西星能源 (EVRG) 2025 Q3 法說會逐字稿

Good morning, and welcome to Evergy's third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Peter Flynn, Senior Director of Investor Relations and Insurance. Please go ahead.

早安，歡迎參加 Evergy 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我將把會議交給投資者關係和保險高級總監彼得·弗林。請繼續。

Thank you, Haley, and good morning, everyone. Welcome to Evergy's third quarter 2025 earnings conference call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com. Today's discussion will include forward-looking information.

謝謝你，海莉，大家早安。歡迎參加 Evergy 2025 年第三季財報電話會議。我們的網路直播投影片和補充財務資訊可在投資者關係網站 investors.evergy.com 上查閱。今天的討論將包含前瞻性資訊。

Slide 2 and the disclosure 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.

投影片 2 和我們在提交給美國證券交易委員會的文件中揭露的內容列出了一些可能導致未來業績與預期有重大差異的因素。其中還包括有關我們非GAAP財務指標的補充資訊。

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 third quarter highlights and provide updates on economic development activities and our regulatory agenda. Bryan will cover our third 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.

今天參加電話會議的有董事長兼執行長大衛·坎貝爾，以及執行副總裁兼財務長布萊恩·巴克勒。David 將介紹第三季的亮點，並提供有關經濟發展活動和監管議程的最新資訊。Bryan 將介紹我們第三季的業績、零售銷售趨勢和財務展望。其他管理層成員也與我們在一起，他們將在電話會議的問答環節為您提供幫助。

I'll now turn the call over to David.

現在我將把電話交給大衛。

Thanks, Pete, and good morning, everyone. I will begin on slide 5. This morning, we reported third quarter adjusted earnings of $2.03 per share compared to $2.02 per share a year ago. The increase over last year was driven by a recovery of regulated investments and growth in weather-normalized demand, partially offset by higher interest and depreciation expense and dilution from convertible debt.

謝謝你，皮特，大家早安。我將從第5張投影片開始。今天早上，我們公佈了第三季調整後每股收益為 2.03 美元，而去年同期為每股 2.02 美元。與去年相比，成長主要得益於受監管投資的復甦和經天氣正常化後的需求增長，但部分被更高的利息和折舊費用以及可轉換債券的稀釋所抵消。

Our year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago. With these results year-to-date, we are narrowing our 2025 adjusted EPS guidance range to $3.92 to $4.02 per share from our original 2025 adjusted EPS guidance range of $3.92 to $4.12 per share. The lower midpoint is primarily due to weather headwinds from below normal cooling degree days in the second and third quarters, which negatively impacted our results by $0.13 per share.

今年迄今的調整後每股收益為 3.41 美元，而去年同期為 3.46 美元。根據今年迄今的業績，我們將 2025 年調整後每股收益預期範圍從最初的 3.92 美元至 4.12 美元縮小至 3.92 美元至 4.02 美元。較低的中點主要是由於第二季和第三季低於正常水平的降溫度日數帶來的不利天氣因素，這導致我們的每股盈餘減少了 0.13 美元。

I would like to compliment the team for implementing mitigating actions across the business, offsetting more than half of the weather headwinds. However, we have not been able to offset the full magnitude in what has otherwise been a strong year of regulatory and operational execution, while advancing our strategic objectives.

我要表揚團隊在整個業務範圍內實施了緩解措施，抵消了一半以上的惡劣天氣帶來的影響。然而，儘管今年我們在監管和營運執行方面取得了強勁進展，並推進了我們的策略目標，但我們仍然無法完全抵消這些影響。

Our fundamental long-term outlook remains very strong, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it. Brian will discuss the quarterly drivers and our earnings outlook in more detail in his remarks. We've achieved strong operational and reliability performance through September.

由於千載難逢的經濟發展機會以及實現這一機會所需的投資，我們的長期基本面依然非常強勁。布萊恩將在發言中更詳細地討論季度業績驅動因素和我們的獲利前景。截至9月份，我們的營運和可靠性表現都非常出色。

Year-to-date, our generation availability as measured by the forced outage rate as well as our overall grid reliability, as measured by SAIDI, are both favorable to target. These results demonstrate the benefits of our continued infrastructure investments and the hard work of our operations teams.

今年迄今，根據強制停電率衡量的發電可用性以及根據 SAIDI 衡量的整體電網可靠性，我們的發電可用性均符合目標。這些成果證明了我們持續的基礎設施投資所帶來的益處，以及我們營運團隊的辛勤付出。

I'd also like to recognize Wolf Creek as it nears completion of our 27th refueling outage with strong safety and overall performance. Wolf Creek generates around 1,200 megawatts of noncarbon meeting energy enough to power more than 800,000 homes. I'd like to thank everyone on our nuclear team for their hard work and focus on sustaining the excellent operational performance of the plant.

我還要表揚一下沃爾夫溪核電廠，它即將完成我們的第 27 次燃料更換停機檢修，安全性和整體性能都非常出色。沃爾夫溪發電廠可產生約 1,200 兆瓦的非碳排放能源，足以滿足超過 80 萬戶家庭的電力需求。我要感謝我們核電團隊的每一位成員，感謝他們為維持電廠卓越的運作表現所付出的辛勤努力和專注。

I'm happy to announce a 4% increase in our quarterly dividend or $2.78 per share on an annualized basis. This increase is consistent with our updated growth outlook and working toward the midpoint of our 60% to 70% target payout ratio. Looking ahead, we will provide a comprehensive financial outlook update on our year-end call in February. We will include refreshed views on our low forecast based on large customer impacts, our five-year capital investment plan, the related financing plan and our long-term adjusted EPS growth outlook.

我很高興地宣布，我們的季度股息將增加 4%，即按年計算每股增加 2.78 美元。這一增長符合我們更新後的成長預期，並朝著我們 60% 至 70% 的目標派息率的中點邁進。展望未來，我們將在2月的年終電話會議上提供全面的財務展望更新。我們將根據對客戶的巨大影響，更新我們對較低預測的看法，並公佈我們的五年資本投資計劃、相關融資計劃以及我們長期調整後的每股收益成長展望。

The five-year capital plan will incorporate expected generation investments to serve load and meet SPP's increasing reserve margin requirements as well as transmission and distribution projects to support reliability. As Bryan will discuss with respect to the long-term update, we believe there are noteworthy tailwinds to earnings power as we advance our plans to support growth and economic development that will benefit our Kansas and Missouri customers and communities.

五年資本計畫將納入預期的發電投資，以滿足負載需求和 SPP 不斷增長的備用容量要求，以及支持可靠性的輸配電項目。正如布萊恩將在長期更新中討論的那樣，我們相信，隨著我們推進支持增長和經濟發展的計劃，盈利能力將迎來顯著的利好因素，這將使我們在堪薩斯州和密蘇裡州的客戶和社區受益。

Slide 6 outlines our economic development pipeline and opportunities over 15 gigawatts switch relative to our size, represents one of the most robust backlogs in the country. Reflecting the geographic advantages of our region, the overall pipeline is strong in both Kansas and Missouri, and we are well positioned to continue to attract new businesses. Large customer interest in the energy service territory remains very strong.

投影片 6 概述了我們的經濟發展規劃和機遇，超過 15 吉瓦的轉換項目相對於我們的規模而言，代表了全國最強勁的積壓項目之一。由於我們地區的地理優勢，堪薩斯州和密蘇裡州的整體項目儲備都很充足，我們有能力繼續吸引新企業。廣大客戶對能源服務領域的興趣依然非常濃厚。

Focusing on the top three categories of the pipeline we outlined a 4 to 6 gigawatt opportunity, large new customer load that represents the most active part of our queue. This Tier 1 demand represents a transformative 10-year growth opportunity for Evergy. When executed, we expect these products will deliver significant regional benefits across our states, supporting a leading-edge digital economy, creating jobs and expanding the tax base, while enabling us to spread system costs over more megawatt hours helping to maintain affordability for all customers.

我們專注於管道中的前三個類別，概述了 4 至 6 吉瓦的機會，以及大量新增客戶需求，這代表了我們隊列中最活躍的部分。一級市場的需求為 Evergy 帶來了變革性的 10 年成長機會。我們預計，這些產品實施後將為我們各州帶來顯著的區域效益，支持領先的數位經濟，創造就業機會，擴大稅基，同時使我們能夠將系統成本分攤到更多兆瓦時，從而幫助所有客戶保持負擔得起的能源價格。

We continue to work closely with Tier 1 large low to develop and implement transmission and distribution 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 would in turn transform the size and growth of our company and enhance the economic prosperity of our region. The remaining pipeline totaling well over 10 additional gigawatts highlights the robust activity and sustained interest in Kansas and Missouri.

我們將繼續與一級大型低壓企業密​​切合作，以開發和實施輸配電解決方案，以滿足其未來幾年預期的成長速度。我們有信心贏得並服務於這群客戶中的大部分，這將反過來改變我們公司的規模和發展，並促進我們地區的經濟繁榮。剩餘的管道總容量超過 10 吉瓦，凸顯了堪薩斯州和密蘇裡州強勁的能源活動和持續的能源需求。

Many customers have already secured land or land rights, finalized site plans and are actively participating in capacity study. While not all of this load will ultimately be addressable, the ongoing dialogue underscores the depth of engagement and the readiness of customers to step in should others exit the queue.

許多客戶已經獲得了土地或土地使用權，完成了場地規劃，並積極參與產能研究。雖然最終可能無法解決所有這些問題，但持續的對話凸顯了參與的深度，以及當其他人退出隊列時，客戶隨時準備好接手的意願。

Slide 7 expands upon the 4 to 6 gigawatt Tier 1 large customer load opportunity. Beginning with the actively building category, I'm happy to report that last week, Lambda announced its plan to transform an unoccupied data center located in Kansas City, Missouri into a state-of-the-art AI factory in data center.

