密歇根天然氣 (DTE) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the DTE Energy's Q4 2024 earnings conference call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DTE Energy 2024 年第四季財報電話會議。（操作員指令）

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

現在，我想將電話轉給投資者關係總監 Matt Krupinski。請繼續。

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，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，其中包括對前瞻性陳述的引用。我們的報告還提到了營業利潤，這是一種非公認會計準則 (GAAP) 財務指標。請參閱附錄中提供的 GAAP 收益與營業收益的對帳表。

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

今天早上與我們一起的有董事長兼首席執行官 Jerry Norcia； Joi Harris，總裁兼首席營運官；以及執行副總裁兼首席財務官戴夫·魯德（Dave Ruud）。現在我將把時間交給傑瑞，開始我們今天早上的電話會議。

Thanks, Matt. Good morning, everyone, and thanks for joining us. We have a lot of positive updates to share with you today, including a recap of a very successful year in 2024, which has positioned us well for strong performance in 2025. We will also provide an overview of our long-term plan that includes significant utility investment increases that we need to execute for our customers as we continue to build the grid of the future and transition to cleaner generation. This plan also demonstrates our ongoing commitment to affordability for our customers.

謝謝，馬特。大家早安，感謝大家的收看。今天，我們有很多積極的消息要與大家分享，包括對 2024 年非常成功的一年的回顧，這為我們在 2025 年取得強勁表現奠定了基礎。我們還將概述我們的長期計劃，其中包括我們在繼續建造未來電網和向更清潔的發電過渡的過程中需要為客戶實施的重大公用事業投資增加。該計劃還體現了我們持續致力於為客戶提供可負擔價格的承諾。

Continuing our 6% to 8% operating EPS growth target through 2029 with biased to at least the upper end of the growth rate 2025 through 2027. Joi will provide additional details on our long-term plan, and Dave will provide updates on our financials, including our 2024 performance and guidance for 2025 and then we will open it up for your questions.

到 2029 年，我們將繼續實現 6% 至 8% 的每股盈餘營運成長目標，並在 2025 年至 2027 年期間至少達到成長率的上限。Joi 將提供有關我們長期計劃的更多詳細信息，Dave 將提供有關我們的財務狀況的最新信息，包括我們 2024 年的業績和 2025 年的指引，然後我們將回答您的問題。

Let me start on slide 4. I'll start by saying again that we had a very successful year in 2024. And this success is driven by a team that consistently delivers as a result of our strong culture. Last year, we were recognized by the Gallup organization for the 12th consecutive year with a great workplace award. And our employee engagement ranks in a 94th percentile globally amongst thousands of organizations. As I've said before, our high level of employee engagement is our secret sauce for continued success.

我從第 4 張投影片開始。首先我想再次強調，2024 年是我們非常成功的一年。這項成功是由我們強大的文化所鑄就的一支始終如一的團隊所推動的。去年，我們連續第 12 年榮獲蓋洛普組織頒發的最佳工作場所獎。在全球數千家企業中，我們的員工敬業度排名位居 94 位。正如我之前所說，高水準的員工敬業度是我們持續成功的秘訣。

We achieved operating EPS of $6.83 per share, delivering at the high end of our guidance and providing over 9% growth over the 2023 original guidance midpoint, and we received a constructive rate order at DTE Electric last month. This all positions us well for another successful year in 2025.

我們實現了每股 6.83 美元的營業每股收益，達到了我們預期的高位，並比 2023 年原始預期中位數增長了 9% 以上，上個月我們收到了 DTE Electric 的建設性利率訂單。這一切都為我們在 2025 年再次取得成功奠定了基礎。

Our 2025 operating EPS guidance range is $7.09 to $7.23 with a midpoint of $7.16 per share, which provides 7% growth over the 2024 original guidance midpoint and will be the reference point for our long-term growth and we are currently positioned to achieve the higher end of our EPS guidance range this year.

我們對 2025 年每股收益的預期範圍為 7.09 美元至 7.23 美元，中間值為每股 7.16 美元，這比 2024 年原始預期中位數增長 7%，並將成為我們長期增長的參考點，我們目前預計在今年實現每股收益預期範圍的高端。

As we have said, the 45Z tax credits give us additional strength in our plan, providing confidence we will reach the higher end of our growth rate '25 through '27, and provide flexibility to exceed the high end or support future years.

正如我們所說，45Z 稅收抵免為我們的計劃提供了額外的力量，使我們有信心在 2025 年至 2027 年達到增長率的較高水平，並提供了超越高端或支持未來幾年的靈活性。

And today, I'm really excited to talk to you about our updated five-year plan. Our plan is supported by a significant investment of $30 billion over the next five years, a $5 billion-increase from our previous plan, primarily driven by the investments we need to make to improve reliability and transition cleaner generation at our utilities.

今天，我很高興和大家談論我們更新的五年計劃。我們的計劃得到了未來五年 300 億美元的巨額投資的支持，比我們之前的計劃增加了 50 億美元，這主要是為了提高我們公用事業的可靠性和轉型更清潔的發電方式而進行的投資。

Additionally, we have the potential for incremental investment above this $30 billion as we continue to make progress working on data center opportunities. We will update you as we progress towards definitive agreements.

此外，隨著我們在資料中心領域不斷取得進展，我們有可能在這 300 億美元以上進行增量投資。隨著我們逐步達成最終協議，我們將向你們通報最新進展。

This $5 billion increase is a significant increase to our capital plan and is driven by the need to build out renewables to meet the increased demand from the success of our MIGreen Power voluntary renewable program and to support Michigan's Clean Energy legislation, as well as the need to continue to invest to improve reliability for our customers as we continue our efforts to update and modernize our electric grid.

這 50 億美元的成長是對我們的資本計畫的重大增加，其驅動因素是需要建立再生能源以滿足我們 MIGreen Power 自願再生能源計畫成功帶來的需求成長並支持密西根州的清潔能源立法，以及需要繼續投資以提高我們客戶的可靠性，同時我們將繼續努力更新和現代化我們的電網。

And with this heavy customer-focused investment on our utilities that we have been contemplating since 2023 due to the IRP settlement and the clean energy legislation that passed in 2023, we are strategically shifting the focus of our DTE Vantage investments to projects that are more utility-like and deliver solid long-term contracted earnings.

由於 IRP 協議和 2023 年通過的清潔能源立法，我們自 2023 年以來一直在考慮對公用事業進行大量以客戶為中心的投資，我們正在策略性地將 DTE Vantage 投資的重點轉移到更像公用事業並能帶來穩定長期合約收益的項目上。

I'll go over our plan more on the next slide. But what I'll tell you that altogether, this plan delivers even higher quality, long-term 6% to 8% operating EPS growth with the 2025 guidance midpoint as the base for this growth and provides flexibility and potential upside throughout the plan.

我將在下一張投影片中進一步介紹我們的計劃。但我要告訴你的是，總的來說，該計劃提供了更高品質的長期 6% 至 8% 的每股收益增長，以 2025 年指導中點作為這一增長的基礎，並在整個計劃中提供了靈活性和潛在的上升空間。

DTE continues to be well positioned to deliver the premium total shareholder return that our investors have come to expect with a strong balance sheet that supports our future capital investment plan and a solid dividend that grows consistent with operating EPS.

DTE 繼續處於有利地位，能夠提供投資者所期望的優質總股東回報，其強勁的資產負債表可以支持我們未來的資本投資計劃，而穩健的股息則與經營每股收益一致增長。

Now let's turn to slide 5 to provide an overview of our updated long-term plan. Let me start by highlighting some of the opportunities that we have in front of us that have led to this plan. We've seen increased requirements for renewable generation investments above what was presented in our previous plan. This increase is driven by the continued success of our voluntary renewables program and our 2023 IRP settlement, which was supported by Michigan's Clean Energy legislation also enacted in 2023.

現在讓我們翻到第 5 張投影片來概述我們更新的長期計畫。首先，我想強調一下我們面臨的一些促成這項計畫的機會。我們看到再生能源發電投資的要求已經超過了我們先前計劃中提出的要求。這一增長得益於我們自願可再生能源計劃和 2023 年 IRP 協議的持續成功，該協議也得到了同樣於 2023 年頒布的密西根州清潔能源立法的支持。

Together, this drives a significant need for increased investment in our voluntary and legislated renewable programs requiring over $3 billion of incremental clean energy investment from our prior plan and we are well positioned to execute these renewable investments, with a solid long-term development pipeline in place, providing clear line of sight on panels, land positions, and permitting, and we've also been able to Safe Harbor investment tax credits for these investments through 2027.

總的來說，這推動了對我們自願和立法可再生能源計劃增加投資的巨大需求，這些計劃需要從我們之前的計劃中增加超過 30 億美元的清潔能源投資，並且我們已做好準備執行這些可再生能源投資，並建立了穩固的長期發展渠道，在面板、土地位置和許可方面提供清晰的視線，我們還能夠為這些稅收投資到2027年的安全港

Along with this increased investment in cleaner generation, this plan also increases our five-year distribution infrastructure investment by $1 billion. We have made great progress in improving reliability for our customers. We saw a 70% reduction in the duration of outages last year due to our work on the grid and less storm activity, which Joi will talk about more. And these investments ensure that we continue this progress consistent with our communicated plan and customer expectations.

除了增加對清潔發電的投資外，該計劃還將我們的五年配電基礎設施投資增加 10 億美元。我們在提高客戶可靠性方面取得了巨大進步。由於我們在電網方面的工作以及風暴活動的減少，去年停電時間減少了 70%，Joi 將會詳細談論這一點。這些投資確保我們繼續按照我們傳達的計劃和客戶期望取得進展。

It is important to note that this commitment to improve distribution reliability is supported by the electric rate order we received last month and the independent audit of our electric distribution system as directed by the Michigan Public Service Commission last year.

值得注意的是，這項提高配電可靠性的承諾得到了我們上個月收到的電價指令以及去年密西根州公共服務委員會指示的對我們的電力配電系統的獨立審計的支持。

As we saw this significant need to increase utility investment, we also saw an opportunity to strategically shift our Vantage focus to more long-term fixed-fee contracted projects. Vantage is a segment that has provided a solid earnings profile over the years and complements our utility businesses well.

當我們看到增加公用事業投資的巨大需求時，我們也看到了將我們的 Vantage 重點策略性地轉移到更多長期固定費用合約專案的機會。Vantage 部門多年來一直保持穩健的獲利狀況，與我們的公用事業業務形成良好補充。

In recent years, we have had strong contributions from both our RNG and Customer Energy Solutions business. With the increased customer-focused investment at our utilities, we are aligning our project development at DTE Vantage to focus more on utility-like projects that provide a high-quality earnings profile with fixed fee long-term contracts.

近年來，我們的 RNG 和客戶能源解決方案業務都做出了巨大貢獻。隨著我們在公用事業方面以客戶為中心的投資不斷增加，我們正在調整 DTE Vantage 的專案開發，更專注於那些透過固定費用長期合約提供高品質獲利狀況的公用事業類專案。

And as I mentioned earlier, we have 45Z production tax credits for our RNG projects coming into the plan this year through 2027, providing confidence we will reach the higher end of our growth rate '25 through '27 and also provide flexibility to exceed the high end of our guidance or support future years.

