CMS能源 (CMS) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to the CMS Energy 2024 Third Quarter Results.

大家早安，歡迎閱讀 CMS Energy 2024 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.

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 November 7.

（操作員說明）謹提醒您，今天將重播本次電話會議，從東部時間中午 12:00 開始，一直持續到 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 Shore, 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 Shore 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 Officer; and Rejji Hayes, Vice President and Chief Financial Officer.

與我在一起的有總裁兼執行長 Garrick Rochow；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。

At CMS Energy, we deliver year-over-year for all stakeholders.

在 CMS Energy，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 has delivered more than two decades of industry-leading financial performance.

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，並實現了二十多年來領先業界的財務表現。

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 at CMS Energy, providing confidence, invisibility as we continue to strengthen and lengthen our 6% to 8% EPS growth.

但今天，我想介紹 CMS Energy 的三個特色，即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信心、隱形性。

First, Michigan's clean energy law.

首先是密西根州的清潔能源法。

This law is great for our customers, the planet and our investors.

這條法律對我們的客戶、地球和投資者來說都是偉大的。

It ensures we have the right legislation in place to move from coal to clean, providing certainty for the investments we need to make in renewable energy.

它確保我們制定正確的立法，從煤炭轉向清潔能源，為我們在再生能源方面所需的投資提供確定性。

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，為我們的客戶做最好的事情。

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

這裡有一個獨特之處，即根據購電協議獲得約 9% 的經濟補償機制。

No other state that I'm aware of has this provision.

據我所知，沒有其他州有此規定。

And then add to it requirements for battery storage and an increased incentive on energy efficiency.

然後增加對電池儲存的要求以及對能源效率的更多誘因。

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

這項法律有很多內容，但在我們的五年投資計畫中提供強大推動力的內容卻很少。

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 or power purchase agreements, both within Michigan and outside of Michigan provides more options for customers and ensures we can utilize lower cost energy.

密西根州內外法律允許所有權或電力購買協議的靈活性為客戶提供了更多選擇，並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 and above-market power purchase agreements with new renewable assets, which keeps costs affordable for customers.

此外，它使我們能夠用新的可再生資產取代現有的過時且高於市場的購電協議，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.

我們將於下個月提交的 20 年再生能源計畫 (REP) 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畫。

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

該文件將顯示我們 2021 年綜合資源計劃之外所需的可再生資產，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.

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來說都是偉大的。

It provides the flexibility we need to find the most cost-effective clean energy for our customers.

它為我們提供了為客戶尋找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 five year $7 billion electric reliability roadmap.

我對我們在 5 年 70 億美元的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 to second quartile reliability performance or SAIDI, 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在本十年末透過對我們的電網進行有針對性的投資，達到第二個四分位可靠性績效或SAIDI 的行動，這是我們客戶所需的投資，因為我們在過去五年中記錄了密西根州最高的風速，我們看到風暴活動更加頻繁。

This plan is deliberate and comprehensive and improves reliability in the short term and build and long-term resiliency and it does it proactively versus reactively.

該計劃是經過深思熟慮和全面的，提高了短期的可靠性，並建立和長期的彈性，它是主動而不是被動地進行的。

This plan means we will begin serious efforts to underground more of our distribution wires.

該計劃意味著我們將開始認真努力將更多的配電線埋入地下。

Better aligned with Midwest peers and replaced more than 20,000 poles with those designed for more extreme weather.

與中西部同行更好地保持一致，並用專為更極端天氣設計的電線桿替換了 20,000 多根電線桿。

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 were 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.

我們也是密西西比州東部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, EPRI best-practices, and will bolster our distribution system to a level of performance our customers expect, particularly as the economy continues to electrify.

這些客戶投資基於電力研究所、EPRI 最佳實踐，並將支援我們的配電系統達到客戶期望的性能水平，特別是在經濟持續電氣化的情況下。

And our plans have been supported 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, the billions of dollars in decades needed to improve it and the importance of these strategic investments.

我們的計劃得到了支持，我對密西根公共服務委員會和自由風暴審計的最新結果感到高興，這突顯了我們系統的龐大性、幾十年來改進它所需的數十億美元以及這些戰略投資的重要性。

And 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.

當我們主動而不是被動地改進系統時，我們的客戶會受益，現在對系統進行這些投資意味著與我們進行這項工作時相比，我們可以以降低40% 到70% 的成本來完成這項工作，停電後，提供更好的服務，降低成本。

This is a great story.

這是一個很棒的故事。

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

我今天要講的第三點是我們服務區經濟發展的良好動能。

I'm excited and encouraged about the true renaissance underway in Michigan.

我對密西根正在發生的真正的復興感到興奮和鼓舞。

The big story across the industry is sales growth brought by data centers.

整個產業的大事是資料中心帶來的銷售成長。

We are seeing the same, and we're happy to talk more about data centers.

我們也看到了同樣的情況，並且很高興更多地談論資料中心。

But our story is different.

但我們的故事不同。

And in my opinion, better.

在我看來，更好。

In Michigan, we are seeing a manufacturing renaissance bolstered by onshoring, unique state attributes and the inflation reduction and the CHIPS and Science Acts.

在密西根州，我們看到了製造業的復興，這得益於本土化、獨特的州屬性、通貨膨脹的降低以及《CHIPS》和《科學法案》。

And we love manufacturing growth, because it brings jobs, supply chains, commercial activity, housing starts and residential growth, where there is greater benefit for the state.

我們喜歡製造業的成長，因為它帶來了就業機會、供應鏈、商業活動、住房開工和住宅成長，這些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 and bringing nearly 1,100 jobs to the state.

康寧公司擴張並投資高達 9 億美元，為該州帶來近 1,100 個就業機會。

This is the sort of growth we'd like to see, significant Michigan investment in job growth.

這就是我們希望看到的成長，密西根州對就業成長的重大投資。

Saab has expansion plans for an integration and assembly facility.

薩博制定了整合和組裝工廠的擴建計畫。

Saab is new to the state but adding to the nearly 4,000 businesses engaged in defense and aerospace work in Michigan.

薩博 (Saab) 是該州的新公司，但該州已有近 4,000 家從事國防和航空航天工作的企業。

Two new examples among many, that speak to the diversified manufacturing growth we are realizing.

眾多例子中的兩個新例子說明了我們正在實現的多元化製造業成長。

Over 700 megawatts of signed contracts in 24 months and growing.

24 個月內簽署的合約超過 700 兆瓦，並且還在增加。

Our economic development pipeline continues to look promising with over 6 gigawatts of load looking to either move to or expand in our state, 60% of which is manufacturing.

我們的經濟發展管道仍然充滿希望，超過 6 吉瓦的負荷希望轉移到我們州或在我們州擴大，其中 60% 是製造業。

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

正如我之前提到的，我們的再生能源計畫將根據我們正在經歷的強勁經濟發展順風保守地反映我們更新的負載成長預測。

We work hard every day to win our customers business, and we are honored when businesses see the value in investing in our state and our service territory.

我們每天都在努力工作，以贏得客戶的業務，當企業看到投資我們的州和我們的服務領域的價值時，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，鑑於已批准的天然氣費率案件和解中的建設性三月份電費令，我們今年與金融相關的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 1, 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，我們計劃於今年 12 月提交下一個 Gas 費率案件。

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

在我們目前的電價案例中，我們看到工作人員提出了建設性的起始立場。

We saw support for further undergrounding, wildfire mitigation and the continuation of the investment recovery mechanism.

我們看到了對進一步地下開採、緩解野火和繼續投資回收機制的支持。

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

我確實想指出，風暴恢復機制以及電價案例和自由風暴審計中概述的投資對我們的客戶非常重要。

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

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

Know 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.

要知道，我們對目前的進展、我們的歸檔品質以及我們為提高客戶可靠性而進行的積極投資充滿信心。

If we go the full distance, we expect the order in March of 2025.

如果我們全力以赴，我們預計將於 2025 年 3 月收到訂單。

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 9 months, we reported adjusted earnings per share of $2.47, up $0.41 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為 2.47 美元，比 2023 年同期增長 0.41 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。

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 with continued confidence toward the high end.

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，並對高端繼續充滿信心。

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

我們將2025 年全年指導價設定為每股3.52 至3.58 美元，較今年範圍的中點增長6% 至8%，而且我們處於有利位置，就像2024 年一樣，將邁向該範圍的高端。

It is important to remember that we always rebase guidance off our actuals on the Q4 call, compounding our growth.

重要的是要記住，我們總是根據第四季度電話會議的實際情況重新調整指導，從而促進我們的成長。

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, we'll provide a refresh of our five year capital and financial plans on the Q4 call.

就像我們前幾年所做的那樣，我們將在第四季度的電話會議上更新我們的五年資本和財務計劃。

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 9, you'll see our standard waterfall chart, which illustrates the key drivers impacting our financial performance for the first 9 months of 2024 and our year-to-go expectations.

