Duke Energy Corp (DUK) 2022 Q4 法說會逐字稿

Good morning. Thank you for attending today's Duke Energy Fourth Quarter and Year-end 2022 Earnings Call. (Operator Instructions)

早上好。感謝您參加今天的杜克能源第四季度和 2022 年底財報電話會議。 （操作員說明）

I would now like to pass the conference over to your host, Abby Motsinger, Vice President of Investor Relations. Thank you. You may proceed.

我現在想將會議轉交給您的主持人，投資者關係副總裁 Abby Motsinger。謝謝。你可以繼續。

Thank you, Joel, and good morning, everyone. Welcome to Duke Energy's Fourth Quarter 2022 Earnings Review and Business Update. Leading our call today is Lynn Good, Chair, President and CEO, along with Brian Savoy, Executive Vice President and CFO.

謝謝你，喬爾，大家早上好。歡迎來到杜克能源公司 2022 年第四季度收益回顧和業務更新。主席、總裁兼首席執行官 Lynn Good 以及執行副總裁兼首席財務官 Brian Savoy 主持了我們今天的電話會議。

Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results may be different than forward-looking statements, and those factors are outlined herein and disclosed in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information and disclosures, along with the reconciliation of non-GAAP financial measures.

今天的討論將包括使用非 GAAP 財務措施和證券法含義內的前瞻性信息。實際結果可能與前瞻性陳述不同，這些因素已在本文中概述並在杜克能源公司提交給美國證券交易委員會的文件中披露。今天演示文稿的附錄包括補充信息和披露，以及非 GAAP 財務措施的調節。

So with that, I'll turn the call over to Lynn.

因此，我將把電話轉給林恩。

Abby. Thank you, and good morning, everyone. Today, we announced adjusted earnings per share of $5.27, closing out a successful 2022. We achieved results solidly within our updated guidance range while making significant progress on our strategic goals, responding to external pressures and delivering constructive outcomes across our jurisdictions. As a result, today, we're reaffirming our 2023 guidance range of $5.55 to $5.75 with a midpoint of $5.65. We're also reaffirming our 5% to 7% growth rate through 2027 off the midpoint of our 2023 range. This reflects the strength of our regulated businesses, our disciplined approach to cost management and a robust $65 billion capital plan that supports our thriving jurisdictions.

艾比。謝謝大家，早上好。今天，我們宣布調整後每股收益為 5.27 美元，為 2022 年畫上了圓滿的句號。我們在更新後的指導範圍內取得了穩固的成果，同時在我們的戰略目標、應對外部壓力和在我們轄區內取得建設性成果方面取得了重大進展。因此，今天，我們重申 2023 年的指導範圍為 5.55 美元至 5.75 美元，中點為 5.65 美元。我們還重申，到 2027 年，我們的增長率將低於 2023 年範圍的中點 5% 至 7%。這反映了我們受監管業務的實力、我們嚴格的成本管理方法以及支持我們蓬勃發展的司法管轄區的強大的 650 億美元資本計劃。

Before I turn to our regulated utilities, let me provide a brief update on the sale of our Commercial Renewables business. The sales process continues to progress. But as with the sale of any large-scale business, the timing tends to evolve. We remain on track to exit both the utility scale and the distributed energy businesses and now anticipate proceeds in the second half of the year. We will continue to keep you updated along the way.

在我轉向我們受監管的公用事業之前，讓我簡要介紹一下我們商業可再生能源業務的銷售情況。銷售過程繼續進行。但與出售任何大型企業一樣，時機往往會發生變化。我們仍有望退出公用事業規模和分佈式能源業務，現在預計將在今年下半年取得收益。我們將繼續為您提供最新信息。

Turning to Slide 5. We've reached a significant milestone in our clean energy transition. On December 30, the North Carolina Utilities Commission issued an order adopting an initial carbon plan. This constructive order is the culmination of years of work with policymakers and stakeholders to chart a responsible path for the energy transition. The order recognizes the value of an all-of-the-above approach to achieving carbon reduction targets in a manner that balances affordability and reliability for customers.

轉到幻燈片 5。我們已經達到了清潔能源轉型的一個重要里程碑。 12 月 30 日，北卡羅來納州公用事業委員會發布了一項採用初步碳計劃的命令。這一建設性秩序是與政策制定者和利益相關者多年合作的結晶，旨在為能源轉型規劃一條負責任的道路。該訂單承認採用上述所有方法以平衡客戶的負擔能力和可靠性的方式實現碳減排目標的價值。

The near-term action plan provides approval of 3,100 megawatts of solar and 1,600 megawatts of storage as well as transmission upgrades to support the integration of these renewable resources. The commission also approved limited development activities associated with longer lead time investments, including small modular nuclear reactors, pumped hydro and transmission related to offshore wind. And as part of an orderly transition out of coal by 2035, the commission supported planning for approximately 2,000 megawatts of new natural gas generation to maintain reliability. Through its order, the commission reinforced the importance of maintaining a diverse generation mix while conducting an orderly clean energy transition and was clear that ensuring replacement generation is available and online prior to the retirement of existing coal units is a shared priority.

近期行動計劃批准了 3,100 兆瓦的太陽能和 1,600 兆瓦的儲能以及傳輸升級，以支持這些可再生資源的整合。該委員會還批准了與較長交付週期投資相關的有限開發活動，包括小型模塊化核反應堆、抽水蓄能和與海上風電相關的輸電。作為到 2035 年有序淘汰煤炭的一部分，委員會支持規劃約 2,000 兆瓦的新天然氣發電以保持可靠性。通過其命令，該委員會強調了在進行有序的清潔能源轉型的同時保持多樣化的發電組合的重要性，並明確表示確保在現有燃煤機組退役之前提供替代發電並在線是一個共同的優先事項。

The carbon plant provides a constructive road map that delivers on our strategic priorities and supports the needs of our customers and communities today and into the future. It supports our capital plan and provides the clarity we need to advance critical near-term investments. We look forward to continuing our progress through our updated carbon plant filing in North Carolina later this year.

碳工廠提供了一個建設性的路線圖，可以實現我們的戰略重點，並支持我們的客戶和社區今天和未來的需求。它支持我們的資本計劃，並提供我們推進關鍵的短期投資所需的清晰度。我們期待通過今年晚些時候在北卡羅來納州更新的碳工廠備案繼續取得進展。

Moving to Slide 6. We're making meaningful progress on our strategic initiatives in each of our jurisdictions. In North Carolina, we filed our first performance-based rate application for our Duke Energy Carolinas utility on January 19, which followed a similar filing for our DEP utility last fall. The request includes a multiyear rate plan to fund system improvements to meet the growing needs of our customer base, including $4.7 billion of capital projects that are expected to go into service over the 3-year period. These investments are primarily T&D-related projects that support the security and reliability of the grid as well as approximately $300 million of solar and storage investments consistent with the carbon plan order.

轉到幻燈片 6。我們在每個司法管轄區的戰略舉措上都取得了有意義的進展。在北卡羅來納州，我們於 1 月 19 日為我們的 Duke Energy Carolinas 公用事業公司提交了第一個基於績效的費率申請，緊接著去年秋天為我們的 DEP 公用事業公司提交了類似的申請。該請求包括一項多年費率計劃，為系統改進提供資金以滿足我們客戶群不斷增長的需求，其中包括預計將在 3 年期間投入使用的 47 億美元資本項目。這些投資主要是支持電網安全性和可靠性的輸配電相關項目，以及與碳計劃訂單一致的約 3 億美元的太陽能和儲能投資。

Our request is mitigated by a reduction in operating costs since our last rate case, evidence of our continued ability to manage costs to keep customer rate increases down. Evidentiary hearings are expected to begin in the third quarter and consistent with past practice, we intend to implement temporary rates in September, subject to refund. If approved, we expect year 1 revised rates to be effective by early 2024.

