CenterPoint Energy Inc (CNP) 2025 Q1 法說會逐字稿

Good morning and welcome to CenterPoint Energy's first-quarter earnings conference call with senior management. (Operator Instructions)

早安，歡迎參加 CenterPoint Energy 高階主管第一季財報電話會議。（操作員指示）

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

現在我將把電話轉給企業規劃、投資者關係和財務主管資深副總裁 Jackie Richert。里切特女士。

Good morning and welcome to CenterPoint's first quarter 2025 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 2025 年第一季財報電話會議。我們的執行長 Jason Wells；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 contain projections and other forward-looking information and statements that are currently 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 on various factors, as noted within our Form 10-Q and other SEC filings, as well as 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，這些主題包含預測和其他前瞻性資訊和陳述，這些資訊和陳述目前基於管理層的信念、假設和管理層當前可獲得的資料。這些前瞻性陳述受風險和不確定性的影響。正如我們的 10-Q 表和其他 SEC 文件以及我們的收益資料中所述，實際結果可能因各種因素而存在重大差異。我們不承擔公開修改或更新任何前瞻性陳述的義務。

We reported $0.45 of earnings per share for the first quarter of 2025 on a GAAP basis. Management 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.

我們根據 GAAP 報告 2025 年第一季每股收益為 0.45 美元。管理階層將在今天的電話會議上討論某些非公認會計準則指標。在提供指引時，我們使用非 GAAP EPS 衡量合併基礎上的稀釋調整後每股盈餘，稱為非 GAAP EPS。

For information on guidance methodology and reconciliation of the non-GAAP measures used in providing guidance, please refer to our earnings news release and presentation on our website. We use our website to announce material information.

有關指導方法和用於提供指導的非公認會計準則 (non-GAAP) 指標的調節信息，請參閱我們網站上的收益新聞稿和介紹。我們使用我們的網站來發布重要資訊。

This call is being recorded. Information on how to access the replay can be found on our website. Now, I'd like to turn the call over to Jason.

此通話正在錄音。關於如何觀看重播的資訊可以在我們的網站上找到。現在，我想把電話轉給傑森。

Thank you, Jackie, and good morning, everyone. On today's call, I'd like to address four key areas of focus. First, I'll touch on our first quarter financial results. Second, I will discuss the improvements we have made in advance of the upcoming hurricane season in support of our goal to build and operate the most resilient coastal grid in the country. Third, I'll provide a brief update on our regulatory progress through the first quarter and touch on a few recent filings at Houston Electric. And lastly, I'll provide an update on the continued significant and diversified low growth in our Houston Electric Service territory which is driving an increase of $1 billion to our capital investment plan through 2030.

謝謝你，Jackie，大家早安。在今天的電話會議上，我想談四個重點領域。首先，我將談談我們第一季的財務表現。其次，我將討論我們在即將到來的颶風季節之前所做的改進，以支持我們建造和運營全國最具彈性的沿海電網的目標。第三，我將簡要介紹我們第一季的監管進展，並談到休士頓電氣公司最近提交的一些文件。最後，我將介紹休士頓電力服務區域持續顯著且多樣化的低成長的最新情況，這將推動我們的資本投資計劃在 2030 年增加 10 億美元。

Now, starting with our first quarter results. This morning, we announced non-GAAP EPS of $0.53 for the first quarter. As a quick reminder and as Chris will cover in more detail, I want to emphasize that our incremental revenue from capital recovery mechanisms will be more weighted to the second half of the year as we were unable to access those mechanisms consistent with our historical schedules last year given our rate case activity.

現在，開始介紹我們的第一季業績。今天上午，我們宣布第一季非公認會計準則每股收益為 0.53 美元。作為一個快速提醒，正如克里斯將更詳細地介紹的那樣，我想強調的是，我們從資本回收機制中獲得的增量收入將更多地集中在今年下半年，因為考慮到我們的利率案例活動，我們無法按照去年的歷史時間表訪問這些機制。

We anticipated this profile when we initiated our guidance, and we are reaffirming our 2025 non-GAAP EPS guidance range from $1.74 to $1.76 which equates to 8% growth at the midpoint from our delivered 2024 non-GAAP EPS of $1.62. Over the long term, we continue to expect to grow non-GAAP EPS at the mid to high end of our 6% to 8% range annually through 2030. We also expect to grow dividends per share in line with earnings growth over the same period of time.

我們在發布指引時就預料到了這種情況，我們重申 2025 年非 GAAP EPS 指引範圍為 1.74 美元至 1.76 美元，這相當於我們 2024 年非 GAAP EPS 1.62 美元的中點成長 8%。從長遠來看，我們預計到 2030 年，非 GAAP 每股盈餘的年增長率將保持在 6% 至 8% 的中高端水準。我們也預期每股股息將隨著同期的獲利成長而成長。

I would like to now discuss the improvements we have made in advance of the upcoming hurricane season. As many of you recall, immediately after Hurricane Beryl, we introduced our Greater Houston Resiliency Initiative to significantly accelerate resiliency investments to reduce the number of outages during extreme weather events, as well as to help restore service more quickly when those outages occur.

現在我想討論我們在即將到來的颶風季節之前所做的改進。你們許多人都記得，在颶風貝麗爾過後，我們立即推出了大休斯頓地區復原力計劃，以大幅加快恢復力投資，減少極端天氣事件期間的停電次數，並在發生停電時幫助更快地恢復服務。

I'm proud of the progress our crews have made. By June 1, we will double the number of grid automation devices on our system. We'll replace 26,000 poles designed to withstand extreme winds and trim or remove over 6,000 miles of high-risk vegetation since we launched this initiative last August.

我為我們的工作人員所取得的進步感到自豪。到 6 月 1 日，我們的系統中電網自動化設備的數量將增加一倍。自去年八月啟動這項計畫以來，我們將更換 26,000 根用於抵禦強風的電線桿，並修剪或移除超過 6,000 英里的高風險植被。

It is important to note that much of this work is being performed in parallel with our base workload plan. In fact, taken altogether, we will have completed what amounts to an extra one and a half years of work on top of our base work plan in the last nine months.

值得注意的是，大部分的工作是與我們的基本工作量計畫同時進行。事實上，總的來說，在過去的九個月裡，我們在基本工作計畫的基礎上又完成了一年半的工作。

I want to thank the team here at CenterPoint for acting with urgency to improve customer outcomes as we head into the 2025 hurricane season. We remain committed to working towards our goal of being the most resilient coastal grid in the country.

我要感謝 CenterPoint 團隊在 2025 年颶風季來臨之際採取緊急行動，以改善客戶結果。我們將繼續致力於實現成為全國最具彈性的沿海電網的目標。

Now, turning to my third key area of focus, a brief overview of our regulatory progress, including some recent filings at Houston Electric. Before I touch on any specific regulatory filing, I want to put into perspective what our teams have accomplished over the last 18 months.

現在，轉到我的第三個重點關注領域，簡要概述我們的監管進展，包括休士頓電氣公司最近提交的一些文件。在談到任何具體的監管文件之前，我想先介紹一下我們的團隊在過去 18 個月中的成就。

Last year, 5 of our now 7 service territories were subject to a rate case proceeding that represented nearly 90% of our enterprise rate base. As of today, we have received final orders in 3 and are now awaiting another for a Minnesota gas business where we've already reached an all-party settlement.

去年，我們目前 7 個服務區域中的 5 個受到了費率案件訴訟的管轄，這佔了我們企業費率基數的近 90%。截至今天，我們已收到 3 份最終訂單，目前正在等待明尼蘇達州一家天然氣企業的另外一份訂單，我們已經與該企業達成了各方和解。

After the conclusion of the last rate case for our Ohio gas business, we expect that over 80% of our enterprise rate case will not be subject to a general rate case proceeding for about another four years. This significantly de-risk regulatory profile provides a solid foundation for our financial plan through the remainder of the decade.

在我們俄亥俄州天然氣業務的最後一起費率案件結束後，我們預計，在未來四年左右的時間裡，超過 80% 的企業費率案件將不會受到一般費率案件程序的約束。這種顯著降低風險的監管狀況為我們未來十年的財務計畫奠定了堅實的基礎。

I now want to briefly touch on a few filings in our Houston Electric Service territory. Chris will provide updates on filings in our other jurisdictions in his section.

現在我想簡單談談我們休士頓電力服務地區的一些文件。克里斯將在他的部門提供有關我們其他司法管轄區備案的最新情況。

I'll start with our most recent filing related to our temporary generation units. Last week, we made a filing to remove the unamortized rate base of our large temporary generation units. As a result, average residential customers will see a reduction in their electric delivery charges, which over time, will equate to a monthly savings of up to $2. This plan was publicly supported by several key stakeholders at a recent legislative hearing.

我將從我們最近與臨時發電機組相關的文件開始。上週，我們提交了一份申請，要求取消大型臨時發電機組的未攤銷費率基數。因此，普通住宅用戶的電力傳輸費用將會降低，隨著時間的推移，每月將節省高達 2 美元。該計劃在最近的立法聽證會上得到了幾位主要利益相關者的公開支持。

Second, I want to provide an update on our system resiliency plan filing. As you may recall, we refiled our system resiliency plan at the end of January. The contents of that filing were informed broadly by our extensive stakeholder engagement after Hurricane Beryl. We heard loud and clear that our stakeholders wanted a more resilient grade delivered at an accelerated pace.

其次，我想提供有關我們系統彈性計劃備案的最新情況。您可能還記得，我們​​在一月底重新提交了系統彈性計劃。該文件的內容大致是根據颶風貝麗爾過後我們與利害關係人的廣泛接觸而製定的。我們清楚地聽到，我們的利害關係人希望以更快的速度提供更具彈性的等級。

We believe the investments included in our updated filing are responsive to that feedback as well as the feedback we've received from interveners from our initial filing. We look forward to further discussing the merits of our plan during a mutually agreed to mediation, which is scheduled for next week. Absent a settlement in this docket, the PECT has a statutory deadline of mid-September to show its final order.

