Black Hills Corp (BKH) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2026 Black Hills Corporation earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today’s conference is being recorded. (Operator Instructions)

大家好，感謝您稍候等候。歡迎參加 Black Hills Corporation 2026 年第一季（Q1 2026）財報電話會議。目前所有與會者皆為僅收聽模式。提醒您，今日會議將進行錄音。（接線員指示）

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

現在我將把會議交給今天的講者——投資人關係總監 Sal Diaz。

Thank you, operator. Good morning and welcome to Black Hills Corporation’s first-quarter 2026 earnings conference call. You can find our earnings release and materials for our call this morning on our website at blackhillscorp.com. Leading our 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 and Chief Utility Officer.

謝謝，接線員。各位早安，歡迎參加 Black Hills Corporation 2026 年第一季財報電話會議。您可在我們的網站 blackhillscorp.com 上找到本次財報新聞稿以及今天電話會議的相關資料。本次財報電話會議由總裁暨執行長 Linn Evans、資深副總裁暨財務長 Kimberly Nooney，以及資深副總裁暨公用事業長 Marne Jones 主持。

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, and 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.

在今天的財報討論中，我們的發言可能包含美國證券交易委員會（SEC）所定義的前瞻性陳述，而此類陳述本質上存在多項不確定性。雖然我們相信我們的預期係基於合理假設，但實際結果可能出現重大差異。我們請您參閱我們的財報新聞稿、網站上投資人簡報的第 2 頁，以及我們最近向 SEC 提交的 Form 10-K 與 Form 10-Q，其中列示部分可能導致未來結果與我們預期出現重大差異的因素。

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

接下來，我將把電話會議交給 Linn Evans。Linn？

Thank you, Sal. Good morning, and thank you all for joining us today. I will provide a summary of our Q1 2026 results, our strategic progress, and our progress with our pending merger with NorthWestern Energy. Kimberly will provide our financial update, and Marne will provide our business update, including key projects, our progress with large load opportunities, and our solid regulatory execution. In April, our industry-recognized Line Mechanic Appreciation Month.

謝謝你，Sal。各位早安，感謝大家今天加入我們。我將概述我們 2026 年第一季的業績、策略進展，以及與 NorthWestern Energy 擬議合併案的進度。Kimberly 將提供財務更新，Marne 將提供業務更新，包括重點專案、我們在大型負載機會上的進展，以及我們穩健的監管執行成果。四月是我們業界公認的線路技師感謝月。

Let me start by pausing to recognize our remarkable team of men and women, many of whom are tuning in today. You are often the face of our company and industry, which our customers and communities respect, admire, and rely on, ensuring our system is operating reliably and restoring interrupted service as safely and efficiently as possible. When most seek shelter during a weather event, you’re the team that heads out into the storm. Thank you for all you do and the sacrifices you make, and often your families make, to keep the lights on and for what you do every day to keep our customers safe.

首先，我想停下來表揚我們傑出的男女同仁，其中許多人今天也正在收聽。你們經常是我們公司與產業的門面，受到客戶與社區的尊重、欽佩與倚賴；你們確保系統可靠運作，並在服務中斷時以最安全、最高效率的方式完成復電。當多數人在天候事件中尋求庇護時，你們卻是迎著風暴出勤的團隊。感謝你們所做的一切與所付出的犧牲，也常常包括你們家人的付出；謝謝你們讓燈火長明，並且每天守護客戶的安全。

Our first quarter strategic achievements are outlined on slide 3. Following an excellent year of results for our stakeholders in 2025, I’m very proud of our team’s continued success, carrying our positive momentum into 2026. We continue to deliver safe, reliable, and affordable energy to our customers and communities while executing on our strategic growth opportunities. We’re off to a solid start with reaffirming our earnings guidance range and maintaining our solid financial position and credit ratings.

我們第一季的策略性成果列於第 3 頁投影片。在 2025 年為利害關係人交出優異成績之後，我對團隊持續成功、並將正向動能延續至 2026 年感到非常自豪。我們持續為客戶與社區提供安全、可靠且可負擔的能源，同時推進我們的策略性成長機會。我們以穩健的開局重申獲利指引區間，並維持穩固的財務狀況與信用評等。

We made regulatory progress, advancing our Arkansas rate review and requesting our first rate review in more than a decade for South Dakota Electric. We also continued construction of our 99-megawatt Lange II generation project, which is on schedule to be placed in service later this year, and the ongoing construction of our 50-megawatt battery storage project is part of our Clean Energy Plan in Colorado that we commenced in Q4 2025. Large load customers, including hyperscale data centers, continue to offer significant growth opportunities, representing more than 3 gigawatts of potential demand, including 600 megawatts by 2030 within our current five-year financial plan.

我們在監管方面取得進展，推動阿肯色州的費率審查，並為南達科他州電力事業提出十多年來首次的費率審查申請。我們也持續建置 99 兆瓦的 Lange II 發電專案，進度如期，預計於今年稍晚投入商轉；同時，我們 50 兆瓦電池儲能專案也持續施工，該專案屬於我們在科羅拉多州的潔淨能源計畫，並已於 2025 年第四季啟動。大型負載客戶（包括超大規模資料中心）持續帶來顯著成長機會，潛在需求超過 3 吉瓦，其中包含在我們現行五年財務計畫中、至 2030 年前可達 600 兆瓦的需求。

We’re also negotiating with high-quality partners to reach agreements to serve this pipeline. This includes the 1.8-gigawatt data center being developed in Cheyenne, where we have executed an agreement that supports our reservations for generation equipment as part of the mix of resources to serve this potential customer as we continue to advance negotiations toward reaching definitive agreements. Additionally, we are optimistic about the future upside potential of our current pipeline, stemming from Microsoft’s recent announcement to acquire 3,200 acres of land in Cheyenne, Wyoming for future data center expansion.

我們也正與高品質合作夥伴洽談，以達成協議來服務這條商機管線。其中包括在夏延（Cheyenne）開發的 1.8 吉瓦資料中心；我們已簽署一項協議，支持我們預訂發電設備，作為服務該潛在客戶之資源組合的一部分，同時我們也持續推進談判，以期達成具約束力的最終協議。此外，我們也對現有商機管線未來的上行潛力保持樂觀，該潛力來自微軟近期宣布在懷俄明州夏延收購 3,200 英畝土地，用於未來資料中心擴建。

As a reminder, we approach our growth pipeline with caution, restricting it to demand that is covered by non-disclosure agreements and being actively negotiated. The opportunities we are executing on today, along with this future potential for upside, provide depth and durability to our long-term growth profile.

