艾索倫電力 (EXC) 2021 Q2 法說會逐字稿

Hello, and welcome to Exelon's Second Quarter Earnings Call. My name is Danny, and I will be your event specialist today. (Operator Instructions) Please note that today's webcast is being recorded. (Operator Instructions)

您好，歡迎參加 Exelon 第二季財報電話會議。我叫 Danny，今天將擔任本次活動的會議專員。（接線員指示）請注意，今天的網路直播將會錄音。（接線員指示）

It is now my pleasure to turn today's program over to Dan Eggers, Senior Vice President of Corporate Finance. The floor is yours.

現在我很榮幸將今天的議程交給企業財務資深副總裁 Dan Eggers。請開始。

Thank you, Danny. Good morning, everyone, and thank you for joining our second quarter 2021 earnings conference call. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer; and Joe Nigro, Exelon's Chief Financial Officer. They're joined by other members of Exelon's senior management team, who will be available to answer your questions following our prepared remarks. We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Exelon's website.

謝謝你，Danny。各位早安，感謝各位參加我們 2021 年第二季財報電話會議。今天由 Exelon 總裁暨執行長 Chris Crane，以及 Exelon 財務長 Joe Nigro 主持。另有 Exelon 高階管理團隊其他成員一同參與，並將在我們的準備發言後回答各位提問。我們今天早上已發布財報新聞稿並提供簡報，皆可於 Exelon 官網的投資人關係專區查閱。

The earnings release and other matters which we discuss during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and other factors, including uncertainties surrounding the planned separation that may cause results to differ from management's projections, forecasts and expectations.

財報新聞稿以及我們在今天電話會議中討論的其他事項，包含前瞻性陳述與估計，並受各種風險與不確定性影響。實際結果可能因今日資料中所討論之因素與假設，以及本次電話會議所作評論而與前瞻性陳述有所不同。請參閱今日的 8-K 以及 Exelon 其他 SEC 申報文件中對風險因素與其他因素的討論，包括與計畫分拆相關的不確定性，這些都可能導致結果與管理層的推估、預測與預期不同。

Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures.

今天的簡報亦包含對調整後營運盈餘及其他非 GAAP 指標的引用。請參閱簡報附錄及我們的財報新聞稿所載資訊，以取得非 GAAP 指標與最接近之 GAAP 指標之間的調節表。

I'll now turn the call over to Chris Crane, Exelon's CEO.

接下來我把電話交給 Exelon 執行長 Chris Crane。

Thanks, Dan, and good morning, everybody, and thanks for joining us this morning. We had a good quarter financially and operationally. We made progress on our regulatory and policy objectives as we had stated our desires last quarter. We earned $0.41 per share on a GAAP basis and $0.89 per share on a non-GAAP basis, and Joe will go through those details when we get to his part of the presentation.

謝謝你，Dan。各位早安，也感謝大家今天早上加入我們。本季在財務與營運方面表現良好。我們在監管與政策目標上也取得進展，正如我們上季所表達的訴求。我們按 GAAP 基礎每股盈餘為 0.41 美元，按非 GAAP 基礎每股盈餘為 0.89 美元；稍後在簡報輪到 Joe 時，他會說明相關細節。

As you know, we've been working with our regulators and our policymakers across our 6 jurisdictions on regulatory mechanisms that would allow us to prudently invest in critical infrastructure to the benefit of our consumers while earning an appropriate return on that used capital. As part of those efforts, the D.C., Maryland PSCs, approved multiyear plans for Pepco. The New Jersey BPU approved ACE's electric rate settlement, and we received an order in the PECO gas rate case. It's the first in 10 years.

如各位所知，我們一直與六個司法管轄區的監管機關與政策制定者合作，推動能讓我們審慎投資關鍵基礎設施的監管機制，在造福消費者的同時，亦能就投入資本取得適當報酬。作為這些努力的一部分，華盛頓特區與馬里蘭州的公共服務委員會（PSC）已核准 Pepco 的多年期計畫。新澤西州公用事業委員會（BPU）核准了 ACE 的電價和解方案，而我們也在 PECO 的天然氣費率案件中收到命令。這是 10 年來的第一次。

PJM held a first capacity auction in 3 years. Results were disappointing, but were slightly better than we had anticipated or expected. Commerce and the administration continue to work on the infrastructure package, and there is momentum building to preserve the existing nuclear fleet to meet the country's energy and climate goals.

PJM 在 3 年來首次舉行容量拍賣。結果令人失望，但略優於我們原先的預期。商務部與政府持續推動基礎建設方案，且保留既有核電機組以達成國家能源與氣候目標的動能正在形成。

The president's budget includes support for existing nuclear plants, and Senator Cardin and Representative Pascrell introduced legislation to provide $15 per megawatt hour production tax credit to existing nuclear power plants. This legislation would help ensure that the existing nuclear fleet, which provides more than 50% of the nation's carbon-free power remains in operations and available to meet the country's energy needs while preserving and achieving climate goals.

總統的預算包含對既有核電廠的支持，而 Cardin 參議員與 Pascrell 眾議員也提出立法，擬對既有核電廠提供每兆瓦時 15 美元的生產稅額抵免（PTC）。該立法將有助於確保既有核電機組持續運轉並可用以滿足國家能源需求，同時保留並達成氣候目標；因為既有核電機組提供了全國超過 50% 的無碳電力。

This progress is encouraging. If the PTC is included in the legislation that passes later this year, it will make an enormous difference for climate and for our nuclear plants. Unfortunately, though, that will be too late for the buyer interest in nuclear facilities, which brings me to Illinois. After many months of very tough negotiations, we were able to reach agreement with the governor and his administration that would provide support to the buyer interest in Braidwood facilities, allowing them continued operation and LaSalle would also be preserved.

這些進展令人鼓舞。若 PTC 被納入今年稍後通過的立法，將對氣候以及我們的核電廠帶來巨大的影響。然而，不幸的是，對於核設施的買方意向而言，這將來得太晚，這也把我帶到伊利諾州的議題。經過數月非常艱難的談判，我們得以與州長及其政府達成協議，將為 Braidwood 設施的買方意向提供支持，使其得以持續運轉，而 LaSalle 也將得以保留。

Unfortunately, the state leaders and other stakeholders are at an impasse at this point on provisions related to the nuclear regulation -- or excuse me, the nuclear issues in the legislation. There's been no progress towards enacting the legislation since the session ended and the retirement dates for the plants are now only weeks away. We don't want to close these plants, but we cannot make decisions based off of hope of legislation being passed in the future. We've been doing that since 2016, while significant losses have been incurred.

不幸的是，州政府領導人與其他利害關係人目前在立法中與核能監管——更正，是與核能議題相關的條款上陷入僵局。自會期結束以來，推動立法通過沒有任何進展，而電廠的退役日期如今只剩下幾週。我們不希望關閉這些電廠，但我們不能把決策建立在對未來立法可能通過的期待上。我們自 2016 年以來一直如此，同時也承受了重大虧損。

We must act on the economic facts as they exist today, where no legislation has been passed by the general assembly or signed into law by the governor. Absent legislation, closing the plants is the right economic decision, but not an easy one. The talent, the dedicated employees that work at these plants, our colleagues and our friends that these -- their jobs support their families and their communities. Premature retirement of these plants is also a loss for the citizens of Illinois.

我們必須依據當前的經濟事實採取行動：州議會尚未通過任何立法，州長也尚未簽署成為法律。在缺乏立法的情況下，關閉電廠是正確的經濟決策，但這並不容易。這些電廠的專業人才與敬業員工——我們的同事與朋友——他們的工作支撐著家庭與社區。這些電廠的提前退役，對伊利諾州的民眾而言同樣是一項損失。

The 4 plants at Byron, Dresden, Braidwood and LaSalle, which are 8 reactors, provide 28,000 direct and indirect jobs, $3.5 billion annually to the Illinois economy. $150 million in Illinois taxes that support the schools, public safety and other critical services in the communities that they reside in. 2/3 of Illinois carbon-free electricity is greatly at risk with these shutdowns. Once Byron and Dresden retire, it will take many years under the proposed legislation to add enough renewable energy -- intermittent renewable energy to get back to where Illinois is in terms of clean energy production. In the meantime, more than 100 million metric tons of additional carbon will be admitted over the next decade as a result.

