安特吉 (ETR) 2024 Q3 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 third-quarter 2024 earnings conference call. (Operator Instructions)

早安.我叫格雷格，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Entergy 2024 年第三季財報電話會議。（操作員指令）

And I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation. Liz, the floor is yours.

現在我將電話轉交給安特吉公司投資者關係副總裁利茲‧亨特 (Liz Hunter)。莉茲，現在請你發言。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

We will begin today with comments from Entergy's Chair and CEO, Drew Marsh; and then Kimberly Fontan, our CFO, will review results. In an effort to accommodate everyone who has questions, we request that each person ask no more than two questions.

今天我們首先會聽取 Entergy 公司董事長兼執行長德魯·馬什 (Drew Marsh) 的演講；然後我們的財務長 Kimberly Fontan 將審查結果。為了盡力解答每個有疑問的人的問題，我們要求每個人提問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.

在今天的電話會議上，管理階層將做出一些前瞻性的陳述。由於我們的收益報告、幻燈片簡報和美國證券交易委員會 (SEC) 文件中列出的多種因素，實際結果可能與這些前瞻性陳述有重大差異。安特吉公司不承擔更新這些前瞻性陳述的任何義務。

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與適用的 GAAP 指標的對賬，均可在我們網站的「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, Liz. Good morning, everyone.

謝謝你，莉茲。大家早安。

We've had a very productive quarter, and we're excited to give you an update this morning. We're reporting strong financial and business results that include important progress on our growth strategy, the significant new capital investment plan to support customer requirements.

我們度過了一個非常富有成效的季度，我們很高興在今天早上向您提供最新情況。我們報告了強勁的財務和業務業績，包括我們的成長策略取得的重要進展，以及為支持客戶需求而製定的重大新資本投資計劃。

I'll start with earnings. Today, we are reporting strong EPS of $2.99. With our results to date and three quarters behind us, we are raising the bottom of the guidance range by $0.10. We're also raising our longer-term outlooks, driven by the new capital investment to support higher industrial sales and growing interest in clean energy products.

我先從收入說起。今天，我們報告強勁的每股收益 2.99 美元。根據迄今為止以及過去三個季度的業績，我們將指導範圍的底部上調了 0.10 美元。在新資本投資支持更高的工業銷售額和對清潔能源產品日益增長的興趣的推動下，我們也提高了我們的長期前景。

Our industrial sales growth story continues to be robust. With development since Analyst Day, we now see an industrial sales compound annual growth rate of 11% to 12% through 2028, 300 basis points higher. The change is primarily due to a large new customer in Louisiana, with whom we have executed an electric service agreement. We don't disclose specific customer details without their consent, so we can't provide additional information at this time.

我們的工業銷售成長勢頭持續強勁。自分析師日以來，隨著發展，我們現在看到到 2028 年工業銷售複合年增長率將達到 11% 至 12%，高出 300 個基點。這項變更主要是由於路易斯安那州的一位新大客戶，我們與其簽訂了電力服務協議。未經客戶同意，我們不會透露特定的客戶詳細信息，因此我們目前無法提供更多資訊。

In addition, many large industrial customers are looking to our operating companies for clean energy products to support their decarbonization goals. We are seeing strong customer interest in renewable green tariffs and nuclear clean tariffs. We're also working with stakeholders on a broader array of clean offerings, including technologies like CCS and advanced nuclear.

此外，許多大型工業客戶正在尋求我們的營運公司提供清潔能源產品來支援他們的脫碳目標。我們看到客戶對再生綠色關稅和核清潔關稅表現出濃厚的興趣。我們也與利害關係人合作提供更廣泛的清潔產品，包括 CCS 和先進核能等技術。

Collectively, this means that our preliminary capital plan through 2028 is $7 billion higher than at Analyst Day, driven by new transmission, as well as incremental generation investment, including renewables. We will have more details at EEI.

總的來說，這意味著我們到 2028 年的初步資本計畫比分析師日高出 70 億美元，這得益於新輸電以及包括再生能源在內的增量發電投資。我們將在 EEI 上公佈更多詳細資訊。

There are several areas where we've already made progress to support growth. For example, we continue to add renewables to our system. Entergy Arkansas's Walnut Bend Solar, a 100-megawatt project that was a build-own-transfer partnership with Invenergy, is now in service. Entergy Arkansas also closed on 180-megawatt West Memphis Solar and 250-megawatt Driver Solar projects. We now have close to 800 megawatts of solar resources in service and more than 2,600 megawatts of specific projects that are in process, approved, or under regulatory review. Beyond this, we continue to plan for more customer-driven renewable projects, including through a recently issued RFP aimed at Entergy Louisiana's new streamlined approval process.

我們在多個領域已取得進展以支持成長。例如，我們繼續在我們的系統中添加再生能源。Entergy Arkansas 的 Walnut Bend Solar 是一個 100 兆瓦的項目，由其與 Invenergy 合作建造-擁有-轉讓，現已投入使用。安特吉阿肯色公司也完成了 180 兆瓦的西孟菲斯太陽能專案和 250 兆瓦的 Driver Solar 專案。目前，我們已經投入營運的太陽能資源接近800兆瓦，並且有超過2600兆瓦的具體項目正在建設中、已獲批准或接受監管審查。除此之外，我們將繼續規劃更多以客戶為導向的再生能源項目，包括透過最近發布的針對 Entergy Louisiana 新簡化審批流程的 RFP。

Since Analyst Day, we've announced four very large, efficient, large-scale dispatchable generation projects, three today in Louisiana and one several weeks ago in Mississippi. The 750-megawatt dual-fuel combined cycle combustion turbine units will be hydrogen-ready and enabled for future carbon capture and storage. To support successful execution, each of these plants is expected to use a standardized design.

自分析師日以來，我們已經宣布了四個非常龐大、高效、大規模的可調度發電項目，其中三個今天在路易斯安那州，一個幾週前在密西西比州。750兆瓦雙燃料聯合循環燃氣渦輪機組將配備氫氣，並可用於未來的碳捕獲和儲存。為了支援成功執行，預計每個工廠都將使用標準化設計。

We have a proven track record of successfully executing large projects. Using strong, disciplined, and standardized processes, we successfully built five major generation projects over the last decade, with the sixth project, the Orange County Advanced Power Station in Texas, currently on track. This experience and expertise are especially important to support the tremendous growth on the horizon.

我們擁有成功執行大型專案的成功記錄。過去十年，我們透過強大、嚴謹和標準化的流程成功建造了五個大型發電項目，其中第六個項目——德克薩斯州奧蘭治縣先進發電站目前進展順利。這些經驗和專業知識對於支持即將出現的巨大成長尤為重要。

Preparing for CCS is an important part of the mission because of the Clean Air Act Section 111(b) currently requires new gas-fired generation to have CCS in place by 2032. Additionally, we are in active discussions with customers who are interested in a variety of low-carbon generation solutions, including CCS.

為 CCS 做準備是這項任務的重要組成部分，因為《清潔空氣法》第 111(b) 條目前要求新的燃氣發電廠在 2032 年之前安裝 CCS。此外，我們正在與對各種低碳發電解決方案（包括 CCS）感興趣的客戶進行積極討論。

As we previously discussed, Entergy Louisiana received a grant to complete a front-end engineering and design, or FEED, study at the Lake Charles Power Station. We are also working with Crescent Midstream to assess the technical and financial feasibility of executing carbon capture and storage at LCPS in a manner that ensures public safety and addresses the interests of our communities. Once completed, the learnings from this work will benefit future CCS projects. Ultimately, we believe CCS is a critical technology to comply with eventual federal emissions requirements to help our customers meet their decarbonization objectives and for us to achieve our 2050 net zero commitment safely and responsibly.

正如我們之前所討論的，安特吉路易斯安那州公司獲得了一筆資助，用於完成查爾斯湖發電廠的前端工程和設計（FEED）研究。我們也與 Crescent Midstream 合作，評估在 LCPS 實施碳捕獲和儲存的技術和財務可行性，以確保公共安全並滿足我們社區的利益。一旦完成，這項工作的經驗將有利於未來的 CCS 專案。最終，我們相信 CCS 是一項關鍵技術，可以滿足最終的聯邦排放要求，幫助我們的客戶實現其脫碳目標，並幫助我們安全、負責任地實現 2050 年淨零承諾。

Another critical source of clean and reliable energy is nuclear. Beyond our sizable existing fleet and capabilities, we are well positioned to evaluate and ultimately pursue new nuclear options. We are actively exploring potential power upgrades at our existing facilities that could total as much as 300 megawatts.

另一個重要的清潔可靠能源是核能。除了我們現有的龐大艦隊和能力之外，我們還有條件評估並最終尋求新的核子選擇。我們正在積極探索現有設施的潛在電力升級，總計可達到 300 兆瓦。

We have an early site permit that was issued by the NRC in 2007 for a potential new reactor at the Grand Gulf site. We have a memorandum of understanding with Holtec to evaluate its SMR technology for use in our service area. At the same time, we are participating in several industry working groups that are evaluating other SMR technologies and potential development opportunities. And finally, we are participating in state working groups in Texas, Louisiana, and Mississippi that are evaluating the potential for nuclear expansion in those states. Our work in this area supports ongoing customer conversations on options that could accelerate new nuclear investments.

我們擁有美國核子管理委員會於 2007 年頒發的早期場址許可證，允許在大灣場址建造一座新反應器。我們與 Holtec 簽署了一份諒解備忘錄，以評估其 SMR 技術在我們的服務區域內的使用情況。同時，我們正在參與多個產業工作小組，評估其他SMR技術和潛在的發展機會。最後，我們正在參與德州、路易斯安那州和密西西比州的州工作小組，以評估這些州擴大核能的潛力。我們在該領域的工作支援客戶就可能加速新核投資的選項進行持續的對話。

Each of these generation technologies, solar and storage, CCS to new nuclear, as well as potentially wind, is important to achieve reliability, affordability, and sustainability outcomes for our customers. We see significant potential customer value from each, and we are well positioned to help capture that value for our customers.

