安特吉 (ETR) 2025 Q1 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 the Entergy Corporation first quarter 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 Corporation 第一季財報電話會議。（操作員指示）

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

現在我將電話轉給 Entergy Corporation 投資者關係副總裁 Liz Hunter。莉茲，請你發言。

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

謝謝你，格雷格，也謝謝大家今天早上的參加。今天我們將首先聽取 Entergy 公司董事長兼執行長 Drew Marsh 的演講；然後我們的財務長 Kimberly Fontan 將審查結果。為了滿足每個有疑問的人的需求，我們要求每個人提出的問題不超過兩個。

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，管理階層將做出某些前瞻性的陳述。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。Entergy 不承擔更新這些前瞻性聲明的任何義務。

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

管理階層也將討論非公認會計準則財務資訊。今天的新聞稿和幻燈片簡報中包含了與適用 GAAP 指標的對賬，兩者均可在我們網站的「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. We had a very productive start to the year with progress on activities that support our near and long-term objectives. Important updates to facilitate customer growth include new customer announcements, regulatory outcomes, and new legislation. Starting with our financial results for the first quarter, today we are reporting adjusted earnings per share of $0.82.

謝謝你，莉茲。大家早安。今年我們有一個非常有成效的開始，在支持我們近期和長期目標的活動上取得了進展。促進客戶成長的重要更新包括新客戶公告、監管結果和新立法。從第一季的財務表現開始，今天我們報告調整後的每股收益為 0.82 美元。

We're on track for 2025 guidance, and we remain well positioned to obtain our greater than 8% adjusted earnings per share, compound annual growth rate for the outlook period. Kimberly will discuss our financial results in more detail.

我們正朝著 2025 年的目標前進，我們仍然有能力實現展望期內超過 8% 的調整後每股盈餘和複合年增長率。金伯利將更詳細地討論我們的財務表現。

As you've heard us say, we aim to create value for all our stakeholders: customers, employees, communities, and owners. And customers are listed first because everything starts there. The opportunities driving our industrial sales growth continue to be robust. There is increasing visibility into our growth, including three announcements from large customers since our last call.

正如您所聽到的，我們的目標是為所有利害關係人創造價值：客戶、員工、社區和業主。並且客戶被列在第一位，因為一切都從那裡開始。推動我們工業銷售成長的機會持續強勁。我們的成長前景越來越清晰，包括自上次電話會議以來來自大客戶的三份公告。

In March, Hyundai Motor Group announced a $5.8 billion investment in Hyundai steel. A manufacturing facility and an engine for economic growth in Ascension Parish, Louisiana. Then in early April, CF Industries announced that it had reached its final investment decision on its $4 billion investment in a low carbon blue ammonia facility, which will be located near Hyundai Steel. This project was first announced in 2022.

今年3月，現代汽車集團宣布向現代鋼鐵投資58億美元。路易斯安那州阿森松縣的一家製造工廠和經濟成長引擎。隨後在 4 月初，CF Industries 宣布已就投資 40 億美元建造低碳藍氨工廠做出最終投資決定，該工廠將位於現代製鐵附近。該項目於 2022 年首次宣布。

And just today Woodside announced that they have reached FID on their $17.5 billion LNG facility, bringing jobs and investment to coastal Louisiana. These projects are expected to come online in 2028 and in 2029, and were assumed in our outlooks last quarter. These customers diversify our industrial mix. They also provide important benefits to the nearby communities through substantial local investment, significant growth, and workforce development.

就在今天，伍德賽德宣布其價值 175 億美元的液化天然氣設施已達成最終投資決定，將為路易斯安那州沿海地區帶來就業和投資。這些項目預計將於 2028 年和 2029 年上線，這是我們上個季度展望的假設。這些客戶使我們的產業結構更加多元。它們也透過大量的本地投資、顯著的成長和勞動力發展為附近社區帶來了重要利益。

We've demonstrated a long history of powering industrial growth as businesses established and expand operations in the Gulf South region. Hyundai Steel, CF Industries, and Woodside LNG are examples of this trend continuing.

隨著企業在墨西哥灣南部地區建立和擴大業務，我們長期以來一直致力於推動工業成長。現代鋼鐵、CF工業和伍德賽德液化天然氣公司就是這一趨勢持續的例子。

As more companies consider investment in the US, the Gulf South remains a very attractive option with low power costs, robust energy and transportation infrastructure, access to diverse energy sources, a business friendly environment, a proven workforce, and welcoming communities.

隨著越來越多的公司考慮在美國投資，墨西哥灣南部地區仍然是一個非常有吸引力的選擇，因為該地區擁有低廉的電力成本、強大的能源和交通基礎設施、多樣化的能源、友善的商業環境、成熟的勞動力和熱情的社區。

Data centers are a more recent addition to our large customer portfolio, and we remain in productive discussions for many potential projects. We continue to receive strong interest and optimism from hyper-scale developers about the incredible opportunity before them. And our data center pipeline remains in the 5 to 10 gigawatt range.

資料中心是我們龐大客戶組合中的最新成員，我們仍在就許多潛在專案進行富有成效的討論。我們繼續收到超大規模開發商對他們面前的難以置信的機會的濃厚興趣和樂觀態度。我們的資料中心管道仍在5至10千兆瓦的範圍內。

We're executing on our capital plan to support that strong customer growth, as well as improved reliability and resilience. We continue to make progress in the Orange County Advanced Power Station. The project is approximately 70% complete, with more than 1 million man hours worked with no safety incidents. The project remains on schedule and on budget with a projected in-service date by summer of next year.

我們正在執行資本計劃，以支持強勁的客戶成長以及提高可靠性和彈性。我們在橘郡先進發電站方面繼續取得進展。該工程已完成約70%，累計工時超過100萬小時，未發生任何安全事故。該項目按計劃和預算進行，預計將於明年夏天投入使用。

Delta Blues Advanced Power Station in Mississippi is an earlier phase of construction and is also on schedule and on budget. At the same time we're exploring the potential to increase the capacity of our existing combined cycle natural gas facilities by nearly 500 megawatts.

密西西比州的 Delta Blues 先進發電站正處於建設的早期階段，並且也按計劃和預算進行。同時，我們正在探索將現有聯合循環天然氣設施的容量提高近 500 兆瓦的可能性。

For nuclear, we completed the spring refueling outage at River Bend on schedule. During the outage, we conducted extensive work on the main generator to support long-term reliable operations. The Waterford 3 refueling outage is now underway. Planned work includes replacement of low pressure turbine rotors that will improve efficiency and pave the way to increase the capacity of the plant by an estimated 40 megawatts in the fall of 2026.

對於核能，我們按時完成了河灣核電廠的春季停堆換料作業。在停電期間，我們對主發電機進行了大量工作，以支援長期可靠的運作。沃特福德 3 號機組的加油停駛工作目前正在進行中。計劃中的工作包括更換低壓渦輪轉子，這將提高效率並為在 2026 年秋季將電廠的發電能力提高約 40 兆瓦鋪平道路。

We continue to assess potential capacity upgrades at our other nuclear plants that could total approximately 275 megawatts. As we've mentioned before, we have an NRC early sight permit for a potential new nuclear facility at Grand Gulf, which expires in April 2027. We intend to renew the permit for another 20 years to maintain a viable option for new nuclear. We are in discussions with customers, potential partners, and other stakeholders regarding that opportunity.

我們將繼續評估其他核電廠的潛在容量升級，總容量可能達到約 275 兆瓦。正如我們之前提到的，我們已獲得 NRC 對大灣新核設施的早期考察許可，該許可的有效期為 2027 年 4 月。我們打算將許可證再延長 20 年，以保留新的核能的可行選擇。我們正在與客戶、潛在合作夥伴和其他利害關係人討論這個機會。

As you can see, our operations and project management development teams are doing a great job keeping us on track to support our customers' needs. In addition to our efforts and operations, we are working with our regulators and other stakeholders on important dockets that address infrastructure needs to support growth, reliability, and resilience.

正如您所看到的，我們的營運和專案管理開發團隊正在出色地完成工作，使我們能夠滿足客戶的需求。除了我們的努力和營運之外，我們還在與監管機構和其他利害關係人合作處理重要事項，以解決支援成長、可靠性和彈性的基礎設施需求。

Efficient review processes are critical to stay on track to meet our customers' expectations. Entergy Louisiana received approval from its Public Service Commission to place the capital investment from Hurricane Francine into rates subject to a future prudence review. This means our recovery started less than two months from filing and six months after the storm. A faster recovery reduces carrying costs and supports Entergy Louisiana's credit, both of which keep costs low for customers.

