密歇根天然氣 (DTE) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the DTE Energy second quarter 2026 earnings conference call.

您好，感謝您稍候。我叫 Lacey，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 DTE Energy 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

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

接下來我想把電話交給投資人關係總監 Matt Krupinski。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. 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，各位早安。在開始之前，我想提醒各位閱讀簡報第 2 頁的「安全港」聲明，其中包含對前瞻性陳述的說明。我們的簡報也提及營運盈餘（operating earnings），這是一項非 GAAP 財務衡量指標。請參閱附錄中所提供的 GAAP 盈餘與營運盈餘之調節表。

With us this morning are Joi Harris, President and CEO; and Dave Ruud, CFO.

今天早上與我們一同出席的有總裁暨執行長 Joi Harris，以及財務長 Dave Ruud。

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

現在我把時間交給 Joi，開始今天早上的電話會議。

Thanks, Matt, and good morning, everyone, and thank you for joining us. I'm happy to be with you today. As we move through the year, our team continues to execute at a high level, delivering strong results for our customers, communities and investors.

謝謝你，Matt。各位早安，也感謝各位加入我們。我很高興今天能與各位一同交流。隨著年度進程推進，我們的團隊持續以高水準執行，為客戶、社區與投資人交出強勁成果。

Our performance reflects a highly engaged organization with a clear focus on operational excellence and doing what's right for our customers. I'm extremely proud that our team was recognized by the Gallup organization for the 14th consecutive year with a Great Workplace Award, and our employee engagement ranks in the 94th percentile globally among thousands of organizations.

我們的表現反映出一個高度投入的組織，並清楚聚焦於卓越營運以及為客戶做正確的事。我非常自豪，我們的團隊連續第 14 年獲得 Gallup 機構頒發的「卓越職場獎」（Great Workplace Award），而我們的員工敬業度在全球數千家組織中名列第 94 百分位。

We are continuing to advance our customer-focused capital plan with targeted investments that are strengthening the grid and improving reliability.

我們持續推進以客戶為核心的資本計畫，透過具針對性的投資強化電網並提升可靠度。

Importantly, we remain disciplined in how we deploy capital, ensuring that these investments deliver the greatest benefit while maintaining affordability for our customers.

更重要的是，我們在資本配置上維持紀律，確保這些投資在維持客戶可負擔性的同時，帶來最大的效益。

I'm sure you are aware at the start of July, a severe fast-moving storm impacted nearly 400,000 customers. Despite extensive storm forecasting and preparedness efforts, weather models did not anticipate the storm severity and it developed rapidly with little advance warning, causing significant and widespread damage across the service territory, including more than 600 broken poles and substantial damage driven by trees. Outside of the utility maintained right of way.

我相信各位都知道，7 月初一場快速移動的強烈風暴影響了近 40 萬名客戶。儘管我們已進行廣泛的風暴預測與整備工作，但氣象模型未能預期風暴的嚴重程度；該風暴在幾乎沒有提前預警的情況下迅速形成，對整個服務區域造成重大且廣泛的損害，包括超過 600 根電線桿折斷，以及由樹木造成的嚴重破壞。這些樹木多位於公用事業維護的通行權範圍之外。

With storms impacting much of the Midwest, we brought in crews from as far as Oklahoma and Texas to support restoration efforts.

由於風暴影響了中西部多個地區，我們從遠至奧克拉荷馬州與德州調派人員支援復電工作。

And I'd like to take a moment to express my immense gratitude to those crews, the contractors and our employees across DTE, who stepped up and worked long hours away from their families over the holiday weekend. Given the storm's unexpected severity and widespread damage across the Midwest, our restoration times extended beyond what we would typically target. However, our crews adjusted quickly and executed our restoration plan to support customers as safely and as quickly as possible. Importantly, areas where we have completed substantial reliability investments perform significantly better, reinforcing the value of continued grid investments and operational excellence.

我也想花點時間，向這些工作人員、承包商，以及 DTE 全體員工表達我由衷的感謝；他們在假期週末挺身而出，長時間工作並遠離家人。鑑於此次風暴出乎意料的嚴重程度，以及對中西部造成的廣泛破壞，我們的復電時間比一般目標更長。然而，我們的團隊迅速調整並執行復電計畫，以在確保安全的前提下，盡可能快速地支援客戶。重要的是，我們已完成大量可靠度投資的區域表現明顯更佳，進一步印證持續電網投資與卓越營運的價值。

While our investments are delivering measurable results, we recognize there is more work to do. After every major storm, we review our performance to identify lessons learned and strengthen preparedness and restoration capabilities and customer communications to ensure we continue to build a stronger, more resilient grid for our customers.

雖然我們的投資已帶來可衡量的成果，但我們也明白仍有更多工作要做。每次重大風暴過後，我們都會檢視表現以找出經驗教訓，並強化整備與復電能力以及客戶溝通，確保我們持續為客戶打造更強韌、更具韌性的電網。

Turning to data center. Momentum remains strong as we continue to execute across our development pipeline. The 1.4-gigawatt Oracle data center remains on track, fully approved and under construction. As we highlighted last quarter, we executed an agreement with Google to serve a 1-gigawatt data center which provides upside to our current long-term plan. The contract has been submitted to the MPSC and is progressing through the approval process.

接著談資料中心。隨著我們持續推進開發管線各項工作，動能依然強勁。1.4 吉瓦的 Oracle 資料中心專案仍按計畫推進，已全數獲批並正在施工中。如同我們上季所強調的，我們已與 Google 簽署協議，為其 1 吉瓦資料中心供電，為我們目前的長期計畫帶來上行空間。該合約已提交密西根州公共服務委員會（MPSC），並正進入審核核准流程。

Beyond these two projects, our pipeline continues to advance with ongoing discussions that position us well for future growth. As these projects move forward, they will deliver meaningful affordability benefits for our existing customers, absorbing a significant portion of fixed system costs. Our regulatory strategy is focused on delivering value while providing clear visibility for customers. We have several filings underway or planned. In addition to the Google data center contract pending approval, we are advancing both electric and gas rate cases to support critical customer-focused investments.

除這兩個專案外，我們的管線仍持續推進，並透過進行中的討論，使我們在未來成長方面具備良好定位。隨著這些專案向前推進，它們將為現有客戶帶來顯著的可負擔性效益，吸收系統固定成本中的相當大一部分。我們的監管策略聚焦於在創造價值的同時，為客戶提供清晰的可見度。目前我們有多項申請案正在進行或規劃中。除了等待核准的 Google 資料中心合約外，我們也正推進電力與天然氣的費率案件，以支援關鍵的客戶導向投資。

We filed our distribution system plan in April, outlining our five-year road map to reliability and grid modernization. We also plan to file our next IRP later this quarter, which will provide a clear path to meet long-term generation and capacity needs. Our year-to-date earnings performance keeps us on track to reach the high end of our operating EPS guidance this year, and we are confident in our long-term operating EPS growth rate target of 6% to 8% through 2030.

我們已於 4 月提交配電系統計畫，概述我們未來五年的可靠度與電網現代化路線圖。我們也計畫在本季稍晚提交下一份 IRP（整合資源規劃），以提供滿足長期發電與容量需求的清晰路徑。我們今年迄今的獲利表現，使我們仍有望達成今年營運每股盈餘（operating EPS）指引區間的高端；同時，我們對 2030 年前營運 EPS 年複合成長率 6% 至 8% 的長期目標充滿信心。

We continue to see a clear path to achieving the high end of our guidance range each year, driven by R&D tax credits and the flexibility they provide. As we have mentioned, the Google data center project and other data center opportunities provide upside to this plan.

