密歇根天然氣 (DTE) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the DTE Energy Q2 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press one again.

感謝您的耐心等待。我叫麗貝卡，今天我將擔任您的電話會議主持人。現在，我歡迎大家參加DTE Energy 2025年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言結束後，將進行問答環節。如果您想在此期間提問，只需按星號鍵，然後按電話鍵盤上的數字鍵1即可。如果您想撤回您的問題，請再按1。

Thank you. I will now turn the call over to Matt Krampinski. Please begin.

謝謝。現在我將把電話交給馬特·克蘭賓斯基。請開始。

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

謝謝大家，早安。在我們開始之前，我想提醒大家閱讀簡報第二頁的安全港聲明，其中包括對前瞻性陳述的引用。

Our presentation also includes references to operating earnings, which is a non-gap financial measure. Please refer to the reconciliation of GAAP earnings to operating earnings provided in the appendix.

我們的報告也提及了營業利潤，這是一種非缺口財務指標。請參閱附錄中提供的 GAAP 利潤與營業利潤的對帳表。

With us this morning are Jerry Garcia, Chairman and CEO Joy Harris, President and COO, and Dave Rude, executive Vice President and CFO.

今天早上與我們一起的有董事長兼首席執行官傑瑞·加西亞 (Jerry Garcia)、總裁兼首席營運官喬伊·哈里斯 (Joy Harris) 和執行副總裁兼首席財務官戴夫·魯德 (Dave Rude)。

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

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 we will discuss the achievements we've made this year as we continue to deliver for all of our key stakeholders. Joy will provide an update on our business strategy highlighting the significant improvements we are making to enhance reliability for our customers and the progress we are making on renewable energy investment supporting our path to cleaner generation.

謝謝，馬特。大家早安，感謝你們的參與。希望大家今年過得健康平安。今天上午，我們將討論今年我們所取得的成就，並將繼續為所有關鍵利害關係人提供服務。喬伊將介紹我們的業務策略，重點介紹我們為提高客戶可靠性而做出的重大改進，以及我們在再生能源投資方面取得的進展，這些投資有助於我們邁向更清潔的發電之路。

Joy will also provide an update on data center opportunities that provide potential upside to the plan.

Joy 還將提供有關數據中心機會的最新信息，這些機會將為該計劃帶來潛在的好處。

And Dave will provide a financial update and wrap things up before we take your questions.

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。

So to start, I'm sure you're all aware that I will be turning over the CEO role to Joy Harris, effective September 8th of this year.

首先，我相信你們都知道，我將把執行長一職移交給喬伊·哈里斯 (Joy Harris)，該職位將於今年 9 月 8 日起生效。

As I'm sure that you have seen over the last few years, we have been preparing for this structured transition for some time.

我相信您在過去幾年中已經看到，我們為這一結構化過渡已經準備了一段時間。

I've worked with Joy for over 20 years, and I've been watching her to continue to deliver.

我和喬伊合作了 20 多年，我一直在關注她，希望她能繼續進步。

And really overdeliver in every role and challenge that she has taken on at DTE.

她在 DTE 承擔的每一個角色和挑戰中都表現得非常出色。

And particularly in these last couple of years where she has been serving as President and COO.

特別是在過去幾年裡，她一直擔任總裁兼營運長。

She has just continued to excel in leading our company to be successful in all of our most critical areas.

她一直出色地領導我們公司在所有最關鍵的領域取得成功。

So it has just become obvious to me, to our board, and to our entire company that Joe is ready for this role and ready to lead our company to continued excellence.

因此，對我、董事會以及整個公司而言，喬已經準備好擔任這一職務，並準備好帶領公司繼續走向卓越。

It has been a real honor to be DTE's CEO for the last 6 years, and I'm extremely proud of what we have accomplished over that time.

過去 6 年來，能夠擔任 DTE 的執行長是我的榮幸，我對我們在這段時間所取得的成就感到非常自豪。

As Joy transitions to the CEO role, I will be serving as executive Chairman.

當喬伊轉任執行長一職時，我將擔任執行主席。

Supporting joy and the company, hoping to ensure the continued success of BTE for all of our stakeholders.

支持快樂和公司，希望確保 BTE 為我們所有的利害關係人繼續取得成功。

I am confident that we will continue to deliver and are well positioned for long-term growth with solid opportunities across all of our business units.

我相信，我們將繼續實現這一目標，並透過我們所有業務部門的穩固機會為長期成長做好準備。

I'll provide a brief overview of slide 4 highlighting our key successes and the opportunities that reinforce my confidence in our continued progress towards our goals.

我將對投影片 4 進行簡要概述，重點介紹我們的主要成功和機遇，以增強我對我們繼續實現目標的信心。

We have had a strong first half of 2025 and are well positioned to meet our targets this year. Our success is a testament to our dedicated and engaged team committed to serving our customers and communities.

2025年上半年，我們取得了強勁的業績，並已做好充分準備，有望實現今年的目標。我們的成功印證了我們敬業奉獻、積極的團隊，並且始終致力於服務客戶和社區。

As I mentioned last quarter this year we were recognized by the Gallup organization.

正如我今年上個季度提到的，我們得到了蓋洛普組織的認可。

For the 13th consecutive year with a great workplace award. And our employee engagement ranks in the 94th percentile globally among thousands of organizations.

連續13年榮獲「傑出職場獎」。我們的員工敬業度在全球數千家企業中排名第94。

As I mentioned before, our high level of employee engagement is our secret sauce for continued success.

正如我之前提到的，高水準的員工敬業度是我們持續成功的秘訣。

We remain committed to making significant investments to enhance the grid and improve reliability for our customers. And we see that these investments and process improvements deliver results.

我們將繼續大力投資，以增強電網性能，提升客戶可靠性。我們已看到這些投資和流程改進取得了成效。

We saw a nearly 70% improvement in reliability in 2024 when compared to 2023.

與 2023 年相比，2024 年的可靠性提高了近 70%。

And we continue to make progress in 2025 as we work towards our goal of reducing outages by 30%.

2025 年，我們將繼續取得進展，努力實現將停電次數減少 30% 的目標。

And the amount of time customers spend without power by 50% by 2029.

到 2029 年，客戶斷電時間將減少 50%。

We continue to successfully execute significant investments in cleaner generation for our customers, which will continue over the next 5 years and into the next decade.

我們將繼續為客戶成功實施清潔發電的重大投資，這項舉措將在未來五年乃至十年持續下去。

Significantly increasing our solar and wind investments, as well as battery storage. Joy will share more details on our renewable investment strategy support both our voluntary program and Michigan's clean energy goals.

大幅增加我們在太陽能、風能以及電池儲能的投資。 Joy 將分享更多關於我們再生能源投資策略的細節，該策略將支持我們的自願計畫以及密西根州的清潔能源目標。

Our 2025 operating APS guidance is $7.09 to $7.23 and we remain well positioned to achieve the higher end of the range this year and continue to use additional favorability to extinguish backlogs that supports future years.

我們 2025 年的營運 APS 指導價為 7.09 美元至 7.23 美元，我們仍然有能力在今年實現這一範圍的高端，並繼續利用額外的優勢來消除支持未來幾年的積壓訂單。

Our long-term operating EPS growth rate remains at 68% with 2025 original guidance as the basis for this growth.

我們的長期營運每股盈餘成長率仍維持在 68%，以 2025 年的原始指引作為此成長的基礎。

And with the 45 production tax credits from our RNG projects coming into the plan this year, we have confidence we will reach the higher end.

隨著我們今年 RNG 項目的 45 項生產稅收抵免納入計劃，我們有信心達到更高的水平。

Of our targeted range 2025 through 2027.

我們的目標範圍是 2025 年至 2027 年。

I'm sure you're aware, the budget bill that passed recently did extend the RNG tax credits through 2029.

我相信您已經知道，最近通過的預算法案確實將 RNG 稅收抵免延長至 2029 年。

This is definitely a positive for DTE. We plan to update our five-year plan this fall, and we will provide more detail at that time.

這對DTE來說無疑是好消息。我們計劃今年秋季更新五年計劃，屆時我們將提供更多細節。

I will say at this time that this gives us even more confidence that we will be able to deliver on our targets over the next 5 years and beyond.

我現在要說的是，這讓我們更有信心在未來五年及以後實現我們的目標。

So I'm feeling really positive about 2025 and the position we are in to continue to achieve long-term success.

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 as we have said, data center opportunities will provide upside to our current 5 year plan.

正如我們所說，資料中心機會將為我們目前的五年計畫帶來好處。

We are in late stage discussions with multiple data centers for significant new load, which Joy will provide more details on shortly.

我們正在與多個資料中心就大量新負載進行後期討論，Joy 很快就會提供更多詳細資訊。

We continue to maintain a strong balance sheet and investment grade credit ratings to support our customer focused.

我們繼續保持強勁的資產負債表和投資級信用評級，以支持我們以客戶為中心。

Capital investment plan.

資本投資計劃。

We remain committed to deliver premium shareholder returns that our investors have come to expect.

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。

And our 2025 annualized dividend of $4.36 per share.

我們的 2025 年年度股利為每股 4.36 美元。

Aligns with their practice of providing a growing dividend consistent with BPS.

與他們提供與 BPS 一致不斷增長的股息的做法一致。

Growth.

生長。

Now I'll turn it over to Joy. Joy over to you.

