CMS能源 (CMS) 2026 Q3 法說會逐字稿

Good morning, everyone, and welcome to the CMS energy 2026 third-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) Just a reminder that there will be a rebroadcast of this conference call today beginning at 12:00 PM Eastern Time running through November 3. This presentation is also being webcast and is available on CMS Energy's website in the investor relations section. At this time, I would like to turn the call over to Mr. Jason Shore, Treasurer and Vice President of Investor Relations.

各位早安，歡迎參加 CMS Energy 2026 年第三季財報結果說明會。今日稍早發布的盈餘新聞稿，以及本次網路直播所使用的簡報，均已公布於 CMS Energy 官網投資人關係專區。本通話將被錄音。(接線員指示) 提醒各位，本次電話會議將於今日美東時間中午 12:00 起進行重播，並持續至 11 月 3 日。本簡報亦同步以網路直播方式提供，並可於 CMS Energy 官網投資人關係專區收看。現在，我想將電話交給投資人關係副總裁兼財務長 Jason Shore 先生。

Thank you, Piercy. Good morning, everyone, and thank you for joining us today. With me are Garrick Rochow, President and Chief Executive Officer; and Sri Maddipati, Executive Vice President and Chief Financial Officer. 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. 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. And now I'll turn the call over to Garrick.

謝謝你，Piercy。各位早安，感謝各位今天加入我們。與我一同出席的有總裁兼執行長 Garrick Rochow，以及執行副總裁兼財務長 Sri Maddipati。本簡報包含前瞻性陳述，可能受到風險與不確定性影響。有關可能導致實際結果與預期有重大差異之風險及其他因素的更多資訊，請參閱我們向 SEC 提交的文件。本簡報亦包含非 GAAP 衡量指標。這些指標與最直接可比之 GAAP 指標的調節表已收錄於附錄，並張貼於我們的網站。接下來我把電話交給 Garrick。

Thank you, Jason, and thank you, everyone, for joining us today. I always start with our investment thesis because it is a durable and proven model that has delivered for more than 20 years of consistent industry-leading performance for all stakeholders. For our customers, it enables important investments in safe, reliable, and clean energy across our electric and gas systems while maintaining affordable bills.

謝謝你，Jason，也謝謝各位今天加入我們。我一向先從我們的投資論點談起，因為這是一個經久耐用且已被驗證的模式，20 多年來持續為所有利害關係人帶來業界領先的穩健表現。對客戶而言，這使我們能在電力與天然氣系統中進行重要投資，提供安全、可靠且更潔淨的能源，同時維持可負擔的帳單水準。

For our investors, it delivers a premium total shareholder return, made up of 6% to 8% adjusted EPS growth toward the high end, which reflects 7% or better compounded annually, and paired with an approximately 3% dividend yield. And as shared on our Q2 earnings call, with the restructuring of NorthStar Clean Energy, our model is further simplified as we exit non-utilities renewable development and deliver approximately 100% regulated utility earnings growth after 2027.

對投資人而言，這帶來優於同業的股東總報酬，由 6% 至 8% 的調整後 EPS 成長（偏向區間高端，反映每年約 7% 或更高的複合成長）以及約 3% 的股息殖利率所構成。此外，如同我們在第二季財報電話會議中分享的，隨著 NorthStar Clean Energy 的重整，我們的模式將進一步簡化；我們將退出非公用事業的再生能源開發，並在 2027 年後實現約 100% 來自受監管公用事業的盈餘成長。

Let's start with NorthStar. As of today, we have more than 35% of the assets at signed agreements or closed. There continues to be strong interest across the remaining assets with the majority of these assets in exclusivity with buyers. In summary, good progress. We are on track to complete the restructuring by year-end.

先從 NorthStar 談起。截至今日，我們已有超過 35% 的資產完成簽署協議或已完成交易。其餘資產仍持續受到高度關注，其中多數資產已與買方進入排他性洽談。總結而言，進展良好。我們正按計畫在年底前完成重整。

As a reminder, as part of this restructuring, we retain Dearborn Industrial Generation, or DIG, several small gas peakers and four commercial solar projects, all of which generate strong cash flows and support our long-term growth strategy. This restructuring strengthens our balance sheet and allows us to produce over $500 million of funding within our current five-year plan for use at the utility, supporting important and needed customer investments in our systems.

提醒各位，作為本次重整的一部分，我們將保留 Dearborn Industrial Generation（DIG）、數座小型燃氣尖峰機組，以及四個商用太陽能專案；這些資產皆能產生強勁現金流，並支持我們的長期成長策略。本次重整將強化我們的資產負債表，並使我們在現行五年計畫期間內可提供超過 5 億美元的資金，用於公用事業端，支持我們系統中重要且必要的客戶投資。

Simply put, nearly 100% regulated utility earnings growth after 2027, reduced parent funding requirements, improved earnings quality. This restructuring strengthens our business model and positions the company to make the long-term utility investments our customers need.

簡而言之：2027 年後幾乎 100% 的受監管公用事業盈餘成長、降低母公司資金挹注需求、提升盈餘品質。本次重整強化了我們的商業模式，並使公司具備條件進行客戶所需的長期公用事業投資。

Speaking of customer-focused utility investments, in September, we filed our long-term Integrated Resource Plan, or IRP, outlining how we will meet Michigan's clean energy targets while ensuring reliable electric service through 2040. The IRP details an all-of-the-above resource strategy that combines natural gas, solar, wind, pumped storage, and battery storage to deliver reliable, affordable, and cleaner energy for Michigan customers.

談到以客戶為核心的公用事業投資，我們於 9 月提交了長期《整合資源規劃》（Integrated Resource Plan，IRP），說明我們將如何在確保電力服務可靠的前提下，於 2040 年前達成密西根州的潔淨能源目標。IRP 詳述一項「多元並進」的資源策略，結合天然氣、太陽能、風能、抽蓄儲能與電池儲能，為密西根州客戶提供可靠、可負擔且更潔淨的能源。

We foreshadowed a portion of these customer investment opportunities in previous earnings calls. But as noted on the slide, the plan includes 15.8 gigawatts of clean energy resources an increase of our already approved renewable energy plan of 10.8 gigawatts, 4.1 gigawatts of battery, an increase over our previous plan of 850 megawatts, and 1.4 gigawatts of new simple cycle gas generation to replace the aging oil and gas-fired peakers at our current three and four plants and to ensure reliability of the electric grid.

我們在先前的財報電話會議中已預告其中一部分的客戶投資機會。但如投影片所示，該計畫包含 15.8 GW 的潔淨能源資源，較我們已核准的 10.8 GW 再生能源計畫增加；4.1 GW 的電池儲能，較先前計畫的 850 MW 增加；以及 1.4 GW 的新建簡單循環燃氣發電，用以汰換我們現有三、四號電廠老舊的燃油與燃氣尖峰機組，並確保電網可靠性。

The plan further reflects energy-waste reduction and virtual plant options that help customers save money while providing additional earning opportunities. In summary, our IRP provides significant capital investment opportunity of roughly $27 billion in new clean energy resources, battery storage, and gas generation.

該計畫亦納入節能減廢與虛擬電廠選項，協助客戶節省費用，同時提供額外的獲利機會。總結而言，我們的 IRP 帶來可觀的資本投資機會，約為 270 億美元，涵蓋新的潔淨能源資源、電池儲能與燃氣發電。

Another important aspect of the plan is the ability to earn power purchase agreements. Frankly, it's a differentiator in our sector. The IRP assumes a financial compensation mechanism, or FCM, of approximately $125 million beginning in 2031, growing to approximately $195 million by 2040, assuming a 50-50 ownership split.

計畫的另一個重要面向，是能夠就購電協議（PPA）取得收益。坦白說，這是我們在本產業中的差異化優勢。IRP 假設自 2031 年起，透過財務補償機制（Financial Compensation Mechanism，FCM）取得約 1.25 億美元的補償，並在假設 50/50 持股分攤的情況下，到 2040 年成長至約 1.95 億美元。

On the right side of the slide, we've offered visibility into how the value of the FCM has progressed over the last few financial plans and the path to achieve those earnings. The ability to earn in a capital-light way has grown as we have signed more PPAs for renewables, batteries, and clean energy. Of note, the filed IRP includes a recently signed large clean energy PPA of 680 megawatts. This PPA derisks new renewable development supports Michigan's clean energy targets, delivers the energy and capacity our customers need while ensuring the continued strength of our balance sheet. I look forward to sharing more details at the EEI conference in November.

在投影片右側，我們提供了 FCM 價值在過去幾個財務計畫中的演進能見度，以及達成該等收益的路徑。隨著我們簽署更多再生能源、電池與潔淨能源的 PPA，以輕資本方式獲利的能力持續提升。值得注意的是，本次提交的 IRP 納入了一項近期簽署的大型潔淨能源 PPA，規模為 680 MW。此 PPA 降低新的再生能源開發風險，支持密西根州的潔淨能源目標，提供客戶所需的能源與容量，同時確保我們資產負債表的持續穩健。我期待在 11 月的 EEI 會議上分享更多細節。

I'm also pleased to share we continue to deliver on the approximately 900 megawatts of growth that supports the 2% to 3% annual load growth we've highlighted within our five-year plan period. As noted on the slide, we've added approximately 745 megawatts of new contracts in our service territory, and we've energized more than half of that load or approximately 450 megawatts.