我們相信，我們更新後的文件中包含的投資是對該回饋以及我們從初始文件中介入者收到的回饋所做出的回應。我們期待在下週雙方同意的調解期間進一步討論我們計劃的優點。如果此案未達成和解，PECT 必須在 9 月中旬這一法定期限內出示最終命令。

Lastly, I want to touch upon our upcoming cost determination filing related to the storm cost recovery for Hurricane Beryl and other storms. Within the next two weeks, we anticipate making our cost determination filing to seek recovery of the $1.1 billion of cost incurred to restore over $2 million outages as a result of Hurricane Beryl. In addition, this filing will also include approximately $100 million of restoration costs related to two subsequent storms.

最後，我想談談我們即將提交的與颶風貝麗爾和其他風暴的風暴成本恢復相關的成本確定文件。在接下來的兩週內，我們預計將提交成本確定申請，以尋求收回因颶風貝麗爾造成的超過 200 萬美元的停電恢復所產生的 11 億美元成本。此外，此次申請還將包括與隨後兩場風暴相關的約1億美元的恢復費用。

Approximately 90% of the Hurricane Beryl related costs are related to 2,000 CenterPoint frontline personnel and nearly 13,000 mutual aid workers who traveled from approximately 30 states over a nine-day period. Notably, their work led to restoration times that were in line or better than other Texas peers as well as peers outside of Texas that experienced similarly damaging storms.

約 90% 的颶風貝麗爾相關費用與 2,000 名 CenterPoint 一線人員和近 13,000 名互助工作者有關，他們在九天內從大約 30 個州趕來。值得注意的是，他們的工作使得恢復時間與德克薩斯州其他同行以及德克薩斯州以外遭受類似破壞性風暴的同行持平或更好。

The securitization mechanism for Texas Utilities continues to be an important and constructive storm cost recovery tool for both customers and utilities. It mitigates the customer bill impact of system damage from severe weather while also providing liquidity to utilities to continue to efficiently fund capital investments for the benefit of customers.

德州公用事業公司的證券化機制對於客戶和公用事業公司來說仍然是一個重要且有建設性的風暴成本回收工具。它減輕了惡劣天氣造成的系統損壞對客戶帳單的影響，同時也為公用事業公司提供了流動性，以繼續有效地為客戶利益提供資本投資資金。

We look forward to working with stakeholders towards a constructive resolution of this upcoming filing. As I mentioned, Chris will cover the details of our other regulatory filings in his section.

我們期待與利害關係人合作，為即將提交的文件找到建設性的解決方案。正如我所提到的，克里斯將在他的部分介紹我們其他監管文件的詳細資訊。

Finally, I want to discuss the recent low growth trends in our Houston Electric Service territory and provide some additional color on the $1 billion increase to our capital investment plan through 2030.

最後，我想討論一下我們休士頓電力服務區域最近的低成長趨勢，並對我們在 2030 年增加 10 億美元的資本投資計畫提供一些額外的說明。

As you may recall on our last quarter call, we outlined what we believe to be a conservative forecast of a 10 gigawatt increase by 2031 in peak load on our Houston Electric system. We continue to see positive trends that only bolster our confidence in this forecasted low growth figure.

您可能還記得，在上個季度的電話會議上，我們概述了我們認為保守的預測，即到 2031 年休士頓電力系統的尖峰負載將增加 10 千兆瓦。我們繼續看到正面的趨勢，這只會增強我們對這項預測的低成長數據的信心。

Notably, since we submitted our forecast to ERCOT at the end of January, our load interconnection queue has grown by another 7 gigawatts through 2031. This represents a nearly 20% increase in load interconnection requests in a little more than two months. This significant increase is driven by a diverse set of low growth factors including industrial customer demand, data centers, and transportation electrification projects.

值得注意的是，自從我們在一月底向 ERCOT 提交預測以來，到 2031 年我們的負載互連隊列又增加了 7 千兆瓦。這意味著在短短兩個多月的時間裡，負載互連請求增加了近20％。這一顯著成長是由工業客戶需求、資料中心和交通電氣化專案等多種低成長因素所推動的。

At this time, we are not increasing our forecast of a peak load increase of 10 gigawatts by 2031, which, as a reminder represents about a 50% increase in peak demand on our system over the next six years. However, these new data points provide us even stronger conviction in our submitted forecasts. This tremendous growth potential will undoubtedly require additional capital investment in the electric transmission system, which as we alluded to in the fourth quarter call, we believe to be at least an incremental $3 billion of capital investment by the end of the decade, with likely more thereafter.

目前，我們不會上調到 2031 年尖峰負載增加 10 千兆瓦的預測，提醒一下，這意味著未來六年我們系統的尖峰需求將增加約 50%。然而，這些新的數據點讓我們對提交的預測更有信心。這種巨大的成長潛力無疑將需要對電力傳輸系統進行額外的資本投資，正如我們在第四季度電話會議上提到的那樣，我們認為到本世紀末至少需要增加 30 億美元的資本投資，此後可能會有更多。

While the total forecasted capital investment and exact timing are still being refined and will be influenced by the PECT recommendation on the high voltage standard, we plan to incorporate the increased capital investment in our guidance over the course of this year, starting with today's increase of $1 billion. This initial $1 billion increase in our capital investment guidance, which now takes our total investment plan to $48.5 billion through 2030 reflects nearly a dozen transmission projects we will be submitting to ERCOT's regional planning group in the coming weeks.

雖然預計的總資本投資和確切時間仍在完善中，並將受到 PECT 對高壓標準建議的影響，但我們計劃在今年將增加的資本投資納入我們的指導中，從今天增加 10 億美元開始。我們的資本投資指引最初增加了 10 億美元，到 2030 年，我們的總投資計畫將達到 485 億美元，這反映了我們將在未來幾週內向 ERCOT 區域規劃小組提交的近十幾個輸電項目。

We will continue working with stakeholders on the final transmission voltage standard and anticipating providing additional updates to our capital investment guidance over the next two quarters. In addition to these electric transmission investment opportunities, we continue to see a robust set of incremental capital investment opportunities in our Houston Electric Service territory, as well as other jurisdictions.

我們將繼續與利害關係人合作制定最終的輸電電壓標準，並期待在接下來的兩個季度內為我們的資本投資指南提供更多更新。除了這些電力傳輸投資機會之外，我們還繼續看到休士頓電力服務區域以及其他司法管轄區內一系列強勁的增量資本投資機會。

In Houston Electric, we see the potential capital investment opportunities as we partner with the city of Houston on its downtown revitalization program, which will require substantial investment to support both growth and modernization of our underground electric system and our downtown substations. We will also evaluate additional resiliency investments towards the latter part of the decade as we continue to aim to be the most resilient coastal grid in the United States.

在休士頓電力公司，我們看到了潛在的資本投資機會，因為我們與休士頓市合作開展市中心振興計劃，這將需要大量投資來支持我們的地下電力系統和市中心變電站的成長和現代化。我們還將評估未來十年後期額外的彈性投資，因為我們將繼續致力於成為美國最具彈性的沿海電網。

We also have a number of incremental capital investment opportunities outside of our Houston Electric business. One example relates to our Texas gas business, which relies on third parties to move our own gas throughout the greater Houston region.

除了休士頓電力業務之外，我們還擁有許多增量資本投資機會。一個例子與我們的德州天然氣業務有關，該業務依靠第三方將我們自己的天然氣輸送到大休士頓地區。

We believe there's an investment opportunity to build a localized high-pressure distribution network around the city of Houston, similar to what we've constructed in our Minnesota gas service territory that could result in significant savings for our customers. Investments related to this project will likely begin next year and extend well into the next decade. We are excited to share more about all of these capital investment opportunities in the third quarter of this year, when we plan to provide a new comprehensive ten-year plan.

我們相信，在休士頓市周圍建立一個本地化的高壓配送網路是一個投資機會，類似於我們在明尼蘇達州天然氣服務區建造的，這可以為我們的客戶節省大量成本。與該項目相關的投資可能將於明年開始，並持續到下一個十年。我們很高興在今年第三季度分享有關所有這些資本投資機會的更多信息，屆時我們計劃提供一份新的綜合十年計劃。

These examples of capital investment opportunities across our business further strengthen our conviction that we have one of the most tangible, long-term growth plans in the industry. We believe that the growth in Houston Electric Service territory in combination with the capital investment opportunities and our other businesses will continue to drive growth for years to come.

這些貫穿我們業務的資本投資機會的例子進一步增強了我們的信念：我們擁有業內最切實、最長期的成長計劃之一。我們相信，休士頓電力服務領域的成長加上資本投資機會和我們的其他業務將在未來幾年繼續推動成長。

Equally important, this growth will also provide a sustainable platform for our customers whose charges will continue to benefit from the ever-growing population and economic activity. We are privileged to serve all of the communities across our four-state footprint, and we continue to focus on executing for the benefits of our customers and all of our stakeholders. And with that, I'll hand it over to Chris.

同樣重要的是，這種成長也將為我們的客戶提供一個可持續發展的平台，他們的收費將繼續受益於不斷增長的人口和經濟活動。我們很榮幸能夠為四個州的所有社區提供服務，並且我們將繼續致力於為我們的客戶和所有利益相關者謀福利。說完這些，我就把麥克風交給克里斯。

Thanks, Jason. This morning, I will plan to cover four areas of focus. First, the details of our first quarter results and how we're thinking about the remainder of the year. Second, I'll touch on the regulatory progress we've made across the various states that we have the privilege to serve. Third, I'll discuss our progress on the execution of the 2025 capital investment plan and our positively revised capital investment plan through 2030. And finally, I'll provide an update on where we ended the first quarter with respect to the balance sheet and credit metrics. Let's now move to the financial results shown on slide 6.

謝謝，傑森。今天上午，我計劃講四個重點領域。首先，我們第一季的業績細節以及我們對今年剩餘時間的展望。其次，我將談談我們有幸服務的各州所取得的監管進展。第三，我將討論我們在執行2025年資本投資計畫以及2030年積極修訂的資本投資計畫方面所取得的進展。最後，我將提供有關第一季末資產負債表和信貸指標的最新情況。現在讓我們來看看投影片 6 上顯示的財務結果。

On a GAAP EPS basis, we reported $0.45 for the first quarter of 2025. On a non-GAAP basis, we reported $0.53 for the first quarter of 2025 compared to $0.55 in the first quarter of 2024. Our non-GAAP EPS results for the first quarter removed the book loss resulting from the sale of Louisiana and Mississippi gas LDCs. As part of the sale, $217 million of goodwill was disposed. This was the reason for the book loss associated with the transaction.

