安特吉 (ETR) 2026 Q1 法說會逐字稿

Good morning. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's first quarter 2026 earnings call and teleconference. (Operator Instructions). I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation.

早安。我叫 John，今天將擔任本次會議的電話會議主持人。此刻，我謹代表公司歡迎各位參加 Entergy 2026 年第一季財報電話會議與遠端會議。（接線員指示）。接下來我將把電話交給 Entergy Corporation 投資人關係副總裁 Liz Hunter。

Liz?

Liz？

Good morning. Thank you, John, 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，John，也感謝各位今天早上加入。今天我們將先由 Entergy 董事長兼執行長 Drew Marsh 發表談話，接著由我們的財務長 Kimberly Fontan 回顧業績結果。

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，管理團隊將作出若干前瞻性陳述。由於多項因素，實際結果可能與這些前瞻性陳述存在重大差異；相關因素已載明於我們的財報新聞稿、簡報投影片以及向美國證券交易委員會（SEC）提交的文件中。Entergy 不承擔更新這些前瞻性陳述的任何義務。管理團隊也將討論非 GAAP 財務資訊。與相應 GAAP 指標的調節表已包含於今日的新聞稿與簡報投影片中，兩者皆可於我們網站的投資人關係專區查閱。

And now I will turn the call over to Drew.

現在我將把電話交給 Drew。

Thank you, Liz. Good morning, everyone. We had a productive first quarter in which we delivered strong financial results. We launched our Fair Share Plus pledge and we advanced customer initiatives with the execution of several electric service agreements, including the one with Meta that improve our financial outlook well into the future.

謝謝你，Liz。各位早安。我們第一季表現卓有成效，交出強勁的財務成果。我們推出了 Fair Share Plus 承諾，並透過簽署多項電力服務協議推進客戶相關計畫，其中包括與 Meta 的協議，這些都將在未來很長一段時間內改善我們的財務展望。

Beginning with financial results. Today, we are reporting first quarter adjusted earnings per share of $0.86. 2026 guidance remains on track and we are increasing our already strong adjusted EPS outlook driven by 8.5% Retail sales growth. Now I'll cover the business updates in the quarter, and as always, I'll start with the customer.

先從財務結果談起。今天我們公布第一季調整後每股盈餘（EPS）為 0.86 美元。2026 年財測指引仍按計畫推進，我們也在既有強勁的調整後 EPS 展望基礎上進一步上調，主要受 8.5% 的零售售電量成長所帶動。接下來我將說明本季的業務更新；一如既往，我會先從客戶談起。

For several years, we've worked with stakeholders to recruit data centers and capture the transformative impact they can have on our communities through investment, jobs and other support, while at the same time, protecting and benefiting existing customers. Earlier this year, we formalized that commitment with the launch of our Fair Share Plus pledge. The Fair Share Plus pledge is a set of guiding principles that ensures that data centers pay their fair share for the power they consume, plus additional benefits for customers and communities. Our pledge aligns with the Ratepayer Protection Pledge that our customers signed with the White House.

過去數年，我們與利害關係人合作招攬資料中心，並把握其透過投資、就業與其他支持對社區帶來的轉型影響；同時也保護並讓既有客戶受益。今年稍早，我們正式推出 Fair Share Plus 承諾，以制度化方式落實這項承諾。Fair Share Plus 承諾是一套指導原則，確保資料中心為其所消耗的電力支付其應負擔的公平份額，並為客戶與社區帶來額外利益。我們的承諾與客戶在白宮簽署的「用戶保護承諾」（Ratepayer Protection Pledge）一致。

Fair Share is achieved in several ways: minimum builds and contract lengths cover incremental costs, termination provisions ensure current customers avoid unneeded costs, clean energy terms support a potential future transition and strong credit terms give us confidence in all of it. Fair share also means that data centers cover their portion of fixed costs that our current customers pay for, today.

「公平份額」（Fair Share）可透過多種方式達成：最低建置規模與合約期限可涵蓋增量成本；終止條款確保現有客戶避免承擔不必要成本；潔淨能源條款支持未來可能的轉型；而強健的信用條款讓我們對整體安排更具信心。公平份額也意味著，資料中心需分攤目前由既有客戶所支付的固定成本中的其應負擔部分。

The Fair Share portion alone is a source of the estimated $7 billion of benefits we have highlighted and current customers' bills will be lower than they otherwise would have been because data centers are paying for the incremental infrastructure they need as well as their share of fixed costs. The Plus component is all of the community benefits originally envisioned by our state and local leaders, including well-paying jobs and targeted workforce development, a substantial influx of new support for schools, nonprofits and other state and community needs and multiplier effects from new businesses and employment opportunities that come about, because of the data centers.

僅「公平份額」部分本身，就是我們先前強調之預估 70 億美元效益的來源之一；由於資料中心將支付其所需的增量基礎設施成本以及其分攤的固定成本，現有客戶的電費將低於原本可能的水準。「Plus」部分則涵蓋州與地方領導人最初所構想的各項社區效益，包括高薪工作與針對性的勞動力培訓發展、對學校、非營利組織及其他州與社區需求的大量新增支持，以及因資料中心帶動而出現的新企業與就業機會所產生的乘數效應。

The Plus component also includes a stronger electric system with reliability and resilience benefits, lower average fuel costs driven by more efficient generation and specific customer benefits like low-income or energy efficiency support. The Plus component is clearly valuable and it is in addition to our estimated $7 billion in customer benefits. We're proud that the framework we committed to more than 2 years ago was already providing significant benefits for our customers and communities. And those benefits will compound well into the future. I cannot say enough about the tremendous work our employees have done to create this transformative opportunity for our communities while also providing so much value for our existing customers, and we aren't done yet.

「Plus」部分也包括更強健的電力系統所帶來的可靠性與韌性效益、因更高效率發電而降低的平均燃料成本，以及針對客戶的具體利益，例如低收入戶或能源效率支持。「Plus」部分顯然具有價值，且是額外加在我們預估 70 億美元的客戶效益之上。我們很自豪，兩年多前我們承諾的框架已經在為客戶與社區帶來顯著效益。而這些效益將在未來持續累積放大。我再怎麼強調都不為過：我們員工為社區創造這項轉型機會、同時為既有客戶提供如此多價值所付出的巨大努力；而我們還沒有完成。

In late March, we announced a new Electric Service Agreement with Meta for another data center in North Louisiana. The Fair Share value from this agreement alone is expected to be $2 billion, which is included in the $7 billion I mentioned. In the Plus category, over the next 20 years, Meta has made other commitments. $140 million for energy efficiency programs and $60 million for our Power to Care program. Entergy Louisiana will match Power to Care funding, bringing the increase to $120 million.

在 3 月下旬，我們宣布與 Meta 就路易斯安那州北部另一座資料中心簽署新的電力服務協議（Electric Service Agreement）。僅此一項協議所帶來的「公平份額」價值預計為 20 億美元，已包含在我先前提到的 70 億美元之中。在「Plus」類別方面，未來 20 年 Meta 也作出其他承諾：提供 1.4 億美元用於能源效率計畫，以及 6,000 萬美元用於我們的 Power to Care 計畫。Entergy Louisiana 將配對（match）Power to Care 的資金，使增額達到 1.2 億美元。

For context, that is a 5x annual increase for 2025 levels that will meaningfully improve outcomes for our most vulnerable customers.

作為背景說明，這相當於相較 2025 年水準的年度增加 5 倍，將實質改善我們最弱勢客戶的結果。

Shortly after executing the agreement, Entergy Louisiana filed an application with Louisiana Public Service Commission, requesting approval for assets needed as a result of adding the new Meta data center to the system. The investment includes 7 new combined cycle units, transmission infrastructure and battery storage facilities. The cost of the proposed facilities will be covered by payments from Meta, whether from their tariff or other contributions, yet all customers will realize reliability and resilience benefits and lower fuel costs from these investments. We also agreed to pursue another 2.5 gigawatts of renewables and further investigate CCS, nuclear upgrades and new nuclear to support Meta's clean energy goals. We'll add projects to the plan as assets are identified.

在協議簽署後不久，Entergy Louisiana 即向路易斯安那州公共服務委員會提出申請，請求核准因新增 Meta 資料中心併入系統而所需的相關資產。該投資包括 7 座新的複循環機組、輸電基礎設施以及電池儲能設施。擬建設施的成本將由 Meta 的付款承擔（無論是透過其費率表 tariff 或其他出資），但所有客戶都將從這些投資中獲得可靠性與韌性效益，以及更低的燃料成本。我們也同意推動另外 2.5 吉瓦的再生能源，並進一步研究 CCS、核能升級與新建核能，以支持 Meta 的潔淨能源目標。在識別出資產後，我們將把相關專案納入計畫。

This month, the commission affirmed that our request falls under their new Louisiana Lightning Initiative, and they directed that the procedural schedule should support a decision at the December B&E meeting. The commission's Lightning initiative as part of Governor Landry's Project Lightning Speed to support economic development that provide significant benefits to state and local communities. We are requesting approval for more than $15 billion in capital with about $14 billion in our 4-year plan. As a result of the agreement and pending the approval request, we're also raising our sales and adjusted EPS outlook. Kimberly will discuss in more detail.