自上次費率案例以來，運營成本的降低減輕了我們的要求，這證明我們持續有能力管理成本以降低客戶費率的增長。證據聽證會預計將於第三季度開始，與以往慣例一致，我們打算在 9 月實施臨時費率，但需退款。如果獲得批准，我們預計第 1 年的修訂費率將在 2024 年初生效。

In South Carolina, we were very pleased to reach a comprehensive settlement in January with all parties in our Duke Energy Progress rate case. The settlement, which is subject to commission review and approval includes a 9.6% ROE, the continuation of deferrals for grid and coal ash spend and supports accelerated retirement dates for certain coal units. In fact, the settlement is on the commission's agenda for this afternoon. And if approved, new rates are expected to be implemented in April. We also plan to file an updated IRP in South Carolina later this year, which will take into account the carbon plan and the Inflation Reduction Act.

在南卡羅來納州，我們很高興在 1 月份與各方就杜克能源進步率案達成全面和解。該和解協議需經委員會審查和批准，包括 9.6% 的股本回報率、繼續推遲電網和煤灰支出，並支持某些煤炭單位的加速退役日期。事實上，解決方案已列入委員會今天下午的議程。如果獲得批准，新的費率預計將於 4 月實施。我們還計劃在今年晚些時候在南卡羅來納州提交更新的 IRP，其中將考慮碳計劃和通貨膨脹減少法案。

Turning to Florida. On January 23, we filed a petition to adjust customer rates for deferred 2022 fuel costs, less the impact of lower forecasted fuel prices in 2023. We are also flowing back IRA tax savings to our Florida customers as of January 1.

轉向佛羅里達。 1 月 23 日，我們提交了一份請願書，要求調整 2022 年遞延燃料成本的客戶費率，減去 2023 年較低的燃料價格預測的影響。我們還從 1 月 1 日起將 IRA 節稅返還給佛羅里達州的客戶。

In Indiana, we're updating our IRP to reflect results of the 2022 RFP process, regional transmission operator requirements and the Inflation Reduction Act. We expect to begin filing for certificates of need for new power generation in the second quarter.

在印第安納州，我們正在更新我們的 IRP，以反映 2022 RFP 流程、區域輸電運營商要求和通貨膨脹減少法案的結果。我們預計將在第二季度開始申請新發電需求證書。

In Ohio, the commission approved in full our electric rate case settlement in December, which supports the recovery of grid investments to improve reliability and service for our customers.

在俄亥俄州，委員會於 12 月全面批准了我們的電費案件和解，支持恢復電網投資以提高可靠性和為客戶提供的服務。

In December, we also filed an electric rate case in Kentucky. The request reflects more than $300 million in investments we've made to strengthen the generation and delivery systems as well as updated retirement dates for our Kentucky fleet. As we advance our regulatory strategy, affordability remains top of mind. Brian will go into more detail on steps we're taking across our jurisdictions to lower costs for customers.

12 月，我們還在肯塔基州提起了一起電費案。該請求反映了我們為加強發電和輸送系統以及更新我們肯塔基機隊的退役日期而進行的超過 3 億美元的投資。隨著我們推進監管戰略，負擔能力仍然是首要考慮因素。 Brian 將更詳細地介紹我們為降低客戶成本而在我們的轄區內採取的措施。

Finally, I want to highlight a well-deserved recognition for our Piedmont Natural Gas team. In December, J.D. Power ranked Piedmont #1 in residential customer satisfaction for natural gas service in the Southeast. This is the first time Piedmont has received the #1 ranking and is a testament to the commitment to our customers.

最後，我想強調對我們的 Piedmont Natural Gas 團隊的當之無愧的認可。 12 月，J.D. Power 將皮埃蒙特評為東南部天然氣服務住宅客戶滿意度第一名。這是 Piedmont 首次獲得第一名，證明了我們對客戶的承諾。

In summary, 2022 was an extraordinary year for Duke Energy as we made strong progress executing our strategy, responding to difficult external pressures and advancing our clean energy transformation. Our path forward remains clear. As we continue to navigate our energy transition, we will do so responsibly, preserving affordability and reliability for our customers and remaining good students -- stewards of communities. I'm confident that our strategy will continue to deliver consistent and lasting benefits to our customers, communities and investors.

總而言之，2022 年對杜克能源來說是不平凡的一年，我們在執行戰略、應對艱難的外部壓力和推進清潔能源轉型方面取得了長足進展。我們前進的道路依然清晰。在我們繼續推進能源轉型的過程中，我們將負責任地這樣做，為我們的客戶和剩下的優秀學生——社區管理者——保持可負擔性和可靠性。我相信我們的戰略將繼續為我們的客戶、社區和投資者帶來一致和持久的利益。

With that, let me turn the call over to Brian.

有了這個，讓我把電話轉給布賴恩。

Thanks, Lynn, and good morning, everyone. Turning to Slide 7. 2022 marked a year of solid growth for our utilities. We achieved full year adjusted earnings per share of $5.27, above the midpoint of our updated guidance range. These adjusted results exclude our Commercial Renewables business, which was moved to discontinued operations in the fourth quarter. The classification of these assets as held for sale triggered a valuation adjustment of $1.3 billion, which is reflected in discontinued operations and GAAP reported results. This adjustment relates to the combined utility scale and distributed generation businesses and was within our planning range for the sales processes.

謝謝，林恩，大家早上好。轉到幻燈片 7。2022 年是我們公用事業穩步增長的一年。我們實現了 5.27 美元的全年調整後每股收益，高於我們更新的指導範圍的中點。這些調整後的結果不包括我們的商業可再生能源業務，該業務已於第四季度停止運營。將這些資產分類為持有待售引發了 13 億美元的估值調整，這反映在已終止的業務和 GAAP 報告的結果中。本次調整涉及聯合公用事業規模和分佈式發電業務，在我們銷售流程的規劃範圍內。

Moving to our adjusted results for the year. In the Electric segment, earnings per share increased by $0.36 in 2022, primarily due to higher volumes, favorable weather and rate increases in North Carolina and Florida. Partially offsetting these or higher interest expense and storm costs. Absent storms, O&M was flat to prior year, which was in line with our guidance.

轉到我們調整後的年度結果。在電力部門，2022 年每股收益增長 0.36 美元，這主要是由於銷量增加、天氣有利以及北卡羅來納州和佛羅里達州的費率上漲。部分抵消這些或更高的利息支出和風暴成本。沒有風暴，O&M 與上一年持平，這符合我們的指導。

In the Gas segment, earnings per share increased $0.07 and was primarily due to the Piedmont, North Carolina rate case and riders.

在天然氣部門，每股收益增加了 0.07 美元，這主要是由於北卡羅來納州皮埃蒙特的利率案例和車手。

In the Other segment, unfavorable returns on investments and higher interest expense drove results lower by $0.15.

