美國電力 (AEP) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's American Electric Power second-quarter 2025 earnings call.

感謝您的支持。我叫格雷格，今天我將擔任您的會議主持人。現在，我歡迎大家參加今天的美國電力公司 2025 年第二季財報電話會議。

(Operator Instructions). I would now like to turn the call over to Darcy Reese, Vice President of Investor Relations. Darcy?

（操作員指令）。現在我想將電話轉給投資者關係副總裁 Darcy Reese。達西？

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

早安，歡迎參加美國電力公司 2025 年第二季財報電話會議。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。今天與我一起出席的還有總裁兼執行長比爾‧費爾曼 (Bill Fehrman) 和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.

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。

Please turn to Slide 4 and let me hand the call over to Bill.

請翻到投影片 4，讓我將電話交給比爾。

Thank you, Darcy. Good morning, and welcome to American Electric Power's second-quarter 2025 earnings call. I'm extremely proud of the effort and dedication that our team has put forward, resulting in significant progress on our strategic objectives of delivering reliable and affordable service to our 5.6 million customers.

謝謝你，達西。早安，歡迎參加美國電力公司 2025 年第二季財報電話會議。我為我們團隊所付出的努力和奉獻感到非常自豪，這使我們在為 560 萬客戶提供可靠且實惠的服務的策略目標上取得了重大進展。

Before we begin, I'd like to first recognize three seasoned executives who have recently joined and solidified our leadership ranks. In May, Doug Cannon was named President of AEP Transmission to lead all aspects of our best-in-class largest in the nation transmission business, which contributes to 55% of AEP's total operating earnings.

在我們開始之前，我想先表彰最近加入並鞏固我們領導層的三位經驗豐富的高階主管。五月，道格·坎農 (Doug Cannon) 被任命為 AEP Transmission 總裁，全面領導我們全國最大的一流傳輸業務，該業務佔 AEP 總營業收入的 55%。

Doug comes to EP after being CEO of Berkshire Hathaway Energy's NV Energy. He understands the pace of play and disciplined leadership I want as we grow this segment of our company. We look forward to benefiting from Doug's deep industry experience and strong leadership as we prepare the business for significant growth and meeting the future demands of our customers.

在加入 EP 之前，Doug 曾擔任伯克希爾哈撒韋能源公司 NV Energy 的執行長。他了解我們在發展公司這一部門時所需要的節奏和嚴謹的領導。我們期待受益於 Doug 豐富的行業經驗和強大的領導力，為業務的顯著增長和滿足客戶未來的需求做好準備。

And this month, Rob Bernsten, was named General Counsel. Rob comes to AEP after serving as General Counsel at Xcel Energy. But before that, he worked with me at Berkshire Hathaway Energy for many years. He understands the direction I want to head and how we need to get there.

本月，羅伯·伯恩斯頓 (Rob Bernsten) 被任命為總法律顧問。在加入 AEP 之前，Rob 曾擔任 Xcel Energy 的總法律顧問。但在此之前，他曾與我在波克夏海瑟威能源公司共事多年。他了解我想要前進的方向以及我們如何實現目標。

This is a pivotal time for AEP and Rob's legal expertise, deep business and utility background, coupled with his disciplined leadership and commitment to excellence, will serve as well as we continue to navigate complex operational, financial and regulatory landscapes.

這是 AEP 的關鍵時刻，Rob 的法律專業知識、深厚的商業和公用事業背景，加上他嚴謹的領導能力和對卓越的承諾，將有助於我們繼續應對複雜的營運、財務和監管環境。

Finally, Johanna Eckert was named Chief Information and Technology Officer. He joins us after a very successful career at Cox Communications, where he led an expansive role was incredibly focused on the customer, both internal and external. Johannes will lead our continuing efforts to build an efficient, innovative organization that supports the right technology to meet the ever-changing needs of both our customers and the business.

最後，Johanna Eckert 被任命為首席資訊和技術長。在加入我們之前，他在考克斯通訊公司 (Cox Communications) 取得了非常成功的職業生涯，在該公司，他擔任了廣泛的職務，非常注重內部和外部客戶。約翰內斯將帶領我們繼續努力，建立一個高效、創新的組織，支持正確的技術，滿足客戶和企業不斷變化的需求。

We are proud to welcome these leaders who will report directly to me and support the execution of our long-term strategy. Today, I'd like to discuss the ways in which we have advanced on our commitments to grow financial strength, drive operational excellence and deliver constructive regulatory and legislative outcomes. Each is a key priority that our team and I are laser focused on.

我們很榮幸地歡迎這些領導人直接向我報告並支持我們長期策略的實施。今天，我想討論一下我們在履行增強財務實力、推動卓越營運和實現建設性監管和立法成果的承諾方面取得的進展。每一個都是我們團隊和我重點關注的關鍵優先事項。

We have continued to leverage our size and scale to ensure AEP is extremely well positioned for unprecedented growth and value creation. I will begin with the key financial highlights for the quarter, cover the low growth opportunities ahead and provide additional insight into both federal and state level regulatory and legislative successes that we have delivered since the last earnings call. Trevor will walk us through second quarter performance drivers and provide additional details surrounding AEP's financial position.

我們繼續利用我們的規模和範圍來確保 AEP 處於極其有利的位置，實現前所未有的成長和價值創造。我將從本季度的主要財務亮點開始，介紹未來的低成長機會，並進一步了解自上次財報電話會議以來我們在聯邦和州級監管和立法方面的成功。特雷弗 (Trevor) 將向我們介紹第二季的業績驅動因素，並提供有關 AEP 財務狀況的更多詳細資訊。

Please refer to Slide 5 of our presentation for a summary of today's remarks. Starting with our financial results. AEP delivered the strongest ever second quarter operating earnings in our 100-year history. This team delivered operating earnings of $1.43 per share or $766 million. I am seeing significant improvement in execution and regulatory outcomes that is fueling this performance.

請參閱我們簡報的第 5 張投影片，以了解今天的發言摘要。從我們的財務結果開始。AEP 實現了百年歷史上最強勁的第二季度營業利潤。該團隊的營業利潤為每股 1.43 美元，即 7.66 億美元。我看到執行和監管結果的顯著改善，推動了這一業績。

With added strength to the management team, as previously discussed, I fully expect us to continue building on these levels of results. My confidence in this management team and workforce across AEP is incredibly strong. I see the culture changing to one of accountability performance and trust in each other, and we are fortunate to all support from our Board of Directors. Our future is very bright and with strong results halfway through the year.

如同先前所討論的，隨著管理團隊實力的增強，我完全相信我們能夠繼續在這些成果水準上再接再厲。我對 AEP 的管理團隊和員工團隊充滿信心。我看到我們的文化正在轉變為責任績效和相互信任的文化，我們很榮幸得到董事會的支持。我們的前景非常光明，今年年中我們將會取得豐碩的成果。

We are now guiding to the upper half of our $5.75 to $5.95 per share operating earnings range. Additionally, with the robust capital plan, we are seeing a continued path and are reaffirming our long-term operating earnings growth rate of 6% to 8%. My confidence in our ability to execute is very high. This is critically important as we look to the future and the growth that is in front of us. Specifically, we are executing on our $54 billion capital plan and expect to announce a new five-year capital plan this fall of approximately $70 billion.

我們目前的預期是每股營業收益在 5.75 美元至 5.95 美元區間的上半部。此外，憑藉強勁的資本計劃，我們看到了持續的發展路徑，並重申了我們 6% 至 8% 的長期營業利潤成長率。我對我們的執行能力非常有信心。當我們展望未來和眼前的成長時，這一點至關重要。具體來說，我們正在執行 540 億美元的資本計劃，並預計今年秋天宣布一項約 700 億美元的新五年資本計劃。

The incremental capital can be allocated with approximately 50% to transmission, 40% to generation and 10% of distribution. As we have previously highlighted, there have been several announcements on some 765 kV transmission projects that we will incorporate into our third quarter capital plan update and look forward to providing a robust outlook later this year to support our incredible growth.

增量資本可分配約50%用於輸電、40%用於發電、10%用於配電。正如我們之前所強調的那樣，我們已經發布了幾項關於 765 kV 輸電項目的公告，我們將把這些公告納入我們的第三季度資本計劃更新中，並期待在今年晚些時候提供強勁的前景，以支持我們令人難以置信的增長。

Moving on to AEP's significant expansion opportunities, we are experiencing transformative load growth across our sizable 11-state footprint. We are excited about the substantial customer interest in AEP service territory, and our team has taken a very disciplined approach when thinking about this new load.

談到 AEP 的重大擴張機會，我們在覆蓋 11 個州的龐大業務範圍內經歷了變革性的負載成長。我們很高興看到客戶對 AEP 服務領域表現出濃厚興趣，我們的團隊在考慮這項新服務時採取了非常嚴謹的方法。

We have increased our firm customer commitments and now expect to have 24 gigawatts of incremental load by the end of the decade from our previously reported 21 gigawatts, driven primarily by data centers, reshoring of manufacturing and further economic development. I want to emphasize these 24 gigawatts are all backed by signed customer agreements, protecting us from changes in usage-driven volatility.

我們增加了對客戶的堅定承諾，現在預計到本世紀末，增量負荷將從先前報告的 21 千兆瓦增加到 24 千兆瓦，主要由資料中心、製造業回流和進一步的經濟發展推動。我想強調的是，這 24 千兆瓦均有簽署的客戶協議支持，保護我們免受使用驅動的波動變化的影響。

We believe this amount of committed capacity is differential compared to almost any other utility, and we are well prepared to deliver on this for our customers and our states. Beyond the 24 gigawatts, customers are also actively seeking to connect approximately 190 gigawatts of additional load to our system. This is 5x our current system size of 37 gigawatts.

我們相信，與幾乎任何其他公用事業相比，這項承諾容量都是不同的，我們已做好充分準備為我們的客戶和州實現這一目標。除了 24 千兆瓦之外，客戶還積極尋求將約 190 千兆瓦的額外負載連接到我們的系統。這是我們目前系統規模 37 千兆瓦的 5 倍。

Potential customers are drawn to AEP's footprint because of our advanced transmission network capable of delivering consistent large load power. Recall that we own and operate more ultra-high voltage 765 kV lines than all other utilities combined, uniquely positioning us with the largest electric transmission system in the country.