這些發電技術中的每一種，包括太陽能和儲能、CCS、新核能以及潛在的風能，對於為我們的客戶實現可靠性、可負擔性和永續性成果至關重要。我們從每個人身上都看到了巨大潛在的客戶價值，而且我們有能力幫助我們的客戶獲得這些價值。

We are working with a broad set of stakeholders to understand, and we are confident we will address, any safety, economic, social, or other concerns related to these technologies. And as with all investments, we will be disciplined in evaluating the risk and economic impacts before meaningful capital is deployed.

我們正在與廣泛的利害關係人合作，以了解與這些技術相關的任何安全、經濟、社會或其他問題，我們有信心解決這些問題。與所有投資一樣，在部署大量資本之前，我們將嚴格評估風險和經濟影響。

Yesterday, Entergy Louisiana submitted its request to the LPSC for approval of a set of transmission and generation investments that will support the new customer in Louisiana. In order to support the customer's desired timeline, we've requested a decision in September next year.

昨天，安特吉路易斯安那公司向 LPSC 提交了申請，希望能批准一系列輸電和發電投資，以支持路易斯安那州的新客戶。為了支持客戶期望的時間表，我們要求在明年九月做出決定。

We know that many of you are interested in seeing this filing. It will not be available on the LPSC's website until closer to the time it is published in their bulletin on November 8. Therefore, we have posted the public version of the application to the Regulatory and Other page on our investor relations website. The application provides an overview and summary of the filing. We plan to submit a separate filing to request approval for renewable projects to support the customer's clean energy goals.

我們知道很多人都對這份文件感興趣。直到 11 月 8 日在其公報上發佈時，它才會在 LPSC 網站上公佈。因此，我們已將申請的公開版本發佈到投資者關係網站的監管和其他頁面上。該申請提供了申請文件的概述和摘要。我們計劃提交單獨的文件來請求批准再生能源項目，以支持客戶的清潔能源目標。

This new customer will bring substantial benefits to the state and local communities, as well as our existing customers and other key stakeholders. For example, this development will provide meaningful opportunities to grow our communities through jobs, through new sources of tax revenue, and improved quality of life. It's bringing these benefits to a region of Louisiana that has been economically disadvantaged for decades.

這位新客戶將為州和當地社區以及我們現有的客戶和其他主要利益相關者帶來巨大利益。例如，這一發展將透過就業、新的稅收來源和改善的生活品質為我們的社區發展提供有意義的機會。它為路易斯安那州幾十年來一直處於經濟劣勢的地區帶來了這些好處。

The project will also diversify Louisiana's economy while providing significant opportunities for future development in the state. Electric sales revenue and other contributions from this customer will cover an appropriate share of the costs to serve, including the marginal costs associated with investments needed to support this customer, as well as a portion of our current costs, including investments in resilience that are so critical to Louisiana. With this approach and our ongoing focus on efficiencies, we expect to maintain competitive rates below the national average.

該項目也將使路易斯安那州的經濟更加多樣化，同時為該州未來的發展提供重大機會。來自該客戶的電力銷售收入和其他貢獻將涵蓋服務成本的適當份額，包括支持該客戶所需投資的邊際成本，以及我們當前成本的一部分，包括對復原力的投資，這些投資是如此對路易斯安那州來說至關重要。透過這種方法以及我們對效率的持續關注，我們預計將保持低於全國平均水平的競爭價格。

The stakeholder engagement model that we laid out at Analyst Day was the foundation for bringing this customer to Entergy Louisiana. As an integrated utility, we can provide generation, transmission, and retail requirements together in one solution. Our deep stakeholder relationships and history can facilitate alignment among all parties, state and local government, communities, regulators, and the customer. And our solutions can leverage existing partnerships and regulatory mechanisms to accelerate timelines. The combination of these factors allows us and our stakeholders to successfully deliver speed to market, which is a critical consideration for these large projects.

我們在分析師日提出的利害關係人參與模式是將該客戶帶到 Entergy Louisiana 的基礎。作為一家綜合公用事業公司，我們可以在一個解決方案中提供發電、輸電和零售需求。我們與利害關係人的深厚關係和歷史可以促進各方、州和地方政府、社區、監管機構和客戶之間的協調。我們的解決方案可以利用現有的合作夥伴關係和監管機制來加快時間表。這些因素的結合使我們和我們的利害關係人能夠成功地快速將產品推向市場，這對於這些大型專案來說是一個關鍵的考慮因素。

The four macro trends I've discussed at Analyst Day -- onshoring, clean energy, electrification, and technology -- are in full force and driving strong growth in our service area. In addition to the growth already in our outlooks, we could see additional sales to large customers and associated capital investment within the outlook period. We're excited about our growth progress, and we look forward to talking to you about it at EEI.

我在分析師日討論的四大宏觀趨勢——在岸外包、清潔能源、電氣化和技術——正在全面發揮作用並推動我們服務領域的強勁成長。除了我們預期中已經出現的成長之外，我們還可以看到展望期內對大客戶的額外銷售和相關資本投資。我們對我們的成長進程感到非常興奮，我們期待在 EEI 與您討論此事。

Moving beyond the growth update, I have a few more things that I want to cover. We talked about our storm preparedness, both operationally and financially. We have developed and refined plans that are purposeful, repeatable, and sustainable, and we're seeing the benefits. This year, we've had two hurricanes in our service area. We talked about Beryl last quarter. Today, I will cover Francine, a Category 2 storm.

除了成長更新之外，我還有一些事情想談一下。我們討論了我們在營運和財務方面的風暴準備。我們制定並完善了有目的、可重複、可持續的計劃，並且看到了其效益。今年，我們的服務區遭遇了兩起颶風。我們上個季度討論了 Beryl。今天，我將報道 2 級風暴「法蘭辛」。

To start, we are thankful that we had zero OSHA recordable injuries with more than 550,000 work hours. And the headline is that we restored power to 90% of our customers within just three days, keeping customers and key stakeholders well informed throughout the restoration. This outstanding outcome was due to a combination of previous resilience investments, detailed planning and preparation, methodical and safe execution, and robust stakeholder communications.

首先，我們慶幸在超過 55 萬個工作小時內沒有發生任何職業安全與健康管理局記錄的傷害。最引人注目的是，我們僅用三天就恢復了 90% 客戶的供電，並在整個恢復過程中讓客戶和主要利益相關者充分了解情況。這項出色成果歸功於先前的彈性投資、詳細的規劃和準備、有條不紊和安全的執行以及強大的利害關係人溝通。

I thank all our employees for their hard work and dedication to restore power safely and as quickly as possible so workers could go home to their families and our customers could return to their everyday lives. Kimberly will cover the cost estimates in a moment.

我感謝所有員工的辛勤工作和奉獻精神，他們盡快、安全地恢復供電，使工人們可以回家與家人團聚，我們的客戶可以恢復日常生活。金伯利稍後將介紹成本估算。

Our storm response efforts didn't stop with our customers. We also provided mutual assistance to our neighboring utilities for Hurricanes Helene and Milton to help restore power in those communities. To that, I want to again thank our teams for the extra effort.

我們的風暴響應工作並未止步於我們的客戶。我們也與鄰近的公用事業公司相互援助，以應對海倫颶風和米爾頓颶風，幫助這些社區恢復電力。對此，我要再次感謝我們的團隊所做的額外努力。

I also want to thank the mutual assistance workers who supported our customer restoration after Francine and Beryl. Mutual assistance is unique to our industry, and it's a great example of how utilities work together for the greater good in the moments that matter. While the investments we make every day harden our system, the launch of our resilience program marks the start of a more comprehensive grid strengthening effort.

我還要感謝在 Francine 和 Beryl 之後支持我們客戶恢復的互助工作人員。互助是我們產業所獨有的，它是公用事業公司在重要時刻如何為了更大的利益而共同努力的一個很好的例子。雖然我們每天進行的投資都會強化我們的系統，但我們的彈性計畫的啟動標誌著更全面的電網加強工作的開始。

After the commission approved Entergy Louisiana's $1.9 billion accelerated resilience plan in April, we officially kicked off Phase 1 with the groundbreaking for the first project in the Lake Charles area, where we will be investing $107 million to upgrade 148 miles of power lines. Many more projects are getting underway, and we expect to reach our full ramp early next year.

在該委員會於4 月批准了安特吉路易斯安那州19 億美元的加速恢復計劃後，我們正式啟動第一階段，並在查爾斯湖地區破土動工第一個項目，我們將投資1.07 億美元升級148英里的電力線。還有更多項目正在進行中，我們預計明年初將全面投入使用。

We're making progress on establishing our formal accelerated resilience programs in other jurisdictions as well. The New Orleans City Council approved $100 million of investment over the next two years. This is in addition to the New Orleans East project selected for a DOE grid resilience and innovation partnerships, or GRIP, grant that the council approved earlier this year. We are excited to start on this phase of projects to bring the benefits of a more resilient system to our customers in New Orleans.

我們也在其他司法管轄區建立正式的加速復原計畫方面取得了進展。新奧爾良市議會批准未來兩年投資 1 億美元。這項計畫是對新奧爾良東部計畫（該計畫被選為能源部電網彈性和創新夥伴關係 (GRIP) 計畫）的補充，該計畫已於今年稍早獲得理事會批准。我們很高興開始這一階段的項目，為新奧爾良的客戶帶來更具彈性的系統的好處。

We also reached a settlement on the first phase of Entergy Texas resilience plan, which includes $335 million of investment, $200 million of which is contingent on a grant from the Texas Energy Fund. We expect the commission to take up the settlement by year-end.

我們也就安特吉德州復原計畫第一階段達成協議，該計畫包括 3.35 億美元的投資，其中 2 億美元取決於德州能源基金的撥款。我們預計委員會將在年底前達成和解。

In addition, two of our operating companies recently were selected for federal grants that will provide resilience benefits to our customers at a lower cost. Entergy Louisiana successfully partnered with three parishes to be selected for the Building Resilient Infrastructure and Communities, or BRIC, grants that will provide $68 million in funding for projects. At nearly the same time, Entergy Texas received a $54 million GRIP award for a project that will protect communities around Port Arthur, including a major port that has been previously impacted by extreme weather.

