Duke Energy Corp (DUK) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Duke Energy first-quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加杜克能源（Duke Energy）2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Mike Switzer, Vice President, Corporate Development and Investor Relations. Mike, please go ahead.

現在我將把會議交給企業發展與投資人關係副總裁 Mike Switzer。Mike，請開始。

Thank you, Jen, and good morning, everyone. Welcome to Duke Energy's first-quarter 2026 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，Jen，各位早安。歡迎參加杜克能源 2026 年第一季財報回顧與業務更新。今天由總裁暨執行長 Harry Sideris 主持，並由執行副總裁暨財務長 Brian Savoy 一同出席。

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 the reconciliation of non-GAAP financial measures.

今天的討論將包含非 GAAP 財務衡量指標及前瞻性資訊。由於今日資料及杜克能源向美國證券交易委員會（SEC）申報文件中揭露的因素，實際結果可能與前瞻性陳述有所不同。今日簡報的附錄包含補充資訊，以及非 GAAP 財務衡量指標的調節表。

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

接下來，我把電話交給 Harry。

Thank you, Mike, and good morning, everyone. We're pleased to be with you to share our results on the continued progress we're making on our strategic priorities.

謝謝你，Mike，各位早安。很高興與各位一同分享我們在策略優先事項上持續取得進展的成果。

Today, we announced first-quarter 2026 adjusted earnings per share of $1.93, which builds on our momentum from last year and marks a strong start to the year. These results are primarily driven by critical infrastructure investments to meet growing customer demand in our service territories. We are on track to achieve our 2026 guidance range of $6.55 to $6.80 and are reaffirming our 5% to 7% long-term EPS growth rate through 2030.

今天我們公布 2026 年第一季調整後每股盈餘為 1.93 美元，延續去年的動能，為今年帶來強勁開局。這些成果主要來自於我們在關鍵基礎設施上的投資，以滿足服務區域內不斷成長的客戶需求。我們正按計畫達成 2026 年每股盈餘指引區間 6.55 至 6.80 美元，並重申至 2030 年的長期每股盈餘年複合成長率 5% 至 7%。

And we are more confident than ever that we will deliver in the top half of the range beginning in 2028 when we expect to see accelerated growth from the economic development projects we have secured under ESAs.

此外，我們比以往更有信心，自 2028 年起可望交出區間上半部的表現，屆時我們預期在已透過 ESA 簽訂的經濟發展專案帶動下，成長將加速。

Our growth is strong. Economically attractive jurisdictions is underpinned by the industry's largest regulated capital plan, efficient recovery mechanisms and a long track record of constructive regulatory outcomes, and we continue to see strong fundamentals across our business. In the first quarter, we achieved key strategic milestones in support of the growing states we serve. With every investment, we're ensuring the dollars deliver long-term value for our customers and communities.

我們的成長動能強勁。具經濟吸引力的司法管轄區，係由業界最大的受監管資本計畫、高效率的成本回收機制，以及長期以來具建設性的監管成果所支撐；我們也持續看到各項業務基本面強勁。第一季，我們達成多項關鍵策略里程碑，以支持我們所服務的成長型州份。每一筆投資，我們都確保資金能為客戶與社區帶來長期價值。

We will continue to execute this strategy with discipline and look forward to updating you throughout the year. As we invest in our system, I want to underscore that our priority has been and always will be providing customers reliable power at the lowest possible cost. As a result of this unwavering focus, our rates are below the national average and have risen below the pace of inflation.

我們將持續以紀律執行此策略，並期待在今年持續向各位更新進展。在我們投資系統的同時，我想強調，我們的首要任務一直且永遠是以最低可能成本為客戶提供可靠電力。由於我們對此目標的堅定聚焦，我們的費率低於全國平均，且上升幅度也低於通膨速度。

We continue to find new ways to deliver affordable energy for our customers, including leveraging our scope and scale to achieve top-tier cost management. As shown on slide 5, I'm pleased to announce two major accomplishments that will provide more than $5 billion of customer benefits, further demonstrating our sustained commitment to providing customer value.

我們持續尋找新方法為客戶提供可負擔的能源，包括運用我們的規模與範疇以達成業界領先的成本管理。如第 5 頁所示，我很高興宣布兩項重大成果，將為客戶帶來超過 50 億美元的效益，進一步展現我們持續致力於為客戶創造價值。

First, last week, we reached a multiyear agreement to monetize up to $3.1 billion of clean energy tax credits expected to be generated through 2028. The proceeds will flow back to customers to support keeping rates as low as possible. We also received all regulatory approvals, including from FERC, North Carolina, and South Carolina regulators for the proposed combination of our two Carolina utilities.

第一，上週我們達成一項多年期協議，將預期至 2028 年產生、最高達 31 億美元的潔淨能源稅額抵免進行變現。所得款項將回饋給客戶，以支持將費率維持在盡可能低的水準。我們也已取得所有監管核准，包括聯邦能源管理委員會（FERC）、北卡羅來納州及南卡羅來納州監管機關，核准我們兩家卡羅來納州公用事業公司的擬議合併。

Combining these utilities will enable us to meet the Carolinas growing energy needs more efficiently with estimated customer savings of $2.3 billion through 2040. With these approvals, we're working towards an effective date of January 1, 2027. Our customers remain our top priority, and we will continue to utilize every tool available to keep rates as low as possible.

合併這些公用事業公司將使我們能更有效率地滿足卡羅來納州日益成長的能源需求，並預估至 2040 年可為客戶節省 23 億美元。在取得這些核准後，我們正朝 2027 年 1 月 1 日生效的目標日期推進。客戶始終是我們的首要考量，我們將持續運用一切可用工具，盡可能將費率維持在低水準。

We had several other significant accomplishments in the first few months of 2026, which are outlined on slide 6. Starting with the two strategic transactions announced last year. We closed on the first tranche of Brookfield's minority investment in Duke Energy Florida in early March, receiving $2.8 billion in cash proceeds for a 9.2% interest in our Florida utility.

2026 年前幾個月我們也完成了其他幾項重要成果，詳列於第 6 頁。先從去年宣布的兩項策略性交易談起。我們於 3 月上旬完成 Brookfield 對 Duke Energy Florida 的第一批少數股權投資交割，以 9.2% 的佛州公用事業持股換取 28 億美元現金收入。

Several weeks later, we completed the sale of our Piedmont Natural Gas Tennessee business to Spire for $2.5 billion. The more than $5 billion in proceeds strengthen our credit profile and help cost effectively fund our $103 billion capital plan as we invest for the benefit of our customers.

