Duke Energy Corp (DUK) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining the Duke Energy second-quarter 2025 earnings call. My name is Sammy, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝您參加杜克能源 2025 年第二季財報電話會議。我叫薩米 (Sammy)，今天我將負責協調您的通話。（操作員指示）

I will now hand over to our host, Abby Motsinger, Vice President of Investor Relations, to begin. Please go ahead, Abby.

現在我將把主持人、投資者關係副總裁 Abby Motsinger 交給我們開始。請繼續，艾比。

Thank you, Sammy. And good morning, everyone. Welcome to Duke Energy's second-quarter 2025 earnings review and business update. Leading our call today is Harry Sideris, President and CEO; along with Brian Savoy, Executive Vice President and CFO.

謝謝你，薩米。大家早安。歡迎閱讀杜克能源 2025 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總裁兼執行長 Harry Sideris 以及執行副總裁兼財務長 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.

今天的討論將包括非公認會計準則財務指標和前瞻性資訊的使用。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 Harry.

說完這些，讓我把電話轉給哈利。

Thank you, Abby. And good morning, everyone. It's great to be with you today for our second quarter earnings call. We have a lot of exciting news to share this morning, starting with Brookfield Infrastructure's $6 billion minority investment in our Florida business. This transaction enables a material strengthening of our credit profile as we enter this period of significant growth as well as the ability to grow our Florida utility at its full potential.

謝謝你，艾比。大家早安。很高興今天能和大家一起參加我們的第二季財報電話會議。今天早上我們有很多令人興奮的消息要分享，首先是 Brookfield Infrastructure 對我們佛羅裡達業務的 60 億美元少數股權投資。在我們進入這一顯著增長期之際，這筆交易使我們的信用狀況得到了實質性的增強，同時也使我們的佛羅裡達公用事業能夠充分發揮其潛力。

We are now targeting FFO to debt of 15%, a 100-basis point increase versus our previous target. We are also increasing our Florida capital plan by $4 billion, funded by a portion of the sale proceeds. Brookfield is a highly regarded infrastructure investment, and we are pleased to have them as a long-term partner in Duke Energy, Florida.

我們現在的目標是 FFO 與債務之比達到 15%，比之前的目標提高了 100 個基點。我們還將把佛羅裡達資本計畫增加 40 億美元，資金來自部分銷售收益。布魯克菲爾德是一家備受推崇的基礎設施投資公司，我們很高興他們成為佛羅裡達州杜克能源公司的長期合作夥伴。

In further support of our capital funding needs, we announced the sale of our Tennessee LDC business to Spire last week. The premium valuation of $2.5 billion or 1.8 times rate base reflects the high end of LDC asset sale precedents. We have been privileged to serve the Tennessee community for more than 40 years. And I know that under Spire's leadership, our teammates and assets will continue to operate with excellence and provide best-in-class service. Combined, these strategic transactions allow us to efficiently finance the record growth ahead of us and give us greater confidence in delivering our EPS objectives.

為了進一步滿足我們的資本融資需求，我們上週宣布將田納西州 LDC 業務出售給 Spire。25 億美元或 1.8 倍利率基準的溢價估值反映了 LDC 資產出售先例的高端。我們很榮幸能夠為田納西州社區服務四十多年。我知道，在 Spire 的領導下，我們的隊友和資產將繼續卓越運作並提供一流的服務。綜合起來，這些策略交易使我們能夠有效地為未來創紀錄的成長提供資金，並讓我們更有信心實現每股收益目標。

Shifting to the second quarter results on slide 5. We announced adjusted earnings per share of $1.25, building on our strong start to the year. These results were driven by top line growth across Electric Utilities. We move into the back half of the year with positive momentum and are reaffirming our 2025 guidance range of $6.17 to $6.42 and our long-term EPS growth rate of 5% to 7% through 2029.

轉到投影片 5 的第二季業績。我們宣布調整後每股收益為 1.25 美元，這鞏固了我們今年強勁的開局。這些結果是由電力事業部門的營收成長所推動的。我們以積極的勢頭進入下半年，並重申 2025 年指導範圍為 6.17 美元至 6.42 美元，以及到 2029 年長期每股收益增長率為 5% 至 7%。

Moving to slide 6. We continue to deliver on our strategic priorities, including advancing large-scale economic development projects and securing industry-leading regulatory and legislative outcomes. Starting with economic development. We operate in some of the most attractive jurisdictions in the country. Our states continue to thrive and grow and the affordable, reliable power we provide plays a key role in bringing business into our regions. We've been partnering with our states to attract jobs and investments for decades, and that momentum continues to build. In fact, North Carolina was just named the top state for business by CNBC for the third time in four years, and most of our states ranked in the top 10.

移至幻燈片 6。我們將繼續履行我們的策略重點，包括推動大型經濟發展項目和確保行業領先的監管和立法成果。從經濟發展入手。我們在該國一些最具吸引力的司法管轄區開展業務。我們的州繼續繁榮發展，我們提供的價格實惠、可靠的電力在吸引企業進入我們地區方面發揮關鍵作用。幾十年來，我們一直與各州合作吸引就業和投資，而且這種勢頭仍在增強中。事實上，北卡羅來納州剛剛被 CNBC 評為四年內最適合經商的州第三次，而且我們的大多數州都進入了前十名。

Our size and scale, together with an unwavering commitment to our customers and demonstrated willingness to partner to do business allow us to move with speed and agility to seize the opportunity ahead. To highlight a recent project win, Amazon Web Services announced in June that it plans to invest more than $10 billion to build a new data center campus in North Carolina. I'm proud to say that our team played an integral role in making this happen. AWS described North Carolina as being the perfect home for this investment and highlighted our efforts in putting the site on their radar.

