美國電力 (AEP) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the American Electric Power third quarter 2026 earnings call. (Operator Instructions) This call is scheduled to last approximately one hour.

各位好。感謝各位加入，歡迎參加美國電力公司（American Electric Power，AEP）2026 年第三季財報電話會議。(接線員指示) 本次電話會議預計約一小時。

I will now hand the conference over to Andy Gurgol, Vice President of Investor Relations. Andy, please go ahead.

現在我將把會議交給投資人關係副總裁 Andy Gurgol。Andy，請開始。

Good morning, and welcome to American Electric Power's third 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 年第三季財報電話會議。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）」專區觀看。

Joining me today are William 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 William Fehrman，以及財務長 Trevor Mihalik。此外，現場還有其他管理團隊成員，包括資深副總裁、財務控制長暨會計長 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 statement 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.

我們在本次電話會議中將發表前瞻性陳述。我們今天所作任何前瞻性陳述之實際結果，可能與預期存在重大差異。可能導致實際結果與預期有重大差異的因素，已於公司最新的 SEC 申報文件中說明。請參閱本次電話會議隨附的簡報投影片，以取得與 GAAP 指標之調節資訊。在開場致詞後，我們將回答各位提問。

Please start on slide 5 as I hand the call over to Bill.

請從第 5 頁投影片開始，我將把電話會議交給 Bill。

Thank you, Andy, and good morning, and thank you for joining us for our third quarter 2026 earnings call. In my remarks this morning, I'll briefly cover our third quarter results before turning to the unique advantages of AEP's portfolio and outline how they are driving sustained outsized growth and differential value for both customers and shareholders. A summary of our updated strategic outlook and financial plan can be found on slides 5 and 6.

謝謝你，Andy，各位早安，也感謝各位參加我們 2026 年第三季財報電話會議。在我今天早上的談話中，我會先簡要說明第三季業績，接著談 AEP 投資組合的獨特優勢，並說明這些優勢如何推動可持續的超額成長，並為客戶與股東創造差異化價值。我們更新後的策略展望與財務計畫摘要，請見第 5 與第 6 頁投影片。

To be very clear, AEP is extremely well positioned to capitalize on the opportunity ahead through what I would consider a best-in-class leadership team, strong relationships with state political leaders and regulators, intense focus on financial performance, balance sheet strength and exceptional execution-driven accountability across the entire organization. Combined with the size, scale and diversification of our portfolio, AEP provides reliable and affordable electric service, delivers the growth investments our customers need and creates substantial long-term value for our shareholders.

我要非常清楚地說，AEP 具備極佳的條件把握眼前機會：我認為我們擁有同業最佳的領導團隊、與各州政治領袖及監管機關的穩固關係、對財務表現的高度專注、強健的資產負債表，以及全組織卓越且以執行為導向的問責文化。再加上我們投資組合的規模、量體與多元化，AEP 能提供可靠且可負擔的電力服務，交付客戶所需的成長型投資，並為股東創造可觀的長期價值。

Today, we are pleased to introduce a new long-term expected annual operating EPS growth rate of 9% to 11% for 2027 through 2031. We also expect a compounded annual growth rate of greater than 10% through 2031 based on the original 2026 guidance midpoint. This outlook is supported by a $100 billion five-year capital plan, one of the largest in the industry, anchored by significant and durable investments in the safety, reliability and resilience of our system, particularly across generation and transmission.

今天，我們很高興宣布新的長期預期年化營運 EPS 成長率：2027 年至 2031 年為 9% 至 11%。我們也預期，以原先 2026 年財測區間中點為基礎，至 2031 年的年複合成長率將超過 10%。此一展望由 1,000 億美元的五年資本計畫支撐，為業界最大規模之一；其核心在於對系統安全、可靠性與韌性的重大且具持久性的投資，尤其聚焦於發電與輸電領域。

In support of this growth, this past quarter, we finalized commercial agreements for both the Wyoming fuel cell project and the 765 kV transmission build in Piketon, Ohio, allowing us to incorporate both into the updated capital plan. Construction is well underway on the Wyoming fuel cell project, which is underpinned by a 20-year power purchase agreement with Google.

為支持此一成長，上季我們完成了懷俄明燃料電池專案以及俄亥俄州 Piketon 的 765 kV 輸電建設之商業協議，使我們得以將兩項專案納入更新後的資本計畫。懷俄明燃料電池專案的施工已進展順利，並由與 Google 簽訂的 20 年期購電協議作為基礎支撐。

The Piketon project is supported by a 20-year offtake agreement with SB Energy, which will fund the project cost and is backed by a highly rated investment-grade counterparty. With construction expected to begin in the first quarter of 2027, we have secured substantially all of the rights of way and plan on submitting the required regulatory filing shortly. We are also pleased to share that AEP reported third quarter 2026 operating earnings of $2.23 per share or $1.2 billion.

Piketon 專案由與 SB Energy 簽訂的 20 年期承購（offtake）協議支持；SB Energy 將負擔專案成本，且其對手方為評等優良的投資等級機構。預計於 2027 年第一季動工，我們已取得幾乎所有通行權（right of way），並計畫近期提交所需的監管申報。我們也很高興分享，AEP 2026 年第三季營運盈餘為每股 2.23 美元，或 12 億美元。

As a result, we now have confidence to expect full year operating earnings to be at or above the high end of our recently increased 2026 guidance range of $6.25 to $6.55 per share. Given the visibility we have in our growth and confidence in our execution plans, we are excited to share 2027 and 2028 operating earnings guidance ranges of $6.75 to $7.05 per share and $7.40 to $7.70 per share, respectively.

因此，我們現在有信心預期全年營運盈餘將達到或高於我們近期上調之 2026 年財測區間（每股 6.25 至 6.55 美元）的上緣。鑑於我們對成長能見度的掌握以及對執行計畫的信心，我們很高興提供 2027 年與 2028 年營運盈餘財測區間，分別為每股 6.75 至 7.05 美元，以及每股 7.40 至 7.70 美元。

Year-over-year, the midpoints of these ranges imply an approximate 9.5% increase based on the original 2026 guidance midpoint. Later in the call, Trevor will walk through third quarter performance drivers and provide additional details regarding our updated financial plan and long-term outlook.

以年對年比較，這些區間的中點相較於原先 2026 年財測中點，意味著約 9.5% 的增幅。在稍後的電話會議中，Trevor 將說明第三季表現的主要驅動因素，並就我們更新後的財務計畫與長期展望提供更多細節。

Please turn to slide 7. The U.S. utility sector is experiencing an unprecedented surge in electric demand, and AEP is right in the center of this opportunity. Given the scale of contracted and committed load across our service territory, we expect demand on our system to more than triple by 2031, created by substantial economic development activity throughout our footprint. What sets AEP apart is not simply the scale of that growth, but where it is occurring. The 11 states we operate in generate roughly one quarter of US GDP and are attracting significant investment from data centers, manufacturing activity and energy infrastructure.

請翻到第 7 頁投影片。美國公用事業產業正經歷前所未有的用電需求激增，而 AEP 正處於這項機會的核心位置。鑑於我們服務區域內已簽約與已承諾的負載規模，我們預期到 2031 年系統需求將成長至目前的三倍以上，這主要來自我們版圖內廣泛的經濟發展活動。AEP 的與眾不同之處不僅在於成長規模，更在於成長發生的位置。我們營運的 11 個州合計約占美國 GDP 的四分之一，並正吸引資料中心、製造業活動與能源基礎設施的大量投資。

These trends are driving a durable increase in electricity demand and creating substantial opportunities for long-term infrastructure investment. Importantly, the states served by AEP pair robust business fundamentals with supportive state political leadership, constructive regulation and strong investment recovery mechanisms. The combination of compelling demand growth, constructive regulation and transparent cost recovery frameworks position AEP to capitalize on this growth opportunity and reflects the characteristics that investors continue to reward with premium valuation.

這些趨勢正推動用電需求的持續性提升，並創造長期基礎設施投資的重大機會。重要的是，AEP 服務的各州兼具強健的商業基本面、支持性的州政府政治領導、具建設性的監管環境，以及健全的投資回收機制。具吸引力的需求成長、具建設性的監管，以及透明的成本回收架構相結合，使 AEP 得以把握此一成長機會，也反映出投資人持續以溢價估值所獎勵的特質。

Turning to slide 8. AEP's scale, expertise and leadership in transmission, particularly 765 kV infrastructure, provide a sustainable and increasingly valuable strategic advantage. We own and operate the nation's largest transmission network, which positions us to capture significant organic growth opportunities while offering customers a differentiated single provider solution across multiple RTOs and states.

接著看第 8 頁投影片。AEP 在輸電領域的規模、專業能力與領導地位，特別是在 765 kV 基礎設施方面，提供了可持續且日益珍貴的策略優勢。我們擁有並營運全美最大的輸電網路，使我們能掌握可觀的內生成長機會，同時在多個 RTO 與多州範圍內，為客戶提供具差異化的單一供應商解決方案。

AEP pioneered the 765 kV transmission system in North America and has spent more than six decades refining the capabilities, expertise and institutional knowledge required to efficiently operate and expand this infrastructure at scale. That experience continues to drive innovation today.

AEP 是北美 765 kV 輸電系統的先驅，並在六十多年來持續精進在大規模高效率營運與擴建此類基礎設施所需的能力、專業與組織知識。這些經驗至今仍持續推動創新。

As an example, our engineering team has recently developed new proprietary designs that materially reduce both tower height and right-of-way requirements, allowing 765 kV infrastructure to be deployed with physical characteristics largely in line with 345 kV transmission, but deliver 6 times the electricity. These types of innovations reinforce our ability to deliver transmission solutions more efficiently, support growing customer demand and create differentiated value for our customers, communities and shareholders.

