CMS能源 (CMS) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to the CMS Energy 2020 for Q3 results.

大家早安，歡迎來到 CMS Energy 2020 年第三季業績。

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 of this call is being recorded.

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獲取，本次電話會議正在錄製。

After the presentation, we will conduct a question and answer session.

演講結束後，我們將進行問答環節。

Instructions will be provided at that time.

屆時將提供說明。

If at any time during the conference you need to reach an operator, please press the star key followed by zero.

如果在會議期間的任何時間您需要聯絡接線員，請按星號鍵，然後按零。

Just a reminder, there will be a rebroadcast of this conference call today beginning at 12 p.m.

請注意，今天中午 12 點將重播本次電話會議。

Eastern Time running through November seventh.

東部時間持續到 11 月 7 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.

這時，我想把電話轉給傑森先生。

Sure, Treasurer and Vice President of Investor Relations.

當然，財務主管兼投資人關係副總裁。

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 Gary grocery, home President and Chief Executive Officer, and Rejji Hayes, Executive Vice President and Chief Financial Officer.

和我在一起的還有 Home 總裁兼執行長加里·雜貨店 (Garygrocery) 和執行副總裁兼財務長雷吉·海耶斯 (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。

Presentation also includes non-GAAP measures.

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 Eric.

現在我將把電話轉給埃里克。

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。

At CMS Energy.

在 CMS 能源公司。

We deliver year-over-year for all stakeholders.

我們逐年為所有利害關係人提供服務。

We do that through our investment thesis.

我們透過我們的投資論文來做到這一點。

This simple but powerful model, coupled with our disciplined execution sets us apart in the industry and it delivered more than two decades of it.

這種簡單但強大的模型，加上我們嚴格的執行力，使我們在行業中脫穎而出，並且它已經實現了二十多年。

Industry-leading financial performance.

業界領先的財務業績。

Typically, I walk through that investment thesis.

通常，我會詳細介紹該投資論文。

But today, I want to offer three differentiators that CMS Energy providing confidence and visibility as we continue to strengthen and lengthen our 6% to 8% EPS growth.

但今天，我想提供三個優勢，CMS Energy 在我們繼續加強和延長 6% 至 8% 的每股盈餘成長過程中提供了信心和可見性。

First, Michigan's clean energy law is low, is great for our customers.

首先，密西根州的清潔能源法門檻低，對我們的客戶來說非常有利。

The planet and our investors ensures we have the rights legislation in place to move from coal to comments we make in renewable energy.

地球和我們的投資者確保我們擁有適當的權利立法，從煤炭轉向再生能源。

And it gives us the flexibility to either own the assets or utilize a power purchase agreement doing what is best for our customers.

它使我們能夠靈活地擁有資產或利用購電協議，為我們的客戶提供最好的服務。

Now here's what's unique, earning a financial compensation mechanism, approximately 9% on a power purchase agreement.

現在有一個獨特之處，即獲得經濟補償機制，大約是購電協議的 9%。

No other state that I'm aware of has this provision and then add to it requirements for battery storage and and increased incentive on it.

據我所知，沒有其他州有此規定，然後增加了對電池儲存的要求並增加了對電池儲存的誘因。

Energy efficiency.

能源效率。

There is a lot in this law, very little of which is in our 5-year investment plan, providing a strong tailwind.

這部法律的內容很多，但其中很少出現在我們的五年投資計畫中，提供了強大的推動力。

And we believe we can do this important work affordably for our customers.

我們相信我們能夠為客戶以經濟實惠的方式完成這項重要的工作。

The flexibility in the law that allows for ownership for power purchase agreements, both with in Michigan in outside of Michigan, provides more options for customers in ensures we can utilize lower cost energy.

法律的靈活性允許密西根州內外的電力購買協議的所有權，為客戶提供了更多選擇，確保我們可以利用更低成本的能源。

Furthermore, it provides us the ability to replace existing outdated in above market power purchase agreements with new renewable assets, which keeps cost affordable for customers.

此外，它使我們能夠用新的再生能源資產取代現有的過時的市場購電協議，從而使客戶能夠承受成本。

Our 20-year renewable energy plan or REP. that we'll file next month will detail our clean energy investments and plans to achieve the targets set by Michigan's clean energy law.

我們的 20 年再生能源計劃或 REP。我們將在下個月提交的文件將詳細說明我們的清潔能源投資以及實現密西根州清潔能源法設定的目標的計劃。

This filing will show the renewable assets needed above and beyond 2021 integrated resource plan as well as the additional renewable assets needed to meet increasing sales demand and growth in the state.

該文件將顯示 2021 年綜合資源計劃之上及之後所需的可再生資產，以及滿足該州不斷增長的銷售需求和增長所需的額外可再生資產。

As I shared before, Michigan's clean energy law is great for all stakeholders and provides the flexibility we need to find the most cost effective clean energy for our customers.

正如我之前分享的，密西根州的清潔能源法對所有利益相關者都非常有利，並提供了我們為客戶找到最具成本效益的清潔能源所需的靈活性。

The second item I want to highlight is our commitment to customer reliability.

我想強調的第二點是我們對客戶可靠性的承諾。

I'm very proud of the comprehensive plan we have laid out in our 5-year 7 billion for electric reliability roadmap.

我對我們在 5 年 70 億美元電力可靠性路線圖中製定的全面計劃感到非常自豪。

This plan details our actions to move the second quartile reliability performance or stated by the end of the decade through targeted investments in our electric grid needed investments for our customers because we have recorded some of Michigan's highest wind speeds over the last five years, and we are seeing more frequent storm activity.

該計劃詳細說明了我們為實現第二個四分位可靠性性能而採取的行動，或者說到本世紀末通過對我們的電網進行有針對性的投資來滿足客戶的需要，因為我們在過去五年中記錄了密西根州最高的風速，我們風暴活動更加頻繁。

This plan is deliberate and comprehensive improves reliability in the short term in build and long-term resiliency.

該計劃是經過深思熟慮且全面的，提高了短期建造的可靠性和長期的彈性。

And it does it proactively versus reactively.

它是主動的而不是被動的。

This plan means we'll against serious efforts to underground more of our distribution wires, better aligned with Midwest peers and replaced more than 20,000 pools with those design for more extreme weather.

該計劃意味著我們將反對將更多的配電線埋入地下，更好地與中西部同行保持一致，並用針對更極端天氣的設計替換了 20,000 多個游泳池。

It also means investing in grid technology for more automation and machine learning to speed up restoration in weather events.

它還意味著投資網格技術以實現更多自動化和機器學習，以加快天氣事件的恢復。

We're also one of the first utilities east of the Mississippi to file a comprehensive Wildfire Mitigation Plan, which lays out the investments needed to prepare for climate change.

我們也是密西西比河以東首批提交全面野火緩解計畫的公用事業公司之一，該計畫列出了應對氣候變遷所需的投資。

These customer investments are based on Electric Power Research Institute and bring best practices and will bolster our distribution system to a level of performance.

這些客戶投資以電力研究院為基礎，帶來最佳實踐，並將提高我們的配電系統的性能水準。

Our customers expect, particularly as the economy continues to electrify in our plants have been supported.

我們的客戶期望得到支持，特別是隨著經濟持續電氣化，我們的工廠得到了支持。

I am pleased with the recent outcomes from the Michigan Public Service Commission and the Liberty storm audit, which highlights the vastness of our system.

我對密西根公共服務委員會和自由風暴審計最近的結果感到高興，這突顯了我們系統的龐大性。

The billions of dollars in decades needed to improve it in the importance of these strategic investments in our customers benefit when we improve the system proactively versus reactively making these investments in the system now means we can do it at a 40% to 70% lower cost compared to when we do this work following an outage, better service, lower customer cost.

幾十年來需要花費數十億美元來改善這些策略性投資的重要性，當我們主動改進系統而不是被動地對系統進行這些投資時，我們的客戶會受益，現在意味著我們可以以降低40% 到70% 的成本來實現這一目標與我們在停電後進行這項工作相比，服務更好，客戶成本更低。

This is a great story.

這是一個很棒的故事。

The third point I want to make to date is the nice tailwind of economic development we are seeing in our service area.

到目前為止我想說的第三點是我們在服務區看到的經濟發展的良好順風。

I'm excited and encouraged about a true Renaissance underway in Michigan.

我對密西根正在發生的真正的文藝復興感到興奮和鼓舞。

The big story across the industry as sales grow, brought my data centers, we are seeing the same, and we're happy to talk more about data centers for our story is different in, in my opinion, better in Michigan, we are seeing a manufacturing renaissance bolstered by onshoring unique state attributes and the inflation reduction and the chips and science acts that we love manufacturing growth because it brings jobs, supply chain, James commercial activity, housing starts and residential growth, where there is greater benefit for the state.

隨著銷售的成長，整個行業的大故事帶來了我的資料中心，我們看到了同樣的情況，我們很高興更多地談論資料中心，因為我們的故事是不同的，在我看來，在密西根州更好，我們看到製造業的復興受到本土獨特的國家屬性、通貨膨脹的降低以及晶片和科學行為的支持，我們喜歡製造業的成長，因為它帶來了就業機會、供應鏈、詹姆斯商業活動、住房開工和住宅成長，對國家有更大的好處。

We recently updated this slide to highlight several new and diversified examples.

我們最近更新了這張投影片，以突出顯示幾個新的和多樣化的範例。

Corning expanding and investing up to 900 million in bringing nearly 1,100 jobs to the state.

康寧進行擴張並投資高達 9 億美元，為該州帶來了近 1,100 個就業機會。

This is the sort of growth like to see significant Michigan investment in job growth.

這種成長類似於密西根州對就業成長的重大投資。

Saab has expansion plans for integration in assembly facility.

薩博有整合組裝設施的擴張計畫。

Saab is new to the states, but adding to the nearly 4,000 businesses engaged in defense and aerospace work in Michigan, two new examples among many that speak to the diversified manufacturing growth.

薩博 (Saab) 是各州的新公司，但密西根州近 4,000 家從事國防和航空航天工作的企業中又增加了兩個新的例子，這說明了製造業的多元化增長。

We are realizing over 700 megawatts of signed contracts in 24 months in growing our economic development pipeline continues to look promising with over six gigawatts of low looking to either move to or expand in our state, 60% of which is manufacturing.

我們在24 個月內簽署了超過700 兆瓦的合同，以擴大我們的經濟發展管道，看起來仍然充滿希望，有超過6 吉瓦的低功率項目將遷往我們州或在我們州擴張，其中60% 是製造業。

As I mentioned earlier, our renewable energy plan will conservatively reflect our updated low growth forecast based on the strong economic development tailwinds we are experiencing.

正如我之前提到的，我們的再生能源計畫將保守地反映我們基於我們正在經歷的強勁經濟發展順風而更新的低成長預測。

We work hard everyday to win our customers' business, and we are honored when business see the value and invest in our state and our service territory.

我們每天都努力贏得客戶的業務，當企業看到價值並投資於我們的州和我們的服務領域時，我們感到很榮幸。

So let's take a look at the regulatory calendar for the year.

那麼讓我們來看看今年的監管日曆。

As I shared last quarter, our financial related regulatory outcomes are known for the year, given the constructive March electric rate order in the approved gas rate case settlement.

正如我上季度分享的那樣，考慮到已批准的天然氣費率案件和解中的建設性三月份電費令，我們今年的金融相關監管結果已為人所知。

This positions us well as we navigate the last quarter of 2024.

這使我們在 2024 年最後一個季度處於有利位置。

Gas rates were effective October first, and we plan to file our next gas rate case in December of this year.

Gas 費率於 10 月 1 日生效，我們計劃在今年 12 月提交下一個 Gas 費率案件。

In our current electric rate case, we saw constructive starting position by staff.

在我們目前的電價案例中，我們看到了員工的建設性出發點。

We saw support for further underground wildfire mitigation in the continuation of the investment recovery mechanism.

我們看到，在延續投資回收機制的過程中，人們對進一步緩解地下山火的支持得到了支持。

I do want to point out that the mechanism for storm recovery and the investments outlined in the electric rate case in the Liberty storm audit are important for our customers.

我確實想指出，自由風暴審計中電價案例中概述的風暴恢復機制和投資對我們的客戶非常重要。

It probably goes without saying, however, it may require that we go to fully adjudicated order to get the best outcome for our customers.

這可能是不言而喻的，但是，這可能需要我們進行充分裁決的命令，以便為我們的客戶獲得最佳結果。

No that we are confident with where we are in the process, the quality of our filing in the proactive nature of the investments we are making to improve reliability for our customers.

