密歇根天然氣 (DTE) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the DTE Energy Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions) Now at this time, I would like to turn things over to Ms. Barbara Tuckfield, Director of Investor Relations. Please go ahead, ma'am.

早上好，女士們，先生們。歡迎參加 DTE Energy 2023 年第二季度收益電話會議。 （操作員說明）請注意，此通話正在錄音。 （操作員指示） 現在，我想把事情交給投資者關係總監 Barbara Tuckfield 女士。請繼續，女士。

Thank you, and good morning, everyone. Before we get started, I would like to remind you to read the safe harbor statement on Page 2 of the presentation, including the reference to forward-looking statements. Our presentation also includes references to operating earnings, which is a non-GAAP financial measure. Please refer to the reconciliation of GAAP earnings to operating earnings provided in the appendix.

謝謝大家，大家早上好。在我們開始之前，我想提醒您閱讀演示文稿第 2 頁上的安全港聲明，包括對前瞻性聲明的引用。我們的演示文稿還提到了營業收益，這是一項非公認會計準則財務指標。請參閱附錄中提供的 GAAP 收益與營業收益的調節表。

With us this morning are Jerry Norcia, Chairman and CEO; and Dave Ruud, Executive Vice President and CFO. And now I'll turn it over to Jerry to start the call this morning.

今天早上與我們在一起的有董事長兼首席執行官傑里·諾西亞 (Jerry Norcia)；以及執行副總裁兼首席財務官 Dave Ruud。現在我將把它交給傑瑞，讓他在今天早上開始通話。

Well, thanks, Barb, and good morning, everyone, and thanks for joining us. This morning, I will be discussing the achievements we've made so far this year and provide a general business update. I'll discuss the progress of our regulatory proceedings including the details of our IRP settlement. Dave will provide a financial update and wrap things up before we take your questions.

好吧，謝謝巴布，大家早上好，感謝您加入我們。今天早上，我將討論我們今年迄今為止所取得的成就，並提供一般業務更新。我將討論我們的監管程序的進展，包括 IRP 和解的細節。在我們回答您的問題之前，戴夫將提供財務最新情況並總結一切。

Before we dive in, I want to take this opportunity to touch on some recent appointments to our regulatory commission here in Michigan. Governor Whitmer extended Chair Dan Scripps term an additional 6 years to 2029. The reappointment of Chair Scripps provides consistency in regulatory leadership and we appreciate the balance he has always brought to the commission. We congratulate Chair Scripps and look forward to continuing to work with him, Governor Whitmer also appointed Alessandra Carreon as a new commissioner to the MPSC, filling the vacant role left by Tremaine Phillips. We look forward to working with her as she comes to his position with a strong background in electrification.

在我們深入探討之前，我想藉此機會談談密歇根州監管委員會最近的一些任命。惠特默州長將丹·斯克里普斯主席的任期再延長 6 年至 2029 年。斯克里普斯主席的重新任命保證了監管領導力的一致性，我們讚賞他一直為委員會帶來的平衡。我們祝賀斯克里普斯主席，並期待繼續與他合作，惠特默州長還任命亞歷山德拉·卡倫為 MPSC 的新專員，填補特里梅因·菲利普斯留下的空缺職位。我們期待與她合作，因為她在電氣化方面擁有深厚的背景，將接任他的職務。

Moving on to Slide 4. We remain committed to supporting and delivering for all our stakeholders, including employees, customers, communities and shareholders. I always say that employee engagement drives our success, and our team continues to operate at top [decile] engagement levels as measured by the Gallup organization. I'm proud that our team's excellence in this area was recognized by earning the Gallup Exceptional Workplace Award for the 11th consecutive year.

轉到幻燈片 4。我們仍然致力於為所有利益相關者（包括員工、客戶、社區和股東）提供支持和服務。我總是說，員工敬業度推動了我們的成功，根據蓋洛普組織的衡量，我們的團隊繼續保持著最高[十分]的敬業度水平。我很自豪我們團隊在這一領域的卓越表現得到認可，連續 11 年榮獲蓋洛普傑出工作場所獎。

We also received great news that DTE was named one of Metro Detroit's best and brightest companies to work for. The best and brightest program recognizes companies that have a commitment to excellence in their human resource practices and employee enrichment based on categories including work life balance, employee education and diversity.

我們還收到了好消息，DTE 被評為底特律都會區最優秀、最聰明的公司之一。最優秀和最聰明的計劃旨在表彰那些致力於卓越人力資源實踐和員工充實的公司，其類別包括工作生活平衡、員工教育和多樣性。

I'm happy to say that yesterday, the MPSC approved our IRP settlement agreement, which outlines our investment in Michigan's clean energy future, 2 weeks after we filed it. This demonstrates the supportive nature of our regulatory environment. We are proud that this plan puts our customers first by reducing the cost of our clean energy transformation, while reliably generating the cleaner, affordable energy that our customers will rely on for years to come. I'll provide more details on the settlement agreement in a few minutes.

我很高興地說，昨天，在我們提交協議兩週後，MPSC 批准了我們的 IRP 和解協議，該協議概述了我們對密歇根州清潔能源未來的投資。這表明了我們監管環境的支持性。我們感到自豪的是，該計劃通過降低我們的清潔能源轉型成本，將客戶放在第一位，同時可靠地生產我們的客戶在未來幾年將依賴的更清潔、負擔得起的能源。我將在幾分鐘內提供有關和解協議的更多細節。

On the community front, DTE was honored to be named to the Civic 50 for the sixth consecutive year. This award presented by Points of Light recognized us as the most community-minded companies in the nation. I am proud that our team continues to put communities we serve at the forefront each and every day in our decision-making and earning this award year after year recognizes that.

在社區方面，DTE 很榮幸連續第六年入選 Civic 50。該獎項由 Points of Light 頒發，表彰我們為全國最具社區意識的公司。我感到自豪的是，我們的團隊每天都將我們所服務的社區放在決策的最前沿，年復一年地獲得這一獎項就是對這一點的認可。

On the investor front, we are executing on our plan to achieve our 2023 guidance midpoint and our long-term financial growth. As you know, we have been facing headwinds with the weather and storms that we experienced earlier this year. Dave will go into more details on this, but the team has made excellent progress on the cost management work across the entire company, and we continue to find savings with our continuous improvement efforts.

在投資者方面，我們正在執行計劃，以實現 2023 年指導中點和長期財務增長。如您所知，我們一直面臨著今年早些時候經歷的天氣和風暴的逆風。戴夫（Dave）將對此進行更多詳細介紹，但團隊在整個公司的成本管理工作上取得了出色的進展，並且我們通過不斷的改進努力繼續尋找節省的方法。

As well, we are seeing additional favorability across our portfolio of businesses. We are well positioned to continue to deliver the strong performance and premium growth that DTE is known for delivering on our 2023 midpoint guidance and also continuing to deliver long-term EPS growth of 6% to 8%.

此外，我們的業務組合也受到了更多的青睞。我們處於有利位置，可以繼續實現 DTE 因實現 2023 年中點指引而聞名的強勁業績和溢價增長，並繼續實現 6% 至 8% 的長期每股收益增長。

Let's turn to Slide 5 and discuss the IRP settlement agreement. We want to thank our DTE employees and 21 organizations from across Michigan for their diligent work on this IRP settlement agreement. We completed a comprehensive analysis that reflected insights shared by our customers and other stakeholders to build the plan. The plan offers a balanced and diversified approach for the transition of our generation fleet, complementing our commitment to build a reliable and resilient grid while maintaining customer affordability.