在投影片 9 上，您將看到我們的標準瀑布圖，其中說明了影響我們 2024 年前 9 個月財務表現以及我們未來一年預期的關鍵驅動因素。

For clarification purposes, all of the variance analysis 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 third quarter, we delivered adjusted net income of $736 million or $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）以及NorthStar 的穩健業績。

From a weather perspective, the third quarter offered favorable weather versus the prior year to the tune of $0.10 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 0.10 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 of positive variance year-to-date.

電力產業第三季強勁的天氣足以抵銷上半年的溫和天氣，因此年初至今每股正方差為 0.05 美元。

As mentioned, rate relief, net of investment costs, 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 on our electric rate order received in March on the residual benefits of last year's gas rate case settlement.

如前所述，扣除投資成本後的電費減免是我們今年迄今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的剩餘收益取得了建設性成果，導致每股0.18 美元的正方差。

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

從成本角度來看，儘管八月初有相當大的天氣系統影響了我們的服務區域，但我們今年迄今為止的財務業績在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 storm response efforts.

我們在這方面的有利差異在很大程度上是由於我們的風暴應對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 of 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我們精益作業系統（CE 方式）推動業務日常生產力的另一個例子。

Quite simply, our workforce uses the tools of the 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 CE way.

這就是CE方式的本質。

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

服務恢復費用的折扣加上整個業務的成本績效，與 2023 年可比期間相比，每股帶來 0.02 美元的正差異。

Rounding out the first nine months of the year, you'll note the $0.16 per share of positive variance highlighted in the catch-all bucket in the middle of the chart.

在今年的前 9 個月中，您會注意到圖表中間的包羅萬象的桶中突出顯示了每股 0.16 美元的正方差。

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

上漲的主要來源與 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 of positive variance for the remaining 3 months of the year, given the mild temperatures experienced in the last three months of 2023.

展望未來，一如既往，我們計劃應對正常天氣，考慮到 2023 年最後三個月的溫和氣溫，這相當於今年剩餘 3 個月的每股正方差為 0.14 美元。

From 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 the constructive outcome achieved in our recently approved gas rate case settlement, which went into effect on October 1, as Garrick noted.

從監管角度來看，我們將實現每股0.09 美元的正差異，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（該解決方案於2019 年生效）。

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 select cost categories that have trended above budgeted levels for the majority of the year, such as insurance premia and IT related expenses.

在成本方面，我們預計2024 年剩餘三個月每股負差異為0.15 美元，這在很大程度上是由於額外的資金支持選擇的成本類別在一年中的大部分時間裡都高於預算水平，例如保險費和IT 相關費用。

Closing out the glide path for the remainder of the year, in 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 conservative assumptions around nonutility performance among other items.

關閉今年剩餘時間的下滑路徑，在右側倒數第二條中，您會注意到一個顯著的負方差，這主要是由於去年沒有選擇一次性對策以及圍繞非效用的保守假設性能等項目。

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

總的來說，這些假設相當於每股負方差 0.25 至 0.31 美元。

In summary, we remain well-positioned to deliver on our 2024 financial objectives to the benefit of customers and investors.

總之，我們仍有能力實現 2024 年財務目標，造福客戶和投資者。

As such, we are reaffirming our full year guidance range of $3.29 per share 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.

繼續看資產負債表。

On slide 10, we highlight our recently reaffirmed credit ratings from S&P in August.

在幻燈片 10 上，我們重點介紹了標準普爾 8 月最近重申的信用評級。

We continue to target mid-teens FFO to debt on a consolidated basis over our planning period to preserve our solid investment-grade credit ratings as per long-standing guidance from the rating agencies.

在我們的規劃期內，我們將繼續以綜合債務為目標，以十幾歲左右的 FFO 為目標，以根據評級機構的長期指導保持我們穩健的投資級信用評級。

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級評級，從而造福於客戶和投資者。

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've completed all of our planned financings 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.

我很高興地向大家報告，我們已經以有利於計劃的水平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 planned 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.

鑑於需要根據最近的監管結果和有吸引力的發行定價重新平衡利率來制定資本結構，我將提請您注意我們 2024 年計劃的公用事業融資相對溫和的增長。

It is also worth noting that we remain opportunistic should we see a cost-efficient opportunity to pull ahead some of our 2025 financing needs.

另外值得注意的是，如果我們看到一個具有成本效益的機會來提前滿足 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 and has enabled us to deliver on our operational and financial objectives, irrespective of the circumstances to the benefit of our customers and investors, and this year is no different.

這種方法經過年復一年的考驗，使我們能夠在任何情況下實現我們的營運和財務目標，為我們的客戶和投資者帶來利益，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, Reggie.

謝謝你，雷吉。

CMS Energy, over two decades of consistent industry leading financial performance, 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 investments in our system while maintaining customer affordability.

CMS Energy 二十多年來一直保持行業領先的財務業績，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，並對我們的系統進行必要且重要的投資，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）

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Hey guys Good morning.

嘿夥計們早上好。

Hey good morning Shar, I heard you didn't like our whole music.

嘿早安，莎爾，我聽說你不喜歡我們的整個音樂。

I heard that was a thing today.

我聽說今天有這樣的事情。

(multiple speaker)

（多個發言者）

So just, Garrick, on the data center demand, obviously, everyone is mentioning it to kind of the degree, Michigan has obviously started to emerge as a favorable data center environment with some of the hyperscalers doing some land acquisitions there, Grand Rapids to be exact.

加里克，關於數據中心的需求，顯然，每個人都在一定程度上提到了這一點，密西根州顯然已經開始成為一個有利的數據中心環境，一些超大規模企業在那裡進行了一些土地收購，大急流城將成為精確的。

Do you have sort of existing grid capacity to onboard kind of the new customers with that kind of an interconnection lag?

您是否擁有某種現有的電網容量來吸引具有這種互連延遲的新客戶？

What are you seeing on the ground?

你在地上看到什麼？

And do you need sort of a new tariff structure to move ahead?

您是否需要新的關稅結構來推進？

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

我們看到俄亥俄州提出了一些有趣的提案，在那裡進行了很多反覆討論。

So a 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 in our service territory, specifically you referenced Grand Rapids and that's been our service territory, is a great place for data centers and investment in Michigan.

密西根州在我們的服務區域，特別是您提到的大急流城，那是我們的服務區域，是密西根州資料中心和投資的好地方。

The temperate climate, the fiber infrastructure and to your point, and really the point of your question here is we have the electric infrastructure to be able to serve.

溫和的氣候、光纖基礎設施以及您的觀點，實際上您問題的要點是我們擁有能夠提供服務的電力基礎設施。

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

因此，我們與資料中心和其他製造客戶密切合作，以滿足他們的啟動和負載時間表。

And so that makes us advantageous to locate a data center or as I highlighted in my prepared remarks, really manufacturing, there's been a lot of manufacturing growth that's shown up here.

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，實際上是製造業，這裡顯示了許多製造業的成長。

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

我想另一件事是，當他們研究我們的清潔能源法時，他們可以看到一條通往2040年不斷增長的清潔能源、可再生能源以及清潔能源標準的道路，這對資料中心組件也很有吸引力。

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

但我也要強調，我不想在這次談話中失去的是製造業的成長。

That's really where we've seen the true renaissance.

這才是我們真正看到復興的地方。

We've seen a lot of opportunities show up there that will show up in our renewable energy plan as well, to serve our customers.

我們看到那裡出現了許多機會，這些機會也將出現在我們的再生能源計畫中，為我們的客戶提供服務。

And from my -- just going to the question on the tariff.

我想談談關稅問題。

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

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

That's a better reflection of the cost to serve, and we are working collaboratively with the commission to see if another rate structure is needed for data centers that would ensure our residential customers are not left subsidizing data centers.

這更好地反映了服務成本，我們正在與委員會合作，看看資料中心是否需要另一種費率結構，以確保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, Garrick?

加里克，有什麼時間安排嗎？

We would expect that we continue to make progress.

我們期望我們繼續取得進展。

I mean, like I said, the ex parte filing has 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 from a cost of service perspective.

因此，從服務成本的角度來看，我們處於有利地位。

We'll continue to work with the commission.

我們將繼續與委員會合作。

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

我預計這將在未來六個月到一年內發生。

Okay.

好的。

Perfect.

完美的。

And then just lastly, in terms of your takeaways from the storm and resiliency audits this year, is your commitment to cutting outages supported by the current distribution plan?

最後，就今年風暴和彈性審計的收穫而言，目前的分配計畫是否支持您減少停電的承諾？

Or would you look to update the DSP to incorporate some recommendations from the audit?

或者您希望更新 DSP 以納入審計中的一些建議？

Or does it just inform you better to move the $1.5 billion incremental CapEx you're identified into base plan?

或者它只是告訴您更好地將您確定的 15 億美元增量資本支出轉移到基本計劃中？

Thanks.

謝謝。

This audit that was completed, we call it the liberty audit because that was the company that was performing the work is really balanced and supportive -- I mean, you could see that within the context of the support of the work that we need to do, the capital investments and tree trimming to be able to continue to enhance reliability and provide better service.

完成的審計，我們稱之為自由審計，因為執行這項工作的公司確實是平衡和支持的——我的意思是，你可以看到，在支持我們需要做的工作的背景下、資本投資和樹木修剪，以便能夠繼續增強可靠性並提供更好的服務。

And as in my prepared remarks, share, we can do that at a lower cost.

