CMS能源 (CMS) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to the CMS Energy 2025 First Quarter Results. 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. This call is being recorded. (Operator Instructions)

大家早安，歡迎參加 CMS Energy 2025 第一季業績發表會。今天稍早發布的收益新聞稿和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找到。此通話正在錄音。（操作員指示）

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

提醒一下，今天將會重播本次電話會議，從美國東部時間下午 12 點開始，持續到 5 月 1 日。

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

該簡報也將進行網路直播，您可以在 CMS Energy 網站的「投資者關係」部分找到。

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. Good morning, everyone, and thank you for joining us today. With me are Garrick Rochow, President and Chief Executive Officer; and Rejji Hayes, Executive Vice President and Chief Financial Officer.

謝謝你，哈利。大家早安，感謝大家今天加入我們。與我一起的是總裁兼執行長 Garrick Rochow；以及執行副總裁兼財務長 Rejji Hayes。

This presentation contains forward-looking statements, which are subject to risks and uncertainties. Please refer to our SEC filings for more information regarding the risks and other factors that could cause our actual results to differ materially.

本簡報包含前瞻性陳述，這些陳述具有風險和不確定性。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信息，請參閱我們的 SEC 文件。

This presentation also includes non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in the appendix and posted on our website.

本簡報也包括非公認會計準則衡量指標。這些指標與最直接可比較的 GAAP 指標的對帳已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. CMS Energy, consistent, predictable, dependable. 22 years of steady hand at the wheel. It's what you expect, and it's what we deliver and even more important in these times, a broader economic uncertainty. It starts with our investment, which is based on conservative planning, paired with disciplined execution, a commitment to excellence across our electric and gas businesses, duct legislation and regulation, and -- with a robust economic development pipeline.

謝謝傑森，也謝謝大家今天加入我們。CMS 能源，一致、可預測、可靠。 22 年來始終穩健駕駛。這是你們所期望的，也是我們所提供的，更重要的是，在當今更廣泛的經濟不確定性時期。首先從我們的投資開始，投資基於保守的規劃，加上嚴謹的執行、對電力和天然氣業務卓越的承諾、管道立法和監管，以及強勁的經濟發展管道。

Our customers can depend on us deliver safe, reliable, equitable energy under all conditions, and our investment thesis is what keeps us on track. It's our focus. It's what you count on us for every year. In fact, I'd like to take a motion spotlight on our recent storm response, which included company crews, dispatchers, call centers, coworkers, contractors and volunteers, who are committed to delivering excellence for our customers during the recent historic storms that impacted Michigan in late March, in early April. These stores packed it all in 14 tornados, nearly 100-mile per hour winds and in northern locations over 1.5 inches of -- the team executed well.

我們的客戶可以依靠我們在任何條件下提供安全、可靠、公平的能源，而我們的投資理念使我們保持在正軌上。這是我們的重點。這就是您每年對我們的期望。事實上，我想動議重點介紹我們最近的暴風雨響應，其中包括公司工作人員、調度員、呼叫中心、同事、承包商和志願者，他們致力於在 3 月底 4 月初襲擊密西根州的最近歷史性暴風雨期間為我們的客戶提供卓越的服務。這些商店在 14 次龍捲風、每小時近 100 英里的大風以及北部地區超過 1.5 英寸的積雪中都擠滿了人——團隊表現非常出色。

We were prepared and ready to dispatch prior to the first wave of weather with 500 crews pre-staged and 900 total crews dispatched. Fighting storms on two fronts, we restored customers safely and quickly, then continue to serve supporting local co-op utility customers in their restoration efforts. We saw a favorable and positive policymaker support because of our response.

在第一波惡劣天氣來臨之前，我們已做好準備並準備派遣，預先安排了 500 名工作人員，總共派遣了 900 名工作人員。我們在兩條戰線上對抗風暴，安全、快速地恢復了客戶的服務，然後繼續為當地合作公用事業客戶的恢復工作提供支援。由於我們的回應，我們看到了政策制定者有利且積極的支持。

Yes, our investments and process changes make the difference. I'm extremely proud and thankful for our coworkers and how they showed up in the work they do daily to improve performance for our customers.

是的，我們的投資和流程變化帶來了改變。我對我們的同事感到非常自豪和感謝，他們每天都在工作中努力為客戶提高績效。

I want to start today with Michigan's constructive regulatory environment. We are pleased with the recent electric rate order in March, approximately 65% of the revised ask, nearly double the investments included in the investment recovery mechanism and solid support for our investments to improve electric reliability for our customers. We work hard to ensure our transparent and high quality, and we are seeing the results, achieving constructive regulatory time and time again.

今天我想先談談密西根州的建設性監管環境。我們對 3 月的最新電價訂單感到滿意，該訂單約佔修訂後要價的 65%，幾乎使投資回收機制中的投資翻了一番，並為我們為提高客戶電力可靠性所做的投資提供了堅實的支持。我們努力確保我們的透明度和高品質，並且我們看到了成果，一次又一次地實現了建設性的監管。

We'll continue to work closely with MPSC staff, intervenors and the commission on the importance of our investments to bolster our electric and gas systems to ensure we continue to serve customers during sunny days and extreme weather. Given our continued focus on improving electric reliability, you can expect us to file our next electric rate case in Q2.

我們將繼續與 MPSC 員工、介入者和委員會密切合作，強調投資的重要性，以加強我們的電力和天然氣系統，確保我們在晴天和極端天氣下繼續為客戶提供服務。鑑於我們持續致力於提高電力可靠性，您可以期待我們在第二季提交下一個電費案件。

In our gas rate case, we did recently see staff testimony, which we view as a constructive starting position, as we've shown in the past, we're always open to settlement, having settled our last four gas cases. The dynamics of these gas cases are different than our electric cases and we feel good either way, a settlement or from adjudicated order. For our longer-term filings, we expect an order in our renewable energy plan, or REP by mid-September, our REP will help define our clean energy future and feeds into our Integrated Resource Plan, or IRP, that we'll file next year.

在我們的天然氣費率案中，我們最近確實看到了員工的證詞，我們認為這是一個建設性的起點，正如我們過去所表明的那樣，我們始終願意接受和解，並且已經解決了最近的四起天然氣案件。這些天然氣案件的動態與我們的電力案件不同，無論是和解還是裁決命令，我們都感到滿意。對於我們的長期備案，我們預計再生能源計劃（REP）將在 9 月中旬收到命令，REP 將有助於確定我們清潔能源的未來，並將其納入我們明年將提交的綜合資源計劃（IRP）。

Earlier in my prepared remarks, I referenced broader economic uncertainty. As you would expect, we are closely monitoring the landscape of potential changes shaping as needed and preparing to adjust as necessary. Our conservative planning and strong fundamentals as well as our track record of delivering through any event gives me confidence that we are well positioned to effectively navigate any scenario. This confidence is further bolstered by our diversified service territory with minimal exposure to the auto industry or any other large sectors.

在我之前準備好的發言中，我提到了更廣泛的經濟不確定性。正如您所期望的，我們正在密切關注可能出現的變化，並準備根據需要進行調整。我們的保守規劃、強勁的基本面以及我們應對任何事件的記錄讓我相信，我們完全有能力有效應對任何情況。我們的多元化服務領域以及對汽車產業或任何其他大型產業的關注度較低，進一步增強了這種信心。

We are actively monitoring the landscape and have a diverse supply chain, which limits our exposure to tariffs. Our direct and indirect spend is approximately 90% domestically sourced and we continue to shift U.S.-based vendors to lower our exposure. Much of the exposure is related to capital equipment, which means any customer impact would be spread over the life of the asset and our earnings are largely insulated. Nonetheless, we are actively working with all suppliers to manage fluctuations in price and sourcing to keep customer bills affordable as we execute on our plan.

我們正在積極監控情況並擁有多樣化的供應鏈，這限制了我們受到關稅的影響。我們的直接和間接支出約 90% 來自國內，我們繼續轉移美國供應商以降低我們的風險。大部分風險敞口與資本設備有關，這意味著任何客戶影響都會分散在資產的整個使用壽命內，而我們的收益基本上不會受到影響。儘管如此，我們正在積極與所有供應商合作，管理價格和採購的波動，以便在我們執行計劃時保持客戶帳單在可承受的範圍內。

In the context of the inflation Reduction Act or IRA, we've seen good support from Republicans in our individual conversations, including the 25 who have signed on in support of continuing tax credits. Our read is that there may be a partial repeal of portions of the IRA. And although we do not expect changes to the renewable tax credits, we continue to safe harbor equipment for projects within our 5-year plan. And as a reminder, we have a supportive energy law in Michigan that mandates renewables and 100% team energy resources by 2040. The law shapes our customer investments through our REP and IRP.

在通貨膨脹削減法案（IRA）的背景下，我們在個人談話中看到了共和黨人的大力支持，其中 25 人簽署了支持繼續提供稅收抵免的協議。我們的理解是，愛爾蘭共和軍的部分內容可能會部分廢除。儘管我們預計再生能源稅收抵免不會發生變化，但我們仍會繼續為五年計劃內的專案提供安全港設備。提醒一下，密西根州有一項支持性能源法，規定到 2040 年，團隊能源資源必須全部使用再生能源。法律透過我們的 REP 和 IRP 塑造我們的客戶投資。

To the degree there are changes in the IRA, Michigan's law offers us enough flexibility to achieve the intent of the law can ensure resource adequacy and affordability for our customers. Through industry exposure, I'll remind you the auto industry is about 2% of our total gross margin. The heart of our electric service territory is in the Grand Rapids Metropolitan area, which is diversified with commercial businesses in manufacturing and includes significant jobs and state investment. We're also seeing expansion in other industries, including defense, aerospace, polysilicon, semiconductors and agriculture.

在 IRA 變化的程度上，密西根州的法律為我們提供了足夠的靈活性，以實現法律的意圖，確保資源充足且客戶負擔得起。透過業界了解，我會提醒您，汽車產業約占我們總毛利率的 2%。我們的電力服務中心位於大急流城都會區，該地區製造業商業業務多元化，擁有大量就業機會和國家投資。我們也看到其他產業的擴張，包括國防、航空航太、多晶矽、半導體和農業。

At CMS Energy, our core business is to serve under all conditions. Our mindset of preparedness and conservative planning ensures we are ready for multiple scenarios. Calm in the storm and steady at the wheel.

在 CMS Energy，我們的核心業務是在任何條件下提供服務。我們的準備心態和保守的計劃確保我們為多種情況做好準備。暴風雨中保持冷靜，駕駛穩定。

I want to talk for a moment about Michigan's exciting growth Renaissance and our work to help our service territory in the state, thrive and prosper. First and foremost, we see strong progress in the continued construction and work to make up a 2% to 3% load growth within our 5-year financial plan. We have seen one large data center project accelerate their load ramp up by almost a year. Another large new manufacturing project has requested to expand service an additional 10%, all positive indicators, both we can deliver.

