美國電力 (AEP) 2025 Q1 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 first quarter 2025 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 Regina，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公司 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資人關係副總裁 Darcy Reese。請繼續。

Good morning, and welcome to American Electric Power's first quarter 2025 earnings call. A live webcast of this teleconference and slide presentation are available on our website under the Events and Presentations section.

早安，歡迎參加美國電力公司 2025 年第一季財報電話會議。本次電話會議的現場網路直播和投影片簡報可在我們網站的「活動和簡報」部分找到。

Joining me today are Bill Fehrman, President and Chief Executive Officer; and Trevor Mihalik, Executive Vice President and Chief Financial Officer. In addition, we have other members of our management team in the room to answer questions if needed, including Kate Sturgess, Senior Vice President and Chief Accounting Officer.

今天與我一起出席的還有總裁兼執行長比爾‧費爾曼 (Bill Fehrman)；以及執行副總裁兼財務長 Trevor Mihalik。此外，我們還有其他管理團隊成員在場，以便在需要時回答問題，其中包括高級副總裁兼首席會計官凱特·斯特吉斯 (Kate Sturgess)。

We will be making forward-looking statements during the call. Actual results may differ materially from those projected in any forward-looking statements we make today. Factors that could cause our actual results to differ materially are discussed in the company's most recent SEC filings. Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We will take your questions following opening remarks. With that, please turn to slide 4, and let me hand the call over to Bill.

我們將在電話會議中做出前瞻性陳述。實際結果可能與我們今天所做的任何前瞻性陳述中預測的結果有重大差異。本公司在最近提交給美國證券交易委員會的文件中討論了可能導致我們的實際結果出現重大差異的因素。請參閱此呼籲中附帶的簡報幻燈片，以了解與 GAAP 指標的協調情況。我們將在開幕詞之後回答大家的提問。說完這些，請翻到投影片 4，讓我把電話交給比爾。

Thank you, Darcy, and good morning, everyone. Welcome to American Electric Power's First Quarter 2025 Earnings Call. We are off to an exceptional start to the year, where we delivered strong results and have advanced our long-term strategy to drive robust growth, enhance the customer experience, and achieve positive regulatory outcomes.

謝謝你，達西，大家早安。歡迎參加美國電力公司 2025 年第一季財報電話會議。我們今年開局良好，取得了強勁業績，並推進了長期策略，以推動強勁成長、提升客戶體驗並取得積極的監管成果。

We remain committed to investing $54 billion of capital over the next five years, an impressive amount close in size to our current market capitalization, to meet the needs of 5.6 million customers across 11 states. We are actively managing our supply chain to ensure we deliver on our commitments.

我們仍致力於在未來五年內投資 540 億美元，這筆金額與我們目前的市值相當接近，以滿足 11 個州 560 萬客戶的需求。我們正在積極管理我們的供應鏈，以確保我們履行承諾。

Specifically related to current plant tariffs, we estimate that the direct tariff exposure on our $54 billion base capital plan for 2025 to 2029 is minimal at approximately 0.3%. We have a sizable generation portfolio and one of the largest transmission and distribution businesses in the nation. In fact, AEP owns and operates more 765 kV transmission lines than all of utilities in the United States combined, and we were recently awarded construction to build one of the first 765 kV lines in Texas.

具體而言，與目前的工廠關稅相關，我們估計，2025 年至 2029 年 540 億美元基本資本計畫的直接關稅風險極小，約為 0.3%。我們擁有龐大的發電業務組合，並且是全國最大的輸配電業務之一。事實上，AEP 擁有和營運的 765 kV 輸電線路比美國所有公用事業公司的總和還要多，而且我們最近獲得了在德克薩斯州建造第一條 765 kV 線路之一的合約。

We are enabling extraordinary economic development in high-growth states like Indiana, Ohio, Oklahoma, and Texas and stand to benefit from these once-in-a-lifetime opportunities presented by the associated load growth. Trevor will go into this in more detail shortly.

我們正在推動印第安納州、俄亥俄州、俄克拉荷馬州和德克薩斯州等高成長州的非凡經濟發展，並將從相關負荷增長帶來的千載難逢的機會中受益。特雷弗 (Trevor) 很快就會更詳細地介紹這一點。

Our story continues to be one of consistency and commitment to delivering for our customers, states, regulators and investors as we center on execution and accountability. And we offer a compelling value proposition to our investors as we target 10% to 12% of total annual shareholder return.

我們的故事始終如一，致力於為客戶、國家、監管機構和投資者提供服務，因為我們以執行和問責為中心。我們為投資者提供了極具吸引力的價值主張，目標是實現年度股東總回報率的 10% 至 12%。

We have a lot of exciting ground to cover today. I'll begin with a recap of our financial results at a high level before turning to strategic growth opportunities ahead and our recent regulatory and legislative successes. I'll then hand the call over to Trevor to walk through our financial results in more detail. Please refer to today's presentation for our quarterly business highlights and achievements, starting on slide 5.

今天我們要討論很多令人興奮的事情。我將首先從高層回顧我們的財務業績，然後再談談未來的策略成長機會以及我們最近在監管和立法方面的成功。然後，我會將電話交給特雷弗，讓他更詳細地介紹我們的財務結果。請參閱今天的簡報，了解我們季度的業務亮點和成就，從第 5 張幻燈片開始。

This morning, we announced first quarter 2025 operating earnings of $1.54 per share, or $823 million. With this strong performance, we are reaffirming our 2025 operating earnings guidance range of $5.75 to $5.95 per share and long-term operating earnings growth rate of 6% to 8%.

今天上午，我們宣布 2025 年第一季營業收益為每股 1.54 美元，即 8.23 億美元。憑藉這一強勁表現，我們重申 2025 年營業利潤預期範圍為每股 5.75 美元至 5.95 美元，長期營業利潤增長率為 6% 至 8%。

This guidance is reinforced by a balanced and flexible $54 billion five-year capital plan, with the potential for incremental investments of up to $10 billion over that same period. As we have communicated in the past, maintaining a strong balance sheet is vital to funding these capital spending needs. Later in the call, we'll go into more detail about AEP's commitment to credit quality and proactive actions we have taken in the first three months of 2025 to address AEP's equity needs.

這項指導方針得到了平衡而靈活的 540 億美元五年資本計畫的支持，在同一時期內，增量投資有可能達到 100 億美元。正如我們過去所傳達的，維持強勁的資產負債表對於滿足這些資本支出需求至關重要。在稍後的電話會議中，我們將更詳細地介紹 AEP 對信貸品質的承諾以及我們在 2025 年前三個月為滿足 AEP 的股權需求而採取的主動行動。

As we move forward, we will remain disciplined in sourcing efficient forms of capital to manage our needs in support of incremental investment opportunities. We remain excited about the significant growth opportunities ahead, including the load growth in many parts of our service territory.

在我們前進的過程中，我們將繼續嚴格尋找高效的資本形式來管理我們的需求，以支持增量投資機會。我們仍然對未來的巨大成長機會感到興奮，包括我們服務區域許多地方的負載成長。

This growth is not a show-me story. It is happening. AEP's total retail load growth has already been favorable over the past few years, primarily driven by commercial customers. In the first quarter of 2025, our commercial load grew 12.3% compared to the first quarter of last year.

這種成長並不是一個炫耀的故事。它正在發生。過去幾年，AEP 的總零售負荷成長一直很有利，這主要受到商業客戶的推動。2025年第一季度，我們的商業負荷與去年第一季相比成長了12.3%。

As we look ahead, AEP is extremely well-positioned to participate in future growth across our footprint. We see opportunities to invest in critically needed infrastructure to support increase in electric demand. Our current capital plan includes customer commitments for over 20 gigawatts of incremental load by 2030, driven by data center demand, reshoring, manufacturing, and continued economic development. This incremental 20 gigawatts is about a 55% increase over 2024 system-wide summer peak load.

展望未來，AEP 已做好充分準備，能夠在整個業務範圍內參與未來的成長。我們看到了投資急需的基礎設施以支持電力需求成長的機會。我們目前的資本計畫包括客戶承諾在 2030 年增加超過 20 千兆瓦的負載，這主要受資料中心需求、回流、製造業和持續經濟發展的推動。這一增量 20 千兆瓦比 2024 年全系統夏季尖峰負載增加了約 55%。

As we have consistently said, we are absolutely committed to fair cost allocation associated with this large load growth. To that end, we proactively filed the data center tariff in Ohio and large load tariff modifications in Indiana, Kentucky, Virginia, and West Virginia. In the first quarter, we received commission approvals in Indiana, Kentucky, and West Virginia related to large load tariffs.

正如我們一直所說的那樣，我們絕對致力於公平分配與這種大幅負載成長相關的成本。為此，我們主動提交了俄亥俄州資料中心關稅以及印第安納州、肯塔基州、維吉尼亞州和西維吉尼亞州大負荷關稅修改。第一季度，我們獲得了印第安納州、肯塔基州和西維吉尼亞州有關大負載電價的委員會批准。

The data center tariff here in Ohio also concluded in January, and we expect to have a commission decision in the second half of this year. These are all strong indications of our state's continuing commitment to attracting large loads with their economic impacts on local communities, while also protecting our existing customer base.

俄亥俄州的資料中心關稅也於一月結束，我們預計委員會將在今年下半年做出決定。這些都是我們州繼續致力於吸引大量電力，為當地社區帶來經濟影響，同時保護我們現有的客戶群的有力證據。

As we have previously discussed, meeting this incredible demand could require incremental investments of up to $10 billion, underpinned by four major drivers, large load in some of our bigger service territories, continued economic development in our states, investment across the system in our transmission and distribution infrastructure, and new generation.

正如我們之前所討論的，滿足這一巨大的需求可能需要高達 100 億美元的增量投資，這由四大驅動力支撐：一些較大服務區域的大量負載、各州持續的經濟發展、對整個系統的輸電和配電基礎設施的投資，以及新一代。

One of the reasons we are seeing such growth now is due to investments we made over the past decade to build an advanced 40,000-mile transmission system that can help support current large loads. Our transmission system also includes the nation's largest network of 765 and 345 kV lines. These ultra-high voltage lines position us exceedingly well in attracting hyperscalers to our system who need consistent, large load bulk power.

