務範圍內淨增加了近 31,000 個住宅客戶，從而對該細分市場產生了積極的抵消作用。總體而言，我們對未來幾年負荷的正面趨勢感到樂觀，特別是從商業和工業角度來看。我們對大負荷的保守估計使我們對預測的成長充滿信心。然而，在我們的下一次更新中，我預計會在該領域看到一些好處。

Let's move on to Slide 12 to discuss the company's capitalization and liquidity position. In the top left table, you can see the FFO to debt metric stands at 13.2% for 2023. Positive changes in FFO were as outlined on the third quarter call, and included favorable changes in cash collateral, fuel recovery and other various drivers. These positive changes were somewhat offset by an $830 million increase in debt during the quarter primarily due to the issuances -- issuance of long-term debt to prefund our March 2024 AEP parent maturity.

讓我們繼續看投影片 12，討論公司的資本和流動性狀況。在左上表中，您可以看到 2023 年 FFO 債務指標為 13.2%。第三季電話會議概述了 FFO 的積極變化，包括現金抵押品、燃料回收和其他各種驅動因素​​的有利變化。這些積極的變化在一定程度上被本季債務增加 8.3 億美元所抵消，這主要是由於發行——發行長期債務來為我們 2024 年 3 月的 AEP 母公司到期提供資金。

We are pleased that the team has overcome strong financial headwinds due to unfavorable weather and an unprecedented increase in interest rates to end the year above Moody's downgrade threshold of 13%. We expect our FFO to debt metric to continue to improve throughout 2024 as we progress towards our targeted range of 14% to 15%. This continued positive trend assumes normal weather for 2024 and continued growth in our cash flows through various regulatory activities, including recovery of our deferred fuel balances of approximately $425 million.

我們很高興團隊克服了因不利天氣和前所未有的利率上升而帶來的強大財務阻力，在年底超過了穆迪 13% 的降級門檻。我們預計，隨著我們朝著 14% 至 15% 的目標範圍前進，我們的 FFO 債務指標將在 2024 年繼續改善。這種持續的正面趨勢假設 2024 年天氣正常，而我們的現金流量透過各種監管活動持續成長，包括收回約 4.25 億美元的遞延燃料餘額。

Our debt to cap increased from the prior quarter by 60 basis points to 63%, and our parent debt to total debt is approximately 21.7%. In the lower left quadrant of this slide, you can see our liquidity summary, which remains strong at $3.4 billion, and is supported by our bank revolver and credit facility.

我們的債務上限比上一季增加了 60 個基點，達到 63%，母公司債務佔總債務的比例約為 21.7%。在這張投影片的左下象限中，您可以看到我們的流動性摘要，其流動性仍然強勁，達到 34 億美元，並得到我們的銀行左輪手槍和信貸安排的支持。

Lastly, on the qualified pension front, our funding status remains unchanged from the prior quarter to end the year at just over 100%. While falling interest rates increased the liability during the quarter, this increase was offset by positive asset returns.

最後，在合格退休金方面，截至年底，我們的資金狀況與上一季相比保持不變，略高於 100%。雖然利率下降增加了本季的負債，但這種增加被正資產回報所抵消。

Turning to Slide 13. I'll give a quick recap of today's message. We delivered on our commitments for 2023 despite the significant challenges we faced. Weather was one of the most mild years on record for the AEP system in the past 30 years, resulting in a negative $0.37 impact year-over-year and $0.21 versus normal weather. To put a little more context to those numbers, our heating degree days were down 36% compared to normal across the system. Also, interest expense was a $0.45 hurdle to overcome versus 2022 results.

轉向投影片 13。我將快速回顧今天的資訊。儘管面臨重大挑戰，我們還是兌現了 2023 年的承諾。天氣是過去 30 年來 AEP 系統有史以來最溫和的年份之一，導致同比負面影響為 0.37 美元，與正常天氣相比負面影響為 0.21 美元。為了更詳細地說明這些數字，我們整個系統的加熱度數天數比正常情況下降了 36%。此外，與 2022 年的業績相比，利息支出是需要克服的 0.45 美元障礙。

We work diligently throughout the year to reprioritize and balance our plan by adjusting the timing of discretionary spend while staying focused on meeting our core business needs. While admittedly facing some challenges on the regulatory front, we secured many rate outcomes that were critical in supporting our objectives to provide reliable service to our customers.

我們全年努力工作，透過調整可自由支配支出的時間表來重新調整計劃的優先順序和平衡我們的計劃，同時專注於滿足我們的核心業務需求。雖然誠然面臨監管方面的一些挑戰，但我們獲得了許多費率結果，這些結果對於支持我們為客戶提供可靠服務的目標至關重要。

Looking into this year, we are optimistic about the opportunities and prepared to face any challenges ahead of us. We reaffirm our guidance for 2024 of $5.53 to $5.73 per share, our long-term growth rate of 6% to 7% and an improved balance sheet while continuing to implement our capital program, taking care of the customer, earning our authorized return and executing on our strategic priorities.

展望今年，我們對機會持樂觀態度，並做好迎接挑戰的準備。我們重申 2024 年每股 5.53 美元至 5.73 美元的指導方針、6% 至 7% 的長期增長率以及改善的資產負債表，同時繼續實施我們的資本計劃、照顧客戶、賺取我們的授權回報並執行關於我們的戰略重點。

I would like to take a moment and thank Julie Sloat for her 23 years with AEP. Julie has made a positive impact on AEP and will be missed by many. Ben, we welcome you to the AEP management team. Your leadership in the industry is well respected, and you will be embraced by the employees of AEP. The entire management team looks forward to working with you and the Board as we look to enhance value for all AEP stakeholders.

我想花點時間感謝 Julie Sloat 在 AEP 工作了 23 年。朱莉對 AEP 產生了積極的影響，許多人都會懷念她。 Ben，我們歡迎您加入 AEP 管理團隊。您在行業中的領導地位將受到尊重，並且您將受到 AEP 員工的歡迎。整個管理團隊期待與您和董事會合作，我們希望為所有 AEP 利害關係人提高價值。

Thank you for your time today. Operator, can you open up the call for questions.

