艾索倫電力 (EXC) 2024 Q2 法說會逐字稿

Hello, and welcome to Exelon's Second Quarter Earnings Call. My name is Gigi, and I'll be your event specialist today. (Operator Instructions). Please note that today's webcast is being recorded. During the presentation, we will have a question-and-answer session. (Operator Instructions)

您好，歡迎參加 Exelon 第二季財報電話會議。我叫 Gigi，今天我將成為您的活動專家。（操作員說明）。請注意，今天的網路廣播正在錄製中。在演示期間，我們將進行問答環節。（操作員說明）

It is now my pleasure to turn today's program over to Andrew Plenge, Vice President of Investor Relations. The floor is yours.

現在我很高興將今天的節目交給投資者關係副總裁 Andrew Plenge。地板是你的。

Thank you, Gigi. Good morning, everyone. We're pleased to have you with us for our 2024 second quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer.

謝謝你，吉吉。大家，早安。我們很高興您能參加我們的 2024 年第二季財報電話會議。今天主持電話會議的是 Exelon 總裁兼執行長 Calvin Butler；和 Exelon 財務長 Jeanne Jones。

Other members of Exelon's senior management team are also with us today, and they will be available to answer your questions following our prepared remarks. Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website.

Exelon 高階管理團隊的其他成員今天也與我們在一起，他們將在我們準備好的發言後回答您的問題。今天的演示以及我們的收益發布和其他財務資訊可以在 Exelon 網站的投資者關係部分找到。

We would also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements, which are subject to risks and uncertainties. You can find the cautionary statements on these risks on Slide 2 of today's presentation or in our SEC filings.

我們也想提醒您，今天的簡報和相關收益發布資料包含前瞻性陳述，這些陳述存在風險和不確定性。您可以在今天簡報的投影片 2 或我們向 SEC 提交的文件中找到有關這些風險的警告聲明。

In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. Reconciliations between these measures and the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release.

此外，今天的簡報還提到了調整後的營業收益和其他非公認會計準則衡量標準。這些衡量標準與最接近的同等公認會計準則衡量標準之間的調節可以在我們的簡報附錄和收益報告中找到。

It is now my pleasure to turn the call over to Calvin Butler, Exelon's President and CEO.

現在我很高興將電話轉給 Exelon 總裁兼執行長 Calvin Butler。

Thank you, Andrew, and good morning, everyone. We appreciate you joining us for the call and are pleased to be reporting a solid second quarter earnings and operational performance, keeping us on track to deliver consistent and stable performance once again. We expect to deliver within our guidance range of [$2.40 to $2.50] with the goal of being at the midpoint or better, and we are reaffirming all of our long-term guidance. That includes investing $34.5 billion to grow rate base at 7.5%, resulting in annualized earnings growth of 5% to 7%.

謝謝你，安德魯，大家早安。我們感謝您參加我們的電話會議，並很高興報告第二季度的盈利和營運業績，使我們能夠再次實現一致和穩定的業績。我們預計將在 [2.40 美元至 2.50 美元] 的指導範圍內交付，目標是達到中點或更好，並且我們正在重申我們所有的長期指導。其中包括投資 345 億美元，使成長率基數達到 7.5%，從而實現年化獲利成長 5% 至 7%。

For the quarter, we delivered $0.47 per share of adjusted operating earnings, above our expectations, driven primarily by favorable weather in our non-decoupled jurisdictions, along with timing of spend and ComEd distribution revenues.

本季度，我們實現了每股 0.47 美元的調整後營業收益，高於我們的預期，這主要是由於我們非脫鉤司法管轄區的有利天氣，以及支出時機和 ComEd 發行收入。

We also performed at operationally high levels, achieving top quartile or top decile reliability performance across the board. We have also continued to make progress on the regulatory front. Our revised Grid Plan process in Illinois is on track and approval by the end of the year is a top priority.