Byron、Dresden、Braidwood 與 LaSalle 這 4 座電廠、共 8 座反應爐，提供 28,000 個直接與間接工作機會，每年為伊利諾州經濟貢獻 35 億美元，並繳納 1.5 億美元伊利諾州稅收，用以支持學校、公共安全及其所在社區的其他關鍵服務。隨著這些關閉，伊利諾州三分之二的無碳電力將面臨重大風險。一旦 Byron 與 Dresden 退役，即使依照擬議立法，也需要多年才能新增足夠的再生能源——間歇性再生能源——使伊利諾州的潔淨能源產出回到目前水準。在此期間，未來十年將因此額外排放超過 1 億公噸的碳。

I remain hopeful that the outstanding differences can be resolved and the bill will be passed very soon that would allow the clients to continue to deliver the carbon-free power to the grid, but time is really running out on that becoming achievable.

我仍然希望未解的分歧能夠化解，法案能在非常短的時間內通過，使這些資產得以持續向電網輸送無碳電力，但要達成這一點的時間確實所剩無幾。

Moving to operations on Slide 6. Reliability performance remained strong despite the frequent storms and the heat across our service territories. All utilities achieved first quartile operating performance in outage duration and frequency, as you can see by the charts. ComEd delivered top decile performance in outage duration and frequency while BGE and PHI were top decile for outage duration. Customer operation metrics remain strong across the utilities. BGE, ComEd and PECO achieved top decile performance in the customer satisfaction indices.

接著看第 6 頁的營運表現。儘管我們服務區域內暴風雨頻繁且高溫炎熱，供電可靠度表現仍維持強勁。從圖表可見，所有公用事業公司在停電持續時間與停電頻率方面皆達到第一四分位的營運表現。ComEd 在停電持續時間與停電頻率方面達到前十分位表現，而 BGE 與 PHI 在停電持續時間方面亦為前十分位。各公用事業的客戶營運指標仍然強勁。BGE、ComEd 與 PECO 在客戶滿意度指數方面達到前十分位表現。

On the Generation front, our generation fleet performed well during the quarter. Our nuclear plants provided 36.6 terawatt hours of 0 carbon generation to the grid, avoiding approximately 20 million metric tons of carbon dioxide. The fleet had a capacity factor of 93.7% for the quarter. Our fossil and renewable fleet operated above plan with power dispatch match at 99.5% and wind and solar energy capture at 96%. Our Texas plants are running as expected, helping to meet the summer loads.

在發電方面，我們的發電機組本季表現良好。我們的核電廠向電網提供 366 億度（terawatt hours）的零碳發電，避免約 2,000 萬公噸二氧化碳排放。本季機組容量因子為 93.7%。我們的化石燃料與再生能源機組運轉優於計畫，電力調度匹配度達 99.5%，風電與太陽能的能量捕捉率達 96%。我們在德州的電廠如預期運轉，協助滿足夏季負載需求。

Turning to the separation on Slide 7. We're making progress against our execution plan and remain on track for a first quarter close. The team is working on the organizational and cost structures of each company that will set each business up for long-term success. On the regulatory front, we received comments in each of the dockets for approval and the process is moving forward as expected. We remain on track to get the necessary approvals. We will continue to update you on the work as it progresses.

接著看第 7 頁的分拆進度。我們正依執行計畫推進，並仍按期在第一季完成交割。團隊正著手規劃兩家公司各自的組織與成本結構，以奠定長期成功的基礎。在監管方面，我們已在各項核准案卷中收到意見，流程如預期推進。我們仍按計畫取得所需核准。我們將在工作進展時持續向各位更新。

Turning to Slide 8. We all are very excited at Exelon to announce that Exelon Utilities have set a goal to reduce their operations-driven emission by 50% by 2030 and reaching net zero by 2050. Since our founding, Exelon has been dedicated to being part of the solution for climate crisis and a leader in providing clean energy to the grid.

接著看第 8 頁。我們 Exelon 全體都非常興奮地宣布，Exelon Utilities 設定目標：到 2030 年將營運所驅動的排放量降低 50%，並在 2050 年達成淨零。自成立以來，Exelon 一直致力於成為氣候危機解方的一部分，並在向電網提供潔淨能源方面扮演領導者。

We were one of the first companies in our industry to commit to reducing greenhouse gas emissions, even though our emissions were already 10x lower than our peers. We have met or exceeded our previous -- 3 previous goals, and Exelon Utilities' new goal builds upon our long-standing commitment to reduce our greenhouse gas emissions.

我們是本產業最早承諾減少溫室氣體排放的公司之一，即使我們的排放量已比同業低 10 倍。我們已達成或超越先前的——三項既定目標，而 Exelon Utilities 的新目標則建立在我們長期以來降低溫室氣體排放的承諾之上。

We'll meet these goals through continued modernization of our gas systems, electrifying our light-duty fleet and exploring electricity and other zero carbon alternatives for medium- and heavy-duty fleet. A focus on energy efficiency and clean electricity for our operations is clearly part of the plan. Investing in equipment and processes to reduce our SF6 insulating gas from our large breakers from our system, exploring and piloting low-carbon fuels in new grid technologies and advocating for affordable grid decarbonization.

我們將透過持續現代化天然氣系統、推動輕型車隊電動化，並為中型與重型車隊探索電力及其他零碳替代方案來達成這些目標。聚焦能源效率與以潔淨電力支援我們的營運，顯然也是計畫的一部分。我們將投資設備與流程，以降低系統中大型斷路器所使用的 SF6 絕緣氣體；探索並試點在新型電網技術中使用低碳燃料；並倡議可負擔的電網去碳化。

In addition, we remain focused on how we can help our customers and communities decarbonize in an equitable way. The utilities will continue to invest in the EV infrastructure across our service territories and join the Electric Highway Coalition, which will create a seamless network of charging stations on highway systems covering most of the country.

此外，我們仍專注於如何以公平的方式協助客戶與社區去碳化。各公用事業公司將持續在我們的服務區域投資電動車（EV）基礎設施，並加入 Electric Highway Coalition，該聯盟將在涵蓋全國大部分地區的高速公路系統上建立無縫的充電站網路。

We will invest in robust energy efficiency programs at each of our utilities. This is a continuing endeavor which will enable customers to have lower emissions profile, use less energy and save money. In 2020 alone, these programs avoided 8.1 million metric tons of carbon emissions. Advocates for policy that will put our state -- we will continue to advocating for policies that will put our states and our communities on a path to a clean energy future while ensuring equitable transitions that benefit everyone in our communities.

我們將在旗下各家公用事業公司投資於強健的能源效率計畫。這是一項持續性的努力，將使客戶擁有較低的排放輪廓、使用更少能源並節省費用。僅在 2020 年，這些計畫就避免了 810 萬公噸的碳排放。我們倡議能讓我們的州——我們將持續倡議能讓我們的州與社區走上潔淨能源未來道路的政策，同時確保公平轉型，使我們社區中的每個人都能受益。

Before I turn it over to Joe on Slide 9, I want to highlight the work we are doing to help transform our communities through our workforce development programs, which you can see on -- narrated on the slide. Diversity, equality and inclusion is a core value at Exelon, and we are growing a diverse and inclusive, high-performing workforce. We operate in some of the most diversed cities in the country, and we have a responsibility to help address the inequities in our communities. We have more than 100 workforce development programs, spanning from middle schools, high schools and throughout colleges as well as programs for work-ready underemployed adults. These programs have already reached more than 22,000 participants.

在我把第 9 張投影片交給 Joe 之前，我想強調我們透過勞動力發展計畫所做的工作，以協助轉型我們的社區；你們可以在投影片上看到——並有旁白說明。多元、平等與共融是 Exelon 的核心價值，我們正在打造多元且共融、績效卓越的勞動力。我們在全國一些最多元的城市營運，也有責任協助解決社區中的不平等。我們有超過 100 項勞動力發展計畫，涵蓋國中、高中到大學，以及針對具備就業準備但就業不足的成人之計畫。這些計畫已觸及超過 22,000 名參與者。

We recently launched the STEM Leadership Academy scholarships that are open to graduates of the program, ensures that the graduates are debt-free and guaranteed internships with Exelon throughout their college half. I recently awarded scholarships to 7 young women and see their faces on how life-changing this was for them and their families. It was quite emotional not only for the young women, but for myself and the rest of the leadership here at Exelon. We are committed to supporting our communities by investing in education, job training programs and giving the underserved populations opportunities to grow and succeed.

