安特吉 (ETR) 2024 Q4 法說會逐字稿

Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to Entergy's fourth quarter 2024 earnings conference call. (Operator Instructions) And with that, I'd like to now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation.

早安.我叫 Aaron，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Entergy 2024 年第四季財報電話會議。（操作員指示）現在，我想將電話轉給 Entergy Corporation 投資者關係副總裁 Liz Hunter。

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

早安，感謝您加入我們。今天我們將首先聽取 Entergy 公司董事長兼執行長 Drew Marsh 的評論，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.

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。

Entergy does not assume any obligation to update these forward-looking statements. 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.

安特吉公司不承擔更新這些前瞻性陳述的任何義務。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, and good morning, everyone. 2024 was a transformational year for Entergy. We had strong financial performance while also making meaningful progress to grow and derisk our business. For financial results, we are reporting 2024 adjusted EPS of $3.65, which is in the top half of our guidance range.

謝謝你，利茲，大家早安。 2024 年是 Entergy 轉型的一年。我們擁有強勁的財務業績，同時在業務成長和降低風險方面也取得了有意義的進展。就財務結果而言，我們報告 2024 年調整後每股收益為 3.65 美元，處於我們指導範圍的上半部分。

In addition, we are raising our capital and outlook beyond 2025. Because growth in most years is now greater than our previous range of 8% to 9%, and we see additional growth opportunities. We are simplifying our disclosure by removing the top end of the range. To that end, we're now simply noting our long-term growth rate through 2028 as greater than 8%. Kimberly will review the details.

此外，我們正在提高資本並展望2025年以後的未來。因為現在大多數年份的成長率都高於我們之前的 8% 到 9% 的範圍，而且我們看到了更多的成長機會。我們透過刪除範圍的頂端來簡化我們的揭露。為此，我們現在只是將 2028 年的長期成長率定為超過 8%。金伯利將審查細節。

Our achievements in 2024 position us well to capture the growth opportunities we have on the horizon. Starting with the customer, we continue to see strong growth in our industrial segment. Industrial sales were up 8% for the year and 15% for the fourth quarter.

我們在 2024 年取得的成就使我們能夠抓住即將到來的成長機會。從客戶開始，我們繼續看到工業領域的強勁成長。全年工業銷售額成長 8%，第四季成長 15%。

We have seen strong growth from the natural advantages of the Gulf South for many years, and we added two large hyperscale data centers to our outlook in 2024. This growth brings important value to our stakeholders, particularly the communities we serve and our existing customer base. Today, we are announcing a new electric service agreement with a large customer in Mississippi. The customer has not announced their project, so we can't provide additional details at this time.

多年來，我們看到墨西哥灣南部的自然優勢帶來的強勁成長，並且我們在 2024 年的展望中增加了兩個大型超大規模資料中心。這種成長為我們的利害關係人，特別是我們服務的社區和現有的客戶群帶來了重要的價值。今天，我們宣布與密西西比州的一位大客戶達成新的電力服務協議。客戶尚未公佈他們的項目，因此我們目前無法提供更多詳細資訊。

In addition, we anticipate signing an ESA with Meta to expand their capacity needs, as detailed in supplemental testimony submitted by Entergy Louisiana last week. For the combined utility, we see industrial sales compound annual growth at 12% to 13% from 2024 through 2028.

此外，我們期待與 Meta 簽署一份 ESA 來擴大他們的容量需求，正如 Entergy Louisiana 上週提交的補充證詞中所詳述的那樣。就綜合效用而言，我們預計 2024 年至 2028 年工業銷售額的年複合成長率將達到 12% 至 13%。

When working with very large potential customers, we aim to find ways to deliver what those companies need when they need it. At the same time, we include protections for existing customers through tools such as minimum bills, contributions in aid of construction and credit terms. These new customers also provide community enhancements through significant ad form taxes and direct investments such as workforce development and infrastructure improvements. Through this work, we continue to have a robust and diverse pipeline for potential growth above our current plan.

當與非常大的潛在客戶合作時，我們的目標是找到方法在這些公司需要的時候提供他們所需要的東西。同時，我們透過最低帳單、建設援助捐款和信用條款等工具為現有客戶提供保障。這些新客戶也透過大量廣告稅以及勞動力發展和基礎設施改善等直接投資為社區提供了改善。透過這項工作，我們繼續擁有強大而多樣化的管道，以實現超越我們當前計劃的潛在成長。

Data centers remain the largest growth category, and we continue to have 5 gigawatts to 10 gigawatts of data center opportunity within our larger pipeline. We also remain well positioned to capture additional projects as a one-stop shop.

資料中心仍然是最大的成長類別，我們更大的管道中繼續擁有 5 千兆瓦至 10 千兆瓦的資料中心機會。作為一站式服務機構，我們也能夠更好地承接更多專案。

We have extensive experience, bringing large customers online. Our vertically integrated model allows us to provide complete technical solutions. Our local relationships help our new customers connect with critical stakeholders and our strong partnerships with vendors support additional growth potential.

我們擁有豐富的經驗，能夠為大客戶提供線上服務。我們的垂直整​​合模式使我們能夠提供完整的技術解決方案。我們的本地關係幫助我們的新客戶與關鍵利益相關者建立聯繫，而我們與供應商的牢固合作夥伴關係則支持額外的成長潛力。

Regarding our relationships with stakeholders, our focus on stakeholder engagement has helped us move forward with our ongoing journey to be the premier utility. This starts with putting the customer first and making sure our stakeholders fully understand their potential value.

關於我們與利害關係人的關係，我們對利害關係人參與的關注幫助我們在成為頂級公用事業公司的持續旅程中前進。首先要把客戶放在第一位，並確保我們的利害關係人充分了解他們的潛在價值。

In the last year, we successfully concluded several regulatory processes through this approach. Those include final approvals of the Seres settlements First phase approvals of more than $2 billion of resilience investment in Louisiana, Texas, and New Orleans. LPSC and New Orleans City Council approval of the gas LDC sale, several rate actions across multiple jurisdictions, including the Louisiana formula rate plan renewal and the recent regulatory approval to divest Entergy Louisiana's 16% of Grand Gulf capacity in energy to Entergy Mississippi.

去年，我們透過這種方式成功完成了幾個監管流程。其中包括對塞雷斯定居點的最終批准，以及對路易斯安那州、德克薩斯州和新奧爾良超過 20 億美元的復原力投資第一階段的批准。LPSC 和新奧爾良市議會批准了天然氣 LDC 的出售、跨多個司法管轄區的多項利率行動，包括路易斯安那州公式利率計劃的更新，以及最近獲得監管部門批准將 Entergy Louisiana 所持有的 Grand Gulf 能源公司 16% 的產能轉讓給 Entergy Mississippi。

Looking at 2025, our regulatory calendar is busy, but with more customary items. We have several formula rate plan filings. In addition, we could file transmission distribution riders in Texas, if needed. We anticipate decisions on new customer-driven generation and transmission investments, including utilization of Louisiana's accelerated review process for renewables. We also expect to clarify cost recovery for the 2024 storms. And lay the groundwork in Louisiana and New Orleans for more timely storm cost recovery, which will benefit customers.

展望2025年，我們的監管日程很繁忙，但也有更多常規事項。我們有幾個公式費率計劃文件。此外，如果需要的話，我們可以在德克薩斯州提交輸電分配附加條款。我們預計將就新的客戶驅動的發電和輸電投資做出決策，包括利用路易斯安那州對再生能源的加速審查流程。我們也希望明確 2024 年風暴的成本回收。並為路易斯安那州和新奧爾良更及時地收回風暴成本奠定基礎，這將使客戶受益。

In addition to the regulatory calendar, we are engaging in the legislative processes in both Texas and Arkansas. It's very early in those sessions, and we are looking at options to support investment needed for new growth opportunities to help us create significant value for our communities and to create space for more risk management investments and resilience to benefit customers. Our regulatory calendar supports a strong capital plan to serve customer growth in our region and improve the resilience and reliability of our system for the benefit of customers.