在其他部分，不利的投資回報和更高的利息支出導致業績下降 0.15 美元。

Turning to Slide 8. We are reaffirming our $5.55 to $5.75 guidance range for 2023 with the midpoint of $5.65. Within Electric, we expect retail volume growth in 2023 of roughly 0.5%. We also entered the year with updated rates for Ohio and Florida already in effect and we'll see growth from 3 Carolinas rate cases as we move through the year.

轉到幻燈片 8。我們重申 2023 年 5.55 美元至 5.75 美元的指導範圍，中點為 5.65 美元。在 Electric 中，我們預計 2023 年的零售量增長約為 0.5%。我們還進入了新的一年，俄亥俄州和佛羅里達州的更新費率已經生效，隨著我們這一年的推進，我們將看到卡羅萊納州 3 個費率案例的增長。

Additionally, we will continue to see growth from the grid investment riders in the Midwest and Florida, namely the Indiana TDISC and Florida SPP plans approved in 2022.

此外，我們將繼續看到中西部和佛羅里達州電網投資騎手的增長，即 2022 年批准的印第安納州 TDISC 和佛羅里達州 SPP 計劃。

Moving to cost mitigation. We've identified $300 million of savings in 2023, which is primarily related to rationalizing our corporate and business support cost structures. Examples include streamlining IT support and reducing our real estate footprint. These cost reductions will be realized ratably over 2023 with approximately 75% of the savings being sustainable into future years. Partially offsetting these favorable drivers are higher financing cost as well as depreciation and property taxes on a growing asset base.

轉向降低成本。我們已確定在 2023 年節省 3 億美元，這主要與合理化我們的公司和業務支持成本結構有關。示例包括簡化 IT 支持和減少我們的房地產足跡。這些成本削減將在 2023 年按比例實現，其中大約 75% 的節省可持續到未來幾年。部分抵消了這些有利驅動因素的是更高的融資成本以及不斷增長的資產基礎的折舊和財產稅。

Within our Gas segment, growth drivers include the Ohio rate case currently underway, cost mitigation efforts and customer growth, partially offset by higher interest expense.

在我們的天然氣部門，增長驅動因素包括目前正在進行的俄亥俄州利率案例、降低成本的努力和客戶增長，部分被更高的利息支出所抵消。

Finally, we expect the Other segment to be unfavorable due to higher interest expense.

最後，由於更高的利息支出，我們預計其他部門不利。

Turning to retail electric volumes on Slide 9. In 2022, we saw load growth of 2.5%. These strong results were driven by residential customer growth of 1.8%, higher usage per customer from hybrid and remote work and a continuation of the post-COVID rebound in the commercial class. Our total retail load in 2022 was about 2% higher than 2019 pre-pandemic levels. This is equivalent to an average annual growth rate of around 0.5% when smoothing out the year-to-year fluctuations. In 2023, total retail load growth is projected to be roughly 0.5%.

轉向幻燈片 9 上的零售電量。2022 年，我們看到負荷增長 2.5%。這些強勁的業績是由住宅客戶增長 1.8%、混合和遠程工作的每位客戶使用量增加以及商業類 COVID 後反彈的持續推動的。我們在 2022 年的總零售負荷比 2019 年大流行前的水平高出約 2%。在消除逐年波動後，這相當於約 0.5% 的平均年增長率。到 2023 年，總零售負荷增長預計約為 0.5%。

Based on 2022 U.S. Census Bureau data, 3 states within our regulated footprint were in the top 6 for net population migration. This illustrates the robust customer growth experienced in our territories, which we expect to continue in 2023. We expect load growth in the commercial class to moderate this year following 2 years of significant growth. But the upside in industrial as easing supply chain constraints fuel a continued rebound for certain large manufacturers. Longer term, we expect annual load growth to be about 0.5% through 2027.

根據 2022 年美國人口普查局的數據，我們監管範圍內的 3 個州在淨人口遷移方面名列前 6 名。這表明我們地區的客戶增長強勁，我們預計這種增長將在 2023 年繼續。我們預計，在經歷了 2 年的顯著增長之後，今年商用客艙的負載增長將會放緩。但隨著供應鏈限制的放鬆，工業的上行空間推動了某些大型製造商的持續反彈。從長遠來看，我們預計到 2027 年年負荷增長將約為 0.5%。

Turning to Slide 10. I'd like to provide an overview of our 5-year capital plan, which has increased to $65 billion. When compared to prior periods, the capital plan has steadily increased as we move further into the clean energy transition. This increase is net of removing almost $3 billion of commercial renewables capital, including the previous 5-year plan. This means that we've increased the regulated plan by approximately $5 billion, resulting in a 7.1% earnings-based CAGR through 2027.

轉到幻燈片 10。我想概述我們的 5 年資本計劃，該計劃已增至 650 億美元。與前期相比，隨著我們進一步向清潔能源轉型，資本計劃穩步增加。這一增長扣除了近 30 億美元的商業可再生能源資本，包括之前的 5 年計劃。這意味著我們已將受監管的計劃增加了約 50 億美元，到 2027 年，基於收益的複合年增長率將達到 7.1%。

While the investment needs of our utilities continue to accelerate, customer affordability remains front and center. Affordability has consistently been a pillar that governs our planning, and we have several tools to help keep rates low and assist customers who are struggling to pay their bill. First, the benefits of our cost mitigation efforts go back to customers over time, easing bill impacts as we recover capital investments. As I mentioned, we expect 75% of our 2023 cost mitigation efforts to be sustainable.

雖然我們的公用事業的投資需求繼續加速，但客戶的負擔能力仍然是首要任務。負擔能力一直是支配我們計劃的支柱，我們有多種工具來幫助保持低利率並幫助難以支付賬單的客戶。首先，隨著時間的推移，我們降低成本的努力的好處會回饋給客戶，隨著我們收回資本投資，減輕了賬單的影響。正如我所提到的，我們預計 2023 年 75% 的成本削減工作是可持續的。

Additionally, we are targeting flat O&M from 2024 through 2027. Our long-term O&M trajectory is supported by smart capital investments within our plan, including modernized equipment and technology investments that will help reduce fuel and operating costs.

此外，我們的目標是從 2024 年到 2027 年持平 O&M。我們的長期 O&M 軌跡得到我們計劃中智能資本投資的支持，包括有助於降低燃料和運營成本的現代化設備和技術投資。

Next, the Inflation Reduction Act provides substantial benefits for carbon-free resources, including nuclear and solar PTCs and other renewable tax credits. We are beginning to incorporate these benefits and updated resources plans and rate adjustments. Over the next decade, we will fully leverage IRA benefits across all of our jurisdictions in order to maintain low cost for customers as we execute our clean energy transition.

接下來，《降低通貨膨脹法案》為無碳資源提供了實質性好處，包括核能和太陽能 PTC 以及其他可再生稅收抵免。我們開始整合這些優勢並更新資源計劃和費率調整。在接下來的十年裡，我們將在我們所有的司法管轄區充分利用 IRA 福利，以便在我們執行清潔能源轉型時為客戶保持低成本。

Finally, assisting vulnerable customers has always been an area of focus. But since the pandemic, we worked even more closely with our communities and customers in need. For example, in 2021, we created a specialized team that partnered with agencies across our service territories and help connect customers to nearly $300 million in energy assistance funding over the 2 years.

