安特吉 (ETR) 2024 Q2 法說會逐字稿

Good morning. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's second quarter 2024 earnings conference call. (Operator Instructions) '

早安.我叫格雷格，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Entergy 的 2024 年第二季財報電話會議。 （操作員說明）'

I'd now like to turn the call over to Bill Abler, Vice President of Investor Relations for Entergy Corporation. Bill, the floor is yours.

我現在想將電話轉給 Entergy Corporation 投資者關係副總裁 Bill Abler。比爾，地板是你的。

Good morning, and thank you for joining us. We will begin today with comments from Entergy's Chair and CEO, Drew Marsh, and then Kimberly Fontan, our CFO, will review results.

早安，感謝您加入我們。我們將從今天開始聽取 Entergy 董事長兼首席執行官 Drew Marsh 的評論，然後我們的財務長 Kimberly Fontan 將審查結果。

In an effort to accommodate everyone who has questions, we request that each person ask no more than two questions.

為了照顧到每個有問題的人，我們要求每個人提出的問題不要超過兩個。

In today's call, management will make certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to a number of factors, which are set forth in our earnings release, our slide presentation, and our SEC filings. Entergy does not assume any obligation to update these forward-looking statements.

在今天的電話會議中，管理階層將做出某些前瞻性聲明。由於許多因素，實際結果可能與這些前瞻性陳述有重大差異，這些因素在我們的收益發布、投影片簡報和美國證券交易委員會文件中闡述。 Entergy 不承擔更新這些前瞻性聲明的任何義務。

Management will also discuss non-GAAP financial information. Reconciliations to the applicable GAAP measures are included in today's press release and slide presentation both of which can be found on the Investor Relations section of our website.

管理階層也將討論非公認會計準則財務資訊。今天的新聞稿和幻燈片簡報中包含了對適用的公認會計準則措施的調節，兩者都可以在我們網站的投資者關係部分找到。

And now I will turn the call over to Drew.

現在我將把電話轉給德魯。

Thank you, Bill, and good morning, everyone, and thank you all for joining us on this [busy] earnings call day.

謝謝比爾，大家早安，謝謝大家在這個[繁忙的]財報電話會議日加入我們。

In June, we hosted our Analyst Day in New Orleans. I want to thank all of you who attended in person and listened online then as well. We provided a comprehensive update on our business strategy and discuss the macro drivers behind our unique growth story. On shoring, clean energy, electrification, and technology.

六月，我們在新奧爾良舉辦了分析師日活動。我要感謝所有親自出席並在網路上收聽的人。我們提供了有關我們業務策略的全面更新，並討論了我們獨特的成長故事背後的宏觀驅動因素。關於岸基、清潔能源、電氣化和技術。

We also talked about our customer first approach, that is the cornerstone for achieving outcomes that drive significant long-term value for all our stakeholders. Of course, our customers and also our employees, our communities, and our owners. We continue to make progress towards these outcomes, helping us achieve our near and long-term objectives.

我們也討論了客戶至上的方法，這是實現為所有利害關係人帶來重大長期價值的成果的基石。當然，還有我們的客戶、我們的員工、我們的社區和我們的所有者。我們繼續在實現這些成果方面取得進展，幫助我們實現近期和長期目標。

Starting with our financial results. Today, we are reporting strong quarterly adjusted earnings per share of $1.92. Kimberly will go over the details. The bottom line is that we remain firmly on track to meet our 2024 guidance.

從我們的財務表現開始。今天，我們報告強勁的季度調整後每股收益 1.92 美元。金伯利將詳細說明。最重要的是，我們仍然堅定地朝著實現 2024 年指導目標的方向前進。

Now, turning to business updates. I am pleased to report that Entergy Louisiana has reached an agreement in principle with the LPSC staff and other parties on its FRP extension. The settlement, subject to LPSC approval but also resolved several other open matters, including all FRPs prior to the 2023 test year. By settling these matters, Entergy Louisiana will resolve all its outstanding base rate-making proceedings.

現在，轉向業務更新。我很高興地報告，Entergy Louisiana 已與 LPSC 工作人員和其他各方就 FRP 延期達成原則協議。和解協議須經 LPSC 批准，但也解決了其他幾項懸而未決的問題，包括 2023 年測試年之前的所有 FRP。透過解決這些問題，Entergy Louisiana 將解決其所有未決的基本費率制定程序。

As part of this settlement, we will provide $184 million of customer credits, which includes our agreement to increase customer sharing of income tax benefits resulting from the 2016 to 2018 IRS audit.

作為和解協議的一部分，我們將提供 1.84 億美元的客戶信貸，其中包括我們同意增加客戶分享 2016 年至 2018 年 IRS 審計產生的所得稅優惠。

We're also pleased to announce that System Energy Resources, or SERI, reached an agreement in principle with the LPSC staff on the long-standing litigation at FERC. Pending approval, this settlement substantially resolved the major litigation at SERI and removes an ongoing challenge for many of our stakeholders to understand and value.

我們也很高興地宣布，系統能源資源公司 (SERI) 與 LPSC 工作人員就 FERC 的長期訴訟達成了原則協議。在等待批准的過程中，這項和解協議實質上解決了 SERI 的主要訴訟，並消除了我們許多利害關係人所理解和重視的持續挑戰。

These agreements as well as other commission approvals earlier this year, including the resilience plan and the process to accelerate the development of renewables provide important clarity for all our stakeholders and allows Entergy Louisiana, the commission and other stakeholders to focus on capturing the significant growth opportunities before us. We appreciate the hard work of all parties to get to this point and look forward to focusing on the future together.

這些協議以及今年早些時候委員會批准的其他協議，包括彈性計劃和加速可再生能源發展的流程，為我們所有利益相關者提供了重要的清晰度，並使Entergy Louisiana、委員會和其他利益相關者能夠專注於抓住重大成長機會在我們面前。我們感謝各方為此付出的辛勤努力，並期待共同著眼未來。

We'll provide more information on the Entergy Louisiana settlement when we file the full settlement agreement, which we plan to submit in the coming days. We anticipate the commission to take up both matters at its next business and executive meeting on August 14.

當我們計劃在未來幾天內提交完整的和解協議時，我們將提供有關 Entergy Louisiana 和解的更多資訊。我們預計委員會將在 8 月 14 日舉行的下一次業務和執行會議上討論這兩個問題。

Hurricane Beryl made landfall in Southeast Texas in early July. The storm affected about half of our Texas customers. I first want to thank our customers and community leaders for their understanding and support during restoration, we are honoured to serve them. And we are once again inspired by our communities coming together in the face of such an event.

颶風貝裡爾於七月初在德州東南部登陸。這場風暴影響了我們德州大約一半的客戶。首先要感謝我們的客戶和社區領導在修復過程中的理解和支持，我們很榮幸為他們服務。我們的社區在面對這樣的事件時團結在一起，再次受到鼓舞。

Beryl sustained high winds, uprooted, and damaged a significant number of trees, which caused most of the grid damage and customer outages. This included many tall trees outside right-of-ways that fell into our transmission and distribution lines. We brought a lot of experience and lessons learned from past storms into this effort, which led to timely, safe, and cost-effective power restoration.