讓我們轉向幻燈片 5，討論 IRP 結算協議。我們要感謝我們的 DTE 員工和來自密歇根州各地的 21 個組織為達成此 IRP 和解協議所做的辛勤工作。我們完成了全面的分析，反映了我們的客戶和其他利益相關者為製定計劃而分享的見解。該計劃為我們的發電機組過渡提供了平衡和多元化的方法，補充了我們在保持客戶負擔能力的同時建立可靠和有彈性的電網的承諾。

A key provision of the settlement agreement is ending DTE's use of coal in 2032. DTE will provide retraining for employees impacted by the plant retirements, and we'll continue to partner with the local communities on new economic development opportunities. We are continuing our plan to seize coal use at our Belle River power plant in 2026 and convert it to a 1,300 megawatt natural gas peaking resource. We are retiring 2 coal units at Monroe in 2028 and accelerating the retirement of our 2 remaining units from 2035 to 2032, which is nearly 12 years earlier than originally planned.

和解協議的一項關鍵條款是在 2032 年停止 DTE 使用煤炭。DTE 將為受工廠退休影響的員工提供再培訓，我們將繼續與當地社區合作，尋求新的經濟發展機會。我們正在繼續執行計劃，在 2026 年控制貝爾河發電廠的煤炭使用，並將其轉化為 1,300 兆瓦的天然氣調峰資源。我們將於 2028 年退役門羅的 2 台燃煤機組，並在 2035 年至 2032 年加速剩餘 2 台燃煤機組的退役，這比原計劃提前了近 12 年。

To determine the best replacement alternative for the capacity of Monroe, we will be studying a range of possible replacement technologies. Facilitated by these accelerations, our 85% carbon reduction goal moves from 2035 to 2032. To support these retirements, we are transforming how the company generates electricity over the next 2 decades. We will be developing more than 15,000 megawatts of renewables by 2042 to power homes, businesses and industrial facilities.

為了確定門羅容量的最佳替代方案，我們將研究一系列可能的替代技術。在這些加速的推動下，我們將 85% 的碳減排目標從 2035 年推遲到 2032 年。為了支持這些退休人員，我們正在改變公司在未來 20 年的發電方式。到 2042 年，我們將開發超過 15,000 兆瓦的可再生能源，為家庭、企業和工業設施供電。

Additionally, we will build more than 1,800 megawatts of energy storage to support the company's clean energy transformation. Through all of this, our focus remains in providing what our customers and communities need, clean, affordable, reliable energy.

此外，我們還將建設超過1800兆瓦的儲能，支持公司清潔能源轉型。通過這一切，我們的重點仍然是提供客戶和社區所需的清潔、負擔得起、可靠的能源。

This IRP is also very positive for customer affordability as it provides over $2.5 billion in future cost savings, and we will be directing $110 million to support our most vulnerable customers, including $70 million to energy efficiency programs, $30 million in bill assistance and $8 million in home repairs facilitate cleaner energy for low-income customers. Through this IRP, we will be delivering long-term customer value by investing over $11 billion in the next 10 years in a clean energy transition, supporting more than 32,000 Michigan jobs.

該IRP 對客戶的承受能力也非常積極，因為它可以節省超過25 億美元的未來成本，我們將撥款1.1 億美元來支持我們最脆弱的客戶，其中包括7000 萬美元用於能源效率計劃、3000 萬美元賬單援助和800 萬美元家庭維修為低收入客戶提供更清潔的能源。通過此 IRP，我們將在未來 10 年內投資超過 110 億美元用於清潔能源轉型，為密歇根州提供超過 32,000 個就業崗位，從而實現長期客戶價值。

Let's move to Slide 6 to discuss how the IRP fits into our plan. This IRP supports our long-term capital plan as it solidifies a large portion of our planned investment in cleaner generation. As you recall, we will be investing $21.6 billion in our 2 utilities in the next 5 years and $45 billion over the next 10 years, all to build the grid of the future, transition to cleaner generation and modernize the gas transmission and distribution system. The significant additions of renewables and storage outlined in this plan in addition to the renewables investments we are doing through our voluntary renewable program provides surety to our cleaner generation investment plan.

讓我們轉到幻燈片 6 來討論 IRP 如何融入我們的計劃。該 IRP 支持我們的長期資本計劃，因為它鞏固了我們對清潔發電的計劃投資的很大一部分。您還記得，我們將在未來5 年內向兩家公用事業投資216 億美元，並在未來10 年內投資450 億美元，所有這些都是為了建設未來的電網、向清潔發電過渡以及實現天然氣輸送和分配系統的現代化。除了我們通過自願可再生能源計劃進行的可再生能源投資之外，該計劃中概述的可再生能源和存儲的顯著增加為我們的清潔發電投資計劃提供了保證。

The IRP provides full recovery of the net book value of Belle River and Monroe. A portion of the assets are securitized to balance customer affordability with the increased investment in clean energy while supporting our financial plan. For Belle River, we will be depreciating the majority of the asset since it will remain in service earning the authorized ROE currently at 9.9%. A small portion of the net book value will be securitized after 2026.

IRP 全面收回 Belle River 和 Monroe 的賬面淨值。部分資產被證券化，以平衡客戶的承受能力與增加對清潔能源的投資，同時支持我們的財務計劃。對於 Belle River，我們將對大部分資產進行折舊，因為它將繼續投入使用，目前的授權 ROE 為 9.9%。 2026年後，賬面淨值的一小部分將被證券化。

For Monroe, we received constructive regulatory asset treatment for the majority of the undepreciated coal unit investment balances with a 9% return on equity. The remaining portion of the assets will be securitized beginning in 2032. We will receive our full authorized ROE, which is 9.9% until 2032, at which point that portion will be securitized.

對於 Monroe，我們的大部分未折舊煤炭單位投資餘額都獲得了建設性的監管資產待遇，股本回報率為 9%。資產的其餘部分將從 2032 年開始證券化。我們將在 2032 年之前獲得完全授權的 ROE，即 9.9%，屆時該部分將被證券化。

So this plan is a really great [outgo]. Settling this case confirms the constructive nature of the regulatory environment in Michigan and DTE's ability to gain consensus with key stakeholders, including the MPSC staff, the attorney general, environmental, industrial and regulatory groups. It is consistent and supports our 5-year financial plan and our 6% to 8% EPS growth rate.

所以這個計劃真的是一個很棒的[outgo]。此案的解決證實了密歇根州監管環境的建設性，以及 DTE 與主要利益相關者（包括 MPSC 工作人員、總檢察長、環境、工業和監管團體）達成共識的能力。它是一致的，並支持我們的 5 年財務計劃和 6% 至 8% 的 EPS 增長率。

It also provides visibility and surety in the long-term capital plan. And this settlement overall is good for customers and aligns with the state's goals to provide clean, affordable, reliable energy in Michigan. We will be updating our full 5-year financial plan at EEI. As with any of our plans, we continue to balance increases in investments in clean generation, distribution infrastructure and base infrastructure with affordability for our customers.

