西星能源 (EVRG) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 Evergy, Inc., earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Evergy, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Peter Flynn, Senior Director of Investor Relations and Insurance. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係和保險高級總監彼得·弗林 (Peter Flynn)。請繼續。

Thank you, Shannon. Good morning, everyone. Welcome to Evergy's second-quarter 2025 earnings conference call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com.

謝謝你，香農。大家早安。歡迎參加 Evergy 2025 年第二季財報電話會議。我們的網路廣播幻燈片和補充財務資訊可在我們的投資者關係網站 investors.evergy.com 上找到。

Today's discussion will include forward-looking information. Slide 2 in the disclosures in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures.

今天的討論將包括前瞻性資訊。我們向美國證券交易委員會提交的文件中揭露的第 2 張投影片列出了一些可能導致未來結果與我們的預期有重大差異的因素。它們還包括有關我們的非公認會計準則財務指標的附加資訊。

Joining us on today's call are David Campbell, Chairman and Chief Executive Officer; and Bryan Buckler, Executive Vice President and Chief Financial Officer. David will cover second-quarter highlights and provide updates on economic development activities, recent regulatory outcomes, and our generation plans. Bryan will cover in more detail our second-quarter results, retail sales trends, and our financial outlook. Other members of management are with us and will be available during the Q&A portion of the call.

參加今天電話會議的有董事長兼執行長 David Campbell 和執行副總裁兼財務長布萊恩‧巴克勒 (Bryan Buckler)。David 將報告第二季度的亮點，並提供有關經濟發展活動、最新監管結果和我們的發電計劃的最新資訊。布萊恩將更詳細地介紹我們的第二季業績、零售銷售趨勢和財務前景。其他管理人員也與我們在一起，並將在電話會議的問答環節中提供協助。

I will now turn the call over to David.

現在我將把電話轉給大衛。

Thanks, Pete, and good morning, everyone.

謝謝，皮特，大家早安。

I will begin on slide 5. This morning, we are pleased to report second-quarter adjusted earnings of $0.82 per share, exceeding our internal budget for the quarter and overcoming approximately $0.09 of unfavorable weather. Our results through June put us on target for the midpoint of full-year 2025 adjusted EPS guidance of $3.92 to $4.12 per share. Bryan will discuss the year-over-year quarterly earnings drivers in more details in his remarks.

我將從第 5 張投影片開始。今天上午，我們很高興地報告第二季調整後每股收益為 0.82 美元，超過了本季度的內部預算，並克服了約 0.09 美元的不利天氣影響。截至 6 月的業績使我們達到了 2025 年全年調整後每股收益預期中點的目標，即每股 3.92 美元至 4.12 美元。布萊恩將在演講中更詳細地討論年比季度獲利驅動因素。

In terms of reliability, we have demonstrated strong performance through the first half of the year. Our average outage duration or frequency, as measured by SAIDI and SAIFI, are trending favorably relative to our targets, demonstrating the benefits of our continued grid investments and the hard work of our transmission and distribution teams. I'd also like to recognize our generation team for the strong operational performance of the nuclear, fossil, and renewable fleet during the first six months of the year.

在可靠性方面，我們在今年上半年表現強勁。根據 SAIDI 和 SAIFI 的測量，我們的平均停電時間或頻率相對於我們的目標呈良好趨勢，證明了我們持續的電網投資以及輸配電團隊的辛勤工作所帶來的好處。我還要表彰我們的發電團隊，他們在今年前六個月的核能、化石能源和再生能源領域表現出色。

We achieved several important regulatory milestones in the second quarter, demonstrating the collaborative regulatory environments in which we operate. In Kansas, the Kansas Corporation Commission approved settlement agreements and our predetermination requests to construct new natural gas plants and a solar farm, and we filed a unanimous settlement agreement in our Kansas Central rate case.

我們在第二季實現了幾個重要的監管里程碑，展示了我們營運的協作監管環境。在堪薩斯州，堪薩斯州公司委員會批准了和解協議以及我們建造新天然氣廠和太陽能發電場的預先決定請求，並且我們在堪薩斯中央利率案中提交了一致的和解協議。

In Missouri, the Missouri Public Service Commission approved settlement agreements for our certificates of convenience and necessity, or CCNs, for new natural gas plants and two solar farms. These outcomes reflect continued success in finding broad-based alignment with stakeholders to support economic development and advance our all-of-the-above generation strategy, always with a focus on our strategic pillars of affordability, reliability, and sustainability for our customers and communities.

在密蘇裡州，密蘇裡州公共服務委員會批准了新天然氣廠和兩個太陽能發電場的便利和必要證書（CCN）的和解協議。這些成果反映了我們在與利害關係人達成廣泛共識以支持經濟發展和推進我們的全方位發電策略方面取得的持續成功，始終專注於為我們的客戶和社區提供可負擔性、可靠性和永續性等策略支柱。

We are reaffirming our long-term growth target of 4% to 6% through 2029 based on the 2025 midpoint of $4.02 per share. From 2026 to 2029, we anticipate being in the top half of this guidance range relative to the 2025 baseline, with significant additional tailwinds from potential large new customers and investments to serve them.

我們重申我們的長期成長目標，以 2025 年每股 4.02 美元的中點為基礎，到 2029 年實現 4% 至 6% 的成長。從 2026 年到 2029 年，我們預計相對於 2025 年基準，我們的業績將處於該指導範圍的上半部分，同時潛在的大型新客戶和服務投資也將帶來顯著的額外推動力。

Moving on to slide 6. We were pleased to reach a unanimous settlement agreement with stakeholders in our pending Kansas Central rate case, which, if approved by the KCC, would provide a balanced outcome for customers and for all parties. The settlement provides for a net revenue increase of $128 million. While the black-box settlement does not explicitly address return on equity or capital structure, it specifies a 9.7% return on equity to be utilized in transmission delivery charge filings.

繼續看投影片 6。我們很高興與懸而未決的堪薩斯中央利率案的利益相關者達成了一致的和解協議，如果獲得堪薩斯中央利率委員會的批准，該協議將為客戶和各方帶來一個平衡的結果。和解協議將使淨收入增加 1.28 億美元。雖然黑箱協議沒有明確解決股本回報率或資本結構問題，但它規定在輸電費用申報中使用 9.7% 的股本回報率。

The settlement also includes the provision implementing earnings review surveillance reports. Beginning in March of next year and until the next rate case, Evergy will file annually a surveillance report detailing Kansas Central's earned return. Similar to the mechanism in place after the 2018 merger, if our earned return is higher than authorized, excess earnings will be shared 50-50 between customers and the company. While the returns at Kansas Central have historically been below authorized levels, this provision reflects the potential for improvement in earned ROEs as Panasonic ramps up its production.

和解協議還包括實施收益審查監督報告的條款。從明年 3 月開始直至下一個利率案件，Evergy 將每年提交一份監控報告，詳細說明堪薩斯中央鐵路公司的收入回報。與 2018 年合併後的機制類似，如果我們獲得的收益高於授權收益，則超額收益將由客戶和公司平分。儘管堪薩斯中央的回報率歷來低於授權水平，但這項規定反映了隨著松下提高產量，已獲淨資產收益率有可能提高。

If approved, we believe this settlement achieves a balanced outcome. And as we enter a new era of growth and investment, we remain committed to affordability and reliability. There is a clear need to invest in grid modernization to replace aging infrastructure and support reliability, as well as the new generation resources that support higher capacity margin requirements in the Southwest Power Pool and coincide with load ramps from potential large new customers. These load profiles will allow us to spread system costs over a broader base.

如果獲得批准，我們相信該解決方案將取得平衡的結果。當我們進入成長和投資的新時代時，我們仍然致力於經濟性和可靠性。顯然需要投資電網現代化，以取代老化的基礎設施和支援可靠性，以及支援西南電力池更高容量裕度要求並與潛在的大型新客戶的負載斜坡相吻合的新一代資源。這些負載曲線將使我們能夠在更廣泛的基礎上分攤系統成本。

Appropriately timing our requests to recover our investments remains critical to our success as a company, and we will continue to be thoughtful in our pace of capital expenditures relative to our peers and in relation to load growth coming onto our system. We'd like to thank KCC staff, curb, industrial customers, and many others for their participation and willingness to work toward this agreement. We anticipate an order from the KCC by September 29.