正如我在準備好的演講中所言，我們可以以更低的成本做到這一點。

So better service, lower cost when we do things proactively versus reactively.

因此，當我們主動做事而不是被動地做事時，服務會更好，成本也會更低。

And so we have our five year capital plan, that $7 billion plan that's comprehensive and very deliberate and focus.

因此，我們制定了五年資本計劃，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 Liberty audit results, and we'll look to incorporate that in that plan.

我們將採用 Liberty 審計結果，並將其納入該計劃。

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

我要提醒你的是，這是一個 70 億美元的計劃，其中 55 億美元已納入資本計劃。

And so there's opportunity there to work more of that capital in, of course, with the support of the Public Service Commission staff and commission.

因此，當然，在公共服務委員會工作人員和委員會的支持下，我們有機會利用更多的資金。

Fantastic.

極好的。

Thank you guys so much.

非常感謝你們。

Remember Garrick guns and roses next time.

下次記得加里克槍與玫瑰。

Thanks.

謝謝。

Appreciate.

欣賞。

ACDC.

亞洲疾病預防控制中心。

Jeremy Tonet, JP Morgan.

傑里米·託內特，摩根大通。

Hi, good morning.

嗨，早安。

Hey, good morning, Jeremy.

嘿，早上好，傑里米。

Thanks for taking my questions Garrick.

感謝加里克回答我的問題。

Just wanted to start off, if you could walk us through a bit more, I guess, on DIG, given everything that we're seeing on the generation site meet their capacity needs.

只是想開始，如果您能在 DIG 上向我們介紹更多內容，我想，考慮到我們在發電站點上看到的一切都滿足了他們的容量需求。

Just with contracts rolling off and how you think about, I guess, the trajectory there going forward?

隨著合約的簽訂，我猜您如何看待未來的發展軌跡？

NorthStar business, and I'll get to the DIG piece, continues to perform well.

NorthStar 業務（我將談到 DIG 部分）繼續表現良好。

But frankly, I'd expect that.

但坦白說，我希望如此。

It's a small piece of the earnings mix.

這只是收入組合的一小部分。

But they need to perform, and we expect them to perform, and that's exactly what they're doing, both from an operational and a financial perspective.

但他們需要表現，我們也期望他們表現出色，而這正是他們正在做的事情，無論是從營運角度還是從財務角度來看。

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

當然，DIG 是迪爾伯恩工業世代的重要組成部分。

And we continue to see strength both in the capacity markets and the energy markets, and we are securing those bilateral contracts throughout time, and they continue to be above our plan and our expectations.

我們繼續看到產能市場和能源市場的實力，並且我們一直在確保這些雙邊合同，它們繼續高於我們的計劃和預期。

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

所以這是一個很棒的故事，我們繼續推動每股收益成長 6% 至 8% 的整體預期。

Jeremy, this is Rejji.

傑里米，這是雷吉。

All I would add is we've been -- Jeremy, just to provide a bit more of a financial lens to Garrick's good comments.

我要補充的是，傑里米，我們只是為了為加里克的好評提供更多的財務視角。

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 we're pricing capacity contracts in that bilateral market.

因此，我們將提供第四季度電話會議的最新情況，就像我們一貫圍繞雙邊市場產能合約定價水準所做的那樣。

And as you know, we'll bring in a new year in our next 5-year plan, and that will have even more open margin.

如您所知，我們將在下一個五年計劃中引入新的一年，這將有更多的開放利潤。

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

我們繼續看到反向詢價的水平遠遠超過我們從運力價格角度歷史上實現的水平。

And so we're usually around $3 to $3.50 per kilowatt month.

因此，我們通常每月每千瓦 3 至 3.50 美元左右。

We're now seeing five and six handles in reverse increase.

我們現在看到五個和六個手柄呈反向增加。

So still a really robust opportunity.

所以這仍然是一個非常強大的機會。

And unsurprisingly, it's just because of the real nice tactical we're seeing with just supply being reduced in Zone 7 through retirements and upward pressure on the demand curve.

毫不奇怪，這只是因為我們看到了真正好的戰術，即透過退休和需求曲線上行壓力減少了 7 區的供應。

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, Jeremy, too, it's not linear as well.

傑里米，我還要提醒你一件事，它也不是線性的。

We do have outages to maintain the system out there.

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。

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

我不想在那裡走得太遠。

But maybe just thinking about growth in general, we're seeing some of your peers talk about higher sales forecast and even some kind of lifting the expected long-term EPS CAGR expectation.

但也許只是考慮整體成長，我們看到一些同業談論更高的銷售預測，甚至某種程度提高預期的長期每股盈餘複合年增長率預期。

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

只是想知道你們如何看待這個問題，因為你們看到了越來越多的機會。

I'm expecting strengthening and lengthening but just wanted to double check there.

我期待著加強和延長，但只是想仔細檢查一下。

Let me offer some comments, and I'm sure Rejji is going to want to jump into this as well.

讓我發表一些評論，我相信 Rejji 也會想參與其中。

We provided those different differentiators, those tailwinds to give visibility and to instill confidence.

我們提供了這些不同的差異化因素和順風車，以提供可見性並灌輸信心。

And that's what we have.

這就是我們所擁有的。

We have confidence about the ability to strengthen and lengthen that 6% to 8% EPS growth.

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 years.

但我想澄清的是，我們的投資者期望我們能夠年復一年地繼續交付成果。

That's 21 years, we've now industry-leading or consistent industry-leading financial performance, time and time again.

21 年過去了，我們一次又一次地實現行業領先或持續行業領先的財務業績。

And then compounding off actuals, which gives you a better quality of earnings.

然後根據實際情況進行複利，這會為你帶來更好的收入品質。

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

這就是我們的投資者所檢查的，這就是我們的期望，這就是我們提供的。

And so by providing some insights to those tailwinds, I just -- you get some idea of the momentum and how we can again strengthen our confidence in delivering this and just doing it year after year, exactly what our investors expect.

因此，透過對這些有利因素提供一些見解，我只是——您可以了解這一勢頭，以及我們如何能夠再次增強我們實現這一目標的信心，並年復一年地做到這一點，這正是我們投資者的期望。

But certainly, Rejji, I'm sure will want to walk into and offer some commentary on this as well.

但當然，Rejji，我肯定也想介入並對此提供一些評論。

Jeremy, all I would add to Garrick's comments is that when you think about the components of what will drive long-term growth, Garrick walked 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, and that's going to be decades of financial opportunity, investment in PPAs again, the opportunities to improve the reliability and resiliency of our electric distribution infrastructure that's decades of spend and investment opportunity to the benefit of customers and investors.

傑里米，我要對加里克的評論補充的是，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講話中詳細介紹了資本方面的機會，無論是通過資本投資和/或在新能源法背景下透過購電協議獲得收入，這將是數十年的財務機會，再次對購電協議的投資，是提高我們配電基礎設施可靠性和彈性的機會，這是數十年的支出和投資機會客戶和投資者的利益。

And then in the gas business, which we didn't talk about as much on this call, but there's still a significant level of investment to be made to continue to harden that system, reduce fugitive methane emissions and continue to keep it safe in the lab, or particularly with -- or pending regs coming out from PHMSA.

然後是天然氣業務，我們在這次電話會議上沒有過多討論，但仍然需要進行大量投資，以繼續強化該系統，減少逃逸甲烷排放並繼續確保其安全實驗室，或者特別是PHMSA 即將出台的法規。

And so a lot of investment opportunity, and when the upward 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.

因此，有許多投資機會，當您提到需求的上行壓力時，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 6% 至 8% 的差異化成長，並與實際情況結合。

And so we're not going to get ahead of our Q4 disclosure, and that's when we update our five year plan, but we still feel very good about our ability to strengthen and lengthen that growth to Garrick's comments.

因此，我們不會提前披露第四季度的信息，那時我們會更新五年計劃，但根據加里克的評論，我們仍然對我們加強和延長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。

Ross Fowler, the Bank of America. you?

羅斯‧福勒，美國銀行。你？

(multiple speakers)

（多個發言者）

Good morning Garrick, Good morning Rejji.

早安，加里克，早安，雷吉。

How are you.

你好嗎。

(multiple speakers) Congratulations on the quarter, another solid one as we've all come to expect from CMS.

（多名發言者）恭喜本季度，這是我們對 CMS 的另一個堅實的期望。

So just a couple of questions.

所以只有幾個問題。

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 think about -- could that change is sort of battery tax credit shift?

您如何看待這種變化可能是電池稅收抵免的轉變？

Or does the cost of that change?

或者成本會改變嗎？

Or is there just a lot of support for this at the state level versus what's going on at the federal level potentially after next week, how do you contextualize that investment going forward?

或者，州一級是否對此有很多支持，而下週之後聯邦一級可能會發生什麼，您如何看待未來的投資？

Let me offer the two mechanisms that we have to consider what I'd call supply-type assets.

讓我提供我們必須考慮的兩種機制，我稱之為供應型資產。

One is the Renewable Energy Plan, which we'll file here November 15 in that range around that date.

