Duke Energy Corp (DUK) 2025 Q4 法說會逐字稿

Hello, everyone, and thank you for joining the Duke Energy fourth quarter and year end 2025 earnings conference call. My name is Harry, and I will be coordinating your call today. (Operator Instructions) I will now hand the call over to Abi Motsinger, Vice President of Investor Relations. Please go ahead.

大家好，感謝各位參加杜克能源公司2025年第四季及全年財報電話會議。我叫哈里，今天我將負責協調您的通話。（操作員指示）我現在將把電話交給投資者關係副總裁艾比·莫辛格。請繼續。

Thank you, Harry, and good morning, everyone. Welcome to Duke Energy's fourth 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，哈里，大家早安。歡迎閱讀杜克能源公司 2025 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GAAP財務指標和前瞻性資訊的使用。由於今天公佈的資料和杜克能源公司向美國證券交易委員會提交的文件中揭露的因素，實際結果可能與前瞻性聲明有所不同。本次簡報的附錄包含補充訊息，以及非GAAP財務指標的調節表。

With that, let me turn the call over to Harry Sideris.

那麼，現在讓我把電話交給哈里·西德里斯。

Thank you, Abi, and good morning, everyone. Let me begin by acknowledging our teammates for their incredible response to the recent winter storms that impacted our states. We were prepared and our system performed well which is a testament to the efforts of our team and the benefits of our grid-hardening investments. Moving to financial results.

謝謝你，艾比，大家早安。首先，我要感謝我們的隊友們，感謝他們對近期影響我們各州的冬季風暴做出的出色應對。我們做好了準備，系統運作良好，證明了我們團隊的努力和我們在電網加固方面投資的成效。接下來是財務業績部分。

Today, we announced 2025 earnings per share of $6.31 representing 7% growth over 2024 and above the midpoint of our guidance range for the year. I'm proud to say we executed on all fronts. Our performance reflects the strength of our regulated utilities our teammates unwavering focus on operational excellence and our commitment to generating sustainable shareholder and customer value.

今天，我們宣布 2025 年每股收益為 6.31 美元，比 2024 年增長 7%，高於我們今年預期範圍的中點。我很自豪地說，我們在各個方面都取得了成功。我們的業績反映了我們受監管公用事業的實力、我們團隊成員對卓越營運的堅定不移的專注以及我們致力於創造可持續的股東和客戶價值的承諾。

Looking ahead, we're introducing 2026 earnings guidance of $6.55 to $6.80. We're also extending our 5% to 7% long-term EPS growth rate through 2030 and off the original 2025 guidance midpoint of $6.30. And I am more confident than ever in our ability to deliver in the top half of the range beginning in 2028 as load growth accelerates.

展望未來，我們發布2026年每股收益預期，目標為6.55美元至6.80美元。同時，我們將5%至7%的長期每股盈餘成長率目標延長至2030年，並在此基礎上，進一步調高2025年預期目標的中點值6.30美元。隨著業務成長加速，我對我們自2028年起實現預期目標上半部分的能力比以往任何時候都更有信心。

Our earnings profile is underpinned by a $16 billion increase in our five-year capital plan to $103 billion. Our capital plan will drive 9.6% earnings-based growth and is the largest fully regulated capital plan in the industry, focused on critical energy infrastructure investments that strengthen the system and serve increasing load. As the investment needs of our utilities accelerate, I want to emphasize that the cost of energy has been and will remain a key focus for Duke Energy. I'm proud that we have kept rate changes below the rate of inflation on average over the last decade, supported by our continuous improvement culture as well as sensible federal and state energy policies.

我們的獲利狀況得益於五年資本計畫增加 160 億美元，達到 1,030 億美元。我們的資本計劃將推動 9.6% 的獲利成長，是業內規模最大的完全受監管的資本計劃，重點投資於關鍵能源基礎設施，以加強系統並滿足不斷增長的負載。隨著公用事業投資需求的加速成長，我想強調的是，能源成本一直是並將繼續是杜克能源關注的重點。我感到自豪的是，在過去十年中，我們一直將利率變動幅度控制在平均通貨膨脹率以下，這得益於我們持續改善的企業文化以及合理的聯邦和州能源政策。

Before I turn our focus areas for the year ahead, I want to reflect on the significant financial accomplishments in 2025 as outlined on slide 5. It was a tremendous year of execution; we delivered strong reported and adjusted earnings above our guidance midpoint. We also announced two strategic transactions at premium valuations that position the company for growth. And our credit profile continued to strengthen. Over the last 12 months, we worked with regulators and other stakeholders to recover and securitize nearly $3 billion of storm costs, which was key to achieving 14.8% FFO to debt in 2025.

在展望來年重點領域之前，我想回顧一下投影片 5 中概述的 2025 年重大財務成就。這是執行力極強的一年；我們實現了強勁的業績，公佈的收益和調整後的收益都高於預期中位數。我們也宣布了兩項估值較高的策略交易，這將使公司處於成長地位。我們的信用狀況持續增強。在過去的 12 個月裡，我們與監管機構和其他利益相關者合作，收回了近 30 億美元的風暴損失並將其證券化，這對於在 2025 年實現 14.8% 的 FFO 與債務比率至關重要。

We also advanced our all-of-the-above generation strategy, adding capacity to our system across a diverse mix of resources. This includes a 100-megawatt battery storage system we installed in North Carolina, the largest on our system to date. We also broke ground on 5 gigawatts of new natural gas generation in the Carolinas and Indiana. Importantly, we put contracts in place to secure the long lead time equipment and workforce needed to support this new dispatchable generation. While we build for the growth of tomorrow, we remain focused on adding value for our stakeholders today by providing safe, reliable power at the lowest possible cost.

我們也推動了「全方位發電」策略，透過多種資源的組合增加了系統的發電能力。這其中包括我們在北卡羅來納州安裝的 100 兆瓦電池儲能係統，這是我們迄今為止系統中最大的儲能係統。我們也在卡羅萊納州和印第安納州破土動工建設了5吉瓦的新天然氣發電計畫。重要的是，我們簽訂了合同，以確保獲得支持這一新型可調度系統所需的長期設備和勞動力。在為未來發展建設的同時，我們始終致力於為今天的利害關係人創造價值，以盡可能低的成本提供安全可靠的電力。

Moving to slide 6. This year will be defined by continued execution in four core areas: delivering value for our customers, advancing construction on new generation converting our economic development pipeline into firm projects and building on our demonstrated track record of constructive regulatory outcomes. Our customers remain our top priority, and we will never waver on our commitment to value and affordability.

切換到第6張投影片。今年我們將以在四個核心領域的持續推進為標誌：為客戶創造價值，推動新一代能源項目的建設，將經濟發展項目轉化為實際項目，並鞏固我們已取得的建設性監管成果。顧客至上是我們的首要原則，我們將始終堅持提供物有所值且價格合理的產品和服務。

We'll continue to utilize every tool available to keep rates as low as possible, including managing costs, leveraging tax credits and minimizing financing costs through regulatory mechanisms like securitization and CWIP and rate base. In 2026, we'll also move forward through the process to combine our Carolinas utilities, which, if approved, will save customers more than $1 billion through 2038.

我們將繼續利用一切可用工具，盡可能降低利率，包括控製成本、利用稅收抵免以及透過證券化、CWIP 和利率基礎等監管機制最大限度地降低融資成本。2026 年，我們還將推進卡羅萊納州公用事業合併進程，如果獲得批准，到 2038 年將為客戶節省超過 10 億美元。

These are some of the many solutions we'll employ as we continue to challenge ourselves to find new ways to deliver affordable energy for our customers. We're also protecting existing customers from costs associated with new large load projects through tariff structures and contract provisions. This is important as we continue to convert economic development prospects into firm projects.