我想談談密西根州令人興奮的成長復興以及我們為幫助該州的服務區域繁榮昌盛所做的工作。首先，我們看到持續建設取得了強勁進展，並努力在我們的五年財務計劃中實現 2% 至 3% 的負載成長。我們已經看到一個大型資料中心專案的負載提升速度加快了近一年。另一個大型新製造項目要求將服務擴大 10%，所有指標均為正面指標，我們都能滿足。

Since the beginning of the year, with the elimination of the sales and use taxes for data centers, our pipeline has grown to 9 gigawatts. With more of that shift, about 65% toward data centers. We're seeing the data center pipeline continue to progress and feel confident some of these projects will materialize into contractual agreements. The data center tariffs, which we filed in February with the commission is the next logical step in that process. That provides a great opportunity for data centers and protects our existing customers.

自今年年初以來，隨著資料中心銷售稅和使用稅的取消，我們的產能已成長至 9 千兆瓦。隨著這種轉變進一步加劇，約有 65% 轉向資料中心。我們看到資料中心管道不斷取得進展，並有信心其中一些項目將實現為合約協議。我們於二月向委員會提交的資料中心關稅是這一進程的下一個合理步驟。這為資料中心提供了絕佳的機會並保護了我們現有的客戶。

We'll continue to work through this proceeding with settlement being a possible outcome.

我們將繼續努力完成這項程序，並可能達成和解。

As I've shared before, we are also excited about the manufacturing growth in our pipeline that brings with its secondary and tertiary benefits, including new and growing as well as residential load. We're excited about and committed to Michigan's future and we are prepared to serve its growing energy needs.

正如我之前分享的，我們也對我們管道中的製造業成長感到興奮，它帶來了二次和三次效益，包括新的和不斷增長的以及住宅負荷。我們對密西根州的未來感到興奮並致力於此，我們準備滿足其日益增長的能源需求。

Now on to the financials for the quarter. In the first quarter, we reported adjusted earnings per share of $1.02. We remain confident in this year's guidance and long-term outlook and are reaffirming all our financial objectives. Our full year guidance remains at $3.54 to $3.60 per share with continue toward the high end. Longer term, we continue to guide to the high end of our adjusted EPS growth range of 6% to 8%.

現在來看看本季的財務狀況。第一季度，我們報告的調整後每股收益為 1.02 美元。我們對今年的指導和長期前景仍然充滿信心，並重申我們所有的財務目標。我們的全年預期仍為每股 3.54 美元至 3.60 美元，並將繼續向高端邁進。長期來看，我們將繼續引導調整後的每股盈餘成長區間的高端達到 6% 至 8%。

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

說完這些，我會把電話交給 Rejji。

Thank you, Garrick, and good morning, everyone. On Slide 8, you'll see our standard waterfall chart, which illustrates the drivers impacting our financial performance for the quarter and our expectations. For clarification purposes, all of the variance analysis herein are in comparison to 2024, both on a first quarter and nine months to-go basis.

謝謝你，加里克，大家早安。在投影片 8 上，您將看到我們的標準瀑布圖，它說明了影響我們本季財務表現和預期的因素。為了澄清起見，此處的所有差異分析均與 2024 年進行比較，包括第一季和未來九個月。

In summary, through the first quarter of 2025, we delivered adjusted net income of $304 million or $1.02 per share, which compares favorably to the comparable period into [4], largely due to the absence of the mild weather experienced in Q1 of 2024, coupled with higher rate net of investments. These sources of positive variance were partially offset by higher O&M costs at the utility driven by the continued execution of our electric reliability road map and the time of select items at NorthStar, like our planned outage at the industrial generation facility or DIG, among other factors.

綜上所述，截至 2025 年第一季度，我們實現調整後淨收入 3.04 億美元，即每股 1.02 美元，與 [4] 的同期相比表現良好，這主要是由於沒有 2024 年第一季度經歷的溫和天氣，再加上投資淨利率較高。這些正向差異的來源被公用事業的更高 O&M 成本所部分抵消，這主要是由於我們繼續執行電力可靠性路線圖和 NorthStar 部分項目的時間（例如我們在工業發電設施或 DIG 的計劃停電等因素）所致。

To elaborate on the impact of weather, we experienced a relatively normal winter in Michigan in the first quarter for the first time in a couple of years. As such, we saw $0.26 per share of favorable variance, which largely reflects the mild weather experienced in the first quarter of 2024. Rate relief net of investment-related expenses resulted in $0.07 per share a positive variance due to constructive outcomes achieved in last year's electric and gas rate orders in addition to the benefits of ongoing renewable projects.

為了詳細說明天氣的影響，我們在第一季經歷了密西根州幾年來第一次相對正常的冬季。因此，我們看到每股 0.26 美元的有利差異，這在很大程度上反映了 2024 年第一季的溫和天氣。扣除投資相關費用後的利率減免導致每股收益為 0.07 美元，這是由於去年電力和天然氣利率訂單取得了建設性成果，以及正在進行的再生能源項目的好處。

Moving on to cost trends. As noted, in accordance with our electric reliability road map, we continue to increase the size of our vegetation management program as we glide path to a 7-year trim cycle across our low-voltage electric distribution system. The associated financial impact was the key driver of the $0.05 per share of negative variance versus the comparable period in 2024. In our touch all category by the final bucket in the actual section of the chart, you'll note a negative variance of $0.23 per share, largely driven by a strong 2024 comp at NorthStar due to normalized operations at DIG and the timing of tax benefits from renewable projects.

繼續討論成本趨勢。如上所述，根據我們的電力可靠性路線圖，我們將繼續擴大植被管理計畫的規模，因為我們的低壓配電系統將逐步實現 7 年的調整週期。相關財務影響是與 2024 年同期相比每股 0.05 美元負差異的主要原因。在我們按圖表實際部分的最後一個桶觸及所有類別中，您會注意到每股 0.23 美元的負差異，這主要是由於 DIG 的正常運營和可再生能源項目稅收優惠的時機導致 NorthStar 2024 年業績強勁。

Other notable drivers category include the impact of parent financing activities in the quarter and select onetime reversals from last year. Looking ahead, we plan for normal weather, as always, which equates to $0.12 per share of positive variance for the remaining nine months of the year, primarily due to the absence of the mild temperatures experienced in the fourth quarter of 2024.

其他值得注意的驅動因素包括本季母公司融資活動的影響以及去年同期的部分一次性逆轉。展望未來，我們計劃一如既往地應對正常天氣，這相當於今年剩餘九個月每股 0.12 美元的正方差，這主要是由於沒有 2024 年第四季度出現的溫和氣溫。

From a regulatory perspective, we're assuming $0.16 per share of positive variance, which is largely driven by the constructive electric rate order received from the commission in March, ongoing benefits of renewable projects at the utility and the assumption of a supportive outcome in our pending gas rate case.

從監管角度來看，我們假設每股正差額為 0.16 美元，這主要是由於 3 月份委員會發出的建設性電價指令、公用事業公司可再生能源項目的持續收益以及我們未決的天然氣價格案的支持性結果假設。

On the cost side, we anticipate higher overall O&M expense at the utility for the remainder of the year, largely driven by the expectation of increased service restoration costs attributable to the large weather system that impacted our service territory in late March, extending into early April that Garrick mentioned. It's worth noting that this storm was the costliest in our company's history at roughly $100 million of operating and maintenance or O&M expense, for our preliminary estimates.

在成本方面，我們預計今年剩餘時間內公用事業的整體營運和維護費用將會更高，這主要是因為預計服務恢復成本會增加，因為正如 Garrick 所提到的，3 月底影響我們服務區域的大型天氣系統會持續到 4 月初。值得注意的是，根據我們的初步估計，這場風暴是我們公司歷史上損失最慘重的風暴，營運和維護費用約為 1 億美元。

As you would expect, we're already busy at work identifying and implementing countermeasures such as limiting hiring, reducing our use of consultants and contractors and eliminating other discretionary spending among other potential assets. And of course, we expect increased productivity from the CE Way, which our workforce has delivered every year since we instituted the Lean operating system roughly a decade ago.

正如您所料，我們已經開始忙於確定和實施對策，例如限制招聘、減少顧問和承包商的使用以及消除其他可自由支配的開支以及其他潛在資產。當然，我們期望透過 CE Way 提高生產力，自從大約十年前我們建立精益作業系統以來，我們的員工每年都實現了這一目標。

It is also worth noting that we have sought a deferred accounting order for the financial impacts of the storm given its historic nature, which we filed earlier this week. The recalibration of our service restoration expense for the remainder of the year, net of anticipated savings from the aforementioned countermeasures will drive an estimated net impact of $0.04 per share of negative variance for the remaining nine months of the year.

另外值得注意的是，鑑於該風暴的歷史性，我們已在本週稍早提交了針對其財務影響的延期會計命令。在扣除上述對策預計節省的費用後，今年剩餘時間我們的服務恢復費用的重新調整將對今年剩餘的九個月產生每股 0.04 美元的淨影響。

Lastly, in the ultimate bar on the right-hand side, you'll see an estimated range of $0.03 to $0.09 per share of negative variance which incorporates further risk mitigation to the financial headwinds encountered in the first quarter and provides additional contingency should we need it, namely in the form of opportunistic financing activities.

最後，在右側的最終柱狀圖中，您會看到每股負差異的估計範圍為 0.03 美元至 0.09 美元，這包括對第一季度遇到的財務逆風的進一步風險緩解，並在我們需要時提供額外的應急措施，即以機會性融資活動的形式。

Before moving on, I'll just note that our track record of delivering on our financial objectives over the last two decades, irrespective of the circumstances speaks for itself. That said, we'll always do the waring so you don't have to. And we remain confident in our ability to deliver our financial and operational objectives this year to the benefit of all stakeholders.

在繼續之前，我只想指出，過去二十年來，無論情況如何，我們實現財務目標的記錄是不言而喻的。話雖如此，我們會一直發出警告，這樣您就不必再這樣做了。我們仍然有信心，我們有能力實現今年的財務和營運目標，造福所有利害關係人。

Moving on to credit quality. It is worth noting that Fitch reaffirmed our credit ratings in March as noted at the bottom of the table on Slide 9, and we are currently working through the review process with Moody's. Longer term, we continue to target solid investment-grade credit ratings and will manage our key credit metrics accordingly as we balance the needs of the business.