高效率的審查流程對於滿足客戶的期望至關重要。安特吉路易斯安那公司已獲得公共服務委員會的批准，將颶風弗朗辛帶來的資本投資納入未來審慎審查的費率。這意味著我們的恢復工作從提交申請到開始不到兩個月，而且是在風暴發生後六個月。更快的回收速度可以降低持有成本並支援 Entergy Louisiana 的信用，從而為客戶降低成本。

The LPSC also approved the $0.5 billion dollar West Bank 230 kV transmission project that will support customer growth and economic development. In addition, we have a major 500 kV transmission project in Louisiana that is pending commission review.

LPSC 也批准了價值 5 億美元的西岸 230 kV 輸電項目，該項目將支援客戶成長和經濟發展。此外，我們在路易斯安那州還有一個重要的 500 kV 輸電項目正在等待委員會審查。

Separately, we received the final approval needed for Entergy Louisiana's gas LDC sale from the East Baton Rouge Parish Council. We're targeting to close the sale of both Entergy Louisiana and Entergy New Orleans gas businesses in July.

另外，我們從東巴吞魯日教區議會獲得了 Entergy Louisiana 天然氣 LDC 銷售所需的最終批准。我們的目標是在 7 月完成 Entergy Louisiana 和 Entergy New Orleans 天然氣業務的出售。

Entergy Louisiana's filings support its hyperscale data center customer continues to move forward, parties have filed testimony and the hearing is scheduled for mid-July. We remain on track for an LPSC decision in October. For Entergy Louisiana's 3 gigawatt solar RFP, the first round of procurement is complete, and we're moving forward two proposals for owned assets that total 400 megawatts. Proposals in the second quarter were received in mid-April, and we are targeting selections later this quarter.

Entergy Louisiana 提交的文件支持其超大規模資料中心客戶繼續推進，各方已提交證詞，聽證會定於 7 月中旬舉行。我們仍有望在 10 月做出 LPSC 決定。對於 Entergy Louisiana 的 3 千兆瓦太陽能 RFP，第一輪採購已經完成，我們正在推進兩項總計 400 兆瓦的自有資產提案。第二季的提案已於四月中旬收到，我們計劃在本季稍後進行選擇。

In Texas, the PUCT approved placing $137 million of transmission investment into rates, we've also requested a certificate of convenience and necessity for a large transmission project in Texas known as SETEX -- SETEX. The hearing is scheduled for May, and we are targeting a commission decision by the end of August.

在德州，PUCT 批准將 1.37 億美元的輸電投資用於電費，我們還要求對德州的大型輸電項目 SETEX（SETEX）提供便利性和必要性證書。聽證會定於五月舉行，我們的目標是在八月底之前做出委員會的決定。

Entergy's Texas request for generation CCNs are continuing as expected. Hearings for Legend and Lonestar dispatchable generation projects, as well as renewable resources are complete. Briefings have begun, and no parties have disputed the need for new generation to meet growing demand. We are targeting decisions in the third quarter.

安特吉公司在德克薩斯州對 CCN 發電的請求正在按預期進行。Legend 和 Lonestar 可調度發電項目以及可再生資源的聽證會已經完成。簡報會已經開始，各方都對需要新一代來滿足日益增長的需求提出異議。我們計劃在第三季做出決定。

In Arkansas, the APSC issued a certificate of environmental compatibility and public need for Lake Catherine Unit 5. This plant is important to support Arkansas's customer demand.

在阿肯色州，APSC 為凱瑟琳湖 5 號機組頒發了環境相容性和公眾需求證書。該工廠對於滿足阿肯色州的客戶需求至關重要。

Entergy Mississippi received approval to build a combined cycle gas plant in Ridgeland County. This facility will serve the growing demand in our Mississippi service area. And Entergy Mississippi also filed its annual form in the rate plan with no rate change requested. We expect the commission to take this up over the next few months.

安特吉密西西比公司獲得批准在里奇蘭縣建造一座聯合循環燃氣廠。該設施將滿足我們密西西比服務區日益增長的需求。而 Entergy Mississippi 也提交了其費率計畫的年度表格，並未要求更改費率。我們預計委員會將在未來幾個月內著手處理此事。

Turning to legislative matters, Arkansas recently completed its session, setting the stage for future growth in the state. Act 373, signed into law by the governor, supports economic development and growth and will benefit our customers and communities. Specifically, the legislation allows recovery for new generation capacity and certain transmission investments outside of the formula rate plan's 4% cap.

談到立法問題，阿肯色州最近結束了會議，為該州未來的發展奠定了基礎。第 373 號法案由州長簽署成為法律，支持經濟發展和成長，並將使我們的客戶和社區受益。具體而言，該法案允許在公式費率計劃 4% 的上限之外恢復新發電容量和某些輸電投資。

It also streamlines and simplifies the process for certification of public need to allow for faster response to economic development while maintaining regulatory oversight. Additionally, the new law allows utilities to recover carrying costs on construction work and process. During construction, thus lowering costs for customers.

它還簡化了公眾需求認證流程，以便在保持監管監督的同時更快地回應經濟發展。此外，新法律允許公用事業公司收回建築工程和流程的營運成本。在施工期間，從而降低客戶的成本。

Texas is also in a legislative session. One of the bills of interest for us will accelerate the regulatory review and approval for storm securitization to 150 days, significantly faster than previous reviews. More timely reviews benefit customers through lower carrying costs and improved credit. The Texas legislative session continues through June 2nd.

德州也正在舉行立法會議。我們感興趣的法案之一將把風暴證券化的監管審查和批准時間縮短至 150 天，比之前的審查速度明顯加快。更及時的審核可降低持有成本並提高信用，從而使客戶受益。德州立法會議將持續到 6 月 2 日。

Turning the tariffs, we know tariffs are certainly a topic that we know you're interested in. It's top of mind for us as well, and we are actively engaged in monitoring as the landscape evolves. There are several considerations, and the bottom line is that we believe tariff impacts are manageable.

談到關稅，我們知道關稅肯定是您感興趣的話題。這也是我們最關心的問題，我們正積極監測情勢的發展。有幾個考慮因素，最重要的是我們認為關稅影響是可控的。

The current tariffs would primarily impact capital expenditures, and we estimate that the impact to be approximately 1% of our $37 billion, four year capital plan. The vast majority of the dollar impact is in the back end of our forecast period, which provides time to continue to reduce those effects through additional supply sources.

目前的關稅主要影響資本支出，我們估計其影響約為我們 370 億美元四年資本計畫的 1%。美元影響的絕大部分發生在我們預測期的後期，這為透過增加供應來源繼續減少這些影響提供了時間。

To mitigate potential impacts, we are working with our suppliers to develop alternative supply sourcing strategies. In addition, our ongoing cost management efforts, as well as contingencies in our spending plans will help us manage our costs. For example, in Analyst Day last summer, we talked about our discipline capital prioritization and review processes to drive customer value.

為了減輕潛在影響，我們正在與供應商合作制定替代供應採購策略。此外，我們正在進行的成本管理工作以及支出計畫中的緊急措施將有助於我們管理成本。例如，在去年夏天的分析師日，我們討論了我們的學科資本優先事項和審查流程，以推動客戶價值。

To date, we've identified greater than $1 billion of capital that was redeployed into other projects to benefit customers. We're making every effort to reduce the effects of tariffs for our customers who are working hard to make ends meet and competing in a global marketplace. To that point we're also actively monitoring what this means for our customers' businesses.

到目前為止，我們已經確定了超過 10 億美元的資本，並將其重新部署到其他專案中，以造福客戶。我們正在盡一切努力減少關稅對那些努力維持生計並在全球市場上競爭的客戶的影響。至此，我們也在積極監控這對客戶的業務意味著什麼。

Our large industrial customers are highly competitive in domestic and global markets. Commodity spreads continue to be supportive in part due to the structural advantage of low cost natural gas. I'd like to highlight a few specific examples.

我們的大型工業客戶在國內和全球市場上都具有很強的競爭力。大宗商品價差持續維持支撐，部分原因在於低成本天然氣的結構性優勢。我想強調幾個具體的例子。

LNG exports are likely to increase due to the natural gas advantage, which would help bridge the trade deficit, and I just mentioned the Woodside announcement as a case in point. Ammonia has a strong competitive position due to low natural gas prices in the US, and companies are moving forward an investment in clean energy technologies, as the CF industry's example illustrates.

由於天然氣優勢，液化天然氣出口可能會增加，這將有助於彌補貿易逆差，我剛才提到伍德賽德的聲明就是一個例子。由於美國天然氣價格低廉，氨具有強大的競爭地位，企業正在推動對清潔能源技術的投資，如CF產業的例子所示。

The petrochemical sector also enjoys structural advantages from low cost natural gas liquids feedstock, and potential decreases in global production would likely come from the European Union. Beyond the price advantages of natural gas, companies seeking domestically produced materials to manage tariffs could cause sectors such as steel that are not currently running at full capacity to ramp up production.