我們的規模和範圍，加上對客戶堅定不移的承諾以及表現出的合作意願，使我們能夠快速靈活地抓住未來的機會。為了突出最近贏得的項目，亞馬遜網路服務公司在 6 月宣布，計劃投資超過 100 億美元在北卡羅來納州建造一個新的資料中心園區。我很自豪地說，我們的團隊在實現這一目標的過程中發揮了不可或缺的作用。AWS 將北卡羅來納州描述為此投資的理想之地，並強調了我們為將該地點納入他們的視野所做的努力。

Our team continues to build on their track record of success, moving at pace with our customers to deliver what they need when they need it. To continue to bring in these significant wins in a competitive environment, we are working closely with our stakeholders. During the quarter, we advanced for state and federal policies that enables us to meet the moment for our customers, while at the same time, supporting our credit profile, improving our regulatory constructs and maintaining customer affordability. These outcomes show clear alignment between our company and policymakers on shared goals of delivering reliable and affordable energy to meet growing demand.

我們的團隊將繼續鞏固其成功的業績記錄，與客戶同步發展，在客戶需要時提供所需的服務。為了在競爭環境中繼續取得這些重大勝利，我們正在與利害關係人密切合作。在本季度，我們推進了州和聯邦政策，這使我們能夠滿足客戶的需求，同時支持我們的信用狀況，改善我們的監管結構並保持客戶的承受能力。這些成果表明，我們公司與政策制定者在提供可靠且經濟實惠的能源以滿足日益增長的需求的共同目標上達成了明確的一致。

On the federal side, the preservation of nuclear production tax credits and the final budget reconciliation bill was a significant win for our customers. Only well-run, cost-efficient reactors are eligible to receive the credit. Our 11 gigawatt nuclear fleet is the largest regulated fleet in the nation and earned $500 million of PTCs last year for the benefit of our customers. We appreciate the engagement from Congress, the administration and stakeholders around our shared objective of supporting nuclear energy and lowering customer bills.

從聯邦方面來看，保留核能生產稅收抵免和最終預算調節法案對我們的客戶來說是一個重大勝利。只有運作良好、成本效益高的反應器才有資格獲得該項信貸。我們的 11 千兆瓦核電機組是全國最大的受監管核電機組，去年為我們的客戶賺取了 5 億美元的 PTC。我們感謝國會、政府和利害關係人對我們支持核能和降低客戶費用的共同目標的參與。

In North Carolina, the Power Bill Reduction Act became law last week. As we ramp up generation investments to meet accelerating load growth, this legislation allows for annual recovery of financing costs for new baseload generation, supporting our credit profile and minimizing cost to customers. In South Carolina, the Energy Security Act was signed into law in May. The legislation supports all or above strategy, recognizing the value of our dual state system and importantly, allows Electric Utilities to implement a rate stabilization mechanism similar to our Gas Utilities. This efficient mechanism allows for annual rate true-ups that reduce volatility for customers and support the credit quality of the utility.

在北卡羅來納州，《電費削減法案》已於上周正式生效。隨著我們增加發電投資以滿足不斷加速的負載成長，這項立法允許每年收回新基載發電的融資成本，從而支持我們的信用狀況並最大限度地降低客戶成本。在南卡羅來納州，《能源安全法案》於五月簽署成為法律。該立法支持全部或以上策略，承認我們的雙重國家體系的價值，重要的是，允許電力公司實施類似於我們的天然氣公司的費率穩定機制。這種高效的機制允許年度費率調整，從而減少客戶的波動並支持公用事業的信用品質。

And finally, the Ohio legislation approved House Bill 15 in May as well. As outlined, the law replaces the electric security plan with a multiyear forward-looking rate-making process, reducing regulatory lag. Beyond legislative accomplishments, we continue to build our track record of regulatory execution. We recently filed rate cases in South Carolina for both Duke Energy Progress and Duke Energy Carolinas. We expect hearings to take place in the fourth quarter with new rates in effect early next year, if approved.

最後，俄亥俄州立法機構也在 5 月批准了第 15 號眾議院法案。如上所述，該法律以多年的前瞻性費率制定流程取代了電力安全計劃，從而減少了監管滯後。除了立法成就之外，我們還將繼續建立監管執行的記錄。我們最近在南卡羅來納州為杜克能源進步公司和杜克能源卡羅萊納公司提起了費率訴訟。我們預計聽證會將於第四季舉行，如果獲得批准，新的利率將於明年初生效。

Later this month, we plan to file applications with the North Carolina and South Carolina Commissions and FERC to combine our DEC and DEP utilities. We expect the combination to generate significant customer savings over $1 billion through 2038, as we simplify processes and add operational flexibility to our system. We are targeting January 27 for the effective date. And finally, we continue to advance regulatory approval processes for new generation investments and plan to file our next Carolinas resource plan in North Carolina by October 1.

本月晚些時候，我們計劃向北卡羅來納州和南卡羅來納州委員會以及聯邦能源管理委員會提交申請，合併我們的 DEC 和 DEP 公用事業。我們預計，到 2038 年，隨著我們簡化流程並增加系統的營運彈性，這項合併將為客戶節省超過 10 億美元。我們計劃於 1 月 27 日生效。最後，我們繼續推動新一代投資的監管審批流程，並計劃於 10 月 1 日前在北卡羅來納州提交我們的下一個卡羅來納資源計劃。

Focusing on our generation plans. As you can see on slide 7, we are actively advancing all solutions to quickly meet the increasing demand coming to our service territories, including maximizing our current fleet while we build new capacity. And we're on track to add over 8 gigawatts of dispatchable power across our system through 2031. This includes uprate projects to efficiently increase the capacity of existing natural gas, nuclear and hydro units. In aggregate, they represent over 1 gigawatt of cost-effective incremental capacity.

