美國電力 (AEP) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Electric Power second quarter 2026 earnings call. (Operator Instructions)

您好，感謝您稍候。我是 Lacey，今天將擔任本次會議的接線員。此刻，我謹代表美國電力公司（American Electric Power）歡迎各位參加 2026 年第二季財報電話會議。（接線員指示）

I would now like to turn the call over to Andy Gurgol, Vice President of Investor Relations. You may go ahead.

現在我想將電話交給投資人關係副總裁 Andy Gurgol。您可以開始。

Good morning, and welcome to American Electric Power's second quarter 2026 earnings call. A live webcast of this teleconference and slide presentation are available on our website under the Events and Presentations section.

各位早安，歡迎參加美國電力公司 2026 年第二季財報電話會議。本次電話會議的即時網路直播與簡報投影片，可於我們網站「活動與簡報（Events and Presentations）」專區取得。

Joining me today are Bill Fehrman, Chairman, President and Chief Executive Officer; and Trevor Mihalik, Chief Financial Officer. In addition, we have other members of our management team in the room, including Kate Dixon, Senior Vice President, Controller and Chief Accounting Officer; and Darcy Reese, Vice President, Investor Relations.

今天與我一同出席的有董事長、總裁暨執行長 Bill Fehrman，以及財務長 Trevor Mihalik。此外，會議室內還有其他管理團隊成員，包括資深副總裁、財務控管長暨會計長 Kate Dixon，以及投資人關係副總裁 Darcy Reese。

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.

我們在會議中將作出前瞻性陳述。我們今天所作任何前瞻性陳述之預測，實際結果可能與之有重大差異。可能導致實際結果與預期有重大差異的因素，已在公司最近一期向美國證券交易委員會（SEC）提交的申報文件中討論。

Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We will take your questions following opening remarks.

請參閱本次電話會議隨附的簡報投影片，以取得與 GAAP 衡量指標的調節（reconciliation）。我們將在開場致詞後回答各位提問。

Please start on slides 4 and 5 as I hand the call over to Bill.

請從投影片第 4 與第 5 頁開始，我現在把電話交給 Bill。

Good morning, and thank you for joining us for our second quarter 2026 earnings call. As we close out the first half of 2026 in my first two years at AEP, I'm very pleased with the progress we've made and the positive momentum we continue to build across the business.

各位早安，感謝各位參加我們 2026 年第二季財報電話會議。隨著 2026 年上半年結束、也是我在 AEP 的前兩年告一段落，我對我們所取得的進展以及在整體業務上持續累積的正向動能感到非常滿意。

Four main themes are key to this progress, as shown on slide 7, enhancing our financial performance, driving affordability, capturing significant growth across our portfolio and improving regulatory and operational outcomes. We are executing exceptionally well across each of these areas and strengthening our platform for outsized growth and long-term shareholder value creation. Turning to slide 8.

如投影片第 7 頁所示，有四個主要主題是推動這些進展的關鍵：提升財務表現、推動可負擔性、在我們的投資組合中掌握顯著成長，以及改善監管與營運成果。我們在每一個面向的執行都非常出色，並強化我們的平台，以實現超額成長與長期股東價值創造。接著請看投影片第 8 頁。

I will start with our focus on enhancing AEP's financial performance. We delivered operating earnings of $1.36 per share or $742 million for the second quarter. While I recognize our operating earnings are below last year at this stage, due to the 2025 transmission minority interest sale and timing-related tax items, I am highly confident in our business performance so much so that we are raising our 2026 full year guidance to a range of $6.25 to $6.55 per share from our previous range of $6.15 to $6.45 per share.

我先從我們提升 AEP 財務表現的重點談起。我們第二季的營運盈餘為每股 1.36 美元，或 7.42 億美元。我理解在此階段我們的營運盈餘低於去年，原因包括 2025 年輸電少數股權出售以及與時點相關的稅務項目；但我對我們的業務表現非常有信心，因此我們將 2026 年全年財測區間自先前的每股 6.15 至 6.45 美元，上調至每股 6.25 至 6.55 美元。

I also remain committed to supporting strong investment-grade credit metrics, including our targeted FFO to debt ratio of 14% to 15% as we move through this incredible period of growth that's expected to last well into the next decade. Trevor will go into more detail around the financial performance later on in the call.

我也仍致力於維持強健的投資等級信用指標，包括我們目標的 FFO 對負債比率 14% 至 15%，以因應這段預期將延續至下個十年的驚人成長期。Trevor 稍後將在電話會議中更詳細說明財務表現。

AEP's size, scale and attractive geographic footprint continue to provide differential advantages as we drive affordability, all while executing on our robust growth strategy. As one of the largest utility holding companies in the country, we benefit from economies of scale that enhance our ability to procure, build, operate and finance infrastructure in a highly efficient way.

AEP 的規模、量體以及具吸引力的地理版圖，持續在我們推動可負擔性、同時執行強勁成長策略的過程中，提供差異化優勢。作為全美最大的公用事業控股公司之一，我們受益於規模經濟，提升我們以高度效率採購、建置、營運與融資基礎建設的能力。

Combined with the tremendous strides we have made improving regulatory outcomes and cost recovery mechanisms, these advantages help us deliver safe, reliable and affordable energy service for customers while generating increasing value for our shareholders.

再加上我們在改善監管成果與成本回收機制方面所取得的重大進展，這些優勢有助於我們在為客戶提供安全、可靠且可負擔的能源服務的同時，為股東創造日益增加的價值。

Over the past two years, we have seen significant customer demand across our footprint, and AEP's focus on execution positions us to be one of the best to capture that growth. Just during the second quarter, AEP contracted an additional 6 gigawatts of load, primarily driven by fully executed LOAs in Texas.

過去兩年，我們在服務版圖內看到顯著的客戶需求，而 AEP 對執行力的專注，使我們具備成為最能掌握此成長機會的公司之一的條件。僅在第二季，AEP 就額外簽約了 6 吉瓦的負載，主要由德州已完整簽署的 LOA（意向書）所帶動。

Trevor will also provide more details on our incremental large load pipeline later on in the call. But to be clear, our future is extremely bright as it pertains to growth, exceptional counterparties and incredibly supportive strategic partnerships that will allow us to deliver for our customers and our shareholders.

Trevor 也將在稍後的電話會議中，提供我們新增大型負載管線的更多細節。但我要明確表示，就成長、卓越的交易對手，以及極具支持力的策略夥伴關係而言，我們的未來非常光明，這將使我們能為客戶與股東交出成果。

As shared on our first quarter call, AEP's five-year capital plan from 2026 through 2030 is $78 billion, which is expected to result in nearly 11% rate base CAGR. To put this growth into perspective, AEP's five-year capital plan stood at just $38 billion only four years ago. This significant step change underscores the strength of our portfolio and differentiated organic growth seen across our expansive footprint.

如同我們在第一季電話會議中分享，AEP 2026 至 2030 年的五年資本計畫為 780 億美元，預期將帶來接近 11% 的費率基礎年複合成長率（CAGR）。為了讓各位理解這樣的成長幅度，AEP 的五年資本計畫在僅僅四年前還只有 380 億美元。這項顯著的躍升凸顯了我們投資組合的強勁實力，以及在我們廣大服務版圖中所展現的差異化有機成長。

In summary, we intend to deliver and our customers know it. That is why we have such a significant backlog of growth, which creates long-term upside for AEP over the next decade. We also shared on the first quarter call that we have line of sight to over $10 billion of incremental investments that are not included in the $78 billion, consisting of the fuel cells for the Wyoming project the Piketon transmission opportunity and incremental power generation. We continue to work with the hyperscaler on the Wyoming fuel cell initiative and remain highly optimistic about the project's advancement.

總結來說，我們打算交付成果，而客戶也知道這一點。這就是為什麼我們擁有如此龐大的成長待執行量（backlog），在未來十年為 AEP 創造長期上行空間。我們也在第一季電話會議中分享，我們已可望看到超過 100 億美元的增量投資機會，尚未納入這 780 億美元之中，包含懷俄明專案的燃料電池、Piketon 輸電機會，以及增量發電投資。我們持續與該超大規模雲端業者（hyperscaler）就懷俄明燃料電池計畫合作，並對專案推進保持高度樂觀。

Based on a contractual June 30 deadline, we reached an amendment to the agreement with the offtaker, which modified some key protection terms so that AEP is adequately compensated for their requested timing accommodations.

基於合約所訂的 6 月 30 日期限，我們已與承購方（offtaker）達成協議修訂，調整若干關鍵保障條款，使 AEP 能就其所要求的時程調整獲得充分補償。

Under the original December 2026 milestone, which remains intact, the hyperscaler has the ability to choose to deploy the fuel cells at an alternate location if the Cheyenne, Wyoming site does not advance. If the December 2026 milestone is not met or if there are additional requests to change the agreement terms, AEP retains financial protections for our shareholders.

在原先的 2026 年 12 月里程碑（仍維持不變）之下，若懷俄明州夏延（Cheyenne）場址未能推進，該超大規模雲端業者可選擇將燃料電池部署於替代地點。若未達成 2026 年 12 月里程碑，或若另有要求變更協議條款，AEP 仍保有對股東的財務保障機制。

Separately, we continue to advance the Piketon transmission opportunity in Ohio and are working towards definitive agreements with the prospective offtaker, SB Energy. Following execution of definitive agreements, the projects would proceed through the required regulatory review and approval process. This project further highlights the strength of AEP's transmission franchise and in particular, our industry-leading expertise in developing and operating 765 kV transmission infrastructure.

另外，我們持續推進俄亥俄州 Piketon 輸電機會，並正與潛在承購方 SB Energy 朝簽署具約束力的最終協議邁進。在最終協議簽署後，專案將進入所需的監管審查與核准流程。此專案進一步凸顯 AEP 輸電事業的優勢，特別是我們在開發與營運 765 kV 輸電基礎設施方面的業界領先專業能力。

As we have discussed previously, AEP has taken a very proactive approach over the past two years to secure critical gas-fired turbine generators, leveraging our scale as one of the nation's largest owner operators of electric generation, industry expertise and long-standing supplier relationships. Just over this past quarter, we have secured an additional 3 gigawatts of turbines.

