美國電力 (AEP) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Jay L and I'll be your conference operator today. At this time I would like to welcome everyone American Electric Power second quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Darcy Rees, President of Investor Relations. You may begin.

感謝您的支持。我的名字是 Jay L，今天我將擔任您的會議主持人。現在，我歡迎大家參加美國電力 2024 年第二季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係總裁達西·里斯 (Darcy Rees)。你可以開始了。

Thank you, Jay L. Good morning, everyone, and welcome to the second quarter 2024 earnings call for American Electric Power. We appreciate you taking time to join us today. Our earnings release presentation slides and related financial information are available on our website at aep.com.

謝謝，Jay L。感謝您今天抽空加入我們。我們的收益報告簡報投影片和相關財務資訊可在我們的網站 aep.com 上找到。

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 discussion of these factors.

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

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有我們的臨時總裁兼執行長 Ben Fowke；我們的執行副總裁兼財務長 Chuck Zebula 和我們的公用事業執行副總裁 Peggy Simmons。我們將在他們發言後回答大家的提問。現在我將電話轉給本。

Good morning, and welcome to American Electric Power's second quarter 2024 earnings call. Shortly, Peggy will provide a regulatory update. Followed by Chuck, who will review our financial results in more detail. The summary of our second quarter 2024 business highlights can be found on slide 6 of today's presentation.

早安，歡迎參加美國電力公司 2024 年第二季財報電話會議。很快，佩吉將提供監管更新資訊。接下來是查克 (Chuck)，他將更詳細地回顧我們的財務結果。我們的 2024 年第二季業務亮點摘要可在今天簡報的第 6 張投影片中找到。

Before I dive into our results, I'd like to start by welcoming Bill Fehrman to AEP as our new President and CEO effictive August 1. Bill brings decades of utility operational leadership, experience and in-depth knowledge of the energy industry. Most recently serving as President and CEO of Century holdings. And prior to that, President and CEO of Berkshire Hathaway Energy.

在深入介紹我們的業績之前，我首先歡迎 Bill Fehrman 加入 AEP，擔任我們的新總裁兼首席執行官，該任命將於 8 月 1 日生效。Bill 擁有數十年的公用事業營運領導經驗、以及對能源產業的深入了解。最近擔任世紀控股 (Century Holdings) 總裁兼執行長。在此之前，他曾擔任波克夏海瑟威能源公司的總裁兼執行長。

With Bill's expertise and diverse background, you can anticipate a smooth transition and continuity of strategic direction. Expect more focus on execution and Bill has the background to do just that, including capturing growth, listening and responding to our regulators and investors and using innovation to mitigate inflationary pressures. While I will be serving as Senior Vice for several months to ensure a smooth transition, it's been an honor to lead AEP as Interim President and CEO and I'm proud of what the team has accomplished so far this year.

憑藉比爾的專業知識和多元化背景，您可以期待策略方向的平穩過渡和連續性。期望更專注於執行，而比爾有做到這一點的背景，包括抓住成長、傾聽和回應我們的監管機構和投資者的意見，以及利用創新來緩解通膨壓力。雖然我將擔任高級副總裁數月以確保平穩過渡，但我很榮幸能夠擔任臨時總裁兼首席執行官領導 AEP，並且為團隊今年迄今為止所取得的成就感到自豪。

Now turning to AEP's financial results. Today, we announced second quarter 2024 operating earnings of $1.25 per share or 12% increase over one year ago. Our operational execution through the first half of the year, combined with our efforts to efficiently manage the business, have put us well on track to achieve our targets. Today, we reaffirm our 2024 full year operating earnings guidance range of $5.53 to $5.73, and our long-term earnings growth rate of 6% to 7%.

現在來談談 AEP 的財務表現。今天，我們宣布 2024 年第二季的營業利潤為每股 1.25 美元，較去年同期成長 12%。我們上半年的營運執行，加上我們高效管理業務的努力，使我們順利地實現了目標。今天，我們重申 2024 年全年營業利潤預期範圍為 5.53 美元至 5.73 美元，長期利潤成長率為 6% 至 7%。

Regarding data center load, we have commitments from customers for more than 15 gigawatts of incremental load by the end of this decade, mostly driven by large float opportunities. To put this in perspective, AEP system wide peak load at the end of last year was 35 gigawatts. We continue to work with data center customers to meet the increased demand while ensuring contracts and new initiatives are fair and beneficial for all of our customers.

關於資料中心負載，我們已從客戶那裡獲得承諾，到本世紀末將增加超過 15 千兆瓦的負載，這主要受到大型浮動機會的推動。為了更好地理解這一點，去年年底 AEP 系統的峰值負荷為 35 千兆瓦。我們將繼續與資料中心客戶合作，以滿足不斷增長的需求，同時確保合約和新措施對我們所有客戶都是公平和有利的。

In the fall, we will provide an update on what this large load opportunity means for our capital spend, including generation and transmission investment and on our plan to response with finance this growth initiative. But we certainly encourage innovation when it comes to meeting the energy needs of our customers, data centers included. I want to emphasize that is critically important that costs associated with these large loads are allocated fairly and the right investments are made for the long term success of our grid.

秋季，我們將更新這項大負載機會對我們的資本支出（包括發電和輸電投資）的意義，以及我們為這項成長計畫提供資金的計畫。但在滿足客戶（包括資料中心）的能源需求方面，我們當然鼓勵創新。我想強調的是，公平分配與這些大負載相關的成本並進行正確的投資對於我們電網的長期成功至關重要。

For this reason, we file new data center tariffs in Ohio and large low tariff modifications in Indiana and West Virginia. And it's the reason why we filed a complaint with for related to a co-located load agreement. We will know soon what first to sides, but this is the rationale we use. Given the co-located load agreement is an active case before FERC. I don't plan on making any further comments.

為此，我們在俄亥俄州提交了新的資料中心關稅，並在印第安納州和西維吉尼亞州提交了大規模低關稅修改。這就是我們因共置負載協議而向 提出投訴的原因。我們很快就會知道首先要站在哪一邊，但這是我們所採用的理由。鑑於共置負荷協議是聯邦能源管理委員會正在審理的案件。我不打算發表任何進一步的評論。

I'd also like to note that large load impacts are already being felt here in AEP service territories, primarily Ohio and Texas as our commercial load grew an impressive 12.4% over the second quarter of last year. Looking ahead, we expect the incremental load I just mentioned to move forward in these states and others, including Indiana.

我還想指出的是，AEP 服務區域（主要是俄亥俄州和德克薩斯州）已經感受到了巨大的負載影響，因為我們的商業負荷比去年第二季度增長了 12.4%。展望未來，我們預計我剛才提到的增量負荷將在這些州以及印第安納州等其他州繼續前進。

Moving to another example of capital of opportunities. PSO announced an agreement at the end of June to purchase 795 megawatt natural gas generation facility conditioned on regulatory approval. The facility known as Green Country, is located in Jenks, Oklahoma and will ensure PSO customers continue to benefit from reliable and affordable resources. For this resource adequacy driven capital, PSO plans to seek regulatory approval this fall at which time the economics of this acquisition will be made public.

轉向另一個機會之都的例子。PSO 於 6 月底宣布了一項協議，將在獲得監管部門批准的情況下購買 795 兆瓦的天然氣發電設施。該設施被稱為“Green Country”，位於俄克拉荷馬州詹克斯，將確保 PSO 客戶繼續受益於可靠且經濟實惠的資源。對於這筆資源充足率驅動的資本，PSO 計劃在今年秋季尋求監管部門的批准，屆時將公佈此次收購的經濟效益。

As you know, maintaining a strong balance sheet is critical to fund increased capital spend to support our growth initiatives. We will sensibly finance our capital needs, and we're open to incremental growth equity and equity-like tools in addition to portfolio optimization.

如您所知，維持強勁的資產負債表對於資助增加的資本支出以支持我們的成長計劃至關重要。我們將合理地為我們的資本需求提供資金，除了投資組合優化之外，我們還對增量成長股權和類似股權的工具持開放態度。

On a similar portfolio note, the sale of AEP on-site partners remains on track to close in the third quarter following for approval. Now let's move on to the federal EPA's coal combustion residual rule or CCR, which was finalized in the second quarter and expanded the scope of the rule to include inactive impairments at existing an inactive facilities.

在類似的投資組合說明中，AEP 現場合作夥伴的出售仍有望在獲得批准後於第三季完成。現在讓我們討論聯邦環境保護局的煤炭燃燒殘留物規則或 CCR，該規則於第二季度最終確定，並擴大了規則的範圍，將現有非活躍設施中的非活躍損害也納入其中。

We continue to evaluate the applicability of the rule to current and former plant sites and have develop preliminary estimates of compliance cost. While we are working with others and looking at potential legal challenges to the revised rules as appropriate, we do plan to seek cost recovery through new and or existing regulatory mechanisms. Chuck will have more information on this shortly.