數週後，我們完成將 Piedmont Natural Gas Tennessee 業務以 25 億美元出售給 Spire。超過 50 億美元的所得款項強化了我們的信用體質，並有助於以具成本效益的方式為我們 1,030 億美元的資本計畫提供資金，讓我們能為客戶利益持續投資。

Moving to economic development. We continue to seize the growth in our attractive regions driven by innovation in AI technologies and advanced manufacturing. Since the fourth-quarter call, we've signed an additional 2.7 gigawatts of ESAs with data center customers, bringing our total executed agreements to approximately 7.6 gigawatts, nearly two-thirds of which are already under construction.

接著談經濟發展。我們持續把握在具吸引力區域的成長機會，這些成長由 AI 技術創新與先進製造所帶動。自第四季電話會議以來，我們與資料中心客戶額外簽署 2.7 吉瓦的 ESA，使已簽署協議總量達約 7.6 吉瓦，其中近三分之二已在施工中。

We recognize that we're in a once in a generation build cycle and have been collaborating with state and local officials, policymakers and regulators to attract these investments to our communities while protecting our existing customers.

我們了解目前正處於一個世代僅見的建設週期，並一直與州與地方官員、政策制定者及監管機關合作，在保護既有客戶的同時，吸引這些投資進入我們的社區。

We've taken a leading role in developing contract structures that establish greater certainty for planning and ensure that new large customers pay their fair share of the overall system costs. Contracts include minimum demand provisions, credit support, refundable capital advances, and termination charges. Importantly, these incremental volumes will benefit all customers over the life of the contract as system costs are spread over a larger base.

我們在制定合約架構方面扮演領導角色，以提升規劃確定性，並確保新增大型客戶就整體系統成本支付其公平份額。合約包含最低需求條款、信用支持、可退還的資本預付款，以及終止費用。重要的是，隨著系統成本分攤至更大的基礎，這些新增用量將在合約期間為所有客戶帶來效益。

For decades, our teammates have had the privilege of living and working alongside the customers we serve, and that experience has made community engagement and core competency in our planning and delivery. When projects are built with communities and not around them, we are able to support growth in a way that both protects and benefits customers.

數十年來，我們的同仁有幸與所服務的客戶一同生活與工作，而這段經驗使社區參與成為我們規劃與交付中的核心能力。當專案是與社區共同建設、而非繞過社區時，我們就能以同時保護並讓客戶受益的方式支持成長。

And finally, I want to touch on several regulatory updates, beginning with North Carolina. The rate cases for both Duke Energy Carolinas and Duke Energy Progress are proceeding on schedule. The next step will be intervenor testimony, which is due for DEC at the end of May. We look forward to continuing constructive engagement with stakeholders as we advocate for the critical investments needed to reliably serve our growing communities and provide value for our customers.

最後，我想談幾項監管更新，先從北卡羅來納州開始。Duke Energy Carolinas 與 Duke Energy Progress 的費率案件均按進度推進。下一步將是介入方證詞，DEC 的提交期限為 5 月底。我們期待持續與利害關係人進行具建設性的互動，同時倡議為可靠服務我們成長中的社區所需的關鍵投資，並為客戶創造價值。

And in mid-March, we filed our initial electric rate stabilization adjustment in South Carolina under legislation that was signed into law last May. This efficient process allows for annual true-ups that reduce rate volatility for customers. The investments we're making in our systems support critical upgrades to improve reliability, harden the grid, and support growth. Whether it's a blue-sky day or responding to winter storms like we experienced earlier this year, we continue to provide value by keeping the lights on and restoring power safely and quickly.

此外，在 3 月中旬，我們依據去年 5 月簽署成為法律的立法，在南卡羅來納州提交了首次電力費率穩定化調整申請。此一高效率流程允許每年進行實際差異調整（true-up），以降低客戶費率波動。我們對系統的投資支持關鍵升級，以提升可靠性、強化電網韌性，並支援成長。無論是晴空萬里的日子，或是因應如今年稍早所經歷的冬季風暴，我們都持續透過維持供電、並以安全且迅速的方式恢復供電來創造價值。

Moving to slide 7. We continue to advance our all-of-the-above strategy, adding 14 gigawatts of generation over the next five years. We're also maximizing existing generation by extending the lives of our nuclear fleet. In April, the NRC approved the subsequent license renewal for Robinson Nuclear Plant, marking our second nuclear plant to reach this important milestone.

接著看第 7 張投影片。我們持續推進「全方位」策略，未來五年將新增 14 吉瓦的發電容量。我們也透過延長核電機組的運轉年限，最大化既有發電資產的效益。4 月，NRC 核准羅賓森核電廠的後續執照更新，使其成為我們第二座達成此一重要里程碑的核電廠。

As the operator of the largest regulated fleet in the nation, nuclear is foundational to our strategy, and we intend to seek similar extensions for all our remaining reactors. Our gas generation program, which is a critical component of our strategy is well underway with 5 gigawatts under construction and an additional 2.5 gigawatts in development.

作為全美最大的受監管核電機組群營運商，核能是我們策略的基石，我們也計畫為其餘所有反應爐尋求類似的延役。我們的燃氣發電計畫是策略中的關鍵組成，目前進展順利，已有 5 吉瓦在建，另有 2.5 吉瓦處於開發階段。

In March, the South Carolina Commission approved our application for a 1.4 gigawatt combined cycle plant in Anderson County. The plan is the first to be approved after the enactment of the Energy Security Act last May, and is our first new baseload generation asset in the Palmetto state in a decade. Construction is expected to begin in 2027.

3 月，南卡羅來納州委員會核准我們在安德森郡興建 1.4 吉瓦聯合循環電廠的申請。該計畫是去年 5 月《能源安全法》施行後首個獲核准的計畫，也是我們十年來在「棕櫚州」的第一項新增基載發電資產。預計於 2027 年動工。

And last month, we implemented a CWIP rider in Indiana for our Cayuga combined cycle plant. This recovery mechanism supports the state's focus on affordability by reducing overall costs to customers while maintaining balance sheet strength.

