CenterPoint Energy Inc (CNP) 2024 Q1 法說會逐字稿

Good morning, and welcome to CenterPoint Energy's First Quarter 2024 Earnings Conference Call with senior management. [Operator Instructions] I will now turn the call over to Jackie Richert, Senior Vice President of Corporate Planning, Investor Relations and Trustee. Ms. Richert, you may begin.

早上好，歡迎參加 CenterPoint Energy 高階管理層召開的 2024 年第一季財報電話會議。 [操作員指示] 我現在將電話轉給企業規劃、投資者關係和受託人高級副總裁 Jackie Richert。里克特女士，您可以開始了。

Good morning, and welcome to CenterPoint Energy's First Quarter 2024 Earnings Conference Call. Jason Wells, our CEO; and Chris Foster, our CFO, will discuss the company's first quarter results.

早安，歡迎參加 CenterPoint Energy 2024 年第一季財報電話會議。 Jason Wells，我們的執行長；我們的財務長 Chris Foster 將討論公司第一季的業績。

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.

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或不確定性。根據我們的 10-Q 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 diluted adjusted earnings per share on a consolidated basis referred to as non-GAAP EPS. For information on our guidance methodology and a reconciliation of the non-GAAP measures used in providing guidance, please refer to our news release and presentation on our website. We will 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。在提供指引時，我們使用非 GAAP 每股盈餘衡量標準（合併基礎上的稀釋調整每股盈餘），稱為非 GAAP 每股盈餘。有關我們的指導方法以及提供指導時使用的非公認會計原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。我們將使用我們的網站公佈重大資訊。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 the call over to Jason.

現在我想把電話轉給傑森。

Thank you, Jackie, and good morning, everyone. As many of you likely saw from this morning's earnings release, we are off to a strong start in 2024 despite the mild weather and the general trend of higher for longer interest rate environment our sector has experienced. This quarter is yet another illustration of why we believe we have one of the most tangible long-term growth plans in the industry, which we plan to consistently execute and thoughtfully enhance for the benefit of all of our stakeholders.

謝謝你，傑基，大家早安。正如你們許多人可能從今天早上的財報中看到的那樣，儘管我們行業經歷了溫和的天氣以及長期利率環境中較高的總體趨勢，但我們在 2024 年仍取得了良好的開局。本季度再次說明了為什麼我們相信我們擁有業內最切實的長期成長計劃之一，我們計劃持續執行並深思熟慮地加強該計劃，以造福所有利益相關者。

On this morning's call, I'd like to address 3 key areas of focus before handing the call over to Chris to discuss our financial results in more detail. First, I'll briefly summarize the strong first quarter financial results I just alluded to. Second, I'll touch on the details of our most recent filing at Houston Electric related to our resiliency investments, including the potential for incremental CapEx. And lastly, I'll provide an update on where we stand with respect to our regulatory calendar including an overview of our pending rate cases and an important update on the settlement of our Texas Gas rate case, where we are hopeful for an eventual constructive outcome for our stakeholders.

在今天早上的電話會議上，我想先談談 3 個重點關注領域，然後再將電話轉交給克里斯，更詳細地討論我們的財務表現。首先，我將簡要總結我剛才提到的強勁的第一季財務表現。其次，我將談談我們最近在休士頓電力提交的與我們的彈性投資相關的文件的詳細信息，包括增量資本支出的潛力。最後，我將提供我們在監管日曆方面的最新情況，包括我們待決費率案件的概述以及德克薩斯州天然氣費率案件和解的重要更新，我們希望最終能取得建設性結果為了我們的利益相關者。

First, turning to our financial results for the first quarter. This morning, we announced non-GAAP EPS of $0.55 for the first quarter, which represents over 1/3 of our full year non-GAAP earnings guidance at the midpoint. As a reminder, our full year 2024 non-GAAP EPS guidance range of $1.61 to $1.63 represents 8% growth at the midpoint from our 2023 actual results of $1.50 per share and reflects our continued focus delivering value for our investors each and every year.

首先，轉向我們第一季的財務表現。今天早上，我們宣布第一季非 GAAP 每股收益為 0.55 美元，占我們全年非 GAAP 獲利指引中位數的 1/3 以上。需要提醒的是，我們2024 年全年非GAAP 每股收益指引範圍為1.61 美元至1.63 美元，較2023 年實際業績每股1.50 美元增長了8%，反映出我們每年持續致力於為投資者創造價值。

Beyond 2024, we are reaffirming our guidance where we expect to grow non-GAAP EPS at the mid- to high end of our 6% to 8% range annually through 2030 as well as targeting dividend per share growth, in line with earnings per share growth over that same period of time. Chris will provide additional details regarding our financial results and earnings guidance shortly.

2024 年後，我們重申我們的指導方針，預計到2030 年，非公認會計準則每股收益每年將增長6% 至8% 範圍的中高端，並以每股股息增長為目標，與每股收益保持一致同期成長。克里斯將很快提供有關我們的財務業績和盈利指導的更多詳細資訊。

Now I'll turn to the recent announcement we made regarding Houston Electric's resiliency plan filing. There's been a tremendous amount of collaboration by the public and private sector to align our focus on great resiliency across the state of Texas. I want to applaud the state for its continued support for providing additional tools to help improve resiliency of the electric grid, all of which serves to support the continued economic growth here in Texas.

現在我將談談我們最近發布的有關休士頓電力彈性計畫備案的公告。公共和私營部門進行了大量的合作，以協調我們對整個德克薩斯州的巨大彈性的關注。我要讚揚該州繼續支持提供額外的工具來幫助提高電網的彈性，所有這些都有助於支持德州經濟的持續成長。

This legislation is a recognition of investments needed to strengthen the resiliency of the grid for the increasing risk of disruptive, extreme weather-related or security-related events while at the same time accommodating little growth across Texas. Through these filings, we anticipate achieving a faster pace of investments to support higher levels of resiliency for our customers while also utilizing a recovery mechanism that is expected to enable smoother and more efficient recovery of certain distribution-related costs for the benefit of our customers and our investors.

這項立法認可了加強電網彈性所需的投資，以應對日益增加的破壞性、極端天氣相關或安全相關事件的風險，同時適應德州的小幅增長。透過這些文件，我們預計將實現更快的投資步伐，以支援客戶更高水準的彈性，同時利用回收機制，預計能夠更順利、更有效地回收某些與分銷相關的成本，以造福我們的客戶和我們的投資者。

Our focus on delivering a more resilient grid that serves approximately 2.8 million metered customers across the Greater Houston area has been underway for some time. The sequence of our work portfolio began with enhancing our electric transmission system and related substation, which comprised the backbone of our electric grid. This work included upgrading our transmission structures to better withstand extreme winds, elevating our substations to mitigate flood risk and converting our older 69 kV transmission lines to a more robust 138 kV standard. We will continue this work on the backbone of our system and when the first 3-year cycle proposed in this filing is complete in 2027, we believe we will have finished the vast majority of work associated with these programs.

我們致力於提供更具彈性的電網，為大休士頓地區約 280 萬名計量客戶提供服務，這項工作已經進行了一段時間。我們的工作組合首先是增強我們的輸電系統和相關變電站，它們構成了我們電網的支柱。這項工作包括升級我們的輸電結構以更好地抵禦極端大風、抬高我們的變電站以減輕洪水風險以及將我們舊的 69 kV 輸電線路轉換為更強大的 138 kV 標準。我們將在我們的系統骨幹上繼續這項工作，當本文件中提出的第一個 3 年周期於 2027 年完成時，我們相信我們將完成與這些計劃相關的絕大多數工作。

With that series of measures well underway, we're now complementing these program elements by expanding our targeted investments to improve outcomes closer to the customer. Our work articulated in our resiliency filing has 24 individual resiliency measures that are focused on advancing the overall resiliency of our system. The 3-year plan is expected to significantly improve customer outcomes from the most severe system events associated with extreme wind, flood, temperature changes and wildfires.

隨著這一系列措施的順利實施，我們現在正在透過擴大有針對性的投資來補充這些計畫要素，以改善更貼近客戶的結果。我們的彈性文件中闡述的工作有 24 項單獨的彈性措施，重點在於提高我們系統的整體彈性。這項為期三年的計畫預計將顯著改善客戶在與極端風、洪水、溫度變化和野火相關的最嚴重系統性事件中的結果。

Additionally, measures are being undertaken to bolster physical and cybersecurity. Examples of some of the solutions will deploy include composite poles, trip saver devices and intelligent grid switching automation technology. All of these are proven to help the system respond more favorably in extreme conditions, resulting in a reduced number of sustained interruptions that our customers experience.

此外，正在採取措施加強實體和網路安全。將部署的一些解決方案包括複合桿、行程保護裝置和智慧電網開關自動化技術。所有這些都被證明可以幫助系統在極端條件下做出更有利的回應，從而減少客戶遇到的持續中斷的次數。

In fact, we've steadily deployed similar system automation in recent years, saving our customers over 300 million minutes of interruptions over the last 5 years. With the investments included in our resiliency plan filing, we could more than triple that figure over the next few years.