此外，我們的兩家營運公司最近獲得聯邦政府撥款，這將以較低的成本為我們的客戶提供復原力效益。安特吉路易斯安那州公司成功與三個教區合作，獲選獲得「建設彈性基礎設施和社區」（BRIC）撥款，該撥款將為項目提供 6800 萬美元的資金。幾乎與此同時，安特吉德州公司獲得了 5400 萬美元的 GRIP 獎，用於保護亞瑟港週邊社區的項目，其中包括一個之前曾受到極端天氣影響的主要港口。

Along the way, we completed several large projects this year across the system that improve our resilience and serve as proof points for our resilience efforts. The Avenue C project in New Orleans, which many of you toured at Analyst Day, is now completed. You may recall that it showcased several resilience-oriented distribution technologies.

在這個過程中，我們今年在整個系統內完成了幾個大型項目，這些項目提高了我們的復原力，並作為我們復原力努力的證明點。許多人在分析師日參觀過的新奧爾良 C 大道項目，該項目現已完成。您可能還記得，它展示了幾種彈性為基礎的分發技術。

The Port Bolivar and Palms elevated substations at Texas were completed before Beryl and easily withstood the effects of that storm. And notably, Port Fourchon and the coastal city of Grand Isle in Louisiana maintained access to power throughout Francine after resilience investments were made there following Hurricane Ida in 2021.

德克薩斯州的 Port Bolivar 和 Palms 高架變電站在 Beryl 之前竣工，並輕鬆抵禦了那場風暴的影響。值得注意的是，在 2021 年颶風「艾達」過後進行了恢復投資後，路易斯安那州的福爾雄港和沿海城市大島在整個弗朗辛地區保持了供電。

The progress on resilience is further evidence that a customer-first approach remains the key to achieve regulatory outcomes that benefit all stakeholders. This approach has also supported our progress on other regulatory engagements.

復原力的進展進一步證明，客戶至上的方法仍然是實現惠及所有利害關係人的監管成果的關鍵。這種方法也支持了我們在其他監管工作中取得進展。

During the past quarter, the Louisiana Public Service Commission unanimously approved several items that renewed Entergy Louisiana's formula rate plan for three years, resolved all claims against system energy, approved the sale of Louisiana's LDC business, and authorized the divestiture of Louisiana's share of Grand Gulf Energy and Capacity to Mississippi. [Recently], we have requested state, commission, and FERC approvals to divest Louisiana's share of Grand Gulf Energy and Capacity to Mississippi. We are targeting a January 1 effective date.

在過去的一個季度中，路易斯安那州公共服務委員會一致批准了幾項項目，包括將安特吉路易斯安那州的公式費率計劃續期三年、解決所有針對系統能源的索賠、批准出售路易斯安那州的LDC 業務，以及授權剝離路易斯安那州在Grand Gulf 的股份。 [最近]，我們已請求州政府、委員會和聯邦能源管理委員會批准將路易斯安那州所持有的大海灣能源和容量股份轉讓給密西西比州。我們的目標是於 1 月 1 日生效。

New formula rate plans were effective in September for New Orleans following its normal process and for Louisiana following the Commission's approval for the three-year formula rate plan extension. These results are the foundation for the customer growth that benefits all stakeholders, which we discussed earlier, and they have not happened by accident. They are the product of the ongoing shift in the way we approach our business by embedding customer centricity and stakeholder engagement into everything we do.

新的公式費率計劃已於 9 月在新奧爾良按照正常程序生效，並在路易斯安那州根據委員會批准的三年公式費率計劃延期生效。這些結果是我們之前討論過的使所有利害關係人受益的客戶成長的基礎，而這些並非偶然發生的。它們是我們業務處理方式不斷轉變的產物，我們將以客戶為中心和利害關係人參與融入我們所做的每一件事中。

We've had a very successful quarter. We've made steady progress across key customer, operational, regulatory, and financial fronts. We're raising the bottom of our 2024 adjusted EPS guidance range and increasing our longer-term outlook as a result of our new customer-driven capital plan. By continuing to put our customers first, we remain focused on delivering premium value to each of our key stakeholders. I look forward to talking to all of you at EEI about Entergy's unique and robust growth story.

我們度過了一個非常成功的季度。我們在關鍵客戶、營運、監管和財務方面取得了穩步進展。由於我們新的以客戶為導向的資本計劃，我們正在提高 2024 年調整後每股收益指導範圍的底線，並提高我們的長期前景。透過持續將客戶放在第一位，我們始終致力於為每個主要利害關係人提供優質價值。我期待與 EEI 的各位談論 Entergy 獨特而強勁的成長故事。

Before I turn the call over to Kimberly, I want to acknowledge that this call also marks a couple of important transitions for us. First, Bill Abler is moving to a new role, leading the commercial planning and operations for our utilities. And Liz Hunter, who introduced this call, is stepping in. Liz comes into the role with strong experience in our treasury operations, including fixed income and rating agency interactions. We are excited for both, and both will be at EEI in a little over a week as we complete our succession plan.

在我將電話轉給金伯利之前，我想承認，這通電話也標誌著我們幾個重要的轉變。首先，比爾·阿布勒 (Bill Abler) 將轉任新職務，領導我們公用事業的商業規劃和營運。發起這次呼籲的利茲亨特 (Liz Hunter) 正在介入。Liz 擔任此職位前在我們的財務營運方面擁有豐富的經驗，包括固定收益和評級機構互動。我們對他們兩人都感到十分興奮，隨著我們完成繼任計劃，他們兩人將在一周多一點的時間內抵達 EEI。

The second transition is personally much more bittersweet. After 25 years, the last 6.5 as our Utility Group President, Rod West is retiring from Entergy, and today marks his last earnings call. Rod has accomplished much over his career, and recently, he has been critical to the redesign of our customer growth and stakeholder engagement efforts.

就我個人而言，第二次轉變更加苦樂參半。在擔任我們公用事業集團總裁的最後 6.5 年 25 年後，羅德·韋斯特 (Rod West) 將從 Entergy 退休，今天是他最後一次召開財報電話會議。羅德在其職業生涯中取得了許多成就，最近，他對重新設計我們的客戶成長和利害關係人參與工作發揮了重要作用。

He leaves us well positioned to succeed because of the foundations he established, and much of my comments today reflect those efforts. Rod will also be with us a final time at EEI, although given his track record, I suspect we haven't seen the last of him.

由於他所奠定的基礎，他讓我們處於成功的有利位置，我今天的許多言論都反映了這些努力。羅德 (Rod) 也將最後一次與我們一起在 EEI，儘管考慮到他的過往記錄，我懷疑我們不會再見到他了。

I will now turn the call over to Kimberly, who will review our financial results for the quarter, as well as our long-term outlooks.

現在我將電話轉給金伯利，她將回顧我們本季的財務表現以及我們的長期前景。

Thank you, Drew, and good morning, everyone.

謝謝你，德魯，大家早安。

As Drew said, we've had a strong quarter, and with the bulk of the year behind us, we are raising the bottom of our guidance range by $0.10. We've also increased our capital plan in response to stronger customer growth and continued demand for renewables. As a result, we are raising our long-term outlooks starting in 2026.

正如德魯所說，我們度過了一個強勁的季度，隨著今年大部分時間的過去，我們將指導範圍的底部上調了 0.10 美元。我們還增加了資本計劃，以應對更強勁的客戶成長和對再生能源的持續需求。因此，我們從 2026 年開始提高我們的長期展望。

As you can see on slide 5, our adjusted EPS for the quarter was $2.99. This is lower than last year, as last year's results included impacts from extremely hot weather. Excluding the effects of weather, earnings for the quarter increased. Results included regulatory actions across the jurisdictions, net of expense increases from our customer-centric investments, primarily higher interest and depreciation expenses.

正如您在幻燈片 5 上看到的，我們本季的調整後每股收益為 2.99 美元。這一數字低於去年，因為去年的結果包括了極端炎熱天氣的影響。除去天氣影響，本季收益增加。結果包括跨司法管轄區的監管行動，扣除以客戶為中心的投資帶來的費用增加，主要是更高的利息和折舊費用。

Weather-adjusted retail sales growth was 5%, with our largest increase from industrials at 10%. Residential and commercial also contributed.

經天氣調整後的零售額成長 5%，其中工業銷售增幅最大，為 10%。住宅和商業也做出了貢獻。

O&M was also a benefit this quarter, mainly due to increased flex spending in 2023. This quarter's O&M result was in line with expectations that we provided on the last call.

本季的 O&M 也受益，主要由於 2023 年彈性支出增加。本季的 O&M 結果符合我們上次電話會議上提出的預期。

Turning to slide 6, our operating cash flow remains healthy at nearly $1.6 billion, which is $157 million higher than last year. Key drivers for the increase included the timing of fuel and purchase power payments and the timing of pension contributions.

轉到第 6 張投影片，我們的經營現金流保持健康，接近 16 億美元，比去年高出 1.57 億美元。推動這一成長的主要因素包括燃料和購買力支付的時間以及退休金繳款的時間。

Turning to credit and liquidity on slide 7, our credit metric outlooks remain at or above agency expectations. In August, S&P upgraded SERI's senior secured credit rating from BBB to BBB+ and maintained its positive outlook as a result of the progress we made resolving outstanding litigation at SERI. S&P noted that SERI's ratings could be further upgraded when SERI's settlement with the LPSC receives FERC approval.

談到第 7 頁的信貸和流動性，我們的信貸指標展望仍然達到或高於機構預期。8 月份，由於 SERI 在解決未決訴訟方面取得進展，標準普爾將 SERI 的高級擔保信用評級從 BBB 上調至 BBB+，並維持其正面展望。標普指出，當 SERI 與 LPSC 的和解協議獲得 FERC 批准後，SERI 的評級可能會進一步上調。

In September, S&P changed Entergy New Orleans outlook to stable from developing as a result of several constructive regulatory orders. As Drew mentioned, our teams had an exceptional response to Hurricane Francine, including from a cost perspective. Our current estimate is approximately $220 million to $240 million, roughly 85% of which is in Louisiana.