我們的營運水準也很高，全面實現了前四分之一或前十分之一的可靠性性能。我們在監管方面也持續取得進展。我們在伊利諾州修訂的電網規劃流程正在按計畫進行，年底前獲得批准是當務之急。

Since our last earnings call, we are through two rounds of testimony from staff and intervenors, and we have narrowed open issues with many interveners and staff. We will continue to work with parties to address open items in advance of the evidentiary hearings. We are encouraged that we've been able to reach agreements with key parties like the City of Chicago,

自從我們上次的財報電話會議以來，我們已經完成了員工和乾預者的兩輪證詞，並且我們已經縮小了與許多幹預者和員工的未決問題的範圍。我們將繼續與各方合作，在證據聽證會之前解決懸而未決的問題。我們感到鼓舞的是，我們已經能夠與芝加哥市等主要各方達成協議，

The building owners and management association and the environmental coalition, JNGO, each has recognized the progress made in our revised plan and its compliance with the Climate Equitable and Jobs Act, a key focus of the commission.

建築業主和管理協會以及環境聯盟 JNGO 都認可了我們修訂計劃所取得的進展及其對《氣候公平和就業法案》的遵守情況，這是委員會的一個重點關注點。

These affirmations are good examples of what differentiates the process this year approval of the plan will ensure that Northern Illinois will receive the investment needed to maintain an affordable, resilient, reliable and clean grid for its customers and will support the state's success in attracting new business.

這些肯定是今年流程與眾不同的好例子。該州成功吸引新業務。

In addition, the process for our PECO rate cases remain on track for orders by the end of the year, and Pepco DC's rate case continues, where we await a final decision in its second multiyear plan upon completion of the briefing schedule on August 30.

此外，到今年年底，我們的PECO 費率案例處理訂單流程仍按計劃進行，Pepco DC 的費率案例仍在繼續，我們等待8 月30 日簡報時間表完成後，等待其第二個多年計劃的最終決定。

Finally, we received an order in PECO Maryland's second multiyear plan rate case filing, which adopted a one year framework, with the ability to refile for new rates while we await the outcome of a lessons learned process in the state.

最後，我們收到了 PECO 馬裡蘭州第二個多年計劃費率案件歸檔的命令，該案件採用了一年框架，在我們等待該州的經驗教訓過程結果的同時，能夠重新提交新的費率。

Now the short rate plan maintains some of the positive elements of multiyear rate making, such as a reconciliation and the ability to update rates next spring offers an opportunity to keep rates more current with cost.

現在，短期利率計劃保留了多年利率制定的一些積極因素，例如調節和明年春季更新利率的能力，這提供了使利率與成本保持同步的機會。

All stakeholders, including Exelon, are interested in making sure the investments we make keep us on track to meet the goals of Maryland's Climate Solutions Now Act while appropriately balancing interest across stakeholders, all stakeholders, which includes customers, policymakers and regulators.

包括Exelon 在內的所有利益相關者都希望確保我們所做的投資使我們能夠實現《馬裡蘭州氣候解決方案立即法案》的目標，同時適當平衡利益相關者、所有利益相關者（包括客戶、政策制定者和監管機構）之間的利益。

There are many ways to strike that balance and rate-making constructs are a key tool to do that. We think multiyear plans provide a great foundation offering unparalleled transparency, accountability and alignment, including a reconciliation process that allows all stakeholders to understand how we performed against the approved plan.

實現這種平衡的方法有很多，而利率制定結構是實現這一目標的關鍵工具。我們認為多年計劃提供了一個良好的基礎，提供了無與倫比的透明度、問責制和一致性，包括一個協調流程，使所有利益相關者能夠了解我們如何根據批准的計劃執行任務。

But alignment on an agreed-upon path forward that works for everyone is critical, particularly since the need to invest in the grid is only growing with increased electrification, diverse and sophisticated power supply and demand technologies and the increased strain on our grid caused by severe weather.

但是，一致同意的、適合所有人的前進道路至關重要，特別是因為隨著電氣化程度的提高、電力供需技術的多樣化和複雜性以及嚴峻的氣候變遷對電網造成的壓力的增加，對電網的投資需求只會不斷增加。

The broken investment has only accelerated as the proliferation of artificial intelligence has significantly boosted data center development, as Jeanne will discuss in her remarks.