此外，上個月我們在印第安納州針對 Cayuga 聯合循環電廠導入了 CWIP 附加費機制。此一成本回收機制透過降低客戶整體成本、同時維持資產負債表強度，支持該州對可負擔性的重視。

We have agreements in place to secure the long lead time equipment and workforce needed for this dispatchable generation, which reduces risk and leverage our size and scale to complete these projects efficiently, maximizing the value for our customers.

我們已簽訂協議，以確保此類可調度發電所需的長交期設備與人力，藉此降低風險，並運用我們的規模與量體高效率完成這些專案，為客戶創造最大價值。

The first turbine secured under our framework agreement with GE Vernova are being built, with the turbines for the first Person County combined cycle project expected to be delivered in the second half of this year. Our gas generation build will create thousands of construction jobs, and we have a solid plan to ensure we have the skilled labor needed to meet our construction milestones on time and on budget.

在我們與 GE Vernova 的框架協議下所取得的第一批燃氣渦輪機已在製造中，首個 Person 郡聯合循環專案的渦輪機預計於今年下半年交付。我們的燃氣發電建置將創造數千個營建工作機會，我們也有完善計畫，確保具備所需的熟練勞動力，按期且在預算內達成施工里程碑。

In the Carolinas, we have signed EPC contracts for the first three new gas generation facilities, a programmatic approach that gives our EPC providers, Zachry, line of sight to an order book of projects. We have deliberately laid out the construction timelines for Person County and Marshall plants to create a road map for Zachry to stage the regional workforce. This will support developing and retaining a local craft pool for years into the future.

在卡羅來納地區，我們已就前三座新燃氣發電設施簽署 EPC 合約；此一計畫化作法讓我們的 EPC 供應商 Zachry 能清楚掌握一系列專案的訂單能見度。我們刻意安排 Person 郡與 Marshall 電廠的施工時程，為 Zachry 提供一份可用以部署區域勞動力的路線圖。這將有助於在未來多年培育並留任在地技工人才庫。

We're building on the success we've had supporting talent pipelines to address needed skills in our service territories, like we've done with line worker training programs, and we're sharing these best practices with our EPC partners.

我們將延續過去在支持人才管道方面的成功經驗，以因應服務區域所需技能（例如我們推動的線路工人訓練計畫），並把這些最佳實務分享給我們的 EPC 夥伴。

To bring all this together, our project management and construction team has a robust construction monitoring process in place. We are working closely with our equipment suppliers and EPC providers, including conducting quality assurance checks of equipment and manufacturing and leveraging AI technologies to track milestones. This includes monitoring construction at a granular level down to the cubic yard of dirt excavated and concrete being poured.

為了整合上述工作，我們的專案管理與施工團隊已建立健全的施工監控流程。我們與設備供應商及 EPC 供應商密切合作，包括對設備與製造流程進行品質保證檢查，並運用 AI 技術追蹤里程碑。其中包含以非常細緻的層級監控施工進度，甚至細到每立方碼的土方開挖與混凝土澆置。

Overall, our scope and scale as well as our extensive experience and infrastructure development uniquely position us to lead this record generation build. And we've been actively preparing for this next build cycle for more than three years given us full confidence in our ability to execute the work ahead.

整體而言，我們的範疇與規模，以及豐富的經驗與基礎建設開發能力，使我們具備獨特優勢來領導這波創紀錄的發電建置。鑑於我們已為下一輪建置週期積極準備超過三年，我們對於執行未來工作充滿信心。

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

接下來我把電話交給 Brian。

Thanks, Harry, and good morning, everyone. As shown on slide 8, we delivered strong first quarter results with reported and adjusted earnings per share of $1.97 and $1.93, respectively. This compares to reported and adjusted earnings per share of $1.76 last year. Electric Utilities and Infrastructure was up $0.16, driven by infrastructure investments to reliably serve customers in our growing jurisdictions as well as favorable weather. Partially offsetting this was higher O&M and depreciation expense on a growing asset base.

謝謝你，Harry，各位早安。如第 8 張投影片所示，我們第一季交出強勁成績，按揭露口徑與調整後每股盈餘分別為 1.97 美元與 1.93 美元。相較之下，去年按揭露口徑與調整後每股盈餘為 1.76 美元。電力公用事業與基礎設施部門增加 0.16 美元，主要受惠於基礎設施投資，以在我們成長中的轄區可靠地服務客戶，以及有利的天候因素。部分抵銷因素為隨資產基礎擴大而增加的營運與維護（O&M）及折舊費用。

The colder temperatures we experienced in the quarter drove higher usage, but this was offset by higher O&M expenses incurred responding to winter storms. We budget for storms and have solid recovery mechanisms in place, so the impact in the first quarter is largely timing and we continue to target flat O&M for the full year.

本季較冷的氣溫帶動用量上升，但因應冬季風暴所產生的較高 O&M 費用抵銷了部分效益。我們已將風暴成本納入預算，且具備完善的回收機制，因此第一季的影響主要是時點差異；我們仍以全年 O&M 持平為目標。

Gas Utilities and Infrastructure was up $0.01 compared to last year, with contributions from riders and customer growth, partially offset by higher depreciation expense. The other segment was essentially flat to the prior year.

燃氣公用事業與基礎設施部門較去年增加 0.01 美元，主要來自附加費機制與客戶成長的貢獻，但部分被較高的折舊費用所抵銷。其他部門與去年同期大致持平。

Our results for the quarter continued to build on the momentum from the past year, reflecting the strength of our utilities and consistent execution of our strategy, positioning us well to achieve our full-year EPS targets.

本季業績延續過去一年的動能，反映我們公用事業業務的韌性與策略執行的一致性，使我們處於有利位置以達成全年 EPS 目標。

Turning to slide 9. Our economic development success continues as we progress additional large load projects through the pipeline and signed contracts. We have now secured approximately 7.6 gigawatts of electric service agreements with data center customers, including an incremental 2.7 gigawatts since the fourth-quarter call.

接著看第 9 張投影片。隨著我們推進更多大型負載專案進入管線並簽訂合約，我們在經濟發展方面的成果持續展現。目前我們已與資料中心客戶簽訂約 7.6 吉瓦的電力服務協議，其中自第四季電話會議以來新增 2.7 吉瓦。

As Harry touched on, these contracts include provisions that protect existing customers and deliver value to those customers over time by spreading fixed cost over a larger base. As we continue to convert economic development prospects into firm projects, we are locking in contracted ramp schedules that provide us with increasing confidence in our long-term load growth projections.