正如我之前提到的，從今年到 2027 年，我們的 RNG 專案將獲得 45Z 生產稅收抵免，這讓我們有信心在 2025 年至 2027 年期間達到成長率的高端，同時也為我們超越預期高端或支持未來幾年提供了靈活性。

And the increased need for customer folks investment are utilities and utility-like growth advantage gives us confidence we are delivering a long-term plan that provides a higher quality, long-term 68% EPS growth rate. We also have potential upside to this updated investment plan and our 6% to 8% EPS growth rate, driven by potential demand growth of DTE Electric to serve data center opportunities in our service area.

而且客戶投資需求的增加是公用事業和公用事業式的成長優勢，這使我們有信心實施長期計劃，該計劃可提供更高品質、長期 68% 的每股收益成長率。我們也有望實現更新後的投資計畫和 6% 至 8% 的每股盈餘成長率，這得益於 DTE Electric 為我們服務區域內的資料中心提供的潛在需求成長。

Along with the switch in University of Michigan projects, we recently announced for a total of 1,500 megawatts, we have signed another nonbinding preliminary agreement with an additional party bringing the total for the three agreements to approximately 2,100 megawatts of potential new load.

隨著我們最近宣布的總計 1,500 兆瓦的密西根大學項目的轉換，我們已與另一方簽署了另一項不具約束力的初步協議，使三項協議的總潛在新負載達到約 2,100 兆瓦。

We are also in discussions with multiple parties for additional opportunities beyond those that I just described. Our success in championing the data center legislation with the full support of the governor who has signed the bill into law and bipartisan support has helped intensify these discussions.

我們也正在與多方討論除我剛才描述的機會之外的其他機會。我們成功倡導資料中心立法，並得到了州長的全力支持（州長已簽署該法案成為法律）和兩黨的支持，這有助於加強這些討論。

We have some existing capacity to serve the incremental load from these data centers, but we'll likely need to build additional capacity in the near term, and we will look to our 2026 IRP to incorporate new baseload generation to support new data center load.

我們擁有一些現有容量來滿足這些資料中心的增量負載，但我們可能需要在短期內建立額外的容量，並且我們將期待 2026 年 IRP 納入新的基載發電來支援新的資料中心負載。

Importantly, as we execute this plan, we will continue to focus on maintaining customer affordability. DTE has a top-tier track record in maintaining customer affordability, which Joi will highlight shortly that will continue through our plan. And our strong cash flows, supportive energy policy, and a constructive regulatory environment, continue to support our customer-focused investment plan.

重要的是，在執行該計劃時，我們將繼續致力於維持客戶的承受能力。DTE 在維持客戶可負擔性方面擁有一流的記錄，Joi 很快就會強調這一點，這將在我們的計劃中繼續延續。我們強勁的現金流、支持性的能源政策和建設性的監管環境繼續支持我們以客戶為中心的投資計畫。

I'll close out my remarks by saying how proud I am of our team in delivering great results in 2024 for our customers and our investors. We are positioned to hit the higher end of our guidance this year with lots of dry powder in the plan.

最後，我想說，我為我們的團隊在 2024 年為我們的客戶和投資者取得的出色業績感到非常自豪。我們計劃在今年透過大量的準備來實現預期目標的更高水準。

And I feel great about the opportunities we have in front of us to continue this success, with a higher quality annual operating EPS growth rate of 6% to 8%, and with multiple opportunities to drive the growth beyond the 6% to 8% EPS growth rate.

我對我們面前繼續取得成功的機會感到非常高興，我們每年的營業每股收益增長率將達到 6% 至 8%，而且還有多個機會推動每股收益增長率超越 6% 至 8%。

Now I'll turn it over to Joi to give an overview of our accomplishments and opportunities. Joi, over to you.

現在我將讓 Joi 概述我們的成就和機會。Joi，交給你了。

Thanks, Jerry, and good morning, everyone. 2024 was a very successful year across many areas of DTE. In particular, one area where we demonstrated significant improvement was enhancing reliability for our customers as a result of our distribution investments. And all of our businesses are in a strong position to deliver superior performance in 2025 and beyond.

謝謝，傑瑞，大家早安。 2024 年是 DTE 許多領域非常成功的一年。具體來說，我們表現出顯著進步的一個領域是透過分銷投資提高了客戶的可靠性。我們的所有業務都具備強大的實力，能夠在 2025 年及以後實現卓越的業績。

Let me start with DTE Electric. I am very proud of the progress we have made to improve reliability for our customers. In 2024, we installed more than 450 smart technology reclosers, upgraded existing infrastructure, including 850 miles of power lines and 3,400 utility poles and trimmed more than 4,300 miles of trees.

讓我先從 DTE Electric 開始。我對我們為提高客戶可靠性所取得的進展感到非常自豪。2024 年，我們安裝了 450 多個智慧技術重合器，升級了現有基礎設施，包括 850 英里的電線和 3,400 根電線桿，並修剪了 4,300 多英里的樹木。

These efforts to create a smarter, stronger, and more resilient grid combined with less extreme weather in 2024, made a significant impact resulting in customers experiencing a nearly 70% improvement in time spent without power.

這些旨在創造更智慧、更強大、更具彈性的電網的努力，加上 2024 年極端天氣的減少，產生了重大影響，使客戶的斷電時間縮短了近 70%。

We also continued our significant investment in clean energy generation, placing multiple projects in service and initiating construction on our 220-megawatt battery energy storage center. We currently have 2,300 megawatts of renewable generation in service with additional projects totaling over 1,000 megawatts coming online as we are building to meet increased demand for clean energy. We are investing $24 billion over the next five years at DTE Electric, which is $4 billion higher than our prior plan, a significant increase to further support cleaner generation and improve reliability for our customers.

我們也持續對清潔能源發電進行大量投資，投入使用多個項目，並啟動 220 兆瓦電池儲能中心的建設。我們目前已投入使用 2,300 兆瓦的可再生能源發電，另外還有總計超過 1,000 兆瓦的額外項目正在建設中，以滿足日益增長的清潔能源需求。未來五年，我們將向 DTE Electric 投資 240 億美元，比我們先前的計畫高出 40 億美元，這一增幅顯著，將進一步支持更清潔的發電並提高客戶的可靠性。

Required investments in cleaner generation continue to grow with $10 billion of investments planned over the next five years, an increase of $3 billion from last year's plan. This is driven by the continued success of our voluntary renewables program and the requirements under Michigan's legislated Clean Energy Law. It's important to note that we have been able to build an extensive development pipeline to support this growth in renewable investments.

清潔發電所需投資持續成長，未來五年計畫投資 100 億美元，比去年的計畫增加 30 億美元。這是由我們的自願再生能源計劃的持續成功和密西根州立法的清潔能源法的要求所推動的。值得注意的是，我們已經能夠建立廣泛的開發管道來支持再生能源投資的成長。

Solid land positions, combined with our ability to successfully move these projects through the interconnection and permitting processes provides confidence that we can execute these investments. We have panels secured through mid-2027, land positions that should take us into the 2030s and beyond, and permits secured for a majority of our projects through 2027. We also have been able to safe harbor investment tax credits for these renewable projects through 2027.

穩固的土地地位，加上我們成功完成互連和許可流程的能力，使我們有信心執行這些投資。我們已經確保了到 2027 年中期的太陽能電池板供應、可以持續到 2030 年代甚至更久的土地供應，並且已經確保了到 2027 年大多數項目的許可。我們也能夠為這些再生能源項目提供至2027年的安全港投資稅收抵免。

Investments in distribution infrastructure increases by $1 billion in this plan as we focus on continuing to improve reliability for our customers. Recent regulatory outcomes support this investment plan. The constructive rate order we received last month supports the customer-focused investments we are making to build the grid of the future and the electric distribution audit report that was completed last year confirmed that our proposed investment plan will deliver the dramatic improvement in reliability that we have committed to our customers.

由於我們專注於繼續提高客戶的可靠性，該計劃對配電基礎設施的投資增加了 10 億美元。最近的監管結果支持這項投資計劃。我們上個月收到的建設性費率訂單支持了我們為建立未來電網而進行的以客戶為中心的投資，而去年完成的電力分配審計報告證實，我們提出的投資計劃將大幅提高我們向客戶承諾的可靠性。

Over the next five years, we expect to reduce power outages by 30% and cut outage time in half as a result of these investments in our improved operations. As Jerry mentioned, there is potential upside to the five-year capital plan, driven largely by data center opportunities in our service territory as well as further economic development in Michigan.

在未來五年內，透過對改善營運進行投資，我們預計停電現象將減少 30%，停電時間將縮短一半。正如傑瑞所提到的，五年資本計畫具有潛在的上升空間，這主要得益於我們服務區域內的資料中心機會以及密西根州的進一步經濟發展。

Let me move to slide 7 to highlight some of these opportunities. Southeast Michigan continues to be a great region for economic development, attracting many large companies that contribute to the progress of our state and its residents. General Motors' Henry Ford Health and the University of Michigan are among the large companies with major investments in our service territory, providing significant economic development and providing thousands of jobs.

讓我轉到第 7 張投影片來強調其中一些機會。密西根州東南部繼續成為經濟發展的偉大地區，吸引了許多為我們州及其居民的進步做出貢獻的大公司。通用汽車公司的亨利福特健康和密西根大學是我們服務區域內進行重大投資的大型公司之一，它們為經濟發展做出了重大貢獻並提供了數以千計的就業機會。

We continue to collaborate with economic development partners throughout the state to target key business segments to drive further economic growth. And as you know, data center development and the impact of the potential load from the data centers have been an important focus over the last year.

我們將繼續與全州的經濟發展夥伴合作，瞄準關鍵業務領域，推動進一步的經濟成長。如您所知，資料中心的發展以及資料中心潛在負載的影響一直是過去一年的重點。

We're making great progress with data centers. Our success in championing the data center legislation for the sales and use tax exemption has helped us further progress discussions. We continue to work with a number of hyperscalers and co-locators on opportunities within our service territory. We recently announced that we have advanced one of those discussions to a non-binding term sheet that is moving toward a definitive agreement.

我們在資料中心方面取得了巨大進展。我們成功倡導了資料中心銷售和使用稅豁免立法，這有助於我們進一步推進討論。我們將繼續與多家超大規模企業和聯合定位商合作，尋找我們服務區域內的機會。我們最近宣布，我們已將其中一項討論推進為一份不具約束力的條款清單，並朝著達成最終協議的方向發展。

Switch, a leading co-locator plans to build its 1.4-gigawatt site using some of our land from an existing site with the project expected to ramp up through 2032. As Jerry mentioned, we have signed another nonbinding preliminary agreement with an additional party.