第 7 頁詳細介紹了 4 至 6 吉瓦一級大客戶負載的機會。首先是正在積極建設的專案類別，我很高興地報告，上週 Lambda 宣布了其計劃，將位於密蘇裡州堪薩斯城的一個閒置資料中心改造成一個最先進的資料中心人工智慧工廠。

Their facility is expected to launch in early 2026 with 24 megawatts of capacity and as potential scale up to more than 100 gigawatts -- 100 megawatts, excuse me, in the future. This product is a great example of a data center leveraging existing infrastructure with an ability to ramp low relatively quickly with minimal grid investment required and exemplifies why Missouri is an attractive destination for projects of all sizes.

他們的設施預計將於 2026 年初投入使用，容量為 24 兆瓦，未來有可能擴大到 100 吉瓦以上——抱歉，是 100 兆瓦。該產品是資料中心利用現有基礎設施的絕佳範例，它能夠在相對較低的負載下快速擴展，且所需的電網投資極少，這也充分說明了為什麼密蘇裡州對各種規模的項目都具有吸引力。

For the balance of our actively building customers, Panasonic and Meta are up and running, and our third large customer is making good progress through its heavy construction phase. Inclusive of Lambda, we now anticipate peak demand at 1.2 gigawatts from these customers with over 500 megawatts to online by 2029, supporting our demand growth forecast of 2% to 3%.

對於我們其他正在積極建設中的客戶，松下和 Meta 已經投入運營，我們的第三大客戶正在順利完成其大型建設階段。包括 Lambda 在內，我們現在預計這些客戶的尖峰需求將達到 1.2 吉瓦，到 2029 年將有超過 500 兆瓦的電力上線，這支持了我們對 2% 至 3% 的需求成長預測。

Moving to the finalizing agreements category. We remain in the final stage of the negotiation with large customers for two data center projects. Subject to final agreements and product announcements, we expect to see an impact on our demand growth from these customers of 2027 and '28 and into the next decade which would raise the overall company demand forecast to 4% to 5% load growth through 2029. Approval of the LPS tariffs in both states is a key next step for finalizing the negotiations.

接下來進入最終協議簽署類別。我們與兩家大型客戶就兩個資料中心專案進行的談判仍處於最後階段。在最終協議和產品發布之後，我們預計這些客戶在 2027 年和 2028 年以及未來十年對我們的需求成長產生影響，這將使公司整體需求預測在 2029 年達到 4% 至 5% 的負載成長。兩國批准LPS關稅是完成談判的關鍵下一步。

Additionally, we recently added a third data center to this category, reflecting significant progress and initial executed agreements. This product was previously in our advanced discussions category and demonstrates the high interest for large customers in advancing their products.

此外，我們最近也為該類別新增了第三個資料中心，這反映了我們取得了重大進展並已簽署了初步協議。該產品之前屬於我們的高級討論類別，這表明大型客戶對推進其產品發展有著濃厚的興趣。

We also remain in advanced discussions with multiple customers whose load will represent approximately 2 to 3 additional gigawatts of peak demand. These customers have secured land and land rights shared site plans and in some cases, reached letters of agreement and provided financial commitments to move the evaluation forward. Load from these customers is not contemplated and our upside view of 4% to 5% annual load growth and effort would be incremental.

我們目前仍在與多家客戶進行深入洽談，這些客戶的用電量將代表約 2 至 3 吉瓦的額外尖峰需求。這些客戶已獲得土地和土地使用權，共享了場地規劃，在某些情況下，還達成了協議書並提供了財務承諾，以推進評估工作。我們並未考慮這些客戶的負載，我們認為每年負載成長 4% 到 5% 的可能性很小，而且投入的精力也會是逐步增加的。

Overall, we continue to see an incredible level of interest in our service territories, and we are making progress with potential new large customers across all stages of the discussion. Each category reflects potential new entrants that will empower growth, investment and drive prosperity for our region.

總體而言，我們繼續看到客戶對我們的服務區域表現出極大的興趣，並且在與潛在新大客戶的洽談中，我們在各個階段都取得了進展。每個類別都反映了潛在的新進入者，他們將促進成長、投資，並推動我們地區的繁榮。

Now moving to slide 8, I'll touch on our latest regulatory developments. 2025, as you know, has been a busy year for our regulatory team, and we've demonstrated considerable progress in advancing our strategic objectives. The team's results this year reflect the constructive policy framework and economic development opportunities in both states as well as our ability to find alignment with broad groups of stakeholders and achieve constructive settlement agreements.

現在請看第8張投影片，我將談談我們最新的監管進展。如您所知，2025年對我們的監管團隊來說是忙碌的一年，我們在推動策略目標方面取得了顯著進展。今年團隊的成果反映了這兩個州的建設性政策框架和經濟發展機遇，以及我們與廣泛的利害關係人群體達成一致並達成建設性解決方案的能力。

Beginning with Kansas, we filed for and received approval of redetermination to own parcel shares of two new combined cycle natural gas units and the solar farm, both are all in 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 higher capacity margin requirements in the SPP.

從堪薩斯州開始，我們申請並獲得了重新認定，擁有兩座新的聯合循環天然氣機組和一座太陽能發電廠的股份，這兩座機組和發電廠都位於堪薩斯州中部。這些項目已在我們的 IRP 首選計劃中確定，並反映了我們為滿足 SPP 中不斷增長的客戶需求和更高產能利潤率要求而採取的上述所有方法。

The Kansas Corporation Commission issued an order approving a unanimous settlement agreement for Kansas Central rate case on September 25. The settlement achieved a balanced outcome for all parties, including adequate recovery for the investments needed to provide reliable and affordable electric service.

9月25日，堪薩斯州公司委員會發布命令，批准了堪薩斯中央鐵路公司費率案的一致和解協議。和解方案實現了各方利益的平衡，包括為提供可靠且價格合理的電力服務所需的投資提供了充足的資金。

A key open agenda item in Kansas is the unanimous settlement agreement we filed on our large load power service tariff docket on August 18. The proposed tariff applies to customers with demand exceeding 75 megawatts and establishes a rate structure with the focus on large customers paying their fair share and being subject to additional protections that I'll describe later in my remarks.

堪薩斯州的一個關鍵未決議程項目是我們於 8 月 18 日提交的大負荷電力服務關稅案卷中的一致和解協議。擬議的關稅適用於需求超過 75 兆瓦的客戶，並建立了一個以大客戶支付其應盡份額為重點的費率結構，並受到額外的保護，我將在稍後的發言中對此進行描述。

We believe the LPS establishes a competitive rate at physicians Evergy to attract, serve large new loads, enabling growth and prosperity for our communities. We anticipate an order from the KCC on the settlement agreement as part of the commission's business meeting later today. Pending to Missouri, we've successfully advanced plans to construct new generating resources. The MDSC approved settlement agreements in our CCN applications for 2 solar farms, partial ownership in 2 combined cycle natural gas units and full ownership of a simple cycle natural gas plant.

我們相信，LPS 為 Evergy 的醫生們制定了具有競爭力的費率，以吸引和滿足大量的新需求，從而促進我們社區的成長和繁榮。我們預計肯塔基州消費者委員會 (KCC) 將在今天稍後的委員會商務會議上就和解協議作出裁決。我們已經成功推進了建造新發電設施的計劃，目前正等待密蘇裡州的批准。MDSC 批准了我們在 CCN 申請中提出的和解協議，涉及 2 個太陽能發電廠、2 個聯合循環天然氣機組的部分所有權以及一個單循環天然氣發電廠的全部所有權。

We believe these projects form a cost-effective package of reliable energy solutions for our customers, and this outcome demonstrates alignment with the Public Service Commission's interest in securing additional generation resources for Missouri utilities.

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，這一成果也體現了公共服務委員會為密蘇裡州公用事業公司獲取更多發電資源的利益。

Similar to Kansas, to large load, power service tariff proceeding continues to advance in Missouri. [Party] filed a nonunanimous settlement agreement earlier this fall with terms similar to those filed in Kansas including contractual protections, provisions to ensure that large customers pay their fair share of system costs and a competitive rate that supports economic development. We anticipate an order from the MPSC by the end of the year. Last, the planning process for our upcoming Missouri Metro rate case is underway, and we expect to file the case in February 2026.

與堪薩斯州類似，密蘇裡州針對大負荷電力用戶的服務價格調整程序也持續進行。 [當事人]於今年秋天早些時候提交了一份非一致通過的和解協議，其條款與堪薩斯州提交的協議類似，包括合約保護條款、確保大用戶支付其應承擔的系統成本份額的條款，以及支持經濟發展的具有競爭力的價格。我們預計年底前會收到MPSC的命令。最後，我們即將對密蘇裡州大都會區費率案進行規劃，預計將於 2026 年 2 月提交該案。

Slide 9 highlights legislation and regulatory mechanisms that support growth in our region and helps to position Kansas and Missouri as premier destinations for infrastructure investment to assure reliability and new advanced manufacturing facilities, data centers on the large customers. These mechanisms are the product of broad-based alignment between Evergy, the governor's office, state legislators or regulatory commissions and key stakeholders as well as our shared commitment to seize on the growth opportunities ahead of us for our customers and communities.

第 9 張投影片重點介紹了支持我們地區成長的立法和監管機制，並有助於將堪薩斯州和密蘇裡州定位為基礎設施投資的首選目的地，以確保可靠性，並為大型客戶提供新的先進製造設施和資料中心。這些機制是 Evergy、州長辦公室、州立法者或監管委員會以及主要利益相關者之間廣泛協調的產物，也是我們共同致力於抓住未來成長機遇，為我們的客戶和社區創造價值的成果。

Constructive regulatory frameworks that enable timely infrastructure investment to meet the needs of both existing and new customers are critical to our success and the bills passed over the past two years in both states advance these priorities. This supportive landscape reinforces our agents position as a top destination for growth.

建設性的監管框架能夠確保及時的基礎設施投資，以滿足現有客戶和新客戶的需求，這對我們的成功至關重要。過去兩年，這兩個州通過的法案都推進了這些優先事項。這種有利的環境鞏固了我們代理商作為發展首選目的地的地位。

Evergy is committed to delivering safe, affordable and reliable service to our 1.7 million customers. As large new customers join our system, all stakeholders benefit from broader cost sharing and unprecedented economic development.

