密歇根天然氣 (DTE) 2025 Q1 法說會逐字稿

Hello and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to DTE Energy Q1 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。我叫貝拉，今天我將擔任您的會議接線生。現在，我歡迎大家參加 DTE Energy 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Matt Krupinski, Director of Investor Relations. You may begin.

現在，我想將會議交給投資者關係總監 Matt Krupinski。你可以開始了。

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. 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。我們的介紹中也提到了營業利潤，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.

今天早上和我們在一起的是董事長兼執行長 Jerry Norcia； Joi Harris，總裁兼營運長；以及執行副總裁兼財務長 Dave Ruud。現在，我將把時間交給傑瑞，開始我們今天早上的通話。

Thanks, Matt. Good morning, everyone, and thanks for joining us. I hope everyone is having a healthy and safe year so far. This morning, I will discuss the achievements we've made this year as we continue to deliver for all of our key stakeholders. Joi will provide an update on the significant progress we are making to improve reliability for our customers while maintaining affordability. Additionally, she'll provide updates on our renewable energy investment that supports our path to cleaner generation and data center opportunities that provide potential upsides. And Dave will provide a financial update and wrap things up before we take your questions. Let me start on slide 4.

謝謝，馬特。大家早安，感謝大家的參與。我希望大家今年都健康平安。今天上午，我將討論我們今年在繼續為所有主要利害關係人提供服務的過程中所取得的成就。Joi 將介紹我們在提高客戶可靠性同時保持可負擔性方面所取得的重大進展。此外，她還將提供有關我們的可再生能源投資的最新信息，以支持我們走向更清潔的發電方式以及提供潛在優勢的數據中心機會。在我們回答您的問題之前，戴夫將提供財務更新並總結一下。我從第 4 張投影片開始。

We've had a strong start to 2025 and are well positioned to meet our targets this year. Our success is a testament to our dedicated and engaged team committing to serving our customers and our communities. This year, we were recognized by the Gallup Organizatiotn for the 13th consecutive year with a great workplace award, and our employee engagement ranks in the 94th percentile globally amongst thousands of organizations. As I've mentioned before, our high level of employee engagement is our secret sauce, our continued success.

我們已經為 2025 年做好了充分的準備，並有望在今年實現我們的目標。我們的成功證明了我們敬業且投入的團隊致力於服務我們的客戶和社區。今年，我們連續第 13 年獲得蓋洛普組織的「傑出工作場所」獎，我們的員工敬業度在全球數千家組織中排名第 94 位。正如我之前提到的，我們高水準的員工敬業度是我們持續成功的秘訣。

We remain committed to making the important investments to enhance the grid and improve liability for our customers. As we are committed to reducing power outages by 30% and counting outage time in half in the next five years. As we continue to make these significant investments in automating and strengthening our grid, we see that the investments are working.

我們將繼續致力於進行重要投資，以增強電網並提高對客戶的責任。因為我們致力於在未來五年內將停電次數減少30%，並將停電時間減少一半。隨著我們繼續在電網自動化和強化方面進行大量投資，我們看到這些投資正在發揮作用。

We told you earlier this year that investments and reliability helped achieve a 70% improvement in time customers spent without power in 2024 and that metric has improved another 60% year-to-date versus last year. We are also performing above our aggressive targets for our operational metrics, including reliability and plant performance.

我們今年稍早告訴您，投資和可靠性幫助客戶在 2024 年將停電時間縮短了 70%，而今年迄今為止，這項指標與去年相比又提高了 60%。我們在營運指標（包括可靠性和工廠性能）方面的表現也超越了積極的目標。

In addition, our team supported our neighboring utilities to help restore power outside of our service area after a historic ice storm wreaked havoc in that region at the end of March. I know the state, utilities and their customers are very grateful for our assistance. We remain committed to investing in the communities where we live and serve to support Michigan's economy and employment opportunities.

此外，在 3 月底一場歷史性的冰暴對該地區造成嚴重破壞後，我們的團隊支持鄰近的公用事業公司幫助恢復我們服務區域外的電力。我知道州政府、公用事業公司及其客戶都非常感謝我們的幫助。我們將繼續致力於投資我們所居住和服務的社區，以支持密西根州的經濟和就業機會。

In 2024, DTE invested $3.3 billion with Michigan businesses creating and sustaining more than 14,000 jobs across the state. Last year, DTE invested $1 billion with certified diverse suppliers and nearly $1 billion with companies based in our home city of Detroit. As I said at the beginning of my remarks, we are off to a strong start this year and are well positioned to achieve our 2025 targets.

2024 年，DTE 向密西根州企業投資 33 億美元，為該州創造並維持了 14,000 多個就業機會。去年，DTE 向經過認證的多元化供應商投資了 10 億美元，並向位於我們總部所在地底特律的公司投資了近 10 億美元。正如我在演講開始時所說，我們今年開局良好，並已準備好實現 2025 年的目標。

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 we remained well positioned to achieve the higher end of our EPS guidance range this year. Our long-term EPS growth rate target remains at 68% with 2025 original guidance as the base for this growth.

我們 2025 年的營運每股收益指引範圍為 7.09 美元至 7.23 美元，中間值為每股 7.16 美元，比 2024 年原始指導中點增長 7%，並且我們仍處於有利地位，預計在今年實現每股收益指導範圍的高端。我們的長期每股盈餘成長率目標仍為 68%，並以 2025 年的原始指引作為成長基礎。

And as I mentioned on our year-end call, we have a 45% production tax credit for RNG projects coming into the plan this year through 2027. Providing confidence, we will reach the higher end of our growth rate 2025 to 2027 with flexibility exceed the high end of our guidance or support future years. So I'm feeling really positive about 2025 and the position we're in to continue to achieve long-term success.

正如我在年終電話會議上提到的那樣，對於今年到 2027 年納入計劃的 RNG 項目，我們將提供 45% 的生產稅收抵免。我們有信心，在 2025 年至 2027 年期間，我們的成長率將達到較高水平，並且能夠靈活地超越我們的指導上限或支持未來幾年的成長。因此，我對 2025 年以及我們將繼續取得長期成功的地位感到非常樂觀。

And regarding tariffs, we don't see much of an impact this year or in our long-term plan. 80% of our capital plan is with service providers, it would not be impacted by tariffs. Of the remaining material spend, we have been working closely with domestic suppliers and have built inventory that mitigates most of the tariff exposure. Obviously, we'll see how all this plays out, and we are closely monitoring the situation. In summary, our tariff exposure is manageable at 1% to 2% of our capital plan, and we continue to work with suppliers to further mitigate that exposure.

至於關稅，我們認為今年或對我們的長期計劃不會產生太大影響。我們的資本計畫80%是與服務提供者合作的，不會受到關稅的影響。對於剩餘的材料支出，我們一直與國內供應商密切合作，並建立了可減輕大部分關稅風險的庫存。顯然，我們將觀察這一切將如何發展，並且我們正在密切關注局勢。總而言之，我們的關稅風險敞口可控制在資本計畫的 1% 至 2% 之間，我們將繼續與供應商合作，進一步降低這種風險敞口。

We continue to maintain a strong balance sheet and investment grade credit ratings to support our customer focused capital investment plan. We remain committed to deliver premium shareholder returns that our investors have come to expect. And our 2025 annual dividend of $4.36 per share aligns with our practice of providing a growing dividend as we continue to deliver EPS growth. Now, let's turn to slide 5 to provide an overview of the progress we're making on our growth plan.

我們持續保持強勁的資產負債表和投資等級信用評級，以支持我們以客戶為中心的資本投資計畫。我們將繼續致力於為投資者提供他們所期望的優質股東回報。我們 2025 年的年度股息為每股 4.36 美元，這符合我們在繼續實現每股收益增長的同時提供不斷增長的股息的做法。現在，讓我們翻到第 5 張投影片來概述我們的成長計畫所取得的進展。

We are building on a great progress that we made last year across all our business units so far this year. Starting at DTE Electric, we continue to enhance our reliability efforts following significant progress in 2024. We plan to increase our efforts on all fronts in 2025, including the continued deployment of smart grid devices, upgrading existing infrastructure, replacing the 4.8 KV system, and trimming trees. We follow the rate case, providing support for our customer-focused capital investment plan that will allow us to further improve reliability and focus on grid modernization while minimizing the impact on customer bills.

今年到目前為止，我們所有業務部門都在去年取得巨大進展的基礎上繼續前進。從 DTE Electric 開始，我們在 2024 年取得重大進展後繼續加強可靠性工作。我們計劃在2025年加大各方面的努力，包括繼續部署智慧電網設備、升級現有基礎設施、更換4.8千伏系統以及修剪樹木。我們遵循費率案例，為以客戶為中心的資本投資計劃提供支持，這將使我們能夠進一步提高可靠性並專注於電網現代化，同時最大限度地減少對客戶帳單的影響。

We are making great progress with data centers having executed non-binding agreements with three different parties for projects totaling 2,100 megawatts. We are also actively engaged in discussions with additional opportunities, working with several hyper scalers and co-locators and opportunities within our service territory. This work will drive affordability for our customers and provide additional upside to our plan through renewable energy, and storage investments.

