安特吉 (ETR) 2025 Q2 法說會逐字稿

Good morning. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's second uarter 2025 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 2025 年第二季財報電話會議。（操作員指示）

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

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

Good morning.

早安.

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 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.

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 公司董事長兼首席執行官德魯·馬什 (Drew Marsh) 的評論，然後我們的首席財務官 Kimberly Fontan 將審查結果。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-gap 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 investor relations section of our website.

管理層也將討論非差距財務資訊。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, and good morning, everyone. Today, we are reporting second quarter adjusted earnings per share of $1.05. Our progress through the first half of the year keeps us firmly on track to achieve 2025 results in line with our guidance, and we are raising our outlook driven by our higher capital plan to meet customer expectations. We aspire to be the premier utility and to create sustainable value for each of our key stakeholders, our customers, employees, communities and owners. Our customers are listed first, so I'll start there.

謝謝你，莉茲，大家早安。今天，我們公佈第二季調整後每股收益為1.05美元。上半年的業績成長使我們堅定地朝著實現2025年業績目標的目標邁進，我們正在提升資本計畫的驅動下提升業績預期，以滿足客戶的期望。我們渴望成為首屈一指的公用事業公司，並為我們的每個主要利害關係人、客戶、員工、社區和業主創造可持續的價值。我們的客戶列在第一位，所以我將從那裡開始。

We have over 3 million customers, and most of them are residential. For the first time since we began tracking Net Promoter Score, we achieved a result that ranks in the first quartile for utility residential service over the past 12 months, across our enterprise and using J.D. Power data. We are not first quartile in every jurisdiction or in every category. Still, we are excited about our progress, and we are energized by the opportunity ahead to further improve our service to our customers.

我們擁有超過 300 萬客戶，其中大多數是住宅客戶。自從我們開始追蹤淨推薦值以來，我們首次取得了過去 12 個月在整個企業和使用 J.D. Power 數據的公用事業住宅服務中排名第一的成績。我們並不是在每個司法管轄區或每個類別中都位居第一。儘管如此，我們對我們的進步感到興奮，我們對未來進一步改善客戶服務的機會感到振奮。

Our industrial growth opportunities remain robust. We continue to work with state and local leaders to attract businesses to our service area, with our economic development model driven by our vertically integrated, customer-focused electric company of welcoming communities and the economic advantages of the Gulf South. We provide one-stop shop technical solutions, while we bring key parties together to rapidly meet the needs of new customers. At the same time, we ensure strong protections for our existing 3 million customers and maintain our credit.

我們的工業成長機會依然強勁。我們繼續與州和地方領導人合作，吸引企業到我們的服務區，我們的經濟發展模式由我們的垂直整合、以客戶為中心的電力公司、熱情的社區和墨西哥灣南部的經濟優勢所推動。我們提供一站式技術解決方案，同時將關鍵方聚集在一起，快速滿足新客戶的需求。同時，我們確保為現有的300萬客戶提供強有力的保護並維護我們的信譽。

Today, we are pleased to announce that we have secured significant new growth in Arkansas that will bring benefits to existing customers as well as communities in the state itself. With this addition, we expect our 4-year industrial sales growth rate to be approximately 13%. Consistent with our practice, we aren't commenting further on specifics or customers, although we anticipate making regulatory filings soon, which will include additional details.

今天，我們很高興地宣布，我們在阿肯色州取得了重大的新成長，這將為現有客戶以及該州的社區帶來利益。加上這項因素，我們預計4年的工業銷售成長率將達到約13%。根據我們的慣例，我們不會對具體細節或客戶發表進一步評論，儘管我們預計很快就會提交監管文件，其中將包含更多細節。

We are updating our 4-year capital plan to $40 billion, which will enable us to serve increased load and grow our renewable portfolio across our jurisdictions. As a point of reference, we have signed roughly 8 gigawatts of electric service agreements since the beginning of last year. As a result, our 4-year capital plan includes significant investments for customer-driven generation, including approximately 3 gigawatts of solar, 1.4 gigawatts of battery storage and 8 gigawatts of highly efficient gas units. Some of these resources are planned to come online beyond our 4-year plan period.

我們正在將我們的四年資本計劃更新至 400 億美元，這將使我們能夠滿足增加的負載並擴大我們管轄範圍內的可再生能源組合。作為參考，自去年年初以來我們已經簽署了約8千兆瓦的電力服務協議。因此，我們的四年資本計畫包括對客戶驅動發電的大量投資，包括約 3 千兆瓦的太陽能、1.4 千兆瓦的電池儲存和 8 千兆瓦的高效能燃氣裝置。其中一些資源計劃在我們的四年計劃期之後上線。

During the last quarter, we disclosed that we entered into an exclusivity agreement for power island equipment, including 15 combined cycle combustion turbines and 2 simple-cycle combustion turbines, as in addition to the Orange County, Delta Blues and Legend projects. Collectively, these turbines provide 15 gigawatts of capacity, that leaves 7 gigawatts for future customer growth needs with deliveries for commercial operations between 2029 and 2031. Our strategy to use standardized equipment and designs helps us effectively manage costs and schedule for our customers.

上個季度，我們披露，我們已簽署了動力島設備的獨家協議，其中包括 15 台聯合循環燃氣渦輪機和 2 台簡單循環燃氣渦輪機，此外還有 Orange County、Delta Blues 和 Legend 項目。這些風力渦輪機總共提供 15 千兆瓦的容量，剩餘 7 千兆瓦的容量可供未來客戶成長需求使用，並將於 2029 年至 2031 年之間投入商業營運。我們使用標準化設備和設計的策略有助於我們有效地為客戶管理成本和進度。

Our customer pipeline continues to be robust, including our data center pipeline, which remains in the 5 to 10 gigawatt range, and significant interest remains in our traditional industrial segments as well. Our economic development model attracts large new customers that contribute to our communities, growing jobs and tax base. They also share in costs that would otherwise be covered by existing customers. The economic impact of these projects on our communities is substantial, and yet another sign to existing customers and potential customers that great things are happening in Entergy's service area.

我們的客戶管道持續保持強勁，包括我們的資料中心管道，其容量仍在 5 至 10 千兆瓦範圍內，並且對我們的傳統工業領域也仍然保持著濃厚的興趣。我們的經濟發展模式吸引了大量新客戶，他們為我們的社區、增加就業和稅基做出了貢獻。他們也分擔原本由現有客戶承擔的成本。這些項目對我們社區的經濟影響是巨大的，並且向現有客戶和潛在客戶再次表明，Entergy 的服務區域正在發生偉大的事情。

While we've made progress on our customer service, storms create moments that matter. We spoke to you at our Analyst Day last summer about our plans to better manage storms. One year removed from that conversation and in the hardest storm season, take a moment to review our progress. To start, we are executing Phase 1 of our accelerated resilience program. We have more than $2 billion approved, mostly in Entergy Louisiana.

雖然我們在客戶服務方面取得了進步，但風暴創造了重要的時刻。去年夏天，我們在分析師日上與您討論了更好地應對風暴的計劃。距離那次談話已經過去一年了，正值最嚴重的風暴季節，讓我們花點時間回顧一下我們的進展。首先，我們正在執行加速復原力計畫的第一階段。我們已批准超過 20 億美元的資金，大部分用於路易斯安那州安特吉公司。

To date, we've invested roughly $400 million, and that includes energizing 9 new substations designed to sustain both flooding and hurricane force winds, stalling over 8,000 hardened poles, while another 10,000 pole upgrades are in process, which is on top of the average annual run rate of 75,000 poles replaced system -wide.

到目前為止，我們已經投資了大約 4 億美元，其中包括啟動 9 個旨在抵禦洪水和颶風的新變電站，更換超過 8,000 根加固電線桿，同時正在進行另外 10,000 根電線桿的升級，這是在全系統更換 75,000 根電線桿的年平均運行率之上的。

And in the coastal region of Texas, we've rebuilt 2 short transmission lines to harden standards. Earlier this month, Entergy Texas submitted its application for the Texas Energy Fund to support $200 million of resilience projects. We expect to complete about 30% of our Phase 1 projects by year-end. As a reminder, we prioritize projects with the highest benefits, so these earlier projects will have a relatively higher impact. We plan to file later this year for the next phase of accelerated resilience to support continued progress.

在德州沿海地區，我們重建了兩條短輸電線，以加強標準。本月初，Entergy Texas 提交了德州能源基金申請，以支持 2 億美元的復原力計畫。我們預計到年底將完成第一階段專案的約 30%。提醒一下，我們優先考慮效益最高的項目，因此這些早期的項目將產生相對更大的影響。我們計劃在今年稍後提交下一階段的加速恢復計劃，以支持持續進步。

In addition to our accelerated resilience program, new transition investments built to today's more stringent standards also improved the resilience of our grid. For example, we have several large 500 KV transmission projects in front of regulators in Louisiana and Texas that will provide resilience benefits while also supporting growth.

除了我們的加速復原力計畫之外，按照當今更嚴格的標準進行的新過渡投資也提高了我們電網的復原力。例如，我們在路易斯安那州和德克薩斯州的監管機構面前有幾個大型 500 KV 輸電項目，這些項目將在提供彈性優勢的同時支持成長。

The Mount Olive to Sarepta line in North Louisiana, aligned along the West Bank of the Mississippi River in Louisiana through a growing industrial corridor, the Southeast Texas Area Reliability Project, or SETEX, and the Cypress to Legend line that will support strong growth in the Port Arthur area.