石化產業也享有低成本天然氣液體原料的結構性優勢，全球產量的潛在下降可能來自歐盟。除了天然氣的價格優勢之外，企業尋求國產材料來應對關稅，可能會導致鋼鐵等目前尚未滿載運轉的產業提高產量。

Overall, commodity fundamentals still favor US manufacturing. As a result, our service area remains well positioned to capture new onshoring and industrial development with the Gulf Coast advantages that we talked about for some time and then I managed -- and that I mentioned earlier.

整體而言，大宗商品基本面仍有利於美國製造業。因此，我們的服務區仍然處於有利地位，可以利用墨西哥灣沿岸的優勢來抓住新的在岸服務和工業發展機會，這一點我們之前已經討論過，後來我也提到過。

These foundational elements can facilitate even further expansion of the broad industrial manufacturing base and supporting services in our region. As I said, we believe tariff impacts are manageable, and with everything we know today, we remain confident in the guidance and outlook initiated on last quarter's call.

這些基礎要素可以促進我們地區廣泛的工業製造基礎和支援服務的進一步擴展。正如我所說，我們認為關稅的影響是可控的，而且根據我們今天所了解的一切，我們仍然對上個季度電話會議上提出的指導和展望充滿信心。

Before I wrap up, tomorrow, our COO, Pete Norcia is retiring. Over his 10 plus years at Entergy, Pete transformed our power generation team, closed down our exit from the merchant power business. In the last couple of years as COO, he re-centered us on public safety while preparing us to manage the large capital investments responding to customer demands. Pete is also a good friend. We will miss him, and we wish him well in the next chapter.

在我結束之前，明天我們的營運長 Pete Norcia 就要退休了。在 Entergy 任職的十多年裡，Pete 改變了我們的發電團隊，阻止了我們退出商業電力業務。在擔任營運長的過去幾年裡，他重新將我們的工作重點放在公共安全上，同時幫助我們做好管理大量資本投資以滿足客戶需求的準備。皮特也是一位好朋友。我們會想念他，並祝他在下一章一切順利。

Moving into the COO role is Kimberly Cook Nelson, who's been driving our steadily improving nuclear operations over the last few years. A leader in the nuclear industry should bring the wealth of leadership experience, operational discipline, and project management skills to the COO role, which should serve us well for the growth investment road ahead.

即將出任營運長的是金伯利·庫克·尼爾森 (Kimberly Cook Nelson)，過去幾年來她一直致力於推動我們核能業務的穩步改善。核工業的領導者應該將豐富的領導經驗、營運紀律和專案管理技能帶到營運長的角色中，這應該會對我們未來的成長投資之路大有裨益。

Finally, John Donnelly is taking over as Chief Nuclear Officer. He is a longtime Entergy employee, having started here when we purchased Indian Point. He's held many leadership roles within the nuclear organization and recently he has served as our nuclear COO helping lead the cultural changes needed to continue our relentless pursuit of improvement in nuclear operations. While we were sad to see Pete go, we're excited about the new opportunities that will come from the leadership of Kimberly and John.

最後，約翰唐納利 (John Donnelly) 接任首席核能官。他是 Entergy 公司的長期員工，在我們收購 Indian Point 時就開始在這裡工作了。他在核能組織內擔任過許多領導職務，最近他擔任我們的核能首席營運官，幫助領導必要的文化變革，以繼續我們不懈地追求核能運營的改進。雖然我們對皮特的離開感到難過，但我們對金伯利和約翰的領導將帶來的新機會感到興奮。

And finally, we're saddened to learn of the passing of Alexis Herman over the weekend. From her beginnings in Alabama along the Gulf Coast, she attended Xavier University right here in New Orleans, and then went on to become Secretary of Labor among many other accomplishments. Of course, we know her from her 20 years of service on our Board of Directors.

最後，我們很悲痛地得知亞歷克西斯·赫爾曼於週末去世的消息。她從墨西哥灣沿岸的阿拉巴馬州起步，就讀於新奧爾良的澤維爾大學，後來成為勞工部長並取得了許多其他成就。當然，我們了解她，因為她在我們董事會任職已有 20 年。

Beyond her outstanding wisdom and insight, she was a friend, a mentor, and an inspiration to all of us, and we will miss her dearly. Although we are sad, Alexis would be proud of our great start to the year. We are on the path to meet our stakeholders' expectations in 2025 with solid progress across key customer, operational, legislative, and regulatory fronts. We're executing on our plan to realize the opportunity in front of us, and we're confident we can be successful. As we continue to put our customers first, we will deliver premium value to each of our key stakeholders.

除了她傑出的智慧和洞察力之外，她還是我們所有人的朋友、導師和靈感來源，我們將深深懷念她。儘管我們感到難過，但亞歷克西斯會為我們今年的良好開端感到自豪。我們正朝著滿足利害關係人在 2025 年的期望的方向前進，在關鍵客戶、營運、立法和監管方面取得穩步進展。我們正在執行計劃以實現眼前的機遇，我們有信心取得成功。我們始終將客戶放在第一位，並將為每個主要利害關係人提供優質價值。

I'll now turn the call over to Kimberly.

我現在將電話轉給金伯莉。

Thank you, Drew. Good morning, everyone. Today I will review our financial results as well as our guidance and outlooks. I'll also talk about tax credits and their potential financial impacts.

謝謝你，德魯。大家早安。今天我將回顧我們的財務表現以及我們的指導和展望。我還將談論稅收抵免及其潛在的財務影響。

Starting with earnings, our adjusted earnings per share for the quarter was $0.82. This result keeps us firmly on track for our adjusted EPS guidance for the year. The quarters adjusted EPS drivers are shown on slide 4. Key highlights include higher retail sales volume, including the effects of weather, effects from regulatory actions, including recovery of investments to benefit customers, and lower other O&M than first quarter last year. These favorable effects were partially offset by higher interest expense and depreciation as a result of investments.

從收益開始，我們本季的調整後每股收益為 0.82 美元。這一結果使我們今年的調整後每股收益預期保持穩定。季度調整後的 EPS 驅動因素如投影片 4 所示。主要亮點包括零售額增加（包括天氣影響）、監管行動的影響（包括投資回收以使客戶受益）以及其他營運和維護成本低於去年第一季。這些有利影響被投資導致的更高的利息支出和折舊部分抵銷。

First quarter weather adjusted retail sales growth was strong at 5.2%. The industrial sales increase was the biggest driver at 9.3%, reflecting increases in usage from customer editions over the course of 2024, as well as continued ramp of new and expansion customers.

經天氣調整後的第一季零售額成長強勁，達到 5.2%。工業銷售額成長 9.3% 是最大推動力，這反映了 2024 年期間客戶版本使用量的增加，以及新客戶和擴展客戶的持續成長。

Slide 5 provides our credit ratings and affirms that our credit metric outlooks remain better than agency thresholds. Our ongoing focus on credit has created flexibility to manage volatility and headwinds. Availability and transferability of renewable tax credits continued to be a topic of interest. Nuclear production tax credits or PTCs became effective in 2024.

投影片 5 提供了我們的信用評級，並確認我們的信用指標前景仍然好於機構門檻。我們持續關注信貸，從而能夠靈活地管理波動性和逆風。再生稅收抵免的可用性和可轉讓性仍然是人們感興趣的話題。核生產稅收抵免或 PTC 於 2024 年生效。

The Treasury Department has not issued guidance on how to determine gross receipts for purposes of calculating the amount of nuclear PTCs generated. We are evaluating our position with respect to these credits and will finalize our position prior to our 2024 corporate tax filings. As a reminder, cash benefits from nuclear PTCs are not included in our outlooks, so any nuclear PTCs that are realized would be positive to our plan.

財政部尚未發佈如何確定總收入以計算核能 PTC 產生的金額的指導。我們正在評估這些抵免的立場，並將在 2024 年企業報稅之前最終確定立場。提醒一下，核 PTC 帶來的現金收益不包括在我們的展望中，因此任何實現的核 PTC 都會對我們的計劃產生積極影響。

Our 2027 and 2028 outlooks include tax credits of approximately $170 million and $350 million respectively on more than $5 billion of renewable investments through 2028. If the transferability rules change, we would expect to monetize the credits using tax equity. We continue to safe harbor as many projects as possible in the event that the credits phase out sooner than the current rules provide. However, even if we were to lose all the renewable tax credits assumed in our guidance, our credit metrics would still exceed rating agencies thresholds.