繼續討論信用品質。值得注意的是，如幻燈片 9 底部所示，惠譽在 3 月重申了我們的信用評級，我們目前正在與穆迪合作進行審查。從長遠來看，我們將繼續以穩健的投資等級信用評級為目標，並在平衡業務需求的同時相應地管理我們的關鍵信用指標。

Slide 10 offers an update to our funding needs in 2025 with the utility and the parent. During the quarter, we issued $1 billion of junior subordinated notes for hybrids with a 6.5% coupon its parent, which I'll note was identical to rates achieved by some of our much larger peers and had the tightest credit spread achieved for a hybrid and reset which speaks to our credit quality and a strong receptivity to our paper in the market. As you'll note in the table on the left-hand side of the page, the hybrid issuance address a good portion of our financing needs at the path for the year while offering significant financial flexibility on our remaining needs.

幻燈片 10 提供了我們與公用事業公司和母公司在 2025 年的資金需求的最新情況。在本季度，我們發行了 10 億美元的混合債券次級票據，其母公司的票面利率為 6.5%，我要指出的是，這與一些規模大得多的同行所實現的利率相同，並且實現了混合債券和重置債券中最窄的信用利差，這說明了我們的信用質量和市場對我們債券的強烈接受度。正如您在頁面左側的表格中看到的，混合發行解決了我們今年的大部分融資需求，同時為我們剩餘的需求提供了巨大的財務靈活性。

We'll look to complete the balance of our financing plan at the parent and utility over the remaining months of the year with a keen focus on maintaining our consolidated credit metrics around the mid-teens area from a funds from operations to total debt perspective. As always, we'll remain opportunistic and look to capitalize on market conditions.

我們將在今年剩餘的幾個月內完成母公司和公用事業公司融資計劃的餘額，並將重點關注將我們的綜合信用指標從營運資金到總債務的角度維持在十幾歲左右。像往常一樣，我們將繼續把握機會並尋求利用市場條件。

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

說完這些，我將把發言權交還給加里克，讓他在問答環節之前做最後的發言。

Thanks, Rejji. As the landscape continues to evolve, I want to remind everyone about our long history of delivering under all scenarios for all our stakeholders. Remember, our business is preparedness and response through uncertainty, recession, bad weather doesn't matter. We've seen it before, and we've navigated the waters. Bottom line, we deliver.

謝謝，Rejji。隨著情況的不斷變化，我想提醒大家，我們長期以來一直在各種情況下為所有利害關係人提供服務。請記住，我們的業務是做好準備並應對不確定性、經濟衰退和惡劣天氣等問題。我們以前見過這種情況，並且已經駕馭過它。最終，我們做到了。

Our track record speaks for itself. We focus on what is necessary to deliver for our customers and investors, and we remain confident in our outlook for 2025 and beyond.

我們的業績記錄不言而喻。我們專注於為客戶和投資者提供必要的服務，我們對 2025 年及以後的前景充滿信心。

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

好了，哈利，請開始問答。

(Operator Instructions) Durgesh Chopra, Evercore ISI.

（操作員指示）Durgesh Chopra，Evercore ISI。

I appreciate all the commentary around tariffs and IRA. I just -- one question was focusing on NorthStar. Maybe just -- can you remind us what percentage of capital? I appreciate it's small or of capital is going towards solar, storage. And then just given the IOA discussion and repeal risk, do you kind of reprioritize that capital, potentially maybe switch that with higher regulated capital?

我感謝所有有關關稅和愛爾蘭共和軍的評論。我只是——一個問題集中在 NorthStar 上。也許只是—您能提醒我們一下資本的百分比是多少嗎？我理解，它的規模很小，或者說，資本正在流向太陽能和儲能領域。那麼，考慮到 IOA 討論和廢除風險，您是否會重新調整資本的優先順序，可能將其轉換為更高監管的資本？

Your comments around safe harboring, do those apply to NorthStar as well as you try to kind of secure those tax resets into the future?

您對安全港的評論是否適用於 NorthStar，以及您是否嘗試確保未來的稅收重置？

Thanks for your question, Durgesh. Great question. Again, contacts is really important here in the context of NorthStar. So we're talking about 5% of the EPS mix here. So remember, the big driver here is DIG, our Dearborn Industrial generation.

謝謝你的提問，Durgesh。好問題。再次強調，在 NorthStar 的背景下，聯絡人確實非常重要。所以我們在這裡討論的是 EPS 組合的 5%。所以請記住，這裡最大的推動力是 DIG，即我們的迪爾伯恩工業世代。

That's the big story in the energy and capacity markets. And so when it comes down to the amount of capital that we're spending on renewables, it's small. Rejji will have the numbers here in a bit, but there's nothing on storage, 0 on storage. And so it's all really renewables and those are, again, projects that are well laid out for the future.

這是能源和容量市場的重大新聞。因此，當我們談到我們在再生能源上花費的資本金額時，它是很小的。Rejji 很快就會有這些數字，但儲存方面沒有任何數據，儲存為 0。所以，這其實都是再生能源，而且這些都是為未來精心規劃的項目。

Now how we derisk those projects? One, we have contracts in place that allow for escalators, that's an important piece. But we've done a lot of great work in terms of securing -- I've got panel security through 2030. There are a variety of vendors through contracts, some are already on site, able to navigate any implications from a tariff perspective. And then I'm out in 2028 from a safe harbor provision and the main power transformers.

現在我們該如何降低這些專案的風險？首先，我們已經簽訂了允許使用自動扶梯的合同，這是很重要的一點。但我們在安全方面已經做了很多出色的工作——我已經確保了到 2030 年面板的安全。透過合約可以聯繫到各種各樣的供應商，有些供應商已經在現場，能夠從關稅的角度解決任何影響。然後，我將在 2028 年脫離安全港條款和主電力變壓器。

And so we feel good about the runway there of projects, renewable projects that we've done to derisk that. But as you know, on your question alluded to, there's tons of flexibility. We have plenty of opportunities to utility itself. And so those are decisions we make on a time by a year-by-year basis on where the needs are for the company and are best suited. But again, feel good about NorthStar's ability to deliver, not just in the year, but also from a long-term perspective.

因此，我們對那裡的項目、可再生項目的進展感到滿意，我們已經完成了這些項目以降低風險。但正如您所知，對於您提到的問題，具有很大的靈活性。我們有很多機會去利用它本身。因此，這些都是我們根據公司的需求和最適合的情況逐年做出的決定。但再次強調，我對 NorthStar 的交付能力感到滿意，不僅是在今年，而且從長遠來看也是如此。

Yes, Durgesh, I'll just build on Garrick's comments there. We certainly feel good about NorthStar's prospects going forward and have done a lot to derisk renewable projects on both the utility side and the NorthStar side and have done some things in supply chain that further fortify our position going forward. From a capital perspective, we're planning, and this is that we filed last quarter. About gross investments a little over $2.5 billion. I say gross because we have planned to res capital largely a NorthStar through the sell-down of common equity as providing a lot of liquidity to fund their projects.

是的，Durgesh，我只是根據 Garrick 的評論進行補充。我們當然對 NorthStar 未來的前景充滿信心，並且已經在公用事業和 NorthStar 方面做了很多工作來降低再生能源專案的風險，並且在供應鏈方面做了一些事情，進一步鞏固了我們未來的地位。從資本角度來看，我們正在規劃，這是我們上個季度提交的。總投資額約 25 億美元多一點。我之所以說總額，是因為我們計劃透過出售普通股來重新籌集 NorthStar 的大部分資金，以提供大量流動性來資助他們的計畫。

And so the equity infusions from the parent are relate light probably about 20% of that or so or $0.5 billion. So gross capital investments of about $2.5 billion to support commercial renewable projects over the next five years. And the reality is if we do see some repeal of the IRA, we will just increase the bar or raise the expected hurdle rate for those renewable project NorthStar. And so if we saw the economics of those projects being less attractive, we would certainly allocate more capital to utility. As you know, capital is not an issue at the utility.

因此，來自母公司的股權注入大概佔其中的 20% 左右，即 5 億美元。因此，未來五年將有約 25 億美元的總資本投資用於支持商業再生能源項目。而現實情況是，如果我們確實看到 IRA 被廢除，我們只會提高門檻或提高那些再生項目 NorthStar 的預期最低收益率。因此，如果我們發現這些項目的經濟效益不那麼有吸引力，我們肯定會向公用事業分配更多的資金。如您所知，資金對於公用事業來說不是問題。

There's plenty of opportunity. Our current 5-year plan at $20 billion of capital investments at utility has another $20 billion or so on the outside looking in. And I think that, that's the low end. Capital investment opportunities outside of the plan. So a lot of flexibility to allocate capital to the utility versus NorthStar, again, if we see the economics of those projects start to soften over time.

有很多機會。我們目前的五年計畫是向公用事業投資 200 億美元，另外還有約 200 億美元在外部投資。我認為，這就是最低端。計劃之外的資本投資機會。因此，如果我們發現這些專案的經濟效益隨著時間的推移開始減弱，那麼與 NorthStar 相比，向公用事業公司分配資本具有很大的靈活性。

So really good flexibility going forward and no concerns with the outlook there. Is that helpful?

因此，未來的靈活性確實很好，而且對前景沒有任何擔憂。這樣有幫助嗎？

Very helpful. A lot of flexibility there sounds like. And then just quickly, Rejji, the deferred accounting order on the storm cost, have you guys done that before? Sorry, I should know, but I don't. Maybe just remind us if you have done that before?

非常有幫助。聽起來那裡有很多彈性。然後很快，Rejji，關於風暴成本的延期會計命令，你們以前做過嗎？抱歉，我應該知道，但我不知道。也許只是提醒我們您是否以前做過這件事？

And if not, like what are sort of the procedural steps here? Is there a time line that the commission is kind of sort of rule this on by? Or is this just a one-off type of went and there's no set procedural schedule here?

如果不是，那麼這裡的程序步驟是什麼樣的？委員會對此是否有一個時間表來規定？或者這只是一次性的活動，並沒有固定的程序時間表？

And maybe I'll just take your question and do a little bit of your picture on it, and then we can go down in this process from a storm perspective. As Rejji talked about in his prepared remarks, there is a number of levers and opportunities, everything from the CE Way to technology to what Rejji shared in his prepared remarks and on how to deliver the year.

也許我會回答你的問題並對其進行一些描述，然後我們可以從風暴的角度來深入探討這個過程。正如 Rejji 在他的準備好的演講中談到的，有很多槓桿和機會，從 CE Way 到技術，再到 Rejji 在他的準備好的演講中分享的內容以及如何度過這一年。

And for both the customers and really investors and really all stakeholders, that's the tools in the dual box. And what we're doing with this particular storm this, what I would say, is a historic storm and really extreme weather, as I characterized in my remarks, leveraging the Liberty audit. If you go in the Liberty audit, that's the distribution on it, it specifically calls out best practices with jurisdictions and utilities is to have a mechanism for extreme weather.