感謝您今天抽出時間。接線員，可以打開電話提問嗎？

(Operator Instructions) Our first question will come from the line of Shar Pourreza with Guggenheim Partners.

（操作員說明）我們的第一個問題將來自 Shar Pourreza 和 Guggenheim Partners 的線路。

So obviously, the slides are leaning on the successes of AEP. You've reiterated your earnings guidance, balance sheet targets, growth rate, CapEx numbers. I guess outside of some management shuffling, what do you see is broken? I guess, what's the goal of the review? What's on the table, what's off the table?

顯然，這些幻燈片都是基於 AEP 的成功。您重申了獲利指引、資產負債表目標、成長率、資本支出數字。我想除了一些管理階層的改組之外，你認為還有什麼問題嗎？我想，審核的目的是什麼？桌上有什麼，桌子外有什麼？

Well, this is Ben. And I can tell you that I don't think I would use the word broken. I think there's areas where we can do better. I think -- and I think we showed you in the script, many of the accomplishments, which we made. We also recognize that we can do better on getting constructive regulatory outcomes.

嗯，這是本。我可以告訴你，我認為我不會使用“破碎”這個詞。我認為有些領域我們可以做得更好。我想——我想我們在劇本中向大家展示了我們所取得的許多成就。我們也意識到，我們可以在獲得建設性監管成果方面做得更好。

So strategically, our priorities remain the same. We have completed, as we mentioned, a review of Transource. We want to keep that asset. We think it's a great asset. And I think given the various changes that FERC is looking at, I think it gives us a lot of optionality. We'll continue to be very disciplined portfolio managers. I said it on my scripted remarks, but always willing to transact where price and the ability to execute intersect, and that's a key point.

因此，從戰略上講，我們的優先事項保持不變。正如我們所提到的，我們已經完成了對 Transsource 的審查。我們想保留該資產。我們認為這是一筆巨大的資產。我認為考慮到 FERC 正在考慮的各種變化，我認為這給了我們很多選擇。我們將繼續成為非常自律的投資組合經理人。我在照本宣科的演講中說過這一點，但總是願意在價格和執行能力交叉的地方進行交易，這是關鍵點。

And finally, though, if you step back, I think one of the ways you add value in this industry long term is by placing CapEx at 1x book -- investing in CapEx at 1x book and getting constructive recovery of that. And again, we've done pretty good on that, but we can do better. And we're going to look at the people, the process and the planning that goes into that. Those constructive outcomes, and we're going to do it through the lens of what's important to our local leaders and stakeholders. Extremely important that we keenly listen to what they want and what they need at a local level. And I think you can translate that then to a much better chance for success, and then you get into that virtuous circle where invested capital not only is good for customers and the communities, but good for shareholders as well. So that's the plan going forward.

最後，如果你退一步，我認為從長遠來看，在這個行業增加價值的方法之一是將資本支出定為1 倍賬面價值——以1 倍賬面價值投資於資本支出，並獲得建設性的恢復。再說一次，我們在這方面做得很好，但我們可以做得更好。我們將專注於相關人員、流程和規劃。這些建設性成果，我們將透過對當地領導人和利害關係人重要的視角來實現。極為重要的是，我們要敏銳地傾聽他們在當地的需求。我認為你可以將其轉化為更好的成功機會，然後你就進入了良性循環，投資的資本不僅有利於客戶和社區，而且也有利於股東。這就是未來的計劃。

And do you believe, -- do you believe there's some jurisdictions that AEP currently operates where you may not be able to hit those sort of targets as you're thinking about people, process, et cetera?

您是否相信，--您是否認為，在 AEP 目前運作的某些司法管轄區中，當您考慮人員、流程等時，您可能無法實現這些目標？

Well, I think there's areas where we have improvement, but I will turn it over to Peggy and/or Chuck to elaborate on that.

嗯，我認為我們在某些​​方面有改進的地方，但我會將其交給佩吉和/或查克來詳細說明。

I think as it relates from a regulatory perspective, I do think what we're going to do is continue to build on the constructive legislative and regulatory outcomes that we have had. We're going to further strengthen our regulatory relationships, and we're really going to be keenly focused on execution. I think that some of the disappointments that we had in 2023, we're going to learn from them, and we're going to go back out and focus on execution from that standpoint.

我認為，從監管角度來看，我確實認為我們要做的是繼續以我們已經取得的建設性立法和監管成果為基礎。我們將進一步加強我們的監管關係，並且我們將真正專注於執行。我認為我們將在 2023 年遇到一些令人失望的事情，從中吸取教訓，並且從這個角度出發，我們將專注於執行。

Okay. Perfect. And then just lastly for me, just as -- Ben, as you and the Board are sort of thinking about where AEP stands today, I guess, what are you looking for in the next CEO? Are you kind of looking for a prior CEO or President of an OpCo, someone with a finance background, regulatory background, internal, external? I guess, can you just maybe specify exactly what you're looking for in the next successor?

好的。完美的。最後對我來說，正如——Ben，當你和董事會正在思考 AEP 今天的處境時，我想，你對下一任執行長的期望是什麼？您是否正在尋找 OpCo 的前執行長或總裁，具有財務背景、監管背景、內部或外部背景的人？我想，你能具體說明一下你在下一個繼任者中尋找什麼嗎？

Well, it's definitely an external search. I'll start with that, and I don't want to narrow down to any specific background, but ideally -- and by the way, I think we're going to get a very robust list of candidates. So AEP is a great company with great assets, and I think it's going to be an attractive destination for many, many talented people. So I think it's going to be great to pick from that talent.

嗯，這絕對是外部搜尋。我將從這一點開始，我不想縮小到任何特定背景，但理想情況下——順便說一句，我認為我們將得到一份非常可靠的候選人名單。因此，AEP 是一家擁有大量資產的偉大公司，我認為對於許多人才來說，它將成為一個有吸引力的目的地。所以我認為從這些人才中挑選出來會很棒。

Ideally, you get a -- somebody that is a seasoned executive in the utility industry, is well known in the investor community. I think that's extremely important, has great leadership qualities. We've got a lot of talent at AEP and we want to develop that talent. And ultimately, it would be ideal if they have multi-jurisdictional experience and the ability to achieve regulatory success. Those are -- that's a big wish list. But again, I think we're going to get a lot of great candidates.