領先的主機託管商 Switch 計劃利用我們現有場地的部分土地建設 1.4 千兆瓦的站點，預計該項目將在 2032 年之前完成。正如傑瑞所提到的，我們已經與另一方簽署了另一項不具約束力的初步協議。

Together with the Switch agreement, along with the University of Michigan project we announced recently, these projects bring a total of approximately 2,100 megawatts of potential new load onto our system, which represents approximately 40% overall load growth when it all comes online. And we continue to have discussions with multiple other major data center companies.

加上 Switch 協議以及我們最近宣布的密西根大學項目，這些項目將為我們的系統帶來總計約 2,100 兆瓦的潛在新負載，這意味著當所有項目全部上線時，總負載將增長約 40%。我們也將繼續與其他多家大型資料中心公司進行討論。

As we said before, we can begin to serve this demand quickly because we have some excess capacity. In addition, these projects will require additional build of new generation to support the early load ramp in the near term and could provide longer-term investment opportunities in new baseload generation, which would be supported by our 2026 IRP.

正如我們之前所說，由於我們擁有一些過剩產能，因此我們可以快速開始滿足這一需求。此外，這些項目將需要額外建造新發電設施，以支持近期早期的負載成長，並可能為新基載發電提供長期投資機會，這將得到我們 2026 年 IRP 的支持。

Of course, as we continue to invest in our system and as these incremental opportunities come into our plan, we remain very focused on maintaining customer affordability. These data center additions, along with our distinctive continuous improvement culture to drive cost management, will continue to support affordability for our customers.

當然，隨著我們繼續對我們的系統進行投資並且隨著這些增量機會進入我們的計劃，我們仍然非常注重保持客戶的承受能力。這些資料中心的增加，加上我們獨特的持續改進文化以推動成本管理，將繼續為我們的客戶提供可負擔的價格。

We are delivering top-tier affordability through continued superior cost management, operational excellence with our power plants and one of the larger energy efficiency programs in the country. As a matter of fact, our historical average annual bill increase demonstrates the extraordinary results in the affordability arena. Even after including the electric rate order we received last month, our annual bill increase since 2021 is well below the utility Great Lakes average and national average through 2024, and also well below the general rate of inflation.

我們透過持續卓越的成本管理、發電廠的卓越營運和國內最大的能源效率項目之一，提供頂級的可負擔性。事實上，我們歷史上平均每年的帳單成長證明了我們在負擔能力領域取得了非凡的成果。即使包括我們上個月收到的電費訂單，我們自 2021 年以來的年度帳單增長仍遠低於公用事業五大湖的平均水平和到 2024 年的全國平均水平，也遠低於一般通貨膨脹率。

Let's move to slide 8 to discuss DTE Gas. Our gas business had another great year in 2024 as we continue to deliver our customers with top quartile cost and operating performance. I'm proud to highlight that DTE Gas ranked number-one in the Midwest for customer satisfaction for business natural gas service by J.D. Power last year. We are incredibly proud of this recognition. It shows our team is truly committed to providing service excellence to our customers.

讓我們轉到幻燈片 8 來討論 DTE 氣體。2024 年，我們的天然氣業務又度過了豐收的一年，我們將繼續為客戶提供頂級成本和營運績效。我很自豪地強調，DTE Gas 去年在 J.D. Power 的中西部商業天然氣服務客戶滿意度調查中名列第一。我們為這項認可感到無比自豪。這表明我們的團隊真正致力於為客戶提供卓越的服務。

We continue to progress our gas main renewal program as we modernize the gas transmission system in our distribution system. Over the years, we have made significant investments into this program and recovered this investment through our infrastructure recovery mechanism.

隨著我們配送系統中天然氣輸送系統的現代化，我們繼續推進天然氣主幹線更新計畫。多年來，我們對該計劃進行了大量投資，並透過我們的基礎設施恢復機制收回了這筆投資。

Since the program began and through 2024, we have renewed nearly 1,900 miles. Over the next five years, we are planning to invest $4 billion to upgrade and replace aging infrastructure.

自從該計劃啟動以來，到 2024 年，我們已經續保了近 1,900 英里。未來五年，我們計劃投資 40 億美元來升級和更換老化的基礎設施。

I'll just close out my comments by saying how excited I am about the opportunities ahead of us. Our updated five-year plan supports the investments we need to make for our customers. It includes significant increased utility investments focused on enhancing our systems to further improve reliability and to support our growing renewable programs.

最後，我想說的是，我對我們面臨的機會感到非常興奮。我們更新的五年計畫支持我們為客戶所需進行的投資。其中包括大幅增加公用事業投資，重點是增強我們的系統，進一步提高可靠性並支持我們日益增長的再生能源項目。

This updated utility plan also provides the opportunity for us to focus on more utility-like investments at DTE Vantage, which is expected to drive annual base earnings growth of about $20 million per year.

這項更新的公用事業計劃也為我們提供了機會，讓我們專注於 DTE Vantage 的更多公用事業類投資，預計這將推動每年約 2000 萬美元的年度基本收益成長。

Overall, our plan provides an earnings profile that is high quality, continues to target 6% to 8% operating EPS growth, with confidence we can reach the high end of our growth rate 2025 through 2027 as 45Z production tax credits come into the plan with flexibility to exceed the high-end or support future years and the opportunity in data center development provide potential upside to the plan.

總體而言，我們的計劃提供了高品質的盈利狀況，繼續以 6% 至 8% 的每股收益增長為目標，我們有信心在 2025 年至 2027 年達到增長率的高端，因為 45Z 生產稅收抵免進入計劃，可以靈活地超越高端或支持未來幾年，而數據中心開發的機會為計劃提供了潛在的上升空間。

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

接下來，我將把時間交給戴夫，讓他向大家提供財務最新狀況。

Thanks, Joi, and good morning, everyone. Let me start on slide 9 to review our 2024 financial results. Operating earnings for the year were $1.4 billion, which translates to operating earnings of $6.83 per share putting us at the high end of our 2024 guidance with 9% growth over the 2023 original guidance midpoint. You can find a detailed breakdown of EPS by segment, including a reconciliation to GAAP reported earnings in the appendix.

謝謝，Joi，大家早安。讓我從第 9 張投影片開始回顧我們 2024 年的財務表現。全年營業利潤為 14 億美元，相當於每股營業利潤 6.83 美元，這讓我們達到了 2024 年預期的高位，比 2023 年原始預期中位數增長 9%。您可以在附錄中找到按部門劃分的每股盈餘的詳細分類，包括與 GAAP 報告收益的對帳。

I'll start the review at the top of the page with our utilities. DTE Electric earnings were $1.1 billion for the year, $314 million higher than 2023. The main drivers of the earnings variance were implementation of base rates, warmer weather, and lower storm expenses, partially offset by higher rate base costs.

我將從頁面頂部開始審核我們的實用程式。DTE Electric 全年獲利為 11 億美元，比 2023 年高出 3.14 億美元。收益差異的主要驅動因素是基本費率的實施、天氣變暖和風暴費用的降低，但被更高的費率基本成本部分抵消。

Moving on to DTE Gas. Operating earnings were $263 million, $31 million lower than 2023. 2024 was the warmest winter in over 60 years. This is coming off the fourth warmest year in 2023. Along with the impact of warmer weather, the earnings variance was driven by higher rate base and O&M costs, partially offset by higher IRM revenue and implementation of base rates.

繼續討論 DTE 氣體。營業收入為 2.63 億美元，比 2023 年低 3,100 萬美元。 2024 年是 60 多年來最溫暖的冬天。2023 年是第四個最溫暖的年份。除天氣變暖的影響外，獲利差異還受到費率基礎和營運與維護成本上升的影響，但被 IRM 收入上升和基準費率實施部分抵消。

Let's move to DT Vantage on the third row. Vantage had another strong year in 2024 with $133 million of earnings. The variance from 2023 was due to a combination of some timing and onetime items in 2023, primarily in our steel-related business. This was partially offset by higher investment tax credits that primarily occurred in the fourth quarter of 2024.

我們再來看第三排的 DT Vantage。2024 年，Vantage 又迎來了強勁成長，獲利 1.33 億美元。與 2023 年相比的差異是由於 2023 年的一些時間和一次性項目的組合，主要是在我們的鋼鐵相關業務中。這被主要發生在 2024 年第四季的更高的投資稅收抵免部分抵消。

On the next row, you can see Energy Trading finished the year with earnings of $100 million. The strong performance in our contracted and hedged physical power and physical gas portfolios that we experienced in 2023 continued into 2024. And we expect to see some of this strength continue this year, which is reflected in our 2025 guidance on the next slide.

在下一行，您可以看到能源交易公司今年的利潤為 1 億美元。我們在 2023 年簽訂和對沖的實體電力和實體天然氣投資組合所經歷的強勁表現將延續到 2024 年。我們預計今年這種強勁勢頭將繼續延續，這將在下一張投影片中的 2025 年指引中得到體現。

Finally, Corporate and Other was unfavorable by $26 million year-over-year, partially due to higher interest expense. Overall, DTE earned $6.83 per share in 2024, delivering at the high end of our 2024 original guidance.

最後，企業及其他業務年比虧損 2,600 萬美元，部分原因是利息支出增加。總體而言，DTE 在 2024 年的每股收益為 6.83 美元，達到了我們 2024 年原始指引的高點。

Let's turn to slide 10 to review our 2025 earnings guidance. Our 2025 operating EPS guidance midpoint is $7.16 per share, which provides 7% growth over our 2024 original guidance midpoint. And we continue to target 6% to 8% long-term growth with 2025 original guidance midpoint as a base of this growth. And as Jerry mentioned, we are currently positioned to achieve the high end of our 2025 EPS guidance range as the RNG tax credits come into the plan.

讓我們翻到第 10 頁來回顧我們的 2025 年獲利預測。我們 2025 年的營運每股盈餘指引中位數為每股 7.16 美元，比我們 2024 年最初的指引中位數成長 7%。我們將繼續以 2025 年最初指導中點作為成長基礎，實現 6% 至 8% 的長期成長目標。正如傑瑞所提到的，隨著 RNG 稅收抵免納入計劃，我們目前預計將實現 2025 年每股收益指引範圍的高端。

In 2025, DTE Electric growth will be driven by investments in grid reliability and cleaner generation. DTE Gas will see continued customer-focused investments in main renewal and other infrastructure improvements that enhance operational performance and support decarbonization.

2025 年，DTE Electric 的成長將由對電網可靠性和清潔發電的投資推動。DTE Gas 將繼續以客戶為中心，投資於主要更新和其他基礎設施改進，以提高營運績效並支援脫碳。

At DTE Vantage, 2025 earnings are driven by the development of new custom energy solutions projects that serve as a base for growth going forward, and we do expect to recognize 45Z tax credits from 2025 through 2027. We expect these credits on average to contribute about $50 million to $60 million in earnings during these years, providing confidence we will reach the high end of our growth rate in '25 through '27 and provide flexibility to exceed the high end or support future years.

