CMS能源 (CMS) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the CMS Energy 2024 second quarter results.

大家早安，歡迎閱讀 CMS Energy 2024 年第二季業績。

The earnings news release issued earlier today, and the presentation used in this webcast are available on CMS Energy's website in the Investor Relations section.

今天稍早發布的收益新聞稿以及本次網路廣播中使用的簡報可在 CMS Energy 網站的投資者關係部分取得。

This call is being recorded.

此通話正在錄音。

(Operator Instructions) Just a reminder, there will be a rebroadcast of this conference call today beginning at 12:00 PM Eastern Time running through August 1.

（操作員說明）謹此提醒，本次電話會議將於今天東部時間中午 12:00 重播，一直持續到 8 月 1 日。

This presentation is also being webcast and is available on CMS Energy's website in the Investor Relations section.

該簡報也進行了網路直播，並可在 CMS Energy 網站的投資者關係部分查看。

At this time, I would like to turn the call over to Mr. Jason Show, Treasurer and Vice President of Investor Relations.

現在，我想將電話轉給財務主管兼投資者關係副總裁 Jason Show 先生。

Thank you, Harry.

謝謝你，哈利。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

With me are Garrick Rochow, President and Chief Executive Officer; and Rejji Hayes, Executive Vice President and Chief Financial Officer.

與我在一起的有總裁兼執行長 Garrick Rochow；以及執行副總裁兼財務長 Rejji Hayes。

This presentation contains forward-looking statements, which are subject to risks and uncertainties.

本簡報包含前瞻性陳述，這些陳述存在風險和不確定性。

Please refer to our SEC filings for more information regarding the risks and other factors that could cause our actual results to differ materially.

請參閱我們向 SEC 提交的文件，以了解有關可能導致我們的實際結果出現重大差異的風險和其他因素的更多資​​訊。

This presentation also includes non-GAAP measures.

本簡報也包括非公認會計原則措施。

Reconciliations of these measures to the most directly comparable GAAP measures are included in the appendix and posted on our website.

這些衡量標準與最直接可比較的公認會計原則衡量標準的對帳包含在附錄中並發佈在我們的網站上。

And now I'll turn the call over to Garrick.

現在我將把電話轉給加里克。

Thank you, Jason, and thank you, everyone, for joining us today.

謝謝傑森，也謝謝大家今天加入我們。

Our proven investment thesis, which delivers 6% to 8% adjusted earnings growth and affordable bills for our customers has been durable for more than two decades because we focus on what matters.

我們經過驗證的投資理論為我們的客戶帶來 6% 至 8% 的調整後收益增長和負擔得起的賬單，二十多年來一直經久不衰，因為我們專注於重要的事情。

Today, I'm going to highlight two key areas of our thesis.

今天，我將重點介紹我們論文的兩個關鍵領域。

First, Michigan's strong regulatory environment, build on a solid constructive framework, much of which is codified in Michigan law, 10 month forward-looking rate cases, important financial and fuel recovery mechanisms, increased energy waste reduction incentives just to name a few attributes.

首先，密西根州強大的監管環境建立在堅實的建設性框架之上，其中大部分內容已編入密西根州法律、10 個月的前瞻性利率案例、重要的財務和燃料回收機制、增加能源浪費減少激勵措施等。

This robust framework supports Michigan's position as a top tier regulatory environment and provides important supportive incentives for needed investments to make our electric and gas system safer, more reliable, and resilient and cleaner.

這個強大的框架支持密西根州作為頂級監管環境的地位，並為所需的投資提供重要的支持性激勵措施，使我們的電力和天然氣系統更安全、更可靠、更有彈性和更清潔。

And second, our continued commitment to affordable bills for our customers.

其次，我們繼續致力於為客戶提供負擔得起的帳單。

As I've said before, we work both sides of the equation, we make important investment, and we keep customer build affordable.

正如我之前所說，我們在等式的兩邊都工作，我們進行重要的投資，並且我們讓客戶負擔得起。

I consider our use of the CE Way, our lean operating system, one of the best in the industry.

我認為我們使用的 CE Way（我們的精益作業系統）是業內最好的作業系統之一。

This approach limit upward pressure on customer bills.

這種方法限制了客戶帳單的上漲壓力。

It is critical in the delivery of our investment plan, and we continue to see a long runway of cost-saving opportunities well into the future, delivering industry-leading results for all our stakeholders.

這對於我們投資計畫的實施至關重要，我們將繼續看到未來大量節省成本的機會，為所有利害關係人提供業界領先的成果。

From a regulatory perspective, we're off to a strong start for the year.

從監管角度來看，我們今年有一個好的開始。

As you can see on slide 4, our regulatory calendar is mostly complete.

正如您在投影片 4 中所看到的，我們的監管日曆已基本完成。

We received a constructive order in our electric rate case in March, filed our new electric rate case in May and settled our gas rate case earlier this month.

我們在 3 月收到了關於電費案件的建設性命令，於 5 月提交了新的電費案件，並於本月初解決了我們的燃氣費案件。

The fourth consecutive settlement in our gas business, four consecutive settlements in gas, yet another proof point highlighting the strong regulatory environment in Michigan.

我們的天然氣業務連續第四次和解，天然氣領域連續四次和解，這是另一個凸顯密西根州強有力的監管環境的證據。

We're very pleased with our recently approved gas settlement, which calls for a $62.5 million of effective rate relief, a 9% -- 9.9% ROE and a 50% equity ratio.

我們對最近批准的天然氣和解協議感到非常滿意，該協議要求減免 6,250 萬美元的有效利率、9% 至 9.9% 的股本回報率和 50% 的股本比率。

We plan to file our next gas rate case in December of this year.

我們計劃在今年 12 月提交下一個天然氣費率案件。

Outside of rate cases, our upcoming 20-year renewable energy plan or our EP filing in November is the only major remaining filing for the year.

除了費率案件之外，我們即將推出的 20 年可再生能源計畫或 11 月提交的 EP 文件是今年唯一剩餘的主要文件。

Let me pause there for a moment.

讓我暫停一下。

Midway through the year, our financial related regulatory outcomes are known as the great place to be.

年中，我們與金融相關的監理成果被認為是最好的地方。

I also want to talk about our formula to deliver customer affordability as we make important investments.

我還想談談我們在進行重要投資時提供客戶負擔能力的公式。

Long-term filings like our renewable energy plan detail, the significant planned investments that support safe, reliable, clean, and affordable energy for our customers.

長期備案，例如我們的再生能源計劃詳細資訊、為客戶提供安全、可靠、清潔和負擔得起的能源的重大計劃投資。

As we shared previously, we see more investment opportunities as we make the transition to renewables and clean energy.

正如我們之前分享的，隨著我們向再生能源和清潔能源過渡，我們看到了更多的投資機會。

In addition to the $17 billion of needed customer investments in our five year capital plan, our electric reliability roadmap and natural gas delivery plans highlight important investments well beyond what's in our financial plan.

除了我們五年資本計畫中所需的 170 億美元客戶投資之外，我們的電力可靠性路線圖和天然氣輸送計畫還強調了遠遠超出我們財務計畫的重要投資。

Now that's a long way of saying we see a long one runway of necessary and important customer investment.

現在，這是一個很長的說法，我們看到了一條漫長的必要且重要的客戶投資跑道。

These investments must be balanced with a laser focus on customer affordability.

這些投資必須與重點關注客戶的承受能力相平衡。

We take seriously our ability to create capital headroom to make those investments through continued use of the CE Way, which provides over $50 million of annual customer savings.

我們認真對待透過持續使用 CE Way 創造資本淨空進行這些投資的能力，該方式每年為客戶節省超過 5000 萬美元。

Renegotiating over market PPAs and retiring our coal facilities which together provide well over $200 million in savings as we transition toward cleaner resources.

重新談判市場購電協議並退役我們的煤炭設施，隨著我們向更清潔的資源過渡，這總共節省了超過 2 億美元。

Capitalizing on economic development opportunities particularly manufacturing, which brings jobs and significant mission investments, spreading fixed costs over a larger customer base, benefiting all customers.

利用經濟發展機會，特別是製造業，帶來就業機會和重大使命投資，將固定成本分攤到更大的客戶群，使所有客戶受益。

Lastly, leveraging our best in class energy waste reduction programs to help customers reduce bills.

最後，利用我們一流的能源浪費減少計劃來幫助客戶減少帳單。

This is a formula that works for everyone continuing to strengthen the system with important investments while keeping customer bills affordable.