如 Harry 所提及，這些合約包含保護既有客戶的條款，並透過將固定成本分攤至更大的基礎上，隨時間為客戶創造價值。隨著我們持續把經濟發展機會轉化為確定專案，我們也鎖定具合約約束力的負載爬坡時程，讓我們對長期負載成長預測更具信心。

On slide 10, I want to highlight the work underway to sign additional contracts and bring new large loads onto the system. We continue to see robust interest from large load customers with our late stage, high-confidence pipeline now at 15.4 gigawatts inclusive of the ESAs we've signed. Our teams are working diligently to advance projects through the pipeline, and we expect to convert additional prospects to ESAs over the next 12 months.

在第 10 張投影片，我想強調目前正在進行的工作：簽訂更多合約並將新的大型負載接入系統。我們持續看到大型負載客戶的強勁興趣；我們的後期、高信心專案管線目前達 15.4 吉瓦，並已包含我們簽署的 ESA。團隊正努力推進專案通過管線，我們預期未來 12 個月將把更多潛在案源轉換為 ESA。

Construction is underway on the first 5 gigawatts of new data centers, and we are putting the necessary infrastructure in place to support speed to power, preparing the grid to deliver energy as soon as they are ready, and executing our generation build to grow together over time. Consistent with our load forecast, we expect these customers to begin taking energy as early as the second half of 2027 and into 2028 and ramp into their full contracted load through to early 2030s.

首批 5 吉瓦新資料中心已開始施工，我們也正建置必要的基礎設施以支援「快速送電」（speed to power），提前準備電網，確保客戶一旦就緒即可供電，並同步推進我們的發電建置，隨時間共同成長。依照我們的負載預測，我們預期這些客戶最早將於 2027 年下半年至 2028 年開始用電，並在 2030 年代初期前逐步爬坡至其合約約定的滿載。

We expect the 2.7 gigawatts signed in the first quarter as well as any incremental projects signed to begin taking energy late in the five-year planning window and ramp into the early to mid-2030s, strengthening the durability of our long-term growth potential well into the next decade.

我們預期第一季簽署的 2.7 吉瓦，以及後續新增簽署的任何專案，將在五年規劃期的後段開始用電，並於 2030 年代初至中期逐步爬坡，進一步強化我們長期成長動能在未來十年內的持久性。

Turning to the balance sheet on slide 11. We remain well positioned to meet our financial commitments for the year. In March, we received over $5 billion of proceeds from the sale of Piedmont, Tennessee, and the first tranche of our -- of the Duke Energy Florida minority investment. Closing these transactions provides financial flexibility to execute our strategy and demonstrates our commitment to pursuing the lowest cost of capital to support our investment plans.

接著看第 11 張投影片的資產負債表。我們仍處於良好位置，可履行今年的財務承諾。3 月，我們自出售 Piedmont、Tennessee，以及 Duke Energy Florida 少數股權投資的第一批次交易中，取得超過 50 億美元的款項。完成這些交易為我們執行策略提供財務彈性，也展現我們致力於以最低資本成本支持投資計畫的承諾。

Also in March, we issued $1.5 billion of convertible senior notes at a 3% coupon, providing interest savings as we pay down higher cost debt. We took advantage of the strong market conditions and priced $300 million of equity under our ATM program, which was settled in December 2027 consistent with the timing of our future equity needs. This balanced funding approach along with improving cash flows from efficient recovery mechanisms keeps us on track to deliver 14.5% FFO to debt in 2026 and 15% over the long term, providing meaningful cushion to our downgrade thresholds.

同樣在 3 月，我們發行了 15 億美元、票面利率 3% 的可轉換優先票據；在我們償還成本較高的債務之際，這帶來了利息節省。我們把握強勁的市場環境，透過我們的 ATM 計畫定價發行了 3 億美元的股權，並於 2027 年 12 月交割，與我們未來股權需求的時點一致。這種平衡的資金籌措方式，加上來自高效率回收機制而改善的現金流，使我們持續朝著在 2026 年達成 14.5% 的 FFO 對債務比率、以及長期達成 15% 的目標前進，為我們的降評門檻提供了有意義的緩衝。

I also want to take a moment to acknowledge a major achievement we celebrated as a company this year, our 100th consecutive year of paying a quarterly cash dividend. This milestone marks a long-dated commitment to the dividend that's directly tied to the company's financial strength, regulatory execution, and disciplined long-term investments. We have a diverse investor base, including many who live and work in the jurisdictions we serve, and we are proud to deliver this consistent cash flow they can count on.

我也想花點時間肯定我們公司今年慶祝的一項重大成就：連續第 100 年按季支付現金股利。這一里程碑象徵我們對股利的長期承諾，而這份承諾直接連結到公司的財務實力、監管執行力，以及有紀律的長期投資。我們擁有多元的投資人基礎，其中包括許多居住並工作在我們服務轄區內的投資人；我們也很自豪能提供他們可倚賴的穩定現金流。

Let me close with slide 12. We are off to a strong start in 2026, and I'm proud of our team's unwavering commitment to deliver value for our customers each and every day. We are on track to achieve our 2026 EPS guidance range of $6.55 to $6.80 and 5% to 7% EPS growth through 2030 with confidence to earn in the top half of the range beginning in 2028.

最後我用第 12 張投影片作結。我們在 2026 年有個強勁的開局，我也為團隊每天堅定不移、為客戶創造價值的承諾感到自豪。我們有望達成 2026 年每股盈餘（EPS）指引區間 6.55 至 6.80 美元，並有信心在 2030 年前維持 5% 至 7% 的 EPS 成長，且自 2028 年起有信心落在區間上半部。

Economic development success across our states generates an extensive runway of customer-focused capital investments that position us to deliver on our growth targets, which combined with our attractive dividend yield, provide a compelling risk-adjusted return for shareholders.

我們各州的經濟發展成果，帶來了以客戶為核心、具備長期能見度的資本投資跑道，使我們得以達成成長目標；再加上具吸引力的股利殖利率，為股東提供了具說服力的風險調整後報酬。

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

接下來我們開放提問。

(Operator Instructions) Julien Dumoulin-Smith.

（接線員指示）Julien Dumoulin-Smith。

So it just a -- as it pertains to the Carolinas' cases here, right, I mean, obviously, they're proceeding as you say, on schedule, how do you think about any potential to settle them up here partially or otherwise here? Again, obviously, we're ticking through the milestones here, but just how would you set expectations against the wider backdrop here? A lot of noise in the system here, would love to hear how you set expectations?