Evergy致力於為我們的170萬名客戶提供安全、經濟、可靠的服務。隨著新的大型客戶加入我們的系統，所有利害關係人將受益於更廣泛的成本分攤和前所未有的經濟發展。

I'll conclude my remarks on slide 10, which highlights the core tenets of our strategy. I'll focus specifically on affordability. Since the merger that created Evergy, we have achieved tremendous progress on affordability and regional rate competitiveness, driven by significant reductions to our cost structure and investing at a slower pace than peer utilities.

我的演講將在第 10 張投影片上結束，該投影片重點介紹了我們策略的核心原則。我將重點放在價格承受能力。自從合併成立 Evergy 以來，我們透過大幅降低成本結構和以比同行公用事業公司更慢的速度進行投資，在可負擔性和區域費率競爭力方面取得了巨大進步。

Over that time, our rate trajectory has remained well below regional peers and far below inflation. This requires hard decisions and the full focus and dedication of everyone in our company. I'm very proud of the results that these activities enable us to deliver for all of our customers.

在此期間，我們的利率走勢一直遠低於區域同行，也遠低於通膨率。這需要我們做出艱難的決定，並需要公司全體員工的全力以赴和奉獻。我為這些活動能為我們所有客戶帶來的成果感到非常自豪。

It is critical that we sustain this momentum as we enter a new era of growth and demand and economic development. This new era will require the same level of dedication and focus from our company, and that's exactly what we intend to deliver.

進入成長、需求和經濟發展的新時代，保持這種勢頭至關重要。新時代需要我們公司付出同樣的奉獻和專注，而這正是我們打算做到的。

As part of that focus, we will continue to invest in infrastructure and operate our business in a way that maintains reliability and benefits all of our communities. Higher levels of investment to serve new large customers must be fairly borne by those customers, and we designed our large load power service tariffs to do exactly that.

作為這項策略的一部分，我們將繼續投資基礎設施，並以保持可靠性和造福所有社區的方式來運作我們的業務。為服務新的大客戶而進行的更高水準的投資必須由這些客戶公平地承擔，而我們設計的大負荷電力服務費率正是為了實現這一點。

Under both LLPS tariff, new large customers, will pay a higher rate than that paid by our existing large customers. As a result, the revenues from new customers will directly mitigate future rate increases for our existing customers as we're able to spread the fixed cost of our system over a broader base. In short, new large customers will pay a reasonable premium to the cost to serve them while also maintaining a competitive rate. And all customers will benefit from a motorized grid and new highly efficient generation resources.

根據 LLPS 的兩種收費標準，新大客戶將支付比現有大客戶更高的費率。因此，新客戶帶來的收入將直接緩解現有客戶未來可能面臨的費率上漲，因為我們可以將系統的固定成本分攤到更廣泛的使用者群體中。簡而言之，新的大客戶需要支付合理的溢價才能獲得服務，同時也要保持價格競爭力。所有用戶都將受惠於電動電網和新型高效發電資源。

The tariffs are also designed with key safeguards in place. These include, among others, customer commitments of 12- to 17-year terms, an 80% minimum monthly bill requirement, exit fees upon early termination and collateral posting. It's important to note this tariff structure is consistent with the intent of our large new customers to be good stewards as part of our Kansas and Missouri communities.

這些關稅措施在設計時也考慮了關鍵的保障措施。其中包括：客戶承諾 12 至 17 年的期限、每月最低 80% 的帳單要求、提前終止合約時的退出費用以及抵押品。值得注意的是，這種關稅結構符合我們的大新客戶作為堪薩斯州和密蘇裡州社區的一份子，努力成為優秀公民的意願。

In the LLPS dockets, they were active participants throughout the process and along with many other stakeholders, contributed to and signed on to the settlement agreement. As I noted earlier, these agreements are currently pending approval by the Kansas Corporation Commission and Missouri Public Service Commission with the KCC's decision expected later today.

在 LLPS 案件中，他們全程積極參與，並與其他許多利害關係人一起，為和解協議的達成做出了貢獻並簽署了該協議。正如我之前提到的，這些協議目前正等待堪薩斯州公司委員會和密蘇裡州公共服務委員會的批准，預計堪薩斯州公司委員會將於今天晚些時候做出決定。

Collaboration with large customers does not stop at paying their fair share. Their projects will create construction jobs, permanent jobs, and expanded property tax base and community health development benefits. As an example, one of our customers announced it will bring its skilled trades and readiness or STAR program to the Kansas City area. The company is collaborating with the Missouri Works initiative and the Urban League to help increase the entry-level pipeline in the skilled trades with a focus on underrepresented communities.

與大客戶的合作並不僅僅止於支付他們應盡的份額。他們的計畫將創造建築業就業機會、永久性就業機會，並擴大房產稅基，促進社區健康發展。例如，我們的一位客戶宣布，它將把其技能型技工和技能準備 (STAR) 計劃引入堪薩斯城地區。該公司正與密蘇裡州就業計畫和城市聯盟合作，以幫助增加科技產業的入門級人才儲備，並專注於代表性不足的社區。

All STAR pre-employment programs are paid training programs, and offer networking opportunities to help participants move directly to employment on local construction products. We hope and expect that this example will be just one of many. The vitality of our region has made it an attractive destination for advanced manufacturing and data center customers and their investments in turn have tremendous potential to drive a virtuous cycle of growth and prosperity in Kansas and Missouri for years to come.

所有 STAR 就業前培訓項目均為帶薪培訓項目，並提供人脈拓展機會，幫助參與者直接在當地建築產品行業就業。我們希望並期待這只是眾多例子中的一個。我們地區的活力使其成為先進製造業和資料中心客戶的理想目的地，而他們的投資反過來又具有巨大的潛力，可以在未來幾年內推動堪薩斯州和密蘇裡州實現良性成長和繁榮。

I will now turn the call over to Brian.

現在我將把通話轉給布萊恩。

Thank you, David. Thank you, Pete, and good morning, everyone. Let's begin on slide 12 with a review of our results for the quarter. For the third quarter of 2025, Evergy delivered adjusted earnings of $475 million or $2.03 per share compared to $465 million or $2.02 per share in the third quarter of 2024.

謝謝你，大衛。謝謝你，皮特，大家早安。讓我們從第 12 張投影片開始，回顧本季的業績。2025 年第三季度，Evergy 的調整後收益為 4.75 億美元，即每股 2.03 美元，而 2024 年第三季為 4.65 億美元，即每股 2.02 美元。

As shown on the slide from left to right, the year-over-year drivers are as follows: First, a 2% increase in weather-normalized demand growth drove the majority of the increase of $0.06 per share and the margin shown on the slide and recovery of and return on regulated investments contributed an additional $0.11 of EPS.

從幻燈片左到右所示，同比驅動因素如下：首先，經天氣正常化需求增長 2% 推動了每股收益增長 0.06 美元的大部分，幻燈片中顯示的利潤率，以及受監管投資的回收和回報，為每股收益額外貢獻了 0.11 美元。

Offsetting these favorable drivers are higher depreciation and interest expense related to our infrastructure investments, leading to a $0.07 decrease in EPS and dilution from our convertible notes led to a $0.03 decrease for the quarter.

抵銷這些有利因素的是，與我們的基礎設施投資相關的折舊和利息支出增加，導致每股收益下降 0.07 美元，而可轉換債券的稀釋導致本季每股收益下降 0.03 美元。

Turning to slide 13, I'll provide more detail on our sales trends. On the left-hand side of the page, you'll see weather-normalized demand increased by 2% in the third quarter as compared to last year, following the 1.4% year-over-year increase we experienced in the second quarter. This continued strong momentum was driven by increases in both residential and commercial usage, including load from the Meta data center in Missouri that is reflected in our commercial customer class.

接下來請看第 13 張投影片，我將詳細介紹我們的銷售趨勢。在頁面左側，您可以看到，與去年同期相比，第三季度經天氣調整後的需求增長了 2%，而第二季度同比增長了 1.4%。這一持續強勁的成長勢頭是由住宅和商業用戶數量的成長所推動的，其中包括來自密蘇裡州 Meta 資料中心的負載，這反映在我們的商業客戶類別中。

At a macro level, the continued robust customer demand in our service areas is supported by a strong labor market as the Missouri, Kansas and Kansas City metro area and employment rates remain below the national average of 4.3%.

從宏觀層面來看，我們服務區域內持續強勁的客戶需求得到了密蘇裡州、堪薩斯州和堪薩斯城都市區強勁勞動力市場的支持，就業率仍低於 4.3% 的全國平均水平。

Moving to slide 14. I'll provide some further detail on our expectations for full year 2025 results. As David mentioned, we are narrowing our guidance range to $3.92 to $4.02 as compared to the original guidance range of $3.92 to $4.12. Our mitigation efforts of approximately $0.10 of EPS benefit are expected to offset a substantial portion of the $0.13 of headwinds experienced by below normal cooling degree days in the second and third quarters.

切換到第14張投影片。我將進一步詳細說明我們對 2025 年全年業績的預期。正如David所提到的，我們將每股盈餘預期範圍從最初的3.92美元至4.12美元下調至3.92美元至4.02美元。我們預計，透過緩解措施，每股收益將增加約0.10美元，從而抵消第二季和第三季因製冷度日低於正常水平而造成的0.13美元不利影響的大部分。

In addition, we now anticipate an incremental $0.02 of dilution related to our convertible notes given our recent strong stock performance. We have forecasted incremental dilution from the convertible notes in our 2026 EPS modeling and continue to expect to achieve the top half of 4% to 6% growth in EPS in 2026, off of the midpoint of our 2025 original guidance range.

此外，鑑於我們近期強勁的股票表現，我們預計可轉換債券將導致每股收益增加 0.02 美元的稀釋。我們在 2026 年 EPS 模型中預測了可轉換債券帶來的增量稀釋，並繼續預期 2026 年 EPS 增長將達到 4% 至 6% 的上限，高於我們 2025 年原始指導範圍的中點。

As I'll discuss shortly, Evergy's fundamental long-term outlook remains stronger than it has been in decades, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it, which will benefit all future years in our financial plan.

