CenterPoint Energy Inc (CNP) 2023 Q1 法說會逐字稿

Good morning, and welcome to the CenterPoint Energy's First Quarter 2023 Earnings Conference Call with Senior Management. (Operator Instructions) I will now turn the conference over to Jackie Richert, Vice President of Investor Relations and Treasurer. Ms. Richert.

早上好，歡迎參加 CenterPoint Energy 與高級管理層舉行的 2023 年第一季度收益電話會議。 （操作員指示）我現在將會議交給投資者關係副總裁兼財務主管 Jackie Richert。里切特女士。

Good morning, everyone. Welcome to CenterPoint's Earnings Conference Call. Dave Lesar, our CEO; and Jason Wells, our President and COO, will discuss the company's first quarter 2023 results. Management will discuss certain topics that will contain projections and other forward-looking information and statements that are based on management's beliefs, assumptions and information currently available to management. These forward-looking statements are subject to risks or uncertainties. Actual results could differ materially based upon various factors, as noted in our Form 10-Q, other SEC filings and our earnings materials. We undertake no obligation to revise or update publicly any forward-looking statements.

大家，早安。歡迎參加 CenterPoint 的收益電話會議。戴夫·萊薩 (Dave Lesar)，我們的首席執行官；我們的總裁兼首席運營官 Jason Wells 將討論公司 2023 年第一季度的業績。管理層將討論某些主題，其中包含基於管理層的信念、假設和當前可獲得的信息的預測和其他前瞻性信息和聲明。這些前瞻性陳述存在風險或不確定性。正如我們的 10-Q 表格、其他 SEC 文件和我們的收益材料中所述，實際結果可能會因各種因素而產生重大差異。我們不承擔公開修改或更新任何前瞻性陳述的義務。

We will be discussing certain non-GAAP measures on today's call. When providing guidance, we use the non-GAAP EPS measure of adjusted diluted earnings per share on a consolidated basis referred to as non-GAAP EPS. For information on our guidance methodology, and reconciliation of the non-GAAP measures used in providing guidance, please refer to our earnings news release and presentation, both of which can be found on the Investors section on our website. As a reminder, we'll use our website to announce material information. This call is being recorded. Information on how to access the replay can be found on our website. Now I'd like to turn the discussion over to Dave.

我們將在今天的電話會議上討論某些非公認會計準則措施。在提供指導時，我們使用合併基礎上調整後稀釋每股收益的非 GAAP 每股收益衡量標準，稱為非 GAAP 每股收益。有關我們的指導方法以及用於提供指導的非公認會計準則衡量指標的調節的信息，請參閱我們的收益新聞稿和演示文稿，兩者都可以在我們網站的投資者部分找到。提醒一下，我們將使用我們的網站來公佈重要信息。此通話正在錄音。有關如何訪問重播的信息可以在我們的網站上找到。現在我想把討論轉給戴夫。

Good morning, and thank you to everyone joining us for our First Quarter 2023 Earnings Call. Although it's been only a few short months since our last call, we continue to see exciting developments here at CenterPoint. First and foremost, the first quarter of 2023 represents yet another quarter of execution. Now our 12th consecutive quarter of meeting or exceeding expectations. This morning, we announced first quarter non-GAAP EPS of $0.50 per share. In addition, we are also reaffirming our 2023 non-GAAP EPS guidance target of $1.48 to $1.50 per share, which represents an 8% growth over last year's actual non-GAAP EPS.

早上好，感謝大家參加我們的 2023 年第一季度收益電話會議。儘管距離我們上次通話才過去了短短幾個月，但我們仍然看到 CenterPoint 取得了令人興奮的進展。首先，2023 年第一季度是又一個執行季度。現在我們已經連續第 12 個季度達到或超出預期。今天早上，我們宣布第一季度非 GAAP 每股收益為 0.50 美元。此外，我們還重申 2023 年非 GAAP 每股收益指導目標為 1.48 美元至 1.50 美元，這比去年的實際非 GAAP 每股收益增長 8%。

As a reminder, we grew non-GAAP EPS 9% in both 2021 and 2022. Additionally, we aim to grow at 8% in 2024 and at the mid- to high end of 6% to 8% annually thereafter through 2030. Additionally, we continue to execute on our long-term capital plan for the benefit of both customers and investors. During the quarter, we deployed approximately $1 billion of the $3.6 billion capital we have planned for this year, a great way to start the year. Jason will say more on this a bit later. As we continue on our path of executing for the benefit of both customers and investors, I want to highlight that we are now in the third year of consistently delivering under this management team. This has resulted in an increase in investments to further, the safety, reliability and resiliency of our systems to benefit our customers. It's also provided consistent execution and growth for our investors. We are proud of this effort and look to extending this performance well into the future.

提醒一下，我們的非 GAAP 每股收益在 2021 年和 2022 年均增長了 9%。此外，我們的目標是在 2024 年實現 8% 的增長，此後到 2030 年的中高端每年增長 6% 至 8%。此外，為了客戶和投資者的利益，我們將繼續執行我們的長期資本計劃。在本季度，我們部署了今年計劃的 36 億美元資本中的約 10 億美元，這是開年的好方法。傑森稍後會對此進行更多闡述。當我們繼續為客戶和投資者的利益而執行的道路上時，我想強調的是，我們現在已經進入了在這個管理團隊的領導下持續交付的第三個年頭。這導致我們增加了投資，以進一步提高我們系統的安全性、可靠性和彈性，從而使我們的客戶受益。它還為我們的投資者提供了一致的執行和增長。我們為這一努力感到自豪，並希望在未來將這一業績延續下去。

Along with another quarter of execution, we announced a new CFO a few weeks ago. A little over 2 years ago, I had the pleasure of announcing Jason Wells at CenterPoint's CFO. Since that time, Jason has not only been a key contributor in developing what we believe is one of the industry's best growth plans, but he's also been a driving force behind its execution.

隨著又一個季度的執行，我們幾週前宣布了新的首席財務官。兩年多前，我很榮幸地宣布 Jason Wells 擔任 CenterPoint 的首席財務官。從那時起，傑森不僅是製定我們認為是行業最佳增長計劃之一的關鍵貢獻者，而且他也是該計劃執行背後的推動力。

Now as Jason continues his management progression in his role as President, I'm excited to introduce Chris Foster as CenterPoint's next Chief Financial Officer. Chris, of course, is well known to most of you. And while we had many quality candidates, we undoubtedly believe we found the right person for this important job. Throughout the search process, Chris continued to impress us with a strong reputation with investors, deep industry knowledge and his passion for delivering for customers. In fact, my discussions with Chris reminded me of the ones I had with Jason during our interview process a couple of years ago. Chris will shortly join the leadership team to help continue the execution of our premium growth plan for years to come. He will also add depth to an already very strong management team. Chris is with us here today and sitting in on this call. So while we can't yet give him a speaking role, he is clearly getting ready to hit the ground running. And I hope you will all join me in welcoming Chris to CenterPoint.