我也很高興分享，我們持續推進約 900 MW 的成長，支撐我們在五年計畫期間所強調的每年 2% 至 3% 用電負載成長。如投影片所示，我們在服務區域內新增約 745 MW 的新合約，且其中超過一半的負載已完成送電啟用，約為 450 MW。

Essentially, we are adding the equivalent of a large data center through primarily the manufacturing and semiconductor industries, and it comes with more jobs and other tertiary benefits, such as supply chain, housing starts, and potentially higher margin commercial and residential growth. And keep in mind, this does not include the large load agreement, a large data center signed earlier this year. That project continues to progress through zoning in multiple locations, and I expect further movement after the elections.

基本上，我們新增的規模相當於一座大型資料中心的用電負載，主要來自製造業與半導體產業，並帶來更多就業與其他外溢效益，例如供應鏈、住宅開工，以及可能帶來更高毛利的商用與住宅成長。並請記得，這還不包含今年稍早簽署的那項大型負載協議（大型資料中心）。該專案仍在多個地點推進分區（zoning）程序，我預期選後會有進一步進展。

I continue to be proud of what the CMS Energy team has delivered and know that the benefit of growth flows to our customers as we spread fixed costs across a larger customer base driving affordability and while these opportunities create jobs and strengthen our communities and our state.

我持續為 CMS Energy 團隊所交出的成果感到自豪，也深知成長的效益會回饋到客戶身上：我們將固定成本分攤到更大的客戶基礎上以提升可負擔性；同時，這些機會也創造就業、強化我們的社區與本州的整體實力。

As we turn to the regulatory calendar, I'll highlight the constructive order from the commission in our gas rate case, approving $139 million or approximately 60% of our final ask, a 9.8% ROE and 50% equity ratio. The commission order delivers another proof point of the constructive regulatory environment in Michigan and supports the important and needed investments in our gas distribution system. In October, we filed our revised or updated electric rate case requesting a $443 million revenue increase, a 10.25% ROE and a 51.75% equity ratio. Staff also filed their position in October recommending a $265 million revenue increase, or 60% of our revised ask, a 9.85% ROE and 50% equity ratio.

接著談監管時程，我先強調委員會在我們的天然氣費率案中所做出的具建設性裁定：核准 1.39 億美元，約為我們最終請求的 60%，並核定 9.8% 的 ROE 與 50% 的股權比率。該裁定再次證明密西根州具建設性的監管環境，並支持我們在天然氣配氣系統中進行重要且必要的投資。10 月，我們提交了修訂或更新後的電力費率案，申請增加 4.43 億美元營收、10.25% 的 ROE，以及 51.75% 的股權比率。工作人員亦於 10 月提交其立場，建議增加 2.65 億美元營收（約為我們修訂後請求的 60%）、9.85% 的 ROE 與 50% 的股權比率。

Additionally, staff supported our storm deferral recovery for the 2025 storms within the electric rate case and the commission approved the deferral of 2026 Q1 storms in August, furthering our confidence in recovery and evidence of a constructive regulatory environment in Michigan.

此外，工作人員在電力費率案件中支持我們就 2025 年風暴的遞延成本回收；而委員會亦於 8 月核准遞延 2026 年第一季風暴成本，進一步提升我們對成本回收的信心，並顯示密西根州具建設性的監管環境。

If I pull up from the details and reflect on the entire electric rate case, staff's position is constructive, a good starting point, and there are opportunities we'll pursue in the rebuttal process to ensure we support the important and needed investments to improve reliability. And that the record further reflects our reasonable sales forecast for both residential and commercial growth. We expect the PFD position in late January in a final order by early April of next year.

若我從細節拉高層次、回顧整個電力費率案件，工作人員的立場具建設性，是一個良好的起點；在答辯程序中仍有我們將追求的機會，以確保能支持提升可靠性所需且重要的投資。同時，案卷紀錄也進一步反映我們對住宅與商業成長的合理銷售預測。我們預期 PFD 立場將於 1 月下旬提出，並於明年 4 月上旬作出最終命令。

Now on to the financials. Year to date, we reported adjusted earnings per share of $2.95. We are reaffirming our full-year 2026 guidance of $3.83 to $3.90 per share with continued confidence toward the high end. Our financial performance has positioned us to reinvest in the business, derisking future years and further enhancing service for our customers. We are also reaffirming our 2027 guidance of $4.08 to $4.17 per share, which incorporates the NorthStar restructuring.

接著談財務表現。年初至今，我們公布的調整後每股盈餘為 2.95 美元。我們重申 2026 全年指引為每股 3.83 至 3.90 美元，並持續有信心朝區間高端達成。我們的財務表現使我們得以再投資於業務，降低未來年度風險，並進一步提升對客戶的服務。我們也重申 2027 年指引為每股 4.08 至 4.17 美元，其中已納入 NorthStar 重組。

Longer term, we continue to guide toward the high end of our adjusted EPS growth range of 6% to 8%. Finally, as we've done in previous years, we will provide an update on our year-end call regarding the roll forward of our five-year utility capital plan and broader financial plan.

就更長期而言，我們仍以調整後 EPS 6% 至 8% 的成長區間之高端作為指引目標。最後，如同過去幾年，我們將在年終電話會議中，就五年公用事業資本計畫及更廣泛的財務計畫之滾動更新提供最新進展。

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

接下來，我把電話交給 Sri。

Thank you, Garrick, and good morning, everyone. I'm excited to be with you all this morning and to provide an update on our business. Today, my remarks will largely focus on continued execution through 2026 and our reinvestment of favorable performance, which will benefit customers, strengthen next year and future long-term growth as well as an update on our financing activities and how we'll continue to leverage the benefits of restructuring NorthStar into our annual planning process.

謝謝你，Garrick，各位早安。很高興今天早上能與各位同在，並向各位更新我們的業務進展。今天我的發言將主要聚焦於：截至 2026 年的持續執行，以及我們如何將良好表現再投資回業務，讓客戶受益、強化明年與未來的長期成長；同時也會更新我們的融資活動，以及我們將如何持續把 NorthStar 重組的效益納入年度規劃流程。

Given the progress Garrick highlighted in our IRP, we see plenty of opportunities between rate base and FCM on PPAs in our supply business. In addition, there is a robust capital backlog in both our electric and gas distribution businesses. We'll provide an update of our capital plan in Q4 per our normal practice. Starting on slide 9, we have the standard waterfall chart, which illustrates the key drivers of our financial performance through the first nine months of 2026 and our year-to-go assumptions for meeting our full year guidance range. where we plan to deliver toward the high end.

鑑於 Garrick 在我們 IRP 中強調的進展，我們在供應業務中，於費率基礎（rate base）以及 PPA 的 FCM 方面看見許多機會。此外，我們的電力與天然氣配電業務皆有相當可觀的資本待投入項目。依照我們一貫作法，我們將在第四季更新資本計畫。從第 9 張投影片開始，我們有標準的瀑布圖，用以說明 2026 年前九個月財務表現的關鍵驅動因素，以及為達成全年指引區間所採用的年度剩餘期間假設。我們計畫朝區間高端交付。

Year-to-date, the company delivered adjusted net income of $915 million or $2.95 per share, which excludes the restructuring activities at NorthStar and is $0.29 favorable to last year. We're trending ahead of last year and are well positioned relative to plan, reflecting strong execution at the utility, including constructive regulatory outcomes as well as completion of the Michigan solar projects we are retaining at NorthStar.

年初至今，公司交出調整後淨利 9.15 億美元、或每股 2.95 美元；此數字排除了 NorthStar 的重組活動，且較去年有利 0.29 美元。我們的趨勢領先去年，且相對於計畫處於有利位置，反映公用事業端的強勁執行力，包括具建設性的監管結果，以及我們在 NorthStar 保留的密西根太陽能專案已完成。

Favorable weather in the quarter and benefits from the storm deferral give us greater flexibility as we manage the remainder of the year, including weather and storm risk, while continuing to reinvest in the business to benefit customers and strengthen 2027 and beyond.

本季有利的天候，以及風暴遞延帶來的效益，使我們在管理今年剩餘期間（包括天候與風暴風險）時更具彈性，同時也能持續再投資於業務，讓客戶受益並強化 2027 年及之後的表現。

Compared to last year, you can see that weather results in a $0.05 unfavorable variance. However, from a planning perspective, we assume normal weather. So relative to plan, we have benefited $0.08 year to date, primarily driven by Q3 cooling degree days.