以上是我們為客戶尋找經濟實惠的能源解決方案時將採用的眾多解決方案中的一部分，我們將繼續挑戰自我，尋找新的途徑。我們也透過關稅結構和合約條款，保護現有客戶免受新的大型負載項目所帶來的成本影響。這一點至關重要，因為我們需要不斷將經濟發展前景轉化為切實可行的項目。

Since the third quarter call, we signed electric service agreements for another 1.5 gigawatts of new data centers. These projects form industry clusters that create value for communities for years to come and benefit our existing customers as fixed costs to the system are spread across a larger base. Finally, we will build on our established track record of delivering constructive regulatory outcomes, which includes our recent South Carolina rate case orders. As a reminder, we reached comprehensive settlements in both cases last year. which were fully approved by the commission in December.

自從第三季財報電話會議以來，我們又簽署了 1.5 吉瓦新資料中心的電力服務協議。這些項目形成了產業集群，為社區創造了未來多年的價值，並且由於系統的固定成本分攤到更大的用戶群體，也使我們現有的客戶受益。最後，我們將鞏固我們以往在提供建設性監管成果方面的良好記錄，其中包括我們最近在南卡羅來納州費率案件中作出的裁決。再次提醒，我們去年已就這兩起案件達成全面和解，並於去年12月獲得委員會的全面批准。

In North Carolina, we're progressing our request for new multiyear rate plans, which would take effect January 1, 2027. These requests cover investments to strengthen the grid and upgrade our fleet. And importantly, reflect cost control initiatives that have allowed us to maintain flat O&M cost structure despite inflationary pressures and a growing asset base. We know there's never a good time for energy bills to go up. families and businesses feel every increase in affordability matters.

在北卡羅來納州，我們正在推動新的多年費率計劃的申請，該計劃將於 2027 年 1 月 1 日生效。這些請求涵蓋了加強電網和升級我們車隊的投資。更重要的是，這反映了成本控制舉措，這些舉措使我們能夠在通貨膨脹壓力和資產基礎不斷增長的情況下，保持營運和維護成本結構的平穩。我們都知道，能源帳單上漲從來都不是好事。家庭和企業都覺得，提高能源價格的每一分每一毫都至關重要。

That's why our focus is straightforward, keep costs as low as possible while maintaining reliability. Moving to slide 7. In providing the reliable power our customers expect requires us to add every available megawatt to the grid and increase speed to power as we build for economic growth. We are adding approximately 14 gigawatts of incremental generation over the next five years, which demonstrates our commitment to meet the accelerated growth in front of us by maximizing our current fleet as we add new generation. As I mentioned earlier, we already have agreements in place for the supply chain and workforce to support this incredible build, including provisions with EPC contractors to create efficiencies over time and the framework agreement with GE Vernova on turbine procurement.

因此，我們的重點很明確：在保持可靠性的同時，盡可能降低成本。切換到第7張投影片。為了向客戶提供他們所期望的可靠電力，我們需要將每一兆瓦的可用電力都併入電網，並加快供電速度，以促進經濟成長。未來五年，我們將新增約 14 吉瓦的發電量，這表明我們致力於透過最大限度地利用現有發電設施並增加新的發電量來滿足未來快速增長的需求。正如我之前提到的，我們已經與供應鏈和勞動力達成協議，以支持這項偉大的建設，包括與EPC承包商達成協議，以隨著時間的推移提高效率，以及與GE Vernova就渦輪機採購達成協議。

With over $1 billion of capital deployed every single month, Duke Energy's scope and scale uniquely positions us to lead this record generation build. We have extensive experience from building nearly 4 gigawatts of gas generation across our fleet over the last decade. And we've been actively preparing for this next build cycle for more than three years giving us full confidence in our ability to execute the work ahead.

杜克能源每月投入超過 10 億美元的資金，其規模和範圍使我們擁有獨特的優勢，引領這項創紀錄的發電建設。過去十年，我們累積了豐富的經驗，在我們的發電廠群中建造了近 4 吉瓦的天然氣發電設施。三年多來，我們一直在積極準備下一個建設週期，這讓我們對完成接下來的工作充滿信心。

Consistent with our all of the above strategy, we will also continue to add battery and solar projects at a steady pace. Our battery deployment in particular, will ramp significantly through the five-year plan with approximately 4.5 gigawatts of additions through 2031. Finally, we continue to evaluate the potential for new nuclear, maintaining optionality for future development.

秉承上述所有策略，我們將持續穩定地推動電池和太陽能專案。特別是我們的電池部署，將在五年計畫期間大幅增加，到 2031 年將新增約 4.5 吉瓦的容量。最後，我們將繼續評估新核能的潛力，為未來的發展保留選擇。

In December, we submitted an early site permit for a potential SMR at our Belews Creek site in North Carolina. We're taking a disciplined approach to do nuclear, sharing our operational expertise and advancing limiting licensing activities while reducing supply chain risks and allowing technologies to mature. We also continue to seek solutions that mitigate financial risk for customers and investors before we make a decision to move forward with any new nuclear development.

12 月，我們向北卡羅來納州 Belews Creek 場地提交了一份早期場地許可證申請，用於建造潛在的小型模組化反應器 (SMR)。我們採取嚴謹的態度發展核能，分享我們的營運經驗，推動限制性授權活動，同時降低供應鏈風險，並讓技術成熟。在決定推進任何新的核能開發專案之前，我們也會繼續尋求能夠降低客戶和投資者財務風險的解決方案。

Investing in our existing fleet, advancing new generation and evaluating emerging technology are critical to ensure we can support our growing communities. We entered 2026 with incredible momentum and are poised to deliver. We're executing our strategy and creating meaningful value for our shareholders and customers.

投資現有車隊、推動新一代技術發展以及評估新興技術，對於確保我們能夠支持不斷成長的社區至關重要。我們帶著強勁的發展勢頭進入了2026年，並已做好充分準備，實現目標。我們正在執行我們的策略，並為我們的股東和客戶創造有意義的價值。

With that, I will now turn over the call to Brian.

接下來，我將把電話交給布萊恩。

Thanks, Harry, and good morning, everyone. As shown on slide 8, we delivered 2025 reported and adjusted earnings per share of $6.31, a 7% increase year-over-year. Results reflect strong execution of our financial plan including top line growth from efficient regulatory constructs in place across our growing states. These drivers will continue in 2026, and we set our adjusted EPS guidance range of $6.55 million to $6.80.

謝謝你，哈里，大家早安。如投影片 8 所示，我們實現了 2025 年報告和調整後的每股收益 6.31 美元，年增 7%。業績反映了我們財務計畫的強勁執行，包括在我們不斷發展的各州中，透過有效的監管機制實現的收入成長。這些驅動因素將在 2026 年繼續發揮作用，我們將調整後的每股盈餘預期範圍設定為 655 萬美元至 6.80 美元。

The Electric segment will continue to drive most of the growth in 2026 as we move into year three of our multiyear rate plans in North Carolina, year two in Florida and implement Phase 2 rates in Indiana. New rates from constructive rate case orders in South Carolina will be effective in the first quarter, and we also expect to see steady growth from grid riders in the Midwest and Florida. In addition, our plan assumes normal weather and retail sales growth of 1.5% to 2% in 2026.

2026 年，隨著我們在北卡羅來納州進入多年費率計劃的第三年，在佛羅裡達州進入第二年，並在印第安納州實施第二階段費率，電力部門將繼續推動大部分增長。南卡羅來納州建設性費率案件命令的新費率將於第一季生效，我們也預期中西部和佛羅裡達州的併網用戶也將穩定成長。此外，我們的計畫假設 2026 年天氣正常，零售額成長 1.5% 至 2%。

In the gas segment, we will see growth from Piedmont integrity management riders and new rates at Duke Energy, Kentucky. Finally, higher cost -- power financing costs will drive results in the Other segment. Consistent with prior guidance, we expect the Tennessee and Florida transactions to be earnings neutral. With interest savings at the holding company, fully offsetting lower earnings at Piedmont and Duke Energy, Florida. I'm proud of the results we delivered in 2025, and I'm bullish about the future. We are well positioned to execute our investment plan to serve our growing jurisdictions.

