Duke Energy Corp (DUK) 2024 Q4 法說會逐字稿

Hello and welcome to the Duke Energy fourth-quarter and year-end 2024 earnings. (Operator Instructions) I'd now like to hand it over to Abby Motsinger, Vice President of Investor Relations. Please go ahead.

您好，歡迎關注杜克能源 2024 年第四季和年終收益報告。（操作員指示）現在，我想交給投資者關係副總裁 Abby Motsinger。請繼續。

Thank you, Elliot. And good morning, everyone. Welcome to Duke Energy's fourth-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，艾略特。大家早安。歡迎閱讀杜克能源 2024 年第四季財報回顧和業務更新。今天主持我們電話會議的是主席兼執行長 Lynn Good；以及總裁 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 includes supplemental information, along with a 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. Today, we announced 2024 adjusted earnings per share of $5.90, finishing within our guidance range. 2024 was a year of great accomplishment, and in many ways, was defined by our response to hurricanes Helene and Milton. We were moved by our community's outpouring of support and appreciation for our work during these historic storms. We also announced updated guidance today, including a 2025 earnings per share range of $6.17 to $6.42, with a midpoint of $6030, an $83 billion capital plan, which drives 7.7% earnings-based growth. This capital represents infrastructure spending driven by growing jurisdictions and underpinned by robust regulatory processes such as integrated resource plans and approved grid investment spending, and finally, the continuation of our 5% to 7% EPS growth rate through 2029 with the potential to earn higher in the range as the years progress. Duke Energy enters the back part of this decade in a position of strength, and we're excited about the future. We're committed to delivering strong earnings growth and cash flows for our investors. and superior service to our customers and communities. Before we get further into 2025 guidance, let me acknowledge our key achievements in 24. Turning to slide five, we continued our track record of regulatory execution with the approval of $45 billion of rate-based investments. The regulatory work of the last two years minimizes rate case exposure in 2025 and 26. We also advance generation and transmission through our integrated resource plans and CPCN approvals. And we continue to add solar in Florida with 1,500 megawatts now in service. And finally, I'd like to acknowledge the Piedmont Natural Gas, 3P. For the third consecutive year, the team earned the J.D. Power number one customer satisfaction ranking for natural gas service in the Southeast. And let me also just take a moment and acknowledge last month's announcement, effective April 1, Harry will become CEO and President of Duke Energy and Ted Craver will assume the role of Independent Chair of the Board. Therefore, today will be my last earnings call prior to retirement. It's been an honor to lead this company and I appreciate everyone who's been on the journey with me. To our employees, thank you for your commitment to our company and customers. To our shareholders, thank you for your investment in Duke Energy. The capital you provide powers our success and makes the work we do possible. and to the analysts who cover our company. You play a valuable role in the investment community and I've appreciated your thoughtful research. And to Harry, thank you for being an incredible leader and advisor to me. As many of you know, Harry is a 29-year veteran of the company with experience in nearly every facet of our business. Harry raised his hand for every challenging assignment and has led this company to great success thanks to his commitment to our investors, our employees and our customers. With Harry as CEO and a strong, experienced leadership team around him, Duke Energy is well positioned to execute the next phase of our business strategy, and I'm confident in all that the company will achieve. So with that, I'd like to turn the call over to Harry.

艾比，謝謝你。大家早安。今天，我們宣布 2024 年調整後每股收益為 5.90 美元，在我們的指導範圍內。 2024 年是取得巨大成就的一年，從許多方面來看，這一年都因我們對颶風海倫 (Helene) 和颶風米爾頓 (Milton) 的回應而取得。在這場歷史性的風暴中，社區對我們所做的工作給予了大力支持和讚賞，這讓我們非常感動。我們今天也宣布了更新後的指引，包括2025年每股收益範圍為6.17美元至6.42美元，中間值為6030美元，資本計畫為830億美元，將推動7.7%的收益成長。這些資本代表著由不斷增長的司法管轄區推動的基礎設施支出，並以綜合資源計劃和批准的電網投資支出等強有力的監管流程為基礎，最後，到 2029 年，我們的每股收益增長率將繼續保持 5% 至 7%，並且隨著時間的推移，有可能在該範圍內獲得更高的收益。杜克能源在進入本世紀後半葉時實力雄厚，我們對未來充滿期待。我們致力於為投資者提供強勁的獲利成長和現金流。並為我們的客戶和社區提供更優質的服務。在我們進一步了解 2025 年指導之前，讓我先回顧一下我們在 24 年取得的主要成就。第五張投影片顯示，我們繼續維持監管執行記錄，批准了 450 億美元的基於利率的投資。過去兩年的監理工作將2025年和2026年的利率個案風險降至最低。我們也透過綜合資源計劃和 CPCN 批准推進發電和輸電。我們繼續在佛羅裡達州增加太陽能發電量，目前已投入使用 1,500 兆瓦。最後，我要感謝 Piedmont Natural Gas，3P。該團隊連續第三年榮獲 J.D. Power 東南地區天然氣服務客戶滿意度第一名。另外，請允許我花一點時間來確認上個月的公告，從 4 月 1 日起，哈利將成為杜克能源的執行長兼總裁，泰德·克雷弗將擔任董事會獨立主席。因此，今天將是我退休前的最後一次財報電話會議。我很榮幸能夠領導這家公司，並感謝與我一起前進的每一個人。對於我們的員工，感謝你們對我們公司和客戶的承諾。對於我們的股東，感謝你們對杜克能源的投資。您提供的資金推動了我們的成功並使我們的工作成為可能。以及負責我們公司的分析師。您在投資界發揮著寶貴的作用，我很欣賞您深思熟慮的研究。還有哈利，感謝你成為我優秀的領導者和顧問。大家可能都知道，哈利在公司工作了 29 年，幾乎涉足了公司業務的各個方面。哈里積極應對每一項具有挑戰性的任務，並憑藉他對我們的投資者、員工和客戶的承諾，帶領公司取得了巨大的成功。在哈里擔任執行長以及他周圍強大且經驗豐富的領導團隊的帶領下，杜克能源完全有能力執行我們業務策略的下一階段，我對公司將取得的所有成就充滿信心。因此，我想將電話轉給哈利。

Thank you, Lynn, for your kind words and for your mentorship over many years. Through your leadership, Duke Energy has become an industry-leading, fully regulated utility that is ideally positioned for the growth ahead. I am deeply honored by the confidence the Board has placed in me and the outpouring of support I've received from employees, industry leaders, and public officials, as well as from many of you in the investment community. It is hard to imagine a more compelling time to lead Duke Energy. We are passionate about our mission to power the lives of our customers and the vitality of our communities. I look forward to the opportunities ahead with optimism around our strategy, our operating culture, and our team. Turning to slide six, I assume this new role at a pivotal point for our company and industry. We share the new administration's commitment to ensuring the availability of reliable and affordable energy to meet our country's aspirations for technology leadership and economic growth. These priorities align with our business strategy, and we look forward to working with President Trump, both parties in Congress, and our states to build, operate, and protect the critical infrastructure needed to deliver on these goals. To that end, we are executing our all-of-the-above generation strategy to meet growing demand and replace aging infrastructure. Our diverse mix of new resources includes dispatchable natural gas, which is essential to maintaining reliability and affordability for customers and complements our substantial investments in renewables. In the Carolinas, we have started construction on over 2 gigawatts of natural gas generation that was approved last year, and we are filing CPCNs for our next round of gas plants in the Carolinas and Indiana this quarter. We've secured turbines and gas supply for each of these sites, expediting our ability to connect megawatts to support economic development growth. With our generation investments are accelerating, important grid investments will continue to be a significant portion of our five-year capital plan, ensuring the reliability and resiliency of our system. With 320,000 line miles, we operate the largest transmission and distribution system in the nation. Working with stakeholders across our jurisdictions, we have tailored state-specific multi-year investment plans that strengthen the grid and ensure our ability to connect new large load customers. The path forward is clear as we navigate this decade of record infrastructure build, and we remain focused on delivering value to our shareholders while meeting our customers' energy demands now and into the future. With that, let me turn the call over to Brian.