專注於我們的發電計劃。正如您在第 7 張投影片上看到的，我們正在積極推進所有解決方案，以快速滿足我們服務區域日益增長的需求，包括在建立新運力的同時最大限度地利用我們現有的車隊。我們計劃在 2031 年之前在整個系統中增加超過 8 千兆瓦的可調度電力。這包括升級項目，以有效提高現有天然氣、核能和水力發電機組的容量。總體而言，它們代表超過 1 千兆瓦具有成本效益的增量容量。

Turning to new generation. We finalized the EPC agreement for our first combined cycle under development in the Carolinas and construction is underway. We also announced the site location for the third combined cycle in Anderson, South Carolina. In Indiana, we reached two settlements in our Cayuga CPCN proceeding. The agreements with Reliable Energy and the Industrial Group provide key support for our request, including the request to recover financing costs as they are incurred.

轉向新一代。我們最終敲定了在卡羅來納州開發的第一個聯合循環發電廠的 EPC 協議，目前建設正在進行中。我們也宣布了第三個聯合循環的選址，即南卡羅來納州安德森市。在印第安納州，我們在卡尤加 CPCN 訴訟中達成了兩項和解。與 Reliable Energy 和工業集團達成的協議為我們的請求提供了關鍵支持，包括在發生融資成本時收回融資成本的請求。

Hearings begin later this month, and we expect an order by November. These milestones demonstrate our progress in advancing these critical infrastructure investments. With turbines secured under our framework agreement with GE Vernova and gas supply contracted, we are confident in meeting the in-service time lines we have laid out for these new units.

聽證會將於本月稍後開始，我們預計 11 月前會下達命令。這些里程碑顯示了我們在推動這些關鍵基礎設施投資方面所取得的進展。根據我們與 GE Vernova 簽訂的框架協議，我們獲得了渦輪機，並簽訂了天然氣供應合同，因此我們有信心滿足為這些新機組制定的投入使用時間表。

In closing, our strength in the first half of the year was driven by solid execution by our 26,000 teammates. This performance, coupled with our unwavering focus on operational excellence, demonstrates our ability to meet the unprecedented growth we see over the next decade and deliver value for shareholders and customers.

總而言之，我們上半年的強勁表現得益於 26,000 名隊友的堅實執行。這一業績，加上我們對卓越營運的堅定關注，證明了我們有能力滿足未來十年前所未有的成長，並為股東和客戶創造價值。

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. Moving to slide 8. We finished the first half of 2025 with another strong quarter with reported and adjusted earnings per share of $1.25. This is up from adjusted earnings per share of $1.18 in 2024.

謝謝，哈利，大家早安。移至幻燈片 8。2025年上半年，我們再次以強勁的業績收官，報告及調整後每股收益達1.25美元，高於2024年調整後每股收益1.18美元。

Within the segments, Electric Utilities and Infrastructure was up $0.10 compared to last year, driven by top line growth from the implementation of new rates across Carolinas, Florida and Indiana. Partially offsetting these items were higher planned O&M and interest expense. Gas Utilities and Infrastructure results were flat to last year, consistent with the seasonality of the LDC business. And finally, the Other segment was down $0.02, primarily due to higher planned interest expense.

在這些部門中，電力公用事業和基礎設施比去年上漲了 0.10 美元，這得益於卡羅來納州、佛羅裡達州和印第安納州實施新費率帶來的營業收入成長。部分抵銷這些項目的是更高的計畫營運和維護費用和利息費用。天然氣公用事業和基礎設施的業績與去年持平，與 LDC 業務的季節性一致。最後，其他部門下降了 0.02 美元，主要原因是計劃利息支出增加。

Overall, we are very pleased with the results we've achieved so far this year, which continue to reflect the strength of the regulatory outcomes and the operational performance we have consistently delivered, and we are on track to achieve our targeted EPS and credit objectives for 2025.

總體而言，我們對今年迄今取得的成績感到非常滿意，這繼續反映了監管結果的強勁以及我們一貫提供的營運績效，並且我們有望實現 2025 年的每股收益和信貸目標。

Turning to slide 9. Population migration in the Southeast and Midwest continues to drive sustained customer growth, led by more than 2% in the Carolinas. As expected, rolling 12-month volumes moderated in the quarter, driven by a very strong second quarter of 2024, particularly in the residential class. First half results reflect a shift in mix across retail classes compared to our original assumptions. We are closely monitoring these trends, but continue progressing toward our 1.5% to 2% volume growth expectations for the year.

翻到第 9 張投影片。東南部和中西部地區的人口遷移繼續推動客戶持續成長，其中卡羅來納州的成長幅度超過 2%。正如預期的那樣，受 2024 年第二季強勁表現（尤其是住宅類）的推動，本季 12 個月滾動交易量有所放緩。與我們最初的假設相比，上半年的業績反映了零售類別組合的轉變。我們正在密切關注這些趨勢，但將繼續朝著今年 1.5% 至 2% 的銷售成長預期邁進。

As we look ahead, we continue to expect load growth to accelerate in the latter years of the plan as large load projects come online and begin to ramp. Our economic development pipeline remains robust, and we continue to take a risk-adjusted approach as we evaluate which projects to include in our forecast. As a reminder, our pipeline includes a diverse mix of customers, including advanced manufacturing projects across multiple sectors as well as data centers. I've talked about how we're streamlining our processes to accelerate economic development projects through the pipeline, and these efforts are yielding tangible results.