理想情況下，你會找到一位在公用事業行業經驗豐富的高階主管，在投資者界廣為人知的人。我認為這非常重要，具有出色的領導能力。 AEP 擁有大量人才，我們希望培養這些人才。最終，如果他們擁有跨司法管轄區的經驗以及取得監管成功的能力，那將是理想的選擇。這些是——這是一個很大的願望清單。但我再次強調，我們將會找到很多優秀的候選人。

Your next question comes from the line of Jeremy Tonet with JPMorgan.

您的下一個問題來自摩根大通的 Jeremy Tonet。

I just want to kind of continue along these lines, if I could. And I was wondering if you're able to comment, I guess, on the recent agreement AEP announced with Icahn Capital and kind of how that ties into the change at the top here given the relatively short tenure? And just wondering if there's anything else we should be expecting, I guess, along these lines looking forward with Icahn's recent announcement?

如果可以的話，我只是想繼續沿著這些路線前進。我想知道您是否能夠對 AEP 最近與伊坎資本宣布的協議發表評論，以及鑑於任期相對較短，這與高層變動有何關係？我想知道伊坎最近的聲明是否還有其他值得我們期待的事情？

Yes. I really just will probably just rehash what we've said in the press release and in our scripted remarks. I mean the Icahn -- additional board members came after discussions with the Icahn team and the AEP team. We actually welcome their perspective. They share the opinion as we do that AEP shares are undervalued, and we want to work together to unleash shareholder value.

是的。我真的可能只是重申我們在新聞稿和腳本言論中所說的話。我的意思是伊坎——在與伊坎團隊和 AEP 團隊討論後增加了董事會成員。我們實際上歡迎他們的觀點。他們和我們一樣認為 AEP 股票被低估，我們希望共同努力釋放股東價值。

Regarding Julie's departure, I mean, I really can't go into any more details than what we've already said. It was a full Board decision after discussions with Julie, and we decided that the best path forward is to transition to a new CEO. We're going to continue to work hard to deliver shareholder value. I think the Icahn Board members will give us a fresh perspective as we pursue those goals.

關於朱莉的離開，我的意思是，我真的無法透露比我們已經說過的更多的細節。這是與朱莉討論後由董事會全體做出的決定，我們認為最好的前進道路是過渡到新的執行長。我們將繼續努力為股東創造價值。我認為伊坎董事會成員將為我們追求這些目標提供新的視野。

Got it. That's very helpful. And just as we think about the strategic path going forward at this juncture, are all options on the table or any options off the table? Just want to kind of see the parameters of what we could expect going forward?

知道了。這非常有幫助。正如我們在此時此刻思考未來的策略路徑一樣，是所有選項都在桌面上還是有任何選項不在桌面上？只是想看看我們未來預期的參數？

Well, we really like the assets we have, okay? We've completed the strategic reviews, but I mean, the price -- we're going to continue to look for opportunities to do the right thing for our shareholders. But I think we're in a -- an enviable position, that the assets we have can also achieve our strategic goals. And Chuck mentioned where we are with FFO to debt and those targets. So I think we're in a pretty good position, quite honestly.

好吧，我們真的很喜歡我們擁有的資產，好嗎？我們已經完成了策略審查，但我的意思是，價格 - 我們將繼續尋找機會為我們的股東做正確的事情。但我認為我們處於一個令人羨慕的位置，我們擁有的資產也可以實現我們的策略目標。 Chuck 提到了我們在 FFO 債務方面的進展以及這些目標。所以說實話，我認為我們處於一個非常好的位置。

So again, as I said before, not to be redundant, but I guess it will be. We'll be good portfolio managers, and we'll continue to be open to transactions if the price is right and the ability to execute is viable. But in the meantime, we're going to do the blocking and tackling that in the long term, gets you the result that -- results that you're going to want to see.

再說一次，正如我之前所說，不是多餘的，但我想它會是多餘的。我們將成為優秀的投資組合經理，如果價格合適且執行能力可行，我們將繼續對交易持開放態度。但同時，從長遠來看，我們將進行阻止和解決，讓你得到你想要看到的結果。

Your next question will come from the line of Nick Campanella with Barclays.

您的下一個問題將來自巴克萊銀行的尼克·坎帕內拉（Nick Campanella）。

Thanks for the prepared remarks. So I guess, you acknowledged in your remarks, there's been some twists and turns and some regulatory volatility in '23. You had some headwinds that you highlighted from the FERC order on taxes, the Oklahoma rate order, among a few other items. But just the 6% to 7% has been pretty resilient and unchanged this entire time. So can you just maybe help us all understand just what's kind of allowing AEP to absorb these issues and where the offsets have been kind of in the 5-year plan that allows you to continue to reaffirm?

感謝您準備好的發言。所以我想，你在演講中承認，23 年出現了一些曲折和監管波動。您強調了 FERC 稅收命令、俄克拉荷馬州稅率命令以及其他一些項目中存在的一些不利因素。但只有 6% 到 7% 的人一直表現得相當有彈性且沒有變化。那麼，您能否幫助我們大家了解如何讓 AEP 吸收這些問題，以及在 5 年計畫中哪些抵銷措施可以讓您繼續重申？

Well, I mean, I'll kick it over to Chuck in a minute, but the $43 billion on the 5-year capital plan underpins the 6% to 7%. In the years where we might have unfavorable weather or other things like that, that's the resiliency of this AEP management team that I talked about. And it's not just 1 year. It's a -- look back, I mentioned 14 years of hitting what we said we were going to do.

好吧，我的意思是，我一會兒就把這個問題交給查克，但 5 年資本計畫中的 430 億美元支撐著 6% 到 7% 的利率。在我們可能遇到不利天氣或其他類似情況的年份，這就是我談到的 AEP 管理團隊的彈性。而且這不僅僅是1年。回顧過去，我提到了 14 年我們實現了我們所說的目標。

Yes, sometimes you get regulatory bumps in the road and other things that might happen. But if you look back historically, and we look forward, we produce. I mean, we're in 11 jurisdictions. We're going to file rate cases. But if you look at history, we -- we generally do pretty well. And when we have a bump in the road, we figure out how to absorb it and what we need to do better going forward.

