Duke Energy Corp (DUK) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to Duke Energy Second Quarter 2024 earnings call. My name is Felicia, and I'll be your operator today. Following today's presentation, there will be a Q&A session. You may register for questions by pressing star, followed by one on your telephone keypad. I will now hand you over to your host, Abby Motsinger, Vice President of Investor Relations at Duke Energy. Please go ahead, Abby.

大家好，歡迎參加杜克能源 2024 年第二季財報電話會議。我叫費莉西亞，今天我將擔任您的接線生。今天的演講結束後，將有一個問答環節。您可以透過在電話鍵盤上按下星號，然後按下 1 來註冊提問。現在我將您交給主持人，杜克能源公司投資者關係副總裁艾比莫辛格 (Abby Motsinger)。請繼續，艾比。

Thank you, Felicia, and good morning, everyone. Welcome to Duke Energy's second quarter 2024 earnings review and business update. Leading our call today is Lynn Good, Chair and CEO along with Harry Sideris, President; and Brian Savoy, CFO.

謝謝你，費莉西亞，大家早安。歡迎閱讀杜克能源 2024 年第二季財報回顧和業務更新。今天主持我們電話會議的是董事長兼執行長 Lynn Good 和總裁 Harry Sideris；以及財務長 Brian Savoy。

Today's discussion will include the use of non-GAAP financial measures and forward-looking information. Actual results may differ from forward-looking statements due to factors disclosed in today's materials and in Duke Energy's SEC filings. The appendix of today's presentation include supplemental information along with the reconciliation of non-GAAP financial measures.

今天的討論將包括使用非公認會計準則財務指標和前瞻性資訊。由於今天的材料和杜克能源向美國證券交易委員會提交的文件中披露的因素，實際結果可能與前瞻性陳述不同。今天簡報的附錄包括補充資訊以及非公認會計準則財務指標的對帳。

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

說完這些，讓我把電話轉給 Lynn。

Abby, thank you, and good morning, everyone. Before I begin, I'd like to take a moment and recognize the work of our team responding to Hurricane Debby. The storm made landfall in Florida yesterday morning and caused outages for about 330,000 customers.

艾比，謝謝你，大家早安。在我開始之前，我想花點時間來讚揚我們的團隊在應對颶風黛比方面所做的工作。風暴昨天早上在佛羅裡達州登陸，導致約 33 萬戶用戶停電。

We had crews in position over the weekend, and our teams are working around the clock to restore power. As of this morning, we've restored 90% of our impacted customers. Based on its current track, we expect the storm to impact the Eastern and Central parts of the Carolinas later this week. Along with tropical storm forced winds, the system is bringing heavy rains. We're staging crews and implementing flood mitigation plans to be able to safely and quickly respond to expected customer outages.

我們的工作人員已在周末就位，我們的團隊正在日以繼夜地工作以恢復電力。截至今天早上，我們已經恢復了 90% 受影響客戶的服務。根據目前的路徑，我們預計本週晚些時候風暴將襲擊卡羅來納州東部和中部地區。伴隨熱帶風暴的強風，此天氣系統也帶來強降雨。我們正在安排人員並實施防洪計劃，以便能夠安全、快速地應對預期的客戶停電情況。

Now let me turn to our second quarter results and the significant progress we're making across the company. Our simplified fully regulated portfolio of Southeast and Midwestern utilities combined with our strong track record of constructive regulatory outcomes positions us well to deliver long-term value for shareholders. We have clear growth visibility driven by our $73 billion capital plan, which is focused on grid and generation investments to support the growing communities we serve.

現在，我來談談我們的第二季業績以及我們整個公司的重大進展。我們簡化的、完全受監管的東南和中西部公用事業投資組合，加上我們在建設性監管成果方面的良好記錄，使我們能夠為股東創造長期價值。我們擁有明確的成長前景，這得益於我們 730 億美元的資本計劃，該計劃專注於電網和發電投資，以支持我們服務的不斷發展的社區。

In a moment, Harry will provide an update on recent regulatory activity and operational highlights from across the business; and later in the call, Brian will walk through detailed financial results and our long-term sales outlook. But let me begin with the results for the quarter.

稍後，Harry 將介紹近期監管活動的最新情況以及整個業務的營運亮點；在稍後的電話會議中，布萊恩將介紹詳細的財務結果和我們的長期銷售前景。首先我要介紹一下本季的業績。

Turning to Slide 5. Today, we announced adjusted earnings per share of $1.18, building on our strong start to the year. These results were $0.27 above last year, driven by growth across our electric utilities and improved weather. We continue to deliver consistent outcomes, carrying positive momentum into the back half of the year. We are reaffirming our 2024 guidance range of $5.85 to $6.10. We are also reaffirming our long-term EPS growth rate of 5% to 7% through 2028 based off of $5.98 midpoint for 2024.

翻到幻燈片 5。今天，我們宣布調整後每股收益為 1.18 美元，這鞏固了我們今年強勁開局的基礎。由於電力事業的成長和天氣好轉，這一結果比去年高出 0.27 美元。我們繼續取得一致的成果，並將正面的動能延續到下半年。我們重申 2024 年的指導範圍為 5.85 美元至 6.10 美元。我們也重申，以 2024 年中點 5.98 美元為基礎，到 2028 年，我們的長期每股盈餘成長率將達到 5% 至 7%。

With that, I'd like to hand the call over to Harry.

說完這些，我想把電話交給哈利。

Thank you, Lynn.

謝謝你，林恩。

Starting on Slide 6. We have a long history of working with stakeholders to achieve constructive regulatory outcomes that benefit our customers and deliver returns for our shareholders. Since the start of 2023, we've continued to build on this track record with approximately $75 billion of rate base investments approved or settled across 7 rate cases. I'm proud of the teams across the company that contributed to these impressive results. The outcomes support essential critical infrastructure investments acknowledging the rising cost of capital through higher ROEs and allow us to meet our customers' demands for affordable, reliable and increasingly clean energy now and into the future.

從投影片 6 開始。我們長期與利害關係人合作，以取得建設性的監管成果，使我們的客戶受益並為我們的股東帶來回報。自 2023 年初以來，我們繼續鞏固這項業績記錄，在 7 起利率案件中批准或解決了約 750 億美元的利率基礎投資。我為公司各個團隊為這些令人印象深刻的成績所做的貢獻感到自豪。結果支持透過更高的 ROE 承認資本成本上升的重要關鍵基礎設施投資，並使我們能夠滿足客戶現在和將來對經濟實惠、可靠和日益清潔的能源的需求。

Just last month, we received a final order in our DEC South Carolina rate case and rates were updated August 1. The order supports our efforts to increase system diversity and reliability and enhance the customer experience. We also filed a comprehensive settlement in our Florida rate case in July. The Florida settlement reflects a 3-year multiyear rate plan with rates effective in January. It focuses on continued grid modernization to serve population growth and harden the system as well as investments in renewables. Hearings are scheduled to begin later this month and an order is expected by the end of the year.