展望未來，隨著大型負載項目的上線和開始加速，我們預計計劃後幾年負載成長將會加速。我們的經濟發展管道依然強勁，我們在評估哪些項目應納入預測時將繼續採取風險調整的方法。提醒一下，我們的管道涵蓋了各種各樣的客戶，包括跨多個行業的先進製造專案以及資料中心。我談到了我們如何簡化流程以加速經濟發展項目的實施，這些努力正在產生實際的成果。

The $10 billion AWS data center investment in North Carolina is an incredible economic development win for Richmond County and the entire state of North Carolina. The data center will support both cloud computing and AI infrastructure and is expected to create at least 500 new high-skilled jobs. This announcement is a major public milestone for the project, and it highlights our team's continued focus on speed, creativity and execution as we help move the project through the development process. The site selected for this project was part of our site readiness program, which helps our state, regional and local economic development partners make potential industrial land more attractive.

AWS 在北卡羅來納州投資 100 億美元建造資料中心，對里士滿縣和整個北卡羅來納州來說都是令人難以置信的經濟發展勝利。該資料中心將支援雲端運算和人工智慧基礎設施，預計將創造至少 500 個新的高技能就業機會。此公告是該專案的一個重要的公共里程碑，它凸顯了我們的團隊在幫助專案完成開發過程的過程中繼續專注於速度、創造力和執行力。該項目選定的場地是我們場地準備計劃的一部分，該計劃旨在幫助我們的州、地區和地方經濟發展合作夥伴使潛在的工業用地更具吸引力。

By identifying sites that already have robust transmission infrastructure and capacity, we could proactively accelerate the time line of getting power delivery to a site. That strategic groundwork has paid off, and I'm proud of the work the team continues to do to consistently meet our customers' needs.

透過確定已經擁有強大傳輸基礎設施和容量的站點，我們可以主動加快向站點輸送電力的時間。這項策略基礎工作已獲得成效，我為團隊持續不斷滿足客戶需求的工作感到自豪。

Turning to slide 10. Proceeds from the minority investment in Duke Energy, Florida and the sale of our Tennessee LDC business strongly position us for the transformational generation modernization investments ahead. A portion of the proceeds will be used as efficient funding to derisk our equity plan. And the remaining proceeds will displace long-term debt, materially strengthening the balance sheet.

翻到第 10 張投影片。對佛羅裡達州杜克能源的少數股權投資以及出售田納西州 LDC 業務的收益為我們未來的轉型發電現代化投資奠定了堅實的基礎。部分收益將用作有效融資，以降低我們的股權計劃風險。剩餘收益將取代長期債務，大幅增強資產負債表。

Enabled by these transactions, we announced today that we are raising our long-term FFO to debt target to 15%. This new target will provide 200 basis points of cushion above our Moody's downgrade threshold and 300 basis points above our S&P downgrade threshold. We are also delivering on all credit supportive initiatives and are firmly on track to achieve 14% FFO to debt this year.

在這些交易的推動下，我們今天宣布將長期 FFO 與債務目標提高至 15%。這個新目標將為我們的穆迪降級門檻提供 200 個基點的緩衝，為我們的標普降級門檻提供 300 個基點的緩衝。我們也正在實施所有信貸支持舉措，預計今年將實現 14% 的 FFO 與負債比率。

Focusing on the equity plan, the deal valuations represent significant premiums to our common stock. We'll use about half of the proceeds or $3.5 billion to displace common equity, including funding the incremental capital we're investing in Florida. We expect to issue the remaining $4.5 billion of common equity through the DRIP and ATM programs in the '27 to '29 time frame.

從股權計畫來看，交易估值比我們的普通股有顯著溢價。我們將使用大約一半的收益或 35 億美元來置換普通股，包括為我們在佛羅裡達州投資的增量資本提供資金。我們預計將在 2027 年至 2029 年期間透過 DRIP 和 ATM 計劃發行剩餘的 45 億美元普通股。

Moving to slide 11. We remain confident in delivering our 2025 earnings guidance range of $6.17 to $6.42 and 5% to 7% earnings growth through 2029. Proceeds from the accretive transactions solidify our credit profile and provide further confidence in our potential to earn at the top half of the range as load growth accelerates in the back end of the plan. Along with supportive legislation in place and our track record of constructive regulatory outcomes, we are well positioned to achieve our growth targets, which combined with our attractive dividend yield, provide a compelling risk-adjusted return for shareholders.

移至投影片 11。我們仍有信心實現 2025 年 6.17 美元至 6.42 美元的盈利預期範圍，以及到 2029 年實現 5% 至 7% 的盈利增長。增值交易的收益鞏固了我們的信用狀況，並進一步增強了我們的信心，因為隨著計劃後期負荷增長的加速，我們有潛力獲得最高收益。憑藉現有的支持性立法和建設性監管成果的記錄，我們完全有能力實現成長目標，再加上我們誘人的股息殖利率，我們將為股東帶來極具吸引力的風險調整回報。

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

好了，我們現在可以回答您的問題了。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作員指示）Julien Dumoulin-Smith，Jefferies。

Absolutely. Maybe just to kick it off here a little bit here. I mean, obviously, a series of constructive data points here, whether it's the Carolinas legislation, the transaction in Tennessee or now this in Florida. How do you think about this positioning yourself within the EPS CAGR, right? I only see net accretive actions before us. Are there any offsets otherwise said?

絕對地。也許只是在這裡稍微開始一下。我的意思是，顯然這裡有一系列建設性的數據點，無論是卡羅來納州的立法，田納西州的交易，還是現在佛羅裡達州的交易。您如何看待自己在 EPS CAGR 中的定位，對嗎？我只看到我們面前的淨增值行動。除此之外，還有什麼補償嗎？

The way I'd look at this, Julien, is this really just gives us even more confidence in our 5% to 7% range that we've mentioned many times before and also gives us confidence in earning in the top half of that range in the 28% and 29% at the back end of the plan. The $4 billion investment in Florida is going to come in, in that time frame. So I'd look at all these transactions and this movement as really solidifying us in that range and in the top half of that range towards the back end of the plan.