提醒各位，我們以審慎態度看待成長商機管線，僅納入已簽署保密協議且正在積極洽談的需求。我們目前正在執行的機會，加上未來可能的上行潛力，為我們的長期成長輪廓提供更深度與更持久的支撐。

Slide 4 outlines our $4.7 billion five-year capital plan. We invest in our natural gas and electric customers’ core needs for safety, reliability, and growth. Our current capital plan includes minimal investments to support the 600 megawatts of data center demand already in our financial plan, which we expect to serve mostly through market energy procurement. We are also developing opportunities for investment that are not currently in our plan. This would include generation and transmission builds as part of a mix of resources to serve growing large load customer demand.

第 4 頁投影片概述我們 47 億美元的五年資本計畫。我們投資於天然氣與電力客戶在安全、可靠與成長方面的核心需求。我們目前的資本計畫僅包含少量投資，用以支援已納入財務計畫中的 600 兆瓦資料中心需求；我們預期主要透過市場能源採購來供應。我們也在開發目前尚未納入計畫的投資機會。這將包括發電與輸電建設，作為資源組合的一部分，以服務持續成長的大型負載客戶需求。

Moving to slide 5 for an update on our merger with NorthWestern Energy, we made solid progress alongside NorthWestern in advancing our planned merger. Both companies received favorable shareholder votes on April 2. The Hart-Scott-Rodino Act’s antitrust waiting period expired on April 20, satisfying an antitrust condition to closing. And we made state regulatory progress with settlements with certain key intervenors in all three states, Montana, Nebraska, and South Dakota. We anticipate securing all state regulatory approvals and FERC approval to finalize the merger within the second half of this year.

接著看第 5 頁投影片，更新我們與 NorthWestern Energy 的合併進度：我們與 NorthWestern 一起在推進擬議合併方面取得穩健進展。兩家公司皆於 4 月 2 日獲得股東的有利表決通過。《Hart-Scott-Rodino 法案》的反托拉斯等待期已於 4 月 20 日到期，滿足完成交割的一項反托拉斯條件。我們也在州級監管方面取得進展，並已在蒙大拿州、內布拉斯加州與南達科他州三州，與部分關鍵介入方達成和解。我們預期在今年下半年取得所有州級監管核准以及 FERC 核准，以完成合併。

As I wrap up my prepared remarks, we anticipate continuing to deliver solid results for our stakeholders as we execute on our customer-focused capital plan, continue our regulatory progress through multiple rate reviews, meet the growing demand of our customers, and maintaining positive momentum through our large load pipeline while maintaining protections for our customers, and complete our planned merger with NorthWestern.

在結束我預先準備的發言之際，我們預期將持續為利害關係人交出穩健成果：我們將執行以客戶為核心的資本計畫、透過多項費率審查持續推進監管進展、滿足客戶日益成長的需求，並在維持對客戶的保障措施下，透過大型負載商機管線延續正向動能，同時完成與 NorthWestern 的擬議合併。

With that, I’ll turn the call over to Kimberly for our financial update.

接下來，我把電話會議交給 Kimberly，進行財務更新。

Thank you, Linn, and good morning, everyone. We had a successful first quarter, executing our strategy and delivering results within our expectations, even with the impact of very warm weather. We are on track to achieve our earnings guidance as we maintained our solid investment-grade credit ratings and strong liquidity.

謝謝你，Linn，各位早安。我們第一季表現成功，落實策略並交出符合預期的成果，即使面臨異常溫暖天氣的影響。在維持穩健的投資等級信用評等與充足流動性的同時，我們正按計畫達成獲利指引。

On slide 7, we provide a bridge for Q1 2026 EPS compared to Q1 2025. We delivered GAAP EPS of $1.73, which included $0.05 of merger-related transaction costs. Adjusting for these costs, we reported $1.79 of adjusted EPS compared to $1.87 in Q1 2025. One of our warmest winters in history included record warm temperatures in Wyoming and Colorado weighed on demand by $0.18 per share compared to Q1 2025.

在第 7 頁投影片中，我們提供 2026 年第一季每股盈餘（EPS）相較 2025 年第一季的變動橋接。我們的 GAAP 每股盈餘為 1.73 美元，其中包含 0.05 美元的合併相關交易成本。扣除這些成本後，我們的調整後每股盈餘為 1.79 美元，對比 2025 年第一季的 1.87 美元。歷史上最溫暖的冬季之一，包含懷俄明州與科羅拉多州創紀錄的高溫，使需求相較 2025 年第一季每股減少 0.18 美元。

For the quarter, this reflected $0.13 of unfavorability compared to normal weather, which is our base assumption in setting our earnings guidance range. With this backdrop, I’m proud of our team’s strong execution as we maintain confidence in our ability to deliver on our full-year earnings guidance. We delivered $0.24 per share of new rates and rider recovery margin and $0.10 of lower O&M, excluding merger costs.

就本季而言，這反映出相較於正常天氣的不利影響為每股 0.13 美元；正常天氣是我們在設定獲利指引區間時的基準假設。在此背景下，我為團隊強而有力的執行感到自豪，我們仍對達成全年獲利指引充滿信心。我們帶來每股 0.24 美元的新費率與附加條款（rider）回收毛利，以及每股 0.10 美元的營運與維護費用（O&M）下降（不含合併成本）。

These positive drivers offset $0.16 of higher financing and depreciation costs and a large portion of the impacts of weather and lower retail usage. We delivered favorable O&M for Q1, and excluding $0.05 per share of merger-related costs, we reduced our O&M expenses by $0.10 year over year. This reduction was primarily driven by $0.04 of lower employee costs and other O&M reductions of $0.06 per share. Excluding merger-related costs, we are on track to deliver O&M within the earnings guidance target provided.

這些正面驅動因素抵銷了每股0.16美元較高的融資與折舊成本，以及天候影響與零售用量下降所造成影響的大部分。我們在第一季實現有利的營運與維護（O&M）表現；若排除每股0.05美元的併購相關成本，我們的O&M費用較去年同期降低每股0.10美元。此降幅主要來自每股0.04美元較低的員工成本，以及其他O&M降低每股0.06美元。排除併購相關成本後，我們正按計畫在先前提供的獲利指引目標範圍內達成O&M表現。

Financing costs increased $0.10 per share, including $0.09 per share from the impact of new shares and $0.01 of higher interest expense net of AFUDC. Depreciation expenses increased by $0.06 per share, driven by new assets placed in service, including our $350 million Ready Wyoming transmission project placed in service at the end of 2025. Further details on year over year changes can be found in our earnings release and our 10-Q to be filed with the SEC later today.