正如珍妮將在她的演講中討論的那樣，隨著人工智慧的擴散極大地促進了資料中心的發展，投資的失敗只會加速。

The states are simply too high to lack confidence that we are prioritizing the investments most important to our customers, multiyear plans can provide that confidence and transparency to customers and when done right, ensure alignment with all stakeholders.

各州對我們優先考慮對客戶最重要的投資缺乏信心，多年計劃可以為客戶提供這種信心和透明度，如果做得正確，可以確保與所有利益相關者保持一致。

We are refining our regulatory strategy to follow the lead provided in the final quarter. And more important, we stand ready to engage in a lessons-learned process to ensure we can find common ground on any adjustments to address stakeholders' areas of focus.

我們正在完善我們的監管策略，以遵循最後一個季度提供的領先優勢。更重要的是，我們隨時準備好參與吸取經驗教訓的過程，以確保我們能夠在任何調整上找到共同點，以解決利害關係人關注的領域。

In the meantime, given the deviation from the approach used by the commission since 2021, we are taking action on the current order and seeking more clarity, as Jeanne will discuss in her remarks.

同時，鑑於委員會自 2021 年以來使用的方法有所偏差，我們正在對當前命令採取行動，並尋求更加明確的內容，正如珍妮將在她的演講中討論的那樣。

Now turning to our operational performance on Slide 5, you can see that our performance through the first half of the year remained strong. ComEd and PECO Holdings are performing at top decile levels despite ComEd experiencing four times the amount of storm activity in the second quarter versus last year.

現在轉向幻燈片 5 上的營運業績，您可以看到我們上半年的業績仍然強勁。儘管 ComEd 第二季度的風暴活動量是去年的四倍，但 ComEd 和 PECO Holdings 的表現仍處於前十分位。

I just want to pause and say how incredibly grateful I am for the committed employees that serve on the front lines during these increasingly challenging storm seasons.

我只是想停下來說一下，我對在這些日益具有挑戰性的風暴季節中在前線服務的忠誠員工感到非常感激。

Just in the past few weeks, our ComEd crews headed down to the Gulf region to provide mutual assistance after Hurricane Beryl, only to come back to respond to four ways of back-to-back storms in Illinois, in which there were 41 confirmed tornadoes, impacting 500,000 customers. ComEd experienced the most severe storm in its territory in more than 15 years. And yet, within two days, we had restored 80% of the impacted customers, which is a true testament to the importance of prudent grid investment and our employees' relentless dedication to our customers.

就在過去幾週，我們的 ComEd 工作人員在貝裡爾颶風過後前往海灣地區提供互助，結果回來應對伊利諾伊州接連發生的四場風暴，其中已確認發生了 41 場龍捲風，影響 500,000 名客戶。ComEd 經歷了其境內 15 年來最嚴重的風暴。然而，兩天之內，我們就恢復了 80% 受影響的客戶，這真正證明了謹慎的電網投資的重要性以及我們的員工對客戶的不懈奉獻。

We can't thank our employees and those providing mutual assistance enough for their commitment to serving all of our customers. This operational excellence is matched on the gas side as well.

我們對我們的員工和那些提供互助的人致以無限的謝意，感謝他們致力於為我們所有的客戶提供服務。這種卓越的營運能力在天然氣方面也得到了體現。

Now on the safety front, I'm pleased to report that BGE, PECO and Pepco Holdings are all now top decile, with PECO improving from second quartile into the first quartile. Our utilities continue to leverage our new safety observation platform to take action before an incident occurs with over 1,000 supervisors and safety professionals trained on our new tools.

現在在安全方面，我很高興地向大家報告，BGE、PECO 和 Pepco Holdings 現在都名列前十，其中 PECO 從第二四分位上升到第一四分位。我們的公用事業公司繼續利用新的安全觀察平台在事故發生前採取行動，超過 1,000 名主管和安全專業人員接受了我們新工具的培訓。

ComEd is continuing to build upon this focus with the goal of moving into the top quartile, and we look forward to sharing more on its progress on our next earnings call lastly, our customer satisfaction scores remained consistent with prior quarter with ComEd and PECO in the top quartile, Pepco Holdings in the second quartile and BGE in the third quartile.