位於路易斯安那州北部的芒特奧利弗至薩雷普塔線路，沿著路易斯安那州密西西比河西岸，穿過不斷發展的工業走廊、德克薩斯州東南部地區可靠性項目（SETEX），以及賽普拉斯至傳奇線路，將支持亞瑟港地區的強勁增長。

These projects and the babble to weather line in Louisiana to be filed later this year, total 460 miles, and will represent about 20% of our 500 KV system once completed. These projects will also loop existing transmission lines, such that if an event occurs at any point in the loop, power will be automatically diverted in another direction, avoiding customer outages. Altogether, we are planning $8 billion of transmission investment in our four-year capital plan, including $5.6 billion reviewed through MISO's MTEP process.

這些項目以及將於今年稍後提交申請的路易斯安那州的風雨管線總長 460 英里，建成後將占我們 500 KV 系統的 20% 左右。這些項目還將環路現有的輸電線路，這樣，如果環路中任何一點發生事件，電力將自動轉移到另一個方向，避免客戶斷電。總體而言，我們計劃在四年資本計畫中投資 80 億美元輸電，其中包括透過 MISO 的 MTEP 流程審查的 56 億美元。

In addition to system improvements, we ensure that we are prepared for storms through planning, drills and vegetation maintenance. Technology is also part of the journey, and we've been experimenting with cameras and information systems on planes and drones and soon, helicopters, that fly power lines to gather data with a plan to ultimately feed AI, more quickly assess damage and optimize the productivity of our teams on the ground.

除了系統改進之外，我們還透過規劃、演習和植被維護確保為應對風暴做好準備。科技也是這趟旅程的一部分，我們一直在試驗在飛機和無人機上安裝攝影機和資訊系統，很快也會在直升機上試驗，這些系統可以飛過電力線來收集數據，計劃最終為人工智慧提供數據，更快地評估損失並優化地面團隊的工作效率。

Capital deployment is critical, but it takes more than that to be premier. To that end, our power delivery team is launching PD Strong, short for power delivery strong, to transform our power delivery team. This includes everything from work management and capability building to behaviors and culture, all with an eye towards better serving our customers every day, but especially in moments that matter, like storms.

資本配置至關重要，但要成為卓越者，還需要做更多的事情。為此，我們的電力傳輸團隊正在推出 PD Strong（電力傳輸強勢的縮寫），以改造我們的電力傳輸團隊。這包括從工作管理和能力建設到行為和文化的方方面面，都是為了更好地為我們的客戶提供日常服務，尤其是在暴風雨等重要時刻。

Our regulators are also supporting our storm response improvement efforts. In addition to approving resiliency investment, Louisiana and Texas implemented new processes to expedite storm securitization, allowing operating companies to request recovery based on estimated storm costs and accelerated commission time lines for decisions. Those commissions, of course, retain their authority to determine the prudence of utility storm costs, and estimated costs would be trued up to actual costs once available.

我們的監管機構也支持我們改善風暴應變工作。除了批准復原力投資外，路易斯安那州和德克薩斯州還實施了新流程以加快風暴證券化，允許營運公司根據估計的風暴成本申請恢復，並加快決策的委託時間表。當然，這些委員會保留確定公用事業風暴成本的審慎性的權力，一旦獲得實際成本，估計成本就會與實際成本相符。

Louisiana's expedited process for 2025 storm costs includes a commitment to review the storm cost related financing order request at the subsequent commission meeting after the utilities filing. Accelerating storm cost recovery reduces carrying costs for our customers and supports the operating company's credit, which also keeps the cost for capital lower for our customers. This new process also gives confidence to vendors and mutual assistance partners to support storm recovery.

路易斯安那州 2025 年風暴成本的快速處理程序包括承諾在公用事業公司提交申請後的後續委員會會議上審查與風暴成本相關的融資訂單請求。加速風暴成本回收可降低客戶的持有成本並支援營運公司的信用，也降低客戶的資本成本。這項新流程也讓供應商和互助夥伴對支持風暴復原充滿信心。

Finally, as we deploy our capital plan throughout our service area, a smaller and smaller percentage of our infrastructure is exposed to storms along the coast, reducing our relative financial risk, which benefits our customers as well as our owners.

最後，隨著我們在整個服務區域部署資本計劃，我們基礎設施中暴露於沿海風暴的比例將越來越小，從而降低了我們的相對財務風險，這對我們的客戶和業主都有利。

These actions continue to build on our improved balance sheet and strong liquidity. We have made good progress over the last year reducing storm risk through accelerated resilience, hardening of our grid, financial readiness and regulatory changes to improve outcomes for customers, and we have more plans for improvement still ahead. Meanwhile, you stand ready to respond for anything that comes our way.

這些行動將繼續鞏固我們改善的資產負債表和強大的流動性。去年，我們透過加速復原能力、強化電網、財務準備和監管變化來降低風暴風險，從而改善了客戶的收益，並取得了良好的進展，而且我們還有更多的改進計劃。同時，您已準備好應對我們遇到的任何問題。

We have some other operational achievements that I'd like to also highlight. On July 1, we completed the sale of our gas LDC businesses to Delta Utilities. The transition for customers was smooth because of the hard work and planning by many employees, including those who have moved to Delta Utilities. We are extremely grateful for their efforts. The sale of that business allows us to focus on our core electric business.

我們還有一些其他的營運成就，我也想強調一下。7 月 1 日，我們完成了將天然氣 LDC 業務出售給 Delta Utilities 的交易。由於許多員工（包括那些已經轉到 Delta Utilities 的員工）的辛勤工作和規劃，客戶的過渡非常順利。我們非常感謝他們的努力。出售該業務使我們能夠專注於我們的核心電力業務。

Safe and effective nuclear operations also remain a cornerstone for all stakeholders. This year, Waterford 3 and Grand Gulf are proudly celebrating 40 years of operations. The Waterford 3 refueling outage wrapped up in June on time and on budget. Work included replacement of all three low-pressure turbines, which will improve reliability and pave the way to increase the capacity of the unit by an estimated 40 megawatts in the fall of 2026. We've already filed the upgrade request with the LPSC.

安全有效的核能運作也仍然是所有利害關係人的基石。今年，Waterford 3 和 Grand Gulf 自豪地慶祝其營運 40 週年。沃特福德 3 號機組的加油停駛已於 6 月按時且在預算內完成。這項工作包括更換所有三台低壓渦輪機，這將提高可靠性，並為在 2026 年秋季將機組容量提高約 40 兆瓦鋪平道路。我們已經向 LPSC 提交了升級請求。

Additionally, planned turbine rod replacements in ANO 1 in the fall of this year will set us up for future upgrades there.

此外，我們計劃在今年秋季在 ANO 1 進行渦輪棒更換，這將為我們未來的升級做好準備。

We continue to engage with customers, regulators, vendors and others regarding new nuclear. So we don't have any updates to report at this time.

我們繼續與客戶、監管機構、供應商和其他各方就新核能進行接觸。因此我們目前沒有任何更新消息可以報告。

Turning to regulatory. We are making progress on important matters to meet customers' growing needs and drive improved customer outcomes. In early July, we reached a stipulated settlement with the Louisiana Public Service Commission staff and a number of parties recommending approval of our request to invest in assets to support adding Meta's transformational Hyperion data center to our system.

轉向監管。我們正在一些重要事項上取得進展，以滿足客戶日益增長的需求並推動改善客戶成果。7 月初，我們與路易斯安那州公共服務委員會工作人員和一些各方達成了一項約定的和解，建議批准我們的請求，投資資產以支持將 Meta 的轉型 Hyperion 資料中心添加到我們的系統中。

The hearing was held in mid-July, and we presented extensive evidence of the significant benefits to our customers and communities are making these investments as well as through bringing Meta online as a customer.

聽證會於 7 月中旬舉行，我們提供了大量證據證明這些投資以及將 Meta 作為客戶上線將為我們的客戶和社區帶來巨大利益。

These benefits are in addition to the transformative benefits that Meta will create through its billions of dollars of investment in Louisiana and the high-paying good quality jobs it will provide.

這些好處是 Meta 透過在路易斯安那州投資數十億美元以及提供高薪優質工作而創造的變革性好處之外的。

The procedural schedule supports commission decision no later than October of this year.

該程序時間表支持委員會最遲在今年十月做出決定。

The Mississippi Public Service Commission approved Entergy Mississippi's, following the rate plan settlement, which does not result in a rate change. Also, Entergy Louisiana and Entergy New Orleans filed their annual formula rate plans, and new rates are expected in September. Entergy Arkansas filed its annual formula rate plan, with new rates expected to be in place at the beginning of next year. This is the tenth and final projected year in the current cycle. And in February '26, we will file a base rate case, which will include a proposal for a new formula rate plan tariff.

密西西比州公共服務委員會批准了 Entergy Mississippi 的費率計劃結算，但不會導致費率變更。此外，Entergy Louisiana 和 Entergy New Orleans 也提交了年度公式費率計劃，預計新費率將於 9 月公佈。安特吉阿肯色州公司提交了年度公式電價計劃，預計新電價將於明年年初實施。這是當前週期的第十個也是最後一個預測年。26 年 2 月，我們將提交一份基本費率案，其中將包括一份新的公式費率計畫關稅提案。

At the federal level, FERC approved MISO's Expedited Resource Edition study, or ERE's proposal last week. We appreciate FERC's work to temporarily facilitate customer growth across MISO, while we all work together to improve MISO's existing due processes.