在天然氣領域，我們將看到皮埃蒙特完整性管理附加費的成長以及肯塔基州杜克能源公司的新費率。最後，更高的成本－電力融資成本將推動其他領域的績效成長。與先前的預期一致，我們預計田納西州和佛羅裡達州的交易不會對獲利產生影響。控股公司節省的利息，完全抵消了皮埃蒙特和佛羅裡達州杜克能源公司收益的下降。我為我們在 2025 年所取得的成果感到自豪，並且對未來充滿信心。我們已做好充分準備，執行投資計劃，為我們不斷成長的業務區域提供服務。

Turning to slide 9. Our economic development pipeline continues to progress, increasing confidence in our growth profile. Since the third quarter earnings call, we signed an additional 1.5 gigawatts of electric service agreements with data center customers, including Microsoft and Compass and now have approximately 4.5 gigawatts of data center load secured under ESAs. Our success underscores the attractiveness of our service territories to prospective large load customers.

翻到第9張投影片。我們的經濟發展項目持續推進，增強了人們對我們成長前景的信心。自第三季財報電話會議以來，我們與資料中心客戶（包括微軟和 Compass）簽署了額外的 1.5 吉瓦電力服務協議，目前已透過電力服務協議保障了約 4.5 吉瓦的資料中心負載。我們的成功凸顯了我們服務區域對潛在的大宗貨物客戶的吸引力。

Duke Energy is a one-stop shop, providing significant speed to power advantages. We work with customers and our communities to optimize siding, which ensures we can connect new load quickly while minimizing system upgrade costs. And as we execute our ambitious generation build cycle, we will grow together as customers ramp into their full energy demand. We are partnering with our states to attract hyperscale customers to our service territories and remain laser-focused on meeting their energy needs in a way that protects our existing customer base.

杜克能源提供一站式服務，顯著提升供電速度和優勢。我們與客戶和社區合作，優化側牆，確保我們能夠快速連接新的負載，同時最大限度地降低系統升級成本。隨著我們雄心勃勃的發電量建設週期的實施，我們將與客戶共同成長，滿足他們的全部能源需求。我們正與各州合作，吸引超大規模客戶到我們的服務區域，並始終專注於滿足他們的能源需求，同時保護我們現有的客戶群。

These incremental volumes will support affordability over the life of the contract as system costs are spread over a larger base. And the ESA contract provisions, including minimum billing requirements, termination charges and refundable capital advances ensure new large load customers pay their fair share of overall system costs.

隨著系統成本分攤到更大的基數上，這些增量採購量將在合約期間內保持可負擔性。ESA 合約條款，包括最低計費要求、終止費用和可退還的預付款，確保新的大負荷客戶支付其應承擔的系統總成本份額。

As a reminder, we've consistently taken a risk-adjusted approach to evaluate which projects to include in our load forecast. I'm proud of the work we've done to streamline processes across the organization to accelerate projects through the pipeline, which is yielding results. This allows us to focus our resources and efforts on high-confidence projects, supporting speed to power. With signed ESAs that lock in ramp schedules and minimum demand, we have high confidence in the load forecast underpinning our broader financial plan.

再次提醒大家，我們一直採用風險調整方法來評估哪些項目應該納入我們的負載預測。我為我們所做的工作感到自豪，我們簡化了整個組織的流程，加快了專案推進速度，並且已經取得了成果。這使我們能夠將資源和精力集中在高把握的項目上，從而加快電力供應速度。由於簽署了鎖定爬坡計劃和最低需求的能源服務協議 (ESA)，我們對支撐我們更廣泛的財務計劃的負載預測充滿信心。

On slide 10, our $103 billion capital plan is the largest among regulated utilities and represents an increase of 18% versus our prior plan. Our capital plan is increasing as we progress further into the generation build cycle and invest in fuel security infrastructure to support future combined cycle plants in the Carolinas as outlined in the IRP. Beyond generation, we continue to strengthen the grid to improve reliability and resiliency, delivering value for customers. Our industry-leading capital plan drives 9.6% earnings base growth through 2030, up over 150 basis points versus the prior plan. This accelerated earnings base growth, combined with efficient recovery mechanisms across our utilities, underpin our confidence in delivering sustainable long-term growth.

在第 10 張投影片中，我們 1,030 億美元的資本計畫是受監管公用事業公司中規模最大的，比我們先前的計畫增加了 18%。隨著我們進一步推進發電建設週期，我們的資本計畫也在增加，我們將投資於燃料安全基礎設施，以支持卡羅萊納州未來的聯合循環發電廠，正如 IRP 中概述的那樣。除了發電之外，我們還將繼續加強電網建設，以提高可靠性和韌性，為客戶創造價值。我們業界領先的資本計畫將推動獲利基礎在 2030 年前成長 9.6%，比先前的計畫高出 150 多個基點。獲利基礎的加速成長，加上我們旗下各公用事業公司高效率的回收機制，增強了我們對實現永續長期成長的信心。

Beyond the five-year plan, we see a long runway of capital investment opportunities as our generation modernization strategy advances well into the next decade. As the investment plans of our utilities accelerate, we remain committed to customer value and affordability. We are focused on making the right investments at the right time in a way that enhances reliability and affordability.

除了五年計畫之外，隨著我們這一代現代化策略在下一個十年穩步推進，我們看到了長期的資本投資機會。隨著我們公用事業投資計劃的加速推進，我們始終致力於為客戶創造價值並保證價格合理性。我們致力於在適當的時機進行適當的投資，以提高可靠性和經濟性。

Turning to the balance sheet on slide 11. We reported 14.8% FFO to debt in 2025. The significant improvement over 2024 reflects timely storm recovery and improving operating cash flows from continued regulatory execution. We are forecasting 2026 FFO to debt of approximately 14.5% and remain well positioned to achieve our long-term target of 15% as proceeds from the Tennessee and Florida transactions are received.

請看第 11 頁的資產負債表。我們預計 2025 年 FFO 與負債比率將達到 14.8%。與 2024 年相比，顯著改善反映了及時的風暴災後復原以及持續監管執行帶來的營運現金流改善。我們預測 2026 年 FFO 與債務之比約為 14.5%，並且隨著田納西州和佛羅裡達州交易收益的到賬，我們仍有望實現 15% 的長期目標。

Our financing plan includes $10 billion of equity in the 2027 to 2030 timeframe to fund accretive growth. This represents approximately 35% equity funding of the capital plan increase and demonstrates our ongoing commitment to balance sheet strength.

我們的融資計畫包括在 2027 年至 2030 年期間投入 100 億美元的股權，以資助增值成長。這相當於資本計畫增加額的約 35% 的股權融資，顯示了我們對維持資產負債表穩健性的持續承諾。

While our base plan assumes common equity issuances through our DRIP and ATM programs, we'll also evaluate hybrids and other equity content securities to fund a portion of our equity needs over the planning horizon. Brookfield's minority interest investment in Duke Energy, Florida and the sale of our Piedmont Tennessee business to Spire will further strengthen our credit profile and satisfy our 2026 equity needs.

雖然我們的基本計劃假設透過我們的 DRIP 和 ATM 計劃發行普通股，但我們也將評估混合證券和其他權益成分證券，以便在規劃期間滿足我們部分權益需求。Brookfield 對佛羅裡達州 Duke Energy 的少數股權投資以及將我們在田納西州皮埃蒙特的業務出售給 Spire，將進一步增強我們的信用狀況，並滿足我們 2026 年的股權需求。

We remain on track to close the Tennessee sale by the end of the first quarter and the first tranche of the DEF investment in early 2026. With efficient recovery mechanisms in place, a disciplined focus on capital deployment and a balanced funding approach we are positioned for sustainable, long-term growth.