現在，隨著 Jason 在擔任總裁期間繼續推進管理工作，我很高興地介紹 Chris Foster 擔任 CenterPoint 的下一任首席財務官。當然，克里斯對於你們大多數人來說都是眾所周知的。雖然我們有許多優秀的候選人，但我們無疑相信我們找到了勝任這項重要工作的合適人選。在整個尋找過程中，克里斯在投資者中的良好聲譽、深厚的行業知識以及為客戶提供服務的熱情繼續給我們留下了深刻的印象。事實上，我與克里斯的討論讓我想起了幾年前我在面試過程中與傑森的討論。克里斯很快將加入領導團隊，幫助在未來幾年繼續執行我們的溢價增長計劃。他還將為已經非常強大的管理團隊增添深度。克里斯今天和我們一起參加了這次電話會議。因此，雖然我們還不能給他一個演講的角色，但他顯然已經準備好開始行動了。我希望大家能和我一起歡迎 Chris 來到 CenterPoint。

Lastly, I want to touch on a couple of constructive regulatory outcomes we had in our Texas gas and electric jurisdictions. Starting with Texas Gas. During the quarter, we received approximately $1.1 billion of securitization proceeds related to the extraordinary gas costs incurred in Texas during winter storm Uri in 2021. As a reminder, these bonds are issued by the state of Texas and are not on our balance sheet. Although the receipt of these proceeds was delayed longer than we had initially anticipated, we are grateful for the diligent work and careful consideration by all stakeholders to reach this constructive resolution for the benefit of both Texas gas customers and Texas LDC operators. With relation to our Houston Electric business, the PUCT approved our first application for the recovery of the costs incurred in 2021 on our leased emergency temporary mobile generation units during its open meeting on March 9. The PUCT's approval of the use of these units is a great result for our Houston area customers as it highlights the commission's awareness of the important role of this critical tool can play to help mitigate the number and duration of customer outages during extreme weather events. We, at CenterPoint also understand the need for a resilient grid as we hear from stakeholders throughout our Houston Electric service territory about the continued importance of reliable energy. And for very good reason.

最後，我想談談我們在德克薩斯州天然氣和電力管轄區取得的一些建設性監管成果。從德克薩斯天然氣公司開始。本季度，我們收到了約 11 億美元的證券化收益，這些收益與 2021 年冬季風暴烏里期間德克薩斯州產生的異常天然氣成本有關。需要提醒的是，這些債券是由德克薩斯州發行的，不在我們的資產負債表上。儘管這些收益的收到延遲的時間比我們最初預期的要長，但我們感謝所有利益相關者的辛勤工作和仔細考慮，以達成這一建設性解決方案，以造福德克薩斯州天然氣客戶和德克薩斯州最不發達國家運營商。關於我們的休斯頓電力業務，PUCT 在 3 月 9 日的公開會議上批准了我們的第一份申請，要求收回我們租賃的緊急臨時移動發電機組 2021 年產生的成本。PUCT 批准使用這些機組是對我們的認可。對於我們休斯頓地區的客戶來說，這是一個很好的結果，因為它突顯了委員會認識到這一關鍵工具可以發揮重要作用，幫助減少極端天氣事件期間客戶中斷的次數和持續時間。 CenterPoint 也了解對彈性電網的需求，因為我們從整個休斯頓電力服務區域的利益相關者那裡聽到了可靠能源的持續重要性。這是有充分理由的。

As economic data from 2022 continues to come in, one thing is clear, Houston's economic engine continues to run at a blistering pace. After recovering some of the economic impact of COVID, the greater Houston area GDP in 2022 was approximately $482 billion or over $1.3 billion per day, up nearly 4% from 2021. The Greater Houston area was also the second fastest-growing Metropolitan area in the U.S. last year. While many may think that Houston's economic growth is primarily driven by the 24 Fortune 500 companies headquartered here, Houston's small business community is also a significant contributor to its nation's leading growth rate. Last month marked the fifth consecutive quarter that Houston topped the Paychex Small Business Employment Watch Index. This consistent job creation and wage growth continues to attract new talent from all over the United States. This only further fuels the strong organic growth in our Houston Electric service territory.

隨著 2022 年經濟數據不斷出爐，有一點是明確的：休斯頓的經濟引擎繼續以驚人的速度運轉。在恢復了新冠疫情的部分經濟影響後，大休斯頓地區 2022 年 GDP 約為 4820 億美元，即每天超過 13 億美元，比 2021 年增長近 4%。大休斯頓地區也是美國增長第二快的都市區。去年美國。雖然許多人可能認為休斯頓的經濟增長主要是由總部設在這裡的 24 家財富 500 強公司推動的，但休斯頓的小企業社區也是其全國領先增長率的重要貢獻者。上個月，休斯頓連續第五個季度在 Paychex 小企業就業觀察指數中名列前茅。這種持續的就業創造和工資增長繼續吸引著來自美國各地的新人才。這只會進一步推動我們休斯頓電力服務領域的強勁有機增長。

According to U-Haul relocation data, unsurprisingly, last year, Texas was the #1 destination for people moving residences and has been for 5 out of the last 7 years. Outside of Texas, cities in our Indiana Service Territory continued to thrive as well. Lafayette, Indiana, which is in our North Indiana Gas Service Territory topped last year's Wall Street Journal's Emerging Housing Market Index, which identifies top metro areas for homebuyers seeking an appreciating housing market, a strong local economy and appealing lifestyle amenities. The Lafayette area is a manufacturing hub and home to Purdue University. Our portfolio of premium jurisdictions and strong organic growth, O&M discipline and securitization charges rolling off of our Houston Electric customers bills enables us to invest in industry-leading growth for the benefit of our customers while keeping charges at or below the historic level of inflation of 2%. In fact, over the last 10 years, Houston Electric customer charges have increased less than 1% a year on average, well below the rate of inflation during the same period. And although there may be certain periods when the increase in charges outpaces that historical level, we believe our charges will continue to stay in line or below inflation over the long term. Although we feel confident in our plan we've outlined through 2030, we certainly recognize and are dealing with the headwinds our industry has faced over the past several quarters. These include higher interest rates, inflation and specific to this quarter, milder winter weather. However, we believe we have the right team in place to successfully manage through these headwinds that we are currently facing today.