在聯邦層面，FERC 上週批准了 MISO 的快速資源版研究，即 ERE 的提案。我們感謝 FERC 為暫時促進 MISO 的客戶成長所做的工作，同時我們共同努力改善 MISO 現有的正當程序。

Last quarter, we covered Arkansas legislation that allows for a rider to support investment for economic development. This quarter, the Texas legislature passed, and the governor signed 3 bills to provide benefits to our customers and communities. One accelerates storm securitization, which I mentioned earlier. Another allows rider recovery, a MISO-related capacity costs that are currently included in base rates. The rider may be filed annually beginning in 2026.

上個季度，我們報導了阿肯色州允許附加條款支持經濟發展投資的立法。本季度，德州立法機構通過了 3 項法案，州長簽署了這些法案，為我們的客戶和社區帶來福利。一是加速風暴證券化，我之前提到。另一項措施是允許乘客恢復，這是與 MISO 相關的容量成本，目前已包含在基本費率中。從 2026 年開始，可以每年提交該附加條款。

The third is a wildfire bill that provides a potential path to improve wildfire liability. Our likelihood of experiencing wildfires is lower than in other parts of the state. We take the risk seriously and intend to use the new tools that are available.

第三項是野火法案，為改善野火責任提供了潛在途徑。我們遭遇野火的可能性比該州其他地區要低。我們認真對待風險並打算使用可用的新工具。

Finally, our communities are a key stakeholder, and actively supporting them beyond economic development is an important part of our strategy. Entergy has once again been named a top 50 most community-minded company and the leader in the utility sector by the Civic 50, an initiative of Points of Light. In 2024, our employees and retirees attributed more than 122,000 volunteer hours across our service area valued at over $4 million.

最後，我們的社區是關鍵的利害關係人，在經濟發展之外積極支持他們是我們的策略的重要組成部分。安特吉公司再次被 Points of Light 發起的 Civic 50 評選為最具社區意識的 50 家公司之一和公用事業領域的領導者。2024 年，我們的員工和退休人員在服務區域內貢獻了超過 122,000 小時的志工服務，價值超過 400 萬美元。

Before I wrap up, I'd like to highlight that Lewis Ropp has been elected to our Board of Directors. A Louisiana Native, Lewis brings extensive investment experience from its years of work at Barrow Hanley, historically one of our largest active investors.

在結束之前，我想強調一下，劉易斯·羅普 (Lewis Ropp) 已被當選為我們的董事會成員。路易斯是路易斯安那州本地人，在巴羅漢利 (Barrow Hanley) 工作多年，擁有豐富的投資經驗，巴羅漢利 (Barrow Hanley) 歷來是我們最大的活躍投資者之一。

At Barrow Hanley, he worked as their lead equity portfolio manager and also served on the executive committee. Combined with his prior work experience, Lewis' tremendous familiarity with utilities as well as industrial companies, many of which are part of our customer base. We are very excited to have Lewis join our Board.

在 Barrow Hanley，他擔任首席股票投資組合經理，並擔任執行委員會成員。結合他之前的工作經驗，劉易斯對公用事業和工業公司非常熟悉，其中許多都是我們的客戶群的一部分。我們非常高興路易斯加入我們的董事會。

It's been an exciting quarter. We continue to make progress on creating value for our customers, communities, employees and owners. Our teams are working very hard to foster community and economic growth and customer growth in our states, while also delivering on commitments made to improve resilience and reliability.

這是一個令人興奮的季度。我們不斷努力為客戶、社區、員工和業主創造價值。我們的團隊正在努力促進我們各州的社區和經濟成長以及客戶成長，同時履行提高彈性和可靠性的承諾。

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

現在我將電話轉給金伯利，她將審查我們本季的財務表現。

Thank you, Drew. Good morning, everyone. Today, I will review our financial results for the quarter, our capital plan update and our guidance and outlook. I will also cover effects from the final budget reconciliation bill.

謝謝你，德魯。大家早安。今天，我將回顧本季的財務表現、資本計畫更新以及指導和展望。我還將介紹最終預算協調法案的影響。

Starting with earnings. Our adjusted EPS for the quarter was $1.05. This result keeps us firmly on track for our guidance for the year. Adjusted EPS is shown on Slide 5. Primary drivers were the net effect of investments made for our customers, higher retail sales volume and higher other income.

從收入開始。本季調整後每股收益為1.05美元。這一業績使我們全年業績目標穩步實現。調整後的每股盈餘顯示在投影片 5 上。主要驅動因素是為客戶進行的投資的淨效應、更高的零售量和其他收入。

These increases were partially offset by higher other O&M, consistent with the estimate we provided last quarter, and higher MISO capacity cost at Entergy Texas, which are currently recovered in base rates. New legislation allows those costs to be recovered through a rider beginning in 2026.

這些成長部分被更高的其他 O&M 成本（與我們上個季度提供的估計一致）和 Entergy Texas 更高的 MISO 容量成本所抵消，目前這些成本已在基準費率中收回。新立法允許從 2026 年開始透過附加條款收回這些成本。

Earnings contribution from retail sales volume was positive despite weather being milder than second quarter of last year. Weather-adjusted retail sales growth for the quarter was very strong at 4.5%. Industrial sales were the largest contributor with close to 12% growth, primarily from new and expansion customers that continue to ramp up their operations.

儘管天氣比去年第二季溫和，但零售額的獲利貢獻仍為正。經天氣調整後，本季零售額成長非常強勁，達到 4.5%。工業銷售額貢獻最大，成長近 12%，主要來自不斷擴大業務的新客戶和擴張客戶。

Slide 6 summarizes our credit ratings and affirmed that our credit metric outlooks remain better than agency thresholds. Over the past several years, we have strengthened our balance sheet to support our operations and the growth opportunity before us. Our liquidity as of June 30 is very strong, including $2.3 billion of unsettled equity forwards, which are available, if needed.

投影片 6 總結了我們的信用評級，並確認我們的信用指標前景仍然好於機構門檻。過去幾年來，我們加強了資產負債表，以支持我們的營運和麵臨的成長機會。截至 6 月 30 日，我們的流動性非常強勁，包括 23 億美元未結算的股票遠期合約，如有需要，可供使用。

Turning to tax credits. With the passage of the most recent budget reconciliation bill, we now have better clarity on renewable tax credits, and we have adjusted our cash flow forecast accordingly. Our forecast includes updates to the timing of monetization of investment tax credits associated with projects that we expect to safe harbor. The changes include shifting our expected tax credits out 1 year. We now have approximately $175 million of cash benefit in 2028 and additional cash benefit beyond our outlook period.

談到稅收抵免。隨著最新預算協調法案的通過，我們現在對再生稅收抵免有了更清晰的認識，並相應地調整了現金流預測。我們的預測包括我們預計安全港計畫相關的投資稅收抵免貨幣化時間的更新。這些變化包括將我們的預期稅收抵免推遲一年。目前，我們在 2028 年擁有約 1.75 億美元的現金收益，並且在我們的展望期之後還將獲得額外的現金收益。

We continue to monitor for treasury guidance that could affect these cash flows. As you may recall, we previously had not included the cash benefits from nuclear PTCs in our forecast. However, based on our current analysis, in the quarter, we recorded nuclear tax credits of approximately $570 million across our 5 nuclear units. We treated the recognition of these credits as an uncertain tax position, pending either guidance from the treasury department on the calculation or final determination on audit. We expect to monetize the nuclear PTCs and receive the cash benefit later this year.

我們將繼續監測可能影響這些現金流的財政指引。您可能還記得，我們之前沒有將核 PTC 帶來的現金收益納入我們的預測中。然而，根據我們目前的分析，本季度，我們的 5 個核電機組獲得了約 5.7 億美元的核稅抵免。我們將這些抵免的確認視為不確定的稅務狀況，等待財政部對計算的指導或審計的最終決定。我們預計今年稍後將核 PTC 貨幣化並獲得現金收益。

We are working with our regulators on how and over what time period we provide this benefit to customers.

我們正在與監管機構合作，研究如何以及在什麼時間內為客戶提供此福利。

As you can see from the chart on Slide 7, the nuclear PTCs are highly dependent on the average revenue per megawatt hour, which includes both capacity and energy revenues, and therefore, we are not counting on these credits for future years in our outlook. Our credit outlook provided include these changes, and our estimated Moody's metric continues to grow to 15% over the forecast period.

從投影片 7 的圖表中可以看出，核能 PTC 高度依賴每兆瓦時的平均收入，其中包括容量收入和能源收入，因此，我們在展望未來幾年時並不依賴這些信用額。我們提供的信用展望包括這些變化，並且我們估計的穆迪指標在預測期內將繼續增長至 15%。

As Drew noted and as shown on Slide 8, we are increasing our 4-year capital plan by $3 billion, including new renewables and battery storage to meet customer needs. We're also providing updates on retail sales growth, rate base, credit metrics and operating cash flow as well as operating company capital plans in the appendix of our presentation.

正如德魯指出的以及幻燈片 8 所示，我們將把 4 年資本計劃增加 30 億美元，包括新的可再生能源和電池存儲，以滿足客戶的需求。我們還在簡報的附錄中提供有關零售成長、利率基礎、信貸指標和經營現金流以及經營公司資本計畫的最新資訊。

As you can see on Slide 9, our equity needs are unchanged despite the higher capital investment. Higher operating cash flow, including monetization of nuclear PTCs and utilization of Arkansas's new infrastructure rider allows us to maintain our financial metrics and current equity needs. As a reminder, we've contracted approximately 2/3 of our equity needs through 2028. In the second quarter, we settled approximately $800 million of equity forwards or about 15.6 million shares, and we are using those funds to continue to invest for our customers.

