CenterPoint Energy Inc (CNP) 2023 Q4 法說會逐字稿

Good morning, and welcome to CenterPoint Energy's Fourth Quarter and Full Year 2023 Earnings Conference Call with Senior Management. (Operator Instructions)

早上好，歡迎參加 CenterPoint Energy 與高階管理層舉行的 2023 年第四季和全年財報電話會議。 （操作員說明）

I will now turn the call over to Jackie Richert, Vice President of Corporate Planning, Investor Relations and Treasurer. Ms. Richert, please go ahead.

我現在會把電話轉給企業規劃、投資者關係副總裁兼財務長 Jackie Richert。裡徹特女士，請繼續。

Good morning, and welcome to CenterPoint's Fourth Quarter 2023 Earnings Conference Call. Jason Wells, our CEO; and Chris Foster, our CFO, will discuss the company's fourth quarter and full year 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 and uncertainties. Actual results could differ materially based upon various factors as noted in our Form 10-K, other SEC filings and our earnings materials. We undertake no obligation to revise or update publicly any forward-looking statement.

早上好，歡迎參加 CenterPoint 2023 年第四季財報電話會議。 Jason Wells，我們的執行長；我們的財務長 Chris Foster 將討論公司第四季和 2023 年全年業績。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資訊的預測和其他前瞻性資訊和聲明。這些前瞻性陳述存在風險和不確定性。根據我們的 10-K 表格、其他 SEC 文件和我們的收益資料中所述的各種因素，實際結果可能會存在重大差異。我們不承擔公開修改或更新任何前瞻性聲明的義務。

We will be discussing certain non-GAAP measures on today's call. When providing guidance, we use the non-GAAP EPS measure of diluted adjusted 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 news releases and presentations on the website. We 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.

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，我們使用非公認會計準則每股收益（非公認會計準則每股收益）來衡量合併後稀釋調整後的每股收益，簡稱非公認會計準則每股收益。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措施的調節的信息，請參閱我們網站上的新聞稿和演示文稿。我們使用我們的網站來公佈重要資訊。此通話正在錄音。有關如何存取重播的資訊可以在我們的網站上找到。

Now I'd like to turn it over to Jason.

現在我想把它交給傑森。

Thank you, Jackie, and good morning, everyone. Before I get into the quarter and the annual results for the first time as CEO, I want to take a moment to thank the Board once again for entrusting me to lead this great company into its next chapter. I'm privileged to work with an amazing team, and I couldn't be prouder of how we closed out 2023 and how we're off to an already strong start in 2024. On this morning's call, I'm excited to cover 4 key topics before turning it over to Chris to cover our financial results in more detail.

謝謝你，傑基，大家早安。在我首次以執行長的身份公佈季度和年度業績之前，我想花一點時間再次感謝董事會委託我帶領這家偉大的公司進入下一個篇章。我很榮幸能與一支出色的團隊合作，我對我們如何結束 2023 年以及如何在 2024 年取得良好的開局感到無比自豪。在今天早上的電話會議上，我很高興能夠介紹 4關鍵主題，然後交給克里斯更詳細地介紹我們的財務表現。

First, I want to discuss my continued commitment to our strategic objectives as I have now stepped into this new role. Second, I'll briefly summarize the financial results for the fourth quarter and full year 2023. Third, I'll discuss the rationale for the sale of our Louisiana and Mississippi gas LDCs that we announced this morning and provide an update on our long-term capital investment plan. Finally, I'll conclude with an update on where we stand with respect to our regulatory calendar. I'm fortunate to step into this role at a time when CenterPoint is undoubtedly better positioned than it was when we held our Analyst Day in 2021. In my time here, I've clearly articulated that I believe we have one of the most tangible long-term growth plans in the industry. My focus will be continuing our established track record of consistently executing this plan and thoughtfully enhancing it for the benefit of all of our stakeholders.

首先，我想討論一下我在擔任這個新角色後對我們策略目標的持續承諾。其次，我將簡要總結2023 年第四季和全年的財務表現。第三，我將討論我們今天早上宣布的出售路易斯安那州和密西西比州天然氣最不發達國家的理由，並提供我們長期的最新情況。定期資本投資計劃。最後，我將更新我們在監管日曆方面的最新情況。我很幸運能夠在 CenterPoint 無疑比我們在 2021 年舉辦分析師日時處於更好的位置時擔任這一角色。在我任職期間，我已經明確表示，我相信我們擁有最切實的解決方案之一行業的長期增長計劃。我的重點將是繼續我們一貫執行該計劃的既定記錄，並為我們所有利益相關者的利益而深思熟慮地加強它。

At our 2021 Analyst Day, we put forth a premium value proposition underpinned by our strategic objectives, which included; delivering consistent and sustainable non-GAAP EPS and dividend per share growth to our investors; investing in customer-driven capital in our core regulated utility businesses driving industry-leading rate base growth; providing affordable service to our customers through O&M discipline and maintaining a strong balance sheet while efficiently funding our capital investments. I want to reiterate my commitment to these strategic objectives and discuss each in more detail.

在 2021 年分析師日，我們提出了以我們的策略目標為基礎的優質價值主張，其中包括：為我們的投資者提供一致且可持續的非公認會計準則每股收益和每股股息成長；在我們受監管的核心公用事業業務中投資客戶驅動的資本，推動行業領先的利率基礎成長；透過營運和維護紀律為我們的客戶提供負擔得起的服務，並保持強大的資產負債表，同時有效地為我們的資本投資提供資金。我想重申我對這些策略目標的承諾，並更詳細地討論每一個目標。

First, looking at delivering consistent and sustainable growth for our stakeholders. Looking over the last 3 years, we have demonstrated that not only do we have a great plan in which we have targeted 8% non-GAAP EPS growth each year, but we also have the ability to execute above expectations. This execution resulted in us achieving a 9% non-GAAP EPS CAGR over that period, which is top decile in the sector. In addition to growing non-GAAP EPS, we also grew our dividend in line with earnings, leading to one of the highest dividend growth rates in the sector over that same period of time. To expand on a point I made last quarter, I'm excited about the company's great future as we continue to be laser-focused on providing outstanding service to our customers and communities and executing consistently to deliver enhanced stakeholder value. We are collectively focused on continuously improving service levels while maintaining customer affordability by utilizing a LEAN mindset throughout the organization.

首先，著眼於為我們的利害關係人提供持續、可持續的成長。回顧過去三年，我們已經證明，我們不僅有一個偉大的計劃，目標是每年實現 8% 的非公認會計原則每股收益增長，而且我們還有能力執行高於預期的目標。這項執行使我們在此期間實現了 9% 的非 GAAP 每股收益複合年增長率，在該行業中名列前茅。除了非公認會計準則每股收益的成長外，我們還根據收益增加了股息，從而成為同期該行業最高的股息成長率之一。為了擴展我上季度提出的觀點，我對公司的美好未來感到興奮，因為我們將繼續專注於為客戶和社區提供卓越的服務，並持續執行以提供更高的利害關係人價值。我們共同致力於不斷提高服務水平，同時透過在整個組織中運用精實思維來維持客戶的負擔能力。

Now turning to investing in customer-driven capital in our regulated businesses. Supporting our strong financial results as a capital investment plan and resulting rate base growth that is among the highest in the sector. At our 2021 Analyst Day, we outlined a $40 billion plus capital investment plan that translated to an approximately 9% rate base growth through 2030. Today, we're once again announcing a capital increase supported by customer-driven capital investments to $44.5 billion, a nearly 11% increase since the 2021 Analyst Day. This revised capital investment plan now support 10% rate base growth CAGR through 2030, which is, again, one of the highest in the industry. This strong growth will continue to serve as a solid foundation for our long-term non-GAAP EPS growth targets.

現在轉向在我們受監管的業務中投資客戶驅動的資本。作為資本投資計劃，支持我們強勁的財務業績，並由此產生業內最高的利率基礎增長。在2021 年分析師日，我們概述了一項超過400 億美元的資本投資計劃，到2030 年將實現約9% 的基礎增長率。今天，我們再次宣佈在客戶驅動的資本投資的支持下將資本增加至445 億美元，自 2021 年分析師日以來成長了近 11%。此次修訂後的資本投資計畫現在支持到 2030 年 10% 的複合年增長率，這再次成為行業中最高的之一。這種強勁的成長將繼續為我們的長期非公認會計準則每股收益成長目標奠定堅實的基礎。

In addition to effectively executing on our capital plan, we also strive to provide affordable service to our customers. We continue to be mindful of the impact of our investments on our customer bills. For this reason, we remain focused on our target of reducing O&M 1% to 2% per year on average through 2030. Our relentless attention to this area has resulted in an average annual reduction of 2% over the last 3 years, the high end of our target range, despite reinvesting additional savings back into the business for the benefit of our customers. One of the other targets we put forth in our 2021 Analyst Day dovetails with our O&M reduction targets. As we target our net 0 goal for Scope 1 and Scope 2 emissions by 2035, we are retiring generation from less efficient fuel sources, which translates into customer savings over the long term.

除了有效執行我們的資本計劃外，我們還努力為客戶提供負擔得起的服務。我們持續關注我們的投資對客戶帳單的影響。因此，我們仍然專注於到 2030 年平均每年減少運維費用 1% 至 2% 的目標。我們對這一領域的不懈關注導致過去 3 年平均每年減少 2%，高端儘管為了客戶的利益將額外的節省重新投入業務中，但仍超出了我們的目標範圍。我們在 2021 年分析師日提出的其他目標之一與我們減少營運和維護的目標相吻合。由於我們的目標是到 2035 年實現範圍 1 和範圍 2 排放的淨零目標，因此我們將淘汰使用效率較低的燃料來源的發電，這從長遠來看可以為客戶節省成本。

Finally, turning our focus on maintaining a strong balance sheet and efficiently financing our customer-driven investments. At our 2021 Analyst Day, we targeted funding our 10-year capital investment plan through 2030 without reliance on external equity issuances. We evolved that message last quarter with the introduction of a modest ATM program to support growth capital investment opportunities in 2024. And today, we're continuing that efficient financing evolution with our strategic transaction we announced this morning. The transaction, which I'll discuss in more detail, will be the fourth we have pursued to recycle capital and reinvest transaction proceeds back into our regulated operations for the benefit of all stakeholders.