由於我們先進的輸電網路能夠提供持續的大負載電力，潛在客戶被 AEP 的足跡所吸引。回想一下，我們擁有和營運的 765 kV 超高壓線路比所有其他公用事業公司的總和還要多，這使我們擁有全國最大的電力傳輸系統。

Please turn to the next slide. There is a long list of accomplishments we have achieved this quarter outlined on this page. And to be very clear, we are aligning our business with the goals of our state and federal regulators, legislators and policymakers. As previously noted, we see some opportunities to invest in generation, transmission and distribution across our footprint and beyond. In connection with these investments, customer affordability remains top of mind as we consider how to fairly allocate costs related to critically needed infrastructure.

請翻到下一張投影片。本頁列出了我們本季所取得的一系列成就。需要明確的是，我們正在使我們的業務與州和聯邦監管機構、立法者和政策制定者的目標保持一致。如前所述，我們看到了一些在我們的業務範圍內及以外地區投資發電、輸電和配電的機會。在這些投資中，當我們考慮如何公平分配與急需的基礎設施相關的成本時，客戶的承受能力仍然是首要考慮因素。

Let's walk through a couple of noteworthy accomplishments. First, Ohio has become a recognized hub for data centers, and we are actively participating in this growing economic development. Earlier this month, the Ohio Commission established enhanced financial obligations that data centers will need to undertake to fund necessary infrastructure.

讓我們來看看一些值得注意的成就。首先，俄亥俄州已成為公認的資料中心樞紐，我們正在積極參與這一日益增長的經濟發展。本月初，俄亥俄州委員會規定資料中心需要承擔更強的財務義務，以資助必要的基礎設施。

This approved data center tariff provides assurances that there will be reliable electric grid infrastructure to deliver the power we all count on while keeping costs as low as possible for all customers. This approval joins other large low tariffs previously secured in Indiana, West Virginia and Kentucky.

這項核准的資料中心關稅保證了可靠的電網基礎設施將提供我們所需的電力，同時盡可能降低所有客戶的成本。此次批准與印第安納州、西維吉尼亞州和肯塔基州先前批准的其他大幅低關稅措施一致。

AEP has been at the forefront of securing these tariffs that bring down system average costs as we add data center customers promote certainty around build-out while providing customer protections and are a powerful risk mitigation tool for us. Moving on to Oklahoma. Following commission approval in June, PSO purchased the Green Country power plant, a 795-megawatt natural gas fire generation facility located in Jenks, Oklahoma.

AEP 一直處於確保這些關稅的最前沿，這些關稅降低了系統平均成本，因為我們增加的資料中心客戶促進了建造的確定性，同時提供了客戶保護，並且是我們強大的風險緩解工具。繼續前往俄克拉荷馬州。繼 6 月委員會批准後，PSO 購買了位於俄克拉荷馬州詹克斯的 Green Country 發電廠，這是一座 795 兆瓦的天然氣火力發電廠。

As customer energy demands rise in the region, this facility will play an important role in delivering reliable power while ensuring grid stability for the communities we serve and supporting the state's economic growth. This plant has been successfully integrated into PSO's operations and is performing well, showing AEP's strength of execution.

隨著該地區客戶能源需求的增加，該設施將在提供可靠電力方面發揮重要作用，同時確保我們服務的社區的電網穩定並支持該州的經濟成長。該工廠已成功融入PSO的運營，並且運作良好，展現了AEP的執行力。

And finally, we continue to explore innovative ways to bring tailored power solutions to our customers during this period of massively growing power demand. At AEP, we are at the forefront of innovation in small modular reactors or MRs and are just one option we are considering to provide our customers with safe, reliable and clean baseload energy.

最後，在電力需求大幅成長的時期，我們將繼續探索創新方法，為客戶提供量身訂製的電力解決方案。在 AEP，我們處於小型模組化反應器或 MR 創新的前沿，這只是我們為客戶提供安全、可靠和清潔基載能源的考慮選項之一。

We have already shared our plans with you to begin the early site permit process for two potential SMR locations one in Indiana and the other in Virginia to support significant load growth in our service territory. While this represents an exciting opportunity for us, we will continue to be extremely prudent in our capital allocation protection of our balance sheet and credit metric strength.

我們已經與您分享了我們的計劃，即開始為兩個潛在的 SMR 地點（一個在印第安納州，另一個在弗吉尼亞州）進行早期場地許可流程，以支持我們服務區域內的負載大幅增長。雖然這對我們來說是一個令人興奮的機會，但我們將繼續非常謹慎地進行資本配置，以保護我們的資產負債表和信用指標實力。

We are also continuing to pursue deployment of balloon fuel cells. This is a low-risk approach to bridging data center load from first power to ultimate grid connection. We are excited about this innovative solution and are in discussions with various customers about this energy supply option.

我們也持續推進氣球燃料電池的部署。這是一種低風險的方法，用於將資料中心負載從初始電源連接到最終的電網連接。我們對這項創新解決方案感到非常興奮，並正在與各位客戶討論這項能源供應方案。

Demand for power is growing at a pace I have not seen in my 45-year energy career. This was reinforced just last week with PJM capacity prices clearing above the $325 per megawatt day price cap as we continue to see the need for capacity and energy materially rise. With AEP's generation requirements increasing to support capacity, this gives us confidence in our growing capital plan.

在我45年的能源職業生涯中，電力需求的成長速度是前所未有的。隨著我們繼續看到對容量和能源的需求大幅上升，這一情況在上週得到了進一步證實，PJM 容量價格突破了每兆瓦日 325 美元的價格上限。隨著 AEP 的發電需求不斷增加以支持產能，這使我們對不斷增長的資本計劃充滿信心。

A fundamental and core priority of mine is to continually demonstrate to our regulators and customers that we will be highly focused on safety, service, reliability and deliver balanced and constructive regulatory outcomes. I'm proud to say we've made great strides on this front.

我的一個基本核心優先事項是不斷向我們的監管機構和客戶表明，我們將高度關注安全、服務和可靠性，並提供平衡和建設性的監管結果。我很自豪地說我們在這方面取得了長足的進步。

For example, AEP Texas was recently granted in ERCOT Permian Basin 765 kV transmission project opening the door for future 765 kV projects. In addition, system resiliency plans at AEP Texas and SWEPCO Texas received the green light. AEP Ohio secured approval for its Phase III grid smart rider Kentucky was authorized recovery of advanced metering infrastructure.

例如，AEP Texas 最近獲得了 ERCOT Permian Basin 765 kV 輸電項目的授權，為未來的 765 kV 項目打開了大門。此外，AEP Texas 和 SWEPCO Texas 的系統彈性計劃也獲得了批准。AEP 俄亥俄州計畫第三階段電網智慧附加計畫獲得批准，肯塔基州計畫被授權恢復先進計量基礎設施。

And as previously mentioned, AEP Ohio received the data center tariff approval, while PSO was granted authority to purchase the green country natural gas facility in Oklahoma. These important developments reflect collaborative efforts with our regulators as we find solutions that support existing and future customers.

如前所述，AEP Ohio 獲得了資料中心關稅批准，而 PSO 被授權購買俄克拉荷馬州的綠色國家天然氣設施。這些重要發展反映了我們與監管機構的合作努力，我們正在尋找支援現有和未來客戶的解決方案。

Additionally, in the second quarter, FERC issued orders agreeing with AEP's proposed treatment of NOL Cs within its transmission formula rates, which Trevor will go into more detail shortly. A couple of our operating companies recently filed new base rate applications, including SWEPCO, Arkansas in March and AEP Ohio in May. We look forward to working with all stakeholders of these cases to achieve constructive and balanced outcomes that benefit both our customers and investors.

此外，在第二季度，FERC 發布命令，同意 AEP 在其傳輸公式費率中對 NOL C 提出的處理方式，Trevor 將很快對此進行更詳細的介紹。我們的幾家營運公司最近提交了新的基準費率申請，包括 3 月的阿肯色州 SWEPCO 和 5 月的俄亥俄州 AEP。我們期待與這些案件的所有利益相關者合作，取得有利於我們的客戶和投資者的建設性和平衡的結果。

In West Virginia, late last year, APCo filed a base case and offered the option for securitization of up to $2.4 billion as a means to help mitigate rate impacts on the proposed base rate increase. We expect a commission order in the third quarter and appreciate the stakeholder feedback we have received during this process as we all continue to focus on customer needs and affordability.

去年年底，在西維吉尼亞州，APCo 提交了一份基準案例，並提供了高達 24 億美元的證券化選擇，以幫助減輕擬議的基準利率上調對利率的影響。我們預計在第三季會收到一份委託訂單，並感謝在此過程中收到的利害關係人的回饋，因為我們都將繼續關注客戶的需求和可負擔性。

Turning now to AEP's legislative efforts. We have also been working diligently with federal policymakers and state legislatures to deploy large amounts of capital while reducing regulatory lag. Our team has been actively engaged throughout the legislative process leading into the federal budget reconciliation bill signed into law on July 4.

現在來談談 AEP 的立法工作。我們也一直與聯邦政策制定者和州立法機構密切合作，部署大量資本，同時減少監管落後。我們的團隊積極參與整個立法過程，最終於 7 月 4 日簽署聯邦預算協調法案。

The bill contains several tax provisions impacting utilities primarily centered around tax credits for generation assets. To be very clear, the legislation currently supports 100% of AEP's $9.9 billion five-year capital plan for wind and solar generation maintaining the required criteria to capture the full tax credits.

該法案包含幾項影響公用事業的稅收條款，主要集中在發電資產的稅收抵免。需要明確的是，該立法目前 100% 支持 AEP 的 99 億美元五年期風能和太陽能發電資本計劃，以保持獲得全額稅收抵免所需的標準。

We are also closely monitoring the July 7 executive order to assess potential impacts on tax qualification. Even if the US Department of the Treasury issued new guidance under the order that redefines the beginning of construction criteria, we currently expect that only a few projects at the back end of the plan may need to be reassessed for tax credit eligibility.

我們也密切關注 7 月 7 日的行政命令，以評估對稅收資格的潛在影響。即使美國財政部根據該命令發布新的指導意見，重新定義開工標準，我們目前預計，只有計劃後端的少數項目可能需要重新評估其稅收抵免資格。

Keep in mind that while our generation mix may vary, the load growth remains robust, and we will need future generation to service the forecasted demand. So any impacted capital would just be reassigned to alternative forms of generation assets at the back end of the plan. Texas House Bill 5247, which became law in June, is an incredibly constructive piece of legislation for AEP Texas.

