安特吉 (ETR) 2025 Q3 法說會逐字稿

Hello, everyone. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Entergy Corporation third quarter earnings call and teleconference. (Operator Instructions) I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation. Liz?

大家好。我叫格雷格，今天我將擔任你們的會議接線生。在此，我謹代表安特吉公司歡迎各位參加今天的第三季財報電話會議。（操作員指示）現在我將把電話轉交給安特吉公司投資者關係副總裁莉茲·亨特。莉茲？

Good morning. 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.

早安.謝謝你，格雷格，也謝謝今天早上所有到場的各位。今天我們將首先由 Entergy 董事長兼首席執行官 Drew Marsh 發表講話，然後我們的財務長 Kimberly Fontan 將回顧業績。

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. 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.

在今天的電話會議中，管理階層將發表一些前瞻性聲明。由於多種因素的影響，實際結果可能與這些前瞻性聲明有重大差異，這些因素已在我們的獲利報告、幻燈片簡報和提交給美國證券交易委員會的文件中列出。Entergy公司不承擔更新這些前瞻性聲明的任何義務。管理層也將討論非GAAP財務資訊。適用 GAAP 指標的調節表已包含在今天的新聞稿和幻燈片簡報中，這兩份文件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.

現在我將把電話交給德魯。

Thank you, Liz, and good morning, everyone. Today, we are reporting strong financial results as well as continued progress on business and regulatory matters. Starting with our quarterly financial results. Our adjusted earnings per share was $1.53. With our results to date and our biggest quarter behind us, we are narrowing our guidance, raising the bottom by $0.10. We also remain well presented to achieve our long-term growth outlook. Kimberly will review the financial details in a moment.

謝謝你，莉茲，大家早安。今天，我們公佈了強勁的財務業績，並在業務和監管事務方面取得了持續進展。首先，我們來看看季度財務業績。我們調整後的每股盈餘為1.53美元。鑑於我們目前的業績以及業績最好的季度已經過去，我們下調了業績預期，將下限上調了0.10美元。我們仍有信心實現長期成長目標。金伯利稍後會審核財務細節。

Turning to the business. Last quarter, we achieved the first quartile Net Promoter Score for utility residential service for the first time since we began tracking this metric. We're pleased to report that we've maintained our first quartile position. We are keenly focused on meeting the needs of our 3 million customers, and we believe our strategy will carry this momentum forward. Our focus on the customer starts with keeping our rates as low as possible.

轉入正題。上個季度，我們自開始追蹤該指標以來，首次在公用事業住宅服務淨推薦值 (NPS) 方面達到前四分之一的水平。我們很高興地報告，我們保持了第一四分位的位置。我們始終致力於滿足300萬客戶的需求，我們相信我們的策略將保持這一發展勢頭。我們以客戶為中心，首先要做的就是盡可能降低價格。

And again, we aim to maintain our average rates well below the national average through the remarkable commitment and creativity of our employees and a culture of continuous improvement. City share of wallet is roughly the lowest our customers have seen over the last 20 years. We expect it to stay in that range over the outlook period.

我們再次強調，我們將透過員工卓越的敬業精神和創造力以及持續改進的企業文化，努力使我們的平均費率遠低於全國平均水平。城市支出佔比約為我們客戶近 20 年來所見過的最低水準。我們預計在預測期內，這一數字將保持在目前的範圍內。

Of course, there is more to it than that. We proactively manage the effect of fuel volatility on customers' bills, through fuel hedging programs and mechanisms to defer fuel costs during peak prices. And for individual customers, we have developed tools to help them manage their bills, such as approved bill discounts for low-income seniors, payment options like average billing and payment timing, energy efficiency services and customer assistance programs like power to care and light heap advocacy. I'm proud to highlight that our digital LIHEAP platform recently received a Silver Best Practices Award from Chartwell for excellence in serving vulnerable customers. This tool streamlines access to energy assistance and provides real-time updates for customers in need.

當然，事情遠不止如此。我們透過燃油避險計畫和在價格高峰期延期支付燃油成本的機制，積極主動管理燃油價格波動對客戶帳單的影響。對於個人客戶，我們開發了多種工具來幫助他們管理帳單，例如為低收入老年人提供已批准的帳單折扣、平均帳單和付款時間等付款選項、能源效率服務以及「電力關懷」和「輕型垃圾處理倡導」等客戶援助計劃。我很自豪地宣布，我們的數位低收入家庭能源援助計劃 (LIHEAP) 平台最近獲得了 Chartwell 頒發的銀級最佳實踐獎，以表彰其在服務弱勢客戶群體方面的卓越表現。該工具簡化了獲取能源援助的流程，並為有需要的客戶提供即時更新。

And as we've worked to attract new hyperscale data center customers, we ensure that they pay their fair share of energy infrastructure investments while bringing other significant benefits to our communities, such as jobs, property tax payments, direct municipal infrastructure investment and workforce development.

在努力吸引新的超大規模資料中心客戶的同時，我們確保他們支付應有的能源基礎設施投資份額，同時為我們的社區帶來其他重大利益，例如就業機會、房產稅收入、市政基礎設施直接投資和勞動力發展。

This is consistent with their stated intent to be good neighbors. For example, at the recent groundbreaking announcement, Google said that they will protect energy affordability for existing customers by covering the full cost of powering the data center in West Memphis. They're also committed to making a significant community impact, including a $25 million fund to accelerate local energy efficiency efforts and workforce development. In September, Entergy Mississippi announced a new customer-focused initiative known as Super Power Mississippi.

這與他們聲稱要做好鄰居的意願相符。例如，在最近具有里程碑意義的發表會上，Google表示，他們將承擔西孟菲斯資料中心的全部供電成本，以保障現有客戶的能源負擔能力。他們也致力於對社區產生重大影響，包括設立 2,500 萬美元基金，以加速當地能源效率的工作和勞動力發展。9 月，密西西比州電力公司宣布了以客戶為中心的新計劃，名為「超級電力密西西比」。

The initiative includes a $300 million investment to harden the grid and improve reliability with the goal of reducing outages for customers by half within five years. We're able to add this investment for great improvements at no additional cost to Entergy Mississippi customers because of new revenues from Amazon and other large industrial customers investments in the state.

該計劃包括投資 3 億美元來加強電網並提高可靠性，目標是在五年內將客戶的停電次數減少一半。由於亞馬遜和其他大型工業客戶在密西西比州的投資帶來了新的收入，我們得以增加這項投資，從而在不增加 Entergy Mississippi 客戶成本的情況下，實現巨大的改進。

Haley Fisackerly, our CEO in Entergy Mississippi, recently noted that customer rates would be 16% lower than they otherwise would have been due to these large customers, and that includes the incremental Super Power Mississippi investment. In customer growth news, in late September, Sempra reached its final investment decision for Phase 2 of its Port Arthur LNG project.

我們 Entergy Mississippi 的執行長 Haley Fisackerly 最近指出，由於這些大客戶的加入，客戶費率將比原本低 16%，這還包括 Super Power Mississippi 的額外投資。在客戶成長方面，9 月下旬，森普拉能源公司 (Sempra) 對其亞瑟港液化天然氣專案二期工程做出了最終投資決定。

In addition, a colocation data center, Avio announced an investment in Entergy Mississippi service area. While these were included in our probability-weighted sales forecast, these developments continue to build confidence in our long-term outlook. As a reminder, we probability weigh potential industrial customers in our plans, except for very large businesses like hyperscale data centers, which we don't add to our plans until they are the signed electric service agreement.

此外，Avio 也宣布投資 Entergy Mississippi 服務區內的託管資料中心。雖然這些因素已納入我們的機率加權銷售預測中，但這些進展仍在不斷增強我們對長期前景的信心。再次提醒，我們在製定計劃時會考慮潛在的工業客戶，但超大規模資料中心等大型企業除外，我們只有在簽署電力服務協議後才會將其納入計劃。

Because of our vertical integration, natural Gulf Coast advantages, thoughtful regulation, a long history of successfully working with large industrial projects and now MISO's expedited connection mechanisms. We continue to see strong demand from businesses looking to locate in our service areas. This includes data centers, but also customers from traditional industrial segments. Our data center pipeline has continued to grow and now is setting to from 7 to 12 gigawatts. This is based on active conversations with customers for whom we reasonably could expect to sign agreements within the next year or 2.

由於我們的垂直整​​合、墨西哥灣沿岸的自然優勢、周全的監管、與大型工業項目成功合作的悠久歷史，以及現在的 MISO 快速連接機制。我們持續看到希望在我們服務區域內落腳的企業需求強勁。這包括資料中心，也包括傳統工業領域的客戶。我們的資料中心裝置容量持續成長，目前已從 7 吉瓦增加到 12 吉瓦。這是基於與客戶的積極溝通，我們有理由預期在未來一兩年內與他們簽訂協議。

With line of sight on incremental opportunities, we've added 4.5 gigawatts to our agreement for the purchase of Power Island equipment, including steam turbines, combustion turbines and heat recovery steam generators. This addition represents 6 units that will be delivered in time to support commercial operations in 2031 to 2032. In total, we now have secured more than 19 gigawatts of capacity which is accounted for due to growth or other supply needs. That leaves 8 gigawatts for additional growth. We secured other critical equipment, including transformers and breakers and we secured 90% of materials required for our planned transmission projects through 2030. We also have agreements with EPCs for the generation projects through mid-2029.