就在上個月，我們收到了 DEC 南卡羅來納州利率案的最終判決，利率於 8 月 1 日更新。此訂單支持我們提高系統多樣性和可靠性以及增強客戶體驗的努力。我們也在7月針對佛羅裡達州利率案提交了全面的和解方案。佛羅裡達州的和解協議體現了一項為期 3 年的多年期利率計劃，利率將於 1 月生效。該計劃重點關注持續的電網現代化建設，以滿足人口增長和強化電網系統的需求，以及對再生能源的投資。聽證會定於本月稍後開始，預計年底前發布命令。

Importantly, the outcomes in South Carolina and Florida demonstrate our commitment to affordability and continued focus on finding creative solutions to maintain low rates, including utilizing tax benefits to moderate increases. With solutions like these, we expect customer rates to remain below the national average.

重要的是，南卡羅來納州和佛羅裡達州的結果表明了我們對負擔能力的承諾，並繼續致力於尋找維持低利率的創意解決方案，包括利用稅收優惠來緩和成長。有了這樣的解決方案，我們預計客戶費率將保持在全國平均以下。

Turning to Slide 7. We continue to collaborate with stakeholders across our jurisdictions. In the Carolinas, the IRP process is advancing in both states. Our plans calls for a diverse and increasingly clean energy mix that serves our growing customer base while preserving reliability and affordability. In mid-July, we were pleased to reach a constructive settlement in North Carolina with the Public Staff, Walmart and CCBA. Importantly, the settlement adopts our near-term action plan including renewables and natural gas investments as well as early development activities for long lead time resources.

翻到幻燈片 7。我們將繼續與轄區內的利害關係人合作。在卡羅來納州，兩個州的 IRP 流程都在推進中。我們的計劃是建立多樣化、日益清潔的能源結構，以服務不斷增長的客戶群，同時保持可靠性和可負擔性。7月中旬，我們很高興與北卡羅來納州公共工作人員、沃爾瑪和CCBA達成了建設性的解決方案。重要的是，該協議採用了我們的近期行動計劃，包括再生能源和天然氣投資以及長期資源的早期開發活動。

Hearings concluded in North Carolina yesterday and South Carolina hearings will start in mid-September. We expect orders in both states by year-end. CPCN hearings will begin today in North Carolina on our request to construct more than 2 gigawatts of natural gas generation. These advanced class units will be located at existing coal plants slated for retirement, ensuring continued reliability in complementing our significant investments in renewables. We expect CPCN orders from the NCUC by the year-end and pending approvals, construction is planned to start in 2026 with all units operational by 2028.

北卡羅來納州的聽證會昨天結束，南卡羅來納州的聽證會將於 9 月中旬開始。我們預計到年底這兩個州都會收到訂單。CPCN 聽證會將於今日在北卡羅來納州開始，討論我們建造超過 2 千兆瓦天然氣發電廠的請求。這些先進級機組將位於即將退役的現有燃煤電廠，確保持續可靠地補充我們在再生能源方面的大量投資。我們預計 NCUC 將在年底前下達 CPCN 訂單，待獲得批准後，計劃於 2026 年開始建設，所有機組將於 2028 年投入營運。

Moving to Florida. We placed 3 new solar facilities in service through June. This keeps us on track to have 1,500 megawatts of solar on the Florida system by the end of the year. Looking ahead, we plan to build 12 solar plants between 2025 and 2027, adding another 900 megawatts of clean energy to the Florida grid. We also have 2 additional rate case hearings this quarter. In Indiana, hearings begin later this month; and in North Carolina, our Piedmont Natural Gas hearing begins in mid-September. Both cases are based on investments we've made to serve our customers and strengthen our system over the last several years.

搬到佛羅裡達。截至六月，我們已投入使用 3 個新的太陽能設施。這使我們預計在今年年底前在佛羅裡達州電力系統中實現 1,500 兆瓦的太陽能發電量。展望未來，我們計劃在 2025 年至 2027 年期間建造 12 座太陽能發電廠，為佛羅裡達電網增加 900 兆瓦的清潔能源。本季我們還將舉行另外 2 場利率案件聽證會。在印第安納州，聽證會將於本月稍後開始；在北卡羅來納州，我們的皮埃蒙特天然氣聽證會將於 9 月中旬開始。這兩個案例都基於我們過去幾年來為服務客戶和加強系統而進行的投資。

Before I turn it over to Brian, I wanted to commend all our teammates for their unwavering focus on operational excellence, ensuring reliable and affordable energy to our customers every day. As Lynn mentioned, many of our teammates are actively working to restore power to our Florida customers impacted by Hurricane Debby. Restoration efforts are well underway, and we are committed to restoring power to all customers as quickly and safely as possible.

在將任務交給 Brian 之前，我想讚揚我們所有的隊友，感謝他們始終專注於卓越運營，確保每天為我們的客戶提供可靠且經濟實惠的能源。正如林恩所提到的，我們的許多隊友正在積極努力為受颶風黛比影響的佛羅裡達客戶恢復電力。恢復工作正在順利進行，我們致力於盡快、安全地恢復所有客戶的供電。

In addition to responding to storms, this summer, we experienced extreme heat across our jurisdictions. In fact, the Carolinas reached 2 new record summer peaks in a matter of weeks. Our team showed incredible preparation and collaboration across the company. I'm pleased to share that the grid and fleet performed well and our employees met the needs of our customers and communities during these critical times.

除了應對風暴之外，今年夏天，我們的轄區內還經歷了極端高溫。事實上，卡羅來納州在短短幾週內就達到了兩次新的夏季高峰紀錄。我們團隊在整個公司範圍內表現出了令人難以置信的準備和協作。我很高興地告訴大家，電網和車隊表現良好，我們的員工在這些關鍵時刻滿足了客戶和社區的需求。

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

說完這些，讓我把電話轉給布萊恩。

Thanks, Harry, and good morning, everyone.

謝謝，哈利，大家早安。

Turning to Slide 8. We had a strong second quarter with reported and adjusted earnings per share of $1.13 and $1.18, respectively. This is up from adjusted earnings per share of $0.91 in the second quarter last year.

翻到幻燈片 8。我們第二季表現強勁，報告每股盈餘和調整後每股盈餘分別為 1.13 美元和 1.18 美元。這高於去年第二季調整後每股收益 0.91 美元。

Within the segments, Electric Utilities & Infrastructure was up $0.34. Growth was driven by rate increases in riders, higher sales volumes and warmer-than-normal weather across our service territories, which is a complete reversal of the extremely mild weather in the second quarter of 2023. Partially offsetting these items were higher interest expense and depreciation.

在這些板塊中，電力公用事業和基礎設施上漲了 0.34 美元。成長的動力來自於乘客費率的上漲、銷量的增加以及我們服務區域內天氣比正常水平溫暖，這與 2023 年第二季度極其溫和的天氣完全相反。部分抵銷這些項目的是更高的利息支出和折舊。

Moving to Gas Utilities & Infrastructure. Results were down $0.02 compared to last year as favorable rider revenue was offset by higher interest expense and depreciation. And finally, the Other segment was down $0.05, primarily due to higher interest expense.