這個公式適用於每個人繼續透過重要投資加強系統，同時保持客戶帳單負擔得起。

Now let's look at the results and outlook.

現在讓我們來看看結果和展望。

For the first half, we reported adjusted earnings per share of $1.63 of $0.18 versus the first half of 2023, largely driven by the constructive outcomes in our electric and gas rate cases.

上半年，我們報告的調整後每股收益為 1.63 美元，與 2023 年上半年相比為 0.18 美元，這主要是由於我們的電力和天然氣費率案例取得了建設性成果。

We remain confident in this year's guidance and long-term outlook and are reaffirming all our financial objectives.

我們對今年的指導和長期前景仍然充滿信心，並重申我們的所有財務目標。

Our full year guidance remains at $3.29 to $3.35 per share with continued confidence toward the high end.

我們的全年指引仍為每股 3.29 美元至 3.35 美元，並對高端市場繼續充滿信心。

Longer term, we continue to guide to the high end of our adjusted EPS growth range of 6% to 8%, which implies and includes 7% up to 8%.

從長遠來看，我們繼續將調整後每股盈餘成長範圍的上限引導至 6% 至 8%，這意味著並包括 7% 至 8%。

With that, I'll hand the call over to Rejji.

這樣，我就把電話轉給 Rejji。

Thank you, Garrick, and good morning, everyone.

謝謝你，加里克，大家早安。

On slide 7, you'll see our standard waterfall chart which illustrates the key drivers impacting our financial performance for the first six months of 2024 and our year-to-go expectations.

在投影片 7 上，您將看到我們的標準瀑布圖，其中說明了影響我們 2024 年前六個月財務表現和未來一年預期的關鍵驅動因素。

For clarification purposes, all of the variance analyses herein are in comparison to 2023, both on a year to date and a year-to-go basis.

為澄清起見，本文的所有變異數分析均與 2023 年相比，包括年初至今和去年同期。

In summary, through the first half of 2024, we delivered adjusted net income of $485 million or $1.63 per share, which compares favorably to the comparable period in 2023, largely due to higher rate relief net of investment costs.

總而言之，到 2024 年上半年，我們實現了 4.85 億美元的調整後淨利潤，即每股 1.63 美元，與 2023 年同期相比相當不錯，這主要是由於扣除投資成本後的利率減免較高。

And while we have seen some glimpses of favorable weather, particularly in June, overall, weather continues to be a headwind through the first half of the year, equating to $0.05 per share of negative variance.

雖然我們已經看到了一些有利的天氣，特別是在 6 月，但總體而言，今年上半年天氣仍然是不利因素，相當於每股 0.05 美元的負方差。

And that figure includes the warm winter weather experienced in our service territory in the first quarter, which I'll remind you, have the second lowest number of heating degree days in the past 25 years.

這個數字包括我們服務區域第一季經歷的暖冬天氣，我要提醒大家的是，這個數字是過去 25 年來第二低的暖氣度天數。

As mentioned rate relief, net investment related expenses, one of the key drivers of our first half performance resulted in $0.13 per share of positive variance due to constructive outcomes achieved in our electric rate order received in March and last year's gas rate case settlement.

如前所述，費率減免、淨投資相關費用是我們上半年業績的關鍵驅動因素之一，由於我們3 月份收到的電費訂單和去年的天然氣費率案件和解取得了建設性成果，導致每股0.13 美元的正差異。

From a cost perspective, our financial performance in the first half of the year was negatively impacted by heavy storm activity, including a notable weather system that impacted our service territory in late June, resulting in $0.03 per share of negative variance versus the comparable period in 2023.

從成本角度來看，我們上半年的財務表現受到強風暴活動的負面影響，其中包括6 月下旬影響我們服務區域的顯著天氣系統，導致與2017 年同期相比每股出現0.03 美元的負方差。

Rounding out the first six months of the year, you'll note the $0.13 per share of positive variance highlighted in the catch-off bucket in the middle of the chart.

在今年的前六個月中，您會注意到圖表中間的捕獲桶中突出顯示的每股 0.13 美元的正方差。

The primary sources of upside here were related to solid operational performance at NorthStar and higher weather-normalized electric sales.

上漲的主要來源與北極星公司穩健的營運表現和天氣正常化電力銷售的增加有關。

Looking ahead, as always, we plan for normal weather, which equates to $0.2 per share of positive variance for the remaining half of the year.

展望未來，一如既往，我們計劃應對正常天氣，這相當於今年剩餘半年每股正方差為 0.2 美元。

Given the mild temperatures experienced in the final six months of 2023.

鑑於 2023 年最後六個月氣溫溫和。

From a regulatory perspective, we realized $0.12 per share of positive variance, largely driven by the aforementioned electric rate order received from the commission earlier this year and the constructive outcome achieved in our recently approved gas rate case settlement, which Garrick summarized earlier.

從監管角度來看，我們實現了每股0.12 美元的正方差，這主要是由於今年早些時候從委員會收到的上述電價命令以及我們最近批准的天然氣費率案件和解中取得的建設性成果（加里克之前對此進行了總結）。

Closing out the glide path for the remainder of the year, as noted during our Q1 call, we anticipate lower overall O&M expense at the utility driven by the usual cost performance fueled by the CE Way and the residual benefits from select sustainable cost reduction initiatives implemented in 2023 such as our voluntary separation plan among others.

正如我們在第一季電話會議中所指出的，我們預計公用事業公司的整體營運和維護費用將在今年剩餘時間內下降，這是由於CE 方式推動的通常成本績效以及實施的選定可持續成本削減措施所帶來的剩餘效益所推動的2023 年，例如我們的自願離職計畫等。

Collectively, we expect these items to drive $0.09 per share of positive variance for the remaining six months of the year.

總的來說，我們預計這些項目將在今年剩餘六個月內帶來每股 0.09 美元的正方差。

Lastly, and the penultimate bar on the right hand side, you'll note a significant negative variance, which largely consists of the absence of select onetime countermeasures from last year and the usual conservative assumptions around weather-normalized sales and non-utility performance among other IOs.

最後，在右側的倒數第二條中，您會注意到顯著的負方差，這主要是由於去年沒有選擇一次性對策，以及對天氣正常化銷售和非公用事業績效的通常保守假設。 IO。

In aggregate, these assumptions equate to $0.35 to $0.41 per share of negative variance.

總的來說，這些假設相當於每股負方差 0.35 至 0.41 美元。

In summary, despite a challenging first half of the year, we are well positioned to deliver on our 2024 financial objectives for the benefit of customers and investors.

總之，儘管上半年充滿挑戰，但我們有能力實現 2024 年財務目標，造福客戶和投資者。

Moving on to our financing plan.

繼續我們的融資計劃。

Slide 8 offers more specificity on the balance of our planned funding needs in 2024, which at this point are limited to debt issuances at the utility.

第 8 張投影片更詳細地介紹了我們 2024 年計畫融資需求的平衡情況，目前僅限於公用事業公司的債務發行。

I'll bring your attention to a relatively modest increase to our 2024 plan financing of utility.

我將提請您注意我們 2024 年計劃公用事業融資的相對適度增長。

Specifically, we are now planning to issue approximately $675 million in the second half of the year versus the implied estimates in our original guidance of $500 million to rebalance the rate-making capital structure at the utility in accordance with recent rate case outcomes.

具體來說，我們現在計劃在今年下半年發行約6.75 億美元，而我們最初指導中的隱含估計為5 億美元，以根據最近的費率案例結果重新平衡公用事業公司的費率制定資本結構。

Although not highlighted in the table on the slide, I'm pleased to report that we've completed all of our planned tax credit sales for the year at levels favorable to our plan and ahead of schedule.

儘管沒有在幻燈片的表格中突出顯示，但我很高興地報告，我們已經以符合我們計劃的水平提前完成了今年所有計劃的稅收抵免銷售。

I'll also reiterate that we have no planned long-term financings at the parent in 2024, but remain opportunistic, should we see a cost-efficient opportunity to pull ahead some of our 2025 financing needs.

我還要重申，我們的母公司沒有計劃在 2024 年進行長期融資，但如果我們看到一個具有成本效益的機會來滿足 2025 年的部分融資需求，我們仍然會保持機會主義。

As I've said before, our approach to our financing plan is similar to how we run the business.

正如我之前所說，我們的融資計劃方法與我們經營業務的方法類似。

We plan conservatively and capitalize on opportunities as they arise.

我們採取保守的計劃，並在機會出現時加以利用。

This approach has been tried and true year-in and year-out.