如同我們先前所討論，過去兩年 AEP 採取非常積極主動的作法來確保關鍵的燃氣渦輪發電機，運用我們作為全美最大電力發電資產擁有與營運者之一的規模、產業專業，以及長期的供應商關係。僅在本季，我們就額外確保了 3 吉瓦的渦輪機。

This increases our total secured turbine capacity to approximately 13 gigawatts for deployment through 2031. These strategic procurements position us to meet the growing energy needs of our customers while providing greater certainty around future resource deployment in AEP's footprint. When we introduce a new five-year plan for 2027 through 2031, during our third quarter earnings call, these generation investments are expected to be an important driver of our long-term growth outlook.

這使我們已確保的渦輪機總容量提高至約 13 吉瓦，預計可於 2031 年前部署。這些策略性採購使我們能滿足客戶日益成長的能源需求，同時也為 AEP 服務版圖內未來資源部署提供更高的確定性。當我們在第三季財報電話會議中提出 2027 至 2031 年新的五年計畫時，這些發電投資預期將成為我們長期成長展望的重要驅動因素。

In addition, we are leveraging our sizable market position and strategic manufacturer relationships to secure up to 10 gigawatts of incremental turbine capacity through 2035. This level of access to critical equipment underscores a key competitive advantage for AEP and enhances our ability to support customer growth, strengthen reliability and create long-term value for shareholders.

此外，我們正運用可觀的市場地位與策略性製造商關係，力求在 2035 年前再確保最多 10 吉瓦的增量渦輪機容量。能取得如此關鍵設備的程度，凸顯 AEP 的一項核心競爭優勢，並提升我們支持客戶成長、強化可靠度，以及為股東創造長期價值的能力。

Regarding nuclear, we continue to advance an early-stage nuclear generation strategy. This is being driven by demand from potential customers who value alternative forms of long-term baseload generation to support the rapidly growing demand.

在核能方面，我們持續推進一項早期階段的核能發電策略。此策略係由潛在客戶的需求所驅動，這些客戶重視可支撐快速成長需求的替代型長期基載發電形式。

While we want to be proactive and work with customers to jointly develop their projects on a fee-based arrangement that limits risk for AEP, we will remain highly disciplined to ensure that we are protecting our existing customers, shareholders and balance sheet.

雖然我們希望採取主動作為，並與客戶合作，以按服務費（fee-based）的安排共同開發其專案、在限制AEP風險的同時推進，但我們仍將保持高度紀律，確保保護我們既有客戶、股東以及資產負債表。

Please turn to slide 9. Affordability remains a core tenet of our customer strategy as new large load comes online, it enables a shift to fixed costs currently borne by existing customers to new data centers and hyperscalers.

請翻到第9頁投影片。隨著新的大型負載上線，可負擔性仍是我們客戶策略的核心原則；這使得目前由既有客戶承擔的固定成本，得以轉移至新的資料中心與超大規模雲端業者（hyperscalers）。

As we noted on our first quarter call in May, we are projecting fixed cost offsets for residential customers of up to $16 billion in our Vertically Integrated Utilities as a result of new large load interconnections that are supported by fully executed take-or-pay electric service agreements.

正如我們在5月第一季電話會議中所提到的，由於新的大型負載併網，且其背後有已完整簽署的「要麼使用要麼付費」（take-or-pay）電力服務協議支持，我們預估在垂直整合公用事業（Vertically Integrated Utilities）中，住宅客戶的固定成本抵減最高可達160億美元。

The benefits of this changing customer mix are already being realized. Together with our disciplined focus on operational efficiency, these offsets have supported planned base rate reductions in select AEP operating companies.

這種客戶組合變化所帶來的效益已開始顯現。再加上我們對營運效率的嚴謹聚焦，這些抵減已支持AEP部分營運公司規劃中的基本費率下調。

For example, an order has been received in Ohio and Indiana, Michigan Power plans to submit a base rate reduction filing later this summer, reinforcing our commitment to delivering safe, reliable and affordable service while supporting economic growth. We are also continuing to access sources of lower cost capital, including federal grants and US Department of Energy loan guarantees to further drive customer savings.

例如，我們已在俄亥俄州與印第安納州收到相關命令；密西根電力（Michigan Power）計畫於今年夏末提交基本費率下調申請，強化我們在支持經濟成長的同時，提供安全、可靠且可負擔服務的承諾。我們也持續取得較低成本資本來源，包括聯邦補助與美國能源部（DOE）貸款擔保，以進一步帶動客戶節省。

Earlier this month, AEP Texas secured a DOE loan guarantee for up to $3.3 billion to finance a portfolio of transmission projects spanning approximately 2,800 miles, which is expected to deliver an estimated $685 million in customer savings over the life of the loan through lower financing costs.

本月稍早，AEP Texas 取得DOE最高33億美元的貸款擔保，用於融資一組輸電專案組合，涵蓋約2,800英里；預期可透過較低的融資成本，在貸款存續期間為客戶帶來約6.85億美元的節省。

With this financing, AEP has now secured approximately $5 billion in DOE loans across our portfolio, supporting an expected $1 billion in projected customer savings. This, combined with almost $400 million in awarded DOE grants are expected to deliver nearly $1.4 billion in estimated customer benefits over the life of the loans and grants.

透過此項融資，AEP目前已在整體專案組合中取得約50億美元的DOE貸款，支持預期約10億美元的客戶節省。再加上已獲頒近4億美元的DOE補助，預期在貸款與補助的存續期間合計可帶來近14億美元的客戶效益。

Turning to slide 10. We continue to obtain constructive regulatory outcomes across our portfolio, with notable progress achieved this past quarter, which should improve cost recovery and our earned ROEs over time.

接著看第10頁投影片。我們持續在整體資產組合中取得具建設性的監管結果；本季取得的顯著進展，應可隨時間改善成本回收與我們實現的股東權益報酬率（ROE）。

In Ohio, we secured commission approval of the distribution base case settlement, which includes an affordability measure featuring a base rate decrease driven by the timing of regulatory liabilities being passed back to customers.AEP Ohio also secured a 9.84% ROE, up from 9.7%. This, coupled with the forward-looking test year in the next rate case will improve cost recovery and their earned ROE.

在俄亥俄州，我們取得委員會對配電基本案件和解的核准，其中包含一項可負擔性措施：由於監管負債回饋給客戶的時點安排，帶動基本費率下調。AEP Ohio 亦取得9.84%的ROE，高於原先的9.7%。再加上下一次費率案件採用前瞻性測試年度（forward-looking test year），將改善成本回收並提升其實現的ROE。

In Texas, SWEPCO reached a base rate case settlement in principle with key stakeholders in late April, which positions us well to advance our growth plans and enhance safe, reliable and affordable electric service for customers.

在德州，SWEPCO於4月下旬與主要利害關係人就基本費率案件原則上達成和解，使我們能更順利推進成長計畫，並為客戶提升安全、可靠且可負擔的電力服務。

In Oklahoma, PSO filed a base rate case settlement with several key intervenors, while the proposed authorized ROE decreases slightly from 9.5% to 9.375%. The settlement includes an enhanced transmission cost rider, which we expect to result in a meaningful improvement in PSO's earned ROE.

在奧克拉荷馬州，PSO與數位主要介入方提交基本費率案件和解案；擬議核准ROE由9.5%小幅降至9.375%。該和解案包含強化的輸電成本附加費率機制（rider），我們預期將使PSO的實現ROE出現顯著改善。

PSO also received a separate order in May approving its request to procure 1.3 gigawatts of generation resources, supporting reliable and affordable service for our customers. Taken together, these outcomes support continued investment in Oklahoma while keeping customer affordability front and center.

PSO亦於5月收到另一項命令，核准其採購1.3吉瓦的發電資源，以支持為客戶提供可靠且可負擔的服務。綜合而言，這些結果在持續投資奧克拉荷馬州的同時，也將客戶可負擔性置於核心。

In Virginia, we completed a $1.4 billion securitization in May enabling APCo to file its lowest increase in the base rate request in nearly 30 years, driving further customer affordability measures. Additionally, in June, we received approval in Virginia for our proposed large load tariff, bringing the total number of approved tariffs across the portfolio to five. We have three additional filings pending for proposed large load tariffs and our teams are working closely with key stakeholders to advance them through the approval process.

在維吉尼亞州，我們於5月完成14億美元的證券化（securitization），使APCo得以提出近30年來最低幅度的基本費率調升申請，進一步推動客戶可負擔性措施。此外，6月我們在維吉尼亞州取得對所提大型負載費率（large load tariff）的核准，使整體資產組合中已獲核准的費率方案總數達到五項。我們另有三項大型負載費率提案仍在審理中，團隊正與主要利害關係人密切合作，推動其完成核准流程。

Collectively, the constructive regulatory outcomes we have achieved this quarter and over the last couple of years, reflect a more focused engagement strategy across our footprint by listening to what our customers, regulators and states want. That approach is helping us achieve balanced outcomes that create value for our shareholders and certainly for our customers.

整體而言，我們本季以及過去幾年所取得的具建設性監管成果，反映出我們在營運版圖內採取更聚焦的互動策略：傾聽客戶、監管機關與各州的需求。此一作法正協助我們取得更平衡的結果，為股東，當然也為客戶創造價值。

In summary, AEP is entering the second half of the year with extremely strong momentum, building on the significant progress we have achieved since I joined two years ago. We are serving growing customer demand, investing in critical infrastructure, keeping affordability central to our approach and maintaining the financial discipline needed to create long-term value for our customers and shareholders.

總結來說，AEP以極強的動能進入下半年，並在我兩年前加入以來所取得的重大進展基礎上持續推進。我們正服務不斷成長的客戶需求、投資關鍵基礎設施、將可負擔性置於方法論核心，並維持創造客戶與股東長期價值所需的財務紀律。

Let me be very clear, AEP now has significant management and leadership depth. Our Board is highly supportive and with our new board additions, growing in their expertise that is directly tied to our long-term strategic plan. This team is second to none and well suited to deliver this impressive plan that will drive significant long-term value for investors. Our future is all about growth well into the next decade. That is what is expected of me and that is what I intend to deliver with this team.