在 DTE Vantage，2025 年的收益由新的客製化能源解決方案項目的開發推動，這些項目是未來成長的基礎，我們確實預計從 2025 年到 2027 年將實現 45Z 稅收抵免。我們預計這些信貸在這些年裡平均將貢獻約 5,000 萬至 6,000 萬美元的收益，這使我們有信心在 25 年至 27 年達到增長率的高端，並具有超越高端或支持未來幾年的靈活性。

We expect continued consistent growth at DTE Vantage with a strong pipeline of long-term contracted fixed fee projects which will drive about $20 million in average annual base earnings growth, giving us confidence in our longer-term earnings targets in this segment. You can find additional detail on DTE's Vantage long-term earnings growth plan in the appendix of this presentation.

我們預計 DTE Vantage 將繼續保持持續成長，其強大的長期合約固定費用項目管道將推動年平均基本收益成長約 2,000 萬美元，讓我們對該部門的長期收益目標充滿信心。您可以在本簡報的附錄中找到有關 DTE 的 Vantage 長期盈利增長計劃的更多詳細資訊。

At Energy Trading, as I mentioned, we expect to see continued strength in both our structured physical power and physical gas portfolios as we continue to see favorability from these contracted and hedge positions giving us confidence in our guidance range. And at Corporate and Other, the change is driven by higher interest expense.

在能源交易方面，正如我所提到的，我們預計結構化實體電力和實體天然氣投資組合將繼續走強，因為我們繼續看到這些合約和對沖頭寸的有利影響，這讓我們對我們的指導範圍充滿信心。在企業和其他領域，這項變化是由於更高的利息支出所致。

Let's move to slide 11 to highlight our strong balance sheet and credit profile. We continue to focus on maintaining solid balance sheet metrics. Due to our strong cash flows, DTE has minimal equity issuances in our plan targeting annual issuances of $0 to $100 million through 2027. We do see some modest increases to equity issuances beginning in 2028 to support our significant capital investment plan.

讓我們轉到第 11 張投影片來強調我們強勁的資產負債表和信用狀況。我們持續致力於維持穩健的資產負債表指標。由於我們強勁的現金流，DTE 在我們的計劃中發行的股票很少，目標是到 2027 年每年發行 0 至 1 億美元。我們確實看到從 2028 年開始股票發行量會略有增加，以支持我們重大的資本投資計劃。

Our long-term plan includes debt refinancing and new issuances, and we continue to manage these future issuances through interest rate hedging and other opportunities. We continue to focus on maintaining our strong investment-grade credit rating and solid balance sheet metrics. We target an FFO to debt ratio of 15% to 16%.

我們的長期計劃包括債務再融資和新發行，並將繼續透過利率對沖和其他機會來管理這些未來的發行。我們持續致力於維持強勁的投資等級信用評等和穩健的資產負債表指標。我們的目標是FFO與負債比率達到15%至16%。

Let me wrap up on slide 12, and then we open the line for questions. Our team continues our commitment to deliver for all of our stakeholders. We delivered solid growth in 2024, achieving earnings per share of $6.83, delivering at the high end of our guidance range. The 2025 operating EPS guidance midpoint provides 7% growth over the 2024 original guidance midpoint, and we are currently positioned to achieve the high end of our EPS guidance range this year.

讓我結束第 12 張投影片的演講，然後我們開始回答問題。我們的團隊將繼續致力於為所有利害關係人提供服務。我們在 2024 年實現了穩健的成長，每股收益達到 6.83 美元，達到了我們指導範圍的高限。2025 年營運每股盈餘指引中點比 2024 年原始指引中點成長 7%，我們目前預計在今年實現每股盈餘指引範圍的高端。

Our updated five-year plan provides higher quality long-term 6% to 8% EPS growth through increased customer-focused utility investments and shifting to more utility-like investments in our nonutility. This plan increases our five-year capital investment by $5 billion over the previous plan, primarily to support the needs in our cleaner energy and reliability-focused investment areas. Data center opportunities provide potential upside to this five-year capital investment and EPS growth plan.

我們更新的五年計劃透過增加以客戶為中心的公用事業投資和轉向非公用事業領域更多類似公用事業的投資，提供更高品質的長期 6% 至 8% 的每股收益成長。該計劃比之前的計劃增加了50億美元的五年資本投資，主要用於支持我們在以清潔能源和可靠性為重點的投資領域的需求。資料中心機會為這項五年資本投資和 EPS 成長計畫提供了潛在的上升空間。

We continue to target 6% to 8% operating EPS growth and are well positioned to deliver at the high end of this growth rate in '25 through 2027 with flexibility to exceed the high end and support future years, and we continue to target dividend increases in line with operating EPS growth.

我們繼續將每股收益經營成長率為 6% 至 8%，並有能力在 2025 年至 2027 年期間實現這一增長率的高端，同時可以靈活地超越高端並支持未來幾年，我們將繼續將股息成長定為與每股收益經營成長保持一致。

Overall, we are well positioned to deliver the premium total shareholder returns that our investors have come to expect with a strong balance sheet that supports our capital investment plan. With that, I thank you for joining us today, and we can open the line for questions.

整體而言，我們有能力提供投資者所期望的優質總股東回報，並且擁有強大的資產負債表來支持我們的資本投資計畫。最後，我感謝你們今天參加我們的節目，現在可以開始回答大家的提問了。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

(操作員指示) Shar Pourreza，古根漢合夥人。

Hi, good morning team. Congrats on great quarter. It's actually Constantine being here for Shar. Just starting off maybe on the CapEx plan update, maybe to clarify the data center upside. You noted the 2,100 megawatts and current agreements, are those included in the current plan? Or is that still all upside? And as these agreements get converted into CapEx, how should we be thinking about the future cadence of CapEx and financial updates?

嗨，大家早安。恭喜本季取得如此出色的成績。事實上，康斯坦丁是來為莎爾服務的。也許剛開始了解資本支出計畫的更新，也許是為了澄清資料中心的優勢。您注意到 2,100 兆瓦和當前協議，這些協議包含在當前計劃中嗎？或者說這仍然都是好處？當這些協議轉化為資本支出時，我們應該如何考慮未來的資本支出和財務更新節奏？

Yeah, great question. As you heard, we see a lot of great opportunity with these data centers but we haven't put any of the benefits of this into the five-year plan or our CapEx plan yet. So as we move towards the definitive agreements, we do see upside to our plan from this. So we have some excess capacity, as we've said in the past, and that will support some of the data center load and gets us in a good position to get this to come on early.

是的，很好的問題。正如您所聽到的，我們看到這些資料中心有很多巨大的機遇，但我們還沒有將其中的任何好處納入五年計劃或資本支出計劃。因此，當我們朝著最終協議邁進時，我們確實看到了我們的計劃的優勢。因此，正如我們過去所說的那樣，我們有一些多餘的容量，這將支援部分資料中心的負載，並使我們處於有利位置，可以儘早實現這一目標。

And then as we move to definitive agreements, and understand their load ramp a little more, work through our IRP process, we'll understand better the generation mix needed. But I'll say, in the near term, as we're supporting that up to 1,000 megawatts, we're expecting incremental renewables and storage within our plan, probably towards the backside of our five-year plan, because that supports their desire for cleaner power.

然後，當我們達成最終協議，並進一步了解他們的負載坡道，並透過我們的 IRP 流程，我們將更了解所需的發電組合。但我要說的是，在短期內，當我們支持高達 1,000 兆瓦的發電量時，我們預計我們的計劃中將增加可再生能源和存儲量，可能在我們五年計劃的後半段，因為這支持了他們對更清潔能源的渴望。

And so that is something we do expect to come in within our five-year plan as we move towards definitive agreement. So as we said, we're kind of in the term sheet stage right now, working towards definitive agreement. And then when we get there, we'll update our capital plan more.

因此，在我們朝著最終協議邁進的過程中，我們確實期望這一點能夠在我們的五年計劃中實現。正如我們所說，我們現在處於條款清單階段，正在努力達成最終協議。當我們到達那裡時，我們將進一步更新我們的資本計劃。

Is there any specific cadence to that between kind of the third and fourth quarter that we've seen in these cycles?

在這些週期中，我們看到的第三季和第四季之間是否有特定的節奏？

Yeah, that's probably when we'll be able to give a deeper update. We'll update throughout the year as we make progress. And then as we see when the capital flow into our plan, it would probably come out again in the fourth quarter with that.

是的，那時我們可能就能提供更深入的更新。我們將全年更新所取得的進展。然後，正如我們所看到的，當資金流入我們的計劃時，它可能會在第四季度再次出現。

Okay. Perfect. And then you noted the RNG credit push you toward the top end and there's some flexibility to exceed the 6% to 8%, that tail end kind of strength driven by the 20% CapEx plan increase? Or is there an assumption on 45Z extension above the 6% to 8%? Do you envision any changes in the cash flow profile advantage just based on some of these assumptions shifting to more utility-like contracts?

好的。完美的。然後您注意到 RNG 信用將您推向最高端，並且有一定的靈活性來超過 6% 到 8%，這種尾端優勢是由 20% 的資本支出計劃增長推動的嗎？或者是否有關於 45Z 延伸超過 6% 到 8% 的假設？您是否預計，僅基於這些轉向更類似公用事業的合約的假設，現金流狀況優勢就會發生任何變化？

Yeah, we've kept a similar capital investment overall at Vantage, and it is more utility-like, so the returns on those projects aren't as high as what we saw with RNG. So we put in a really solid plan for Vantage that kind of gets us our $20 million a year and gets us to the long-term plan we need there. We don't assume any production tax credits or really investment tax credits as we get past '27.

是的，我們在 Vantage 整體上保持了類似的資本投資，而且它更具實用性，因此這些項目的回報率不如 RNG 那麼高。因此，我們為 Vantage 制定了一個非常可靠的計劃，該計劃每年為我們帶來 2000 萬美元的收入，並幫助我們制定所需的長期計劃。我們不假設在 27 年後有任何生產稅收抵免或實際投資稅收抵免。

So when you look at our overall plan, that stronger 6% to 8% long-term EPS growth is really driven by our utility investment that we're making to support a cleaner generation and build out reliability for our customers.

因此，當您查看我們的總體計劃時，您會發現 6% 至 8% 的長期每股收益強勁增長實際上是由我們為支持更清潔的發電和為客戶構建可靠性而進行的公用事業投資推動的。

And Constantine, just to give you a little bit of context on the development of this plan. We started to see some really significant positive tailwinds in 2023 in our utility CapEx plans. And that was really driven by several events. One was the IRP that we settled in '23. Then on the heels of that, we got clean energy legislation done here in the state in late '23.

康斯坦丁，我只是想向您介紹這個計劃的發展背景。我們開始在 2023 年的公用事業資本支出計畫中看到一些真正顯著的正向順風。這實際上是由幾件事推動的。一個是我們在'23年解決的IRP。緊接著，我們於23年底在該州制定了清潔能源立法。

Then we had tremendous success with the voluntary renewables program. And then further to that, in 2024, we got a very supportive audit report for our wires business. So when we package all that together, we saw the significant lift of $4 billion in our electric CapEx plan and the new five-year plan that we just rolled out.