是的，有時您會遇到監管障礙以及可能發生的其他事情。但如果你回顧歷史，我們展望未來，我們就會生產。我的意思是，我們分佈在 11 個司法管轄區。我們將提交費率案件。但如果你回顧歷史，我們——我們通常做得很好。當我們在前進的道路上遇到坎坷時，我們就會弄清楚如何克服它以及我們需要在未來做得更好。

Chuck, I don't know if you want to add to that?

Chuck，我不知道你想補充？

Yes. No, Ben, as you said, it's underpinned by the $43 billion 5-year capital plan. I'd also point to what Ben made an observation as a Board member and in his opening remarks about our O&M. There's a chart in our deck that you can refer to, right? We've doubled the rate base of this company while basically keeping O&M flat over that entire 10-year period. I think that's a remarkable accomplishment and that's our plan going forward as we continue to grow this company and basically repurpose and reallocate O&M.

是的。不，Ben，正如您所說，它是由 430 億美元的 5 年資本計劃支撐的。我還要指出 Ben 作為董事會成員在開場白中對我們的營運和維護的看法。我們的牌組裡有一張圖表，你可以參考一下，對吧？我們將這家公司的費率基數翻了一番，同時在整個 10 年期間基本上保持維運水準持平。我認為這是一項了不起的成就，這是我們未來的計劃，因為我們將繼續發展這家公司，並基本上重新調整用途和重新分配營運和維護。

I also talked in my remarks about the load opportunities. I tend to kind of take a measured approach to this. But we really are optimistic about the opportunities that we're seeing there. As I said, the commercial load growth is just amazing. And we're seeing some good opportunities in economic development activities in industrial as well.

我在發言中還談到了負載機會。我傾向於對此採取謹慎的態度。但我們對在那裡看到的機會確實感到樂觀。正如我所說，商業負載的成長是驚人的。我們也看到了工業經濟發展活動中的一些良好機會。

And then lastly, of course, underpinning that plan is improved returns. Right? We are not earning where we need to earn, and we need to have the regulatory execution and prudency reviewed to make sure, right, that we are hitting the mark there. So I think all in all, that kind of underpins the plan going forward.

最後，當然，支撐該計劃的是提高回報。正確的？我們沒有在需要賺錢的地方賺錢，我們需要對監管執行和審慎性進行審查，以確保我們達到目標。所以我認為總而言之，這支撐了未來的計劃。

Got it. And definitely appreciate the comments on diversification and the size of the overall plan as well as the O&M. And then I guess, just -- I guess just sticking with the 6% to 7% CAGR, is there any kind of shaping to that over the 5-year plan? Is there anywhere that you kind of see yourself in that range right now? And then as we kind of think about a new CEO coming in, hopefully, in the back half of this year, is it your expectation that they would come in to embrace that plan? Or would they have more say in where they're taking the company?

知道了。並且非常感謝關於多元化和整體計劃規模以及運營和維護的評論。然後我想，只是 - 我想只是堅持 6% 到 7% 的複合年增長率，在 5 年計劃中是否有任何形式的調整？您現在是否認為自己處於這個範圍內？然後，當我們考慮一位新執行長上任時，希望在今年下半年，您是否期望他們會接受該計劃？或者他們對於公司的發展方向會有更多的發言權嗎？

Yes. So I'll take the first question. Our 5-year plan is really based off the midpoint of the current year's guidance. And our plan is to grow basically on that midpoint between the 6% to 7% range with no real kind of ups and downs identified through there. I'll let Ben answer the...

是的。那我來回答第一個問題。我們的五年計劃實際上是基於今年指導的中點。我們的計劃是基本上在 6% 到 7% 範圍之間的中點增長，不會出現真正的起伏。我會讓本回答...

I mean I think, first of all, we'll take our time, and we'll find the absolute best successor -- permanent successor that we can. I think as part of that process, we obviously will have the strategic discussions. I mean, I think the Board is very comfortable with our strategy and our strategic priorities. I suspect that the ultimate permanent successor CEO will also be comfortable with those strategies, and perhaps can figure out a better way to execute on them. That would be the goal. But we're not looking at a complete dismantling of our strategic priorities.

我的意思是，我認為，首先，我們會慢慢來，我們會找到絕對最好的繼任者——我們能找到的永久繼任者。我認為作為該過程的一部分，我們顯然將進行戰略討論。我的意思是，我認為董事會對我們的策略和策略重點非常滿意。我懷疑最終的永久繼任者執行長也會對這些策略感到滿意，也許可以找到更好的方法來執行這些策略。這就是目標。但我們並不打算完全取消我們的戰略重點。

Our next question will come from the line of Carly Davenport with Goldman Sachs.

我們的下一個問題將來自高盛的卡莉·達文波特。

A bit of a shift on the asset sale program, I guess, in terms of the decision to retain the transmission JV. So could you just talk a little bit about the rationale there and how we should think about your view on transmission as part of the portfolio or potentially as an area of sort of value monetization going forward?

我想，就保留傳輸合資企業的決定而言，資產出售計畫發生了一些轉變。那麼，您能否簡單談談其中的基本原理，以及我們應該如何考慮您對傳輸作為投資組合的一部分或可能作為未來價值貨幣化領域的看法？

Well, I mean -- and I'll let Chuck -- this is Ben. I'll let Chuck augment what I'm going to say, which is pretty much what I said before. Transmission is a great asset. And we are, obviously, the largest transmission provider in the United States, and we like that position. We will be open to things that make sense that would do even better for shareholders. But we don't feel compelled we have to do anything. So I think that puts us in a better position as we move forward.

嗯，我的意思是──我會讓查克──這是本。我會讓查克補充我要說的話，這幾乎是我之前說的。傳輸是一筆巨大的財富。顯然，我們是美國最大的傳輸提供商，我們喜歡這個位置。我們將對那些對股東有利的有意義的事情持開放態度。但我們並不覺得必須做任何事。所以我認為這使我們在前進時處於更好的位置。

Chuck, I don't know if you want to add to that, but...