正如您在投影片 9 上看到的，儘管資本投資增加，但我們的股權需求保持不變。更高的營運現金流，包括核 PTC 的貨幣化和阿肯色州新基礎設施附加條款的利用，使我們能夠維持我們的財務指標和當前的股權需求。提醒一下，我們已經簽訂了到 2028 年約 2/3 的股權需求合約。在第二季度，我們結算了約 8 億美元的股票遠期合約，即約 1,560 萬股股票，我們將利用這些資金繼續為我們的客戶進行投資。

As shown on Slide 10, we are affirming our adjusted EPS guidance and updating our longer-term outlook. For 2025, we're firmly on track. Positive year-to-date results allow us to flex other O&M to manage the business. Looking ahead to the third quarter, we expect other O&M to be roughly $0.05 higher than the third quarter of last year, partly due to the timing of vegetation maintenance and nonnuclear plant outages. And we expect Entergy Texas to have higher MISO capacity costs in July and August, totaling approximately $0.06.

如投影片 10 所示，我們確認調整後的每股盈餘指引並更新我們的長期展望。面向2025年，我們已穩步前進。今年迄今為止的積極業績使我們能夠靈活運用其他 O&M 來管理業務。展望第三季度，我們預計其他營運和維護費用將比去年第三季度高出約 0.05 美元，部分原因是植被維護和非核電廠停運的時間安排。我們預計 Entergy Texas 7 月和 8 月的 MISO 產能成本將更高，總計約 0.06 美元。

We remain confident that we will deliver on our 2025 guidance.

我們仍有信心實現 2025 年的指導目標。

Looking past 2025 at our longer-term outlook, we continue to see growth as evidenced by our higher capital plan. Our adjusted EPS for 2026 remains unchanged, and we are increasing 2027 by $0.05 and 2028 by $0.10, while maintaining strong credit metrics throughout the forecast period.

展望 2025 年以後的長期前景，我們將繼續看到成長，這從我們更高的資本計畫中可以看出。我們對 2026 年的調整後每股收益保持不變，並將 2027 年的調整後每股收益上調 0.05 美元，將 2028 年的調整後每股收益上調 0.10 美元，同時在整個預測期內保持強勁的信貸指標。

Our results in the first half of this year have been solid, and we are once again raising our capital plan to support our growing customer needs. We still have significant opportunities before us, and we remain well positioned to execute and deliver successful outcomes.

我們今年上半年的業績表現穩健，我們再次提高資本計劃以支援日益增長的客戶需求。我們面前仍然有重大機遇，我們仍然有能力把握機會並取得成功的成果。

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）

Jeremy Tonet with JPMorgan.

摩根大通的 Jeremy Tonet。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Exciting update there. A lot of interest in this new Arkansas customer and appreciate somewhat limited what you can say at this point, but just wondering if there's any color you could share with regards to the industry of the customer or even the ramp. And so it seems like not a lot of change to sales growth through '28, but just curious, any shades of color you could provide on the post '28 ramp, what that might look like?

那裡有令人興奮的更新。我對這位新的阿肯色州客戶很感興趣，目前您能透露的資訊有限，但我還是想知道您是否可以分享一些有關該客戶所屬行業甚至是坡道方面的情況。因此，看起來到 28 年銷售額成長不會有太大變化，但只是好奇，您能否提供一些關於 28 年後銷售額成長情況的預測，可能是什麼樣的？

Yeah, Well, I don't think we can talk specifically about the customer or any customers, I guess. It's consistent with where we've been, Jeremy and our previous announcements. We are sticking with the filings, and the filings should be out in the next two to three weeks is where we're aiming. And that will have a lot of the kind of detail I think that you would be looking forward with that question.

是的，嗯，我想我們不能具體談論客戶或任何客戶。傑里米，這與我們之前所做的事情以及我們之前的公告一致。我們正在堅持提交文件，我們的目標是在未來兩到三週內提交文件。並且其中會包含很多我認為你們期待的關於這個問題的細節。

Got it. Makes sense there. And I just want to pivot, I guess, to the gas generation picture that you have there. And I think you referenced 7 gigawatts of gas generation available for new load. Is this after the Arkansas project or some of this be dedicated to Arkansas?

知道了。這是有道理的。我想，我只是想轉到您那裡看到的天然氣生成圖。我認為您提到了可供新負載使用的 7 千兆瓦天然氣發電量。這是在阿肯色州項目之後還是其中一些專門用於阿肯色州？

Just trying to understand how that falls out.

只是想了解結果會如何。

So that is related to projects that we have not announced to date or that you aren't aware of. So if you think about the projects that are out there, yes, we have 3 projects in Texas, 2 in Arkansas, 3 in Louisiana, 2 in Mississippi.

因此，這與我們迄今為止尚未宣布或您不知道的項目有關。所以，如果你考慮一下現有的項目，是的，我們在德克薩斯州有 3 個項目，在阿肯色州有 2 個項目，在路易斯安那州有 3 個項目，在密西西比州有 2 個項目。

And then I think there's 1 more that's in our capital plan that isn't publicly announced. So the 7 gigawatts would be other projects beyond those that are not in our capital plan, but are out there and available for us to serve new customer growth that we anticipate will be an opportunity for us going forward given our strong pipeline.

然後我認為我們的資本計劃中還有一項尚未公開宣布。因此，7 千兆瓦將是超出我們資本計畫範圍的其他項目，但這些項目是存在的，可供我們服務於新客戶的成長，我們預計，鑑於我們強大的管道，這將是我們未來的一個機會。

Got it. Makes sense. We'll wait for more details.

知道了。有道理。我們將等待更多詳細資訊。

Thank you very much.

非常感謝。

Thanks, Jeremy.

謝謝，傑里米。

Thank you, Jeremy.

謝謝你，傑瑞米。

Nicholas Campanella with Barclays.

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

Hey, good.

嘿，很好。

Morning.

早晨。

Thanks for all the updates. A lot of stuff here. Yes. Just wanted to ask just -- you talked about Meta a little bit in the prepared remarks. Have you already started the regulatory approval process for the upsizing of Hyperion to the 5 gigs like they've been talking about? Or is that still on the come?

感謝所有的更新。這裡有很多東西。是的。只是想問一下——您在準備好的發言中稍微談到了 Meta。你們是否已經開始了將 Hyperion 升級到 5G 的監管審批流程（正如他們所說的）？還是這仍在進行中？

We haven't started any process. And we couldn't comment on that anyway. You have to ask Meta on their exact plans. The filings that we have are related to the previous announcements that we've already made starting last fall. So that's where we sit overall today.

我們尚未開始任何進程。無論如何，我們無法對此發表評論。你必須向 Meta 詢問他們的具體計劃。我們提交的文件與我們去年秋天開始發布的公告有關。這就是我們今天的整體情況。

We are excited that Meta is talking publicly about the potential for expansion at that Hyperion site. That's one of the reasons why they chose that site. And so we're excited to hear -- and not just us, I'm sure Richland Parish is excited to hear that. State of Louisiana is excited to hear that. But, we don't have anything else to say about the potential for expansion today.

我們很高興 Meta 公開談論 Hyperion 網站的擴張潛力。這就是他們選擇該網站的原因之一。所以我們很高興聽到這個消息——而且不僅僅是我們，我相信里奇蘭教區也很高興聽到這個消息。路易斯安那州聽到這個消息非常高興。但是，關於擴張的潛力，我們今天沒有什麼好說的。

Okay. No, I appreciate that. And then just on the new nuclear side, just outside of the upgrades, I know you said no major updates, but just has the conversation pulled back a little? Or where would you kind of put that now or frame that now if you have to kind of mark to market it? And like what is the ideal framework in your mind if you were to kind of move forward with this?

好的。不，我很感激。然後就新核方面而言，除了升級之外，我知道您說沒有重大更新，但是談話是否稍微回溯了一下？或者，如果您必須對其進行市場標記，那麼您現在會將其放在哪裡或將其框在哪裡？如果您要繼續推進這項工作，您心目中的理想框架是什麼？

Are you expecting a hyperscaler or a large load customer to take on construction risk before this could be transferred to rate base? Or just how do you kind of think about the ability to grow this generation while keeping the risk profile acceptable to the various constituents?

您是否預計超大規模企業或大負荷客戶會在將風險轉移到費率基礎之前承擔建設風險？或者您如何看待這一代人的發展能力，同時保持各個群體可以接受的風險狀況？

That's a great question, Nick. I mean the way that we're thinking about it is that our operating companies aren't big enough to take on the kind of risk that may occur during construction of the nuclear units. And so we are looking for ways to manage that risk. It could be in part from the customers, but the customers don't want to take on a whole lot of uncertainty either. So we're working through that.

這是一個很好的問題，尼克。我的意思是，我們的想法是，我們的營運公司規模不夠大，無法承擔核電機組建設期間可能出現的風險。因此，我們正在尋找管理這種風險的方法。這可能部分是由於客戶的原因，但客戶也不想承擔太多的不確定性。所以我們正在努力解決這個問題。

There's a potential for state or vendor or federal support to help with the risk profile there. There's even some conversations that we've been a part of about sovereign funds and others picking up some of those risks. But that's -- you get the idea that you need a really large balance sheet in order to make that happen. And there are people that are thinking about it. And so we're working through those conversations, but it's taken a while to put it all together.

