愛依斯電力 (AES) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the AES Corporation second-quarter 2025 financial review call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions) I would now like to turn the call over to Susan Harcourt, Vice President of Investor Relations. Susan, please go ahead.

大家好，歡迎參加 AES 公司 2025 年第二季財務審查電話會議。我叫艾米麗，今天我將負責協調您的通話。（操作員指示）現在，我想將電話轉給投資者關係副總裁 Susan Harcourt。蘇珊，請繼續。

Thank you, operator. Good morning, and welcome to our second-quarter 2025 financial review call. Our press release, presentation, and related financial information are available on our website at aes.com.

謝謝您，接線生。早上好，歡迎參加我們的 2025 年第二季財務審查電話會議。我們的新聞稿、簡報和相關財務資訊可在我們的網站 aes.com 上找到。

Today, we will be making forward-looking statements. There are many factors that may cause future results to differ materially from these statements, which are disclosed in our most recent 10-K and 10-Q filed with the SEC. Reconciliations between GAAP and non-GAAP financial measures can be found on our website along with the presentation.

今天，我們將做出前瞻性陳述。有許多因素可能導致未來結果與這些聲明有重大差異，這些聲明已在我們最近向美國證券交易委員會提交的 10-K 和 10-Q 文件中揭露。您可以在我們的網站上找到 GAAP 和非 GAAP 財務指標之間的對帳以及簡報。

Joining me this morning are Andres Gluski, our President and Chief Executive Officer; Steve Coughlin, our Chief Financial Officer; Ricardo Falu, our Chief Operating Officer; and other senior members of our management team.

今天早上與我一起出席的還有我們的總裁兼執行長 Andres Gluski、我們的財務長 Steve Coughlin、我們的營運長 Ricardo Falu 以及我們管理團隊的其他資深成員。

With that, I will turn the call over to Andres.

說完這些，我會把電話轉給安德烈斯。

Good morning, everyone, and thank you for joining our second-quarter 2025 financial review call. Today, I'm pleased to reaffirm both our 2025 guidance and our long-term growth targets.

大家早安，感謝您參加我們的 2025 年第二季財務審查電話會議。今天，我很高興重申我們 2025 年的指導和長期成長目標。

Our business remains resilient, and we continue to execute on our strategy, which I will discuss in more detail. Following my remarks, Steve Coughlin, our CFO, will provide additional color on our financial performance and outlook.

我們的業務依然保持彈性，我們將繼續執行我們的策略，我將對此進行更詳細的討論。在我發言之後，我們的財務長史蒂夫‧考夫林 (Steve Coughlin) 將進一步介紹我們的財務表現和前景。

Before delving into our second quarter results, allow me to share a few thoughts regarding the state of the electricity market in the US. Obviously, the past couple of months have seen major policy announcements, which will have a significant impact on the sector.

在深入探討我們的第二季業績之前，請容許我分享一些關於美國電力市場狀況的看法。顯然，過去幾個月已經出台了重大政策，這些政策將對該行業產生重大影響。

Not to get distracted by some of the noise surrounding these developments, it's important to keep in mind key market fundamentals. Demand for energy in the US is growing rapidly by historical measures, prices are rising, and the bulk of new additions over the next five years will be renewables and energy storage. These are the technologies that can be feasibly built, given their shorter time to power, advanced development pipeline, existing supply chains, competitive levelized cost of energy, and customer preference.

為了不被圍繞這些發展的一些噪音所分散注意力，重要的是牢記關鍵的市場基本面。從歷史數據來看，美國的能源需求正在快速成長，價格不斷上漲，未來五年新增能源大部分將是再生能源和能源儲存。考慮到這些技術的啟動時間較短、開發管道先進、供應鏈現有、具有競爭力的平準化能源成本以及客戶偏好，它們是可以切實可行的。

Current government policies aim to increase the amount of future power coming from fossil fuels, nuclear, and enhanced geothermal. While measures can be taken to increase generation from existing thermal plants, new additions will take years to materially come online, some more than others. In the meantime, AES has a mature pipeline of renewables and battery storage with a substantial Safe Harbored backlog of signed PPAs, positioning us to meet our clients' growing energy needs.

目前政府政策旨在增加未來來自化石燃料、核能和地熱能的電力。雖然可以採取措施增加現有熱電廠的發電量，但新增熱電廠將需要數年時間才能真正投入使用，有些新建熱電廠所需的時間會更長。同時，AES 擁有成熟的再生能源和電池儲存管道，以及大量已簽署的 PPA 安全港積壓，使我們能夠滿足客戶日益增長的能源需求。

As an all-of-the-above energy company, we have the capabilities to deliver those technologies that are most cost competitive and demanded by our customers. We see our business model as supplying not a specific technology, but the electric energy and capacity in the shape, cost, and reliability, the market demands. Over many years, AES has demonstrated its flexibility and innovation time and again.

作為一家全方位能源公司，我們有能力提供最具成本競爭力且最受客戶需求的技術。我們認為我們的商業模式不是提供特定的技術，而是提供符合市場需求的形狀、成本和可靠性的電能和容量。多年來，AES一次又一次地展示了它的靈活性和創新性。

Now turning to our results, beginning on slide 4. We're executing well and on track to achieve all of our financial metrics. Our performance was in line with our expectations with adjusted EBITDA of $681 million and adjusted EPS of $0.51.

現在來看我們的結果，從投影片 4 開始。我們執行良好，並有望實現所有財務指標。我們的業績符合預期，調整後的 EBITDA 為 6.81 億美元，調整後的 EPS 為 0.51 美元。

We are seeing significant growth in our renewables Renewables SBU with adjusted EBITDA for the second quarter of $240 million, representing overall growth of 56% versus Q2 last year. This growth is directly related to the 3.2 gigawatts of new projects that we have added to our portfolio over the last four quarters.

我們的再生能源 SBU 業務取得了顯著成長，第二季調整後的 EBITDA 為 2.4 億美元，與去年第二季相比整體成長了 56%。這一增長與我們過去四個季度添加到投資組合中的 3.2 千兆瓦新項目直接相關。

We are also seeing the benefits of more projects with higher returns, which we forecasted earlier last year and are now hitting our results as these projects come online. We're on track to add a total of 3.2 gigawatts of new projects in operation in 2025.

我們也看到了更多項目帶來的好處和更高的回報，這是我們去年早些時候預測的，現在隨著這些項目的上線，我們正在實現業績。我們預計在 2025 年新增 3.2 千兆瓦的投產項目。

Year-to-date, we have completed construction of 1.9 gigawatts, and we are approximately 80% complete on the remaining 1.3 gigawatts. I am pleased to report that our progress so far this year includes the completion of the 1-gigawatt Bellefield 1 solar-plus-storage project, which is the first phase and the largest project of its kind in the country.

今年迄今為止，我們已經完成了 1.9 千兆瓦的建設，剩餘的 1.3 千兆瓦也已完成約 80%。我很高興地報告，我們今年迄今的進展包括完成了1千兆瓦的貝爾菲爾德1太陽能加儲能項目，這是第一階段，也是該國同類項目中規模最大的項目。

As part of our construction efforts, we utilized our AI robotic solar installation technology, Maximo, which makes construction significantly faster, less labor intensive, and more cost effective.

作為我們施工工作的一部分，我們利用了人工智慧機器人太陽能安裝技術 Maximo，這使得施工速度更快、勞動強度更低、成本效益更高。

Since our last call, we have signed PPAs for an additional 1.6 gigawatts of new projects, including 650 megawatts with Meta, bringing our backlog to 12 gigawatts. The 1.6 gigawatts of new PPAs is entirely with data center customers, further solidifying our position as the leading provider of renewables to this customer segment.

自上次通話以來，我們又簽署了另外 1.6 千兆瓦新項目的 PPA，其中包括與 Meta 簽署的 650 兆瓦，使我們的積壓訂單達到 12 千兆瓦。1.6 千兆瓦的新 PPA 全部與資料中心客戶簽訂，進一步鞏固了我們作為該客戶群領先再生能源供應商的地位。

Now turning to slide 5. Our business is resilient to changes in renewables policy, whether it's the new legislation signed by Congress, the prospect of additional tariffs, or changes to IRS guidelines around tax credits. We have significant protections due to the actions we have taken over the last several years, including Safe Harboring, ensuring a US supply chain, and avoiding projects on Federal land.

現在翻到投影片 5。我們的業務能夠適應再生能源政策的變化，無論是國會簽署的新立法、額外關稅的前景，還是美國國稅局有關稅收抵免的指導方針的變化。由於我們過去幾年採取的行動，我們獲得了重要的保護，包括安全港政策、確保美國供應鏈以及避免在聯邦土地上開展專案。

Let me also emphasize that for the majority of our business, any of the recent changes in US policy are largely inconsequential. This includes our entire operating portfolio, our Utilities, and our International business.

我還要強調的是，對於我們大多數業務而言，美國政策的任何近期變化基本上都是無關緊要的。這包括我們的整個營運組合、我們的公用事業和我們的國際業務。

Turning to slide 6. We feel very confident in the strength of our backlog of Renewables and Energy Storage projects, which have signed contracts that are not yet operational. Of this 12-gigawatt backlog, 4.1 gigawatts are international, selling primarily to mining companies and data centers with no exposure to US policy.