請記住，雖然我們的發電結構可能有所不同，但負載成長仍然強勁，我們將需要未來的發電來滿足預測的需求。因此，任何受影響的資本將在計劃的後端重新分配到其他形式的發電資產。德州眾議院第 5247 號法案於 6 月正式生效，對於 AEP 德州來說，這是一項極具建設性的立法。

This unified tracker mechanism allows utilities that meet certain criteria to submit a single filing each year instead of multiple filings for distribution and transmission investment, essentially eliminating lag, further streamlining the regulatory process and substantially improving the earned ROEs.

這種統一的追蹤機制允許符合特定標準的公用事業公司每年提交一份配電和輸電投資申請，而無需多次提交申請，從而從根本上消除了滯後現象，進一步簡化了監管流程，並大幅提高了獲得的淨資產收益率。

This is highly supportive of increasing our capital allocation to Texas as we participate in the massive infrastructure buildout needed to drive the economic growth date. With Ohio House Bill 15 taking effect in August, the new legislation eliminates electric security plans or ESPs, and introduces a multiyear forward-looking test year with a true-up mechanism, which promotes timely and efficient recovery of investments.

這極大地支持了我們增加對德州的資本配置，因為我們參與了推動經濟成長所需的大規模基礎設施建設。隨著俄亥俄州眾議院第 15 號法案於 8 月生效，新立法取消了電力安全計劃或 ESP，並引入了具有真實機制的多年前瞻性測試年，以促進及時有效地收回投資。

AEP Ohio's transition from ESPs to this new construct in 2028 will proceed seamlessly without any gap in timing since the current ESP expires concurrently when the forward-looking test year rate case will take effect. This is very positive for AEP Ohio. For Oklahoma and Senate Bill 998, PSO views the impacts of this legislation also is very constructive.

AEP Ohio 將於 2028 年從 ESP 過渡到這一新結構，過程將無縫銜接，不會出現任何時間差，因為當前的 ESP 將在前瞻性測試年費率案例生效時同時到期。這對於 AEP Ohio 來說非常有利。對於俄克拉荷馬州和參議院第 998 號法案，PSO 認為該法案的影響也非常具有建設性。

The ability to defer 90% of all distribution and general plant that goes in service between rate cases as a regulatory asset is intended to encourage investment, reduce regulatory lag and increase earnings recognition. This legislation is also effective beginning in August.

能夠在費率案例之間將 90% 的所有分銷和通用工廠作為監管資產推遲投入使用，旨在鼓勵投資、減少監管滯後並提高盈利確認。該法案也將於八月開始生效。

I'll close by emphasizing how proud I am of all we have accomplished over the past 12 months. This tremendous progress would not be possible without the unwavering dedication of the entire AEP team and our Board of Directors. We continue to push our strategic priorities forward and deliver for all of our customers and other stakeholders every day at a dramatically increased pace of play.

最後，我要強調的是，我對我們在過去 12 個月中所取得的成就感到非常自豪。如果沒有整個 AEP 團隊和董事會的堅定奉獻，這一巨大進步是不可能實現的。我們將繼續推進我們的策略重點，並以大幅加快的速度每天為所有客戶和其他利害關係人提供服務。

This is only the beginning, and I believe we are just getting started. We will continue to work at a fast pace on our commitments while remaining focused on customer service, operational excellence, financial discipline sound execution and driving value for our shareholders.

這只是一個開始，我相信我們才剛起步。我們將繼續快速履行承諾，同時繼續專注於客戶服務、卓越營運、財務紀律的健全執行以及為股東創造價值。

I'll now turn the call over to Trevor, who will walk us through the second quarter performance drivers and other financial information.

現在我將電話轉給 Trevor，他將向我們介紹第二季的業績驅動因素和其他財務資訊。

Thanks, Bill, and good morning to everyone. Today, I'll review our financial results for the second quarter, build on Bill's comments regarding our exceptional load growth and then finish with comments on our commitment to the financial strength of the company.

謝謝，比爾，大家早安。今天，我將回顧我們第二季度的財務業績，在比爾關於我們異常負荷增長的評論的基礎上，最後評論我們對公司財務實力的承諾。

Let's start with Slide 7, which details our quarterly operating earnings performance by segment. For your reference, there is a detailed reconciliation of GAAP to operating earnings for the quarter on Slide 24 of today's presentation. Operating earnings for the first quarter totaled $1.43 per share compared to $1.25 per share in 2024.

讓我們從投影片 7 開始，其中詳細介紹了我們各部門的季度營業利潤表現。供您參考，今天簡報的第 24 張投影片上有本季 GAAP 與營業收益的詳細對帳。第一季營業收益總計每股 1.43 美元，而 2024 年每股 1.25 美元。

This was an increase of $0.18 per share or about 14% year-over-year, highlighting the solid momentum we have heading into the second half of 2025. This momentum, coupled with our proven ability to execute, gives us the confidence to guide our operating earnings per share to the upper half of the 2025 range of $5.75 to $5.95.

這比去年同期每股增加了 0.18 美元，增幅約為 14%，凸顯了我們邁向 2025 年下半年的強勁勢頭。這一勢頭加上我們已證實的執行能力，使我們有信心將每股營業收益控制在 2025 年的上半部分，即 5.75 美元至 5.95 美元。

As Bill briefly indicated, we have been working with each of the various regulators in our service territories to align our rate making for the tax net operating losses with the rulings we received from the IRS last year that we received a final decision from FERC affirming the appropriate treatment of NOLCs to our transmission formula rates resulting in a $480 million or $0.90 per share increase to GAAP earnings.

正如比爾簡要指出的那樣，我們一直在與服務區域內的各個監管機構合作，以使我們的稅淨營業虧損稅率制定與我們去年從美國國稅局收到的裁決保持一致，即我們收到了聯邦能源管理委員會的最終決定，確認了對我們的傳輸公式費率適當處理 NOLC，導致 GAAP 收益增加 4.8 億美元或每股 0.90 美元。

The tax benefit related to prior years has been excluded from operating earnings. With the resolution of this issue by FERC, we have now transitioned substantially all of our rate making to the required regulatory approach. Looking at the drivers by segment. Operating earnings for the vertically integrated utilities were $0.56 per share, up $0.10 from a year earlier.

與前幾年相關的稅收優惠已從營業收入中排除。隨著聯邦能源管理委員會 (FERC) 解決這個問題，我們現在已將所有費率制定工作基本上轉變為所需的監管方式。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 0.56 美元，比去年同期成長 0.10 美元。

Positive drivers included rate changes across multiple jurisdictions and increasing load from data centers, which I'll get to in more detail shortly. These items were partially offset by the variance from last year's extremely favorable weather in the quarter and higher depreciation in the current year, driven by increased capital investment. The Transmission & Distribution Utilities segment earned $0.42 per share, up $0.01 from last year.

積極的驅動因素包括跨多個司法管轄區的費率變化和資料中心負載的增加，我將在稍後詳細介紹。這些項目被去年該季度極其有利的天氣差異和今年因資本投資增加而導致的更高折舊所部分抵消。輸配電公用事業部門每股收益 0.42 美元，比去年增加 0.01 美元。

Favorable drivers in this segment include rate changes driven by rider recovery of distribution investments in Ohio and the base rate case in Texas as well as continued gains in REIT sales from large loans. These items were partially offset by increased year-over-year O&M primarily driven from system improvements and spending on storm-related expenses.

該領域的有利驅動因素包括俄亥俄州分銷投資的額外回收和德克薩斯州的基本利率情況所推動的利率變化，以及大額貸款帶來的房地產投資信託基金銷售額的持續增長。這些項目被同比增加的 O&M 費用部分抵消，這主要得益於系統改進和風暴相關費用的支出。

As Bill mentioned, we had an incredibly impactful legislative session in Texas. Most notably, the passage of House Bill 5247 also known as the Unified Tracker Mechanism or UTM. This bill applies to AEP Texas, given its inclusion in the Permian plan, participation in ERCOT and the significant amount of capital we anticipate spending throughout the state over the next decade.

正如比爾所提到的，我們在德克薩斯州舉行了一次影響深遠的立法會議。最值得注意的是眾議院第 5247 號法案的通過，也稱為統一追蹤機製或 UTM。該法案適用於 AEP Texas，因為其被納入了 Permian 計劃、參與了 ERCOT，並且我們預計未來十年將在全州投入大量資金。

The UTM basically eliminates regulatory lag and supports increased capital investment in AEP Texas in response to the legislatures goal of developing the electric infrastructure necessary to harden the grid, which is driven by the state's incredible economic growth. In late June, AEP Texas made a notification filing with the commission that they intend to use the UTM process going forward.

UTM 基本上消除了監管滯後，並支持增加對 AEP Texas 的資本投資，以響應立法機構的目標，即發展必要的電力基礎設施來強化電網，這是由該州驚人的經濟成長所推動的。6 月底，AEP Texas 向委員會提交了一份通知，表示他們打算在未來使用 UTM 流程。

The AEP Transmission Holdco segment contributed $0.42 per share up $0.03 from last year. Our continued investments in transmission assets as new loans are added on to the system remain the key driver in this segment. Generation and Marketing produced $0.17 per share, up $0.05 from last year.

AEP Transmission Holdco 部門每股貢獻 0.42 美元，較去年同期增加 0.03 美元。隨著新貸款加入該系統，我們對輸電資產的持續投資仍然是這一領域的主要驅動力。生產和行銷每股收益為 0.17 美元，比去年增加 0.05 美元。

Favorable energy margins were partially offset by lower distributed generation margins due to the sale of the OnSite Partners business back in September of 2024. Finally, Corporate and Other was relatively flat over last year, demonstrating our focus on overall cost controls.

由於 2024 年 9 月出售 OnSite Partners 業務，分散式發電利潤率下降，部分抵消了良好的能源利潤率。最後，企業及其他部門與去年相比相對持平，顯示我們注重整體成本控制。

Moving on to Slide 8. I'd like to speak to some of the significant increases in load that we continue to see across the system. The numbers you see here are the basis behind our existing $54 billion five-year cap plan. Keeping in mind, we expect to increase the capital plan to a new five-year spend of up to $70 billion.

移至幻燈片 8。我想談談我們在整個系統中持續看到的負載的顯著增加。您在這裡看到的數字是我們現有的 540 億美元五年上限計劃的基礎。請記住，我們預計將資本計畫增加到新的五年支出，最高可達 700 億美元。

We are seeing great clarity into this capital growth, and we will be ready to lay out the details of our revised capital and financing plans on the third quarter earnings call. The chart to the left depicts how our load story is impacting the second quarter growth. On a weather-normalized basis, we've added more than 4 gigawatts of incremental peak demand since this time last year, growing from 33.5 gigawatts to 37.6 gigawatts.