事實上，我們近年來穩步部署了類似的系統自動化，在過去 5 年裡為我們的客戶節省了超過 3 億分鐘的中斷時間。透過將投資納入我們的彈性計畫備案中，我們可以在未來幾年內將這一數字增加兩倍以上。

In aggregate, our filing includes a range of investments of approximately $2.2 billion to $2.7 billion over the 3-year period of 2025 to 2027. The high end of our filing, if approved, would increase our total capital expenditures from $44.5 billion to $45 billion over our 10-year plan ended in 2030.

總的來說，我們的申請包括2025 年至2027 年三年期間約22 億美元至27 億美元的一系列投資。增加到450 億美元我們的 10 年計畫將於 2030 年結束。

Consistent with how we have historically incorporated incremental investment opportunities in our base plan, the $500 million of additional capital will be formally included in our capital investment plan when we believe we can efficiently execute, finance and recover these investments. We will also align our execution with the feedback and final resolution of the resiliency plan proceeding, which we anticipate will be towards the end of this year.

與我們歷來將增量投資機會納入基本計劃的方式一致，當我們相信我們能夠有效地執行、融資和回收這些投資時，5 億美元的額外資本將正式納入我們的資本投資計劃。我們還將根據彈性計劃程序的反饋和最終解決方案來調整我們的執行，我們預計該計劃將在今年年底完成。

While we have factored the majority of this resiliency investment within our updated CapEx and financing plans discussed last quarter, Chris will describe thoughts on efficiently funding the incremental $500 million of capital investment opportunity including pursuing various state and federal incentives. We are excited to work with the commission and other stakeholders to get feedback on the plan we proposed and most importantly, executing this work to create a more resilient electric grid for our customers.

雖然我們已將大部分彈性投資納入上季度討論的更新資本支出和融資計劃中，但克里斯將描述如何有效資助增量 5 億美元資本投資機會的想法，包括尋求各種州和聯邦激勵措施。我們很高興與委員會和其他利益相關者合作，獲得有關我們提出的計劃的反饋，最重要的是，執行這項工作，為我們的客戶創建一個更具彈性的電網。

I now want to turn to an update on broader regulatory calendar. I'll cover these sequentially from the dates file, starting with a Texas Gas rate case, where we have recently announced an all party settlement. Although this settlement is still subject to railroad commission approval, we believe the settlement agreement reached with parties is a constructive outcome for our customers and all other stakeholders.

我現在想談談更廣泛的監管日曆的更新。我將從日期文件中按順序介紹這些內容，從德克薩斯州天然氣費率案件開始，我們最近宣布了一項各方和解。儘管這項和解仍需得到鐵路委員會的批准，但我們相信與各方達成的和解協議對我們的客戶和所有其他利益相關者來說是一個建設性的結果。

In its current form, pending approval, the case will result in an annual revenue requirement increase of approximately $5 million, which results in an average increase of well under 1/10 of 1% for our Houston area residential customers. This very modest customer bill increase is a great illustration of the power of organic growth, coupled with our continued focus on reducing O&M across our businesses. The Texas Gas rate case filing included nearly $500 million of new capital investments and an increase to its authorized cost of capital that I'll briefly touch on in a moment, all while resulting in a very modest increase for our customers.

以目前的形式（待批准），該案件將導致年收入要求增加約 500 萬美元，這導致我們休士頓地區住宅客戶的平均收入成長遠低於 1% 的 1/10。這種非常溫和的客戶帳單成長很好地說明了有機成長的力量，以及我們持續專注於減少整個業務的營運和維護。德州天然氣費率案件提交的文件包括近5 億美元的新資本投資以及授權資本成本的增加，我稍後將簡要提及這一點，同時為我們的客戶帶來了非常溫和的增長。

Since the last rate case, we have invested a total of $1.4 billion in CapEx to continue to improve system safety and reliability for our customers. These investments have translated to more than 1,800 miles of pipe replacement and more than 300,000 advanced meter upgrades, all helping to modernize our gas network. As I just mentioned, our $5 million settled revenue requirement proposal includes an increase to our authorized capital structure and return on equity.

自上次費率案例以來，我們已在資本支出上投資了總計 14 億美元，以繼續為客戶提高系統安全性和可靠性。這些投資已轉化為超過 1,800 英里的管道更換和超過 300,000 個高級儀表升級，所有這些都有助於實現我們的天然氣網路的現代化。正如我剛才提到的，我們 500 萬美元的固定收入要求提案包括增加我們的授權資本結構和股本回報率。

The proposed settlement includes an authorized equity ratio of approximately 61% and an authorized return on equity of 9.8% across our entire Texas gas jurisdiction. In comparison, we are currently authorized on average for a 55.5% equity layer and a 9.64% return on equity across the 4 historic divisions, increasing both our authorized equity ratio and our authorized return on equity is vital to the Texas Gas business as well as our other regulated businesses as we continue to compete for capital to make critical investments for our customers.

擬議的和解協議包括我們整個德州天然氣轄區約 61% 的授權股本比率和 9.8% 的授權股本回報率。相比之下，我們目前在 4 個歷史部門中平均獲得 55.5% 的股權層授權和 9.64% 的股本回報率，提高我們的授權股本比率和授權股本回報率對於德克薩斯州天然氣業務以及我們繼續爭取資本，為客戶進行關鍵投資，同時我們的其他受監管業務。

In addition to the minimal impact to our customer bills, the settlement combines our 4 historic Texas gas jurisdictions into 1 jurisdiction for future capital recovery mechanisms which will benefit all stakeholders through reduced administrative burden and the ability to spread future investments over a broader growing customer base. We appreciate the effort of various parties involved in the rate case to this point and expect railroad commission consideration of the settlement this summer.

除了對我們的客戶帳單影響最小之外，和解還將我們的4 個歷史悠久的德州天然氣管轄區合併為1 個管轄區，用於未來的資本回收機制，這將透過減少管理負擔和將未來投資分散到更廣泛的不斷增長的客戶群的能力來使所有利害關係人受益。我們讚賞涉及費率案件的各方迄今為止所做的努力，並預計鐵路委員會將在今年夏天考慮解決方案。

Moving to the filed Minnesota Gas rate case. As a reminder, we filed our rate case on November 1st of last year, with a requested revenue increase of approximately $85 million and $52 million for 2024 and 2025, respectively. As discussed on the last call, the interim rates for 2024 were approved in mid-December and went into effect on January 1st of this year. The commission will consider interim rates for 2025 toward the end of this year, depending on how far along we are in the case. At this stage, we anticipate hearings to occur in the middle of December this year. Ahead of those hearings, we intend to engage parties to the case in settlement discussions. As you may recall, we have settled our previous 3 rate cases at our Minnesota Gas jurisdiction.

轉到已提交的明尼蘇達州天然氣費案件。謹此提醒，我們在去年 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。正如上次電話會議中討論的那樣，2024 年的臨時費率於 12 月中旬獲得批准，並於今年 1 月 1 日生效。該委員會將在今年年底考慮 2025 年的臨時費率，具體取決於案件進展。現階段，我們預計聽證會將於今年 12 月中旬舉行。在聽證會之前，我們打算讓案件各方參與和解討論。您可能還記得，我們​​已經在明尼蘇達天然氣管轄區解決了先前的 3 起費率案件。

Now turning to the Indian electric rate case, which we filed in December of last year with a requested revenue requirement of $190 million. As we've discussed previously, much of this revenue requirement increase is associated with our investments in connection with our electric generation transition plan as we move away from coal to more efficient and cost-effective fuel types such as renewables and natural gas. We have slightly delayed the start of the hearings in this case to determine if a settlement is possible with parties. Absent a settlement, we would expect a final decision in this case in the fourth quarter of this year.

現在轉向印度電費案件，我們在去年 12 月提交該案件，要求收入要求為 1.9 億美元。正如我們之前所討論的，隨著我們從煤炭轉向更有效率和更具成本效益的燃料類型（例如可再生能源和天然氣），收入需求的增長很大程度上與我們的發電過渡計劃的投資有關。我們稍微推遲了本案聽證會的開始時間，以確定是否可以與各方達成和解。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。

And finally, I'll touch on our largest jurisdiction, Houston Electric. As many of you saw, we have filed our rate case last month with a requested revenue requirement increase of 2.6%, which is approximately $60 million. This revenue requirement increase results in a relatively nominal residential customer charge increase of about $1.25 per month or less than 1%. This revenue requirement increase is premised on the filing seeking an authorized equity ratio of approximately 45% and an authorized return on equity of 10.4%.

最後，我將談談我們最大的司法管轄區休士頓電力公司。正如你們許多人所看到的，我們上個月提交了費率申請，要求收入要求增加 2.6%，約 6,000 萬美元。這種收入要求的增加導致相對名義上的住宅客戶費用增加每月約 1.25 美元或不到 1%。這項收入要求增加的前提是提交文件尋求約 45% 的授權股本比率和 10.4% 的授權股本回報率。

As a reminder, we've been funding the Houston Electric business with a 45% equity ratio, as we believe this is the minimum amount of equity with which this business should be capitalized even though we are currently authorized at 42.5%. The modest revenue requirement request truly exemplifies the strong advantage we have here at CenterPoint, as it's driven by, one, our relentless focus on reducing O&M 1% to 2% per year on average; two, prior securitization charges rolling off the bill in October of this year; and three, the nearly unparalleled growth at Houston Electric and surrounding areas experienced each and every year.

