密歇根天然氣 (DTE) 2024 Q3 法說會逐字稿

Good morning and welcome to the DTE Energy third-quarter 2024 earnings conference call. (Operator Instructions)

早安，歡迎參加 DTE Energy 2024 年第三季財報電話會議。（操作員說明）

As a reminder, this conference call is being recorded.

謹此提醒，本次電話會議正在錄音中。

I would now like to turn the call over to Matt Krupinski, Director of Investor Relations. Thank you. Please go ahead.

我現在想將電話轉給投資者關係總監 Matt Krupinski。謝謝。請繼續。

Thank you and good morning, everyone. Before we get started, I'd like to remind you to read the Safe Harbor statement on Page 2 of the presentation, including the reference to forward-looking statements.

謝謝大家，早安。在我們開始之前，我想提醒您閱讀簡報第 2 頁的安全港聲明，包括對前瞻性聲明的引用。

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.

我們的簡報也提到了營業收益，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整表。

With us this morning are Jerry Norcia, Chairman and CEO; Joi Harris, President and COO; and Dave Ruud, Executive Vice President and CFO.

今天早上與我們在一起的有董事長兼執行長 Jerry Norcia；喬伊‧哈里斯 (Joi Harris)，總裁兼營運長；以及執行副總裁兼財務長 Dave Ruud。

And now I'll turn it over to Jerry to start our call this morning.

現在我將把它交給傑瑞，讓我們今天早上開始通話。

Thanks, Matt. Good morning, everyone, and thanks for joining us. This morning, I'll discuss how we continue to deliver for our key stakeholders and highlight the successes we've had across all of our businesses this year.

謝謝，馬特。大家早安，感謝您加入我們。今天早上，我將討論我們如何繼續為主要利益相關者提供服務，並重點介紹今年我們在所有業務中取得的成功。

Joi will provide you with an update on our regulatory proceedings as we continue with our customer-focused investments to improve reliability and transition to cleaner generation while maintaining affordability for all our customers, and she will discuss the significant progress that we have made so far to further improve reliability as we build the grid of the future. And Dave will provide a financial update and wrap things up before we take your questions.

Joi 將為您提供有關我們監管程序的最新信息，因為我們將繼續進行以客戶為中心的投資，以提高可靠性並過渡到清潔發電，同時保持所有客戶的負擔能力，她將討論我們迄今為止所取得的重大進展在我們建造未來電網的過程中進一步提高可靠性。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。

So, let me start on Slide 4. We're having a very strong year so far in 2024, giving us confidence that we will deliver on our 2024 operating EPS guidance. As I said on our previous call, we are also positioning ourselves to deliver strong results in 2025 and beyond.

那麼，讓我從投影片 4 開始。到目前為止，2024 年是非常強勁的一年，這讓我們有信心實現 2024 年營運每股盈餘指引。正如我在先前的電話會議中所說，我們也做好了在 2025 年及以後取得強勁業績的準備。

We remain confident that our plan will deliver a long-term EPS growth rate of 6% to 8%, support a healthy balance sheet with strong cash flows and minimal equity issuances and continue our commitment to deliver affordable energy to our customers.

我們仍然相信，我們的計劃將實現6% 至8% 的長期每股收益增長率，以強勁的現金流和最少的股票發行支持健康的資產負債表，並繼續致力於為客戶提供負擔得起的能源。

Our long-term growth is driven by the required capital investments in reliability and clean generation that we need to make for our customers. And these investments are supported by the recent independent audit of our electric distribution system, which I'll talk about more shortly; Michigan Energy legislation, which continues to push the pace of decarbonization and deployment of renewables; and by infrastructure recovery mechanisms at both of our utilities.

我們的長期成長是由我們需要為客戶進行的可靠性和清潔發電所需的資本投資所推動的。這些投資得到了最近對我們配電系統的獨立審計的支持，我將很快討論這一點；密西根能源立法，繼續推動脫碳和再生能源部署的步伐；以及我們兩家公用事業公司的基礎設施恢復機制。

As we continue to wrap up a solid 2024 and finalize multiple regulatory proceedings, we are updating our five-year plan, and we'll provide the details of that plan on our year-end call. This plan will continue to support these customer-focused investments in grid reliability and cleaner generation as we advance our capital investments to support these initiatives.

隨著我們繼續紮實地完成 2024 年並完成多項監管程序，我們正在更新我們的五年計劃，我們將在年終電話會議上提供該計劃的詳細資訊。隨著我們推進資本投資以支持這些舉措，該計劃將繼續支持這些以客戶為中心的電網可靠性和清潔發電投資。

I am excited about the opportunities we have in front of us and look forward to sharing the details of our long-term plan on the year-end call. As I said, we are having a successful year in 2024, and our success is the result of our team's focus on all of our stakeholders, including our customers, our communities and our investors.

我對我們面前的機會感到興奮，並期待在年終電話會議上分享我們長期計劃的細節。正如我所說，我們將在 2024 年度過成功的一年，我們的成功是我們團隊關注所有利害關係人的結果，包括我們的客戶、我們的社區和我們的投資者。

Our team continues to consistently deliver as a result of our strong culture. We were recently informed by the Gallup organization that our employee engagement ranks in the 94th percentile globally among thousands of organizations.

由於我們強大的文化，我們的團隊繼續始終如一地交付成果。最近，蓋洛普組織告知我們，我們的員工敬業度在全球數千家組織中排名第 94 位。

As I've said before, our high level of employee engagement is our secret sauce at DTE for continued success. DTE was also recognized as a Best Place to Work for disability inclusion, receiving a top score of 100 on the Disability Equality Index, the world's most comprehensive benchmarking tool for large companies to measure disability inclusion inside their organization.

正如我之前所說，高水準的員工敬業度是 DTE 持續成功的秘訣。DTE 也被公認為殘疾包容性最佳工作場所，在殘疾平等指數中獲得 100 分的最高分，該指數是世界上最全面的基準工具，供大公司衡量其組織內的殘疾包容性。

This award was a tremendous honor, complementing our recognition with the Best Employers Award for Excellence in Health and Well-being, which I mentioned last quarter.

該獎項是一項巨大的榮譽，與我上季度提到的「健康與福祉卓越最佳雇主獎」相得益彰。

Our highly engaged team remains focused on delivering excellent service to our customers. as we advance toward our goal of restoring service to all customers within 48 hours after a storm.

我們高度敬業的團隊始終專注於為客戶提供卓越的服務。我們正朝著在暴風雨過後 48 小時內恢復所有客戶服務的目標邁進。

In August, our service territory was impacted by an extreme weather event that included wind gust that reached over 75 miles per hour. As a result of the extensive improvements we are making to our system and processes, we restored nearly 65% of our customers in 24 hours, which is the highest one-day restoration in company history for a storm of this size, and nearly 95% of our customers were restored within 48 hours. I extend our sincere gratitude to our teams who worked tirelessly to get the lights back on for our customers.

8 月，我們的服務區域受到極端天氣事件的影響，其中陣風時速超過 75 英里。由於我們對系統和流程進行了廣泛的改進，我們在 24 小時內恢復了近 65% 的客戶，這是公司歷史上此類規模風暴的最高單日恢復率，接近 95%我們的客戶在48 小時內恢復。我向我們的團隊致以誠摯的謝意，他們孜孜不倦地努力為我們的客戶恢復正常運作。

We also faced extreme heat this summer as temperatures climbed to over 90 degrees for an extended period. Our system held up well in these conditions, but I'm very proud of our team's efforts to take care of those most vulnerable customers as they experience the heat.

今年夏天，我們還面臨酷熱，氣溫長時間攀升至 90 度以上。我們的系統在這些條件下表現良好，但我對我們的團隊在炎熱天氣下照顧那些最脆弱的客戶所做的努力感到非常自豪。

Our energy efficiency program was able to assist low-income customers by installing nearly 1,000 free air conditioner units to those in most need across Metro Detroit to keep them cool.

我們的能源效率計畫能夠為低收入客戶提供協助，為底特律都會區最需要的人安裝近 1,000 台免費空調裝置，讓他們保持涼爽。

Moving on to our communities. We take pride in supporting the communities where we live and serve. While being best for the world is always part of our company's aspiration, every August, we lean in even more to give back to the communities.

繼續我們的社區。我們為支持我們生活和服務的社區而感到自豪。雖然為世界提供最好的服務始終是我們公司願望的一部分，但每年八月，我們都會更加努力回饋社區。

During this year's Month of Caring, DTE team members made a difference across the state as they helped out at food pantries, cleaning up parks, and many other volunteer events.

在今年的關懷月期間，DTE 團隊成員在食品分發處、清理公園和許多其他志工活動中提供幫助，為全州帶來了改變。

Our employees spent 5,000 hours giving back to our communities. I would also like to take a moment to commend and appreciate the 500 contract line workers and tree trimmers, along with 100 DTE line workers who went south to help with the hurricane relief.

我們的員工花費 5,000 小時回饋社區。我還想花點時間讚揚和感謝 500 名合約生產線工人和樹木修剪工，以及前往南方幫助颶風救援的 100 名 DTE 生產線工人。

In the last few weeks, Hurricane Helene and Hurricane Milton hit Florida’s Gulf Coast and then flooded several southern states with drenching rain. Millions were without power, and I'm glad our team was able to assist others in need.

過去幾週，颶風海倫和颶風米爾頓襲擊了佛羅裡達州墨西哥灣沿岸，隨後大雨淹沒了南部幾個州。數百萬人斷電，我很高興我們的團隊能幫助其他有需要的人。

And as a matter of fact, I received 20 letters from elementary school students in Georgia that really were very grateful for the work that our team did in Georgia. So, thank you again to our team for doing something extraordinarily positive in Georgia.