我們對資本成長非常清晰，我們將準備在第三季財報電話會議上列出修訂後的資本和融資計畫的細節。左側的圖表描述了我們的負載狀況如何影響第二季的成長。依照天氣正常化標準，自去年同期以來，我們的尖峰需求增加了 4 千兆瓦以上，從 33.5 千兆瓦成長到 37.6 千兆瓦。

This increase is largely due to new data centers and other industrial customers coming online in Indiana, Ohio and Texas, resulting in a roughly $200 million year-over-year increase in revenues. This slide highlights the strong relationship between peak demand and revenue. That's because our C&I customer bills are based more on peak demand than megawatt hour sales.

這一成長主要歸功於印第安納州、俄亥俄州和德克薩斯州的新資料中心和其他工業客戶的上線，導致營收年增約 2 億美元。這張投影片強調了尖峰需求和收入之間的緊密關係。這是因為我們的 C&I 客戶帳單更多地基於尖峰需求而不是兆瓦時銷售量。

Higher peak demand, coupled with the contractual minimums built into the latest tariff provisions, predominantly in Indiana are driving up revenues. These demand minimums for large load customers are helping to more than fully offset revenue impacts from energy efficiencies among our residential customers.

更高的峰值需求，加上最新關稅條款中規定的最低合約（主要是在印第安納州），正在推高收入。這些針對大負載客戶的最低需求有助於完全抵消能源效率對住宅客戶的收入影響。

Turning to the graphic on the right and looking beyond the current quarter, our $54 billion 5-year capital plan is supported by 24 gigawatts of contracts that have already signed firm commitments for incremental load through the end of the decade. We will be taking this into consideration as we update our full forecast later this year.

翻到右邊的圖表，放眼當前季度之後，我們 540 億美元的 5 年資本計劃得到了 24 千兆瓦合約的支持，這些合約已經簽署了到本世紀末增加負荷的堅定承諾。我們將在今年稍後更新完整預測時考慮到這一點。

These contracts are a combination of letters of agreement or LOAs and long-term electric service agreements, or ESAs, depending on tariff provisions in the jurisdictions in which they are located. To put a fine point on this, we really want to be the only investor-owned utilities that not only has incremental load of 24 gigawatts backed by signed LOAs or ESAs but also has an incremental 190 gigawatts in the interconnection queue actively looking to connect to our system.

這些合約是協議書或 LOA 和長期電力服務協議或 ESA 的組合，具體取決於其所在司法管轄區的關稅規定。為了更好地闡述這一點，我們確實希望成為唯一一家投資者擁有的公用事業公司，不僅擁有由簽署的 LOA 或 ESA 支持的 24 千兆瓦增量負荷，而且在互連隊列中還擁有 190 千兆瓦增量負荷，積極尋求連接到我們的系統。

This represents an unprecedented growth opportunity that is largely unique to AEP given the size and technological profile of our transmission system. This 190 gigawatt queue consists of request at varying stages of development and is indicative of the fact that we have substantial unsigned load that is looking to connect.

鑑於我們傳輸系統的規模和技術概況，這代表著前所未有的成長機會，這對 AEP 來說基本上是獨一無二的。這個 190 千兆瓦的佇列由處於不同開發階段的請求組成，表示我們有大量未簽署的負載正在尋求連線。

While we continue to see a lot of public speculation about data center load, we have developed detailed internal processes for executing on a firm pipeline of actual growth that we are already seeing come to fruition. Earlier, you heard Bill mention a few of our regulatory successes and several revolved around strengthening and lengthening those tariff provisions.

雖然我們繼續看到公眾對資料中心負載有很多猜測，但我們已經制定了詳細的內部流程，以執行我們已經看到成果的實際成長管道。之前，您聽到比爾提到了我們的一些監管成功案例，其中幾項都圍繞著加強和延長這些關稅條款。

Just this year, we've had large load tariffs approved in Indiana, Ohio, West Virginia and Kentucky that provide financial protections for our existing customers as we invest to serve those new large loads. Relying on these signed contracts as opposed to more speculative forecasting methods, differentiates AEP and gives us confidence that these loads will materialize on our system.

就在今年，印第安納州、俄亥俄州、西維吉尼亞州和肯塔基州批准了大負荷關稅，這為我們投資服務這些新的大負荷的現有客戶提供了財務保護。依靠這些簽署的合約而不是更具投機性的預測方法，可以區分 AEP 並讓我們相信這些負載將在我們的系統中實現。

Again, now that we have some of the new tariff provisions in place, particularly in Indiana and Ohio, we are working towards getting more of those requests converted into signed agreements that can eventually be incorporated into the load forecast that we will be communicating later this year.

再次，現在我們已經實施了一些新的關稅條款，特別是在印第安納州和俄亥俄州，我們正在努力將更多的請求轉化為簽署的協議，最終可以納入我們將在今年稍後公佈的負載預測中。

Let's move on to Slide 9. On the left of the slide, you can see our liquidity summary, which remains very strong at above $5.6 billion and is supported by $6 billion of credit facilities. Our balance sheet is also healthy reinforced by the recent closing of the $2.8 billion minority transmission transaction in early June and our proactive $2.3 billion forward equity offering in the first quarter.

讓我們繼續看投影片 9。在投影片的左側，您可以看到我們的流動性摘要，該摘要仍然非常強勁，高於 56 億美元，並得到 60 億美元信貸額度的支持。我們的資產負債表也很健康，這得益於我們在 6 月初完成的 28 億美元少數股權輸電交易以及我們在第一季主動進行的 23 億美元遠期股票發行。

As a result, S&P moved AEP's outlook to stable and reaffirmed our BBB flat credit rating. We remain committed to continued credit quality, and I want to reiterate that we have fulfilled our equity needs that supports our $54 billion capital plan from '25 through '29. As previously mentioned, we expect to increase this $54 billion capital plan to a new 5-year investment plan of up to $70 billion.

因此，標準普爾將 AEP 的前景調整為穩定，並重申我們的 BBB 平穩信用評級。我們仍然致力於維持信貸質量，我想重申，我們已經滿足了股權需求，支持了我們從 25 年到 29 年的 540 億美元資本計劃。如前所述，我們預計將這項 540 億美元的資本計畫增加到高達 700 億美元的新的 5 年投資計畫。

We are evaluating upcoming incremental capital spend opportunities and efficiently matching them with optimal financing strategies including items like growth equity and hybrids in support of this capital expansion. We do not have immediate equity needs and maintain near-term flexibility as we evaluate all options to efficiently finance our growth.

我們正在評估即將到來的增量資本支出機會，並有效地將其與最佳融資策略相匹配，包括支持此資本擴張的成長股權和混合股權等項目。我們沒有立即的股權需求，並且在評估所有選擇以有效地為我們的成長提供資金時保持短期靈活性。

We're also encouraged by favorable legislative developments, constructive regulatory outcomes and our continued focus of disciplined cost management. Together, these factors support operating cash flow growth and provide a solid foundation to fund incremental capital investment. On the top right table, S&P's FFO to debt metric stands at 14.8% for the 12 months ended June 30 and Moody's FFO to debt metric stands at 13.2% for the same period using their recently revised methodology.

有利的立法發展、建設性的監管結果以及我們對嚴格的成本管理的持續關注也令我們感到鼓舞。這些因素共同支持了經營現金流的成長，並為資助增量資本投資提供了堅實的基礎。在右上方的表格中，根據最近修訂的方法，標準普爾的 FFO 與債務比率在截至 6 月 30 日的 12 個月內為 14.8%，而穆迪的 FFO 與債務比率在同一時期為 13.2%。

Finally, let's move to Slide 10 before we take your questions. I'll briefly summarize what you heard from Bill and me today. First, you heard how we delivered strong financial performance in the second quarter, substantially growing earnings at 14% quarter-over-quarter. We're guiding to the upper half of our 2025 operating earnings range of $5.75 to $5.95 per share, which is driven by strong year-to-date results and confidence in our ability to execute for the remainder of the year. Second, you heard that we continue to achieve constructive regulatory and legislative outcomes.

最後，在回答您的問題之前，讓我們先轉到第 10 張投影片。我將簡要地總結一下今天比爾和我所講的內容。首先，您知道我們在第二季度取得了強勁的財務業績，獲利環比大幅成長了 14%。我們預計 2025 年營業收益的上半部分為每股 5.75 美元至 5.95 美元，這得益於今年迄今為止強勁的業績以及對我們在今年剩餘時間內執行能力的信心。第二，您聽說我們繼續取得建設性的監管和立法成果。

This was highlighted by positive developments like House Bill 5247 in Texas and Senate Bill 998 in Oklahoma, alongside solid regulatory execution on several key filings like the approval to build a new 765 KV transmission line in Texas, the acquisition of the Green Country generation facility in Oklahoma and the approval of large load tariffs across several jurisdictions.

突出表現在德克薩斯州眾議院第5247號法案和俄克拉荷馬州參議院第998號法案等積極進展，以及幾項關鍵文件的有力監管執行，如批准在德克薩斯州建設一條新的765千伏輸電線路、收購俄克拉荷馬州的綠色鄉村發電廠以及批准跨多個司法管轄區的大負載關稅。

Third, you heard how we've strengthened our balance sheet through the closing of the $2.8 billion minority interest. You heard how our remarkable low growth story continues to evolve and contribute to earnings. How our commitment to obtaining -- gives us great confidence that these projects will come to fruition.

第三，您聽說了我們如何透過關閉 28 億美元的少數股權來加強我們的資產負債表。您聽到了我們卓越的低成長故事如何繼續發展並為盈利做出貢獻。我們的承諾如何讓我們堅信這些項目將會取得成果。

Also, you heard how those same contracts provide financial protection for our investors and other customers. Lastly, you heard about our continued commitment to execute on our capital plan, and we expect to increase our capital plan to a new five-year investment plan of up to $70 billion. As we mentioned earlier, we are looking forward to sharing our plan and the associated financing on the third quarter call later this year.