朱利安，我的看法是，這實際上讓我們對之前多次提到的 5% 到 7% 的範圍更有信心，也讓我們有信心在計劃後端的 28% 和 29% 範圍內獲得上半部分的收入。佛羅裡達州的 40 億美元投資將在此期間到位。因此，我認為所有這些交易和動向確實鞏固了我們在該範圍內的地位，並使我們在該範圍的上半部分朝著計劃的後端邁進。

Excellent. And then if I can ask a bit more of a fine -- a little bit more of a detailed question here. Around the latest Carolinas legislation, can you elaborate just a little bit further about how that shifts your plan? And just with respect to that, any shift in expectations on earned returns or spending? Just to elaborate, obviously, this is a novel development.

出色的。然後，如果我可以問一個更詳細一點的問題的話。關於卡羅來納州的最新立法，您能否進一步詳細說明它如何改變您的計劃？就此而言，對所得回報或支出的預期有任何變化嗎？詳細地說，顯然，這是一個新穎的發展。

Yes. The passage of that bill really enhances the attractiveness for growth in the state. It had bipartisan support, and we definitely support a growing state. And like I mentioned, North Carolina is number one for business ranked by CNBC. So a lot of good things going on in North Carolina with AWS and other things. So our plan is still intact with the bill. It gives us some credit help with CWIP being able to recover annually.

是的。該法案的通過確實增強了該州的成長吸引力。它得到了兩黨的支持，我們當然支持一個不斷發展的國家。正如我所提到的，北卡羅來納州在 CNBC 的商業排名中位居第一。北卡羅來納州在 AWS 和其他方面發生了很多好事。因此我們的計劃仍然與該法案一致。它為我們提供了一定的信用幫助，使 CWIP 能夠每年恢復。

But I would look at it as our plan is still along the same lines of all of the above that we filed in the multiple RFPs that we've done. We'll be filing another one here this fall and just really looking at all resources that can support the growth that we're seeing in North Carolina and this bill just helps us manage that but also manage the customer affordability portion.

但我認為我們的計劃仍然與我們在多個 RFP 中提出的上述內容一致。我們將在今年秋天提交另一份法案，並真正研究可以支持北卡羅來納州增長的所有資源，這項法案不僅可以幫助我們管理這一點，還可以管理客戶可負擔性部分。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

I just wanted to ask, this is the second time, I guess, you've done a noncontrolling interest stake in the business. You just did Tennessee. Just how are you kind of thinking about any additional opportunities across the portfolio to just knock out that remaining $4.5 billion? Or are you kind of done here for now?

我只是想問一下，我想這是您第二次在該企業中持有非控制權益。你剛去過田納西州。您如何看待投資組合中的任何其他機會來賺取剩餘的 45 億美元？或者你現在在這裡已經完成了嗎？

The reason we did these deals is they're just very efficient use of equity. So we feel comfortable in what we've done so far. And we also feel comfortable with the equity plans that we've laid out to cover our growth. So I would look at it as for now that we're going to stick and get these transactions done and implementing our plan and continuing our growth trajectory that we have.

我們進行這些交易的原因是它們非常有效地利用了股權。因此，我們對迄今為止所做的工作感到滿意。我們對為實現成長而製定的股權計劃也感到滿意。因此，我認為現在我們將堅持並完成這些交易，實施我們的計劃並繼續我們現有的成長軌跡。

Okay. That's very clear. And then just you're outlining an increased FFO to debt to 15% long term. What's the feedback from the agencies been? And then can you just clarify what year you expect to get to that 15% range? Is it '27? Or maybe you can provide more clarity there?

好的。這非常清楚。然後，您就概述了長期將 FFO 與債務之比提高至 15% 的計劃。各機構的回饋如何？那麼，您能否澄清一下，您預計哪一年能夠達到 15% 的範圍？是 '27 嗎？或者也許您可以提供更清晰的解釋？

Yes. Nick, I'll kick that off and then Brian can add some color. The rating agencies have always been supportive of our metrics at where they were. This is just going to enhance that. We just recently had a meeting in April with them, and they were supportive of our plans, our regulatory outcomes that we have in the states that we serve around storm securitization and storm recovery those tools that we have really help them feel comfortable with where we are today at 14% and they're only going to be more comfortable at a higher level, obviously.

是的。尼克，我先開始，然後布萊恩可以添加一些顏色。評級機構始終支持我們的現有指標。這只會增強這一點。我們最近在四月與他們舉行了一次會議，他們支持我們的計劃、我們在所服務的各州在風暴證券化和風暴恢復方面的監管成果，我們擁有的這些工具確實幫助他們對我們目前 14% 的水平感到滿意，而且顯然，他們只會對更高的水平感到更滿意。

Brian, do you want to add anything to that?

布萊恩，你還有什麼要補充的嗎？

Yes. I would add, Nick, I mean, we have several strategies in play to improve FFO to debt even before these transactions were announced, right? The legislation that Harry just spoke to in North Carolina with quick recovery, the South Carolina Energy Security Act has more efficient credit positive aspects of the regulation. And in Ohio, the multiyear rate plan structure. It's going to take some time to get those wills turn in. But once they do, there's a more efficient cash recovery. And these transactions kind of give a booster shot to that FFO.

是的。我想補充一點，尼克，我的意思是，在這些交易宣布之前，我們就已經採取了幾種策略來提高 FFO 與債務的比例，對嗎？哈里剛剛談到的北卡羅來納州的立法具有快速復甦的潛力，而南卡羅來納州能源安全法案則具有更有效的信貸優勢。在俄亥俄州，採用多年期費率計劃結構。提交這些遺囑需要一些時間。但一旦他們這樣做了，現金回收就會更有效率。這些交易在某種程度上對 FFO 起到了促進作用。

So I would say we're tracking really strongly to the 14% this year without any of those things in place, just strong cash flow and execution of the business as expected. And within the 5-year plan, we'll clearly be in the 15%, and we'll refresh the financial plan in February, Nick, with more details as we absorb timing and use of proceeds in a more granular way.