著眼於不斷增長的機會，我們在購買電力島設備的協議中增加了 4.5 吉瓦，其中包括蒸汽渦輪機、燃氣渦輪機和餘熱回收蒸汽發生器。此次新增的 6 台設備將按時交付，以支援 2031 年至 2032 年的商業營運。目前，我們總共已確保超過 19 吉瓦的發電容量，這主要是由於成長或其他供應需求所致。這樣還剩下 8 吉瓦可供額外增長。我們確保了其他關鍵設備的供應，包括變壓器和斷路器，並且我們確保了到 2030 年計劃的輸電項目所需材料的 90%。我們也與EPC公司簽訂了發電項目協議，協議有效期至2029年中期。

We have line of sight for additional projects. We're also well positioned for solar projects. For our owned projects, we secured approximately 75% of our critical equipment, including generator step-up transformers, high-voltage breakers and solar modules. We also have clear line of sight to the remaining 25% through our existing supplier relationships.

我們有望開展更多項目。我們在太陽能專案方面也佔據了有利地位。對於我們自己的項目，我們保障了約 75% 的關鍵設備，包括發電機升壓變壓器、高壓斷路器和太陽能組件。透過我們現有的供應商關係，我們也能清楚地了解剩餘的 25% 的需求。

In July, FERC approved MISO's expedited resource Edition study, or ARS process. We have since submitted 9 interconnection requests for 12 plants into the new process. Eight of these plants and our AR submission are in our plan and four are available for incremental growth. ARRIS has worked well to support speed to market for customers trying to come online as quickly as possible. as well as help us respond to the national security priority for rapid energy deployment to win the AI race.

7 月，聯邦能源管理委員會 (FERC) 批准了 MISO 的快速資源版本研究 (ARS) 流程。此後，我們已向新製程提交了 12 家工廠的 9 項互連申請。這八家工廠和我們的 AR 申請都在我們的計劃中，其中四家可用於逐步擴大規模。ARRIS 在幫助客戶盡快上線產品、加速產品上市方面發揮了重要作用，同時也幫助我們回應國家安全優先事項，快速部署能源以贏得人工智慧競賽。

We expect to start receiving our first project approvals by the end of this year. The standardized designs for our generation projects and our transmission lines and our history of successful execution on large projects, we remain confident in our ability to manage our operations and execute on our capital plan. We're also well positioned to serve potential new customers above our current plan.

我們預計今年底開始收到首批專案審批結果。憑藉我們發電專案和輸電線路的標準化設計，以及我們在大型專案上成功執行的歷史，我們對管理營運和執行資本計劃的能力充滿信心。我們也做好了充分準備，在現有計劃之外，為潛在的新客戶提供服務。

For the customer base that continues to grow, perhaps it is no surprise that our system as well as Entergy Arkansas and Entergy Texas hit new peak loads in July. Our system performed well during these high load periods. Responding to that customer growth Entergy Texas remains on track for the completion of the Orange County Advanced Power Station next spring. The plant decommissioning the plant commissioning, we're just getting started with that one. The plant's commissioning is underway and first fire is expected in December. Our other large generation and transmission projects are also on track.

對於不斷成長的客戶群而言，我們的系統以及阿肯色州電力公司和德州電力公司在 7 月達到新的高峰負載可能並不令人意外。我們的系統在高負載期間表現良好。為了因應客戶成長，Entergy Texas 仍按計劃推進，預計明年春天完成 Orange County 先進發電站的建設。工廠的退役和調試，我們才剛開始。該工廠的調試工作正在進行中，預計將於 12 月進行首次點火試驗。我們其他的大型發電和輸電項目也都在按計劃進行。

Last week, Entergy Mississippi pro ground on the Vicksburg advanced power station. We'll also support customer growth, including the large customer that Entergy Mississippi signed this past February. Entergy Louisiana recently announced selections from its baseload generation RFP to support customer growth. And that includes two combined-cycle resources that will be self-built. For accelerated resilience, we expect to file Phase 2 plants in Louisiana and New Orleans within the next several months.

上週，密西西比州電力公司在維克斯堡先進發電站計畫上取得了進展。我們也將支援客戶成長，包括今年二月 Entergy Mississippi 簽署的大客戶協議。路易斯安那州電力公司最近公佈了其基礎負載發電招標書的入選名單，以支持客戶成長。其中包括兩座將自行建造的聯合循環發電廠。為了加快恢復能力，我們預計在未來幾個月內在路易斯安那州和新奧爾良提交第二階段工廠的申請。

This timing allows us to maintain operational momentum with our resilience investments. To date, our operating companies have invested about $580 million in approved resilience work. We completed 32 line hardening projects, upgrading more than 13,000 structures. And we have hired 10 existing substations to mitigate the impacts of both hurricane force winds and storm search.

這一時機使我們能夠透過韌性投資保持營運勢頭。迄今為止，我們的營運公司已在經批准的韌性建設工作中投資了約 5.8 億美元。我們完成了 32 個管線加固項目，升級了超過 13,000 個結構。我們租用了 10 個現有的變電站，以減輕颶風級強風和風暴搜救的影響。

In addition, Entergy Texas was recently awarded $200 million in grant funding by the PUCT from the Texas Energy Fund for resilience projects with no cost to customers. The grant will allow for the hardening of more than 8,000 distribution poles covering 338 miles, well hardening 16 transmission lines. We appreciate the proactive support from our state regulators and legislative bodies to improve the storm readiness of our system for the benefit of all customers. With the customer growth opportunity before us and excitement throughout our service areas, we continue to work with our stakeholders, including regulators, elected leaders, community leaders and local vendors to meet customers' needs and to improve their outcome.

此外，德州公共事業委員會 (PUCT) 最近透過德州能源基金向 Entergy Texas 提供了 2 億美元的撥款，用於開展無需客戶承擔任何費用的韌性建設項目。該撥款將用於加固覆蓋 338 英里的 8000 多根配電桿，以及加固 16 條輸電線路。我們感謝州監管機構和立法機構積極支持我們提高系統應對風暴的能力，造福所有客戶。面對客戶成長的機會以及服務區域內各方的熱情，我們將繼續與包括監管機構、民選領導人、社區領導人和當地供應商在內的利益相關者合作，以滿足客戶的需求並改善他們的體驗。

In August, the Louisiana Public Service Commission approved the settlement for generation and transmission resources needed to serve meta. Meta's generational investment will bring significant benefits, including jobs, workforce development and state and local tax income. In addition, as the LPSC staff highlighted at the business and executive meeting, contracted minimum bills ensure that Meta is paying the incremental cost to serve them during the contract term without imposing costs on other customers.

8 月，路易斯安那州公共服務委員會批准了為 meta 提供服務所需的發電和輸電資源的結算方案。Meta 的這項世代投資將帶來顯著的效益，包括就業機會、勞動力發展以及州和地方稅收。此外，正如 LPSC 工作人員在業務和執行會議上所強調的那樣，合約規定的最低帳單確保 Meta 在合約期間內支付為他們提供服務的增量成本，而不會給其他客戶帶來成本。

These features provide benefits to support keeping rates as low as possible for Louisiana customers. Last week, a Louisiana Public Service Commission also approved the 200-megawatt Bogalusa West solar project, which was the first project approved through Louisiana's accelerated solar approval process. In Arkansas, the Public Service Commission approved that generating Arkansas Jobs Act Rider.

這些功能有助於將路易斯安那州客戶的費率降至最低。上週，路易斯安那州公共服務委員會也批准了 200 兆瓦的博加盧薩西部太陽能項目，這是路易斯安那州透過加速太陽能審批程序批准的第一個項目。在阿肯色州，公共服務委員會批准了《阿肯色州就業法案》附加條款。

This rider enabled by the legislation this past spring, allows recovery for new economic development related and other customer-critical generation and transmission investments outside of the formula rate plans 4% cap. Additionally, it includes recovery of carrying costs on CWIP during construction, thus lowering cost for customers. Under the new rider, Entergy Arkansas filed in early August for the Jefferson Power Station approval. Also under the new rider, Entergy Arkansas filed for approval in September for Cypress Solar, A solar and battery storage facility to support economic development via Google's recently announced data center.