我們持續看到每年達成指引區間高端的清晰路徑，主要受研發（R&D）稅額抵減及其所提供的彈性所驅動。如同我們先前提到的，Google 資料中心專案以及其他資料中心機會，將為此計畫帶來上行空間。

Let me move to slide 5 to highlight our continued commitment to improve reliability for our customers. We remain highly committed to our efforts to improve reliability for our customers. As I mentioned, the July storm highlighted both the value of our reliability investments and the work that remains. During the event, we found that upgraded portions of the system proved more resilient, reinforcing the importance of continued investments and identifying opportunities to further strengthen our response. Let me move through how we are approaching reliability improvement across the system.

接著我到第 5 頁，說明我們持續致力於提升客戶供電可靠度。我們對提升客戶可靠度的努力仍高度投入。如我所提到，7 月的風暴同時凸顯了我們可靠度投資的價值，以及仍需完成的工作。在事件期間，我們發現已升級的系統區段展現更高韌性，進一步強化持續投資的重要性，也讓我們辨識出可進一步強化應變的機會。接下來我將說明我們如何在整個系統推動可靠度改善。

As you can see from this slide, our strategy is grounded in four core pillars: each focused on reducing outage frequency and duration as well as improving overall performance. First, on technology and innovation. We're continuing to expand automation across the system. In 2025, we installed over 700 automated devices, which was about 20% over plan, and we are planning to deploy more than 500 additional devices in 2026.

如各位在這張投影片所見，我們的策略建立在四大核心支柱之上：每一項都聚焦於降低停電頻率與停電時間，並提升整體表現。第一是技術與創新。我們持續擴大系統自動化的覆蓋。2025 年我們安裝了超過 700 個自動化裝置，較計畫高出約 20%；而我們計畫在 2026 年再部署超過 500 個裝置。

This work is foundational to fully automating the distribution system by the end of the decade. Second is infrastructure resilience and hardening. We're strengthening the physical system to make it more resilient to everyday wear and increasingly extreme weather. In 2025, we completed over 200 miles of targeted hardening work along with nearly 1,000 miles of pole-top maintenance. We're ramping up this effort with plans to reach roughly 1,700 miles of maintenance work in 2026.

這項工作是我們在本十年末前全面實現配電系統自動化的基礎。第二是基礎設施韌性與強化。我們正在強化實體系統，使其更能承受日常耗損以及日益極端的天候。2025 年，我們完成了超過 200 英里的重點強化工程，並進行近 1,000 英里的桿頂維護。我們正加速推進此項工作，計畫在 2026 年達到約 1,700 英里的維護里程。

Third is infrastructure redesign and modernization where we are upgrading legacy portions of the grid to improve overall system performance. In 2025, we converted over 70 miles of 4.8 kV circuits to higher voltage and rebuilt more than 20 miles of sub-transmission infrastructure. We expect 2026 to represent our highest level of conversion activity yet.

第三是基礎設施重新設計與現代化，我們正升級電網中較舊的區段，以提升整體系統表現。2025 年，我們將超過 70 英里的 4.8 kV 線路轉換為更高電壓，並重建超過 20 英里的次輸電（sub-transmission）基礎設施。我們預期 2026 年將創下我們迄今最高的轉換作業量。

The fourth focus is tree trimming. We've completed our surge effort and are now focused on sustaining that progress. We're also piloting enhancements to our approach, including expanded clearing practices and new program options to further reduce outage risk.

第四個重點是修剪樹木。我們已完成加速推進（surge）行動，現在聚焦於維持這些進展。我們也正在試行改善作法，包括擴大清理標準以及新的方案選項，以進一步降低停電風險。

Supporting all of these efforts, we plan to invest approximately $11 billion over the next five years, driving continued reliability improvements while maintaining a strong focus on customer affordability. Importantly, we're already seeing meaningful results from this strategy.

為支持所有這些工作，我們計劃在未來五年投資約110億美元，在持續提升可靠性的同時，仍然高度聚焦於客戶可負擔性。重要的是，我們已經從這項策略中看到具體且有意義的成果。

While the challenging circumstances of the July storm impacted our restoration time, we have seen significant improvement in recent years. From 2023 to 2025, our outage duration improved by 90%, and we achieved our best all-weather SAIDI performance in nearly two decades. Across the prior five storms preceding July, we restored an average of 97% of customers within 24 hours and nearly 100% within 48 hours.

雖然7月風暴的嚴峻情況影響了我們的復電時間，但我們近年來已看到顯著改善。從2023年至2025年，我們的停電持續時間改善了90%，並創下近二十年來最佳的全氣候SAIDI表現。在7月之前的五次風暴中，我們平均在24小時內為97%的客戶恢復供電，並在48小時內幾乎達到100%。

The progress we're seeing is the result of sustained targeted investment, combined with improved processes and strong execution by our team. As a result, we are experiencing fewer outages and faster restoration for customers on average which reinforces that when we invest, it works.

我們所看到的進展，來自於持續且有針對性的投資，並結合流程改善與團隊強而有力的執行。因此，我們平均而言正經歷更少的停電與更快的復電速度，這再次證明：只要我們投資，就會奏效。

I'll move to slide 6 to provide an update on data center development. We continue to execute on opportunities that support both customer affordability and long-term growth. We have 2.4 gigawatts of executed agreement supported by contracts that are designed to protect existing customers while driving significant growth. The 1.4-gigawatt Oracle agreement is approved and included in our plan and construction is underway. The 1 gigawatt Google agreement is also advancing through the MPSC approval process and represents upside to our current long-term plan.

我將切換到第6頁，更新資料中心開發進展。我們持續把握能同時支持客戶可負擔性與長期成長的機會。我們已簽署並執行2.4吉瓦的協議，且由旨在保護既有客戶、同時推動顯著成長的合約所支持。1.4吉瓦的Oracle協議已獲核准並納入我們的計畫，且工程正在進行中。1吉瓦的Google協議也正推進密西根公共服務委員會（MPSC）的核准流程，並代表我們目前長期計畫的上行空間。

These first two projects demonstrate our ability to successfully attract and serve large customers while structuring agreements in a way that protects existing customers. Importantly, these agreements are expected to provide meaningful affordability benefits for our existing customers and with a constructive outcome in the current rate case could support a potential rate case stay out until at least 2028.

前兩個專案展現了我們成功吸引並服務大型客戶的能力，同時也能以保護既有客戶的方式來設計協議架構。重要的是，這些協議預期將為既有客戶帶來實質的可負擔性效益；若本次費率案件獲得建設性結果，則可能支持至少到2028年之前不必再提出新的費率案件。

Beyond Oracle and Google, our pipeline remains strong and continues to advance. We currently see 5 to 6 gigawatts of additional opportunities, including roughly 2 gigawatts in advanced discussions with a target of reaching an additional agreement by the end of 2026. We also have another 3 to 4 gigawatts of pipeline opportunities that could develop over time.

除了Oracle與Google之外，我們的案源管線仍然強勁並持續推進。我們目前看到另外5至6吉瓦的機會，其中約2吉瓦正處於深入洽談階段，目標是在2026年底前再達成一項新增協議。我們也還有另外3至4吉瓦的管線機會，可能隨時間逐步發展。

The large load tariff we filed earlier this year is moving through the approval process, which is another important step in ensuring future large load growth is managed in a disciplined way. It includes appropriate protections for existing customers that are similar to those in the Oracle and Google contracts.

我們今年稍早提交的大型負載費率（large load tariff）正進入核准流程，這是確保未來大型負載成長能以嚴謹方式管理的另一項重要步驟。其中包含對既有客戶的適當保護，與Oracle及Google合約中的保護條款相似。

These opportunities provide a clear path for additional growth while reinforcing our focus on affordability, reliability and customer protection. As the pipeline advances, we see potential upside to our long-term operating EPS growth target and additional affordability benefits for our existing customers.

這些機會為額外成長提供清晰路徑，同時強化我們對可負擔性、可靠性與客戶保護的聚焦。隨著管線推進，我們看到長期營運EPS成長目標可能有上行空間，並可為既有客戶帶來更多可負擔性效益。

Let me move to slide 7 to describe the benefits that data centers provide and discuss our continued commitment to customer affordability. These data center projects bring large steady load onto the system. These very large load customers absorb a significant portion of the fixed costs, which creates meaningful affordability benefits for existing customers.