最後，我們將重點轉向維持強勁的資產負債表和有效地為客戶驅動的投資融資。在 2021 年分析師日，我們的目標是在不依賴外部股票發行的情況下為我們的 10 年資本投資計畫提供資金到 2030 年。上個季度，我們推出了一項適度的 ATM 計劃，以支持 2024 年的成長資本投資機會，從而演變了這一信息。今天，我們透過今天早上宣布的戰略交易，繼續高效的融資演變。我將更詳細地討論這項交易，這將是我們為回收資本並將交易收益再投資回我們受監管的業務而進行的第四次交易，以造福所有利益相關者。

In addition, as we have incremental financing needs outside of our growth capital investment plans, we are also extending the need for $250 million per year of equity or equity-like funding through 2030. Chris will provide further color regarding our ongoing financing of our business. Moving to my second key topic, I'll briefly cover the fourth quarter and full year 2023 results. This morning, we announced non-GAAP EPS of $0.32 for the quarter and full year 2023 non-GAAP EPS of $1.50. Again, these full year results translate to 9% non-GAAP EPS growth from prior year actual results for what is now the third consecutive year. Most importantly, we have rebased our long-term growth targets off these higher earning levels each year. Consistent with this practice, we are reaffirming our 2024 non-GAAP EPS guidance range of $1.61 to $1.63, which would equate to an 8% growth rate at the midpoint from our higher base of $1.50. Beyond 2024, we continue to expect to grow non-GAAP EPS at the mid- to high end of the 6% to 8% range annually through 2030 and continuing to grow dividends per share in line with earnings growth.

此外，由於我們在成長資本投資計畫之外還有增量融資需求，因此我們還將每年2.5 億美元的股權或類似股權融資的需求延長到2030 年。克里斯將提供有關我們正在進行的業務融資的更多資訊。轉到我的第二個關鍵主題，我將簡要介紹第四季和 2023 年全年業績。今天早上，我們宣布本季非 GAAP 每股收益為 0.32 美元，2023 年全年非 GAAP 每股收益為 1.50 美元。同樣，這些全年業績意味著非 GAAP 每股收益較上年實際業績增長 9%，這已是連續第三年增長。最重要的是，我們每年都根據這些更高的收入水準重新調整長期成長目標。根據此做法，我們重申 2024 年非 GAAP 每股盈餘指引範圍為 1.61 美元至 1.63 美元，這相當於我們 1.50 美元的較高基數的中點成長率為 8%。 2024 年之後，我們繼續預計，到 2030 年，非公認會計原則每股收益每年將增長 6% 至 8% 的中高端，並繼續根據盈利增長增加每股股息。

Chris will provide additional details regarding our financial results and earnings guidance later. Now I want to discuss the sale of our Louisiana and Mississippi gas LDCs we announced this morning. We anticipate closing the sale in late first quarter of next year, and it is anticipated to result in after-tax cash proceeds of approximately $1 billion which equates to an earnings multiple of approximately 32x 2023 earnings. This is a terrific outcome for all stakeholders. Again, following the execution of this transaction, we will mark our fourth time over the last few years in which we have recycled transaction sales proceeds to efficiently fund our industry-leading growth plan. Although the transaction is a great outcome, it is always hard to part with a great team as well as great assets. Louisiana, Mississippi are incredible jurisdictions, and we have been privileged to serve those communities over the years.

克里斯稍後將提供有關我們的財務業績和盈利指導的更多詳細資訊。現在我想討論一下我們今天早上宣佈出售路易斯安那州和密西西比州天然氣最不發達國家的問題。我們預計明年第一季末完成出售，預計將帶來約 10 億美元的稅後現金收益，相當於 2023 年收益的約 32 倍。對於所有利害關係人來說，這都是一個了不起的結果。同樣，在執行本次交易後，我們將在過去幾年中第四次回收交易銷售收益，以有效地為我們行業領先的成長計劃提供資金。雖然這筆交易是一個很好的結果，但始終難以割捨一個優秀的團隊和優秀的資產。路易斯安那州、密西西比州是令人難以置信的司法管轄區，多年來我們很榮幸為這些社區提供服務。

I want to share color around the decision to sell these gas LDCs which was driven principally by 3 reasons. First, the sale of our Louisiana and Mississippi natural gas LDCs will allow us to efficiently recycle the roughly $1 billion in anticipated after-tax cash proceeds to support our continued capital investment programs. The valuation of about 32x 2023 earnings is approximately 75% more cost effective than issuing our own common stock to support our industry-leading rate base growth and to maintain the strength of our balance sheet. The valuation also illustrates that even in a much different cost of capital environment than our last LDC sale, there continues to be a strong market demand for gas LDCs, particularly for those in high-growth and constructive jurisdictions.

我想就出售這些天然氣最不發達國家的決定分享一些看法，這主要是由三個原因推動的。首先，出售路易斯安那州和密西西比州的天然氣最不發達國家將使我們能夠有效地回收約 10 億美元的預期稅後現金收益，以支持我們持續的資本投資計畫。估值約為 32 倍 2023 年收益，比發行我們自己的普通股的成本效益高出約 75%，以支持我們行業領先的利率基礎增長並保持我們的資產負債表實力。該估值還表明，即使在與我們上次出售最不發達國家的資本成本環境截然不同的情況下，對天然氣最不發達國家的市場需求仍然強勁，尤其是那些位於高成長和建設性司法管轄區的國家。

Second, we anticipate that the sale of these gas LDCs will allow us to reprioritize approximately $1 billion of capital expenditures to support other jurisdictions. The added benefit of this reallocation of $1 billion of capital investment is that we expect that we will be able to deploy much of it in jurisdictions with less regulatory lag, therefore, enhancing the ongoing earnings power of the company. Third, as we work to optimize our portfolio, it made sense for us to focus our time and resources in jurisdictions where we have both gas and electric service or where we have a larger presence. This transaction will help support our non-GAAP annual EPS growth target of 8% in 2024 and at the mid- to high end of our 6% to 8% non-GAAP EPS growth range through 2030, while also helping maintain the strength of our balance sheet.

其次，我們預計，出售這些天然氣最不發達國家將使我們能夠重新調整約 10 億美元資本支出的優先順序，以支持其他司法管轄區。此次重新分配 10 億美元資本投資的額外好處是，我們預計能夠將大部分資金部署在監管滯後較少的司法管轄區，從而增強公司的持續獲利能力。第三，當我們努力優化我們的投資組合時，我們有必要將時間和資源集中在我們同時擁有天然氣和電力服務或我們擁有更大業務的司法管轄區。這項交易將有助於支持我們2024 年8% 的非GAAP 年度每股收益增長目標以及到2030 年6% 至8% 的非GAAP 每股收益增長範圍的中高端，同時也有助於保持我們的實力資產負債表。

Now shifting to how this transaction fits within the broader context of our now $44.5 billion capital investment plan. Today, we're announcing that once again, we have positively revised our capital investment plan by an increase of $600 million to $44.5 billion through 2030. $100 million of this increase was already deployed in the fourth quarter of this year, which brought the total capital investments in 2023 to $4.3 billion for the benefit of our customers. This represents a nearly 20% increase over the $3.6 billion we originally guided to, at the beginning of 2023.

現在轉向如何將這筆交易融入我們目前 445 億美元資本投資計畫的更廣泛背景中。今天，我們再次宣布，我們積極修訂了我們的資本投資計劃，到 2030 年增加 6 億美元，達到 445 億美元。其中 1 億美元已在今年第四季度部署，這使得為了我們客戶的利益，到2023 年資本投資將達43 億美元。這比我們最初在 2023 年初指導的 36 億美元增加了近 20%。

We made the decision to increase the amount of planned work on our systems, principally related to critical investments to improve resiliency and reliability in our Houston Electric service territory. We did this knowing we would be able to efficiently fund these investments once the announced sale of our Louisiana and Mississippi gas LDCs closed. The added benefit of this increased capital spend is that it will also help offset the loss of approximately $800 million of rate base that we have invested in those states today. Today's capital increase will be focused on investments in system resiliency at Houston Electric in response to the resiliency bill that was enacted in 2023 by the Texas legislature as well as targeted investments in our gas businesses.

我們決定增加系統的計畫工作量，主要與提高休士頓電力服務區域的彈性和可靠性的關鍵投資有關。我們這樣做時知道，一旦宣佈出售路易斯安那州和密西西比州天然氣最不發達國家，我們將能夠有效地為這些投資提供資金。增加資本支出的額外好處是，它還將有助於抵消我們今天在這些州投資的約 8 億美元的利率基礎損失。今天的增資將集中於對休士頓電力系統彈性的投資，以響應德州立法機構 2023 年頒布的彈性法案，以及對我們的天然氣業務的有針對性的投資。

These resiliency investments at Houston Electric will support the prioritizing of operational programs that modernize, harden and enhance the resiliency and reliability of our transmission and distribution system; such as asset hardening, distribution automation devices and substation flood mitigation. We look forward to filing our multiyear resiliency plan likely early in the second quarter of this year and sharing further details on our next earnings call. Before I move on from this capital investment conversation, I want to make a few comments around our modest pivot and our long-term financing plans moving forward, which Chris will cover in more detail momentarily. In addition to the efficient recycling of strategic transaction proceeds I described earlier, we are also planning to incorporate approximately $250 million of annual equity or equity-like funding needs into our long-term financing plans moving forward.

休士頓電力公司的這些彈性投資將支持營運計畫的優先順序，以實現輸配電系統的現代化、強化和增強彈性和可靠性；例如資產強化、配電自動化設備和變電站防洪。我們期待在今年第二季初提交我們的多年彈性計劃，並在下一次財報電話會議上分享更多細節。在結束本次資本投資對話之前，我想就我們的適度轉型和未來的長期融資計劃發表一些評論，克里斯將立即更詳細地介紹這些內容。除了我之前描述的策略性交易收益的有效回收之外，我們還計劃將每年約 2.5 億美元的股權或類股權融資需求納入我們未來的長期融資計畫中。

This is to allow us to continue to fund our growing capital plans, maintain the strength of our balance sheet and address incremental annual cash needs that Chris will describe shortly. Lastly, before turning it over to Chris, I want to provide some color on our rate cases and put into context what is a relatively busy regulatory calendar. I think it's important to remember the place where we start from. That although greater than 80% of total enterprise rate base is located in jurisdictions where we are anticipated to have rate cases in the next 12 months. We are uniquely positioned in that most of these investments have already been through some regulatory review. As we've stated previously, over 80% of our capital expenditures are recovered through interim trackers and as such, are already in rates. This is a key differentiator from rate cases in other jurisdictions.