提醒一下，我們一直以 45% 的股權比例為休士頓電力公司提供資金，因為我們認為這是該企業資本化的最低股權金額，儘管我們目前的授權比例為 42.5%。適度的收入要求真正體現了我們在 CenterPoint 擁有的強大優勢，因為它的驅動因素是：第一，我們堅持不懈地致力於平均每年減少 1% 到 2% 的運維成本；二、此前的證券化費用已於今年10月取消；第三，休士頓電力公司及週邊地區每年都經歷著近乎無與倫比的成長。

To put these combined factors into perspective, since our last rate case in 2019, Houston Electric's rate base has nearly doubled, while the average residential charges were nearly the same amount at the beginning of 2024 as they were all the way back in 2014.

綜合考慮這些因素，自 2019 年我們上次的費率案例以來，休士頓電力公司的費率基數幾乎翻了一番，而 2024 年初的平均住宅費用幾乎與 2014 年的水平相同。

As a management team, we are acutely aware of the advantage we have to serve a growing economy like Houston, but we also understand the tremendous responsibility that a company (inaudible). We are tasked with serving and supporting the dynamic growth of Houston's vibrant and diverse population. One recent tangible example of Houston's continued expansion can be seen from the nearly $6 billion in Department of Energy grants awarded a little over a month ago. Nearly 1/3 of these grants were ordered for projects in the Greater Houston area.

作為一個管理團隊，我們敏銳地意識到我們必須為休士頓這樣不斷成長的經濟體提供服務，但我們也了解公司（聽不清楚）的巨大責任。我們的任務是服務和支持休士頓充滿活力的多元化人口的動態增長。休士頓持續擴張的一個具體例子可以從一個多月前獲得的能源部近 60 億美元的撥款中看出。其中近 1/3 的撥款用於大休士頓地區的計畫。

If completed, we believe these projects associated with these grants could contribute well over 500 megawatts alone in new load in the Houston Electric service territory. And this is just one of many examples of the explosive load growth potential in this region. We look forward to working with our stakeholders as we continue to support this incredible growth story here in Houston.

如果完成，我們相信與這些贈款相關的這些項目可以為休士頓電力服務區域的新負載貢獻遠遠超過 500 兆瓦。這只是該地區負載爆炸性增長潛力的眾多例子之一。我們期待與利益相關者合作，繼續支持休士頓這個令人難以置信的成長故事。

Before moving on, I want to briefly mention that we have one other rate case that we will be filing in 2024 related to our Ohio gas business. We anticipate filing this rate case in August of this year, and we'll provide more details as we get closer to the filing. We look forward to continuing to work 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 filings as we've made prudent investments on behalf of our customers and have made concerted efforts to reduce controllable O&M for the benefit of the communities we serve. Those are all of my updates for now.

在繼續之前，我想簡單提一下，我們將在 2024 年提交另一起與俄亥俄州天然氣業務相關的費率案件。我們預計於今年 8 月提交此費率案件，當即將提交時我們將提供更多詳細資訊。我們期待繼續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，我們在所有備案中都處於有利地位，因為我們代表客戶進行了審慎投資，並齊心協力減少可控運維，以造福我們所服務的社區。這些是我目前的所有更新。

With a strong start here in 2024, we have laid the foundation to once again meet or exceed expectations for the benefit of all of our stakeholders. I'm proud of the early milestones already achieved in 2024 and look forward to being able to provide progress on our cases and how the resiliency plan filing and other opportunities may influence incremental investments in the future.

憑藉 2024 年的良好開局，我們為再次滿足或超越所有利害關係人的利益的期望奠定了基礎。我對 2024 年已經實現的早期里程碑感到自豪，並期待能夠在我們的案例以及彈性規劃備案和其他機會如何影響未來增量投資方面取得進展。

I am confident in our path forward and our ability to continue as we reaffirm our commitment to our proven strategy into our non-GAAP EPS guidance target range of 8% in 2024 and at the mid- to high end of our 6% to 8% non-GAAP EPS guidance target range annually from 2025 through 2030. And as we've mentioned in recent quarters, we'll be prepared to update a new 10-year plan through an Analyst Day following the conclusion of our rate cases next year.

我對我們的前進道路和繼續前進的能力充滿信心，因為我們重申我們對行之有效的戰略的承諾，即 2024 年非 GAAP 每股收益指導目標範圍為 8% 以及 6% 至 8% 的中高端非公認會計準則每股收益指引目標範圍為2025 年至2030 年每年。

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

這樣，我將把它交給克里斯，以獲取他的財務更新。

Thanks, Jason. Today, I'd like to cover 3 areas of focus. First, the details of our strong first quarter financial results. Second, I'll touch on our capital deployment progress this quarter and the potential for incremental capital related to Houston Electric system resiliency plan filing. And finally, I'll provide an update on where we stand with respect to our current financing plan and credit metrics.

謝謝，傑森。今天，我想談三個重點領域。首先，我們第一季強勁的財務業績的詳細資訊。其次，我將談談本季我們的資本部署進度以及與休士頓電力系統彈性計畫備案相關的增量資本的潛力。最後，我將提供有關我們目前融資計劃和信貸指標的最新情況。

Let's start with the financial results shown on Slide 6. As Jason highlighted earlier, the first quarter of 2024 was yet another strong quarter of financial performance here at CenterPoint. On a GAAP EPS basis, we reported $0.55 for the first quarter of 2024. On a non-GAAP basis, we also reported $0.55 for the first quarter of 2024 compared to $0.50 in the first quarter of 2023. With these first quarter results, we have now earned over 1/3 of our full year 2024 non-GAAP earnings guidance at the midpoint.

讓我們從投影片 6 中顯示的財務業績開始。根據GAAP 每股收益，我們報告2024 年第一季的每股收益為0.55 美元。股收益為0.50 美元。

Diving into more detail of the earnings drivers for the quarter, growth in rate recovery contributed $0.09, which was primarily driven by the ongoing recovery from various interim mechanisms for which the customer rates were updated last year. In addition to those capital recovery mechanisms, interim rates in our Minnesota gas business went into effect on January 1st of this year. These rates reflect a revenue requirement increase of approximately $69 million, which when combined with our requested 2025 revenue increase, represent an approximately 5% average bill increase over the next 2 years.

深入研究本季獲利驅動因素的更多細節，費率恢復的成長貢獻了 0.09 美元，這主要是由於去年更新了客戶費率的各種臨時機制的持續復甦所推動的。除了這些資本回收機制外，我們明尼蘇達州天然氣業務的臨時費率已於今年 1 月 1 日生效。這些費率反映了收入要求增加約 6,900 萬美元，與我們要求的 2025 年收入增加相結合，意味著未來 2 年平均帳單增加約 5%。

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. A great illustration of this continued growth can be found in the impressive job creation we've observed in Houston over the last year.

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。去年我們在休士頓觀察到的令人印象深刻的就業機會創造就是這種持續成長的一個很好的例子。

According to the U.S. Department of Labor, the Houston Metro area added the second most jobs in the entire U.S. from February of last year to February 2024. Weather and usage were $0.02 favorable when compared to the same quarter of 2023. And despite the mild weather, the $0.02 favorable variance was largely driven by more favorable weather when compared to an extremely mild Q1 of 2023, partially offsetting the favorable items from rate recovery and usage were increases in O&M and interest expense.

根據美國勞工部的數據，從去年2 月到2024 年2 月，休士頓都會區新增就業人數位居全美第二。 ，與2023 年第一季極其溫和的天氣相比，0.02 美元的有利差異主要是由更有利的天氣推動的，部分抵消了費率恢復和使用帶來的有利項目，即運營維護和利息支出的增加。

O&M was $0.02 unfavorable for the first quarter. This unfavorable variance was driven by additional work pulled forward in the first quarter of this year as well as storm response recovery efforts. However, we remain on track to achieve our target of reducing O&M 1% to 2% per year on average through 2030. Interest expense was $0.04 unfavorable, primarily driven by the new debt issuances since the first quarter of last year at a higher relative cost of debt. However, the impact of this increase was partially offset by the redemption of all outstanding shares of the Series A preferred for $800 million last September which eliminated the approximately $12 million quarterly dividend. I'll discuss our long-term financing plan and balance sheet in greater detail later.

第一季 O&M 虧損 0.02 美元。這種不利的差異是由今年第一季推進的額外工作以及風暴響應恢復工作所造成的。然而，我們仍有望實現2030 年平均每年減少1% 至2% 的營運和維護成本的目標。致的債務。然而，這一增長的影響被去年 9 月以 8 億美元贖回 A 系列優先股所有流通股所部分抵消，從而消除了約 1200 萬美元的季度股息。稍後我將更詳細地討論我們的長期融資計劃和資產負債表。

Next, I'll touch on our capital execution thus far in 2024 and the state of our 10-year capital plan target, which you can see here on Slide 7. In short, we are right on plan. The first quarter of 2024 represented yet another quarter of solid capital investment execution as we invested $800 million for the benefit of our customers and communities. This represents a little over 20% of our 2024 capital expenditure target of $3.7 billion.