這項附加條款由今年春季的立法授權，允許對新的經濟發展相關投資和其他對客戶至關重要的發電和輸電投資進行補償，不受公式費率計劃 4% 上限的限制。此外，它還包括在建工程期間收回在建工程的持有成本，從而降低客戶的成本。根據新的附加條款，阿肯色州電力公司於 8 月初提交了傑斐遜發電廠的批准申請。根據這項新附加條款，阿肯色州電力公司 (Entergy Arkansas) 於 9 月提交了 Cypress Solar 專案的批准申請。 Cypress Solar 是一個太陽能和電池儲能設施，旨在透過Google最近宣布的資料中心來支援經濟發展。

Moving to Texas. In September, the Public Utility Commission approved the Legend combined cycle power station and Lone Star, a simple-cycle peaking unit. They will provide efficient, reliable power to support the rapid growth in our Southeast Texas service area. While the commission approved the generation, it also implemented a cost cap our filed cost estimates totaling $2.4 billion, including transmission, carrying costs and contingency. As I noted earlier, we have already contracted with the EPC and secured the long lead time equipment, which comprise a significant portion of the construction costs.

搬到德克薩斯州。9 月，公共事業委員會批准了 Legend 聯合循環發電站和 Lone Star 單循環調峰機組。他們將提供高效、可靠的電力，以支持我們在德克薩斯州東南部的服務區域的快速成長。雖然委員會批准了該發電項目，但也為我們提交的成本估算設定了上限，總額為 24 億美元，其中包括輸電、運輸成本和應急費用。正如我之前提到的，我們已經與EPC公司簽訂了合同，並獲得了交貨週期較長的設備，這些設備佔建築成本的很大一部分。

The Texas Commission also recently approved to large transmission projects that serve growth and improve reliability and resilient on the system CTEC, the Southeast Texas area reliability project at $1.4 billion 500 kV line and the Legend sanding 230 kV line, which will serve industrial customers in Port Arthur, including Phase 2 of the Sempra LNG project.

德州委員會最近還批准了兩項大型輸電項目，旨在促進成長並提高系統的可靠性和彈性。這兩項項目分別是：耗資 14 億美元的德州東南部地區可靠性項目（500 千伏線路）和 Legend 230 千伏線路，後者將為亞瑟港的工業用戶提供服務，包括 Sempra LNG 項目的第二期工程。

Separately, Entergy Texas filed for an increase in its DCRF rider. We expect a decision from the PUCT by the end of the year. These are exciting times in Entergy and exciting times for our industry. We are delivering unprecedented growth for our region and economic development that benefits the customers and communities we serve. At the same time, we are answering the call to support our national security through our rapid response to the energy needs of companies working to win the global AI race.

另外，Entergy Texas公司申請提高其DCRF附加費。我們預計PUCT將在年底前做出決定。對安特吉公司而言，這是一個令人興奮的時刻；對於我們整個產業而言，這也是一個令人興奮的時刻。我們正在為我們所在的地區帶來前所未有的成長和經濟發展，這惠及我們服務的客戶和社區。同時，我們正在響應號召，透過快速響應致力於贏得全球人工智慧競賽的公司的能源需求，來支持我們的國家安全。

All that while keeping rates as low as possible for our customers. The EEI Financial Conference is in a couple of weeks. And we'll share additional color regarding the strong foundations underpinning our differentiated growth story. Notably, our long-term customer sales growth outlook is robust including continued support from both traditional industrial and data center customers.

同時，我們也要盡可能降低客戶的費用。EEI金融大會將在幾週後舉行。我們將進一步闡述支撐我們差異化成長故事的堅實基礎。值得注意的是，我們的長期客戶銷售成長前景強勁，包括來自傳統工業客戶和資料中心客戶的持續支援。

We are well positioned to support speed to market through our supply chain positioning, design choices stakeholder engagement and strong balance sheet. And we are successfully executing on critical issues that our existing customers care about, including keeping rates as low as possible and deploying resilience and reliability investments. We look forward to continuing this conversation with you at the EEI Financial Conference in a couple of weeks.

我們憑藉供應鏈定位、設計選擇、利害關係人參與和強大的資產負債表，在支持產品快速上市方面處於有利地位。我們正在成功解決現有客戶關心的關鍵問題，包括盡可能降低費率以及部署彈性和可靠性投資。我們期待在幾週後的EEI金融大會上繼續與您探討這個主題。

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

現在我將把電話交給金伯利，她將回顧我們本季的財務表現。

Thank you, Drew. Good morning, everyone. We had another great quarter I'll now walk through our financial results as well as our guidance and outlook, and I'll provide a look ahead to EEI. Starting with earnings. Our adjusted EPS for the quarter was $1.53 as shown on slide 4.

謝謝你，德魯。各位早安。我們又迎來了一個非常棒的季度。接下來，我將詳細介紹我們的財務表現、績效指引和展望，並展望EEI的未來。首先來看收益。如投影片 4 所示，我們本季的調整後每股收益為 1.53 美元。

Primary drivers were strong sales growth and the effects of investments made for our customers partially offset by higher other O&M and other operating expenses and an increase in our share count from settling equity forward. Earnings contribution from sales growth was positive even with weather being milder this quarter compared to last year. Weather adjusted sales for the quarter were once again very strong increasing approximately 4.5%. Industrial sales were the largest contributor with more than 7% growth, primarily from new and expansion customers that continue to ramp up their operations.

主要驅動因素是強勁的銷售成長和為客戶進行的投資所帶來的影響，但部分被更高的其他營運維護和其他營運費用以及因股權結算而導致的股份數量增加所抵消。儘管本季天氣比去年同期溫和，但銷售成長帶來的獲利貢獻依然為正。經天氣因素調整後，本季銷售額再次表現強勁，成長約 4.5%。工業銷售額成長超過 7%，是最大的貢獻者，這主要得益於不斷擴大營運規模的新客戶和擴張客戶。

Slide 5 summarizes our credit ratings and affirms that our credit metric outlooks remain better than rating agency thresholds. In the quarter, S&P issued credit reports on each of our operating companies and Entergy Corp. Moody's also issued reports on Entergy Mississippi and Entergy New Orleans. Both agencies affirmed all ratings and outlooks. Last quarter, we discussed the nuclear tax credits earned in 2024.

第 5 頁總結了我們的信用評級，並確認我們的信用指標展望仍然優於評級機構的門檻。本季度，標普發布了我們每家營運公司和安特吉公司的信用報告。穆迪也發布了安特吉密西西比公司和安特吉新奧爾良公司的報告。兩家機構均確認了所有評級和展望。上個季度，我們討論了 2024 年獲得的核能稅收抵免。

Since then, we have completed transactions to monetize these which netted more than $535 million after transaction costs. We continue to work with our regulators on how and over what time period we will provide these benefits to customers. We expect this to happen over an extended period of time. As a reminder, because the value of nuclear PTCs is highly dependent on average revenue per megawatt hour, we do not include cash benefits in our cash flow or credit metric outlook beyond 2025.

此後，我們完成了這些資產的變現交易，扣除交易成本後淨賺超過 5.35 億美元。我們將繼續與監管機構合作，探討如何以及在多長時間內向客戶提供這些福利。我們預計這種情況會在較長一段時間內發生。需要提醒的是，由於核能 PTC 的價值高度依賴每兆瓦時的平均收入，因此我們在 2025 年以後的現金流或信用指標展望中不包含現金收益。

We'll talk more about our credit and EEI, but I'll give you a quick preview. Our credit metric outlooks are strong with FFO to debt above our thresholds throughout the outlook period, achieving our 15% target during the period. Our financial health is bolstered by all the work we've done including the structure of our new large customer ESAs to protect existing customers and our credits; improvement in our pension funded status, constructive regulatory mechanisms, and conservative planning assumptions. All of these have strengthened our balance sheet and created benefits for our customers. We continue to see strong underlying fundamentals and flexibility to meet our objectives.

我們稍後會詳細討論信用和EEI（就業、教育和收入指數），但我現在先給你一個簡要的預告。我們的信貸指標前景強勁，FFO 與債務比率在整個展望期內均高於我們的門檻，並在該期間實現了 15% 的目標。我們所做的一切工作都增強了我們的財務健康，包括建立新的大型客戶 ESA 以保護現有客戶和我們的信用；改善我們的退休金資金狀況；建設性的監管機制；以及保守的規劃假設。所有這些都增強了我們的資產負債表，並為我們的客戶創造了利益。我們持續看到強勁的基本面和靈活性，足以實現我們的目標。

We are rolling forward our outlook to 2029, shifting our 4-year capital and equity plans forward, as you can see on slide 6. Our updated capital plan for 2026 through 2029 is $41 billion. The equity associated with that plan is $4.4 billion within the 10% to 15% range of the total capital plan. Our capital and equity plans include alternative financing assumptions, which shifts the capital outlay for some projects beyond our 2029 outlook. This better aligns the cash outflow with when assets are placed in service.