Beryl 遭受強風襲擊，大量樹木被連根拔起並受損，導致大部分電網受損和客戶停電。這包括路權外的許多高大樹木，這些樹木落入我們的輸電和配電線路中。我們將過去風暴中學到的大量經驗和教訓融入這項工作中，從而實現了及時、安全且經濟高效的電力恢復。

Our past learnings also facilitated our communication plan. Providing accurate, trusted, and timely updates regarding outages and restoration time lines. We are focused on keeping all stakeholders up to date with customers as well as state and local officials at the top of the list.

我們過去的經驗也促進了我們的溝通計劃。提供中斷和恢復時間表的準確、可信且及時的更新。我們致力於讓所有利害關係人了解客戶的最新情況，尤其是州和地方官員。

As we discussed at Analyst Day, when the power is out, the everyday activities of our customers and communities are interrupted. This is why a well-prepared operational response, coupled with clear communication is more important than ever. I'm very proud of our employees to keep our customers top of mind, working diligently before the storm to learn and prepare and tirelessly after the storm to safely restore power as quickly as possible.

正如我們在分析師日討論的那樣，當停電時，我們客戶和社區的日常活動就會中斷。這就是為什麼準備充分的行動回應加上清晰的溝通比以往任何時候都更重要。我為我們的員工將客戶放在首位而感到非常自豪，他們在暴風雨前勤奮工作以學習和準備，並在暴風雨後不知疲倦地盡快安全地恢復供電。

Beryl reminded us of the importance of resilience, and we saw firsthand how investment to support growth delivers benefits across multiple dimensions. The Ball of our Peninsula is a good example. To support growth, we built a new elevated substation and installed more than 200 new distribution structures built to monitor standards. As expected, these new assets easily withstood Beryl, which improved performance during the storm and supported timely restoration.

Beryl 提醒我們韌性的重要性，我們親眼目睹了支持成長的投資如何在多個層面帶來效益。我們半島的球就是一個很好的例子。為了支持成長，我們建造了一座新的高架變電站，並安裝了 200 多個新的配電結構來監控標準。正如預期的那樣，這些新資產輕鬆抵禦了 Beryl，提高了風暴期間的性能並支持及時恢復。

To further our resilience efforts, Entergy Texas submitted its future-ready resiliency plan, requesting approval for a three-year first phase, estimated to cost $335 million. To maximize benefits while minimizing costs for customers, roughly $200 million is contingent on a grant from the Texas Energy Fund. The legislation calls for a commission decision within 180 days of filing. Separately, Entergy New Orleans held a technical conference last week to further Phase 1 of its plan, and we are targeting a council decision before year-end.

為了進一步推進我們的彈性工作，Entergy Texas 提交了面向未來的彈性計劃，請求批准為期三年的第一階段，預計耗資 3.35 億美元。為了最大限度地提高客戶的利益，同時最大限度地降低成本，德州能源基金將提供約 2 億美元的資金。該立法要求委員會在提交申請後 180 天內做出決定。另外，Entergy New Orleans 上週舉行了一次技術會議，以進一步推進其計劃的第一階段，我們的目標是在年底前做出理事會決定。

Entergy's unique and robust growth story was a key theme we highlighted at Analyst Day, and we are making important progress to support growth across our businesses. For example, we hosted a Southeast Texas Leadership Summit, which brought together more than 200 industry community and political leaders to discuss collaborative approaches to serve the region's growing energy needs.

Entergy 獨特而強勁的成長故事是我們在分析師日強調的關鍵主題，我們正在取得重要進展以支持我們的業務成長。例如，我們主辦了德州東南部領導力高峰會，匯集了 200 多名行業界和政治領導人，討論滿足該地區不斷增長的能源需求的協作方法。

At the summit, we outlined our Southeast Texas Energy Plan, or step ahead plan, which includes additional generation capacity. Advancing that plan, Entergy Texas submitted its filing request against CCN for new generation resources. Legend Power Station, a 754-megawatt combined cycle combustion turbine to be located in Port Arthur, will be built to ensure sustainability and long-term viability as the plant will be carbon capture enabled and feature hydrogen capable technology.

在峰會上，我們概述了德克薩斯州東南部能源計劃，或稱為“先行計劃”，其中包括額外的發電能力。為了推進該計劃，Entergy Texas 向 CCN 提交了針對新一代資源的備案請求。Legend Power Station 是一座 754 兆瓦的聯合循環燃氣渦輪機，位於亞瑟港，其建設將確保可持續性和長期生存能力，因為該工廠將啟用碳捕獲並採用氫技術。

We're working with customers assessing their interest in purchasing the clean attributes from carbon capture. While our discussions are in early stages, customer interest in CCS appears to be strong. Our request also includes Lone Star Power Station, 453-megawatt combustion terminals to be located in Cleveland, Texas. That will also be hydrogen-capable.

我們正在與客戶合作，評估他們購買碳捕獲清潔屬性的興趣。雖然我們的討論還處於早期階段，但客戶對 CCS 的興趣似乎很濃厚。我們的要求還包括位於德克薩斯州克利夫蘭的 Lone Star 發電站、453 兆瓦燃燒終端。這也將具有氫能力。

The total investment is estimated at approximately $2.2 billion, which includes transmission and interconnection costs as well as financing costs during construction. Both plants are expected to be online summer of 2028.

總投資估計約為22億美元，其中包括傳輸和互連成本以及建設期間的融資成本。這兩座工廠預計將於 2028 年夏季投產。

Also, furthering our step ahead plan, Entergy Texas filed for approval of two owned solar projects that came out of RFPs. The capacity for the proposed additions totals more than 300 megawatts. The first is expected to come online in 2027 and the second in 2028. The green attributes from these plants will help meet our customer demands for clean energy.

此外，為了進一步推動我們的計劃，Entergy Texas 申請批准了兩個來自 RFP 的自有太陽能專案。建議新增裝置容量總計超過300兆瓦。第一個預計將於 2027 年上線，第二個預計於 2028 年上線。這些工廠的綠色特性將有助於滿足我們的客戶對清潔能源的需求。

More broadly, clean energy and electrification remain key macro drivers behind the growth across our businesses. Many of our large customers have clean energy goals, we are expanding our clean energy capacity to support those objectives. To that end, in early June, we signed a joint development agreement that will accelerate the development of up to 4.5 gigawatts of new Energy-owned solar generation and energy storage projects.

更廣泛地說，清潔能源和電氣化仍然是我們業務成長的關鍵宏觀驅動力。我們的許多大客戶都有清潔能源目標，我們正在擴大清潔能源產能以支持這些目標。為此，6月初，我們簽署了一項聯合開發協議，將加速開發高達4.5吉瓦的新能源自有太陽能發電和儲能專案。

Also, supporting our renewables expansion, and as I referenced earlier, the Louisiana PSC approved to streamline and enhance renewable RFP process to add up to 3,000 megawatts of renewable capacity. This will enable Entergy Louisiana to bring renewable resources online much more quickly, which helps attract new customers to our service area.

此外，為了支持我們的再生能源擴張，正如我之前提到的，路易斯安那州 PSC 批准簡化和加強再生能源 RFP 流程，以增加高達 3,000 兆瓦的可再生能源容量。這將使 Entergy Louisiana 能夠更快地將再生資源投入使用，有助於吸引新客戶來到我們的服務區域。

Technology is another macro driver for our growth and. Analyst Day, we identified 5 to 10 gigawatts of new hyperscale data center potential in our service areas, which is informed by customer discussions. We continue to have very active customer and other stakeholder engagement on this front and the growth potential for all our stakeholders from this driver remains strong.