這是為了讓我們能夠繼續為不斷增長的資本計劃提供資金，保持資產負債表的實力，並解決克里斯將很快描述的增量年度現金需求。最後，在將其交給克里斯之前，我想對我們的利率案例進行一些說明，並將相對繁忙的監管日曆放在背景中。我認為記住我們開始的地方很重要。儘管超過 80% 的企業總費率基數位於我們預計在未來 12 個月內發生費率案件的司法管轄區。我們處於獨特的地位，因為大多數投資已經通過了一些監管審查。正如我們之前所說，我們 80% 以上的資本支出是透過臨時追蹤器收回的，因此已經計入費率中。這是與其他司法管轄區的費率案件的一個關鍵區別。

Now turning to our largest jurisdiction, Houston Electric. On our previous call, we indicated that we had requested an extension to file our Houston Electric rate case from March 9 to the second quarter of this year. However, in the January PUCT open meeting, the Commission decided to stay with the original March 9, 2024 deadline as ordered in the last rate case. While we preferred the extended filing date that was supported by all parties in the case, we will be prepared to file the case in early March and anticipate a relatively flat revenue requirement increase. At the same January open meeting, the PUCT finalized its rule-making for House Bill 2555 better known as the resiliency bill.

現在轉向我們最大的司法管轄區休士頓電力公司。在上次電話會議中，我們表示已要求將休士頓電力費率案件的提交時間從 3 月 9 日延長至今年第二季。然而，在 1 月的 PUCT 公開會議上，委員會決定維持上一個費率案例中原定的 2024 年 3 月 9 日截止日期。雖然我們更傾向於延長提交日期，這得到了案件各方的支持，但我們將準備在 3 月初提交案件，並預計收入要求增長相對平穩。在同一次 1 月公開會議上，PUCT 敲定了眾議院第 2555 號法案（俗稱「彈性法案」）的規則制定。

As you may recall from our previous earnings call, the resiliency bill allows Texas TDUs to file a multiyear resiliency plan that would allow for the recovery of certain costs through riders or regulatory assets. For Houston Electric, these investments are expected to include investments in upgrading distribution lines, building new and upgrading older substations and upgrading our transmission system. These upgrades should help support fewer and shorter unplanned outages, faster restoration response time and greater accuracy with respect to our restoration times. Additionally, the rulemaking in its final form allows for deferral of certain costs such as depreciation and a return on our cost of capital associated with distribution investments and resiliency between the time the assets are placed in service and when rates are updated for those investments. This final rule is beneficial in reducing regulatory lag on these critical investments.

您可能還記得我們先前的財報電話會議，彈性法案允許德州 TDU 提交一份多年彈性計劃，該計劃將允許透過乘客或監管資產收回某些成本。對於休士頓電力來說，這些投資預計包括升級配電線路、建造新的和升級舊的變電站以及升級我們的輸電系統的投資。這些升級應有助於支援更少、更短的非計劃性停機、更快的恢復回應時間以及更高的恢復時間準確性。此外，最終形式的規則制定允許推遲某些成本，例如折舊和與分銷投資相關的資本成本回報，以及資產投入使用和這些投資更新費率之間的彈性。這項最終規則有利於減少這些關鍵投資的監管落後。

We initially indicated that we would make our filing towards the end of the first quarter. However, as the final room making was slightly delayed, our filing will likely be submitted early in the second quarter. Now I'll highlight our 3 recently filed rate cases. In our other electric jurisdiction in Indiana, we filed our rate case in the first week of December with a requested revenue requirement increase of approximately $119 million distributed over the next 3 years. Much of this requested revenue requirement increase is associated with our investments in connection with a generation transition plan as we move away from coal to a more efficient and cost-effective field types such as renewables and natural gas.

我們最初表示我們將在第一季末提交文件。然而，由於最終的房間製作略有延遲，我們的申請可能會在第二季初提交。現在我將重點介紹我們最近提交的 3 個費率案例。在印第安納州的另一個電力管轄區，我們在 12 月的第一周提交了費率案件，要求在未來 3 年內增加約 1.19 億美元的收入要求。隨著我們從煤炭轉向再生能源和天然氣等更有效率、更具成本效益的領域類型，所需的收入要求成長很大程度上與我們與發電過渡計畫相關的投資有關。

As a reminder, we plan to fully exit operating coal generation by the end of 2027. These investments are a continuation of our prudent investing in Indiana as we strive to also keep customer bills affordable. In fact, since rates went into effect from our last rate case in 2009, customer charges have increased at a compounded annual growth rate of 0.5%, well below our peers in the state, which range between 1.7% and 4.7% over that same period of time. Absent a settlement, we expect a final decision in this case in Q4 of this year.

提醒一下，我們計劃在 2027 年底之前完全退出營運中的煤炭發電業務。這些投資是我們在印第安納州審慎投資的延續，因為我們努力讓客戶的帳單負擔得起。事實上，自 2009 年我們上次費率案例生效以來，客戶費用以 0.5% 的複合年增長率增長，遠低於同期該州同行的 1.7% 至 4.7%的時間。如果沒有達成和解，我們預計本案將在今年第四季做出最終決定。

Moving on to Texas Gas. We filed our Texas Gas rate case towards the end of October with a requested revenue requirement increase of approximately $37 million. As a reminder, we combined all 4 of our Texas jurisdictions into a single rate case filing. This combined filing should not only result in a reduced number of filings on a go-forward basis. But in the near term, it should also result in declining bills from many of our customers, specifically those located in more rural areas. We have a third settlement conference later this month, and we look forward to continuing to work towards a constructive resolution of this case. Absent the settlement, we expect a final decision in the middle of the year.

轉向德州天然氣公司。我們於 10 月底提交了德州天然氣費率案件，要求增加約 3,700 萬美元的收入要求。提醒一下，我們將德州的所有 4 個司法管轄區合併為一個費率案件備案。這種合併申請不僅會導致未來申請數量的減少。但在短期內，這也會導致我們許多客戶的帳單下降，特別是那些位於農村地區的客戶。我們將於本月稍後召開第三次和解會議，我們期待繼續努力以建設性方式解決此案。如果沒有達成和解，我們預計最終決定將在今年年中做出。

Finally, turning to our Minnesota gas business. We filed our rate case on November 1 with the requested revenue increases of approximately $85 million and $52 million for 2024 and 2025, respectively. Interim rates for 2024 were approved in mid-December and went into effect on January 1. The commission will consider interim rates for 2025 towards the end of this year if we have not settled the case before then. This is the first time we have filed a multiyear rate case in Minnesota with the goal of providing smoother revenue increases for the benefit of our customers in the future. The majority of the requested revenue requirement increase could be attributed to the fundamental safety programs we operate as well as some of the projects which we filed for under the Natural Gas Innovation Act.

最後，轉向我們的明尼蘇達州天然氣業務。我們於 11 月 1 日提交了費率申請，要求 2024 年和 2025 年的收入分別增加約 8,500 萬美元和 5,200 萬美元。 2024 年的臨時費率已於 12 月中旬獲得批准，並於 1 月 1 日生效。如果我們在此之前尚未解決此案，委員會將在今年年底考慮 2025 年的臨時費率。這是我們第一次在明尼蘇達州提起多年費率案件，目標是為未來客戶的利益提供更平穩的收入成長。所請求的收入要求增長大部分可歸因於我們營運的基本安全計劃以及我們根據《天然氣創新法案》申請的一些項目。

Lastly, I want to mention that we have one other rate case we will be filing in 2024 in our Ohio Gas business. We anticipate filing this rate case midyear, and we'll provide more details as we get closer to the filing. We look forward to working with all of our stakeholders to reach constructive resolutions to all of our rate cases. We believe we are well positioned in all of our cases as we've made prudent investments for our customers and we've made concerted efforts to reduce controllable O&M for the benefit of our customers. I realize that is a lot of information. But given the relevance of the rate cases to all stakeholder groups and our intense focus on successfully executing this activity, I believe it's important to cover it in some depth with you. Those are all of my updates for now.

最後，我想提一下，我們將於 2024 年在俄亥俄州天然氣業務中提交另一起費率案件。我們預計會在年中提交此費率案件，隨著臨近提交，我們將提供更多詳細資訊。我們期待與所有利害關係人合作，就我們所有的費率案例達成建設性的解決方案。我們相信，我們在所有情況下都處於有利地位，因為我們為客戶進行了審慎的投資，並為客戶的利益而共同努力減少可控維運。我意識到這是很多信息。但考慮到費率案例與所有利害關係人群體的相關性，以及我們對成功執行這項活動的強烈關注，我認為與您深入探討這個問題非常重要。這些是我目前的所有更新。

With a strong foundation of a simple, focused plan to drive value for all stakeholders, 2023 was another great year here at CenterPoint as we continue to build a long track record of consistent execution. I am confident in our path forward as we reaffirm our commitment to our proven strategy into our long-term non-GAAP EPS growth guidance target of 8% in 2024 and at the mid- to high end of our 6% to 8% non-GAAP EPS guidance range for 2025 through 2030. I want to thank all of our employees, but especially those on the front lines as they worked hard to provide service to our customers even as we faced a historically hot summer in our Houston Electric service territory, damaging severe storms in Indiana and extreme cold throughout our service territories this Winter. 2024 will no doubt bring its own unique challenges, but I am confident we have the right team in place here to manage through them.

憑藉簡單、重點突出的計劃為所有利益相關者創造價值的堅實基礎，2023 年是 CenterPoint 又一個偉大的一年，我們將繼續建立一致執行的長期記錄。我對我們的前進道路充滿信心，因為我們重申我們對行之有效的戰略的承諾，即到2024 年實現8% 的長期非GAAP 每股收益增長指導目標，並達到6% 至8% 的非GAAP中高端水準。2025 年至2030 年的GAAP EPS 指導範圍。我要感謝我們所有的員工，特別是那些在一線的員工，他們努力為我們的客戶提供服務，儘管我們的休士頓電力服務區域面臨著歷史上炎熱的夏季，今年冬天，印第安納州遭受嚴重風暴破壞，我們的服務區域遭受極端寒冷。 2024 年無疑會帶來獨特的挑戰，但我相信我們有合適的團隊來應對這些挑戰。

With that, I'll hand it over to Chris for his financial update.