它還為長期資本計劃提供了可見性和保證。總體而言，這一和解對客戶有利，並且符合該州在密歇根州提供清潔、負擔得起、可靠的能源的目標。我們將更新 EEI 的完整 5 年財務計劃。與我們的任何計劃一樣，我們將繼續平衡清潔發電、配電基礎設施和基礎設施投資的增加與客戶的負擔能力。

Now let's turn to our other accomplishments this quarter on Slide 7. Our team has accomplished a lot so far this year. At DTE Electric, we placed Michigan's largest wind park in service, the Meridian Wind Park, spanning 3 townships, the 225-megawatt wind park has 77 wind turbines and generates enough clean energy to power more than 78,000 homes. In addition to bringing even more clean energy to the grid and supporting Michigan's overall decarbonization goals, these types of projects help strengthen our economy by creating jobs and by bringing additional tax revenue to our communities.

現在讓我們在幻燈片 7 上討論本季度的其他成就。今年到目前為止，我們的團隊已經取得了很多成就。在DTE Electric，我們將密歇根州最大的風電場Meridian 風電場投入使用，該風電場橫跨3 個鄉鎮，裝機容量為225 兆瓦，擁有77 颱風力渦輪機，可產生足夠的清潔能源為78,000 多個家庭供電。除了為電網帶來更多清潔能源並支持密歇根州的總體脫碳目標外，這些類型的項目還通過創造就業機會和為我們的社區帶來額外的稅收收入來幫助加強我們的經濟。

Additionally, last month, Dakota, a native American and women-owned automotive supplier joined our voluntary renewables program. Dakota joins 15 automotive suppliers who are using [my green] power to make their operations more sustainable. This continues to demonstrate the success of our voluntary renewable program that currently has over 2,300 megawatts of commitments, including participation of over 90,000 residential customers. making us the largest voluntary renewable program in the state of Michigan and one of the largest in the country. We are continuing our focus on improved reliability of our electric grid.

此外，上個月，美國本土女性汽車供應商達科他州加入了我們的自願可再生能源計劃。 Dakota 與 15 家汽車供應商一起使用 [my green] 能源來提高其運營的可持續性。這繼續證明了我們自願可再生能源計劃的成功，該計劃目前承諾發電量超過 2,300 兆瓦，其中包括超過 90,000 名住宅客戶的參與。使我們成為密歇根州最大的自願可再生能源計劃，也是全國最大的自願可再生能源計劃之一。我們將繼續致力於提高電網的可靠性。

We trimmed more than 25,000 miles of trees over the last 5 years and will trim an additional 5,000 miles in 2023, of which we have completed 2,800 miles through the first half of this year. The electric rate case is progressing as we continue to pursue a constructive settlement with all stakeholders.

過去 5 年裡，我們砍伐了超過 25,000 英里的樹木，並將在 2023 年再砍伐 5,000 英里，其中今年上半年我們已砍伐了 2,800 英里。隨著我們繼續尋求與所有利益相關者達成建設性的解決方案，電費案件正在取得進展。

At DTE Gas, our main renewal work marches steadily along. We've completed over 150 miles of renewal in the first half of 2023. Our natural gas balance program also continues to grow. We now have over 12,000 customers subscribed since program inception in 2021. In the second quarter, the city of East Grand Rapids was the first municipality in Michigan to join the program to help lower its carbon footprint, and we invite more municipalities to participate in this great program.

在 DTE Gas，我們的主要更新工作正在穩步推進。我們在 2023 年上半年完成了超過 150 英里的更新。我們的天然氣平衡計劃也在繼續發展。自 2021 年計劃啟動以來，我們現已有超過 12,000 名客戶訂閱。第二季度，東大急流城是密歇根州第一個加入該計劃以幫助降低碳足蹟的城市，我們邀請更多城市參與此計劃很棒的節目。

Moving on to DTE Vantage. As we mentioned earlier this year, we have placed 2 projects in service so far in 2023. One RNG and one custom energy solutions project, we are on track to place 2 additional RNG projects in service by year-end and are in advanced discussions on an additional customer energy solutions project. We also continue to advance our development pipeline with strong opportunities in both RNG conversions and large custom energy solutions projects.

繼續討論 DTE Vantage。正如我們今年早些時候提到的，截至2023 年，我們已將2 個項目投入使用。一個RNG 項目和一個定制能源解決方案項目，我們有望在年底前將另外2 個RNG 項目投入使用，並正在就以下問題進行深入討論：另一個客戶能源解決方案項目。我們還繼續推進我們的開發渠道，在 RNG 轉換和大型定制能源解決方案項目方面提供巨大的機會。

With that, I'll turn it over to Dave to give you a financial update. Dave, over to you.

這樣，我會將其轉交給戴夫，為您提供最新的財務信息。戴夫，交給你了。

Thanks, Jerry, and good morning, everyone. Let me start on Slide 8 to review our second quarter financial results. Operating earnings for the quarter were $206 million. This translates into $0.99 per share. You can find a detailed breakdown of EPS by segment, including our reconciliation to GAAP reported earnings in the appendix.

謝謝杰瑞，大家早上好。讓我從幻燈片 8 開始回顧我們第二季度的財務業績。該季度營業利潤為 2.06 億美元。這相當於每股 0.99 美元。您可以在附錄中找到按部門劃分的每股收益的詳細細目，包括我們對 GAAP 報告收益的調節。

I'll start the review at the top of the page with our utilities. DTE Electric earnings were $178 million for the quarter. This is $8 million lower than the second quarter of 2022. The main driver of the earnings variance was cooler weather. There's also lower residential sales relative to 2022 with the continuation of people returning to work, higher rate base costs and accelerated deferred tax amortization in 2022. This was partially offset by the onetime O&M cost reductions that we have implemented in 2023.

我將在頁面頂部使用我們的實用程序開始審查。 DTE Electric 本季度盈利為 1.78 億美元。這比 2022 年第二季度減少了 800 萬美元。收入差異的主要驅動因素是天氣涼爽。與2022 年相比，隨著人們繼續重返工作崗位、更高的費率基本成本以及2022 年遞延稅款攤銷的加速，住宅銷售也有所下降。這被我們在2023 年實施的一次性運營和維護成本削減部分抵消。

Moving on to DTE Gas. Operating earnings were $24 million, $18 million higher than the second quarter of 2022. The earnings variance was driven by onetime O&M cost reductions and IRM revenue in 2023, partially offset by higher rate base costs. Let's move to DTE Vantage on the third row. Operating earnings were $26 million in the second quarter of 2023. This is a $2 million decrease from the second quarter last year primarily due to planned outage timing at our renewables plans.

繼續討論 DTE 天然氣。運營利潤為 2400 萬美元，比 2022 年第二季度高出 1800 萬美元。收益差異是由一次性 O&M 成本削減和 2023 年 IRM 收入推動的，但部分被較高的費率基本成本所抵消。讓我們轉到第三排的 DTE Vantage。 2023 年第二季度的營業利潤為 2600 萬美元。這比去年第二季度減少了 200 萬美元，主要是由於我們的可再生能源計劃的計劃停電時間。

On the next row, you can see Energy Trading finished the quarter with earnings of $36 million, which is $29 million higher than the second quarter last year. As I mentioned in Q1, there is some timing variability this year that is now positive in the second quarter. This is primarily due to contracts in our power physical business that include revenue based on fixed prices over the term of the transaction, and then these contracts are hedged upon execution.