現在我把麥克風交給 Joy。 Joy 交給你了。

Thanks Jerry and good morning everyone. I'll start by saying how grateful and excited I am for this opportunity to serve DTE as its next CEO. In particular, I would like to express my appreciation to Jerry for his mentorship and friendship over the past 20 years.

謝謝傑瑞，大家早安。首先，我要說，我非常感激並興奮有機會擔任DTE的下一任執行長。我特別要感謝傑瑞在過去20年給我的指導和友誼。

Jerry has been an exceptional leader for GTE, driving the company to success year after year. And I look forward to working with him for a few more years to continue to drive value for DTE.

傑瑞是GTE傑出的領導者，帶領公司年復一年地取得成功。我期待未來幾年與他共事，繼續為DTE創造價值。

As I take on the role of CEO for DTE Energy, I want to emphasize that our core priorities, long-term vision and strategic goals remain unchanged.

當我擔任 DTE Energy 執行長時，我想強調我們的核心優先事項、長期願景和策略目標保持不變。

We are committed to building on the strong foundation and momentum we've established over the years and we'll continue to deliver exceptional results for our customers, communities, and investors.

我們致力於鞏固多年來建立的堅實基礎和發展勢頭，並將繼續為我們的客戶、社區和投資者提供卓越的成果。

Our plan is supported by a highly engaged and dedicated team, one that is deeply committed to achieving best in class outcomes across all key priorities.

我們的計劃得到了一支高度敬業和敬業的團隊的支持，該團隊致力於在所有關鍵優先事項上取得一流的成果。

It is this shared focus and collective energy that fuel our continued success.

正是這種共同的關注和集體的能量推動著我們不斷取得成功。

We continue to see strong growth in our utility operations driven by customer-focused investments aimed at improving reliability and transitioning to cleaner energy.

我們的公用事業業務持續保持強勁成長，這得益於以客戶為中心的投資，旨在提高可靠性並向更清潔能源轉型。

Our solid regulatory framework provides a stable and supportive environment for these infrastructure investments, enabling us to move forward with confidence as we modernize our distribution system and continue our transition to cleaner energy.

我們堅實的監管框架為這些基礎設施投資提供了穩定和支持性的環境，使我們能夠在實現配送系統現代化和繼續向清潔能源轉型的過程中充滿信心地前進。

Beyond our core utility business, we see transparent low-risk growth opportunities at DTE Vantage, providing diversification both in terms of earnings and geographic reach while aligning with our broader strategic objectives.

除了我們的核心公用事業業務之外，我們還看到 DTE Vantage 具有透明的低風險成長機會，可在獲利和地理覆蓋方面實現多樣化，同時符合我們更廣泛的策略目標。

We have a strong project development pipeline in place at DTE Vantage with multiple custom energy solutions projects underway, including a project with Ford Motor Company which is expected to come online in 2026 and a project to build and operate a 42 megawatt combined heat and power project for a large industrial customer which is expected to begin construction later this year.

DTE Vantage 擁有強大的專案開發管道，目前正在進行多個客製化能源解決方案項目，其中包括與福特汽車公司合作的項目（預計於 2026 年上線）以及為大型工業客戶建設和營運 42 兆瓦熱電聯產項目（預計於今年稍後開始建造）。

These projects are supported by long-term fixed fee contracts providing solid low-risk growth opportunities in this space.

這些項目由長期固定費用合約支持，為該領域提供了穩固的低風險成長機會。

So overall we have a robust 5 year plan in place anchored by $30 billion of customer focused capital investments over the next 5 years, with more than 90% of that investment directed towards strengthening and modernizing our utility operations.

總體而言，我們制定了強有力的五年計劃，未來五年將投入 300 億美元以客戶為中心的資本投資，其中 90% 以上的投資將用於加強和現代化我們的公用事業運營。

Additionally, we are well positioned to meet the potential surge in demand from data centers.

此外，我們已做好準備，滿足資料中心潛在的激增需求。

This represents significant upside to our plan, offering opportunities for additional investments in new generation capacity while supporting our commitment to customer affordability.

這對我們的計劃來說具有顯著的優勢，為新發電能力的額外投資提供了機會，同時支持了我們對客戶可負擔能力的承諾。

I am confident in our direction, energized by our team and excited about the opportunities ahead, and as we continue to deliver sustainable long-term value for all of our stakeholders.

我對我們的方向充滿信心，我們的團隊充滿活力，對未來的機會感到興奮，我們將繼續為所有利害關係人提供可持續的長期價值。

Let me move to slide 6 to highlight progress we are making to improve reliability.

讓我轉到投影片 6 來強調我們在提高可靠性方面所取得的進展。

Our investments in our grid and the process improvements we are making are driving improved reliability for our customers with a continued emphasis on maintaining affordability.

我們對電網的投資和正在進行的流程改善正在提高客戶的可靠性，同時繼續強調保持可負擔性。

In the first half of the year, we made significant progress in strengthening the grid. We installed more than 220 smart grid devices to help reduce outage duration and improve response time and conducted over 230 miles of pole top maintenance, upgrading and replacing over 1,500 utility poles, enhancing system resilience.

上半年，我們在電網強化方面取得了重大進展。我們安裝了220多台智慧電網設備，幫助縮短停電時間，提高響應速度，並進行了超過230英里的桿頂維護，升級和更換了1500多根電線桿，增強了系統韌性。

We also continued the replacement of the aging 4.8 KV system, a key step in modernizing our network, and trimmed over 3,300 miles of trees as part of our ongoing vegetation management program to prevent outages.

我們也繼續更換老化的 4.8 KV 系統，這是我們網路現代化的關鍵一步，並且修剪了超過 3,300 英里的樹木，這是我們正在進行的植被管理計劃的一部分，以防止停電。

Our system was put to the test at the end of June with a record breaking 4 day heat wave followed by a powerful storm that swept through our service territory with winds reaching nearly 60 MPH, impacting over 55,000 customers.

我們的系統在 6 月底接受了考驗，創紀錄的 4 天熱浪隨後席捲了我們的服務區域，風速接近 60 英里/小時，影響了超過 55,000 名客戶。

During the heat wave, our generation fleet performed exceptionally well, meeting high customer demand with reliability and resilience.

在熱浪期間，我們的發電機組表現出色，以可靠性和彈性滿足了客戶的高需求。

And our storm response was very effective, restoring power to 95% of affected customers within 24 hours and nearly 100% within 48 hours.

我們的風暴反應非常有效，在 24 小時內恢復了 95% 受影響客戶的供電，並在 48 小時內恢復了近 100% 受影響客戶的供電。

I am grateful for the dedication of our teams, including line workers, contractors, dispatchers, and everyone involved in this restoration effort.

我感謝我們團隊的奉獻精神，包括線路工人、承包商、調度員以及參與這次恢復工作的每個人。

Their hard work through all of this highlights the critical importance of what we do and demonstrates the incredible results we can achieve when we work together.

他們在整個過程中的辛勤工作凸顯了我們所做工作的重要性，並證明了我們共同努力可以取得的令人難以置信的成果。

As I mentioned, we benefit from a constructive regulatory environment here in Michigan, supportive of the investments we need to make on behalf of our customers.

正如我所提到的，我們受益於密西根州建設性的監管環境，這支持了我們為客戶進行的投資。

We continue to work collaboratively with our regulators to affordably execute our distribution investments for our customers.

我們將繼續與監管機構合作，以可負擔的價格為客戶執行分銷投資。

Our DTE electric rate case filing supports our current 5 year plan of $10 billion in grid investments, including a request for $1 billion of distribution spend to be included in our infrastructure recovery mechanism by 2029.

我們的 DTE 電價案例提交支持我們目前的 5 年 100 億美元電網投資計劃，其中包括要求在 2029 年前將 10 億美元的配電支出納入我們的基礎設施恢復機制。

These investments to improve reliability are also supported by the recent MPSC Electric distribution audit.

這些旨在提高可靠性的投資也得到了最近的 MPSC 電力配電審計的支持。

Lastly, we expect to file a DTE gas rate case later this year that will be focused on continued infrastructure investment and reliability improvements while maintaining affordability for our customers.

最後，我們預計今年稍後提交一份 DTE 天然氣價格案，重點關注持續的基礎設施投資和可靠性改進，同時保持客戶的可負擔性。

Let me move to slide 7 to provide an update on our renewable investments and data center opportunities.

讓我轉到第 7 張投影片來提供有關我們的再生能源投資和資料中心機會的最新資訊。

We have plans for significant investments in cleaner generation over the next 5 years and into the next decade, and these investments are supported by the recent settlement of our 2024 renewable energy plan filing, our long-term integrated resource plan, and Michigan's Clean Energy plan.

我們計劃在未來五年甚至十年內對清潔能源發電進行大量投資，這些投資得到了我們最近完成的 2024 年可再生能源計劃備案、長期綜合資源計劃以及密西根州清潔能源計劃的支持。

The progress we are making on these investments has allowed us to safe harbor investment tax credits for these renewable projects into 2029 with the IRA provisions continuing to support our ability to execute these investments affordably for our customers.

我們在這些投資上的進展使我們能夠將這些再生能源項目的投資稅收抵免安全地延續到 2029 年，而 IRA 條款將繼續支持我們以可承受的價格為客戶執行這些投資的能力。

Currently we have 2,500 megawatts of renewable generation in service and are building roughly 900 megawatts of renewables per year on average over the next 5 years.

目前，我們擁有 2,500 兆瓦的再生能源發電量，並且在未來 5 年內平均每年建造約 900 兆瓦的再生能源發電量。

Solid land positions combined with our ability to successfully move these projects through the interconnection and permitting processes puts us in a great position to execute our transition to cleaner energy.