這種方法已經被年復一年地嘗試過並且是正確的。

It has enabled us to deliver on our operational and financial objectives, irrespective of the circumstances for the benefit of our customers and investors.

它使我們能夠在任何情況下實現我們的營運和財務目標，以造福我們的客戶和投資者。

And this year is no different.

今年也不例外。

And with that, I'll hand it back to Garrick for his final remarks before the Q&A session.

接下來，我將把它交還給加里克，讓他在問答環節之前做最後的演講。

Thank you, Rejji.

謝謝你，雷吉。

CMS Energy, 21 years of consistent industry-leading financial performance, I have confidence in our strong outlook this year and beyond as we continue to execute on our simple investment thesis, and make the necessary important investments in our system while maintaining customer affordability.

CMS Energy 21 年來一直保持業界領先的財務業績，我對今年及以後的強勁前景充滿信心，因為我們將繼續執行我們簡單的投資理念，並對我們的系統進行必要的重要投資，同時保持客戶的承受能力。

With that Harry, please open the lines for Q&A.

哈利，請打開問答線。

(Operator Instructions)

（操作員說明）

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning.

嗨，早安。

I just wanted to turn towards DIG for a little bit here if we could, and just wanted to get updated thoughts with regards to recontracting overall?

如果可以的話，我只是想在這裡轉向 DIG，並且只是想了解有關整體重新簽約的最新想法？

And just, I guess, the outlook in this environment given kind of trends in power price?

我想，考慮到電價的趨勢，這種環境下的前景如何？

I would suggest that Jeremy and it's consistent consistent with what we shared in the past, energy, and capacity markets that upward pressure continues to be a ripe opportunity.

我認為傑里米和我們過去在能源和產能市場上所分享的觀點是一致的，即上行壓力仍然是一個成熟的機會。

And we continue strike nice bilateral contracts to secure higher energy and energy capacity prices well above our global of our plan.

我們繼續簽訂良好的雙邊合同，以確保更高的能源和能源產能價格遠高於我們的全球計劃。

And so again, a good opportunity to continue to do that.

這又是一個繼續這樣做的好機會。

And as we've shared in the past, this just continues to strengthen and lengthen our financial performance.

正如我們過去所分享的那樣，這將繼續加強和延長我們的財務表現。

Got it.

知道了。

Thank you for that.

謝謝你。

And then it seems like halfway through the year, CMS is in a pretty good position overall.

看起來今年已經過去一半了，CMS 整體上處於一個相當不錯的位置。

Just wondering any thoughts you could share with regards to, I guess how weather is looking in impacts for 3Q as it stands right now and really getting towards the guest cost management thoughts and whether on you know, they might be in a position to pull forward costs to further derisk the future outlook and how you think about all that?

只是想知道您可以分享的任何想法，我想目前天氣對第三季度的影響如何，真正走向賓客成本管理想法，以及您是否知道，他們可能能夠向前推進進一步降低未來前景風險的成本，您如何看待這一切？

And Jeremy, it's Rejji.

傑里米，我是雷吉。

I appreciate the question.

我很欣賞這個問題。

And I would say weather outlook looks fairly good for Q3, but obviously early days.

我想說第三季的天氣前景看起來相當不錯，但顯然還為時過早。

And I will just say personally, I don't give a lot of credence to two and three-month outlooks on much more focus on the 10 days ahead, which appear to be a bit more accurate.

我個人只是說，我不太相信兩個月和三個月的展望，而是更專注於未來 10 天，這似乎更準確一些。

And so we always remain paranoid about weather and just based on year to date, weather has not been all that kind.

因此，我們總是對天氣保持偏執，僅從今年迄今為止的情況來看，天氣並不是那麼好。

And so we'll continue to execute on cost performance related initiatives.

因此，我們將繼續執行與成本效益相關的措施。

We've had some good success over the last several years and executing on cost management over the course of the year, and we'll continue to do that through Q3.

我們在過去幾年中取得了一些良好的成功，並在這一年中執行了成本管理，我們將在第三季度繼續這樣做。

As I mentioned in the first quarter call, it's still premature to start thinking about pull-aheads for 2025.

正如我在第一季電話會議中提到的，現在開始考慮 2025 年的提前目標還為時過早。

I think historically, even in the best of years where weather was really helpful in the first couple of quarters, we still didn't think about flexing up or pull ahead or any of those types of de-risking mechanisms until we got deeper into Q3 and had a real good outlook on the fourth quarter.

我認為從歷史上看，即使在前幾個季度天氣確實有幫助的最好年份，我們仍然沒有考慮調整或提前或任何此類去風險機制，直到我們深入到第三季度並且對第四季度的前景非常看好。

So hopefully more to talk about from a 2025 de-risking perspective next quarter.

因此，希望下個季度能從 2025 年去風險的角度進行更多討論。

But at this point, it's too premature to get into that.

但目前來看還為時過早。

If I could just add to that Jeremy part of the call here in my prepared remarks, I talked about the confidence.

如果我可以在我準備好的演講中添加傑里米通話的一部分，我談到了信心。

Confidence comes from the fact that we're executing on that.

信心來自於我們正在執行的事實。

The way we've done that historically would have been at a run rate of greater than $50 million on annual basis.

從歷史上看，我們這樣做的方式是每年運行速度超過 5000 萬美元。

We see that continuing and there are a number of things that we did in 2023 in terms of Ready shared in his prepared remarks, voluntary separation contracts, controls, those continue to yield benefit in the year.

我們看到這種情況仍在繼續，我們在 2023 年做了很多事情，在準備好的演講中分享了 Ready 所分享的內容、自願離職合約、控制措施，這些在這一年中繼續產生效益。

And also, we're applying a lot of digital solutions, everything from work in the field to automate work all the way into the office, things like work management that continue to provide additional cost savings in the year.

此外，我們正在應用大量數位解決方案，從現場工作到辦公室自動化工作，諸如工作管理之類的事情在今年繼續提供額外的成本節省。

So again, confident, as I shared in the call here earlier and delivery guidance for the year.

所以，再次充滿信心，正如我早些時候在電話會議中分享的那樣，以及今年的交付指導。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

And then if I could just wrap with thoughts on opportunities to service data centers going forward here.

然後我能否簡單談談對未來為資料中心提供服務的機會的想法。

And I guess the interplay with regards to legislation in Michigan, whether that comes to fruition and how that might impact the pace of such type of development.

我猜想密西根州立法的相互作用，是否會取得成果以及這可能會如何影響此類發展的步伐。

Jeremy, you know, us well enough the Hayes-Rochow team here.

傑里米，你知道，我們這裡的海耶斯-羅肖團隊已經夠好了。

We're pretty conservative in our approach to financials.

我們對財務的態度相當保守。

And as I shared in the Q1 call, we want to make sure they're signed on the dotted line, you might say before we talk about it.

正如我在第一季電話會議中分享的那樣，我們希望確保它們在虛線上簽名，您可能會在我們討論之前說。

So we don't will inflate our sales forecast.

所以我們不會誇大我們的銷售預測。

I would just say that there's a lot of interest in both manufacturing and data centers in the state has a share in the Q1 call.

我只想說，人們對該州的製造業和資料中心都很感興趣，在第一季的電話會議中也有參與。

So I'm seeing a lot of manufacturing growth that continues into Q2, we saw data center, we talked about one that we signed in Q1, 230 megawatt.

因此，我看到製造業的大量成長持續到第二季​​度，我們看到了資料中心，我們談到了我們在第一季簽署的一個 230 兆瓦的資料中心。

That continues to be strong interest in the state both the hyperscalers and also, we're seeing some growth in what I call, mid-scale on the data center perspective.

這仍然是人們對超大規模企業的濃厚興趣，而且我們看到我所說的資料中心中型企業的一些成長。

Those continue to move forward regardless of legislation in the state.

無論該州的立法如何，這些都將繼續向前推進。

And so that sales and use tax piece will continue in the conversation in the legislature.

因此，銷售和使用稅部分將繼續在立法機關的討論中。

But again, that's a bit of the Jerry on top of Sunday, we might say.

但我們可能會說，這有點像週日的傑瑞。

Got it.

知道了。

Makes sense.

有道理。

Fair enough.

很公平。

I'll leave there.

我會離開那裡。

Thanks.

謝謝。

Thank you, Jeremy.

謝謝你，傑瑞米。

Shahriar Pourreza, Guggenheim Partners.