除了監管日程外，我們還參與德克薩斯州和阿肯色州的立法進程。這些會議還處於早期階段，我們正在尋找支持新增長機會所需投資的選項，以幫助我們為社區創造重要價值，並為更多的風險管理投資和復原力創造空間，使客戶受益。我們的監管日曆支援強大的資本計劃，以服務我們所在地區客戶的成長，並提高我們系統的彈性和可靠性，從而使客戶受益。

We plan to invest $37 billion over the next four years, 2025 through 2028. Driven by our customer requests, we'll continue to expand our renewables portfolio. We have active requests for proposals for new renewables in Arkansas and Louisiana in addition to the planned 1,500 megawatts associated with the meta project.

我們計劃在未來四年（2025年至2028年）投資370億美元。在客戶要求的推動下，我們將繼續擴大我們的再生能源組合。除了與元項目相關的計劃中的 1,500 兆瓦外，我們還積極請求阿肯色州和路易斯安那州提供新的可再生能源提案。

Our plans include investment in several new modern and efficient gas plants. This includes the Orange County Advanced Power Station in Texas and the Delta Blues facility in Mississippi that are already under construction. We also have pending regulatory approval request for a combustion turbine in Arkansas, three combined cycle facilities in Louisiana and one of each in Texas.

我們的計劃包括投資幾家新的現代化、高效的天然氣工廠。其中包括已在建的德州橘郡先進發電站和密西西比州 Delta Blues 發電廠。我們也正在等待監管部門的批准，包括阿肯色州的燃氣渦輪機設施、路易斯安那州的三個聯合循環設施以及德克薩斯州的各一個聯合循環設施。

We have a strong track record for building a highly efficient combined cycle projects despite external challenges. This gives us confidence in our ability to successfully complete the projects we are undertaking today to serve our customers' demands.

儘管面臨外部挑戰，但我們在建立高效能聯合循環專案方面擁有良好的業績記錄。這使我們有信心能夠成功完成目前正在承擔的項目，滿足客戶的需求。

We have secured critical long lead time equipment with Mitsubishi Power Americas and Siemens Energy. Through these partnerships, we have clear line of sight to acquire additional equipment for subsequent projects beyond our current plan. We also have long-standing relationships with our EPC partners that can support additional projects.

我們已與三菱電力美國公司和西門子能源公司簽訂了關鍵的長交貨期設備供應協議。透過這些合作關係，我們可以清楚地了解為當前計劃之外的後續項目購買額外設備的情況。我們還與 EPC 合作夥伴保持了長期合作關係，可以支持更多項目。

Each of our combined cycle plants will be configured to enable future carbon capture and sequestration. Our current capital plan does not include dollars for CCS, but we are actively working on developing projects including customer supported investment and third-party ownership options.

我們的每個聯合循環電廠都將進行配置，以實現未來的碳捕獲和封存。我們目前的資本計劃不包括用於 CCS 的資金，但我們正在積極致力於開發項目，包括客戶支援的投資和第三方所有權選擇。

We have a FEED study underway at the Lake [Trial] power station with an expectation to move towards a decision this year. We're also exploring expansion of our nuclear footprint, including upgrades at each of our nuclear stations and incremental 20-year license extensions.

我們目前正在湖濱[試驗]發電廠進行前端工程設計 (FEED) 研究，預計今年將能做出決定。我們也正在探索擴大我們的核能足跡，包括對每個核電廠進行升級，並逐步延長 20 年的許可證期限。

In addition, we continue to evaluate potential new nuclear options with customers and partners. As we've stated previously, these opportunities are not in our base plan, and we will carefully manage financial risk with any new nuclear investments. While we have been working hard to meet customers' capacity and energy needs, we have also been actively reducing other risks facing stakeholders. Our transmission plans have grown supporting growth and improving reliability and resilience.

此外，我們將繼續與客戶和合作夥伴一起評估潛在的新核選擇。正如我們之前所說，這些機會不在我們的基本計劃中，我們將謹慎管理任何新核投資的財務風險。在我們努力滿足客戶容量和能源需求的同時，也積極降低利害關係人面臨的其他風險。我們的輸電計劃已經發展起來，以支持成長並提高可靠性和彈性。

Our current plan includes investment from the most recent MTAP 10-year plan approved in December, which included 49 projects and $1.8 billion of investment to support reliability. Additionally, we have proposed projects totalling $3.7 billion in MTAP '25 to meet NERC reliability standards as we grow.

我們目前的計劃包括 12 月批准的最新 MTAP 十年計劃的投資，其中包括 49 個項目和 18 億美元的投資以支持可靠性。此外，我們在 MTAP '25 中提出了總額為 37 億美元的項目，以便在我們發展的同時滿足 NERC 可靠性標準。

In addition, work authorized by the accelerated resilience approvals is underway. In 2024, we completed seven projects in Louisiana, one of which was in New Orleans. We expect the number of completed projects will grow exponentially in 2025 and we plan to seek approvals for subsequent phases on a time line that would seamlessly ensure ongoing progress.

此外，加速復原力審批授權的工作正在進行中。2024年，我們在路易斯安那州完成了七個項目，其中一個在新奧爾良。我們預計，到 2025 年，已完成的項目數量將呈指數級增長，我們計劃按照能夠無縫確保持續進展的時間表尋求後續階段的批准。

As you know, we experienced two hurricanes in 2024 and our teams performed admirably, providing safe and efficient restoration. For Francine, we leveraged learning from previous storm responses, including Barrel, enabling our crews to restore 90% of our customers within three days.

如您所知，我們在 2024 年經歷了兩次颶風，我們的團隊表現出色，提供了安全且高效的修復工作。對於 Francine，我們利用了包括 Barrel 在內的先前的風暴反應經驗，使我們的工作人員能夠在三天內恢復 90% 的客戶服務。

Entergy workers also assisted other utilities in the restoration efforts following devastating storms in the Southeast. Lending over 900 people to support Helene and more than 1,100 to support Milton. And as many of you have heard, we experienced a winter weather event, Enzo in January, which brought extremely low temperatures. Our operations performed well throughout the event as our system and four of our five operating companies set new winter peak records.

安特吉電力公司的工作人員也協助其他公用事業公司在東南部遭受毀滅性風暴襲擊後進行恢復工作。派遣超過 900 人支援海倫 (Helene)，派遣超過 1,100 人支援彌爾頓 (Milton)。正如大家許多人所聽說的，我們經歷了 1 月份的恩佐 (Enzo) 冬季天氣事件，帶來了極低的氣溫。在整個災害期間，我們的營運表現良好，我們的系統和五家營運公司中的四家創下了冬季高峰新紀錄。

Another risk that we actively manage as financial health is, specifically credit. We continue to make positive progress on our credit metrics in 2024, which provides financial flexibility as well as long-term customer benefits through lower cost of capital.

我們在財務健康方面積極管理的另一個風險是信貸風險。2024 年，我們的信用指標將繼續取得積極進展，透過降低資本成本提供財務靈活性並為長期客戶帶來利益。

Our work in 2024 benefited our stakeholders, including our customers, communities, and all of you as owners. None of this could happen without also benefiting the other critical stakeholder, our innovative, hard-working, and dedicated employees. Our employees have embraced the opportunities ahead of us, we are building a culture that supports rapid growth and change. I thank each and every employee for all they do to make Entergy successful.