根據 U-Haul 搬遷數據，不出所料，德克薩斯州去年成為人們搬遷住所的第一大目的地，並且在過去 7 年中有 5 年都是如此。除德克薩斯州之外，我們印第安納州服務區域內的城市也繼續蓬勃發展。印第安納州拉斐特位於印第安納州北部天然氣服務區，去年在《華爾街日報》的新興住房市場指數中名列前茅，該指數為尋求升值的住房市場、強勁的當地經濟和有吸引力的生活設施的購房者確定了最佳都市區。拉斐特地區是製造業中心，也是普渡大學的所在地。我們的優質司法管轄區組合和強勁的有機增長、運營和維護紀律以及從休斯頓電力客戶賬單中扣除的證券化費用使我們能夠投資於行業領先的增長，以造福我們的客戶，同時將費用保持在或低於歷史通脹水平。 2%。事實上，在過去 10 年裡，休斯敦電力公司的客戶費用平均每年增長不到 1%，遠低於同期的通貨膨脹率。儘管在某些時期費用增幅可能超過歷史水平，但我們相信，從長遠來看，我們的費用將繼續保持在通脹水平或低於通脹水平。儘管我們對我們制定的到 2030 年的計劃充滿信心，但我們當然認識到並正在應對我們行業在過去幾個季度面臨的逆風。其中包括利率上升、通貨膨脹以及本季度特有的溫和冬季天氣。然而，我們相信我們擁有合適的團隊來成功應對我們目前面臨的這些逆風。

In closing, the first quarter of 2023 was a great start to the year as the non-GAAP EPS of $0.50 and that we announced this morning represents over 1/3 of our full year 2023 earnings guidance at the midpoint. We believe this sets us up for a great year as we reaffirm our 2023 non-GAAP EPS guidance range of $1.48 to $1.50. With that being said, we remain committed to focusing on execution for 2023 and beyond to the benefit of both our customers and our investors.

最後，2023 年第一季度是今年的良好開端，非 GAAP 每股收益為 0.50 美元，我們今天早上宣布的這一數字占我們 2023 年全年盈利指引中值的 1/3 以上。我們相信，這將為我們帶來美好的一年，因為我們重申 2023 年非 GAAP 每股收益指導範圍為 1.48 美元至 1.50 美元。話雖如此，我們仍然致力於專注於 2023 年及以後的執行，以造福我們的客戶和投資者。

With that, I'm going to turn the call over to Jason, who for the last time, has to wear his CFO hat.

說到這裡，我要把電話轉給傑森，他最後一次戴上首席財務官的帽子。

Thank you, Dave, and thank you to all of you for joining us this morning for our first quarter call. Before I get into our financial results for the quarter for the final time wearing what Dave refers to as my CFO hat, I want to join him in welcoming Chris Foster as he assumes his new role. As I'm sure many of you know, I've known Chris for a number of years, and I have no doubt that he will be an excellent addition to an already strong management team here at CenterPoint. I look forward to his official start date and partnering with Chris to continue to execute on what we believe is one of the most tangible long-term growth plans in the industry.

謝謝戴夫，也感謝大家今天早上參加我們的第一季度電話會議。在我最後一次戴著戴夫所說的首席財務官的帽子公佈本季度的財務業績之前，我想和他一起歡迎克里斯·福斯特就任新職務。我相信你們很多人都知道，我認識克里斯很多年了，我毫不懷疑他將成為 CenterPoint 已經很強大的管理團隊的優秀補充。我期待著他的正式開始日期並與克里斯合作，繼續執行我們認為是行業中最切實的長期增長計劃之一。

Now turning to the first quarter financial results shown on Slide 5. On a GAAP EPS basis, we reported $0.49 for the first quarter of 2023. Our non-GAAP EPS excludes small trailing earnings impacts of previous divestitures. On a non-GAAP basis, we reported $0.50 for the first quarter of 2023 compared to $0.47 in the first quarter of 2022. As Dave mentioned, this accounts for over 1/3 of our full year guidance at the midpoint. Growth in rate recovery contributed $0.09, largely driven by our electric distribution capital tracker filed last year, the DCRF mechanism. In our electric transmission tracker, the TCOS mechanism at Houston Electric. In addition, we continue to see strong organic growth in the Houston area, continuing the long-term trend we've observed over the last 3 decades of 2% average annual growth. Additionally, O&M was $0.02 favorable when compared to the first quarter in 2022 as we continue to find ways to operate more efficiently to meet our goal of reducing O&M 1% to 2% per year on average while remaining focused on meeting our customers' needs.

現在轉向幻燈片 5 中顯示的第一季度財務業績。根據 GAAP 每股收益，我們報告 2023 年第一季度為 0.49 美元。我們的非 GAAP 每股收益不包括之前資產剝離帶來的小幅跟踪收益影響。根據非公認會計原則，我們報告 2023 年第一季度的收入為 0.50 美元，而 2022 年第一季度的收入為 0.47 美元。正如戴夫提到的，這占我們全年指導中值的 1/3 以上。費率回收的增長貢獻了 0.09 美元，這主要是由我們去年提交的配電資本跟踪器 DCRF 機制推動的。在我們的電力傳輸跟踪器中，休斯頓電力公司的 TCOS 機制。此外，我們繼續看到休斯頓地區強勁的有機增長，延續了我們在過去 30 年觀察到的年均增長 2% 的長期趨勢。此外，與 2022 年第一季度相比，運維成本降低了 0.02 美元，因為我們不斷尋找更高效運營的方法，以實現平均每年減少運維費用 1% 至 2% 的目標，同時繼續專注於滿足客戶的需求。

Lastly, other items such as miscellaneous revenue from nonregulated businesses, tax benefits and other items or another $0.02 favorable when compared in the first quarter of 2023 in the first quarter of 2022. These favorable drivers were partially offset by a $0.06 increase in interest expense due to rising interest rates and higher average floating rate debt balances. However, as I will discuss in a minute, we have reduced our floating rate debt exposure considerably since the end of 2022. In addition, as has been a common trend for our industry during the quarter, weather and usage was $0.04 unfavorable when compared to the same quarter of 2022 and driven by a colder first quarter in 2022 as compared to the more milder winter weather in 2023, primarily in our Texas Gas, Houston Electric and Indiana Electric Service Territories. Looking at heating degree days during the quarter, there were approximately 350 fewer heating degree days below normal in our Texas Gas and Houston Electric service territories. And approximately 550 fewer heating degree days below normal in our Indiana Electric Service Territory when compared to the first quarter of 2022. Fortunately, in our other jurisdictions, they are either fully decoupled or have a comparable weather normalization mechanism that helps mitigate the impact of the milder weather.