這樣，我將把它交給克里斯，以獲取他的最新財務資訊。

Thanks, Jason. I want to echo Jason's sentiments regarding the team's performance this year, seeing them go above and beyond to deliver for our customers, even in some of the most challenging situations. Their dedication and focus have certainly contributed to our delivery of financial results and operational performance outcomes that improve the customer experience. Today, I'll cover 4 areas of focus. First, the details of our fourth quarter and annual results. Second, I'll provide additional color around our thoughts regarding the sale of our Louisiana and Mississippi LDCs. Third, an update regarding our positively revised capital plan. And lastly, an update of where we stand with our balance sheet and credit metrics.

謝謝，傑森。我想呼應 Jason 對團隊今年表現的看法，看到他們超越自我，為我們的客戶提供服務，即使在一些最具挑戰性的情況下也是如此。他們的奉獻和專注無疑為我們交付財務表現和營運績效成果做出了貢獻，從而改善了客戶體驗。今天，我將重點討論 4 個領域。首先，我們第四季度和年度業績的詳細資料。其次，我將就我們關於出售路易斯安那州和密西西比州最不發達國家的想法提供更多資訊。第三，關於我們積極修訂的資本計畫的最新情況。最後，更新我們的資產負債表和信用指標。

Let's start with the financial results on Slide 8. As Jason highlighted earlier, Q4 and full year 2023 with another strong year of financial performance here at CenterPoint. On a GAAP EPS basis, we reported $0.30 for the fourth quarter of 2023. As previously noted, our non-GAAP EPS results for the fourth quarter removed the results of our now divested nonregulated business, Energy Systems Group. On a non-GAAP basis, we reported $0.32 for the fourth quarter of 2023 compared to $0.28 in the fourth quarter of 2022.

讓我們從投影片 8 上的財務表現開始。正如 Jason 之前所強調的那樣，CenterPoint 的財務表現又在第四季和 2023 年全年表現強勁。根據 GAAP 每股盈餘，我們報告 2023 年第四季為 0.30 美元。如前所述，我們第四季的非 GAAP 每股盈餘結果剔除了我們現已剝離的非監管業務 Energy Systems Group 的結果。根據非公認會計原則，我們報告 2023 年第四季的收入為 0.32 美元，而 2022 年第四季的收入為 0.28 美元。

With this latest quarter of strong financial performance, we are right at the midpoint of our upperly revised non-GAAP EPS guidance target range of $1.50 for the year. Taking a closer look at the quarter, growth and rate recovery contributed $0.05, which was driven by the ongoing recovery from various interim mechanisms for which customer rates were updated earlier in the year such as the transmission tracker or TCOS at Houston Electric, the DCRF, for which rates were updated in September and the Texas Gas GRIP.

鑑於最近一個季度強勁的財務業績，我們正處於上調的全年非 GAAP 每股收益指引目標範圍 1.50 美元的中點。仔細觀察本季度，增長和費率恢復貢獻了0.05 美元，這是由各種臨時機制的持續復甦推動的，這些臨時機制在今年早些時候更新了客戶費率，例如休斯頓電力公司的輸電跟踪器或TCOS、DCRF、其費率於 9 月和德克薩斯州天然氣 GRIP 進行了更新。

In addition, we continue to see strong organic growth in the Houston area, extending the long-term trend of 1% to 2% average annual customer growth, which continues to benefit both customers and investors. Weather and usage were $0.01 unfavorable when compared to the same quarter of 2022, primarily driven by the milder Winter weather experienced in both our Houston Electric and Indiana Electric service territories. O&M was $0.01 unfavorable for the fourth quarter and $0.01 favorable for the full year 2023. The Q4 figure was primarily due to the increase in vegetation management, which began in Q3 and continued into Q4. We saw these expenditures as prudent given the heightened recent drought conditions and other targeted gas and electric projects that should help us improve safety and reliability for our customers. However, even in light of pulling forward O&M, we were still able to achieve a net annual savings.

此外，我們繼續看到休士頓地區強勁的有機成長，延續了年均客戶成長 1% 至 2% 的長期趨勢，這將繼續使客戶和投資者受益。與 2022 年同季度相比，天氣和使用量不利了 0.01 美元，這主要是由於我們的休士頓電力和印第安納電力服務區域經歷了較溫和的冬季天氣。第四季的營運和維護成本為 0.01 美元，2023 年全年為 0.01 美元。第四季的數字主要是由於植被管理的增加，該管理從第三季度開始並持續到第四季度。考慮到最近乾旱加劇以及其他有針對性的天然氣和電力項目，我們認為這些支出是謹慎的，這些項目應該有助於我們提高客戶的安全性和可靠性。然而，即使考慮到運維的推進，我們仍然能夠實現年度淨節省。

Lastly, I want to touch on a favorable onetime item related to an income tax benefit, which was recorded in the fourth quarter, which constitutes the majority of our other favorable drivers. Due to the number of divestitures over the last few years, our state income tax footprint has changed. This change in footprint has resulted in a reduced blended state income tax rate, and we now anticipate paying fewer state income to cash taxes on a go-forward basis. Under GAAP, this reduced blended tax rate necessitated the remeasurement of our deferred taxes, which resulted in the onetime income tax benefit. Additionally, the onetime earnings benefit represents future cash tax savings that will provide an additional source of future incremental cash flow to be invested back into our regulated businesses for the benefit of customers. Closing out the earnings drivers for the quarter, favorability from rate recovery and the income tax benefit was partially offset by a $0.05 increase in interest expense.

最後，我想談談與所得稅優惠相關的一次性有利項目，該項目是在第四季度記錄的，它構成了我們其他有利驅動因素的大部分。由於過去幾年資產剝離的數量，我們的州所得稅足跡發生了變化。足跡的這種變化導致混合州所得稅率降低，我們現在預計未來支付給現金稅的州收入將減少。根據公認會計原則，混合稅率的降低需要重新計量我們的遞延稅款，從而帶來了一次性所得稅優惠。此外，一次性收益收益代表未來的現金稅收節省，這將提供未來增量現金流的額外來源，以便投資回我們受監管的業務，以造福客戶。排除本季的獲利驅動因素、利率恢復和所得稅優惠帶來的利好，但利息支出增加 0.05 美元部分抵消了這一影響。

The primary driver of this was the approximately $6 billion in debt issuances since Q4 of last year with higher coupon rates. However, the impact of this increase was partially offset by the redemption of the $800 million Series A preferred that occurred in September, which eliminated the approximately $12 million quarterly dividend. I'll discuss our long-term financing plan and balance sheet in greater detail shortly. Informing our plan was the transaction we announced this morning related to the sale of our Louisiana and Mississippi natural gas LDCs. I'd like to take a bit of time to talk about our thinking here. We were focused on both efficient capital redeployment and investing thoughtfully to eliminate direct earnings implications from the loss in rate base.

其主要驅動力是自去年第四季以來發行了約 60 億美元的債券，票面利率較高。然而，這一增長的影響被 9 月發生的 8 億美元 A 系列優先股的贖回部分抵消，該贖回消除了約 1200 萬美元的季度股息。我將很快更詳細地討論我們的長期融資計劃和資產負債表。我們今天早上宣布的與出售路易斯安那州和密西西比州天然氣最不發達國家有關的交易為我們的計劃提供了資訊。我想在這裡花一點時間談談我們的想法。我們專注於有效的資本再部署和深思熟慮的投資，以消除利率基礎損失對獲利的直接影響。

As you heard Jason mentioned earlier, we have signed an agreement to sell these quality LDCs, which is anticipated to result in after-tax cash proceeds of approximately $1 billion. This represents an earnings multiple of nearly 32x based on 2023 earnings. This is a tremendous outcome even when compared to the multiple at which we trade today and one that demonstrates the continued market demand for gas LDCs. We assume the closing of this transaction will occur towards the end of the first quarter in 2025. These cash proceeds are expected to provide greater financing flexibility and efficiencies for our capital investments for both our gas and electric businesses throughout the remainder of the capital plan. I want to be clear that we do not see a change in our earnings guidance nor are we making a downward revision to our capital investment targets through 2030 as a result of this transaction. In fact, as I'll touch on more in a moment, we are increasing our 10-year capital plan target by $600 million in aggregate despite serving 2 fewer jurisdictions going forward.

正如傑森之前提到的，我們已經簽署了出售這些優質最不發達國家的協議，預計將帶來約 10 億美元的稅後現金收益。這相當於 2023 年收益的近 32 倍。即使與我們今天的交易倍數相比，這也是一個巨大的結果，並且顯示了市場對天然氣最不發達國家的持續需求。我們假設這項交易將於 2025 年第一季末完成。預計這些現金收益將為我們在資本計畫剩餘時間內對天然氣和電力業務的資本投資提供更大的融資靈活性和效率。我想澄清的是，我們的獲利指引不會因此次交易而發生變化，也不會下調 2030 年之前的資本投資目標。事實上，正如我稍後將談到的，儘管未來服務的司法管轄區將減少 2 個，但我們仍將 10 年資本計畫目標總計增加 6 億美元。

This brings our total capital target to $44.5 billion through 2030. Following on Jason's remarks, in 2023 alone, we invested $700 million above what we guided to at the beginning of the year. Much of this spend helped to backfill the rate base that would be lost in this transaction. This allowed us to make much-needed investments in ongoing projects in resiliency and reliability. And although we recognize this temporarily increased our reliance on the balance sheet in the interim, our investment also helped to synchronize capital deployment to prepare for this transaction. This spend supports a consistent ongoing commitment to and confidence in our earnings profile with no interruption expected to our long-term earnings targets.

這使得我們到 2030 年的總資本目標達到 445 億美元。根據 Jason 的講話，僅在 2023 年，我們就比年初指導的投資額高出 7 億美元。大部分支出有助於彌補本次交易中可能損失的利率基礎。這使我們能夠對正在進行的專案的彈性和可靠性進行急需的投資。儘管我們意識到這暫時增加了我們對資產負債表的依賴，但我們的投資也有助於同步資本部署，為此交易做好準備。這筆支出支持了我們對獲利狀況的持續承諾和信心，預計我們的長期獲利目標不會受到干擾。

Moving on to capital investments. I'll now focus a bit on our capital execution in 2023 and the increase in our 10-year capital plan target shown here on Slide 9. The fourth quarter of 2023 represented yet another quarter of sound capital investment execution by the team here as we invested $900 million for the benefit of our customers and communities bringing our 2023 capital deployment total to $4.3 billion. Given the broader economic impacts our customers are experiencing, we continue to be focused on affordability from both an O&M and an ongoing targeted capital perspective. Even with the incremental capital investment, we continue to estimate our growth in customer delivery charges at Houston Electric to be equal to or less than the historic inflation rate of 2% through 2030. We have confidence in our ability to achieve this. Given the size of the Houston Electric customer base and its tremendous organic growth, securitization charges that are rolling off the bill later this year and our plan to reduce O&M as I referenced.