適當地安排我們的請求以收回我們的投資對於我們公司的成功仍然至關重要，並且我們將繼續認真考慮相對於同行的資本支出速度以及與我們系統負載增長的關係。我們要感謝 KCC 員工、路邊、工業客戶以及其他許多人的參與以及為達成該協議而努力的意願。我們預計韓國協調委員會將於 9 月 29 日之前下訂單。

Slide 7 describes our expanding 15-gigawatt-plus economic development pipeline in greater detail. Reflecting the geographic advantages of our region, the overall pipeline is strong in both Kansas and Missouri. We are well positioned to continue to track economic development. Relative to our size, our backlog is one of the most robust in the country, a testament to the competitiveness and vitality of our states.

投影片 7 更詳細地描述了我們不斷擴大的 15 千兆瓦以上的經濟發展管道。堪薩斯州和密蘇裡州的整體管道狀況都很強勁，這反映了我們地區的地理優勢。我們已做好準備繼續追蹤經濟發展。相對於我們的規模，我們的積壓案件是全國最多的，這證明了我們各州的競爭力和活力。

Focusing on the top three categories from the pipeline, we outline a 4- to 6-gigawatt opportunity of new large customer load that represents the most active part of our queue. Serving these customers will provide regional and community benefits in Kansas and Missouri through a robust digital economy, construction jobs, permanent jobs, and a significantly expanded tax base. And by attracting and serving these large load customers, we can further enhance affordability by distributing system costs across a broader load base.

重點關注管道中的前三大類別，我們概述了 4 至 6 千兆瓦的新大客戶負載機會，這代表了我們隊列中最活躍的部分。為這些客戶提供服務將透過強勁的數位經濟、建築工作、永久性工作和大幅擴大的稅基為堪薩斯州和密蘇裡州帶來地區和社區利益。透過吸引和服務這些大負荷客戶，我們可以將系統成本分攤到更廣泛的負載基礎上，進一步提高可負擔性。

Our team is working closely with these customers to develop and implement transmission and generation solutions to serve their expected ramp rates over the coming years. We are confident that we will be successful in winning and serving a large portion of this queue which will, in turn, transform the size and growth of our company and enhance the economic prosperity of our region.

我們的團隊正在與這些客戶密切合作，開發和實施傳輸和發電解決方案，以滿足他們未來幾年的預期成長速度。我們有信心，我們將成功贏得並服務於這一隊列中的很大一部分客戶，這反過來將改變我們公司的規模和成長，並增強我們地區的經濟繁榮。

The remaining balance of our pipeline of over 10 additional gigawatts demonstrates the significant activity and continued strong interest in Kansas and Missouri. Many of these customers have acquired land or land rights, completed their site plans, and are engaging in capacity studies with our utility companies and are eager to move up in our queue.

我們剩餘的超過 10 千兆瓦的額外發電量表明了堪薩斯州和密蘇裡州的活躍度和持續的濃厚興趣。許多客戶已經獲得了土地或土地權，完成了場地規劃，並正在與我們的公用事業公司進行容量研究，並渴望在我們的隊列中晉升。

Slide 8 takes a closer look at the 4 to 6 gigawatts in our Tier 1 large customer load pipeline. Beginning with the actively building category, two of these customers, Panasonic and Meta, have now completed construction and are ramping up their facilities. Third customer is making steady progress through a heavy construction phase and expects to commence operations in the first half of 2026. Based on the latest schedules from these customers, we continue to anticipate peak demand of 1.1 gigawatts, with 500 megawatts online by 2029, supporting our estimated demand forecast of 2% to 3% through 2029.

投影片 8 詳細介紹了我們的一級大客戶負載管道中的 4 至 6 千兆瓦。從積極建設類別開始，其中兩家客戶松下和 Meta 現已完成建設並正在擴大其設施。第三個客戶正在穩步推進緊張的建設階段，預計將於 2026 年上半年開始營運。根據這些客戶的最新計劃，我們繼續預計峰值需求為 1.1 千兆瓦，到 2029 年將有 500 兆瓦的電力投入使用，這將支持我們對 2029 年 2% 至 3% 的需求預測。

Regarding Panasonic, we were excited to attend their grand opening in July in DeSoto, Kansas. Their facility stands as the largest EV battery factory in the world. Many of you may have seen headlines from various news outlets regarding production targets and timelines for Panasonic. Importantly, Panasonic's latest schedule is substantially consistent with the load ramp reflected in our existing five-year forecast.

關於松下，我們很高興參加他們七月在堪薩斯州德索托舉行的盛大開幕典禮。他們的工廠是世界上最大的電動車電池工廠。你們中的許多人可能已經看到過來自各個新聞媒體的有關松下生產目標和時間表的頭條新聞。重要的是，松下的最新計劃與我們現有的五年預測中反映的負載增長基本一致。

Moving to the finalizing agreements category, we are in the final stages of negotiations with large customers for two data center projects representing 1 to 1.5 gigawatts of peak load. In the first half of 2025, we executed various service agreements with significant financial commitments and credit support from these customers. We are very excited about the economic development that these customers will deliver to our region and remain on track to share our announcements regarding their plans later this year. Subject to final agreements and project announcements, we expect to see an impact on our demand growth from these customers in 2027 and 2028 and into the next decade, potentially raising the overall company demand forecast of 4% to 5% through 2029.

進入最終協議類別，我們正與大客戶就兩個代表 1 至 1.5 千兆瓦峰值負載的資料中心專案進行最後階段的談判。2025年上半年，我們與這些客戶簽訂了多項服務協議，並獲得了重大的財務承諾和信貸支援。我們對這些客戶將為我們地區帶來的經濟發展感到非常興奮，並將繼續在今年稍後分享有關他們的計劃的公告。根據最終協議和專案公告，我們預計這些客戶將在 2027 年、2028 年以及未來十年對我們的需求成長產生影響，並可能將公司整體需求預測從 2029 年的 4% 提高到 5%。

We also remain in advanced discussions with multiple customers whose load would represent approximately 2 to 3.5 gigawatts of peak demand. Although these customer projects aren't as far along as others in the pipeline, they have already secured land or land rights, shared site plans, and in some cases, reached letters of agreement and provided financial commitments to move the evaluation forward.

我們也與多位客戶進行了深入討論，他們的負載約為 2 至 3.5 千兆瓦的尖峰需求。儘管這些客戶專案進展不如其他專案順利，但他們已經獲得了土地或土地權、共享了場地規劃，並且在某些情況下達成了協議書並提供財務承諾以推進評估。

Overall, we see an incredible level of interest in our service territories and we are making progress with potential new large customers across all stages of discussions. Each category reflects strong customer interest and increasing commitments that will empower growth, investment, and drive prosperity and affordability for our region.

總體而言，我們看到了人們對我們服務領域的濃厚興趣，並且我們在與潛在的新大客戶的各個階段的討論中都取得了進展。每個類別都反映了客戶的強烈興趣和不斷增加的承諾，這將促進成長、投資，並推動我們地區的繁榮和負擔能力。

We achieved several important regulatory milestones that I'll describe in more detail on slide 9. As previously discussed, we anticipate an order on our unanimous Kansas Central rate case settlement by September 29. On July 7, the KCC approved settlement agreements in our predetermination requests to own partial shares of two new combined cycle natural gas units and a solar farm at Kansas Central. These projects were identified in our IRP preferred plan and reflect our all-of-the-above approach to meeting growing customer demand and capacity margin requirements in the SPP. We're excited to advance the construction phase and appreciate the feedback and dialog with interveners throughout the approval process.

我們實現了幾個重要的監管里程碑，我將在第 9 張投影片上進行更詳細的描述。正如之前所討論的，我們預計將於 9 月 29 日之前就堪薩斯中央利率案件達成一致和解。7 月 7 日，堪薩斯補償委員會批准了我們預先確定的請求中的和解協議，我們將擁有堪薩斯中央電力公司兩個新的聯合循環天然氣裝置和一個太陽能發電場的部分股份。這些項目是在我們的 IRP 優先計劃中確定的，反映了我們為滿足 SPP 中不斷增長的客戶需求和容量保證金要求而採取的上述所有方法。我們很高興能推進建設階段，並感謝整個審批過程中與介入者的回饋和對話。

In our Kansas large load power service tariff proceeding, we continue advanced settlement discussions. Staff recently requested an extension for several dates on the procedural schedule to facilitate continued dialog. If the new schedule is approved, KCC staff and intervener testimony would be due August 25, with a second settlement agreement date of September 22, followed by hearings running October 8 and 9.