例如，我們的工程團隊近期開發出新的專有設計，可大幅降低塔架高度與通行權需求，使 765 kV 基礎設施在物理特性上大致可與 345 kV 輸電相當，但可輸送 6 倍的電力。這類創新強化了我們更有效率地交付輸電解決方案的能力，支援客戶需求成長，並為客戶、社區與股東創造差異化價值。

Please turn to slide 9. One of the most compelling aspects of our growth strategy is that it simultaneously supports both investment and affordability. As new large load customers connect to our system, they contribute incremental revenues that help offset fixed costs for existing residential customers. Supported by fully executed take-or-pay ESAs, we estimate that this could now generate up to $21 billion of benefits for existing residential customers across our vertically integrated utilities over the life of the contracts. This is up from $16 billion discussed on AEP's prior earnings call.

請翻到第 9 頁投影片。我們成長策略最具吸引力的一點是，它能同時支持投資與可負擔性。當新的大型負載客戶接入我們的系統時，他們帶來的增量收入有助於分攤既有住宅客戶的固定成本。在已完整簽署的 take-or-pay 電力服務協議（ESA）支持下，我們估計，這在合約存續期間內，現在可為我們垂直整合公用事業旗下的既有住宅客戶帶來最高達 210 億美元的效益。這高於 AEP 上一次財報電話會議所提到的 160 億美元。

This creates a powerful virtuous cycle in which economic development and load growth support customer affordability. We are already seeing this dynamic play out in real time. In Indiana, new large load growth enabled us to file a second rate decrease this past quarter. In short, growth when managed responsibly can benefit both customers and shareholders. I would now like to briefly address AEP's early-stage nuclear strategy.

這形成一個強而有力的正向循環：經濟發展與負載成長支持客戶的可負擔性。我們已經在即時看到這種動態正在發生。在印第安納州，新的大型負載成長使我們在上季得以提出第二次降價（費率下調）申請。總之，若能負責任地管理，成長可同時讓客戶與股東受益。接下來我想簡要談談 AEP 早期階段的核能策略。

Last week, we announced a development agreement with two exceptional companies, X-energy and Amazon, to evaluate a potential small modular reactor project in Indiana, which is the only early-stage nuclear project we are currently advancing.

上週，我們宣布與兩家卓越的公司 X-energy 與 Amazon 達成一項開發協議，以評估在印第安納州推動一個潛在的小型模組化反應爐（SMR）專案；這也是我們目前唯一正在推進的早期核能專案。

Importantly, the agreement with X-energy and Amazon is limited to development activities and feasibility work requiring minimal investment by AEP. Any potential project would need to successfully progress through multiple stage gates before a final investment decision is made. The earliest that could occur is sometime in 2030, subject to meeting clear strategic and financial objectives. And as we have consistently stated regarding our approach to nuclear development, we remain highly disciplined to ensure that we are protecting our existing customers, shareholders and balance sheet.

重要的是，與 X-energy 和 Amazon 的協議僅限於開發活動與可行性研究，AEP 所需投入的資本極少。任何潛在專案在做出最終投資決策之前，都必須成功通過多個階段性關卡（stage gates）。最早可能發生的時間點將在 2030 年左右，前提是達成明確的策略與財務目標。此外，正如我們一貫就核能開發方針所述，我們將維持高度紀律，以確保保護現有客戶、股東以及資產負債表。

Please turn to slide 10. This has been an extraordinarily productive year so far for AEP as we continue to execute with urgency to serve our customers and capture what we believe is a once-in-a-generation growth opportunity. Our scale, diversification and exposure to some of the most attractive growth markets in the country position AEP exceptionally well to drive sustainable long-term value for both customers and shareholders.

請翻到第 10 張投影片。對 AEP 而言，今年迄今是極為高產的一年；我們持續以緊迫感執行，服務客戶並把握我們認為「一代僅有一次」的成長機會。我們的規模、多元化布局，以及對全美最具吸引力成長市場的曝險，使 AEP 具備極佳條件，為客戶與股東共同創造可持續的長期價值。

To deliver on our commitments, we are advancing projects through standardized designs, early procurement of long-lead equipment, long-standing key relationships with industry leaders such as Kiewit, GE Vernova and Mitsubishi, and a formalized partnership with Quanta. Supported by decades of experience designing, building and operating large-scale infrastructure, these key suppliers are providing top craft labor teams, manufacturing capacity and technical expertise needed to execute our plan with speed and certainty.

為了兌現承諾，我們透過標準化設計推進專案、提前採購長交期設備，並與 Kiewit、GE Vernova、三菱等產業領導者維持長期關鍵合作關係，同時也與 Quanta 建立正式合作夥伴關係。在數十年設計、建造與營運大型基礎設施的經驗支持下，這些關鍵供應商正提供頂尖的技術工班團隊、製造產能與技術專長，讓我們能以更快速度與更高確定性執行計畫。

A key component of our execution strategy is continuing to work with our states to achieve constructive regulatory outcomes and enhance cost recovery across our portfolio. In Texas, a constructive unanimous settlement was filed for SWEPCo's base rate case with a proposed 9.53% ROE, up from 9.25%, and a proposed 51.98% equity layer, up from 49.4%. This positions SWEPCo well to advance growth plans and enhance safe, reliable and affordable electric service for customers. In Virginia, APCo filed a constructive rate case settlement with a proposed 9.8% ROE, up slightly from 9.75%. There are two key features of this settlement.

我們執行策略的一個關鍵組成，是持續與各州合作，以取得具建設性的監管結果，並提升整體投資組合的成本回收。在德州，SWEPCo 的基礎費率案件已提交一項具建設性且一致同意的和解方案，建議股東權益報酬率（ROE）為 9.53%（高於 9.25%），建議權益比重（equity layer）為 51.98%（高於 49.4%）。這使 SWEPCo 能更好地推進成長計畫，並為客戶提升安全、可靠且可負擔的電力服務。在維吉尼亞州，APCo 提交了一項具建設性的費率案件和解方案，建議 ROE 為 9.8%，較 9.75% 略為提高。該和解方案有兩個關鍵特點。

First, a substantial portion of operating costs, including vegetation management, are proposed to move from base rates to annual riders, thereby reducing earnings lag. Second, base rates are expected to decrease in the first year following an order, further supporting efforts to drive customer affordability. To summarize, the key takeaway is simple. We are not preparing to execute this plan. We are already well into executing on it.

第一，建議將相當大一部分營運成本（包括植被管理）從基礎費率移轉至年度附加費（riders），以降低獲利落後（earnings lag）。第二，預期在命令發布後的第一年，基礎費率將下降，進一步支持提升客戶可負擔性的努力。總結而言，關鍵重點很簡單。我們不是在為執行這項計畫做準備。我們已經在積極執行之中。

We have the experience, partnerships and operational capabilities in place to deliver this plan at the pace our customers need and create differential long-term value for our shareholders. I could not be more confident in the team we have assembled, the strategy we are executing, the improvements we have made and the opportunities ahead.

我們已具備經驗、合作夥伴關係與營運能力，能以客戶所需的速度交付這項計畫，並為股東創造差異化的長期價值。我對我們所組建的團隊、正在執行的策略、已完成的改善，以及未來的機會，充滿信心。

With that, I'll turn the call over to Trevor, who will walk through our third quarter financial performance and provide additional detail on our long-term growth and financial outlook. Trevor?

接下來，我把電話會議交給 Trevor，由他說明我們第三季的財務表現，並就長期成長與財務展望提供更多細節。Trevor？

Thanks, Bill. I will begin with our financial results, then review our updated financial plan, starting with the increased long-term earnings growth rate. I will also discuss details about the capital plan, rate base growth and financing strategy before closing with why we believe AEP is uniquely positioned to capture the significant growth opportunities across our footprint.

謝謝，Bill。我將先從財務結果開始，接著回顧我們更新後的財務計畫，並從提高的長期盈餘成長率談起。在結束前，我也會說明資本計畫、費率基礎（rate base）成長與融資策略的細節，並解釋為何我們認為 AEP 在我們服務版圖內具備獨特優勢，可把握重大的成長機會。

Please turn to slides 12 and 13 of the presentation. For the third quarter of 2026, AEP delivered operating earnings of $2.23 per share compared to $1.80 per share in the third quarter of 2025. Each segment contributed higher earnings versus the prior year, driven by constructive regulatory outcomes, strong demand growth across our footprint and continued transmission and generation build-out. And as Bill shared, given our strong performance year-to-date, we expect full year operating earnings to be at or above the high end of our 2026 guidance range of $6.25 to $6.55 per share.

請翻到簡報第 12 與第 13 張投影片。2026 年第三季，AEP 的營運每股盈餘為 2.23 美元，較 2025 年第三季的 1.80 美元增加。各事業部門的盈餘均較去年同期提高，主要受惠於具建設性的監管結果、我們服務版圖內強勁的需求成長，以及輸電與發電建設的持續擴張。此外，如 Bill 所分享，鑑於我們年初至今的強勁表現，我們預期全年營運盈餘將落在或高於 2026 年每股 6.25 至 6.55 美元指引區間的上緣。

Looking ahead to 2027, you will notice that our operating earnings guidance on page 22 in the appendix includes a new segment, AEP Infrastructure. This is driven by the evolution of the Generation and Marketing business towards infrastructure investments supported by contracted and highly predictable cash flows.

展望 2027 年，您會注意到附錄第 22 頁的營運盈餘指引新增了一個事業別：AEP Infrastructure（AEP 基礎設施）。這反映了發電與行銷（Generation and Marketing）業務的演進方向，正轉向以合約支持且現金流高度可預測的基礎設施投資。

A good example of this is the recently announced fuel cell project in Wyoming, supported by a 20-year take-or-pay PPA with Google. The new AEP infrastructure business brings together our contracted generation assets, legacy PPAs and other infrastructure investments under a single reporting segment. Going forward, we expect this business to move towards projects backed by high-quality long-term contracts.