事實上，我收到了 20 封來自喬治亞州小學生的來信，他們非常感謝我們團隊在喬治亞州所做的工作。因此，再次感謝我們的團隊在喬治亞州做了一些非常積極的事情。

And for our investors, we are in a really great position to deliver on our earnings target this year and are well-positioned for the future. Our long-term operating EPS growth rate remains at 6% to 8%, with 2023 original guidance as the base for this growth.

對於我們的投資者來說，我們處於非常有利的位置，可以實現今年的獲利目標，並為未來做好準備。我們的長期營運 EPS 成長率維持在 6% 至 8%，以 2023 年最初的指導為這一成長的基礎。

And this solid financial strength in our constructive regulatory environment allows us to continue to invest above our generated cash flows for improved reliability and cleaner generation.

在我們建設性的監管環境中，這種堅實的財務實力使我們能夠繼續在產生的現金流之上進行投資，以提高可靠性和清潔發電。

As I mentioned, we will provide our typical forward-looking disclosures on the 2024 year-end earnings call. Our updated plan will reaffirm our commitment to deliver premium shareholder returns that our investors have come to expect.

正如我所提到的，我們將在 2024 年年終財報電話會議上提供典型的前瞻性揭露。我們更新的計劃將重申我們致力於提供投資者所期望的優質股東回報。

Let's turn to Slide 5 to highlight some of the achievements across our portfolio. We are achieving success and progressing on key initiatives across the company. We are progressing toward constructive outcomes for our rate cases at both DTE Gas and DTE Electric.

讓我們轉向投影片 5，重點介紹我們產品組合中的一些成就。我們在整個公司的關鍵舉措上取得了成功並取得了進展。我們正在為 DTE Gas 和 DTE Electric 的費率案例取得建設性成果。

While there is still work to do to ensure the outcomes do not put pressure on our near-term ability to complete our customer-focused investments, we believe these outcomes will ultimately support the investments in grid reliability and cleaner generation that we need to make on behalf of our customers. And we are expecting these constructive outcomes in November for DTE Gas and January for DTE Electric.

儘管仍有工作要做，以確保結果不會對我們完成以客戶為中心的投資的近期能力構成壓力，但我們相信這些結果最終將支持我們需要進行的電網可靠性和清潔發電的投資代表我們的客戶。我們預計 DTE Gas 將於 11 月取得建設性成果，DTE Electric 將於 1 月取得建設性成果。

Additionally, we received the final report from the independent audit of our electric distribution system as directed by the Michigan Public Service Commission. We really appreciated working with the independent audit team over the last year, and we appreciate the insights of recommendations to further improve our system.

此外，我們還收到了根據密西根州公共服務委員會的指示對我們的配電系統進行獨立審計的最終報告。我們非常感謝去年與獨立審計團隊的合作，也欣賞為進一步改進我們的系統而提出的建議的見解。

Joi will go over some of the key items from the audit, but one key takeaway is the confirmation that our proposed investment plan is what is needed to achieve the significant reliability improvements that we have committed to over the next five years, which is reducing power outages by 30% and cutting outage time in half by 2029.

Joi 將審查審計中的一些關鍵項目，但一個關鍵要點是確認我們提出的投資計劃是實現我們承諾在未來五年內實現重大可靠性改進所需的，這將降低功耗到2029 年，停電次數將減少30%，停電時間將減少一半。

We are continuing to progress on these investments and reliability improvements this year, and our customers are seeing the benefits of this work. As I mentioned, we had one of our most effective storm restorations in our company's history in August, demonstrating that our efforts to improve processes and automate the grid are working.

今年，我們將繼續在這些投資和可靠性改進方面取得進展，我們的客戶也看到了這項工作的好處。正如我所提到的，我們在 8 月進行了公司歷史上最有效的風暴恢復之一，這表明我們改進流程和自動化電網的努力正在發揮作用。

Joi will provide some detail on our progress in this area. But I'll just say that we are making great progress on all aspects of our plan as we transition to a smarter grid, update existing infrastructure, rebuild the older sections of the grid, and continue our significant tree trimming efforts.

Joi 將提供有關我們在該領域進展的一些詳細資訊。但我只想說，隨著我們向更智慧的電網過渡、更新現有基礎設施、重建電網的舊部分以及繼續進行重大樹木修剪工作，我們在計劃的各個方面都取得了巨大進展。

We are also making significant progress in our renewables build-out at DTE Electric. Last month, we broke ground on three new solar parks and have three additional solar parks currently under construction.

我們在 DTE Electric 的再生能源建設方面也取得了重大進展。上個月，我們破土動工建造了三個新的太陽能園區，目前還有另外三個太陽能園區正在興建中。

Together, these projects will add 800 megawatts to our renewable portfolio, which is enough to power more than 220,000 homes. And each project is supporting our MIGreenPower voluntary renewable program, which continues to grow with 2,500 megawatts now subscribed, a nearly 100,000 residential customer subscriptions.

這些項目總共將為我們的再生能源投資組合增加 800 兆瓦，足以為 22 萬多個家庭供電。每個項目都支持我們的 MIGreenPower 自願再生能源計劃，該計劃持續成長，現已認購 2,500 兆瓦，即近 100,000 個住宅客戶認購。

In our DTE Gas, we continue to progress on our gas main renewal program this year as we modernize the gas transmission system and our distribution system.

在 DTE Gas，我們今年將繼續推進天然氣主管道更新計劃，對天然氣輸送系統和分配系統進行現代化改造。

And finally, at DTE Vantage, we are advancing a number of custom energy solutions, RNG and carbon capture and sequestration projects. We highlighted the project at Ford Motor Company earlier this year to support Ford's new plant in Tennessee. This project is underpinned by a long-term fixed fee contract and is scheduled to go into full operation in November. We also began construction on an RNG project that is expected to go into service by the end of the year.

最後，在 DTE Vantage，我們正在推動許多客製化能源解決方案、RNG 以及碳捕獲和封存專案。今年早些時候，我們重點介紹了福特汽車的項目，以支持福特在田納西州的新工廠。該項目以長期固定費用合約為基礎，計劃於 11 月全面投入營運。我們也開始建造RNG項目，預計今年底投入使用。

Now, I'll turn it over to Joi to give some highlights on our regulatory front and reliability improvements. Joi, over to you.

現在，我將把它交給 Joi，重點介紹我們的監管方面和可靠性改進。喬伊，交給你了。

Thanks Jerry and good morning, everyone. I'm excited to discuss the progress we are making to continue to improve system reliability for our customers. As you know, an important part of this journey is the progression of our regulatory proceedings, which supports these investments and helps us gain alignment on the investments required to build the grid of the future and transition to cleaner generation.

謝謝傑瑞，大家早安。我很高興能討論我們在持續提高客戶系統可靠性方面所取得的進展。如您所知，這趟旅程的一個重要部分是我們監管程序的進展，它支持這些投資，並幫助我們在建立未來電網和向清潔發電過渡所需的投資上取得一致。

There are several regulatory proceedings we are currently working, including general rate cases at both of our utilities. We continue to progress toward constructive outcomes in these cases.

我們目前正在處理多項監管程序，包括我們兩家公用事業公司的一般費率案件。我們將繼續在這些案件中取得建設性成果。

At DTE Gas, our rate case filing support the important investments necessary to continue to renew our gas infrastructure, which will further minimize leaks, reduce carbon emissions, and lower costs. We are very close to finalizing this case with an order expected in the coming weeks.

在 DTE Gas，我們的費率案例歸檔支持繼續更新我們的天然氣基礎設施所需的重要投資，這將進一步減少洩漏、減少碳排放並降低成本。我們即將完成此案，預計在未來幾週內下訂單。

Our electric rate case outlines the customer-focused investments we need to make to build a smarter, stronger, and more resilient electric grid and to progress further our transition to cleaner generation.

我們的電價案例概述了我們需要進行以客戶為中心的投資，以建立更智慧、更強大、更有彈性的電網，並進一步推進向清潔發電的過渡。

This filing underpins the next important step in our long-term investment plan while maintaining affordability for our customers. The filing includes a request to extend and expand the infrastructure recovery mechanism that was approved in the previous rate order.

該文件支持我們長期投資計畫的下一個重要步驟，同時保持客戶的負擔能力。該文件包括延長和擴大先前費率令中批准的基礎設施恢復機制的請求。

Modeled after our DTE Gas IRM, the DTE Electric IRM allows us to recover the cost of investments in the grid infrastructure between rate cases. Our objective is to work with the commission to grow the IRM over time to help stretch the time between electric rate cases as it does for DTE Gas.

DTE Electric IRM 以我們的 DTE Gas IRM 為模型，使我們能夠在費率情況下收回電網基礎設施的投資成本。我們的目標是與委員會合作，隨著時間的推移提高 IRM，以幫助延長電價案例之間的時間，就像 DTE Gas 所做的那樣。

We expect the final order on the electric case in January. As Jerry mentioned, we did receive the report on our electric distribution system from the independent auditor that the commission appointed.

我們預計電動馬達箱的最終訂單將在一月收到。正如傑瑞所提到的，我們確實收到了委員會任命的獨立審計員關於我們配電系統的報告。

From the start, we have appreciated the commission's decision to engage a consulting firm in this process to help all parties gain a further understanding of our electric distribution system and identify opportunities for improvement.

從一開始，我們就讚賞委員會決定在這一過程中聘請一家諮詢公司，以幫助各方進一步了解我們的配電系統並找到改進的機會。

We view the audit results as constructive and supportive of our capital plan to deliver on reliability commitments for our customers, highlighting the need for strategic investment in our distribution system to deliver on these improvements.

我們認為審計結果對我們為客戶履行可靠性承諾的資本計畫具有建設性和支持性，強調了對我們的分銷系統進行策略性投資以實現這些改進的必要性。

The audit confirmed that our proposed investment plan will deliver the dramatic improvements and reliability that we have committed to our customers over the next five years to reduce power outages by 30% and cut in outage time in half by 2029, which is also consistent with the customer service standards set for us by the PSC.