我們仍有望在第一季末完成田納西州的出售，並在 2026 年初完成 DEF 投資的第一筆款項。憑藉著高效率的恢復機制、嚴謹的資本部署和均衡的融資方式，我們已做好實現永續長期成長的準備。

Let me close with slide 12. I'm proud of the work of our employees in 2025 to deliver on our commitments. It takes all of us executing at a high level to succeed in this dynamic environment, and we will continue to build on this momentum. As load growth and capital investment accelerate, we are more confident than ever in our ability to earn the top half of the 5% to 7% EPS range beginning in 2028. Combined with our attractive dividend yield, our growth targets provide a compelling risk-adjusted return for shareholders.

最後，我以第12張投影片作為結尾。我為我們員工在 2025 年為履行我們的承諾所付出的努力感到自豪。在這個瞬息萬變的環境中，我們需要所有人高水準地執行任務才能取得成功，我們將繼續保持這種勢頭。隨著負載成長和資本投資加速，我們比以往任何時候都更有信心從 2028 年開始實現 5% 至 7% 的 EPS 區間的前半部分。結合我們誘人的股息殖利率，我們的成長目標為股東提供了極具吸引力的風險調整後回報。

Before we move to questions, I'd like to recognize Abi's exceptional work leading our Investor Relations function for more than three years. She has set the model of excellence for the industry, and we wish her continued success in her next chapter as she becomes our Chief Accounting Officer and Controller on March 1.

在進入問答環節之前，我想先表揚 Abi 在過去三年多里領導我們投資人關係部門所做的傑出貢獻。她為業界樹立了卓越的榜樣，我們祝福她在新的篇章中繼續取得成功，她將於 3 月 1 日成為我們的首席會計官兼財務總監。

I also want to congratulate Mike Switzer who will succeed Abi as our Head of Investor Relations, in addition to continuing to oversee corporate development. I know many of you are familiar with Mike's leadership from our strategic transactions this year. and we look forward to the opportunity for you to work more closely with him in the coming weeks and months ahead.

我還要祝賀 Mike Switzer 接替 Abi 擔任我們的投資者關係主管，同時他將繼續負責公司發展工作。我知道你們中的許多人都透過我們今年的策略交易熟悉了麥克的領導能力。我們期待在接下來的幾週和幾個月裡，你們有機會與他更緊密地合作。

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

接下來，我們將開放提問環節。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作說明）尼古拉斯·坎帕內拉，巴克萊銀行。

Thanks for all the updates. I appreciate it. I just wanted to ask -- you brought up the storms in your prepared remarks and the response just any costs or impacts from that, that you could disclose? And is that already kind of embedded in the midpoint view of the $6.68, if you could just confirm that? From this quarter in 1Q.

感謝您提供的所有更新資訊。謝謝。我只是想問一下——您在準備好的演講稿中提到了風暴及其影響，您能否透露一下由此產生的任何成本或影響？如果可以的話，請確認一下，這是否已經體現在 6.68 美元的中點價位中了？從本季（第一季）開始。

We're still compiling those costs, but I'm really proud of the response the company had there. We had 200,000 outages. We restored over 95% of those within 24 hours and really a testament to the team and their preparation as well as our grid strengthening that we've done over the years. We do have mechanisms in the Carolinas for recovery of those costs. So we'll be finalizing that, but we don't anticipate any impacts to our guidance for this year.

我們仍在統計這些成本，但我對公司在那方面的反應感到非常自豪。我們發生了20萬次停電。我們在 24 小時內恢復了 95% 以上的故障，這充分證明了團隊及其準備工作的成效，以及我們多年來對電網的加固工作。我們在卡羅來納州有相應的機制來追回這些費用。所以我們最終會確定下來，但我們預計不會對今年的業績指引產生任何影響。

Nick, this is Brian. I would just add, we budget for storms. This might affect the shaping and some of the expenses throughout the year because sometimes the storms come more in Q3 when hurricanes have impacted our regions. But we budget for storms and we have really good recovery mechanism in place that allow us to the deferred cost for future recovery that are above a certain deductible level. So no impact to the guidance for 2026.

尼克，這是布萊恩。我還要補充一點，我們的預算裡也包含了應對風暴的因素。這可能會影響全年的規劃和部分支出，因為有時風暴會在第三季來襲，颶風也會影響我們的地區。但是，我們為風暴災害做了預算，我們制定了非常完善的災後復原機制，讓我們可以將超過一定免賠額的未來復原成本遞延支付。因此，對2026年的指導意見沒有影響。

Great. Appreciate that. And then on the North Carolina rate case, the Carolinas rate case specifically, you brought up affordability in your comments. Obviously, a lot of stakeholders are kind of watching the case and since it is a larger case with the merger being a big item, just curious on how you're viewing the strategy of, do you need to kind of go the full distance here? Or do you think that you can constructively get to an agreement to settle it like you have in prior cases? And I recognize it's early in the process, but just kind of understanding how you're viewing that potential.

偉大的。謝謝。然後，關於北卡羅來納州的費率案件，特別是卡羅來納州的費率案件，你在評論中提到了可負擔性問題。顯然，許多利益相關者都在關注此案，而且由於合併是一起大案，所以很好奇您是如何看待這一策略的，您是否需要全力以赴？或者你認為你們可以像以前的案例一樣，透過建設性的方式達成協議來解決問題嗎？我知道現在還處於早期階段，但我只是想了解你是如何看待這種潛力的。

Yes, Nick. We don't take rate cases lightly, especially in this environment of affordability. I know our customers are struggling with housing costs, insurance, cost, health care costs as well as food prices -- but we're really focused on delivering reliable and affordable energy, which is what our commission and our legislators want as well. So we're aligned there. We have a lot of tools in our bag with tax credits or one utility merger that you mentioned.

是的，尼克。我們不會輕視費率案件，尤其是在當前經濟承受能力緊張的環境下。我知道我們的客戶正在為住房成本、保險、醫療成本以及食品價格而苦苦掙扎——但我們真正專注於提供可靠且價格合理的能源，這也是我們的委員會和立法者所希望的。所以我們在這點上立場一致。我們有很多工具可以利用，例如稅收抵免，或像您提到的公用事業合併。

These are all things that are going to help mitigate some of those increases. We have a good case that shows a lot of value for our investments going forward. So we feel we have a good case if we get to litigation. But in the past, we've always tried to settle or settle portions and have a constructive track record of doing that. And we'll look to do that again. But again, we're just focused on making sure that our customers in the Carolinas get reliable and affordable energy from us.

這些措施都有助於緩解部分成長。我們有充分的理由證明，我們的投資在未來將具有很高的價值。所以，如果訴諸法律，我們認為我們有充分的理由。但過去，我們總是嘗試解決或解決部分問題，並且在這方面有著良好的記錄。我們會再嘗試這樣做。但是，我們始終專注於確保卡羅萊納州的客戶能夠從我們這裡獲得可靠且價格合理的能源。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

It's actually Alex on for Shar. So just on the CapEx outlook and the drivers behind it, obviously, a healthy number you put out there. Can you help us think about the incremental data center opportunities you're seeing on the slides?

實際上，是 Alex 取代 Shar 上台。所以就資本支出前景及其背後的驅動因素而言，顯然，你們給的數字相當健康。您能否幫我們思考一下您在投影片中看到的資料中心新增機會？

And can you just talk about your level of confidence in rolling that into plan? We've seen data centers pull out of other states despite signing ESAs. So at what point does this move the needle for you? And how do you think about customer protections in lieu of having a blanket large load tariff?