然後我們自願再生能源計劃取得了巨大的成功。更進一步的是，在 2024 年，我們獲得了對我們的電線業務非常支持的審計報告。因此，當我們將所有這些結合在一起時，我們看到我們的電力資本支出計劃和剛剛推出的新五年計劃顯著增加了 40 億美元。

And this really did give us the opportunity to start thinking about a shift advantage to higher quality earnings with long-term fixed fee contracts. And overall, I think as you've seen, '25 through '27, we're positioned to be at the higher end and also gives us flexibility to exceed the higher end of guidance and prepare for future years when the credits roll off at the end of 2027. So I would say, overall, we feel very confident in achieving all of this and that we got a much higher quality plan on the table.

這確實給了我們機會開始考慮透過長期固定費用合約將優勢轉向更高品質的收益。總體而言，我認為正如您所看到的，從 2025 年到 2027 年，我們的定位是處於較高端，同時也為我們提供了超越指導上限的靈活性，並為 2027 年底信貸滾存時的未來幾年做好準備。所以我想說，總的來說，我們對實現所有這些目標非常有信心，而且我們制定了一個更高品質的計劃。

Excellent. I think we can leave it at that. Thanks for taking the.

出色的。我想我們就可以到此為止了。感謝您的參與。

Nick Campanella, Barclays.

巴克萊銀行的尼克‧坎帕內拉 (Nick Campanella)。

Hi, good morning team. Hey, this is actually Fay for Nick today, and thanks for taking my questions and congrats on 2024. So just first on data center demand, I guess, as it rolls into the plan, just generally, how do you think about the impact to your low growth CAGR? Obviously, you've been pretty conservative -- you've been planning conservatively with only the specific projects you announced, but just trying to have a more holistic understanding on this matter.

大家早安。嘿，今天其實我是為尼克 (Nick) 祝福，感謝您回答我的問題，並祝賀 2024 年。因此，首先我想問的是，關於資料中心需求，隨著它納入計劃，一般來說，您如何看待它對低成長複合年增長率的影響？顯然，你們一直比較保守——你們只對宣布的具體項目進行保守規劃，但只是試圖對此事有更全面的了解。

Hey, good morning. This is Joi. Thanks for the question. Yes, exciting times with data centers, and it will be great for customers if you think about what that could do for affordability and allow us to invest behind it in our wires business, but we are looking at modeling what we know of the potential for data center growth, and it equates to something in the range of 4% to 5% increase on a CAGR basis for our load growth over that time horizon, which is excellent for customers. And we're making sure that we're working these agreements and bringing home this data growth -- data center growth in our plan.

嘿，早安。這是 Joi。謝謝你的提問。是的，資料中心迎來了激動人心的時刻，如果您考慮一下這對降低成本以及允許我們投資於電線業務意味著什麼，那麼對於客戶來說這將是一件好事，但我們正在對我們所知道的資料中心成長潛力進行建模，這相當於在這段時間內我們的負載成長率在複合年增長率基礎上成長 4% 到 5%，這對客戶來說非常好。我們正在確保履行這些協議，並將數據成長——數據中心成長納入我們的計劃。

Great. That's super helpful. And I guess just quickly on 2025 execution. Could you just discuss on your rate filing cadence and how those different rate case outcome or just different scenarios could drive 2025 execution? And to what extent would they affect your confidence to achieve the high end of the range is during the year?

偉大的。這非常有幫助。我想很快就會在 2025 年實施。您能否討論一下您的利率備案節奏，以及不同的利率案例結果或不同的情景如何推動 2025 年的執行？它們會在多大程度上影響您在今年實現高端目標的信心？

You take the we're feeling about 2025, i.e. we're feeling very, very confident on 2025. We're going to at least hit the higher end of guidance. I mean the start to the year is actually building contingency in our plan. So we're feeling really, really good. And I always judge how we're doing in a year by what we're working on in a moment. And I can tell you, we're deep into 2026 planning and the details of that. So that always is a measure for me is how confident we are in 2025. So 2025 looks rock solid in terms of performance. Joi, on the rate case?

就我們對 2025 年的感受而言，我們對 2025 年非常非常有信心。我們至少會達到指導值的上限。我的意思是，今年年初我們實際上正在為計劃建立應急措施。所以我們感覺真的非常好。我總是根據我們目前所做的事情來判斷我們一年來的表現。我可以告訴你，我們正在深入研究 2026 年的規劃及其細節。所以對我來說這總是一個衡量標準，就是我們對 2025 年有多大信心。因此，2025 年的表現看起來非常穩健。Joi，關於利率案？

Yes. On the rate case, yes, so the order received last month, a constructive order within our planning scenario. So we're going to work on just dispatching the capital as we had intended. In terms of our filing cadence, your question around, one, electric probably going to be -- in the second quarter, we'll follow another case given the level of investments that we're making. And our desire to incorporate the findings for the Liberty audit, we want to make sure that we are in a position to expand the IRM using that as a basis. And we've gotten some positive feedback from the commissioners from the bench and also in our discussions with the staff.

是的。關於利率情況，是的，所以上個月收到的訂單是我們計劃情景內的建設性訂單。因此我們將按照我們的計劃努力派遣首都。就我們的備案節奏而言，您的問題是關於第一，電動車可能會在第二季度，考慮到我們正在進行的投資水平，我們將關注另一個案例。我們希望將 Liberty 審計的結果納入其中，並希望確保能夠以此為基礎擴展 IRM。我們從法官席上以及與工作人員的討論中得到了一些正面的回饋。

And then for gas, we'll likely file another case toward the back half -- back end, I should say, the fourth quarter of 2025. Again, to continue our investments in distribution and transmission, and then also to look to continue our IRM which has worked really, really well for the gas company.

然後對於天然氣，我們可能會在下半年（我應該說是 2025 年第四季）提起另一個案件。再次，繼續在配電和輸電方面進行投資，同時也尋求繼續我們的 IRM，這對天然氣公司來說非常非常有效。

Got it. Great. That's super helpful. Thanks again.

知道了。偉大的。這非常有幫助。再次感謝。

Thanks mate.

謝謝，夥計。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is actually Rich on for Jeremy. Starting with some of the near-term and long-term financing considerations, can you walk through those and maybe the cash flow drivers behind sizing minimal equity in 2025 versus the kind of uptick in equity beginning in 2028?

這其實是 Rich 對 Jeremy 的評價。從一些短期和長期融資考慮開始，您能否詳細介紹這些因素，以及 2025 年開始的最低股權規模與 2028 年開始的股權上升規模背後的現金流量驅動因素？

Yes. Let me just start by saying we're confident in our existing plan with this $0 to $100 million in '25 to '27. And it's really driven by strong base cash flows and then some of the monetization, some of the tax credits will be getting. So it puts us in a great position to continue our 15% to 16% FFO to debt with that minimal equity.

是的。首先我想說的是，我們對現有的計劃很有信心，在 25 年至 27 年期間將資金從 0 億美元增加到 1 億美元。這實際上是由強勁的基本現金流以及部分貨幣化和部分稅收抵免所推動的。因此，我們處於非常有利的地位，可以利用最低限度的股本，繼續將 15% 到 16% 的 FFO 償還債務。

Though we did say is that as you see some more of this capital come into our plan in the outer years, we could see some increased equity needs fast then. We're going to keep working that. So right now, it feels like a modest increase, but we'll keep trying to manage cash and what we can do in the meantime to minimize that as much as possible. We do see some equity that would come in, in 2028 and beyond to support the growth capital we have.

不過，我們確實說過，隨著您看到未來幾年更多的資本進入我們的計劃，我們很快就會看到股權需求的增加。我們將繼續努力。因此，現在感覺像是適度增加，但我們會繼續努力管理現金，並盡我們所能將現金減少到最低限度。我們確實看到 2028 年及以後會有一些股權流入，以支持我們的成長資本。

Great. And then I know we hit on Vantage a little bit earlier in Q&A, but I just wanted to revisit this. Could you speak a little bit more to the opportunities that you're now most focused on? And just curious how you expect this high grading to play out over the next few years?

偉大的。然後我知道我們在問答環節早些時候談到了 Vantage，但我只是想重新討論這一點。您能否再多談談您現在最關注的機會？我很好奇，您認為未來幾年這種高評級會如何發展？

Yeah, I think as Dave mentioned, we're looking at about $20 million a year of income growth. And if you look at the history of this business, we've done about $20 million to $30 million a year. So we think we've got a good conservative plan. And the type of projects that we're pursuing, you've seen some recent announcements of projects that are coming on this year as well as next year, where there are long-term fixed fee behind the fence utility services.

是的，我認為正如戴夫所提到的，我們預計每年的收入成長約為 2000 萬美元。如果你看看我們這個業務的歷史，你會發現我們每年的營收大約是 2,000 萬到 3,000 萬美元。所以我們認為我們有一個很好的保守計劃。至於我們正在推行的項目類型，您已經看到最近宣布的一些今年和明年將實施的項目，這些項目涉及長期固定費用的公用事業服務。

So things like Cogen, water treatment, compressed air, those type of utility services that we've been able to do with very large industrial partners and we got more of that in the hopper. And we've got a pretty strong pipeline.

因此，諸如熱電聯產、水處理、壓縮空氣等類型的公用事業服務，我們能夠與非常大的工業合作夥伴合作，並且我們在籌備中獲得了更多的此類服務。我們擁有非常強大的管道。

We're also starting to dip our toe in carbon capture and storage with large ethanol producers. And we've got several agreements, and we're working to prove out some of the geology there. But those are also small in nature, like $60 million to $100 million CapEx to get our toes in the water, if you will, dip our toes in the water on that one with IRRs that are north of 10% unlevered after tax.

我們也開始與大型乙醇生產商合作，涉足碳捕獲和儲存領域。我們已經達成了多項協議，正在努力探明那裡的部分地質狀況。但這些投資本質上規模都很小，例如 6,000 萬到 1 億美元的資本支出，讓我們可以先試水，如果你願意的話，我們可以試試稅後無槓桿的 IRR 是否在 10% 以上。

And they're long-term fixed fee type contracts with no commodity risk. So again, early there, but we're feeling pretty good about the pipeline, the strength of the pipeline Vantage to generate that $20 million per year. So that once these tax credits all roll off in 2029, we're sitting right on top of where we want to be.

而且它們是長期固定費用類型的合同，沒有商品風險。雖然還為時過早，但我們對管道、Vantage 管道的實力感到非常滿意，相信它每年可以創造 2000 萬美元的收入。因此，一旦這些稅收抵免在 2029 年全部取消，我們就能夠達到我們想要的目標。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies

Hey, good morning team. Thank you guys very much. Julien is on the line. So with that said just coming back to a couple of things, maybe this helps tie things together, right? First off, on the look beyond '27. How are you thinking about 45Z and just the ongoing ability to tap some kind of credits as far as it goes to sustain or continue to grow that Vantage piece? Just want to understand, obviously, you're making very strong comments here on the front end of the plan.