本月，委員會確認我們的申請屬於其新的 Louisiana Lightning Initiative 範疇，並指示程序時程應支持在 12 月的 B&E 會議上作出決定。委員會的 Lightning 計畫是州長 Landry 的 Project Lightning Speed 的一部分，用以支持能為州與地方社區帶來重大效益的經濟發展。我們正申請核准超過 150 億美元的資本支出，其中約 140 億美元已納入我們的四年期計畫。由於該協議以及待核准的申請，我們也上調售電量與調整後 EPS 的展望。Kimberly 將進一步詳細說明。

Beyond the Meta agreement, so far this year, we have signed ESAs totaling over 1,000 megawatts. These agreements were from multiple industries across all our operating companies, and they indicate that customer growth beyond data centers remains robust in our region. We also continue to receive data center interest within our service area. After all agreements signed to date, including the recent agreement with Meta, we still have a pipeline of 7 gigawatts to 12 gigawatts of potential data center customers that are not in our plan.

除了 Meta 協議之外，截至今年目前為止，我們已簽署合計超過 1,000 兆瓦的電力服務協議（ESA）。這些協議來自多個產業、涵蓋我們所有營運公司，顯示除資料中心之外，我們區域的客戶成長仍然強勁。我們也持續在服務區域內收到資料中心的洽詢。在截至目前已簽署的所有協議（包括近期與 Meta 的協議）之後，我們仍有 7 吉瓦至 12 吉瓦的潛在資料中心客戶管線尚未納入我們的計畫中。

Moving beyond the customer growth update, I'd like to cover a few more items. Operational excellence remains a key focus area, and we will talk in more detail about that at Investor Day. For today, I'll share a couple of highlights. Orange County Advanced Power Station achieved its first fire milestone, bringing it one step closer to delivering reliable power for our customers in Texas. We expect the plant to be fully online in late summer.

在客戶成長更新之外，我還想再談幾個事項。營運卓越仍是關鍵聚焦領域，我們將在投資人日更詳細說明。就今天而言，我先分享幾項重點。Orange County Advanced Power Station 已達成首次點火里程碑，使其更接近為我們在德州的客戶提供可靠電力。我們預期該電廠將於夏末全面上線。

Recently, our power delivery team identified more than $30 million in capital savings on the Commodore to Churchill 230 kV project. Our engineers developed a solution which improved the design, lowers material costs and enables faster customer delivery. Importantly, the improvement can be applied to future large transmission projects. This kind of innovative thinking, combined with the scale of our capital plan will continue to lower cost for customers and unlock additional customer investment opportunities.

近期，我們的電力輸配團隊在 Commodore 至 Churchill 230 kV 專案中識別出超過 3,000 萬美元的資本節省。我們的工程師提出一項解決方案，改善設計、降低材料成本並加快客戶交付時程。重要的是，這項改進可應用於未來的大型輸電專案。這類創新思維結合我們資本計畫的規模，將持續降低客戶成本，並釋放更多客戶投資機會。

Entergy Texas is working to expand its spinning generation capacity to serve a growing customer base. Following the commission's feedback, they issued an RFP in February for combined cycle capacity and energy. Across our system, we continue to expand our renewables portfolio, driven by our customers' desire for clean energy options. We have active RFPs for more than 1,600 megawatts of renewables and storage, and we have over 4,500 megawatts of renewables and storage in various stages of negotiation after selections from prior RFPs in Arkansas, Louisiana and Mississippi.

Entergy Texas 正在努力擴增其旋轉備轉發電容量，以服務持續成長的客戶基礎。依據委員會的回饋，他們於 2 月針對複循環機組容量與電能發布了 RFP（徵求提案）。在我們整個系統中，我們持續擴大再生能源組合，主要受客戶對潔淨能源選項需求所驅動。我們目前有超過 1,600 兆瓦的再生能源與儲能 RFP 正在進行中；此外，在阿肯色州、路易斯安那州與密西西比州先前 RFP 選案後，另有超過 4,500 兆瓦的再生能源與儲能專案正處於不同階段的協商中。

Roughly 2/3 of the megawatts in negotiation would be owned. In addition, we are actively managing proposals through Louisiana's Accelerated Renewable Review Process. These are important tools to help us identify projects supporting customers' clean energy goals. As we indicated on the previous earnings call, Entergy Arkansas filed its base rate case in late February, requesting a $45 million rate change, which is less than 2%. Because bill impacts vary by customer type, the residential impact would be less than 1%.

約有 2/3 正在協商中的兆瓦數將採自有（owned）方式。此外，我們也正透過路易斯安那州的加速再生能源審查流程（Accelerated Renewable Review Process）積極管理各項提案。這些都是協助我們辨識可支持客戶潔淨能源目標之專案的重要工具。如同我們在上一季法說會所提到，Entergy Arkansas 於 2 月下旬提出其基礎費率案件（base rate case），申請調整費率 4,500 萬美元，幅度低於 2%。由於帳單影響會因客戶類型而異，住宅用戶的影響將低於 1%。

Some of the features that we requested include an optional time-of-use rate that provides residential customers with the opportunity to lower bills by shifting energy use to lower-cost hours, and low income rates that provide a 50% discount on the customer charge for households to qualify for LIHEAP assistance.

我們所申請的部分項目包括：可選擇的分時電價（time-of-use rate），讓住宅客戶可透過將用電移轉至成本較低的時段來降低帳單；以及低收入費率（low income rates），對符合 LIHEAP 補助資格的家庭，其用戶基本費（customer charge）提供 50% 折扣。

We also elected to resume Entergy Arkansas forward test year FRP after the rate case is resolved. Entergy Mississippi filed its annual formula rate plan with no change requested. Arkansas and Mississippi, both have mechanisms that provide cash allowance for funds used during construction, for investments to support significant economic development projects. To that end, Entergy Arkansas filed its first annual Generating Arkansas Jobs Act rider in March and Entergy Mississippi updated its interim facilities rate adjustment in January. One additional comment about Mississippi, the state recently passed legislation authorizing securitization of costs associated with Winter Storm Fern.

我們也選擇在該費率案件結案後，恢復 Entergy Arkansas 的前瞻測試年度 FRP（forward test year FRP）。Entergy Mississippi 提交其年度公式費率計畫（formula rate plan），未申請任何變更。阿肯色州與密西西比州皆設有機制，針對施工期間使用資金（funds used during construction）所產生的現金補貼（cash allowance），以支持重大經濟發展專案的投資。為此，Entergy Arkansas 於 3 月提交其首年度《Generating Arkansas Jobs Act》附加費率（rider），而 Entergy Mississippi 於 1 月更新其臨時設施費率調整（interim facilities rate adjustment）。另外補充密西西比州一點：該州近期通過立法，授權可將與冬季風暴 Fern 相關的成本進行證券化（securitization）。

Kimberly will provide additional details on that as well.

Kimberly 也會就此提供更多細節。

Beyond Fair Share Plus, our employees continue to work every day for the benefit of the communities we serve. We recently participated in the industry's LIHEAP Action Day in Washington, D.C. to advocate for energy affordability for our customers in need. Congress approved an appropriations package that includes a $20 million increase for LIHEAP, which reflects growing recognition of the program's importance. For more than 15 years, Entergy has also provided free tax preparation for low- to moderate-income customers at sites throughout Entergy's region.

除了 Fair Share Plus 之外，我們的員工每天也持續為我們所服務的社區努力。我們近期參與了在華盛頓特區舉行的業界 LIHEAP 行動日（LIHEAP Action Day），為有需要的客戶倡議能源可負擔性。國會通過的撥款方案包含對 LIHEAP 增加 2,000 萬美元經費，反映外界日益認同該計畫的重要性。此外，15 年來 Entergy 也在其服務區域各地據點，為中低收入客戶提供免費報稅服務。

In 2025, we helped customers receive $54 million in earned income tax credits, putting money directly into our customers' pockets.

在 2025 年，我們協助客戶取得 5,400 萬美元的勞動所得稅額抵免（earned income tax credits），將資金直接放進客戶口袋。

Finally, we are very excited about our upcoming Investor Day in June. We plan to walk through the clear line of sight for our multiyear strategy and outlook in detail. And you'll hear directly from our leadership team on the opportunities ahead. Highlights will include: a conversation with large customers on how we partner together to create better outcomes for our key stakeholders; a view into our operational strategy to successfully execute on the large build cycle ahead of us; a discussion of the work we are doing to unlock additional capital deployment opportunities; a review of our approach to maintaining financial discipline; and finally, a deeper dive into the significant near- and long-term customer growth opportunities to sustain our strong growth well beyond our 5-year outlook. We had a productive start to 2026 with solid progress and execution across the business, and by continuing to put our customers first, we will deliver premium value to each of our key stakeholders.

最後，我們對 6 月即將舉行的投資人日（Investor Day）感到非常振奮。我們計畫詳細說明多年期策略與展望的清晰可視路徑（clear line of sight）。您也將直接聽到我們領導團隊分享未來的機會。重點將包括：與大型客戶對談，說明我們如何攜手合作，為關鍵利害關係人創造更佳成果；深入了解我們的營運策略，以成功執行未來的大型建設週期；討論我們正在進行的工作，以釋放更多資本部署機會；檢視我們維持財務紀律的方法；以及最後，更深入探討顯著的近期與長期客戶成長機會，以在 5 年展望期之後仍能延續我們強勁的成長。我們在 2026 年有一個具生產力的開局，業務各面向皆有扎實進展與執行成果；並且只要持續以客戶為先，我們將為每一位關鍵利害關係人創造優質價值。

We look forward to discussing this in more detail with you at our Investor Day. I'll now turn the call over to Kimberly for the financial update.