我們 2024 年的工作使我們的利害關係人受益，包括我們的客戶、社區以及所有業主。這一切的實現離不開另一個關鍵利害關係人──我們富有創新精神、勤奮敬業的員工的利益。我們的員工已經抓住了擺在我們面前的機遇，我們正在建立一種支持快速成長和變革的文化。我感謝每一位員工，感謝他們為 Entergy 的成功所做的一切努力。

This is an exciting time as we continue our journey to be the premier utility. We have a very strong outlook and includes double-digit industrial sales growth and adjusted EPS CAGR well above 8%. A strong balance sheet and an improving risk profile for all stakeholders. And we continue to talk to potential customers that could bring incremental growth and additional benefits for our stakeholders. Our employees and our partners are excited about our plan and they are ready to meet the opportunities ahead.

這是一個令人興奮的時刻，我們將繼續努力成為首屈一指的公用事業公司。我們的前景非常強勁，包括兩位數的工業銷售額成長和遠高於 8% 的調整後每股盈餘複合年增長率。為所有利害關係人提供強勁的資產負債表和不斷改善的風險狀況。我們將繼續與潛在客戶進行交流，為我們的利害關係人帶來增量成長和額外利益。我們的員工和合作夥伴對我們的計劃感到興奮，他們已準備好迎接未來的機會。

I'll now turn the call over to Kimberly.

我現在將電話轉給金伯莉。

Thank you, Drew. Good morning, everyone. As Drew said, 2024 was a very exciting year. I'll provide some additional detail on the financial picture. We'll start by reviewing 2024 results, and then I'll provide an overview for 2025 and our longer-term outlook. as a reminder, Entergy executed a two for one stock split in December, which doubled our share count. The share and per share data throughout our materials reflects this change.

謝謝你，德魯。大家早安。正如德魯所說，2024 年是非常令人興奮的一年。我將提供一些有關財務狀況的更多細節。我們將首先回顧 2024 年的結果，然後我將概述 2025 年的情況和我們的長期展望。提醒一下，Entergy 於 12 月執行了二比一的股票分割，這使我們的股票數量增加了一倍。我們材料中的股票和每股數據都反映了這一變化。

Starting on Slide 5, Entergy adjusted EPS for 2024 was $3.65. Our results reflected the investments we made to benefit our current customers and to support new customers and projects. This included regulatory actions across all our operating companies as well as higher depreciation and interest expense. Other income increased mainly from higher AFUDC due to construction work in progress.

從第 5 張投影片開始，Entergy 2024 年的調整後每股收益為 3.65 美元。我們的表現反映了我們為造福現有客戶以及支持新客戶和專案所做的投資。這包括對我們所有營運公司的監管行動以及更高的折舊和利息支出。其他收入的增加主要由於在建工程導致 AFUDC 增加。

Weather-adjusted retail sales grew approximately 4%, driven by strong industrial growth of more than 8%, consistent with our original expectations. Large customers drove this growth primarily in the petroleum refining, chlor-alkali, and technology segments.

受天氣因素影響，零售額成長約 4%，這得益於超過 8% 的強勁工業成長，這與我們最初的預期一致。大客戶主要推動了石油煉製、氯鹼和技術領域的成長。

Moving to slide 6. We closed 2024 with solid credit metrics. Our book FFO to adjusted debt was 14.7%. We estimate that Moody's and S&P's comparable metrics will be well above their thresholds. Both rating agencies will ultimately perform and publish their own calculations.

移至幻燈片 6。我們以穩健的信用指標結束了 2024 年。我們的帳面 FFO 與調整後債務之比為 14.7%。我們估計穆迪和標準普爾的可比指標將遠高於其門檻。兩家評級機構最終都將進行並公佈自己的計算結果。

In December, in response to FERC's approval of the LPSC settlement, S&P upgraded Series issuer credit rating one notch from BBB- -- to BBB- from BB+. Higher ratings should result in relatively lower borrowing costs, which benefits our customers.

12 月，為響應聯邦能源管理委員會 (FERC) 對 LPSC 和解協議的批准，標準普爾將該系列發行人信用評級從 BBB- -- 上調一級至 BBB-，即 BB+。較高的評級會導致相對較低的借貸成本，這對我們的客戶有利。

Given the investment needed to support customer growth, maintaining healthy credit metrics continues to be a key focus. Our current forecast outperforms the rating agency thresholds growing towards a sustainable 15% FFO to debt.

考慮到支持客戶成長所需的投資，維持健康的信用指標仍然是關注的重點。我們目前的預測超過了評級機構的門檻，即 FFO 與債務的比率可持續增長至 15%。

As Drew mentioned, we have a four year $37 billion capital plan, which is $2.7 billion higher than what we provided at EEI. The increase is primarily in Mississippi and Louisiana. It includes dispatchable and renewable generation capacity to support growth and reliability and customer demand for grain attributes. The incremental capital also includes distribution investments to support reliability and resilience. With the higher capital plan, we increased our equity needs by $300 million in 2026, as you can see on slide 7.

正如德魯所提到的，我們有一個為期四年、價值 370 億美元的資本計劃，比我們在 EEI 提供的資金高出 27 億美元。成長主要發生在密西西比州和路易斯安那州。它包括可調度和可再生發電能力，以支援成長和可靠性以及客戶對糧食屬性的需求。增量資本還包括支援可靠性和彈性的分銷投資。隨著資本計畫的提高，我們在 2026 年的股權需求增加了 3 億美元，正如您在投影片 7 上看到的那樣。

Using our ATM program, we've already secured $1.4 billion of equity, which we plan to exercise in 2025 and 2026. That leaves $3.3 billion to be sourced, 75% of which is not expected to be needed until 2027 and 2028.

透過我們的 ATM 計劃，我們已經獲得了 14 億美元的股權，我們計劃在 2025 年和 2026 年行使。剩下 33 億美元需要籌措，其中 75%預計要到 2027 年和 2028 年才會用到。

Slide 8 summarizes our adjusted earnings per share guidance and outlook. 2025 remains unchanged from the EEI. As Drew mentioned, with our higher capital plan, we are raising our longer-term outlooks. Driving our growth rate through 2028 now well above 8%.

投影片 8 總結了我們調整後的每股盈餘指引和展望。 2025 年與 EEI 保持不變。正如德魯所提到的，透過提高資本計劃，我們正在提高我們的長期前景。到 2028 年，我們的成長率將遠高於 8%。

As you can see on slide 9, our adjusted EPS guidance range for 2025 is $3.75 to $3.95. We expect our weather-adjusted retail sales growth in 2025 to be 6%. The largest driver is industrial, which is expected to be very strong at 11% to 12%, driven by several large customers, including primary metals and data centers.

正如您在第 9 張投影片上看到的，我們對 2025 年的調整後每股收益指引範圍為 3.75 美元至 3.95 美元。我們預計，2025 年經天氣調整後的零售額成長率將達到 6%。最大的驅動力是工業，預計工業成長將非常強勁，達到 11% 至 12%，這得益於包括原金屬和資料中心在內的幾個大客戶的推動。

Our guidance also reflects the effects of customer-centric investments. This includes AFUDC during construction and earnings on our investments in rate base after assets are placed in service as well as the associated depreciation expense, interest expense and taxes other than income tax. Utility O&M is forecasted to be lower for the year as we flexed cost up in 2024. For the first quarter, we expect our O&M to be roughly flat to first quarter last year.