我接著切換到第7頁，說明資料中心帶來的效益，並討論我們對客戶可負擔性的持續承諾。這些資料中心專案為系統帶來大型且穩定的負載。這些超大型負載客戶承擔了相當大比例的固定成本，從而為既有客戶創造實質的可負擔性效益。

Once fully ramped, Oracle is expected to provide about $300 million of annual benefits for existing customers, while the Google data center is expected to generate roughly $1.7 billion of benefits over the life of the contract. These benefits strengthen our overall affordability position and build on our strong continuous improvement mindset we've developed across the company.

在完全爬坡後，Oracle預期每年可為既有客戶帶來約3億美元的效益；而Google資料中心預期在合約期間可帶來約17億美元的效益。這些效益強化我們整體的可負擔性定位，並建立在我們在全公司培養出的強大持續改善思維之上。

Continuous improvement remains an important part of how we operate every day. It supports our ability to deliver better reliability, improved efficiency and manage customer bills as we continue investing in the system.

持續改善仍是我們每日營運方式的重要一環。它支持我們在持續投資系統的同時，提供更佳的可靠性、提升效率，並管理客戶帳單。

We continue to execute our investment plan with discipline while staying highly focused on affordability for our customers. As the chart shows, our average annual bill increases over the past five years have remained well below both the national average and the Great Lakes region.

我們以嚴謹紀律執行投資計畫，同時持續高度聚焦於客戶可負擔性。如圖所示，過去五年我們平均年度帳單增幅一直遠低於全國平均以及五大湖地區。

Technology continues to be one of the most important tools we have to create customer value. We're using advanced analytics to drive efficiencies across the business, including lowering cost, improving maintenance planning and strengthening storm response. Delivering customer-focused efficiency through technology remains a priority and is helping us offset cost pressures while improving service for our customers. At the same time, our generation transition continues to support affordability. Moving from coal to natural gas and renewables is helping reduce O&M costs over time.

科技持續是我們創造客戶價值最重要的工具之一。我們運用先進分析推動全業務效率提升，包括降低成本、改善維護規劃並強化風暴應變。透過科技提供以客戶為中心的效率仍是優先事項，並正協助我們在改善客戶服務的同時抵銷成本壓力。同時，我們的發電轉型也持續支持可負擔性。從燃煤轉向天然氣與再生能源，有助於隨時間降低營運與維護（O&M）成本。

In addition, tax credits available under the inflation Reduction Act are helping make clean energy investments more affordable for customers while supporting our broader clean energy transition.

此外，《通膨削減法案》（Inflation Reduction Act）下可取得的稅收抵免，正協助讓潔淨能源投資對客戶更可負擔，同時支持我們更廣泛的潔淨能源轉型。

This focus and commitment to customer affordability continues to be reflected in our customer bills. The typical Michigan residential electric bill represents less than 2% of the median household income and our residential bills are 17% below the national average. We also continue to support our most vulnerable customers through expanded energy assistance, including millions of dollars of direct assistance and continued support of nonprofit organizations across Michigan.

我們對客戶可負擔性的聚焦與承諾，也持續反映在客戶帳單上。典型的密西根住宅用電帳單占家庭收入中位數不到2%，且我們的住宅帳單比全國平均低17%。我們也透過擴大能源補助持續支持最脆弱的客戶，包括數百萬美元的直接援助，以及持續支持密西根各地的非營利組織。

Overall, we remain well positioned to continue our track record of managing affordability while making the investments needed to improve reliability, support growth and serve our customers over the long term.

整體而言，我們仍具備良好條件，得以延續在管理可負擔性方面的既有紀錄，同時進行改善可靠性、支持成長並長期服務客戶所需的投資。

Let's turn to the next slide and walk through our regulatory strategy and the benefits we are delivering to our customers. Our electric rate case supports targeted investments in reliability and grid modernization while maintaining a strong focus on affordability. The filing is primarily driven by our distribution plan aligned with the 2024 audit and focused on reducing outage frequency by 30% and cutting duration in half by 2029. We're requesting nearly $800 million of capital to be included in the IRM by 2030, supporting our most consistent infrastructure spend and reducing the need for more frequent rate cases.

接著看下一頁，說明我們的監管策略以及我們為客戶帶來的效益。我們的電力費率案件支持在維持高度聚焦可負擔性的同時，對可靠性與電網現代化進行有針對性的投資。本次申報主要由我們的配電計畫所驅動，該計畫與2024年稽核一致，並聚焦於到2029年將停電頻率降低30%、將停電持續時間減半。我們申請將到2030年近8億美元的資本納入IRM，支持我們最一致的基礎設施支出，並降低更頻繁提出費率案件的需求。

As I said earlier, our data center agreements are structured to enhance affordability and protect customers. As these projects ramp, they create an opportunity to extend timing before filing our next rate case while continuing to invest in reliability.

如我先前所說，我們的資料中心協議採用可提升可負擔性並保護客戶的架構設計。隨著這些專案逐步爬坡，它們創造了延後提出下一次費率案件的機會，同時仍能持續投資於可靠性。

Should the Oracle load ramp faster than we have included in the electric rate case, we have proposed the regulatory mechanism to capture any excess margin and flow that benefit back to customers. Provided this regulatory mechanism is approved as filed. We would not expect to file another electric rate case until at least 2028.

若Oracle負載爬坡速度快於我們在電力費率案件中所納入的假設，我們已提出監管機制，以捕捉任何超額利潤並將該效益回饋給客戶。前提是該監管機制能依申報內容獲得核准。我們預期至少到2028年才會再提出另一件電力費率案件。

Looking ahead, our IRP is expected to be filed in the third quarter this year. It will provide clear visibility into how we plan to serve growing demand, including data centers in a transparent and cost-effective manner. Altogether, we are managing a disciplined approach to growth, combining regulatory strategy, structured large load agreements and long-term planning to deliver reliability, affordability and visibility for our customers.

展望未來，我們的IRP預計於今年第三季提交。它將清楚揭示我們計畫如何以透明且具成本效益的方式服務成長中的需求，包括資料中心。總體而言，我們以嚴謹的成長管理方式，結合監管策略、結構化的大型負載協議與長期規劃，為客戶提供可靠性、可負擔性與可見度。

So to wrap up, we continue to execute on our plan, making critical infrastructure investments, staying focused on affordability for our customers delivering high-quality service to the communities we serve and driving continued strong financial performance for our investors.

最後總結，我們持續執行既定計畫，進行關鍵基礎設施投資，保持對客戶可負擔性的聚焦，為我們服務的社區提供高品質服務，並為投資人帶來持續強勁的財務表現。

With that, I'll hand it over to Dave. Dave, over to you.

接下來，我把時間交給Dave。Dave，交給你。

Thanks, Joy. Good morning, everyone. Let me start on slide 9 to review our second quarter financial results. Operating earnings for the quarter were $274 million. This translates into $1.32 per share.

謝謝你，Joy。各位早安。我先從第9頁開始，回顧我們第二季的財務結果。本季營運盈餘為2.74億美元。換算為每股1.32美元。

You'll find a detailed breakdown of EPS 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. DTE Electric earnings were $270 million for the quarter.

您將在附錄中看到按部門劃分的每股盈餘（EPS）詳細拆解，包括與依 GAAP 報告之盈餘的調節。我將從頁面頂端的公用事業業務開始回顧。DTE Electric 本季盈餘為 2.70 億美元。

Earnings were $48 million lower than the second quarter of 2025. The main drivers of the variance were timing of taxes, higher rate base costs and colder weather partially offset by rate implementations. On the timing of taxes, we experienced a large positive timing variance of $62 million in the second quarter of last year due to the timing of when a renewables project was placed in service. This positive timing variance in Q2 2025 was an offset to a negative tax timing variance in the first quarter of 2025.

