Black Hills Corp (BKH) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Black Hills Corporation Q4 and full-year 2024 earnings webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎收聽 Black Hills Corporation 2024 年第四季和全年收益網路廣播和電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指令）

I would now like to hand the conference over to your speaker today, Sal Diaz, Director of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係總監薩爾·迪亞茲 (Sal Diaz)。

Thank you, operator. Good morning, and welcome to Black Hills Corporation's fourth quarter and full-year 2024 earnings conference call. You can find our earnings release and materials for our call this morning on our website at www.blackhillscorp.com under the Investor Relations heading.

謝謝您，接線生。早安，歡迎參加 Black Hills Corporation 2024 年第四季和全年財報電話會議。您可以在我們的網站 www.blackhillscorp.com 的「投資者關係」標題下找到我們今天早上的收益報告和電話會議資料。

Leading our quarterly earnings call are Linn Evans, President and Chief Executive Officer; Kimberly Nooney, Senior Vice President and Chief Financial Officer; and Marne Jones, Senior Vice President, Utilities.

主持我們季度財報電話會議的是總裁兼執行長 Linn Evans； Kimberly Nooney，資深副總裁兼財務長；以及公用事業高級副總裁馬恩瓊斯（Marne Jones）。

During our earnings discussion today, comments we make may contain forward-looking statements as defined by the Securities and Exchange Commission, and there are a number of uncertainties inherent in such comments. Although we believe that our expectations are based on reasonable assumptions, actual results may differ materially. We direct you to our earnings release, slide 2 of the investor presentation on our website in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission for a list of some of the factors that could cause future results to differ materially from our expectations.

在我們今天的收益討論中，我們所發表的評論可能包含美國證券交易委員會定義的前瞻性陳述，並且此類評論中存在許多不確定性。儘管我們相信我們的預期是基於合理的假設，但實際結果可能存在重大差異。我們將引導您參閱我們網站上最新向美國證券交易委員會提交的 10-K 表和 10-Q 表的投資者介紹投影片 2，其中列出了可能導致未來結果與我們的預期有重大差異的一些因素。

With that, I will now turn the call over to Linn Evans. Linn?

說完這些，我現在將電話轉給林恩·埃文斯 (Linn Evans)。林恩？

Thank you, Sal. Good morning, and thank you all for joining us today. I'll begin my comments with a brief overview of our successful 2024 and long-term outlook. Kimberly will provide our financial update, and Marne will provide more detail on our team's operational performance and our strategic progress.

謝謝你，薩爾。早安，感謝大家今天的參加。我將從簡要概述我們 2024 年的成功以及長期展望開始我的評論。金伯利 (Kimberly) 將提供我們的財務更新，而馬恩 (Marne) 將提供有關我們團隊的營運績效和策略進展的更多詳細資訊。

Diving in on slide 3. We delivered on our key objectives in 2024, advancing our customer-focused strategy. I'm very proud of our team who delivered excellent service to our customers, delivered on our financial commitments, and advanced our regulatory and growth initiatives.

深入探討幻燈片 3。我們實現了 2024 年的關鍵目標，並推進了以客戶為中心的策略。我為我們的團隊感到非常自豪，他們為客戶提供了優質的服務，履行了我們的財務承諾，並推進了我們的監管和成長計劃。

In 2024, we made strong progress on our strategic growth plan with industry-leading reliability while successfully serving the 19th consecutive year of increasing peak loads for Wyoming Electric recently recording a new peak demand of 318 megawatts. We also invested over $800 million for the core energy needs of our customers and the communities across our growing footprints.

2024 年，我們以業界領先的可靠性在戰略成長計劃方面取得了長足進步，同時成功滿足了懷俄明電力公司連續 19 年增加的峰值負荷，最近又創下了 318 兆瓦的新峰值需求。我們也投資了超過 8 億美元，滿足我們不斷成長的業務範圍內客戶和社區的核心能源需求。

We delivered on our earnings guidance, and we are well positioned to achieve our long-term EPS growth target. Even through challenges from mild weather and unplanned generation outages, our team's relentless focus on expense management put us right down the middle of the fairway with our guidance range. EPS growth was 4.3% in 2024 off our 2023 guidance midpoint of $3.75 and we expect to deliver approximately 5% EPS growth in 2025 off of 2024 as reflected in our earnings guidance for the year.

我們實現了獲利預期，並且我們有能力實現長期每股收益成長目標。即使面臨溫和天氣和計劃外發電停電等挑戰，我們的團隊仍然堅持不懈地專注於費用管理，使我們在指導範圍內處於領先地位。2024 年每股盈餘成長率為 4.3%，高於我們 2023 年指引中點 3.75 美元，我們預計 2025 年每股盈餘成長率將達到約 5%，這反映在我們今年的獲利指引中。

Our financial position remains solid. During the year, we achieved our capitalization target, successfully completed our financing plan, and maintained our solid investment-grade credit ratings. Our team has also demonstrated notable progress managing our diversified multistate service territory, continuing our cadence of approximately three rate reviews annually as we recover investments for our customers and the inflationary impacts on our cost to serve. In 2024, we implemented constructive settlements for Arkansas Gas and Iowa Gas.

我們的財務狀況依然穩固。本年度，我們實現了資本化目標，成功完成了融資計劃，並維持了穩固的投資等級信用評級。我們的團隊在管理多元化跨州服務區域方面也取得了顯著進展，隨著我們為客戶收回投資並消除通膨對服務成本的影響，我們繼續保持每年約三次費率審查的節奏。2024 年，我們為阿肯色州天然氣公司和愛荷華州天然氣公司實施了建設性和解。

We also continue to make solid progress on our growth initiatives. In 2024, we added further clarity to our data center growth plan and announced our service to support Meta's new AI data center beginning to ramp in 2026. And as we look to serve the growing needs of our customers, we obtained final approval for our clean energy plan for Colorado Electric and we're finalizing plans for our new electric generation for South Dakota Electric.

我們的成長計畫也持續取得紮實進展。2024 年，我們進一步明確了資料中心成長計劃，並宣布我們的服務將支援 Meta 的新 AI 資料中心，該資料中心將於 2026 年開始投入使用。為了滿足客戶日益增長的需求，我們獲得了科羅拉多電力公司清潔能源計劃的最終批准，並且正在最終確定南達科他電力公司新發電計劃。

In Wyoming, we energized the initial phase of our ready Wyoming electric transmission expansion a remarkable achievement in only two years after receiving approval for the project. We're excited about this project as it enhances our ability to cost effectively deliver energy for our customers. It also opens up additional opportunities for strategic growth in Wyoming.