一個很好的例子是近期宣布的懷俄明州燃料電池專案，該專案由與 Google 簽訂的 20 年 take-or-pay（照付不議）購電協議（PPA）支持。新的 AEP 基礎設施事業別，將我們的合約型發電資產、既有 PPA 以及其他基礎設施投資整合至單一報導部門。展望未來，我們預期該業務將朝向由高品質長期合約支撐的專案發展。

Turning to slide 14. The most important takeaway from today's update is that we are entering the next chapter of AEP's growth story with greater confidence in both the magnitude and durability of our long-term growth opportunity. Historically, we have provided only the prompt year of earnings guidance. Today, we are providing more visibility into our expected financial performance with guidance ranges for both 2027 and 2028. That confidence goes well beyond the near term.

接著看第 14 張投影片。今天更新中最重要的重點是：我們正以更高的信心，進入 AEP 成長故事的下一個篇章；這份信心同時來自我們長期成長機會的規模與持久性。過去，我們僅提供最近一年的盈餘指引。今天，我們提供 2027 年與 2028 年的指引區間，讓市場更清楚掌握我們預期的財務表現。而這份信心遠不僅止於短期。

We're now increasing our expected annual operating EPS growth rate to 9% to 11% through 2031, up from our prior 7% to 9% range. We're also increasing our expected five-year operating earnings CAGR to greater than 10% through 2031. The breadth and durability of opportunities across our portfolio provide confidence that our growth extends well beyond the five-year plan.

我們現將預期的年度營運每股盈餘（EPS）成長率上調至 2031 年前的 9% 至 11%，高於先前的 7% 至 9% 區間。我們也將預期的五年營運盈餘年複合成長率（CAGR）上調至 2031 年前超過 10%。我們投資組合中機會的廣度與持久性，使我們有信心：成長將遠超過這份五年計畫的期間。

Accordingly, we are also projecting a 10% operating earnings CAGR through 2033 based on the original 2026 guidance midpoint. Today's update represents a meaningful step change in AEP's growth profile. We're growing faster and with greater visibility than ever before, further underscoring AEP's position as one of the premier high-growth companies in the utility sector. And we're doing this while maintaining a focus on improved reliability and affordability.

因此，我們也以原先 2026 年指引中點為基礎，預估至 2033 年的營運盈餘 CAGR 為 10%。今天的更新代表 AEP 成長輪廓的一次顯著躍升。我們的成長速度更快、能見度也前所未有地更高，進一步凸顯 AEP 作為公用事業領域中頂尖高成長公司的地位。同時，我們仍維持對提升可靠性與可負擔性的專注。

Please turn to slides 15 through 17. As Bill highlighted, we're excited to introduce our $100 billion five-year capital plan through 2031, one of the largest investment programs in the utility industry. With this new capital plan, we expect rate base to increase from $87 billion in 2026 to $162 billion by 2031, nearly doubling over the next five years.

請翻到第 15 至第 17 張投影片。如 Bill 所強調，我們很高興推出至 2031 年的 1,000 億美元五年資本計畫，這是公用事業產業中規模最大的投資計畫之一。在這項新的資本計畫下，我們預期費率基礎將由 2026 年的 870 億美元增加至 2031 年的 1,620 億美元，未來五年幾乎翻倍。

That translates into a rate base CAGR of more than 13%, up from 11% in our prior 2026 through 2030 capital plan. This expected step-up in growth becomes particularly visible beginning in 2028 and 2029 as large generation and transmission projects are placed into service. Transmission remains one of AEP's most attractive investment opportunities, reflecting the scale and strategic advantage of operating the nation's largest transmission business. Our transmission capital plan increased to $37 billion through 2031 and now includes the Piketon project in Ohio. We expect transmission rate base to nearly double over the next five years, approaching $70 billion by 2031.

這相當於費率基礎 CAGR 超過 13%，高於我們先前 2026 至 2030 年資本計畫中的 11%。這一預期的成長加速，將在 2028 與 2029 年尤為明顯，屆時大型發電與輸電專案將陸續投入商轉。輸電仍是 AEP 最具吸引力的投資機會之一，反映我們營運全美最大輸電業務所具備的規模與策略優勢。我們的輸電資本計畫已提高至 2031 年前的 370 億美元，並納入俄亥俄州的 Piketon 專案。我們預期輸電費率基礎在未來五年將接近翻倍，至 2031 年逼近 700 億美元。

Moving to generation. Our updated plan incorporates $36 billion of investment through 2031. Regulated gas generation represents the largest opportunity, increasing by $7 billion versus the prior five-year capital plan. The rationale is simple. Contracted customer demand is growing faster than the operating output of our existing fleet, creating a clear durable need for new baseload dispatchable generation.

接著談發電。我們更新後的計畫納入至 2031 年前 360 億美元的投資。受監管的燃氣發電是最大的機會，相較先前的五年資本計畫增加 70 億美元。理由很簡單。已簽約的客戶需求成長速度，快於我們現有機組的可運轉輸出，因而形成對新增基載、可調度發電資源的明確且具持久性的需求。

Importantly, these generation investments are supported by fully executed take-or-pay ESAs within the VIUs, providing a higher degree of confidence in the underlying demand. They also benefit from constructive regulatory and cost recovery frameworks such as Oklahoma's generation pre-approval mechanism, which allows for concurrent rider and construction work in progress recovery.

重要的是，這些發電投資由 VIU 內已全面簽署的「照付不議（take-or-pay）」ESA 所支持，因而對其基礎需求提供更高程度的信心。此外，這些投資亦受惠於具建設性的監管與成本回收架構，例如奧克拉荷馬州的發電事前核准機制，允許同時透過附加費（rider）以及在建工程（construction work in progress）回收成本。

Finally, distribution investment increased to $22 billion over the next five years, focused on grid modernization, reliability, resiliency and infrastructure replacement. These are foundational investments required to strengthen the system and efficiently serve customers. Just as important is the quality of investment recovery.

最後，未來五年配電投資提高至 220 億美元，重點聚焦於電網現代化、可靠性、韌性以及基礎設施汰換。這些是強化系統並有效服務客戶所必需的基礎性投資。同樣重要的是投資回收的品質。

Roughly 90% of planned utility investments is expected to be recovered through reduced lag mechanisms, including riders, trackers and forward test year rate cases. These constructive frameworks provide greater cash flow and earnings visibility while supporting more timely recovery of invested capital. Taken together, this $100 billion five-year capital plan reflects a significant expansion of our investment opportunity, supported by contracted customer demand, highly visible transmission investments and essential distribution infrastructure needs.

約 90% 的規劃公用事業投資預期將透過縮短時滯（lag）的機制回收，包括附加費（riders）、追蹤機制（trackers）以及前瞻測試年度（forward test year）的費率案件。這些具建設性的架構在支持更及時回收投入資本的同時，也提供更高的現金流與獲利可視性。綜合而言，這項 1,000 億美元的五年資本計畫反映我們投資機會的顯著擴張，並由已簽約的客戶需求、高度可見的輸電投資以及必要的配電基礎設施需求所支撐。

Turning to slide 18. We now have 84 gigawatts of incremental contracted load through 2031. This represents a 15 gigawatt increase from the 69 gigawatt contracted load we outlined on our second quarter earnings call. This step change is driven by the addition of Piketon and other ESAs signed since late July. In total, we now have 35 gigawatts of incremental contracted load backed by firm take-or-pay ESAs. That leaves only 3 gigawatts not under take-or-pay ESAs in PJM and SPP, which we anticipate will be converted in the near term. And in ERCOT, our entire 46 gigawatts of contracted load is backed by fully executed SB 6 compliant letters of agreement.

接著看第 18 頁投影片。截至 2031 年，我們目前新增的已簽約負載達 84 吉瓦。這較我們在第二季財報電話會議中所說明的 69 吉瓦已簽約負載增加了 15 吉瓦。這一階躍式提升主要來自 Piketon 的加入，以及自 7 月下旬以來簽署的其他 ESA。總計而言，我們目前有 35 吉瓦的新增已簽約負載由具約束力的「照付不議（take-or-pay）」ESA 支撐。這使得在 PJM 與 SPP 中僅剩 3 吉瓦尚未納入 take-or-pay ESA，我們預期將在近期完成轉換。而在 ERCOT，我們全部 46 吉瓦的已簽約負載均由已全面簽署、符合 SB 6 規範的協議函（letters of agreement）所支持。

Tying it back to the new financial outlook, the contracted load we have signed in PJM and SPP is largely reflected in the capital plan. For AEP Texas, we continue to see significant investment opportunities. However, we're taking a measured approach to how we add capital to the plan as the batch process and broader transmission planning continues.

回到新的財務展望，我們在 PJM 與 SPP 已簽署的合約負載大多已反映在資本計畫中。就 AEP Texas 而言，我們仍持續看到顯著的投資機會。然而，隨著批次流程（batch process）及更廣泛的輸電規劃持續推進，我們對於如何將資本納入計畫採取審慎的做法。

Therefore, most of our Texas plan reflects system reliability and resiliency while only a portion of the transmission build-out required in Texas is incorporated, which includes the recently approved Howard to Solstice line. As these processes evolve, we expect additional capital opportunities to be secured in Texas.

因此，我們在德州的計畫多數反映系統可靠性與韌性，而德州所需的輸電擴建僅納入其中一部分，包括近期核准的 Howard 至 Solstice 線路。隨著這些流程演進，我們預期將在德州取得更多的資本機會。

We also anticipate incremental generation investment opportunities given strong customer demand as well as continued growth in organic and competitive transmission. Taken together, these upside opportunities provide a long runway for future capital investment and earnings growth.

在強勁客戶需求的帶動下，我們也預期將有額外的發電投資機會，同時有機與競爭性輸電也將持續成長。綜合而言，這些上行機會為未來資本投資與獲利成長提供了長期跑道。

Turning to slide 19. Our expanded capital plan is supported by strong operating cash flow and a disciplined financing strategy. As noted on the slide, we expect to generate approximately $55 billion of cash from operations over the five-year forecast period. That strong and growing cash flow represents a significant source of funding for our investment program, supporting more than half of our $100 billion capital plan. In addition, we remain committed to returning capital to our shareholders through consistent dividend growth.

