Duke Energy Corp (DUK) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Duke Energy Corporation's third quarter earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加杜克能源公司（Duke Energy Corporation）第三季財報電話會議。（接線員指示）

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

現在我將把會議交給投資人關係與核心發展副總裁 Mike Switzer。Mike，請開始。

Thank you, Lucas, and good morning, everyone. Welcome to Duke Energy's Third 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，Lucas，各位早安。歡迎參加杜克能源 2026 年第三季財報回顧與業務更新。今天由總裁兼執行長 Harry Sideris 主持，並由執行副總裁兼財務長 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 information, along with a 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 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差異。今日簡報的附錄包含相關資訊，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. It's great to be with you today for our third quarter 2026 earnings call. Today, we announced adjusted earnings per share of $1.99 compared to $1.81 last year building on the solid performance we delivered throughout the year. Results were driven by growth at our electric utilities as we make critical infrastructure investments to meet growing customer demand in our service territories.

謝謝你，Mike，各位早安。很高興今天與各位一同參加我們 2026 年第三季財報電話會議。今天我們公布調整後每股盈餘為 1.99 美元，較去年 1.81 美元成長，延續我們全年穩健的表現。本季成果主要來自電力公用事業的成長；我們正進行關鍵基礎設施投資，以滿足服務區域內客戶需求的成長。

With the strong performance year-to-date, we are narrowing our 2026 guidance range to $6.70 to $6.80 and expect to finish the year near the top end. We're also reaffirming our long-term earnings per share growth rate of 5% to 7% through 2030, and we remain confident that we will deliver in the top half of the range beginning in 2028. And when we experienced accelerated growth from the economic development projects already secured under electric serve agreements. Our earnings growth is underpinned by our $103 billion capital plan and we have $5 billion to $10 billion of upside capital to support generation and transmission investments to serve large load customers as we finalize additional contracts, particularly in Indiana and Florida.

在今年迄今表現強勁的基礎上，我們將 2026 年財測區間收斂至 6.70 至 6.80 美元，並預期全年將接近區間上緣。我們也重申至 2030 年每股盈餘長期成長率 5% 至 7% 的目標，並仍有信心自 2028 年起可落在區間上半部。此外，隨著已在電力供應協議（electric serve agreements）下確定的經濟發展專案帶來加速成長，我們也看到了更快的成長動能。我們的獲利成長由 1,030 億美元的資本計畫所支撐；同時，隨著我們完成更多合約（特別是在印第安納州與佛羅里達州），我們另有 50 億至 100 億美元的上行資本空間，用於支援發電與輸電投資，以服務大型負載客戶。

We recognize that this is a time of accelerated change for our industry. With growing energy needs in our vibrant jurisdictions, disciplined execution and a relentless focus on customer value are more important than ever. I'm proud of how our team at Duke continues to meet this extraordinary growth in a way that benefits all customers. We are careful stewards of our capital, and we look forward to providing more details on our updated financial plan during the fourth quarter call in February.

我們了解，這是本產業加速變革的時期。在我們充滿活力的轄區中，能源需求持續成長，因此更需要嚴謹的執行力與對客戶價值的持續專注。我為杜克團隊感到自豪，我們持續以能讓所有客戶受益的方式，因應這波非凡的成長。我們審慎管理資本，也期待在 2 月的第四季電話會議中，提供更新後財務計畫的更多細節。

Moving to Slide 5. Across our jurisdictions, we're demonstrating how excellent execution is supporting both reliability and affordability. Building on our strong foundation of cost management and operational efficiencies. We continue to work with policymakers to pursue federal funding opportunities to help keep costs as low as possible. In September, we were selected by the Department of Energy for a $50 million grant to support advanced transmission projects in North and South Carolina.

請看第 5 張投影片。在各個轄區，我們正展現卓越的執行如何同時支撐供電可靠性與可負擔性。在既有的成本管理與營運效率強健基礎上持續精進。我們也持續與政策制定者合作，爭取聯邦資金機會，以協助將成本降至最低。9 月，我們獲美國能源部選定提供 5,000 萬美元補助，用於支持北卡羅來納州與南卡羅來納州的先進輸電專案。

This award brings total announced DOE grant funding this year nearly $150 million, which helped offset the cost of projects to meet increased demand strength in local communities and maintain the dependent service our customers expect. We were also pleased to receive an EEI Emergency Recovery Award, the industry's highest honor for storm recovery for our response efforts to Winter Storm Fern earlier this year. We safely restored nearly 200,000 Carolina customers in January within 48 hours.

此項獎助使我們今年已宣布的能源部補助資金總額接近 1.5 億美元，有助於抵銷為因應地方社區需求增長而推動的專案成本，並維持客戶所期待的可靠服務。我們也很榮幸獲得 EEI 緊急復原獎（EEI Emergency Recovery Award）—這是業界對風災復原的最高榮譽—以表彰我們今年稍早對冬季風暴 Fern 的應變。我們在 1 月於 48 小時內安全地為卡羅來納地區近 20 萬名客戶恢復供電。

We similarly responded to a rare duration in Midwest this summer and then again last month, the Hurricane Isaias, which impacted our Florida and Carolinas customers. I am proud of the team for maintaining their strong track record of operational excellence throughout the year. On the regulatory front, we are making significant progress advancing outcomes that support cost-effective investments to improve reliability and modernize our fleet. Just after the second quarter call, we reached another comprehensive settlement with North Carolina Public staff and other interveners this time in our Deep Energy Progress rate case.

今年夏天，我們也以同樣方式應對中西部罕見的長時間事件，並在上個月再次因颶風 Isaias 影響佛羅里達州與卡羅來納地區客戶而投入應變。我為團隊感到自豪，他們全年持續維持卓越營運的優良紀錄。在監管面，我們在推動有助於以具成本效益的投資提升可靠性並使機組現代化的成果方面，取得顯著進展。就在第二季電話會議後不久，我們與北卡羅來納州公共事務人員（Public Staff）及其他介入方，再次達成一項全面和解；這次是在我們 Duke Energy Progress（DEP）的費率案件中。

We believe the DC and DEP settlement supported balanced outcome with customer rates expected to remain below the national average. We expect orders on both cases by mid-November with rates effective in January 2027. We also reached a settlement with public staff and several large customers around the proposed large load tariff in early October. We believe the settlement achieves a constructive outcome that balances the goals of protecting existing customers while supporting economic growth.