Shahriar Pourreza，古根漢合夥人。

So I know you guys noted previously that the FCM mechanism could be incremental sort of in the new generation not in plan.

所以我知道你們之前註意到 FCM 機制在新一代中可能是增量式的，而不是在計劃中。

As we're kind of getting closer to the November rep filings, any thoughts on where demand is headed and how maybe CMS would be positioned for upside down?

隨著我們距離 11 月代表提交的文件越來越近，您對需求的走向以及 CMS 將如何定位顛倒有什麼想法嗎？

So any thoughts on incremental CapEx versus the PPA options?

那麼對於增量資本支出與 PPA 選項有何想法？

Have you started to embed any higher load growth in your assumptions?

您是否開始將較高的負載成長納入您的假設中？

Thanks.

謝謝。

Sure.

當然。

I was really hoping for a rate design question.

我真的很希望有一個費率設計問題。

Let's talk about this.

我們來談談這個吧。

We see we definitely see as part of this energy law additional upside that shows up in ownership of asset that shows up in the financial compensation mechanism.

我們認為，我們肯定會看到能源法的額外好處，這體現在經濟補償機制中的資產所有權上。

Both those are true.

這兩點都是真的。

Let me talk about how that will play out.

讓我談談這將如何發展。

We're going to file that our renewable energy plan in November.

我們將於 11 月提交再生能源計畫。

It's a 10 month process.

這是一個10個月的過程。

So we'll know in 2025 kind of latter half of the year, what that looks like.

所以我們會在 2025 年下半年知道情況會是什麼樣子。

And so in our 2026 capital plan, you'll see what that means our 2026 financials goals from an FCM perspective as well as what might the ownership mix look like until and that's where it'll play out.

因此，在我們的 2026 年資本計畫中，您將從 FCM 的角度了解這意味著我們 2026 年的財務目標，以及所有權組合在此之前的表現。

In addition to that, that's probably a portion of the story because in 2026, we'll also file our integrated resource plan, which we'll talk about some of the reliability pieces and some of the work to deliver the capacity component of that.

除此之外，這可能是故事的一部分，因為到 2026 年，我們還將提交我們的綜合資源計劃，我們將討論一些可靠性部分以及交付其中容量部分的一些工作。

So between '26, '27, '28.

所以在'26、'27、'28之間。

I think that's when you'll see the capital impact as well as the financial compensation mechanism play out in terms of our financials.

我認為那時你會看到資本影響以及財務補償機制在我們的財務方面發揮作用。

And I will say this, we've seen some good economic growth in the state that will show up in our renewable energy plan.

我想說的是，我們已經看到該州一些良好的經濟成長，這將體現在我們的再生能源計劃中。

So we're definitely seeing a greater need than it was in our original 2021 IRP.

因此，我們肯定會看到比我們最初的 2021 年 IRP 中的需求更大的需求。

So I'll leave it at that.

所以我就這樣吧。

And certainly that will provide additional up upside opportunity in terms of capital growth in addition to the energy law.

當然，除了能源法之外，這還將在資本成長方面提供額外的上昇機會。

Perfect.

完美的。

And then just a quick follow-up, and I will dedicate this to Garrick, just on the rate case filing on the electric side, it's obviously it's in the early innings kind of a more of a '25 event, the provisions and sort of the mechanisms like the IRM and DR remain unchanged.

然後只是一個快速的後續行動，我將把這篇文章獻給加里克，只是關於電力方面的費率案件歸檔，很明顯，這是在早期幾局，更像是一場25 年的賽事，規定和排序IRM和DR等機制保持不變。

I guess, do you feel there would be sort of an opportunity for settlement after testimony, given this is kind of a less complex case, I guess, how are you sort of thinking about settlement path versus the prior litigated path?

我想，鑑於這是一個不太複雜的案件，您是否認為在作證後會有和解的機會，我想，您如何看待和解路徑與先前的訴訟路徑？

And then is there anything and I dedicate it to any of the rate design stuff in there that can cause some contention?

然後，有什麼東西（我將其專門用於其中的速率設計內容）可能會引起一些爭議嗎？

Thank you.

謝謝。

I set myself up for that one, didn't I?

我已經為自己做好了準備，不是嗎？

I just shared on the call, I will always look for settlement opportunities.

我剛剛在電話中分享了，我會一直尋找解決機會。

I'm also very confident in our team.

我對我們的團隊也非常有信心。

We put great case together and we can go to full business just as we did this year in our March quarter.

我們把很好的案例放在一起，我們可以像今年三月季度那樣全面開展業務。

And so when I think about this electric rate case, there's some things that have to be figured out to really get some context around the opportunity for supplement.

因此，當我考慮這個電價案例時，必須弄清楚一些事情才能真正獲得有關補充機會的背景資訊。

One, I think is really important to understand that electric cases are more complex than gas cases.

第一，我認為了解電箱比瓦斯箱更複雜非常重要。

So for example, we had less than 10 interveners in our gas case, we have a little over 20 in our electric rate case that's not abnormal.

舉例來說，我們的瓦斯案例中只有不到 10 名幹預者，而我們的電費案例中有 20 多名幹預者，這並不異常。

It's just it's a more complex cases, more interested parties.

只是案件更複雜，利害關係人更多。

So we have to navigate to that.

所以我們必須導航到這一點。

I also think it's important to find where staff is and where the attorney general are at.

我還認為找到工作人員和司法部長的位置也很重要。

In this case that will come in September.

在這種情況下，這將在九月發生。

There are important points to note in the context of settlement opportunities, but understand this, I am very confident in this case, it is focused on electric reliability that's well aligned with what our customers are asking for what the commissioners and the staff are asking for and what I've committed to do.

在解決機會的背景下，有一些重要的要點需要注意，但要理解這一點，我對這種情況非常有信心，它的重點是電力可靠性，這與我們的客戶所要求的專員和工作人​​員的要求非常一致以及我承諾要做的事情。

And so this case has got great capital investments, undergrounding as the important work in hardening the system automated transferring closers technology on the system has important work in O&M and tree trimming our number one cause of outage and other important maintenance work across the system were to leverage the infrastructure recovery mechanism.

因此，這個案例得到了大量的資本投資，地下作為強化系統的重要工作，系統上的自動傳輸閉合器技術在運行和維護和樹木修剪方面有重要的工作，我們停電的首要原因和整個系統的其他重要維護工作是利用基礎設施恢復機制。

We'll certainly look for on trying to restore mechanism in this case as well.

在這種情況下，我們當然也會嘗試恢復機制。

And so I feel confident in our ability to get the very constructive outcome just given how well aligned we are across the commission staff as well as our customers.

因此，鑑於我們在委員會工作人員和客戶之間的協調程度如何，我對我們獲得非常有建設性的成果的能力充滿信心。

So hopefully that gives you some context on the case.

希望這能為您提供一些有關此案例的背景資訊。

Now on rate design, let me just talk a little about rate design.

現在講費率設計，我簡單講一下費率設計。

Specifically, data centers are not in our economic development rate.

具體來說，資料中心並不在我們的經濟發展速度之內。

We had an ex parte filing that made an adjustment in that was approved.

我們提交了一份單方面申請，其中進行了調整併獲得批准。

And so in the meantime, they are industrial rate.

因此，同時，它們是工業速率。

We've got our GDP rate and what that does is a better balance to build capacity, energy costs, the cost to serve those customers.

我們已經有了 GDP 率，它的作用是更好地平衡建造能力、能源成本和服務這些客戶的成本。

The commission as well as the utility has been looking and exploring the opportunities specific data center rate.

該委員會和公用事業公司一直在尋找和探索特定資料中心費率的機會。

But in the interest of time the GDP is a good proxy for that in our market and so well suited from a design perspective from us of data center project perspective.

但從時間角度來看，GDP 可以很好地代表我們市場的情況，因此從我們資料中心專案的設計角度來看非常適合。

I also said GDP, I think that's the wrong thing.

我還說GDP，我認為這是錯的。

I was hoping for something different there.

我希望那裡有一些不同的東西。

Maybe that was -- but GPD is what I meant -- sorry about I had my eyes on the economic

也許是這樣——但 GPD 就是我的意思——抱歉我關注的是經濟

[burden to our knowledge].

[我們的知識負擔]。

It's election time.

現在是選舉時間。

I have my mind on other things like what's going to happen in our economy.

我關心其他事情，例如我們的經濟將會發生什麼。

Sure.

當然。

Got it.

知道了。

I appreciate it guys.

我很感激你們。

If you just set up the next call it ask you about election question.