謝謝 Lynn 的善意言辭和多年來的指導。在您的領導下，杜克能源已成為業界領先、全面監管的公用事業公司，為未來發展做好了理想的準備。我對董事會對我的信任以及來自​​員工、產業領袖、政府官員以及投資界各位同仁的大力支持深感榮幸。很難想像現在是領導杜克能源最理想的時機。我們熱衷於我們的使命：為客戶的生活和社區的活力提供動力。我對我們的策略、營運文化和團隊充滿樂觀，期待未來的機會。翻到第六張投影片，我在我們公司和產業的關鍵時刻擔任這項新職位。我們與新政府一樣致力於確保提供可靠且價格合理的能源，以滿足我國對技術領先和經濟成長的渴望。這些優先事項與我們的業務策略一致，我們期待與川普總統、國會兩黨以及我們的各州合作，建立、營運和保護實現這些目標所需的關鍵基礎設施。為此，我們正在執行全方位的發電策略，以滿足不斷增長的需求並取代老化的基礎設施。我們多樣化的新資源組合包括可調度的天然氣，這對於維持客戶的可靠性和可負擔性至關重要，也是我們在再生能源方面的大量投資的補充。在卡羅來納州，我們已經開始建造去年批准的超過 2 千兆瓦的天然氣發電廠，並且我們將於本季度為卡羅來納州和印第安納州的下一輪天然氣發電廠提交 CPCN。我們已經為每個站點確保了渦輪機和天然氣供應，並加快了我們連接兆瓦電力的能力，以支持經濟發展的成長。隨著我們的發電投資不斷加速，重要的電網投資將繼續成為我們五年資本計畫的重要組成部分，確保我們系統的可靠性和彈性。我們擁有 32 萬線路英里，經營全國最大的輸配電系統。我們與各管轄區的利害關係人合作，制定了針對特定州的多年期投資計劃，以加強電網並確保我們連接新的大負載客戶的能力。隨著我們經歷創紀錄的基礎設施建設十年，前進的道路是明確的，我們仍然專注於為股東創造價值，同時滿足客戶現在和未來的能源需求。說完這些，讓我把電話轉給布萊恩。

Thanks, Harry, and good morning, everyone. As Lynn mentioned, our full-year adjusted earnings per share of 590 was within our 2024 guidance range. For the year, we saw top-line growth from rate cases and riders across our jurisdictions, which was partially offset by the impacts of a historic hurricane season. For additional details on 24 results, please refer to supporting materials in today's news release. Moving to slide eight, We set our 2025 EPS guidance range at 617 to 642. The 630 midpoint represents around 7% growth over 2024. This trend is a continuation of the 6% annual growth we've delivered since 2022. Within the electric segment, constructive rate case outcomes over the past two years will continue to drive results. In January, we implemented our new multi-year rate plan in Florida and entered year two of our multi-year rate plan in North Carolina. We'll see benefits from the DEC South Carolina rate case and our recently approved Indiana rate case, as well as growth from grid riders in the Midwest and Florida. In addition to rate activity, our plan assumes normal weather and retail sales growth of 1.5% to 2% in 2025. Growth in our gas segment will be driven by the Piedmont North Carolina rate and annual rate mechanisms in South Carolina and Tennessee, as well as customer additions and integrity management investments. Finally, we expect results of the other segment to be driven by higher interest expense and modest share dilution to fund our growing capital plan. Turning to slide nine, beginning in 2027, we see an acceleration in volumes, with annual load growth increasing to 3% to 4% at the enterprise. Our confidence in this forecast is underpinned by significant economic development projects coming online, particularly in the Carolinas, which we see growing at 4% to 5% over the same period. Our economic development pipeline reflects advanced manufacturing projects across multiple sectors, as well as data centers. As a reminder, we take a risk-adjusted approach as we evaluate which projects to include in our forecast. We incorporate just a portion of our total pipeline, focusing on those with letter agreements or in very late stage development. We then utilize discrete project-level analysis to ensure confidence in when the projects will begin commercial operation and require energy supply. In the near term, we're planning for annual load growth between 1.5% to 2% at the enterprise. Our forecast is supported by strong residential customer growth, improving industrial activity, and the expansion of new and existing businesses across our service territories. Moving to slide 10, our five-year capital plan is now $83 billion, a 12% increase versus our prior plan. The majority of the increase is driven by generation investments reflected in our IRPs. These investments ramp up over the five-year period as load accelerates and we replace aging infrastructure. In addition, Grid investments represent around 45% of our capital plan as we continue to improve the reliability and resiliency of our system. With our updated capital plan, we now expect roughly 7.7% annual earnings-based growth through 2029, a 50 basis point increase from our prior plan. Supporting this growth are efficient recovery mechanisms, which are critical to maintaining a healthy balance sheet, mitigating regulatory lag, and smoothing customer rate impact. The need for infrastructure to support our growing regions is not limited to this five-year plan. We have a long runway of investment opportunities that extend well into the next decade. Turning to slide 11, as we have demonstrated over many years, our commitment to our current credit ratings and a strong balance sheet will continue to be a top priority. We are targeting 14% FFO to debt by the end of 2025 and expect to improve above 14% over the five-year plan. Our long-term target provides over 100 basis points of cushion above our Moody's downgrade threshold and over 200 basis points above our S&P downgrade threshold. To support these credit objectives and fund accretive growth, we increased equity funding to $6.5 billion over the next five years. This increase in equity funds approximately 40% of our capital plan increase. We will continue to use our at-the-market and dividend reinvestment programs to efficiently fund our equity needs. As Harry mentioned, we've delivered many constructive regulatory outcomes over the past two years. These results enable timely recovery of investments and drive considerable improvement in our operating cash flow. In addition, we continue to see a strong market for energy tax credits. We efficiently monetized over 500 million of credits that will benefit customers over time. Before we open it up for questions, let me close with slide 12. With a strong track record of regulatory execution, we begin 2025 with confidence in our plan, and our commitment to the dividend remains unchanged. We understand its importance to our shareholders, and this year marks the 99th consecutive year of paying a quarterly cash dividend. As we look ahead, Our robust capital plan, strong customer growth, and constructive jurisdictions position us to deliver 5% to 7% growth through 2029, with the potential to earn higher in the range as load growth accelerates in the back end of the plan. We look forward to updating you on our progress throughout the year. With that, we'll open the line for your questions.