州政府、供應商或聯邦政府的支持有可能幫助解決那裡的風險狀況。我們甚至參與了一些有關主權基金和其他機構承擔部分風險的討論。但那是——你會認為你需要一個非常大的資產負債表才能實現這一點。有些人正在思考這個問題。因此，我們正在進行這些對話，但需要一段時間才能把所有事情都整理好。

Understood. Thank you. So much. Thank you.

明白了。謝謝。這麼多。謝謝。

Thanks, Nick.

謝謝，尼克。

Julien Dumoulin-Smith.

朱利安·杜穆蘭·史密斯。

Hey, thank you Robert, thank you team. And Nicely done again. Maybe to follow up on the earlier question Jeremy was kind of posing to you. I mean it seems like you have these 15 combined cycles and 2 CTs secured with deposits seems versus what's in the plan.

嘿，謝謝你羅伯特，謝謝你的團隊。再次做得很好。也許是為了跟進傑里米之前向您提出的問題。我的意思是，看起來您有這 15 個組合週期和 2 個 CT 是用存款擔保的，而這似乎與計劃中的內容不符。

Maybe to press a little bit further, there's upside outside of the plan that you're alluding to, but it seems like you guys have made tangible actions. So if you can elaborate maybe as best you understand and see it from your customers, the timing and magnitude of some of these opportunities.

也許再進一步說，除了你們所提到的計劃之外，還有其他好處，但看起來你們已經採取了切實的行動。因此，如果您能盡可能詳細地闡述您從客戶角度所理解和看到的這些機會的時間和規模。

It does seem as if you're certainly advanced. I appreciate why you would be advanced considering the commercial needs of your customers back decisively. But I'd love to hear how you think about this coming together, if you will.

看起來你確實很先進。我很欣賞您為什麼會提前果斷地考慮客戶的商業需求。但如果您願意的話，我很想聽聽您對此事的看法。

Well, I mean the timing of that would be such that we would have plans online with that additional -- I mean the 8 gigawatts of the 15 is very clear. That's in our capital plan. You can see that. The additional 7 gigawatts would be 4 COD between 29 and 31. And that's consistent with the disclosures that we had previously made.

嗯，我的意思是，我們會在網上製定計劃，增加 15 千兆瓦中的 8 千兆瓦，這是非常明確的。這在我們的資本計劃中。你可以看到這一點。額外的 7 千兆瓦將是 29 至 31 之間的 4 COD。這與我們先前揭露的內容一致。

The turbine deliveries themselves will be a little bit before that. And then the plants would come online, 9 to 12 months after the turbine deliveries. So that sort of gives you a framework for what we're talking about. So you could see incremental capital, should all this stuff come together as we are aiming for near the back end of our forecast period.

渦輪機本身的交付將稍早。渦輪機交付後 9 至 12 個月，發電廠將投入運作。這樣，我們就可以為所討論的內容提供一個框架。因此，如果所有這些東西都結合在一起，你就可以看到增量資本，正如我們預期的那樣，接近預測期的後期。

Excellent. And just to reconcile, I know you guys are updating here on the nuclear PTC benefits, and that seems to go hand in glove with some of the updates you're providing here. How do you think about that fitting into the financing plan, if you can speak to it, not just in terms of what you're recognizing here with the 570, but it large across the opportunity of the PTCs, how that fits into the pie chart that you show about equity needs.

出色的。只是為了調和一下，我知道你們在這裡更新核 PTC 福利，這似乎與你們在這裡提供的一些更新相吻合。您認為這如何融入融資計劃，如果您可以談談的話，不僅僅是您在這裡認識到的 570，而且它在整個 PTC 的機會中，它如何融入您展示的有關股權需求的餅圖中。

Yeah, good morning, Julien, it's Kimberly. As you know, we have worked to use a variety of ways in order to manage the equity that we need. And as we add capital, we would look to do the same thing. So we've done that through incrementing cash flows, through mechanisms that, for example, to cash out there in construction that actually save costs for customers over the longer run, but also support our credit in that period. We've done that with customer support as they ramp up, and there are a variety of ways that we've done that.

是的，早安，朱利安，我是金伯莉。如您所知，我們一直努力採用各種方法來管理我們所需的股權。隨著我們增加資本，我們也會考慮做同樣的事情。因此，我們透過增加現金流，透過一些機制，例如在建築中套現，從長遠來看，這實際上為客戶節省了成本，同時也支持了我們那段時期的信貸。隨著客戶支援力度的加大，我們已經採取了多種方式來實現這一點。

But we will continue to look to do that and manage our equity needs, but we'll evaluate each of the finances as we add capital and see what we need to do there. Our plan does continue for what we have here to target that same 10% to 15% run rate that we've had for the last couple of years.

但我們將繼續尋求這樣做並管理我們的股權需求，但我們會在增加資本時評估每個財務狀況並看看我們需要在那裡做什麼。我們的計劃確實會繼續下去，目標是實現過去幾年一直保持的 10% 至 15% 的運行率。

Got it. Yes. Understood. All right. Well, look, I'll leave it there. Nicely done. Congrats again. Incredible. Looking forward to more.

知道了。是的。明白了。好的。好吧，你看，我就把它留在那裡。幹得好。再次恭喜。極好的。期待更多。

Excellent. Thanks, Julian.

出色的。謝謝，朱利安。

Bill Appicelli with UBS.

瑞銀的 Bill Appicelli。

Hi, good morning. Just following up on that equity needs question. I mean, as we think through the update today and the CapEx increase, there's no additional equity. I mean, how much additional headroom would you say you have before you would need to contemplate issuing equity in terms of the CapEx upside?

嗨，早安。只是跟進一下公平性需要的問題。我的意思是，當我們考慮今天的更新和資本支出增加時，沒有額外的股權。我的意思是，在您需要考慮發行股票以提高資本支出之前，您認為您還有多少額外的空間？

Yeah, good morning, Bill, again, I would -- we have assumed in the base plan that run rate that I referenced about 10% to 15% in any additional capital that we would increment. We would look at what that means relative to the cash flows that are throwing off any other mechanisms and then what that equity need is. So I think about it less as what specific room and more about that's the framework and how we think about our equity, and we'll continue to think about it that way.

是的，早上好，比爾，我再次強調，我們在基本計劃中假設，我們增加的任何額外資本的運行率約為 10% 到 15%。我們會研究這對於擺脫任何其他機制的現金流意味著什麼，以及股權需求是什麼。因此，我較少考慮特定的房間，而更多地考慮框架以及我們如何看待我們的公平，我們將繼續以這種方式思考。

Okay. And then on the tariff structure in Arkansas for the new large load customer, maybe you could just speak to that -- the structure of that relative to the customers and the tariffs work in Louisiana? Maybe just any color there in terms of -- you spoke to the favorable mechanisms in Arkansas.

好的。然後，關於阿肯色州針對新大負荷客戶的關稅結構，也許您可以談談 - 該結構相對於路易斯安那州的客戶和關稅運作方式？也許只是那裡的任何顏色——你談到了阿肯色州的有利機制。

Yeah, We won't speak specifically to customers. But as it relates to the infrastructure rider that may be what you're asking about, the Arkansas legislation did issue legislation around a new infrastructure rider that provides for timely recovery of large transmission and generation. It provides for good credit support during the period, and it also enables Arkansas to continue to grow from an economic development perspective beyond its 4% cap. So really nice mechanism there for all parties as we think about how to use that.

是的，我們不會專門針對客戶講話。但就其與基礎設施附加條款有關而言（這可能是您所問的），阿肯色州立法機構確實發布了有關新基礎設施附加條款的立法，該附加條款規定及時恢復大型輸電和發電。它在此期間提供了良好的信貸支持，同時也使阿肯色州從經濟發展的角度能夠繼續成長，超越其 4% 的上限。當我們思考如何使用它時，這對各方來說都是一個非常好的機制。

Okay. Great. And then just on the -- mentioned on nuclear, but specific to the upgrade, just remind us if there's anything in the plan for that? And what would be the magnitude of in terms of megawatts or CapEx opportunity associated with the upgrades?

好的。偉大的。然後只是提到核能，但具體到升級，請提醒我們是否有任何計劃？升級帶來的兆瓦數或資本支出機會的規模是多少？

Yeah, the Waterford upgrade is not significant capital dollars in those capital -- or you can assume those are in the forecast.

是的，沃特福德昇級並不佔這些資本中的大量資本——或者你可以假設這些是在預測中的。

Okay. but anything in terms of beyond that, I mean, what is sort of the opportunity set that's out there?

好的。但除此之外，我的意思是，還存在哪些機會？

Yeah, as we said, each of those upgrades needs to stand alone from a business case perspective and to the extent that they are some are more expensive than others and to the extent that there are significant capital investments, if the decision is made to move forward, there could be some incremental capital there.

是的，正如我們所說的，從商業案例的角度來看，每項升級都需要獨立存在，而且有些升級比其他升級更昂貴，並且需要大量的資本投資，如果決定繼續推進，那麼可能會有一些增量資本。

Yeah, And I'll add to that, Bill, that we are talking with potential customers about those upgrades. And so we would be looking for customer support for them as we go forward at the same time.

是的，比爾，我還要補充一點，我們正在與潛在客戶討論這些升級。因此，我們在前進的同時也會尋求客戶支援。

All right, great. Thanks very much.

好的，太好了。非常感謝。

Thank you. Thank you, Bill.

謝謝。謝謝你，比爾。

David Arcaro from Morgan Stanley.

