CenterPoint Energy Inc (CNP) 2025 Q2 法說會逐字稿

Good morning and welcome to CenterPoint Energy's second-quarter 2025 earnings conference call with senior management. (Operator Instructions) I will now turn the call over to Ben Vallejo, Director of Investor Relations. Mr. Vallejo.

早安，歡迎參加 CenterPoint Energy 2025 年第二季高階管理層收益電話會議。（操作員指示）現在我將把電話轉給投資者關係總監 Ben Vallejo。瓦列霍先生。

Good morning and welcome to CenterPoint's Q2 2025 earnings conference call. Jason Wells, our CEO; and Chris Foster, our CFO, will discuss the company's second-quarter results.

早安，歡迎參加 CenterPoint 2025 年第二季財報電話會議。我們的執行長 Jason Wells 和財務長 Chris Foster 將討論公司第二季的業績。

Management will discuss certain topics that will 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.

管理層將討論某些主題，這些主題將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。

Actual results could differ materially based on various factors, as noted in 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 statement. We reported diluted earnings per share of $0.30 for the second quarter of 2025 on a GAAP basis.

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聲明的義務。我們根據 GAAP 報告 2025 年第二季每股攤薄收益為 0.30 美元。

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.

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 our 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.

有關我們的指導方法以及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, Ben, and good morning everyone. On today's call, I'd like to address four key areas of focus.

謝謝你，本，大家早安。在今天的電話會議上，我想談四個重點領域。

First, I will touch on our second quarter of financial results. Second, I'll provide an update on the strong growth that our Houston Electric Service territory continues to experience, fueled by a diverse set of economic drivers.

首先，我將談談我們第二季的財務表現。其次，我將介紹休士頓電力服務區域在多種經濟驅動因素的推動下持續經歷的強勁成長。

Third, I'll touch on a recent announcement to efficiently recycle proceeds through the proposed sale of our Ohio Gas LDC. And lastly, I'll discuss today's announced $500 million increase to our capital investment plan, which will be deployed this year.

第三，我將談談我們最近宣布的一項舉措，即透過擬議出售俄亥俄天然氣有限公司 (Ohio Gas LDC) 來有效地回收收益。最後，我將討論今天宣布的增加 5 億美元資本投資計劃，該計劃將於今年實施。

Today's added customer-driven investments represent our third capital increase this year, now totaling $5.5 billion. Importantly, these increases to our capital investment plans will be funded without the issuance of incremental common equity.

今天增加的客戶驅動投資代表我們今年第三次增資，目前總額達 55 億美元。重要的是，我們資本投資計劃的這些增加將透過不發行增量普通股來提供資金。

Now starting with our second-quarter financial results. This morning, we announced non-GAAP EPS of $0.29 for the second quarter. Combined with our reported first quarter non-GAAP EPS, we are approximately 46% of the weight of the midpoint of our full-year earnings guidance range of $1.74 to $1.76.

現在開始我們的第二季財務業績。今天上午，我們宣布第二季非公認會計準則每股收益為 0.29 美元。結合我們報告的第一季非 GAAP 每股收益，我們約佔全年盈利預期區間 1.74 美元至 1.76 美元中點的 46%。

This quarter's earnings are in line with our expectations for the first half of 2025. As we discussed on our first quarter call, we anticipated earning 40% to 50% of the full year 2025 non-GAAP EPS guidance in the first half of this year. In short, we are right on track.

本季的收益符合我們對 2025 年上半年的預期。正如我們在第一季電話會議上所討論的那樣，我們預計今年上半年的收益將達到 2025 年全年非 GAAP EPS 預期的 40% 至 50%。簡而言之，我們正走在正確的道路上。

As such, we are reaffirming our 2025 non-GAAP EPS guidance range of $1.74 to $1.76, which equates to 8% earnings 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 the earnings growth over the same period.

因此，我們重申2025年非公認會計準則每股收益預測區間為1.74美元至1.76美元，相當於以2024年非公認會計準則每股收益1.62美元的中點計算，以實現8%的獲利成長。長期來看，我們預計到2030年，非公認會計準則每股收益的年增長率將維持在6%至8%區間的中高端。我們也預期每股股息將隨著同期的獲利成長而成長。

Now, I want to provide an update on our strong [load] growth outlook for the Houston Electric service territory, which continues to be catalyzed by a discrete and diverse set of economic drivers. Over the previous two quarters, we have shared the drivers of the substantial growth opportunities ahead.

現在，我想介紹一下休士頓電力服務區域強勁的[負荷]成長前景，該前景繼續受到一系列獨立且多樣化的經濟驅動因素的催化。在過去兩個季度中，我們分享了未來巨大成長機會的驅動力。

By 2031 alone, we expect a forecasted peak load increase of 10 gigawatts, which represents a nearly 50% increase in peak demand on our system over the next six years. We have strong conviction in this forecast as we've made conservative assumptions related to the projects in our load interconnection queue.

僅到 2031 年，我們預計尖峰負載就會增加 10 千兆瓦，這意味著未來六年我們系統的尖峰需求將增加近 50%。我們對這項預測充滿信心，因為我們對負載互連隊列中的項目做出了保守的假設。

Notably, since our first quarter call, our load interconnection queue has grown by 6 gigawatts, or more than 12%. What differentiates this potential increase is that it continues to be propelled by a diverse set of drivers including data centers, advanced manufacturing, energy development, and energy exports.

值得注意的是，自第一季以來，我們的負載互連隊列已成長了 6 千兆瓦，增幅超過 12%。這種潛在成長的不同之處在於，它繼續受到資料中心、先進製造、能源開發和能源出口等多種驅動因素​​的推動。

Together with the 7-gigawatt increase we discussed in our first quarter call, this additional 6 gigawatts of growth results in a cumulative increase of over 30% to what we included in our ERCOT load filing we made earlier this year. At this time, we are not formally increasing our load forecast above the nearly 50% growth target by the end of the decade.

加上我們在第一季電話會議上討論的 7 千兆瓦的增長，這額外的 6 千兆瓦的增長使得我們在今年早些時候提交的 ERCOT 負載文件中所包含的累計增長超過 30%。目前，我們還沒有正式將負載預測提高到2020年接近50%的成長目標之上。

However, these positive trends in customer demand only serve to reinforce our confidence in our load growth forecasts. Most importantly, this growth is already beginning to materialize when observing year-over-year sales trends.

然而，客戶需求的這些正向趨勢只會增強我們對負載成長預測的信心。最重要的是，從年比銷售趨勢來看，這種成長已經開始實現。

Through the first half of this year, weather normalized commercial industrial sales were up 8% when compared to the first half of 2024. The growth we're currently experiencing, in addition to the significant growth we are forecasting, requires the construction and regional buildout of our electric transmission system that we will begin executing on in the near term.

今年上半年，天氣正常化的商業工業銷售額與 2024 年上半年相比成長了 8%。我們目前正在經歷的成長，加上我們預測的顯著成長，需要我們建造和區域擴大電力傳輸系統，我們將在短期內開始實施。

To fund this exponential growth in our Houston Electric service territory, we have continued to evaluate the most efficient forms of financing. This, along with the timing needs for growth-driven capital, ultimately led to our announcement of our Ohio Gas LDC sales process kick-off during the quarter.

為了資助休士頓電力服務區域的這一迅猛成長，我們一直在評估最有效的融資形式。這一點，加上成長驅動資本的時機需求，最終促使我們在本季宣布啟動俄亥俄天然氣 LDC 銷售流程。

I'd like to share some additional color around our decision to efficiently recycle capital through the proposed sale of our Ohio Gas LDC. I want to begin by saying that these decisions are never easy. We value this constructive jurisdiction and our great employees that execute and deliver for our Ohio Gas customers every day.

我想就我們透過擬議出售俄亥俄天然氣有限公司 (Ohio Gas LDC) 來有效回收資本的決定分享一些額外的資訊。首先我想說的是，做出這些決定絕非易事。我們重視這項建設性管轄權以及每天為俄亥俄天然氣客戶提供服務和服務的優秀員工。

However, as our Houston Electric and Texas Gas jurisdictions continue to experience increased and accelerated growth, we have decided to shift our strategic focus even more towards Texas. In connection with this shift, we believe the proposed sale of our Ohio Gas business makes sense at this time, principally for three reasons.

然而，隨著休士頓電力公司和德州天然氣公司的管轄範圍持續經歷加速成長，我們決定將策略重點更多地轉向德州。鑑於這一轉變，我們認為此時出售俄亥俄天然氣業務的提議是合理的，主要有三個原因。

First, the sale will allow us to efficiently recycle cash proceeds to support our continually increasing investment programs. We have previously demonstrated our ability to monetize assets above book value and efficiently reinvest those funds back into our regulated business. This transaction is yet another opportunity that we believe we can execute to finance our increasing capital needs efficiently.

首先，此次出售將使我們能夠有效地回收現金收益，以支持我們不斷增加的投資計劃。我們之前已經證明了我們有能力將高於帳面價值的資產貨幣化，並有效地將這些資金重新投資到我們受監管的業務中。我們相信，這筆交易是我們可以有效融資不斷增長的資本需求的另一個機會。

Second, we anticipate that the sale of the Ohio Gas business will allow us to reprioritize nearly $1 billion of capital expenditures through 2030 to support our Texas jurisdictions. This reprioritization of $1 billion will help support the ongoing set of customer and community needs in Texas.