翻到幻燈片 6。我們對積壓的再生能源和儲能專案的實力非常有信心，這些專案已經簽署了合約但尚未投入營運。在這 12 千兆瓦的積壓訂單中，有 4.1 千兆瓦來自國際市場，主要銷售給不受美國政策影響的礦業公司和資料中心。

Looking at our 7.9 gigawatt US backlog, we plan to place in service 6 gigawatts before year-end 2027, all of which qualify for existing tax credits under recent legislation. Of the remaining 1.9 gigawatts coming online after 2027, nearly all is Safe Harbored under the current treasury guidance. Even looking out to 2028 and beyond, our pipeline includes an additional 4 gigawatts of projects that are expected to be added to our backlog over the coming year.

看看我們在美國 7.9 千兆瓦的積壓訂單，我們計劃在 2027 年底之前投入使用 6 千兆瓦，所有這些訂單都符合最近立法規定的現有稅收抵免條件。在 2027 年後上線的剩餘 1.9 千兆瓦中，幾乎所有發電量都根據當前的財政指導獲得了安全港保護。即使展望 2028 年及以後，我們的項目儲備中還包括另外 4 千兆瓦的項目，預計這些項目將在來年添加到我們的積壓項目中。

I should add that 35% of our US pipeline is Energy Storage, which will be supported by tax credits from start of construction through 2033. In short, our backlog is well protected, and we have a long runway of projects that we expect to bring online with tax incentives.

我應該補充一點，我們美國 35% 的管道是能源存儲，從建設開始到 2033 年將獲得稅收抵免支持。簡而言之，我們的積壓工作得到了很好的保護，我們擁有大量項目，我們期望透過稅收優惠政策將這些項目上線。

Turning to slide 7. Our supply chain strategy also provides us with strong protection from changes in US policy or potential future tariffs. All of our major equipment is now either on-site are coming from US-based suppliers with their own supply chains diversified outside of China. We have essentially eliminated any potential impact from previously announced tariffs and our projects comply with the restrictions on foreign entities of concern or FEOC.

翻到幻燈片 7。我們的供應鏈策略也為我們提供了強有力的保護，使其免受美國政策變化或未來潛在關稅的影響。我們所有的主要設備現在要么在現場，要么來自美國供應商，他們自己的供應鏈在中國境外多樣化。我們基本上消除了先前宣布的關稅的任何潛在影響，並且我們的專案符合對關注的外國實體或 FEOC 的限制。

Now turning to slide 8 and our future growth. Even as tax credits expire, we expect strong demand, which will enable us to maintain or improve our existing project returns and continue to rapidly grow our EBITDA. We are uniquely positioned as the top provider of renewables to data center companies with over 11 gigawatts of agreements signed to date.

現在翻到第 8 張投影片，討論我們未來的發展。即使稅收抵免到期，我們預計需求仍然強勁，這將使我們能夠維持或提高現有項目的回報，並繼續快速成長我們的 EBITDA。我們是資料中心公司再生能源的頂級供應商，迄今已簽署了超過 11 千兆瓦的協議，具有獨特的優勢。

And we are confident in our ability to deliver on our financial objectives for the following three reasons. First, we're seeing robust demand for electricity, driven primarily by the rapid growth of data centers. Meeting this demand in the US will require over 600 terawatt hours of additional power generated by the end of the decade, which is roughly equivalent to the current ERCOT system.

我們有信心實現我們的財務目標，原因如下：首先，我們看到電力需求強勁，主要受資料中心快速成長的推動。在美國，要滿足這項需求，到2020年將需要額外發電超過600太瓦時的電力，這大致相當於目前的ERCOT系統。

With this backdrop, as you can see on slide 9, the corporate PPA market for renewables has a long history of adjusting to account for changes in market conditions, with average contract prices moving as the underlying cost of building new projects has evolved. It is worth noting that for data centers, electricity represents less than 10% of total lifetime cost on average.

在此背景下，正如您在投影片 9 上看到的，再生能源企業 PPA 市場長期以來一直在根據市場條件的變化進行調整，平均合約價格隨著新專案建設潛在成本的變化而變化。值得注意的是，對於資料中心而言，電力平均佔總生命週期成本的不到 10%。

Second, turning to slide 10. Renewables offer a competitive levelized cost of energy, or LCOE, for new generation, even without tax credits. Over the past year, the cost of a new gas turbine has more than doubled, and lead times have stretched to four years or more.

第二，翻到第 10 張投影片。即使沒有稅收抵免，再生能源也能為新世代發電提供具有競爭力的平準化能源成本（LCOE）。在過去的一年裡，新型燃氣渦輪機的成本上漲了一倍多，交貨時間延長至四年或更長。

Additionally, new gas pipelines have yet to be approved, permitted, and built. As a result, a surge in new gas plants coming online will likely take time.

此外，新的天然氣管道尚未獲得批准、許可和建設。因此，新天然氣工廠的投產可能需要一些時間。

And third, our strategy remains centered on meeting our customer needs. Today, customers are asking for renewables and storage because they can be deployed quickly and at scale. I should add that AES has extensive gas development capabilities, and we are focused on delivering those solutions that our large data center customers are requesting.

第三，我們的策略仍以滿足客戶需求為中心。如今，客戶要求再生能源和存儲，因為它們可以快速、大規模地部署。我應該補充一點，AES 擁有廣泛的天然氣開發能力，我們專注於提供大型資料中心客戶所要求的解決方案。

Finally, turning to slide 11 and the robust growth program we're undertaking at our US utilities. We are executing on the largest investment program in the history of both AES Indiana and AES Ohio to improve customer reliability and support economic development. In 2025, across these utilities, we're on track to invest approximately $1.4 billion in areas such as hardening the distribution network, smart grid, new generation and transmission build-out for data centers.

最後，翻到第 11 張投影片，介紹我們在美國公用事業公司實施的強勁成長計畫。我們正在執行 AES 印第安納州和 AES 俄亥俄州歷史上最大的投資計劃，以提高客戶可靠性並支持經濟發展。到 2025 年，我們將在這些公用事業公司中投資約 14 億美元，用於加強配電網路、智慧電網、新一代發電和資料中心輸電建設等領域。

At AES Indiana, we are making significant progress on our generation buildout. Earlier this year, we completed the Pike County energy storage project, which includes 200 megawatts of installed capacity and 800-megawatt hours of dispatchable energy, the largest operational battery project in MISO.

在 AES 印第安納州，我們的發電建設正在取得重大進展。今年早些時候，我們完成了派克縣儲能項目，該項目包括 200 兆瓦的裝置容量和 800 兆瓦時的可調度能源，這是 MISO 最大的營運電池項目。

We're also on track to bring online the Petersburg Energy Center, a 250-megawatt solar and 180-megawatt hour energy storage facility by the end of the year. Furthermore, we're on schedule with repowering two of the Petersburg units from coal to natural gas. We expect this project to be completed in 2026.

我們還計劃在今年年底前啟用彼得堡能源中心，這是一個擁有 250 兆瓦太陽能和 180 兆瓦時能源儲存設施的設施。此外，我們也正在按計畫將聖彼得堡的兩座發電廠從煤炭發電轉換為天然氣發電。我們預計該項目將於 2026 年完工。

This quarter, we also filed petitions for a regulatory rate review with the Indiana Utility Regulatory Commission. This rate case represents our first using a forward-looking test year, which will reduce regulatory lag and enable a more efficient investment program as we work to best serve our customers with cost-effective and reliable electricity service.

本季度，我們也向印第安納州公用事業監管委員會提交了監管費率審查申請。此費率案例代表我們首次使用前瞻性測試年，這將減少監管滯後並實現更有效率的投資計劃，因為我們致力於為客戶提供經濟高效且可靠的電力服務。

In AES Ohio, our current regulatory rate review with the Public Utilities Commission of Ohio is on track for a timely order, and we're optimistic that we will be able to reach a settlement agreement in the third quarter. In addition, with the passage of House Bill 15 this spring, we are working towards a new regulatory framework that will incorporate three forward-looking test years, significantly reducing regulatory lag in Ohio. With our current ESP regulatory structure in place until early 2027, we expect to file for new rates later this year, which will include 2027 to 2029 as the test years.

在 AES Ohio，我們目前與俄亥俄州公共事業委員會的監管費率審查進展順利，預計將及時達成協議，我們樂觀地認為我們將能夠在第三季達成和解協議。此外，隨著今年春季第15號眾議院法案的通過，我們正在努力建立一個新的監管框架，該框架將納入三年的前瞻性測試，從而大大減少俄亥俄州的監管落後。由於我們目前的 ESP 監管結構將持續到 2027 年初，我們預計將在今年稍後申請新的費率，其中將以 2027 年至 2029 年作為測試年份。

With that, I would now like to turn the call over to our CFO, Steve Coughlin.

現在，我想將電話轉給我們的財務長 Steve Coughlin。

Thank you, Andres, and good morning, everyone. I'm very pleased to share that AES had a great second quarter, keeping us well on track towards our full-year 2025 guidance targets.

謝謝你，安德烈斯，大家早安。我很高興地告訴大家，AES 公司第二季表現非常出色，這讓我們順利地朝著 2025 年全年指導目標邁進。

First, turning to adjusted EBITDA on slide 13. Second quarter adjusted EBITDA was $681 million versus $658 million a year ago. This was driven by significant growth from new renewables projects and the positive impact from cost reductions we announced on our fourth-quarter call. These were partially offset by several portfolio changes, including the prior year Warrior Run coal PPA monetization, the sale of AES Brazil, and the 30% sell-down of AES, Ohio.