科技是我們成長的另一個宏觀驅動力。在分析師日，我們根據客戶討論確定了我們服務領域的 5 至 10 吉瓦新超大規模資料中心潛力。我們在這方面繼續擁有非常積極的客戶和其他利害關係人的參與，而這項驅動因素為我們所有利害關係人帶來的成長潛力仍然強勁。

Putting our customers first, our path forward to achieve regulatory outcomes to benefit -- excuse me, putting our customers first remains our path forward to achieve regulatory outcomes that benefit all stakeholders.

將客戶放在第一位，是我們實現監管成果並從中受益的道路——對不起，將客戶放在第一位仍然是我們實現讓所有利益相關者受益的監管成果的前進道路。

We continue to move steadily through regulatory proceedings. Results of this are evident in the agreement in principle in Louisiana and the filings in Texas that I already discussed.

我們持續穩步推進監管程序。其結果在路易斯安那州的原則協議和我已經討論過的德克薩斯州的文件中顯而易見。

In June, Entergy Mississippi's annual FRP filing was approved. We continue to work well with the Mississippi Commission to achieve good outcomes that support our customers and the operating company's credit, which puts Entergy Mississippi in a strong position to bring additional growth to the state, which benefits all stakeholders.

6 月，Entergy Mississippi 的年度 FRP 備案獲得批准。我們繼續與密西西比委員會良好合作，以取得良好成果，支持我們的客戶和營運公司的信用，這使 Entergy Mississippi 處於有利地位，可以為該州帶來額外的成長，從而使所有利益相關者受益。

In addition, Entergy New Orleans and Entergy Arkansas filed their annual FRP. We expect new rates to be in effect in September for New Orleans and January for Arkansas. And finally, our gas LDC sale continues to move along.

此外，Entergy New Orleans 和 Entergy Arkansas 也提交了年度 FRP。我們預計新奧爾良的新費率將於 9 月生效，阿肯色州的新費率將於 1 月生效。最後，我們的天然氣最不發達國家銷售繼續向前推進。

For Entergy Louisiana, the staff report and recommendation was filed on Tuesday of this week, stating that staff believe the transaction is in the public interest subject to customary conditions. We believe the matter will be taken up by the LPSC on August 14 at its business and executive meeting. For Entergy New Orleans, the hearing is scheduled to begin on September 9, and we expect a decision from the City Council in early 2025. We remain on track to close the transaction by the third quarter of 2025.

Entergy Louisiana 於本週二提交了員工報告和建議，指出員工認為該交易符合慣例條件下的公共利益。我們相信 LPSC 將在 8 月 14 日的業務和執行會議上討論此事。對於新奧爾良 Entergy，聽證會定於 9 月 9 日開始，我們預計市議會將於 2025 年初做出決定。我們仍有望在 2025 年第三季之前完成交易。

Our commitment to supporting our communities continue to be evident this past quarter. Our efforts were recognized as Entergy was once again a Civic 50, Points of Light's Entergy. The Civic 50 has served as the national standard for corporate citizenship and showcases how leading companies are moving social impact to community to the core of their business.

在上個季度，我們對支持社區的承諾仍然顯而易見。我們的努力得到了認可，Entergy 再次入選 Civic 50、Points of Light 的 Entergy。Civic 50 已成為企業公民的國家標準，展示了領先企業如何將對社區的社會影響轉變為業務的核心。

In the first half of 2024, we made steady progress across key customer operational, regulatory, and financial fronts. We're solidly on track to achieve our objectives for 2024 as well as our longer-term outlook. By continuing to put our customers first, we remain focused on delivering premium value to each of our key stakeholders.

2024年上半年，我們在關鍵客戶營運、監管和財務方面取得了穩步進展。我們正在穩步實現 2024 年的目標以及長期前景。透過繼續將客戶放在第一位，我們將繼續專注於為每個主要利害關係人提供優質價值。

I'll now turn the call over to Kimberly, who will review our financial results for the quarter.

我現在將把電話轉給金伯利，她將審查我們本季的財務表現。

Thank you, Drew, and good morning, everyone. As Drew said, today, we are reporting strong results for the quarter that keep us firmly on track to achieve our adjusted EPS guidance for the quarter and for the year. Shown on slide 3, our adjusted earnings were $1.92 per share. This result is consistent with our objective of steady, predictable earnings growth.

謝謝你，德魯，大家早安。正如德魯所說，今天，我們報告了本季的強勁業績，這使我們堅定地走在實現本季和全年調整後每股收益指引的軌道上。如投影片 3 所示，我們的調整後收益為每股 1.92 美元。這一結果符合我們穩定、可預測的獲利成長的目標。

For the quarter, we had two items that were considered adjustments and excluded from adjusted earnings. First, we recorded $1.17 settlement charge as a result of the pension plan lift-out. With this lift out, our remaining pension liability is 96% funded as of the end of the quarter.

在本季度，我們有兩項被視為調整併排除在調整後收益之外。首先，由於退休金計畫取消，我們記錄了 1.17 美元的結算費用。扣除此後，截至本季末，我們剩餘的退休金負債已達 96%。

As I mentioned at Analyst Day, this is another step in reducing our risks. Second, as Drew discussed, Entergy Louisiana reached an agreement with the LPSC staff to resolve our formula rate plan extension filing. Part of the settlement includes providing $184 million in customer credits. To reflect these credits. We recorded expenses totalling $0.52, which is net of $38 million previously recorded for tax sharing related to the IRS audit resolution.

正如我在分析師日提到的，這是降低我們風險的另一步。其次，正如德魯所討論的，路易斯安那州 Entergy 與 LPSC 工作人員達成協議，以解決我們的公式費率計劃延期申請問題。和解協議的一部分包括提供 1.84 億美元的客戶信貸。來反映這些學分。我們記錄的費用總計為 0.52 美元，扣除先前記錄的與 IRS 審計決議相關的稅收分攤費用 3800 萬美元。

Slide 4 details the quarter's adjusted EPS variances. Key drivers include retail sales growth fuelled by hotter than normal weather. On a weather-adjusted basis, retail sales increased 2.9% with growth across all customer classes. Industrial growth was the biggest contributor.

第 4 投影片詳細介紹了本季調整後每股盈餘的差異。主要驅動因素包括比正常天氣更熱推動的零售額成長。經天氣調整後，零售額成長 2.9%，所有客戶類別均成長。工業成長是最大的貢獻者。

Regulatory actions that support our customer-centric investments also contributed to earnings growth. Cost to serve our customers increased primarily other O&M and depreciation. Interest expense also increased due to higher interest rates and higher debt balances to finance investments.

支持我們以客戶為中心的投資的監管行動也促進了獲利成長。服務客戶的成本主要增加了其他營運維護和折舊。由於利率上升和投資融資債務餘額增加，利息支出也有所增加。

Moving to slide 5. Operating cash flow was higher than second quarter last year. Key drivers were the timing of payments and higher customer receipts, credit and liquidity are shown on slide 6. Our credit metric outlooks, which fully reflect the effects of the regulatory settlements, remain very healthy. Our net liquidity is strong at $5.9 billion. This includes approximately $800 million of equity forwards that we have already locked in, but are not yet settled. While we don't plan to settle these forward until next year. They are a source of cash if needed. We also issued term debt in the quarter, including $1.2 billion of junior subordinated notes, which are very credit supported.