審計確認，我們提出的投資計畫將實現我們在未來五年向客戶承諾的顯著改進和可靠性，到 2029 年將停電次數減少 30%，並將停電時間減少一半，這也符合PSC 為我們制定的客戶服務標準。

We expect to file a formal response on the audit through the regulatory process in November and look forward to incorporating key findings from the audit into our investment strategy going forward.

我們預計將在 11 月透過監管程序對審計提出正式回應，並期待將審計的主要發現納入我們未來的投資策略中。

Let's move to Slide 7 to highlight the impact of our reliability improvement efforts on enhancing the customer experience. We continue to make strategic investments and process improvements to enhance our system and improve the customer experience.

讓我們轉到投影片 7，重點介紹我們的可靠性改善工作對增強客戶體驗的影響。我們繼續進行策略性投資和流程改進，以增強我們的系統並改善客戶體驗。

Jerry mentioned our response to the August store resulted in the highest one-day restoration for a storm of this side, made possible by the investments we are making to fully automate and improve our grid.

傑瑞提到，我們對八月商店的反應導致了這一側風暴的最高單日恢復，這得益於我們為完全自動化和改進電網而進行的投資。

Through the implementation of smart grid technology, DTE has prevented more than 9,000 power interruptions and avoided over 3.6 million outage minutes through the third quarter of this year. And we also remain focused on tree-trimming efforts as this has proven to be one of the most effective methods for improving reliability.

透過實施智慧電網技術，截至今年第三季度，DTE 已避免了 9,000 多次電力中斷，並避免了超過 360 萬分鐘的停電時間。我們也繼續關注樹木修剪工作，因為這已被證明是提高可靠性的最有效方法之一。

Trees account for half the time our customers are without power, and in areas where tree trimming is up to date, customers experienced significant improvement in reliability.

我們的客戶有一半的斷電時間是樹木，在採用最新樹木修剪技術的地區，客戶的可靠性得到了顯著提高。

We have trimmed nearly 40,000 miles of trees since 2015 as we move to an enhanced more aggressive standard, and we expect to have our entire system a five-year tree trim cycle by the end of next year.

自 2015 年以來，我們已經修剪了近 40,000 英里的樹木，並轉向了更嚴格的增強標準，我們預計到明年年底，我們的整個系統將實現為期五年的樹木修剪週期。

So, as you can see, we continue to make progress in improving reliability, which keeps us on the path to reduce power outages by 30% and cutting outage time in half by 2029.

因此，正如您所看到的，我們在提高可靠性方面不斷取得進展，這使我們能夠在 2029 年之前將停電次數減少 30%，並將停電時間減少一半。

Of course, as we continue to invest in our system, we remain very focused on maintaining customer affordability using our distinctive continuous improvement culture to drive cost management and savings for our customers. Including the recovery of capital costs in our current electric rate case and the estimated power supply cost savings for our customers in 2025.

當然，隨著我們繼續投資我們的系統，我們仍然非常注重利用我們獨特的持續改進文化來維持客戶的負擔能力，以推動成本管理並為客戶節省成本。包括我們目前電價情況下的資本成本回收以及預計 2025 年為客戶節省的供電成本。

The projected average annual growth of our residential electric bill will be just over 1% from 2021 through 2025 compared to the national average annual increase of close to 6%.

預計 2021 年至 2025 年，我們的住宅電費年均成長率將略高於 1%，而全國平均年增長率接近 6%。

This is distinctive in our industry that we were able to invest over $6 billion in our distribution system in the last five years and have one of the industry's lowest bill increases. Our performance versus other states over the last three years is highlighted on Slide 13.

這在我們的行業中是獨一無二的，因為我們在過去五年中能夠在分銷系統上投資超過 60 億美元，並且是該行業中賬單增幅最低的公司之一。幻燈片 13 重點介紹了我們過去三年與其他州相比的表現。

Affordability goals are also supported by our diverse energy mix, helping to reduce fuel costs and allowing us to maintain flexibility to adapt to future technology investments. Our long-standing continuous improvement culture also continues to deliver for our customers in the form of lower bills.

我們多樣化的能源結構也支持了可承受性目標，有助於降低燃料成本，並使我們能夠保持靈活性以適應未來的技術投資。我們長期的持續改善文化也繼續以更低的帳單形式為我們的客戶提供服務。

And finally, our transition to renewable energy is supported by federal tax credits included in the IRA. These tax credits are passed on to our customers, which helps us continue to achieve customer affordability goals.

最後，我們向再生能源的過渡得到了 IRA 中包含的聯邦稅收抵免的支持。這些稅收抵免將轉嫁給我們的客戶，這有助於我們繼續實現客戶負擔能力目標。

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

這樣，我會將其轉交給戴夫，為您提供最新的財務資訊。

Thanks Joi and good morning, everyone. Let me start on Slide 8 to review our third quarter financial results. Operating earnings for the quarter were $460 million. This translates into $2.22 per share. You can find a detailed breakdown of EPS by segment, including our reconciliation to GAAP reported earnings in the appendix.

謝謝喬伊，大家早安。讓我從投影片 8 開始回顧我們第三季的財務表現。該季度營業利潤為 4.6 億美元。這相當於每股 2.22 美元。您可以在附錄中找到按部門劃分的每股盈餘的詳細細目，包括我們對 GAAP 報告收益的調整。

I'll start the discussion with our utilities. DTE Electric earnings were $437 million for the quarter. This is $169 million higher than the third quarter of 2023. The main drivers of earnings variance were implementation of base rates, warmer weather, lower storm expenses, and timing of taxes partially offset by higher rate base costs.

我將開始與我們的公用事業公司進行討論。DTE Electric 本季獲利為 4.37 億美元。這比 2023 年第三季增加了 1.69 億美元。獲利差異的主要驅動因素是基本稅率的實施、天氣變暖、風暴費用降低以及稅收時間被較高的基本成本部分抵消。

Moving on to DTE Gas, operating earnings were unfavorable $8 million versus the third quarter last year, driven by higher rate base costs and a return to a more normalized O&M level. This was partially offset by increased revenue from the IRM.

轉向 DTE Gas，由於費率基本成本上升以及恢復到更正常化的營運和維護水平，營運利潤較去年第三季下降了 800 萬美元。這被 IRM 收入的增加部分抵消。

Let's move to DTE Vantage on the third row. Operating earnings were $33 million for the third quarter of 2024. This is a $23 million decrease from 2023 due to a combination of some timing and one-time items in 2023 and primarily in our RNG and steel-related businesses.

讓我們轉到第三排的 DTE Vantage。2024 年第三季營業利潤為 3,300 萬美元。由於 2023 年的一些定時和一次性項目（主要是我們的 RNG 和鋼鐵相關業務）的綜合影響，這一數字比 2023 年減少了 2300 萬美元。

We remain highly confident in our full year guidance for Vantage as new projects continue to ramp-up in the fourth quarter and provide both earnings and associated investment tax credits.

我們對 Vantage 的全年指引仍然充滿信心，因為新項目在第四季度繼續增加，並提供收益和相關的投資稅收抵免。

On next row, you can see Energy Trading finished the quarter with earnings of $25 million. We continue to see strong performance in our contract and hedged physical power and physical gas portfolios at this segment.

在下一行中，您可以看到 Energy Trading 本季的利潤為 2500 萬美元。我們繼續看到該領域的合約以及對沖實體電力和實體天然氣投資組合表現強勁。

Finally, corporate and other was favorable by $30 million quarter-over-quarter primarily due to the timing of taxes. This timing will reverse through the balance of the year, and we expect to land within the current full year guidance range for this segment. Overall, DTE earned $2.22 per share in the third quarter.

最後，企業和其他業務季度環比增長了 3,000 萬美元，這主要是由於納稅時間的原因。這一時間安排將在今年剩餘時間內逆轉，我們預計該細分市場將落在當前全年指導範圍內。總體而言，DTE 第三季每股收益為 2.22 美元。

When you look across our portfolio of businesses, we are in a great position to achieve our full year operating EPS guidance in 2024, which, at the midpoint, provides 7% growth over the 2023 original guidance midpoint. And we continue to position ourselves to deliver strong results in 2025 and beyond.

縱觀我們的業務組合，我們處於有利位置，可以在 2024 年實現全年運營 EPS 指導，該指導的中點比 2023 年原始指導中點增長 7%。我們將繼續努力在 2025 年及以後取得強勁成果。

Let's move to Slide 9 to highlight our strong balance sheet and credit profile. Our significant customer-focused investment is supported by our strong cash from operations.

讓我們轉到投影片 9，重點介紹我們強勁的資產負債表和信用狀況。我們以客戶為中心的重大投資得到了強大的營運現金的支持。

Due to our strong cash flows, we have minimal equity issuances in our plan as we are targeting annual issuances of $0 to $100 million through 2026. Our long-term financial plan incorporates debt refinancing and new issuances to fund our capital investment plan and is consistent with our 6% to 8% operating EPS growth target.

由於我們強勁的現金流，我們的計劃中的股票發行量很少，因為我們的目標是到 2026 年每年發行 0 至 1 億美元。我們的長期財務計畫包括債務再融資和新發行，為我們的資本投資計畫提供資金，並與我們 6% 至 8% 的營運每股收益成長目標一致。

We have largely executed our 2024 financing plan at interest rates consistent with our plan, including reducing refinancing risk by successfully prefunding the fourth quarter debt maturities at the parent company. We continue to focus on maintaining our strong investment-grade credit rating and solid balance sheet metrics as we target an FFO to debt ratio of 15% to 16%.