我們的指導也反映了以客戶為中心的投資的效果。這包括建造期間的 AFUDC 和資產投入使用後按費率基礎投資的收益以及相關的折舊費用、利息費用和所得稅以外的稅金。由於我們在 2024 年提高了成本，預計今年的公用事業營運和維護成本將會降低。對於第一季度，我們預計我們的營運和維護將與去年第一季大致持平。

Additional information on specific drivers for the year as well as detailed quarterly considerations and earnings sensitivities are included in the appendix of the webcast presentation. Gulf Coast advantages have driven growth for many years, and we expect that to continue.

網路廣播簡報的附錄中包含了有關年度具體驅動因素的更多資​​訊以及詳細的季度考慮因素和盈利敏感性。墨西哥灣沿岸的優勢多年來一直推動著成長，我們預計這種趨勢將持續下去。

Now we also have large data centers in our forecast, which has further diversified our customer mix. As Drew said, Entergy Louisiana expects to update its agreement with Meta to increase the capacity requirement of the existing contracts.

現在我們預測中也包括大型資料中心，這進一步使我們的客戶結構多樣化。正如德魯所說，安特吉路易斯安那公司希望更新與 Meta 的協議，以增加現有合約的容量要求。

As noted in the filing, we can serve this load without constructing any additional generation at this time. The increased load will require additional transmission facilities, which are anticipated to be paid for by the customer.

如文件中所述，我們目前無需建造任何額外的發電設施即可滿足此負載。增加的負載將需要額外的傳輸設施，預計這些費用將由客戶支付。

The incremental volume would not have a significant effect on sales in our forecast period. As a reminder, with these very large customers, we take a conservative approach for financial planning. We do not add large customers to our forecast until we have a signed agreement, and our financial planning assumptions are at the minimum bill level for these customers. We're very proud of what we have accomplished in 2024, and we look forward to another successful year in 2025.

在我們的預測期內，增量不會對銷售產生顯著影響。提醒一下，對於這些非常大的客戶，我們採取保守的財務規劃方法。在簽署協議之前，我們不會將大客戶加入我們的預測中，我們的財務規劃假設是這些客戶的最低帳單水準。我們為 2024 年所取得的成就感到非常自豪，並期待 2025 年再創輝煌。

We continue to prioritize the needs of our customers to create value for all of our key stakeholders. We have a unique growth opportunity, and we're excited about what the future holds. And now the Entergy team is available to answer questions.

我們繼續優先考慮客戶的需求，為所有主要利害關係人創造價值。我們擁有獨特的成長機會，我們對未來充滿期待。現在 Entergy 團隊可以為您解答問題。

(Operator Instructions)

（操作員指令）

Shar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shar Pourreza。

Hey, guys. Good morning.

嘿，大家好。早安.

Good morning, Shar.

早安，莎爾。

Good morning, Drew. Just to elaborate on the core drivers of the $3 billion CapEx update. It's skewed to generation and renewables. So does that kind of imply you're starting to trend towards the high end of that load growth especially as we think about the ramp-up for something like Hub 8, which I think is up to a $12 billion site. Thanks.

早安，德魯。只是詳細說明 30 億美元資本支出更新的核心驅動因素。它偏向於發電和再生能源。那麼，這是否意味著您開始趨向於負載成長的高端，特別是當我們考慮像 Hub 8 這樣的專案的增加時，我認為這個網站的價值高達 120 億美元。謝謝。

Thanks, Shar, and good morning. As you said in the capital plan, it is largely generation for both the past and renewables, but it does have some distribution investment and there's some incremental nuclear investments to support the reliability of those as well. All of that is baked into the outlook that we have here. And as you noted, we increased the outlook as we go out into the back end of that period, reflecting those investments and the earnings on those investments.

謝謝，Shar，早安。正如您在資本計劃中所說的那樣，它主要是過去和可再生能源的發電，但它確實有一些分銷投資，並且有一些增量核投資來支持這些的可靠性。所有這些都已融入我們的觀點中。正如您所說，隨著該期間的後期，我們提高了前景展望，以反映這些投資及其投資的收益。

Got it. Perfect. And then, two, you're not the only CEO that's talking about new nuclear I'm just kind of curious if you just hone in on just specifically what you mean by new nuclear because one of your commissioners in Louisiana kind of highlighted large scale. And so I'm not sure if there's an appetite for in the state, and you seem to focus a little bit on the larger scale side. So is there room for large-scale reactors if there's ample risk sharing, either on the federal backstop, et cetera? Or when you mean new nuclear, are you really specific to SMRs? Thanks.

知道了。完美的。其次，您並不是唯一一位談論新核能的首席執行官，我只是有點好奇，您是否能具體解釋一下您所說的新核能是什麼意思，因為您在路易斯安那州的一位委員強調了大規模。因此，我不確定州裡是否有興趣，而且你似乎有點關注更大規模的方面。那麼，如果有充足的風險分擔（無論是在聯邦政府的支持下還是其他方面），是否還有建造大型反應爐的空間？或者當您說新核能時，您指的是 SMR 嗎？謝謝。

Thanks, Shar. That's a good question. We actually are looking at all forms of new nuclear, the large scale, like an AP1000, which as you all know, there are some that exist now in our country and several under construction around the world and several more that are planned. So that is, in some sense, viable supply chain for new nuclear today. And so certainly, we would be looking at that because in a lot of ways, that could derisk entry into the new nuclear space. But we are also looking at SMRs. We have MOU with Holtec to investigate their new technology.

謝謝，Shar。這是個好問題。我們實際上正在研究所有形式的新型核電廠，大型的，像是 AP1000，大家都知道，我們國家現在有一些這樣的核電廠，世界各地也有幾個正在建設中，還有幾個正在規劃中。因此，從某種意義上來說，這是當今新核能可行的供應鏈。因此，我們肯定會考慮這一點，因為在很多方面，這可以降低進入新核心領域的風險。但我們也在研究 SMR。我們與 Holtec 簽署了諒解備忘錄，以研究他們的新技術。

And of course, we're looking at others like GE's technology and some of the other ones that are around. So we're not exclusive to any particular new nuclear technology at this point. We are primarily looking at what's going to give our stakeholders the best risk profile and the best value. Those are going to be the driving components for us.

當然，我們也在關注其他技術，例如通用電氣的技術以及一些現有的其他技術。所以目前我們還沒有獨家研發任何特定的新核子技術。我們主要考慮如何為我們的利害關係人帶來最佳的風險狀況和最佳的價值。這些將成為我們的驅動因素。

And is there -- just to follow up on that one. Is there conversations at the federal level? Or is there any sort of data points we should be kind of monitoring around that? Thanks.

並且 - 只是為了跟進這一點。聯邦層級有對話嗎？或者我們是否應該對此進行某種數據點監控？謝謝。

I mean I think it's -- most of our conversations are at the state level internally. Certainly, we're working with NEI on the federal level to facilitate continued conversations. And as you know, at the federal level, things are evolving pretty quickly right now. But there is a lot of bipartisan interest in new nuclear -- so I imagine that those conversations will continue and there will be opportunities going forward in the new nuclear space.

我的意思是，我認為——我們的大多數對話都是在州一級內部進行的。當然，我們正在聯邦層級與 NEI 合作，以促進持續的對話。如你所知，在聯邦層面，事態正在迅速發展。但兩黨都對新核能很感興趣，所以我想這些對話將會持續下去，而且新核領域未來也會有機遇。

Okay. Perfect. Thanks, guys. Big congrats on the execution. It's obviously very evident. Congrats.

好的。完美的。謝謝大家。對執行結果表示熱烈祝賀。這顯然是非常明顯的。恭喜。

Thanks, Shar.

謝謝，Shar。

Nicholas Campanella, Barclays.