摩根士丹利的 David Arcaro。

Hey, thanks so much. Good morning. I was wondering if you could elaborate on what boosted the cash flow -- the operating cash flow outlook cumulatively through 2028? Was that all the Arkansas rider and the nuclear BTC 1 year of that?

嘿，非常感謝。早安.我想知道您是否可以詳細說明是什麼推動了現金流的成長——到 2028 年累計的經營現金流前景？這就是阿肯色州騎手和核 BTC 1 年的全部內容嗎？

Yes, David. Those are the primary drivers in riders or mechanisms that enable good credit support in the construction period and then obviously, the large nuclear credits that were earned in '24 and we expect to monetize this year. Those are the two primary drivers.

是的，大衛。這些是附加條款或機制的主要驅動因素，能夠在建設期間提供良好的信貸支持，顯然，我們預計 24 年獲得的大量核信貸將在今年實現貨幣化。這是兩個主要驅動因素。

Okay, grreat. And then maybe just looking ahead a little bit in Arkansas as you think about the next rate case filing. Would you anticipate major changes at this point in terms of what you'd be requesting for the next kind of iteration of formula rate plans? Any reflection on the current plan?

好的，太好了。然後，當您考慮下一次費率案件的提交時，也許只需稍微展望一下阿肯色州的情況。您是否預計在下一輪公式費率計劃迭代中，您所要求的內容會發生重大變化？對當前計劃有什麼看法？

And how it's worked, and if anything, major needs to be changed looking ahead?

它是如何運作的？如果有的話，未來需要做出哪些重大改變？

Yeah, So we are starting to gear up for that. I don't think we're in a spot to start talking about it just yet. The teams are thinking through what our needs are going to be moving forward. But I will say generally, the formula rate plan that we have in Arkansas has been pretty successful.

是的，所以我們開始為此做準備。我認為我們現在還未到開始談論這個事情的程度。團隊正在思考我們未來的需求是什麼。但我想說，總的來說，我們在阿肯色州的公式利率計劃相當成功。

And so we've been -- and then these latest legislative changes that support economic growth have really helped us out in ways that weren't really contemplated in the original order.

所以我們一直在——這些支持經濟成長的最新立法變化確實以原始命令中未曾考慮過的方式幫助了我們。

But I think those are the -- those are probably the starting points for us, a pretty good mechanism, again, with it's forward-looking. And then the component that we've recently added through legislation to support economic development within the state. So -- but more to come on that one.

但我認為這些可能是我們的起點，一個非常好的機制，而且具有前瞻性。然後我們最近通過立法增加了支持州內經濟發展的部分。所以——但關於這一點還有更多內容。

Okay, understood. Thank you.

好的，明白了。謝謝。

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

Ross Fowler with Bank of America.

美國銀行的羅斯福 (Ross Fowler)。

Morning, Drew, you highlighted a lot of transmission CapEx in the plan that's moving through that MISO MTEP process. Can you remind us what the next phase of that process is? And when we get updates on that? Kind of some color around what the CapEx upside could be there?

早安，德魯，你在計劃中強調了很多正在通過 MISO MTEP 流程的傳輸資本支出。您能提醒我們這個過程的下一個階段是什麼嗎？我們什麼時候能得到最新消息？您能了解一下資本支出上漲的可能性嗎？

The next submit will be this fall. And so we probably have some updates on what we put in at that point. I think there's probably an approval coming up, but I don't have that timing off the top of my head from previous filings. But our next to the middle would probably be this fall.

下一次提交將於今年秋天進行。因此，我們可能會對當時所投入的內容進行一些更新。我認為可能會獲得批准，但從先前的申請來看，我還沒有確定具體時間。但我們的下一個中間點可能就是今年秋天。

Okay. Perfect. And then following on to Nick's earlier question a little bit. The Meta approval process in Louisiana, you're expecting that decision to come in October. As we look to not necessarily Hyperion, although that would be great if that's out there.

好的。完美的。然後稍微回答一下尼克之前的問題。路易斯安那州的 Meta 審批流程預計將在十月做出決定。我們所期待的不一定是 Hyperion，但如果它真的存在那就太好了。

But as you look to other large loan opportunities in the state, can you kind of just contextualize, give us some color around what were, from your perspective, the main intervenor concerns through that process?

但是，當您考慮該州的其他大型貸款機會時，您能否簡單介紹一下背景，從您的角度來看，該過程中主要介入者關注的是什麼？

Yeah, the main intervenor concerns are the traditional ones, right? What are the impacts on customer bills? And are there going to be reliability impacts or resilience impacts associated with that. When we look at Meta project, and I made these comments in my earlier remarks, we see strong benefits for existing customers that come from a number of different places.

是的，幹預者主要關注的是傳統問題，對嗎？這對客戶帳單有何影響？這是否會產生與可靠性或彈性相關的影響？當我們審視 Meta 專案時，正如我在先前的評論中所言，我們看到來自不同地方的現有客戶獲得了巨大的利益。

First of all, just from a cost perspective, these are standard tariffs. So they're picking up a big chunk of cost that our existing customers have already otherwise pick up, costs associated with storms, cost associated with some of the MTEP transmission that I was talking about, costs associated with overheads. Those things are going to be helpful for our existing customers.

首先，僅從成本角度來看，這些都是標準關稅。因此，他們承擔了我們現有客戶已經承擔的一大筆成本，包括與風暴相關的成本、與我剛才談到的部分 MTEP 傳輸相關的成本以及與間接費用相關的成本。這些事情將對我們現有的客戶有所幫助。

And then the other thing that I wanted to make sure that we were pointing out was the resilience benefits that come from the building of these new assets particularly, we talked about the C Tech and the battle to Weaver lines.

然後我想確保我們指出的另一件事是建立這些新資產所帶來的彈性優勢，特別是我們談到了 C Tech 和 Weaver 防線之戰。

That's a 500 kV system that basically is going to come from the north side of Baton Rouge across Louisiana into Texas and then basically down into the north side of Houston, the Conroe area. And that is a big one, 500 kV, so it could carry a lot of capacity, that's going to be built to monitor standards.

這是一個 500 kV 系統，基本上是從巴吞魯日北側穿過路易斯安那州進入德克薩斯州，然後基本上進入休士頓北側的康羅地區。這是一個很大的500千伏輸電線路，因此可以承載很大的容量，它將被建造來監控標準。

It's going to loop all the transmission that's along the coast that's traditionally been pretty exposed to hurricanes and will give -- it will create a very robust grid for our customers along the Gulf Coast. So we're excited to get that.

它將把沿海地區所有容易受到颶風影響的輸電線路連接起來，為墨西哥灣沿岸的客戶打造一個非常強大的輸電網路。所以我們很高興得到這個。

And it's a really big benefit for our existing customers. But those are the kinds of questions that our customers have been asking in the regulatory processes pretty much across the board.

這對我們現有的客戶來說確實是一個巨大的優勢。但這些都是我們的客戶在監管過程中幾乎全面提出的問題。

One other thing -- I'll just add one more thing to that, Ross. The -- in our various regulatory approval processes, no one is disputing the need for new capacity or really the need for new transmission. In the transmission space, the risk -- or not even a risk, the conversation is around what's the best route to pick. That's where the -- that's what most of the conversation has been about in the generation space. It's about who is actually picking up the costs and what are the benefits associated with that investment.

還有一件事——我只想補充一點，羅斯。在我們的各種監管審批過程中，沒有人對新容量的需求或新傳輸的需求提出異議。在傳輸領域，風險——或甚至不是風險，討論的重點是選擇最佳路線。這就是發電領域大多數討論的重點。討論的是誰實際承擔成本，以及這項投資能帶來哪些收益。

So there is a strong agreement that these assets are needed. It's more of a question around how we're going to manage them, where they're going to go. Those are the primary questions.

所以大家一致認為這些資產是必要的。問題更多的是如何管理它們，以及它們將流向何處。這些才是主要問題。

More about the how and the where than the what we need.

我們更專注於如何做和在哪裡做，而不是我們需要什麼。

One thing. Let me just add one more thing to that, Ross. The, in our various regulatory approval processes, no one is disputing the need for new capacity, or really the need for new transmission. In the transmission space, the convers the risk, or it's not even a risk, the conversation is around.

還有一件事。羅斯，我再補充一點。在我們各種監管審批流程中，沒有人質疑新增容量的必要性，或說新增輸電線路的必要性。在傳輸空間中，對話是關於風險的，甚至不是風險，對話就是圍繞著風險進行的。

What's the best route to pick? That's where the, that's what most of the conversation has been about. In the generation space. It's about who is actually picking up the cost and what are the benefits associated with that investment. So there's, there is strong agreement that these assets are needed. It's more of a question around, how we're going to manage them, where they're going to go. Those are the those are the primary questions.

最佳路線該選哪一條？這就是大部分談話的主題。在生成空間中。關鍵在於誰真正承擔了成本，以及這項投資能帶來哪些好處。因此，大家一致認為這些資產是必要的。這更多的是一個問題，我們將如何管理它們，它們將去哪裡。這些是主要問題。

But more about the how and the where than the what we need.

但更多的是關於如何做和在哪裡做，而不是我們需要什麼。

Thank you. Very much appreciate you.

謝謝。非常感謝你。

All right. Thank you, Ralph.

好的。謝謝你，拉爾夫。

Steve Fleishman with Wolfe Research.

沃爾夫研究公司的史蒂夫‧弗萊什曼。

Yeah, hey, good morning. Thanks for the updates. So just could you -- Drew, you went quickly through the changes on the storm recovery. And I guess, particularly the Louisiana. Could you just kind of go through that again quick and also just is it something that the rating agencies have said anything on in terms of kind of further risk reduction?