首先，請轉到第 13 張投影片上的調整後 EBITDA。第二季調整後的 EBITDA 為 6.81 億美元，而去年同期為 6.58 億美元。這是由新再生能源項目的顯著增長以及我們在第四季度電話會議上宣布的成本削減帶來的積極影響所推動的。這些收益被幾項投資組合變化部分抵消，包括上一年 Warrior Run 煤炭 PPA 貨幣化、AES 巴西的出售、以及 AES 俄亥俄州 30% 的出售。

Turning to slide 14. Second quarter adjusted EPS increased 34% to $0.51 per share versus $0.38 in the prior year. In addition to the EBITDA growth drivers, EPS also increased as a result of $185 million of higher US renewable tax attributes. This strong growth was partially offset by higher parent interest expense and a higher adjusted tax rate.

翻到第 14 張投影片。第二季調整後每股收益成長 34% 至每股 0.51 美元，去年同期為每股 0.38 美元。除了 EBITDA 成長動力之外，每股盈餘還因美國再生稅收增加 1.85 億美元而有所成長。這一強勁增長被母公司利息支出和調整後稅率的提高部分抵消。

Next, I'll cover the performance drivers within each of our strategic business units on the next four slides. Beginning with our Renewables SBU on slide 15. The 56% increase in EBITDA was as expected and puts us well on our way to achieving our full-year guidance of $890 million to $960 million. This was primarily driven by 3.2 gigawatts of new capacity brought online since Q2 2024, as well as the positive impacts from the cost reductions and scaling down of our development spending that we discussed on our fourth quarter call.

接下來，我將在接下來的四張投影片中介紹我們每個策略事業部門內的績效驅動因素。從第 15 張投影片上的再生能源策略事業單位 (SBU) 開始。EBITDA 成長 56% 符合預期，使我們有望實現 8.9 億美元至 9.6 億美元的全年目標。這主要得益於 2024 年第二季以來上線的 3.2 千兆瓦新容量，以及我們在第四季度電話會議上討論的成本降低和開發支出縮減帶來的正面影響。

This year, hydrology has normalized in Colombia, improving results versus the prior year. The net effect of moving Chile Renewables to the Renewables SBU this year was offset by the sale of our 5-gigawatt AES Brazil business.

今年，哥倫比亞的水文狀況已恢復正常，與去年相比有所改善。今年將智利再生能源業務轉移至再生能源策略事業單位的淨效應被我們出售 5 千兆瓦 AES 巴西業務所抵消。

In the Utilities SBU, lower adjusted pretax contribution, or PTC, in the quarter was mostly driven by planned outages and the sell-down of AES Ohio that closed in April. These results were fully anticipated in our guidance, and we expect significant growth in the Utilities SBU in the year to go, driven by new investments in the rate base.

在公用事業 SBU，本季調整後稅前貢獻（PTC）較低，主要是由於計劃內停電和 4 月關閉的 AES Ohio 的出售。這些結果完全在我們的指導中，我們預計，在費率基礎的新投資的推動下，公用事業 SBU 將在今年實現顯著增長。

Turning to our Energy Infrastructure SBU on slide 17. Lower EBITDA versus Q2 2024 primarily reflects the prior year recognition of the Warrior Run coal PPA monetization and Chile Renewable assets moving to our Renewables segment in 2025, partially offset by our acquisition of the remaining ownership in the Cochrane coal plant. Excluding these portfolio changes, Energy Infrastructure EBITDA would have increased by $23 million as a result of higher availability across the fleet.

前往第 17 張投影片上的能源基礎設施 SBU。與 2024 年第二季度相比，EBITDA 較低主要反映了去年對 Warrior Run 煤炭 PPA 貨幣化的確認以及智利可再生資產於 2025 年轉移到我們的可再生能源部門，但部分被我們收購 Cochrane 煤電廠剩餘所有權所抵消。不計入這些投資組合變化，由於整個車隊的可用性提高，能源基礎設施 EBITDA 將增加 2,300 萬美元。

Finally, lower EBITDA at our New Energy Technologies SBU primarily reflects AES' share of the lower results reported by Fluence in their fiscal second quarter.

最後，我們新能源技術策略事業單位的 EBITDA 較低主要反映了 AES 在 Fluence 財務第二季報告的較低業績中所佔的份額。

Turning to slide 19. We are reaffirming our 2025 adjusted EBITDA guidance of $2.65 billion to $2.85 billion, driven by the robust 51% growth in our Renewables business year-to-date and our strong position heading into the second half of this year. Growth in the year to go will be driven by the 3.7 gigawatts of projects brought online in 2024, the 1.9 gigawatts already brought online year-to-date, and the additional 1.3 gigawatts we will bring online through the end of the year.

翻到第 19 張投影片。我們重申 2025 年調整後的 EBITDA 指引，即 26.5 億美元至 28.5 億美元，這得益於我們今年迄今為止可再生能源業務的 51% 強勁增長以及我們在今年下半年的強勁地位。未來一年的成長將受到以下因素的推動：2024 年上線的 3.7 千兆瓦項目、今年迄今已上線的 1.9 千兆瓦項目，以及今年年底將上線的另外 1.3 千兆瓦項目。

Our business has reached a level of scale and maturity that allows us to operate even more effectively and efficiently, which is improving EBITDA margins. As I mentioned, hydrology conditions in Colombia have normalized, and we see our hydro plants well positioned to hit their targets through the end of the year.

我們的業務已經達到了一定的規模和成熟度，這使我們能夠更加有效和高效地運營，從而提高了 EBITDA 利潤率。正如我所提到的，哥倫比亞的水文條件已經恢復正常，我們的水力發電廠預計將在今年年底前實現目標。

We expect 7% year-over-year growth at our Utilities SBU, and driven by the $1.3 billion of rate base investment we've made over the last 12 months. We have already locked in the cost savings actions implemented during the first quarter, which will yield at least the $150 million savings target we discussed on our fourth quarter call.

我們預計公用事業戰略業務單位的年增長率將達到 7%，這得益於我們在過去 12 個月中所做的 13 億美元費率基礎投資。我們已經確定了第一季實施的成本節約措施，這將至少實現我們在第四季電話會議上討論的 1.5 億美元的節約目標。

To put this year into context, when adjusted to exclude the impacts of asset sales, year-over-year adjusted EBITDA growth will be approximately 11%. Looking beyond 2025, asset sales will be less of a driver due to the substantial progress we've already made.

結合今年的情況來看，如果排除資產出售的影響，調整後的 EBITDA 年成長將達到約 11%。展望 2025 年以後，由於我們已經取得了實質進展，資產出售將不再是推動力。

This means that adjusted EBITDA growth will significantly accelerate in 2026 as the strong growth in our Renewables and Utilities businesses will not be offset by significant asset sales. As a result, we still expect at least low-teens EBITDA growth in 2026, putting us well on track to achieve our long-term growth rate through 2027.

這意味著，由於再生能源和公用事業業務的強勁成長不會被大量資產出售所抵消，調整後的 EBITDA 成長將在 2026 年顯著加速。因此，我們仍然預計 2026 年 EBITDA 成長率至少會達到十幾個百分點，這讓我們有望在 2027 年實現長期成長率。

Now looking at our 2025 adjusted earnings per share on slide 20. We are reaffirming our guidance of $2.10 to $2.26, which exceeds the midpoint of the 7% to 9% long-term growth rate we introduced back in 2021.

現在就來看看投影片 20 上的 2025 年調整後每股盈餘。我們重申 2.10 美元至 2.26 美元的指導價，該價格超過了我們在 2021 年提出的 7% 至 9% 長期增長率的中點。

In addition to the drivers of adjusted EBITDA, we expect higher interest expense as a result of new debt for our growth investments and a slightly higher adjusted tax rate. We expect to benefit from higher tax credit monetization in the year to go as we complete an additional 600 megawatts of projects in the US and expect these tax attributes to be weighted approximately equally between the third and fourth quarters.

除了調整後的 EBITDA 的驅動因素外，我們還預計由於成長投資的新債務和略高的調整後稅率，利息支出也會增加。隨著我們在美國完成另外 600 兆瓦的項目，我們預計今年將受益於更高的稅收抵免貨幣化，並預計這些稅收屬性在第三季和第四季之間的權重大致相等。

Now, let's turn to our 2025 parent capital allocation plan on slide 21. Sources reflect approximately $2.7 billion of total discretionary cash, including achieving the upper half of our $1.15 billion to $1.25 billion of parent free cash flow target, reflecting double-digit year-over-year growth.

現在，讓我們來看看第 21 張投影片上的 2025 年母公司資本配置計畫。資料顯示，該公司可自由支配現金總額約為 27 億美元，其中包括實現 11.5 億美元至 12.5 億美元母公司自由現金流目標的上半部分，實現了兩位數的同比增長。

Additional sources include the sell-down of our global insurance business that closed in the second quarter. And we expect to borrow an additional $500 million at the parent to support our attractive growth investment plan.