我們已基本按照與計劃一致的利率執行 2024 年融資計劃，包括透過成功為母公司第四季度債務到期提供資金來降低再融資風險。我們繼續專注於維持強勁的投資等級信用評級和穩健的資產負債表指標，目標是將 FFO 與債務比率控制在 15% 至 16%。

Let me wrap-up on Slide 10, and then we will open up for questions. Our team remains focused on our commitment to deliver for all our stakeholders. We continue to invest heavily within our utilities to improve reliability and move toward cleaner generation.

讓我總結一下投影片 10，然後我們將開始提問。我們的團隊仍然專注於為所有利害關係人提供服務的承諾。我們繼續在公用事業領域進行大量投資，以提高可靠性並邁向清潔發電。

Our robust capital plan supports our customers as we execute on these critical investments while focusing on customer affordability. DTE is well-positioned to serve increased load as opportunities for new load continue to solidify in our service territory.

我們穩健的資本計畫在執行這些關鍵投資時為客戶提供支持，同時專注於客戶的承受能力。隨著新負載的機會在我們的服務領域不斷鞏固，DTE 處於有利地位，可以服務增加的負載。

The 2024 operating EPS guidance midpoint provides 7% growth over the 2023 original guidance midpoint, and we continue to target long-term operating EPS growth of 6% to 8%.

2024 年營運每股盈餘指引中點較 2023 年原指引中點成長 7%，我們持續將長期營運每股盈餘成長目標定為 6% 至 8%。

As Jerry mentioned, we will provide the details of our long-term plan on our year-end earnings call. We remain well-positioned to deliver the premium total shareholder returns that our investors have come to expect with a strong balance sheet that supports our future capital investment plan.

正如傑瑞所提到的，我們將在年終財報電話會議上提供長期計畫的詳細資訊。我們仍然處於有利地位，可以透過支持我們未來資本投資計畫的強勁資產負債表，實現投資者所期望的優質股東總回報。

We look forward to seeing many of you at EEI in a couple of weeks. And with that, I thank you for joining us today, and we can open the line for questions.

我們期待幾週後在 EEI 見到你們。在此，我感謝您今天加入我們，我們可以開通提問熱線。

(Operator Instructions)

（操作員說明）

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Hey, guys. Good morning.

嘿，夥計們。早安.

Good morning Shar.

早安，莎爾。

Hey, Shar.

嘿，莎爾。

Good morning, Jerry. Good morning, guys. Just -- obviously, congrats on the quarter. Just appreciate that the financial update is moving to the 4Q print, but you kind of removed that reference to the $25 billion CapEx plan.

早安，傑瑞。早安，夥計們。顯然，恭喜這個季度。只是要感謝財務更新正在轉移到第四季度列印，但你刪除了對 250 億美元資本支出計劃的提及。

Can you maybe just talk about what you're seeing in terms of system needs that could prompt a reconsideration, any generation needs going forward at this stage? And I don't want to front run the Q4 update, but just a sense there would be super helpful. Thanks.

您能否談談您在系統需求方面所看到的情況，這些需求可能會促使我們重新考慮，現階段任何世代的需求都會繼續推進？我不想提前運行第四季度更新，但只是感覺這會非常有幫助。謝謝。

That's a good question, Shar. And what we're seeing, I'll take it by the two major components, generation, we are seeing opportunity there for incremental investment. And that's primarily driven by the fact that we had forecasted to subscribe 2,500 megawatts of voluntary renewables over the next four years, and we've already filled the Q. So, we're seeing continued investment opportunity with our voluntary program.

這是個好問題，莎爾。我們所看到的，我將通過兩個主要組成部分，一代，我們看到了增量投資的機會。這主要是由於我們預計在未來四年內認購 2,500 兆瓦的自願再生能源，並且我們已經填寫了 Q。

And also as we update the plan - generation plan for the clean energy legislation that was passed last year, we're also seeing opportunity there as well. And with the report - independent audit report on our distribution system, we do see some opportunity there. And when you bring that all together, I think there will be an overall incremental opportunity to invest, and we'll update that at our year-end earnings call.

當我們更新去年通過的清潔能源立法的發電計畫時，我們也看到了機會。透過這份關於我們分銷系統的獨立審計報告，我們確實看到了一些機會。當你把所有這些結合在一起時，我認為將會有一個整體增量投資機會，我們將在年終財報電話會議上更新這一點。

Got it. And Jerry, just on the storm and resiliency audits, it sounded like the plan is to meet that sort of target of cutting the outages in half by 2029, but it sounds like you still need some additional spending there as well as a result of the storm and resiliency audit, is that correct?

知道了。傑瑞，就風暴和彈性審計而言，聽起來該計劃是為了實現到 2029 年將停電減少一半的目標，但聽起來您仍然需要一些額外的支出以及由於風暴和彈性審核，正確嗎？

We do see incremental opportunity. But Joi, you may want to add to that.

我們確實看到了增量機會。但是 Joi，你可能想補充一下。

Yeah, yeah. Yeah, Shar, the results really serve as confirmation of our five-year plan to deliver on those reliability commitments, and those commitments align with the service quality standards by the PSC.

是啊是啊。是的，Shar，結果確實證實了我們兌現這些可靠性承諾的五年計劃，並且這些承諾符合 PSC 的服務品質標準。

So, the plan noted that our DGP, or our distribution grid plan, is really aggressive and ambitious and we accept that challenge. And we've demonstrated that we have the execution capability just given our track record over the last couple of years of ramping up our investment.

因此，該計劃指出，我們的 DGP 或我們的配電網計劃確實非常積極和雄心勃勃，我們接受這項挑戰。鑑於我們過去幾年加大投資的記錄，我們已經證明了我們擁有執行能力。

You've mentioned some of the key takeaways. And yeah, that could help us reprioritize some of our capital plans. But generally, the finding support our overall levels that we've laid out, but there were some noted increases in certain areas like pull-top maintenance that we're taking into account.

您提到了一些關鍵要點。是的，這可以幫助我們重新確定一些資本計畫的優先順序。但總的來說，這項發現支持了我們制定的整體水平，但我們正在考慮的某些領域（例如拉頂維護）出現了一些明顯的成長。

But we're really being mindful of affordability and we've chosen to highlight that in the presentation. When you look on Page 13, it just shows that we have been able to stay below the national average in terms of overall bills and build growth. So that's what we are using as our governor, and we've proven that we've done it in an effective manner.

但我們確實非常關注負擔能力，因此我們選擇在演示中強調這一點。當您查看第 13 頁時，它只是表明我們能夠在總體賬單和增長方面保持低於全國平均水平。這就是我們作為州長所使用的，我們已經證明我們已經以有效的方式做到了這一點。

Got it. Perfect. And then just lastly, on just the funding needs. I mean it sounds like there's some upside bias to that $25 billion. And obviously, you've got a very strong balance sheet.

知道了。完美的。最後，關於資金需求。我的意思是，這 250 億美元聽起來似乎有些上行傾向。顯然，您的資產負債表非常強勁。

You talked about minimal equity needs between $0 to the $100 billion range. Do you envision that changes when you roll forward your plan? Do you have the balance sheet capacity to take on the incremental CapEx? Or could there be some incremental funding needs? Thanks.

您談到了 0 到 1000 億美元範圍內的最低股權需求。當您推進計劃時，您預計情況會改變嗎？您的資產負債表是否有能力承擔增量資本支出？或者可能存在一些增量資金需求？謝謝。

Hey, Shar, this is Dave. We do plan to update all that on the fourth quarter call, and we'll get into that more. In our current plan, you saw we have $0 to $100 million of equity through these next three years, and we don't anticipate that changing through that period.

嘿，莎爾，這是戴夫。我們確實計劃在第四季度的電話會議上更新所有內容，我們將對此進行更多討論。在我們目前的計劃中，您將看到我們在未來三年內擁有 0 至 1 億美元的股本，並且我們預計這種情況在此期間不會發生變化。

But we'll update more on the out years. Again, we have great cash flow generation. The IRAs continue to support our capital investments. So, we're confident we'll have the capital plan that can support that, too.

但我們將在未來幾年更新更多資訊。同樣，我們擁有大量的現金流。IRA 繼續支持我們的資本投資。因此，我們相信我們也將擁有能夠支持這一點的資本計劃。

Okay. I think that sort of answered it. Appreciate it, guys. See you in a couple of weeks.

好的。我想這就是答案。非常感謝，夥計們。幾週後見。

Thank you.

謝謝。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Hey team. Good morning. Thank you for taking my question.

嘿團隊。早安.感謝您回答我的問題。

Good morning.

早安.

Hey, good morning, Jerry, Dave, Joi. Just maybe can you help us year-to-date, it seems like you're materially ahead of your plan, especially when I kind of think about Q3 of last year and do my walk to Q4 -- I'm sorry, Q4 of 2023 to Q4 2024.

嘿，早安，傑瑞、戴夫、喬伊。也許你能幫助我們今年迄今為止，看起來你已經大大提前了你的計劃，特別是當我想起去年的第三季度並走向第四季度時——對不起，第四季度2023 年至2024 年第4季度。

Maybe just help us think through what are the puts and takes in Q4, as you think about hitting midpoint of your guidance? Are you moving some costs over from 2025 into 2024? Just thinking about how much progress you've made year-to-date versus your firming the point of your guidance range?

當您考慮達到指導的中點時，也許可以幫助我們思考第四季度的看跌期權和賣出期權是什麼？您是否會將一些成本從 2025 年轉移到 2024 年？只是想一想，與您確定指導範圍相比，您今年迄今取得了多少進展？

Yeah. Sure, Durgesh, I'll take that. I'll start by saying you right. It's a good quarter, and we're doing well relative to last year. And the big driver of that is electric, which, as you remember, last year, we had some storms and weather that were impacting us. And next year, we have some additional margins. So, you can see our electric is doing better.