Chuck，我不知道你是否想補充這一點，但...

Yes. I think you -- we're also referring maybe to pioneer in Prairie Wind and our decision to keep those assets. The reality is, right, these contribute earnings to AEP, there are attractive returns. And overall, it was really insignificant, right, to our overall financing plan if we were planning on selling those assets.

是的。我認為您——我們可能還指的是 Prairie Wind 的先驅以及我們保留這些資產的決定。現實是，對，這些為AEP貢獻收益，有誘人的回報。總的來說，如果我們計劃出售這些資產，這對我們的整體融資計劃來說確實微不足道。

So it really goes back to the root of what Ben said, as we reviewed the opportunities before us in competitive transmission and then looked at other transmission assets that we have, we -- we're embracing it. It's time for us as the leader in transmission to continue, right, to lead that space, and that's what we plan to do.

因此，這確實回到了本所說的根源，當我們回顧了競爭性輸電領域擺在我們面前的機會，然後看看我們擁有的其他輸電資產時，我們正在擁抱它。現在是我們作為傳輸領域的領導者繼續領導該領域的時候了，這就是我們計劃要做的。

That's helpful. Appreciate that. And then, Chuck, probably for you, just a little bit of a shift in tone around the FFO to debt metrics as well for '24. Can you just talk about what we should expect relative to that 14% to 15% range for 2024 on FFO to debt and what the moving pieces are that you're kind of watching that could move you outside of that range?

這很有幫助。感謝。然後，Chuck，可能對你來說，FFO 的語氣稍微轉變為 24 年的債務指標。您能否談談相對於 2024 年 FFO 債務比率 14% 至 15% 的範圍，我們應該預期什麼，以及您正在關注的哪些動態因素可能會讓您超出該範圍？

Yes. So thank you for that question. And our message has changed a bit there, on the timing. But what I would tell you is really kind of timing is not what is most important. It's really the trend that we're on, and then it's hitting the mark of 14%. And it's the sustainability on staying in that range as we go through the 5-year plan.

是的。謝謝你提出這個問題。我們的訊息在時間上發生了一些變化。但我要告訴你的是，時機並不是最重要的。這確實是我們所關注的趨勢，然後它就達到了 14%。這是我們在執行五年計劃時保持在該範圍內的可持續性。

So let me comment on a couple of things. Right? We said we would be above 13% by year-end, and we were, and we didn't make any excuses for the soft weather that happened in 2023. Note also that 13% is the downgrade threshold at Moody's.

讓我評論幾件事。正確的？我們說過，到年底我們的評級將超過 13%，事實確實如此，而且我們沒有為 2023 年出現的疲軟天氣找任何藉口。另請注意，13% 是穆迪的降級門檻。

And second, right, the trend is very positive. Right? This quarter, we're going to have another roll off of cash collateral in Q1. I think the number is around $390 million that will come out of the 12-month average. And also, we are working on -- down our deferred fuel balances.

其次，是的，趨勢非常積極。正確的？本季度，我們將在第一季再次減少現金抵押品。我認為 12 個月的平均數字約為 3.9 億美元。此外，我們正在努力減少我們的延期燃料餘額。

And then lastly, right, we clearly show our models and review those with the agencies. Those models indicate that we would be in the range this year and be in the range over the longer term. That's what's most important, right, hitting the mark, trending in that positive direction and staying in the range. So again, the timing, which month or which quarter is not important, it's the 3 things that I mentioned earlier.

最後，我們清楚地展示了我們的模型並與機構一起審查這些模型。這些模型表明我們今年將處於該範圍內，並且從長遠來看也將處於該範圍內。這才是最重要的，對吧，擊中目標，朝著正面的方向發展並保持在區間內。再說一次，時間，哪個月或哪個季度並不重要，重要的是我之前提到的三件事。

Your next question comes from the line of Ryan Levine with Citi.

你的下一個問題來自花旗銀行的 Ryan Levine。

Given the focus on people and processes, how long do you view the company's review of its regulatory strategy to take? And in that context, how is the new review different from how AEP has reviewed its regulatory strategy historically?

鑑於對人員和流程的關注，您認為公司需要多長時間對其監管策略進行審查？在這種背景下，新的審查與 AEP 歷史上審查其監管策略的方式有何不同？

Well, I'm going to turn it over to Peggy, who is the point on that. But this -- it isn't like this is something we're just initiating. This is something that I've heard, discussed that as a Board member at the Board level. It's something I'm going to get very much involved in with Peggy. We've got a good team, but we're going to have to -- we'll make sure that we do what we need to do to get better outcomes in the future. And I mean, there's a lot of blocking and tackling, that really behind the scene stuff that goes into the actual processing, executing and planning of a rate case. And it gets really down in the weeds pretty quickly, but those things add up.

好吧，我要把它交給佩吉，他是這件事的焦點。但這並不是我們剛開始的事。這是我作為董事會成員在董事會層面聽到和討論過的事情。我將和佩吉一起深入參與這件事。我們擁有一支優秀的團隊，但我們必須——我們將確保我們做我們需要做的事情，以便在未來獲得更好的結果。我的意思是，有很多阻礙和處理，這些都是幕後的事情，涉及費率案例的實際處理、執行和規劃。它很快就會消失在雜草中，但這些東西會累積起來。

Peggy, I'll turn it over to you.

佩吉，我把它交給你了。

Yes. I would just add and -- looking forward to working with Ben and talking through the regulatory strategy. We've had positive regulatory outcomes in 2023. And when we shared some of those earlier, there were some disappointments that we highlighted. But I would bring forth the legislative work that we have done, and that's going to help to address lag. We've done work that's going to help to remove some of the lag in Virginia with our biannual rate review for Virginia, where it was 3 years before.

是的。我只想補充一點——期待與本合作並討論監管策略。我們在 2023 年取得了積極的監管成果。當我們早些時候分享其中一些成果時，我們強調了一些令人失望的地方。但我會提出我們已經完成的立法工作，這將有助於解決滯後問題。我們所做的工作將有助於消除弗吉尼亞州的一些滯後，我們對弗吉尼亞州進行了一年兩次的費率審查，而三年前是該州。

We're going to also look at improving on -- we said with Kentucky that it was going to be a 2-step process, and we very much view that we had a constructive outcome in the order that we received earlier in January with the securitization. So we're going to continue to build upon that. I agree, we do have a talented team, and we're just going to keep moving forward, and I look forward, again, as I said, to working with Ben on ways we can continue to improve there.