ComEd 正在繼續以此為重點，目標是躋身前四分之一，我們期待在下一次財報電話會議上分享更多進展情況。前四分之一，Pepco Holdings 排名第二，BGE 排名第三。

Pepco Holdings and BGE have both made progress toward improving their performances, implementing actions based on the findings from their customer experience, working groups and data analytics. ComEd actions to improve performance include enhanced accuracy for time to restore communications, greater self-service options for new business and interconnections and customer assistance campaigns targeted at newer groups such as moderate income customers.

Pepco Holdings 和 BGE 在提高績效方面都取得了進展，並根據客戶體驗、工作小組和數據分析的結果採取了行動。ComEd 提高績效的行動包括提高恢復通訊的時間準確性、為新業務和互連提供更多自助服務選項，以及針對中等收入客戶等新群體的客戶援助活動。

We look forward to the second half of the year, bringing continued operational excellence and delivering industry-leading value to our customers.

我們期待下半年繼續實現卓越運營，並為客戶提供行業領先的價值。

I will now turn the call over to Jeanne to cover our financial and regulatory update. Jeanne?

我現在將把電話轉給珍妮，介紹我們的財務和監管最新情況。珍妮？

Thank you, Calvin, and good morning, everyone today, I will cover our second quarter financial update, along with the outlook for the second half of 2024 and our progress on the rate schedule and highlight two projects that demonstrate the breadth of our opportunities associated with growing load and infrastructure demand.

謝謝卡爾文，大家早上好，今天我將介紹我們第二季度的財務更新、2024 年下半年的展望以及我們在費率表上的進展，並重點介紹兩個項目，這些項目展示了我們相關機會的廣度隨著負載和基礎設施需求的不斷增長。

Starting on Slide 6, we show our quarter-over-quarter adjusted operating earnings lock. As Calvin mentioned, Exelon earned $0.47 per share in the second quarter of 2024 versus $0.41 in the second quarter of 2023, reflecting higher results of $0.06 per share over the same period.

從投影片 6 開始，我們展示了季度環比調整後的營運收益鎖定。正如 Calvin 所提到的，Exelon 在 2024 年第二季的每股盈餘為 0.47 美元，而 2023 年第二季為 0.41 美元，反映了同期每股 0.06 美元的較高業績。

Earnings are higher in the second quarter relative to the same period last year, driven primarily by $0.06 of higher distribution and transmission rates associated with incremental investments and completed rate cases net of associated depreciation. And $0.03 of favorable weather, partially offset by $0.03 of higher interest expense due to higher levels of debt at increased interest rates.

第二季的利潤高於去年同期，主要是由於與增量投資相關的分配和傳輸率提高了 0.06 美元，以及扣除相關折舊後的完成費率案例。0.03 美元的有利天氣，部分被 0.03 美元的較高利息支出所抵消，這是由於利率上升導致債務水平較高。

As Calvin mentioned, we delivered earnings results above the guidance we provided in our prior quarter call due to favorable weather conditions, early execution of our weather and storm recovery plan and timing of ComEd's distribution revenues.

正如 Calvin 所提到的，由於有利的天氣條件、天氣和風暴恢復計劃的提前執行以及 ComEd 分配收入的時機，我們的盈利結果高於上一季度電話會議中提供的指導。

Operating earnings of $1.16 per share through the first quarter of 2024 reflects 47% projected full year earnings, which is in line with how we've affirmed through the first half of 2023.

截至 2024 年第一季的每股營運收益為 1.16 美元，反映了全年預期收益的 47%，這與我們在 2023 年上半年的確認一致。

As we look ahead to next quarter, we expect a relative EPS contribution in the third quarter to be largely in line with prior year at approximately 27% of the midpoint of our projected full year earnings guidance range.