我想非常清楚地說，AEP如今擁有深厚的管理與領導梯隊。我們的董事會高度支持；隨著新任董事加入，其專業能力也在增強，且與我們的長期策略計畫直接相關。這個團隊無出其右，完全適合交付這項令人印象深刻的計畫，並為投資人帶來顯著的長期價值。我們的未來將是一路成長，延伸至下一個十年。這是外界對我的期待，也是我打算與這個團隊共同交付的成果。

I will now turn the call over to Trevor, who will review our second quarter performance drivers and additional financial and business updates.

接下來我把電話會議交給Trevor，由他回顧我們第二季績效的主要驅動因素，以及其他財務與業務更新。

Thanks, Bill. I will begin with our financial results and then turn to load growth the capital plan and our financing strategy before I conclude with some final thoughts. Starting on slide 12 of the presentation. As Bill mentioned, for the second quarter 2026 AEP delivered operating earnings of $1.36 per share compared to $1.43 per share in the second quarter of 2025. At a high level, our second quarter results were primarily impacted by several timing-related items, most notably transmission Holdco performance and income taxes.

謝謝你，Bill。我將先從財務結果開始，接著談負載成長、資本計畫與融資策略，最後做一些總結。請從簡報第12頁投影片開始。如Bill所提，2026年第二季AEP的營運每股盈餘為1.36美元，對比2025年第二季的1.43美元。整體而言，我們第二季結果主要受到數項時點相關事項影響，其中最顯著的是輸電Holdco表現與所得稅。

Transmission Holdco earnings reflect the impact of 2025 minority interest sale, which closed in June of last year. While this timing affected year-over-year comparability in the second quarter, we expect Transmission Holdco earnings to provide a favorable year-over-year contribution by the end of 2026, driven by the continued investment in infrastructure.

輸電Holdco的獲利反映了2025年少數股權出售的影響，該交易於去年6月完成交割。雖然此一時點因素影響了第二季的年對年可比性，但在持續投資基礎設施的帶動下，我們預期到2026年底，輸電Holdco獲利將對年對年表現帶來正向貢獻。

In addition, the Corporate and Other segment includes some income tax timing items related to the consolidated impact of the effective tax rate, which are expected to reverse by the end of the year. The same transmission sale and timing-related tax items are reflected in our year-to-date performance on slide 13.

此外，「公司及其他」（Corporate and Other）部門包含一些與有效稅率合併影響相關的所得稅時點項目，預期將在年底前回轉。同樣的輸電出售與時點相關稅務項目，也反映在第13頁投影片的年初至今表現中。

Year-to-date operating earnings were $3.01 per share compared to $2.98 per share during the same period last year. Overall, our underlying results continue to demonstrate the strength of the business. Earnings benefited from constructive regulatory outcomes, higher normalized sales and growth in transmission revenues.

年初至今的營運每股盈餘為3.01美元，對比去年同期的2.98美元。整體而言，我們的基本面結果持續展現業務的強勁。獲利受惠於具建設性的監管結果、較高的常態化銷售量，以及輸電收入成長。

These drivers were partially offset by prior year's favorable weather and this year's increased O&M spend to enhance system reliability as we continue to execute on our commitment to provide safe and reliable service to our customers.

上述驅動因素部分被去年有利天候，以及今年為提升系統可靠性而增加的營運與維護（O&M）支出所抵銷；我們持續履行為客戶提供安全且可靠服務的承諾。

As Bill discussed, we continue to make material progress across a number of regulatory proceedings throughout our footprint. Our regulated earned ROE for the quarter was 9.2%, consistent with our forecasted expectations for the year-end 2026. Through continued execution of our regulatory strategy centered on customer affordability and along with structural ratemaking improvements such as the UTM in Texas, SB 998 in Oklahoma and a forward-looking test year in Ohio starting in 2028.

如Bill所述，我們在營運版圖內多項監管程序上持續取得實質進展。本季我們的受監管實現ROE為9.2%，符合我們對2026年底的預測。透過持續執行以客戶可負擔性為核心的監管策略，並搭配結構性費率制定改善措施，例如德州的UTM、奧克拉荷馬州的SB 998，以及自2028年起在俄亥俄州採用前瞻性測試年度（forward-looking test year）。

We believe there is a strong path for regulated earned ROE to improve to 9.5% by 2030. The progress we are seeing across our regulatory initiatives continued growth across our footprint and strong execution year-to-date have increased our confidence in delivering strong 2026 financial performance.

我們相信，受監管實現ROE在2030年前提升至9.5%具有明確且可行的路徑。我們在各項監管倡議上看到的進展、營運版圖內持續的成長，以及年初至今的強勁執行力，提升了我們對交付2026年強勁財務表現的信心。

As a result, we raised our 2026 operating earnings guidance range to $6.25 to $6.55 per share. We're also reaffirming our annual operating earnings growth rate of 7% to 9% and continue to expect an operating EPS CAGR of greater than 9% through 2030, based off of our 2025 guidance midpoint and supported by the $78 billion capital plan. Turning to slide 14.

因此，我們將 2026 年營運盈餘指引區間上調至每股 6.25 美元至 6.55 美元。我們也重申年度營運盈餘成長率 7% 至 9% 的目標，並持續預期在以 2025 年指引中點為基礎、且由 780 億美元資本計畫支撐下，至 2030 年營運 EPS 的年複合成長率（CAGR）將高於 9%。接著看第 14 頁投影片。

One of the most important drivers of our sustained long-term growth outlook continues to be large load demand. We now have 69 gigawatts of contracted load additions through 2030. And up 6 gigawatts from the 63 disclosed last quarter, all supported by a combination of fully executed ESAs and LOAs. This represents another meaningful increase in customer commitments and further reinforces our confidence in the strength and durability of demand across our diverse high-growth service territory.

我們長期持續成長展望最重要的驅動因素之一，仍是大型負載需求。目前我們已簽約、至 2030 年的新增負載達 69 吉瓦。較上季揭露的 63 吉瓦增加 6 吉瓦，且皆由已完整簽署的 ESA 與 LOA 的組合所支撐。這代表客戶承諾再度顯著提升，並進一步強化我們對於多元高成長服務區域內需求強度與持久性的信心。

From a geographic perspective, Texas continues to represent our largest opportunity with 45 gigawatts of contracted load through 2030. Ohio accounts for 12 gigawatts, followed by Oklahoma, Indiana, Kentucky, Louisiana and Virginia, which combined make up the remaining 12 gigawatts. While the scale of this opportunity is significant, it is equally important to highlight the protections embedded within our growth strategy.

從地理分布來看，德州仍是我們最大的機會來源，至 2030 年的簽約負載達 45 吉瓦。俄亥俄州為 12 吉瓦，其次為奧克拉荷馬州、印第安納州、肯塔基州、路易斯安那州與維吉尼亞州，合計構成其餘 12 吉瓦。儘管此機會規模龐大，同樣重要的是要強調我們成長策略中內嵌的保護機制。

Our large load tariffs require customers to make long-term commitments and support the investments necessary to serve their demand. That structure helps ensure that this growth drives value creation for shareholders while also supporting affordability for existing customers by bringing new load onto the system and expanding the base over which costs can be shared.

我們的大型負載費率（tariffs）要求客戶做出長期承諾，並支持為滿足其需求所需的投資。此一架構有助於確保成長能為股東創造價值，同時也透過將新負載導入系統、擴大可分攤成本的基礎，來支持既有客戶的可負擔性。

These tariff frameworks also provide strong protections against project delays and changing development time lines, giving us confidence that we can capture this growth while appropriately managing potential risk. The quality of the customer base is another important differentiator for AEP.

這些費率架構亦能對專案延宕與開發時程變動提供強而有力的保障，使我們有信心在適當管理潛在風險的同時，掌握此一成長。客戶基礎的品質也是 AEP 的另一項重要差異化優勢。

The vast majority of these projects are being advanced by well-capitalized hyperscalers and large industrial customers with significant financial resources and long-term infrastructure needs. As we have previously emphasized, our focus is not simply on the volume of the contracted load, but also on the quality, durability and creditworthiness of the customers who are driving that growth. Turning to slide 15.

這些專案絕大多數由資本實力雄厚的超大規模業者（hyperscalers）與大型工業客戶推進，具備可觀的財務資源與長期基礎設施需求。如同我們先前強調的，我們關注的不僅是簽約負載的量，更包括推動成長之客戶的品質、持久性與信用狀況。接著看第 15 頁投影片。

As I previously mentioned, ERCOT continues to represent the largest source of incremental demand across the footprint with 45 gigawatts of Senate Bill 6 compliant contracted load additions in AEP Texas through 2030. As a reminder, our approach to forecasting load, including ERCOT load is both rigorous and conservative and is supported by fully executed LOAs in Texas.

如我先前提到，ERCOT 仍是我們版圖內增量需求的最大來源；在 AEP Texas，至 2030 年符合參議院法案第 6 號（Senate Bill 6）規範的簽約新增負載達 45 吉瓦。提醒一下，我們對負載的預測方法（包含 ERCOT 負載）既嚴謹又保守，並由德州已完整簽署的 LOA 所支撐。

These agreements require customers to secure land, complete interconnection studies, provide detailed load forecasts and fund the associated infrastructure investments. As a result, the projects reflected in our incremental contracted load have progressed through a disciplined filtration process and represent credible customer commitments with a high degree of confidence.

這些協議要求客戶取得土地、完成併網研究、提供詳細的負載預測，並為相關基礎設施投資提供資金。因此，反映在我們增量簽約負載中的專案，已通過嚴謹的篩選流程，代表可信的客戶承諾，具備高度信心。

Additionally, we view the recent approval of ERCOT's batch framework as a meaningful step forward. The new framework is designed to better distinguish committed projects for more speculative requests and provide greater visibility into the timing of large load opportunities.

此外，我們認為近期 ERCOT 批次框架（batch framework）的核准，是一項具意義的進展。新框架旨在更清楚區分已承諾的專案與較具投機性的申請，並提升對大型負載機會時點的可視性。

A key milestone occurred last week when we submitted 45 gigawatts of projects into ERCOT's Batch Zero process forecasted between now and 2032. ERCOT is currently reviewing those submissions and is expected to determine eligibility for inclusion in the Batch Zero study on August 7. Based on the quality of the projects we submitted and the work completed with our customers, we believe that the projects are well positioned and qualify for inclusion in a Batch Zero category.