我們還將考慮改進——我們與肯塔基州說過，這將是一個分兩步的過程，我們非常認為我們按照一月份早些時候收到的訂單取得了建設性成果證券化。因此，我們將在此基礎上繼續發展。我同意，我們確實擁有一支才華橫溢的團隊，我們將繼續前進，正如我所說，我再次期待與本合作，探討我們可以繼續改進的方法。

Great. And then unrelated, where do you see the biggest opportunities to benefit from the data center build-out in your service territory? And given your balance sheet constraints, do you have any reservations or concerns around that opportunity?

偉大的。然後不相關的是，您認為在您的服務領域內從資料中心擴建中受益的最大機會在哪裡？考慮到您的資產負債表限制，您對這個機會有什麼保留或擔憂嗎？

The biggest opportunity so far have been in Ohio and Texas. And in our forecasts, for our 5-year plan, we have included the capital needed to serve those customers. If there is incremental growth beyond that, it would be an opportunity that we'd have to evaluate and figure out how we would smartly finance it.

迄今為止最大的機會是在俄亥俄州和德克薩斯州。在我們的預測中，對於我們的五年計劃，我們已經包括了服務這些客戶所需的資本。如果超越這個增量成長，這將是一個我們必須評估並弄清楚如何明智地為其融資的機會。

And meet the generation needs that come with it. Yes.

並滿足隨之而來的一代人的需求。是的。

Your next question comes from the line of Anthony Crowdell with Mizuho.

你的下一個問題來自安東尼·克勞德爾和瑞穗的對話。

Hopefully, 2 easy ones, 1 for you, Ben, 1 for Chuck. Just, Ben, I don't know what kind of insight you could provide. But just -- if I think about the -- excuse me, 1% position that Icahn has taken and it seems that there's been some major changes in the Board. I don't think that would be a big position that yet, I think, 2 voting seats and then a non-advisory seat. Just thoughts on what change in the Board that maybe to expand the Board?

希望有 2 個簡單的，1 個給你，Ben，1 個給 Chuck。只是，本，我不知道你能提供什麼樣的見解。但是，如果我考慮一下，請原諒，伊坎已經採取了 1% 的立場，而且董事會似乎發生了一些重大變化。我認為這不會是一個重要的職位，我認為，兩個投票席位，然後一個非顧問席位。只是想一下董事會的哪些變化可能會擴大董事會規模？

Well, I mean, you're right. There's like -- I think there's 5.3 million shares that -- something like that, that Icahn holds. And we had discussions with Icahn. And we settled on the 2 incremental Board seats and advisory position. I think back to Julie, I'll just repeat what I said. This was a full Board decision after discussions with Julie and the Board, and we determined it was best for AEP to transition to a new CEO. So you can read what you want into that, but I think I'm just going to just keep it as it is. It's a full Board decision, and you need the full Board to make a decision to remove the CEO.

嗯，我的意思是，你是對的。我認為伊坎持有 530 萬股類似的股票。我們與伊坎進行了討論。我們決定增加 2 個董事會席位和顧問職位。我回想起朱莉，我會重複我說過的話。這是與 Julie 和董事會討論後做出的完整董事會決定，我們認為 AEP 最好由新執行長過渡。所以你可以在其中讀到你想要的內容，但我想我會保持原樣。這是董事會全體成員的決定，需要全體董事會成員做出罷免執行長的決定。

Great. And then, Chuck, 2 quick ones. It looks like the equity timing had moved. I understand your questions to Carly earlier on -- you are targeting to above the 13% threshold, but I think the equity may be slid off of the near term? And then lastly, on earned returns, what type of improvement could we expect each year? And I'll leave it there.

偉大的。然後，查克，兩個快的。看來股權時機已經改變了。我理解您早些時候向卡莉提出的問題——您的目標是高於 13% 的門檻，但我認為股權可能會在短期內下滑？最後，關於賺取的回報，我們每年可以期待什麼樣的改進？我會把它留在那裡。

Okay. Thanks, Anthony. Our equity needs haven't changed since EEI. You may be referring to maybe an older forecast we had some months back. But what you're seeing in our deck today is consistent, right, with what we've shown at EEI.

好的。謝謝，安東尼。自 EEI 以來，我們的股權需求沒有改變。您可能指的是我們幾個月前的較舊預測。但您今天在我們的簡報中看到的內容與我們在 EEI 上展示的內容是一致的。

I'll let Peggy go ahead and mark -- talk about the returns.

我會讓佩吉繼續標記——談論回報。

Yes. As it relates to -- for 2024, our ROE, we're projecting at 9.1% is what we're -- for our regulated segments. And we're going to continue to work on closing the gap, a lot of what I've already said earlier, just kind of building off with some of those legislative successes that we were able to have, reducing some of the lag from that perspective.

是的。就 2024 年而言，我們的受監管細分市場的 ROE 預計為 9.1%。我們將繼續努力縮小差距，我之前已經說過了很多內容，只是在我們能夠取得的一些立法成功的基礎上繼續努力，減少由此產生的一些滯後看法。

Our next question comes from the line of Sophie Karp with KeyBanc.

我們的下一個問題來自 Sophie Karp 與 KeyBanc 的關係。

Just a quick one for me. I guess like when you think about your jurisdictions, right? And the ones where you got constructive outcomes, regulatory and the ones where you got nonconstructive outcomes. And how should we think about you allocating this increase in capital across these jurisdictions? Like, is there a strategy there to proactively reduce capital allocations to jurisdictions where your earned ROE just don't make a hurdle for what's attractive?