最後，幫助弱勢客戶一直是一個重點領域。但自大流行以來，我們與有需要的社區和客戶更加密切地合作。例如，在 2021 年，我們創建了一個專門團隊，與我們服務區域內的機構合作，並在 2 年內幫助客戶獲得近 3 億美元的能源援助資金。

Moving to Slide 11. Our ability to execute our robust capital program is underpinned by a healthy balance sheet, and we remain committed to our current credit ratings. In December 2022, we received $1 billion in cash proceeds upon the closing of the second tranche of the Indiana minority stake sale. We expect to receive proceeds from the Commercial Renewables transactions later this year, which will be used for debt avoidance at the holding company.

轉到幻燈片 11。我們執行穩健的資本計劃的能力以健康的資產負債表為基礎，我們仍然致力於維持當前的信用評級。 2022 年 12 月，我們在印第安納州少數股權出售的第二批交易結束後收到了 10 億美元的現金收益。我們預計將在今年晚些時候從商業可再生能源交易中獲得收益，這些收益將用於避免控股公司的債務。

Turning to FFO to debt. We ended 2022 below our 14% target, largely due to deferred fuel balances. We have started recovering these amounts through established recovery mechanisms and we'll continue to file using mechanisms in place for the remaining balances. As we recover deferred fuel costs over the next 1 to 2 years, we expect FFO to debt to steadily improve and return to our long-term 14% target, demonstrating our commitment to our current credit ratings.

轉向 FFO 債務。我們在 2022 年結束時低於我們 14% 的目標，這主要是由於延遲的燃料平衡。我們已經開始通過既定的追回機制追回這些金額，我們將繼續使用現有機制為剩餘餘額進行歸檔。隨著我們在未來 1 到 2 年內收回遞延燃料成本，我們預計 FFO 與債務的比率將穩步改善並回到我們 14% 的長期目標，這表明我們對當前信用評級的承諾。

As we look ahead, about 90% of the electric investments in our capital plan are eligible for modern recovery mechanisms, which is critical to maintaining a strong balance sheet, mitigating regulatory lag and smoothing rate impacts. With the steps we've taken to reposition our business and improve our cash flow profile in the years ahead, we are not planning to issue equity through 2027.

展望未來，我們資本計劃中約 90% 的電力投資符合現代回收機制的條件，這對於維持強勁的資產負債表、緩解監管滯後和平滑利率影響至關重要。隨著我們採取措施重新定位我們的業務並在未來幾年改善我們的現金流狀況，我們不打算在 2027 年之前發行股票。

Moving to Slide 12. Our robust capital plan, strong customer growth and constructive jurisdictions provide a compelling growth story. And our commitment to the dividend remains unchanged. We understand its importance to our shareholders and 2023 marks the 97th consecutive year of paying a quarterly cash dividend. We intend to keep growing the dividend balancing our targeted 65% to 75% payout ratio with the need to fund our capital. As we begin 2023, we are well positioned to tackle the challenges ahead and look forward to updating you on our progress throughout the year.

轉到幻燈片 12。我們穩健的資本計劃、強勁的客戶增長和建設性的司法管轄區提供了一個引人注目的增長故事。我們對股息的承諾保持不變。我們了解它對我們股東的重要性，2023 年是連續第 97 年支付季度現金股息。我們打算繼續增加股息，以平衡我們 65% 至 75% 的目標派息率與為我們的資本提供資金的需要。在 2023 年伊始，我們已做好充分準備應對未來的挑戰，並期待向您介紹我們全年的最新進展。

With that, we'll open the line for your questions.

這樣，我們將打開您的問題熱線。

(Operator Instructions) The first question is from the line of Shar Pourreza with Guggenheim Partners.

（操作員說明）第一個問題來自 Shar Pourreza 與 Guggenheim Partners 的合作。

So Lynn, just starting on the Commercial Renewables, it's good to see, obviously, you guys reiterated '23. Obviously, the range assumed midyear cash in the door. Just remind us on the EPS sensitivity per quarter from the delay. And I guess, where does this put you within the '23 range?

所以林恩，剛從商業可再生能源開始，很高興看到你們重申了 23 年。顯然，該範圍假定年中現金到位。只需提醒我們延遲對每季度 EPS 的敏感性。我想，這會將您置於 23 年的哪個範圍內？

Sure, we're continuing to target $5.65 and feel very confident with that. As you can expect, as we entered the year, we had a range of expectations around both timing and proceeds from the sale. And what I see now as being kind of a modest delay from midyear to later in the year, I don't see an impact. I think it's important to recognize that the growth is primarily driven by our regulated outcomes and the cost mitigation that's offsetting some of the external headwinds and those are on track as we expected and shared with you third quarter. So confident in the $5.65.

當然，我們將繼續以 5.65 美元為目標，並且對此非常有信心。正如您所預料的那樣，在我們進入這一年之際，我們對出售的時間和收益有一系列的期望。我現在看到的是從年中到今年晚些時候的適度延遲，我沒有看到任何影響。我認為重要的是要認識到增長主要是由我們的監管結果和成本緩解所驅動的，這些成本緩解抵消了一些外部逆風，並且正如我們預期的那樣，這些都在軌道上，並與您分享了第三季度。對 5.65 美元充滿信心。

Got it. And then just a follow-up on -- I know, obviously, the $1.3 billion charge you took for commercial, you're obviously not the only utility that's done this. We had a peer took a charge yesterday. Is there anything to read on the ultimate sale price for the assets? I mean, obviously, we noticed word robust "fell off " the slides. I guess how do we take that charge relative to the ultimate sale price?

知道了。然後只是跟進 - 我知道，很明顯，你為商業收取的 13 億美元費用，你顯然不是唯一這樣做的公用事業公司。昨天我們有一位同行負責。關於資產的最終銷售價格，有什麼可讀的嗎？我的意思是，很明顯，我們注意到 robust 這個詞從幻燈片中“脫落”了。我想我們如何計算相對於最終銷售價格的費用？

Shar, I appreciate the question. I also appreciate how closely you all read the slides. We weren't intending to signal anything with the word robust. We feel good about the process. There's strong interest in the portfolio and we're moving forward. I think the thing to recognize on an impairment charge, is this an accounting adjustment that's really driven by the earnings profile of renewables, where a lot of the profit that's in the early part of the life, you then depreciate it over a longer period of time. So when you make a decision to exit before the end of the useful life, you've kind of set yourself up for an impairment. So I would look at it that way.

沙爾，我很欣賞這個問題。我也感謝你們仔細閱讀幻燈片。我們不打算用“穩健”一詞來表示任何信號。我們對這個過程感覺良好。人們對投資組合很感興趣，我們正在向前邁進。我認為在減值費用上要確認的是，這是一項真正由可再生能源收益狀況驅動的會計調整，其中很多利潤處於生命週期的早期，然後你會在更長的時間內對其進行折舊時間。因此，當您決定在使用壽命結束前退出時，您就已經為自己的損失做好了準備。所以我會這樣看。

The takeaway is the strategic decision around asset remains unchanged, and we're on track for proceeds later this year.

要點是圍繞資產的戰略決策保持不變，我們有望在今年晚些時候獲得收益。

Got it. Perfect. And then just one quick one for Brian, if it's okay, on the credit side. Obviously, trying to -- the prior plan had a 14% FFO to debt over 5 years. And now you guys kind of stated over the "long term." '23 target is 13% to 14% from obviously the deferred fuel balances and 13% is a downgrade threshold. I guess can you just talk on how the rating agencies are treating these deferred fuel balances? And how you're thinking about future balances? I mean, could another event trigger a downgrade as we're thinking about the balance sheet capacity?

