艾索倫電力 (EXC) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2022 Exelon Corporation Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. And I would now like to hand the conference over to your speaker today, Mr. Andy Plenge, Vice President of Investor Relations. Sir, please go ahead.

各位早安，感謝您稍候。歡迎參加 Exelon Corporation 2022 年第三季（Q3 2022）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的發言人——投資人關係副總裁 Andy Plenge 先生。先生，請開始。

Thank you, Chris. Good morning, everyone, and thank you for joining our third quarter 2022 earnings conference call. Leading the call today are Chris Crane, Exelon's Chief Executive Officer; and Jeanne Jones, Exxon's Chief Financial Officer. They're joined by Calvin Butler, Exelon's President and Chief Operating Officer, who will join Chris, Jeanne and other members of Exelon's senior management team to answer your questions following prepared remarks.

謝謝你，Chris。各位早安，感謝各位參加我們 2022 年第三季財報電話會議。今天由 Exelon 執行長 Chris Crane 與財務長 Jeanne Jones 主持。另有 Exelon 總裁兼營運長 Calvin Butler 一同出席；在事先準備的發言之後，他將與 Chris、Jeanne 以及 Exelon 其他高階管理團隊成員一起回答各位的提問。

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.

我們今天早上已發布財報新聞稿並附上簡報，相關資料皆可在 Exelon 官網的投資人關係（Investor Relations）專區找到。

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. True 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 that may cause results to differ from management's projections, forecasts and expectations.

財報新聞稿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，並可能受到各種風險與不確定性影響。實際結果可能因今日資料所討論的因素與假設，以及本次電話會議中的評論，而與我們的前瞻性陳述有所不同。請參閱今日提交的 8-K 以及 Exelon 其他向 SEC 申報的文件，其中包含風險因素及其他可能導致結果與管理層之推估、預測與期望不同的因素之討論。

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（adjusted operating earnings）及其他非 GAAP 衡量指標的引用。請參閱簡報附錄與財報新聞稿中的資訊，以取得非 GAAP 指標與最接近之 GAAP 指標之間的調節表。

We've scheduled 60 minutes for today's call. I'll now turn the call over to Chris Crane, Exelon's CEO.

我們為今天的電話會議安排了 60 分鐘。現在我把電話交給 Exelon 執行長 Chris Crane。

Thanks, Andy, and good morning to everybody. We're glad to have you with us this morning. As you know -- as you all know, yesterday, we announced my retirement from Exelon at the end of the year due to some health reasons. I plan on addressing that at the end of the call after reviewing the operational and financial update of the quarter.

謝謝你，Andy，各位早安。很高興今天早上各位與我們同在。如各位所知——也如各位昨天已得知，我們宣布我將因健康因素於年底自 Exelon 退休。我計畫在回顧本季營運與財務更新之後，在電話會議結尾再談這件事。

Let me turn through, first though, to the operating aspects of that announcement. Calvin Butler, our President and Chief Operating Officer become the President and CEO and a member of the Exelon Board upon my retirement. Since Calvin began with us to commit, he's been a key part the development of our industry-leading platform.

不過，先讓我談談該項宣布在營運面上的安排。我退休後，我們的總裁兼營運長 Calvin Butler 將出任總裁暨執行長，並成為 Exelon 董事會成員。自 Calvin 加入我們以來，他一直是打造我們業界領先平台的關鍵推手。

During his time at BGE, he made customer satisfaction best-in-class, significantly increased the leadership diversity and became CEO of Exelon Utilities after that. In that role, heed continue to push the operating companies to align with the management model and drive industry-leading operational excellence.

在他任職 BGE 期間，他讓客戶滿意度達到同業最佳水準，大幅提升領導團隊的多元性，之後並出任 Exelon Utilities 的執行長。在該職務上，他持續推動各營運公司與管理模式對齊，並帶動業界領先的營運卓越表現。

Jeanne is now CFO, which we're very pleased with. Jeanne's been with Exelon for 15 years in various finance roles across the corporate and the former nuclear division. She was the CFO at ComEd and most recently Senior Vice President, Corporate. Jeanne has a very strong background and experience positions her well for the expanded responsibility. You'll hear from Jeanne momentarily for the financial update. And both Calvin and Jeanne will join me for the Q&A of the call. I would also like to thank Joe Nigro for his work launching the new Exelon and successfully executing the spin.

Jeanne 現在擔任財務長，我們對此非常高興。Jeanne 在 Exelon 任職 15 年，曾於公司層級與先前的核能事業部擔任多項財務職務。她曾任 ComEd 財務長，最近則擔任企業資深副總裁。Jeanne 具備非常扎實的背景與經驗，使她能勝任更廣泛的職責。稍後各位將聽到 Jeanne 進行財務更新。Calvin 與 Jeanne 也將與我一同參與本次電話會議的問答環節。我也要感謝 Joe Nigro 在推出新的 Exelon 並成功執行分拆（spin）方面所做的工作。

Happy to report solid performance for the quarter. The investments we're making are on behalf of our customers, and they continue to drive strong operation and financial results. We reported GAAP earnings of $0.68 per share and adjusted operating earnings of $0.75 per share. We are reaffirming the midpoint of our range and narrowing it by $0.06. Jeanne will provide more color on that when she gets to her part.

很高興向各位報告本季表現穩健。我們所進行的投資是為了客戶，並持續帶動強勁的營運與財務成果。我們公布的 GAAP 每股盈餘為 0.68 美元，調整後營運每股盈餘為 0.75 美元。我們重申指引區間的中點不變，並將區間縮窄 0.06 美元。Jeanne 在她的部分會提供更多說明。

We continue to execute at high operational levels, which I'll speak more about on the next slide. We had a construction rate case outcome this quarter. The commission in Delaware and Pennsylvania approved settlements on gas situation rates for Delmarva and one for PECO. We also reached a settlement on key elements with the first multiyear filing for Delmarva, Maryland, first settlement for the multiyear plan. We expect the final order in December.

我們持續以高水準執行營運，我會在下一張投影片進一步說明。本季我們在建設相關的費率案件上取得成果。德拉瓦州與賓夕法尼亞州的委員會核准了 Delmarva 的天然氣費率和解，以及 PECO 的一項和解。我們也就 Delmarva（馬里蘭州）首次多年期申報中的關鍵要素達成和解，這是多年期計畫的第一份和解。我們預期最終命令將於 12 月發布。

In Illinois, ComEd received the final order on its performance-tracking mechanisms and the plan in September. That's a big milestone on the transition they're making to a multiyear distribution rate construct, and it gives us a good foundation to build upon.

在伊利諾州，ComEd 於 9 月收到其績效追蹤機制與計畫的最終命令。這是其轉型至多年期配電費率架構的一項重大里程碑，也為我們後續推進奠定良好基礎。

As a result, we intend to file a multiyear distribution plan in January with a 4-year rate structure beginning January 1, 2024, continuing through the end of 2027. Choosing the multiyear plan over a future test year is the right choice for our customers and our shareholders. We appreciate the transparency and forward-looking planning and rate predictability that allows. Our rate case will be filed at the same time as our multiyear integrated grid plan with the final order by the end of 2023. So there's been a lot of good operational and financial progress this year, and we're on track to close a very strong year.

因此，我們計畫於 1 月提交多年期配電計畫，採 4 年期費率架構，自 2024 年 1 月 1 日開始，延續至 2027 年底。相較於未來測試年度（future test year），選擇多年期計畫對我們的客戶與股東而言是正確的選擇。我們重視其所帶來的透明度、前瞻性規劃與費率可預測性。我們的費率案件將與多年期整合電網計畫同時提交，並預計於 2023 年底前取得最終命令。今年在營運與財務方面已取得許多良好進展，我們正按計畫完成非常強勁的一年。

We know investors are focused on our outlook this year. First, I'll update you on the Inflation Reduction Act. We've always strived for transparency. So last quarter, we communicated the potential impact for higher annual cash tax as a result of the IRA. Since passing the bill, we've been working with the industry EEI, and we remain optimistic that Treasury will implement the guidelines in a way that materially mitigates the impact.

我們知道投資人關注我們今年的展望。首先，我將更新《通膨削減法案》（Inflation Reduction Act, IRA）的相關情況。我們一向力求透明，因此在上季我們已溝通 IRA 可能導致年度現金所得稅提高的潛在影響。自法案通過以來，我們一直與產業協會 EEI 合作，並仍對財政部（Treasury）將以能實質降低影響的方式制定指引抱持樂觀。

Regardless of the outcome of Treasury, we're reaffirming our 6% to 8% annual growth target from '21 to '25, which I'll talk a bit more about shortly. In addition to reaffirming our growth commitment, we have emphasized the impact of a potential higher cash tax. Even in the event of the impact is not mitigated through Treasury regulations, we expect that higher cash needs will not require us to issue additional equity beyond the original $1 billion commitment through 2025.