是的。當然，德吉什，我會接受的。我首先要說你是對的。這是一個不錯的季度，與去年相比，我們的表現也不錯。其中的主要動力是電力，正如您所記得的那樣，去年我們遇到了一些風暴和天氣對我們產生了影響。明年，我們還有一些額外的利潤。所以，你可以看到我們的電力做得更好。

Also, like kind of versus expectations, your expectations, trading is doing well, too. We're at $61 million year-to-date versus our guidance of $35 million for the year. So, that does provide some favorability.

此外，就像與預期相比，你的預期，交易也表現良好。今年迄今為止，我們的收入為 6100 萬美元，而今年的指導為 3500 萬美元。所以，這確實提供了一些好處。

I will say, we talked about the timing of taxes. There is timing of taxes at corporate that we know will reverse at the end of the year, and there's some -- a little bit of electric, too. So that comes down.

我想說，我們討論了納稅的時間。我們知道，企業稅收的時間表將在年底逆轉，而且還有一點——還有一點電力。所以這就下來了。

But overall, we are expecting to have a good year. And as you mentioned, we are using that to make -- to position ourselves to make sure we continue to have a good year in 2025 as well. Does that answer your question, Durgesh?

但總體而言，我們預計會有美好的一年。正如您所提到的，我們正在利用這一點來定位自己，以確保我們在 2025 年也能繼續擁有美好的一年。這能回答你的問題嗎，杜爾吉什？

It does. That's helpful. Thank you. Thank you, David. Maybe just a quick follow-up. Can you update us on the performance-based rule-making docket, what are the decisions -- sorry, what are the discussions looking like there? Thank you.

確實如此。這很有幫助。謝謝。謝謝你，大衛。也許只是快速跟進。您能否向我們介紹一下基於績效的規則制定清單的最新情況？謝謝。

Yeah. Durgesh, the -- essentially, the commission has prepared their final straw dog. It includes the seven metrics. We're happy with the metrics. These are metrics that we use to measure ourselves against already. We continue to press for symmetry in how the incentives and disincentives will be applied.

是的。德吉什，本質上，委員會已經準備好了他們的最後一根稻草狗。它包括七個指標。我們對這些指標感到滿意。這些都是我們用來衡量自己的指標。我們繼續敦促激勵和抑制措施的應用保持對稱。

As it stands now, we've provided our remarks, and there's no official end date to this docket, but we know that it will not be incorporated into the existing rate case that's currently underway. So, we await a response from the commission, and we'll continue to work with them on finalizing PBR.

就目前情況而言，我們已經發表了評論，並且該清單沒有正式的結束日期，但我們知道它不會被納入目前正在進行的現有利率案例中。因此，我們等待委員會的答复，並將繼續與他們合作完成 PBR。

That’s helpful. Thank you for the time.

這很有幫助。謝謝你的時間。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning.

嗨，早安。

Good morning. Hey, Jeremy.

早安.嘿，傑里米。

Hi. Just wanted to start with Vantage side, if I could. Just wondering if you might be able to talk a bit more on the RNG custom solutions there. And I guess, maybe a bit more on the carbon capture side as well, I guess, how you see the time line of that progressing?

你好。如果可以的話，我只想從 Vantage 方面開始。只是想知道您是否可以在那裡多談談 RNG 定制解決方案。我想，也許在碳捕獲方面也有更多的內容，我想，您如何看待這項進展的時間軸？

We continue to have a really nice pipeline in all those areas. We have some projects. We mentioned we have an RNG project coming online this year. We have some conversion opportunities there that we continue to work. The custom energy solutions, as supported by the IRA, has given us some good opportunities in that business, too. So, we talked about the Ford project that's coming online, and we see a good pipeline with other industrials throughout as well.

我們在所有這些領域仍然擁有非常好的管道。我們有一些項目。我們提到今年我們有一個 RNG 專案上線。我們在那裡有一些轉換機會，我們將繼續努力。IRA 支援的客製化能源解決方案也為我們在該業務領域提供了一些良好的機會。因此，我們討論了即將上線的福特項目，我們也看到了與其他工業的良好管道。

And then CCS, as we mentioned, those are some smaller projects, just continuing to advance them with some on-site CCS that we'll be doing and hope to be able to update more throughout next year.

然後是 CCS，正如我們所提到的，這些是一些較小的項目，只是繼續透過我們將要做的一些現場 CCS 來推進它們，並希望能夠在明年進行更多更新。

Got it. That's helpful. Thanks. And as you think about potential upside to utility CapEx over time, given some of the items you talked about before. How do you think about portfolio rotation in this segment to help fund some of that, if needed?

知道了。這很有幫助。謝謝。當您考慮隨著時間的推移公用事業資本支出的潛在上升空間時，請考慮您之前討論過的一些項目。您如何看待該細分市場的投資組合輪換，以在需要時為其提供部分資金？

Yeah, we're certainly -- as we see upside in utility capital, we'll continue to manage how much we invest and what earnings we expect from Vantage. So, we do see greater emphasis on utility capital in the future.

是的，我們當然——當我們看到公用事業資本的上升空間時，我們將繼續管理我們的投資金額以及我們對 Vantage 的預期收益。因此，我們確實看到未來更加重視公用事業資本。

Got it. That makes sense. That’s it from me. Thanks.

知道了。這是有道理的。這就是我說的。謝謝。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey good morning. Hope everyone's doing well.

嘿早安。希望每個人都一切順利。

Hey Nick.

嘿尼克。

Hey, how are you? I just wanted to ask, as we kind of think about the roll forward, how are you kind of thinking about your load growth? I know it's kind of been roughly flattish, but we are seeing a lot of peers kind of take up their load ambitions. And then maybe you could also kind of talk about the status of the data center bill and the ability to get that passed this year. Thank you.

嘿，你怎麼樣？我只是想問，當我們考慮前滾時，您如何考慮負載增長？我知道這有點平淡，但我們看到很多同行都在實現他們的負載目標。然後也許您還可以談談資料中心法案的狀況以及今年通過法案的能力。謝謝。

Well, our plan at this point, Nick, forecast is essentially flat demand growth in our five-year plan, and we haven't closed any arrangements with data centers, but we have a lot of interest. And in terms of legislation, what we're seeing and what we did see in the -- before the summer recess is that the sales and use tax, the used tax portion of the bill passed the House.

好吧，尼克，我們目前的計劃是五年計劃中的需求增長基本上持平，而且我們還沒有與數據中心達成任何安排，但我們有很大的興趣。就立法而言，我們所看到的以及我們在夏季休會之前所看到的情況是，銷售和使用稅以及該法案的使用稅部分在眾議院獲得了通過。

As you recall, it's already through the Senate. We're just waiting for the House to finish its work. And we do have some commitment that it will be taken up in the lame duck session here after the election. And the governor has -- continues to indicate that if it gets to a desk, he'll sign it. So we feel pretty good about that. And that's something that the hyperscalers need like the very large data center operators that we're talking to.

你還記得嗎，參議院已經通過了該法案。我們只是在等待眾議院完成工作。我們確實做出了一些承諾，即選舉後將在跛腳鴨會議上討論這個問題。州長已經 - 繼續表示，如果它被提交到辦公桌上，他將簽署。所以我們對此感覺很好。這正是超大規模企業所需要的，就像我們正在談論的超大型資料中心營運商一樣。

The aggregators already have a sales and use tax exemption and we're also talking to them. And so our perspective is that at some point here, we will start to connect data center load. And we do have some capacity to offer. And that will be extremely beneficial to our customers and extremely beneficial to affordability, which will help us drive more affordability into the plan, if you will.

這些聚合商已經獲得了銷售和使用稅豁免，我們也正在與他們交談。因此，我們的觀點是，在某個時刻，我們將開始連接資料中心負載。我們確實有一些能力可以提供。這對我們的客戶非常有利，對可負擔性也非常有利，如果您願意的話，這將幫助我們將更多的可負擔性納入計劃中。

Hey, that's helpful. I appreciate that. And then I guess just to check in on the electric case quickly. Is it still kind of the base case here that you take this the full distance and we shouldn't be expecting a settlement? I just wanted to get a quick update there. And that's it for me. Thanks.

嘿，這很有幫助。我很欣賞這一點。然後我想只是為了快速檢查電箱。這仍然是這裡的基本情況，你採取了全程，我們不應該期待和解嗎？我只是想快速了解最新情況。對我來說就是這樣。謝謝。

Yeah. Staff's position is constructive. It will put some pressure on our near-term capital plans that we'll work through. But just given the sheer number of interveners, I think we're up to intervenors. There's really a low probability of settlement at this point, but we believe we can still get a constructive outcome, and we'll know definitively in January.

是的。工作人員的立場是建設性的。這會給我們即將完成的近期資本計畫帶來一些壓力。但考慮到干預者的絕對數量，我認為我們需要介入者。目前達成和解的可能性確實很低，但我們相信我們仍然可以獲得建設性的結果，一月份我們就會知道結果。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hey good morning. Thanks for taking my questions.

嘿早安。感謝您回答我的問題。

Morning.

早晨。

Morning.

早晨。

Let me see, maybe on the gas rate case side of things, reflecting on the ALJ recommendation in that case, ROE was lower than we would have thought. And just wondering, has there been any change from your perspective in the backdrop in terms of maybe the commission's perspective on gas rates and affordability and returns?

讓我想想，也許在天然氣費率方面，考慮到 ALJ 在這種情況下的建議，淨資產收益率比我們想像的要低。只是想知道，在委員會對天然氣費率、負擔能力和回報的看法方面，您的觀點是否有任何變化？

Yeah, if you look at the staff position after the ALJ's testimony, their exceptions were right in line with their initial testimony, so we feel -- and which was constructive. So we feel really good about where we stand with the gas rate case. We will know definitively in the next couple of weeks.