上週出現一個關鍵里程碑：我們將 45 吉瓦的專案提交至 ERCOT 的 Batch Zero 流程，預估時點介於現在至 2032 年。ERCOT 目前正在審查這些提交內容，並預計於 8 月 7 日決定是否符合納入 Batch Zero 研究的資格。基於我們所提交專案的品質，以及與客戶共同完成的工作，我們相信這些專案具備良好條件，並符合納入 Batch Zero 類別的資格。

In fact, just over the past month, we have collected nearly $2 billion in cash or collateral for loan commitments in ERCOT, which represents all the required credit support for the full 45 gigawatts included in AEP Texas' Batch Zero filing.

事實上，僅在過去一個月左右，我們就在 ERCOT 收取了近 20 億美元的現金或擔保品作為 LOA 承諾之信用支持，這涵蓋了 AEP Texas 之 Batch Zero 申報所包含全部 45 吉瓦所需的信用支持。

The 45 gigawatts of Batch Zero load submitted by AEP Texas all backed by fully executed LOAs and meaningful credit support underscores the strength and credibility of demand in Texas. Importantly, our $78 billion capital plan does not anticipate this magnitude of load growth. While ERCOT's review process available generation and the time line for transmission development may impact the timing of certain interconnections, these customers remain committed to connecting to our system.

AEP Texas 提交的 45 吉瓦 Batch Zero 負載，皆由已完整簽署的 LOA 與具實質意義的信用支持作後盾，凸顯德州需求的強勁與可信度。重要的是，我們的 780 億美元資本計畫並未預期如此規模的負載成長。雖然 ERCOT 的審查流程、可用發電量以及輸電開發時程可能影響部分併網的時間點，但這些客戶仍致力於接入我們的系統。

And if some of the projects are pushed out, that does not diminish the investment opportunity. In fact, it provides greater confidence that AEP Texas' growth story will continue well into the next decade. The bottom line is that the demand fundamentals in Texas remain exceptionally strong and the additional visibility we are gaining continues to reinforce the robust long-term growth projected there.

即使部分專案時程被延後，也不會削弱投資機會。事實上，這反而讓我們更有信心，AEP Texas 的成長故事將延續至下一個十年。總而言之，德州的需求基本面仍異常強勁，而我們所獲得的額外可視性也持續強化當地所預期的強健長期成長。

Turning to slide 16. Let me conclude with a few brief summary remarks regarding our significant progress achieved across the four key themes that reinforce our positive outlook and position us for continued success. First, enhancing financial performance. We continue to execute on our financial plan and remain focused on delivering consistent results for our stakeholders. Based on our year-to-date performance and the trends we're seeing across the business, we raised our 2026 operating earnings guidance by $0.10 per share.

接著看第 16 頁投影片。最後，我以幾點簡短的總結說明，概述我們在四大關鍵主題上取得的重大進展；這些進展強化了我們的正向展望，並使我們得以持續成功。第一，提升財務表現。我們持續執行財務計畫，並專注為利害關係人交付一致的成果。基於年初至今的表現以及我們在各項業務中觀察到的趨勢，我們將 2026 年營運盈餘指引上調每股 0.10 美元。

We have reaffirmed our annual operating earnings growth rate of 7% to 9% and continue to expect an operating EPS CAGR of greater than 9% through 2030 based on the $78 billion capital plan.

我們已重申年度營運盈餘成長率 7% 至 9% 的目標，並持續預期在 780 億美元資本計畫的基礎上，至 2030 年營運 EPS 的年複合成長率（CAGR）將高於 9%。

During the second quarter, we also substantially derisked our financing plan through the successful execution of our $3 billion marketed equity transaction, which is expected to be settled under forward contracts by May 2028. With this transaction, we have addressed all the anticipated marketed equity needs to support the $78 billion five-year capital plan. We are now well positioned to focus on the robust growth we are seeing across our footprint.

在第二季，我們也透過成功執行 30 億美元的市場化股權交易，大幅降低融資計畫風險；該交易預計將於 2028 年 5 月以前以遠期合約方式交割。透過此交易，我們已滿足支撐 780 億美元五年資本計畫所預期的全部市場化股權需求。我們現在已具備良好條件，得以專注於我們在服務版圖內所見到的強勁成長。

As we evaluate incremental investment opportunities, we will continue to assess a broad set of financing tools with a focus on shareholder value. We remain committed to supporting strong investment-grade credit metrics, including our targeted FFO to debt ratio of 14% to 15%.

在評估增量投資機會時，我們將持續以股東價值為核心，評估多元的融資工具組合。我們仍致力於維持強健的投資級信用指標，包括我們目標的 FFO 對債務比率 14% 至 15%。

Second, driving customer affordability remains a key priority. The large load frameworks we have established across our jurisdictions support rapid growth while creating meaningful benefits for existing customers, including up to $16 billion of projected cost offset. In addition, our DOE financing initiatives are expected to generate significant customer savings of $1.4 billion, while supporting needed infrastructure investment.

第二，推動客戶可負擔性仍是關鍵優先事項。我們在各司法管轄區建立的大型負載架構，在支持快速成長的同時，也為既有客戶創造實質效益，包括最高達 160 億美元的預估成本抵減。此外，我們的 DOE 融資計畫預期可為客戶帶來 14 億美元的顯著節省，同時支持所需的基礎設施投資。

Third, capturing system-wide growth. Customer demand continues to accelerate as we now have 69 gigawatts of contracted load additions to 2030, supported by high-quality, well-capitalized customers. This demand continues to provide a significant runway for future investment and growth across our service territory. We also look forward to obtaining additional clarity on the timing of ERCOT load as the batch process review continues.

第三，掌握全系統成長。客戶需求持續加速；目前我們已擁有至 2030 年的 69 吉瓦簽約新增負載，並由高品質、資本實力雄厚的客戶所支撐。這些需求持續為我們在服務區域內的未來投資與成長提供可觀的跑道。隨著批次流程審查持續進行，我們也期待能就 ERCOT 負載的時點取得更多明確性。

We continue to advance our $78 billion base capital plan and the $10 billion of opportunities beyond the base plan, including the fuel cells for the Wyoming project, the Piketon transmission opportunity, and incremental power generation. We look forward to providing a more comprehensive update on our capital plan, financing strategy and growth trajectory as part of our regular third quarter financing plan update.

我們持續推進 780 億美元的基礎資本計畫，以及基礎計畫之外 100 億美元的機會，包括懷俄明專案的燃料電池、Piketon 輸電機會，以及增量發電。我們期待在例行的第三季融資計畫更新中，就資本計畫、融資策略與成長軌跡提供更全面的更新。

Finally, we remain focused on improving regulatory and operational outcomes, whether it's securing a significant amount of generation resources, advancing critical transmission investments, strengthening regulatory outcomes and relationships or preparing the grid for unprecedented load growth, our teams are committed to delivering results for our customers and our shareholders while maintaining operational excellence.

最後，我們仍專注於改善監管與營運成果；無論是取得大量發電資源、推進關鍵輸電投資、強化監管成果與關係，或是為前所未有的負載成長做好電網準備，我們的團隊都致力於在維持卓越營運的同時，為客戶與股東交付成果。

Taken all together, we believe AEP is one of the best positioned utilities to capitalize on the generational growth occurring across the electric sector, which is supported by a robust capital investment pipeline, a disciplined financing strategy, diverse footprint and strong execution across the business. With that, I will now ask the operator to please open the line for questions.

綜合來看，我們相信 AEP 是最具優勢的公用事業公司之一，能夠把握電力產業正在發生的世代性成長；其背後有強勁的資本投資管線、嚴謹的融資策略、多元的營運版圖，以及在各項業務上的強勁執行力作為支撐。接下來，我將請接線員開放電話線供提問。

(Operator Instructions)

(接線員指示)

Shahriar Pourreza, Wells Fargo.

Shahriar Pourreza，富國銀行。

Bill, just in West Virginia, I know one of your peers is seeing obviously a lot of growth from hyperscalers and potentially looking at a [Genco] structure. Just I guess given the governor's goals around new gas, I guess how are you thinking about potential opportunities to serve hyperscalers in the state using maybe an alternative financing structure as we're kind of thinking about speed to market like bypassing the CPCN process.

Bill，就西維吉尼亞州而言，我知道你們的一家同業顯然正看到來自超大規模業者（hyperscalers）的大量成長，並可能在考慮採用 [Genco] 架構。我想，考量州長對新增天然氣的目標，你們如何看待在該州以可能的替代性融資架構來服務超大規模業者的機會？我們在思考上市速度（speed to market）時，例如繞過 CPCN 流程。

Is the Genco structure like a potential opportunity you see down the road in West Virginia and maybe some of the other states?

Genco 架構是否是你們在西維吉尼亞州、以及可能其他一些州未來會看到的機會？

Yes. Thanks for that question, Shahriar. And we are clearly looking into the Genco structure. We're finding it very intriguing, and I think it will obviously be something we're closely analyzing and at a broader point with regards to West Virginia, really love where we're at in that state. I think you probably saw we already announced one project in West Virginia for about 1.2 gigs, and we've got a number of other projects that are heading on the pathway to support the governor's goals of this 50 by 50 targets.

是的。謝謝你的問題，Shahriar。我們確實正在研究 Genco 架構。我們覺得它非常有吸引力，我認為這顯然會是我們會密切分析的事項；更廣泛地就西維吉尼亞州而言，我們非常喜歡目前在該州的進展。我想你可能也看到，我們已在西維吉尼亞州宣布了一個約 1.2 GW 的專案，另外還有多個專案正在推進中，以支持州長「50 by 50」目標。

And so I like -- I really like where we're at in West Virginia. We've made a tremendous change in atmosphere there. We're very aligned with all of the stakeholders. And I think as the next several months go on, you'll see some pretty significant opportunities come to life there.