我們認為，DC 與 DEP 的和解支持一個平衡的結果，且預期客戶費率仍將低於全國平均。我們預期兩案將於 11 月中旬前收到裁定，並於 2027 年 1 月起生效。我們也在 10 月初就擬議的大型負載費率（large load tariff）與公共事務人員及數家大型客戶達成和解。我們認為該和解達成具建設性的結果，在保護既有客戶與支持經濟成長的目標之間取得平衡。

We expect the commission to issue an order on the tariff, along with the rate cases. Our guiding principle on large loans is similar, ensure everyone benefits from the influx of economic development projects, preserving reliability, powering economic growth and producing shared value. The large load tariffs, we are advancing a line with our Customer Protection Plus commitment and the provisions in our existing ESAs, including long-term contracts with minimum demand charges, early termination penalties, interruptibility, credit support and capital advances.

我們預期委員會將就該費率案與費率案件一併發布命令。我們對大型負載的指導原則亦相同：確保每個人都能從經濟發展專案的湧入中受益，維持可靠性、驅動經濟成長並創造共享價值。就大型負載費率而言，我們正依循「Customer Protection Plus」承諾以及既有電力供應協議（ESA）中的條款推進，包括具最低需量費的長期合約、提前終止罰則、可中斷性、信用支持與資本預付款。

The progression of large load tariffs across our states ensures large customers, users cover the cost of serving the facilities and deliver billions of dollars and benefits for our customers and communities over the life of their contracts. Turning to Indiana. We have provided notice of our intent to follow our first multiyear rate plan later this year. We share the goals of Indiana customers, regulators and policymakers to keep bills as low as possible, maintain reliability while supporting growth in the state.

我們各州大型負載費率的推進，確保大型客戶／用戶承擔服務其設施的成本，並在合約期間為我們的客戶與社區帶來數十億美元的效益。接著談印第安納州。我們已通知將於今年稍晚提出我們第一個多年期費率方案的意向。我們與印第安納州的客戶、監管機關與政策制定者有共同目標：盡可能降低帳單、維持可靠性，同時支持州內成長。

We start in a strong position with some of the lowest residential rates in the state, and a track record of effective cost management and operational excellence, including storm response. We look forward to developing a cost-effective plan that delivers continued value to our customers.

我們起點良好：住宅費率在州內屬於最低之一，並具備有效成本管理與卓越營運（包括風災應變）的良好紀錄。我們期待制定一項具成本效益的計畫，持續為客戶創造價值。

As outlined on Slide 6, we continue to make significant progress on 1 of the largest generation expansion programs in the industry, adding 16 gigawatts of capacity by 2031. We're advancing resource plans in our largest jurisdictions to reflect the once-in-a-generation growth we experienced. In August, we filed the 2026 Carolinas resource plan in South Carolina. The plan reflects our all-of-the-above generation strategy with additional combined cycles, combustion turbines, increased battery storage and continued solar development. The commission will hold a hearing on the resource plan in April of 27 and issued an order by June of 27.

如第 6 張投影片所示，我們在業界最大規模之一的發電擴張計畫上持續取得重大進展，目標在 2031 年前新增 16 吉瓦的容量。我們正於最大轄區推進資源規劃，以反映我們所經歷的「一代僅見」成長。8 月，我們已在南卡羅來納州提交 2026 年卡羅來納資源計畫。該計畫反映我們「多元並進」（all-of-the-above）的發電策略，包含新增複循環機組、燃燒渦輪機、增加電池儲能，以及持續發展太陽能。委員會將於 2027 年 4 月就資源計畫舉行聽證會，並於 2027 年 6 月前發布命令。

Our resource plans made clear the important role natural gas will play in the near term to ensure reliability. That's why we're advancing regulatory filings specific to natural gas generation with more than 5 gigawatts under construction in the Carolinas and Indiana and another 5 gigawatts in development. Since our second quarter call, we received approval from the North Carolina Commission on our first say CPCN filing for the Anderson County combined cycle plant and a construction monitoring request for the first person County unit. Just last month, we prefiled CPCNs for 2 combined cycle plants totaling nearly 800 megawatts at the Dave Davidson site in North Carolina and expect to file CPCNs early next year.

我們的資源計畫清楚指出，天然氣在短期內將扮演確保可靠性的關鍵角色。因此，我們正推進與天然氣發電相關的監管申報：卡羅來納地區與印第安納州已有超過 5 吉瓦在建，另有 5 吉瓦正在開發中。自第二季電話會議以來，我們已獲北卡羅來納州委員會核准，通過 Anderson County 複循環電廠的首件 CPCN 申請，以及針對 First Person County 機組的施工監督申請。就在上個月，我們已就北卡羅來納州 Dave Davidson 場址兩座複循環電廠（合計接近 800 兆瓦）預先提交 CPCN，並預期於明年初正式提出 CPCN 申請。

We continue to evaluate a liquefied natural gas storage facility on the site to support our generation fleet, which would provide greater supply flexibility and diversity while reducing exposure to price volatility to support reliable and affordable service. In closing, we are leveraging our economies of scale to create value as we progress these generation projects, we are focused on delivery certainty utilizing our framework agreements and repeatable execution models to derisk every dollar and ensure we deliver on time and on budget.

我們持續評估在該場址建置一座液化天然氣（LNG）儲存設施，以支援我們的發電機組組合，藉此在降低價格波動曝險的同時，提供更高的供應彈性與多元性，以支持可靠且可負擔的服務。最後，我們在推進這些發電專案的過程中，正運用規模經濟創造價值；我們聚焦於透過框架協議與可重複的執行模式來確保交付確定性，為每一分投入資金去風險化，並確保按時、按預算交付。

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

接下來，我把電話會議交給 Brian。

Thanks, Harry, and good morning, everyone. As shown on Slide 7, we delivered another strong quarter with both reported and adjusted earnings per share of $1.99 compared to $1.81 in the prior year. Electric Utilities and Infrastructure increased $0.20 as the growth engine of the company continues to produce strong results. Rate cases and riders, along with higher sales volumes, and hot summer weather fueled the growth in the quarter. These drivers were partially offset by higher depreciation and interest expense associated with our growing asset base and the minority interest at Duke Energy, Florida.

謝謝你，Harry，各位早安。如投影片 7 所示，我們再度交出強勁的一季，無論是依會計準則揭露或調整後的每股盈餘（EPS）皆為 1.99 美元，較去年同期的 1.81 美元成長。電力公用事業與基礎設施部門增加 0.20 美元，作為公司成長引擎持續產出亮眼成果。費率案件與附加費機制（riders），加上較高的銷售量與炎熱的夏季天氣，帶動本季成長。上述動能部分被較高的折舊與利息費用所抵銷，這些費用與我們持續擴大的資產基礎，以及 Duke Energy Florida 的少數股權相關。

Gas Utilities and Infrastructure was up $0.01, and the other segment was down $0.03 due to lower market returns on Benefit Trust. Our results continue to reflect disciplined execution of our strategy, and I'm proud of the way our teams maintain reliable service through extreme summer heat across our jurisdictions. As we close out 2026, we're reinvesting some weather benefits to further strengthen the system as we exercise O&M agility to deliver consistent, sustainable growth year after year. We also expect lower quarterly results in the gas segment as we enter the first winter heating season following the Piedmont Tennessee sale.