此外，您也聽說過這些合約如何為我們的投資者和其他客戶提供財務保護。最後，您聽說了我們繼續致力於執行我們的資本計劃，我們預計將我們的資本計劃增加到一個新的五年投資計劃，高達 700 億美元。正如我們之前提到的，我們期待在今年稍後的第三季電話會議上分享我們的計劃和相關融資。

It's an exciting time to be in the electric industry, and I believe we are extremely well positioned to drive exceptional operational and financial results, value to our customers and shareholders. I'm now going to ask the operator to open the call so we can take some of your questions

現在是電力產業令人興奮的時刻，我相信我們已做好準備，為客戶和股東帶來卓越的營運和財務表現和價值。我現在請接線生開始通話，以便我們回答你們的一些問題

(Operator Instructions)

（操作員指示）

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

Good morning, Trevor. Congrats on a great quarter. Just a couple of questions for me this morning. So first, Trevor, on the indicative CapEx increase to the $70 billion from the $54 million in that five-year window that you're thinking about for Q3. Can you give color on the financing needs for that incremental $16 billion?

早上好，特雷弗。恭喜本季取得優異成績。今天早上我只想問幾個問題。首先，特雷弗，您考慮的第三季五年期資本支出指示性成長將從 5,400 萬美元增加到 700 億美元。您能否詳細說明一下這 160 億美元的增量融資需求？

And then in addition to that, given that you've got an Ohio forward test year hopefully coming through the rate case, you've got the universal tracker in Texas.

除此之外，鑑於您有希望通過利率案例的俄亥俄州遠期測試年，那麼您就有了德克薩斯州的通用追蹤器。

How do you see the impact of this higher CapEx on your growth rate given more real-time recovery even if the capital is back-end loaded, back of the envelope math would suggest kind of 100 basis points upside. But how do you think about it?

考慮到更多的即時恢復，即使資本是後端加載的，您如何看待這種更高的資本支出對成長率的影響，粗略計算也表明會有 100 個基點的上漲空間。但您怎麼看待這個問題呢？

Yes, Ross, thanks for those questions. I appreciate it. On the financing on the capital plan, let me just start by saying we have been really proactive in financing the existing $54 billion capital plan and as I said in my prepared remarks, since January, we've issued that $2.3 billion of equity under a [forward] and then closed on the $2.82 billion minority interest transmission transaction which essentially took care of all of our current five-year equity funding needs.

是的，羅斯，謝謝你提出這些問題。我很感激。關於資本計劃的融資，首先我想說，我們一直非常積極地為現有的 540 億美元資本計劃提供融資，正如我在準備好的發言中所說，自 1 月份以來，我們已根據 [遠期] 發行了 23 億美元的股權，然後完成了 28.2 億美元的少數股權轉讓交易，這基本上解決了我們目前所有的五年股權需求。

So by doing this, we really don't have near-term equity needs even for an increasing capital plan in the near term. So in the first six months, for the $54 billion. And so again, that gives me some level of flexibility. So when I look at this incremental capital, I'm going to continue to prioritize the balance sheet strength as we explore the multiple options around capital structure, including hybrids, growth equity.

因此，透過這樣做，我們實際上不需要短期股權，即使是增加短期資本計畫。因此，前六個月的總額為 540 億美元。所以這又給了我一定程度的彈性。因此，當我審視這些增量資本時，我將繼續優先考慮資產負債表實力，因為我們將探索資本結構的多種選擇，包括混合型、成長型股權。

And then, again, the strong continuing cash flow from operations, especially given the favorable legislative developments that we've seen that reduces this regulatory lag. So that will increase FFO and also we're focusing on cost management. So together with these factors, I think we will come out in the third quarter with our revised financing strategy.

然後，再次強調，強勁的持續經營現金流，特別是考慮到我們所看到的有利的立法發展，減少了這種監管滯後。因此這將增加 FFO，而且我們也專注於成本管理。因此，綜合這些因素，我認為我們將在第三季推出修訂後的融資策略。

But what it really does is gives me a level of leeway in the near term here to do things in the most efficient way. And then to the long-term growth rate, you raise a good point here, and we're seeing again, robust growth from the $54 billion to this up to $70 billion. But remember, last year, we raised our growth rate when we were 6% to 7% and we raised it to 6% to 8% and we really believe this incremental load with capital investments and the financing strategy and this positive regulatory and legislative developments really position us well within the 6% to 8% range.

但它真正做的是，在短期內給我一定的自由，讓我能夠以最有效的方式做事。然後談到長期成長率，您提出了一個很好的觀點，我們再次看到，從 540 億美元到 700 億美元的強勁成長。但請記住，去年，我們將成長率從 6% 提高到 7%，然後提高到 6% 到 8%，我們真的相信，這種資本投資和融資策略的增量負荷以及積極的監管和立法發展確實使我們處於 6% 到 8% 的範圍內。

I want to see continued progress on operational and financial performance, coupled with near-term impacts on expanding capital plans before we make any upward revisions to the long-term growth rate. I'm really looking to be disciplined as we balance stakeholder interests, including strengthening the balance sheet and driving long-term growth. \

在我們對長期成長率進行任何上調之前，我希望看到營運和財務表現的持續進步，以及對擴大資本計畫的近期影響。我真的希望在平衡利害關係人的利益時保持紀律，包括加強資產負債表和推動長期成長。\

These areas, I think, are critically important, Ross, and we really are ensuring we're not trying to prioritize one over the other. The great news is we're seeing so much opportunity for positive financial results, given this once in a generational growth but we're going to be disciplined in how we roll out messaging and how we roll out the financing.

羅斯，我認為這些領域至關重要，我們確實要確保我們不會優先考慮其中一個領域。好消息是，鑑於這一代人中只有一次的增長，我們看到了獲得積極財務成果的許多機會，但我們將在如何傳播訊息以及如何開展融資方面保持紀律。

That's perfect, Trevor. Thank you. And then one more, if I may. Flipping over to Slide 12 and just looking at that ROE trajectory on the left-hand side up to the 8.3 million the AEP Texas is at 86 PSOs at 8.3%, but given we're going to go to a forecast year, hopefully, Ohio, we're moving to the Universal track or Texas, as that lag reduces, you would expect those to move higher. That's a pretty significant proportion of your rate base. So the overall trajectory on the ROE trend from that 9.3% should push higher as well, if I think about that correctly?

太完美了，特雷弗。謝謝。如果可以的話，我再說一個。翻到幻燈片 12，只看左側的 ROE 軌跡，直到 830 萬，AEP 德克薩斯州為 86 PSO，為 8.3%，但考慮到我們將進入預測年，希望俄亥俄州，我們將轉向通用軌道或德克薩斯州，隨著滯後減少，你會預計這些會更高。這佔了你的費率基數的相當大一部分。那麼，如果我沒想錯的話，那麼 ROE 趨勢從 9.3% 開始的整體軌跡也應該會走高嗎？

Yes. I think there's no doubt you will see, I think, an increasing ROE. We've kind of been public about the fact that with the UTM in Texas, the objective there is the state is really trying to attract as much capital as possible to this growing needs in the state. And this, we've said is going to probably increase our ROEs in AEP Texas by 50 basis points to 100 basis points.

是的。我認為毫無疑問你會看到 ROE 不斷上升。我們已經公開表示，在德州設立 UTM 的目的是希望該州能夠吸引盡可能多的資本來滿足該州日益增長的需求。我們說過，這可能會將 AEP Texas 的 ROE 提高 50 個基點到 100 個基點。

That's fantastic, Trevor. Thank you for the detailed answers. I'll jump back into the queue.

太棒了，特雷弗。感謝您的詳細解答。我將重新回到隊列中。

Thanks Ross.

謝謝羅斯。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yeah, hi, good morning, thanks. So just, I guess, first, Bill, you mentioned kind of the SMRs, maybe you can give a little more color on kind of that plans there? And just how you're looking at kind of protecting the risk on that?

是的，嗨，早安，謝謝。所以，我想，首先，比爾，你提到了 SMR，也許你可以更詳細地介紹那種計劃？您如何看待這種風險防範？

Sure, and good morning, Steve, thanks for calling in. So our focus right now on SMRs is really on the early site permit work. We've got very strong regulatory support, particularly in Virginia, where we're allowed to invest up to $125 million with recovery there to move forward on the site work. And so we're continuing to go down that path and have the government there being a very supportive position for us.

當然，早上好，史蒂夫，謝謝你來電。因此，我們現在對 SMR 的關注重點實際上是早期場地許可工作。我們得到了非常強有力的監管支持，特別是在維吉尼亞州，我們被允許在那裡投資高達 1.25 億美元的採油資金來推進現場工作。因此，我們將繼續沿著這條道路前進，地方政府也將給予我們大力支持。

Similarly in Indiana, there's positive regulatory environment there for early site investment. And that's really our focus right now is preparing ourselves for the potential down the road. Clearly, if there's an opportunity to do something on behalf of our customers and in partnership with our customers.

同樣，在印第安納州，那裡對早期場地投資有著積極的監管環境。我們現在真正關注的是為未來的潛在風險做好準備。顯然，如果有機會代表我們的客戶並與我們的客戶合作做一些事情。

As I've said many times before, we will make sure that there is extremely strong capital investment protections and that we've got safeguards on our balance sheet and credit ratings and that there's very clear regulatory and government support for anything that would go beyond the early site permit process for us.

正如我之前多次說過的，我們將確保有極其強大的資本投資保護，我們的資產負債表和信用評級有保障措施，並且對於超出早期場地許可程序的任何事項都有非常明確的監管和政府支持。

So very excited about where we're at on our partnership with Virginia in particular, government has been incredibly supportive of looking at sites in preparation for what might come. But for now, the focus for us is on looking at basically at ground and the availability of potential locations and doing that through the government. And and the state regulatory environment.

我們對與維吉尼亞州的合作感到非常興奮，政府非常支持我們尋找合適的地點，為可能發生的事情做好準備。但目前，我們的重點基本上是考察地面情況和潛在地點的可用性，並透過政府來實現這一點。以及國家監管環境。

Okay. Great. And then on the -- Trevor, on the NOLC that you mentioned, is there any earnings impact from that change? I know you mentioned the onetime?

好的。偉大的。然後——特雷弗，關於您提到的 NOLC，這種變化對收益有影響嗎？我知道你有提到那一次？

Yes. The onetime is the piece that we recorded in this quarter. There is an impact that we will see later this year, it's not going to be material. But I'll let Kate kind of address some of this as well.

是的。onetime是我們這個季度錄製的曲子。我們將在今年稍後看到其影響，但不會是實質的影響。但我也會讓凱特來解決其中的一些問題。

Yes. So the onetime item was primarily to do with remeasuring the balance sheet. We've said before that we would expect the ongoing impact to be around $0.03, and that's still how we see that flowing through operating earnings from an annual basis.