轉向資本投資。現在，我將重點關注我們在 2023 年的資本執行情況以及幻燈片 9 中顯示的 10 年資本計劃目標的增加。2023 年第四季度代表了我們的團隊又一個季度穩健的資本投資執行情況。為了我們的客戶和社區的利益投資了9 億美元，使我們2023 年的資本部署總額達到43 億美元。鑑於我們的客戶正在經歷更廣泛的經濟影響，我們將繼續從營運和維護以及持續的目標資本角度關注可承受性。即使資本投資不斷增加，我們仍然預計到 2030 年，休士頓電力的客戶交付費用成長將等於或低於 2% 的歷史通膨率。我們對實現這一目標的能力充滿信心。考慮到休士頓電力客戶群的規模及其巨大的有機成長、今年稍後將取消的證券化費用以及我提到的減少營運和維護的計劃。

Reducing O&M will continue to be a focus while we execute our core work plan to meet our customers' needs. As we look over the last 3 years, even with the opportunity to complete more maintenance work on the system, we have successfully reduced O&M at about 2% per year on average over that period, which is the high end of our target. And we are just getting started on using LEAN as a methodology throughout the organization, which we expect to help us continue to reduce O&M and enhance the effectiveness of the capital we deploy. But even in its early stages, we are already seeing results. One recent example that comes to mind comes from our electric business. Through a review of recent reliability outcomes and the associated processes, we identified an internal standard that generated multiple truck rolls to the same location for the same issue. This had nothing to do with the issue not being addressed and fixed after the first visit, but was an internal standard that was resulting in multiple truck rolls.

當我們執行核心工作計畫以滿足客戶需求時，減少維運將繼續成為重點。回顧過去 3 年，即使有機會完成更多的系統維護工作，我們仍成功地將 O&M 在此期間平均每年減少約 2%，這是我們目標的上限。我們剛開始在整個組織中使用精實作為一種方法，我們希望這將幫助我們繼續減少營運和維護並提高我們部署的資本的有效性。但即使在早期階段，我們也已經看到了成果。最近我想到的一個例子來自我們的電力業務。透過審查最近的可靠性結果和相關流程，我們確定了一個內部標準，可以針對同一問題向同一地點提供多次上門服務。這與第一次訪問後未解決和修復的問題無關，而是導致多次上門服務的內部標準。

The team is now implementing a modified standard that gives our frontline crews the ability to assess and address the work, mitigating additional truck rolls and providing a better customer experience. This is just a small but meaningful example of improving customer outcomes while also being more efficient in our O&M activities. We certainly appreciate the focus of our teams on the customer and doing the right work while also eliminating the rework along the way. Here on Slide 13, you can see the cumulative effect. This illustrates a rare attribute in our sector. The charges associated with the work we deliver on our customers' bills as a state essentially flat over the last 10 years. We are proud and fortunate to serve a thriving community where we seek to thoughtfully invest in key infrastructure doing our part to enable the economic development of our region.

團隊現在正在實施修改後的標準，使我們的第一線工作人員能夠評估和解決工作，減少額外的上門服務並提供更好的客戶體驗。這只是一個小而有意義的例子，在改善客戶成果的同時，我們的維運活動也變得更有效率。我們當然感謝我們的團隊以客戶為中心，做正確的工作，同時消除整個過程中的返工。在投影片 13 上，您可以看到累積效應。這說明了我們行業的一個罕見特徵。在過去 10 年裡，與我們在整個州的客戶帳單上提供的工作相關的費用基本持平。我們很自豪也很幸運能夠為一個蓬勃發展的社區提供服務，我們尋求對關鍵基礎設施進行深思熟慮的投資，盡自己的一份力量來促進我們地區的經濟發展。

As we look further out into the plan, I want to provide some additional insight into and address our evolving tax profile, to how we're thinking about the financing of our plan. First, the sale of our Louisiana and Mississippi LDCs is expected to provide greater financing flexibility over the course of our plan as we look to deploy those proceeds as well as reallocate the capital previously associated with those businesses. We are also now assuming moderate pressure coming from evolving tax policy. In particular, this relates to the Alternative Minimum Tax, or AMT, unlike many others in the sector, CenterPoint has historically been a cash taxpayer. On a prospective basis, given the current guidance, we now assume that our base case is that we are subject to AMT. However, as we look to the future, we anticipate a cash tax liability that will be partially offset by the credit generated from paying AMT, allowing us to monetize these payments.

當我們進一步研究該計劃時，我想提供一些額外的見解並解決我們不斷變化的稅務狀況，以及我們如何考慮我們計劃的融資。首先，出售路易斯安那州和密西西比州最不發達國家預計將在我們的計劃過程中提供更大的融資靈活性，因為我們希望部署這些收益並重新分配以前與這些業務相關的資本。我們現在還面臨著來自不斷變化的稅收政策的適度壓力。特別是，這與替代最低稅（AMT）有關，與該行業的許多其他公司不同，CenterPoint 歷來都是現金納稅人。在前瞻性的基礎上，鑑於目前的指導，我們現在假設我們的基本情況是我們受到 AMT 的約束。然而，展望未來，我們預計現金稅負債將被支付 AMT 產生的抵免額部分抵消，使我們能夠將這些付款貨幣化。

We expect this cash tax liability will largely be driven by our income tax liability generated from operations and the tax liability associated with the maturity of our ZENS instrument that matures in 2029. I would think of this as simply prepaying cash tax liabilities associated with our ZENS instrument. With respect to funding incremental capital, our funding strategy introduced last quarter remains unchanged. As we continue to identify and execute incremental capital, equity or equity-like funding would be required, and I'll reiterate that you should assume this equity funding should be in line with our consolidated capital structure. So as we look to fund the incremental $600 million announced today, of which $100 million was already deployed in 2023, that would imply that we expect to issue approximately $250 million of equity under our ATM program in 2025 in addition to the $250 million we plan to issue in 2024.

我們預計這種現金稅負債將主要由我們的營運產生的所得稅負債以及與 2029 年到期的 ZENS 工具相關的稅務負債所驅動。我認為這只是預付與我們的 ZENS 相關的現金稅負債樂器。在增量資本融資方面，我們上季推出的融資策略保持不變。隨著我們繼續確定和執行增量資本，將需要股權或類似股權的融資，我將重申，您應該假設這種股權融資應符合我們的合併資本結構。因此，當我們希望為今天宣布的增量6 億美元提供資金時，其中1 億美元已於2023 年部署，這意味著，除了我們計劃的2.5 億美元之外，我們預計還會在2025 年根據我們的ATM 計劃發行約2.5 億美元的股權於 2024 年發行。

To add color to what Jason touched on in his remarks, on a go-forward basis, we anticipate that these modest issuances of roughly $250 million will be programmatic through 2030 as we continue to fund what we anticipate will be expanding capital needs and satisfy our near-term minimum tax obligations. We will be in a better position to provide additional color around our future capital plan and the corresponding financing plan as we get to the other side of our rate case filings. Finally, to highlight the balance sheet and credit strength. As of the end of the year, our calculated FFO to debt was 14% delivering the cushion we continue to emphasize. For 2 reasons I'll touch on, we may be in a transitory period for a few quarters, but continue to target FFO to debt through 2030 at our target range of 100 to 150 basis points of cushion to our downgrade threshold of 13%. We are continuing to carry over $400 million of debt at the parent, which was issued to fund our higher equity layer at both Houston Electric and Texas Gas.

為了讓Jason 在他的演講中提到的內容增添色彩，在未來的基礎上，我們預計到2030 年，這些大約2.5 億美元的適度發行將是有計劃的，因為我們將繼續為我們預計將擴大的資本需求提供資金並滿足我們的需求。近期最低稅務義務。當我們進入利率案件備案的另一面時，我們將能夠更好地圍繞我們未來的資本計劃和相應的融資計劃提供更多資訊。最後，要突顯資產負債表和信用實力。截至今年年底，我們計算出的 FFO 與債務比率為 14%，這提供了我們繼續強調的緩衝。基於我將談到的兩個原因，我們可能會在幾個季度內處於過渡期，但繼續將FFO 債務目標定為到2030 年，我們的目標範圍為100 至150 個基點的緩衝，以達到13% 的降級閾值。我們將繼續承擔母公司超過 4 億美元的債務，這些債務是為休士頓電力公司和德州天然氣公司的更高股權層提供資金而發行的。

We believe these are the proper capitalization of these businesses, and we've reflected this in our Texas Gas rate case filing, and we'll do so as well in the CEHE rate case that we file here in the next few weeks. Additionally, as both Jason and I touched upon, we performed much more work in 2023 than we had originally anticipated as we made much needed investments in resiliency and reliability, especially at Houston Electric. The combination of cap structure positioning and the incremental investments is temporarily elevating our debt on the balance sheet, which we felt comfortable with as we anticipate cash coming in the door from the sale of our Louisiana and Mississippi LDCs and the recovery of those investments. An area in which we've seen improvement is the continued reduction of our exposure to floating rate debt. We reduced floating rate debt to approximately $1.9 billion in 2023, which represents close to a nearly 60% reduction when compared to 2022.

我們相信這些是這些業務的正確資本化，我們已在德克薩斯州天然氣費率案件備案中反映了這一點，我們也將在接下來幾週內在此提交的 CEHE 費率案件中這樣做。此外，正如 Jason 和我所提到的，我們在 2023 年所做的工作比最初預期的要多得多，因為我們在彈性和可靠性方面進行了急需的投資，尤其是在休士頓電力公司。上限結構定位和增量投資的結合暫時提高了我們資產負債表上的債務，我們對此感到滿意，因為我們預計出售路易斯安那州和密西西比州最不發達國家以及收回這些投資將帶來現金。我們看到改善的一個領域是我們的浮動利率債務曝險持續減少。到 2023 年，我們將浮動利率債務減少至約 19 億美元，與 2022 年相比減少了近 60%。

This includes the floating rate note of $350 million at 5.99%, which matures soon. We remain focused on maintaining a strong balance sheet throughout this interest rate environment. We believe we have built in conservatism into our long-term plan and today shows another step in progressing that plan for customers and investors. Today's announcement in capital allocation focuses on planning for the long term into jurisdictions with solidly improving regulatory recovery and shared large growing customer bases. This only serves to strengthen an already great plan and execute even in the face of continued headwinds for the benefit of customers and investors. With 3 consecutive years of 9% growth behind us, we continue to reaffirm our non-GAAP EPS target of 8% this year and the mid- to high end of 6% to 8% thereafter through 2030.