我們近期推出 STEM Leadership Academy（STEM 領導力學院）獎學金，開放給該計畫的畢業生申請，確保畢業生無負債，並在其大學就讀期間保證可在 Exelon 實習。我最近頒發獎學金給 7 位年輕女性，看到她們的表情就知道這對她們及其家庭有多麼改變人生。這不僅讓這些年輕女性感到激動，對我本人以及 Exelon 其他領導團隊而言也相當動容。我們致力於透過投資教育、職業訓練計畫，並為服務不足族群提供成長與成功的機會，以支持我們的社區。

I'll turn it over to Joe now to take our financial update.

現在我把時間交給 Joe，請他進行我們的財務更新。

Thank you, Chris, and good morning, everyone. Today, I will cover our second quarter results, our quarterly financial updates and our hedge disclosures.

謝謝你，Chris，各位早安。今天我將說明我們第二季的業績、季度財務更新，以及避險揭露。

First, turning to Slide 10. We earned $0.89 per share on a non-GAAP basis for the quarter. This favorability was driven by O&M and tax timing as well as some realized and unrealized gains we have forecasted for later this year. Exelon Utilities delivered a combined $0.49 per share net of holding company expenses. This was primarily driven by strong operational performance and the impacts of distribution rate cases.

首先請看第 10 張投影片。本季我們以非 GAAP 基礎計算的每股盈餘為 0.89 美元。這項有利表現主要由 O&M 與稅務時點所帶動，並包含我們原先預測將在今年稍晚實現的一些已實現與未實現收益。Exelon Utilities 在扣除控股公司費用後合計貢獻每股 0.49 美元。這主要來自強勁的營運表現，以及配電費率案件的影響。

ExGen earned $0.40 per share in the second quarter, and we've begun to make progress on levers we identified to mitigate the Texas laws, but as we've said before, we expect it will take a full year to realize all the savings. Additionally, unrealized and realized gains from the Constellation Technology Ventures portfolio, and realized gains from our nuclear decommissioning trust funds contributed to the favorable course.

ExGen 第二季每股盈餘為 0.40 美元。我們已開始在先前辨識的槓桿上取得進展，以緩解德州法規的影響，但如同我們先前所說，預期需要一整年才能實現所有節省。此外，Constellation Technology Ventures 投資組合的未實現與已實現收益，以及我們核電除役信託基金的已實現收益，也對有利表現有所貢獻。

At Holdco, we benefited from expected income tax favorability in the second quarter. As a reminder, Holdco incurred $0.12 per share drag in the first quarter associated with how consolidated full year tax expenses are booked due to the impact of losses incurred at ExGen in Texas during Q1. The remainder of the first quarter hit will reverse over the course of the year and not impact our full year results.

在 Holdco 方面，我們在第二季受惠於符合預期的所得稅有利因素。提醒一下，Holdco 在第一季因合併全年稅費入帳方式而產生每股 0.12 美元的拖累，原因是 ExGen 在第一季於德州發生的損失所致。第一季其餘的影響將在今年內逐步回轉，不會影響我們的全年結果。

There's still a lot of work to be done this year, but we are confident we will deliver earnings within our guidance range of $2.60 to $3 per share, and you can see the details on Slide 17 in the appendix.

今年仍有許多工作要完成，但我們有信心可在每股 2.60 至 3.00 美元的指引區間內達成獲利，你們可在附錄第 17 張投影片看到細節。

On Slide 11, we show our quarter-over-quarter earnings walk. The $0.89 per share in the second quarter of this year was $0.34 per share higher than the second quarter of 2020. Exelon Utilities less Holdco earnings were up $0.20 per share compared with last year. The increase was driven primarily by the absence of storm's costs from last year's record-setting storm season at PECO and new rates associated with our completed rate cases and the impact of higher treasury rate on ComEd's distribution ROE. The partial reversal of first quarter tax expense at corporate also drove favorability relative to last year's results.

在第 11 張投影片，我們呈現本季相較前一季的獲利變動拆解。今年第二季每股 0.89 美元，較 2020 年第二季高出每股 0.34 美元。Exelon Utilities 扣除 Holdco 後的獲利較去年增加每股 0.20 美元。增幅主要來自去年 PECO 創紀錄風暴季所產生的風暴成本在今年不再出現，以及我們已完成的費率案件所帶來的新費率，並且 ComEd 的配電 ROE 受較高的公債利率影響。公司層面第一季稅費的部分回轉，也使表現相較去年更為有利。

ExGen's earnings were up $0.14 per share compared with last year. And the increase was due to unrealized and realized gains on our Constellation Technology Venture investments, realized gains in our nuclear decommissioning trust funds, fewer planned nuclear outage days and higher ZEC revenue from increased volumes in ZEC pricing in New York. As a reminder, the Constellation Technology Venture investment will be mark-to-market every quarter. And since the quarter end, we have seen some decline in prices.

ExGen 的獲利較去年增加每股 0.14 美元。增幅來自我們 Constellation Technology Venture 投資的未實現與已實現收益、核電除役信託基金的已實現收益、較少的計畫性核電停機天數，以及紐約因 ZEC 定價下的量增加而帶來較高的 ZEC 收入。提醒一下，Constellation Technology Venture 投資將於每一季按市價評價（mark-to-market）。而在季末之後，我們已看到價格有所下滑。

Moving on to Slide 12. Looking at our utility returns on a consolidated basis, our trailing 12-month ROE as of the second quarter has improved to 9.4% and is back within our 9% to 10% targeted range. A 50 basis point increase from last quarter was primarily due to higher second quarter earnings across the utilities and the roll-off of the storms that I mentioned that occurred last year. Looking forward, we remain focused on delivering stronger returns in the utilities and supporting our growth targets.

接著看第 12 張投影片。以合併基礎觀察我們公用事業的報酬率，截至第二季的過去 12 個月 ROE 已改善至 9.4%，並回到我們 9% 至 10% 的目標區間。較上季增加 50 個基點，主要是因各公用事業第二季獲利較高，以及我先前提到的去年風暴影響逐步消退。展望未來，我們仍專注於在公用事業端交付更強的報酬，並支持我們的成長目標。

Now turning to Slide 13. As Chris mentioned briefly in his remarks, there were some important developments on the regulatory front. Notably, we received orders in 2 multiyear plans at Pepco for D.C. and Maryland. Multiyear plans provide our customers with great predictability and reduce the administrative costs caused by frequent filing with traditional rate case to recover our costs. We are pleased that we have now received orders in our first 3 multiyear rate plans, which will provide timely and predictable recovery for capital investments for the benefit of all our customers.

現在請看第 13 張投影片。如 Chris 在致詞中簡要提到，監管面出現一些重要進展。值得注意的是，我們在 Pepco 於華盛頓特區與馬里蘭州的兩項多年期計畫中收到核准命令。多年期計畫可為客戶提供良好的可預測性，並降低因傳統費率案件為回收成本而頻繁申報所造成的行政成本。我們很高興目前已在首 3 項多年期費率計畫中取得核准命令，將為資本投資提供及時且可預測的回收，造福所有客戶。

And now moving on to the details of the recent rate case developments. First, on June 8. The DC Public Service Commission approved Pepco's multiyear plan for the 18 months, spanning the remainder of '21 through 2022 with an allowed ROE of 9.275%, a revenue increase of $108.6 million along with the acceleration of tax benefits to partially mitigate rate impacts for customers through 2022 is approved. Additionally, the order allows for two-way reconciliation, including the ability to request recovery of costs that exceed the forecasted cost at the end of deployment. The commission also approved tracking performance incentive mechanisms that are focused on the district's climate and clean energy goals, including GHG emission reduction, energy savings, peak demand reduction and distributed energy resources deployed.

接著說明近期費率案件進展的細節。首先，6 月 8 日，華盛頓特區公共服務委員會核准 Pepco 的 18 個月多年期計畫，涵蓋 2021 年剩餘期間至 2022 年，核准允許 ROE 為 9.275%，營收增加 1.086 億美元，並核准加速稅務利益，以在 2022 年前部分緩解對客戶費率的影響。此外，該命令允許雙向調整（two-way reconciliation），包括在部署結束時可申請回收超出預測的成本。委員會亦核准追蹤型績效誘因機制，聚焦於特區的氣候與潔淨能源目標，包括溫室氣體（GHG）減排、節能、尖峰需求降低，以及已部署的分散式能源資源。

Second, on the 28th of June, the Maryland Public Service Commission approved Pepco's 3-year multiyear plan for April 1, 2021 through March 31, 2024. The order approved a cumulative revenue requirement of $52 million over the period as well as a 9.55% ROE. Acceleration of tax benefits to offset customer increases were improved for the first year with years 2 and 3 to be determined later. COVID-19 in electric vehicle regulatory assets were also approved for recovery.