知道了。完美的。然後，如果可以的話，給 Brian 一個快速的，在貸方。顯然，試圖 - 先前的計劃有 14% 的 FFO 與 5 年內的債務。現在你們說的是“長期”。 '23 目標顯然是遞延燃料餘額的 13% 至 14%，而 13% 是降級閾值。我想您能談談評級機構如何處理這些遞延燃料餘額嗎？您如何考慮未來的餘額？我的意思是，在我們考慮資產負債表能力時，另一個事件是否會引發降級？

We'll definitely hit that, Shar, and thanks for the question. We're working through the deferred fuel balances, through the regulatory mechanisms in place. And that's what the agencies are looking for. Looking to see, are you filing in line with the regulatory recovery that is established. Or are you making exceptions spreading that recovery longer. We've had really good success so far in North Carolina and South Carolina, and we have a couple more filings in front of us, both in Florida and Duke Energy Carolinas, North Carolina.

我們一定會成功的，Shar，謝謝你提出這個問題。我們正在通過現有的監管機制解決延遲的燃料平衡問題。這就是機構正在尋找的。看看，您是否根據已建立的監管恢復進行備案。或者您是否正在破例延長恢復時間。到目前為止，我們在北卡羅來納州和南卡羅來納州取得了非常好的成功，我們還有更多的文件擺在我們面前，包括佛羅里達州和北卡羅來納州的杜克能源卡羅萊納州。

But these are working. The regulators understand our need to recover this in a timely manner from a credit position and the rating agencies are liking what they're seeing in how we're executing these plans in accordance with the tools in place.

但這些都在起作用。監管機構了解我們需要及時從信用狀況中恢復這一點，評級機構喜歡他們看到的我們如何根據現有工具執行這些計劃。

And Shar, the only thing I would add to that is we look at this and the agencies look at this as a temporary issue because you can associate it completely with the deferred fuel. And the fact that we have been able to work constructively through recovery mechanisms, and we can actually forecast how that balance is going to decline over '23 into '24, it gives us a lot of confidence on the metrics.

Shar，我唯一要補充的是，我們將此視為一個臨時問題，因為您可以將其與延期燃料完全聯繫起來。事實上，我們已經能夠通過恢復機制進行建設性的工作，而且我們實際上可以預測這種平衡將如何在 23 年到 24 年期間下降，這讓我們對指標充滿信心。

And of course, as you would expect, we're in conversations with the rating agencies every step of the way. This regulated portfolio that we have with the cash flows and constructive jurisdictions is really what underpins the credit ratings of the company, and nothing has changed around that risk profile.

當然，正如您所期望的那樣，我們每一步都在與評級機構進行對話。我們擁有的具有現金流和建設性司法管轄區的受監管投資組合確實是公司信用評級的基礎，並且圍繞該風險狀況沒有任何改變。

The next question is from the line of Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Thank you for the time and a pleasure chat. Just following -- so just with respect to the carbon plan here and obviously, the developments late in the year, you guys had -- you addressed it in part in the comments, but I'm just sort of curious, as you think about addressing some of the follow-up items here through the course of this year. Again, what is the flex in the capital plan? What exactly are you assuming today in some of the updates in the multiyear outlook? And specifically, as we've talked about before, how could the subsequent updates here impact probably more of the '24 outlook as you think about puts and takes in the CapEx budget? What could come out of this next (inaudible)

感謝您花時間和愉快的聊天。只是關注 - 所以就這裡的碳計劃而言，很明顯，今年晚些時候的發展，你們已經 - 你在評論中部分提到了它，但我只是有點好奇，正如你所想的那樣在今年的過程中處理這裡的一些後續項目。同樣，資本計劃的靈活性是什麼？您今天在多年展望的一些更新中究竟假設了什麼？具體來說，正如我們之前所討論的那樣，當您考慮資本支出預算中的投入和投入時，此處的後續更新可能會如何影響更多的 24 前景？接下來會發生什麼（聽不清）

Sure. And thanks, Julien, for that. I regard the carbon plan order is a very constructive one that has given us real clarity on the near-term investments. So when you think about 3,100 megawatts of solar, 1,600 megawatts of battery storage, that capital plan is pretty well locked in for the Carolinas. We may see some marginal changes, but I would think about those as later in the 5-year period and really in connection with the next update. So I feel really good about the Carolinas.

當然。感謝 Julien。我認為碳計劃訂單非常有建設性，它讓我們對近期投資有了真正的了解。因此，當您考慮 3,100 兆瓦的太陽能和 1,600 兆瓦的電池存儲時，卡羅萊納州就可以很好地鎖定該資本計劃。我們可能會看到一些邊際變化，但我會在 5 年的後期考慮這些變化，並且真正與下一次更新相關聯。所以我對卡羅來納州感覺很好。

Florida is also on track with the 10-year site plan and SPP and grid modernization. I think where we have potential and even potential upside is in Indiana, where we are earlier in the clean energy transition, moving through that process. We have estimates in the capital plan, but we'll be filing for CPCN later this year, and have more advanced dialogue about timing and approach. So I'm very comfortable with the capital plan and if anything, see a bit of upside in Indiana as we continue our clean energy transition.

佛羅里達州的 10 年場地規劃以及 SPP 和電網現代化也步入正軌。我認為我們有潛力甚至潛在優勢的地方是在印第安納州，我們在清潔能源轉型中處於早期階段，正在經歷這一過程。我們對資本計劃進行了估算，但我們將在今年晚些時候向 CPCN 提交申請，並就時間安排和方法進行更深入的對話。因此，我對資本計劃感到非常滿意，如果有的話，隨著我們繼續我們的清潔能源轉型，印第安納州會有一些上升空間。

Got it. Actually, since you mentioned it, just to probe a little bit. You said a moment ago, you assume a certain baseline in Indiana already in the latest plan. But as I heard you say a second ago, you're saying that there's more likely than not upside bias within that, but you have assumed something in the Indiana (inaudible)

知道了。其實既然你提到了，就是想試探一下。你剛才說，你假設印第安納州的某個基線已經在最新計劃中。但正如我剛才聽到你說的那樣，你是說其中存在上行偏見的可能性更大，但你已經假設了印第安納州的一些事情（聽不清）

Yes. We have an estimate. That's exactly right. We put an estimate in there, Julien, but we're filing an updated IRP later this month into March, then we're filing for CPCNs. So that will crystallize more specifically toward the end of this year into 2024, much in the way that the Carolinas has matured as we go through IRP filings. Now we have an order on the carbon plant. So that's the way I would characterize it. And if anything, I would say our estimate has been on the conservative side.

是的。我們有一個估計。這是完全正確的。朱利安，我們在那裡做了一個估計，但我們將在本月晚些時候提交更新後的 IRP 到 3 月，然後我們將提交 CPCN。因此，這將在今年年底到 2024 年更具體地具體化，就像卡羅萊納州在我們通過 IRP 備案時已經成熟的方式一樣。現在我們接到了碳工廠的訂單。這就是我描述它的方式。如果有的話，我會說我們的估計是保守的。

Got it. All right. Excellent. And then any developments or any thoughts around South Carolina here as you think about the opportunities that may exist there? I know, obviously, carbon plan principally think about North Carolina here. Any crystallization of a further alignment here in South Carolina, if I can call it that at all?