正如我稍後將要討論的，Evergy 的基本長期前景依然比幾十年來都要強勁，這得益於一代人的經濟發展機會以及實現這一機遇所需的投資所帶來的順風，這將使我們財務計劃中所有未來的年份都受益。

Slide 15 outlines a recap of our long-term financial expectations. and considerations for our comprehensive growth update, we will share with you during our fourth quarter call in February. First, we highlight our Tier 1 customer opportunity of 4 to 6 gigawatts of peak load. As a reminder, our current five-year plan incorporates low growth of 2% to 3% annually through 2029, reflecting solid growth in our current customer base and buoyed by the Panasonic, Meta and Google projects.

第 15 頁概述了我們的長期財務預期和相關考量，我們將在 2 月的第四季度電話會議上與您分享全面的成長更新資訊。首先，我們重點介紹我們面向一級客戶的機遇，他們的尖峰負載可達 4 至 6 吉瓦。再次提醒大家，我們目前的五年計劃到 2029 年將保持每年 2% 至 3% 的低增長率，這反映了我們現有客戶群的穩健增長，並得益於松下、Meta 和谷歌的項目。

This loan growth expectation is further bolstered by rapid development data centers, such as the Lambda facility discussed by David earlier, which is able to scale more quickly than the Meta data centers via the use of existing buildings and existing electric infrastructure. Also, we are nearing final agreements with 2 data center customers that could drive an incremental 600 megawatts by 2029. And which would raise our loan growth forecast substantially to 4% to 5% on a CAGR basis through 2029.

貸款成長預期也受到快速發展的資料中心的進一步推動，例如 David 之前提到的 Lambda 設施，它能夠利用現有建築物和現有電力基礎設施，比 Meta 資料中心更快地擴展。此外，我們即將與 2 家資料中心客戶達成最終協議，到 2029 年，這些客戶預計將新增 600 兆瓦的電力供應。這將使我們的貸款成長預測大幅提高到 2029 年的複合年增長率 4% 至 5%。

We've also made great progress with customers in the advanced discussions category which represents a 2 to 3 gigawatt opportunity, driving even more low growth toward the back half of our five-year plan. We certainly believe we have one of the most compelling customer growth opportunities in the entire industry that we expect will drive robust growth, not just in our five-year forecast, but into the next decade for Evergy and for the communities we serve.

我們在高級討論類別中與客戶的合作也取得了巨大進展，這代表著 2 至 3 吉瓦的機會，這將推動我們在五年計劃後半段實現更大的低增長。我們堅信，我們擁有整個行業中最引人注目的客戶成長機會之一，我們預計這將推動強勁成長，不僅在我們五年的預測期內，而且在未來十年內，Evergy 和我們所服務的社區也將實現強勁增長。

Next, I'll discuss our capital expenditure and rate base growth forecast. The foundational earnings power of the company will be fortified by our capital investment program. Higher levels of infrastructure investment are needed for grid modernization and incremental generation capacity to support the expansion of our existing customer base and new large load customers.

接下來，我將討論我們的資本支出和費率基礎成長預測。我們的資本投資計畫將增強公司的基礎獲利能力。為了滿足現有客戶群不斷擴大和新增大負載客戶的需求，需要增加基礎設施投資，以實現電網現代化和增加發電能力。

These are tailwinds to our current $17.5 billion capital plan and corresponding 8.5% rate base growth through 2029. On the regulatory front, to maintain the credit profile of our utilities, and to incorporate the affordability benefits of large loads, which allow us to spread system costs over a broader base, we plan to be on a somewhat regular cadence of rate case proceedings.

這些都有利於我們目前的 175 億美元資本計劃以及到 2029 年相應的 8.5% 的利率基數增長。在監管方面，為了維護我們公用事業公司的信用狀況，並納入大負荷帶來的可負擔性優勢（這使我們能夠將系統成本分攤到更廣泛的基數上），我們計劃定期進行費率案件審理。

With the large infrastructure plan comes regulatory lag and over the past couple of years, the states in which we operate have taken proactive steps to help utilities better manage elevated depreciation and interest expense through the use of plant and service accounting mechanisms. We also utilized natural gas sale provisions in both Kansas and Missouri. These constructive mechanisms helped to reinforce our solid credit profile.

大型基礎設施計畫伴隨著監管滯後，在過去的幾年裡，我們營運所在的各州已經採取了積極措施，透過使用工廠和服務會計機制，幫助公用事業公司更好地管理不斷上漲的折舊和利息支出。我們也利用了堪薩斯州和密蘇裡州的天然氣銷售條款。這些建設性機制有助於鞏固我們良好的信用狀況。

There in this phase of significant infrastructure build out, we will utilize equity and equity content financing options to fund a portion of our capital requirements and to support our strong investment-grade credit rating and FFO to debt threshold of 14%.

在這個重要的基礎建設階段，我們將利用股權和股權融資方案來滿足部分資本需求，並支持我們強大的投資等級信用評級和 14% 的 FFO 債務門檻。

It is important for you all to know that we will continually evaluate the overall level of equity funding needs, recognizing that large load customers in our pipeline could significantly improve our cash flows from operations. beginning in 2026 and accelerating throughout the next several years. Thus, there is a real opportunity to moderate our equity needs for the current $17.5 billion capital investment plan.

各位需要了解的是，我們將持續評估整體股權融資需求水平，因為我們認識到，潛在客戶中的大額訂單可以顯著改善我們的營運現金流，這一趨勢將從2026年開始，並在未來幾年內加速發展。因此，我們確實有機會降低目前 175 億美元資本投資計畫的股權需求。

Now our company can only be successful when our communities strive and we maintain affordability for our customers. We are committed to staying laser-focused throughout the years ahead on affordability for our current customers, and we believe our long-term plan will be successful in doing so. As we look to rolling out our updated five-year plan in February, I'll mention again the many tailwinds to our current adjusted EPS growth outlook and a transformational opportunity for us here at Evergy.

只有當我們的社區繁榮發展，並且我們能夠為客戶提供價格合理的商品和服務時，我們公司才能取得成功。在未來的幾年裡，我們將繼續專注於為現有客戶提供價格合理的產品和服務，我們相信我們的長期計劃將成功實現這一目標。展望二月即將推出的五年計劃，我再次提及目前調整後每股收益成長前景的諸多利好因素，以及Evergy公司面臨的轉型機會。

We're excited for us to come and look forward to sharing details with you on our year-end call. And with that, we will open up the call for your questions.

我們非常期待與您見面，並期待在年終電話會議上與您分享詳情。接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

Hi. Good morning, team. Thank you very much. The first one I wanted to touch on, just as we think about 2026 in Missouri legislative session, obviously, there's been a lot of progress in recent years for all the different flavors of utilities. Do you have any priorities or anticipate efforts for 2026? And could this influence the rate case cadence?

你好。早安，各位同事。非常感謝。首先我想談談的是，正如我們在密蘇裡州立法會議上展望 2026 年一樣，顯然，近年來各種類型的公用事業都取得了巨大的進步。您對2026年有什麼優先事項或預期工作計畫嗎？這是否會影響案件審理節奏？

No, Paul, we were real pleased to work closely with many stakeholders last year in Missouri. It had a list, obviously, the commission Charhon, the Governor's office legislative leadership of the utilities and key stakeholders. So there's a lot of progress they did us before. A lot of next year will be around implementing and following through on the elements of SB4 related rule-makings.

不，保羅，我們去年非常高興能與密蘇裡州的許多利益相關者密切合作。顯然，名單包括委員會成員 Charhon、州長辦公室、公用事業立法領導層和主要利益相關者。所以他們之前為我們做了很多工作。明年的大部分工作將圍繞著落實和貫徹SB4相關規則所製定的各項要素。

So I don't anticipate. There's -- I always talk with the team, we always talking to the team about ways that we continue to advance constructive mechanisms. But after such a busy year and such consequential legislation last year, I think you might be able to letter calendar in 2026, but important steps to undertake to advance forward on the constructive mechanisms on SB4.

所以我並不預料。我總是和團隊溝通，我們總是和團隊討論如何繼續推進建設性機制。但是，在經歷瞭如此繁忙的一年和去年如此重要的立法之後，我認為您或許可以在 2026 年的日程安排中有所進展，但要推進 SB4 的建設性機制，還需要採取重要的步驟。

Okay. Understood. Thank you very much. And then obviously, you've got the big refresh coming ahead. Just maybe a little bit of a sneak peak, not so much on the numbers, but even just the cadence. In the current plan, it's slower up front and then accelerates with whatever to the extent you do change the growth rate, should we think about that as kind of a linear profile or also accelerating as you move towards the end of the decade?

好的。明白了。非常感謝。很顯然，接下來還有一次大改版。或許可以稍微透露一點訊息，不是為了透露具體數字，而是為了透露節奏。在目前的計劃中，前期速度較慢，然後隨著成長率的改變而加速。我們應該將其視為一種線性成長，還是隨著十年末期的成長而加速？

Paul, it's hard to answer that question without getting into what will be in our year-end update. So I think that Brian did a nice job of describing the multiple tailwinds that are make us so excited about the prospects for growth in our region and all that's going to bring for our customers and communities, and that's both the low growth element, the investments needed to make sure that we can serve that load and meet SPP's higher reserve market requirements and the benefit of the pacing have enough financing plan.

保羅，如果不談到我們年終更新的內容，很難回答這個問題。所以我認為布萊恩很好地描述了多種利好因素，這些因素讓我們對我們地區的成長前景以及這將為我們的客戶和社區帶來的一切感到興奮，這既包括低增長因素，也包括為確保我們能夠滿足負荷需求和滿足SPP更高的儲備市場要求所需的投資，以及充足的融資計劃帶來的好處。

So our prior capital plan, we laid that out by a year, we'll lay it out a year in our upcoming capital plan, there's obviously a significant amount of investment. And you can see what that is by year, but there's also loan growth that helps to mitigate any regulatory lag. So we're really excited about the tailwinds around it, and I won't get ahead around that profile.