嘿，大家早安。非常感謝你們。朱利安來線了。因此，說了這麼多，回到幾件事上，也許這有助於把事情聯繫在一起，對吧？首先，展望27年後。您如何看待 45Z 以及其持續利用某種信貸的能力，以維持或繼續發展 Vantage 部分？只是想了解，顯然，您對該計劃的前端提出了非常強烈的評論。

I just want to understand the cadence of the back end of the plant. And then related, I know Rich just got at this a little bit, but how do you think about the potential less contribution from Vantage? And I don't know if you're insinuating more equity beyond '27 as you see an uptick in electric spend, but I just want to understand maybe some of the moving pieces because it seems like the plan on the front end seems very locked in? There's a little bit more ambiguity here between the equity and the R&D contributions in the back half that I wanted to try to understand.

我只是想了解工廠後端的節奏。然後相關地，我知道 Rich 剛剛談到了這一點，但是您如何看待 Vantage 可能減少的貢獻？而且我不知道您是否暗示在 27 年後會出現更多股權，因為您看到電力支出有所上升，但我只是想了解一些變動因素，因為看起來前端的計劃似乎非常鎖定？後半部的股權和研發貢獻之間存在一些模糊之處，我想試著理解一下。

Yes, Julien, let me take the income profile, and then Dave can talk about the financing of it. Look at, $20 million a year advantage certainly will support our '28 and '29 guidance. And I think that's how we're positioned to do it. We're not counting on any Zs or any tax credits in '28 and '29. So that's how we've built the plan. So that gives us great confidence that we'll achieve our goals. But I got to tell you, the utility, the quality of our plan has significantly increased with the amount of CapEx that we got coming in from the utilities to drive the superior growth.

是的，朱利安，讓我來看看收入狀況，然後戴夫可以談談融資情況。看看吧，每年 2000 萬美元的優勢肯定將支持我們 28 年和 29 年的指導。我想這就是我們能夠做到的事情。我們不指望 28 年和 29 年會有任何 Z 或稅收抵免。這就是我們制定計劃的方式。這給了我們很大的信心，我們一定能實現我們的目標。但我必須告訴你，公用事業，我們計劃的品質隨著我們從公用事業獲得的資本支出數量的增加而顯著提高，從而推動了卓越的成長。

Certainly, at the higher end of our guidance, '25 through '27 and with good potential to exceed it. And I view our prospects in the utility business is even having more potential upside as data centers start to roll in. We've got about 1,000 megawatts of capacity that we can deploy early on. And we also have very large land positions that these data centers are very interested in. And so we're getting a lot of action. Now we just got to turn that action into definitive agreements this year. And I think that starts to line up future potential upside to our plan in those outer years, Julien.

當然，在我們的預期上限是 25 至 27 年之間，並且有很大潛力超越它。我認為，隨著資料中心的湧入，我們在公用事業業務的前景將具有更大的潛在上升空間。我們有大約 1,000 兆瓦的容量可以提前部署。我們也擁有大片土地，這些資料中心對此非常感興趣。因此我們採取了很多行動。現在我們只需在今年將這項行動轉化為最終協議。朱利安，我認為這開始為我們未來幾年的計劃帶來潛在的上升空間。

So that's how we're feeling about it. So we're feeling very positive about the long-term outlook of our growth plans.

這就是我們對此的感受。因此，我們對我們的成長計劃的長期前景非常樂觀。

Julien, we wanted to put a more conservative plan out there for Vantage long term that doesn't have any of those tax spreads. But as you know, in our history, we've found opportunities for those, so there could be some upside with what would go on. And then as far as the equity, we usually just gave a 3-year plan. And so our 3-year plan is 0 to $100 million from '25 to '27. But as we're bringing in this capital, we just wanted to start to signal that there would be some additional equity within a plan. We'll work to minimize that. But we think there's some modest increased equity that would come in, in the '28-'29 period into the plan.

朱利安，我們希望為 Vantage 制定一個更保守的長期計劃，不會有任何稅收利差。但正如你所知，在我們的歷史上，我們已經找到了這些機會，因此未來可能會有一些好處。至於股權，我們通常只給一個三年計畫。因此，我們的三年計畫是從 25 年到 27 年，收入從 0 億美元增加到 1 億美元。但是，當我們引入這筆資本時，我們只是想開始表明計劃中會有一些額外的股權。我們會努力將這一情況減少到最低限度。但我們認為，在 28-29 年計畫期間，股權會略有增加。

Excellent. And then maybe it's a nice follow-up here. Can you speak a little bit on the data center front, just to how the time line here? I know that there's kind of MOUs out there. But given the nascency of the legislation itself, I mean I imagine that this could still take some degree of time to come to fruition into more firm sense. Do you want to just give some sense of expectation on that?

出色的。那麼這也許是一個很好的後續行動。您能否談談資料中心方面的情況，以及這裡的時間軸是怎麼樣的？我知道那裡有某種諒解備忘錄。但考慮到立法本身的初期階段，我認為這可能仍需要一段時間才能更加堅定地實現。您是否想對此給予一些期待感？

And then also, in parallel, we've seen some of your adjacent states talk about data center tariffs as they've become more serious about this opportunity as well, between Ohio and Indiana. Could we see you guys elect to pursue some kind of novel data center specific tariff structure at this point and put that forward?

同時，我們看到俄亥俄州和印第安納州之間的一些相鄰州正在討論資料中心關稅，因為他們對這個機會也更加認真。我們是否可以看到你們選擇追求某種新穎的資料中心特定關稅結構並將其提出來？

Julien, yes, the conversations are progressing. We have a shared goal to get something done more definitively this year. And the arrangement that we have, the agreement that we have with Switch, the term sheet really is we're trying to line out the ramp, right. The ramp of the generation over the next several years. And then we also have a signed agreement with University of Michigan for 110 megawatts.

朱利安，是的，對話正在取得進展。我們有一個共同的目標，那就是今年更明確地完成某件事。我們與 Switch 達成的安排、協議以及條款清單實際上就是我們試圖規劃的路線，對吧。未來幾年這一代產品將持續成長。然後我們也與密西根大學簽署了 110 兆瓦的協議。

And as Jerry spoke about another agreement that we've already moved towards, I'd say, a term sheet with and that's with an undisclosed party. But all of this has come together with a potential for a 2,100 megawatts of added load for data centers, which is phenomenal, and we're continuing those conversations.

正如傑瑞談到我們已經達成的另一項協議，我想說的是，這是一份與未公開的一方達成的條款清單。但所有這些都可能為資料中心帶來 2,100 兆瓦的額外負載，這是驚人的，我們正在繼續討論這個問題。

We've got the right land positions. We've got the right climate. We've got the legislation now behind us. So that's increased the interest, I would say, in Michigan overall. So really feeling positive about the opportunity that's before us and the team is hard at work at making those agreements more definitive in nature.

我們已佔據正確的土地位置。我們的氣候適宜。我們現在已經獲得了立法支持。所以我想說，這總體上增加了人們對密西根州的興趣。因此，我們對擺在我們面前的機會感到非常樂觀，團隊正在努力使這些協議在本質上更加明確。

When it comes to figuring out long term, what the generation needs might be, near term, we can serve the demand based on the ramp that we understand right now with what we have on hand. So we have some excess capacity that we can put to work. Think of it as we may have to bring on some renewables and battery storage to support this as well.

當要確定長期來看發電需求可能是什麼時，短期來看，我們可以根據目前了解的成長速度以及現有資源來滿足需求。因此，我們有一些可以利用的過剩產能。想想看，我們可能必須引入一些可再生能源和電池儲存來支持這一點。

But generally speaking, near term, this is really a great affordability play for our customers because we can bring on the load and not make really huge investments. As the load ramps, we'll have to look to expansion of renewables, more batteries and potentially something firmer or fixed in terms of generation. So think of a combined cycle with carbon capture for an example. But that will be longer in range.

但總體而言，從短期來看，這對我們的客戶來說確實是一項非常實惠的選擇，因為我們可以承擔負載而不必進行巨額投資。隨著負載的增加，我們必須考慮再生能源的擴張、更多的電池以及可能在發電方面更穩定或固定的東西。以碳捕獲聯合循環為例。但其範圍會更大。

And we would probably look to use a different tariff structure. We can use our existing tariffs now. But if we have to build something significant. We'd have to bring on a different tariff structure and think of it as more of fixed volumes and certainly demand response incorporated with that as well. So that's kind of where we're sitting with data centers right now.

我們可能會考慮採用不同的關稅結構。我們現在可以使用現有的關稅。但如果我們必須建造一些有意義的東西。我們必須引入不同的關稅結構，並將其視為更多的固定量，當然也要將需求響應納入其中。這就是我們現在資料中心的情況。

And Julien, that new tariff that we would need to, say, build a combined cycle plant or some surrounded with more renewables and battery storage would be long term in nature as well as a fixed fee type arrangement so that we don't put any kind of risk on our customers. And the commission and the Governor is very supportive of that. Legislation actually points that requires it. So I think we're in good shape from a legislative perspective and strong support from the commission.

朱利安，我們需要的新關稅，比如說，建造一個聯合循環電廠或一些周圍有更多可再生能源和電池儲存設施的電廠，將是長期的，同時也是一種固定費用類型的安排，這樣我們就不會給客戶帶來任何風險。委員會和州長對此非常支持。立法實際上指出了這一點。因此我認為從立法角度來看我們的狀況良好，並且得到了委員會的大力支持。

Hey, excellent guys. Nicely done today. Seriously, thank you for the time. All the best. All right, we'll connect soon.

嘿，你們太優秀了。今天做得很好。說實話，非常感謝您抽出時間。一切順利。好的，我們很快就會聯絡您。

Thank you, Julien.

謝謝你，朱利安。

David Arcaro, Morgan Stanley

摩根士丹利戴維·阿卡羅

Oh hey, thanks. Good morning. Wondering if you could touch on maybe learnings from the recent electric rate case in terms of what the commission you think wants to see in terms of affordability, ROE, storm tracker IRM, et cetera? I would be curious of your thoughts.

噢嘿，謝謝。早安.想知道您是否可以談談最近的電費案例的經驗教訓，即您認為委員會希望在可負擔性、ROE、風暴追蹤器 IRM 等方面看到什麼？我對你的想法很好奇。

Yeah, good morning, David. Again, this was a constructive order and it supports our investment agenda. So there was no change to ROE or the equity layer, so that was all positive. The commission extended the IRM, which was really a positive move signaling that we can continue to build on that and expand it using the Liberty audit. We are going to work now on just understanding how we incorporate the audit findings into our plan and we look to incorporate that in our next proceeding.

是的，早上好，大衛。再次強調，這是一項建設性的命令，它支持我們的投資議程。因此，ROE 或股權層沒有變化，所以都是正面的。委員會延長了 IRM，這確實是一個積極的舉措，表明我們可以繼續在此基礎上發展，並使用自由審計來擴展它。我們現在要做的就是了解如何將審計結果納入我們的計劃，並期待將其納入我們的下一步。

The commission was really positive about what these investments are yielding in terms of benefits to customers. If you listened to the call and you could hear the positive tone. And they spoke about the improvement that we experienced last year and how they're proud of the progress we're making on improving reliability for customers.