在下一行中，您可以看到 Energy Trading 本季度的盈利為 3600 萬美元，比去年第二季度增加了 2900 萬美元。正如我在第一季度提到的，今年存在一些時間變化，現在第二季度出現了積極的變化。這主要是由於我們的電力實物業務中的合同包括基於交易期間固定價格的收入，然後這些合同在執行時進行對沖。

We sell the energy at a fixed price for these contracts while the recognized cost synergies based on the energy curve, which was higher in January and February. This timing variance that we saw in the first quarter has begun to unwind as expected. We also had performance favorability in energy trading this quarter due to robust contract premiums in our physical power portfolio for 2023. Through the first half of the year, Energy Trading has earnings of $10 million. Finally, Corporate and Other was unfavorable by $2 million quarter-over-quarter, primarily due to higher interest expense. Overall, DTE earned $0.99 per share in the second quarter.

我們以固定價格出售這些合同的能源，同時根據能源曲線（一月和二月較高）確認成本協同效應。我們在第一季度看到的這種時間差異已開始按預期緩解。由於 2023 年實物電力投資組合中的合同溢價強勁，本季度我們在能源交易方面的業績也表現良好。今年上半年，能源交易的收入為 1000 萬美元。最後，企業及其他業務環比下降 200 萬美元，主要是由於利息支出增加。總體而言，DTE 第二季度每股收益為 0.99 美元。

Let's turn to Slide 9 to discuss our 2023 guidance. Let me start at the bottom of the page and tell you that we remain on track to deliver on the overall EPS guidance we have for 2023, and we have plans to achieve the midpoint of our guidance range. As we have discussed, we have faced headwinds at DTE Electric this year. This includes the lower-than-expected rate order that we received at the end of last year, driven by a difference in sales forecast of approximately $100 million. We had a $70 million impact from the winter storms in the first quarter and unfavorable weather of $42 million in the first half of the year.

讓我們轉向幻燈片 9 來討論我們的 2023 年指導。讓我從頁面底部開始告訴您，我們仍然有望實現 2023 年的總體 EPS 指導，並且我們計劃達到指導範圍的中點。正如我們所討論的，今年 DTE Electric 遇到了阻力。這包括我們去年年底收到的低於預期的訂單，原因是銷售預測存在約 1 億美元的差異。第一季度的冬季風暴給我們造成了 7,000 萬美元的損失，上半年的不利天氣造成了 4,200 萬美元的損失。

Through focused onetime cost reduction efforts, DTE Electric is achieving offsets for over half of these headwinds without sacrificing safety reliability or customer service. However, electric will likely still fall below its guidance range as represented by the red arrow. Favorability at each of our other business units will overcome the remaining headwinds and achieve our EPS guidance. This is depicted by the green arrows indicating they will likely be above their guidance ranges. Additional favorability at DTE Gas is driven by onetime O&M reductions. DTE Vantage favorability is driven by stronger RNG pricing, additional projects coming into service and opportunistic contracted sales in the steel business.

通過集中一次性成本削減工作，DTE Electric 在不犧牲安全可靠性或客戶服務的情況下，抵消了一半以上的不利因素。然而，電力可能仍會低於紅色箭頭所示的指導範圍。我們每個其他業務部門的好感度將克服剩餘的阻力並實現我們的每股收益指導。這由綠色箭頭表示，表明它們可能會高於指導範圍。 DTE Gas 的額外好感來自於一次性運營和維護的減少。 DTE Vantage 的受歡迎程度是由更強勁的 RNG 定價、更多項目投入使用以及鋼鐵業務的機會性合同銷售推動的。

Energy Trading is seeing favorability in its contracted, highly hedged power portfolio, which will continue to provide additional upside to this business. All the business units implemented onetime O&M reductions and also benefit from onetime corporate O&M reductions at Cascade to all the business units. Through the performance of our portfolio, we have plans to achieve the midpoint of our operating EPS guidance range for DTE and we'll update the business unit guidance after the summer weather plays out. Our guidance does assume historically average weather for the remainder of the year without the normal contingency that we typically build into the plan.

能源貿易公司在其合同化、高度對沖的電力投資組合中受到青睞，這將繼續為該業務提供額外的優勢。所有業務單元都實施了一次性運維縮減，並且所有業務單元也受益於 Cascade 的一次性企業運維縮減。通過我們投資組合的表現，我們計劃達到 DTE 運營 EPS 指導範圍的中點，並且我們將在夏季天氣結束後更新業務部門指導。我們的指導確實假設了今年剩餘時間的歷史平均天氣，而沒有我們通常在計劃中納入的正常意外情況。

Our team has really made excellent progress identifying and implementing the opportunities in onetime O&M reductions across the company while ensuring the reliability and safety that our customers expect. This allows us to continue to deliver for all our stakeholders. The performance this year will allow us to continue to be very well positioned to achieve our long-term EPS growth and the premium returns that our shareholders have come to expect from us.

我們的團隊在識別和實施整個公司一次性 O&M 減少機會方面確實取得了巨大進展，同時確保了客戶期望的可靠性和安全性。這使我們能夠繼續為所有利益相關者提供服務。今年的業績將使我們能夠繼續處於有利地位，以實現我們的長期每股收益增長和股東對我們的期望的溢價回報。

Let me wrap up on Slide 10, and then we will open the line for questions. In summary, through the remainder of the year, DTE will continue to focus on our team, customers, communities and investors. We are executing on our plan to achieve full year guidance without jeopardizing safety and reliability. Our utility regulatory filings continue to advance as evidenced by our recent IRP settlement. We also continue to pursue a constructive settlement in our electric rate case.

讓我結束幻燈片 10，然後我們將開始提問。總之，在今年剩餘時間內，DTE 將繼續關注我們的團隊、客戶、社區和投資者。我們正在執行我們的計劃，以在不損害安全性和可靠性的情況下實現全年指導。正如我們最近的 IRP 和解所證明的那樣，我們的公用事業監管備案繼續推進。我們還將繼續就電費案件尋求建設性解決方案。

Our robust capital plan supports our long-term operating EPS growth as we execute on the critical investment that we need to make for our customers to deliver cleaner generation and increased reliability while focusing on customer affordability. Our long-term plan supports our 6% to 8% operating EPS growth target through 2027 and provides a dividend growing in line with operating EPS.

我們穩健的資本計劃支持我們的長期運營每股收益增長，因為我們執行我們需要為客戶進行的關鍵投資，以提供更清潔的發電和更高的可靠性，同時關注客戶的承受能力。我們的長期計劃支持我們到 2027 年實現 6% 至 8% 的運營每股收益增長目標，並提供與運營每股收益一致的股息增長。

With that, I thank you for joining us today, and we can open the line for questions.

在此，我感謝您今天加入我們，我們可以開通提問熱線。

(Operator Instructions) We'll go first this morning to Jeremy Tonet at JPMorgan.

（操作員指示）今天早上我們首先去摩根大通的傑里米·託內特（Jeremy Tonet）。

Just wanted to start with the electric rate case proceeding, if I could here. And appreciate where we are at the process only so much could be said. But are you able to expand at all on how this has been progressing? And I guess, hopes for settlement at this point when that might materialize? Or just any other color in general would be helpful.