融資成本每股增加0.10美元，其中每股0.09美元來自新發行股份的影響，另有每股0.01美元為扣除資本化建設利息（AFUDC）後的淨利息費用增加。折舊費用每股增加0.06美元，主因為新資產投入使用，包括我們於2025年底投入使用、金額3.5億美元的Ready Wyoming輸電專案。關於年對年變動的更多細節，請參閱我們的財報新聞稿以及將於今日稍晚向美國證券交易委員會（SEC）提交的10-Q。

Slide 8 presents our solid financial position through the lens of credit quality, capital structure, and liquidity. We remain focused on maintaining a healthy balance sheet with our stated credit metric targets of 14% to 15% FFO to debt, which is 100 basis points above our downgrade threshold of 13%, and at or better than 55% net debt to total capitalization.

第8頁投影片從信用品質、資本結構與流動性角度呈現我們穩健的財務狀況。我們仍專注於維持健全的資產負債表，並以既定的信用指標目標為準：FFO對負債比率14%至15%（較我們13%的降評門檻高出100個基點），以及淨負債對總資本比率達到或優於55%。

Given stronger forecasted cash flows in 2026, driven by new capital projects placed in service, executing upon our regulatory initiatives, and increasing large load customer growth compared to last year, we expect a significantly lower total equity need of $50 million to $70 million in 2026. During the first quarter, we issued $41 million of equity under our ATM program, positioning us well with minimal equity needs for the remainder of the year.

鑑於2026年預測現金流更強，主要受新資本專案投入使用、推進監管措施，以及相較去年大型負載客戶成長增加所帶動，我們預期2026年的總股權需求將顯著降低至5,000萬至7,000萬美元。第一季期間，我們透過ATM計畫發行4,100萬美元股權，使我們在今年剩餘期間僅需極少的股權資金。

Our next debt maturity is in January 2027, with $400 million of 3.15% notes to be refinanced. We are evaluating refinancing options for later this year. We maintained strong liquidity with approximately $500 million of availability under our revolving credit facility at quarter end.

我們下一筆到期債務為2027年1月，屆時需再融資4億美元、票面利率3.15%的票據。我們正在評估於今年稍晚進行再融資的選項。截至季末，我們在循環信用額度下仍維持強勁流動性，可用額度約5億美元。

Our financial outlook is listed on slide 9. We reaffirmed our guidance range of $4.25 to $4.45 of adjusted EPS, which represents 6% growth at the midpoint over 2025. New rates and rider recovery from capital projects, large load demand growth and other organic customer growth, and our solid financial position drive strong confidence in our ability to deliver in the upper half of our 4% to 6% long-term growth target.

我們的財務展望列於第9頁投影片。我們重申調整後每股盈餘（EPS）指引區間為4.25至4.45美元，以中位數計較2025年成長6%。新費率與資本專案的附加條款回收（rider recovery）、大型負載需求成長及其他自然客戶成長，以及我們穩健的財務狀況，使我們對於能在4%至6%的長期成長目標上半區間達成表現充滿信心。

Our plan includes large load demand contributing more than 10% of growing consolidated EPS beginning in 2028, reaching 600 megawatts by 2030. Also, as Linn outlined, we are pursuing more than 2.5 gigawatts of large load opportunities, which represents significant upside to our current financial plan. To serve these opportunities, each of our customers desires a unique mix of resources with varying ramp schedules.

我們的計畫包含：自2028年起，大型負載需求對合併EPS成長的貢獻將超過10%，並於2030年達到600兆瓦。此外，如Linn所述，我們正追求超過2.5吉瓦的大型負載機會，這對我們目前的財務計畫而言代表顯著上行空間。為服務這些機會，我們每位客戶都希望有獨特的資源組合，且其爬坡（ramp）時程各不相同。

From a financial perspective, this complexity requires multiple negotiated agreements with earnings profiles designed to match the risks and considerations for each resource type under our large power contract service tariffs in Wyoming.

從財務角度來看，這種複雜性需要多份協商式協議，其獲利結構（earnings profiles）需依據我們在懷俄明州大型電力合約服務費率（tariffs）下，各類資源型態所面臨的風險與考量來設計匹配。

Slide 10 illustrates our industry-leading dividend track record. In January, we increased our dividend, extending our track record of increases to 56 consecutive years in 2026, based on our current annualized dividend. 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.

第10頁投影片展示我們業界領先的股利紀錄。今年1月，我們提高股利；以目前年化股利計算，將使我們在2026年達成連續56年提高股利的紀錄。我們仍以55%至65%的配息率為目標。穩健且持續成長的股利，是我們為股東創造長期價值策略的重要組成。

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

接下來我將把電話會議交給Marne，進行業務更新。

Thank you, Kimberly, and good morning, everyone. I will provide an update on our current capital projects, discuss progress on our large load demand pipeline, and finish with a regulatory update.

謝謝你，Kimberly，各位早安。我將更新我們目前的資本專案，說明大型負載需求管線的進展，並以監管更新作結。

Moving to slide 12, our 99-megawatt Lange II generation construction project, which will serve our customers in western South Dakota and northeastern Wyoming, continues on schedule and will be placed in service in the fourth quarter. The utility-owned natural gas-fired generation resource replaces aging generation facilities with modern Wärtsilä engines and supports updated reserve margin requirements. Recovery of this investment will be requested through the South Dakota Generation Rider, which we intend to file during the second quarter, and our Wyoming rate review request filed earlier this year.

請看第12頁投影片，我們99兆瓦的Lange II發電建設專案將服務南達科他州西部與懷俄明州東北部的客戶，進度持續如期，並將於第四季投入使用。此一公用事業自有的天然氣發電資源以現代化的Wärtsilä引擎汰換老舊發電設施，並支援更新後的備轉容量要求。我們將透過南達科他州發電附加條款（South Dakota Generation Rider）申請回收此投資，預計於第二季提出申請，並透過我們今年稍早已提出的懷俄明州費率審查申請一併處理。

Slide 13 outlines our Colorado Clean Energy Plan. During the first quarter, construction continued on our utility-owned 50-megawatt battery storage project in Colorado to be completed and in service in late 2027. During the first quarter, we also signed a 200-megawatt PPA for solar resources to serve Colorado customers as previously approved by the Colorado PUC. Together, these resources support our progress toward the state’s Clean Energy Plan with an emissions reduction goal of 80% by 2030.