就卡羅萊納兩州的案件而言，我的意思是，顯然如你所說，它們正按進度推進；你們如何看待在此階段部分或以其他方式達成和解的可能性？同樣地，顯然我們正在逐一完成各個里程碑，但在更大的背景之下，你會如何設定外界的預期？系統裡雜音很多，很想聽聽你們如何管理與設定預期。

Yes, Julien. So we always pride ourselves in working closely with our regulators and stakeholders to make sure everybody understands the benefits of the case, the value that we're providing to our customers. Like I mentioned, the next big milestone is the intervenor testimony later this month. I think once we get that out, we will have more extensive discussions on settlement opportunities. We always are open to that, but we also feel like we have a strong case if we have to litigate it.

是的，Julien。我們一向以與監管機關及利害關係人密切合作為傲，確保每個人都理解此案的效益，以及我們為客戶提供的價值。如我提到的，下一個重要里程碑是本月稍晚介入方（intervenor）的證詞。我認為一旦那部分完成，我們就會就和解機會展開更深入的討論。我們一向對此保持開放，但同時也認為若必須訴訟，我們的案子很有力。

We understand that affordability is front and center for everyone. It's front and center for us. And we're taking every action that we can. The announcement that we made yesterday with over $5 billion of savings over time for our customers is just one of the tools. And we have other tools in our tool bag to help as we have the stakeholder discussions. So we feel very confident that we will be able to continue our regulatory outcomes, strength and regulatory outcomes that we've had for the last several years.

我們理解「可負擔性」是所有人最關注的焦點。這也是我們的首要關切。我們正在採取一切可行的行動。我們昨天宣布，將在一段時間內為客戶帶來超過 50 億美元的節省，這只是其中一項工具。而在與利害關係人討論時，我們還有其他工具可用。因此，我們非常有信心能延續過去幾年所展現的監管執行力與監管成果的強度。

Awesome. Excellent. And then just coming back to the loan growth, I mean, kudos again on that here in the quarter. Can you give us a little bit of an update in South Carolina, where do we stand on the generic large load tariff docket? How do you think about that being a catalyst in its own right? And any differences in the framework that you're expecting between the two different Carolinas here?

太棒了。非常好。再回到負載成長（load growth），這一季表現再次值得稱讚。你能否就南卡羅來納州提供一些最新進度：一般性大型負載費率（generic large load tariff）案目前進展到哪裡？你如何看待它本身成為一項催化劑？以及你預期兩個卡羅萊納州之間的架構會有任何差異嗎？

Yeah. We're looking at several dockets and several tariff opportunities in all our states, but they're all grounded on the contracts that we have mentioned before, making sure that the data centers pay their fair share through minimum take provisions, deposits, refundable deposits, clawback provisions that they terminate, and also the benefits that they provide over time is a tremendous value to our customers. So making sure that people understand that.

是的。我們在所有州都在檢視多個案子（dockets）以及多項費率（tariff）機會，但它們都以我們先前提到的合約為基礎：確保資料中心透過最低承購（minimum take）條款、保證金、可退還保證金、以及在其終止時的追索（clawback）條款，支付其應負擔的公平份額；同時也要讓大家理解，它們隨時間帶來的效益，對我們的客戶具有極大的價值。因此重點是確保大家都能理解這一點。

This is billions of dollars over the life of these contracts that are going to go to help offset the fixed system costs that we have with the larger loans. So we're in discussions in South Carolina, North Carolina, Florida and other states to make sure that these are memorial wise and that we have the right provisions and tariffs in place to be able to do that. We feel our contracts through that now and then tariffs will just add to that.

在這些合約的整個存續期間，將有數十億美元用於協助抵銷我們因較大負載而產生的固定系統成本。因此，我們正與南卡羅來納州、北卡羅來納州、佛羅里達州及其他州進行討論，確保這些安排被妥善記錄並制度化，且我們具備正確的條款與費率機制以落實。我們認為目前透過合約已能做到，而後續的費率機制只會在此基礎上再加分。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Maybe just on the tax credit monetization that you announced this morning, or mention in your prepared, any details you can provide in terms of counterparty or terms there? And just are there any other opportunities like that, that you could utilize to continue to provide customer benefits as the focus on affordability remains top of mind?

關於你們今天早上宣布、或在事先準備稿中提到的稅額抵免變現（tax credit monetization），你們能否提供一些細節，例如交易對手或條款？另外，是否還有其他類似機會可供運用，以在可負擔性仍是首要焦點的情況下，持續為客戶帶來效益？

Yeah, Carly, this is Brian. I'll take that one. As we monetize tax credits over the past couple of years, we've tested the market and we found a couple of partners that we wanted to go longer with. And that's what was the catalyst to negotiate a multiyear contract with this counterparty. We can't disclose the counterparty, but they have a healthy tax appetite, obviously, because they're acquiring these credits are going to be applying them on their tax return.

好的，Carly，我是 Brian。我來回答這題。過去幾年我們在進行稅額抵免變現時，已測試過市場，並找到幾個我們希望建立更長期合作的夥伴。這也促成我們與該交易對手協商並簽訂多年期合約。我們無法揭露交易對手，但他們顯然具有充足的稅務需求（tax appetite），因為他們收購這些抵免後，將在其報稅時加以抵用。

And we feel like that, that's the best approach to partnering with companies as this IRA monetization market has continued to mature because going through an auction each year does take a lot of churn and effort in the system and you don't necessarily get the best prices. Like we tested the prices, we got great value for our customers with this contract, and after we've proven out that the discounts on the tax credits are as good or better than any market we've seen. So I think you can expect us to continue doing this.

我們認為，隨著 IRA 稅額抵免變現市場日益成熟，與企業以這種方式建立合作關係是最佳做法，因為每年透過拍賣流程會在系統中造成大量往返與投入，也未必能取得最佳價格。我們已測試過價格，並透過這份合約為客戶取得很好的價值；而且在我們驗證後，稅額抵免的折價幅度與我們見過的任何市場相比同樣好、甚至更好。因此，我認為你們可以預期我們會持續這麼做。

And just to be clear, this is a forward contract. So we're going to the tax credits and sell them in those given years, but we pre-determined the set value for our customers, which is a great, great opportunity.