轉向天然氣公用設施和基礎設施。由於良好的附加險收入被更高的利息支出和折舊所抵消，因此業績與去年相比下降了 0.02 美元。最後，其他部門下降了 0.05 美元，主要原因是利息支出增加。

Turning to Slide 9. I'd like to take a moment to discuss our earnings profile for the remainder of the year. As a reminder, last year had an atypical earnings shape with record mild weather in the first half of the year, which was mitigated with agility measures in the second half. With that in mind, the strong performance we've demonstrated so far this year is aligned with our planning assumptions. I'm incredibly proud for the team for delivering an impressive first half, and we are on track to achieve full year results within our guidance range.

翻到幻燈片 9。我想花點時間討論一下我們今年剩餘時間的獲利狀況。值得提醒的是，去年的獲利狀況非典型，因為上半年天氣溫和，而下半年採取的彈性措施緩解了這一不利影響。考慮到這一點，我們今年迄今表現出的強勁表現與我們的計劃假設一致。我為團隊在上半年取得的令人印象深刻的成績感到無比自豪，我們有望在預期範圍內實現全年業績。

Turning to Slide 10. We were pleased to see weather normal volumes increased 1.9% versus last year, in line with our full year projection. Customer growth remains robust, led by the Carolinas and Florida, which grew 2.4% through the first half of the year. We're also encouraged to see improving residential usage across our jurisdictions.

翻到幻燈片 10。我們很高興看到天氣正常產量較去年同期增加了 1.9%，與我們的全年預測一致。客戶成長依然強勁，其中卡羅來納州和佛羅裡達州領先，今年上半年成長了 2.4%。我們也很高興看到我們轄區的住宅使用率不斷提高。

Commercial and industrial volumes were up over 1% versus last year, driven by strength in the commercial sector. Commercial sales volumes have exceeded our projections through the first half, offsetting a slower rebound in industrial sales. As economic development projects continue to come online throughout the second half of the year, we expect C&I load growth to accelerate. We operate in some of the most attractive jurisdictions for both the economic development and customer migration, which provide conviction in our 2% load growth forecast in 2024, and 1.5% to 2% load growth CAGR over the 5-year planning horizon.

受商業部門強勁成長的推動，商業和工業產量較去年同期成長了 1% 以上。上半年商業銷售量已經超出了我們的預測，抵消了工業銷售反彈放緩的影響。隨著下半年經濟發展項目不斷上線，我們預期工商業負荷成長將會加速。我們在一些對經濟發展和客戶遷移都最具吸引力的司法管轄區開展業務，這讓我們確信 2024 年的負載成長率將達到 2%，5 年規劃期間的負載複合年增長率將達到 1.5% 至 2%。

Turning to Slide 11. We are forecasting unprecedented growth in power demand from advanced manufacturing projects across multiple sectors as well as data centers. As we evaluate which economic development opportunities to include in our forecast. It's important to remember that we take a risk-adjusted approach. We utilize discrete project level analysis to evaluate and probability weight potential opportunities, resulting in a subset of projects being included in our current projections. We have a robust pipeline of projects that continue to progress and will be reflected in our plans when the projects mature. This pipeline provides a runway for growth well into the future.

翻到第 11 張投影片。我們預測，多個產業的先進製造項目以及資料中心的電力需求將出現前所未有的成長。我們評估應將哪些經濟發展機會納入我們的預測中。重要的是要記住，我們採取的是風險調整方法。我們利用離散項目層級分析來評估和機率加權潛在機會，從而將一部分項目納入我們目前的預測中。我們擁有一系列正在不斷進展的項目，項目成熟後將反映在我們的計劃中。這條管道為未來的成長提供了跑道。

We are committed to serving this new load in a way that prioritizes reliability and affordability for all our customers. To that end, we recently executed MoUs with Google, Microsoft, Nucor and Amazon to explore tailored solutions to meet large-scale energy needs and develop rate structures to lower the long-term cost of investing in clean energy technologies. These voluntary programs, which are subject to commission approval, would be open to any large customer and would include protections for nonparticipating customers. We look forward to continued collaboration with all stakeholders as we work to meet the accelerating demand in our service territories.

我們致力於以可靠性和可負擔性為所有客戶提供這項新服務。為此，我們最近與Google、微軟、紐柯鋼鐵和亞馬遜簽署了諒解備忘錄，探索滿足大規模能源需求的客製化解決方案，並制定費率結構，以降低投資清潔能源技術的長期成本。這些自願計畫需經委員會批准，將向所有大客戶開放，並將為非參與客戶提供保護。我們期待與所有利害關係人繼續合作，努力滿足我們服務領域日益增長的需求。

Turning to Slide 12. We recognize the importance of a strong balance sheet as we advance our strategic priorities and fund investments that will be foundational to our growth. We are on track to achieve 14% FFO to debt by the end of this year, which represents 100 basis points of cushion to our Moody's downgrade threshold. Our constructive regulatory outcomes, combined with the collection of remaining deferred fuel balances, monetization of tax credits and programmatic equity issuances, provide clear line of sight to achieving our target.

翻到幻燈片 12。在推進我們的策略重點和資助對我們成長至關重要的投資時，我們認識到強勁的資產負債表的重要性。我們預計在今年年底前實現 14% 的 FFO 與債務比率，這相當於為我們的穆迪降級門檻提供了 100 個基點的緩衝。我們的建設性監管成果，加上剩餘遞延燃料餘額的收集、稅收抵免貨幣化和計劃性股票發行，為實現我們的目標提供了清晰的路線。

As disclosed in February, we expect to issue $500 million of common equity annually over the 5-year plan via our DRIP and ATM programs. We've completed over half of our $500 million target, having priced $285 million year-to-date. We've also completed approximately 80% of our planned long-term debt issuances for 2024. As we've demonstrated over many years, our commitment to our current credit ratings and a strong balance sheet is unwavering and will continue to be a top priority as we execute our growth objectives.

正如二月所披露的那樣，我們預計在五年計劃內每年透過 DRIP 和 ATM 計劃發行 5 億美元的普通股。我們的定價今年迄今已達 2.85 億美元，已完成 5 億美元目標的一半以上。我們也完成了 2024 年計劃發行的長期債務的約 80%。正如我們多年來所表明的那樣，我們對當前信用評級和強勁資產負債表的承諾是堅定不移的，並將繼續成為我們實現成長目標的首要任務。

Moving to Slide 13. We remain confident in delivering our 2024 earnings guidance range of $5.85 to $6.10 and growth of 5% to 7% through 2028. We operate in constructive growing jurisdictions and the fundamentals of our business are stronger than ever. We are well positioned to achieve our growth targets, which, combined with our attractive dividend yield, provide a compelling risk-adjusted return for shareholders.

移至幻燈片 13。我們仍有信心實現 2024 年 5.85 美元至 6.10 美元的盈利預期範圍以及到 2028 年 5% 至 7% 的增長率。我們在建設性發展的司法管轄區內開展業務，我們的業務基礎比以往任何時候都更加強勁。我們已準備好實現我們的成長目標，再加上我們誘人的股息殖利率，我們將為股東帶來頗具吸引力的風險調整回報。

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

現在，我們將開通熱線來回答您的問題。

(Operator Instructions)

（操作員指令）

Shar Pourreza, Guggenheim Partners

古根漢合夥人公司 Shar Pourreza

It's actually Constantine here for Shar. You highlighted the economic development and growth in kind of the geography is obviously favorable for data center activities, but you're still running on that 1.5%, 2% load growth projections. At what point do you feel you can reassess these assumptions? And what could that mean to the capital plan, just can see some out-of-cycle updates kind of going towards the tail end of the year?