是的，如果你看看行政法官作證後的工作人員立場，你會發現他們的例外情況與他們最初的證詞相符，所以我們認為——這是建設性的。因此，我們對天然氣費率案例的立場感到非常滿意。我們將在接下來的幾週內確切知道。

I think we mentioned before that this was a new ALJ. And in the electric rate case, there is no ALJ. So, David, we'll know in about two weeks where we stand, and staff was very supportive of all of the capital that we have in the gas rate case as well.

我想我們之前提到過這是一位新的 ALJ。在電費情況下，沒有 ALJ。所以，大衛，大約兩週後我們就會知道我們的情況，工作人員也非常支持我們在天然氣費率案例中擁有的所有資本。

Yeah. Got you. Absolutely. That makes sense. Thanks. And then maybe just on voluntary renewables. How has the momentum been in that program? Where could you see that going maybe from the 2,500 megawatts that you have currently subscribed?

是的。明白你了。絕對地。這是有道理的。謝謝。然後也許只是自願再生能源。該計劃的勢頭如何？從您目前訂購的 2,500 兆瓦來看，您可以從哪裡看出這一點？

We'll update that at the year-end call, but certainly, it will be higher than 2,500 megawatts. I always say that I can't seem to put a high enough target on that team. They've always exceed expectations. So, we had 2,500 megawatts forecasted for the next four years. And that order book has been full -- filled, I should say. And we still see significant opportunity, so more to come on that.

我們將在年底電話會議上更新這一數字，但肯定會高於 2,500 兆瓦。我總是說我似乎無法為該團隊設定足夠高的目標。他們總是超出預期。因此，我們預計未來四年發電量將達到 2,500 兆瓦。我應該說，訂單簿已經滿了。我們仍然看到了巨大的機會，因此將有更多機會。

Okay, great. Sounds good. We'll wait for that in 4Q. Appreciate it. Thanks so much.

好的，太好了。聽起來不錯。我們將在第四季等待。欣賞它。非常感謝。

Julien Smith, Jefferies.

朱利安史密斯，傑弗里斯。

Excellent. Hey, good morning team. Thank you, guys, very much.

出色的。嘿，早上好，團隊。非常感謝你們，夥伴們。

Morning.

早晨。

Maybe following up on Nick's question super quickly here. Just in terms of implications here, I mean how much of an inflection do you think the sense with the lame duck success here on the use tax -- sales use tax is successful here, would you expect? Or is that more of a longer-dated opportunity?

也許在這裡可以快速跟進尼克的問題。就這裡的含義而言，我的意思是，您認為跛腳鴨在使用稅方面取得成功的意義有多大——銷售使用稅在這裡是成功的，您認為嗎？或者這更像是一個長期的機會？

I mean, just to go back to what you said a second ago, Jerry, you have obviously near-term capacity availability here. Just want to understand the timing and the progress you're having in those conversations in parallel?

我的意思是，回到你剛才所說的，傑瑞，你這裡顯然有近期可用的產能。只是想了解您在這些對話中同時進行的時間安排和進展嗎？

Sure. So, available capacity, as I mentioned in the past, is less than 1,000 megawatts, so it's in the hundreds of megawatts. And we would look to secure that in the near term, near term being over the next 12 months and that -- some of that will be independent of sales and use tax exemption passing and somewhat with the large hyperscalers will need that sales and use tax exemption, which we expect to be dealt with this fall.

當然。因此，正如我過去提到的，可用容量不到 1,000 兆瓦，因此約為數百兆瓦。我們希望確保在短期內，近期是在未來 12 個月內，其中一些將獨立於銷售和使用稅豁免的通過，而在某種程度上，大型超大規模企業將需要銷售和使用稅我們預計該豁免將在今年秋天解決。

And by the way, that was all very bipartisan, which is also encouraging that, that bill passes Senate in a bipartisan way and half the bill passed in a high bipartisan way as well. So, we expect the other half of this bill in the House to move along before the end of the year. But yeah, we expect the hundreds of megawatts to be placed, what I would say, in the relatively near term.

順便說一句，這一切都非常兩黨一致，這也令人鼓舞，該法案以兩黨一致的方式在參議院獲得通過，一半的法案也以高度兩黨一致的方式通過。因此，我們預計眾議院將在今年年底前通過該法案的另一半。但是，是的，我們預計在相對近期內將部署數百兆瓦的電力。

Excellent. Thank you. And then maybe pivoting to the IRM here, I mean it's a pretty meaningful chunk of the overall ask here if you think about it. How do you think about the cadence of rate cases tend to wish that you don't get the full infrastructure recovery ask here? How do you think about that?

出色的。謝謝。然後也許在這裡轉向 IRM，我的意思是，如果您考慮一下的話，這是這裡總體要求中非常有意義的一部分。您如何看待速率案例的節奏，傾向於希望您不要在這裡詢問基礎設施的全面恢復？您對此有何看法？

I mean, obviously, there's a clear ask in the last hand given the audit report and the pressure to improve metrics here. I mean just -- I know it's a little bit of a rock and hard place, but how do you think about that conversation and the potential for serial cases here?

我的意思是，顯然，考慮到審計報告和改進指標的壓力，最後一手有一個明確的要求。我的意思是——我知道這有點困難，但你如何看待這次談話以及這裡發生連續案件的可能性？

Well, I think it's staff testimony. They essentially help to the current levels. For the IRM, I think going forward, they were relying -- they will rely on the audit results, which we have already said are positive and support our capital plan.

嗯，我認為這是工作人員的證詞。它們基本上有助於達到當前水平。對於 IRM，我認為展望未來，他們將依賴審計結果，我們已經說過這​​些結果是積極的並支持我們的資本計劃。

I think we would have to grow the IRM to significant levels. It would have to be, call it, $1 billion before we would even be able to stay out of a rate case for a period of time. That's what we are campaigning for, and I think the audit results kind of help us make the case that an IRM would be helpful for us and helpful for customers.

我認為我們必須將 IRM 提高到顯著水準。至少需要 10 億美元，我們才能在一段時間內不參與利率調整。這就是我們所倡導的目標，我認為審計結果可以幫助我們證明 IRM 對我們和客戶都有幫助。

Yeah. And I think, Julien, we may see probably not significant movement in this rate case, but we're getting signals that as this audit lands and gets sort of adopted and finalized in our planning process, along with the commission's understanding of how we should move forward, we do see a willingness to grow the IRM so that we can reduce the frequency of rate cases.

是的。我認為，朱利安，在這個費率案例中，我們可能不會看到重大變化，但我們收到的信號表明，隨著這次審計的落地並在我們的規劃過程中得到採用和最終確定，以及委員會對我們應該如何進行的理解展望未來，我們確實看到了增加 IRM 的意願，以便我們可以減少利率案例的頻率。

So, I think it will take, like we mentioned, this past year, it will take several more rate cases before we get to a level where we could put some time between these rate cases, which I think everybody wants.

因此，我認為，就像我們提到的，去年，我們還需要幾個利率案例，才能達到可以在這些利率案例之間留出一些時間的水平，我認為這是每個人都希望的。

Yeah, indeed. And it's good to hear that you've got some line of sight and conversations there. All right. Excellent. Thank you very much. We'll see you soon.

是的，確實如此。很高興聽到您在那裡有一定的視線和對話。好的。出色的。非常感謝。我們很快就會見到你。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究中心。

Hey everyone. Good morning.

嘿大家。早安.

Morning.

早晨。

Hey, just picking up on that last question in terms of rate case cadence and obviously, you made the decision to hold off on the long-term refresh with two cases pending. I guess how should we think about that going forward since you're going to continually be in rate cases? Or will you ultimately get back to your prior time line of Q3? Is it going to shift to more Q4 going forward? Or is this kind of a moving target depending on cases being pending at any given time?

嘿，剛剛回答了最後一個關於案件頻率的問題，顯然，您決定推遲長期刷新，有兩個案件懸而未決。我想我們應該如何考慮未來的情況，因為您將繼續處於利率案件中？或者您最終會回到之前的第三季時間表嗎？未來會轉向更多的第四季嗎？或者這種目標會根據特定時間待決案件而改變？

Hey Michael, it's David. I think we'll see how things play out in the future and kind of decide on that going forward. We do know that we're going to have to keep going in for rate cases. But we remain confident we're going to get the capital investment that we need from these rate cases to support our growth going forward, too. But we'll continue -- we'll update that as we go forward.

嘿邁克爾，我是大衛。我想我們會看看未來事情會如何發展，然後再做決定。我們確實知道我們將不得不繼續處理利率案件。但我們仍然相信，我們將從這些利率案例中獲得所需的資本投資，以支持我們未來的成長。但我們會繼續——我們會在前進的過程中更新這一點。

Okay. And then just shifting over to the year-to-date strength in the trading, Dave, I think you mentioned you already have the full year guide. Is there some reversal that you're expecting in Q4? Or is that strength going to continue? And maybe just looking out into next year, what are you seeing for that segment?

好的。然後轉向今年迄今為止的交易強度，戴夫，我想你提到你已經有了全年指南。您預計第四季會出現一些逆轉嗎？或者說這種力量會持續下去嗎？也許只是展望明年，您對該細分市場有何看法？

Yeah, you're right. We are off to a really good start this year. Like I said, we're at $61 million versus our guidance of $35 million. And I will say this performance is based on contracted and hedge positions in our physical gas portfolio and our gas portfolio. So, we don't see a big reversal coming in the fourth quarter or anything that should change that dramatically.

是的，你是對的。今年我們有了一個非常好的開始。就像我說的，我們的目標是 6100 萬美元，而我們的指導則是 3500 萬美元。我想說的是，這種表現是基於我們的實體天然氣投資組合和天然氣投資組合中的合約和對沖部位。因此，我們認為第四季不會出現大逆轉，也不會發生任何會發生巨大變化的事情。

We look forward, we'll -- again, as we've said a few times on this call, we'll update a lot on the fourth quarter call and give you some better looks. But when we look at some of these power contracts, they are three-year contracts that we've done through this FRS and they have higher margins than we had seen before. So, we do see some reason for optimism in this business going forward, too.