盈餘較 2025 年第二季低 4,800 萬美元。差異的主要驅動因素為稅負時點、較高的費率基礎成本以及較冷的天氣，部分被費率調整的實施所抵銷。就稅負時點而言，由於再生能源專案投入使用時點的影響，我們在去年第二季出現 6,200 萬美元的大幅正向時點差異。2025 年第二季的這項正向時點差異，用以抵銷 2025 年第一季的負向稅負時點差異。

Starting in 2026, the impact of investment tax credits on renewal projects at DTE Electric will be recognized evenly during the year, reducing quarterly volatility, making the underlying earnings trends easier to see going forward.

自 2026 年起，DTE Electric 再生專案之投資稅額抵免（ITC）影響將在全年平均認列，以降低季度波動，並使未來更容易看出基礎盈餘趨勢。

Moving on to DTE Gas. Operating earnings were $10 million lower than the second quarter of 2025. The earnings variance was driven by higher rate base and O&M costs and warmer weather partially offset by IRM revenue. Let's move to DTE Vantage on the third row. Operating earnings were $45 million for the second quarter of 2026.

接著看 DTE Gas。營運盈餘較 2025 年第二季低 1,000 萬美元。盈餘差異主要由較高的費率基礎與營運及維護（O&M）成本，以及較暖的天氣所致，部分被 IRM 收入所抵銷。我們再看第三列的 DTE Vantage。2026 年第二季營運盈餘為 4,500 萬美元。

This is a $14 million increase from 2025, driven by higher earnings in both the Custom Energy Solutions and RNG platforms. On the next row, you can see energy trading earnings were $41 million in the second quarter of 2026. This is $17 million higher than the second quarter of 2025, primarily driven by timing in the power portfolio, including a partial reversal of the timing experienced in the first quarter of this year. We remain highly confident in achieving the high end of the full year guidance range at Energy Trading.

較 2025 年增加 1,400 萬美元，主要由客製化能源解決方案（Custom Energy Solutions）與 RNG 平台的盈餘提升所帶動。下一列可見，2026 年第二季能源交易盈餘為 4,100 萬美元。較 2025 年第二季高 1,700 萬美元，主要由電力投資組合的時點因素所驅動，包括今年第一季所出現時點影響的部分回轉。我們對能源交易業務達成全年指引區間上緣仍高度有信心。

Finally, Corporate and Other was favorable $80 million relative to the second quarter of 2025, primarily due to the timing of taxes, which will reverse by end of the year, partially offset by higher interest expense. Overall, DTE earned $1.32 per share in the second quarter of 2026, which positions us well to achieve the high end of our guidance range in 2026.

最後，企業與其他（Corporate and Other）相較 2025 年第二季有利 8,000 萬美元，主要因稅負時點因素（將於年底前回轉），部分被較高的利息費用所抵銷。整體而言，DTE 於 2026 年第二季每股盈餘為 1.32 美元，使我們具備良好條件在 2026 年達成指引區間上緣。

Let me move to slide 10 to discuss our balance sheet and equity issuance plan. We continue to focus on maintaining solid balance sheet metrics. To support the significant increase to our capital investment plan that we need to execute for our customers, we are still targeting annual equity issuances of $500 million to $600 million in 2026 through 2028 with similar levels expected through 2030. We will continue to maximize the use of internal mechanisms, planning to issue up to $100 million internally.

我接著到第 10 張投影片，討論我們的資產負債表與股權發行計畫。我們持續專注於維持穩健的資產負債表指標。為支援我們必須為客戶執行之資本投資計畫的大幅增加，我們仍以 2026 至 2028 年每年發行 5 億至 6 億美元股權為目標，且預期至 2030 年也將維持相近水準。我們將持續最大化內部機制的運用，規劃透過內部方式發行最多 1 億美元。

For our remaining equity issuances, we are utilizing our equity ATM program to efficiently execute our funding plan. After pricing about $350 million of equity through forward sale agreements in the first quarter, we priced an additional $150 million in the second quarter, effectively fulfilling our equity needs for the year. The new shares won't be issued until we settle the forward sales, which is planned for the fourth quarter.

至於其餘的股權發行，我們運用股權 ATM 計畫以有效率地執行資金籌措計畫。在第一季透過遠期出售協議定價約 3.5 億美元股權後，我們在第二季再定價 1.5 億美元，實質上已滿足本年度的股權需求。新股將在我們結算遠期出售時才會發行，預計於第四季進行。

Our five-year plan fully incorporates the equity needs and continues to deliver 6% to 8% operating EPS growth and positions us to be at the high end of our guidance range here through 2030. Importantly, we remain focused on maintaining our strong investment-grade credit rating and solid balance sheet metrics as we target an FFO to debt ratio of approximately 15%.

我們的五年計畫已完整納入股權需求，並持續帶來 6% 至 8% 的營運 EPS 成長，且使我們在 2030 年前都能位於指引區間上緣。重要的是，在我們以約 15% 的 FFO 對負債比率為目標之際，我們仍專注於維持強勁的投資等級信用評等與穩健的資產負債表指標。

Let me wrap up on slide 11, then we'll open the line for questions. DTE continues to deliver strong, consistent results for all stakeholders. Our 2026 guidance range reflects 6% to 8% operating EPS growth of the 2025 guidance midpoint. We are on track to reach the high end of our operating EPS guidance this year. Our five-year plan supports high-quality 6% to 8% long-term operating EPS growth driven by customer-focused utility investment with utility earnings comprising 93% of total earnings by 2030.

我在第 11 張投影片做個總結，接著我們將開放提問。DTE 持續為所有利害關係人交出強勁且一致的成果。我們 2026 年指引區間反映相較 2025 年指引中點的 6% 至 8% 營運 EPS 成長。我們正按計畫在今年達成營運 EPS 指引的上緣。我們的五年計畫支持高品質的 6% 至 8% 長期營運 EPS 成長，成長動能來自以客戶為核心的公用事業投資，且至 2030 年公用事業盈餘將占總盈餘的 93%。

We are positioned to reach the high end of our guidance range each year, supported by R&D tax credits and the flexibility they provide. The Google contract, along with additional data center opportunities represent further upside to the plan, which will be incorporated following MPSC approval expected in September of this year.

在研發（R&D）稅額抵免及其所提供的彈性支持下，我們具備每年達成指引區間上緣的條件。Google 合約以及其他資料中心機會，代表計畫的進一步上行空間；在預期今年 9 月取得 MPSC 核准後，將把這些納入計畫。

Overall, we are well positioned to execute on our plan, enhancing reliability and building a stronger distribution system to reduce outage frequency and duration for our customers. We are doing so with a disciplined focus on affordability supported by multiple levers to manage customer rates, including the significant benefits driven by data center growth. We remain on track to deliver premium total shareholder returns supported by a strong balance sheet and disciplined execution of our capital investment plan.

整體而言，我們已做好執行計畫的準備，提升可靠度並建構更強韌的配電系統，以降低客戶停電的頻率與持續時間。我們也以嚴謹的可負擔性為核心，透過多項槓桿管理客戶費率，其中包括資料中心成長所帶來的顯著效益。在強健的資產負債表與對資本投資計畫的紀律執行支持下，我們仍按計畫提供優異的股東總報酬。

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

以上，感謝各位今天與會，現在我們可以開放提問。

(Operator Instructions) Shar Pourreza, Wells Fargo.

(接線員指示) Shar Pourreza，富國銀行。

Joi, I know obviously, you guys affirmed -- reaffirmed targeting an additional agreement by '26 by the end with 2 gigs in sort of advanced discussions. I guess, first, is that two customers and hyperscalers? And where does that deal stand today in terms of what's really left to accomplish? Is it commercial agreements or just zoning and permitting, et cetera.