穩固的土地優勢加上我們成功完成互連和許可流程的能力，使我們在向清潔能源轉型方面處於有利地位。

We also continue to make great progress with data centers.

我們在資料中心方面也持續取得巨大進展。

We are in advanced discussions with multiple hyper scales for over 3 gigawatts of new load and are having ongoing discussions with multiple other data center operators for an additional 4 gigawatts.

我們正在與多個超大規模資料中心就超過 3 千兆瓦的新負載進行深入討論，並且正在與多個其他資料中心營運商就另外 4 千兆瓦的負載進行持續討論。

Customers currently in advanced discussions have secured land positions, established clear zoning pathways, and have earned the backing of local communities.

目前處於深入討論階段的客戶已經獲得了土地地位，建立了清晰的分區路徑，並贏得了當地社區的支持。

And the remaining 4 gigawatts in the pipeline either have confirmed access to land or are nearing finalization of land agreements.

其餘 4 千兆瓦的在建工程要么已經確認獲得土地，要么即將完成土地協議。

The near term data center load ramps up to 3 gigawatts will be met through a combination of existing generation capacity and new energy storage solutions, and longer term, additional data center loads will require incremental investments in new baseload generation.

近期資料中心負載將提升至 3 千兆瓦，這將透過現有發電能力和新的能源儲存解決方案的組合來滿足；而長期來看，額外的資料中心負載將需要對新的基載發電進行增量投資。

Energy storage needs will be aligned directly with data center load ramps on a 1 to 1 basis in the near term, driving incremental investments which is not included in our current five-year capital plan.

在短期內，能源儲存需求將與資料中心負載坡道以 1 比 1 的比例直接對齊，從而推動增量投資，而這並未包含在我們目前的五年資本計劃中。

And as we have mentioned, we continue to target closing our first large data center deal by the end of this year, which we expect will ramp to at least 1 gigawatt of new load.

正如我們所提到的，我們繼續致力於在今年年底前完成我們的第一個大型資料中心交易，我們預計該交易將增加到至少 1 千兆瓦的新負載。

In addition to the growth these data centers could generate.

除了這些資料中心可以產生的成長之外。

They will also enhance affordability for existing customers.

它們還將提高現有客戶的承受能力。

And as we have said, these data center opportunities are all upside to our current 5 year plan.

正如我們所說，這些資料中心機會對我們目前的五年計劃都有好處。

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

今天我將向大家提供財務最新情況。

Thanks, Joy. Good morning, everyone.

謝謝，喬伊。大家早安。

Let me start on slide 8 to review our 2nd quarter of financial results.

讓我從第 8 張投影片開始回顧我們第二季的財務表現。

Operating earnings for the quarter were $283 million.

本季營業利潤為 2.83 億美元。

This translates into $1.36 per share.

這相當於每股 1.36 美元。

You can find a detailed breakdown of EPS by segment, including our reconciliation to GAAP reported earnings in the appendix.

您可以在附錄中找到按部門劃分的 EPS 詳細分類，包括我們與 GAAP 報告收益的對帳。

We'll start the review at the top of the page with their utilities.

我們將從頁面頂部開始對其實用程式進行評論。

CT electric earnings were $318 million for the quarter.

CT 電力本季獲利為 3.18 億美元。

Earnings were $39 million higher than the second quarter of 2024.

收益比 2024 年第二季高出 3,900 萬美元。

The main drivers of the variants were rate implementation and timing of taxes, partially offset by higher ONM and rate-based costs, and warmer weather last year.

造成這種變化的主要因素是稅率的實施和徵稅的時間，但被更高的 ONM 和基於稅率的成本以及去年溫暖的天氣部分抵消。

On the timing of taxes, I mentioned this was fairly significant in the first quarter, negative $67 million relative to 2024.

關於稅收的時間，我提到這在第一季相當重要，相對於 2024 年而言為負 6700 萬美元。

This is related to investment tax credits on 2 solar projects that went into service in the 1st quarter.

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。

This timing was known and built into our plan and reverses during the balance of the year, with $37 million reversing in the second quarter.

這個時間安排是已知的，並已納入我們的計劃，並在年度餘額期間逆轉，第二季度逆轉了 3700 萬美元。

Moving on to DT gas, operating earnings were $6 million which was $6 million lower than the second quarter of 2024.

至於 DT 天然氣，營業收入為 600 萬美元，比 2024 年第二季低 600 萬美元。

The earnings variance was driven by higher ONM and rate-based costs, partially offset by cooler weather.

獲利差異是由 ONM 和基於費率的成本增加所致，但部分被涼爽的天氣所抵消。

Let's move to DT vantage on the 3rd row.

讓我們移至第三排的 DT 有利位置。

Operating earnings were $31 million for the second quarter of 2025.

2025 年第二季營業收入為 3,100 萬美元。

This is a $17 million dollar increase from 2024, driven by RNG production tax credits and higher custom energy solutions earnings.

這比 2024 年增加了 1700 萬美元，主要得益於 RNG 生產稅收抵免和更高的客製化能源解決方案收益。

We remain on track for the full year guidance at DT Vantage.

我們仍按照 DT Vantage 的全年目標進行。

On the next row you can see energy trading earned $24 million for the quarter.

在下一行您可以看到能源交易本季獲利 2400 萬美元。

We continue to experience favorability and strong margins in our contracted and hedged physical power portfolio, putting us in a strong position to start 2025.

我們的合約和對沖實體電力組合繼續保持良好勢頭並保持強勁利潤率，這使我們在 2025 年伊始處於有利地位。

On a year to day basis, we are currently near the high end of operating earnings guidance for this segment.

從年比來看，我們目前已接近該部門營業利潤預期的高端。

This strong performance places us in a favorable position to leverage any potential further upside across DTE.

這種強勁的表現使我們處於有利地位，可以利用 DTE 的任何潛在進一步上漲空間。

Provide flexibility and strategic support for future years.

為未來幾年提供靈活性和策略支援。

Finally, corporate another was unfavorable by $56 million quarter over quarter due primarily to the timing of taxes as well as higher interest expense.

最後，企業另一項業務較上季虧損 5,600 萬美元，主要原因是稅務時機以及利息支出增加。

As with DT Electric, this tax timing will reverse during the year, and we expect to end the year in the guidance range in this segment.

與 DT Electric 一樣，這一稅收時機將在年內逆轉，我們預計今年年底該部門的業績將達到指導範圍。

Overall, CT earned $1.36 per share in the second quarter of 2025, which positions us well to achieve the high end of our guidance range in 2025.

總體而言，CT 在 2025 年第二季的每股收益為 1.36 美元，這使我們預計在 2025 年實現指導範圍的高端。

Let me wrap up on slide 9, and then we open the line for questions.

讓我結束第 9 張投影片的演講，然後我們開始回答問題。

Our team remains committed to deliver for all of our stakeholders.

我們的團隊始終致力於為所有利害關係人提供服務。

We are positioned to achieve the high end of our operating EPS guidance this year and continue to use favorability to eliminate backlogs that will help future years.

我們的目標是在今年實現營運每股盈餘指引的高端，並繼續利用有利條件消除積壓訂單，這將有助於未來幾年的發展。

Our 5-year capital investment plan of $30 billion supports our customer-focused reliability investments and our cleaner generation investments.

我們為期五年、總額為 300 億美元的資本投資計畫將支持我們以客戶為中心的可靠性投資和清潔發電投資。

Merging data center opportunities provide potential upsides to this five-year capital investment and EPS growth plan.

合併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優勢。

DT continues to be well positioned to deliver the premium total shareholder returns their investors have come to expect.

DT 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。

With a strong balance sheet that supports our future capital investment plan with modest equity issuances of 0 to $100 million over the next 3 years.

我們擁有強大的資產負債表，可以支持我們未來的資本投資計劃，在未來 3 年內發行 0 至 1 億美元的適度股權。

We remain confident in our long-term operating EPS growth rate target of 6 to 8% through 2029.

我們對於 2029 年 6% 至 8% 的長期營運每股收益成長率目標仍然充滿信心。

With RNG tax credits providing additional confidence, we will reach the high end of our targeted range through 2027.

有了 RNG 稅收抵免提供的額外信心，我們將在 2027 年達到目標範圍的高端。

As Jerry mentioned, the extension of these tax credits through 2029 are positive for DTE giving us greater confidence in our five-year plan, which we'll be updating this fall.

正如傑瑞所提到的，將這些稅收抵免延長至 2029 年對 DTE 來說是有利的，讓我們對我們的五年計劃更有信心，我們將在今年秋天更新該計劃。

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

最後，我感謝大家今天加入我們，現在可以開始提問了。

At this time, if you would like to ask a question, press star, then the number one on your telephone keypad will pause for just a moment to compile the Q&A roster.

此時，如果您想提問，請按星號，然後電話鍵盤上的數字 1 將暫停片刻，以編制問答名單。

Your first question comes from the line of Nicholas Campanella with Barclays.

您的第一個問題來自巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

Hey, good morning. Thanks for taking my questions. Hope everyone's doing well and, congrats on all the announcements. So, hey, so I just wanted to confirm, sounds like, line of sight, to 3 gigawatts of conversations. There's 4 more gigawatts behind that just.