9 月份，由於多項建設性的監管命令，標準普爾將安特吉新奧爾良公司的評級展望從「發展中」調整為「穩定」。正如德魯所提到的，我們的團隊對颶風弗朗辛做出了出色的回應，包括從成本角度來看。我們目前的估計約為 2.2 億至 2.4 億美元，其中約 85% 在路易斯安那州。

We have begun engaging with regulators to assure timely and efficient costs recovery. We don't expect to utilize securitization for this level of storm costs. Just as a reminder, we have $254 million in storm escrows available in Louisiana and $83 million in New Orleans.

我們已經開始與監管機構合作，以確保及時有效地收回成本。我們預計不會利用證券化來應對這種程度的風暴成本。提醒一下，我們在路易斯安那州有 2.54 億美元的風暴託管資金，在新奧爾良有 8,300 萬美元的風暴託管資金。

Turning to outlooks, as Drew mentioned, our 2024 to 2028 capital plan has increased by $7 billion since Analyst Day to support higher industrial sales and continued customer interest in renewables. The new capital will be financed through a combination of higher operational cash flows and incremental debt and equity.

談到展望，正如德魯所提到的，自分析師日以來，我們的 2024 年至 2028 年資本計畫已增加了 70 億美元，以支持更高的工業銷售和客戶對再生能源的持續興趣。新資本將透過更高的營運現金流和增量債務及股權相結合的方式籌集。

We have submitted applications for $2.4 billion of loans from the DOE. These funding requests are currently in the second phase of the process and can lower our cost of debt for the benefit of our customers. Our previous plan called for [$1.4 billion] in 2025 and 2026. We used forward contracts under the ATM to source the full amount of that need in just 10 months. Those contracts are expected to be settled and cash proceeds received in 2025 and 2026.

我們已經向能源部提交了24億美元貸款的申請。這些融資請求目前處於流程的第二階段，可以降低我們的債務成本，使我們的客戶受益。我們先前的計畫是到 2025 年和 2026 年投入 [14 億美元]。我們利用 ATM 下的遠期合約，在短短 10 個月內就滿足了全部需求。預計這些合約將於 2025 年和 2026 年結算並收到現金收益。

With our latest capital plan, net of the contracted forwards, we expect our remaining equity needs to be $3 billion in 2026 to 2028. More than 80% of this is expected to close in 2027 and 2028. We can easily satisfy this need with the ATM, which remains an effective and cost-efficient tool.

根據我們最新的資本計劃，扣除已簽約的遠期合約，我們預計 2026 年至 2028 年期間剩餘股本需求為 30 億美元。其中 80% 以上預計將在 2027 年和 2028 年完成。我們可以透過 ATM 輕鬆滿足這項需求，它仍然是一種有效且經濟高效的工具。

As I said earlier, we narrowed our 2024 adjusted EPS guidance range by raising the floor $0.10. Updated assumptions are provided on our progress against guidance slide in the appendix of our webcast presentation.

正如我之前所說，我們透過將下限提高 0.10 美元來縮小 2024 年調整後每股收益指引範圍。我們在網路廣播簡報附錄中指導幻燈片的進展中提供了更新的假設。

We've discussed how we flex spending to benefit customers and produce steady, predictable results. As a result of third-quarter weather and other changes, we will once again flex our spending for the remainder of the year in areas like vegetation maintenance, which improves customer experience and reduces risks.

我們討論瞭如何靈活調整支出以惠及客戶並產生穩定、可預測的結果。由於第三季的天氣和其他變化，我們將再次調整今年剩餘時間在植被維護等領域的支出，以改善客戶體驗並降低風險。

As a result of the new capital plan, we raised our adjusted EPS outlooks, which are detailed on slide 9. This year, we are giving a four-year outlook to provide a better understanding of the new sales growth, incremental capital, and resulting impacts. As you can see, the out-year adjusted EPS has stepped up meaningfully with a $0.35 to $0.85 annual increase between 2026 and 2028.

由於新的資本計劃，我們上調了調整後的每股盈餘預期，詳情請見第 9 頁。今年，我們給出了四年的展望，以便更好地了解新的銷售成長、增量資本及其產生的影響。如您所見，未來一年調整後的每股盈餘大幅上升，2026 年至 2028 年間每年增加 0.35 美元至 0.85 美元。

The Board recently approved a 6% dividend increase. We expect to maintain that growth rate throughout the outlook period. As we do this, the payout ratio will decline as we support the strong growth in the business. We believe this is a good balance of supporting growth and returning capital to our owners.

董事會最近批准將股息提高 6%。我們預計在整個展望期內都將保持這一增長率。當我們這樣做時，由於我們支持業務的強勁成長，派息率將會下降。我們相信，這是支持成長和向所有者返還資本之間的良好平衡。

Also, consistent with the higher growth we are seeing, Entergy's Board recently approved a two-for-one stock split. Trading on a split-adjusted basis will begin on December 13. The outlooks we have shown you today are on a pre-split basis. We will begin reporting on a post-split basis starting on the fourth-quarter call.

此外，與我們看到的更高成長一致，Entergy 董事會最近批准了二比一的股票分割。以拆股調整後基礎進行的交易將於 12 月 13 日開始。我們今天向您展示的展望是以拆分前為基礎的。從第四季度電話會議開始，我們將開始按拆分後情況進行報告。

Entergy's management team will be at EEI in less than two weeks, where we will give a comprehensive update that will include more details on our capital plan, our outlooks, and a preview of 2025 drivers. We continue to highlight our unique and robust growth story, and evidence of our success capturing growth continues to play out. We are excited about the opportunities ahead of us and look forward to seeing you at EEI.

不到兩週，Entergy 的管理團隊將抵達 EEI，屆時我們將提供全面更新，其中包括有關我們的資本計劃、我們的展望以及 2025 年驅動因素的預覽的更多詳細資訊。我們繼續強調我們獨特而強勁的成長故事，我們成功實現成長的證據也不斷顯現。我們對未來的機會感到興奮，並期待在 EEI 見到您。

And now, the Entergy team is available to answer questions.

現在，Entergy 團隊可以為您解答問題。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

(操作員指示) Shar Pourreza，古根漢合夥人。

Hey, guys. Morning, Drew. Congrats, obviously, on a great quarter and a lot of updates.

嘿，大家好。早安，德魯。顯然，恭喜本季取得的出色成績並取得諸多更新。

Obviously, big news on the '26 inflection to 8% to 9% EPS growth. Can you provide color on kind of what drove such a major change? The Northern Louisiana customer deal looks huge with 2.2 gigs of new generation and associated agreements. But have you changed kind of your probability of other load into connections? Do you see more deals coming soon? And is the investment fully covered under the rate agreement, or does it rely on the FRP as well? Thanks.

顯然，26 年每股收益成長率達到 8% 至 9% 是個重大新聞。您能否詳細說明是什麼導致如此重大的變化？路易斯安那州北部的客戶交易規模龐大，包括 2.2 千兆瓦新一代發電量和相關協議。但是您是否已經改變了其他負載進入連線的機率？您是否看到更多交易即將到來？並且投資是否完全受利率協議的覆蓋，還是也依賴 FRP？謝謝。

Thanks, Shar. It's Kimberly. Thanks for the question.

謝謝，Shar。我是金伯莉。謝謝你的提問。

As you saw, the step-up in '26 is supported by that incremental capital that really supports that significant customer growth. But we have a significant amount of growth already baked in our plan from a probability basis. And then, as we've talked before, there are certain customers that we don't add until we have signed ESAs, which Drew referenced earlier. So that is supporting that growth and then the step-up in the EPS.

正如您所看到的，26 年的成長是由增量資本支持的，而增量資本確實支持了客戶的大幅成長。但從機率角度來看，我們的計畫中已經包含了相當大一部分成長空間。然後，正如我們之前談到的，有一些客戶我們在簽署 ESA 之前不會添加，正如 Drew 之前提到的。因此，這將支持成長並進而提高每股收益。

From a -- I think you had a second question that I may have lost.

從──我想你還有第二個問題，我可能沒有回答。

I guess, is the investment fully covered under the rate agreement, or does it rely on the FRP as well?

我猜想，投資是否完全受利率協議的覆蓋，還是也依賴 FRP？

Yeah, we can't talk specifically about that particular customer, but our investments we expect to be fully recoverable under our rate mechanisms that we have in place that continue to show progress. Again, Drew mentioned, our Louisiana move forward the FRP for the next three years, and we expect that to be a good use to continue to recover our investments.

是的，我們不能具體談論那個特定的客戶，但我們預計，根據我們現有的持續取得進展的利率機制，我們的投資能夠完全收回。德魯再次提到，我們的路易斯安那州將在未來三年內推進 FRP，我們希望這將有助於繼續收回我們的投資。

And Shar, the punchline for that is that this customer will be covering their marginal costs. And of course, they'll pick up a portion of the fixed costs for the overall Entergy Louisiana company, which includes some of the overheads for storms and resilience investments and things like that. So they're picking up their fair share, and other customers should benefit from this new customer coming in.

而 Shar 表示，關鍵在於這位客戶將承擔他們的邊際成本。當然，他們會承擔安特吉路易斯安那公司部分固定成本，包括風暴和復原力投資等部分管理費用。因此，他們獲得了公平的份額，其他客戶也應該從這個新客戶的加入中受益。

Got it. And then the deal to transfer SERI from Louisiana to LPSC to MS, does that create an additional capacity need for Louisiana? Can you satisfy that with the 3 gigs of solar, or does there need to be a resource adequacy backstop? And any kind of thoughts on consolidating SERI into a single-state Mississippi asset? Thanks, guys.

知道了。那麼將 SERI 從路易斯安那州轉移到 LPSC 再轉移到 MS 的交易是否會為路易斯安那州帶來額外的產能需求？您能透過 3GB 的太陽能滿足這項要求嗎，還是需要有資源充足性保障？您對將 SERI 合併為密西西比州單一資產有何想法？謝謝大家。

Yeah. So the first part of your question, we have been considering -- we always watch the capacity relative to the probability of a sales growth that we have, and all of that is considered and we think we can manage the capacity needs for Louisiana, as well as for Mississippi going forward. So we don't see any incremental above what's in the plan relative to that question.