我們期待著，正如我們在這次電話會議上多次說過的那樣，我們將在第四季度的電話會議上更新很多內容，並為您提供更好的外觀。但當我們查看其中一些電力合約時，我們發現它們是我們透過此 FRS 簽訂的三年合約，並且它們的利潤率比我們以前看到的要高。因此，我們確實也看到了對這項業務前景持樂觀態度的一些理由。

Okay, great. And then last one, just quickly, I think someone did mention just trying to think about the drivers upcoming for Q4. So, if trading is going to remain strong or at least there's no reversal coming. Can you just remind us in terms of the kind of one-time cost cutting that you did a year ago whether any of that showed up in Q4 and would be potentially reversing this year?

好的，太好了。最後一個，很快，我想有人確實提到了只是想想想第四季度即將到來的車手。因此，如果交易將保持強勁，或至少不會出現逆轉。您能否提醒我們一年前進行的一次性成本削減是否在第四季度出現並可能在今年扭轉？

Yeah. We did -- if you remember, last year, we were no holds barred on our O&M. And so some of those costs have come back into this year relative to last year. If you take away the storm costs we had last year, some of that does come in.

是的。我們做到了——如果你還記得的話，去年我們的營運和維護沒有受到任何限制。因此，與去年相比，其中一些成本今年又回來了。如果你去掉去年的風暴成本，其中一些確實會增加。

And then I will say gas has been faced with some tough weather this year. You'll see in the appendix that it's almost $50 million of weather. We made up some of that. But we're working that to try to -- but it will be challenging to have that within the range, too.

然後我要說的是，今年天然氣面臨一些惡劣的天氣。您將在附錄中看到，天氣的成本幾乎為 5000 萬美元。我們編造了其中一些。但我們正在努力做到這一點——但將其控制在範圍內也將具有挑戰性。

So, that will play in the fourth quarter. But again, we're seeing a strong year this year and expect it to be a good year and find ways that we can continue to support 2025 through that, too.

那麼，這將在第四季度進行。但今年我們再次看到了強勁的一年，並期望這將是美好的一年，並找到我們可以繼續支持 2025 年的方法。

Great. Thanks a lot Dave.

偉大的。非常感謝戴夫。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Great. Thanks. When I look at the 45, the tax credits that are expected next year, would you expect that, that would put your nonregulated business contribution above your targeted range at least over the course of the next several years?

偉大的。謝謝。當我看到明年預計的 45 稅收抵免時，您是否認為至少在未來幾年內，您的非監管業務貢獻會高於您的目標範圍？

Yeah, I'll probably go back to that same answer I've given a couple of times. But when we do give our update on the fourth quarter, we'll go into all this. These 45Zs, which are tax credit, production tax credit for our RNG business, they are a favorable thing that will come into 2025 through 2027.

是的，我可能會回到我已經給出過幾次的相同答案。但當我們確實提供第四季度的最新情況時，我們將詳細討論這一切。這些 45Z 是我們 RNG 業務的稅收抵免、生產稅收抵免，它們是 2025 年到 2027 年的有利因素。

I will say when we gave our 2028 growth that we knew that wasn't going to be in there, and we were still cutting our six to eight -- but it's favorable to give us better confidence and some flexibility and hitting the earnings over those few years, hitting our EPS growth over those few years, and we will give more updates on that on the fourth quarter call as well, Paul.

我想說的是，當我們給出2028 年的增長時，我們知道這不會出現在其中，而且我們仍在削減6 到8 個增長- 但這有利於我們獲得更好的信心和一定的靈活性，並實現超過這些增長的收益幾年來，這幾年我們的每股收益增長，我們也將在第四季度的電話會議上提供更多更新，保羅。

And I mean in terms of those percentage targets, I mean, would you be willing to sort of allow that to be higher than the targeted range because of the temporary nature of the 45Z contributions?

我的意思是，就這些百分比目標而言，由於 45Z 捐款的臨時性質，您是否願意允許該百分比高於目標範圍？

Yeah, we will update on all that on the fourth quarter call. We're trying not to give guidance piecemeal through the year and try to give it all at once when we give our full year guidance across all of our businesses. So, we'll update that fully on the fourth quarter call.

是的，我們將在第四季的電話會議上更新所有內容。我們盡量不要在全年中零碎地提供指導，而是在我們對所有業務提供全年指導時嘗試一次性提供全部指導。因此，我們將在第四季度的電話會議上全面更新這一點。

Great. And I guess my last question is, if you did the same type of number you did in the fourth quarter, it would put you way above sort of your guidance range. So, should we at least should we at least assume that right now you're tracking at least towards the higher end of your guidance range for this year?

偉大的。我想我的最後一個問題是，如果你做了與第四季度相同類型的數字，這將使你遠遠高於你的指導範圍。那麼，我們至少應該假設現在您至少正在朝著今年指導範圍的高端進行追蹤嗎？

We expect to come in within our guidance range. We are also looking to support 2025 how we can. And again, there's some timing effect issues -- not issues, but timing of taxes will reverse in corporate, a little bit in electric that will kind of bring us within those ranges as well.

我們預計將在我們的指導範圍內。我們也希望盡我們所能支持 2025 年。再說一遍，存在一些時間效應問題——不是問題，但企業的稅收時間將會逆轉，電力產業也會有一些逆轉，這也會讓我們進入這些範圍。

Great. Thank you very much.

偉大的。非常感謝。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Hi, good morning. Just a couple of questions on the year-end numbers here, too. Can you quantify the impact of the tax timing items?

嗨，早安。這裡還有幾個關於年終數字的問題。您能量化納稅時間項目的影響嗎？

Yeah, there's a little bit at electric and corporate. And together, they are about $40 million.

是的，有一些電力和企業方面的內容。加起來，它們的價值約為 4000 萬美元。

Okay. And then on Vantage, year-to-date, that $55 million, it looks like there's implying about an $80 million step-up in Q4. Is that still on track?

好的。然後，在 Vantage 上，今年迄今的 5,500 萬美元，看起來意味著第四季將增加 8,000 萬美元。那還在軌道上嗎？

Yes, yes, that's still on track.

是的，是的，一切仍在軌道上。

Okay. So, the development of those projects going into service and so forth, there's no issues there?

好的。那麼，那些專案的開發、投入使用等等，沒有問題嗎？

No, the big one going in is the Ford one that Jerry was talking about in the call, where we're doing the central energy plant for the Blue City project at Ford and their Tennessee facility. And there's -- some of that already is in service, and there's three large systems that will come into service within the fourth quarter that will drive both the income and the associated investment tax credits in the quarter.

不，最重要的是傑瑞在電話中談到的福特工廠，我們正在為福特的藍色城市計畫及其田納西州工廠建造中央能源工廠。其中一些已經投入使用，三個大型系統將在第四季度內投入使用，這將推動本季的收入和相關投資稅收抵免。

Okay. And then on the potential for increase in large load, I mean, is there any kind of sensitivity you can provide if we think about if you're assuming relatively flat, but the potential for upside on that, it's the legislation comes through or additional economic development starts to materialize. Is there a sensitivity we can think about for large C&I from an earnings perspective?

好的。然後，關於大負載增加的潛力，我的意思是，如果我們考慮您是否假設相對平坦，那麼您是否可以提供任何類型的敏感性，但在這方面有潛在的上升空間，這是立法的通過或額外的經濟發展開始顯現。我們是否可以從獲利角度考慮大型工商業的敏感度？

Well, I think what we'll do is we'll use the incremental margin to support our affordability initiatives. I think there will be an opportunity as we land this load to accelerate our capital plans without putting bill pressure on our customers. So, I think that's how we will use the incremental margin.

嗯，我認為我們要做的是利用增量利潤來支持我們的負擔能力計劃。我認為，當我們承擔這項負擔時，將有機會加快我們的資本計劃，而不會給我們的客戶帶來帳單壓力。所以，我認為這就是我們使用增量保證金的方式。

We're probably not in a position to size it yet because it's very early in the contract discussions with some of the potential data centers that they're looking to locate here in Michigan, but that's how it would be deployed. It will be deployed as an affordability play, and in turn, that would create headroom for us to invest against.

我們可能還無法確定它的規模，因為與他們希望在密西根州建立的一些潛在資料中心的合約討論還處於早期階段，但這就是它的部署方式。它將被部署為可承受性的遊戲，反過來，這將為我們的投資創造空間。

We've got a massive backlog in our distribution business. We are looking to invest $9 billion over the next five years, but we could easily accelerate that. And that type of margin attachment could enable that acceleration without creating bill pressure off.

我們的分銷業務積壓了大量訂單。我們計劃在未來五年內投資 90 億美元，但我們可以輕鬆加速這一進程。這種類型的保證金附加可以在不產生帳單壓力的情況下實現加速。

Okay. And then lastly, I mean, do you have an existing tariff structure place that you think is adequate? Or would that need to be reviewed in context of additional large loads?

好的。最後，我的意思是，您認為現有的關稅結構是否足夠？或者是否需要在額外的大負載情況下進行審查？

So, for the existing capacity, we've got an existing tariff that we think will work quite well. For the long-dated capacity additions that could come from this opportunity, we would have to design a tailored tariff that would look at ensuring that we brought in enough margin and also for a long enough term that we wouldn't create any type of stranded asset situation for existing customers.

因此，對於現有的容量，我們已經制定了一個我們認為效果很好的現有關稅。對於這個機會可能帶來的長期產能增加，我們必須設計一個量身定制的關稅，以確保我們帶來足夠的利潤，並且在足夠長的時間內，我們不會造成任何類型的擱淺現有客戶的資產狀況。

Okay, great. That’s it from me. Thank you.