我們現在看到如此增長的原因之一是，我們在過去十年中投資建造了先進的 40,000 英里輸電系統，可以幫助支持當前的大負載。我們的輸電系統還包括全國最大的 765 和 345 kV 線路網路。這些超高壓線路使我們在吸引需要穩定、大負載大容量電力的超大規模用戶加入我們的系統方面具有極高的優勢。

We also continue to invest in our distribution system, which is one of the nation's largest at approximately 225,000 miles. This includes work to harden infrastructure, build or rebuild poles, conductors, transformers and other assets, as well as deploy automated technologies for enhanced operational performance. These efforts will help to increase customer satisfaction, strengthen our system's resilience to weather events and enhance the efficiency of our operations.

我們也將繼續投資我們的配送系統，該系統是全國最大的配送系統之一，總長約 225,000 英里。這包括加強基礎設施、建造或重建電線桿、導線、變壓器和其他資產，以及部署自動化技術以提高營運績效。這些努力將有助於提高客戶滿意度，增強我們的系統對天氣事件的適應能力並提高我們的營運效率。

As our generation needs increase to meet growing demand, we are engaging with key stakeholders and making thoughtful investments in new generation to align with their needs and state policies.

隨著我們這一代需要不斷增加以滿足日益增長的需求，我們正在與主要利益相關者合作，對新一代人進行深思熟慮的投資，以滿足他們的需求和國家政策。

Our team has worked diligently to develop creative energy solutions that keep our customers' needs top of mind. We have already shared our plans to begin the early site permit process in Indiana and Virginia for small modular reactors, or SMRs, that can generate clean, reliable energy to support significant load growth in our service inventory. And we recently filed Integrated Resource Plans, or IRPs, in both Arkansas and Indiana.

我們的團隊一直在努力開發創意的能源解決方案，並始終將客戶的需求放在首位。我們已經分享了在印第安納州和維吉尼亞州啟動小型模組化反應器（SMR）早期場地許可程序的計劃，這些反應器可以產生清潔、可靠的能源，以支持我們服務庫存中負載的大幅增長。我們最近在阿肯色州和印第安納州提交了綜合資源計劃（IRP）。

These IRPs, in addition to other planned IRP filings over the next year in Kentucky, Michigan, Virginia, and West Virginia, will help meet our customers' energy needs and support AEP's generating capacity obligations, reinforcing our incredible growth. The fact is that demand for power is growing at a pace not seen in decades, and our expansive footprint enables us to significantly participate in this electric infrastructure super cycle.

這些 IRP 以及明年在肯塔基州、密西根州、維吉尼亞州和西維吉尼亞州計劃提交的其他 IRP 申請將有助於滿足我們客戶的能源需求並支持 AEP 的發電能力義務，從而增強我們驚人的成長。事實上，對電力的需求正以幾十年來未曾見過的速度增長，而我們廣泛的足跡使我們能夠充分參與這項電力基礎設施超級週期。

Now let's pivot to some traditional regulatory and legislative updates. In my nine months here at AEP, I have been actively engaged with stakeholders to underscore the importance of our customers and communities and how we work to meet their needs.

現在讓我們來討論一些傳統的監管和立法更新。在 AEP 工作的九個月裡，我一直積極與利害關係人接觸，強調我們的客戶和社區的重要性以及我們如何努力滿足他們的需求。

Building on our meaningful progress in achieving positive regulatory developments in the second half of 2024, we are off to a great start in 2025, with approximately 80% of our rate related revenue already secured for this year. In fact, AEP's first quarter earned ROE for our regulated businesses was 9.3%, up from 9.05% at year-end.

基於我們在 2024 年下半年實現積極監管發展方面取得的重大進展，我們在 2025 年取得了良好的開端，今年我們已獲得約 80% 的利率相關收入。事實上，AEP 受監管業務第一季的淨資產收益率為 9.3%，高於年底的 9.05%。

As a reminder, some recent regulatory successes include, a recent commission decision approving construction in ERCOT's Permian Basin for one of the first 765 kV transmission lines in Texas, opening up tremendous investment opportunities for AEP Texas; PJM transmission system upgrades awarded to AEP affiliates, including Transource Energy and our transmission companies; system resiliency plans approved at AEP Texas and the unanimous settlement reached at SWEPCO Texas; base cases approved in Oklahoma and Virginia and recovery of annual transmission expense approved in Kentucky.

提醒一下，最近在監管方面取得的一些成功包括，最近委員會決定批准在 ERCOT 的二疊紀盆地建設德克薩斯州第一條 765 kV 輸電線路之一，這為 AEP Texas 開闢了巨大的投資機會； PJM 輸電系統升級授予 AEP 附屬公司，包括 Transource Energy 和我們的輸電公司；達成了一致解決方案；俄克拉荷馬州和維吉尼亞州批准了基準案例，肯塔基州批准了年度輸電費用的回收。

In late March, we also filed a new base case in Arkansas requesting a rate increase of $114 million. This ask is primarily to align regulatory recovery of certain wind projects, including rate implementation of the diversion and wag and wear projects. Our application includes an ROE request of 10.9%, and SWEPCO anticipates an order and new rates effective in the first quarter of 2026.

3 月底，我們也在阿肯色州提交了一份新的基準案例，要求將費率提高 1.14 億美元。這項要求主要是為了協調某些風電項目的監管恢復，包括轉移和搖擺及磨損項目的費率實施。我們的申請包括 10.9% 的 ROE 請求，SWEPCO 預計訂單和新費率將於 2026 年第一季生效。

Previously, APCO filed its base case in West Virginia, while offering securitization of up to $2.4 billion as a tool to mitigate the bill impact of a proposed $250 million base rate increase. The procedural schedule just kicked off last month, with intervener testimony and rebuttal testimony will follow later this month.

此前，APCO 在西維吉尼亞州提交了基準案例，同時提供高達 24 億美元的證券化，作為緩解擬議的 2.5 億美元基準利率上調對帳單影響的工具。該程序上個月剛啟動，本月稍後將進行介入者證詞和反駁證詞。

Hearing is about to start in mid-June. We look forward to working with everyone in this case to achieve a positive and balanced outcome later this year.

聽證會即將於六月中旬開始。我們期待與此案的所有人合作，在今年稍後取得積極、平衡的結果。

We are intently focused on reducing regulatory lag and have made a number of other timely filings so far in 2025, including the AEP Texas TCOS and DCRF bi-annual filings, as well as SWEPCO's annual formula rate plan in Louisiana. For I&M, the team recently filed to acquire an 870-megawatt natural gas plant in 2026, which is located in Oregon, Ohio. That will help I&M customers continue to benefit from reliable and affordable resources.

我們專注於減少監管滯後，並在 2025 年迄今及時提交了許多其他文件，包括 AEP 德克薩斯州 TCOS 和 DCRF 半年提交的文件，以及 SWEPCO 在路易斯安那州的年度公式費率計劃。對於 I&M，該團隊最近提交了申請，計劃於 2026 年收購位於俄亥俄州俄勒岡州的一座 870 兆瓦的天然氣工廠。這將有助於 I&M 客戶繼續受益於可靠且經濟實惠的資源。

We are also working diligently at the legislative level in a number of jurisdictions to advance policy changes to improve both recovery and customer affordability. For example, in Ohio, the recent passage of House Bill 15 positively results in multiyear forward-looking test years for future rate cases and includes grandfathering language for two behind-the-meter fuel subcontracts.

我們也在多個司法管轄區的立法層面努力推動政策變革，以提高復甦能力和客戶承受能力。例如，在俄亥俄州，眾議院第 15 號法案的近期通過對未來費率案例的多年前瞻性測試產生了積極影響，並包括了對兩個電錶後燃料分包合約的祖父條款。

Trevor will go into further detail on the OVEC-related impacts. And in Virginia, we supported securitization legislation that will both reduce customer bills and support critical investments in the system.

特雷弗將進一步詳細介紹 OVEC 相關的影響。在維吉尼亞州，我們支持證券化立法，這既可以減少客戶帳單，又可以支持系統中的關鍵投資。

You can expect to see us continue to work with federal policymakers, regulators, and state legislators as we further modernize our energy revenue. We firmly believe that the best way to create value for our investors is by delivering safe, affordable and reliable energy to our customers and communities, and we are engaging with stakeholders to support efforts to do just that.

您可以期待看到我們繼續與聯邦政策制定者、監管機構和州立法者合作，進一步實現能源收入的現代化。我們堅信，為投資者創造價值的最佳方式是向我們的客戶和社區提供安全、實惠和可靠的能源，我們正在與利益相關者合作，支持為此所做的努力。

I'm increasingly confident in our exciting growth potential as opportunities to benefit our customers, communities and investors come into focus. And I look forward to building on our track record of value creation in the months and years ahead. With that, I'll turn it over to Trevor, who will walk us through AEP's first quarter performance drivers and other financial information.

隨著造福客戶、社區和投資者的機會日益增多，我對我們令人興奮的成長潛力越來越有信心。我期待在未來的歲月裡繼續鞏固我們創造價值的紀錄。接下來，我將把時間交給 Trevor，他將向我們介紹 AEP 第一季的業績驅動因素和其他財務資訊。

Thank you, Bill. Today, I'll review our financial results for the first quarter, build on Bill's remarks about our exceptional load growth, comment on our credit metrics, further discuss the recent successful $2.3 billion forward equity issuance that completes our anticipated equity needs through 2029 and address our thoughts on federal tax legislation.

謝謝你，比爾。今天，我將回顧我們第一季的財務業績，在比爾關於我們出色的負荷增長的評論的基礎上，評論我們的信用指標，進一步討論最近成功發行的 23 億美元遠期股票，以完成我們預計到 2029 年的股票需求，並談談我們對聯邦稅收立法的看法。

Let's go to Slide 7, which shows the comparison of GAAP to operating earnings for the quarter. GAAP earnings for the first quarter were $1.50 per share compared to $1.91 per share in 2024. There is a detailed reconciliation of GAAP to operating earnings for the quarter on slide 26 of today's presentation.

我們來看第 7 張投影片，其中顯示了本季 GAAP 與營業收益的比較。第一季的 GAAP 收益為每股 1.50 美元，而 2024 年為每股 1.91 美元。今天簡報的第 26 張投影片詳細列出了本季 GAAP 與營業收益的對帳。

In the quarter, due to the passage of Ohio House Bill 15, we recorded a charge of $28 million related to the write-off of previously deferred OVEC costs which we no longer believe are probable of recovery. From an operating earnings perspective and effective upon becoming law this summer, House Bill 15 removes AEP Ohio's ability to recover losses or record gains from the sale of OVEC Power.