在懷俄明州，我們為已準備好的懷俄明州電力傳輸擴建計畫的初始階段通電，這是該計畫獲得批准後僅兩年就取得的令人矚目的成就。我們對這個項目感到非常興奮，因為它增強了我們以經濟的方式向客戶提供能源的能力。這也為懷俄明州的戰略成長開闢了更多機會。

And as we announced a couple of weeks ago, we increased our dividend by 4%, representing 55 consecutive years of dividend increases. Our updated financial outlook is provided on slide 4. In 2025, we are guiding to earnings in a range of $4 to $4.20 per share.

正如我們幾週前宣布的那樣，我們將股息提高了 4%，這是我們連續 55 年增加股息。幻燈片 4 提供了我們最新的財務展望。我們預計 2025 年每股收益將在 4 美元至 4.20 美元之間。

Looking ahead, we are confident in our strong capital forecast, incremental investment potential and growth opportunities highlighted by increasing demand from our industry-leading data center customers. Building on our solid financial position and our growing data center demand, we have confidence in our long-term EPS growth target of 4% to 6%.

展望未來，我們對強勁的資本預測、增量投資潛力和成長機會充滿信心，而業界領先的資料中心客戶的需求不斷增長更是凸顯了這一點。基於我們穩固的財務狀況和不斷增長的資料中心需求，我們對 4% 至 6% 的長期每股盈餘成長目標充滿信心。

Slide 5 displays our updated five-year capital investment plan for 2025 to 2029. Over our five-year plan period, we expect to invest $4.7 billion, an increase of approximately 10% or more than $400 million compared to the prior five-year plan. The increase is driven by clarity of timing and cost of projects, including various other customer-focused opportunities throughout the plan period.

投影片 5 展示了我們更新的 2025 年至 2029 年五年資本投資計畫。在我們的五年計畫期間，我們預計投資 47 億美元，比上一個五年計畫增加約 10% 或超過 4 億美元。成長的動力來自於專案時間和成本的明確性，包括整個計劃期間的各種其他以客戶為中心的機會。

As a reminder, our previous and current forecasts include our ready Wyoming transmission project, dispatchable generation resources in South Dakota, and renewable generation investments for our clean energy plan in Colorado. Our capital plan is designed to incorporate investments to support customer needs for safe, reliable, and cost-effective service and support long-term growth. As our team continues to identify and develop project opportunities, we fully expect to incorporate incremental investments into our plan.

提醒一下，我們之前和現在的預測包括我們已準備好的懷俄明州輸電項目、南達科他州可調度的發電資源以及科羅拉多州清潔能源計劃的可再生發電投資。我們的資本計畫旨在整合投資來支持客戶對安全、可靠和經濟高效的服務的需求並支持長期成長。隨著我們的團隊不斷發現和開發專案機會，我們完全希望將增量投資納入我們的計劃。

Moving to slide 6. In addition to our capital plan, we are delivering earnings contribution through our data center demand, and we are optimistic about the upside potential. We have successfully served data centers and similar customers such as super computers in Cheyenne, Wyoming, for more than a decade.

移至幻燈片 6。除了我們的資本計劃外，我們還透過資料中心需求實現獲利貢獻，我們對上行潛力感到樂觀。十多年來，我們已成功為懷俄明州夏延市的資料中心和超級電腦等類似客戶提供服務。

Customers like Microsoft and soon to be Meta are served through our innovative tariff and service model that requires minimal capital investment. Through this unique tariff, our customers are served efficiently through market energy, providing us utility-like earnings in lieu of new generation investment.

我們透過創新的資費和服務模式為微軟和即將成為 Meta 的客戶提供服務，該模式僅需極少的資本投資。透過這種獨特的電價，我們可以透過市場能源有效地為我們的客戶提供服務，並為我們提供類似公用事業的收益，以代替新一代投資。

This is a triple win. First, it provides us earnings that are comparable to that of building generation to serve growing data center and demand. Second, it protects our broader customer base from the risk of stranded assets. And third, the communities we serve benefit from local economic support and infrastructure enhancements that help grow the community and improve overall reliability and resiliency.

這是一個三贏的局面。首先，它為我們帶來的收益與建造發電廠以滿足不斷增長的資料中心和需求的收益相當。其次，它保護我們更廣泛的客戶群免受擱淺資產的風險。第三，我們服務的社區受益於當地的經濟支持和基礎設施改善，這有助於社區發展並提高整體可靠性和彈性。

Based upon our customers' consistent execution on load forecast for more than a decade and given future demand forecasts, we have a pipeline of over 1 gigawatt of data center demand within the next 10 years from existing customers. We expect to serve approximately 500 megawatts of this 1 gigawatt demand by the end of 2029, with minimal capital investment. We expect EPS contribution from data centers to more than double to 10% or more of total EPS by 2029, giving us further confidence in our EPS growth target.

根據我們客戶十多年來對負載預測的一致執行情況以及未來需求預測，我們有來自現有客戶的未來 10 年內超過 1 千兆瓦的資料中心需求。我們預計到 2029 年底將以最少的資本投資滿足這 1 千兆瓦需求中的約 500 兆瓦。我們預計，到 2029 年，資料中心的 EPS 貢獻將增加一倍以上，達到總 EPS 的 10% 或更高，這使我們對 EPS 成長目標更有信心。

Data center demand above and beyond what we have included in our current five-year plan may drive additional infrastructure expansion in a more traditional utility service model, which would be incremental to our current capital plan. We also continue to evaluate opportunities in Colorado and South Dakota which could bring future upside.

超出我們目前五年計畫的資料中心需求可能會推動更傳統的公用事業服務模式中的額外基礎設施擴張，這將是我們目前資本計畫的增量。我們也將繼續評估科羅拉多州和南達科他州可能帶來未來上升空間的機會。

Slide 7 illustrates our ongoing strong customer growth. Over the last five years, customer count in our service jurisdictions has grown more than 1% annually on average which has more than double the national average population growth of 0.4%. This organic growth is led by our Arkansas and Colorado service territories, which are nearly triple the average population growth for their respective states. We're also witnessing strong growth in our Western South Dakota service territory well above the national average.

幻燈片 7 展示了我們客戶持續強勁成長的勢頭。在過去五年中，我們服務範圍內的客戶數量平均每年增長超過 1％，是全國平均人口增長率 0.4％ 的兩倍多。這一有機成長主要由我們的阿肯色州和科羅拉多州服務區推動，這兩個地區的人口成長率幾乎是各自州平均人口成長率的三倍。我們也看到南達科他州西部服務區域的強勁成長，遠高於全國平均。

With that, I'll turn it over to Kimberly for our financial update. Kimberly?

說完這些，我將把我們的財務更新交給金伯莉。金伯利？

Thank you, Linn, and good morning, everyone. I want to start by thanking our team for their agility and resiliency in delivering strong financial results despite some unexpected challenges we experienced during the year. From a financial perspective, through our team's hard work, we delivered on our earnings guidance and financial targets for 2024, and we remain on track to deliver on our long-term strategic growth and financial objectives.