天然氣公用事業與基礎設施部門增加 0.01 美元，而其他部門因福利信託（Benefit Trust）市場報酬較低而下滑 0.03 美元。我們的成果持續反映出策略執行的紀律性，我也為團隊在各營運轄區面對極端夏季高溫仍能維持可靠服務的表現感到自豪。在 2026 年接近尾聲之際，我們將把部分天氣帶來的收益再投入，用於進一步強化系統，同時運用營運與維護（O&M）的彈性，年復一年地交付一致且可持續的成長。此外，隨著完成 Piedmont Tennessee 出售後進入第一個冬季供暖季，我們也預期天然氣部門的單季表現將較低。

Overall, we are extremely pleased with our year-to-date performance, and are well positioned to deliver full year results near the top end of our narrowed EPS guidance range. Moving to 2027 growth drivers on Slide 8. We will implement new rates across many of our service territories next year, including in North Carolina, where we will begin our next multiyear rate plan subject to final commission orders. In Florida, we will move into the final year of the current rate plan, utilizing battery tax credits to keep base rates flat for customers.

整體而言，我們對今年迄今的表現非常滿意，並已具備良好條件，將全年成果交付在我們收斂後 EPS 指引區間的上緣附近。接著看投影片 8 的 2027 年成長動能。明年我們將在多個服務區域實施新費率，包括北卡羅來納州；在該州，我們將啟動下一個多年期費率方案，但仍須待主管機關最終命令核定。在佛羅里達州，我們將進入現行費率方案的最後一年，並運用電池稅額抵免，使客戶的基本費率維持不變。

We also expect continued customer growth and the ramp of economic development projects to support our 3% to 4% load growth outlook. To meet this accelerating demand and maintain reliable service for customers, we will continue to execute our record generation build and grid investment plan, driving higher AFUDC and rider recovery. These positive drivers will be partially offset by a return to normal weather, higher depreciation and higher interest expense as we fund the growth of the business.

我們也預期客戶數將持續成長，且經濟發展專案逐步放量，以支撐我們對負載成長 3% 至 4% 的展望。為滿足加速成長的需求並維持對客戶的可靠服務，我們將持續執行創紀錄的發電建置與電網投資計畫，帶動更高的建設期間資本化利息（AFUDC）以及附加費機制（rider）回收。上述正面因素將部分被天氣回歸常態、較高折舊，以及在資助業務成長時所產生的較高利息費用所抵銷。

The fundamentals underpinning our long-term outlook are as strong as ever. Our communities continue to benefit from population migration and vibrant economies creating an extensive runway of capital investment opportunities well into the next decade. That investment supports sustained earnings base growth with additional upside as we secure large load projects in our pipeline and the efficient recovery mechanisms across our jurisdictions support timely recovery, strengthen the balance sheet and minimize costs for customers, positioning the company to deliver 5% to 7% long-term earnings growth with confidence to earn in the top half of the range beginning in 2028.

支撐我們長期展望的基本面依然一如既往地強勁。我們的社區持續受惠於人口遷入與活絡的經濟，為未來十年提供了充足的資本投資機會跑道。這些投資支撐獲利基礎的持續成長；同時，隨著我們在管線中的大型負載專案逐步落地，以及各營運轄區的高效率回收機制支持及時回收、強化資產負債表並將客戶成本降至最低，公司有望有信心地交付 5% 至 7% 的長期盈餘成長，並自 2028 年起有信心達成區間上半部的表現。

Turning to Slide 9. We continue to advance economic development prospects into contracted load and connect customers to the system. Load growth has accelerated through 2026. Third quarter demand increased 2%, our strongest quarterly growth since 2022. Residential customer growth is steady at nearly 2%, outpacing the national average while advanced manufacturing loads are beginning to come online and ramp. These trends reinforce confidence in our 3% to 4% low growth projection over the remainder of the 5-year plan as contracted data center load begins coming online next year.

接著看投影片 9。我們持續推進經濟發展商機，將其轉化為已簽約的負載，並把客戶接入系統。負載成長在 2026 年持續加速。第三季需求成長 2%，為 2022 年以來最強的單季成長。住宅客戶成長穩定、接近 2%，高於全國平均；同時，先進製造業負載開始上線並逐步爬坡。隨著已簽約的資料中心負載將於明年開始上線，這些趨勢強化了我們對五年計畫剩餘期間 3% 至 4% 負載成長預測的信心。

I also want to reiterate Harry's comments on what we've done in the regulatory space to bring greater transparency to our large load contracts. The constructive settlement we reached in North Carolina formalizes customer protections further ensuring that as data centers come online, they will deliver billions and benefits for customers and communities.

我也想重申 Harry 對我們在監管面所做工作的說明：我們已為大型負載合約帶來更高的透明度。我們在北卡羅來納州達成的建設性和解，正式化了客戶保護措施，進一步確保當資料中心上線時，將為客戶與社區帶來數十億美元的投資與效益。

Moving to Slide 10. We remain confident in converting the full 15.4 gigawatt late-stage pipeline to ESAs by the first half of 2027. We are advancing negotiations with prospective large load customers with multiple projects executing preliminary agreements during the quarter and providing deposits to begin initial transmission system work. We are actively planning the generation and transmission investments to serve them with the potential for $5 billion to $10 billion of capital to be added to the 5-year plan upon final contract execution.

接著看投影片 10。我們仍有信心在 2027 年上半年前，將後期階段管線中的全部 15.4 吉瓦轉換為 ESA。我們正與潛在的大型負載客戶推進談判，本季有多個專案簽署初步協議並支付訂金，以啟動初期的輸電系統工程。我們也正積極規劃用以服務這些客戶的發電與輸電投資；待最終合約簽署後，五年計畫的資本支出有望再增加 50 億至 100 億美元。

Conversion of the remaining pipeline will extend the runway of load growth and capital investment well into the next decade. Finally, the 5.2 gigawatts of data centers currently under construction remain on schedule to begin taking energy in the second half of 2027 and into 2028.