是的。因此，一次性項目主要與重新衡量資產負債表有關。我們之前曾說過，我們預計持續影響將在 0.03 美元左右，從年度基礎來看，我們仍然認為這會影響到營業收入。

Okay. Great. And I guess maybe just be good to get an update on the West Virginia case?

好的。偉大的。我想也許只是了解西維吉尼亞州案件的最新消息？

So the West Virginia case has gone through the regulatory process. We've had extremely good engagement with all the parties. As you know, we did offer up the alternative for securitization in that case. And that was seemingly well received throughout the discussions with the stakeholders. Work is essentially complete, and we're awaiting an order which is expected to come out late August or early September.

因此西維吉尼亞州的案件已經經歷了監管程序。我們與各方都進行了非常良好的合作。如您所知，在這種情況下我們確實提供了證券化的替代方案。在與利害關係人的討論中，這一點似乎得到了良好的迴響。工作基本上完成，我們正在等待預計八月底或九月初的訂單。

Great. Thanks for the update.

偉大的。感謝您的更新。

Thanks.

謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hey, thanks so much good morning. Reflecting on the CapEx increase that you're signaling here, this is the second one, I guess, just eight, nine months ago, you also increased your CapEx plan by 30% at that time here, you've got another kind of 30% increase coming.

嘿，非常感謝，早安。考慮到您在這裡暗示的資本支出增加，我想這是第二次了，就在八、九個月前，您當時也將資本支出計劃增加了 30%，現在又有 30% 的增長了。

So I guess I'm just wondering, as we look ahead, is this the new normal? Is there a limit in terms of what you're seeing around CapEx opportunities? Could this could we continue to see further escalation in these five-year CapEx plans as you roll them out?

所以我想我只是想知道，當我們展望未來時，這會是新常態嗎？就您所看到的資本支出機會而言，是否有限制？隨著你們推出這些五年資本支出計劃，我們能否繼續看到其進一步升級？

Yes, David. Again, what we're seeing is just tremendous growth on the system. And I want to really kind of emphasize where you take a look at our overall peak summer load is 37 gigawatts, and we've also announced that we have an incremental 24 gigawatts that is signed up to connect to our system under either LOAs or ESAs.

是的，大衛。再說一次，我們看到的是系統的巨大成長。我想特別強調的是，我們的夏季總尖峰負荷為 37 千兆瓦，我們也宣布，我們有 24 千兆瓦的增量電力已簽約透過 LOA 或 ESA 連接到我們的系統。

So that takes us north of 60 gigawatts on our system size, and then there's another 190 gigawatts behind that in various stages of development. We know not all of that is going to come online, but even a fraction of that is significant.

這樣，我們的系統規模就超過了 60 千兆瓦，此外，在各個開發階段，還有另外 190 千兆瓦。我們知道並非所有這些都會上線，但即使其中一小部分也是很重要的。

And so from that perspective, we continue to see opportunity to continue to invest. We're going to be disciplined. But even raising our capital plan from 54 to up to 70 is a sizable growth, and we want to ensure we're digesting that in a way that is disciplined and ensuring we're also protecting our balance sheet as we're continuing to grow this business.

因此從這個角度來看，我們仍然看到繼續投資的機會。我們將嚴格遵守紀律。但即使將我們的資本計劃從 54 提高到 70 也是一個相當大的增長，我們希望確保我們以有紀律的方式消化這一點，並確保我們在繼續發展這項業務的同時保護我們的資產負債表。

But the big thing that I want you to take away here is across our 11-state footprint, we've got a large footprint and a lot of economic and other type of activity looking to connect and so a lot of positive.

但我希望你們在這裡記住的最重要的一點是，在我們覆蓋 11 個州的範圍內，我們擁有巨大的影響力，並且有很多經濟和其他類型的活動希望建立聯繫，因此有很多積極的方面。

Yes, absolutely. I appreciate that color. And then as you look at the pipeline of data center activity, wondering if you could just give a little color as to where you're seeing it, which states. How does that split out among your states and service territories. And just curious, I mean, with such a rush of activity, like what is the wait time? How long does it take at this point to connect new data center load into your system?

是的，絕對是。我很欣賞那個顏色。然後，當您查看資料中心活動管道時，想知道您是否可以稍微說明您所看到的位置，哪些狀態。你們的州和服務區域之間是如何劃分的？我只是好奇，我的意思是，活動如此繁忙，需要等待多長時間？此時將新的資料中心負載連接到您的系統需要多長時間？

Yes. We'll start at sort of a global view of data centers in general. Our area is extremely attractive for data centers. We have ample fiber capacity, we have good supply of water. And of course, with having the largest transmission system in the country in the 765 kV backbone, we're incredibly well positioned to attract the data centers and couple that with our level of operational excellence and our ability to come up with creative solutions to bridge these data centers over from perhaps early use of fuel cells into grid connect is also very attractive to these customers.

是的。我們將從整體上對資料中心的全球視野開始。我們的地區對於資料中心來說極具吸引力。我們有充足的纖維容量，我們有充足的水供應。當然，由於我們擁有全國最大的 765 kV 主幹輸電系統，因此我們具有吸引資料中心的絕佳優勢，再加上我們卓越的營運水平和提出創意解決方案的能力，可以將這些資料中心從早期使用燃料電池轉變為電網連接，這對這些客戶來說也非常有吸引力。

And so we've put in very strong protections for our customers through the use of the data center tariffs, which I noted in my comments, we have in a number of states. But even with those, we still have an incredible attraction of new data centers wanting to come into the territory.

因此，我們透過使用資料中心關稅為客戶提供了非常強有力的保護，我在評論中提到過，我們在多個州都實施了這項政策。但即便如此，我們仍然對想要進入該地區的新資料中心有著極大的吸引力。

And so as we look at this. We've got an incredible background of backlog of these data centers. Of course, depending on what state we're in, we'll determine what their wait times are. But again, as we work with them, we're trying to give them innovative solutions so that they can come online quicker.

所以當我們看看這個。我們對此類資料中心的積壓情況有著極為深刻的了解。當然，根據我們所處的狀態，我們將確定他們的等待時間。但是，當我們與他們合作時，我們會嘗試為他們提供創新的解決方案，以便他們可以更快地上線。

For instance, in Ohio, we've got the two customers Amazon Web Service and [Co Logic] that we've done fuel cells with while we work through the interconnection agreements with them, which is probably five to seven years, and I'd say that's not unusual in many of our locations as we work through this.

例如，在俄亥俄州，我們有兩個客戶 Amazon Web Service 和 [Co Logic]，我們在與他們合作開發燃料電池，同時我們與他們簽訂互連協議，這大概需要五到七年的時間，我想說，在我們處理此事的許多地方，這種情況並不罕見。

But we also have areas of our system that still have available transmission and those sites obviously are being discussed with the customers to allow quicker connections. And so while a lot of our focus is on data centers, we have a lot of other activity going on in our states. We have a lot of reshoring of manufacturing, and we have an incredible amount of economic development of existing businesses that continue to grow that, that we're dealing with.

但我們系統中仍有一些區域可以傳輸數據，我們顯然正在與客戶討論這些站點，以實現更快的連接。因此，雖然我們的重點放在資料中心上，但我們在各州也進行了許多其他活動。我們有大量製造業回流，現有企業的經濟發展速度驚人，而且這些企業還在持續成長，這就是我們正在應對的。

And so just overall, we're in a tremendously positive place. We've got exceptional opportunities to continue to attract these customers and we're going to do everything in our power to execute on these agreements that we have and get them interconnected as quickly as possible.

所以總體而言，我們處於非常積極的狀態。我們擁有絕佳的機會繼續吸引這些客戶，我們將竭盡全力執行我們現有的協議，並儘快使他們互聯互通。

Great thanks so much appreciate it.

非常感謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Just wanted to pick up on the capital plan, possibly increasing notably here. You talked a bit about funding, but I wanted to talk a little bit more if you could there. And just wondering, as far as how you might prioritize funding or how you see asset sales potentially fitting into, I guess, the pecking order there, particularly with regards to the previous moves to sell Kentucky Power in the past. Just wondering how asset sales fit together versus other printing stores?

只是想了解一下資本計劃，這裡可能會顯著增加。您談到了一些資金問題，但如果可以的話，我想再多談一點。我只是想知道，您如何優先考慮融資，或者您如何看待資產出售可能適應的等級制度，我想，特別是考慮到過去出售肯塔基電力的舉措。只是想知道資產銷售與其他印刷店相比如何？

Yes. Well, I appreciate the question. And again, the additional capital for us is incredibly exciting for us to maybe give you a little bit of a breakdown on that, it's about $2 billion in the I&M for generation, about $3 million in PSO for generation, about seven in AEP Texas for transmission and then another couple of billion for distribution across the opcos and then a couple of billion across miscellaneous projects.

是的。嗯，我很感謝你提出這個問題。再一次，對我們來說，額外的資本令人難以置信地興奮，我們也許可以給你稍微細分一下，其中約有 20 億美元用於 I&M 發電，約有 300 萬美元用於 PSO 發電，約有 70 萬美元用於 AEP Texas 輸電，另外還有幾十億美元用於 opco 億美元的分配，然後還有幾十億美元用於雜項項目。

And as we think about that, our focus is really on growth. I'm not really want to sell assets as a strategy. Obviously, we'll look at all alternatives and do what's in our best interest of shareholders. But my focus right now is really looking at the opportunity in front of us and growing this company as best we can.

當我們思考這一點時，我們的重點確實在於成長。我並不是真的想把出售資產當作一種策略。顯然，我們會考慮所有替代方案，並採取最符合股東利益的行動。但我現在的重點是真正專注於我們面前的機會並盡我們所能發展這家公司。

Got it. Understood. Thanks for that. And was just wondering within the transmission plans, just wondering if you could expand a little bit on how maybe gets and reconductoring could factor in and help for speed to market solutions here given data center needs here, particularly given your prior experience with the ACCC conductor and what that brought to the system?

知道了。明白了。謝謝。我只是想知道在傳輸計劃中，您是否可以稍微擴展一下，考慮到這裡的資料中心需求，獲取和重新導體可以如何影響並幫助加快上市解決方案的速度，特別是考慮到您之前使用 ACCC 導體的經驗以及它給系統帶來了什麼？

Our transmission team is acting in a forward-looking mode, looking at various reconductoring projects. We've actually worked with the government and received a number of grants to support reconductor MR system. But again, that, I would say, adds small incremental capacity to the system.