在本季度，由於俄亥俄州眾議院第 15 號法案的通過，我們記錄了 2800 萬美元的費用，與註銷先前遞延的 OVEC 成本有關，我們認為這些成本不再有可能收回。從營業利潤的角度來看，眾議院第 15 號法案將於今年夏天生效，它將剝奪 AEP Ohio 公司從出售 OVEC Power 中收回損失或記錄收益的能力。

Historical losses recovered from customers were approximately $40 million in 2024. However, we expect the earnings impact going forward to be significantly muted, given upcoming capacity prices in PJM. Prospectively, the impact is manageable and less than $10 million of earnings on an annualized basis.

2024 年從客戶處追回的歷史損失約 4,000 萬美元。然而，考慮到 PJM 即將推出的容量價格，我們預計未來獲利影響將會顯著減弱。從未來來看，影響是可控的，全年計算收益不到 1000 萬美元。

Let's walk through our quarterly operating earnings performance by segment on slide 8. Operating earnings for the first quarter totaled $1.54 per share compared to $1.27 per share in 2024. This was an increase of $0.27 per share or about 20% quarter over quarter, highlighting a strong start to the year and creating solid momentum for the rest of 2025.

讓我們在第 8 張投影片上按部門介紹一下我們的季度營業利潤表現。第一季營業收益總計每股 1.54 美元，而 2024 年每股 1.27 美元。每股收益比上一季增加 0.27 美元，增幅約為 20%，彰顯了今年強勁的開局，並為 2025 年剩餘時間創造了強勁的發展勢頭。

I would note that weather accounted for about $0.18 of the quarter-over-quarter variance. This was driven by the cold weather that most of our service areas experienced in the first quarter of this year, which was contrasted with the exceptionally mild weather seen in the same period of 2024.

我要指出的是，天氣因素造成了季度環比差異的約 0.18 美元。這是因為今年第一季我們的大多數服務區都經歷了寒冷的天氣，與 2024 年同期異常溫和的天氣形成了鮮明對比。

Looking at the drivers by segment. Operating earnings for the vertically integrated utilities were $0.66 per share, up $0.09 from a year earlier. Positive drivers included favorable changes in weather and rate changes across multiple jurisdictions.

按部分查看驅動因素。垂直整合公用事業的營業收益為每股 0.66 美元，比去年同期成長 0.09 美元。積極的驅動因素包括天氣的有利變化和多個司法管轄區的利率變化。

The transmission and distribution utilities segment earned $0.36 per share, up $0.07 from last year. Favorable drivers in this segment included rate changes driven by rider recovery of distribution investments in Ohio and the base rate case in Texas, favorable weather and higher transmission revenue.

輸配電公用事業部門每股收益 0.36 美元，比去年增加 0.07 美元。該領域的有利驅動因素包括俄亥俄州配電投資的乘客恢復和德克薩斯州的基本費率情況所推動的費率變化、有利的天氣和更高的傳輸收入。

The AEP Transmission Holdco segment contributed $0.44 per share, up $0.04 from last year. Our continued investment in transmission assets as new loans are added to our system remain the key driver of the segment.

AEP Transmission Holdco 部門每股貢獻 0.44 美元，比去年增加 0.04 美元。隨著新貸款添加到我們的系統中，我們對輸電資產的持續投資仍然是該部門的主要驅動力。

Generation and marketing produced $0.14 per share, up $0.02 from last year. Favorable retail and wholesale margins were partially offset by lower distributed generation margins due to the sale of the OnSite Partners business in September of 2024. Finally, corporate and other saw a benefit of $0.05 per share, primarily driven by the timing of income taxes, of which $0.03 is expected to reverse by the end of the year.

生產和行銷利潤為每股 0.14 美元，比去年同期上漲 0.02 美元。由於 2024 年 9 月出售 OnSite Partners 業務，分散式發電利潤率下降，部分抵消了良好的零售和批發利潤率。最後，企業和其他部門每股收益為 0.05 美元，主要受所得稅時間的影響，其中 0.03 美元預計將在年底前逆轉。

Moving to slide 9. I want to highlight the significant increases in load we continue to see across our system. As Bill mentioned, the increasing load growth coming to the system is providing the opportunity to add up to $10 billion of incremental capital over the next five years to our already sizable $54 billion plan.

移至幻燈片 9。我想強調的是，我們在整個系統中持續看到的負載顯著增加。正如比爾所提到的，系統負載的不斷增長為我們在未來五年內在已經相當龐大的 540 億美元計劃上增加 100 億美元的增量資本提供了機會。

Since our last call, both Amazon Web Services and Google have connected hyperscale data centers to our system in Indiana, representing billions of dollars in customer investments. This comes on top of the existing data center customers in Ohio and Texas who continue to ramp up at a double-digit pace.

自從我們上次通話以來，亞馬遜網路服務和谷歌都已將超大規模資料中心連接到我們位於印第安納州的系統，這意味著客戶投資了數十億美元。在此之前，俄亥俄州和德克薩斯州的現有資料中心客戶數量繼續以兩位數的速度成長。

We also saw new large industrial load continue to come online in Texas across a variety of customers and industries. All of this puts us on track to nearly triple the pace of our retail sales growth from 3% in 2024 to almost 9% in 2025.

我們也看到德州各類客戶和產業不斷湧現新的大型工業負荷。所有這些都使我們的零售額成長速度有望提高近三倍，從 2024 年的 3% 增加到 2025 年的近 9%。

That represents the largest acceleration of load at AEP since the late 1960s, a truly once-in-a-generation opportunity. In fact, we expect that step change in growth to be maintained well into the future. Our current forecast supports annual retail load growth of between 8% and 9% through 2027.

這是自 20 世紀 60 年代末以來 AEP 負荷的最大加速，是真正千載難逢的機會。事實上，我們預期這種階梯式成長趨勢將在未來相當長一段時間內持續維持。我們目前的預測是，到 2027 年，零售負載年增長率將在 8% 至 9% 之間。

That's equivalent to roughly [52 million incremental megawatt hours] that we expect to serve relative to our current load of 182 million megawatt hours, or nearly a 30% increase.

這相當於我們預期在目前 1.82 億兆瓦時的負荷基礎上增加約 [5,200 萬兆瓦時的增量]，即增加近 30%。

More than offsetting the decline in our residential sales is a massive and sustained increase in demand from our C&I customers. Based on our current contracted lows, our C&I sales mix will grow from roughly two-thirds of total retail to nearly three quarters over the next several years. There is a slide in the Appendix that shows a bit more detail on first quarter sales by class. Those growth rates are one of the best in the industry, and we have confidence that these loans are going to show up.

我們的商業和工業客戶需求的持續大幅成長不僅抵消了住宅銷售額的下降，還超過了其成長。根據我們目前的合約低點，未來幾年我們的 C&I 銷售組合將從總零售量的約三分之二增長到近四分之三。附錄中有一張投影片，按類別顯示了第一季銷售情況的更多詳細資訊。這些成長率是業內最好的之一，我們有信心這些貸款將會出現。

We have a significant amount of demonstrated and diverse demand across our system. But I think it's also important to highlight what that demand looks like and how we're incorporating it into our projections. You will see on slide 10 a piece of that demand through some illustrative examples of the types of projects we're adding to our system.

我們的系統顯示出大量多樣化的需求。但我認為強調這種需求是什麼樣的以及我們如何將其納入我們的預測中也很重要。您將在第 10 張投影片上看到我們新增到系統中的一些項目類型的範例，其中展示了部分需求。

First and foremost, let's start with a number of overall requests to connect to the system. Across our 11-state operating footprint, we currently have more than 500 existing and potential customers actively requesting to connect almost 180 gigawatts of load to our transmission system.

首先，讓我們從一些連接到系統的整體請求開始。在我們覆蓋 11 個州的營運範圍內，我們目前擁有超過 500 個現有和潛在客戶，積極請求將近 180 千兆瓦的負載連接到我們的輸電系統。

For context, our system-wide summer peak was just under 37 gigawatts last year. So we have nearly 5x that amount active in the queue.

就背景而言，去年我們全系統的夏季高峰略低於 37 千兆瓦。因此，我們的隊列中活躍用戶數量幾乎是這個數字的 5 倍。

Now obviously, we know that not all of the requests will come online, which is why we take great care in using a probability-based approach to determine the likelihood of these loads as part of our annual load forecast. So far, we've committed to adding just over 20 gigawatts on to the system over the next five years, which in the context of our queue, is relatively conservative.

現在顯然，我們知道並非所有請求都會上線，這就是為什麼我們非常小心地使用基於機率的方法來確定這些負載作為我們年度負載預測的一部分的可能性。到目前為止，我們承諾在未來五年內為系統增加 20 千兆瓦以上的電力，這在我們的隊列中是相對保守的。

Given the dynamic nature of AI driving the surge of data centers and large industrials coming online, we think it's vital to rely on demonstrated customer demand to build out our planning forecast. We believe the best mechanisms to demonstrate the demand are executed contracts backed by financial commitments, including electric service agreements, or ESAs, and letters of agreement, or LOAs, showing how firm these loads really are.

鑑於人工智慧的動態特性推動著資料中心和大型工業上線的激增，我們認為依靠已證實的客戶需求來制定我們的規劃預測至關重要。我們認為，證明需求的最佳機制是簽訂有財務承諾的合同，包括電力服務協議（ESA）和協議書（LOA），以表明這些負載的實際穩定性。

Every megawatt in the forecast you see here is supported by LOAs. In addition to LOAs in PJM, 80% of the load growth in this region is also backed by ESAs, which are take-or-pay contracts requiring customers to pay for power as of a certain start date, irrespective of their offtake.

您在此處看到的預測中的每一兆瓦都得到了 LOA 的支持。除了 PJM 的 LOA 之外，該地區 80% 的負載增長還受到 ESA 的支持，ESA 是一種照付不議合同，要求客戶從某個開始日期起支付電費，而不管他們的購電量如何。

This not only helps confirm that customers' projects are real, but also incentivizes customers to stick to the schedule, reducing the risk to our existing customers and investors from a project not coming online. This is also why we've been very active in working with our regulators to strengthen and lengthen the tariff provisions in those contracts.

這不僅有助於確認客戶的專案是真實的，而且還激勵客戶遵守時間表，從而降低專案無法上線給我們現有客戶和投資者帶來的風險。這也是為什麼我們一直積極與監管機構合作，加強和延長這些合約中的關稅條款。

Our contract terms, coupled with the queue that is nearly 10 times the size of our current increased load forecast, gives us great confidence that this demand will show up, which, in turn, makes us confident in our $54 billion capital plan with incremental upside.