接下來，我將介紹 2024 年迄今為止我們的資本執行情況以及我們 10 年資本計畫目標的狀況，您可以在投影片 7 中看到這一點。 2024 年第一季是另一個穩健的資本投資執行季度，我們為客戶和社區的利益投資了 8 億美元。這僅占我們 2024 年 37 億美元資本支出目標的 20% 多一點。

Our approach to incorporating customer-driven capital has resulted in a capital investment plan of $44.5 billion and potentially more, which represents an increase of over 10% since our 2021 Analyst Day. This increased capital plan is expected to drive a nearly 10% rate base CAGR through 2030, which supports strong earnings growth through the remainder of the decade.

我們整合客戶驅動資本的方法已經產生了 445 億美元甚至更多的資本投資計劃，自 2021 年分析師日以來增長了 10% 以上。這項增加的資本計畫預計將在 2030 年之前推動近 10% 的複合年增長率，從而支持該十年剩餘時間的強勁盈利增長。

We continue to estimate our growth in customer delivery charges at Houston Electric to be equal to or less than historical inflation rate of 2% through 2030 with this capital investment profile. We have confidence in our ability to achieve this, given the size of Houston Electric's customer base and the underlying tremendous organic growth, securitization charges that are rolling off the bill later this year, and our plan to reduce O&M as I referenced.

我們繼續估計，按照這項資本投資情況，到 2030 年，休士頓電力的客戶交付費用成長將等於或低於 2% 的歷史通貨膨脹率。考慮到休士頓電力客戶群的規模和潛在的巨大有機成長、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，我們對實現這一目標的能力充滿信心。

In addition to enhancing the customer experience through our capital investments, we remain focused on affordability, both from an O&M and ongoing targeted capital perspective. A great illustration as to why we are confident that we can continue to prudently invest while keeping customer charges modest can be found by looking at our utility delivery charge increases over the last 10 years. Since 2014, Houston Electric's average monthly delivery charges have stayed essentially flat. That's a truly remarkable outcome for our customers. And as Jason mentioned, our capital has potential for further incremental revisions driven by our resiliency filing in Texas.

除了透過資本投資增強客戶體驗外，我們還從營運和維護以及持續目標資本的角度繼續關注可承受性。透過查看過去 10 年公用事業交付費用的成長情況，可以很好地說明為什麼我們有信心繼續謹慎投資，同時保持適度的客戶費用。自 2014 年以來，休士頓電力公司的平均每月送貨費用基本上保持不變。對於我們的客戶來說，這確實是一個了不起的成果。正如傑森所提到的，我們的資本有可能在德克薩斯州的彈性文件的推動下進行進一步的增量修改。

The system resiliency plan filing could drive incremental customer-driven opportunities of up to $500 million at the high end range of our proposed investment. And I want to reiterate that over the past couple of years, we have been increasing our capital investment plan through 2030 as we identify incremental investment opportunities that we believe we can efficiently execute, finance and recover.

在我們擬議投資的高端範圍內，系統彈性計畫備案可以帶來高達 5 億美元的增量客戶驅動機會。我想重申，在過去的幾年裡，我們一直在增加到 2030 年的資本投資計劃，因為我們發現了我們相信可以有效執行、融資和回收的增量投資機會。

Let's spend a moment on the potential for funding the incremental resiliency investment opportunities of approximately $500 million, which Jason mentioned. We are applying for various federal dollars through multiple avenues and have already applied for $100 million of [grid] applications through the Department of Energy Grid Resilience and Innovation Partnership funding opportunity, and that was submitted a little over a week ago. These funds, if approved, would primarily assist in providing a lower cost of borrowing for our resiliency initiatives around distribution circuit rebuilds and substation resiliency innovations.

讓我們花點時間討論一下為 Jason 提到的約 5 億美元的增量彈性投資機會提供資金的潛力。我們正在透過多種途徑申請各種聯邦資金，並已透過能源部電網彈性和創新夥伴關係資助機會申請了 1 億美元的[電網]申請，該申請是在一周多前提交的。這些資金如果獲得批准，將主要幫助為我們圍繞配電線路重建和變電站彈性創新的彈性舉措提供較低的借貸成本。

In addition, we will also seek other efficient funding opportunities through federal and state matching programs such as the DOE loan guarantee program. CenterPoint has 3 separate loan applications working through the process in various stages for over $2 billion in aggregate. While these are loan dollars, not grant dollars, the relative cost savings versus traditional debt can be substantial, around 100 basis points, representing meaningful savings for customers.

此外，我們還將透過聯邦和州配套計劃（例如能源部貸款擔保計劃）尋求其他有效的融資機會。 CenterPoint 有 3 份獨立的貸款申請在不同階段處理，總計超過 20 億美元。雖然這些是貸款資金，而不是贈款資金，但與傳統債務相比，相對成本節省可能相當可觀，約為 100 個基點，這對客戶來說意味著有意義的節省。

As Jason alluded to, we are actively pursuing these avenues of funding as we believe these are incredibly valuable initiatives for customers. To the extent that we are not successful, our consistent growth capital investment rule of thumb holds which is funding in line with our consolidated capital structure.

正如傑森所提到的，我們正在積極尋求這些融資途徑，因為我們相信這些對客戶來說是非常有價值的措施。即使我們不成功，我們一貫的成長資本投資經驗法則仍然有效，即根據我們的綜合資本結構提供資金。

Finally, to highlight the balance sheet and credit strength. As of the end of the first quarter, our calculated FFO to debt is 14.6%, based on our calculation aligning with Moody's methodology, as shown on Slide 20. On a full year 2024 basis, we still anticipate delivering on the 100 to 150 basis points cushion we continue to emphasize when applying Moody's methodology.

最後，要突顯資產負債表和信用實力。截至第一季末，根據我們與穆迪方法一致的計算，我們計算出的FFO 與債務之比為14.6%，如幻燈片20 所示。 150 的基礎上實現交付在應用穆迪方法時，我們繼續強調點緩衝。

As you can see on the slide, we've also included S&P's calculation on the slides this quarter and will continue to do so going forward. As the computations illustrate, we've adjusted our calculations for onetime items, mainly driven by Winter Storm Uri. We have had 2 years of onetime items related to the over $1 billion of extraordinary gas costs associated with that storm. We don't believe that this debt nor the eventual receipt of the proceeds and associated taxes were indicative of the fundamental credit health of the company and adjusted accordingly.

正如您在幻燈片中看到的那樣，我們還在本季度的幻燈片中納入了標準普爾的計算，並將繼續這樣做。如計算所示，我們調整了一次性項目的計算，主要由冬季風暴 Uri 驅動。我們有兩年的一次性項目與那場風暴相關的超過 10 億美元的非凡天然氣成本有關。我們認為，這筆債務或最終收到的收益和相關稅款並未顯示公司的基本信用狀況，因此需要進行相應調整。

For comparative purposes, you can see on the slide that we put our calculated 14% in the middle of the 18.5% FFO to debt that Moody's derived and the 11.2% calculation that S&P derived. To be clear, we see no need to change our current financing plans we shared with our rating agencies earlier this year to improve the outlook from S&P on our credit metrics.

出於比較目的，您可以在幻燈片中看到，我們將計算出的 14% 置於穆迪得出的 18.5% FFO 債務和標準普爾得出的 11.2% 計算結果的中間。需要明確的是，我們認為沒有必要改變今年早些時候與評級機構分享的當前融資計劃，以改善標準普爾對我們信用指標的前景。

In addition, we've made good progress against the modest $250 million at the market or ATM equity program year-to-date. We have completed approximately 75% of our equity sales through today leaving only around an expected $60 million of equity remaining to be issued this year. As a reminder, we continue to have slightly elevated parent debt to total debt as we are continuing to carry over $400 million of debt at the parent to support what we believe is the proper capitalization of the CEHE (inaudible) operating companies through rate cases. We plan to continue to carry that through the CEHE rate case supporting its approximately 45% equity layer today.

此外，今年迄今為止，我們在市場或 ATM 股權計劃上籌集的 2.5 億美元資金也取得了良好進展。到今天為止，我們已經完成了大約 75% 的股權出售，今年預計只剩下約 6,000 萬美元的股權有待發行。提醒一下，我們的母公司債務佔總債務的比例仍然略有上升，因為我們繼續在母公司承擔超過4 億美元的債務，以透過利率案例支持我們認為的CEHE（聽不清楚）營運公司的適當資本化。我們計劃今天繼續透過 CEHE 利率案例來支持其約 45% 的股權層。

On the solid footing of a strong first quarter, we continue to reaffirm our non-GAAP EPS target of 8% this year and the mid- to high end of 6% to 8% annually thereafter through 2030. This growth is supported by differentiating factors that we enjoy, including consistent customer organic growth, which has averaged 2% per year over the last 30 years in the Houston area, Texas' pro-business environment which continues to attract new investment, especially in the Gulf Coast region. And lastly, our relentless focus on O&M discipline. We believe these factors will allow us to sustainably grow for years to come.