如果您剛剛設定下一個通話，它會詢問您有關選舉的問題。

I'll see you soon.

我很快就會見到你。

Thank you.

謝謝。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

Just wanted to go back to the data center legislation discussion.

只是想回到資料中心立法討論。

I think on the last call, you talked about a 230 megawatt data center coming on in 2026.

我想在上次通話中，您談到了 2026 年將建成 230 兆瓦的資料中心。

Was that contingent on the legislation or your understanding is still moving forward?

這取決於立法還是您的理解仍在繼續？

And so are there any other examples of that?

還有其他例子嗎？

Or is everyone else could have weighted inflation?

或其他人都可以有加權通膨嗎？

It was not contingent.

這不是偶然的。

That one is still moving forward, that design piece.

那個仍在前進的設計作品。

And that's I guess that's my point.

我想這就是我的觀點。

What we hear from data centers is more important about how fast can you get transmission here homecare, you build to that conversion from transmission distribution substation, how fast can you get supply here and we're able to do that.

我們從資料中心聽到的更重要的是，您可以多快地在這裡獲得家庭護理的傳輸，您可以從傳輸分配變電站進行轉換，您可以多快地在這裡獲得供應，我們能夠做到這一點。

And so many of those mid, scalers, and hyperscalers continue to make forward steps regardless of the progress on the sales new stack.

無論新堆疊的銷售進展如何，許多中型、大規模和超大規模企業都繼續向前邁進。

And just to give you a little context, at the end of the spring session, the legislature was focused on the state budget.

為了給大家一些背景信息，在春季會議結束時，立法機關的重點是國家預算。

In the words of our governor, we got to fix the damn roads.

用我們州長的話來說，我們必須修好該死的路。

We got to fund school, right.

我們必須資助學校，對吧。

So those are important things to I don't want to kind of what we wanted to market in the state.

所以這些對我來說很重要，我不想像我們想在州內推銷的那樣。

So those are important things underway that conversation on data centers and the sales tax will continue into the fall now on elections.

因此，這些都是正在進行的重要事情，關於資料中心和銷售稅的討論將持續到秋季選舉。

So it is difficult for me to predict how fast that will move are going to happen in a lame-duck.

所以我很難預測在跛腳鴨身上這種變化會發生得多快。

And so we'll continue that conversation in the state.

因此，我們將在該州繼續進行對話。

But again, it is not stopping things for moving forward, Michael.

但同樣，這並不能阻止事情繼續前進，邁克爾。

Okay.

好的。

And is that like a good proxy for how long it takes new load to come onto your system about two years with that one being 2026?

這是否可以很好地衡量新負載進入系統需要多長時間（大約兩年，即 2026 年）？

There's a number of variables there, Mike, so in the case of that data center, what we talked about is they're bringing on load by 2025, 2026.

麥克，那裡有很多變量，所以就該資料中心而言，我們討論的是它們將在 2025 年、2026 年之前加載。

And where they're located on the system makes a big difference.

它們在系統中的位置會產生很大的差異。

And so we're able to accommodate that dependent on where data center located from a property perspective makes a difference just as far as how far do we have to extend lines will pick up because it's greenfield.

因此，我們能夠適應這一點，這取決於資料中心位於何處，從財產角度來看，我們必須將線路延伸多遠，因為它是綠地，所以會產生影響。

It's this ground, but there's all kinds of variables that go into it.

就在這片土地上，卻存在著各種不同的變數。

But we're in that two to three years cycle.

但我們正處於兩到三年的周期中。

And again, even if you're out their tail end of that cycle data centers are moving quickly, and we hold them up too much.

再說一次，即使你已經脫離了這個週期的尾部，資料中心也在快速發展，而我們卻阻礙了他們太多。

Okay, great.

好的，太好了。

And then separately, just kind of sticking with legislation, I think there were some comments a few months ago from the PSC chair about rate case timelines being a bit compress these days.

然後，單獨地，只是堅持立法，我認為幾個月前 PSC 主席發表了一些評論，稱這些天的案件時間表有點壓縮。

Are you hearing any chance of legislation coming up that would revert back to 12 months cycle from the end?

您是否聽說有可能透過立法將週期恢復到結束後的 12 個月？

And just a general sense for the rate fatigue in this state in light of those comments?

根據這些評論，對這種狀態下的利率疲勞有一個普遍的認識嗎？

The short answer is no.

簡短的回答是否定的。

As you know what makes Michigan great is much of the regulatory environment and set in law.

如您所知，密西根州的偉大之處在於其監管環境和法律。

So 10-month forward-looking rate cases, and that is in the law financial compensation mechanism, energy efficiency incentives are in the law, and we just went through that law, which is open and it was just signed here last November, and we're hearing nothing in terms of building outlaw backup or looking at different provisions.

所以10個月的前瞻性利率案例，那就是在法律中的經濟補償機制，能源效率激勵措施在法律中，我們剛剛通過了該法律，該法律是公開的，去年11月剛剛在這裡簽署，我們我們沒有聽到任何關於建立非法備份或考慮不同條款的消息。

Now we continue to always have a constructive dialogue with the commission and the staff.

現在我們繼續與委員會和工作人員進行建設性對話。

And so I do think there are opportunities right in the current terms.

因此，我確實認為目前存在機會。

And so I'll give you one example.

我給你舉一個例子。

Just one example of probably many you could think about we have a great process for an integrated resource plan and renewable energy plan that lay out an energy supply portfolio.

這只是您可能想到的許多例子中的一個例子，我們有一個很好的綜合資源計劃和可再生能源計劃流程，該流程製定了能源供應組合。

So we get a preapproved and then it flows into rate cases that really streamlines rate cases.

因此，我們獲得預先批准，然後將其流入真正簡化費率案例的費率案例中。

What if we could do.

如果我們能做到的話該有多好。

The same thing on the distribution system will not be great.

同樣的事情放在分配系統上也不會很大。

Let's build a year reliability roadmap where we've already done that.

讓我們制定一個我們已經完成的年度可靠性路線圖。

Let's do the haulage.

我們來進行運輸吧。

Let's approve that.

讓我們批准這一點。

And then how that flow into rate cases that could really streamline the process in and done in the right way, you could potentially see a path where you could stay out for a period of time, again done in the right way.

然後，如何將其納入能夠真正簡化流程並以正確的方式完成的費率案例中，您可能會看到一條可以停留一段時間的路徑，再次以正確的方式完成。

And so kind of the nature of Michigan's constructive regulatory environment, let's explore that.

密西根州建設性監管環境的本質是什麼，讓我們來探討一下。

Let's see if there's opportunities there to even further bolstered Michigan's constructive nature.

讓我們看看是否有機會進一步增強密西根州的建設性。

Okay.

好的。

That's really helpful color.

這真是有用的顏色。

Thank you, Mike.

謝謝你，麥克。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，豐業銀行。

Hi, good morning.

嗨，早安。

Two quick ones.

兩個快的。

First, C&I weather-adjusted volumes were down in the quarter, a bit of a reversal from the first quarter.

首先，經天氣調整後的工商業銷售在本季有所下降，與第一季相比略有逆轉。

I know the first quarter was extremely mild weather.

我知道第一季的天氣非常溫和。

So those numbers are probably a little bit goofy.

所以這些數字可能有點愚蠢。

But any commentary on the underlying trends in the near term outlook for the rest of this year?

但對今年剩餘時間的近期前景的基本趨勢有什麼評論嗎？

Maybe early thoughts in 2025?

也許是 2025 年的早期想法？

Sure, Andrew, this is Rejji.

當然，安德魯，這是雷吉。

I'll take and appreciate the question is always yes, we did see a little bit of a pullback in Q2 versus Q2 of last year for weather normalized as sales for electric.

我會接受並理解這個問題始終是肯定的，我們確實看到第二季與去年第二季相比，由於天氣正常化為電力銷售而出現了一些回落。

I will always caveat, and I think you alluded to it that it's a very imperfect science.

我總是會警告你，我想你也提到這是一門非常不完美的科學。

And the team does a really good job trying to pull these numbers together with real accuracy.

該團隊在嘗試以真正的準確性將這些數字匯總在一起方面做得非常出色。

But again, it's very difficult to get real precision here, just so everybody is grounded residential for the quarter versus Q2 of 2023, which is slightly up about 0.1%.

但同樣，這裡很難獲得真正的精確度，因此與 2023 年第二季度相比，每個人都在本季度住宅停產，後者小幅上漲約 0.1%。

Commercial down about 1 point industrial down about 2 points, excluding one large low-margin customer and an all-in blended was down about 1 point.