我們的合約條款，加上排隊人數幾乎是我們目前增加的負載預測的 10 倍，讓我們非常有信心這種需求會出現，這反過來又讓我們對我們 540 億美元的資本計劃充滿信心，並具有增量上升空間。

Should any of these projects be canceled or postponed, in addition to the protective financial provisions in the contracts, our queue means that we have other active customers to slot right into place and take up that capacity.

如果這些項目中的任何一個被取消或推遲，除了合約中的保護性財務條款之外，我們的隊列意味著我們還有其他活躍的客戶可以插入並佔用該容量。

In addition to the demonstrating demand that we're seeing across the system, it is also important to note the diversity in that demand. While data centers are driving the majority of the load growth in the coming years, we are also contracted to add roughly 6 gigawatts of industrial load across a number of diverse industries, including steel, auto and energy.

除了我們看到的整個系統中的明顯需求之外，注意需求的多樣性也很重要。雖然資料中心將在未來幾年推動大部分負載成長，但我們也簽訂了合同，將在鋼鐵、汽車和能源等多個不同行業增加約 6 千兆瓦的工業負荷。

This diversity reassures us that the demand behind our capital plan is solid and can hold up across several different economic environments, including those with tariff impacts that we may find ourselves in over the next several years.

這種多樣性使我們確信，我們的資本計畫背後的需求是穩固的，並且可以承受多種不同的經濟環境，包括未來幾年我們可能遇到的關稅影響。

Let's move on to slide 11 to discuss AEP's liquidity and commitment to credit quality. Recall that AEP's funding plan supporting our capital spend through 2029 originally included $5.35 billion sourced from equity. In January, we secured a minority equity interest investment in the Ohio and I&M transcos with KKR and PSP Investments for $2.82 billion. This deal is value accretive at 2.3 times rate base and 30.3 times price to earnings. We expect to close in the coming months, and the only remaining item outstanding is FERC approval, which we filed for on February 3.

讓我們繼續看第 11 張投影片來討論 AEP 的流動性和對信用品質的承諾。回想一下，AEP 支持我們到 2029 年的資本支出的融資計劃最初包括來自股權的 53.5 億美元。1 月份，我們與 KKR 和 PSP Investments 合作，以 28.2 億美元的價格獲得了對俄亥俄州和 I&M 運輸公司的少數股權投資。這筆交易的價值增值為基準利率的 2.3 倍和本益比的 30.3 倍。我們預計將在未來幾個月內完成交易，目前唯一未完成的事項是聯邦能源管理委員會 (FERC) 的批准，我們已於 2 月 3 日提交了申請。

In March, we saw compelling opportunities to further de-risk our funding needs through a $2.3 billion forward equity transaction, including the Greenshoe that allowed us to capitalize on known market conditions and manage the timing of proceeds.

3 月份，我們看到了絕佳的機會，可以透過 23 億美元的遠期股權交易進一步降低我們的融資需求風險，其中包括綠鞋交易，這使我們能夠利用已知的市場條件並管理收益的時機。

In combination with the expected proceeds from the minority transaction, I'm pleased that we now have completed our anticipated equity needs through 2029 associated with our $54 billion capital plan. Those two transactions are equivalent to issuing common stock at approximately $140 per share, a 25% premium to our current share price.

結合少數股權交易的預期收益，我很高興我們現在已經完成了與 540 億美元資本計畫相關的 2029 年預期的股權需求。這兩筆交易相當於以每股約 140 美元的價格發行普通股，比我們目前的股價溢價 25%。

Moving on to federal tax legislation and specific to transferability impacting FFO. We believe a complete retroactive IRA repeal is unlikely, based on our many conversations with policymakers. If there is a repeal, we would expect any potential legislation to provide business certainty by protecting the qualifying tax incentives for existing projects, as well as Safe Harbor projects currently under construction.

繼續討論聯邦稅法並具體討論影響 FFO 的可轉讓性。根據我們與政策制定者的多次對話，我們認為完全追溯廢除 IRA 的可能性不大。如果廢除該法案，我們預計任何潛在的立法都將透過保護現有項目以及目前正在建造的安全港項目的合格稅收優惠來提供商業確定性。

This would give us the ability to monetize tax credits in a timely manner and meet our financial commitments. You can see the FFO to debt metric stands at 13.2% for the 12 months ended March 31, which is a 0.2% decrease from the prior quarter.

這將使我們能夠及時將稅收抵免貨幣化並履行我們的財務承諾。您可以看到，截至 3 月 31 日的 12 個月內，FFO 與負債比率為 13.2%，比上一季下降了 0.2%。

However, the minority interest transaction is expected to improve near-term FFO to debt by 40 basis points to 60 basis points, which sets us up to be well above our credit threshold and put us on a path to be in the targeted 14% to 15% FFO to debt window.

然而，少數股權交易預計將使短期 FFO 與債務比率提高 40 個基點至 60 個基點，這將使我們遠高於信用門檻，並使我們走上實現 FFO 與債務比率 14% 至 15% 的目標之路。

Finally, let's move on to slide 12. Before we take your questions, I wanted to summarize what you heard from us today. First, you heard that we have taken significant actions to de-risk our financial plan through the highly attractive and accretive minority interest transmission transaction, which is expected to close in the coming months, coupled with the $2.3 billion equity offering completed in late March prior to the current market turbulence.

最後，我們來看第 12 張投影片。在回答你們的問題之前，我想先總結一下你們今天聽到的內容。首先，您聽說我們已採取重大行動來降低我們的財務計劃風險，透過極具吸引力和增值的少數股權轉讓交易，預計該交易將在未來幾個月內完成，再加上在當前市場動盪之前於 3 月底完成的 23 億美元股票發行。

These transactions combined complete our anticipated equity needs through 2029 to support our current $54 billion capital plan.

這些交易加起來滿足了我們在 2029 年預計的股權需求，以支持我們目前 540 億美元的資本計畫。

Second, you heard that we delivered strong financial results in the first quarter, growing earnings substantially compared to last year. Positive regulatory developments have set a strong foundation and are paving the way for a successful 2025.

第二，您聽說我們在第一季取得了強勁的財務業績，與去年相比，獲利大幅成長。積極的監管發展奠定了堅實的基礎，為2025年的成功鋪平了道路。

Third, you heard about our remarkable load growth story underpinned by major economic development activities across our footprint, providing significant investment opportunities in our utilities and creating an attractive growth profile for our investors.

第三，您聽說了我們卓越的負載成長故事，這得益於我們遍布各地的重大經濟發展活動，為我們的公用事業提供了重要的投資機會，並為我們的投資者創造了具有吸引力的成長前景。

We highlighted the regulatory progress on retail tariffs that we've made to enable these load additions to result in a fair allocation of cost and protection for our existing customers. Fourth, you heard about our continued focus on the execution of our unprecedented $54 billion capital plan, with the potential for incremental investments of up to $10 billion.

我們強調了我們在零售關稅監管方面取得的進展，以使這些負荷增加能夠公平地分配成本並保護我們現有的客戶。第四，您聽說了我們繼續致力於執行前所未有的 540 億美元資本計劃，並有可能增加高達 100 億美元的投資。

In summary, our confidence in achieving our 2025 commitments remain strong, and we are reaffirming our operating earnings guidance range of $5.75 to $5.95 per share, our long-term growth rate of 6% to 8% and targeted FFO to debt of 14% to 15%. With that, I'm going to ask the operator to open the call so we can take your questions.

總而言之，我們對實現 2025 年承諾的信心依然強勁，我們重申每股 5.75 美元至 5.95 美元的營業利潤預期範圍、6% 至 8% 的長期增長率以及 14% 至 15% 的目標 FFO 與債務比率。說完這些，我將請接線員打開電話，以便我們回答您的問題。

(Operator Instructions)

（操作員指示）

Shar Pourreza, Guggenheim.

沙爾·普雷扎，古根漢。

Bill, just -- I know West Virginia is 1 of the first rate cases you kind of rolled up your sleeves for after the prior bad outcome, which obviously predated you. I guess, how are conversations going there, especially around securitization? Can you settle this before the mid-June hearings?

比爾，我知道西維吉尼亞州是你在之前糟糕的結果之後捲起袖子處理的第一批案件之一，而之前的糟糕結果顯然早於你之前。我猜，那裡的談話進展如何，特別是有關證券化的談話？您能在六月中旬聽證會之前解決這個問題嗎？

Yeah. I really -- I appreciate the question. We've been having -- first of all, at a high level, really good luck with a lot of our regulatory outcomes across the system, and I'm really pleased with the work that the team has been doing to focus closer in on our local communities and our states and pushing us to do what our states want. And in the case of West Virginia, I'm excited with where we're at. The hearing is scheduled for June with the commission decision later on this year.

是的。我真的很感謝你提出這個問題。首先，從高層來看，我們在整個系統的許多監管成果上都很幸運，而且我對團隊所做的工作感到非常滿意，他們更加關注我們的當地社區和各州，並推動我們按照各州的要求去做。就西維吉尼亞州的情況而言，我對我們目前的狀況感到非常興奮。聽證會定於 6 月舉行，委員會將於今年稍後做出決定。

We've incorporated securitization as an option to enhance customer affordability. We've worked with the teams there, and we believe that this offers a really significant benefit to our customers by potentially reducing the impact on their bills by almost 75%.

我們已將證券化作為一種選擇，以提高客戶的承受能力。我們與那裡的團隊合作，我們相信這可以為我們的客戶帶來真正顯著的利益，因為這可能會將對帳單的影響減少近 75%。

So I think there's really some interesting opportunities here because that would essentially decrease the increase we're looking forward to, around 3.8%. But ultimately, the decision rests with the commission, and we look forward to working with all the stakeholders to achieve a favorable outcome for everyone, and we'll participate in discussions as they come up.

所以我認為這裡確實存在一些有趣的機會，因為這實際上會降低我們預期的增幅，約為 3.8%。但最終決定權在委員會手中，我們期待與所有利害關係人合作，實現對每個人都有利的結果，我們將參與討論。

But right now, overall, though I'm very, very excited with how the organization is responding in our states. And I think as you hopefully listen to all of the positive regulatory outcomes we've had over the past few months, you'll see that we're really moving in the right direction, and I'm really excited about where we're at.

但目前，總的來說，我對該組織在我們各州的反應感到非常非常興奮。我認為，當您聽到我們在過去幾個月中取得的所有積極監管成果時，您會發現我們確實在朝著正確的方向前進，我對我們所處的狀況感到非常興奮。

Perfect. Fantastic. And then just lastly, the 20 gigawatts of load you have out there. We've seen some pullback with at least one hyperscaler in Ohio. Microsoft, I think, has been notable, I think in your service territory.