在第一季強勁表現的堅實基礎上，我們繼續重申今年8% 的非GAAP 每股收益目標，以及此後到2030 年每年6% 至8% 的中高端目標。支持我們所享受的，包括持續的客戶有機成長，在過去 30 年中，休士頓地區平均每年增長 2%，德州的親商環境不斷吸引新的投資，特別是在墨西哥灣沿岸地區。最後，我們對維運紀律的不懈關注。我們相信這些因素將使我們能夠在未來幾年持續成長。

The last thing I want to mention is that we are making good progress related to the sale of our Louisiana and Mississippi Gas LDCs. We, along with the buyer, have now made all required regulatory filings including filings with the Louisiana and Mississippi Public Service Commission, and we look forward to working constructively with the commission to facilitate the approval proceedings.

我想提及的最後一件事是，我們在出售路易斯安那州和密西西比州天然氣最不發達國家方面取得了良好進展。我們與買方一起現已提交了所有必需的監管文件，包括向路易斯安那州和密西西比州公共服務委員會提交的文件，我們期待與該委員會進行建設性合作，以促進審批程序。

We still anticipate closing the sale late first quarter 2025 and is anticipated to result in after-tax cash proceeds of approximately $1 billion, which equates to an earnings multiple of nearly 32x 2023 earnings. This will be a terrific outcome for all stakeholders.

我們仍預計將於 2025 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 年收益的近 32 倍。對於所有利害關係人來說，這將是一個了不起的結果。

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

這樣，我現在將把電話轉回給傑森。

Thank you, Chris. I look forward to continuing not only to execute on what I believe to be 1 of the most tangible long-term growth plans in the industry, but also enhancing it for the benefit of all of our stakeholders in both the near and long term.

謝謝你，克里斯。我期待著不僅繼續執行我認為是行業中最切實的長期成長計劃之一，而且還為了我們所有利益相關者的近期和長期利益而加強它。

Thank you, Jason. Operator, we're now ready for Q&A.

謝謝你，傑森。接線員，我們現在準備好進行問答了。

(Operator Instructions) And the first question will come from Shahriar Pourreza with Guggenheim Partners.

（操作員說明）第一個問題將由古根漢合夥人公司的 Shahriar Pourreza 提出。

It's actually Constantine on for Shahriar. Appreciate the updates on the call today, especially with the resiliency filing, and I see that it was largely embedded in the 4Q update. But as we think about the $500 million upside, just how are you thinking about in terms of accretion versus the 10% rate base growth? And maybe any specific thresholds or incremental -- on the incremental updates on CapEx? And how are you kind of planning to announce any kind of financing optimization there?

實際上是康斯坦丁替補沙赫里亞爾。感謝今天電話會議上的更新，特別是彈性歸檔，我發現它很大程度上嵌入了第四季度的更新中。但當我們考慮 5 億美元的上漲空間時，您如何看待增量與 10% 的基礎成長率？也許有任何特定的門檻或增量——關於資本支出的增量更新？您打算如何宣布那裡的任何形式的融資優化？

Yes. Thanks, Constantine. Pretty comprehensive question there. Let me kind of start at the highest level. And I think there's 3 main points to this CapEx update. The first is we've got a great base plan, 10% rate base growth through the end of the decade. And the second point I'd make is we've been spending significantly on resiliency because it's the right thing to do for our customers and case in point. We've increased our CapEx plans over 10% since our 2021 Analyst Day. That was largely (inaudible) increased resiliency efforts.

是的。謝謝，康斯坦丁。那裡有相當全面的問題。讓我從最高等級開始。我認為這次資本支出更新有 3 個要點。首先，我們有一個偉大的基礎計劃，到本世紀末的基礎成長率為 10%。我要說的第二點是，我們在彈性方面投入了大量資金，因為這對我們的客戶和例子來說是正確的事情。自 2021 年分析師日以來，我們已將資本支出計畫增加了 10% 以上。這主要是（聽不清楚）增強的彈性工作。

And so this is -- again spend that has been already incorporated in this plan. And then importantly, I do think third, we have a significant amount of opportunities in front of us. Those take the form of continued resiliency investment, particularly on the distribution side, one of the things that I'm probably most excited about is the industrial electrification opportunity that we have here, particularly in the greater Houston area.

因此，這又是已經納入該計劃的支出。然後重要的是，我確實認為第三，我們面前有大量的機會。這些採取持續彈性投資的形式，特別是在配電方面，我可能最興奮的事情之一是我們在這裡擁有的工業電氣化機會，特別是在大休士頓地區。

Just as one quick example, there's about 10 gigawatts of hydrogen production in development to come online before 2030. That hydrogen production requires significant increases in electric transmission capacity, substation capacity, also carries with it significant jobs, which will help continue to drive residential loan growth. On the gas side of things, we continue to see significant opportunities for incremental CapEx, particularly around maybe local gas transmission pipeline capacity in the Greater Houston area.

舉一個簡單的例子，大約有10 吉瓦的氫氣生產正在開發中，預計在2030 年之前上線。推動住宅貸款生長。在天然氣方面，我們繼續看到增量資本支出的重大機會，特別是在大休士頓地區可能的當地天然氣輸送管道能力方面。

We're one of the few gas LDCs in the country that don't have localized gas transmission capacity, and I think it can help our customers help mitigate the cost and severe weather events. And so the short of it is we've got a great base plan. We've been spending on resiliency, and we have significant increases in CapEx still in front of us.

我們是全國少數不具備本地天然氣輸送能力的天然氣最不發達國家之一，我認為這可以幫助我們的客戶減輕成本和應對惡劣天氣事件。因此，缺點是我們有一個很好的基本計劃。我們一直在彈性方面投入資金，而且我們面前的資本支出仍然大幅增加。

In terms of being accretive to the plan, we wouldn't spend it if it wasn't the right thing to do for customers, if it wasn't the right thing to do for shareholders, for all of our stakeholders. I think we've developed a track record of executing upon that.

就計劃的增值而言，如果這對客戶、對股東、對我們所有的利害關係人來說不是正確的事情，我們就不會花它。我認為我們已經建立了執行該計劃的記錄。

In terms of financing, maybe I'll turn it over to Chris to share some thoughts about funding any incremental CapEx from this point forward.

在融資方面，也許我會將其轉交給克里斯，分享一些關於從現在開始為任何增量資本支出提供資金的想法。

Sure. Happy to hit it, morning, Constantine. I think if you look at the larger incremental potential CapEx that Jason was just referencing, you should think about it as just the prior approach that we've referenced, which is continuing to incorporate that into our capital plan as we can execute it, finance it and recover it and the way in which we would do it would largely be to fund it in line with our enterprise cap structure.

當然。很高興擊球，早上好，康斯坦丁。我認為，如果你看看傑森剛剛提到的更大的增量潛力資本支出，你應該將其視為我們之前提到的方法，該方法將繼續將其納入我們可以執行的資本計劃中，財務它並恢復它，我們的方式主要是根據我們的企業上限結構為其提供資金。

As you look specifically at the roughly $500 million opportunity we referenced this morning around the resiliency filing, we did reference that we're going to go after some potential both federal and state-based loan and cost matching programs. But to the extent that we're not successful on those, again, the simple way to think about it is we'd be funding in line with the enterprise capital structure.

當你具體看看我們今天早上在彈性申請中提到的大約 5 億美元的機會時，我們確實提到我們將尋求一些潛在的聯邦和州貸款和成本匹配計劃。但如果我們在這些方面沒有成功，那麼簡單的思考方法是我們將根據企業資本結構提供資金。

I appreciate that. And maybe a quick follow-up on that. You kind of highlighted the path on credit metrics and how are you thinking about options of refinancing needs on both floating rate exposure and kind of near-term maturities? And is there any optimization opportunities there with convertibles, hybrids, any of these kind of federal loan programs to supplement?

我很感激。也許會對此進行快速跟進。您強調了信貸指標的路徑，以及您如何考慮浮動利率風險和近期到期的再融資需求選項？敞篷車、混合動力車以及任何此類聯邦貸款計劃是否有任何優化機會可以補充？

Sure. Happy to touch on it. And I have to say, we're pleased with where we are today, reported 14.6% in terms of FFO to debt based on the Moody's calc and consistently are seeing as we go forward, a good trajectory, both on the Moody's and S&P calculation.

當然。很高興觸摸它。我必須說，我們對今天的處境感到滿意，根據穆迪的計算，FFO 與債務之比為 14.6%，並且根據穆迪和標準普爾的計算，我們一直看到我們前進的良好軌跡。

As we think about the different financing alternatives, it is certainly the case that we are already pursuing some DOE loan program dollars to the tune of just over $2 billion already. So those have already been filed. Really, that's just a cheaper alternative for better financing costs for customers. As we look at the financing plan throughout the year, certainly, we've got a few maturities here that are coming up. We've hedged against a portion of the current offering that's probably closer here in front of us at the parent level.