知道了。好的。出色的。然後，當您考慮南卡羅來納州可能存在的機會時，這裡有任何發展或想法嗎？我知道，顯然，碳排放計劃主要考慮北卡羅來納州。南卡羅來納州進一步結盟的任何結晶，如果我可以稱之為的話？

Well, it's a good question, Julien. And I guess I'd like to step back and just point for a moment to a very constructive and comprehensive settlement that we were able to reach on the South Carolina rate case. I think that's an indication of just the incredible work that we have been doing with the stake -- with the stakeholders to continue constructive dialogue about where the company is going and what we're trying to accomplish.

好吧，朱利安，這是個好問題。我想我想退後一步，稍微指出一下我們能夠就南卡羅來納州利率案達成的非常有建設性和全面的解決方案。我認為這表明我們一直在為股權所做的令人難以置信的工作——與利益相關者繼續就公司的發展方向和我們正在努力實現的目標進行建設性對話。

And I appreciate your sensitivity on the word alignment because what we are trying to accomplish is giving both states the flexibility to put their fingerprints on an energy plan going forward. And we believe we're making progress on this. We actually had testimony in the carbon plan that laid out a structure that would allow states to opt in or opt out depending on their energy policy, and that is beginning to take some discussion in South Carolina, but that will progress over time. We believe we operate in an incredibly valuable system, and we'll work with both states on how to add resources to meet their needs, customer and policy needs going forward.

我感謝您對“對齊”一詞的敏感度，因為我們正在努力實現的是讓兩個州都可以靈活地將他們的指紋放在未來的能源計劃中。我們相信我們正在這方面取得進展。我們實際上在碳計劃中有證詞，該計劃列出了一個結構，允許各州根據其能源政策選擇加入或退出，並且南卡羅來納州開始對此進行一些討論，但隨著時間的推移會取得進展。我們相信我們在一個非常有價值的系統中運作，我們將與這兩個州合作，研究如何增加資源以滿足他們未來的需求、客戶和政策需求。

The next question is from the line of Steve Fleishman with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steve Fleishman。

So just a follow-up question on the Commercial Renewables impairment. The -- I think you announced it was for sale in the Q3 call. So is there a reason the impairment was not taken then and is being taken now? Is that because you have more information? Is that something else?

所以只是關於商業可再生能源減值的後續問題。 - 我想你宣布它在第三季度電話會議上出售。那麼，是否存在當時未採取減值而現在採取減值的原因？那是因為你有更多的信息嗎？那是別的東西嗎？

So Steve, we actually made the decision -- final decision to sale in early November and announced it on the third quarter call. So that decision went through a governance process, Board approval, et cetera, in the fourth quarter. And as a result, the impairment goes in the fourth quarter.

所以史蒂夫，我們實際上做出了決定 - 最終決定在 11 月初出售並在第三季度電話會議上宣布。因此，該決定在第四季度通過了治理流程、董事會批准等。結果，減值發生在第四季度。

Okay. Okay. That's helpful. And -- but it does sound like the impairment -- the value that you have on now is consistent with the ranges that you've been expecting for the sale process.

好的。好的。這很有幫助。而且 - 但它聽起來確實像減值 - 你現在擁有的價值與你一直期望的銷售過程範圍一致。

That's exactly within our planning range, absolutely.

這完全在我們的計劃範圍內，絕對。

So nothing's really changed in your planning range. Okay.

因此，您的計劃範圍內沒有任何真正改變。好的。

That's exactly right.

這是完全正確的。

My other question is on the rate cases in North Carolina under the new law, the new multiyear rate plan, how are you thinking about whether you'd be able to settle those cases or that they likely need to -- because they are kind of the first under the law and need to go through a full litigated process most likely?

我的另一個問題是關於根據新法律、新的多年利率計劃在北卡羅來納州的利率案件，你如何考慮你是否能夠解決這些案件或者他們可能需要 - 因為它們有點法律規定的第一個並且最有可能需要經過完整的訴訟程序？

Steve, I think it's too early to tell exactly. And you may -- if you think back on our history, we have, from time to time, entered into partial settlements where you feel like there are elements of this case that can be agreed and then there are others that the parties believe ought to be put in front of the commission. You should know we'll explore discussions with all intervening parties through this process. And as we get closer to dates when testimony gets -- is ready to be heard and testimonies been filed by all the parties, we'll begin those discussions. But it's too early to tell the shape that it will take.

史蒂夫，我認為現在下結論還為時過早。你可能 - 如果你回顧我們的歷史，我們不時達成部分和解，你覺得這個案子的某些要素可以達成一致，然後還有其他各方認為應該達成的放在委員會面前。您應該知道，我們將通過此流程探索與所有乾預方的討論。隨著我們越來越接近證詞準備好聽取所有各方提交的證詞的日期，我們將開始這些討論。但現在說它會採取什麼樣的形式還為時過早。

I guess one last thing. The $300 million of O&M reductions, I know that's, I think, a number that you've had before, the 75% sustained. Can you just remind me, is that the same that you said before? Or does that number get (inaudible)

我想最後一件事。 3 億美元的 O&M 削減，我知道這是，我認為，你以前有過的數字，75% 持續了。你能提醒我一下，是不是和你之前說的一樣？還是那個數字得到（聽不清）

It is, Steve. No, it's the same. It's the same as what we said before. So thank you.

是的，史蒂夫。不，是一樣的。這和我們之前說的一樣。所以謝謝。

The next question is from the line of David Arcaro with Morgan Stanley.

下一個問題來自摩根士丹利的 David Arcaro。

Just on that topic of cost management, could you give your latest level of confidence in hitting the $300 million this year, what you're seeing in the backdrop in terms of it becoming more challenging, easing up of any of those inflationary pressures this year so far?

就成本管理這個話題而言，你能否給出今年達到 3 億美元的最新信心水平，你在背景中看到的情況變得更具挑戰性，緩解了今年的任何通脹壓力迄今為止？

That's a good question, David. This is Brian. When we looked at the opportunities across the board last year to really position 2023 in a good spot, we identified areas in our corporate costs and business support that we felt like we could really align service levels with work prioritization. And we did this across the board, but a good example is in IT, right? We have about 1,300 IT systems. Well, not all are mission-critical don't need to be -- have the same level of support as others. So we really stratified our support levels. And we did that across IT, HR, legal, finance, we looked at across the corporate areas and found really structural opportunities that will remain for the long term. And that's why we feel like a lot of the 75% of the $300 million is sustainable.

這是個好問題，大衛。這是布萊恩。當我們去年全面審視機會以真正將 2023 年定位在一個好的位置時，我們確定了我們的企業成本和業務支持中我們認為我們可以真正使服務水平與工作優先級保持一致的領域。我們全面地做到了這一點，但一個很好的例子是在 IT 領域，對吧？我們擁有大約 1,300 個 IT 系統。好吧，並不是所有的任務都是關鍵的，也不需要 - 擁有與其他人相同水平的支持。所以我們真的對我們的支持水平進行了分層。我們在 IT、人力資源、法律、財務方面做到了這一點，我們審視了整個公司領域，發現了真正的結構性機會，這些機會將長期存在。這就是為什麼我們認為 3 億美元中的 75% 中有很多是可持續的。

And another area that was also very important to the cost reductions was our real estate footprint. In Uptown Charlotte, we're moving from 4 buildings into 1 new tower. That's reducing service costs on those assets as well as lease cost and depreciation. So inflationary pressures are not impacting our ability to hit that $300 million target. We've contemplated inflation in certain pockets in the portfolio as we look into the spin in 2023 in our planning horizon and feel good about the $5.65 target we have.