轉到投影片 5。營運現金流高於去年第二季。關鍵驅動因素是付款時間和更高的客戶收入、信貸和流動性，如投影片 6 所示。我們的信用指標前景仍然非常健康，充分反映了監管和解協議的影響。我們的淨流動性強勁，達到 59 億美元。這包括我們已經鎖定但尚未結算的約 8 億美元的股權遠期。雖然我們不打算在明年之前解決這些問題。如果需要的話，它們是現金來源。我們也在本季發行了定期債務，包括 12 億美元的初級次級票據，這些票據得到了很好的信貸支持。

As Drew mentioned, our restoration response to Hurricane Beryl was timely safe and cost effective. We're still refining the details, but our early cost estimate is $75 million to $85 million. We plan to recover these costs through normal mechanisms.

正如德魯所提到的，我們對颶風貝裡爾的恢復反應是及時、安全且具有成本效益的。我們仍在完善細節，但我們的早期成本估算為 7500 萬至 8500 萬美元。我們計劃透過正常機制收回這些成本。

Turning to slide 7, you can see that we've continued to make good progress through our 2025 to 2026 equity needs. To date, we've completed approximately 60% of our projected equity needs through 2026.

轉向幻燈片 7，您可以看到我們在 2025 年至 2026 年的股權需求方面繼續取得良好進展。迄今為止，我們已完成 2026 年預計股權需求的約 60%。

As shown on slide 9, we are affirming our adjusted EPS guidance and outlook. For 2024, as we said, we're firmly on track. Our EPS contribution from volume is expected to be a little higher than our guidance assumption, including the new industrial customers I mentioned last quarter. Weather was hotter than normal this quarter, which created headroom for us to flex our O&M spending plans to achieve better operational outcomes.

如投影片 9 所示，我們確認調整後的每股盈餘指引和前景。正如我們所說，2024 年我們堅定地走在正軌上。我們的每股盈餘貢獻預計將略高於我們的指導假設，包括我上季度提到的新工業客戶。本季天氣比正常情況更熱，這為我們靈活調整營運和維護支出計劃以實現更好的營運成果創造了空間。

For the remainder of 2024, there are a couple of quarterly timing considerations that I'd like to note. Sales growth for the balance of the year is still expected to be largely weighted to the fourth quarter as additional new large customers are expected to come online later in the year, and we expect as much as 90% of the remaining O&M savings to be achieved in the fourth quarter, given our significant flex spending increases in the fourth quarter last year.

對於 2024 年剩餘時間，我想指出幾個季度時間表的注意事項。今年剩餘時間的銷售成長預計仍將在很大程度上取決於第四季度，因為預計今年稍後會有更多新的大客戶上線，我們預計剩餘營運和維護成本的節省將高達 90%鑑於我們去年第四季的彈性支出大幅增加，我們將在第四季進行調整。

As you know, if we experience additional weather outside of normal, we may further flex our spending plans, we have provided additional quarterly considerations in the appendix of our webcast presentation. We're pleased with the progress we've made, especially the settlements with the Louisiana Public Service Commission that support and solidifies our long-term outlook. With the important clarity we now have in Louisiana, the stage is set for us to capture the unique growth story that we've laid out at Analyst Day.

如您所知，如果我們遇到異常天氣，我們可能會進一步調整支出計劃，我們在網路廣播簡報的附錄中提供了額外的季度考慮因素。我們對所取得的進展感到高興，特別是與路易斯安那州公共服務委員會達成的和解，這支持並鞏固了我們的長期前景。由於路易斯安那州現在已經有了重要的清晰度，我們已經為捕捉我們在分析師日上展示的獨特成長故事做好了準備。

And now the Entergy team is available for questions.

現在 Entergy 團隊可以回答問題。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Drew, starting off on the regulatory progress in Louisiana and FERC. Any further updates there with the updated schedule. And more importantly, would that be a potential catalyst to maybe revisit capital allocation and the CapEx plans, especially as you settle the FRP and look at new generation deployment under the new 3 gigawatt mechanism? Thanks.

德魯首先介紹了路易斯安那州和 FERC 的監管進展。任何進一步的更新都有更新的時間表。更重要的是，這是否會成為重新審視資本配置和資本支出計劃的潛在催化劑，特別是當您解決 FRP 並考慮新的 3 吉瓦機制下的新一代部署時？謝謝。

Hey, Shar, could you repeat the first part of your question you cut out for just one second.

嘿，Shar，你能重複一下你剛才刪除的問題的第一部分嗎？

Yeah. No. Any further updates on Louisiana and FERC in that process? That's the first part.

是的。不。在此過程中路易斯安那州和 FERC 有何進一步更新？這是第一部分。

And then the second part is just as we're thinking about concluding in that -- in those processes, depending on if there's a global settlement or whatever. Is that sort of the catalyst to revisit capital allocation and the CapEx plans, especially as you settle the FRP and look at new generation deployment? Thanks.

然後第二部分就像我們正在考慮的結論一樣——在這些過程中，取決於是否存在全球解決方案或其他什麼。這是否是重新審視資本配置和資本支出計劃的催化劑，尤其是當您解決 FRP 並考慮新一代部署時？謝謝。

Yeah. So I'll let Rod talk about the first part, and I'll let Kimberly talk about the second part.

是的。所以我會讓羅德談談第一部分，我會讓金伯莉談談第二部分。

It's Rod. In terms of FERC, as we did in the prior series, settlements, we actually have to file the FERC -- the series settlement. Oh, I'm having mike. Okay, thanks. Can you hear me now, Shar?

是羅德。就 FERC 而言，正如我們在先前的系列和解中所做的那樣，我們實際上必須提交 FERC——系列和解。哦，我有麥克。好的，謝謝。莎爾，你現在聽得到我說話嗎？

Much better, Rod.

好多了，羅德。

Good deal. As was the case with prior SERI settlements, we will file the proposed SERI settlement with the LPSC. And nevertheless, it will still be subject to FERC approval, there'll be subsequent filings with the FERC in that regard. So we still have work to do. All of what we've shared is still subject to approvals, but it will be a methodical process, and it will begin with what we submit to the LPSC for their consideration on the 14.

好交易。與先前 SERI 和解協議的情況一樣，我們將向 LPSC 提交擬議的 SERI 和解協議。儘管如此，它仍需獲得 FERC 的批准，隨後將向 FERC 提交這方面的文件。所以我們還有工作要做。我們分享的所有內容仍需獲得批准，但這將是一個有條不紊的過程，將從我們 14 日提交給 LPSC 供其考慮的內容開始。

And I'll just add to that, that I think -- and it goes to what Kimberly will talk about in a second, the thing that we're pleased about is the nature of the way that these results came together and --

我只想補充一點，我認為 - 這涉及金伯利稍後將討論的內容，我們感到高興的是這些結果匯總的方式的本質，以及--

Yeah. And we talked about this at Analyst Day, Shar, that our stakeholder engagement strategy was far more deliberate and far more discrete in terms of the stakeholders that we brought together to put us in a position to have this settlement. The outcome was a function of each of the interested stakeholders having an opportunity for earlier in the process to weigh in on this conversation.