第13頁投影片概述我們的科羅拉多潔淨能源計畫。第一季期間，我們在科羅拉多的公用事業自有50兆瓦電池儲能專案持續施工，預計於2027年末完工並投入使用。第一季期間，我們也簽署了一份200兆瓦的太陽能資源購電協議（PPA），以服務科羅拉多客戶，並已如先前所述獲科羅拉多公用事業委員會（PUC）核准。上述資源共同支持我們朝向該州潔淨能源計畫邁進，其目標為2030年前減排80%。

Slide 14 outlines our flexible service model for large load customers and our data center demand pipeline of more than 3 gigawatts. Our unique tariff offers flexibility in how we serve large load customers, enables speed to market, and provides customer protections while benefiting our Wyoming customers. Our data center demand in the financial plan of 600 megawatts by 2030 is primarily driven by Microsoft and Meta’s growth.

第14頁投影片說明我們針對大型負載客戶的彈性服務模式，以及超過3吉瓦的資料中心需求管線。我們獨特的費率設計在服務大型負載客戶的方式上提供彈性，加速上市時程（speed to market），並提供客戶保障，同時讓懷俄明州客戶受益。我們財務計畫中2030年達到600兆瓦的資料中心需求，主要由Microsoft與Meta的成長所帶動。

We have successfully served growing demand from Microsoft hyperscale data centers for more than a decade through market energy procurement. Meta’s new AI data center in Cheyenne is progressing, and we expect them to begin ramping later this year. We are prepared to serve these customers primarily through market energy and contracted resources, requiring minimal capital investment. That said, we expect demand at or above 600 megawatts to drive the need for investments in generation and transmission infrastructure.

我們透過市場能源採購，已成功服務Microsoft超大規模（hyperscale）資料中心的需求成長逾十年。Meta在夏延（Cheyenne）的新AI資料中心正持續推進，我們預期其將於今年稍晚開始逐步拉升用電。我們已準備好主要透過市場能源與簽約資源來服務這些客戶，所需資本投資極少。不過，我們預期當需求達到或高於600兆瓦時，將帶動對發電與輸電基礎設施投資的需求。

We continue to make positive progress on additional opportunities and are advancing our negotiations with high-quality partners to serve more than 2.5 gigawatts of large load requests. Specific to a 1.8-gigawatt project in our pipeline, we are working through several agreements with counterparties that would ultimately support resources to serve this demand. We continue to focus on the reliability and resiliency of the overall system and customer protections as we design a portfolio of resources to meet the needs of our prospective large load customer.

我們在其他機會上持續取得正面進展，並正與高品質合作夥伴推進協商，以服務超過2.5吉瓦的大型負載需求請求。就我們管線中的一項1.8吉瓦專案而言，我們正與交易對手方推進數項協議，最終將支援用以滿足該需求的資源。在為潛在大型負載客戶設計資源組合以滿足其需求的同時，我們仍聚焦於整體系統的可靠性與韌性，以及客戶保障。

As Linn mentioned, and I’m pleased to expand on, we have executed a short-term generation reservation agreement with this prospective customer for company-owned generation. The agreement provides for customer-funded milestone payments to support the long lead-time generation equipment as part of the broader resource mix needed to serve the 1.8-gigawatt project. To date, the customer has provided $201 million in refundable contributions in aid of construction to secure this generation equipment through the term of the agreement.

如Linn所提到的，我也很高興進一步說明：我們已與該潛在客戶就公司自有發電資源簽署一份短期發電容量保留協議。該協議規定由客戶提供里程碑款項，以支援長交期的發電設備，作為服務該1.8吉瓦專案所需更廣泛資源組合的一部分。截至目前，客戶已提供2.01億美元可退還的建設補助款（contributions in aid of construction），以在協議期間內確保該發電設備。

In parallel, we continue to advance negotiations toward a long-term definitive agreement under which company-owned generation would be a component of the portfolio of resources serving the project, with the intent that this reservation agreement transitions the parties into a long-term definitive generation facilities agreement. As you would expect, a project of this size and complexity involves multiple parties and interrelated contractual components. We are carefully structuring these agreements to protect customers while appropriately managing operational and financial risk.

同時，我們也持續推進協商，朝向一份長期最終協議邁進；在該協議下，公司自有發電將成為服務該專案之資源組合的一部分，並期望此保留協議能促使雙方轉入長期最終的發電設施協議。如各位所預期，這種規模與複雜度的專案涉及多方參與者與相互關聯的合約組成。我們正審慎地架構這些協議，以在適當管理營運與財務風險的同時，保障客戶權益。

Consistent with our normal practice, we will provide additional detail as definitive agreements are finalized. Now shifting to a regulatory update on slide 15, we continue to effectively execute on our regulatory plan, with a cadence of three to four rate reviews per year across our 8-state service territory. Our rate review filed last December for Arkansas Gas continues to progress, with new rates requested in the second half of this year.

依照我們一貫的作法，待具約束力的協議定案後，我們將提供更進一步的細節。接著切換到第15頁的法規更新，我們持續有效執行法規計畫，在我們涵蓋8州的服務區域內，每年維持三到四次的費率審查節奏。我們於去年12月為阿肯色天然氣（Arkansas Gas）提出的費率審查申請持續推進中，並於今年下半年提出新費率的申請。

During the first quarter, we filed new rate review requests for South Dakota Electric. We are seeking recovery of our customer-focused investments and increased cost to serve customers in western South Dakota and northeastern Wyoming after holding our base rates stable for more than a decade. In South Dakota, we requested $50.6 million of new annual revenue based on a 10.5% ROE and a capital structure of 47% debt and 53% equity. The request seeks interim rates within 180 days of filing.

在第一季期間，我們為南達科他電力（South Dakota Electric）提出新的費率審查申請。在基礎費率維持穩定逾十年後，我們正尋求回收以客戶為核心的投資，以及在南達科他州西部與懷俄明州東北部服務客戶所增加的成本。在南達科他州，我們以10.5%的股東權益報酬率（ROE）以及47%負債、53%權益的資本結構為基礎，申請新增每年5,060萬美元的營收。該申請要求在提出申請後180天內核准臨時費率。

In Wyoming, we requested $5.1 million of annual revenue based on a similar ROE and capital structure as was filed in South Dakota. We also filed an abbreviated rate review in Kansas, as allowed by the Commission’s prior order. The request seeks recovery of capital invested through 2025 at the previously agreed-upon weighted average cost of capital, with rates requested early in the third quarter.

在懷俄明州，我們以與南達科他州申報相近的ROE與資本結構為基礎，申請每年510萬美元的營收。我們也依據委員會先前命令所允許的方式，在堪薩斯州提出簡化版的費率審查申請。該申請尋求以先前同意的加權平均資本成本，回收截至2025年的資本投資，並預計在第三季初提出費率申請。

Lastly, in South Dakota, wildfire liability legislation was enacted in March to be effective July 1, 2026. Utilities in compliance with their wildfire plan filed with and published by the Commission will receive significant liability protections similar to legislation in Wyoming and Montana. In Wyoming, we are awaiting approval of our mitigation plan, which is expected in the second quarter. We also continue to support the development of similar legislation in Colorado.