我們對 2027 年和 2028 年的展望包括，到 2028 年，對超過 50 億美元的再生能源投資分別提供約 1.7 億美元和 3.5 億美元的稅收抵免。如果可轉讓性規則發生變化，我們希望利用稅收公平將抵免貨幣化。如果信用額度的取消速度比現行規則規定的更快，我們將繼續為盡可能多的專案提供安全港。然而，即使我們失去指引中假設的所有可再生稅收抵免，我們的信用指標仍將超過評級機構的門檻。

Turning to slide 6, our equity needs are unchanged since our last update. During the quarter, we executed an approximately $1.5 billion block equity forward including the Greenshield. Prior to the equity block, we contracted roughly $230 million using ATM forwards. With these transactions, we have successfully secured our equity needs into 2027, and we've contracted approximately two third of our needs through 2028, ensuring access to capital needed to execute on our capital plan. No forwards were settled during the quarter.

轉到幻燈片 6，我們的股權需求自上次更新以來沒有變化。在本季度，我們執行了包括 Greenshield 在內的約 15 億美元的區塊股權遠期交易。在股權凍結之前，我們利用 ATM 遠期合約簽訂了約 2.3 億美元的合約。透過這些交易，我們成功確保了到 2027 年的股權需求，並且已經簽訂了到 2028 年約三分之二的需求合同，確保能夠獲得執行資本計劃所需的資本。本季未結算任何遠期合約。

As shown on slide 7, we are affirming our adjusted EPS guidance and outlooks. For 2025, we're firmly on track. Weather and other updates in the first quarter create flexibility to manage the business in response to potential volatility and other headwinds.

如投影片 7 所示，我們確認調整後的每股盈餘指引和展望。面向2025年，我們已穩步前進。第一季的天氣和其他更新為管理業務以應對潛在的波動和其他不利因素提供了靈活性。

Looking ahead to the second quarter, we expect other O&M to be roughly a nickel higher than last year, primarily due to planned power generation spending, including the timing of outages and timing of vegetation management expenses. We have confidence in our plan and our ability to deliver on our guidance and outlooks.

展望第二季度，我們預計其他營運和維護費用將比去年高出約五分之一，這主要是由於計劃發電支出，包括停電時間和植被管理費用的時間。我們對我們的計劃以及實現指導和展望的能力充滿信心。

We've had a strong start to the year and have a solid plan to support our growing customer base. We are excited about the opportunities before us and remain well positioned to execute and deliver successful outcomes.

我們今年開局強勁，並製定了完善的計劃來支持我們不斷增長的客戶群。我們對眼前的機會感到興奮，並將繼續做好充分準備去執行並取得成功的成果。

And now the Entergy team is available for questions.

現在 Entergy 團隊可以解答您的疑問。

(Operator Instructions)

（操作員指示）

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Hi, good morning team. Congrats on great quarter. It's actually Constantine here for Shar.

嗨，大家早安。恭喜本季取得如此出色的成績。事實上，康斯坦丁 (Constantine) 是來為莎爾 (Shar) 服務的。

Hey, good morning.

嘿，早安。

Just as we're thinking about the Arkansas generation bill, do you feel the state is now fully competitive on the data center front in terms of providing turnkey interconnection and have there been any inbounds thus far, or do you need any further rate design improvements?

就像我們正在考慮阿肯色州的發電法案一樣，您是否認為該州在提供交鑰匙互連方面的數據中心方面現在具有完全的競爭力，到目前為止是否有任何入站，或者您是否需要進一步的費率設計改進？

I think I -- Shar it's true, -- sorry, Constantine this is true. We feel that they are fully competitive at this point and we are talking to potential customers of the state of Arkansas. We have a lot of interest there, and so we are working down that path right now.

我認為我──莎爾，這是真的──對不起，康斯坦丁，這是真的。我們認為他們目前具有充分的競爭力，我們正在與阿肯色州的潛在客戶進行洽談。我們對此很感興趣，因此我們現在正在朝著這個方向努力。

Excellent. And then maybe in terms of the financing updates just last quarter of the guidance was for 75% of the equity to be after 2026 and looks like that might be accelerating slightly. Does that imply an acceleration of credit metric improvement or any other moving pieces you want to highlight?

出色的。然後，就融資更新而言，上個季度的指導意見是 75% 的股權將在 2026 年之後實現，而且看起來這一速度可能會略有加速。這是否意味著信用指標改善的加速或您想要強調的任何其他動態因素？

Yeah. There hasn't been a substantial change in the timing of the equity needed. We contracted forward into '27, but -- and our credit metrics through '28 continue to build towards and up to 15%. So we see strong flexibility in credit, but I wouldn't assume a whole lot of shift in the equity needs and the timing of the equity in that period.

是的。所需股權的時間並沒有實質的改變。我們將合約延至 27 年，但 — — 到 28 年，我們的信用指標將繼續朝 15% 邁進。因此，我們看到信貸具有很強的靈活性，但我不會認為該時期股權需求和股權時機會發生很大的轉變。

And anything that drove such a big forward volume in 1Q relative to the last quarter, or is that just kind of optimization?

是什麼原因導致第一季的遠期交易量相對於上一季有如此大的增幅，還是只是一種優化？

Yeah. It really was taking risk off the table. We had an opportunity to execute on that forward and, given volatility and the equity that we needed, that we believed we could continue to satisfy with the ATM, but we had an opportunity to close some of that out and so we took advantage of that and set ourselves up to be able to manage volatility over the next couple of years.

是的。這確實消除了風險。我們有機會執行這一遠期目標，考慮到波動性和我們所需的公平性，我們相信我們可以繼續透過 ATM 來滿足這一需求，但我們有機會關閉其中的一些，因此我們利用了這一點，並為自己能夠在未來幾年管理波動性做好了準備。

Excellent. Appreciate, that. Thanks for taking the questions. I'll jump back in queue.

出色的。非常感謝。感謝您回答這些問題。我會重新排隊。

Thank you.

謝謝。

Jeremy Tonet JPMorgan.

傑里米·託內特 摩根大通。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Just want to look at the sales a little bit here. I think that your residential customer count might have been up just under 1% quarter-over-quarter, and your weather normalized sales, if I'm seeing this right for residential went up about 4.5%. I was wondering if you could talk a bit more about drivers there.

只是想稍微看一下這裡的銷售狀況。我認為您的住宅客戶數量可能比上一季度增長了不到 1%，並且由於天氣原因銷售額正常化，如果我沒看錯的話，住宅銷售額增長了約 4.5%。我想知道您是否可以多談談那裡的司機。

Yeah. Good morning, Jeremy. It's Kimberly. I wouldn't look too much at the specifics on the quarter over quarter, you're going to see some volatility in the accounts. What we expect our residential sales to be about 1% for the full year and our sales overall to be about 5.5%, so still strong sales over the year, but you're going to see some volatility in a given quarter -- on a quarter-over-quarter basis.

是的。早上好，傑里米。我是金伯莉。我不會太在意季度間的具體情況，你會看到帳戶出現一些波動。我們預計全年住宅銷售額將成長 1% 左右，整體銷售額將成長 5.5% 左右，因此全年銷售仍然強勁，但您會看到某個季度（與上一季相比）會出現一些波動。

Got it. That's helpful. Thanks. And just moving to industrial sales and as you said, it'll be volatile any given quarter, but it seems like there's a degree of macro uncertainty out there that might be weighing on industrial activity a bit. Just wondering if you could provide any thoughts from your viewpoint on your service territory.

知道了。這很有幫助。謝謝。至於工業銷售，正如您所說，任何一個季度都會有波動，但似乎存在一定程度的宏觀不確定性，可能會對工業活動造成一定壓力。只是想知道您是否可以從您的服務領域的角度提供任何想法。

When we think about our industrial customers, we have had more than 5% growth for over 15 years, and that's included a number of periods where there were various economic factors happening in those periods, and I think the three industrial customers that Drew reference in his comments coming in just this quarter, over the last couple months underscores the opportunity that we have for our traditional customers and then we continue to have a significant opportunity in the data center space.

對於我們的工業客戶來說，15 年來我們的成長率一直超過 5%，其中包括一些時期，這些時期發生了各種經濟因素，我認為 Drew 在本季度的評論中提到的三個工業客戶在過去幾個月中凸顯了我們為傳統客戶提供的機會，然後我們在資料中心領域繼續擁有重大機會。

So our customers are making 30 year decisions. There's our short term volatility that they may have to manage through but we see those decisions coming through and we continue to see a lot of opportunity through our pipeline as we go forward.

所以我們的客戶正在做出 30 年的決策。他們可能必須應對我們的短期波動，但我們看到這些決定正在實現，隨著我們前進，我們將繼續透過我們的管道看到很多機會。

And I'll just point to the rule of thumb that we have in our materials for industrial sales is, 1% change in a given year is only about penny of impact. So it's a pretty wealthy risk because of the high level of demand charges that we have in the industrial customer space.