其中之一是可再生能源計劃，我們將於 11 月 15 日左右在此日期提交該計劃。

And that will lay out some of the renewable energy assets we need, both.

這將提供我們所需的一些再生能源資產。

It will build off the foundation of our 2021 Integrated Resource Plan, but then there's two tranches as I see it of additional renewable energy build.

它將建立在我們 2021 年綜合資源計畫的基礎上，但據我所知，還有兩部分是額外的再生能源建設。

That will show up in the terms of meeting the 50% standard of renewable assets for 2030 as well as 60% for 2035.

這將體現在滿足 2030 年再生能源資產佔 50% 和 2035 年 60% 的標準。

That's really tranche one.

這確實是第一批。

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

然後，由於經濟發展和成長，以及我們所看到的需求成長，出現了額外的可再生資產。

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

所以這是一件很好的工作，一個很好的順風車。

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 the 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 those important components.

這就是我們將討論這些重要組件的地方。

And to the degree, there's additional tax incentives or benefit, that will play out in that process and that selection process.

在某種程度上，還有額外的稅收激勵措施或福利，這將在過程和選擇過程中發揮作用。

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

我確實預計系統上需要相當多的存儲空間，甚至可能比法律中引用的存儲空間還要多，但這無疑是一個很好的途徑，可以讓立法的確定性開始工作。

So hopefully, that's helpful.

希望這會有所幫助。

Yes.

是的。

Ross, sorry.

羅斯，對不起。

I've been a little slow to drawn a couple of my comments, so pardon me.

我有點慢地寫了一些評論，所以請原諒。

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

我唯一要補充的一點是，聽起來您在下週談論時提到了可能廢除 IRA 及其對稅收抵免的影響。

Was that the thrust of the second part of your question?

這是你問題第二部分的主旨嗎？

Or did I miss it?

還是我錯過了？

Yeah.

是的。

Yes.

是的。

Just as that -- where can we contextualize that versus the state incentives that are kind of pushing this

就像那樣——我們可以在哪裡將其與推動這一點的國家激勵措施聯繫起來

--

--

Yeah.

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.

我認為這是一個愚蠢的差事，而且我認為打電話太困難了。

But I do think it still remains a low probability that you see a repeal of the IRA.

但我確實認為愛爾蘭共和軍被廢除的可能性仍然很小。

Because the reality is, one, you need a pretty sizable red wave to just repeal the legislation.

因為現實是，第一，你需要相當大的紅色浪潮才能廢除這項立法。

But even if you did want to hypothesize that, that could take place, I think there's also a reality that the number of red states have benefited significantly from the legislation getting passed.

但即使你確實想假設這種情況可能會發生，我認為現實也是如此，即許多紅色州從立法的通過中受益匪淺。

I heard a stat the other day from one of the CEOs in our state who suggested that about 75% of the benefits of the IRA have accrued to red states.

前幾天我從我們州的一位執行長那裡聽到了一項統計數據，他表示 IRA 大約 75% 的福利都流向了紅州。

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.

因此，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'll probably be a real significant discussion off-line about whether it would make sense from an economic perspective to go and undo all those benefits accruing really nationally, but again, more concentrated towards red states.

我仍然認為，可能會在線下進行一場真正重要的討論，討論從經濟角度來看，取消所有在全國範圍內產生的所有好處是否有意義，但同樣，更多地集中在紅色州。

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 sort of that really remote probability come into fruition, we still have to comply with the law, to Garrick's comments, albeit it might be at a higher cost.

也就是說，如果它確實發生了，即使你想把那種非常遙遠的可能性變成現實，我們仍然必須遵守法律，根據加里克的評論，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。

Yeah.

是的。

Perfect.

完美的。

Makes sense.

有道理。

Garrick you just need a more coffee this morning. so just grab a couple of those.

加里克，你今天早上只需要再來一杯咖啡。所以只要抓住其中的幾個即可。

We do.

我們做到了。

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

我的下一個問題，有點回到傑瑞米關於北極星和容量拍賣的問題。

I mean, MISO has sort of adopted a lot of the PJM changes around the VRR curve.

我的意思是，MISO 在 VRR 曲線周圍採用了許多 PJM 變化。

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

當然，在明年的產能拍賣中，這一數字似乎也會更高，至少這會反映 PJM 發生的情況。

So do you sort of hold off on some closing down some of these open positions further out on capacity until you see what that auction clears out, so you have a better idea?

那麼，您是否會推遲進一步平倉一些未平倉頭寸，直到您看到拍賣清理掉的內容，以便您有更好的想法？

Like I'm just trying to figure out the timing of how you work that through.

就像我只是想弄清楚你如何完成這件事的時間。

Our process has been with DIG to just layer these in over time.

我們的流程是與 DIG 合作，隨著時間的推移將這些分層。

That's really a de-risking mechanism for us.

這對我們來說確實是一種去風險機制。

And certainly, there are sometimes where we might strike at a price point 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.

當然，有時我們可能會以比未來稍低的價格點進行攻擊，但有時也會以比未來稍高的價格點進行攻擊。

And so we've had that approach.

所以我們就採取了這種方法。

It really de-risks and becomes a predictable source of earnings by taking that these bilateral contracts or just kind of layering them in over time.

透過採用這些雙邊合約或隨著時間的推移將它們分層，它確實可以降低風險並成為可預測的收入來源。

Makes complete sense.

完全有道理。

Ties into the CEA.

與 CEA 有聯繫。

Thanks guys, another solid quarter.

謝謝大家，又是穩定的季度。

Thank you.

謝謝。

Julien Domoulin Smith, Jeffrey.

朱利安·多穆林·史密斯，傑弗裡。

Hey, good morning team guys.

嘿，大家早安。

Thank you so very much for the time.

非常感謝您抽出時間。

Appreciate it.

欣賞它。

Good to chat with you guys.

很高興和你們聊天。

Let's get that coffee going.

讓我們開始喝咖啡吧。

So to the extent -- let's keep it going.

所以在某種程度上——讓我們繼續下去。

So speaking of 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, that was a plus $0.09. You mentioned in your prepared remarks, insurance and IT.

說到這裡，你們在瀑布幻燈片中的成本數字有相當大的波動，你們談到了負 0.15 美元。上個季度，增加了 0.09 美元。您在準備好的發言中提到了保險和資訊科技。

Can you speak a little bit on exactly what's going on?

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 that's timing intra-year?

年內是否也會出現拉動？

I mean, is there a wildfire impact that's impacting insurance?

我的意思是，野火的影響是否會影響保險？

I'm just trying to understand what are the big pieces.

我只是想了解什麼是大的部分。

Yes, Julien, it's Rejji.

是的，朱利安，我是雷吉。

I appreciate the question, and let me provide a little bit more color on that.

我很欣賞這個問題，並讓我對此提供更多的資訊。

And so we have a number of cost-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 through the course of the year, some of those line items track ahead of budget and not in a good way.

在這一年中，其中一些項目的進度超出了預算，而且效果不佳。

So higher than budget.

所以比預算高。

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

因此，我們主要透過 CE 方式和其他降低成本的措施來應對這一問題。

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

在某些情況下，當我們進入第四季度時，我們認為我們不會有足夠的對策來抵消這一影響。

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

有時，我們只會按照我們在年底預期的水平為這些成本類別提供資金。

And so sorry, I said differently, we have a level of countermeasures as well as Q3 weather help that have given us enough contingency to fund those cost categories to levels that we anticipate than being at the end of the year.

很抱歉，我換了一種說法，我們有一定程度的對策以及第三季度的天氣幫助，這為我們提供了足夠的應急資金，使這些成本類別達到我們預期的水平，而不是年底。

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.

保險就是一個例子。

We had IT related costs that were trending a little ahead of budget.

我們的 IT 相關成本略高於預算。

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

另一個問題是，我們還有一些監管資產或負債正在攤銷，這些資產或負債在上一年中處於較高水平，與我們的電動車項目和其他項目相關。

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

因此，這是一個貓和狗的大雜燴，其趨勢只是超出了預算水平。

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

這就是我們在那裡資助的真正內容。

And that's why you see that big increase in the Q4 year-to-go expectations versus where we were in our Q2 call.

這就是為什麼您會看到第四季度的年初預期與我們在第二季電話會議中的預期相比大幅增加。

Is that helpful?

有幫助嗎？

Yeah.

是的。

So basically, said differently, you would have been holding off on funding some of it into 2025, you realize that you have the ability to do so, so you pull them back forward.

所以基本上，換句話說，你會推遲到 2025 年提供部分資金，你意識到你有能力這樣做，所以你把它們拉回來。

Yeah, I wouldn't call them a pull ahead.

是的，我不會稱他們為領先者。

To be clear, these are not expectations of costs that we'll have in 2025 that we're trying to de-risk.

需要明確的是，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 actuals 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，以及今年前九個月的實際成本超出了我們的預算。

And so we're applying some of the contingency that we've accumulated through countermeasures, NorthStar outperformance and just point 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、北極星的優異表現以及老式的 9 月好天氣而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 2024 funding and just basically updating our forecast to reflect the economic reality we're seeing across those cost categories.