與去年相比，你可以看到天候造成每股 0.05 美元的不利差異。然而，從規劃角度來看，我們假設天候為常態。因此，相對於計畫，年初至今我們受益 0.08 美元，主要由第三季冷房度日（cooling degree days）所驅動。

New rates net of investment costs resulted in a positive variance of $0.34 with the benefits of last year's gas rate order, new electric rates from earlier this year, and continued investments in renewable projects at the utility. We were pleased with the commission's approval of the storm deferral in Q3, offsetting the full-year impact of the ice storm earlier in the year.

新費率扣除投資成本後，帶來每股 0.34 美元的正向差異，受惠於去年天然氣費率命令、今年稍早的新電力費率，以及公用事業端持續投資再生能源專案。我們也很高興委員會在第三季核准風暴遞延，抵銷了今年稍早冰風暴對全年造成的影響。

Year to date, O&M is unfavorable $0.16 primarily due to additional storm activity as well as a portion of the reinvestments we have already made across the business, including electric reliability, gas operations, customer service, and digital investments that will enhance future productivity. The $0.16 of favorable variance in parent and other has been primarily driven by NorthStar performance with much of that being reinvested back into the business, which I'll touch on in a moment.

年初至今，營運與維護（O&M）不利 0.16 美元，主要因額外的風暴活動，以及我們已在全公司進行的部分再投資，包括電力可靠性、天然氣營運、客戶服務與數位投資，這些將提升未來生產力。母公司及其他項目有利 0.16 美元，主要由 NorthStar 表現所帶動，其中多數將再投資回業務；我稍後會再提到。

Looking at the remainder of the year, we are well positioned to meet our financial objectives in 2026, as Garrick noted. Our assumptions already reflect an unfavorable variance of $0.09 for normal weather. With our 2026 regulatory outcomes complete, we're confident in the positive variance of $0.08 in the fourth quarter for rates net of investments.

展望今年剩餘期間，如 Garrick 所述，我們在 2026 年達成財務目標方面處於有利位置。我們的假設已反映常態天候下每股 0.09 美元的不利差異。隨著 2026 年監管結果已全部完成，我們對第四季在「費率扣除投資」項目上每股 0.08 美元的正向差異充滿信心。

From an O&M perspective, we expect to net $0.10 of favorable variance given our conservative planning assumptions for storm activity. This already accounts for $0.10 of reinvestments to improve safety, reliability, and enhance future productivity, as previously noted. As always, we will remain flexible throughout the quarter and look to take advantage of additional opportunities to reinvest for customer benefits that will strengthen future years.

就 O&M 而言，鑑於我們對風暴活動採取保守的規劃假設，我們預期可取得每股 0.10 美元的淨有利差異。其中已包含先前提到、用於提升安全、可靠性並增進未來生產力的每股 0.10 美元再投資。一如既往，我們將在本季保持彈性，並尋求把握更多再投資機會，以創造客戶效益並強化未來年度。

Closing out the glide path for the remainder of the year in the bar on the right-hand side, you'll note $0.09 to $0.16 of negative variance, which incorporates the flexibility we have for the rest of the year for contingency or to reinvest back into the business. We remain well positioned to deliver toward the high end of our guidance range while maintaining the flexibility to manage the remainder of the year and continue investing for the long term.

在右側長條中，為今年剩餘期間的走勢路徑（glide path）收尾時，你會注意到每股 0.09 至 0.16 美元的負向差異，這納入了我們在今年剩餘期間用於應急或再投資回業務的彈性空間。我們仍處於有利位置，可望朝指引區間高端交付，同時保有管理今年剩餘期間的彈性，並持續為長期進行投資。

Moving to slide 10. You'll note that our planned financing for the year is nearly complete, given the $900 million utility first mortgage bonds we raised in the third quarter, all within our planning assumptions. From an equity perspective, at the parent, we've completed $495 million at attractive prices relative to plan.

接著看第 10 張投影片。你會注意到，我們今年規劃的融資幾乎已完成，因為我們在第三季發行了 9 億美元的公用事業第一抵押權債券（first mortgage bonds），且完全符合我們的規劃假設。就股權而言，在母公司層級，我們已以相對於計畫具吸引力的價格完成 4.95 億美元。

For the remaining equity, we'll continue to match the pricing and issuance relative to our needs given the NorthStar restructuring where I'd be disappointed if we're not above the $500 million funding benefit Garrick noted. We're already optimizing those benefits this year, and we are incorporating it into our five-year planning cycle.

至於剩餘的股權部分，鑑於 NorthStar 重組，我們將持續依需求匹配定價與發行節奏；若最終未能高於 Garrick 提到的 5 億美元資金效益，我會感到失望。我們今年已在優化這些效益，並將其納入我們的五年規劃週期。

From a debt maturity perspective, we have approximately $625 million maturing at the parent next year. Keep in mind, our conservative approach already incorporates interest rates consistent with where the market is today. So we'd look to potentially derisk next year by pulling some of that refinancing forward.

就債務到期而言，母公司明年約有 6.25 億美元到期。請記住，我們的保守作法已納入與目前市場水準一致的利率假設。因此，我們可能會考慮將部分再融資提前，以降低明年的風險。

Also, I'll remind you that nearly all our debt is fixed rate. I'm confident in the strategy we are executing to deliver on our objectives this year and strengthen the plan going forward, and I look forward to sharing more in the future. Now I'll turn the call back to Garrick before we take your questions.

另外提醒各位，我們幾乎所有債務都是固定利率。我對我們正在執行的策略充滿信心，能在今年達成目標並強化未來的計畫；也期待未來分享更多資訊。在進入提問之前，我先把電話交回給 Garrick。

Thanks, Sri. At CMS Energy, we have delivered, every year for 23 years, consistent industry-leading performance regardless of circumstances, you can count on CMS Energy to deliver for all of its stakeholders.

謝謝，Sri。在 CMS Energy，我們已連續 23 年、每一年都在各種情況下交出一致且業界領先的表現；你可以信賴 CMS Energy 為所有利害關係人交付成果。

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

那麼，Piercy，請開放電話線進行問答。

(Operator Instructions) Shar Pourreza, Wells Fargo.

(接線員指示) Shar Pourreza，富國銀行。

This is Marcello on for Shar. [DTE] has had some commentary recently on the FCM specifically as it relates to contracts, you're legally obligated to enter. But just more broadly, how should we be thinking about durability of the FCM and energy policy at Michigan post-election?

我是代替 Shar 的 Marcello。[DTE] 最近針對 FCM 有一些評論，特別是與合約相關、也就是你在法律上有義務簽訂的合約。但更廣泛地說，選後我們應該如何看待密西根州 FCM 的持續性與能源政策？

The short answer is we don't see the FCM going away, but let me talk a little more about that. And I'm glad you brought up the FCM because we've been very deliberate including in our slide deck, right? It's on the right-hand side of -- I don't remember the slide number, I think slide 5 there. But I think it's one of the things that's most underestimated by our investors, the ability to grow FCM over time, and we're showing that in that graph. The ability to grow up to 2031 and beyond to $125 million and then even to 2040 to $190 million.

簡短的回答是，我們不認為 FCM 會消失，但我再多談一些。我也很高興你提到 FCM，因為我們一直非常刻意地把它納入我們的簡報投影片中，對吧？它在——我不記得投影片編號了，我想是第 5 頁右側那裡。但我認為這是投資人最容易低估的一點：FCM 隨時間成長的能力，而我們在那張圖表中也呈現了。成長到 2031 年及之後達到 1.25 億美元，甚至到 2040 年達到 1.90 億美元的能力。

And Marcella, you won't know this about me, my mom was a math teacher. And she would always say to me, like, show your work, like you drilled that into me in junior high. And that's what we're doing right here in the context of this FCM. You can see in that slide, in slide 5 that it's highlighted, right? This goes from darker blue to light blue.

Marcella，你可能不知道，我媽媽是數學老師。她總是對我說，要把解題過程寫出來——她在我國中時就一直把這點灌輸給我。而這正是我們在這裡、在 FCM 的脈絡下所做的事。你可以在那張投影片——第 5 頁——看到它被特別標示出來，對吧？顏色從深藍到淺藍。

That's the show of the progress we've made. In 2031, over 70% of those contracts are already signed or online. And so that creates the visibility and clarity and for me, confidence of our ability to deliver on that. And so I just want to highlight that in context of this because, again, I think it's a differentiator in our story. I want to make sure I bring attention to that.

那就是我們所取得進展的呈現。到 2031 年，超過 70% 的那些合約已經簽署或已上線。因此帶來可視性與清晰度，也讓我對我們交付的能力更有信心。所以我想在這裡特別強調，因為再說一次，我認為這是我們故事中的差異化因素。我想確保大家注意到這一點。

In terms of the MPSC, the commission in their words, in their letter to the governor, recognize the value of the FCM and particularly third-party solutions that come at a lower cost. And so this is about a discussion around the higher FCM. This is about refinement, particularly around perfect contracts and assets that are fully depreciated. And so I really view this as a refinement of the FCM, not elimination in the context of affordability. And that's why I came out strongly and said, we don't see the FCM going away. In fact, it's one thing that we want to highlight during this call, just the potential upside there.