其餘管線的轉換將把負載成長與資本投資的跑道延伸至下一個十年。最後，目前在建的 5.2 吉瓦資料中心仍按計畫進行，預計將於 2027 年下半年開始用電，並延續至 2028 年。

Turning to the balance sheet on Slide 11. We remain on track to achieve our 14.5% FFO to debt target for 2026. Our disciplined financing strategy continues to support a strong balance sheet and provides the financial flexibility needed to execute our investment plans to reliably serve customers. We're supporting our growth capital plan with $10 billion of equity and have already addressed 1/3 of our expected needs. We priced $825 million of equity through our ATM program year-to-date with settlement expected in December of 2027.

接著看投影片 11 的資產負債表。我們仍按計畫在 2026 年達成 FFO 對債務比率 14.5% 的目標。我們具紀律的融資策略持續支撐穩健的資產負債表，並提供執行投資計畫所需的財務彈性，以可靠地服務客戶。我們以 100 億美元的股權來支持成長資本計畫，且已完成預期需求的三分之一。今年迄今我們透過 ATM 計畫定價發行 8.25 億美元股權，預計於 2027 年 12 月交割。

In August, we issued $2 billion of mandatory convertible equity units. And we expect to issue $125 million annually for dividend reinvestment plan beginning in 2027. Together, these actions limit near-term dilution and preserve future share price appreciation upside. This proactive approach reduces financing risk on supporting an efficient cost of capital. We are also actively managing interest rate exposure as we address ongoing financing needs.

8 月，我們發行了 20 億美元的強制可轉換股權單位。此外，我們預期自 2027 年起，透過股利再投資計畫每年發行 1.25 億美元。綜合上述措施，可限制短期稀釋並保留未來股價上漲的潛在空間。這種前瞻性的作法可降低融資風險，並支持更有效率的資本成本。我們也正積極管理利率曝險，以因應持續的融資需求。

As we've discussed in prior calls, the Piedmont, Tennessee and Duke Energy Florida minority investment proceeds reduced holding company leverage this December, with the remaining $2 billion to fund it in 2027. The rest of our 2026 plan is nearly complete with our remaining issuances fully hedged. Across the 5-year plan, our long-standing programmatic hedging strategy helps moderate interest rate volatility. We will continue to optimize the timing, duration and structure of our financings to minimize costs and create long-term value for customers and shareholders.

如同我們在先前電話會議中所討論，Piedmont Tennessee 出售案以及 Duke Energy Florida 少數股權投資的所得款項，已於今年 12 月降低控股公司槓桿；其餘 20 億美元將於 2027 年完成資金安排。我們 2026 年計畫的其餘部分幾乎已完成，剩餘發行亦已全面避險。在五年計畫期間，我們長期以來的制度化避險策略有助於緩和利率波動。我們將持續優化融資的時點、期限與結構，以將成本降至最低，並為客戶與股東創造長期價值。

Let me close with Slide 12. Our strategy is clear: seize growth opportunities execute our all of the above generation plan to reliably serve our customers and work with stakeholders to reach constructive regulatory outcomes that support critical investments while keeping costs as low as possible. We remain on track to deliver results near the top end of our narrowed 2026 EPS guidance range and 5% to 7% EPS growth through 2030 with confidence to earn in the top half of the range beginning in 2028. Disciplined execution of our capital investment plan will produce value for customers and position us to deliver on our growth targets, which combined with our attractive dividend yield, provide a compelling risk-adjusted return for shareholders.

最後以投影片 12 作結。我們的策略很清楚：把握成長機會，執行我們「全方位（all of the above）」的發電計畫，以可靠地服務客戶，並與利害關係人合作，取得具建設性的監管結果，在支持關鍵投資的同時，盡可能將成本維持在最低。我們仍按計畫在 2026 年交付接近收斂後 EPS 指引區間上緣的成果，並在 2030 年前達成 5% 至 7% 的 EPS 成長，且自 2028 年起有信心達成區間上半部的表現。以紀律執行資本投資計畫將為客戶創造價值，並使我們具備達成成長目標的條件；再加上具吸引力的股利殖利率，將為股東提供具吸引力的風險調整後報酬。

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

那麼，我們將開放電話線供各位提問。

We will now begin the question-and-answer session. (Operator Instructions) Your first question comes from the line of Shar Pourreza with Wells Fargo.

我們現在開始問答環節。(接線員指示) 您的第一個問題來自富國銀行（Wells Fargo）的 Shar Pourreza。

Let me just start on Florida. I know you guys continue to kind of highlight the additional capital opportunities to serve large loads. I guess can you talk about how this week's PSC decision to delay the tariff and any impact to the opportunity set? I guess what's the path bother? Or can you continue to move forward as planned without the tariff in place?

我先從佛羅里達談起。我知道你們持續強調，為服務大型負載而存在額外資本投入的機會。我想請你談談本週 PSC 決定延後該費率（tariff）的影響，以及這是否會影響機會集合？我想問接下來的路徑是什麼？或者在沒有該費率到位的情況下，你們是否仍能按計畫推進？

Yes. Great question, Shar. Yes, this week, Florida gave us feedback on our filed tariff. We have the same focus as our regulators as well as our stakeholders, customers and policymakers to make sure that these data centers are paying their fair share, providing benefits to the customers as well as maintaining reliability, so we really appreciate the commissions look at that and the feedback they gave us.

是的。Shar，問得很好。是的，本週佛羅里達方面就我們所申報的費率給了回饋。我們與監管機構以及利害關係人、客戶與政策制定者的關注點一致，確保這些資料中心支付其應負擔的公平份額、為客戶帶來效益並維持可靠性；因此我們非常感謝委員會對此的審視以及給予的回饋。

We're making adjustments to our tariff and plan on refilling that. In the meantime, we're continuing to talk to our customers and continuing to advance the process there on what we're going to need to build for them and the commercial terms that we're going to need to have. So no slowdown in what we're doing in Florida. We'll have to refile the tariffs, but we feel confident that we'll be able to reach agreement with the feedback that we received.

我們正在對費率作出調整，並計畫重新申報。同時，我們也持續與客戶溝通，並持續推進相關流程，包括我們需要為他們建置哪些設施，以及我們需要具備的商業條款。因此，我們在佛羅里達的工作沒有放緩。我們必須重新申報費率，但我們有信心能依據收到的回饋達成一致。

Okay. Perfect. And then just on Indiana. Obviously, there's been a lot of attention on affordability. So with the potential opportunity you see to serve the large load, I guess, would you consider maybe a Genco type structure, given the benefit of speed to market, obviously, bypassing the CPCN process.

好的。非常好。接著談印第安納州。顯然，外界對可負擔性有很多關注。因此，針對你們看到的服務大型負載的潛在機會，我想問你們是否會考慮採用類似 Genco 的架構，因為它能更快上市（speed to market），而且顯然可以繞過 CPCN 流程。

And then obviously, that structure has much more visible way to flow back the savings to customers publicly as we've seen with the peer in the state. I guess have conversations started around this structure type? And just what's your view there?