我們將展望期提前至 2029 年，並將我們的 4 年資本和股權計劃提前，正如您在幻燈片 6 中看到的那樣。我們更新後的 2026 年至 2029 年資本計畫為 410 億美元。與該計劃相關的權益為 44 億美元，佔總資本計劃的 10% 至 15%。我們的資本和股權計劃包括替代融資假設，這使得一些項目的資本支出超出了我們 2029 年的預期。這樣可以更好地使現金流出與資產投入使用的時間相符。

We have been proactive in addressing our equity needs, selling forward contracts through our ATM as well as the block transaction we executed in March. We've taken significant price risk off the table and have ample time to raise capital, including through our ATM program.

我們一直積極主動地滿足我們的股權需求，透過我們的 ATM 出售遠期合約，以及我們在 3 月執行的大宗交易。我們已經消除了很大的價格風險，並且有充足的時間籌集資金，包括透過我們的 ATM 計劃。

For our 2026 through 2029 equity need, about 45% is already contracted, which takes us well into 2027. Through the third quarter, we have settled approximately $800 million of equity forwards. In October, after quarter end, we settled an additional approximately $330 million or about 5.7 million shares. We are using these funds to continue to invest for the benefit of our customers.

2026 年至 2029 年的股權需求，約 45% 已簽訂合同，這將使我們的資金供應持續到 2027 年。截至第三季末，我們結算了約 8 億美元的股權遠期合約。10 月季度結束後，我們結算了約 3.3 億美元或約 570 萬股的額外款項。我們將利用這些資金繼續投資，以造福我們的客戶。

Our adjusted EPS guidance and outlook are shown on slide 7. As Drew mentioned, with solid results through the third quarter, we are narrowing our 2025 guidance range, raising the bottom by $0.10 higher-than-planned revenue from weather as well as other planning updates have enabled us to manage the business and flex spending in areas that benefit our customers.

我們調整後的每股盈餘預期與展望請見第 7 頁。正如德魯所提到的，由於第三季業績穩健，我們正在縮小 2025 年的業績預期範圍，將下限提高 0.10 美元。天氣因素以及其他規劃更新帶來的收入高於預期，使我們能夠更好地管理業務，並在有利於客戶的領域中靈活支出。

Our Flex program helps us ensure that we deliver predictable adjusted EPS growth year in and year out while meeting our customer needs. Looking beyond 2025, we continue to see very strong growth driven by our customer-centric capital plan. Our adjusted EPS through 2028 remains unchanged. And as we add 2029 to our outlook period, our long-term compound annual growth remains strong at greater than 8%.

我們的 Flex 計劃幫助我們確保年復一年地實現可預測的調整後每股收益成長，同時滿足客戶的需求。展望 2025 年後，我們將繼續看到以客戶為中心的資本計畫帶來的強勁成長。我們調整後的每股盈餘（EPS）到 2028 年保持不變。隨著我們將 2029 年納入展望期，我們的長期複合年增長率依然強勁，超過 8%。

Drew and I, along with our operating company leaders will be in Florida in less than two weeks, where we will talk about our strong customer growth story as well as our plans to invest in reliability and resilience to better serve our customers. We have a solid base plan consistent with our strategic objectives. As Drew discussed, we have a strong customer pipeline, including 7 to 12 gigawatts of data center opportunities, and we have secured critical equipment to bring additional customers online. Today, we have provided our adjusted earnings per share outlook and a high-level view of our preliminary capital and equity plans through 2029. At EEI, we will provide more details on these outlooks.

德魯和我以及我們營運公司的領導將在不到兩週的時間內前往佛羅裡達州，在那裡我們將討論我們強勁的客戶成長情況，以及我們為提高可靠性和韌性而進行的投資計劃，以便更好地為我們的客戶服務。我們制定了與策略目標相符的穩固基礎計畫。正如德魯所討論的，我們擁有強大的客戶管道，包括 7 至 12 吉瓦的資料中心機會，並且我們已經獲得了關鍵設備，以使更多客戶上線。今天，我們公佈了調整後的每股盈餘預期，並概述了到 2029 年的初步資本和股權計畫。在EEI，我們將提供更多關於這些展望的詳細資訊。

We are excited about the opportunities before us and look forward to talking with you at EEI. And now the Entergy team is available for questions.

我們對擺在我們面前的機會感到興奮，並期待在EEI與您交流。現在，Entergy團隊可以回答您的問題了。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

It's actually Constantine here for Shar. Congrats on a great quarter. Maybe starting off on the updated CapEx plan and kind of the 4.5 gigawatts of the power island equipment. Is that directly associated with some of the more visible load in the current pipeline, you anticipate any incremental CapEx needs that would require regulatory approval before making into the '29 plan? Just how should we be thinking about the upside here?

其實是康斯坦丁替莎爾來的。恭喜你本季表現出色。或許可以先從更新後的資本支出計畫入手，例如建造4.5吉瓦的電力島設備。這是否與當前管道中一些更明顯的負荷直接相關？您是否預期任何新增的資本支出需求都需要監管部門的批准才能納入 2029 年計畫？我們該如何看待這件事的正面方面呢？

Constantine, it's Kimberly. The $41 billion includes capital that's needed to support the load that is in the forecast. The 4.5% incremental watts that Drew referenced would support additional customers that could come online. So we referenced 7 to 12 gigawatts in the data center, that's up from 5 to 10 in the last quarter. And we've added, as you noted, additional power island equipment in order to support that. To the extent that those customers in that pipeline reach agreement, we would expect that you would need supplemental capital to support that, and that's what we plan ahead for here.

康斯坦丁，我是金伯莉。這 410 億美元包括為應對預測中的負荷所需的資金。Drew提到的4.5%的增量功率將支援更多用戶上線。因此，我們提到資料中心需要 7 到 12 吉瓦的電力，比上一季的 5 到 10 吉瓦增加。正如您所指出的，為了支持這一點，我們還增加了額外的電力島設備。如果這些潛在客戶達成協議，我們預計您需要額外的資金來支持這些協議，而這正是我們提前規劃的。

Okay. Perfect. And then maybe shifting to the longer-term outlook, kind of with the large load growth solidifying and under contract, you're locking in kind of the CapEx plans and the associated equipment. Do you see any opportunity to potentially guide on the longer-term EPS growth outlook beyond 2030, just as you kind of gain that visibility?

好的。完美的。然後，或許可以轉向更長遠的展望，隨著大負荷成長的鞏固和合約的簽訂，你就鎖定了資本支出計畫和相關設備。您認為在逐漸了解2030年後的長期每股盈餘成長前景之後，是否有機會提供一些指引？

As you know, we added 2029 here. Certainly, good visibility through that period. If we're able to land additional customers that will provide you that visibility there. But going beyond that, I think we'll just -- this good visibility here, including individual outlooks by year, but we do think we have long-term opportunity over beyond this period.

如您所知，我們在這裡添加了 2029 年。那段時間能見度確實很好。如果我們能夠獲得更多客戶，就能提高您的曝光度。但除此之外，我認為我們——目前情況明朗，包括每年的具體展望，但我們確實認為，我們在這個時期之後還有長期發展的機會。

Okay. Perfect. And just a quick follow-up on kind of the generation needs kind of more broadly, do you see customers agnostic to the resource mix? Or is there still a push for some renewable components as we've kind of seen with hyperscalers demanding for nuclear SMR and other technologies?

好的。完美的。最後，我想就這一代人更廣泛的需求做一個簡短的後續問題：您是否認為客戶對資源組合並不在乎？或者，是否仍然有人在推動使用一些再生能源組件，就像我們看到超大規模企業要求使用核能小型模組化反應器和其他技術一樣？

We talk to our customers about all kinds of supply. Certainly, we've lined up here, Drew referenced both gas resources as well as renewable resources. We do have a pipeline of opportunity around renewables based on customer needs, but we also continue to look for ways to meet their needs to ensure that we are speed to market as well as meeting clean needs. So we think it's an all above the approach over time.

我們與客戶討論各種供應問題。當然，我們已經在這裡排好了隊，德魯提到了天然氣資源和可再生資源。我們確實有一些基於客戶需求的再生能源專案機會，但我們也一直在尋找滿足他們需求的方法，以確保我們能夠快速進入市場，同時滿足清潔能源的需求。所以我們認為隨著時間的推移，這是一種全面優於其他方法的做法。

And Constantine, I'll just add that we are building this gas generation, but we have expectations that we will also do carbon capture at some point. And we are working on that actively. We have RFPs out in -- for some of our assets in Mississippi and in Texas to test that. We still have FEED studies going on at our Lake Charles Partition in Louisiana. And we're exploring various options to figure that out.

康斯坦丁，我還要補充一點，我們正在建造這個天然氣發電廠，但我們也希望在某個時候能夠進行碳捕獲。我們正在積極推進這項工作。我們已經就我們在密西西比州和德克薩斯州的一些資產發布了 RFP，以測試這一點。我們在路易斯安那州查爾斯湖分區的計畫仍在進行FEED研究。我們正在探索各種方法來解決這個問題。

And we're supported by our data center customers that are wanting to achieve those same objectives. So we think we're well positioned to figure that out over time, but we don't have anything specific to announce today.