我們的資料中心建設取得了巨大進展，已與三方簽署了總額為 2,100 兆瓦的專案非約束性協議。我們也積極參與討論，尋找更多機會，與多家超大規模企業和共同定位企業合作，並尋找我們服務區域內的機會。這項工作將提高我們客戶的負擔能力，並透過再生能源和儲存投資為我們的計劃提供額外的優勢。

At DTE gas, we continue to progress on our main renewal program as we modernize the gas transmission and distribution systems. Over the years, we have made significant investments into this program and realized timely recovery of these investments through the well-established infrastructure recovery mechanism. We completed nearly 2,000 miles since the IRM began, which is about half of the total miles set to be renewed.

在 DTE 天然氣公司，我們在對天然氣輸送和分配系統進行現代化改造的同時，繼續推進主要更新計畫。多年來，我們對該項目投入了大量資金，並透過完善的基礎設施回收機制實現了投資的及時回收。自 IRM 開始以來，我們已經完成了近 2,000 英里，約佔計劃更新總里程的一半。

At DTE Vantage, we continue to advance custom energy solutions projects along with our RNG and carbon capture and sequestration projects. One project to highlight is the Ford Motor Company custom energy solutions project that is in construction. This project will provide central utility plant services to Ford's facility in Marshall, Michigan, and is underpinned by a long-term fixed fee contract with no commodity risk. We expect commercial operation to begin next year.

在 DTE Vantage，我們繼續推動客製化能源解決方案專案以及我們的 RNG 和碳捕獲與封存專案。值得關注的一個項目是正在建設中的福特汽車公司定制能源解決方案項目。該項目將為福特位於密西根州馬歇爾的工廠提供中央公用設施工廠服務，並以無商品風險的長期固定費用合約為基礎。我們預計明年將開始商業營運。

We are also progressing on another customer energy solutions project, a 42 megawatt combined heat and power project, which will serve a large industrial customer and is expected to begin construction later this year. And we continue to have a strong development pipeline behind these projects to support future growth. Before I turn it over to Joi, I just want to highlight on the next slide how Michigan continues to be a great place for economic development.

我們也正在推動另一個客戶能源解決方案項目，這是一個 42 兆瓦的熱電聯產項目，它將為大型工業客戶提供服務，預計今年稍後開始建造。我們將繼續為這些項目提供強大的開發管道，以支持未來的成長。在將時間交給 Joi 之前，我只想在下一張幻燈片中強調密西根州如何繼續成為經濟發展的好地方。

Michigan continues to attract many large companies, particularly in Southeast Michigan to the benefit of our state and our residents. A number of large companies, including General Motors, Henry Ford Health, and the University of Michigan, are making significant investments in our service territory, providing significant economic development and providing thousands of jobs. Michigan is an attractive state for data center opportunities, particularly after legislation for the sales and use tax exemption was passed. And as we've discussed, data center development will support customer affordability.

密西根州繼續吸引許多大公司，特別是密西根州東南部的大公司，這有利於我們州和我們的居民。包括通用汽車、亨利福特醫療集團和密西根大學在內的許多大公司正在我們的服務區域進行大量投資，帶來顯著的經濟發展並提供了數千個就業機會。密西根州對於資料中心發展來說是一個極具吸引力的州，尤其是在銷售和使用稅豁免法案通過之後。正如我們所討論的，資料中心的發展將支持客戶的承受能力。

Just to highlight a few data points that show the strength of Michigan's economy, a number of economic indicators show positive growth the first quarter of 2025 versus the first quarter of 2024, including housing permits are up nearly 10%, real estate GDP is up 2.6% and payroll employment, up nearly 1%, and we are seeing customer growth in our service territory with both residential and commercial customer accounts up over 0.5% in the first quarter of this year versus last year.

僅強調幾個顯示密西根州經濟實力的數據點，多項經濟指標顯示 2025 年第一季與 2024 年第一季度相比呈正增長，包括住房許可證增長近 10%，房地產 GDP 增長 2.6%，工資就業增長近 1%，而且我們看到我們服務區域內的客戶數量在增長，今年第一季度住宅和商業客戶賬戶增長了 0.5% 以上。

There's a lot of economic development in Michigan, and the business climate here is an attractive one to support the investments that will fuel significant growth for the state. So to wrap up my comments, I'll just say I'm very excited about our start in 2025, and how we are well positioned to continue to deliver for our customers, communities, and investors now and into the future. And I'll turn it over to Joi. Joi, over to you.

密西根州經濟發展迅速，這裡的商業環境極具吸引力，有利於支持推動該州經濟大幅成長的投資。總結我的評論，我只想說，我對我們 2025 年的開始感到非常興奮，以及我們如何做好準備，繼續為我們現在和將來的客戶、社區和投資者提供服務。我現在把它交給 Joi。Joi，交給你了。

Thanks, Jerry, and good morning, everyone. As we discussed on our year-end call, DTE has a significant customer-focused capital plan, investing $30 billion over the next five years with well over 90% of this investment in our utilities.

謝謝，傑瑞，大家早安。正如我們在年終電話會議上討論的那樣，DTE 有一個重要的以客戶為中心的資本計劃，未來五年將投資 300 億美元，其中 90% 以上的投資用於我們的公用事業。

At DTE Electric, we plan to invest $24 billion over the next five years to significantly improve reliability for our customers and further transition to cleaner generations supporting the success of our voluntary renewables program and Michigan's clean energy legislation. And we are doing this with a continued focus on customer affordability. As Jerry mentioned in his opening comments, we are confident that we do not have significant exposure to tariff impacts, and we continue to be in a great position to execute on our plan.

在 DTE Electric，我們計劃在未來五年內投資 240 億美元，以顯著提高客戶的可靠性，並進一步向更清潔的發電方式過渡，支持我們的自願再生能源計劃和密西根州清潔能源立法的成功。我們在這樣做的同時，也持續關注客戶的承受能力。正如傑瑞在開場白中提到的那樣，我們相信我們不會受到關稅的重大影響，並且我們將繼續處於執行計劃的有利位置。

Our grid modernization and renewable programs are on pace to deliver the targeted performance. Starting with our reliability efforts, we continue to make significant progress building off of our success we achieved in 2024. In 2025, we are expecting to exceed last year's efforts by installing 600 smart technology reclosures after installing 450 in 2024, completing 950 miles of pole top maintenance, replacing 5,500 utility poles, an increase of 2,100 poles being replaced from last year and trimming over 6,500 miles of trees, a significant increase from last year's total of 4,300 miles.

我們的電網現代化和再生能源計劃正在按計劃實現目標性能。從我們的可靠性工作開始，我們在 2024 年取得的成功的基礎上繼續取得重大進展。2025 年，我們預計將安裝 600 個智慧技術重合閘門（2024 年安裝了 450 個），超過去年的努力；完成 950 英里的桿頂維護；更換 5,500 根電線桿，比去年增加 2,100 根電線桿；修剪超過 6,500 英里的樹木，比去年增加 2,100 根電線桿；修剪超過 6,500 英里的樹木。

We are committed to our infrastructure investments and are focused on improving reliability for our customers, and the investments are working. As Jerry mentioned, our electric grid reliability has continued to show significant improvement over the past two years. And during a recent high wind weather event, we had one of our fastest restorations with 95% of our customers restored in 24 hours and nearly 100% within 48 hours. And we are making great progress toward our goal of reducing power outages by 30% and cutting outage time in half in the next five years.

我們致力於基礎設施投資，並致力於提高客戶的可靠性，而這些投資正在發揮作用。正如傑瑞所說，我們的電網可靠性在過去兩年持續顯著提高。在最近一次強風天氣事件中，我們的恢復速度是最快的之一，95% 的客戶在 24 小時內恢復，近 100% 的客戶在 48 小時內恢復。我們正在朝著在未來五年內將停電次數減少 30%、停電時間縮短一半的目標邁進。

Our recently filed electric ray case is an important step in our customer-focused investment agenda. This filing addresses our continued infrastructure investments designed to improve reliability and generation investments to bring cleaner energy faster to the state.

我們最近提起的電鰩案是我們以客戶為中心的投資議程的重要一步。該文件涉及我們持續的基礎設施投資，旨在提高可靠性和發電投資，以便更快為該州帶來更清潔的能源。

One important item to note in the filing is the request to advance the infrastructure recovery mechanism or IRM. Our previous order approved $290 million for 2025, and we are looking to increase this to $1 billion by 2029 in the current filing. The filing is consistent with the electric distribution audit that was completed last year, which confirmed that our proposed investment plan will deliver the dramatic improvements in reliability we have committed to our customers.

文件中需要注意的一項重要內容是請求推進基礎設施恢復機製或 IRM。我們先前的命令批准在 2025 年撥款 2.9 億美元，我們希望在目前申請中將這一金額在 2029 年增加到 10 億美元。該文件與去年完成的電力分配審計一致，該審計證實，我們提出的投資計畫將顯著提高我們向客戶承諾的電力可靠性。

We continue to deliver top-tier affordability through superior cost management, operational excellence with our power plants, and one of the larger energy efficiency programs in the country. Our historical average annual bill increase is much lower than the industry average, with our annual bill increase since 2021, well below the Utility Great Lakes average and the national average through 2024 and also well below the general rate of inflation.

我們將繼續透過卓越的成本管理、發電廠的卓越營運以及全國最大的能源效率計劃之一來提供一流的經濟實惠。我們的歷史平均年度帳單增幅遠低於行業平均水平，自 2021 年以來，我們的年度帳單增幅遠低於公用事業大湖區平均水平和到 2024 年的全國平均水平，也遠低於一般通貨膨脹率。

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. Data center opportunities along with our distinctive continuous improvement culture to drive cost management will continue to support affordability for our customers. Let me move to slide 8 to highlight progress in supporting our clean energy transition with potential increased low growth.