因此，這些只是 2024 年的資金，只是基本上更新了我們的預測，以反映我們在這些成本類別中看到的經濟現實。

Wonderful.

精彩的。

Thank you guys very much.

非常感謝你們。

Speak to you soon.

很快就和你說話。

Thank you.

謝謝。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Morning, everyone.

早安，大家。

Thank you.

謝謝。

Hey, good morning Travis.

嘿，早上好，崔維斯。

Hi, Travis.

嗨，崔維斯。

Hey, so on the REP, you've touched on this a couple of times, but the -- anticipating that sales growth number going up.

嘿，關於 REP，您已經多次提到這個問題，但是 - 預計銷售成長數字將會上升。

As you were going through that process, not to front run this too much for the next couple of weeks, but as you're going through that process, did you have enough visibility in terms of sales growth from data centers and what you mentioned on manufacturing some of those kind of 24/7 type loads to be able to incorporate, again, some of the stuff you touched on in terms of storage and perhaps other renewable energy technologies.

當您正在經歷這個過程時，不要在接下來的幾週內過多地進行提前運行，但是當您正在經歷這個過程時，您對資料中心的銷售增長以及您提到的內容是否有足夠的了解製造一些此類24/7 型負載，以便能夠再次整合您在儲存和其他再生能源技術方面提到的一些內容。

Can we -- will we see that in this REP or is that something to look more for in the IRP?

我們能否——我們會在這個 REP 中看到這一點，還是在 IRP 中需要更多關注？

The short answer is yes, but let me explain more.

簡短的回答是肯定的，但讓我解釋一下。

In the Renewable Energy Plan, we'll start out with the base or the foundation is really the 2021 Integrated Resource Plan, which you'll remember calls for 8 gigawatts of solar and we've built some renewables as part of that as well.

在再生能源計劃中，我們將從基礎開始，或者基礎實際上是 2021 年綜合資源計劃，您會記得該計劃要求 8 吉瓦太陽能，我們也建造了一些可再生能源作為其中的一部分。

So that's the foundation.

這就是基礎。

The first piece, well, the 2021 IRP did not get us to 50% renewables by 2030 or the 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，或到 2035 年達到 60%。

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

因此，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.

這是第一期。

The second tranche is specifically because there's additional sales expected as a result of economic development.

第二部分具體是因為經濟發展預計會帶來額外的銷售。

And so we forecast that out over 20 years, and so we do have visibility to it.

因此，我們預測 20 年後會出現這種情況，因此我們確實可以預見這一點。

But we have to have certainty around it as well.

但我們也必須對此有確定性。

So these are items that we 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 -- to answer question directly, yes, visibility of that.

這再次反映了國家即將面臨的情況——所以我們必須——直接回答問題，是的，可見性。

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

這也將推動更多的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 EEI as we file that.

當然，我們會在提交該文件時在 EEI 討論更多細節。

So that's part one.

這是第一部分。

The second part that I would also is the IRP.

我想要的第二部分也是 IRP。

And remember, renewable energy plan just deals with energy.

請記住，再生能源計劃只涉及能源。

You have to deal with the capacity, you have to do with the reliability of supply.

你必須處理容量，你必須處理供應的可靠性。

You also have the opportunity to accommodate additional sales growth.

您還有機會適應額外的銷售成長。

That will show up in the integrated resource plan as well.

這也將出現在綜合資源計劃中。

So I see them as two mechanisms, two 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，我將它們視為兩種機制、兩種機會，我們將再次看到資產所有權、代表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 Rejji.

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 on the left-hand side of the page, and Garrick spoke to some of this in his prepared remarks, 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簡報中的第6 張幻燈片，你可以在頁面的左側看到，加里克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 8 or so listed on the page, the only two of those are in our current five year plan, Gotion and Ford.

我想我們在頁面上列出了大約 8 個公司，其中僅有的兩個是在我們目前的五年計劃中的，國軒和福特。

The rest of these are additive to our plan.

其餘的都是我們計劃的補充。

So that offers some bread crumbs as to the additional opportunities we're seeing.

因此，這為我們看到的額外機會提供了一些線索。

And I will tell you that some of the opportunities that are pretty high in 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，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 at this point, that's well stale.

所以在這一點上，這已經很陳舊了。

And so again, you'll see that update in our REP.

同樣，您將在我們的 REP 中看到該更新。

You also see it in the five year plan that we roll out in Q4 next year in addition to the IRP, as Garrick noted.

正如加里克指出的那樣，除了 IRP 之外，您還可以在我們明年第四季推出的五年計劃中看到這一點。

So you get some visibility on slide 6 today.

今天您可以在投影片 6 上看到一些資訊。

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, the liberty audit, would you anticipate on the regulatory side, the potential for putting in regulators to put in some kind of performance mechanism or some kind of metrics to meet before you get approval for the additional CapEx or operating costs?

然後，我想談談另一個不同的主題，即自由審計，您是否會在監管方面預期，在獲得額外資本支出批准之前，監管機構是否有可能引入某種績效機製或某種指標來滿足要求？或營運成本？

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

我預計我們將採取自由審計結果並將其納入我們的五年可靠性計劃，這當然會增強該計劃，並為額外的資本投資提供機會，再次為我們的客戶解決可靠性問題，主動提供更好的服務服務和更低的成本。

So that will be part of it.

所以這將是其中的一部分。

I anticipate there will be additional tree trimming or operation and maintenance expect that we've woven into the plan as well as part of this liberty audit.

我預計將會有額外的樹木修剪或運作和維護工作，希望我們已將其納入計劃以及自由審計的一部分。

And as the commission -- one of the actions that the commission has already taken is a performance-based ratemaking that's focused on reliability work.

作為委員會，委員會已經採取的行動之一是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, and we just need to continue to do that important work.

我不認為這會阻止我們進行這些重要的投資，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，我們只需要繼續做這項重要的工作。

Okay, great.

好的，太好了。

That's very helpful.

這非常有幫助。

Thanks so much.

非常感謝。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

Hey everyone, good morning.

大家早安。

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

我認為現在已經被問過幾次了，但只是為了讓我們了解負載增長以及 REP 中的內容。

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?

我記得您過去曾談論過 2%、更少 2% 的能源效率，而您今天的基本情況是持平嗎？

And then it sounds like you're excited about all this kind of new load growth, but what's actually going to be reflected in the REP is going to be pretty conservative and not some big shift change?

聽起來你對所有這些新的負載增長感到興奮，但 REP 中實際反映的內容將是相當保守的，而不是一些重大的轉變？

Is that a fair characterization?

這是一個公平的描述嗎？

Michael, it's Rejji.

邁克爾，我是雷吉。

Thanks for the question.

謝謝你的提問。

So just to level set, our current five year plan that we rolled out in the fourth quarter this year, had about 0.5% of electric load growth on a five year compound annual growth rate basis.

因此，就設定的水平而言，我們在今年第四季度推出的當前五年計劃，在五年複合年增長率的基礎上，電力負載增長約為 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, you could think about that as about 2.5% growth.

因此，如果你想增加總收入，你可以將其視為約 2.5% 的成長。

And again, net of energy efficiency, 0.5%.

再次，扣除能源效率後，為 0.5%。

We expect pretty significant upward pressure on that growth rate in the IRP -- sorry, the REP, renewable energy plan, filing that we'll publicize in the coming weeks.

我們預計 IRP 的成長率將面臨相當大的上行壓力 - 對不起，REP，可再生能源計劃，我們將在未來幾週內公佈的文件。

And then we'll get another kick at the can, obviously, in the IRP filing about a year later.

顯然，大約一年後，我們將在 IRP 備案中再次受到打擊。

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

在此期間，您將對我們在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 should see pretty material upward pressure.

同樣，您應該會看到相當大的上行壓力。

We do plan conservatively, guilty as charged.

我們確實保守地計劃著，正如所指控的那樣。

But we do also want to reflect the reality of what we're seeing because remember, this is a component in our rate proceedings.

但我們確實也想反映我們所看到的現實，因為請記住，這是我們利率程序的一個組成部分。

And so you will see, again, upward pressure on that -- those load growth assumptions.

因此，您將再次看到負載成長假設的上行壓力。

And to Garrick's comments, we do really try to incorporate whether it's data centers, industrial companies, we try to incorporate those in the plan when they're close to being signed or effectively signed and moving forward.

對於加里克的評論，我們確實嘗試將資料中心、工業公司納入計劃中，當它們接近簽署或有效簽署並向前推進時，我們嘗試將它們納入計劃中。

We really try not to speculate if we've seen some momentum across the state, but it's not coming to fruition.

我們真的盡量不去猜測全州是否出現了一些勢頭，但它並沒有實現。

That's not something we'll put in our plan.

這不是我們計劃中的內容。

So we're conservative from that perspective.

所以從這個角度來看我們是保守的。

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.

因此上行壓力很大，但比較保守。

I got it.

我得到了它。

And then just shifting over to the electric case, I also just kind of wanted to level set there.