對我來說只是一個快速的。我想就像當你考慮你的司法管轄區時一樣，對嗎？以及那些獲得建設性成果、監管的成果和那些獲得非建設性成果的成果。我們應該如何考慮您在這些司法管轄區之間分配增加的資本？例如，是否有一種策略可以主動減少對您賺取的股本回報率不會構成有吸引力的障礙的司法管轄區的資本配置？

I'm going to turn it over to Peggy and Chuck in a minute, Sophie. But I mean, we're always going to look to put capital where we can get the best returns. There's baseline capital that you need to do to make sure that you never compromise resiliency, reliability or safety. So we -- but apart from that, I think it gets back to what I said. It's listening to what those local jurisdictions really want and need. And that can also shape your capital needs because, quite frankly, it can shape your regulatory outcomes.

蘇菲，我馬上就把它交給佩吉和查克。但我的意思是，我們總是會尋求將資金投入到可以獲得最佳回報的地方。您需要做一些基準資本來確保您永遠不會損害彈性、可靠性或安全性。所以我們——但除此之外，我認為這又回到了我所說的。它正在傾聽當地司法管轄區真正想要和需要的東西。這也可以影響您的資本需求，因為坦白說，它可以影響您的監管結果。

So I'll turn it over to the team if they have anything to add to that.

因此，如果團隊有任何需要補充的內容，我會將其轉交給團隊。

I would just say, yes, I echo Ben's comments there on -- there's a certain amount of capital we need to continue to be resilient and meet the reliability needs of our customers. And as well as from a safety perspective. Those where we have really constructive outcomes, clearly, we know in I&M, we have the forward-looking test years. We're able to continue to have that capital that's allocated there to meet what those needs are. And we just continue to look at what our outcomes are by jurisdiction.

我只想說，是的，我同意本的評論——我們需要一定數量的資本來繼續保持彈性並滿足客戶的可靠性需求。以及從安全角度來看。顯然，我們在 I&M 中知道，那些我們真正取得建設性成果的地方，我們有前瞻性的測試年。我們能夠繼續擁有分配給那裡的資本來滿足這些需求。我們只是繼續關注不同司法管轄區的結果。

Okay. And then maybe going back to data centers, right? Do you see more attractive opportunities around incremental generation to support those customers or the T&D investment?

好的。然後也許會回到資料中心，對嗎？您是否認為增量發電有更具吸引力的機會來支持這些客戶或輸配電投資？

Yes, in Ohio and Texas, right? We're -- those are deregulated states. In our Indiana, Michigan territory, clearly, there would be opportunities for generation there to serve those customers.

是的，在俄亥俄州和德克薩斯州，對吧？我們這些都是放鬆管制的州。顯然，在我們印第安納州和密西根州的領土上，那裡的一代將有機會為這些客戶提供服務。

Our next question comes from the line of Paul Fremont with Ladenburg.

我們的下一個問題來自保羅·弗里蒙特和拉登堡。

I guess first question would be on the '24 guidance. Does that continue to include contribution from the retail and the distributed resources as was sort of outlined at EEI?

我想第一個問題是關於 '24 指南的。這是否繼續包括 EEI 中概述的零售和分散式資源的貢獻？

Yes. Our EEI guidance, right, we kind of change the waterfall based on the actual, right? But what's in or out hasn't changed, Paul. As Ben mentioned, we're in the process that we plan to conclude here in the next several months on retail and distributed businesses. He also mentioned that we're closing NMRD today, which there'll be a benefit from that sale coming through. But everything is underpinned.

是的。我們的EEI指導，對吧，我們根據實際情況改變了瀑布，對吧？但保羅，進出的東西並沒有改變。正如本所提到的，我們正在計劃在未來幾個月內結束零售和分散式業務的進程。他也提到，我們今天將關閉 NMRD，此次出售將帶來好處。但一切都是有基礎的。

Remember, too, when you look at the waterfall, we took the Generation & Marketing segment down to what we would call much more normal contributions. I'm not concerned that about the ability to take the proceeds, use them as appropriate to get that accretion as we go forward. But no, it's still the same plan, if you will, as we put out at EEI.

還要記住，當您查看瀑布時，我們將生成和行銷部分縮減為我們所說的更正常的貢獻。我並不擔心我們能否獲得收益，並在我們前進的過程中適當地使用它們來獲得增值。但不，如果你願意的話，這仍然是我們在 EEI 推出的相同計劃。

And then Chuck mentioned that the FERC decision is expected to have a $0.03 negative impact on '24. Is that going to be treated as operating EPS? Or is that going to be excluded as nonrecurring?

然後 Chuck 提到 FERC 的決定預計會對 24 年產生 0.03 美元的負面影響。這會被視為經營每股盈餘嗎？或者說這會被視為非經常性的而被排除在外嗎？

No, it's operating.

不，它正在運行。

And then I guess the last question I have is, currently, there's a proceeding in Kentucky where, I guess, there's recommendations for potential disallowance of fuel and purchased power costs. I think there's also a fuel review that could take place or may be taking place in Louisiana. Can you give us, I guess, an update on what your expectations are and what's happening in those proceedings?

然後我想我的最後一個問題是，目前肯塔基州正在進行一項訴訟，我想，有可能禁止燃料和購買電力成本的建議。我認為路易斯安那州也可能或可能正在進行燃料審查。我想，您能給我們介紹一下您的期望以及這些程序中發生的情況嗎？

Yes. In Kentucky, we do have a 2-year fuel review that has been underway, and we are waiting, the outcome as it relates to that. We had a hearing earlier this month actually. And then from -- excuse me, what was your other question was it related to SWEPCO?

是的。在肯塔基州，我們確實正在進行為期兩年的燃料審查，我們正在等待與之相關的結果。實際上，我們本月早些時候舉行了聽證會。然後—請問，您的其他問題與 SWEPCO 有關嗎？

Yes. I think as part of that settlement on the renewables, there was, I guess, the ability of staff to do a review of the fuel?

是的。我認為，作為再生能源解決方案的一部分，我想工作人員有能力對燃料進行審查？

Yes, that was part -- excuse me, sorry, go ahead, finish your question.

是的，這就是一部分——對不起，抱歉，請繼續，完成你的問題。

No, that's it.

不，就是這樣。

Yes. That was part of the review, and that is ongoing as well. So -- but Darcy can definitely give you some more information on that, if that wasn't clear enough.