在我們的堪薩斯州大負荷電力服務關稅程序中，我們繼續進行高級和解討論。工作人員最近請求延長程序安排中的幾個日期，以促進繼續對話。如果新的時間表獲得批准，KCC 工作人員和介入人員的證詞將於 8 月 25 日截止，第二次和解協議將於 9 月 22 日達成，隨後將於 10 月 8 日和 9 日舉行聽證會。

Pivoting to Missouri, the Missouri Public Service Commission approved settlements for our CCN requests related to two solar farms, partial ownership and two combined cycle natural gas units, and full ownership of a simple cycle natural gas plant. We'd like to thank MPSC staff, OPC, and other interveners for their collaboration. We believe these projects form a cost-effective package of reliable energy solutions for our customers, and this positive outcome demonstrates alignment with the Public Service Commission's interest in securing additional generation resources for our Missouri utilities.

轉向密蘇裡州，密蘇裡州公共服務委員會批准了我們與兩個太陽能發電場、部分所有權和兩個聯合循環天然氣裝置以及一個簡單循環天然氣廠的全部所有權相關的 CCN 請求的解決方案。我們要感謝 MPSC 員工、OPC 和其他介入人員的合作。我們相信這些項目為我們的客戶提供了一套經濟高效的可靠能源解決方案，這一積極成果表明了與公共服務委員會為密蘇裡州公用事業公司爭取額外發電資源的興趣相一致。

Similar to Kansas, the large load power service tariff proceeding in Missouri continues to progress. [Server bottle] testimony is due by September 12, followed by a settlement conference on September 23, and hearings from September 29 to October 3. We look forward to ongoing collaboration with the parties as we work toward a solution that supports economic development and is fair and reasonable for all customers.

與堪薩斯州類似，密蘇裡州的大負荷電力服務費率訴訟程序仍在繼續進行中。 [服務器瓶]的證詞將於9月12日提交，隨後於9月23日舉行和解會議，並於9月29日至10月3日舉行聽證會。我們期待與各方持續合作，共同努力找到支持經濟發展、對所有客戶公平合理的解決方案。

On slide 10, we highlight legislation and regulatory mechanisms that firmly position Kansas and Missouri as premier destinations for infrastructure investment in support of new advanced manufacturing facilities and data centers. The PISA and natural gas CWIP provisions serve to mitigate regulatory lag and support our strong credit profile as we execute on our long-term capital investment plan, while data center incentives packages bolster the business-friendly environments for which Kansas and Missouri are already known, which have been instrumental in attracting new customers.

在第 10 張投影片上，我們重點介紹了立法和監管機制，這些機制將堪薩斯州和密蘇裡州牢牢定位為支持新的先進製造設施和資料中心的基礎設施投資的首選目的地。PISA 和天然氣 CWIP 條款有助於緩解監管滯後，並在我們執行長期資本投資計劃時支持我們強大的信用狀況，而資料中心激勵計劃則增強了堪薩斯州和密蘇裡州已知的商業友好環境，這對吸引新客戶起到了重要作用。

All told, the supportive backdrop will continue to attract investment of major industry players and prove that Kansas and Missouri are top destinations for new business and growth. For our part, Evergy remains committed to investing to provide safe, affordable, and reliable electric service to our 1.7 million existing customers and the new customers we are bringing online. All of our stakeholders stand to benefit from this unprecedented economic development and investment opportunity.

總而言之，有利的環境將繼續吸引主要行業參與者的投資，並證明堪薩斯州和密蘇裡州是新業務和成長的首選目的地。就我們而言，Evergy 將繼續致力於投資，為我們現有的 170 萬客戶和新客戶提供安全、實惠、可靠的電力服務。我們所有的利害關係人將受益於此前所未有的經濟發展和投資機會。

On slide 11, we provide a summary of our new generation resources under development in Kansas and Missouri. Overall, our approach is aligned with our 2025 IRP preferred plan. It reflects an all-of-the-above strategy for new generation development that will allow Evergy to take advantage of best-in-class efficiency and ensure a balanced generation portfolio for current and future generations of Kansas and Missouri customers. These projects will expand the tax base of our communities and bring both construction and permanent jobs in our local economies. These investments are critical to ensuring we can affordably and reliably serve our customers and support growth in our region.

在第 11 張投影片上，我們概述了堪薩斯州和密蘇裡州正在開發的新一代資源。總體而言，我們的方法與我們的 2025 IRP 優先計劃一致。它體現了新一代發展的全方位策略，將使 Evergy 能夠利用一流的效率，並確保為堪薩斯州和密蘇裡州的當前和未來幾代客戶提供平衡的發電組合。這些項目將擴大我們社區的稅基，並為我們的當地經濟帶來建築和永久性就業機會。這些投資對於確保我們能夠以可負擔的價格可靠地為客戶提供服務並支持我們地區的發展至關重要。

Regarding impacts of the One Big Beautiful Bill Act, we believe that we are well positioned to realize the solar tax credits for the benefit of our customers on all three of our approved solar farms. For future unannounced renewables projects that were identified in our 2025 IRP, over the balance of the year, we will continue to evaluate a robust set of options, including the results of our pending all-source RFP. As part of this review, we will also assess the additional natural gas and storage additions that were identified in the most recent IRP, as well as retirement timelines.

關於《一項大美麗法案》的影響，我們相信，我們完全有能力實現太陽能稅收抵免，為我們所批准的三個太陽能發電場的客戶帶來利益。對於我們在 2025 年 IRP 中確定的未來未宣布的可再生能源項目，在今年餘下的時間裡，我們將繼續評估一系列可靠的選項，包括我們即將進行的全源 RFP 的結果。作為此次審查的一部分，我們還將評估最新 IRP 中確定的額外天然氣和儲存增加量以及退役時間表。

Our expectations for the Go Forward plan will be reflected in the capital plan update that we will provide during the year-end call in February and in future IRP updates. As we develop solutions to meet the generation capacity needs of our customers, we are committed to a flexible approach that evaluates multiple scenarios and incorporates stakeholder feedback, with an ultimate goal of ensuring reliability and affordability for our customers.

我們對 Go Forward 計劃的期望將反映在我們將在二月份的年終電話會議中提供的資本計劃更新以及未來的 IRP 更新中。當我們開發滿足客戶發電容量需求的解決方案時，我們致力於採取靈活的方法，評估多種情況並結合利害關係人的回饋，最終目標是確保客戶的可靠性和可負擔性。

I'll conclude my remarks with slide 12, which highlights the core tenets of our strategy. By prioritizing affordability, we contribute to a robust economic development pipeline ahead of us and lay the groundwork for continued support of the substantial economic potential within our states. Ensuring reliability is also a core element of our strategy, as reflected by SAIDI and SAIFI, grid resiliency, and generation fleet availability. This also includes a focus on metrics relating to customer service, safety in all facets of our operations, and infrastructure investment.

我將以第 12 張投影片結束我的發言，該投影片強調了我們策略的核心原則。透過優先考慮可負擔性，我們為未來強勁的經濟發展管道做出了貢獻，並為繼續支持我們各州的巨大經濟潛力奠定了基礎。確保可靠性也是我們策略的核心要素，這體現在 SAIDI 和 SAIFI、電網彈性和發電機組可用性。這也包括關注與客戶服務、我們營運各個方面的安全以及基礎設施投資相關的指標。

With respect to sustainability, about half the power generated by Evergy comes from emission-free resources. Since 2005, we have reduced carbon emissions by 57% and reduced sulfur dioxide and nitrogen oxide emissions by 98% and 90%, respectively. Our integrated resource plan embraces an all-of-the-above strategy for future resource additions, supporting a responsible transition of our generation portfolio. We look forward to continuing to advance a balanced mix of resource additions over the coming years as part of our constant focus on affordability, reliability, and sustainability.

就永續性而言，Evergy 產生的電力約有一半來自無排放資源。自2005年以來，我們已將碳排放量減少了57%，將二氧化硫和氮氧化物排放量分別減少了98%和90%。我們的綜合資源計劃涵蓋了未來資源增加的全方位策略，支持我們發電組合的負責任轉型。我們期待在未來幾年繼續推動資源補充的均衡組合，這是我們持續關注可負擔性、可靠性和可持續性的一部分。

I will now turn the call over to Bryan.