我們的輸電團隊正以前瞻性的方式研究各種重建項目。我們實際上已經與政府合作並獲得了一些補助金來支持導體 MR 系統。但我還是要說，這只會為系統增加少量的增量容量。

What we really need to be looking at is a dramatic 765 kV backbone addition across our service territory and was very excited to see Texas come out with their proposed plan to use 765 across the Permian area to really enhance the strength and resiliency of that system.

我們真正需要考慮的是在我們的服務區域內大幅增加 765 kV 主幹網，並且非常高興地看到德克薩斯州提出了在二疊紀地區使用 765 kV 的計劃，以真正增強該系統的強度和彈性。

And my view would be that we need a lot more of that into our grid and into particularly PJM, SPP and MISO. The reconductoring ideas and some of the more innovative products that are out there are interesting and intriguing. But with the size and scale that we have in front of us, we have to think much, much bigger and and get moving on these projects.

我的觀點是，我們需要將更多這樣的電力引入我們的電網，特別是 PJM、SPP 和 MISO。現有的重建理念和一些更具創新性的產品很有趣也很吸引人。但考慮到我們面臨的規模和範圍，我們必須有更遠大的目標並開始實施這些項目。

Got it. Thank you for that. Just one last question, if I could, in conversation that you presented so far, your focuses seems like more on SMRs versus AP1000. I just wondering if you could provide any thoughts, I guess, on one versus the other and what drives preference?

知道了。謝謝你。最後一個問題，如果可以的話，在您迄今為止的談話中，您的重點似乎更多地放在 SMR 而不是 AP1000 上。我只是想知道您是否可以提供一些想法，關於這兩者之間的區別以及是什麼驅動了偏好？

Well, for us, again, as I said, our fundamental focus right now is on just the sites and working within our regulatory environments and what our states want us to pursue at the moment. As I think about SMR technologies and the AP1000, all of those are really something that even if we started today wouldn't be available until early to mid next decade.

嗯，對我們來說，正如我所說，我們現在的根本重點只是場地和在我們的監管環境中開展工作以及我們各州目前希望我們追求的目標。當我想到 SMR 技術和 AP1000 時，我發現即使我們今天開始研究這些技術，也要到下個十年初到中期才能實現。

I think from a customer perspective, as we've had discussions with our customers, I think that there's, I would say, a more towards SMRs only because of the diversity that they offer and that if you have four of those supplying service to a data center and you need to shut 1 down to refuel, you still have three versus just having the risk of one big unit there.

我認為從客戶的角度來看，正如我們與客戶討論的那樣，我認為人們更傾向於選擇 SMR，因為它們提供的多樣性，如果你有四個 SMR 為資料中心提供服務，而你需要關閉其中一個來補充燃料，那麼你仍然有三個，而不是只有一個大型裝置的風險。

But really for us at this stage, we're focused on sites. We're focused on staying within the regulated environment. We're working with our customers to determine what they would like to do and how they would like to do it. But again, I think it's really mid to next decade before any of these types of things are going to be commercially available in this country.

但實際上，對我們來說，現階段我們主要關注的是網站。我們專注於保持在受監管的環境中。我們正在與客戶合作，確定他們想要做什麼以及如何做。但我再次認為，這些產品真正要等到下個十年中期才能在這個國家商業化。

Got it, thank you very much.

明白了，非常感謝。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

Hey, good morning, everyone. Thanks for all the updates. I just wanted to ask just to put 1 quick follow-up on financing, and I apologize. It just doesn't sound like there's anything near term for equity in either plan that you need right now and the credits back to stable, to your point. But just for funding the $16 billion, is there just a percentage of equity that's required that we should be thinking about, whether it's 20 or 40 or I'll just stop there.

嘿，大家早安。感謝所有的更新。我只是想快速跟進一下融資問題，我深感抱歉。聽起來，您現在需要的任何一個計劃中的股權在短期內都不存在，而且信用額度也恢復到了穩定狀態，正如您所說。但是，僅僅為了籌集 160 億美元，我們是否應該考慮需要一定比例的股權，無論是 20% 還是 40% 或者我就到此為止了。

Yes, Nick. I think we've talked a little bit about this that generally, I think, in the industry, you're hearing people talking in the 30% to 40% of potential equity as you look at CapEx growth. And I think that's within the range of what we would contemplate here. But again, that needs to be refined over the coming months before we roll out the formal plan and the associated financing given that we have other tools that we will use. And I mentioned that a little bit in my remarks where we have potentially hybrids that we can issue.

是的，尼克。我想我們已經討論過這個問題了，一般來說，我認為，在行業中，當你考慮資本支出成長時，你會聽到人們談論 30% 到 40% 的潛在股權。我認為這在我們考慮的範圍內。但是，考慮到我們還有其他工具可以使用，在我們推出正式計劃和相關融資之前，需要在未來幾個月內對此進行完善。我在我的發言中稍微提到了一點，我們有可能發行混合版本。

And then we also want to see what the near-term FFO to debt is with these really positive legislative results. So we always want to be really judicious with any kind of growth equity issuance. But again, I think growth equity when you have this type of robust plan is not something we should shy away from, but it is always something that we will be very judicious with in issuing shareholder equity.

然後，我們也想看看在這些非常積極的立法結果下，近期的 FFO 與債務的關係如何。因此，我們始終希望對任何類型的成長型股票發行保持審慎態度。但是，我認為，當你有這種穩健的計劃時，成長股權是我們不應該迴避的事情，但在發行股東股權時，我們始終會非常謹慎地對待它。

Understood. Very clear. And then just quickly on the sales growth for this year. I know you guys kind of combined C&I now. Can you just kind of talk about what's driving the shift on the combined view? And then thoughts on fiscal '25 overall, which I think was just updated lower?

明白了。非常清楚。然後簡單介紹一下今年的銷售成長情況。我知道你們現在有點合併 C&I 了。您能否簡單談談是什麼推動了綜合觀點的轉變？然後對 25 財年的整體看法，我認為剛剛更新得更低了？

Yes, absolutely. And you did pick up on that. We did combine in the earnings slides that we presented today, the C&I load combined together. And really, there are several reasons for this. One, I think it's more in line with how others in the industry present the load on a C&I basis.

是的，絕對是。你確實意識到了這一點。我們確實在今天展示的收益幻燈片中將 C&I 負載合併在一起。事實上，造成這種情況的原因有很多。首先，我認為這更符合業界其他人以 C&I 為基礎呈現負載的方式。

Also, I think it's also more reflective of our business that there is a growing convergence between how some commercial and industrial customers are classifying themselves, and that's particularly true also between some of the crypto versus the data centers.

此外，我認為這也更能反映我們的業務，一些商業和工業客戶對自己的分類越來越趨同，尤其是一些加密和資料中心之間的分類。

And then also the financial protections in the contracts for the data centers, we kind of believe that those are -- that commercial load associated with this more akin to an industrial load. So from that perspective, I think it makes more sense and it's a better presentation for our investors to see it as one combined load. And overall, what you're seeing is load increasing overall on the entire system on a throughput basis. So very positive in that regard across the whole retail load.

然後，我們也認為，資料中心合約中的財務保護與此相關的商業負荷更類似於工業負荷。因此，從這個角度來看，我認為將其視為一個綜合負載更有意義，對我們的投資者來說也是一種更好的呈現方式。總體而言，您會看到整個系統的吞吐量負載總體上正在增加。因此，從整個零售業來看，這方面表現非常正面。

Okay. And then just I think was lower. Is that still coming from that segment? Or just -- I know that there's a ton of growth in the future, but just the '25, I believe, Chris, correct me if I'm wrong, is lower. So I was just hoping you could address that as well.

好的。然後我認為就更低了。這仍然來自那個片段嗎？或者只是——我知道未來會有大量的成長，但我相信，25 年的成長速度會比較低，克里斯，如果我錯了，請糾正我。所以我只是希望你也能解決這個問題。

Yes. Again, what we're seeing is one of the things I want to emphasize here is the financial protections in the commercial load and whether or not they actually take the minimums they're paying for, what they've signed up for that capacity because they're still ramping up their data center loads in the various locations, but they want to ensure that they have connectivity to our system.

是的。再次，我們看到的是，我在這裡想要強調的一件事是商業負載中的財務保護，以及他們是否真正承擔了他們所支付的最低費用，他們為這種容量簽署了什麼，因為他們仍在增加他們在各個地方的數據中心負載，但他們希望確保他們能夠連接到我們的系統。

And so from that perspective, it doesn't really matter to us financially whether that load is actually coming on or not. And so we do see some volatility as this load ramps up. But again, from our perspective, we're protected financially.

因此從這個角度來看，這種負擔是否真的增加對我們的財務來說並不重要。因此，隨著負載的增加，我們確實看到了一些波動。但從我們的角度來看，我們在財務上受到了保護。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Hey, good morning team. Nicely done, really, truly remarkable across the Board here. So great stuff. And then, Bill, if I can pick it up absolutely. If I can pick it up here, I mean 20% increase in contracted load here just in one quarter up to 24 gigs is remarkable. Can you provide a little bit more color on just the composition?

嘿，大家早安。做得很好，確實，各方面都非常出色。太棒了。然後，比爾，如果我能完全理解的話。如果我能理解的話，我的意思是，僅在一個季度內，這裡的合約負載就增加了 20%，達到 24 千兆字節，這是非常了不起的。您能否在構圖上提供更多一些色彩？

I know you mentioned this a little bit earlier, like what portion of that is like hyperscalers, for instance, if you can speak to that? And then if you can speak to it, like what percentage of these have progressed beyond LOAs to fully execute ESAs. I mean, just give us a little bit more color behind the 24. And then if I can take that and just add a subpoint to it, how do you think about your earned ROE right? I see the load growth profile per Nick's question.

我知道您之前提到過這一點，例如，其中哪一部分是超大規模的，您能談談嗎？然後，如果您可以談論它，例如其中有多少百分比已經超越了 LOA 並完全執行了 ESA。我的意思是，給我們多一點關於 24 的色彩。然後，如果我可以接受這一點並添加一個小點，那麼您如何看待您所獲得的 ROE 呢？我根據 Nick 的問題看到了負載成長概況。

How do you think about it given that you're targeting a 9.3% here this year? Again, obviously, a lot going into that. But the scope of what's possible and earned as you think about the slowed growth now hitting over the next couple of years versus earlier long-term guide?