其次，我們預計，俄亥俄天然氣業務的出售將使我們能夠重新安排到 2030 年近 10 億美元的資本支出，以支持我們的德州管轄區。這次 10 億美元的重新優先排序將有助於滿足德州持續的客戶和社區需求。

In addition, we anticipate that the investing of these proceeds will result in a higher consolidated cash return in the future. We believe this improved cash flow profile will allow us to more efficiently self-fund our future investments and potentially allow us to rely less on common equity issuances.

此外，我們預期這些收益的投資將在未來帶來更高的綜合現金回報。我們相信，改善的現金流狀況將使我們能夠更有效地為未來的投資提供資金，並可能減少對普通股發行的依賴。

Third, as we look to optimize our portfolio, it makes sense for us to focus our time and resources in jurisdictions where we have both gas and electric service, or we have a larger customer presence. We anticipate that the recycling of cash proceeds from the sale of our Ohio Gas business, in addition to this reallocation of capital, will result in Texas constituting over 70% of our portfolio after the close of the sale.

第三，當我們尋求優化我們的投資組合時，將我們的時間和資源集中在我們同時擁有天然氣和電力服務或擁有較大客戶群的司法管轄區是有意義的。我們預計，透過回收出售俄亥俄天然氣業務所得的現金收益以及重新分配資本，在出售結束後，德州將占我們投資組合的 70% 以上。

The proposed sale of our Ohio Gas business and our de-risk equity needs through 2027, which Chris will touch on in his section, has allowed us to increase our capital investment plan by $5.5 billion since the beginning of this year. All of these increases are anticipated to be flooding without incremental common equity. In addition, we believe any further increases to our capital plan this year could be achieved without the need for additional common equity.

我們計劃出售俄亥俄天然氣業務，並降低 2027 年的股權風險，克里斯將在他的部分中談到這一點，這使得我們自今年年初以來將資本投資計劃增加了 55 億美元。預計所有這些增長都將在沒有增量普通股權益的情況下氾濫。此外，我們相信，今年我們的資本計劃的任何進一步增加都可以在不需要額外普通股的情況下實現。

I now want to discuss the $500 million increase to our 2025 capital investment plan, which as I mentioned, is on top of the $5 billion of increases already announced this year. The $500 million increase announced today will be invested in 2025 as we continue to make targeted system enhancements for the benefit of our customers.

我現在想討論我們 2025 年資本投資計畫增加 5 億美元，正如我所提到的，這是在今年已經宣布的 50 億美元增幅的基礎上增加的。今天宣布的 5 億美元增資將在 2025 年進行投資，我們將繼續進行有針對性的系統改進，以造福我們的客戶。

This increased capital investment will also help partially offset the loss of Ohio investments upon the closing of the sale. As I discussed earlier, our forecasted load growth will necessitate significant investments in our transmission system in both the near and longer term.

增加的資本投資也將有助於部分抵消出售完成後俄亥俄州投資的損失。正如我之前所討論的，我們預測的負載成長將需要在短期和長期內對我們的輸電系統進行大量投資。

To address these forecasted needs, we are taking a leading role with peer utilities in ERCOT to advance the key planning studies and proposed projects that will help us enable the tremendous economic development in the eastern part of Texas. Through our own work with ERCOT's regional planning group, in addition to our own internal work, we have identified approximately 200 projects that we will look to execute over the next 10 years.

為了滿足這些預測的需求，我們正與 ERCOT 中的同行公用事業公司一起發揮主導作用，推進關鍵規劃研究和擬議項目，這將有助於我們實現德克薩斯州東部地區的巨大經濟發展。透過我們與 ERCOT 區域規劃小組的合作，加上我們自己的內部工作，我們已經確定了大約 200 個將在未來 10 年內實施的項目。

We believe we are well positioned to execute these projects over this relatively short period of time. Unlike many other transmission systems, we have a significant number of brownfield opportunities where existing transmission structures are already in place, reducing construction costs and increasing speed of energization.

我們相信，我們有能力在相對較短的時間內完成這些項目。與許多其他輸電系統不同，我們擁有大量棕地機會，其中現有的輸電結構已經到位，從而降低了建造成本並提高了通電速度。

Although we've already significantly increased our capital investment plan this year, with our plan now at $53 billion through 2030, we have three significant investment drivers outside of electric transmission that continue to reinforce an upward bias to our capital investment plan. The first of these opportunities is related to furthering our resiliency-based work as we aspire to be the most resilient coastal grid in the country.

儘管我們今年已經大幅增加了資本投資計劃，到 2030 年我們的計劃總額為 530 億美元，但除了電力傳輸之外，我們還有三個重要的投資驅動因素，它們將繼續加強我們資本投資計劃的上行趨勢。第一個機會與進一步推進我們基於彈性的工作有關，因為我們渴望成為全國最具彈性的沿海電網。

Over the last 12 months, we've made targeted system improvements through our Greater Houston Resiliency Initiative, which have already yielded improved outcomes for our customers. Notably, through May of this year, the average duration of outages our Houston Electric customers experience has gone down by nearly half as compared to the comparable period in 2024.

在過去的 12 個月中，我們透過大休士頓彈性計畫進行了有針對性的系統改進，並已為我們的客戶帶來了更好的結果。值得注意的是，截至今年 5 月，休士頓電力客戶遭遇的停電平均時長與 2024 年同期相比減少了近一半。

This is a significant improvement, and we are proud of our teams and our field crew's focus in executing on our system automation strategy and pole replacement program at such an accelerated pace. However, we know there's still more work to be done.

這是一個重大的進步，我們為我們的團隊和現場工作人員專注於以如此快的速度執行我們的系統自動化戰略和電線桿更換計劃而感到自豪。然而，我們知道還有更多工作要做。

With this in mind, we still see incremental resiliency, capital investment opportunities through the end of the decade that go well beyond our current system resiliency plan, which will likely run through 2028. Chris will discuss the progress we've made on our current related regulatory filings in this section.

考慮到這一點，我們仍然認為到本世紀末，增量彈性和資本投資機會將遠遠超出我們目前的系統彈性計劃，該計劃可能會持續到 2028 年。克里斯將在本節討論我們在當前相關監管備案方面取得的進展。

The second driver of incremental capital investments I want to highlight is related to the revitalization of downtown Houston, which our plan does not currently include. This work will require substantial investments to support both growth and modernization of our underground electric system and our substations that support the downtown area, as the city is in the process of undertaking a very exciting set of infrastructure plans to dramatically change the downtown landscape.

我想強調的增量資本投資的第二個驅動力與休士頓市中心的振興有關，而我們的計畫目前還沒有包括這一點。這項工作將需要大量投資來支持我們的地下電力系統和支持市中心的變電站的成長和現代化，因為該市正在實施一系列非常令人興奮的基礎設施計劃，以徹底改變市中心的面貌。

The third driver of potential incremental investments is in our Texas Gas service territory that we've previously mentioned on our first quarter call. This relates to the opportunity to build a high pressure distribution system in our Texas Gas business, which currently relies on a series of contracts that are more costly for customers to move our own gas throughout the Greater Houston region.

潛在增量投資的第三個驅動因素是我們在第一季電話會議上提到的德州天然氣服務區。這與我們在德克薩斯天然氣業務中建立高壓分配系統的機會有關，該系統目前依賴一系列合同，這些合同對於客戶來說成本更高，需要將我們自己的天然氣輸送到大休斯頓地區。

We're excited to share more about these capital investment opportunities later in the third quarter when we plan to provide a new comprehensive 10-year plan. We continue to believe that we have one of the most tangible long-term growth plans in the industry.

我們很高興在第三季晚些時候分享更多有關這些資本投資機會的信息，屆時我們計劃提供一份新的全面的十年計劃。我們始終相信，我們擁有業內最切實的長期成長計劃之一。

The growth our businesses have continued to experience has resulted in $5.5 billion of increased capital investment so far this year, including the $500 million increase we announced this quarter. Even with these announced increases, we believe there is still further upside to our capital investment plan that runs through 2030.

我們的業務持續成長，導致今年迄今資本投資增加了 55 億美元，其中包括本季宣布的 5 億美元增資。即使宣布了這些增加，我們相信，到 2030 年，我們的資本投資計畫仍有進一步上漲的空間。

Our ability to efficiently fund our plan has allowed us to take our capital investment plan from $47.5 billion at the end of 2024 to $53 billion, without introducing additional common equity. In addition, we have de-risked our modest common equity needs through 2027 through executing a forward sale of our common equity earlier in the second quarter. We believe we are well positioned with tailwinds exceeding headwinds, and we are excited to share a refreshed comprehensive 10-year plan by the end of the third quarter of this year.

我們能夠有效地為我們的計劃提供資金，這使我們能夠將資本投資計劃從 2024 年底的 475 億美元提高到 530 億美元，而無需引入額外的普通股。此外，我們在第二季稍早透過執行普通股的遠期出售，降低了到 2027 年的適度普通股需求的風險。我們相信，我們處於有利地位，順風大於逆風，我們很高興在今年第三季末分享一份更新的全面十年計劃。

And with that, I'll hand it over to Chris.

說完這些，我就把麥克風交給克里斯。

Thanks, Jason. This morning, I plan to cover four areas of focus. First, the details of our second-quarter results. Second, I'll touch on our regulatory progress through the first half of this year, including our recently announced proposed settlement in our Ohio Gas rate case.