至於 MPSC，委員會在他們寫給州長的信中，用他們自己的話承認了 FCM 的價值，特別是成本較低的第三方解決方案。因此，這是一場關於較高 FCM 的討論；這是關於精進，特別是針對完善的合約以及已完全折舊的資產。所以我真的把這視為在可負擔性的脈絡下對 FCM 的精進，而不是取消。這也是我為什麼明確表示我們不認為 FCM 會消失。事實上，這也是我們希望在本次電話會議中強調的一點：其中潛在的上行空間。

Yeah. And the only thing I'd note to Garrick's comments were -- the depreciated assets largely talk about river hydro assets. We didn't include that into our projection of the FCM. In fact, we asked to use those proceeds to derisk future safety at those funds. So the FCM that we have here contemplated is within the law and really isn't reflective of the contracts, the commission highlights.

是的。我對 Garrick 的評論唯一想補充的是——所謂已折舊資產主要是在談河川水力發電資產。我們沒有把那部分納入我們對 FCM 的預測。事實上，我們要求把那些收益用來降低未來在那些基金上的安全風險。所以我們這裡所考量的 FCM 是在法律範圍內，而且並不反映委員會所強調的那些合約。

Super helpful. And then just because it's pretty topical right now, given the latest gubernatorial debate and posturing and a relatively high number of moratoriums in Michigan. How should we be thinking about the data center opportunity window relative to manufacturing and other opportunities, but just how should we be thinking?

非常有幫助。另外，因為這個議題現在很熱門，考量到最近的州長辯論與政治姿態，以及密西根州相對較多的暫停令（moratorium）。相較於製造業與其他機會，我們應該如何看待資料中心機會窗口？也就是說，我們應該怎麼思考？

The short answer is strong. I still -- I mean, across both candidates and our current governor, but let me offer some more context around this. Politics, Sri says this, I love him when he says this, politics do not equal policy. And some of the spin that you see leading up to election does not equal a reality. And what we know, and we showed in that slide, it's the last slide in my prepared remarks, that regardless, CEO, CFO, governor, legislature, MPSC and weather, we deliver.

簡短的回答是：很強。我仍然——我的意思是，無論是兩位候選人或我們現任州長——但我再提供一些背景。Sri 常說這句話，我很喜歡他這麼說：政治不等於政策。而你在選舉前看到的一些操作（spin）不等於現實。我們知道、而且我們在那張投影片中也展示了——那是我事先準備講稿的最後一張投影片——不論 CEO、CFO、州長、立法機關、MPSC 或天氣如何，我們都能交付成果。

And it's based on the principle, we work with everyone. And that's easy to say, harder to do, but that's what we do. We do it year after year by finding common ground. There's common ground on affordability and there's common ground on data centers, right? And we see this with both candidates that are running, are supportive of those investments in Michigan and the jobs that come with it and the property tax value. No one said no data centers. In fact, they've talked about responsible data centers for that as well.

這是基於一個原則：我們與所有人合作。這句話說起來容易，做起來更難，但我們就是這麼做。我們年復一年透過尋找共同點來做到。在可負擔性上有共同點，在資料中心上也有共同點，對吧？我們看到兩位參選的候選人都支持在密西根州進行這些投資，以及隨之而來的工作機會與財產稅價值。沒有人說不要資料中心。事實上，他們也談到要推動負責任的資料中心。

In fact, our electric tariff for data centers, or large load agreement, does just that. It's responsible and addresses, again, who pays and so our residential customers are not burdened with the data center. And so we need to do more of that in terms of water and wastewater and noise and land as a state. That's the important work that needs to be done. And I bet the data centers will continue to move forward after the elections here. But again, just back to my beginning remarks, I see a strong environment for data center growth across Michigan.

事實上，我們針對資料中心的電力費率（tariff），或大型負載協議（large load agreement），正是為此而設。它是負責任的，並且再次處理「由誰買單」的問題，讓我們的住宅用戶不會因資料中心而承擔負擔。因此，作為一個州，我們還需要在用水與污水、噪音與土地等方面做更多工作。那是必須完成的重要工作。我打賭選後資料中心仍會持續推進。但再次回到我一開始的說法，我認為密西根州的資料中心成長環境依然強勁。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Good morning, Jeremy. I look forward to seeing you soon in EEI.

早安，Jeremy。期待很快在 EEI 見到你。

Yeah, see you soon. Looking forward to it. I was just wondering if you could provide maybe a little bit more color on the large-load expectations there in the cadence you see coming forward. There was the funnel in prior slides. And so just looking to see how you think about that at this point? How far different initiatives are advanced? And I'll leave it there for now.

是的，很快見。很期待。我想請問你是否能就大型負載的預期、以及你看到未來推進的節奏，提供更多細節。之前的投影片有那個漏斗（funnel）。所以想了解你目前怎麼看？不同的計畫各自推進到什麼程度？我先問到這裡。

Well, to be super clear, we heard that feedback this morning. We didn't include the slide. Look, we -- like we could provide the slide. That's not -- it's a little bit like watching Michigan play football. You can spend a lot of time looking at the plays, but you've got to get it across the end zone. You got to get across the goal line. And so we provide in this deck really along the lines of economic development.

嗯，為了非常清楚地說明，我們今天早上聽到了那個回饋。我們沒有把那張投影片放進來。你看，我們——我們可以提供那張投影片。但那有點像看密西根打美式足球。你可以花很多時間看戰術，但你必須把球帶進達陣區。你得跨過球門線。所以我們在這份簡報中提供的內容，確實是沿著經濟發展的脈絡來呈現。

We're showing our work, again, going back to my mom, show your work, 745 megawatts. It's been signed. 450 is already energized. A lot of that's in the manufacturing space. You've heard me talk before about the benefits and value of that. So we're showing that. We're showing that important work and what that means for the state, what that means for jobs, what that means for -- and confirming our sales growth that's in our financial plan of 2% to 3%.

我們再次把過程攤開來——回到我媽媽那句話，把解題過程寫出來——745 兆瓦。已經簽約。其中 450 兆瓦已經送電。很多是在製造業領域。你們以前也聽我談過那方面的好處與價值。所以我們把它呈現出來。我們呈現那項重要工作，以及它對州的意義、對就業的意義、對——並且用來佐證我們財務計畫中 2% 到 3% 的銷售成長。

Now we can talk data centers, and we're happy to talk data centers. Multiple data centers continue in the state. That's the pipeline. We signed one in Q2. We shared that in the Q2 earnings call. That's continued to progress in multiple locations across the state. From a zoning perspective, one of the areas where they're located, they just released their draft zoning ordinance. And so the company is in fact, reviewing that right now and providing feedback. So I see that as, again, as a positive step. And another data center, actually, a couple of data centers are acquiring more land within the state. So again, we continue to see positive progress along those lines, and I see more progress after we get through the elections here shortly.

現在我們可以談資料中心，而且我們也很樂意談資料中心。州內仍有多個資料中心案持續推進。那就是案源管線。我們在第二季簽下了一個，我們也在第二季法說會上分享過。該案在州內多個地點持續取得進展。從分區（zoning）的角度來看，其中一個所在地區剛發布了分區條例草案。因此公司確實正在審閱，並提供意見回饋。所以我再次把這視為一個正向的步驟。另外還有一個資料中心，實際上是幾個資料中心正在州內收購更多土地。因此，我們仍持續看到這方面的正向進展；而且我認為在我們很快度過這次選舉之後，還會有更多進展。

Got it. That's helpful. And then I just want to pick up again, in the past, you talked about 1 gigawatt could drive $2 billion to $5 billion in CapEx, and just wondering if we should still think about that relationship and specifically as it relates to IRP and the $27 billion of long-term CapEx, how you think this could enter the plan over time, forward thoughts there?

了解。這很有幫助。接著我想再追問一下：過去你提到 1 吉瓦可能帶來 20 億到 50 億美元的資本支出（CapEx）。我想確認我們是否仍應以這樣的關係來思考；尤其是就 IRP 與 270 億美元的長期資本支出而言，你認為這會如何隨時間納入計畫？想聽聽你對未來的看法。

Yeah. Jeremy, I think that's still a good way to look at it, $2 billion to $5 billion, and that really just bifurcated between just the capacity needed and then the clean energy that's needed over time. As it relates to the IRP, we'll incorporate that into our annual process. Keep in mind, our current plan doesn't contemplate having a data center in it. So our future plans will incorporate the IRP capital, which largely isn't data center-related nor is the FCM. So we'll incorporate that as we roll forward

是的，Jeremy，我認為那仍然是個不錯的看法：20 億到 50 億美元；而這基本上可分成兩部分，一是所需的容量，二是隨時間推進所需的潔淨能源。就 IRP 而言，我們會把它納入年度流程。請記住，我們目前的計畫並未把資料中心納入其中。因此，我們未來的計畫會納入 IRP 的資本支出，而那大多與資料中心無關，也與 FCM 無關。所以我們會在往前滾動更新時把它納入。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Thanks for the time today. Turning back to NorthStar, the 35% of assets that signed agreement were closed and kind of that buyer interest for the remainder. Could you speak a little to that versus expectations last quarter into the process maybe just progress overall and where it's trending versus your internal modelling?