最後，在南達科他州，野火責任相關立法已於3月通過，並將於2026年7月1日生效。公用事業若遵循其向委員會提交並由委員會公布的野火計畫，將可獲得重大責任保護，類似於懷俄明州與蒙大拿州的立法。在懷俄明州，我們正等待減緩計畫的核准，預期於第二季獲准。我們也持續支持科羅拉多州推動類似立法的發展。

In summary, our team is focused on executing with excellence on our customer-focused strategy. From day-to-day maintenance and outage response to delaying a new line to serve a neighborhood or business, we are ready to serve. We are strategically managing and expanding our infrastructure to serve the needs of our customers and actively working with new large load customers to make their plans a reality as their energy partner of choice.

總結而言，我們的團隊專注於以卓越執行力推動以客戶為核心的策略。從日常維護與停電應變，到為服務某個社區或企業而延後新線路建置，我們都已準備就緒提供服務。我們正以策略性方式管理並擴充基礎設施，以滿足客戶需求，並積極與新的大型負載客戶合作，作為其首選能源夥伴，協助其計畫落地實現。

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

接下來，我把電話交回給Linn。

Thank you, Marne. To summarize what we’ve talked about today, we continue to make meaningful progress in our regulatory plan, our growth initiatives, and our strategic goals. Black Hills offers a compelling long-term value proposition driven by our customer-focused growth, competitive yield, and significant upside opportunities. Additionally, our planned merger with NorthWestern Energy will provide us with the advantages of increased scale and new opportunities as a larger and premier regional electric and natural gas utility company. Thank you for your interest and your trust in the Black Hills team as we partner to grow long-term value for our customers and stakeholders.

謝謝你，Marne。總結今天的討論，我們在法規計畫、成長計畫以及策略目標上，持續取得具體進展。Black Hills提供具吸引力的長期價值主張，動能來自以客戶為核心的成長、具競爭力的殖利率，以及顯著的上行機會。此外，我們規劃與NorthWestern Energy的合併，將使我們因規模擴大而受益，並以更大型、領先的區域電力與天然氣公用事業公司身分，開創新的機會。感謝各位對Black Hills團隊的關注與信任，讓我們攜手為客戶與利害關係人創造長期價值成長。

This concludes our prepared remarks, and we’re happy to take your questions.

以上為我們的預先準備發言，接下來很樂意回答各位的問題。

(Operator Instructions) Andrew Weisel, Scotiabank.

(接線員指示) Scotiabank的Andrew Weisel。

Hey, good morning, everyone. Congrats. A lot of exciting updates here. My first question is regarding the agreement to reserve generation equipment for the data center customer. Forgive me, Marne, you ran through some details pretty quickly. I apologize if I missed them. I want to make sure I got it all here.

各位早安。恭喜。這裡有很多令人振奮的更新。我的第一個問題是關於為資料中心客戶保留發電設備的協議。不好意思，Marne，你剛剛很快帶過一些細節。如果我漏聽了也請見諒。我想確認我這邊理解是否完整。

Did you say it was around $200 million of short-term deals for company-owned generation, so this would be utility-owned resources falling into rate base and earning the typical 9.8% ROE? Did I get that right?

你是說大約2億美元的短期交易，用於公司自有發電設備，所以這會是由公用事業持有的資源、納入費率基礎（rate base），並賺取一般的9.8% ROE嗎？我理解得對嗎？

So, good morning, Andrew. Yeah, this is Marne, and I appreciate your question. And if I ran through a little fast, let’s walk through a little bit of those details. So, yes, it is a short-term agreement really meant to provide some financing or financing bridge as we think about serving long-term generation needs. Ultimately, we intend to put this into a company-owned generation facility that would have a longer-term agreement with that.

Andrew，早安。對，我是Marne，謝謝你的提問。如果我剛剛講得有點快，我們再把細節走一遍。所以，是的，這是一項短期協議，主要是為了在我們思考如何滿足長期發電需求時，提供一些融資或融資過渡安排。最終，我們打算把它納入公司自有的發電設施，並就該設施簽訂較長期的協議。

When we talk about company-owned generation and a generation facilities agreement, maybe a little bit of a difference of how you described it. It would be specific to this ultimately end-use customer. And so we think about the rate base of that and the return of that based on that customer and the unique needs for that specific customer as we talk about risk-adjusted returns. This would not be part of the overall rate base for retail customers in Wyoming.

當我們談到公司自有發電以及發電設施協議時，可能與你剛剛的描述略有不同。它會是針對這個最終用電客戶的特定安排。因此，我們會以該客戶及其特定需求為基礎，來考量其費率基礎與回報，並討論風險調整後的報酬。這不會納入懷俄明州零售客戶的整體費率基礎。

Okay, so this would still be that negotiated, risk-adjusted, not a standard formulaic. This would still be negotiated then.

了解，所以這仍然是協商的、風險調整後的，而不是標準公式化的。也就是說，這仍會透過協商來決定。

Yes, it would be a negotiated rate, but I would think about it more in the terms of a typical rate base. This would not be the same as our microgrid management fee.

是的，會是協商費率，但我會更把它視為典型費率基礎的概念來理解。這與我們的微電網管理費並不相同。

Okay, that’s helpful. And just so I understand, the short term is about the financing. The equipment would be utility owned for the life of the asset. Is that what you’re saying?

好的，這很有幫助。那我再確認一下，短期是指融資方面。設備在資產壽命期間都會由公用事業持有。你是這個意思嗎？

That is correct. And just as a reminder, as we think about contracting these types of assets and we talk about customer protections. Through these negotiations, one thing we focus on is ensuring that we don’t have stranded assets at the end of this, the end of contracts, et cetera. So this is not something that would ultimately be on the customers of Wyoming. This is all contracted through that long-term contract that we’re negotiating.

沒錯。也提醒一下，當我們思考這類資產的合約安排並談到客戶保護時，在這些協商中，我們聚焦的一點是確保在合約結束等情況下，不會出現擱淺資產（stranded assets）。因此，這最終不會轉嫁到懷俄明州的客戶身上。這些都會透過我們正在協商的長期合約來承作。

And the $201 million that we received in refundable CAIC, that’s another way of protecting customers. It helps us protect our balance sheet in the interim while we are working with these customers to serve their large load.