現在我將把電話轉給布萊恩。

Thank you, David. Thank you, Pete. And good morning, everyone. I'll start by saying this was a quarter of strong execution. And given our results through June, we are firmly on plan and forecasting to be at the midpoint of our $3.92 to $4.12 of adjusted EPS guidance.

謝謝你，大衛。謝謝你，皮特。大家早安。首先我想說，這是一個執行力很強的季度。鑑於我們截至 6 月的業績，我們堅定地按照計劃進行，並預測調整後的每股收益將達到 3.92 美元至 4.12 美元的中間值。

Let's now begin on slide 14 with a review of our results for the quarter. For the second quarter of 2025, Evergy delivered adjusted earnings of $191 million, or $0.82 per share, compared to $207 million, or $0.90 per share, in the second quarter of 2024. As we disclosed in our first-quarter slides, we had forecasted approximately $0.76 to $0.84 of adjusted EPS for the second quarter of 2025, and thus our results for this quarter came in a bit higher than the midpoint of our forecast, overcoming the mild weather.

現在讓我們從第 14 張投影片開始回顧本季的業績。2025 年第二季度，Evergy 的調整後收益為 1.91 億美元，即每股 0.82 美元，而 2024 年第二季度的調整後收益為 2.07 億美元，即每股 0.90 美元。正如我們在第一季的幻燈片中所揭露的那樣，我們預測 2025 年第二季的調整後每股收益約為 0.76 美元至 0.84 美元，因此，儘管天氣溫和，但本季的業績略高於我們預測的中點。

As shown on the slide from left to right, the year-over-year drivers are as follows. First, a cooler start to the summer led to a 26% decrease in cooling degree days, which drove a $0.15 decrease in EPS when compared to the prior year. By normalizing weather in both Q2 2024 and Q2 2025, you can see we experienced solid year-over-year total company earnings growth in second quarter 2025.

如投影片從左到右所示，年比驅動因素如下。首先，夏季開始時氣溫較低，導致冷氣度日數減少了 26%，與前一年相比，每股收益減少了 0.15 美元。透過讓 2024 年第二季和 2025 年第二季的天氣正常化，您可以看到我們在 2025 年第二季經歷了公司總獲利的年比穩健成長。

Next, the net impact of pricing and weather normalized demand, which grew 1.4%, added $0.08 per share. Recovery of and return on regulated investments contributed $0.09 of EPS, driven by new rates in Missouri West that were effective in January of this year.

其次，定價和天氣的淨影響使需求正常化，增加了 1.4%，每股增加了 0.08 美元。受今年 1 月生效的密蘇里西部新利率的推動，受監管投資的回收和回報貢獻了 0.09 美元的每股盈餘。

Higher O&M drove a $0.05 variance in EPS compared to Q2 2024. It is important to note that O&M came in on plan in the second quarter, and we expect to come in under budget for O&M for the full year 2025. Infrastructure investment resulted in higher depreciation and interest expense, leading to a $0.07 decrease in EPS. And finally, other items netted to a positive $0.02 variance.

與 2024 年第二季相比，更高的 O&M 導致 EPS 差異為 0.05 美元。值得注意的是，第二季的 O&M 支出已按計劃完成，我們預計 2025 年全年的 O&M 支出將低於預算。基礎設施投資導致折舊和利息支出增加，導致每股盈餘下降 0.07 美元。最後，其他項目的淨差額為正 0.02 美元。

I'd also like to touch on our decision to exit our Evergy Ventures business that holds small, non-regulated investments in early-stage clean energy and energy solution companies. This business was launched in 2015, and the majority of investment commitments were made in the first five years. Given Evergy's focus on our regulated utilities, we have made limited new investments in recent years, and in the second quarter, we initiated a process to sell the portfolio.

我還想談談我們退出 Evergy Ventures 業務的決定，該業務對早期清潔能源和能源解決方案公司進行小額、非監管的投資。該業務於 2015 年啟動，大部分投資承諾是在前五年做出的。鑑於 Evergy 專注於受監管的公用事業，我們近年來進行的新投資有限，並且在第二季度，我們啟動了出售投資組合的流程。

We recorded losses related to these investments of approximately $0.08 in the second quarter, which are excluded from adjusted earnings. The remaining book value of these investments was approximately $100 million as of June 30, and cash proceeds from the sale of this portfolio will be used to reduce holding company debt. Importantly, we assume no annual earnings contributions from these investments in our five-year plan.

我們在第二季度記錄了與這些投資相關的約 0.08 美元的損失，這些損失不計入調整後的收益。截至 6 月 30 日，這些投資的剩餘帳面價值約為 1 億美元，出售該投資組合所得的現金收益將用於減少控股公司債務。重要的是，我們假設這些投資在我們的五年計畫中不會帶來任何年度收益貢獻。

Turning to slide 15, I'll provide more detail on our sales trends. On the left-hand side of the screen, you'll see weather normalized demand increased by 1.4% in the second quarter as compared to last year. This growth was primarily driven by increases in both residential and commercial usage. Looking ahead, we continue to expect strong commercial load growth for the remainder of the year, supported by Meta's data center ramping its operations.

翻到第 15 張投影片，我將提供有關我們的銷售趨勢的更多細節。在螢幕左側，您會看到第二季天氣標準化需求與去年相比增加了 1.4%。這一增長主要得益於住宅和商業用途的增加。展望未來，在 Meta 資料中心不斷擴大營運的支持下，我們預計今年剩餘時間的商業負荷將繼續強勁成長。

Additionally, as David mentioned earlier, Panasonic's latest load ramp schedule remains largely consistent with our assumptions in our five-year forecast, which should support a pickup in industrial demand through the balance of the year. In fact, for the month of June, we saw a year-over-year increase in industrial sales, which we hope portends well for the rest of 2025.

此外，正如大衛之前提到的，松下最新的負載爬坡計劃與我們五年預測中的假設基本一致，這應該會支持今年餘下時間工業需求的回升。事實上，6 月份工業銷售額同比增長，我們希望這預示著 2025 年剩餘時間的良好發展。

I will close on slide 16 with a recap of our long-term financial expectations. As I previously mentioned, with solid second-quarter results and strong operational execution through the first half of the year, we are reaffirming our 2025 adjusted EPS guidance range of $3.92 to $4.12. And with normal weather the remainder of the year, we believe we are on track to achieve the midpoint of that range.

我將在第 16 張投影片上回顧我們的長期財務預期。正如我之前提到的，鑑於第二季度穩健的業績和上半年強勁的營運執行力，我們重申2025年調整後每股收益預期區間為3.92美元至4.12美元。鑑於今年剩餘時間天氣正常，我們相信我們有望達到該區間的中點。

We are also reaffirming our long-term adjusted EPS growth target of 4% to 6% through 2029, and we continue to expect to grow in the top half of that range off of the 2025 adjusted midpoint of $4.02. And I want to reiterate that we continue to see strong tailwinds to our forecast, including potential additional large customer announcements. Lastly, we expect to provide an update on our five-year load forecast, capital and financing plans, and our earnings outlook on our year-end call in February.

我們也重申了長期調整後每股收益成長目標，即到2029年實現4%至6%的增幅，並預計在2025年調整後每股收益中位數4.02美元的基礎上，仍將保持在該區間的上半部分。我想重申的是，我們繼續看到強勁的利多因素，包括潛在的更多大客戶公告。最後，我們預計將在二月份的年終電話會議上提供有關我們的五年負載預測、資本和融資計劃以及盈利展望的最新資訊。

Evergy's employees and leaders remain focused on consistent business execution of our operational and financial goals as we advance our strategic objectives of affordability, reliability, and sustainability for our customers.

在我們推進為客戶提供可負擔性、可靠性和可持續性的策略目標的同時，Evergy 的員工和領導者始終專注於持續執行我們的營運和財務目標。

And with that, we will open up the call for your questions.

現在，我們將開始回答大家的提問。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

Hi, everybody. Good morning. It's Nathan Richardson on for Nick. I was just wondering if you could expand a little bit on how you're thinking about the timing to derisk equity needs beyond '25. And would you do something this year, like a forward or something along those lines, if you saw the opportunity?

大家好。早安.內森理查森 (Nathan Richardson) 代替尼克上場。我只是想知道您是否可以稍微詳細說明一下您對 25 年以後降低股權風險的時機的看法。如果您看到機會，今年您會做些什麼嗎，例如前鋒或類似的工作？

Sure. I'll open and hand it to Bryan. You'll recall from our last quarter call that we described that no planned equity raise in 2025 and roughly $600 million per year in '26 and '27. And we laid out in this slide deck, again, the anticipated cumulative $2.8 billion need. Obviously, we've seen that our peers have used a variety of tools, including ATMs and others. So we think we have a lot of flexibility in how we approach it. We'll probably continue to think about it in terms of that size and timeline.