如果可以的話，我只想從電費案件開始。並感謝我們在這個過程中所處的位置，只能說這麼多。但您能詳細介紹一下這方面的進展嗎？我想，現在希望達成和解，什麼時候可能實現？或者一般任何其他顏色都會有幫助。

Our target, Jeremy, to settle the rate case is mid-October, and that's before the PFD is issued. So we'll -- we have started some conversations and those conversations, obviously, will become a lot more intense through the summer. But I believe we have the ingredients for settlement, and we'll continue to update you on that as we progress.

傑里米，我們的目標是在 10 月中旬解決利率案件，即在 PFD 發布之前。因此，我們已經開始了一些對話，顯然，這些對話將在整個夏天變得更加激烈。但我相信我們已經具備了和解的條件，隨著進展，我們將繼續向您通報最新情況。

Got it. That's helpful. Just wondering, I guess, to the ability you're able to comment for weather for the third quarter. Obviously, the big swing quarter for the year. How do things look so far in your jurisdictions and kind of like what you can see over the next couple of weeks. Just wondering if weather (inaudible) in 3Q could materialize relative to what we saw earlier in the year?

知道了。這很有幫助。我想，只是想知道您是否能夠評論第三季度的天氣。顯然，這是今年的大幅波動季度。到目前為止，您所在轄區的情況如何，以及您在接下來的幾週內會看到的情況。只是想知道第三季度的天氣（聽不清）是否會與我們今年早些時候看到的情況相比成為現實？

Yes, Jeremy. So far, we're seeing things start out pretty close to what we had expected. And so as you know, though, August and September can be really big months for us or really big swing months. So continue to watch that closely as the weather plays out.

是的，傑里米。到目前為止，我們看到事情的開始與我們的預期非常接近。不過，如您所知，八月和九月對我們來說可能是非常重要的月份，或者是非常重要的波動月份。因此，隨著天氣的變化，請繼續密切關注。

Got it. That's helpful. And just last one, if I could. I think for DTE Vantage, there was some opportunistic steel sales and just wondering if you could expand a bit more on what that was in other -- are there other items like that, that we should look for to kind of service offsets?

知道了。這很有幫助。如果可以的話，就最後一張。我認為對於 DTE Vantage 來說，存在一些機會主義的鋼鐵銷售，只是想知道您是否可以在其他方面進行更多擴展 - 是否還有其他類似的項目，我們應該尋求某種服務補償？

Yes. We're looking across our portfolio for offsets. And with the ones we have within our steel portfolio, represent that. We have some byproducts that we sell as a process of what we're doing within our steel business and our coke making. And we just got some opportunistic pricing and some really good pricing for that through the year that we've been able to take advantage of this year. And I'll say, Jeremy, across our whole portfolio, we continue to look for these onetime cost reductions and some of these opportunities like this to ensure that we can deliver for the year.

是的。我們正在我們的投資組合中尋找抵消措施。我們的鋼鐵產品組合中的產品代表了這一點。我們在鋼鐵業務和焦炭生產過程中出售一些副產品。我們今年剛剛獲得了一些機會主義定價和一些非常好的定價，我們已經能夠利用這一年。我要說的是，傑里米，在我們的整個投資組合中，我們將繼續尋找這些一次性成本削減以及其中一些機會，以確保我們能夠實現今年的目標。

So just to add to that, we're also seeing some lift in RNG pricing, which is also creating some favorability at Vantage.

除此之外，我們還看到 RNG 定價有所提升，這也為 Vantage 帶來了一些好感。

Thank you. We'll go next now to Shar Pourreza at Guggenheim.

謝謝。接下來我們將前往古根海姆博物館的 Shar Pourreza。

So just kind of appreciating the challenging weather as Jeremy mentioned, and it looks like there was another $0.12 versus normal. How should we think about the flex O&M for the remainder of the year? And is there a need to kind of shift anything from what you embedded at the end of the first quarter?

因此，就像傑里米提到的那樣，欣賞充滿挑戰的天氣，看起來比正常情況又多了 0.12 美元。我們應該如何看待今年剩餘時間的彈性運維？是否需要對第一季度末嵌入的內容進行一些改變？

Yes. As we play out the year, we're looking for the opportunities across the business, again, to ensure that we can offset the challenges that we've seen through storm and weather as we go through the year. And so we're doing that across our portfolio. We as an extended leadership team, we're meeting weekly to ensure that we're finding all the opportunities we can and extinguishing all the risks. And through the year, we've been able to find some additional opportunities that have been able to offset the challenges that we've seen through weather and through the storm we saw in the first quarter. So we'll continue to look for that flex throughout the year.

是的。在這一年即將結束之際，我們再次在整個業務中尋找機會，以確保我們能夠應對這一年中風暴和天氣帶來的挑戰。因此，我們正在整個投資組合中這樣做。作為一個擴展的領導團隊，我們每週舉行一次會議，以確保我們找到所有能找到的機會並消除所有風險。在這一年中，我們已經找到了一些額外的機會，這些機會能夠抵消我們在第一季度遇到的天氣和風暴帶來的挑戰。因此，我們將在全年繼續尋找這種靈活性。

Yes. And just to add color to some of the areas where we're diving into to look for these opportunities. We're taking full advantage of attrition. So we're only hiring critical operating roles to make sure that we have safe and reliable operations. Some of the other onetime initiatives are happening across all the [staffs] groups as well in terms of attrition. A significant reduction in overtime. We've deferred noncritical maintenance and pulling out some of the bank maintenance that we did when we had surpluses in prior years. We've had contractor workforce reductions.

是的。只是為了給我們正在深入尋找這些機會的一些領域增添色彩。我們正在充分利用消耗。因此，我們只招聘關鍵的運營角色，以確保我們的運營安全可靠。其他一些一次性舉措也在所有[員工]群體中展開，也涉及到人員流失。加班時間大幅減少。我們推遲了非關鍵維護工作，並取消了前幾年有盈餘時進行的一些銀行維護工作。我們已經削減了承包商勞動力。

And then, of course, as Dave mentioned, we're seeing favorability, market favorability in our gas business as well as at Advantage and trading for that matter. In addition, we've also started to renegotiate supply chain contracts with long-term relationships to give us some value. So we -- we're hitting all the buttons and we're learning a lot about our company. And some of these will stick, but by far and large, most of them are onetime, but I'm really proud of the team because we're hitting all the targets that we've given them to offset these significant headwinds.

當然，正如戴夫提到的，我們看到了我們的天然氣業務以及優勢和交易的青睞和市場青睞。此外，我們還開始與長期合作關係重新談判供應鏈合同，以給我們帶來一些價值。所以我們——我們正在按下所有按鈕，我們正在了解很多關於我們公司的信息。其中一些會堅持下去，但總的來說，大多數都是一次性的，但我真的為團隊感到自豪，因為我們正在實現我們為抵消這些重大阻力而設定的所有目標。

So I guess it would be fair to say kind of no big changes just executing on the plan from 1Q?

所以我想可以公平地說，只是執行第一季度的計劃，沒有什麼大的變化？

That's correct.

這是正確的。

Excellent. And then maybe shifting to efficient financing. Just how are you thinking about supporting credit metrics in a tighter capital market environment, especially as we continue to see high levels of investment in rate base growth? And just any thoughts on internal versus external balance sheet support as you mentioned the Vantage assets are potentially helping. But maybe how are those -- the value of those assets stacking up against any future equity needs?