而我們收到的2.01億美元可退還CAIC（可退還的建設預收款），也是保護客戶的另一種方式。在我們與這些客戶合作、以服務其大型負載的過渡期間，這有助於保護我們的資產負債表。

Great, very helpful. So that $201 million, that’s more about the financing. Are you able to give an indication of the size of the asset or assets in terms of megawatts. I mean, this isn’t a full 1.8 gigawatts, is it?

很好，非常有幫助。所以那2.01億美元主要是融資方面。你們能否透露該資產或資產的規模，例如以兆瓦（MW）計？我的意思是，這不會是完整的1.8吉瓦（GW）吧？

No, it is not. And we’re not yet ready to announce what kind of megawatts we would serve. We’re still arguably working with the customer on that. We have a direction with them, but there are a few balls in the air. So as soon as we can let you know that, we will. But to date, we’re still negotiating that with our counterparty.

不，不是。而且我們目前還沒準備好公布會提供多少兆瓦的服務。我們仍在與客戶就此進行協商。我們與對方已有一個方向，但仍有幾個變數在進行中。一旦可以對外說明，我們就會告訴你。但截至目前，我們仍在與交易對手協商中。

Okay. Can you say big, medium, or small?

了解。你能說是大、中、還是小嗎？

Yes. Nice try, Andrew.

可以。Andrew，你想得美。

I had to try. Okay, one last one before I pass it over. In terms of the merger, congrats on the three settlements you got there. Does that accelerate the timeline for closing? I know you’re still pointing to the second half, but can you get a little more specific, and do these help speed things up? And then subsequent to closing, do you and your friends at NorthWestern plan on hosting some sort of Investor Day or something like that to present the outlook for the combined company later this year.

我得試試看。好，在我把問題交出去之前，最後一個。就這次合併而言，恭喜你們拿到三項和解。這是否會加快完成交割的時程？我知道你們仍指向下半年，但能否再具體一點？這些和解是否有助於加速進度？另外，在交割之後，你和你在 NorthWestern 的夥伴是否計畫在今年稍晚舉辦某種投資人日之類的活動，來說明合併後公司的展望。

Well, I would say it this way, Andrew. Settlements are always helpful, but we do have a hearing next week in Montana. We’ll see how that goes. We’ve had our hearing on the settlement, a full settlement in Nebraska, and we have hearings scheduled next month in South Dakota.

Andrew，我會這樣說。和解一向都有幫助，但我們下週在蒙大拿州還有一場聽證會。我們看看進展如何。我們已就和解在內布拉斯加州進行過聽證，且是全面和解；另外我們也排定下個月在南達科他州的聽證。

So will it speed it up. No, but it certainly didn’t slow it down. And I think it gives some nice, solid foundation which the regulators can use as they consider this merger and ultimately approve it, we hope. With respect to a combined investor day, I’m the exiting CEO, so I’ll be cautious there to commit someone else, but it may be a good idea. We shall see.

所以會加快嗎？不會，但它當然也沒有拖慢。而且我認為，這提供了一個很好的、穩固的基礎，監管機關在審視這項合併並最終（我們希望）核准時可以加以運用。至於合併後的投資人日，我是即將卸任的執行長，所以我會謹慎一些，不便替別人做承諾，但這或許是個好主意。我們再看看。

Fair enough.

合理。

Chris Ellinghaus, Siebert Williams Shank.

Chris Ellinghaus，Siebert Williams Shank。

Hey, good morning, everybody. So Kimberly, this is a monumental weather impact, but you didn’t adjust guidance at all. Can you give us any color on what you’re thinking about for offsets?

各位早安。Kimberly，這次天氣的影響非常重大，但你們完全沒有調整財測指引。能否談談你們對於抵銷因素的考量？

Yeah, maybe just to level set, looking back in any given year, we’ve had some pretty impactful favorable and unfavorable weather swings. Specifically in Black Hills’ history, we’ve had more significant unfavorable impacts. When I look back, it was around Q4 2021. So my point to all of that is that we’re used to experiencing these types of impacts, and as you noted, we are reaffirming guidance, and we’ll continue to manage the business to ensure that we’re focused on mitigating risks while achieving our financial objectives. So just like any other utility, we’ll be focusing on ensuring we’re optimizing our O&M and the timing of our capital investments. That will be our strategy.

好的，也許先校準一下背景：回顧任何一年，我們都曾出現一些影響相當大的有利與不利天氣波動。就 Black Hills 的歷史而言，我們遭遇較顯著的不利影響其實更多。我回想起來，大概是在 2021 年第四季左右。我提這些是想說，我們已經習慣面對這類影響；如你所說，我們正在重申指引，並會持續管理業務，確保在達成財務目標的同時，聚焦於降低風險。因此就像其他公用事業一樣，我們會著重於最佳化營運與維護（O&M）以及資本投資時點的安排。這會是我們的策略。

Well, that’s a good answer. This is Linn. I would suggest that during the fourth quarter of last year, we had pretty mild weather. You might remember that, Chris. And so as a team, across the whole organization, we kind of continued to lean into the challenge of warm weather into the first quarter, which helped us as well. And this is a chance for me to say thank you to our team. They’ve really done a wonderful job of ensuring that we hit our targets.

這回答得很好。我是 Linn。我想補充的是，去年第四季天氣相當溫和。Chris，你可能還記得。因此作為一個團隊、跨整個組織，我們在第一季也持續迎向暖冬帶來的挑戰，這也對我們有所幫助。我也藉這個機會向我們的團隊致謝。他們確實做得非常出色，確保我們達成目標。

So along those lines, you have had some pretty unfavorable weather, particularly in the first and fourth quarters. Do you see a longer-term pattern of filling in the bowl that you guys have for an earnings shape, where you see more loads headed into the middle of the year and maybe out of the first and fourth quarters. Is that something that you’re contemplating as a reality today?

沿著這個方向，你們確實遇到一些相當不利的天氣，特別是在第一季與第四季。你是否看到一個較長期的趨勢：把你們獲利曲線的「碗狀」填平，也就是負載更多往年中移動，並且可能從第一季與第四季移出一些？這是你們目前正在思考、並視為現實的一件事嗎？

Chris, based on the fact that we have a balanced mix of electric and gas resources, Q1 and Q4 have always been our most impactful, but this isn’t unique. One of the things that we have done over the past few years is really do look backs on weather impacts and how we think about assessing those in the financials. I don’t know that we’re doing anything different. We’re very cognizant of it, we’re paying attention to it, and we’re ensuring that we’re incorporating those types of impacts into our future strategies.