而且，正如我們在該州同業身上看到的，那種架構也能以更透明的方式，將節省的成本回饋給客戶並對外揭露。我想問，圍繞這種架構類型的對話是否已經開始？以及你們的看法是什麼？

Yes, Shar. So again, we share the commission and the governor's focus on affordability. It's something that we've done for over 120 years, making sure that we have reliable service at the lowest cost possible. We're in a strong position in Indiana with the lowest rates in the state. We continue to work with all our stakeholders to make sure that we're providing a reliable service as well as growing the state.

是的，Shar。所以再次強調，我們與委員會及州長對可負擔性的關注一致。這是我們 120 多年來一直在做的事：確保以盡可能低的成本提供可靠服務。我們在印第安納州具備很強的競爭位置，擁有全州最低的費率。我們持續與所有利害關係人合作，確保我們提供可靠服務，同時也推動州內成長。

We are moving forward, having discussions with customers, advancing the pipeline that we have out there and feel confident that we're going to be able to sign some ESAs before the end of the first half of next year. We always are evaluating when we will need or if we will need a Genco kind of operation, so we're open to that. We continue to feel like we can continue to provide the service that we need for our customers and under our current model. But if things change and it makes sense to have a Genco for the reasons that you mentioned, then we will absolutely be doing that.

我們正在推進，與客戶進行討論，推動我們手上既有的案源管線，並有信心在明年上半年結束前簽署一些 ESA。我們也一直在評估何時需要、或是否需要採用某種 Genco 式的運作，因此我們對此持開放態度。我們仍然認為，在現行模式下，我們可以持續為客戶提供所需服務。但如果情況改變，且基於你提到的原因採用 Genco 是合理的，那我們絕對會這麼做。

Your next question comes from the line of Julian Demian Smith with Jefferies.

您的下一個問題來自 Jefferies 的 Julian Demian Smith。

Maybe just a follow-up on the Carolinas real quickly. Maybe more of a housekeeping item. But as you think about the next weeks, how do you think about the approval process of the settlement here? I mean there's sort of an element of just follow through. But just want to make sure you guys feel good about that to the extent which if there were to be any tweaks in this, how do you think about that being reflected?

我想很快追問一下卡羅來納州的部分。可能比較像是行政性問題。但當你們看接下來幾週時，你們如何看待這份和解案的核准流程？我的意思是，這裡有一部分只是後續落實。但我想確認你們對此是否有把握；如果其中有任何微調，你們會如何看待其反映方式？

Obviously, we've seen commissions, but specifically in the Carolinas, take a lot of focus on large loads and the tariffs and cost allocation appropriately. But again, really narrowly here follow through an approval as is of the settlement? And if there's any twist, how do you think about that?

顯然，我們看到各委員會，尤其是在卡羅來納州，對大型負載、費率以及成本分攤是否適當投入很多關注。但我這裡想更聚焦：這份和解是否會按原樣獲得核准並落地？如果有任何變化，你們會如何看待？

Yes. Julian. Yes, we're very pleased on the settlements that we reached with Public Staff in nearly all the intervening parties in the state think the settlements reflect extensive negotiations that we had amongst the stakeholders and address all the key issues that a lot of them raised during the proceedings. We've really focused, and I believe we were successful in balancing customer affordability with the investments that we needed to be making to improve reliability, harden the grid and support the tremendous growth that we're seeing in our state, both from population growth, data centers as well as other economic development projects.

是的，Julian。是的，我們對與公共職員（Public Staff）以及州內幾乎所有介入方達成的和解感到非常滿意。我們認為，這些和解反映了我們與各利害關係人之間進行的大量協商，並回應了許多方在程序中提出的所有關鍵議題。我們確實聚焦於平衡客戶可負擔性與我們為提升可靠性、強化電網韌性並支撐州內所見的強勁成長所需的投資；我相信我們在這方面做得很成功，這些成長包括人口成長、資料中心以及其他經濟發展專案。

We have a very strong track record of constructive regulatory outcomes in North Carolina. And we believe that this settlement because it represents a balanced well-supported outcome that we will be successful in getting approval. We will continue to remain focused on other things that we can do, continue to drive affordability with our nuclear PTC credits, our storm securitization or 1 utility that will start off in January. Those are all things, DOE loans. Those are all things that we're doing to help reduce the customer bill, and we'll continue to look for other options to do that as we move forward.

我們在北卡羅來納州一向有非常強的、具建設性的監管成果紀錄。我們相信，這份和解因為代表一個平衡且有充分支持的結果，我們將能成功取得核准。我們也會持續專注於其他我們能做的事情，持續透過核能 PTC 抵免、風暴證券化，或是 1 utility（將於一月開始）來推動可負擔性。這些都是，DOE 貸款。這些都是我們正在做、用以協助降低客戶帳單的措施；隨著我們往前推進，我們也會持續尋找其他選項來達成同樣目標。

Excellent. I appreciate it here. If the plant cost deferral let you delay the next North Carolina rate case, I mean, does your outlook assume kind of a similar earnings sharing? Just the overall framework, maybe is the right way to say it? That still applies in '29 just as you think about the outlook here. If you can elaborate a little bit?

很好。感謝你的說明。如果電廠成本遞延讓你們得以延後下一次北卡羅來納州的費率案（rate case），那麼你們的展望是否假設會有類似的盈餘分享？也就是整體架構——或許這樣說比較貼切？當你們看展望時，這在 2029 年仍然適用嗎？能否再多說一點？

Yes. We do, Julien. As part of the settlement, we have the option of staying out in 2029 that is predicated on a deferral for the generation facilities that will be coming online. So we'll be evaluating that as we get closer to that date. But all the other conditions will continue to imply including the earnings sharing mechanism.

是的，我們是這麼看的，Julien。作為和解的一部分，我們有選擇在 2029 年不提出（費率案），其前提是對即將上線的發電設施進行成本遞延。因此，隨著我們接近那個日期，我們會再評估。但其他所有條件仍將持續適用，包括盈餘分享機制。

And Julian, I'll add to that with the revenue acceleration from the large load customers coming online in 2027 that ramp into 2028 and 2029, really sets the stage that would create the opportunity for the stay out. And that was part of the underpinning the negotiation, and we're excited to see that coming to fruition.

Julian，我再補充一點：大型負載客戶在 2027 年上線所帶來的收入加速，並在 2028 與 2029 年逐步爬升，確實為「不提出」創造了機會並奠定基礎。這也是談判的重要支撐之一，我們很期待看到它落地實現。

Got it. And your confidence in being able to leverage those kinds of mechanisms just given the pushback in a more discrete fashion in recent months to some of the investments, again, those are discrete and separate factors, but your confidence that you're on the right track to be able to get these plants approved broadly separate issues. But again, I know that there's been some specific nuances here on some of the latest assets you put before the commission.