因此，我們先前的資本計畫是按年制定的，我們將在即將推出的資本計畫中按年制定，顯然會有相當數量的投資。你可以按年份查看具體數據，但貸款成長也有助於緩解任何監管滯後。所以我們對圍繞它的順風感到非常興奮，我不會搶佔先機。

I think Bryan did describe for 2026 itself. We got we're reaffirming our confidence being the top [half of '26], and then we'll be talking about the -- how those tailwinds manifest up themselves and upgraded an updated set of an updated financial plan that will outline recall.

我認為布萊恩確實描述了2026年的情況。我們重申了我們對2026年上半年的信心，然後我們將討論這些順風如何顯現，併升級一套更新的財務計劃，該計劃將概述召​​回情況。

Okay. I understand. Thank you. I had to try.

好的。我明白。謝謝。我必須試一試。

We're excited, Paul, as you know, because we're excited because the benefit it's going to rain to our region, our customers and communities and it's a comprehensive set of factors that are driving the acceptance.

保羅，正如你所知，我們感到興奮，因為這將為我們的地區、我們的客戶和社區帶來巨大的好處，而推動這一舉措被接受的因素有很多。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Good morning. Thank you. Good morning. It seems like Kansas and Missouri has been working pretty well together here over the last few years. I'm wondering within your service territory, how much competition is there at the local level in terms of attracting some of these large loads, I got to think just the way all states work that there might be some competition here the legislatively politically local to try to get some of this economic development. Is that happening?

早安.謝謝。早安.過去幾年，堪薩斯州和密蘇裡州似乎在這方面合作得相當不錯。我想知道在您的服務區域內，當地在吸引這些大宗貨物方面競爭有多激烈？我認為，就像所有州的運作方式一樣，這裡可能存在一些立法和政治上的競爭，以爭取一些經濟發展機會。這件事真的發生了嗎？

That's a great question. It is a person I'm now nearly five years in this region, and I've been very impressed. And of course, our service territory expands over to Central Kansas and Wichita. So we're it's much broader than just the Kansas City or in there are parts of the states that are more distant from the state line. But that's the question narrowly about our region. I'm by Chairman group called the Kansas city area Development Council. It represents counties on both sides of the state line extending all the way from Topica to Kansas City and East toward a Northward and southward.

這是一個很好的問題。我在這片地區已經生活了近五年，這個人給我留下了非常深刻的印象。當然，我們的服務範圍也擴展到堪薩斯州中部和威奇托市。所以，它的範圍比堪薩斯城要廣得多，甚至包括一些距離州界線更遠的州內地區。但這僅限於我們這個地區的問題。我是堪薩斯城地區發展委員會的主席。它代表州界兩側的縣，從托皮卡一直延伸到堪薩斯城，並向北和向南延伸。

So and it's a collaborative approach. There's actually been legislative truce in the past to mitigate potential poaching of that might go on across state lines. So they really do a nice job of collaborating the in the great state of Texas, I live 50 miles from any state lines, and I was reasonably close to them.

所以，這是一種協作方式。過去曾有立法休戰，以減輕可能發生的跨州偷獵行為。所以他們在德克薩斯州這個偉大的州確實做得很好，我住在離任何州界線 50 英里的地方，離他們相當近。

Here, I'm a quarter mile from the state line and it's the collaboration that happens when you've got that kind of seamless integration I've been very impressed to see I've got an older brother. There are times when within a family, you might have dynamics and that can happen. But in general, the teamwork is strong in the collaboration time.

我離州界線只有四分之一英里，而正是這種無縫銜接帶來的合作讓我印象深刻，我有一個哥哥。家庭成員之間有時會出現一些矛盾，這種情況是會發生的。但總的來說，團隊合作在協作方面表現出色。

Okay. We'll hear more family stories later on. And then other question, in terms of that $17.5 billion CapEx, assuming that you get the large load tariff there, you've got you'll have that, you'll have the PISA, the CWIP. How much of that 17.5 billion would actually be subject to a typical rate case filing, right? I like how much of that can you recover without going through a regular rate case as you call it the cadence of base rate cases.

好的。我們稍後會聽到更多家庭故事。另一個問題是，就那 175 億美元的資本支出而言，假設你能獲得大負載電價，你就會得到 PISA 和 CWIP。這175億美元究竟有多少會真正需要透過典型的費率調整申請程序來處理呢？我喜歡你所說的基本費率案件的節奏，它允許你在不經過常規費率案件的情況下追回大部分損失。

Yes. So there's ultimately, all of our investments are subject to reviews of to make sure they are prudent and reasonable. There's a set of different mechanisms that help to mitigate the cash regulatory lag. PISA in both states, that mitigates the earnings lag, but we've got riders in place in both states, a [Cisco] always property taxes to pension to other elements. And the CWIP will help with our new natural gas plants. We lay out the different parts of our capital plan in the appendix. So the new generation component is shown -- I think it's on slide 21. So that could give you a good measure for what which pieces of the capital plan are in the more traditional category versus what's in the new generation category.

是的。因此，歸根結底，我們所有的投資都要經過審查，以確保它們是審慎合理的。有一系列不同的機制有助於緩解現金監管滯後問題。PISA 在這兩個州都實施了，這緩解了收入滯後，但我們在這兩個州都實施了附加條款，[思科] 總是將房產稅用於退休金和其他方面。CWIP計畫將幫助我們建造新的天然氣發電廠。我們在附錄中列出了資本計畫的各個部分。所以新一代組件已經展示了——我想是在第 21 張投影片上。這樣可以很好地衡量資本計畫中的哪些部分屬於更傳統的類別，哪些部分屬於新一代類別。

The SWIP mechanism is slightly different between Kansas and Missouri. But in both states, we were pleased to get that those provisions introduced to was in Kansas '24 and Missouri '25, reflecting the support of both states. We're building new natural gas generation and recognizing that with the investment programs of that size is important to have some mitigant to lag.

堪薩斯州和密蘇裡州的SWIP機制略有不同。但令人欣慰的是，堪薩斯州 2024 年和密蘇裡州 2025 年分別引入了這些條款，這反映了這兩個州的支持。我們正在建造新的天然氣發電廠，並且意識到，對於如此規模的投資項目來說，採取一些緩解措施來應對滯後現象非常重要。

So that's out of our total capital plan, you'll see that new generation is about third, two-third is in the traditional categories, grid modernization, ensuring reliability keeping the lights on and providing great service to our customers.

所以，在我們的總資本計畫中，你會發現新一代發電項目約佔三分之一，三分之二屬於傳統類別，包括電網現代化、確保可靠性、保障電力供應以及為我們的客戶提供優質服務。

Okay. That makes sense. So then the other one, transmission would be happy to see FERC so to pull that out. So it would be the three buckets of potential base rate will be legacy generation distribution in general.

好的。這很有道理。所以，另一方面，傳輸部門會很高興看到聯邦能源監管委員會（FERC）將其移除。因此，潛在的基本費率的三個類別將總體上是傳統發電分配。

Yeah. And most of the transition Kansas side, you've got that road.

是的。堪薩斯州過渡地帶的大部分路段，都有這條路。

Yes. Okay. Very good. That's all right. Thanks.

是的。好的。非常好。沒關係。謝謝。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Everybody. It's actually Nathan Richardson on for Nick. I just have a quick one for you. So I was wondering if you could talk a little bit about the third data center you mentioned and given the 4% to 5% sales growth guidance, I was wondering how impactful that third data center specifically could be in moving the needle for the sales growth.

所有人。實際上，代替尼克上場的是內森理查森。我有個問題想跟你簡單說一下。所以我想請您談談您提到的第三個資料中心，考慮到 4% 到 5% 的銷售成長預期，我想知道第三個資料中心具體會對銷售成長產生多大的影響。

Nathan, that's a great question, and I'm glad you asked it. So the as you know, we've included in our financial plan that we provided last year, a 2% to 3% annual loan growth, but we have quantified that the two customers in the actively building category potentially to raise that annual load growth to 4% to 5%. The addition of the third customer, and this is in the finalizing agreements category, not mixing up the categories. So the 2% to 3% low growth is from the actively building category.

內森，你問得好，很高興你問了這個問題。如您所知，我們在去年提供的財務計畫中已經包含了 2% 至 3% 的年度貸款成長率，但我們已經量化了兩個處於積極建房類別的客戶可能會將年度貸款成長率提高到 4% 至 5%。新增第三位客戶，這屬於最終協議類別，不會混淆類別。因此，2%到3%的低成長率來自積極建設的類別。

The potential to go to 4% to 5% is from the first two customers in the finalizing agreements category. You're absolutely right, that third data center customer we've now added to the finalizing agreements category would be additive to 4% to 5%. As with the customers in the advanced discussions category. So thank you for that clarification.

達成最終協議的前兩家客戶有可能帶來 4% 到 5% 的收益。您說得完全正確，我們現在添加到最終協議類別中的第三個資料中心客戶將使成長率達到 4% 到 5%。與高級討論類別中的客戶一樣。非常感謝您的澄清。

Is there any quantification there or just that it's incremental?

這方面有任何量化數據嗎？還是只是說它是漸進式的？

No. The bulk of that, we expect would be post 2029, but we've not quantified it, but that will be part of our obviously, update the year-end call with the overall views on low growth tailwinds. We added it to the category of finalizing given just the sheer amount of progress we've made with that customer in terms of advancing discussions advancing agreements and a commitments related to dose.

不。我們預計其中大部分將在 2029 年之後實現，但我們尚未對其進行量化，但這顯然是我們年終電話會議更新中關於低增長利好因素總體看法的一部分。鑑於我們與該客戶在推進討論、推進協議以及與劑量相關的承諾方面取得了巨大進展，我們將其添加到「最終確定」類別中。

So it's it makes sense that it included in that category. We've not quantify the incremental amount. But we just noted that it's those additional customers beyond the 2 that are in the final agreements category would actually be additive to the 4% to 5% annual load growth potential.