謝謝今天撥冗。回到 NorthStar，已簽協議的資產中有 35% 已完成交割，並且關於其餘部分的買方興趣。你能否談談這與上季對流程的預期相比如何，也就是整體進度，以及相對於你們內部模型目前的走勢？

I think Sri and I will tag team this one, but I'm very pleased with the progress from where we stand and the 35% of the assets that are either a purchase and sale agreement or closed. And so that's trending well. And then the remaining assets in exclusivity with the buyers, that's well underway. So we're not just at the beginning of that. And so closing in on purchase and sales agreement. And that's why we're, again, offer the commentary that restructuring will be complete by year end, and we're on target from that perspective. But Sri, please.

我想 Sri 和我會一起回答這題。不過就我們目前的狀況，以及已有 35% 的資產不是已簽署買賣協議就是已完成交割，我對進度非常滿意。因此目前的走勢相當不錯。至於其餘資產與買方進入排他性洽談（exclusivity），也正在順利推進。所以我們並不是才剛開始。而且正逐步接近簽署買賣協議。這也是為什麼我們再次評論說重整將在年底前完成，而且從這個角度看我們進度符合目標。不過 Sri，請你補充。

Yeah. The only thing I would add is, as you know, we're on track and the use of funding we noted in the Q2 call, at least $500 million, like I said here, I mean I would be disappointed if we were not above that, and so trending positively relative to that. All of that will help parent funding needs, which will roll into our Q4 financing plan along with our capital programs.

是的。我唯一要補充的是，如你所知，我們進度如期；而且我們在第二季電話會議提到的資金用途，至少 5 億美元——就像我在這裡說的，我的意思是，如果沒有高於那個數字我會感到失望，所以相對於該目標目前呈現正向趨勢。這些都將有助於母公司資金需求，並會與我們的資本計畫一起納入第四季的融資計畫。

Turning back to some of the broader policy considerations, elections, pre- and post-considerations. Can you speak a little bit more to kind of the utility issue side, particularly regulatory changes and the appetite to address that? Maybe how stakeholder conversations on that front are trending? And if you have any updated thoughts on how that may or may not get picked up after the elections in 2027?

回到一些更廣泛的政策考量，選舉前與選舉後的因素。你能否再多談一些公用事業端的議題，特別是監管變動以及推動處理這些議題的意願？也許談談在這方面與利害關係人的對話趨勢如何？以及你是否有任何更新的看法：這在 2027 年選舉之後是否會、或不會被納入議程？

Yeah. The -- just from an investment community, there appears to be a lot of noise on Michigan. And I would tell you right here on the ground, I'm confident in our ability to navigate. And frankly, we've got -- we've built good relationships with all the governor candidates, many of the legislature and as a result of just doing business here in Michigan for a long time. And as I shared here, we've delivered 23 years by finding common ground by this principle we work with everyone.

是的。就投資社群而言，密西根似乎有很多雜音。但我會告訴你，就在當地，我對我們的應對能力很有信心。坦白說，我們已經——我們與所有州長候選人、以及許多州議員都建立了良好關係，這也是因為我們在密西根經營很久了。而且如我在這裡分享的，我們透過尋找共同點、秉持「我們與所有人合作」的原則，已經交出 23 年的成果。

When it comes to common ground, particularly around affordability, whether you're Republican, Independent, or Democrat, people can align around that. And I've talked about it on a number of these calls and investor meetings of the two papers I run around with and talk about affordability and look for common ground, and I think there's a lot of ways to do that. One is in the context of multiyear rate plans that provide predictability for our customers. One -- two, we've talked about in terms of personal property tax and hundreds of millions of savings for customers and that pass-through that shows up.

談到共同點，特別是在可負擔性（affordability）方面，不論你是共和黨、獨立人士或民主黨，大家都能在這點上取得一致。我在多次電話會議與投資人會議上都提過：我隨身帶著兩份文件，談的就是可負擔性並尋找共同點；我認為有很多方法可以做到。其中之一是在多年期費率方案（multiyear rate plans）的脈絡下，為客戶提供可預期性。第二，我們談過個人財產稅（personal property tax），可為客戶節省數億美元，而這種轉嫁（pass-through）會反映在帳單上。

We've talked about it in state permitting reform. I know we're talking about federal right now, but also state permitting reform it help from a cost perspective. Chair Scripps, within the commission, sent a letter to the governor. And if you go through that letter like I have, you can say, yes, yes, yes, we should be doing a number of those things, particularly in terms of low to moderate income, that's right now in the state, there's all kinds of policy improvement that can be done in the context of low to moderate income customers.

我們也談過州層級的許可（permitting）改革。我知道我們現在在談聯邦，但州層級的許可改革也能從成本角度提供幫助。委員會主席 Scripps 已致函州長。如果你像我一樣仔細讀那封信，你會說：是的、是的、是的，我們應該做其中很多事情，特別是在中低收入（low to moderate income）方面——就目前州內而言，在中低收入客戶的政策脈絡下，確實有各式各樣可以改善的地方。

So what I'm laying out, Rich, is like, here's the place for common ground and how do we work for affordability. And so again, we see that as important steps as we go into 2027 and further and beyond that, to be able to continue to find and continue our position as 15th-lowest bills in the nation in terms of electric and just continue to position utility in the right way to make the important investments for all stakeholders. So I hope that offers some good context for you.

所以我想對你說的是，Rich：共同點在這裡——我們如何為可負擔性而努力。因此，我們再次把這些視為重要步驟，當我們邁向 2027 年以及更往後時，能夠持續找到共同點，並維持我們在全美電費帳單水準屬於第 15 低的定位，同時也持續以正確方式定位公用事業，為所有利害關係人進行重要投資。希望這能為你提供一些好的背景脈絡。

No, that's great. Appreciate the flavor for all of that. Thanks, Garrick.

不，這很棒。感謝你提供這些細節與觀點。謝謝你，Garrick。

James Ward, Jefferies.

James Ward，Jefferies。

We've got another NorthStar question for you here. So NorthStar has contributed $0.62 through September. Guidance for the year was $0.25 to $0.30 back in February. How should we think about the NorthStar contribution in your current full-year guidance? And then how much of the third quarter benefit reverses in the fourth quarter? And what sort of tail amount, if any, is left for 2027?

我們這裡還有一個關於 NorthStar 的問題。NorthStar 截至 9 月已貢獻 0.62 美元。你們在 2 月給的全年指引是 0.25 到 0.30 美元。我們應該如何看待 NorthStar 在你們目前全年指引中的貢獻？另外，第三季的效益有多少會在第四季回轉（reverses）？以及若有的話，2027 年還會剩下多少尾端金額（tail amount）？

Yeah. Thanks, James, for the question. A couple of things on NorthStar related to guidance. Obviously, realizing benefits as we brought some of those projects to COD. So that's having NorthStar overperforming our planned guidance for the year. Some of that will reverse some of that's just timing on taxes. So when we book effective tax rates, you do it evenly and some of that will reverse in the fourth quarter.

是的，謝謝你，James，這個問題。關於 NorthStar 與指引，有幾點要說。很明顯地，隨著我們把其中一些專案推進到 COD（商轉日），我們正在實現效益。因此 NorthStar 的表現超出我們原先對今年的指引規劃。其中一部分會回轉，另一部分只是稅務時點的差異。所以當我們入帳有效稅率（effective tax rates）時會平均認列，而其中一些會在第四季回轉。

And in terms of kind of rolling into '27, we've already incorporated the fact that we're selling some of the assets, so that's already been incorporated into our '27 guidance. And then some of the taxable equity pieces will roll off into '27 that's already baked in. We'll share kind of segment guidance as we go through the fourth quarter.

至於展望延伸到'27，我們已經把出售部分資產的影響納入考量，所以這已經反映在我們對'27年的指引中。另外，一些應稅的股權項目會在'27年到期退出，這也已經事先納入。我們會在第四季的過程中分享各事業部門的指引概況。

Got you. And then on '27, your reliability storms and productivity bucket is about $0.12 lower for the year than the July plan, but weather is obviously $0.12 better is that reinvestment? And is the 2027 range built off the higher 2026 cost base or the July 1? And then how much of the fourth-quarter spend will be 2027 were pulled forward? Just trying to get a sense as we head into next year at a level set as we go much more utility nearly all utility focused.