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可負擔能力。資料中心機會以及我們獨特的持續改善文化推動成本管理將繼續支持我們的客戶承受能力。讓我轉到投影片 8，重點介紹我們在支援清潔能源轉型以及潛在的低成長方面取得的進展。

We have plans for significant investment in cleaner generation over the next five years and into the next decade, significantly increasing our generation of both solar and wind, as well as battery storage. We currently have well over 2,300 megawatts of renewable generation in service and we are building 800 megawatts of renewable energy per year on average over the next five years.

我們計劃在未來五年甚至十年內對清潔發電進行大量投資，大幅增加太陽能和風能發電量以及電池儲能發電量。目前，我們已投入使用的再生能源發電量已超過 2,300 兆瓦，未來五年內我們將平均每年建造 800 兆瓦的再生能源。

Solid land positions combined with our ability to successfully move these projects through the interconnection and permitting processes provides the pathway to execute these investments. This progress has allowed us to Safe Harbor investment tax credits for these renewable projects through 2027. And with the support we are seeing, we remain confident that key provisions of the IRA will stay in place, supporting our ability to execute these investments affordably for our customers. So we are in a great position to execute our transition to cleaner energy, preparing to serve our customers for years to come.

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，為執行這些投資提供了途徑。這項進展使我們能夠在 2027 年之前為這些再生能源項目提供安全港投資稅收抵免。憑藉我們所看到的支持，我們仍然相信 IRA 的主要條款將繼續有效，以支持我們以可負擔的價格為客戶執行這些投資的能力。因此，我們已做好充分準備來實現向清潔能源的轉型，並在未來幾年為客戶服務。

We are also well positioned to serve increased load that may come into our service territory, mainly from the potential significant demand from data center development as well as further economic development in Michigan. We are currently making great progress with data centers executing non-binding agreements with three different parties for projects totaling 2.1 gigawatts.

我們還可以為可能進入我們服務區域的增加的負載提供服務，這主要來自資料中心開發以及密西根州進一步經濟發展帶來的潛在巨大需求。目前，我們正在與三方簽署總計 2.1 千兆瓦的資料中心非約束性協議，並取得了巨大進展。

We are also actively engaged in discussions with additional opportunities as we continue to work with a number of hyper scalers and co-locators on opportunities within our service territory. As you know, key legislation was passed for the sales and use tax exemption, and this has helped us further progress discussions for data center projects. Excess capacity of up to 1 gigawatt puts us in a great position to serve this demand quickly.

我們也積極參與更多機會的討論，並繼續與許多超大規模企業和共同定位者合作，尋找我們服務區域內的機會。如您所知，有關銷售和使用稅豁免的關鍵立法已經通過，這有助於我們進一步推進資料中心專案的討論。高達 1 千兆瓦的過剩產能使我們能夠快速滿足這項需求。

These projects require some additional investment to support the early load ramp in the near term and will provide longer term investment opportunities and new baseload generation, which would be supported by the 2026 IRP. And as we have said, these data center opportunities are all upside to our five-year plan.

這些項目需要一些額外的投資來支持短期內的早期負載成長，並將提供長期投資機會和新的基載發電，這將得到 2026 年 IRP 的支持。正如我們所說，這些資料中心機會對我們的五年計劃都有好處。

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. Good morning, everyone. I'll open by saying that 2025 is off to a strong start, and we remain positioned to achieve the high end of our guidance this year. Let me start on slide 9 to review our first quarter financial results.

謝謝，喬伊。大家早安。首先我想說的是，2025 年開局強勁，我們仍有望在今年實現預期的高點。讓我從第 9 張投影片開始回顧我們的第一季財務表現。

Operating earnings for the quarter were $436 million, this translates into $2.10 per share. You can find a detailed breakdown of BPS by segment, including a reconciliation to GAAP reported earnings in the appendix. I'll start the review at the top of the page with our utilities.

本季營業利潤為 4.36 億美元，相當於每股 2.10 美元。您可以在附錄中找到按部門劃分的 BPS 詳細分類，包括與 GAAP 報告收益的對帳。我將從頁面頂部開始對我們的實用程式進行評論。

DTE electric earnings were $147 million for the quarter. Overall, DTE Electric had a strong first quarter and is on track to achieve full year guidance. Earnings were $47 million lower than the first quarter of 2024. The main drivers of the variants were timing of taxes and higher rate-based costs, partially offset by rate implementation, cooler weather, lower ONM costs, and higher renewable earnings. The impact from the timing of taxes was fairly significant at $67 million relative to 2024. This is related to investment tax credits on 2 solar projects went into service in the first quarter. The timing was known and built into our plan, and it will reverse during the balance of the year.

DTE 電力本季收益為 1.47 億美元。整體而言，DTE Electric 第一季表現強勁，並有望實現全年預期。收益比 2024 年第一季低 4,700 萬美元。這些變化的主要驅動因素是徵稅時機和更高的基於稅率的成本，但被稅率實施、涼爽天氣、較低的 ONM 成本和更高的可再生能源收益部分抵消。稅收時機的影響相當顯著，相對於 2024 年而言為 6,700 萬美元。這與第一季投入營運的2個太陽能專案的投資稅收抵免有關。這個時間是已知的，並且已納入我們的計劃中，並將在今年餘下的時間裡逆轉。

Moving on to DTE Gas, operating earnings were $206 million for the quarter, $46 million higher than the first quarter of 2024. The earnings variance was driven by more favorable winter weather and rate implementation, partially offset by higher ONM and rate-based costs.

談到 DTE Gas，本季營業收入為 2.06 億美元，比 2024 年第一季高出 4,600 萬美元。收益差異是由於冬季天氣更加有利和費率實施而導致的，但被更高的 ONM 和基於費率的成本部分抵消。

Let's move to DTE Vantage on the third row. Operating earnings were $39 million for the first quarter of 2025. This is a $31 million increase from 2024, driven by higher RNG earnings, including $15 million of $45 production tax credits and higher custom energy solutions earnings.

讓我們轉到第三排的 DTE Vantage。2025 年第一季的營業收入為 3,900 萬美元。這比 2024 年增加了 3,100 萬美元，主要得益於 RNG 收益的增加，其中包括 1,500 萬美元的 45 美元生產稅收抵免以及更高的客製化能源解決方案收益。

On the next row, you can see energy trading earned $34 million for the quarter. We continue to experience favorability and strong margins that are contracted and hedged physical power and gas portfolios, putting us in a strong position to start 2025.

在下一行，您可以看到能源交易本季獲利 3400 萬美元。我們繼續享受合約和對沖實體電力和天然氣投資組合的有利條件和強勁的利潤率，這使我們在 2025 年伊始處於有利地位。

Finally, corporate another was favorable by $31 million quarter over quarter due to the timing of taxes, partially offset by higher interest expense. As with DTE Electric, this timing will reverse during the year, and we expect to end the year in the guidance range for this segment. Overall, DTE earned $2.10 per share in the first quarter of 2025, which positions us well to achieve the high end of our guidance range in 2025. Let me wrap up on slide 10 and then we'll open the line for questions.

最後，由於稅收時間的影響，企業另一項收入比上一季增加了 3,100 萬美元，但利息支出增加部分抵消了這一增長。與 DTE Electric 一樣，這一時間安排將在年內逆轉，我們預計今年年底該部門的業績將處於指導範圍內。總體而言，DTE 在 2025 年第一季的每股收益為 2.10 美元，這使我們預計在 2025 年實現指導範圍的高端。讓我結束第 10 張投影片的發言，然後我們將開始回答問題。

Our team continues our commitment to deliver for all of our stakeholders. The 2025 operating EPS guidance midpoint provides 7% growth over the 2024 original guidance midpoint, and we are positioned to achieve the high end of our guidance this year.

我們的團隊將繼續致力於為所有利害關係人提供服務。2025 年營運每股盈餘指引中點比 2024 年原始指引中點成長 7%，我們預計在今年實現指引的高端。

Our recently updated five-year plan increased capital investment by $5 billion over the previous plan to $30 billion, primarily to support our customer-focused reliability investments and our cleaner generation as Joi discussed. Additional data center opportunities provide upside to this five-year capital investment and EPS growth plan. Our plan provides high quality, long-term, 6% to 8% EPS growth through these increased customer-focused utility investments and the shift to more utility-like investments at DTE Vantage.

我們最近更新的五年計畫將資本投資在先前的計畫上增加了 50 億美元，達到 300 億美元，主要用於支持我們以客戶為中心的可靠性投資和更清潔的發電，正如 Joi 所討論的那樣。額外的資料中心機會為這項五年資本投資和 EPS 成長計畫提供了上行空間。我們的計劃透過增加以客戶為中心的公用事業投資以及轉向 DTE Vantage 更具公用事業性質的投資，提供高品質、長期、6% 至 8% 的每股收益成長。

DTE continues to be well positioned to deliver the premium total shareholder returns that investors have come to expect with a strong balance sheet that supports our future capital investment plan with modest equity issuances of $0 to $100 million over the next three years. We are confident in our long-term operating EPS growth rate target of 6% to 8% through 2029. With RNG tax credits providing additional confidence, we will reach the high end of our growth through 2027 and also provide us flexibility to exceed the high end or support future years. With that, I thank you for joining us today, and we can open the line for questions.