完美的。極好的。最後，您擁有 20 千兆瓦的負載。我們看到俄亥俄州至少有一家超大規模企業出現了一些回調。我認為微軟在你們的服務領域一直都非常出色。

I guess, how are conversations going with the hyperscalers more specifically? Are you seeing any kind of sense of plex? Just trying to get a sense with that customer class specifically as there seems to be some consulting data points out there, with the caveat, you guys have a diversified load environment, right, but specifically on hyperscalers?

我想，與超大規模企業的對話具體進展如何？您感受到任何一種複雜的感覺了嗎？只是想具體了解那個客戶類別，因為那裡似乎有一些諮詢數據點，但需要注意的是，你們有一個多樣化的負載環境，對吧，但具體到超大規模上呢？

Sure. Well, of course, overall on our system demand remains really robust. And as Trevor noted, we've got over 500 existing and potential customers that are looking to connect 180 gigawatts of load on the transmission system. And so despite the fact that Microsoft made a decision to delay their projects, we've got an incredible backlog that want to come on to our system, and we're very excited about working with those customers and getting them connected.

當然。當然，總體而言，我們的系統需求仍然非常強勁。正如特雷弗所說，我們有超過 500 個現有和潛在客戶，他們希望在輸電系統上連接 180 千兆瓦的負載。因此，儘管微軟決定推遲他們的項目，但我們仍然有大量積壓項目希望納入我們的系統，我們非常高興能與這些客戶合作並讓他們建立聯繫。

I don't really see a reduction in our other load coming from data centers or hyperscalers or the industrials for that matter because we've contracted to add about 6 gigawatts of industrial load as well across the system and really given us a diversity that will strengthen the company overall for us going forward. And so I think we're in a very strong position.

我實際上並沒有看到來自資料中心或超大規模或工業的其他負載減少，因為我們已經簽約在整個系統中增加約 6 千兆瓦的工業負載，並且真正賦予我們多樣性，這將增強我們整個公司的未來發展。所以我認為我們處於非常有利的地位。

This diversity provides confidence that the demand supporting our capital plan is really resilient and capable of enduring these various economic outcomes. So whether Microsoft is with us or not, we see really significant demand coming forward, and we've got plenty of folks who want to jump in if they want to jump out.

這種多樣性使我們有信心，支持我們的資本計劃的需求確實具有彈性，並且能夠承受各種經濟結果。因此，無論微軟是否與我們合作，我們都看到了真正巨大的需求，並且有很多人想加入，如果他們想退出的話。

Got it. Perfect. Fantastic. Congrats. See you soon.

知道了。完美的。極好的。恭喜。再見。

Jeremy Tonet, J.P. Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is actually [Aidan Kelly] on for Jeremy. Just focusing on the load growth again. It looks like total retail sales were up around 3.2% versus the 8.8% 2025 target. And then also with commercial up 12% versus 24% target. How do you reconcile like the sales trends we've seen this quarter against your 2025 forecast? Would this imply a strong pickup later in the year? And are there any sensitivities we should think about here in general?

這實際上是 [Aidan Kelly] 為 Jeremy 所做的。再次只專注於負載成長。看起來，零售總額成長了約 3.2%，而 2025 年的目標是 8.8%。商業也上漲了 12%，而目標是 24%。您如何將本季看到的銷售趨勢與 2025 年的預測進行比較？這是否意味著今年稍後會出現強勁復甦？總的來說，我們是否應該考慮一些敏感問題？

Yeah. Thanks for the question. This is Trevor. So I would start by saying the anticipated load growth, particularly the rapid 8% to 9% increase that we're seeing over the next several years does open up substantial capital investment opportunities. And we expect that to drive consistent and robust earnings growth, especially in the second half of the decade.

是的。謝謝你的提問。這是特雷弗。因此，我首先要說的是，預期的負載成長，特別是未來幾年我們看到的 8% 到 9% 的快速成長，確實會帶來大量的資本投資機會。我們預計這將推動持續強勁的獲利成長，尤其是在本世紀下半葉。

So to your specific question, while near-term earnings impacts are somewhat muted due to the general lower profit margins of the C&I customers compared to the residential customers, I would say the rapid addition of C&I load really does create additional headroom and further enhances customer affordability. Just kind of as a rule of thumb or an example, the margins from the vertically integrated residential customers are roughly 5 times larger than those of our data center customers.

因此，對於您的具體問題，雖然由於 C&I 客戶的利潤率普遍低於住宅客戶，因此短期盈利影響有所減弱，但我想說，C&I 負載的快速增加確實創造了額外的空間，並進一步提高了客戶的承受能力。這只是一種經驗法則或例子，垂直整合的住宅客戶的利潤大約是我們的資料中心客戶的 5 倍。

And for our T&D customers, that ratio is almost 8:1. So you'll see a little bit of a decline in margins as we see some efficiencies on the residential side. But overall, this is really just a very positive growth story around C&I and what we're able to do to deploy capital over the long term. So we feel very good about it.

對於我們的輸配電客戶來說，這個比例幾乎是 8:1。因此，隨著住宅方面的效率提高，你會看到利潤率略有下降。但總體而言，這實際上只是圍繞 C&I 的一個非常積極的成長故事，以及我們能夠長期部署資本的能力。因此我們對此感覺非常好。

Got it. That's helpful. And then just maybe switching gears to kind of the opening remarks on Ohio. Could you just walk through the puts and takes from shifting away from ESPs into MYPs and to what extent does this impact your regulatory strategy in the state and future rate case timing in general?

知道了。這很有幫助。然後也許就轉換話題，開始關於俄亥俄州的開場白。您能否簡單介紹一下從 ESP 轉向 MYP 的利弊，以及這在多大程度上影響您在州的監管策略以及未來的利率案例時間？

Sure. Well, HB 15 was a legislation that ultimately received approval from both chambers. It has not been sent to the governor yet. We expect that to happen really any day now. Once that happens, the governor has 10 days to sign the bill, and then we anticipate that the bill will become law. Thinking early August, which is 90 days after his approval.

當然。嗯，HB 15 是一項最終獲得兩院批准的立法。它還沒有被送交州長。我們預計這很快就會發生。一旦發生這種情況，州長有 10 天的時間簽署該法案，然後我們預計該法案將成為法律。想想八月初，也就是他批准後的 90 天。

My view of this legislation is that it's highly constructive. It supports capital investment growth in Ohio and really actually provides benefits to our customers. For us, the main provisions that impact our business, first and foremost, is the new legislation that ends ESP and it introduces a multiyear forward-looking test year with a true-up mechanism. So that is a significant advantage for us. It promotes timely recovery of our investments.

我認為這項立法非常具有建設性。它支持俄亥俄州的資本投資成長，並真正為我們的客戶帶來利益。對我們來說，影響我們業務的主要條款首先是終止 ESP 的新立法，並引入了具有真實機制的多年前瞻性測試年。所以這對我們來說是一個顯著的優勢。它促進了我們投資的及時回收。

And then unlike other Ohio utilities, our transition from ESP 5 to the new construct will proceed seamlessly with no gaps in our timing. And so really looking forward to moving through that transition. It's going to be an incredible advantage for us going forward.

然後，與俄亥俄州其他公用事業公司不同的是，我們從 ESP 5 到新結構的過渡將無縫進行，不會有任何時間差。因此，我非常期待完成這項轉變。這對我們未來的發展來說將是一個不可思議的優勢。

And then the second piece was the behind-the-meter components of the legislation. So this legislation, again, we're happy with the outcome here. It basically grandfathers the two projects that we had in flight with our Bloom Energy solution for the data centers that we previously have discussed. This will preserve those existing agreements. And then we have basically the flexibility to deploy future fuel cell purchases to other affiliates.

第二部分是立法中有關電錶後部分的內容。因此，我們對這項立法的結果感到滿意。它基本上延續了我們之前討論過的針對資料中心的 Bloom Energy 解決方案所實施的兩個專案。這將保留那些現有的協議。然後，我們基本上可以靈活地將未來的燃料電池採購部署到其他附屬公司。

And so we're going to continue to offer that as an alternative in our other areas, and then make sure that we deliver on our commitments to the two customers that we have in Ohio. And then the third piece of this is the OVEC issue. And now I'll turn that over to Trevor to describe. But I think overall, it's something that we'll be able to manage through. So Trevor?

因此，我們將繼續在其他地區提供這種替代方案，然後確保履行對俄亥俄州兩位客戶的承諾。第三部分是OVEC問題。現在我將把這個問題交給 Trevor 來描述。但我認為總的來說，這是我們能夠解決的事情。那麼特雷弗？

Yeah, terrific. Thanks, Bill. Yes. So with regards to the OVEC situation, historically, we've indicated that ending the cost recovery would result in roughly a $40 million impact, and that's what it's done in years past. Again, as we said in our prepared remarks, given the upcoming capacity prices in PJM, we expect the earnings impact to be really significantly muted to the tune of about potentially $0.02 or we said roughly $10 million of earnings. And that's something that I think is very manageable, and we can incorporate prospectively.

是的，太棒了。謝謝，比爾。是的。因此，就 OVEC 的情況而言，從歷史上看，我們已經表示，結束成本回收將造成約 4000 萬美元的影響，而這正是過去幾年所造成的。再次，正如我們在準備好的評論中所說的那樣，考慮到 PJM 即將到來的容量價格，我們預計盈利影響將顯著減弱，約為 0.02 美元，或者我們所說的大約 1000 萬美元的盈利。我認為這是很容易實現的，而且我們可以前瞻性地將其納入其中。

As Bill also just mentioned here, this will probably most likely become law and take effect in mid-August. And so we will get recovery up through that date. And so I think this is one of those things that is really not a huge earnings driver for us, and we can deal with this going forward.

正如比爾剛才提到的，這很有可能成為法律並在 8 月中旬生效。因此，我們將在該日期之前實現復甦。因此，我認為這實際上不會為我們帶來巨大的獲利動力，我們可以繼續處理這個問題。

Appreciate the color. I'll leave it there.

欣賞色彩。我就把它留在那裡。

[David Paz] with Wolfe Research.

[David Paz] 來自 Wolfe Research。

I know you addressed this, I think, on the previous question to a certain degree. But maybe on the commercial sales, in particular, for 2025, see that they're tracking, at least year-over-year, on 12%. But your target is a little higher for the full year. Just, are you seeing any delays on -- is there a specific shaping that you may have talked about previously that -- that's playing out in terms of just back-end loaded for the year for 2025 on commercial sales?