商業下跌約 1 個點，工業下跌約 2 個點，不包括一家大型低利潤客戶，而綜合性則下跌約 1 個點。

And so that is to your comment unfavorable from the trends we were seeing in the first quarter.

因此，從我們第一季看到的趨勢來看，您的評論是不利的。

But I would say in a year to date basis, the trend remains quite good.

但我想說，從今年迄今來看，趨勢仍然相當不錯。

And we continue to be surprised for the upside really across our customer classes because our assumptions were incredibly conservative as they always are for the year.

我們仍然對我們的客戶類別的上漲感到驚訝，因為我們的假設一如既往地非常保守。

And so we are outperforming across every customer class, what our initial expectations were that were embedded in our original guidance.

因此，我們在每個客戶類別中都表現出色，這是我們最初的期望，這些期望已包含在我們最初的指導中。

And so we are still seeing non-weather sales upside.

因此，我們仍然看到非天氣銷售的上漲。

I'll also note, as I've said before, that we have energy waste reduction incorporated into all of those numbers that you're seeing.

我還要指出，正如我之前所說，我們已將減少能源浪費納入您所看到的所有數字中。

And so you should always add 2% to each of those customer classes because we're delivering of the 2% reduction across every customer class year over year, and we've been doing that now really since the 08 law or thereabouts.

因此，您應該始終為每個客戶類別增加 2%，因為我們每年都會為每個客戶類別提供 2% 的折扣，而且自 08 年法律出台以來，我們一直在這樣做。

And so another way to think about those numbers I just quoted is that you should add a gross up 2% of crops across each of those, if you want to get the underlying economic conditions.

因此，思考我剛才引用的這些數字的另一種方式是，如果你想了解基本的經濟狀況，你應該在每一項中添加 2% 的農作物總產量。

So we still remain quite good.

所以我們仍然保持得很好。

And then we still remain quite pleased rather with the results.

然後我們仍然對結果感到非常滿意。

And then when you think about on a year-to-date basis, revenue is up about 1 point.

然後，當您考慮年初至今時，收入增加了約 1 個百分點。

Commercial is up over 1%, industrial down about 1 point and all in is up about a little over 0.5%.

商業上漲超過 1%，工業下跌約 1 個百分點，總上漲約略高於 0.5%。

So again, all things considered, particularly when you gross up for energy waste reduction, we think conditions in Michigan remain quite good really across all customer classes.

再說一次，考慮到所有因素，特別是當你減少能源浪費時，我們認為密西根州的所有客戶類別的情況仍然相當好。

Was that helpful?

這樣有幫助嗎？

Yes, good reminder on the efficiency.

是的，關於效率的好提醒。

And yes, we all know that your conservative mix and operational question, you noted there was some heavy storm activity in the quarter, what kind of score or grade would you give yourself in terms of restoration efforts?

是的，我們都知道您的保守組合和營運問題，您注意到本季有一些嚴重的風暴活動，您會給自己的恢復工作打什麼樣的分數或等級？

Reliabilities, obviously a big focus for you.

可靠性顯然是您關注的重點。

You talked about that in your comments, what would you say went well, what could have gone better and how does that fold into your efforts as part of the electric rate case and the audit?

您在評論中談到了這一點，您認為哪些方面進展順利，哪些方面可以做得更好，以及作為電價案件和審計的一部分，這些如何融入您的工作中？

So we're seeing a number of great improvements as a result of the investments we have made to date more needs to be done along those lines.

因此，由於我們迄今為止所做的投資，我們看到了許多巨大的改進，而且還需要沿著這些方向做更多的事情。

And so in fairness, I'd give ourselves a B in that context.

因此，公平地說，在這種情況下我會給自己打 B。

There's more needs to be done for our customers, and that's evident in the rate case filing that we're doing.

我們還需要為客戶做更多的事情，這一點在我們正在進行的費率案例歸檔中顯而易見。

Where we've worked a lot this year is reducing the size of the outage.

今年我們做了大量工作，就是減少停電規模。

And so we've put around using.

所以我們已經開始使用了。

So what I mean by that is you have less customers impacted when the tree comes on the line.

所以我的意思是，當樹上線時，受影響的客戶會更少。

That's an important word.

這是一個重要的字。

We've more than doubled our tree-trimming work over the last three years.

過去三年來，我們的樹木修剪工作量增加了一倍以上。

That's also provided benefit when we trim trees.

當我們修剪樹木時，這也帶來了好處。

And there, we see a greater than 60% reduction in a number of outages.

在那裡，我們發現停電次數減少了 60% 以上。

You may ask why not 100% because we still see trees outside the right-of-way that impacts our performance.

您可能會問為什麼不是 100%，因為我們仍然看到路權以外的樹木會影響我們的表現。

But I would also put into context the read we talk about the last week of June and there was a larger event in June, but there's a lot of smaller events which we would anticipate for trying to shrink the size, which makes restoration easier, but a lot of pockets throughout the state.

但我也會結合我們談論的六月最後一周的內容，六月有一個較大的事件，但有很多較小的事件，我們預計會嘗試縮小規模，這使得恢復更容易，但是整個州有很多口袋。

We brought in a number of resources.

我們引進了很多資源。

We leveraged a lot of our existing union resource to be able to respond to that.

我們利用了許多現有的工會資源來應對這個問題。

So we had good response from that perspective.

所以從這個角度來看，我們得到了很好的回應。

We measure in terms of, we're storing oil, our customers within a 24 hour window, one of our customers restored within a 24 hour window.

我們的衡量標準是，我們正在儲存石油，我們的客戶在 24 小時內恢復，我們的一位客戶在 24 小時內恢復。

And last year in 2023, we're at 90% within a 24 hour window this year were upwards of 95%.

去年，也就是 2023 年，我們在 24 小時內達到了 90%，今年則超過了 95%。

And so that shows the directional improvement many years not done.

這表明多年來沒有完成的定向改進。

We've got a lot of work to do, and we'll continue to make some important investments throughout this year.

我們還有很多工作要做，今年我們將繼續進行一些重要的投資。

And again, this electric rate case shows the path for more.

再次，這個電價案例顯示了更多的路徑。

So hopefully give that some context and already wants to add to it as well.

因此，希望能夠提供一些背景信息，並且也已經想要添加到其中。

And you're all I would add the Garrick's good comments on the operational side is really applying a financial lens.

我想補充一點，加里克在營運方面的良好評論實際上是從財務角度進行的。

And I would give us about a B plus A minus the financial side because through utilization of the CE Way we've done a really good job reducing unit costs in our actual service restoration.

我會給我們 B 加 A 減去財務方面的費用，因為透過利用 CE 方式，我們在降低實際服務恢復中的單位成本方面做得非常好。

And we're seeing at this point over $40 million of avoided cost.

目前，我們已經避免了超過 4000 萬美元的成本。

And needless to say, I talked about negative variance attributable to overall service restoration costs versus last year.

不用說，我談到了與去年相比整體服務恢復成本造成的負差異。

However, the costs would have been decidedly higher absent the problem-solving we've done throughout the year.

然而，如果我們一整年都沒有解決問題，成本肯定會更高。

And so we're contracting third parties more efficiently.

因此，我們可以更有效地與第三方簽訂合約。

We're using more automation to reduce manual inspections and definitely leveraging the tools of the CE Way to really execute on storm restoration much more efficiently.

我們正在使用更多的自動化來減少手動檢查，並且肯定會利用 CE Way 的工具來真正更有效地執行風暴恢復。

And we have in the past.

我們過去也有過這樣的經驗。

And so in addition to all the operational feat that Garrick highlighted, will also apply a really thoughtful financial lens as well as to make sure that we're bringing customers back online as quickly as possibly and as quickly as possible and as cost efficiently as possible.

因此，除了加里克強調的所有營運壯舉之外，我們還將運用真正深思熟慮的財務視角，並確保我們盡快讓客戶重新上線，並儘可能具有成本效益。

So I'd be remiss if I didn't add that as well.

因此，如果我不添加這一點，那就是我的失職。

It certainly sounds better than years past.

這聽起來確實比過去幾年好。

Thank you very much.

非常感謝。

Appreciate the details.

欣賞細節。

Thank you, Andrew.

謝謝你，安德魯。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Good morning.

早安.

Thank big guys, very much.

非常感謝各位大佬。

Appreciate it.

欣賞它。

Good to chat with you guys.