當然。我會打開並把它交給布萊恩。您會記得，在我們上個季度的電話會議上，我們曾描述過，2025 年沒有計劃增發股權，2026 年和 2027 年每年增發股權約 6 億美元。我們在這份幻燈片中再次列出了預計累計的 28 億美元需求。顯然，我們看到我們的同行使用了各種各樣的工具，包括 ATM 機和其他工具。因此我們認為我們在處理這個問題上具有很大的靈活性。我們可能會繼續從規模和時間表的角度來考慮這個問題。

But Bryan, anything you'd add?

但是布萊恩，您還有什麼要補充的嗎？

Yeah. No, I think that's absolutely right. We have been patient accessing the equity markets until we made progress on our 2025 initiatives and continue to feel confident in the tailwinds for our stock valuation. But as David said, all that being said, we'll consider chipping away at our equity needs in the months ahead, kind of under our preferred routable ATM program that would have forward sales. And as David mentioned, just as a reminder, we have no need to settle equity here in 2025.

是的。不，我認為這是絕對正確的。我們一直耐心地進入股票市場，直到我們的 2025 年計劃取得進展，並繼續對我們的股票估值的順風充滿信心。但正如大衛所說，儘管如此，我們會考慮在未來幾個月逐漸減少我們的股權需求，就像我們首選的可路由 ATM 計劃一樣，該計劃將進行遠期銷售。正如大衛所提到的，提醒一下，我們沒有必要在 2025 年在這裡解決股權問題。

Thank you. That's helpful. And then on Panasonic, you mentioned in the prepared remarks that the schedule is on track with your expectations. But if they were to not ramp within your expectations, how could that impact 4% to 5% load growth? And is that still achievable if they were to ramp at a lower level than you expect currently?

謝謝。這很有幫助。然後關於松下，您在準備好的發言中提到，進度符合您的預期。但如果它們沒有按照您的預期成長，這會對 4% 到 5% 的負載成長產生什麼影響？如果他們的增產速度低於您目前的預期，那麼這還能實現嗎？

So I attended the grand opening of Panasonic in July. It's an extremely impressive facility. They describe it as the largest EV battery plant in the world. And having seen it, I believe it.

所以我參加了七月松下的盛大開幕典禮。這是一個極其令人印象深刻的設施。他們將其描述為世界上最大的電動車電池工廠。親眼看到之後，我相信了。

Our forecast is in line with what they've described with us recently and affirmed. It's a very big investment that they've made. So obviously, they want to start generating from there. But to get at your question, we've got, as we've described, a very robust economic development pipeline. And when you look across the broad set of our customer base, we've only included in our forward outlook and the guidance we've provided up to now a 2% to 3% of load growth through 2029. We've described how the second category of customers, finalizing agreements, if we add those, would get us to 4% to 5% that we have not yet included them in our forward outlook.

我們的預測與他們最近向我們描述和確認的一致。他們做出了非常大的投資。顯然，他們想從那裡開始發電。但回答你的問題，正如我們所描述的，我們擁有非常強勁的經濟發展管道。當您縱觀我們廣泛的客戶群時，我們只在前瞻性展望和迄今為止提供的指導中預測到 2029 年負載增長率為 2% 至 3%。我們已經描述了第二類客戶如何最終確定協議，如果我們加上這些客戶，我們將達到 4% 到 5%，但我們尚未將他們納入我們的未來展望中。

So overall, what I describe is that we've got a lot of tailwinds overall with respect to demand growth potential. And any given customer, if it has a shift in its ramp rates or otherwise, we've got a robust portfolio and a lot of customers in the queue, of course, who are standing ready and eager, hoping to move up if they can. But overall, I described that we see tailwinds for overall load forecast on M-size. And what we've included up to now is only the 2% to 3% load growth through '29.

總的來說，我所描述的是，就需求成長潛力而言，我們總體上有許多順風因素。對於任何特定的客戶，如果它的產量提升率或其他方面發生變化，我們都會有一個強大的產品組合，當然還有很多客戶在排隊，他們已經做好準備並渴望能夠提升產量。但總體而言，我描述說我們看到了 M 尺寸總體負載預測的順風。到目前為止，我們所包含的只是 29 年 2% 到 3% 的負載成長。

Understood. Thank you very much for the time.

明白了。非常感謝您抽出時間。

Julien Smith, Jefferies.

朱利安史密斯（Julien Smith），傑富瑞集團。

Hi, team. This is Tanner on for Julien. Good morning. Just a question here on the balance of the large load customer pipeline. You point to the potential to address a portion of that 10 gig before 2030. Is the governing factor here the expected development timelines of the customers within this portion of the pipeline? Or is it your ability to process and serve? Thank you.

大家好。這是 Tanner 代替 Julien 上場。早安.這裡只有一個關於大負荷客戶管道平衡的問題。您指出，在 2030 年之前有可能解決這 10 千兆位元組中的一部分問題。這裡的決定因素是該部分管道內客戶的預期開發時間表嗎？還是您的處理與服務能力？謝謝。

It's kind of a balance to both what I described, because a number of these customers -- well, first, we're obviously focused on the 4 to 6 gigawatts that we described and the Tier 1 large load customers. These are complicated, often multi-billion-dollar facilities, so there's a lot of work that we've advanced and that they've advanced in moving these forward. So partially, this is a stage of development reflecting the different parts of our queue, and partly it's based on who we've kind of advanced to further up in the queue.

這對我所描述的兩者來說是一種平衡，因為這些客戶中有很多——首先，我們顯然專注於我們所描述的 4 到 6 千兆瓦和一級大負荷客戶。這些設施非常複雜，通常耗資數十億美元，因此我們和他們都在推進這些設施的建設，並取得了許多進展。因此，部分地，這是一個反映我們隊列不同部分的發展階段，部分地，它基於我們在隊列中前進到更高的位置。

But different customers may, for example, be bringing with them potential generation resources, the more flexibility they have, that raises potential. So I describe it as the first 4 to 6 gigawatts are the ones we're in the most advanced discussions there. We've reached agreements with them. They're advancing their infrastructure. We're advancing ours. They've posted significant financial commitments to us with significant credit support.

但是，不同的客戶可能會帶來潛在的發電資源，他們的彈性越大，潛力就越大。因此，我將其描述為前 4 至 6 千兆瓦是我們目前討論最先進的部分。我們已經與他們達成協議。他們正在推進基礎設施建設。我們正在推進我們的目標。他們向我們做出了重大的財務承諾，並提供了大量的信貸支持。

And the remainder of the pipeline are folks who stand ready if, for whatever reason -- we don't expect it to happen -- if any of those customers are unable to move forward. But the more flexibility they bring, the more resource potential they have, that's potential upside from there.

剩下的人員都已做好準備，以防萬一，無論出於什麼原因——我們不希望這種情況發生——如果任何客戶無法繼續前進。但他們帶來的彈性越大，他們擁有的資源潛力就越大，這就是潛在的優勢。

Great. And then just lastly, on the earnings review surveillance with the Kansas Central rate case, as you're improving your earned return profile in the state, prospectively, should we view this kind of 50-50 proportionate share for over-earnings as precedent-setting for future proceedings? Or is this a near-term mechanism for this very current high-load growth stage you're in?

偉大的。最後，關於堪薩斯中央利率案的收益審查監控，由於您正在改善該州的收益回報狀況，因此，我們是否應該將這種 50-50 的超額收益比例視為未來訴訟的先例？還是這是針對您目前所處的高負荷成長階段的近期機制？

It's an astute question. So it is -- the way the mechanism formally works is it's established between now and the next rate case. So within the four walls of the agreement, it applies between the next rate case. Sort of inarguably, it is a settlement and it reflects a precedent. It doesn't mean that it's going to dictate what's going forward.

這是一個敏銳的問題。所以，該機制的正式運作方式是在現在和下一個利率案例之間建立起來的。因此，在協議的範圍內，它適用於下一個費率案例。毫無疑問，這是一項和解，它反映了一個先例。這並不意味著它將決定未來會發生什麼。

What I say is a positive is that historically, Kansas Central has been a jurisdiction that has not achieved its authorized returns. It's had some lag. And in the post-merger phase, for example, we had a mechanism like this in place that didn't end up being operative for Kansas Central because it wasn't earning. So it would be a real positive for that jurisdiction to achieve its authorized levels. So it's a win-win for all concerned if we end up in a 50-50 sharing posture.