我們繼續評估該規則對現有和以前工廠場地的適用性，並對合規成本進行了初步估算。在我們與其他方合作並酌情研究修訂後的規則可能面臨的法律挑戰的同時，我們確實計劃透過新的或現有的監管機制尋求成本回收。查克很快就會提供更多有關此事的資訊。

Before I turn it over to Peggy for additional updates, I'd like to thank all of you for your support of my time as AEP's Interim CFO, but I'm privileged to serve AEP over the past five months in the border -- board and I are confident that Bill is the right person to build on the momentum underway and to lead a AEP into its next chapter.

在我將時間交給佩吉來提供更多更新之前，我想感謝大家在我擔任 AEP 臨時首席財務官期間的支持，但我很榮幸在過去五個月中為 AEP 服務——董事會和我相信比爾是合適的人選，能夠延續目前的勢頭並帶領 AEP 邁向下一篇章。

On a related note, we are planning an informal meet and greet in New York City soon. So analysts investors can say hello to Bill in person. We are targeting something in August, so stay tuned for more information coming your way in the next couple of days. Finally, I'm excited about what the future holds for AEP as we execute on our strategic priorities and enhance value for all of our stakeholders. Peggy?

順便提一下，我們計劃很快在紐約市舉行非正式的見面會。因此分析師投資人可以親自向比爾問好。我們的目標是在八月份實現某個目標，因此請繼續關注未來幾天將發布的更多資訊。最後，隨著我們執行策略重點並為所有利害關係人提升價值，我對 AEP 的未來感到興奮。佩吉？

Thanks, Ben, and good morning, everyone. Now let's turn to an update on several AEP ongoing regulatory initiatives. We are engaged in our regulatory and legislative areas continuing to strengthen relationships, including implementation of our investment and more people and resources at the local level.

謝謝，本，大家早安。現在讓我們來看看 AEP 正在進行的幾項監管舉措的最新進展。我們致力於在監管和立法領域繼續加強關係，包括在地方層級實施投資以及投入更多人力和資源。

And as the utility industry is changing, now more than ever, AEP's operating company leaders are staying increasingly engage with regulators admit that dynamic environment. Customer built and affordability remain top of mind for AEP In addition to system reliability and resiliency.

隨著公用事業行業的變化，AEP 的營運公司領導者現在比以往任何時候都更加重視與監管機構的接觸，並承認這種動態環境。除了系統可靠性和彈性之外，客戶建構和可負擔性仍然是 AEP 最關注的因素。

We are focused on advancing interest in each of the states we operate, which includes economic development work across service -- our service territory to bring jobs and create bill headroom from a larger loan perspective.

我們專注於提升我們經營所在的每個州的利益，其中包括跨服務區域的經濟發展工作——從更大的貸款角度來創造就業機會和帳單空間。

And to ultimately achieve the regulatory outcomes that are good for AEP's customers, communities, investors and employees. We continue to work through regulatory items with a focus on our authorized versus earned ROE gap, which remained flat at 8.9% for the past 12 months as of second quarter 2024.

並最終實現對 AEP 的客戶、社區、投資者和員工均有利的監管結果。我們將繼續處理監管項目，重點關注授權與應得 ROE 之間的差距，截至 2024 年第二季度，過去 12 個月中該差距一直穩定在 8.9%。

Turning to some positive rate case development, let's start with INM. I'm pleased to report that in May, we received an order in Indiana approving all key items in our settlement, including an improved 9.85% ROE. In June, we received a constructive order in Michigan, maintaining our existing 9.86% ROE with new rates taking effect in mid July.

談到一些正利率案例的發展，讓我們從 INM 開始。我很高興地報告，5 月份，我們收到印第安納州的一項命令，批准了我們和解協議中的所有關鍵項目，包括提高 9.85% 的 ROE。6 月份，我們收到了密西根州的一項建設性命令，維持現有的 9.86% 的 ROE，新的利率將於 7 月中旬生效。

Just last week for AEP Texas, parties filed a unanimous and unopposed comprehensive settlement with the ALJ increasing our authorized ROE to 9.76% with rates effective in early October, pending commission approval.

就在上週，對於 AEP Texas，各方向 ALJ 提交了一致且無異議的全面和解協議，將我們的授權 ROE 提高到 9.76%，利率將於 10 月初生效，等待委員會的批准。

As you know, earlier this year, we filed an APCo biannual rate review in Virginia and a base rate case for PSO and Oklahoma, where we received intervener testimony in the PSO case last evening. We're at the beginning of the procedural schedules in both cases and expect commission orders in the fourth quarter.

如您所知，今年早些時候，我們在弗吉尼亞州提交了 APCo 半年期利率審查，並為 PSO 和俄克拉荷馬州提交了基準利率案件，昨晚我們收到了 PSO 案件的介入者證詞。針對這兩起案件，我們都已開始著手進行程序安排，預計第四季將收到委託訂單。

We look forward to sharing updates on our progress in the coming months. Relative to future cases APCo plans a file, a base rate case in West Virginia in the next week. While we have many trackers in place to help mitigate regulatory lag, we have not had a rate case here in a few years and look forward to working with the parties to achieve a balanced and fair result.

我們期待在未來幾個月分享我們的進展更新。相對於未來的案件，APCo 計劃於下週在西維吉尼亞州提起訴訟，作為基準利率案件。雖然我們已經實施了許多追蹤措施來幫助緩解監管滯後，但幾年來我們還沒有遇到利率案例，我們期待與各方合作，實現平衡、公平的結果。

Looking ahead, I am proud of the progress we continue to make on the regulatory front, and I remain excited about advancing our regulatory strategies in 2024 and beyond. Let's discuss AEP's recent fleet transformation activities and the progress we made on that important initiative. In May, APCo issued requests for proposals for 800 megawatts of wind or solar owned resources with regulatory filing anticipated in 2025.

展望未來，我為我們在監管方面不斷取得的進展感到自豪，我對 2024 年及以後推進我們的監管策略感到興奮。讓我們討論一下 AEP 最近的車隊轉型活動以及我們在這項重要舉措上取得的進展。今年 5 月，APCo 發布了 800 兆瓦風能或太陽能自有資源的招標書，預計將於 2025 年提交監管備案。

Finally, as Ben mentioned, PSO signed an agreement in June to purchase green countries, 795 megawatt natural gas generation facility to help ensure resource adequacy. The agreement is conditioned on regulatory approval, and we plan to make the related filings with the Oklahoma Commission in the fall. This is an example of a proactive approach by the team in meeting ever increasing resource needs, and we're enthusiastic about the opportunity as we advance our fleet transformation.

最後，正如 Ben 所提到的，PSO 於 6 月簽署了一項協議，購買綠色國家 795 兆瓦的天然氣發電設施，以幫助確保資源充足。該協議需獲得監管部門的批准，我們計劃於秋季向俄克拉荷馬州委員會提交相關文件。這是團隊為滿足不斷增長的資源需求而採取的主動措施的一個例子，我們對推進車隊轉型過程中的這個機會感到非常興奮。

To wrap up, I'd like to thank Ben for his leadership, and welcome Bill to the AEP team. This is an exciting time here at AEP. And when I think about the future, I'm motivated by the opportunities we have ahead of us and bracing large load, advancing our regulatory strategy and driving overall long term success.

最後，我要感謝 Ben 的領導，並歡迎 Bill 加入 AEP 團隊。這是 AEP 激動人心的時刻。當我想到未來時，我被眼前的機會所激勵，並承受著巨大的負擔，推進我們的監管策略並推動整體長期成功。

I'll now turn things over to Chuck, who is going to walk through second quarter 2024 performance drivers and details supporting our financial results. Chuck?

現在我將把時間交給查克，他將介紹 2024 年第二季的業績驅動因素以及支持我們財務表現的細節。查克？

Thank you, Peggy, and good morning, everyone. Let's jump right into our second quarter results. Slide 7 shows the comparison of GAAP to operating earnings for the quarter and year to date periods. GAAP earnings for the second quarter were $0.64 per share compared to $1.1 per share in 2023. Year to date GAAP earnings are to $2.55 per share for this year versus $1.78 per share last year.

謝謝你，佩吉，大家早安。讓我們直接了解第二季的業績。幻燈片 7 顯示了本季和年初至今 GAAP 與營業收入的比較。第二季的 GAAP 收益為每股 0.64 美元，而 2023 年為每股 1.1 美元。今年迄今的 GAAP 收益為每股 2.55 美元，去年為每股 1.78 美元。

There's a detailed reconciliation of GAAP to operating earnings for the second quarter and year to date results on pages 13 and 14, respectively. Let's briefly highlight a few of the non operating items for the quarter that mostly make up the difference between GAAP and operating earnings.