是的。因此，關於你問題的第一部分，我們一直在考慮——我們總是關注產能與銷售成長機率的關係，所有這些都被考慮進去，我們認為我們可以管理路易斯安那州的產能需求，因為以及密西西比州未來的發展。因此，我們沒有看到與該問題相關的計劃有任何增量。

As far as consolidation, I mean, I think we are anticipating the FERC to approve the transfer of the Louisiana share to Mississippi, and then that gives additional capacity to Mississippi and we'll go from there. But no further changes at this point.

至於合併，我的意思是，我認為我們預計聯邦能源管理委員會將批准將路易斯安那州的份額轉讓給密西西比州，然後這將為密西西比州提供額外的容量，我們將從那裡開始。但目前還沒有進一步的變化。

Yeah, there are -- it's about 200 megawatts that's moving over, and that's easily managed within Entergy Louisiana's overall portfolio. There's lots of opportunities from, as you mentioned, solar. There's potential for nuclear upgrades in Louisiana, and, of course, there's other investments that we can make in existing assets and new generating assets that will cover maybe even the balance. But it shouldn't be that big of a lift for Entergy Louisiana.

是的，大約有 200 兆瓦的電力正在轉移，這很容易在 Entergy Louisiana 的整體投資組合內進行管理。正如您所說，太陽能帶來了很多機會。路易斯安那州有進行核電升級的潛力，當然，我們還可以對現有資產和新發電資產進行其他投資，甚至可以彌補餘額。但這對路易斯安那州安特吉能源公司來說應該不算什麼大事。

Got it. Perfect. And then just before I sign off, I just want to take a second and obviously congratulate Rod. I know -- we know none of what we're seeing today could have kind of been done without his leadership, and he's been such an integral part of Entergy's success. I mean, he coined the phrase stakeholder engagement.

知道了。完美的。在我結束之前，我只想花一點時間向羅德表示祝賀。我知道——我們知道，如果沒有他的領導，我們今天所看到的一切都不可能發生，他是 Entergy 成功不可或缺的一部分。我的意思是，他創造了「利害關係人參與」這個短語。

So I'm personally looking forward to seeing him kind of transfer his skills to another utility. God knows some could really use his skills. And obviously, big congrats to Bill Abler. He knows what he means to us. Hopefully, one day, I can see him all the time. I can hit his Peloton output, but that's all I ask. See you guys soon.

所以我個人很期待看到他將他的技能轉移到另一個實用程式。上帝知道有些人確實需要祂的技能。顯然，我們要向比爾·阿布勒表示熱烈祝賀。他知道他對我們意味著什麼。希望有一天，我能常常見到他。我可以達到他的 Peloton 輸出，但這就是我的全部要求。很快會看到你們。

All right. Thank you, Shar.

好的。謝謝你，莎爾。

Hey, Shar. It's Rod. You're very kind, and I look forward to seeing you and the others at EEI. Thank you.

嘿，莎爾。是羅德。您太客氣了，我期待在 EEI 見到您和其他人。謝謝。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

Hey. Thank you. And first off, I'll echo Shar's comments. What a way to pass the torch, and congrats to Bill and Rod. It's been great work with you guys.

嘿。謝謝。首先，我贊同 Shar 的評論。這真是一個傳遞火炬的好方法，恭喜比爾和羅德。和你們合作非常愉快。

So I just wanted to ask quickly, you kind of mentioned the growth rate is stepping up here post-2025. Can you talk about that 8% to 9% being sustainable past 2028, and what are the long-term drivers that may be allowed for that?

所以我只是想快速問一下，您提到 2025 年後這裡的成長率將會加快。您能否談談 8% 到 9% 的成長率在 2028 年後是否可持續，以及實現這一目標的長期驅動因素是什麼？

Well, I think that, Nick, that's a good question. The things that we've talked about at Analyst Day are the underlying drivers of that -- our various categories of onshoring and clean energy electrification technology. Those are still very much in full force. And in fact, we expect some of them to really start to pick up as we get into the next decade, particularly around clean energy and electrification, as society continues to evolve towards electrification.

嗯，尼克，我認為這是個好問題。我們在分析師日上談論的是這現象的根本驅動因素——我們的各類在岸和清潔能源電氣化技術。這些仍然非常有效。事實上，我們預計，隨著社會繼續向電氣化發展，隨著進入下一個十年，其中一些領域將真正開始復甦，特別是在清潔能源和電氣化領域。

But importantly, as our customers continue to need to drive their decarbonization plans forward, many of them should be really kicking into gear as we get into the next decade. We are still having conversations with large potential high-load factor customers, and they are in a variety of industries. They're not just data centers. They are in some of our traditional industrial categories. And so that's really exciting for us.

但重要的是，隨著我們的客戶繼續需要推動他們的脫碳計劃，他們中的許多計劃應該在進入下一個十年時真正開始實施。我們仍在與大量潛在的高負載率客戶進行對話，他們來自不同的行業。它們不僅僅是數據中心。它們屬於我們的一些傳統工業類別。這對我們來說真的非常令人興奮。

I mean, the size of these facilities as they begin to think about, electrification in the industrial space, continue to grow. And as you all know, we have some very large traditional industrial customers, and so they continue to grow as they add on and clean up their energy mix as well. So that's what we see driving us well out into the future, along with some of the expectations that we've had for the past dozen or so years where we've had just the advantages of where we're located and the commodity advantages from the Gulf Coast versus other places in the world.

我的意思是，當他們開始考慮工業領域的電氣化時，這些設施的規模將繼續增長。眾所周知，我們擁有一些非常大的傳統工業客戶，因此，隨著他們增加和清理能源結構，他們的業務也持續成長。因此，這就是我們在未來取得良好發展的動力，以及我們過去十幾年來的一些預期，我們擁有地理位置優勢和來自墨西哥灣沿岸與世界其他地區。

So we do expect this to continue on. It's obviously continuing to grow. But that's what we're anticipating, and we've been ramping for that opportunity to arrive.

因此我們確實希望這種情況能夠持續下去。顯然，它還在繼續增長。但這正是我們所期待的，我們一直在努力等待這個機會的到來。

All right. Well, thank you for that.

好的。好吧，謝謝你。

And then secondly, I can't help but notice when you kind of talked about some of the drivers here. You mentioned that you're looking at advanced nuclear. Can you just kind of expand on some of your comments? Would this all kind of be within the regulated cohort? And in regards to the working group that you talked about with new nuclear, who is in that group, and would that kind of -- are you kind of pointing to something more of like a large-scale, multi-state effort on like an AP1000 or otherwise? Thank you.

其次，當您在這裡談論一些驅動因素時，我禁不住注意到了。您曾提到您正在研究先進核能。您能否進一步闡述您的一些評論？這一切都是在受監管的群體之內嗎？至於你提到的新核子工作小組，誰在這個小組裡，這是否意味著──你指的是一個更大規模、多國合作的項目，像是AP1000 還是其他？謝謝。

Not necessarily pointing to any specific thing, interesting question about nuclear. Certainly that's something that we believe in. We've believed in for a long time. It hasn't always been a popular belief, but we still think that it is going to be critical for us to meet our ultimate requirements, not just for us as a company, but for us as a society to meet our carbon objectives out in the future.

不一定指向任何具體事物，關於核的有趣問題。我們當然相信這一點。我們早已相信。雖然這並不總是一種普遍的信念，但我們仍然認為，滿足我們的最終要求對我們來說至關重要，不僅對我們作為一家公司而言，而且對我們作為一個社會而言，實現我們的碳排放目標也至關重要。

So we've been excited about nuclear for a long time, and we are having ongoing conversations. And I went through a long list of things that we're doing. I won't repeat those. And we obviously don't have anything to announce specifically today, but we are working towards that.

因此，我們長期以來一直對核能感到興奮，並且我們正在進行持續的討論。我列出了我們正在做的一系列事情。我不會重複這些。顯然，我們今天沒有什麼具體消息要宣布，但我們正在為此而努力。

Our group of stakeholders that I mentioned, I guess I could broaden that piece out, it's vendors, it's communities, it's elected leaders, it's our commissioners in some cases. It's a wide group of folks that have similar interests. All of them recognize all of the what I call the policy benefits associated with nuclear -- things like, of course, clean energy, but a large number of jobs, a large number -- a big tax base, big community contributors from a volunteer perspective. And from the grid's perspective, of course, they're very good, stable assets that really hold up the grid in important ways.

我提到的利害關係人群體，我想我可以擴大這一部分，它是供應商，是社區，是民選領導人，在某些情況下是我們的委員。這是一群有著相似興趣的廣泛人群。他們全都認識到我所說的與核能相關的政策優勢，當然，它還包括清潔能源，以及大量的就業機會、大量的稅基、志願者為社區做出的巨大貢獻。當然，從電網的角度來看，它們是非常好的、穩定的資產，確實在重要方面支撐著電網。

So there's a lot of policy reasons why you would like nuclear. And of course, there are a lot of challenges with getting past first of a kind. And that's the kind of stuff that we're talking about -- how do we manage through those things to get through those first hurdles to get to where we all want to be, which is all those policy objectives that we think will help us get to net zero in the future.

所以，有很多政策原因導致人們青睞核能。當然，要超越同類第一，還面臨許多挑戰。這就是我們正在討論的問題——我們如何克服這些困難，克服最初的障礙，達到我們都想達到的目標，也就是我們認為可以幫助我們實現的政策目標。

All right. Thanks so much.

好的。非常感謝。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Hey. Good morning, team, and seriously, congratulations to all. Rod, Bill, team, I mean, just kudos all around. This culminates things very nicely here, honestly.

嘿。早安，各位團隊，真誠地祝賀大家。羅德、比爾、團隊，我的意思是，到處都值得稱讚。說實話，這一切都圓滿結束了。

Maybe just following up on what Nick was just saying a second ago here. I mean, as you think about the resource mix here, I mean, you mentioned a lot about solar and solar in storage, hybrid resources. But again, going back to this SMR conversation that's been front and center here, I mean, is there a potential of a nuclear structure that would be ownership versus more of a build on transfer? I don't want to be holding it up too much, but obviously with the amount of load growth that you guys are looking at, you all would be seriously considering it, I imagine.