接著看第 19 頁投影片。我們擴大的資本計畫由強勁的營運現金流與嚴謹的融資策略所支撐。如投影片所示，我們預期在五年預測期間可自營運產生約 550 億美元現金。這股強勁且成長中的現金流是我們投資計畫的重要資金來源，可支應我們 1,000 億美元資本計畫的一半以上。此外，我們仍致力於透過穩定的股利成長向股東回饋資本。

A key differentiator of our financing plan is the relatively modest incremental equity requirement. Because we have been forward leaning in issuing equity over the last few years, we have created significant financing flexibility and expect to fund growth with meaningfully less equity than the industry norm of 30% to 40%.

我們融資計畫的一項關鍵差異化因素，是新增股權需求相對溫和。由於過去幾年我們在發行股權方面採取較前瞻的作法，我們已建立顯著的融資彈性，並預期以遠低於產業常態 30% 至 40% 的股權比例來支應成長。

Specifically, we have added $22 billion to our capital plan while increasing equity funding by only $5.2 billion. That means 24% of the incremental investment is expected to be funded through new accretive growth equity. It is also worth noting that $2.5 billion of the incremental equity assumption relates to marketed growth equity over the next two years of the plan.

具體而言，我們在資本計畫中增加了 220 億美元，但股權資金僅增加 52 億美元。這意味著新增投資中預期僅有 24% 會透過新的、具增益性的成長型股權（accretive growth equity）來籌措。同時也值得注意的是，新增股權假設中的 25 億美元，與未來兩年計畫期間的市場化成長型股權（marketed growth equity）相關。

Simply put, we are funding a significantly larger investment opportunity with only modest equity needs to maximize shareholder value. We're entering this period from a position of financial strength with both Moody's and S&P FFO-to-Debt currently within our 14% to 15% target range and well above the 13% downgrade threshold, reflecting meaningful progress we have made over the last several years. Combined with our strong operating cash flow, this positions us well to execute our plan while maintaining our strong balance sheet.

簡而言之，我們以僅適度的股權需求來支應顯著更大的投資機會，以最大化股東價值。我們以財務強健的狀態進入此一期間；目前 Moody's 與 S&P 的 FFO 對負債比率（FFO-to-Debt）均落在我們 14% 至 15% 的目標區間內，且明顯高於 13% 的降評門檻，反映我們過去數年取得的實質進展。結合我們強勁的營運現金流，這使我們能在維持強健資產負債表的同時，順利執行計畫。

Please turn to slide 20, where I will conclude with a brief summary of what you heard today. First, you heard that the business is performing exceptionally well. Our strong third quarter results reflects the benefits of disciplined execution, constructive regulatory outcomes, growing customer demand and continued investment across the business. In fact, the strength we're seeing across the company gives us the confidence to deliver 2026 operating earnings at or above the high end of the guidance range. Second, you heard that we continue to expand our investment opportunity.

請翻到第 20 頁投影片，我將以簡短摘要作結，回顧各位今天聽到的重點。第一，你們聽到公司業務表現極為出色。我們強勁的第三季結果反映了嚴謹執行、具建設性的監管結果、成長中的客戶需求，以及全公司持續投資所帶來的效益。事實上，我們在全公司看到的強勁態勢，讓我們有信心在 2026 年交出位於或高於指引區間上緣的營運盈餘。第二，你們聽到我們持續擴大投資機會。

Our new $100 billion five-year capital plan drives our expectation for rate base to nearly double to $162 billion by 2031. Third, you heard that our new update reflects a meaningful uplift in AEP's growth profile. We're raising our expected annual operating EPS growth rate to 9% to 11% for 2027 through 2031 as well as increasing our expected long-term operating earnings per share CAGR to more than 10% over the same period. Also, given the robust growth we are seeing across our portfolio, we expect this growth to continue well into the next decade as we project a 10% operating earnings CAGR through 2033 based off of the 2026 original guidance midpoint.

我們新的 1,000 億美元五年資本計畫，推動我們預期到 2031 年費率基礎（rate base）將接近倍增至 1,620 億美元。第三，你們聽到這次更新反映 AEP 成長輪廓的顯著上修。我們將 2027 至 2031 年預期的年度營運 EPS 成長率上調至 9% 至 11%，並將同期間預期的長期營運每股盈餘年複合成長率（CAGR）提高至 10% 以上。此外，鑑於我們在投資組合各面向看到的強勁成長，我們預期這股成長將延續至下一個十年；以 2026 年原始指引中點為基礎，我們預估至 2033 年的營運盈餘 CAGR 為 10%。

Lastly, you heard that we remain committed to balancing growth with affordability. Through large load tariffs, customer-funded infrastructure arrangements and other innovative structures, we are working to have new growth help fund needed investments while also delivering meaningful affordability benefits for existing customers. Fully executed take-or-pay ESAs in the vertically integrated utilities are now expected to generate up to $21 billion in fixed cost offsets increased from our previously announced $16 billion for existing residential customers over the life of the contracts.

最後，你們聽到我們仍致力於在成長與可負擔性之間取得平衡。透過大型負載費率（large load tariffs）、客戶出資的基礎設施安排，以及其他創新結構，我們正努力讓新增成長協助支應所需投資，同時也為既有客戶帶來具意義的可負擔性效益。在垂直整合公用事業（VIU）中已全面簽署的「照付不議（take-or-pay）」ESA，現預期在合約存續期間可為既有住宅客戶帶來最高達 210 億美元的固定成本抵減（fixed cost offsets），高於我們先前公布的 160 億美元。

When you step back, the investment thesis is straightforward. AEP is one of the largest and most visible growth opportunities in the utility sector, supported by durable capital plans, constructive regulatory frameworks, strong execution capabilities and a disciplined financial strategy. We believe these advantages position us to deliver top-tier growth, generate 12% to 14% annual total shareholder return through 2031 and create meaningful long-term value for our customers and shareholders.

退一步看，我們的投資論點很清楚。AEP 是公用事業產業中規模最大且能見度最高的成長機會之一，並由具韌性的資本計畫、具建設性的監管架構、強大的執行能力以及嚴謹的財務策略所支撐。我們相信這些優勢使我們有能力交付同業頂尖的成長，在 2031 年前創造 12% 至 14% 的年度股東總報酬，並為客戶與股東創造具意義的長期價值。

With that, I will now ask the operator to please open the line for your questions.

接下來，我將請接線員開放電話線路，讓各位提問。

(Operator Instructions) Shar Pourreza, Wells Fargo.

(接線員指示) Shar Pourreza，富國銀行。

Congrats on these results. So, Bill, just $100 billion CapEx is obviously fairly large. You're now guiding to a 10-plus percent CAGR through '31. Can you just help better frame what could dictate that plus? So does Texas get you over 10% or extend the 10% runway? And then why assume the CAGR steps down to 10% through '33, just given this robust plan? Is it the law of large numbers or just being conservative in the near term?

恭喜這些成果。所以，Bill，1,000 億美元的資本支出（CapEx）顯然相當龐大。你們現在指引到 2031 年的年複合成長率（CAGR）為 10% 以上。你能否協助更清楚地界定，哪些因素可能決定那個「以上」的部分？也就是說，德州是否會讓你們超過 10%，或是延長 10% 的成長跑道？另外，既然這個計畫如此強勁，為何假設 CAGR 到 2033 年會降到 10%？是因為規模效應（law of large numbers），還是只是短期採取較保守的假設？

Yes. Thank you, Shar, and I really appreciate the question. Obviously, we see a really substantial pipeline of potential investment opportunities out there that's in excess of the capital plan we just discussed, really particularly in transmission and generation. And directly to your point, on the transmission side, additional 765 kV in Texas. We've got projects emerging from SPP's integrated transmission plan.

是的。謝謝你，Shar，我非常感謝這個問題。很明顯地，我們看到外部有相當龐大的潛在投資機會管線，規模超過我們剛才討論的資本計畫，尤其是在輸電與發電方面。直接回應你的重點，在輸電端，德州還有額外的 765 kV。我們也有一些專案正從 SPP 的整合輸電計畫中浮現。

We've got the competitive RFPs that we're very active in and, of course, continued organic growth across the system. And then on the generation side, the combination of really super robust load growth and future plant retirements that we have coming up creates a significant and really visible need for new gas plants.

我們也積極參與競爭性 RFP，當然，整個系統也持續有內生成長。而在發電端，極為強勁的負載成長與未來機組退役的組合，將帶來對新建燃氣電廠顯著且非常明確可見的需求。

And so taken together, our long-term investment pipeline really remains exceptionally robust well into the next decade. And so in working with Trevor and the team here and given this visibility along with our focus on ensuring we execute on this, I'm really confident in our ability to deliver the 10% EPS CAGR through 2033. And obviously, as time goes on, we'll continue to refine that. And so we want to make sure we underpromise and overdeliver. And so I'm excited about giving you visibility out that far, and I'm really confident on where we sit.

因此綜合來看，我們的長期投資管線在未來十年仍將保持異常強勁。在與 Trevor 及團隊合作、並在這樣的能見度以及我們確保落實執行的聚焦之下，我對我們在 2033 年前達成每股盈餘（EPS）年複合成長率（CAGR）10% 的能力非常有信心。當然，隨著時間推進，我們也會持續加以精煉。因此我們希望確保保守承諾、超額交付。我很高興能把能見度提供到那麼遠，我也對我們目前的位置非常有信心。

Got it. Perfect. And then just the 300 basis points of lag between rate base and the EPS CAGR, I mean, obviously, financing is a key part of it. Can you just give us a sense around the timing of equity? Any equity needed in '26? I mean I have to imagine, sort of, the cash flow profile that comes with these large load customers, kind of, further helps you be more flexible, especially if they're paying some upfront. So just kind of curious on timing of the equity.