展望下季度，我們預計第三季的相對每股盈餘貢獻將與去年基本一致，約為我們預計全年獲利指引範圍中點的 27%。

Our outlook for the second half of 2024 assumes fair and reasonable outcome for Pepco DC's multiyear plan rate case and the BGE and ComEd reconciliation, and it incorporates July weather and storm activity with the same geothermal conditions for the balance of the year.

我們對 2024 年下半年的展望假設 Pepco DC 的多年計劃費率案例以及 BGE 和 ComEd 調節結果是公平合理的，並且考慮了 7 月的天氣和風暴活動以及當年剩餘時間相同的地熱條件。

On a full year basis, we remain on track for operating earnings of $2.40 to $2.50 per share in 2024, and we reaffirm our long-term annualized operating earnings per share guidance range of 5% to 7% and through 2027 with the expectation to be at the midpoint or better of that growth range.

就全年而言，我們仍有望在 2024 年實現每股 2.40 至 2.50 美元的營業利潤，並重申我們的長期每股年化營業利潤指導範圍為 5% 至 7%，到 2027 年預計為處於該增長範圍的中點或更好的位置。

Turning to Slide 7, as Calvin highlighted, there have been some important regulatory developments across our utilities that I will review, beginning with ComEd. Coming out of two rounds of staff and intervener testimony, we are encouraged by the support that ComEd revised grid plan is compliant with the requirements of the Climate and Equitable Jobs Act.

轉向幻燈片 7，正如 Calvin 所強調的那樣，我將從 ComEd 開始審查我們的公用事業公司的一些重要監管進展。經過兩輪工作人員和乾預者的證詞後，我們對 ComEd 修訂後的電網計劃符合《氣候與公平就業法案》的要求感到鼓舞。

And that it represents an appropriate balance between affordability and supporting the state's clean energy goals. With our proposal representing an average annual increase to the total residential customer bill of only 1.8% through 2027 relative to December's final order.

它代表了負擔能力和支持國家清潔能源目標之間的適當平衡。我們的建議表明，到 2027 年，相對於 12 月的最終訂單，住宅客戶總帳單的平均年增長率僅為 1.8%。

ComEd filed its Solar Parties testimony with the Illinois commerce commission on July 31, marking the end of rebuttal testimony and another key milestone in the procedural process. The company and parties to the case had into evidentiary hearings in mid-August, followed by the briefing process in September and a proposed ALJ order in mid-October. A final order is expected in December 2024 for rates that will go in effect by the start of 2025.

ComEd 於 7 月 31 日向伊利諾伊州商業委員會提交了太陽能方證詞，標誌著反駁證詞的結束，也是程序過程中的另一個重要里程碑。該公司和案件各方於 8 月中旬舉行了證據聽證會，隨後於 9 月進行了簡報程序，並於 10 月中旬提出了擬議的行政法官命令。最終費率訂單預計將於 2024 年 12 月發布，並將於 2025 年初生效。

Turning to Pennsylvania, on July 16, PECO filed its rebuttal testimony with the Pennsylvania Public Utility Commission in support of both its electric and gas distribution rate cases ahead of the hearings in early August. The cases are following the expected schedule with orders anticipated from the PAPUC before the end of 2024.

轉向賓夕法尼亞州，7 月 16 日，PECO 在 8 月初的聽證會之前向賓夕法尼亞州公用事業委員會提交了反駁證詞，以支持其電力和天然氣分配率案件。這些案件按照預期時間表進行，預計 PAPUC 將於 2024 年底前發出訂單。

Moving on to Pepco Holdings on July 30 to DC Public Service Commission held legislative style of hearing to re-hear oral arguments from key stakeholders and Pepco DC on its pending multiyear re-plan filing. We are committed to working with DC towards their goals to meet their energy transformation aspirations,

接下來，Pepco Holdings 於 7 月 30 日在華盛頓特區公共服務委員會舉行了立法形式的聽證會，重新聽取了主要利益相關者和 Pepco DC 就其懸而未決的多年期重新計劃申請進行的口頭辯論。我們致力於與 DC 合作實現他們的目標，滿足他們的能源轉型願望，

Having at the commission's direction provided an extensive lesson learned from the first MYP and supplemental testimony detailing each of the benefits as well as enhancements and modifications to improve the MYP framework. Based on the latest procedural schedule, which concludes with the post-hearing brief in late August, we anticipate a final order in the fourth quarter of this year.