我們的資料中心客戶也支持我們，因為他們也希望實現這些目標。所以我們認為我們有能力隨著時間的推移解決這個問題，但今天我們沒有什麼具體消息要宣布。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just wanted to dive in maybe a little bit more on the forward outlook as well. I think the commentary might have highlighted the capital shifting out closer to plant COD and maybe that kind of spills over into past the plan period. So just wondering if you could talk a bit, I guess, on the momentum across the plan and where -- how that looks after the plan, given I think you've said in the past how this accelerate since the end of the decade?

我還想更深入地探討一下未來的前景。我認為評論可能強調了資本向工廠COD附近轉移，而這種轉移可能會持續到計劃期之後。所以我想問您能否談談該計劃的進展勢頭，以及該計劃實施後的發展方向——考慮​​到您過去曾說過，自十年末以來，該計劃的進展速度有所加快？

Jeremy, it's Kimberly. I guess, just to clarify, $4 million through 2029. I referenced some plant that closes outside the period. Some of that is alternate finance. So you don't see the spend in this period and all the end would go out when that closes. So that was that reference there. But certainly, with the additional equipment that we've secured in the pipeline that we see, we would expect investment to continue well beyond this period.

傑瑞米，我是金伯莉。我猜，為了明確起見，到 2029 年將達到 400 萬美元。我引用了一些在句號之外關閉的植物。其中一些是另類融資方式。所以你在這個期間看不到支出，所有款項都會在結算時結清。以上就是相關的參考資料。但可以肯定的是，隨著我們已經落實的後續設備項目，我們預計投資將持續到遠超這段時期。

Yes. And we do have turbine slots that are delivering for commercial operations in '29 and '30 that still have not been announced as overall projects. So there are so opportunities that could add additional capital in the out part of our current outlook period.

是的。我們確實有一些渦輪機槽位將在 2029 年和 2030 年投入商業運營，但這些槽位尚未作為整體項目公佈。因此，在目前展望期的後期，存在一些可以增加額外資本的機會。

Got it. That's helpful. And maybe just putting to Arkansas here, if you could comment a little bit more, I guess, on the ramp for Google there, the project there? And just wondering any more color you might be able to provide as well as local stakeholder views and, I guess, commission priorities, how that all kind of fits together at this point.

知道了。那很有幫助。還有，我想問一下，您能否再就谷歌在阿肯色州的項目，多談談您的看法？我還想知道您能否提供更多細節，以及當地利益相關者的觀點，以及委員會的優先事項，所有這些目前是如何結合起來的。

Yes. That project is obviously in early stages. It was filed in September, but the customer is continuing to move forward with the ramp as we would expect. As you know, there are minimum bills associated with all of these large customers that help support during the construction period. But I don't see anything different on that ramp than where we have been similar to all of our other customers.

是的。該項目顯然還處於早期階段。雖然申請是在九月提交的，但正如我們所預期的那樣，客戶仍在繼續推進坡道建設。如您所知，所有這些大客戶都有最低帳單要求，這有助於我們在施工期間獲得支援。但我看不出那條坡道與我們之前遇到的所有客戶的情況有什麼不同。

Yes. And people are excited in Arkansas for that project. At Google's groundbreaking last month, the governor was there and numerous local leaders, including the Mayor of West Memphis. And there's also the 600-megawatt solar facility and the 350-megawatt battery that are going to be part of supporting Google. And that investment is traveling through the Arkansas commission's docket as well. So we'll we expect to work through that process with the various stakeholders, but they're -- at this point, there's a lot of support in Arkansas for the economic development that this opportunity brings.

是的。阿肯色州的人們對這個計畫感到非常興奮。上個月谷歌的奠基儀式上，州長和許多當地領導人出席，其中包括西孟菲斯市長。此外，還有一座 600 兆瓦的太陽能發電廠和一座 350 兆瓦的電池儲能設施，它們將為Google提供支援。這項投資也正在阿肯色州委員會的審批程序中。所以我們希望與各利益相關者共同推動這項進程，但目前，阿肯色州對此機會帶來的經濟發展給予了大力支持。

Got it. And maybe just taking a step back, overall, I guess, commercial discussions with hyperscalers. At this point, I guess, how would you describe the tone or pace of discussions here? Is there more or less urgency to sign up incremental load at this point given the success that you've had so far?

知道了。或許我們應該退一步，從整體來看，與超大規模資料中心的商業討論。我想，您目前會如何描述這裡討論的氛圍或節奏？鑑於目前的成功，現在是否更迫切地需要增加增量負載？

Well, certainly, I would point to the raise of the -- from 5 to 10 to 7 to 12 gigawatts around our increased customer conversations. Those conversations cover all the things that we do before speed to market, getting to clean and also how the stakeholders bringing the stakeholders along. As Drew said, in Arkansas very excitement very great about that transaction in Arkansas. So we think the conversations continue to be strong and continue to support our incremental increase in that pipeline.

當然，我會指出，隨著我們與客戶的溝通增多，發電量從 5 吉瓦增加到 10 吉瓦，再到 7 吉瓦，最後到 12 吉瓦。這些對話涵蓋了我們在快速上市之前所做的所有事情，包括如何清潔產品以及如何讓利害關係人參與其中。正如德魯所說，阿肯色州的人們對這筆交易感到非常興奮。因此，我們認為雙方的溝通依然強勁，並將繼續支持我們逐步增加該專案的進展。

Got it. One last quick one, if I could, on the transmission side. Just given some of the load shed events due to storm at earlier in the year. Wondering how you think about the opportunity to deploy more transmission, enhance flexibility such as increasing connectivity into Mississippi. Just wondering how you see the opportunity set at this point?

知道了。如果可以的話，我想最後快速補充一點關於變速箱方面的內容。鑑於今年早些時候因風暴造成的一些停電事件。想知道您如何看待部署更多輸電線路、增強靈活性（例如增加與密西西比州的連接）的機會。想問您如何看待目前的機會？

Yes. We do still see a robust transmission opportunity, but it will be customer-driven based on how the grid needs to adapt to continued growth in our service territory. Right now, we have a very robust over 400 miles of 500,000 kV line. We have a lot of 230 kV transmission that we are also building. We're getting ready to file in Louisiana, the (inaudible) line.

是的。我們仍然看到強勁的輸電機會，但這取決於客戶的需求，以及電網需要如何適應我們服務區域內的持續成長。目前，我們擁有一條非常堅固的 50 萬千伏輸電線路，總長超過 400 英里。我們還有很多230千伏輸電線路正在興建中。我們正準備在路易斯安那州提交申請，（聽不清楚）那邊說。

I think I talked about that last quarter, which is -- which part of that 500 kV system, and we have approval spending in Texas and in Louisiana on transmission right now. So there is the possibility for significantly more. We have quite a bit coming through the MTEP process that's seeking MISO approval by the end of this year. And then depending on the growth, there could be additional investment opportunities out there. So we are expecting continued significant transmission aspect going forward.

我想我上個季度已經談到這個問題了，那就是——500千伏系統的哪一部分，我們目前在德克薩斯州和路易斯安那州都有輸電方面的審批支出。所以，還有可能出現更多。我們有相當多的專案正在通過 MTEP 流程，爭取在今年年底前獲得 MISO 的批准。然後，根據成長情況，可能會出現更多的投資機會。因此，我們預計未來仍將存在顯著的傳輸方面。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was wondering, let's see, you might have said before, but I may have missed it, what's the time frame for the 4.5 gigawatts of the power equipment that you secured? And I guess I was wondering, is this a stepping stone -- are you still actively working to secure additional power equipment in a similar way?

我想問一下，嗯，您可能之前說過，但我可能錯過了，您採購的 4.5 吉瓦電力設備的預計交付時間是多久？我想知道，這是否是一個跳板——您是否仍在積極努力以類似的方式獲取更多的電力設備？

The timing for the extra 6 units would support commercial operations in 2031 and 2032. So that's about using our standard design of 750 megawatts, that's what comes out to a little bit or 4 gigawatts. So that's the plan. And I can't remember the last part of your question, David, remind me.

新增的 6 台機組將支援 2031 年和 2032 年的商業營運。所以，以我們標準的 750 兆瓦設計，那就是大約 4 吉瓦。這就是計劃。大衛，我記不清你問題的最後一部分了，提醒我。

Yes. Curious if this is a stepping stone -- are you still actively in discussions and working to increase your access to gas turbine supply beyond that $4.5 million?

是的。我想知道這是否是一個跳板——你們是否仍在積極討論並努力增加獲得燃氣渦輪機供應的管道，使其超過450萬美元？

Right now, it matches what we see as our customer needs. So if there continues to be growth, then we may continue to go into the market and seek additional turbine access. But I think that's where I would put it right now. It's meeting our expectations of potential growth that we see in the near term. We're also looking at a number of other things. We continue to monitor new nuclear and look into that and talk to our customers about that.