我們期待在投資人日與各位更深入討論。接下來我將把電話會議交給 Kimberly 進行財務更新。

Thank you, Drew. Good morning, everyone. I'll now review our financial results and provide an update on our long-term outlook. Our results for the quarter were straightforward. Our adjusted EPS was $0.86 as shown on Slide 4.

謝謝你，Drew。各位早安。我將回顧我們的財務結果，並更新我們的長期展望。本季的結果相當明確。如投影片 4 所示，我們的調整後每股盈餘（adjusted EPS）為 0.86 美元。

The primary drivers were from the effects of investments made for our customers, including regulatory actions net of higher depreciation expense, taxes other than income taxes and interest expense from financing capital expenditures. The per share increase was partially offset by a higher share count from settling equity forwards.

主要驅動因素來自為客戶所做投資的影響，包括監管行動（regulatory actions）扣除較高折舊費用後的淨影響、所得稅以外的稅負（taxes other than income taxes），以及為資本支出融資所產生的利息費用。每股增幅部分被因結算遠期股權（equity forwards）而導致的較高流通股數所抵銷。

Industrial sales growth was very strong at 15% and new and expansion projects continue to ramp up their operations. Overall Retail sales increased 6%. The earnings contribution from Retail sales growth was essentially neutral as higher revenue from the Industrial growth was offset by the effects of weather, including positive weather in the first quarter of last year.

工業用電銷售成長非常強勁，達 15%，新建與擴建專案持續提升其營運規模。整體零售用電銷售成長 6%。零售用電銷售成長對獲利的貢獻基本持平，因工業成長帶來的較高收入被天候因素影響所抵銷，其中包括去年第一季較有利的天候。

As Drew discussed, the Meta contract creates significant customer and community benefits. In addition, we are refreshing our outlook to reflect the new agreement and other minor updates. The highlights are summarized on Slide 5. This agreement further strengthens our Retail sales outlook. We now expect approximately 8.5% compound annual Retail sales growth through 2029, driven by 16% Industrial growth.

如 Drew 所述，Meta 合約為客戶與社區帶來顯著效益。此外，我們也正在更新展望，以反映新協議及其他小幅更新。重點摘要如投影片 5。此協議進一步強化我們對零售用電銷售的展望。我們目前預期至 2029 年零售用電銷售的複合年成長率約為 8.5%，其中由 16% 的工業成長所驅動。

Data centers continue to be a significant driver along with growth from a variety of traditional Gulf South industries, including LNG, industrial gases, petrochemicals, agricultural chemicals and primary metals. As a reminder, we only add hyperscale data centers to our plan once we have a signed Electric Service Agreement, and then we include them at minimum bill levels. This conservative approach ensures that we can count on the revenue that we've included in our plan.

資料中心持續是重要驅動因素，同時也受墨西哥灣南部（Gulf South）多種傳統產業成長帶動，包括 LNG、工業氣體、石化、農業化學品與基本金屬。提醒各位，我們僅在已簽署《電力服務協議》（Electric Service Agreement）後，才會將超大規模（hyperscale）資料中心納入計畫，且會以最低帳單水準（minimum bill levels）納入。此一保守作法可確保我們能依賴已納入計畫中的收入。

Our customer-centric 4-year capital plan is now $57 billion, which is $14 billion higher than our plan last quarter. The increase includes the investment needs resulting from the new customer agreement, primarily 7 new CCCTs as well as battery storage projects. All 7 CCCT have in-service dates in 2030 and 2031, such as not all of the capital for these units is in our 4-year horizon.

以客戶為中心的 4 年資本計畫目前為 570 億美元，較上季計畫增加 140 億美元。增幅包含新客戶協議所帶來的投資需求，主要為 7 座新的 CCCT（複循環燃氣渦輪機組）以及電池儲能專案。7 座 CCCT 的投運（in-service）日期皆在 2030 與 2031 年，因此並非所有這些機組的資本支出都落在我們的 4 年期間範圍內。

For the transmission investments in the filing, we've made a conservative assumption not to include them as we work through financing options. We have also not yet included the renewables or River Bend nuclear upgrade investments discussed in our filings. These would be added to the plan as specific projects are firmed up.

就申報文件中的輸電投資而言，在我們研議融資選項期間，我們採取保守假設，暫不將其納入。我們也尚未將申報中提及的再生能源或 River Bend 核電升級投資納入。待具體專案逐步確定後，將把這些項目加入計畫。

The equity associated with our 4-year plan is now $6.6 billion, at the lower end of our target range of 10% to 15% of the total capital plan. Our strategy to be proactive in addressing our equity needs provides certainty and flexibility, giving us ample time to raise capital. We have successfully sold forward contracts through our robust ATM program as well as the block transaction we executed last March. The agreements we have in place cover about 30% of our 4-year need. With $1.9 billion already contracted, that leaves $4.7 billion to be sourced, which is not expected to be needed until late 2027 through 2029.

與我們 4 年計畫相關的股權需求目前為 66 億美元，位於我們目標區間（總資本計畫的 10% 至 15%）的下緣。我們主動因應股權需求的策略可提供確定性與彈性，讓我們有充裕時間籌措資本。我們已透過強健的 ATM 計畫成功出售遠期合約（forward contracts），並完成去年 3 月執行的一筆大宗交易（block transaction）。我們現有協議約涵蓋 4 年需求的 30%。在已簽約 19 億美元後，尚有 47 億美元需另行籌措，且預期要到 2027 年底至 2029 年期間才會需要。

Our forecast also includes $3 billion of hybrid instruments at Parent. Slide 6 summarizes our credit ratings and affirms that our credit metric outlooks remain better than rating agency thresholds. Our plan reflects FFO to debt at or above 15% from Moody's metrics throughout the period, giving us capacity to manage events in the business as they occur. While financial health is bolstered by the way -- by the work we've done to strengthen our balance sheet and create benefits for customers, including structuring large agreements to protect existing customers in our credit, solidifying our pension funded status and receiving constructive regulatory mechanisms.

我們的預測也包含母公司層級30億美元的混合型工具。第6頁投影片彙總了我們的信用評等，並確認我們的信用指標展望仍優於信評機構的門檻。依穆迪（Moody's）的衡量指標，我們的計畫在整個期間反映FFO對債務比率維持在15%或以上，使我們有能力在業務事件發生時加以因應與管理。我們的財務健康狀況也因我們為強化資產負債表、並為客戶創造效益所做的工作而提升，包括透過架構大型協議以保護既有客戶在我們信用上的權益、鞏固我們的退休金資金提撥狀況，以及取得具建設性的監管機制。

You may recall, our system experienced an ice storm earlier this year. Mississippi's recent legislation provides a path to securitize the storm cost, which we estimate in the $200 million range. This will lower the overall cost for customers. We will submit our filing by October 5 and we expect the commission to issue a decision within 60 days of our filing.

各位可能還記得，我們的系統今年稍早遭遇了一場冰暴。密西西比州近期立法提供了一條將風暴成本證券化的途徑，我們估計金額約在2億美元左右。這將降低客戶的整體成本。我們將於10月5日前提交申報文件，並預期委員會在我們提交後60天內作出決定。

As shown on Slide 7, we are affirming our 2026 adjusted EPS guidance and updating our outlook. For 2026, we're firmly on track, and we remain confident that we will deliver on our guidance. Looking ahead to the second quarter, with other movements in our plan, we expect other O&M to be approximately $0.15 higher than the same quarter last year, reflecting higher vegetation spending and the timing of nuclear maintenance.

如第7頁投影片所示，我們重申2026年調整後EPS指引，並更新我們的展望。就2026年而言，我們穩健按計畫推進，並仍有信心能達成指引。展望第二季，隨著計畫中的其他變動，我們預期其他O&M約較去年同期高出0.15美元，反映較高的植被管理支出以及核電維護時點的影響。

Beyond 2026, today's update reflects our new capital plan, which includes investment resulting from the latest customer agreement as well as other updates since the third quarter. Our adjusted EPS outlook for next year is now $0.20 higher. As the investment accumulates, the increase grows ratably to $0.50 in 2029 to $6.40. We will extend our full outlook to 2030 at our Investor Day in June. As a preview, the 2028 to 2029 year-over-year adjusted earnings per share growth was 12%.

在2026年之後，今天的更新反映我們新的資本計畫，其中包含最新客戶協議所帶來的投資，以及自第三季以來的其他更新。我們對明年的調整後EPS展望目前上調0.20美元。隨著投資累積，增幅將按比例擴大，至2029年增加0.50美元至6.40美元。我們將在6月的投資人日把完整展望延伸至2030年。先行預告，2028年至2029年的調整後每股盈餘年增率為12%。

We expect approximately the same for 2030.

我們預期2030年也大致相同。

Entergy is executing a differentiated growth strategy, delivering strong, sustainable results. Through our disciplined customer-centric approach, we are creating value for all our key stakeholders, including our owners. Our plan is solid with clear line of sight to achieve our outlook, and we have significant opportunities before us. This update makes our already strong growth profile stand out even more. And now we're happy to take your questions.