最後，與 2023 年第一季度相比，2022 年第一季度其他項目，例如來自非監管企業的雜項收入、稅收優惠和其他項目或另外 0.02 美元的優惠。這些有利的驅動因素被利息支出增加 0.06 美元部分抵消。利率上升和平均浮動利率債務餘額上升。然而，正如我將在稍後討論的那樣，自 2022 年底以來，我們已大幅減少了浮動利率債務風險。此外，正如本季度我們行業的普遍趨勢一樣，天氣和使用情況與去年相比不利了 0.04 美元與 2023 年冬季天氣較為溫和相比，2022 年第一季度天氣較冷，主要是在我們的德克薩斯天然氣公司、休斯頓電力公司和印第安納電力服務地區。從本季度的供暖度日數來看，德克薩斯天然氣公司和休斯頓電力服務區域的供暖度日數比正常水平少了約 350 個。與 2022 年第一季度相比，我們印第安納州電力服務地區的供暖天數比正常水平減少了大約 550 天。幸運的是，在我們的其他管轄區，它們要么完全脫鉤，要么擁有類似的天氣正常化機制，有助於減輕氣候變化的影響天氣較溫和。

As Dave mentioned, we are reaffirming our full year 2023 guidance range of $1.48 to $1.50 of non-GAAP EPS, which reflects 8% growth over full year 2022 non-GAAP EPS and of $1.38 when using the midpoint. This, of course, comes on the heels of two straight years of 9% growth. Beyond 2023, we continue to expect to grow non-GAAP EPS 8% in 2024 and target the mid- to high end of 6% to 8% annually thereafter through 2030. Our focus continues to be delivering strong industry-leading growth each and every year. Turning to capital investments on Slide 6. To the benefit of our customers during this quarter, we invested $1 billion across our various service territories. This represents over 1/4 of our 2023 annual target of $3.6 billion. We continue to make progress towards our long-term goal of investing $43 billion of capital through 2030 to provide safe, reliable and resilient energy to all customers throughout our service territories. We have previously mentioned that we plan to formally incorporate up to $3 billion of additional identified capital opportunities when we believe we can operationally execute it, efficiently finance it and efficiently recover it. The decision as to when to deploy this capital is still in front of us, and we will include it when we feel it's right. As we've said before, this management team will not commit to something unless we believe we can deliver.

正如戴夫提到的，我們重申 2023 年全年非 GAAP 每股收益指導範圍為 1.48 美元至 1.50 美元，這反映了 2022 年全年非 GAAP 每股收益較 8% 增長，使用中點時為 1.38 美元。當然，這是在連續兩年實現 9% 的增長之後發生的。 2023 年之後，我們繼續預計 2024 年非 GAAP 每股收益將增長 8%，並目標是到 2030 年每年實現 6% 至 8% 的中高端增長。我們的重點仍然是實現行業領先的強勁增長年。轉向幻燈片 6 上的資本投資。為了讓我們的客戶在本季度受益，我們在各個服務領域投資了 10 億美元。這占我們 2023 年 36 億美元年度目標的 1/4 以上。我們繼續朝著我們的長期目標取得進展，即到 2030 年投資 430 億美元，為我們服務區域的所有客戶提供安全、可靠和有彈性的能源。我們之前曾提到，當我們相信我們能夠有效執行、有效融資並有效回收時，我們計劃正式納入高達 30 億美元的額外已確定資本機會。至於何時部署這筆資金仍然擺在我們面前，當我們認為合適時我們就會將其納入其中。正如我們之前所說，除非我們相信自己能夠實現目標，否則管理團隊不會做出任何承諾。

Moving to a broader regulatory update on Slide 7. Since the start of the year, we've had a number of regulatory filings, primarily in our Texas Gas and Houston Electric jurisdictions. Starting with Texas Gas, we filed our annual grips in which we requested an increased revenue requirement of $60 million. This filing seeks to recover on the capital investments we made in 2022 and which were primarily related to system safety and support our ever-growing service territories in and around Houston. It is anticipated that customer rates will be updated to reflect this investment sometime in June. Additionally, Houston Electric filed capital trackers for both its investments in transmission and distribution made in 2022. The transmission filing often referred to as TCOS, was filed in early March and requested a revenue requirement of approximately $40 million. If approved, it is anticipated this filing will be incorporated into our customer rates in May.

轉向幻燈片 7 上更廣泛的監管更新。自今年年初以來，我們收到了許多監管備案，主要是在德克薩斯天然氣公司和休斯頓電力公司的管轄範圍內。從德克薩斯天然氣公司開始，我們提交了年度申請，要求將收入要求增加 6000 萬美元。該文件旨在收回我們在 2022 年進行的資本投資，這些投資主要與系統安全相關，並支持我們在休斯頓及其周邊地區不斷增長的服務區域。預計客戶費率將在六月的某個時候更新以反映這項投資。此外，休斯頓電力公司還為其 2022 年在輸電和配電方面的投資提交了資本跟踪表。輸電備案通常稱為 TCOS，於 3 月初提交，並要求收入要求約為 4000 萬美元。如果獲得批准，預計該申請將在 5 月份納入我們的客戶費率中。

With respect to our distribution filing, we filed our annual capital tracker, known as DCRF in the first week of April, requesting a revenue requirement increase of approximately $85 million. And in addition to the DCRF and TCOS, we filed for the remaining recovery of our leased temporary mobile generation units under a temporary emergency electric energy facilities mechanism referred to as TEEEF with a revenue requirement of $188 million. As a reminder, the DCRF and TEEEF are filings that represent nearly $1.4 billion of capital deployed in 2022 in our Houston Electric service territory. They will not go into rates until September 1, which skews incremental earnings towards the latter part of the year. We continue to invest for the benefit of our customers while remaining cognizant of bill impacts. We've been able to invest over the last 10 years, while keeping customer charge increases below the average rate of inflation during that time. In fact, since 2014, a Houston Electric charges have increased less than 1% annually on average, and we anticipate being able to execute our long-term capital plan with customer charges increasing at or below the historic level of inflation. Again, we'll be able to achieve this through leveraging the continued organic growth of Houston, O&M discipline and securitization charges rolling off our customers' bills.