DTE 繼續處於有利地位，能夠為投資者提供他們所期望的優質總股東回報，其強勁的資產負債表將支持我們未來的資本投資計劃，在未來三年內將發行 0 至 1 億美元的適度股權。我們對 2029 年長期營運每股盈餘成長率目標 6% 至 8% 充滿信心。有了 RNG 稅收抵免提供的額外信心，我們將在 2027 年達到成長的高端，同時也為我們提供超越高端或支持未來幾年的靈活性。最後，我感謝大家今天加入我們，現在可以開始提問了。

(Operator Instructions)

（操作員指示）

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

So maybe just to start a good message on tariffs, appreciate the color, maybe you can kind of just give us a flavor of how you see this maybe impacting the auto sector, what your exposure is there, and then just general economic activity in the service territory. Just notice like the CNI weather normalized trends were a little bit lower quarter to quarter. I don't know if that's timing, but just maybe kind of talk about how the plan is resilient to potential economic downturn if it goes that way. Thanks.

因此，也許只是為了開始一個關於關稅的好消息，欣賞色彩，也許您可以讓我們了解一下您認為這可能會對汽車行業產生什麼影響，您在那裡的風險敞口是什麼，然後只是服務領域的一般經濟活動。請注意，CNI 天氣標準化趨勢每季都略有下降。我不知道這是否是時機，但也許只是談論如果按照這種方式實施，該計劃將如何抵禦潛在的經濟衰退。謝謝。

Sure thing. Thanks, Nick. So certainly, we got some encouraging news for the autos on tariffs where the tariffs were modified significantly for parts. That was the big deal for the automakers, especially when I talked to several of the auto execs, the feeling I got was that relief on the import and export of parts which move across the US and Canadian border here in quite frequently into Canada and from Canada that provided significant relief.

當然可以。謝謝，尼克。因此，我們確實得到了一些關於汽車關稅的令人鼓舞的消息，其中零件的關稅已大幅修改。這對汽車製造商來說意義重大，特別是當我與幾位汽車業高層交談時，我的感覺是，對頻繁跨越美國和加拿大邊境的零件進出口的減免，為加拿大帶來了顯著的緩解。

I think the assembly portion of the tariff remains in place. Some of the automakers are positioned better than others in the sense that they can have flexibility as to where they can assemble vehicles and move some of that production domestically. So much still remains to be seen, but as we mentioned in our opening thoughts, I think you can see that we -- the economy here in Michigan remains very resilient. And we're not seeing any significant reductions in production or any plant adjustments of significance at this point in time. So looking pretty bright. I'll hand it over to Dave to talk about the sales results and what we're seeing there as well. Dave, if you want to add to that.

我認為關稅中的組裝部分仍然有效。一些汽車製造商的定位比其他製造商更有利，因為他們可以靈活地選擇在哪裡組裝汽車，並將部分生產轉移到國內。還有很多事情有待觀察，但正如我們在開場白中提到的那樣，我想你可以看到我們——密西根州的經濟仍然非常有彈性。目前我們還沒有看到產量有任何顯著的減少，也沒有看到任何重大的工廠調整。看起來非常明亮。我將把它交給戴夫來談論銷售結果以及我們所看到的情況。戴夫，如果你想補充這一點。

Sure. Hey, Nick, it's good to talk to you. I'll start by saying our actual sales were actually up because weather was great. And even when you look at the weather adjusted numbers, our sales for the quarter were pretty good after you adjust for a leap year last year and energy efficiency. So leap year accounts for about 1% because there was an extra day last year and then our energy efficiency is about 2%. So we had really good base growth across our customer classes.

當然。嘿，尼克，很高興和你聊天。首先我要說的是，由於天氣很好，我們的實際銷售量確實上升了。即使你查看經過天氣調整的數字，在調整了去年的閏年和能源效率之後，我們本季的銷售額仍然相當不錯。因此閏年約佔 1%，因為去年多出了一天，而我們的能源效率約為 2%。因此，我們的客戶群基礎成長確實很好。

And then as we discussed in our presentation and Jerry mentioned on page 6, we're seeing some positive economic indicators with housing permits being up 10% in Southeast Michigan here, real estate GDP being up over 2.5%, and payroll employment up about 1%. So we're feeling -- we're still feeling good about our load and the economic prospects for it as well.

正如我們在簡報中討論的以及 Jerry 在第 6 頁提到的那樣，我們看到一些積極的經濟指標，密西根州東南部的住房許可證增加了 10%，房地產 GDP 增加了 2.5% 以上，工資就業增加了約 1%。所以我們感覺——我們仍然對我們的負荷和經濟前景感到滿意。

That's great. Thanks for all those clarifications. And then just on the data center and large load customer conversation, sounds like those conversations haven't slowed down at all and you're having additional conversations so just can you give us some color on when we can maybe see an uptick to that 2.1 gigawatt number? Sounds like you're having kind of multiple combos with aggregators and hyper scalers and is there a chance that you could maybe roll more into the formal backlog by the second or the third quarter? Thanks.

那太棒了。感謝所有這些澄清。然後，僅就資料中心和大負載客戶對話而言，聽起來這些對話根本沒有減慢，而且您還有更多對話，那麼您能否告訴我們何時我們可以看到 2.1 千兆瓦數字的上升？聽起來您與聚合器和超大規模器有多種組合，是否有可能在第二季或第三季將更多內容納入正式積壓？謝謝。

Yeah, good morning, Nick. Yeah, data center conversations are continuing. There's been really no slowdown. Obviously, we've got excess capacity, so that that makes our service territory ideal, and the legislation is helping to create some urgency because it requires construction to begin no later than 2028 to take advantage of the tax exemptions. With that said, we did announce the 2.1 gigawatts of frame agreement with Switch and U of M. U of M has already upped their demand from the 100 megawatts to 220 megawatts and we're working on finalizing that deal, and then we're continuing to work the energy service agreements for the remaining providers.

是的，早上好，尼克。是的，資料中心的對話仍在繼續。確實沒有出現任何放緩。顯然，我們擁有過剩產能，這使得我們的服務區域非常理想，而且該立法有助於創造一些緊迫性，因為它要求建設最遲在 2028 年開始，以享受免稅優惠。話雖如此，我們確實宣布了與 Switch 和密西根大學達成的 2.1 千兆瓦框架協議。密西根大學已經將其需求從 100 兆瓦提高到 220 兆瓦，我們正在努力完成該交易，然後我們將繼續為其餘供應商制定能源服務協議。

We've got an additional pipeline of roughly 3 gigawatts with hyper scalers and co-locators, and those entities are making significant inroads on securing the land that they need. So this is all moving in a very positive direction. We have a shared goal of getting something finalized before the end of the year, and we'll incorporate any near-term changes to our long-term plan based on those agreements later this fall. Likewise, if we have to move towards some base load increases, we'll incorporate that into our IRP filing next year.

我們擁有額外約 3 千兆瓦的管道，其中包括超大規模和共置商，這些實體在確保其所需土地方面正在取得重大進展。所以這一切都朝著非常正面的方向發展。我們有一個共同的目標，那就是在今年年底之前完成一些事情，我們將在今年秋天晚些時候根據這些協議將任何近期的變化納入我們的長期計劃中。同樣，如果我們必須增加一些基本負荷，我們將把它納入明年的 I​​RP 申報中。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

I wanted to follow up on the next question. And obviously, we've been in a lot of discussion with investors on your auto exposure as well, just maybe some more meter on the board. Can you clarify what your margin exposure is? I know that the sales number is pretty big as it relates to autos. So what's your margin exposure, let's say, for 2025? And with all this hyper scaler activity in the region, where do you see that going, let's say, through '27 to '28? Just high level, please. Thank you.

我想繼續下一個問題。顯然，我們也與投資者就您的汽車投資進行了大量討論，也許只是在董事會上增加了一些衡量標準。您能解釋一下您的保證金風險是多少嗎？我知道汽車的銷售數字相當大。那麼，假設 2025 年您的保證金曝險是多少？那麼，隨著該地區所有這些超大規模活動的發展，您認為從 27 年到 28 年，這一趨勢將如何發展？請只說高級別。謝謝。

Yeah, thanks, Durgesh. Yeah, our margin from autos is around 3% to 4% of our total margins. So even if we had like a 10% change up or down, it doesn't have that much of an impact overall on our plan. So and we're feeling pretty good right now that the auto exposure based, especially on some of the information yesterday, I think we're in a good place with that going forward too.

是的，謝謝，杜爾格甚。是的，汽車利潤約占我們總利潤的 3% 至 4%。因此，即使我們的變化幅度達到或低於 10%，對我們的計劃整體也不會產生太大的影響。所以，我們現在感覺很好，基於自動曝光，特別是根據昨天的一些信息，我認為我們在這方面也處於一個很好的位置。

Oh, what was your second question on data center?

哦，您關於資料中心的第二個問題是什麼？

Yeah, I just -- I was kind of gauge with all this data center activity, what do you see that going forward, right? Presumably you have all this data center load coming into Michigan and your relative weighting of the auto sector will probably shrink over time, right? So just any high-level thoughts there.

是的，我只是——我對所有這些數據中心活動進行了評估，您認為未來會怎樣發展，對嗎？想必所有這些資料中心的負載都進入了密西根州，而汽車行業的相對權重可能會隨著時間的推移而縮小，對嗎？所以這只是一些高層次的想法。

Oh yeah, it will cause, just from the 2 gigawatts we've talked about, look, at that provides like 4% load growth over the next five years. So yeah, it would put a little less on our auto exposure, but we still feel comfortable with our auto exposure also.