其他來源包括我們在第二季關閉的全球保險業務的出售。我們預計將在母公司額外借款 5 億美元，以支持我們具有吸引力的成長投資計畫。

On the right-hand side, you can see our planned use of capital. We will return approximately $500 million to shareholders this year with our $0.70 per share annual dividend, while investing approximately $1.8 billion toward new growth, primarily in the Renewables and Utilities businesses. We have also repaid approximately $400 million of subsidiary debt, in line with our balance sheet optimization objectives.

在右側，您可以看到我們計劃使用的資本。今年，我們將以每股 0.70 美元的年度股息向股東返還約 5 億美元，同時投資約 18 億美元用於新成長，主要用於再生能源和公用事業業務。我們也償還了約 4 億美元的子公司債務，這符合我們的資產負債表優化目標。

Turning to slide 22. We are reaffirming our long-term growth rate for adjusted EBITDA of 5% to 7%, driven by Renewables growth of 19% to 21% and and Utilities growth of 13% to 15%. We are also reaffirming our long-term growth rates for adjusted EPS and parent free cash flow.

翻到第 22 張投影片。我們重申調整後 EBITDA 的長期成長率為 5% 至 7%，其中再生能源成長 19% 至 21%，公用事業成長 13% 至 15%。我們也重申調整後每股盈餘和母公司自由現金流的長期成長率。

I want to emphasize that the recently passed Reconciliation Bill does not impact the growth plan included in our long-term guidance. As Andres discussed, all projects coming online through year-end 2027 qualify to receive existing tax credits under the recently passed legislation.

我想強調的是，最近通過的《和解法案》不會影響我們長期指導中包含的成長計畫。正如安德烈斯所討論的，根據最近通過的立法，所有在 2027 年底前上線的項目都有資格獲得現有的稅收抵免。

Additionally, we have either already taken delivery of key components for our backlog projects, or we have secured domestic supply chains, which mitigate impacts of new tariffs. These actions give us clear line of sight to achieving our long-term guidance.

此外，我們要么已經接收了積壓項目的關鍵部件，要么已經確保了國內供應鏈，從而減輕了新關稅的影響。這些行動使我們對實現長期指導有了清晰的認識。

As a reminder, AES' adjusted EBITDA does not include renewables tax credit. As a result, we do not expect any reduction in adjusted EBITDA from the eventual sunsetting of renewable tax credits.

提醒一下，AES 的調整後 EBITDA 不包括再生能源稅收抵免。因此，我們預計可再生稅收抵免的最終取消不會導致調整後的 EBITDA 有任何減少。

I would also like to share a few thoughts on our balance sheet. Our parent free cash flow to parent debt metric in the second quarter improved versus a year ago from 19% to 25%, and we remain on track to reach our 12% FFO to debt target with Moody's by the end of next year. Our plan through 2027 is fully self-funded with internally generated cash flow, tax capital, partner capital, and incremental debt capacity.

我還想就我們的資產負債表分享一些想法。我們第二季的母公司自由現金流與母公司債務比率較去年同期有所改善，從 19% 上升至 25%，並且我們仍有望在明年年底前達到穆迪 12% 的 FFO 與債務比率目標。我們到 2027 年的計畫是完全自籌資金，資金來源包括內部產生的現金流、稅務資本、合作夥伴資本和增量債務能力。

As we consider how the business will evolve with the step down of tax credits toward the end of the decade and beyond, we feel confident in the resilience of our business due to our industry-leading position with data centers. Data center customers have an incredible need for new power and future expirations of renewables incentives are unlikely to slow this down.

當我們考慮隨著本世紀末及以後稅收抵免的逐步減少，業務將如何發展時，我們對業務的彈性充滿信心，因為我們在資料中心方面處於行業領先地位。資料中心客戶對新電力有著巨大的需求，而未來再生能源激勵措施的到期不太可能減緩這種需求。

Our expectation is that PPA prices will adjust to fully remunerate invested capital at attractive returns. In other words, while future projects without tax incentives would require additional debt and equity to replace tax value monetization, those projects will also earn higher cash and EBITDA to remunerate that additional capital and achieve our target returns.

我們預計 PPA 價格將會進行調整，以有吸引力的回報充分補償投資資本。換句話說，雖然未來沒有稅收優惠的項目將需要額外的債務和股權來取代稅收價值貨幣化，但這些項目也將獲得更高的現金和 EBITDA 來補償額外的資本並實現我們的目標回報。

This also means that we could generate similar EBITDA and cash growth with less megawatts and without increasing capital needs. We will maintain this flexibility to scale our growth investments to be in line with available capital sources within AES and our partners.

這也意味著我們可以用更少的兆瓦數和不增加資本需求來實現類似的 EBITDA 和現金成長。我們將保持這種靈活性，擴大我們的成長投資，以與 AES 和我們合作夥伴內部可用的資本來源保持一致。

Looking beyond 2027, our growth will continue to be funded primarily with internally generated cash, partner capital, and debt capacity in line with our investment-grade credit rating. AES' future growth rates will be strong as declines we've seen in our Energy Infrastructure SBU related to asset sales and coal retirements will be largely behind us, allowing the high growth rates of Renewables and Utilities to dominate AES' overall rate of growth.

展望 2027 年以後，我們的成長將繼續主要依靠內部產生的現金、合作夥伴資本以及符合我們投資等級信用評級的債務能力來提供資金。AES 未來的成長率將會很強勁，因為我們所看到的與資產出售和煤炭退役相關的能源基礎設施策略事業單位的下滑將基本上成為過去，從而使再生能源和公用事業的高成長率主導 AES 的整體成長率。

In summary, I am very pleased with the progress we've made toward our financial objectives for 2025 and beyond as our business strategy and execution continue to prove resilient and successful. With more than half of the year behind us, I am confident we will achieve our 2025 objectives and look forward to providing an update on next quarter's call.

總而言之，我對我們在實現 2025 年及以後的財務目標方面所取得的進展感到非常高興，因為我們的業務策略和執行繼續證明其韌性和成功。今年已經過了一半多的時間，我相信我們一定能夠實現 2025 年的目標，並期待在下個季度的電話會議上提供最新進展。

With that, I'll turn the call back over to Andres.

說完這些，我會把電話轉回給安德烈斯。

Thank you, Steve. Before opening up the call to questions, I will share some closing thoughts. AES' business is resilient, and we are reaffirming all of our 2025 and longer-term financial and business objectives.

謝謝你，史蒂夫。在開始提問之前，我想分享一些結束語。AES 的業務具有彈性，我們正在重申我們所有的 2025 年及更長期的財務和業務目標。

We're on track to complete 3.2 gigawatts of construction in full-year 2025 and have signed 2 gigawatts of new PPAs so far this year. Our backlog of 12 gigawatts of signed PPAs is either International or Safe Harbored and the majority will be completed by 2027.

我們預計在 2025 年全年完成 3.2 千兆瓦的建設，今年迄今已簽署了 2 千兆瓦的新 PPA。我們已簽署的 12 千兆瓦 PPA 積壓合同要么是國際合同，要么是安全港合同，大部分將於 2027 年完成。

AES' Renewables adjusted EBITDA grew by 56% in the quarter as we delivered on our construction projects. At the same time, our balance sheet metrics are on track to meet all requirements to maintain our triple investment grade.

由於我們完成了建設項目，AES 的可再生能源調整後 EBITDA 在本季成長了 56%。同時，我們的資產負債表指標可望滿足維持三重投資等級的所有要求。

Our resilience is the result of years of preparation of creating a domestic supply chain, a Safe Harbored backlog and pipeline, and being the preferred provider of the fastest-growing market segment, namely data centers and corporate clients. AES has earned a reputation as the most reliable developer and builder of renewable projects, as well as the most innovative company in our sector.

我們的韌性源自於我們多年來精心打造的國內供應鏈、安全港積壓訂單和管道，以及成為成長最快的細分市場（即資料中心和企業客戶）的首選供應商。AES 贏得了最可靠的再生能源專案開發商和建造者的美譽，同時也是我們行業中最具創新精神的公司。

We see ourselves as a provider of electric energy and capacity with the cost, shape, and carbon intensity that our clients demand. AES will continue to deliver the solutions our customers need as we always have done in the past. For all of these reasons, we feel confident in our ability to deliver on our financial commitments through our guidance period and continue to show strong growth beyond.

我們將自己定位為電力能源和容量的供應商，提供客戶所需的成本、形狀和碳強度。AES 將一如既往地繼續提供客戶所需的解決方案。由於所有這些原因，我們有信心在指導期內履行我們的財務承諾，並繼續保持強勁成長。

With that, I would ask the operator to open up the call for questions.

有了這些，我想請接線員打開電話回答問題。

(Operator Instructions) Nick Campanella, Barclays.

（操作員指示）巴克萊銀行的 Nick Campanella。

This is Fei for Nick today, First, just wanted to touch on financial execution drivers. So on new project construction timeline, so seeing 80% of the projects completed for the remaining 1.3 gigawatts.

今天我是 Nick 的 Fei，首先，我只想談談財務執行驅動因素。因此，在新工程建設時間表上，剩餘 1.3 千兆瓦的工程有 80% 已經完工。

Can you talk about the project online timing for the rest of the year? And how does that affect EPS and EBITDA recognition? And also, looking at longer-term guidance into a post OBB world, what are your latest thoughts and potential timing to roll forward into 2028, or even further, as part of the multiyear guidance?