第二，6 月 28 日，馬里蘭州公共服務委員會核准 Pepco 的 3 年多年期計畫，期間為 2021 年 4 月 1 日至 2024 年 3 月 31 日。該命令核准期間累計營收需求 5,200 萬美元，以及 9.55% 的 ROE。為抵銷客戶費率上調而加速稅務利益的措施，在第一年有所改善；第 2 年與第 3 年將於後續決定。與 COVID-19 及電動車相關的監管資產亦核准可回收。

Third, on the 22nd of June, the Pennsylvania Public Utility Commission issued an order approving increase in PECO's annual natural gas distribution revenues of $29 million, reflecting an ROE of 10.24%.

第三，6 月 22 日，賓夕法尼亞州公共事業委員會發布命令，核准 PECO 的年度天然氣配電營收增加 2,900 萬美元，反映 ROE 為 10.24%。

And fourth, on July 14, the New Jersey Board of Public Utilities unanimously approved ACE's settlement in both the electric distribution rate case as well as our AMI meter and network deployment and cost recovery. The rate case settlement was for $41 million revenue increase and a 9.6% ROE. There will be no rate impact to customers until January 1, 2022, due to improved offsets from acceleration of tax benefits. We are excited about the AMI decision that will allow us to bring the benefits of this technology to our customers in South Jersey.

第四，7 月 14 日，新澤西州公共事業委員會一致核准 ACE 在配電費率案件，以及我們 AMI 智慧電表與網路部署及成本回收方面的和解案。費率案件和解內容為營收增加 4,100 萬美元、ROE 為 9.6%。由於加速稅務利益帶來更佳抵銷，客戶在 2022 年 1 月 1 日之前不會受到費率影響。我們對 AMI 的決定感到振奮，這將使我們能把這項技術的效益帶給南新澤西的客戶。

We've also had several rate cases still in progress, including Delmarva, Delaware's electric case where we expected [provision] in the third quarter, the PECO electric case in the fourth quarter and ComEd's annual formula rate filing in December. And overall, we're very pleased with the progress in advancing progressive regulatory designs that benefit our customers while easing regulatory burden and improving visibility for our utilities. As a reminder, we expect nearly 100% of our rate base growth will be covered by alternative mechanisms by the end of our planning period, a differentiator for our utilities when compared to our peers. And more details on the rate cases can be found on Slides 21 through 28 of the appendix.

我們也仍有數個費率案件在進行中，包括 Delmarva 在德拉瓦州的電力案件（我們預期第三季會有 [provision]）、PECO 的電力案件（第四季），以及 ComEd 在 12 月的年度公式費率申報。整體而言，我們對於推動能讓客戶受益、同時降低監管負擔並提升公用事業能見度的前瞻性監管設計之進展感到非常滿意。提醒一下，我們預期在規劃期結束前，近 100% 的費率基礎成長將由替代機制所涵蓋，這是我們公用事業相較同業的差異化優勢。更多費率案件細節可見附錄第 21 至 28 張投影片。

And before discussing our gross margin update on Slide 14, I want to remind you that we will not be providing any ExGen disclosures beyond 2021 at this time. And given the separation, we expect to provide the 2022 hedge disclosures closer to completion when we're able to give a full financial picture for new spun-off company.

在討論第 14 頁投影片上的毛利更新之前，我想提醒各位，我們目前不會提供 2021 年以後的任何 ExGen 揭露資訊。並且鑑於分拆，我們預期將在接近完成時再提供 2022 年避險揭露，屆時我們才能為新分拆公司提供完整的財務全貌。

Turning to the table on gross margin. There is no change to the 2021 gross margin since last quarter. In 2021, open gross margin is up $750 million relative to the first quarter primarily due to the impact of higher prices across all regions and the execution of $50 million power new business in [2021]. Our mark-to-market hedges were down $600 million due to our highly hedged position, partially offset by the execution of power new business. We executed $150 million of power new business in the quarter and $50 million of non-power business in the quarter.

接著看毛利表格。2021 年毛利相較上季沒有變動。2021 年，未平倉毛利相較第一季增加 7.5 億美元，主要是因為各區域價格上升的影響，以及在 [2021] 年執行了 5,000 萬美元的電力新業務。我們的按市價計價避險因高度避險部位而減少 6 億美元，部分被電力新業務的執行所抵銷。本季我們執行了 1.5 億美元的電力新業務，以及 5,000 萬美元的非電力業務。

I'll stop there. Thank you, and I'll now turn the call back to Chris for his closing remarks.

我就先說到這裡。謝謝，接下來我把電話交回給 Chris 做結語。

Thanks, Joe. Appreciate it. Turning to Slide 15, I'll close on our priorities and commitments. We will meet or exceed our financial commitments, delivering earnings within our guidance range and maintaining a strong balance sheet. We will complete preparations to separate the business, including obtaining the regulatory approvals. At Exelon Utilities, we will prudently and effectively deploy nearly $6.6 billion of capital to the benefit of our customers and to help meet our state's energy policy goals, and we will work with our regulators to ensure timely recovery of these investments.

謝謝，Joe。非常感謝。接著看第 15 頁投影片，我將以我們的優先事項與承諾作結。我們將達成或超越我們的財務承諾，在指引區間內交付盈餘，並維持強健的資產負債表。我們將完成分拆業務的準備工作，包括取得監管核准。在 Exelon Utilities，我們將審慎且有效地投入近 66 億美元資本，以造福客戶並協助達成本州的能源政策目標，同時我們也將與監管機關合作，確保這些投資能及時回收。

We will continue to advocate for clean energy and climate policies with the new administration commerce in our states to put the country on the path to meeting the carbon reduction goals that all desire. And we'll continue to partner and support our customers in the communities that we serve.

我們將持續在各州與新政府倡議潔淨能源與氣候政策，使國家走上達成各界所期望之減碳目標的道路。我們也將持續與我們所服務社區中的客戶合作並提供支持。

Thank you, and I'll now open it up for questions. Before I do that, though, I have one error in my prepared reading. I said we're at impasse on the nuclear issues on the bill. And that's not where the impasse is. We've resolved the nuclear issues. We're working with all the constituents on other elements. So just want to make sure that my blunder there didn't go too far down the path of what the hell is going on.

謝謝，接下來我將開放提問。不過在那之前，我在事先準備的稿子裡有一個錯誤。我說我們在法案中的核能議題上陷入僵局。但僵局不在那裡。我們已經解決了核能議題。我們正與所有利害關係人就其他要素進行合作。所以我只是想確保我剛才的失言沒有讓大家一路誤解到「到底發生什麼事」。

But with that, I'll open it up for questions.

那麼，現在我開放提問。

(Operator Instructions) The first question will be from Julien Dumoulin-Smith of Bank of America.

（接線員指示）第一個問題來自美國銀行（Bank of America）的 Julien Dumoulin-Smith。

So I'll let the legislative comment on Illinois. I know it's dynamic, and there's probably not too much more you can comment on there. But I'd love to spend a moment, if you can, talking more high level with respect to the federal efforts as well. And perhaps outside of Illinois, can you speak a little bit to the ability to potentially tap into this [CMC] program, specifically in other states like Maryland and Pennsylvania as well as the ability perhaps in some of the states that have various programs, just should we say, true-up against future pressures should those ZECs prove insufficient against pressures on power curves and renewables into the future?

我會把伊利諾伊州的立法評論留給立法端。我知道情勢很動態，你們可能也沒有太多能補充的。不過如果可以的話，我想花點時間從更高層次談談聯邦層面的推動。也許在伊利諾伊州之外，你能否談談在馬里蘭州、賓夕法尼亞州等其他州，潛在運用這個 [CMC] 計畫的可能性？以及在一些已有各種計畫的州，是否可以說，針對未來壓力做某種「追溯調整（true-up）」——如果那些 ZEC 在未來面對電力曲線與再生能源帶來的壓力時證明不足的話？

I'm going to add a little bit more color on to Illinois and then let Kathleen talk about the federal side. The governor in his administration, the leaders in the legislature have a really tough job to do. They are bringing together coalitions that have, in cases, different priorities. And as a member of inputting into these coalitions, we're at a point that we need to figure out how to best support our leaders, so they're able to execute on legislation that supports all within the right timing, within the right economics.