根據 GAAP EPS，我們報告 2025 年第一季的每股盈餘為 0.45 美元。根據非公認會計準則 (Non-GAAP)，我們報告 2025 年第一季的利潤為 0.53 美元，而 2024 年第一季的利潤為 0.55 美元。我們第一季的非公認會計準則每股收益結果剔除了出售路易斯安那州和密西西比州天然氣有限企業所造成的帳面損失。作為出售的一部分，價值 2.17 億美元的商譽被處置。這就是與交易相關的帳面損失的原因。

Now, taking a closer look at the quarter. Growth and rate recovery contributed $0.03 when compared to the same quarter last year. I want to take a moment to discuss why this figure is lower than what you've seen in our previous first quarter earnings walks.

現在，仔細看看本季。與去年同期相比，成長和利率復甦貢獻了 0.03 美元。我想花點時間討論為什麼這個數字低於您在我們之前的第一季財報中看到的數字。

As a reminder, during 2024, we were prosecuting five separate rate cases. And due to this, we were unable to recover our capital investments on our normal filing rhythm of traditional interim recovery mechanisms.

提醒一下，2024 年，我們起訴了五起獨立的費率案件。因此，我們無法按照傳統臨時恢復機制的正常備案節奏收回我們的資本投資。

In some cases, such as the distribution and transmission capital trackers at Houston Electric. These filings were delayed several months from when they were traditionally filed.

在某些情況下，例如休士頓電力公司的配電和輸電資本追蹤器。這些申請比傳統提交時間推遲了幾個月。

In other instances, such as the grip filing at Texas Gas, we were unable to file for recovery of capital investments for over a year. The filings we made during the first quarter represent a catch up of capital investment recovery and represent nearly $2.2 billion of capital investments made in 2024 and nearly $260 million of associated revenue requirement increases.

在其他情況下，例如德州天然氣公司的控制申請，我們一年多來都無法申請收回資本投資。我們在第一季提交的文件代表了資本投資復甦的赶超，代表 2024 年近 22 億美元的資本投資和近 2.6 億美元的相關收入要求增加。

Over the next few months, rates will be updated, and the associated earnings will begin to materialize. As such, you should expect a lower earnings profile in the first half of 2025, primarily due to these timing differences.

在接下來的幾個月裡，利率將會更新，相關收益也將開始實現。因此，您應該預期 2025 年上半年的獲利狀況會下降，這主要是由於這些時間差異造成的。

Slide 7 depicts our expectation for the earnings shape for the remainder of the year. As you can see, we expect a more back weighted earnings profile than in typical in our non-post grade case here. As Jason mentioned, this shape was known at the time we initiated guidance, and we are confident in our ability to execute through the remainder of the year.

投影片 7 描述了我們對今年剩餘時間獲利狀況的預期。如您所見，我們預計非職位等級案例中的後加權獲利狀況將比典型情況更加明顯。正如傑森所提到的，我們在開始指導時就已經知道了這種形狀，並且我們對在今年剩餘時間內執行的能力充滿信心。

Coming back to the quarter, weather and usage was a favorable $0.05 when compared to the comparable quarter of 2024, as Texas and Indiana both had more seasonably normal weather as compared to the milder weather of Q1 2024. O&M was $0.02 unfavorable when compared to the first quarter of 2024. This was primarily driven by the timing of work as we sought to accelerate our vegetation management work ahead of the official start of the 2025 hurricane season.

回到本季度，與 2024 年同期相比，天氣和使用率有利 0.05 美元，因為與 2024 年第一季較為溫和的天氣相比，德克薩斯州和印第安納州的天氣都更加正常。與 2024 年第一季相比，O&M 虧損 0.02 美元。這主要是由工作時間安排決定的，因為我們試圖在 2025 年颶風季節正式開始之前加快植被管理工作。

In addition, interest expense and financing costs were $0.04 unfavorable when compared to the first quarter in 2024. These $0.04 were primarily driven by the approximately $3.4 billion of net new debt issuances since the first quarter of last year, some of which were slightly higher coupon, junior subordinated notes given our focus on the balance sheet and emphasis on credit supportive instruments.

此外，與 2024 年第一季相比，利息支出和融資成本虧損 0.04 美元。這 0.04 美元主要是由於自去年第一季以來約 34 億美元的淨新債務發行，其中一些是票面利率略高的次級票據，因為我們關注資產負債表並強調信貸支援工具。

Lastly, as you may recall, last year, we issued $500 million of common equity. $250 million of these issuances were a pull forward from 2025 as we sought to strengthen our balance sheet after storm restorations. These equity issuances resulted in an unfavorable variance of $0.02 quarter over quarter.

最後，您可能還記得，去年我們發行了 5 億美元的普通股。其中 2.5 億美元的發行是從 2025 年提前的，因為我們尋求在風暴恢復後加強我們的資產負債表。這些股票發行導致季度環比出現 0.02 美元的不利差異。

Next, I'll briefly touch on our regulatory progress related to the interim capital recovery trackers we filed during the quarter, starting with Houston Electric. As I mentioned in my earlier remarks, we had a number of interim filings that we filed outside of our normal cadence.

接下來，我將簡要介紹我們在本季提交的臨時資本回收追蹤器相關的監管進展，首先是休士頓電氣公司。正如我在之前的評論中提到的那樣，我們提交了一些超出正常節奏的臨時文件。

The distribution capital recovery tracker or DCRF was one such filing. We filed the first of our two allowed for the year at the end of February with a requested revenue requirement increase of approximately $123 million. This filing incorporates capital investments made between January and December of last year and was updated for revenues otherwise recovered in our Houston Electric case. We expect that customer delivery charges will be updated later in June.

分配資本回收追蹤器（DCRF）就是這樣一種文件。我們於二月底提交了本年度兩項批准中的第一項，要求收入要求增加約 1.23 億美元。該文件包含了去年 1 月至 12 月期間的資本投資，並根據我們在休士頓電力案中收回的收入進行了更新。我們預計客戶送貨費用將於六月下旬更新。

In addition to the distribution capital tracker filing, we also filed for the first of our two allowed transmission recovery tracker filings or TCOS. This filing included a revenue requirement increase of approximately $64 million which was recently approved with rates anticipated to be updated in the coming weeks. And moving now to Texas gas.

除了分配資本追蹤備案外，我們還提交了兩個允許的傳輸恢復追蹤備案或 TCOS 中的第一個。此次申請包括增加約 6,400 萬美元的收入要求，該要求最近已獲得批准，預計稅率將在未來幾週內更新。現在轉向德州天然氣。

In mid-February, we filed our annual capital investment recovery mechanism or GRIP, which included a revenue requirement increase of approximately $71 million. I'd like to highlight that this is another one of the interim recovery mechanisms that we were unable to file last year as we prosecuted the Texas gas rate case.

二月中旬，我們提交了年度資本投資恢復機制（GRIP），其中包括約 7,100 萬美元的收入要求增加。我想強調的是，這是我們去年在起訴德州汽油費率案時未能提交的另一項臨時追償機制。

The $71 million revenue request is larger than previous GRIP filings as it incorporates 15 months of capital investments for which we are seeking recovery rather than the traditional 12 months. We anticipate customer gas delivery charges will be updated to reflect the new revenue requirement associated with this filing by early June. Next, I'll touch on our capital investment plan execution through the first quarter and our positively revised capital plan through 2030 as shown here on slide 8.

7,100 萬美元的收入申請比之前的 GRIP 申請要大，因為它包含了我們尋求回收的 15 個月的資本投資，而不是傳統的 12 個月。我們預計客戶的天然氣輸送費用將在 6 月初進行更新，以反映與本申報相關的新收入要求。接下來，我將談談我們第一季的資本投資計畫執行情況，以及我們到 2030 年積極修訂的資本計劃，如投影片 8 所示。

In the first quarter of 2025, we invested $1.3 billion of base work for the benefit of our customers and communities. In short, we are right on track to meet our 2025 capital investment target of $4.8 billion. Looking further ahead, and as Jason mentioned, today, we are increasing our capital investment plan that runs through 2030 by $1 billion from $47.5 billion to now $48.5 billion.

2025 年第一季度，我們投資了 13 億美元用於基礎工作，造福我們的客戶和社區。簡言之，我們正朝著實現 2025 年 48 億美元資本投資目標的方向前進。展望未來，正如傑森今天提到的，我們將把到 2030 年的資本投資計畫增加 10 億美元，從 475 億美元增加到現在的 485 億美元。

We intend to finance these incremental investments in line with our previously communicated rule of thumb a 50% equity and 50% debt. To be clear, however, we are not updating this year's equity plans as we still do not intend to issue common equity. That's because we pulled forward our 2025 equity base plan needs last year.

我們打算按照我們先前傳達的經驗法則（50% 股權和 50% 債務）為這些增量投資提供資金。但需要明確的是，我們不會更新今年的股權計劃，因為我們仍然不打算發行普通股。這是因為我們去年提前了 2025 年股權基礎計畫需求。

Today's capital investment increase is one of our first steps in a planned effort to sustainably increase our capital investment plan to support the rapid and significant growth the greater Houston area continues to experience. Over the next two quarters, you should expect incremental updates regarding CapEx and associated financing. Later in Q3 of this year, we will be in a position to aggregate all of these updates as well as provide others to you to give you all a comprehensive update in the new 10-year plan.

今天的資本投資增加是我們計劃持續增加資本投資計畫的第一步，旨在支持大休士頓地區繼續經歷的快速且顯著的成長。在接下來的兩個季度中，您應該會看到有關資本支出和相關融資的增量更新。今年第三季晚些時候，我們將匯總所有這些更新，並將其他更新提供給您，以便為大家提供新十年計劃的全面更新。

Finally, I want to touch on how we're thinking about the balance sheet and where we ended the quarter with respect to our credit metrics. As of the end of the quarter, our trailing 12 months adjusted FFO to debt ratio based on the Moody's rating methodology was 13.9%, when removing transitory storm related costs. This quarter, we made progress towards getting back to our target concussion range of 100 to 150 basis points with the closing of our Louisiana and Mississippi LD, which resulted in net cash proceeds of a little over a billion dollars.