事實上，康斯坦丁是來為莎爾服務的。您強調了地理方面的經濟發展和成長顯然有利於資料中心活動，但您仍在執行 1.5%、2% 的負載成長預測。您覺得什麼時候可以重新評估這些假設？這對資本計畫意味著什麼，只是可以看到一些非週期性的更新在年底進行嗎？

Thanks, Constantine. It's a great question and 1 that we continue to be encouraged about. So if we dial the clock back, we were a year ago, we were projecting 0.5% load growth CAGR over our planning horizon. And then economic development opportunities began to surface and continue to show up, and we moved to 1.5% to 2%. And on a base of sales of over 200,000 gigawatt hours a year at Duke Energy, that 1.5% to 2% CAGR it's quite impressive, and we're very pleased to see that kind of growth.

謝謝，康斯坦丁。這是一個很好的問題，我們對此一直感到鼓舞。因此，如果我們回溯到一年前，我們預計在規劃期間負載成長複合年增長率為 0.5%。然後經濟發展機會開始浮現並不斷顯現，我們轉向了 1.5% 到 2%。以杜克能源每年超過 20 萬吉瓦時的銷售量為基礎，1.5% 至 2% 的複合年增長率相當令人印象深刻，我們很高興看到這種成長。

And I would say that with the economic development pipeline we're looking at today, we're trending to the high end of that 1.5% to 2%. And as we look at our plans, we're forecasting to update the full financial plan with the load growth and the capital supported along with the earnings per share outcome from those elements in February, which is our normal cadence. We will definitely keep you updated along the way as the economic development pipeline progresses.

我想說，根據我們今天所看到的經濟發展前景，我們正趨向於達到 1.5% 到 2% 的高端。當我們審視我們的計劃時，我們預計將在 2 月更新整個財務計劃，包括負載成長、支援資本以及這些因素產生的每股盈餘結果，這是我們的正常節奏。隨著經濟發展進程的不斷推進，我們一定會及時向您通報最新進展。

But I will say that we continue to be encouraged. And every time we look at our load update, it deepens as far as the load growth outlook. And most of that growth is later in the decade. So it kind of coincides with as we roll the plan to 2029, it will make more sense to show that load growth over time.

但我要說的是，我們繼續受到鼓舞。每次我們查看負載更新時，負載成長前景都會更加明朗。而且大部分成長都發生在本世紀後期。因此，這與我們將計劃推至 2029 年有些吻合，顯示負載隨時間的增長將更有意義。

Again, this is the only thing I would just emphasize that Brian touched upon is we have continued to see economic development growth. I know that chart that we've shared with you is consistent with first quarter, but we are continuing to see growth in that economic development pipeline. And so our thought is that we will provide a comprehend of update both on loading capital in February that continue to give you a sense of economic development progress over the balance of the year. So the bottom line is we have a wealth of growth opportunities and feel like we're really well-positioned to take advantage of them.

再次強調，布萊恩提到的唯一一點就是我們繼續看到經濟發展的成長。我知道我們與您分享的圖表與第一季一致，但我們仍看到經濟發展管道持續成長。因此，我們的想法是，我們將在 2 月提供關於資本加載的最新信息，讓您繼續了解今年全年的經濟發展進展。因此，最重要的是，我們擁有豐富的成長機會，並且感覺我們確實有能力利用這些機會。

Yes. Sounds great. Totally understood.

是的。聽起來不錯。完全理解。

And maybe separately, when you get an update on nuclear PTC from the timing and monetization perspective and from the important that they place orders, credit metric targets and any other pieces we should be mindful of.

或許可以另外再說一下，當您從時間和貨幣化的角度了解核 PTC 的最新消息時，以及從他們下訂單的重要性、信用指標目標和我們應該注意的任何其他部分來看。

Thanks, Constantine, I'll take that as well. This is Brian. On the nuclear PTCs, we were hoping to see guidance by midyear, and that obviously has not transpired. The treasury continues to actively issue guidance on elements of the IRA. We see that week in and week out. And we still expect the formal guidance for the nuclear PTCs by the end of this year.

謝謝，康斯坦丁，我也接受這個。這是布萊恩。關於核PTC，我們希望在年中之前看到指導，但這顯然沒有實現。財政部繼續積極發布有關 IRA 各要素的指導。我們每週都看到這種情況。我們仍期待今年底前推出針對核PTC的正式指導意見。

But I will say that we operate 11 very low-cost nuclear plants that have delivered extremely well over the first half of the year. And these plants have earned about $250 million of nuclear PTCs through June. That's recorded in our financial statements. And our plans are to test the market on monetizing these PTCs in the third quarter. So you could expect us to report on that later in the year, but we don't feel like the delay in the guidance from our early expectations will have any impact on our credit in 2024.

但我要說的是，我們營運的 11 座核電廠的成本非常低，而且今年上半年的表現非常出色。截至 6 月份，這些電廠已獲得約 2.5 億美元的核 PTC。這記錄在我們的財務報表中。我們的計劃是在第三季測試這些 PTC 的市場貨幣化。因此，您可以期待我們在今年稍後對此進行報告，但我們認為，我們早期預期的指導延遲不會對我們 2024 年的信貸產生任何影響。

Nick Campanella, Barclays.

巴克萊銀行的尼克‧坎帕內拉 (Nick Campanella)。

Good to see the settlement in Florida. I was just wondering on DEI with evidentiary hearing at the end of this month, do you think you can settle that case ahead of those hearings and how should we think about that potential?

很高興看到佛羅裡達州的定居點。我只是想知道，關於本月底的 DEI 證據聽證會，您認為您可以在聽證會之前解決該案件嗎？

Thanks for that question, Nick. This is Harry. We're always open to settlement discussions. That hearings later this month as we get closer to that hearing, and we'll continue to look for opportunities to have those discussions. But we also feel very strong about the case that we've put together, strong customer benefits, the investments for the growth in Indiana and the economic development in Indiana. So we feel comfortable either path on a constructive outcome.

謝謝你的提問，尼克。這是哈利。我們始終願意進行和解談判。該聽證會將於本月晚些時候舉行，隨著聽證會的臨近，我們將繼續尋找機會進行這些討論。但是我們也對我們提出的案例感到非常堅定，它為客戶帶來了巨大的利益，為印第安納州的成長和經濟發展做出了投資。因此，無論選擇哪一條路徑，我們都願意看到建設性的結果。

So we'll keep you informed, Nick, obviously we get closer to the hearing. But as Harry indicated, a strong case and anxious to move through this process in Indiana.

所以我們會隨時向你通報，尼克，顯然我們離聽證會越來越近了。但正如哈利所指出的，他有一個強而有力的理由，並急於在印第安納州推進這一進程。

That's great. We'll be watching it. And then I guess, just when I think about your roll forward, which I know is not until the fourth quarter, just kind of wondering how you're kind of tracking within this kind of 5% to 7% EPS guide path. When I try to kind of conceptualize some of your sensitivities that you laid out on Slide 22, interest rates are down, you did mention some pressure higher on the 1% to 2% load growth assumption and the stock is also up, which helps the accretion of your equity program. Just where are you tracking in the 5% to 7%? And then like what headwinds should we be kind of considering versus what I outlined right there?