能否談談今年剩餘時間內該專案的上線時間安排？這對 EPS 和 EBITDA 確認有何影響？此外，展望後 OBB 時代的長期指導，作為多年期指導的一部分，您對未來延伸至 2028 年甚至更遠的時間有何最新想法和潛在時間安排？

This is Ricardo. So I'll take the first part of your question with respect to the timing of the commissioning. Most of it will be, I would say, third quarter and a small portion in the fourth quarter of this year,

這是里卡多。因此，我將回答您問題的第一部分，關於調試時間的問題。我想說，大部分會在今年第三季實現，一小部分會在今年第四季實現。

I think it's important to highlight that 80% progress completion. We have all the equipment that we need on site, so we can provide full confidence in the remaining 1.3 gigawatt being commissioned by the end of the year.

我認為強調 80% 的進度完成度非常重要。我們擁有現場所需的所有設備，因此我們完全有信心在年底前完成剩餘 1.3 千兆瓦的投產。

Yes. This is Steve. Just on the second part, I would also add that most of our growth this year is coming from capacity that's already come online through last year in the first half of this year, and the tax attributes related to what Ricardo mentioned, will be roughly split between the first -- between the third and fourth quarters.

是的。這是史蒂夫。就第二部分而言，我還要補充一點，我們今年的大部分成長來自去年上半年已經上線的產能，而與里卡多提到的相關的稅收屬性將大致分佈在第一季、第三季和第四季之間。

In terms of the longer-term guidance, we feel very good. We're in our planning cycle. But based on what's come out in the new bill, and as Andres highlighted, we're very well positioned beyond 2027, given our Safe Harboring, given our domestic supply chain.

就長期指導而言，我們感覺非常好。我們正處於規劃週期。但根據新法案的內容，正如安德烈斯所強調的，考慮到我們的安全港政策和國內供應鏈，我們在 2027 年以後的定位非常有利。

So we see ourselves well on track in that period. And so we will give an update and expect to extend guidance in the February '25 (sic - "'26") call, as we normally do. But we feel very good about the company even beyond the 2027 time frame.

因此，我們認為我們在那段時期內進展順利。因此，我們將像往常一樣，在 2025 年 2 月（原文如此 - “2026 年”）的電話會議上提供最新消息並延長指導。但即使到了 2027 年以後，我們對公司仍然充滿信心。

Nick, this is Anders. I would also add that we've always hit our construction targets that we've given. And other things like we have avoided public lands for our projects, and there's a high component of energy storage on this. So overall, we feel very good about hitting our targets.

尼克，這是安德斯。我還要補充一點，我們始終能夠實現我們設定的建設目標。其他方面，例如我們避免在公共土地上建造項目，而這些土地上的能源儲存部分佔很大比例。總體而言，我們對實現目標感到非常滿意。

Got it. That's very helpful. And I guess, maybe, switching gears. I understand, we've both seen the headlines about a potential acquisition of the company. And while I know you can't really opine directly on that, could you, maybe, talk about how are you seeing the value of your underlying business currently versus where you traded two, three years ago?

知道了。這非常有幫助。我想，也許，要換個話題。我明白，我們都看到了有關該公司可能被收購的頭條新聞。雖然我知道您不能直接對此發表意見，但您能否談談，與兩三年前相比，您如何看待您目前的基礎業務價值？

Obviously, the renewables backdrop has changed significantly. But do you see private markets would still value your business higher than where the public market is currently? And if you were to pursue something for the whole company, what can be the regulatory hurdles required?

顯然，再生能源的背景已經發生了重大變化。但您是否認為私人市場對您企業的估值仍會高於目前的公開市場？如果您要為整個公司追求某件事，那麼需要克服哪些監管障礙？

Yes. Look, Nick, what I would say is we have seen over the last couple of years, we feel our company has been undervalued, consistently undervalued. Just looking at today's call, look at the strength of our backlog, look at our execution, look at the clients that we have. And also look at the flexibility that the company has.

是的。聽著，尼克，我想說的是，在過去的幾年裡，我們看到，我們覺得我們的公司一直被低估，持續被低估。只要看看今天的電話會議，看看我們的積壓訂單的強度，看看我們的執行情況，看看我們擁有的客戶。也要看看公司的彈性。

We really are an all-of-above company. I mean we always had a foot in gas as well. Over the last five years, we've done about 2 gigawatts of new gas plants. And we're doing a conversion from coal to gas, 1 gigawatt conversion, from coal to gas now.

我們確實是一家全方位的公司。我的意思是我們也一直在天然氣領域佔有一席之地。過去五年來，我們建造了約2千兆瓦的新天然氣發電廠。我們正在進行煤炭到天然氣的轉換，目前轉換規模為 1 千兆瓦，從煤炭到天然氣。

And we have the possibility of doing gas as well. We have other sites. We have other things in development.

我們也有生產天然氣的可能性。我們還有其他站點。我們還有其他事情正在開發中。

So what I would say is that if you look at all those factors, we really are a company that's oriented to serving our customers. And we're not just a single technology company. So we'll combine the technologies with the tax incentives, with the customer preferences. That makes sense.

所以我想說的是，如果你考慮所有這些因素，我們確實是一家以服務客戶服務為導向的公司。我們不僅僅是一家科技公司。因此，我們將把科技與稅收優惠以及客戶偏好結合起來。這很有道理。

But our primary aim is financial; to really do the very best, create the most shareholder value that we can from this portfolio. So we've been executing and, therefore, if you look at what the company consists of and our performance, we feel that, yes, we've been undervalued over the last couple of years.

但我們的主要目標是財務；真正做到最好，透過這個投資組合創造最大的股東價值。因此，我們一直在執行，因此，如果你看看公司的組成和我們的業績，我們會覺得，是的，我們在過去幾年裡被低估了。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Can you hear me?

你聽得到我嗎？

Yes, Richard.

是的，理查德。

Great. Looking at slide 6 here, and I'm wondering how you think about the risk to Safe Harboring from the executive order and potential changes to guidelines. Is there anything specific to your Safe Harbor activities that gives you confidence in that outlook?

偉大的。看看這裡的第 6 張投影片，我想知道您如何看待行政命令和指導方針的潛在變化對安全港的風險。您的安全港活動是否有具體內容讓您對此前景充滿信心？

I'll give a high-level answer, and then I'll pass it to Ricardo. But I would say that, look, overall, we've been very looking at how to have a robust position. And this is a philosophy we've asked.

我會給出一個高層次的答案，然後我會把它傳遞給里卡多。但我想說，總的來說，我們一直在研究如何保持穩固的地位。這就是我們所問的哲學。

When you think about COVID, we're the only large developer that didn't postpone. Forget, even abandoned any big projects as a result of COVID. So thinking about what potential changes could come, we have been very careful avoiding any public lands, for example.

當您想到 COVID 時，我們是唯一沒有推遲的大型開發商。忘記，甚至因為 COVID 而放棄任何大項目。因此，考慮到可能發生的變化，我們一直非常小心，例如避開任何公共土地。

We have been -- if you think of our pipeline, a high component of that is energy storage or batteries plus energy storage. So overall, we're in a pretty robust position going into this.

我們一直以來——如果你想想我們的管道，其中一個重要組成部分就是能源儲存或電池加能源儲存。所以整體而言，我們在這方面處於相當有利的地位。

So on the specifics, I'm going to go ahead and pass it to Ricardo.

因此，關於具體細節，我將繼續將其傳遞給里卡多。

Richard, so let me start by saying that out of the 7.9 gigawatts of US backlog. And I think just to repeat what we have in the slide 16, 6 gigawatts will be placed in service by the end of the 2027, so by December 31, 2027. So they are not -- these projects, the 6 gigawatts, are not exposed or subject to any modification by the new treasury guidance because, by the law, they have access to the tax attributes. And we can provide full confidence that we can bring and where these projects are in construction, and we will bring them online or place them in service before December 31, 2027.

理查德，首先我要說的是，在美國 7.9 千兆瓦的積壓中。我想重複投影片 16 的內容，到 2027 年底，也就是到 2027 年 12 月 31 日，將有 6 千兆瓦的電力投入使用。因此，這些 6 千兆瓦的項目不受新財政指南的影響或任何修改，因為根據法律，它們可以享受稅收屬性。我們可以完全有信心，我們能夠讓這些正在建造的項目在2027年12月31日之前上線或投入使用。

For the remaining 1.9, as Andres mentioned, nearly all already have Safe Harbor protections under the treasury -- our existing treasury guidance. And in no event, we expect the new treasury guidance to be applied retroactively.

對於剩下的 190 億美元，正如安德烈斯所提到的，幾乎所有這些公司都已經受到財政部（我們現有的財政部指導）的安全港保護。無論如何，我們都不希望新的財政指導方針具有追溯效力。

With respect to the executive order, there is another element there, which relates to FEOC, which applies for projects that start construction on or after January 1, 2026. As all our projects already started construction or nearly all, we have no exposure to this FEOC potential changes as part of this treasury guidance. And I should also say that as a first mover in terms of securing and supporting domestic or US manufacturing for solar, wind, and storage, we can comply even with the highest requirement or restriction for field, even that they will not apply for the projects in our backlog.