所以把它歸入這一類是合理的。我們尚未量化增量。但我們剛才注意到，除了那 2 個最終協議客戶之外的其他客戶，實際上會增加 4% 到 5% 的年度負載成長潛力。

Steve D’Ambrisi, RBC Capital Markets.

Steve DâtreAmbrisi，RBC Capital Markets。

David, Bryan Yes, I just had a quick one on the LLPS tariff discussions. Given you guys have a settlement, I know it's not unanimous, but can you just talk about like effectively at a high level, what's left there, what the main sticking points are?

David，Bryan 是的，我剛剛快速地討論了LLPS關稅問題。既然你們已經達成和解，我知道這並非全票通過，但你們能否從宏觀層面談談，剩下的問題是什麼，主要的癥結所在是什麼？

And what you think kind of the time line for resolution around some of this stuff is. I'm pretty sure there's a settlement conferences coming up and then expected time line as the end of February, but just want to hear about that and then how that works into kind of moving some of these finalizing agreement buckets into the actively building bucket or signing ESAs associated with it.

你認為解決這些問題的大概時間表是什麼？我相當確定接下來會召開和解會議，預計時間表會在二月底公佈，但我只是想了解一下這方面的信息，以及這如何將一些最終協議轉移到積極建設階段，或者簽署與之相關的環境服務協議。

You bet. I'm glad you had the question because I'll clarify because I think you may be thinking about the time line that's occurring on the different side of the state in Missouri. So for us, we have 2 LLPS proceedings. One is in Kansas. We have a unanimous settlement agreement that we signed in Kansas. And there's already been briefing on that.

當然。很高興你提出了這個問題，因為我會解釋一下，你可能想到的是密蘇裡州另一邊發生的時間線。所以對我們來說，我們有 2 個 LLPS 程序。其中一個在堪薩斯州。我們在堪薩斯州簽署了一份一致通過的和解協議。已經就此進行了簡報。

And it's actually we expect a decision on that by the Kansas Corporation Commission later today. It's on the docket for today. So given that they've already had a hearing on that animal settlement agreement. We actually anticipate a decision in Kansas later today. And that was the unanimous agreement covering all issues, including all parties.

我們預計堪薩斯州公司委員會將於今天晚些時候就此事作出決定。已列入今天的議程。鑑於他們已經就那項動物和解協議舉行了聽證會。我們預計堪薩斯州今天晚些時候會做出決定。這是涵蓋所有問題、所有各方一致同意的協議。

In our Missouri LPS proceeding, we did have a partial settlement. We have gone through a hearing. Not all parties were alignment on that. The structure of the settlement that included many parties, but not all, have terms that are very similar to the ones in Kansas, so it's protections. It has a rate that is higher for the LPS customers. And it's a structure that ultimately like as we saw in Kansas, was a result of robust dialogue and included the large customer.

在我們的密蘇裡州LPS訴訟中，我們達成了部分和解。我們已經參加過聽證會了。並非所有各方在這一點上都意見一致。和解協議涵蓋了許多當事方，但並非所有當事方都參與其中，其條款與堪薩斯州的和解協議非常相似，因此具有一定的保護作用。LPS客戶的費率較高。而這種結構最終就像我們在堪薩斯州看到的那樣，是經過充分對話並納入大客戶之後才形成的。

So I think it's a competitive rate as well. We think it aligns with the governor's policy in the state in support for growth and development. And with the commission's overall focus on that. But we'll have a decision on that. We expect by the end of the year in our case. There are other proceedings in Missouri for other utilities that are a little behind our we filed our first. So hopefully, that makes sense with respect to different contexts in Kansas.

所以我覺得這個價格也很有競爭力。我們認為這與州長支持本州經濟成長和發展的政策一致。而委員會的整體重點也正是如此。但我們會對此做出決定。我們預計到年底前就能實現。密蘇裡州還有其他公用事業公司的訴訟程序，這些程序比我們提交的第一份訴訟程序稍晚。希望這在堪薩斯州的不同背景下都能說得通。

That's helpful. And so basically, the comment on the slide that talks about announcements expected after LLPS tariffs are finalized. To the extent these facilities are in Kansas, that could be freed up as early as tomorrow, and then we'll see when Missouri gets done, hopefully, by the end of the year. Is that those are like kind of the gating items from a time line perspective?

那很有幫助。所以基本上，幻燈片上的評論談到了LLPS關稅最終確定後預計發布的公告。如果這些設施位於堪薩斯州，那麼最早明天就可以騰出空間，然後我們再看看密蘇裡州什麼時候完工，希望能在年底前完成。從時間軸的角度來看，這些是不是某種意義上的關鍵節點？

I like, you're thinking, I've got some team members in the room now, and I'll tell if they need to be -- no, I was kidding. Jokes aside, yes, I think the LPS being signed is a very important enabling step. So that's -- and we do hope Kansas has always been a little bit schedule-wise, but they're not far behind. So we think that the time line sets us up well for what we know is going to be an important update on the year-end call. And it's important for these customers as well.

你可能會想，我現在有幾個團隊成員在房間裡，如果需要的話我會告訴他們——不，我開玩笑的。玩笑歸玩笑，是的，我認為簽署LPS協議是一個非常重要的促成步驟。所以——我們希望堪薩斯州在賽程安排上一直都能稍微領先一些，但他們也不落後太多。因此，我們認為這個時間安排讓我們能夠很好地應對年底電話會議上的重要更新。這對顧客來說也很重要。

The queue is a very active one. Folks are here to come online. A big chunk of why we have such a big queue is because we've got customers lined up for any reason, and we don't see those reasons happening. There's tremendous interest in the customers who are in our actively building and finalize agreements category, a lot of momentum. But we've got folks lined up behind them. So we believe that the LPS decisions, being on the time they are, should enable us to move on the time line we're hoping to achieve.

隊伍非常長。大家都在這裡準備上網。造成我們排隊的主要原因是，顧客們出於各種各樣的原因排隊等候，但我們預計這些原因都不會發生。對於那些正在積極建立和最終敲定協議的客戶來說，市場反應非常熱烈，發展勢頭強勁。但我們後面已經排好了人手。因此，我們相信，LPS 的決定按時做出，應該能夠使我們能夠按照我們希望實現的時間表前進。

Paul Patterson, Glenrock Associates.

Paul Patterson，Glenrock Associates。

Just on the financing plan and the $2.8 billion, and I see the [port]. We obviously had the forward and what have you. But I'm just wondering how we should think about this? I mean you're also mentioning obviously the potential for which you guys mentioned earlier about the cash coming from these potential new agreements being finalized. How should we -- if you could just sort of quantify like how that -- how much that you think that would impact the $2.8 billion? And sort of the sort of timing -- or if you could just elaborate a little bit more on how we should think about the finalizing of those agreements and what have you.

僅就融資計劃和28億美元而言，我看到了[港]。我們顯然有前鋒等等。但我只是想知道我們該如何看待這件事？我的意思是，你們顯然也提到了先前提到的，這些潛在的新協議最終敲定後可能會帶來的現金收入。我們該如何量化一下——如果你能量化一下的話——你認為這會對28億美元產生多大的影響？還有關於時間安排的問題——或者您能否再詳細闡述我們應該如何考慮最終敲定這些協議等等。

Paul, it's Bryan. Thanks for the question. As a reminder for everyone, our current capital investment plan five years is $17.5 billion. In total, we believe that will be funded in part by up to $2.8 billion of equity and equity content capital market instruments, such as JSN, junior subordinated notes. I do think it's important for you to know that we'll continually evaluate the overall level of equity funding needed recognizing that, as you say, that energy usage from customers in our pipeline could significantly improve our cash flows from operations beginning in earnest in 2026 and then accelerating throughout the next several years.

保羅，我是布萊恩。謝謝你的提問。再次提醒大家，我們目前的五年資本投資計畫為 175 億美元。我們認為，總資金將部分來自高達 28 億美元的股權和股權資本市場工具，例如 JSN、次級附屬票據。我認為讓您了解這一點很重要：我們將不斷評估所需的整體股權融資水平，正如您所說，我們認識到，從 2026 年開始，我們潛在客戶的能源使用量可能會顯著改善我們的營運現金流，並在接下來的幾年裡加速成長。

Thus, there's a real opportunity to bring that level of equity down by what I've said before, hundreds of millions of dollars. I should also mention that we continue to see upside bias in our capital investment needs to serve our existing and expected new customers in the year ahead, which will also necessitate a somewhat balanced approach to debt and equity financing. Is that helpful.

因此，正如我之前所說，我們確實有機會將這種股權水準降低數億美元。我還應該提到，在未來一年裡，為了服務現有客戶和預期的新客戶，我們的資本投資需求仍然呈現上行趨勢，這也需要我們在債務和股權融資方面採取某種平衡的方法。這樣有幫助嗎？

Yes, that does. I mean but just to sort of clarify, so that would be something that would obviously have required more capital needs and therefore, might be an offset to some of this cash flow that you'd be seeing as well. Is that how we should think about it?

是的，確實如此。我的意思是，為了澄清一下，這顯然需要更多的資金，因此，可能會抵消你所看到的一些現金流。我們該這樣想嗎？

Yes, that's the way to think of it for modeling for sure.

是的，建模時一定應該這樣思考。

Okay. And I guess we'll get more clarity, obviously, as time goes on. But -- and then I guess I wanted to on the 10 of mitigation measures that you guys had with respect to the earnings, how should we think about those mitigation measures going forward? Do those -- are those timing issues and they'll show up next year? Or are those things that you found that you think are more ongoing or some mixture of the two?

好的。隨著時間的推移，我想我們肯定會更清楚的。但是——然後我想問的是，關於你們針對收益採取的 10 項緩解措施，我們該如何看待這些緩解措施的未來發展？那些問題──那些是時間安排的問題嗎？它們明年就會出現嗎？或者，你發現的那些事情是你認為更具持續性的，還是兩者的某種混合體？

Paul, I'll describe those are in-year mitigation measures. So obviously, we are size of the weather headwinds and a little bit of incremental headwind from the convert was we've would hope that we could offset all of it, but we were able to offset $0.10 of it that's really in year mitigation measures. It doesn't impact our fundamental long-term outlook.