最後，我想談談我們如何看待資產負債表，以及我們在本季末的信用指標情況。截至本季末，根據穆迪評級方法，扣除暫時性風暴相關成本後，我們過去 12 個月調整後的 FFO 與負債比率為 13.9%。本季度，隨著路易斯安那州和密西西比州 LD 的關閉，我們在恢復到 100 至 150 個基點的目標震盪範圍方面取得了進展，這帶來了略高於 10 億美元的淨現金收益。

We also expect an additional $400 million of securitization proceeds related to the May 2024 Duratro storm event later this summer. In addition, as Jason discussed, we plan to file for the cost determination for the roughly $1.1 billion of storm costs related to Hurricane Beryl and $100 million related to other storms within the next two weeks. We anticipate receiving securitization bond proceeds around the end of this year.

我們也預計今年夏天晚些時候還將獲得與 2024 年 5 月 Duratro 風暴事件相關的 4 億美元證券化收益。此外，正如傑森所討論的，我們計劃在未來兩週內申請對與颶風貝麗爾相關的約 11 億美元風暴成本和與其他風暴相關的 1 億美元風暴成本進行成本認定。我們預計將在今年年底左右收到證券化債券收益。

During the quarter, we also took advantage of the recent stock performance and proactively worked to de-risk 2026's financing plan. In particular, we executed equity forward sales through our ATM program of approximately $145 million.

在本季度，我們也利用近期的股票表現，積極努力降低 2026 年融資計畫的風險。具體來說，我們透過 ATM 計畫進行了約 1.45 億美元的股票遠期銷售。

With respect to 2025 common equity needs, there is no change as we do not anticipate the need for common equity through the remainder of the year to fund our current plan. However, we'll continue to be opportunistic in addressing 2026 equity needs.

對於 2025 年的普通股權益需求，沒有變化，因為我們預計今年剩餘時間內不需要普通股權益來資助我們目前的計畫。然而，我們將繼續抓住機會解決 2026 年的股權需求。

We will continue to stay laser focused in supporting the balance sheet while also investing for the benefit of our customers and communities. We are off to a solid start in 2025, and we are right on plan to deliver our full year results.

我們將繼續專注於支持資產負債表，同時也為我們的客戶和社區的利益進行投資。2025 年我們有一個良好的開端，並且我們正按照計劃實現全年業績。

We are reaffirming our 2025 non-GAAP EPS guidance range of $1.74 to $1.76 which equates to 8% growth at the midpoint from our delivered 2024 non-GAAP EPS of $1.62. Over the long term, we continue to expect to grow non-GAAP EPS at the mid to high end of the 6% to 8% range annually through 2030. We look forward to the remainder of 2025 and executing for the benefit of all stakeholders. And with that, I'll now turn the call back over to Jason.

我們重申 2025 年非 GAAP EPS 指引範圍為 1.74 美元至 1.76 美元，相當於我們 2024 年非 GAAP EPS 1.62 美元的中間值成長 8%。從長遠來看，我們預計到 2030 年，非 GAAP 每股盈餘的年增長率將保持在 6% 至 8% 的中高端水準。我們期待 2025 年剩餘時間的順利完成，並為所有利害關係人謀福利。說完這些，我現在將電話轉回給傑森。

Thank you, Chris. We are excited about the opportunities in front of us through the end of the decade and beyond, and we look forward to sharing an updated 10-year plan in the third quarter of this year.

謝謝你，克里斯。我們對本世紀末及以後面臨的機會感到興奮，並期待在今年第三季分享更新後的十年計劃。

Thank you, Jason. With that, we'll now turn it over to Q&A. Operator?

謝謝你，傑森。接下來，我們將進入問答環節。操作員？

(Operator Instructions)

（操作員指示）

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Hi, good morning, team. It's actually Constantine here for Shar. Thanks for taking questions. Starting off on the CapEx update, as you were including the $1 billion of upside today, how should we be thinking about the cadence of updates as we get the three key roll forward? Do you anticipate more incremental updates in the 2030 plan, or is there a more comprehensive 3Q update? How does the higher run rate imply for the upside and roll forward the plan?

嗨，早上好，團隊。事實上，康斯坦丁 (Constantine) 是來為莎爾 (Shar) 服務的。感謝您的提問。從資本支出更新開始，由於您今天提到了 10 億美元的上行空間，那麼在推進三個關鍵舉措時，我們應該如何考慮更新的節奏？您是否預計 2030 年計畫中會有更多增量更新，或者是否會有更全面的第三季更新？更高的運轉率對於上行和推進計畫有何意義？

Yeah, good morning, Constantine. It's Jason here. Maybe two key points and then I'll expand. First, we do see significant CapEx tailwinds across our business, in particular in Houston Electric, but also as I alluded to in our Texas gas business as well.

是的，早安，康斯坦丁。我是傑森。也許有兩個關鍵點，然後我會進一步闡述。首先，我們確實看到整個業務的資本支出都出現了顯著的順風，特別是休士頓電力公司，但正如我所提到的，我們的德州天然氣業務也是如此。

Second, and to your point on timing, we have a history of updating kind of our CapEx guidance as we get incremental data points and I -- we're going to continue to use that approach. So you know this quarter, we've updated the CapEx guidance for the billion dollars really reflecting the nearly dozen projects that will be filing with the regional planning group.

其次，關於時間安排，我們曾經隨著獲得增量數據點而更新我們的資本支出指導，我們將繼續使用這種方法。所以你知道這個季度，我們更新了 10 億美元的資本支出指導，這實際上反映了將向區域規劃小組提交的近十幾個項目。

We have additional projects that we will file later this summer. So there will be a time, whether it's a second quarter call or third quarter call, we'll have even incremental updates with respect to electric transmission. And then we will also provide, as we've discussed, a much more comprehensive update in the third quarter really rolling forward that 10-year plan.

我們還有其他項目將於今年夏天晚些時候提交。因此，無論是第二季度還是第三季度，我們都會對電力傳輸進行增量更新。然後，正如我們所討論的，我們還將在第三季度提供更全面的更新，真正推進這一十年計劃。

But last time we initiated a 10-year plan, we initiated it at $40 billion, and today, it's at $48.5 billion. The CapEx tailwinds remain significant, and I'd expect us just to be in a periodic rhythm of updating as we get additional regulatory data points.

但上次我們啟動十年計畫時，金額是 400 億美元，而今天，金額已達 485 億美元。資本支出的順風仍然很重要，我希望隨著我們獲得更多監管數據點，我們能夠定期進行更新。

Great, thanks for that. And we -- we've seen some regulatory lag issues here in Texas due to the growth and inflection of CapEx. And as you're adding the CapEx and rolling forward, do you see any rate constructs being adequate to limit the ROE issues given you just came out of the rate case, or would you look for any improvements in construct on a go forward basis?

太好了，謝謝。我們發現，由於資本支出的成長和變化，德州存在一些監管滯後問題。當您添加資本支出並向前滾動時，您是否認為任何利率構造足以限制 ROE 問題，因為您剛剛擺脫利率案例，或者您是否會在未來尋求構造方面的任何改進？

Yeah, let me be clear, I don't see any challenge with regulatory lag to achieve the guidance that we've initiated. And I think our track record helps prove that. When we initiated our original 10-year plan, we doubled CapEx at Houston Electric. We've since doubled it again. And we've also nearly doubled it yet again over that period of time we've increased our earned returns. So I don't see this profile of incremental CapEx providing challenges from a regulatory live standpoint in terms of achieving our guidance.

是的，讓我明確一點，我認為監管落後不會對我們實現已啟動的指導目標造成任何挑戰。我認為我們的業績記錄可以證明這一點。當我們啟動最初的十年計畫時，我們將休士頓電力公司的資本支出增加了一倍。此後我們又將其翻倍。而在此期間，我們的收益又幾乎翻了一番，我們增加了所獲得的回報。因此，從監管角度來看，我認為增量資本支出的這種狀況不會對我們實現指導方針帶來挑戰。

Now that being said, just because we have a historical test year, we have some regulatory lag in our business that we will constantly look at regulatory and legislative solutions to help chip away at. We think it's in our customers' best interest to fund incremental CapEx from the ongoing cash that we generate in the business.

話雖如此，僅僅因為我們有一個歷史性的測試年，我們的業務就存在一些監管滯後，我們將不斷尋找監管和立法解決方案來幫助消除這些問題。我們認為，用我們在業務中產生的持續現金來資助增量資本支出符合客戶的最佳利益。

And so, there will be a continued focus on reducing regulatory lag for the benefit of our customers and our investors. But I just want to be 100% clear, we do not see a challenge with regulatory lag for achieving the guidance that we've outlined.

因此，我們將繼續致力於減少監管滯後，以造福我們的客戶和投資者。但我只是想 100% 明確指出，我們並不認為監管滯後會對實現我們所概述的指導方針構成挑戰。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Good to see the momentum on the capital expenditures. Can you maybe just kind of talk about where your head is at on financing these new opportunities and just recognize that you kind of trade at a more healthy multiple, so it's equity kind of your preferred route here? Should we be looking towards asset sales just what's kind of the pecking order, and if you are looking at asset sales maybe kind of talk about what's core versus not. Thanks.

很高興看到資本支出的成長動能。您能否談談您對這些新機會的融資想法，並認識到您的交易倍數更為健康，所以股權是您首選的途徑？我們是否應該專注於資產出售，看看這是什麼樣的等級制度，如果你正在考慮資產出售，也許可以談談什麼是核心，什麼是非核心。謝謝。

Sure, good morning, Nick. I think it's -- a few key factors to think about. Let me first just remind you that even with the CapEx momentum, we were clear this morning that there is no incremental 2025 equity need so that's kind of the place to start. Given where we are trading, we've also been really focused on being proactive there, right? So you also saw us move forward with the forward equity approach to de-risk a portion of 2026.