不，我們對目前的進程、我們為提高客戶可靠性而進行的積極投資的歸檔品質充滿信心。

We go to full distance.

我們全力以赴。

We expect the order in March of 2025.

我們預計訂單將於 2025 年 3 月收到。

Now let's spend a moment on the results

現在讓我們花點時間看看結果

.

。

For the first nine months, we reported adjusted earnings per share 40 watts versus the same period in 2023, largely driven by the constructive outcomes in our electric and gas rate cases.

前 9 個月，我們公佈的調整後每股收益與 2023 年同期相比增加了 40 瓦，這主要是由我們的電力和天然氣費率案例的建設性成果推動的。

Given our confidence in the year, we are reaffirming all our financial objectives, including this year's guidance range of $3.29 to $3.35 per share.

鑑於我們對今年的信心，我們重申我們的所有財務目標，包括今年每股 3.29 美元至 3.35 美元的指導範圍。

With continued confidence towards the high end, we are initiating our full year guidance for 2025 at $3.52 to $3.58 per share, reflecting 6% to 8% growth off the midpoint of this year's range.

憑藉對高端市場的持續信心，我們將 2025 年全年指導價定為每股 3.52 美元至 3.58 美元，較今年區間中點增長 6% 至 8%。

And we are well positioned just like 2024 to be toward the high end of that range.

就像 2024 年一樣，我們處於有利位置，可以邁向該範圍的高端。

Is important to remember that we always rebased guidance offer actually on the Q4 call compounding our growth

重要的是要記住，我們總是根據第四季度的電話會議重新調整指導建議，以促進我們的成長

.

。

This brings you a higher quality of earnings and differentiates us from others in the sector.

這將為您帶來更高品質的收益，並使我們在業界脫穎而出。

And like we've done in previous years, would provide a refresh of our 5-year capital and financial plans on the queue for the call.

就像我們前幾年所做的那樣，我們將更新我們等待電話會議的 5 年資本和財務計劃。

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

這樣，我就把電話轉給雷吉。

Thank you, Dirk, and good morning, everyone.

謝謝你，德克，大家早安。

On Slide 9, you'll see our standard waterfall chart, which illustrates the key drivers impacting our financial performance for the first nine months of 2020 fourth and our year to go expectations for clarification purposes.

在投影片 9 上，您將看到我們的標準瀑布圖，其中說明了影響 2020 年第四季前 9 個月財務表現的關鍵驅動因素以及我們對未來一年的預期。

All of the variance analyses here end are in comparison to 2023, both on a year to date and a year-ago basis.

這裡的所有變異數分析都是與 2023 年相比，包括年初至今和去年同期。

In summary, through the third quarter, we delivered adjusted net income of 736 million, or two book $2.47 per share, which compares favorably to the first nine months of 2023, largely due to higher rate relief, net of investment costs and solid performance at Northstar.

總之，截至第三季度，我們實現了7.36 億美元的調整後淨利潤，即每股2.47 美元，與2023 年前9 個月相比，這主要是由於更高的利率減免（扣除投資成本）和穩健的業績北極星。

From a weather perspective, the third quarter offered favorable weather versus the prior year to the tune of $0.1 per share, largely due to a warm September.

從天氣角度來看，第三季天氣較去年同期有利，每股收益為 0.1 美元，主要是由於 9 月氣候溫暖。

The strong third quarter weather for the electric business more than offset the mild weather experienced in the first half of the year, thus equating to $0.05 per share positive variance year to date

電力產業第三季強勁的天氣足以抵銷上半年經歷的溫和天氣，因此相當於年初至今每股正方差為 0.05 美元

.

。

As mentioned rate relief, net of investment costs.

如前所述，扣除投資成本後的利率減免。

one of the key drivers of our year-to-date performance resulted in $0.18 per share of positive variance due to constructive outcomes achieved and our electric rate order received in March from the residual benefits of last year's gas rate case settlement.

我們今年迄今業績的關鍵驅動因素之一是每股正差異 0.18 美元，這是由於取得了建設性成果，並且我們在 3 月份收到了來自去年天然氣費率案件和解的剩餘收益的電價訂單。

From a cost perspective, our year-to-date financial performance was largely driven by lower service restoration expense despite a sizable whether system that impacted our service territory in early August.

從成本角度來看，儘管 8 月初有一個相當大的系統影響了我們的服務範圍，但我們今年迄今為止的財務表現很大程度上是由服務恢復費用降低所推動的。

Our favorable variance in this regard has been fueled in large part by cost efficiencies in our store response efforts.

我們在這方面的有利差異在很大程度上是由我們商店響應工作的成本效率所推動的。

In fact, even though our volume of outages has increased by approximately 10% in 2024 versus the comparable period last year, our restoration cost per interruption has decreased by over 10%, all while restoring customers at a faster rate than the prior year.

事實上，儘管 2024 年的中斷數量比去年同期增加了約 10%，但每次中斷的恢復成本卻下降了 10% 以上，同時恢復客戶的速度比前一年更快。

These achievements and our storm response efforts are just another example, our lean operating system, the CE. way driving daily productivity in the business.

這些成就和我們的風暴響應努力只是另一個例子，我們的精益作業系統，CE。提高企業日常生產力的方式。

Quite simply, our workforce uses the tools of lean operating system to deliver more value to customers with less resources every day.

很簡單，我們的員工每天使用精益作業系統的工具，以更少的資源為客戶提供更多的價值。

That is the essence of the C anyway.

無論如何，這就是 C 的本質。

And this favorability and service restoration expense, coupled with cost performance throughout the business provided $0.02 per share of positive variance versus the comparable period in 2023.

與 2023 年可比期間相比，這種優惠和服務恢復費用，加上整個業務的成本績效，帶來了每股 0.02 美元的正差異。

Rounding out the first nine months of the year.

今年前九個月即將結束。

You'll note the $0.16 per share of positive variance highlight added the catch-all bucket in the middle of the chart.

您會注意到，每股 0.16 美元的正方差突出顯示在圖表中間添加了包羅萬象的桶。

The primary sources of upside here will related to solid operational performance at Northstar and a tax-related benefit among other factors.

上漲的主要來源將與 Northstar 穩健的營運表現以及與稅收相關的收益等因素有關。

Looking ahead, as always, we plan for normal weather, which equates to $0.14 per share positive.

展望未來，我們一如既往地計劃應對正常天氣，這相當於每股收益 0.14 美元。

There variance for the remaining three months of the year, given the mild temperatures experienced in the last three months of 2023.

鑑於 2023 年最後三個月氣溫溫和，今年剩餘三個月存在差異。

For a regulatory perspective, we'll realize $0.09 per share of positive variance, largely driven by the aforementioned electric rate order received from the Commission earlier this year and a constructive outcome achieved and our recently approved gas rate case settlement, which went into effect into effect on October first.

從監管角度來看，我們將實現每股0.09 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所取得的建設性成果以及我們最近批准的天然氣費率案件和解（該解決方案於2017 年生效）推動的。

As Derek noted on the cost side, we anticipate $0.15 per share of negative variance for the remaining three months of 2024, in large part due to additional funding support for select cost categories that have trended at above budgeted levels for the majority of the year, such as insurance premium and IT related expenses, closing out the glide path for the remainder of the year and to put in the penultimate bar.

正如德里克在成本方面指出的那樣，我們預計2024 年剩餘三個月的負差異為每股0.15 美元，這在很大程度上是由於今年大部分時間都高於預算水平的特定成本類別提供了額外的資金支持，例如保險費和 IT 相關費用，結束了今年剩餘時間的下滑路徑，並列入倒數第二欄。

On the right hand side, you'll note a significant negative variance, which largely consists of the absence of select one-time countermeasures from last year and conservative assumptions around non-utility performance among other items.

在右側，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其他項目中的非公用事業績效的保守假設。

In aggregate, these assays options equate to $0.25 to $0.31 per share of negative variance.

總的來說，這些分析選項相當於每股負方差 0.25 至 0.31 美元。

In summary, we remain well positioned to deliver on our 2020 for financial objectives to the benefit of customers and investors.

總之，我們仍有能力實現 2020 年的財務目標，為客戶和投資者帶來利益。

As such, we are reaffirming our full year guidance range of $3.29 per share year to $3.35 per share, with a continued bias toward the high end.

因此，我們重申全年指引範圍為每股 3.29 美元至 3.35 美元，並繼續偏向高端。

Moving on to the balance sheet on slide 10, we highlight our recently reaffirmed credit ratings from S&P.

轉到投影片 10 上的資產負債表，我們重點介紹了標準普爾最近重申的信用評級。

In August.

八月。

We continue to target mid 10s.

我們繼續以 10 歲左右為目標。

Ffo-to-debt on a consolidated basis of our planning period can preserve our solid investment grade credit ratings as per long-standing guidance from the rating agencies.

根據評級機構的長期指導，在我們的規劃期間合併的 FFO 債務可以保持我們穩健的投資等級信用評級。

As always, we remain focused on maintaining a strong financial position, which coupled with a supportive regulatory construct and predictable operating cash flow generation supports our solid investment grade ratings to the benefit of customers and investors.

一如既往，我們仍然致力於保持強勁的財務狀況，再加上支持性的監管結構和可預測的營運現金流生成，支持我們堅實的投資等級評級，從而造福客戶和投資者。

Moving on to our financing plan on Slide 11.

繼續討論投影片 11 上的融資計畫。

I'm pleased to report that we have completed all of our planned financing for the year at levels favorable to plan and ahead of schedule, which leaves us with ample liquidity for the remainder of the year and beyond.

我很高興地報告，我們已經按計劃提前完成了今年所有計劃的融資，這使我們在今年剩餘時間及以後擁有充足的流動性。

I'll bring to your attention a relatively modest increase to our 2024 plan financings at the utility, given the need to rebalance the rate making capital structure in accordance with the recent regulatory outcomes and attractive pricing at issuance is also worth noting that we remain opportunistic, should we see a cost sufficient opportunity to pull ahead some of our 2025 financing needs.

考慮到需要根據最近的監管結果重新平衡資本結構的利率，我將提請您注意我們在公用事業公司的 2024 年計劃融資的相對適度增長，並且值得注意的是，我們仍然保持機會主義，我們是否會看到成本足夠的機會來提前滿足2025 年的部分融資需求。

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 capitalized on opportunities as they arise.

我們會採取保守的計劃，並在機會出現時加以利用。

This approach has been tried and true year-in and year-out and has enabled us to deliver on our operational and financial objectives irrespective of the circumstances to the benefit of our customers and investors.

這種方法經過了年復一年的考驗，使我們能夠在任何情況下實現我們的營運和財務目標，從而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 Eric for his fine remarks.

至此，我將把它交還給艾瑞克，徵求他的精彩評論。

Before the Q&A session.

在問答環節之前。

Thank you, Reggie.

謝謝你，雷吉。

Cms Energy over two decades of consistent industry-leading financial performance.

Cms Energy 二十多年來一直保持業界領先的財務表現。

We remain confident in our strong outlook this year and beyond as we continue to execute on our simple investment thesis and make the necessary and important customer affordability.

我們對今年及以後的強勁前景仍然充滿信心，因為我們將繼續執行我們簡單的投資理念，並為客戶提供必要且重要的負擔能力。

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

哈里，請打開問答線。

Thank you very much, Gary.

非常感謝你，加里。

A question and answer session will be conducted electronically.

問答環節將以電子方式進行。

If you would like to ask a question, please do so by pressing the star key followed by the digit one on your touch tone telephone.

如果您想提問，請按按鍵式電話上的星號鍵，然後按數字 1。

If you're using a speaker function, please make sure you pick up.

如果您使用揚聲器功能，請務必接聽。

Your handset will proceed in the order you signal us, and we'll take as many questions as time permits.

您的手機將按照您向我們發出信號的順序進行處理，我們將在時間允許的情況下回答盡可能多的問題。

If you do find that your question has been answered, you may remove yourself by pressing the star key followed by the digit two on your touch tone telephone.

如果您確實發現您的問題已得到解答，您可以按按鍵式電話上的星號鍵和數字 2 來退出。

We will pause for just a second.

我們暫停一下。

Our first question is from the line of Shar Pourreza with Guggenheim Partners.

我們的第一個問題來自古根漢合夥人公司的 Shar Pourreza。

Please go ahead.

請繼續。

Your line is now.

你的線路現在是。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Ag and more ICR.

Ag 和更多 ICR。

I heard you didn't like our US hold music.