第 13 頁和第 14 頁分別對第二季和年初至今的 GAAP 與營業收入進行了詳細的對帳。讓我們簡要介紹一下本季度的一些非經營項目，這些項目主要構成了 GAAP 和營業收入之間的差異。

First, as disclosed in an 8-K in May, and after-tax provision of $126 million for customer refunds was recorded based on recent developments in the reman proceeding related to the cost cap associated with the Turk Plant that has been debated over the last decade.

首先，如五月份的 8-K 報表所披露的那樣，根據過去十年來一直存在爭議的 Turk 工廠成本上限相關的再製造程序的最新進展，記錄了 1.26 億美元的客戶退款稅後準備金。

Secondly, we incurred a $94 million expense, associated with the voluntary severance program that we completed in the second quarter. And finally, as Ben mentioned, the final revised EPA CCR will became effective in May. We recorded a $111 million accrual for a compliance cost, largely related to our Ohio properties, where generation is deregulated.

其次，我們在第二季完成的自願遣散計畫產生了 9,400 萬美元的費用。最後，正如 Ben 所提到的，最終修訂的 EPA CCR 將於 5 月生效。我們記錄了 1.11 億美元的合規成本，這主要與我們俄亥俄州的資產有關，該州的發電不受管制。

We also updated our asset retirement obligations for sites in our regulated entities where we intend to seek cost recovery. Let's walk through our quarterly operating earnings performance by segment on slide 8. Operating earnings for the second quarter totaled $1.25 per share or $662 million compared to $1.13 per share or $582 million in 2023. This results in an increase of $80 million or $0.12 per share, which is a 10.6% increase over last year.

我們也更新了我們所監管實體中旨在尋求成本回收的場所的資產退役義務。讓我們在第 8 頁投影片中逐一介紹一下我們各部門的季度營業利潤表現。第二季營業利潤總計每股 1.25 美元，即 6.62 億美元，而 2023 年為每股 1.13 美元，即 5.82 億美元。這導致每股收益增加 8,000 萬美元或 0.12 美元，比去年增加 10.6%。

Operating earnings for Vertically Integrated Utilities were $0.46 per share, down $0.05. Positive drivers included favorable year-over-year weather and rate changes across multiple jurisdictions with a 2022 PSO, base case and the 2023 Virginia proceeding being the most significant. These items were offset by higher income taxes, which are largely a reversal of favorable income taxes in the first quarter, lower normalized retail sales and higher depreciation.

垂直整合公用事業公司的營業利潤為每股 0.46 美元，下降 0.05 美元。積極的驅動因素包括同比有利的天氣和多個司法管轄區的費率變化，其中 2022 年 PSO、基準情況和 2023 年弗吉尼亞州的訴訟最為重要。這些項目被更高的所得稅所抵消，這在很大程度上抵消了第一季優惠的所得稅、較低的正常化零售額和較高的折舊。

Note the year to date results in this segment consolidates the income tax loss that is shown in this quarter, resulting in an immaterial year-to-date income tax variance versus last year. The Transmission and Distribution Utilities segment earned $0.41 per share, up $0.11 compared to last year. Positive drivers in this segment included favorable weather, increased transmission revenue, rate changes primarily from the distribution cost recovery factor and taxes and higher normalized retail sales. These items were partially offset by increased property taxes and depreciation.

請注意，本部分的年初至今業績合併了本季顯示的所得稅損失，因此與去年相比，年初至今的所得稅差異並不重大。輸配電公用事業部門每股收益 0.41 美元，比去年同期成長 0.11 美元。該領域的積極驅動因素包括有利的天氣、輸電收入的增加、主要來自配電成本回收因素和稅收的費率變化以及更高的正常零售額。這些項目被增加的財產稅和折舊部分抵消。

The AEP Transmission APCo segment contributed $0.39 per share, up a penny compared to last year, primarily driven by investment growth. Generation and Marketing produced $0.12 per share, down a penny from last year.

AEP Transmission APCo 部門每股貢獻 0.39 美元，比去年增加一美分，主要由投資成長推動。發電和行銷部門每股收益為 0.12 美元，比去年下降一分。

Recall that AEP renewables was sold in the third quarter last year, which has two impacts, a negative earnings variance due to the business being sold and removal of the interest cost for financing these assets, additional drivers were lower retail margins, offset by higher generation margins and lower taxes.

回想一下，AEP 再生能源於去年第三季度被出售，這產生了兩個影響，由於業務出售而導致的負收益差異以及取消了為這些資產融資的利息成本，另外，零售利潤率較低，但被發電利潤率較高和稅收較低所抵消。

Finally, Corporate and Other was up $0.06 compared to the prior year, primarily driven by lower income taxes and increased other operating income related to timing in the prior year. These items were partially offset by higher interest expense and lower interest income from the G&M segment.

最後，企業及其他業務較上年同期上漲了 0.06 美元，主要由於所得稅降低以及與去年同期時間相關的其他營業收入增加。這些項目被G&M部門的較高利息支出和較低的利息收入部分抵銷。

Let's turn to slide 9, which shows weather-normalized retail sales up 4% in the quarter from a year ago. Headlined by a double digit 12.4% increase in commercial sales, which is where our data processing customers are classified.

我們翻到第 9 張投影片，其中顯示本季天氣標準化零售額比去年同期成長了 4%。其中，商業銷售額實現了兩位數 12.4% 的成長，而這正是我們的資料處理客戶所分類的。

I'll note that in our T&D segment, the increase in commercial load was over 20% for the quarter. This is a trend that will continue over the coming years, based on already signed customer commitments. Our operating footprint and robust transmit emission system positions us perfectly to grow along AI and other technologies and industries in need of access to affordable and reliable power. Through the remainder part of this year, data processing gains will remain mostly concentrated in Ohio and Texas.

我要指出的是，在我們的輸配電部門，本季商業負荷增加超過 20％。根據已經簽署的客戶承諾，這一趨勢將在未來幾年持續下去。我們的營運足跡和強大的傳輸排放系統使我們能夠與人工智慧以及其他需要獲得經濟實惠且可靠電力的技術和產業一起成長。今年剩餘時間內，數據處理收益仍將主要集中在俄亥俄州和德克薩斯州。

But beyond this year, we are seeing strong commitments from new customers looking to connect at some of our vertically integrated companies as well. Outside of data processors, our industrial sales have remained resilient in the face of a slowing economy.

但今年以後，我們看到新客戶也做出了強烈的承諾，希望與我們的一些垂直整合公司建立聯繫。除了數據處理器之外，在經濟放緩的情況下，我們的工業銷售依然保持強勁。

Industrial sales were strongest in Texas, driven by an influx of new customers, mainly in the energy industry. Thanks to our success over the past few years on the economic development front, we expect to see our industrial sales continued to be resilient in the next few years as several new large customers in steel, energy, renewable energy and semiconductors come online across our footprint.

德州的工業銷售最為強勁，這得益於新客戶的湧入，主要是能源產業。由於我們過去幾年在經濟發展方面取得的成功，隨著鋼鐵、能源、再生能源和半導體領域的幾家新的大客戶加入我們，我們預計未來幾年我們的工業銷售將繼續保持強勁。

In the residential segment, we continue to see growth in customer count and load in Texas, but residential load remains weak in most of our territories, likely due to the cumulative effects of inflation. Bottom line, the amount of demand from new large loads, we're seeing it across our system, unprecedented. We are excited, challenged and poised to embrace this opportunity.

在住宅領域，我們繼續看到德克薩斯州的客戶數量和負荷增長，但在我們的大多數地區，住宅負荷仍然疲軟，這可能是由於通貨膨脹的累積效應。底線是，我們在整個系統中看到了新的大負載需求量，這是前所未有的。我們感到興奮，迎接挑戰，並準備好迎接這個機會。

Let's move on to slide 10. In the top left table, you can see the FFO-to-debt metric stands at 14.6% for the 12 months ended June 30, which is a 40 basis points increase from the prior quarter. Our debt-to-cap decreased slightly from last quarter and was 62.6% at quarter end. We took credit supportive financing actions in the second quarter by issuing $400 million of equity under our at-the-market program and by issuing $1 billion in junior subordinated notes at the parent, which qualify for 50% equity credit at all three rating agencies. In the lower left part of this slide, you can see our liquidity summary, which remained strong at $5.4 billion and is supported by $6 billion credit facilities.