嘿，早安。感謝您回答我的問題。希望大家一切順利，也恭喜所有公告。所以，嘿，我只是想確認一下，聽起來像是3千兆瓦的對話。這之後還有4千兆瓦。

What is the current capacity on the system to absorb that 3 gigawatts and I guess just what is the kind of tipping point for you to have to pull forward the 26 IRP with more capacity needed or set differently?

該系統目前的容量是多少來吸收這 3 千兆瓦的電力，我猜想，您需要提前 26 IRP 並增加所需的容量或進行不同的設置，那麼臨界點是什麼？

When would you start to have to incur a new generation CapEx? How many gigawatts?

你們什麼時候開始需要承擔新一代資本支出？多少千兆瓦？

Thank you.

謝謝。

Hey Nick, thanks for the question and what an exciting time that we're talking about low growth that's really an important piece of discussions we're having internally with data center providers and those conversations are going quite well. So let me just recap, early on we announced 2.1 gigawatts of frame agreements with data center providers and we're seeing a lot of interest in Michigan because we have excess capacity. So that's drawn. Data center providers to the state and of course we now have the sales and use tax exemption so that further increases their interest. What we're seeing now is a lot of activation on the part of hyper scalers. So we've been very conservative about building out our pipeline and allowing people to enter our pipeline companies to enter our pipeline. They have to have land positions or line of sight to a land position and a pathway to zoning and permitting that's required for them to build. And so based on just recent intensity on the part of hyper scalers, we're seeing them make pretty nice inroads on securing land positions and making their way to permitting requirements and they're also garnering the support of the local. Communities and that goes a long way in advancing them through our pipeline.

嗨，尼克，謝謝你的提問。我們討論低成長真是令人興奮，這確實是我們內部與資料中心提供者討論的一個重要內容，而且這些討論進展順利。讓我回顧一下，早些時候我們宣布與資料中心供應商達成了2.1千兆瓦的框架協議，我們看到密西根州的許多公司對我們很感興趣，因為我們擁有過剩的產能。這吸引了資料中心供應商，當然，我們現在享有銷售稅和使用稅豁免，這進一步增加了他們的興趣。我們現在看到的是，超大規模企業正在積極行動。因此，我們在建造管道以及允許進入我們管道的公司進入管道方面一直非常保守。他們必須擁有土地位置或通往土地位置的視線，以及獲得分區和許可的途徑，才能進行建設。因此，根據最近超大規模企業的努力，我們看到他們在確保土地位置和滿足許可要求方面取得了相當不錯的進展，並且他們也獲得了當地社區的支持，這對他們透過我們的管道推進發展大有裨益。

So now we see what was co-locators kind of moving toward the back of the pipeline and hyper scales consuming at least the upper portion of our pipeline and and positioning themselves to sign energy service agreements along with storage agreements and we're exchanging paper right now and that paper has a little bit of red ink on it. And that's all good progress, so we're in active negotiations with large hyper scalers and we're continuing conversations with those co-locators. As we understand their load ramps, we're going to use our existing D11 rates or our our existing. Industrial rate to serve that load along with storage and the way you can think about it is near term load ramps would require us to begin construction of storage assets, in 2026 and beyond. There is some urgency on the part of the data center providers to begin the construction of their facilities by 2028 so that they can take advantage of the sales and use tax. So with that said, we have to get ahead of them in building out those storage assets. This load ramp, all the loads and ramps that we are getting a better understanding of and we'll finalize once we finalize the deals will be incorporated in our IRP next year. So the idea here is to serve the load with the existing capacity we have up to a gigawatt. And there are certain periods within the planning year where we're a little short, I call it marginally short that will meet the need by way of storage. So it will bridge the GAAP near term as we progress through their load ramps, we'll get to a point where we have to build out more dispatchable resources, larger dispatchable resources, but that'll get all flushed out. In our IRP next year, so we don't intend to pull forward the IRP. What we intend to do is serve the low near term with our existing riders and tariffs and then move toward building out larger assets based on the results of the IRP.

現在我們看到，一些資料中心主機託管商正逐漸向管道後端靠攏，而超大規模資料中心至少消耗了我們管道的上部，並準備簽署能源服務協議和儲能協議。我們現在正在交換文件，但文件上有一些赤字。這些都是好的進展，我們正在與大型超大規模資料中心積極談判，並繼續與這些主機託管商溝通。根據我們了解的負載坡度，我們將使用我們現有的D11費率或我們現有的工業費率來滿足這些負載以及儲能需求。您可以這樣想，短期負載坡度需要我們在2026年及以後開始建造儲能資產。資料中心提供者迫切希望在2028年前開始建造他們的設施，以便他們能夠利用銷售稅和使用稅。因此，我們必須在建立這些儲能資產方面領先他們。我們正在加深對這個負荷坡道的理解，所有負荷和坡道，一旦交易敲定，我們將最終確定，這些都將納入明年的綜合電力規劃 (IRP)。因此，我們的想法是用我們現有的容量來滿足高達1吉瓦的負載需求。在規劃年度的某些時期，我們的容量會略有短缺，我稱之為略微短缺，可以透過儲能來滿足需求。因此，隨著我們逐步推進負載坡道，它將在短期內彌補GAAP（美國通用會計準則）的缺口。我們將達到一個階段，需要建立更多、更大的可調度資源，但這些資源最終都會被淘汰。在明年的IRP中，我們不打算提前IRP。我們打算利用現有的附加服務商和電價來滿足短期低負載需求，然後根據IRP的結果逐步建立更大的資產。

Thanks a lot. That's really clear. So I guess just to wrap that all up, I mean, thinking about the context of the long-term cakeger, load is a tailwind. It seems like some cap back and storage is coming into the plan, as soon as 2026. You just got the extension of RNG. I know you've had that communication that you're at the high end or above, the EPS keger in 2016 and 27. Just how are you kind of thinking about it beyond that through, 2029?

非常感謝。說得很清楚。所以，我想總結一下，我的意思是，考慮到長期來看，負載是一個利好因素。看起來，一些上限和儲存容量最早會在2026年納入計畫。你們剛剛獲得了RNG的延期。我知道你們已經溝通過，你們的EPS處於2016年和2027年的高端或更高水平。那麼，你們是如何考慮2029年之後的呢？

Yeah, so where we are right now is, of course, the RNG tax credits give us flexibility in our plan and it was a really positive move to see that get extended, so that gives us additional flexibility. And it gives us confidence that we can hit that high end. And so as our plan unfolds and we updated, we're intending to update our plan toward the end of this year and probably likely in the in the third quarter call or at EEI we'll offer up what our our plan looks like for CapEx and also our growth rate, but we don't intend to go beyond the 68. This just gives us confidence that we can hit that higher end.

是的，我們現在的情況是，RNG稅收抵免當然為我們的計劃提供了靈活性，看到它得到延長是一個非常積極的舉措，這給了我們額外的靈活性。這也讓我們有信心達到更高的目標。隨著計劃的展開和更新，我們打算在今年年底前更新計劃，很可能在第三季度電話會議或EEI會議上，我們會公佈我們的資本支出計劃以及增長率，但我們不打算超過68%。這讓我們有信心達到更高的目標。

Thank you so much.

太感謝了。

Your next question comes from the line of David Arcaio with.

您的下一個問題來自 David Arcaio。

Morgan Stanley.

摩根士丹利。

Oh hey, good morning, thanks so much, and congratulations to her congratulations, Jerry, morning.

哦，嘿，早安，非常感謝，祝賀她，祝賀傑瑞，早安。

I was wondering, maybe on the back of the OBBB, could you just frame any, impacts on the renewable plans, any risk that you see from the executive order and continued uncertainty there?

我想知道，也許在 OBBB 的背景下，您能否簡單描述一下對再生能源計劃的影響，以及您認為行政命令帶來的任何風險以及持續的不確定性？

Yeah, thanks, David, and the final bill, the reconciliation bill, really supports our five-year plan.

是的，謝謝，大衛，最終的法案，即和解法案，確實支持了我們的五年計劃。

And what we've been able to do is safe harbor our renewable investments through into 2029. And this is all positive news for our customers. Just as a reminder, we have to build these assets. It is required under the law and we also have a very popular and successful voluntary renewable plan program. So we're going to build these renewable assets regardless and what what the IRA did is make it more affordable for customers. That said, what we've done. And based on us, just being in a position to activate very quickly, we've been able to safe harbor those investment tax credits for our customers through 2029. Additionally, the battery storage projects will continue to qualify for the investment tax credits through 2036, which is also supportive of our plan and puts us in a really good position with the build out we intend to do for data centers. Transferability was maintained, so that's another key element that we view as very positive. So we feel really confident in what our plan entails today and also we feel really good about where we're sitting with RNG tax credits as well. The added year is an added benefit and as I mentioned before, that gives us more flexibility and allows us to have more confidence around hitting the high end in terms of some Of the executive orders, the safe harboring we've already done really insulates us from any exposure to fiat and so I feel like we've got solid plans in place that remain in place through the duration of our five year plan and we still have a little bit of opportunity because we have to bid. Began construction by the end of this year, so that gives us a little more flexibility if there's any additional tax credits that we want to secure, we may be able to do that. But all in all, I think the the final bill supports our plan and we've been able to activate to insulate ourselves from any exposure hereafter.