當然，早上好，尼克。我認為有幾個關鍵因素需要考慮。首先，我要提醒您，即使資本支出勢頭強勁，我們今天早上也明確表示，2025 年不需要增加股權，所以這只是一個起點。考慮到我們的交易地點，我們也一直非常注重在那裡採取積極主動的態度，對嗎？因此，您也看到我們推進遠期股權方式來降低 2026 年部分時間的風險。

Beyond that, as we look into the electric transmission opportunities that Jason referenced, those will be probably more back weighted going forward. And so, as a result, we'll consistently look and have always in recent years looked at the way to most efficiently finance that work going forward. We previously provided the growth-related CapEx rule of thumb of 50% debt, 50% equity to fund as we go forward.

除此之外，當我們研究傑森提到的電力傳輸機會時，這些機會在未來可能會得到更多的重視。因此，我們將持續尋找並在最近幾年尋找未來最有效地資助這項工作的方法。我們先前提供了與成長相關的資本支出經驗法則，即 50% 的債務、50% 的股權來為我們未來的發展提供資金。

And at the same time, just given where we are, I'll say macroeconomically, there's certainly been increased interest in particular gas LDCs just kind of broadly in the country. I think as a result, that -- that's increased inbounds for us as well, and so, you can imagine we're going to consistently be open to the most efficient way to finance our work.

同時，考慮到我們所處的宏觀經濟形勢，我認為全國範圍內對特定天然氣欠發達國家的興趣肯定有所增加。我認為結果是——這也增加了我們的收入，因此，你可以想像我們將始終如一地採用最有效的方式來資助我們的工作。

And finally, I think the other thing to keep in mind is now that we're working our way through really completing a lot of these rate cases, as you look at the net benefits, there's both the earnings-related tailwinds that Jason's referenced before. But it is also the case that we've been able to improve our operating cash flow profile so we're seeing -- really, when you isolate just all those benefits of completing those cases, that really credit to the team to getting us to this point. We probably are looking on the order of a roughly 5% operating cash flow improvement. So hopefully, that gives you the color for kind of how we're thinking about the plan going forward.

最後，我認為要記住的另一件事是，現在我們正在努力完成許多這些利率案例，當你看到淨收益時，就會看到 Jason 之前提到的與收益相關的順風。但事實上，我們已經能夠改善我們的經營現金流狀況，因此我們看到——實際上，當你將完成這些案例的所有好處都單獨列出時，這真的要歸功於團隊讓我們達到了這一點。我們可能正在尋求約 5% 的營運現金流改善。所以希望這能讓您了解我們如何考慮未來的計劃。

Hey, that's super helpful. and you know, you've -- as we kind of look towards the third quarter when we get the kind of full plan, you've been doing this 6% to 8% long term earnings growth outlook, you've been doing closer to 8% plus and just what's your kind of philosophy and how that's changing? Can you just give us an idea if you are, I guess, reassessing the CAGR as we get into the third quarter and where that can go? Thanks.

嘿，這非常有幫助。你知道，當我們展望第三季度，當我們得到完整的計劃時，你一直在做 6% 到 8% 的長期盈利增長預測，你已經接近 8% 以上，那麼你的理念是什麼？它是如何變化的？您能否告訴我們，當我們進入第三季時，您是否正在重新評估複合年增長率，以及它將會走向何方？謝謝。

Thanks for the question. Obviously, we're going to keep you interested in and wanting to attend as we update the plan later this year, but look, we've got an incredible foundation for our continued earnings trajectory, right. With the CapEx guidance that we've announced today, it's a 10 plus percent rate-based figure through the end of the decade. That's an incredible foundation.

謝謝你的提問。顯然，當我們在今年稍後更新計劃時，我們會讓您保持興趣並願意參加，但是你看，我們已經為持續的盈利軌跡奠定了令人難以置信的基礎，對吧。根據我們今天宣布的資本支出指導，到本世紀末，這一數字將達到 10% 以上。這是一個令人難以置信的基礎。

This is capital spend that our customers are asking for, capital spend that's driven by hardening our system, improving the resiliency, capital spend that's associated with the incredible growth of the economy here. But growing rate base north of 10% through the decade is a really strong foundation for our earnings guidance.

這是我們的客戶所要求的資本支出，是為強化我們的系統、提高彈性而推動的資本支出，是與這裡經濟的驚人成長相關的資本支出。但十年內利率基數成長 10% 以上為我們的獲利預測奠定了堅實的基礎。

I'd say philosophically, the other thing to think about is we have a track record of delivering at or above the range that we have guided to. I think the most important thing is the absolute confidence in achieving the guidance we put out there and to the extent that we can over delivering for all of our stakeholders. So we'll continue to keep that philosophy in mind, as I said, a strong base, but certainly more to come as we roll out the new plan later this year.

我想從哲學角度說，另一件需要考慮的事情是，我們擁有達到或超過我們指導範圍的記錄。我認為最重要的是我們對實現所製定的指導方針以及為所有利益相關者超額完成任務的絕對信心。因此，正如我所說，我們將繼續牢記這一理念，奠定堅實的基礎，但隨著我們在今年稍後推出新計劃，我們肯定會取得更多進展。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Hey, just wanted to start off with, Chris, can you help us reconcile the CapEx is a billion dollars higher. The equity just increased modestly, $100 million or so there. Just you know, it's not your 50% equity with the CapEx increase, so what's driving that? Why is it such a modestly -- modest equity increase versus a large capital increase?

嘿，首先我想問一下，克里斯，你能幫我們核對一下資本支出高出 10 億美元的情況嗎？股權僅小幅增加，約 1 億美元。你知道，這不是你的 50% 股權隨著資本支出的增加而增加，那麼是什麼推動了這一點？為什麼股權增幅如此溫和，而資本增幅卻如此龐大？

Sure thing. Good morning, Durgesh. I think what you're referencing is potentially what we had done in the last quarter is we had increased CapEx at that time, roughly $500 million, and associated with that, there actually was a $250 million equity increase to the plan. So going forward, you should think about it as the same approach, 50% debt, 50% equity as as we go.

當然可以。早上好，杜爾格甚。我認為您所提到的可能是我們在上個季度所做的，我們當時增加了資本支出，大約 5 億美元，與此相關的是，該計劃實際上增加了 2.5 億美元的股權。因此，展望未來，您應該考慮採用相同的方法，即 50％ 債務，50％ 股權。

And again, I think we -- it's important to also realize the timing, right. The sizing and timing again is largely driven by both the fact that we're in the early planning stages of the electric transmission projects reference, but also that we're going to be stepping into over time the system resiliency plan work which really just starts to pick up in '26 and then more heavily gets work resourced, and we'll need more CapEx in '27 and '28.

再次，我認為我們——認識到時機也很重要，對吧。規模和時間安排很大程度上取決於兩個因素：一是我們正處於電力傳輸項目的早期規劃階段，二是我們將隨著時間的推移逐步開展系統彈性計劃工作，這項工作在 26 年才真正開始起步，然後需要更多的工作資源，並且我們將在 27 年和 28 年需要更多的資本支出。

That -- that's not the question, maybe I wasn't clear. I was just kind of comparing Q4 versus this CapEx update of a billion. And then the equity and equity linked securities went up from 265 to 275. Maybe I'm not thinking about this the right way, I would have thought that the equity increase would be much larger than just $100 million.

那——那不是問題，也許我沒有表達清楚。我只是將第四季度與十億美元的資本支出更新進行比較。然後股票和股票掛鉤證券從 265 上升到 275。也許我的想法不正確，我以為股權增加的金額會遠遠超過 1 億美元。

No, I understand, and we can follow up with you on the explicit materials. It'd be a -- it was a $500 million increase and an associated $250 million in equity as well.

不，我明白，我們可以跟進您關於露骨材料的情況。這將是 5 億美元的成長，同時也將增加 2.5 億美元的股權。

We'll follow up. And just on the $3 billion in additional capital opportunities, I just want to be clear that's on top of the billion today, that's one part of the question. And second, is that $3 billion all tied to the 765 (inaudible) there's additional opportunities on top of that $3 billion?

我們會跟進。關於 30 億美元的額外資本機會，我​​想明確指出的是，這是在今天的 10 億美元的基礎上的，這是問題的一部分。其次，這 30 億美元都與 765（聽不清楚）有關？除了這 30 億美元之外還有其他機會嗎？

Hey, good morning, Durgesh. It's Jason here. Yeah, there's at least $3 billion of CapEx upside. I'd say that $2 billion of that relates to what I would consider to be almost regular way electric transmission spend to continue to harden and the system and support growth. I think about a billion relates to sort of the gas transmission opportunity that I discussed.

嘿，早上好，Durgesh。我是傑森。是的，至少有 30 億美元的資本支出上漲空間。我想說，其中的 20 億美元與我認為幾乎是常規的電力傳輸支出有關，用於繼續強化系統並支持成長。我認為大約十億與我討論過的天然氣輸送機會有關。

I wouldn't necessarily say those figures or amounts are impacted by the 760 kilovolt standard. The electric transmission amounts could be significantly more than that to this -- to the extent that the state adopts that 765 kilovolt standard. So again, maybe the way I'd look at it is that there's probably at least at least $3 billion of incremental CapEx upside beyond the billion that we folded in today, and it could be substantially more than that through the remainder of the decade.

我不會說這些數字或金額一定受到 760 千伏標準的影響。如果該州採用 765 千伏標準，電力傳輸量可能會遠遠超過這個數字。所以，我的看法是，除了今天投入的 10 億美元之外，可能至少還有 30 億美元的增量資本支出上升空間，而且在未來十年的剩餘時間裡，這個數字可能會大大增加。

Steven Fleishman, Wolfe Research.

史蒂文‧弗萊什曼，沃爾夫研究公司。

My first question was mainly related to what I think you just answered on the seems like we're going to get this 765 kilovolt decision pretty soon. Just maybe you could just frame the options, is it just 765 or lower and just scenario -- scenarios for your capital plan, if anything incremental to what you just said.