對於客戶、投資者和所有利害關係人來說，這就是雙箱中的工具。我們正在利用自由審計來應對這場特殊的風暴，我想說，這是一場歷史性的風暴，也是一場極端天氣，正如我在演講中所描述的那樣。如果您參加自由審計，這就是它的分佈，它特別呼籲司法管轄區和公用事業的最佳做法是建立應對極端天氣的機制。

And that's the -- and that will be the first time we filed that with the commission in this kind of framework. We've had constructive conversations both with staff and the commissioners. And so again, it's an ex part day filing, the time line has not been established at this point. But -- gas I'm going to go off a little of little off the record here. Like I'm going to hold for on a farm.

這是我們第一次在這種框架下向委員會提交該文件。我們與員工和委員們進行了建設性的對話。因此，再次強調，這是一份非全天備案文件，目前時間表尚未確定。但是——我要在這裡稍微公開一點。就像我要在農場裡堅持一樣。

And so I don't count my chickens before they hatch. And so -- and that's a true thing from a farmer perspective. But understand this, like we're not counting on that. It's important. We think it's needed in Michigan.

所以我不會打心眼兒裡打轉。所以 — — 從農夫的角度來看，這是事實。但請理解，我們並不指望這一點。這很重要。我們認為密西根州需要它。

Again, constructive conversations, but we have a lot of it to be able to deliver the year.

再一次，建設性的對話，但我們還有很多事情要做才能在今年完成。

Durgesh, all I would add, and I wish I had -- I wish I had a farming an analogy as well, but I do not just a couple of things to Garrick's good comments. And so you asked, I think specifically about the timing of approval because it's filing I think that will be at the commission's discretion. Obviously, we're -- our expectations are tempered, but we would love to see just a fairly quick resolution to the matter. So we just at least know what the outcome is in a timely fashion. And in terms of our history around this, we have sought mechanisms in the context of rate cases.

杜爾格甚 (Durgesh)，我想補充的是，我希望我有——我希望我也有一個農業類比，但我對加里克 (Garrick) 的好評論不只提出幾件事。所以你問到，我特別考慮批准的時間，因為這是提交，我認為這將由委員會自行決定。顯然，我們的期望是有限的，但我們希望看到問題得到相當快的解決。所以我們至少能及時知道結果是什麼。就我們在這方面的歷史而言，我們一直在尋求利率案例背景下的機制。

I can't recall the last time we saw an accounting order like this outside of a rate case, maybe once in the past in my eight years fairly atypical. But we think given the historically it's justified, and I believe we've made a strong case in the filing as to why we should get support here. So I just wanted to address those two direct questions,

我不記得我們上次在利率案件之外看到這樣的會計命令，也許在我八年的工作經驗中只有一次，相當不典型。但我們認為，從歷史角度來看，這是合理的，而且我相信我們在文件中已經提出了強有力的理由，說明為什麼我們應該在這裡獲得支持。所以我只想回答這兩個直接的問題，

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

How are you thinking about the execution of the financing plan, just given that optical of equity needs is resolved through the hybrid? Is that -- is there kind of more execution to come in '25? Or is there an efficient financing that unlocks like a CapEx pull forward or any other opportunity in the near term?

鑑於股權需求的光學部分是透過混合方式解決的，您如何考慮執行融資計劃？那是不是——25 年還會有更多執行措施？或是否有有效的融資方式，例如提前資本支出或短期內任何其他機會？

Constantine, this is Rejji. I appreciate the question. Yes, per my prepared remarks, we still have a bit of left in the plan for the year. And so at the parent, just going back to our original guidance, we said we had about $1.8 billion to do. So $1.3 billion of what I'll just say nonequity financing and our working assumption with senior debt assumption -- senior debt financings and then up to $500 million of equity.

康斯坦丁，這是雷吉。我很感謝你提出這個問題。是的，根據我準備好的發言，我們今年的計畫還有一些剩餘。因此，回到我們最初的指導方針，我們說我們母公司有大約 18 億美元要做。因此，我只想說 13 億美元的非股權融資和我們的工作假設，即優先債務假設 - 優先債務融資，然後高達 5 億美元的股權。

Obviously, the hybrid transaction that you noted, really took care of a good portion of those needs. And so with the equity credit ascribed to hybrids, that creates a lot of financial flexibility. And so -- we still have about $700 million or so left for the remainder of the year. We're keeping all options on the table. We've seen really attractive execution across a variety of securities offered in the first quarter from some of our peers.

顯然，您提到的混合交易確實滿足了很大一部分需求。因此，由於混合型債券具有股權信用，因此創造了很大的財務靈活性。因此，我們今年剩餘的時間還剩下約 7 億美元。我們正在考慮所有選項。我們看到一些同行在第一季推出的各種證券的執行確實很有吸引力。

And so we're keeping all options on the table, but I have quite a bit of flexibility. And at the opco just to round it out, we've got $1.1 billion left. And I think the working assumption for those financings will be first mortgage bonds. And so -- as always, we'll look at which securities are most attractively at both the parent and the opco, and we'll be opportunistic as we always affect the pull-aheads for capital. We've got $3.7 billion in the utility per our plan this year.

因此，我們保留所有選項，但我有相當大的靈活性。而在 opco 方面，我們還剩下 11 億美元。我認為這些融資的實際假設是第一抵押債券。因此 — — 像往常一樣，我們將關注母公司和 opco 最有吸引力的證券，並且我們將抓住機會，因為我們始終會影響資本的提前釋放。根據我們的計劃，我們今年的公用事業投資為 37 億美元。

And so we're focused on executing on that. And so we'll see rest of the year has in store So we're acutely focused on the current plan for this year and really haven't thought about pull-aheads in any respect, if that was the spirit of the second part of your question.

因此我們專注於執行這一目標。因此，我們將看到今年剩餘時間的安排，因此，我們非常關註今年的當前計劃，並且真的沒有考慮任何方面的提前計劃，如果這是你問題第二部分的精神的話。

Yes. Understood. Understood. And maybe a higher-level question on -- in terms of your energy supply needs. How are those evolving, especially as you get feedback to the R&D process?

是的。明白了。明白了。也許還有一個更高層次的問題──關於你們的能源供應需求。這些是如何發展的，特別是當您收到有關研發過程的回饋時？

Is there more dispatch generation needs that you see kind of going into the next IRP cycle? And do you think that there's a better case for kind of like a big buy-in into the opco?

您是否認為進入下一個 IRP 週期後會有更多調度產生需求？您是否認為，對 opco 進行大規模收購有更好的理由嗎？

A portion of our energy supply needs are spelled out in the renewable energy plan, and that addresses some of the energy needs and the compliance with the '23 energy law. And so as we've seeing the need to get to the 50% and 60% renewable targets as well as because of the 3% low growth that is in our 5-year -- you can see and have insight into those both renewable needs as well as storage needs in the future.

我們的部分能源供應需求已在再生能源計劃中明確列出，該計劃解決了部分能源需求以及對 23 能源法的遵守問題。因此，我們看到需要達到 50% 和 60% 的可再生能源目標，而且由於我們 5 年內 3% 的低增長率——您可以看到並深入了解未來的可再生能源需求以及儲存需求。

The broader need for capacity and to continue to deliver to the low growth in the pipeline within the state will come together in the integrated resource plan, we'll file that in 2026. It will evaluate and look at natural gas plants, the existing natural gas plants we have in the state, the longevity of those plants, considerations for carbon capture and sequestration technology. And so that modeling work still underway, as you might imagine, for a 2026 filing and will be also based on the renewable energy. As you're growing the state and you have this pipeline, there will be additional needs in the future for supply assets.

更廣泛的產能需求以及繼續滿足該州管道低成長的需求將在綜合資源計劃中得到體現，我們將在 2026 年提交該計劃。它將評估和研究天然氣工廠、我們州現有的天然氣工廠、這些工廠的壽命以及碳捕獲和封存技術的考慮因素。正如您可能想像的那樣，建模工作仍在進行中，2026 年的申請也將基於再生能源。隨著各州的不斷發展和管道的建設，未來對供應資產的需求將會更大。

Okay. Understood. Got just a question around storms again. As you're kind of noting the impact of the offsets in the quarter, do you anticipate those to be recurring? Or would those potentially unwind with that potential deferral filing?

好的。明白了。我又想問一下有關風暴的問題。由於您注意到本季抵銷的影響，您是否預期這些影響會再次發生？或者這些會隨著潛在的延期申報而解除？

Yes. So I would say, Constantine, similar to prior years when we saw a significant financial headwinds. We'll look at all opportunities that cost the cost structure. I'd say it's premature to think about what's recurring and what isn't. But what I have been encouraged to see really for my prepared remarks over the last 10 years is every year, we establish a target for how much productivity and cost savings, whether that's hard cost savings or avoided costs associated with the CE Way.

是的。所以我想說，康斯坦丁，與前幾年類似，當時我們面臨巨大的財務阻力。我們將研究所有影響成本結構的機會。我想說，現在思考什麼是重複發生的、什麼不是重複發生的還為時過早。但讓我感到鼓舞的是，在過去十年的準備演講中，我們每年都會設定一個目標，即提高多少生產力和節省多少成本，無論是硬成本節省還是避免與 CE Way 相關的成本。

And every year, we exceed that target pretty significantly. And by definition, the savings generated by the CE Way are our recurring savings. And so I'll give you an example, last year, we had a target for the CE Way of around $50 or so million. We delivered $110 million of savings, and those are obviously recurring. And so I would say we've exceeded expectations year-end -- on what we expect to achieve from a private perspective.

每年我們都大幅超越這個目標。根據定義，CE Way 產生的節省就是我們的經常性節省。我舉個例子，去年，我們對 CE Way 的目標大約是 5,000 萬美元。我們實現了 1.1 億美元的節省，而且這些節省顯然是經常性的。因此我想說，從私人角度來看，我們在年底的業績超出了我們的預期。

But we'll also look at one-timers. I mentioned, we'll look at sort of financing activity, so we may start to take a look at liability management as we had in the past, and we'll also look at other potential cost deferrals, which would not be recurring of all of the above, like we've done in prior years.

但我們也會關註一次性事件。我提到過，我們會研究某種融資活動，因此我們可能會像過去一樣開始研究負債管理，我們還將研究其他潛在的成本遞延，這些成本遞延不會像前幾年那樣重複出現上述所有情況。

Let me just take a moment to just elaborate on this toolbox of opportunities, and Rejji characterized it well. It starts with conservative planning, right? That is part of our mindset, that's part of our approach. We're not redlining the engineer. This is just how we think about different scenarios.