謝謝，傑森。今天上午，我計劃談四個重點領域。首先，我們第二季業績的詳細資料。其次，我將談談我們今年上半年的監管進展，包括我們最近宣布的俄亥俄州天然氣費率案的和解提議。

Third, I'll discuss our progress on the execution of our 2025 capital investment plan, including our $500 million increase, bringing our 10-year plan to $53 billion, which we will fund without issuing incremental common equity. And finally, I'll provide an update on where we ended the second quarter with respect to the balance sheet and how we're thinking about the future financing of our capital investments in light of the proposed sale of our Ohio Gas LDC.

第三，我將討論我們執行 2025 年資本投資計畫的進展情況，包括增加 5 億美元，使我們的 10 年計畫達到 530 億美元，我們將在不發行增量普通股的情況下為此提供資金。最後，我將提供有關我們第二季末資產負債表的最新情況，以及我們如何根據俄亥俄天然氣有限合夥公司 (Ohio Gas LDC) 的擬議出售來考慮未來資本投資的融資。

Let's now move to the financial results shown on slide 8. On a GAAP EPS basis, we reported $0.30 for the second quarter of 2025. On a non-GAAP basis, we reported $0.29 for the second quarter of 2025 compared to $0.36 in the second quarter of 2024.

現在讓我們來看看投影片 8 上顯示的財務結果。根據 GAAP EPS，我們報告 2025 年第二季的每股盈餘為 0.30 美元。根據非公認會計準則 (Non-GAAP)，我們報告 2025 年第二季的利潤為 0.29 美元，而 2024 年第二季的利潤為 0.36 美元。

Our non-GAAP EPS results for the second quarter remove the impacts from the sale of the Louisiana and Mississippi Gas LDCs. As Jason alluded to and as we discussed on our first quarter earnings call, we anticipated a more back weighted shape to our 2025 earnings profile this year.

我們第二季的非公認會計準則每股收益結果消除了路易斯安那州和密西西比州天然氣有限合夥公司出售的影響。正如傑森所提到的以及我們在第一季財報電話會議上討論的那樣，我們預計今年的 2025 年收益狀況將呈現更後向加權的形態。

As a reminder, this earnings profile is primarily driven by the different cadence of capital recovery, as we were unable to access certain interim capital recovery mechanisms during our various rate case proceedings in the first half of the year. Slide 9 depicts our expectations for the remainder of the year.

提醒一下，這種獲利狀況主要是由不同的資本回收節奏所驅動的，因為我們在上半年的各種利率案件審理過程中無法使用某些臨時資本回收機制。幻燈片 9 描述了我們對今年剩餘時間的期望。

Now taking a closer look at the quarter. Growth and rate recovery, when netted with depreciation and other taxes, was an unfavorable variant of $0.01 when compared to the same quarter last year. Again, this is largely driven by the off-cadence filings of our interim capital tracker mechanisms.

現在仔細看看本季。與去年同期相比，扣除折舊和其他稅收後的成長和利率復甦出現了 0.01 美元的不利變化。再一次，這主要是由於我們的臨時資本追蹤機制的非節奏性申報所致。

Weather and usage were a favorable $0.01 when compared to the comparable quarter of 2024. The largest impact here was from our Houston Electric service territory, which has experienced a warmer start to 2025, as compared to slightly milder weather in the second quarter of 2024.

與 2024 年同期相比，天氣和使用有利 0.01 美元。這裡受到的影響最大的是我們的休士頓電力服務區，該地區在 2025 年初經歷了較為溫暖的氣候，而 2024 年第二季的天氣則略微溫和。

O&M was $0.03 unfavorable when compared to the second quarter of 2024. Like the first quarter, this unfavorable variance was largely driven by a timing of vegetation management and other activities, which we accelerated to be ready ahead of the official start of the 2025 hurricane season. With much of this work moved into the first half of the year as compared to a more ratable work schedule in prior years, we anticipate this unfavorability to reverse over the second half of the year.

與 2024 年第二季相比，O&M 虧損 0.03 美元。與第一季一樣，這種不利的差異主要是由於植被管理和其他活動的時間安排所致，我們加快了這些活動的時間安排，以便在 2025 年颶風季節正式開始之前做好準備。與前幾年更合理的工作安排相比，大部分工作都轉移到了上半年，我們預計這種不利情況將在下半年扭轉。

In addition, interest expense and financing costs were $0.03 unfavorable when compared to the second quarter of 2024. These $0.03 were primarily driven by the increased debt issuances since the second quarter of last year, some of which were slightly higher coupons and junior subordinated notes given our focus on the balance sheet and emphasis on credit supportive instruments.

此外，與 2024 年第二季相比，利息支出和融資成本下降了 0.03 美元。這 0.03 美元主要是由於自去年第二季以來債務發行量增加所致，其中一些是票面利率略高的債券和次級債券，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 our storm restoration. These equity issuances resulted in an unfavorable variance of $0.01 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，因為我們試圖在風暴恢復後加強我們的資產負債表。這些股票發行導致本季環比出現 0.01 美元的不利差異。

Next, I'll briefly touch on our regulatory progress, starting with our Ohio Gas rate case settlement. As many of you may have seen two weeks ago, we reached a proposed settlement in our Ohio Gas rate case.

接下來，我將簡要介紹我們的監管進展，從俄亥俄州天然氣費率案的和解開始。正如你們許多人可能在兩週前看到的那樣，我們在俄亥俄州天然氣費率案中達成了一項擬議的和解。

The settlement agreement includes a revenue requirement increase of $59.6 million based on an equity ratio of 52.9% and return on equity of 9.85%. We began hearings earlier this week and anticipate those hearings continuing through the end of next week. We look forward to continuing to work with stakeholders in this case to reach a reasonable outcome for all parties.

和解協議包括基於 52.9% 的股權比率和 9.85% 的股權回報率，收入要求增加 5,960 萬美元。我們本週早些時候開始聽證會，預計聽證會將持續到下週末。我們期待繼續與此案的利害關係人合作，為各方達成合理的結果。

Moving now to Houston Electric. I'll begin with our System Resiliency Plan filing where we recently reached an all-party settlement.

現在轉移到休士頓電力公司。我將從我們的系統彈性計劃文件開始，我們最近就此達成了各方和解。

The proposed settlement includes distribution system resiliency investments and spend of approximately $3.2 billion over the next three years. There are three key categories of investment included in this figure: an acceleration of our polar replacement program, undergrounding more vulnerable areas of our system, and automation and increased resiliency of distribution circuits and substations.

擬議的解決方案包括配電系統彈性投資和未來三年約 32 億美元的支出。這個數字包含三類主要投資：加速我們的極地替換計畫、將我們系統中更脆弱的區域埋入地下、以及配電電路和變電站的自動化和增強的彈性。

In addition to those investments, the proposed settlement also includes certain non-investment activities for which we will receive a deferral related to the spend. Most notably, the proposed settlement provides for $140 million of vegetation management, which will allow us to defer costs associated with our industry leading plan to reduce our trim cycle from five years to three years for the benefit of our customers.

除了這些投資之外，擬議的解決方案還包括某些非投資活動，我們將獲得與支出相關的延期付款。最值得注意的是，擬議的解決方案提供了 1.4 億美元的植被管理費用，這將使我們能夠推遲與行業領先計劃相關的成本，從而將修剪週期從五年縮短至三年，從而使我們的客戶受益。

The proposed $3.2 billion included in the settlement represents a reduction of approximately $2.5 billion from the $5.75 billion included in our January filing. The primary driver of this reduction is the removal of transmission-related investments we included in our filing.

和解協議中提議的 32 億美元比我們 1 月提交的 57.5 億美元減少了約 25 億美元。減少的主要原因是我們在文件中包含的與傳輸相關的投資被取消。

We thought it was important to include these investments in our initial filing to present a comprehensive picture of how we're approaching resiliency investments to improve outcomes for our customers. However, in settlement discussions, we agreed with stakeholders that these investments are better considered outside of the System Resiliency Plan process.

我們認為，將這些投資納入我們的初始文件中非常重要，這樣可以全面展示我們如何進行彈性投資以改善客戶的成果。然而，在和解討論中，我們與利害關係人達成一致，認為最好在系統彈性計畫流程之外考慮這些投資。

To be clear, we still intend on executing this important transmission system hardening work. Over the last few years, we've made many investments to improve the backbone of the system by investing approximately $1 billion. With much of that work already completed, we anticipate fully achieving our initial hardening targets on our transmission system within the next 10 years.

需要明確的是，我們仍打算執行這項重要的傳輸系統強化工作。在過去幾年裡，我們投資了約 10 億美元來改善系統主幹。由於大部分工作已經完成，我們預計在未來 10 年內將全面實現傳輸系統的初步強化目標。

We want to thank all stakeholders for engaging in constructive discussions about the resiliency investments that will help improve outcomes for customers in the Greater Houston area. We anticipate the PUCT to vote on this proposed settlement agreement by the end of the third quarter.

我們要感謝所有利害關係人就彈性投資進行建設性討論，這將有助於改善大休士頓地區客戶的成果。我們預計 PUCT 將在第三季末對該擬議的和解協議進行投票。

Next, I'll move to our two storm cost recovery filings, starting with the Hurricane Beryl filing. Just this week, we started a set of mediated discussions with all parties to the case, and there are currently hearings scheduled on the cost recovery request at the end of this month.