了解。很好。另外，關於資產基礎（rate base）與 EPS CAGR 之間 300 個基點的落差，顯然融資是其中關鍵。你能否就股權的時點給我們一些概念？在 2026 年需要任何股權嗎？我的意思是，我想像這些大型負載客戶所帶來的現金流特性，某種程度上會讓你們更有彈性，尤其如果他們會先支付部分前期款項。所以想請教一下股權時點的安排。

Yes, Shar, this is Trevor. I'll take that one. Look, I think one of the things we've done, and we mentioned it in the prepared remarks, is we have been very forward leaning in the equity, and we're sitting on over $5 billion of equity forwards right now in support of this capital plan. And so by doing that, that's given us a great deal of flexibility. What we're looking at right now is continuing to have the ATM option open to us.

是的，Shar，我是 Trevor。這題我來回答。我想我們做的一件事——我們也在事先準備的講稿中提到——是我們在股權方面一直相當超前部署，目前為了支持這個資本計畫，我們手上有超過 50 億美元的遠期股權（equity forwards）。因此透過這樣做，給了我們很大的彈性。我們目前的考量是持續保留 ATM（按市價發行）這個選項。

And then we kind of layered in that $2.5 billion at some point that we'll do over the next two years in support of this plan. But what we'll probably see us do is bring some of that equity forward that went out all the way to '28. We'll utilize those equity forwards and then at some point over the next two years, we will either go to the market and do either a block equity or equity-linked securities or continue to run the ATM. When you looked at us this last year, we said we would do $1 billion of ATM, and we got that $1 billion done well before the end of the third quarter.

另外，我們也在未來兩年某個時間點分層納入 25 億美元，以支持這個計畫。但我們可能會做的是，把原本一路排到 2028 年的部分股權時點往前拉。我們會運用這些遠期股權，並且在未來兩年某個時間點，我們將會選擇進入市場，做一次區塊式股權發行（block equity）或股權連結證券（equity-linked securities），或是持續執行 ATM。回顧去年，我們說會做 10 億美元的 ATM，而我們在第三季結束前就把這 10 億美元完成了。

So there's a lot of opportunity for us to get that equity in multiple different structures. And again, I think we've been very conservative in ensuring that the equity we do issue is done in a very shareholder-friendly way. So it's given us a great deal of flexibility with how proactive we've been.

所以我們有很多機會以多種不同架構取得這些股權資金。而且再說一次，我認為我們一直非常保守，確保我們所發行的股權是以對股東友善的方式進行。因此，因為我們採取了這麼積極主動的作法，也讓我們在操作上擁有很大的彈性。

Steven Fleishman, Wolfe Research.

Steven Fleishman，Wolfe Research。

So just first of all, on the generation builds in Indiana and at APCo, are those going to be done in the regulated businesses? Or are those being considered for kind of the Genco concept still?

首先，關於印第安納州以及 APCo 的發電建置，這些會在受監管事業（regulated businesses）內完成嗎？還是仍在考慮採用某種 Genco 概念？

So we continue to view the Genco concept really favorably and are actively evaluating where it can create the most value for customers. We're also completing a detailed assessment of which jurisdictions would be best suited for a Genco structure from a regulatory perspective.

我們仍然非常看好 Genco 概念，並且正積極評估它在哪些地方能為客戶創造最大價值。我們也正在完成一項詳細評估，從監管角度判斷哪些司法管轄區最適合採用 Genco 架構。

We're making sure that we're socializing this with our regulators and our state policymakers. But really, given the urgency of meeting the growing customer demand, our focus right now has been on securing the load and moving forward with the generation investments that we need to support that growth in the vertically integrated utilities. And the financial plan that we laid out today also preserves that flexibility.

我們也確保與監管機關以及各州政策制定者進行溝通與交流。但實際上，鑑於滿足不斷成長的客戶需求具有急迫性，我們目前的重點是先把負載（load）確定下來，並在垂直整合型公用事業（vertically integrated utilities）中推進我們為支撐成長所需的發電投資。而我們今天提出的財務計畫也保留了這樣的彈性。

And so should a Genco structure emerge as a viable pathway in any given state, particularly West Virginia and Indiana, we could ultimately look to house a portion of the plan or future gas plants in that framework. And so continuing to work it, continuing to socialize it and making sure that we've got the proper regulatory and other support in the states where we view these as most interesting.

因此，如果在任何特定州，Genco 架構成為可行的途徑——特別是西維吉尼亞州與印第安納州——我們最終可能會考慮把計畫中的一部分或未來的燃氣電廠納入該架構之下。所以我們會持續推進、持續與各方溝通，並確保在我們認為最具吸引力的州，能取得適當的監管與其他方面的支持。

Okay. Great. And then maybe just on the -- I think if I saw it right, of your 84 gigawatts of load that you got locked up, I think there's only 35 gigawatt of that kind of baked into your plan. Is that correct?

好的，很好。另外，可能就——如果我沒看錯的話，你們已鎖定的 84 GW 負載中，我想只有 35 GW 被納入你們的計畫中。這樣理解正確嗎？

Yes, Steve. So what you've seen us do is we grew the amount of contracted load from 69 gigawatts to 84 gigawatts. A majority of that is really the Piketon project, which represents nine gigs. And then there's an additional two gigs in Ohio and two gigs in APCo and there's a gig in PSO. So what we're seeing is strong growth there. But what you're really looking at, and I think what the crux of your question is, is as we look at Texas, what is really kind of in the plan related to the 45 gigs or the 46 gigs that we have under LOAs. And generally, what we're seeing there is --

是的，Steve。你看到的是，我們把已簽約的負載從 69 GW 增加到 84 GW。其中大部分其實是 Piketon 專案，約 9 GW。另外在俄亥俄州還有 2 GW、在 APCo 還有 2 GW、在 PSO 還有 1 GW。所以我們看到那裡有強勁成長。但你真正關注的——我想也是你問題的核心——是當我們看德州時，與我們在 LOA（意向書）之下的 45 GW 或 46 GW 相關、究竟有哪些已經納入計畫。一般而言，我們在那裡看到的是——

That is the question, yes.

對，問題就是這個。

Yes, yes. And so what we're seeing there is the opportunity to continue to invest in Texas. Right now, what we're seeing is most of that is really the Texas capital plan is $17 billion, and it's been designed and focused around enhancing system reliability and resiliency. So there's really incremental investment to expand around ERCOT 765 kV system, such as the Panhandle RPG initiative. And that spend is not included in the plan. And so I would say what you're looking at is probably a fairly conservative capital plan in Texas, especially as it relates to the incremental LOAs that we've got associated with Texas.

是的，是的。所以我們在那裡看到的是，持續在德州投資的機會。目前我們看到的是，其中大部分其實是德州的資本計畫 170 億美元，該計畫的設計與重點在於提升系統可靠度與韌性。因此還有額外的增量投資，用於擴充 ERCOT 的 765 kV 系統周邊，例如 Panhandle RPG 計畫。而這部分支出並未納入本計畫。所以我會說，你現在看到的德州資本計畫可能相當保守，特別是就我們與德州相關的增量 LOA 而言。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Got to echo the comments made thus far, really quite an impressive outcome here altogether. You really did deliver, as you say, high quality. With that said, actually, let me just pick it up where Steve left it off there, right? First off, how do you think about recutting that Texas conversation against Batch Zero versus Batch 1 in as much as it would appear that some of that upside you were just alluding to in terms of what's in versus not in the plan could indeed fold in as you look at these Batch 1 filings as soon as next year, and that could be within the five-year, certainly within the seven-year window.

我也想呼應目前為止的評論，整體而言這確實是相當令人印象深刻的成果。如你們所說，你們確實交出了高品質的表現。話雖如此，讓我接著 Steve 剛才的問題往下問，好嗎？首先，當你們把德州的討論放在 Batch Zero 相對於 Batch 1 的脈絡下，你們怎麼看？因為看起來你們剛才提到的那部分上行空間——也就是哪些在計畫內、哪些不在計畫內——確實可能在你們最早明年就提交的 Batch 1 申報中納入，而且那可能落在五年期內，當然也在七年期的窗口內。

Do you want to talk a little bit about the timing of when some of this other load could get start to firm up if you get what I'm saying? I don't want to get too ahead of myself. But at the same time, I want to make sure I'm hearing you right in how you're describing it?

你們能否談談其中一些其他負載在時點上何時可能開始更趨於確定（firm up），如果你明白我的意思？我不想講得太超前。但同時，我也想確保我正確理解你們的描述方式？

Yes. Thanks, Julien. With regards to the timing of Batch Zero, our understanding is that ERCOT expects to file its data center audit report on December 10, which will then be discussed during a PUCT open meeting that following week. ERCOT originally planned to complete the Batch Zero process in April. So while this is being delayed, we don't expect it to be really pushed out materially further and then, of course, I want to reiterate that our signed load in ERCOT is real.

是的。謝謝你，Julien。關於 Batch Zero 的時程，我們的理解是 ERCOT 預計將於 12 月 10 日提交其資料中心稽核報告，之後會在隔週的 PUCT 公開會議中進行討論。ERCOT 原本計畫在 4 月完成 Batch Zero 流程。因此，雖然目前有所延後，我們不預期會再被實質性地大幅往後推遲；當然，我也想重申，我們在 ERCOT 已簽約的負載是真實存在的。

We've collected over $2 billion of cash or collateral just for Texas. And of the 45 gigawatts we submitted as part of that Batch Zero filing, 16 gigawatts were categorized as Base Load and the remaining 29 gigawatts as Studied Load. So the conditional load classifications that ERCOT communicated in early September are really generally consistent with our filings. So we feel very strong and good about that. However, we do view these classifications as being more sort of administrative in nature as they work through the overall process.

僅就德州而言，我們已收取超過 20 億美元的現金或擔保品。在我們作為該次 Batch Zero 申報一部分所提交的 45 吉瓦中，有 16 吉瓦被歸類為基載（Base Load），其餘 29 吉瓦被歸類為研究中負載（Studied Load）。因此，ERCOT 在 9 月初所傳達的有條件負載分類，整體上與我們的申報內容大致一致。所以我們對此感到非常有信心、也很正面。不過，我們確實認為，這些分類在他們推進整體流程時，性質上更偏向行政作業。

And clearly, we'll have more clarity in the coming months. But our customers, as we've had our discussions with them, they remain very committed to connecting to our system, and we continue to be very excited about our business opportunities in Texas.