我知道您在上一個問題上已經在一定程度上回答了這個問題。但也許就商業銷售額而言，特別是到 2025 年，其年成長率至少為 12%。但你的全年目標要高一些。只是，您是否看到任何延遲 - 是否存在您之前可能談到的特定形狀 - 就 2025 年商業銷售的後端加載而言？

Yeah, David. So I think the good thing -- and we mentioned this in the prepared remarks, is with the commercial load growth, what we're seeing is a lot of these counterparties are signing the LOAs and entering into firm contracts with us.

是的，大衛。因此，我認為好事是——我們在準備好的評論中提到了這一點，隨著商業負荷的增長，我們看到很多交易對手正在簽署 LOA 並與我們簽訂固定合約。

And so these are, again, really take-or-pay contracts that are enabling us, irrespective of what their load looks like, to ensure that they are starting to pay under those contract terms. And so while the step-up of 12% is really positive, we continue to see people signing these take-or-pay type contracts. And I think you'll continue to see additional load coming on over the next several years.

因此，這些都是真正的照付不議合同，無論他們的負荷如何，我們都能確保他們按照合約條款開始付款。因此，儘管 12% 的漲幅確實是一個積極的信號，但我們仍然看到人們簽署這些照付不議類型的合約。我認為，未來幾年你將繼續看到額外的負載。

And so this is all very positive in that regard. But I wouldn't say it's shaped towards the back end or anything to that regard. I think it's really more just a steady increase in commercial load coming on than we have seen over the last several months here.

因此從這個方面來看，這一切都是非常正面的。但我不會說它是針對後端或任何與此相關的形狀。我認為，這實際上只是商業負荷的穩定增長，與我們過去幾個月看到的相比沒有太大區別。

Okay. So for 2025, you still anticipate about 22%?

好的。那麼對於 2025 年，您仍然預期成長率約為 22%？

That's right.

這是正確的。

Year-end '25 versus year-end '24? Okay.

25 年底與 24 年底相比如何？好的。

Yeah.

是的。

Okay. And then just -- you just touched on this in the previous question on partnership. But will there be a -- how should we think about the deployment versus what you have before the Ohio law, understanding it's not the Ohio mark -- the Ohio market is not there. But will this change any type of schedule of deployment for the remaining 1 gig?

好的。然後——您剛才在關於合作關係的上一個問題中提到了這一點。但是，我們應該如何看待這次部署，與俄亥俄州法律頒布之前的部署相比，要明白這不是俄亥俄州的標誌，俄亥俄州市場還不存在。但這會改變剩餘 1G 的部署計畫嗎？

Well, we're in the market to sell those to customers who are interested in this technology. It will not affect at all, the two projects that we have in flight. Those will go forward as planned, and those are well underway. So for the remaining 900 megawatts that we have available to us, we do have a number of customers that we're in conversations with and feel optimistic that there may be deals coming down the road. So we'll see where this all heads and certainly report on this more as future calls come this year.

嗯，我們在市場上將這些產品銷售給對這項技術有興趣的客戶。這不會對我們正在進行的兩個項目造成任何影響。這些工作將按計劃進行，並且進展順利。因此，對於我們可用的剩餘 900 兆瓦，我們確實正在與許多客戶進行洽談，並且對未來可能達成交易感到樂觀。因此，我們將拭​​目以待這一切將如何發展，並在今年未來的電話會議中對此進行更多報導。

And let me add just one thing, Bill, if I could on that. The remaining 900 megawatts is really an option for us. We're not obligated to take those fuel cells. And so if we can find capacity and customers to take them that makes sense, we will do that. But again, we're not obligated to.

比爾，如果可以的話，我只想補充一點。剩下的 900 兆瓦對我們來說確實是個選擇。我們沒有義務使用這些燃料電池。因此，如果我們能夠找到合適的容量和客戶來接收這些郵件，我們就會這樣做。但同樣，我們沒有義務這麼做。

The original 100 megawatts that we did contract are taken care of.

我們最初簽約的 100 兆瓦已經妥善處理。

Yes.

是的。

Julien Dumoulin-Smith with Jefferies.

傑富瑞 (Jefferies) 的 Julien Dumoulin-Smith。

Appreciate it. Nicely done here. Just wanted to follow up on the $10 billion upside number here. I just wanted to understand a little bit of what's already approved here? What do you have line of sight even within that $10 billion bucket? It seems like there could be some various pieces there?

非常感謝。這裡做得很好。只是想跟進這裡的 100 億美元上漲數字。我只是想了解這裡已經批准了什麼？即使在 100 億美元規模之內，您又能看到什麼呢？看起來那裡可能有一些不同的碎片？

And then also, what are you waiting for in terms of line of sight to formally introduce that? As you say, it's within the five-year program. You comment several different times about this being tied to load growth and the relative degree of confidence you have on the load growth. So effectively, what are we waiting for? Or what are the sub-pieces there that would enable you the confidence to more formally integrate them in the plan?

那麼，從視線角度來說，您還在等什麼來正式介紹這一點呢？正如您所說，這是五年計劃之內的。您多次評論說這與負載增長以及您對負載增長的相對信心程度有關。那麼實際上，我們還在等什麼呢？或者其中的哪些部分可以讓您有信心更正式地將它們整合到計劃中？

Yeah, Julien, it's Trevor. Appreciate the question. I would say what we're really doing is we're setting the cadence where we want to come out with a formal growth plan on an annual basis, and we'll generally do that around, call it, the third quarter call, right before we go into EEI unless there's something material that would increase that $10 billion -- $10 billion potential upside to the $54 billion plan.

是的，朱利安，我是特雷弗。感謝你的提問。我想說，我們真正在做的是設定節奏，我們希望每年推出一個正式的增長計劃，我們通常會在進入 EEI 之前的第三季度左右推出這個計劃，除非有什麼實質性的事情可以將 100 億美元——100 億美元的潛在上升空間添加到 540 億美元的計劃中。

That being said, I think it's important to note that the recently awarded 765 transmission lines, for example, in Texas, that's roughly $1 billion to $2 billion that's not in the current plan. And so as things firm up, we will continue to look at how we manage the overall portfolio spend relative to what our customers need and what the states want.

話雖如此，我認為值得注意的是，最近授予的 765 條輸電線路，例如在德克薩斯州，大約有 10 億至 20 億美元不在當前計劃中。因此，隨著情況逐漸穩定，我們將繼續研究如何根據客戶需求和各州需求來管理整體投資組合支出。

And that will impact a large part of what that $10 billion looks like. I think roughly, if you wanted to kind of take a look at that $10 billion, we've said publicly that roughly about half of that $10 billion relates to transmission, and the remaining is a majority of that is generation projects in the various service territories as we file and look at the various capacity and needs in the state.

這將對這 100 億美元的走向產生很大影響。我認為，如果你想大致看一下這 100 億美元，我們已經公開表示，這 100 億美元中大約有一半與輸電有關，剩下的大部分是各個服務區域的發電項目，我們會根據該州的不同容量和需求進行備案和審查。

But again, we have great opportunities not only in ERCOT, we also have opportunities in PJM. And we continue to flesh those out, and we'll come with more definitive answers when we roll out our revised 5-year capital plan in the third quarter.

但同樣，我們不僅在 ERCOT 擁有巨大的機遇，在 PJM 也擁有機會。我們將繼續充實這些問題，並在第三季推出修訂後的五年資本計畫時給出更明確的答案。

Got it. Okay. Fair enough. And maybe just to elaborate a little bit further. What is in that $5 billion generation bucket?

知道了。好的。很公平。也許只是想進一步詳細說明一下。50 億美元的發電桶裡有什麼？

Can you speak a little bit to how you think about that versus the load numbers that you have? Is this just about getting line of sight on RFPs coming out of anticipated load growth? Or is there something further within that here?

您能否根據您所擁有的負載數字稍微談談您對此的看法？這是否只是為了了解預期負載成長所帶來的 RFP 情況？或是這裡面還有什麼其他的東西嗎？

No. It's largely what you just said there. It's the RFPs. It's also looking at potential wind projects or other renewable projects in various states. It's also related to potentially some combined cycles as we look at what the overall capacity needs are and the generation needs are in our service territory. So these are items that we have a line of sight to, but we have not firmly committed to yet.

不。這基本上就是您剛才所說的。這是 RFP。該公司也正在研究各州潛在的風能項目或其他再生能源項目。當我們考慮整體容量需求以及我們服務區域內的發電需求時，它也與一些潛在的複合循環有關。因此，這些都是我們已經關注的項目，但我們尚未堅定地做出承諾。

Actually, just to clarify, you've got two acquisitions out there, one potentially in Oklahoma and one in Indiana or Ohio, specifically. Those are included in the plan, and you intend to move forward with those?

實際上，需要澄清的是，您有兩項收購，一項可能在俄克拉荷馬州，另一項具體在印第安納州或俄亥俄州。這些都包含在計劃中，您打算繼續前進嗎？

That's right. That's correct. Those were items that were included, and we do have the needs in those states for that generation. And so those are in there.

這是正確的。沒錯。這些都是包含在內的項目，而且我們確實滿足了那些州那一代人的需求。這些就在那裡。

Awesome. All right. I'll leave it there. I'll pass it on.

驚人的。好的。我就把它留在那裡。我會傳達的。

Durgesh Chopra, Evercore.

杜爾格甚喬普拉（Durgesh Chopra），Evercore。

Thanks for giving me time. I just wanted to start off with the Q1 earnings performance. So the report numbers are higher than where we thought you would end up in the quarter. You mentioned the weather benefit, but you also reaffirmed guidance for the year. I appreciate there are three more quarters to go, with third quarter being the largest.

謝謝你給我時間。我只是想從第一季的獲利表現開始。因此，報告數字高於我們預期的本季數字。您提到了天氣效益，但您也重申了今年的指導。我知道還剩三個季度，其中第三季度是最重要的。

Maybe just comment on how first quarter turned out, what's your expectations? Are you going into the balance of the year higher than where you expected to be? Just any color there would be helpful.

也許只是評論一下第一季的結果如何，您的期望是什麼？今年的業績是否會超出您的預期？任何顏色都有幫助。

Yeah. Thanks, Durgesh. So as you did highlight, weather was a significant driver, as was some of the rate impacts as we rolled out, the revised rates in certain jurisdictions. But weather was a significant opportunity for us in the quarter. I will say that's roughly in line with where we anticipated we would be, and we feel very good about laying out our full year guidance range and staying within that guidance range.