謝謝，哈利，大家早安。正如 Lynn 所提到的，我們全年調整後的每股收益為 590 美元，在我們的 2024 年指導範圍內。今年，我們看到整個轄區的費率案例和附加條款帶來的營收成長，但歷史性颶風季的影響部分抵消了這一增長。有關 24 項結果的更多詳細信息，請參閱今天新聞稿中的支援資料。轉到第八張投影片，我們將 2025 年每股盈餘指引範圍設定為 617 至 642。630 的中間點代表 2024 年的成長率為 7% 左右。這一趨勢延續了我們自 2022 年以來實現的 6% 年增長率。在電力領域，過去兩年的建設性利率案例結果將繼續推動業績。今年一月，我們在佛羅裡達州實施了新的多年期費率計劃，並在北卡羅來納州進入了多年期費率計劃的第二年。我們將從 DEC 南卡羅來納州費率案和我們最近批准的印第安納州費率案中看到收益，以及來自中西部和佛羅裡達州的電網乘客的增長。除了利率活動之外，我們的計畫還假設天氣正常，2025 年零售額將成長 1.5% 至 2%。我們天然氣部門的成長將受到北卡羅來納州皮埃蒙特的費率和南卡羅來納州和田納西州的年度費率機制以及客戶增加和誠信管理投資的推動。最後，我們預計其他部門的業績將受到更高的利息支出和適度的股份稀釋的推動，以資助我們不斷增長的資本計劃。轉到第九張投影片，從 2027 年開始，我們看到數量加速成長，企業的年負荷成長率將增加到 3% 至 4%。我們對此預測的信心得益於正在上線的重大經濟發展項目，尤其是卡羅來納州，我們預計這些地區的同期經濟成長率為 4% 至 5%。我們的經濟發展計劃反映了多個行業以及資料中心的先進製造項目。提醒一下，我們在評估應納入預測的項目時採用風險調整的方法。我們僅納入整個產品線的一部分，並專注於那些已簽訂函件協議或處於後期開發階段的產品。然後，我們利用離散專案級分析來確保對專案何時開始商業營運並需要能源供應的信心。短期內，我們規劃企業年負荷成長率在 1.5% 到 2% 之間。我們的預測受到住宅客戶強勁成長、工業活動改善以及服務區域內新業務和現有業務擴張的支持。第 10 頁，我們的五年資本計畫現為 830 億美元，比先前的計畫增加了 12%。大部分的成長是由我們的 IRP 中反映的發電投資所推動。隨著負載的增加和老化基礎設施的更換，這些投資在五年內不斷增加。此外，隨著我們不斷提高系統的可靠性和彈性，電網投資約占我們資本計畫的45%。根據我們更新的資本計劃，我們預計到 2029 年年收益成長率約為 7.7%，比我們先前的計劃增加 50 個基點。支持這一成長的是有效的恢復機制，這對於維持健康的資產負債表、減輕監管滯後和平滑客戶利率影響至關重要。支持我們不斷發展的地區所需的基礎設施並不僅限於這個五年計劃。我們擁有廣闊的投資機會，可以延伸至未來十年。轉到第 11 張投影片，正如我們多年來所展示的那樣，我們對當前信用評級和強勁資產負債表的承諾將繼續成為重中之重。我們的目標是到 2025 年底，FFO 與債務之比達到 14%，並預計在五年計畫內將提高到 14% 以上。我們的長期目標為比穆迪降級門檻高出 100 個基點、比標準普爾降級門檻高出 200 個基點以上的緩衝。為了支持這些信貸目標並為增值成長提供資金，我們在未來五年內將股權融資增加至 65 億美元。此次股權基金的增加約占我們資本計畫增加額的40%。我們將繼續利用我們的市場和股息再投資計劃來有效地滿足我們的股權需求。正如哈利所提到的，我們在過去兩年裡取得了許多建設性的監管成果。這些結果使我們及時收回投資並推動我們的經營現金流大幅改善。此外，我們繼續看到能源稅收抵免市場強勁。我們有效地將超過 5 億的信用貨幣化，這些信用將隨著時間的推移使客戶受益。在我們開始提問之前，請容許我先用第 12 張投影片來結束本次會議。憑藉良好的監管執行記錄，我們對我們的計劃充滿信心地開啟2025年，而我們對股息的承諾保持不變。我們了解這對股東的重要性，今年是連續第 99 年支付季度現金股利。展望未來，我們強勁的資本計劃、強勁的客戶成長和建設性的司法管轄區使我們能夠在 2029 年實現 5% 至 7% 的增長，並且隨著計劃後端負載增長的加速，我們有可能獲得更高的收益。我們期待向您通報我們全年的進展。現在，我們將開通熱線來回答您的問題。

(Operator Instructions) Shahriar Pourreza, Guggenheim Partners.

(操作員指示) Shahriar Pourreza，古根漢合夥人。

Hey, guys. Yes, good morning. So just, obviously, you guys have pretty good visibility now. The CapEx is updated, financing is updated. You don't have a lot of regulatory uncertainty. Just on the EPS CAGR Brian, you mentioned this and Lynn mentioned this, just higher in the range comments, in the prepareds, are we just basically guiding towards the top end of that range? And with the credit metric targets you have out there the over 100 bps above Moody's, 200 bps above S&P, Brian, can you just put a bit of a finer point on a specific target range versus the quote-unquote over language you guys have out there? Thanks.

嘿，大家好。是的，早安。所以，顯然，你們現在的能見度相當高。資本支出已更新，融資也已更新。你不會面臨太多的監管不確定性。就在每股盈餘複合年增長率 (EPS CAGR) 上，Brian，您提到了這一點，Lynn 也提到了這一點，只是在範圍評論中更高，在準備中，我們是否基本上只是引導朝向該範圍的高端？並且，你們提出的信用指標目標比穆迪高出 100 個基點，比標準普爾高出 200 個基點，布萊恩，你能否更詳細地說明一下具體的目標範圍，而不是你們現在所說的「高於」的語言？謝謝。

Yes, I'll start with the EPS, Shard. Thanks for the questions. You know, as we look at our plan and see the load growth accelerating in 27 through 29, Clearly, the opportunity is there to earn the top half of the range, and you're exactly right. That's what we're alluding to. It's based on the economic development pipeline we have that continues to grow by the day and the ability to serve this growing load. So we clearly see the 5% to 7% over the five years in the top half in the back end of the plan. On the credit, We're very pleased. We finished 2024 at 13.9% FFO to debt in spite of the storms that we saw. We were expecting some pressure from the storms. We saw it, but we overcame it because the operating cash flow in our business is accelerating. And that's based on regulatory outcomes that we've experienced over the past couple of years. As we look out in time, we've guided to above 14%. which gives us over 100 basis points, like you mentioned, above Moody's downgrade threshold and over 200 in S&P. We feel like that's the right target for now, above 14. We will come up with specific guidance as the plan progresses.