另外要說清楚，這是一份遠期合約（forward contract）。也就是說，我們會在那些特定年度取得稅額抵免並出售，但我們已事先為客戶確定固定價值，這是一個非常、非常好的機會。

Great. That's super helpful. And then maybe just on nuclear, I guess, across the industry, there's been some discussion on perhaps a consortium of utilities, hyperscalers, government entities kind of coming together to try to address some of the cost overrun issues and move forward on new build AP1000 in particular. I guess is that sort of a structure, something that you might consider participating in? And maybe just refresh us on kind of what specifically you're looking for to feel confident to move forward on new nuclear development?

很好。這非常有幫助。接著可能談談核能：我想整個產業近期有些討論，或許由公用事業、超大規模業者（hyperscalers）、政府機構等組成某種聯盟，共同處理成本超支問題，並推動新的核電建置，特別是 AP1000。我想問，這樣的架構是否是你們可能考慮參與的？另外也請你們再幫我們回顧一下：要讓你們有信心推進新的核能開發，你們具體希望看到哪些條件？

Yeah, Carly, obviously, nuclear is very important to us. We have 11 reactors that provide safe, reliable, dispatchable clean energy to our customers. And like Brian just mentioned, also helps us with customer value by providing almost $600 million of tax credits a year to our customers. So obviously, nuclear is important to Duke Energy. I think nuclear is important for the future of the country and the utility industry in general.

是的，Carly，很明顯，核能對我們非常重要。我們有11座反應爐，為客戶提供安全、可靠、可調度的潔淨能源。而且如Brian剛才提到的，核能也透過每年為客戶帶來近6億美元的稅額抵免，協助提升客戶價值。所以很顯然，核能對Duke Energy很重要。我認為核能對國家的未來，以及整體公用事業產業的未來都很重要。

We're going to need nuclear in the future to be able to deliver reliable power and clean power to handle the growth that our country is experiencing. But like we've said before, our main focus right now is to make sure that we get the most out of our current reactors, so we have about 300 megawatts of uprates that we're executing and also getting the life extended.

未來我們將需要核能，才能提供可靠電力與潔淨電力，以因應我國正在經歷的成長。但如同我們之前所說，我們目前的主要重點是確保把現有反應爐的效益發揮到最大，因此我們正在執行約300兆瓦的增容（uprates），同時也在延長使用年限。

So we just announced Robinson's life extension. We'll be extending the lives of our other reactors as well. And we're working with the government with hyperscalers and others to make sure that the things that we need to solve to be able to go forward with the new nuclear build are being managed.

因此我們剛剛宣布了Robinson的延役。我們也將延長其他反應爐的使用年限。同時我們正與政府、超大規模業者（hyperscalers）及其他夥伴合作，確保推進新建核電所需解決的事項都能被妥善管理。

So those risks, like we've talked about before, first-of-a-kind risks on the technology, what are we going to do with supply chain and workforce and making sure that that's available out there. And last, but definitely not least is how we manage the financial risks that protects our customers from overruns as well as protect our investors from that.

因此這些風險，如同我們之前談過的，包括技術的首座示範（first-of-a-kind）風險；我們要如何處理供應鏈與人力，並確保外部具備可用性。最後但絕對同樣重要的是，我們如何管理財務風險，以保護客戶免於成本超支，同時也保護投資人免受其影響。

So we continue to have those discussions. We continue to maintain optionality in our IRPs and our planning to be able to do that if those answers come, but we will not make any moves until we get those three questions answered.

所以我們持續進行這些討論。我們也在IRP與規劃中持續保留彈性（optionalitiy），以便在答案到位時能夠推進；但在這三個問題得到解答之前，我們不會採取任何行動。

(Operator Instructions) Jeremy Tonet, JP Morgan.

（接線員指示）Jeremy Tonet，摩根大通。

Just wanted to maybe go into the backlog a little bit more for the ESAs. Just wondering if you could, I guess, share a bit more of the view of the larger pipeline, as you said, the 15% and change? And how you think the cadence of this could come together in the future as far as the potential to expand the plan and what that could mean over time?

我想再更深入談一下ESA的積壓訂單（backlog）。想請問您是否可以再多分享一些對更大管線的看法，也就是您提到的15%多一些的部分？以及您如何看待未來這件事的推進節奏，包含擴大計畫的可能性，以及長期可能代表的意義？

Yeah, Jeremy, like we talked before, we're taking a very disciplined approach to this, really focused on those counterparties that are -- that can deliver those projects. And we're very conservative in what we're putting into that.

是的，Jeremy，如同我們之前談過的，我們在這方面採取非常嚴謹、紀律性的做法，真正聚焦在那些—能夠交付這些專案的交易對手。而且我們在納入其中的內容上非常保守。

So our pipeline is much bigger than that, but what we focus on is that late developed stage, and we feel confident that the discussions that we're having are going to land a lot of these that are in our late development pipeline in the next 12 months. So we'll continue to update you on that. But we continue to have prospects further deeper in the pipeline that we're moving up into this more advanced stage as well.

因此我們的管線其實遠大於此，但我們聚焦的是較後期的開發階段；我們有信心，正在進行的討論將在未來12個月內，讓我們後期開發管線中的許多專案落地。所以我們會持續向各位更新。同時，我們也持續把管線更深處的潛在機會推進到更成熟的階段。

Jeremy, if I could just add, I can't help myself. I'm so proud of our focus on speed to power. We've really retooled how we approach these large load customers pulling together transmission and grid teams as well as our economic development teams, ensuring that we're looking at every solution to get these customers signed. And I think it's evident. Siding 2.7% this quarter, which was more than half we signed last year, is really a testament to that speed of power focus, and we should expect more of that in the future.

Jeremy，如果我可以補充一下，我忍不住想說。我對我們聚焦「加速送電（speed to power）」感到非常自豪。我們確實重新調整了面對這些大型負載客戶的方式，把輸電與電網團隊以及經濟發展團隊整合起來，確保我們在檢視每一個解決方案，以促成這些客戶簽約。我想這點很明顯。本季簽下2.7%，超過去年全年簽約量的一半，這正是我們聚焦加速送電的最佳證明，未來也應該會看到更多。

Got it. That's helpful there. And just wanted to turn towards the current rate case. Are there any direct offset here from the savings that you announced with the merger of the Carolinas as well as the tax credits. Just wondering if you think about the potential to levers, I guess, to reframe the ask as a result of what was accomplished here just looking at forward prospects.