然後轉移到電動機箱，我也只是想在那裡進行水平設置。

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

所以聽起來你可能會因為風暴機製而做出裁決，因為這是第一次這樣做？

And what specifically are you asking for?

您具體要求什麼？

And where is staff on that with respect to the storm specifically?

與風暴有關的工作人員在哪裡？

Rejji will walk through the numbers in a moment.

Rejji 稍後會詳細介紹這些數字。

But let me just start out by saying staff's position as a constructive starting point.

但首先我要說的是，工作人員的立場是一個建設性的起點。

And as I shared in my prepared remarks, there's a number of things that have been supported in staff's position.

正如我在準備好的演講中所分享的那樣，有很多事情得到了工作人員的支持。

But there are some distribution investments for our customers that have, I would say, been left on the table.

但我想說的是，我們的客戶的一些分銷投資已經被擱置了。

And we're focused on improving reliability.

我們專注於提高可靠性。

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 5-year plan, and we can do that at a lower cost, doing it proactively versus reactively.

我們正在透過我們的五年計劃證明這一點，並且我們可以以較低的成本做到這一點，主動而不是被動。

And so in addition to the storm recovery mechanism, which you referenced, which is also referenced in the liberty audit as well.

因此，除了您提到的風暴恢復機制之外，自由審計中也提到了這個機制。

But we're also focused on those distribution investments to offer better service for our customers.

但我們也專注於這些分銷投資，以便為我們的客戶提供更好的服務。

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 component which may push us into an adjudicated order.

這也是可能促使我們做出裁決的因素。

But I'll remind everybody, I'm open to settlement.

但我要提醒大家，我對和解持開放態度。

It's just going to have to have -- it's just going to have to continue to be more than where the staff is currently at.

它只是必須——它只是必須繼續比員工目前所在的位置更多。

But Rejji, just share with Mike where things are at from a cost prospective.

但是 Rejji，請與 Mike 分享從成本角度來看的情況。

Yes.

是的。

Michael, the mechanics of the storm restoration tracker that we're proposing in our pending rate case.

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, DTE is proposing a similar structure.

如果我沒記錯的話，DTE 正在提出類似的結構。

We're essentially trying to take the five year average of service restoration expense and put in the equivalent of a true-up mechanism where there's a 50% share for investors with customers in the event our level of service restoration expense is above or below what's embedded in our rate case.

我們本質上是在嘗試採用服務恢復費用的五年平均值，並引入相當於調整機制，如果我們的服務恢復費用水平高於或低於實際水平，則投資者與客戶將獲得 50% 的份額。嵌入我們的費率案例。

So to give you a specific numerical example, if we 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 萬美元將由股東吸收。

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

因此，我們的損益表將受到 1000 萬美元的損失，並且我們將在稍後收回的監管資產中建立 1000 萬美元。

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 it's -- as we see it, that provides good alignment of incentives between investors and customers with a mechanism like that, and we will limit a lot of the volatility we've seen in our P&L over the last several years because the levels of service restoration expense embedded in rates have been well below actual now for the last several years and counting.

因此，正如我們所看到的那樣，透過這樣的機制，投資者和客戶之間的激勵措施可以得到良好的協調，我們將限制過去幾年損益表中出現的大量波動，因為在過去幾年中，費率中包含的服務恢復費用遠低於目前的實際費用，並且還在增加。

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

這就是它的精神，如果需要的話，我們很樂意花更多的時間離線。

And just to offer some numbers, the staff is at $170 million at a 9.5% ROE, 49.9% equity ratio.

僅提供一些數字，員工薪酬為 1.7 億美元，ROE 為 9.5%，股本比率為 49.9%。

And our rebuttal position, we're at $277 million at 10.25% ROE, 50.75% equity ratio.

我們的反駁立場是，我們的淨資產收益率為 10.25%，股本比率為 50.75%，資產為 2.77 億美元。

So a little bit of cost of capital difference there as well.

因此，資本成本也存在一些差異。

But I wanted to just make sure, Michael, you had the revised position of the company.

但我想確定的是，邁克爾，你已經了解了公司的修改後的職位。

Okay.

好的。

That's great color.

那顏色真棒。

Just real quick, staff on the storm specifically though, are they outright against it?

很快，特別是在風暴中的工作人員，他們是否完全反對？

Or they're just looking for a different structure than what you just said I

或者他們只是在尋找與你剛才所說的不同的結構

--

--

They're not supportive of it, but again, not supportive, but we expected that.

他們不支持，但同樣不支持，但我們預料到了。

Just like the investment recovery mechanism, it had to go to the commission.

就像投資回收機制一樣，它必須交給委員會。

And we anticipate some mechanism like this will require the commission to weigh in on.

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 where the staff is at.

因此，工作人員在哪裡也就不足為奇了。

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

再說一遍，如果我們要繼續這樣做，很可能會收到完整的訂單。

Okay, thank thanks for sending me through all that.

好的，謝謝你讓我經歷了這一切。

Appreciate it.

欣賞它。

You're welcome.

不客氣。

Have a great day, Michael.

祝你有美好的一天，麥可。

Andrew Weisel, Scotia Bank.

安德魯‧韋塞爾，豐業銀行。

Hey good morning Garrick.

嘿早上好加里克。

I was also going to ask about settlement.

我也想問一下結算的事。

I guess I appreciate the detail there.

我想我很欣賞那裡的細節。

I guess if there were to be a deal to be made, what would be the window for that?

我想如果要達成協議的話，達成交易的窗口期是什麼？

Or is it a relevant to this is not going to happens

或與此相關的事情不會發生

--

--

Yeah.

是的。

We're in that window now.

我們現在就在那個視窗裡。

And so -- and really up to a final order is the window of opportunity for us.

因此，最終訂單對我們來說確實是一個機會之窗。

And so -- and we'll look -- again, we'll look, I'm always open to settlement.

因此，我們會再次考慮，我始終對和解持開放態度。

I've said that in calls before.

我之前在電話中說過。

If we can make things work for our customers and for all stakeholders, I mean, that's a good place to be.

我的意思是，如果我們能讓事情為我們的客戶和所有利害關係人服務，那就是一個好地方。

There's just a couple of things in this case that may force us into a full order, and we just want to make sure everyone on the call is aware of that.

在這種情況下，只有幾件事可能會迫使我們發出完整的訂單，我們只是想確保通話中的每個人都知道這一點。

Yes.

是的。

Understood.

明白了。

New tools are often a policy question.

新工具通常是一個政策問題。

So I understand that completely.

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 we'll have to be patient on the numbers.

我知道我們必須對數字保持耐心。

But the two things I wanted to ask about.

但我想問的是這兩件事。

Number one, just qualitatively, it sounds like there's going to be a lot of things going into that.

第一，從品質上來說，聽起來會有很多事情涉及其中。

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

總是會像往常一樣進行更新，但您需要在 REP 周圍進行支出。

You got spending around the Liberty reliability audit, you've got the electric reliability roadmap with stuff going in there, plus you've got sort of a step change in demand growth from data centers and manufacturing.

你有圍繞自由可靠性審計的支出，你有電力可靠性路線圖以及其中的內容，此外你還得到了數據中心和製造業需求增長的逐步變化。

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?

如果是這樣，我們應該如何考慮融資？

You previously talked about up to a $350 million per year of equity in '25 and beyond.

您之前談到 25 年及以後每年的股本高達 3.5 億美元。

I'm guessing there might be an upside bias to that given all the pieces that I just mentioned.

考慮到我剛才提到的所有內容，我猜測可能存在上行偏差。

How should we think about a rule of thumb about incremental equity needs per incremental dollar of CapEx?

我們該如何思考關於每增加一美元資本支出的增量股本需求的經驗法則？

Rejji and I'll tag team this one, but I want to remind you that many of the tailwinds that we described in this call come as a result of approval of the Renewable Energy Plan or approval of the IRP.

Rejji 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可再生能源計劃或 IRP 批准的結果。

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，但時間快進了 10 個月。

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

因此，我們要到 2025 年第三季末才能看到佣金的情況。

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

因此，我預計在 2025 年底（即 26 年初）的第四季電話會議之前，不會出現一些出色的工作。

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

然後，IRP 也會有相同的週期，從 2026 年開始，然後在 27 年結束。

So I see these as tranches that go over time over the five years.

因此，我將這些視為五年內的各個階段。

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

顯然，這裡有一些順風車，但它們出現在不同的時間點。

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

但我會把它交給 Rejji 來提供一些額外的顏色。

Yes, I think that's exactly right, Andrew.

是的，我認為這是完全正確的，安德魯。

I mean the governors we've talked about and when we prepare our capital plan, our affordability, balance sheet and an operational feasibility, can we get the work done, and those remain governors.

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、我們的承受能力、資產負債表和營運可行性時，我們能否完成工作，而這些仍然是州長。

But the fourth governor at this point is the pacing to Garrick's comment.

但此時的第四任州長是加里克評論的節奏。

And so just the time for the commission to review the REP, time for the load opportunities to materialize.

因此，正是委員會審查 REP 的時間，也是實現負載機會的時間。

Yes, we signed contracts, we interconnect these opportunities, but it takes a while for build-out of a manufacturing facility or data center.