不論財政部最終結果如何，我們重申 2021 至 2025 年每年 6% 至 8% 的成長目標，我稍後也會再多談一些。除了重申成長承諾外，我們也強調潛在較高現金稅負的影響。即便該影響未能透過財政部法規而被緩解，我們預期較高的現金需求也不會使我們需要在 2025 年前額外發行超出原先 10 億美元承諾的股權。

On the positive side, the Inflation Reduction Act has very beneficial for our customers as we lead the energy transition. We look forward to a moment that we will build the industry as the industry takes advantage of this historic legislation past this year.

從正面來看，《通膨削減法案》在我們引領能源轉型的過程中，對客戶非常有利。我們期待在產業於今年通過的這項歷史性立法之後加以運用之際，能把握契機並推動產業發展。

Our jurisdictions are already driving for clean, and federal support enacted this year is more affordable and accessible to customers. We see opportunities in terms of -- and connect renewables, support alternative fuel production and distribution and make the grid ready for increased electrification, including electric vehicles. Legislation alongside the Infrastructure Jobs Act provide more than $550 billion in funding for energy-related infrastructure over the next 10 years, which will generate significant demand for our investments we make.

我們所處的各司法管轄區已在推動潔淨能源，而今年落實的聯邦支持也讓客戶更能負擔、也更容易取得。我們看到的機會包括——連接再生能源、支持替代燃料的生產與配送，並讓電網為更高程度的電氣化做好準備，其中包含電動車。該立法與《基礎建設就業法》（Infrastructure Jobs Act）合計在未來 10 年提供超過 5,500 億美元的能源相關基礎建設資金，將為我們的投資帶來顯著需求。

Finally, I'd like to talk about our growth outlook. We told you on Analyst Day, we expect to invest $29 billion of capital to serve our customers and our communities over the next 4 years, which supports an annual growth rate of 8.1%. That will drive the long-term earnings growth rate.

最後，我想談談我們的成長展望。我們在分析師日（Analyst Day）已向各位說明，未來 4 年我們預計投入 290 億美元資本，以服務客戶與社區，這支持 8.1% 的年成長率，並將帶動長期盈餘成長率。

As many of you know, add to achieving our annualized growth target is not linear, but 6% to 8% commitment through 2025 is our focus largely because the cadence of rate cases, we have some years that may be below that range and other years that will be above that range. You will see that more clearly when Jeanne covers first Slide 9.

如各位所知，達成我們的年化成長目標並非線性；但我們聚焦於 2025 年前 6% 至 8% 的承諾，主要原因在於費率案件的節奏安排——有些年度可能低於該區間，其他年度則可能高於該區間。當 Jeanne 先講到第 9 張投影片時，各位會更清楚看到這一點。

On the operational highlights, Slide 5, we continue to ensure our customers receive safety, affordability and reliability completely, which underpins everything we do. Reliability remains at top notch. We were again in top quartile for outage duration over all of our jurisdictions, and outage frequency performance remains at high levels.

在營運亮點方面（第 5 張投影片），我們持續確保客戶在安全性、可負擔性與可靠性方面都能獲得完整保障，這是我們一切工作的基礎。可靠性仍維持頂尖水準。我們在所有司法管轄區的停電持續時間再次名列前四分位，停電頻率表現也維持在高水準。

ComEd and PECO achieved their best-on-record performance. In fact through the third quarter of 2022, ComEd's delivered the most reliable service it ever has in over 100 years. Reliability is 82% better than when ComEd set out on smart grid improvements in 2011. Our customers have greatly benefited from the investment as reliability of the grid increases.

ComEd 與 PECO 創下其歷來最佳表現。事實上，截至 2022 年第三季，ComEd 提供了其逾 100 年來最可靠的服務。相較 ComEd 於 2011 年啟動智慧電網改善時，可靠度提升了 82%。隨著電網可靠度提高，我們的客戶已從這些投資中大幅受益。

Through the third quarter, a testament to the reliability is increased data center growth in the ComEd district in the last few years. The data center additions have aggregated about 500 megawatts of new demand each year, approximately 9x the average of the annual amount seen earlier in the prior decade.

截至第三季，可靠性的明證之一，是近年來 ComEd 服務區內資料中心成長加速。資料中心新增負載每年合計約增加 500 兆瓦的新需求，約為前一個十年早期所見年度平均增量的 9 倍。

For safety, ComEd maintains top-decile performance, but the 3 other utilities continue to fall outside of that level of performance. We only -- we expect only the highest safety standards and performance for all utilities. Each utility is dedicated to implementing safety practices developed through lessons learned to minimize the chance of incident, and there's an intense training program going on with our first-line supervisors to help further educate that it has set the expectation, which all utilities are participating together, which helps.

在安全方面，ComEd 維持前十分位的表現，但另外 3 家公用事業公司仍未達到該等級的表現。我們只——我們期望所有公用事業公司都能達到最高的安全標準與績效。各公用事業公司致力於落實從經驗教訓中發展出的安全作法，以將事件發生的機率降至最低；同時，我們也正對第一線主管進行密集訓練，以進一步強化教育並建立期望，而所有公用事業公司共同參與，這也有所助益。

Through the third quarter -- for 3 quarters, BGE, ComEd, PECO remained at top quartiles of customer satisfaction performance. Lastly, we made top desk outage performance in odor response across our 3 gas utilities. For the third quarter in a row, PHI responded to all gas odor reports in less than 1 hour.

截至第三季——連續 3 個季度，BGE、ComEd、PECO 的客戶滿意度表現皆維持在前四分位。最後，在我們 3 家天然氣公用事業公司的異味回報停電（outage）應對表現方面，我們也達到前十分位。連續第三個季度，PHI 對所有天然氣異味通報皆在 1 小時內完成回應。

Let me turn over to Jeanne to provide the financial update.

接下來我把時間交給 Jeanne，請她提供財務更新。

Thank you, Chris, and good morning, everyone. Today, I will cover our third quarter results, completed and upcoming rate case activity, and then as Chris noted, provide further clarity on our earnings growth trajectory and potential balance sheet implications of the corporate minimum tax.

謝謝你，Chris，各位早安。今天我將說明我們第三季的業績、已完成與即將進行的費率案件（rate case）進展；並如 Chris 所提，進一步釐清我們的獲利成長軌跡，以及公司最低稅負（corporate minimum tax）對資產負債表可能造成的影響。

On Slide 6, we show our quarter-over-quarter adjusted operating earnings. Exelon's continuing operations earned $0.75 per share in the third quarter of 2022 versus $0.53 per share in the third quarter of 2021. As a reminder, the prior year third quarter reflects an $0.08 per share of discontinued operations adjustment for certain corporate and overhead costs previously allocated to Generation that are required by accounting rules to be presented as part of Exelon's continuing operations. These costs were paid for by Generation, and they are not indicative of our corporate overhead post-separation.

在第 6 張投影片，我們呈現本季相較前一季的調整後營運盈餘。Exelon 的持續營運在 2022 年第三季每股盈餘為 0.75 美元，相較 2021 年第三季的每股 0.53 美元。如同提醒，去年第三季包含每股 0.08 美元的停業部門調整，係因會計準則要求，先前分攤至發電事業（Generation）的部分公司與管理費用，必須列示為 Exelon 持續營運的一部分。這些成本由發電事業支付，並不代表分拆後我們的公司管理費用水準。

Excluding this $0.08 adjustment, Exelon's third quarter results were $0.14 per share higher than the third quarter of 2021. The earnings growth was driven primarily by higher distribution rates associated with incremental investment and completed rate cases relative to third quarter 2021, the impact of prior Treasury rates on common distribution ROE, the absence of summer storm activity and distribution formula rate timing at ComEd. This was partially offset by depreciation and amortization and higher interest expense on debt at the holding company. Year-to-date results and drivers from the prior year are detailed on Appendix Slide 14.

若排除這 0.08 美元的調整，Exelon 第三季結果較 2021 年第三季高出每股 0.14 美元。獲利成長主要來自：與增量投資及已完成的費率案件相關、相較 2021 年第三季更高的配電費率；先前美國公債利率對一般配電 ROE 的影響；以及 ComEd 夏季風暴活動缺席與配電公式費率（distribution formula rate）時點因素。上述部分被折舊與攤銷，以及控股公司層級債務利息費用上升所抵銷。年初至今的結果與相較前一年的驅動因素，詳見附錄第 14 張投影片。

Turning to the full year. We are narrowing our 2022 EPS guidance range to $2.21 to $2.29 per share from $2.18 to $2.32 per share. At Analyst Day, we told you we expected to earn 28% of our full year earnings in the first quarter, 20% in the second quarter and 32% in the third quarter or about 80% of full year earnings by the end of the third quarter.

接著看全年。我們將 2022 年 EPS 指引區間由每股 2.18 至 2.32 美元，縮窄為每股 2.21 至 2.29 美元。在分析師日（Analyst Day），我們曾表示預期全年獲利中，第一季占 28%、第二季占 20%、第三季占 32%，亦即至第三季末約完成全年獲利的 80%。

Delivering year-to-date earnings of $1.84 per share puts us slightly ahead at 82% of the midpoint of our revised guidance range, which considers the impact of higher Treasury rates at ComEd, on the distribution ROE, the absence of storms and our continued disciplined approach to cost management. These benefits are partially offset by higher financing costs at corporate and the businesses along with onetime items occurred in the first quarter. We are delivering on our financial commitments and are confident we will be within our revised guidance range at year-end.