是的，我將從 EPS、Shard 開始。感謝您的提問。您知道，當我們查看我們的計劃並看到 27 年至 29 年的負載增長加速時，顯然，有機會獲得該範圍的上半部分，您完全正確。這就是我們所暗示的。它基於我們日益增長的經濟發展管道和滿足日益增長的負載的能力。因此，我們清楚地看到，該計劃後端上半部的成長率在五年內將達到 5% 至 7%。就信用而言，我們非常高興。儘管遭遇了風暴，但我們在 2024 年的 FFO 負債比率仍達到 13.9%。我們預計風暴會帶來一些壓力。我們看到了這一點，但我們克服了它，因為我們業務的營運現金流正在加速。這是基於我們過去幾年經歷的監管結果。隨著時間的推移，我們預計該比例將達到 14% 以上。正如您所說，這比穆迪的降級門檻高出 100 多個基點，比標準普爾的降級門檻高出 200 多個基點。我們覺得這是目前的正確目標，高於 14。隨著計劃的進展，我們將提出具體指導。

Okay, perfect. That's what I was trying to get at, Brian. So there will be a point in time when we can be a little bit more specific on the range that you target over the long term. That's what I was trying to really get to. I agree. And then just on the load growth, obviously everyone is focused on the incremental load growth opportunities from hyperscalers, et cetera. The deep seek and Stargate stuff has been out there for a few weeks now. Just any change in tone, Lynn and Harry, from your customers in your conversations as we're thinking about spending needs, speed to market, et cetera, or is it kind of full speed ahead? No pun intended, by the way.

好的，完美。這正是我想要表達的意思，布萊恩。因此，在某個時間點，我們可以更具體地了解你的長期目標範圍。這正是我真正想要達到的。我同意。然後僅就負載增長而言，顯然每個人都關注超大規模器等帶來的增量負載增長機會。《深度探索》和《星際之門》的內容已經播出好幾個星期了。林恩和哈利，當我們考慮支出需求、上市速度等問題時，你們與客戶的談話語氣有什麼變化嗎，還是說是全速前進？順便說一句，這不是雙關語。

Yes, I'll take that one, Char. Yes, we feel very confident in our plan that we shared with you, and we have a wealth of opportunities. In our discussions with the hyperscalers, they anticipated efficiency gains, so DeepSeq was not a surprise to them. They're full speed ahead. They're looking at the fact that these efficiencies may actually increase the demand for AI. So we have not seen any pullback in anything they're planning on. In fact, we've seen a lot more discussions with accelerating some of their work. And speed, as you mentioned, is very important to them, and it's something that we pride ourselves on, and working innovatively on solutions with them to find ways to bring them on quicker, which is what they want. So we'll continue to work with them, but we're not seeing any pullback, in fact, in acceleration in what they're discussing with us.

是的，我會選擇這個，Char。是的，我們對與你們分享的計劃非常有信心，而且我們擁有豐富的機會。在我們與超大規模資料中心的討論中，他們預計效率會提高，因此 DeepSeq 對他們來說並不令人意外。他們全速前進。他們認為這些效率實際上可能會增加對人工智慧的需求。因此，我們並未看到他們的任何計劃有任何倒退。事實上，我們已經看到更多關於加速他們的一些工作的討論。正如您所說，速度對他們來說非常重要，這是我們引以為豪的事情，我們與他們一起創新地尋找解決方案，找到讓他們更快完成任務的方法，這正是他們想要的。因此，我們將繼續與他們合作，但我們並沒有看到他們與我們討論的進程有任何倒退，事實上，還在加速。

And sure, the only thing I might add is... Okay, that's helpful, and then... Yes, a little delay, sorry. You know, Harry, you might talk about what we see in the near-term pipeline. There's a lot of the data centers that are really focused on cloud computing.

當然，我唯一想補充的是......好的，這很有幫助，然後......是的，稍微晚了一點，抱歉。你知道，哈利，你可能會談論我們在近期的管道中看到的情況。許多資料中心真正專注於雲端運算。

Yes, that's a good point, Lynn. The near-term data centers that we're having under construction are really associated with cloud computing and expansion there. And then as we move later into the plan, that's where some of the generative AI data centers are coming in, and that's when we see the larger load growth.

是的，Lynn，你的觀點很正確。我們正在建造的近期資料中心實際上與雲端運算及其擴展相關。然後，隨著我們計劃的進一步推進，一些生成性人工智慧資料中心開始湧現，那時我們將看到更大的負載成長。

Perfect. Thanks, guys, so much. And Harry and Lynn, a big congrats on both your Phase IIs. And Lynn, I know we're going to miss you a lot. It's been over 20 years of earnings calls, but it's going to be fun watching you take over the board. So thank you much.

完美的。非常感謝大家。哈利和林恩，恭喜你們第二階段的研究成功。林恩，我知道我們會非常想念你的。已經舉行了 20 多年的財報電話會議了，但看著你接管董事會還是很有趣的。非常感謝。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

Hey, good morning, everyone, and I'll echo Shar's comments. Congrats to Lynn. I counted the earnings calls. It's over 80, so. But yes, congrats all around. Thank you. But hey, just in the equity that you outlined for this new plan if you were to do kind of junior sub or hybrid or any type of like equity content-like instrument, does that change the equity needs, or do you just kind of remain, do you expect this to kind of remain constant through the plan?

嘿，大家早上好，我同意 Shar 的評論。恭喜 Lynn。我統計了收益電話會議的數量。已經超過80了。不過，是的，大家還是祝賀我們的。謝謝。但是嘿，就在您為這個新計劃概述的股權中，如果您要做某種初級子公司或混合公司或任何類型的類似股權內容的工具，這會改變股權需求嗎，還是您只是保持不變，您是否希望這種情況在整個計劃中保持不變？

Nick, I would just frame the equity a little bit. The equity funding in the context of a company our size is around 1%, 1.5% of the market cap, what we need on an annual basis. You would expect us to look for the most cost-effective, shareholder-friendly solutions to fund that equity as we look through the plan, and we're planning on using the ATM and the DRIP. But hybrids have continued to be attractive in the market, and you would expect us to look at this, and we will.

尼克，我只是想稍微闡述一下公平性。就我們這樣規模的公司而言，股權融資約佔市值的 1% 到 1.5%，這是我們每年所需的。您希望我們在審查計劃時尋找最具成本效益、對股東友好的解決方案來為該股權提供資金，並且我們計劃使用 ATM 和 DRIP。但混合動力車在市場上仍然具有吸引力，你會期望我們關注這一點，我們也會關注的。

Thanks. Yes, definitely appreciate it in context of the market cap is smaller. Another question, just legislation in South Carolina has been a discussion point for many investors, and just curious, I assume none of that's kind of in your plan at this point. If you can maybe detail how it would impact the plan. You know, are you under-earning in South Carolina? Could legislation in any way change your ability to execute differently on the resource plans you've put out there? Thank you.

謝謝。是的，在市值較小的情況下肯定會受到讚賞。另一個問題是，南卡羅來納州的立法一直是許多投資者討論的焦點，只是好奇，我認為這些都不在您的計劃中。您能否詳細說明它將如何影響該計劃。你知道嗎，你在南卡羅來納州的收入過低？立法是否會以某種方式改變您執行所製定的資源計劃的能力？謝謝。

Yes, Nick, this is Harry. I'll take that one. We're always pleased to take part in energy policy discussions at our states, and South Carolina is no different. This is something that has been going on since last year and is making progress. It's really more tone-setting. around support for the dual state system that we operate, regulatory timelines, as well as all of the above strategy and support for that. So we don't anticipate changes to our plans from the legislation, but it will make the tone in South Carolina stronger for us, and we support that and continue to work with our policymakers on that front.