Entergy正在執行差異化的成長策略，帶來強勁且可持續的成果。透過我們嚴謹、以客戶為中心的方法，我們正為所有關鍵利害關係人（包括股東）創造價值。我們的計畫穩健，對達成展望有清晰可見的路徑，且我們面前仍有重大機會。這次更新讓我們原本就強勁的成長輪廓更加突出。現在我們很高興回答各位的問題。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（接線員指示）Shar Pourreza，富國銀行（Wells Fargo）。

So obviously, a great update this quarter with the Meta deal. Just -- I just want to be crystal clear here as today's results just kind of raise the bar again. Does the CapEx increase today fully support the deal? Or do you see additional CapEx and earnings accretion as we shift focus to the Analyst Day? I mean, you just had a strong update.

顯然，本季在Meta交易的帶動下是一次很好的更新。我只是——我想在這裡把話說清楚，因為今天的結果似乎又把標準提高了一次。今天資本支出（CapEx）的增加是否已完全支援這筆交易？或者，當我們把焦點轉向分析師日（Analyst Day）時，你們是否看到還會有額外的CapEx與盈餘增厚？我的意思是，你們剛剛做了很強的更新。

So should we assume there could be further updates to the capital plan in addition to the roll forward in the June Day -- Analyst Day?

所以，除了在6月那天——分析師日的例行滾動更新之外，我們是否應該假設資本計畫還可能有進一步更新？

Shar, it's Kimberly. As I noted, $14 billion was added to the plan. The filings had about $15 billion and the CCCTs closed outside the period. But what's not in the plan is the renewables that are under the agreement as well as some of the nuclear pieces. So certainly, there is more opportunity both in the period and beyond.

Shar，我是Kimberly。如我所提到的，我們在計畫中新增了140億美元。申報文件中約有150億美元，而CCCTs在期間之外完成結案。但計畫中尚未納入的是協議項下的再生能源，以及部分核電相關項目。因此，無論在期間內或期間之外，確實都還有更多機會。

But what we've provided here today is largely around the generation pieces that you see in the filing.

不過，我們今天提供的內容主要是圍繞你在申報文件中看到的發電端項目。

And what we would probably expect for our Investor Day through '29 because it's only 6 weeks away. It's a very short window. So we try to give you a preview of it this time today.

而我們在投資人日可能會提供到2029年的內容，因為距離現在只有6週。時間窗口非常短。所以我們這次嘗試先在今天給你們一個預覽。

Got it. That's perfect. And then just lastly, in terms of financing, I guess, what are the specific mechanisms that keep incremental equity funding for the $15 billion in new CapEx under 20%? Is that something that would get replicated beyond the current CapEx plan? I mean most of the new investment is in Louisiana, but do you see the same accretion from D.C.

了解。非常好。最後，就融資而言，我想問的是，具體有哪些機制能讓這150億美元新增CapEx所需的增量股權資金占比維持在20%以下？這樣的作法是否會在目前CapEx計畫之外複製？我的意思是，大部分新增投資都在路易斯安那州，但你們是否也看到來自D.C.

clustering in Arkansas and Mississippi?

在阿肯色州與密西西比州的聚集所帶來的同樣增厚效益？

Yes. We've been able to maintain that 10% to 15% rate on our capital plan for some time, and I don't see any factors that change that. There's a number of factors that help support that, whether it's the mechanisms that we have, the forward mechanisms, the recovery of AFUDC during the construction period. I mentioned funding of our pension status. So it's a variety of mechanisms, but no fundamental structural change that I see that causes that to really shift as we think about new capital.

是的。我們一段時間以來都能把資本計畫的股權占比維持在10%到15%，我看不出有任何因素會改變這點。有多項因素支撐這個結果，包括我們現有的機制、前瞻性機制、以及在建造期間回收AFUDC。我也提到我們退休金資金狀況的資金安排。所以這是多種機制共同作用，但我沒有看到任何根本性的結構變化，會使得我們在思考新增資本時出現明顯轉移。

And big congrats. You keep raising the bar for the industry.

也再次恭喜。你們持續為整個產業提高標準。

Nicholas Campanella, Barclays.

Nicholas Campanella，巴克萊（Barclays）。

Productive quarter, like you said. So thanks for all the updates. So I just wanted to follow up on some of your prepared. You said that you have a pipeline of 7 to 12 gigawatts that are still not in the plan. You used to have this nice slide around EEI, which kind of showed how much equipment you secured to facilitate growth above the plan.

如你所說，這是一個成果豐碩的季度。感謝所有更新。我想追問一下你們事先準備的內容。你提到仍有7到12GW的專案管線尚未納入計畫。你們以前在EEI上有一張很好的投影片，大致展示你們為了支援超出計畫的成長，已經鎖定了多少設備。

So can you just kind of talk about after this Meta announcement, after the other gigawatt that you highlighted as well that you executed on in the quarter, what does the equipment outlook look like for you now?

所以，在這次Meta公告之後，以及你們也提到本季執行的另一個GW之後，你們目前的設備展望看起來如何？

Nick, it's Kimberly. Appreciate the question. Yes, Drew did confirm that even after this agreement, our pipeline is still 7 to 12, and that underscores the fact that we continue to see that pipeline, things move through the pipeline and that pipeline refresh. From an equipment perspective, we'll give you a full update in just a few weeks at Investor Day. But we have additional turbines both on that slide, and we're not standing still relative to continuing to ensure that we can support that incremental growth as well as we'll talk about what else is out there relative to all of our other Industrial customers in just a few weeks.

Nick，我是Kimberly。感謝你的問題。是的，Drew確實確認即使在這份協議之後，我們的管線仍是7到12，這也凸顯我們持續看到該管線、專案在管線中推進，以及管線的補充更新。就設備而言，我們會在幾週後的投資人日提供完整更新。但我們在那張投影片上還有額外的渦輪機，而且我們也沒有停下腳步，會持續確保能支援這些增量成長；同時，我們也會在幾週後談到相對於我們其他所有工業客戶，外部還有哪些機會。

Okay. Looking forward to that. And there was some discussions in the filing at the regulator about exploring kind of new large-scale nuclear studies at certain sites. And Drew, just maybe given your involvement in NEI, maybe can you just kind of talk about where the company stands on committing to large-scale nuke at this point? What the industry still needs to move forward and what Entergy would need to kind of move forward?

好的。期待那次更新。另外，在向監管機關提交的文件中，有一些討論提到在特定場址探索新的大型核電研究。Drew，或許考量你在NEI的參與，你能否談談公司目前對於承諾發展大型核電的立場？產業要推進仍需要哪些條件，以及Entergy要推進需要哪些條件？

And is this something that we should be keeping in mind as we kind of get to this Analyst Day update?

而這是否是我們在接近分析師日更新時應該納入考量的事情？

Thanks, Nick. Certainly, new nuclear is something that we believe we will need when we look out into the long term. Certainly, we've talked about this in the past. We don't think we'll get to something like 2050 without having new nuclear as part of our portfolio. So it's something that we are continuing to actively explore and investigate and the agreement that we signed with Meta helps move that forward a little bit.

謝謝，Nick。當我們把視野拉到長期時，新核電確實是我們相信將會需要的項目。我們過去也談過這點。我們認為若沒有把新核電納入我們的組合，我們不可能走到像2050那樣的目標。因此，這是我們持續積極探索與研究的方向，而我們與Meta簽署的協議也讓這件事向前推進了一些。

We are in the same spot from a financial risk perspective that we always have been, and that is that there is significant challenges that we still have to overcome from a cost and a cost uncertainty perspective. And we are mindful of what that could mean to the balance sheet of Entergy Louisiana or any of our operating companies. So we aren't going to enter into any agreement that creates an existential risk right off the bat, and we've said that many times. At our Investor Day, we'll have some ideas about how we could manage that and how we could move the needle on the cost and the risk associated with construction that could help us get there. But our balance sheet isn't big enough to cover the whole risk by ourselves, and we're aware of that.

從財務風險的角度來看，我們所處的位置一直都沒有改變；也就是說，從成本以及成本不確定性的角度，我們仍然面臨必須克服的重大挑戰。我們也留意到，這可能對 Entergy Louisiana 或我們任何一家營運公司之資產負債表所代表的意義。因此，我們不會一開始就簽訂任何會立即造成生存性風險的協議；這點我們已多次說明。在我們的投資人日上，我們會提出一些想法，說明我們如何管理這些問題，以及如何在成本與施工相關風險上取得進展，協助我們達成目標。但我們的資產負債表規模不足以單靠自己承擔全部風險，我們也清楚這一點。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

This is Diana Niles on the call for Jeremy. So I was hoping, could you elaborate on the 1,000 megawatts of additional ESAs beyond the Meta agreement and maybe how you would characterize the kind of Industrial breakdown there and ramp going forward?

我是 Diana Niles，代替 Jeremy 參與這通電話。我想請教，能否進一步說明除 Meta 協議之外額外的 1,000 兆瓦 ESA，以及你們會如何描述其中的工業客戶結構拆分與未來的爬坡情況？

Yes, there are things that you're familiar with, steel, petrochem. I don't have a specific by industry breakdown, lots of smaller ones. There's many that are in the less than 20 megawatts kind of range. But altogether, they add up to 1,000 megawatts. I don't have a specific breakdown for you.

是的，包含一些你們熟悉的產業，例如鋼鐵、石化。我沒有按產業別的具體拆分，很多是較小的案子。其中有許多是在 20 兆瓦以下的規模區間。但合計起來就是 1,000 兆瓦。我沒有更細的拆分可以提供。

And I will also add one other thing that I just got reminded of here in the room, we probability weight those non-data centers projects. So those are still probability weighted. They're not all in at 100%. And as Kimberly noted in her remarks, the data centers only go in whenever we have a signed ESA.