其中包括即將到期的 3.5 億美元、利率為 5.99% 的浮動利率票據。在這種利率環境下，我們仍致力於維持強勁的資產負債表。我們相信，我們已經將保守主義融入了我們的長期計劃中，而今天，我們向客戶和投資者展示了該計劃的進一步進展。現今的資本配置公告著重於對司法管轄區進行長期規劃，切實改善監管復甦並共享不斷增長的龐大客戶群。這只會加強已經很出色的計劃，即使面對持續的逆風也能執行，以造福客戶和投資者。連續三年 9% 的成長已經過去，我們繼續重申今年 8% 的非 GAAP 每股盈餘目標，以及此後到 2030 年 6% 至 8% 的中高端目標。

And with that, I'll now turn the call back over to Jason.

現在，我將把電話轉回傑森。

Thank you, Chris. I look forward to leading this company for many years to come in executing what I believe to be one of the best, most tangible long-term growth plans in the industry. I am confident in our team and the organization's continued improvement to enhance an already strong track record of delivering for all of our stakeholders.

謝謝你，克里斯。我期待在未來的許多年裡領導這家公司執行我認為是業內最好、最切實的長期成長計劃之一。我對我們的團隊和組織的持續改進充滿信心，以增強我們為所有利害關係人提供服務的良好記錄。

Great. Thank you, Jason. Operator, we're now prepared to take Q&A.

偉大的。謝謝你，傑森。接線員，我們現在準備進行問答。

(Operator Instructions) The first question comes from Anthony Crowdell with Mizuho.

（操作員說明）第一個問題來自 Mizuho 的 Anthony Crowdell。

A lot to unpack here. If I could just start, Jason, in your prepared remarks, I think you gave 3 points about the sale. And one of them was about looking at states where you have combined electric and gas assets or a larger presence. If I then connect that with Slide 16, I'd like to talk more about some of the other gas assets where they're not overlapping to the electric system. Is that also a potential use of proceeds going forward?

這裡有很多東西需要解壓縮。 Jason，請讓我開始，在您準備好的發言中，我認為您對此銷售給了 3 點觀點。其中之一是關注那些擁有電力和天然氣資產或擁有更大業務的州。如果我將其與幻燈片 16 聯繫起來，我想更多地討論一些與電力系統不重疊的其他天然氣資產。這是否也是未來收益的潛在用途？

Anthony, I appreciate the question. Look, I think we've got a proven track record here where we look to fund our industry-leading growth plan as efficiently as possible. This will be the fourth transaction over the last 3 years doing that. As it relates to the remaining composition after we closed the sale of Louisiana and Mississippi, we're really pleased with the states we have the privilege to serve. I think we pointed out we have a bias on a dual fuel basis, but we also have a bias where we have presence. And so we're really happy with the remainder of the portfolio.

安東尼，我很欣賞這個問題。看，我認為我們在這裡擁有良好的記錄，我們希望盡可能有效地為我們行業領先的成長計劃提供資金。這將是過去三年來的第四筆交易。由於這與我們結束路易斯安那州和密西西比州的出售後的剩餘成分有關，我們對我們有幸服務的州感到非常滿意。我認為我們指出我們對雙燃料有偏見，但我們在我們的存在方面也有偏見。因此，我們對產品組合的其餘部分非常滿意。

I'll just say that we'll continue to look to fund this growth as efficiently as possible, as we've proven over the last few years. .

我只想說，我們將繼續盡可能有效地為這種增長提供資金，正如我們在過去幾年中所證明的那樣。 。

And then my tax accounting skills are very weak, so I apologize. Should I think of the incremental $250 million a year plus the proceeds you have from this transaction coupled with, I think, the maturity of the ZENS in 2029 that your annual cash tax bill will increase from now through the plan? Or does your cash tax bill decrease and this additional CapEx -- additional equity or equity-like proceeds are more for CapEx?

然後我的稅務會計技能很薄弱，所以我很抱歉。我是否應該考慮每年增加的 2.5 億美元加上您從這筆交易中獲得的收益，再加上 ZENS 在 2029 年到期，您的年度現金稅單將從現在開始通過該計劃增加？或者你的現金稅單會減少，而額外的資本支出——額外的股權或類似股權的收益對於資本支出來說是否會更多？

Anthony, it's Chris. I think the simple way to think about it is, we've consistently been a cash taxpayer for a number of years. The way I would think about these kind of coming together is you have ZENS out in 2029. But the interesting attribute of the corporate alt min tax is that it actually allows us to reduce that exposure over time. And so if you look at the different pieces, you'll have the equity component today. You'll have the proceeds from the sale. And offsetting those would be the combination of the alt min tax, at least at this point, forecasted impacts again because that's not finalized as well as the increased CapEx that we highlighted today.

安東尼，是克里斯。我認為簡單的思考方式是，我們多年來一直是現金納稅人。我認為這種結合的方式是你會在 2029 年推出 ZENS。但企業替代最低稅的有趣屬性是，它實際上允許我們隨著時間的推移減少這種風險。因此，如果您查看不同的部分，您今天就會看到股權部分。您將獲得銷售收益。抵消這些影響的將是替代最低稅的組合，至少在這一點上，再次預測的影響，因為這還沒有最終確定，以及我們今天強調的增加的資本支出。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

The next question comes from Steve Fleishman with Wolfe Research.

下一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。

And congrats on the sale announcement. So just a follow-up on the question on the taxes. Chris or Jason, do you have a sense of kind of roughly how much cash tax you'll be paying a year, let's say, '24, '25 or just something that we can use for that.

並祝賀銷售公告。所以只是關於稅務問題的後續行動。克里斯或傑森，您是否知道您每年大約要繳納多少現金稅，例如說“24”、“25”或只是我們可以用於此目的的東西。

I'll just be rough here. It's roughly $150 million a year as we look at the period from '24 really through 2030. If you just step back, maybe I could help paint the sources and uses for you, Steve, if that helps, just to hit it on the nose. You've got -- at the highest order what we announced today, right, is you've got the fact that we've already invested in the capital, which we replaced the $700 million of rate base associated with the gas LDCs. And we did that while maintaining the FFO to debt cushion and the earnings guidance unchanged. So as you look at the sources themselves, we've got -- from '25 to 2030 is the time period to think about. You've got $250 million per year from the equity piece. You've got the -- that gets you to $1.5 billion, then you've likely got the ATM issuance or equity-like proceeds, right, which is what that comes from.

我就在這裡粗暴一點吧。從24 年到2030 年這段時間，每年大約有1.5 億美元。如果你退後一步，也許我可以幫你描繪出來源和用途，史蒂夫，如果這有幫助的話，只是為了擊中你的鼻子。 。我們今天宣布的最高級別的內容是，我們已經投資了資本，取代了與天然氣最不發達國家相關的 7 億美元利率基礎。我們在這樣做的同時維持了 FFO 債務緩衝和獲利指引不變。因此，當您查看來源本身時，我們會發現 - 從 25 年到 2030 年是需要考慮的時間段。您每年可以從股權中獲得 2.5 億美元。你已經得到了——這會讓你達到 15 億美元，然後你可能會得到 ATM 發行或類似股票的收益，對吧，這就是它的來源。

And so ultimately, just to put that in perspective, at that amount of that equity, that's less than 1.5% of our market cap per year. And on the usage side, you've got roughly similar amount there, right? So similar -- or just shy of about $1 billion through 2030 for the projected corp min tax impact and then the incremental $500 million of growth CapEx that we talked about today.

因此，最終，從長遠來看，就該股本而言，這還不到我們每年市值的 1.5%。在使用方面，您的數量大致相似，對吧？非常相似——或者說到 2030 年，預計企業最低稅收影響約為 10 億美元，然後是我們今天討論的增量 5 億美元的成長資本支出。

So that gives us a good amount of comfort that we can really deliver the plan for the long term, fold in potentially some additional capital over time and proactively position the balance sheet. And so I think in the end, I think we all know that the corp min tax piece isn't finalized yet. I think that's something that we're all watching. But this is just the essence of us trying to plan conservatively going forward.

因此，這給了我們很大的安慰，我們可以真正實現長期計劃，隨著時間的推移增加一些潛在的額外資本，並主動調整資產負債表。所以我認為最後，我想我們都知道企業最低稅收部分尚未最終確定。我認為這是我們都在關注的事情。但這只是我們試圖保守地規劃未來的本質。

And just the -- on the alt min tax, is that mainly kind of we should watch the things we've been watching for the industry like the repair deduction and things like that could affect whether that ends up being what you're projecting or not?

關於替代最低稅，我們主要應該關注我們一直在關注的行業問題，例如維修扣除以及類似的事情可能會影響最終是否是您所預測的或不是？

That's accurate, Steve. I would think about, depending on where the repairs piece lands that could actually lessen the impact here that we're talking about this morning related to the corp min tax.

這是準確的，史蒂夫。我會考慮，根據維修件的落地位置，這實際上可以減輕我們今天早上討論的與企業最低稅相關的影響。

Okay. Great. And then on the -- I know, Jason, you went through all the rate cases. I appreciate that. Just be curious your thoughts on the new share of the Texas PUC.

好的。偉大的。然後，我知道，傑森，你已經了解了所有的費率案例。我很感激。請好奇您對德克薩斯州 PUC 新份額的看法。

Yes. Thanks, Steve. We've got a long history of working with Chairman, [Lesar]. He stepped in the role of Executive Director kind of after winter storm Uri, and we have tackled a number of issues here in Texas with him, particularly I think back to the last legislative session here this past year and the work that we did around cost of capital and cap structure from a legislative basis. But I think it's a real opportunity for us to continue to leverage that relationship that we built -- I was in, with Chairman, Lesar in December prior to the announcement, as I stepped in currently in this role. So we'll maintain a really good relationship there.