哦，是的，僅從我們討論過的 2 千兆瓦來看，這將導致未來五年內負荷增長 4%。是的，它會稍微減少我們的自動曝光，但我們仍然對自動曝光感到滿意。

Okay, perfect. Just one quick follow up. I know it's small, but the PVR kind of ruling, has that been factored into this weight case filing? I know it's small, but just any thoughts or color you could share there.

好的，完美。只需快速跟進一次。我知道這很小，但是 PVR 類型的裁決是否已考慮到此重量案件的提起中？我知道這很小，但您可以在那裡分享任何想法或顏色。

Hi, it's Joi. Yeah, the commission did issue an order in February, and they essentially adopted the straw proposal, and they weren't responsive to our concerns on symmetry, so we're really satisfied with the outcome. The mechanism would go into effect in 2026, and it's capped at $10 million for incentives and penalties.

你好，我是 Joi。是的，委員會確實在二月發布了一項命令，他們基本上採納了這份臨時提案，並且沒有回應我們對對稱性的擔憂，所以我們對結果非常滿意。該機制將於 2026 年生效，獎勵和懲罰金額上限為 1,000 萬美元。

As for the proposed metrics, I mean, we're really happy with the metrics. In fact, our performance across all of those metrics is green for the year, so we're on target. We did file our response to the order last month and we're expecting to hear something back from the commission later this year, but all of this would impact 2026, not necessarily 2025.

至於提出的指標，我的意思是，我們對這些指標非常滿意。事實上，我們今年在所有這些指標上的表現都是好的，所以我們已經達到了目標。我們確實在上個月對該命令提出了回應，並希望在今年晚些時候收到委員會的回复，但所有這些都會影響 2026 年，而不一定會影響 2025 年。

In terms of our rate case filing, our filing is in line with what we had articulated earlier, staying the course on the IRM and incorporating the liberty audit findings in our plans. So in terms of PVR, there isn't anything specific, but the reliability improvements will only improve how we are performing relative to the BPR -- sorry, PVR requirements.

就我們的費率案例備案而言，我們的備案與我們先前所闡述的一致，堅持 IRM 的路線，並將自由審計結果納入我們的計畫中。因此，就 PVR 而言，沒有什麼具體的東西，但可靠性的改進只會改善我們相對於 BPR（抱歉，是 PVR 要求）的表現。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

I know it's not the biggest part of the business, but energy trading. Just wondering if you could expand a bit there and if results in the quarter were in line with your expectations, how we should think about shaping across the year, or is there any kind of a upward look versus budget?

我知道這不是業務的最大部分，而是能源交易。只是想知道您是否可以稍微擴展一下，如果本季度的結果符合您的預期，我們應該如何考慮全年的塑造，或者是否有任何相對於預算的向上展望？

Yeah. Hi, Jeremy, it's Dave. Yeah, it was a good quarter in energy trading. We earn $34 million, our guidance is $50 million to $60 million for the year, and its really strong performance continuing in our contracted and hedged, both our physical power and gas portfolios, this is what we experienced in '23, continued in '24. Yeah, we're seeing some strong margins on some of these contracts or one to three-year contracts, so they -- some of it is historical that it's continued to come through.

是的。你好，傑瑞米，我是戴夫。是的，本季能源交易表現良好。我們獲利 3,400 萬美元，我們今年的預期是 5,000 萬至 6,000 萬美元，而且我們的合約和對沖業務（包括實體電力和天然氣投資組合）繼續表現強勁，這是我們在 23 年經歷的，並在 24 年繼續保持。是的，我們看到其中一些合約或一至三年期合約的利潤率很高，所以它們——其中一些是歷史性的，並且會持續下去。

And as we go through the year, we could continue to see some favorability from these positions. It's a little too early to say, but if it does, we're -- we'll be able to use that strength to support and invest across our segments, again, to support future years as we go -- as we look to '26 and beyond.

隨著時間的流逝，我們可能會繼續看到這些職位的一些有利因素。現在說還為時過早，但如果真的如此，我們將能夠利用這種優勢來支持和投資我們的各個部門，再次支持我們未來幾年的發展——展望 26 年及以後。

Yeah, I was going to add a bit to that, Jeremy, I could tell you the leadership team here, we're deep, really deep in the '26 and also starting to plan for '27. We're seeing strength across all our BUs right now and we will use that strength, as Dave said, to really strengthen '26 and '27. So really good position to be in, this is what I would say traditional DTE planning forward, so we're -- I feel really good about it.

是的，傑里米，我本來想補充一點，我可以告訴你，這裡的領導團隊，我們已經深入研究了 26 年，並且開始為 27 年做計劃。我們現在看到所有業務部門都表現出實力，正如戴夫所說，我們將利用這種實力來真正加強 26 年和 27 年的業務。所以，我們處於一個非常好的位置，這就是我所說的傳統的 DTE 規劃，所以我們——我對此感覺非常好。

Got it. That's helpful. Thank you for that. And maybe just touching on Vantage quickly here, just wondering any updated thoughts, I guess, on the business out there, the business make. Any changes in strategy in light of potential IRA changes or just anything else on the federal side that might influence your thinking at this point?

知道了。這很有幫助。謝謝你。也許只是在這裡快速談一下 Vantage，我只是想知道那裡的業務、業務組成有什麼最新的想法。鑑於 IRA 的潛在變化，您的策略是否有任何變化，或者聯邦政府方面是否有任何其他因素可能會影響您目前的想法？

Now, our strategy at Vantage continues. As we talked about in our year-end call, we are shifting to more utility-like investments there, so that's more of our utility-like central plant services contracts we have with large industrial and large commercial customers. But all the projects that we have that are -- that we've talked about are either Safe Harbor or already under the existing IRA, so nothing that's changing at the Federal level really changes our strategy at all advantage.

現在，我們在 Vantage 的策略仍在繼續。正如我們在年終電話會議上所討論的那樣，我們正在轉向更多類似公用事業的投資，因此我們與大型工業和大型商業客戶簽訂的更多類似公用事業的中央工廠服務合約。但是，我們所討論的所有項目要么屬於安全港，要么已經屬於現有的 IRA，因此聯邦層面的任何變化都不會真正改變我們的戰略。

Shariar Pourreza, Guggenheim Partners.

沙裡亞爾·普爾雷扎，古根漢合夥人。

Hi, good morning, team. It's actually Constantine here for Shar. Maybe just starting off on the renewable energy plan and kind of the level of VRP and the proposal decision and how supportive is that of just the renewable demand that you anticipate over the next couple of years. And does the -- how does that decision kind of play into the IRP process and any kind of early takeaways that you could highlight.

嗨，早上好，團隊。事實上，康斯坦丁 (Constantine) 是來為莎爾 (Shar) 服務的。也許只是從再生能源計劃和 VRP 水平以及提案決定開始，以及您預計未來幾年可再生能源需求的支持程度如何。那麼 — — 這個決定對 IRP 流程有何影響？您能強調一下早期的收穫嗎？

Can you repeat the first part based on which decision?

您能否根據哪個決定重複第一部分？

That's the renewable energy plan.

這就是再生能源計劃。

The RAP. Oh yeah, so the RAP, I think it -- what we filed just was in line with our IRP, and we are continuing to advance our renewable program. We have a strong pipeline, we've got good land positions. It doesn't really change what we had already laid out, so we're going to continue down that path and then the additional interest that we see from data centers may bring some additional renewables into our plan as well. So the RAP filing we'll get the outcome of that over the next couple of weeks, the full outcome we'll have a full rending of that over the next couple of weeks, but nothing is changing at least near term in our plan based on what we've heard this far.

饒舌.哦，是的，所以 RAP，我認為——我們提交的與我們的 IRP 一致，我們正在繼續推進我們的可再生計劃。我們擁有強大的管道，擁有良好的土地位置。它實際上並沒有改變我們已經制定的計劃，所以我們將繼續沿著這條道路前進，然後我們從資料中心看到的額外興趣也可能為我們的計劃帶來一些額外的可再生能源。因此，我們將在接下來的幾週內獲得 RAP 申請的結果，我們將在接下來的幾週內得到完整的結果，但根據我們目前所聽到的消息，至少在短期內我們的計劃不會發生任何變化。

Excellent, great to hear. And maybe in the rate case proceeding that was just filed, can you contrast on anything that is new in the current rate case versus prior request. And with regards to the IRM expansion, what lessons learned are you building into this cycle? Is the commission receptive to a more substantial IRM?

非常好，很高興聽到這個消息。也許在剛剛提起的費率案件訴訟中，您能否對比一下當前費率案件與先前請求中的任何新內容。關於 IRM 擴展，您在這個週期中學到了哪些經驗教訓？委員會是否願意接受更實質的 IRM？

Yeah, thanks for the question. I'll just recap the case, again, this is all about the capital we need to continue to improve reliability and transition to cleaner generation for customers and the full ask as you've seen is $574 million which is roughly $0.44 a day for our customers. And when the case is finalized, the total bill growth is still expected to be below the rate of inflation. So you can look at page 16 in the back and you can see where we are relative to the rate of inflation.