委員會對於這些投資為客戶帶來的利益非常樂觀。如果你聽了電話，你就會聽到正面的聲音。他們談到了我們去年的進步，以及他們對我們在提高客戶可靠性方面取得的進展感到自豪。

So that's the work ahead of us is to work on getting aligned on how we expand the IRM and then looking to bring these investments online over the next several years. We've gotten up the distribution grid plan that lays out our plan that aligns to our 30-50 goal. So this is to reduce the frequency of outages by 30% and cut duration in half by 50. And we've proven that when we invest, it works. So I think the commission wants to continue down that path as do we. And we're looking to get that all incorporated in our next regulatory case.

因此，我們面臨的工作是努力協調如何擴大 IRM，然後尋求在未來幾年內將這些投資帶到線上。我們已經制定了配電網計劃，該計劃闡述了與我們的 30-50 目標相符的計劃。因此，這將使停電頻率減少 30%，並將停電持續時間縮短 50%。我們已經證明，只要我們進行投資，它就會有效。因此我認為委員會和我們一樣希望繼續沿著這條道路前進。我們希望將這一切納入我們下一個監管案例。

Hey David, I -- you asked about affordability as well. So just to add to Joi's comments. If you could take a minute and look at Page 16 of our package, I mean our performance on bill growth is extraordinary when you compare it to the industry. And even when you compare it to our neighbors in the Great Lakes region, and we're seeing at 2.4% absolute bill growth since 2021, including the most recent rate case.

嘿，大衛，我——你也問到了負擔能力的問題。只是想補充一下 Joi 的評論。如果您能花一點時間看一下我們的方案的第 16 頁，您會發現，與業界相比，我們的帳單成長表現非常出色。即使與五大湖地區的鄰居相比，我們也看到自 2021 年以來絕對帳單成長率為 2.4%，包括最近的利率情況。

So I -- when I talk to the commissioners, I mean, affordability is really not on their screen. I mean, they see this data, they know about this data. We actually have it in our filings. We talk about it. So I feel really good about our affordability posture.

所以當我與委員們交談時，我的意思是，負擔能力確實不在他們的考慮範圍內。我的意思是，他們看到了這些數據，他們了解這些數據。我們的文件中確實有它。我們討論它。所以我對我們的負擔能力狀況感到非常滿意。

On top of that, if you look at this last rate order, last year, if you recall, we reduced the power supply cost recovery cost by $300 million. And so this last rate order is there was really no increase for customers because it's being offset by the PSCR reduction. So that's just an example of how we continue to go to work on behalf of our customers to keep our bills affordable.

除此之外，如果你看去年的最新費率指令，如果你還記得的話，我們將電力供應成本回收成本降低了 3 億美元。因此，最後的費率指令對於客戶來說實際上並沒有增加，因為它被 PSCR 減少所抵消了。這只是我們如何繼續努力為客戶提供服務以保證其帳單價格合理的一個例子。

Yeah, absolutely. I appreciate that color. A very strong position to be coming from given that track record. And then I was curious, maybe one more question here on data center activity, but would you be able to, let's see, quantify how much of a pipeline in terms of gigawatts of data centers, you might be seeing out there as opportunities in Michigan?

是的，絕對是如此。我很欣賞那個顏色。鑑於這樣的良好記錄，我們處於非常有利的地位。然後我很好奇，也許這裡還有一個關於資料中心活動的問題，但是您能否量化一下，就千兆瓦的資料中心而言，您可能在密西根州看到多少機會？

And just on the capacity -- available capacity you have on your system, do you think of that as being fully exhausted at this point? Or are there still near-term capacity that's left to allocate to some of these potential incremental new customers beyond the ones that you've mentioned?

就容量而言—您系統的可用容量，您是否認為目前已經完全耗盡了？或者除了您提到的客戶之外，是否還有剩餘的近期產能可以分配給一些潛在的增量新客戶？

Yeah, we're seeing about 3,000 gigawatts in our pipeline, 3,000 gigawatts. I mean 3,000, I want to say, 3,000 megawatts or 3 gigawatts in our pipeline. I wish it was 3 billion gigawatts. And we aren't at a point where we've used the total excess capacity as yet. We've got up to a gigawatt of excess capacity near term. And as I mentioned before, as we understand the ramps from the data center providers will look to add generation along the way. So that's where we're sitting right now, David.

是的，我們的管道中有大約 3,000 千兆瓦，3,000 千兆瓦。我的意思是，我想說，我們的管道中有 3,000 兆瓦或 3 千兆瓦。我希望是30億吉瓦。但我們尚未達到用盡全部過剩產能的程度。我們近期的過剩產能將達到1千兆瓦。正如我之前提到的，據我們了解，資料中心供應商將會尋求在此過程中增加發電量。這就是我們現在所處的位置，大衛。

Perfect, super helpful. Thanks so much great update.

非常完美，非常有幫助。非常感謝，很棒的更新。

Michael Sullivan, Wolfe Research.

沙利文（Michael Sullivan），沃爾夫研究公司。

Hey, good morning. Jerry, just over the duration of the plan, can you give us what rate base growth looks like?

嘿，早安。傑瑞，您能告訴我們在該計劃實施期間利率基準的成長嗎？

Yeah, rate base growth is in the 8% range over the plan.

是的，利率基準成長率在計畫的 8% 左右。

Okay thanks, and then sorry, just another one on some of the mechanics with the 45Zs. I guess if you strip that out of 2025, can you just talk about what's driving Vantage lower year-over-year off of '24?

好的，謝謝，然後抱歉，我只想問一下關於 45Z 的一些機械問題。我想，如果將 2025 年剔除，您能談談是什麼原因導致 Vantage 的銷量較 24 年同期下降嗎？

Yeah, well, let me start by saying the 45Zs are great, and they are providing us some flexibility. But what you see in Vantage is some lumpiness as some of these new projects come online and their associated investment tax credits. So in '24, if you look, we had some big new projects come on and investment tax credits with that.

是的，首先我要說的是 45Z 很​​棒，它們為我們提供了一些靈活性。但是，在 Vantage 中，您會看到一些不穩定因素，因為其中一些新項目上線後，相關投資稅收抵免也出現了問題。所以，如果你看一下，你會發現在 24 年，我們有一些大型新項目上線，也獲得了投資稅收抵免。

We don't foresee those projects coming on the same level in '25. However, we've been talking about some of these projects that will be coming on again in '26 and '27 to kind of give us some of that favorability in investment tax credits in those years, too.

我們預計這些項目在25年不會達到相同的水準。然而，我們一直在討論的一些項目將在26年和27年再次啟動，以便在這些年為我們帶來一些投資稅收抵免的優惠。

And then again, Michael, as we said, when you look past '27, we -- our Vantage forecast doesn't assume any of the 45Zs or investment tax credits in the plan past that.

邁克爾，正如我們所說的那樣，當你展望 27 年後，我們的 Vantage 預測並不假設該計劃中的任何 45Z 或投資稅收抵免。

Okay, that was going to be my next question. And then last one, just real quick, Dave, where did you all finish up on FFO to debt for '24?

好的，這是我的下一個問題。然後最後一個問題，戴夫，很快，你們 24 年的 FFO 與債務比率怎麼樣？

We're right at that 15% number.

我們正好處於 15% 這個數字。

Okay, perfect, thank you very much.

好的，非常好，非常感謝。

Thank you.

謝謝。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾 (Andrew Weisel)。

Hey, good morning, everybody. First question, I want to follow up a little on the commentary about potential new generation build. Can you remind us the timing of the 2026 IRP when it would be filed, approved and implemented? And Joi, I think you talked about some changes in tariff structure, adding things like fixed volume contracts. Would that be tuned through rate cases or some other regulatory or legislative vehicle? And how would those processes work together or independently?

嘿，大家早安。第一個問題，我想稍微跟進一下有關潛在新一代構建的評論。您能否提醒我們 2026 年 IRP 的提交、批准和實施時間？Joi，我想你談到了關稅結構的一些變化，增加了諸如固定數量合約之類的內容。這會透過利率案例或其他監管或立法手段進行調整嗎？這些過程如何協同或獨立工作？

Yeah, so let me start with your first question. So we plan to file our next IRP toward the end of 2026. And that process will play out over 2027, we'll get a result either we settle or we go to a fully contested IRP. And that would put us at the end of 2027 and right in the beginning of 2028. You also asked about the tariffs. So our tariff structure would have to be something that we work with the commission on and it can be done outside of a rate case.

是的，那麼讓我從你的第一個問題開始。因此，我們計劃在 2026 年底提交下一份 IRP。這個過程將在 2027 年完成，我們將得到一個結果，要么達成和解，要么進入完全有爭議的 IRP。這樣我們就到了 2027 年底和 2028 年初。您也詢問了關稅問題。因此，我們的關稅結構必須由我們與委員會共同商定，並且可以在費率案之外完成。

But certainly, as we learn more about the demand for data centers, we'll keep the commissioners apprised as the progress we're making and try to do some of the prework. I think we're aligned that we want to make sure that anything that we bring on in terms of new generation, we protect the existing customer base.

但可以肯定的是，隨著我們對資料中心的需求了解得越來越多，我們將隨時向委員們通報我們的進度，並嘗試做一些前期工作。我認為我們的觀點是一致的，我們希望確保我們推出的任何新一代產品都能保護現有的客戶群。

So we would want to have fixed fee long-term contracts in place, and we've got some models here that to look to, to make sure we're incorporating best practices from other geographies.

因此，我們希望簽訂固定費用的長期合同，而且我們這裡有一些可供參考的模型，以確保我們吸收了其他地區的最佳實踐。

Okay. Great. That's helpful. Then second, I want to clarify the commentary about the earnings growth and the RNG tax credit. This has come up a few times, but I just want to understand. You talked about the high end in '25 through '27, I understand that within you talked about exceeding the high end and supporting future years.

好的。偉大的。這很有幫助。其次，我想澄清有關獲利成長和 RNG 稅收抵免的評論。這個問題已經出現過幾次了，但我只是想了解一下。您談到了 25 年到 27 年的高端，我知道您也談到了超越高端並支持未來幾年。

I'm almost certain I heard all three of you, Jerry, joi and Dave say or support future years rather than and support future years. Maybe I'm getting too specific here, but what exactly does that mean? Are you saying talking about pulling forward expenses from '28, '29? Are you talking about maybe earnings growth of 9% or something like we saw in 2024? Can you just elaborate about that?

我幾乎可以肯定，我聽到你們三個人，傑瑞、喬伊和戴夫都說或支持未來幾年，而不是和支持未來幾年。也許我在這裡說得太具體了，但這到底是什麼意思呢？您是說從 28 年、29 年起提前支出嗎？您說的獲利成長率可能是 9%，還是像我們在 2024 年看到的那種？能詳細解釋一下嗎？

I think it's all of the above. I think you hit on it. We're really using these to commit to the higher end of guidance '25 through '27. We got dry powder potentially in the plan that can take us beyond that high end. But we also want the flexibility to do the things you said like, hey, maybe we find it's hard to predict where we'll find ourselves at a highly detailed level in '27 or '26, and so we want to make sure we have some flexibility in the plan to deliver really high-quality growth for our shareholders at the top end or higher or make sure that we start to secure the future as well as we move into '28 8 and beyond.