接下來，我將轉到我們的兩份風暴成本恢復申請，首先是颶風貝麗爾的申請。就在本週，我們開始與案件各方進行一系列調解討論，目前已安排在本月底就成本追償請求舉行聽證會。

Moving to our process to recover costs associated with last year's May storms, as a reminder, we have fully settled this request and now have received an approved financing order. Our next step is we will seek to issue these bonds in the third quarter of this year. We will continue to work with all stakeholders in connection with these storm cost recovery filings in advance of the securitization of these costs, which is beneficial for our customers.

轉到我們收回與去年 5 月風暴相關的成本的流程，提醒一下，我們已經完全解決了這項請求，現在已收到批准的融資令。我們的下一步是爭取在今年第三季發行這些債券。在這些成本證券化之前，我們將繼續與所有利害關係人就這些風暴成本回收申請進行合作，這對我們的客戶有利。

Next, I'll touch on our capital investment plan execution through the second quarter and our positively revised capital plan through 2030 as shown here on slide 10. As Jason mentioned, today, we are increasing our 2025 and 10-year capital investment plan by $500 million, without anticipating any need for additional common equity.

接下來，我將談談我們第二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 10 所示。正如 Jason 所提到的，今天，我們將 2025 年和 10 年資本投資計畫增加 5 億美元，但預計不需要任何額外的普通股。

This represents our third capital plan increase this year, bringing our total 2025 increases to $5.5 billion, With our total plan through 2030 now at $53 billion. And as Jason indicated, cumulatively, the $5.5 billion comes without any anticipated increases to our common equity guidance through 2030.

這是我們今年第三次增加資本計劃，使我們 2025 年的總增長額達到 55 億美元，到 2030 年的總計劃現在為 530 億美元。正如傑森所指出的，累計起來，這 55 億美元並不會對我們的 2030 年之前的普通股指引做出任何預期的增加。

As a reminder, our equity needs still stand at $2.75 billion through the end of the decade, of which over a third has been de-risked through our forward equity sales. Today's announced investment increase will help further support the accelerated economic growth investments that we continue to execute in our Texas Gas and Electric service territories to move that pace for our customers.

提醒一下，到本世紀末，我們的股權需求仍然為 27.5 億美元，其中超過三分之一已透過遠期股權銷售消除了風險。今天宣布的投資增加將有助於進一步支持我們在德州天然氣和電力服務區域繼續執行的加速經濟成長投資，以便為我們的客戶加快這一步伐。

I want to be clear that even with the increases already announced this year, we continue to see strong tailwinds to support further enhancements to our capital investment plans. We are excited to aggregate all of these updates as well as provide others to give everyone a comprehensive update and new 10-year plan later in the third quarter of this year.

我想明確指出的是，即使今年已經宣布增加投資，我們仍然看到強勁的順風，支持我們進一步加強資本投資計畫。我們很高興匯總所有這些更新，並將其提供給其他人，以便在今年第三季晚些時候為所有人提供全面的更新和新的十年計劃。

For the quarter, we are right on track to meet our positively revised 2025 capital investment target of $5.3 billion. Through the first half of 2025, we invested $2.4 billion of base work for the benefit of our customers and communities.

本季度，我們預計將實現經過積極修正的 2025 年資本投資目標 53 億美元。到 2025 年上半年，我們已投資 24 億美元用於基礎工作，造福我們的客戶和社區。

Finally, I want to provide an overview of how we're thinking about the financing of our $5.5 billion of capital investment increases and touch on where our credit metrics are currently tracking. We continue to explore the most efficient forms of financing to fund the incredible growth our businesses continue to experience.

最後，我想概述我們如何考慮為 55 億美元的資本投資增加提供資金，並談談我們目前的信貸指標。我們將繼續探索最有效的融資形式，為我們的業務持續經歷的驚人成長提供資金。

During the quarter, we made significant strides toward both addressing and de-risking our future equity financing plans. We did this by announcing the proposed sale of our Ohio Gas LDC with the intent of recycling the proceeds back into our Texas businesses; executing additional forward sales under our ATM program, which totaled $165 million for the first half of the year; and executing $920 million of a forward sale of common equity to be settled by the end of February 2027.

本季度，我們在解決未來股權融資計劃和降低其風險方面取得了重大進展。我們透過宣布擬議出售俄亥俄天然氣有限責任公司 (Ohio Gas LDC) 來實現這一目標，目的是將收益重新投入到我們的德克薩斯州業務中；根據我們的 ATM 計劃執行額外的遠期銷售，今年上半年總額達 1.65 億美元；並執行 9.2 億美元的普通股遠期銷售，將於 2027 月底 2027 月底結算。

As Jason highlighted, we have made a strategic decision to allocate more capital to our high-growth businesses in Texas and recycle capital through the proposed sale of our Ohio Gas LDC business. The proceeds from this transaction are intended to support the funding of the $5.5 billion increases we have already announced this year.

正如傑森所強調的，我們已經做出了一項戰略決策，將更多的資金分配給我們在德克薩斯州的高成長業務，並透過擬議出售我們的俄亥俄天然氣 LDC 業務來回收資本。這項交易的收益旨在支持我們今年已經宣布的 55 億美元增資計畫。

With additional progress in our Ohio rate case proceeding, we anticipate having a transaction signed by the end of the year, with a closing expected by the end of next year. I want to be clear that we've used this transaction similarly to the others we have executed.

隨著俄亥俄州利率案件審理的進一步進展，我們預計將在今年年底前簽署交易，並預計在明年年底前完成交易。我想明確表示，我們對這筆交易的使用方式與我們執行的其他交易類似。

This sale will not result in making a downward revision in our earnings guidance. Today's announced $500 million increase to the 2025 capital plan will help partially offset the investments we have made previously in our Ohio Gas business.

此次出售不會導致我們下調獲利預期。今天宣布的 2025 年資本計畫增加 5 億美元將有助於部分抵消我們先前在俄亥俄天然氣業務上所做的投資。

In addition to the announcement related to our Ohio Gas business, we were able to de-risk our planned equity issuances for 2026 and 2027 through forward sales of our common equity. And with the execution of $165 million of forward sales under our ATM program and $920 million through our block transaction, we have been able to satisfy our anticipated common equity needs for both '26 and 2027.

除了與俄亥俄天然氣業務相關的公告外，我們還能夠透過普通股的遠期銷售來降低 2026 年和 2027 年計劃發行的股票的風險。透過 ATM 計畫下 1.65 億美元的遠期銷售和大宗交易中 9.2 億美元的遠期銷售，我們已經能夠滿足 2026 年和 2027 年預期的普通股需求。

Now, moving to an update on 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 14.1% when removing transitory storm-related costs. Much like our historical profile, we anticipate our credit metrics to strengthen throughout the remainder of the year.

現在，我們來更新一下我們的信用指標。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 14.1%。與我們的歷史情況類似，我們預計我們的信用指標將在今年剩餘時間內增強。

As a reminder, we anticipate receiving nearly $400 million in securitization proceeds related to the May storms in the third quarter of this year. In addition, in light of the progress in the Hurricane Beryl storm securitization process I highlighted a moment ago, we expect to receive nearly $1.3 billion of proceeds by the end of the year or early next year.

提醒一下，我們預計今年第三季將收到與五月風暴相關的近 4 億美元證券化收益。此外，鑑於我剛才強調的颶風貝麗爾風暴證券化進程的進展，我們預計到今年年底或明年年初將獲得近 13 億美元的收益。

Also, as we mentioned in our first quarter call, with the bulk of our rate cases now complete, we anticipate a 5% improvement to our operating cash flow beginning next year. We expect this cash flow to allow us to more efficiently self-fund capital investments for the benefit of customers.

此外，正如我們在第一季電話會議上提到的那樣，由於我們的大部分利率案例現已完成，我們預計從明年開始我們的營運現金流將提高 5%。我們預期這筆現金流能讓我們更有效地進行自籌資本投資，進而造福客戶。

This same operating cash flow improvement helps fund today's $500 million announced increase without any anticipated need for incremental common equity. And although we are not formally changing our guide regarding incremental investments requiring funding with 50% equity and 50% debt, this new operating cash flow profile may provide financing flexibility to reduce that ratio in the future.

同樣的經營現金流改善有助於為今天宣布的 5 億美元增資提供資金，而無需任何預期的增量普通股權益。儘管我們並未正式改變關於需要 50% 股權和 50% 債務融資的增量投資的指南，但新的經營現金流狀況可能會提供融資靈活性，以在未來降低該比率。

With the anticipated receipt of the combined $1.7 billion of securitization proceeds, in addition to improved operating cash flow, we remain confident that we will exit 2025 with a 100- to 150-basis-point cushion above our downgrade threshold, without the need for common equity issuances.

由於預計將收到總計 17 億美元的證券化收益，加上經營現金流的改善，我們仍然有信心，到 2025 年，我們將擁有比降級門檻高出 100 至 150 個基點的緩衝，而無需發行普通股。

With the first half of 2025 in the books, we are right on plan to deliver our full-year results. 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.

隨著 2025 年上半年的到來，我們正按計畫實現全年業績。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%。

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 also expect to grow dividends per share in line with earnings growth over the same period of time. We look forward to the second half of 2025 and executing for the benefit of all stakeholders.