我只想指出，我們在工業銷售材料中的經驗法則是，某一年 1% 的變化只會產生約幾美分的影響。因此，由於工業客戶領域的需求費用很高，因此風險相當大。

Got it. That's helpful and just one last one if I could, just as far as the winning these new packages here and increasing the pipeline of big activity, I wonder if you could provide more color what it looks like I guess on conversations with data center or other large industrial users, how you see that I guess coming together in this environment has anything changed?

知道了。這很有幫助，如果可以的話，我只想問最後一個問題，就贏得這些新包裹和增加大型活動的管道而言，我想知道您是否可以提供更多的細節，我猜在與數據中心或其他大型工業用戶的對話中，您如何看待我猜在這種環境下聚集在一起有什麼變化？

Yeah, Jeremy, the Drew referenced that we had 5 to 10 gigawatts in our data center discussions. Those are still strong and ongoing discussions. Our pipeline and our other customers hasn't really changed from the last time that we gave that level of detail. We continue to have strong conversations.

是的，傑里米，德魯提到我們在資料中心討論中有 5 到 10 千兆瓦。這些仍然是激烈且持續的討論。與我們上次提供這種詳細程度的資訊相比，我們的管道和其他客戶實際上並沒有什麼變化。我們繼續進行深入的對話。

Our pipeline is in our forecasts is on a weighted probability basis, and Drew referenced that these customers were in our forecasts, but certainly they are hitting at a faster and higher success rate that enables us to continue to serve them. But at that rate continues, we'll have to look at incremental capital to support continued growth.

我們的預測是基於加權機率的，Drew 提到這些客戶都在我們的預測中，但他們的成功率肯定更快、更高，這使我們能夠繼續為他們提供服務。但以這種速度持續下去，我們將不得不考慮增量資本來支持持續成長。

Yeah. That's a good point. I mean -- and outside the data centers, we probability weigh everything and the three announcements that we gave you were in our forecast, but they were probability weighted. And so now the sales expectations for them are much higher than what we were originally anticipating and taking up the space that the other probability weighted customers, might have been taking up. So there could be additional capital needed should those customers come in, and we do expect some of them to come.

是的。這是一個很好的觀點。我的意思是 - 在資料中心之外，我們會對所有事物進行機率權衡，我們向您發布的三個公告都在我們的預測中，但它們是機率加權的。因此，現在對他們的銷售預期比我們最初的預期要高得多，並且佔據了其他機率加權客戶可能佔據的空間。因此，如果這些客戶加入，我們可能需要額外的資金，而我們確實預計其中一些客戶會加入。

Got it. That's helpful. I'll leave it there. Thanks.

知道了。這很有幫助。我就把它留在那裡。謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hey, thanks so much. Good morning.

嘿，非常感謝。早安.

Good Morning.

早安.

I was wondering if you could maybe just give a maybe an update or a profile of your system, as you're looking at some of these large load customers in the pipeline, how quickly can you offer them service to connect in. Time to power has been a focus among that cohort, so curious just what the latest is in terms of how quickly you can accommodate new large load customers.

我想知道您是否可以提供您的系統的更新或概況，因為您正在查看管道中的一些大負載客戶，您能多快為他們提供連接服務。上電時間一直是該群體關注的焦點，因此很好奇在多快能夠容納新的大負載客戶方面的最新進展。

Yeah. This is Drew, and then I'll see if Kimberly wants to add anything, but the -- we do have positions and queues in order to provide generation to potential customers, as you all know, those queues are full, but our positions we believe would allow us to continue to offer up opportunities for customers. At this point it's near the back end of our period, because there's just a lot to do to make room for all this.

是的。我是德魯，然後我會看看金伯利是否想補充什麼，但是 - 我們確實有職位和隊列，以便為潛在客戶提供發電服務，眾所周知，這些隊列已經滿了，但我們相信我們的位置將使我們能夠繼續為客戶提供機會。此時，我們的週期已接近尾聲，因為還有很多事情要做，以便為所有這些事情騰出空間。

And as you know that the three that we customers that we were talking about today are all in the 2028 moving -- ramping into 2029 kind of time frame. So that's kind of where we are in terms of potential opportunity and so it doesn't really matter which kind of customers we're talking about, that's where that opportunity will be sitting.

如你所知，我們今天談論的三位客戶都在 2028 年左右進入 2029 年的時間範圍內。這就是我們所處的潛在機會，因此，我們談論的是哪種類型的客戶並不重要，重要的是機會就在那裡。

Got it. Yeah, that makes sense. I appreciate that color. Maybe just a quick clarification on the tariff exposure would you consider, I guess you think of the tariff exposure as being earnings exposure, is this kind of already approved projects that now need to -- that are going to be more expensive or, this is out in the future, we'll get worked through regulatory processes over time. I know you're trying to offset it, but how do you consider kind of earnings exposure, if any from that?

知道了。是的，這很有道理。我很欣賞那個顏色。也許只是對關稅風險做一個快速澄清，我想您認為關稅風險是收益風險，這種已經批准的項目現在需要 - 這將更加昂貴，或者，這是未來的問題，我們將隨著時間的推移通過監管程序來解決。我知道您正在嘗試抵消它，但是您如何考慮收益風險（如果有的話）？

Yeah, David, most of that exposure, as you noted is in '27 and '28, and most of it is also tied to new generations, specific components to help build those facilities. So we think that gives us time to find additional suppliers and mitigate that. So we don't see that being a real earnings effect, and Drew mentioned some of the things we're doing to mitigate that, but we think that, that is manageable within the forecast period.

是的，大衛，正如您所說，大部分曝光都發生在 27 年和 28 年，而且大部分曝光也與新一代、幫助建造這些設施的特定組件有關。因此我們認為這給了我們時間來尋找額外的供應商並緩解這個問題。因此，我們認為這不會對獲利產生真正的影響，德魯提到了我們正在採取的一些措施來緩解這種影響，但我們認為，在預測期內，這是可以控制的。

Okay, got it. Understood. I appreciate it. Thanks so much.

好的，明白了。明白了。我很感激。非常感謝。

Thank you.

謝謝。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Hey, good morning. Thanks for all the updates.

嘿，早安。感謝所有的更新。

Hey, good morning, Nick.

嘿，早上好，尼克。

Good morning. Hey, I just wanted to ask on '25, it just seems like you're off to a good start, are you trending higher in the fiscal '25 plan, just given the weather tailwinds or other headwinds to kind of consider for later this year?

早安.嘿，我只是想問一下 25 年的情況，看起來你們已經有了一個良好的開端，在財政 25 計劃中，你們的趨勢是否更高，只是考慮到今年晚些時候的天氣順風或其他逆風？

Yeah. We did have a good start to the year, but as with any year we use that to manage through the course of the business uncertainty. We obviously have the summer coming. It could be we could have a super hot summer or we could have a mild summer, and so we need to see how that plays out, but we'll use that flexibility to help us manage, but we're comfortable that we'll deliver our outlooks at the end of the year.

是的。今年我們確實有一個良好的開端，但與任何一年一樣，我們利用這一良好開端來應對業務不確定性。顯然，夏天即將到來。我們可能會經歷一個非常炎熱的夏天，也可能經歷一個溫和的夏天，所以我們需要看看情況會如何發展，但我們會利用這種靈活性來幫助我們應對，但我們很放心，我們會在年底公佈我們的展望。

Okay, great. Thanks. And then just on this new customer generation transmission filing, I know that we're kind of approaching hearings here as kind of a midterm data point just -- is there any potential or effort by the parties to want to settle issues in the proceeding, or do you kind of see that going straight through into the October order? Thanks.

好的，太好了。謝謝。然後就這個新的客戶生成傳輸文件而言，我知道我們正在將這裡的聽證會視為一種中期數據點 - 雙方是否有可能或努力希望在訴訟中解決問題，或者您是否認為這會直接影響到十月份的命令？謝謝。

Yeah, this is true. There is always the potential to settle, and so we will look at that if those opportunities arrive. Certainly we'd always prefer to settle rather than go to hearing if we could. But we have a good schedule and there's a lot of support for this investment in the state and among the stakeholders. So we're confident that we will manage through the process and get the outcome that will benefit the customers of communities.

是的，這是真的。總是存在著解決問題的可能性，因此，如果機會出現，我們就會考慮。當然，如果可以的話，我們總是寧願和解，而不是去聽證。但我們的計劃很好，州政府和利益相關者都大力支持這項投資。因此，我們有信心完成整個過程並取得有利於社區客戶的結果。

Thanks a lot.

多謝。

Thank you.

謝謝。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Hey, thank you very much and congratulations on a strong quarter. I guess my first question is, can you give us a sense of the load that's associated with the three customers?