也許只是跟進尼克剛才所說的話。我的意思是，當你考慮這裡的資源組合時，你提到了很多關於太陽能和太陽能儲存、混合資源的內容。但是，再次回到這個一直處於中心地位的 SMR 對話，我的意思是，是否有可能建立一個以所有權為基礎的核結構，而不是以轉讓為基礎的建設？我不想拖延太多，但顯然，考慮到你們所看到的負載增長量，我想你們都會認真考慮這個問題。

Yeah, we're looking at a number of different structures, of course. You just have to keep in mind the scale of a nuclear project relative to the scale of some of our operating companies. And so it's a pretty big undertaking from a risk perspective to ask Entergy Mississippi to build a project that could be $10 billion. It's bigger than their whole asset base as it is today. So those kinds of things are a real challenge, and we have to work through them in order to be successful here.

是的，我們當然正在考慮許多不同的結構。你只要記住核子專案的規模與我們一些營運公司的規模相對應即可。因此，從風險角度來看，要求 Entergy Mississippi 公司建造一個可能耗資 100 億美元的項目是一項相當大的工程。它比他們今天的全部資產基礎還要大。所以這些事情是真正的挑戰，我們必須努力克服它們才能成功。

So those are the, I guess, as an example of some of the conversations that we're having. So we haven't landed on a specific structure or anything like that. I imagine ownership would be an expectation for us simply because a long-term contract for a nuclear unit would also probably flow to our balance sheet in some important ways as well, and that could be a credit challenge for us. So ownership will ultimately, I think, be important. And of course, we're experienced with that, so we're not concerned with that particular angle.

所以我想這些就是我們正在進行的一些對話的一個例子。所以我們還沒有確定一個具體的結構或類似的東西。我想，我們期望擁有所有權，因為核電機組的長期合約可能也會以某些重要方式流入我們的資產負債表，這對我們來說可能是一個信貸挑戰。因此我認為，所有權最終還是很重要的。當然，我們對此有經驗，所以我們並不關心那個特定的角度。

Excellent. And given the backdrop here, I mean, you seem to be having real success in attracting -- you have a track record of attracting large industrial resources over the years, and now you're seemingly successful in pivoting that same track record into looking at data centers.

出色的。考慮到這裡的背景，我的意思是，你似乎在吸引方面取得了真正的成功——多年來，你一直有吸引大量工業資源的記錄，現在你似乎成功地將同樣的記錄轉向了數據中心。

I mean, to what extent could you continue to see these transformational-type customers announced? I mean, is there a lot more there that you could see across your various states here? I mean, I hesitate to say that this is it, especially given how much you've tailored yourself to some of these larger loads over the years.

我的意思是，您在多大程度上還能繼續看到這些轉型型客戶宣布？我的意思是，在你們各州，還能看到更多的東西嗎？我的意思是，我猶豫地說這就是全部，特別是考慮到這些年來你已經為適應這些更大的負擔做了多少努力。

Yeah. We don't think this is it. At Analyst Day, we laid out some pretty large numbers, multiple gigawatts in several different spaces where we do believe there is opportunity for us. And that is -- that conversation was based on actual customer conversations. That wasn't us in the back room trying to do some math to figure out what the art of the possible was. Those were actual conversations that we're having with customers today.

是的。我們認為不是這樣。在分析師日上，我們列出了一些相當大的數字，在幾個不同的領域有數千兆瓦，我們確實相信這些領域有機會。那就是——對話是基於實際的客戶對話。我們並不是在後台試圖做一些數學運算來弄清楚可能性的藝術是什麼。這些都是我們今天與客戶的實際對話。

So we do think more is possible. It doesn't mean it's all going to arrive right away. Some of these projects take years to get off the ground, but we do think it's going to happen eventually. Otherwise, we wouldn't have brought it up.

因此我們確實認為還有更多的可能性。這並不意味著一切都會立即到達。其中一些項目需要數年時間才能啟動，但我們確實認為它最終會發生。否則，我們就不會提起這件事。

All right. Fair enough, guys. Thank you very much. I'll leave it there. Congrats again.

好的。夠公平的，夥計們。非常感謝。我就把它留在那裡。再次恭喜。

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

Thanks. Morning. And Rod and Bill, congratulations to you both. Look forward to seeing you both at EEI.

謝謝。早晨。羅德和比爾，祝賀你們。期待在 EEI 見到你們。

So just a couple questions, one on the nuclear side. The recent Nuclear Summit hosted by the Mississippi Public Service Commission, that highlighted a lot of regulatory support for nuclear in the state. Would you say other states and jurisdictions across your service territory are aligned with that, or how should I think about that?

我只想問幾個問題，一個是關於核方面的。密西西比州公共服務委員會最近主辦的核能高峰會強調了該州對核能的監管支持。您是否認為您所在服務區域內的其他州和司法管轄區也與此保持一致，或者我應該如何看待這一點？

Yes.. I would say there is a lot of interest in each jurisdiction about new nuclear because of all those policy things that I was talking about a minute ago. There are formal processes and groups set up in Texas, Mississippi, and in Louisiana to explore. Each of them has multiple stakeholders involved, and we're excited about that. That's the way we like to operate. We like to operate with a lot of stakeholder engagement. So that's all good. And so we're continuing to participate in those opportunities and those conversations going forward.

是的..我想說，由於我剛才談到的所有這些政策，每個司法管轄區都對新核電非常感興趣。德州、密西西比州和路易斯安那州已經設立了正式的流程和小組來進行探索。他們每個人都有多個利害關係人參與，我們對此感到非常興奮。這就是我們喜歡的運作方式。我們喜歡在眾多利害關係人的參與下開展營運。一切都很好。因此，我們將繼續參與這些機會並進行這些對話。

Okay, thank you. And then maybe on the industrial project in Northern Louisiana, I appreciate we're going to get into a lot more detail here in a little bit over a week at EEI, but it looks like from the filing, they're going to pay for about 1.5 gigs of solar. And then can you just let us know, is this a data center or not a data center, and is this involved with the Holly Ridge East Site or the Northeast Site? Or is that another site up there that could be further developed? Thanks.

好的，謝謝。然後也許是關於路易斯安那州北部的工業項目，我很感激我們將在一周多一點的時間裡在 EEI 上進行更詳細的討論，但從文件來看，他們似乎將支付約1.5千兆瓦的太陽能。然後您能否告訴我們，這是一個資料中心還是不是資料中心，這是否與 Holly Ridge 東部站點或東北站點有關？或者那裡還有另一個可以進一步開發的站點？謝謝。

Yeah. As is the case with most of the large projects, we can't and we usually don't identify the type or the scope of the customer until that customer is ready to disclose. So we wouldn't be in a position on the call to provide any more detail than what Drew laid out in his opening statement.

是的。與大多數大型專案一樣，我們無法且通常不會識別客戶的類型或範圍，直到客戶準備揭露為止。因此，我們無法在電話會議上提供比德魯在開場陳述中所述的更多細節。

Okay. I'll wait for EEI. Thanks, guys.

好的。我將等待 EEI。謝謝大家。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Great. Thank you. Thanks for the Halloween treat. I thought I was too old to get those. And Rod, definitely wish you the best, and I'm sure we will cross paths.

偉大的。謝謝。謝謝你的萬聖節禮物。我以為我太老了，無法得到這些。羅德，我衷心祝福你一切順利，我相信我們將會再次相遇。

So I just want to clarify on the guidance change, the CapEx and sales change, is all of that directly this one customer and related spending? Or is there other pieces to it, or is it really just the one customer?

所以我只想澄清指導變化、資本支出和銷售變化，這些是否都直接與這個客戶和相關支出有關？或者還有其他因素，或者實際上只有一個客戶？

There is more to it, Steve. It's not just one customer. We have significant additional solar investment. We have incremental transmission investment to support our customers, plural. Obviously, a big chunk of the sales, as I said, is related to the one customer, but the capital is not just related to one customer.

還有更多事情，史蒂夫。不只一個顧客。我們對太陽能進行了大量的額外投資。我們透過增量輸電投資來支持我們的客戶。顯然，正如我所說，很大一部分銷售額與一個客戶有關，但資本並不僅僅與一個客戶有關。

Okay. So it's the capital, but I mean, is the spending on the capital related to getting the system ready for that incremental load, or just the -- there's a little bit of other stuff, I guess, on the edges.

好的。所以這是資本，但我的意思是，資本支出是否與讓系統為增量負載做好準備有關，或者只是——我猜，還有一些其他的東西。

Yes, there is. And it's just a little bit. It's a significant amount of other stuff when it comes to the capital. But most of the sales, I would say, is related to that.

是的。而且只是一點點。當談到首都時，還有很多其他的事情。但我想說，大部分銷售都與此有關。

And then you have already -- you'd already announced some new gas plants in Texas, CCGT there. Is the cost roughly similar for -- since it sounds like the engineering and such is going to be very similar to these other CCGTs?

然後您已經——您已經宣佈在德克薩斯州建立一些新的天然氣工廠和 CCGT。成本是否大致相同——因為聽起來工程等與其他 CCGT 非常相似？

Yes. As Drew said in his comments, Steve, that we expect them to all be standardized designs. So the Texas cost is -- every site will be different based on how much transmission is needed and how they are specifically financed and specifically located, but generally, they are all in the same ballpark.

是的。正如德魯在評論中所說，史蒂夫，我們希望它們都是標準化的設計。因此，德州的成本是——每個站點的成本會有所不同，這取決於所需的傳輸量、具體的融資方式和具體位置，但一般來說，它們都在同一範圍內。

And the regulatory piece around it, like in Mississippi, we were able to get cash CWIP versus in Texas. And so there's still a little bit -- there'll be some more flavors in Louisiana when we're able to talk about that.

關於它的監管方面，例如在密西西比州，我們能夠獲得現金 CWIP，而在德克薩斯州則不然。所以還有一點——當我們能夠談論這個問題時，路易斯安那州會有更多的風味。

Okay. And then on the balance sheet and such, it seems like the incremental equity needed to fund the incremental CapEx is relatively modest. I think you had -- I can't remember the exact number, but you had a decent amount of -- not that different than the $3 billion already. So is that just because the cash flows are getting better and the like covering a lot of it?