保羅，我將介紹這些是年度緩解措施。顯然，我們面臨著天氣逆風和轉換帶來的少量額外逆風，我們原本希望能夠抵消所有這些影響，但我們只能抵消 0.10 美元，這實際上是透過年度緩解措施實現的。這不會影響我們的長期基本前景。

I've now been is my fifth year at the company. There were two years where we had really warm weather and adjust the range upwards didn't change our long-term fundamentals. This is a year where weather headwind, so it's going to impact our performance this year, but it's both the weather impacts and the mitigation measures are really within the content of this calendar year are the drivers for our fundamental plan, as Brian mentioned, or you on 2026 and then the drivers for our long-term plan remains intact. It's sort of unaffected by the vagaries of weather.

今年是我在公司工作的第五年。有兩年天氣非常溫暖，我們向上調整了價格區間，但這並沒有改變我們的長期基本面。今年天氣不利，因此會影響我們今年的業績，但天氣影響和緩解措施實際上都包含在今年的計劃內容中，正如布萊恩提到的，這些內容是我們基本計劃的驅動因素，或者說，是2026年計劃的驅動因素，而我們長期計劃的驅動因素仍然保持不變。它幾乎不受天氣變化的影響。

Okay. And then with respect to the Lambda deal, which seems sort of interesting here, I was just wondering, would that -- I guess, first of all, when would it go -- what time frame would it go from 25 to the 100? I guess 25, it sounds like it would the 25 megawatts would be beginning of next year. But then it goes to 100, I'm just wondering how long does that ramp up take? I'm just curious or is it now?

好的。至於 Lambda 的交易，這似乎挺有意思的，我只是想知道——首先，它什麼時候會——從 25 到 100 需要多長時間？我猜是25，聽起來像是25兆瓦的裝置容量將在明年年初實現。但之後它就達到 100 了，我只是想知道這個加速過程需要多長時間？我只是好奇，或者現在已經是了？

Yes. We as I described, it's in the 25-megawatt range, sort of, next year, and it's probably in the next 4 to 5 years that it gets to that potential overall size. Really excited about that project -- need company, deploying advanced technology in their data center and AI factors he described it. So it's a we were pleased to see that announcement. It was timed well with some economic development meetings here in town and reflects how attractive our region is and really impressed by how they leverage an existing building and existing T&D infrastructure largely, and that's how they were able to ramp up to that level.

是的。正如我之前所描述的那樣，明年它的裝置容量將達到 25 兆瓦左右，可能還需要 4 到 5 年的時間才能達到最終的整體規模。我對這個專案感到非常興奮——需要一家公司，在其資料中心部署先進技術以及人工智慧因素，他這樣描述道。所以我們很高興看到這個消息。這次的時機恰好趕上本地的一些經濟發展會議，這反映了我們地區的吸引力，他們能夠充分利用現有建築和現有的輸配電基礎設施，並以此達到如此規模，真的給我留下了深刻的印象。

Historically, a 25-megawatt customer would be considered very large on the [new era that is anywhere]. But it's still obviously a creative approach we're pleased to have advanced facility like that, taking advantage of a building like that.

從歷史上看，25兆瓦的客戶會被認為是規模非常大的客戶。[新時代，無所不在]。但這顯然仍然是一種富有創意的做法，我們很高興擁有這樣先進的設施，並能充分利用這樣的建築。

Right. That sounds kind of unique. I guess what I also wondered was like in terms of the context of these large low tariffs that you were describing, since it's under 75 megawatts and then going to 100 megawatts would a scenario like that be subject to -- obviously, this hypothetical hasn't all been approved. But just wondering in the context of these settlements that you've had with these large low tariffs, how would a customer like that be treated? Would that be a large load, since it came in initially below the 75 megawatts but what would go to100 megawatts? Do you follow what I'm saying? Or would it be because if final number is 100, it would be a large load? It makes sense?

正確的。聽起來挺特別的。我想問的是，就您所描述的這些大額低關稅而言，由於裝置容量低於 75 兆瓦，然後增加到 100 兆瓦，這種情況是否會受到——顯然，這種假設還沒有得到批准。但我想知道，在你們達成的這些大額低關稅協議的背景下，像這樣的客戶會受到怎樣的對待？那會是一個很大的負荷嗎？因為它最初低於 75 兆瓦，但要達到 100 兆瓦會怎麼樣？你明白我的意思嗎？還是因為如果最終數量是 100，那將是一個很大的負擔？這說得通嗎？

Typically, these customers are focused on what their ultimate loan level is going to be because they want to make sure that they've got the infrastructure and capacity to get there. And this is an example. So the tariff addresses as you ramp up getting up to those higher levels. And again, these customers the ones that go into the large lows definitely want to make sure they've got the capacity and the ability to do this. So they know and are contemplating getting up to the LPS. It's ultimately stayed in the 25-megawatt range to be a different tariff level. But the ones that these customers are very interested in those higher levels of loads. So and they know that as they get there, they get to that tariff rate.

通常情況下，這些客戶關注的是他們最終的貸款額度，因為他們想確保自己擁有實現目標所需的基礎設施和能力。這是一個例子。因此，關稅會隨著關稅水準的提高而逐步提高。再次強調，這些進入大型低流量地區的客戶肯定希望確保他們有能力和條件來做到這一點。所以他們知道，並且正在考慮升到LPS。最終，為了適用不同的電價等級，其發電量仍維持在 25 兆瓦範圍內。但這些客戶對更高負載水準的產品非常感興趣。所以他們知道，當他們到達那裡時，他們就能享受那個關稅稅率。

Right. So it's what they ultimately get to, would it be one of these like --. Okay. I understand.

正確的。所以最終的結果取決於他們如何選擇，會不會是以下這些選項之一：——。好的。我明白。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

If I could follow up, I think, on Steve's question earlier on slide 7, is the actively building category, is that what's currently in the 4% to 6% EPS growth rate and the finalizing advanced discussion is what's not included in the current growth rate?

如果我能跟進一下，我想就史蒂夫在第 7 張幻燈片中提出的問題，積極建設的類別，是指目前 4% 到 6% 的 EPS 增長率，而最終的深入討論是指當前增長率中不包括的內容嗎？

Yeah. We actively building that was probably my follow-up how I answered it earlier. So if you look at slide 7, good place to go, the actively building, which is Panasonic and Meta and third customers in the heavy near incompletion of construction, that's in the 2% to 3% low growth rate.

是的。我們正在積極構建，這可能是我之前回答這個問題時的後續反應。所以，如果你看第 7 張投影片，你會發現一個好去處，那就是正在積極建設中的企業，比如松下和 Meta，以及那些建設即將完工的大型企業，它們的增長率只有 2% 到 3%。

And in the 4% to 6%, right?

也就是 4% 到 6% 那一部分，對吧？

No, the 4% to 6% you get to if you include the 2 data center customers that are in the finalizing agreements category. This is the annual low growth rate. You're talking about if you're talking about the earnings growth rate of 4% to 6%, so the earnings growth rate of 4% to 6% that we've said we're targeting the top half and then we're going to update on the year-end call. That is reflected in the two that are in the actively building category.

不，如果把那兩位正在敲定協議的資料中心客戶也算進去，那就是 4% 到 6% 了。這是年度低成長率。您指的是 4% 到 6% 的獲利成長率，也就是說，我們曾表示，我們的目標是實現 4% 到 6% 的獲利成長率，然後我們將在年終電話會議上更新數據。這一點體現在目前正在積極建設中的兩個項目。

Great. Just the two, not the third?

偉大的。只有這兩個，沒有第三個嗎？

Correct.

正確的。

Great. And then I think when I look at your spread between your rate base growth and your earnings CAGR, it's roughly about 250 basis points. Is that a good spread going forward or the adoption of the large load tariff or the additional load, if you expect that to change, where is a good place to think where that settles out?

偉大的。然後，當我查看您的利率基礎成長率和收益複合年增長率之間的差距時，我認為大約是 250 個基點。展望未來，這樣的價差是否合理？或者說，採用大負載電價或增加負載電價是否合理？如果您預計這種情況會發生變化，那麼您應該如何考慮最終的平衡點？

Yes. So we haven't given guidance on that specific range. But I think if you look at our the $17.5 billion capital plan, it going back in time, there were higher levels of capital in the out years in that in that plan. We know that we will be presenting as part of the year-end call, an integrated financial plan that reflects the relationship between rate base growth, incremental loan growth is obviously helping reducing regulatory lag and the relationship that you see between that rate base growth and earnings growth.

是的。因此，我們沒有針對該具體範圍給予指導意見。但我認為，如果你回顧我們175億美元的資本計劃，你會發現該計劃在過去幾年的資本投入水平更高。我們知道，我們將在年終電話會議上提出一份綜合財務計劃，該計劃反映了利率基礎增長、新增貸款增長（顯然有助於減少監管滯後）以及利率基礎增長與收益增長之間的關係。

And there's a range that you see across different companies, and there's no reason why we would be outside of that range. So obviously, links as well to what the phasing is of both the loan growth and the capital in the plant. So we would we know that that's a question that we'll be addressing as part of our year-end update and the low growth and as we move into higher years in our capital plan, that will be reflected in the update that we provide.

不同公司之間有一定的差異，我們沒有理由不在這個差異範圍內。所以很明顯，這也與貸款成長和工廠資本的階段安排有關。因此，我們知道，我們將在年終更新中解決這個問題，隨著資本計畫進入更高階段，成長緩慢，這將在我們提供的更新中有所體現。

Great. And then just lastly, you talked earlier, I think, in your five years there, you've seen some big weather swings, I think, for three to five years. this year, very mild weather you ended up lowering '25. As you work on rolling out a new capital plan with the new load, does the very big swings in weather will that cause you either to give a wider range or bake in more conservatism in your plan, given you've seen how much of a swing weather could be in our yearly performance?