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

Hey, good morning, and thanks for taking my question. What an update. Hey, yeah, so I guess just -- you signed a few more customers, the growth rate is now uncap per se. And when I think about kind of this 5 gigawatts to 10 gigawatts in the pipeline. How would you kind of simplistically frame every 1 gigawatt affecting growth?

嘿，早上好，感謝您回答我的問題。真是一次更新。嘿，是的，所以我想只是——你簽下了更多的客戶，成長率現在已經沒有上限了。當我想到正在籌備的 5 千兆瓦到 10 千兆瓦電力時。您如何簡單地描述每 1 千兆瓦對成長的影響？

Is it -- if you get another gig into the plan with similar frameworks that you just got in Mississippi and Louisiana, could that add another 100 basis points to the CAGR? Or what's kind of the simple way to frame it here since you're kind of letting people dream about where it can go? Thanks.

是不是這樣——如果您將另一個演出納入計劃，並採用與密西西比州和路易斯安那州類似的框架，那麼是否可以為複合年增長率再增加 100 個基點？或者，既然您想讓人們夢想它可以去往何方，那麼在這裡用什麼簡單的方法可以將其框定下來？謝謝。

Good morning, Nick. I don't know that you can do a one-for-one math. I would think about it as what investment is needed to support -- customers to support the system overall, and the investment is really driving the growth. In this case, we had $2.7 billion that covered a variety of investment types. So I think each new customer would be unique and we'd have to look at what that means relative to the investments and then relative to the overall CAGR.

早安，尼克。我不知道你是否能做一對一的計算。我會思考需要什麼投資來支持──客戶對整個系統的支持，而投資才真正推動成長。在這種情況下，我們擁有 27 億美元，涵蓋各種投資類型。因此，我認為每個新客戶都是獨一無二的，我們必須考慮這對投資以及整體複合年增長率意味著什麼。

And it also depends on the business model of these data centers. Certainly, the customers that we've been dealing with, like Amazon and Meta that we've announced previously. Those are very large trillion plus dollar companies that have a clear expectation for their utilization of those facilities. There are others in the subscription model format that would be very different and have a very different profile.

這也取決於這些資料中心的商業模式。當然，我們一直在與之打交道的客戶，例如我們之前宣布過的亞馬遜和 Meta。這些都是價值數兆美元的大型公司，對於這些設施的利用有著明確的預期。訂閱模式格式中還有其他一些非常不同且具有非常不同的特徵。

We are starting to see a little bit of interest in that particular space where we hadn't seen that previously. And so that would be a little bit different rule of thumb, perhaps. So there are different models within the data center space that could give you different outcomes as well.

我們開始看到人們對這個特定領域產生了一點興趣，而之前我們並沒有看到這樣的興趣。所以，這也許是一個略有不同的經驗法則。因此，資料中心空間內存在不同的模型，它們也可以為您帶來不同的結果。

Okay. That's great. I appreciate it. And then I just wanted to address -- you have a lot of organic opportunities in the growth plan today. I just wanted to acknowledge that there's an adjacent service territory that's also kind of running a sale process. And can you just address what your appetite is for anything inorganic at this point, given everything that's in front of you?

好的。那太棒了。我很感激。然後我只想說——今天的成長計劃中有很多有機機會。我只是想確認有一個相鄰的服務區域也正在進行銷售流程。考慮到您面臨的所有情況，您能否談談您目前對無機物的興趣是什麼？

We certainly don't comment on specific potential opportunities, but we have the sales gas business going through, and that is an example of how a transaction met our gating criteria of it doesn't detract, it creates value and it's executable. So certainly, if something meets that criteria, we would look at it. But again, we wouldn't address specific opportunities until something met those criteria.

我們當然不會對具體的潛在機會發表評論，但我們正在進行銷售天然氣業務，這就是交易如何滿足我們的門檻標準的一個例子，它不會造成損害，它會創造價值並且是可執行的。因此，如果某件事符合該標準，我們當然會考慮它。但再次強調，除非某件事符合這些標準，否則我們不會解決具體的機會。

Thank you.

謝謝。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hi, thanks. Good morning.

嗨，謝謝。早安.

Good morning.

早安.

I was wondering, would you be able to frame kind of the time to market that you're able to offer for new data center customers as you look at that pipeline? Do you have -- is there a certain amount of available capacity, whether it's transmission or generation on your system? Or is most of this going to take incremental new infrastructure to enable in terms of future customers?

我想知道，當您查看該管道時，您是否能夠為新的資料中心客戶提供上市時間？您是否有—是否有一定數量的可用容量，無論是您的系統上的傳輸還是發電？或者說，其中大部分是否需要逐步增加新的基礎設施才能滿足未來客戶的需求？

Thanks, David. Similar to Nick's question, I think it's going to depend on where the customer locates and what's needed. We have been working with our customers and with a number of stakeholders to work through that time line, whatever is needed. And we do have strong partnerships on availability of equipment as well as availability of vendors and contractors to help support the build process.

謝謝，大衛。與尼克的問題類似，我認為這取決於客戶所在的位置以及需要什麼。我們一直在與客戶和一些利害關係人合作，盡可能地完成這個時間表。我們在設備可用性以及供應商和承包商的可用性方面擁有強大的合作夥伴關係，以幫助支援建造過程。

I think we talked about at Analyst Day, the ability in Mississippi last year to shrink that time relative to working with the legislature and decreasing the time to build, but it's going to be unique depending on the specific customer needs.

我想我們在分析師日上討論過，去年密西西比州有能力縮短與立法機構合作的時間並減少建設時間，但這將根據具體客戶的需求而有所不同。

Got it. Okay. Understood. And then you gave a little bit more color, I think, on the gas turbine landscape and some of the partnerships you have. I was just wondering if there's any other color you would be able to provide on the availability of production slots for gas turbines and how the pricing has trended just as you're looking out even further in your generation planning here?

知道了。好的。明白了。然後，我認為您對燃氣渦輪機的前景和您建立的一些合作關係進行了更詳細的介紹。我只是想知道，您是否能提供有關燃氣渦輪機生產時段的可用性的其他信息，以及正如您在進一步研究發電規劃時所看到的那樣，價格趨勢如何？

That's a good question, David. So we -- something that we've been engaged in for quite a while at this point, thinking about those turbine slots and managing them carefully. As I said earlier, we have turbines and transformers and other critical equipment as well as labor to do the work, lined up for everything that we've announced, and then we have some capacity beyond what we've announced today already lined up. And we're continuing to work on additional capacity beyond that because there are -- we believe there are more opportunities. And so we're trying to be prepared for those opportunities should they materialize.

大衛，這個問題問得很好。因此，我們 — — 我們已經從事這項工作很長一段時間了，思考這些渦輪機槽並謹慎地管理它們。正如我之前所說，我們已經準備好渦輪機、變壓器和其他關鍵設備以及勞動力來完成我們所宣布的所有工作，除了今天宣布的產能之外，我們還準備了一些產能。我們將繼續致力於拓展額外的產能，因為我們相信還有更多機會。因此，我們正在努力為這些機會做好準備。

It is a much different space than it was 18 months ago for sure. And so we are clearly aware of that. Pricing is getting tougher in some cases, costs are getting more expensive just for the slots. So we're mindful of that. But at this point, we haven't seen anything that materially changes our expectations about where we are and what we might be able to accomplish.

可以肯定的是，現在的情況與 18 個月前已經有很大不同了。我們清楚地意識到了這一點。在某些情況下，定價變得越來越嚴格，光是老虎機的成本就變得越來越昂貴。所以我們注意到了這一點。但目前為止，我們還沒有看到任何能夠實質地改變我們對現狀和可能實現的目標的期望的事件。

Okay. Great. Appreciate the color. Thank you.