另一個對降低成本也非常重要的領域是我們的房地產足跡。在夏洛特住宅區，我們將從 4 棟建築搬遷到 1 棟新塔樓。這減少了這些資產的服務成本以及租賃成本和折舊。因此，通貨膨脹壓力不會影響我們實現 3 億美元目標的能力。當我們在規劃範圍內研究 2023 年的旋轉時，我們已經考慮了投資組合中某些部分的通貨膨脹，並對我們的 5.65 美元目標感到滿意。

Okay. Understood. That's helpful. And then I was wondering if you could just talk to -- what gave you the confidence in knocking up the CapEx plan for the '23 to '27 period. But then also on the rate base outlook, it looked like the 2027 rate base forecast had ticked up a decent amount versus the prior expectations. So I'm wondering if there are any other drivers behind that, too.

好的。明白了。這很有幫助。然後我想知道你是否可以談談——是什麼讓你有信心在 23 到 27 年期間制定資本支出計劃。但隨後在利率基礎前景方面，看起來 2027 年利率基礎預測比之前的預期提高了一個不錯的數額。所以我想知道這背後是否還有其他驅動因素。

David, as we come to capital planning every year, we take into account where we are with regulatory approval, where we are with integrated resource plans, et cetera. And so we have seen an increase in transmission and distribution investment. If you look at the carbon plant in particular, there's transmission that's been approved in order to open up more potential for renewables. And as we get out into '26, '27, those numbers also reflect what we expect to mature in subsequent IRP updates and subsequent regulatory approvals. So that's how I would answer. I don't know, Brian, would you add anything further?

大衛，當我們每年進行資本規劃時，我們會考慮我們在監管部門批准的情況下，我們在綜合資源計劃方面的情況，等等。因此，我們看到了輸配電投資的增加。如果您特別關注碳工廠，就會發現其中的傳輸已獲批准，以便為可再生能源開闢更多潛力。隨著我們進入 '26、'27，這些數字也反映了我們期望在隨後的 IRP 更新和隨後的監管批准中成熟的內容。所以我會這樣回答。我不知道，布賴恩，你能補充什麼嗎？

No, I think as we move deeper into the clean energy transition, we expect the capital plan to increase year after year as well. So this is in line with our expectations as we move through the '20s.

不，我認為隨著我們深入清潔能源轉型，我們預計資本計劃也會逐年增加。因此，這符合我們在 20 年代前進時的預期。

And I think that's an important point. As we were talking -- thinking back to the generation transition day kind of showing those charts about the 10 years. As we get deeper into the plan, more generation investment begins to show up earlier in the plan, more transmission and distribution. So you're beginning to see that and you'll see more of it in '28, '29, '30.

我認為這是重要的一點。正如我們所說的那樣——回想一下世代過渡日，展示了關於這 10 年的圖表。隨著我們對計劃的深入研究，更多的發電投資開始出現在計劃的早期，更多的輸電和配電。所以你開始看到它，你會在 28 年、29 年、30 年看到更多。

The next question is from the line of Nick Campanella with Credit Suisse.

下一個問題來自瑞士信貸的 Nick Campanella。

A lot of good questions so far. So I guess conceptually, Brian, when you updated this plan in the third quarter, we were kind of at the height of inflation, interest costs, gas costs, et cetera. And now we've obviously seen some of those things roll over here since you've given the 5% to 7%. Does that put you in a better spot in the range now, given that dynamic? I'm just thinking long term through the plan here? Any comment that you could give on that?

到目前為止有很多好問題。所以我想從概念上講，布賴恩，當你在第三季度更新這個計劃時，我們有點處於通貨膨脹、利息成本、天然氣成本等的高峰期。現在我們顯然已經看到其中一些事情已經發生，因為你已經給出了 5% 到 7%。鑑於這種動態，這是否讓你現在處於該範圍內的更好位置？我只是從長遠考慮這裡的計劃？您對此有何評論？

Nick, it is a good question around long-term growth rate. And we feel good about our 5% to 7% growth. And we have a lot of things to figure out. I mean interest rates have moderated to some degree, but they're still moving up, right? The Fed is still moving it. Fuel costs have been on the downward trend, and we -- that's really good for our customers. But they could move up just as fast as they did in 2022. So right now, we're sticking to the 5% to 7% growth range and not signaling inside it anymore.

尼克，這是一個關於長期增長率的好問題。我們對 5% 到 7% 的增長感到滿意。我們有很多事情要弄清楚。我的意思是利率在一定程度上有所緩和，但它們仍在上升，對嗎？美聯儲仍在推動它。燃料成本一直呈下降趨勢，我們——這對我們的客戶來說真的很好。但它們可能會像 2022 年一樣快速上升。所以現在，我們堅持 5% 到 7% 的增長范圍，不再在其中發出信號。

I think the commodity price is coming down, Nick is a real positive for customers because you think about we still have deferred fuel to collect, but our estimates for cost of fuel in 2023 is coming off and that's a good thing. So we're pleased to see that. It's good for customers. It also takes a little pressure off of interest in financing. So we'll continue to take advantage of every bit of that.

我認為商品價格正在下降，尼克對客戶來說是一個真正的積極因素，因為你認為我們仍有延期燃料要收集，但我們對 2023 年燃料成本的估計正在下降，這是一件好事。所以我們很高興看到這一點。這對客戶有好處。這也減輕了融資興趣的壓力。因此，我們將繼續利用其中的每一點。

I appreciate that. And to your point on the deferred fuel, 80 bps hit to the FFO and the '23 time frame here, and I acknowledge you have a path to get back to the 14% long term. I guess my question is, do you see sufficient headroom in your metrics at this point for unforeseen events like storms? And just how should we kind of think about the ability for the current plan to just handle any more kind of transient credit hits here?

我很感激。至於你關於遞延燃料的觀點，FFO 和 23 年的時間框架達到了 80 個基點，我承認你有辦法回到 14% 的長期目標。我想我的問題是，您目前是否認為您的指標有足夠的空間來應對風暴等不可預見的事件？我們應該如何考慮當前計劃在這里處理任何更多類型的瞬態信用命中的能力？

We feel very comfortable. The fact that we've absorbed $4 billion of deferred fuel and $0.5 billion of hurricane in 2022 alone, I think, is a strong testament to where we are, our scale, our ability to manage resources, et cetera. So we feel comfortable with it. We care deeply about maintaining these credit ratings. We think they're important and at the right level for the degree of risk in the business, but this is an opportunity that presents itself with the size and scale of our company where we can manage our way through blips of this type. More than a blip actually, $4 billion.

我們感覺很舒服。我認為，僅在 2022 年，我們就吸收了 40 億美元的延期燃料和 5 億美元的颶風，這一事實有力地證明了我們所處的位置、我們的規模、我們管理資源的能力等等。所以我們覺得很舒服。我們非常關心維持這些信用評級。我們認為它們很重要，並且對於業務風險程度而言處於適當的水平，但這是一個機會，它以我們公司的規模和規模呈現出來，我們可以在這種情況下管理我們的方式。實際上不僅僅是曇花一現，還有 40 億美元。

The next question is from the line of Jeremy Tonet with JPMorgan.