是的，尼克，這是哈利。我要那個。我們一直很高興參加我們各州的能源政策討論，南卡羅來納州也不例外。這件事從去年就開始了，而且正在取得進展。這確實更具定調性。圍繞我們實施的雙重國家體系的支持、監管時間表以及上述所有策略和支持。因此，我們預計該立法不會改變我們的計劃，但它將使我們在南卡羅來納州的立場更為堅定，我們支持這一點，並將繼續與我們的政策制定者在這方面合作。

All right. Well, thanks a lot. See you soon.

好的。嗯，非常感謝。再見。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Well, hey, thanks. Good morning. And Lynn, best wishes with your upcoming retirement. And congratulations, Harry. Thank you. Let me see. You know, hey, Brian, just to put you on the spot, we're going to see, like, is the top end possible in 2027 specifically? or how you're thinking about it, just within the specifics of the five-year plan here.

嗯，嘿，謝謝。早安.林恩，祝你退休生活一切順利。恭喜你，哈利。謝謝。讓我看看。你知道，嘿，布萊恩，只是為了讓你回答這個問題，我們會看看，例如，最高端是否具體可能在 2027 年實現？或者您對此有何看法，僅在五年計劃的具體範圍內。

Yes, David, we're not going to get that specific on the day, but we do see load growth stepping up in 27, and that's in our slides, and that's when a lot of these economic development projects that are under construction now will start taking energy and will start serving them. So you know, that's the year where we do see this kind of ratcheting up of growth on the top line, and it does present the opportunity.

是的，大衛，我們今天不會具體說明，但我們確實看到 27 年的負載增長在加快，這在我們的幻燈片中有所體現，而那時許多正在建設的經濟發展項目將開始消耗能源並開始為他們提供服務。所以你知道，今年我們確實看到了營收的這種逐步成長，這確實帶來了機會。

Yes, okay, great. Now that's helpful. I appreciate your not getting overly precise here with it. And then could you speak to just how much of a pipeline of data center activity that you're kind of seeing and working on in the background? It sounds like a lot of the growth is even beyond data centers that you're seeing crystallized in the state, which is great to see. And just curious, just the quantum of data center activity that's back there on the pipeline.

是的，好的，太好了。這很有幫助。我很欣賞你在這裡沒有過於精確地表達這一點。然後您能否談談您在後台看到和處理的資料中心活動管道的數量是多少？聽起來很多增長甚至超出了你所看到的在該州實現的數據中心的範圍，這是很高興看到的。只是好奇，管道上的資料中心活動量是多少。

Yes, David, we have a wealth of opportunity in not just data centers but total economic development. We have advanced manufacturing, pharmaceuticals, a very diverse pipeline. Our near-term pipeline and advanced stage pipeline is over 7 gigawatts, and our broader pipeline is at least double that and continues to grow. As Brian mentioned, we take a risk-based approach in what we put in our load forecast because we know these loads can move around and the timing of them. So we're really putting in the load forecast items that are either turning dirt or have letter agreements or near letter agreements. and we continue to work with the ones in the pipeline to bring them forward and get them in the load forecast. We feel very strongly about our positioning for economic development and future growth, not just in data centers but in other economic development projects.

是的，大衛，我們不僅在資料中心方面而且在整個經濟發展方面都擁有豐富的機會。我們擁有先進的製造業、製藥業和非常多樣化的管道。我們的近期管道和高級階段管道超過 7 千兆瓦，而我們更廣泛的管道至少是這個數字的兩倍並且還在繼續增長。正如 Brian 所提到的，我們在負載預測中採取基於風險的方法，因為我們知道這些負載及其時間可能會發生變化。因此，我們實際上正在投入那些正在轉變的或有書面協議或接近書面協議的負載預測項目。我們將繼續與正在籌備中的專案合作，推動它們向前發展，並將它們納入負載預測中。我們對自己在經濟發展和未來成長方面的定位堅信不疑，不僅在資料中心，而且在其他經濟發展項目中。

Yes, excellent. Now that's helpful. I appreciate the color and I was just is it Is it possible that there could be even more upside, I guess, based on the pace of the development that you're seeing in your service territory? I know you've put, obviously, a lot of thought into this updated load growth and, of course, probability-weighted it here. But in terms of the pace or the rate of change that you're seeing, is there potential for further upside over time?

是的，非常好。這很有幫助。我很欣賞這種顏色，我只是想問，根據您在服務區域內看到的發展速度，是否可能還會有更大的上升空間？我知道您顯然對更新後的負載增長進行了大量的思考，當然，還在這裡對其進行了概率加權。但就您所看到的變化速度或變化率而言，隨著時間的推移，是否有進一步的上漲潛力？

David, we're definitely confident in the plan that we shared with you, and we continue to work to bring as much additional load that we can, and we focus on making sure that we can serve that load reliably and affordably. Like I mentioned earlier, the speed is important, so how can we speed this up? And we continue to have those discussions with the hyperscalers as well as the advanced manufacturing and other economic development folks.

大衛，我們對與您分享的計劃非常有信心，我們將繼續努力提供盡可能多的額外負載，並專注於確保我們能夠可靠且經濟地提供這些負載。正如我之前提到的，速度很重要，那麼我們要如何加快速度呢？我們將繼續與超大規模企業以及先進製造業和其他經濟發展領域人士進行討論。

David, I would say as we look at the pipeline, over the last year, it has continued to increase. And if we look out to 2029, for example, 50% of the pipeline is now data centers. So I do think the hard work of the team in bringing customers to our service territory will not stop, and we'll keep you updated along the way on how that translates into growth.

大衛，我想說，當我們回顧過去的一年，管道數量一直在增加。例如，如果我們展望 2029 年，50% 的管道現在是資料中心。因此，我確實認為，團隊為吸引客戶進入我們的服務區域而付出的辛勤工作不會停止，我們也將隨時向您通報這一過程如何轉化為成長。

Okay, great. Very helpful. Thanks so much for the call.

好的，太好了。非常有幫助。非常感謝您的來電。

Julien Dumoulin-Smith, Jefferies.

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

Hey, good morning, team. Can you guys hear me this time? All set? Excellent. Awesome. Hey, good morning. Congratulations to both of you guys. Nicely done. And Lynn, all the best. It's been a pleasure over the year. Indeed, as they said. Absolutely. Look, maybe just shifting the conversation focus slightly, can we talk a little bit about cost savings, just the ability to drive more efficiencies out of the organization? It seems like a potential meaningful year ahead here as you think about the opportunity. Again, maybe a question more for Harry, if anyone. How do you think about the scale of what you could deliver here, especially against the backdrop of what seems like a reinflationary cycle from a variety of factors? and how that makes you guys relatively competitive. I appreciate your rates remain competitive against a number of different peers and metrics, but how do you think about that contributing to the backdrop of economic development in that 3% to 4% as well?