關於行政命令，還有另一個要素，與 FEOC 有關，適用於 2026 年 1 月 1 日或之後開始建造的項目。由於我們所有的項目都已開始建設或幾乎全部開始建設，因此我們不會受到本財政指導中 FEOC 潛在變化的影響。我還應該說，作為確保和支持國內或美國太陽能、風能和儲能製造業的先驅，我們甚至可以遵守該領域的最高要求或限制，即使它們不適用於我們積壓的項目。

Got it. And then turning to the Utility side, we've seen across the space a lot of load updates on the quarter, seems like pockets of the country and even broadly where there is a lot of acceleration of activity.

知道了。然後轉向公用事業方面，我們看到整個領域在本季度出現了許多負載更新，似乎全國部分地區甚至大範圍內的活動都在加速。

I'm curious, given you've already picked up some benefits on that side, how you're seeing overall inbounds and interest into your service territories? Anything notable either on the quarter or on the horizon here on the load front at the Utilities?

我很好奇，鑑於您已經從中獲得了一些好處，您如何看待整體入站量和對您服務區域的興趣？本季或未來公用事業負載方面有什麼值得注意的事情嗎？

Look, there's strong interest and especially in our two Utilities. I believe they're among the fastest growing in the country. We've signed about 2 gigawatts of data center -- additional data center demand, and then we would expect more.

瞧，大家對此很感興趣，尤其是對我們的兩家公用事業公司。我相信他們是國內發展最快的企業之一。我們已經簽署了約 2 千兆瓦的資料中心協議——額外的資料中心需求，然後我們預計還會有更多。

So yes, we're having inbounds. And yes, the demand continues to be strong. So again, across the board, we have positioned ourselves with that sector that's most robust and most rapidly growing.

是的，我們正在接受入境。是的，需求持續強勁。因此，從整體來看，我們將自己定位在最強勁、成長最快的產業。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Maybe I missed this, but just any more detail you can give us on the PPAs that you signed in the quarter, whether it be location or resource type?

也許我錯過了這一點，但您能否向我們提供有關本季度簽署的 PPA 的更多詳細信息，無論是位置還是資源類型？

The information that we've given is that $650 million was with Meta. In all of the $1.6 billion that we've signed is -- and again, this is since the last call, are with data center customers. And we'll provide more information going into the future. In general, we're somewhat skewed towards solar plus batteries. Overall, that's the technologies were strongest in.

我們提供的資訊是，其中 6.5 億美元用於 Meta。自上次通話以來，我們簽署的總計 16 億美元的合約都是與資料中心客戶簽訂的。我們將在未來提供更多資訊。總體而言，我們有點傾向於太陽能加電池。總體而言，這是最強大的技術。

Okay. Fair enough. And then, yes, I mean, we've talked about this a bit, I think, on some of the calls, but just any further evolution in your thoughts in terms of new gas plant build for data centers? Have conversations progressed there at all? Or is there still mostly a [SKU] towards renewable storage, at least for the near term?

好的。很公平。是的，我想，我們在一些電話會議中已經討論過這個問題，但是對於為資料中心建造新的天然氣工廠，您有什麼進一步的想法嗎？那裡的對話有任何進展嗎？或至少在短期內，是否仍主要存在可再生儲存的 [SKU]？

So your question is if there is a conversation about gas build to back up data centers. Look, as I indicated, we will use all the technologies that best meet our customers' needs. So if our customers would want gas as part of the package, absolutely.

所以你的問題是是否有關於天然氣建設以支持資料中心的討論。正如我所說，我們將使用所有最能滿足客戶需求的技術。因此，如果我們的客戶希望將天然氣作為套餐的一部分，當然可以。

And we have the capabilities. And I said, we've always been building gas plants. We have 10 gigawatts under operation today. So we feel very comfortable with that. But we're going to react to what our customers require.

我們有能力。我說，我們一直在建造天然氣工廠。我們目前有 10 千兆瓦的發電量在運作。因此我們對此感到非常滿意。但我們會對客戶的要求做出反應。

Okay. Great. And then just a quick one on the utilities. Can you give us a sense of how much lag you're seeing in Ohio today and then what that can move to in a three-year forward test year world?

好的。偉大的。然後簡單介紹一下實用程式。您能否告訴我們目前俄亥俄州的滯後程度如何，以及在未來三年的測試年世界中這種滯後程度會如何？

Yes, this is Steve. So look, we're very happy with the new regulatory framework allowing the three-year forward rate cases. So we have an existing rate case under the prior framework pending and we're expecting that settlement in the relative near-term, in the coming months, and new rates to be in place Q1 of next year.

是的，這是史蒂夫。所以，我們對允許三年期遠期利率案例的新監管框架感到非常滿意。因此，我們有一個在先前框架下待決的現有利率案例，我們預計該解決方案將在近期內（未來幾個月內）完成，新的利率將於明年第一季實施。

But we're also moving forward with our plans to file under the new three-year forward-looking rate structure likely later this year, and would expect rates in 2027 under the new rate structure. So this is a really attractive structure for a utility with three-year forward-looking.

但我們也在推進我們的計劃，可能在今年稍後根據新的三年期前瞻性利率結構提交申請，並預計在新的利率結構下 2027 年的利率將有所提高。因此，對於具有三年前瞻性的公用事業公司來說，這是一個非常有吸引力的結構。

It significantly -- largely eliminates regulatory lag on our investment. And so I think it's good for Utility, good for investing to provide the best service for our customers, and to support the rapid low growth that Andres mentioned that is coming. And to have very regular and quick return on those investments. So that's the timing, and we're looking forward to it.

它極大地消除了我們投資的監管滯後。因此，我認為這對公用事業有利，有利於投資為我們的客戶提供最好的服務，並支持安德烈斯提到的即將到來的快速低成長。而這些投資能夠獲得非常穩定且快速的回報。時機就是這樣，我們對此充滿期待。

Julien Dumoulin-Smith, Jefferies.

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

Excellent. Wonderful. I just wanted to follow up on these articles in recent weeks. I just -- can you elaborate a little bit about the situation. It was a bit ambiguous as to understand the strategic development here.

出色的。精彩的。我只是想在最近幾週跟進這些文章。我只是—您能否詳細說明一下情況。理解這裡的戰略發展有點模糊。

What actions has the Board taken -- did you all initiate this or has there been an inbound formal bid from a third party? Just -- I get that it might be difficult to speak to specifically at times. But just in terms of what actions has the Board taken at this point with regards to reviewing the strategic direction of the company?

董事會採取了哪些行動──這是你們發起的嗎，還是已經有第三方提出正式出價？只是——我知道有時候具體地談論這件事可能會很困難。但就目前而言，董事會在審查公司策略方向方面採取了哪些行動？

And then separately, there's also been some articles out there about revisiting the stable of unicorns, as you like to call it, Andres. I suppose Uplight specifically here. Can you speak a little bit more to asset sales within the plan? And within that, how that might fit against the broader strategic undertaking it in, too?

另外，還有一些文章是關於重新訪問獨角獸穩定區的，正如你喜歡稱呼的那樣，安德烈斯。我認為這裡特別指 Uplight。您能否再多談談該計劃中的資產出售情況？那麼，這又如何與更廣泛的策略行動相適應呢？

Sure. Well, Julien, as you know, regarding the first, AES never comments on rumors in public markets. So I won't. Regarding the second and Uplight specifically, we also don't comment about any potential sales that may be in progress.

當然。嗯，朱利安，如你所知，關於第一個問題，AES 從不對公開市場上的謠言發表評論。所以我不會。具體到第二筆和 Uplight，我們也不評論任何可能正在進行的潛在銷售。

As you know, we've had some of the AES next unicorns as part of our portfolio of potential asset sales, but we would only do them when we feel the price is right. So we monetize some affluence when we thought the price was right. And we will do so with some of the other ones.

如您所知，我們已經將一些 AES 下一代獨角獸作為我們潛在資產出售組合的一部分，但我們只會在我們認為價格合適時才會這樣做。因此，當我們認為價格合適時，我們就會將一些富裕貨幣化。我們也會對其他一些國家採取同樣的措施。

I think that some of the current developments make things like Maximo potentially much more valuable because if there is a, let's say, a rush to complete projects by the 2027 end-of-year guide -- if you can build a solar farm in half the time, that certainly becomes much more attractive. So that's, let's say, the one that we have a lot of interest in.

我認為目前的一些發展使得 Maximo 之類的產品可能更有價值，因為如果要趕在 2027 年年底之前完成專案——如果你能在一半的時間內建造一個太陽能發電場，那肯定會變得更有吸引力。所以可以說，這是我們非常感興趣的。

We're very pleased by how it performed in the Bellefield 1. And now it has a bigger role in Bellefield 2. So that's about all I can say because obviously, as you well know, we can't comment on any potential asset sale until it actually occurs.

我們對它在 Bellefield 1 中的表現非常滿意。現在它在《貝爾菲爾德 2》中扮演更重要的角色。這就是我能說的全部，因為顯然，正如你所知，我們不能對任何潛在的資產出售發表評論，直到它真正發生。

But you can't confirm necessarily that the Board has elected to do anything either?

但您也不能確認董事會是否已選擇採取任何行動？

As I said, we don't comment on any public market transactions that we never have.

正如我所說，我們不會對任何從未進行過的公開市場交易發表評論。

Okay. If I can pivot just quickly back to the other side of this, you made allusion to it. On the EO backdrop, just what are your expectations with that -- I mean I get that -- whatever you can say on this, thus far. But how would you set expectations about the EO specifically here?