好的，太好了。這就是我說的。謝謝。

Sophie Karp, KeyBanc.

索菲·卡普，KeyBanc。

Hi, good morning. Thank you for taking my question.

嗨，早安。感謝您回答我的問題。

Morning.

早晨。

A lot of my questions have been answered. I just wanted to ask you on the potential five year's capital that's going to come from incorporating the results of the storm audit into your future capital plan. And I think when we read the report, right, one of the concerns that the consultants had in that case was the ambitiousness of your goals, if you will, right, and the potential impact on customer bills.

我的許多問題都得到了解答。我只是想問您，將風暴審計結果納入您未來的資本計劃後，可能會產生五年的潛在資本。我認為，當我們閱讀這份報告時，顧問在這種情況下所關心的問題之一是您的目標是否雄心勃勃（如果您願意的話），以及對客戶帳單的潛在影響。

And I was wondering if you see any need for sort of other mechanisms offsetting this potential increases, right, to moderate those customer bill increases? Maybe it's a storm securitization costs that's needed or something else that you might need to kind of go ahead with that plan and keep the customer rate growth sort of slow. Or do you think you can accomplish that within the existing rate structure? thank you.

我想知道您是否認為需要其他機制來抵消這種潛在的成長，對吧，以緩和這些客戶帳單的成長？也許這是需要的風暴證券化成本，或者您可能需要繼續執行該計劃並保持客戶率增長緩慢的其他費用。或者您認為您可以在現有的費率結構內實現這一目標嗎？謝謝。

So, I would say that our five-year capital plan anticipates the capital that we need to achieve this ambitious plan of reducing the frequency by 30% and the duration by 50%.

因此，我想說，我們的五年資本計劃預計了我們需要的資本來實現這一雄心勃勃的計劃，即減少 30% 的頻率和 50% 的持續時間。

Obviously, the audit didn't really get deep into how our affordability plans and our financials will work through all of this. It was more of a physical condition audit and recommendations. And interestingly enough, if you -- on the face value, the audit would put pressure to increase the capital overall into our distribution business.

顯然，審計並沒有真正深入了解我們的負擔能力計劃和我們的財務狀況將如何應對這一切。這更多的是對身體狀況的審核和建議。有趣的是，如果從表面上看，審計將施加壓力，要求我們增加分銷業務的整體資本。

But -- so we feel very confident in achieving our affordability goals. And as Joi pointed out, like on Page 13 of our presentation, you'll see that we've had -- even though we've invested over $6 billion over the last five years, we've managed our costs and managed our fuel portfolio, and also the renewable assets are putting downward pressure on bills, and we're extraordinary in how we're performing in that regard. So, we continue to we remain confident that we can continue to deliver that extraordinary performance on affordability.

但是——所以我們對實現我們的負擔能力目標非常有信心。正如 Joi 指出的那樣，就像我們演示文稿第 13 頁上的那樣，您會看到，儘管我們在過去五年中投資了超過 60 億美元，但我們已經管理了成本並管理了燃料投資組合以及可再生資產正在給帳單帶來下行壓力，而我們在這方面的表現非常出色。因此，我們仍然有信心能夠繼續在負擔能力方面取得非凡的表現。

Okay. So, no need for any new structural new mechanisms in your view right now?

好的。那麼，您認為目前不需要任何新的結構性新機制嗎？

We don't anticipate any at this point in time.

我們目前預計不會有任何情況。

Okay. And then maybe if I can ask you on Vantage, right? I don't know if that's -- are there opportunities in that business to take advantage of the kind of growth in the large load of customers. I'm not sure if that's kind of like the right fit for that business. But are you seeing any potential strategic opportunities there?

好的。然後也許我可以在 Vantage 上問你，對嗎？我不知道該業務是否有機會利用大量客戶的成長。我不確定這是否適合該業務。但您是否看到其中存在任何潛在的策略機會？

We are having those conversations. I mean if you think about the business line that -- in the custom energy solutions business line, where we provide cogeneration assets, generation assets as well as other, what I would call, central plant energy services like air and water and cooling and heating, there are opportunities for that. And we're having those conversations with potential data center customers.

我們正在進行這些對話。我的意思是，如果你考慮一下業務線——在定制能源解決方案業務線中，我們提供熱電聯產資產、發電資產以及其他我所說的中央工廠能源服務，如空氣和水以及冷卻和供暖，有這樣的機會。我們正在與潛在的資料中心客戶進行這些對話。

Terrific. Thank you.

了不起。謝謝。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning, everyone. Thank you.

大家早安。謝謝。

Morning.

早晨。

Just to wrap-up a couple of things. On the audit, after you file your the response, what do you see as the pathway for this? Is this something that closes? Or is this something that is going to perhaps last long, maybe even come up with some metrics you have to meet over years? What's your view on the pathway there?

只是為了總結一些事情。在審核中，在您提交回覆後，您認為實現這一目標的途徑是什麼？這是關閉的東西嗎？或者這種情況可能會持續很長時間，甚至可能會提出一些你多年來必須滿足的指標？您對那裡的道路有何看法？

Yeah, we'll file our responses in mid-November, and we are continuing to have conversations with the staff on the findings and looking at how we incorporate the findings into our plans. There really is no formal end to the process. I think the docket essentially closes with everyone providing their comments.

是的，我們將在 11 月中旬提交回复，我們將繼續與工作人員就調查結果進行對話，並研究如何將調查結果納入我們的計劃。這個過程其實並沒有正式結束。我認為，當每個人都提出自己的意見時，案卷基本上就結束了。

And then on a go-forward basis, anything that results of either discussions with staff, I would anticipate, will be incorporated in future regulatory proceedings.

然後，在未來的基礎上，我預計，與員工討論的任何結果都將納入未來的監管程序中。

And the vehicle for that with the staff that works really well for us is the distribution grid plan, which gets updated. And as Joi mentioned, I mean, we're meeting multiple times a week right now with staff to digest to the audit and start kind of building it into our distribution grid plan, which will be a really, really good process supported by the independent audit to formulate and sort of secure our investments for the future, make them more secure in terms of predictability.

對我們來說非常有效的工作人員的工具是不斷更新的配電網計劃。正如Joi 所提到的，我的意思是，我們現在每週與員工開會多次，以消化審計內容，並開始將其納入我們的配電網計劃中，這將是一個由獨立機構支持的非常非常好的流程。

So, we're excited about the work and the level of engagement and effort that staff and our team is putting into fine-tuning the plan if well to achieve the goals and also address some of the opportunities that the audit pointed out.

因此，我們對工作人員和我們的團隊在微調計劃（如果能很好地實現目標）以及解決審計指出的一些機會方面所投入的工作、參與程度和努力感到興奮。

Yeah, really collaborative process.

是的，真正的協作過程。

High-quality products. Yeah.

高品質的產品。是的。

And would you say just kind of on that whole idea of performance-based rates, bringing in that docket, is that something the metrics you're talking about that could be an outcome of the audit kind of tying those together?

您是否會說，關於基於績效的費率的整個想法，引入該摘要，您所談論的指標是否可能是將這些指標聯繫在一起的審計結果？

Well, there's no pre-specification in this docket to address performance-based rates, and that was not in scope. But as you've heard already from Joi, there is a separate docket that deals with performance-based rates that will not be incorporated in this rate case, but there could be some potential that it gets incorporated in the next rate case.

嗯，這個清單中沒有預先規範來解決基於績效的費率，這不在範圍之內。但正如您從 Joi 那裡聽到的那樣，有一個單獨的案卷涉及基於績效的費率，該費率不會納入本費率案例中，但有可能會納入下一個費率案例中。

And we feel really good about the metrics in there and we're striving for a little more symmetry. The amount that's in there is also reasonable. So, it feels like it's moving in the right direction. It really does go to the heart of what we should be delivering for our customers, and I think it's going to be supported by investment.

我們對其中的指標感覺非常好，我們正在努力實現更多的對稱性。裡面的金額也很合理。所以，感覺它正在朝著正確的方向前進。它確實涉及我們應該為客戶提供的服務的核心，我認為這將得到投資的支持。

So, we feel like PVR will be highly supported by the investments that we're making. So, we're comfortable with the direction it's sitting in.

因此，我們認為 PVR 將得到我們正在進行的投資的大力支持。所以，我們對它所處的方向感到滿意。

Okay, great. And then real quick, any supply chain issues seen in the renewable energy growth that you got?

好的，太好了。然後很快，您在再生能源成長中發現了任何供應鏈問題嗎？

We're lined up pretty good for the next three years in terms of solar panels, and we've got that nailed down. So, we don't see any issues. Our battery plant project is well underway and those systems are being fabricated as we speak. So, we feel like we've got a good runway there from a supply chain perspective.

我們在未來三年的太陽能板方面已經做好了準備，而且我們已經確定了這一點。所以，我們沒有看到任何問題。我們的電池廠專案正在順利進行，正如我們所說，這些系統正在製造中。因此，我們覺得從供應鏈的角度來看，我們已經擁有了一條好的跑道。

Okay, perfect. That’s all I got. Thanks.

好的，完美。這就是我所得到的一切。謝謝。

Thank you.

謝謝。

We have no further questions. I would like to turn the call back over to Jerry Norcia for closing remarks.

我們沒有其他問題了。我想將電話轉回給傑瑞諾西亞（Jerry Norcia），讓其致閉幕詞。

Well, thank you, everyone, for joining us today. I'll just close by saying we're feeling really good about 2024 as well as our position for future years. We look forward to seeing you at EEI in a few weeks and have a great morning. Stay healthy and safe.

好的，謝謝大家今天加入我們。最後我要說的是，我們對 2024 年以及未來幾年的狀況感覺非常好。我們期待幾週後在 EEI 見到您，祝您度過一個美好的早晨。保持健康和安全。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。