我也補充一點，我剛在會議室被提醒：我們對那些非資料中心的專案是採用機率加權。所以那些仍是機率加權的。並非全部都以 100% 納入。而且如 Kimberly 在發言中提到的，資料中心只有在我們簽署 ESA 之後才會納入。

Got it. So to maybe clarify there, there could be upside should the more traditional Industrial load all come on at the full capacity?

了解。所以為了釐清，如果較傳統的工業負載都以滿載容量上線，是否可能帶來上行空間？

That is true. That is correct. If they were all to come on. It's probability weighted for a reason because that doesn't usually happen. But if they were all to come on, yes, there would be upside.

是的。沒錯。如果它們全部都上線的話。之所以做機率加權是有原因的，因為通常不會全部都發生。但如果真的全部都上線，是的，會有上行空間。

Got it. And maybe to piggyback on the prior question, and apologies if you already spoke to it, and I didn't hear. But I saw that the study in the Meta agreement speaks to AP1000s. Was that selection of technology a preference from Entergy or from the customer?

了解。另外延續前一個問題，若你們已經提過而我漏聽了先致歉。但我看到 Meta 協議中的研究提到 AP1000。這個技術的選擇是 Entergy 的偏好，還是客戶的偏好？

Well, we are supportive of any of the technologies that are out there, and we're investigating and talking with the vendors for all kinds of different technologies. Certainly, the AP1000 is one that is -- has been constructed and built and that there is a full design. And it's also a technology that we're familiar with because it's a BWR. So I think those are things that we are comfortable with. And so I think there are some benefits associated with that, but we are more or less agnostic to the technology.

我們支持市面上任何可行的技術，也正在就各種不同技術與供應商進行研究與交流。當然，AP1000 是其中之一——它已經有建造與投運的經驗，且具備完整設計。而且這也是我們熟悉的一種技術，因為它是 BWR（沸水式反應爐）。所以我認為這些都是我們感到放心的因素。因此我認為它確實有一些相關優勢，但整體而言，我們對技術本身大致上是中立的。

What we're more concerned about is the risk sharing for construction.

我們更關心的是施工風險如何分攤。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Speaking to some of those other CapEx elements for Meta that are outside of the plan, could you speak a little bit more to sort of guardrails, timing, other elements you have an eye to before you would go and add those to the plan? And then I guess, similarly on the size and scope, I know the transmission you outlined, but what are you thinking about as an order of magnitude on the other buckets?

談到 Meta 在計畫之外的其他資本支出（CapEx）項目，你能否多談一些在你們把這些項目納入計畫之前會關注的護欄、時程與其他要素？另外在規模與範圍方面，我知道你們已概述了輸電部分，但其他類別的量級你們大概怎麼看？

Richard, certainly, we saw Meta as well as other customers have made commitments or signed up for new solar in multiple of gigawatt amounts. We do have open RFPs to build those as well as we're looking at our own self-builds that we would put into those RFPs to fill that, and we would be looking to fill that over the next several years. So you could see some of that come into this 4-year plan, and you could see some of it stretch a little bit beyond that. But from a size and scope perspective, 2,500 megawatts in this Meta agreement, 1,500 megawatts in the previous agreement, all provides a good framing around incremental solar that we could have and then you could have incremental in other areas as well. And I said solar, but it could also be batteries as well.

Richard，當然，我們看到 Meta 以及其他客戶已承諾或簽約採購新增太陽能，規模達到數個 GW。我們也已發布公開 RFP 來建置這些資源，同時也在評估我們自建的方案，並將其納入這些 RFP 以滿足需求；我們會在未來幾年逐步補足。因此，你可能會看到其中一部分納入這個 4 年計畫，也可能有一部分會稍微延伸到計畫期之後。就規模與範圍而言，這份 Meta 協議是 2,500 兆瓦，前一份協議是 1,500 兆瓦，這些都為我們可能新增的太陽能提供了很好的參考框架；此外在其他領域也可能有增量。我剛剛說的是太陽能，但也可能包含電池。

Got it. That's helpful context. And then just turning back to the 7 to 12 gigawatt backlog, I'm curious if the Meta addition today, did that move through the backlog until you then backfilled with new interest to get back to the 7 to 12 gigawatts? And then even on the industrial side, just like how have some of those trends been relative to crystallizing the 1,000 megawatts that you also referenced today, if you could provide any color there?

了解。這些背景很有幫助。再回到 7 到 12 GW 的儲備（backlog），我想了解今天新增的 Meta 是否已從儲備中轉出，然後你們又以新的意向補回，使其回到 7 到 12 GW？另外在工業端方面，就像你們今天也提到的那 1,000 兆瓦，你能否提供一些趨勢上的說明，例如這些案子在落實（crystallizing）方面的進展如何？

Yes. So on the 7 to 12 gigawatts, you're exactly right. Meta would have moved through that. It's now in our plan. So it's not in the 7 to 12 gigawatts because that references data center opportunity that's outside of our plan.

是的。關於 7 到 12 GW，你說得完全正確。Meta 會從那個儲備中往前推進。它現在已納入我們的計畫。因此它不再包含在 7 到 12 GW 之中，因為那個數字指的是我們計畫之外的資料中心機會。

We -- our 7 to 12 gigawatts was never our full scope of plan. So as things move through, we've got additional things coming in as well as we've had additional interest. On the broader customers, what Drew referenced on the 1,000 megawatts is really closing out specific customers that either getting them to sign agreements, which would adjust the probabilities as well. But we'll give you a full update on that pipeline again in a few weeks, but that continues to be strong as well.

我們的 7 到 12 GW 從來就不是我們計畫的全部範圍。所以當一些案子往前推進時，我們也有新的案子進來，同時也持續收到新的意向。至於更廣泛的客戶端，Drew 提到的 1,000 兆瓦，主要是在把特定客戶推進到完成簽約；一旦簽約，機率假設也會相應調整。我們會在幾週後再次就該管線提供完整更新，但目前看起來也仍然很強勁。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

Can you hear me okay?

你們聽得到我嗎？

Yes, you're breaking up, but we can hear you now.

可以，但你有點斷斷續續；不過現在聽得到。

Good, good now. And again, setting a low bar for everyone by saying a productive quarter, my goodness. One I did want to clarify and Kimberly mentioned a little bit, just in terms of the conservatism on the kind of the minimum take-or-pay minimum bills, is there any way to frame kind of what that benefit can be to earnings or cash flow? Just any parameters would be helpful there.

好，現在好了。另外，我把門檻先放低，說這是一個很有成果的季度——天啊。我想釐清一點，Kimberly 也稍微提到：關於最低承購（take-or-pay）/最低帳單（minimum bills）的保守設定，有沒有辦法框架化說明這對盈餘或現金流可能帶來的效益？任何參數都會很有幫助。

Yes. We haven't given specifics around the minimum bill levels, except to say that on all of our industrial customers, we have minimums or demand charges. And on the hyperscalers, it is significantly higher than what we've had on traditional customers for the amount of incremental investments that they drive onto the system. In the forecast period, I would think about these customers are going to be ramping up. And so their minimum bills are coming in during the period and they go into the ramping period.

是的。除了說明我們所有工業客戶都有最低額度或需量費（demand charges）之外，我們尚未提供最低帳單水準的具體細節。而對於超大規模雲端客戶（hyperscalers），就其所驅動的系統增量投資而言，最低帳單水準顯著高於我們對傳統客戶的設定。在預測期間內，我會把這些客戶視為正在逐步爬坡。因此，他們的最低帳單會在該期間內開始反映，並延續到爬坡期。

So you're going to have more opportunity once they get to full load versus a minimum bill. But certainly, there could be some opportunity near term if perhaps they ramp faster. But generally, I would think about it as we haven't given it, but the minimums are pretty substantial. So there's some margin, but it's not equal to what's already there.

所以，相較於最低帳單，一旦他們達到滿載，你們會有更多機會。但當然，若他們爬坡速度更快，短期內也可能出現一些機會。不過整體而言，我會這樣看：我們雖未提供具體數字，但最低額度相當可觀。因此會有一些利潤空間，但不會等同於已經存在的那部分。

Okay. No, that's helpful. And one other I had, and again, I can't wait for the Investor Day. Just as we think about like the capital you put into the plan today relative to the $0.50 of increase in 2029, is there any information on shaping? Is that kind of back-end weighted in the 2020 non-CapEx?

好的。不，這很有幫助。另外我還有一個問題，而且再次強調，我很期待投資人日。當我們思考你們今天投入計畫的資本，相對於到2029年增加的0.50美元，是否有任何關於節奏/分布（shaping）的資訊？這是否屬於在2020年非資本支出（non-CapEx）中較偏後段加權的那種？

Just -- it seems like there's more earnings to come, not to ask a leading question, but more earnings to come from that capital. Any flavor you can provide would be helpful.

只是——看起來似乎還有更多獲利會出現，我不是要問引導性問題，但就是那筆資本帶來的獲利還會更多。你能提供任何方向/說明都會很有幫助。

Yes. So you can see the shaping of the earnings through '27, '28, '29 in the materials. And then in my comments, I did note for a preview to '30 that we would expect the year-over-year from '29 to '30 to be roughly the same as the year-over-year from '28 to '29. So that gives you some indication of how that shapes into that fifth year.