謝謝你，Linn，大家早安。首先，我要感謝我們的團隊，儘管我們在這一年中遇到了一些意想不到的挑戰，但他們仍然靈活應變，並取得了強勁的財務表現。從財務角度來看，透過我們團隊的辛勤工作，我們實現了2024年的獲利預期和財務目標，我們仍有望實現我們的長期策略成長和財務目標。

Slide 9 illustrates our success in 2024, displaying year-over-year earnings drivers as compared to 2023. Results were in line with our expectations, including new margins, which more than offset capital investment costs reflected in financing and depreciation. We overcame mild weather, two unplanned generation outages and higher insurance costs through significant expense management including reduced spending on outside services and managing headcount, which helped us achieve our financial targets for the full year.

幻燈片 9 展示了我們在 2024 年的成功，展示了與 2023 年相比的同比盈利驅動因素。結果符合我們的預期，包括新的利潤率，這超過了融資和折舊所反映的資本投資成本。我們透過減少外部服務支出和管理員工人數等重大費用管理，克服了溫和天氣、兩次計劃外發電停電和更高的保險成本，這幫助我們實現了全年的財務目標。

In 2024, we delivered $0.74 per share of new margins driven by the successful execution of our regulatory strategy and $0.08 per share driven by customer growth. This margin growth was partially offset by lower off-system sales, unplanned generation outages, and an insurance recovery payment received in 2023.

2024 年，在成功執行監管策略的推動下，我們實現了每股 0.74 美元的新利潤，在客戶成長的推動下，我們實現了每股 0.08 美元的新利潤。利潤率的成長被系統外銷售額的下降、計劃外的發電中斷以及 2023 年收到的保險追償付款部分抵消。

During 2024, exceptionally mild weather reduced EPS by $0.20 compared to normal and $0.15 compared to 2023. Mark-to-market adjustments provided a gain of $0.01 per share for the year and $0.06 compared to 2023.

2024 年，異常溫和的天氣導致每股盈餘較正常下降 0.20 美元，較 2023 年下降 0.15 美元。以市價調整後，今年每股收益為 0.01 美元，較 2023 年同期增加 0.06 美元。

Moving to O&M. I'm extremely proud of our team's success in managing our expenses well below our projected 3.5% year-over-year increase. Our actions assisted in offsetting the $0.15 of mild weather discussed earlier, $0.09 due to rising insurance costs, $0.05 associated with unplanned generation outages, and $0.13 related to onetime gains from sales of assets and land completed in 2023.

轉向 O&M。我對我們團隊成功將開支管理到遠低於預期的 3.5% 的同比增長率感到非常自豪。我們的行動有助於抵消前面討論過的溫和天氣造成的 0.15 美元損失、保險成本上升造成的 0.09 美元損失、計劃外發電中斷造成的 0.05 美元損失以及 2023 年完成的資產和土地出售一次性收益造成的 0.13 美元損失。

Overall, our O&M management efforts substantially reduced the year-over-year O&M increase to less than 1% or $0.06 per share.

總體而言，我們的 O&M 管理工作大幅將 O&M 年增幅降至不到 1% 或每股 0.06 美元。

Execution of our $800 million capital investment plan for customers resulted in higher financing and depreciation costs in 2024 compared to 2023. This included a $0.16 increase in interest expense attributable to higher interest rates, a $0.17 impact from new shares issued, and $0.15 of additional depreciation expense due to new assets placed in service. Income tax was higher due to a Nebraska state income tax rate decrease, which occurred in 2023.

我們為客戶執行的 8 億美元資本投資計畫導致 2024 年的融資和折舊成本與 2023 年相比更高。其中包括由於利率上升導致的利息支出增加 0.16 美元，發行新股導致的 0.17 美元的影響，以及由於新資產投入使用導致的 0.15 美元額外折舊支出。由於 2023 年內布拉斯加州所得稅稅率下降，所得稅增加。

In summary, our strong margin growth in O&M management efforts offset depreciation and financing costs, mild weather, unplanned outages, and increasing insurance costs. Further details on year-over-year changes can be found in our earnings release and 10-K to be filed with the SEC next week.

總而言之，我們在營運和維護管理方面的強勁利潤成長抵消了折舊和融資成本、溫和的天氣、計劃外停駛和不斷增加的保險成本。關於同比變化的更多詳細信息，請參閱我們的收益報告和下週將向美國證券交易委員會 (SEC) 提交的 10-K 文件。

Slide 10 illustrates our commitment to execute our strategic plan and deliver on the financial targets we set in 2023. This includes growing our long-term EPS growth by 4% to 6% off the midpoint of our 2023 earnings guidance range or $3.75. We made it clear that we are committed to holding ourselves accountable and delivering on those financial commitments. We did just that in 2024 by delivering on our earnings guidance, meeting our growth expectations, and maintaining credit quality.

投影片 10 展示了我們執行策略計畫和實現 2023 年設定的財務目標的決心。這包括將我們的長期每股盈餘成長率從 2023 年獲利預測範圍的中點或 3.75 美元提高 4% 至 6%。我們明確表示，我們致力於承擔責任並履行這些財務承諾。2024 年，我們實現了盈利預期、滿足了成長預期並保持了信貸質量，從而做到了這一點。

Looking ahead to 2025, we have established an earnings guidance range of $4 to $4.20 per share, which reflects approximately 5% growth over 2024. Our earnings guidance assumes normal weather, no unplanned generation outages, constructive and timely outcomes of regulatory dockets, and excludes mark-to-market adjustments.

展望 2025 年，我們制定了每股 4 美元至 4.20 美元的獲利預測範圍，這反映了 2024 年約 5% 的成長。我們的獲利預測假設天氣正常、沒有計劃外的發電中斷、監管文件的結果具有建設性和及時性，並且不包括按市價調整。

We project O&M expense to be in line with a compounded annual growth rate of approximately 3.5% off 2023's expense, which was $552 million. We also expect to issue between $215 million and $235 million of additional equity to finance our $1 billion capital investment plan for 2025.

我們預計營運和維護費用將與 2023 年費用（5.52 億美元）的複合年增長率約 3.5% 保持一致。我們也預計將發行 2.15 億美元至 2.35 億美元的額外股權，為我們 2025 年 10 億美元的資本投資計畫提供資金。

Finally, we estimate an effective tax rate of 13% for the full year. Please see the appendix and forward-looking statements in this presentation for our full list of earnings guidance assumptions and risks. Slide 11 depicts our solid financial position through the lens of credit quality, capital structure and liquidity.

最後，我們預計全年有效稅率為13%。請參閱本簡報中的附錄和前瞻性陳述，以了解我們的完整獲利預測假設和風險清單。投影片 11 從信用品質、資本結構和流動性的角度描述了我們穩健的財務狀況。

During 2024, we achieved our net debt to capitalization ratio and maintained other key credit metrics in our commitment to maintain our solid investment-grade credit ratings. The chart on the lower left illustrates the success of our multiyear effort to strengthen our balance sheet. We reached our net debt to total capitalization target of 55% in 2024 and are close to achieving our 14% to 15% FFO to debt target.