鑑於您今年的目標是 9.3%，您對此有何看法？顯然，這其中還有很多事情要做。但是，當您考慮未來幾年成長放緩與先前的長期指導相比時，可能實現的目標和收益範圍是多少？

Yes. Thanks, Julien. So to give you a breakdown of the 24 gigawatts, about 2.5 that is in the SPP, about nine of that is in PJM and about 13 of that is in ERCOT. And obviously, we continue to work with our customers. We're getting significant inbounds on the desire to sign up to our system.

是的。謝謝，朱利安。因此，將這 24 千兆瓦進行細分，其中約 2.5 千兆瓦屬於 SPP，約有 9 千兆瓦屬於 PJM，約有 13 千兆瓦屬於 ERCOT。顯然，我們會繼續與客戶合作。我們收到了大量希望加入我們系統的用戶的回饋。

We've had great success in getting the contracts put in place. And so we're continuing to push forward with the designs and the interconnections for these customers. Interestingly enough in the SPP about -- of the 2.5 gigawatts, about 2.1 of that is data centers and about 0.3 gigawatt of that crypto and then in PJM, really, that's across AEP Ohio, I&M and ApCo and about 3.7 of that is data centers in Ohio, about 3.1 of that is data centers in I&M and about really just a little bit of that is in APCo.

我們在簽訂合約方面取得了巨大的成功。因此，我們將繼續為這些客戶推進設計和互聯互通。有趣的是，在 SPP 中，大約有 2.5 千兆瓦的電力來自數據中心，大約有 0.3 千兆瓦的加密電力來自 PJM，實際上，這涉及 AEP Ohio、I&M 和 ApCo，其中大約有 3.7 千兆瓦的電力來自俄亥俄州的數據中心，大約有 3.1 千瓦的電力中心，而來自於 AP 的電力中心實際上只有一小兆瓦。

And so ERCOT is probably the more interesting one, which is where we see about 2 gigawatts on data centers, but about 5 gigawatts on crypto. And so Texas is clearly becoming the crypto center for us, and we're making sure we're making sure we have the appropriate procedures in place to get crypto signed up as most of that as we can with Texas, as I said, becoming sort of the center of crypto right now.

因此，ERCOT 可能是更有趣的一個，我們在資料中心看到大約 2 千兆瓦，但在加密貨幣上看到大約 5 千兆瓦。因此，德克薩斯州顯然正在成為我們的加密貨幣中心，我們正在確保我們有適當的程序來盡可能註冊加密貨幣，正如我所說的那樣，德克薩斯州現在正在成為加密貨幣的中心。

And so Overall, we're continuing to work through the agreements with these customers. I expect all of them will move to the next level there very aggressively wanting to get contracts signed. So my comment once level on this 24 gigawatts is extremely high. I don't know, Trevor, anything to add?

總的來說，我們將繼續與這些客戶達成協議。我希望他們都能積極地邁向新的階段並簽署合約。所以我對這24千兆瓦的評價水準是極高的。我不知道，特雷弗，還有什麼要補充的嗎？

Yes. Just one thing, Bill. And Julien, one of the things that we're excited about here is as we're looking to attract capital to Texas and Oklahoma, when you take a look at Texas, our authorized ROE call it, roughly 97, 9.76% and our earned ROE is roughly 86%. So that's where we're saying 50 basis points to 100 basis points increase with the UTM in Texas. So that will go a long way to adding to the 9.3% overall earned ROE.

是的。只有一件事，比爾。朱利安，讓我們感到興奮的一件事是，我們希望吸引資本到德克薩斯州和俄克拉荷馬州，看看德克薩斯州，我們的授權 ROE 大約為 97.976%，而我們的實際 ROE 大約為 86%。因此，我們所說的是德克薩斯州的 UTM 將增加 50 個基點到 100 個基點。因此，這將大大增加 9.3% 的整體 ROE。

And then in Oklahoma, similarly, we've got 9.5%, and our earned ROE is 8.3. And with SB998, that should be pretty beneficial as well. So all very positive in that regard, and that's why we wanted to highlight both the regulatory and the legislative positive outcomes that we think are really driving policy in the states for the benefit of our customers, but it will also be beneficial to our shareholders.

在奧克拉荷馬州，我們的收益率同樣為9.5%，應得淨資產收益率（ROE）為8.3%。有了SB998法案，這應該也會相當有利。因此，在這方面一切都非常積極，這就是為什麼我們要強調監管和立法的積極成果，我們認為這些成果真正推動了各州的政策，造福我們的客戶，同時也有利於我們的股東。

Got it. And you think you can close the gap in Oklahoma, just to clarify that last comment there, Trevor?

知道了。您認為您可以縮小俄克拉荷馬州的差距嗎，只是為了澄清最後一條評論，特雷弗？

We -- it will -- I'm not saying we're going to close it, but I think it will go a long way to improving the earned ROEs in Oklahoma.

我們——它會——我不是說我們會關閉它，但我認為這將大大提高俄克拉荷馬州的淨資產收益率。

Thank you, guys. Nicely done. We'll speak soon.

謝謝你們。做得好。我們很快就會談話。

Thanks Julien.

謝謝朱利安。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Hey, good morning. Thanks so much for fitting me in. Just a quick follow-up on Nick's question earlier on the 2025 load growth. Should we think about that as just a timing impact in terms of the ramp of some of these larger facilities? Or are there any read-throughs to '26 and beyond?

嘿，早安。非常感謝您給我安排。我只是想快速跟進一下 Nick 之前提出的有關 2025 年負荷增長的問題。我們是否應該認為這只是對一些大型設施建設時間的影響？或是有沒有關於 26 年及以後的解讀？

Yes, Carly, thanks for that. I think one of the things when you really look at the C&I load ramp, the big point that we're trying to highlight here is that C&I customers are mainly billed based on peak demand. And so higher peak demand along with the demand minimums embedded in the tariff provisions is driving the revenue stability and really mitigates that earnings volatility.

是的，卡莉，謝謝你。我認為，當你真正專注於 C&I 負載坡道時，我們在此試圖強調的重點是，C&I 客戶主要根據尖峰需求進行計費。因此，更高的尖峰需求以及關稅條款中嵌入的最低需求正在推動收入穩定，並真正減輕收益波動。

But more importantly, I'd say rising peak demand, the valuable capital investment opportunities which enables us to continue enhancing and expanding our system.

但更重要的是，我想說，不斷上升的尖峰需求，寶貴的資本投資機會使我們能夠繼續加強和擴大我們的系統。

So there's no doubt that data centers are locating within our footprint due to the robust transmission infrastructure that Bill talked about and that we've got available capacity in a lot of our system as well as the other critical resources leaders such as fiber and water and land area.

因此，毫無疑問，由於比爾談到的強大的傳輸基礎設施，資料中心位於我們的覆蓋範圍內，並且我們的許多系統都擁有可用容量，以及其他關鍵資源領先者，例如光纖和水和土地區域。

So we will see the C&I load ramp continue, and we feel very confident in that 24 gigawatts of incremental load coming on. And those are, again, backed by signed LOAs and ESAs.

因此，我們將看到 C&I 負載持續增加，並且我們對即將到來的 24 千兆瓦增量負載非常有信心。這些都得到了簽署的 LOA 和 ESA 的支持。

Great. That's very clear. Thanks for the clarification on that. And then just one other quick one on -- you mentioned on the back of the OBBBA passing, you believe that the renewables plan should be unchanged through '29? But just curious if there's any potential to pull any projects forward to secure the tax credits for customers? Or is there anything embedded in that new potential $70 billion plan to reflect a pull-forward dynamic?

偉大的。這非常清楚。感謝您對此的澄清。然後再快速問一下——您提到在 OBBBA 通過之後，您認為再生能源計劃應該在 29 年保持不變嗎？但只是好奇是否有可能推動任何項目以確保客戶的稅收抵免？或者說，這項新的潛在 700 億美元計劃中是否包含某些內容來反映提前行動的動態？

Yes. Thanks, Carly. Look, I want to be really clear on this point. I would say, right now, we have almost $10 billion of renewables in our capital plan in our $54 billion five-year capital plan. And right now, under what is in OBBA, we believe 100% of those projects will be eligible. Now depending on what ultimately comes out of the EO and the treasury department's guidelines. As we said on our prepared remarks, there's a couple of projects on the back end of that plan.

是的。謝謝，卡莉。瞧，我想清楚地說明這一點。我想說，目前，在我們 540 億美元的五年資本計畫中，有近 100 億美元的再生能源資金投入其中。目前，根據 OBBA 的規定，我們相信 100% 的項目都符合資格。現在取決於行政命令和財政部指導方針的最終結果。正如我們在準備好的演講中所說，該計劃的後端有幾個項目。

And I would say, worst-case scenario, we would see maybe a couple of billion dollars that we would reallocate from renewables to other sources of generation. But it largely, I would say, this -- the OBBBA does not impact our renewables generation as written right now and all of our projects qualify.

我想說，最糟糕的情況是，我們可能會看到數十億美元的資金從再生能源重新分配到其他發電來源。但在很大程度上，我想說，OBBBA 不會影響我們目前的再生能源發電，而且我們所有的專案都符合資格。

Great thank you so much for the call.

非常感謝您的來電。

Thanks, Carly.

謝謝，卡莉。

Thank you, Carly. And that does conclude our Q&A session. So I will now turn the call back over to Bill Fehrman. Bill?

謝謝你，卡莉。我們的問答環節到此結束。現在我將把電話轉回給比爾·費爾曼。帳單？

Great. Thank you. We appreciate everyone joining today. I'd like to close with just a few summary remarks. So exciting times obviously continue ahead and I'm extremely proud of the entire AEP team, and all of the strong support received from our Board of Directors.

偉大的。謝謝。我們感謝今天各位的參與。最後，我只想作幾點總結性發言。因此，激動人心的時刻顯然還在繼續，我為整個 AEP 團隊以及董事會給予的大力支持感到非常自豪。

We're driving the business forward with our plan to deliver results for the benefit of our customers, our communities and all other stakeholders. I'm very confident we can unlock the incredible value in this company by advancing our long-term strategy and providing safe, affordable and reliable service across our footprint. And finally, if there are any follow-up items, please reach out to our IR team with your questions. This concludes our call.

我們正在透過計劃推動業務發展，為我們的客戶、社區和所有其他利害關係人帶來利益。我非常有信心，透過推進我們的長期策略並在我們的業務範圍內提供安全、實惠和可靠的服務，我們可以釋放這家公司的巨大價值。最後，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。