我先就伊利諾伊州再補充一些背景，然後讓 Kathleen 談聯邦面。州長及其政府團隊、以及立法機關領導人有一項非常艱鉅的工作。他們正在整合一些在某些情況下優先事項不同的聯盟。作為參與並提供意見的成員之一，我們目前到了需要思考如何最好地支持我們的領導人、讓他們能在正確的時點、以正確的經濟條件，推動能支持各方的立法。

But we're here to support and we recognize the tough job ahead of our leaders, especially in the legislature and committee leaders being able to bring something to fruition. So I just want to make sure that we're clear on that point. And with that, I'll turn it over to Kathleen to talk about the federal.

但我們會在這裡提供支持，也理解我們的領導人——尤其是立法機關與委員會領導人——要把事情推向落實所面臨的艱鉅挑戰。所以我只是想確保大家清楚這一點。接下來我把時間交給 Kathleen 談聯邦層面。

Sure. Julien, so while we're certainly very grateful for the attention in Washington to the importance of continuing the operation of the existing fleet in order to achieve climate goals, what's going on is there are a number of policy tools that are under discussion and I'll sort of take them in order, while there, as Chris mentioned, has been a production tax credit for nuclear introduced in both the House and Senate. There are discussions of a clean energy standard potentially being developed for the reconciliation bill.

好的。Julien，雖然我們當然非常感謝華盛頓方面關注：為了達成氣候目標，持續運轉既有機組的重要性；但目前的情況是，有多種政策工具正在討論中，我會依序說明。如 Chris 提到的，眾議院與參議院都提出了針對核能的生產稅額抵免（production tax credit）。此外，也在討論是否在協調法案（reconciliation bill）中制定潔淨能源標準。

And you asked about [CMC]. I think what you mean is the DOE grant program that has been discussed for a potential inclusion in the infrastructure bill. So those are 3 very different kinds of policy solutions. The first 2 being far more comprehensive and one's that, as you mentioned, in Maryland, Pennsylvania and other states, in the existing nuclear fleet potentially seeing a significant amount of support, and as Chris said, providing a real benefit to the climate. The grant program is a little bit more challenging and more limited given the limited amount of funding that will be available under that program at least as it's currently drafted.

你提到的 [CMC]，我想你指的是能源部（DOE）的補助金計畫，該計畫被討論可能納入基礎建設法案。因此這是三種非常不同的政策解方。前兩者更為全面；而且如你所說，在馬里蘭州、賓夕法尼亞州及其他州，既有核能機組可能獲得相當程度的支持，並如 Chris 所說，對氣候帶來實質效益。補助金計畫則較具挑戰且更受限，因為至少依目前草案，該計畫可用資金規模有限。

The real point though, is that all of these programs are just tatter or just sort of proposed programs. Nothing has yet been enacted as you know. And so while we're watching it very closely and again, very grateful for the growing amount of support for preserving their fleet through federal legislation, the reality is that, as Chris said, we need to make decisions based on laws that have actually been enacted and nothing has yet come to fruition in D.C. as of yet.

不過重點是，所有這些都仍只是草案或提案性計畫；如你所知，尚未有任何一項正式立法通過。因此，雖然我們密切關注，也再次感謝透過聯邦立法保存既有機組所獲得的支持日益增加，但現實是——如 Chris 所說——我們必須依據已經正式生效的法律來做決策，而目前在華府（D.C.）尚未有任何方案真正落地。

Yes. No, I appreciate that very much. If I can pivot the business -- or the attention to the other side of the business a bit more. As you think about opportunities described by some your peers on carbon-free attributes and specifically some of the new novel off-takers like miners, can you speak to the willingness with some of your counterparties, especially considering the extent of your C&I relationships already to perhaps pay a premium and contract directly with some of your nuclear assets, if you don't mind?

是的，我非常感謝。如果我可以把焦點轉到業務的另一端。當你們思考同業所提到的無碳屬性機會，特別是一些新型、創新的承購方（off-takers），例如礦業公司時，你能否談談你們交易對手的意願？尤其考量你們既有的工商業（C&I）客戶關係規模，是否可能願意支付溢價，並直接與你們部分核能資產簽約？如果方便的話。

I'll let Joe start and then Jim can jump in, making sure we've got your question right here.

我先請 Joe 開始回答，然後 Jim 也可以補充，確保我們正確理解你的問題。

Yes, Julien, if I understand your question, I think you're asking with some of the -- what some of these larger companies and customers are looking for, is there an opportunity with our carbon-free generation to marry to them? And there is, and -- I'm sorry, go ahead.

是的，Julien，如果我理解你的問題，我想你是在問：一些大型企業與客戶所尋求的需求，是否有機會與我們的無碳發電做結合？答案是有的——抱歉，你請說。

No, no, no. Yes, exactly.

不，不，不。是的，正是如此。

Yes. So I think there is, and that's something that the Constellation team is looking at, and we've created some products already. When you look at renewable offtakes that we backed to third-party customers, large third-party commercial industrial customers, and we had some success in different areas doing that as well as some of the things you mentioned, these large mining companies, cryptocurrency-type companies, and I'll let Jim fill in the blanks on there.

是的。所以我認為確實有機會，這也是 Constellation 團隊正在評估的方向，而且我們已經推出了一些產品。當你看我們支持第三方客戶的再生能源承購（offtakes）時——大型第三方工商業客戶——我們在不同領域已有一些成功案例；也包括你提到的一些事情，例如大型礦業公司、加密貨幣類型公司等。我讓 Jim 來補充細節。

Yes. Thanks, Joe. Julien, yes, we definitely had a lot of demand from our customers for multiple areas of interest, right, in order for them to hit their sustainability targets. They're interested in carbon-free energy, renewable energy, both. And we've had some success in selling emission-free energy credits and other renewable type products to some of our larger C&I customers. They're also interested in just sustainability information and data around energy usage and how to be more efficient.

是的，謝謝，Joe。Julien，是的，我們確實看到客戶在多個面向都有很高需求，對吧，為了達成他們的永續目標。他們對無碳能源、再生能源，或兩者都感興趣。我們在向一些較大型的工商業（C&I）客戶銷售零排放能源憑證以及其他再生能源類產品方面，也取得了一些成果。他們也對永續相關資訊與能源使用數據感興趣，以及如何提升效率。

So there's kind of this burgeoning suite of different products and services that we're working through with our team and with our customers that they're very interested in. And we certainly have also seen the demand for direct offtakes and large energy purchases for both data centers and mining as well as also people that are interested in the hydrogen business. So we have a pipeline of activity and different products and services that we're talking to our customers about. And we'll have more to come on that as that develops.

因此，我們正與團隊及客戶一起推進一套正在成形、日益擴大的產品與服務組合，客戶對此非常有興趣。我們也確實看到對直接承購（direct offtakes）與大宗能源採購的需求，涵蓋資料中心與礦業；同時也有人對氫能業務感興趣。所以我們有一個活動管線，並正與客戶洽談不同的產品與服務。隨著進展，我們也會有更多資訊可以分享。

The next question will be from Stephen Byrd of Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Stephen Byrd。

I wanted to just focus on the Texas assets for a little bit. There's been a lot of movement in terms of market design and a lot of those moves seem constructive. The 4 curves moved up a lot. I was just curious, your latest thoughts in terms of how satisfied are you with the improvements in market design. I know I think it was a question in terms of whether those assets would be a fit unless there were improvements. What's your general take on the progress in Texas?

我想稍微聚焦一下德州資產。市場設計方面有很多變動，而且其中不少看起來是正向的。4 條曲線上移了很多。我只是好奇，你們最新的看法是：對於市場設計改善的程度，你們滿意到什麼程度？我記得之前有個問題是：除非有改善，否則那些資產是否適配。你們對德州進展的整體看法是什麼？

I'll let Kathleen start and then I'll finish on the actual plants themselves and what we're doing in what we see as a potential new market design.