好的。偉大的。感謝色彩。謝謝。

Thank you.

謝謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Thanks for all the details this morning. I want to pivot towards Arkansas, if I could. And just wanted any thoughts on the economic development working group in efforts to expand the existing, I guess, data center incentives there? And specifically, do you see large C&I customers taking notice of the potential in the state?

感謝您今天上午提供的所有詳細資訊。如果可以的話，我想轉向阿肯色州。只是想問您對經濟發展工作小組為擴大現有的資料中心激勵措施所做的努力有什麼看法？具體來說，您是否看到大型 C&I 客戶注意到了該州的潛力？

There is a lot of interest in the state for some of these large customers. And so certainly, we're working with them there. And we're working with all the stakeholders as well to facilitate the ability for customers like hyperscale data centers and others to come together to facilitate economic development.

一些大客戶對該州表現出很大興趣。因此我們當然正在與他們合作。我們也正在與所有利害關係人合作，以增強超大規模資料中心等客戶和其他客戶共同促進經濟發展的能力。

We've done this before in Arkansas. We have a thriving steel industry on the East -- Northeast corner of the state. At this point, there are other opportunities in lithium mining and other areas that we're paying close attention to. But clearly, the data centers is something that has people's attention in Arkansas. And so we're working with all the stakeholders there to help make that a potential reality so that their communities can also benefit from this investment in growth.

我們以前在阿肯色州做過這樣的事。我們州東部—東北角的鋼鐵產業蓬勃發展。目前，我們正在密切關注鋰礦開採和其他領域中存在的其他機會。但顯然，資料中心是阿肯色州人們關注的焦點。因此，我們正在與所有利害關係人合作，以幫助將這一目標變為現實，以便他們的社區也能從這項成長投資中受益。

Got it. Makes sense. And then just want to pivot towards the financing side, if I could. Just wondering if you could walk us through a little bit more how you're able to finance $3 billion of incremental CapEx with only the $300 million of incremental equity here. And just wondering if more of your growth projects hit, how should we think about, I guess, the -- any rules of thumb for equity funding going forward?

知道了。有道理。如果可以的話，我只想轉向融資方面。我只是想知道您是否可以向我們進一步介紹如何僅使用 3 億美元的增量股本來為 30 億美元的增量資本支出提供資金。我只是想知道，如果您的更多成長項目成功，我們應該如何思考——未來股權融資有什麼經驗法則嗎？

Yes. Thanks, Jeremy. We've talked about a run rate of 10% to 15%. I think that's valid over our full forecast period. When we look at how to finance these, we start with operating cash flow and making sure we're optimizing that, whether that is looking at managing against our caps or using mechanisms that we have like cash and CWIP or matching timing of closings. We're making sure we're optimizing in that space. We've also had some help from our pension, which is largely fully funded, which reduces or gives us additional opportunity there in the credit space.

是的。謝謝，傑里米。我們討論的是 10% 到 15% 的運行率。我認為這在我們的整個預測期內都是有效的。當我們考慮如何為這些專案融資時，我們從營運現金流開始，並確保對其進行最佳化，無論是考慮管理上限，還是使用我們現有的機制，如現金和 CWIP，或匹配成交時間。我們正在確保在該領域進行最佳化。我們的退休金也提供了一些幫助，這些退休金基本上是全額資助的，這減少或為我們在信貸領域提供了額外的機會。

And then with the large customers, we talk about as part of our framework, then paying their fair share. And that really means that even during the ramp period, they are supporting us, whether that is KAYAK or minimum bills or those types of things. And all of that together then helps us manage that equity need at the level that we have. that we've added here.

然後，我們與大客戶進行討論，作為我們框架的一部分，然後支付他們應付的份額。這實際上意味著，即使在成長期，他們也在支持我們，無論是 KAYAK 還是最低帳單或諸如此類的事情。所有這些結合起來幫助我們在現有的層面上管理公平需求。我們已將其添加到這裡。

Got it. Very helpful. I'll leave it there. Thanks.

知道了。非常有幫助。我就把它留在那裡。謝謝。

Michael Lonegan, Evercore ISI.

邁克爾·洛內根 (Michael Lonegan)，Evercore ISI。

Hi, good morning. Thanks for taking my question.

嗨，早安。感謝您回答我的問題。

Good morning.

早安.

The resiliency programs, Phase 2 totals greater than $2 billion approved and underway. You talked about the timing of Phase 1, Phase 2 request plan when and where can we expect them? And what is included in your capital plan versus what could be incremental?

第二階段的恢復計劃總額超過 20 億美元，已批准並正在進行中。您談到了第一階段、第二階段請求計劃的時間安排，我們何時何地可以期待它們？您的資本計劃包括哪些內容以及哪些內容可以增加？

I'll answer the first part, and I'll turn the second part over to Kimberly. But in terms of the timing, we are working through the first phase right now, and we have a number of projects that are ramping up. Our overall program is ramping up right now quite rapidly.

我來回答第一部分，然後第二部分交給金伯莉。但就時間安排而言，我們目前正處於第一階段的工作中，並且有許多項目正在加緊推進。我們的整體計劃目前正在迅速推進。

We expect to be in a position by the end of the year to begin to seek the next phase. So it could be just before the end of the year or just after the end of the year at this point, but the teams are already starting to gear up to think about what that looks like and prepare for that.

我們期望在今年年底前能夠開始尋求下一階段。因此，目前這個時間可能是在年底之前，或者是年底之後，但各團隊已經開始思考並做好準備。

With the goal of making sure that we can continue our programs, and we don't have to ramp down our work teams and then ramp them back up at some point, be much more efficient to just keep that effort moving along much more productive. So -- that's where -- that's kind of what we're thinking about right now. It'll be sometime the year at the end of the year a little before, perhaps a little after.

我們的目標是確保能夠繼續執行我們的計劃，而且我們不必縮減工作團隊，然後在某個時候再增加人數，從而更有效率地保持這項工作更有成效。所以 — — 這就是 — — 這就是我們現在正在考慮的事情。時間會是在今年年底的某個時候，稍早一點，也可能稍晚一點。

And I'll turn it over to Kimberly for the second part.

第二部分我將交給金伯莉。

And then from a financing perspective, similar to what we did on Phase 1, we added that incremental capital once we had clarity through the regulatory process. And so I would think about that the same way. Louisiana set up mechanism to recover that that's been quite productive. And so we look at that and then we'll get adding that incremental capital at the appropriate time once it goes through the process.

然後從融資角度來看，與我們在第一階段所做的類似，一旦我們明確了監管流程，我們就會增加增量資本。因此我也會以同樣的方式思考這個問題。路易斯安那州建立了恢復機制，並取得了豐碩成果。因此，我們會考慮這一點，然後在流程完成後在適當的時候增加增量資本。

Great. Thanks. And then on the dividend, you've had a target of 6% per year. Is that a firm commitment you have? You have this 5 gigawatt to 10 gigawatt pipeline, a lot of additional capital could be coming into your plan?

偉大的。謝謝。關於股息，你的目標是每年 6%。這是您堅定的承諾嗎？您有這條 5 千兆瓦到 10 千兆瓦的管道，大量額外資金可能會進入您的計劃？

Yes. We've talked about 6%, and that is an expectation. Obviously, we have a lot of growth there. And so what we've talked about before is from a payout ratio that has historically been 60% to 65%. You could see that decline somewhat over the outlook period, but not a change in the dividend percent necessarily.

是的。我們討論的是 6%，這是一個預期。顯然，我們在那裡取得了很大的發展。我們之前討論的是歷史上派息率為 60% 到 65%。您可能會看到，在展望期內，股息率會下降，但不一定會改變。

Great. Thank you.