2024 年，我們實現了淨債務資本化比率，並維持了其他關鍵信用指標，以致力於維持穩固的投資等級信用評級。左下圖顯示了我們多年加強資產負債表的努力所取得的成功。我們在 2024 年實現了淨負債與總資本化比率 55% 的目標，並且接近實現 FFO 與負債比率 14% 至 15% 的目標。

Looking forward, new equity issued will be in support of capital investments made on behalf of our customers as we continue to maintain our credit metrics and liquidity. Consistent with our recent history of efficient issuance of new shares, we expect to utilize our at-the-market equity program and will consider other available equity financing instruments.

展望未來，我們將繼續保持信用指標和流動性，發行的新股票將支持我們代表客戶的資本投資。與我們近期高效發行新股的歷史一致，我們預計將利用我們的市場股權計劃，並將考慮其他可用的股權融資工具。

Our liquidity remains strong at year-end with over $600 million of availability under our revolving credit facility, and short-term borrowings of approximately $130 million. We are evaluating timing and refinancing options for our next debt maturity of $300 million in early 2026.

截至年底，我們的流動性依然強勁，循環信貸額度下可用資金超過 6 億美元，短期借款約 1.3 億美元。我們正在評估 2026 年初到期的下一筆 3 億美元債務的時間和再融資選擇。

Slide 12 illustrates our industry-leading dividend track record of 55 consecutive years. We continue to target a 55% to 65% payout ratio. A dependable and increasing dividend is an important component of our strategy to deliver long-term value for our shareholders.

幻燈片 12 展示了我們連續 55 年保持行業領先地位的股息記錄。我們繼續將派息率目標定為55%至65%。可靠且不斷增加的股利是我們為股東實現長期價值的策略的重要組成部分。

I will now turn the call over to Marne for a business update.

現在我將把電話轉給馬恩，詢問業務最新進展。

Thank you, Kimberly, and good morning, everyone.

謝謝你，金伯利，大家早安。

Starting on slide 14, I'm proud of our operational execution in 2024 as we delivered excellent electric and natural gas service to our 1.35 million customers across our 8 states. We delivered on key operational objectives, including providing top quartile reliability. Linn mentioned earlier that our customer count is growing at a robust pace across our service territories. In Wyoming, we have served nearly two decades of consecutive annual increases in our electric system peak load.

從第 14 張幻燈片開始，我為我們 2024 年的營運執行感到自豪，因為我們為 8 個州的 135 萬客戶提供了優質的電力和天然氣服務。我們實現了關鍵營運目標，包括提供最高四分位數可靠性。Linn 之前提到過，我們服務區域內的客戶數量正在強勁成長。在懷俄明州，我們的電力系統尖峰負載已連續近二十年增加。

As we serve this increasing demand, the expectations of our customers are also expanding. We are listening and working to be ready for the future by advancing our strategic initiatives, which in the near term includes our ready Wyoming Electric transmission project, our Colorado Clean Energy Plan renewable generation additions and our Lange 2 project, which will add 99 megawatts of dispatchable generation for South Dakota Electric. I will also provide an update on our regulatory progress and wildfire management and mitigation plans.

隨著我們滿足日益增長的需求，客戶的期望也不斷擴大。我們正在傾聽並努力透過推進我們的策略性舉措為未來做好準備，這些舉措在短期內包括我們已準備好的懷俄明州電力輸電項目、我們的科羅拉多清潔能源計劃可再生能源發電增加項目和我們的蘭格 2 項目，這將為南達科他州電力增加 99 兆瓦的可調度發電量。我還將介紹我們的監管進展和野火管理和緩解計劃的最新情況。

Slide 15 highlights our success in managing over a decade of growth in data center load. Our anchor customers are respected leaders in the technology industry, and have recognized Cheyenne, Wyoming's ideal attributes for data center operations and future expansion opportunities. Collectively, our existing data center customers project a total load exceeding 1 gigawatt.

投影片 15 重點介紹了我們在管理十多年來資料中心負載成長方面的成功。我們的主要客戶都是科技業受人尊敬的領導者，並且已經認識到懷俄明州夏延市的資料中心營運和未來擴展機會的理想屬性。總的來說，我們現有的資料中心客戶預計總負載將超過 1 千兆瓦。

We take pride in our track record as a trusted energy partner, delivering customized and innovative solutions to meet our customers' unique needs. Distinctive market energy procurement model provides utility-like returns without the need for material capital investment while providing benefits for our other customers.

作為值得信賴的能源合作夥伴，我們為自己所取得的成就感到自豪，我們提供客製化和創新的解決方案來滿足客戶的獨特需求。獨特的市場能源採購模式無需物質資本投資即可提供類似公用事業的回報，同時為我們的其他客戶帶來利益。

Consequently, our current service model generally requires minimal capital investment as compared to traditional utility rate base projects. It's important to note that our data center customers are served through approved tariffs, with the earnings separated from our retail customers for ratemaking purposes.

因此，與傳統的公用事業費率基礎項目相比，我們目前的服務模式通常需要最少的資本投資。值得注意的是，我們的資料中心客戶是透過批准的關稅來服務的，出於製定費率的目的，我們的收入與零售客戶的收入是分開的。

This model also provides access to market energy, including renewables and speed to market to support their expansion plans. Based on current projected market conditions, we're positioned to serve approximately 500 megawatts of data center demand by the end of 2029.

該模式還提供市場能源（包括再生能源）的管道，並加快上市速度以支持其擴張計劃。根據目前預測的市場狀況，到 2029 年底我們將滿足約 500 兆瓦的資料中心需求。

As Linn mentioned, meeting demand beyond this forecast will drive incremental infrastructure investment opportunities and new generation and expanded transmission.

正如林恩所提到的，滿足超出這項預測的需求將推動增量基礎設施投資機會以及新一代和擴大輸電。

Moving to slide 16, which describes our 260-mile $350 million Ready Wyoming Electric transmission project. The project will reduce dependence on third-party transmission systems and enhance system resiliency through increased market access, including renewables. A more interconnected and expanded electric system helps maintain long-term price stability for our customers while also enabling ongoing growth in energy demand.

轉到幻燈片 16，該幻燈片介紹了我們長達 260 英里、耗資 3.5 億美元的 Ready Wyoming Electric 輸電項目。該項目將減少對第三方輸電系統的依賴，並透過擴大包括再生能源在內的市場准入來增強系統彈性。更互聯互通和擴展的電力系統有助於為客戶維持長期價格穩定，同時也能滿足能源需求的持續成長。

Construction is progressing well and the initial phase representing approximately $40 million was placed in service and included in our 2024 Wyoming Electric transmission rider filing. When placed in service, the remainder of the project cost will be recovered in our 2025 annual filing in Q4 of this year.