而且很明顯地，我們在未來幾個月會有更清楚的資訊。但就我們與客戶的討論而言，他們仍然非常堅定地承諾要接入我們的系統，而我們也持續對德州的商機感到非常振奮。

Excellent. And then just in terms of a more substantive EPS question, you've got this 10% number in the later years. Your last year, if you think about that roll forward because you obviously provide some more discrete rate base numbers. If you think about rolling forward 2030 to '31, for instance, you've got like a 7% growth in that final year. How do you think about what's baked into rate base and what you're showing here versus what's kind of baked into your EPS numbers and commitments here for the 9% to 11% or 10% or however you want to characterize it?

很好。接著就一個更實質的 EPS 問題而言，你們在較後期年度給了這個 10% 的數字。你們最後一年，如果從你們提供的較為離散的費率基礎（rate base）數字去做滾動推算。例如把 2030 滾到 2031，你們在最後一年看起來大概只有 7% 的成長。你們如何看待：哪些已經反映在費率基礎與你們在這裡展示的內容中，哪些又是反映在你們對 9% 到 11%（或 10%，或你想怎麼描述）的 EPS 數字與承諾之中？

Yes, Julien, this is --

是的，Julien，這是——

In the later years? Are you affected? Go for it.

在較後期年度？你有受到影響嗎？你先說。

Yes. So look, what we wanted to do with this was really provide a look just a little bit beyond the five-year plan. And so what we did is rolled out that seven-year look on that 10%. What I don't want people to assume is that we're walking down or stepping back from what we're seeing is robust growth across the system. We really just haven't put the capital into those years and the associated financing.

是的。所以你看，我們想做的其實是提供一個略微超出五年計畫的視角。因此我們把這個 10% 的展望延伸成七年的視角。我不希望大家以為我們是在淡化或退回我們所看到的、整個系統的強勁成長。我們只是尚未把資本投入到那些年度，以及相應的融資安排。

But I think you've seen us continue to show that this capital plan has a long runway for increased growth, and we're very confident about sustaining that 10% over the long-term period. And when you get seven years out into the plan and still being able to say we're growing at a 10% CAGR, yes, you may be right if you actually run the calculation that you see a slight drop off. But what I'm saying is that we don't even have a lot of these incremental growth opportunities baked into the plan at this point yet.

但我想你們也看到，我們持續展現這個資本計畫具有很長的跑道、可以帶來更高的成長，而我們對於長期維持 10% 非常有信心。當你把計畫拉到七年之後，仍然能說我們以 10% 的年複合成長率（CAGR）成長——是的，如果你真的去算，可能會看到些微的下滑。但我想說的是：目前我們甚至還沒有把許多這些額外的成長機會納入計畫之中。

So this, I would say, is really a conservative look around the corner, and we feel very, very good about where things are going, especially within the historical five-year window. And then in the seven-year window, as we continue to update that, I think you'll see that continue to show strong robust growth like we're seeing in that '29, '30 and '31 timeframe.

所以我會說，這其實是相當保守的「往前看一眼」，我們對事情的走向感到非常、非常樂觀，尤其是在歷史上常見的五年視窗內。而在七年視窗內，隨著我們持續更新，我想你會看到它繼續呈現我們在 2029、2030 與 2031 年期間所看到的那種強勁、穩健的成長。

Yes, indeed. And are there any lumpy items that you'd be looking out for those final years as you think turn around the corner here that could move the needle? You've made some pretty big moves here of late. I'm just curious if there's anything that stands out that you'd be watching here as you think about lumping into that, call it, that '31 rate base?

確實如此。那麼，當你們往後幾年「轉過彎」來看時，有沒有任何可能出現的「大起大落」項目會影響結果？你們最近做了幾個相當大的動作。我只是好奇，有沒有什麼特別突出的事項，是你們在思考把它納入、姑且稱之為 2031 年費率基礎（rate base）時會特別關注的？

Yes. I would say, Julien, what you would want to watch for is the continuation of the build-out in Texas. I think we've been fairly conservative in the Texas capital plan, especially around 765 kV build-out. I think you can also take a look at the generation needs as we lean into the incremental generation opportunities across the VIUs. And so from that perspective, both transmission and generation are going to be big projects coming in and incremental projects as we continue to roll out the capital plan in subsequent years.

是的。我會說，Julien，你會想要關注的是德州建設擴張的持續推進。我認為我們在德州的資本計畫相當保守，尤其是在 765 kV 擴建方面。你也可以看看發電需求，因為我們正積極把握在各個 VIU（受監管公用事業）中的新增發電機會。因此從這個角度來看，輸電與發電都將是大型專案；而隨著我們在後續年度持續推進資本計畫，也會有更多增量專案進來。

And then we also -- on the transmission side, also have the competitive transmission projects, and you've seen us pretty active in MISO with the projects that we announced up in Wisconsin. And so I think this will be a very much a continuation of the underpromise and overdeliver mantra that this management team is doing.

另外在輸電端，我們也有競爭性輸電專案；你也看到我們在 MISO 相當積極，包含我們先前宣布在威斯康辛州的那些專案。因此我認為，這將非常符合這個管理團隊所奉行的「少承諾、多交付」的延續。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

I did want to just say congrats to Darcy, and thanks for all the help over the years. But I do want to just ask on the $37 billion for transmission, $17 billion is RTO driven, $11 billion reliability and $9 billion individual customers. Just as we think about the RTO piece in particular, how much of that has been awarded versus pending regional planning or competitive bids?

我想先恭喜 Darcy，也謝謝這些年來的所有協助。不過我想問一下，在 370 億美元的輸電投資中，170 億美元是由 RTO 驅動、110 億美元是可靠度、90 億美元是個別客戶。就 RTO 這一塊來看，其中有多少已經得標，多少仍在等待區域規劃或競標？

Nick, it's Kate here. So when we put that into the plan, that has already gone through a regional transmission planning process. So that is work that has already been identified and the needs identified, whether it's in SPP, MISO, ERCOT or PJM. So all of that's been through the process. The majority of that is now ready to construct, and we continue to work through the final stages of the regulatory process on the other items in that. But I want to reiterate all of that has been through kind of the regional needs process. That doesn't include any of the upside that Bill talked about that we may see in the future as these planning processes continue.

Nick，我是 Kate。所以當我們把它納入計畫時，那些項目已經走完區域輸電規劃流程。也就是說，無論是在 SPP、MISO、ERCOT 或 PJM，相關工作都已經被辨識出來、需求也已經被確認。所以這些都已經走過流程。其中大多數現在已經具備開工建設條件，而其餘項目我們也持續推進監管流程的最後階段。但我想重申，這些都已經走過某種意義上的區域需求流程。這不包含 Bill 所提到、未來隨著這些規劃流程持續進行我們可能看到的上行空間。

Perfect. Makes sense. Then just as we think about kind of the new segment, AEP infrastructure, I guess with the fuel cell project, I mean, not targeted to come into service until 2028. Just, I guess, what's driving the $0.26 accretion in the infrastructure from contracted assets versus maybe retail and wholesale?

很好。了解。接著談到新的事業分部 AEP Infrastructure，我想就燃料電池專案而言，它似乎要到 2028 年才預計投入商轉。那麼，我想問的是：是什麼在驅動基礎建設中「來自合約資產」的每股盈餘增益（accretion）0.26 美元，而不是來自零售與批發？

Yes. So Nick, what we are seeing is within the Wyoming fuel cell project, it's going to come on in stages. And so there's, I think, five or seven discrete stages of when those fuel cells are coming on. So we're actually seeing earnings contributions in '27. And then the entire project would be fully in service by December of 2028 and it would be then a full run rate in 2029. So that's really kind of what you're seeing in the step-up there on the AEP Infrastructure. But Kate, anything you want to add?

是的。所以 Nick，我們看到的是，懷俄明州的燃料電池專案會分階段上線。因此燃料電池上線的時間點大概有五到七個獨立階段。所以我們其實在 2027 年就會看到獲利貢獻。然後整個專案會在 2028 年 12 月前全面投入服務，並在 2029 年達到完整的常態化運轉水準（full run rate）。所以你在 AEP Infrastructure 那裡看到的階梯式上升，主要就是這個原因。不過 Kate，你有什麼要補充的嗎？

No, I think that's right. And when we see you at EEI, we'll provide all the breakout of the earnings, right, so -- but Trevor is absolutely right.

沒有，我想這樣說是對的。而且我們在 EEI 見面時，會提供所有獲利的拆分明細，對吧，所以——但 Trevor 說得完全正確。

David Arcaro, Morgan Stanley.

David Arcaro，Morgan Stanley。

Maybe continuing on that question a little bit on the infrastructure side of things. I was just wondering how do you frame capital allocation to the AEP infrastructure side of things, a fairly minor amount of CapEx being allocated to that currently. And I'm wondering, is that going to be largely driven by some of these individual large project opportunities that you identify or maybe shaped by more of a generation business in West Virginia and Kentucky. I guess what defines that? And maybe what's the time frame as you consider additional CapEx opportunities there?

也許沿著這個問題再多談一點基礎設施面的部分。我想請教你們如何界定對 AEP 基礎設施業務的資本配置；目前分配到那邊的資本支出（CapEx）金額相對不大。我在想，這是否主要會由你們所辨識的一些單一大型專案機會所驅動，或是更多受到西維吉尼亞與肯塔基的發電業務所影響。我想問的是，決定因素是什麼？另外，當你們評估那邊額外的 CapEx 機會時，時間框架大概會是怎樣？

Yes. So David, here, again, we've taken a fairly conservative approach in putting capital into that business. And Greg has done a good job of continuing to grow that business as we've seen with the Bloom fuel cells. But what we're really looking at, and I think the heart of your question around capital allocation is those dollars that get allocated to that unregulated business need to compete at a higher than return on a regulated business.