關於我們的分配申報，我們在 4 月的第一周提交了年度資本追踪報告（DCRF），要求將收入要求增加約 8500 萬美元。除了 DCRF 和 TCOS 之外，我們還根據臨時緊急電力能源設施機制（稱為 TEEEF）申請了剩餘的租賃臨時移動發電機組回收，收入要求為 1.88 億美元。提醒一下，DCRF 和 TEEEF 的備案代表了 2022 年在我們的休斯頓電力服務區域部署的近 14 億美元的資本。他們要到 9 月 1 日才會公佈利率，這使得增量收入偏向今年下半年。我們繼續為客戶的利益進行投資，同時保持對賬單影響的認識。過去 10 年裡，我們一直在進行投資，同時將客戶費用的增幅保持在這段時間內的平均通脹率以下。事實上，自 2014 年以來，休斯頓電力公司的費用平均每年增長不到 1%，我們預計能夠執行我們的長期資本計劃，客戶費用的增長等於或低於歷史通脹水平。同樣，我們將能夠通過利用休斯頓的持續有機增長、運營和維護紀律以及從客戶賬單中扣除的證券化費用來實現這一目標。

During the quarter, the PUCT approved our first application for a recovery related to our temporary emergency mobile generation units, as Dave mentioned earlier. I want to echo his sentiment regarding what we think is an overwhelmingly positive outcome for our customers. Using the last couple of years, as an example, the Houston area is subject to extreme weather events that can adversely impact service to our customers. The commissioner's decision not only reflects their deep understanding of the need for increased power resiliency during these extreme weather events, but also their pragmatic approach to allowing utilities to use available tools designed to help mitigate its impacts on energy service for those living in the Houston area.

正如戴夫之前提到的，本季度，PUCT 批准了我們第一份與臨時緊急移動發電機組相關的恢復申請。我想回應他的觀點，我們認為這對我們的客戶來說是一個壓倒性的積極結果。以過去幾年為例，休斯頓地區遭受極端天氣事件的影響，可能會對我們的客戶服務產生不利影響。專員的決定不僅反映了他們對在這些極端天氣事件期間提高電力彈性的必要性的深刻理解，而且還反映了他們允許公用事業公司使用旨在幫助減輕其對休斯頓地區居民能源服務影響的務實方法。

Lastly, I'd like to cover some credit-related topics. As of the end of the first quarter, aligning with Moody's methodology, our FFO to debt as reported, was over 14%, we continue to trend well in this area and fully expect to be in our annual target range of 14% to 15% throughout 2023. We ended the first quarter at 16% floating rate debt outstanding down $1.9 billion from the end of 2022. A few actions have led to this significant reduction. First, as Dave mentioned, during the quarter, we received securitization proceeds related to Winter Storm Uri, which we used to pay down some of the floating rate notes. We have now collected approximately 90% of the $2.1 billion of extraordinary gas costs incurred during Winter Storm Uri with approximately $230 million left to be collected in our Minnesota gas business. Second, we issued nearly $2.3 billion of fixed rate debt at our operating company level in the first quarter, including our first ever green bond issuance at Houston Electric. Some of these issuances were used to refinance a certain amount of outstanding floating rate debt from year that was undertaken for incremental investments that were made in the fourth quarter of 2022. We were able to successfully issue this debt despite the disruption in the banking sector. We believe this reflects our investors' confidence in the strength of our balance sheet, long-term growth and this management team's ability to execute.

最後，我想談談一些與信用相關的話題。截至第一季度末，根據穆迪的方法，我們報告的 FFO 與債務之比超過 14%，我們在這一領域的趨勢繼續良好，並完全預計將達到 14% 至 15% 的年度目標範圍整個 2023 年。第一季度結束時，我們的未償債務浮動利率為 16%，較 2022 年底減少了 19 億美元。一些行動導致了這一大幅減少。首先，正如戴夫提到的，在本季度，我們收到了與“冬季風暴烏里”相關的證券化收益，我們用這些收益來償還一些浮動利率票據。目前，我們已收回了冬季風暴烏里期間產生的 21 億美元非正常天然氣成本中的約 90%，我們的明尼蘇達州天然氣業務還剩下約 2.3 億美元有待收回。其次，第一季度我們在運營公司層面發行了近 23 億美元的固定利率債務，其中包括我們在休斯頓電力公司發行的首次綠色債券。其中一些發行用於為 2022 年第四季度增量投資所進行的當年未償浮動利率債務進行再融資。儘管銀行業受到干擾，我們仍能夠成功發行這筆債務。我們相信，這反映了投資者對我們資產負債表的實力、長期增長以及管理團隊的執行能力的信心。

As I touched on last quarter, we exited 2022 with an elevated amount of floating rate debt, some of which was driven by the cold December weather during which we purchased more gas at higher prices than we had forecasted. With that being said, this balance has been reduced as we collect from customers, albeit somewhat slower due to the milder winter. We anticipate collecting the majority of these gas costs by the end of the second quarter, and we will continue to pay down floating rate debt as we recover these costs.

正如我在上個季度談到的那樣，2022 年結束時，我們的浮動利率債務數量增加，其中一些是由於 12 月寒冷天氣造成的，在此期間我們以高於預期的價格購買了更多天然氣。話雖如此，隨著我們向客戶收取費用，這種餘額已經減少，儘管由於冬季變暖而速度有所減慢。我們預計在第二季度末收回大部分天然氣成本，並且在收回這些成本的同時我們將繼續償還浮動利率債務。

These are my updates for the quarter. As we continue to express, we take our commitment to be good stewards of your investment very seriously and realize our obligation to optimize stakeholder value. I'll now turn the call back over to Dave.

這些是我本季度的最新情況。正如我們繼續表示的那樣，我們非常重視成為您投資的好管家的承諾，並意識到我們有義務優化利益相關者的價值。我現在將把電話轉回給戴夫。

Thank you, Jason. As you've heard from us today, we now have 12 straight quarters of meeting or exceeding expectations. We are a pure-play regulated premium utility and on a course to continue to deliver on incremental long-term growth opportunities to support our customers.

謝謝你，傑森。正如您今天從我們這裡聽到的，我們現在已經連續 12 個季度達到或超出預期。我們是一家純粹的受監管的優質公用事業公司，並致力於繼續提供增量長期增長機會來支持我們的客戶。

(Operator Instructions)

（操作員說明）

The first question comes from Shar Pourreza with Guggenheim.

第一個問題來自古根海姆的 Shar Pourreza。

Good morning guys. Can you hear me? Just a quick question on Texas, the Texas legislator. There's obviously been several regulatory update builds making traction at the legislature, I mean, including some of it around employee costs, approval of CPCN, storm costs, interim recovery mechanisms. I guess how do we think about some of these, Jason and David, in the context of your longer-term plan, your 6% to 8%, what should we really be focused on and could any of these sort of unlock some of that $3 billion of incremental capital opportunity that's been out there?