因此我很—我真的很喜歡我們在西維吉尼亞州目前的位置。我們已在那裡的氛圍上做出了巨大的改變。我們與所有利害關係人高度一致。我認為在接下來幾個月，你會看到一些相當重大的機會在那裡落地成形。

Got it. Okay. That's perfect. And then just maybe around the guidance and disclosures. I mean, obviously, you guys have Batch Zero that goes beyond, some of that goes beyond 2030, a Batch One you have 195 gigawatt figure out there.

了解。好的。非常好。另外想請教一下關於指引與揭露。我的意思是，很明顯你們有 Batch Zero，其中有些部分延伸到 2030 年之後；Batch One 方面你們也有 195 GW 的數字。

I guess, is there a point where you would think about maybe enhancing your disclosures? I mean some of your peers talk about like EPS ranges for every gigawatt of new large load that comes on. I mean, I guess, is there a point where you move away from the 7% to 9% longer-term number out there? I mean clearly, Bill, what you're displaying as you guys are doing 9 plus and a huge amount of CapEx.

我想問的是，你們是否會在某個時間點考慮加強揭露？我的意思是，你們的一些同業會談到每新增 1 GW 的大型負載上線，EPS 區間可能是多少。我想問的是，你們是否會在某個時間點不再使用目前對外的長期 7% 到 9% 這個數字？因為很明顯，Bill，你所展示的是你們正在做 9% 以上，而且資本支出非常龐大。

I mean, I guess -- is there a way you can provide a little bit more visibility beyond 2030 longer term, just to give investors some more confidence that this isn't sort of a short-term phenomenon.

我的意思是—你們是否能在 2030 年之後提供更多長期能見度，讓投資人更有信心，這不是某種短期現象？

Yes. I appreciate that viewpoint. I'll let Trevor hop in here to finish up on this question. But there's a number of folks who have been quizzing us sort of like how much -- what's our cost per line mile of transmission or cost per kilowatt of plant. And I've sort of kept our team from looking at it in that way because there are so many different variables across these projects that trying to put a number in place like that on some metric, I don't think is really all that accurate and meaningful. And so I'm really keeping our team focused on these things at a project-by-project basis.

是的。我理解這個觀點。我先請 Trevor 進來補充完成這個問題。不過，有不少人一直在問我們，例如我們每英里輸電線路的成本是多少，或每千瓦電廠的成本是多少。我一直讓團隊不要用這種方式去看，因為這些專案之間有太多不同變數，試圖用某個指標去放一個數字，我認為並不那麼精準、也不一定有意義。因此我更希望團隊把重點放在逐案（project-by-project）的基礎上來看。

And as far as sort of additional disclosures, Trevor, maybe give your viewpoint on that.

至於額外揭露方面，Trevor，你也許可以談談你的看法。

Sure, Bill. Shahriar, so with regards to the growth rate and beyond 2030, we really are looking forward to laying out our 2027 to 2031 plan. But as you say, we've got that 195 gigs of folks trying to actively interconnect to the queue. And I think what this really does is it shows that we have a pretty long runway of continued outsized CapEx growth well into the next decade.

當然，Bill。Shahriar，關於成長率以及 2030 年之後的部分，我們非常期待在提出 2027 到 2031 年計畫時進一步說明。但如你所說，我們有 195 GW 的客戶正積極嘗試在併網排隊（queue）中完成互聯。我認為這真正顯示的是，我們在未來十年仍有相當長的跑道，資本支出（CapEx）將持續呈現超常態成長。

And so from that perspective, we will continue to generally talk about what the five-year growth rate is, and then we will contemplate as to what we want to do in the third quarter when we roll out the new revised plan to maybe give some line of sight into anything beyond that.

因此從這個角度，我們一般仍會持續談論五年期的成長率；同時我們也會思考在第三季推出新的修訂計畫時，是否要提供一些超出該期間的能見度。

But again, I think right now, what we remain very committed to is this greater than 9% growth rate over that five-year period. And again, seeing the amount of CapEx around generation, transmission and distribution extending well into the next decade.

但再次強調，我認為我們目前仍非常堅定承諾的是，在那個五年期間維持高於 9% 的成長率。而且也看到圍繞發電、輸電與配電的資本支出將延伸到下一個十年。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

So just on the -- maybe a little bit on the Batch Zero disclosure. Thanks for that. Is there any way to get to tie what's actually in the current capital plan for expected growth for AEP Texas to that?

想就—也許稍微談一下 Batch Zero 的揭露。謝謝你們提供這些資訊。有沒有任何方式可以把 AEP Texas 在目前資本計畫中、對預期成長的內容，與那個揭露連結起來？

Yes. So Steve, what we've done is, historically, we've said that generally, the $78 billion five-year capital plan was disclosed that it really was based on a 13 gigs of interconnection in Texas, and we have raised that now as you've seen to the 45 gigs. Again, what we don't want to assume is that, that's dollar-for-dollar increase.

有的。Steve，我們過去的說法是，一般而言，已揭露的 780 億美元五年資本計畫，是以德州 13 GW 的併網量為基礎；而你也看到我們現在已把這個數字提高到 45 GW。再次強調，我們不希望假設這會是逐美元（dollar-for-dollar）的增加。

But what it is doing is giving us line of sight to an increasing capital plan as we lay out what's going on in Texas. And from that perspective, again, I think what's more meaningful is if you look beyond the 45. We also have -- I think it's almost 100 gigawatts in Texas behind that 45 gigs and again, we know not all of that will come on.

但這確實讓我們能看到資本計畫有上調的能見度，因為我們正在梳理德州正在發生的事情。從這個角度來看，我認為更有意義的是看 45 GW 之外的部分。在這 45 GW 之後，我們在德州還有—我想接近 100 GW 的量在後面排隊；同樣地，我們知道不會全部都上線。

But I think what that really does is it shows a line of sight beyond the five-year plan with continued transmission build-out in Texas in support of these large loads interconnecting.

但我認為這真正顯示的是，在五年計畫之外，我們仍有能見度，會持續在德州擴建輸電，以支援這些大型負載的併網。

Okay. No, that's helpful. But I guess the 13 gigs in the current plan still below even what's in the base?

好的。不，這很有幫助。但我想問的是，目前計畫中的 13 GW 仍然低於即使是 base 裡面的數字？

That's right. That's right.

沒錯。沒錯。

Okay. And maybe just one clarification --

好的。另外再確認一點--

Again, I would say, I would put that as a multiple of 13, so it's going to be 3 times bigger on the CapEx plan prospectively. But we do think there is going to be some increased CapEx in Texas associated with this.

再次說明，我會把它視為 13 的倍數，因此在未來的資本支出計畫上，規模會是 3 倍大。但我們確實認為，德州會有一些與此相關的資本支出增加。

Understood. And then just both you and CenterPoint have given these disclosures, which are helpful. Do you have any idea, just the likelihood that these are -- that ERCOT is going to change them when they finalize, like was this pretty explicit how they were set? Or could there still -- is there likely to be some adjustments?

了解。另外，你們和 CenterPoint 都提供了這些揭露，確實很有幫助。你是否知道這些在 ERCOT 最終定案時被更改的可能性？例如當初設定時是否已相當明確？或者仍可能—是否很可能會有一些調整？

I think if you take a look at what even ERCOT published recently, I think on July 28 on their preliminary overview of the Batch Zero eligibility and what they were putting out there, what I would draw your attention to is within the 205 gigs that they had in the Batch Zero that were eligible we're roughly, call it, a quarter of that. Whether that gets pushed between base or allocated, I really look at those as probably pretty firm amounts. And maybe if it is a slip between base and allocated, it could slip one year.

我認為如果你看看 ERCOT 最近發布的內容，我想是在 7 月 28 日，他們對 Batch Zero 資格的初步概覽以及他們對外公布的資訊；我想請你注意的是，在他們所列出符合 Batch Zero 資格的 205 GW 中，我們大約—可以說約占四分之一。至於是否會在 base 或 allocated 之間移動，我認為那些大概都是相當確定的量。而且即便是在 base 與 allocated 之間有些挪移，也可能只是往後延一年。

But what that really does is gives us, again, confidence that you've got a longer-term line of sight to deploy the capital, and we feel very good about the 45 gigs. And again, as we said in the prepared remarks, the filtration process that we go through, we are pretty rigorous in what we put forward on that. And again, we've gotten all the financial commitments in $2 billion of cash and other forms of collateral in support of those 45 gig.

但這真正帶來的，是再次讓我們更有信心：你們在部署資本方面具備更長期的可視性，而我們對這 45 吉瓦的規模感到非常有把握。而且如同我們在事先準備的發言中所說，我們所採用的篩選流程相當嚴謹，對於要提出的內容把關很嚴。同樣地，我們也已取得對這 45 吉瓦的支持所需之全部財務承諾，包括 20 億美元現金及其他形式的擔保品。

So we're pretty confident in the 45 gigs and then however, ERCOT tries to move that around, I think that's pretty set. It just may move from Batch Zero to Batch One in worst-case scenario.

因此我們對這 45 吉瓦相當有信心；至於 ERCOT 想怎麼調整其配置，我認為大致已經很確定。最壞情況下，可能只是從 Batch Zero 移到 Batch One。

Okay. And then one other just follow-up to the question on West Virginia. The -- one of the things that FirstEnergy mentioned yesterday was also looking at kind of bridging opportunities for some of the new load there. Is that something that you think you could do for customers there as well?

好的。另外還有一個關於西維吉尼亞州問題的追問。FirstEnergy 昨天提到的一點是，他們也在尋找一些「過渡性」機會，以因應那裡部分新增負載。這是否也是你們認為可以為當地客戶提供的服務？

Absolutely, and that's something that I would say we actually pioneered early on with our deal with Bloom Energy. In fact, as we started deploying bridging strategies, obviously, we noticed others sort of picking up on that on that idea. And so as we communicate with customers, we're giving them a very clear line of sight to how much capacity they can get immediately, which in West Virginia, we do have some reasonable opportunities there in that regard and then also how we can supply them energy as we build out the transmission to go get them and/or the generation.

當然可以，而且我會說我們其實很早就透過與 Bloom Energy 的交易在這方面率先開創。事實上，當我們開始部署這些過渡策略時，很明顯也注意到其他人開始採納這個想法。因此在與客戶溝通時，我們會非常清楚地讓他們看到：他們可以立刻取得多少容量；在西維吉尼亞州，就這點而言我們確實有一些相當不錯的機會；同時也會說明，當我們擴建輸電去取得電力來源及／或建置發電資源時，我們如何為他們供應能源。

And so I would say the customers we're talking with right now have been very pleased with the optionality we provided them, and we have a number of active discussions in progress. So super excited about what's happening in West Virginia.