施工進展順利，初始階段耗資約 4,000 萬美元的工程已投入使用，並納入我們 2024 年懷俄明電力輸電附加條款中。投入使用後，專案剩餘成本將在今年第四季的 2025 年年度報告中收回。

Our Colorado Clean Energy Plan update is on slide 17. During the fourth quarter, we received final approval for 350 megawatts of renewable resources to reduce emissions for our Colorado customers by 80%. The approved portfolio includes a utility-owned 100-megawatt solar project, a utility-owned 50-megawatt battery storage project and a 200-megawatt solar power purchase agreement.

我們的科羅拉多州清潔能源計畫更新內容請見第 17 頁投影片。第四季度，我們獲得了 350 兆瓦可再生資源的最終批准，將為科羅拉多州的客戶減少 80% 的排放。核准的項目組合包括公用事業公司擁有的 100 兆瓦太陽能專案、公用事業公司擁有的 50 兆瓦電池儲存專案和一份 200 兆瓦太陽能購買協議。

We are in contract negotiations and when finalized, will determine project costs and timing. Our refreshed capital plan includes updated assumptions for these projects with timing anticipated between 2026 and 2028. As final contracts are signed, we will update our capital plan for material shifts in timing or costs.

我們正在進行合約談判，最終確定後將確定專案成本和時間表。我們更新的資本計畫包括這些項目的最新假設，預計時間在 2026 年至 2028 年之間。隨著最終合約的簽署，我們將根據時間或成本的重大變化更新我們的資本計劃。

Slide 18 outlines our South Dakota Electric resource plan. We continue to pursue our Lange 2 project, a 99-megawatt utility-owned natural gas-fired generation facility that will cost effectively and reliably serve our customers. With an in-service date targeted in the second half of 2026, we plan to file a certificate of public convenience and necessity with the Wyoming Public Service Commission during the first quarter.

幻燈片 18 概述了我們的南達科他州電力資源計劃。我們將繼續推進我們的 Lange 2 項目，這是一個 99 兆瓦的公用事業天然氣發電設施，將以經濟高效且可靠的方式為我們的客戶提供服務。我們計劃在 2026 年下半年投入使用，並計劃在第一季向懷俄明州公共服務委員會提交公共便利和必要性證書。

Slide 19 summarizes our regulatory progress on rate reviews during the year. We continue to focus on maintaining proactive, constructive relationships with our regulators. We are pleased to have obtained commission-approved settlements in two of our rate reviews in 2024.

投影片 19 總結了我們今年在利率審查方面的監管進展。我們持續致力於與監管機構保持積極主動、建設性的關係。我們很高興在 2024 年的兩次費率審查中獲得了委員會批准的解決方案。

In Arkansas, we received approval for new rates effective in October. In Iowa, our rate review settlement was approved, allowing for $15 million of new annual revenues with new rates effective in January, replacing interim rates from last May. Our Colorado Electric rate review was filed in June with the hearing completed in December, we expect commission deliberations a final decision and new rates in late Q1.

在阿肯色州，我們獲得了10月生效的新稅率的批准。在愛荷華州，我們的費率審查協議獲得批准，允許每年產生1500萬美元的新收入，新費率將於明年1月生效，取代去年5月的臨時費率。我們對科羅拉多州電力費率的審查已於 6 月提交，聽證會已於 12 月完成，我們預計委員會將在第一季末審議並做出最終決定並公佈新的費率。

Earlier this week, we filed a request for new rates for Arkansas Gas. The application requests new annual revenue of $17.2 million based on a 10.5% ROE and a 50.4% equity capital structure. We are seeking new rates in the second half of this year, which will also allow for the renewal of our five-year capital reliability rider.

本週早些時候，我們提交了阿肯色州天然氣新費率的申請。該申請要求根據 10.5% 的 ROE 和 50.4% 的股本結構實現 1,720 萬美元的新年收入。我們正在尋求在今年下半年實施新的利率，這也將允許我們續簽五年期資本可靠性附加條款。

Slide 20 outlines our wildfire management and risk mitigation plans. We have been successful in reducing operational risk with our multilayered approach through asset programs, integrity programs and operational response, which is detailed in our wildfire mitigation plan available on our website.

幻燈片 20 概述了我們的野火管理和風險緩解計劃。我們透過資產計劃、誠信計劃和營運響應等多層次的方法成功降低了營運風險，這在我們網站上的野火緩解計劃中有詳細說明。

We continue to engage stakeholders, including community and local agencies, regulators, legislative bodies and our entry peers to define, review and advance our welfare management and mitigation plans. This includes our public safety power shutoff program or PSPS, which we expect to formalize in mid-2025.

我們繼續與利益相關者合作，包括社區和地方機構、監管機構、立法機構和我們的同行，來定義、審查和推進我們的福利管理和緩解計劃。其中包括我們的公共安全電源關閉計劃（PSPS），我們預計該計劃將於 2025 年中期正式實施。

To further mitigate our wildfire exposure, we are actively engaged in the legislative process across our three electric states. In South Dakota and Wyoming, we are strongly supporting newly introduced wildfire liability legislation and we are working with legislators and stakeholders on a similar bill in Colorado.

為了進一步減輕野火風險，我們積極參與三個電力州的立法進程。在南達科他州和懷俄明州，我們大力支持新出台的山火責任法案，並正在與立法者和利益相關者合作制定科羅拉多州的類似法案。

With that, I will now turn the call back to Linn.

說完這些，我現在將電話轉回給林恩。

Thank you, Marne. We had an excellent year delivering on our strategy. We continue to cost effectively serve customers with industry-leading reliability. We demonstrated success and constructive rate reviews. We achieved our financial objectives, including earnings guidance, our long-term EPS growth target, and a strengthened balance sheet. We have confidence in our earnings growth potential given a 10% increase in our capital plan to $4.7 billion, and over 1 gigawatt of total data center demand from existing customers.

謝謝你，馬恩。今年我們出色地貫徹了我們的策略。我們將繼續以業界領先的可靠性和經濟高效的方式為客戶服務。我們展示了成功和建設性的費率評估。我們實現了財務目標，包括獲利預期、長期每股盈餘成長目標和增強的資產負債表。鑑於我們的資本計畫增加 10% 至 47 億美元，而現有客戶的資料中心總需求超過 1 千兆瓦，我們對我們的獲利成長潛力充滿信心。

Our team's focus continues to be to provide safe, reliable and cost-effective energy for our customers. And finally, I want to express my sincere appreciation to the Black Hills team for safely, effectively and efficiently serving our customers while managing through unexpected challenges throughout the year.