目前來看，它符合我們認為客戶的需求。因此，如果市場持續成長，我們可能會繼續進入市場，尋求更多的渦輪機資源。但我認為現在把它放在那裡正合適。它符合我們對近期潛在成長的預期。我們還在研究其他一些事情。我們會持續專注於新的核能項目，並進行研究，然後與我們的客戶討論相關事宜。

We are also -- as you saw with the Google transaction, there's potential for solar and battery and then we're also looking at a number of upgrades on our system to provide incremental supply. So there's several things that are out there that could still drive incremental generation capacity even beyond just gas turbines.

正如您在Google交易中看到的那樣，我們也在考慮太陽能和電池的潛力，此外，我們還在考慮對我們的系統進行一些升級，以提供增量供應。因此，除了燃氣渦輪機之外，還有幾種方法可以推動發電能力的逐步提升。

And I was curious just to get your latest thoughts on the potential to expand nuclear capacity in your service territory and any reaction or impacts to your thinking from the recent Westinghouse and US government announces -- announcements that we've seen.

我很好奇您對在您的服務區域內擴大核能產能的潛力有何最新看法，以及最近西屋公司和美國政府的聲明（我們已經看到的聲明）對您的想法有何反應或影響。

Yes, thank you for that question. We're actually excited to see that there is some investment going in. What the industry really needs is to get into the kind to manage the construction risk, and we're excited to see someone moving forward. A

是的，謝謝你的提問。我們很高興看到有投資正在進行中。產業真正需要的是進入管理建築風險的領域，我們很高興看到有人朝著這個方向努力。一個

nd so we certainly applaud the work that Brookfield and Westinghouse and Cameco are doing with the Feds to figure this out. Obviously, there's still a lot of details that need to come out about that. So we're anxious to get into that conversation with them at some point about what exactly they're doing and how they're shaping all that up.

因此，我們非常讚賞 Brookfield、Westinghouse 和 Cameco 與聯邦政府合作解決這個問題所做的工作。顯然，關於這件事還有很多細節需要公佈。所以我們很想找個時間和他們談談，了解他們到底在做什麼，以及他們是如何安排這一切的。

But we are excited to see that it's moving forward and has an opportunity to really move the industry forward. So with all that being said, we still have a lot of interest in our service territory from our stakeholders to bring new nuclear into Texas, Louisiana, Mississippi and Arkansas. Each state has some sort of commission or task force or something like that, looking at how we bring new nuclear in, and we're a member of all of them. So we continue to actively look at it. We haven't -- as we've said in the past, we haven't figured it out yet. And -- but there is a lot of interest from our stakeholders and so we continue to explore it.

但我們很高興看到它正在向前發展，並有機會真正推動整個行業向前發展。綜上所述，我們的利害關係人仍然對在我們的服務區域內為德克薩斯州、路易斯安那州、密西西比州和阿肯色州引入新的核能抱有濃厚的興趣。每個州都有某種委員會或工作小組之類的機構，研究如何引進新的核能，而我們是所有這些機構的成員。因此，我們會繼續積極關注此事。我們還沒有——正如我們過去所說，我們還沒有找到答案。而且——但我們的利害關係人對此非常感興趣，所以我們將繼續探索。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

I was just wondering, we've all read about the Manhattan sized data center in our Louisiana service territory from Meta. So how much of that is currently covered by ESAs and reflected in your pipeline?

我只是好奇，我們都聽說過 Meta 公司在我們路易斯安那州服務區域內建造了一個曼哈頓大小的資料中心。那麼，目前有多少項目受到環境和社會影響協議的保護，並反映在您的專案儲備中？

So right now, the only thing that we have in our outlook is the signed ESA that we previously announced basically about a year ago almost now. So that project has been publicly said by Meta to be 2 gigawatts of compute. And so anything beyond that is not currently reflected in our outlook. And we wouldn't comment on any specifics of the size or timing of any project just like for that potential opportunity, even though we know that they've been posting about it. But we wouldn't comment on it consistent with our ongoing policy for not commenting on specific customer opportunities.

所以目前，我們唯一可以展望的就是大約一年前宣布簽署的《歐洲太空總署協議》。Meta公司公開表示，該專案將提供2吉瓦的運算能力。因此，除此之外的任何情況目前都沒有反映在我們的展望中。就像之前提到的那個潛在機會一樣，我們不會評論任何項目的具體規模或時間安排，即使我們知道他們一直在發布相關資訊。但我們不會對此發表評論，這符合我們一貫不對具體客戶機會發表評論的政策。

And it's -- but again, is it because it's -- the ESA hasn't been signed? Is it because it's beyond the planning horizon when this investment would need to happen?

但是，這是否是因為──《地球空間協議》尚未簽署？是因為這項投資的實施時間已經超出了規劃期限嗎？

Well, it's not necessarily because the ESA hasn't been signed. We wouldn't comment generally about ongoing negotiations with anybody. But as it relates to putting large data center projects into our capital plan, we would need a signed ESA to do that. That's been our policy because these projects are so large, they have such an impact it doesn't really fit with our probability weighting methodology that we've had forever.

其實，這並不一定是因為《地球空間協議》尚未簽署。我們一般不會對正在進行的談判發表評論。但就將大型資料中心專案納入我們的資本計畫而言，我們需要簽署一份環境和社會協議才能做到這一點。這是我們的政策，因為這些項目規模龐大，影響巨大，與我們一直以來採用的機率加權方法並不完全契合。

So we still use that methodology with our more traditional industrial projects like steel mills and LNG terminals and petrochem facilities and the like. But for these really large data centers, it's either all in or all out. So we haven't included anything in our outlook to support any large data centers at this time.

因此，我們仍然將這種方法應用於我們更傳統的工業項目，例如鋼鐵廠、液化天然氣接收站、石化設施等。但對於這些真正的大型資料中心來說，要嘛全部投入，要嘛全部退出。因此，目前我們的展望計畫中還沒有包含任何支援大型資料中心的內容。

Sophie Karp, KeyBanc Capital Markets.

Sophie Karp，KeyBanc Capital Markets。

A couple of questions for me. On the regulatory front, given all of the demand and from large lot of customers and all these trends that we know about, do you envision that you will need something more beyond your regular formulary plan proceedings to accommodate that growth and recovery?

我有幾個問題想問一下。在監管方面，考慮到來自大量客戶的需求以及我們所了解的所有這些趨勢，您是否認為除了常規的處方集計劃程序之外，還需要採取更多措施來適應這種增長和復甦？

I didn't catch all of that. Sophie, you're breaking up a little bit. Do we need something beyond what exactly we --?

我沒全聽懂。蘇菲，你有點心碎了。我們是否需要一些超出我們現有的東西？——？

Yes. Do you think that you need a regulatory proceeding that goes like beyond your regular formulary plans used to accommodate all the growth that you have on the system?

是的。您是否認為需要採取監管措施，例如製定超出常規處方集計劃的措施，以適應系統中所有增長的需求？

Yes. It depends on the jurisdiction. Thank you for clarifying. It depends on the jurisdiction. In Mississippi, they have a law that allows for very large economic development projects to move forward with the presumption of the certificate, the effectively the presumption of the certificate of convenience and necessity.

是的。這取決於特定的司法管轄區。謝謝你的澄清。這取決於特定的司法管轄區。在密西西比州，有一項法律允許非常大型的經濟發展項目在獲得許可證的推定下推進，這實際上是獲得便利和必要性許可證的推定。

Of course, we still ultimately have to go back through regulatory approval for formula rate plans and the like in Mississippi. So it's not like the commission is not involved. But you'd be able to kind of move forward there.

當然，我們最終還是需要重新經過密西西比州的監管部門對公式費率計劃等進行審批。所以，這並非意味著委員會沒有參與其中。但你在那裡就能取得一些進展。

And in the Louisiana and in Arkansas. Arkansas just passed the generating Arcosa Jobs Act, which allows for an expedited process. And so we're actually using those processes right now. So we still continue to go through the process in Arkansas, and we'd expect the same in Louisiana.

路易斯安那州和阿肯色州也是如此。阿肯色州剛剛通過了《阿科薩就業法案》，該法案允許加快審批流程。所以，我們現在實際上正在使用這些流程。所以，我們仍在阿肯色州繼續推進相關程序，我們預期路易斯安那州的情況也會如此。

So I think we'd be using the same processes that we have today, both in Louisiana, Arkansas, and I guess in Mississippi. Although Mississippi is very different for those large economic development projects that we've used in the past. And -- but they would all be somewhat expedited given what we've seen and the interest from the various stakeholders in each jurisdiction.

所以我認為，無論是在路易斯安那州、阿肯色州，或是密西西比州，我們都會沿用今天採用的相同流程。雖然密西西比州的情況與我們過去使用的那些大型經濟發展項目截然不同。而且——但鑑於我們所看到的以及各個司法管轄區內各利益相關方的興趣，所有這些進程都會有所加快。

Got it. Got it. And then my other question was the 12 gigawatt pipeline, could you help us and break it down by, I guess, the stage it's in like how much of that is in a ESA stage versus the slightly earlier maybe in the process?