嘿，早安，各位團隊。這次你們聽得到我的聲音嗎？都準備好了嗎？出色的。驚人的。嘿，早安。恭喜你們二位。做得好。祝 Lynn 一切順利。這一年非常愉快。確實，正如他們所說。絕對地。瞧，也許只是稍微轉移談話的焦點，我們可以談談成本節約，只是提高組織效率的能力嗎？當你想到這個機會時，未來的一年似乎將是意義深遠的一年。再一次，如果有人想問哈利的話，也許還有一個問題。您如何看待您在這裡能夠取得的成果的規模，特別是在各種因素導致的看似再通膨週期的背景下？以及這如何使你們具有相對的競爭力。我很欣賞你們的利率與許多同行和指標相比仍然具有競爭力，但您認為這對 3% 至 4% 的經濟發展背景有何貢獻？

Hey, Julian. It's Brian. I'm going to start, and Harry's going to come back and add some additional color. But we've been a cost leader in the industry over the past many years, leveraging technology, including AI, process improvement, and our scale to drive our calls to where they are. And you're recognizing that, and thank you for that. I will say, as our asset base grows to serve a larger customer base, O&M is going to increase. We will continue our continuous improvements efforts to keep those increases much smaller than the additional customers we're serving or the revenue that comes with them. But over the time, as we increase our assets, you do see some slight increase in O&M, and I suspect the whole industry is going to see it. And we don't believe our position as a cost leader is going to change, and we're going to manage this very tightly. But the long-term planning assumption we have is around the 1% CAGR on O&M growth, and that's, again, much less than the assets and customers we're adding.

嘿，朱利安。我是布萊恩。我要開始了，然後哈利會回來添加一些額外的顏色。但過去多年以來，我們一直是業界的成本領先者，利用包括人工智慧、流程改進和我們的規模等技術來推動我們的呼叫達到他們想要的水平。而且您也認識到了這一點，我對此表示感謝。我想說的是，隨著我們的資產基礎不斷增長以服務更大的客戶群，O＆M 也將會增加。我們將繼續持續改進，努力使這些成長遠小於我們服務的新增客戶數量或隨之而來的收入。但隨著時間的推移，隨著我們資產的增加，您確實會看到 O＆M 略有增加，而且我認為整個行業都會看到這一點。我們不相信我們作為成本領導者的地位會改變，而且我們將嚴格管理這一點。但我們的長期規劃假設是 O&M 成長的複合年增長率約為 1%，而且比我們增加的資產和客戶要低得多。

And I would add, Julian, we have a strong continuous improvement culture. It's really in our DNA to find better ways to do things each and every day. And then our size and scale helps us negotiate better deals with our supply chain partners, as well as a lot of improvement that we made using technology on our planning to make sure that we have long-term plans and locked-up resources and materials to implement our growth strategy. So that helps us manage our costs and we're taking a programmatic approach to some of the generation build that we're doing that's really saving us a lot of money and really allowing us to have definitive ways to implement this in an efficient and dependable manner. So we'll continue to do that. Brian mentioned technology and we talk about AI a lot of times on the load side, but that's another opportunity for us to continue to leverage those tools to make us more efficient in the future.

我想補充一點，朱利安，我們有強大的持續改善文化。尋找更好的方式來每天做事已經融入我們的血液中。我們的規模有助於我們與供應鏈合作夥伴達成更好的交易，同時，我們在規劃過程中利用技術取得了許多改進，以確保我們擁有長期計劃以及鎖定的資源和材料來實施我們的成長策略。這有助於我們管理成本，而且我們對一些發電建設項目採取了程序化的方法，這確實為我們節省了大量資金，也讓我們有明確的辦法以高效可靠的方式實施這些建設項目。因此我們會繼續這樣做。布萊恩提到了技術，我們在負載方面多次談論人工智慧，但這是我們繼續利用這些工具來提高未來效率的另一個機會。

Awesome. All right, excellent. And then, yes, I thought we were going to talk a little bit more about the consolidation within the utilities here, if I could maybe press you guys a little bit further on that. But related, if I can, I'd also love to hear a little bit about customer deposits and how you think about that impacting rate base and starting point and cumulative rate base. Certainly, we've seen that with some of your peers of late as loaded and ramping. Is that a factor here that we should be thinking about, especially as you think about the relative increase in rate base versus the CapEx.

驚人的。好的，非常好。然後，是的，我想我們將更多地談論這裡公用事業內部的整合，如果我可以就此向你們進一步施壓的話。但相關的是，如果可以的話，我也想聽聽一些關於客戶存款的意見，以及您如何看待這對利率基數、起點和累積利率基數的影響。當然，我們最近看到你們的一些同行們都已經開始忙碌起來。這是我們應該考慮的因素嗎，尤其是當您考慮利率基數與資本支出的相對增長時。

Julie, let me jump in. You may be talking about some of the creative tariff structures for the large load. And I would think of that as being a little bit of noise for us, given the scale of the company. So the rate-based numbers that we're sharing with you have a high degree of confidence in the amount of capital that's actually going to be deployed in our rate structure. and I think the team has done an extraordinary job developing creative tariff structures to attract large load in a way that protects our residential customers, our low-income customers, but also makes our state attractive for economic development.

朱莉，讓我插話。您可能正在談論一些針對大負荷的創新關稅結構。考慮到公司的規模，我認為這對我們來說會有點噪音。因此，我們與您分享的基於利率的數字對於我們利率結構中實際部署的資本金額具有高度的信心。我認為我們的團隊在製定創新的電價結構方面做得非常出色，這樣既可以吸引大量用戶，又可以保護我們的住宅客戶和低收入客戶，同時也使我們的州對經濟發展具有吸引力。

Awesome. Yes, I was thinking of the 7.7 CAGR versus the 7.2 that you guys had previously. I would have thought maybe the translation of the between the 84 and 73 would have been a little bit higher is what I was getting at earlier, if there was any offsets between the CapEx to rate-based transmission.

驚人的。是的，我考慮的是 7.7 的複合年增長率，而你們之前的複合年增長率是 7.2。我原本以為，如果資本支出與基於利率的傳輸之間存在任何抵消，那麼 84 和 73 之間的轉換可能會更高一些，這就是我之前所得到的。

I think we can go through more specifics with you offline.

我想我們可以線下與您討論更多細節。

We'll take it offline.

我們將使其下線。

Yes, Julian, I would say to you, 12% rate-based growth is incredibly strong. and is a great underpinning of what we see. All that capital has been put through our regulatory processes. We have integrated resource plans in place, et cetera. And I would say to you that if I were to poll the operators around the table, they'd like even more capital because the opportunities that we see to invest in our business are just really strong. So we'll keep going and delivering the returns that go with it.

是的，朱利安，我想告訴你，12%的基於利率的成長率是令人難以置信的強勁。並且為我們所見做出了重要支撐。所有這些資本都已經過我們的監管流程。我們已經制定了綜合資源計劃等等。我想告訴你們，如果我對在場的運營商進行調查，他們會希望獲得更多的資本，因為我們看到的投資我們業務的機會確實非常強勁。因此我們會繼續努力並獲得相應的回報。

Awesome. All right, guys. Thank you very much. Best of luck again.