很高興和你們聊天。

Yes, good to hear from you again.

是的，很高興再次收到你的來信。

Yes, likewise, Garrick, what are you putting your hand when you put yourself in the ring here for VP given all the political conversation here, right.

是的，同樣，加里克，考慮到這裡所有的政治對話，當你把自己放在副總統的擂台上時，你會放什麼手，對吧。

Now you want to fix them growth.

現在你想修復它們的生長。

And here's Rochow.

這是羅肖。

I don't know if it has a ring to it.

不知道有沒有戒指。

Look I'll give it a try.

看看我會嘗試一下。

Look you guys are clearly as you get your first foot forward here for sure.

瞧，你們顯然已經踏出了第一步。

Look, you favorably have pulled back on O&M savings here.

看，您已經有利地減少了維運成本。

You're talking about leaning in on being in a good position against near-term and longer-term targets.

你說的是要在實現近期和長期目標方面處於有利地位。

Have you issued more debt?

你發行了更多債務嗎？

I think it was $675 million or $500 million to rebalance your equity ratio, what's driving this level of outperformance.

我認為需要 6.75 億美元或 5 億美元來重新平衡你的股本比率，這就是推動這種出色表現的原因。

But I'm just going to sort of clarify like the debt signaling as well as just overall the commentary, especially considering the O&M factor that you flagged that typically you lead with costs, but I'm wondering what other factors there.

但我只是想澄清一下債務信號以及總體評論，特別是考慮到您標記的營運和維護因素，通常您會以成本為主導，但我想知道還有哪些其他因素。

Yes, Julien, it's Rejji, appreciate the question and welcome back.

是的，Julien，我是 Rejji，感謝您提出這個問題，歡迎回來。

I really good to hear your voice.

我真的很高興聽到你的聲音。

Let me start with a few of the just premises or working assumption.

讓我從一些公正的前提或工作假設開始。

Do you offered up in the question.

你在問題中提出了嗎？

And so let me start with the debt at the utility just for factual purposes.

因此，出於事實目的，讓我從公用事業公司的債務開始。

And so we are planning to issue about $675 million in the second half of the year of the utilities part of our financing plan, it was initially half $0.5 billion.

因此，我們計劃在今年下半年發行約 6.75 億美元的融資計畫中的公用事業部分，最初為 5 億美元。

And so we've slightly increased, and that's really just because of our rate case outcomes, which had modestly lower equity levels.

因此，我們略有增加，這實際上只是因為我們的利率案例結果，其股權水準略有下降。

And so we'll have more debt at the operating company.

因此，我們的營運公司將背負更多債務。

And so I just want to make sure that that was abundantly clear.

所以我只是想確保這一點非常清楚。

And obviously, we'll look to execute on that financing as cost efficiently as possible.

顯然，我們將尋求盡可能有效率地執行融資。

And we'll be thoughtful about the maturity profile as well.

我們也會考慮成熟度概況。

The outperformance, it's been obviously we always tried to deliver on the cost performance side.

顯然，我們一直在努力提供性價比的卓越表現。

But as I mentioned in my prepared remarks, our rate relief net investments has been helpful in getting constructive orders.

但正如我在準備好的發言中提到的，我們的利率減免淨投資有助於獲得建設性訂單。

The electric rate order in early March gas rate case last year, we're still seeing the residual benefits from that.

去年三月初天然氣費率案例中的電價令，我們仍然看到了從中帶來的剩餘好處。

And so that's really what's helped us in the first half of the year and also though it's embedded in that catch-all bucket.

因此，這確實是今年上半年對我們有幫助的因素，儘管它也包含在那個包羅萬象的桶中。

As I note in my prepared remarks, NorthStar has really outperformed.

正如我在準備好的發言中指出的那樣，北極星的表現確實優於大盤。

They had a really soft comp in the first half of 2023, just given last year's plan was a bit more back-end loaded.

考慮到去年的計畫有更多的後端負載，他們在 2023 年上半年的表現非常疲軟。

And there were also some outage related issues at DIG given a transformer issue.

由於變壓器問題，DIG 也出現了一些與停電相關的問題。

And so this year.

今年也是如此。

They've really gotten out of the gate pretty strong, DIG up that $0.05 year over year, and we're seeing the residual benefits from solar projects that came in late last year.

他們的起步確實相當強勁，同比增長了 0.05 美元，我們看到了去年年底推出的太陽能專案的剩餘收益。

And so I think the combination of rate relief, net of investments outperformance at NorthStar as well as some cost performance, as you alluded to offset by mild weather conditions which have hurt the top line as well as storms as we talked about in the prior question.

因此，我認為，利率減免、北極星的投資表現出色以及一些成本效益的結合，正如您提到的，溫和的天氣條件損害了營收，正如我們在上一個問題中討論的那樣，風暴影響了營收。

So I'd say that combination of all of that, which gives us just good confidence going into the second half of the year.

所以我想說，所有這些的結合，讓我們對今年下半年充滿信心。

Actually, Rejji, just to follow up on that real quick, a lot of that dynamic with NorthStar.

事實上，Rejji，我只是想快速跟進 NorthStar 的動態。

Some of it is true up there.

樓上說的有些是真的。

You talk about outages year-over-year, you shouldn't in theory, some of that should have been expected solar in service.

你談論年復一年的停電，理論上你不應該這樣做，其中一些應該是預期的太陽能服務。

I mean, I'm curious of the outperformance here.

我的意思是，我對這裡的出色表現感到好奇。

I mean, is this more of a true-up?

我的意思是，這更像是真實的嗎？

Or is there sort of a compounding effect across the subsequent years?

或者在接下來的幾年裡是否會產生某種複合效應？

How do you think about leading indicators there?

您如何看待那裡的領先指標？

Yeah, good question.

是的，好問題。

NorthStar on plan, we anticipated a front end loaded year for all the reasons you noted.

北極星按計劃進行，出於您提到的所有原因，我們預計今年將是前端加載的一年。

So a good portion of NorthStar's performance was on plan, but I will say DIG did surprise a little bit to the upside in the first quarter because operationally, not only are they executing it very well, but they are also executing on a lower unit cost basis, which drives a little bit of additional margin.

因此，NorthStar 的業績的很大一部分是按計劃進行的，但我想說的是，DIG 在第一季確實取得了一些上行的驚喜，因為在營運方面，他們不僅執行得非常好，而且單位成本也較低基礎，這會帶來一點額外的保證金。

They also have opportunities for off peak margin that the team has capitalized on.

他們還擁有團隊利用的非高峰利潤機會。

So I'd say it's a combination of being on plan because with the front end loaded plan at NorthStar, but also some operational efficiency which we've seen.

所以我想說，這是按計劃進行的結合，因為北極星的前端加載計劃，而且還有我們所看到的一些運營效率。

So that's really the thrust of it at NorthStar.

這確實是 NorthStar 的主旨。

Awesome, guys.

太棒了，夥計們。

See you sooner.

早點見。

Thank you.

謝謝。

Durgesh Chopra, Evercore.

杜爾吉什喬普拉，Evercore。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Just all my other questions have been answered.

我所有其他問題都已得到解答。

I just wanted to see if there's an update on the performance-based ratemaking dotted here, but coming out of the legislation last year, what do we stand there?

我只是想看看這裡是否有關於基於績效的利率制定的更新，但去年的立法出台後，我們的立場是什麼？

Can you just update us on that, please?

能為我們介紹一下最新情況嗎？

Sure.

當然。

That's been a very constructive dialogue.

這是一次非常有建設性的對話。

As I've shared in the past, it started really wide and the number of metrics and then through good dialogue, it was narrowed down to four benchmarkable metrics, it's grown a little bit to accommodate some storm provisions.

正如我過去分享的那樣，它一開始非常廣泛，指標數量很多，然後通過良好的對話，它被縮小到四個基準指標，它增長了一點以適應一些風暴規定。

However, there's still a constructive dialogue underway here in July and August.

然而，七月和八月仍在進行建設性對話。

There's finally to be able to navigate that there's a few things we still want to work through it and get dot the Is and Check the Ts on you might say.

終於能夠明白，我們仍然想解決一些問題，並點出“Is”並檢查“T”，你可能會說。

And I expect that this is going to play out over several rate cases.

我預計這將在幾個利率案例中得到體現。

And so it's going to be implemented here immediately.

所以它將立即在這裡實施。

I think it just speaks to the constructive dialogue.