我們能夠做到的是，將我們的再生能源投資安全保障到2029年。這對我們的客戶來說都是好消息。提醒一下，我們必須建造這些資產。這是法律要求的，而且我們還有一個非常受歡迎且成功的自願性再生能源計劃。所以，無論如何，我們都會建立這些再生能源資產，而IRA（個人退休帳戶）所做的就是讓客戶更能負擔得起。也就是說，我們已經做到了。基於我們能夠快速啟動，我們能夠為客戶安全保障2029年的投資稅收抵免。此外，電池儲能專案將繼續符合投資稅收抵免的資格，直到2036年，這也對我們的計劃提供了支持，並使我們在我們計劃建造資料中心方面處於非常有利的地位。可轉移性得到了維持，這是我們認為非常積極的另一個關鍵因素。因此，我們對目前的計劃充滿信心，我們對RNG稅收抵免的現狀也感到非常滿意。增加一年是一個額外的好處，正如我之前提到的，這給了我們更多的靈活性，讓我們更有信心達到一些行政命令的高端，我們已經完成的安全港確實使我們免受任何法令的影響，所以我覺得我們已經制定了可靠的計劃，這些計劃將在我們的五年計劃期間一直有效，我們仍然有一點機會，因為我們必須投標。今年年底前開始建設，所以這給了我們更多的靈活性，如果我們想要獲得任何額外的稅收抵免，我們也許可以這樣做。但總而言之，我認為最終的法案支持我們的計劃，我們已經能夠啟動以使自己免受此後的任何風險。

Great, that's really helpful caller thanks for that, and then, maybe just to, look at, earnings performance so far this year I think, Dave you had mentioned just, how do you, where do you stand in terms of how much flex you have here to absorb. Any, volatility maybe in weather for the rest of 2025 and where do you stand, in terms of now looking ahead to 2026 and pulling forward, against some strength and earnings this year.

太好了，這位來電者非常有幫助，謝謝。然後，我想，戴夫，我想您剛才提到，今年到目前為止的獲利表現如何？就目前而言，您可以承受的彈性而言，目前處於什麼位置？ 2025年剩餘時間的天氣可能會出現波動，展望2026年，您目前的處境如何？考慮到今年的一些優勢和盈利情況，您如何展望未來？

Yeah, David, as you said, we're in a good position right now after the 2nd quarter, I can also say we've had a warm July.

是的，大衛，正如你所說，第二季度之後我們目前處於良好狀態，我也可以說我們度過了一個溫暖的七月。

And so we are looking for those opportunities where we can to, make sure we're going to have a great year in 25, but then look for those investment opportunities that can help us in future years too. So we're feeling positive on the year and our ability to hit the upper end and continue to help future years.

因此，我們正在尋找力所能及的機會，確保25年後我們能夠取得豐碩的成果，同時也會尋找那些能夠在未來幾年為我們帶來幫助的投資機會。因此，我們對今年充滿信心，相信自己有能力達到更高的目標，並繼續為未來發展貢獻力量。

Great sounds good thanks so much appreciate it.

太棒了，聽起來很棒，非常感謝。

Your next question comes from the line of Jeremy Tonette with JP Morgan.

您的下一個問題來自摩根大通的 Jeremy Tonette。

Hey, good morning, this is actually Aiden Kelly on for Jeremy.

嘿，早安，我是艾登凱利 (Aiden Kelly)，代替傑里米 (Jeremy)。

Hey hey how are you?

嘿嘿你好嗎？

Yeah, just wanted to H1 in on the data center fun again, just curious to see if you could offer any like confidence level for the 3 gigawatts of hyperscale load coming online, as well as the 4 gigawatts you kind of outlined in the opening remarks. I know you mentioned some pathways to zoning and permitting and land positions, so seems like some good visibility there, but just wanted to see how you frame it in terms of, a confidence level.

是的，我只是想再次談談資料中心的有趣之處，想知道您是否能提供一些關於即將上線的3千兆瓦超大規模負載以及您在開場白中概述的4千兆瓦負載的置信度。我知道您提到了一些分區、許可證和土地位置的途徑，所以看起來這方面已經有了很好的了解，但我只是想看看您是如何從置信度的角度來闡述的。

Yeah, so, our goal is to get at least one gigawatt signed before the end of the year, and we're making great progress toward that goal. We're in active discussions. I can tell you that, I've had personal interaction with the principals at some of the data center providers, these are hyper scales, large companies that are looking to land here in Michigan, and we, we've got, meetings set up. Yet this week to talk to additional providers, so we're feeling really good about the progress that we're making and the fact that we're exchanging terms, we're getting feedback on what works for them certainly and we've got some flexibility to meet their needs. I think we will have a lot more to say on the on the 3rd quarter call and and by the end of the year, but certainly things are progressing in the right fashion, and we feel really good about the progress. And are feeling fairly confident that we'll get something done before the end of the year.

是的，我們的目標是在年底前至少簽署1千兆瓦的合同，目前我們正在朝著這個目標邁進。我們正在積極商討。我可以告訴你，我已經與一些資料中心供應商的負責人進行了私人交流，這些大型公司規模龐大，希望在密西根州落地，我們已經安排了會面。本週我們將與其他供應商進行洽談，我們對目前取得的進展感到非常滿意，我們正在交換條款，並獲得了關於哪些方案對他們最有利的反饋，我們也有一定的靈活性來滿足他們的需求。我想在第三季的電話會議上以及年底之前，我們還會有很多話要說，但可以肯定的是，事情正在朝著正確的方向發展，我們對這些進展感到非常滿意。我們非常有信心在年底前完成一些工作。

Understood that that's helpful, I guess just on the storage, just curious for that 1 giga gigawatt of data center, presumably could be matched with with energy storage like would that be over like a 13 or 5 year time frame like at a high level?

明白這很有幫助，我猜只是在存儲方面，只是好奇那個 1 千兆瓦的數據中心，大概可以與能源存儲相匹配，就像在高水平上那樣，這是否會超過 13 年或 5 年的時間範圍？

Yeah, so think about it. I'll explain it this way. So as the data center load comes on, let's just call it this gigawatt, we'll meet that demand with the excess capacity that we have plus a storage build out, and you can think about it as one for one. So if we bring on a gigawatt of data center load, we'll have to build a gigawatt of storage. And to do that, we'll use the combination of PPAs and self-build, to meet that demand and so the pricing that we're seeing just so you have some benchmarks to use is about $15 a megawatt for self-build and combine the two. Both self-build and PPAs will be roughly about a billion dollars for every gigawatt that we bring on a storage and we'll start that construction based on the load ramps at least that we're seeing now in 2026. So think about it coming online in 27 in increments, just based on their load ramps and that will progress over a couple of years, call it.

是的，想想看。我這樣解釋。隨著資料中心負載的增加，就假設是千兆瓦（GW）的負載，我們將利用現有的過剩容量加上擴建的儲存容量來滿足這一需求，你可以把它想像成一對一。所以，如果我們增加1GW的資料中心負載，就必須建置1GW的儲存容量。為此，我們將結合電力購買協議（PPA）和自建項目來滿足這項需求。我們現在看到的定價（供參考）是，自建項目和電力購買協議（PPA）的定價約為每兆瓦15美元，兩者結合。我們為儲存專案增加的每GW負載，自建專案和電力購買協議的成本約為10億美元左右。我們將至少根據目前看到的負載坡度在2026年開始建造。所以，設想一下，根據負載坡度，2027年內逐步上線，這將持續幾年。

As we get further into the plan, we get out to the end of our five year plan, the demand grows in such a way, at least as we understand it today, that we'll have to build something more substantial like a combined cycle plant with carbon capture or being carbon capture ready. So that's how we're looking at it today and as the negotiations materialize and we finalize those load ramps, we'll incorporate all of this into our IRP and the IRP process will determine the the optimal generation mix.

隨著我們進一步推進計劃，即將進入五年計劃的尾聲，需求將以某種方式增長，至少就我們目前所理解的而言，這將迫使我們建造更大規模的發電設施，例如配備碳捕集系統或具備碳捕集能力的聯合循環電廠。這就是我們目前的想法。隨著談判的推進和負載提升的最終確定，我們將把所有這些因素納入綜合電力規劃 (IRP)，並透過 IRP 流程確定最佳的發電組合。

Understood. That's super clear. I'll leave it there. Thanks.

明白了。太清楚了。我就不多說了。謝謝。

Your next question comes from the line of Julian Demalin Smith with Jeffreys.

您的下一個問題來自 Jeffreys 的 Julian Demalin Smith。

Hey, good morning.

嘿，早安。

Thank you guys so very much. Appreciate it and congrats to both of you again. I really, it's been a pleasure and more importantly, Joy, I look forward to working with you going forward. Congrats again.

非常感謝你們！再次恭喜你們兩位。真的，這真是一件榮幸的事。更重要的是，Joy，我期待未來與你們的合作。再次恭喜。

Actually, let me, of course, absolutely, if I can pick it up where you just left it off there because I think it was a nice point. As you think about the totality of the update to come here, right, clearly. I believe the forecast hasn't really reflected the total opportunity in RNG and the extension 329 for your comments to Nick and subsequently for your prior comments here, it seems like the battery storage opportunity seems very much ripe in that same 27 to 29 period. But maybe if I can put a finer point on the last point you said a second ago about the gas opportunity, how do you think about that? The visibility on that piece here and the IRP and the potential to have that CapEx ramp in that those those tail end, the 27 to 29 period. Just trying to make sure I understand the different puzzle pieces that fit into kind of a third quarter or year end kind of update here if you think about it, what are the different CapEx items.