是的。謝謝，杜爾格甚。正如您所強調的，天氣是一個重要的驅動因素，當我們在某些​​司法管轄區推出修訂後的利率時，天氣也是影響利率的因素。但天氣對我們本季來說是一個重要的機會。我想說的是，這大致符合我們的預期，我們對製定全年指導範圍並保持在該指導範圍內感到非常滿意。

And as you indicated, it's still fairly early with just the first quarter, but we're going to be very disciplined in our capital allocation. We are looking for ways to ensure we're doing things efficiently at the operating companies as well as at the corporate center to drive efficiencies and to drive affordability for our customers.

正如您所說，現在才第一季還為時過早，但我們將非常嚴格地進行資本配置。我們正在尋找方法，確保我們在營運公司和企業中心有效率地開展工作，以提高效率並降低客戶的負擔能力。

But I feel good about the 5.60 -- or the $5.75 to $5.95 guidance range that we put out and the 6% to 8% long-term growth rate and certainly would anticipate that we would again, talk to that in the second quarter as we continue to see some of the successful regulatory outcomes roll out that we've seen over the last few months here.

但我對我們提出的 5.60 美元（或 5.75 美元至 5.95 美元）的指導範圍以及 6% 至 8% 的長期增長率感到滿意，當然預計我們會在第二季度再次談論這個問題，因為我們繼續看到過去幾個月來我們在這裡看到的一些成功的監管成果。

Got it. Sounds like things are on track. Okay. Then switching gears to just the part colocation process here. A couple of weeks ago, the IPPs came out and sort of suggested settlement talks. Any color you can share there on what might be happening behind the curtains and timeline for a potential settlement if it's reached? This is BJ.

知道了。聽起來事情進展順利。好的。然後切換到此處的部分主機託管流程。幾週前，獨立電力供應商 (IPP) 出面並建議進行和解談判。您能否透露一下幕後可能發生的事情以及達成和解後的時間表？這是BJ。

Sure. So this is Bill. On the colocation issues, we've said many times on this is that we're not against colocation. What we are wanting to make sure is that anyone doing that sort of arrangement pay their appropriate fees on the transmission system. And so we're continuing to follow the process at FERC, and that's moving forward, and we'll continue to be engaged fully.

當然。這就是比爾。關於主機代管問題，我們已經多次說過，我們並不反對主機代管。我們要確保的是，任何進行此類安排的人都要為傳輸系統支付適當的費用。因此，我們將繼續關注聯邦能源管理委員會的進程，並且該進程正在向前推進，我們將繼續全力參與。

But at the end of the day on this, it's really more about ensuring that if you use the transmission system, you pay your fair share. And so we'll continue to monitor this and see where it goes.

但歸根結底，這實際上更重要的是確保如果你使用傳輸系統，你就會支付公平的份額。因此，我們將繼續監控此事並觀察其發展方向。

Got it. Thanks, Bill, and thanks, Trevor. And congrats on a solid start to the year.

知道了。謝謝，比爾，謝謝，特雷弗。恭喜您今年有一個好的開始。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Thanks for all the updates. I just wanted to follow-up on the CapEx upside. I'm just curious if you could talk about how you would plan on financing the $10 billion if you were to kind of wrap it into the plan into next year? Like, do you have additional levers to pull on the asset sales side? Or could the securitization that's pending in West Virginia impact the company's overall equity needs in any way?

感謝所有的更新。我只是想跟進資本支出的上升趨勢。我只是好奇，如果您打算將這 100 億美元納入明年的計劃，您能否談談您計劃如何為它融資？例如，您是否有其他手段來推動資產銷售？或者西維吉尼亞州即將進行的證券化是否會以某種方式影響該公司的整體股權需求？

I guess, just do you have any levers to kind of mitigate what's been more of a more traditional I don't know, 40% to 50% of funding across the industry?

我想，您是否有辦法緩解整個產業更為傳統的 40% 到 50% 的資金壓力？

Yeah. So Nick, one of the things we did -- and we said on the year-end call in February, that we had -- the $5.35 billion of overall equity that we needed over the five-year plan and $2.8 billion of that was taken care of already with the sale of the transcos. And then given where Bill and I were in March, we anticipated we'd rather take the market we know. And so we went out with the remaining $2.3 billion, which really effectively takes all the equity, the marketed equity off the table over the five-year plan.

是的。所以尼克，我們所做的事情之一——我們在二月份的年終電話會議上說過——我們已經擁有了五年計劃所需的 53.5 億美元的總股本，其中 28 億美元已經通過出售 transcos 得到了解決。然後考慮到比爾和我三月的狀況，我們預計我們寧願選擇我們熟悉的市場。因此，我們拿出了剩餘的 23 億美元，這實際上意味著五年計畫中所有的股權、行銷股權都消失了。

So when you look at the incremental $10 billion, even if we needed to fund that with some level of growth equity, that would be on the back end of the plan because we've already prefunded a lot of that equity on the $2.8 billion on the sale, and then the $2.3 billion is done under the forward through December 2026. And so when you look at that, we've really taken care of all the equity needs, even with the forward in really the first two years of the five-year plan.

因此，當您查看增量的 100 億美元時，即使我們需要透過一定程度的成長股權來為其提供資金，這也將在計劃的後端進行，因為我們已經在出售的 28 億美元中預先資助了大量股權，然後 23 億美元是在 2026 年 12 月的遠期計劃中完成的。所以當你看到這一點時，你會發現我們確實已經滿足了所有的股權需求，甚至是在五年計畫的前兩年。

And so if we were to come back and firm up the $10 billion, I think we would really be in a situation where we would not need to issue incremental equity in the near term, and then we will come back at a later time as to how we would fund that.

因此，如果我們回過頭來確定 100 億美元，我認為我們確實會處於這樣一種情況：短期內我們不需要在發行增量股權，然後我們稍後再考慮如何為此提供資金。

To some of the points you raised, specifically, again, you mentioned the securitization and why we believe that securitization is highly beneficial for our customers in modulating the rates. It also allows us to take approximately $2.4 billion of cash and deploy that cash elsewhere.

對於您提出的一些觀點，具體來說，您再次提到了證券化，以及為什麼我們認為證券化對於我們的客戶調節利率非常有利。它還使我們能夠拿出約 24 億美元現金並將其部署到其他地方。

And so there's a lot of levers like that. And then lastly, I would say we also would look at potential hybrids that we have out there, whether it's junior subordinated debt, and I know others in the market have been utilizing those structures as well. And so we do have a lot of other levers to pull.

因此有很多這樣的槓桿。最後，我想說，我們也會研究現有的潛在混合債務，無論是次級債務，我知道市場上的其他人也在利用這些結構。因此我們確實還有很多其他的槓桿可以利用。

That being said, I think we do like our assets. And from our perspective, I don't think you're going to see us sell down any more transmission or anything to that effect. But rather, we would look at ways to finance the growth in a very, very shareholder friendly way.

話雖如此，我認為我們確實喜歡我們的資產。從我們的角度來看，我認為你不會再看到我們出售任何變速箱或類似的東西。相反，我們會尋找以對股東非常有利的方式為成長提供資金的方法。

Okay. That was great color. I appreciate that. And then just one quick clarification. I know you kind of mentioned in your prepared remarks, your comments on IRA. Is there just any quantifiable exposure? If transferability did go away, would that impact your plans whatsoever? Do you have any exposure there?

好的。顏色真棒。我很感激。然後只要簡單澄清一下。我知道您在準備好的演講中提到了對 IRA 的評論。是否存在任何可量化的暴露？如果可轉移性確實消失了，這會對您的計劃產生任何影響嗎？你在那裡有任何曝光嗎？

Yeah. So I would say, again, on the whole IRA -- walking it back and I think this kind of gets back to some of the comments we made in our prepared remarks. But we really do believe that a complete retroactive repeal of IRA is pretty unlikely. And that if a repeal does occur, we would expect the tax incentives for the existing projects and Safe Harbor projects that are under construction will be protected.

是的。因此，我想再次說整個愛爾蘭共和軍問題——回顧一下，我認為這有點回到了我們在準備好的發言中提出的一些評論。但我們確實相信，完全追溯廢除 IRA 的可能性很小。如果真的廢除，我們預計現有項目和正在建造的安全港項目的稅收優惠將受到保護。

I think really, when you look at this, all of AEP's existing tax credits, along with really all the anticipated tax credits through 2027, our Safe Harbor then would not be impacted by this proposal. And so then people have kind of questioned us with regards to the specific dollar amounts. And I would say transferability in our plan is manageable. It's roughly $200 million currently. And then over the next several years, it averages about $300 million.

我認為，當你看到這一點時，AEP 現有的所有稅收抵免以及到 2027 年預期的所有稅收抵免，我們的安全港都不會受到該提案的影響。因此人們開始詢問我們具體的金額。我想說我們計劃的可轉移性是可控的。目前約2億美元。而在接下來的幾年裡，平均約為 3 億美元。

But all of that is -- really pertains to safe harbored and pre-IRA projects that are expected to continue to qualify under the transferability. So again, very limited exposure in that regard from the IRA repeal language that's being talked about right now.

但所有這些實際上都與安全港和 IRA 前項目有關，這些項目預計將繼續符合可轉讓性要求。因此，目前討論的愛爾蘭共和軍廢除條款在這方面的曝光度非常有限。

Appreciate all the details. Thank you again.

感謝所有細節。再次感謝您。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe to start, just to follow-up, Trevor, on some of your comments earlier on the margin contribution from resi versus C&I customers. Can you just talk a little bit about the resi dynamics driving that to track negative over the last several quarters here? Is that something you're watching? And do you anticipate something shifting there to get you back towards that full year forecast for '25?

特雷弗，也許首先，我們來跟進一下您之前關於住宅客戶與商業與工業客戶利潤貢獻的一些評論。您能否簡單談談過去幾季導致房地產市場出現負面趨勢的因素？您正在看這個嗎？您是否預計會發生一些變化，讓您回到 25 年全年預測？

Yeah, Carly, thanks for the question. And we certainly are focused on residential customers. And I think what you're seeing is we do have slight increases in residential actual meter count. But what we're seeing is that's being more than offset by the decline in throughput on the residential side, mostly from efficiency and people really focusing on the costs to go through a cold winter like we just had. So from our perspective, I think we do watch it.