年初至今每股盈餘達 1.84 美元，使我們略為超前，達到修正後指引區間中點的 82%；此亦反映 ComEd 受較高美國公債利率影響的配電 ROE、風暴缺席，以及我們持續嚴謹的成本管理作法。這些效益部分被公司層級與各事業較高的融資成本，以及第一季發生的一次性項目所抵銷。我們正履行財務承諾，並有信心在年底落在修正後指引區間內。

Moving to Slide 7. Looking at our utility returns on a consolidated basis, our trailing 12-month ROE as of the third quarter has improved to 9.3% and is back within our 9% to 10% targeted range. The 50 basis point increase from last quarter is in line with expectations as timing of equity infusions from the first half of the year are offset by the earnings growth in the second half of the year.

來到第 7 張投影片。以合併基礎觀察公用事業報酬，我們截至第三季的近 12 個月 ROE 已改善至 9.3%，並回到我們 9% 至 10% 的目標區間。相較上季增加 50 個基點，符合預期，因為上半年股權注入的時點影響，將被下半年獲利成長所抵銷。

As discussed on previous calls, we expect a trailing 12-month ROE to remain in our 9% to 10% target range at year-end. Our focus continues to be delivering strong earned returns at the utilities, which sustain the investment we make on behalf of our customers.

如同先前電話會議所討論，我們預期截至年底的近 12 個月 ROE 將維持在 9% 至 10% 的目標區間。我們的重點仍是讓各公用事業實現強勁的實得報酬（earned returns），以支撐我們代表客戶所進行的投資。

Turning to Slide 8. There were some important developments in our open distribution rate case proceedings this quarter. Our successful execution builds momentum into 2023 when several jurisdictions expect to file a multiyear plan. Let me begin by highlighting key developments in the 2022 rate cases.

接著看第 8 張投影片。本季我們在進行中的配電費率案件程序上有一些重要進展。我們成功的執行為 2023 年累積動能，屆時多個司法管轄區預期將提出多年期計畫（multiyear plan）。我先從 2022 年費率案件的關鍵進展談起。

On October 12, the Delaware Public Service Commission approved Delmarva Power settlement agreement without modification for its gas distribution rate case. The settlement was for a $13.4 million increase in distribution rates, which includes the transfer of $5.8 million of revenues from the distribution system improvement charge capital tracker into base distribution rates, reflecting an ROE of 9.6%. As permitted by Delaware law, Delmarva Power implemented full allowable rates on August 14, subject to refund.

10 月 12 日，德拉瓦州公共服務委員會（Delaware Public Service Commission）未作修改即核准 Delmarva Power 在天然氣配電費率案件中的和解協議。該和解為配電費率增加 1,340 萬美元，其中包含將配電系統改善附加費（distribution system improvement charge）的資本追蹤機制（capital tracker）中 580 萬美元收入移轉至基本配電費率，反映 ROE 為 9.6%。依德拉瓦州法律允許，Delmarva Power 已於 8 月 14 日實施全額可允許費率，但須接受退費（subject to refund）。

Additionally, on October 27, the Pennsylvania Public Utility Commission issued an order approving the joint petition for settlement in PECO's GAAP rate case, including an annual natural gas distribution revenues increase of $54.8 million beginning January 1, 2023.

此外，10 月 27 日，賓夕法尼亞州公共事業委員會（Pennsylvania Public Utility Commission）發布命令，核准 PECO 的 GAAP 費率案件之聯合和解請願，包括自 2023 年 1 月 1 日起，年度天然氣配電收入增加 5,480 萬美元。

We also have 2 rate cases pending final orders. Notably, Delmarva Power reached a settlement on the majority of key elements for its first electric distribution multiyear plan with the Maryland Public Service Commission, including a cumulative revenue increase of $28.9 million beginning in 2023 through 2025, reflecting an ROE of 9.6%.

我們另有 2 件費率案件仍待最終命令。值得注意的是，Delmarva Power 就其首個電力配電多年期計畫，已與馬里蘭州公共服務委員會就多數關鍵要素達成和解，包括 2023 至 2025 年累計收入增加 2,890 萬美元，反映 ROE 為 9.6%。

The ability to reach this settlement is a testament of the many benefits of this progressive rate design, including customer rate predictability, ease of regulatory burden and transparency into future system investments at our utilities. We expect a final order from the commission by year-end.

能夠達成此和解，證明此一前瞻性費率設計帶來的多項效益，包括客戶費率可預測性、降低監管負擔，以及對我們公用事業未來系統投資的透明度。我們預期委員會將於年底前發布最終命令。

Lastly, we expect a final order on ComEd's final distribution formulary update in the fourth quarter. More details on the 2022 rate cases can be found on Slides 18 through 22 of the Appendix.

最後，我們預期 ComEd 的最終配電公式更新（final distribution formulary update）將於第四季取得最終命令。關於 2022 年費率案件的更多細節，請參閱附錄第 18 至 22 張投影片。

Turning to 2023 rate filings. ComEd continues to prepare for a new rate filing in January of '23. Throughout '22, ComEd has been working with stakeholders on the performance metrics proceedings. On September 27, the Illinois Commerce Commission issued its order approving the performance and tracking metrics plan, which includes 7 performance metrics with a total value of plus or minus 32 basis points. The order paves the way for ComEd's first multiyear plan filing in January 23 for rates effective 2024 to 2027. Details of the filing will be shared on our fourth quarter call.

接著談 2023 年費率申報。ComEd 持續準備於 2023 年 1 月提出新的費率申報。整個 2022 年，ComEd 一直與利害關係人就績效指標程序（performance metrics proceedings）合作。9 月 27 日，伊利諾州商務委員會（Illinois Commerce Commission）發布命令，核准績效與追蹤指標計畫，其中包含 7 項績效指標，總價值為正負 32 個基點。該命令為 ComEd 於 2023 年 1 月首次提出多年期計畫申報鋪路，使費率於 2024 至 2027 年生效。申報細節將於我們第四季電話會議中分享。

The multiyear plans across our East Coast jurisdictions have enabled investments necessary to improve reliability and customer service. They've modernized the distribution system and supported state environmental goals that have served our customers and communities well. Building on this momentum, we anticipate filing second multiyear plan at BGE in the first quarter, at Pepco Maryland in the second quarter and at Pepco D.C. in the first half of 2023. Additionally, we anticipate filing the first multiyear plan reconciliation with BGE expected to file in the first quarter of '23.

我們在美東各司法管轄區的多年期計畫，使得提升可靠度與客戶服務所需的投資得以推進。這些計畫已使配電系統現代化，並支持各州環境目標，對我們的客戶與社區皆帶來良好成效。在此動能基礎上，我們預期於第一季在 BGE 提出第二個多年期計畫、第二季在 Pepco Maryland 提出，並於 2023 年上半年在 Pepco D.C. 提出。此外，我們預期提出首個多年期計畫調節（reconciliation），其中 BGE 預計於 2023 年第一季申報。

Our first multiyear plan reconciliation is an important milestone that helps us throughout variances from the costs we filed as part of the multiyear plan in early 2020. Importantly, this reconciliation process will also provide our first opportunity to understand how the process will be implemented for any potential cost variances in future multiyear plans.

我們首次多年期計畫的調節（reconciliation）是一個重要里程碑，有助於我們處理自2020年初提交多年期計畫時所申報成本與實際成本之間的各項差異。更重要的是，這項調節流程也將讓我們首次有機會了解，未來多年期計畫若出現任何潛在成本差異，該流程將如何被落實執行。

As you can see, next year, we'll be busy on the regulatory front, but we are excited for the transparency and stability the multiyear plans will continue to provide our customers and stakeholders. Relationships across our jurisdictions remain constructive, and we are working together with our regulators, teams and communities to support their clean energy and climate goals.

如各位所見，明年我們在監管面將會相當忙碌，但我們也期待多年期計畫能持續為客戶與利害關係人帶來透明度與穩定性。我們在各司法管轄區的關係仍具建設性，我們正與監管機關、團隊及社區攜手合作，支持其潔淨能源與氣候目標。

As Chris noted, this year's federal legislation only bolsters the support for and the affordability of the transformation of our energy economy. The multiyear plans provide a great structure to align on the pace and the progress of that transformation. As a reminder, we expect nearly 100% of our rate base growth will be covered by alternative recovery mechanisms, such as the multiyear plan by the end of our planning period.