那太棒了。我們會關注的。然後我想，當我想到你的滾動時，我知道要到第四季度，只是有點想知道你是如何在這種 5% 到 7% 的 EPS 指導路徑內進行跟踪的。當我嘗試概念化您在幻燈片 22 中列出的一些敏感性時，利率下降，您確實提到了 1% 到 2% 的負荷增長假設的一些更高壓力，並且股票也在上漲，這有助於您的股權計劃的增長。在 5% 到 7% 之間您追蹤的是什麼？那麼，相對於我剛才所概述的內容，我們應該考慮哪些不利因素呢？

No, thanks, Nick. This is Brian, again.

不，謝謝，尼克。再次提到我是 Brian。

So as we look through our 5-year plan, we definitely see more tailwinds and headwinds, right? This accelerating load growth that pointed more towards the back end of the plan, clearly provides a tailwind, consistent investment in critical infrastructure across our jurisdictions that are supported and approved by multiyear rate plans or grid riders for multiple years to come provide that transparent growth and a stabilizing interest rate environment. Frankly, those 3 things give us a high degree of confidence in the 5% to 7% at a minimum, extending that, but also presents the opportunity to earn at the top end of that range later in the period.

因此，當我們回顧我們的五年計劃時，我們肯定會看到更多的順風和逆風，對嗎？這種加速的負載成長更指向計劃的後端，顯然為我們管轄範圍內的關鍵基礎設施提供了順風和持續的投資，這些投資得到了未來多年的多年費率計劃或電網附加計劃的支持和批准，提供了透明的增長和穩定的利率環境。坦白說，這三件事讓我們對至少 5% 到 7% 的成長率充滿信心，不僅擴大了這一範圍，還提供了在後期賺取該範圍最高收益的機會。

I will say that the things to watch would be an economic downturn, right? That affects any utility. It would affect our communities that we serve and would affect our customer demand. So that's something that we definitely keep our finger on the pulse with our customers, understanding where they are and what pressures they're seeing. But that probably -- Lynn, I don't know if you would add anything to that?

我會說需要關注的是經濟衰退，對嗎？這會影響任何實用程式。這會影響我們服務的社區並影響我們的客戶需求。因此，我們一定會密切關注客戶的動態，了解他們的現狀以及他們面臨的壓力。但那可能——Lynn，我不知道您是否還有什麼要補充的？

Nick, I would say we are comfortably positioned within the 5% to 7% and feel like it's strongly positioned when you look at this economic development for a sustained period of given you 5% to 7% through '28. As Brian indicated, we see a lot of growth in that '27-'28 period with the economic development pipeline. So that gives us the opportunity to earn at the higher end of the range. If those projects mature at the pace we expect. And if we continue to add them, which has certainly been our experience here in 2024.

尼克，我想說，我們處於 5% 到 7% 之間的舒適區，而且，從 2028 年持續 5% 到 7% 的經濟發展來看，我們處於強勢地位。正如布萊恩所指出的，我們看到 27-28 年期間經濟發展取得了巨大的成長。這使我們有機會獲得較高範圍的收益。如果這些項目按照我們預期的速度成熟。如果我們繼續添加它們，這肯定是我們在 2024 年的經驗。

So we'll continue to update you every step of the way and are anxious to provide an update in February that will not only capture this economic development we've seen in '24, but also give us a chance to update capital. We've produced a lot of cash flow. The balance sheet is strengthening in 2024 as well. So we're very optimistic about the future.

因此，我們將繼續向您通報每一步進展，並急切地希望在 2 月提供更新，這不僅可以捕捉我們在 24 年看到的經濟發展，也讓我們有機會更新資本。我們產生了大量現金流。2024 年資產負債表也會增強。因此，我們對未來非常樂觀。

Hey, thanks for all those thoughts. Appreciate the time.

嘿，謝謝你這些想法。珍惜時間。

Julien Dumoulin-Smith, Jefferies

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

Maybe just following up on this focus on industrial growth. I mean, you guys outlined these MoUs here, can you comment to the expense of which that is incremental versus reflected in that projection on load growth in '27-'28? I imagine it's very substantively excluded. And then how do you think about the remaining time line on reaching this MoU finality, if you will?

或許只是繼續關注工業成長。我的意思是，你們在這裡概述了這些諒解備忘錄，你能否評論一下哪些費用是增量的，哪些反映在 27-28 年負載成長預測中？我想這在很大程度上被排除了。那麼，如果您願意的話，您認為達成該諒解備忘錄的剩餘時間是多少？

And how do you think about the risk sharing within that, right? I know you mentioned Nucor here, presumably, there's some sort of ability to leverage an SMR directly with some of these counterparties. How do you think about what that structure would look like for you guys? Just to clarify that ahead of time, on your risk dollars relative to ensuring that there's appropriate risk sharing?

您如何看待其中的風險分擔？我知道您在這裡提到了 Nucor，大概，他們有能力直接利用 SMR 與其中一些交易對手合作。您覺得這個結構對你們來說會是什麼樣的呢？只是為了提前澄清一下，您的風險支出是否與確保適當的風險分擔有關？

Julien, thanks. Let me take a shot. I'm sure Harry and Brian will have something to add to it. So as we think about this economic development pipeline over the period that we've shared with you through '28, data centers represent about 25% of that pipeline. But as we get out to 2030 and beyond, that 25% grows. And so we already see a lot of growth in the economic development pipeline for data centers moving into 2030 and beyond. So I would think about this MoU as not only further catalyzing how we might serve customers that are in the pipeline, but our hope also is that those customers will have an interest in expanding in our service territories as we find a way to continue to meet their needs on sustainability, but also bringing resources on.

朱利安，謝謝。讓我試試看。我確信 Harry 和 Brian 會對它有所補充。因此，當我們思考與您分享的 28 年期間的經濟發展管道時，資料中心約佔該管道的 25%。但到了 2030 年及以後，這個數字還會增加 25%。因此，我們已經看到資料中心在 2030 年及以後的經濟發展管道中將出現很大的成長。因此，我認為這份諒解備忘錄不僅可以進一步促進我們為已有客戶提供服務，而且我們還希望這些客戶有興趣擴大我們的服務領域，因為我們找到了一種方法來繼續滿足他們的可持續性需求，同時也帶來了資源。

So the discussions are early. I think there's a clear understanding that we are trying to do a couple of things here. We're trying to meet the load. We're trying to meet their sustainability goals, we're trying to do so in a way that protects retail customers, we're trying to meet their time lines. And I would say the discussion is very constructive. And the notion of risk sharing is something that we're very clear on and have lots of experience in talking with customers about. And so I think that element of the discussion is going well as well.