Chris，基於我們電力與天然氣資源的組合相對均衡，第一季與第四季一直都是影響最大的季度，但這並不特別。過去幾年我們做的一件事，是回頭檢視天氣影響，以及我們如何在財務上評估這些影響。我不確定我們是否正在做任何不同的事情。我們非常清楚這點、也持續關注，並確保把這類影響納入我們未來的策略之中。

I’d say we’re also working closely with our regulators for weather normalization. As you might recall, Chris, we have a pilot we’re doing in Nebraska this year that was helpful this quarter and the fourth quarter of last year. I’d also say it could be a benefit of the large load customers. They’re high power factor customers, and to the extent that would be another benefit to our other customers to kind of smooth out our earnings through the year, that’s something we’re working on too.

我也想說，我們正與監管機關密切合作，推動天氣常態化（weather normalization）。Chris，你可能記得，我們今年在內布拉斯加州進行一個試點計畫，這在本季以及去年第四季都很有幫助。我也認為，大型負載客戶可能帶來好處。他們是高功率因數客戶；若這也能為其他客戶帶來額外效益，讓我們的全年獲利更平滑，我們也正在朝這方向努力。

Linn, you’re the expert on data centers in Wyoming, so maybe you can shoo me off this question too. But there’s been a lot of difficulties with that data center. Can you give us some color on what’s happening locally? I know there have been some political efforts to try to move that along, but can you give us some sense of what some of the holdups are locally?

Linn，你是懷俄明州資料中心方面的專家，所以你也許可以把我這個問題打發掉。但那個資料中心遇到不少困難。你能否說明一下當地正在發生什麼？我知道有一些政治上的努力想推動進展，但你能否讓我們了解一下當地有哪些卡關點？

Chris, I just might challenge your fact pattern, I suppose. Yes, there are some, a few customers if you were local entities that might be a little bit -- or asking that the commissions take caution about data centers, in other words, are they doing it right.

Chris，我想我可能要挑戰一下你所描述的事實脈絡。是的，如果你指的是一些在地的客戶或在地實體，確實有少數會希望——或要求——主管機關對資料中心採取更審慎的態度，換句話說，他們在問：這樣做是否正確。

But on the other hand, we’re also seeing initiatives by local folks to actually accelerate permitting, if you will, so it's kind of balance going on there. For us and the data centers we’re working on, frankly, we’re not seeing any slowdown due to decisions or permits. All of ours are currently right on track, and CPCNs are being granted, local permits are being granted, and we think we’re in nice shape with the customers we’re currently dealing with.

但另一方面，我們也看到在地人士提出一些倡議，實際上是要加速許可流程（如果你願意這麼說），所以這之間存在某種平衡。就我們以及我們正在推進的資料中心而言，坦白說，我們沒有看到因決策或許可而放緩。我們的案子目前都按計畫進行，CPCN 也在核發中、地方許可也在核發中；我們認為，就目前合作的客戶而言，我們的狀況相當不錯。

Okay, along the same lines, have you got a sense at all of when you might file a CPCN for generation.

好，沿著同樣的脈絡，你們是否大致掌握可能何時會就發電提出 CPCN 申請？

I’m going to let Marne address that issue.

我讓 Marne 來回答這個問題。

Yeah, Chris. As I mentioned, we’ve got the short-term reservation agreement, which we would ultimately like to see transition into a long-term definitive agreement for generation. Once those agreements are in place, and it’s not just generation but really all the agreements that are needed, that’s when we would expect to see a CPCN for generation.

好的，Chris。如我提到的，我們有短期的預留協議（reservation agreement），我們最終希望能轉換為發電的長期最終協議。當這些協議到位後——而且不只是發電，還包括真正所需的所有協議——那時我們就預期會提出發電的 CPCN。

Okay. And I’m not trying to figure out what the size is, but can you talk about what type of generation you guys are pursuing?

好。我不是想探究規模大小，但你能談談你們正在尋求的是哪一類型的發電嗎？

Yeah, so we’re looking at, obviously, the reservation is for those long lead-time equipment items. We’re looking at gas engines, transformers. Dispatchable generation will be really important.

可以。我們在看的，顯然這個預留是針對那些交期很長的設備項目。我們在看燃氣引擎、變壓器。可調度的發電將會非常重要。

Okay, and one last thing in Montana and South Dakota, have you got a sense of what to expect for the duration of those two hearings.

好，最後一個問題：在蒙大拿州與南達科他州，你們是否大致知道那兩場聽證會預計會持續多久？

Yes, I can. We are scheduled next week in Montana for a Tuesday through Friday hearing. The South Dakota hearing, I would have to check, but I think it’s scheduled for two or three days as well in June.

是的，我可以回答。我們下週在蒙大拿州排定的聽證會是週二到週五。南達科他州的聽證會我得再確認一下，但我認為也排定在六月、為期兩到三天。

That’s correct.

沒錯。

Okay, I don’t recall Montana ever accomplishing anything in four days, so that would be some kind of record.

好的，我不記得蒙大拿州曾在四天內完成過任何事情，所以那會是某種紀錄。

Well, as was mentioned earlier, we have reached a lot of settlements. We don’t have a full settlement in Montana, but we have reached many settlements, and that really bodes for a more efficient process.

嗯，如先前提到的，我們已達成許多和解協議。我們在蒙大拿州尚未達成全面和解，但我們已達成許多和解，這確實預示著流程將更有效率。

You’re a great optimist, Marne.

你真是個大樂觀主義者，Marne。

Yes, we are.

是的，我們是。

Okay. Thank you for the color. Appreciate it.

好的。謝謝你提供的補充說明。感謝。

(Operator Instructions) Paul Fremont, Ladenburg Thalmann.

(接線員指示) Paul Fremont，Ladenburg Thalmann。

Thanks. I guess my first question really has to do with the short-term reservation agreement, I guess is for $200 million. If the project were to move forward, is that sort of the aggregate amount that you would contemplate spending, or if not, how large an investment would you contemplate.

謝謝。我想我的第一個問題主要是關於短期預留協議，我想金額是2億美元。如果專案要推進，這是否就是你們會考慮支出的總額？如果不是，你們會考慮多大規模的投資？

Hey, Paul, good morning. I’ll start and then my team members can fill in. So this is really, as noted, a reservation agreement. So these are milestone payments associated to procuring the actual investments that Marne mentioned. This is really what we think about as a bridge agreement to ensure that we maintain balance sheet strength through this period until we get to definitive agreements and we’re able to start constructing.

嗨，Paul，早安。我先開始，之後我的團隊成員可以補充。如同所說，這其實是一份預留協議。因此，這些是與採購Marne提到的實際投資相關的里程碑付款。我們把這視為一份過渡性協議，以確保在此期間、直到我們達成最終協議並能開始施工之前，仍能維持資產負債表的強健。

So we’re really not talking about the size yet because we’re still in negotiations, but obviously, we will be contemplating the right financing strategy overall. We really haven’t given the magnitude of the project beyond 1.8 gigawatts and the fact that it will be served with a variety of mix of resources. That’s really where we’re at in our process.