了解。這很有幫助。另外想轉到目前的費率案件（rate case）。您先前宣布的卡羅萊納合併節省，以及稅額抵免，是否會在這裡形成任何直接的抵銷？想請問您如何看待這些槓桿，是否能因為這些成果而重新框架本次的申請（ask），就前瞻面來看？

Yeah, Jeremy, we have a lot of levers, tax credit is being one of them. The one utility, that's going to go into effect at the beginning of next year. So that will be more over time, but it does definitely provide a lot of value to the customers over that time, $2.3 billion. So our focus with the levers that we have now is how we can offer some of those up to mitigate some of the increase. So think about tax credits, then we have some other options as well. Again, we'll be talking to our stakeholders and our regulators after the intervener testimony is followed at the end of this month.

是的，Jeremy，我們有很多槓桿，稅額抵免就是其中之一。「單一公用事業（one utility）」將在明年年初生效。因此其效益會隨時間逐步體現，但確實會在那段期間為客戶帶來很大價值，總計23億美元。所以就我們目前可用的槓桿而言，我們的重點是如何提出其中一些來緩解部分漲幅。因此可以想到稅額抵免，另外我們也還有其他選項。同樣地，在本月底介入方證詞（intervener testimony）提交之後，我們會與利害關係人及監管機構進一步溝通。

Got it. One quick one, if I could, just as it relates to the legislative session. If there's anything that you're watching there? I think there might be some -- Bill is talking on tax incentive for data centers, if you cost sharing mechanisms and just wondering if any thoughts on the legislative session you could share?

了解。我再快速問一個，與立法會期相關。您那邊有沒有在關注什麼？我想可能有一些—法案在討論針對資料中心的稅務誘因、成本分攤機制之類的，想請問您對這次立法會期是否有任何想法可以分享？

Yes. We share the goals that our legislators and our regulators and our stakeholders have in the states. They want to make sure that customers are protected from the large load that's coming to our territory to make sure they pay their fair share. They want to make sure that reliability is maintained. And they also want to make sure that we continue to have economic development and the states grow.

有的。我們與各州的立法者、監管機構以及利害關係人有共同目標。他們希望確保客戶能受到保護，面對進入我們服務區域的大型負載，確保其支付應負擔的公平份額。他們希望確保可靠性得以維持。同時他們也希望我們能持續推動經濟發展，讓各州成長。

Those are all things that we're in tune with, and we're working with them. I think a lot of the things that are being discussed are already in our contracts. It's just codifying some of that. So we'll continue to work with them, but we all have the same goal in mind to make sure that our customers are protected and our states can continue to grow and we can continue to have reliability.

這些都是我們高度一致並正在與他們合作的事項。我認為目前討論中的許多內容，其實已經在我們的合約裡。只是把其中一些加以法制化（codifying）。因此我們會持續與他們合作；但我們的目標一致，就是確保客戶受到保護、各州能持續成長，並且我們能維持可靠性。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

I was just wondering, just one question from me. Have you seen any -- just in terms of the data center activity in the broader pipeline, have you seen any acceleration in that activity in terms of top of the funnel interest in your service territory? Wondering if there are any areas, any regions that are showing indications that they could be bigger hubs and develop that way over time?

我這邊只有一個問題。想請問就更廣泛管線中的資料中心活動而言，您是否看到在您服務區域內、漏斗頂端（top of the funnel）的興趣有任何加速？也想了解是否有任何地區、任何區域顯示出可能成為更大型樞紐的跡象，並隨時間朝那個方向發展？

Yes, Dave. We're seeing an acceleration in interest in our territories. Being a vertically integrated utility has a lot of advantages to these hyperscalers. We plan our transmission, our generation as a one-stop shop. We also have a very vast experience and skill around community engagement that can help these folks as they navigate zoning and other issues that crop up.

是的，Dave。我們看到在我們的服務區域內，興趣正在加速。作為一家垂直整合的公用事業公司，對這些超大規模業者（hyperscalers）而言有很多優勢。我們把輸電與發電規劃整合，提供一站式服務。我們在社區參與方面也具備非常豐富的經驗與能力，能協助他們在處理分區（zoning）及其他可能出現的議題時更順利。

So we're getting a lot more interest in our service territories. We're seeing, in North Carolina, around the Charlotte area, kind of becoming another hub. We have a lot of interest in Florida as well as the southern part of Indiana. I know a lot of activity has happened in Northern Indiana originally, but we're getting a lot of incomings for the Southern Indiana region and now as well. So we'll continue to work on those.

因此，我們在服務區域內獲得了更多的關注。我們看到在北卡羅來納州夏洛特周邊地區，正逐漸成為另一個樞紐。我們在佛羅里達州以及印第安納州南部也看到很多興趣。我知道原本在印第安納州北部有很多活動，但我們也收到許多針對印第安納州南部地區的洽詢，而且現在也同樣如此。因此，我們將持續推進這些工作。

Like Brian mentioned, we have a team in place that their goal 7 days a week, 24 hours a day is how do we get these things signed quicker, how do we service them quicker, maintaining the reliability and the value for all our customers.

如 Brian 提到的，我們已經有一個團隊到位，他們的目標是每週 7 天、每天 24 小時都在思考：如何更快把這些事項簽下來、如何更快提供服務，同時維持可靠性與為所有客戶創造的價值。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

So in back to the customer savings outlined on slide 5, the tax credit agreement, can you speak a little bit to the timing of flowback, the rate payers there? I think you've discussed this a little bit in the past. Just trying to get a sense of if the latest monetization agreement is consistent with that or any changes in thinking there?

回到第 5 張投影片所概述的客戶節省部分，關於稅收抵免協議，你能否談談回流（flowback）的時點，以及那邊的費率支付者（rate payers）？我想你們過去稍微討論過一些。我只是想了解最新的變現協議是否與先前一致，或你們在這方面的想法是否有任何改變？

Thanks, Richard. And congrats on the new role. I know you started covering Truist recently, so it's good to get your voice. The tax credit agreement, I would think about it as we're locking in the value for customers. So we're not going to be geoshape discounts year in and year out.

謝謝你，Richard。也恭喜你擔任新職務。我知道你最近開始覆蓋 Truist，所以很高興聽到你的提問。關於稅收抵免協議，我會把它理解為：我們是在為客戶鎖定價值。因此，我們不會年復一年地做地理區域（geoshape）折扣。

the flowback is different for North Carolina versus South Carolina for DP and DC currently. But you think of we've been signaling to a four-year amortization generally, and that's what is in North Carolina. And as Harry said, as we work through the rate cases, it might be a tool to accelerate to keep the rates even lower during this time. But it's not additional tax credit, it's one we expected to earn through our nuclear, solar, and battery investments. It's monetizing them at these predetermined discounts and locking in that value for customers.