我們繼續看第 10 張投影片。在左上角的表格中，您可以看到截至 6 月 30 日的 12 個月的 FFO 與債務比率為 14.6%，比上一季增加了 40 個基點。我們的負債與資本比率較上一季略有下降，季末為 62.6%。我們在第二季採取了信用支持融資行動，透過以市場價格計劃發行了 4 億美元的股權，並在母公司發行了 10 億美元的次級債券，這些債券符合三家評級機構 50% 的股權信用要求。在這張投影片的左下角，您可以看到我們的流動性摘要，該摘要仍保持在 54 億美元的強勁水平，並得到 60 億美元信貸額度的支持。

Lastly, on the qualified pension front, our funding status is near 99%. In summary, our second quarter results provide additional meant momentum this year, bringing year to date earnings up to $2.52 per share, an increase of $0.28 or 12.5% compared to the same period last year.

最後，在合格退休金方面，我們的資金狀況接近 99%。總而言之，我們第二季的業績為今年提供了額外的平均動力，使年初至今的每股收益達到 2.52 美元，比去年同期增加 0.28 美元或 12.5%。

We reaffirm our operating earnings guidance range of $5.53 to $5.73 and remain committed to our long-term growth rate of 6% to 7%. And as we move through the balance of the year, our focus is on providing reliable and affordable service to our customers, executing our plan and embracing the growth opportunities that we have ahead of us.

我們重申我們的營業利潤預期範圍為 5.53 美元至 5.73 美元，並繼續致力於 6% 至 7% 的長期成長率。在今年餘下的時間裡，我們的重點是向客戶提供可靠且實惠的服務，執行我們的計劃，並抓住我們面臨的成長機會。

Also a quick update on the sale of AEP on-site partners. We expect the transaction to close in the third quarter and result in approximately $315 million in net proceeds to the company. I'd be remiss if I didn't acknowledge the skilled leadership of Ben Fowke during this time of transition at AEP.

另外也簡單更新了 AEP 現場合作夥伴的銷售情況。我們預計交易將於第三季完成，並為該公司帶來約 3.15 億美元的淨收益。如果我不承認 Ben Fowke 在 AEP 轉型期間所展現出的卓越領導才能，那我就是失職了。

Ben told you that this company would not be a neutral during the transition, and I can say that that is absolutely true, Ben, well, I know you'll still be engaged as an adviser and Board role going forward. I want you to know that the AEP team appreciates your engagement and contributions over the past five months.

本告訴過你，這家公司在過渡期間不會保持中立，我可以說這絕對是真的，本，我知道你今後仍將擔任顧問和董事會成員。我想讓你們知道，AEP 團隊感謝你們在過去五個月的參與和貢獻。

Finally, the AEP team looks forward to the arrival of our new CEO and President, Bill Fehrman. We all look forward to Bill, bringing has accomplished leadership to AEP and working with him as we take on the exciting opportunities that we have before us. Thank you for your interest in American Electric Power.

最後，AEP團隊期待我們的新任執行長兼總裁Bill Fehrman的到來。我們都期待比爾為 AEP 帶來卓越的領導才能，並與他一起努力抓住我們面前的激動人心的機會。感謝您對美國電力的關注。

Operator, can you open the call so we can address your questions. Thank you.

接線生，您能打開電話以便我們解答您的問題嗎？謝謝。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

(操作員指示) Shar Pourreza，古根漢合夥人。

Hey, guys, good morning. Just firstly, obviously, you guys highlighted in the deck unquote the direction and strategy kind of remain on track. I guess how much latitude will Bill have to make kind of strategic changes if need be to accrete value? Or is the plan kind of the plan and any kind of changes you expect will likely be more in the French given your and the Board's comfort level with the trajectory with obviously a lot of kind of being a similar situation to one of the other Ohio peers in the state went out and incoming CEO? Thanks.

嘿，大家早安。首先，顯然，你們在演講中強調了方向和策略仍然在正軌上。我猜測，如果需要增加價值，比爾將在多大程度上做出戰略改變？或者該計劃只是計劃而已，您預期的任何變化都可能更多地以法語進行，因為您和董事會對該軌蹟的滿意程度顯然與該州其他俄亥俄州同行即將上任的首席執行官的情況類似？謝謝。

Yeah. And the thing I think that was a lot different circumstance chart, but feels very familiar with our strategy. We clearly had conversations with Bill about our strategy. So I think it's I think we're on the right strategic direction. I do think Bill's going to come in and focus very much on execution. He's got a ton of experience, as we mentioned.

是的。我認為這是一個非常不同的情況圖，但對我們的策略卻非常熟悉。我們顯然已經與比爾討論過我們的策略。所以我認為我們正朝著正確的策略方向前進。我確實認為比爾將會非常注重執行。正如我們所提到的，他擁有豐富的經驗。

And so, he'll take some time assess where we are, and I'm sure he's going to make some changes, but I don't see significant changes in the strategic direction, but it does not like we gave and we plan to do list and you do all these things. He's going to be a dynamic leader. But the path one is I think we're all in agreement, it's the right path and we need to execute on it.

因此，他會花一些時間評估我們的現狀，我相信他會做出一些改變，但我看不到戰略方向發生重大變化，但它並不像我們給出的和我們計劃做的清單那樣，你要做的事情。他將成為一位充滿活力的領導者。但我認為，我們都同意第一條道路是正確的，我們需要沿著這條道路去執行。

Okay. Perfect. And then lastly, I know you obviously we've talked about higher CapEx coming driven by customer growth, data centers et cetera. as we're kind of thinking about that incremental CapEx potentially with the 3Q update and the funding source, the balance sheet doesn't have a material amount of capacity. You touched on this a bit on your prepared, but maybe you can elaborate now you're kind of thinking about incremental equity versus asset sales and with asset sales, how you're thinking about distribution versus transmission? Thanks, guys.

好的。完美的。最後，我知道我們顯然已經討論過由客戶成長、資料中心等推動的更高資本支出。由於我們正在考慮第三季更新和資金來源可能帶來的增量資本支出，因此資產負債表上並沒有大量的產能。您在準備時稍微談到了這一點，但也許您現在可以詳細闡述一下，您對增量股權與資產銷售的思考，以及對於資產銷售，您如何考慮分銷與傳輸？謝謝大家。

Yeah. I mean, clearly, we're going to have a an update in the fall, either at or right before EI that incorporates what it means that CapEx to fund this slow growth, both in generation and transmission, and of course, what it needs to make sure that balance sheet is strong in terms of equity, equity like products, including portfolio optimization.

是的。我的意思是，很明顯，我們將在秋季，也就是 EI 之時或之前進行更新，其中包含資本支出對發電和輸電緩慢增長的資助意義，當然，還包括確保資產負債表在股權、類股權產品（包括投資組合優化）方面強勁所需的條件。

Regarding portfolio optimization, you've heard me say it before. We're always open to it, but price has to be there and the ability to execute has to be there and the regulated utility spaces. That's those are two hard things to put together at the same time, but we're open to it, Chuck, I don't know if you want to add anything to it?

關於投資組合優化，你以前已經聽我說過。我們對此始終持開放態度，但必須具備價格、執行能力和受監管的效用空間。這是兩件很難同時完成的事情，但我們對此持開放態度，查克，我不知道你是否想補充一點？

And then the only thing I would add is right, it's so important as we are a regulated utility and have significant capital needs not only today but going forward, right to maintain investment grade credit ratings, and we will defend that right in our plan.

然後我要補充的是，這非常重要，因為我們是一家受監管的公用事業公司，不僅在今天而且在未來都有大量的資本需求，需要維持投資級信用評級，我們將在我們的計劃中捍衛這一權利。

Got it. Perfect. Thank you. And by the way to weak real big, congrats on Bill. He is one of the best hires. Thanks, guys.

知道了。完美的。謝謝。順便說一句，恭喜比爾 (Bill)。他是最優秀的僱員之一。謝謝大家。

Thanks. You did mention Shar as the mix between distribution and transmission. So it's going to obviously to be a lot of transmission needs to be built as well as distribution.

謝謝。您確實提到了 Shar 作為分佈和傳輸的混合體。因此顯然需要建造大量的輸電和配電線路。

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

謝謝。您的下一個問題來自摩根大通的傑里米·託內特 (Jeremy Tonet)。

Hi, good morning. Hey, Jeremy. I know I mean, I can give us the full details here, but I was just wondering if there's any way you could help us think through size and shaping up this income with the incremental wires needs here. Just seems like everything is materializing quicker than expected. And so just wondering if you could comment, I guess, any shaping there? Are that that would be helpful.

嗨，早安。嘿，傑里米。我知道我的意思是，我可以在這裡為我們提供完整的細節，但我只是想知道您是否有辦法幫助我們考慮規模並根據這裡的增量電線需求來調整收入。似乎一切都比預期的更快實現。所以我只是想知道您是否可以評論一下，我想，那裡有什麼塑造嗎？那將會很有幫助。

Yeah. Well, as I mentioned that we've done with Charles comment. I mean, you're definitely going to see a lot of increase in transmission spend. There's got to be something to plug into. So we're going to have generation as well. And we recognize the need to make sure we have reliable distribution grid.