請容許我花一點時間來詳細闡述這個機會工具箱，Rejji 對此進行了很好的描述。它從保守的計劃開始，對嗎？這是我們的思維方式的一部分，也是我們的方法的一部分。我們不會限制工程師。這只是我們對不同場景的看法。

That's like point one. Rejji emphasized the CE Way. There's so much opportunity in the CE Way that our coworkers deliver on. And you take and improve a process, you take waste out, who workers feel better, customers feel better and you cost file.

這就像第一點。Rejji 強調了 CE 之道。CE Way 中蘊藏著如此多的機會，我們的同事們正在努力實現這些機會。您可以改進流程，消除浪費，讓工人感覺更好，讓客戶感覺更好，並降低成本。

The other one that we've been really highlighting, too, is in the space of technology. The IT team calls it app realization, and I make fun of them when they talk about it because I like what the hell is that? But -- and the reality is it looking about all our software, all our hardware and how are we leveraging to get additional benefit out of it, where there's real savings there as well. And then you apply AI in some places, and we get better predictions and that takes cost out as well. And then there was all the things that Rejji mentioned in his prepared remarks.

我們一直強調的另一個領域是技術領域。IT 團隊稱之為應用程式實現，當他們談論它時我會取笑他們，因為我喜歡那到底是什麼？但是 — — 事實是，我們要考慮我們所有的軟體、所有的硬件，以及我們如何利用它們來從中獲取額外的利益，從而實現真正的節省。然後你在某些地方應用人工智慧，我們就能得到更好的預測，而且成本也會降低。然後就是 Rejji 在準備好的發言中提到的所有內容。

And so again, I feel confident in just the ability to leverage these and a portion of them, a good portion will be sustaining. And as Rejji indicated, some will be onetime.

因此，我再次對利用這些資源的能力充滿信心，其中很大一部分將能夠持續下去。正如 Rejji 指出的，有些是一次性的。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

I just want to pick out with the gas case -- just wanted to pick up with the gas case. And given what's come out so far, the appetite for settlement or just -- any other thoughts at this point? I know you said you'd be happy going either way, but just wondered any incremental color you could provide?

我只是想挑選出氣體案例——只是想挑選出氣體案例。鑑於目前得到的結果，對於和解的渴望或只是──目前還有其他想法嗎？我知道您說過無論哪種方式您都樂意，但我只是想了解您能否提供一些額外的顏色？

I'm going to even pull it back a little bit. And just with these words, I am very pleased with our track record of delivering constructive outcomes in Michigan. There's all kinds of data points, four gas settlements doesn't matter, electric or gas. We just need to deliver time and time again. And in the Q4 call, what I shared was throated constructive, we'd see a constructive electric.

我甚至會把它拉回一點。僅從這些話來看，我對我們在密西根州取得的建設性成果感到非常高興。有各種各樣的數據點，四個天然氣結算點並不重要，無論是電力還是天然氣。我們只是需要一次又一次地交付。在第四季的電話會議上，我分享的是建設性的，我們會看到建設性的電力。

And how did I know that? One, is the quality and the visibility we put in this case, the constructive legislation we have. And it's not perfect, as I shared, but we continue to work on improving that. And then if you look at the staff, the MPSC staff are professionals. When you have a good staff position or a constructive SaaS position, you get good outcomes.

我怎麼知道的？一是，我們在這個案件中投入的品質和知名度，以及我們所擁有的建設性立法。正如我所分享的，它並不完美，但我們會繼續努力改進。如果你看一下員工，你會發現 MPSC 的員工都是專業人士。當你擁有一個良好的員工職位或一個建設性的 SaaS 職位時，你會獲得良好的結果。

And that's what we did. And that's another data point with this electric rate case. And I'm excited about this gas case as well. It is down the fairway or straightforward. We're replacing gas pipe.

我們也確實這麼做了。這是這個電費案例的另一個數據點。我對這個毒氣案也感到很興奮。它位於球道上或直道上。我們正在更換瓦斯管道。

We're making the system safer, like that's important from a gas business perspective. We're ensuring capacity to deliver to customers and growth in the gas business. And when you do all that right, you also reduce carbon emissions. It's a trifecta, right? It's a great face the team has built straightforward.

我們正在使系統更加安全，從天然氣業務的角度來看這很重要。我們正在確保向客戶交付天然氣的能力以及天然氣業務的成長。當你正確地做到這一切時，你也會減少碳排放。這是三連勝，對吧？這是團隊直截了當打造的一張出色的面孔。

And so I'm excited about SaaS's position. It is a complete starting position within the gas case. And we go through the process, we'll go through rebundle as we always do. ROEs, we're going to push on those. This is like if I look at the external environment.

因此我對 SaaS 的地位感到興奮。這是氣箱內的完整起始位置。我們會經歷這個過程，我們會像往常一樣進行重新捆綁。ROE，我們將會繼續努力。這就像我觀察外在環境一樣。

Risk has not declined, right? And so we'll push on the ROEs and rebuttal. That will be an important piece for us to lean into. But as I said always, I'm open to settlement. There's a variety of different points of view and different intervenors on that.

風險並沒有下降，對嗎？因此，我們將推進交戰規則並進行反駁。這對我們來說將是一個重要的依靠。但正如我一直說的，我願意接受和解。對此有各種不同的觀點和不同的干預者。

We'll work through that process. If we see that, I would imagine it would be before the that's expected in August time frame. But here my confidence in our ability to go the full distance to and just continue the track record of constructive outcomes in Michigan.

我們將完成這一過程。如果我們看到這一點，我想它會在預計的 8 月之前出現。但我對我們全力以赴並繼續在密西根州取得建設性成果的能力充滿信心。

Got it. No, that makes sense. I just want to pivot to a smaller point, if I could, deferral -- that's baked into the guide right now. I just want to be clear on the treatment there.

知道了。不，這很有道理。如果可以的話，我只想轉向一個較小的點，即延期——這現在已經被納入指南中了。我只是想清楚了解那裡的治療情況。

Jeremy, this is Rejji. We have not presupposed approval of the deferred accounting order. Like I said, I think we made a very compelling case given the historic nature of the storm and our efforts to restore customers as quickly as possible, both inside our service territory now. And so we think we've made a compelling case. But as you know, given our conservative nature, we have not presupposed approval of that.

傑里米，這是雷吉。我們沒有預先假定批准延期會計命令。正如我所說的，考慮到這場風暴的歷史性質以及我們為盡快恢復我們服務區域內的客戶所做的努力，我認為我們提出了非常有說服力的案例。因此我們認為我們已經提出了令人信服的論點。但正如你所知，鑑於我們的保守性質，我們並沒有預設對此予以批准。

Okay. Got it. That's very helpful. And just a last one, if I could. As it relates to ITC's unregulated part of the business, what's the magnitude of earnings exposure in your plan here?

好的。知道了。這非常有幫助。如果可以的話，我再說最後一個。由於它與 ITC 不受監管的業務部分有關，您的計劃中的獲利風險程度是多少？

And really, if you could outline a bit more how tax equity impacts this? And any other relevant considerations and how potential tariff risk at the project level could influence growth here? I know you touched on it a bit before, but I just wonder if you can flesh out those points a bit.

實際上，您能否更詳細地闡述一下稅收公平對此有何影響？還有任何其他相關考量以及專案層面的潛在關稅風險如何影響這裡的成長？我知道您之前已經稍微談過這一點，但我只是想知道您是否可以稍微充實一下這些觀點。

Yes, Jeremy, I'll take this as well. This is Rejji. So I would say in the context of 2025 guidance, in our original guidance, we guided [$1 to $0.22] given the planned large -- which historically really going forward is the flag shippings contributor to NorthStar. We are anticipating more contribution from commercial renewables projects, and we have two solar projects that are well on their way of delivering constructive outcomes later this year.

是的，傑瑞米，我也要這個。這是 Rejji。因此我想說，在 2025 年指導的背景下，在我們最初的指導中，我們指導 [1 美元到 0.22 美元]，因為計劃規模很大 — — 從歷史上看，這實際上是 NorthStar 的旗艦航運貢獻者。我們期待商業再生能源專案做出更多貢獻，我們有兩個太陽能專案預計在今年稍後取得建設性成果。

And so I would say the exposure from a renewable this year is a little bigger than other years. And so of that $0.18 to $0.22. I assume about three-fourth of that is delivered by residual benefits from ongoing asset a little bit of NorthStar but primarily from two solar projects we have underway. As we look at the outer years of the plan, still an issue of solid renewable development over the course of the plan. But again, you should always assume that DIG will be the primary contributor of earnings to NorthStar over the course of the next five years.

因此我想說，今年再生能源的曝光度會比其他年份略高一些。因此，其中 0.18 美元到 0.22 美元。我認為其中約四分之三是由正在進行的資產的剩餘收益實現的，其中有一點是 NorthStar，但主要來自我們正在進行的兩個太陽能項目。當我們回顧該計劃的後幾年時，我們發現在整個計劃過程中，穩固的可再生能源發展仍然是一個問題。但同樣，您應該始終假設 DIG 將在未來五年內成為 NorthStar 盈利的主要貢獻者。

Let me pause there to see if there are any questions on that.

我先暫停一下，看看是否有人對此有疑問。

No, that's helpful. I'll leave it there.

不，這很有幫助。我就把它留在那裡。

The next question today will be from the line of Nicholas Campanella with Barclays. Apologies, we're not receiving audio from Nicholas' line there. So we're moving on to the next question being from the line of Julien Smith with Jefferies.

今天的下一個問題來自巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。抱歉，我們收不到尼古拉斯的音訊。因此，我們繼續討論 Jefferies 的 Julien Smith 提出的下一個問題。

I hope I get a candid response from Garrick as earlier here. Just with -- I think we're developing a new pattern. Just on economic development, I'd just love to understand how you guys are thinking about them. I heard the comments on the call with respect to data center activity and ongoing development year-to-date subsequent to the legislation. But in parallel, I also note the Goshen developments from the county board here, how are you thinking about what's included in the 900 megawatts of demand in the current plan?

我希望能像之前一樣得到 Garrick 的坦率回應。只是——我認為我們正在開發一種新的模式。就經濟發展而言，我很想了解你們是如何看待它的。我在電話會議上聽到了有關資料中心活動以及立法後今年迄今為止的持續發展的評論。但同時，我也注意到縣委員會關於戈申的發展情況，您如何看待目前計畫中 900 兆瓦的需求包括哪些內容？

Are there puts in that? Or is it still kind of static pending some more formal updates here? Just to understand how you think about both the positives and the negative that are accumulated year-to-date.