當我們考慮不同的融資方案時，我們肯定已經在尋求能源部的一些貸款計劃資金，金額已超過 20 億美元。所以這些已經提交了。事實上，這只是一種更便宜的選擇，可以為客戶提供更好的融資成本。當我們審視全年的融資計劃時，當然，我們有一些即將到期的項目。我們對目前產品的一部分進行了對沖，這些產品可能在母公司層面上更接近我們。

And then as you look at hybrid alternatives, I think you referenced there, that's certainly something that we're evaluating, you should assume. We kind of like the profile there, but we are looking really at a couple of alternatives, both for some tax alternatives this year and some hybrid opportunities if they make sense. And it's just my way of saying, Constantine, that we're always going to be pursuing the most efficient financing we can as we go forward.

然後，當您考慮混合替代方案時，我認為您在那裡提到了，這肯定是我們正在評估的東西，您應該假設。我們有點喜歡那裡的概況，但我們實際上正在尋找幾種替代方案，既包括今年的一些稅收替代方案，也包括一些有意義的混合機會。康斯坦丁，這只是我的說法，我們在前進的過程中將始終追求最有效的融資。

Okay. So everything is on the table. And just a quick one on Jason's comments around demand growth that you mentioned and cost shift has kind of become more of a prominent issue with the inflection and load that we are seeing. Do you see any issues in Texas or even Indiana, where you would need to adjust kind of cost allocation? And would those be addressed in the current rate case process or any kind of separate proceedings?

好的。所以一切都擺在桌面上。簡單介紹一下傑森關於您提到的需求成長的評論，成本轉移已經成為我們所看到的拐點和負荷的一個突出問題。您是否發現德州甚至印第安納州有任何需要調整成本分配的問題？這些問題是否會在當前的費率案件程序或任何類型的單獨程序中解決？

Constantine, I think it's a great question. Probably less kind of an issue directly in the service territories that we serve largely because the growth that we're seeing, both the potential for it up in Southwest Indiana as well as here in the Greater Houston area really driven by industrial load growth that comes with significant jobs.

康斯坦丁，我認為這是一個很好的問題。在我們服務的服務區域中，這可能不是一個直接的問題，主要是因為我們看到的成長，印第安納州西南部以及大休士頓地區的成長潛力確實是由工業負荷成長推動的與重要的工作。

Much of the discussion over the last couple of quarters has been around data centers, AI growth, that's some of the toughest electric load growth to serve, right? Low margin doesn't necessarily come with the jobs and so it does put to your point, sort of pressure more largely on cost allocation. I think here, again, we're -- I think it's a clear differentiator for CenterPoint. We serve load that is not only growing from a residential standpoint and an industrial standpoint, but it keeps that cost allocation issue sort of less -- less impactful than maybe some of the peers that have data center growth really driving their electric sales.

過去幾季的大部分討論都圍繞著資料中心、人工智慧成長，這是最難滿足的電力負載成長之一，對吧？低利潤並不一定會帶來工作機會，所以它確實說明了你的觀點，即更大程度上對成本分配的壓力。我再次認為，我們——我認為這是 CenterPoint 的一個明顯的差異化因素。我們提供的負載不僅從住宅角度和工業角度來看都在增長，而且它使成本分配問題的影響較小——可能比一些數據中心增長真正推動其電力銷售的同行影響較小。

The next question will come from James Thalacker with BMO Capital Markets.

下一個問題將由 BMO 資本市場部的 James Thaacker 提出。

I just wanted to follow up on Constantine's question on the system resiliency filing. The plan is $2.2 billion to $2.7 billion, which I think is roughly almost double to $1.3 billion we've been standing over the last couple of years. But if I heard you correctly, the $500 million of incremental capital is kind of in line with the higher end of the filing. So if we kind of run this forward, if the PUCT ultimately decides to approve a spending that's, say, near the bottom this or even below the range, could you talk a little bit about where you see other investment opportunities and how would this change your financing plan, if at all?

我只是想跟進康斯坦丁關於系統彈性歸檔的問題。該計劃的金額為 22 億至 27 億美元，我認為這幾乎是我們過去幾年一直堅持的 13 億美元的兩倍。但如果我沒聽錯的話，5 億美元的增量資本與文件中的上限是一致的。因此，如果我們繼續推進這項計劃，如果 PUCT 最終決定批准一項接近底部甚至低於該範圍的支出，您能否談談您在哪裡看到其他投資機會以及這種情況將如何改變您的融資計劃（如果有的話）？

Yes. Maybe a couple of quick points on that, Jim. So the 2.2%, the low end of the range is consistent with $44.5 billion, the upper end of the resiliency filing that incremental $500 million would put us to $45 billion overall through 2030. Look, I think that there is pretty strong alignment across the state here in Texas around investments to keep the great resilience and can help the economic growth that we're experiencing in Texas.

是的。吉姆，也許對此有幾點看法。因此，2.2%（該範圍的下限）與 445 億美元（彈性申報的上限）一致，即增量 5 億美元將使我們到 2030 年的總體規模達到 450 億美元。巨大的彈性，可以幫助我們在德州經歷的經濟成長。

I also think what's important part of this filing, and what it may be different than some of the historical resiliency spend is -- as part of the filing, we have to prove the benefits of the incremental resiliency mitigation measures exceed the cost. So part of this filing really demonstrates that on a net basis is still in the customer's best interest for us to make these investments. And so I feel like there's going to be a strong support for our filing and the other filings of the transmission and distribution utilities.

我還認為這份文件的重要部分，以及它與一些歷史彈性支出可能不同的是——作為文件的一部分，我們必須證明增量彈性緩解措施的好處超過了成本。因此，這份文件的一部分確實表明，從淨值來看，我們進行這些投資仍然符合客戶的最佳利益。因此，我覺得我們的備案以及輸配電公用事業公司的其他備案將會得到強而有力的支持。

That being said, to your point, if there is concern around the proposed mitigation measures that we have in our filing, as a quick reminder, this is about 15% of our total CapEx plan. And as I alluded to in my answer to Constantine, I think we have plenty of incremental CapEx opportunities outside of this whether they be on the gas side of the business, I talked about local transmission pipeline there, potential to accelerate our next-generation smart meter deployment and then on the electric side, I just -- I cannot reiterate enough the opportunity with this exponential load growth driven by industrial electrification and electrification of commercial fleets. So I think that there are an abundant set of opportunities of incremental CapEx.

話雖如此，就您的觀點而言，如果對我們提交的文件中提出的緩解措施存在擔憂，請快速提醒一下，這大約占我們總資本支出計劃的 15%。正如我在對康斯坦丁的回答中提到的，我認為除此之外，無論是在業務的天然氣方面，我們還有大量增量資本支出機會，我談到了那裡的本地傳輸管道，有潛力加速我們的下一代智慧電錶部署，然後在電力方面，我無法充分重申工業電氣化和商業車隊電氣化推動的指數負載成長所帶來的機會。所以我認為增量資本支出有很多機會。

And I don't know, Chris, if you want to continue to reinforce thoughts on the financing plan.

我不知道克里斯，你是否想繼續強化對融資計畫的思考。

And sure, just to build on that, again, as we look at the base plan at the low end of the resiliency filing, that would just support the $44.5 billion with the ongoing very modest ATM program that we've got through 2030. And again, as we look beyond that for some of these incremental opportunities, it really would be funny in line with the existing cap structure.

當然，再次在此基礎上，當我們查看彈性申請的低端基本計劃時，我們將在 2030 年之前通過正在進行的非常溫和的 ATM 計劃來支持 445 億美元。時，根據現有的上限結構確實會很有趣。

The next question will come from Steven Fleishman with Wolfe Research.

下一個問題將由沃爾夫研究公司的史蒂文·弗萊什曼提出。

Just on the Indiana update that you mentioned on the settlement or get delay in the hearing. Just maybe a little more color on how long it's delayed and just likelihood of an agreement?

就您提到的印第安納州有關和解的最新情況而言，或推遲聽證會。只是也許更多關於推遲多長時間以及達成協議的可能性的資訊？

Steve, thanks for the question. We pushed the start of the hearing by day as we continue to explore the potential here for settlement. It's hard to handicap kind of expectations. I think we're working hard with stakeholders to find what we believe would be a constructive path forward.

史蒂夫，謝謝你的提問。我們將聽證會的開始時間推遲到了白天，同時我們繼續探索這裡達成和解的可能性。很難阻礙某種期望。我認為我們正在與利益相關者努力合作，尋找我們認為具有建設性的前進道路。

As a quick reminder in this case, a lot of the CapEx that's included in the Indiana electric filing has been in front of the IURC and our stakeholders in previous forums, whether that's the cost of the coal transition or the transmission and distribution investments that we are making to improve reliability and resiliency in that area. And so a lot of the issues of the case have kind of been seen by stakeholders in a number of different forms. And so we continue to try to work constructively towards the settlement, and we'll update you as we have more information.