是的。所以你可以在資料中看到獲利在'27、'28、'29年的分布/走勢。然後在我的評論裡，我也提到對'30的預告：我們預期'29到'30的年增幅，大致會與'28到'29的年增幅相近。因此這能讓你對它如何延伸到第五年有一些概念。

William Appicelli, UBS Financial.

William Appicelli，瑞銀金融（UBS Financial）。

Just isolating the Meta update here, I mean, is the $14 billion of incremental capital entirely attributable to the expansion of that agreement?

就這次Meta更新來看，我的意思是，新增的140億美元資本是否完全可歸因於該協議的擴展？

Yes, Bill, I mean you can see that filing, that's pretty close to what is included there in the filing. There's something -- and I went through what we included and whatnot -- what wasn't, but that's essentially the add here.

是的，Bill，你可以看到那份申報文件，內容與申報中所包含的幾乎一致。有一些——我也說明了我們納入了什麼、以及哪些沒有納入——但基本上這就是這次新增的部分。

There has been capital added since our last earnings change. You recall that we added Cottonwood and there's been some other things that have happened. But certainly, the $14 billion is the key driver here.

自我們上次財報變更以來，確實又增加了一些資本。你還記得我們加入了Cottonwood，另外也發生了一些其他事情。但可以確定的是，140億美元是這裡的關鍵驅動因素。

Right. And then on top of that, there is still some residual generation spend that will show up in '30 and then you talked about the transmission to renewables also not included, right? So when we think about the totality of what that Meta deal is worth in terms of CapEx, it's obviously something north of the $14 billion, right? It's an incremental several billion. Is that fair?

了解。此外，仍有一些剩餘的發電端支出會在'30年顯現，然後你也提到，為了再生能源的輸電部分也尚未納入，對吧？所以當我們思考這筆Meta交易就資本支出（CapEx）而言的整體規模時，顯然會高於140億美元，對吧？會再多出幾十億美元的增量。這樣理解公平嗎？

Yes. Drew mentioned in his comments that it was more than $15 billion that happens outside the period. And certainly, depending on where the solar and battery, the renewable lands gives you some upside opportunity there.

是的。Drew在他的評論中提到，期間之外發生的金額超過150億美元。而且當然，視太陽能與電池等再生能源最後落點而定，這也會帶來一些上行機會。

Okay. And then when should the full earnings run rate be realized on the Meta expansion? Is that -- I know you're talking about the CODs are in' '30 -- I think, into '31, right? So is that -- when we think about the entirety of the return on the capital being reflected in financials, is that sort of -- at that point in time, is that sort of a '31 -- mid-'31 period?

好的。那麼，Meta擴展案的完整獲利運行水準（earnings run rate）何時能完全實現？我知道你提到商轉日期（COD）在'30年——我想還會延伸到'31年，對吧？所以當我們思考資本回報在財務報表中完整反映的時間點時，是否大概是在'31年——大約'31年中期那段期間？

Yes. The CCCTs finish closing in '31. So most of your capital is in by then. We gave you the ramp up through '30. And we'll talk about what longer term visually looks like without giving you specific outlooks at Investor Day.

是的。CCCT會在'31年完成併網/結案。因此到那時你們的大部分資本都已投入。我們已提供到'30年的爬坡（ramp up）。而在投資人日，我們會談更長期在視覺化上大概會是什麼樣子，但不會提供具體展望數字。

Steven Fleishman, Wolfe Research.

Steven Fleishman，Wolfe Research。

I think my questions -- a lot of my questions got answered on this. But just the -- it sounds like there is meaningful earnings that come from the Meta CapEx, even though it is largely in place through '29, the earnings tail a little later just as the projects come on. Is that -- not that $0.50 is not a lot, but, yes?

我想我的問題——很多都已經被回答了。但就這點來說——聽起來Meta的資本支出確實會帶來可觀的獲利，即使它大多在'29年前就已到位，獲利仍會在稍晚一些時候隨著專案上線而延續。是這樣嗎——不是說0.50美元不多，但，是的？

Yes, Steve, what you're seeing with all construction projects, you've got AFUDC, that sort of thing, is leading up to the construction -- leading to the close through the construction period. And then again, in '30, I would see a similar uptick in ratably as to what we saw in the years that we gave you for getting you to the similar type of growth rate in '30.

是的，Steve，你看到的就像所有建設專案一樣，會有AFUDC（建設期間資本化利息）之類的項目，在建設期一路累積到結案。然後同樣地，在'30年，我會看到按比例（ratably）出現類似的上升幅度，就像我們在先前幾年提供的數字一樣，使你在'30年達到類似的成長率。

Great. And then just -- the $14 billion that you added to CapEx, is that before Kayak or after Kayak because we don't have rate base to kind of match up to from you?

很好。另外——你新增到CapEx的140億美元，是在Kayak之前還是之後？因為你們沒有提供可對照的費率基礎（rate base）讓我們去匹配。

Yes. I would think about that related to the CCCTs as largely overnight costs. So we did -- I mentioned the transmission wasn't included and then the financing costs largely are not included in there either.

是的。我會把它視為與CCCT相關、基本上屬於一次性建置成本（overnight costs）。所以我們——我提到輸電沒有納入，另外融資成本大多也沒有納入其中。

Okay. You also mentioned this renewables RFP separate from Meta, the 4.5 gigawatts, of which 2/3 would be owned. Is that in your plan at 2/3 owned or not?

好的。你也提到這個與Meta分開的再生能源RFP，4.5GW，其中有2/3會是自有。那在你們的計畫裡，是以2/3自有來納入，還是沒有？

About half of that is not in our plan is the way to think about that. So pretty good upside there relative. So we had some projects that we had worked to safe harbor or just get ahead of relative to other solar interest, but there's a good bit of that, that's not in the plan.

大約有一半不在我們的計畫裡，可以這樣理解。所以相對而言有不錯的上行空間。我們確實有一些專案已經做了safe harbor，或是相對於其他太陽能需求先行布局，但其中有相當一部分並不在計畫內。

Okay. And then just on -- I know you don't need equity for a while, timing-wise, late '27 or '28, '29. Just how are you thinking about just approaching equity? Are you continuing to try to get out ahead of that? And just -- yes, any thoughts on ways to approach getting the equity for this?

好的。然後再談到——我知道你們在一段時間內不需要發行股權，時間上大概是'27年末或'28、'29。你們目前是如何思考股權籌資的策略？你們是否會持續嘗試提前布局？以及——是的，對於如何取得這些股權資金，有沒有任何想法？

Yes. To your point, we don't require equity until well into '27, but we have been proactive about ensuring that we stay ahead of that. 30% is already on the table. But the ATM has been an effective tool. We were able to use a block last year, but I would expect that we don't require additional equity until '27.

是的。如你所說，我們直到'27年相當後段才需要股權，但我們一直很積極，確保能提前因應。已有30%在規劃/安排之中。但ATM（隨市發行）一直是有效的工具。我們去年也能用區塊交易（block）方式操作，但我預期我們在'27年前不需要額外的股權。

So we can't speak to the specific timing, but I would think about it that way.

所以我們無法談具體時點，但我會建議用這樣的方式來理解。

Sophie Karp, KeyBanc Capital Markets.

Sophie Karp，KeyBanc Capital Markets。

Congratulations on a strong update here. So maybe if you could talk a little bit about the regulatory mechanisms you have, particularly in Louisiana and other areas that are experiencing significant growth. Do you feel like you have sufficient regulatory recovery mechanisms in place? And is there a risk of some regulatory fatigue if the capital grows as much as it has been growing?

恭喜這次更新很強勁。所以也許你可以談談你們的監管機制，特別是在路易斯安那以及其他正經歷顯著成長的地區。你覺得你們已具備足夠的監管成本回收機制嗎？如果資本像目前這樣持續成長，是否存在某種監管疲乏（regulatory fatigue）的風險？

Thanks, Sophie. It's a good question. I think we have adequate regulatory mechanisms in place. Certainly, you've seen our regulators begin to change some of their processes. A good example is in Louisiana, the Louisiana Lightning initiative to accelerate reviews for strong economic development projects.

謝謝，Sophie。這是個好問題。我認為我們已具備足夠的監管機制。當然，你也看到我們的監管機關開始調整他們的一些流程。一個很好的例子是在路易斯安那，Louisiana Lightning倡議，用以加速對強勁經濟發展專案的審查。

And I think that's really the key, is if we are providing significant benefits for our customers and communities, I think the regulators will be very supportive of these kinds of ongoing activities. And I don't know that there would be necessarily any fatigue associated with that.

而我認為關鍵在於：如果我們能為客戶與社區帶來顯著效益，我認為監管機關會非常支持這類持續性的活動。我不認為這會必然伴隨任何疲乏。

That's why we've really been focused on these things. If we can't provide that, obviously, that would be a different story. But we've been able to do that pretty well so far, and we'd expect to be able to continue that story going forward.

這也是為什麼我們一直把重點放在這些事情上。如果我們無法提供那些效益，顯然就會是另一個故事。但到目前為止我們做得相當好，也預期未來能持續延續這個故事。

All right. And then maybe real quick, if you could maybe comment and give us some color on how the -- I guess, the situation in the oil markets and the conflict in the Middle East is impacting your Industrial customers? Is it a positive for them? Is it a negative for them? Like what is the situation on the ground in your territory?