是的。好吧，正如我所提到的，我們已經對查爾斯的評論完成了。我的意思是，你肯定會看到傳輸支出的大幅增加。一定有某個東西可以插入。因此我們也會擁有一代人。我們認識到確保擁有可靠配電網的必要性。

So I think if I had a rate, it would be transmission increases followed by generation, followed by distribution.

因此我認為，如果我有一個費率，那將是輸電增加，然後是發電，然後是配電。

Jeremy, I would say you'll note in our materials that we raised our CapEx this year already by $500 million. That largely is in T&D, right? It's for reliability span, also customer hookups and and storm related capital. So the shape of it, right? It is going to be as these customer additions come online. And again, as Ben mentioned, we'll be laying all that out in the fall.

傑里米，我想說你會在我們的材料中註意到，我們今年已經將資本支出提高了 5 億美元。這主要是在 T&D 方面，對嗎？它適用於可靠性跨度、客戶連接以及與風暴相關的資本。那麼它的形狀是這樣的，對嗎？隨著這些客戶的增加，它將會上線。正如本所說，我們會在秋季把所有事情都安排好。

Got it. So it sounds like there's an opportunity for more near term as opposed to just later dated at this point. If I understand correctly?

知道了。因此，這聽起來像是近期有更多機會，而不是目前晚些時候。如果我理解正確的話？

I think that that's true.

我認為那是真的。

Got it. Just wondering if you could talk a bit more on PSOs, natural gas generation purchased there. To what extent do you see the need for incremental cash generation across Oklahoma of the service territory? Is just wondering if you expect to see more of that?

知道了。只是想知道您是否可以多談談 PSO，即在那裡購買的天然氣發電。您認為俄克拉荷馬州服務區域在多大程度上需要增加現金流？只是想知道您是否希望看到更多這樣的內容？

So I would say, again, I would say with the increased reserve margins that we're seeing from the RTOs and the additional load that we're starting to see across our system, we are going to need some additional generation. And this was a very proactive approach that the team took, as I mentioned in my comments earlier, to go out and find some affordable assets that we can bring onto the system and we plan to make that filing at the Commission later this fall.

因此，我想再說一次，隨著我們從 RTO 看到的儲備裕度增加以及我們開始在整個系統中看到的額外負載，我們將需要一些額外的發電。正如我之前的評論中提到的那樣，這是團隊採取的非常積極主動的方法，我們出去尋找一些可以納入系統的可負擔資產，併計劃在今年秋天晚些時候向委員會提交文件。

Yeah, Peggy mentioned proactive that really, I think was created was outside of the RFP process. And but we have an RFP process to compare the pricing to and it's clearly very favorable. So we're really excited about it. It will be great for our customers.

是的，佩吉提到了主動性，我認為它是在 RFP 流程之外創建的。但是我們有一個 RFP 流程來比較定價，而且它顯然非常有利。所以我們對此感到非常興奮。這對我們的客戶來說是一件好事。

Got it. Thank you for that.

知道了。謝謝你。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Hey, good morning. Sorry, I've got several questions on data center, data processing as you called it. So first of all, just in the quarter, you had a very strong commercial sales growth, but then your normalized sales growth between the two subs I think was actually down $0.04. So when you kind of look at both vertical and T&D, could you just talk to how we should think about that?

嘿，早安。抱歉，我有幾個關於資料中心，也就是您所說的資料處理的問題。首先，僅在本季度，您的商業銷售成長就非常強勁，但我認為兩個子公司之間的標準化銷售成長實際上下降了 0.04 美元。所以，當您同時考慮垂直和 T&D 時，您能談談我們應該如何看待這一點嗎？

Yeah, in T&D, Steve normalized sales were up $0.02.

是的，在 T&D 方面，史蒂夫的標準化銷售額上漲了 0.02 美元。

Right, but then the vertical was down $0.06. So I think so I guess just thinking, when I look at the whole picture, it's not kind of should at least in that line item doesn't seem to be showing up as a benefit?

沒錯，但是垂直方向下降了 0.06 美元。所以我認為，我只是在想，當我看整個情況時，它不應該至少在那一項中似乎沒有顯示為一種好處？

Yeah. So let me comment on the negative $0.06 in vertically integrated. That's largely due to a vertically integrated we had in the quarter about a 4.9% decrease over last Q2 in residential sales, and that's largely what drove that number.

是的。因此，讓我對垂直整合的負 0.06 美元進行評論。這主要是由於本季我們垂直整合的住宅銷售額較去年第二季下降了約 4.9%，這也是導致這一數字的主要原因。

In our SWEPCO territory, we had in kind of mid to late May into early June, we had a number of repeated storm activity, tornatic activity that took a large swath of customers out for significant amounts of times that what drove that number down. We've seen that start to normalize back in June and July. So I expect that to be to return to a more normal state.

在我們的 SWEPCO 領土內，從 5 月中下旬到 6 月初，我們經歷了多次反覆的暴風雨活動和龍捲風活動，導致大量客戶長時間無法使用，這導致使用次數下降。我們看到這種情況在六月和七月開始恢復正常。因此我預計這將恢復到更正常的狀態。

Okay. Thanks. And then on the 15 gigawatts of committed data center sales to 2030, could you just maybe better defined what committed means when you could give that data point?

好的。謝謝。然後，關於到 2030 年承諾的 15 千兆瓦資料中心銷售額，當您給出該資料點時，您能否更好地定義承諾的含義？

Yeah, I mean, it basically means that we have a letter of agreement and those lead of our agreements, Steve start the clock running, if you will, for us to do work that pretty quickly go can go into the millions, which that customer who signed a letter of agreement is required to pay.

是的，我的意思是，這基本上意味著我們有一份協議書，而我們的協議的負責人史蒂夫開始計時，如果你願意的話，為了讓我們很快完成工作，可能會花費數百萬，而簽署協議書的客戶必須支付這筆費用。

So that's how we define it. We've -- as we look forward, we'd look at the number of filtering criteria, ownership of sites, et cetera, that we use. So these are far from just inquiries. These are serious customers that want to get on the grid and are willing to financially commit to do what it takes to get on the grid.

這就是我們的定義。展望未來，我們會考慮所使用的過濾標準的數量、網站所有權等等。因此這些不僅僅是詢問。這些都是想要接入電網的認真客戶，並且願意在財務上承諾盡一切努力實現接入電網的目標。

Okay. And are those customers kind of committing to these new tariffs? Few files are we not at the point where they've made the agreement that those tariffs work for them when they've got it?

好的。那麼這些客戶是否同意遵守這些新關稅呢？我們是否已經達成協議，即當他們收到這些關稅時，這些關稅對他們有效？

That will be got -- those tariffs, as you know, they haven't been approved yet, but they will -- they will need to fix, depends where they are in the signing process as to whether or not there will be held to those tariffs or not but going forward customers, if approved, will all be required to step up to the tariffs.

如你所知，這些關稅尚未獲得批准，但他們將需要確定是否要遵守這些關稅，這取決於他們處於簽署過程的哪個階段，但如果獲得批准，未來的客戶都將需要提高關稅。

Okay, as Steven just I say -- it's just it's really important. We're going to see more growth than we've seen and maybe generations. And it's going to be really important that growth is beneficial for all customers and at the worst case, at least neutral. And that exactly why we're trying to -- that's exactly why we're so keenly focused on making sure that we have these tariffs and the modifications I mentioned in Indiana and West Virginia, and it's just -- we got to get it right.

好的，正如史蒂文剛才所說——這真的很重要。我們將會看到比以往甚至幾代人更快的成長。而且，讓成長惠及所有客戶，甚至在最壞的情況下至少對客戶無害，這一點非常重要。這正是我們試圖——這正是我們如此熱衷於確保我們擁有這些關稅以及我在印第安納州和西弗吉尼亞州提到的修改的原因，而且我們必須把它做好。

Okay. And then maybe just in terms of helping to frame the capital needs. Just can you give us some rough sense of that 50 gigawatts? How much might be related to vertically integrated parts of AP versus for transmission only parts?

好的。然後可能只是在幫助確定資本需求方面。您能給我們簡單介紹一下那 50 千兆瓦嗎？與 AP 的垂直整合部分以及僅傳輸部分相關的程度有多少？

Yeah, Steve. So the way to think about it is in I think of it is a 50 50 split between Texas and PJM, 50%, of course, taxes right? Is our wires company and PJM take that 50% and basically split it 50 50 between INM and which is vertically integrated and AEP, Ohio, right, which is why it's only.