了解。另外，鑑於近幾個月對部分投資有較為具體的反對聲音——當然那些是較為獨立、分開的因素——你們對於能運用這類機制的信心如何？也就是說，你們是否有信心走在正確的軌道上，能讓這些電廠獲得核准；雖然這些議題大致上是分開的。但我知道，最近你們提交給委員會的一些資產在細節上有一些特定的微妙之處。

Yes, absolutely, Julian. We feel North Carolina is a constructive place. We're seeing the tremendous growth, and it's a dynamic environment that we have to continue to work with all our stakeholders and policymakers to make sure that we're doing the right things for our customers and for our state to maintain reliability and affordability and serve this tremendous load that we're seeing. So I think everybody is aligned on that.

是的，當然，Julian。我們認為北卡羅來納州是一個具建設性的地方。我們看到非常強勁的成長，這是一個動態環境；我們必須持續與所有利害關係人及政策制定者合作，確保我們為客戶與本州做正確的事，以維持可靠性與可負擔性，並服務我們所看到的龐大負載。因此，我認為大家在這點上是一致的。

Your next question comes from the line of Nicholas Campanella with Barclays.

您的下一個問題來自 Barclays 的 Nicholas Campanella。

Thanks for all the updates. Maybe just on the -- maybe just on the roll forward, you kind of highlighted this $5 billion to $7 billion -- the $5 billion to $10 billion of additional capital in Florida and Indiana. Can you just kind of talk to what that is worth from like an earnings-based increase or a rate base increase perspective as we think about the roll forward? And then just what are the incremental items that we're not thinking about in the Carolinas or in transmission otherwise, you kind of brought up this natural gas liquids facility as part of the Carolinas IRP. Just what else is worth kind of thinking incrementally from this?

感謝所有最新進展。或許先談一下——或許先談一下滾動更新（roll forward），您提到佛羅里達與印第安納將新增約 50 億至 70 億美元——以及 50 億至 100 億美元的額外資本。能否從以盈餘為基礎的增量或費率基礎（rate base）增量的角度，談談在我們思考滾動更新時，這些投資大概值多少？另外，在卡羅萊納或其他輸電方面，還有哪些我們可能沒想到的增量項目？您提到卡羅萊納 IRP 的一部分包含這座天然氣液體（NGL）設施。還有哪些值得我們從增量角度納入考量？

Thanks, Nick. And this is Brian. As you pointed out, I mean, we're in the throes of building our next role of the plan and bottom line, capital is increasing, right? We're investing about $1.5 billion a month right now, and that's going to step up to about $2 billion a month with a beginning as we get into 2027. And there's a ton of projects and execution underpinning that capital deployment. And the $5 billion to $10 billion we highlighted for the large load projects that's in the overlapping period.

謝謝你，Nick。我是 Brian。如你所指出的，我們正處於制定下一輪計畫的關鍵階段；總之，資本正在增加，對吧？我們目前每月投資約 15 億美元，而隨著進入 2027 年初，這將提高到每月約 20 億美元。而支撐這些資本部署的，是大量的專案與執行工作。我們所強調、針對大型負載專案的 50 億至 100 億美元，位於重疊期間。

But if you think about it, as we get deeper in the generation build cycle, when we add 2031, it's much larger than 2026. So the capital plan is moving up in a sizable way because we've got 5 gigawatts of natural gas plants under construction along with about 5 gigawatts of batteries and solar in the system. We'll be adding more gigawatts because we got 5 gigawatts of natural gas under development, and those will be beginning invested -- becoming investments in the next role of the plan. The plan is going up and these large load projects even kind of boost the increase in CapEx.

但如果你這樣想：當我們在發電建置週期中走得更深、把 2031 年納入時，其規模會遠大於 2026 年。因此資本計畫會以相當顯著的幅度上移，因為我們有 5GW 的天然氣電廠在建，系統內也有約 5GW 的電池與太陽能。我們還會再增加更多 GW，因為我們另有 5GW 的天然氣專案在開發中，而這些將在下一輪計畫中開始投入——成為投資項目。整體計畫在上升，而這些大型負載專案也會進一步推升資本支出（CapEx）的增幅。

And Nick, I would add that our growth opportunities are tremendous. We're seeing population growth over 2%. Charlotte is the fastest-growing city in the US. So being able to serve that load with transmission and distribution, those investments as well as the generation. We're seeing no end to the data centers and the economic development projects as we continue to work through the full along those. So a lot of opportunity for investment in the future.

Nick，我還要補充，我們的成長機會非常龐大。我們看到人口成長率超過 2%。夏洛特是美國成長最快的城市。因此，透過輸電與配電來服務這些負載，以及相關投資，再加上發電端投資，都是關鍵。我們看到資料中心與經濟發展專案源源不絕，我們也持續推進並完整落實這些專案。所以未來有很多投資機會。

That's great. Appreciate the color. And then maybe just on the election updates over the last 24 hours. I'm just wondering how you frame it impacting the states that you operate in, understanding there haven't been any major changes in governorship in most states. But just if the attitudes are changing towards large load customers some of the adjacent states outside your territory. Is there any anecdotal pieces that you could offer as it relates to your late-stage pipeline? Could we see upside to that as people come to your territory on the back of what we just saw yesterday.

很好。感謝補充說明。另外，關於過去 24 小時的選舉最新情況。我想了解你們如何看待它對你們營運州別的影響，考量到多數州的州長職位並沒有重大變動。但若你們轄區外的鄰近州，對大型負載客戶的態度正在改變。就你們後期階段的案源管線（late-stage pipeline）而言，有沒有任何軼聞可分享？在我們昨天看到的情況之後，是否可能因為有人轉而到你們轄區而帶來上行空間？

Yes. Well, first off, I want to congratulate everybody on the election. It was kind of a historic night I was watching it. I didn't get any sleep until after limit watching the results come in. But we've always worked with our policymakers and we share their goals, which is reliable service, affordable service and making investments that help grow the state and bring jobs to the states that we serve. And we've been successful for over 125 years doing that.

是的。首先，我想恭喜大家完成選舉。我在看選情時覺得那是一個相當具有歷史性的夜晚。我一直看著結果陸續出爐，直到很晚才睡。但我們一向與政策制定者合作，並與他們的目標一致：提供可靠的服務、可負擔的服務，並進行有助於州內成長、為我們服務的州帶來就業的投資。而我們在這方面已成功運作超過 125 年。

So we have a track record of that, working with both sides of the aisle to be able to accomplish that. We don't see any changes in that focus or any changes in our ability to work with those that were recently elected. I think they share the same thing that they want to grow the states, they want to bring jobs. And they all agree that we're a vital part of that.