實際上，當然，如果我能從你剛才說的地方繼續說，因為我覺得你剛才說得很好。當你思考接下來的更新內容時，顯然，我認為預測並沒有真正反映出再生能源發電（RNG）的整體機會。對於你之前對Nick的評論，以及你之前的評論，我認為在2027-2029年期間，電池儲能的機會似乎已經非常成熟。但是，如果我能更詳細地闡述你剛才提到的關於天然氣機會的最後一點，你對此有何看法？這部分的可見性，IRP以及在2027-2029年期間，資本支出增加的潛力。只是想確保我了解第三季或年末更新中不同的要素，如果你仔細想想，不同的資本支出項目是什麼？

Yeah, so the, a combined cycle plan would be to the tail end of our 5 year plan and into the next phase of our plan. We would have to go through the well the certificate of need process which is really a part of the IRP in order to bring on a combined cycle plan. As the queues are building, so we're getting ourselves in the queue. We're already in the myocu for at least one plant and potentially 2. And that's to serve our existing load. We're still intending to retire Monroe at the end of 2032, and so therefore, we've got to get in the queue and we got, we've got ready ourselves in advance of us, filing the IRP so the timing doesn't. Exactly match up. All that said, we continue to prepare as if we are going to bring on CCGT at that time and establish the right relationships with EPC contractors and also with turban providers. So if you want to think about the storage coming into the plan beginning in 2026 in increments, and then to the very tail end of the plan, that would result in us bringing on capital for a combined cycle plan.

是的，聯合循環計劃將是我們五年計劃的尾聲，也是我們計劃的下一階段。為了實施聯合循環計劃，我們必須完成需求證明程序，這實際上是綜合資源計劃（IRP）的一部分。隨著排隊人數的增加，我們也積極參與。我們已經至少有一座電廠，甚至可能還有兩座電廠，加入了myocu（聯合循環機組）。這是為了滿足我們現有的負荷。我們仍然打算在2032年底讓門羅電廠退役，因此，我們必須加入隊列，而且我們已經提前做好了準備，提交了IRP，這樣時間就不會完全錯開。儘管如此，我們仍在繼續準備，就像我們將在那時引入CCGT一樣，並與EPC承包商以及Turban供應商建立良好的關係。因此，如果您想考慮從 2026 年開始逐步將儲存納入計劃，然後到計劃的最後階段，這將導致我們為聯合循環計劃帶來資金。

Got it. Excellent. And then just to understand the ramp right here, I mean, obviously you're talking about a gigawatt of both conveniently incremental load and opportunity to surf. Is there a potential that you kind of accelerate though that incremental you talked to you talked upwards of 7, I think implied gigawatts of opportunity here. How do you think about the timing of that sort of feathering in? Is that principally at the tail end or beyond the plan, or is there a potential that you actually are ramping up even more, shall we say, multiple parallel data centers?

明白了。非常好。然後，為了理解這裡的“坡度”，我的意思是，顯然您指的是1千兆瓦的負載增量和衝浪機會。您是否有可能加速您提到的增量，例如超過7千兆瓦，我認為這暗示著1千兆瓦的機會。您如何看待這種坡度的時機？主要是在計劃的最後階段還是超出計劃範圍？或者，您是否有可能實際上進一步加速，比如說，多個並行資料中心？

To achieve more than a gigawatt, and is that conceivable given the generation mix and planning cycle you just described?

實現超過一千兆瓦的目標，考慮到您剛才描述的發電結構和規劃週期，這是否可以想像？

Well, Julian, let me just say it this way, the negotiations are ongoing and a point of negotiation is really understanding the low ramp. So we've got early near term ideas around what that low ramp exactly looks like for the for at least a few of the hyper scales and we're still continuing those discussions. So serving where we have a short is really early on. In the plan is really how we, support the load. We bring on the storage to support the load during those periods, but until we get a final deal done, we don't know definitively what those load ramps look like. That's still a point of negotiation, and so I don't want to get too far over our skis and articulate to you that, we're going to ramp and. A gigawatt this year and a gigawatt next year. I can't say that definitively. What I do know is at least what we're seeing right now across multiple data center providers, we've got at least a gigawatt worth of opportunity that we will have to support near term.

朱利安，我這樣說吧，談判仍在進行中，談判的重點在於理解低坡度產能提升的具體情況。因此，我們對至少部分超大規模資料中心的低坡度產能提升方案已經有了初步的短期構想，我們仍在繼續討論。因此，在電力短缺的情況下提供服務仍處於初期階段。計劃的核心在於如何支撐負載。我們會在這段時間內啟用儲存來支撐負載，但在最終達成協議之前，我們無法確定負載坡度的具體情況。這仍然是談判的重點，所以我不想透露太多細節，只是向你明確表示，我們將逐步提升產能。今年是1千兆瓦，明年是1千兆瓦。我無法確定。我所知道的是，至少從我們目前在多家資料中心供應商看到的情況來看，我們至少有1千兆瓦的產能機會，需要在短期內得到支援。

Look forward to that update, right?

期待那個更新，對吧？

To clarify on that Julian, a little bit, this is Dave. Yeah, with the additional storage, it gives us a little more of the excess generation that we've been talking about. So we're able to use that storage to reach some of those capacity positions. And so, We do have more than a 1 gigawatt of availability as we bring the storage on to support that. Yeah.

朱利安，稍微解釋一下，我是戴夫。是的，有了額外的存儲，我們就能獲得更多我們一直在談論的過剩發電量。所以我們能夠利用這些儲存來達到部分容量目標。因此，當我們啟用儲存來支援這些目標時，我們確實擁有超過 1 千兆瓦的可用電量。是的。

It's it's one for one. So a gigawatt of storage gives you essentially makes 1 gigawatt almost 2 gigawatts.

這是一對一的。因此，1 千兆瓦的儲存量實際上相當於 1 千兆瓦，相當於 2 千兆瓦。

Hey, thanks for that clarification. I appreciate it. Best of luck.

嘿，謝謝你的澄清。我很感激。祝你好運。

Your next question comes from the line of Andrew Weasel with Scota Bank.

您的下一個問題來自 Scota Bank 的 Andrew Weasel。

Hey, good morning, everyone. I want to echo the congratulations to both Joy and Jerry. Between the last Jerry, this Jerry, now Joy, you're bored clearly like.

大家早安。我想再次祝賀Joy和Jerry。從上一個Jerry，到這個Jerry，再到現在的Joy，你顯然很無聊。

Alliteration.

頭韻。

Joy, my first one is more of a philosophical one. It is a financial question, but the company's generally been very conservative. Your DPE reputation is one of underpromising and overdelivering. I think the philosophy serves you well, but my question is, how are you thinking about that philosophy? I think I heard you say that you're not expecting to grow EPS faster than the high end of 6 to 8%, so maybe that sort of answers it, but I'd love to hear how you're thinking about that general attitude. I know you, you've clearly alluded to an update in a few months, but how do you think about that philosophy?

Joy，我的第一個問題更像是哲學問題。這是一個財務問題，但公司一直以來都非常保守。你們的每股盈餘（DPE）以低承諾、高交付而聞名。我認為這種理念很適合你們，但我的問題是，你們是如何看待這個理念的？我好像聽到你說，你預計每股盈餘（EPS）的成長速度不會超過6%到8%的上限，所以這或許能解答我的問題，但我很想聽聽你是如何看待這種整體態度的。我知道你，你明確地提到幾個月會更新，但你是如何看待這個理念的？

Yeah, I feel like I've learned from the best to make sure that we always deliver for our Our stakeholders, including our shareholders, and so we want to make sure that we have a high degree of confidence in our plans and we have the requisite flexibility in those plans to be consistent and deliver consistently for our shareholders. So at this point I think we've got a solid plan in place and we're incorporating what we believe is flexibility in that plan so that we continue to deliver right on top of what we promised.

是的，我感覺自己從最優秀的人身上學到瞭如何確保我們始終為我們的利害關係人（包括我們的股東）提供服務。因此，我們希望確保我們對我們的計劃充滿信心，並在這些計劃中保留必要的靈活性，以確保我們始終如一地為股東提供服務。所以，目前我認為我們已經制定了一個完善的計劃，並且我們正在將我們認為的靈活性融入到該計劃中，以便我們可以繼續兌現我們的承諾。

Okay, very good.

好的，非常好。

Next one, I think we'll get your 1 later today, but can you let us know, did you issue any equity during the quarter? And Dave, I think you reiterated the 0 to 100 million per year. How are you thinking about the long term outlook? I guess the positive side, you've got tax credits from the OBBB on the maybe negative side from a financing perspective upside to CapEx. How do you think of those as as kind of maybe washing out?

下一個問題，我想我們今天晚些時候會收到您的問題1，但您能否告訴我們，您在本季度發行了任何股票嗎？戴夫，我記得您重申了每年發行0到1億股股票。您如何看待長期前景？我認為積極的一面是，您從OBBB獲得了稅收抵免，但從融資角度來看，這可能會增加資本支出。您認為這些可能會被取消嗎？

Yeah, Andrew, we did a, we have a little bit of equity that comes in kind of rateably throughout the year, so there's some of that, but it's within that 0 to 100 million we we issue through kind of internal mechanisms and that 0 to 100, that is from 25 to 27 in our expectation and our base plan.

是的，安德魯，我們確實有一點股權，這些股權是全年按比例獲得的，所以確實有一些，但它在我們透過內部機制發行的 0 到 1 億之間，0 到 100，也就是我們預期和基本計劃中的 25 到 27。

And then, we did say after 27, we see some incremental equity that would come in, even in our base plan, that's, 200 to 300 million more out there in those years.