那裡有放款嗎？或者它仍然處於靜態狀態，等待一些更正式的更新？只是想了解您如何看待今年迄今為止積累的積極因素和消極因素。

Yes. And so that 2% to 3% that makes up that 900 megawatts, that's a conservative approach, and you know that about how we plan. And so there is an economic development is that even in the best of times, there's some slowdowns in some projects and some speed up in some projects. What's great about that 2% to 3% is we have like line of sight into that work. We're constructing the substation.

是的。因此，2% 到 3% 構成了 900 兆瓦，這是一種保守的方法，您知道我們的計劃。因此，經濟發展的情況是，即使在最好的情況下，有些項目也會放緩，有些項目也會加快。這 2% 到 3% 的好處在於，我們可以深入了解這項工作。我們正在建造變電站。

In many cases, we can see them building their facilities in the long term and they have for that. And so that's exciting. That gives us confidence in that 2% to 3% low growth. And there's always little puts and takes. And as we -- as I shared, one of the data centers that we're constructing right now is actually accelerating their low growth and their ramp up, which is a positive and the same with the large manufacturing.

在很多情況下，我們可以看到他們正在長期建造自己的設施，而他們也確實這樣做了。這很令人興奮。這使我們對2%至3%的低成長率充滿信心。並且總是有一些小小的付出和收穫。正如我所分享的，我們目前正在建造的一個資料中心實際上正在加速其低成長和上升，這是一個積極的方面，對於大型製造業也是如此。

And so to the degree there's a pause with Goshen, there's also some acceleration with some as well. And so that's all kind of in that mix to -- now if we go to the 9 gigawatts, as I shared in my prepared remarks, but let me offer a little more clarity, there's a lineup of data centers there of 65%. Some of them are moving faster and jumping the line and moving to the front of the line in the progress. And so that gives us a lot of confidence that those will materialize. But the next logical step in that process is get this tariff complete with the commission.

因此，在某種程度上，Goshen 會暫停，但也會有一些加速。這就是全部了——現在如果我們談到 9 千兆瓦，正如我在準備好的演講中分享的那樣，但讓我更清楚地說明一下，那裡有 65% 的數據中心。他們中的一些人行動更快，在進程中插隊並移至隊伍的最前面。這讓我們非常有信心這些目標將會實現。但這一進程中下一個合乎邏輯的步驟是與委員會一起完成這項關稅。

Again, I'm optimistic that settlement is an option there to be able to move those forward and for those data centers to take the next logical step. Does that help?

再次，我樂觀地認為，和解是一種選擇，可以推動這些進程，並讓這些資料中心邁出下一個合乎邏輯的步驟。這樣有幫助嗎？

Yes. No, absolutely. Actually, just to clarify that last piece since you bring it up, just with the tariff you alluded to potential settlement, certainly a possibility in other states as well. Could that be paired up with a more formal commercial arrangement? Is that because you get the clarity on the tariff, would that be sort of the catalyst to announce any larger commitments here?

是的。不，絕對不是。實際上，既然您提到了最後一點，我只是想澄清一下，就您提到的關稅而言，可能達成和解，當然在其他州也有可能。這可以與更正式的商業安排相結合嗎？是因為您對關稅有了清晰的了解，這是否會成為宣布更大承諾的催化劑？

Certainly, the data center projects and possibilities, I want to have clarity on that in the context of that. It's just from a special arrangement perspective, special contracts, we don't do those. That creates a lot of long-term risk for the company and for shareholders. And so this tariff, it really is the best option. And as you might imagine, when they have clarity on what that looks like, that will be the next logical step in moving some of those projects forward.

當然，我希望在這樣的背景下明確資料中心專案和可能性。這只是從特殊安排、特殊合約的角度來看的，我們不做這些。這給公司和股東帶來了很大的長期風險。所以這個關稅確實是最好的選擇。正如您可能想像的那樣，當他們清楚了具體情況後，這將是推動其中一些項目向前發展的下一個合乎邏輯的步驟。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Just wanted to ask quick on how you're thinking about the risk of transferability potentially going away. I think you've given us some numbers on what you embed there in your plan, but just what that scenario would look like if you were to lose the ability to transfer tax credits?

只是想快速詢問一下，您如何看待可轉移性風險可能消失的情況。我想您已經向我們提供了一些有關您在計劃中嵌入的內容的數字，但如果您失去轉移稅收抵免的能力，情況會是什麼樣子呢？

Let me offer some high-level comments, and Rejji will get into some specific numbers. Again, many of the Republican jurisdictions areas have benefited from the IRA. But what I think is even more important is the conversation that I'm having part of the team's having, EI's having with a number of Republican congressmen in women. And that is support for these PTCs and ITCs as well as the tax monetization or transferability component of it. Because you see in these times, the importance of affordability and how that transfers directly to savings for our customers.

讓我提供一些高層次的評論，然後 Rejji 會介紹一些具體的數字。再次，許多共和黨管轄區都從愛爾蘭共和軍中受益。但我認為更重要的是我和團隊以及 EI 與一些共和黨女性議員的對話。這是對這些 PTC 和 ITC 以及稅收貨幣化或可轉移性部分的支持。因為您會看到，在當今時代，負擔能力的重要性以及它如何直接轉化為客戶的儲蓄。

And that's been an important part of the conversation. So that's what gives us -- we'll see how legislation takes place and how it all evolves, but that gives us some certainty, I guess, optimism about the ability to maintain PTCs and ITCs in this transferability going forward. But Rejji to offer some additional comments on the dollars.

這是談話中的重要部分。所以這就是我們所得到的——我們將看到立法如何進行以及它如何發展，但我想這給了我們一些確定性，對在未來保持 PTC 和 ITC 的可轉移性的能力感到樂觀。但 Rejji 對美元提出了一些額外的評論。

Yes. So Michael, I appreciate the question and just to talk about potential offsets or countermeasures in the -- as I still see it in the unlikely event, we saw transferability go away. We would look at a variety of financing sources. And I think the good news in this environment and in prior environment is that the capital markets remain broad and deep. And so we would certainly look at more genius subordinated notes as a potential option.

是的。所以邁克爾，我很感謝這個問題，只是想談談潛在的抵消或對策——我仍然認為，在不太可能發生的情況下，可轉移性就會消失。我們會考慮各種融資來源。我認為，當前環境和之前的環境中的好消息是，資本市場仍然廣闊而深入。因此，我們肯定會將更多天才的次級票據視為潛在選擇。

Clearly, there's quite a bit of capacity in the market there. And based on our even recent issuance of $1 billion that I noted in my prepared remarks, we still have in this year alone with $3 billion of additional junior subordinated capacity, and that amount of capacity accretes over time as your book capitation grows through retained earnings. And so a lot of opportunities to potentially look at more junior subordinated notes. Obviously, we could look at doing additional equity as well. We feel very comfortable with the equity levels that we're issuing over the plan and still think we have capacity to do additional equity to fund this attractive growth opportunity we have at the utility.

顯然，那裡的市場容量相當大。根據我在準備好的發言稿中提到的我們最近發行的 10 億美元債券，僅在今年，我們仍然擁有 30 億美元的額外次級債券發行能力，並且隨著您的賬面人頭稅通過留存收益增長，這一發行能力也會隨著時間的推移而增加。因此有很多機會可以考慮更多次級債券。顯然，我們也可以考慮增加股權。我們對根據計劃發行的股權水平感到非常滿意，並且仍然認為我們有能力發行額外的股權來為我們在公用事業中擁有的這一有吸引力的成長機會提供資金。

And so incremental equity would also be a potential offset. And it's also important to note just the significant flexibility afforded to us through the energy law and the ability to earn on PPAs as we look to comply with the energy law and the significant renewable opportunities associated there with that creates a lot of balance sheet flexibility as well. And so as we look at subsequent 5-year plans, we may transfer or shift -- transfer is probably not the right word there, upon not intended. But we could look to potentially shift our spend mix from instead of investing and owning some of those renewable opportunities, we could potentially contract and own about a 9% FCM on those, which obviously, again, creates a lot of balance sheet capacity. And so those are all potential countermeasures in the event transferability went away.

因此增量股權也是一種潛在的抵消。同樣值得注意的是，能源法賦予我們很大的靈活性，當我們尋求遵守能源法時，我們有能力透過電力購買協議 (PPA) 賺錢，而與之相關的重大可再生能源機會也創造了很大的資產負債表靈活性。因此，當我們審視後續的五年計劃時，我們可能會轉移或轉變——「轉移」可能不是正確的詞，也不是有意為之。但我們可以考慮轉變我們的支出組合，不再投資和擁有一些可再生能源機會，而是簽訂合約並擁有其中約 9% 的 FCM，這顯然又創造了大量的資產負債表容量。因此，這些都是在可轉移性消失的情況下可能採取的對策。

Helpful. And just to double check the $700 million number from the year-end call in terms of what's in the plan is still good?

很有幫助。再來確認年底電話會議上提出的 7 億美元這個計畫是否仍然有效？

That's still the current plan, yes.

是的，這仍然是目前的計劃。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

This is Alexman for Dave. So starting with the farm tracker, could you talk about the strategy going forward to get it approved? Is there any specific changes you want make to address the pushbacks?

我是 Alexman，代表 Dave。那麼從農場追蹤器開始，您能談談獲得批准的未來策略嗎？您是否想做出什麼具體改變來應對這些阻力？

In reference, just for clarity for who might be listening on the call, in a number of the previous electric rate cases we proposed -- a storm tracker or storm recovery mechanism in those we've heated some of the comments from both staff as well as commissioners on sharing and sharing of that or those mechanisms. Unfortunately, we have not had success in that mechanism. But we continue to look at options to be able to offset some of the costs. Again, I'd go back to the Liberty audit, which, again, recommends best practices for jurisdictions and utilities and ultimately for the customer is to have a mechanism in place for extreme weather. The storm recovery mechanism, or tracker is one way to go about it.

作為參考，只是為了明確誰可能在電話中收聽，在我們之前的許多電費案例中，我們提出了一種風暴追蹤器或風暴恢復機制，我們已經激起了工作人員和委員們對共享和分享這些機制的一些評論。不幸的是，我們在該機制上沒有取得成功。但我們仍在繼續尋找能夠抵銷部分成本的方案。再次，我會回顧自由審計，它再次為司法管轄區和公用事業推薦最佳實踐，並最終為客戶建立應對極端天氣的機制。風暴恢復機製或追蹤器是解決這個問題的一種方法。

Another way that we're obviously filing for here in filed for this week is just through this deferred accounting mechanism for, again, regulatory treatment of historic or extreme weather.

我們本週顯然要申請的另一種方式是透過這種遞延會計機制，再次對歷史或極端天氣進行監管處理。

Got it. And back to the data center demand in Michigan, did you see a big change in interest after the state approved the tax exemptions late last year?