是的，卡莉，謝謝你的提問。我們當然專注於住宅客戶。我認為您看到的是，住宅實際電錶數量確實略有增加。但我們看到，住宅方面的吞吐量下降抵消了這一影響，主要是因為效率提高，而且人們真正關注的是度過我們剛剛經歷的寒冷冬天的成本。所以從我們的角度來看，我認為我們確實會看它。

We do see that C&I is adding a lot of growth that is helping to offset that. But again, as I mentioned, the C&I -- really, margins are a lot less than residential, and so we continue to monitor that. But what we need to do is continue to find ways to deliver very high-quality service to our residential customers at an affordable price, and then that will continue to be something that will offset some of the efficiencies that they're doing or the use that they're declining in.

我們確實看到 C&I 正在增加很多成長，這有助於抵消這一影響。但正如我所提到的，商業和工業的利潤率實際上比住宅利潤率低得多，因此我們會繼續監控這一點。但我們需要做的是繼續尋找方法，以可負擔的價格為我們的住宅客戶提供高品質的服務，然後繼續抵消他們正在做的一些效率或正在下降的使用。

Got it. Great. That's helpful. And then could you maybe talk a little bit about the 765 kV Permian opportunity set? Just any color on how we could think about sizing what that CapEx could look like or the timing to deploy it? And is that something that is in the $10 billion of identified upside to the plan?

知道了。偉大的。這很有幫助。然後您能否稍微談談 765 kV Permian 機會集？關於我們如何考慮確定資本支出的規模或部署時機的任何細節？這是否是該計劃確定的 100 億美元收益的一部分？

Yeah. So first of all, we're very, very excited about that outcome in Texas. When we think about the opportunities there, going to 765 was a very strong message by the government and regulators in Texas as they foresee a very strong future for the business climate there and the need for energy and the fact that they moved to 765 is an incredibly strong statement about what they view as their potential in Texas.

是的。首先，我們對德克薩斯州的這一結果感到非常興奮。當我們考慮那裡的機會時，遷至 765 是德克薩斯州政府和監管機構發出的一個非常強烈的信息，因為他們預見到那裡的商業環境和能源需求將非常強勁，而他們遷至 765 的事實非常強烈地表明了他們對自己在德克薩斯州的潛力的看法。

And so for us, of course, we were the original innovator of 765 back in 1960 and have been building it and perfecting it for many years, and in fact, really the only company in the country that has the capabilities to do this. And so we're incredibly well positioned in Texas for this. We're excited about this first project and firmly believe that it will open up additional ones going forward.

因此，對我們來說，當然，我們是 1960 年 765 的最初創新者，多年來一直在建立和完善它，事實上，我們是國內唯一一家有能力做到這一點的公司。因此，我們在德克薩斯州擁有極其有利的地位。我們對這個首個項目感到非常興奮，並堅信它將在未來開闢更多的項目。

For this one, we think it's in the $1 billion to $2 billion range, and the work on this project will begin in the very near future. And of course, it will take some time to deploy. But overall, the fact that we are the leader in this country for 765 and the fact that Texas is looking at a significant increase in that type of transmission bodes well for AEP.

對於這個項目，我們認為其投資額在 10 億到 20 億美元之間，而且該項目的工作將在不久的將開始。當然，部署需要一些時間。但總體而言，我們在 765 領域處於全國領先地位，而且德克薩斯州正在考慮大幅增加此類輸電業務，這對 AEP 來說是個好兆頭。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Appreciate all the detail on the call here. I just got one follow-up on the FFO to debt. I might have misheard some of what you said in the commentary, but based on the slide, it looks like it was 13.2% on a TTM basis through March. That's down from 14% last year. Can you just talk a little bit about the moving pieces?

感謝您提供本次通話的所有詳細資訊。我剛剛收到一份關於 FFO 債務的後續資訊。我可能聽錯了您在評論中所說的一些內容，但根據幻燈片，截至 3 月的 TTM 基礎上似乎為 13.2%。這一比例比去年的 14% 有所下降。能簡單談談移動部件嗎？

And then, of course, as you mentioned, the minority interest sale will add 40 basis points to 60 basis points later this year. That won't quite get you to 14%. Can you talk about what will get you over the hurdle so you've got the 100 basis point cushion over the 13% downgrade threshold, please?

當然，正如您所提到的，少數股權出售將在今年稍後增加 40 個基點到 60 個基點。這還不足以讓你達到 14%。您能否談談如何幫助您克服困難，以便在 13% 的降級門檻上獲得 100 個基點的緩衝？

Yeah. Thanks, Andrew. So we ended last year at 14% FFO to debt, but that was also prior to the change in methodology with regards to the deferred fuel. And that took about 40 basis points to 50 basis points off of that 14% FFO to debt. Now I will say that the deferred fuel, as we're collecting the deferred fuel balances, we're really not putting that -- or the new methodology does not put that into the numerator.

是的。謝謝，安德魯。因此，我們去年年底的 FFO 與負債比率為 14%，但這也是在遞延燃料方法改變之前。這使得 14% 的 FFO 與負債比率下降了約 40 到 50 個基點。現在我要說的是，當我們收集遞延燃料餘額時，我們實際上並沒有將其放入遞延燃料中——或者新方法沒有將其放入分子中。

That rolls off and will be largely done by the end of 2026. So that's where we really were with regards to the deferred fuel and the end of the year.

這項工作將逐步展開，到 2026 年底將基本完成。這就是我們在延期燃料和年底方面所面臨的實際情況。

So the 14% was under the old methodology and, call it, 13.5%, 13.6% under the new methodology. And then we're at 13.2%, you're right, with the trailing 12 months. But what we're anticipating is the minority interest transaction will raise that by 40 bps to 60 bps. So that will take us to 13.6% to 13.8% once we close that transaction.

因此，按照舊方法計算，這一比例為 14%，按照新方法計算，這一比例為 13.5% 或 13.6%。然後，您說得對，過去 12 個月我們的成長率為 13.2%。但我們預期少數股權交易將使這一比例提高 40 個基點至 60 個基點。因此，一旦我們完成該交易，我們的利潤率將達到 13.6% 至 13.8%。

And then just continued focus on execution around efficient operations and increasing the numerator will be a big part of how we're going to ultimately get into that 14% to 15% targeted range that Bill and I really feel we want to be in so that we can have a level of cushion well above our 13% downgrade threshold. So hopefully, that gives you a little bit of color.

然後，繼續專注於高效營運的執行和增加分子將是最終實現比爾和我真正想要的 14% 至 15% 目標範圍的重要組成部分，這樣我們就可以擁有遠高於 13% 降級門檻的緩衝水平。希望這能帶給你一些啟發。

Yeah. That's very helpful. Okay. Great. And then one, just to clarify. Of the recent regulatory wins, were they all included in the CapEx plan already? Specifically, I'm talking about the $1.1 billion of transmission from Transource Energy and the $600 million through AEP transcos as well as the Texas resilience plans?

是的。這非常有幫助。好的。偉大的。然後，只是為了澄清一下。在最近的監管勝利中，它們是否都已納入資本支出計劃？具體來說，我指的是來自 Transource Energy 的 11 億美元輸電和透過 AEP transcos 的 6 億美元輸電以及德克薩斯州的恢復計劃？

Yeah. Look, I would say, from our perspective, within the plan, we laid out what we thought was a very good plan at the beginning of the year. I came in as the new CFO, certainly pressed on what the planning assumptions were, and we are still very committed to our $5.75 to $5.95. And there's going to always be some puts and takes. But at the end of the day, we feel very good about where we are on the $5.75 to $5.95 and the overall 6% to 8% long-term growth rate.

是的。從我們的角度來看，我想說，在計劃中，我們在年初制定了我們認為非常好的計劃。我以新任財務長的身份上任，當然對規劃假設提出了要求，我們仍然致力於 5.75 美元到 5.95 美元的利率。而且總是會有一些得失。但最終，我們對目前 5.75 美元至 5.95 美元的水平以及 6% 至 8% 的長期整體成長率感到非常滿意。

Okay. I guess my question was, were those projects included in the $54 billion five-year plan?

好的。我想我的問題是，這些項目是否包含在 540 億美元的五年計畫中？

Yeah. And again, I would say that yes, there's some projects that are included, there are some projects that fall away. So there's always puts and takes, but generally, yes.

是的。再次強調，是的，有些項目被納入其中，有些項目則被取消。因此總是有得有失，但一般來說，是的。

Okay. Got it. But you're saying there's flexibility for projects over time. Understood. Okay, thank you.

好的。知道了。但您說的是，隨著時間的推移，專案會具有靈活性。明白了。好的，謝謝。

And that will conclude our question-and-answer session. I will now hand the call back over to Bill Fehrman for closing remarks.

我們的問答環節到此結束。現在我將把電話交還給比爾·費爾曼，請他作最後發言。

Yeah. Thank you. We appreciate everyone joining us on today's call. I'd like to close with just a few summary remarks. First, I'm very excited when I think about the opportunities ahead at AEP as we advance the long-term strategy to drive growth, enhance the customer experience and achieve positive regulatory outcomes.

是的。謝謝。我們感謝大家參加今天的電話會議。最後，我只想作幾點總結性發言。首先，當我想到 AEP 未來的機會時，我感到非常興奮，因為我們正在推動長期策略以推動成長、提升客戶體驗並取得積極的監管成果。

We're putting our robust capital plan to work and continue to grow the business across our large footprint while delivering shareholder value.

我們正在實施強有力的資本計劃，並在為股東創造價值的同時繼續在廣大範圍內發展業務。

I'd also like to reinforce the incredible support we've had from our Board to keep pushing forward with our plan to really strengthen the balance sheet to improve our regulatory outcomes and execute around what our states want.

我還要強調董事會給予我們的大力支持，以繼續推進我們的計劃，真正加強資產負債表，改善監管結果，並按照各州的要求執行。

And I couldn't be more excited to be with this team and see where we're taking the company. So if there's any follow-up items, please reach out to our IR team with your questions. This now concludes our call. Thank you.

我非常高興能夠加入這個團隊並見證我們帶領公司走向何方。因此，如果有任何後續事項，請聯絡我們的 IR 團隊並提出您的問題。我們的通話到此結束。謝謝。

Today's conference will be available for replay beginning approximately two hours after the conclusion of this call and will run through 11:59 PM Eastern Time on Tuesday, May 13, 2025. The number to dial to access the replay is (800) 770-2030 or (647) 362-9199 for international callers. The conference ID number for the replay is 7864240. This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的會議將在本次電話會議結束後約兩小時開始重播，並將持續到 2025 年 5 月 13 日星期二美國東部時間晚上 11:59。收聽重播需要撥打的號碼是（800）770-2030，國際電話是（647）362-9199。重播的會議 ID 號碼是 7864240。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。