是的。David，我來回答。再說一次，我們在把資本投入那項業務時採取了相當保守的做法。而 Greg 在持續擴展那項業務方面做得很好，正如我們在 Bloom 燃料電池上所看到的。但我們真正關注的——我想你問題的核心在於資本配置——是：分配到那個非管制業務的資金，必須在報酬率上高於管制業務，才能具備競爭力。

And so from that perspective, as Greg across his business looks at opportunities, we're looking at, again, substantially higher returns than what we would get on the regulated side in order to justify the capital allocation to that. And we certainly saw that with the fuel cell project in Wyoming.

因此，從這個角度來看，當 Greg 在他的業務範圍內評估機會時，我們要求的回報——再強調一次——必須顯著高於我們在管制端能取得的回報，才能合理化把資本配置到那邊。而我們在懷俄明州的燃料電池專案上確實看到了這一點。

The other thing that's pretty important, and that's why we've really kind of now driven towards this new segment and calling it AEP infrastructure is because we are seeing more long-term contracted infrastructure with highly creditworthy counterparties, and that's what we're really looking for. This isn't about us just trying to go find merchant generation. This is where can we augment our existing footprint and where can we augment our existing capabilities to bring incremental shareholder value at an amount and at a return appropriate for that unregulated business.

另一個相當重要的點——也正因如此我們現在推動成立這個新事業分部並稱之為 AEP 基礎設施——是我們看到更多與信用評等非常好的交易對手簽訂的長期合約型基礎設施機會，而這正是我們在尋找的。這並不是我們要去找商業型（merchant）發電。而是我們能在哪裡強化既有版圖、在哪裡強化既有能力，以在符合該非管制業務規模與報酬要求的前提下，為股東帶來增量價值。

Ross Fowler, Bank of America.

Ross Fowler，美國銀行。

Just a couple of questions from me. Really quick on incremental equity here that's running at about 24% of CapEx, and I apologize if I missed this in an earlier answer because there was three earnings calls going on. But Trevor, is that sort of the expectation I should think about going forward as I look at modeling any new incremental CapEx? You've talked a lot about CapEx upside from the $100 billion. How do I think about that as the right ratio?

我這邊有兩個問題。先很快問一下：目前增量股權（incremental equity）大約占 CapEx 的 24%。如果我在前面的回答漏聽了先說聲抱歉，因為同時有三場財報電話會在進行。Trevor，當我在建模任何新的增量 CapEx 時，往後我是否應該把這個比例視為一個預期值？你們談了很多在 1,000 億美元計畫之上的 CapEx 上行空間。我該如何把這個比例視為合理的比率？

Yes. Ross, we've kind of been pretty public about the fact that across the industry, you generally see roughly 30% to 40% of incremental equity for incremental capital. And given the strong cash flows that we have within the business, you're looking at this plan generating $55 billion of free cash flow off of the business. And then looking at how we have leaned into the equity needs that we had before and putting a lot of that $5.2 billion into forward contracts, that's giving us a great deal of flexibility. What I wouldn't want to do is box ourselves in at this point and saying all incremental capital is going to be financed at sub-25%.

是的。Ross，我們一直相當公開地提到，整個產業一般會看到增量資本對應約 30% 到 40% 的增量股權。考量到我們業務內部強勁的現金流，這個計畫將從業務中產生 550 億美元的自由現金流。再加上我們先前已提前因應股權需求，將其中相當一部分 52 億美元透過遠期合約（forward contracts）處理，這讓我們具備很大的彈性。我不希望此刻把自己框住，說所有增量資本都會以低於 25% 的股權比例來融資。

But again, you're going to see us be very shareholder-friendly. We realize just how precious shareholder capital is and how precious that equity is. And so we don't take it lightly when we go out with issuing it. But when we do issue equity, it needs to be accretive to the earnings and to the plan. And so from that perspective, we're going to always try to find the most efficient ways to finance and fund the growth of this business.

但同樣地，你會看到我們非常以股東為友善（shareholder-friendly）。我們明白股東資本有多珍貴、股權有多珍貴。因此，當我們出去發行股權時，我們不會輕率行事。但當我們確實發行股權時，它必須對盈餘與計畫具有增益性（accretive）。所以從這個角度，我們會一直嘗試以最有效率的方式來融資並支持這項業務的成長。

And so as we continue to roll out revisions to the capital plan in subsequent years, you can see us looking at multiple different equity or equity-linked instruments as well as seeing the significant amount of cash generation from these existing businesses being generated that will help finance growth in the future. But again, we want to be as conservative as we possibly can with shareholder equity.

因此，隨著我們在後續年度持續推出資本計畫的修訂版本，你會看到我們評估多種不同的股權或股權連結工具，同時也會看到既有業務所產生的大量現金，將有助於未來的成長融資。但再強調一次，我們希望在使用股東股權方面盡可能保守。

I would expect nothing less, Trevor. Maybe I don't want to beat a dead horse here, but maybe picking or winding back to Texas and following on to Julien and Steve's question. If I think about what you're showing in Texas right now, I go to slide 17, about $6.4 billion of that distribution, right? And then I get about $7.4 billion of transmission. Now part of that transmission is Howard-to-Solstice, I think, that's in there, right? That's the first question.

Trevor，我對此一點也不意外。也許我不想老調重彈，但我想回到德州，延續 Julien 和 Steve 的問題。如果我看你們目前在德州展示的內容，我翻到第 17 頁投影片，其中大約 64 億美元是配電（distribution），對吧？然後大約 74 億美元是輸電（transmission）。而這些輸電的一部分我想包含 Howard-to-Solstice，對嗎？這是第一個問題。

That's right.

沒錯。

And then the next question is of what's left after I take Howard to Solstice out of that $7.4 billion, can you give me any scope of what -- we're getting to a pretty small number in the context of your $100 billion plan, but like what's in there for Batch Zero? Is it anything? Is it a very small proportion of what's left? I think you kind of talked about that, but I'm just trying to scope out for the LSAs, what's left in that remainder.

接著第二個問題是：在我把 Howard-to-Solstice 從那 74 億美元中扣除之後，剩下的部分，你能否給我一些範圍，說明其中有多少是屬於 Batch Zero？有嗎？它在剩餘部分中占比很小嗎？我想你們有稍微提到，但我只是想釐清，對於 LSAs 而言，那個餘額裡還剩下什麼。

Yes. So I'll let Kate kind of get into the detail on this. But I will say, one, for sure, the Howard-to-Solstice line is included in the plan right now. That 765 kV is in there. But Kate, why don't you walk through a little bit with regards to what's in and what's not in, and why we think the Texas capital plan is actually fairly conservative at this point.

是的。我先請 Kate 來談細節。但我可以先說，確定的是，Howard-to-Solstice 線路目前已納入計畫中。那條 765 kV 的線路在裡面。不過 Kate，你不妨說明一下哪些有納入、哪些沒有納入，以及為什麼我們認為目前德州的資本計畫其實相當保守。

Ross, so we've taken a pretty -- as Trevor said, a pretty conservative approach to the AEP Texas capital plan in this update, just while we wait for the Batch Zero process to play out and the broader transmission planning. If we look at AEP Texas' capital plan, about 85% of that is currently allocated to system reliability, resiliency, replacing infrastructure and modernizing the grid.

Ross，如 Trevor 所說，在這次更新中，我們對 AEP Texas 的資本計畫採取了相當保守的做法，主要是因為我們在等待 Batch Zero 流程的結果，以及更廣泛的輸電規劃進展。如果看 AEP Texas 的資本計畫，目前大約 85% 配置在系統可靠度、韌性（resiliency）、汰換基礎設施以及電網現代化。

To Trevor's point, that does include approved lines like the Howard-to-Solstice line. But I would think about most of the AEP Texas plan as being related to resiliency and reliability at this point. As we look forward as Batch Zero progresses and as the broader transmission planning process progresses, there's absolutely upside, which -- as that becomes -- as that crystallizes through the process, we'll think about when to add that to the plan at the appropriate time.

如 Trevor 所說，這確實包含已核准的線路，例如 Howard-to-Solstice 線路。但我會把 AEP Texas 計畫的大部分視為目前與韌性與可靠度相關。展望未來，隨著 Batch Zero 推進、以及更廣泛的輸電規劃流程推進，確實存在上行空間；當這些在流程中逐步明朗化（crystallizes）之後，我們會在適當的時間點考慮把它加進計畫。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

We spent a lot of the Q&A on transmission, but you highlighted generation as another opportunity. I believe if I recall correctly from 2Q, you laid out some of the kind of gas turbine position both on a five-year basis and beyond. Do you mind revisiting that and just speaking to kind of what's in the plan versus out of the plan now on a secured or reservation basis? And then have you had any activity since 2Q and kind of any other thoughts around positioning into the middle of next decade around gas gen?

我們在問答花了很多時間談輸電，但你們也把發電列為另一個機會。如果我沒記錯，從第二季（2Q）開始，你們曾在五年期以及更長期的角度，說明過燃氣渦輪機（gas turbine）的布局。你介意再回顧一下，並談談目前在計畫內與計畫外、就已確保（secured）或預留（reservation）的基礎來看，各自包含哪些嗎？另外，自第二季以來你們是否有任何進展，以及對於下個十年中期（middle of next decade）燃氣發電布局還有什麼想法？

Yes. Thanks for the question on generation, Richard. Obviously, we've been very aggressive in this regard or really been super proactive in securing turbine slots, and that's positioned us exceptionally well to support the load growth that's occurring across the footprint. And really, that's also then allowing us to deliver outsized value for the customers and, of course, our shareholders. We continue to see really, really strong customer demand across the footprint.