我們團隊的重點始終是為客戶提供安全、可靠且經濟高效的能源。最後，我要向黑山團隊表達最誠摯的感謝，感謝他們在全年克服意外挑戰的同時，安全、有效、有效率地為客戶服務。

And with that, we're happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Anthony Crowdell, Mizuho.

（操作員指示）瑞穗的 Anthony Crowdell。

Hey, good morning, team. Hope all is well. I appreciate the disclosures. If I could just -- two, hopefully, quick ones on slide 5. The company gives the CapEx forecast. When I compare that to the CapEx forecast on the third quarter call, there was previously a spike in CapEx in 2026 that has since come down. Just want to know if you can give some clarity on the changing of the CapEx spread.

嘿，早安，各位團隊。希望一切順利。我感謝這些披露。如果可以的話，我希望在投影片 5 上快速講兩句話。該公司給出了資本支出預測。當我將其與第三季電話會議上的資本支出預測進行比較時，我發現 2026 年的資本支出曾出現峰值，但此後有所下降。我只是想知道您是否可以澄清一下資本支出利差的變化。

Yes. This is Kimberly. A few different things going on here. Originally, when we set our previous capital forecast last year, we had some significant projects that were assumed to go into service in 2026. Since then, we've had some updated outcomes that have redistributed those costs within the plan. And so that's why you'll see maybe higher capital expense or capital investments in 2025 versus some of the other years.

是的。這是金伯莉。這裡發生了一些不同的事情。本來，我們去年制定上一次資本預測的時候，有一些重大專案預計在2026年投入使用。自那時起，我們得到了一些更新的結果，在計劃中重新分配了這些成本。因此，與其他年份相比，2025 年的資本支出或資本投資可能會更高。

The other comment I'd like to make is we have added $400 million to the overall plan from last year. There's a combination of things going on there. We continue to see a lot of really good organic growth within our service territories. We're continuing to invest in safety and reliability investments on behalf of our customers.

我想說的另一點是，我們在去年的總體計劃中增加了 4 億美元。那裡發生了多種事。我們繼續看到我們的服務領域內出現大量非常好的有機成長。我們將繼續為客戶投資安全性和可靠性。

And then some of the large projects that we have going on, specifically, we have ready Wyoming, we're focused on the Lange 2 that Marne mentioned. We've seen increases in inflation and financing costs related to those projects. those are components that help drive the additional $400 million of capital investments that you're seeing in the plan.

然後我們正在進行一些大型項目，具體來說，我們已經準備好了懷俄明州，我們專注於馬恩提到的朗格 2 號。我們看到與這些項目相關的通貨膨脹和融資成本上升。這些因素有助於推動該計劃中額外的 4 億美元資本投資。

Great. And then I don't mean to -- just maybe I'm looking too deep into it, I'm curious. On slide 6, you guys talk about the expect no more than I guess, 10%-plus of contribution from the data center load to capital-light opportunities. In this updated slide deck, can you say that 10%-plus by 2029. In your previous disclosures, we actually were getting 10%-plus by 2028. Is there a delay in the plan? Or I'm just reading too far into the plus sign there?

偉大的。然後我並不是故意的——也許我考慮得太深入了，我很好奇。在第 6 張投影片上，你們談到了資料中心負載對輕資本機會的貢獻預計不會超過 10％ 以上。在這份更新的幻燈片中，您能否說到 2029 年將成長 10% 以上？在您先前的揭露中，到 2028 年我們實際上將獲得 10% 以上的成長。計劃有延誤嗎？還是我只是對那裡的加號理解得太深了？

No, Anthony, great question. So maybe just a couple of thoughts around that. We have a compounded annual growth rate of 4% to 6% and what we've said is we're extremely confident in that growth rate, and we expect to grow to the higher end of that range in the latter part of the plan.

不，安東尼，這個問題問得好。因此，也許我只是圍繞著這個主題想了幾點想法。我們的年複合成長率為 4% 至 6%，我們對這一增長率非常有信心，並且我們預計在計劃的後期將增長到這一範圍的更高水平。

When you think about that growth rate and then you specifically think about our 10%-plus related to the data centers, we still have great organic growth within our business model. So it's not a static or linear calculation. So as you think about our EPS continuing to grow over the long term, the component of the data center growth based on our current customers and their projected growth will be that 10%-plus.

當你考慮這個成長率，然後特別考慮與資料中心相關的 10% 以上的成長率時，你會發現我們的業務模式中仍然實現了巨大的有機成長。所以它不是一個靜態或線性的計算。因此，當您想到我們的每股盈餘將長期持續成長時，基於我們現有客戶及其預期成長的資料中心成長部分將達到 10% 以上。

So I think it's a combination of both our continued organic growth. combined with our data center growth that still gets you to that relative 10%-plus. But just think about that as an increasing percentage over the long term and getting us to the higher end of that 4% to 6% growth rate.

所以我認為這是我們持續有機成長的結合。結合我們資料中心的成長，仍然可以達到相對 10% 以上的成長。但只要想想，從長遠來看，這個百分比會不斷增加，並使我們達到 4% 到 6% 的成長率的高端。

Got it. And I just want to make sure I'm on the entree. I think about the growth rate really hasn't changed? Or is there a material change between 2028 and 2029? And if it's taking up to which you might pick it up offline?

知道了。我只是想確保我能坐在主菜上。我想成長率真的沒有改變嗎？或是 2028 年和 2029 年之間會發生重大變化？如果它佔用了時間，您是否可以離線取得它？

Anthony, it's a great question. I think others may have it, so thank you for asking. We set our base year as off of 2023. So that's how we think about that 4% to 6% growth. We think about it long term. So we've always said at the front end of the plan, that was in 2023 that we were going to grow a little bit slower just because of some things going on. We've also indicated that the back end of the plan be growing faster and at the higher end of that rate.

安東尼，這是一個很好的問題。我想其他人可能有，所以謝謝你的詢問。我們將基準年設為 2023 年。這就是我們對 4% 到 6% 的成長率的看法。我們會進行長遠考慮。因此，我們一直在計畫的前端說過，也就是在 2023 年，由於某些事情的發生，我們的成長速度會稍微慢一點。我們還表示，該計劃的後端將會成長得更快，並且處於該速度的高端。

And so as you think about '28 and '29, with the addition of the 2029 year, you can think about us growing at the higher end, if not exceeding that rate on an annual year-over-year basis. That's how we think about that.

因此，當您想到 28 年和 29 年，再加上 2029 年時，您可以想像我們的成長率將處於較高水平，甚至超過每年同比成長率。我們就是這樣想的。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾 (Andrew Weisel)。

Hi, good morning, everyone. First, I just want to clarify, one, you removed the comment in the slides that you're committed to BBB+ equivalent credit ratings. Can I just clarify, are you trying to indicate any change in messaging there?