我認為以上都是。我認為你已經成功了。我們確實在利用這些來實現 25 年至 27 年指導目標的更高目標。我們的計劃中可能包含可以讓我們超越高端的潛力。但是，我們也希望能夠靈活地做您說過的事情，例如，也許我們很難詳細預測 27 年或 26 年的情況，所以，我們希望確保我們的計劃具有一定的靈活性，以便為我們的股東實現真正高質量的增長，無論是高端還是更高水平，或者確保我們在進入 28、28 年及以後的同時也開始保障未來。

We don't need to do that. I think we want to retain the flexibility to do that. Maybe that's a better way to clarify. We don't need tax credits to make our numbers in '28, '29. We're not saying, hey, we need some to roll over or anything like that.

我們沒必要這麼做。我認為我們希望保留這樣做的靈活性。也許這是一個更好的澄清方式。我們不需要稅收抵免來實現28年和29年的目標。我們不會說，嘿，我們需要一些人來翻滾或諸如此類的事情。

But we do want to retain the flexibility, that, hey, if we find ourselves in a position to -- this high-quality position in 2027, where we can pull forward expenses from '28 in and produce an even higher quality '28 than what we're talking about right now. We're going to do that. So that's the flexibility we're talking about.

但我們確實想保持靈活性，如果我們在 2027 年發現自己處於一個高品質的位置，我們可以從 28 年提前支出，並生產出比我們現在談論的更高品質的 28 年。我們會這麼做的。這就是我們談論的靈活性。

So I guess maybe to bring it together, is there anything besides conservatism keeping you at 6% to 8% rather than increasing it?

因此，我想也許綜合起來，除了保守主義之外，還有什麼能讓你的稅率保持在 6% 到 8% 而不是增加呢？

I would say we like to underpromise and overdeliver. That's been our pattern.

我想說，我們願意少承諾，多兌現。這就是我們的模式。

We like that too. Keep it up. Thank you very much.

我們也喜歡這個。繼續努力吧。非常感謝。

Thank you.

謝謝。

Bill Appicelli, UBS.

瑞銀的 Bill Appicelli。

Hi, good morning. Thanks for taking the question here. I mean I think Andrew hit on the question there that I was going at, which is it sounds like putting this all together, right, you guys would be comfortable targeting or being disappointed or not sort of at the high end of the range over this forecast period, even extending beyond the roll off of the tax credits. Is that fair?

嗨，早安。感謝您在此提出這個問題。我的意思是，我認為安德魯觸及了我要提出的問題，聽起來就像把所有這些放在一起，對吧，你們會願意瞄準或失望，或者不會在這個預測期內達到範圍的高端，甚至超出稅收抵免的範圍。這樣公平嗎？

I think what we've said is it helps us a lot in '25 through '27. And when you look at long term, based off of '25 original guidance, we're comfortable with our 6% to 8% long-term EPS growth rate in the long term.

我想我們已經說過，這對我們在25年到27年有很大幫助。從長遠來看，基於 25 年最初的指引，我們對長期 6% 至 8% 的長期每股盈餘成長率感到滿意。

Yeah, and the upside to that would be if we start getting incremental CapEx that comes into the plan from data centers or other demand. But right now, the most delevering opportunity, where we actually have papers signed, and we're trying to work towards firm agreements is data center load. So as we look out, we've got some heat in the plan '25 through '27, as we get beyond that, we're saying, hey, 6% to 8% until we can tell you more about these data centers.

是的，這樣做的好處是如果我們開始從資料中心或其他需求獲得計劃中的增量資本支出。但目前，最具去槓桿作用的機會是資料中心負載，我們實際上已經簽署了文件，並且正在努力達成堅定的協議。因此，從我們的角度來看，我們在 25 年到 27 年的計劃中遇到了一些問題，隨著我們超越這個目標，我們說，嘿，6% 到 8%，直到我們可以告訴你更多有關這些資料中心的資訊。

Okay. No, that's clear. And then just remind us the cadence of the rate case filings over the next few years. So you have the DTE Gas case that you're going to file here later this year. But is the assumption that they'll be sort of be continuing regular cadence of filings over the next few years?

好的。不，這很清楚。然後請提醒我們未來幾年利率案件提交的節奏。所以，您有 DTE Gas 案件，您將在今年稍後在這裡提交。但是否假設他們在未來幾年內會繼續以定期節奏提交文件？

For electric, yes, I think you can assume based on the level of investments that we're making. The only thing that would extend the time between filings would be an expansion of the IRM in electric.

對於電力，是的，我認為您可以根據我們所做的投資水平來假設。唯一能延長備案間隔時間的是擴大電力領域的 IRM。

And gas, if we get more traditional outcomes, we would like to be back to the two- or three-year time frame between rate cases, but we'll have to play out the next one and see how it plays out.

至於天然氣，如果我們得到更傳統的結果，我們希望回到利率案例之間的兩年或三年的時間框架，但我們必須進行下一次試驗，看看結果如何。

And then as far as expansion of the IRM, how do you guys evaluate that? Is that to be proceeding now that the electric case is over?

那麼就 IRM 的擴展而言，你們如何評價呢？電力案件已經結束，這件事還要繼續進行嗎？

Yes, I mean that's the work ahead of us is getting alignment with the NPSC staff and commissioners on what should go into the IRM, and I think, the Liberty audit will serve as that foundation and the good news is that that the audit findings generally point to the plan that we have in place. It is a good plan and we'll deliver the reliability improvements that we're targeting over the next five years.

是的，我的意思是我們面前的工作是與 NPSC 員工和委員就 IRM 應包含的內容進行協調，我認為，Liberty 審計將作為這一基礎，好消息是審計結果普遍指向我們制定的計劃。這是一個很好的計劃，我們將在未來五年內實現我們所針對的可靠性改進。

So we'll go to work with the staff and the commissioners and just make sure that, the units that we want to incorporate and the types of work that we want to incorporate in the plan are well understood.

因此，我們將與員工和委員一起工作，並確保我們想要納入的單位和我們想要納入計劃的工作類型得到充分的理解。

All right, great. Congrats on the, on a great call here. Thank you very much.

好的，太好了。恭喜您，這次通話非常順利。非常感謝。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Thank you. Good morning, everyone. You've answered my questions on the IRM rather several times here. But just a quick follow-up. One, how much CapEx is in your plan that you would hope to flow through the IRM, assuming that the regulators continue to approve that in the future rate cases. >And then, is there upside that you could flow through the IRM in terms of CapEx from the audit, depending on how that comes out. So just those two quick follow-ups.

謝謝。大家早安。您已經在這裡回答了我關於 IRM 的問題好幾次了。但只是一個快速的後續行動。第一，假設監管機構在未來的利率案例中繼續批准，您的計劃中有多少資本支出您希望透過 IRM 流動。>那麼，從審計的角度來看，透過 IRM 來流向資本支出是否有好處，這取決於結果如何。所以只需快速跟進這兩個問題。

Yeah, in our last case, we filed for an expansion of like up to like $590 million and then growing to like $720 million, right? So think of it, that's just order of magnitude, if you want to use that as gauge. And then how do we see that growing over time? And what kind of units and if there's upside to the plan?

是的，在我們的上一個案例中，我們申請擴大到 5.9 億美元，然後成長到 7.2 億美元，對嗎？所以想想看，如果你想用它作為衡量標準的話，那隻是一個數量級。那麼我們如何看到它隨著時間的推移而增長？那麼，有哪些類型的單位以及該計劃是否有優勢？

What we know in the audit, the auditors called out pull-top maintenance as being an area where they want to see increased investment, and we see that as an opportunity to add some upside to our plan. So we're reconciling all of that right now. and certainly trying to get alignment before we file anything in terms of our next rate case.

我們在審計中了解到，審計人員指出，易拉罐維護是他們希望增加投資的一個領域，我們認為這是為我們的計劃增加一些優勢的機會。所以我們現在正在協調所有這些。在我們就下一個費率案例提交任何文件之前，我們肯定會試圖達成一致。

Okay, perfect. That's all I got. Appreciate it.

好的，完美。這就是我得到的全部。非常感謝。

Paul Fremont, Ladenburg

保羅‧弗里蒙特，拉登堡

Thank you very much and congratulations on a strong quarter. Just wanted to sort of follow up on Vantage. You talked about having significant tax credit contribution in '24. Was that associated with Ford? And can you quantify what that tax benefit was ITC, I assume?

非常感謝，並祝賀您本季業績強勁。只是想對 Vantage 進行一些後續跟進。您談到了 24 年有顯著的稅收抵免貢獻。這與福特有關嗎？我認為，您能量化一下 ITC 的稅務優惠嗎？

Yeah, hi Paul, this is Dave. Yeah, it was associated with the Ford project and it was a little over $50 million was the ITC associated with the Ford project.

是的，嗨，保羅，我是戴夫。是的，它與福特項目有關，與福特項目相關的 ITC 金額略高於 5000 萬美元。

Great. That's it in terms of questions for me. Thank you.

偉大的。對我來說問題就這麼多。謝謝。

Thanks, Paul.

謝謝，保羅。

Ryan Levine, Citi

瑞安萊文（Ryan Levine）, 花旗銀行

Good morning. Quick question. In terms of the potential tariff for data centers. Would you look to file something soon? And then should we look for it to be somewhat similar to your peer utilities filing from the last week?

早安.快速提問。就資料中心的潛在關稅而言。您是否希望盡快提交文件？那麼，我們是否應該認為它與您上週提交的同行公用事業文件有些相似？

Yeah, I think as we learn more but the ramp will determine whether or not we need to file a new tariff. I think those discussions are underway. But you can anticipate that as the load grows, we'll eventually get to a point where we have to build something to support that load incremental to the generation we have on hand. And we'll look to incorporate, as I said before, best practices from other geographies and certainly learnings that we gain here within the state.

是的，我認為隨著我們了解更多信息，但關稅坡道將決定我們是否需要提出新的關稅。我認為這些討論正在進行中。但你可以預見到，隨著負載的增加，我們最終將到達一個點，必須建造一些東西來支援增量到我們現有的負載。正如我之前所說，我們將尋求融入其他地區的最佳實踐以及我們在本州獲得的經驗。

Okay, thanks thanks that was my question.

好的，謝謝，這是我的問題。

I will turn the call back over to Jerry Norcia for closing remarks.

我將把電話轉回給傑瑞諾西亞 (Jerry Norcia) 做結束語。

Well, thank you, everyone, for joining us today. I'll just close by saying we're feeling great about 2025 and our long-term future plans. Have a great morning. Stay healthy and safe.

好吧，感謝大家今天的參與。最後，我想說，我們對 2025 年和我們的長期未來計劃感到非常滿意。祝您早晨愉快。保持健康和安全。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。

Thank you.

謝謝。