好的。如果我可以快速轉回這個問題的另一面，你就提到了這一點。在 EO 背景下，您對此有何期望 - 我的意思是我明白 - 到目前為止，無論您對此有何看法。但是您在這裡具體如何設定對 EO 的期望呢？

And then related, how are you thinking about the cadence of your development business? I know you already alluded that you provide specific targets at year-end here. But how do you think about the overall trajectory of the business when you think about the back half of the decade and the implications that might come from Fed, EO, or otherwise, right?

然後相關的是，您如何考慮開發業務的節奏？我知道您已經暗示過您在這裡提供了年底的具體目標。但是，當您考慮下個十年的後半段以及聯準會、EO 或其他因素可能帶來的影響時，您如何看待業務的整體發展軌跡？

Yes. Look, what I can -- we don't really speculate too much on what's going to come out of an executive order. But look, what we expect is there's a number of competing, let's say, desires here.

是的。瞧，我能做的——我們實際上不會過多猜測行政命令會產生什麼結果。但是，我們預計這裡會存在許多相互競爭的願望。

One is the need to power data centers. What can be provided in the time frame needed to win this competition, international competition, for AI dominance? So I think that's one.

一是需要為資料中心供電。在贏得這場競爭、贏得人工智慧主導地位的國際競爭所需的時間範圍內，可以提供什麼？所以我認為這是其中之一。

Second, there's a lot of jobs involved with building renewables. So obviously, they're indicating that they want a transition, but that transition has to be done in a feasible orderly fashion that meets all of the various needs; for more energy, for AI dominance, for jobs, for growth, et cetera. So that's what I would expect is that all these factors are taken into consideration.

其次，建設再生能源涉及大量工作。因此，很明顯，他們表示他們想要轉型，但這種轉型必須以可行、有序的方式進行，以滿足各種需求：更多的能源、人工智慧的主導地位、就業、成長等等。所以我希望所有這些因素都會被考慮進去。

Regarding the second question was --

關於第二個問題--

(inaudible) how that fits in, right, regardless of the -- the timing and cadence, like how would you broadly set expectations about the back half of this decade given that -- whatever the timing is of that phase out, given that phase out? How would you frame expectations initially?

（聽不清楚）這怎麼適應呢，對吧，無論時間和節奏如何，考慮到這個階段的淘汰時間，考慮到這個階段的淘汰時間，您如何大致設定對這個十年後半期的預期？您最初會如何制定期望？

Look, as we indicated, we continue to expect strong growth because it's not a question of the technology. It's the question of the ability to put together and supply clients with what they want.

正如我們所指出的，我們繼續期待強勁成長，因為這不是技術問題。問題在於是否有能力整合並向客戶提供他們想要的東西。

So as you know, we are not going after, like, megawatt goals. We're going after financial goals. And so we have a constraint that we're going to remain in triple investment grade and we're going to continue to pay a dividend. So within those confines, we will grow in an orderly fashion.

所以如你所知，我們並不追求兆瓦的目標。我們正在追求財務目標。因此，我們有一個限制，即我們將保持三重投資級別，並將繼續支付股息。因此，在這些限制內，我們將有秩序地成長。

And I must also say that if you have a sort of continuous growth and steady growth, it's much more cost-efficient than if you have spurts and valleys. So that's what we're going to do. I don't expect any -- post when these credits burn off, they will continue to grow at strong rates.

我還必須說，如果能夠持續、穩定地成長，那麼比出現高峰和低谷要節省成本得多。這就是我們要做的。我並不期望這些信貸消耗完後，它們會繼續以強勁的速度成長。

And I would also add that we're the only large company which has international experience. So 30% of our new growth is outside of the US. And we have no tax credits. And quite frankly, we have higher margins.

我還要補充一點，我們是唯一一家擁有國際經驗的大公司。因此，我們 30% 的新成長來自美國以外。我們沒有稅收抵免。坦白說，我們的利潤率更高。

So it will basically be, as we said in the past, our US business should look more like our International business. And it's very likely that it will also add a component of gas as well. And that's fine with us. We're capable of doing that.

所以基本上，正如我們過去所說的那樣，我們的美國業務應該更像我們的國際業務。而且很有可能還會添加氣體成分。我們對此沒有意見。我們有能力做到這一點。

And as Steve also mentioned, the profile of cash, et cetera, is actually somewhat more favorable than using the tax credit. But of course, you have to use the tax credit because that's what makes the projects competitive for your clients. But in the absence of them, we're -- we've shown over the years, we're perfectly capable of making a very good business without tax credits.

正如史蒂夫所提到的，現金等的狀況實際上比使用稅收抵免更為有利。但當然，你必須使用稅收抵免，因為這會使專案對你的客戶具有競爭力。但在沒有這些的情況下，我們——多年來我們已經證明，我們完全有能力在沒有稅收抵免的情況下開展非常好的業務。

Of course. Absolutely. But you think you can continue to compound at higher levels than what you're doing for the time being when you said growth earlier?

當然。絕對地。但是，您認為您可以繼續以比您之前所說的增長更高的水平進行複合嗎？

Well, we're not going to give guidance outside of the period. But as we said on the call, we feel very confident that this company is going to continue to grow at strong rates. And that as the circumstances change, we will adapt to them.

嗯，我們不會在該期限之外提供指導。但正如我們在電話中所說，我們非常有信心這家公司將繼續保持強勁成長。隨著情況的變化，我們也會適應。

And I guess our experience in developing markets gives us an advantage because those markets regulations have tended to be much more volatile than the state. So for us, again, we feel we're in a very good position, and we have all the technologies we need.

我認為我們在發展中市場的經驗給了我們優勢，因為這些市場的監管往往比國家監管更加不穩定。因此，對我們來說，我們再次感覺到我們處於非常有利的地位，並且我們擁有我們需要的所有技術。

And as new technologies become available, say, something like enhanced geothermal, we've been dabbling in that, and we'll be ready to provide that for our customers. Even SMRs, although I think that's quite a ways off. I think that's probably a decade off.

隨著新技術的出現，例如增強型地熱能，我們已經開始涉足該領域，並隨時準備為客戶提供這項技術。甚至是 SMR，儘管我認為這還有很長的路要走。我認為這可能還需要十年的時間。

Yes. I would just add that, Julien, our backlog, as we showed in the slide, is well protected even beyond 2027. And so we see that growth continuing to be strong. And even then, the demand is so robust.

是的。我只想補充一點，朱利安，正如我們在幻燈片中展示的那樣，即使在 2027 年以後，我們的積壓訂單也得到了很好的保護。因此，我們看到成長持續強勁。即便如此，需求仍然非常強勁。

Will evolve technology, as Andre said, pricing will adapt in terms of what the net cost of projects becomes. And then as we described, we always maintain flexibility here. We don't necessarily need to build as many as if the investment is more concentrated without tax attributes in the Renewable piece of the business.

正如安德烈所說，技術將會不斷發展，定價將根據專案的淨成本進行調整。正如我們所描述的，我們始終保持靈活性。如果投資更加集中在再生能源業務且沒有稅收屬性，我們並不一定需要建造那麼多。

We also maintain the ability to sell down as we've done in the past. So because the EBITDA and cash yield will actually go up on a per megawatt basis, we can generate similar returns with, in fact, less megawatts. So we'll adapt, but we feel very good about how well positioned we are through through the very long term.

我們還保留了過去那樣的減持能力。因此，由於 EBITDA 和現金收益率實際上會以每兆瓦計算上升，我們實際上可以用更少的兆瓦產生類似的回報。因此我們會適應，但我們對自己長期的良好定位感到非常滿意。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

How much cash flow is associated with Maximo in AES' plan? And is there any color you can share on the financial metrics or commercial interest you're seeing with that asset in your portfolio?

AES 計劃中與 Maximo 相關的現金流有多少？您能否分享一下您在投資組合中看到的該資產的財務指標或商業利益？

Yes. Look, at this point, there's nothing in the plan from Maximo. In terms of commercial induce, we've had considerable amount of inbound, but our plan is -- this, right, currently, we're going to have about four of these operating. And we are, I guess, you would call it beta testing.

是的。瞧，目前為止，馬克西莫的計畫還沒有任何進展。在商業誘導方面，我們已經有相當數量的入站，但我們的計劃是 - 這個，對的，目前，我們將有大約四個這樣的運營。我想，您可能會稱之為 beta 測試。

We're getting more and more efficient. We're using union crews. Its main advantages is it can go faster with the same amount of people. Two to three times faster.

我們的效率越來越高。我們正在使用工會工作人員。它的主要優點是，在人數相同的情況下，行駛速度更快。速度快兩到三倍。

But I think what's very important is that in desert settings, where you have limitations on the hours worked. And again, picking up 65-pound solar panels, it requires very strong people to do that. So with Maximo, anybody can do this job. So you can work not six hours, you can work 18 hours.

但我認為非常重要的是，在沙漠環境中，工作時間受到限制。再次強調，要搬起 65 磅的太陽能板，需要非常強壯的人才能做到。因此，有了 Maximo，任何人都可以完成這項工作。因此，您不僅可以工作 6 個小時，還可以工作 18 個小時。

So it has the advantage of being more efficient, but also getting the projects done faster. So it would have a multiple of the efficiency of getting these things done, which means less working capital, but very important with the current guidelines where you have a deadline that the project has to be in service could be very advantageous.