是的，史蒂夫。所以我認為應該這樣考慮：德州和 PJM 各佔 50%，當然，50% 是稅收，對嗎？我們的電線公司和 PJM 各佔 50%，然後基本上在垂直整合的 INM 和俄亥俄州的 AEP 之間平分，對吧，這就是為什麼它是唯一。

Perfect. So that would be kind of 75%, 25%, I guess, probably estimates. Thank you. Okay. So --

完美的。所以這大概是 75% 或 25% 左右，我猜，可能是估計值。謝謝。好的。所以--

Yeah. However, we are seeing additional -- interest amongst other vertically integrated utilities, but that interest is not as firm yet.

是的。然而，我們看到其他垂直整合公用事業公司也表現出了興趣，但這種興趣還不那麼堅定。

Amongst some of your other vertically integrated?

你們還有哪些垂直整合的產品？

Yeah, that's correct.

是的，正確。

Yeah. Okay. Great. I'll leave it there. Thank you very much.

是的。好的。偉大的。我就把它留在那裡。非常感謝。

Thanks, Steve.

謝謝，史蒂夫。

Nick Campanella, AEP.

尼克·坎帕內拉（Nick Campanella），AEP。

Nick Campanella at Barclays here. Thanks for the time.

我是巴克萊銀行的尼克‧坎帕內拉 (Nick Campanella)。感謝您的時間。

Actually buy electricity like because we just hired Nick (laughter)

實際上購買電力，因為我們剛剛僱用了尼克（笑聲）

I never got the call. I never got the call, but I think the time a lot of my questions have been answered. But just curious on as we kind of trying to think about the magnitude of capital that the plan can handle here. I love this financing considerations, but there's also kind of build growth considerations. Just how high do you think your rate base growth can get before you have to start thinking about customer bill impact, especially as some of this flow should be able to supplement that. But just trying to see where this rate base cater to go at the end of the day. Thank you.

我從來沒有接到過電話。我從未接到過電話，但我認為那時我的許多問題已經得到解答了。但我們只是好奇，試著思考該計劃可以處理的資本規模。我喜歡這種融資考慮，但也有某種建設增長的考慮。在您開始考慮對客戶帳單的影響之前，您認為您的費率基礎成長率會達到多高，特別是因為其中一些流量應該能夠補充這一點。但只是想看看這個利率基礎最終會走向何處。謝謝。

Yeah. I think the incremental CapEx will be driven to support new load growth. And that's why we're just so keenly focused on making sure we get the rules right? And our modeling suggests that it will be good for all customers. And that's I mean, that's that's what makes me so excited about this is that everybody can benefit loads good for all. And it's going to there's pressures on the grid and the resiliency and things like that. But I think the loads going to be beneficial to mitigate cost increases.

是的。我認為增量資本支出將用於支持新的負載成長。這就是為什麼我們如此熱衷於確保制定正確的規則？我們的模型表明這對所有客戶都有好處。我的意思是，這就是讓我如此興奮的原因，因為每個人都可以從中受益，對所有人都有好處。這會給電網和彈性等方面帶來壓力。但我認為這些負荷將有利於減輕成本的增加。

Okay, thanks. And then I guess just since you've taken over, you have pulled some strains on this voluntary severance program. Just where are there other opportunities in the plan to cut costs today? Are just things that maybe we're not thinking about that could be incremental to the positive?

好的，謝謝。我想，自從你接手以來，你就對這個自願遣散計劃施加了一些壓力。當今的計劃中還有哪些其他削減成本的機會呢？是不是有些事情我們可能沒有考慮到，但卻可以產生正面的影響呢？

Again, as I mentioned, I think Bill Fehrman come in and he's got a track record of innovation that companies in the Berkshire Hathaway portfolio. We're extremely well run. Bill is extremely well respected. I think it's going to bring a lot of great ideas. Yeah, it's a lot of blocking and tackling and also taken advantage of innovation, smart technologies, et cetera, that will get us there.

再次，正如我所提到的，我認為比爾費爾曼加入後，他在伯克希爾哈撒韋投資組合中的公司創新方面有著良好的記錄。我們運作得非常好。比爾非常受人尊敬。我認為這會帶來很多偉大的想法。是的，我們可以透過大量的阻止和解決，以及利用創新、智慧技術等等，來實現這一目標。

But yeah, the team has done a really good job if you look back and keeping O&M in check. So again, I think the biggest way we keep costs down our customers is to bring this new load on and bring it on when ways and rules and tariffs that are fair at all.

但如果你回顧過去並控制 O&M，那麼該團隊確實做得非常好。因此，我認為，我們降低客戶成本的最大方法是承擔這一新負擔，並且採用公平的方式、規則和資費。

Thank you.

謝謝。

Thanks.

謝謝。

Carly Davenport, Goldman Sachs.

高盛的卡莉‧達文波特 (Carly Davenport)。

Hey, good morning. Thanks so much. Just a couple clarification questions, if I could. First, just on the 15 gigawatts of incremental load by the end of the decade, could you just clarify is all of that related to data centers or anything else in there? And then is there anything you can provide on how to think about the cadence of that load materializing from a timing perspective?

嘿，早安。非常感謝。如果可以的話，我只想澄清幾個問題。首先，關於到本世紀末 15 千兆瓦的增量負載，您能否澄清一下，這些是否都與資料中心有關，還是與其中的其他內容有關？然後，您能否從時間角度提供有關如何思考負載實現的節奏的建議？

Yeah, the 15 gigawatts refers to all data centers, and we're not announcing the cadence of that at this time. But it's already, as you can see, it's already showing up in our numbers. So we are looking up in -- folks and you'll see continued increases over the next several years.

是的，15 千兆瓦是指所有資料中心，我們目前還沒有宣布這個節奏。但正如你所看到的，它已經在我們的數字中顯現出來了。因此，我們期待著—各位朋友，您將會看到未來幾年持續的成長。

Great. Thank you for that. And then just a follow-up just on the earnings versus authorized ROE gap. I know you mentioned the earned ROE sort of flattish at 8.9% on a trailing 12 month basis. Do you have that comparable weather normalized numbers similar to what you provided in previous quarters?

偉大的。謝謝你。然後只是對收益與授權 ROE 差距的後續關注。我知道您提到過，過去 12 個月的淨資產收益率 (ROE) 基本持平於 8.9%。您是否有與前幾季提供的天氣標準化數字類似的可比較數字？

We're look forward to be at nine one for this year? As I mentioned over the past 12 months, I mean, on a rolling average right now, we're at eight nine, which is flat to where we were last quarter. But I am continuing to make progress on that front.

我們期望今年能達到九點一嗎？正如我所提到的，在過去 12 個月中，目前的滾動平均值是 89，與上一季的水平持平。但我在這方面正在繼續取得進展。

Got it. Great. Thanks so much for the time.

知道了。偉大的。非常感謝您抽出時間。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾 (Andrew Weisel)。

Good morning.

早安.

Hi, good morning.

嗨，早安。

First, quick governance question, can you please talk about the outlook for the Board and specifically what rolls on and build each have who will be Chair of the Board? And will it be executive or non-executive? And how large will the Board ultimately be?

首先，快速治理問題，您能否談談董事會的前景，特別是未來的發展以及誰將擔任董事會主席？它是執行性的還是非執行性的？董事會最終規模有多大？

Okay. Well, I will go back after my time as advisor. I'll go back to being a Board member and I will keep my independents. Bill obviously will be on the Board, will be a non-independent director. Sara Tucker Martinez or Martinez Tucker will be the Chair and she will remain Chair and Chief Independent.

好的。嗯，擔任顧問一段時間後我就回去。我將重新擔任董事會成員並保持獨立性。比爾顯然將進入董事會，擔任非獨立董事。薩拉·塔克·馬丁內斯 (Sara Tucker Martinez) 或馬丁內斯·塔克 (Martinez Tucker) 將擔任主席，而她將繼續擔任主席兼首席獨立董事。

Size of the Board, we are basically at full size and so that there won't be any change to the size of the Board. I don't know was that I get all those questions.

董事會的規模基本上是原樣的，因此董事會的規模不會有任何變化。我不知道我為什麼會問這麼多問題。

Yeah. That's great. Thank you very much. And then just a quick question on the cash flow slide 22. Some moving parts in '24 has led to slightly higher equity needs this year by about $100 million. Can you elaborate a little bit on that? And then looking to '25 and beyond, I see no changes. Would I be right to assume that sort of just waiting for the US updating three months?

是的。那太棒了。非常感謝。然後我問關於現金流第 22 張幻燈片的一個簡單的問題。24年的一些變動因素導致今年的股權需求略有增加，約 1 億美元。能詳細闡述嗎？然後展望25年及以後，我沒有看到任何變化。我是否可以假設只需等待美國更新三個月？

And just to clarify your comment on the equity like tools, are you referring to the junior subordinated? Or could there be something else in there like equity units perhaps?