我所說的正面因素是，從歷史上看，堪薩斯中央司法管轄區一直未能實現其授權回報。它有一些滯後。例如，在合併後階段，我們曾經實施過這樣的機制，但最終對堪薩斯中央鐵路公司不起作用，因為它沒有獲利。因此，對於該司法管轄區來說，達到其授權水準將是一件真正有利的事情。因此，如果我們最終達成 50-50 的共享局面，那麼對於所有相關方來說都是雙贏的。

Fantastic. Thank you very much.

極好的。非常感謝。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning. Thank you. Just a quick one, I think, in terms of the numbers. The 8.5% rate base growth, does that now include those gas plants and solar? Or is there upside to 8.5%?

早安.謝謝。我認為，就數字而言，我只想簡單回答一下。8.5% 的基準成長率是否包括了那些天然氣電廠和太陽能？或者說有上升至 8.5% 的潛力嗎？

So it's a good question. The 8.5% reflects the rate base growth associated with the $17.5 billion capital plan that we've laid out, and the details of that by year are laid out in the appendix. You'll see that the relative share of that capital plan is a little more weighted towards the out years as we ramp up some of our investments.

所以這是一個好問題。8.5% 反映了與我們制定的 175 億美元資本計畫相關的利率基準成長，具體年份的詳細資訊已在附錄中列出。您會發現，隨著我們增加部分投資，該資本計畫的相對份額將更加偏向未來幾年。

But relative to our most recent integrated resource plan, it only includes a discrete number of investments. And to make that clear to everyone, we've actually laid it out on the slide. It's on slide 21, which lays out the different generation projects in our IRP, and there's actually a column specifying whether it's in the capital plan or not. And as I described, and as Bryan mentioned, as we get to the end of the year, we finalize agreements with additional customers. We'll also finalize the plans relating to what investments are required to serve them. We'll look at the retirement scenarios that were also included in the last IRP, because it's a little bit different environment for some of the assumptions relating to retirements as well.

但相對於我們最近的綜合資源計劃，它只包括少量的投資。為了讓每個人都清楚這一點，我們實際上已經將其展示在幻燈片上。它位於幻燈片 21 上，其中列出了我們 IRP 中的不同發電項目，並且實際上有一列指定它是否在資本計劃中。正如我所描述的，正如布萊恩所提到的，隨著年底的到來，我們與其他客戶達成了最終協議。我們也將最終確定為他們提供服務所需的投資計劃。我們將研究上一個 IRP 中也包含的退休情景，因為對於一些與退休相關的假設來說，環境也略有不同。

But overall, we expect as part of the year-end update and the year-end call in February to talk about our new load forecast, the incremental investments that will be required to serve them, so it's part of an updated five-year capital plan, and the related earnings impact. So there's -- it'll change some from what's on the slide in 21, because we'll look at that full set of inputs.

但總體而言，我們預計在年終更新和二月份的年終電話會議上討論我們的新負載預測、為其提供服務所需的增量投資，因此這是更新的五年資本計劃的一部分，以及相關的盈利影響。因此 — — 它會與 21 張投影片上的內容有所不同，因為我們將查看整套輸入。

But as Bryan described, there's significant additional tailwinds with respect to load growth, and there'll be investments to serve that load. And overall, it's a great story, we think, for the prosperity of our region, the growth of our company, and the growth of our communities.

但正如布萊恩所描述的，在負荷增長方面還有顯著的額外順風，並且會有投資來滿足這一負荷。總的來說，我們認為這是一個偉大的故事，有利於我們地區的繁榮、我們公司的發展以及我們社區的發展。

Okay. So just to summarize here, if I'm looking at those two slides, the gas plants and the solar plants are included.

好的。所以這裡總結一下，如果我看這兩張投影片，我會發現其中包括燃氣發電廠和太陽能發電廠。

The ones for which -- yeah, the ones for which we received predetermination, favorable outcome, and predetermination. Yeah, those are in there. And some other plants that have not yet gone through the proceedings are also included in the plan. The bulk of the resources that haven't yet gone through approvals are not yet in the plan.

是的，我們已經預先確定了那些事情，並獲得了有利的結果和預先決定。是的，它們就在裡面。而一些尚未經過程序的工廠也被納入該計劃。大部分尚未經過審批的資源尚未納入計劃。

Okay, very good. And then just conceptually, and I know you're going to -- you've said multiple times here that you'll update all this. But just conceptually, the difference between that 8.5% rate base growth and the 4% to 6% EPS growth, is there a big piece missing? And obviously, there's a finance drag, but should we anticipate an update that brings those closer, obviously the earnings going up?

好的，非常好。然後從概念上來說，我知道你會——你已經在這裡多次說過你會更新這一切。但從概念上講，8.5% 的基準利率成長與 4% 至 6% 的每股盈餘成長之間的差異是否很大？顯然，存在財務拖累，但我們是否應該期待更新，使這些目標更接近，顯然收益會增加？

Yeah. We've described that from this year onward, we expect to be in the top half of the 4% to 6% range. You'll see in our capital plan, as I mentioned, that the level of capital investment ramps '27, '28, '29 in particular. That's also laid out year by year in the appendix in slide 22. So our overall average 8.5% rate base growth is higher. That's the average rate, but it's lower in the early years and higher in the out years.

是的。我們曾描述過，從今年開始，我們預計將處於 4% 至 6% 範圍的上半部分。正如我所提到的，您將在我們的資本計劃中看到，資本投資水準在 27、28、29 年將顯著提升。在第 22 張投影片的附錄中也逐年列出了這些內容。因此，我們的整體平均 8.5% 的利率基礎成長率較高。這是平均利率，但早年較低，晚年較高。

So it's partly a reflection of our earnings growth target. We haven't described kinks in the line or otherwise. But we do think, as Bryan described, between the additional customers, we'll see the investments to serve them, some tailwinds that we are hopeful we'll be able to describe in that year-end call, all reflecting growth and opportunities for our customers and communities.

因此，這在一定程度上反映了我們的獲利成長目標。我們還沒有描述線路或其他方面的缺陷。但我們確實認為，正如布萊恩所描述的，在增加客戶的同時，我們會看到為他們提供服務的投資，我們希望能夠在年底電話會議上描述的一些順風因素，所有這些都反映了我們的客戶和社區的成長和機會。

So it's a dynamic that reflects sort of the pacing and schedule of capital investments and our wanting to make sure we've got high confidence that we're achieving them and having, we've shown an integrated growth rate. But we look forward to giving you an update on that in the year-end call.

因此，這是一種反映資本投資節奏和時間表的動態，我們希望確保我們高度有信心實現這些目標，並展示出綜合成長率。但我們期待在年終電話會議上向您提供最新進展。

Sure. Okay. I appreciate that. And then one higher level one, you've got a couple different moving parts here in terms of the load coming on. Now, you've got this pretty good site on the generation build. At what point is the system -- does this now balance the entire system? You perhaps said the generation shortage, maybe you had a demand over coming on faster than expected. Do you now see the system balanced over the next three to four years?

當然。好的。我很感激。然後是更高級別的一個，就負載而言，這裡有幾個不同的移動部件。現在，您已經擁有了這個關於生成構建的相當不錯的網站。系統處於什麼狀態－現在整個系統是否平衡？您也許說過發電短缺，也許需求的成長速度比預期的還要快。您現在認為該系統在未來三到四年內會達到平衡嗎？

Well, we're in a really dynamic environment. So obviously, even in a range of 4 to 6 gigawatts, we're a company that total peak demand in the summer is in the 10.5-gigawatt range. So even a 2-gigawatt range is a pretty dynamic element.

嗯，我們處在一個非常動態的環境。因此顯然，即使在 4 至 6 千兆瓦的範圍內，我們公司夏季的總高峰需求也在 10.5 千兆瓦的範圍內。因此，即使是 2 千兆瓦的範圍也是一個相當動態的元素。

So we have a really thorough process in our company of looking at the related long-term elements that are going to be important for that balance. So total customer load, generation needed to serve, the transmission and distribution infrastructure to serve; those are three parallel long lead time paths that you want to get synced up. And I think we've got a robust process for looking at it. So yes, we anticipate what we described in the year-end call is going to reflect a balanced approach to serve the announced customers that we've seen. And we've built some flexibility in our system to accommodate the ranges that might result.