是的，我們簽署了合同，我們將這些機會聯繫起來，但建造製造設施或資料中心需要一段時間。

So the pacing is going to certainly dictate when we'll be able to bring in all of this additional capital opportunity and see the load materialize, which effectively will fund those capital investment opportunities.

因此，節奏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，這將有效地為這些資本投資機會提供資金。

So that's really the fourth governor at this point.

所以這其實是第四任州長。

But you will see upward pressure for sure in the $17 billion five year CapEx number we've provided at this point.

但您肯定會在我們目前提供的 170 億美元的五年資本支出數字中看到上行壓力。

So without a doubt, but it will be pacing before you see the material bump, but I feel very good about the underlying earnings growth and rate base growth that will come from the next vintage.

因此，毫無疑問，但在看到實質成長之前，它將會加快步伐，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。

With respect to equity, as you know, and as you stated, we have said no equity obviously in 2024.

關於股權，如你所知，正如你所說，我們已經明確表示 2024 年不會有股權。

And then up to $350 million starting next year, and we've said that's a pretty good run rate for the current $17 billion capital plan, and the sensitivity I'll share with you as you think about incremental capital going into the plan and what that might drive in terms of incremental equity needs, there is a general rule of thumb is for every dollar of CapEx we invest at the utility, we usually fund it with around $0.35 to $0.40 of common equity, and that has been tried and true for some time.

然後從明年開始高達3.5 億美元，我們已經說過，對於當前170 億美元的資本計劃來說，這是一個相當不錯的運行率，當您考慮進入該計劃的增量資本以及什麼時，我將與您分享敏感度這可能會推動增量股本需求，有一個一般的經驗法則是，對於我們在公用事業公司投資的每一美元資本支出，我們通常用大約0.35 至0.40 美元的普通股為其提供資金，並且這已經被證明是正確的某個時間。

Now what's interesting over the last, I'll say, two to three years is that we've seen downward pressure that sensitivity in terms of the equity needs, and it's really been driven by a few things.

我想說，過去兩到三年有趣的是，我們看到了股票需求敏感度的下行壓力，這實際上是由一些因素驅動的。

One, obviously, we just continue to generate substantial cash flow in the business, because of the forward-looking test year and the rate construct of Michigan.

一，顯然，由於前瞻性測試年和密西根州的利率結構，我們將繼續在業務中產生大量現金流。

So I'll give an example, 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 in aggregate.

我舉一個例子，我們先前的五年計畫的 155 億美元資本在五年內總共產生了約 125 億美元的營運現金流。

This current vintage is $17 billion.

當前年份價值 170 億美元。

We expect $13.2 billion of cumulative operating cash flow generation, vintage over vintage.

我們預計各年份的累計營運現金流將達到 132 億美元。

So almost $1 billion of increased vintage over vintage.

因此，年份比年份增加了近 10 億美元。

And so just good cash flow generation.

所以只有好的現金流產生。

That's one.

這是一個。

Number two, the ability to monetize tax credits afforded to us through the IRA, that's another big driver of liquidity and effectively a new source of equity that's helping our metrics and then just offering another layer of liquidity to fund our capital plan.

第二，透過IRA 向我們提供的稅收抵免貨幣化的能力，這是流動性的另一個重要驅動因素，實際上是一個新的股權來源，有助於我們的指標，然後只是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 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.

所以這也很有幫助，我們今年進行了第一筆付款，大約 9000 萬美元的處置，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 -- I feel like a broken record when I say this is, we do plan conservatively.

最後一個是——當我說這個時，我感覺就像打破了記錄，我們確實保守計劃。

And so for the debt we're going to issue at the holding company, we're assuming it's straight debt with no equity credit, but we've been known to issue subordinated notes or hybrids in the past.

因此，對於我們要在控股公司發行的債務，我們假設它是沒有股權信貸的直接債務，但我們過去曾發行次級票據或混合票據。

Those get now a greater level of equity credit from Moody's, as you know, and so we're at 50% now.

如您所知，這些公司現在從穆迪獲得了更高水準的股權信貸，因此我們現在的比例為 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 obviously, if we see pricing comparable to what our debt assumptions are in our plan, then 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的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，因為顯然，如果我們看到定價與我們計劃中的債務假設相當，那麼我們可以在信貸增值和每股盈餘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 increase the capital in our five-year plan.

因此，當我們在五年計畫中增加資本時，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 there.

這是非常有用的細節。

Thank you very much.

非常感謝。

So just to be clear on the CapEx numbers, though, so we should not expect numbers related to the REP or IRP, but we should expect upside to CapEx related to reliability and the demand and economic development.

因此，為了明確資本支出數字，我們不應該預期與 REP 或 IRP 相關的數字，但我們應該預期與可靠性、需求和經濟發展相關的資本支出有上升空間。

Is that maybe a fair way to put it?

這可能是個公平的表達方式嗎？

Yeah.

是的。

You certainly won't see the full magnitude of opportunities associated with the REP.

您當然不會看到與 REP 相關的全部機會。

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

安德魯，我對評論進行一點限定的另一個原因是，您開始透過今年年中生效的購電協議賺取收入，因此我們將假設未來還會有更多購電協議。

And so we'll start to see that opportunity associated with the renewable energy plan scale every year because we're doing PPAs for renewables every year.

因此，我們每年都會開始看到與再生能源計畫規模相關的機會，因為我們每年都在為再生能源製定購電協議。

We'll probably start to layer in some of the capital investment opportunities in the outer years of the plan.

我們可能會在計劃的最後幾年開始分層提供一些資本投資機會。

And so you'll see some of that weaved in and you'll definitely see your comment reliability and resiliency.

因此，您將看到其中的一些內容，並且您肯定會看到您的評論的可靠性和彈性。

But again, the lumpier opportunities associated with the energy law, you won't see until the -- really starting in the 2026 vintage of our 5-year plan.

但同樣，與能源法相關的更不穩定的機會，直到我們的 5 年計劃的 2026 年真正開始，你才會看到。

Okay?

好的？

I appreciate you clarifying.

我很感謝你的澄清。

I guess maybe I needed some coffee this morning as well or some early Halloween candy perhaps.

我想也許今天早上我也需要一些咖啡或一些早期的萬聖節糖果。

Thank you guys.

謝謝你們。

(Operator Instructions) Angie Storozynski, Seaport.

（操作員指示）Angie Storozynski，海港。

Thank you.

謝謝。

Thanks for squeezing in.

謝謝你擠進來。

So I just have one question.

所以我只有一個問題。

So when I look at your current supply stack on the system, I mean, how much of it is imports from like self-generation versus the imports from the grid.

因此，當我查看系統上目前的供應堆疊時，我的意思是，其中有多少是來自自發電的進口，與來自電網的進口相比。

And I understand that the MISO dispatches assets, et cetera.

據我所知，MISO 調度資產等等。

But I'm just debating how much of spare capacity that you have of your own right now?

但我只是在爭論你們現在有多少閒置產能？

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

我的意思是，如果我是工業客戶或超大規模客戶，你們現在能為我提供多少兆瓦的價格？

Well, let me offer you this and then we'll talk a little bit about the mix from MISO and the like.

好吧，讓我向您提供這個，然後我們將討論 MISO 等的混合。

After our 2021 Integrated Resource Plan, we were along from a capacity perspective.

在我們的 2021 年綜合資源計畫之後，我們從容量的角度來看是一致的。

And there was a couple of things.

還有一些事情。

One, we kept additional assets available to us as part of the settlement.

第一，作為和解協議的一部分，我們保留了可用的額外資產。

We acquired the Covert generating facility was 1.2 gigawatts.

我們收購的隱蔽發電設施容量為 1.2 吉瓦。

In the meantime, since 2022, when that was approved, we've also built out renewable assets, both wind and solar, and both there's some PPAs as well as some owned assets.

同時，自 2022 年獲得批准以來，我們也建造了可再生資產，包括風能和太陽能，以及一些購電協議和一些自有資產。

And so that's actually put in a position where we've been long and we've been able to accommodate a lot of sales growth.

因此，這實際上是我們長期以來一直能夠適應大量銷售成長的情況。

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 a renewable energy plan basis every three to five on an integrated resource plan, but we can pull it up and adjust those as needed to be able to accommodate the additional growth.

然後提醒一下，我們有再生能源計畫和綜合資源計畫的機制，這些機制具有一定的靈活性，因為我們會審視它們——在再生能源計畫的基礎上兩年，在綜合資源計畫上每三到五年，但我們可以將其拉高並根據需要進行調整，以適應額外的增長。

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

與這些超大規模供應商合作的第三部分是與它們合作，因為它們不會立即全部啟動。

And they have plans and when they want to ramp up.

他們有計劃，也有想要加速的時間。

That's also true with manufacturing.

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 年、30 年。

And so there's a lot of work that we do with the customers to make sure we get that right.

因此，我們與客戶一起做了很多工作，以確保我們做到這一點。

And so there's a lot of flexibility we have to make sure the supply and demand stack match up nicely, and we can grow Michigan in the state.