我聽說你不喜歡我們在美國舉行的音樂。

I heard that was the thing today that process.

我聽說這就是今天的過程。

oh, God, I like our zero unlike other choices, but it's okay.

哦，上帝，我喜歡我們的零，不像其他選擇，但沒關係。

Yes, Metallica, but I'm happy to tell you the Motorola ACVC out of and I've been there.

是的，Metallica，但我很高興告訴你摩托羅拉 ACVC 已經結束了，我也去過那裡。

What's your questions that are very ago.

你很久以前的問題是什麼？

So just count on the data center demand, obviously everyone is mentioning it to kind of a degree.

因此，只要依靠資料中心的需求，顯然每個人都在某種程度上提到了這一點。

Michigan has obviously started to emerge as a favorable data center environment with some of the hyperscalers doing some land acquisitions that are Grand Rapids to not to be exact.

密西根州顯然已經開始成為一個有利的資料中心環境，一些超大規模企業進行了一些土地收購，確切地說是大急流城。

Do you have sort of existing grid capacity to onboard kind of the NewCo customers?

您是否有現有的電網容量來吸引新創公司客戶？

Have that kind of an interconnection lag?

有這種互連滯後嗎？

What are you seeing on the ground and you need sort of a new tariff structure to move ahead?

您在現場看到了什麼，您需要一種新的關稅結構來推進？

We've seen some interesting proposals coming out of Ohio, lot of back-and-forth.

我們看到俄亥俄州提出了一些有趣的提案，經過多次反覆討論。

They're so big question, but how do you think about those?

這是一個很大的問題，但你如何看待這些？

Michigan and our service territory, specifically reference Grand Rapids.

密西根州和我們的服務區域，特別是指大急流城。

And that's in our service territory as a great place for more data centers and investment in Michigan, temperate climate, the fiber infrastructure.

這在我們的服務領域內，是密西根州、溫帶氣候和光纖基礎設施建設更多資料中心和投資的好地方。

And to your point, and really the point of your question here is we have the electric infrastructure available serve.

就您的觀點而言，您真正問題的重點是我們擁有可用的電力基礎設施。

So we work closely with data centers and other manufacturing and customers to meet their time lines for the ramp up and low load.

因此，我們與資料中心以及其他製造商和客戶密切合作，以滿足他們的爬坡和低負載時間表。

And so that makes us advantageous to locate a data center or as I highlighted in my prepared remarks, really manufacturing has been a lot of manufacturing growth.

因此，這使我們有利於建立資料中心，或者正如我在準備好的演講中所強調的那樣，製造業確實取得了很大的成長。

It's shown up here.

它顯示在這裡。

And so that's what's exciting about Michigan.

這就是密西根州令人興奮的地方。

I guess the other thing as to when they look to our clean energy law, they can see a path to that growing clean energy on the renewables and then the clean energy standard by 2040, which is also attractive to the data center components.

我猜另一件事是，當他們研究我們的清潔能源法時，他們可以看到一條在可再生能源上不斷增長清潔能源的道路，然後到2040 年制定清潔能源標準，這對資料中心組件也很有吸引力。

But I would highlight to just what I don't want to lose in this conversation is manufacturing growth.

但我想強調的是，我不想在這次談話中失去的是製造業的成長。

That's really works in the Toronto.

這在多倫多確實有效。

We've seen a lot of opportunities show up there.

我們看到那裡出現了很多機會。

They'll show up in our renewable energy plan as well on to serve our customers.

它們也將出現在我們的再生能源計劃中，並為我們的客戶提供服務。

And at all from I just wanted a question on the on a tear off road.

我只是想問一個關於道路上的問題。

You'll recall we've already filed ex parte type filing to move the data centers to what we call RGPDGBD. rate.

您可能還記得，我們​​已經提交了單方類型備案，將資料中心轉移到我們所說的 RGPDGBD。速度。

That's a better reflection of the cost to serve.

這更好地反映了服務成本。

And we are working in collaboration with the commission to see if another rate structure as needed for data centers that we're going to share.

我們正在與該委員會合作，看看我們是否將分享資料中心所需的另一種費率結構。

Our residential customers are not left subsidizing data centers.

我們的住宅客戶不會為資料中心提供補貼。

Got it.

知道了。

Any timing on that home care, we would expect that we can do to make progress.

在家庭護理方面的任何時間，我們都希望能夠取得進展。

I mean, like I said, the ex parte filings already been approved.

我的意思是，就像我說的，單方面申請已經獲得批准。

And so we're in a good position there.

所以我們在那裡處於有利地位。

From a cost of service perspective, we'll continue to work with the commission.

從服務成本的角度來看，我們將繼續與委員會合作。

I would expect that to take place over the next six months to here.

我預計這將在接下來的六個月內發生。

Okay, perfect.

好的，完美。

And then just lastly, in terms of your takeaways from the storm and resiliency audits this year, your commitment to cutting outages supported by the current distribution plan, or would you look to update the DSP. to incorporate some recommendations from the audits?

最後，就今年的風暴和彈性審計的收穫而言，您對當前分配計劃支援的減少停電的承諾，或者您是否希望更新 DSP。納入審計中的一些建議？

Or does it just informed view better to move the 1.5 billion incremental CapEx you identified into base plan?

或者是否可以更好地將您確定的 15 億增量資本支出轉移到基本計劃中？

Thanks.

謝謝。

This this audit that was was completed.

至此審計已完成。

We thought the Liberty Artix, that was the company that was performing.

我們認為 Liberty Artix 就是表演的公司。

The work is really balance in support of.

這項工作確實是平衡支持的。

I mean, you could see that within the context of supportive of the work that we need to do the capital investments entries remedying to be able to continue and enhance reliability and provide better.

我的意思是，您可以看到，在支援工作的背景下，我們需要進行資本投資條目補救，以便能夠繼續並提高可靠性並提供更好的服務。

Sir service.

服務先生。

And as my prepared remarks here, we can do that a lower cost, so better service, lower-cost when we do things proactively versus reactively.

正如我在這裡準備的發言，當我們主動做事而不是被動做事時，我們可以以更低的成本、更好的服務、更低的成本做到這一點。

So we have our 5-year capital plan that $7 billion plan that's comprehensive and very deliberate and focused.

因此，我們制定了 5 年資本計劃，即 70 億美元的計劃，該計劃非常全面、經過深思熟慮且重點突出。

And we'll take the audit results and we'll look to incorporate that in that plan.

我們將獲取審計結果，並將其納入該計劃。

And I'll remind you that the 7 billion to our plan, 5.5 of it is incorporated into the capital plan.

我要提醒大家的是，我們計畫中的70億，其中的5.5已經納入資本計畫。

And so there's opportunity there to work more of that capital.

因此，我們有機會更多地利用這些資本。

And of course, with the support of the Public Service Commission staff and commission.

當然，還有公共服務委員會工作人員和委員會的支持。

Fantastic.

極好的。

Thank you guys so much.

非常感謝你們。

Remember.

記住。

Garrett guns, N Roses next time.

加勒特槍，下次是 N Roses。

Thanks.

謝謝。

Appreciate it.

欣賞它。

Ac/dc and DC/DC.

交流/直流和直流/直流。

Our next question today is from the line of Jeremy Tonet with JP Morgan.

今天我們的下一個問題來自摩根大通的 Jeremy Tonet。

Please go ahead.

請繼續。

Your line is now opened.

您的線路現已開通。

Hi, good morning.

嗨，早安。

Hey, good morning, Derrick.

嘿，早上好，德瑞克。

Until it.

直到它。

Okay.

好的。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

I just wanted to start off, if you could walk us through a bit more, I guess on dig in a given everything that we're seeing on the generation side, need their capacity needs at just the contracts rolling off and how you think about I guess, that, that trajectory there going forward, Northstar and that Northstar business and we'll get to the big piece continues to perform well.

我只是想開始，如果你能引導我們多了解一點，我想挖掘我們在發電方面看到的給定一切，需要他們在合約滾動時的容量需求以及你的想法我想，北極星和北極星業務的未來發展軌跡以及我們將取得的重大成果將繼續表現良好。

But frankly, I'd expect that it's a small piece of the earnings mix, but they need to perform and we expect them to form.

但坦白說，我預計這只是盈利組合的一小部分，但它們需要表現出來，我們期望它們能夠形成。

And that's exactly what they're doing, both from an operational and financial perspective.

從營運和財務角度來看，這正是他們正在做的事情。

And of course, DIG is an important part of that extra Dearborn Industrial Generation.

當然，DIG 是迪爾伯恩額外工業世代的重要組成部分。

And we continue to see three strengths both in the capacity markets and the energy markets.

我們繼續看到容量市場和能源市場的三大優勢。

And we are securing those bilateral contracts throughout time.

我們一直在確保這些雙邊合約。

And they continue to be above our plan and our expectations.

它們繼續高於我們的計劃和期望。

And so it's a great, great story, and we continue to be a tailwind in our overall our overall Tom expectations around 6% to 8% EPS growth.

因此，這是一個非常非常好的故事，我們繼續成為湯姆整體預期每股收益將成長 6% 至 8% 的順風車。

Jeremy, this is Reggie.

傑里米，這是雷吉。

All I would add is data that we've been at all, Jeremy, just to provide a bit more of a financial lens to Gary's comments.

我要補充的是我們一直以來的數據，傑里米，只是為了為加里的評論提供更多的財務視角。

Some.

一些。

As you know, we've had a good 25% to 30% open margin in the outer years of our plan.

如您所知，在計劃的最後幾年，我們的未結利潤率高達 25% 到 30%。

And so we'll provide an update on our Q4 call as we always do around the levels at which were pricing capacity contracts and that bilateral market.

因此，我們將提供第四季度電話會議的最新情況，就像我們一貫圍繞定價容量合約和雙邊市場的水平所做的那樣。

And as you know, we'll bring in a new year our next five-year plan, and that will have even more open margin.

如您所知，我們將在新的一年推出我們的下一個五年計劃，這將有更多的開放利潤。

And we continue to see reverse inquiry levels well in excess of what we fix historically realized from a capacity price perspective.

我們繼續看到反向詢價水準遠遠超過我們從容量價格角度確定的歷史實現水準。

And so we are usually around three to $3.50 per kilowatt month, we announced even seen five and six handles in reverse inquiry.

因此，我們通常約為每月每千瓦 3 至 3.50 美元，我們宣佈在反向詢價中甚至看到了 5 至 6 個手把。

So still a really robust opportunity.

所以這仍然是一個非常強大的機會。

And unsurprisingly, as just because of the real nice tactical we're seeing with just supply being reduced and Zone seven retirements and upward pressure on the demand curve.

毫不奇怪，因為我們看到了真正好的戰術，供應減少、第七區退役以及需求曲線上行的壓力。

So we don't see any reason why that should abate anytime soon.

因此，我們認為這種情況沒有任何理由會很快減弱。

And one thing I'll remind you to Jeremy to it's not linear as well.

我要提醒傑瑞米一件事，它也不是線性的。

We get we do have outages to maintain the system out there.

我們發現我們確實需要停電來維護系統。

So that's an important piece to remember, particularly as we go through the long term plan.

因此，這是需要記住的重要部分，特別是在我們制定長期計劃時。

Right.

正確的。

That makes sense.

這是有道理的。

Don't want to get too far ahead of myself there.

不想在那裡走得太遠。

But maybe just on thinking about growth in general, we're seeing some of your peers talk about it.

但也許只是考慮到整體成長，我們就看到一些同行在談論這個問題。

I'm kind of lifting the expected long-term EPFCAG., our expectation.

我有點提高了我們對長期 EPFCAG 的期望。

And just wondering and how you guys think about this given the incremental opportunities in front of you.

只是想知道，鑑於你們面前的機會越來越多，你們對此有何看法。

I'm expecting on strengthening and lengthening up.

我期待著加強和延長。

I just wanted to double check there.

我只是想仔細檢查一下。

Let me offer some comments that I'm sure Raj is going to want to jump into this as well.

讓我發表一些評論，我確信拉傑也想參與其中。

And we provided those different French theaters, those tailwinds to give visibility and instill confidence.

我們為不同的法國劇院提供了支持，以提高知名度並灌輸信心。

And that's why we have we have confidence about the ability to strengthen and lengthen that 6% to 8% EPS growth.

這就是為什麼我們對加強和延長每股收益 6% 至 8% 成長的能力充滿信心。

But I want to be clear what our investors expect is that we continue to deliver year after the U.S. 21 years with now industry-leading are consistent, industry-leading financial performance time and time again, and then compounding of actuals, which gives you a better quality of earnings.