Joi，我知道你們顯然已確認——再次確認目標是在 26 年底前再達成一項額外協議，且有 2GW 正在較深入的討論中。我想先問，這 2 個是兩位客戶且都是超大規模雲端業者（hyperscalers）嗎？以及就目前而言，這筆交易進展到哪一步、還剩下哪些關鍵事項需要完成？是商業協議，還是只是分區（zoning）與許可（permitting）等事項？

Yes. Thanks for the question, Shar. And yes, we still continue to manage a pretty healthy pipeline, and we've got the 2 gigawatts. There are several customers in that mix. We have a combination of hyperscalers and co-locators in the mix.

是的。謝謝你的問題，Shar。是的，我們仍持續管理相當健康的案源管線，目前有 2GW。其中包含數位客戶。組合中同時有超大規模雲端業者（hyperscalers）與共置業者（co-locators）。

And as I've mentioned before, the way you advance in the pipeline is you have a solid land positions you either have to have zoning or a path to zoning, and we have a combination of hyperscalers and colocators that have a path to zoning or a have a zoning in place.

如我先前提過，推進管線的方式是要有穩固的土地布局：你必須已取得分區（zoning），或至少有取得分區的路徑；而我們的組合中，同時有已具備取得分區路徑或已完成分區的超大規模雲端業者與共置業者。

Where we are right now is the commercial discussions are continuing. We are completing additional modeling with those customers to understand the load ramp. And we -- they are also working on site plan approval and in some instances, working on zoning. So I'd say that things are moving in the right direction, and we feel confident in our ability to secure another agreement by the end of the year.

就我們目前的狀況而言，商業討論仍在持續。我們正與這些客戶完成更多模型分析，以了解負載爬坡（load ramp）。同時他們也在進行基地計畫（site plan）核准，並在某些情況下處理分區事宜。因此我會說，事情正朝正確方向推進，我們也有信心在年底前再取得一項協議。

Got it. And that, obviously, you've been pretty open about that gets you above the 8%. I guess, how should we be thinking about the timing of a guidance update and how you're thinking about messaging around that guide is sort of that plus the way to go, so 8 plus or a step change in the range with the understanding that this is this is obviously an election year, it's a bit of a sensitive year.

了解。而且你們也一直很坦率地表示，那會讓你們超過 8%。我想問，我們應該如何看待更新指引的時點，以及你們打算如何對外溝通該指引——是以「8% 以上」的方式，或是把區間做一個階梯式上調？同時也理解今年是選舉年，算是比較敏感的一年。

Yes. So we have always said that 3 gigawatts gets us plus let's call it. So that will get us above 8. We have now have 1 gigawatt in place with Google, and that gets us solidly to 8. The way we think about giving guidance is really not getting ahead of the regulatory process.

是的。我們一直都說，3GW 會讓我們進入「加號」區間（姑且這麼說）。也就是會讓我們高於 8%。目前我們已與 Google 落實 1GW，這讓我們穩穩達到 8%。我們對於提供指引的思考方式，是不會超前於監管流程。

We let that play out. And then we would update our plans accordingly in either Q3 or at EEI. And then should we secure another contract before the end of the year, we would likely refresh our plan with the fourth quarter call at that point. So that's kind of how we're thinking about it. Once we have a clear line of sight, and we understand we're going to get the approval of the contract, that's when we would update our guidance.

我們會讓事情按部就班地發展。接著我們會在第三季或在 EEI 時相應更新我們的計畫。然後如果我們在年底前再拿下一份合約，我們很可能會在那時的第四季電話會議中更新我們的計畫。所以我們大致是這樣思考的。一旦我們有清楚的能見度，並且了解我們將會取得合約核准，那就是我們會更新我們指引的時點。

I guess, Joi, the question was, are you more open ended in how you want to guide? So plus after the like, let's just say, 8% and leave it open for interpretation on the top end? Or would you see a step change in the range?

我想，Joi，問題是，你們在指引方式上是否更偏向開放式？也就是說，例如先給個像 8% 以上，然後讓上緣留給市場自行解讀？或者你們會在區間上看到一個階梯式的變化？

No, we would leave it at the plus, Shar. As we've discussed previously, we're not changing our position on that.

不，我們會維持用「以上」的表述，Shar。如同我們先前討論過的，我們不會改變在這方面的立場。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Thank you for the time today. Turning to the regulatory efforts, I realize still a few weeks to go before staff and intervener testimony to the electric rate case. But given all the extension on data centers and the potential benefits from there you're proposing in the electric stay out. How are you thinking about positions there? Any expectations into what may come out in testimony and I guess how are you thinking about sort of the balance of the case thereafter.

謝謝今天撥冗。談到監管方面的工作，我知道距離電價案件中員工與介入方提出證詞還有幾週。但考量到你們在資料中心方面的各項延伸，以及你們在電力「stay-out」中提出的潛在效益。你們如何思考在那裡的立場？對於證詞可能會出現什麼內容有任何預期嗎？以及你們如何看待之後案件的整體平衡？

Yes. testimony in the electric rate case, we'll start to see it next month. As we had proposed and previewed our case with interveners and staff the stay-out mechanism was viewed very positively. Obviously, they had to review the case in its totality. But certainly, any efforts on our part to keep rates flat is something that is of interest, and we look forward to hearing how that's being received in formal testimony.

是的。電價案件的證詞，我們下個月就會開始看到。如同我們所提案並在與介入方及員工預先溝通時所提到的，stay-out 機制獲得非常正面的看法。當然，他們必須就整體案件進行全面審視。但毫無疑問，我們任何讓費率維持平穩的努力都是他們關注的重點，我們也期待在正式證詞中聽到這些作法的接受度如何。

The data centers themselves, we've said all along that data center load broke on right puts downward pressure on rates, and this is just another proof point. And so we see that, that is, again, something that was viewed very favorably prefiling and we anticipate that the staff and intervenors will examine the uncertainties related to Oracle and then the mechanism that we've established in the case as a way for us to deal with those uncertainties and flow back the benefits to customers over time. So looking forward to seeing that testimony is due on August. I believe it's August 3 or 4, and that will give us a clear indication as to what we need to rebut or any additional information we need to provide.

至於資料中心本身，我們一直以來都說，資料中心負載成長會對費率形成下行壓力，而這只是另一個佐證。因此我們認為，這同樣是在預先送件前就被非常正面看待的事項；我們也預期員工與介入方會檢視與 Oracle 相關的不確定性，以及我們在案件中建立的機制如何用來處理這些不確定性，並隨時間把效益回饋給客戶。所以我們期待看到那份證詞，預計在 8 月到期。我記得是 8 月 3 日或 4 日，屆時將能清楚指示我們需要反駁哪些點，或需要補充提供哪些資訊。

Understood. That's very helpful. And then particularly with the regulatory front, the IRP filing coming later this quarter. How might we see the load scenarios play out in there relative to the 2 gigawatts in advanced discussions and then 3 to 4 gigawatts of additional pipeline opportunities that you've speaking to before and have outlined on slide 6.

了解。這非常有幫助。另外在監管面，IRP 申報將在本季稍晚提出。相較於你們提到的 2 吉瓦（GW）仍在深入洽談中的負載情境，以及你們先前談到並在第 6 張投影片列出的 3 到 4 吉瓦額外管線機會，這些在 IRP 裡會如何呈現？

I guess I'm curious on that and then also versus the third data center customer I talked about earlier do you see that highest scenario incorporating all of that? Or any other color you can offer before that?

我也想了解這點；另外，相較於我先前提到的第三位資料中心客戶，你們的最高情境是否會把這些都納入？在那之前你們還能提供任何補充說明嗎？

Sure. Yes. We do anticipate we are going to file our IRP in Q3 of this year. And in terms of how we're managing the data centers in the IRP, the base case will be the two contracts that we have already signed, and then the high end will take into account our full pipeline, and then we'll have something in between. And so that's how we're looking at shaping the data center load in the IRP.