在委員會的指導下，我們從第一個中學項目中汲取了廣泛的經驗教訓，並補充了詳細說明每一項好處以及為改進中學項目框架而進行的增強和修改的證詞。根據最新的程序時間表（八月下旬的聽證會簡報結束），我們預計最終訂單將在今年第四季發出。

I'll close by providing an update on the Pepco Maryland final order we received on June 10, which adopted a one-year plan with a total revenue increase of $44.6 million and a 9.5% ROE. We appreciate the ability to file for new rates effective at the end of the one-year plan and the ability to reconcile eligible costs in excess of those approved.

最後，我將提供我們 6 月 10 日收到的 Pepco Maryland 最終訂單的最新情況，該訂單採用了一年計劃，總收入增長 4460 萬美元，淨資產收益率 (ROE) 增長 9.5%。我們很欣賞能夠在一年計畫結束時申請有效的新費率，以及能夠調整超出核准費用的合格費用。

And while we were disappointed not to receive rates over the full period requested, we remain committed to engaging with the Maryland Public Service Commission on its lessons learned process, which we anticipate will commence next year.

雖然我們對沒有在要求的整個期限內收到費率感到失望，但我們仍然致力於與馬裡蘭州公共服務委員會就其經驗教訓流程進行合作，我們預計該流程將於明年開始。

As Calvin noted, we believe strongly in the merits of the multiyear plan framework, and we embrace the opportunity to discuss ours and other stakeholders' learnings after 3.5 years operating under that construct, where we've consistently delivered above average reliability under below average rate.

正如卡爾文指出的那樣，我們堅信多年計劃框架的優點，並且我們有機會討論我們和其他利益相關者在該架構下運營3.5 年後的經驗教訓，我們始終以低於平均水平的速度提供高於平均水平的可靠性。

In the meantime, Pepco is requesting that the commission rehear and reconsider certain aspects of their decision, including some of that Fed proposed for removal from the plant.

同時，Pepco 要求委員會重新聽取並重新考慮其決定的某些方面，包括聯準會提議從工廠移除的部分內容。

As always, we advocate for transparency, accountability and alignment in the rate making constructs in our jurisdictions and are prepared to work with each to ensure just and equitable energy transformation for all. More details on the rate cases can be found on Slides 20 to 30 of the appendix.

一如既往，我們倡導管轄範圍內費率制定結構的透明度、問責制和一致性，並準備與各方合作，確保所有人實現公正和公平的能源轉型。有關費率案例的更多詳細信息，請參閱附錄的幻燈片 20 至 30。

On Slide 8, we highlight two projects that showcase the power of our footprint and platform to attract and meet a variety of low growth opportunities this growth is driven by continued momentum around AI-driven data center demand, onshoring of energy intensity industries and overarching economic development, electrification and decarbonization trends.

在投影片8 中，我們重點介紹了兩個項目，這些項目展示了我們的足跡和平台吸引和滿足各種低成長機會的力量，這種成長是由人工智慧驅動的數據中心需求、能源密集型產業的本土化和總體經濟的持續勢頭推動的。

In June, ComEd joined Compass Datacenters to launch one of the largest ever Illinois data center projects, bringing over 1,000 construction jobs to the nearly 200-acre former Sears headquarters campus.

6 月，ComEd 聯合 Compass Datacenters 啟動了伊利諾伊州有史以來最大的資料中心項目之一，為佔地近 200 英畝的前西爾斯總部園區帶來了 1,000 多個建築工作。

The project helps ComEd further advance economic development in the area and is a great illustration of why Northern Illinois ranks within the top five in the nation for data centers and is a top attraction for other high-density load customers.