了解。那再談'27：你們的可靠性（風暴）與生產力項目，相較於7月的計畫全年大約低了0.12美元，但天氣因素顯然好0.12美元；那是把這部分拿去再投資嗎？另外，2027年的區間是以較高的2026成本基礎來建構，還是以7月1日的基礎？以及第四季的支出中，有多少原本屬於2027、但被提前到今年？我只是想在進入明年、而且我們將更偏向公用事業、幾乎完全聚焦公用事業時，先掌握一個基準水位。

Got it. You're kind of mixing the '26 and '27, so I'll see if I can parse that out for a second. Some of what you have in the year-to-go is just conservative planning, right? We're planning conservatively for storms to make sure we have enough there for that. But then that number is net of reinvestments that we're going to be making here over the course of the fourth quarter. So significant flexibility there to kind of reinvest in the business. That all derisks '27. Some of that will be pull forward, and we'll continue to have those options as we go through the year. But we've got to keep in mind, we're not decoupled. So we're also making sure that we have enough contingency as we look forward to the year for sales as well.

了解。你把'26和'27有點混在一起問了，我先試著拆開來說明一下。你看到的「今年剩餘期間」的一部分，其實只是保守規劃，對吧？我們對風暴採取保守規劃，是為了確保在這方面有足夠的預算。但那個數字已經扣除了我們在第四季期間將進行的再投資。因此在把資金再投入業務方面，我們有相當大的彈性。這些作法都能降低'27年的風險。其中一部分會是把原本較晚的支出提前，我們在今年推進的過程中也會持續保有這些選項。但要記得，我們並不是「解耦」（decoupled）。所以在展望明年銷售時，我們也要確保有足夠的備援與應變空間。

Terrific. And we look forward to kicking off EEI with you guys at lunch on Sunday.

太好了。也期待週日中午和你們一起在午餐時段為EEI揭開序幕。

Nicholas Campanella, Barclays.

Nicholas Campanella，Barclays。

I just wanted to be clear and follow up on the prior question from Jeremy on just the data center opportunity set. Just the 745 megawatts in the context of you talking about making more progress after the election here, is that something that we can just wrap in to expect in the full-year update that you're going to give in the fourth quarter? Is that where that is trending? Or I just wanted to level set there.

我想釐清一下，並延續Jeremy剛才關於資料中心機會集合的問題。你們提到745兆瓦，並說選後會有更多進展；那我們是否可以把這部分納入你們第四季將提供的全年更新中來期待？目前的趨勢是往那個方向走嗎？我只是想先把基準對齊。

Let me offer some context and Sri may want to also join in some context on this. So what we've framed there is 745 megawatts, that does not include the large load agreement data center. So that's just -- I call it singles and doubles. We're just stacking up semiconductor, manufacturing, food processing. There's one midsized data center in that mix, but much of that is already online. And so again, that's built into the plan. It's built into our IRP. We're showing, again, the 2% to 3% load growth that we have in our current five-year plan. The capital investments that will come with this new data center are not yet incorporated to our plan. We'll see that through from a zoning perspective. And again, I have optimism as I see that playing out from in multiple jurisdictions. But Sri, please.

我先補充一些背景，Sri也可能想一起補充。我們所界定的745兆瓦，不包含那個「大型負載協議」的資料中心。所以那只是——我稱之為單打與二壘安打（singles and doubles）。我們只是把半導體、製造、食品加工等負載一個個累積起來。其中有一個中型資料中心，但那裡面很大一部分已經上線。因此再次強調，這已經納入計畫。也已經納入我們的IRP。我們在目前的五年計畫中，仍呈現約2%到3%的負載成長。而這個新資料中心所帶來的資本投資，目前尚未納入我們的計畫。我們會從分區（zoning）的角度把它推進落地。而且我看到它在多個司法管轄區的推進情況，仍然保持樂觀。Sri，請。

Yeah. Like Garrick said that the 2% to 3% sales growth already baked into our five-year plan, adding a data center would push us above that as well as the capital above that. So that would get incorporated as we execute on that. So this is already incorporated into plan. It's just executing against it and we continue to see strong momentum in that space as we sign up customers across a number of industries.

是的。如Garrick所說，2%到3%的銷售成長已經納入我們的五年計畫；若再加入一座資料中心，銷售成長會高於這個區間，資本支出也會高於這個水準。因此當我們執行到那一步時，就會把它納入。所以目前這些已經在計畫裡了。接下來就是按計畫執行；而且我們持續看到該領域的強勁動能，因為我們正在跨多個產業簽下客戶。

Yeah. I meant the 745, sorry about that. So just one other follow-up was just the 6% to 8% growth plan towards the high end, which reflects 7% or better compounded annually. Just -- I guess, how are you guys kind of framing it? Is it closer to 7%? Or is it kind of closer to 8%, understanding that you've historically underpromised and overdelivered?

對，我是指那個745（兆瓦），抱歉剛才說錯了。另外一個追問是關於你們6%到8%的成長計畫、偏向高端，這代表年複合成長率約7%或更高。我想問——你們內部是怎麼看待的？是比較接近7%？還是比較接近8%？考量到你們過去一向是保守承諾、超額達成。

Let me start with 2026. I think because everything builds off of 2026. And so just a framing for everyone here. So as we said on the call, 6% to 8% toward the high end. And again, that's 7% or better. And we've offered commentary here that we're reinvesting for the benefit of customers, particularly in terms of reliability in our gas business in digital, which improves productivity. And then all derisking 2027, which is beneficial for our stakeholders.

我先從2026年談起。因為所有事情都是以2026年為基礎往上建構。先給在座各位一個框架。如同我們在電話會議上所說，6%到8%，偏向高端。而且再次強調，那代表7%或更高。我們也在此評論過，我們正在為了客戶利益進行再投資，特別是在天然氣業務的可靠性，以及數位化（digital）方面，這能提升生產力。同時也在降低2027年的風險，這對我們的利害關係人是有利的。

And so hear me when I say this, I have a great deal of confidence in our ability to deliver in our guidance for 2026 as we've framed up during this call. And I would suggest we're well positioned for 2027 as well. But as we normally do, in Q4, we updated our capital plan, we update our financial plan. We updated our earnings guidance that are consistent from a process perspective, and we'll do that. But I'll remind everybody on this call, and we've shared it in the materials and in our speaking in our prepared remarks is our long-term guidance continues to be 6% to 8%, and toward the high end, which we framed up as 7% or better.

所以請聽清楚我接下來要說的：就我們在本次電話會議所界定的方式而言，我對我們在2026年達成指引的能力非常有信心。我也認為我們在2027年同樣處於有利位置。但如同我們一貫的作法，在第四季我們會更新資本計畫、更新財務計畫。我們也會以一致的流程更新盈餘指引，我們會照做。不過我也提醒各位——我們已在資料與事先準備的發言中分享——我們的長期指引仍是6%到8%，並偏向高端，也就是我們所界定的7%或更高。

Michael Sullivan, Wolfe Research.

Michael Sullivan，Wolfe Research。

I wanted to ask a little more on this new FCM customer that you signed up. Is it all-one customer? And are you expecting these to be this chunky going forward? And just given the progress already, like what -- how do you think about layering in any potential upside if you start tracking ahead of the $125 million target by '31?

我想再多問一點關於你們新簽下的這個FCM客戶。這是單一客戶嗎？未來你們預期也會是這種「大塊頭」（chunky）的規模嗎？另外，考量到目前已經有進展，如果你們開始跑在2031年前1.25億美元目標的前面，你們會如何思考把任何潛在上行空間逐步納入？

Yes, Michael, I'll take it. So that's not a customer. Keep in mind, these are suppliers. We earn with the FCM, the suppliers with whom we are contracting. And that is one individual supplier that we're contracting with and we're making progress as we bring that into our portfolio starting in 2031. So we feel pretty confident about that. There's some more work we have to do on the ground to move that forward. But I'd expect that we incorporate those benefits as we roll forward the plan here in the fourth quarter.

好的，Michael，我來回答。所以那不是一個客戶。請記得，這些是供應商。我們透過FCM來獲利，對象是我們簽約合作的供應商。而那是一家我們正在簽約合作的單一供應商；我們正推進進度，從2031年開始把它納入我們的組合。因此我們對此相當有信心。但在現場端仍有一些工作要做，才能把它進一步往前推。不過我預期，當我們在第四季把計畫往前滾動更新時，會把這些效益納入。

Okay. That makes sense. And then just on the regulatory front. I think you're going to go right back in for another gas case and one of your peers in the state, I think, was about to do that and kind of change their mind. So just curious if that had come up at all. And in the electric case, just any thoughts around potentially trying to move the needle on the equity ratio. I know that's something that's been hoped for, for a little while now.

好的，這就合理了。接著在監管面。我想你們很快又要再提出另一個天然氣費率案（gas case），而你們在州內的一家同業，我記得原本也要這麼做，但後來似乎改變主意。所以好奇這件事是否曾被提起或討論。另外在電力費率案（electric case）方面，對於是否可能在股權比率（equity ratio）上有所突破，你們有什麼想法嗎？我知道這是大家期待一段時間的事情。

Yeah, I can't speak to what DTE's approach is. I'll leave that for DTE and their call. But again, one of the benefits we see as an annual rate case filer is bringing back the savings to our customers, whether that shows up in the CEA and digital and where we see savings, we bring that back, whether that's in our appliance service plan and other tax benefits we bring the savings back. Whether that's in the context of low growth, and we see that both in our gas and electric business, we bring back those -- that savings opportunity for customers and sharing some of those fixed costs across the system.