驚人的。好吧，夥計們。非常感謝。再次祝你好運。

Thank you.

謝謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Thank you. Hi, good morning. Lynn, best of luck going forward. Harry, congratulations. Thank you. Thank you. I was just wondering if you could dig in a little bit more, I guess, on what you're seeing economic activity. in the Carolinas, a lot of good things happening there. But we've heard other care utilities talk about improvements in the Midwest as well. And just wondering if you could touch on what you see in some of those areas in your footprint.

謝謝。嗨，早安。林恩，祝你未來好運。哈利，恭喜你。謝謝。謝謝。我只是想知道您是否可以更深入地了解您所看到的經濟活動。在卡羅來納州，那裡發生了很多好事。但我們也聽到其他護理機構談論中西部地區的改善。我只是想知道您是否可以談談您在您的足跡中看到的某些區域。

Yes, Jeremy, I'll take that. In Indiana, we're seeing strong growth as well. The main focus that we've seen in our territory is around advanced manufacturing and facilities, manufacturing facilities expanding. We do have some data centers coming into the pipeline there, but not to the level that others are seeing in Indiana or that we're seeing in the Carolinas, but we continue to have discussions with them and have plans to bring as much economic development into Indiana as we can. It's a very constructive state. They do a great job of attracting industries and have a very business-friendly environment, and we work side-by-side with them to advance that.

是的，傑里米，我接受。在印第安納州，我們也看到了強勁的成長。我們所處地區的主要焦點是先進的製造業和設施，以及製造業設施的擴張。我們確實有一些數據中心正在那裡建設中，但沒有達到印第安納州或卡羅來納州的水平，但我們會繼續與他們討論，併計劃盡可能多地為印第安納州帶來經濟發展。這是一個非常有建設性的狀態。他們在吸引產業方面做得很好，並且擁有非常友善的商業環境，我們與他們並肩合作，共同推動這項進程。

Got it. Thank you for that. And we're just wondering, with the change in administration in D.C., if that impacts, I guess, your thought process at all? Granted, you're making very long-term decisions, and four-year terms aren't ways to really run the ship. But just curious if there's anything out of D.C. particularly as it relates to, I guess, nuclear at this point, seems like there's some maybe improving momentum with regards to nuclear initiatives across the country.

知道了。謝謝你。我們只是想知道，華盛頓政府的變動是否會影響您的思考過程？當然，你正在做出非常長期的決定，而四年任期並不是真正管理這艘船的方式。但我只是好奇，華盛頓特區是否有任何消息，特別是與核能相關的消息，目前看來，似乎全國範圍內的核能倡議的勢頭正在不斷改善。

Jeremy, thanks for that question. And I would say that as we think about the strategy of Duke Energy, it is a strategy that has been built to really serve customers for decades. And as we look at this particular administration, we have shared aspirations with our federal administration, but frankly with our states as well. to ensure that we keep delivering reliable power at low cost and that we deploy generation and embrace this growth in economic development that our states are seeing in a way that demonstrates good speed to meet what the market requires but also does it in a way that continues to underpin economic growth going forward. framework and that strategy that we're pursuing we think is a strong underpinning both at the federal level and the state level. And if I were to talk about nuclear in particular, we're a strong nuclear operator. We are pursuing how nuclear can be a part of our all-of-the-above strategy as we get into the 2030s and beyond. You likely saw that we joined a consortium with TVA and others around a DOE grant. We think continuing to learn more on these technologies are important so that when we're ready to deploy, we have a high degree of confidence that there is a supply chain, an engineering design, constructors ready to go so that we can produce and operate these new technologies in a way that makes sense for customers. So we are deeply engaged at the state level and the federal level and see a lot of opportunity to support growth across the U.S.

傑里米，謝謝你提問。我想說，當我們思考杜克能源的策略時，它是幾十年來真正為服務客戶而建立的策略。當我們審視這屆政府時，我們與聯邦政府有著共同的願望，但坦白說，我們與各州也有著共同的願望。確保我們繼續以低成本提供可靠的電力，並確保我們部署發電，並適應我們各州正在經歷的經濟發展的增長，這種增長不僅能以良好的速度滿足市場需求，而且還能繼續支撐未來的經濟成長。我們認為，我們所推行的框架和策略無論在聯邦層級或州層級都具有強大的支撐作用。如果我特別談論核能，我們是強大的核能運營商。我們正在探索如何讓核能成為我們2030年代及以後全方位戰略的一部分。您可能已經看到，我們與田納西河谷管理局 (TVA) 及其他機構一起加入了一個有關能源部撥款的聯盟。我們認為繼續學習這些技術非常重要，這樣當我們準備部署時，我們就能高度自信地擁有一個供應鏈、一個工程設計、隨時待命的施工人員，這樣我們就能以對客戶合理的方式生產和運營這些新技術。因此，我們深入參與州一級和聯邦一級的工作，並看到許多支持美國各地成長的機會。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good morning. Congrats, Lynn. Congrats, Harry. Unfortunately, my question is for Brian, so you guys get a little break here. It may be the same question. I guess one of them, and I don't want to part I'm not looking to hold you down. I know you addressed a little bit with Char. On slide 11, you talk about FFO debt to improve above 14% over the five-year plan. What's a reasonable cushion to assume that, like, you would improve by? And the second question is more so, as you've talked about in the back end of the plan, you expect to be towards the high end of the 5% to 7% earnings growth. How do you think about the income statement? Maybe we raise the earnings growth rate, or we work on improving the balance sheet maybe to the upgrade trigger. And it may be the same question, so I'll leave it there.

嘿，早安。恭喜，林恩。恭喜，哈利。不幸的是，我的問題是問 Brian 的，所以你們在這裡休息一下。可能是同樣的問題。我想是其中之一，我不想分開，我不想拖累你。我知道你和 Char 談了一些事情。在投影片 11 上，您談到 FFO 債務在五年計畫中將改善至 14% 以上。假設你能取得進步，那麼合理的緩衝是多少？第二個問題更像是您在計劃的後端談到的那樣，您預計獲利成長將達到 5% 到 7% 的高端。您如何看待損益表？也許我們會提高獲利成長率，或者我們努力改善資產負債表，這可能是升級的觸發因素。這可能是同一個問題，所以我就不說了。

Thanks, Anthony. And as we think about our FFO to debt and the size and scale of Duke Energy, I firmly believe 100 basis points of cushion from the Moody's Downgrade threshold gives us flexibility to execute our plans with confidence and to deal with uncertainties that come our way. And we've proven that over the past several years. The rating agencies have been tremendously positive towards us, and the regulatory outcomes that we've been able to work with our regulators on have provided that operating cash flow that the rating agencies are looking for and that consistency of top-line revenues that support a credit profile of ours. So I would start with that. So the 14% is a solid number for Duke Energy, given the size and scale and diversity we have, and the rating agencies have been very supportive of us every step of the way. As we look through time, Operating cash flow does accelerate. We're making more investments. Those investments are turning into top-line revenues, and we see the 14% improving. Again, I'm going to provide more details as the plan progresses, but we feel very good that where we sit and how we see the five years playing out in front of us. And you know, on the earnings question, I would just say that load growth in 27, 28, 29 is a step change for us. It moves up from the 1.5% to 2% we're seeing in 25 and 26 to a 3% to 4% across the enterprise. And that's a substantial step up. And it gives us clearly the opportunity to earn in the top half.