是的，謝謝你的提問。我再簡單回顧一下這個案例，這一切都是關於我們需要繼續提高可靠性和為客戶過渡到更清潔的發電方式所需的資金，正如您所見，全部要求是 5.74 億美元，對於我們的客戶來說，這大約是每天 0.44 美元。當案件最終確定時，預計總帳單增長仍將低於通貨膨脹率。因此，您可以查看後面的第 16 頁，您將看到我們相對於通貨膨脹率的狀況。

We think we've put forth a a solid case. We've got some really compelling circuit level benefit cost analysis and performance data that is showing that these investments are working. Some of the key initiatives in the case include the expansion of the IRM as you mentioned, and they align with the liberty audit, so we upped the ask in the IRM for (inaudible) maintenance specifically, and that was called out in the audit. We're continuing our work for automation. We're showing that that automation is reducing the duration of outages and making the grid more safe. We've also included funding for sub-transmission in the IRM and some maintenance on other aging equipment, so feeling really good about what we've included and how it aligns with the liberty audit.

我們認為我們已經提出了有力的論點。我們獲得了一些非常令人信服的電路級效益成本分析和性能數據，表明這些投資正在發揮作用。正如您所提到的，該案例中的一些關鍵舉措包括擴展 IRM，它們與自由審計相一致，因此我們在 IRM 中特別提高了（聽不清）維護的要求，這在審計中得到了強調。我們將繼續致力於自動化工作。我們正在證明，自動化可以減少停電時間並提高電網的安全性。我們還在 IRM 中納入了對次級傳輸的資金以及對其他老化設備的一些維護，因此對於我們所包含的內容以及它如何與自由審計保持一致感到非常滿意。

We're also requesting an expansion of our tree trim efforts. We're increasing the scope. We've seen that by increasing the scope, we can reduce outages even further and we shared all of this with the commission. So the ramp that we've proposed is significant, but we've tiered it such that they can give consideration for the results that we're achieving, and they've got some flexibility in how they respond to our requests.

我們也要求擴大樹木修剪工作。我們正在擴大範圍。我們已經看到，透過擴大範圍，我們可以進一步減少停電，並且我們與委員會分享了所有這些資訊。因此，我們提出的坡道意義重大，但我們對其進行了分層，以便他們可以考慮我們所取得的成果，並且他們在回應我們的請求方面具有一定的靈活性。

If you look at how we've performed though, and this is I think is really compelling and I'm really proud of the team, we mentioned that there's been a 70% improvement in reliability from 2023 to '24 and a 60% improvement in reliability year-to-date based on performance last year for the same time. So I think the commission acknowledges and they did acknowledge publicly during the hearing in February that these investments are working, and the reliability is showing up in positive ways for our customers. So we're looking forward to their response in August to see how staff feels about the case, but I think we have offered a lot of compelling testimony that supports the act.

如果你看看我們的表現，我認為這真的非常引人注目，我為團隊感到非常自豪，我們提到，從 2023 年到 2024 年，可靠性提高了 70%，而根據去年同期的表現，今年迄今為止的可靠性提高了 60%。因此我認為委員會承認，並且他們在二月的聽證會上公開承認，這些投資正在發揮作用，可靠性正在為我們的客戶帶來積極的影響。因此，我們期待他們在八月做出回應，看看工作人員對此案的看法，但我認為我們已經提供了許多支持該法案的令人信服的證詞。

A great color, thanks. And maybe just a quick follow up to the next question on the data center conversation. Is there a targeted time frame that incremental deals are currently seeking in terms of in-service dates or ramp up time frames?

很棒的顏色，謝謝。也許只是對資料中心對話中的下一個問題的快速跟進。增量交易目前尋求的投入使用日期或提升時間框架是否有目標時間框架？

Yeah, I think what's driving a lot of the urgency is the way that the legislation is put together. It requires that they start construction by 2028, so that means they have -- there's some urgency on their part to get something done and the activity just continues. I mean, the team is out talking to new data center providers each and every day, in fact, they're having strong conversations with our current pipeline participants and then looking to source additional demand from other providers in and around the area. So I think we're making really good progress. I think we'll have something done by the end of the year. We're continuing to work in like we said, the deal has already increased from where it started, so this is all positive movement.

是的，我認為造成這種緊迫感的很大原因是立法的製定方式。它要求他們在 2028 年之前開始施工，這意味著他們——他們迫切需要完成一些事情，而且活動仍在繼續。我的意思是，團隊每天都在與新的資料中心提供者交談，事實上，他們正在與我們目前的管道參與者進行深入的對話，然後尋求從該地區及週邊的其他提供者那裡獲得額外的需求。所以我認為我們正在取得非常好的進展。我認為我們到今年年底就會完成一些事情。正如我們所說的那樣，我們正在繼續努力，交易量已經從開始時增加，所以這都是積極的進展。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering if you could touch on tax credit transfers. I was curious how much you embed in your plan currently and how might you manage the financing outlook if transferability were to change or go away under some of the inflation reduction act discussions.

我想知道您是否可以談談稅收抵免轉移。我很好奇您目前在計劃中嵌入了多少資金，以及如果根據某些通膨削減法案的討論，可轉移性發生變化或消失，您將如何管理融資前景。

Yeah. First, thank you for the question. Yeah, first, we'll say, we feel comfortable with the IRA and the provisions of the IRA that and -- we're pretty -- as we've discussed, there's a bunch of Republican congressmen senators that are supporting it, and in that they're also supporting transferability. So we feel good about the IRA provisions that support our plan and transferability. It was specifically made part of the IRA and linked to the credit program to drive support, so we're going to continue to work with lawmakers to ensure that that stays aligned going forward.

是的。首先感謝您的提問。是的，首先，我們要說的是，我們對 IRA 及其規定感到滿意，而且 — — 我們非常 — — 正如我們所討論的，有很多共和黨國會議員和參議員都支持它，而且他們也支持可轉移性。因此，我們對支持我們的計劃和可轉移性的 IRA 條款感到滿意。它是愛爾蘭共和軍 (IRA) 的一部分，並與信貸計劃掛鉤以推動支持，因此我們將繼續與立法者合作，以確保其在未來保持一致。

As you know, we do have transferability as part of our plan. In fact, we used $230 million of transferability benefit in 2024. That's really a testament to success we're having in developing affordable, renewable projects for our customers as part of the Michigan Clean Energy Plan. So first, I'll say we think the likelihood of anything around transferability or any risk is low. But if it were at risk, we think we're in a good position to manage the impacts and continue on our growth rate.

如您所知，可轉移性確實是我們計劃的一部分。事實上，我們在 2024 年使用了 2.3 億美元的可轉讓性收益。這確實證明了我們在密西根清潔能源計劃中為客戶開發經濟實惠的可再生項目方面所取得的成功。因此首先我想說，我們認為任何與可轉移性或任何風險有關的事情發生的可能性都很低。但如果存在風險，我們認為我們能夠很好地控制影響並繼續保持成長率。

First of all, like, as Joi mentioned earlier, that we've Safe Harbored our renewable investments through 2027. And we think there'd be strong support in any scenario for the transferability related to these investments to continue to be supported because, historically, Congress has consistently kept incentives in place that taxpayers relied upon when making investments, so that alone would support our IRA invested, our IRA related cash flows through '27.

首先，正如 Joi 之前提到的，我們已經為 2027 年之前的再生能源投資提供了安全保障。我們認為，在任何情況下，與這些投資相關的可轉移性都會得到強有力的支持，因為從歷史上看，國會一直在保留納稅人在投資時所依賴的激勵措施，因此僅憑這一點就能支持我們的 IRA 投資，以及我們 IRA 相關的現金流，直到 27 年。

And then you know we have additional tools too. So just prior to the IRA being enacted, we gained support for a tax equity structure with our commission, so we could continue to support our projects and deliver the benefit for our customers as we build to meet Michigan's Clean Energy Plan. And then we have a strong balance sheet and so that provides flexibility to maintain our position while we build out our plans. So we look at other equity and financing needs, hybrids like junior sub that would help us. So we think through the Safe Harboring, tax equity, strong balance sheet, the options we have, we'll be able to mitigate the impact in the unlikely event there would be any impact to transferability going forward.

然後你知道我們還有其他工具。因此，就在《個人退休帳戶法》頒布之前，我們獲得了委員會對稅收公平結構的支持，這樣我們就可以繼續支持我們的項目，並在滿足密西根州清潔能源計劃的同時為我們的客戶帶來利益。而且我們擁有強大的資產負債表，因此這為我們在製定計劃時維持自己的地位提供了靈活性。因此，我們考慮其他股權和融資需求，像初級子公司這樣的混合融資可以對我們有所幫助。因此，我們認為，透過安全港、稅收公平、強大的資產負債表以及我們擁有的選擇，我們將能夠在不太可能發生的情況下減輕對未來可轉移性的影響。

So David, just add a summary of that. At the highest level, our investments are really dictated by the IRP settlement we made in 2023 and also the Michigan Clean Energy legislation that passed in 2023. So that kind of sets our investment agenda in renewables, battery systems, and also natural gas development for that matter. And really, the IRA provides affordability for our customers, and I think as you heard Dave described. We're Safe Harbor through 2027. And then if there is -- if there's a remote possibility that something could change, we have many other tools that will help us manage that affordability for our customers, but we're committed to this investment and our legislation and IRP settlement sort of dictates these investments for us.