好的。然後在資產負債表等方面，似乎為增量資本支出提供資金所需的增量股本相對較少。我想你有——我不記得具體的數字，但你有相當多的——與已經存在的 30 億美元沒什麼不同。那麼，這僅僅是因為現金流越來越好並且覆蓋了大部分資金嗎？

Yeah. Steve, we had about $1.7 billion previously in '27 and '28. And the way we have structured both the addition of this customer, as well as the funding of the capital that we've added, the renewables, for example, go under the green tariffs that are in place in many of our jurisdictions. It enables incremental cash flow that helps support the financing and enables us to put in that moderate amount of equity, as you noted.

是的。史蒂夫，我們在 1927 年和 1928 年大約有 17 億美元。我們對增加該客戶以及新增資本的融資方式進行了結構化安排，例如，再生能源屬於我們許多管轄區內實施的綠色關稅範圍。它可以實現增量現金流，有助於支持融資，並使我們能夠投入適量的股權，正如你所說的那樣。

Okay. And then the metrics, are you comfortably above the 14%? And have you started including the nuclear PTC and some of that stuff yet, or is that still not included?

好的。那麼從指標來看，您的比例是否輕鬆超過 14%？您是否已經開始將核 PTC 及其它一些內容納入其中，還是仍未納入其中？

Yeah, we are comfortably above the 14%. We continue to build towards 15% over the outlook period. We have not included the nuclear PTCs that we think were eligible for them, and we think that they are credit positive, as we've discussed before. And Louisiana, in their settlement, agreed to amortizing those over a period of time, which gives that credit uplift.

是的，我們已經遠遠超過 14%了。在展望期內，我們將繼續努力，實現 15% 的成長。我們沒有包括我們認為有資格獲得的核 PTC，而且我們認為它們對信貸有積極作用，正如我們之前討論過的。路易斯安那州在和解協議中同意在一段時間內攤銷這些債務，從而提高信貸額度。

We did include the corporate minimum tax that we previously were going to use. The PTCs assumed those offsets. So we -- in our forecast, that we continue to build towards 15%, we've included the minimum tax, but not the PTC, which would give you further uplift, is what we would expect.

我們確實納入了我們之前要使用的企業最低稅。PTC 承擔了這些抵消。因此，在我們的預測中，我們將繼續朝 15% 的目標邁進，我們已經包含了最低稅率，但不包括 PTC，這是我們所期望的，這將為您帶來進一步的提升。

Okay. Last question, just since you brought up new nuclear, just -- I know you can't go into all sorts of details, things are still being developed, but maybe, Drew, you could just talk to how you're approaching the risk you would be willing to take on developing new nuclear? And also they tend to be very large capital projects, and so just in terms of like project risk?

好的。最後一個問題，既然你提到了新核能，我知道你不能談及所有細節，事情還在發展中，但也許，德魯，你可以談談你如何應對風險您願意承擔新型核能的開發嗎？而且它們往往都是非常大的資本項目，那麼就項目風險而言呢？

Yeah. I think that's a good question, Steve. Obviously, I can't go into any specific details because we're in ongoing conversations about these types of things. But as I mentioned earlier, we have to take into account the size of the company relative to the size of the investment. And so I think ultimately, we'll have to make sure we have customers that can pay for this kind of investment, and so it'll have to end up being a customer-led thing. That's what we'll be looking at.

是的。我認為這是個好問題，史蒂夫。顯然，我無法透露任何具體細節，因為我們正在就這些事情進行討論。但正如我之前提到的，我們必須考慮公司規模與投資規模的關係。所以我認為，最終我們必須確保我們的客戶能夠支付得起這種投資，所以最終這必須成為一種由客戶主導的事情。這就是我們要關注的。

And there are many stakeholders involved. Of course, there's us, there's the communities and the states, and then there's the customer. And the conversation will be about how do we collectively manage all the various risks that are out there so that we can get one of these things built, or perhaps many of these things built. So that's going to be the conversation, especially as we get up to end of a kind. I think as an end of a kind, you might have a different kind of a conversation around how to spread the risk. But certainly upfront, there'll be a lot of in-depth conversation about how do we share the risk.

其中涉及的利害關係人有很多。當然，有我們，有社區和州，還有客戶。討論的重點將是我們如何共同管理現有的各種風險，以便能夠建造其中一個項目，或多個項目。所以這將是我們討論的話題，特別是當我們結束某種討論的時候。我認為，作為一種目的，您可能會就如何分散風險進行不同類型的對話。但首先，我們會就如何分擔風險進行大量深入的討論。

Got it. Thank you very much.

知道了。非常感謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi. Good morning. Rod, thank you very much for saving this great update for the end here. We appreciate it. We'll miss you. And Bill, we'll miss you from your currency as well, but thank you.

你好。早安.羅德，非常感謝你將這個精彩的更新保存到最後。我們對此表示感謝。我們會想念你的。比爾，我們也會想念你的，但還是謝謝。

Maybe just moving to the business here and want to come back to the tariff commentary for this new customer here. Do you see this as a framework that's replicable going forward, or is this kind of one-time in nature? Just wanted to see, I guess, your thoughts on the outlook there.

也許只是轉移到這裡的業務並想回到這裡針對這位新客戶的關稅評論。您是否認為這是一個可複製的框架，還是本質上只是一次性的？我只是想看看您對那裡的前景的看法。

Good morning, Jeremy. Thanks for the question. As we've talked before, our framework really is making sure that our customers -- that new customers that are added are supporting their fair share. And we did that in Mississippi with the work of the governor and the legislature there to make sure that they were contributing not just for what they added, but also supporting the customer base more broadly.

早上好，傑里米。謝謝你的提問。正如我們之前談到的，我們的框架確實確保我們的客戶—新增的客戶能夠獲得他們應得的份額。我們在密西西比州透過州長和立法機構的工作做到了這一點，以確保他們不僅為自己增加的東西做出貢獻，而且還為更廣泛的客戶群提供支持。

And I think that's the framework that we continue to provide here. Without getting into specifics on the tariff, that is a guiding principle around how we think about these customers, and we think that's replicable. And it works well with the stakeholder engagement that Drew discussed, where we can make sure we have all the business partners, all of the state and community partners, to make sure they understand the benefits that these customers are bringing to all the parties involved.

我認為這就是我們在這裡繼續提供的框架。我們不討論具體關稅，這是我們考慮這些客戶的指導原則，我們認為這是可複製的。而且它與德魯討論的利益相關者參與配合得很好，我們可以確保擁有所有的商業夥伴、所有的州和社區夥伴，確保他們了解這些客戶為所有相關方帶來的好處。

Wonderful. Thank you. And then just moving back to the nuclear side real quick here. Just wanted to see, I guess, as you think about the uprate tier specifically, how long do you expect this evaluation to take? Is this about having new customers that cover the uprate cost in their tariff, or just thinking about gating items or timelines moving forward on the uprate specifically?

精彩的。謝謝。然後我們快速回到核方面。我只是想看看，當您具體考慮升級層時，您預計這次評估需要多長時間？這是關於擁有能夠承擔關稅上調成本的新客戶嗎，還是僅僅考慮具體限制上調專案或時間表？

It depends on the plant and the uprate. There's multiple projects that can give you various megawatts there. Some are fairly easy to go get, and we are actually already working towards them right now. Others are a lot harder and more expensive and would need more customer support. So it varies depending on the potential.

這取決於工廠和升級程度。那裡有多個項目可以為您提供數兆瓦的電力。有些是相當容易取得的，實際上我們現在就正在為此努力。其他的則困難得多，成本也更高，需要更多的客戶支援。所以這取決於潛力。

I would say most of those uprates are in Arkansas and in Louisiana. They're not really at Grand Gulf. There's no opportunities really there. We did our big uprate there a little over a decade -- about 15 years ago.

我想說大部分漲幅都發生在阿肯色州和路易斯安那州。他們實際上並不在 Grand Gulf。那裡確實沒有什麼機會。十多年前，也就是大約 15 年前，我們在那裡進行了大規模升級。

Got it. That's helpful. Thank you. And again, Rod, we'll miss you. Thanks.

知道了。這很有幫助。謝謝。羅德，我們再次想念你。謝謝。

Bill Appicelli, UBS.

瑞銀的 Bill Appicelli。

Hi. Great. Thank you. Just a question. Just to clarify, is all of the CapEx from this new large customer reflected in this update today?

你好。偉大的。謝謝。只是一個問題。只是為了澄清一下，今天的更新中是否反映了這位新大客戶的所有資本支出？

I'm sorry. Say that again, Bill. Just make sure I heard it correctly.

對不起。再說一遍，比爾。只要確保我聽得正確即可。

Is all of the potential CapEx from the new large customer reflected in the update today?

今天的更新中是否反映了來自新大客戶的所有潛在資本支出？

Yes. Yes, it is.

是的。是的。

Okay. And then you talked a little bit about it, but maybe what's the customer bill impact relative to the outlook at the Analyst Day? If this new customer is willing to pay a little bit more, it sounds like, in terms of the variable and cost, how does that outlook change?

好的。然後您談到了這一點，但相對於分析師日的前景，客戶帳單的影響可能是什麼？如果這個新客戶願意多付一點錢，那麼從變數和成本的角度來看，前景會發生怎樣的變化？

Yeah, our bill trajectory from Analyst Day to now is actually down to the point that you made that as you increase sales growth, you're spreading fixed costs over more sales. And so we're able to actually moderate our bill trajectory a little bit. It's down to about 3.5% versus Analyst Day was closer to 4%. So that bears out what we were continuing to focus on that these customers pay their fair share and they contribute and help all other customers.

是的，從分析師日到現在，我們的帳單走勢實際上已經下降到您所說的地步，隨著銷售成長，您會將固定成本分攤到更多的銷售額。因此我們實際上能夠稍微調整一下我們的法案軌跡。與分析師日的接近 4% 相比，該數字下降至約 3.5%。因此，這證實了我們一直關注的重點，即這些客戶支付了他們應付的份額，並為所有其他客戶做出了貢獻並給予幫助。

Okay. And then just one last question. You mentioned about the potential for a nuclear clean tariff. I guess, how does that interplay with some of the development, but is that more around just existing nuclear energy and what customers are willing to pay for that, and how would that sort of impact the rate design?