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。我們期待 2025 年下半年能為所有利害關係人帶來利益。

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

現在，我將把電話轉回給傑森。

Thank you, Chris. I'm proud of our team's continued execution over the past quarter and the results that put us firmly on track to deliver on our financial guidance this year. We are looking forward to sharing our 10-year plan refresh later this quarter.

謝謝你，克里斯。我為我們團隊在過去一個季度的持續表現和成果感到自豪，這些成果使我們堅定地走在實現今年財務指導的軌道上。我們期待在本季度晚些時候分享我們的十年計劃更新。

I believe that this refreshed plan will reflect our confidence in our exciting growth prospects ahead and why we have such strong conviction that we have one of the most tangible long-term growth plans in the industry.

我相信，這項更新的計劃將反映我們對未來令人興奮的成長前景的信心，以及我們為何如此堅信我們擁有業內最切實的長期成長計畫之一。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作員指示）Julien Dumoulin-Smith，Jefferies。

Hey. Good morning, team. Thank you guys very much. Nicely done again.

嘿。早安，各位團隊。非常感謝你們。再次做得很好。

Good morning, Julien.

早安，朱利安。

Hey, excellent, thank you. So a few different things here. Thank you. Maybe just kicking it off here. Just with Beryl, can you go back a little bit and just timeline and expectations to close that out here? I mean, it seems like, you're coming to some finality here.

嘿，太好了，謝謝。這裡有幾件不同的事情。謝謝。也許只是在這裡開始。就 Beryl 而言，您能否稍微回顧一下時間表和預期，以結束討論？我的意思是，看起來你在這裡已經得出了某種結論。

And then, secondly, just on the 6 gigawatts, the updated number, I mean, it's just not a trivial number to update quarter to quarter here. Can you elaborate and elucidate a little bit further on what exactly it comprises and especially the timeline?

其次，僅就 6 千兆瓦而言，更新後的數字，我的意思是，這不是一個按季度更新的小數字。您能否進一步詳細說明並闡明它的具體內容以及時間軸？

I mean, how front end loaded can that be at this point? Just especially as you continue to compound these numbers. And then I got a quick follow up, if you don't mind.

我的意思是，現在前端負載是多少？尤其是當你繼續複合這些數字時。如果您不介意的話，我會快速跟進。

Sure, good morning, Julian. How about I take the first piece with respect to the Beryl-related cost recovery proceeding.

當然，早上好，朱利安。我來談談有關綠柱石成本回收程序的第一部分。

We are on track at this point. In fact, this week, we had some mediated sessions with parties to see if we could see potentially the potential for a settlement framework. The hearings are currently actually set publicly for next Thursday.

目前我們已步入正軌。事實上，本週我們與各方進行了一些調解會議，以了解是否有可能建立和解框架。目前，聽證會已公開定於下週四舉行。

So as you can imagine, we'd love to be able to make progress, and ideally, be in a situation where we could ideally push out those hearings if possible, reflecting progress in those discussions. So quite a bit of activity here in the near term.

因此，你可以想像，我們希望能夠取得進展，理想情況下，我們可以盡可能推遲這些聽證會，以反映這些討論的進展。因此，短期內這裡的活動相當多。

Julien, this is Jason. Hey, thanks for the question on the interconnection load growth. The 6 gigawatts we referenced this quarter, as you said, it's not trivial at all.

朱利安，這是傑森。嘿，感謝您提出有關互連負載增長的問題。正如您所說，我們本季提到的 6 千兆瓦絕非小事。

What I think is really unique and what we try to highlight is the diverse set of drivers that are driving that increase. What I would say is probably about two-thirds of that increase relates to data center activity. The other one-third, I would put more in the camp of advanced manufacturing, energy exports, and life sciences.

我認為真正獨特的是，我們試圖強調的是推動這一成長的多種驅動因素​​。我想說的是，其中約三分之二的成長與資料中心活動有關。其餘三分之一，我會更投入先進製造業、能源出口和生命科學領域。

In terms of the demand or the timing of that demand, these customers are really looking for interconnections late '26, '27, and '28. So this is relatively near term. I think, thankfully, we've got excess capacity on our system.

就需求或需求時間而言，這些客戶確實希望在 26 年末、27 年和 28 年實現互連。所以這是相對近期的。我認為，值得慶幸的是，我們的系統擁有過剩的容量。

We've built our transmission system, our substations where we can move quickly to address these interconnection requests. And I think that is just creating a great set of conditions where we continue to see increases in the interconnection queue quarter after quarter. So we're looking to move quickly to address these new demands.

我們已經建造了輸電系統和變電站，可以快速回應這些互連請求。我認為這創造了良好的條件，我們將會看到互連隊列的數量逐季度增加。因此，我們希望迅速採取行動來滿足這些新需求。

Excellent. Thank you. And then if I may, just a quick question here on the adjustment for the quarter with the [mobile gen] here. How long do you expect that to remain a drag there just, given the dynamics here on those assets over time? Just to understand the drag that you're currently booking here. How long is that going to remain the case in terms of a drag?

出色的。謝謝。然後，如果可以的話，我只想問一個簡單的問題，關於本季[移動世代]的調整。考慮到這些資產隨時間的變化趨勢，您預計這種拖累還會持續多久？只是為了了解您目前在這裡預訂的阻力。就拖累而言，這種情況還會持續多久？

Yeah, this is a reflection of the transaction we announced where we've effectively contributed these assets to San Antonio for free through no later than spring of '27, could be as early as fall of '26. And so we'd see a drag in earnings over that period of time.

是的，這反映了我們宣布的交易，我們實際上已經將這些資產免費貢獻給了聖安東尼奧，最遲在 27 年春季，最早可能在 26 年秋季。因此，我們會看到那段期間內收益受到拖累。

And then as we've talked about, the market for these assets has doubled. And we intend to remarket them as soon as they free up. So again, as early as fall of '26, no later than the spring of '27, these will flip to be a tailwind for the company.

正如我們所討論的，這些資產的市場規模已經翻了一番。我們打算在它們釋放後立即重新推銷它們。因此，最早在 1926 年秋季，最遲在 1927 年春季，這些都將成為公司的順風。

Excellent. All right, guys, I'll leave it there. Lots more to ask. All right. All the best. All right. See you soon.

出色的。好吧，夥計們，我就不多說了。還有很多問題想問。好的。一切順利。好的。再見。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Hey, thanks for taking my questions and for the updates. Just a question on the capital, it seems like you're well positioned on the system to connect the 6 gigs right away. So you're highlighting a lot of other tailwinds that are not on the plan. And is this going to be more skewed towards the 10-year plan or do you see a lot of this falling into the five-year plan?

嘿，感謝您回答我的問題並提供最新消息。這只是關於首都的一個問題，看起來您在系統上已經做好了充分的準備，可以立即連接 6 個演出。所以你強調了很多計劃中沒有的其他順風因素。這會更偏向十年計劃，還是您認為其中很大一部分會落入五年計劃？

And then I just want to clarify the comments from Chris at the end with the 50/50 funding. Do you still see the ability in the five-year plan to fund with less equity? Thanks.

然後我只想澄清一下克里斯最後關於 50/50 資金的評論。您是否仍認為五年計畫能夠以較少的股權來提供資金？謝謝。

Hey. Good morning, Nick, and appreciate the questions. Look, from a capital standpoint, I really think we're trying to emphasize two points here. I think there is an upward bias towards CapEx through the remainder of this decade. There is still opportunity based on the capital investment opportunities outlined in our prepared remarks.

嘿。早安，尼克，感謝您的提問。看，從資本的角度來看，我確實認為我們在這裡試圖強調兩點。我認為，在未來十年的剩餘時間裡，資本支出將呈現上升趨勢。根據我們在準備好的評論中概述的資本投資機會，仍然存在機會。

The second point that we are trying to highlight and will be much clearer as we roll out our new 10-year plan is the longevity of this spend. We continue to see this capital investment opportunity drive significant capital investment well into the next decade. And so there's still, in short, more opportunity here through the remainder of this decade and then extending well into the next.

我們試圖強調的第二點是這筆支出的長期性，隨著我們推出新的十年計劃，這一點將會更加清晰。我們繼續看到這項資本投資機會將在未來十年推動大量資本投資。簡而言之，在本世紀剩餘的十年以及下一個十年中，這裡仍有更多機會。

Maybe if I could build on the second one, Nick. In short, what I was pointing to was that, as we look to the third quarter update that we'd be providing in particular, and again, that's the third update that would not be on our third quarter call. It'd be dealing from that in the calendar third quarter.

也許我可以在第二個基礎上繼續發展，尼克。簡而言之，我的意思是，當我們回顧第三季度的更新時，我們會特別提供這些信息，這是我們第三季度電話會議上不會提供的第三次更新。它將在日曆第三季開始處理。

We would be providing an update on how to think about how we're going to be funding growth CapEx going forward. I think what you saw today is that maybe a little preview of some improvements we've had and our focus on improving operating cash flows through legislative proposals and RA cases.

我們將提供有關如何思考未來如何為成長資本支出提供資金的最新資訊。我認為您今天看到的可能是我們已經取得的一些改進的預覽，以及我們透過立法提案和 RA 案例改善經營現金流的重點。

And so I think you can envision a situation we're able to update and improve from the current 50/50 equity debt profile that we provide. And with -- something to keep in mind, right, as we looked at the $500 million that we rolled into the 2025 plan, we were still able to report today an FFO/debt at 14.1%. So pleased with that outcome, given historically Q2 has been, really, our lowest quarter from a recovery pattern standpoint.