知道了。知道了。我的另一個問題是關於 12 吉瓦的管道項目，您能否幫我們按階段進行分解，例如有多少項目處於 ESA 階段，又有多少項目處於稍早的階段？

Sophie, it's Kimberly. I would not think of that as signed ESAs. That is opportunity in the pipeline. It's in various stages, but not all the way to the end. As Drew mentioned earlier, we don't include in our forecast until we get to certainty around the signed ESA. So that would not be in that 7 to 12 gigawatts that we gave.

蘇菲，我是金伯莉。我不認為那是簽署的就業及社會保障協議。這是正在醞釀的機會。它處於不同的階段，但尚未完全完成。正如德魯之前提到的，在確定簽署的《瀕危物種法案》之前，我們不會將其納入預測中。所以，這不在我們承諾的 7 到 12 吉瓦之內。

Okay. Got it. This is all incremental to ESAs that you have in your plan?

好的。知道了。這些都是您計劃中現有ESA之外的額外支出嗎？

That's right.

這是正確的。

Yes. And I would just add that our actual pipeline goes well beyond that. I think these are ones that we feel like we could reasonably see come to fruition in the next year or two.

是的。我還要補充一點，我們實際的流程遠不止這些。我認為這些項目在未來一兩年內很有可能實現。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

I had a clear fine question following up on David's a little bit. Could you explain the comment on the 8 gigawatts for additional growth from the power commitments above the plan. Do I recall it was 7 gigawatts from the second quarter call. And I know you said you added 4.5 gigawatts. So does that mean you execute against some of that incremental opportunity? I was just a little confused on that piece, if you could clarify.

我有一個很清晰的問題，是稍微補充一下大衛的問題。能否解釋一下在計劃電力承諾之外額外增加 8 吉瓦容量的評論？我記得第二季財報電話會議上說的是7吉瓦。我知道你說過你增加了 4.5 吉瓦的電力。那是不是意味著你要抓住其中一些新增的機會？我有點不明白那部分內容，如果您能解釋一下就太好了。

Sure, Paul. We think about in the second quarter call, we said 15 gigawatts within the forecast through 287 was for growth. We now have 19.5 gigawatts compared to that 15% and 8% is for growth. So that delta is what I was referencing earlier around it's either in the forecast or it's in the forecast, but that capital closes outside the period. So you're not necessarily seeing that. So that's how you get to that 8 gigawatts of incremental growth.

當然可以，保羅。在第二季電話會議上，我們提到，到 2027 年，成長預期將達到 15 吉瓦。我們現在擁有 19.5 吉瓦的裝置容量，其中 15% 用於裝置容量，8% 用於成長。所以，我之前提到的那個差額，要么在預測範圍內，要么在預測範圍內，但該資本在期間之外關閉。所以你未必能看到這一點。這就是實現8吉瓦增量成長的方法。

That's what I thought. And then I know you talked a lot about the renewable side today, and obviously, Google is doing solar and storage. Are there any and we focus on the turbines, of course, are there any commitments in megawatts, gigawatts on the renewable side, solar and storage that we should be thinking about also as kind of upside opportunities to the plan to serve hyperscalers?

我也是這麼想的。我知道你今天談了很多關於再生能源的內容，很顯然，Google正在開發太陽能和儲能技術。當然，我們主要關注渦輪機，那麼在再生能源方面，例如太陽能和儲能方面，是否有兆瓦、吉瓦級的承諾，我們也應該考慮將其作為服務超大規模用戶的計劃的某種上行機會？

Yes. I think we would expect that there would be additional renewables associated with large hyperscaler deployment in some way. We've certainly seen that with each of our announcements thus far, AWS had, I think, 600 megawatts of solar associated with Google similarly and then Meta also had 1,500 megawatts of solar. So I would expect that there would be some solar out there commitments as well.

是的。我認為我們可以預期，大型超大規模資料中心的部署會以某種方式帶動更多再生能源的發展。到目前為止，我們已經看到，在我們發布的每項公告中，AWS 都與 Google 合作開發了 600 兆瓦的太陽能項目，而 Meta 也開發了 1500 兆瓦的太陽能項目。因此，我預計也會有一些太陽能專案正在進行中。

Okay. Great. So we should think of that as kind of upside to the gas gigawatts that you talk about?

好的。偉大的。所以我們應該把這看作是你所說的天然氣發電（千兆瓦）的一個優點嗎？

Yes, potentially. I mean there's also -- there's a lot of solar projects out there. So there is also still the potential for PPAs. But we would want to try and compete to land some of those projects ourselves for our own capital deployment.

是的，有可能。我的意思是，現在也有很多太陽能專案。因此，購電協議（PPA）仍有潛力。但我們希望嘗試參與競爭，爭取拿下其中一些項目，以便投入我們自己的資金。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

I think one, just maybe a follow-up. On the 4.5 gigawatts, I guess, of the additional power equipment. Is that incremental to what's on slide 14 of, I guess, you have 7 CCGTs listed, that is incremental to that?

我想應該有一個後續問題。我猜，這4.5吉瓦是額外電力設備的功率。這是否與第 14 頁投影片上的內容增加？我猜您列出了 7 項 CCGT，這是否與幻燈片上的內容有所增加？

Yes, it would be. I'm looking -- okay, we've got slide 14 pulled up here in the room and yet there would be incremental to the ones that are there. There are other ones that we that are part of our overall 19 gigawatts that aren't on that page before you get to the 4.5% that we added. But yes, the 4.5% would be incremental to what's on that page.

是的，的確如此。我正在查看——好的，我們現在在房間裡打開了第 14 張幻燈片，但還有一些內容會在此基礎上增加。還有其他一些項目，它們也屬於我們總共 19 吉瓦的裝置容量，但在你看到我們新增的 4.5% 之前，這些項目並沒有出現在那個頁面上。是的，這 4.5% 是在頁面上內容的基礎上增加的。

Great. And then just on -- and I think you touched on it in your prepared remarks on EPC availability. It doesn't seem like there's any issue getting craft labor contracts to build all the generation. Just to provide any color where as we've seen other large projects that maybe have struggled in the size of all of these projects, it's kind of tremendous but yet no issues on labor. I just wonder if you give any color on that.

偉大的。然後就說到——我想您在關於EPC可用性的準備好的發言中已經提到了這一點。看起來在獲取建造所有發電設施所需的工匠勞動合約方面沒有任何問題。為了提供一些參考，我們之前也看到過其他一些大型項目，這些項目規模龐大，可能遇到了一些困難，但這些項目規模非常龐大，卻沒有出現勞動力方面的問題。我只是想知道你對此是否有任何看法。

Well, I would say that there are real challenges with labor. I don't think that it's certainly not easy to get the labor lined up. There is a real need for skilled craft of all types, and that hasn't changed. And the result has been that there are increasing costs associated with these combined cycle projects. And so that's we've been hearing about that trend. It is very real. Our projects aren't immune to that, but we're working through it with the EPCs.

嗯，我認為勞動力方面確實存在一些挑戰。我認為要找到足夠的勞動力肯定不容易。各種類型的熟練技工都非常需要，這一點從未改變。結果是，這些聯合循環項目的成本越來越高。這就是我們一直聽到的關於這種趨勢的說法。這是真的。我們的專案也無法避免這種情況，但我們正在與EPC承包商一起解決這個問題。

Congrats on a great update.

恭喜你完成了一次很棒的更新。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

If I can first piggyback on Anthony's question about the massive data center buildouts. I don't neither expect you to comment specifically on Meta's Hyperion project. But how are you thinking about the potential these data centers to build on-site power generation themselves. Have you been talking to them about their interest in self-generating versus buying power from your utilities? I know your CapEx and earnings outlooks are based on real signed contracts, but -- how are you thinking about that going forward?

如果我能夠先借用一下安東尼關於大規模資料中心建設的問題。我也不指望你對 Meta 的 Hyperion 專案發表具體評論。但是，您如何看待這些資料中心自行建造現場發電設施的潛力？你有沒有跟他們談過他們對於自發電而不是從公用事業公司購買電力的興趣？我知道你們的資本支出和收益預測是基於實際簽署的合同，但是——你們對未來的發展有何打算？

Well, I would say that in order to manage transmission costs, we are actually building generation in many cases, very close to where the customer is located. So maybe it's not on site or behind the meter, but it's very close. So you can see that with the meta project and stuff like that. So I think there's -- in some ways, there's a tension without a difference from a physical grid perspective. And then secondly, I would say that these customers they certainly have the wherewithal to do their own generation.

嗯，我想說的是，為了控制輸電成本，我們實際上在許多情況下都在離客戶很近的地方建造發電設施。所以它可能不在現場或儀表後面，但非常接近。所以你可以透過元項目之類的東西來看到這一點。所以我覺得──在某種程度上，從物理網格的角度來看，有一種張力，但又沒有差別。其次，我認為這些客戶絕對有能力打造出屬於自己的世代。

They prefer to put their capital into something else. And so even see that with, I would say, Meta's recent financing of their facility where they're leasing it back in North Louisiana, they have a lot of capital needs.