出色的。然後也許會轉向高效融資。您如何考慮在資本市場趨緊的環境下支持信貸指標，特別是在我們繼續看到利率基礎增長方面的高水平投資的情況下？正如您提到的 Vantage 資產一樣，關於內部與外部資產負債表支持的任何想法都可能有所幫助。但也許這些資產的價值與未來的股權需求相比如何？

Well, yes, if you look at our overall financing plan, we have some good headroom to our FFO to debt levels with the rating agencies. So we have some room there. And as we've said in our equity plan, our plan on equity is 0 to $100 million over the next few years. So very low equity needs that we would do through internal methods. So we're seeing that we're still in a really good place on our balance sheet from both a debt and equity standpoint.

嗯，是的，如果你看看我們的整體融資計劃，我們的 FFO 與評級機構的債務水平還有很大的空間。所以我們那裡有一些空間。正如我們在股權計劃中所說，未來幾年我們的股權計劃為 0 至 1 億美元。股權需求非常低，我們將通過內部方法來實現。因此，從債務和股權的角度來看，我們的資產負債表仍然處於非常好的位置。

Excellent. And maybe last one, housekeeping to close out, following up on Jeremy's question on the rate case. There's been some data points on kind of higher ROEs that potentially the ranges that kind of have been recommended and that shows some recognition from stakeholders. Do you anticipate that, that will start to make an impact, whether in the '24 time frame or just in settlement negotiations?

出色的。也許最後一項是結束客房服務，跟進傑里米關於費率案例的問題。有一些關於較高 ROE 的數據點，這些數據點可能是建議的範圍，並且顯示了利益相關者的一些認可。您是否預計這將開始產生影響，無論是在 24 小時內還是只是在和解談判中？

Well, we've filed for higher ROE. I mean it will be part of the settlement negotiations. The pattern, I think that we've seen from the commission in the past that it's slow up and a slow down. So it will be -- whatever happens, it will be extremely gradual. But certainly, we've asked for higher ROEs and that will be part of our settlement discussions.

好吧，我們已經申請了更高的股本回報率。我的意思是這將是和解談判的一部分。我認為我們過去從委員會中看到這種模式正在緩慢增長。所以無論發生什麼，這都將是極其漸進的。但當然，我們要求更高的股本回報率，這將是我們和解討論的一部分。

We'll go next now to Julien Dumoulin-Smith at Bank of America.

接下來我們請美國銀行的 Julien Dumoulin-Smith 發言。

This is Heidi Hauch on for Julian. Just my first question and kind of a follow-up to the rate case, what has been the ongoing stakeholder feedback to some of your proposals in the electric rate case like the IRM? And then following intervenor testimony, are you exploring any incremental mechanisms such as, for example, ring-fencing of vegetation management spend or something similar?

我是海蒂·豪奇 (Heidi Hauch) 為朱利安 (Julian) 配音。這是我的第一個問題，也是電費案例的後續問題，利益相關者對您在電費案例（如 IRM）中的一些提案的持續反饋是什麼？然後，根據干預者的證詞，您是否正在探索任何增量機制，例如植被管理支出的圍欄或類似的機制？

Sure. So there's been certainly a positive support from the staff for the IRM and we're getting all the right signals that this is something that will be really valuable to our customers, and help secure the investments that's necessary to move towards a more resilient and reliable grid. That one feels encouraging.

當然。因此，IRM 的工作人員肯定給予了積極支持，我們得到了所有正確的信號，表明這對我們的客戶來說非常有價值，並有助於確保邁向更具彈性和可靠的道路所需的投資。網格。那感覺令人鼓舞。

In terms of ring-fencing tree, we've essentially done that already through past proceedings where a good portion of it is ring fenced. And we're executing against that plan. And actually in good years where we've had surpluses, we've even put more against tree trimming because we see it as a significant labor in terms of reducing customer outages. So I feel that the positions are productive positions that we've seen in the -- [from] various parties, and we're going to work hard to get towards a settlement before the middle of October.

就環形圍欄樹而言，我們基本上已經通過過去的程序做到了這一點，其中很大一部分是環形圍欄的。我們正在執行該計劃。事實上，在我們有盈餘的好年份，我們甚至會更多地反對修剪樹木，因為我們認為這是減少客戶中斷的重要勞動力。因此，我認為這些立場是我們在各方中看到的富有成效的立場，我們將努力在 10 月中旬之前達成解決方案。

Great. And then also, can you comment on weather adjusted sales trends year-to-date and how this factors into low growth forecast or whether this is consistent with your expectations?

偉大的。另外，您能否評論一下今年迄今為止經過天氣調整的銷售趨勢，以及這如何影響低增長預測，或者這是否符合您的預期？

Yes. Our sales have come in exactly as we expected on a weather-adjusted basis this year. If we look back to last year, residential sales are down about 3.5% to 4%. And that's really what we have predicted with people returning to work. Our commercial is down a little bit due to energy efficiency and some other things. And our industrial is up as our plants in Michigan are experiencing a lot less downtime. So I think now we've seen that our sales are kind of at the right level or where they are with people return to work and kind of very consistent with what we have forecasted through the year.

是的。今年經天氣調整後，我們的銷售額完全符合我們的預期。如果我們回顧去年，住宅銷售下降了約 3.5% 至 4%。這確實是我們對人們重返工作崗位的預測。由於能源效率和其他一些原因，我們的廣告略有下降。我們的工業正在崛起，因為我們在密歇根州的工廠的停機時間大大減少。因此，我認為現在我們已經看到，我們的銷售額處於正確的水平，或者說，隨著人們重返工作崗位，我們的銷售額與我們全年的預測非常一致。

That's helpful. And then just really quick last one from me. We've seen some reports this morning, storm causing outages in your service jurisdiction. Just wondering, I know it's early but can you comment on restoration efforts this morning and kind of severity of these storms relative to expected storm activity or normal storm activity? And then finally, on your level of confidence in achieving guidance in light of storms. I know we've touched on weather, but specifically on storms.

這很有幫助。然後我很快就發出了最後一張。今天早上我們看到了一些報告，風暴導致您的服務管轄範圍內出現中斷。只是想知道，我知道現在還為時過早，但您能否評論一下今天早上的恢復工作以及這些風暴相對於預期風暴活動或正常風暴活動的嚴重程度？最後，關於您在暴風雨中實現指導的信心程度。我知道我們已經談到了天氣，但特別是風暴。

So we did have some storm weather move in last night. Approximately 92% to 93% of our customers have power at this moment. And we've mobilized about almost 3,000 of our team members to address the storm conditions. So we'll ramp most of it up in the next couple of days. These types of storms are pretty typical in July and August. So nothing out of the ordinary at this point in time. In terms of achieving guidance, as I mentioned and Dave has mentioned, we have seen about [$200] million of headwinds and we have a plan that addresses these headwinds. And those headwinds included some of the prior storm activity and cooler weather that we experienced and warmer weather in the winter.