我的第一個問題主要與您剛才回答的問題有關，似乎我們很快就會得到這個 765 千伏特的決定。也許您可以只是製定一些選項，只是 765 或更低，以及場景 - 您的資本計劃的場景，如果有任何增量的話，您剛才所說的。

Yeah, we could get the policy standard on the voltage levels as early as today at the PCT meeting. I think there's expressed a -- the state has expressed a desire to move to more of a 765 kilovolt standard, but hopefully, we'll get further clarity today.

是的，我們最早可以在今天的PCT會議上獲得有關電壓等級的政策標準。我認為，該州已經表達了希望採用 765 千伏標準的願望，但希望我們今天能得到進一步的明確答案。

I think that policy will be important for us. We have a couple of our substations that would be impacted by that 765 kilovolt build out. One of those pathways would connect the northern part of our system to the southern part of our system, effectively cutting right through greater -- the Greater Houston area.

我認為這項政策對我們很重要。我們有幾個變電站會受到 765 千伏建設的影響。其中一條路徑將連接我們系統的北部和南部，有效地穿過大休士頓地區。

That would be pretty complicated construction and would significantly increase the cost. And so, that's why there's a pretty wide range of the potential cost for the electric transmission build out. Again, we folded in a billion today. I think it's at least $2 billion, and it could be substantially more than that if we move to that 765 kilovolt standard and build to that standard connecting the northern part of our region to the southern part of our region.

這將是相當複雜的構造，並且會大大增加成本。所以，這就是為什麼電力傳輸建設的潛在成本範圍相當廣泛。今天我們又募集了 10 億美元。我認為至少需要 20 億美元，如果我們採用 765 千伏的標準，並按照該標準建設連接我們地區北部和南部的線路，那麼所需資金可能會遠遠超過這個數字。

Outside of that, there are other projects as we continue to see significant, renewable growth on the system, you know, making sure that we have kind of a stable grid is important. We are looking at high voltage DC line which could help provide voltage support on the system as well as maybe more efficiently move those electrons around the greater Houston territory that would also create an upward bias on the CapEx guidance. I think there's really at the end of the day, a significant amount of CapEx upside related to electric transmission.

除此之外，還有其他項目，因為我們繼續看到系統的顯著可再生成長，你知道，確保我們擁有穩定的電網非常重要。我們正在研究高壓直流線路，它可以幫助為系統提供電壓支持，並可能更有效地在大休士頓地區移動電子，這也會對資本支出指導產生上行偏差。我認為，最終，與電力傳輸相關的資本支出確實有很大的上升空間。

And the final point I'll make is we've been talking about the incremental upside through the remainder of the decade, as I alluded to the call, we're not seeing growth slowdown in the greater Houston region. If anything, it's accelerating. And so, I think the electric transmission build out will only accelerate as we get into the next decade.

我要說的最後一點是，我們一直在談論未來十年剩餘時間的增量上升空間，正如我在電話會議上提到的那樣，我們並沒有看到大休士頓地區的成長放緩。如果有的話，它正在加速。因此，我認為，隨著我們進入下一個十年，電力傳輸的建設將會加速。

Today, we're able to move fairly quickly with these interconnection requests because we have a little bit of incremental capacity on our electric system. As we continue to connect all this new load, we are utilizing existing capacity and it's going to require incremental CapEx to build out that transmission capacity well into the next decade. So think about this is there's plenty of CapEx outside whether it's the 765 kilovolt standard, high voltage DC lines, different paths through the remainder of the decade and then as we get into the 2030s, electric transmission will continue to be a significant tailwind for the company.

今天，我們能夠相當快速地處理這些互連請求，因為我們的電力系統有一點增量容量。隨著我們繼續連接所有這些新負載，我們正在利用現有容量，並且需要增加資本支出才能在​​未來十年內建立該傳輸容量。所以想想看，外面有大量的資本支出，無論是 765 千伏標準、高壓直流線路，還是在接下來的十年裡的不同路徑，然後當我們進入 2030 年代時，電力傳輸將繼續成為公司的重要順風。

Great, thanks. And one other question, I know your growth is pretty kind of diversified, but in the last few calls you've given, dome data center backlog numbers. Do you have any updated data center backlog numbers?

太好了，謝謝。還有一個問題，我知道您的成長相當多樣化，但在您最近打的幾次電話中，您提到了資料中心的積壓數量。您有任何更新的資料中心積壓數字嗎？

Yeah, the 7 gigawatt increase in our interconnection queue that I mentioned. So on the fourth quarter call a little over two months ago, we said that we had a 40 gigawatt interconnection queue, now, it's 47 gigawatt, six of that is related to incremental data center demand. Our data center is now roughly 20 gigs.

是的，我提到我們的互連隊列增加了 7 千兆瓦。因此，在兩個多月前的第四季電話會議上，我們表示我們有一個 40 千兆瓦的互連隊列，現在，它是 47 千兆瓦，其中 6 千兆瓦與增量資料中心需求有關。我們的資料中心現在大約有 20GB。

I think one of the important drivers to the diversified point of the economy that you've mentioned is we're starting to grow a larger ecosystem here in the greater Houston area. We've had some really high-profile, high-tech manufacturing announcements with, Foxconn, Apple, NVIDIA all looking at rapidly expanding their production of their server racks, everything but effectively the chips. And I think that that significant investment in that kind of data center ecosystem is also continuing to attract data center demand, and so, it has really been an explosive level of growth for us really starting back to last summer.

我認為您提到的經濟多元化的重要驅動因素之一是我們開始在大休士頓地區發展更大的生態系統。我們發布了一些非常引人注目的高科技製造公告，富士康、蘋果、NVIDIA 都在考慮迅速擴大其伺服器機架的生產，但實際上不包括晶片。我認為對這種資料中心生態系統的大量投資也將繼續吸引資料中心需求，因此，從去年夏天開始，這對我們來說確實是一個爆炸性的成長。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Maybe just to get ahead a little bit of our third quarter conversation here. When you think about the $3 billion in additional opportunities, can you just clarify a little bit of the various pieces? I know you said for instance there was a billion dollars of gas transmission, but then in the comments, you talked about this high-pressure distribution network that seemingly could be. I think you insinuate maybe a little bit more than that as you try to replicate what you've done in Minnesota.

也許只是為了提前了解我們第三季的談話。當您考慮 30 億美元的額外機會時，您能否稍微澄清一下各個部分？我知道您說過，例如，天然氣輸送項目耗資 10 億美元，但在評論中，您談到了看似可行的高壓配送網路。我認為，當您試圖複製您在明尼蘇達州所做的事情時，您可能暗示得更多一些。

Can you elaborate a little bit on what the various pieces would be to the plus side on the three in terms of whether that's the 765 and distribution and also clarify a little bit. I know we've got a 5-year plan and now increasingly focused on a 10-year plan. Can you clarify what would be in the 5 versus 10? It seems as if a lot of these items may be very well back end weighted, not just within the 5-year but even back end weighted within the 10 versus the 5-year plan.

您能否詳細說明這三款產品的各個部分的優勢，即 765 和分佈，並稍微澄清一下。我知道我們有一個五年計劃，現在越來越關註十年計劃。你能解釋一下 5 與 10 之間是什麼嗎？看起來好像其中許多項目都可以獲得很好的後端加權，不僅在 5 年計劃內，甚至在 10 年計劃和 5 年計劃內都可以得到很好的後端加權。

There's a lot to unpack there. I'll take a stab at it. So in terms of the $3 billion of upside, let me kind of help walk that. So on the fourth quarter call in Q&A, I talked about that we saw at least $3 billion of incremental electric transmission CapEx upside opportunity. This quarter, we have folded into our CapEx guidance for the remainder of the decade, $1 billion of that $3 billion. So there's $2 billion of at a minimum CapEx upside related to electric transmission as I've mentioned in some of the other questions that we've received.

那裡有很多東西需要解開。我會嘗試一下。因此，就 30 億美元的上行潛力而言，讓我來幫助您實現這一目標。因此，在第四季的電話問答中，我談到我們看到了至少 30 億美元的增量電力傳輸資本支出上行機會。本季度，我們已將 30 億美元中的 10 億美元納入本世紀剩餘時間的資本支出指引中。因此，與電力傳輸相關的資本支出至少有 20 億美元的上升空間，正如我在我們收到的其他一些問題中提到的那樣。

It's at least $2 billion of incremental CapEx upside through the remainder of the decade, and it could be significantly more than that related or driven by the voltage standard policy decision here in the state of Texas among other things. So again, at least $2 billion more incremental CapEx upside related to electric transmission.

在接下來的十年裡，這至少會帶來 20 億美元的增量資本支出，而且可能遠遠超過與德州電壓標準政策決定等相關或受其驅動的資本支出。因此，與電力傳輸相關的增量資本支出至少會增加 20 億美元。

I've also alluded to at least a billion dollars, and I'll use this term loosely, but we've said gas transmission, it could be a high-pressure distribution network. It's effectively a ring around the greater Houston region so that we can move our gas efficiently, gas that we already own for our customers from one side of our system to the other. We think that that will lower customer rates by reducing incremental transmission costs to move gas that's REOs.

我還提到了至少 10 億美元，我會廣泛使用這個術語，但我們說的是天然氣輸送，它可能是一個高壓分配網路。它實際上是圍繞大休士頓地區的一個環，這樣我們就可以有效地運輸天然氣，將我們已經為客戶擁有的天然氣從系統的一端運送到另一端。我們認為，透過減少運輸 REO 天然氣的增量傳輸成本，這將降低客戶費率。

In some cases, that may be transmission pipe. In some cases, that may be high-pressure distribution. But at the end of the day, think about this as a large ring around the greater Houston region similar to what we did in Minnesota that will allow us move gas that we already own. I think that that's right now about a billion dollars and some of that will creep into the early 2030s.