是的。謝謝，史蒂夫。我們與主席[Lesar]有著悠久的合作歷史。在冬季風暴烏里之後，他擔任了執行董事，我們和他一起解決了德克薩斯州的許多問題，特別是我回想起去年在這裡舉行的最後一次立法會議以及我們圍繞成本所做的工作從立法基礎上確定資本和上限結構。但我認為這對我們來說是一個真正的機會，可以繼續利用我們建立的關係——在宣布這一消息之前，我於 12 月與 Lesar 董事長合作，目前我正擔任這一職位。所以我們會在那裡保持非常好的關係。

But I think Steve, stepping back, I want to provide a little bit of context about how we're positioning all of these rate cases. I think what may be -- maybe not understood as well as possible is that last year, we increased revenues in our Houston Electric business by about $300 million through settlements. And as we continue to look forward, we're anticipating a relatively flat revenue requirement request in this upcoming Houston Electric rate case, and we'll continue to work with parties constructively to resolve it. And so I think it's continuing to maintain strong relationships with the commissioners but equally continuing to work constructively with all parties in the cases.

但我認為史蒂夫，退後一步，我想提供一些關於我們如何定位所有這些利率案例的背景資訊。我認為可能——也許沒有被充分理解的是，去年，我們透過和解將休士頓電力業務的收入增加了約 3 億美元。隨著我們繼續展望未來，我們預計在即將到來的休士頓電力費率案件中，收入要求將相對平穩，我們將繼續與各方建設性地合作解決這個問題。因此，我認為它會繼續與委員們保持牢固的關係，但同樣會繼續與案件中的各方進行建設性的合作。

The next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自古根漢合夥人公司的 Shar Pourreza。

It's actually Constantine here for Shar. Congrats on a great quarter and update.

其實是康斯坦丁來找莎爾的。祝賀一個偉大的季度和更新。

Just following up on the sale announcement. How are you thinking about the timing of reinvestments and use of proceeds as we just think about the potential accretion versus the plan? And do you anticipate this will create more investment capacity versus the 14% metric you highlighted for '23?

只是跟進銷售公告。當我們只考慮潛在的增值與計劃相比時，您如何考慮再投資的時機和收益的使用？與您在 23 年強調的 14% 指標相比，您預計這會創造更多的投資能力嗎？

Yes. Thanks, Constantine. I think what's important here is we're working off our front foot. We -- as we talked about increased the 2023 CapEx spend about $700 million for critical investments for our customers. That is basically enabling us to put those investments in rates at the same time that we anticipate closing on this sale in early 2025. So effectively, we've prefunded the loss of rate base. So I think about these proceeds as effectively paying off what has been prefunded, enhancing the balance sheet and putting us in a position of continued strength moving forward.

是的。謝謝，康斯坦丁。我認為這裡重要的是我們要全力以赴。正如我們所說，我們將 2023 年資本支出增加了約 7 億美元，用於客戶的關鍵投資。這基本上使我們能夠在預計 2025 年初完成此次銷售的同時將這些投資投入利率。因此，實際上，我們已經為利率基礎的損失做好了預先準備。因此，我認為這些收益有效地償還了預先融資的資金，改善了資產負債表，並使我們處於持續發展的有利地位。

Excellent. That makes sense. And do you have any thoughts on the cadence of future updates, especially as you look to optimize around Texas resiliency, just would you look at any kind of periodic updates or what to expect?

出色的。這就說得通了。您對未來更新的節奏有什麼想法，特別是當您希望優化德州的彈性時，您會考慮任何類型的定期更新或期待什麼嗎？

Yes, thanks for the question. As you -- hopefully appreciate it at this point, I think we're building a track record of consistent update throughout the year. I don't think we're going to be the management team that waits kind of annually for a cycle, as we have news, we'll share it. And we're constantly looking at enhancing the plan and have built that track record of continuous updates quarter after quarter. I think stepping back more broadly, though, I think as we get to the other side of these rate cases in '25, I look forward to hosting another Investor Day where -- at that point, we will likely put forward a new 10-year plan into the mid-2030s, just reflecting our long-term confidence in the growth that we have here at CenterPoint. And so expect periodic updates in between now and then. And then on the other side of these rate cases, a much more comprehensive update, underpinning the long-term growth that we have in front of us.

是的，謝謝你的提問。正如您所希望的那樣，我認為我們正在建立全年持續更新的記錄。我不認為我們會成為每年等待一個週期的管理團隊，因為我們有消息，我們會分享它。我們不斷尋求改進計劃，並建立了逐季持續更新的記錄。不過，我認為更廣泛地退一步，我認為當我們在 25 年達到這些利率案例的另一面時，我期待舉辦另一個投資者日，屆時，我們可能會提出一個新的 10- 2030 年代中期的年度計劃，正好反映了我們對CenterPoint 成長的長期信心。因此，請期待從現在到那時的定期更新。另一方面，這些利率案例的另一面是更全面的更新，支撐著我們面前的長期成長。

Wonderful. Looking forward to it. And maybe just one last cleanup question following up on the regulatory side. Any lessons learned in the active cases, especially as you're considering the Houston filing now in March? And any thoughts on settlement prospects or partial settlements of issues?

精彩的。期待它。也許這只是監管上的最後一個清理問題。從當前案件中吸取了哪些經驗教訓，特別是當您正在考慮三月向休士頓提起訴訟時？對解決前景或問題的部分解決有什麼想法嗎？

A little fun fact on this Houston Electric rate case that as we are putting the final touches on the filing, it will be the smallest revenue requirement increase requested in the history of CenterPoint or its predecessor companies back to 1975. And so I think it's really, I think, reflective of the hard work that we're doing to maintain affordable service for our customers despite significant increases in improving system resiliency and reliability. So in that way, I hope we're putting forward, and I think we are a very constructive revenue requirement increase. As I look forward in that procedural schedule, there's the possibility of potentially settling the Houston Electric rate case sometime mid-summer, kind of in between intervenor testimony and hearings. But again, I think our focus is on filing a compelling case for all stakeholders and then working constructively through that process.

關於休士頓電力費率案件的一個有趣的事實是，當我們對備案進行最後修改時，這將是 CenterPoint 或其前身公司自 1975 年以來所要求的最小收入要求增長。所以我認為這真的是我認為，這反映了我們為維持為客戶提供負擔得起的服務所付出的努力，儘管在提高系統彈性和可靠性方面取得了顯著的進步。因此，我希望我們提出，而且我認為我們是非常有建設性的收入要求增加。正如我在該程序時間表中所期待的那樣，休士頓電力公司費率案件有可能在仲夏的某個時間（介入者證詞和聽證會之間）得到解決。但我再次強調，我們的重點是為所有利害關係人提交令人信服的案例，然後在整個過程中建設性地開展工作。

The next question comes from Durgesh Chopra with Evercore.

下一個問題來自 Evercore 的 Durgesh Chopra。

Can I just quickly clarify the rate base number on the 2 gas LDCs that we are serving, $700 million or $800 million?

我能否快速澄清我們所服務的兩個天然氣最不發達國家的費率基數，7 億美元還是 8 億美元？

It was roughly $800 million of rate base that we have invested in Louisiana and Mississippi. The $700 million is what we increased our capital expenditure plan in 2023, effectively prefunding the anticipated rate base that will go with that sale of Louisiana, Mississippi.

我們在路易斯安那州和密西西比州的投資金額約為 8 億美元。這 7 億美元是我們在 2023 年增加資本支出計畫的資金，有效地為出售密西西比州路易斯安那州的預期利率基礎提供了資金。

Got it. And then maybe just as we think about future capital raises, Jason and/or Chris, what's the cadence of equity potential funding to equity in future capital raises here as we look to out-years?

知道了。然後，也許就像我們考慮未來的融資一樣，傑森和/或克里斯，當我們展望未來幾年時，未來融資中股權潛在融資與股權的節奏是怎樣的？

Sure, Durgesh. And we're going to be consistent here with where we have been. And that is as we look at the potential for incremental growth CapEx opportunities, you should think about the funding -- funding them in line with our regulated cash structure. So again, just directionally about 50-50 there. And again, as we look even just here in the Houston area, we continue to see really growth on all fronts. The residential side, including housing starts increasing year-over-year and then substantial opportunities as it relates to the industrial side in particular, most recently, you probably had seen the Department of Energy identified a series of hydrogen hubs across the country.

當然，杜爾吉什。我們將與過去的情況保持一致。也就是說，當我們考慮增量成長資本支出機會的潛力時，您應該考慮資金——根據我們受監管的現金結構為它們提供資金。再說一遍，方向上大約是 50-50。再說一遍，即使只是在休士頓地區，我們仍然看到各個方面的真正成長。住宅方面，包括房屋開工量逐年增加，然後是與工業方面相關的大量機會，特別是最近，您可能已經看到能源部在全國範圍內確定了一系列氫中心。

No surprise that one of those is here in Houston. And really what's compelling about it is not only the opportunities they represent for economic growth for the communities and overall load growth, but the fact that it creates permanent jobs, right? To the tune of over 30,000 to 35,000 jobs is what they've identified there. So that's really the type of growth that we're excited about there. And it could be [hydrogen], it can be residential, it could be small and medium business. We're really just appreciative of the community that we have the privilege to serve.

毫不奇怪，其中之一就在休士頓。真正引人注目的不僅是它們為社區經濟成長和整體負荷成長帶來的機會，而且還在於它創造了永久性就業機會，對嗎？他們在那裡確定了超過 30,000 到 35,000 個工作機會。所以這確實是我們感到興奮的成長類型。它可以是[氫]，可以是住宅，也可以是中小型企業。我們真的很感激我們有幸服務的社區。

I appreciate that color. And I apologize, but just one last one. The $115 million a year in cash taxes, Chris, that you alluded to, was that incremental or higher cash taxes payments versus your previous plan? Or is that inclusive of this whole new AMT? Is that a total amount? Or is that just the incremental amount?

我很欣賞那種顏色。我道歉，但只是最後一件事。克里斯，您提到的每年 1.15 億美元的現金稅，與您之前的計劃相比，是增量還是更高的現金稅支付？或者這是否包括全新的 AMT？這是總數嗎？或者這只是增量？

I would think about that, Durgesh, as the incremental amount.

德吉什，我會認為這是增量。

Durgesh, just a little bit of color around this. As we've talked about, CenterPoint is historically been a federal cash taxpayer. The last couple of years, we talked about adopting the repairs tax and really minimizing that build right about the time that our cash taxes would be coming down is right about the time it will be subject to the mid tax. And so think about this as kind of incremental as we had worked down that federal cash tax payment position.