是的。我們在分析師日上談到了這一點，Shar，我們的利益相關者參與策略對於我們聚集在一起以使我們能夠達成和解的利益相關者而言更加深思熟慮和更加離散。結果取決於每個有興趣的利害關係人有機會在流程的早期參與這次對話。

And while we are we are pleased that we're able to get to this point, our work continues because as Drew mentioned in his earlier comments, this simply sets the stage for us to be able to execute on capturing the growth with far greater clarity. But it is a stakeholder engagement driven process that includes our regulators, includes our customers and policymakers. And we're really at just the beginning and certainly excited about what's now possible with clarity on where Louisiana has had that same strategy is playing out in the other states. So we can now focus on the growth story.

雖然我們很高興能夠達到這一點，但我們的工作仍在繼續，因為正如德魯在先前的評論中提到的那樣，這只是為我們能夠更清晰地捕捉成長奠定了基礎。但這是一個利害關係人參與驅動的過程，其中包括我們的監管機構、我們的客戶和政策制定者。我們確實才剛開始，當然對現在可能發生的事情感到興奮，因為路易斯安那州已經在其他州實施了同樣的策略。所以我們現在可以專注於成長故事。

And Shar, from a capital perspective, certainly, we're pleased to be at this point, we'll let the process play out. And then we would expect to give a full update in EEI in November as we typically do.

Shar，從資本的角度來看，當然，我們很高興此時此刻，我們會讓這個過程順利進行。然後我們預計會像往常一樣在 11 月對 EEI 進行全面更新。

Great. Looking forward to that. And then just lastly, obviously, the 2024 assumptions picked up. You talked about low growth more coming in 4Q, you've got the O&M benefits also kicking in, in the back end. It sounds like you're ahead of schedule for 2024, but I don't want to lead the witness. Is there any read-through to 2025 as we're thinking about bridging from 2024 to 2025. Thanks.

偉大的。對此充滿期待。最後，很明顯，2024 年的假設有所回升。您談到第四季將出現更多低成長，營運和維護效益也在後端發揮作用。聽起來你比 2024 年的計畫提前了，但我不想引導證人。當我們考慮從 2024 年過渡到 2025 年時，是否有任何關於 2025 年的通讀內容？謝謝。

Yeah. We shared our outlook at Analyst Day just a few weeks ago, and I think that is the best place to point. We continue to be on track for this year and as Rod said, we're setting ourselves up to continue to deliver on what we provided in our last update a few weeks ago.

是的。就在幾週前，我們在分析師日上分享了我們的前景，我認為這是最好的地方。今年我們繼續走上正軌，正如羅德所說，我們正在準備繼續交付幾週前上次更新中提供的內容。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

I just wanted to come back here to Louisiana and could you outline more on the scope of your FRP and SERI settlements. Does this leave anything else critical to be addressed for either matter at this point?

我只是想回到路易斯安那州，您能否詳細介紹 FRP 和 SERI 定居點的範圍。此時是否還有其他重要問題需要解決？

No, as a general matter, the settlement addresses the formula rate plan extension and terms and conditions of the go-forward regulatory construct, it resolves prior issues. There are eight or so related dockets that are also cleaned up, much of them dealing with historical administrative proceedings. And the SERI settlement is a different settlement posture, but essentially, it clears the deck of the major litigation between Entergy and the commission and its stakeholders.

不，一般而言，和解解決了公式費率計劃的延期以及未來監管結構的條款和條件，它解決了先前的問題。還有大約八個相關的案卷也被清理，其中大部分涉及歷史行政程序。SERI 和解是一種不同的和解姿態，但本質上，它為 Entergy 與委員會及其利益相關者之間的重大訴訟掃清了障礙。

And just moving on here for that August 14 LPSC meeting, do you expect the commission to vote on both settlements or just discuss the details or if the latter, when do you think they might vote?

就在 8 月 14 日的 LPSC 會議上，您希望委員會對兩項和解協議進行投票，還是只討論細節，或者如果是後者，您認為他們什麼時候可能投票？

So on the 14, and again, this is all subject to the commission's consideration. It is our expectation that the commission would take up the proposed settlement that the staff would put forward on the FRP. The settlement associated with SERI and its related dockets and the other, I'll call them, the other additional dockets that we were able to seek a lime on, but we expect the commission to take them all up.

所以在14號，這一切都需要委員會的考慮。我們期望委員會能夠採納工作​​人員在 FRP 上提出的建議解決方案。與 SERI 及其相關案卷相關的和解協議以及其他（我稱之為）我們能夠尋求幫助的其他附加案卷，但我們希望委員會能夠將它們全部處理掉。

And let's also -- and Drew made reference in his remarks that the -- at least for the Louisiana Public Service Commission's consideration of the gas LDC sale, the staff had already issued a report recommending that the LPSC approved their portion of that sale. So that may very well be taken up on the 14 as well. So we expect pretty comprehensive docket that the commission will take up on the 14.

德魯在他的演講中提到，至少在路易斯安那州公共服務委員會考慮最不發達國家天然氣銷售時，工作人員已經發布了一份報告，建議 LPSC 批准他們在該銷售中的部分。因此，這也很可能在 14 日進行。因此，我們預計委員會將在 14 日討論相當全面的案卷。

And just real quick one to revisit, I guess, as the data center opportunity set that sits before you, any updates to provide there as far as, I guess, just what potential opportunities you see the pace of, I guess, opportunity set, if that's accelerating? Just any color would be great.

我想，要快速回顧一下，作為擺在您面前的資料中心機會集，我想，您所看到的潛在機會的速度，我想，提供的任何更新，我想，機會集，如果那正在加速？任何顏色都會很棒。

Yeah. We laid out at Analyst Day that nothing that we had presented in terms of our outlook included anything other than AWS. And as Drew alluded to, the 5 gigawatt to 10 gigawatt opportunity was not something we were speculating around. It's in our pipeline because we're having actual conversations with prospective customers in that regard, who, as we laid out. We're taking advantage of a lot of the structural advantages of the Gulf Coast, the low energy rates that we provide, certainly, the constructive regulatory environment that's been supportive of economic development and growth in our regions.

是的。我們在分析師日指出，我們所提出的前景中沒有包含 AWS 以外的任何內容。正如德魯所提到的，我們並沒有猜測 5 吉瓦到 10 吉瓦的機會。它正在我們的管道中，因為我們正在與潛在客戶就這方面進行實際對話，正如我們所介紹的那樣。我們正在利用墨西哥灣沿岸的許多結構性優勢，我們提供的低能源價格，當然還有支持我們地區經濟發展和成長的建設性監管環境。

So we expect that at the appropriate time, we'll be able to give details. But as was the case in prior customer additions, we're not giving out or talking about where any specific customer is in the process until such time that both we and they are prepared to go public with something. But again, we're bullish about the prospects because of all the advantages that we laid out at Analyst Day and our -- and on top of that, our stakeholder engagement strategy, making sure that all the right stakeholders are at the table quite early in the process.

因此，我們希望在適當的時候，我們能夠提供詳細資訊。但與先前新增客戶的情況一樣，我們不會透露或談論任何特定客戶在流程中的位置，直到我們和他們都準備好公開某些內容為止。但我們再次看好前景，因為我們在分析師日上展示了所有優勢，以及我們的利害關係人參與策略，確保所有合適的利害關係人很早就參與其中在此過程中。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was wondering just maybe on the -- well, congratulations on all the progress that you're making in these proceedings. I was curious on the SERI settlement. Is that consistent with the others -- with the other commission settlements in terms of like the allocational or proportional split to Louisiana?