好的。最後一個問題。您提到了核子清潔關稅的可能性。我想，這與某些發展有何相互作用，但這是否更多地圍繞現有的核能以及客戶願意為此支付的費用，以及這將如何影響費率設計？

Yeah, I think it's more around the existing. Once we get to the advanced stage, that's a whole different conversation because there's a lot more different risk elements that are moving into that. So it's in the existing and particularly around some of the upgrades.

是的，我認為這與現有情況有關。一旦我們進入晚期階段，這將是一個完全不同的主題，因為有更多不同的風險因素進入其中。因此它存在於現有的情況中，特別是圍繞著一些升級的情況。

Okay. All right, great. Thank you very much.

好的。好的，太好了。非常感謝。

Sophie Karp, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Sophie Karp。

Hi. Good morning. Thank you for the great update today. Just a couple of questions to clarify. I don't know if you can sort of provide more granularity on the step-up in the EPS and the capital. Obviously, you said some of it from the one large new customer and some of it is other. How much of that is from that one large customer? Is there a way to kind of help us think about that?

你好。早安.感謝您今天的精彩更新。只需澄清幾個問題。我不知道您是否可以提供更多關於每股收益和資本增加的詳細資訊。顯然，您說的部分內容來自一位大型新客戶，部分內容來自其他客戶。其中有多少是來自那位大客戶？有沒有什麼方法可以幫助我們思考這個問題？

Yeah. We haven't broken that out, Sophie, but I would think about you see the step-up in sales, and then the investment really is across generation, transmission, and generation both dispatchable and solar resources, both for this customer and for other customers that continue to express interest in meeting their renewable objectives. So it's a blend of all of it, and we haven't broken it out specific to this customer.

是的。蘇菲，我們還沒有詳細說明，但我想你會看到銷售額的成長，然後投資實際上是跨發電、輸電和發電，包括可調度和太陽能資源，無論是為這個客戶還是為其他客戶那些繼續表示有興趣實現其再生能源目標的客戶。所以這是所有這些的混合，我們還沒有針對這個客戶進行具體的分解。

Got it. So this customer, it sounds like you didn't need to request any new tariff to accommodate this investment and to make it so that the customer pays for their share of fixed costs and et cetera. So the existing tariffs are sufficient to kind of continue these arrangements with future customers. Is that correct?

知道了。因此，對於這位客戶來說，聽起來你不需要要求任何新的關稅來適應這項投資，並讓客戶支付他們應承擔的固定成本份額等等。因此，現有的關稅足以繼續與未來的客戶達成這些安排。那正確嗎？

Without going into too much detail because, again, our objective is to respect the customer's desire that we not provide too much detail, like with any other customer, we have the option to take advantage of existing tariffs and to the extent that there's a need for a new tariff or we do a special contract with a specific customer to reflect their ability to cover their marginal costs, as Drew laid, out and any other aspect of the deal that might be unique to that customer, we have the flexibility to do that. We're not disclosing those details yet for the reasons that we outlined. I know it's going to be a little frustrating, but we hope to be able to provide more clarity once the customer has gone public with their project.

我們不談太多細節，因為我們的目標是尊重客戶的願望，我們不會提供太多細節，就像對待任何其他客戶一樣，我們可以選擇利用現有的關稅，並在需要的範圍內製定新的關稅，或我們與特定客戶簽訂特殊合同，以反映他們支付邊際成本的能力，正如德魯所闡述的那樣，以及交易中任何其他可能對該客戶獨有的方面，我們都有靈活性去做那。由於上述原因，我們暫時還不會透露這些細節。我知道這會有點令人沮喪，但我們希望一旦客戶公開他們的項目，我們就能夠提供更清晰的說明。

Got it. Thank you. And then, on the transfer of SERI or Louisiana share to Mississippi, does Mississippi have to approve it, or have they already approved it?

知道了。謝謝。那麼，將 SERI 或路易斯安那州的股份轉讓給密西西比州，密西西比州是否必須批准，或者他們已經批准了？

No. Mississippi has to approve it, along with the FERC as well.

不。該法案必須得到密西西比州以及聯邦能源管理委員會的批准。

And we expect both of those by the end of the year.

我們預計這兩項目標都將在今年底實現。

And lastly, I guess, on nuclear, I'm just kind of curious if there's anything that you think you need to see in this nuclear development, particularly as it relates to SMRs, before you're ready to pull the trigger on your own project. I understand -- I can appreciate this is very long-dated and a very slow rolling process, but would you be comfortable being one of the first movers, I guess, in this space if it's sufficiently derisked? Or would you like to see somebody else successfully build a few of those projects before you step into it?

And lastly, I guess, on nuclear, I'm just kind of curious if there's anything that you think you need to see in this nuclear development, particularly as it relates to SMRs, before you're ready to pull the trigger on your own專案.我理解－我可以理解這是一個非常長期且緩慢的過程，但如果風險夠小，你會願意成為這個領域的先行者之一嗎？或者，在您介入之前，您想先看到別人成功建造其中幾個項目嗎？

Yeah, that's a great question. I mean, again, it depends on how those risks get allocated. And clearly, the end of a kind, if you want to call it that, is a very different risk profile than the first of a kind. And I don't think we would be comfortable taking on a ton of risk, particularly relative to the size of our operating companies at the beginning as a first of a kind.

是的，這是一個很好的問題。我的意思是，這取決於如何分配這些風險。顯然，如果你願意這樣稱呼一種事物的終結，那麼它的風險狀況與一種事物的第一次相比是非常不同的。我認為，我們不願意承擔太大的風險，尤其是相對於我們最初經營公司的規模而言，這還是個開創性的事情。

That doesn't mean we wouldn't be comfortable in that space, provided we get the right kind of risk profile with our partners and other stakeholders that are part of whatever project comes to pass. But we're a little bit further away from cracking that completely at this point. But it is something that we are discussing actively with folks.

但這並不意味著我們不會在該領域感到舒適，只要我們與參與任何專案的合作夥伴和其他利害關係人達成正確的風險狀況即可。但目前我們距離徹底解決這個問題還有一段距離。但這是我們正在與大家積極討論的事情。

Got it. Thank you. I appreciate the comments.

知道了。謝謝。我很感謝這些評論。

Michael Lonegan, Evercore.

邁克爾·洛尼根（Michael Lonegan），Evercore。

Hi. Thanks for taking my questions, and congrats to Rod, Bill, and Liz.

你好。感謝您回答我的問題，並祝賀羅德、比爾和利茲。

So given the favorable weather versus normal, you talked about flexing O&M again this year, but you maintain 2025 EPS guidance. Would you say you're planning conservatively for next year, or are there new offsets you are contemplating? I know you're going to give more detailed preliminary drivers at EEI for '25, but maybe you could give a little bit of a preview into why you maintain that guidance.

因此，考慮到與正常情況相比有利的天氣，您談到今年再次調整 O&M，但您維持 2025 年 EPS 指引。您會說您對明年的計劃比較保守，或者您是否正在考慮新的抵消措施？我知道您將在 EEI 中提供更詳細的 25 年初步驅動因素，但也許您可以稍微預覽為什麼您維持該指導。

Yeah. We flex within a given year. And there's not been a significant change in the business to have a change to the outlook for '25. We do generally use conservative planning principles in order to ensure that we continue to provide steady, predictable results. But there's not a driver like we had for the step change for '26 to '28 that suggests that '25 would move. So we've continued on the path of 6% to 8% that we've continued to deliver for some period and expect to do that again next year.

是的。我們會在給定的一年內做出調整。業務方面沒有重大變化，導致 25 年的前景發生變化。我們通常使用保守的規劃原則，以確保我們繼續提供穩定、可預測的結果。但是，並沒有像我們在 26 年到 28 年的階梯變化中所發現的驅動因素來表明 25 年會發生變化。因此，我們繼續保持 6% 到 8% 的成長速度，並在一段時間內持續實現這一目標，預計明年仍將實現這一目標。

Great. Thanks. And then, secondly for me, on the dividend, you're still targeting 6% dividend growth that you mentioned at the Analyst Day. Obviously the higher longer-term EPS outlook implies a continued reduction in the payout ratio. Do you have an ultimate stabilized target for the payout ratio over the longer term?

偉大的。謝謝。其次，對我來說，關於股息，您仍然以分析師日提到的 6% 的股息成長率為目標。顯然，長期每股盈餘前景越高，股利發放率越高。您對長期派息率是否有一個最終穩定的目標？

We haven't given a specific target. We previously were at 60% to 65%. If you do the math, this will split down a little south of 60%. But we haven't set a specific target, but we continue to target that 6% dividend growth, which continues to return good value to our owners.

我們還沒有給出具體的目標。我們之前的比例是 60% 到 65%。如果你算一下，你會發現這個數字將會略低於 60%。但我們尚未設定具體目標，但我們仍以 6% 的股息成長率為目標，繼續為我們的股東帶來豐厚的價值回報。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

And that does conclude our Q&A session. Ms. Hunter, I will now turn the call back over to you to close us out.

我們的問答環節到此結束。亨特女士，現在我將把電話轉回給您，以結束我們的談話。

Thank you, Greg, and thanks to everyone for participating this morning.

謝謝你，格雷格，也謝謝大家今天早上的參與。

Our quarterly report on Form 10-Q is due to the SEC on November 11 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 would be reflected in our financial statements in accordance with generally accepted accounting principles.

我們的 10-Q 表季度報告將於 11 月 11 日提交給美國證券交易委員會，該報告提供了有關我們財務報表的更多詳細資訊和揭露。在我們提交 10-Q 報告之日之前發生的事件，如果為資產負債表日期存在的狀況提供了額外證據，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 webpage as part of Entergy's investor relations website called Regulatory and Other Information, which provides key updates of our 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.

此外，提醒一下，我們在 Entergy 投資者關係網站上維護一個名為「監管和其他資訊」的網頁，其中提供了我們監管程序的重要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的公司資訊。

And this concludes our call. Thank you very much.

我們的通話到此結束。非常感謝。