因此我們在這方面有長期紀錄，能與兩黨合作以達成這些目標。我們看不到這個重點有任何改變，也看不到我們與新當選者合作的能力有任何改變。我認為他們也有相同想法：希望州能成長、希望帶來工作機會。而且他們都同意我們是其中不可或缺的一環。

So we'll continue to work through our pipelines and our economic development teams and working closely with the state to bring those jobs and those projects in. I think they're all very supportive. They share our goal too of protecting our customers and making sure these large loads pay for their fair share and provide benefits to customers, which is what our ESA contracts do already and these tariffs that we're following to already. So I feel like we'll be very successful moving forward. They're all aligned with that.

因此我們會持續推進我們的案源管線、經濟發展團隊的工作，並與州政府密切合作，把這些工作機會與專案帶進來。我認為他們都非常支持。他們也與我們的目標一致：保護我們的客戶，並確保這些大型負載支付其公平份額，且能為客戶帶來效益——而這正是我們的 ESA 合約已在做的事，以及我們目前遵循的這些費率條款（tariffs）也已涵蓋的內容。所以我覺得我們未來會非常成功。大家在這方面的立場是一致的。

Your next question comes from the line of Davenport with Goldman Sachs.

您的下一個問題來自 Goldman Sachs 的 Davenport。

Maybe just a quick follow-up. I think 1 of Julian's questions earlier. As you think about the gas build, can you just talk a little bit about the plan to refile the CPCN for the Smith CT. And then just as you think about preparing the filing for the Dave dates and combined cycles, any lessons learned or concerns that you'd have about securing approvals there?

或許快速追問一下。我想呼應稍早 Julian 的其中一個問題。在你們思考天然氣建置時，能否談談重新提交 Smith CT 的 CPCN 的計畫？另外，當你們準備提交 Davidson 與聯合循環機組（combined cycles）的申請文件時，有沒有任何經驗教訓或疑慮，會影響你們在那裡取得核准？

Yes. Carly, glad to handle that. Yes. So our Smith CPCN that we filed was denied by the commission. They had some questions. I think they were really focused on the IRP proceeding and validating the load requirements in there. We still feel very confident that that's a good project. It's a small project. But it is a low-cost solution to help the generation need that we have in the state to serve our customers reliably and affordably.

好的。Carly，我很樂意回答。是的，我們提交的 Smith CPCN 被委員會否決了。他們有一些問題。我認為他們主要聚焦在 IRP 程序，以及在其中驗證負載需求。我們仍然非常有信心這是一個好專案。這是一個小型專案。但它是一個低成本的解決方案，可協助滿足我們在該州的發電需求，以可靠且可負擔的方式服務客戶。

So we feel confident after the IRP filing that IRP decision that we will be able to reevaluate what we need to do there. We've had the CPCN, the out-of-state CPCN for Anderson County was approved. So we still feel like there's support for these projects in gas field in the Carolinas, and we feel confident that the Davidson CPCN that we file early next year will be successful.

因此，在 IRP 申報以及 IRP 決議之後，我們有信心能重新評估我們在那裡需要做什麼。此外，Anderson County 的州外 CPCN 已獲核准。所以我們仍然認為，在卡羅萊納地區的天然氣專案方面是有支持度的；而且我們也有信心，明年初提交的 Davidson CPCN 會順利獲批。

And then maybe to follow up, just on nuclear. I guess been continued developments at the federal level to support new large scale reactors. I guess any developments you'd highlight in your discussions with key stakeholders there? And any shifts in how you're thinking about the appetite for new nuclear with some of these moves on the federal side?

接著再追問一下核能。我想聯邦層面持續有新進展，以支持新的大型反應爐。在你們與關鍵利害關係人的討論中，有沒有任何你會特別點出的進展？隨著聯邦端的這些動作，你們對新核能的意願（appetite）在思考上有沒有任何轉變？

Yes, Carly, there's really been no shift in our position. We still feel nuclear is very important to our current system as well as our future -- so we're focused on the same things we were before upgrading our current units. So we have 300 megawatts that we'll be adding to our units over the next 5 years as well as extending the lives of our current plants to serve 80 years. So we have 2 already approved and filing the third one, and we'll continue through all 6 of those.

是的，Carly，我們的立場其實沒有任何轉變。我們仍然認為核能對我們目前的系統以及未來都非常重要——因此我們仍聚焦在與先前相同的事項：升級我們現有機組。因此，未來 5 年我們將為現有機組增加 300MW 的容量，同時也會延長現有電廠的使用年限，使其可服務至 80 年。目前已有 2 項獲核准，第三項正在申報中，而我們也會持續推進這 6 項的全部工作。

We continue to work with all the policymakers in Washington, all the stakeholders in the Carolinas on what new nuclear may look like and what is needed. The government has made a lot of steps with the Korean announcement as well as the Japanese announcement and working with those, we're watching Brookfield and the VC Summer restart and what's going to happen there. These are all good things that are happening in the industry.

我們持續與華盛頓的所有政策制定者、以及卡羅來納州的所有利害關係人合作，探討新核能可能的樣貌以及所需條件。政府已透過韓國的宣布以及日本的宣布採取了許多措施；我們也正關注 Brookfield 與 VC Summer 重啟計畫，以及那邊將會發生什麼。這些都是產業中正在發生的好事。

There's a lot of focus and support for tax credits and monetization of those tax credits to help offset the cost. We're having discussions with hyperscalers as well as the government on risk sharing between EPCs, hyperscalers, Westinghouse and others. So we'll continue to do that. But our position is still the same. We're not going to go forward with anything until we have the protections for our customers and investors. So we have clarity in the supply chain and the executability of these projects as well as being able to protect our balance sheet.

目前對稅額抵免以及將這些稅額抵免變現（monetization）以協助抵銷成本，有很多關注與支持。我們正與超大規模業者（hyperscalers）以及政府討論，在 EPC、超大規模業者、Westinghouse 等各方之間如何進行風險分攤。因此我們會持續推進。但我們的立場仍然相同。在我們為客戶與投資人取得保護措施之前，我們不會推進任何事情。因此，我們需要供應鏈與這些專案可執行性方面的明確性，同時也要能夠保護我們的資產負債表。

Your next question comes from the line of Anthony Crowdell with Mizuho. Anthony, please go ahead.