因此，我們公司有一個非常徹底的流程來研究對這種平衡至關重要的相關長期因素。因此，總客戶負載、需要服務的發電量、需要服務的輸電和配電基礎設施；這是三個需要同步的平行長交付週期路徑。我認為我們有一個強而有力的流程來審視這個問題。所以是的，我們預計我們在年終電話會議上描述的內容將反映出平衡的方法來服務我們已經看到的已宣布的客戶。我們在系統中建立了一定的靈活性，以適應可能產生的範圍。

But that's the magic of the situation we're in. That's the reason why we're hired to do the jobs we do is to strike that balance. It's was a simpler process when load growth was 0.5% to 1% a year as it was for -- we were fortunate to have growth, but in some jurisdictions was flat. Now, it's a more dynamic environment with the level of growth we're seeing. But we absolutely believe that we can achieve that balance.

但這就是我們所處境況的神奇之處。這就是我們被雇用來做這項工作的原因，我們所做的工作就是為了實現這種平衡。當負荷成長率為每年 0.5% 到 1% 時，這是一個更簡單的過程——我們很幸運能夠實現成長，但在某些司法管轄區卻持平。現在，隨著我們所看到的成長水平，環境變得更加活躍。但我們絕對相信我們能夠實現這種平衡。

But we also know that we have to stay nimble and work with our customers at the same time to strike that balance. Because one of the exciting things is that customers, and you've seen one of our large customers announced, for example, a renewables investment they were supporting at the time. If we line up the capacity for it, that allows some balancing even as we work with our customers on it. And that will be an important feature, particularly for the folks who are in the balance of our pipeline as we look at options.

但我們也知道，我們必須保持靈活，同時與客戶合作才能實現這種平衡。因為令人興奮的事情之一是客戶，您已經看到我們的一個大客戶宣布，例如，他們當時支持一項再生能源投資。如果我們調整容量，那麼即使我們與客戶合作，也能達到一定的平衡。這將是一個重要的特徵，特別是對於那些在我們考慮選擇時處於平衡狀態的人來說。

So yes, it's a system that will be in balance, but it's certainly a dynamic environment. But we believe that we have a plan, a robust plan that will be able to ensure that we can serve the new customers that come on.

所以是的，這是一個平衡的系統，但它肯定是一個動態的環境。但我們相信我們有一個計劃，一個強有力的計劃，能夠確保我們能夠為新客戶提供服務。

Sure thing. Yes. No, I appreciate it. That's all I had. Thanks.

當然可以。是的。不，我很感激。這就是我所擁有的一切。謝謝。

Paul Patterson, Glenrock Associates.

保羅·帕特森（Paul Patterson），Glenrock Associates 公司。

Hey. Good morning. On the large load slides that you provided, I'm just sort of wondering, in the finalizing agreements, I guess in advanced discussions, how much do these large load proceedings, the tariff ones, that the respective commissions play into the finalizing? Or how should we think of the pipeline and the potential impact? I noticed the staff, and I think it was Missouri, wasn't completely on board. I know you guys are in discussions, or it sounds like you guys are.

嘿。早安.關於您提供的大負荷幻燈片，我只是有點好奇，在最終確定的協議中，我想在高級討論中，各個委員會在最終確定這些大負荷程序、關稅程序方面發揮了多大作用？或者我們應該如何看待管道及其潛在影響？我注意到工作人員，我想是密蘇裡州的工作人員，並不完全同意。我知道你們正在討論，或者聽起來你們正在討論。

Somy question sort of is, A, how much do these large loads look at this thing as sort of a gating factor? And then B, how do you think about the settlement discussions that are underway in respective commissions?

我的問題是，A，這些大負載在多大程度上將此視為一種門控因素？然後 B，您如何看待各委員會正在進行的和解談判？

That's a great question, Paul. We are far advanced in discussions with, especially the customers in the actively building category, but also in the finalizing agreements category. We disclosed that we've had $200 million of financial commitments from the customers in the finalizing agreements category. So they are advancing significant work, or advancing significant work with backing from the customer.

保羅，這個問題問得真好。我們在與積極建設類別的客戶的討論中取得了長足的進步，而且在最終確定協議類別的討論中也取得了長足的進步。我們透露，在最終協議類別中，我們已經從客戶那裡獲得了 2 億美元的財務承諾。因此，他們正在推動重要的工作，或在客戶的支持下推動重要的工作。

So it's not a gating item to starting anything. I think it's an important input, fair to say. We described it that way really for the last couple of calls. We always expected announcements from these additional customers by year-end, because one of the inputs they're looking at is a large load of power service tariff proceeding. But as you know from the broader environment that we're working under in the US, there's such high demand for power infrastructure to support data centers that they're not waiting, they're moving forward and we're seeing significant activity and the financial backing to support it on their side and supporting the work we're doing. So it's an important input, as it would be for any customer, but the work's advancing in parallel.

因此它不是啟動任何事的門檻。公平地說，我認為這是一項重要的投入。我們在最近的幾通通話中確實就是這樣描述的。我們一直期待這些新增客戶在年底前發佈公告，因為他們關注的投資之一是大量的電力服務關稅程序。但正如您從我們在美國工作的更廣泛環境中所知，對支援資料中心的電力基礎設施的需求如此之高，以至於他們沒有等待，而是在向前邁進，我們看到了他們方面的重大活動和資金支持，以支持我們正在做的工作。因此，這是一個重要的投入，對任何客戶來說都是如此，但工作也在同步推進。

We still anticipate announcements by year-end, and we think one of the inputs to that timeline is the proceedings. We are in settlement discussions that are active in the Kansas side, promising discussions. And we laid out the schedule in the script and in the slides as to when those will proceed, but we think the discussions have been constructive and we're certainly going to push forward and seek to find a settlement.

我們仍然預計年底前會發佈公告，我們認為該時間表的輸入之一就是訴訟程序。我們正在進行堪薩斯州方面的和解談判，談判進展順利，前景光明。我們在腳本和幻燈片中列出了這些工作的時間表，但我們認為討論是建設性的，我們肯定會繼續推進並尋求解決方案。

Okay, and Missouri is pretty similar?

好的，密蘇裡州也很相似嗎？

It is. Kansas is a little ahead in the settlement discussion timeline. If neither side reaches settlements, then the hearings will start getting on a pretty parallel path, but Kansas is first in terms of settlement discussion timeline.

這是。堪薩斯州在和解討論時間表上略有領先。如果雙方都未能達成和解，那麼聽證會將開始走上相當平行的軌道，但堪薩斯州在和解討論時間表方面是第一個。

Okay. And then with respect to renewables, I'm just wondering, as you know, there's been a lot of activity from the new administration in various agencies. Is there any of the stuff that's approved that's subject to any additional federal permitting or approvals, whether it's the Department of Interior, Transportation? If you follow me, it seems like there's a considerable effort at the administration that seems to be calling at least some of these projects into question, and it seems somewhat aggressive, frankly. So I'm just wondering if you could comment on how your projects are in that slide vis-a-vis --

好的。關於再生能源，我只是想知道，正如你所知，新政府在各個機構都採取了許多行動。是否有任何已獲批准的東西需要獲得任何額外的聯邦許可或批准，無論是內政部還是交通部？如果你明白我的意思，那麼你會發現政府似乎做出了相當大的努力，似乎對其中至少一些項目提出了質疑，而且坦白說，這種做法似乎有些激進。所以我只是想知道您是否可以評論幻燈片中您的項目與…相比如何？

Sure. Vis-a-vis the OBBBA and federal?

當然。相對於 OBBBA 和聯邦？

Well, vis-a-vis the federal activity that we're seeing. In other words, I mean, if there's any sort of permitting or approval process at any of the respective agencies, and with respect to the Treasury, I guess we'll find out what kind of guidance they're going to be giving. I'm sure you guys are aware of that as well. So just how should we think about that and your pipeline?

嗯，就我們所看到的聯邦活動而言。換句話說，我的意思是，如果任何相關機構以及財政部有任何形式的許可或批准程序，我想我們會知道他們會給予什麼樣的指導。我相信你們也意識到了這一點。那麼我們應該如何看待這個問題以及您的管道？

It sounds like the stuff that you guys haven't, that's in the RFP process, et cetera, if I'm not wrong, is very flexible on. I mean, if things change, things change, and you'll address them accordingly. But I'm just sort of wondering about the stuff that sort of is kind of in the birthing process, for lack of a better word.