我認為這只是建設性對話的體現。

We have in Michigan here, a lot of good interveners and filings that go back and forth really make sure it's going to be a productive rate-making mechanisms.

我們在密西根州有很多優秀的干預者和來回提交的文件，確實確保了這將成為一種富有成效的利率制定機制。

Got it.

知道了。

So just kind of the framework of this would be a potential earnings uplift and then on the downside of potential penalty on uncertain metrics.

因此，這種框架的一種可能是潛在的收益提升，然後是對不確定指標的潛在懲罰。

And then when did you say this could go into effect.

那你說這個什麼時候可以生效呢？

This is a '25 Item, '26.

這是 '25 項目，'26。

Just any thoughts there?

只是有什麼想法嗎？

I would put it several rate cases away over maybe a year or two years out from an implementation perspective.

從實施的角度來看，我會將幾個費率案例擱置一兩年後。

Again, that's my view just on what I see of the world.

再說一遍，這只是我對世界的看法。

The intent is for it to be symmetric.

目的是使其對稱。

And so there's upside opportunity and downside opportunity.

因此，存在上行機會和下行機會。

The downside opportunity is market about $10 million at this contacts which is manageable in the context of the year.

下行機會是此聯絡人的市場價值約為 1000 萬美元，這在今年的背景下是可以管理的。

That means the upside opportunity is roughly that same amount from at least as is proposed currently.

這意味著上行機會至少與目前提議的金額大致相同。

Thanks so much.

非常感謝。

Appreciate the time.

珍惜時間。

(Operator Instructions)

（操作員說明）

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning, everyone.

大家早安。

On a very high level on electric demand, I wonder if you could elaborate on how it's trending versus your 2021 IRP and how as you had mentioned earlier in the call, how that would affect potentially the renewable energy plan filing here?

在電力需求的一個非常高的水平上，我想知道您是否可以詳細說明相對於2021 年IRP 的趨勢，以及正如您之前在電話會議中提到的那樣，這將如何影響此處提交的可再生能源計劃？

They're trending higher or lower.

它們的趨勢是更高或更低。

And how does that impact your REP?

這對您的 REP 有何影響？

It's definitely trending higher based on all the economic development activity.

根據所有經濟發展活動，它肯定呈上升趨勢。

That is, again, not speculators speculating on it that is signed or we're out building transmission and there's transmission substations and there's transmission being built to serve these customers.

也就是說，不是投機者在猜測已簽署的協議，或者我們正在建造輸電設施，並且有輸電變電站，並且正在建造輸電設施來為這些客戶提供服務。

And so in our renewable energy plan filing, you should anticipate that there's additional sales referenced there above and beyond our 2021 IRP.

因此，在我們的再生能源計畫備案中，您應該預期到我們的 2021 年 IRP 之外還會有額外的銷售。

And is it fair to make the leap then that you would need more renewable energy on that same percentage basis as what's in the lot?

那麼，在與該地塊中的能源百分比相同的基礎上，您將需要更多的可再生能源，這公平嗎？

Yes, generally speaking.

是的，一般來說。

Okay.

好的。

And then also, obviously, a lot of talk about in the media about Palisades.

顯然，媒體上也有很多關於 Palisades 的討論。

From your perspective, is it accurate that you're seeing development moving forward on that plant?

從您的角度來看，您看到該工廠的開發進度是否準確？

And then if so, would you be interested in you are implementing that in your plan in terms of the capacity and energy and or signing a PPA?

如果是這樣，您是否有興趣在產能和能源方面實施您的計劃，或簽署購電協議？

Palisades is making forward progress in the state from a state budget perspective.

從州預算的角度來看，帕利塞茲正在該州取得進展。

Another $150 million was allocated toward the forward direction of the facility.

另外 1.5 億美元被分配用於該設施的未來發展。

We're having public meetings that are going on right now on site.

我們正在現場舉行公開會議。

So again, forward steps and moving forward that plan.

再次強調，向前邁進並推進該計劃。

Now I remind you that a PPA has already been struck for the offtake from the Palisades facility that goes to a co-op in Michigan and a co-op in Indiana.

現在我提醒大家，帕利塞茲工廠的購電協議已經簽訂，該工廠將銷往密西根州的一家合作社和印第安納州的一家合作社。

So it's already spoken for.

所以已經說好了。

Now we did it's good for Michigan that Palisades is returning.

現在，帕利塞德斯的回歸對密西根州來說是件好事。

And we at CMS Energy do not see adverse impact as a result of Palisade coming back.

我們 CMS Energy 認為 Palisade 的回歸不會帶來負面影響。

Okay, great.

好的，太好了。

Thanks a lot and that's all I have.

非常感謝，這就是我所擁有的一切。

Thank you.

謝謝。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, thanks.

嘿，謝謝。

I hope I don't have an exact number.

我希望我沒有確切的數字。

Just one from me today.

今天只有我一個。

So I know, Rajji, you said you would be opportunistic in your prepared remarks around financing and potentially pulling things forward from '25.

所以我知道，Rajji，您說過您在準備好的有關融資的言論中會採取機會主義態度，並有可能從 25 年開始推動事情向前發展。

I'm just cognizant that you do have kind of when you start to issue equity in 2025, maybe you can kind of give us some more color from, you know, kind of pulling forward hybrid or debt?

我只是意識到，當你在 2025 年開始發行股票時，你確實可以為我們提供更多的信息，例如推動混合動力或債務？

Or is everything on the table and how we should think about that?

或者一切都擺在桌面上，我們該如何思考？

Yeah.

是的。

I appreciate the question, Nick.

我很欣賞這個問題，尼克。

I would say in short, I wouldn't say everything is on the table.

簡而言之，我不會說所有事情都擺在桌面上。

So you won't see us issuing equity in 2024.

所以你不會看到我們在 2024 年發行股票。

We have done in the past, though, as we have executed on forwards opportunistically to at least take some of the price risk off the table.

不過，我們過去曾經這樣做過，就像我們機會主義地執行遠期交易一樣，至少可以消除一些價格風險。

And then I would say where the equity is today.

然後我會說今天的股本在哪裡。

I think that look, it seems like the most likely trade that I was speaking more towards parent debt financing needs.

我認為，看起來，這似乎是我所說的最有可能的交易，更多的是針對母公司債務融資需求。

And certainly our thinking is quite expansive, everything from senior notes to hybrids and those types of securities, all of which we've done pretty opportunistically in the past.

當然，我們的思維相當廣泛，從高級票據到混合債券以及這些類型的證券，所有這些我們過去都相當機會主義地做過。

As you may recall, we've got about $250 million coming due at the at the holdco next year.

您可能還記得，明年我們的控股公司將有約 2.5 億美元到期。

And so we're mindful that we have, I'd say, modest new money needs on top of that.

因此，我們要注意的是，除此之外，我們還有適度的新資金需求。

And so we will see if there is good pricing in the market, particularly if the speculation around potential dovish policy -- dovish monetary policy from the Fed comes to fruition, but I have stopped the wagering on that.

因此，我們將看看市場上是否有良好的定價，特別是圍繞聯準會潛在鴿派政策——鴿派貨幣政策的猜測能否實現，但我已經停止對此進行押注。

So we'll see what happens.

所以我們會看看會發生什麼。

But if we start to see a correction in the yield curve that's favorable and it creates opportunities for holdco debt financings.

但如果我們開始看到殖利率曲線出現修正，這是有利的，它會為控股公司債務融資創造機會。

We will look to do that.

我們會努力做到這一點。

And again, I'd say the equity needs still as is up there, $350 million starting next year, and I don't see us pulling any of that forward.

再說一次，我想說的是，股權需求仍然像現在一樣，從明年開始需要 3.5 億美元，而且我不認為我們會推動這方面的任何進展。

All right.

好的。

That's super helpful.

這非常有幫助。

I really appreciate it, and I'm looking forward to seeing at the conference in September.

我真的很感激，我期待在九月的會議上見到。

Thanks.

謝謝。

With no further questions in the queue at this time, I would like to hand the call back to Mr. Garrick Rochow for any closing remarks.

由於目前隊列中沒有其他問題，我想將電話轉回 Garrick Rochow 先生以徵求結束語。

Thanks, Harry.

謝謝，哈利。

I'd like to thank everyone for joining us today and look forward to seeing you on the road soon.

我要感謝大家今天加入我們，並期待很快在路上見到你們。

Take care and stay safe.

小心並保持安全。

This concludes today's conference.

今天的會議到此結束。

We thank everyone for your participation.

我們感謝大家的參與。