因此我想說，即使沒有任何這些因素，我們今年也能強勁實現 14% 的成長，只是強勁的現金流和業務執行情況符合預期。在五年計劃中，我們顯然會達到 15% 的目標，尼克，我們將在二月份更新財務計劃，隨著我們以更細緻的方式吸收時間和收益的使用情況，我們將提供更多細節。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Maybe just following up on the last question. Should we assume you need to kind of complete the Florida sell-down steps to get to the 15%.

也許只是繼續回答最後一個問題。我們是否應該假設您需要完成佛羅裡達州的拋售步驟才能達到 15% 的目標。

Steve, I would say, as it progresses, maybe not all the tranches, but we need to progress through the deal to be right at the 15%.

史蒂夫，我想說，隨著交易的進展，也許不是所有的部分，但我們需要透過交易取得進展，達到 15% 的目標。

Yes. Okay. And then just in thinking about -- I think in -- I can't remember the exact number, but in the past, I think you've given a number of rough -- as capital goes up, a rough ratio of how much would be funded with equity. Does that change when we kind of look to a refresh later this year based on these new metrics or is it roughly the same?

是的。好的。然後就在思考——我想——我不記得確切的數字，但在過去，我認為你給出了一個粗略的數字——隨著資本的增加，用股權融資的粗略比例。當我們根據這些新指標在今年稍後進行更新時，情況會改變嗎？還是大致相同？

We've always targeted between 30% and 50% depending on what recovery mechanism we have, and we'll continue to look at that as we refresh our plans.

根據我們的恢復機制，我們一直將目標設定在 30% 到 50% 之間，並且我們會在更新計劃時繼續關注這一點。

And I would add this balance sheet strengthening obviously gives us more flexibility of timing of the equity component of that capital investment and the like. But the 30% to 50% is a good planning range.

我想補充的是，資產負債表的加強顯然為我們提供了更大的靈活性，可以安排資本投資的股權部分的時間等等。但30%到50%是一個很好的規劃範圍。

Makes sense. And then lastly, just maybe it might be helpful to get a little more color on your views on kind of resource preferences as we head into the next update there. And I guess, specifically, any updates on your thinking on new nuclear?

有道理。最後，在我們進行下一次更新時，也許更詳細地了解您對資源偏好的看法可能會有所幫助。我想問一下，具體來說，您對新核的想法有什麼更新嗎？

Yes, Steve, I'll take that one. We've always had the all-of-the-above strategy. So we look at a wide range of resources, including nuclear. Like we said many times, we operate the largest regulated fleet of nuclear plants in the country. We have -- we think nuclear has a place to play and a lot of promise in the future. But before we go down that path, we're going to have to have some things figured out. We're going to have to have the first-of-a-kind risk, design, supply chain, workforce resolved for SMRs and even bigger reactors, how we're going to handle that.

是的，史蒂夫，我接受這個。我們始終堅持上述所有策略。因此，我們考慮了多種資源，包括核能。正如我們多次說過的，我們經營全國最大的受監管核電廠群。我們認為核能在未來具有廣闊的應用前景和發展空間。但在我們走這條路之前，我們必須先弄清楚一些事情。我們必須解決小型模組化反應器和更大反應器的首創風險、設計、供應鏈和勞動力問題，以及我們將如何處理這些問題。

We're also going to have to have overrun protection from the federal government or others to be able to protect our customers and our investors from any overruns on these projects. And then lastly, we're going to have to have a means to make sure that we're protecting the balance sheet as we're building these facilities. So until we get those items resolved, we're still looking at solar, gas and upgrading and getting everything that we can out of our current assets.

我們還必須獲得聯邦政府或其他機構的超支保護，以便能夠保護我們的客戶和投資者免受這些專案超支的影響。最後，我們必須有一種方法來確保我們在建造這些設施時保護資產負債表。因此，在解決這些問題之前，我們仍在考慮太陽能、天然氣和升級，並充分利用我們現有的資產。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

So maybe following up a little bit here. I appreciate where we are in the Carolinas IRP process. But could you share any high-level thoughts coming into the filing here beyond nuclear? Just wondering if there's any other points you'd like to highlight.

因此也許可以在這裡進行一些跟進。我很欣賞我們在卡羅萊納州 IRP 流程中所處的位置。但是，除了核能之外，您能否分享一些高層想法？我只是想知道您是否還有其他想要強調的要點。

Yes. We'll be filing that in October. Again, we're looking at all of the above. With the new bill, it takes the 70% of carbon and moves that out. But we've always been focused on reliability and affordability as being kind of the regulators for what we put in our plan. So you'll see a lot of the same that you've seen in the previous IRPs around gas, batteries, uprates that I mentioned earlier as well as continued solar as we move forward. We are looking at nuclear when that makes sense, like I mentioned just a minute ago, but a lot of things will have to be determined before we go forward with that.

是的。我們將在十月提交該申請。再次，我們正在研究以上所有內容。根據新法案，70% 的碳排放將被轉移出去。但我們始終將可靠性和可負擔性作為我們計劃的監管重點。因此，隨著我們繼續前進，您會看到許多與之前的 IRP 中相同的內容，包括天然氣、電池、我之前提到的升級以及持續的太陽能。正如我剛才提到的，我們正在考慮在適當的時候使用核能，但在推進之前還有很多事情需要確定。

Got it. That's helpful there. And I was just wondering, as far as current load trends are progressing through the quarter, I was wondering if you could provide us just maybe a little bit more detail on what you see on the ground ahead of you that gives you confidence in the full year guide at this point.