所以 David，只需添加一個摘要即可。從最高層面來看，我們的投資實際上取決於我們在 2023 年達成的 IRP 協議以及 2023 年通過的密西根州清潔能源立法。因此，這確定了我們在再生能源、電池系統以及天然氣開發方面的投資議程。事實上，IRA 為我們的客戶提供了可負擔性，我想正如您聽到戴夫所描述的那樣。到 2027 年，我們都是安全港。然後，如果有——如果事情有一點變化的可能性，我們還有許多其他工具可以幫助我們管理客戶的承受能力，但我們致力於這項投資，我們的立法和 IRP 結算在某種程度上決定了我們的這些投資。

Sophie Karp, KeyBanc.

索菲·卡普（Sophie Karp），KeyBanc。

So I just wanted to really follow up on the solar development pipeline. I understand you guys saying you Safe Harbor through 2027, does that actually mean that you have panels on the ground already, or to say -- or just some part of that? And what is the outlook beyond that? And I'm asking because some solar companies, they're coming up with pretty dire commentary and calling some of the solar projects at the reciprocal level of tariffs and economic, right? So I guess, what's your outlook there? How do you see your soil development pipeline if the reciprocal tariffs were to come back in?

所以我只是想真正跟進太陽能開發管道。我理解你們所說的安全港政策將持續到 2027 年，這是否意味著你們已經在地面上安裝了太陽能電池板，或者說 — — 或者只是其中的一部分？除此之外，前景如何？我之所以問這個問題，是因為一些太陽能公司發表了相當可怕的評論，並稱一些太陽能專案處於關稅和經濟互惠水平，對嗎？那我猜，你對此的看法是什麼？如果重新實施互惠關稅，您如何看待您的土壤開發管道？

Hey, Sophie, this is Joi. Yeah, we are -- we're feeling good about our solar positioning. We did, in fact, Safe Harbor and we do have those panels in warehouses right now. So we've got adequate inventory on hand to complete projects through 2027 and we're continuing to source additional panels from providers that have minimal tariff risk, even some of the providers that we have now are they're onshoring their production. I think one of the one of the panel for providers is breaking ground as we speak, cutting the ribbon on their production facilities right here in the US.

嘿，索菲，我是喬伊。是的，我們對我們的太陽定位感到滿意。事實上，我們確實有安全港，而且我們現在的倉庫裡也有這些面板。因此，我們手頭上有足夠的庫存來完成到 2027 年的項目，我們將繼續從關稅風險最小的供應商那裡採購額外的太陽能電池板，甚至我們現在的一些供應商也正在將其生產轉移到國內。我認為，其中一個供應商小組正在破土動工，為他們在美國的生產設施剪綵。

So that's been our mode of operation, where we do see some tariff risk, we tried to insulate ourselves, and have the provider take on that tariff risk. So far, they are delivering, they're furnishing on the panel, so we're not seeing any near-term risks to our plans, and we feel good about the inventory that we have on hand.

這就是我們的營運模式，我們確實看到一些關稅風險，我們試圖保護自己，並讓供應商承擔關稅風險。到目前為止，他們正在交付產品，正在為面板提供配件，因此我們沒有看到我們的計劃面臨任何短期風險，而且我們對我們現有的庫存感到滿意。

Great, thank you. And then my other question was on your rate case, right? So electric rate case. So is there -- do you expect to, I guess, fully litigate the case or is there new pathway to settle in this time around? Like, has anything changed in this regulatory landscape since the last time?

太好了，謝謝。然後我的另一個問題是關於您的費率情況，對嗎？所以電費情況。那麼，您是否希望全面審理此案，或者這次是否有新的解決途徑？例如，自上次以來，監管環境有什麼改變嗎？

So it's too early to say. We also -- we always will entertain settlement discussions. We'll know in August when we see staff and intervenor testimony, but worst-case scenario, we'll get an order in the February time frame.

所以現在說還太早。我們也始終會考慮和解談判。當我們在八月看到工作人員和介入者的證詞時就會知道，但最糟的情況是，我們會在二月收到命令。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Sticking with tariffs and tariff risk mainly, can you just remind us do you have any battery storage in your plan and what we should be expecting in terms of potential cost pressures there?

主要堅持關稅和關稅風險，您能否提醒我們，您的計劃中是否有任何電池存儲，以及我們應該預期那裡的潛在成本壓力是什麼？

So we do have battery storage in our plan. We have not purchased the battery, so we actually have flexibility in terms of how we manage that. But as I mentioned in my opening thoughts, just go back to the tariff impact, 80% to 85% of our spend is on services. So when we look at the balance of spend, and you know that we've focused for many years on domestic supply and local supply. So I mentioned in my thoughts, our early opening thoughts, over $3 billion for our spend is in Michigan, so that's -- this puts us in a really good position.

所以我們的計劃中確實有電池儲存。我們沒有購買電池，因此我們在管理電池方面實際上具有靈活性。但正如我在開場白中提到的那樣，回到關稅的影響，我們 80% 到 85% 的支出用於服務。因此，當我們查看支出平衡時，您就會知道我們多年來一直專注於國內供應和本地供應。所以我在我的想法中提到，我們早期的開場想法是，我們在密西根州的支出超過 30 億美元，所以這讓我們處於非常有利的地位。

I've asked the team to do a deep dive on all tariff exposures in our Gas, Electric, and Vantage business, and when we look at all of that, the summary is in the worst case, it's a 1% or 2% impact over the near term and long term, and that's very manageable for us. And as a matter of fact, with the conversations we're having, we're going to come well below that is our expectation.

我已經要求團隊深入研究我們的天然氣、電力和 Vantage 業務中的所有關稅風險，當我們審視所有這些風險時，總結起來就是，在最壞的情況下，它對短期和長期的影響將達到 1% 或 2%，這對我們來說非常容易控制。事實上，根據我們的對話，我們的實際結果將遠低於我們的預期。

Also, just to add some little bit of color on that, the number of conversations that our supply chain team is having about onshoring for domestic production, the IRA kind of gave an incentive for domestic production, and I think the tariffs are a bit of an accelerant on those conversations. So for example, inverter supply, transformers, solar panels, battery manufacturing, all many conversations about the ability to sort of onshore that equipment manufacturing. So like Joi mentioned, there's plants that are opening up, there's plants that are already open, so it's quite a -- quite interesting opportunity for a more holistic perspective for our service territory and for the country.

此外，為了補充一些訊息，我們的供應鏈團隊就國內生產的國內轉移進行了多次對話，IRA 為國內生產提供了某種激勵，我認為關稅對這些對話起到了某種加速作用。例如，逆變器供應、變壓器、太陽能板、電池製造等，許多討論都是關於在岸設備製造的能力。正如喬伊所提到的，有些工廠正在開業，有些工廠已經開業，所以這是一個非常有趣的機會，讓我們能夠更全面地了解我們的服務區域和國家。

That's great. And flipping over to maybe the fossil side, I know your IRP is not till next year, but what are you seeing in terms of gas new build cost and timing? And are you considering at all potentially pushing out coal retirements like Monroe, just given some of the lead time push back that or push out that we've seen?

那太棒了。再轉到化石燃料方面，我知道您的 IRP 要到明年才開始，但是您在天然氣新建成本和時間方面看到了什麼？您是否考慮過像門羅這樣的煤炭項目推遲退役，只是考慮到我們已經看到的一些準備時間推遲或推遲？

Well, I think with the executive orders that I've rolled out, the one that's most encouraging for us at the highest level is there's a section 111D provision and in EPA rules that was going to be very expensive to build new gas plants, so we're really excited with the prospect of that being sort of rescinded, I know the industry has made a big push for that last year, and I think with this new administration, we have an opportunity to see that actually happen. So we're excited to see that move forward in a positive direction, which will make the economics of building new gas plants, which is something we have to do, Michael.

嗯，我認為，在我推出的行政命令中，對我們最高層來說最令人鼓舞的是第 111D 條規定，在 EPA 規則中，建造新的天然氣工廠將非常昂貴，因此，我們對這項規定被撤銷的前景感到非常興奮，我知道去年業界為此做出了巨大努力，我認為在新政府的領導下，我們有機會看到這一點真正實現。因此，我們很高興看到這一進程朝著積極的方向發展，這將使建造新的天然氣工廠具有經濟效益，這是我們必須要做的事情，邁克爾。

Our coal plants are old, and we may get some flexibility with our coal plants, but In the end, we got to shut them down because they're quite old and need to be replaced with new technology, high-quality technology in the form of renewables, batteries, and combined cycle plants. So we're looking forward a little more flexibility with gas plants primarily.

我們的燃煤電廠已經老舊，我們可能會對燃煤電廠有一些靈活性，但最終，我們必須關閉它們，因為它們已經很老舊，需要用新技術、可再生能源、電池和聯合循環電廠形式的高品質技術來取代。因此，我們主要希望天然氣工廠能夠更有彈性。

Okay, great. And just one quick one if I could squeeze in for Dave. The 45% tax credits for this year, the $50 million to $60 million, are the projects associated with that all online already, or are there some you still have to bring into service?

好的，太好了。如果可以的話，我再為戴夫擠出一點時間，再問一個簡短的問題。今年的 45% 稅收抵免，即 5,000 萬至 6,000 萬美元，與此相關的項目是否都已上線，還是還有一些項目需要投入使用？

Hi, Michael. No, they are all online. And in fact, we're kind of, we're earning on those right now. So of the 50 to 60, if you look at our quarter, we'll have $15 million of the credits that we've earned this quarter already.

你好，麥可。不，他們都在線上。事實上，我們現在正在從中獲利。因此，如果您看一下我們的季度，在 50 到 60 之間，我們將獲得本季度已經賺取的 1500 萬美元的信用額。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

I've got one housekeeping and one follow up, please. Firstly, what was the FFO to get on a trailing 12 months, please?