他們更願意將資金投入其他領域。因此，即使考慮到 Meta 最近為其位於路易斯安那州北部的工廠進行融資（他們將其租賃回該工廠），他們仍然有很多資金需求。

So if they could avoid putting capital into generating stations. I think they would probably prefer to do that. So while it is possible that they go behind the meter, I think competitively, we are well positioned to support their growth by putting our own plants nearby getting essentially the same benefits and supporting the capital that's not making the capital element somewhere else to support them on our books rather than having them to carry it on their own balance sheet.

所以如果他們能夠避免向發電站投入資金就好了。我認為他們可能更願意那樣做。因此，雖然他們有可能落後於時代，但我認為，從競爭角度來看，我們完全有能力透過在附近建造我們自己的工廠來支持他們的發展，從而獲得基本相同的收益，並將原本用於其他用途的資本投入到我們的賬簿中，而不是讓他們在自己的資產負債表上承擔這些資本。

Okay. Then in Arkansas, I believe you're planning to file a rate case early next year. You talked about the hyperscalers helping with customer affordability and paying their fair share. Can you maybe preview the filing a little bit in terms of customer bill impacts and what roles Google might play in that case?

好的。然後，我相信你們計劃在明年初向阿肯色州提交一份費率調整申請。你談到了超大規模資料中心如何幫助客戶降低成本並支付他們應盡的份額。您能否稍微預覽一下這份文件，說說它會對客戶帳單產生哪些影響，以及Google可能在其中扮演什麼角色？

Yes. I don't -- I can't give you an update today. The team is still working on the case. So I don't want to get out in front of them. But I think in Arkansas, as we look out over time, you see similar types of things that you've seen in the other jurisdictions where the benefits associated with the large new customer help out the existing customers.

是的。我今天無法提供最新消息。團隊仍在調查此案。所以我不想搶在他們前面。但我認為，從長遠來看，在阿肯色州，你會看到與其他地區類似的情況，即新大客戶帶來的好處也會幫助現有客戶。

And so we expect to lay that out as part of the rate case going forward. And frankly, within the ongoing conversation that we're having right now with the existing processes over the formula special rate contract that we filed for in Arkansas for Google.

因此，我們預計會在接下來的費率調整方案中闡明這一點。坦白說，在我們目前正在就我們在阿肯色州為谷歌申請的公式特殊費率合約與現有流程進行的對話中，這一點尤其重要。

Andrew Weisel, BTIG.

Andrew Weisel，BTIG。

Just maybe trying to tie around this 4.5 gigawatts of incremental. I was just wondering if you could maybe tie that with the comments maybe a little bit earlier on the IRS Q as well. Is that 4.5 gigawatts? Is that tied to those extra incremental, I feel like four projects in the Q? And then maybe more broadly, if the IRS process right now is working as intended and seemingly should be able to kind of help for the forward needs.

或許只是想把這 4.5 吉瓦的增量連結起來。我只是想問，您是否可以把這一點與之前在 IRS Q 的評論聯繫起來。那是4.5吉瓦嗎？這是否與季度中新增的四個項目有關？而且，從更廣泛的意義上講，如果美國國稅局目前的流程按預期運行，並且似乎能夠幫助滿足未來的需求。

Yes. The 4.5 gigawatts of extra 6 turbines are not yet represented in the IRS Q. Those are the things that are in the IRS Q would be much more near term than those. Those projects are, as I said earlier, are searching for COD in the 2031, 2032 time frame and the projects that we have in the IRS Q would be coming in much earlier than that. So hopefully, that answers your question.

是的。這6台新增的4.5吉瓦渦輪機尚未納入IRS Q計畫。 IRS Q計劃中提到的那些項目，其近期進展要比這6台渦輪機快得多。正如我之前所說，這些專案的目標是在 2031 年、2032 年實現商業運營，而我們在 IRS Q 中的專案則會比這更早實現。希望這能解答你的疑問。

Got it. So in some ways, then those extra turbines in the Q would represent incremental nearer-term demand if the opportunity arises?

知道了。那麼從某種意義上說，如果機會出現，Q 專案中增加的那些渦輪機將代表著近期新增的需求？

That's correct.

沒錯。

Steve D'Ambrisi, RBC Capital Markets.

史蒂夫·達布里西，加拿大皇家銀行資本市場。

Kimberly, just kind of again on some of this discussion around the dispatchable generation. Can you talk a little bit more about the alternative financing agreements that you guys are using? And just can I extrapolate what that is, the sizing of that, if you've gone from 8 gigawatts that I think was committed in the Q to now implied 11 gigawatts in -- does that 3 gigawatt increase? Is that basically what's being turned to the finance and falls outside of the plan? Just can you give a flavor of the timing around that and the magnitude because it seems like that would be $6 billion to $7.5 billion of spend that could come in $30 million or $31 million, which would look like it would drive an outsized amount of growth?

Kimberly，我再來談談關於可調度生成機制的一些討論。能否再詳細介紹一下您們正在使用的替代融資協議？我能否推斷這個數字是多少，規模是多少？如果從季度報告中承諾的 8 吉瓦增加到現在暗示的 11 吉瓦——這 3 吉瓦的增幅是多少？這基本上就是被轉交給財務部門，而超出計畫範圍的部分嗎？您能否大致介紹一下時間和規模？因為這筆支出似乎高達 60 億至 75 億美元，其中可能包括 3,000 萬或 3,100 萬美元，這看起來會推動巨大的成長？

Steve, it's Kimberly. I wouldn't think of it as a direct correlation between that alternative financing and that 3 gigawatts that you referenced. First, we added an extra year. So you rolled forward to 2029. And you can see the run rate of that is consistent with where we've been in each of the prior years before that.

史蒂夫，我是金伯莉。我不認為這種替代融資方式與你提到的3吉瓦電力有直接關聯。首先，我們延長了一年。所以你們把時間快轉到了2029年。你可以看到，這個運行率與我們之前每年的運行率保持一致。

So that's your biggest piece. There is some alternate financing. We talked about that actually in our legend filing in Texas as a way to help with the overall cost, but also time that closing with when that asset goes into service and throws off cash.

所以，這就是你最大的一塊拼圖。還有其他融資方式。實際上，我們在德克薩斯州的招股說明書中討論過這一點，認為這有助於降低總成本，同時也能讓交易完成的時間與該資產投入使用並產生現金的時間相匹配。

So we haven't sized that. We'll have a little more visibility into that at EEI, but I think your numbers are a bit outsized relative to what you have here, and I would think more about the 2029 addition.

所以我們還沒確定尺寸。在 EEI，我們會對此有更清晰的了解，但我認為你們的數字相對於你們這裡的情況來說有點過大，我會更多地考慮 2029 年的新增項目。

Sorry, Steve, just to add to that, all of these projects that we are bringing on that we've contracted for these turbines we expect to achieve commercial operations by 2032. So they're all coming pretty fast, and you could see a number of them on that Page 14 that we were referencing earlier. But there's a whole bunch more in the next few years, just beyond that, if everything comes together on the schedule that we've laid out with the turbine orders. So there is quite a bit of capital just over the horizon from 2029 to support that kind of potential build-out.

抱歉，史蒂夫，補充一點，我們正在進行的所有這些項目，以及我們已經簽訂合約的這些渦輪機項目，我們預計到 2032 年將實現商業運營。所以它們都來得很快，你可以在我們之前提到的第 14 頁上看到其中的一些。但未來幾年，甚至更遠的時間裡，還有更多項目，前提是所有項目都能按照我們制定的渦輪機訂單計劃順利進行。因此，從 2029 年開始，將有大量資金支持這種潛在的建設規模。

And it looks like there are no further questions. So at this time, I will now turn the call back over to Liz Hunter for closing comments. Liz?

看來沒有其他問題了。那麼現在我將把電話轉回給 Liz Hunter，請她做總結發言。莉茲？

Thank you, Greg. Thanks to everyone for participating this morning. Our quarterly report on Form 10-Q is due to the SEC on November 10, and provides more details and disclosures about our financial statements. Events that occur prior to the date of our 10-Q filing to 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。感謝大家今天上午的參與。我們的季度報告（10-Q 表格）將於 11 月 10 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資訊。根據公認會計原則，在提交 10-Q 表格之前發生的、能夠提供資產負債表日已存在狀況的額外證據的事件，將反映在我們的財務報表中。

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

另外，提醒大家，我們在 Entergy 的投資者關係網站上維護了一個名為「監管及其他資訊」的網頁，該網頁提供有關監管程序的關鍵更新以及我們戰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。通話到此結束。非常感謝。

Thanks, everyone. Again, this concludes today's conference call. You may now disconnect.

謝謝大家。今天的電話會議到此結束。您現在可以斷開連線了。