在某些情況下，這可能是輸送管道。在某些情況下，這可能是高壓分佈。但最終，可以將其想像成圍繞大​​休士頓地區建立的一個大環，類似於我們在明尼蘇達州所做的，這將使我們能夠運輸我們已經擁有的天然氣。我認為現在大約有 10 億美元，其中一部分將持續到 2030 年代初。

Outside of those two opportunities, I -- I'll highlight a couple other CapEx drivers to get to your point. I think that there is CapEx upside, particularly as we look at '29 and '30 related to system resiliency. If you recall, we were the first in the state to file under the new system resiliency plan standard last April. We pulled that filing down after Hurricane Beryl and we refiled a plan that reflected a higher level of spend to more quickly harden our system from the '26 to '28 time period.

除了這兩個機會之外，我還會重點介紹其他幾個資本支出驅動因素，以說明您的觀點。我認為資本支出有上升空間，特別是當我們考慮與系統彈性相關的 29 年和 30 年時。如果你還記得的話，去年四月我們是該州第一家根據新系統彈性計畫標準提交申請的公司。颶風貝麗爾 (Hurricane Beryl) 過後，我們撤回了該文件，並重新提交了一項計劃，該計劃反映了更高水平的支出，以便在 1926 年至 1928 年期間更快地強化我們的系統。

What we have not done is updated our plan to harden our system in '29 and '30 and beyond, consistent with this goal of building and operating the most resilient coastal grid in the country. So I think that there is incremental CapEx on the back part of this decade and extending into the next related to system hardening.

我們還沒有更新我們的計劃，以便在 2029 年、2030 年及以後加強我們的系統，這與建設和運營全國最具彈性的沿海電網的目標相一致。因此，我認為本世紀後半葉將出現增量資本支出，並延續到下一個十年，用於系統強化。

I think up in Indiana, we continue to see electric transmission upside potential associated with some of the NISO transmission projects that were announced last year. And we continue to see data center activity occurring up in Indiana from a development standpoint that may provide incremental generation and transmission investment opportunity up there. Outside of those, we continue to see a significant growth in the Texas market that results in higher generation interconnection requests continued growth in terms of connecting new residential developments.

我認為在印第安納州，我們繼續看到與去年宣布的一些 NISO 輸電項目相關的電力傳輸上行潛力。從開發的角度來看，我們繼續看到印第安納州的資料中心活動正在興起，這可能會為那裡提供增量發電和輸電投資機會。除此之外，我們繼續看到德克薩斯州市場的顯著增長，這導致在連接新住宅開發項目方面更高的發電互連需求持續增長。

So the short of it is there are significant CapEx drivers upside opportunities relative to the plan we've outlined. I have been trying most of this time to provide a sense of when we're talking about at least $3 billion of CapEx upside that's through the remainder of this decade. We also then want to highlight the fact that we see some of these drivers extending well into the next, and we will provide more. We will obviously quantify what those long-term tailwinds will be as we roll forward the next 10-year plan.

因此，簡而言之，相對於我們概述的計劃，存在著顯著的資本支出驅動上行機會。這段時間以來，我一直在努力讓人們了解，我們談論的是本世紀剩餘時間內至少 30 億美元的資本支出上漲空間。我們還想強調這樣一個事實，即我們看到其中一些驅動因素將很好地延續到下一個驅動因素，並且我們將提供更多。在推進下一個十年計畫時，我們顯然會量化這些長期的順風因素。

Jeremy Tonet, JP Morgan Securities.

摩根大通證券的傑里米·託內特 (Jeremy Tonet)。

Sounds like a lot of good stuff ahead of you here but just want to come to a couple of questions that we're receiving more today, I guess, tariff concerns in recession risk. It seems like Texas is in a very good position, regarding economic activity, but just wondering if you could give us your thoughts across your footprint, if we do go into recession, ow you think about that and any other color on tariff impacts in general would be helpful. Thanks.

聽起來您面前有很多好東西，但我只想回答幾個我們今天收到的較多的問題，我想，是關於經濟衰退風險中的關稅問題。就經濟活動而言，德克薩斯州似乎處於非常有利的地位，但我只是想問，您是否可以就您的足跡談談您的看法，如果我們真的陷入衰退，您如何看待這個問題，以及任何其他有關關稅影響的詳細信息，這通常會有所幫助。謝謝。

Obviously, it's an incredibly dynamic environment changing by the day, so I'll keep my comments more directional at this point. And what I would say is from a tariff cost exposure standpoint, I think we are -- have on a relative basis, very low risk. We source most of our material and equipment domestically, the little bit that we source internationally we have already begun to take steps to convert that to domestic supply. So from a cost -- from a tariff cost standpoint, I don't see that incremental cost pressure as significant across our portfolio.

顯然，這是一個每天都在變化的極其動態的環境，因此我現在將保持我的評論更具方向性。我想說的是，從關稅成本風險的角度來看，我認為我們的風險相對來說非常低。我們的大部分材料和設備都是在國內採購的，對於從國際採購的少量材料和設備，我們已經開始採取措施將其轉換為國內供應。因此，從成本——從關稅成本的角度來看，我認為增量成本壓力在我們的投資組合中並不顯著。

From a recession standpoint, I'll start with the greater Houston region, it has really over the last three decades, really diversified the economy here, even though we're known for the oil and gas capital of the world, energy now represents only about a third of the economy. And when we look back over the last two decades, because of the diversification, the economy is held up well under different recessionary pressure over the last few decades.

從經濟衰退的角度來看，我將從大休士頓地區開始，在過去的三十年裡，這裡的經濟確實實現了多樣化，儘管我們以世界石油和天然氣之都而聞名，但能源現在僅佔經濟的三分之一左右。當我們回顧過去二十年時，由於多樣化，經濟在過去幾十年中承受著不同的衰退壓力，表現良好。

If anything, I see potential tailwinds from the tariff activity. We -- as I alluded to in our prepared remarks and Q&A, we have seen an increase in interconnection requests. Some of that is driven by firms interested in onshoring manufacturing capacity, and I think some of that is some of the notable announcements that I also referenced whether it's NVIDIA and Foxconn and Apple all talking about centralizing some of their high-tech manufacturing here in the Greater Houston region so we may see it as a tailwind here.

如果有的話，我看到了關稅活動帶來的潛在順風。正如我在準備好的發言和問答中提到的那樣，我們看到互連請求有所增加。其中一些是由有興趣在岸製造產能的公司推動的，我認為其中一些是一些值得注意的公告，我也提到過，無論是 NVIDIA、富士康還是蘋果，都在談論將他們的部分高科技製造集中在大休斯頓地區，所以我們可能會把它看作是一個順風。

The -- I would say as we look around our portfolio, I also think that we're also relatively well situated from potential recessionary concerns. The focus on restoring manufacturing capacity bodes well for our Indiana electric business. You know, there continues to be very supportive growth on the gas side in and around our entire Indiana gas footprint, and we haven't seen any evidence of slowdown in Minnesota. So the net of it is I think we're well insulated from cost pressure just given our domestic supply and I see the recessionary pressures as really lower risk.

我想說，當我們審視我們的投資組合時，我也認為，我們相對而言已經遠離了潛在的經濟衰退擔憂。專注於恢復製造能力對於我們的印第安納州電力業務來說是個好兆頭。您知道，整個印第安納州天然氣足跡及其周邊地區的天然氣方面繼續保持非常有利的增長，而且我們還沒有看到明尼蘇達州出現任何放緩的跡象。因此，我認為，考慮到我們的國內供應，我們能夠很好地抵禦成本壓力，而且我認為經濟衰退壓力的風險確實較低。

I think maybe, Jeremy, one of the thing I've had just to keep in mind because I think a lot of folks are now talking about should there be the potential for recessionary period, how does -- you know, what is federal policy look like in reaction specific as -- specifically as it relates to tax policy. I think there we're also well positioned. That's really for a couple of reasons.

傑里米，我想也許我必須記住的一件事是，因為我認為很多人現在都在談論是否存在經濟衰退期的可能性，聯邦政策的具體反應是怎樣的——特別是與稅收政策相關的政策。我認為我們在這方面也處於有利地位。這確實有幾個原因。

First, as you know we're primarily a wires company so we don't really have the generation related risk that can go with that. Two, from a transferability standpoint, we really do have minimal exposure on that front because we are a cash taxpayer today, and so, we have a practically immaterial amount of potential impact there and that's really in the next few years, not just in front of us right now. So just want to be clear, we're really well positioned on that front as well.

首先，如您所知，我們主要是一家電線公司，因此我們實際上並不存在與此相關的發電風險。其次，從可轉移性的角度來看，我們在這方面的風險確實很小，因為我們今天是現金納稅人，因此，我們在這方面的潛在影響實際上微不足道，而且這確實是在未來幾年內，而不僅僅是現在。所以我想明確一點，我們在這方面也處於非常有利的地位。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Let's see, digging in maybe just a little bit into the low growth outlook, there's been some skepticism that we've heard around just how much load will actually crystallize in Texas. I mean, the numbers are huge, so I was just wondering if you could give some color maybe around what gives you confidence in the load growth forecast. Maybe any breakdown you might be able to share on like what's under construction in terms of gigawatts or what's planned in the near term next few years, just any further color on that to increase confidence there.

讓我們看看，深入研究一下低成長前景，我們聽到一些關於德州究竟會有多少負荷的懷疑。我的意思是，這些數字非常巨大，所以我只是想知道您是否可以提供一些信息，讓您對負載增長預測充滿信心。也許您可以分享一些具體細節，例如以千兆瓦為單位的在建項目，或者未來幾年內計劃建設的項目，只要對此進行進一步說明，就能增強信心。

And as we try to initiate sort of this updated view of low growth on the fourth quarter call, we wanted to emphasize we took what we thought was a very conservative approach. At that time, we outlined a 40 gigawatt interconnection request and as you mentioned, there is a question about how much of that will materialize.

當我們試圖在第四季度電話會議上提出這種對低成長的最新看法時，我們想強調我們採取了我們認為非常保守的方法。當時，我們提出了 40 千兆瓦的互連請求，正如您所提到的，存在一個問題，即其中有多少能夠實現。

We took a point of view that we think at least 10 gigawatts of that will materialize by 2031 or 25%. Since that call, our load and a connection request is now up to 47 gigawatts, and we haven't moved to that 10. So I think it's a pretty conservative approach when you look at that on the broader sort of ERCOT basis. I think ERCOT applied a haircut of about a third to the total submissions which represented about a 50% increase in peak demand.