但我想明確的是，我們的投資者期望的是，我們在美國 21 年後繼續實現行業領先，一次又一次保持行業領先的財務業績，然後將實際情況進行複利，這會給您帶來更好的獲利品質。

That's what our investors and spec as we expect, and that's what we deliver.

這就是我們的投資者和規格所期望的，這就是我們所提供的。

And so by providing some insights to those tailwind, just give us some idea of the momentum and how we can strengthen strengthen our confidence in delivering this and just doing it year after year exactly what our investors expect fall.

因此，透過對這些順風車提供一些見解，讓我們了解這一勢頭，以及如何增強我們實現這一目標的信心，並年復一年地做到我們投資者所期望的那樣。

But certainly ready, I'm sure we'll want to walk into an offspring commentary on this as well.

但當然已經準備好了，我相信我們也想對此進行後代評論。

Jeremy, I would add to Derek's comments is that when you think about the components of what will drive long-term growth, Garrick walk through in great detail in his prepared remarks, the opportunities on the capital side, whether it's through the capital investments and or earning on PPAs in the context of new energy law.

傑里米，我想補充德里克的評論是，當你思考推動長期增長的組成部分時，加里克在他準備好的演講中詳細介紹了資本方面的機會，無論是通過資本投資還是或新能源法背景下購電協議的收入。

And that's going to be decades of financial opportunity,

這將是數十年的金融機會

investment and PPAs.

投資和購電協議。

Again, the opportunities to improve the reliability and resiliency of our electric distribution and some infrastructure that's decades of spend and investment opportunity to the benefit of customers and investors.

同樣，我們有機會提高配電和一些基礎設施的可靠性和彈性，這是數十年的支出和投資機會，可以使客戶和投資者受益。

And then on the gas business, which we didn't talk about as much of this call, but there's still a significant level of investment to be made to continue to harden that system or reduce fugitive methane emissions and continue to keep it safe and reliable predictor.

然後是天然氣業務，我們在本次電話會議中沒有過多談論這項業務，但仍需要進行大量投資，以繼續強化該系統或減少逃逸甲烷排放並繼續保持其安全可靠預測器。

It was on on our pending rigs coming out from Samsung.

它在我們即將推出的三星設備上運行。

So a lot of investment opportunity.

所以投資機會很多。

And when the upper pressure that you alluded to on the demand side, that will create the headroom among other benefits to facilitate and enable that investment to come to fruition.

當您提到需求方面臨較高壓力時，這將創造出其他好處的空間，以促進並使投資取得成果。

And so we see a really nice glide path to deliver on that differentiated 6% to 8% growth for many years compounding off of actuals.

因此，我們看到了一條非常好的下滑路徑，可以實現多年來與實際情況相結合的 6% 至 8% 的差異化成長。

And so we're not going to get ahead our Q4 disclosure, and that's when we update our five-year plan.

因此，我們不會提前披露第四季度的信息，屆時我們將更新五年計劃。

But we still feel very good about our ability to strengthen and lengthen that growth to Gary's comments.

但根據加里的評論，我們仍然對我們加強和延長這種增長的能力感到非常滿意。

Got it.

知道了。

That makes sense.

這是有道理的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Our next question today will be from the line of Ross Taylor with Banc of America.

今天我們的下一個問題將來自美國銀行的羅斯泰勒。

Please go ahead.

請繼續。

Your line is now open.

您的線路現已開通。

They're migrating our arm.

他們正在遷移我們的手臂。

Yes, Robert.

是的，羅伯特。

So congratulations on the quarter.

恭喜這個季度。

Another solid one as we've all come to expect from CMS.

正如我們大家對 CMS 的期望一樣，這是另一個可靠的產品。

Tom, I could just a couple of questions.

湯姆，我只能問幾個問題。

I think you've talked about the 2.5 gigawatts of storage target in the state.

我想您已經談到了該州 2.5 吉瓦的存儲目標。

How do you how you think about could that change here sort of battery tax credit shift or that the cost of that change or here, right, get a lot of support for this at the state level?

您如何看待這種改變這裡的電池稅收抵免轉移或改變的成本，或者在這裡，對吧，在州一級獲得很多支持？

Going on at the federal level potentially after next week on how you contextualize that investment going forward?

下週後可能會在聯邦層級討論您如何看待未來的投資？

Let me offer the two mechanisms that we have to consider a product called supply type assets.

讓我提供我們必須考慮稱為供給型資產的產品的兩種機制。

What is the renewable energy plan, which we'll file here November 15th in that range around that, that that will lay out some of the renewable energy assets we need both.

我們將在 11 月 15 日在此範圍內提交再生能源計劃，該計劃將列出我們都需要的一些可再生能源資產。

It'll build off the foundation of our 2021 integrated resource plan.

它將建構我們 2021 年綜合資源計畫的基礎。

But then there's two traunches as I see it of additional renewable energy bill that will show up in terms of the meeting percent standard of renewable assets for 2030 as well as the 60% for 2035.

但我認為額外的再生能源法案有兩個部分，分別反映在 2030 年再生能源資產達到百分比標準和 2035 年 60%。

That's really Tranche one.

這確實是第一批。

Then there was additional renewable assets as a result of economic development and growth and demand growth that we've we've seen.

然後，由於我們所看到的經濟發展、成長和需求成長，出現了額外的可再生資產。

So that's a nice, nice piece of work, a nice tailwind.

所以這是一件非常非常好的工作，一輛很好的順風車。

There will be some reference to storage in there as part of that.

作為其中的一部分，其中會有一些關於存儲的參考。

But where more of a storage will play out is in our 2026 integrated resource plan.

但更多的儲存將在我們的 2026 年綜合資源計劃中發揮作用。

That's where we look at the capacity mix.

這就是我們關注產能組合的地方。

That's where we look at the reliability of supply.

這就是我們關注供應可靠性的地方。

That's where we'll look at.

這就是我們要關注的地方。

Those are important components into agree.

這些是達成共識的重要組成部分。

There's additional tax incentives or benefit that will play out in that process.

過程中還將發揮額外的稅收優惠或福利。

And that's it election process.

這就是選舉過程。

I do anticipate that there's going to need to be quite a bit of storage on the system, maybe even more than what is referenced in the in the law.

我確實預計系統上需要相當多的儲存空間，甚至可能比法律中引用的儲存空間還要多。

But that's certainly a nice pathway to get things started with the certainty of the legislation.

但這無疑是一個以立法的確定性開始行動的好方法。

So hopefully that's helpful.

希望這對您有所幫助。

That said, as Gary said, we're in I would carry right to go at it for us are and have been a little slow the drawn.

也就是說，正如加里所說，我們在我會繼續努力，因為我們現在抽籤有點慢。

A couple of my comments.

我的一些評論。

So pardon me.

所以請原諒我。

I'm the only thing I would just add, and it sounded like you're alluding to and you talked about next week and a potential repeal of the IRA. and the implications of that on tax credits.

我是我唯一要補充的，聽起來你正在暗示並談到下週以及可能廢除愛爾蘭共和軍。以及這對稅收抵免的影響。

Was that the thrust of the second part of your question, or did I miss it?

這是你問題第二部分的主旨，還是我錯過了？

Yes, yes, it does that we are working.

是的，是的，我們正在工作。

We contextualize that versus the estate executives that are that are kind of pushing this.

我們將這一點與推動這一點的房地產高管聯繫起來。

Yes.

是的。

So I dare not wager or speculate as to the outcome on next week.

所以我不敢對下週的結果進行打賭或猜測。

I think that's a fool's errand, and I think it's too difficult to call.

我認為這是愚蠢的差事，而且我認為這太難了。

But I do think it still remains a low probability that you see a repeal of the IRA because the reality is what you did a pretty sizable red wave to just repeal the legislation.

但我確實認為，愛爾蘭共和軍被廢除的可能性仍然很小，因為現實是你為了廢除這項立法而發起了相當大的紅色浪潮。

But even if you did one hypothesis, the size of that could take place.

但即使你做了一個假設，其規模也可能發生。

I think there's also reduced significantly from the legislation getting passed.

我認為立法的通過也大大減少了。

I heard a stat the other day from one of the studios in our state, and we suggested about that, that 75% and the benefits of the IRA. had accrued to red states.

前幾天我從我們州的一家工作室那裡聽到了一份統計數據，我們對此提出了建議，即 75% 和 IRA 的好處。已累積到紅色州。

And so I think again, even if you saw red wave significant enough to which I still think is a fairly remote probability to repeal the legislation.

所以我再次認為，即使你看到紅色浪潮足夠嚴重，我仍然認為廢除該立法的可能性相當小。

I still think there'd probably be a real significant disk cash and offline about whether it would make sense from an economic perspective to go in and do all those benefits accruing really nationally.

我仍然認為，從經濟角度來看，進入並在全國範圍內真正產生所有這些好處是否有意義，可能會有大量的磁碟現金和線下資金。

But again, more concentrated towards red states.

但同樣，更集中於紅州。

So I still think it's a low probability event.

所以我仍然認為這是一個小機率事件。

And that said, and if it did happen again, even if you wanted to take so that really remote probability come into fruition, we still have to comply with the law to Gary's comments, albeit it might be at a higher cost.

話雖如此，如果它真的再次發生，即使你想把這種非常遙遠的可能性變成現實，我們仍然必須遵守加里評論的法律，儘管這可能會付出更高的成本。

But again, we still have to comply with the law in Michigan.

但同樣，我們仍然必須遵守密西根州的法律。

Perfect Maytag.

完美的美泰克。

Greg, can you give me more coffee this morning, so grab a cup of coffee?

格雷格，今天早上你可以給我更多的咖啡嗎？

Yes.

是的。

The next question I had just kind of back to Jeremy's question a little bit on our Northstar and a capacity auctions.

我的下一個問題有點回到傑里米關於我們的北極星和容量拍賣的問題。

I mean, my So has hit sort of adopted a lot of the PJM changes around the DVR curve.

我的意思是，我的 So 已經在 DVR 曲線周圍採用了許多 PJM 變更。

So certainly, it seems like that will also go higher in next year's capacity auction at least that would mirror what happened at PM.

當然，在明年的產能拍賣中，這數字似乎也會更高，至少這會反映 PM 發生的情況。

So do you sort of hold off on some of closing down some of these open positions further out our capacity until you see with that auction cleared assay in a better idea?

那麼，在您看到拍賣清算分析有更好的想法之前，您是否會推遲關閉一些超出我們能力的未平倉頭寸？

Like I'm just trying to figure out the timing of how you work that actually, that process has been with dig just layer these in overtime.

就像我只是想弄清楚你實際上如何工作的時間安排一樣，這個過程就是在加班中挖掘這些內容。

That's really a derisking that mechanism for us.

對我們來說，這確實是一種消除該機制風險的方法。

And there certainly are some times where we might strike at a price point.

當然，有時我們可能會在某個價格點上進行打擊。

That's a little lower than the future, but there are times where it's going to strike at a price point that's a little higher than the future.

這比未來要低一點，但有時它的價格會比未來高一點。

And so we had approach really derisks and becomes a predictable source of earnings by taking them in these bilateral contracts or just kind of layer.

因此，我們採取的方法確實可以降低風險，並透過將其納入這些雙邊合約或只是某種層面，從而成為可預測的收入來源。

And then over time, basically we sense guys into the AUA.

然後隨著時間的推移，基本上我們感覺到人們進入了 AUA。

Thanks, guys.

謝謝，夥計們。

Another solid quarter.

又一個穩健的季度。

Thank you.

謝謝。

The next question today is from the line of Julien Dumoulin-Smith with Jefferies.

今天的下一個問題來自 Julien Dumoulin-Smith 和 Jefferies 的提問。

Please go ahead.

請繼續。

Your line is now open.

您的線路現已開通。

Hey, good morning, Kim, guys.

嘿，早上好，金，夥計們。

Thank you so very much of the time.

非常感謝你們。

Appreciate it.

欣賞它。

Good to chat with.

很高興能一起聊天。

You guys get back off again.

你們再回去吧。

So we had to the access scheme regard of the figure which you guys had this pretty big swing in the cost number in that waterfall slide, you talked about that minus $0.15 last quarter.

因此，我們必須考慮到數位的存取方案，你們在瀑布幻燈片中的成本數字有相當大的波動，你們談到上個季度減去 0.15 美元。

That was that was a plus nine.

那是加九。

You mentioned in your prepared remarks on insurance, the IT., can you speak a little bit it exactly what's going on?