因此討論還處於早期階段。我認為大家清楚，我們正嘗試做幾件事。我們正在盡力滿足負載。我們正在努力實現他們的永續發展目標，我們正在努力以保護零售客戶的方式來實現這一目標，我們正在努力滿足他們的時間表。我想說這次討論非常有建設性。我們非常清楚風險共擔的概念，並且在與客戶交談中擁有豐富的經驗。所以我認為討論的這個部分進展也順利。

So we'll keep you informed as we start to mature some of these agreements into something that's more definitive, there will be disclosure, and we'll continue to update you on the economic development pipeline as we go. So I'll pause there and see if Harry or Brian has anything he'd like to add.

因此，當我們開始將其中一些協議完善為更明確的協議時，我們會隨時向您通報情況，我們會進行披露，並將繼續向您通報經濟發展的進展。因此，我將在這裡暫停一下，看看 Harry 或 Brian 是否還有什麼要補充的。

Harry Sideris

哈里·西德里斯

I would just add, Julien, the MoU has really amped up the constructiveness of our discussions with these customers and a lot of excitement on their end for these ACE tariffs, the clean energy piece of it. So I think this is going to pay dividends as we work with them closer into the future.

我想補充一點，朱利安，諒解備忘錄確實增強了我們與這些客戶的討論的建設性，也讓他們對這些 ACE 關稅，也就是清潔能源部分感到非常興奮。因此我認為，隨著我們未來與他們的合作越來越緊密，這將會帶來回報。

I would just add, Julien, the MoU has really amped up the constructiveness of our discussions with these customers and a lot of excitement on their end for these ACE tariffs, the clean energy piece of it. So I think this is going to pay dividends as we work with them closer into the future.

我想補充一點，朱利安，諒解備忘錄確實增強了我們與這些客戶的討論的建設性，也讓他們對這些 ACE 關稅，也就是清潔能源部分感到非常興奮。因此我認為這將為我們未來與他們的合作帶來回報。

Got it. And the idea here being selecting either some kind of SMR offtake or some kind of clean energy offtake that would specifically not impact the customers, just when you think about what the MoU comprises?

知道了。這裡的想法是選擇某種 SMR 承購或某種不會對客戶產生影響的清潔能源承購，您想想諒解備忘錄的內容是什麼？

Yes. So Julien, when you talk about nuclear, there are a number of structures that we're talking about. They have an interest, obviously, in carbon-free generation and nuclear represents an around the clock option. But we all recognize we're in the early stages of development. So is there a structure? Is there a premium pricing? Is there some method of equity investment? Is there some structure that would encourage the development at a perhaps a more rapid pace or sooner because of the partnership? So all of that is being explored as we talk with them and we're anxious to continue to develop it. .

是的。朱利安，當你談論核能時，我們談論的是許多結構。顯然，他們對無碳發電感興趣，而核能代表著一種全天候的選擇。但我們都認識到我們正處於發展的早期階段。那麼有結構嗎？有溢價嗎？有沒有股權投資的方式？是否存在某種結構能夠透過合作來促進更快或更早地發展？因此，我們在與他們交談時正在探索所有這些，並且我們渴望繼續發展它。。

I think the other thing I would note, which Julien, of course, you're aware of this, this generation plan is moving through the Carolinas. A lot of discussion already on carbon-free generation like the SMRs. We would also expect that every element of the agreements that we would reach with the tech companies or Nucor would also go through a commission process to make sure that they're comfortable with the structure. But they have been very positive on the fact that we're exploring these discussions, because it's a win-win for economic development for bringing clean energy to the states and also for doing so in a way that reflects protection of retail customers.

我想指出的另一件事，朱利安，當然，你知道這一點，這個世代計畫正在卡羅來納州推進。關於 SMR 等無碳發電已經有很多討論。我們也希望，我們與科技公司或紐柯鋼鐵達成的協議的每個要素都將經過委託流程，以確保他們對這種結構感到滿意。但他們對於我們正在探討這些討論的態度非常積極，因為這對於為各州帶來清潔能源以及以保護零售客戶的方式促進經濟發展是雙贏的。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

I just wanted to tie back in, I guess, on the load trends as you laid out in the prepared remarks and how commercial and industrial are tracking versus expectations here today and just what you're seeing on the ground as far as that trends over the back half of the year there?

我只是想回到您在準備好的評論中列出的負荷趨勢，以及今天的商業和工業跟踪與預期如何，以及就今年下半年的趨勢而言，您看到的實際情況如何？

Yes, Jeremy. So we guided to 2% load growth in 2024, and we're tracking on top of that. The residential growth has been robust. We've added more customers in the first half than in any first half we've looked at in any kind of recent years, about 80,000 retail customers added to our system in the first half of the year, which is putting residential kind of right in line with our 1.5% to 2% growth for 2024.

是的，傑瑞米。因此，我們預計 2024 年的負載成長率為 2%，並且我們正在在此基礎上進行追蹤。住宅成長強勁。我們上半年新增的客戶數量比近年來任何一年上半年都要多，今年上半年我們的系統增加了約 80,000 名零售客戶，這與我們 2024 年 1.5% 至 2% 的增長率一致。

Commercial has been higher than our expectations. And we came into the year thinking a modest growth in commercial, but we've seen much more in the commercial sector. And this is a combination of data center usage, healthcare, universities, just a broad mix of commercial companies that have higher demands and largely supporting this higher population that are in our regions.

商業表現超出了我們的預期。年初時我們認為商業業務將會出現溫和成長，但實際上我們看到商業領域的成長要快得多。這是資料中心使用、醫療保健、大學的綜合體，還有各種商業公司，它們的需求更高，並且在很大程度上支持我們地區的大量人口。

The industrial sector has not rebounded as fast as we anticipated. We continue to be in dialogue with our industrial customers and they're just taking a cautionary stance. And the fear of recession is out there, you don't want to get overextended.

工業部門的反彈速度並沒有像我們預期的那麼快。我們繼續與工業客戶進行對話，他們只是採取謹慎的立場。人們擔心經濟衰退，所以你不想陷入過度負債。

The labor market has been tight. So there's been a challenge to get all the shifts staffed appropriately. So some of our customers have taken the opportunity just to pull back a little bit. They're still signaling a rebound later in '24 or maybe early '25, but we feel like the mix might be a little different, but the growth in '24 is on top or better than our expectations.

勞動市場一直緊張。因此，為所有班次配備適當的人員是一個挑戰。因此，我們的一些客戶藉此機會稍微撤回了一些。他們仍然預示著 2024 年晚些時候或 2025 年初會出現反彈，但我們覺得情況可能會有所不同，但 2024 年的成長高於或好於我們的預期。

Jeremy, the only thing I would add to that is this industrial rebound kind of pushing into later '24-'25 has also been influenced by interest rates, it's what we're hearing from customers. And it's primarily, what I would call, our legacy industries of textile and paper that are feeling the pressure, and we continue to track with all of that industrial volume we're expecting from economic development that is exactly on track.

傑里米，我唯一想補充的是，這種持續到 24 年至 25 年後期的工業反彈也受到了利率的影響，這是我們從客戶那裡聽到的。而且，我所說的主要都是我們的傳統產業，例如紡織業和造紙業，它們正面臨壓力，我們將繼續追蹤所有這些工業產量，以應對經濟發展所面臨的嚴峻情況。

So it's a little bit of an old industry, new industry story that we're seeing in the Carolinas, in particular, and a little bit in Indiana. But overall, we're tracking to the growth for the year. And as we've said many times, feel bullish on the economic development pipeline.