當然。是的。我們確實預期會在今年第三季提交 IRP。至於我們在 IRP 中如何納入資料中心：基準情境會以我們已簽署的兩份合約為主；高端情境會把我們完整的管線機會納入；中間則會有一個介於兩者之間的情境。因此，我們就是以這樣的方式在 IRP 中塑造資料中心負載的情境。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，JPMorgan。

This is Diana Niles on the call for Jeremy. As it relates -- as it relates to the data center pipeline and future opportunities. Could you speak a bit to sort of conversations on the ground and conversations with local and stakeholders as it pertains to economic development.

我是 Diana Niles，代 Jeremy 參與這通電話會議。關於——關於資料中心管線與未來機會。你能否談談第一線的對話情況，以及與地方與利害關係人就經濟發展議題的溝通？

Yes. Well, obviously, in the data centers that we have signed up are sizable, huge economic development opportunities for the state. In fact, the Oracle deal is the largest in the state's history. And Google is not far behind. We see this as a great opportunity for job growth.

可以。很明顯，我們已簽下的資料中心規模可觀，對州而言是巨大的經濟發展機會。事實上，Oracle 的交易是該州史上最大的一筆。Google 也緊追在後。我們認為這是帶動就業成長的絕佳機會。

These are hundreds of construction jobs. In addition, the tax base benefits that local communities can stand to realize with these types of customers in their jurisdictions. $20 million-plus worth of additional tax benefits for the city of Saline and essentially Van Buren is doubling its tax base with the Google facility in its jurisdiction.

這將帶來數百個營建工作機會。此外，地方社區也能從這類客戶落地其轄區中獲得稅基效益。對 Saline 市而言，額外的稅收效益超過 2,000 萬美元；而 Van Buren 基本上會因 Google 設施落地其轄區而使稅基翻倍。

The other indicators that we're getting is this just the solid community benefits that are coming by way of these agreements. And so both Van Buren and Saline have signed on to their community benefits packages and so that all flows to the community to address things that are important to them.

我們看到的其他指標是，透過這些協議所帶來的扎實社區效益。因此，Van Buren 與 Saline 都已簽署其社區效益方案，相關效益將回流到社區，用於處理他們重視的事項。

We also see that as hyperscalers and colocators land in a particular community. They continue to expand. So you also see a build-out of adjacent industries, think of HVAC companies having more demand, electricians, other kind of supporting industries that will grow as a result of these data centers being in our backyard.

我們也看到，當超大規模雲端業者（hyperscalers）與共置業者（colocators）落地某個社區後，往往會持續擴張。因此你也會看到周邊產業的擴建；例如 HVAC 公司需求增加、電工，以及其他支援型產業，會因這些資料中心就在我們附近而成長。

So this is a great economic story for Michigan with the potential to be even bigger once we sign additional agreements.

因此，這對密西根州而言是一個很棒的經濟故事；而一旦我們再簽下更多協議，規模還有機會更大。

Got it. And then looking to the Vantage data center opportunity. Could you provide the latest on progress and expectations there and any timeline considerations we should keep in mind?

了解。接著看 Vantage 資料中心的機會。你能否提供最新的進展與預期，以及我們需要留意的任何時程考量？

Sure. The development agreement that we have in place with a large data center developer in a state outside of Michigan continues to progress. Again, this is behind the meter design. And it's hundreds of megawatts. So don't think of it as a gigawatt facility.

當然。我們與一家位於密西根州以外、規模很大的資料中心開發商所簽訂的開發協議，仍在持續推進。再次強調，這是表後（behind the meter）設計。規模是數百兆瓦（MW）。所以不要把它想成是一座 1 吉瓦的設施。

This is hundreds of megawatts. We are continuing to advance those discussions. As I mentioned previously, the counterparty has run into some permitting challenges on the ground that they're continuing to work. They also have other locations that we are in conversations with them. The equipment is already on order.

這是數百兆瓦的規模。我們持續推進這些討論。如我先前提到，交易對手在當地遇到一些許可（permitting）方面的挑戰，仍在持續處理中。他們也有其他地點，我們也正與他們就那些地點進行洽談。設備已經下單。

So suffice it to say, it's going in one location or the other, but we feel really good about our relationship and the progress that we've made commercially, and we look forward to executing this progress -- project, sorry, once the permitting issue is resolved or that we have a firm and solid pathway to another location. But suffice it to say, it's still moving in a positive direction.

因此可以說，設備會落在某個地點；我們對彼此的關係以及商務層面已取得的進展感到非常有信心，也期待一旦許可問題解決，或我們對另一個地點有明確且可行的路徑後，就能推動並執行這個專案——抱歉，是這個專案。但總之，它仍在朝正向方向推進。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Joi and team, nicely done again. What a great update here. Just a follow-up on the Vantage focus here real quickly, if I can. Just with respect to Oracle. I mean, obviously, there's been more focus on the credit here of late in some of the peer states.

Joi 與團隊，再次做得很棒。這次更新非常精彩。如果可以的話，我想很快追問一下關於 Vantage 的重點。就 Oracle 而言。我的意思是，很明顯，最近在一些同業州份，市場對其信用狀況的關注度更高了。

Can you talk about just the postings waterfall, if you will, just credit protection, just both in terms of any potential updates there? And just actually, just what are the postings as you think about any changes here particularly of late. Just obviously, you're probably cognizant of some of the other changes in the other states.

你能否談談所謂的擔保品提存（postings）瀑布式安排（waterfall），也就是僅就信用保障（credit protection）而言，或就兩者而言，是否有任何可能的更新？另外，實際上，從你對近期任何變動的觀察來看，這些提存安排是怎麼運作的？顯然，你可能也注意到其他州的一些變化。

Yes. Thanks, Julien. This is Dave. As you said, one of the rating agencies, which is S&P downgraded Oracle's credit, still within the investment grade level. And I'll start by saying we don't expect it to have any impact on the completion or timing of the Oracle project, which is already in construction.

是的。謝謝，Julien。我是 Dave。如你所說，其中一家信評機構，也就是標普（S&P），下調了 Oracle 的信用評等，但仍在投資等級範圍內。我先說明，我們不預期這會對 Oracle 專案（目前已在施工中）的完工或時程造成任何影響。

But as you're referring, we did have, as precaution, our contract has protections we'll have additional collateral requirements at various downgrade triggers that continues to provide the ultimate protection for our customers and for us. We haven't disclosed the specifics of the agreement at their request, but we remain confident that the protections are there regardless of how this plays out.

不過如你所指，我們確實採取了預防措施；我們的合約內含保障條款，在不同的降評觸發點（downgrade triggers）會要求提供額外擔保品，持續為我們的客戶以及我們提供最終保障。依對方要求，我們未揭露協議細節，但無論後續如何發展，我們仍有信心相關保障都已到位。

Got it. So actually, you did get more postings. The quantum is not necessarily disclosed here. and more to the point you would prospectively if there's any further changes.

了解。所以實際上，你們確實取得了更多的提存擔保品。金額在此不一定會揭露；更重要的是，若後續還有任何變化，你們會前瞻性地再做調整。

Right. Prospectively, we would for further changes, yes. We have good protections in there that give us the full protection from stranded asset risk for us and for our customers.

對。前瞻性來看，如果有進一步變化，我們會的。我們在合約中設有良好的保障，能讓我們與客戶都獲得完整保護，避免資產擱淺（stranded asset）風險。

Awesome. And just to clarify earlier, I know there was some back and forth. I mean you're very confident about the 2 gigawatts in advanced negotiations here. Is that a further -- I mean, speaking of counterparties, a new hyperscale? Or is that an expansion of an existing arrangement here?

太好了。另外釐清一下先前的內容，我知道剛才有一些來回討論。你們對於目前處於深度談判階段的 2GW 非常有信心。這是否代表——就交易對手而言——是一家新的超大規模客戶（hyperscale）？還是既有合作安排的擴充？

And just to nitpick a little bit here about what you're looking at within those two?