該計畫幫助 ComEd 進一步推動該地區的經濟發展，很好地說明了為什麼北伊利諾伊州的資料中心位居全國前五名，並且對其他高密度負載客戶具有最大的吸引力。

With ComEd having 25 years of experience working with data center customers and recognized for its best nation reliability last year, companies in energy-intensive industries are drawn to the region due to strong infrastructure, ideal climate conditions, access to talent and affordable rates for all customers, supported by our ability to deploy investment in an efficient manner.

ComEd 擁有25 年與資料中心客戶合作的經驗，並於去年因其全國最佳可靠性而受到認可，能源密集型行業的公司因其強大的基礎設施、理想的氣候條件、人才來源和所有人都能負擔的價格而被吸引到該地區客戶，我們有能力有效地部署投資。

This growth in high-density load, not just in data centers, but also in solar panel production, EV battery manufacturing, hydrogen production, quantum computing and other industries is one of several drivers for why our transmission spend increased by 45% in our four-year plan as discussed in the Q4 call and shown again on Slide 13 of the appendix. It also drove a significant update in new business in our refiled grid plan, with final spend eligible for full reconciliation under the multiyear plan framework.

高密度負載的成長不僅在資料中心，而且在太陽能板生產、電動車電池製造、氫氣生產、量子計算和其他行業也是如此，這是我們四個國家的傳輸支出增加45% 的幾個驅動因素之一。它還推動了我們重新提交的電網計劃中新業務的重大更新，最終支出符合多年計劃框架下的全面對帳資格。

Supporting this development ensures the economic vibrancy of our communities. As last year alone, ComEd was part of securing 15 new commercial projects that are set to add over 4,000 jobs and more than $8.6 billion of local investments.

支持此發展可確保我們社區的經濟活力。光是去年，ComEd 就參與了 15 個新商業項目，這些項目將增加 4,000 多個就業機會和超過 86 億美元的當地投資。

Shifting the focus to Maryland, BGE is playing a crucial role in transforming the Baltimore Peninsula into the city's newest and largest mixed-use community. The area which will benefit from multiple new or rebuilt substations will help to release capacity constraints and provide grid resilience to both new and existing customers. Accommodating 100 megawatts of load and supporting the connection of distributed solar and EV charging stations.

BGE 將重點轉移到馬裡蘭州，在將巴爾的摩半島轉變為該市最新、最大的綜合用途社區方面發揮著至關重要的作用。該地區將受益於多個新建或重建的變電站，將有助於釋放容量限制，並為新客戶和現有客戶提供電網彈性。可容納100兆瓦負載，支援分散式太陽能和電動車充電站的連接。

The 235 acre project will result in new and redeveloped mixed-use and residential buildings and host the new Under Armour global headquarters, playing a central role in the revitalization of South Baltimore.

該項目佔地 235 英畝，將建成新的和重新開發的混合用途住宅建築，並容納新的 Under Armour 全球總部，在南巴爾的摩的振興中發揮核心作用。

As the largest transmission and distribution utility in the country by customer account, we are an integral partner to areas like Baltimore City for revitalization and economic development, addressing aging infrastructure challenges, the need for new development and electrification and the capacity constraints from increased load.

作為按客戶計算的美國最大的輸配電公用事業公司，我們是巴爾的摩市等地區振興和經濟發展不可或缺的合作夥伴，解決基礎設施老化的挑戰、新開發和電氣化的需求以及負載增加帶來的容量限制。

At these two projects highlights, we are uniquely positioned to support our jurisdictions to meet load growth demands in an equitable manner, no matter where the load is located. We operate in six utilities across seven jurisdictions, including FERC, are a leader and operator in the sector and provide a world-class customer experience with bills and rates below national averages.

在這兩個專案亮點中，我們具有獨特的優勢，可以支援我們的管轄區以公平的方式滿足負載成長需求，無論負載位於何處。我們在包括 FERC 在內的七個司法管轄區的六家公用事業公司開展業務，是該行業的領導者和運營商，並以低於全國平均水平的賬單和費率提供世界一流的客戶體驗。

Beyond our size, scale and operational excellence, we have one Exelon platform to unify our utilities that allows us to support customers at a national level, identifying attractive locations to support incremental load in states of progressive clean energy policies. The momentum around new business in our jurisdictions continues to be very strong, a testament to the power of Exelon's platform.