所以我會說，我們目前正在洽談的客戶，對於我們提供的彈性選項都非常滿意，而且我們也有多項積極的討論正在進行中。因此對西維吉尼亞州正在發生的事情感到非常興奮。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

I appreciate it. Nicely done again. If I can take a further focus on PJM here. One, I would love to hear your latest thoughts on how you think about just engaging in nonutility avenues, right? You just alluded to BTM, for instance, is behind the meter bridging.

感謝。再次做得很好。如果可以的話，我想進一步聚焦在 PJM。第一，我很想聽聽你們最新的看法：你們如何看待透過非公用事業（nonutility）的途徑來參與，對吧？你剛才例如提到 BTM，也就是表後（behind the meter）的過渡方案。

Just when you think about segments reporting, when you think about where some of this shows up and your flexibility in helping customers in a restructured geography, how do you think about participating? Or for instance, would you engage in acquiring existing generation to rate base and effectively flow that through your traditional tariffs. Just curious of the permutations both in West Virginia and in your other PJM properties, especially Ohio.

當你們思考分部揭露（segments reporting）、思考這些內容會呈現在何處，以及在重組市場（restructured geography）中協助客戶的彈性時，你們如何看待參與方式？或者例如，你們是否會考慮收購既有發電資產納入費率基礎（rate base），並透過傳統費率機制加以回收？我只是好奇在西維吉尼亞州以及你們其他 PJM 資產（尤其是俄亥俄州）可能的各種組合。

Yes. Thanks, Julien. I think we've proven that we're willing to go out and procure generation in our regulated utilities. And in PJM, we've got a number of projects that we've announced in the past that have been purchased for, for instance, for Indiana Michigan Power, and so we're always on hunt for good quality assets that we can use to really supplement what we have in these Vertically Integrated Utilities, and I also think that the benefit of PJM, obviously, is that we can have these assets in other locations and get that power delivered to where we need it.

是的。謝謝你，Julien。我認為我們已經證明，我們願意在受監管公用事業中外出採購發電資源。在 PJM，我們過去也宣布過多個專案，例如為 Indiana Michigan Power 購入的資產；因此我們一直在尋找高品質資產，用以補強我們在這些垂直整合型公用事業（Vertically Integrated Utilities）中的資源配置；而我也認為 PJM 的好處顯而易見：我們可以在其他地點持有這些資產，並把電力送到我們需要的地方。

And so the benefits of the way we look at the system more broadly is that the footprint really offers us significant advantages in this market because of the fact that a number of hyperscalers now want to be in more rural areas. Our ability to find generation sort of wherever and get it delivered, again, is a pretty significant key advantage for us as we go forward.

因此，從我們更宏觀地看待系統的角度，這個服務版圖（footprint）在此市場中確實為我們帶來顯著優勢，因為現在有不少超大規模業者（hyperscalers）希望落腳在更偏鄉的地區。我們能在各處尋找發電資源並將其送達所需地點，這點再次成為我們未來推進時相當關鍵的優勢。

Got it. Okay. And then just as you think about other novel avenues here to bring generation in, how do you think about new nuclear in the context of a Genco? Or how do you think about the new nuclear construct as it's evolving here with the rating agencies and other parties here. Just ultimately, how is that coming together?

了解。好的。接著，當你們思考其他更創新的途徑來導入發電資源時，你們如何在發電公司（Genco）的脈絡下看待新核能？或者你們如何看待新核能架構在評等機構與其他相關方之間的演進？最終而言，這整體是如何逐步成形的？

You guys have been particularly spoken on this.

你們在這方面一直講得很明確。

Well, I think just on the broader topic of a Genco, it's clearly something that we're doing significant evaluation of as we think it provides some pretty significant advantages to us as we go forward and look to serve these customers on a very significant size on the new nuclear front, as we evaluate these new nuclear opportunities, whether they're in a Genco or whether they're tied directly to a specific customer.

我想就發電公司（Genco）這個更廣泛的主題而言，這顯然是我們正在進行大量評估的方向，因為當我們展望未來、並希望以相當大的規模服務這些客戶時，它可能為我們帶來相當顯著的優勢；而在新核能方面，當我們評估這些新核能機會時，無論它們是在 Genco 架構下，或是直接綁定特定客戶。

Just to reiterate, we're continuing to remain extremely prudent in the capital allocation and near-term spending on this to make sure that we're aligned with our broader financial strategy and as we've said in the prepared remarks, we're going to continue to require robust capital protection measures around this, some very strong balance sheet and credit safeguards and clear regulatory and policy support in order to move forward with anything.

再重申一次，我們在資本配置與短期支出上仍會保持極度審慎，以確保與我們更廣泛的財務策略一致；並且如同我們在事先準備的發言中所說，我們將持續要求在此議題上具備強而有力的資本保護措施、非常堅實的資產負債表與信用保障，以及明確的監管與政策支持，才會推進任何事項。

And so while the structures are interesting, we continue to look at other opportunities and trying to find a way to serve these customers in a manner that gives them the timing that they want.

因此，雖然這些架構很有意思，我們仍持續尋找其他機會，並試圖找到一種方式，以符合客戶所期望的時程來服務他們。

Sorry, just a quick one, just to clarify the response to Shahriar earlier. You said you're committed to this greater than 9% growth rate over the five-year period. Just we've seen your peers kind of say, look, we're not going to be overly prescriptive we're going to leave it as a kind of a 9-plus and you can do the math, if you will. Is that the construct that you're thinking about here? Or do you think -- obviously, given what you're even alluding to here, there's more latitude than what 9 would suggest.

抱歉，快速問一個，只是想釐清你先前對 Shahriar 的回覆。你說你們承諾在五年期間維持高於 9% 的成長率。只是我們看到同業有些會說：我們不會過度具體描述，就維持「9% 以上」，你可以自行推算。這是你們在此所採用的表述方式嗎？或者你認為——顯然依你剛才的暗示——其實彈性空間比 9% 所呈現的還要更大？

I'm just curious how you would think about communicating that? Or do you just leave the plus with maybe another plus?

我只是好奇你們會如何對外溝通？或者你們就保留那個「plus」，甚至再加一個「plus」？

Well, my view is plus, plus, plus, but I'll let Trevor answer it.

嗯，我的看法是 plus、plus、plus，但我讓 Trevor 來回答。

So yes, Julien, I think from our perspective, given that we are at a greater than 9% over the five-year period, which I think is probably one of the industry-leading growth rates out there. I think we're comfortable with that because as you look beyond the five-year plan, we continue to see a lot of opportunity to continue to invest capital and an increase growing capital plan.

所以是的，Julien，從我們的角度來看，鑑於我們在五年期間的成長率高於 9%，我認為這可能是業界領先的成長率之一。我們對此感到安心，因為當你把視野放到五年計畫之外，我們仍看到很多機會可以持續投入資本，並擴大成長中的資本計畫。

But we just want to be careful that we're not getting ourselves into a situation where it's making -- financing that difficult or anything to that effect. And again, I think for a utility with a TSR of 10% to 13% is pretty robust. And I think, again, we've alluded to the fact that on this call and what we're happy to come out with on the third quarter call, a continued increase in the capital plan, which we'll continue to see that growth rate into the next decade.

但我們也希望謹慎，避免讓自己陷入使融資變得困難或類似情況。而且我認為，對一家公用事業而言，10% 到 13% 的股東總報酬（TSR）是相當穩健的。同時我想再次提到，我們在這通電話中已暗示、也很樂意在第三季電話會議上提出：資本計畫將持續上調，而我們也預期這個成長率會延續到下一個十年。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

I want to stick with some of these PJM topics, but zoom out a little bit more. If piggyback to last quarter, you had some comments on kind of the state of PJM and there have been numerous developments on the PJM upfront since then. I'm curious kind of on balance of all those developments and what's the come into the fall, how you're thinking about the sort of PJM push and takes as you see them right now?

我想延續一些 PJM 的主題，但把視角再拉遠一點。承接上季，你們曾就 PJM 的狀況發表一些看法，而自那之後 PJM 前端也出現了許多發展。我想請教，綜合這些發展、並展望進入秋季之際，你們目前如何看待 PJM 的各種推力與拉力（push and takes）？

As we highlighted back on the first quarter call, just to remind everybody, we saw three main issues as it pertains to serving new customer load in PJM governance, the speed of interconnect and then resource adequacy. And since that call, I want to say to all that the pace and intensity of productive conversations with PJM has significantly increased.

如同我們在第一季電話會議中強調的，提醒大家一下，我們認為在 PJM 的治理架構下，要服務新增客戶負載主要有三個議題：併網速度（interconnect）、以及資源充足性（resource adequacy）。而自那次電話會議以來，我想告訴大家的是：與 PJM 之間具建設性的對話，其進展速度與強度都已顯著提升。

And we're seeing very positive engagement across the board, including the team at PJM for other key stakeholders are states. And we continue to analyze all of the options, and we're hopeful that we can all come together and create a set of solutions that allow us to meet the needs of the customers.

我們看到各方面都有非常正面的參與度，包括 PJM 團隊，以及其他關鍵利害關係人與各州。我們也持續分析所有選項，並希望大家能夠凝聚共識，提出一套解決方案，讓我們得以滿足客戶的需求。

And we certainly recognize that PJM is seeking to address a number of these issues and coming out of the July 23 technical conference. We are very optimistic that there's going to be alignment around some of the solutions. And as these issues continue to evolve, it's obviously important that any of the frameworks that get put forward ensure fairness to all of the participants and protect customers and appropriately the science costs to those who are causing them.

我們當然也認知到，PJM 正在尋求處理其中多項議題，並延續 7 月 23 日技術會議的討論成果。我們非常樂觀，認為在部分解決方案上將會形成一致。隨著這些議題持續演進，顯然任何提出的架構都必須確保對所有參與者的公平性、保護客戶，並將相關成本適當地歸屬於造成成本者。

And so I'm very hopeful with where we're at. Obviously, this is an important topic for us. We were significantly engaged in the technical conference, and I'm hopeful then that as the next few weeks pass that there's going to be a good solution set that can be supported by ourselves in FERC and a number of our other stakeholders and collaborators.