另外我再稍微挑剔一下，你在那 2GW 裡面具體在看的是哪些？

There's combinations, Julien, listen, suffice it to say, we are continuing discussions with Oracle and Google, and that's always been our plan. hyperscalers and colocators that are in that 2 gigawatts are continuing to make advancements on the ground. So think of it as to new customers. But again, should Google and Oracle come to us with an expansion that they want to pursue, we would entertain that as well.

有多種組合，Julien。簡單說，我們持續與 Oracle 和 Google 討論，這一直都是我們的計畫。那 2GW 內的超大規模客戶與機房業者（colocators）也持續在地面端推進進展。所以你可以把它視為是新客戶。但同樣地，如果 Google 和 Oracle 來找我們，希望推動擴充，我們也會考慮。

Right. So different permutations, but principally two new customers contemplated in that 2 gigawatt upside, just to make the point.

了解。所以有不同的排列組合，但重點是，在那 2GW 的上行空間中，主要是規劃兩個新客戶——只是為了確認這個重點。

I wouldn't say two. I'd say it's multiple customers in that 2 gigawatts.

我不會說是兩個。我會說那 2GW 會是多個客戶。

Even better, even better. All right. I appreciate that. And lastly, any comments about legislative reforms or balanced efforts here if you care?

更好、更好。好。感謝你的說明。最後，如果你願意的話，對於立法改革或相關平衡性努力，有沒有任何評論？

Yes. Given where we are divided government and an election underway, it's not likely that there will be any legislative changes in this calendar year. We are using the time to ensure that we're educating all the candidates on our performance, where we stand in terms of build growth the data centers and what that does to affordability in a positive way and our work to improve reliability and the progress we've made and the work that is left to do.

有的。考量目前是分裂政府（divided government）且選舉正在進行，今年曆年內不太可能出現任何立法變更。我們正利用這段時間，確保向所有候選人說明我們的績效、我們在資料中心建置成長方面的立場，以及這如何以正面方式提升可負擔性（affordability），並說明我們提升可靠度（reliability）的工作、已取得的進展，以及仍需完成的工作。

Michael Lonegan, Barclays.

Michael Lonegan，巴克萊（Barclays）。

So beyond the 2 gigawatts of data centers in late-stage negotiations, you spoke again to the 3 to 4 gigawatts in earlier stage negotiations. Just wondering if you could share progress on those and how they've advanced and do they have potential to add incremental investment within the five-year plan?

除了處於後期談判階段的 2GW 資料中心之外，你也再次提到較早期談判階段的 3 到 4GW。想請問你能否分享這部分的進展、它們如何推進，以及它們是否可能在五年計畫中帶來額外的增量投資？

The 3 to 4 behind it are typically a combination of co-locators, some large, some small. And the gating item for those entities is they have to have a customer. And so many of them are working to secure a customer, typically, it would be a hyperscaler. They're also working to secure zoning and essentially is site plan. And so as they advance, they secure the customer and they secure zoning and site plans, they advance in our pipeline.

後面那 3 到 4GW 通常是機房業者（co-locators）的組合，有些規模大、有些規模小。而這些業者的關鍵門檻（gating item）是：他們必須先有客戶。因此很多都在努力取得客戶，通常會是超大規模客戶（hyperscaler）。他們也在爭取分區（zoning）核准，基本上就是場址規劃（site plan）。所以當他們取得客戶、取得分區與場址規劃核准後，就會在我們的管線中往前推進。

And we are in the process of really just understanding their initial shape of the load based on their projections for the type of facility that they want to build and its location. And so that's where we sit with many of those entities.

而我們目前也在進一步了解他們初步的用電負載輪廓（load shape），這是基於他們對想建置的設施類型與位置所做的預估。因此，對於其中許多業者，我們目前大致就是處在這個階段。

That's helpful. And then just wondering if you could talk about the opportunity to further expand the electric rate case beyond '28 like in terms of what you would need to see maybe like an IRM increase and expansion, Google ramp-up, another data center. One of these are a combination. Anything you could share there would be helpful.

這很有幫助。另外想請問，你能否談談把電價費率案（electric rate case）的機會進一步延伸到 2028 年之後？例如你需要看到什麼條件——像是 IRM 的提高與擴大、Google 的爬坡（ramp-up）、另一個資料中心，或是上述的組合。其中任何一項或組合都可以。你能分享的任何資訊都會很有幫助。

Certainly. We said that an expansion of the IRM, if you get to close to $1 billion, that gives you another six months. And then any incremental load on top of the Oracle load can add further distance between the next filing. And so this will all play out once the contract with Google is approved. And this, of course, we understand the staff and also the commission's position along with intervenors position on the IRM growth we proposed.

當然。我們說過，如果 IRM 的擴大接近 10 億美元，就能再延後六個月。此外，在 Oracle 負載之上任何新增負載，都能進一步拉開下一次申報（filing）之間的時間距離。因此，這一切會在與 Google 的合約獲得核准後逐步明朗。當然，我們也理解工作人員（staff）、委員會（commission）以及介入方（intervenors）對於我們所提議 IRM 成長的立場。

Andrew Weisel, Scotiabank.

Andrew Weisel，加拿大豐業銀行（Scotiabank）。

Just a couple of follow-ups, actually. First, following up on the question about Oracle and collateral postings. Appreciate the detail on the contract. I guess the question is, looking forward, based on how quickly things went south for that counterparty, are you making any changes to your counterparty approach around protections going forward? Or do you feel confident that you've been fully protected?

其實有幾個追問。首先，延續剛才關於 Oracle 與擔保品提存的問題。感謝你對合約細節的說明。我想問的是，往前看，鑑於該交易對手情況惡化得很快，你們是否會在未來對交易對手的保障安排（protections）做任何調整？還是你們認為自己已經獲得充分保護？

The way we've structured these contracts and even in the large load tariff that is going through approval, we feel like we have the right protections that we need to protect both our customers and us, if anything that could happen on the downside. So it has some provisions in there like contracted load ramp with minimum monthly charges of 80% of the minimum billing demand. And that would be for a 10-year period or longer in some of these instances that make sure that we pay back all of the invested capital to make sure there's no stranded asset risk. So we're comfortable with the contracts we have and with the way we're laying out the future provisions, too.

就我們設計這些合約的方式，以及目前正在審批中的大型負載費率（large load tariff），我們認為已具備所需的正確保障，足以在任何下行情境發生時同時保護客戶與我們。例如其中包含一些條款，像是約定負載爬坡（contracted load ramp），並設有最低月費，為最低計費需量（minimum billing demand）的 80%。而在某些情況下，這會適用 10 年或更長期間，以確保我們能回收所有投入資本，避免任何資產擱淺風險。因此，我們對現有合約以及未來條款的設計方式都感到放心。

Okay. Great. Then this might just be a nuance thing, but the pipeline of additional data center opportunities, you've talked a lot about the 2 gigawatts and then the additional 3 to 4 gigawatts, but it looked like you changed the wording in the slide. The total now is 5 to 6 gigawatts rather than 5 gigawatts.

好的。很好。接著這可能只是細節上的差異，但關於額外資料中心機會的管線，你談了很多 2GW 以及額外 3 到 4GW，但我注意到你們在投影片上改了措辭。總量現在是 5 到 6GW，而不是 5GW。

Maybe I'm just looking too far into it, but was that meant to be a message that the opportunity in aggregate is getting bigger? Or is that just a change in the math?

也許我解讀過度，但這是否想傳達整體機會正在變大？還是只是數學加總方式的改變？

It's just a change. It's the same pipeline essentially. You have people moving up and down in the pipeline, but there's no -- been no change.