您在準備好的保險、IT 的演講中提到了，您能具體講一下到底發生了什麼事嗎？

Is there a pull forward going in there as well?

那裡也有前進的動力嗎？

That's timing, inter-year mean is there wildfire impact that's impacting insurance is to understand what are the big pieces, agile, and it's readily appreciate the question, and then let me provide a little bit more color on that.

這就是時機，年際平均是否存在對保險產生影響的野火影響，是要了解什麼是大的部分，敏捷，並且很容易理解這個問題，然後讓我對此提供更多的信息。

And so we have a number of costs related line items that we track throughout the year.

因此，我們全年追蹤許多與成本相關的項目。

We obviously have expectations going into the year and budgeted levels for across every cost category.

顯然，我們對今年的預期以及每個成本類別的預算水準都有期望。

And Susan, of course of the year, some of those line items track ahead of budget and not in a good way, so higher than budget.

蘇珊，當然，今年，其中一些項目超出了預算，而且效果不佳，因此高於預算。

And so we countermeasure that largely through the CE. way and other cost reduction initiatives.

因此，我們主要透過 CE 來應對這一問題。方式和其他降低成本的措施。

And in some cases we get to Q4, and we don't think we'll have sufficient countermeasures measures to offset that.

在某些情況下，我們到了第四季度，我們認為我們不會有足夠的對策措施來抵消這種情況。

There are times we'll just have a fund those cost categories at levels that we anticipate at the end of the year.

有時我們只會為這些成本類別提供資金，以達到我們預計在年底的水平。

And so sorry, I said differently, we have a level of countermeasures as well as Q3 weather helped that have given us enough contingency kind of fund those cost category at the end year.

很抱歉，我說的是不同的，我們有一定程度的對策以及第三季的天氣幫助，這為我們在年底的成本類別提供了足夠的應急資金。

And so we're just funding those costs.

所以我們只是為這些費用提供資金。

Insurance was one example, will we had IT-related costs that were trending a little ahead of budget.

保險就是一個例子，我們的 IT 相關成本是否會略高於預算。

Another one is we also have some regulatory on assets that are Amit or liabilities that are amortizing that are at higher levels in the prior year associated with our EV programs than others.

另一個問題是，我們也對阿米特資產或攤銷負債進行了一些監管，這些資產或負債在上一年與我們的電動車專案相關的水平高於其他項目。

And so it's a it's a hodgepodge of cats and dogs that were just trending ahead of budgeted levels.

所以這是一個貓和狗的大雜燴，其趨勢只是超出了預算水準。

And so that it's really what we're funding there.

所以這確實是我們在那裡資助的計畫。

And that's why you see that big increase in acute in the queue for year to go expectations versus where we were on our Q2 call.

這就是為什麼你會看到與我們在第二季度電話會議上的情況相比，今年的預期隊列急劇增加。

Is that helpful?

有幫助嗎？

Yes.

是的。

So basically said, definitely you would have been holding off on funding some of that into 2025.

基本上來說，你肯定會推遲到 2025 年才提供部分資金。

You realize that you have the ability to do so through pull them back forward?

你意識到你有能力透過把他們拉回來來做到這一點嗎？

Yes, I wouldn't call a pull-ahead to be clear.

是的，為了明確起見，我不會稱之為提前。

These are not expectations of costs that will have in 2025 that we're trying to derisk.

這些並不是我們試圖降低風險的 2025 年成本預期。

These are costs that we are incurring right now and the actions we have seen in the first nine months of the year in excess of what we've budgeted.

這些是我們現在產生的成本，以及我們在今年前九個月所採取的行動，超出了我們的預算。

And so we're applying some of the contingency that we've accumulated through through countermeasures, Northstar outperformance and just plain old-fashioned good weather in September and applying that contingency to just fund those cost estimates for the end of the year.

因此，我們正在應用我們透過對策、北極星的優異表現和 9 月份普通的老式好天氣所積累的一些意外情況，並將這些意外情況用於為年底的成本估算提供資金。

So these are just 2020 for funding and just basically updating our forecast to reflect the economic reality.

因此，這些只是 2020 年的資金狀況，只是基本上更新了我們的預測以反映經濟現實。

We're seeing it process cost categories.

我們看到它處理成本類別。

Wonderful.

精彩的。

Thank you guys, very much, stickier.

謝謝各位，非常感謝，更貼了。

Thank you.

謝謝。

Our next question is from the line of Travis Miller with Morningstar.

我們的下一個問題來自晨星公司的崔維斯米勒。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Good morning, everyone, and thank you.

大家早安，謝謝大家。

Thank you.

謝謝。

Morning.

早晨。

Travis drivers.

特拉維斯司機。

So on the RIREP., you've touched on this a couple of times, but the does the volume of sales growth number going up as you are going through that process, not to front run this too much for the next the next couple of weeks.

因此，在RIREP 上，您已經多次談到這一點，但是當您經歷該過程時，銷售量增長數字是否會上升，而不是在接下來的接下來的幾個時間裡過多地提前運行這一點幾週。

But as you're rolling out a process that you have enough visibility in terms of sales growth from data centers and once you mentioned on manufacturing, some of those kind of 24, seven type loads to be able to incorporate against some of those stuff, you touched on it in terms of storage and perhaps other renewable energy technologies.

但是，當您推出一個流程時，您對資料中心的銷售成長有足夠的可見性，並且一旦您提到製造，其中一些 24、七種類型的負載能夠針對其中一些內容進行合併，您談到了存儲以及其他再生能源技術方面的問題。

Can we see what we see that in this RFP?

我們能在這個 RFP 中看到我們看到的內容嗎？

Or is that something to look more for in the IRP?

或者這是 IRP 中需要更多關注的內容？

The short answer is yes, but let me explain more in the renewable energy plan will start out with the base are the foundation is really the 2021 integrated resource plan, which you'll remember calls for eight gigawatts of solar, and we've built some renewables as part of that as well.

簡短的回答是肯定的，但讓我在可再生能源計劃中進行更多解釋將從基礎開始，基礎實際上是 2021 年綜合資源計劃，您會記得要求 8 吉瓦太陽能，我們已經建造了一些可再生能源也是其中的一部分。

So that's the foundation.

這就是基礎。

The first piece will 2021 IRP did not did not get us to 50% renewables by 2030 or 60% number by 2035.

第一部分 2021 年 IRP 並沒有讓我們在 2030 年達到 50% 的再生能源使用率，到 2035 年達到 60% 的數字。

So there's some renewables that we'll have to be constructed or through a PPA with an FCM that'll have to happen.

因此，我們必須建造一些可再生能源，或透過帶有 FCM 的購電協議來實現。

That's Tranche one.

這是第一批。

A second traunch is specifically because there's additional our sales are expected as a result of economic development.

第二部分是因為經濟發展預計我們的銷售額會增加。

And so we forecast that out over 20 years.

因此我們預測 20 年後才會出現這種情況。

And so we do have visibility to it, but we have to have certainty around it as well.

所以我們確實可以看到它，但我們也必須對其有確定性。

So these are items that we are have high confidence around, and we have signed contracts around.

因此，我們對這些項目充滿信心，並且已經簽署了合約。

This is not the pipeline or some hypothetical numbers.

這不是管道或一些假設的數字。

It's again a reflection of what's coming to the state in terms of so we have answered your question directly.

這再次反映了該州即將發生的情況，因此我們直接回答了您的問題。

Yes, visibility to that, that will also drive additional renewable assets or purchase power agreements to meet that need as well.

是的，這一點的可見性也將推動更多的可再生資產或購買電力協議來滿足這一需求。

So if you continue to follow that down, I expect it to be a mix of solar and wind that will make that up.

因此，如果你繼續追蹤下去，我預計太陽能和風能的混合將彌補這一點。

And then, of course, we'll talk about more details of that at EIM. as we file that.

當然，我們將在 EIM 上討論更多細節。當我們提交該文件。

So that's part one.

這是第一部分。

The second part that also is the IRP.

第二部分也是 IRP。

And remember the renewable energy plant, just deals with energy, you have to do with capacity.

請記住，再生能源工廠只處理能源，必須處理容量。

You have to do with the reliability of supply.

你必須考慮供應的可靠性。

You also have the opportunity to accommodate additional sales growth that will show up in the integrated resource plan as well.

您還有機會適應額外的銷售成長，這也將顯示在整合資源計劃中。

So I seamless to them mechanisms to opportunities where we'll see those tailwinds of, again, ownership of assets, investments to deliver clean energy on behalf of our customers or through a PPA with the financial compensation mechanism.

因此，我為他們提供了無縫的機會機制，我們將再次看到資產所有權、代表我們的客戶提供清潔能源的投資或透過具有財務補償機制的購電協議的順風。

Travis, this is Reggie.

崔維斯，這是雷吉。

All I would add is that if you look at slide 6 in our presentation today, you can see in the left hand side of the page, and Gary spoke to that some of this in his prepared remarks, there are there's a raft of opportunities we've seen from an economic development perspective.

我要補充的是，如果你看一下我們今天演示中的幻燈片 6，你可以在頁面的左側看到，加里在他準備好的講話中談到了其中的一些內容，我們有很多機會從經濟發展的角度來看。

And I think we've got eight or so listed on the paid.

我認為我們已經在付費清單中列出了大約八個。

Only two of those are in our current five-year plan goes in for the rest of these are additive to our plan.

其中只有兩項包含在我們目前的五年計畫中，其餘的都是我們計畫的補充。

And so that offers and Brett crumbs as to the additional opportunities we're seeing.

因此，布雷特對我們所看到的額外機會表示滿意。

And I will tell you that some of those opportunities, some of the opportunities that are pretty high probability that we're still not quite in the plan yet are likely going to be coming to fruition in the coming months.

我會告訴你，其中一些機會，一些很有可能我們尚未完全納入計劃的機會，可能會在未來幾個月內實現。

And so there's a lot of opportunity that we've already seen since we rolled out last year's five year plan.

因此，自從我們推出去年的五年計劃以來，我們已經看到了許多機會。

And so it point that's well sale.

所以這表明它很暢銷。

And so again, you'll see that update in our EP also see it in the five year plan that we roll out in Q4 next year.

同樣，您會在我們的 EP 中看到這項更新，也會在我們明年第四季推出的五年計畫中看到它。

In addition to the IRP., as Eric noted, so you get some visibility on slide 6 today.

除了 IRP 之外，正如 Eric 指出的那樣，您今天還可以在幻燈片 6 上獲得一些可見性。

And again, we're looking forward to talking about more opportunities in the coming months.

我們再次期待在未來幾個月討論更多機會。

Okay.

好的。

That's great.

那太棒了。

I appreciate all that detail.

我很欣賞所有這些細節。

Then one more for me on different subject to Liberty audit.

然後再提供我一份關於自由審計的不同主題的內容。

Would you anticipate on the regulatory side the potential for putting in regular?

您是否預期監管方面會有定期投入的潛力？

I put it in some kind of performance mechanism or something or some kind of metrics to me before you get approval for the additional CapEx or operating costs.

在您獲得額外資本支出或營運成本的批准之前，我會將其放入某種績效機製或某種指標中。

I anticipate that it will take the liberty audit findings and weave them into our five year reliability plan, which will, of course, enhance a plan to provide opportunities for additional capital investments, again, address reliability for our customers, proactively offering better service and a lower cost.

我預計它將採取自由審計結果並將其納入我們的五年可靠性計劃，這當然會加強為額外資本投資提供機會的計劃，再次為我們的客戶解決可靠性問題，主動提供更好的服務和成本更低。

So that will be part of it and anticipate there will be additional tree trimming our operation and maintenance expect that we will win in the plan as well as part of this Liberty audit.

因此，這將是其中的一部分，並預計我們的營運和維護將進行額外的樹木修剪，預計我們將在該計劃以及自由審計的一部分中獲勝。

And as the commission, what are the actions of the commission has already taken as a performance based rate making that's focused on reliability work.

作為委員會，委員會已經採取了哪些行動作為基於績效的費率制定，重點關注可靠性工作。

And so I anticipate that's woven into this work as well.

所以我預計這也會融入這項工作。

I don't think it holds us up from making these important investments, and we're making them now and seeing good performance improvement in terms of reliability.

我不認為這會阻止我們進行這些重要的投資，而且我們現在正在進行這些投資，並且在可靠性方面看到了良好的性能改進。

These need to continue to do that important work.

這些需要繼續進行這項重要工作。

Okay, great.

好的，太好了。

That's very helpful.

這非常有幫助。

Thanks so much.