所以昨晚我們確實遇到了一些暴風雨天氣。目前，我們大約 92% 到 93% 的客戶有電。我們已經動員了大約 3,000 名團隊成員來應對風暴狀況。因此，我們將在接下來的幾天內增加大部分內容。這些類型的風暴在七月和八月非常典型。所以目前沒有什麼異常。在實現指導方面，正如我和戴夫提到的，我們已經看到了大約 [2 億美元] 的阻力，並且我們有一個解決這些阻力的計劃。這些逆風包括之前的一些風暴活動和我們經歷過的涼爽天氣以及冬季溫暖的天氣。

Many of the initiatives will be onetime in nature, but we're learning, as I mentioned, a lot more about our company and -- which is good for us and good for our customers. And the team is achieving the plan and right on top of the plan. We've asked them for some significant delivery of -- on initiatives and they're delivering on that plan. So I'm proud of their accomplishment, and that will land us at the midpoint of our guidance.

許多舉措本質上都是一次性的，但正如我提到的，我們正在了解更多有關我們公司的信息，這對我們和我們的客戶都有好處。團隊正在實現計劃，並且正在計劃之上。我們已要求他們提供一些重要的舉措，他們正在執行該計劃。因此，我為他們的成就感到自豪，這將使我們處於指導的中間位置。

Great. Congrats on the results.

偉大的。祝賀結果。

We go next now to Michael Sullivan at Wolfe Research.

接下來我們請教沃爾夫研究中心的邁克爾·沙利文。

I just had a quick one on the IRP. I was just wondering if we could get a little more color on -- you mentioned studying technology to replace Monroe and kind of what that could look like? I think originally, in the plan, you may have had a gas plant with carbon capture in there. Did that end up making it into the official plan? Or what sort of other solutions are on the table there?

我剛剛快速了解了 IRP。我只是想知道我們是否可以多一點色彩——你提到研究技術來取代夢露，那會是什麼樣子？我認為最初，在計劃中，你可能有一個可以捕獲碳的天然氣工廠。這最終被納入官方計劃了嗎？或者還有哪些其他解決方案可供選擇？

Yes. What we have settled on, Michael, was that we'd file another IRP in several years, and that would really be the, what I would say, the key topic for the last 2 units of Monroe, retiring those 2 in 2032. So the agreement between the parties and us, of course, was that look, a lot could change in 2 or 3 years. But we will need a dispatchable resource there. We have proposed a combined cycle plan with carbon capture. And so we'll have to study that as an option amongst many other options, more batteries, more renewables.

是的。邁克爾，我們已經決定，我們將在幾年內提交另一份 IRP，我想說，這確實是 Monroe 最後 2 個單位的關鍵主題，將在 2032 年退休這 2 個單位。當然，雙方和我們之間的協議是，外觀在兩三年內可能會發生很多變化。但我們在那裡需要可調度的資源。我們提出了碳捕獲聯合循環計劃。因此，我們必須研究它，作為許多其他選擇中的一個選擇，更多的電池，更多的可再生能源。

But definitely, very large resource that we count on from that part of the service territory to feed our industrial base in Detroit. And so we'll need a dispatchable resource that's going to be of high quality and a 24/7 resource. So it will look like that. It would be maybe a mixture of -- it's just hard to tell right now where those studies will take us, but we agreed to study that together as a stakeholder group. So we've got time to do that one.

但毫無疑問，我們依靠這部分服務領域的大量資源來滿足我們在底特律的工業基地的需求。因此，我們需要一個高質量的可調度資源和 24/7 資源。所以它會看起來像那樣。這可能是一個混合體——現在很難判斷這些研究將帶我們走向何方，但我們同意作為一個利益相關者團體一起研究這個問題。所以我們有時間來做這件事。

Okay. Great. And then another one on the IRP. I think somewhere in there was mentioned potentially looking at IRA funding for the Belle River conversion. Can you talk a little bit about that and how that may help customers or your plan?

好的。偉大的。然後是 IRP 上的另一項。我認為其中有人提到可能會考慮愛爾蘭共和軍為貝爾河改造提供資金。您能談談這一點以及這對客戶或您的計劃有何幫助嗎？

Well, certainly -- go ahead, Dave.

嗯，當然——繼續吧，戴夫。

Yes. What we mentioned there for the Belle River conversion with some of the DOE funds that are now available for replacing or repowering energy infrastructure that gets ceased and it kind of fits right into what this Belle River conversion is. So along with some other capital investment opportunity we have, we're going to look right at Belle River and see if there's some DOE funding that can come in and that can give a lower interest rate that can really help with customer affordability as we're building out our infrastructure renewal and cleaner generation plan.

是的。我們在那裡提到的貝爾河改造與能源部的一些資金現在可用於更換或重新供電已停止的能源基礎設施，這與貝爾河改造的內容非常吻合。因此，除了我們擁有的其他一些資本投資機會外，我們還將關注貝爾河，看看是否有一些能源部資金可以進入，這可以提供較低的利率，從而真正有助於提高客戶的負擔能力，因為我們“正在製定我們的基礎設施更新和清潔發電計劃。

Okay. And any sense of timing on when that plays out when you know you can get the funds worked on?

好的。當你知道你可以讓資金投入使用時，你對什麼時候開始有什麼感覺嗎？

It will -- as we get closer, we'll know it will be over the next few years, those funds are available for -- I forget the timing 4 or 5 years on that. So we have some time to get that. But it's just an opportunity to get some lower interest rates for our customers and lower overall expense.

它將——當我們越來越接近時，我們會知道這將在未來幾年內完成，這些資金可用於——我忘記了 4 或 5 年的時間。所以我們有一些時間來實現這一點。但這只是為我們的客戶獲得較低利率和降低總體費用的機會。

Mike, as you know, we have a long list of capital projects waiting to get into the [plan]. So as we find unique ways to finance some of it, it will allow us to accelerate our journey in other areas like, for example, with our grid. So lots of -- the more opportunity to find like that to make more headroom, we'll take full advantage of it.

邁克，如您所知，我們有一長串資本項目等待進入[計劃]。因此，當我們找到獨特的方式來為其中一些融資時，它將允許我們加快其他領域的進程，例如電網。所以，找到這樣的機會越多，以創造更多的空間，我們就會充分利用它。

And we'll go now to David Arcaro at Morgan Stanley.

現在我們請摩根士丹利的戴維·阿卡羅 (David Arcaro) 發言。

I was wondering, just in your arsenal of cost-cutting measures or offset measures. I was wondering if there are financial tools that you might have at your disposal that you've considered? Just thinking that CMS, did a tender offer recently on one of their outstanding bonds, things like that? Are those things that you would consider for offsetting weather headwinds this year?

我想知道，就在你們的削減成本措施或抵消措施中。我想知道您是否考慮過可以使用哪些金融工具？想想康哲藥業最近對他們的一隻未償還債券進行了要約收購，諸如此類的事情？您今年會考慮這些措施來抵消天氣逆風嗎？

We look -- we always look across the portfolio for opportunities. We've looked at convertible debt. We don't have much more [corporate] debt we need to do this year. And we'll look for other opportunities like that. But right now, we don't see a similar opportunity or what they brought up. And of course, anything we do, we want to make sure that we maximize the overall value for shareholders, too.

我們總是在整個投資組合中尋找機會。我們研究了可轉換債務。今年我們不需要承擔更多的[企業]債務。我們將尋找其他類似的機會。但現在，我們沒有看到類似的機會或他們帶來的東西。當然，無論我們做什麼，我們都希望確保為股東實現整體價值最大化。

Got it. And then separately, could you just give an update on what we could expect to see in the updated distribution grid plan this year and what the timing might be for that?