嘿，非常感謝，並祝賀您本季業績強勁。我想我的第一個問題是，您能否讓我們了解這三位客戶的負載狀況？

Good morning, Paul. Unfortunately, I can't. We don't have authorization to talk about specific customer load, so I wouldn't mention that to you. I would say, these are large industrial facilities and they would be on par with things that you might see and elsewhere, but I can't give you specifics unfortunately.

早安，保羅。不幸的是，我不能。我們沒有授權談論特定的客戶負載，所以我不會向您提及這一點。我想說，這些都是大型工業設施，它們與您在其他地方看到的東西相當，但遺憾的是我無法向您提供具體細節。

And then your transmission filing in Texas, is that a 365, 500 or 345 kV line that you're proposing and I guess how many miles should we think of additional transmission?

然後，您在德克薩斯州的傳輸文件顯示，您提議的是 365、500 還是 345 kV 線路，我想我們應該考慮增加多少英里的傳輸？

Yeah. That's a 500 kV and it is 130 to 160 miles. There's a slide in the materials on that, that you can look at, and it actually will sort of terminate ideally with the line that we are requesting for approval in Louisiana. So you'll get -- in addition to customer support, I think you'll get a good resilience benefit out of that as well to help us with storms.

是的。電壓為 500 kV，距離為 130 至 160 英里。材料裡有一張幻燈片，你可以看一下，它實際上會以我們在路易斯安那州申請批准的線路作為終點。因此，除了客戶支援之外，我認為您還將獲得良好的彈性優勢，以幫助我們應對風暴。

And sort of last question there, what would be the completion if you were to be awarded the project? What would be the completion date?

最後一個問題，如果您獲得這個項目，您會如何完成？完成日期是什麼時候？

We think it would be just outside of our outlook period in 2029.

我們認為它將剛好超出我們 2029 年的展望期。

Great. Thank you so much.

偉大的。太感謝了。

Thank you.

謝謝。

Steve Fleishman, Wolf Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yeah. Hi, good morning.

是的。嗨，早安。

Good morning, Steve.

早安，史蒂夫。

Yeah. Just -- I guess just on the sales guide for '25, you took it down a little bit, just any -- I know it's still really good, but just any explanation for that.

是的。只是 — — 我想只是在 25 年的銷售指南上，你把它拿低了一點，只是 — — 我知道它仍然很好，但只是對此有任何解釋。

Yeah. Good morning, Steve. It really is just as we get line of sight on the -- over the course of the year, we know the industrials will come in. Their ramps may vary. They come in, large load comes in in a little bit of variety over the course of the year. So still at 5.5%, we still see strong sales, but just a little bit of clarity on how that's going to come in.

是的。早安，史蒂夫。正如我們所看到的——在一年的時間裡，我們知道工業將會進入。他們的坡道可能會有所不同。他們進來了，在一年的時間裡，大量的貨物以稍微不同的方式進來。因此，我們仍然看到 5.5% 的強勁銷售，但對於其未來如何發展尚不清楚。

Okay. And then the last quarter, I think you had the second Mississippi customer that you kind of announced but hadn't been named. Is there any more clarity on that customer?

好的。然後，在上個季度，我想您迎來了第二位密西西比客戶，雖然您已經宣布了這一點，但還沒有透露名字。關於那位客戶還有什麼不清楚的嗎？

Yeah, So we are still all on moving forward with that customer. They have not announced themselves and so we're working to their schedule, but there's nothing new from our end. We're moving forward on everything we need to do to serve that customer.

是的，所以我們仍在繼續與該客戶合作。他們還沒有宣布自己的消息，所以我們正在按照他們的日程安排行事，但我們這邊沒有任何新消息。我們正在盡一切努力為該客戶提供服務。

Okay. Then on the regulatory on the Texas plants that you're -- the next round of plants that you're looking to build I think staff came out against it more because they thought you should have had an RFP. Just could you talk to your views on being able to kind of resolve that constructively.

好的。然後，關於您正在考慮建造的下一輪德克薩斯州工廠的監管問題，我認為員工對此更加反對，因為他們認為您應該有一個 RFP。您能否談談您對如何建設性地解決這個問題的看法？

Sure. Yeah, as I mentioned in my remarks, there is no disagreement with the need for incremental generation in Texas. Everybody recognizes that, and then I think everybody also appreciates that we really need to move quickly, in order to support the low growth in Texas as well. That's fully in the record and well supported the rationale for why we needed to move quickly.

當然。是的，正如我在評論中提到的，沒有人反對德克薩斯州需要增量發電。每個人都認識到了這一點，而且我認為每個人也都明白我們確實需要迅速採取行動，以支持德克薩斯州的低成長。這是有充分記錄的，並且很好地支持了我們需要迅速採取行動的理由。

We've already got the Orange County plant. We actually did a full RFP for that one, and there were no other competing bids for this project in lieu of the longer time required for a full RFP. We did bid out all the -- some of the major components for the plant, so there is RFP in there, just not for the whole thing.

我們已經擁有了奧蘭治縣工廠。我們實際上為該專案做了一個完整的 RFP，並且沒有其他競爭性投標，因此完整的 RFP 需要更長的時間。我們確實對工廠的所有主要部件進行了招標，因此其中有 RFP，但不是針對整個工廠。

And that's all reflected in the record, and we understand what the staff was saying, but we do believe there's support for us to continue to move forward and get to the finish line. Of course we've got to -- we have to finish out the process with the commission, and the commission needs to agree with that, but we believe that there's evidence in the record that'll support moving forward quickly.

這一切都反映在記錄中，我們理解工作人員所說的話，但我們確實相信，他們會支持我們繼續前進，到達終點。當然，我們必須——我們必須與委員會一起完成這個過程，而且委員會也需要同意這一點，但我們相信，記錄中有證據支持迅速推進這一進程。

Okay, great. That makes sense. Thanks.

好的，太好了。這很有道理。謝謝。

All right, thank you.

好的，謝謝。

Sophie Karp, KeyBank Capital Markets. .

KeyBank 資本市場部的 Sophie Karp。。

Hi, good morning. Thank you for taking my questions.

嗨，早安。感謝您回答我的問題。

Good morning, Sophie.

早安，蘇菲。

Right. So a couple of questions on the I guess the generation portfolio, how you think about that. I was curious to hear your thoughts on, what would make -- what kind of market signal would make you take a closer look at nuclear and maybe bring those opportunities forward and also some of your peers are discussing how building gas plants takes some a really long time, right? And how -- what are you seeing and how fast can you basically build a gas plant right now?

正確的。所以我猜想關於發電組合有幾個問題，您對此有何看法。我很好奇想聽聽您的想法，什麼樣的市場訊號會讓您更仔細地研究核能，並可能帶來這些機會，而您的一些同行正在討論為什麼建造天然氣工廠需要很長時間，對嗎？以及您現在看到了什麼以及您現在能多快建造一座天然氣工廠？

Yeah. So with regards to nuclear, we are working on opportunities right now as I mentioned, so we have the early sight permit in Mississippi that is an opportunity for us, and we're talking with stakeholders including customers and vendors on that. I don't know that there are any other market signals that we could see, the key issue for us is our ability to manage the construction risk and of course we need a customer to want to pay for that.

是的。因此，就核能而言，正如我所提到的，我們現在正在尋找機會，因此我們在密西西比州獲得了早期勘探許可證，這對我們來說是一個機會，我們正在與包括客戶和供應商在內的利益相關者就此進行談判。我不知道我們還能看到其他市場訊號，對我們來說，關鍵問題是我們管理建設風險的能力，當然我們需要客戶願意為此付費。

So there's a lot of political support in Mississippi, Louisiana, Arkansas, and in Texas. Some of the states have laws, in their legislative sessions right now that they are considering to try and facilitate nuclear investment. We view that as all very, very positive. But we need to be able to solve that commercial question up front in order to move forward with nuclear on a more rapid.

因此，密西西比州、路易斯安那州、阿肯色州和德克薩斯州都有很多政治支持。一些州正在立法會議上考慮嘗試促進核子投資。我們認為這一切都非常非常積極。但我們需要能夠預先解決這個商業問題，以便更快地推動核能發展。

Regarding combined cycles and the path there, we have the -- key for that is where are you in the queue, and so we have que positions that would allow us to build plants in '28, '29. You saw that the examples today and the customers that are coming in -- are coming in that time frame that matches up with our ability to continue to build. So that's the time frame that we are looking at right now, is that time frame and sort of bringing on combined cycles.