非常感謝。

Our next question is from the line of Michael Sullivan with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的邁克爾·沙利文。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey, Ron.

嘿，羅恩。

Good morning.

早安.

On that.

關於這一點。

It's been asked a couple of times now, but just to level set us for low growth and what's coming in the REP.

現在已經被問過幾次了，但只是為了讓我們了解低成長以及 REP 中即將發生的事情。

But my recollection is you have historically talked about 2% less 2% energy efficiency and you're kind of flat is kind of your base case today.

但我記得您過去曾談論過 2% 或 2% 的能源效率，而您今天的基本情況是持平的。

And then itself, sounds like you're not you're excited about all this kind of new load growth.

然後，聽起來您對所有這些新的負載增長並不感到興奮。

But what's actually going to be reflected in the RAP. is going to be pretty conservative and not some fair and good morning, it's Reggie.

但 RAP 中實際上會反映什麼。會非常保守，不公平，早安，是雷吉。

Thanks for the questions.

感謝您的提問。

So just so just to level set, our current five-year plan that we rolled out in the fourth quarter this year, I had about half a percent of electric load growth on a five-year compound annual growth rate basis.

因此，就我們今年第四季推出的當前五年計畫而言，在五年複合年增長率的基礎上，我的電力負載成長了約0.5%。

And you're right, that number is always inclusive of energy waste reduction.

你是對的，這個數字總是包含能源浪費的減少。

And so if you wanted to gross that up because think about that is about 2.5% growth on again, net of energy efficiency, half a percent.

因此，如果你想合計這一數字，因為考慮一下，扣除能源效率後，成長率約為 2.5%，即 0.5%。

We expect pretty significant upward pressure on that growth rate in the IRP sorry, from the RAP. renewable energy plan filing that will publicize in the coming weeks and then that will get another kick.

我們預期 RAP 會對 IRP 成長率產生相當大的上行壓力。再生能源計劃備案將在未來幾週內公佈，然後將再次推動。

The can obviously in the IRP filing about a year later.

大約一年後，IRP 備案中可以明顯看到這一點。

And again, between that, you'll get more color on that load growth assumptions embedded in the five-year plan of a rollout in the fourth quarter of next year.

在此期間，您還將對明年第四季推出的五年計畫中嵌入的負載成長假設有更多的了解。

And so again, you can certainly guilty as charged, but we do also want to reflect the reality of what we're seeing because remember, this is a component in our rate proceedings

再說一次，你當然可以被指控有罪，但我們也確實想反映我們所看到的現實，因為請記住，這是我們費率程序的一個組成部分

.

。

And so you will see, again, upward pressure on that those load growth assumptions and add to Gary's comments, we do really true incorporate whether it's data centers, industrial companies, we tried to incorporate those in the plan when they're close to being signed are effectively signed.

因此，您將再次看到這些負載增長假設的上行壓力，並補充加里的評論，我們確實確實將數據中心、工業公司納入其中，我們試圖在它們接近時將它們納入計劃中已簽署即為有效簽署。

And moving forward, we really tried to other speculative.

展望未來，我們確實嘗試了其他推測。

We've seen some momentum across the state, but it's not coming to fruition.

我們已經看到全州出現了一些勢頭，但尚未實現。

That's not something we'll put our plants that were conservative from that perspective.

從這個角度來看，我們不會把我們的工廠放在保守的位置。

But again, the takeaway here is that you'll see upward pressure on our historical growth estimates in this next cut.

但同樣，這裡的要點是，在下一次降息中，您將看到我們的歷史成長預期面臨上行壓力。

Okay.

好的。

So significant upward pressure, but conservative, I got it.

如此巨大的上行壓力，但保守，我明白了。

And then just shifting over to the General Electric case.

然後轉向通用電氣的案例。

I also just kind of wanted to level set there.

我也只是想在那裡設定水平。

So it sounds like you are going to probably adjudicate this mainly because of the storage mechanism because this is kind of a first go around for that.

所以聽起來你可能會因為儲存機製而做出裁決，因為這是第一次嘗試。

And what space typically are you asking for and where his staff on that?

您通常需要什麼空間以及他的員工在哪裡？

With respect to the storm specifically, Fred, you walk through the numbers in a moment, but let me just start out by saying staff's position as a constructive starting point.

具體就風暴而言，弗雷德，您稍後會瀏覽這些數字，但讓我先說員工的立場是一個建設性的起點。

And as I shared in my prepared remarks, is the number of things evidence supported in staff's position.

正如我在準備好的演講中分享的那樣，員工立場中支持的證據數量是多少。

There is some distribution investments for our customers that have they been left on the table and were folks based on improving reliability.

我們的客戶有一些分銷投資，這些投資已留在桌面上，並且是基於提高可靠性的人。

We know we can do that, offer better service.

我們知道我們可以做到這一點，提供更好的服務。

We're proving that out by our five-year plan, and we knew that a lower-cost doing proactively versus reactively.

我們正在透過我們的五年計劃證明這一點，我們知道主動行動與被動行動的成本較低。

And so in addition to the storm recovery mechanism, which you referenced, which is also referenced and Liberty audit as well, but we're also focused on those distribution investments to offer better.

因此，除了您提到的風暴恢復機制（也提到了 Liberty 審計）之外，我們還專注於這些分銷投資，以提供更好的服務。

Sir, as for our customers.

先生，至於我們的客戶。

And so there's a bit of advocacy we are doing on behalf of our customers so we can make those investments to improve service.

因此，我們正在代表客戶進行一些宣傳，以便我們可以進行這些投資來改善服務。

That is also a complete, which may push us into an adjudicated or but I'll remind everybody, I'm open to settlement is going to have to have six going to have to continue to be more than where the staff is currently at the ready.

這也是一個完整的問題，這可能會促使我們做出裁決，或者但我會提醒大家，我願意接受和解，必須有六個人必須繼續比目前工作人員的數量還要多。

Just share with a with Mike words for things are effort on the and I'll get back to Michael, the mechanics of the storm restoration tracker that we're proposing in our pending rate case.

只需與麥克分享一下，因為事情正在努力，我將回到邁克爾，我們在待定利率案例中提出的風暴恢復追蹤器的機制。

And if memory serves me, DT. is proposing a similar structure were essentially trying to take the five-year average of service restoration expense and put in on the equivalent of a true-up mechanism where there's a 50% share for investors with customers.

如果我沒記錯的話，DT。正在提議類似的結構，本質上是試圖採用服務恢復費用的五年平均值，並採用相當於調整機制，其中投資者與客戶共享 50% 的份額。

In the event, our level of service restoration expense is above or below what's embedded in our eight K.

在這種情況下，我們的服務恢復費用水準高於或低於我們的 8 K 中包含的費用。

So to give you a specific numerical example, if we have had 130 million of service restoration expense in rates and a year in which we incurred $150 million of actuals, 10 million of that would be absorbed by shareholders.

因此，給您一個具體的數字示例，如果我們的費率中有 1.3 億美元的服務恢復費用，並且一年中我們產生了 1.5 億美元的實際費用，那麼其中 1000 萬美元將由股東承擔。

So we'd have 10 million of hurt flowing through our P&L and 10 million would be establishing a regulatory asset that we would recover at a later date.

因此，我們將有 1000 萬美元的損失流經我們的損益表，而 1000 萬美元將用於建立我們稍後將收回的監管資產。

And so customers would fund that portion of it.

因此客戶將為這部分提供資金。

And if we saw the numbers go the other way you would assume a commensurate level of regulatory liability and so on.

如果我們看到數字走向相反，你就會承擔相應程度的監管責任等等。

And so as we see it, that it provides good alignment of incentives between investors and customers are the mechanism like that.

正如我們所看到的，它在投資者和客戶之間提供了良好的激勵一致性，就是這樣的機制。

And we will eliminate a lot of the volatility we've seen in our P. P&L over the last several years.

我們將消除過去幾年損益表中出現的大量波動。

Because the levels of service restoration expense embedded in rates have been well below actuals now for the last several years and counting.

因為在過去幾年中，費率中包含的服務恢復費用水平一直遠低於現在的實際水平，而且這一水平還在不斷增加。

And so that's the spirit of it and have to spend more time offline on that if need be.

這就是它的精神，如果需要的話，必須花更多的時間離線。

And just to offer some numbers are staffed at $170 million, a 9.85% ROE. 49.9% equity ratio.

僅提供一些數字，該公司的員工規模為 1.7 億美元，淨資產收益率為 9.85%。股權比例49.9%。

And our rebuttal position, we're at 277 to 10 in the quarter, our OE. 50.75 equity ratio.

我們的反駁立場是，本季我們的 OE 比例為 277 比 10。股本比率50.75。

So the total cost of capital difference there as well.

因此總資本成本也存在差異。

But I wanted to just picturing, Mike, Michael, you have revised the revised position of the Company.

但我只想想像一下，麥克，邁克爾，你們已經修改了公司的立場。

Okay, that's great color.

好吧，這個顏色真棒。

Just real quick.

真的很快。

The staff on the storm, specifically though, are they out right against it or they just looking for a different structure than what you've had there?

風暴中的工作人員，特別是，他們是反對它，還是只是在尋找與你們那裡不同的結構？

Not a supportive of it, but again, not not supportive, but we have expected that just like the investment recovery mechanism I had to go to the Commission and we anticipate some mechanism like this will require the commission to weigh in on.

不是支持它，但同樣，不是不支持，但我們預計就像投資回收機制一樣，我必須去委員會，我們預計像這樣的機制將需要委員會進行權衡。

And so it's not a surprise greatest asset.

因此，這並不是令人驚訝的最大資產。

And again, if we if we're going to go after that, it's going to go likely to have a full forward.

再說一次，如果我們要追尋這一點，那麼很可能會有一個完整的前鋒。

Okay, thanks.

好的，謝謝。

Thanks for suddenly through all that.

謝謝你突然經歷了這一切。

I appreciate it.

我很感激。

You're welcome every day like nickel products.

像鎳產品一樣每天歡迎您。

Our next question is from the line of Andrew Weisel with Scotiabank.

我們的下一個問題來自豐業銀行的 Andrew Weisel。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey, good morning, Andrew.

嘿，早上好，安德魯。

I was also going to ask about had here was listed in a settlement.

我還想問一下這裡是否被列入和解中。

I have to appreciate the detail there.

我必須欣賞那裡的細節。

I guess if their work to be a deal to be made, what will be the window for that?

我想如果他們的工作要達成協議，那麼達成這項協議的機會是什麼？

Or is it irrelevant?

或者說是無關緊要的？

Because if we're if that happens, yes, we're in that window now and so on, Eric, really off to a final order is the window of opportunity for us and so on.

因為如果我們真的發生這種情況，是的，我們現在正處於那個窗口期，等等，埃里克，真正的最終訂單對我們來說是機會之窗等等。

And we'll look again, we'll look, I'm always open to settlement us about on calls before if we can make things work for our customers and for all stakeholders.

我們會再考慮一下，我們會考慮一下，如果我們能讓事情為我們的客戶和所有利害關係人服務，我總是願意先解決我們的電話問題。

I mean, that's a that's a good place to be there.

我的意思是，那是一個好地方。

Just a couple of things.

只是幾件事。

In this case, it may force us into a full a full quarter.

在這種情況下，它可能會迫使我們進入整整一個季​​度。

And we just want to make sure everyone on the call is aware of that.

我們只是想確保通話中的每個人都知道這一點。

Understood.

明白了。

New new tools are often a policy question, so I understand that completely.

新的新工具通常是一個政策問題，所以我完全理解這一點。

The other question I wanted to ask about the CapEx update.

我想問的另一個問題是關於資本支出更新的。

I understand will have to be patient and done the numbers.

我知道必須要有耐心並完成數字。

But the two things I wanted to ask about number one, Chris, qualitatively, it sounds like there's going to be a lot of things going into that.

但我想問的關於第一件事的兩件事，克里斯，從定性上來說，聽起來會有很多事情涉及其中。

There's always a bit as usual updates, but you've got spending around the REP.

像往常一樣總是會有一些更新，但您在 REP 周圍有支出。

You've got spending around the Liberty reliability audit.

您已經在 Liberty 可靠性審計方面投入了資金。

You've got the electric reliability road map with stuff going in there.

您已經獲得了電力可靠性路線圖，其中包含了一些內容。

Plus you've got sort of a step change in demand growth from data centers and manufacturing.

此外，資料中心和製造業的需求成長也發生了階段性變化。

What I'm getting at is should this be a meaningfully bigger increase than what we've seen in recent years?