因此，我認為您可以想像我們能夠根據目前提供的 50/50 股權債務狀況進行更新和改進的情況。並且 — — 需要記住的是，當我們查看納入 2025 年計劃的 5 億美元時，我們今天仍然能夠報告 FFO/債務為 14.1%。我對這個結果非常滿意，因為從歷史上看，從復甦模式的角度來看，第二季確實是我們業績最低的季度。

And Nick, if I could wrap our two answers. In my prepared remarks, I alluded to, one, an upward bias in CapEx for the remainder of the decade. And two, I do think we have the ability to fund incremental CapEx this decade without any additional common equity.

尼克，如果我可以總結我們兩個的答案。在我準備好的發言中，我提到，第一，本世紀剩餘時間資本支出將呈現上升趨勢。其次，我確實認為我們有能力在不增加任何普通股的情況下為本十年的增量資本支出提供資金。

Okay. Thank you for the clarification. I appreciate that.

好的。感謝您的澄清。我很感激。

And then just, as we're getting into the later end of this Beryl proceeding, the agencies are still on negative outlook. And just is there anything else that they're communicating to you that they're looking for now that your metrics are starting to get back into that range?

然後，當我們進入 Beryl 訴訟程序的後期時，各機構仍然持負面看法。現在您的各項指標已經開始回到這個範圍內，他們是否還想向您傳達其他他們希望看到的訊息？

I appreciate the question. It's certainly key. And I can't speak certainly -- exactly on their behalf. But in the nature of our conversations, have been really around two areas of focus.

我很感謝你提出這個問題。這當然是關鍵。我不能肯定地代表他們發言。但就我們談話的性質而言，實際上圍繞著兩個重點領域。

The first has been the ability to effectively execute the underlying rate cases themselves. And so as you've seen in both of our Texas cases, as well as Minnesota and Indiana, we've completed all of those.

首先是能夠有效地執行底層利率案例本身。正如您在我們德克薩斯州、明尼蘇達州和印第安納州的兩個案件中看到的，我們已經完成了所有這些案件。

The second key area of focus has been the cost recovery filings themselves, both for the May storms or the [duration] event, as well as Beryl. We have now fully completed, as I mentioned, the duration related or May storms process. We'll be in a position to execute that securitization here in the calendar third quarter, so we're definitely on track there.

第二個重點關注領域是成本回收申請本身，包括針對五月風暴或[持續]事件以及 Beryl 的申請。正如我所提到的，我們現在已經完全完成了與持續時間相關的或五月風暴過程。我們將能夠在第三季執行該證券化，因此我們的進程肯定是按計劃進行的。

And I do believe that they are closely watching the Beryl outcome. And again, as I mentioned, I think where we are at this point is a place where we do see a path to have very constructive conversations here in the coming days.

我確實相信他們正在密切關注 Beryl 案的結果。正如我所提到的，我認為我們目前所看到的是一條在未來幾天進行非常建設性對話的道路。

And so I think that could ideally position as well for the agencies to revisit that time frame because, really, the key step in the process is the cost recovery prudency step. After that, it's a very straightforward process for executing the financing order and then the securitization itself later this year.

因此，我認為這也可以為各機構重新審視該時間框架提供理想的條件，因為實際上，過程中的關鍵步驟是成本回收審慎步驟。此後，執行融資訂單以及今年稍後進行證券化的過程將變得非常簡單。

All right. Hey, thanks for the time. Appreciate it.

好的。嘿，謝謝你抽出時間。非常感謝。

Jeremy Tonet, JPMorgan Securities.

摩根大通證券的傑里米·託內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Just a couple of quick ones for me. Has the finalization of [SB6] impacted inbound interconnection interest in any fashion at this point?

對我來說，只有幾個簡單的問題。目前，[SB6] 的最終確定是否以任何方式影響了入站互連興趣？

No. I wouldn't say it's changed at all. the velocity of the interconnection request. I do think that there are questions around where that cost allocation -- potential changes may go. But I think there are many other drivers that continue to support these load in connection requests, so they continue at an accelerated pace.

不。我不會說它有任何改變。互連請求的速度。我確實認為存在一些關於成本分配——潛在變化可能走向何處的問題。但我認為還有許多其他驅動程式繼續支援這些連接請求負載，因此它們會以加速的速度繼續下去。

Got it. Thank you for that. And then, was just wondering, you talked a little bit about Houston revitalization work and just wondering if you could expand a bit more, I guess, on how this aligns with city efforts priorities here going forward?

知道了。謝謝你。然後，我只是想知道，您談到了一點關於休士頓振興工作的事情，我只是想知道您是否可以進一步擴展一下，我想，這與未來的城市工作重點如何保持一致？

Yeah, no, thanks for the question. This is an exciting time for downtown Houston. This has been a project that's been in the works for decades.

是的，不，謝謝你的提問。對於休士頓市中心來說，這是一個令人興奮的時刻。這個計畫已經籌備了幾十年。

We've received the Federal funding to effectively bury the interstate system that circles the -- effectively circles the downtown area and isolates it from the rest of the Greater Houston region. By doing so, it frees up a significant portion of land that will be used to redevelop parks, more mixed-use space. It's just an incredibly exciting time.

我們已獲得聯邦政府的資助，用於有效埋設環繞市中心的州際公路系統，並將其與大休士頓地區的其他地區隔離。這樣做可以釋放出大量土地，用於重新開發公園和更多混合用途空間。這真是一個無比令人興奮的時刻。

But with all of that construction work, it gives us an opportunity, as the roads are torn up, to replace the underground network here in the downtown. There are a couple of substations that we've alluded to that will need to be moved to help facilitate some of this redevelopment effort.

但隨著所有這些建設工作的進行，它為我們提供了一個機會，在道路被拆除的情況下，更換市中心的地下網路。我們提到過，有幾個變電站需要搬遷，以幫助促進部分重建工作。

We will build those to a modern indoor gas insulated substation design standard. And so I just think it's an incredible time to be a partner with the city to help with what will be an exciting transformation of the downtown here in Houston.

我們將按照現代室內氣體絕緣變電站設計標準進行建造。所以我認為現在是與這座城市合作的絕佳時機，幫助休士頓市中心實現令人興奮的轉型。

Got it. Thanks for that. Just the last quick one, if I could. And if I think about all this CapEx coming into plan without equity, it seems like that would drive upward pressure to the CAGR here or are there any other components to the equation that I'm not appreciating at this point?

知道了。謝謝。如果可以的話，我只想快速說最後一個。如果我考慮到所有這些資本支出都是在不考慮股權的情況下進入計劃的，這似乎會對這裡的複合年增長率造成上行壓力，或者這個等式中還有其他我目前沒有意識到的組成部分嗎？

I appreciate the question. And look, as we continue to reiterate, there's more tailwinds than headwinds here. We've constructive, really, resolve these rate cases we've had.

我很感謝你提出這個問題。而且，正如我們不斷重申的那樣，這裡的順風比逆風多。我們確實建設性地解決了我們遇到的這些利率問題。

Thankfully, some legislation that's helped reduce regulatory lag, which helps us more efficiently invest for the benefit of our customers. And look, we'll update what that means from an earnings guidance standpoint here later in this calendar quarter. But certainly, more tailwinds than we have headwinds.

值得慶幸的是，一些立法有助於減少監管滯後，這有助於我們更有效地進行投資，並造福我們的客戶。並且，我們將在本季稍後從獲利指導的角度更新這意味著什麼。但可以肯定的是，順風比逆風多。

Understood. I'll leave it there. Thank you.

明白了。我就把它留在那裡。謝謝。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Hey. Good morning, everybody. Thanks for all the updates.

嘿。大家早安。感謝所有的更新。

My first question, I just want to further elaborate on the Houston downtown project. I know it's a really big one that's been talked about for a long time. Seems like you're talking about it a bit more detailed and a bit more confidently today.

我的第一個問題，我只是想進一步闡述休士頓市中心計畫。我知道這是一個大問題，人們已經討論了很長時間。看來您今天談論得更詳細一些，也更有自信一些。

Is there any reason for that? Has it been progressing a bit more? And can you maybe talk a little bit more about timing and potential magnitude of when the spending might show up in the capital plan?

這有什麼原因嗎？有更進一步嗎？您能否再多談談這筆支出在資本計畫中可能出現的時間和潛在規模？

Yeah. Good morning, Andrew. It is an exciting project that is continuing to come into greater focus and clarity. We -- the city made some commitments as it relates to some of the modifications to our convention center here.

是的。早安，安德魯。這是一個令人興奮的項目，並且正不斷受到越來越多的關注和澄清。我們——市政府就這裡的會議中心的一些改造做出了一些承諾。

That has jump started this project in terms of work that we need to do with one of the two substations. And so what I would say is work is beginning as we speak under this project. This is something that it's going to be a multi-year effort.

就我們需要對兩個變電站之一的工作而言，這已經啟動了該專案。所以我想說的是，就在我們說話的時候，這個計畫的工作已經開始了。這將是一項需要多年努力的事情。

I think the bulk of this spend is really going to be through the remainder of this decade, some of that early part of next. But think about this as a driver over call the next five, six years. The larger infrastructure project to bury this interstate system is going to be much longer in nature, a multi-decade investment project for this region.