Durgesh，只是在這周圍加一點顏色。正如我們所討論的，CenterPoint 歷來都是聯邦現金納稅人。在過去的幾年裡，我們討論了採用維修稅，並在我們的現金稅下降的時候，也就是在繳納中間稅的時候，真正地最大限度地減少這種建設。因此，請將此視為增量，因為我們已經確定了聯邦現金納稅狀況。

The next question comes from Sophie Karp with KeyBanc.

下一個問題來自 KeyBanc 的 Sophie Karp。

Congrats on the strong quarter and the year. So can I ask you a question about the, I guess, the new filing on the -- new resiliency filing in Texas under the new law. So you already have most of your CapEx in Texas recovered through contemporaneous mechanisms. So what kind of an impact do you anticipate from, I guess, separating some part of your capital there into this resiliency trackers potentially?

恭喜季度和全年的強勁表現。我想我可以問你一個關於德克薩斯州根據新法律提交的新彈性申請的問題嗎？因此，您已經透過同期機制恢復了德州的大部分資本支出。那麼，我想，如果將部分資本分離到彈性追蹤器中，您預計會產生什麼樣的影響？

Yes. Thanks for the question, Sophie. So I wouldn't necessarily think about this resiliency filing is changing the mechanism of recovery. I think we'll continue to pursue constructive distribution and transmission capital trackers that we have currently. I think the real benefit outside of really putting forward a 3-year plan, we look at the cost-benefit analysis of these investments to make sure that we're prudently investing on behalf of our customers. The real benefit financially is that the distribution capital that is subject to that approved 3-year plan. Effectively, we will minimize regulatory lag associated with that investment. That regulatory lag is effectively -- when we put that capital into service, we begin appreciating it. We began to record interest and taxes on it. Those amounts today fall to the bottom line in the form of regulatory lag before the capital is put into rates.

是的。謝謝你的提問，蘇菲。因此，我不一定會認為這種彈性歸檔正在改變恢復機制。我認為我們將繼續追求我們目前擁有的建設性分銷和傳輸資本追蹤器。我認為，除了真正提出三年計畫之外，我們還會對這些投資進行成本效益分析，以確保我們代表客戶進行審慎投資，這才是真正的好處。真正的經濟利益是受批准的三年計劃約束的分配資本。實際上，我們將最大限度地減少與該投資相關的監管滯後。這種監管滯後是有效的——當我們將這些資本投入使用時，我們開始欣賞它。我們開始記錄利息和稅金。如今，在資本投入利率之前，這些金額以監管滯後的形式降至底線。

As we look forward now, we have the opportunity to defer those post in-service carrying costs until we start collecting the capital investment in rates. The way that I think about this from a rule of thumb standpoint is about every $300 million of eligible distribution capital is worth about $0.01 of savings in terms of regulatory lag. And so think about this less as a new mechanism for recovery and more about helping minimize regulatory lag on our system investment.

正如我們現在所期望的那樣，我們有機會推遲這些服役後的持有成本，直到我們開始收取資本投資費率。從經驗法則的角度來看，我的想法是，就監管滯後而言，每 3 億美元的合格分配資本大約相當於 0.01 美元的節省。因此，不要將其視為一種新的復甦機制，而應更多地考慮幫助最大限度地減少我們系統投資的監管滯後。

Got it. That is super helpful. And then my other question was on the capital plan increase, right? The incremental $4 billion that you guys are showing, should we think about this as more or less a ratable increase over the 10 years, like over the remainder of the plan rather or is there some shape to it?

知道了。這非常有幫助。然後我的另一個問題是關於資本計劃的增加，對吧？你們展示的 40 億美元增量，我們是否應該將其視為 10 年內或多或少的可估價增長，就像計劃的其餘部分一樣，還是有某種形狀？

Sure thing, Sophie. I think it's fairly ratable. I think maybe a couple of the exceptions relate specifically to a few things that we're looking at in Indiana, in particular, related to some generation projects there. Those tend to be just inherently a little bit larger as we work those into the plan. But otherwise, really across the plan, I think the thing to emphasize here is we don't -- there's no real big bet that we're looking at here. This is very straightforward, just base utility cap that we're looking at.

當然可以，蘇菲。我覺得還蠻值得評價的我認為也許有一些例外與我們在印第安納州關注的一些事情特別相關，特別是與那裡的一些發電項目有關。當我們將這些納入計劃時，這些往往本質上會更大一些。但除此之外，實際上在整個計劃中，我認為這裡要強調的是我們沒有——我們在這裡沒有真正的大賭注。這非常簡單，只是我們正在考慮的基本效用上限。

Operator, I think we have time for one more question, please.

接線員，我想我們還有時間再問一個問題。

The last question will come from Julien Dumoulin-Smith with Bank of America.

最後一個問題將由美國銀行的 Julien Dumoulin-Smith 提出。

So I just wanted to close this out, if you don't mind, on the next quarter here as we think about the multiyear resiliency filing that you're going to be coming forward with. I just want to clarify this, we've talked a lot about the ATM, the $250 million here. We've talked about the asset sales. How do you think about -- especially the asset sales side that is effectively prefunding any portion of that resiliency plan to come here in the next quarter? Just want to really clarify how much incremental equity could be coming as part of a yet higher CapEx number associated with a fully dispositive resiliency filing?

因此，如果您不介意的話，我只想在下個季度結束這個主題，因為我們正在考慮您將提出的多年彈性文件。我只是想澄清這一點，我們已經討論了很多關於 ATM 機、這裡的 2.5 億美元的問題。我們已經討論過資產出售的問題。您如何看待——尤其是資產銷售方面，他們正在為下個季度的彈性計劃的任何部分提供有效的預資助？只是想真正弄清楚，作為與完全決定性彈性備案相關的更高資本支出數字的一部分，可以增加多少股權？

Yes, Julien, thanks for the question. I mean I think what we're trying to do is lay out kind of the pieces here. We've been investing, as you know, it improved resiliency for the community here in Houston over the last couple of years, starting kind of with resiliency now. And part of the $700 million that we increased our CapEx plan last year in 2023 by or investments directly attributable to improving system resiliency. And then as well, when you think about this transaction, there's the approximate $1 billion in after-tax proceeds, which really helps fund that pre-investment that I've been speaking about. But the other opportunity that I want to stress is in our previous 10-year capital plan ending 2030, we had about $1 billion of incremental investment earmarked for Louisiana, Mississippi.

是的，朱利安，謝謝你的提問。我的意思是，我認為我們正在嘗試做的是在這裡列出一些片段。如您所知，我們一直在投資，在過去幾年中提高了休士頓社區的彈性，現在從彈性開始。去年，我們在 2023 年增加了 7 億美元的資本支出計劃，其中一部分是直接用於提高系統彈性的投資。另外，當你考慮這筆交易時，你會發現大約有 10 億美元的稅後收益，這確實有助於為我一直在談論的預投資提供資金。但我想強調的另一個機會是，在我們之前截至 2030 年的 10 年資本計畫中，我們為密西西比州路易斯安那州指定了約 10 億美元的增量投資。

Upon closure of those, we'll obviously continue to invest through the close of the sale. But after that sale closes, we'll be able to take that $1 billion that we had allocated to Louisiana, Mississippi and redeploy it back here largely into Houston Electric for resiliency programs. So there's an opportunity there to get the improved recovery that I just mentioned in my answer to Sophie. I think there's also the opportunity -- we were under earning Louisiana, Mississippi, so by redeploying that capital back in Houston Electric, redeploying it in a jurisdiction, we have a higher earned return. So there's that kind of enhancement. So I wouldn't necessarily look at this as incremental equity coming out of this resiliency filing.

在這些交易結束後，我們顯然將在出售結束前繼續投資。但在那次出售結束後，我們將能夠將分配給路易斯安那州、密西西比州的 10 億美元重新部署回這裡，主要用於休士頓電力公司的彈性計畫。因此，有機會改善我剛才在給蘇菲的回答中提到的恢復。我認為還有機會——我們在路易斯安那州、密西西比州的收入不足，因此透過將這些資本重新部署回休士頓電力公司，將其重新部署到某個司法管轄區，我們可以獲得更高的賺取回報。所以就有了這種增強。因此，我不一定會將其視為彈性申請帶來的增量股本。

This is again, ways to support the prefunding the increases that we've seen as well as reallocating capital to support those programs and enhancing our long-term EPS growth plan.

這又是支持我們所看到的成長預籌資金以及重新分配資本以支持這些計劃和加強我們的長期每股收益成長計劃的方法。

Got it. Excellent. I know you commented on the Houston Electric ability to settle here, but the gas side of it assume the same in terms of broad sentiments. Maybe you can speak to that a little bit more on timing, too.

知道了。出色的。我知道您對休士頓電力公司在這裡定居的能力發表了評論，但天然氣方面的廣泛情緒也是如此。也許你也可以多談談時間安排。

Yes. No, thank you for that question. We've got our third settlement conference in the Texas Gas rate case here at the end of the month in February. That was what we believe is a relatively modest rate increase. And as we've talked about in the past, a number of customer classes are experiencing a significant rate decrease. And so we're optimistic that given the constructive nature of the request that we can kind of find a settlement. To the extent that we can't, we would anticipate a decision in that case probably mid-summer this year. So we'll continue working the settlement front according to that settlement schedule. And then as I said, we have the opportunity with the Houston Electric rate case sometime mid-summer to potentially settle that as well.

是的。不，謝謝你提出這個問題。我們將於二月底在這裡召開德州天然氣費率案件的第三次和解會議。我們認為這是相對溫和的升息。正如我們過去所討論的，許多客戶類別的費率正在大幅下降。因此，鑑於請求的建設性性質，我們樂觀地認為我們可以找到解決方案。如果我們做不到，我們預計這種情況可能會在今年仲夏做出決定。因此，我們將繼續根據該結算時間表進行結算工作。然後，正如我所說，我們也有機會在仲夏的某個時間處理休士頓電力公司的費率案，以解決這個問題。

Great. Operator, with that, that will conclude our Q&A for today's call.

偉大的。接線員，今天的電話問答就到此結束。

This concludes CenterPoint's Energy Fourth Quarter and Full Year Earnings Conference Call. Thank you for your participation. You may now disconnect.

CenterPoint 能源第四季和全年財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。

Take care, and have a nice day.

保重，祝你有美好的一天。