關於聯合循環和那裡的路徑，我們有——關鍵在於你在隊列中的位置，所以我們有隊列位置，這將允許我們在'28、'29建造工廠。您看到了今天的例子和即將到來的客戶——他們都是在與我們繼續建立的能力相符的時間範圍內到來的。這就是我們現在所關注的時間範圍，也就是那個時間範圍和某種形式的聯合週期。

I think that's -- if you have few positions, I think that's consistent with most. I think there may be a few people that have sort of uncommitted que positions maybe in 2027, but that's about as early as I think you can get today that we've seen that could come into our service area. And then, if you're not in the queue, and you're trying to get into the queue today, it's probably more like 2030, 2031, so it's a little further out.

我認為——如果你有幾個立場，我認為這與大多數立場是一致的。我認為，可能在 2027 年會有少數人擁有尚未確定的排隊位置，但我認為，這是目前為止我們能找到的最早可以進入我們服務區域的人。然後，如果你不在隊列中，並且你今天試圖進入隊列，那麼可能要到 2030 年、2031 年，所以這有點遠了。

Thank you. It's a very helpful call. And then, my other question is on the legislature that you mentioned in Arkansas and in Texas, I believe that improves the recovery mechanisms for planned and the construction and storm recovery. How should we think about potential financial impacts of those, obviously this is a positive, but, how much would that be I guess, a creative on a normal year to you guys?

謝謝。這是一個非常有幫助的電話。然後，我的另一個問題是關於您提到的阿肯色州和德克薩斯州的立法機構，我相信這改善了計劃、建設和風暴恢復的恢復機制。我們應該如何看待這些因素可能帶來的財務影響，顯然這是正面的，但是，我猜這對你們在正常年份的創造力有多大影響？

Good morning, Sophie, it's Kimberly. From the Arkansas legislation, it does allow us to build earlier because you get a recovery earlier through you get AFUDC through or you get cash CWIP rather than AFUDC. We haven't quantified that effect, we'll look at what specific investments we'll use that mechanism for and how that will benefit customers, so that will be coming in future quarters, but certainly sets us up to move faster. And actually provides lower cost to customers because of the CWIP recovery early in the construction period.

早安，蘇菲，我是金伯莉。根據阿肯色州的立法，它確實允許我們更早建設，因為您可以透過獲得 AFUDC 或獲得現金 CWIP 而不是 AFUDC 更早獲得復甦。我們還沒有量化這種影響，我們將研究將使用該機制進行哪些具體投資，以及這將如何使客戶受益，因此這將在未來幾季實現，但肯定會讓我們行動得更快。並且由於在施工初期就進行了 CWIP 恢復，實際上為客戶提供了更低的成本。

In Texas, I think the mechanisms are more around ensuring risk. There's wildfire legislation, there's other legislation there, but I don't know that you'll see a lot of changes in the financials from depending on what goes through the legislation session there. From a securitization perspective, it is timing of the ability to recover the cost, which does lower cost to customers because of the carrying cost on that time to get those dollars back.

在德州，我認為機制更多的是確保風險。有關於野火立法，還有其他立法，但我不知道你是否會看到財務狀況有很大變化，這取決於立法會議的結果。從證券化的角度來看，這是收回成本的能力的時機，這確實降低了客戶的成本，因為當時存在收回這些美元的持有成本。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

Good morning. Two related questions, in particular to Louisiana. How does the Woodside FID decision impact the availability of power or time to market for new potential data center customers in your service territory and then related, given the macro uncertainty, any color you can share around GDP sensitivity to your load or customer activity in your plan and how that could impact the large load customer conversations.

早安.兩個相關問題，特別是關於路易斯安那州的問題。Woodside FID 決策如何影響您服務區域內新潛在資料中心客戶的電力可用性或上市時間？考慮到宏觀不確定性，您是否可以分享有關 GDP 對您的計劃中的負載或客戶活動的敏感性的任何信息，以及這將如何影響大負載客戶對話。

Ryan, I'll address the first part of your question regarding the data center and how the large customers affect that we've talked before that the our large traditional customers are in a probability weighted pipeline in our forecast. The large data centers are -- we consider them binary, so we look at what does it take to make sure that we can supply those and then also we add that as needed when we add that large customer, that's what you saw over the last couple of quarter.

瑞安，我將回答您關於資料中心的問題的第一部分，以及大客戶如何影響我們之前談到的，我們的大型傳統客戶在我們的預測中處於機率加權管道中。大型資料中心是 - 我們認為它們是二進制的，所以我們會考慮需要什麼來確保我們能夠提供這些，然後當我們添加大客戶時，我們也會根據需要添加它們，這就是您在過去幾個季度看到的。

So they're not mutually exclusive, but they're also not as dependent on each other. We look at that supply for the probability weight and then you look at the supply for the specific large customers. So we think that we can continue to serve data centers over time. Obviously Drew talked about the timing on construction, but we think we still have a lot of opportunity there.

因此它們並不互相排斥，但也不互相依賴。我們查看該供應的機率權重，然後查看特定大客戶的供應。因此我們認為我們可以繼續為資料中心提供服務。顯然，德魯談到了建設時機，但我們認為我們在那裡仍有很多機會。

And then just to make sure I understand your second part of your question Ryan, you're asking about macro drivers and whether those would affect -- how would those affect like Woodside in particular?

然後，為了確保我理解你問題的第二部分，瑞安，你問的是宏觀驅動因素以及它們是否會產生影響——特別是如何影響伍德賽德？

How those would impact some data center conversations to the extent that the economy were to slow and that may reduce your load and you expand your reserve margin.

這些將如何影響一些資料中心對話，以至於經濟放緩，這可能會減少您的負荷並擴大您的儲備金。

Yeah. So I mean I would think that's -- I don't think data centers are really any different than our traditional industrial customers in that regard. They are looking at long term investments and so they're looking past any near term macro effects that you might see from tariffs or recession or anything like that, that could come about, so.

是的。所以我的意思是我認為——我認為資料中心在這方面與我們的傳統工業客戶沒有什麼不同。他們著眼於長期投資，因此他們沒有考慮關稅、經濟衰退或類似因素可能帶來的任何短期宏觀影響。

At least that's what's happening in the conversations that we're having. They're looking well out into the future and they're not looking at just these investments, but lots of investments and so that's I think that would be the driver for them, not near term macro, but long term expectations.

至少這就是我們正在進行的對話中發生的事情。他們著眼於未來，他們不只是關注這些投資，而是關注大量的投資，所以我認為這將成為他們的驅動力，不是短期宏觀，而是長期預期。

But in terms of your core business outside of those customers, how GDP sensitive is your --

但就這些客戶以外的核心業務而言，你的 GDP 敏感度如何--

I mean it isn't. It is not recession proof if that's what you're asking, but we have some of the most competitive industrials in the world given all the investment that's happened over the last 15 years in our service territory. So in any sort of macro change, they would be the last to turn off and the first to turn on, and that's looking at the commodity spreads from the US to global markets right now those continue to be favorable, particularly for the Gulf Coast.

我的意思是，事實並非如此。如果您問的是經濟衰退，那麼它並不能抵禦經濟衰退，但考慮到過去 15 年在我們服務領域進行的所有投資，我們擁有世界上最具競爭力的工業產品。因此，在任何宏觀變化中，它們都會最後關閉，最先打開，從目前美國到全球市場的商品價差來看，這些價差仍然有利，特別是對墨西哥灣沿岸地區而言。

So we might see some temporary downturn, but anybody that's operating today would probably continue to operate very soon if they had to turn down at all. As I mentioned earlier, our sensitivity from an earnings perspective is really low, $0.01 for any 1% change in our industrial sales that shows low the sensitivity is and the significance of the demand charges that we have.

因此，我們可能會看到一些暫時的衰退，但如果必須停止運營，今天仍在運營的任何企業可能很快就會繼續運營。正如我之前提到的，從獲利角度來看，我們的敏感度確實很低，工業銷售額每變化 1%，就會產生 0.01 美元的影響，這表明我們的敏感度很低，而且需求費用也很重要。

And so I would think that our industrial customers will be very robust through any sort of downturn and from an investment perspective, as I said the data centers and the large industrials -- traditional large industrials, they're looking at many decades of investment, not the current macro environment.

因此，我認為我們的工業客戶在任何經濟衰退時期都將保持強勁勢頭，從投資角度來看，正如我所說的數據中心和大型工業——傳統的大型工業，他們著眼於數十年的投資，而不是當前的宏觀環境。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Hey, thank you. Good morning. Just a couple of quick questions on transferability. I appreciate you gave us some numbers, but what's the impact to your FFO to debt metric if transferability were to sunset?