然後，我們確實說過，在 27 歲之後，我們會看到一些增量股權進入，即使在我們的基本計劃中，那幾年也會有 2 億到 3 億的增量股權。

But to your question on if we bring in some additional capital, we would have to look at some additional equity or equity like products to continue to be at our 15% of the vote of debt. But as this is good equity and would be associated with the increased growth that we would see with that as well.

但關於你提到的如果我們引入一些額外資本，我們必須考慮一些額外的股權或類似股權的產品，以保持我們15%的債務表決權。但這筆股權投資是好的，而且會與我們預期的成長成長相關。

Right, and that's something you'll give more details on in a few months.

好的，幾個月後你會提供更多細節。

Yeah, that, yeah, we'll put all that together when we show our new capital plan, we'll we'll define how we're going to finance that as well.

是的，是的，當我們展示新的資本計劃時，我們會把所有這些放在一起，我們也會定義如何為其融資。

Okay, great. And during the quarter, was there any activity?

好的，太好了。那麼本季有什麼活動嗎？

It, it's just a little bit that comes in rateably from the internal mechanisms we use, but nothing public.

它只是從我們使用的內部機制中按比例獲得的一點點，但不公開。

Okay, very good. And one last one if I can during the call, forgive me if I missed it, but I don't think you said anything about wind. There was a lot of focus on solar and storage and gas. How are you thinking about opportunities for wind, whether that would be new build or potentially repowering?

好的，非常好。如果可以的話，最後再問一個問題，如果我沒注意到的話請原諒，但我認為您沒有提到風能。我們重點關注的是太陽能、儲能和天然氣。您如何看待風能的發展機會？是新建風能，還是潛在的風能改造？

Yeah, we're examining wind. We currently have some wind assets that would might be eligible for repowering, but we're right now we're focused on building out solar, and that's where we have the greatest opportunity, but we have not closed the door completely on wind assets.

是的，我們正在考察風能。我們目前有一些風電資產可能符合改造條件，但我們目前專注於太陽能建設，而太陽能正是我們最大的機會所在，但我們並沒有完全關閉風電資產的大門。

Is there a reason there's such a preference for one over the other?

人們如此偏愛其中一種，有什麼原因嗎？

Just the amount of land that's required based on the land that we have and the receptiveness to wind also is a key driver right now solar, more communities are more receptive to solar build outs in their in their areas. So that's really why we've we've pivoted to solar for the most part. The economics are a little better as well.

基於我們現有的土地，所需的土地數量以及對風能的接受程度也是目前太陽能發展的關鍵驅動因素。越來越多的社區更願意在其地區建造太陽能計畫。這就是我們大部分地區轉向太陽能的原因。經濟效益也更好。

Okay, that's very.

好的，那非常好。

Helpful.

很有幫助。

Thank you.

謝謝。

Your next question comes from the line of Sophie Karp with Keybank.

您的下一個問題來自 Keybank 的 Sophie Karp。

Hi, good morning.

嗨，早安。

Thank you for taking my question and congratulations to Joe and Jerry and on a good quarter as well.

感謝您回答我的問題，並祝賀喬和傑瑞本季業績良好。

I guess, can I ask you a question on the data center build out, again, from a different angle, maybe, is there a way for us to think about how much of a, revenue increase, is displaced by the addition of data and the customers, the industry keeps talking about savings that can be, accrued to retail customers. How should we start thinking about that like for every gigawatt of data center editions X amount of revenue requirement is displaced or like is there a good rule of thumb yet given you the framework?

我想，我能從另一個角度問您一個關於資料中心建置的問題嗎？我們能不能想想，數據和客戶的增加會抵銷多少收入成長？業界一直在談論零售客戶可以節省多少成本。我們應該如何考慮這個問題？例如，每增加一個千兆瓦的資料中心，會抵銷多少收入需求？或者，在目前的框架下，有沒有一個好的經驗法則？

Well, I'll put it to you this way, just based on what we announced previously, the 2.1 gigawatts, I believe that increases the load over that five year time horizon by about 40%, so you could think of that as headroom on rate growth for for existing customers.

好吧，我這樣說吧，僅根據我們之前宣布的 2.1 千兆瓦，我相信這將在五年時間範圍內增加約 40% 的負載，因此您可以將其視為現有客戶的費率成長空間。

So effectively we could take that kind of net out the cost of investment that's needed to serve those additions, then that would be cost savings to customers.

因此，我們可以有效地從這種淨額中扣除滿足這些附加服務所需的投資成本，從而為客戶節省成本。

Yeah, actually for the the initial that we bring on, there's not much additional capital investment we have to bring on the storage will be paid for by the data centers. Really, you get the advantage because these data centers operate like a 90% load factor and our system's about a 50% load factor. So it really provides a lot of affordability just by using our base industrial rate, provides a lot of affordability for our base customers.

是的，實際上，在我們初期投入營運時，我們不需要投入太多額外的資本，儲存費用將由資料中心承擔。實際上，您確實獲得了優勢，因為這些資料中心的負載率高達 90%，而我們的系統負載率約為 50%。因此，僅使用我們的基礎工業費率，就能為我們的基層客戶提供很大的經濟實惠。

Got it. This is very helpful.

明白了。這很有幫助。

Thank you. And then any color you could share on how the electric ray case is going?

謝謝。那可以分享一下電鰩魚盒的進度嗎？

Yeah, Sophie, we are, we're still in audit and discovery.

是的，索菲，我們仍在審計和發現中。

And we're getting about, the amount of questions that we would anticipate given the size and scale of the case and the fact that we're looking to expand the IRM and grow it to a billion dollars over the next couple of years. So, the line of questioning is, as you would think, it's all around, system reliability and what we've been able to deliver and how our plans align with the liberty audit, which we feel we're in a really good position to to answer those questions and provide compelling testimony. We will hear back from interveners and staff, next month. So we'll get staff and intervenor testimony on August 22nd, and that'll be our first indication as to whether or not we're completely aligned with staff or there's still some explanation that's required, and likewise, we'll understand what intervenors think of our plan and how we can engage them in discussions to potentially pursue a settlement. But that's where we stand right now. The PFD is, expected in December, kind of mid-December, and then we'll get a final order in February.

考慮到案件的規模，以及我們計劃在未來幾年內擴大IRM規模，將其提升到10億美元，我們預計會收到大量問題。所以，正如您所想，這些問題涉及方方面面，包括系統可靠性、我們目前的工作成果，以及我們的計劃如何與自由審計保持一致。我們認為我們完全有能力回答這些問題並提供令人信服的證詞。下個月我們將聽取介入人員和工作人員的回饋。我們將在8月22日獲得工作人員和介入人員的證詞，這將是我們首次了解我們是否完全同意工作人員的意見，或者是否仍需要一些解釋。同樣，我們也會了解介入人員對我們計劃的看法，以及如何與他們進行討論，以尋求和解。但這就是我們目前的狀況。 PFD 預計在 12 月，也就是 12 月中旬，然後我們將在 2 月收到最終訂單。

Got it, thank you. This is all for me. I.

明白了，謝謝。這些都給我了。我。

Appreciate the answers.

感謝您的回答。

Your next question comes from the line of Anthony Crodell with Mizuho Securities.

您的下一個問題來自瑞穗證券的安東尼‧克羅德爾 (Anthony Crodell)。

Hey, good morning, Joy. Good morning, Jerry. Congrats on to both of you.

嘿，早安，喬伊。早安，傑瑞。祝賀你們倆。

Morning.

早晨。

Thank you.

謝謝。

Hey, just one quick question. I'm wondering, Joy, it's very early in your tenure, but any legislative or regulatory goals or processes you're hoping to accomplish early on in your tenure or that you're putting on your to do list of maybe You know whether it's a decoupling mechanism or something to the legislature that you're focused on right now.

嘿，我只想問一個簡單的問題。喬伊，您上任才剛開始，您有什麼立法或監管目標或流程希望在任期初期實現嗎？或您目前重點關注的立法或監管機制，例如脫鉤機製或其他與立法相關的事項？

Yeah.

是的。

Yeah, right now, Anthony, we are focused very heavily on the IRM we that is proven, we've used the IRM. In the gas business, for a number of years now and that's delivered the value for the customers and it's also helped keep us out of regulatory proceedings for multiple years and so our focus is growing the electric IRM and we've included that in the case and that that's the biggest thing for us right now on the regulatory front. And we think we've laid a good foundation for that and the liberty audit supports it. So that's where I'm going to focus my attention and as we see testimony from the staff and interveners, we'll make sure that they understand the benefits of expansion of the IRM going forward.

是的，安東尼，現在我們非常重視IRM，因為我們已經證明了它的價值，並且已經使用了它。在天然氣業務中，它已經使用了很多年，不僅為客戶創造了價值，還幫助我們多年來避免了監管程序。因此，我們的重點是發展電力IRM，我們已將其納入案例中，這是我們目前在監管方面最重要的事情。我們認為我們已經為此奠定了良好的基礎，自由審計也支持這一點。因此，我將把注意力集中在這裡。隨著員工和介入人員的證詞，我們將確保他們了解未來擴展IRM的好處。

Great.

偉大的。

And then if I could just take another crack, maybe an earlier question, you were very clear on the 6 to 8%.

然後，如果我可以再問一次，也許是之前的一個問題，您對 6% 到 8% 的比例說得非常清楚。

Earnings growth rate, you seem like your intention to stay there, but It are you including if you do get some of the large customers, the data centers, I mean.