知道了。另外，您能否介紹一下今年更新後的配電網計劃中我們預計會看到什麼以及具體的時間安排？

We will file that before the end of the year as required by the commission. And it will really address 4 major buckets. The continued surge of tree trim, which we expect to end in [2] years, but then we'll be more of a maintenance cycle. So that will be a key feature. What we call pull-top maintenance, which is replacement of cross arms insulators, equipment that pulls themselves. That will be a big part of the plan on our aging system.

我們將按照委員會的要求在今年年底前提交該文件。它將真正解決 4 個主要問題。樹木修剪的持續激增，我們預計將在 [2] 年內結束，但隨後我們將更多地進行維護週期。所以這將是一個關鍵特徵。我們所說的拉頂維修，就是更換橫擔絕緣子，即自行拉動的設備。這將是我們老齡化系統計劃的重要組成部分。

Third is automation, trying to accomplish full automation of the grid in 5 years, that will be a major component of the plan. As we've seen more frequent storms and more sizable storms over the years, automation will be a big, big lever for us to restoration of outages. And then lastly, as I've mentioned before, 1/3 of our grid is quite old. It's a 4,800 volt system, and that was installed in the early 1900s through the '60s and we need to replace that, and that's about 16,000 miles. So that will be also a part of this updated plan to really accelerate our journey to try and get that done over the next 15 or 20 years. So those are the major components that you'll see. There'll be other things there, but those will be the 4 big hitters in the distribution grid plan.

三是自動化，力爭5年內實現電網全面自動化，這將是該計劃的重要組成部分。多年來我們看到了更頻繁的風暴和更大規模的風暴，自動化將成為我們恢復停電的一個非常非常大的槓桿。最後，正如我之前提到的，我們的網格 1/3 已經相當舊了。這是一個 4,800 伏系統，安裝於 1900 年代初至 60 年代，我們需要更換該系統，行駛里程約為 16,000 英里。因此，這也將成為更新計劃的一部分，以真正加快我們在未來 15 或 20 年內實現這一目標的進程。這些是您將看到的主要組件。還會有其他的事情，但這些將是配電網計劃中的 4 個重要因素。

We go next to now to Alex Mortimer at Mizuho.

接下來我們請教瑞穗銀行的亞歷克斯·莫蒂默。

With the new commissioners focused on electric vehicles, how do you think about the upside for [load] CapEx and rate base above what you might currently have included in your plan?

隨著新委員專注於電動汽車，您如何看待[負載]資本支出和費率基礎高於您目前計劃中可能包含的內容的好處？

Well, look, we're a big proponent of transportation electrification for several reasons. One is it's great for the environment. I mean the transportation sector is I believe now the largest emitter of carbon in the economy. So I believe it's going to be very valuable for that. But secondly, obviously, we get a significant investment opportunity from that in the sense that it creates headroom for our investments as we see more load coming on.

嗯，看，我們是交通電氣化的大力支持者，原因有幾個。一是它對環境很有好處。我的意思是，我相信交通運輸業現在是經濟中最大的碳排放國。所以我相信這將非常有價值。但其次，顯然，我們從中獲得了一個重要的投資機會，因為它為我們的投資創造了空間，因為我們看到更多的負載即將到來。

It is not fundamental just yet, but we expect that near the end of our 5-year plan, we'll start to see it be pretty significant contribution to margin growth. And that will help finance a lot of these large investments that we're making now to prepare ourselves for the electrification and transportation fleet as well as the deal with the inclement weather that we continue to see.

目前它還不是根本性的，但我們預計在我們的五年計劃即將結束時，我們將開始看到它對利潤增長的巨大貢獻。這將有助於為我們現在正在進行的大量大型投資提供資金，為電氣化和運輸車隊做好準備，並應對我們繼續看到的惡劣天氣。

So we're pretty excited about it. We're happy that obviously, our new commissioner is very supportive of that agenda, but the other 2 commissioners are as well. So lots to do there. And we also have an administration that's quite supportive of electrification. So we're pretty excited about the prospects in the future. But like I said, it will start to become more impactful in our plan from a margin creation perspective later in the 5-year period. From an investment perspective, we're already investing against this opportunity.

所以我們對此感到非常興奮。我們很高興，顯然，我們的新專員非常支持該議程，其他兩位專員也是如此。那裡有很多事情要做。我們還有一個非常支持電氣化的政府。因此，我們對未來的前景感到非常興奮。但正如我所說，從 5 年後期的利潤創造角度來看，它將開始對我們的計劃產生更大的影響。從投資的角度來看，我們已經在針對這個機會進行投資。

Okay. Understood. And then just given the additional headwinds present this quarter, should we essentially understand that all contingency has been exhausted at this point, and you now need normal weather for the balance of the year to achieve the stated goal midpoint of guidance?

好的。明白了。然後，考慮到本季度出現的額外阻力，我們是否應該基本上理解，此時所有意外情況都已用盡，現在需要在今年剩餘時間內保持正常天氣才能實現既定的指導目標中點？

I would say that contingency in the electric company has been exhausted, but some of our other BUs still have a bit of contingency, but we are relying on normal weather both from a temperature perspective and storm activity perspective.

我想說，電力公司的應急措施已經用盡，但我們其他一些業務部門仍然有一些應急措施，但無論是從溫度角度還是從風暴活動角度來看，我們都依賴於正常天氣。

Okay. And then other than weather in a more kind of "normal year" kind of what would get you to the high, middle and low point of your guidance? And is the bias still towards the middle in a more normal year?

好的。那麼，除了“正常年份”的天氣之外，還有什麼能讓你到達指導的高點、中點和低點呢？在更正常的年份中，這種偏差是否仍然偏向中期？

I would say the bias is the -- our target and the bias is towards the midpoint at this point in time.

我想說，偏差是——我們的目標，並且偏差是朝向此時點的中點。

Thank you. And it appears we have no further questions this morning. Mr. Norcia, I'd like to turn things back to you for any closing comments.

謝謝。今天早上我們似乎沒有其他問題了。諾爾恰先生，我想請您回复我，請您發表最後的意見。

Well, thank you, everyone, for joining us today. I'll just close by saying I'm excited about the opportunities we have ahead of us, including our accelerating our path to cleaner generation and to further strengthen our electric grid and prepare the increase -- for the increased demand electrification on our system. We continue to execute on our plan to achieve our goals in 2023 and remain well positioned for long-term future growth. I hope everyone has a great morning and a safe day.

好的，謝謝大家今天加入我們。最後我要說的是，我對我們面前的機遇感到興奮，包括我們加快清潔發電的步伐，進一步加強我們的電網，並為我們系統電氣化需求的增加做好準備。我們將繼續執行計劃，以實現 2023 年的目標，並為未來的長期增長做好準備。我希望每個人都有一個美好的早晨和安全的一天。

Thank you, Mr. Norcia. Ladies and gentlemen, that will conclude the DTE Energy Second Quarter 2023 Earnings Conference Call. Again, I would like to thank you all so much for joining us and wish you all a great remainder of your day. Goodbye.

謝謝您，諾爾恰先生。女士們先生們，DTE Energy 2023 年第二季度收益電話會議到此結束。我再次非常感謝大家加入我們，並祝大家度過愉快的一天。再見。