您能否談談您對將該目標融入計劃的信心程度？我們看到一些資料中心即使簽署了環境服務協議，還是撤出了其他州。那麼，這件事在什麼情況下才能真正打動你呢？那麼，您認為應該如何保護消費者權益，而不是實行一刀切的大宗用電價格呢？

Yes, I'll start off and then Brian can add some color, but we're very confident in our 5% to 7% growth rate as well as our capital plan that supports that. The ESAs that we've signed, all of those are under construction. They're turning dirt. They have zoning in hand. So we don't anticipate any of those backing out and then we have a robust pipeline that we continue to work.

是的，我先來，然後布萊恩可以補充一些細節，但我們對 5% 到 7% 的成長率以及支持這一目標的資本計畫非常有信心。我們簽署的生態空間協議，目前都還在興建中。它們正在翻動泥土。他們已經掌握了分區規劃。因此，我們預計不會有任何一方退出，我們擁有強大的研發管道，並將繼續推動相關工作。

So we feel very confident with our projections of 5% to 7% through the period as well as in the top half, starting in '28 as some of those loads come online. So very durable plan, consistent with what we've been talking about the last several times. Brian, I don't know if you want to add anything.

因此，我們對整個時期以及上半年的 5% 至 7% 的成長率非常有信心，從 2028 年開始，隨著部分負荷的上線，成長率也將達到這一水準。所以這是一個非常持久的計劃，與我們最近幾次討論的內容一致。布萊恩，我不知道你是否還有什麼要補充的。

Yes. I would just say that signing these ESAs, Alex, give us high confidence in the growth outlook of Duke Energy because we're risk adjusting our load forecast basically to the minimum billing demands of these contracts, which clearly gives high confidence in the revenue profile as these projects come online. And we've got 4.5 gigawatts of ESA signed think about those will start coming online in late '27 and really ramp in '28. That's why we're pointing to 2028 as an inflection point in earnings.

是的。Alex，我想說的是，簽署這些能源服務協議讓我們對杜克能源的成長前景充滿信心，因為我們基本上根據這些合約的最低計費需求調整了負載預測，這顯然讓我們對這些項目上線後的收入前景充滿信心。我們已經簽署了 4.5 吉瓦的 ESA 協議，想想看，這些項目將在 2027 年底開始上線，並在 2028 年真正加速。這就是為什麼我們將 2028 年視為獲利的轉捩點。

And our pipeline in the late stage, the ones that are moving through the funnel at pace. it's about double that. So you think about 9 gigawatts is what we're working through, and you should expect new announcements over the course of '26 as we progress the pipeline in a very expedient manner.

而我們後期階段的銷售管道，也就是那些快速推進的銷售管道，大約是這個數字的兩倍。所以，你們可以想像我們正在推進的項目規模約為 9 吉瓦，隨著我們以非常迅速的方式推進該項目，你們應該會在 2026 年期間看到新的公告。

Great. That's very helpful. And just on the long-term outlook. So you raised the rate base to about 9.6% CAGR. You reiterated the top half of that 5% to 7% by '28.

偉大的。那很有幫助。僅就長期前景而言。所以你將利率基數提高到了約 9.6% 的複合年增長率。你重申了 2028 年實現 5% 到 7% 的目標的上半部。

Can you just walk us through what's driving the delta between the two. You're obviously seeing a lot of growth in investment opportunities, especially in the Carolinas. Do you see an opportunity for that delta to narrow between rate base and EPS prior to '28? Or is that just based on timing of load ramp?

您能否詳細解釋一下造成這兩者之間差異的原因？顯然，投資機會正在大幅成長，尤其是在卡羅萊納州。您認為在 2028 年之前，利率基礎與每股盈餘之間的差距有機會縮小嗎？或者這僅僅取決於負載上升的時間？

Yes, Alex. The delta between the earnings-based CAGR and EPS , there's always a difference, right? And we have our holding company. We're funding these investments with partially with equity, partially with debt. there is a drag there we would see.

是的，亞歷克斯。基於獲利的複合年增長率和每股收益之間總是存在差異，對吧？我們還有自己的控股公司。我們部分透過股權融資，部分透過債務融資來為這些投資項目提供資金。我們認為這會帶來一定的阻力。

But I would point to the revenues are accelerating into that 2028 time frame because that's when these customers will start taking energy. And we are locking in these ramp schedules. So we have high confidence in this revenue acceleration. Our earnings outlook is robust. We're pointing to the top half, which is the 6% to 7% of the 5% to 7% CAGR and we see a very robust plan in front of us.

但我認為，到 2028 年，收入將會加速成長，因為屆時這些客戶將開始使用能源。我們正在敲定這些坡道時刻表。因此，我們對營收加速成長充滿信心。我們的獲利前景穩健。我們關注的是上半部分，也就是 5% 到 7% 複合年增長率中的 6% 到 7%，我們看到了一個非常穩健的計劃擺在我們面前。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

We've got James Ward here on for Julie -- awesome. I'm going to ask just a little bit differently. So November, you reaffirm the 5% to 7% through '29, you've extended to 2030, you got the 9.6% of earnings base growth assuming about 2.5% dilution from financing, what has to go right to deliver the top half performance beginning in 2028 in terms of earned ROEs and so on?

我們請到了詹姆斯·沃德來代替朱莉——太棒了。我換個方式問。所以，11 月你們重申了 2029 年之前 5% 到 7% 的成長目標，並將目標延長至 2030 年，假設融資帶來的稀釋約為 2.5%，你們的盈利基礎增長率為 9.6%，那麼從 2028 年開始，在已實現的 ROE 等方面，哪些因素必須奏效才能達到上半年的業績水平？

Yes. James, we feel very confident in our plan that we laid out. 2028, like Brian mentioned, is an inflection point for our load late '27 and '28 as those data centers start ramping up. So that's what's driving our confidence in that upper end of the 5% to 7%. And we see that extending out as those ramp rates continue in '29 and '30 and beyond. So we feel like our plan is very durable. We're very confident in our regulatory outcomes that we have a very strong track record of, again, providing value and showing that value to our customers and our regulators is important.

是的。詹姆斯，我們對制定的計劃非常有信心。正如布萊恩所提到的，2028 年是我們業務負載的轉捩點，因為 2027 年末和 2028 年，那些資料中心將開始逐步投入使用。所以，這就是我們對 5% 到 7% 這個上限充滿信心的原因。我們看到，隨著 2029 年、2030 年及以後這些成長速度的持續，這種情況還會持續下去。因此，我們感覺到我們的方案非常穩健。我們對我們的監管結果非常有信心，我們一直保持著非常良好的記錄，再次強調，為客戶和監管機構提供價值並證明這種價值非常重要。

And then the tools I mentioned earlier, how are we going to use one utility to offset some of these costs, how the data centers are paying for their fair share and then over time, reducing the cost to the customers as we spread out the cost -- our fixed cost over a broader base. So we feel very confident that we'll continue to have constructive outcomes regulatorily and that are shaping of the load that we've laid out in our contracts we'll deliver that upper half of the range starting in '28.

然後，正如我之前提到的，我們將如何利用一種公用事業來抵消部分成本，資料中心如何支付其應承擔的份額，然後隨著時間的推移，隨著我們將固定成本分攤到更廣泛的基數上，從而降低客戶的成本。因此，我們非常有信心，我們將繼續在監管方面取得建設性成果，並按照我們在合約中規定的負荷進行調整，我們將從 2028 年開始交付該範圍的上半部分。

Got it. And then second question was on FFO to debt. You obviously achieved 14.8% '25, you're targeting 14.5% in '26, 15% longer term. With the larger capital plan, what are the key assumptions that keep you within those guardrails timing of tenancy and sort of proceeds you spoke to already, but thinking on regulatory cash flow mechanisms, dividend payout and what would cause you to adjust the funding mix?