如Chris所提到，今年的聯邦立法進一步強化了對能源經濟轉型的支持與其可負擔性。多年期計畫提供了良好的架構，使各方能就轉型的速度與進展達成一致。提醒一下，我們預期在規劃期結束前，我們費率基礎（rate base）成長中近100%將由替代性回收機制所涵蓋，例如多年期計畫。

Moving to Slide 9. As Chris described, we are confident that $29 billion of investments we are making on behalf of our customers will result in expected rate base growth of 8.1% and 6% to 8% annualized earnings growth from '21 through '25. We have noted that our business model does include some variability in year-over-year earnings growth due to the timing of rate cases, largely driven by Pennsylvania, which generates strong returns that support the continued need to invest for the benefit of our customers.

接著看第9頁。如Chris所述，我們有信心，我們代表客戶所進行的290億美元投資，將帶來預期8.1%的費率基礎成長，以及自2021年至2025年6%至8%的年化盈餘成長。我們也指出，我們的商業模式在年度盈餘成長上確實存在一定波動性，主要源自費率案件（rate cases）的時點安排，且多由賓州所驅動；賓州能產生強勁報酬，支持我們持續為客戶利益而投資的必要性。

In addition, for '22 and '23 at ComEd, we're exposed to the 30-year Treasury rate before making the transition to a more traditionally set return on equity. We've attempted to provide investors with additional information on the year-over-year variability with the building blocks of our earnings growth trajectory.

此外，在ComEd方面，2022年與2023年我們在轉換至較傳統設定的股東權益報酬率（ROE）之前，仍會暴露於30年期美國公債利率的影響。我們已嘗試透過盈餘成長軌跡的各項構成要素，向投資人提供更多關於年度波動性的資訊。

As defined in the chart, the gray arrows represent implied 6% to 8% CAGR path from the 2021 guidance midpoint of $2.10 per share as disclosed at Analyst Day through 2025 while the tildes illustrates expected year-over-year growth percentages from the prior year relative to the 6% to 8% range each year.

如圖表所示，灰色箭頭代表自分析師日所揭露的2021年每股2.10美元指引中點起算，至2025年的隱含6%至8%複合年成長率（CAGR）路徑；而波浪符號（~）則顯示相較前一年、各年度在6%至8%區間內的預期年增百分比。

Stepping to the growth drivers, starting with '23, we have already mentioned ComEd and its exposure to the 30-year Treasury rate. Although current forwards imply we should see some good upside to its ROE, we'll need to monitor the impact through '23, which remains fully exposed to market move. People will be in Year 2 of its existing electric distribution rate per year cycle and, as a result, it's expected to have lower year-over-year earnings assuming normal weather.

接著看成長驅動因素。自2023年起，我們已提到ComEd及其對30年期美國公債利率的曝險。雖然目前的遠期利率暗示其ROE可能有不錯的上行空間，但我們仍需持續觀察至2023年的影響，因其仍完全暴露於市場波動。People將進入其既有電力配電費率週期的第2年，因此在假設正常天候下，預期其年度盈餘成長將較低。

PECO's earnings should be positively impacted by new GAAP rates, transmission and its distribution system improvement charge tracker, which provides a mechanism for recovery on distribution investments made between rate cases.

PECO的盈餘預期將受惠於新的GAAP費率、輸電業務，以及其配電系統改善附加費（distribution system improvement charge）追蹤機制；該機制可在費率案件之間，提供對配電投資的回收途徑。

Weather and storm normalization will also be a factor in PECO's not being decoupled, and we are modestly benefiting from weather to-date. Like all companies, we face challenges from higher financing costs and inflation, which we are working hard to offset through productivity initiatives, investments in technology and by leveraging our size and scale. Reconciliation processes in '23 in Maryland and DC will help establish precedent for future cost recovery under the multiyear plan.

天候與風暴常態化也將是影響因素，因PECO並未採行解耦（decoupling）機制，而我們今年迄今也因天候而小幅受益。與所有公司一樣，我們面臨融資成本上升與通膨的挑戰；我們正透過生產力提升措施、科技投資，以及運用規模與量體優勢來努力抵銷。2023年在馬里蘭州與華盛頓特區的調節流程，將有助於建立未來在多年期計畫下成本回收的先例。

Lastly, at corporate, we will see increased costs as we continue to refinance our remaining floating rate debt from the separation as well as financing the investment needs of our utilities at the current higher rate. As we do have the utilities, we continue to challenge our corporate center to reduce costs.

最後，在公司層面，隨著我們持續為分拆後剩餘的浮動利率債務進行再融資，以及在目前較高利率環境下為各公用事業的投資需求籌資，我們將看到成本上升。由於我們擁有這些公用事業，我們也持續要求公司總部降低成本。

For all these reasons, '23 is expected to be below the lower end of the 6% to 8% growth range based on our outlook as of September 30. In 2024, we expect to be in the range as we enter the next cycle of our BGE and PECO multiyear plan, which allow us to align with stakeholders for the next 3-year phase of the clean energy transition.

基於上述原因，依我們截至9月30日的展望，2023年預期將低於6%至8%成長區間的下緣。2024年，隨著我們進入BGE與PECO多年期計畫的下一個週期，我們預期將回到該區間；這些計畫使我們能與利害關係人就潔淨能源轉型的下一個三年階段達成一致。

PECO is expected to be in its third year of its existing electric distribution rate impacting year-over-year growth. Then with an expected rate case filing for PECO electric in '25 and the rest of our utilities growing generally in line with the rate base investments, we expect to be above the upper end of the 6% to 8% range in 2025. The combination of growth across these years should put us squarely in the 6% to 8% range on an annualized basis for the '21 through '25 planning horizon. You can expect us to initiate '23 guidance and provide a [record] of CapEx, rate base and financing plans as we normally do on our fourth quarter earnings call.

PECO預期將處於其既有電力配電費率週期的第3年，進而影響年度成長。接著，隨著PECO電力業務預期於2025年提出費率案件申請，且我們其餘公用事業的成長大致與費率基礎投資一致，我們預期2025年將高於6%至8%區間的上緣。這些年度的成長組合，應可使我們在2021年至2025年的規劃期間，以年化基礎穩健落在6%至8%區間。我們將如往常在第四季財報電話會議中啟動2023年指引，並提供資本支出（CapEx）、費率基礎與融資計畫的[記錄]。

Turning to Slide 10. Exelon remains committed to maintaining a strong balance sheet, and investment grade credit rating continue to be a top priority. Our long-term corporate consolidated credit metric outlook remains strong for both S&P and Moody's, regardless of the outcome of the corporate minimum tax. If the corporate minimum tax is enacted as written in the Inflation Reduction Act, the expected tax on balance sheet is approximately $200 million per year as of close in our August 8K filing. We are working with the industry and remain optimistic that this impact can be mitigated.

接著看第10頁。Exelon仍致力於維持強健的資產負債表，並將維持投資等級信用評等列為首要任務。無論公司最低稅負的結果如何，我們對S&P與穆迪（Moody's）的長期公司合併信用指標展望仍然強勁。若《通膨削減法案》（Inflation Reduction Act）中的公司最低稅負依文字內容通過，依我們8月8日提交的8-K文件截至期末估算，對資產負債表的預期稅負約為每年2億美元。我們正與產業合作，並仍樂觀認為此影響可被緩解。

Even if unmitigated, as Chris noted, we expect to observe the cash impact on our balance sheet with cushion above our downgrade thresholds, and we expect to be in our targeted 13% to 14% average range over the planning horizon without a need for incremental equity beyond the previously announced $1 billion commitment from '22 through '25. As a reminder, we issued $575 million in equity in August through a onetime offering and will complete the remaining $425 million over the '23 through '25 period. Our commitment to a strong balance sheet is a top priority to ensure we can make the investments needed on behalf of our customers.

即使未能緩解，如Chris所述，我們預期資產負債表上的現金影響仍將保有高於降評門檻的緩衝，且在規劃期間內，我們預期可維持在目標的平均13%至14%區間，而無需在先前宣布的2022年至2025年合計10億美元承諾之外再增發股權。提醒一下，我們已於8月透過一次性發行募集5.75億美元股權，並將在2023年至2025年期間完成剩餘的4.25億美元。我們對強健資產負債表的承諾是首要任務，以確保我們能代表客戶進行所需投資。

I want to close by reiterating our confidence in investing an estimated $29 billion of capital from '22 to '25 driving 68% earnings growth from '21 to '25 and a strong balance sheet. This remains the case regardless of whether the corporate minimum tax is mitigated.

最後我想重申，我們對於在2022年至2025年投入約290億美元資本、推動2021年至2025年盈餘成長68%，並維持強健資產負債表充滿信心。無論公司最低稅負是否能被緩解，這一點都不變。

Thank you. I will now turn the call back to Chris for his closing remarks.

謝謝。接下來我把電話交回給Chris，請他做結語。

Thanks, Jeanne. Moving to Slide 11. I'd like to emphasize Exelon's unique value proposition and place in the energy delivery industry. The economy is making the transition to a cleaner, more resilient energy model -- as significant federal legislation passed this year, including the IIJA and the IRA provide momentum and support to our jurisdictions, which have been leading the way for years.