我認為這些支出的大部分將花在20世紀90年代的剩餘時間裡，以及2010年初期。但請以駕駛者的視角來思考未來五、六年的狀況。鋪設該州際公路系統的大型基礎設施項目本質上將會更加漫長，對該地區來說是一項長達數十年的投資項目。

But the work that we have to do up front helps enable the early part of that. So think of our work as front end loaded and over the next five years or so.

但我們必須提前完成的工作有助於實現這一目標的早期階段。因此，請將我們的工作視為前端工作，並在未來五年左右進行。

Okay. Great. That's helpful. Next question. You've mentioned this a couple times. You're saying additional increases to CapEx this year wouldn't need additional equity.

好的。偉大的。這很有幫助。下一個問題。您已經提到過幾次了。您說的是，今年資本支出的額外增加不需要額外的股權。

Can you -- I mean, how high can that go? I know you're going to give the more detailed update later this quarter, but I mean, are you talking magnitude of $500 million like you did this quarter? Or are you talking $4 billion like you did a few months ago? I mean, can you give us some sizing of -- what is a comment like that supposed to mean?

你能——我的意思是，它能達到多高？我知道您將在本季稍後提供更詳細的更新，但我的意思是，您說的規模是否像本季一樣達到 5 億美元？或者您像幾個月前一樣談論 40 億美元？我的意思是，您能否給我們一些說明——這樣的評論到底意味著什麼？

I appreciate the question. Look, I think, we were working hard to improve our operating cash flow profile. We feel confident, as Chris said, and some of the other activities underway including the sale of the Ohio Gas business. And so that does give us flexibility, order of magnitude, more than what we increased today. But maybe I'll just leave it at that and we look forward to discussing it more later here in the third quarter.

我很感謝你提出這個問題。看，我認為，我們正在努力改善我們的營運現金流狀況。正如克里斯所說，我們充滿信心，並且正在進行其他一些活動，包括出售俄亥俄天然氣業務。因此，這確實為我們提供了靈活性，數量級比我們今天增加的要大。但也許我只是就此打住，我們期待在第三季晚些時候對此進行更多討論。

Okay. Fair enough. We'll be -- we'll try our best to be patient. Last one, apologies if I missed it. But what exactly was in the $500 million increase today? What is that spending going toward?

好的。很公平。我們將會－我們將盡力保持耐心。最後一個，如果我錯過了，請見諒。但今天增加的5億美元究竟意味著什麼呢？這些支出的用途是什麼？

Sure, Andrew. You should think about it as dominated by us stepping into our electric transmission work starting this year, a little bit of system resiliency related investments, and then a small amount of Texas Gas related investments. Recall that we've also talked about, over the long-term, some potential opportunities there in the Texas Gas business for substantial infrastructure work here in the Greater Houston area.

當然，安德魯。您應該認為，我們從今年開始涉足電力傳輸工作，進行少量的系統彈性相關投資，然後進行少量的德州天然氣相關投資。回想一下，我們也討論過，從長遠來看，德州天然氣業務在大休士頓地區進行大量基礎設施工作的一些潛在機會。

Okay. So kind of more of the same?

好的。那麼還有更多相同的嗎？

Correct.

正確的。

Very good. Thanks so much. Looking forward to the next round of updates.

非常好。非常感謝。期待下一輪更新。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Hey, good morning. I guess, just -- could you give us a sense of any timing on the Gas LDC sale process and closing?

嘿，早安。我想，只是——您能否向我們介紹一下 Gas LDC 銷售流程和結束的時間？

Sure, Steve. Generally speaking, we'd like to be in a position to be able to announce toward the end of this calendar year, putting it in a position ideally, if you just look at history about a year later in a position to close. So where we are at this point is we've just recently kicked off the process.

當然，史蒂夫。一般來說，我們希望能夠在今年年底前宣布這項消息，如果回顧一下歷史，那麼理想情況下大約一年後就能宣布這項消息。我們現在的狀況是，我們剛剛啟動了這項進程。

As you know, our focus, philosophically, has been on and we'll continue to have the focus here of not rebasing our earnings through any kind of capital asset recycling like this. I've got a strong amount of interest even in kicking off the process so far, which is a good thing.

如您所知，從哲學上講，我們的重點一直是，並且我們將繼續關注這一點，即不透過任何形式的資本資產回收來重新調整我們的收益。到目前為止，我對這一進程的啟動已經表現出濃厚的興趣，這是一件好事。

And maybe just one other thing I'd want to emphasize is flexibility. We want to be flexible for counterparties in terms of where their interest lies relative to where the expertise is they bring to an operating and management team as we go. And so good progress so far but ideally putting ourselves in the position to be able to announce more toward the end of this year.

也許我只想強調的一點是彈性。我們希望為交易對手提供靈活性，根據他們的利益所在以及他們為營運和管理團隊帶來的專業知識。到目前為止進展順利，但理想情況下，我們能夠在今年年底前宣布更多消息。

Okay. And then one other area that you've talked in the past about as opportunities is data centers in Indiana. Is there anything to update there?

好的。您過去談到的另一個機會領域是印第安納州的資料中心。那裡有什麼需要更新的嗎？

Yeah. Good morning, Steve. We continue to have, I think, very productive conversations up in Indiana around potential new data center demand. Look, as we stressed in previous calls, I think it's a really unique situation up there that is candidly, I think, very compelling for a number of these data centers. It's abundant land, good access to water.

是的。早安，史蒂夫。我認為，我們在印第安納州就潛在的新資料中心需求繼續進行非常有成效的對話。正如我們在之前的電話會議中所強調的那樣，我認為這確實是一種獨特的情況，坦白說，我認為對於許多資料中心來說，這種情況非常引人注目。這裡土地肥沃，水源充足。

On our system in particular, we have access capacity that's available today. We're commissioning, as we speak, a simple cycle plan that has been designed and built to be converted to CCGT if needed. And so there's a clear pathway to significant electric capacity. So it continues to be a series of active discussions in that region as well.

特別是在我們的系統上，我們擁有當今可用的存取容量。我們正在調試一個簡單的循環計劃，該計劃的設計和建造是為了在需要時轉換為 CCGT。因此，存在一條獲得大量電容量的清晰途徑。因此，該地區也將繼續進行一系列積極的討論。

Okay. Thank you.

好的。謝謝。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Hey. Good morning. Just one question for me to clarify on the equity again. So the base plan is -- the $2.75 billion of equity or equity-like then plus the Ohio asset sale that you've highlighted, right? And then I think what you're communicating here is that additional capital beyond that, the target would be then to not have to issue additional equity. Is that correct?

嘿。早安.我只想再次澄清一個有關公平的問題。所以基本計劃是——27.5 億美元的股權或類似股權加上您強調的俄亥俄州資產出售，對嗎？然後我認為你在這裡傳達的是，除此之外的額外資本，目標就是不必發行額外的股權。對嗎？

You've got it right, Bill. Maybe if I could just step through it briefly. The way -- a simple way to think about it is that $2.75 billion and what we've indicated is we were front footed on equity and so we've already de-risked a third of that, right? So you can go ahead and reduce by that amount. And then what Jason was emphasizing is we do see, even in the period now between now and the end of the decade, an additional upward bias on CapEx that we could fund without incremental common equity.

你說得對，比爾。也許我可以簡單介紹一下。簡單來說，27.5 億美元，我們已經表明我們在股權方面處於領先地位，所以我們已經降低了其中三分之一的風險，對嗎？因此您可以繼續減少該數量。然後傑森強調的是，我們確實看到，即使從現在到本世紀末的這段時間裡，資本支出仍有額外的上行傾向，我們可以在不增加普通股權益的情況下為其提供資金。

Okay. And would that contemplate additional asset sales beyond Ohio?

好的。是否會考慮在俄亥俄州以外地區出售更多資產？

It would not. And so maybe if I can touch on that for you. If you look at the Ohio Gas LDC sale, it was specifically intended to help us fund what is now a $5.5 billion total update we provided this year.

不會。也許我可以為你談談這一點。如果你看一下俄亥俄天然氣公司 (Ohio Gas LDC) 的出售，你會發現它的目的是幫助我們資助今年提供的總價值 55 億美元的更新。

So you combined that with the operating cash flow improvement, which really came through the mix of legislative and regulatory outcomes and it certainly helps our operating cash flow focus. Maybe just one simple example of that is if you looked at Indiana, for example, as you know, we have to basically hold back about 20% of our CapEx while we're out of a rate case -- while we were out of a rate case for nearly 15 years there, right?

因此，您將其與營運現金流改善結合起來，這實際上是透過立法和監管成果的結合而實現的，它肯定有助於我們專注於經營現金流。也許只是一個簡單的例子，如果你看看印第安納州，例如，如你所知，當我們脫離利率案例時，我們必須基本上保留約 20％ 的資本支出 - 而我們在那裡已經脫離利率案例近 15 年了，對嗎？

So you can imagine now, we've been able to catch up there. And maybe that's just one discrete example to help you see how the operating cash flows have improved here.

所以你現在可以想像，我們已經能夠趕上那裡了。也許這只是一個離散的例子，可以幫助您了解這裡的經營現金流是如何改善的。

Okay. Great. That's it for me. Thank you.