我的意思是，這是否應該比我們近年來看到的成長幅度更大？

And if so, how should we think about financing that you've previously talked about up to a 350 million per year of the equity in 25 and beyond, and guessing there might be an upside bias to that given all the pieces that I just mentioned, how should we think about it rule of thumb about incremental equity need per incremental dollar of CapEx?

如果是這樣，我們應該如何考慮您之前談到的在 25 年及以後每年高達 3.5 億美元的股權融資，並猜測考慮到我剛才提到的所有內容，這可能存在上行偏差，我們應該如何考慮每增量資本支出增量股本需求的經驗法則？

Thank you.

謝謝。

Randy and I will tag team this one, but I want to remind you that many of the tailwinds that we've described in this call come as a result of approval of the renewable energy plant or approval of the IRP.

蘭迪和我將標記這一團隊，但我想提醒您，我們在本次電話會議中描述的許多有利因素都是由於可再生能源工廠或 IRP 的批准而產生的。

And so although we'll file it in November of this year, fast forward 10 months.

因此，儘管我們將在今年 11 月提交，但快進 10 個月。

So it's it's going to be in late Q3 of 2025 before we see where the commission's app with that.

因此，我們將在 2025 年第三季末看到該委員會的應用程式的具體情況。

And so I wouldn't expect some of that good work to show up until our Q4 call at the end of 2025 or 26.

因此，我預計在 2025 年底或 26 年底召開的第四季電話會議之前，一些出色的工作不會出現。

And then you have the same cycle for the IRP, which would stop in 2026 and then play out in 27.

然後，IRP 也有相同的週期，該週期將在 2026 年停止，然後在 27 年結束。

So I see these as traunches that goal over time over the five years.

因此，我認為這些都是五年內目標的實現。

Clearly, there's some tailwinds here, but they show up at different different points in time.

顯然，這裡有一些順風車，但它們出現在不同的不同時間點。

But I'll turn it over to Reggie to offer some additional color.

但我會把它交給雷吉來提供一些額外的顏色。

Yes, I think that's exactly right.

是的，我認為這是完全正確的。

Andrew.

安德魯.

I mean the governor's we've talked about and when we prepare our capital plan, our affordability balance sheet and an operational feasibility, can we get the work is the pacing to Gary's comments.

我的意思是我們已經討論過的州長，當我們準備我們的資本計劃、我們的負擔能力資產負債表和運營可行性時，我們能否開展工作是加里評論的節奏。

And so just the time for the Commission to review the RAP., the time for the load opportunities to materialize lies.

因此，正是委員會審查移民安置計劃的時間，即負荷機會實現的時間。

Yes, we signed contracts.

是的，我們簽了合約。

We interconnect these opportunities, but it takes a while for the build-out of manufacturing facility or data centers are pacing is going to certainly dictate when we'll be able to bring in all this additional capital opportunity and see the load materialize, which effectively will fund those capital investment opportunities.

我們將這些機會聯繫起來，但製造設施或資料中心的建設需要一段時間，這肯定會決定我們何時能夠引入所有這些額外的資本機會並看到負載實現，這有效地將為這些資本投資機會提供資金。

So that's really the fee fourth Governor at this point.

這確實是目前第四任州長的費用。

But you will see upward pressure for sure, on the $17 billion five-year CapEx number we provided at this point.

但就我們目前提供的 170 億美元的五年資本支出數字而言，您肯定會看到上行壓力。

So without a doubt, but will be pacing before you see the material bump.

所以毫無疑問，但在你看到材料碰撞之前會踱步。

But I feel very good about the underlying earnings growth and rate base growth will come from the next vintage.

但我對下一個年份的潛在獲利成長和利率基礎成長感到非常滿意。

Um, with respect to equity, as you know, and as you stated, we have said no equity obviously in 2024 and then up to 350 million are starting next year.

嗯，關於股權，正如你所知，正如你所說，我們已經明確表示 2024 年不會有股權，然後明年將開始高達 3.5 億。

And we've said that's a pretty good run rate for the current $17 billion capital plan.

我們已經說過，對於目前 170 億美元的資本計劃來說，這是一個相當不錯的運行率。

And the sensitivity I'll share with you as you think about incremental capital going into the plan and what that might have.

當您考慮進入計劃的增量資本以及可能產生的影響時，我將與您分享敏感度。

Dr. in terms of incremental equity needs, as a general rule of thumb is for every dollar of CapEx.

就增量股權需求而言，博士，一般經驗法則是每一美元的資本支出。

We invest at the utility, usually funding it with around 35 to $0.4 of common equity.

我們投資公用事業公司，通常用大約 35 至 0.4 美元的普通股為其提供資金。

And that has been tried and true for some time now it's interesting over the last, I'll say two to three years is that we've seen downward pressure on that sensitivity in terms the equity need, and it's really been driven by a few things.

這已經被嘗試了一段時間了，而且很有趣的是，在過去的兩到三年裡，我們已經看到股權需求方面的敏感性面臨下行壓力，而這實際上是由一些因素推動的事物。

one.

一。

Obviously, we just continue to generate substantial cash flow in the business because of the forward-looking test year in the reconstructive, Michigan.

顯然，由於密西根州重建的前瞻性測試年，我們將繼續在業務中產生大量現金流。

So I'll give an example.

所以我舉一個例子。

Our prior five-year plan of 15.5 billion of capital generated about $12.5 billion of operating cash flow over a five-year period.

我們先前的五年計畫為 155 億資本，在五年內產生了約 125 億美元的營運現金流。

In aggregate at this current vintage is 17 billion.

當前年份的總量為 170 億。

We expect to 13.2 billion of cumulative operating cash flow generation vintage ever have vintage almost 1 billion of increase vintage of events division.

我們預計132億的累計經營現金流產生年份曾經有過近10億的增量年份的事件劃分。

So just good cash flow generation, that's one number two, the ability to monetize tax credits afforded to us through the IRA.

因此，只要產生良好的現金流，那就是第二點，即透過 IRA 向我們提供的稅收抵免貨幣化的能力。

That's another big driver of liquidity and effectively a new source of equity that's helping our metrics.

這是流動性的另一個重要驅動因素，也是有助於我們衡量指標的新股權來源。

And then just offering another layer layer of liquidity to fund our capital plans.

然後提供另一層流動性來為我們的資本計劃提供資金。

So that's also helpful.

所以這也很有幫助。

And we did our first tranche this year about 90 million of dispositions, and we did that at levels better than planned, meaning the discount to par was better than we thought it would be on.

今年我們進行了第一筆約 9000 萬股的處置，而且我們的水平比計劃的要好，這意味著面值折扣比我們想像的要好。

And so I anticipate us doing more of that over time.

因此，我預計隨著時間的推移，我們會做更多這樣的事情。

And then the last one is just on that, I feel like a broken recognize services.

最後一個就是這個，我感覺就像一個破碎的識別服務。

We do plan conservatively.

我們的計劃確實保守。

And so for the debt, we're going to issue at the holding company.

因此，對於債務，我們將在控股公司發行。

We're assuming it's a straight debt with no equity credit, but we've been known to issue subordinated notes or hybrids in the past says, get now a greater level of equity credit for Moody's, as you know.

我們假設這是沒有股權信貸的直接債務，但眾所周知，我們過去曾發行次級票據或混合債券，現在為穆迪獲得更高水平的股權信貸，如您所知。

And so we're at 50% now.

所以我們現在是 50%。

And so if we start to see pricing for those types of securities improve over time, that creates an opportunity also to put downward pressure on that sensitivity because now obviously, if we see pricing comparable to what our debt assumptions are in our plan, and we can do hybrids at a level that's credit accretive and EPS accretive to plan.

因此，如果我們開始看到這些類型證券的定價隨著時間的推移而改善，這也創造了對這種敏感性施加下行壓力的機會，因為現在顯然，如果我們看到定價與我們計劃中的債務假設相當，並且我們可以在信貸增值和每股收益增值的水平上進行混合計劃。

And so those all create opportunities for us to really minimize the equity needs as we improve increase the capital in our five-year plan.

因此，當我們改進五年計畫中的資本時，這些都為我們真正最小化股權需求創造了機會。

Okay.

好的。

That's extremely helpful details that.

這是非常有用的細節。

Thank you very much.

非常感謝。

Just to be clear on the CapEx numbers, though, still we should not expect numbers related to the are a key or IRP, but we should expect upset that CapEx related to reliability and the demand and economic development that may be a fair way to put it.

不過，為了明確資本支出數字，我們仍然不應期望與關鍵或 IRP 相關的數字，但我們應該預期與可靠性以及需求和經濟發展相關的資本支出會令人不安，這可能是它。

You certainly will see the full magnitude of opportunities associated with the REP.

您肯定會看到與 REP 相關的全部機會。

And the only reason I'm qualified to comment a little bit, Andrew, is that the you start to earn on PPAs effective mid this year and so we'll assume additional PPAs going forward.

安德魯，我有資格發表評論的唯一原因是，從今年年中開始，您將開始透過購電協議賺取收入，因此我們將假設未來還會有更多購電協議。

We still will start to see that opportunity associated with the new renewal energy plan scale every year because we're doing PPAs for renewables every year, we'll probably start to layer in some of the capital investment opportunities in outer years, the plan.

我們每年仍然會開始看到與新的再生能源計劃規模相關的機會，因為我們每年都在為再生能源製定購電協議，我們可能會開始在外部年份、該計劃中加入一些資本投資機會。

And so you'll see some of that we've been in.

所以你會看到我們參與過的一些事情。

You'll definitely see your comment, reliability, resiliency.

您一定會看到您的評論、可靠性和彈性。

But again, the lumpier opportunities associate with the energy law, you won't see until the really starting in 2026 vintage of our five-year plan.

但同樣，與能源法相關的更不穩定的機會，直到 2026 年我們的五年計劃真正開始時你才會看到。

Okay.

好的。

I appreciate you clarifying.

我很感謝你的澄清。

I guess maybe I need it and coffee this morning as well or are some early Halloween candy, perhaps.

我想也許今天早上我還需要它和咖啡，或是一些早期的萬聖節糖果。

Thank you guys.

謝謝你們。

As a quick reminder, if you'd like to ask any further questions, please dial star followed by one on your telephone keypad.

快速提醒一下，如果您想詢問任何其他問題，請撥打電話鍵盤上的星號，然後再撥打一個。

Now.

現在。

And as for our next question will move to the line of Angie Storozynski with Seaport.

至於我們的下一個問題將轉向 Angie Storozynski 與 Seaport 的合作。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Thank you.

謝謝。

Thanks us giving in.

感謝我們的屈服。

So I guess one question.

所以我猜一個問題。

So when I look at your current supply stack on the system, I mean, how much of that is some endpoints on them and accept self-generation fastest path and put some degree it?

因此，當我查看系統上目前的供應堆疊時，我的意思是，其中有多少是其中的一些端點，並接受自生成最快路徑並進行一定程度的處理？

And I understand that keep my satisfaction assets, et cetera.

我知道保留我的滿意度資產等等。

But I'm just I'm debating, you know, how much spare capacity you have on your own right now.

但我只是在爭論，你知道，你現在自己還有多少閒置能力。

I mean, if I were to be and industrial customer hyperscaler, how much could you offer and often in megawatts right now?

我的意思是，如果我是工業客戶超大規模供應商，您現在可以提供多少（通常是兆瓦）？

Let me let me offer you this, and then we'll talk a little bit about the mix from for my So and the like after our 2021 integrated resource plan order along from a capacity perspective, and there was a couple of things.

讓我向您提供這一點，然後我們將從容量角度討論 2021 年綜合資源計劃訂單之後的我的 So 等的混合，其中有幾件事。

one, we kept additional assets available to us as part of the settlement we had acquired.

第一，我們保留了額外的可用資產，作為我們獲得的和解協議的一部分。

The power generating facility was 1.2 gigawatts in the meantime since 2022, and that was approved.

自2022年以來，發電設施容量為1.2吉瓦，並已獲得批准。

We've also built out renewable assets, both win and solar in both.

我們也建立了再生能源資產，包括風能和太陽能。

There's some PPAs as well as some home own assets.

有一些購電協議以及一些自有資產。

And so that's actually put in a position where we've been long.

因此，這實際上是我們長期以來的立場。

We've been able to accommodate a lot of sales growth.

我們已經能夠適應大量的銷售成長。

And then as a reminder, we have the mechanisms both the renewable energy plan and the integrated resource plan with some flexibility in those because we look at them two years on renewable energy plan basis, every three to five on an integrated resource plan.