所以，我們看到的是一個老產業和新產業的故事，特別是在卡羅來納州，在印第安納州也有一點這樣的情況。但總體而言，我們正在追蹤今年的成長。正如我們多次所說的，我們對經濟發展前景充滿信心。

Got it. That's helpful there. And then just wanted to go to November here. We have elections coming up, North Carolina has [indiscernible] race and just wondering any thoughts you could share with regards to if different outcomes could impact the IRP or just there's a lot of stakeholder agreement here and so you wouldn't expect too much change?

知道了。這很有幫助。然後我就想在這裡度過十一月。我們即將舉行選舉，北卡羅來納州有 [音頻不清晰] 競選，我只是想知道您是否可以分享一些想法，即不同的結果是否會影響 IRP，或者只是這裡有很多利益相關者的同意，所以您不會期待太多的變化？

Jeremy, no matter what happens in November, our objective is the same, which is to keep serving our customers well with reliable, affordable and increasingly clean energy. We don't expect that election to have an impact on the rulings we would receive in the Carolinas or in Indiana or Piedmont case.

傑里米，無論十一月發生什麼，我們的目標都是一樣的，那就是繼續以可靠、實惠且日益清潔的能源為我們的客戶提供良好的服務。我們不希望這次選舉對我們在卡羅來納州、印第安納州或皮埃蒙特州案件中收到的裁決產生影響。

And you should know and just reaffirming that we believe a bipartisan approach working on both sides of the aisle for energy policy has served our companies every utility well over time, and that will continue to be our posture as we move into this election. So Harry, would you add anything on IRP progress?

您應該知道，我們只是重申，我們相信，在能源政策上採取兩黨合作的方式，長期以來為我們的公司和每一家公用事業公司帶來了良好的服務，而這也將繼續成為我們在這次選舉中的立場。那麼 Harry，你能補充一些有關 IRP 進展的資訊嗎？

Yes. We wrapped up the Carolinas IRP yesterday. In July, we entered into a very constructive settlement with Public Staff and some other intervening parties.

是的。我們昨天完成了卡羅萊納州 IRP。7月份，我們與公職人員和其他一些介入方達成了非常有建設性的解決方案。

And I think that helped speed the process up. It was very efficient. I got to spend some time there last week and the commission was very engaged in providing this energy transition affordably and reliably to our customers, which aligns to what we're doing.

我認為這有助於加快這一進程。非常有效率。上週我在那裡花了一些時間，委員會非常致力於為我們的客戶提供經濟實惠且可靠的能源轉型，這與我們正在做的事情一致。

So we feel like our plan that we set forth meets the needs of our customers in North Carolina, and we'll work to see an order later this year on that.

因此，我們覺得我們制定的計劃滿足了北卡羅來納州客戶的需求，我們將努力在今年稍後達成訂單。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Just a couple of questions, I guess. You laid it out nice on Slide 6. Harry went over it on the regulatory execution. I'm just very impressive there. Just curious, has there been a change in the company's regulatory strategy over maybe the last 5 years, given like how strong the outcomes have been in the last 2 years? Or it's a great track record, and I'll leave it there.

我想，只是幾個問題而已。您在第 6 張投影片上進行了很好的佈局。哈利仔細檢查了監管執行情況。我對此印象非常深刻。只是好奇，考慮到過去 2 年的成果如此強勁，過去 5 年該公司的監管策略是否發生了變化？或者這是一份出色的記錄，我會把它留在那裡。

Anthony, thank you for appreciating that. When I think about regulatory outcomes, it is an absolutely every day assignment of Duke Energy, because it includes operational excellence that we serve our customers well reliably and affordably. It also includes work in the legislature to make sure that energy policy is clear and that we have an expectation of how to go in the future.

安東尼，謝謝你的讚賞。當我考慮監管結果時，這絕對是杜克能源的日常任務，因為它包括卓越的運營，以便我們以可靠且經濟的方式為客戶提供良好的服務。它還包括立法機關的工作，以確保能源政策明確並且我們對未來的發展有一個預期。

It's stakeholder engagement that includes customers, that includes policymakers, that includes community leaders, et cetera. So I think you saw us undergo a bit of an organizational change a few years ago where we put CEOs of the Carolinas and CEOs of Midwest and Florida, Alex and Julie in place to really continue to fine-tune our approach around stakeholder engagement and clarity around roles and responsibilities in the regulatory area.

它是利害關係人的參與，包括客戶、政策制定者、社區領導等等。所以我想你看到我們幾年前經歷了一些組織變革，我們任命了卡羅來納州的首席執行官和中西部和佛羅裡達州的首席執行官亞歷克斯和朱莉，以真正繼續微調我們圍繞利益相關者參與和明確監管領域的角色和職責的方法。

And it's been a long-standing history at Duke Energy, but appreciating this complex and often polarized environment, we think that additional focus has been helpful to us. And we take the responsibility of serving customers well every day very seriously and that's the first job at Duke Energy. And if we do that well, we believe the company will be treated fairly and constructively in the regulatory environment. And we have the deepest respect for those for the oversight of our commissions and policymakers and work hard every day to serve our customers well and to please those that have that awesome responsibility to keep energy policy moving in our states.

這對杜克能源來說已有很長的歷史，但考慮到目前這種複雜且常常兩極化的環境，我們認為額外的關注對我們是有幫助的。我們非常重視每天為客戶提供優質服務的責任，這是杜克能源的首要任務。如果我們做得好，我們相信公司將在監管環境中得到公平和建設性的對待。我們對那些監督我們的委員會和政策制定者表示最深切的敬意，我們每天都努力工作，為客戶提供良好的服務，並取悅那些肩負著推動我們各州能源政策運轉重大責任的人。

Great. And then on load growth, I mean, obviously, you guys talk about it and I appreciate the language, Brian, you said of moving it, given the Duke footprint of 1.5% to 2%. Given the load growth in the long-lived asset and planning cycle that's required, does the company believe you'll start seeing more frequent IRP filings that whether on a 2- or 3-year cycle that, that might have to condense given the changes that the system is seeing right now?

偉大的。然後關於負荷增長，我的意思是，顯然你們談論了這個問題，我很欣賞布萊恩所說的移動它，因為杜克的足跡為 1.5% 到 2%。考慮到長期資產的負載成長和所需的規劃週期，公司是否認為您將開始看到更頻繁的 IRP 備案，無論是 2 年還是 3 年的週期，考慮到系統目前正在發生的變化，這可能不得不縮短？

It's a good question, Anthony. We have a pretty frequent cadence already on IRPs, which in the Carolinas, it's every other year; Florida, every year and a 10-year site plan and then in the Midwest, there's various time horizons that are pretty frequent as well. But I think that what we did like in Carolinas this year, we had an August filing. We updated it in January, because we saw increasing load growth and we felt the commissions need to see this in real-time. So maybe not a full IRP filing each and every year, but we could see more frequent updates as we learn more about load growth over time to plan the appropriate resources, because you do need plenty of lead time to gear up these generation plans and execute them.