知道了。這很有幫助。我只是想知道，就本季度當前的負載趨勢而言，您是否可以提供一些更詳細的信息，說明您目前對全年指南的信心。

Yes, Jeremy, I'll take that. This is Brian. we knew we had a tough comp in Q2 of 2024 was a strong quarter, largely in residential growth in Q2 of 2024 was over 2% and total retail growth at Duke was 1.9%. So we had a big comp. So we expected kind of to be behind Q2 of 2024. But what we're seeing with some of our larger customers is a very cautious stance, right? The swirl of uncertainties that arrange from tariffs as tax policy has been being worked real time in the quarter and the like. Those customers are not overproducing, if you will. They're just being very cautious when they have firm orders, they're running to those firm orders.

是的，傑里米，我接受。我是布萊恩。我們知道 2024 年第二季度的業績並不理想，但這是一個強勁的季度，主要是因為 2024 年第二季度的住宅成長率超過 2%，杜克大學的總零售成長率為 1.9%。所以我們有大型的比賽。因此，我們預計其成長速度將落後於 2024 年第二季。但我們看到一些大客戶採取了非常謹慎的態度，對嗎？從關稅到稅收政策等一系列不確定因素在本季度等時間內一直在即時發揮作用。如果你願意的話，這些客戶並沒有過度生產。當他們有確定的訂單時，他們就會非常謹慎，他們會按照這些確定的訂單行事。

So we're in close contact with these customers as we always are. And we expect as some of these uncertainties get settled. I mean there's a lot of progress on the tariff front that's happened in recent weeks. As that gets more firmed up, these customers will have more confidence in their supply chain and what the cost might be on their side. So that gives us -- we're tracking in line with the 1.5% to 2% growth this year, and we do think this is more of a transit item.

因此，我們一如既往地與這些客戶保持密切聯繫。我們期待其中一些不確定因素能夠解決。我的意思是最近幾週關稅方面取得了很大進展。隨著這一點變得更加堅定，這些客戶將對他們的供應鏈以及他們可能承擔的成本更有信心。因此，我們預計今年的成長速度將達到 1.5% 至 2%，我們確實認為這更多的是一個過境項目。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Just a heads up Mizuno sells sporting equipment to Mizuho. But congrats on the transaction. Just curious on the selection process, why the Florida subsidiary not Ohio or Carolina or South Carolina, what made the company lean towards the 20% sale in Florida?

要注意的是，美津濃向瑞穗出售運動器材。但祝賀交易成功。只是對選擇過程感到好奇，為什麼選擇佛羅裡達子公司而不是俄亥俄州、卡羅來納州或南卡羅來納州，是什麼讓該公司傾向於在佛羅裡達州進行 20% 的銷售？

Anthony, good to hear from you. We don't need any sporting goods right now. But we look at our entire portfolio, and we look at where we can get the best value and an efficient use of raising funds and Florida fit that bill. It's a premium asset. And obviously, by our valuation, we got a premium price for it. So it was a natural fit. It's a great jurisdiction to do business in, and I think people realize that, and we had a lot of interest in that.

安東尼，很高興收到你的來信。我們現在不需要任何體育用品。但我們會審視我們的整個投資組合，並尋找能夠獲得最佳價值和有效利用籌集資金的地方，而佛羅裡達州符合這項要求。它是一種優質資產。顯然，根據我們的估價，我們獲得了溢價。所以這是自然而然的。這是一個非常適合經商的司法管轄區，我想人們已經意識到了這一點，我們對此很感興趣。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just on the Amazon announcement that you mentioned in North Carolina. Can you just provide any color on how we should think about the timing of those investments and the impact it could have on your CapEx expectations? Is that something that we should expect to be included in the capital plan update on the 4Q call?

也許只是關於您提到的亞馬遜在北卡羅來納州的公告。您能否提供一些關於我們應該如何考慮這些投資的時機以及它對您的資本支出預期可能產生的影響的資訊？我們是否應該期望這被納入第四季度電話會議的資本計畫更新中？

Carly, yes, the Amazon deal is a big deal for us. It does have ramping like all these data centers do. So it will start coming in, in the '27, '28 time frame, and it will ramp in through the next -- beginning of the next decade. We anticipate that they will also look at ways to add to it. Typically, when they build a data center campus, they have plans for longer term as well. So we anticipate some additional items coming in towards the middle part of the 2030s as well from them. But you'll see a ramp, and that will be built into our plans as we do our updates.

卡莉，是的，亞馬遜的交易對我們來說意義重大。就像所有這些資料中心一樣，它確實存在成長。因此，它將在 27、28 年的時間範圍內開始出現，並將在下一個十年初逐漸出現。我們預計他們還會尋找方法來補充它。通常，當他們建造資料中心園區時，他們也會制定長期計劃。因此，我們預計到 2030 年代中期他們還會推出一些其他產品。但你會看到一個坡道，這將在我們進行更新時納入我們的計劃中。

Great. Okay. And then just one quick one on the Brookfield transaction. I think you had mentioned that there's an option for them to fund the total investment sooner. Is that something that's just up to their discretion? Or are there any sort of considerations or gating factors there to keep in mind?

偉大的。好的。然後我們再簡單談談 Brookfield 交易。我想您曾經提到過，他們可以選擇更快地為全部投資提供資金。這是由他們自行決定的事情嗎？或是否存在需要牢記的考慮因素或限制因素？

Yes. It is up to their discretion. They do have to do it quarterly, and they have to notify us if they're going to do that. But what we've laid out in our plans is laying out the dates as we've announced with the tranches.

是的。這取決於他們的判斷。他們確實必須每季進行一次，如果他們要這樣做，他們必須通知我們。但我們在計劃中列出的是與分批宣布的日期一樣。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Congrats on all the updates and appreciate all the information. Maybe just -- what was the impetus for these sales? Was it wanting to improve the balance sheet? Were you looking to unlock more CapEx or something else? Just wondering what drove the decisions, especially as they were back to back like this?