我們認為，到 2031 年，至少有 10 千兆瓦或 25% 將實現。自從那次通話以來，我們的負載和連線請求現已達到 47 千兆瓦，而且我們還沒有移動到那 10 千兆瓦。因此，我認為，從更廣泛的 ERCOT 基礎來看，這是一種相當保守的方法。我認為 ERCOT 對總提交量進行了約三分之一的削減，這意味著尖峰需求增加了約 50%。

We took -- at the time a 75% haircut and still had a 50% increase in peak demand as a forecast at that time. So I think while we're starting from a conservative standpoint, let me just sort of break down a couple of these categories just to show how conservative they were.

我們當時進行了 75% 的減記，但當時預測的峰值需求仍將增加 50%。因此，我認為，當我們從保守的立場出發時，讓我來分解其中的幾個類別，以顯示它們是多麼保守。

At the time, we had about 1.5 gigawatt of data center demand in the 10 gigawatts or about 11 in the 40. And of the gigawatt and a half that we had incorporated at that time, we're already working on connecting about a gigawatt. So you can tell that is relatively conservative assumption around that. We talked about the fact that hydrogen was another driver for us that was 2 of the of the 10 gigawatts we assumed, and customers were already breaking ground on projects for about a gigawatt and half of that.

當時，我們的資料中心需求在 10 千兆瓦中約為 1.5 千兆瓦，或在 40 千兆瓦中約為 11 千兆瓦。在我們當時接入的 1.5 千兆瓦電力中，目前我們已經在著手連接大約 1 千兆瓦的電力。所以你可以看出這是一個相對保守的假設。我們談到了氫氣是我們的另一個驅動力，它占我們假設的 10 千兆瓦中的 2 千兆瓦，而客戶已經在啟動大約 1 千兆瓦一半的專案。

So that was the profile that we have used to be very conservative around these requests. We're tracking everything. Our teams are working hard to deliver the growth across the full set of interconnection requests. But at this time, we think that that 10 gigawatt or nearly 50% increase in peak demand by 2031 is a conservative and realistic assumption.

因此，我們對這些請求一直採取非常保守的態度。我們正在追蹤一切。我們的團隊正在努力實現整個互連請求的成長。但目前，我們認為到 2031 年高峰需求增加 10 吉瓦或近 50% 是一個保守且現實的假設。

Got it thanks. Yeah, that's helpful context. The numbers even when you haircut them so much, they still are very large, so yeah, that's helpful, just for some additional color there. One other just quick follow up on the transmission outlook and the 765 consideration. I guess we'll get a viewpoint on whether 765 might be the way the state goes today, is that going to be directly applicable to you in terms of potentially weaving it in and updating that -- the $2 billion CapEx number, or could there still be, an evaluation in the future for the state to consider? Well, do we really want to apply 765 across the state? Could it be a blend of 345 and 765 at the end of the day?

明白了，謝謝。是的，這是很有幫助的背景資訊。即使你把它們剪掉很多，這些數字仍然很大，所以，是的，這很有幫助，只是為了增加一些顏色。另外，我們快速跟進傳輸前景和 765 考慮因素。我想我們會得到一個觀點，即 765 是否可能是當今該州的行事方式，這是否會直接適用於您，以便將其融入並更新 - 20 億美元的資本支出數字，或者是否還會有評估供該州在未來考慮？那麼，我們真的要在全州範圍內實施 765 嗎？最終會是 345 和 765 的混合嗎？

I think that's the question and that's why we've been conservative in terms of kind of folding in estimates of what that cost will be. Currently speaking, the 765 network that's been proposed by ERCOT includes our system. And that's why we've been alluding to there is potential CapEx upside beyond what we've been discussing to the extent the state wants to move forward with that approach.

我認為這就是問題所在，這也是為什麼我們在估算成本方面一直持保守態度。目前來說，ERCOT提出的765網路就包含了我們的系統。這就是為什麼我們一直在暗示，如果州政府願意推進這種方法，那麼除了我們所討論的範圍之外，還有潛在的資本支出上升空間。

Now, to your point, they may adopt a 765 kilovolt standard for a portion of the crop market. For all of ERCOT, they may say that each of the utilities needs to bring their own perspective of what makes sense to serve their load and their needs and so, it is a fairly dynamic situation. Currently, a couple of our substations are included as part of the statewide proposal, the way the transmission bill works here in the state of Texas is wherever the transmission system ends, whoever owns that substation has the right of first refusal to build.

現在，正如您所說，他們可能會對部分農作物市場採用 765 千伏標準。對於整個 ERCOT 來說，他們可能會說每個公用事業公司都需要從自己的角度來考慮如何滿足他們的負載和需求，因此，這是一個相當動態的情況。目前，我們的幾個變電站已被納入全州提案，德克薩斯州的輸電費用運作方式是，無論輸電系統在哪裡結束，誰擁有該變電站，誰就有優先建造的權利。

And so, today, if the policy that has been floated is passed, we would be beginning to work towards that 765 kilovolt standard for a portion of our system. But we've been conservative because it may be-- that may be reduced, they may change their approach and so, obviously, more to come. We've just been trying to provide transparency around the range of potential just given how significant the incremental CapEx is.

因此，今天，如果提出的政策獲得通過，我們將開始努力使我們的部分系統達到 765 千伏的標準。但我們一直很保守，因為這可能會減少，他們可能會改變他們的方法，所以顯然還會有更多。考慮到增量資本支出的重要性，我們一直在努力提供有關潛在範圍的透明度。

Operator, we're at the bottom of the hour now. If you don't mind, we have time for just one more quick question. Thank you.

接線員，現在正是整點。如果您不介意的話，我們還有時間再回答一個簡單的問題。謝謝。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

This is a quick one to elaborate on the load forecast, a lot of detail there. I'll make it quick. You said the interconnection queues grown by 7 gigawatts. Can you get more details in terms of what types of customers those are? The breakout on slide 12 seems pretty similar to the prior version.

這是對負荷預測的簡要闡述，其中有許多細節。我會盡快完成。您說互連隊列增加了 7 千兆瓦。您能否提供更多關於這些客戶類型的詳細資訊？幻燈片 12 上的細分看起來與之前的版本非常相似。

Yeah, it's -- of the 7, it's nearly 6 gigawatts of that is data center demand and another gig is roughly half of that is related to manufacturing, and another half a gigawatt of that is related to industrial demand. So again, we're continuing to see a diverse divide set of low growth drivers.

是的，在這 7 個當中，有近 6 千兆瓦是資料中心需求，另外大約一半與製造業有關，另外 0.5 千兆瓦與工業需求有關。因此，我們再次看到低成長動力的多元化分化。

Okay, great. And just very briefly on the FFO to debt, good progress, you're just a hair under the targeted range. And based on all the cash inflows and commentary on financing the incremental CapEx, seems like you have a high degree of confidence you'll be north of 14% by year end. Can you just give any commentary on conversations you've been having with the agencies and hopefully getting off of the negative watches?

好的，太好了。簡單介紹一下 FFO 與債務的關係，進展良好，僅略低於目標範圍。並且根據所有現金流入和對增量資本支出融資的評論，您似乎非常有信心到年底您的盈利率將達到 14% 以上。您能否就您與各機構的對話發表一些評論，並希望擺脫負面關注？

Sure thing, Andrew. It -- you're right, we're pleased about the progress, we've already made kind of going into this quarter. You should assume Q2, just to look ahead is going to be relatively light because of the general profile we have in a given year. But really, it's -- the important part will be and for the rating agencies as well, the securitization, both the May storms related or ratio event and the Hurricane Beryl related ones we are ahead of plan related to and also have a settlement related to the May storms event, so that is absolutely on track. And we do -- we are very focused on year end for completing the Hurricane Beryl related recovery process and approval and effectuating the securitization. So those are the key drivers for really stepping into next year that comfort that we've got around the consistent cushion of 100 to 150 basis points that we referenced.

當然可以，安德魯。您說得對，我們對本季已經取得的進展感到滿意。您應該假設第二季的情況會相對較輕鬆，因為我們在特定年份的整體情況可以預見。但實際上，重要的部分是，對於評級機構來說，證券化也同樣重要，無論是與五月風暴相關的事件還是與颶風貝麗爾相關的事件，我們都提前完成了計劃，並且還與五月風暴事件達成了和解，所以這絕對是在按計劃進行。我們確實非常重視年底完成與颶風貝麗爾相關的恢復過程和批准以及實現證券化。因此，這些是真正邁入明年的關鍵驅動因素，我們擁有我們所提到的 100 至 150 個基點的持續緩衝。

With the rating agencies in particular, obviously, I can't speak for them individually, but I would say I think their focus has been on a few areas. One, just seeing the strength of the regulatory construct in Texas there, I think we've been able to show progress on both our interim capital recovery mechanisms thus far, the Houston Electric Ray case and the May storms event progress as I've referenced.

特別是對於評級機構，顯然我不能代表他們個人發言，但我想說我認為他們的重點集中在幾個領域。首先，只要看到德州監管結構的力度，我認為到目前為止，我們已經能夠在臨時資本恢復機制、休士頓電光案和五月風暴事件進展方面取得進展，正如我所提到的。

I think in my sense is in order for them to be able to move off of the negative outlook, it will require some progress here on the Hurricane Beryl related recovery request. And as we indicated, we will be filing that here shortly so it will have a period of review of roughly five months for the prudency related review. And we do think that would be the key period for insight for the market broadly, including the rating agencies.

我認為，為了使他們能夠擺脫消極前景，就需要在與颶風貝麗爾相關的恢復請求上取得一些進展。正如我們所指出的，我們將很快在此提交該申請，因此審慎性相關審查的審查期約為五個月。我們確實認為這將是整個市場（包括評級機構）洞察的關鍵時期。

Operator, with that final call or question, that'll complete our call for the day. Thank you.

接線員，透過這最後一次通話或問題，我們今天的通話就結束了。謝謝。

This concludes CenterPoint Energy's first-quarter 2025 earnings conference call. Thank you for your participation.

CenterPoint Energy 2025 年第一季財報電話會議到此結束。感謝您的參與。