因此，我們必須有很大的靈活性，以確保供需良好匹配，並且我們可以在該州發展密西根州。

Now we do leverage MISO to be able to do that.

現在我們確實利用 MISO 來做到這一點。

And if you look at our total mix, it's about 46% -- 45%-ish that we either have through PPAs or through purchase off market.

如果你看看我們的整體結構，你會發現大約 46% 至 45% 左右的產品是透過購電協議或場外購買獲得的。

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

請記住，這些購電協議在這種組合中同時發揮容量和能源的作用。

And then the rest is self-generated.

然後剩下的就是自己生成的。

But again, I'm just -- again, I'm debating it myself, if I were to cite like a big industrial facility or data center, I would probably care about the speed to power, right?

但我再次強調，我自己正在辯論，如果我引用大型工業設施或資料中心，我可能會關心供電速度，對嗎？

So this initial availability of megawatts would probably matter to me.

因此，兆瓦的初始可用性對我來說可能很重要。

So you're saying you are long tower even right now.

所以你現在就說你是長塔。

So even, say, the next, say, 24 months, there is a spare capacity that you could allocate to such a user?

那麼，即使是接下來的 24 個月，您也可以分配給這樣的用戶嗎？

The short answer is yes, and we work closely with customers to be able to do that.

簡而言之，答案是肯定的，我們與客戶密切合作才能做到這一點。

I'll give you a real example.

我給你舉一個真實的例子。

And it just hit the press today, we talked about in Q1, but we couldn't name the company.

今天剛剛新聞報道，我們在第一季談到過，但我們無法透露該公司的名稱。

Switch, which is an existing data center in Michigan, is expanding by 230 megawatts.

Switch 是密西根州的一個現有資料中心，目前正在擴建 230 兆瓦。

They want to be up by full load in 2026.

他們希望在 2026 年滿載運作。

We're able to do that.

我們有能力做到這一點。

We're able to deliver that.

我們有能力做到這一點。

That's the electric infrastructure, both with our transmission partner and the distribution infrastructure as well as ensuring we have the supply.

這就是電力基礎設施，包括我們的輸電合作夥伴和配電基礎設施，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 entertain other hyperscalers or other manufacturing, again, we work with them closely to match up the ramp-up schedule.

當我們招待其他超大規模企業或其他製造商時，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, in my prepared remarks.

我在準備好的發言中也舉了康寧公司的例子。

Corning wants to have load on by the first quarter of 2025.

康寧希望在 2025 年第一季之前實現負載。

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 they want to ramp up.

但他們又想加大力度。

They go from a small amount of megawatts up to 90, 95 megawatts, but that occurs over a year.

它們從少量兆瓦增加到 90、95 兆瓦，但這需要一年多的時間。

And so we pace that along with that company.

因此，我們與該公司一起加快步伐。

So those are two real examples, real work going on in the state and just gives you an idea of how we work with customers to grow Michigan and grow in 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，發展密西根州並在我們的服務領域發展。

And what if there is like a very big site, let's say, a gig of eventual capacity?

如果有一個非常大的站點，比方說，一個最終容量的演出怎麼辦？

I mean, is this something that you feel comfortable accommodating?

我的意思是，這是你覺得舒服的事嗎？

I mean, it is -- obviously, that would probably require a large -- well, two large combined cycle gas plants to be built.

我的意思是，顯然，這可能需要建造一個大型的、兩個大型的聯合循環天然氣工廠。

How do you think about those sort of very big projects?

您如何看待這類非常大的項目？

Would you prefer to have smaller sites?

您想要較小的網站嗎？

Or is there, from like a risk perspective, do you think comfortable accommodating the big loads like that?

或者，從風險的角度來看，您是否認為可以輕鬆容納這樣的大負載？

We welcome growth in Michigan.

我們歡迎密西根州的成長。

I mean there's nothing better than creating 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 -- I mean, we're doing a lot of onshoring.

我們有建設性的——我的意思是，我們正在進行大量外包。

It is truly a manufacturing renaissance.

這確實是製造業的復興。

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 sites, small sites, to create opportunity for all stakeholders in the state.

我們與這些客戶、大型工廠、小型工廠合作，為該州的所有利益相關者創造機會。

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

所以它不會——我們不會放棄千兆瓦負載。

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

其中一些位於一個站點上，另一些則跨多個站點。

And it's really, again, working with that company on their ramp-up schedule and when do we need to provide that and match that supply, demand mix.

這實際上是再次與該公司合作制定其產能計劃，以及我們何時需要提供該服務並匹配供需組合。

We've been doing this for 135 years.

我們已經這樣做了 135 年。

I used to be -- I started out my business -- in the business, I should say, on the supply side.

我曾經是——我開始我的生意——我應該說，是在供應方面。

So I get this.

所以我明白了。

And that's what we do as a load-serving entity, and we have the mechanisms within the construct to be able to do that with success.

這就是我們作為負載服務實體所做的事情，並且我們在構造中擁有能夠成功做到這一點的機制。

And just to make sure.

只是為了確定一下。

And how do you, for example, ensure that this load actually materializes?

例如，您如何確保該負載真正實現？

Like when we look at power companies, like they have those take-or-pay contracts.

就像我們觀察電力公司時一樣，他們有照付不議的合約。

How do you ensure that if you make the investments, actually the load will happen?

您如何確保進行投資後，實際負載會發生？

One of it is contractually, 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.

其中之一是合約上的，但正如我在先前的評論中所分享的那樣，它也是確保我們擁有一個良好的——從費率設計的角度來看，服務成本模型。

That's how we operate in the State of Michigan.

這就是我們在密西根州的運作方式。

And so that makes sure that the other customers aren't subsidizing that work.

這樣可以確保其他客戶不會補貼這項工作。

And as I shared, we're working closely with commission and commission staff with data centers to see if there's additional rate compact or construct to be able to further ensure that residential customers aren't subsidizing or footing the bill for the data centers.

正如我所分享的，我們正在與資料中心的委員會和委員會工作人員密切合作，看看是否有額外的費率契約或結構，以進一步確保住宅客戶不會補貼或支付資料中心的費用。

Very good.

非常好。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Hey, good morning, team.

嘿，早上好，團隊。

Ken.

肯.

Thanks for squeezing me.

謝謝你擠我。

I know it's tough morning with Shar telling what music to listen to.

我知道莎爾告訴我們該聽什麼音樂，這是一個艱難的早晨。

I'll keep it quick.

我會保持快點。

Just -- I apologize.

只是——我道歉。

I think it's up to -- following Mike Sullivan's question, the load growth update.

我認為這取決於邁克·沙利文的問題，負載增長更新。

Will we get that on the fourth quarter call on when you file the IRP, just when is the most up-to-date of the load growth.

當您提交 IRP 時，我們會在第四季度電話中獲得這一點，也就是負載成長的最新情況。

Anthony, this is Rejji.

安東尼，這是雷吉。

Yes.

是的。

So you will get a load forecast update in the renewable energy plan that we'll file in the coming weeks, and you will also -- we will also have a load growth update a few months later, that's supporting the 5-year plan that we'll roll out on our fourth quarter call in the first quarter of 2025 as we always do.

因此，您將在我們將在未來幾週內提交的可再生能源計劃中獲得負載預測更新，而且您還將 - 我們還將在幾個月後獲得負載增長更新，這支持了五年計劃我們將像往常一樣在2025 年第一季推出第四季電話會議。

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

因此，從負載成長的角度來看，您會得到一些好處。

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

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

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

因此，我們將有一個負載揭露的迭代過程。

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

再次，正如我之前所說，我預計目前預估的 0.5% 肯定會面臨上行壓力。

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

這個數字肯定會上升，而且很可能會繼續增加。

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 talked about how the financing needs of the company.

最後，之前的問題之一，您談到了公司的融資需求。

Also, I think the amount of equity now maybe 30% to 40% for every dollar spent.

另外，我認為現在每花一美元，股本金額可能為 30% 到 40%。

You also mentioned tax credits were going to be instrumental.

您還提到稅收抵免將發揮重要作用。

Has the company quantified what we could assume for transferability over the next 5 years?

公司是否量化了我們對未來 5 年可轉讓性的假設？

So the latest number I'll guide you to is what we have embedded in our five-year plan, Anthony, and that's a little over $0.5 billion.

因此，安東尼，我將引導您了解的最新數字是我們在五年計劃中嵌入的數字，略高於 5 億美元。

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 accrete.

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，而且對更多可再生所有權的預期應該會讓這個數字不斷增加。

And so this current plan has $0.5 billion in aggregate over five years.

因此，目前的計劃在五年內總共需要 5 億美元。

And again, as we provide an update on our five year plan on our fourth quarter call and 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，當我們在第四季度電話會議和明年第一季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 you in Hollywood.

感謝您回答我的問題，我們好萊塢見。

Yeah, see in Hollywood.

是的，看看好萊塢。

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. Garrick Rochow for any closing remarks.

因此，我現在想將電話轉回 Garrick Rochow 先生，讓他發表結束語。

Thanks Harry and I'd like to thank you for joining us today.

謝謝哈利，我也想感謝你今天加入我們。

I look forward to seeing you at EEI.

我期待在 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。