這只是一次變動。本質上是同一條管線。有人在管線中上下移動，但沒有——一直都沒有任何改變。

Okay. Great. Then lastly, a short-term earnings number. You continue to point to the high end of the range for 2026 EPS, but you've had some challenges related to the mild first half weather than the July storm, can you maybe explain what are some of the offsets to those headwinds? Or is it just a matter of conservatism when you first set the budget as you typically do?

好的。很好。那最後一個，關於短期獲利數字。你們仍然指向 2026 年 EPS 區間的高端，但你們在上半年偏溫和的天氣以及 7 月風暴方面遇到了一些挑戰，你能否說明有哪些因素可以抵銷這些逆風？或者這只是你們在最初設定預算時一貫的保守作法？

Andrew, we do remain highly confident that we're going to get to the high end of the full year guidance this year. We do have incremental rate relief that came in at Electric in March, and then we have an order at gas in September. In addition, there is some timing that we'll see reverse over the remainder of the year at the utilities. And then we see our nonutilities also continue to perform well, and we see that continuing through the year, too. So it gives us confidence in the full year guidance.

Andrew，我們仍然非常有信心今年能達到全年指引的高端。我們在 3 月於電力業務獲得了額外的費率緩解，另外在 9 月燃氣業務也有一項命令。此外，在公用事業端，我們也會看到一些時點因素在今年剩餘期間出現反轉。同時，我們也看到非公用事業持續表現良好，而且預期全年都會延續。因此這讓我們對全年指引更有信心。

Michael Sullivan, Wolfe Research.

Michael Sullivan，Wolfe Research。

I wanted to just ask on the Oracle load ramp, just how you're feeling on timing there. And I think that's kind of the main driver to the stay out, getting that kind of mostly ramped next year.

我想問一下 Oracle 負載爬坡（load ramp）的情況，你們對時程的感受如何？我認為這大概是你們維持（stay out）立場的主要驅動因素，因為明年大多數應該會完成爬坡。

Yes. Thank you for the question. The construction is proceeding as planned. We are getting all positive indicators that Oracle and related companies are on track for the fast ramp at this point. We are starting to take deliveries of our equipment that will be used to serve them.

是的。謝謝你的問題。施工正按計畫進行。目前我們收到的都是正面訊號，顯示 Oracle 及相關公司正按軌道推進快速爬坡。我們也開始接收將用來為他們提供服務的設備交付。

So everything is moving in the right direction. We are getting aerial shots, we are seeing visuals. And then obviously, our team is active on the ground with the construction team. So all systems are go at this point.

所以一切都朝正確方向推進。我們收到空拍畫面，也看到現場影像。當然，我們的團隊也在地面上與施工團隊積極合作。因此目前一切系統都已就緒。

Okay. Okay. That's great to hear. And then I know every deal can obviously be different, but just in terms of how to think about the next one. Is the Google deal like a good template?

好的。好的。很高興聽到。另外我知道每筆交易當然可能不同，但就如何看待下一筆而言，Google 的交易是否是一個不錯的範本？

And if you keep size apples-to-apples just in terms of like affordability benefits, supply mix or is it really those things can vary a lot depending on the specific deal that struck?

如果把規模放在可比基礎上，例如可負擔性效益、供應組合等方面，還是說這些因素會因為達成的具體交易而有很大差異？

Yes, they can vary. It just depends on the ramp itself. Suffice it to say, what we see is largely an opportunity to do more renewables, more battery storage in the near term. And then towards the back end of the plan, we would leverage the results of the IRP, obviously, to dictate what the ultimate resource would be. But again, a dispatchable resource that would come in towards the tail end.

是的，確實可能差異很大。這取決於爬坡本身。簡單來說，我們看到的主要是短期內增加更多再生能源、更多電池儲能的機會。而在計畫後段，我們會運用 IRP 的結果，當然，用以決定最終的資源配置。但同樣地，會在計畫尾端導入可調度資源。

Anthony Crowdell, Mizuho.

Anthony Crowdell，Mizuho。

Just one follow-up. Mike, earlier, you had talked about the as large load reaches advanced stages and you identified zoning, site plans, permitting, finding a customer. Could you give us some insight to what's the bottleneck? What's the more challenging part for these larger customers before they move to advanced discussions.

再追問一個。Mike，你先前提到當大型負載進入更進階階段時，你們會辨識出分區（zoning）、基地計畫、許可、尋找客戶等事項。你能否分享一下瓶頸在哪裡？對這些大型客戶而言，在進入更深入討論之前，哪一部分更具挑戰？

Yes. It's the zoning first and foremost. They've got to get the site zoned and then they can move towards site plan. So that's typically one of the gating items that the hyperscalers and co-locators have to deal with.

是的。首先也是最重要的是分區（zoning）。他們必須先讓基地完成分區，之後才能往基地計畫推進。因此這通常是超大規模雲端業者（hyperscalers）與共置業者（co-locators）必須處理的關鍵門檻之一。

It's -- so it's not finding a customer, it's zoning?

所以——不是找客戶的問題，而是分區（zoning）？

Yes. You got to get zoning. I mean for co-locators, I mean they can find a customer, right? If they can -- it speed to power. So if they have a facility, they have a site, they have it zoned and it's pretty much ready to go.

是的。你得先取得分區。我的意思是，對共置業者而言，他們可以找到客戶，對吧？如果他們能——關鍵在於供電速度（speed to power）。所以如果他們有設施、有基地、也完成分區，基本上就準備就緒了。

They will get the customer they need. It's getting that zoning that really becomes the challenge that they've got to overcome.

他們就會拿到所需的客戶。真正的挑戰是取得分區（zoning），這是他們必須克服的。

Travis Miller, Morningstar.

Travis Miller，Morningstar。

On IRP, aside from the data centers, renewable under plan, any other variables that we should watch for relative to what you've been talking about for the last several quarters.

關於 IRP，除了資料中心、計畫中的再生能源之外，還有其他變數是我們相對於你們過去幾季所談內容需要關注的嗎？

No. I think those are the big things. The data center -- the IRP will be filed. The data center load will get incorporated in there the RPS will be a part of it, too. We've got to do some updates and updates to the RPS with that filing.

沒有。我認為那些就是主要事項。資料中心——IRP 會提交。資料中心負載會被納入其中，RPS 也會是其中一部分。我們必須在那份提交文件中對 RPS 做一些更新與調整。

But that's pretty much it, Travis.

但大致就是這些，Travis。

Okay. Great. And then one other one on Vantage. If there are delays in that project, is that going to have an impact on either '26 or '27 earnings? I think you've noted that, that could be upside potentially.

好的。很好。另外還有一個關於 Vantage。如果那個專案延遲，會不會影響 2026 或 2027 年的獲利？我想你們曾提到那可能是潛在上行。

Just wondering how that relative to earnings that project.

只是想了解那個專案與獲利之間的關係。

No, that has no impact on '26. And again, the equipment is already ordered we are expecting the deliveries to happen. So it's going somewhere either at the original location or at an alternative.

不會，那對 2026 年沒有影響。而且設備已經下單，我們預期會如期交付。所以它會被用在某個地方——不是原本的位置，就是替代地點。

That concludes our question-and-answer session. I would now like to turn the call back over to Joi Harris for closing remarks.

問答環節到此結束。現在我想把電話交回給 Joi Harris 作結語。

All right. Well, thank you, everyone. Thank you all for joining us today. I'll just close by saying we continue to execute in 2026, and we are well positioned to achieve our goals for the year. I'm very excited about our long-term plan and the opportunities ahead, and I look forward to seeing many of you on the road during the rest of the year.

好的。謝謝各位。感謝大家今天加入我們。最後我想說，我們在 2026 年持續推進執行，而且我們已做好充分準備以達成今年的目標。我對我們的長期計畫以及未來的機會感到非常振奮，也期待在今年剩餘時間的行程中與各位中的許多人見面。

Have a great morning. Stay safe and stay healthy. We'll talk soon.

祝各位早安愉快。注意安全並保持健康。我們很快再聊。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。