知道了。第二個問題是關於FFO與債務的比率。顯然，你們在 2025 年達成了 14.8% 的目標，2026 年的目標是 14.5%，長期目標是 15%。對於更大的資本計劃，您有哪些關鍵假設可以確保您在租賃時間和收益方面不會超出您之前提到的限制？但考慮到監管現金流量機制、股息支付以及什麼會導致您調整融資組合？

Yes, James, one, I'm incredibly proud of the improvement in our cash flow profile that we made in 2025 and will continue into the future. So it's underpinned by improving operating cash flows. So the great work we've done with our regulators and policymakers over the last several years is paying dividends because we're covering our investments for customers in a timely way is a way to support the balance sheet and keep rates low for customers. So we're seeing that.

是的，詹姆斯，首先，我為我們在 2025 年取得的現金流狀況改善感到無比自豪，而且這種改善還將持續到未來。因此，其根本在於不斷改善的經營現金流。因此，過去幾年我們與監管機構和政策制定者所做的出色工作正在獲得回報，因為我們及時為客戶進行投資，既能支持資產負債表，又能保持客戶的低利率。所以我們看到了這一點。

So what has to happen to get to the 15%, basically, the fundamentals are in place. We don't need a change in regulatory policy. We don't need a low pass. We need to continue to execute the plan we have and support our capital investments with some equity funding. You'll see that the increase in capital, we funded with 35% equity. That's a good gauge of where we might be to maintain that 15% FFO to debt once we are in 2028 and beyond.

那麼，要達到15%的目標需要做些什麼呢？基本上，基本條件已經具備。我們不需要改變監理政策。我們不需要低通濾波器。我們需要繼續執行既定計劃，並透過股權融資來支持我們的資本投資。你會看到，在新增資本中，我們用 35% 的股權進行了融資。這可以很好地衡量我們能否在 2028 年及以後保持 15% 的 FFO 與負債比率。

I would add a lot of the regulatory work we've already accomplished with some of the multiyear rate plans that we have in place, and we'll be looking at multiyear rate plan in Ohio. Those help as well as CWIP recovery that helps with our customer costs but also helps with our cash position. So that was work that we've accomplished over the last several years that will continue to help us support our FFO to debt number.

我想補充的是，我們已經通過一些多年期費率計劃完成了許多監管工作，我們將研究俄亥俄州的多年期費率計劃。這些措施以及在建工程回收，不僅有助於降低客戶成本，也有助於改善我們的現金狀況。這是我們在過去幾年中所取得的成就，這些成就將繼續幫助我們維持FFO與負債比率。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just on the generation build cycle you've referenced. Outside of the CPCN approvals, are there any outstanding items or constraints to signing firm EPC contracts for the execution of the gas generation build in your plans?

或許只是在你提到的生成建構週期中。除了 CPCN 的批准之外，在您的計劃中，簽署天然氣發電建設項目的正式 EPC 合約方面，還有哪些未決事項或限制？

Yes, we've been planning for this for the last three years. making sure that we have the supply chain built out to make sure we have all the long lead items, whether it's transformer, circuit breakers as well as gas turbines and also the EPC contracts. We've taken a different approach going forward with how we do this, where we're looking at more of a programmatic approach with one EPC vendor that will get us efficiencies that will help us deliver the projects on time and on budget and move them from one project through the next project through the next project. So as we stage those out and layer them out, we feel like that will keep us with a solid workforce as well as the experience to be able to develop these projects in a timely and qualitative manner.

是的，我們過去三年一直在為此做準備，確保我們建立起完善的供應鏈，以確保我們擁有所有長週期物料，無論是變壓器、斷路器還是燃氣渦輪機，以及EPC合約。我們採取了不同的方法來推進這項工作，我們正在尋求一種更程序化的方法，與一家EPC供應商合作，這將提高我們的效率，幫助我們按時按預算交付項目，並將它們從一個項目推進到下一個項目，再推進到下一個項目。因此，隨著我們分階段、分層地推進這些項目，我們覺得這將使我們擁有一支強大的員工隊伍，以及及時、高品質地開發這些項目所需的經驗。

Great. And then maybe just on some of the opportunities that you've given us hitting some more details just on the type of generation that you're looking at those opportunities. Could you talk a little bit about the timing of sort of the cadence of the gas, nuclear and hydro upgrade opportunity? And also any indication on the capital investment required to execute on those projects?

偉大的。然後，或許可以就您給我們提供的一些機會，更詳細地談談您正在關注的這一代人的具體情況。能否談談天然氣、核能和水力發電升級改造的時機和節奏？此外，是否有任何關於執行這些項目所需資本投資的跡象？

Yes. So there's about 1,000 megawatts of uprates across the system. A lot of that is on the gas fleet with advanced materials as well as packages into those. We've done a lot of that work already in Florida. We also have about 300 megawatts of new clear up rates and then the rest are some hydro up rates.

是的。因此，整個系統大約有 1000 兆瓦的功率提升。其中許多都與採用先進材料的燃氣車隊以及相關組件有關。我們在佛羅裡達州已經做了很多這方面的工作。我們還有大約 300 兆瓦的新清理費率，其餘的則是一些水力發電費率。

These are very competitive to new generation. They're actually cheaper than anything that we can do on the system. That's why we're going forward. They also add an efficiency component that allows you to get more megawatts for the same fuel, which helps with fuel costs and drives that affordability number that we've been talking about earlier. So we feel very comfortable with our plan and our costs that we have in our plan, and those are very good investments for our customers.

這些產品對新一代來說非常有競爭力。實際上，它們比我們透過系統能做的任何事情都更便宜。這就是我們前進的原因。它們還增加了一個效率組件，使你能夠用相同的燃料獲得更多的兆瓦，這有助於降低燃料成本，並提高我們之前一直在談論的經濟承受能力。因此，我們對我們的計劃以及計劃中的成本感到非常滿意，這些對我們的客戶來說都是非常好的投資。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Abby, congrats last quarter -- last quarterly call. So I'm sure you're going to really miss it.

Abby，恭喜你上個季度－也就是上個季度電話會議。所以我相信你一定會非常想念它。

Thanks, Anthony.

謝謝你，安東尼。

Also, Harry, kudos to you and already with the same first name, it's probably not happened in a while.

還有，哈利，為你按讚！而且你們居然同名，這種情況可能很久沒發生了。

We've planned it that way, just for you.

我們特意這樣安排，就是為了你。

All right. Just quickly, it's not so much Duke specific. I'm curious because I know you guys have two pending rate cases, a follow-up on Nick's question earlier. But in the current environment where affordability has really reached a new level of concern for policymakers, do you think it's easier for parties now to come to a settlement? What do you think with that affordability backdrop?

好的。簡單來說，這事兒跟杜克大學關係不大。我很好奇，因為我知道你們有兩個待處理的費率案件，這是對 Nick 之前提出的問題的後續。但在當前經濟承受能力真正成為政策制定者關注的新高度的環境下，您認為各方現在更容易達成和解嗎？在這種價格親民的背景下，你覺得怎麼樣？

And it seems like every politician is using us as a sum speech, it's getting more challenging to reach a settlement?

似乎每個政客都在利用我們來發表總結性演講，達成和解變得越來越困難了？

Well, affordability is definitely on everybody's mind. And like I mentioned earlier, it's not just electricity prices that they have on their mind. It's really housing, health care, food prices. So it is definitely a topic of discussion. What we focused on talking to stakeholders and legislators is making sure that we show the value that Duke Energy provides to our customers through storm response, reliability, economic development, bringing more jobs and businesses into the communities, but also showing that we have always, for over 120 years focused on cost.