好的。接著也許很快地，能否請你評論一下並提供一些背景：我想，油市的情勢以及中東衝突，正如何影響你們的工業客戶？這對他們是正面嗎？是負面嗎？在你們轄區的第一線情況如何？

Great question, Sophie. So the -- I guess, generally, it's been -- I would say, it's probably been positive for most of our industrial customers. The things that they are looking at are spreads between oil and gas that have obviously increased geographic spreads between the Gulf Coast and the Asia, Europe, both have increased. And so our Industrial customers along the Gulf Coast have, I would say, probably benefited somewhat from the conflict over there, but -- simply because it's dislocated the prices a little bit.

問得很好，Sophie。所以——我想整體而言，這對我們大多數工業客戶可能是偏正面的。他們關注的是油與氣之間的價差；很明顯地，墨西哥灣沿岸與亞洲、歐洲之間的區域價差都擴大了。因此，我們在墨西哥灣沿岸的工業客戶，我會說，可能多少從那邊的衝突中受益——主要是因為它讓價格出現了一些錯位。

But I would say it's not out of alignment with where we've been over the last decade to 15 years. I'd say prices were, as you know, for oil, a little bit lower early in the year. Obviously, they're higher now. But the spreads that they pay attention to, those are the same spreads that they've been seeing for a long period of time. And frankly, we would expect them to continue to stay in place well after the conflicts are resolved.

但我會說，這並沒有偏離我們過去10到15年的狀況。我想你也知道，今年年初油價稍微低一些。顯然，現在更高了。但他們所關注的那些價差，基本上是他們長期以來一直看到的同一組價差。坦白說，我們也預期即使衝突解決之後，這些價差仍會在很長一段時間內持續存在。

Stephen D'Ambrisi, RBC Capital Markets.

Stephen D'Ambrisi，RBC Capital Markets。

I just had a quick one. If I look at the change in terawatt hour sales growth from 4Q to this update, it looks like it's just about 3 terawatt hours. And so if I try to back into what that means from an incremental load from data centers, it seems like it's only 400 or 450 megawatts. And so can you just talk a little bit about how the Meta facility ramps because if it's 5.5 incremental gigawatts? It feels like there's a ton of terawatt hour sales that are going to come beyond 2029.

我只有一個簡短的問題。如果我看從第四季到這次更新的太瓦時（TWh）銷售成長變化，看起來大約只有3太瓦時。所以如果我試著回推這代表資料中心帶來的新增負載，似乎只有400或450兆瓦。所以你能否談一下Meta設施的爬坡（ramp）情況？因為如果是新增5.5吉瓦，感覺在2029年之後會有大量的太瓦時銷售會進來。

So I just want to understand what that means both for earned returns and also like capital deployment beyond '29?

所以我想了解，這對已實現報酬（earned returns）以及例如2029年之後的資本部署意味著什麼？

Steve, it's Kimberly. You cut out a little bit, but I think your question was how does the Meta agreement ramp? And how do I think about the terawatts hour sales that you're seeing? Yes, certainly, we have to build to support this customer. You see that in the CCCT deployment, which come online in '30 and '31.

Steve，我是Kimberly。你剛剛有一點斷訊，但我想你的問題是：Meta協議是如何爬坡的？以及我該如何看待你看到的太瓦時銷售？是的，當然，我們必須建設來支援這位客戶。你會在CCCT（複循環燃氣機組）部署中看到這點，這些機組會在2030年與2031年上線。

So they are able to get some ramp in the period, but your full loads aren't going to come online until all of those assets come online.

因此，他們在這段期間能夠有一些爬坡，但要等到所有那些資產都上線後，你們才會看到完整負載進來。

But recall that we have minimum bills on these customers as they ramp and that minimum bill is reflective of ensuring that they cover the incremental cost that they drive over the life of the contract. So that minimum bill may not be directly in sync with the ramp, for example. So what we've included in our forecast is the minimum build here, but you should continue to see ramp as you -- as those assets come online.

但請記得，這些客戶在爬坡期間有最低帳單（minimum bills），而這個最低帳單反映的是：確保他們在合約期間能覆蓋其所驅動的增量成本。因此，舉例來說，最低帳單不一定會與爬坡節奏完全同步。所以我們在預測中納入的是這裡的最低帳單，但當你——當那些資產陸續上線時，你仍應該會看到負載逐步爬升。

Okay. And any -- just again, like it seems like it's really a very small amount in '29, and I know you'll roll to '30, but any flavor for what adding 5 gigawatts to the existing sales forecast does like to sales CAGRs through 2032 or something like that? Because it just seems very, very -- a significant incremental step-up. I just want to understand if that has customer benefits or rate benefits that you can pass back or any way to think about that?

好的。另外——再問一次：看起來2029年的量真的很小，我知道會延續到2030年，但能否提供一些方向：在既有銷售預測上再加5吉瓦，對例如到2032年的銷售年複合成長率（CAGR）之類會造成什麼影響？因為這看起來是非常、非常——一個顯著的增量跳升。我只是想了解，這是否會帶來客戶端的好處或費率上的好處可以回饋，或有沒有什麼思考方式？

Yes. We'll give you the sales growth through '30 in just a few weeks, and then we'll show you sort of how we think about opportunities longer term, but all customers are benefiting from this ramp and from the minimum bills to the point that Drew made, both from the Fair Share component, ensuring that they're paying their portion of the incremental cost, and that will flow through the traditional mechanisms in Louisiana, similar in other jurisdictions. So there is opportunity and benefit there for other customers, but we'll provide you that sales forecast in just a few weeks through 2030.

是的。我們會在幾週後提供你到2030年的銷售成長，然後也會向你展示我們如何看待更長期的機會；但所有客戶都會從這個爬坡以及最低帳單中受益，正如Drew提到的，包含「公平分攤」（Fair Share）組成，確保他們支付其應負擔的增量成本，而這將透過路易斯安那州的傳統機制反映出來，其他司法管轄區也類似。所以其他客戶確實有機會與好處，但我們會在幾週內提供你到2030年的銷售預測。

Chris Ellinghaus, Siebert Williams.

Chris Ellinghaus，Siebert Williams。

Drew, vis-a-vis the Iran issue, is that providing some impetus or interest in new ESAs in their sort of calculus of where the world markets are?

Drew，關於伊朗議題，這是否在他們對全球市場走向的判斷中，提供了一些推力或讓他們對新的ESA（能源服務協議）更感興趣？

Perhaps. I mean, certainly, we have a lot of natural advantages associated with where we're located. We're along the river and the Gulf Coast. We have access to global markets, and we have significant energy infrastructure with pipelines and low energy costs and rail and other transport availability to domestic markets. I mean we're well situated with a supportive community that values industrial investment.

也許。我的意思是，當然，我們所在的位置帶來很多天然優勢。我們沿著河流與墨西哥灣沿岸。我們可以接觸全球市場，而且我們有相當完善的能源基礎設施，包括管線、低能源成本、鐵路，以及其他可通往國內市場的運輸選項。我的意思是，我們的條件很好，而且社區也支持並重視工業投資。

All of that has meant that when people look around for places to invest in industrial facilities, they look at the Gulf Coast.

這一切都意味著，當人們在尋找投資工業設施的地點時，他們會看向墨西哥灣沿岸。

And certainly, over the last few years, we've seen a lot of interest in onshoring because of geopolitical uncertainty. And I would say that this current situation is just more continuation of that. So to the extent that people around the world are looking for a stable place to invest and given the opportunities that are here and the advantages associated with the Gulf Coast, it becomes a natural potential location when you're looking around the world. It's a very attractive place to invest.

而且，過去幾年我們確實看到很多因地緣政治不確定性而帶動的回流本土（onshoring）興趣。我會說，當前情勢只是這個趨勢的延續。因此，在全球各地的人都在尋找穩定的投資地點之際，考量這裡的機會以及墨西哥灣沿岸的相關優勢，當你放眼全球尋找時，這裡自然會成為一個潛在選項。這是一個非常有吸引力的投資地點。

So certainly, this situation is not -- I would say it's probably causing people to look maybe even a little bit more, but it's not a new scenario. And it goes with the with the long-term kind of commodity spread discussion that I was talking about just a minute ago.

所以當然，這個情勢——我會說，它可能讓人們更願意多看一眼，但這不是新的情境。而且這也呼應我剛才提到的那種長期商品價差的討論。

Sure. That makes sense. I was just curious whether it was expediting anybody's thought process. Are there any other Cottonwood type transactions in your mind sort of in the hopper?

了解。這很合理。我只是好奇它是否正在加速某些人的思考流程。你心中是否還有其他像Cottonwood那樣的交易正在醞釀中？

Well, there's -- I mean, we normally don't talk about M&A, but I will say, in this case, there's really just not much in terms of other generators that are around. So I would not say that -- we'd expect that asset M&A to be a significant part of our potential capital outlay going forward beyond Cottonwood.

嗯——我的意思是，我們通常不談併購（M&A），但我會說，在這個案例中，周邊其實沒有太多其他發電資產。所以我不會說——我們預期資產併購在Cottonwood之後，會成為我們未來潛在資本支出的一個重要部分。

Okay. Given the significant increase to the CapEx, can you give us any idea of how it might alter your thinking about the cadence of dividend payouts over the 4-year horizon?

好的。鑑於資本支出（CapEx）大幅增加，你能否讓我們了解一下，這可能會如何改變你們對未來4年股利發放節奏的想法？

Sure. It's Kimberly. We have historically had a 6% growth rate on our dividend, and we're obviously growing faster than that. And so that has an effect on your payout ratio. But that's been our philosophy to balance the growth rate in the earnings and our sales growth rate relative to the growth rate in the dividend to date.