偉大的。謝謝。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yes. Hey, good morning. Thanks.

是的。嘿，早安。謝謝。

Good morning, Steve.

早安，史蒂夫。

Congrats on being continued strong outlook. I guess, first, on the credit metrics we've been waiting, I think, for the nuclear PTC piece of it for you all. Is that still not included in your metrics? And if they don't define it, when would you include it?

祝賀您持續保持強勁前景。我想，首先，關於信用指標，我們一直在等待核 PTC 部分。這還未包含在您的指標中嗎？如果他們沒有定義它，那麼什麼時候會將它包括在內？

Yes, that's right, Steve. We have not included that in our metrics. We are still waiting on treasury guidance. I don't know when that will come out, and we do view that as credit positive. We'll have to look at if they don't define it, we'll have to make a decision later this year on what to -- how to proceed there. But it is not in our forecast as you noted.

是的，沒錯，史蒂夫。我們沒有將其納入我們的指標中。我們仍在等待財政指引。我不知道什麼時候會出現這種情況，但我們確實認為這對信貸有利。我們必須看看，如果他們不對此進行定義，我們將不得不在今年晚些時候做出決定——如何進行。但正如您所說，這不在我們的預測之內。

Okay. Great. And then Drew, I think you mentioned legislative activity in Texas and Arkansas to support growth. Could you talk to a little bit more what you're either seeing or where you're supporting in those states?

好的。偉大的。然後德魯，我想你提到了德克薩斯州和阿肯色州為支持增長而採取的立法活動。您能否進一步談談您在這些州看到了什麼或您支持哪些方面？

Well, I think the main thing that we're focusing on right now is growth elements, things that can support growth in both states. We had a question earlier about Arkansas in particular. So there are potential there's the potential for bills to show up in Arkansas that it could help facilitate economic development within the state, and we would hope to be a part of that.

嗯，我認為我們現在主要關注的是成長要素，即能夠支持兩個州成長的事物。我們之前曾有一個關於阿肯色州的具體問題。因此，阿肯色州有可能出台法案，幫助促進該州的經濟發展，我們希望成為其中的一部分。

In Texas, there's similar activity to support it, but also we're looking at risk opportunities, particularly around the resilience space that could help us. Things like accelerated cost recovery that could benefit customers would be something that we would be hoping to see as a potential bill things like managing the recovery of assets that are taking out of service when resilience investments are made, perhaps a little differently than where they are today to help manage our credit in that scenario.

在德州，有類似的活動來支持它，但我們也在尋找風險機會，特別是在可以幫助我們的彈性領域。我們希望看到諸如加速成本回收之類的事情成為一項潛在的賬單，這些事情可以使客戶受益，例如在進行彈性投資時管理停止服務的資產的恢復，也許與今天的情況略有不同，以幫助管理我們在這種情況下的信貸。

Those are examples of things, but it's still very early in the process. There isn't really anything filed at this point. I think that we expect several thousand bills to be filed ultimately in Texas. I think there's maybe 100 that are out there at this point. So it's still very early in the process.

這些都是一些例子，但這個過程還處於早期階段。目前實際上還沒有任何文件。我認為我們最終將在德克薩斯州提出數千份法案。我認為現在大概有 100 個了。因此這個過程還處於非常早期的階段。

Okay. One last clarification. So the updated plan does include this unnamed Mississippi customer and the and then the expansion at Meta, although some of that might be going beyond '28 in terms of some of the benefits because the sales growth didn't change that much?

好的。最後澄清一點。因此，更新後的計劃確實包括這位未透露姓名的密西西比客戶以及 Meta 的擴張，儘管其中一些好處可能超出 28 年，因為銷售增長並沒有太大變化？

That's right, Steve. The forecast includes the both updated customers with the note that, as you noted in the sales volume, the meta is largely outside this period from a volume perspective.

沒錯，史蒂夫。該預測包括兩個更新的客戶，並指出，正如您在銷售量中所注意到的，從數量角度來看，元資料很大程度上超出了這段時期。

So you're seeing like AFUDC and some other things in the EPS.

因此，您會在 EPS 中看到 AFUDC 和一些其他東西。

As you're building the investment for. Okay. Thank you. I appreciate it.

正如您正在進行投資一樣。好的。謝謝。我很感激。

Julien Smith, Jefferies.

朱利安史密斯（Julien Smith），傑富瑞（Jefferies）。

Hey, good morning. Very nicely done. Really, Kudos to all of you. Maybe to follow up -- absolutely, absolutely, really. Maybe just to follow up a little bit on the conversation on the cash flows. You all provide a little bit of a slide showing at least as present, your Moody's and S&P projections and a little bit of a downtick in '26.

嘿，早安。做得很好。真的，向你們所有人致敬。也許需要跟進——絕對、絕對、真的。也許只是為了稍微跟進一下有關現金流的談話。你們都提供了一些幻燈片，至少展示了目前的穆迪和標準普爾預測以及 26 年的略微下滑。

Can you speak a little bit to how you think about earned ROEs as you lean into this ramp in spend? Are you thinking that there could be some pressure on earned returns? Or do you think when you look at the outlook that you'll be able to manage through the uptick in spending without having an impact on earned returns given some of the dynamics, whether it's legislative or otherwise?

當您傾向於增加支出時，能否稍微談談您對已獲 ROE 的看法？您是否認為所得回報可能會面臨一些壓力？或者，您是否認為，從前景來看，考慮到某些動態因素（無論是立法因素還是其他因素），您將能夠管理支出的增加，而不會對所得回報產生影響？

Yes. Thanks, Julien. I'll start with credit and then switch to ROEs. On your note on credit, you can see that it builds towards 15%. There's a couple of onetime items in '26, including the change in the Louisiana state tax rate that drives some adjustments happening in '26 that you noted in that downturn.

是的。謝謝，朱利安。我將從信用開始，然後轉到 ROE。在您的信用記錄上，您可以看到它正在朝著 15% 的方向增長。'26 年有幾項一次性事項，包括路易斯安那州稅率的變化，這導致了 '26 年發生的一些調整，正如您在那次經濟衰退中註意到的那樣。

In the -- from an ROE perspective, I would think about what we talked about at Analyst Day that the ROEs are improving over the forecast period from 9% to 9.5%. That is still our expectation. And we are working that with all of our stakeholders. So I think we continue to expect to see that over this period.

從 ROE 的角度來看，我會思考我們在分析師日所討論的內容，即 ROE 在預測期內將從 9% 提高到 9.5%。這仍然是我們的期望。我們正在與所有利益相關者一起努力。因此我認為我們在此期間將繼續期待看到這種情況。

Well, truly incredible on both fronts. And then maybe a little bit of a nuanced follow-up here. You talked about the nuclear earlier. It seems like Texas is really contemplating a new nuclear fund of sorts. Any thoughts about tapping into that? Is that driving some of the accelerated thought process in your mind as you talk about it today?

嗯，這兩方面確實令人難以置信。然後也許這裡會有一些微妙的後續。您之前談到了核子問題。看起來德州正在認真考慮設立某種新的核基金。您有什麼想法可以利用這一點嗎？當您今天談論這個主題時，這是否會加速您的思考過程？

Certainly, it's something that if they actually created a fund for new nuclear, it's something that we would look at as another tool in the toolkit to help manage risk. So that is interesting to us. We'll see if that materializes, if that comes out of legislation or however it goes. But our focus is going to be on risk management and anything that's available out there to help us with that at the state, the federal level with customers, with vendors or with a consortium of owners, maybe other utilities.