是的，謝謝你關於發電的問題，Richard。很明顯，我們在這方面一直非常積極，或者說非常超前地去確保渦輪機的產能檔期（turbine slots），這讓我們在支援整個服務版圖內正在發生的負載成長方面具備非常好的定位。而且，這也讓我們能為客戶，當然也為股東，交付超額價值。我們持續看到整個版圖內非常、非常強勁的客戶需求。

And we continue to find opportunities for more generation. It's really only a matter of time that these turbines are allocated to specific projects. And we continue to have more coming through the door. Trevor will give you a little more detail on this. But again, this is an area where we've been very forward-looking, and it's really positioned us well to get after these customers and give them what they want when they want it.

我們也持續尋找更多發電機會。這些渦輪機分配到特定專案其實只是時間問題。而且我們也持續有更多案子找上門。Trevor 會就此提供更多細節。但再說一次，這是我們一直非常前瞻布局的領域，也確實讓我們在爭取這些客戶、在他們需要的時候提供他們想要的方案方面，具備了很好的優勢。

So Trevor?

那麼 Trevor？

Yes. Thanks, Bill. So Richard, what we've been pretty public about is that in the VIUs, we've secured about 15 gigs of load under firm long-term take-or-pay ESAs. And that load growth provides really the foundation for investing in new baseload generation. So we have the demand, and we need the generation now really to support it.

是的。謝謝你，Bill。所以 Richard，我們一直相當公開地提到，在 VIUs 方面，我們已透過具約束力的長期 take-or-pay（照付不議）ESA，鎖定了約 15 GW 的負載。而這樣的負載成長，確實為投資新的基載發電奠定了基礎。

I would say we do have framework agreements with blue-chip turbine suppliers and craft labor companies that's really put us into a position to build the generation needed to serve this load. So there are a number of gas plants that have already been filed for or approved, and we have been clear about saying that we have a path to advancing the remainder given the resource need and the positive regulatory construct.

我會說，我們確實已與一流（blue-chip）的渦輪機供應商以及技術工種勞務公司簽有框架協議，這讓我們具備了建置滿足這些負載所需發電能力的條件。因此，已有多座燃氣電廠完成申報或獲得核准；而我們也明確表示，基於資源需求以及正向的監管架構，我們有路徑推進其餘的專案。

So when you look at, say, for example, I&M and PSO, they have a combined 10 gigs of ESAs. And both Indiana and Oklahoma recently passed legislation that actually accelerates new generation resources with favorable cost recovery. So ultimately, I would say we feel very good about both the need for these projects and our ability to deliver on them. And there is absolutely a clear demand and broad local support. So here again, is I think when you take a look at the generation that's in the plan, we feel very, very good about what's there and what we can deliver on.

所以當你看，例如 I&M 和 PSO，它們合計有 10 GW 的 ESA。而印第安納州與奧克拉荷馬州近期也通過了立法，實際上在具備有利成本回收機制的情況下，加速了新增發電資源。

Understood. And then circling back to AEP infrastructure, certainly understand conceptually the sort of market shift to long-term contracts. How do you see that playing out in terms of the opportunities you're looking at and the timing to realize those opportunities? Do you see the potential to advance more solutions there over the next year or two? Or is this more about finding the right spots on a five-year basis?

了解。那再回到 AEP infrastructure，當然在概念上我理解市場正轉向長期合約。你們如何看待這在你們正在評估的機會以及實現這些機會的時點上會如何發展？你們是否認為未來一到兩年內有可能推進更多解決方案？還是說這更像是在五年期的尺度上尋找合適的切入點？

I guess, given the high-profile revamp of that segment, how are you thinking about the actual opportunity in adding dollars there versus the conceptual shift you're seeing with what counterparties are seeking?

我想，鑑於該事業部門的高調重整，你們如何看待在那裡實際增加投入金額的機會，相較於你們所看到、交易對手正在尋求的概念性轉變？

Yes. I would say the way we look at this segment is, like you say, we've seen a lot of growth opportunity there. They have -- that team has been really proactive in identifying opportunities that are going to add value. But we also want to be careful that we're not growing that segment at a rate that's going to create any type of heartburn for us with regards to the reg versus the unreg side of the business.

是的。我會說我們看待這個事業部門的方式是，如你所說，我們在那裡看到了很多成長機會。他們——那個團隊——在辨識能夠創造價值的機會方面一直非常積極主動。但我們也希望謹慎，避免讓該部門以一種會在我們的受監管（reg）與非受監管（unreg）業務之間造成任何不適或困擾的速度成長。

So we're going to be very opportunistic as we identify new projects that can add a meaningful increase to the overall earnings per share while we're managing the overall balance between regulated and unregulated side of the business. But again, I think you hit the nail on the head. This is a business that really is going to have long-term contracted cash flows with very creditworthy counterparties. And it's something that I think given what we're seeing in the marketplace for these types of solutions, I think we're very well positioned to capitalize on this.

因此，當我們辨識到能夠在管理受監管與非受監管業務整體平衡的同時，對整體每股盈餘帶來有意義提升的新專案時，我們會非常機會導向地把握。但我認為你說得很到位。這項業務確實將擁有與信用非常良好的交易對手所簽訂的長期合約現金流。而且就我們在市場上看到對這類解決方案的需求而言，我認為我們非常有利於把握這些機會。

Jeremy Tonet, JPMorgan.

JPMorgan 的 Jeremy Tonet。

Sorry, if I missed it earlier here, but what was the large load number specifically baked into the plan? Just want to make sure I was clear how many gigawatts is baked in there.

抱歉，如果我前面漏聽了，但計畫中具體納入的大型負載數字是多少？我只是想確認我理解清楚，裡面納入了多少 GW。

Yes. So I would think about it, like think about -- let's talk about Texas and let's talk about the rest of the plan. So the majority of the large load in the rest of the plan is now baked into the capital. In Texas, specifically, we said we've been pretty conservative about the AEP Texas capital plan. 85% of that is based on system reliability and resiliency. So some of the broader Texas load and the infrastructure needed to support that is not in the plan at this time, and that would represent incremental upside.

是的。所以我會這樣看——我們談談德州，再談談計畫的其他部分。因此，計畫其他部分中的大多數大型負載，現在已經反映在資本支出中。而在德州方面，我們說過我們對 AEP Texas 的資本計畫採取了相當保守的假設。其中 85% 是基於系統可靠性與韌性。所以，德州更廣泛的負載以及支撐該負載所需的基礎設施，目前尚未納入計畫中，而那將代表額外的上行空間。

Got it. And just last one real quick. I appreciate retaining cash offers a lot of value given how fast the company has grown here. But just wondering if you could refresh us, I guess, with the goalpost of how we should think about dividend growth going forward here?

了解。最後一個很快的問題。我理解在公司成長如此快速的情況下，保留現金具有很大價值。但我想請你們再幫我們更新一下，我們應該如何看待未來的股利成長目標？

Yes. So Jeremy, I think we are -- one, I would always preface this by saying the dividend is always at the discretion of our Board, and we make recommendations to our Board. But what we want to do is continue to get value to our shareholders and a big part of that is through an increasing dividend. We have moderated the growth of the dividend over the last year, and we are forecasting a similar type of modest growth to the dividend at roughly 2% over the four- or five-year period. We will continue to reassess that and make recommendations to our Board.

是的。所以 Jeremy，我想我們——第一，我一向會先說明，股利始終由董事會酌情決定，而我們會向董事會提出建議。但我們想做的是持續為股東創造價值，其中很大一部分是透過提高股利。過去一年我們已放緩股利成長，而我們預期在未來四到五年的期間，股利也將以類似的溫和幅度成長，約為 2%。我們會持續重新評估，並向董事會提出建議。

And again, you will continue to see us allocate capital to the dividend growth. But when you've got this size capital plan, it creates a lot of value to ensure that we're driving a $100 billion five-year capital plan while maintaining a modest dividend growth. So it's roughly at about that 2% per annum that you could see us growing the dividend at.

同樣地，你們會持續看到我們配置資本以支持股利成長。但在這樣規模的資本計畫之下，確保我們推動一個 1,000 億美元的五年資本計畫，同時維持溫和的股利成長，能創造很大的價值。因此，你們可能會看到我們的股利大致以每年約 2% 的速度成長。

We have reached the end of the Q&A session. I will now turn the call back to Bill for closing remarks.

我們已到達問答環節的結束。我現在把電話交回給 Bill 作結語。

Yes. Thank you, everybody, for joining us today. Obviously, we're very excited about the future of AEP and the significant opportunities that we have ahead of us as we advance this incredible growth strategy and drive affordability and create long-term shareholder value. I'm also extremely proud of the entire AEP employee base and the incredible support we get from our Board of Directors. We're intensely focused on executing this $100 billion five-year capital plan and delivering on all of our commitments to our customers, our communities, shareholders and all of our other stakeholders.

是的。謝謝各位今天加入我們。顯然，我們對 AEP 的未來以及在推進這項令人振奮的成長策略、提升可負擔性並創造長期股東價值的過程中，所擁有的重大機會感到非常興奮。我也為整個 AEP 員工團隊以及我們從董事會獲得的巨大支持感到非常自豪。我們正全力聚焦於執行這項 1,000 億美元的五年資本計畫，並履行我們對客戶、社區、股東以及所有其他利害關係人的所有承諾。

So if any of you have any other follow-up items, please reach out to the IR team with your questions, and we look forward to seeing many of you at EEI in a couple of weeks. This concludes our call. And again, thank you for your continued interest in AEP.

所以如果各位還有任何其他後續問題，請與投資人關係（IR）團隊聯繫提出問題；我們也期待在幾週後於 EEI 與許多各位見面。本次電話會議到此結束。再次感謝各位持續關注 AEP。

This concludes today's call. A telephone replay of this call will be available until November 3. To access the telephone replay, please dial in US toll-free 1 (833)-309-1852 and enter the meeting ID 222192-844. Thank you for attending. You may now disconnect.

本次電話會議到此結束。本次會議的電話重播將提供至 11 月 3 日。如需收聽電話重播，請撥打美國免付費電話 1 (833)-309-1852，並輸入會議 ID 222192-844。感謝各位參與。您現在可以掛線。