謝謝你，Jeanne。接著看第11頁。我想強調Exelon在能源輸配產業中獨特的價值主張與定位。隨著經濟正轉向更潔淨、更具韌性的能源模式——今年通過的重要聯邦立法（包括IIJA與IRA）為我們的各司法管轄區提供了動能與支持，而這些地區多年來一直走在前端。

Exelon offers an unparalleled exposure to that opportunity. We serve more electric and gas customers than any other utility in the country in some of the largest cities of the country. We have earned the trust of our customers and our commissions by consistently and reliably providing top-notch operation performance. And we live our values with steady commitments to path -- to our Path to Clean goal as well as through environmental advocacy and support for our communities in a strong governance model.

Exelon對這項機會提供無與倫比的曝險。我們在全國一些最大的城市服務的電力與天然氣客戶數，超過任何其他公用事業公司。我們透過一貫且可靠地提供一流的營運績效，贏得了客戶與監管委員會的信任。我們也以穩健的治理模式實踐我們的價值觀——持續承諾我們的潔淨之路目標（Path to Clean），並透過環境倡議與對社區的支持來落實。

As a result, there's a tremendous demand and support for investments we expect to make in our communities, which as I said earlier, totals at $29 million of capital from '22 to '25. And only in the beginning stages of the transition that will take hold in a few decades. None of our investments represent more than 1% of the $29 billion, and the result from customer growth need to keep up the customer demand and the resilience on the grid.

因此，市場對我們預期在社區進行的投資有極大的需求與支持；如我先前所說，2022年至2025年合計約為2,900萬美元的資本。而且我們仍僅處於轉型的初期階段，這個轉型將在未來數十年逐步成形。我們的任何單一投資都不超過290億美元中的1%，而客戶成長所帶來的結果需要跟上客戶需求以及電網韌性。

So we continue to feel confident in our 8.1% rate base growth and the projected 6% to 8% growth through -- rate growth through 2025. We offer a very strong proposition for -- we have offered very strong proposition and will continue for years to come with the balance sheet and matching dividend commitments, combining our 3.5% dividend yield with the 6% to 8% annual growth offers low risk to the 9.5% to 11.5% total return proposition.

因此，我們對8.1%的費率基礎成長，以及至2025年預測的6%至8%成長——費率成長——仍然充滿信心。我們提供非常強勁的主張——我們一直提供非常強勁的主張，且未來多年仍將如此；憑藉資產負債表與相匹配的股利承諾，將3.5%的股利殖利率與6%至8%的年成長結合，形成低風險、9.5%至11.5%總報酬的投資主張。

That brings me to my retirement announcement. As noted in the release yesterday, I'll retire at the end of the year. And as I mentioned, Calvin will assume the role of CEO and a member of the Exelon Board. I've made this decision recently that I will need treatment for a significant spine and hip issue that require me to focus on my health. Because of these issues, I won't be able to join you at EEI, but Calvin and Jeanne and other members of our senior team look forward to seeing you there.

這也帶到我關於退休的宣布。如同昨天新聞稿所述，我將於年底退休。也如我提到的，Calvin 將接任執行長一職，並成為 Exelon 董事會成員。我最近做出這項決定，因為我需要針對嚴重的脊椎與髖部問題接受治療，必須專注於自身健康。由於這些狀況，我將無法在 EEI 與各位相見，但 Calvin、Jeanne 以及我們資深團隊的其他成員都期待在那裡與各位見面。

Being part of building this industry-leading company over the last 24 years has been an honor. Regardless of the economy, the commodity prices, the regulatory output, or our asset mix, Exelon has always focused on Job 1, running its operations safely and at top-notch levels to serve their customers. We have built an amazing platform over the decades.

在過去 24 年參與打造這家產業領先的公司，是我的榮幸。無論景氣如何、商品價格如何、監管結果如何，或我們的資產組合如何，Exelon 一直專注於首要任務：以安全且一流的水準營運，服務客戶。我們在數十年間建立了一個令人驚嘆的平台。

I want to thank all of our talented employees for what they have done to get us where we are today and recognize the diverse experience and innovative approaches that will get us to where we need to go tomorrow. While I'll miss being part of the team leading this energy industry transformation, I have all the trust in the world in Calvin and his leadership team to rise to the latest challenges and excel in many ways.

我要感謝我們所有才華洋溢的員工，感謝他們為我們走到今天所做的一切，也肯定多元的經驗與創新的做法，將帶領我們走向明天需要到達的地方。雖然我會想念與團隊一同領導這場能源產業轉型，但我對 Calvin 及其領導團隊充滿信心，相信他們能迎接最新挑戰，並在多方面表現卓越。

As always, thank you for your time and support, and we'll now take questions.

一如既往，感謝各位的時間與支持，接下來我們開始提問。

(Operator Instructions) Our first question will come from Ross Fowler of UBS.

（接線員指示）我們的第一個問題來自 UBS 的 Ross Fowler。

Chris, best wishes as you deal with this health issue. Really sincerely hope everything works out okay. So just on Slide -- let's maybe go back to Jeanne to go back to Slide 9 and just think about what this is communicating. If I kind of look at the $2.10, which is the midpoint of '21 guidance, that should be my base year for thinking about the 6% to 8% range. And then you're saying in '23, you're below that. So if I'm thinking about this correctly, I take the $2.25 base or midpoint of '22, that's really saying, given that, that 7% growth off '21, that you're growing maybe at sort of 4%, if I'm thinking about the math directly off '22 into '23. But then if I think about what you're saying for '24 and '25, the little squiggle lines here around 7% and above 8%, you got to kind of get back to that 7% 4-year CAGR midpoint off '21 by the time we get out to '25. Is that a fair way to think about this?

Chris，在你面對這個健康問題之際，祝你一切順利。我真心希望一切都能好轉。那麼就投影片來看——我們或許回到 Jeanne，請她回到第 9 頁投影片，思考這裡傳達的訊息。如果我看 2.10 美元，也就是 2021 年指引的中點，那應該是我用來思考 6% 到 8% 區間的基準年度。然後你們說在 2023 年會低於那個水準。所以如果我理解正確，我用 2022 年的 2.25 美元基準或中點來看，這其實表示在 2021 年的 7% 成長之後，從 2022 年到 2023 年的成長大概只有 4% 左右（如果我直接用數學去算）。但接著如果我看你們對 2024 年與 2025 年的說法，這裡的小波浪線大約在 7% 與高於 8% 附近，你們必須在 2025 年時回到以 2021 年為起點、4 年 CAGR 中點約 7% 的路徑。這樣理解公平嗎？

Yes, yes. You're thinking about it right. And I'll just reiterate that the tildes represent year-over-year growth from the prior year. So the way you walked through it is right. And then what we've tried to do is not give you a specific number for every year but sort of narrow the outcome based on the building blocks below the CAGR line. So you can see the combination of growth over those years puts us squarely in the 6% to 8% commitment '21 through '25.

是的，是的。你的理解是正確的。我再重申一次，波浪符號代表相較前一年的年增率。所以你剛才的推導方式是對的。我們嘗試做的是，不是每一年都給你一個精確數字，而是根據 CAGR 線下方的組成要素，去縮小可能的結果範圍。因此你可以看到，這幾年的成長組合，讓我們穩穩落在 2021 到 2025 年 6% 到 8% 的承諾區間內。

Okay. Great. Perfect. And then maybe on the $200 million of cash tax impact, you said that's unmitigated. Is mitigation here really just about the Treasury rules? And what's the timing of maybe getting a first preliminary look at those Treasury rules? Is that really Q1 since every corporation is going to have to make an estimated tax payment at some point in April? And then if you mitigate that, does that change the equity need at all? Or is that equity need pretty firm regardless of what happens with this $200 million?

好的。很好。非常清楚。那再問一下關於 2 億美元的現金稅負影響，你說那是未經緩解的。這裡所謂的緩解，主要是指財政部規則嗎？那大概什麼時點能先看到財政部規則的初步版本？是不是其實要到第一季，因為每家公司都必須在 4 月某個時間點繳納預估稅？另外，如果這個影響能被緩解，會改變你們對股權資金需求的判斷嗎？還是說不論這 2 億美元最後如何，你們的股權需求都相當確定？

Sure. Yes. So I think 3 questions there. First, when we think about mitigation, there is working with EEI and the industry on the regulation. So that certainly would be a meaningful mitigation there if the regulations are written in a way that allows for certain deductions that we've previously had. But I would also say, as you know, right, we will look internally to do what we can to mitigate anything that we can on our end. But it's a combination of those factors, but that's right, the 60 to 70 basis points that we put on the slide is the unmitigated whether through the regulations or internally the most conservative impact.