恭喜所有更新並感謝所有資訊。也許只是──這些銷售的動力是什麼？是想改善資產負債表嗎？您是否希望解鎖更多資本支出或其他東西？我只是想知道是什麼促使了這些決定，尤其是當他們像這樣背靠背的時候？

Yes. I would say, Andy, it's -- we always look for the most efficient ways to fund our growth, and we have so much growth ahead of us. We're adding the $4 billion. So it allows us in Florida to maximize that opportunity and grow that utility at its potential. So that led us to those fundings as well as what we're focused on with the generation build and the data centers that are coming to our states, it really gives us an efficient way to fund that growth and really supports our balance sheet into the future and allows us to earn that 5% to 7% and at that top half in the back half of the plan.

是的。我想說，安迪，我們總是在尋找最有效的方式來資助我們的成長，而且我們面前還有很大的成長空間。我們將增加 40 億美元。因此，它使我們在佛羅裡達州能夠最大限度地利用這一機會並最大限度地發揮其效用。因此，這引導我們獲得這些資金，以及我們專注於發電建設和進入我們各州的數據中心，它確實為我們提供了一種有效的方式來資助這種增長，並真正支持我們未來的資產負債表，並使我們能夠賺取 5% 到 7% 的收益，並在計劃的後半部分達到上半部分。

I would build on that, Andrew, that we -- in our capital allocation process, we were making choices, and that's holding back some of these businesses to grow at their full potential. And we have full faith that Spire is going to take the Tennessee business and grow it to the level it can grow. We were having to rotate capital from Tennessee into other areas because of the generation modernization effort as well as Florida. So I think this unlocks the portfolio we will own going forward, and it was a very attractive capital recycling opportunity on both fronts.

安德魯，我想在此基礎上，我們在資本配置過程中做出了選擇，而這阻礙了一些企業充分發揮其潛力。我們完全相信 Spire 能夠將田納西州的業務發展到其能夠達到的水平。由於發電現代化工作以及佛羅裡達州的建設，我們不得不將資金從田納西州轉移到其他地區。因此我認為這將解鎖我們未來將擁有的投資組合，並且這對雙方來說都是一個非常有吸引力的資本回收機會。

Okay. That makes a lot of sense. Then forgive me if I missed it, but the $4 billion upside to CapEx, is that entirely going to Florida? And if so, can you give us any details on the timing and what types of investments that's going to be going into?

好的。這很有道理。那麼如果我錯過了，請原諒我，但是 40 億美元的資本支出上漲，是否全部流向了佛羅裡達州？如果是的話，您能否向我們提供有關時間和投資類型的任何詳細資訊？

Yes. That is all in Florida. And I would think about it at the end of our multiyear rate plan, so starting with our next multiyear rate plan, which will be '28 and '29 is when those investments would go in. There'll be grid investments, generation investments, ways to serve our customers better and handle the growth that Florida is experiencing as well.

是的。這就是佛羅裡達州的全部。我會在我們的多年期利率計劃結束時考慮這個問題，因此從我們的下一個多年期利率計劃開始，也就是 28 年和 29 年，這些投資就會投入其中。我們將進行電網投資、發電投資、更好地服務客戶以及應對佛羅裡達州正在經歷的成長的方式。

All of the above, more of everything kind of story?

以上所有內容，還有更多類似的故事嗎？

That's a good way to think about it.

這是一個很好的思考方式。

Yes.

是的。

Okay. Great. Then one last one, if I may. I see the slides still say targeting 60% to 70% dividend payout ratio. With a stronger balance sheet and pointing to a little bit faster earnings growth, any thoughts on the pace of dividend growth? Any philosophical tweak to the thinking there?

好的。偉大的。如果可以的話，我再問最後一個問題。我看到幻燈片上仍然說目標是 60% 到 70% 的股息支付率。由於資產負債表更加強勁，且獲利成長速度略有加快，您對股息成長速度有何看法？那裡的思想有什麼哲學上的調整嗎？

Andrew, we like the growth the last couple of years. Our Board has approved a 2% growth in the dividend. We feel like that's appropriate given the capital allocation and investment cycle we're attacking into. So we will continue to drive down the payout ratio as that level of dividend growth remains through the planning period.

安德魯，我們喜歡過去幾年的成長。我們的董事會已批准將股息提高 2%。考慮到我們正在進軍的資本配置和投資週期，我們認為這是合適的。因此，我們將繼續降低派息率，因為股息成長水準在整個規劃期內保持不變。

We currently have no further questions. At this time, I'd like to hand back to Harry Sideris for some closing remarks.

目前我們沒有其他問題。現在，我想把發言權交還給 Harry Sideris，請他做最後的總結發言。

Thanks, Sammy. I just wanted to wrap up today's call by saying we're entering the second half of the year with a strong momentum, a very clear strategy and a team that continues to deliver. We have materially improved our credit profile and our financial results reflect the strength of our business and the outcomes we have achieved. We're very confident in our ability to meet the evolving needs of our customers while delivering long-term value to our shareholders.

謝謝，薩米。在今天的電話會議結束時，我想說，我們正以強勁的勢頭、非常明確的策略和持續奉獻的團隊進入下半年。我們的信用狀況已得到實質改善，我們的財務表現反映了我們業務的實力和所取得的成果。我們非常有信心，我們有能力滿足客戶不斷變化的需求，同時為股東帶來長期價值。

I wanted to thank you again for joining us today and for your investment in Duke Energy. Thank you.

我想再次感謝您今天的參加以及您對杜克能源的投資。謝謝。

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝大家的加入。現在您可以斷開線路了。