提醒一下，我們有再生能源計劃和綜合資源計劃的機制，這些機制具有一定的靈活性，因為我們在可再生能源計劃的基礎上每兩年審查一次，每三到五年審查一次綜合資源計劃。

But we can we can pull up and adjust those as needed to be able to accommodate the additional growth.

但我們可以根據需要拉高和調整這些，以適應額外的成長。

The third piece that with these hyperscalers is working with them because they're not going to all come on immediately.

與這些超大規模企業合作的第三部分是與他們合作，因為它們不會立即全部出現。

And then you have plans.

然後你就有計劃了。

And when they want to ramp up, that's also true with manufacturing.

當他們想要提高產量時，製造業也是如此。

And so they may need a starting load in 2026, but their full ramp-up doesn't get out to 2028, 29 30.

因此，他們可能需要在 2026 年啟動負荷，但他們的全面提升不會到 2028 年 29 月 30 日。

And so there's a lot of work to do.

因此還有很多工作要做。

We do with the customers to make sure we get that right?

我們與客戶一起確保我們做對了嗎？

So there's a lot of flexibility.

所以有很大的靈活性。

We have to make sure the supply and demand stack match up nicely and we can grow grow Michigan State now we deleveraged myself to be able to do that.

我們必須確保供需堆疊良好匹配，我們可以發展密西根州立大學，現在我們去槓桿化了，以便能夠做到這一點。

If you look at our total mix, it's about 40%, 46%, 40 ish, 5% that we either have through PPAs or through our soft market.

如果你看看我們的整體結構，你會發現大約有 40%、46%、40%、5% 是透過購電協議或軟市場獲得的。

Remember those PPAs access both capacity and energy as well in that mix.

請記住，這些購電協議還可以獲得該組合中的容量和能源。

And then the rest of the self self-generated.

然後剩下的自行生成。

But again, I'm just again, I'm debating it myself, if I were to Lam to site and make a big industrial facility on a data center out a couple of the care about the speaker Potlatch, right?

但我再說一次，我自己正在辯論，如果我要林在資料中心選址並建造一個大型工業設施，而不是出於對演講者誇富宴的關心，對嗎？

So so this initial availability of megawatts with the matter to me.

因此，兆瓦的初始可用性對我來說很重要。

And so you're saying you are long, Tyler, even right now.

所以你說你很長，泰勒，即使是現在。

So even saying in the next 18 to 24 months, there is spare capacity and that you could allocate to such data centers?

那麼，即使說在未來 18 到 24 個月內，還有閒置容量，您可以分配給這樣的資料中心嗎？

The short answer is yes.

簡短的回答是肯定的。

And we will work closely with customers to just hit the today we talked about in Q1, but we can name the company switch, which is an existing data center in Michigan, expanding by 230 megawatts.

我們將與客戶密切合作，以實現我們在第一季談到的今天，但我們可以將公司命名為交換機，它是密西根州的一個現有資料中心，容量擴大了 230 兆瓦。

They want to be up by followed in 2026.

他們希望在 2026 年繼續領先。

We're able to do that.

我們有能力做到這一點。

We're able to deliver that SE electric infrastructure, both with our transmission partner and the distribution infrastructure as well as ensuring we have the supply.

我們能夠與我們的輸電合作夥伴和配電基礎設施一起提供 SE 電力基礎設施，並確保我們有供應。

And so that gives you a little nature of our ability to deliver on that.

這讓您對我們實現這一目標的能力有了一些了解。

And as we other entertain other hyperscalers and their manufacturing, again, we work with them closely to match up there at the ramp-up schedule.

當我們接待其他超大規模製造商及其製造時，我們再次與他們密切合作，以配合產能計劃。

I gave the example of Corning as well.

我也舉了康寧的例子。

In my prepared remarks, you Corning wants to have lower on by first quarter of 2025.

在我準備好的演講中，康寧希望在 2025 年第一季之前實現更低的目標。

We're constructing the substation right now.

我們現在正在建造變電站。

We will deliver that.

我們將交付它。

But again, it will ramp up.

但同樣，它還會增加。

They go from a small amount of megawatts up to 1995 megawatts that occurs over a year.

它們從少量兆瓦到 1995 兆瓦，持續一年多的時間。

And so we pass that along with that company.

因此我們將其與該公司一起傳遞。

So those are two real examples, real work going on in the state and just gives you an idea how we work with customers to to grow Michigan and grow and our service territory.

這是兩個真實的例子，在該州正在進行的真實工作，只是讓您了解我們如何與客戶合作來發展密西根州並發展我們的服務領域。

And what a state like a very big as sites that say a gig of some of the eventual capacity, I mean, is this something that you feel comfortable accommodating?

什麼樣的狀態就像一個非常大的網站，上面寫著一些最終容量的演出，我的意思是，這是你覺得舒服的東西嗎？

I mean it is and obviously that would cover the require a large block two large combined cycle gas plant city belt.

我的意思是，顯然這將滿足一個大型街區和兩個大型聯合循環燃氣廠城市帶的需求。

How do you think about it until sort of very big projects?

在一些非常大的項目之前，您如何看待它？

Would you prefer to have smaller sites?

您想要較小的網站嗎？

So it is that from a risk perspective, 18 comfortable at accommodating to date amount like that.

因此，從風險角度來看，18 人能夠適應迄今為止這樣的金額。

We welcome growth in Michigan.

我們歡迎密西根州的成長。

I mean, there's nothing better than create jobs.

我的意思是，沒有什麼比創造就業機會更好的了。

And we've got a constructive.

我們已經有了建設性的意見。

I mean, we're doing on onshoring.

我的意思是，我們正在做外包。

It is truly manufacturing renaissance.

這是真正的製造業復興。

We're certainly open for data centers as well.

我們當然也對資料中心開放。

And we work with those customers large site, small sites to create a great opportunity for for all stakeholders in this day.

我們與這些大型網站、小型網站的客戶合作，為今天的所有利害關係人創造一個巨大的機會。

And so it doesn't we don't back away from a from a gigawatt load.

因此，我們不會放棄千兆瓦負載。

Some of those are on one site, some of those across multiple sites.

其中一些位於一個站點上，一些跨多個站點。

And it's really, again, working with that company and their ramp-up schedule.

這確實是再次與該公司合作以及他們的提升計劃。

And when do we need to provide that and manage that supply demand mix.

我們什麼時候需要提供並管理供需組合。

We've been doing this for 135 years.

我們已經這樣做了 135 年。

I used to be has to help my business in the business, I should say the supply side.

我必須在業務上幫助我的業務，我應該說供應方面。

So I get this and that's what we do have the load serving entity.

我明白了，這就是我們擁有的負載服務實體。

We have the mechanisms within the construct to be able to do that with success and just to make sure and how do you from time to ensure that that's not actually materializes like that handling that when we look at power companies, I'd be happy with take or pay contracts and how do you ensure that if you make the investments, actually downloadable will happen one of its contractually.

我們在結構中擁有能夠成功做到這一點的機制，並且只是為了確保以及如何確保這實際上不會像我們在考慮電力公司時那樣處理，我會很高興簽訂或支付合同，以及如何確保如果您進行投資，實際可下載的內容將發生在其合約之一。

But it's also, as I shared in my earlier remarks, making sure we've got a good from a rate design perspective, a cost-of-service model, what sort of how we operate in the state of Michigan.

但正如我在先前的評論中所分享的那樣，確保我們從費率設計的角度、服務成本模型以及我們在密西根州的運作方式獲得良好的結果。

And so that makes sure that the other customers are subsidizing that work.

這樣可以確保其他客戶資助這項工作。

And as I shared, we're working closely with commission staff with data centers to see if there's additional rate some compact or construct to be able to further ensure the residential customers are subsidizing their footing.

正如我所分享的，我們正在與資料中心的委員會工作人員密切合作，看看是否有一些緊湊或結構的額外費率，以便能夠進一步確保住宅客戶補貼他們的基礎。

The bill for data centers.

資料中心的帳單。

Very good.

非常好。

Thank you.

謝謝。

Our next question we from the line of Anthony Crowdell with Mizuho.

我們的下一個問題來自安東尼·克勞德爾和瑞穗的線路。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey, good morning and thanks for squeezing me in.

嘿，早上好，謝謝你讓我進來。

I know it's a tough morning, which are telling you what I can tell us some feeling for us, tell you like I guess I'll keep it quick just dumb again, apologize.

我知道這是一個艱難的早晨，這告訴你我可以告訴你一些對我們的感覺，告訴你我想我會保持快速只是再次愚蠢，道歉。

I think it's up to my colleague, Mike Sullivan question.

我認為這取決於我的同事麥克沙利文的問題。

The load growth update.

負載增長更新。

We get that on the Q4 call on when you file the IRP, just what is the most up-to-date of the low growth?

當您提交 IRP 時，我們會在第四季度電話會議上了解這一點，低成長的最新情況是什麼？

Anthony, this is Reggie.

安東尼，這是雷吉。

Yes.

是的。

So you'll get load forecast update and the renewable energy plan that will file in the coming weeks.

因此，您將獲得負載預測更新以及將在未來幾週內提交的可再生能源計劃。

You will also we will also have a load growth update a few months later on that supporting the five year plan that will roll out on our Q4 call in the first quarter of 22.

幾個月後，我們還將發布負載成長更新，以支援將在 22 年第一季的第四季電話會議上推出的五年計畫。

95 as we always do on.

95 就像我們一直在做的那樣。

So you'll get a couple of bites the cherry on from a low growth perspective.

因此，從低生長的角度來看，你會得到幾口櫻桃。

And as Eric noted in his earlier comments, you'll also see a load growth update about a year from then maybe 1.5 in the context of our IRP filing.

正如 Eric 在他之前的評論中指出的那樣，您還將在我們的 IRP 歸檔中看到大約一年後的負載增長更新，可能為 1.5。

So we'll have an iterative process for low disclosure.

因此，我們將有一個迭代過程來減少披露。

And again, as I said earlier, I expect upward pressure, certainly on the current estimate of 0.5%.

正如我之前所說，我預計經濟將面臨上行壓力，尤其是目前估計的 0.5%。

That would certainly go up and it will likely be accrete beyond that.

這個數字肯定會上升，而且很可能還會繼續增加。

So looking forward to sharing those with you in the coming weeks and months.

因此，期待在未來幾週和幾個月內與您分享這些內容。

Great.

偉大的。

And then just lastly, one of the earlier questions you're talking about how the financing needs the company also, I think the amount of equity now maybe 30% to 40% for every dollar spent.

最後，您之前談論的問題之一是公司如何需要融資，我認為現在每花一美元可能需要 30% 到 40% 的股權。

You also mentioned tax credits were going to be instrumental as a company quantified what we could assume for transferability over the next five years to the latest number I guide you to is what we have embedded in our five-year plan, Anthony, and that's a little over JPY0.5 billion.

您還提到稅收抵免將發揮重要作用，因為公司將我們在未來五年內可轉移性的假設量化為最新數字，我引導您了解我們已將其納入我們的五年計劃中，安東尼，這是一個略高於5億日元。

But again, I expect that number to increase over time just based on the quality of the execution and also the anticipation of more renewable ownership should allow that number to occur.

但同樣，我預計這個數字會隨著時間的推移而增加，這只是基於執行的質量，而且對更多可更新所有權的預期應該允許這個數字發生。

Great.

偉大的。

And so this current plan has half $1 billion in aggregate over five years.

因此，目前的計劃在五年內總共需要 10 億美元。

And again, as we provide an update on our five-year plan on our Q4 call in Q1 of next year, I'll provide a revised number, and I'd be surprised if that number doesn't continue to increase.

再次，當我們在明年第一季的第四季度電話會議上提供五年計劃的更新時，我將提供修訂後的數字，如果該數字不繼續增加，我會感到驚訝。

Is that helpful.

有幫助嗎？

Perfect.

完美的。

Thanks for taking my questions and see in Hollywood.

感謝您回答我的問題並在好萊塢看看。

Yes, C&I load.

是的，C&I 負載。

We have no further questions in the queue at this time.

目前我們隊列中沒有其他問題。

So I would now like to hand the call back over to Mr. Eric Russia for any closing remarks.

因此，我現在想將電話轉回給埃里克·俄羅斯先生，讓他發表結束語。

Thanks, Harry.

謝謝，哈利。

And I'd like to thank you for joining us today.

我要感謝您今天加入我們。

Look forward to seeing you at EEI.

期待在 EEI 見到您。

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。