當然。我想你那裡有三個問題。第一，談到緩解時，我們會與 EEI 以及產業一起就相關規範進行溝通。因此，如果規範的撰寫方式能允許我們保留先前享有的某些扣除項目，那將是相當有意義的緩解因素。但我也要說，如你所知，我們也會在內部檢視，盡我們所能去緩解任何我們端可以緩解的部分。所以這是多種因素的組合。不過你說得對，我們在投影片上列出的 60 到 70 個基點，是在最保守假設下、未經緩解的影響——不論是透過規範或內部措施。

I think your second question, I'm forgetting, but the third question was if the regulations do mitigate it or if the 60 to 70 basis points go away, are we still committed to the $425 million that remain? We are. So we're not -- we don't expect to do any more than the $1 billion we announced. As you know, we've already done the $575 million and then the remaining $425 million we'll execute between '23 and '25 (inaudible) drop.

我忘了你的第二個問題是什麼，但第三個問題是：如果規範確實緩解了影響，或那 60 到 70 個基點的影響消失了，我們是否仍承諾剩餘的 4.25 億美元？我們是的。所以我們不會——我們不預期會超過我們宣布的 10 億美元。如你所知，我們已經完成了 5.75 億美元，剩餘的 4.25 億美元將在 2023 到 2025 年間執行（聽不清）下降。

Yes. The second question just had a part of the question. Yes, timing. Yes.

是的。第二個問題只是其中一部分。是的，時點。是的。

Yes. So it would be helpful to have them by the first quarter. Obviously, that would be when we'd make our first payment that would be helpful, and we've sort of signaled that, that would be helpful, but we really can't control. And we should know more next year, the sooner the better, obviously. But we're still working through that. They're obviously -- the Treasury is obviously still working through that.

是的。如果能在第一季前拿到會很有幫助。顯然，那會是我們進行第一筆付款的時間點，若能在那之前取得會很有幫助；我們也已經釋出這樣的訊號——那會很有幫助，但我們確實無法控制。我們明年會知道更多，當然越早越好。但我們仍在持續推進，財政部顯然也仍在處理中。

Our next question will come from Paul Zimbardo of Bank of America.

我們的下一個問題來自美國銀行的 Paul Zimbardo。

It's actually Julien here. Chris, my best wishes here. If I may, just with respect to the squiggly lines, as we call them, and your commentary about being squarely within, I don't mean to repeat the last question too much, but to ask you does squarely within equate to effectively at the midpoint of the 6% to 8%? Is that a fair way to interpret that specific language you used?

其實是 Julien 在這裡。Chris，祝你一切順利。如果可以的話，關於我們所稱的那些波浪線，以及你提到「穩穩落在區間內」的評論，我不想過度重複上一題，但我想問：所謂「穩穩落在區間內」是否等同於實際上接近 6% 到 8% 的中點？這樣解讀你使用的那個特定措辭是否合理？

Yes. I think we always seem to be solidly in within the range, right? But we haven't given you sort of where within. But what we've tried to do is show you that if you look at the year-over-year growth and you look at the drivers below it that we are confidently reaffirming our 6% to 8% '21 through '25.

是的。我想我們一直都相當穩健地落在區間之內，對吧？但我們並沒有告訴你在區間內的哪個位置。我們嘗試做的是向你展示：如果你看年增率，以及其下方的驅動因素，我們有信心重申 2021 到 2025 年 6% 到 8% 的目標。

Okay. Fair enough. Sorry, I don't mean the word's going to be too much. You use the words. And then related second follow-up, if I may, on balance sheet. I know you talked about uncertainties here, but it sounds as if, if I'm hearing you correctly, the risk of having to make a payment, that payment being unknown, you're confident in the current cumulative $1 billion of capital outlay on equity as being intact almost regardless of the various scenarios. Again, it doesn't sound like it's less than the $1 billion cumulatively, but it also similarly, depending on the scenarios, doesn't sound like it's more than that as best you can tell right now. Again, and then if you can elaborate a little bit, is there any other nuance that we should be aware of that might be an offset to cash flow here to keep metrics intact? Or is this just simply a reduction of the debt metrics?

好的，了解。抱歉，我不是要過度糾結用詞，是你用了這些詞。接著第二個追問，如果可以的話，關於資產負債表。我知道你提到這裡存在不確定性，但聽起來如果我理解正確，雖然可能需要支付一筆款項、且金額未知，但你們對目前累計 10 億美元的股權資本投入仍有信心，幾乎不受各種情境影響。再說一次，聽起來累計不會少於 10 億美元，但同樣地，依不同情境，你們目前看來也不會高於 10 億美元。然後如果你能再多說一點，是否還有其他我們應該注意的細節，可能對現金流形成抵銷、以維持指標不變？還是這就只是單純讓負債指標下降？

Yes. I think it's -- I think you're thinking about it right. We are affirming we don't need more than the $1 billion that we mentioned after analyzing the unmitigated impact. We can -- again, whether it's unmitigated through EEI or internally, we can absorb that on the balance sheet, stay above our downgrade threshold without incremental equity and then be within our 13% to 14% over the planning horizon.

是的。我認為——我認為你的理解是正確的。在分析未經緩解的影響後，我們確認不需要超過我們提到的 10 億美元。我們可以——再說一次，不論是透過 EEI 或內部措施而未能緩解，我們都可以在資產負債表上吸收該影響，在不需要額外發行股權的情況下，仍能維持在我們的降評門檻之上，並在規劃期間內維持在 13% 到 14% 的區間。

Our next question will come from Steve Fleishman of Wolfe Research.

下一個問題將由 Wolfe Research 的 Steve Fleishman 提問。

Chris, I also want to give you the best wishes and hope your health gets better and just recognize -- just I know we're seeing it more through a different stock right now with CEG but just the turnaround in nuclear that you helped kind of make happen is pretty remarkable. So congrats on that.

Chris，我也想向你致上最誠摯的祝福，希望你的健康狀況好轉；也想特別肯定一下——我知道我們現在可能更多是透過 CEG 這檔不同的股票在看這件事——但你協助促成的核能業務翻轉確實相當令人驚豔。恭喜你。

Just on the -- I guess, Jeanne, just on the first question on the nonlinear growth. I think from the very beginning (inaudible) when you gave the guide of the new Exelon, you did kind of -- you did say that it wasn't going to be linear and may not be in the range each year. So just now that you're giving this incremental information, is it pretty consistent where it would have been if you had just given this at the beginning of the year, just reflecting this PECO rate cycle for the most part? Or are there other like big changes that have occurred?

先就——我想，Jeanne，先談第一個關於非線性成長的問題。我記得從一開始（聽不清）當你給出新 Exelon 的指引時，你確實——你有提到它不會是線性的，而且每一年也未必都會落在區間內。那麼現在你提供了這些增量資訊，這是否大致上與如果你在年初就提供這些資訊時會呈現的情況一致，主要只是反映 PECO 的費率審議週期？還是說還有其他重大的變化發生？

Yes. I think the trajectory is pretty consistent. There might have been some puts and takes between '23 and '24 with the sort of nonlinearity. And I think the fundamental thing is it's consistent with what we said at Analyst Day in that we're investing $29 billion, which drives the rate base growth of 8.1%, which drives the earnings growth but because of the rate case timing, there's some variability in there. And I think what we're hopeful here is that this visual provides more clarity on how that -- how those rate cases impact different years.

是的。我認為整體軌跡相當一致。可能在 2023 年與 2024 年之間，因為這種非線性會有一些此消彼長。我想最根本的是，這與我們在分析師日所說的一致：我們投資 290 億美元，帶動 8.1% 的費率基礎（rate base）成長，進而帶動盈餘成長；但由於費率案件（rate case）的時點安排，當中會有一些波動。我們希望這張圖能更清楚地呈現——這些費率案件如何影響不同年度。

Okay. Second question is, I think some people are trying to take each year number from the Slide 9 and kind of taken -- even though it's an estimate kind of adding that up. And when you do that by '25, you kind of maybe get to the lower half of the '25 range. Is that not what you should do because there's estimates, or just how should we take that?

好的。第二個問題是，我想有些人試著把第 9 頁投影片上的每一年數字拿出來——即使那是估計值——然後把它加總。這樣算到 2025 年時，可能會落在 2025 年區間的下半部。你們是不是不希望大家這樣做，因為那些是估計值？或是我們應該怎麼解讀？

Yes. I think what I would just say the combination of growth over the years and the tildes are supposed to -- I'm laughing because we -- you wouldn't -- you would laugh at how much we spent over tildes versus other things here to show the visual. But what we're trying to show here is that the combination of growth which is squarely in the range. And so that's what we want to reiterate through the investments of the $29 billion. We're confident we're going to be squarely in the range.

是的。我想我會說，這幾年的成長組合以及那些波浪號（~）本來就是要——我在笑是因為——你們可能會笑我們為了這些波浪號相較於其他事情花了多少時間，只為了把視覺呈現做出來。但我們想表達的是：成長的組合是明確落在區間內的。因此我們想再次強調，透過 290 億美元的投資，我們有信心會穩穩落在區間內。

Okay. And then just on the -- going back to the alternative minimum tax. I think one of the big issues of focus with Treasury is the repairs tax and whether that could get included. If you could get the repairs tax addressed as part of this, would that cover most of this $200 million because some companies are actually assuming that it will get fixed, yes.