因此，它的優點在於效率更高，而且專案完成速度也更快。因此，完成這些工作的效率會提高很多倍，這意味著更少的營運資金，但非常重要的是，根據當前的指導方針，專案必須在截止日期前完成，這可能非常有利。

So we should go to forward for a couple of dozen next year, and we will use those internally. And so in terms of selling them to third parties, that's probably 2027 or beyond when we have that.

因此，明年我們應該會繼續推進數十個項目，並在內部使用它們。因此，就將其出售給第三方而言，我們可能要到 2027 年或以後才能實現這一目標。

So to give you a time frame, which is similar to what we did with batteries. For several years, we put them on our own fleet and only after that did we start to commercialize them. And there was a lot of learning, but we'll get a much better price once this product is perfected.

所以給你一個時間框架，這與我們對電池所做的類似。幾年來，我們一直將它們部署在我們自己的船隊中，直到那之後我們才開始將它們商業化。雖然還有很多需要學習的地方，但一旦產品完善起來，我們就能獲得更優惠的價格。

And then in the prepared remarks, the company's gas generation billback capability was highlighted. Just to clarify, is the effort that you were speaking to more around back of generation for data center build-out? Or was that a more broad effort that the company is pursuing?

然後在準備好的發言中，強調了該公司的天然氣發電回款能力。只是為了澄清一下，您所說的努力是否更多地圍繞著資料中心建設而展開？或者這是公司正在追求的一項更廣泛的努力？

Okay. We are converting a coal plant right now to gas. That's about 1.1 gigawatts. That's in Indiana. We just completed 670-megawatt combined cycle plant in Panama.

好的。我們目前正在將一座燃煤電廠改造為燃氣電廠。這大約是 1.1 千兆瓦。那是在印第安納州。我們剛在巴拿馬建成了670兆瓦的聯合循環電廠。

And in 2020, we brought online Southland, which was 1.2 gigawatts of combined cycle gas plants. So we've always been continuing building gas plants.

2020 年，我們啟用了南地發電廠，該發電廠擁有 1.2 千兆瓦的聯合循環燃氣電廠。因此我們一直在繼續建造天然氣工廠。

What I did mention is that, if data centers request them, we're capable of building them. And we have the capability of expanding sites, for example, to do it very quickly.

我確實提到過，如果資料中心需要，我們就有能力建造它們。例如，我們有能力擴展站點，並且能夠非常快速地完成這項任務。

So the point is, we don't count it as part of our pipeline. We don't count, for example, the 1.1 gigawatt conversion as part of our pipeline. We've basically centered that on renewals, but we have the capabilities of doing more gas, for example, in other places as well.

所以重點是，我們不將其算作我們管道的一部分。例如，我們不將 1.1 千兆瓦的轉換算作我們管道的一部分。我們基本上把重點放在更新上，但我們也有能力在其他地方生產更多的天然氣。

Even the Dominican Republic, there's possibilities of doing more gas. So we have that in our arsenal. It's a question of what the -- what our clients demand.

即使是多明尼加共和國，也有可能生產更多的天然氣。所以我們的武器庫裡有這個。問題在於我們的客戶需要什麼。

Okay. And then just in terms of the Renewables industry from a higher level, do you see consolidation, given the policy uncertainty at the US Federal level? And does that create opportunity for your standalone business to acquire some assets or high-graded your portfolio?

好的。那麼，從更高層次來看再生能源產業，考慮到美國聯邦層級的政策不確定性，您是否認為會出現整合？這是否為您的獨立業務創造了收購某些資產或提高投資組合評級的機會？

Sure. I mean, obviously, I think it will be more difficult for the smaller, less capitalized developers in this environment. So I certainly think that there will be opportunities.

當然。我的意思是，顯然，我認為在這種環境下，規模較小、資金較少的開發商將面臨更大困難。所以我當然認為會有機會。

We have been doing this. If you think of over the past five years, we've been rolling up smaller developers into AES. So I think there'll be continued opportunities like that.

我們一直在做這件事。如果你回想一下過去五年，我們一直在將小型開發商納入 AES。所以我認為這樣的機會還會繼續存在。

We'll also have the opportunity to buy advanced-stage development projects. And we'll have to weigh whether it's more profitable to, say, develop a particular project we have in our pipeline or acquire it, and then finish it.

我們還將有機會購買高級開發項目。我們必須權衡開發我們現有的某個項目和收購並完成它是否更有利可圖。

So Bellefield is a good example of that. It's one of our best projects, and it was 2 gigawatts, which was a, let's say, medium-stage acquisition.

貝爾菲爾德就是一個很好的例子。這是我們最好的項目之一，發電量為 2 千兆瓦，可以說是中期收購。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering, what has the bookings trajectory been in July post the OBBB? I'm just wondering if there's any evidence of a pickup in activity now that the level of clarity has improved for the industry.

我想知道，OBBB 之後 7 月的預訂情況如何？我只是想知道，隨著行業清晰度的提高，是否有證據表明活動有所回升。

So -- this is Ricardo. Thanks, David, for the question. So what we are seeing is, as Andres and also Steve mentioned, the demand is extremely strong. We see our customers, of course, trying to lock in PPAs as fast as they can possibly do it.

所以——這是里卡多。謝謝 David 提出這個問題。因此，正如安德烈斯和史蒂夫所提到的，我們看到的是，需求非常強勁。當然，我們看到我們的客戶正在盡可能快地鎖定 PPA。

Why is that? Because, of course, there is an intent of still getting some benefits from the tax incentives. We do have 4 gigawatts of projects in our pipeline. So not yet contracted that, of course, are very attractive for our customers.

這是為什麼？因為，當然，他們仍然希望從稅收優惠中獲得一些好處。我們確實有 4 千兆瓦的專案正在籌備中。因此，尚未簽訂合同，當然，這對我們的客戶來說非常有吸引力。

But also, as Andres mentioned, we are very, very focused on the Big Tech Customer segment, large and profitable PPAs. So we are, of course, balancing between, of course, the desire of our customers to move these projects along and signed PPAs fast to make sure that we are disciplined in terms of having all the permits, all the equipment, and also ensuring that we can, I would say, capitalized on the great work that we have done; Safe Harbor in these projects; and the fact that they are very unique in a market that will adjust for the removal of the tax incentives going forward.

但正如安德烈斯所提到的，我們非常非常關注大型科技客戶領域、大型且獲利的 PPA。因此，我們當然要在客戶希望推進這些項目和快速簽署 PPA 之間取得平衡，以確保我們在獲得所有許可證和所有設備方面遵守紀律，同時還要確保我們能夠充分利用我們所做的出色工作；這些項目中的安全港；事實上，它們在一個將根據未來取消稅收優惠政策進行調整的市場中非常獨特。

So we are seeing strong demand. They are trying to lock PPA prices as soon as possible. So I think we feel very confident in our ability to sign more PPAs in the year to go. So stay tuned, and we will be sharing more as we sign those contracts.

因此，我們看到了強勁的需求。他們正試圖盡快鎖定PPA價格。因此我認為，我們對今年簽署更多 PPA 的能力非常有信心。因此請繼續關注，我們將在簽署這些合約時分享更多資訊。

Great. Yes. And it was solid bookings, obviously, from data center customers. Great to see that acceleration.

偉大的。是的。顯然，這是來自資料中心客戶的穩定預訂。很高興看到這種加速。

I was wondering if there's any inflection in those data center -- in that data center renewables demand, anything that might have sparked the industry recently? Is that an inflection that you saw in the quarter, specifically with that customer set?

我想知道這些資料中心——資料中心再生能源需求中是否存在任何變化，最近有什麼可能引發該產業的動向？這是您在本季度看到的變化嗎，特別是針對該客戶群？

Not at all. I think what Andres mentioned is very, very important. Renewables offer the faster time to power price certainty because even though, of course, it will adjust for the removal of the tax incentive, this is fixed price for 20 years so that our customers, of course, appreciate. They don't have the volatility of any fuel associated to that generation.

一點也不。我認為安德烈斯提到的非常非常重要。再生能源可以更快地確定電力價格，因為儘管它會根據取消稅收優惠進行調整，但這是 20 年的固定價格，因此我們的客戶當然會感激。它們不具有與該一代相關的任何燃料的波動性。

And third, renewables on a megawatt hour basis, is still more competitive, even without tax incentives, than any other source of electricity. So there is no -- we don't see any drop in demand or the interest of our customers, quite the opposite.

第三，即使沒有稅收優惠，以兆瓦時計算的再生能源仍然比其他電力來源更具競爭力。因此，我們沒有看到客戶的需求或興趣有任何下降，恰恰相反。

Thank you. At this time, we have no further questions, so I'll turn the call back over to Susan Harcourt for closing comments.

謝謝。目前，我們沒有其他問題，因此我將把電話轉回給蘇珊哈考特 (Susan Harcourt) 進行最後評論。

We thank everybody for joining us on today's call. As always, the IR team will be available to answer any follow up questions you may have. Thank you and have a nice day.

我們感謝大家參加今天的電話會議。像往常一樣，IR 團隊將隨時解答您可能遇到的任何後續問題。謝謝您，祝您有愉快的一天。

Thank you, everyone, for joining us today. This concludes our call and you may now disconnect your lines.

感謝大家今天加入我們。我們的通話到此結束，您可以掛斷電話了。