我想知道也許只是——好吧，恭喜你在這些程序中取得的所有進展。我對 SERI 的和解感到好奇。這與其他委員會的解決方案（例如路易斯安那州的分配或比例分割）是否一致？

The short answer is yes. The SERI settlement that's proposed is consistent with the settlement constructs in the other jurisdictions, Mississippi, Arkansas, and New Orleans, yes.

簡短的回答是肯定的。擬議的 SERI 和解方案與其他司法管轄區（密西西比州、阿肯色州和新奧爾良）的和解結構是一致的，是的。

And then I was wondering, just considering that settlement in the Louisiana FRP, how do those line up against your earnings projections here? Does that shift or solidify where you are within the range? And then also on the cash flow side of things, is this consistent with what you would have expected in terms of the cash flow forecast going forward?

然後我想知道，僅考慮路易斯安那州 FRP 的和解，這些與您在這裡的收益預測如何相符？這會改變或鞏固你在範圍內的位置嗎？然後，在現金流方面，這是否與您對未來現金流預測的預期一致？

Yeah. Thanks, David. The settlements in the -- for both settlements are all considered in our -- both our EPS and our cash flow outlooks that we're affirming today. So I would think about that from that perspective.

是的。謝謝，大衛。我們今天確認的每股盈餘和現金流前景中都考慮了這兩項和解。所以我會從這個角度來思考這個問題。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑弗里斯。

Yeah. Very great to see the productive settlement talks. I knew you'd all be hard at work while I was hanging out on the beach. So good to see that one for those two. I guess two totally unrelated questions. The first is on the renewables RFP update, could you see more utility-owned assets there. I know that's been a priority for you. Is there a good way to think about and measure the progress as we go forward on these RFPs about like how much is embedded in the plan versus kind of upside to the plan?

是的。很高興看到富有成效的和解談判。我知道當我在海灘上閒逛時，你們都會努力工作。很高興看到那兩個人。我猜是兩個完全不相關的問題。第一個是可再生能源 RFP 更新，您能否在那裡看到更多公用事業擁有的資產。我知道這對你來說是優先考慮的事情。當我們推進這些 RFP 時，是否有一個好的方法來思考和衡量進展情況，例如計劃中包含了多少內容以及計劃的優勢？

Yeah. We shared our capital view a few weeks ago, which gave you owned renewables and then I believe there was a slide that also showed the breakout there. And so as we go through the RFP, we'll be able to see as they announced what comes through there, and we'll provide periodic updates at EEI and other places about how those are performing.

是的。幾週前我們分享了我們的資本觀點，這讓你擁有了可再生能源，然後我相信有一張幻燈片也顯示了那裡的突破。因此，當我們瀏覽 RFP 時，我們將能夠看到他們宣布的內容，並且我們將在 EEI 和其他地方定期提供有關這些內容執行情況的更新。

And we'd -- we expect to have a large RFP in the fall for Louisiana.

我們預計路易斯安那州將在秋季收到一份大型 RFP。

And then the other was just on hardening. I know you've been very vocal for years about hardening. I just want to see if there's any potential amendment changes in philosophy for the Texas plan. I know you have Phase 1 in there, whether it's an amendment to Phase I or pull forward of your thoughts for Phase II. Just any perspective you could provide?

然後另一個只是在硬化。我知道多年來你一直在大聲疾呼要加強態度。我只是想看看德州計劃的理念是否有任何潛在的修正變化。我知道你們有第一階段，無論是對第一階段的修正，或是推進第二階段的想法。您能提供任何觀點嗎？

Yeah. That's a good question. So we've been thinking about this in terms of where we were pre-Beryl and post-Beryl. Certainly, whenever you have storm you reflect on where you are and what you're doing and those things.

是的。這是個好問題。因此，我們一直在思考綠柱石出現前和綠柱石出現後的情況。當然，每當您遇到風暴時，您都會反思自己在哪裡、正在做什麼以及那些事情。

Pre-Beryl, we have a plan that we have submitted in Texas a resiliency plan, and it's based on what the current rules and the legislation that was introduced a couple of years ago, and so it reflects those priorities. And there -- as we've talked about, there are a couple of things that we wanted to see in the legislation previously that we weren't able to get it in, namely around transmission being included and also our ability to accelerate replacement of existing assets by getting return up and on if we don't get that return on then it's harming our credit if we try to accelerate. So we have a more measured pace.

Pre-Beryl，我們有一個計劃，我們已在德克薩斯州提交了一份彈性計劃，它是基於現行規則和幾年前推出的立法，因此它反映了這些優先事項。正如我們所討論的，有一些我們希望在先前的立法中看到但未能納入的內容，即包括傳輸在內，以及我們加速更換新設備的能力。 ，就會損害我們的信用。所以我們的步伐更加謹慎。

Having said that, now we've made the filing and now we are a post-Beryl and the opportunity is for us to engage our stakeholders to figure out if this is the plan that we want to stick with or if there is a different plan that we want to go with. So it's now open for conversation and we're excited about where that might go. And of course, we'll have another opportunity coming up in the legislative session as well to potentially address some of the things that we weren't able to address last time.

話雖如此，現在我們已經提交了文件，現在我們是後 Beryl 集團，我們有機會與利益相關者互動，弄清楚這是否是我們想要堅持的計劃，或者是否有不同的計劃我們想要一起去。因此，現在可以進行對話了，我們對未來的發展感到興奮。當然，我們在立法會議上還將有另一個機會來解決一些我們上次未能解決的問題。

And with that, I'll pass it over to Rod to see what else you have to --

有了這個，我會把它交給羅德，看看你還需要做什麼--

Yeah. And I'll just reiterate the point that Beryl provides an opportunity to revisit the policy backdrop to our capital plans. And not only just in Texas, as Texas as a state revisits the conversation with the regency of Beryl but other jurisdictions are certainly paying attention to some of the lessons learned as well. And while Louisiana is well on its way with its resiliency plan where so much of the attention has been paid of late to reference New Orleans in its ongoing conversations, and we know empirically there they were paying close attention to the experiences in Houston.

是的。我只想重申這一點，Beryl 提供了一個重新審視我們資本計畫政策背景的機會。不僅在德克薩斯州，德克薩斯州作為一個州重新審視與貝裡爾攝政的對話，其他司法管轄區當然也在關注其中的一些經驗教訓。儘管路易斯安那州的彈性計劃進展順利，但最近在其正在進行的對話中，人們對新奧爾良的關注度很高，而且根據經驗我們知道，他們正在密切關注休斯頓的經歷。

And it is an opportunity for us both at the technical conference as well as our ongoing conversations with the counsel between now and the end of the year to revisit the scale, scope, and efficacy because we're still very much in the middle of a storm season.

這對我們來說是一個機會，無論是在技術會議上，還是從現在到年底與律師進行的持續對話中，我們都可以重新審視規模、範圍和功效，因為我們仍然處於一個非常重要的階段。風暴季節。

So the unfortunate storm from a customer standpoint, provides an opportunity for the states and other stakeholders to revisit the resilient conversation with whatever new information the lessons learned from Beryl.

因此，從客戶的角度來看，這場不幸的風暴為各州和其他利益相關者提供了一個機會，利用從 Beryl 學到的任何新資訊來重新審視彈性對話。

Michael Lonegan, Evercore ISI.

羅根 (Michael Lonegan)，Evercore ISI。

On the industrial sales growth specifically, just wondering where you are tracking for the year. I know you expect new customers in the fourth quarter, are all these customers on track? And just trying to get a sense of where you stand versus your long-term 8% to 9% industrial sales growth outlook.