我先請 Kathleen 開始，然後我再就實際電廠本身，以及我們正在做什麼、以及我們所看到的潛在新市場設計作補充。

Stephen, so I think that the progress is a little bit slow. The ERCOT leadership and the PUCT have really been focusing on how to react to what happened in February, and there's been, as you know, a lot of work associated with that. So the changes looking forward, I think are -- in some was helpful in that we have finally seen a proposal for how to address weatherization.

Stephen，所以我認為進展有點慢。ERCOT 的領導層以及 PUCT 一直非常專注於如何回應二月發生的事情，而且如你所知，相關工作量很大。因此，展望未來的變化，我認為在某些方面是有幫助的，因為我們終於看到一項關於如何處理防寒化（weatherization）的提案。

But on the broader questions of market design, there's a lot of discussion, but we do not yet at this point have some solid proposals that have been either filed or approved. So while there are a number of stakeholders working on ways to address changes to the ORDC curve or introducing new products into the market, in my view, there's not enough progress yet to evaluate whether we're going to see the kind of changes that will be necessary to prevent an event like February from happening again.

但在更廣泛的市場設計問題上，雖然有很多討論，但截至目前我們仍未看到已提交或已核准的具體方案。因此，儘管有許多利害關係人正在研究如何調整 ORDC 曲線或在市場中導入新產品，但在我看來，目前進展仍不足以評估我們是否會看到足以防止二月那樣事件再次發生所必需的變革。

So on the plant side, which should help inform what we need from the market side, Bryan Hanson, who's our Chief Operating Officer, who is on the phone for the Genco, has a team -- technical team working through what the design basis temperature would be that we would have to install capital to be able to reach that. The plants in Texas were never designed for the weather that we saw and especially the duration of the weather that we saw. So if we go to something much lower in temperature as a design basis, we have to look at what adequately would preserve the piping. Is it heat trace, is it insulation, is it other type of barriers and what's the most economic way to get there.

因此在電廠端（這應該能幫助我們判斷市場端需要什麼），我們的營運長 Bryan Hanson（他也在線上代表 Genco）帶領一個技術團隊，正在推算我們需要採用的設計基準溫度（design basis temperature），以及為了達到該標準必須投入哪些資本支出。德州的電廠從來不是為了我們所遇到的那種天氣而設計的，尤其是那種天氣持續的時間。如果我們把設計基準下修到更低的溫度，就必須評估什麼措施能充分保護管線：是加熱伴熱（heat trace）、是保溫（insulation）、還是其他類型的屏障，以及以最具經濟效益的方式達成目標。

And Bryan, I don't know if you want to add anything, but that team is well underway at this point.

Bryan，我不知道你是否想補充，但那個團隊目前已經在積極推進中。

Chris, I would just add, we've built the model that has some certain assumptions on temperature, wind speed, longevity of the weather event that will calculate the engineering changes we need to make to the plant, in which case then we'll be able to price that out. And then once the weatherization standards are published and accepted in ERCOT, we can then tune that model to come up with our final outcomes and then establish the price points for those plants.

Chris，我補充一下：我們已建立一個模型，基於對溫度、風速、天氣事件持續時間等若干假設，來計算我們需要對電廠進行的工程變更，接著我們就能把成本估算出來。然後，一旦 ERCOT 的防寒化標準發布並被接受，我們就可以調整該模型，得出最終結果，並為這些電廠建立相應的成本/價格點。

And that will definitely have to feed into what ERCOT is doing on market design. Just as we saw in PJM some years back on the reliability standards that they were looking for, there was an expense to that. We all were willing or many of us were willing to invest that into that reliability, but we have to have some assurance that we're going to get a return on that invested capital.

而這些結果一定要回饋到 ERCOT 在市場設計上的工作。就像我們幾年前在 PJM 看到的，他們追求的可靠度標準是有成本的。我們都願意、或至少很多人願意為那樣的可靠度投入資本，但我們必須有一定把握，確保投入的資本能獲得回報。

All very helpful. And it's fair that we still have to wait and see how the rules developed to figure out sort of what your stance is with those assets. So that's all very fair.

這些都非常有幫助。而且確實，我們仍需要等待規則如何制定，才能判斷你們對那些資產的立場。所以這樣說完全合理。

I wanted to shift over to the utility. You gave a very good thorough update on the utility. I wanted to just step back, at a high level, utility is already an above-average grower, but I was just curious, are there -- what are the biggest categories of sort of upside potential in terms of growth of the utility business that you're most excited about, really a multiyear period, not so much in the near term, but sort of longer term?

我想把話題轉到公用事業（utility）。你對公用事業的更新非常完整。我想退一步從更高層次來看：公用事業本來就是高於平均的成長者，但我很好奇，在未來多年期（不是短期、而是更長期）你們最興奮、最看好的公用事業業務成長上行潛力，最大的幾個類別是什麼？

Let me turn it over to Calvin Butler.

我把問題交給 Calvin Butler。

Thanks, Steve. I would sit back and say, our opportunities is really in partnering with each of our jurisdictions to understand what their needs are and how we're really hardening the system and building resiliency throughout. As you sit back and look, I think our efforts around our path to clean, as Chris talked about and Joe talked about earlier, is really understanding where they're taking us and electrifying our entire distribution system, also in really setting up our gas distribution system for the future. And replacing that infrastructure is also a key ingredient in several of our jurisdictions. In addition to that, around the security of the overall system as well.

謝謝，Steve。我會退一步說，我們的機會主要在於與各個管轄區合作，了解他們的需求，以及我們如何強化系統（hardening the system）並全面提升韌性（resiliency）。回頭看，我認為我們在「邁向潔淨」（path to clean）方面的努力——正如 Chris 和 Joe 先前提到的——關鍵在於理解這些方向將把我們帶往何處：包括推動整個配電系統電氣化，也包括為未來打造我們的天然氣配氣系統。更換相關基礎設施在我們多個管轄區同樣是關鍵要素。此外，還有整體系統的安全性（security）。

So when we look at where we're going, electrifying our vehicle fleet, electrification of our system, the replacement of our gas system and also ensuring that it's secure are really our opportunities across each of our jurisdictions.

因此，當我們看未來走向時，車隊電動化、系統電氣化、天然氣系統汰換，以及確保其安全性，都是我們在各個管轄區的主要機會。

The next question will be from Steve Fleishman at Wolfe Research.

下一個問題來自 Wolfe Research 的 Steve Fleishman。

My questions are focused on Illinois. Just we have seen a decent move-up in power prices recently. And particularly, I guess, in the near term, just any sense on -- is there any chance that, that could be enough to wait this out longer with the plants?

我的問題聚焦在伊利諾伊州。我們最近看到電價有不錯的上升。特別是我想問在短期內——你們是否認為有任何可能性，這樣的漲幅足以讓你們在電廠議題上再多撐一段時間、先觀望一下？

I can give you the beginning, which is the end and then Joe can fill in the blanks. No, it doesn't give us what we need. But Joe.

我先給你結論，也就是答案：不，這不足以提供我們所需要的。但 Joe 可以補充細節。

Thank you, Chris. And Steve, it really isn't that simple. I think certainty, Steve, is very important. As you know, the plants face near-term financial challenges, and as Chris said in his script, absent legislation, closing the plant is the right economic decision and obviously not an easy one.

謝謝你，Chris。Steve，事情其實沒那麼簡單。我認為「確定性」非常重要，Steve。如你所知，這些電廠面臨短期的財務挑戰，而正如 Chris 在講稿中所說，若沒有立法支持，關閉電廠是正確的經濟決策，當然這並不容易。

I would tell you, we've seen an uptick in energy prices many times before, never have they helped. And when you look at it at the front end of the power curve is up more materially than the back end of the power curve in terms of price movement. In addition, we've seen capacity prices decline. The stability and certainty provided by a contract better address -- clearly better address the financial challenges of these plants without being exposed to all this market volatility.

我想說的是，我們以前也多次看到能源價格上升，但從來沒有真正幫上忙。當你看電力曲線時，曲線前端（近月/近期）相對於後端（遠期/長期）的價格變動更為明顯。此外，我們也看到容量價格下滑。合約所提供的穩定性與確定性，能更好——明顯更好——地解決這些電廠的財務挑戰，而不必暴露在如此大的市場波動之下。

In addition, the term of the contract helps with things like capital planning and the efficiency of that, obviously, our workforce personnel planning. And we just think it's a much more certain outcome and a better way here.