聽起來你們還沒有的東西，那是在 RFP 流程中，等等，如果我沒記錯的話，是非常靈活的。我的意思是，如果事情發生變化，那就變化吧，你也會相應地去處理它們。但我只是有點好奇分娩過程中會發生些什麼，因為找不到更好的詞來形容。

Yeah. We believe that the three solar projects that have been approved in the Kansas and Missouri proceedings will qualify under the OBBBA, given the work that's already advanced, so we believe they'll qualify under the rules. So the other projects that are listed on slide 21 in the renewables category, as you noted, and as I mentioned in my comments, we do think we have a robust set of options, so we'll respond to the evolving rules.

是的。我們相信，在堪薩斯州和密蘇裡州程序中獲得批准的三個太陽能項目將符合 OBBBA 的要求，考慮到目前已經取得的進展，我們相信它們將符合規則的要求。因此，正如您所指出的，以及我在評論中提到的，第 21 張幻燈片中列出的可再生能源類別的其他項目，我們確實認為我們擁有一套強大的選擇，因此我們將響應不斷變化的規則。

The executive order dictated a follow-up later this summer, so we'll see what comes out from the federal government and what the eligibility is. We have a range of projects that we think would qualify, but we've got some alternatives. And as you know, storage, for example, is -- it's got a little more likely to have more qualification criteria, so it's possible if the rules come out, there'll be more of a balance towards storage.

該行政命令規定在今年夏天晚些時候採取後續行動，因此我們將拭目以待聯邦政府的後續行動以及資格要求。我們有一系列我們認為符合條件的項目，但我們也有一些替代方案。如您所知，以儲存為例，它更有可能擁有更多的資格標準，因此，如果規則出台，儲存方面可能會更加平衡。

Our plan has got a pretty diverse mix, so we'll respond to what the rules are. We do feel good about those three solar projects that have been approved, and we think we've got a robust set of options to respond. So with respect to our forward plan, even in consideration of some of the uncertainties relating to renewables, we feel good about the prospects for serving large customers and the tailwinds overall with respect to the potential and the investments that will be needed to serve those customers and the overall impact on the plan.

我們的計劃內容相當多樣化，因此我們會根據規則做出反應。我們對三個已獲批准的太陽能專案感到滿意，我們認為我們有一套強而有力的應對方案。因此，就我們的遠期計劃而言，即使考慮到與可再生能源有關的一些不確定性，我們對服務大客戶的前景以及服務這些客戶所需的潛力和投資以及對計劃的整體影響的整體順風感到樂觀。

Okay. And so with respect to those solar projects that are approved, there's no more federal approvals or permitting or anything associated with that. Is that correct?

好的。因此，對於那些已獲批准的太陽能項目，不再需要聯邦政府的批准或許可或任何相關事宜。對嗎？

Yeah. We believe they qualify under the rules they stand now, and I will not -- I suppose it's possible those could continue to evolve. But given the terms of the OBBBA and even of the executive order, we believe those three projects qualify. Of course, we'll respond to the environment, but we feel good about those three projects. And for the rest of the project, we'll respond to what the rules are, and we've got a lot of alternatives.

是的。我們相信他們符合現行規則的資格，但我不會——我認為這些規則可能會繼續發展。但考慮到 OBBBA 甚至行政命令的條款，我們認為這三個項目符合資格。當然，我們會對環境做出反應，但我們對這三個項目感覺良好。對於專案的其餘部分，我們將根據規則做出反應，並且我們有很多替代方案。

Awesome. Thanks so much, guys.

驚人的。非常感謝大家。

Amber Zhao, Citi.

花旗銀行的 Amber Zhao。

Hey. It's Ryan Levine with Citi. A couple quick questions just around your gas generation build-out. What's the labor ramp and EPC strategy for the new gas generation building? And any color you can share around confidence to achieve the COD target?

嘿。我是花旗銀行的瑞安‧萊文 (Ryan Levine)。關於你們的天然氣發電建設，我有幾個簡單的問題。新建天然氣發電大樓的勞動力坡道和 EPC 策略是什麼？能分享一下實現 COD 目標的信心嗎？

So we have -- some of those terms are confidential, but we're working with a leading EPC provider, and we feel good about our contractual terms and the overall approach to building these plants that were part of the predetermination process and laying those out and work closely with that EPC provider in their labor strategy. They're very seasoned, play with a lot of experience in building plants across the US.

因此，我們有一些條款是保密的，但我們正在與一家領先的 EPC 供應商合作，我們對我們的合約條款和建造這些工廠的總體方法感到滿意，這些都是預先確定過程的一部分，並且將這些條款和方法列出來並與該 EPC 供應商在其勞動力戰略方面密切合作。他們經驗豐富，在美國各地建廠方面擁有豐富的經驗。

We benefit in our region from access to a skilled workforce, a prospective workforce. And geographically, we're positioned in sort of the epicenter of EPC capability as Black & Veatch, Burns & McDonnell, and Kiewit's Power division are all headquartered here in Kansas City. So we have a group that's dedicated to -- that has advanced those projects moving forward, and we've worked closely with the EPC provider with the predetermination and CCN approvals in hand moving forward with them.

我們地區因擁有熟練的勞動力和有潛力的勞動力而受益。從地理位置上看，我們處於 EPC 能力的中心，因為 Black & Veatch、Burns & McDonnell 和 Kiewit 的電力部門的總部都位於堪薩斯城。因此，我們有一個專門的團隊來推動這些專案的進展，並且我們與 EPC 提供者密切合作，並獲得了預先確定和 CCN 批准，與他們一起推進。

So we feel good about the COD dates. I've been around new construction build in my past, so you need to make sure you've got a robust partnership and oversight process with those EPC providers. I believe we have that. And these are technologies that are known, they are proven, they've been constructed by other parties, so that helps, including by our counterparty. So we feel good about the overall setup for the process, recognizing that large project execution is a core skill that we're going to have to demonstrate.

所以我們對 COD 日期感到滿意。我過去曾從事過新建築建設，因此您需要確保與那些 EPC 提供者建立了穩固的合作夥伴關係和監督流程。我相信我們能夠做到。這些技術是已知的、經過驗證的、由其他方建構的，因此這很有幫助，包括我們的交易對手。因此，我們對整個流程的設定感到滿意，並認識到大型專案執行是我們必須展示的核心技能。

We think we've set ourselves up, we're contracting in a capability perspective, and in our selection of our technology that we're doing to be in a good position to manage these projects. So we're excited about those prospects and really grateful for the collaboration from staff in both states and the different parties in getting those approvals for the gas plants.

我們認為我們已經做好了準備，我們從能力角度簽訂了合同，並且我們選擇的技術使我們處於一個良好的位置來管理這些項目。因此，我們對這些前景感到興奮，並非常感謝兩個州和各方工作人員的合作，為獲得天然氣工廠的批准。

And then just one follow-up. In terms of the contractual arrangement, do the EPC companies have the ability to reprioritize resources if other generation, if they get contracted for other projects? Or do you have contractual prioritization that's already been pre-negotiated in this agreement that you already spoke to?

然後只需跟進一次。就合約安排而言，如果 EPC 公司承包了其他項目，他們是否有能力重新確定其他發電資源的優先順序？或者您已經在已經談過的協議中預先協商了合約優先順序？

We feel good about the overall contractual approach and commitment reflected in it from our EPC provider. So we feel good about the overall terms of the agreement that we have with our providers. There will be a partnership with them, but they're a seasoned enterprise that's built a lot of these. So we feel good about the protections that we built in the agreement.

我們對我們的 EPC 供應商所體現的整體合約方式和承諾感到滿意。因此，我們對與供應商達成的協議的整體條款感到滿意。我們將與他們建立合作關係，但他們是一家經驗豐富的企業，已經建立了許多這樣的合作關係。因此，我們對協議中建立的保護措施感到滿意。

Thanks for the color.

謝謝你的顏色。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to David Campbell for closing remarks.

謝謝。問答環節到此結束。現在我想請戴維·坎貝爾致最後總結。

Thank you for your interest in Evergy, and have a great day. This concludes our call.

感謝您對 Evergy 的關注，祝您有美好的一天。我們的通話到此結束。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。