在這種情況下，快速提醒一下，印第安納州電力備案中包含的大量資本支出已在先前的論壇中擺在IURC 和我們的利害關係人面前，無論是煤炭轉型的成本還是我們的輸配電投資。因此，利害關係人以多種不同的形式看到了該案的許多問題。因此，我們將繼續努力建設性地努力達成和解，一旦獲得更多信息，我們將及時向您通報最新情況。

Great. And then just on the kind of S&P negative outlook, I just want to clarify. Just -- is your -- I mean, I think these things usually take like a year or so to go through. But just are you -- your intention is just these metrics will get better just as the Uri impact goes away and that should be sufficient -- to meet the targets there? Is that how to think about it?

偉大的。關於標準普爾的負面前景，我想澄清一下。只是 - 是你的 - 我的意思是，我認為這些事情通常需要一年左右的時間才能完成。但是，您是否——您的意圖只是隨著 Uri 影響消失，這些指標會變得更好，這應該足夠了——達到那裡的目標嗎？是這樣想的嗎？

Steve, that's accurate. Really, what S&P was looking at was the past, right? As they evaluated and arrived at that outcome. Our general assumption, it is that roughly year-long period. And as we look at the plan going forward, as we look over the next few years, you'll see naturally that Uri impact roll off and we'll see ourselves really as we see just in 2024, looking at the year, you're going to see us at Moody's, continuing to target that 100 to 150 basis points cushion, that won't change. And additionally, you're going to see us grow into a greater cushion at S&P as we walk into the subsequent year. So comfortable with the base financial plan and what it informed for the years ahead.

史蒂夫，這是準確的。確實，標準普爾關注的是過去，對吧？當他們評估並得出這個結果時。我們的一般假設是大約一年的時間。當我們審視未來的計劃時，當我們展望未來幾年時，你會自然地看到 Uri 的影響逐漸減弱，我們將看到自己真正像 2024 年那樣，看看這一年，你'穆迪將繼續以100 至150 個基點緩衝為目標，這一點不會改變。此外，當我們進入下一年時，您將看到我們在標準普爾的發展中擁有更大的緩衝力。對基本財務計劃及其對未來幾年的影響非常滿意。

I think -- Steve, if I could add to that. Obviously, as Chris said, we're comfortable. But I think it's important just to highlight the core difference in methodology here because it is transitory in nature. The way that issue I'd add is we've received securitization proceeds from (inaudible) significant cash inflow. We have to pay taxes on that, cash outflow. S&P's methodology excludes that significant inflow but includes the associated cash outflow, right? That's sort of a transitory effect. And as Chris said, as we look forward, we feel comfortable about the trajectory that we're on. And so just a very sort of idiosycratic impact from their calculation.

我想——史蒂夫，如果我可以補充的話。顯然，正如克里斯所說，我們很舒服。但我認為強調這裡方法論的核心差異很重要，因為它本質上是暫時的。我要補充的問題是，我們已經從（聽不清楚）大量現金流入中獲得了證券化收益。我們必須為此納稅，即現金流出。標準普爾的方法排除了大量流入，但包括相關的現金流出，對嗎？這是一種暫時的影響。正如克里斯所說，當我們展望未來時，我們對自己所處的軌道感到滿意。因此，他們的計算產生了一種非常特殊的影響。

Okay. And then last question, just on Texas, and I know you kind of answered this, and the hydrogen hub sounds exciting. That just feels like that just takes time, but there's just so many other dynamic economic things, whether it's data centers or other industrial. Just could you just give maybe a little more flavor on CenterPoint's ability to get to opportunity set related to the growth in Texas?

好的。最後一個問題是關於德克薩斯州的，我知道你已經回答了這個問題，氫中心聽起來很令人興奮。感覺這只是需要時間，但還有很多其他動態的經濟事物，無論是資料中心還是其他工業。您能否稍微介紹一下 CenterPoint 獲得與德克薩斯州成長相關的機會集的能力？

Yes. Thanks, Steve. What I would say is, I don't think you can find a more dynamic setting anywhere in the country, particularly on electric sales growth and you can't hear. Residential load growth continues to be best-in-class, right? We continue to see the industrial load growth that I mentioned, transportation, electric load growth. And I think that's really reflective in our sales numbers for the first quarter. On a quarter-over-quarter basis, when we adjust for weather, sales are up 8% over the first quarter last year, driven by strong residential, commercial and large industrial growth. There's electrification at one of our nation's largest ports here in Houston. We continue to see incremental growth in the petrochem complex will becoming one of the dominant areas in the country for life sciences.

是的。謝謝，史蒂夫。我想說的是，我認為你在全國任何地方都找不到更有活力的環境，特別是在電力銷售成長方面，而且你聽不到。住宅負載成長仍然是同類中最好的，對嗎？我們繼續看到我提到的工業負載成長、交通運輸、電力負載成長。我認為這確實反映在我們第一季的銷售數據中。按季度計算，當我們根據天氣進行調整時，在住宅、商業和大型工業強勁增長的推動下，銷售額比去年第一季增長了 8%。休士頓是我們國家最大的港口之一，現已實現電氣化。我們繼續看到石化綜合體的增量成長將成為該國生命科學的主導領域之一。

And so what I would say is basically the growth that you see in any one sector, including data centers around the country, we see it in all the sectors here in the Greater Houston area. And so I see it showing up in the numbers this quarter, and I see it driving continued growth at least through the remainder of the decade, if not well beyond.

所以我想說的基本上是你在任何一個部門看到的成長，包括全國各地的資料中心，我們在大休士頓地區的所有部門都看到了這種成長。因此，我看到它出現在本季度的數字中，我認為它至少在這十年的剩餘時間內推動持續成長，如果不是更長的話。

The next question comes from Nick Campanella with Barclays.

下一個問題來自巴克萊銀行的尼克·坎帕內拉。

A lot of things have been answered. But I guess, just on your comments about kind of pursuing state and federal incentives for this plan, it sounds like some of this is grant, but some of it's also DOE loans. But -- can you just kind of talk -- I think it's very helpful from a financing benefit and from a customer affordability benefit. But how do we kind of think about the contribution from EPS if you were to kind of pursue state programs rather than kind of traditional financing?

很多事情已經有了答案。但我想，就您關於為該計劃尋求州和聯邦激勵措施的評論而言，聽起來其中一些是贈款，但其中一些也是能源部貸款。但是——你能談談嗎——我認為融資收益和客戶負擔能力收益非常有幫助。但是，如果您要追求國家計劃而不是傳統融資，我們如何看待每股收益的貢獻？

I think about it, is just to be clear, very small, right? We're really talking about component here, where we're looking at the federal program from the loan standpoint, as you mentioned, as well as the specificity that we provided around the GRIP program that's there, which has already been filed. We've also got some Texas Department of Energy -- excuse me, emergency management funds that we've also asked for on the state level. Those would be in the form of grants, again, just a situation where we can get better outcomes in total for customers.

我想了想，就是為了說清楚，很小吧？我們在這裡實際上討論的是組件，正如您所提到的，我們從貸款的角度審視聯邦計劃，以及我們圍繞已經提交的 GRIP 計劃提供的特殊性。我們也得到了德州能源部的一些資金——對不起，我們也在州一級要求提供緊急管理資金。這些將以贈款的形式再次出現，這只是我們可以為客戶獲得更好結果的情況。

I don't know, Jason, if you want to give kind of color on high level how it informs the EPS guide?

我不知道，Jason，如果你想在高層次上提供某種顏色，它如何通知 EPS 指南？

Yes. Thanks, Chris. What we've consistently said, Nick, is that we'll come back after these rate cases next year and provide a new 10-year plan well into the mid-2030s to reflect in our continued confidence on long-term growth. What I want to highlight, though, are there's been a handful of things that we've been able to accomplish since we rolled out that guidance, the long-term EPS guidance, which is again, 8% growth here in 2024 and then the mid- to high end of the 6% to 8% range through 2030.

是的。謝謝，克里斯。尼克，我們一直說的是，我們將在明年這些利率案例之後回來，並在 2030 年代中期提供一個新的 10 年計劃，以反映我們對長期增長的持續信心。不過，我想強調的是，自從我們推出該指導意見以來，我們已經能夠完成一些事情，即長期每股收益指導意見，即 2024 年增長 8%，然後是到2030 年，增長率將保持在6 % 至8% 的中高端。

And what I would say is we certainly have more tailwinds than we have headwinds. From a tailwind standpoint, we had some success in the legislative session helping reduce some regulatory lag in key jurisdictions. As I mentioned previously, we've increased CapEx since we've issued that guidance by more than 10%. The third thing that I'd point to is last quarter when we announced the sale of Louisiana, Mississippi and the recycling of that capital that's moving what is nearly $800 million of rate base and $1 billion of CapEx into jurisdictions that earn a higher return.

我想說的是，我們的順風肯定比逆風多。從有利的角度來看，我們在立法會議上取得了一些成功，幫助減少了關鍵司法管轄區的一些監管滯後。正如我之前提到的，自從我們發布指導意見以來，我們已經將資本支出增加了 10% 以上。我要指出的第三件事是上個季度，當時我們宣佈出售路易斯安那州和密西西比州，並回收這些資本，將近8 億美元的利率基礎和10 億美元的資本支出轉移到獲得更高回報的司法管轄區。

I'd be remiss to say that obviously, interest rates are a little higher, and we've announced a modest equity program. But -- but suffice it to say, the tailwinds here exceed the headwinds. And as we get to the other side of these rate cases, we'll be in a better position to give a kind of a long-term comprehensive update to the earnings guidance for the company.