好的。然後再回到——替代性最低稅負（alternative minimum tax）。我想財政部（Treasury）關注的一個重點是修繕費用稅務（repairs tax），以及它是否能被納入處理。如果你們能把修繕費用稅務在這件事中處理好，是否就能涵蓋這 2 億美元的大部分影響？因為有些公司其實假設它會被修正，是的。

Yes. It would.

是的，會。

It would? Okay.

會？好的。

It was substantially mitigated, yes.

是的，將會在很大程度上被緩解。

One thing, Steve, is learning to deal with the IRS. So they march to their own beat. Our tax folks here were working with the industry in EEI are really working on trying to communicate the necessity to move faster. But we -- there can't be guarantees in the first quarter when you haven't got agreement on the approach here.

Steve，有一件事是要學會如何與 IRS 打交道。他們有他們自己的節奏。我們這裡的稅務團隊正與 EEI 的產業同業合作，確實在努力溝通必須加快速度的必要性。但——在第一季、當你們對這裡的處理方式還沒有達成共識時，是不可能有任何保證的。

Our next question will come from David Arcaro of Morgan Stanley.

下一個問題將由 Morgan Stanley 的 David Arcaro 提問。

Chris, best wishes from my end as well. As we look at the upcoming ComEd multiyear plan filing in January, I was just -- wanted to get a sense how comfortable and confident are you in managing that jurisdiction within a 4-year plan going forward? Do you anticipate the parameters are going to be manageable to work under over that period?

Chris，我這邊也祝你早日康復。就我們看 1 月即將提交的 ComEd 多年期計畫申報，我想——想了解你們對於在未來以 4 年期計畫來管理該司法管轄區的舒適度與信心如何？你們是否預期這些參數在那段期間內會是可管理、可運作的？

This is Gil Quiniones, CEO of ComEd. We have had a constructive relationship with stakeholders and other parties here in our jurisdiction. And what you will see from us is that our plants will squarely align with the goals of the Climate Equitable Jobs Act and, generally, the energy, environmental and economic development policies of the state. So that will be our plan. And as was noted in the earlier remarks, the details of such we will share in our next earnings call.

我是 ComEd 的執行長 Gil Quiniones。我們與利害關係人以及本司法管轄區內的其他各方一直維持建設性的關係。你們將會看到我們提出的計畫將明確對齊《氣候與公平就業法》（Climate Equitable Jobs Act）的目標，以及本州在能源、環境與經濟發展方面的政策方向。這將是我們的計畫。正如先前談到的，我們會在下一次財報電話會議中分享相關細節。

Okay. Got it. And then as we think about just the PECO electric earnings dynamic here, I was just wondering if as you're planning out longer term, are there opportunities that you're looking for or exploring to smooth out just the EPS contributions, whether it's kind of shifting around expenses and cost-saving opportunities? Are there other longer-term ways to smooth out the EPS growth trajectory?

好的，了解。接著談到 PECO 電力盈餘的動態，我想問的是：在你們做更長期規劃時，是否有你們正在尋找或探索的機會，來平滑 EPS 的貢獻？例如調整費用時點、或成本節省的機會？還有沒有其他更長期的方法可以讓 EPS 成長軌跡更平順？

This is Calvin. We're always looking at ways to operate our business more efficiently and manage our costs because that's our responsibility of delivering that value to our customers. And as we talked about previously, affordability is a driving factor as we operate in all of our jurisdictions. And just remember, PECO is one of our highest -- is our highest earning utility in the fleet and one of the highest earning across the country. And the constructive regulatory environment within Pennsylvania is something that we've come to build on and have that relationship, collaborative relationship with the regulators. So as we continue to manage across our platform, we will always look at costs within the operating units as well as at the corporate center. So to answer your question directly, yes.

我是 Calvin。我們一直在尋找讓業務運作更有效率、並管理成本的方法，因為這是我們為客戶創造價值的責任。正如我們先前談到的，可負擔性（affordability）是我們在所有司法管轄區營運時的重要驅動因素。也請記得，PECO 是我們整體公用事業組合中——是我們獲利最高的公用事業，也是全美獲利最高者之一。賓州建設性的監管環境是我們持續建立並深化的基礎，我們也與監管機關維持協作式的關係。因此，當我們持續在整個平台上管理時，我們會一直檢視營運單位以及公司總部的成本。直接回答你的問題：是的。

Our next question will come from Jeremy Tonet of JPMorgan.

下一個問題將由 JPMorgan 的 Jeremy Tonet 提問。

Just want to come back, I guess, to '22 through '25 growth drivers a little bit and anything else you could say as far as what you're looking to minimize the headwinds for '23 to operate against the plan and really just want to see what 30-year expectation was baked into the guidance there.

我想再回到 2022 到 2025 年的成長驅動因素多問一點：你們還能補充些什麼，關於你們打算如何把 2023 年的逆風降到最低、以便依計畫執行？另外也想了解，指引中納入的 30 年期利率預期是什麼水準。

Sure. Yes, I'll take that. As Calvin mentioned, I think the first and foremost is our continued focus on cost management. We continue to do that. I think the other thing is, we're also looking to manage interest rate volatility. So when you think about our long-term financing, we use tools there like pre-issuance hedging to dollar cost average into the long-term rates before the issuance. On our short-term debt, we've got interest rate caps that protect against the upside but also retain the benefit should rates fall. So we're doing all the things we can to control cost heading into '23. And then in addition to that, I think you asked about where we mark this. I think the Fed notice says as of 9/30. So we marked ComEd to the 9/30 forward rate for '23 there.

好的。是的，我來回答。如同 Calvin 提到的，我認為最重要的第一點是我們持續聚焦成本管理，我們會繼續這麼做。第二點是，我們也在管理利率波動。因此談到我們的長期融資，我們會使用例如發行前避險（pre-issuance hedging）等工具，在正式發行前以分批方式（dollar cost average）進入長期利率水準。至於短期負債，我們有利率上限（interest rate caps）來防範利率上行，同時在利率下行時也能保留好處。所以我們正在盡一切所能，在進入 2023 年前控制成本。除此之外，你也問到我們是如何標記（mark）這個假設的。我想聯準會的公告是以 9/30 為基準。因此我們在這裡把 ComEd 2023 年的假設標記到 9/30 的遠期利率（forward rate）。

Got it. That's helpful. And maybe just one more question, if I could. If you applied the new Illinois performance metrics historically to ComEd, how would it have scored? And how do you think about the opportunity here going forward?

了解，這很有幫助。若可以的話我再問一個：如果把伊利諾州新的績效指標（performance metrics）套用到 ComEd 的歷史表現上，它會拿到什麼樣的評分？你們如何看待未來的機會？

Yes. I would say the categories are somewhat consistent, but they're also different enough, right? I don't think you can back cast it. But what I would say is under the formula rate, one piece that's very different is there was only downside risk. And so we only had penalties under the formulary. What's constructive about this new path going forward is we now have the opportunity to do better. And as you heard Chris say, ComEd's performing the best it ever has in its 100 years of operations. And so we're excited about that.

是的。我會說這些類別某種程度上相近，但也有足夠的不同，對吧？我不認為你可以回推套用（back cast）。但我想說的是，在公式費率（formula rate）之下，有一點非常不同：當時只有下行風險。因此在該公式機制下我們只會面臨罰則。這條新的前進路徑之所以具有建設性，是因為我們現在有機會做得更好。正如你聽到 Chris 所說，ComEd 在其 100 年營運歷史中，現在的表現是前所未有的最佳。因此我們對此感到振奮。

I think the other thing about the multiyear plan is the upfront alignment around the investment. And that was also there in the formula rate where we agreed that there would be grid modernization required and smart meters. And when you look at the results of that, ComEd improved the reliability 82%. So we like the ability to align up front, and we like the ability to get recognized should we perform well, which ComEd has done.

我想多年期計畫的另一個重點，是在投資方面能夠事先對齊共識。在公式費率時期也有這一點，當時我們同意需要進行電網現代化以及智慧電表。從成果來看，ComEd 的可靠度提升了 82%。因此我們喜歡能夠在一開始就對齊，也喜歡在表現良好時能獲得認可，而 ComEd 確實做到了。

And Jeremy, I would add that keep in mind how those performance metrics were developed. They were done in collaboration and partnership with stakeholders. So we started the process of transparency in which ComEd as they go in to file their multiyear rate plan, that's the value of working with your customers and your regulators to ensure that the investments that you are making are leading to the increased reliability, resilience and meeting the clean energy goals of the state as Gil pointed out. And I think that is the first step as we continue to build a process in a constructive regulatory environment.

而且 Jeremy，我還要補充一點，請記得這些績效指標是如何制定出來的。它們是在與利害關係人協作與夥伴關係下完成的。因此，我們啟動了透明化流程；當 ComEd 進行申報其多年期費率方案時，這正是與客戶與監管機關合作的價值所在，以確保你所進行的投資能如 Gil 所指出的那樣，提升可靠性與韌性，並達成州的潔淨能源目標。我認為，這是我們在建構具建設性的監管環境流程時的第一步。

Our last question will come from Michael Lapides of Goldman Sachs.