具體到工業銷售成長，只是想知道今年你的追蹤情況。我知道您預計第四季會有新客戶，所有這些客戶都步入正軌嗎？只是想了解您的立場與 8% 至 9% 的長期工業銷售成長前景相比。

Yeah. We're still on track through the end of the year for what we've provided about 4% for the full year with most of that coming late in the year. There are a couple of large industrials that we expect to come on. We do have those customers on minimum build type contracts that if they are delayed, we still have some protection from a bottom line perspective because of how they're contracted in. But we believe we're still on track, and then we continue to see a strong pipeline throughout the forecast period that supports that growth trajectory that you referenced.

是的。到今年年底，我們仍有望全年約 4% 的成長，其中大部分將在今年稍後實現。我們預計有幾個大型工業將會出現。我們確實有那些簽訂了最小構建類型合約的客戶，如果他們被推遲，從底線的角度來看，我們仍然可以得到一些保護，因為他們是如何簽訂合約的。但我們相信我們仍在正軌上，然後我們在整個預測期內繼續看到強大的管道支持您提到的成長軌跡。

Great. And then secondly for me, on the pension lift out, just wondering how much you're reducing the volatility of your pension plan, the pricing you got versus par, and if you see opportunity to do more lift outs?

偉大的。其次，對我來說，關於退休金取消，只是想知道你在多大程度上減少了退休金計畫的波動性，你得到的定價與標準價格相比，以及你是否看到了進行更多取消的機會？

Yeah. We were pleased with the outcome of that lift out. As I said, the net pension plan is funded now at 96%, and we continue to find ways to reduce volatility. We use smoothing mechanisms in our regulatory jurisdictions to help reduce that volatility as those costs on the regulated side are recovered through rates.

是的。我們對此次提升的結果感到滿意。正如我所說，淨退休金計畫目前的資金到位率為 96%，我們將繼續尋找減少波動性的方法。我們在監管管轄範圍內使用平滑機制來幫助減少波動性，因為受監管方面的成本可以透過利率來收回。

As far as weather, we could do another pension lift out, obviously, that would have to the math on that and the ability to execute on that would have to work, but we think that we are in a good place with where we are currently and what we've done to derisk our pension plans.

就天氣而言，我們可以再次取消退休金，顯然，這需要對此進行數學計算，並且執行能力必鬚髮揮作用，但我們認為我們目前處於一個良好的位置以及我們為降低退休金計劃風險所做的努力。

And I'll add, appendix, there's a sensitivity chart for pension, which is 25 basis points for every 25 basis points plus or minus $0.01 is kind of what our sensitivity is at this point, which is a lot lower than where it used to be to Kimberly's point.

我要補充一點，附錄，有一個退休金敏感性圖表，每 25 個基點加減 0.01 美元就是 25 個基點，這就是我們目前的敏感性，比以前低很多符合金伯利的觀點。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

Regarding the lessons learned from Beryl, what do you think is the best way to address the issues around vegetation outside of your right away hitting electric lines in Texas and more broadly in your service territory? Any color or initial thoughts around how to address that potential problem?

關於從 Beryl 吸取的經驗教訓，您認為解決德克薩斯州電力線路之外以及更廣泛的服務區域內植被問題的最佳方法是什麼？關於如何解決該潛在問題有什麼顏色或初步想法嗎？

Yeah. It's Rod. The best way to address it is to be proactive and to communicate. It's embedded in our capital plan that has been across the jurisdictions. It's also part not only of our reliability capital plan, but also the resiliency capital plan. And the conversation for us around stakeholder engagement includes making it clear to our stakeholders exactly how those investments are benefiting customers.

是的。是羅德。解決這個問題的最佳方法是積極主動並進行溝通。它已納入我們跨司法管轄區的資本計劃中。它不僅是我們可靠性資本計畫的一部分，也是彈性資本計畫的一部分。我們圍繞著利害關係人參與的對話包括向我們的利害關係人明確說明這些投資如何使客戶受益。

I think the opportunity we have here is to accelerate the asset component of resiliency. That's what's different than our normal reliability conversation, but we've been particularly in the areas where we serve in South Louisiana and certainly Southeast Texas, vegetation has long been both a challenge and an opportunity for us.

我認為我們在這裡擁有的機會是加速彈性的資產組成部分。這與我們正常的可靠性對話不同，但我們特別是在路易斯安那州南部以及德克薩斯州東南部服務的地區，植被長期以來對我們來說既是挑戰也是機會。

And I think from a regulatory construct perspective, and I think Drew alluded to this in his comments, what really created the problem for customers in Hurricane Beryl, were trees outside of the right-of-way. What do we mean by right-of-way? That is the area from where our facilities are situated what's the area of -- how many feet outside of where our facilities exist? Do we have the capacity to trim those trees or vegetation as the case may be?

我認為從監管結構的角度來看，德魯在他的評論中提到了這一點，真正為颶風貝裡爾的客戶帶來問題的是路權之外的樹木。我們所說的路權是什麼意思？這就是我們的設施所在的區域，距離我們的設施所在位置有多少英尺？我們有能力視情況修剪這些樹木或植被嗎？

And I think when you -- you're paying attention to the regulatory processes in Louisiana and Texas and beyond, I think you'll hear more of a conversation around extending the right-of-ways, allowing us to trim in a further area surrounding where our facilities are located to provide greater margin for when those winds come and those trees and other vegetation gets into the facilities that disrupt service for customers.

我認為，當您關注路易斯安那州和德克薩斯州及其他地區的監管程序時，我想您會聽到更多關於擴大通行權的對話，使我們能夠在更遠的領域進行削減我們設施所在的周圍，以便在風吹來、樹木和其他植被進入設施、擾亂客戶服務時提供更大的餘地。

And the capital -- when we go back and we build to modern standards, those -- there is the potential to widen the right-of-ways or deal with that. But if you were able to go from an age frame transmission structure to a vertical transmission structure that does reduce the target area a little bit for the trees that come from outside the right-of-way.

當我們回去並按照現代標準進行建設時，資本就有可能擴大通行權或解決這個問題。但是，如果您能夠從年齡框架傳輸結構轉變為垂直傳輸結構，那麼確實會稍微減少來自路權之外的樹木的目標區域。

It's not perfect like Rod said, you got to go trim, you may need to widen the right-of-ways because those trees are pretty tall and you just don't have that many feet in a lot of areas in our service territory in particular, a lot of tall pine trees out there. But some of it can be mitigated with design and acceleration of resilience investment.

正如羅德所說，這並不完美，你必須修剪，你可能需要拓寬通行權，因為這些樹相當高，而在我們服務區域的很多區域，你沒有那麼多的腳。的松樹。但其中一些問題可以透過設計和加速彈性投資來緩解。

On the expansion of right-of-ways, would that require a legislative solution? Or is there other mechanisms to be able to effectuate that stated objective?

關於擴大通行權，是否需要立法解決？或者是否有其他機制能夠實現既定目標？

And we'd have to get permission from the commissions to extend the right-of-way. That's basically rulemaking that sets the terms and conditions under, which we operate under our franchise. And so that is a commission-by-commission, state-by-state conversation. But yes, we would go to the commission to seek an expansion of the existing right-of-ways.