知道了。回到密西根州的資料中心需求，自去年年底該州批准免稅政策以來，您是否看到人們的興趣發生了巨大變化？

That is correct. Of our pipeline, it was primarily about 65% manufacturing prior to the signing of the sales and use tax and that flipped the actual pipeline grew to 9 gigawatts. And a majority of it, specifically about 65% of it is data centers as a result. And so we attribute to that to, in part, due to the sales and use tax exemption. But also, there are other RTOs that are -- have had some challenges.

沒錯。在我們的管道中，在簽署銷售和使用稅之前，主要有 65% 是製造業，而實際管道則成長到 9 千兆瓦。其中大部分，具體來說約 65% 是資料中心。因此，我們將其部分歸因於銷售稅和使用稅豁免。但同時，其他 RTO 也面臨一些挑戰。

And so MISO continues to be an RTO and frankly, we have a nice energy law that supports the ability to put on the supply needed and necessary for these important projects.

因此，MISO 繼續作為 RTO，坦白說，我們有一部良好的能源法，支持為這些重要項目提供所需的供應。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

On the electric rate case, I wonder if there were any lessons learned or aside from the headline numbers, anything in the case decision that you'd like to go back for or you hoped to get anything like that? You mentioned the storm tracker, but anything aside from that?

關於電費案，我想知道您是否吸取了任何教訓，或者除了標題數字之外，案件判決中還有什麼內容是您想回顧的，或者您希望得到類似的東西？您提到了風暴追蹤器，但除此之外還有什麼嗎？

There's always room for improvement in our cases. I want to be real clear. We've had a successful track record, but we're not perfect. There are a lot of opportunities for us to improve. We get the feedback from the from the staff.

我們的案例總有改進的空間。我想說得非常清楚。我們有著成功的記錄，但我們並不完美。我們有很多改進的機會。我們從員工那裡得到了回饋。

We get the feedback from the commissioners and there's important work to do. One of the important pieces that -- or comments that was made by the commissioners, when they provide the order was the mix of capital and O&M. And recall that in that case, the Liberty auditor, the distribution audit kind of came midway through. And so we had a capital in there and the recommendations on tree trimming and vegetation management were not in there. And so you can imagine that in this next case that we'll have a greater degree and a greater amount of vegetation management, and we'll also match that with the important capital investments because it's both.

我們得到了委員們的回饋，還有重要的工作要做。委員在下達命令時提出的一個重要觀點或評論是資本和營運與維護的組合。回想一下，在那種情況下，自由審計員、分佈審計是在中途進行的。因此，我們在那裡有一個資本，但沒有關於樹木修剪和植被管理的建議。因此，你可以想像，在下一個案例中，我們將進行更大程度和數量的植被管理，我們也將對其進行重要的資本投資，因為兩者兼而有之。

You have to deliver the reliability and long-term resiliency. And so I would expect to see filing our reliability road map, more capital investments. But also a much larger investment too in vegetation management to improve our reliability for our customers. And so that's an area of improvement. There was also from the bench, a small thing is following where the dollars went.

您必須提供可靠性和長期彈性。因此，我希望看到我們的可靠性路線圖能夠提交，並獲得更多資本投資。但我們在植被管理方面也進行了更大規模的投資，以提高我們為客戶提供的可靠性。這是一個有待改進的領域。長凳上還有一件小東西，跟著美元去了哪裡。

We got more granular in some of our bucketing so we could see the benefits of that work. And there were some feedback that you couldn't tick and tie as easily. So we're going to improve that as well and just make a key -- I'm in the weeds now, but it's just a key to be able to make that clear for intervenors as well as the staff and commissioners to file. So those are ways we're always looking to improve the process.

我們對一些分類進行了更細緻的分析，以便我們能夠看到這項工作的好處。並且有一些回饋說你不能輕鬆地勾選和綁定。因此，我們也將改進這一點，並製定一個關鍵——我現在很困惑，但這只是一個關鍵，能夠讓介入者以及工作人員和委員清楚地提交文件。所以這些都是我們一直在尋求改善流程的方法。

Yes, Travis, I would add, this is Rejji. Aside from 10.25% ROE, which is on my personal wish list. The other subtlety or a smaller element of the filing that we did seek and unfortunately, didn't get support for. But over time, I do think it would be helpful as we did propose a wildfire risk mitigation plan. And though Michigan is not as susceptible to a lot of states to the -- to the west of us to wildfire.

是的，崔維斯，我想補充一下，這是 Rejji。除了 10.25% 的 ROE（這是我的個人願望清單）。我們確實尋求了文件中的其它細微之處或較小的元素，但不幸的是，沒有得到支援。但隨著時間的推移，我確實認為它會有所幫助，因為我們確實提出了一項野火風險緩解計劃。儘管密西根州不像我們西部的許多州那樣容易受到野火的影響。

We do think you cannot plan soon enough for wildfire risk mitigation. So we had $12 million of capital ascribed to it, $4 million of which was for strategic undergrounding. Covered conductors was another bit of a spend. And then what I would call strategic vegetation management. And so we do think over time, we'd like to start to put in place a program because, again, I don't think you can plan too soon for that.

我們確實認為您無法及時制定緩解野火風險的計劃。因此，我們為其分配了 1200 萬美元的資金，其中 400 萬美元用於戰略地下化。覆蓋導體是另一種花費。這就是我所說的戰略植被管理。因此，我們確實認為，隨著時間的推移，我們希望開始實施一項計劃，因為，我認為你不能為此做太早的計劃。

And so that was the other item on the wish list that we'd like to get support for going forward.

這是願望清單上的另一項，我們希望在未來獲得支持。

Okay. That's great. I think we all have 10.25% on the wish list. So the REP, when you get that September ruling, what's kind of the next step? Would there be any immediate, I guess, disclosures or changes potentially in the capital plan?

好的。那太棒了。我認為我們所有人的願望清單上都有 10.25%。那麼，眾議院議員，當您收到 9 月的裁決時，下一步該怎麼做？我猜，資本計畫中是否會有任何立即的揭露或變化？

Or is that something that's going to evolve as you do perhaps RFPs or some other type of solicitations along the way? Anything that's going to happen in September or October after the decision?

或者，這是隨著你們進行 RFP 或其他類型的招標而不斷發展的事情嗎？做出決定後，九月或十月會發生什麼事？

Well, it gives -- certainly gives us more clarity on the clean energy and the a portion of the investments that are in the 5-year plan, there could be additional investments in that. And that again flows into the integrated resource plan. And so you'll see that, that approval is important to build out the integrated resource plan. And so those are the couple of components that you will see. And of course, we'll have greater clarity and certainty around what those renewable energy supply assets are.

嗯，這確實讓我們更清楚地了解清潔能源和五年計劃中的部分投資，其中可能會有額外的投資。這又流入綜合資源計劃。因此您會發現，批准對於制定綜合資源計劃非常重要。這些就是您將看到的幾個組件。當然，我們將更加清楚和確定這些再生能源供應資產是什麼。

Gregg Orrill, UBS.

瑞銀的格雷格·奧裡爾。

Just the -- I wasn't quite sure I understood what the $0.04 impact in the balance of the year related to the storm accounting order was? Sorry if I missed that.

只是——我不太確定我是否理解了與風暴會計命令相關的年度餘額中 0.04 美元的影響是什麼？如果我錯過了，很抱歉。

Yes. I'm not sure, Gregg, this is Rejji, where you got the $0.04 impact. But just to walk through the details of the estimated -- and I say estimate because we're still doing all of the closing out of contracts and invoices from third parties you helped us. But as you'll see in the regulatory filing we submitted yesterday, the estimates for the storm was about $100 million, and so call that $0.25 per share of impact. And as you think about the waterfall I walked through for the bridge of financial performance over the course of the year, we are assuming a good portion of that storm impact will flow through that cost bucket or what we're calling specifically reliability storms, including productivity.

是的。我不確定，格雷格，這是雷吉，你從哪裡得到了 0.04 美元的影響。但只是為了了解一下估算的細節——我之所以說估算，是因為我們仍在完成您幫助我們的第三方的所有合約和發票的結案。但正如您在我們昨天提交的監管文件中看到的，風暴造成的損失估計約為 1 億美元，因此每股影響為 0.25 美元。當您想到我走過的瀑布，了解全年財務表現的橋樑時，我們假設很大一部分風暴影響將流經成本桶或我們稱之為可靠性風暴，包括生產力。

And so the $0.04 of negative variance that you see in a year ago, when you add that to the $0.05 of negative variance we saw in our year-to-date actuals, what you see is basically a $0.12 per share swing versus our original guidance. And that basically adds up to about $50 million pretax. And so we've baked into the assumption of additional service restoration expense productivity in the form of CE Way, the CE Way and all the other cost-out items I enumerated in my prepared remarks. And so we're assuming that we're going to have an increase for sure in service restoration expense, but we will also net those down with cost reductions. We've also assumed cost performance as well in that parent financing tax and other buckets.

因此，當您將一年前看到的 0.04 美元的負方差與我們在年初至今的實際值中看到的 0.05 美元的負方差相加時，您會看到與我們最初的指導相比，每股基本上出現了 0.12 美元的波動。這基本上相當於稅前 5,000 萬美元。因此，我們以 CE Way、CE Way 和我在準備好的評論中列舉的所有其他成本項目的形式納入了額外服務恢復費用生產力的假設。因此，我們假設服務恢復費用肯定會增加，但我們也會透過降低成本來抵銷這些費用。我們也假設了母公司融資稅和其他方面的成本績效。

And so if you look at the comparison of what we have in our current waterfall versus our original guide, you'll see about $0.11 per share or $45 million roughly pretax of improvement versus the original -- but and that's where you see the balance of cost takeout or support to fund the impact of that service restoration expense increase, and that's what gets us to our full year guidance. So it's flowing through the cost associated with the service restoration expense is flowing through that reliability storms, including productivity line item. And again, the countermeasures are flowing through both of those sort of latter two buckets in the waterfall. Let me pause there and see if you have any further questions, Gregg.

因此，如果您將我們目前的瀑布圖與我們最初的指南進行比較，您會發現與原始指南相比，每股收益約為 0.11 美元或稅前收益約為 4500 萬美元 - 但這就是您看到的成本扣除或支持的餘額，用於資助服務恢復費用增加的影響，這就是我們全年指導的基礎。因此，流經與服務恢復費用相關的成本流經可靠性風暴，包括生產力項目。再次強調，對策正流經瀑布中的後兩個桶子。格雷格，讓我暫停一下，看看你是否還有其他問題。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Good luck settling the gas rate case. So if you make a five timers club, like Saturday Night Live, I think you get one of those cool black wearing the jacket.

祝你順利解決汽油價格案件。因此，如果你參加一個五人制俱樂部，例如《週六夜現場》，我想你會得到一個穿著夾克的酷酷的黑色人種。

I look forward to wearing that jacket.