當然。我是Kimberly。我們過去的股利成長率一向是6%，而我們顯然成長得比這更快。因此，這會影響你的配息率（payout ratio）。但到目前為止，我們的理念一直是：在盈餘成長率與銷售成長率相對於股利成長率之間，取得平衡。

That's the philosophy that we've taken to date. And I think that, that is an appropriate balance as we think about that over the next 4 years.

這就是我們迄今採取的理念。而我認為，當我們思考未來4年時，這是一個適當的平衡。

Okay. That helps. Lastly, I guess, Mississippi data center interest just seems to be exploding. Can you talk about -- or maybe this is something for June, what's in the plan at this point? And is there a significant bucket of unplanned at this point?

好的。這很有幫助。最後我想，密西西比資料中心的興趣看起來正快速爆發。你能談談——或者也許這是留到六月再談——目前計畫裡有哪些內容嗎？而且目前是否有相當大一部分是未納入計畫的？

Yes. I would reference you back to our 7 to 12 gigawatts, which is not OpCo specific, but that's our enterprise view of the data centers. We don't provide that breakdown sort of either where they are in the pipeline or where they are specifically by OpCo, but still a significant opportunity before us, one that we're working to shore up and to capture as much as we can. So lots of opportunity there, but no specifics by operating company.

是的。我會請你回頭參考我們提到的 7 到 12 吉瓦，這不是以 OpCo（營運公司）為特定對象，而是我們對資料中心的企業整體觀點。我們不提供那種拆分——不論是它們在管線中的位置，或是按 OpCo 具體分布——但我們面前仍有很大的機會，我們正努力把基礎打牢並盡可能多地掌握。所以機會很多，但不會按營運公司提供具體細節。

And the data centers that are in our plan are already signed. We do not have any data centers in our plan that are prospective.

而且我們計畫中的資料中心都已經簽約。我們的計畫裡沒有任何仍屬於潛在（尚未確定）的資料中心。

Andrew Weisel, Scotiabank.

Andrew Weisel，豐業銀行（Scotiabank）。

Two for me. First, in terms of financing the incremental $15 billion of CapEx or so for Meta, I understand that Meta is going to be paying for that under the Fair Share Plus commitment, great setup, of course, but you're obviously including that in the CapEx and the equity plan. Maybe just remind me or help me understand how that works from a timing and cash flow perspective.

我有兩個問題。第一，關於為 Meta 額外約 150 億美元的資本支出（CapEx）融資，我理解 Meta 會在 Fair Share Plus 承諾下支付這部分，當然這樣的安排很好，但你們顯然仍把它納入 CapEx 與股權計畫中。能否提醒我或幫我理解，從時點與現金流角度來看，這是如何運作的？

If you're not going to collect the revenue -- or how and when will you collect the revenues relative to the construction and equipment payments? And how and when will the $2 billion or $7 billion be returned to customers? How does that work in terms of the timing and how that impacts your credit metrics? I know you reiterated the credit metrics, but how does that work in terms of the short-term impacts of credit rating metrics and your conversations with the agencies and cash flows?

如果你們不會收取收入——或者你們將如何以及何時收取收入，相對於工程建設與設備付款的時點？以及那 20 億或 70 億美元將如何以及何時回饋給客戶？就時點而言，這如何影響你們的信用指標？我知道你們重申了信用指標，但就短期對信用評等指標的影響、你們與評等機構的溝通，以及現金流而言，這是怎麼運作的？

Yes. Our Fair Share Plus, as a reminder, is our commitment in ensuring that these customers are paying their fair share, and that covers a number of areas. One is ensuring that they're paying to support not just the incremental cost that they drive, but also the embedded costs that are already in customers' bills. And so that shows up in ways like in Mississippi, we've talked before about Superpower Mississippi, where they're deploying $300 million of capital without incremental cost to customers. Because of the embedded cost that AWS is supporting enables us to continue to make investments for customers without incremental cost.

是的。提醒一下，我們的 Fair Share Plus 是我們確保這些客戶支付其應負擔的公平份額的承諾，涵蓋多個面向。其中之一是確保他們支付的不僅是其帶來的增量成本，也包括已經內含在客戶帳單中的既有（嵌入式）成本。因此會以不同方式呈現，例如在密西西比，我們之前談過「Superpower Mississippi」，他們投入 3 億美元資本，而不會對客戶造成額外成本。因為 AWS 所承擔的嵌入式成本，使我們能夠在不增加客戶成本的情況下，持續為客戶投資。

So I think about it that way. Another example is in Louisiana, we have securitized storm costs on their bills already related to previous storms. And these customers will pick up their allocable portion of those costs. So customers that we're paying and we will see a slightly less cost. That's how that $7 billion effectively flows back to customers.

所以我會用這種方式來理解。另一個例子是在路易斯安那，我們已將先前風暴相關的風暴成本在客戶帳單上做了證券化。而這些客戶將承擔其可分攤的那部分成本。因此由客戶支付的部分，我們將看到成本略為降低。這就是那 70 億美元如何有效回流給客戶的方式。

Okay. And in terms of the credit metrics and timing issues, is that -- how does that work? And is there going to be temporary pressure on the credit metrics during construction?

好的。那就信用指標與時點問題而言，是——這是如何運作的？在施工期間，信用指標是否會有暫時性的壓力？

Yes. As I noted in my comments, our credit metrics on a Moody's basis are 15% or better throughout this 4-year forecast period during this heavy construction period. And that has a lot to do with all the constructive mechanisms we have as well as how we are contracting. So that doesn't in and of itself put pressure on the metrics because, again, it's enabling you to make investments as these customers pay a portion of incremental costs that customers otherwise would have paid for previously.

是的。如我在評論中提到的，以穆迪（Moody's）口徑衡量，我們的信用指標在這個為期 4 年的預測期間、也就是重度施工期間，將維持在 15% 或更高。這很大程度上歸功於我們所有具建設性的機制，以及我們的合約簽訂方式。因此這本身不會對指標造成壓力，因為它讓你能進行投資，同時這些客戶會支付一部分增量成本，而這些成本在過去原本會由其他客戶承擔。

Okay. Very impressive. And one last one, if I may. The 15% Industrial sales growth in the first quarter was notably better than your guidance of 10% for the year and a big pickup from last year's full year results of 7%. You mentioned in the remarks that it was a combination of new and expansion projects.

好的。非常令人印象深刻。如果可以的話，最後一個問題。第一季工業用電銷售成長 15%，明顯優於你們全年 10% 的指引，也較去年全年 7% 的結果大幅提升。你在談話中提到，這是新案與擴建案的組合。

Can you just elaborate a little bit on what you're seeing? And does that change your full year -- your expectation for the full year?

你能否再多說一些你們看到的情況？這是否會改變你們對全年——對全年表現的預期？

Yes, we did have a good first quarter. But on a year-over-year basis, we expected customers to ramp up. That's what you're seeing there. We -- it doesn't change what we expect for the full year. It does shore up that -- those customers are coming online.

是的，我們第一季確實表現不錯。但以年對年來看，我們原本就預期客戶會逐步拉升（ramp up）。你現在看到的就是這個。我們——這不會改變我們對全年的預期。但這確實強化了——這些客戶正在上線。

But even if the volumes were off a little bit, you would see that -- you wouldn't see a decrement because of the minimum bills and other structures that we have to support. So we're comfortable with our guidance and we're pleased to see the volumes starting to come in.

不過即使用量稍微偏離一些，你也不會看到——不會看到下滑，因為我們有最低帳單（minimum bills）和其他結構來支撐。所以我們對指引有信心，也很高興看到用量開始進來。

Does it position you toward the high end? Or is it too early to say something like that?

這是否讓你們更有機會落在高端？還是現在說這個還太早？

Yes, it's way too early. It's the first quarter. So we've got -- we obviously have to get through the summer and then all the way through the end of the year.

是的，現在說還太早。這才第一季。所以我們還得——顯然要先度過夏季，然後一路到年底。

And that concludes our Q&A session for today. I will now turn the call back over to Liz for closing remarks. Liz?

以上為今天的問答環節。我現在把電話交回給 Liz 作結語。Liz？

Thank you, John, and thanks to everyone for participating this morning. Our quarterly report on Form 10-Q will be filed with the SEC at a later date and provides more details and disclosures about our financial statements. Events that occur prior to the date of our filing may provide additional evidence of conditions that existed at the date of the balance sheet will be reflected in our financial statements in accordance with generally accepted accounting principles.

謝謝你，John，也感謝今天早上各位的參與。我們的季度報告 Form 10-Q 將於稍後向美國證券交易委員會（SEC）提交，並提供更多關於我們財務報表的細節與揭露。在我們提交日期之前發生的事件，若能提供更多證據證明資產負債表日已存在的狀況，將依一般公認會計原則反映於我們的財務報表中。

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.

另外提醒一下，我們在 Entergy 的投資人關係網站上維護一個網頁，名為「Regulatory and Other Information（監管及其他資訊）」，提供監管程序的關鍵更新以及我們策略執行的重要里程碑。雖然其中部分資訊可能被視為重大資訊，但你不應僅依賴此頁面來取得所有相關的公司資訊。本次電話會議到此結束。非常感謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect your lines.

各位女士先生，今天的電話會議到此結束。你們現在可以掛線。