謝謝，安東尼。當我們考慮我們的 FFO 與債務以及杜克能源的規模時，我堅信，距離穆迪降級門檻 100 個基點的緩衝讓我們能夠靈活地滿懷信心地執行計劃，並應對我們遇到的不確定性。我們在過去幾年已經證明了這一點。評級機構對我們非常積極，我們與監管機構合作取得的監管結果為我們的信用狀況提供了評級機構所尋求的經營現金流和穩定的營收。因此我就從那開始。因此，考慮到我們的規模和多樣性，14%對杜克能源來說是一個可靠的數字，而且評級機構在我們前進的每一步都給予了我們很大的支持。隨著時間的推移，營運現金流確實加速。我們正在進行更多投資。這些投資正在轉化為營業收入，我們看到了 14% 的成長。再次，我將隨著計劃的進展提供更多細節，但我們對目前的狀況以及未來五年的發展前景感到非常滿意。關於獲利問題，我只想說 27、28、29 年的負載成長對我們來說是一個巨大的變化。我們在 25 年和 26 年看到的是 1.5% 到 2%，而整個企業的比例則上升到了 3% 到 4%。這是一個實質的進步。這顯然給了我們進入上半區的機會。

Great. Thanks so much for taking the questions.

偉大的。非常感謝您回答這些問題。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Hey, team. Good morning. Thank you for giving me time. And I call the congratulations for Lynn and Harry. All the best to you both. Thank you. Hey, just suddenly. Brian, sorry. I'll apologize in advance because this is an annoying question. But when I think about the 25 guidance and I compare it to the 24 original guidance midpoint, it's a 5% EPS growth. and obviously the 25 guidance was lowered because of hurricane and one-time stuff. So I'm just wondering, are you being conservative as it relates to 2026 or are there other headwinds like interest rates that is causing you to be at the low end versus the original 2025? Any color you could share there?

嘿，團隊。早安.感謝您給我時間。我向林恩和哈利表示祝賀。祝你們一切順利。謝謝。哎呀，突然間。布萊恩，對不起。我提前道歉，因為這是一個令人討厭的問題。但是，當我考慮 25 個指導意見並將其與 24 個原始指導意見的中點進行比較時，我發現每股收益增長了 5%。顯然，由於颶風和一次性事件的影響，25 的指導值被下調了。所以我只是想知道，對於 2026 年而言，您是否持保守態度，或者是否存在其他不利因素（例如利率）導致您處於與原來的 2025 年相比的低端？可以分享什麼顏色嗎？

You know, Durgesh, I would start with the 630 is firmly within our 5% to 7%. As we've looked at our plan, we feel like it's the right level for us. But you'll see one item I'd point to in our electric walk-up on the earnings. We have O&M increasing. And that is due to two things. One, we had resources focused on the storms in the second half of the year. So we didn't do some grid projects or some generation outages that we had planned. Those are going to be caught up in 2025. So we have some shifts in O&M from that. And we also set aside some O&M resources for additional storm costs because we've seen a more frequent set of storms impact our regions. And if you wanted to point to one thing, I would say that's a timing shift that's showing up in 25 that you might not have had in your model. But other than that, we feel like the 630 is right in line with where we need to be, and we have a high degree of confidence in achieving it.

您知道，杜爾格甚，我會從 630 開始，這穩居我們的 5% 到 7% 之間。當我們看過我們的計劃後，我們覺得這對我們來說是合適的水平。但你會看到，我想指出我們的電動步入式盈利中的一項。我們的營運和維護不斷增加。這是由於兩件事。一是，我們把資源集中在下半年的風暴防治上。因此，我們沒有進行計劃中的一些電網項目或一些發電停電項目。這些將在 2025 年解決。因此我們在營運和維護方面做出了一些轉變。而且，我們還預留了一些營運和維護資源以應對額外的風暴成本，因為我們發現更頻繁的風暴襲擊我們的地區。如果你想指出一件事，我會說那是一個在 25 中出現的時間轉變，而這在你的模型中可能沒有出現。但除此之外，我們覺得 630 正好符合我們的目標，我們對實現這個目標充滿信心。

Got it. It's a little bit of catch-up and timing. That's very helpful. I appreciate that. And then finally, just shifting gears, looking at the ROE charts that you publish annually, thank you for doing that. The Ohio-Kentucky is still considerably below your other subsidiary ROE averages. I'm just wondering what steps, and you have a footnote there, timing of the rate cases on that, so what steps could you take if you're going to get it to nine plus percent. Just any thoughts there. Thank you.

知道了。這需要一點追趕和時機。這非常有幫助。我很感激。最後，換個話題，看看您每年發布的 ROE 圖表，感謝您這樣做。俄亥俄州 - 肯塔基州的 ROE 仍然遠低於您其他子公司的平均水平。我只是想知道要採取什麼措施，你在那裡有一個腳註，關於利率情況的時間安排，那麼如果要將其提高到 9% 以上，你要採取什麼措施。只是任何想法而已。謝謝。

Yes, thank you for that question, Durgash. Yes, we continually look and work in ways with rate cases and other mechanisms on our riders to improve that. And we will continue to focus on that, working with our commissioners in the future.

是的，謝謝你的提問，杜爾加什。是的，我們會不斷研究和努力，透過費率案例和其他機制來改善乘客的狀況。我們將繼續關注這一點，並與我們的委員們進行未來合作。

Got it. Okay. Thank you.

知道了。好的。謝謝。

The only thing I would add is there can be some variability in ROE from year to year as we think about whether it's an outage or we think about other activities that may be going on. I would ask you to evaluate those returns over a longer-term period, and our objective is to earn at our allowed rate of return by aggressively pursuing rate cases and cost reductions in a way that position the utilities for success.

我唯一想補充的是，當我們考慮是否是停電或是否正在發生其他活動時，ROE 每年可能會有所不同。我希望你們從較長的角度來評估這些回報，我們的目標是透過積極追求費率案例和降低成本，以使公用事業獲得成功，從而獲得我們允許的回報率。

Okay, yes. Yes, absolutely. Thank you. Thanks again for your time.

好的，是的。是的，絕對是如此。謝謝。再次感謝您的時間。

Thank you.

謝謝。

Thank you. This concludes our Q&A. I'll now hand back to Lynn Good for any final remarks.

謝謝。我們的問答到此結束。現在我將把最後的發言權交還給 Lynn Good。

Well, thank you all. I appreciate the sentiments of congratulations for Harry and for me, but most of all, I appreciate your investment in Duke Energy. We feel like we've presented a strong long-term case for growth, for cash flows, and delivering returns for all of you, and look forward to continuing that conversation. So thanks again for joining us.

好吧，謝謝大家。我感謝您對哈利和我的祝賀，但最重要的是，我感謝您對杜克能源的投資。我們覺得我們已經為成長、現金流和為大家帶來回報提出了強有力的長期案例，並期待繼續進行對話。再次感謝您的加入。

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。