下一個問題來自 JPMorgan 的 Jeremy Tonet。

I just want to round out the Commercial Renewables conversation a little bit, if I could. If there's any additional color you could provide on the sale such as where book value stands right now, portfolio tax equity position, asset level debt. Just trying to fuse together more on our side. I appreciate that it's a sensitive time given that you're selling the assets, but wondering if you could share any more details, particularly as it relates to book value.

如果可以的話，我只想稍微完善一下商業可再生能源的談話。如果您可以在銷售中提供任何其他顏色，例如現在的賬面價值、投資組合稅收股權狀況、資產水平債務。只是想在我們這邊更多地融合在一起。考慮到您正在出售資產，我知道這是一個敏感的時期，但想知道您是否可以分享更多細節，尤其是與賬面價值相關的細節。

Yes. And Jeremy, let me comment on -- we feel good about the process, strong interest in the portfolio. We're not going to talk any more specifically around valuation. I hope you can appreciate that given where we are in the process. And I don't know, Brian, if you want to add anything to...

是的。傑里米，讓我評論一下——我們對這個過程感覺很好，對投資組合有濃厚的興趣。我們不會更具體地談論估值。考慮到我們在流程中所處的階段，我希望您能理解這一點。我不知道，布賴恩，如果你想添加任何東西......

Yes. Jeremy, we referenced a $3 billion book value excluding the tax attributes mid-year and we had some projects we continue to invest in for the balance of the year and then took the $1.3 million write-down at the end of the year. So you can kind of walk it down that way if you want to think about book value.

是的。傑里米，我們在年中參考了 30 億美元的賬面價值，不包括稅收屬性，我們有一些項目在今年的餘額中繼續投資，然後在年底減記了 130 萬美元。所以如果你想考慮賬面價值，你可以這樣走下去。

Got it. That's helpful. And then I just wanted to kind of pivot a little bit, you involved with a number of emerging technology partnerships, including Honeywell battery, (inaudible) and TerraPower [insecure] hydrogen pilot. Just wondering which technology here you're most excited about? And if you were going to move forward 10, 20 years down the road, which one do you think plays a larger part in the Duke portfolio at that time?

知道了。這很有幫助。然後我只是想稍微改變一下，你參與了許多新興技術合作夥伴關係，包括霍尼韋爾電池，（聽不清）和 TerraPower [不安全] 氫試點。只是想知道您對這裡的哪種技術最感興趣？如果你打算在未來 10 年、20 年內向前邁進，你認為當時杜克大學的投資組合中哪一個發揮更大的作用？

Jeremy, it's a really good question. It's a really good question. And one of the reasons we are involved in so many different things is the obstacle for full-scale adoption has a lot to do with which technology can reach commercial scale with a supply chain that will support how much of it we need. I think about our path or climate report through 2050 has us a need of somewhere between 10,000 and 15,000 megawatts of what we call 0 emitting load following resources kind of in that late ['30, '40 range]. So that could be hydrogen. It could be small modular reactors. It could be CCUS, it could be longer duration storage.

傑里米，這是一個非常好的問題。這是一個非常好的問題。我們參與這麼多不同事情的原因之一是全面採用的障礙與哪些技術可以達到商業規模有很大關係，供應鏈將支持我們需要多少。我認為我們到 2050 年的路徑或氣候報告讓我們需要 10,000 到 15,000 兆瓦之間的某個地方，我們稱之為 0 排放負荷，遵循那個晚期 ['30, '40 範圍] 的資源。所以那可能是氫。它可以是小型模塊化反應堆。它可能是 CCUS，也可能是更長時間的存儲。

So the key being, again, though, we're not going to invest until they're affordable for our customers, and we can invest at the commercial scale necessary to make a difference. The small module reactor is something we're spending time on, and you would expect us to. We are the largest regulated nuclear operator in the U.S. sitting in a part of the world that embraces nuclear as part of the solution. But we also joined with a collection of Southeastern utilities to pursue a hydrogen hub. Because with all that carbon-free generation and all the solar we're going to have in this area, we think that's something worth investing in, really, as part of maintaining and preserving the natural gas infrastructure that has been so important to this region.

因此，關鍵是，我們不會在客戶負擔得起之前進行投資，而且我們可以在必要的商業規模上進行投資，從而有所作為。小型模塊反應堆是我們正在花時間研究的東西，你會期望我們這樣做。我們是美國最大的受監管核運營商，位於世界上將核能作為解決方案一部分的地區。但我們也加入了東南部公用事業的集合，以尋求氫樞紐。因為我們將在這個地區擁有所有無碳發電和所有太陽能，我們認為這是值得投資的東西，真的，作為維護和保護對該地區非常重要的天然氣基礎設施的一部分.

So I know it's a roundabout answer to the question, but we're not ready to put our finger on any specific technology as the solution, but we are advancing our work, piloting, advising, working as actively as we can to make sure these technologies are developing at pace so that when we do need them and are ready to invest, there will be something that makes sense for our customers.

所以我知道這是對這個問題的迂迴回答，但我們還沒有準備好將我們的手指放在任何特定技術上作為解決方案，但我們正在推進我們的工作，試點，建議，盡可能積極地工作以確保這些技術正在快速發展，因此當我們確實需要它們並準備投資時，就會有一些對我們的客戶有意義的東西。

The next question is from the line of Durgesh Chopra with Evercore ISI.

下一個問題來自 Durgesh Chopra 與 Evercore ISI 的合作。

Just all my other questions have been answered. If I may, I just had a quick clarification on the tax leakage portion of the commercial renewables sale, Brian, does -- so the message on the Q3 call was tax leakage is manageable given your other tax losses. I'm thinking about with this write-down, does that impact your sort of tax basis? And are you still saying that -- is the message still that the tax leakage is manageable? Or does that -- does the impairment charge change that dynamic?

我所有的其他問題都得到了回答。如果可以的話，我剛剛對商業可再生能源銷售的漏稅部分進行了快速澄清，布賴恩確實如此——所以第三季度電話會議上的信息是，考慮到你的其他稅收損失，漏稅是可控的。我正在考慮這種減記，這會影響您的稅基嗎？你是否還在說 - 信息仍然是漏稅是可控的嗎？還是那 - 減值費用是否會改變這種動態？

Yes. There's no change to the tax position or a tax basis as a result of this impairment charge, so no change in message. We can manage it.

是的。由於減值費用，稅收狀況或稅收基礎沒有變化，因此信息沒有變化。我們可以管理它。

Thank you. That's all the time we have for questions today. I would like to turn the call back over to Lynn Good for concluding remarks.

謝謝。這就是我們今天所有的提問時間。我想將電話轉回 Lynn Good 以作總結髮言。

Well, thank you all for joining and for your investment in Duke Energy. We appreciate that. We feel like we've had a strong finish to the year and excited about 2023. And as always, we're available, Investor Relations and the senior management team for any further questions. So thanks for joining today.

好吧，感謝大家的加入以及對杜克能源的投資。我們對此表示讚賞。我們覺得今年的收官很好，對 2023 年感到興奮。一如既往，投資者關係部和高級管理團隊可以回答任何進一步的問題。所以感謝今天的加入。

That concludes today's conference call. Thank you for your participation. Please enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與。請享受您剩下的一天。