我們最後一個問題將來自高盛（Goldman Sachs）的 Michael Lapides。

Chris, obviously, wish you well, wish you the best physically. Jeanne, a cost question. When you benchmark yourselves whether benchmarking T&D, O&M or benchmarking at the corporate center, and I'm sure you still do a lot of that, where do you think you do not score in the first quartile? Meaning from a cost management perspective, where do you think, whether it's transmission, distribution, customer service, customer accounts or corporate G&A, where do you think the greatest opportunity set, not in the near term, but over a 3- to 5-, 3- to 7-year period is to get more efficient? Like can you just kind of point directionally at where the opportunity sets may lie?

Chris，顯然祝你一切順利，也祝你身體康復。Jeanne，我有一個成本方面的問題。當你們做同業對標時，不論是對標輸配電（T&D）、營運與維護（O&M），或是對標公司總部，我相信你們仍做了很多這類工作；你們覺得自己在哪些方面沒有落在第一四分位？也就是說，從成本管理的角度，你們認為不論是輸電、配電、客戶服務、客戶帳務或公司一般與行政費用（G&A），哪裡在未來 3 到 5 年、或 3 到 7 年期間，有最大的效率提升空間？你能否方向性地指出機會可能在哪些領域？

Yes. I think that it operates -- we look at it across the board, and we would say there's opportunity everywhere, right? We want to drive to the lowest cost possible while maintaining safety and reliability. I think the where everyone can kind of see what we see is where it shows up in our affordability metric because O&M is such a lever when you think about driving affordability. And so when you look at our electric, whether it's build or rate on any metric, we are below the national average, whether it's percent of median income, whether it's average rates, we look at our average rates, and they're 20% below the top-20 metropolitan cities.

是的。我認為這是——我們是全面性地來看，我們會說各處都有機會，對吧？我們希望在維持安全與可靠性的同時，把成本推到可能的最低。我想大家能從我們的可負擔性指標看到我們所看到的，因為當你思考推動可負擔性時，O&M 是一個很大的槓桿。因此，當你看我們的電力端，不論是建設或費率，在任何指標上，我們都低於全國平均——不論是占家庭收入中位數的比例，或是平均費率。我們看我們的平均費率，較前 20 大都會城市低 20%。

When you look on the gas side, our gas bills are some of the lowest in the states we operate. So I think that that's where you can see our history of continued financial discipline. But that's important that we look across all areas, whether it's the corporate center or power utilities, and I think it shows up best in those metrics.

再看天然氣端，我們的瓦斯帳單在我們營運的各州中屬於最低之一。所以我認為，這就是你能看到我們持續財務紀律的歷史。但重要的是，我們會檢視所有領域，不論是公司總部或電力公用事業，我認為這些指標最能反映出來。

And Michael, where that jumps out at you is that, in 2022, after the split, we had a lot of talent go over to the other side to Constellation, and we continued to maintain our operational performance and metrics and continued to -- at that time, it was one, keeping your O&M flat to below the rate of inflation, and each of our operating companies continued to do that. And our corporate center stepped up because one of our commitments, and it continues to be one of our commitments when we announced the split, that we would not let our corporate services (inaudible) rise as a result of that. And we were spending so much of that billing over to the other side of the business. And we ended the year on the split to go back to our commissions, and we met that regulatory compact. And that's what I'm proudest here of the teams and the leadership and how they continued to dive in. And as I said earlier, costs will always remain a focus of ours, and under Chris's leadership, what you've seen is that Exelon has continued to raise the bar and meet that challenge. And I commit to you or we commit to you the leadership team will continue to do that.

Michael，最讓你一眼看出來的是：在 2022 年分拆之後，我們有很多人才轉到另一邊、到 Constellation，但我們仍持續維持營運表現與各項指標，並且持續——當時其中一項就是讓 O&M 持平或低於通膨率，而我們每一家營運公司都持續做到。而公司總部也挺身而出，因為我們的一項承諾——而且在我們宣布分拆時至今仍是一項承諾——就是我們不會讓公司服務（inaudible）因為分拆而上升。當時我們把很多帳務費用分攤到業務的另一邊。我們在分拆那一年年底回到各州委員會時，我們履行了那個監管契約。我對團隊與領導層最感到自豪的，就是他們如何持續投入。我先前也說過，成本永遠會是我們的重點；在 Chris 的領導下，你們看到的是 Exelon 持續拉高標準並迎接這個挑戰。我向你承諾——或我們領導團隊向你承諾——我們會持續做到。

Got it. And I guess one follow-up on the cost side because I was kind of probing for a little more granularity and kind of where when you benchmark performance you see the opportunity sets within the organization to kind of get the cost performance up. That's kind of the follow-on if you can give a little detail.

了解。我想在成本方面再追問一下，因為我剛才是想探更細一點：你們在對標績效時，在哪些組織內部領域看到機會，能把成本表現再提升？如果可以的話，這是後續想請你多給一點細節。

The other is we're starting to see companies that have formed via years and years of combinations. Recognize that there's a little bit of hidden value in corporate real estate. And given the fact that you serve a lot of urban markets, just curious how you're thinking about the real estate footprint of the company and whether there's value that maybe not necessarily being the owner or the lessor of all of that real estate. We're seeing companies like one of your T&D neighbors in the Midwest, Mid-Atlantic, and we saw PG&E with their headquarters a year or so ago. Just curious how you're looking at that opportunity set as well to both lower cost to improve the income statement but also to improve customer bills.

另外，我們開始看到一些公司是經過多年、多次併購組合而形成的。大家也意識到公司不動產裡可能有一些隱藏價值。考量到你們服務很多都會市場，我很好奇你們如何思考公司的不動產版圖，以及是否存在某些價值——也許不一定要成為所有不動產的持有人或承租人。我們看到像你們在中西部、中大西洋地區的一些輸配電（T&D）同業鄰居，以及 PG&E 在大約一年前對其總部的作法。也想了解你們如何看待這個機會集合：一方面降低成本、改善損益表，另一方面也改善客戶帳單。

Yes. We have and we continue to look at that. We are consolidating our control centers across our fleet. We continue to look at how in this new hybrid work environment in some of our areas, what does that mean for office space. And as part of our real estate portfolio supply chain, we continue to drive those costs out of our business. But as we've said, affordability is going to remain a focus, and we're going to look at every opportunity we have to drive that. And I'll turn it over to Chris.

是的。我們已經在看，而且會持續檢視。我們正在把整個系統的控制中心進行整併。我們也持續思考在新的混合辦公環境下，某些地區的辦公空間意味著什麼。作為我們不動產組合與供應鏈的一部分，我們持續把這些成本從業務中擠出來。但如同我們所說，可負擔性仍會是重點，我們會尋找每一個機會來推動它。我把問題交給 Chris。

I think you're used to us having nuclear benchmarking book and how every nuclear operator shared the operational data and their cost data. [UCG] we've got a lot of information from. And so we have very solid benchmarks. What we know is the national rates, affordability rates, and we've continued to stay low those. But you're not going to get the same level of disclosure from every facility like you got it from (inaudible) plan. So the team has to work hard on not only benchmarking ourselves against ourselves but also finding willing partners that will let us benchmark with them, and they benchmark with us.

我想你們習慣我們有核電的對標手冊，所有核電營運商都會分享營運數據與成本數據。[UCG] 我們從那裡取得了大量資訊。因此我們有非常扎實的基準。我們知道全國的費率、可負擔性水準，而我們也持續維持在較低水準。但你不會從每一個設施得到像（inaudible）方案那樣同等程度的揭露。所以團隊必須很努力，不僅要把自己與自己對標，也要找到願意與我們互相對標的合作夥伴——他們讓我們對標他們，他們也對標我們。

So we have a very high level of confidence as Jeanne said that these affordability metrics and the total cost to the consumer that we're far below the average, got that benchmarked, but the cost of putting a hole in or the cost of transform just don't get down to that level of detail or have that information in the utilities. So we have to depend on our own challenges and depend on some that we can benchmark with and continue to drive these other indicators to ensure we're providing the best services at the cheapest price.

所以，正如 Jeanne 所說，我們對這些可負擔性指標以及消費者的總成本非常有信心：我們遠低於平均，而且已經完成對標；但像是挖一個坑的成本、或是變壓器的成本，公用事業並不會細到那種層級、也不一定有那樣的資訊。因此我們必須依靠自身的挑戰，也依靠一些我們能夠對標的對象，並持續推動這些其他指標，以確保我們以最低的價格提供最好的服務。

So I think that's the end of the call. I'd like to thank you for joining the call today. The team looks forward to seeing many of you at EEI later that month -- this month. And with that, I'll just close everything out. And thank you all.

我想電話會議就到這裡。感謝各位今天加入。我們的團隊期待在本月稍晚的 EEI 與各位中的許多人見面。那麼，我就把會議結束。也謝謝大家。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect and have a pleasant day.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線，祝您有美好的一天。