我很失職地說，顯然，利率有點高，而且我們已經宣布了一項適度的股權計劃。但是——但可以說，這裡的順風超過了逆風。當我們了解這些利率情況的另一面時，我們將能夠更好地對公司的獲利指引進行長期全面的更新。

That's great. And I guess just kind of a follow-up on high grading the plan here. You mentioned in your prepared remarks, the higher for longer interest rate environment. And expectations, I think, across the market have certainly changed from January to today on the trajectory of rates. Can you just kind of remind us on -- not necessarily what you're assuming, if you don't want to comment, but just how the plan is kind of provisioned into the back half of this year and then going forward, if we do kind of continue to be higher for longer here?

那太棒了。我想這只是對這裡的計畫進行高評價的後續行動。您在準備好的發言中提到，長期利率環境越高。我認為，從一月到今天，整個市場的預期在利率軌跡上肯定發生了變化。您能否提醒我們一下——如果您不想發表評論的話，不一定是您的假設，而是該計劃如何在今年下半年提供，然後繼續推進，如果我們這裡會繼續保持較高水平嗎？

Sure thing, Nick. I'll just say, as we are building the plan heading into 2023. I don't know that any of us really could have appropriately predicted the impact there, but I think you saw the company execute well and overcome that pressure. As we look into 2024 walking into the year, we definitely plan conservatively there. And it's hard for me to be too specific, but just know that if you look across our plant, I hope that you've seen we're consistently bringing forward conservatism so that there are no surprises in the end.

當然可以，尼克。我只想說，我們正在製定進入 2023 年的計劃。當我們展望 2024 年時，我們的計劃肯定會保守。我很難說得太具體，但只要知道，如果你看看我們的工廠，我希望你已經看到我們一直在推進保守主義，這樣最終就不會出現意外。

I think it's the same thing on our capital programs, right? As we folded in CapEx over time, we're making sure we're doing so conservatively as we see the opportunity to execute it, to finance it and recover it. So it really holds on the same side in terms of higher for longer. We walked into this year, assuming this was going to be the case.

我認為我們的資本計劃也是如此，對嗎？隨著時間的推移，我們減少了資本支出，我們確保我們的做法是保守的，因為我們看到了執行它、為其融資和回收它的機會。因此，它確實在更高的時間內保持在同一側。我們走進今年，假設情況會是這樣。

The next question comes from Jeremy Tonet with JP Morgan Securities.

下一個問題來自摩根大通證券的 Jeremy Tonet。

Just wondering, going back to the SRP here, if you could frame overall wildfire mitigation needs relative to the $140 million in the SRP filing. And looking more broadly, how might SRP capital competition evolve over time from this first application? And what does the SRP investment runway look like at this point?

只是想知道，回到這裡的 SRP，您是否可以根據 SRP 備案中的 1.4 億美元來製定總體野火緩解需求。從更廣泛的角度來看，SRP 資本競爭從首次應用開始將如何隨著時間的推移而演變？目前 SRP 投資跑道是什麼樣的？

Yes. Thanks for the comprehensive question. Look, from a wildfire standpoint, as you highlighted, $140 million is in a significant driver of the overall $2.2 billion to $2.7 billion plan. I think it's important to understand why 60% of our system is currently underground. Jeremy, as I know you know, we have high relative humidity here. So all things being equal, we have significantly lower cloud buyer risk than our peers. That being said, obviously, we haven't sat on our hands. We've been addressing this risk with changes in operations, shutting of automatic or closers, enhanced inspections during periods of higher wildfire rigs. But this plan basically addresses about 1% of overhead miles that are in higher fire risk areas. And so this is probably under the current set of conditions sufficient to mitigate our wildfire risk.

是的。感謝您提出全面的問題。看，從野火的角度來看，正如您所強調的，1.4 億美元是整個 22 億至 27 億美元計劃的重要推動力。我認為了解為什麼我們系統 60% 目前位於地下非常重要。傑里米，據我所知，我們這裡的相對濕度很高。因此，在所有條件相同的情況下，我們的雲端買家風險都明顯低於同業。話雖如此，顯然我們還沒有袖手旁觀。我們一直在透過改變操作、關閉自動裝置或關閉器、在更高的野火鑽機期間加強檢查來解決這一風險。但該計劃基本上解決了火災風險較高區域中約 1% 的架空里程問題。因此，在目前的條件下，這可能足以減輕我們的野火風險。

Now obviously, we're going to continue to look at weather patterns, trap patterns to see how that evolves over time. But I don't really see the wildfire litigation being a significant long-term driver of CapEx, where I do see further opportunity beyond this plan is really on the distribution side. As I said in my prepared remarks, we have been really focused on hardening the backbone of our system, the electric transmission and the substation flood control efforts.

現在顯然，我們將繼續關注天氣模式、陷阱模式，看看它們如何隨著時間的推移而演變。但我並不真正認為野火訴訟是資本支出的重要長期驅動因素，我確實認為除此計劃之外的進一步機會確實存在於分銷方面。正如我在準備好的發言中所說，我們一直致力於加強系統骨幹、電力傳輸和變電站防洪工作。

We will largely be through those programs by the end of this first cycle. And so the real opportunities, as I mentioned, is on the distribution side going forward and really creating a more resilient, reliable overhead electric system for our customers.

在第一個週期結束時，我們基本上將完成這些計劃。因此，正如我所提到的，真正的機會在於配電方面的發展，並真正為我們的客戶創造一個更有彈性、更可靠的架空電力系統。

So more to come on that front. We're happy to make this first filing, and I see the opportunity for continued CapEx growth as we make subsequent filings in the future.

因此，這方面還有更多內容。我們很高興首次提交申請，並且我看到了隨著我們未來提交後續申請，資本支出持續增長的機會。

Got it. Makes sense. If there's one thing we know, it's that Houston is humid, I'll leave it there.

知道了。說得通。如果我們知道一件事，那就是休士頓很潮濕，我會把它留在那裡。

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。

And the last question will come from Durgesh Chopra with Evercore.

最後一個問題將由 Evercore 的 Durgesh Chopra 提出。

I appreciate it. I'll ask 2 very quick questions, and I'll ask them together. Just first, can you help us sort of pan out a time line for the resiliency plan approval, what to look for there? And then second, Jason, in your comments, you mentioned regulatory lag as a tailwind opportunity. Can you just quickly remind us what your earned regulated ROEs are as of the end of the first quarter?

我很感激。我會問兩個非常簡短的問題，我會一起問它們。首先，您能否幫助我們制定一個彈性計畫批准的時間表，在那裡要尋找什麼？其次，傑森，在您的評論中，您提到監管滯後是一個順風機會。您能快速提醒我們截至第一季末您獲得的受監理股本報酬率是多少嗎？

Yes. Thanks, Durgesh, for the questions. On the first side, the time line for approval of the resiliency plan, I think the legislation call it for about a 6-month approval period. What I will say is this is first of its kind legislation. So we'll have to kind of get in the middle but I'm sure there will be a number of parties sort of intervening, but I would look towards the tail end of this year, calendar year, to get a final decision on the resiliency plan that we file.

是的。謝謝杜爾格甚提出的問題。第一方面，彈性計畫的批准時間線，我認為立法規定的批准期約為 6 個月。我要說的是，這是同類立法的首例。因此，我們必須採取中間立場，但我確信會有很多方面進行幹預，但我會期待今年年底，日曆年，就這一問題做出最終決定。

On the question on regulatory lag, we've historically seen particularly here in the Texas business, about 150 basis points on average regulatory lag. And what I would say is we sort of meaningfully reduce that amount but it's an odd time to really be calculating kind of what regulatory lag is at the end of the first quarter just because we're in the middle of our rate case filing. And as a result, we don't have access to the full complement of capital recovery mechanisms that we will have sort of on the other side of this rate case. And so just know that we've taken steps to begin to reduce that historical regulatory lag, and I think we'll be in place that gives sort of a more normalized view of that on the other side of the rate case.

關於監管滯後的問題，我們歷史上尤其是在德克薩斯州的企業中看到，平均監管滯後約為 150 個基點。我想說的是，我們在某種程度上有意義地減少了這筆金額，但現在真正計算第一季末的監管滯後程度是一個奇怪的時間，因為我們正處於利率案件備案的中間階段。因此，我們無法獲得完整的資本回收機制，而在這種利率情況下，我們將擁有這種機制。因此，只要知道我們已經採取措施開始減少歷史監管滯後，我認為我們將就利率情況的另一面提供更正常化的觀點。

Okay. Operator, with that, that concludes our call for the quarter. Thanks, everyone, for joining.

好的。營運商，我們對本季的預測就到此結束。謝謝大家的加入。

This concludes CenterPoint Energy First Quarter 2024 Earnings Conference Call. Thank you for your participation. Have a great day.

CenterPoint Energy 2024 年第一季財報電話會議至此結束。感謝您的參與。祝你有美好的一天。