早上好傢伙。你能聽到我嗎？我想問一個關於德克薩斯州議員的簡單問題。我的意思是，顯然有一些監管更新引起了立法機關的關注，其中包括一些圍繞員工成本、CPCN 批准、風暴成本、臨時恢復機制的更新。我想我們如何考慮其中的一些，傑森和大衛，在你們的長期計劃的背景下，你們的 6% 到 8%，我們真正應該關注的是什麼，這些是否可以解鎖其中的一些已經有 30 億美元的增量資本機會了嗎？

Yes. Let me take the first shot at that and then Jason can come in as you like. First of all, I don't want to front run anything that might come through the legislative process. There's still about a month to go, and a lot can happen. But saying that, we're really appreciative of the support we're getting in the legislative process in this section to really benefit all Texas and certainly, the customers of CenterPoint. So there are some bills out there that I think would benefit customers. I think it's important to keep in mind, though, that our -- the 6% to 8% growth we have out there really is predicated on the status quo. So I think as any of these things work their way through, it certainly will benefit customers primarily, but also CenterPoint.

是的。讓我先提出這個問題，然後傑森就可以按照你的意願進來了。首先，我不想提前處理任何可能通過立法程序的事情。距離結束還有一個月左右的時間，可能會發生很多事情。但話雖如此，我們非常感謝我們在本節立法過程中獲得的支持，真正使整個德克薩斯州受益，當然還有 CenterPoint 的客戶。因此，我認為有些法案將使客戶受益。不過，我認為重要的是要記住，我們的 6% 到 8% 的增長確實是基於現狀。因此，我認為，隨著這些事情的進展，它肯定首先使客戶受益，同時也使 CenterPoint 受益。

I would just add to your comment about the ability to unlock the $3 billion of incremental capital. A handful of these bills are credit accretive to our current plan, more timely recovery of some of our critical infrastructure-related investments would allow us to continue to accelerate or fold in some of that $3 million that we've identified but not incorporated in the plan. So some of these bills not only give us the opportunity to recover that capital more timely, but to enhance our capital spend for the benefit of our customers. So as Dave said, we are following the legislative process, we're appreciative that the legislature is taking up these critical issues for all utility stakeholders, but we're not going to provide any specific update until the legislature is over and the governor had time to evaluate any bills that are passed.

我只想補充一下您關於釋放 30 億美元增量資本的能力的評論。其中一些法案為我們當前的計劃增加了信用，更及時地回收一些與基礎設施相關的關鍵投資將使我們能夠繼續加速或折疊我們已確定但未納入計劃的 300 萬美元中的一部分。計劃。因此，其中一些賬單不僅使我們有機會更及時地收回資本，而且還增加了我們的資本支出，以造福我們的客戶。因此，正如戴夫所說，我們正在遵循立法程序，我們很高興立法機關正在為所有公用事業利益相關者處理這些關鍵問題，但在立法機關結束並且州長同意之前，我們不會提供任何具體更新。是時候評估任何通過的法案了。

Perfect. And then lastly was -- I mean, obviously, it was a clean quarter and it seems like you guys are offsetting some of the pressures like weather and interest rates despite some reliance on floating rate debt, which obviously in your prepared remarks, it's been stepping down. I guess how do we think about sort of the rest of the year, especially some of the near-term headwinds don't ease, how much of that sort of contingency have used up like O&M, especially in light of the inflationary pressures out there?

完美的。最後是 - 我的意思是，顯然，這是一個乾淨的季度，儘管有些依賴浮動利率債務，但你們似乎正在抵消天氣和利率等一些壓力，這顯然在你們準備好的講話中，下台。我想我們如何看待今年剩下的時間，尤其是一些近期的逆風並未緩解，有多少此類意外事件已經用完，比如運營與維護，特別是考慮到那裡的通脹壓力？

Thanks, Shar. I continue to think we have more tailwinds than we do have headwinds. Obviously, interest on a Q-over-Q basis stood out. But as I mentioned on the fourth quarter earnings call, we made a conservative assumption around interest expense in the 2023 plan and if current interest rates are at or below the interest assumptions we have in our plan. So I don't see interest as -- is as significant a headwind to '23, even though it will be a year-over-year variance. We continue to feel confident in the continued growth. We're seeing a steady trend of continued 2% customer growth here in the Houston area, we still have significant opportunities with respect to O&M. And as I mentioned in my prepared remarks, we have a number of capital trackers pending in front of a -- in many of our jurisdictions that will provide enhanced earnings power for the company in the latter half of the year. So we continue to feel, as I said, more tailwinds than headwinds, and that's why we're reaffirming our guidance on today's call.

謝謝，莎爾。我仍然認為我們的順風多於逆風。顯然，按季度計算的興趣非常突出。但正如我在第四季度財報電話會議上提到的，我們對 2023 年計劃中的利息支出以及當前利率是否等於或低於我們計劃中的利息假設做出了保守的假設。因此，我不認為興趣對 23 年來說是一個重大的阻力，儘管這將是一個同比差異。我們對持續增長仍然充滿信心。我們看到休斯頓地區的客戶持續增長 2% 的穩定趨勢，我們在運維方面仍然有重大機會。正如我在準備好的發言中提到的，在我們的許多司法管轄區，我們有許多資本追踪器懸而未決，這將在今年下半年為公司提供增強的盈利能力。因此，正如我所說，我們繼續感受到順風多於逆風，這就是我們在今天的電話會議上重申我們的指導的原因。

Perfect. And then, Jason, congrats to you and Chris on Phase 2, it's a big 1 for center point. Thanks, Shar.

完美的。然後，傑森，恭喜你和克里斯進入第二階段，這是中鋒的一大勝利。謝謝，莎爾。

For our next question. Our next question comes from James Thalacker with BMO.

對於我們的下一個問題。我們的下一個問題來自 BMO 的 James Thaacker。

Can you hear me? I was just curious with the conclusion of the Sempra, Oncor rate case, whether or not the outcome of that case has sort of maybe informed your thinking incrementally and how you might approach your upcoming general rate case later this year in the state.

你能聽到我嗎？我只是對 Sempra、Oncor 費率案件的結論感到好奇，該案件的結果是否可能逐漸告訴您的想法，以及您如何處理今年晚些時候在該州即將到來的一般費率案件。

Well, certainly, you take the lessons learned by watching the interaction with the PUC watching the strategy that they use. But Oncor is Oncor and we're CenterPoint. So we have sort of different needs. We have different outcomes. We have sort of different experiences. So I think we use it as a data point. But I think all in all, we've got a great story to put forward in front of the PUC, in a more than entirely -- in an entirely sort of different climate than the Oncor territory is. But as I said, we'll take the lessons learned and use them, and we'll put the best foot forward to show what a great company CenterPoint is, and what we've done for customers with our investments over the past few years.