所以我們目前其實還沒在談規模，因為仍在協商中；但顯然，我們會整體考量合適的融資策略。除了1.8吉瓦的規模，以及將由多元資源組合來供應之外，我們確實還沒有提供更多關於專案量級的資訊。這就是我們目前流程所處的位置。

So should we think of the $200 million as extending through some period in time? In other words, would this be the next three or four years of spend or the next two years of spend?

那麼，我們是否應把這2億美元視為涵蓋某段期間？換句話說，這會是未來三到四年的支出，還是未來兩年的支出？

Well, the reservation payments are the payments that we are actually making to these suppliers, and we are being reimbursed by the customer that we are negotiating with as part of that agreement, Paul. So that’s where this $201 million comes from. That’s what we are paying to hold these resources in place so that we can put them in service for a customer in the short term through June 30.

嗯，這些預留付款是我們實際支付給這些供應商的款項，而我們會由正在協商的客戶依該協議條款予以償付，Paul。所以這2.01億美元就是這樣來的。這是我們為了把這些資源先保留住所支付的費用，以便在短期內、到6月30日之前，能為客戶投入服務。

And I encourage our shareholders and analysts, or our stakeholders, to think about June 30. While it is a deadline that we’re working toward as an organization, if we don’t announce something by June 30, please don’t assume that that means we’re not going to have an agreement with this customer. That’s a milestone that we’re working to achieve.

我也鼓勵我們的股東與分析師，或我們的利害關係人，把6月30日放在心上。雖然這是我們作為一個組織正在努力達成的期限，但如果我們在6月30日前沒有宣布任何消息，請不要因此就認為我們不會與這位客戶達成協議。這是我們努力要達成的一個里程碑。

And I guess according to the AEP conference call, it sounded like if there’s nothing in place by June 30, there’s another six-month extension in terms of taking the Bloom equipment. So should we assume that December 31 is an absolute date by which the parties need to reach an agreement?

而且我想根據AEP的電話會議，聽起來如果到6月30日仍未就緒，在接收Bloom設備方面還有另一個為期六個月的延長。那麼，我們是否應假設12月31日是各方必須達成協議的絕對日期？

I don’t know that it would be an absolute date. We’re certainly working toward getting our contracts in place by then, but I wouldn’t see it as an absolute date. To date, the parties are working very well together and extending things by mutual agreement. These are complex agreements with lots of parties, and we want to get it right, especially us at Black Hills Energy.

我不確定那會是一個絕對日期。我們當然正朝著在那之前把合約就位的方向努力，但我不會把它視為絕對日期。截至目前，各方合作得非常好，並且在相互同意下延長相關事項。這些是涉及多方、相當複雜的協議，我們希望把它做對，尤其是我們Black Hills Energy。

We have to get it right on behalf of all of our customer base to ensure we have the best deal we can to serve these customers as appropriately as possible. I don’t think we have hard, fast dates, although the time value of money means we need to work efficiently, and we are.

我們必須代表所有客戶群把它做對，確保我們能拿到最好的條件，以盡可能適切地服務這些客戶。我不認為我們有硬性、固定的日期；不過，金錢的時間價值意味著我們必須有效率地推進，而我們確實正在這麼做。

And then is any of the CapEx related to this project significantly additive to the current compound annual growth rate. Also, if you need to build more resources for this, who should we assume will provide the funding, and is incremental CapEx going to be 50% equity funded.

另外，與此專案相關的資本支出（CapEx）是否會對目前的複合年成長率有顯著的增量貢獻？此外，如果你們需要為此建置更多資源，我們應假設由誰提供資金？而新增的CapEx是否會以50%股權資金來支應？

Paul, I’ll kick this off and then I’ll turn it over to Kimberly as well. When we talk about CapEx, we have 600 megawatts of load in our current 5-year plan that ties back into our CapEx, the $4.7 billion. Anything above that, which this project would be above and beyond, is part of the pipeline not included in our current plan and would be additive to our overall capital investment opportunity.

Paul，我先開頭，然後也會交給Kimberly補充。談到CapEx時，我們在目前的五年計畫中有600兆瓦的負載，這與我們的CapEx（47億美元）相互連結。任何超出該範圍的部分——而這個專案會超出且高於該範圍——都屬於未納入目前計畫的案源管線，並將增加我們整體的資本投資機會。

If we needed to build more resources, whether generation or transmission, both would be additive to what we currently have in the plan. I’ll turn it over to Kim to talk about the financing side of it.

如果我們需要建置更多資源，不論是發電或輸電，兩者都會在我們目前計畫的基礎上增加。我把時間交給Kim談談融資面。

Yeah, Paul. Regarding how we think about financing, it’s under the overarching perspective that we want to maintain credit quality. We’ve set our credit quality targets of 14% to 15% FFO to debt, maintaining our debt to total capitalization at 55% or below. That’s the guiding principle.

好的，Paul。關於我們如何看待融資，我們的總體觀點是要維持信用品質。我們設定的信用品質目標是FFO對債務比率14%到15%，並將債務占總資本比率維持在55%或以下。這是指導原則。

To your point, we would think about this as a utility-like investment with a utility-like capital structure in the range that you’re noting. That’s how we’re thinking about it.

就你提到的點，我們會把這視為類公用事業的投資，並採用類公用事業的資本結構，落在你所指出的區間。這就是我們的思考方式。

Great. I think that’s it in terms of questions.

很好。我想問題就到這裡。

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

謝謝。我現在想把電話交回給Linn Evans，請他做任何結語。

Well, thank you very much for participating in our call today and for your interest in Black Hills. We have a compelling long-term value proposition, and I hope you’re starting to see that develop through our comments today and the responses to our questions. Once again, I want to thank our team. Thanks for leaning in so hard, doing it safely, and doing so well to serve our customers as well as you could do. I’m grateful for that. We're grateful for that. So I encourage you to have a Black Hills Energy Safe Day. Thanks for joining our call.

好的，非常感謝各位今天參與我們的電話會議，也感謝各位對Black Hills的關注。我們有一個很有吸引力的長期價值主張，我希望各位已開始從我們今天的評論以及對提問的回應中看到其逐步展現。再次，我要感謝我們的團隊。謝謝大家如此投入、在安全的前提下努力工作，並且把工作做得很好，盡你們所能服務我們的客戶。我對此心懷感激。我們都很感激。因此，我鼓勵各位度過一個Black Hills Energy安全日。感謝加入我們的電話會議。

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

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。