目前就 DP 和 DC 而言，北卡羅來納州與南卡羅來納州的回流（flowback）方式不同。但你可以這樣理解：我們一般一直在釋出訊號，採用四年期攤銷，而北卡就是如此。而且如 Harry 所說，當我們推進費率案件（rate cases）時，這可能是一項工具，用來加速處理，以在這段期間讓費率維持更低。但這不是額外的稅收抵免，而是我們預期透過核能、太陽能與電池投資所能取得的。我們是以這些預先確定的折扣將其變現，並為客戶鎖定該價值。

No, I appreciate that commentary and thanks for that as well. I guess on the ESA update, too, just if I caught that in the script, I think it was two-thirds are under construction. Curious what you see as the timing for those remaining projects to begin construction. And I guess anything you're focused on locally around more porting what have you in terms of the confidence of those projects advancing until they start turning dirt?

不，我很感謝這些說明，也謝謝你。另外關於 ESA 的更新，我想我在講稿裡聽到的是，大約三分之二正在施工中。我想了解其餘專案開始動工的時間點，你們怎麼看？以及在這些專案真正開始動土之前，在地方層面你們是否特別關注例如更多的移轉（porting）之類的事項，以提升對專案推進的信心？

Yeah. So we're very confident in all our projects that are in the ESA bucket. RS ESAs require having zoning nailed down, having permits in place. So we feel confident, and that's why a lot of them have been able to start construction as soon after we sign those ESAs. We anticipate the same thing with all the new ones that are coming into us they'll start construction very rapidly. And in fact, we're looking at ways of how we can accelerate some of the bridge power to them to get them online and have them start taking their service a little earlier as well.

是的。我們對所有納入 ESA 範疇的專案都非常有信心。RS ESA 需要把分區（zoning）確定下來、許可（permits）到位。因此我們很有信心，這也是為什麼其中很多專案在我們簽署 ESA 後不久就能開始施工。我們預期所有新進來的專案也會一樣，很快就會開始施工。事實上，我們也在研究如何加速提供一些過渡電力（bridge power），讓他們更快上線，也能更早開始使用我們的服務。

Steve D’Ambrisi, RBC Capital Markets.

Steve D’Ambrisi，RBC Capital Markets。

I just had a quick one to follow-up on kind of the load commentary in the 2.7 gigawatts. I was just looking at the North Carolina IRP that you guys had filed in October. And I think in that IRP, you had included the moderate development forecast, which included something like 6 gigawatts of advanced stage, but it was risk to add like a 25% or 30% rate.

我有個簡短問題，想跟進你們提到的 2.7 吉瓦負載（load）的評論。我剛在看你們 10 月提交的北卡羅來納州 IRP。我記得在那份 IRP 裡，你們納入了中度開發預測（moderate development forecast），其中包含大約 6 吉瓦的進階階段（advanced stage）項目，但似乎以 25% 或 30% 的比例作為加入的風險調整。

And so -- I mean, it seems like signing this 2.7 gigawatts, even if it's in the tail end, looks like it would be upside to what was kind of laid out in the moderate development plan. So can you just talk about what that means and like what the avenue is to update load forecasts in North Carolina or elsewhere, just as you continue to sign these large loads?

因此——我的意思是，看起來簽下這 2.7 吉瓦，即使是在後段，也像是相對於中度開發計畫所描述內容的上行（upside）。你能否談談這代表什麼？以及當你們持續簽下這些大型負載時，在北卡或其他地區更新負載預測的途徑是什麼？

Yeah, it's a very dynamic environment that we're dealing with. That's why we put a high case in that IRP. So this 2.7 that we just recently signed, that moves that load up to that level. So it's been contemplated in our plans there. It will be discussed in our rebuttal as well. So that just solidifies that other line in there.

是的，我們面對的是一個非常動態的環境。這也是為什麼我們在那份 IRP 中納入了一個高情境（high case）。我們最近剛簽下的這 2.7（吉瓦），把負載推升到那個水準。因此這在我們的規劃中已經被納入考量。也會在我們的答辯（rebuttal）中討論。所以這只是把那條線進一步坐實。

This is very dynamic. We're also talking to our stakeholders on how we can update that a little bit more frequently than what we have in the past because it's such a dynamic environment. But we're doing everything that we can to make sure that we're planning the generation, staying ahead of it so that we can sign these ESAs as fast as possible and do not have any delays.

這確實非常動態。我們也在與利害關係人討論，如何能比過去更頻繁地更新，因為環境變化太快。但我們正在盡一切努力，確保我們在發電規劃上超前部署，讓我們能盡快簽署這些 ESA，並且不造成任何延誤。

We have reached the end of the Q&A session. I will now turn the call back to Harry Sideris for closing remarks.

問答環節到此結束。我現在把電話會議交回給 Harry Sideris 作結語。

Thank you again, everybody, for joining us.

再次感謝各位今天加入我們。

And before I close, I just wanted to reemphasize how proud I am with the results that this team has delivered in the first quarter. And we're going to continue to build on that momentum as we move through the rest of the year. But I want you to know that we're executing our strategy effectively. We're reaching our new milestones in our generation build, and we're converting those economic development opportunities into real projects, and we're going to continue doing that in the future.

在我結束之前，我想再次強調，我對這個團隊在第一季交出的成果感到非常自豪。隨著我們進入今年剩餘時間，我們將持續在這股動能上再接再厲。但我希望各位知道，我們正在有效地執行策略。我們在發電建設方面達成新的里程碑，並把這些經濟發展機會轉化為實際專案，而且未來也會持續這麼做。

So I'm very confident in our ability to earn in the top half of the range -- EPS growth range in 2028 as these loads materialize. And our plan is very durable well into the future. So again, thank you for joining us today, and thank you again for your investment in Duke Energy.

因此，隨著這些負載逐步落地，我對我們在 2028 年達成區間上半部——EPS 成長區間上半部——的獲利能力非常有信心。而且我們的計畫在未來很長一段時間都非常穩健耐久。所以再次感謝各位今天的參與，也再次感謝各位對 Duke Energy 的投資。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。