嗯，當然，您可以通過觀察與 PUC 的互動以及他們使用的策略來吸取經驗教訓。但 Oncor 就是 Oncor，我們是 CenterPoint。所以我們有不同的需求。我們有不同的結果。我們有不同的經歷。所以我認為我們用它作為數據點。但我認為總而言之，我們在 PUC 面前提出了一個很棒的故事，在一個與 Oncor 地區完全不同的氣候中。但正如我所說，我們將汲取經驗教訓並運用它們，我們將竭盡全力展示 CenterPoint 是一家多麼偉大的公司，以及我們在過去幾年中通過投資為客戶所做的事情。

James, if I can add -- I want to reemphasize the point that I made on the fourth quarter call. I think we're in a pretty unique position here at CenterPoint given the team's strong work around O&M discipline. Such that as we look forward to filing this case later this year, we will likely file a relatively fat flat revenue requirement increase despite advocating for a higher cost of capital to attract the critical investment that stated here in Texas. And so I think we're in a pretty unique position, having driven cost out of the business to be able to kind of advocate for benefits for all stakeholders.

詹姆斯，如果我可以補充的話——我想再次強調我在第四節電話中提出的觀點。我認為，鑑於該團隊在運維紀律方面的出色工作，我們在 CenterPoint 處於非常獨特的地位。因此，當我們期待在今年晚些時候提起此案時，儘管主張提高資本成本以吸引德克薩斯州此處所述的關鍵投資，但我們可能會提出相對較大的平穩收入要求增長。因此，我認為我們處於一個非常獨特的位置，我們已經降低了業務成本，從而能夠為所有利益相關者爭取利益。

Great. Appreciate it. Congratulations on the good quarter.

偉大的。欣賞它。祝賀季度業績良好。

Please stand by for our next question. The next question comes from Julien Dumoulin-Smith with Bank of America.

請等待我們的下一個問題。下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Good morning to you all. Thank you very much. and congrats, Chris. So just pivoting here, how do you think about the ability to maintain that 14% FFO to debt metric beyond '23 year? Obviously, some slight tweaks from the slides here. Can you elaborate a little bit about how you're thinking about the balance sheet here today considering kind of the status quo. Obviously, we saw some of the recent headlines around potential recycling unless you elaborate as you see fit? And then related, perhaps, how do you think about funding that $3 billion CapEx upside and the timing there in considering what could be a protracted process for any kind of side growth?

大家早上好。非常感謝。恭喜，克里斯。那麼，在這裡，您如何看待在 23 年後維持 14% FFO 債務指標的能力？顯然，這裡的幻燈片做了一些細微的調整。考慮到現狀，您能否詳細說明一下您今天對資產負債表的看法。顯然，我們最近看到了一些有關潛在回收的頭條新聞，除非您按照您認為合適的方式詳細說明？然後，或許，您如何看待為 30 億美元的資本支出上升提供資金以及考慮任何形式的側面增長可能是一個漫長過程的時機？

Yes. Thanks, Julien. Appreciate the questions. There's no fundamental change in our view of the balance sheet. We've worked hard over the last several years to improve the cushion between where FFO to debt metrics actually stand and our downgrade threshold, as I've indicated on previous calls, I believe, in running about 150 basis point cushion at a minimum to remove any equity overhang risks, and I think under the current plan that we are able to achieve that. We've made a lot of progress reducing parent company debt as it relates to the percentage of total company debt. And as I mentioned in my prepared remarks, we've taken pretty substantial steps in this first quarter to reduce our variable rate exposure. So I continue to remain happy with sort of our trajectory.

是的。謝謝，朱利安。感謝您提出的問題。我們對資產負債表的看法沒有根本性的改變。在過去的幾年裡，我們一直在努力改善 FFO 與債務指標的實際情況和我們的降級閾值之間的緩衝，正如我在之前的電話會議中所指出的那樣，我相信，至少要運行大約 150 個基點的緩衝消除任何股權過剩風險，我認為根據目前的計劃，我們能夠實現這一目標。我們在減少母公司債務方面取得了很大進展，因為它與公司總債務的百分比有關。正如我在準備好的發言中提到的，我們在第一季度採取了相當實質性的措施來減少我們的可變利率風險。所以我仍然對我們的發展軌跡感到滿意。

There are a handful of things that could potentially be credit accretive. As referenced it in some of the comments around the legislative process here in Texas, we're not going to formally update anything until we see the conclusion of those efforts. But the potential of recovering capital faster is both a benefit to the company, but also our customers in terms of moderate any rate impacts. So more to come on that front as the Texas legislature winds down. In terms of your question around some of the rumors, obviously, we don't comment on market rumors. I just want to reemphasize a couple of points. Our current $43 billion CapEx plan through 2023 does not require any incremental equity. So we don't need to sell any of our businesses. That said, we've got a great set of assets and routinely receive unsolicited interest. That's why we have continued to emphasize that we believe that the market for gas LDCs remain strong. I think this management team has demonstrated routinely that we will always look to maximize ways for shareholder value. And so as it relates to your last point on the $3 billion of capital spend, I think that really is going to come down to finding ways to efficiently fund it and recover it.

有一些事情可能會增加信用。正如德克薩斯州有關立法程序的一些評論中提到的那樣，在看到這些努力的結論之前，我們不會正式更新任何內容。但更快地回收資本的潛力不僅對公司有利，而且在緩和任何利率影響方面也對我們的客戶有利。隨著德克薩斯州立法機關的結束，這方面還會有更多的事情發生。至於你問的一些傳聞，顯然我們不對市場傳聞發表評論。我只想再次強調幾點。我們目前的 2023 年資本支出計劃為 430 億美元，不需要任何增量股本。所以我們不需要出售任何業務。也就是說，我們擁有大量資產，並且經常收到不請自來的利息。這就是為什麼我們繼續強調我們相信最不發達國家的天然氣市場依然強勁。我認為這個管理團隊已經多次表明，我們將始終尋求股東價值最大化的方法。因此，由於這與您關於 30 億美元資本支出的最後一點有關，我認為這實際上要歸結為尋找有效為其提供資金和回收資金的方法。

We're entering a period of time with these rate cases where we will likely not have access to some of our capital trackers as we prosecute those rate cases. That's something that we're mindful of as we think about increasing our CapEx plan. But equally, we want to be able to fund it efficiently for our stakeholders. And so that could come in the form of, as I said, maybe some of the credit accretive opportunities in the legislative session or potential outcomes in upcoming rate cases. So we've got a great plan in front of us, and we continue to look at ways to potentially enhance it.