這是個好問題，安東尼。我們的 IRP 節奏已經相當頻繁，在卡羅來納州是每隔一年一次；佛羅裡達州每年都有 10 年的選址計劃，而在中西部，也有相當頻繁的各種時間範圍。但我認為，我們今年在卡羅來納州所做的就是在八月提交申請。我們在一月份對其進行了更新，因為我們發現負載不斷增長，我們認為委員會需要即時看到這種情況。因此，也許不是每年都有完整的 IRP 備案，但隨著我們隨著時間的推移了解更多有關負載增長的信息以規劃適當的資源，我們可以看到更頻繁的更新，因為您確實需要充足的準備時間來製定這些發電計劃並執行它們。

Yes, the only other thing I would add on that notion of updating the IRP is we work very closely with the states on economic development. So it's a partnership between Duke Energy and the economic development engines of each state and so there's a lot of understanding on a part of the state of what's coming and that gives us an opportunity to have on-the-ground discussions about what's needed with transmission and generation and then the IRP, so like the regulatory filings that follow that. So we intend to continue to stay really closely linked with our states as we go forward.

是的，關於更新 IRP 的想法，我唯一要補充的是，我們與各州在經濟發展方面密切合作。因此，這是杜克能源公司和每個州的經濟發展引擎之間的合作，因此對部分州即將發生的事情有很多了解，這使我們有機會就輸電和發電以及 IRP 的需求進行實地討論，就像隨後的監管文件一樣。因此，我們打算在未來繼續與各州保持密切聯繫。

Great. Thanks for taking my questions. Okay. Thank you, Anthony.

偉大的。感謝您回答我的問題。好的。謝謝你，安東尼。

Carly Davenport, Goldman Sachs.

高盛的卡莉‧達文波特 (Carly Davenport)。

Just wanted to quickly follow up on a couple of the previous comments on the Carolinas IRP. Appreciate all the color on the North Carolina process. I guess just as you look towards the South Carolina piece with hearing starting next month, is there any potential for a settlement there as well?

只是想快速跟進一下之前關於 Carolinas IRP 的幾條評論。欣賞北卡羅來納州進程的所有色彩。我想，正如您所期待下個月開始的南卡羅來納州聽證會一樣，那裡是否也有可能達成和解？

Carly, I appreciate that question. I think it's a little early to tell. We're still in the middle of a procedural schedule in South Carolina, where rebuttal testimony is due in a week or so, there's a surrebuttal process that goes on in South Carolina and then hearings occur in mid-September.

卡莉，我很感謝這個問題。我認為現在說這個還為時過早。我們仍在進行南卡羅來納州的程序安排，反駁證詞將在一周左右的時間內提交，南卡羅來納州正在進行進一步反駁程序，然後聽證會將於 9 月中旬舉行。

And as Harry indicated, we believe the plan that we've put forward in both states meet the requirements of the objectives that both states have set out and as we've said many times, our objective is to give both states the opportunity to put their fingerprints on this plan in a way that serves their needs and continues to deliver the benefits of scale that Duke Energy has offered to customers over a long period of time. So we'll keep you informed as we get deeper into the procedural process, but South Carolina is lagging a bit.

正如哈利所說，我們相信我們在兩個州提出的計劃符合兩個州所設定的目標的要求，正如我們多次說過的，我們的目標是讓兩個州都有機會在該計劃上留下自己的印記，以滿足他們的需求，並繼續提供杜克能源長期以來為客戶提供的規模效益。因此，隨著我們深入了解程序進程，我們將隨時向您通報，但南卡羅來納州的情況稍微落後了。

Got it. Okay. I appreciate that. And then the follow-up was just on the nuclear side. I know you guys made some comments on nuclear before, but could you just refresh us sort of on your latest thoughts on the technology and the timing for new nuclear to potentially have a place in the resource planning process?

知道了。好的。我很感激。隨後的行動只涉及核子方面。我知道你們之前對核能發表了一些評論，但您能否向我們介紹一下您對這項技術的最新看法，以及新核能可能在資源規劃過程中佔據一席之地的時機？

Carly, the SMR is included. Harry, do you want to talk a little bit about how we approached it with the IRP?

卡莉，其中包括 SMR。Harry，你想談談我們是如何處理 IRP 的嗎？

Yes, absolutely. In North Carolina, we have included that in our near-term action plans for these long lead item projects like SMRs. We have it slated in our IRP to come online 600 megawatts in 2035 at our Belews Creek station. So we're waiting for approval from the commission to move forward with those actions, to continue the development as we work through technology selection as well as other construction needs, but we have a site selected, and we're working through that process. And this IRP filing has all that in there, and the Public Staff and the settlement has agreed to those items.

是的，絕對是如此。在北卡羅來納州，我們已將其納入 SMR 等長週期項目的近期行動計劃中。我們的 IRP 計劃於 2035 年在 Belews Creek 電廠投入 600 兆瓦發電量。因此，我們正在等待委員會的批准來推進這些行動，以便在我們進行技術選擇以及滿足其他建設需求的同時繼續開發，但我們已經選定了地點，並且正在進行這一過程。此 IRP 文件包含所有這些內容，並且公共工作人員和和解各方已同意這些項目。

And Carly, I would just add, I think you appreciate that Duke has a long-standing nuclear history here in the Carolinas, 11 units. We also have customers in both states that are interested in a sustainable future. We have states who appreciate the economic development that nuclear investment has represented for the communities. So we will work through this in a thoughtful way, but I do believe that continued expansion of nuclear here in the Carolinas could make sense as we get into the 2030s and beyond.

卡莉，我想補充一點，我想你會明白杜克大學在北卡羅來納州擁有悠久的核子歷史，共有 11 台核電機組。這兩個州都有對永續未來感興趣的客戶。有些州讚賞核投資為社區帶來的經濟發展。因此，我們將以深思熟慮的方式解決這個問題，但我確實相信，隨著我們進入 2030 年代及以後，北卡羅來納州繼續擴大核能規模是合理的。

And frankly, we're hearing some conversation in Indiana as well on whether nuclear at some point could fit into that program. That, I would say, is probably lagging a little bit on timing, but I think there's a recognition that nuclear could be a part of the future, and we'll manage it in a very disciplined way.

坦白說，我們也聽到印第安納州有人討論核能是否在某種程度上可以納入該計劃。我想說，這可能在時間上有些滯後，但我認為人們已經認識到核能可能是未來的一部分，我們將以非常有紀律的方式對其進行管理。

We have no further questions. So I'll turn the call back to Lynn Good for closing remarks.

我們沒有其他問題了。因此我將把電話轉回給 Lynn Good，請她作最後發言。

Well, thank you, and thanks, everyone, for your questions today and for your investment in Duke Energy. We're available, Investor Relations and members of the team for questions if there's any follow-up that we can provide and really appreciate the engagement today and appreciate, as I said, your investment in Duke Energy. Thanks so much.

好吧，謝謝大家今天的提問，也謝謝你們對杜克能源的投資。如果我們可以提供任何後續信息，投資者關係部和團隊成員都可以回答您的問題，我們非常感謝今天的參與，並且正如我所說的，感謝您對杜克能源的投資。非常感謝。

This concludes today's call. Thank you all for attending. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參加。現在您可以斷開線路了。