大家早安。首先，我只想澄清一下，第一，你刪除了幻燈片中致力於 BBB+ 同等信用評級的評論。我能否澄清一下，您是否想表明那裡的消息傳遞有任何變化？

Absolutely not. We are very focused on solid investment-grade credit ratings. Our targets have not changed. You heard Linn mention that we achieved our debt to total cap of 55%, which was our target. We are very close to maintaining our 14% to 15% FFO to debt. So nothing has changed. It's still part of our core assumptions as we devise our financial objectives.

絕對不是。我們非常注重穩健的投資等級信用評級。我們的目標沒有改變。您聽到林恩提到我們實現了債務總額上限 55% 的目標。我們非常接近維持 14% 至 15% 的 FFO 與負債比率。所以什麼都沒有改變。當我們制定財務目標時，它仍然是我們核心假設的一部分。

Very good. I thought that would be the case. I just wanted to clarify. Just one thing -- forgive me if I missed this, but in 2024, your actual CapEx was a hair under $800 million. I think you were targeting $840 million. Can you explain the shortfall? Was it just timing? Or was there something else going on there?

非常好。我認為情況會是這樣。我只是想澄清一下。只有一件事——如果我錯過了這一點，請原諒我，但在 2024 年，你的實際資本支出略低於 8 億美元。我認為你的目標是 8.4 億美元。您能解釋一下其不足之處嗎？只是時機問題嗎？或者那裡還發生了其他什麼事？

Hey, Andrew, this is Marne. Yes, thanks for the question. You're spot on. It's just a little bit of timing in major projects between the two years. So nothing changed materially besides some timing.

嘿，安德魯，這是馬恩。是的，謝謝你的提問。你說得對。這只是兩年之間重大計畫的一點點時間安排。因此，除了時間安排之外，沒有任何實質的改變。

Would it be fair to assume that just spilled into early 2025 then?

那麼，是否可以公平地假設這一趨勢將延續到 2025 年初？

That's correct. Those dollars will be spent in 2025.

沒錯。這些資金將於 2025 年花掉。

Okay. So that's part of the roll forward then into the new '25 to '29 plan?

好的。那麼，這是新的「25 至 29 年」計畫的一部分嗎？

Correct.

正確的。

Okay. Got it. Then lastly, just maybe I'm being too looking for something that's not there, but the Clean Energy Plan in Colorado the timing of new resources entering service now looks like 2027 to 2028. It was previously '26 through '28. And I believe the key is to have them in service by 2030. But is there anything to look into as far as the slight slippage in timing there?

好的。知道了。最後，也許我太在尋找一些不存在的東西，但在科羅拉多州的清潔能源計畫中，新資源投入使用的時間現在看起來像是 2027 年至 2028 年。之前是 '26 到 '28。我認為關鍵是到2030年讓它們投入使用。但就時間上的輕微失誤而言，有什麼需要調查的嗎？

So Andrew, this is Marne again. So when we initiated the Clean Energy Plan really unknown on what we would get for bids and associated timing. As we talked over the course of 2024 and those bids have come through and we're now negotiating contracts, we have deeper insight into that timing, and that's really what's driven that change in movement.

那麼安德魯，我再次向您介紹馬恩。因此，當我們啟動清潔能源計劃時，我們真的不知道我們會得到什麼樣的投標和相關時間。正如我們在 2024 年期間所討論的那樣，這些投標已經通過，我們現在正在談判合同，我們對那個時間有了更深入的了解，而這才是真正推動這一變化的因素。

When we initially talked about 2026, we knew that likely was not going to be the case, but that's kind of the best information we had at the time. And as again, as we work through those -- through the process and through the bids, that's where we're seeing some change in that timing.

當我們最初談到 2026 年時，我們知道情況可能並非如此，但這是我們當時掌握的最好的資訊。而且，當我們透過整個流程和投標進行工作時，我們就會看到時間上的一些變化。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies

Hi, it's Brian Russo on for Julien. I'm just curious how actively you're involved in Colorado wildfire risk mitigation legislation? What would you characterize as the top priorities? Have there been any bills proposed yet?

大家好，我是 Brian Russo，為 Julien 主持節目。我只是好奇您參與科羅拉多州野火風險緩解立法的積極程度如何？您認為首要任務是什麼？已經有任何法案被提出嗎？

Brian, yes, we are working through wildfire legislation in each of our electric utilities. Specific to your question on Colorado, we have not yet had a bill taken up by the legislation. We are working with our peers in the state, obviously focused on how do we mitigate risk on the back end at the utility level, how do we mitigate noneconomic damages, also focused on, can we create standard of care.

布萊恩，是的，我們正在為每個電力公司製定野火立法。具體到您關於科羅拉多州的問題，我們尚未收到立法機構受理的法案。我們正在與州內的同行合作，顯然重點關注如何在公用事業層面減輕後端風險，如何減輕非經濟損失，同時也關注我們能否創建護理標準。

So those are all of the conversations that are ongoing at this time, unfortunately, we don't have anything introduced, but continue to work that, educate our stakeholders and legislators and we'll continue working through that and progressing through the system.

因此，這些都是目前正在進行的對話，不幸的是，我們還沒有推出任何內容，但我們將繼續努力，教育我們的利益相關者和立法者，我們將繼續努力並推進整個系統。

I will say though, however, in South Dakota and Wyoming, we have had legislation introduced and it is stepping through the process most aggressively in Wyoming. So I feel really good about where we're headed there.

不過我要說的是，在南達科他州和懷俄明州，我們已經提出了立法，懷俄明州的立法進程最為積極。所以我對於我們未來的發展感到非常滿意。

Okay. Great. And then the 1 gigawatts of data center load with your two existing customers, are you -- what states are -- is that in? I mean, is there a way to specify that?

好的。偉大的。那麼，您現有的兩個客戶的 1 千兆瓦資料中心負載是在哪些州？我的意思是，有沒有辦法可以指定這一點？

Right now, most of that is in Wyoming, Brian. We're talking to other potential customers in South Dakota and Colorado, but we feel very good about the 1 gigawatt forecast we have in Wyoming alone.

目前，大部分都在懷俄明州，布萊恩。我們正在與南達科他州和科羅拉多州的其他潛在客戶進行洽談，但我們對僅在懷俄明州的 1 千兆瓦預測感到非常滿意。

(Operator Instructions) Chris Ellinghaus, Siebert Williams.

（操作員指示）Chris Ellinghaus、Siebert Williams。

The data center growth sort of post 2029, where you talked about needing some incremental resources or CapEx there. Have you got any sense of what kind of magnitude that might be? And are you talking about dispatchable resources there?