價格是否實惠無疑是每個人都關心的問題。正如我之前提到的，他們關心的不僅僅是電價。真正的問題在於住房、醫療保健和食品價格。所以這絕對是一個值得討論的議題。我們與利害關係人和立法者交談的重點是確保我們展現杜克能源透過應對風暴、提高供電可靠性、促進經濟發展、為社區帶來更多就業機會和企業等方式為客戶創造的價值，同時也要表明，120多年來，我們始終專注於成本控制。

That's what's made us successful in the past. That's why we have auto manufacturers and other businesses in our territory because we've always had low rates. We continue to have rates well below the national average. Our rate increases on average have been below the rate of inflation. Those are very important points as we talk to the stakeholders about what we're trying to accomplish.

這就是我們過去取得成功的原因。正因如此，我們地區才吸引了汽車製造商和其他企業，因為我們一直以來都保持著低利率。我們的比率持續遠低於全國平均。我們的利率平均漲幅低於通膨率。這些都是我們在與利害關係人討論我們想要實現的目標時非常重要的幾點。

And then we have a lot of tools, like I mentioned, the tax credits $500 million plus a year of nuclear credits because of our well-run nuclear plants allow us to turn that back into the customers, helping absorb some of those increases as we build out the system for the future. So we feel like we're positioned very well. We have a history of having constructive settlements. And again, we feel like we have a strong case based on value, reliability and affordability for our customers if we have to litigate it.

然後我們有很多工具，就像我提到的那樣，稅收抵免 5 億美元，加上我們運作良好的核電廠每年的核能抵免，使我們能夠將這些資金返還給客戶，幫助我們吸收未來系統建設過程中的一些增長。所以我們感覺我們處於非常有利的位置。我們歷來都有達成建設性和解的先例。再次強調，如果必須訴諸法律，我們認為基於產品對客戶的價值、可靠性和價格優勢，我們有充分的理由來維護我們的權益。

Great. And then just again, maybe this one maybe more specific to Duke on the data centers that are signing up, and I guess maybe regulatory approval of them you guys highlighted earlier and you've been pretty steadfast on making sure that data centers or the big hookups large loads don't really impact residential customers or residential customers are made whole from these large loads.

偉大的。然後，再說一遍，也許這個問題更具體地針對杜克能源公司正在簽約的數據中心，我想也許監管部門的批准問題，你們之前強調過，你們一直堅定地確保數據中心或大型連接的大負荷不會真正影響居民用戶，或者確保居民用戶不會因這些大負荷而受到任何影響。

I'm just wondering, do you think the regulation shifts where not only you have to show that no impact to the residential or the small customer, but actually that this new load is beneficial or some net benefit and that maybe the regulators want to quantify that sooner? Or do you think that the current backdrop of just showing that there's no impact to the smaller customer really will stay hold for the next several years?

我只是想知道，您是否認為監管政策會發生變化，不僅需要證明對居民用戶或小用戶沒有影響，而且還需要證明新增負載實際上是有益的，或者俱有一定的淨收益，而監管機構可能希望更快地量化這些收益？或者您認為目前這種僅僅表明對小型客戶沒有影響的局面，真的會在未來幾年內保持不變嗎？

I think this is another hot topic amongst regulators and politicians as well. And we continue to show that our data centers are paying their fair share. And then over time, they're actually reducing the cost to the broader base of customers through spreading out the fixed cost over a larger base. So we continue to show those results to them.

我認為這也是監管機構和政界人士關注的另一個熱門話題。我們持續證明，我們的資料中心繳納了應繳的稅款。隨著時間的推移，他們實際上是透過將固定成本分攤到更大的客戶群上，從而降低了更廣泛客戶群的成本。所以我們會繼續向他們展示這些結果。

We have a tariff filed in Florida, but in the other jurisdictions, we're using currently approved tariffs that protect the customer and these minimum take requirements, these termination fees, these upfront capital investments from them all tools that we're using to show that these folks are not only carrying their weight, but they're actually over time going to help our customers. So we've been very constructive discussions with our regulators on that.

我們在佛羅裡達州提交了一份關稅申請，但在其他司法管轄區，我們使用的是目前已獲批准的關稅，這些關稅可以保護客戶，而這些最低消費要求、終止費、前期資本投資等都是我們用來表明這些人不僅盡職盡責，而且隨著時間的推移，實際上還會幫助我們的客戶的工具。因此，我們與監管機構就此進行了非常建設性的討論。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Let me see. I was curious with the data center pipeline are you evaluating interruptibility or flexibility as kind of one of the characteristics as a way to speed up interconnection. Is that something that you think data centers would be willing to consider or something that you're exploring as you firm up the ESAs?

讓我看看。我很好奇，在資料中心管道方面，你們是否將可中斷性或靈活性作為加快互連速度的一種特性進行評估。您認為資料中心是否願意考慮這一點？或者這是您在製定環境服務協議 (ESA) 時正在探索的問題？

Yes. Great question, David. Yes, we absolutely have done that with the contracts that we have signed. That's been one of the provisions. It helps us get them online faster -- they've been open to doing it because it does give them that speed to the power that they need.

是的。問得好，大衛。是的，我們已經在已簽署的合約中明確規定了這一點。這是其中一項規定。這有助於我們更快地讓他們上網——他們也樂於這樣做，因為這確實能讓他們更快獲得所需的電力。

And it also helps us as we discuss benefits to the customers and the fact that it's going to maintain reliability, having that ability to curtail their load or have them go on their backup generation for 50 hours or so a year. So very constructive discussions, and that's in our contracts that we have signed.

這也有助於我們討論對客戶的好處，以及它將保持可靠性，使他們能夠減少負載或讓他們每年使用備用發電機約 50 小時。所以，我們進行了非常有建設性的討論，這一點也寫進了我們簽署的合約裡。

Steve D'Ambrisi.

史蒂夫·達布里西。

Brian, thanks very much for the time this morning. SP-4 Just had a quick one on sales growth and the incremental 1.5 gigawatts of data center ESAs that you've signed. Can you just level set us on what amount of data center load growth is embedded in the 3% to 4% enterprise load growth in the 4% to 5% Carolinas load growth. And just how -- if there's any sensitivities that we can think about to the extent you have incremental data center ESA signings?

布萊恩，非常感謝你今天早上抽出時間。SP-4 剛才簡單談了一下銷售成長以及你們簽署的新增 1.5 吉瓦資料中心 ESA。能否請您明確說明，在卡羅萊納州 4% 到 5% 的負載成長中，企業負載成長 3% 到 4% 中究竟包含了多少資料中心負載成長？那麼，在資料中心 ESA 協議逐步簽署的過程中，是否有任何需要考慮的敏感因素呢？

Yes. So as you intimate, it's becoming a more increasingly larger component of the load growth profile as we get later in the decade. And just for a number, the economic development profile that we have in the Carolinas and across the system, data centers comprise about 75% of that by the end of -- by 2030, right? So it's a growing component. That was only 50% just a couple of quarters ago.

是的。正如你所暗示的那樣，隨著十年的推進，它在負載成長曲線中所佔的比重越來越大。舉個例子，根據卡羅來納州和整個系統的經濟發展概況，到 2030 年底，資料中心將佔到其中的 75% 左右，對吧？所以這是一個不斷成長的組成部分。就在幾個季度前，這個比例還只有50%。

But as we sign new customers, it becomes a larger component. And so if you break down the 3% to 4% long-term load growth enterprise-wide, I think residential is -- and the existing customers are maybe 1/3 of that, and then the other 2/3 relate to economic development of which a big portion is data centers.