是的，我無法評論 DTE 的做法。我會把這留給 DTE 以及他們的電話會議來說明。但再說一次，我們作為每年申報費率案件的業者，所看到的其中一個好處，是把節省的成本回饋給客戶；不論這體現在 CEA 與數位化等我們看到節省之處，我們都會回饋；不論是在我們的家電服務方案（appliance service plan）以及其他稅務優惠中，我們也會把節省回饋出去。不論是在低成長的情境下——我們在天然氣與電力業務都看到這點——我們都會把那些節省的機會回饋給客戶，並在整個系統中分攤部分固定成本。

And so by annual rate cases, we're bringing that back, which creates the important headroom to make needed investments in the system, right? When customers have an outage, there's a real cost to that. We need to be able to make those investments in our electric system. We want to ensure a safe natural gas system without incidents. We want to make sure we're on the path to clean energy and compliance. And so those aren't at odds with one another.

因此，透過每年的費率案件，我們把這些回饋帶回來，這也創造了重要的「空間」來進行系統所需的投資，對吧？當客戶停電時，確實會產生實質成本。我們需要能夠在電力系統上進行那些投資。我們希望確保天然氣系統安全、零事故。我們希望確保我們走在潔淨能源與合規的道路上。因此，這些目標彼此並不衝突。

In fact, the commission has been very supportive. And throughout these annual rate case processes we've been able to achieve constructive outcomes. We've been pleased with the outcomes. And we continue to work hard to make sure that's going to happen. But again -- so again, the current system works for us, and we continue to get the outcomes we need for all stakeholders.

事實上，委員會一直非常支持。而且在這些年度費率案件流程中，我們能夠達成具建設性的結果。我們對結果感到滿意。我們也會持續努力，確保這會發生。但再說一次——所以再說一次，現行制度對我們有效，我們也持續取得所有利害關係人所需要的結果。

Now I've been on the record since early in 2026 to talk about the potential for multiyear rate plans, which offers predictability for customers. I think there's a right way to do that and assuming we can do that in the right way. And build it into law, I think provides a much more durable means of providing some benefit for customers and other stakeholders. And so rather than just a stay-out provision, which to me doesn't provide the durability for the long term.

其實自 2026 年初以來，我就一直公開談到多年期費率方案（multiyear rate plans）的可能性，這能為客戶提供可預測性。我認為有一種正確的做法，前提是我們能以正確方式來做。並把它納入法律，我認為這能提供一種更具持久性的方式，為客戶與其他利害關係人帶來一些好處。因此，與其只是所謂的 stay-out 條款，在我看來那並不能提供長期的持久性。

The only thing I am just going to add is a good example that Garrick gave in there was just ASP. That was about a $90 million benefit. We could have just passed that on in one year. We did not. We actually smoothed that in over three years. It just gives a more consistency experience both to the customers as well as we execute on our plan.

我唯一想補充的是，Garrick 在那裡舉的一個好例子就是 ASP。那大約是 9,000 萬美元的效益。我們本來可以在一年內就把它全數轉嫁（回饋）出去。但我們沒有。我們實際上把它在三年內平滑分攤。這讓客戶的體驗更一致，也讓我們在執行計畫時更具一致性。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗（Mizuho）。

Always my favorite meeting at EEI, right there.

一如既往，這是我在 EEI 最喜歡的會議，就在這裡。

Thanks. But you're having lunch with Jamieson. Just quickly, you guys -- small minor detail is a very thorough call. Just the [opco] where consumers the utility, Moody's says a negative outlook, you're stable at the parent. Just -- does that add any additional pressure on financing or change, I think, with the financing at the parent company thoughts on maybe moving that to stable.

謝謝。不過你要跟 Jamieson 一起吃午餐。很快問一下，你們——一個小小的細節：這是一場非常詳盡的電話會議。就 [opco] 而言，也就是 Consumers 這家公用事業公司，穆迪（Moody's）給的是負向展望，而母公司層級是穩定。這是否會對融資帶來任何額外壓力或改變？我想問的是，在母公司層級的融資方面，對於可能把（展望）調整為穩定，你們有什麼想法？

As you noted, Anthony, the outlook is actually at the utility. And so a lot of that is just going to be dependent on actions at the utility. We've noted in our cases and the first time the commission is really going to have an opportunity to look at that, what's on the direct record is in the electric case where we're looking for a 51.75% equity ratio. So I'd expect that Moody's will look at that as they consider both a qualitative and quantitative perspective but the quantitative aspect being rate recovery and specifically equity ratio.

如你所說，Anthony，展望其實是在公用事業公司層級。因此，其中很多將取決於公用事業公司層級的作為。我們在案件中也提到，而委員會第一次真正有機會檢視這點、且已在正式紀錄中的，是在電力案件裡，我們正在尋求 51.75% 的權益比率（equity ratio）。所以我預期穆迪會從質化與量化兩個角度來看待；其中量化面主要是費率回收（rate recovery），特別是權益比率。

Andrew Weisel, Scotiabank.

Andrew Weisel，加拿大豐業銀行（Scotiabank）。

First question, and you alluded to this a little bit, but the IRP load forecast includes the data center, but your capital plan does not. Help me just understand that disparity? Why do you see those differently? And I know your CapEx update is being in February. How should we think about whether you will or won't match those two things up? Or will there always some disparities between those?

第一個問題，你們稍微提到了一點：IRP 的負載預測包含資料中心，但你們的資本計畫並沒有。請幫我理解這個落差？為什麼你們會用不同方式看待這兩者？我知道你們的資本支出（CapEx）更新會在二月。我們應該如何看待你們是否會、或不會把這兩者對齊？或者兩者之間是否永遠都會存在一些差異？

Well, first of all, let me just answer the short answer, and then I'll hand it over to Shri here as it's required. When we sign a contract, it's required to include in the integrated resource plan. And so -- and again, we model a variety of different scenarios. And again, there's -- as we've shown throughout this call, low growth in terms of manufacturer and industrial midsized data centers as part of the mix. And then we layer in the Sion tracks as well. And so that's just within the policy, within the work of the integrated resource plan, we need to include that. But Sri talked a little bit more about the capital.

嗯，首先我先用簡短答案回覆，然後再把問題交給 Shri，因為這是需要他來說明的。當我們簽署合約時，就必須納入整合資源規劃（integrated resource plan）。因此——而且再說一次，我們會建模各種不同情境。同樣地——正如我們在這通電話會議中所展示的，就製造業與工業、中型資料中心的組合而言，屬於低成長。然後我們也把 Sion 的軌跡（tracks）疊加進去。所以這是在政策之內、在整合資源規劃的工作之內，我們必須把它納入。但 Sri 會再多談一些資本面的部分。

Yeah. Just keep in mind, Andrew, when we rolled the five-year plan out, we hadn't actually had a contract or agreement signed with that large center. So nowadays, it's in the IRP. As we roll it forward, we're going to make sure we incur all the conditions precedent, which includes siting, right? So making sure those are in before we include that capital.

是的。Andrew，請記住，當我們推出五年期計畫時，我們其實還沒有與那個大型中心簽下合約或協議。所以現在它已經在 IRP 裡了。當我們往前滾動更新時，我們會確保所有先決條件都已滿足，其中包括選址（siting），對吧？所以在把那筆資本納入之前，要先確保那些條件都到位。

I'll just remind you those -- that customer doesn't come online and energized until the back half of the plan to begin with. So it's a slow ramp even if it was included out into that early 2030 time frame. So we'll take a look at that as we make more progress between now and the end of the year to incorporate some of that in. But in terms of actually incorporating the IRP, it's required. So when we roll things into our plan, we're a little bit more conservative than that.

我再提醒一下，那位客戶本來就要到計畫後半段才會上線並通電（energized）。所以即使把它納入，往 2030 年代初期的時間框架來看，爬坡也是緩慢的。因此，隨著我們在現在到年底之間取得更多進展，我們會再檢視並把其中一部分納入。但就把它納入 IRP 而言，這是規定要求。所以當我們把事情納入我們的計畫時，我們會比那個（IRP）更保守一些。

Makes sense. And then I know you certainly wouldn't build speculatively, but should you be successful with maybe moving just one data center, maybe a couple. At what point would it justify the need for a CCGT? I know they're very expensive, but at what point in terms of the demand side and in terms of timing based on your conversations with customers in the funnel that's not in the slides anymore. How should we think about the need for potential baseload capacity?

了解。另外我知道你們當然不會投機性建設，但如果你們成功引進可能一個資料中心、或幾個資料中心，在什麼情況下會足以合理化需要一座 CCGT？我知道那非常昂貴，但就需求端以及時程而言，基於你們與漏斗中客戶的對話（那部分現在投影片裡不再有了），我們應該如何看待對潛在基載容量的需求？

Well, we don't build speculatively, just to be super clear about that. But one of the things the FCM does and allows us greater flexibility because we can leverage developers, we can leverage existing assets to bring energy and capacity. And so in the context, yeah, we do not build speculatively. So again, that offers a lot of ability to be able to, as we secure additional data centers to be able to adapt to their needs. And again, they have a ramp-up schedule, which we've talked about in the context that we match. We work to match as well.