獲利成長率，你似乎有意保持在那裡，但如果你確實獲得了一些大客戶，也就是資料中心，那也包括在內。

It maybe I'm just splitting hairs here, but is there the ability to rebase higher or something, or even with the potential that long pipeline you have, are you still to see yourself at the 6 to 8%? And I know that's going really forward and I know that you haven't, a lot of it's still nearering formalization of agreement, but just I guess how rigid is that 6 to 8 even if you get the 7 gigawatts on.

我可能只是在吹毛求疵，但有沒有可能再提高一些呢？或者，即使你們有這麼長的管道，你們仍然認為這個比例在6%到8%之間嗎？我知道這正在穩步推進，也知道你們還沒有，很多事情還在接近達成協議的正式階段，但我想，即使你們已經投入了7千兆瓦的電力，6到8%的比例會有多嚴格呢？

Yeah, so I would say that.

是的，所以我會這麼說。

The 5 year plan that we laid out, we intend to stay in that 68%. Beyond that, there's a lot that can happen that we've got to reconcile, and it's too early, for us to say definitively what we might look like beyond our five-year plan. So, as we have always done, we will look to continue to deliver value for all of our stakeholders and minimize any kind of risk that we see in our plan and use the flexibility to deliver smooth and reliable results going forward.

在我們制定的五年計畫中，我們打算維持這68%的份額。除此之外，還有很多可能發生的情況需要我們協調，現在就明確預測五年計畫之後的計畫還為時過早。因此，我們將一如既往地致力於繼續為所有利害關係人創造價值，並將計劃中發現的任何風險降至最低，並利用靈活性，確保未來能夠平穩可靠地取得成果。

Great, thanks for taking my questions.

太好了，謝謝你回答我的問題。

Yeah, just add to that, I think Joy hit it head on as we roll up the new plan. I think we'll we'll provide new guidance, so we don't want to do this piecemeal, so this all of this comes together and continues to come together, we'll reevaluate where we're at.

是的，補充一下，我認為喬伊在我們制定新計劃時就抓住了機會。我想我們會提供新的指導，所以我們不想零敲碎打，所以當所有這一切都整合在一起，並持續整合時，我們會重新評估我們目前的狀況。

Thanks again, Jerry. Glad you stepped up there. We weren't sure if you were just already, on the golf course.

再次感謝你，傑瑞。很高興你來到這裡。我們不確定你剛才是不是已經去高爾夫球場了。

I'm here.

我在這裡。

Anthony.

安東尼。

Big.

大的。

Oh, we lost we lost you.

哦，我們輸了，我們失去了你。

He's keeping us on track, Anthony.

他讓我們保持正軌，安東尼。

Your next question comes from the line of Paul Freeman with Leydenburg.

您的下一個問題來自萊登堡的保羅·弗里曼。

Hey, thank you very much, and congratulations. I guess, first question, given that we're halfway through the year, can you give us, an idea as to whether you would expect, additional, data center announcement to be a 3rd quarter or a 4th quarter event?

嘿，非常感謝，恭喜你。我想，第一個問題，考慮到我們已經過了一半，您能否告訴我們，您預計額外的資料中心公告會在第三季還是第四季發布？

Morning, Paul. Our intention is to have a deal done by the end of the year, and we're really making nice progress near term, as I mentioned before, we have received feedback from the data center providers on, contractual language both in the ESA. And right now we're really focused on solidifying the storage contract so we understand that the build out that we'll have to do to support the lobe. So our intention is to have a really good indicator by the 3rd quarter and finalize, have a final deal in hand by the end of the year.

早安，保羅。我們的目標是在年底前達成協議，而且我們近期取得了不錯的進展。正如我之前提到的，我們已經收到了資料中心提供者關於ESA合約條款的回饋。目前，我們主要專注於鞏固存儲合同，以便我們了解需要進行的擴建工作，以支持波瓣。因此，我們的目標是在第三季之前獲得一個非常好的指標，並在年底前最終敲定協議。

And then in terms of corporate and other, you're showing sort of 56 million negative change in the quarter.

然後就企業和其他方面而言，本季顯示有 5,600 萬的負變化。

How much of that is the timing of tax that's expected to reverse, by the end of the year?

到今年年底，預計稅收時間將有多少逆轉？

Yeah, a lot of that is the timing of taxes. We're on track, that will all reverse. We're on track to meet our full year guides for that segment through the year.

是的，很大程度取決於納稅時機。我們目前正處於正軌上，一切都會逆轉。我們預計今年將實現該部門的全年目標。

Okay, so that's like $0.27 just by itself. Okay.

好的，所以它本身就值 0.27 美元。好的。

And then last question for me, when the Treasury guidelines come out later in August.

我的最後一個問題是，財政部指導方針將於 8 月下旬公佈。

What are you expecting with res with respect to, how they look at, Safe, the definition of safe harbor.

您對 res 有何期望？他們如何看待「安全」以及「安全港」的定義？

Yeah, so the way that we've been looking at this is, this, the begin construction of safe harbor language has existed in this form in the treasury guidance for for over a decade. And we've relied on that, for years. So in terms of what we anticipate, we don't necessarily anticipate there being in a reversal of those guidelines, but what we've done is insulated ourselves based on our understanding of what it means today, and we made our purchases and secured our safe harbor assets well in advance of the law being promulgated, so. We feel good about our position. We started in 2024 and right before the law passed, we were able to safe harbor additional renewable assets at that time.

是的，我們一直以來的看法是，安全港條款的建構以這種形式存在於財政部指南中已有十多年。多年來，我們一直依賴它。因此，就我們的預期而言，我們並不一定預期這些指南會被逆轉，但我們所做的是基於我們對它目前含義的理解來保護自己，並且在法律頒布之前就進行了購買並獲得了安全港資產。我們對自己的處境感到滿意。我們從2024年開始，就在法律通過之前，我們當時能夠為額外的可再生資產提供安全港。

And then, excuse me, one last one, when you rebase, if you remain within the 6 to 8, could any particular year be above sort of the 8% that you that you're currently at at the high end.

然後，對不起，最後一個問題，當您重新調整基準時，如果您保持在 6 到 8 之間，那麼任何特定年份的增長率是否會高於您目前所處的高端 8%。

I think like we said already, Paul, I think we'll roll that up in the fall or at EEI and we'll give you a better view and, what we'll plan to do at this point where everything is based off, the guidance, original 2024 guidance growth rate, in our current 5-year plan. So we we give you a lot more insight on that at theI or third quarter.

保羅，就像我們已經說過的，我們會在秋季或EEI會議上公佈，屆時我們會給你一個更清晰的視角，以及我們目前的計劃。一切都基於我們目前的五年計劃中原定的2024年增長率指引。所以，我們會在第一季或第三季給你更多關於這方面的資訊。

I appreciate it.

我很感激。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Ladies and gentlemen, there are no further questions. I will now turn the call back over to Jerry Marcia for closing remarks.

女士們，先生們，沒有其他問題了。現在我將把發言權交還給傑瑞·馬西婭，請他作最後發言。

Well, thank you everyone for joining us today.

好吧，感謝大家今天加入我們。

You can see that, DT is firing on all cylinders. I'm really proud of the accomplishments that the team has made so far this year, especially in the areas of, we've got this really high levels of employee engagement, as I mentioned, which is our secret sauce. The grid's operating extremely well, and all the investments, as Joy loves to say, is investments are working and they're making a fundamental difference. I also want to congratulate. Our power plant operators and leaders who really ran through a heat wave here flawlessly and at Fermi, our nuclear plant specifically, we've been recognized by the industry as one of the best in class plants from an operating excellence perspective. And of course our gas team is knocking out of the park and weathered nice colder than normal weather, and that's working well and financially we're going to hit our high end of guidance and we're building favorability, but we're going to use that. Extinguish backlogs and prepare ourselves for 2026 and beyond.

你可以看到，DT 正全速運轉。我為團隊今年迄今為止所取得的成就感到無比自豪，尤其是在某些方面，正如我之前提到的，我們擁有非常高的員工敬業度，這是我們的秘訣。電網運作良好，正如 Joy 常說的，所有的投資都在發揮作用，並且正在帶來根本性的改變。我也想祝賀我們的發電廠營運人員和領導們，他們完美地度過了酷暑，尤其是在費米核電站，從卓越運營的角度來看，我們已被業界公認為一流的核電站之一。當然，我們的天然氣團隊表現出色，經受住了比正常更冷的天氣考驗，而且進展順利。從財務角度來看，我們將達到預期的最高水平，我們正在建立良好的客戶關係，但我們會利用這些優勢，消除積壓訂單，為 2026 年及以後做好準備。

So I'll just close by saying it's been a true honor to serve you and Anna as DT CEO.

最後，我想說，能夠擔任 DT 執行長為您和安娜服務，我深感榮幸。

Joy is an exceptional leader who will continue to execute the DT strategic plans with excellence, and that's her specialty is operating excellence, and that's what we need. I look forward to staying connected with you in my role as executive Chairman over the next few years, and DT is in great hands with Joy.

Joy 是一位傑出的領導者，她將繼續出色地執行 DT 的策略計劃，而她的專長正是卓越運營，這正是我們所需要的。我期待在未來幾年以執行董事長的身份與您保持聯繫，DT 在 Joy 的帶領下將取得長足進步。

And she'll drive success for this company, so have a great morning, stay healthy and stay safe.

她將推動公司取得成功，祝您早晨愉快，身體健康，注意安全。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。現在可以斷開連線了。