我期待穿上那件夾克。

Just want to clarify, I think you kind of just answered this on the last question, but to clarify, are you all ready in cutting mode after that storm? Or are you just reminding us of your proven ability to do that?

只是想澄清一下，我想您剛剛回答了最後一個問題，但需要澄清的是，在這場風暴過後，你們都準備好進入救援模式了嗎？或者您只是想提醒我們您已證明有能力做到這一點？

No, Andrew. We've been -- we've gotten the Focal very early in the first quarter. I'd say once we started to get visibility that a significant storm is underway. And also -- even earlier in the month, we started to see pretty mild temperatures in the month of March, and so we already started to get the FOX start identifying and implementing countermeasures really in the early part of March that are already well underway. And so this is beyond -- with an academic.

不，安德魯。我們在第一季初期就獲得了 Focal。我想說，一旦我們開始意識到一場大風暴即將來臨。而且，甚至在月初，我們就開始看到三月的氣溫相當溫和，因此，我們早在三月初就已經開始讓福克斯開始確定和實施對策，這些對策已經在順利進行了。因此，這超出了學術的範疇。

We're in invitation mode. And so still more work to be done, but we're already in implementation mode based on the visibility we got earlier in the month and then as the storm started to materialize. Let me pause there.

我們處於邀請模式。因此，還有更多工作要做，但根據我們在本月初獲得的可見性以及風暴開始形成時的情況，我們已經進入實施模式。讓我暫停一下。

I guess my question is, should this deferral be approved which, of course, is a good situation, what would you do then? If you're already cutting costs, then you get the good news of getting this approved, what happens?

我想我的問題是，如果延期獲得批准，這當然是一個好的情況，那麼您會怎麼做？如果您已經在削減成本，然後又得知這項計畫獲得批准的好消息，會發生什麼事？

Yes. So it certainly creates additional flexibility in the plan, what we like. And I'll remind you that the CE Way will be one of sort of the anchor countermeasures that will lean in and we see no downside in overachieving on our CE Way targets year in and year out because it just creates additional headroom going forward and rate reduction opportunities for customers going forward. And so -- there's no reason to dial back those efforts. We may take a harder look at some of the planned cost deferrals and some of the other measures, like I said, where we would limit hiring and some of the other sort of flex related items that are more onetimers.

是的。因此，它確實為計劃創造了額外的靈活性，這是我們喜歡的。我要提醒大家的是，CE Way 將成為一種錨定對策，我們認為年復一年地超額完成 CE Way 目標不會帶來任何壞處，因為它只會為未來創造額外的空間，並為未來的客戶創造降低利率的機會。因此，沒有理由放棄這些努力。我們可能會更仔細地審視一些計劃中的成本延期和其他一些措施，就像我說的，我們會限制招聘和一些其他類型的一次性彈性相關項目。

And so it just gives us more flexibility to potentially turn back on those spigots in the event we get success there. But if we see opportunity to execute on recurring savings opportunities, we would obviously carry on with those. Does that make sense?

因此，如果我們取得成功，它為我們提供了更大的靈活性，可以重新打開這些水龍頭。但如果我們看到執行經常性儲蓄機會的機會，我們顯然會繼續這樣做。這樣有道理嗎？

Yes, it does. Given the weather challenges, it's been a while since you were in invest mode as opposed to lean mode. But yes, that would be a good situation. Okay.

是的。考慮到天氣挑戰，您已經有一段時間沒有處於投資模式而不是精益模式了。但確實，那會是一個好的情況。好的。

One thing only.

只有一件事。

I think I -- yes. Kind of like the 10.25%. My other question, I think I answered this at storm a few years ago. What breed would you give yourselves in terms of reliability from the storm? I know, obviously, it's been a focus and the Liberty audit came out last year, but how would you evaluate the performance for the storm?

我想我——是的。有點像 10.25%。我的另一個問題，我想我幾年前在 storm 上回答過這個問題。從抵禦風暴的可靠性方面來說，您會給自己選擇哪一種類型？我知道，顯然這一直是一個焦點，自由審計也於去年出爐，但您如何評價這場風暴的表現？

Much, much, much better. And I would point to customers and policymakers, real positive sentiment with both. We're not seeing -- what we saw in 2023 was just a lot of aftermath after the storm, and we've improved greatly through process, through investments, and we've got a lot of positive feedback. And so I don't want to be too bustle. And so I'm still kind of grade myself hard.

好多了，好多了。我想指出的是，客戶和政策制定者都抱持真正的正面情緒。我們沒有看到——我們在 2023 年看到的只是風暴過後的大量後果，我們透過流程、透過投資取得了很大進步，並且得到了很多積極的反饋。所以我不想太忙亂。所以我還是對自己要求很嚴格。

So let's say like a B -- I still think there's room for improvement, but it's a lot different fact pattern than we had back in '23.

因此，假設像 B 一樣——我仍然認為還有改進的空間，但這與我們 23 年時的情況相比，事實模式有很大不同。

Sophie Karp, KeyBanc.

索菲·卡普（Sophie Karp），KeyBanc。

Yes, most of my questions have been answered, but maybe I can just ask a higher-level question on the economy in Michigan. I guess the unemployment rate which was a little elevated for the state. What are you seeing from your customers, if any, in terms of what are they saying about the activity? Are they adjusting to the new really with the tariffs and everything else? Any color would be helpful.

是的，我的大部分問題都得到了回答，但也許我可以問一個關於密西根州經濟的更高層次的問題。我猜該州的失業率有點高。就客戶對活動的評價而言，您看到了什麼？他們真的適應了關稅和其他一切新變化嗎？任何顏色都會有幫助。

I still see a lot of positive indicators in Michigan. And part of it, I talked about in response to a question in my prepared remarks, particularly in the 2% to 3% growth. the fact that data centers are accelerating the fact that manufacturing customers are still moving forward with projects and we can see that construction and then in some cases, asking to expand or at least in one case, asking to expand our promising indicators. But if I go right down to today, right, and remember like when we follow the margin and it's in the residential commercial space, we still see solid performance there.

我仍然看到密西根州有很多積極的指標。其中一部分，我在準備好的發言中回答問題時已經談到，特別是2%到3%的成長。事實上，資料中心正在加速建設，製造業客戶仍在推進項目，我們可以看到，在某些情況下，資料中心正在建設，並要求擴建，或至少在一種情況下，要求擴大我們有希望的指標。但如果我直接回顧今天，對吧，記住，當我們跟踪利潤率並且它是在住宅商業領域時，我們仍然會看到那裡穩健的表現。

And if you look into like -- we do this. We look into like permits and housing starts. And if you look at that Grand Rapids Politan area, permits, housing starts for single family continue to increase, for multifamily and commercial continue to increase. And so those are positive indicators. The other one I look at is relocations is what we call it, or alterations.

如果你仔細觀察——我們就是這樣做的。我們調查許可證和新屋開工。如果你看看大急流城都會區，你會發現單戶住宅的許可和新屋開工數量持續增加，多戶住宅和商業住宅的許可和新屋開工數量也持續增加。這些都是正面的指標。我關注的另一個問題是搬遷，也就是我們所說的搬遷，或是改造。

Those are customer-requested work for changes at their home or their business. And so maybe they need a larger meter to be able to serve their low. Maybe they need the meters move because they're putting a dish their home or their business. That, of course, went up in the pandemic as people went home and invested in their homes. And that is still elevated.

這些是客戶要求對其家庭或企業進行改變的工作。因此，也許他們需要更大的儀表來滿足他們的低壓要求。也許他們需要行動電錶，因為他們在家裡或公司安裝了天線。當然，隨著人們回家並投資房屋，這一數字在疫情期間有所上升。而且這數字仍然很高。

That's still above pre-pandemic levels, which is another good -- about people investing in businesses, in their homes, particularly in the residential and commercial space. So that gives us a lot of confidence that the sales piece of resi and commercial continue to be and where the margin is to continue to be solid.

這仍然高於疫情前的水平，這是另一個好消息——人們正在投資企業、投資房屋，特別是住宅和商業領域。因此，這給了我們很大的信心，住宅和商業的銷售份額將繼續保持穩定，利潤率也將繼續保持穩固。

The other thing I'll point out is there's always pluses and minuses when you get in the industrial space. And I talked about that a little bit with Julian on the Goshen piece. But when I look at our mix and how diversified Michigan is, we surprised people with this number sometime, there are 4,000 businesses in Michigan in the aerospace and defense industry, 4,000 including now Saab in our service territory. And so in this federal administration, you can make a strong bag that defense spending is going to increase. And so that's a real positive for Michigan.

我要指出的另一件事是，進入工業領域總是有優點和缺點。我和朱利安就戈申的事情談了一點。但是，當我看到我們的業務組合以及密西根州的多樣化程度時，這個數字有時會讓人們感到驚訝，密西根州的航空航天和國防工業領域有 4,000 家企業，包括現在我們服務區域內的薩博在內共有 4,000 家企業。因此，在本屆聯邦政府中，你可以有力地保證國防開支將會增加。這對密西根州來說確實是件好事。

The other one I'd like to point to is that we're the second most diverse state from an agriculture perspective. And what we've seen over the last 10 to 15 years is more of that processing of food move closer to the fields, move closer to the farm. And as a result, there's a lot more processing and manufacturing of food, and that's growing in this environment. Like even in the worst scenario, even the worst here of a recession, people still need food bread, milk and those dairy products. And so a long-winded way of saying, we still see a lot of positive indicators in our service territory, which gives us a lot of confidence of Michigan and a forward look.

我想指出的另一點是，從農業角度來看，我們是第二大多元化州。在過去的 10 到 15 年裡，我們看到食物加工越來越靠近田地、越來越靠近農場。因此，對食品加工和製造的需求大大增加，而且在這種環境下還在不斷增長。即使在最糟糕的情況下，即使在經濟衰退最嚴重的時候，人們仍然需要食物、麵包、牛奶和乳製品。長話短說，我們在服務區域內仍然看到很多積極的指標，這讓我們對密西根充滿信心，並具有前瞻性。

And that concludes our Q&A. So I'd now like to hand back to Mr. Garrick Rochow for closing remarks.

我們的問答到此結束。現在我想把發言時間交還給加里克羅喬先生，請他做最後發言。

Thanks, Harry. I'd like to thank you for joining us today. I look forward to seeing you at the upcoming AGA Financial Forum. Take care and stay safe.

謝謝，哈利。感謝您今天加入我們。期待在即將舉行的AGA金融論壇上見到您。小心並注意安全。

That concludes today's conference. We thank everyone for your participation.

今天的會議到此結束。我們感謝大家的參與。