嘿，謝謝你。早安.我只想問幾個關於可轉移性的簡單問題。感謝您向我們提供了一些數字，但是如果可轉讓性終止，這會對您的 FFO 債務指標產生什麼影響？

Yeah, it's Kimberly. The numbers that I gave you, as I noted, we didn't give a percent on FFO, but we would be well above our or we would be above our threshold, I should say. We also would look to maintain some of that through other mechanisms like I talked about, safe harboring potentially or also tax equity partnerships. So that is sort of a bookend case, but we would expect to be able to manage that as well. But regardless, we still expect to be above our thresholds.

是的，我是金伯莉。正如我所指出的，我給你的數字並沒有給出 FFO 的百分比，但我應該說，我們會遠高於我們的門檻。我們也希望透過我之前談到的其他機制來維持其中的一些，例如潛在的安全港機製或稅收股權夥伴關係。所以這有點像書擋的情況，但我們希望也能做到這一點。但無論如何，我們仍然希望超越我們的門檻。

Great. And maybe it's a more of a rating agency question, but if one of the options were tax equity, do you know if they -- the treatment of that is some of their transferability or that's not included in the FFO -- in the FFO calculation.

偉大的。也許這更像是評級機構的問題，但如果其中一個選項是稅收公平，你是否知道他們 - 對此的處理是他們的部分可轉讓性或不包括在 FFO 計算中。

Yeah. We've done a few of those already over the last few years and they're treated in the normal course, so I wouldn't expect that to be any different.

是的。過去幾年我們已經做過一些這樣的事情，而且都是按照正常程序處理的，所以我預計這次不會有什麼不同。

Great. Thanks for taking my questions. Congrats on a good quarter.

偉大的。感謝您回答我的問題。恭喜本季取得良好業績。

Thanks.

謝謝。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Hi, thanks. Good morning, everyone. If I could first just elaborate on the slight reduction to the low growth forecast, first just to clarify, you're saying it's about the pace of new customers ramping, not about usage from existing customers, is that right?

你好，謝謝。大家早安。如果我可以先詳細說明低成長預測的輕微下調，首先澄清一下，您說的是這與新客戶成長的速度有關，而不是與現有客戶的使用情況有關，對嗎？

Yes, I think that's a fair assumption.

是的，我認為這是一個合理的假設。

Okay, great. And then I recognize the EPS impact is modest, but can you detail you originally guided to 11% to 12% industrial growth in 2025. What's your new forecast for the industrial class?

好的，太好了。然後我承認每股盈餘的影響不大，但您能否詳細說明您最初預測的 2025 年工業成長率為 11% 至 12%。您對工業階層有何新的預測？

I don't think it's substantially changed. I think you'd still be close to that range. Really this is about, like I said, timing, ramping, but not a significant change in where we are.

我認為它並沒有發生實質的改變。我認為你仍然接近這個範圍。正如我所說，這確實與時間安排和提升有關，但與我們所處的位置無關，不會發生重大變化。

Okay, very good. And then one more if I may, I appreciate the easy to read list of the significant investment proposals on slide 15, and it does add up to a lot of potential spending, mostly in Louisiana and Texas and across generation and transmission. My question is how much of that is already included in the CapEx plan and is there sort of a risk adjustment for some or all of these projects and would there be upside or down to the plan pending regulatory approval.

好的，非常好。如果可以的話，我再說一句，我很欣賞第 15 張幻燈片上易於閱讀的重大投資提案列表，它確實增加了大量潛在支出，主要是在路易斯安那州和德克薩斯州，涉及發電和輸電領域。我的問題是，其中有多少已經包含在資本支出計劃中，這些項目中的部分或全部是否有風險調整，在等待監管部門批准之前，該計劃是會有上行還是下行？

$37 billion through 2028, what you're seeing on 15 at list of investments those are all, I would assume those are in the financial plan, anything that's not in the financial plan, we'd have to look at whatever that is in the future depending on additional customers and that sort of thing.

到 2028 年將達到 370 億美元，您在 15 項投資清單上看到的這些都包含在財務計劃中，至於財務計劃中沒有的內容，我們則必鬚根據未來的新增客戶等情況來考慮。

Okay, appreciate you clarifying. Thank you.

好的，感謝您的澄清。謝謝。

Absolutely.

絕對地。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Thank you. Good morning.

謝謝。早安.

Good morning.

早安.

High level question here with all the large load conversation and the potential need for new generation, transmission, et cetera. Have you changed any of your strategic conversations when you're thinking about contracting with these customers, are you going from maybe shorter term types of contracts to longer term I'll take types of contracts or fixed price types of contracts. I was wondering if you could -- there's been any change there in your strategy.

這裡有一個高層次的問題，涉及所有大負荷對話以及對新一代、傳輸等的潛在需求。當您考慮與這些客戶簽訂合約時，您是否改變了任何策略對話，您是否會從短期合約類型轉變為長期合約類型或固定價格合約類型。我想知道您是否可以——您的策略是否有任何變化。

Not actually, not really. One of the advantages that we have is we've been serving large industrial customers for a while and we were able to take advantage of those structures and frameworks that we had been contracting with previously that included credit provisions, fixed demand charges, what we call minimum bill, I guess sometimes, a minimum bill charges and other features, termination features and things like that, and adapt them for the current environment with the -- and particularly with the data centers.

事實上並非如此，事實並非如此。我們的優勢之一是我們已經為大型工業客戶服務了一段時間，我們能夠利用我們之前簽約的結構和框架，包括信用條款、固定需求費用、我們所說的最低賬單，我想有時，最低賬單費用和其他功能、終止功能等等，並使它們適應當前的環境——特別是數據中心。

But I don't think our strategy changed all that much, but we had to be disciplined with the way that we approach this. So that we can make sure that we keep all of our existing customers in a good spot while we get these new customers up and running.

但我不認為我們的策略有太大的改變，但我們必須嚴格遵守我們處理這個問題的方式。這樣，我們就可以確保在幫助新客戶順利運作的同時，讓所有現有客戶都處於良好的狀態。

Sure, okay. That makes sense. And then a specific one on the Louisiana new customer filing, is there a precedent either in Louisiana or other states you serve or other states you researched for a decision like this? Is there any kind of precedent ruling you've seen?

當然可以。這很有道理。然後關於路易斯安那州新客戶備案的具體問題，在路易斯安那州或您服務的其他州或您研究過的其他州是否有先例做出這樣的決定？您見過任何先例裁決嗎？

I'm sorry, I missed the first part. A President ruling on transmission investment in Louisiana.

抱歉，我錯過了第一部分。總統對路易斯安那州輸電投資作出裁決。

No, the new customer investment.

不，是新客戶投資。

The new customer, yes, okay. Well, I mean, I think the components themselves nothing is new that's in there and so it's standard generation and transmission investments that have been requested before, there is a specific customer that we are aiming to serve in this docket, but outside of that, and I think that actually helps because it helps illustrate, how we will manage the overall impact to existing customer bills, and so I think that probably helps the conversation, but the investments themselves are nothing new for the commission to consider.

新顧客，是的，好的。嗯，我的意思是，我認為這些組件本身並沒有什麼新內容，所以它是之前要求的標準發電和輸電投資，我們計劃在這個案卷中服務一個特定的客戶，但除此之外，我認為這實際上有幫助，因為它有助於說明我們將如何管理對現有客戶賬單的整體影響，所以我認為這可能有助於對話，但投資本身對於委員會來說並不是什麼新鮮事。

Okay, I was thinking more of that kind of fixed price type long term contract approval.

好的，我更多地考慮的是那種固定價格類型的長期合約批准。

Well, yeah, well -- again, that's -- we've had those kinds of contracts before they exist in our existing tariffs that we have in fact in Louisiana. We have an existing high factor load serving tariff and that allows us to serve a lot of these large industrial customers. We're able to use that same exact tariff for the new customer.

嗯，是的，嗯——再說一次，在我們路易斯安那州現行的關稅出現之前，我們就已經簽訂了這類合約。我們現有的高係數負荷服務費率使我們能夠為許多大型工業客戶提供服務。我們可以對新客戶使用完全相同的資費。

Okay. Perfect. Well, that's great, I appreciate it.

好的。完美的。嗯，太好了，我很感激。

Absolutely.

絕對地。

All right, thank you, Travis. And that does conclude our Q&A session today. Thank you so much, everyone. I will now turn the call back to Liz Hunter for closing comments. Liz?

好的，謝謝你，崔維斯。今天的問答環節到此結束。非常感謝大家。現在我將把電話轉回給利茲·亨特，請她發表最後評論。莉茲？

Thank you, Greg, and thanks to everyone for participating this morning. Our quarterly report on Form 10-Q is due to the SEC on May 12 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.

謝謝你，格雷格，也謝謝大家今天早上的參與。我們的 10-Q 表季度報告將於 5 月 12 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-Q 表日期之前發生的事件，如果能為資產負債表日期存在的狀況提供額外證據，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 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，其中提供了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。