是的，嘿，早安。感謝您的更新。那麼你能——德魯，你快速介紹了風暴恢復方面的變化。我想，特別是路易斯安那州。您能否再快速回顧一下這個問題？此外，評級機構是否就進一步降低風險發表了任何看法？

I'll defer the question about ready agencies to Kimberly. But the -- in terms of the things that in Louisiana, so I think it was maybe last month or the month before, there was an order from the bench that did not go through a regular process. We have a request out there for regular -- through sort of regular order to consider a long-term solution for more rapid securitization.

我將把有關準備就緒的代理機構的問題轉交給金伯利。但是，就路易斯安那州的情況而言，我想可能是上個月或上上個月，法官下達了一項沒有正常程序的命令。我們有一個定期請求——透過某種定期命令來考慮更快速證券化的長期解決方案。

But from the bench, to get it in front of 2025, they created a mechanism that would allow us to recover our securitization costs more quickly. And the mechanism will allow us to submit estimated costs for securitization in -- prior to our NA meeting, make a filing and then the filing would be considered by the commission at the subsequent meeting. So very fast turnaround is what the expectation is. And the point of that is to create benefits for customers because that reduces the carrying costs for our customers because the full weighted average cost of capital would not be the carrying costs anymore, it would be the securitization rate, which, of course, is a AAA rate, which is going to be a much lower rate.

但從本質上講，為了在 2025 年之前實現這一目標，他們創建了一種機制，讓我們更快地收回證券化成本。該機制將允許我們在 NA 會議之前提交證券化的估計成本，進行備案，然後委員會將在隨後的會議上審議該文件。因此，我們期望的是非常快的周轉速度。這樣做的目的是為客戶創造利益，因為這降低了客戶的持有成本，因為全部加權平均資本成本不再是持有成本，而是證券化利率，當然，這是 AAA 利率，這將是一個低得多的利率。

And then the other benefits that I mentioned were the potential for a lower cost of capital because the agencies should see that as very positive. And then lastly, we have a lot of vendors, particularly for a large storm that may be concerned about the creditworthiness of the company. But this should give them a lot of confidence that the company is going to be able to stand behind whatever the storm costs are.

然後我提到的其他好處是降低資本成本的潛力，因為機構應該認為這是非常積極的。最後，我們有很多供應商，特別是針對大型風暴的供應商，他們可能會擔心公司的信譽。但這應該會給他們很大的信心，相信公司能夠承擔風暴造成的任何損失。

So I'll turn it over to Kimberly. She can comment about the credit piece.

因此我將把它交給金伯莉。她可以對信用部分發表評論。

Yes. As we talk to the rating agencies about the improvements in the financial space regarding storms, they view that as very positive and the ability to return that cash quicker, much quicker than what we have had previously. So a positive outlook there.

是的。當我們與評級機構談論風暴相關金融領域的改善時，他們認為這是非常積極的，並且能夠比以前更快地返還現金。因此前景是樂觀的。

It should also help us with our credit metrics, too, because, as you know, Steve, historically, when we've had a very long time between the time of the storm and the time of the securitization, our credit metrics will dip. And this should shorten that quite a bit.

它也應該有助於我們的信用指標，因為，正如你所知，史蒂夫，從歷史上看，當我們在風暴和證券化之間經歷了很長一段時間時，我們的信用指標就會下降。這應該可以縮短很多時間。

Great. And then one other question just on the gas build. I mean, you're probably going to be the largest builder of new gas plants late this decade. So just in addition to the turbines that you've locked up, how are you feeling about the EPC and just overall ability to get all these projects done on time and budget?

偉大的。還有一個問題是關於天然氣的。我的意思是，你們可能會成為本世紀末最大的新天然氣工廠建造者。那麼，除了您已經鎖定的渦輪機之外，您對 EPC 以及按時按預算完成所有這些項目的整體能力有何看法？

Yeah, that's a great question, Steve. So we've been working hard to be prepared for that. A couple of things that we've done. Certainly, we have strong relationships with EPCs and we have actual working experience with them given the building that we have done recently with the J. Wayne Liner plant, Lake Charles plant, Montgomery County plant.

是的，史蒂夫，這個問題問得很好。因此我們一直在努力為此做好準備。我們做了一些事情。當然，我們與 EPC 有著密切的關係，並且鑑於我們最近與 J. Wayne Liner 工廠、Lake Charles 工廠、Montgomery County 工廠合作完成的建設，我們與他們有著實際的工作經驗。

And of course, the Orange County project is under construction right now, expected to be online, hopefully next spring, certainly before next summer. And so we have a lot of good existing relationships. We have a lot of working experience on getting this stuff built and online, so we're leveraging that.

當然，橘郡計畫目前正在建設中，預計將於明年春天，或肯定在明年夏天之前上線。因此我們目前已經建立了許多良好的關係。我們在建造和上線這些東西方面擁有豐富的工作經驗，因此我們將利用這一點。

We are also utilizing a simpler standard design. So we're using -- we were building 2 on 1 stations. We simplified it to one-on-one. We're using Mitsubishi's larger turbines, which allows us to do that. So there are probably more projects, but they're easier to build.

我們也採用了更簡單的標準設計。所以我們正在使用——我們正在建造 2 對 1 站。我們將其簡化為一對一。我們正在使用三菱的更大的渦輪機，這使我們能夠做到這一點。因此，可能會有更多的項目，但它們更容易建造。

And so we expect to -- as we go through, we expect to learn more and pick up speed and find ways to lower cost at the same time.

因此，我們希望——隨著我們的進展，我們期望學到更多，加快速度，同時找到降低成本的方法。

And then the last piece I'll mention is we are working hard through the supply chain. So we have access to other critical equipment, things like transformers, large high-voltage breakers and other pieces of equipment that are critical for us to maintain our time lines. So we have line of sight on all of that. The things that we don't have 100% locked up generally are available to us in many different ways. So we have confidence that we'll be able to get that done.

最後我要提到的一點是，我們正在透過供應鏈努力工作。因此，我們可以使用其他關鍵設備，例如變壓器、大型高壓斷路器和其他對我們維持時間表至關重要的設備。因此，我們對所有這些都有清晰的認識。我們通常可以透過多種不同的方式獲得那些沒有 100% 鎖定的東西。因此我們有信心能夠完成這個目標。

So those are just a few of the things that we're thinking about, but we have confidence that we can manage through making all this happen

這些只是我們正在考慮的一些事情，但我們有信心實現這一切

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

Sophie Karp with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Sophie Karp。

Hi, good morning. Thank you for taking my question and congrats on a great update here. My question is about I guess how storms and data center customers are going to coexist in your territory. And clearly that doesn't seem to be a huge concern for them because customers are willing to, come into your territory. But is there an incremental opportunity for you to address here because presumably they would need very power, right, maybe, or are they interruptible, maybe like how do you think about it? How do your customers think about that? It's an incremental opportunity for storm hardening or some backup generation that you might be providing for them.

嗨，早安。感謝您回答我的問題，並祝賀您取得如此重大的更新。我的問題是，我猜想風暴和資料中心客戶將如何在您的領土內共存。顯然這對他們來說似乎不是什麼大問題，因為客戶願意進入你的領域。但是，您是否有一個漸進的機會可以在這裡解決，因為大概他們需要非常大的功率，對吧，也許，或者他們是否可以中斷，也許您是怎麼想的？您的客戶對此有何看法？這是您可能為他們提供的防風暴或備用發電的增量機會。

Thanks, Sophie. Yes, it's a great question. I think the customers themselves start by locating further away from the coast. So where these data center customers are showing up, and we have 2 examples at this point, Meta and Amazon in Mississippi. They're further away from the coast.

謝謝，索菲。是的，這是一個很好的問題。我認為顧客自己會先選擇遠離海岸的地方。那麼這些資料中心客戶出現在哪裡呢？目前我們有兩個例子，即密西西比州的 Meta 和亞馬遜。他們距離海岸較遠。

So the Meta project is in Northeast Louisiana and the Amazon project's on the north side of Jackson, Mississippi in two locations. And so they are further away from the coast. And then, of course, we're building generation to support them, which is further away from the coast as well, along with some of these 500 KV lines that we're talking about, which are further away from the coast. I gave you the example of the C Tech and the line. Those are further away from the coast.

因此，Meta 計畫位於路易斯安那州東北部，而 Amazon 計畫位於密西西比州傑克遜北部的兩個地點。因此他們離海岸更遠了。當然，我們正在建造發電設施來支援他們，這些發電設施也離海岸較遠，還有我們所說的一些 500 千伏線路，這些線路也離海岸較遠。我給你舉了 C Tech 和線路的例子。那些地方距離海岸較遠。

So that's really the strategy right now. It's to use modern more, I guess, modernized equipment that is built to the more stringent standards that we have for storms and wind loadings and things like that. And to build it just simply further away from the coast where the risk is going to be reduced.

這就是目前的策略。我想，這是為了使用更現代化的設備，這些設備是按照我們對風暴和風荷載等更嚴格的標準製造的。並且將其建在遠離海岸的地方，風險就會降低。

Got it. Thank you. That's all for me.

知道了。謝謝。對我來說就這些了。

All right, thank you, Sophie. And our next question comes from the line of Anthony Crowdell with Mizuho.