是的。這是審查的一部分，而且仍在進行中。所以——但達西絕對可以給你更多關於這方面的信息，如果這還不夠清楚的話。

And last question for me. In terms of the 9.1% that you're targeting for this year, I think what type of an improvement do you see as being necessary in order to hit the 6% to 8%? I think in the past, you've talked about needing to improve the earned ROE as part of hitting your targeted growth rate?

還有我的最後一個問題。就今年 9.1% 的目標而言，我認為為了達到 6% 到 8%，您認為需要哪些類型的改進？我想您過去曾談到需要提高賺取的​​股本回報率作為實現目標增長率的一部分？

Yes. So over our 5-year plan, we look to be typically to be in the 9.5% range. So what we're looking to do is increase by 10 basis points each year, and we think that, that achievable, and we continue to work through our regulatory outcomes to be able to close that gap.

是的。因此，在我們的 5 年計劃中，我們通常會在 9.5% 的範圍內。因此，我們希望每年增加 10 個基點，我們認為這是可以實現的，我們將繼續努力研究我們的監管成果，以縮小這一差距。

(Operator Instructions) Your next question will come from the line of Paul Patterson with Glenrock.

（操作員說明）您的下一個問題將來自 Paul Patterson 和 Glenrock 的線路。

So just -- it doesn't sound to me like there really is much of a change in strategy with the new chapter and the managerial change that you're looking at. Am I thinking about this correctly?

所以，在我看來，隨著新的篇章和您所看到的管理變革，策略上並沒有真正發生很大的變化。我的想法正確嗎？

Yes, I think so. It's -- the strategy is great. We just have to execute, and that's what we're keenly focused on, Paul.

是的，我想是這樣。這個策略很棒。我們只需要執行，這就是我們所熱衷的，保羅。

Okay. I just want to make sure I'm hearing -- and then the second thing that I guess -- and I think this was asked before, but is there any timing that we should be thinking about in terms of when a new CEO would be in place?

好的。我只是想確保我聽到了——然後是我猜的第二件事——我想這個問題之前就被問過，但是我們是否應該考慮新任首席執行官何時上任的時機？到位？

Well, let me just say I'm committed to stay as long as it takes. So no shortcuts. But I can't see it being shorter than 6 months, and hopefully, it doesn't take more than a year. But again, it's going to -- the process will take the time it needs to take to get the absolute right candidate in place.

好吧，我只想說，只要需要，我就會留下來。所以沒有捷徑。但我認為不會短於 6 個月，希望不會超過一年。但同樣，這個過程將需要時間來找到絕對合適的候選人。

Okay. And then finally, when we're talking about regulatory desires and goals, having watched the various jurisdictions, there are a number of jurisdictions that I get the sense and this isn't going to surprise you, Ben -- they want lower prices. And I'm just wondering, is there any sort of new or innovative way you're looking at the regulatory approach in terms of addressing maybe those concerns, increasing investment, but -- but addressing those 2 concerns other than obviously, the general concern that I'm sure you guys have. But do you follow what I'm saying in terms of making investments? And perhaps not seeing the resistance that I think if you look at a number of the AEP jurisdictions that they just ease to new investment leading to higher rates. Do you follow what I'm saying?

好的。最後，當我們談論監管願望和目標時，在觀察了各個司法管轄區後，我了解到有許多司法管轄區，這不會讓你感到驚訝，本 - 他們想要更低的價格。我只是想知道，是否有任何新的或創新的方式來看待監管方法，以解決這些問題，增加投資，但是——但是解決這兩個問題，而不是明顯的普遍問題我相信你們都有。但是在投資方面你明白我所說的嗎？如果你看看一些 AEP 司法管轄區，也許沒有看到我認為的阻力，它們只是放寬了新投資，導致更高的利率。你聽懂我說的了嗎？

Yes. I mean I think -- I mean I'm going to turn it over to the team, Paul, but the amount of load growth that we see in our jurisdictions, I mean that's a great opportunity, economic development that we can be a big part of, either helping to drive it or certainly providing the infrastructure to allow it. Those are great opportunities. And that's -- everybody wants that in all jurisdictions. But again, we're going to be -- very carefully listen to what our jurisdictions want and need and respond accordingly. Peggy or Chuck?

是的。我的意思是我認為- 我的意思是我要把它交給團隊，保羅，但是我們在我們的管轄範圍內看到的負載增長量，我的意思是這是一個很好的機會，經濟發展我們可以成為一個大的一部分，要么幫助推動它，要么提供基礎設施來實現它。這些都是很好的機會。這就是——所有司法管轄區的每個人都希望如此。但我們再次強調，我們將非常仔細地傾聽我們的司法管轄區的需求，並做出相應的反應。佩吉還是查克？

And I'll just briefly add to that. In 2023, we landed 92 new customer load additions totaling about 5 gig and adding additional jobs to our service territory. So I think that that's certainly 1 area and aspect of how we're going to help with affordability as well.

我將簡單補充一下。 2023 年，我們增加了 92 個新客戶負載，總計約 5 個工作，並為我們的服務領域增加了更多工作。因此，我認為這當然也是我們幫助提高負擔能力的一個領域和麵向。

Yes. And Paul, clearly, the data center load that we're experiencing is going to create an opportunity, right, to spread fixed costs, right, along a bigger base and improve the headroom opportunity there as well.

是的。保羅，顯然，我們正在經歷的資料中心負載將創造一個機會，對，沿著更大的基礎分散固定成本，並改善那裡的淨空機會。

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. Regina, would you please give the replay information?

感謝您參加今天的電話會議。像往常一樣，IR 團隊將隨時回答您可能提出的任何其他問題。 Regina，請提供重播資訊好嗎？

Today's conference will be available for replay beginning approximately 2 hours after the conclusion of this call and will run through 11:59 p.m. Eastern Time on March 5, 2024. The number to dial to access the replay is (800) 770-2030 and for international callers, (647) 362-9199. The conference ID number for the replay is 9066570.

今天的會議將在本次電話會議結束後約 2 小時開始重播，一直持續到晚上 11:59。東部時間 2024 年 3 月 5 日。觀看重播的電話號碼是 (800) 770-2030，國際電話請撥打 (647) 362-9199。重播的會議 ID 號碼為 9066570。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。