因此，我對目前的進展非常有信心。顯然，這對我們而言是重要議題。我們在技術會議中投入了大量參與，也希望在接下來幾週內，能形成一套良好的解決方案組合，並可獲得我們、FERC 以及其他多位利害關係人與合作夥伴的支持。

Great. And then thirdly upside CapEx. I know you tick through some of the considerations around fuel cells and Piketon. I guess, across both those two in particular, are you thinking about milestones into the 3Q planned update and if those projects will be ready for inclusion in the base plan, I guess, particularly for fuel cells with that December date you highlighted?

很好。第三個問題是資本支出（CapEx）的上行空間。我知道你提到一些關於燃料電池與 Piketon 的考量。我想問的是，特別就這兩個專案而言，你們是否在思考 3Q 規劃更新前的里程碑，以及這些專案是否會準備好納入基礎計畫？尤其是燃料電池，你提到的那個 12 月日期。

Yes, Richard, this is Trevor. I think we feel pretty optimistic with regards to both projects. I think we've been pretty public about the fact that I think the Piketon project, in particular, we're advancing towards executing docs on that, and we anticipate that we would have executed docs in the third quarter. So I think that would then roll into the five-year capital plan that we would roll out on the third quarter call. With regards to the Wyoming fuel cell project, there, again, I think we continue to work with the hyperscaler.

是的，Richard，我是 Trevor。我想我們對這兩個專案都相當樂觀。我們也相當公開地提過，特別是 Piketon 專案，我們正推進到要簽署相關文件的階段，並預期會在第三季完成簽署。因此我認為這會納入我們在第三季電話會議上發布的五年資本計畫。至於懷俄明州的燃料電池專案，我們同樣持續與超大規模業者（hyperscaler）合作。

We did make some accommodations with regards to timing, and we're adequately compensated for that adjustment. But again, what we're really hopeful for is that, that project will advance. And I think timing is key on that just because those fuel cells need to be installed and ready to go by the end of 2028 to qualify for the investment tax credit.

我們確實就時程做了一些調整安排，且針對該調整也獲得了充分補償。但我們真正希望的是該專案能持續推進。我認為時程在這裡非常關鍵，因為那些燃料電池必須在 2028 年底前完成安裝並可投入運轉，才能符合投資稅額抵免（investment tax credit）的資格。

And so I think, likewise, we will see some a positive movement, hopefully, by that third quarter call and then roll that into the five-year plan. And then likewise, we also have, as we've said on the call, the 13 gigawatts of incremental generation. Some of that, call it maybe roughly about half was in the existing $78 billion five-year capital plan, but the incremental other half of those generation projects will roll in, and that's also some tailwinds going into the revised five-year capital plan for '27 to '31.

因此我同樣認為，希望在第三季電話會議前能看到一些正向進展，並將其納入五年計畫。另外，如同我們在電話會議中所說，我們也有 13 吉瓦的增量發電。其中大約一半已包含在現有的 780 億美元五年資本計畫中，但其餘新增的一半發電專案將會納入，這也將成為我們修訂後 2027 至 2031 年五年資本計畫的助力。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

I was wondering if you could elaborate a little bit on what types of agreements you're looking at for that 10 gigawatts of turbines that you're kind of exploring access to in the 2030s. Is this framework agreements over that -- for gigawatts over that time frame. And I guess what gives you the visibility also in kind of the line of sight looking out that far as to your current needs.

我想請你再多說明一下，你們正在探索於 2030 年代可取得的那 10 吉瓦渦輪機，可能會採用哪些類型的協議。這是涵蓋該期間、以吉瓦為單位的框架協議嗎？另外，我也想了解，讓你們能在那麼遠的時間尺度上仍有可視性、並對目前需求有明確掌握的原因是什麼。

So if you look at our overall planning, we're obviously one of the nation's largest owner operators of electric generation. We've been very proactive since I arrived over the past couple of years to be securing turbines and other critical long lead time equipment basically essentially using our size and scale and our relationships with namely GE, Renova and Mitsubishi to get this equipment locked up.

如果你看我們整體規劃，我們顯然是全美最大的發電資產擁有與營運者之一。自我在過去幾年加入以來，我們一直非常積極，透過我們的規模與量體，以及與主要供應商（尤其是 GE、Renova 與三菱）的關係，提前鎖定渦輪機與其他關鍵、交期很長的設備。

And as we looked at and are looking at our new five-year plan this fall. The new generation investments are going to play a pretty central role in driving the long-term growth as we look to deploy this 13 gigawatts of turbine capacity across the regulated businesses. And we've been obviously extremely proactive to get these turbines. As we think about where this is going, we know that generation is going to be a driving force. And because of that, it's a scarce resource and will become increasingly more valuable.

而在我們今年秋季檢視並制定新的五年計畫時，新的發電投資將在推動長期成長方面扮演相當核心的角色，因為我們計畫在受監管業務中部署這 13 吉瓦的渦輪機容量。我們也顯然非常積極地取得這些渦輪機。當我們思考未來走向時，我們知道發電將會是主要驅動力。也因此，這是一項稀缺資源，且其價值將愈來愈高。

So this has certainly played out, and we're going to continue to be aggressive in our positions on this, and we're continuing to actively work with the key suppliers and are very confident that not only with what we have locked up, but we've got clear line of sight through certain framework agreements and such that we can get what we need to continue to deliver customers.

因此這點已經明顯反映出來，我們也會持續在這方面採取更積極的策略立場；我們正持續與關鍵供應商密切合作，並非常有信心，不僅是我們已鎖定的部分，透過某些框架協議等安排，我們也有清楚的可視性，能取得所需資源，持續為客戶提供服務。

Trevor, anything to add?

Trevor，有要補充的嗎？

Yes. Thanks, Bill. Just two things. One, David, I would say that the 10 gig is an option for us. So we're not committed to that, but we have the option to step into those slots.

有。謝謝，Bill。兩點補充。第一，David，我會說那 10 吉瓦對我們而言是一個選擇權（option）。所以我們並未承諾一定要用，但我們有選擇權可以進入那些產能/交付檔期（slots）。

But more importantly, I would also say, when you take a look at what the timing of those 10 gigs would be, it dovetails well into our existing plants that are aging and will be retiring. And so what this is really doing is setting us up really well to continue to replace potentially some of the coal plants and some of the retiring gas plants in our Vertically Integrated Utilities.

但更重要的是，當你看那 10 吉瓦的時程安排，它與我們現有機組逐步老化並將退役的時間點相當吻合。因此，這實際上是讓我們做好準備，在我們的垂直整合公用事業（Vertically Integrated Utilities）中，持續替換部分燃煤機組以及部分即將退役的燃氣機組。

So again, it's just us taking a very forward-leaning approach to ensuring we've got access to the assets for the support of the entire portfolio.

所以再說一次，這就是我們採取非常前瞻、積極的作法，確保我們能取得相關資產，以支撐整體投資組合。

Got it. Yes, that's helpful. I appreciate that. Separately, I was just wondering, as we head, I guess, into your 3Q and the update to the CapEx plan, as I'm looking at the new generation resources, just wondering, are there other incremental load opportunities coming between now and then, between now and 3Q? Like is there further potential upside to, say, the Batch Zero or you've been obviously very active, very successful in the quarterly progress on contracting new large loads with 6 gigawatts here.

了解。是的，這很有幫助。謝謝。另外我也想問，當我們即將進入你們第三季、並更新資本支出計畫時，我在看新的發電資源，想了解在現在到第三季之間，是否還會出現其他新增的負載機會？例如 Batch Zero 是否還有進一步上行的可能？你們顯然非常積極、也很成功地在每季持續簽下新的大型負載合約，目前已達 6 吉瓦。

Like could that continue to increase as we go in the coming months into 3Q?

在接下來幾個月、進入第三季之前，這個數字是否可能繼續增加？

Yes. I think -- what we have seen is that executed LOAs and ESAs increase every quarter over the last, call it, six, seven quarters here. We do continue to see active interconnection requests to connect to the system. Again, we do know that a lot of that is limited by generation in some of those states like Texas and Ohio for our Vertically Integrated Utilities. This is where we've been very forward leaning in trying to secure those 13 gigs to ensure that we can meet that potential load.

是的。我想——我們看到已簽署的 LOA 與 ESA 在過去大約六、七個季度中每一季都在增加。我們也持續看到大量、活躍的併網申請要接入系統。同樣地，我們也知道其中不少會受到發電資源限制，特別是在德州與俄亥俄等州，對我們的垂直整合公用事業而言尤其如此。這也是我們非常前瞻地嘗試鎖定那 13 吉瓦的原因，以確保我們能滿足潛在負載需求。

But I would say this is something that we continue to see a lot of opportunity where large, well capitalized and not just hyperscalers, but industrial customers continue to actively try to interconnect to our system.

但我會說，我們持續看到很多機會：大型、資本雄厚的客戶——不僅是超大規模業者（hyperscalers），也包括工業客戶——都仍在積極尋求併網接入我們的系統。

So I think you will continue to see that number continue to move and refine over the next several quarters.

因此我認為，接下來幾個季度你會持續看到這個數字繼續變動並逐步精煉。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

This is actually Aidan, on for Jeremy. Just want to hone in on the -- just want to hone in on the $16 billion of cost offsets. Clearly, that's a very large number here. And I guess is there any way like how we should be thinking about translating that figure into annual bill mitigation across your key jurisdictions and when customers should be kind of seeing the most meaningful benefit?

其實我是 Aidan，代替 Jeremy 上線。我想聚焦在——我想聚焦在 160 億美元的成本抵減。很明顯，這是一個非常大的數字。我想問，有沒有什麼方式可以讓我們理解：該如何把這個數字換算成你們主要監管轄區內每年的帳單緩解幅度，以及客戶大概何時會看到最顯著的效益？

Yes. Let me kind of take a first stab at that and then I'll also turn it over to Kate to see if she wants to add anything. But I think one of the biggest things that we want to point out is that $16 billion over the life of the contract is really just at our Vertically Integrated Utilities because it's really under the ESAs. And so from that perspective, what we've done is when we looked at the calculation of that and see what the up to $16 billion of cost offsets could be, it was really done on a methodology spread across the Vertically Integrated Utilities.