下一個問題來自瑞穗（Mizuho）的 Anthony Crowdell。Anthony，請開始。

Just I guess, maybe for Brian, you mentioned about reinvesting some of the weather benefits through O&M. Just any chance you could quantify maybe how much you pulled forward or how much gets derisked into '27.

我想也許是問 Brian：你提到透過 O&M 把部分天氣帶來的效益再投資回去。能否量化一下，例如你們提前投入了多少，或有多少被去風險化（derisked）並延伸到 2027 年？

Anthony, we're not going to disclose that amount. But you can kind of get there through -- we've got $0.22 of weather year-to-date. We're not going to invest all of that back into the system because some of it is really helping us position for the top end of the range. So -- but you could think a modest amount of that $0.22 we'll be investing to derisk future years.

Anthony，我們不會揭露那個金額。但你可以大致推算——我們年初至今的天氣因素貢獻是 0.22 美元。我們不會把全部都再投資回系統，因為其中一部分確實有助於我們站上區間上緣。所以——你可以把那 0.22 美元中的一小部分視為我們會投入，用來為未來年度去風險化。

Got it. And then just a quick follow-up on maybe the pipeline conversion. You guys talk about this maybe 7.6 gigawatts of the 15.4% pipeline. You signed $7.8 million I guess, what are the gating items to -- to move that 7.6% into, I guess, what you've signed? Is it generation? Is it transmission? Just what is needed to maybe move that into the signed contract bucket?

了解。接著快速追問一下，關於管線（pipeline）轉換。你們提到在 15.4 吉瓦的管線中，大概有 7.6 吉瓦。你們簽了 780 萬美元，我想問把那 7.6 吉瓦推進到、也就是推進到你們已簽署的那一類，關鍵的卡關項目是什麼？是發電端嗎？是輸電嗎？還需要什麼才能把它移到已簽約的合約池（bucket）？

Yes, Anthony, I'll take that one. This is a dynamic environment. These are complex contracts and terms and negotiations and we're having -- and progressing, and we have lots of letter agreements. But as we've discussed many times before, we're not counting anything until it hits the ESA level because we feel like that is a durable contract and lets us count those earnings and that growth more readily.

是的，Anthony，這題我來回答。這是一個動態的環境。這些合約與條款、談判都很複雜；我們正在推進，也有很多意向協議（letter agreements）。但如同我們之前多次討論的，我們在達到 ESA 層級之前不會把任何東西納入計算，因為我們認為那才是具持久性的合約，也讓我們能更有把握地計入那些獲利與成長。

So we're continuing to have those discussions. They're going very well, but it's taking longer because of the complexities. And obviously, with a dynamic environment, I think everybody's experience in this, whether it's elections whether it's tariff proceedings, all those things come into play, but we're making progress on those, and we feel very confident that we'll be able to sign the rest of those between now and the first half of next year.

因此我們持續進行這些討論。進展非常順利，但因為複雜性而需要更長時間。而且顯然在動態環境下，我想大家在這方面的經驗——不論是選舉、關稅程序等——這些因素都會影響，但我們正在推進，也非常有信心能在現在到明年上半年之間把其餘部分簽下來。

Your next question comes from the line of Nick Amicucci with Evercore ISI.

下一個問題來自 Evercore ISI 的 Nick Amicucci。

Just really 1 quick 1 for me. I just wanted to get a sense to when we think about the acceleration of the Florida minority sale proceeds from 2028 and 2026. Just, I guess, the rationale for that? And then how should we balance kind of the avoided holding company interest with -- alongside the kind of the equity requirements? Is it just primarily timing or is there something else to deal.

我這邊真的只有一個很快的問題。我想了解，當我們思考佛州少數股權出售款項從 2028 年加速到 2026 年時，背後的理由是什麼？另外，我們應該如何在避免控股公司層級利息支出，與股權需求之間取得平衡？這主要只是時間點因素，還是還有其他考量？

Yes. Nick, I think we always contemplated this was a possibility because Brookfield had the optionality to accelerate their investment tranches. And so it's -- it's been in our planning assumptions that it could happen. And if it did, it's net-net accretive to us. I mean -- and I mentioned in my prepared remarks, in the rising interest rate environment, those deals look better every day, bringing an $8.5 billion to delever holdco when interest rates are moving against us, it's a great thing.

是的。Nick，我想我們一直都把這視為一種可能性，因為 Brookfield 有選擇權可以加速其分期投資。因此在我們的規劃假設中，一直都納入它可能發生。而且如果發生，整體而言對我們是增益（accretive）的。我的意思是——我在事先準備的發言中也提到，在利率上升的環境下，這類交易每天看起來都更好；當利率走勢對我們不利時，引入 85 億美元來降低控股公司槓桿（delever holdco），是一件很棒的事。

So we definitely have higher ownership percentage for Brookfield for Florida earlier, but that is -- remember, we sold this business minority stake at near 30 PE. So it's accretive to the bottom line for having that interest being sold sooner. And it's a nice help while we don't have to access the market near as much at the holding company in 2027 with these proceeds coming in.

所以我們確實會讓 Brookfield 更早取得佛州較高的持股比例，但——請記得，我們出售這項業務的少數股權時，估值接近 30 倍本益比（PE）。因此更早出售該權益，對每股盈餘是有利的。而且在 2027 年，因為這些款項會進來，我們在控股公司層級就不需要那麼頻繁地進入市場籌資，這也提供了很好的幫助。

There are no further questions at this time. I will now turn the call back over to Harry Sideris for closing remarks.

目前沒有其他問題。我現在把電話交回給 Harry Sideris 做結語。

So I'll wrap this up real quickly. Our focus is remain straightforward. We're going to maintain operational excellence. We're supporting the once-in-a-generation growth and we're delivering value for our customers. Very pleased with our performance so far this year and continued progress that we're making on our strategic priorities as we move forward.

我很快做個總結。我們的重點仍然很明確。我們將維持卓越的營運表現。我們支持這一代人僅見的成長，並為客戶創造價值。我們對今年迄今的表現非常滿意，也對我們在推進策略優先事項方面持續取得的進展感到欣慰。

We are very confident in our 2026 outlook and in our ability to deliver the upper half of our 5% to 7% earnings per share growth growing in 2028. Our plan is very durable, and we're well positioned to create the long-term value for our customers, our communities and our shareholders. So thank you again for joining us today. We look forward to seeing a lot of you out there in Arizona this weekend. Thank you.

我們對 2026 年展望，以及在 2028 年實現每股盈餘 5% 到 7% 成長區間上半部的能力，都非常有信心。我們的計畫非常穩健（durable），而且我們已做好充分準備，能為客戶、社區與股東創造長期價值。因此再次感謝各位今天加入。我們期待這個週末在亞利桑那州見到在座許多朋友。謝謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。