我們必須獲得委員會的許可才能延長通行權。這基本上是製定規則的規則，規定了我們在特許經營權下運作的條款和條件。所以這是一個委員會與委員會、州與州之間的對話。但是，是的，我們會向委員會尋求擴大現有的通行權。

And then maybe even a right-of-way by right-of-way combination. We may have to go back to each individual right away and renegotiating.

然後甚至可能是由多個路權組合組成的路權。我們可能必須立即與每個人聯繫並重新談判。

Okay. And then just one last on this. In terms of the length of your right-of-way? Is there an average number that you're citing, I think the 18-inch is for one of your peers. Do you see that barring geographically in terms of the distance that you have in certain high-risk locations?

好的。最後還有這一點。就你的通行權長度而言？您引用的平均數字是多少，我認為 18 英寸適用於您的一位同行。您是否認為某些高風險地點的地理位置有距離限制？

Yeah. That's a jurisdiction-by-jurisdiction conversation. But it's usually articulated in numbers of feet away from existing facilities. And that's on top of what I'm sure is going to be a conversation about more resilient poles that hold up better not just the tree trimming around the facilities. But remember that resiliency is about more resilient facilities themselves that could do a better job of withstanding win, not just wind, but the trees themselves. But yes, it's usually in feed and jurisdiction by jurisdiction.

是的。這是逐一司法管轄區的對話。但它通常鉸接在距離現有設施數英尺的地方。除此之外，我確信將會討論更具彈性的桿子，這些桿子可以更好地支撐，而不僅僅是設施周圍的樹木修剪。但請記住，彈性是指更具彈性的設施本身，它們可以更好地承受勝利，不僅是風，還有樹木本身。但是，是的，它通常是在各個管轄區的提要和管轄範圍內。

Right. And urban versus rural? Right? I mean we have in the city of New Orleans, some pretty tight right-of-way elements and tree trimming requirements, not unlike some other urban environments. So we're very familiar with some of those challenges.

正確的。城市與農村？正確的？我的意思是，我們在新奧爾良市有一些非常嚴格的通行權元素和樹木修剪要求，與其他一些城市環境不同。所以我們非常熟悉其中一些挑戰。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

On the AWS facility, what type of regulatory approvals or filings or anything else related to that are necessary before or to get continued shovels in the ground.

在 AWS 設施上，在繼續鏟土之前需要獲得哪種類型的監管批准或備案或與之相關的任何其他內容。

Yeah. One of -- what we talked about this at Analyst Day and before, one of the big advantages that allowed us to move at the speed of their expectations was getting pre-approval. So in order for us to put shovels in the ground, the Mississippi Commission with the support of the Mississippi legislature have already reapproved the CCN process in order for us to begin the design build out to serve AWS.

是的。其中之一 - 我們在分析師日和之前討論過這一點，讓我們能夠按照他們期望的速度前進的一大優勢是獲得預先批准。因此，為了讓我們能夠腳踏實地，密西西比委員會在密西西比州立法機構的支持下已經重新批准了 CCN 流程，以便我們能夠開始為 AWS 服務的設計構建。

And was there a CapEx or a rate base number associated with that?

是否有與之相關的資本支出或費率基數？

We haven't given a specific number associated with that customer. You can see the update at year-end and there's additional renewables, for example, for Mississippi to support the clean energy associated with that customer, but we haven't broken out a specific CapEx for that specific customer.

我們沒有給出與該客戶相關的具體號碼。您可以在年底看到更新，並且有額外的可再生能源，例如，密西西比州支持與該客戶相關的清潔能源，但我們尚未為該特定客戶列出特定的資本支出。

And that wasn't part of the CCN.

那不屬於 CCN 的一部分。

No. As Rod said, from a CCN perspective that was handled through working with the peak or with the Mississippi Search Commission in the state as well.

不。正如 Rod 所說，從 CCN 的角度來看，這是透過與高峰或密西西比州搜尋委員會合作來處理的。

And then real quick, you mentioned in answer to an earlier question about legislative session potential around some Beryl and other storm-related issues. What are the possible outcomes legislatively what are you thinking about there? Or did I misinterpret that?

然後很快，您在回答之前關於圍繞一些綠柱石和其他風暴相關問題的立法會議潛力的問題時提到。立法上可能的結果是什麼，您對此有何看法？或者我誤解了這一點？

No, you heard it correctly, and I think Drew also alluded to it in Texas. The legislative session for us in the last couple of years has been around allowing -- given the commission of Texas the ability to do rulemaking to facilitate resiliency spend.

不，你沒聽錯，我認為德魯也在德克薩斯州提到這一點。過去幾年我們的立法會議一直圍繞著允許——鑑於德克薩斯州委員會有能力製定規則以促進彈性支出。

And the point that Drew made was that in the last legislative session, which is every odd year in Texas, which would have been the 2023 session, we, along with other stakeholders in the state of Texas made a lot of headway to facilitate resiliency spend. But there were some items like the accelerated replacement of transmission facilities as part of the resiliency plan that didn't get addressed in the way in which we thought would have been ideal. And it's an opportunity for us to go back in the 2025 legislative session with the support of the commission and other stakeholders in Texas to revisit that legislation that would add on or complement what Texas already done to facilitate accelerated resiliency spend by utilities.

德魯提出的觀點是，在上屆立法會議（德克薩斯州每年奇數年，即2023 年會議）中，我們與德克薩斯州的其他利益相關者一起在促進彈性支出方面取得了很大進展。但有一些項目，例如作為彈性計劃一部分的加速更換傳輸設施，並沒有以我們認為理想的方式解決。這對我們來說是一個機會，可以在委員會和德克薩斯州其他利益相關者的支持下，在2025 年立法會議上重新審視該立法，該立法將補充或補充德克薩斯州為促進公用事業加速彈性支出而已經採取的措施。

So it was just Texas in terms of the comment about legislative.

因此，就立法評論而言，只有德克薩斯州。

That's correct.

這是正確的。

And there are no further questions at this time. Mr. Abler, I will now turn the call back over to you, Bill.

目前沒有其他問題。阿布勒先生，我現在將把電話轉回給你，比爾。

Thank you, Greg, and thanks to everyone for participating this morning. Our quarterly report on Form 10-Q is due to the SEC on August 9 and provides more details and disclosures about our financial statements. Events that occur prior to the date of our 10-Q filing that provide additional evidence of conditions that existed at the date of the balance sheet. It would be reflected in our financial statements in accordance with Generally Accepted Accounting Principles.

謝謝你，格雷格，也謝謝大家今天早上的參與。我們的 10-Q 表格季度報告將於 8 月 9 日提交給 SEC，其中提供了有關我們財務報表的更多詳細資訊和揭露資訊。在我們提交 10-Q 報告之日之前發生的事件，為資產負債表日存在的情況提供了額外的證據。它將根據公認會計原則反映在我們的財務報表中。

Also, as a reminder, we maintain a web page as part of Entergy's Investor Relations website called Regulatory and Other Information, which provides key updates of regulatory proceedings and important milestones on our strategic execution. While some of this information may be considered material information, you should not rely exclusively on this page for all relevant company information. And this concludes our call. Thank you very much.

另外，提醒一下，我們在 Entergy 投資者關係網站中維護一個名為「監管和其他資訊」的網頁，其中提供了監管程序的關鍵更新以及我們策略執行的重要里程碑。雖然其中一些資訊可能被視為重要訊息，但您不應完全依賴此頁面來獲取所有相關公司資訊。我們的通話到此結束。非常感謝。