為了澄清您對類似股權工具的評論，您指的是次級債券嗎？或者其中可能還有其他東西，例如股權單位？

So Andrew, first question, are you also note in 2024, right? We had a $500 million increase in CapEx and versus our plan for the year, right? We had additional asset sales, right? That were part of the original plan that ended up changing through the year.

那麼安德魯，第一個問題，你也注意到了 2024 年，對嗎？與今年的計劃相比，我們的資本支出增加了 5 億美元，對嗎？我們有額外的資產出售，對嗎？這是原計劃的一部分，但最終在一年內發生了改變。

So we -- in our financing right in our cash, right, we received less proceeds because of that change in plan. So that those two things basically drove the opportunity right for the increase in equity and just being opportunistic on them in the market as well. You're right, going forward, we have not updated those cash flows yet for our annual update, which will do it at EEI.

因此，由於計劃的改變，我們在現金融資方面獲得的收益減少了。所以這兩件事基本上為股權的增加提供了機會，並且也在市場上抓住了機會。您說得對，展望未來，我們還沒有在年度更新中更新這些現金流，我們將在 EEI 中進行更新。

Okay. The equity-like, was that just referring to the junior subordinates, or was there more to it?

好的。所謂公平，只是針對部屬嗎，還是有其他意義？

Yeah, that that refers to the notes that we issued in June. But we would look at, you know, various forms of equity alternatives and be a holistic and our approach.

是的，那是指我們在六月發行的票據。但我們會考慮各種形式的股權替代品，並採取整體的方法。

Very good. Appreciate the detail. Thank you.

非常好。欣賞細節。謝謝。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Hey, team. Good morning. Good morning, Ben. Andrew actually asked my question on the financing slide. Chuck, maybe a little more color, there were kind of more negatives to positives in that cash flow slide. I mean, the asset sale proceeds were lower, right, and the CapEx is higher. Just assuming normal weather for the rest of the year, are you going to be below 14.6 where you said, or should we think about 14.6 as strong as going into the end of the year?

嘿，團隊。早安.早安，本。安德魯實際上在融資幻燈片上問了我的問題。查克，也許更詳細一點，現金流下滑中，負面因素比正面因素多。我的意思是，資產出售收益較低，而資本支出較高。只是假設今年剩餘時間的天氣正常，那麼您所說的 14.6 會低於這個數字嗎，或者我們應該認為 14.6 和年底一樣強嗎？

Yeah, our plan is to be in the 14% to 15% range. I'll just note, right, that we're well above the 13% downgrade threshold. So yeah, we plan to be in that range.

是的，我們的計劃是達到 14% 到 15% 的範圍。我只是想指出，我們的降級幅度已遠高於 13% 的門檻。是的，我們計劃進入這個範圍。

Okay. Thank you. Appreciate the time.

好的。謝謝。珍惜時間。

Sophie Karp, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Sophie Karp。

Hi. Good morning. Thank you for squeezing me in. If I could quickly go back to the 15 gigawatts of data center load, I guess, could you provide some color on how much of that can be connected without any incremental investment in your system versus how much would they require incremental investments to facilitate that?

你好。早安.謝謝你擠進我。如果我可以快速回到 15 千兆瓦的資料中心負載，我想，您能否提供一些細節，說明在不對系統進行任何增量投資的情況下可以連接多少負載，以及需要多少增量投資來實現這一點？

Right now, none of that can be connected at this point in time, but as we look at our LOA process, that's why we are looking at any initial upgrades that are needed as we prepare to plan the system to connect this load over that period of time.

目前，所有這些都無法在此時連接，但當我們查看 LOA 流程時，這就是為什麼我們正在研究在準備規劃系統以在這段時間內連接此負載時所需的任何初始升級。

Got it. Got it. Thank you. And then maybe a little bit more of an open-ended question. Your current outstanding RFPs don't have any gas in them. It's mostly renewables. And I'm just curious of how you think about the cadence of needing to add dispatchable generation there. And when it comes to gas, will you continue to have a bias towards acquiring existing assets or will we see some new builds potentially?

知道了。知道了。謝謝。這也許是一個更開放式的問題。您目前未完成的 RFP 中不包含任何天然氣。其中大部分是再生能源。我只是好奇您如何看待在那裡添加可調度發電的節奏。而談到天然氣，您是否會繼續傾向收購現有資產，還是可能會看到一些新的資產建設？

So, our RFPs are all-source RFPs, so we're evaluating all technologies that come in. And we do believe the dispatchable resources are needed to be added to the grid as well, and they will be part of the plan.

所以，我們的 RFP 是全源 RFP，所以我們會評估所有涉及的技術。我們確實相信可調度資源也需要添加到電網中，它們將成為計劃的一部分。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

Bill Appicelli, UBS.

瑞銀的 Bill Appicelli。

Hi. Good morning. Thanks for taking my questions. Just want to dig into a little bit more on the sales growth trends. So, on the residential side, you commented that Texas looks strong, but that more broadly, the cumulative effects of inflation have been weighing on it. So, any more color there? Are you expecting an improvement in the second half of the year?

你好。早安.感謝您回答我的問題。只是想進一步深入了解銷售成長趨勢。因此，在住宅方面，您評論說德州看起來很強勁，但更廣泛地說，通貨膨脹的累積效應一直在對其造成壓力。那麼，還有顏色嗎？您預計下半年情況會有所改善嗎？

Yes. So, Bill, in Texas, right, there is customer growth as well as, increase in use or as a result, increase in usage. In vertically integrated year-to-date, residential is down 1.3%, and T&D is actually up 0.3%, largely due to Texas. So, we are seeing, I think, in Appalachian Power, in Kentucky Power, in SWEPCO in particular, and I mentioned, some of the weather occurrences that we had in the SWEPCO area, weaker residential sales in those areas in particular.

是的。所以，比爾，在德州，客戶數量正在成長，使用量也在增加，或者因此，使用量也在增加。從年初至今的垂直整合來看，住宅發電量下降了 1.3%，而輸配電實際上上漲了 0.3%，這主要歸功於德州。因此，我認為，我們看到阿巴拉契亞電力公司、肯塔基電力公司，尤其是 SWEPCO 公司，我提到過，SWEPCO 地區遇到的一些天氣現象，特別導致了這些地區的住宅銷售疲軟。

Okay. I mean, I guess we think about the EPA activities here, right, because you've got the, tremendous growth in the commercial side, right, tracking well above plan, but that's going to be lower margin volumes. And then maybe on the residential side, going back sort of four of the last five quarters, sort of as a negative, and that's obviously a bit of a higher margin, but, smaller overall change. What, we sort of reconcile that a little bit as we think about the EPA's impact.

好的。我的意思是，我想我們會考慮這裡的 EPA 活動，對吧，因為你在商業方面取得了巨大的增長，遠高於計劃，但這會降低利潤率。然後也許在住宅方面，回顧過去五個季度中的四個季度，有點負面，而且利潤率顯然更高一些，但總體變化較小。當我們考慮 EPA 的影響時，我們會對此進行一些調整。

Yes. I mean, clearly the residential sales are higher margin, but, again, I think it's, in particular, the effects of inflation. So, if inflation comes in tame, tamer as we begin to, as we've begun to see if wage growth, continues to close that gap. And as Ben mentioned, right, the opportunity to bring on large loads to spread fixed costs, right, over a much larger denominator, right, should mitigate, right, some of those customer rate impacts as well. So the combination of those things, right, should begin to, slow that decline. But, clearly, the effects of inflation have hit home for a lot of customers.

是的。我的意思是，顯然住宅銷售的利潤率更高，但我再次認為這是通貨膨脹的影響。因此，如果通貨膨脹開始趨於溫和，隨著薪資成長，這一差距將繼續縮小。正如本所提到的那樣，透過承擔大量負載來分攤固定成本，在更大的分母上，也應該可以減輕一些對客戶費率的影響。所以這些因素結合起來應該可以開始減緩這種衰退。但顯然，通膨的影響已經讓許多消費者感受到了影響。

Right. Okay. And then I guess the other question is, it's come up a little bit, but on the episode of debt, under, I guess, the Moody's methodology, do you know what that number would be?

正確的。好的。然後我想另一個問題是，它出現了一點，但在債務方面，根據穆迪的方法，您知道這個數字是多少嗎？

Yeah, it's 14.6 under Moody's.

是的，穆迪評級為 14.6。

Oh, it's under Moody's. Okay. All right. Thank you very much.

哦，是穆迪評級的。好的。好的。非常感謝。

Julian Smith, Jefferies.