我們正在進入這些利率案件的一段時期，在我們起訴這些利率案件時，我們可能無法訪問我們的一些資本追踪器。當我們考慮增加資本支出計劃時，我們會注意到這一點。但同樣，我們希望能夠為我們的利益相關者有效地提供資金。正如我所說，這可能會以立法會議中的一些信貸增值機會或即將到來的利率案件的潛在結果的形式出現。因此，我們面前有一個偉大的計劃，我們將繼續尋找可能增強它的方法。

Excellent. And then if I can quickly to follow up on the last one here. On the legislative side, just -- can you clarify a little bit on the timeline here? I mean, obviously, you've got a little bit of time to the end of the session here, but you've got certain perhaps thresholds that you've got to achieve here to move different bills, et cetera, at least to see them move. Can you clarify a little bit on what we should be seeing or expecting in terms of like the tentative time line to get some progress?

出色的。然後我是否可以快速跟進這裡的最後一個。在立法方面，您能稍微澄清一下時間表嗎？我的意思是，顯然，您還有一點時間來結束這裡的會議，但是您可能必須在這里達到某些閾值才能移動不同的法案等等，至少要看到他們移動。您能否澄清一下我們應該看到或期待什麼，比如取得一些進展的暫定時間表？

I appreciate the question, Julien. I mean I don't -- I think there's any sort of definitive time line. It's an important part to see kind of bills moving. Obviously, the House and Senate are doing that. There's still more than 30 days left in this session. And so I think all eyes are just -- there's a number of bills outside of those focus just on utility-related issues, and we're just trying to work with constructively with legislators and key stakeholders to advocate on behalf of our customers, but there's probably not any specific deadlines that I would point to at this moment.

我很欣賞這個問題，朱利安。我的意思是我不——我認為有任何明確的時間表。看到賬單的變化是一個重要的部分。顯然，眾議院和參議院正在這樣做。距離本屆會議還有30多天。因此，我認為所有人的目光都只是——除了那些只關注公用事業相關問題的法案之外，還有許多法案，我們只是試圖與立法者和主要利益相關者進行建設性合作，代表我們的客戶進行倡導，但是目前我可能沒有指出任何具體的截止日期。

Please stand by for our last question. Our last question comes from Jeremy Tonet with JPMorgan.

請等待我們的最後一個問題。我們的最後一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to revisit some of the local economic trends you referenced in the script. Just wondering how are these trends across your service story relative to growth expectations coming into the year? Any deviations from original expectations?

只是想重新審視一下您在劇本中提到的一些當地經濟趨勢。只是想知道您的服務故事中的這些趨勢與今年的增長預期有何關係？與最初的預期有偏差嗎？

I think that if you look back over the, say, last 30 years, the Houston area has sort of grown consistently 2% a year. And we even saw that growth continue through COVID. So I think right now, we're really seeing more of the status quo. This is a really happening area in terms of attracting jobs. It's got a relatively low residential housing costs. Obviously have the tax advantages you have in Texas with no state income tax. You have low energy prices. So all of that adds up to continue, I think, to develop an ecosystem here in Houston that will continue to drive approximately 2% growth. And that's really what we have in our plans. So we're not planning for any more or any less at this point.

我認為，如果你回顧一下過去 30 年，休斯頓地區每年的增長率大約為 2%。我們甚至看到新冠疫情期間這種增長仍在繼續。所以我認為現在我們確實看到了更多的現狀。就吸引就業而言，這是一個真正正在發生的領域。它的住宅成本相對較低。顯然擁有德克薩斯州的稅收優勢，而且沒有州所得稅。你的能源價格很低。因此，我認為，所有這些加起來將繼續在休斯頓開發一個生態系統，該生態系統將繼續推動約 2% 的增長。這確實是我們計劃中的內容。因此，我們目前不會做更多或更少的計劃。

Got it. That's helpful there. And you also -- you mentioned continued feedback on resiliency needs. Could you speak a bit more about your thinking here, how it's evolved, if at all? Does the current capital plan fully tackle what you'd like to prioritize on the resiliency front? Or is there any potential here covered in the $3 billion incremental capital upside you've spoken to?

知道了。這很有幫助。您還提到了有關彈性需求的持續反饋。您能多談談您的想法嗎？它是如何演變的（如果有的話）？當前的資本計劃是否完全解決了您希望在彈性方面優先考慮的問題？或者您談到的 30 億美元增量資本上漲是否有任何潛力？

Yes, Jeremy, I appreciate the question. I think we've ramped up capital pretty considerably. A significant portion of that incremental capital is really dedicated to enhancing reliability and resiliency in helping kind of make the grid a little smarter, a little more self-healing to improve reliability, a little bit harder to withstand the impact of superior weather. I think that $3 billion is largely oriented to incremental resiliency work that we would like to hold in the plan when we can efficiently execute it and efficiently recover it and efficiently fund it. So we'll continue to find ways to incorporate that enhanced resiliency spend over the coming years.

是的，傑里米，我很欣賞這個問題。我認為我們已經相當大地增加了資本。增量資本的很大一部分實際上致力於增強可靠性和彈性，幫助電網變得更智能，更具有自我修復能力以提高可靠性，更難以承受惡劣天氣的影響。我認為 30 億美元主要用於增量彈性工作，當我們能夠有效地執行它、有效地恢復它並有效地為其提供資金時，我們希望將其保留在計劃中。因此，我們將在未來幾年繼續尋找方法來整合增強的彈性支出。

For those of you that are wondering, that rumbling in the background is, it's a terrible weather day here in Houston with lots of thunder and Lighting. So I hope it's not impacting the quality of the call here.

對於那些想知道的人來說，背景中的隆隆聲是，休斯頓今天天氣很糟糕，有很多雷聲和閃電。所以我希望這不會影響這裡的通話質量。

You guys coming through loud and clear.

你們大聲而清晰地過來。

Great. Well, operator, I think that's going to conclude our call today. I appreciate everyone that's dialed in and look forward to catching up with everyone soon. Take care.

偉大的。好吧，接線員，我想我們今天的通話就到此結束。我感謝所有撥通電話的人，並期待很快與大家聯繫。小心。

This concludes CenterPoint Energy's First Quarter Earnings Conference Call. Thank you for your participation.

CenterPoint Energy 第一季度收益電話會議到此結束。感謝您的參與。