當然，如果他們真的為新核能設立了基金，我們就會將其視為工具包中的另一個幫助管理風險的工具。所以這對我們來說很有趣。我們將拭目以待這是否會實現，是否會透過立法或其他方式實現。但我們的重點是風險管理和任何可以在州和聯邦層級幫助我們處理客戶、供應商或業主聯盟以及其他公用事業的事宜的手段。

There's lots of different opportunities out there to help manage the risk, diversify the risks that are out there, such that it's something that we could manage within our frameworks. So that's -- that would be an interesting tool, but it's just one of many ways for us to manage the overall effort.

有許多不同的機會可以幫助管理風險、分散現有的風險，以便我們可以在我們的框架內進行管理。所以那會是一個有趣的工具，但它只是我們管理整體工作的眾多方法之一。

Yes. I appreciate the risk emphasis. Thank you very much. All the best.

是的。我讚賞對風險的強調。非常感謝。一切順利。

Thanks, Julien.

謝謝，朱利安。

(Operator Instructions)

（操作員指令）

Paul Patterson, Glenrock.

保羅·帕特森，格倫羅克。

Hey, congratulations, guys.

嘿，恭喜你們，夥計們。

Thanks.

謝謝。

Just -- I know you guys are focused on -- and I apologize if I missed this, I know you guys are focused on affordability, and you mentioned the -- these large customers paying for themselves. Could you -- would this update sort of give us a flavor where you see rates kind of going through this forecast period?

只是 — — 我知道你們關注的是 — — 如果我錯過了這一點，我很抱歉，我知道你們關注的是可負擔性，而且你提到了 — — 這些大客戶要自己付錢。您能否—這次更新能讓我們了解一下您認為利率在這預測期內的走向嗎？

Yes, Paul, we do focus heavily on affordability. We do have the forward curve on gas in our forecast, which is going to drive some increase. I think at Analyst Day, we had talked about occur without fuel of about 3.5%, and we are in that range, slightly above that range here. What you're seeing is increase in investment. And then as Steve noted, the sales come in after that. And so you'll see some moderation of that when the sales come in.

是的，保羅，我們確實非常注重可負擔性。我們的預測中確實有天然氣的遠期曲線，這將推動一些成長。我認為在分析師日，我們討論過不含燃料的產量約為 3.5%，而我們正處於這個範圍內，略高於這個範圍。您所看到的是投資的增加。然後正如史蒂夫所說，銷售額就隨之而來。因此，當銷售額開始時，您會看到這種情況有所緩和。

Okay. And then just on the new nuke, when do you think we might see potential announcement? What's the earliest that we could maybe hear something on that?

好的。那麼關於新核彈，您認為我們什麼時候可能會看到潛在的公告？我們最早什麼時候可以聽到有關該消息？

I don't think there's -- there's let me just say there's nothing imminent around new nuclear. We are working on it. We're thinking about it, but it will take us a while to put that framework together. But it is something that we are working on and we are interested in and our customers are interested in. So we are having ongoing conversations, but I wouldn't anticipate anything this year in terms of an announcement.

我不認為有——我只是想說，目前圍繞新核問題沒有任何迫在眉睫的事件。我們正在努力。我們正在考慮這個問題，但是需要一段時間來建立這個框架。但這是我們正在努力的事情，我們對此感興趣，我們的客戶也對此感興趣。因此，我們正在進行對話，但我預計今年不會發布任何消息。

Awesome. Thanks so much.

驚人的。非常感謝。

Thank you.

謝謝。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Thank you. Good morning.

謝謝。早安.

Good morning.

早安.

A quick one here. The Amazon facility. Wondering if you had any update on progress there or filings, et cetera, the Mississippi.

這裡快速講一下。亞馬遜設施。想知道您是否有關於密西西比州那裡的進展或文件等方面的最新消息。

Yes. So their work is under construction, and it's ongoing right now. We have constructed our first substation and it is live and serving them. And so it's underway. And we hope that, that's the first phase of a lot of growth for Amazon in the State of Mississippi.

是的。所以他們的工作正在建設中，並且正在進行中。我們已經建造了第一座變電站並且已經投入運作並為他們提供服務。目前一切仍在進行中。我們希望，這是亞馬遜在密西西比州快速成長的第一階段。

Great. Okay. And then higher level, when you're going out there and talking with not just data centers, but any of the large load customers, who's the competition? What are their services are they looking at -- is it on site? Is it some other provider? Just wondering kind of very high level with the large load customers, who you're competing against essentially for these large contracts?

偉大的。好的。然後從更高的層次來看，當你走出去，不僅與資料中心交談，而且與任何大負載客戶交談時，競爭對手是誰？他們正在尋找什麼服務——是在現場嗎？是其他供應商嗎？只是想知道，在大負荷客戶方面，您在與誰競爭這些大合約？

Well, I think I would say we're competing against with everybody. I mean these data centers can locate anywhere in the world, quite literally. And so we -- I think that means that everybody could compete with us. We offer what we believe is a great value proposition around our ability to serve large, low customers. We have a lot of experience with that.

嗯，我想說我們正在與每個人競爭。我的意思是這些資料中心可以位於世界任何地方，確實如此。所以——我認為這意味著每個人都可以與我們競爭。我們圍繞著為大小型客戶提供服務的能力提出了我們認為非常有價值的主張。我們對此有豐富的經驗。

We have -- since we're a vertically integrated utility, we can provide a complete technical solution that means that we can provide transmission element. We can provide generation elements. That includes green attributes. We can interface with the [RTO]. We can provide the retail access. We can do everything that they need from a from a technical perspective.

由於我們是一家垂直整合的公用事業公司，我們可以提供完整的技術解決方案，這意味著我們可以提供傳輸元件。我們可以提供生成元素。其中包括綠色屬性。我們可以與[恢復操作]。我們可以提供零售通路。從技術角度來說，我們可以做他們需要的一切。

And then, of course, since we are a regulated utility in vertically integrated, we have tremendous relationships within the communities that we operate in, which means that we can make introductions to all of the key stakeholders and critical stakeholders to be part of a large economic development project. And we've done that for a long time. That's not actually a new thing. It goes with kind of the first bullet, but it is an emphasis of ours around stakeholder engagement to be able to do that. And so those things, we believe create a very competitive offering for us relative to other folks literally around the world.

當然，由於我們是一家受監管的垂直整合公用事業公司，我們與我們營運所在的社區擁有廣泛的關係，這意味著我們可以向所有關鍵利益相關者和關鍵利益相關者介紹我們，讓他們參與大型經濟發展項目。我們已經這樣做很久了。這其實並不是什麼新鮮事。它與第一點類似，但為了做到這一點，我們重點強調的是利害關係人的參與。因此，我們相信，與世界各地的其他人相比，這些因素將為我們帶來非常有競爭力的產品。

Yeah, okay. Very good. That's helpful. Thank you.

嗯，好的。非常好。這很有幫助。謝謝。

Thank you.

謝謝。

Thanks for your questions. And ladies and gentlemen, that will conclude our Q&A session for today. Liz, I'd like to turn the call back over to you.

感謝您的提問。女士們、先生們，今天的問答環節就到此結束。莉茲，我想把電話轉回給你。

Thank you, Aaron, and thanks to everyone for participating this morning. Our annual report on Form 10-K is due to the SEC on March 3 and provides more details and disclosures about our financial statements. Events that occur prior to the date of our 10-K 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.

謝謝你，亞倫，也謝謝大家今天早上的參與。我們的 10-K 表年度報告將於 3 月 3 日提交給美國證券交易委員會，其中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-K 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 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.

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，其中提供監管程序的重要更新和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。我們的通話到此結束。非常感謝。