朱利安史密斯（Julian Smith），傑富瑞（Jefferies）。

Hey, good morning, team. Thank you guys very much for the time. I appreciate it. Going back. Thank you very much. Appreciate it. Maybe going back to some of the conversation on the layoffs and severance bit. I just want to understand the extent to which this process is finalized, right? You've given very specific jurisdictional level details. And given that, how are you thinking about rebuilding and devolving some decision-making power and some of the roles to the local OpCo’s?

嘿，早安，各位團隊。非常感謝你們抽出時間。我很感激。回去吧。非常感謝。非常感謝。也許可以回顧一下有關裁員和遣散費的一些討論。我只是想了解這個過程完成到什麼程度了，對嗎？您給了非常具體的司法等級細節。有鑑於此，您如何考慮重建並將部分決策權和部分職責下放給當地的 OpCo？

Can you speak to perhaps what seems like perhaps a strategic shift in looking at local level decision-making and really what level or what quantity of the roles in terms of overall layoffs will actually be ultimately recreated, if you will, at the local level here? So both the financial question in terms of what's the sort of ongoing net savings and B, how do you think about this fitting within the strategic question of devolvement?

您能否談談在地方決策層面似乎出現的策略轉變？因此，就持續淨儲​​蓄而言，財務問題是什麼？

Yes, I'm going to turn it over to Peggy in a second. But just as a recap, we did hit our targets that we laid out under that voluntary severance program. And we plan to hold as much of those gains as possible. Probably have to do some hiring back, but try to keep that minimized. Remember, there was two-pronged approach for this.

是的，我馬上就把它交給佩吉。但總結一下，我們確實實現了自願遣散計畫所訂定的目標。我們計劃盡可能保留這些收益。可能需要重新招募一些人，但會盡量減少招募數量。請記住，對此採取雙管齊下的方法。

One, we wanted to mitigate some of the inflationary pressures that we were seeing, higher interest rates, just overall increase in supply chain, etcetera, and take a portion of that, albeit a smaller portion, and start putting those, some of those resource, some of that money back into our local communities with more boots on the ground, if you will, more community leadership positions and that sort of thing. So Peggy, do you want to?

首先，我們希望減輕我們所看到的一些通膨壓力，例如更高的利率、供應鏈的整體成長等等，並從中拿出一部分（儘管只是一小部分），開始將其中一些資源、一些資金重新投入到我們當地社區，如果願意的話，可以增加實地人員，設立更多的社區領導職位等等。那麼佩吉，你想這麼做嗎？

Yeah, Ben. So yes, that's exactly, Julian, what we're looking to do. We are, some of those positions were leadership positions that report to some of our Presidents. We are making sure that we are getting those filled and we're adding additional resources in the regulatory and legislative space, because we know that as dynamic as our industry is and as much change as is occurring, we want to make sure that we have that enhanced engagement at those levels. So you'll see more of that.

是的，本。是的，朱利安，這正是我們想要做的。其中一些職位是領導職位，向我們的一些總裁報告。我們正在確保填補這些空缺，並在監管和立法領域增加額外資源，因為我們知道，我們的行業充滿活力，變化無窮，我們希望確保在這些層面上加強參與。所以你會看到更多這樣的情況。

Excellent. All right. Looking forward to that. And then related, you talk about these staggering levels of the 15 gigawatts of firm commitments at this point. How do you think about that marrying up, especially in your wires businesses against an effort to address generation needs? I know this has been an ongoing tension, but given what seems like yet an accelerating backdrop of generation needs, how do you think about your utilities, especially in the buyers only businesses, potentially re-engaging in that narrative? And in what ways?

出色的。好的。非常期待。然後相關的是，您談到目前 15 千兆瓦的驚人堅定承諾水平。您如何看待這種聯姻，尤其是電線業務聯姻，以滿足發電需求？我知道這是一個持續的緊張局勢，但考慮到發電需求似乎仍在加速增長的背景，您如何看待您的公用事業，特別是僅限買方的業務，有可能重新參與這種敘述？以及以什麼方式？

Well, I mean, I think that would take legislation clearly in Ohio. I guess it would take it in Texas, too, but I don't see that happening. I think it's probably a long shot in Ohio as well. So, we are going to have to rely on the market, but our vertically integrated utilities are all going to need generation and in different timeframes.

嗯，我的意思是，我認為這需要俄亥俄州的明確立法。我猜想在德克薩斯州也會如此，但我不認為這種情況會發生。我認為在俄亥俄州這也不太可能實現。所以，我們將不得不依賴市場，但我們的垂直整​​合公用事業都需要發電，並且在不同的時間段內。

But I think Peggy mentioned, we've got, we do have more with the changes in the reserve margin requirements, for example, in SPP. It creates a resource need, and we're developing our plans to fill that, which will require increased CapEx, which I think is a good thing. And we're really, again, excited about Green Country.

但我認為佩吉提到過，我們確實對準備金保證金要求做出了更多改變，例如在 SPP 中。它產生了資源需求，我們正在製定計劃來滿足這一需求，這將需要增加資本支出，我認為這是一件好事。我們真的再一次對《綠色國家》感到興奮不已。

The load is tremendous, and it's primarily data centers, but of course we'd be remiss if we didn't mention we've seen industrial load in Texas as well. And I think when we think about economic development, we're going to continue to look for opportunities to bring industry back on shore.

負載非常巨大，而且主要是資料中心，但當然，如果我們不提及德州的工業負載，那就太失職了。我認為，當我們考慮經濟發展時，我們將繼續尋找機會讓工業重返國內。

And I'm right here in Columbus today, and the Intel has just been an enormous success, and we're going to keep looking for opportunities for our communities, and, again, all customers benefit from that.

今天我就在哥倫布這裡，英特爾剛剛取得了巨大的成功，我們將繼續為我們的社區尋找機會，並且，所有客戶都將從中受益。

All right, guys. Thank you very much. I appreciate it.

好吧，夥計們。非常感謝。我很感激。

Paul Patterson, Glenrock.

保羅·帕特森，格倫羅克。

Good morning. So I asked this question some time ago about Chevron, and we now have a Supreme Court decision. And I'm just wondering how you guys see it potentially impacting either EPA or FERC regulation or anything else you might, if you think it has any potential impact on AEP, I guess.

早安.所以我前段時間問過這個有關雪佛龍的問題，現在我們得到了最高法院的裁決。我只是想知道，你們如何看待它可能對 EPA 或 FERC 法規或其他任何事項產生的潛在影響，如果你們認為它對 AEP 有任何潛在影響的話，我想是的。

I think it's early, but, yes I think it could potentially be helpful as courts have more discretion not to have to rely on the agencies, which that was the whole point of that. And I just think it doesn't bind the courts as much as it probably did in the past. Now, whether that, how the courts interpret it, what, the rulings are, we'll have to wait and see. But Paul, I think in general it's going to be helpful. And we are going to challenge a lot of these EPA rules, as you know, the CCR rule, the ELG rule, the 111 rules. I guess all of the rules that have come out we're going to challenge and for good reason.

我認為現在還為時過早，但是，是的，我認為這可能會有所幫助，因為法院有更多的自由裁量權，而不必依賴機構，而這正是這件事的全部意義所在。我只是認為它對法庭的約束力不像過去那麼大了。現在，法院將如何解釋，裁決結果如何，我們只能拭目以待。但是保羅，我認為總的來說這會有所幫助。我們將挑戰許多 EPA 規則，如你所知，CCR 規則、ELG 規則和 111 規則。我想，我們將有充分的理由挑戰已經推出的所有規則。

Okay, great. And then just on FERC, do you see anything happening there maybe?

好的，太好了。那麼就在聯邦能源管理委員會 (FERC) 上，您是否看到那裡發生了什麼？

I don't know. I think, I know there's some, there's some thought that it would, but I think that really, I'm not convinced it will. So, I think that remains to be seen.

我不知道。我想，我知道有些人認為它會發生，但我認為，我真的不相信它會發生。所以，我認為這還有待觀察。

Okay. The rest of my questions have been answered. Thanks so much. Have a great one.

好的。我其餘的問題都已回覆。非常感謝。祝你過得愉快。

That concludes it. 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. JL, would you please give the replay information?

就這樣結束了。感謝您參加今天的電話會議。像往常一樣，IR 團隊將隨時解答您的任何其他問題。JL，你能提供重播資訊嗎？

Certainly. Echo replay will be available in two hours until August 6th at 1-800-770-2030. That's 1-800-770-2030 using playback ID 6645529. That's replay playback ID 6645529 followed by the pound key. This concludes today's conference call. You may now disconnect.

當然。迴聲重播將在兩小時內提供，截止 8 月 6 日，電話號碼為 1-800-770-2030。這是 1-800-770-2030，使用播放 ID 6645529。這是重播播放 ID 6645529，後面跟著井號鍵。今天的電話會議到此結束。您現在可以斷開連線。