偉大的。最後，正如您之前提到的，我想，在您在那裡工作的五年裡，您經歷了一些劇烈的氣候波動，我想，持續了三到五年。今年，由於氣候非常溫和，您最終將預測值下調了25。在您制定新的資本計劃並引入新的負荷時，考慮到天氣對我們年度業績的影響程度，天氣的劇烈波動是否會導致您在計劃中擴大範圍或採取更保守的措施？

I think it's a very insightful question. I think it's something I really like having Bryan and Pete join the team work with a couple of different utilities. I know my background, I like being able to describe to investors here are the factors that we can control and he are the factors that are clearly outside of our control and are readily quantifiable but recognize that the number of our peer utilities and there's a like the investors can like to see, Hey, you can offset even if it's something easily to easily track and identify like weather, and you find mechanisms in your plan or build in an approach in the plan that can offset that.

我認為這是一個非常有見地的問題。我覺得布萊恩和皮特加入團隊，與幾家不同的公用事業公司合作，是一件非常令人高興的事情。我知道我的背景，我喜歡向投資者描述我們可以控制的因素，以及我們顯然無法控制且容易量化的因素，但要意識到我們同行公用事業公司的數量，以及投資者可能希望看到的，嘿，即使是像天氣這樣容易追踪和識別的因素，你也可以進行抵消，並在你的計劃中找到機製或在計劃中構建一種方法來抵消它。

So we'll continue to have that discussion internally because we recognize that feedback. We'll always be very transparent, plan to be very transparent with the tax because they as I mentioned, they didn't impact their fundamentals when they were positive. They are not going to impact the fundamentals when it's a year when it's a little more mild. It's a very mild August particular year. But it's something that we'll consider.

因此，我們將繼續在內部進行討論，因為我們重視這些回饋。我們將始終保持高度透明，並計劃在稅務方面保持高度透明，因為正如我所提到的，當稅收政策為正時，稅收並沒有影響到我們的基本面。如果今年的氣候比較溫和，這些因素不會對基本面產生影響。今年八月的氣候格外溫和。但我們會考慮這個問題。

And Bryan will be a real helpful thought partner as we consider what the best approach is there. But again, we're very excited about the long-term fundamentals. We're certainly not overreacting to the that was demonstrably a very mild Q2 and Q3, recognizing that we needed to implement the offsets that we did, and we're certainly always going to strive to be within hitting our targets in our range. So it's a good question, we'll continue to think about it.

布萊恩將會是一位非常有幫助的思考夥伴，我們將一起探討最佳方案。但是，我們再次強調，我們對公司的長期基本面非常看好。我們當然不會對明顯非常溫和的第二季度和第三季度反應過度，我們也意識到我們需要實施相應的調整，而且我們肯定會始終努力在我們的範圍內實現我們的目標。這是一個很好的問題，我們會繼續思考這個問題。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

I guess my first question, I just want to get a sense of the type of data center developments that are in your service territory when the largest of those sort of build out, how many megawatts is that in terms of demand for the largest of your customers right now?

我想問的第一個問題是，我想了解貴公司服務區域內資料中心的發展情況，當其中規模最大的資料中心建成後，貴公司目前最大客戶的需求量是多少兆瓦？

We haven't given the size by customer, though I suppose you can -- if you go back to our last well, we've said it's three customers in the finalizing agreements category are 1.5 to 2 gigawatts. So that gives you a pretty good sense of the average size. That's a good indicator for us. We haven't given more specificity in terms of size by customer. But that math will give you a pretty good road map for what the peak size typically. Is there some variability by customer, of course, but clearly large it's three large customers making up that 1.5 to 2 gigs.

我們沒有按客戶公佈規模，不過我想你可以自己查一下——如果你回顧我們上一期報告，我們說過，在最終敲定協議的類別中，有三位客戶的規模為 1.5 至 2 吉瓦。這樣你就能對平均尺寸有個大致的了解了。這對我們來說是一個很好的指標。我們尚未按客戶規模給出更具體的數據。但是，透過計算，我們可以大致了解峰值大小的典型情況。當然，不同客戶之間會有一些差異，但很明顯，這 1.5 到 2 G 的數據量是由三個大客戶貢獻的。

Okay. Because it I mean, it does seem like the size is smaller than in some of the neighboring states. And I was just wondering, is there some factor that is causing sort of the size of your facilities to be more modest?

好的。我的意思是，它看起來確實比一些鄰近州的面積要小。我只是想知道，是什麼因素導致你們的設施規模比較小？

Most of our customers want to expand past the regional peak once up. Some of these projects are similar customers involved. So I don't think there's a fundamental dynamic there. For most of the we obviously track with the other customer announcements are.

我們的大多數客戶在達到區域高峰後都希望進一步擴張。這些項目中有些涉及類似的客戶。所以我認為這裡面不存在什麼根本性的動態因素。對於大多數我們顯然會追蹤的其他客戶公告而言。

And there are a couple of very unique large ones out there. But we're it's -- an average size is in the 600 to 700-megawatt range is still a very, very large customer and very large data center and as I noted, the most want to expand best original peak if we're able to accommodate it, but we like some diversification in customers and sites, which is reflected in a robust queue. That helps keep everyone motivated as well.

而且還有一些非常獨特的大型個體。但是，它的平均規模在 600 到 700 兆瓦範圍內，仍然是一個非常非常大的客戶和非常大的資料中心，正如我所指出的，大多數客戶都希望擴大其原有的峰值容量，如果我們能夠滿足他們的需求的話，但我們也喜歡客戶和站點的多樣化，這體現在我們強大的訂單隊列中。這也有助於維持大家的積極性。

And then at what point would you need to build new generation in terms of I guess, the three categories that you've outlined actively building, finalizing and advanced discussions.

那麼，在什麼情況下需要培養新一代人才呢？我猜，就你概述的這三個類別而言，即積極建構、最終確定和推進討論。

So we that's a great question. And as we noted at the going to be one of the factors that's a driver for our plan update that we plan to give. Our integrated resource plan that we filed in '25, and we outlined in the appendix, which projects and the integrated resource plan were in last year's capital plan, which we're not.

這是一個很好的問題。正如我們之前提到的，這將是我們計劃更新計劃的驅動因素之一。我們在 2025 年提交的綜合資源計劃，以及我們在附錄中概述的計劃，都包含在去年的資本計劃中，而我們並沒有包含在去年的資本計劃中。

As we develop that integrated resource plan, we included because information. We had included the two customers that were in the finalizing the agreement the category. You will see in an IRP from last year, a significant amount of incremental generation required to serve that load that was not yet included in the plan.

在製定綜合資源計劃時，我們納入了資訊。我們將正在敲定協議的兩名客戶也納入了這個類別。從去年的 IRP 可以看到，為了滿足該負荷，需要大量的增量發電，而這些發電量尚未包含在計劃中。

So we have taken steps in terms of long lead time equipment, actions we need to take to be able to serve the customers that we've lined up. So we have some flexibility to do that. But I also note that we're going to be the next update to our capital plan and our integrated resource plan is going to factor in, not only low growth expectations in the plants we need to serve those SPPs reserve margin requirements, but also changes in federal local policies impacting renewables.

因此，我們在交貨週期長的設備方面採取了措施，這是我們為了服務已預定的客戶而必須採取的行動。所以我們在這方面有一定的彈性。但我還要指出，我們將對資本計劃和綜合資源計劃進行下一次更新，屆時不僅會考慮滿足小型發電廠備用容量要求所需的電廠的低增長預期，還會考慮影響可再生能源的聯邦和地方政策的變化。

And if renewables are less economic or harder to build, for example, we'll look at market capacity options, we'll look at potential retirement delays. We're going to look at the whole package to make sure that we are driving reliability and affordability for our customers.

例如，如果再生能源的經濟效益較低或建設難度較大，我們將考慮市場容量方案，並考慮延後退役的可能性。我們將全面審視整個方案，以確保我們能夠為客戶提供可靠且經濟實惠的產品。

But at the end of the day, there's some incremental investments that we expect are going to need to be made, but we're going to look at that package of things in terms of what's that right mix of generation, how do we make sure we ensure reliability, take advantage of the growth opportunity, but also always keep an eye on affordability.

但歸根結底，我們預計還需要進行一些增量投資，我們將從發電組合的角度來考慮這個問題，如何確保可靠性，抓住成長機會，同時始終關注可負擔性。

And last question for me. Taking into consideration all of the legislative and regulatory changes. What estimate would you have for regulatory lag on a go-forward basis in your jurisdictions?

最後一個問題。考慮到所有立法和監管方面的變化。您對貴轄區未來監理滯後狀況的估計是多少？

Yes. Paul, this is Bryan. We haven't given an exact number for regulatory lag, we expect compared to a lot our authorized ROEs in our states. Things we point to is that, historically, you've seen us earn have some pretty low ROEs, but the PISA and CWIP legislation certainly help in that regard.

是的。保羅，這是布萊恩。我們沒有給出監管滯後的確切數字，但我們預計會與我們各州許多已批准的 ROE 相比。我們指出，從歷史上看，我們的 ROE 一直很低，但 PISA 和 CWIP 立法在這方面肯定有所幫助。

We also have load growth that we haven't seen in many years, and we think it's going to be at a level that we haven't seen in many decades, which will help us kind of bridge that gap and get, we hope, very close to our authorized level of ROE. So that's directionally what I would want to give you, and we'll share more details in February.

我們也迎來了多年來未曾見過的負荷增長，我們認為這將達到幾十年來未曾見過的水平，這將有助於我們彌合差距，並有望非常接近我們授權的 ROE 水平。所以，這就是我想向你們傳達的方向，我們將在二月分享更多細節。

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

問答環節到此結束。現在我謹將發言權交還給大衛·坎貝爾，請他作總結發言。

Helen, thanks, everyone, for joining the call today. We look forward to seeing all of you at EEI this weekend and next week. And that concludes today's call. Thank you.

海倫，謝謝大家今天參加電話會議。我們期待本週末和下週在EEI見到大家。今天的電話會議到此結束。謝謝。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。