另外，合約期限也有助於資本規劃及其效率，當然也包括我們的人力與員工配置規劃。我們認為這是一個更具確定性的結果，也是更好的做法。

I mean is there any appreciation that to the flip side that the law as proposed at least would actually be below where current price levels are in the near term?

我的意思是，是否也要看到另一面：至少就目前提出的法案來看，它在短期內的水準其實會低於目前的現行價格水準？

It's something that we see today, but we've seen this stance before. Something happens in the market, the near term rises, it's flat or low on the back side as we drift into the above years, we come right back down. And so we really have to focus on the long-term viability and the economics versus the cyclical nature of the markets, the lows and all the variables.

這是我們今天看到的情況，但我們以前也見過這種狀況。市場發生某些事情，短期價格上升；但往後端看，隨著時間推進到未來幾年，曲線後端持平或偏低，然後價格又會回落。因此，我們必須聚焦在長期的可行性與經濟性，而不是市場的循環性、低點以及所有變數。

We're agreeing to and support a significant renewable build-out within the legislation. We know that, that will have a depressing factor on prices as low demand periods with excess generation will bring the prices down, and that will drop not only the forwards, but the back here. So it's -- there's consumer protection in the legislation that ensures we don't over-earn, but the -- to bet on the come that these forwards are going to maintain and eventually lift the out years is a gamble that we're not willing to take.

我們同意並支持該立法中大規模的再生能源擴建。我們知道，在低需求期間若出現過剩發電，會對價格形成壓抑，進而把價格拉低，這不僅會影響遠期，也會影響更後端的價格。因此——立法中有消費者保護機制，確保我們不會超額獲利；但若要押注這些遠期價格會維持、並最終在更遠年度上升，那是一場我們不願意承擔的賭博。

I guess my other question just on the law is it doesn't seem like anyone, as you mentioned, is debating the nuclear provisions. But the issue, as I guess the governor said, is that -- as he kind of commented on the labor unions that they're preventing potential job loss in 2045 over certain job loss in 2021. Just -- can you maybe -- do the union group not believe you're shutting the plants? Or are they just willing to take potential benefits in 2045 over 2021?

我另一個問題是關於這項法案：如你提到的，似乎沒有人在爭論核能條款。但問題在於——我想州長的說法是——他對工會的評論大意是，他們是在避免 2045 年可能的失業，卻要承受 2021 年確定的失業。你能否談談——工會團體是不相信你們會關閉電廠嗎？還是他們願意用 2045 年的潛在利益來換取 2021 年的情況？

First of all, let me make it clear. We're not engaged and involved in that negotiation as far as the shutdown of the coal and the jobs issues that go along with that. We understand what the union is asking for. We understand what the governor is asking for, and it's put on the lap of the legislative body to figure out what's the right thing to meet the state goals, continue to have adequate employment certainty. And so it's a tough situation.

首先我要說清楚：就燃煤電廠關閉以及相關就業議題的協商而言，我們沒有參與其中。我們理解工會在要求什麼，也理解州長在要求什麼，而這已交由立法機關來判斷什麼才是符合州目標的正確做法，同時也要維持足夠的就業確定性。因此，這是一個艱難的局面。

But I can say that's not a fight that we're involved in. And we are very dependent on the support for our power plants to be maintained by our union partners, building trades in the IBEW. They're very aware of the dire situation for the nuclear plants. So I don't think that their dedication to saving the jobs at these plants are in question. They have some other priorities and other constituents within their organizations that are dealing with issues. So I would just leave it at that.

但我可以說，那不是我們參與的戰場。而且我們非常仰賴工會夥伴——IBEW 的建築工會（building trades）——對我們電廠持續運轉的支持。他們非常清楚核電廠所面臨的嚴峻處境。所以我不認為他們拯救這些電廠工作機會的投入有任何疑問。他們在其組織內還有其他優先事項與其他成員所面臨的議題需要處理。我就先說到這裡。

And the next question, Jeremy Tonet at JPMorgan.

下一個問題，JPMorgan 的 Jeremy Tonet。

Just wanted to turn to the storm offset for a second here, the $600 million-ish that you were targeting here from Uri -- to offset Uri. Just wondering if you could help update us as far as how that's progressing, where you see yourself versus what you're targeting, and how much is left to do at this point.

我想回到風暴抵銷（storm offset）這件事，關於你們針對 Uri 事件所目標的約 6 億美元，用來抵銷 Uri 的影響。想請你們協助更新目前進展如何、你們相對於目標的達成情況，以及到目前為止還剩下多少工作要做。

Yes. So we did achieve more in the second quarter than when we had done our planning originally in Q1, what we would have expected to achieve, we expected most of it show up in the (inaudible) of the year. We've achieved somewhere between 20% and 25% of the offsets that we expected. And we said they would come in a number of areas, when you look at deferral of cost and onetime cost savings opportunities, whether it's things like contracting dollars, holding labor vacancies, reductions in travel and entertainment expense, deferring noncritical maintenance capital, those types of things.

是的。所以我們在第二季確實比原先在第一季規劃時、以及當時預期能達成的更多；我們原本預期大部分會在今年的（聽不清）期間顯現。我們已經達成了約 20% 到 25% 的預期抵銷項。我們也說過這些會來自多個領域，當你看成本遞延與一次性成本節省機會時，不論是像合約支出、保留人力職缺、降低差旅與交際費用、遞延非關鍵維護性資本支出，這類措施。

There were some revenue opportunities when you see the improvement in treasuries. We talked about our technology ventures investments. So we're ahead of what we expected to do at this point in the year, and we're continuing to work hard on delivering the balance of what we committed to.

當你看到公債的改善時，也有一些營收機會。我們談到過我們的科技創投投資。因此，截至今年目前為止，我們的進度領先於原先預期，我們也會持續努力交付我們所承諾的其餘部分。

Got it. That's very helpful there. And then turning towards the utility business as a whole here. Given the potential moving pieces at ComEd and then some positive outcomes, it seems like with Maryland and D.C. with the multiyear plans, better outlooks in those jurisdictions. How should we think about both the trajectory of utility-earned ROEs? And how this might impact the 6% to 8% utility growth rate that you guys see?

了解。這非常有幫助。接著把焦點轉向整體公用事業業務。考量到 ComEd 可能有一些變動因素，同時也有一些正面結果；另外在馬里蘭州與華盛頓特區的多年期方案下，這些司法管轄區的展望似乎更好。我們應該如何看待公用事業賺取 ROE 的走勢？以及這可能如何影響你們所看到的 6% 到 8% 公用事業成長率？

This is Calvin. I would just sit back and tell you that we are very confident in achieving the stated financial performance for each of our utilities and to your reference on the multiyear plans that have gone taking place in Maryland and in D.C. and Joe outlined in terms of the rate case across our business. It goes to show you the partnership that we've established with our jurisdictions and understanding what their needs are and how our investments are meeting those goals.

我是 Calvin。我想我會退一步告訴你，我們對於達成各家公用事業所述的財務表現非常有信心；也呼應你提到在馬里蘭州與華盛頓特區正在推動的多年期方案，以及 Joe 概述的我們全業務範圍內的費率案件。這顯示出我們與各司法管轄區建立的夥伴關係，理解他們的需求，以及我們的投資如何達成那些目標。

We are committed to $6.6 billion annual investments in capital and recovery of real-time on that capital. And the alternative ratemaking that has been taking place across those utilities indicate that we are recovering and returning on that capital in real time. If you think about the jurisdictions in which we operate, they have typically been some of the more difficult across the country. and we're changing that landscape.

我們承諾每年投入 66 億美元的資本投資，並就該資本進行即時回收。各公用事業正在進行的替代性費率制定機制顯示，我們正在即時回收並取得該資本的報酬。若你想想我們營運所在的司法管轄區，過去通常是全美較具挑戰性的地區之一，而我們正在改變這樣的局面。

So I'm very proud of the team across each of the utilities and really building that partnership and showing that we understand the needs, and we're meeting those objectives.

所以我對各家公用事業的團隊感到非常自豪，真正建立起這樣的夥伴關係，並展現我們理解需求、也正在達成那些目標。

Let's see if Joe wants...

看看 Joe 是否想要……

Yes, I would just add one thing on top of what Calvin said, which I thought he did a very comprehensive job. As you know, we target 9% to 10% ROE in all of our utilities. And this quarter, you saw us jump 50 basis points back across the composite to 9.4%, and that factors into our 6% to 8% earnings projection.