資料中心的成長大約發生在 2029 年之後，您談到了需要一些增量資源或資本支出。您是否知道那將達到什麼樣的程度？您說的是可調度的資源嗎？

Good question, Chris. This is Linn. Yes, we're talking potentially dispatchable resources and transmission assets as well. We're constantly evaluating what capacity is out there for these customers to take advantage of through the energy market program that we have with them. We believe as we get closer to 2029, these loads continue to grow. There could be opportunity for us to serve them in different ways beyond the tariff that we have in place today and be more of a traditional model, if you will.

好問題，克里斯。這是林恩。是的，我們也在談論潛在的可調度資源和傳輸資產。我們不斷評估這些客戶透過我們與他們合作的能源市場計劃所能夠利用的容量。我們相信，隨著 2029 年的臨近，這些負荷將繼續增長。如果你願意的話，我們可以有機會以除了現有關稅之外的不同方式為他們提供服務，並且可以採用更傳統的模式。

Chris, this is Kimberly. The other thing I'd add to that is, you mentioned that it's beyond 2029. Some of the efforts that we're looking at could also potentially positively impact the capital investments that we have within the five-year plan, those are not incorporated in there today.

克里斯，這是金伯利。我想補充的另一件事是，您提到它超出了 2029 年。我們正在考慮的一些努力也可能對五年計畫中的資本投資產生正面影響，但這些投資今天還沒有被納入。

Got you. Given that these might be dispatchable resources. Does that also maybe suggest some clean energy to sort of balance the portfolio might also be required?

明白了。鑑於這些可能是可調度的資源。這是否也意味著可能還需要一些清潔能源來平衡投資組合？

Chris, good question again. This is Linn. I'd say very much so these customers are highly interested in renewables and clean energy. And so yes, I think that's the beauty of how we've been able to work with these customers. They have certain needs. And we've been able, as an agile organization, to find ways to serve them effectively. And I think that's why they're continuing to grow.

克里斯，又一個好問題。這是林恩。我想說這些客戶對再生能源和清潔能源非常感興趣。是的，我認為這就是我們與這些客戶合作的美妙之處。他們有一定的需求。作為一個敏捷的組織，我們已經能夠找到有效為他們服務的方法。我認為這就是他們持續成長的原因。

Okay. That's helpful. So this could really be something rather consequential from a capital perspective in that 29-plus time period?

好的。這很有幫助。那麼，從這 29 多個時段的資本角度來看，這真的會是一件相當重要的事情嗎？

It may be, yes.

是的，有可能。

Okay. Vis-a-vis your sort of state conversation about the wildfire mitigation legislation. Given the changes in Washington, it would seem like this is maybe a fortuitous time for some national legislation. Do you guys foresee any potential there?

好的。關於您所在州關於野火緩解立法的討論。考慮到華盛頓的變化，這似乎可能是一些國家立法的幸運時機。你們預見那裡有任何潛力嗎？

Chris, again, yes, a good question. This is Linn again. The short answer is yes. In fact, some legislation has been introduced at the House of Representatives at the federal level. That's coming primarily through partnerships, I would say, through EEI, Edison Electric Institute. And so yes, we believe we can have some success at the federal level as well.

克里斯，是的，再次提出一個好問題。我又是 Linn。簡短的回答是肯定的。事實上，聯邦眾議院已經提出了一些立法。我想說，這主要是透過合作實現的，透過愛迪生電氣研究所 (EEI)。所以是的，我們相信我們也可以在聯邦層級取得一些成功。

Okay. And lastly, also, given the executive orders that we've seen so far, there's sort of some positives and negatives in terms of thinking about new infrastructure, one being helpful in terms of dispatchable permitting and things like that sort of somewhat nebulous details at this point. But do you feel like there's anything material from the federal side that would help you on permitting there?

好的。最後，鑑於我們目前看到的行政命令，在考慮新的基礎設施方面存在一些積極和消極的因素，其中之一有助於可調度許可以及目前這類有些模糊的細節方面。但您是否覺得聯邦政府方面能提供什麼實質的幫助來獲得許可呢？

And also, like, say, the Colorado Clean Energy Plan, there's some roadblocks for clean energy at this point also. So does that give you some concern about the timelines you have for your capital there?

另外，比如說科羅拉多州清潔能源計劃，目前清潔能源的發展也面臨一些障礙。那麼，這是否讓您對那裡的資本投入時間表感到擔憂呢？

Good questions, Chris, also unpack there again. This is Linn. I would start by suggesting we're very early into the administration, as you indicated in your question. We'll see where these executive orders actually take us. I would suggest that in the prior Trump administration, we thrived as an organization, and I would believe in this administration, we could as well.

克里斯，你這個問題問得好，也再次解答了。這是林恩。首先我想說的是，正如您在問題中所指出的，我們才剛剛進入管理的初期。我們將看看這些行政命令實際上會為我們帶來什麼結果。我想說，在前川普政府時期，我們作為一個組織蓬勃發展，我相信在本屆政府時期，我們也能做到。

With respect to permitting, I think it can be very helpful to us, especially around transmission building here in the West, so much of our land is owned by the Feds, if you will. It's federal land and therefore, any kind of permitting that allow us to be more efficient and streamlined on federal land would be very helpful. You mentioned the Clean Energy Plan in Colorado. We'll watch that closely.

關於許可，我認為這對我們非常有幫助，特別是在西部的輸電建設方面，我們的大部分土地都歸聯邦政府所有。這是聯邦土地，因此，任何能讓我們在聯邦土地上更有效率、精簡的許可都會非常有幫助。您提到了科羅拉多州的清潔能源計畫。我們將密切關注。

Right now, Colorado is very clear about the plan they want to take. They've been on this road for a decade or more. I don't think there'll be huge changes there. However, there could be something that happens to some of the bids we might receive as an example, things of that nature based on tax credits, et cetera. So that's why we're continuing to negotiate those contracts. We'll see where they take us. But I think it's a little too early to tell for sure.

目前，科羅拉多州對他們想要採取的計劃非常清楚。他們已經走在這條路上十多年了。我認為那裡不會發生巨大的變化。然而，我們收到的一些投標可能會發生一些事情，例如基於稅收抵免等性質的事情。這就是我們繼續談判這些合約的原因。我們將看看他們會帶我們去哪裡。但我認為現在下結論還為時過早。

I would now like to turn the call back over to Linn Evans for any closing remarks.

現在我想將電話轉回給林恩·埃文斯 (Linn Evans)，請他做最後發言。

Well, thank you, everyone, for joining us today. Thank you very much for your interest in Black Hills. Once again, I want to thank our team for a fantastic year and what they delivered for 2024 on behalf of customers and for shareholders. We appreciate your interest in our company, and I encourage you to have a Black Hills Energy safe day.

好吧，感謝大家今天的參與。非常感謝您對 Black Hills 的關注。我要再次代表客戶和股東感謝我們團隊度過了出色的一年，並感謝他們在 2024 年所做的貢獻。我們感謝您對我們公司的關注，並祝福您 Black Hills Energy 度過一個安全的日子。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。