好的，謝謝你，索菲。我們的下一個問題來自瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good morning, Drew, I just have a follow-up from Nick's question, probably very easy. I think Nick had asked about like a new nuclear deal and you mentioned the importance of a bigger balance sheet throughout maybe a state solution a federal solution or maybe the hyperscale or even sovereign wealth. If you had to pick of those options or the options you spoke about, which ones in the leader, which one do you think is more likely to go ahead with a new nuclear deal? Like what builds the next nuclear plant in your jurisdictions?

嘿，早上好，德魯，我只是想跟進尼克的問題，可能很簡單。我認為尼克問過關於新的核協議的問題，而你提到了更大的資產負債表的重要性，可能是州解決方案、聯邦解決方案，也可能是超大規模甚至主權財富。如果您必須從這些選項或您談論的選項中做出選擇，您認為哪一個領導人更有可能達成新的核協議？例如，你們管轄範圍內將建造下一座核電廠嗎？

I wish I knew I could give you a good answer for that. We are talking with all of the above on that stuff. But I do not have one that I would lean on at this point. We're looking for one of them to come through for us is basically the conversations that we're having. But we're stretching the boundaries in order to see if we can find somebody that can step up to help us with that particular risk by bringing other kinds of folks that have the kind of balance sheet that we would need to make sure that this happens.

我希望我能給你一個好的答案。我們正在與上述所有人討論這些事情。但目前我還沒有一個可以依靠的人。我們正在尋找其中一位能夠幫助我們的人，這基本上就是我們正在進行的對話。但我們正在擴大界限，看看我們是否能找到可以站出來幫助我們應對這一特定風險的人，透過引入其他擁有我們所需的資產負債表的人來確保這種情況發生。

But we haven't cracked it. Not yet. So, I don't have a good answer for you, Anthony. We're still working on it.

但我們尚未破解它。還沒有。所以，安東尼，我沒有好的答案給你。我們仍在努力。

Great, that's all I had.

太好了，這就是我所擁有的一切。

Nice quarter. Thanks for taking my question.

不錯的季度。感謝您回答我的問題。

Thank you.

謝謝。

Yes, thank you. And our next question comes from the line of Angie Storozynski from Seaport Research Partners. Angie, please go ahead.

是的，謝謝。我們的下一個問題來自 Seaport Research Partners 的 Angie Storozynski。安吉，請繼續。

Thank you. So, two questions. One, about residential sales being weak, weather normalized residential sales being weak this quarter and basically flattish year-to-date despite some uptick in the customer account count. And I'm just wondering if we're seeing this from other companies as well. The residential sales typically have a higher margin. And so I'm just asking, is it a weakening economy?

謝謝。所以，有兩個問題。第一，關於住宅銷售疲軟，天氣正常化導致本季住宅銷售疲軟，儘管客戶帳戶數量增加，但今年迄今住宅銷售基本持平。我只是想知道我們是否也在其他公司看到過這種情況。住宅銷售的利潤率通常較高。所以我想問一下，經濟是不是正在走弱？

Do you incorporate that in your future earnings trajectory?

您是否將其納入您未來的收入軌跡中？

And then secondly, just wondering, we're seeing this inflation in the cost of new build for gas plants. You have this basically a framework of an agreement for the equipment supplier with the witness supplier. And I'm just wondering how you're managing the cost and its reflection in any future data center deals.

其次，我只是想知道，我們看到新建天然氣工廠的成本出現了通貨膨脹。這基本上就是設備供應商與見證供應商之間協議的架構。我只是想知道您如何管理成本及其在未來資料中心交易中的體現。

Thank you.

謝謝。

Good morning, Angie, I'll start with your residential sales question. You may recall in the first quarter, our residential sales were really strong. And when we saw that, we looked at how those came out over the course of the year and what you've seen is a little bit of that coming back a little softer in the second quarter, but over the full year, we're about flat. And so I think you're just seeing some volatility in the data, not a real pattern. Nothing that we have baked in or expect to see over a long time.

早安，安吉，我先從你的住宅銷售問題開始。您可能還記得，第一季我們的住宅銷售非常強勁。當我們看到這種情況時，我們觀察了這些情況在一年中的表現，您會發現第二季的情況略有回落，但全年情況基本上持平。所以我認為你只是看到數據中的一些波動，而不是真正的模式。這不是我們長期預期或會看到的事情。

So you're just seeing some variances month-over-month. That isn't an indicator of an overall weakness.

因此，您只是看到月與月之間的一些差異。這並不表示整體上有弱點。

As it relates to inflation on the cost of new build, we certainly have continue to work to manage the cost of increases related to all of our investments. We have a lot of continuous improvement efforts, both on the capital and on the O&M side to try to manage those costs. And we have mechanisms within various contracts that enable us to manage those costs. It depends by customer. But obviously, we are very focused on affordability for our customers and working to manage the overall cost, and we continue to be quite competitive on our new build cost relative to what you're seeing as sort of the industry estimates.

由於它與新建成本的通貨膨脹有關，我們當然必須繼續努力管理與我們所有投資相關的成本增加。我們在資本和營運與維護方面都做出了許多持續改進努力，以努力管理這些成本。我們在各種合約中都有機制來幫助我們管理這些成本。這取決於客戶。但顯然，我們非常注重客戶的負擔能力並努力管理整體成本，而且相對於您所看到的行業估計，我們的新建成本仍然具有相當的競爭力。

Great. And just one quick follow-up. I'm just looking at the rerating of your stock and how it should have impacted your dilution math in your growth rate. And I'm just wondering if you've already captured it in this updated plan for the EPS growth, the fact that you're basically issuing equity at a much higher pace than likely initially anticipated?

偉大的。還有一個快速的後續問題。我只是在查看您的股票的重新評級以及它應該如何影響您的成長率中的稀釋數學。我只是想知道，您是否已經在更新的每股盈餘成長計畫中體現了這一點，即您發行股票的速度基本上比最初預期的要快得多？

Well, Angie, as you know, we've sold forward into 2027. So we've got what we -- what our forward contracts are assumed and then what we need in '27 and '28, we have a price assumption. But certainly, to the extent that the price moves in a positive direction, that's helpful relative to dilution on an ongoing basis.

嗯，安吉，如你所知，我們已經將產品銷售至 2027 年。因此，我們得到了我們的遠期合約假設，以及我們在 27 年和 28 年需要什麼，我們有一個價格假設。但可以肯定的是，只要價格朝著正面的方向發展，這對於持續的稀釋是有幫助的。

Great. Thank you.

偉大的。謝謝。

All right, thank you, Angie. And our final question today comes from the line of Paul Patterson with Glen Rock Associates. Paul, please go ahead.

好的，謝謝你，安吉。我們今天的最後一個問題來自 Glen Rock Associates 的 Paul Patterson。保羅，請繼續。

Hey Good morning. Just following up on your comments about safe harboring and the way the bill is currently constructed. And just on the July 7 executive order, have you guys had any sense as to what we might see coming out of that? And if you have, could you share it with us? And also, what -- how do you think about any potential changes that the executive order might cause? How are you guys managing that?

嘿，早安。只是想跟進一下您關於安全港以及該法案當前構建方式的評論。就 7 月 7 日的行政命令而言，你們是否知道我們可能會看到什麼結果？如果有的話，可以跟我們分享嗎？此外，您認為該行政命令可能帶來哪些潛在變化？你們是如何處理這個問題的呢？

Or how you're thinking about that in terms of going forward and your activities?

或者您如何看待這個問題以及如何進行您的活動？

We're certainly engaged, Paul, with our industry partners and other companies around understanding what could come out, but I don't have any specific insights that I can share on that.

保羅，我們當然正在與我們的行業合作夥伴和其他公司合作，以了解可能的結果，但我沒有任何可以分享的具體見解。

As far as safe harboring, we have worked within the existing rules to do what we need on the projects in order to safe harbor those. If the executive order and the outcome of that changes that, we'll obviously need to make adjustments, but we'll have what those are specifically.

就安全港而言，我們已依照現有規則對專案採取必要措施，以確保其安全港地位。如果行政命令及其結果改變了這一點，我們顯然需要做出調整，但我們會知道具體是什麼。

But we've been working for the last couple of months to make sure that we could meet as much of our renewables could be safe harbored as possible under the rules that we have. And we continue to watch for what else may change there, and we'll adjust as we need to, Paul.

但在過去的幾個月裡，我們一直在努力確保我們能夠在現有規則下盡可能安全地保護盡可能多的再生能源。保羅，我們將繼續關注那裡可能還會發生什麼變化，並根據需要進行調整。

Okay, great. Thanks a lot.

好的，太好了。多謝。

Thank you. Thank you, Paul.

謝謝。謝謝你，保羅。

And that does conclude our Q&A session today. So at this time, I will turn the call back over to Liz. Liz?

今天的問答環節到此結束。因此，現在我將把電話轉回給 Liz。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 August 11, and provides more details and disclosures about our financial statements. Events that occur prior to the date of our 10-Q filing that provide additional evidence of conditions that existed at the date of the balance sheet would be reflected in our financial statements in accordance with generally accepted accounting principles.

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 8 月 11 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 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.

另外，提醒一下，我們在 Entergy 投資者關係網站中維護一個名為「監管和其他資訊」的網頁，該網頁提供監管程序的重要更新以及我們策略執行的重要里程碑。雖然其中一些資訊可能被視為重要訊息，但您不應完全依賴此頁面來獲取所有相關的公司資訊。

And this concludes our call. Thank you very much.

我們的通話到此結束。非常感謝。

Thanks, Liz, and again, this concludes today's conference call. You may now disconnect.

謝謝，利茲，今天的電話會議到此結束。您現在可以斷開連線。