但隨著我們簽約新客戶，它所佔的比重會越來越大。因此，如果將企業範圍內 3% 到 4% 的長期負載成長進行細分，我認為住宅用戶佔其中的三分之一，而現有用戶可能佔三分之一，其餘三分之二則與經濟發展有關，其中很大一部分是資料中心。

Okay. And then -- that's really helpful. And then just to the extent that we have incremental -- you referenced 9 gigawatts of pipeline. To the extent we roll forward a couple of quarters and the 4.5 gigawatts of BSA goes to 6. Obviously, there's timing considerations, but like how should we think about that layering into load growth and rolling forward your load growth projections?

好的。然後——這真的很有幫助。然後，就我們目前所擁有的增量而言——你提到了 9 吉瓦的管道。如果我們將時間向前推移幾個季度，BSA 的 4.5 吉瓦將變為 6 吉瓦。顯然，時間因素需要考慮，但我們應該如何考慮將這些因素融入負載成長中，以及如何推進負載成長預測？

It definitely is a tailwind, Steve. And I would -- but your point about timing is important because contracts that we signed are going to be a year behind those we signed in '25 and then the ramp will start. So I would think about it as two ways. One, it's a tailwind to the low growth around the 2030 time frame, and then it extends that ramp well into the '30s.

史蒂夫，這絕對是順風。我會的——但你關於時間安排的觀點很重要，因為我們簽署的合約將比我們在 2025 年簽署的合約晚一年，然後坡道才會開始。所以我會從兩個方面來考慮這個問題。第一，這有利於 2030 年前後經濟成長放緩，然後這種成長勢頭將持續到 20 世紀 30 年代。

A lot of those that are in the pipeline now will be a little further out as they start their development. So that ramp rate will be towards the back end of the plan.

許多目前正在研發中的項目，在正式啟動開發之前，還需要一段時間才能啟動。因此，該爬坡速率將出現在計畫的後期。

That's helpful. And then the only other question I had was just on the rate base CAGR. It says you raised it obviously to 9.6%. I noted that the footnote said that it's gross of minority interest investments or minority investments. So just with the impact of the DEF transaction, can you talk about what that number is maybe on that basis?

那很有幫助。然後我唯一的另一個問題就是基於利率的複合年增長率。上面說你顯然把它提高到了 9.6%。我注意到腳註中說，這不包括少數股權投資或少數投資。那麼，僅考慮 DEF 交易的影響，您能否談談在此基礎上，這個數字會是多少？

Yes. Happy to, Steve. And I would say, first, we put the footnote for clarity, but we've always shown the rate base growth gross because we've had the GIC investment in Indiana since 2021. So this isn't new, and it's how we would -- we're investing the CapEx growth, and then the minority interest is taken out at the bottom of the income statement. So we're not doing any trickery here with the rate base growth.

是的。樂意效勞，史蒂夫。首先，我想說，我們添加腳註是為了更清晰地說明，但我們一直以來都只顯示利率基礎增長總額，因為我們自 2021 年以來就在印第安納州進行了 GIC 投資。所以這並不是什麼新鮮事，我們也是這麼做的——我們將資本支出成長用於投資，然後在損益表的底部扣除少數股東權益。所以，我們在利率基礎成長方面並沒有耍任何花招。

But the 9.6%, if we took out the minority investment in Florida that's going to happen during this 5-year window would knock the CAGR to 8.8%. But I want to underscore those -- the proceeds coming in from Brookfield are going to offset a holdco. So if you're doing the detailed model, whatever you're modeling for holdco interest expense should be less than it would be otherwise if you were going to have it on a gross level.

但是，如果我們剔除未來 5 年內佛羅裡達州的少數族裔投資，9.6% 的複合年增長率將降至 8.8%。但我想強調的是——來自布魯克菲爾德的收益將用於抵消控股公司的支出。因此，如果您正在建立詳細模型，那麼您為控股公司利息支出建模的任何內容都應該比您按總額計算時要少。

Yes. I wasn't implying that there was any trickery. I just wanted to get the clarity.

是的。我並沒有暗示其中有任何欺騙行為。我只是想弄清楚。

No, I want to be clear. I want to be clear. We added a footnote -- that was a new add.

不，我想說清楚。我想把話說清楚。我們添加了一個腳註——這是新增內容。

David Paz, Wolfe Research.

David Paz，Wolfe Research。

Just I appreciate the confidence in your growth inflection in 2028. But not sure I heard you correctly. Did you say that you could still reach the top half of 6% to 7% in 2028. Reflecting just the minimum takes. So in other words, you'll hit at least 6%, even if for some reason with the --

我很欣賞您對2028年成長轉折點的信心。但我不太確定我是否聽清楚了。你剛才說到 2028 年你仍然可以達到 6% 到 7% 的前 50% 水準。僅反映最低限度的收益。換句話說，即使由於某種原因，你至少也能達到 6% 的水平。--

That is absolutely correct. We are fully confident in being able in '28 as the load comes online with these minimum take contract provisions that we have of reaching that top half at 6% to 7% growth rate.

完全正確。我們完全有信心在 2028 年，隨著負載的增加，憑藉我們現有的最低負載合約條款，能夠以 6% 至 7% 的增長率達到前 50% 的目標。

Okay. Great. And then just on the 4.5 gigawatts of ESA, would any of those -- or I guess, any sign from now until there's potentially some kind of order ruling on the large loan tariff in North Carolina. If we were to see a large little tariff, is it -- do you anticipate they would impact 4.5 gigawatts?

好的。偉大的。那麼，就 ESA 的 4.5 吉瓦而言，從現在到北卡羅來納州可能就大額貸款關稅做出某種裁決之前，會有任何跡象表明這一點嗎？如果推出一項規模較大的小關稅，您預期它會影響 4.5 吉瓦的電力嗎？

No, not at all. These are -- we have existing tariffs as these things are signed under and they will continue to function under that. Any new changes to tariffs will only apply to the new ones. We've had conferences and technical conferences with the commission in North Carolina, and they are supportive of the way that we're approaching this, and we don't see any impacts there.

不，完全不是。這些是——我們有現有的關稅，因為這些協議都是根據這些關稅簽署的，它們將繼續按照這些關稅執行。任何新的關稅調整僅適用於新調整的部分。我們已經與北卡羅來納州的委員會舉行了多次會議和技術會議，他們支持我們採取這種方式，我們認為不會對那裡產生任何影響。

Great. Thank you so much.

偉大的。太感謝了。

Thank you. This will conclude Q&A. So I'll now hand back to Harry Sideris for some closing remarks.

謝謝。問答環節到此結束。現在我將把麥克風交還給哈里·西德里斯，讓他做些總結發言。

Yes. Thank you for the questions today. I just want to wrap up real quick and reemphasize that our business has never been stronger. We delivered on 2025 commitments and we're going to build on that momentum into 2026. We are fully executing on all gears on our strategy, reaching new milestones in our generation build and converting our economic development pipeline into real projects.

是的。謝謝大家今天提出的問題。我只想快速總結一下，並再次強調，我們的業務從未如此強勁。我們實現了 2025 年的承諾，並將以此動能延續到 2026 年。我們正在全面執行策略的各個環節，在世代建設方面取得了新的里程碑，並將經濟發展規劃轉化為實際項目。

I'm more confident than ever of our ability to earn the top half like we talked about of our 5% to 7% EPS growth range starting in '28 and also the fact that this will be durable into the future. So again, thanks for joining us today, and thank you for your investment in Duke Energy. Take care.

我比以往任何時候都更有信心，我們能夠實現之前討論過的 5% 到 7% 的 EPS 成長目標，從 2028 年開始，而且這一目標在未來也將持續下去。再次感謝您今天蒞臨本站，也感謝您對杜克能源的投資。小心。

This concludes the Duke Energy fourth quarter and year end 2025 earnings call. Thank you for joining. You may now disconnect your lines.

杜克能源公司2025年第四季及全年財報電話會議到此結束。感謝您的參與。現在您可以斷開線路了。