好的。偉大的。對我來說就是這樣。謝謝。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Hey. Good morning, team. Maybe a third crack at it. I want to jump on Bill's question. Have you quantified what that, like, optionality is for how much more additional CapEx you could absorb without having to either do, like Bill mentioned, an asset sale or additional equity, like, by the end of the decade? What's that balance sheet capacity that you have there?

嘿。早安，各位團隊。或許還有第三次嘗試。我想回答比爾的問題。您是否已經量化了這種可選性，即在十年末之前，您可以吸收多少額外的資本支出，而不必像比爾提到的那樣進行資產出售或增加股權？您的資產負債表容量是多少？

Good morning, Anthony. It's Jason. Hey, I appreciate the question. Look, we're not going to get any more specific. As I indicated, we're talking about something north of the CapEx increase that we announced today, so north of $500 million. After that, we haven't quantified the capacity. And so it's just part of the excitement that's building for the plan refresh that we intend to provide here later in the quarter.

早安，安東尼。是傑森。嘿，我很感謝你提出這個問題。瞧，我們不會再說更具體了。正如我所指出的，我們正在討論今天宣布的資本支出成長以上的數字，也就是 5 億美元以上的數字。此後，我們還沒有量化容量。因此，這只是我們打算在本季稍後提供的計劃更新的一部分。

Great. And then I guess on operating cash flow, you just mentioned there's a 5% -- and this is my question, is it a 5% growth of operating cash flow or it's a 5% improvement that the total operating cash flow growth is greater than the earnings per share growth?

偉大的。然後我想關於經營現金流，您剛才提到有 5%——這是我的疑問，這是經營現金流增長 5% 還是總經營現金流增長大於每股收益增長的 5% 的改善？

It's a 5% improvement in operating cash flows. So the actual operating cash flows increased by 300 basis points, which equates to a 5% increase in operating efforts.

經營現金流提高了5%。因此實際經營現金流增加了300個基點，相當於經營力道增加了5%。

Great. And then just lastly, you guys are very clear on the tough decision of selling Ohio and focusing where you have greater customers or also, maybe, greater growth. But how do you balance that with, maybe, thicker equity layers and better ROEs?

偉大的。最後，你們非常清楚出售俄亥俄州是一個艱難的決定，並將重點放在擁有更多客戶或更大成長的領域。但是，您如何透過更厚的股權層和更好的 ROE 來平衡這一點呢？

Like -- and I guess it's a hard balance. I'm wondering if you maybe could shed some light on that. Ohio did provide, maybe, thicker equity layers. I think it -- I forgot the settled return. I think it was like [9, 7] or something like -- for other jurisdiction, maybe, greater growth but lower equity ratios.

就像——我想這是一個很難的平衡。我想知道您是否可以對此作出一些解釋。俄亥俄州確實可能提供了更厚的股權層。我想是的——我忘了​​已結算的回報。我認為這就像[9，7]或類似的情況——對於其他司法管轄區，也許增長更快，但股權比率更低。

We take a number of factors into it. From a financial standpoint as we stressed here, it's an incredible business. But we see the recycling of these proceeds to enhance the earned cash returns of the consolidated enterprise.

我們考慮了許多因素。正如我們在此所強調的，從財務角度來看，這是一項令人難以置信的業務。但我們看到這些收益被回收利用，以提高合併企業的現金回報。

So you might look at just the earned or the allowed returns or the authorized equity ratios. But importantly, it's as much an interest to improve the earned cash returns. And we see the opportunity of recycling these -- the proceeds from this asset sale and improving the overall consolidated earned cash return profile. So a number of different financial metrics we're looking at.

因此，您可能只專注於已賺取的或允許的回報或授權的股權比率。但重要的是，提高所賺取的現金回報也同樣令人感興趣。我們看到了回收這些資產的機會——出售資產所得收益並改善整體合併現金回報率。因此，我們正在關注許多不同的財務指標。

And then it comes down to focus as well. It's an incredible jurisdiction we have the privilege to serve up there. But with so much growth here, it helps focusing management's attention on this exponential growth that we've been talking about in the Greater Houston region.

然後它又歸結為焦點。這是一個令人難以置信的司法管轄區，我們很榮幸在那裡提供服務。但由於這裡的成長如此之快，它有助於將管理層的注意力集中在我們一直在談論的大休士頓地區的這種指數級增長上。

So a number of different factors. Financially though, I wouldn't just concentrate on a difference between the authorized return on equity or equity layer.

因此有很多不同的因素。不過，從財務角度來看，我不會只關注授權股本回報率或股本層之間的差異。

Great. And will we see you in September? Are we going to be virtual in September? Any clarity on like early September, late -- anything like that?

偉大的。我們會在九月見到你嗎？我們九月會進行線上活動嗎？對九月初或九月底之類的情況有清楚了解嗎？

Anthony, we're still working on exactly how to do it. I think at this stage, we would intend to come to the East Coast.

安東尼，我們還在研究具體如何做。我認為現階段我們打算前往東海岸。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

Paul Fremont, Ladenburg Thalmann & Co.

保羅‧弗里蒙特（Paul Fremont），拉登堡‧塔爾曼公司（Ladenburg Thalmann & Co.）

Hi, there. Congratulations on a really strong quarter. I guess my first question really is a follow up of Jeremy's earlier question. With all of this spending, your plan is to update your EPS guidance later in the year. Is that the takeaway there?

你好呀。恭喜本季業績表現強勁。我想我的第一個問題實際上是對傑里米之前問題的後續。考慮到所有這些支出，您的計劃是在今年稍後更新 EPS 指導。那是外送嗎？

We will provide a full plan refresh. So the extension of that that 10-year CapEx plan into the middle of the next decade. And then one of the resulting -- obviously, impacts from that will be a discussion around the earnings power of the company. So it'll be a comprehensive financial update; CapEx, financing, earnings, all of it here at the end of the calendar third quarter.

我們將提供完整的計劃更新。因此，該 10 年資本支出計畫將延長至下一個十年中期。顯然，由此產生的影響之一就是圍繞著公司獲利能力的討論。因此，這將是一次全面的財務更新；資本支出、融資、收益，所有這些都將在日曆第三季末公佈。

And then given the large increases that we've seen in your spending plan between now and the third quarter, would you expect to provide any type of an update of your '25 to '29 spending, broken down by Houston Electric, SIGECO, and your gas operations?

然後，考慮到我們看到您的支出計劃從現在到第三季度大幅增加，您是否希望提供任何類型的 25 年至 29 年支出的更新信息，並按休斯頓電力公司、SIGECO 和天然氣業務進行細分？

Yeah, as part of this plan refresh, we plan to provide, obviously, an update over the full 10 years. So maybe the -- through the end of this decade plus the initiation of the next five years into the 2030s.

是的，作為該計劃更新的一部分，我們計劃提供整個 10 年的更新。所以也許是——到這個十年末加上未來五年到 2030 年代的開始。

And then to your point, sufficient detail by operating company to help understand the growth in each of those jurisdictions. So yeah, we'll provide a pretty significant financial update around all those elements.

然後回到您的觀點，營運公司提供足夠的細節來幫助了解每個司法管轄區的成長情況。是的，我們將圍繞所有這些要素提供相當重要的財務更新。

Yeah, but I'm talking like between now and the third quarter update that you're talking about, any additional breakout of the five years under the existing numbers?

是的，但我的意思是，從現在到您所說的第三季更新之間，現有數字下五年內還有其他突破嗎？

I wouldn't anticipate anything between now and the plan refresh.

從現在到計劃更新之間我不會期待任何事情。

And then a couple of, I guess, house cleaning questions. The rate base for the Ohio subsidiary that you're selling?

然後我想是幾個關於房屋清潔的問題。您要出售的俄亥俄州子公司的利率基準是多少？

Sure. Paul, that's $1.5 billion as of the end of last year.

當然。保羅，截至去年年底，這一數字是 15 億美元。

And then and the tax base of the Ohio LDC?

那麼俄亥俄州 LDC 的稅基是什麼呢？

Obviously, at this point reviewing what the tax implications would be there for any transactions. So tough to get into more detail today.

顯然，此時正在審查任何交易的稅收影響。今天很難講得更詳細。

Great. And one more question. And then the additional $1 billion of gas spend, that's included in the $4.5 billion increase since we've seen -- from the first quarter, right, in your 10-year plan?

偉大的。還有一個問題。然後，額外的 10 億美元天然氣支出，包括自第一季以來 45 億美元的增長，對嗎，在您的 10 年計劃中？

No, I think you should assume that there is opportunity outside the existing plan for the large project that we've referenced in Houston that would allow us to have a high pressure distribution line that encircles the city over a long period of time. So there's only a small amount of that currently in plans at this stage, Paul.

不，我認為你應該假設，除了我們在休士頓提到的大型專案的現有計劃之外，還有機會讓我們擁有一條長期環繞城市的高壓配電線路。因此，保羅，目前階段的計劃只有一小部分。

Right. Okay. So that would be incremental and may show up in the next 10-year plan -- for the 10-year plan uptake.

正確的。好的。因此，這將是漸進的，並可能在下一個十年計劃中體現出來——為了十年計劃的實施。

That would be correct.

那是正確的。

That's it for me. Thank you so much.

對我來說就是這樣。太感謝了。

Operator, with that final question that will include our call for the day. Thank you.

接線員，最後一個問題涉及我們今天的通話內容。謝謝。

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

CenterPoint Energy 2025 年第二季財報電話會議到此結束。感謝您的參與。