我需要處理一件家務，還需要跟進一件事情。首先，請問過去 12 個月的 FFO 是多少？

We're right at 15% (inaudible).

我們正好處於 15%（聽不清楚）。

Okay, great. Then the follow up for Joi, please. You talked about the IRM and plans to increase it from $290 million to $1 billion by 2029. How are you thinking about the path to get there? Are you hoping to get it kind of all-in-one shot, or will it be gradually ramping over time? I know it's been a multi-year conversation, but -- and you mentioned the support is there from the Liberty audit, but how are you thinking about the path to get there and the way you see the world today? Would a $1 billion approval be enough to stay out for longer than you've been typically going in kind of annually, or how do you think about the timing of the next rate case if you were to get it at that $1 billion level? Thank you.

好的，太好了。那麼請跟進一下 Joi 的情況。您談到了 IRM，並計劃在 2029 年將其從 2.9 億美元增加到 10 億美元。您考慮過怎樣到達那裡的路徑？您希望一次性實現這一目標，還是隨著時間的推移逐漸實現這一目標？我知道這是一個持續多年的對話，但是——您提到自由審計提供了支持，但您如何看待實現這一目標的途徑以及您如何看待當今的世界？10 億美元的批准是否足以讓您維持比通常每年更長的利率，或者如果您以 10 億美元的水平獲得批准，您如何考慮下一次利率案例的時機？謝謝。

Hey, Andrew. Yes, we proposed a ramp, right? So we're stepping into this into this over a three-year time frame, and that's how we proposed it in previous cases. The difference being we've got some really solid data for the investment categories that show how these investments are delivering better reliability for our customers and it's at the circuit level. So we believe that solid support for expansion of the IRM, and then likewise, the areas of investment align perfectly with what the Liberty audit offered in its findings.

嘿，安德魯。是的，我們提議建造一個斜坡，對嗎？因此，我們將在三年的時間內著手解決這個問題，這也是我們在先前的案例中提出的建議。不同之處在於，我們獲得了一些關於投資類別的真正可靠的數據，這些數據顯示了這些投資如何為我們的客戶提供更好的可靠性，並且是在電路層面。因此，我們相信，對 IRM 擴展的堅定支持以及投資領域與自由審計在其調查結果中提供的內容完全一致。

So we believe the commission will take this into account, but we've offered two tiers. One that ramps immediately to a billion dollars and then a step below, so it gives them some flexibility in their decision making. If we get to a billion-dollar ramp, that would keep us out of cases, I would say it puts some distance, maybe 6, 8, not quite 12, I don't think; but it would certainly put some distance between our next filing. But we won't know for certain until we hear back from them, and the early indicator will be in the August time frame.

因此，我們相信委員會會考慮到這一點，但我們提供了兩個層級。先是立即增加到 10 億美元，然後再降低一級，這樣他們就可以在決策時擁有一定的靈活性。如果我們達到 10 億美元的增量，那將使我們遠離病例，我想這會有一定的距離，也許是 6、8，但不完全是 12，我不這麼認為；但這肯定會給我們下一次提交申請留下一些時間。但我們只有在收到他們的回覆後才能確定，早期指標將在八月的時間範圍內。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Answered most of my questions, but a couple of quick follow-ups. One on the RNG tax credits, any discussion at the federal level about those pro or con going away or those pretty much locked in?

回答了我的大部分問題，但還有一些快速的後續問題。關於 RNG 稅收抵免，在聯邦層級上有沒有關於贊成或反對取消或基本鎖定的討論？

We're feeling good about the position on the RNG credits right now. There is -- there's some rulemaking that still has to go on, but we're confident that the final position's going to be what Congress intended. So I think it's still going forward. And as as we just said, we booked $15 million of that for the quarter.

我們現在對 RNG 積分的狀況感到滿意。還有一些規則制定工作需要進行，但我們相信最終結果將符合國會的意圖。所以我認為它仍在繼續前進。正如我們剛才所說，本季我們已預訂了 1500 萬美元。

Okay, and then on the IRM. If you get the expansion, is that capital that would be incremental, or is that capital that you're already planning, and plan ends would simply flow through the IRM instead of a traditional base rate case?

好的，然後是 IRM。如果您獲得擴張，資本是否會遞增，或者資本是否是您已經在計劃的，並且計劃結束時資本是否會簡單地流經 IRM，而不是傳統的基準利率情況？

Yeah, that's not incremental capital. It's that's what's in our plan at this point.

是的，這不是增量資本。這就是我們目前的計劃。

Very good. And then one more quick one if I may. Data centers, is there a role that Vantage could play? There are people at Vantage involved in some of those conversations about a role they could play?

非常好。如果可以的話，我再快速問一個問題。資料中心，Vantage 可以發揮什麼作用？Vantage 的人員是否參與了一些關於他們可以發揮的作用的討論？

There's some early conversations that Vantage is having about building really generating assets or backup generation for data centers, so there could be an opportunity, but I'd say it's really early.

Vantage 正在進行一些關於為資料中心建立真正發電資產或備用發電的早期討論，因此可能有機會，但我認為現在還為時過早。

Paul Fremont, Ladenberg.

保羅‧弗里蒙特，拉登伯格。

Thanks. Congratulations on the quarter, and my questions have all been answered. Thank you.

謝謝。恭喜本季度，我的所有問題都得到了解答。謝謝。

Paul Zimbardo, Jefferies.

保羅‧津巴多 (Paul Zimbardo)，傑富瑞 (Jefferies)。

Hi, good morning. It's (inaudible) for Paul. I think most of my questions have been answering, but I do have a question related to the tariff structure. I mean, you -- I know you have a gigawatt of extra capacity, so how should we think about a tariff structure for data centers, for that gigawatt that's out there and then beyond that in particular given that CMS has a filing outstanding to set up a data center tariff?

嗨，早安。這是（聽不清楚）給保羅的。我想我的大部分問題都已經得到解答了，但我確實有一個與關稅結構有關的問題。我的意思是，我知道您有 1 千兆瓦的額外容量，那麼我們應該如何考慮資料中心的關稅結構，對於現有的 1 千兆瓦以及超出 1 千兆瓦的容量，特別是考慮到 CMS 有一份未完成的文件來製定資料中心關稅？

Hi, good morning. Yeah. As we mentioned, we don't need a tariff right away for the near-term low ramps because we have excess capacity and we would use batteries, renewables and our migrate power along with other riders to support that load. Over time though, if we get to a point where we've got to build baseload generation, a tariff would structure would be most appropriate. And we're looking to insulate our existing customers from stranded assets, so think of a long-term agreement with minimum volume commitments, but again, we don't see a need right away. We're just starting to formulate our thoughts based on what consumers filed and then discussions that we're having with our data center providers.

嗨，早安。是的。正如我們所提到的，我們不需要立即對近期的低坡道徵收關稅，因為我們擁有過剩的容量，我們將使用電池、再生能源和我們的遷移電力以及其他乘客來支援該負載。然而，隨著時間的推移，如果我們必須建造基載發電，那麼關稅結構將是最合適的。我們希望保護現有客戶免受擱淺資產的影響，因此考慮簽訂具有最低交易量承諾的長期協議，但同樣，我們認為目前還沒有這種需求。我們剛開始根據消費者提交的資訊以及我們與資料中心提供者的討論來形成我們的想法。

Okay, thank you. And I have a quick follow up on the transferability. I just want to make sure that I understand that you are able to use tax equity structure at the utility level if transferability is no longer available?

好的，謝謝。我對可轉移性進行了快速跟進。我只是想確保我理解，如果可轉讓性不再可用，您是否能夠在公用事業層面使用稅收公平結構？

Yeah, we did get support from the commission for a tax equity structure, just it was just prior to the IRA being enacted, we have been working on that. So yeah, we would be able to -- we think we'd be able to work through that with them again.

是的，我們確實得到了委員會對稅收公平結構的支持，就在愛爾蘭共和軍頒布之前，我們一直在為此努力。是的，我們認為我們可以再次與他們解決這個問題。

Okay, so you would have to go through like a regulatory process?

好的，那你必須經過類似監管的流程嗎？

No, I think we've got support already for it. We just have to work the process. We received an order that allowed us to deploy tax equity structures in a certain manner. And like they've said, once we have the inputs of what we're pursuing, that's when we've done, obviously, put that into the -- into that process.

不，我認為我們已經得到了支持。我們只需完成這個過程即可。我們收到一項命令，允許我們以某種方式部署稅收公平結構。正如他們所說的那樣，一旦我們獲得了所追求的目標的投入，那麼我們顯然就會將其投入到該過程中。

That concludes our Q&A session. I will now turn the call back over to Jerry Norcio for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給傑瑞·諾西奧，請他作最後發言。

Well, thank you, everyone, for joining us today. I'll just close by saying that we're feeling really great about 2025, as well as our long-term position and growth for future years. I'm sure I'll see many of you at the AGA conference in a few weeks. Have a great morning. Stay healthy and safe.

好吧，謝謝大家今天加入我們。最後，我想說，我們對 2025 年以及未來幾年的長期地位和成長感到非常樂觀。我相信幾週後我會在 AGA 會議上見到你們中的許多人。祝您早安。保持健康和安全。

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

女士們、先生們，這包括今天的電話會議。感謝大家的加入。您現在可以斷開連線。