嗯，我們不會投機性建設，先把這點說得非常清楚。但 FCM 所做、以及它讓我們更具彈性的其中一點，是我們可以運用開發商，也可以運用既有資產來提供能源與容量。因此在這個脈絡下，是的，我們不會投機性建設。所以再說一次，這讓我們有很大的能力：當我們取得更多資料中心時，能夠因應他們的需求做調整。而且再說一次，他們有一個爬坡時程，我們也在先前談過，我們會去配合。我們也會努力去匹配。

The only thing I would add is we have in the IRP, there is a combined cycle playing out in 2040. But that would -- if we continue to add load there, Andrew, we'd like to bring that forward and pulling it in closer than 2040.

我唯一想補充的是，我們在 IRP 中，規劃在 2040 年有一座複循環機組投入運轉。但如果我們持續在那裡增加負載，Andrew，我們希望把時程提前，將其拉近到比 2040 年更早。

Okay. Sounds good. One last one, if I may, on the regulatory side. You alluded to the PSC letter to the outgoing governor this summer. How do you think about some of -- there are a lot of issues in there. Where do you see opportunities that you're maybe optimistic about? Where do you see some potential areas of concern? Garrick, you talked about policy improvement around the low and moderate income customers and affordability. What were some other ideas that maybe cut your interest?

好的。聽起來不錯。如果可以的話，最後一個問題，關於監管面。你提到今年夏天 PSC 寫給即將卸任州長的那封信。你怎麼看其中的一些內容——裡面有很多議題。你在哪些方面看到一些機會，讓你可能比較樂觀？你在哪些方面看到一些潛在的疑慮？Garrick，你談到針對低與中等收入客戶以及可負擔性方面的政策改善。還有哪些想法可能也引起你的興趣？

It's just as important what's not in the letter. I mean you see some states that are going after ROE and equity thickness. That's not in the letter, right? And they acknowledge where we are from a bill perspective, 15th lowest bills in the nation, right? They acknowledge that we've stayed below the rate of inflation. And so I think in the context of that letter, people want to point to the potential negative of it. I saw it as a lot of positive, just those four things alone.

同樣重要的是信裡沒有寫到什麼。我的意思是，你看到有些州在針對 ROE 和股權厚度下手。那不在信裡，對吧？而且他們也承認，從帳單水準來看，我們在全國是第 15 低的帳單，對吧？他們也承認我們一直低於通膨率。所以我認為在那封信的脈絡下，有些人會指向它可能的負面。但我把它看作是很多正面內容，光是這四點就很正面。

But if you kind of walk through that letter like -- what's the number one thing out there, your rate plans and the predictability, again, done in the right way. I mean, I think that's the important piece. You talk about the balance of that in both sides of it, Andrew, is doing the right way. And so that all stakeholders benefit from that. And so we're working on that, right? And we'll see how that plays out here in 2027.

但如果你逐段看那封信——最重要的一點是什麼？就是你的費率方案以及可預測性，而且要以正確的方式來做。我的意思是，我認為那是關鍵。你談到兩面之間的平衡，Andrew，重點在於要用正確的方式來做。這樣所有利害關係人都能從中受益。所以我們正在推進這件事，對吧？我們會看看在 2027 年這會如何發展。

There's a lot of great things in there in the low- to moderate-income space. Like it is difficult for a customer that struggles to be able to get assistance in the state. You have to go from organization to organization, you have to fill out a lot of paper multiple times versus one way, one means one source of data that they share to be able to streamline that process. We make it very difficult for those that need within the state of Michigan to get service.

在低到中等收入族群這一塊，信裡有很多很好的內容。例如，對於生活拮据的客戶而言，在本州要取得補助其實很困難。你必須在不同機構之間奔波，還得重複填寫很多文件；相較之下，如果能有一個方式、也就是一個資料來源，讓他們共享資料，就能把流程簡化。我們讓密西根州內真正需要的人要取得服務變得非常困難。

We have to fix that. There's -- in that letter, like the bottom half of that letter is just that the low to moderate income space, like we should say yes to all of those, right? And figure out those from a policy perspective. And so again, there's also pluses and minuses to everything. But from my perspective, there's a lot of great things in that letter that we can do from an affordability perspective. If it gets back to Tom and ground. And I think you can find common ground and affordability. And that's how we're approaching things through this election period up until the election and after the election and which gives me confidence, like regardless of who's governor, who is in the legislature that will be successful.

我們必須修正這點。那封信裡——像是信的下半部幾乎都在談低到中等收入族群這一塊——我們應該對那些建議全部都說「是」，對吧？並從政策角度把它們落實。所以再說一次，任何事情都有利有弊。但就我來看，那封信裡有很多很棒的內容，是我們可以從可負擔性的角度去做的。如果能回到 Tom 所說的、找到共同立足點。我認為你可以在可負擔性上找到共同點。這也是我們在這段選舉期間、直到選舉前後所採取的方式，這讓我有信心：不論誰當州長、誰在立法機關，我們都會成功。

Makes a lot of sense. I'll follow up offline to find out where you and James are having lunch. I'm going to crash that lunch. I'll see you guys soon. Thank you.

很有道理。我會私下再跟進，問問你和 James 中午在哪裡吃飯。我要去蹭那頓午餐。很快見到各位。謝謝。

Sophie Karp, KeyBanc.

Sophie Karp，KeyBanc。

So I just wanted to ask you, are you still -- do you still target a 10.5% rate base CAGR long term? Or is that number kind of like under at this point because I don't see them in current deck.

我想問一下，你們長期仍然以 10.5% 的費率基礎 CAGR 為目標嗎？還是說這個數字目前有點偏低，因為我在目前這份簡報裡沒有看到。

You cut off, but I think you said 10.5% I think you said 5% and our rate base CAGR is 10.5%. That's still supported by capital plan --

你剛剛斷訊了，但我想你是說 10.5%——我以為你說的是 5%，而我們的費率基礎 CAGR 是 10.5%。這仍然有資本計畫支撐——

Yes, 10.5%

是的，10.5%。

Yeah, yeah, 10.5%. Yeah, exactly right. So that's still supported by our capital plan, and we're going to update our capital plan here in the fourth quarter. And as Garrick, we've got a lot of opportunity from that what that doesn't include, Sophie, just keep in mind is any of the growth that we get out of the FCM. So that's additive to that.

對，對，10.5%。對，完全正確。所以這仍然由我們的資本計畫所支撐，而我們會在第四季更新資本計畫。另外，Sophie，請記得，Garrick，我們還有很多機會——這個數字沒有包含的部分，是我們從 FCM 取得的任何成長。所以那會是在此基礎上的額外增量。

So I'm just curious, what drove the decision to change the disclosure in this deck. You've moved some references to rate base and what more customer progression. Is it simply a change how you're presenting? Or should we read something more into it?

所以我只是好奇，是什麼驅動你們決定在這份簡報中改變揭露方式。你們把一些關於費率基礎以及更多客戶進展的提法移動了位置。這純粹只是呈現方式的改變嗎？還是我們應該解讀出更多含意？

I wouldn't read much into itself the other than you got the third quarter and we got a brief call. So we'll continue to update our plans, but I wouldn't read anything into it on that basis.

我不會就此本身做太多解讀，除了現在是第三季，而且我們這通電話時間很短。所以我們會持續更新我們的計畫，但我不會基於這點去解讀出任何其他含意。

Let me just reiterate that, there should be nothing you should read it. There should be nothing you should read into this. This is just being efficient with a number of slides. And when we get to EEI, we have that rich full, many-page deck will certainly include the funnel and some other components that people are used to seeing. It's just about being efficient for the quarter call.

我再重申一次，你不應該從中解讀出任何東西。你不應該從這裡解讀出任何含意。這只是為了在投影片數量上更有效率。等我們到 EEI 時，我們會有那份內容豐富、完整、很多頁的簡報，當然會包含漏斗圖以及其他大家習慣看到的組成部分。這只是為了季度電話會議的效率。

Okay. We look forward to that EEI deck.

好的。我們期待那份 EEI 簡報。

We have reached the end of the Q&A session. I will now turn the call back to Mr. Garrick Rochow for closing remarks.

問答環節到此結束。我現在把電話交回給 Garrick Rochow 先生作結語。

Thanks, Pierce. I'd like to thank you for joining us today, and we look forward to seeing many of you at the EEI conference. Take care and stay safe.

謝謝，Pierce。感謝各位今天加入我們，也期待在 EEI 會議上見到各位中的許多人。保重並注意安全。

This concludes today's conference. We thank everyone for your participation. You may now disconnect.

今天的會議到此結束。感謝各位的參與。您現在可以掛線。