是的，我只想在 Calvin 所說的基礎上補充一點，我認為他已經講得非常全面。如你所知，我們在所有公用事業的目標 ROE 是 9% 到 10%。而本季你看到我們在合併口徑上回升了 50 個基點至 9.4%，這也納入我們 6% 到 8% 的獲利預測之中。

The next question will be from Michael Lapides of Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Michael Lapides。

Couple of ExGen questions. First of all, the offsets or the O&M savings you're trying to realize this year to help offset the winter storm year impact. How much of that do you think will remain in place as we go out into 2022 or 2023? Or should we assume there's a sizable step back up in O&M in those years?

幾個 ExGen 的問題。首先，為了抵銷冬季風暴年度影響，你們今年試圖實現的抵銷項或 O&M 節省。你認為其中有多少會在 2022 或 2023 年仍然維持？或者我們是否應該假設那幾年 O&M 會有明顯的回升？

Yes. I think what we've said is a lot of that is onetime in nature. When you think about deferring some things that you ultimately need to get done. I talked about things like labor vacancies and contracting, travel and entertainment. At this point, a lot of that is onetime in nature.

是的。我想我們說過，其中很多本質上是一次性的。當你想到遞延一些最終仍需要完成的事項時——我提到像人力職缺與外包合約、差旅與交際——就目前而言，其中很多是一次性的。

But what I would add to that is, as you know, Michael, we've done a good job across the enterprise and as well as at ExGen in really driving efficiencies and cost here in the last 5 or 6 years, and we continue to look at new ways to do that, whether it's leverage in technology or the scale of our business when you look at our supply organization doing a nice job in that area, and we'll continue to challenge ourselves. But some of these costs specifically are going to be onetime in nature.

但我想補充的是，如你所知，Michael，過去 5、6 年我們在整個企業以及 ExGen 都在推動效率與成本方面做得很好，我們也持續尋找新的方式來做到這點，不論是透過科技的槓桿，或是從業務規模來看我們的供應組織在這方面做得不錯；我們會持續自我挑戰。但就其中一些特定成本而言，將會是一次性的。

Yes. I can tell you that each cost as we bring it back in, in 2022 will be scrutinized against what is the new workplace of the future, what's the productivity we're able to achieve with these reductions. It is not a healthy recipe to forgo capital maintenance or required O&M maintenance and let the systems decay. So you can buy yourself some time on some of those decisions. But at the end of the day, reliability on the system is critical, and we'll watch that.

是的。我可以告訴你，當我們在 2022 年把各項成本加回來時，每一項都會被檢視：未來的新工作型態是什麼、我們透過這些削減能達到什麼樣的生產力。放棄資本維護或必要的 O&M 維護、讓系統劣化，並不是健康的做法。所以你可以在某些決策上為自己爭取一些時間，但歸根結底，系統可靠性至關重要，我們會密切關注。

But there are other areas that -- there's teams working on reentry, looking at staffing needs as we go through the design of the organizations. As we look at the split, there are savings that we're not ready to announce yet, but that will be coming into play in each one of the companies in the design of the future state of 2 entities, strong entities working on their own.

但還有其他領域——有團隊在做重返辦公的規劃，檢視在組織設計過程中的人力需求。當我們看分拆時，也有一些節省項目我們還沒準備好宣布，但會在各家公司、在設計未來兩個實體的目標狀態時逐步發揮作用；兩個強健的實體各自獨立運作。

Meaning when you think about the 2 entities as separate entities, we should think that there are costs -- I don't want to call them synergy, but there are cost opportunities as separate entities versus maybe having dissynergies on the cost side?

也就是說，當你把這兩個實體視為分開的公司時，我們應該認為會有一些成本——我不想稱之為協同效應——但相較於可能出現成本端的反協同，作為分開的實體反而有成本機會？

Well, yes. That -- what you focus on at the start is making sure you attack the synergies. And that's what we're doing. And then from there, when you're attacking the dissynergies, it will expose potential businessships and how we perform. So we're working through that. Bridget Reidy, our Chief Operating Officer of Corporate is leading a lot of that as long as -- along with our project management team that is daily following each one of the designs, staffing, expenses.

嗯，是的。——一開始你會聚焦在確保你能掌握協同效應，這正是我們在做的。接著，當你在處理反協同時，它會揭示潛在的業務關係以及我們如何運作。因此我們正在推進這些工作。公司層面的營運長 Bridget Reidy 正在主導其中很多工作，並與我們的專案管理團隊一起，每天追蹤各項設計、人力配置與費用。

And we'll continue to report out to the senior team on where we're at on obtaining. The first goal is to try to minimize, neutralize, do away with any dissynergies. And then from there, what new efficiencies can we drive into the business.

我們也會持續向高階團隊回報我們在取得（成果）方面的進度。第一個目標是盡量把任何反協同最小化、抵銷、消除。然後在此基礎上，我們還能把哪些新的效率導入業務。

Got it. And one last one just on Byron and Dresden. Is there a scenario where you could push out the refueling outages until next year, meaning early next year and keep them afloat or keep them operating through the end of this year? Or is that kind of physically or for safety reasons impossible to do?

了解。最後一個問題，關於 Byron 和 Dresden。是否存在一種情境，你們可以把換料停機延後到明年，也就是明年初，並讓它們撐住或持續運轉到今年年底？還是說從物理或安全角度來看，這是不可能的？

What happens at the end of cycle, which we're heading towards on these plants, your fuel becomes less and less effective and the term is coast down. And so you start power out of the reactor, the thermal megawatts out of the reactor is reduced, which compounds to the electric megawatts produced. And so you get to a point that you're running -- within months or so period, you're running inefficient steam paths and inefficient operations. So you make the call as coast down to start and to shut the facility down.

在燃料循環末期——我們正朝這些電廠的末期前進——燃料的效能會愈來愈差，術語叫做 coast down（降載末期運轉）。因此你會開始把反應爐的輸出功率、也就是反應爐的熱兆瓦下調，進而連帶影響發電的電兆瓦。於是你會到達一個點，在大約幾個月的期間內，你是在以低效率的蒸汽路徑與低效率的方式運轉。所以你會在 coast down 開始時做出決定，並關閉該設施。

The one thing to reiterate in shutting down a nuclear plant, it is -- the goal is you shut down, you cool down. You disassemble the reactor. You offload all of the fuel into the spent fuel pool and you relinquish the license to the Nuclear Regulatory Commission, and there is no path back from that. There's no regulatory path back.

另外要重申的是，關閉核電廠時——目標是停機、降溫、拆解反應爐、把所有燃料卸入用過燃料池，並把執照交回給美國核能管制委員會（Nuclear Regulatory Commission）。而且一旦這麼做，就沒有回頭路；在法規上也沒有回復運轉的途徑。

And so what we do is start into the phases of the chosen decommissioning using the decommissioning trust fund and it comes out of our expense column. It's in the prefunded category of the decommissioning trust. So it's irreversible. And running a year is physically impossible. Running an extra month is very challenging on the steep supply system and maintaining adequate controls on the physics.

因此我們會開始進入所選定的除役階段，使用除役信託基金，並列在我們的費用欄位中；它屬於除役信託的預先提撥類別。所以這是不可逆的。而要多運轉一年在物理上是不可能的；在陡峭的供應系統上，多運轉一個月都非常具挑戰性，且要維持對物理特性的充分控制。

That concludes the Q&A session, and I'll turn it back to Chris Crane.

問答環節到此結束，我把時間交回給 Chris Crane。

I want to thank everybody for the time this morning for joining the call. We're working hard to run the businesses at best-in-class levels and taking the necessary steps to set up 2 strong independent companies. There's quite a focus on both of those goals, and we'll continue to update you as we go along. We appreciate your support. And with that, I'll close the call out.

我要感謝大家今天早上撥冗參與電話會議。我們正努力以同業最佳水準來營運各項業務，並採取必要步驟來建立兩家強健、獨立的公司。我們對這兩個目標都高度聚焦，並會在推進過程中持續向各位更新。我們感謝各位的支持。那麼，我就結束今天的電話會議。

Thanks to all our participants for joining us today. This concludes our presentation. You may now disconnect. Have a great day.

感謝所有與會者今天加入我們。本次簡報到此結束。您現在可以斷線。祝您有美好的一天。