是的。我先嘗試回答一下，然後也會把問題交給 Kate，看看她是否要補充。但我認為我們最想強調的一點是：合約存續期間的 160 億美元，實際上只是在我們的垂直整合公用事業（Vertically Integrated Utilities）範圍內，因為它主要是在 ESA 之下。因此，從這個角度來看，我們在計算並評估最高可達 160 億美元的成本抵減時，採用的方法論是分攤到各個垂直整合公用事業上。

Kate, do you want to add anything?

Kate，你要補充什麼嗎？

Aidan, it's Kate. The only thing I would add is we're starting to see that come through our regulatory process already, right? In Indiana, and we've been very public about the fact that we will be filing for a rate decrease you've seen us have a rate decrease on the residential side in Ohio. So you're starting to see some of that come through our rate proceedings already. And as we move further through the cycle here, we expect that trend to continue.

Aidan，我是 Kate。我唯一想補充的是，我們已經開始在監管程序中看到這些效益逐步反映出來，對吧？在印第安納州，我們也很公開地表示將申請調降費率；你也看到我們在俄亥俄州的住宅用戶端已經有費率下調。所以你已經開始在我們的費率審議程序中看到部分反映。隨著我們在這個循環中持續推進，我們預期這個趨勢會延續。

Great. That's super helpful. And then for the 2026 guidance raised today, could you just explain that that is more so driven by the Generation & Marketing segment or also kind of reflecting higher load growth or earned ROEs than maybe expected? And then, I guess, how informative is your outlook for the Generation & Marketing segment segment, like in the go-forward years?

很好。這非常有幫助。另外，關於今天上調的 2026 年指引，你能否說明這主要是由發電與行銷（Generation & Marketing）部門所驅動，還是也反映了負載成長較高、或實際取得的 ROE 高於原先預期？以及，我想問，你們對發電與行銷部門的展望，對未來年度而言有多大的參考性？

Yes. So on the guidance increase, we want to emphasize that where we are year-to-date through is really well within or actually in excess of what our plan was when we built the guidance range of the $6.15 to $6.45. And so we feel that's -- we had a good strong start to the first half of the year.

是的。關於指引上調，我們想強調的是：截至目前的年初至今表現，完全落在我們原先規劃之內，甚至實際上超過了我們在建立每股盈餘 6.15 至 6.45 美元指引區間時的計畫水準。因此我們認為——上半年有一個非常強勁的開局。

And then looking at the second half of the year, historically, Q3 has typically been our strongest quarter -- and then we've got earnings uplift from certain regulatory matters, primarily in APCo with the inflation-based rates also in SWEPCO, Texas and in PSO. So that will fade in over the second half of the year, which is giving us great confidence to be able to raise the guidance range to that increase in $0.10.

再看下半年，歷史上第三季通常是我們最強的一季——而且我們也會因某些監管事項而帶來獲利上行，主要是在 APCo 的通膨連動費率，以及 SWEPCO、德州與 PSO。因此這些因素會在下半年逐步反映，讓我們非常有信心把指引區間上調 0.10 美元。

So that's really kind of what we're looking at right now.

這就是我們目前主要在看的部分。

Michael Lonegan, Barclays.

Barclays 的 Michael Lonegan。

So the Oklahoma rate case settlement includes the full transmission tracker that could improve your earned ROE in the state. Was that contemplated in your plan when you set the earned ROE target of 9.5% that you reiterated today? Would you say that, that target is now conservative? And also, should we expect you to meaningfully increase your capital in the state?

奧克拉荷馬州的費率案件和解包含完整的輸電追蹤機制（transmission tracker），這可能改善你們在該州實際取得的 ROE。在你們設定並於今天重申 9.5% 的實際 ROE 目標時，這點是否已納入你們的計畫？你會說這個目標現在變得偏保守嗎？另外，我們是否應預期你們會在該州顯著增加資本投入？

So look, I would say -- I'm going to answer the second part of that question first. We continue to see robust growth across four key areas right now being Texas, Oklahoma, Ohio and Indiana. And then as Bill mentioned, we're starting to see a lot of opportunity around Virginia and West Virginia. But I wouldn't say specifically it was contemplated on the tracker in our guidance because you kind of go into these rate case settlements and there's a lot of moving parts.

我會先回答你問題的第二部分。我們目前持續看到四個關鍵區域的強勁成長，分別是德州、奧克拉荷馬州、俄亥俄州與印第安納州。另外如 Bill 提到的，我們也開始在維吉尼亞州與西維吉尼亞州看到很多機會。但我不會說在我們的指引中有特別把追蹤機制納入考量，因為你進入這些費率案件和解時，會有很多變動因素。

But with us getting the tracker and having the very slight decrease from 9.5% to 9.375% on what we've reached a potential settlement with some key interveners. I think those two largely offset each other pretty well. And in fact, we feel very good about having a tracker mechanism there. So from that perspective, it really is -- needs to be contemplated in the full mindset of your kind of a give and take in these settlements.

不過，隨著我們取得追蹤機制，且在與一些主要介入方達成潛在和解時，ROE 從 9.5% 略降至 9.375%。我認為這兩者大致上彼此抵銷得相當不錯。事實上，我們對於能有追蹤機制感到非常正面。所以從這個角度來看，確實需要把它放在整體脈絡中理解：這些和解本來就是一種取捨。

And then just wondering if you could talk about when you plan to file the rate case in Indiana and if you expect the case to be complicated by the affordability report and I know you will be filing for a rate decrease, but the report establishes investigations to various aspects of ratemaking including ROE. So just wondering how you are thinking about that with the rate case that will be going on during the investigations into rate making?

另外想請你談談你們計畫何時在印第安納州提出費率案件申請，以及你們是否預期該案件會因可負擔性報告而變得更複雜。我知道你們將申請調降費率，但該報告也啟動了對費率制定多個面向（包含 ROE）的調查。所以想請問，在費率案件進行的同時又有費率制定調查，你們是如何看待這件事？

Well, first and foremost, Indiana remains one of our premium jurisdictions, particularly given I&M's ability to capture the economic development there, while simultaneously balancing affordability particularly when we have historically low rates versus our other peers in that state. So as you noted, we implemented rate reductions earlier this year, and we've announced plans to file a base rate decrease later on this summer that hasn't been scheduled yet.

首先也是最重要的，印第安納州仍然是我們的優質監管轄區之一，特別是考量到 I&M 能夠掌握當地的經濟發展，同時也能兼顧可負擔性，尤其是我們在該州相較其他同業仍維持歷史低檔的費率水準。因此如你所提，我們今年稍早已實施費率下調，並且已宣布計畫在今年夏末提出基礎費率下調申請，目前尚未排定時程。

But it's not far from now. These rate reductions, as Kate noted, are made possible by the ability to attract large, load customers like Google and Microsoft and then shifting a significant amount of those fixed costs away from residential customers.

但時間已經不遠了。如 Kate 所說，這些費率下調之所以可行，是因為我們能吸引像 Google、Microsoft 這樣的大型負載客戶，並把相當一部分固定成本從住宅用戶端轉移出去。

And with regards to the studies and other activities that are going on there. I want to be very clear in the fact that we have very strong relationships in that state with key stakeholders. In fact, in our discussions with these state officials, they've pointed to I&M as being a leading example of how a company can support economic growth while actually driving customer affordability and they've cited I&M's plan rate decreased finally many times in those discussions.

至於當地正在進行的研究與其他活動。我想非常清楚地說，我們在該州與關鍵利害關係人維持非常強健的關係。事實上，在我們與州政府官員的討論中，他們指出 I&M 是一個領先的示範案例，說明企業如何在支持經濟成長的同時，實際上也能提升客戶可負擔性；而且在那些討論中，他們也多次引用 I&M 最終的費率下調計畫。

And so we look very forward to continue collaborating with all the stakeholders in the state to advance the outcomes that support economic development and enhance affordability for customers and mostly create long-term value for our folks there and continuing to do what the state wants us to do, which is provide exceptional customer service and continue to try and reduce our costs, and that's what we're committed to.

因此，我們非常期待能持續與州內所有利害關係人合作，推動能支持經濟發展並提升客戶可負擔性的成果，最重要的是為當地的同仁創造長期價值，並持續做州政府希望我們做的事：提供卓越的客戶服務，並持續努力降低成本——這就是我們的承諾。

This concludes the question-and-answer session. I would like to turn the call back over to Bill Fehrman, President and CEO, for closing remarks.

問答環節到此結束。我想把電話會議交回給總裁兼執行長 Bill Fehrman，請他做結語。

Yes. Look, everybody, really appreciate joining us on today's call. I know there's a number of other earnings calls today. So we appreciate you joining ours. If you have any follow-up items, just please reach out to the IR team with your questions, and we look forward to seeing you all later in the year at the various investor conferences coming up.

是的。各位，我們非常感謝大家參加今天的電話會議。我知道今天還有不少其他公司的財報電話會議。所以我們很感謝你們參加我們這一場。如果你們有任何後續問題，請聯繫投資人關係（IR）團隊提出問題；也期待今年稍晚在接下來的各場投資人會議上與各位見面。

So thank you for your continued interest in our company, and this concludes our call. Thank you.

因此，感謝各位持續關注我們公司，本次電話會議到此結束。謝謝。

The telephone replay, playback ID 566-2331, followed by pound key. US and Canada toll-free plus 1-800-770-2030, US toll plus 1-609-800-9909, Canada toll plus 1-647-362-9199, United Kingdom plus 44-2034-333849. Echo replay will expire on Thursday, August 6, 2026, 11:59 PM Eastern Time.

電話重播：播放代碼 566-2331，然後按井字鍵。美國與加拿大免付費：+1-800-770-2030；美國付費：+1-609-800-9909；加拿大付費：+1-647-362-9199；英國：+44-2034-333849。Echo 重播將於 2026 年 8 月 6 日（週四）美東時間晚上 11:59 到期。