除了我們的規模、規模和卓越運營之外，我們還擁有一個Exelon 平台來統一我們的公用事業，使我們能夠在國家一級為客戶提供支持，確定有吸引力的地點來支持漸進式清潔能源政策各州的增量負荷。我們管轄範圍內新業務的勢頭仍然非常強勁，這證明了 Exelon 平台的力量。

I will conclude with a review of our balance sheet activity on Slide 9. As a reminder, we continue to project to have approximately 100 basis points of cushion on average for our consolidated corporate credit metrics above the downgrade thresholds of 12% specified by S&P and Moody's, demonstrating our commitment to maintaining a strong balance sheet.

最後，我將在投影片 9 上回顧我們的資產負債表活動。需要提醒的是，我們繼續預計，我們的綜合企業信用指標將比標準普爾和穆迪指定的 12% 降級閾值平均有約 100 個基點的緩衝，這表明我們致力於維持強勁的資產負債表。

And while we await specific guidance on implementation of the corporate alternative minimum tax, I'll remind you that our plan incorporates the assumption that the regulations will not allow for repairs.

在我們等待有關實施企業替代最低稅的具體指導意見時，我要提醒您，我們的計劃包含了法規不允許維修的假設。

If implemented in a way that mitigates the cash impact, we'd expect an increase of approximately 50 basis points to our consolidated credit metrics on average over the plan, likely putting us in the higher end of our targeted 100 to 200 basis points of cushion.

如果以減輕現金影響的方式實施，我們預計該計劃的綜合信用指標平均將增加約 50 個基點，這可能使我們處於目標 100 至 200 個基點緩衝的較高端。

From a financing perspective, we successfully raised $1.6 billion for ComEd and BGE in the second quarter, now having completed 90% of our planned long-term debt financing needs for the year.

從融資角度來看，第二季我們成功為 ComEd 和 BGE 籌集了 16 億美元，目前已完成全年規劃長期債務融資需求的 90%。

The activity to-date, along with our pre-issuance hedging program, positions us well for the balance of the year and beyond. We continue to see strong investor demand for our debt relative to the sector, which is proof of the strength of our balance sheet and our value proposition as the premier T&D utility with low-risk attributes.

迄今為止的活動以及我們的發行前對沖計劃使我們在今年及以後的剩餘時間內處於有利地位。我們繼續看到投資者對我們的債務相對於該行業的強勁需求，這證明了我們的資產負債表的實力以及我們作為具有低風險屬性的首要輸配電公用事業公司的價值主張。

There has been no change in our guidance to issue $1.6 billion of equity from 2024 to 2027 to fund our estimated $34.5 billion capital plan in a balanced manner. We continue to expect to issue approximately $150 million this year, and the balance rapidly over 2025 to 2027, approximating $475 million annually. We will update you as we make progress on that plan.

我們的指導方針沒有變化，即從 2024 年到 2027 年發行 16 億美元的股票，以平衡的方式為我們估計的 345 億美元的資本計劃提供資金。我們預計今年將發行約 1.5 億美元，2025 年至 2027 年餘額將迅速增加，每年約 4.75 億美元。當我們在該計劃上取得進展時，我們會向您通報最新情況。

Thank you. I'll now turn the call back to Calvin for his closing remarks

謝謝。現在我會把電話轉回卡爾文，讓他作結束語

Thank you, Jeanne. I’ll conclude by bringing it back to our priorities this year listed on Slide 10. As always, safely achieving industry-leading operational excellence is our first priority. Keeping customers online, no matter the weather is increasingly important.

謝謝你，珍妮。最後，我將把它帶回幻燈片 10 中列出的今年我們的優先事項。一如既往，安全實現業界領先的卓越營運是我們的首要任務。無論天氣如何，讓客戶保持在線上變得越來越重要。

We also remain highly focused on being responsive to our customers increasing engagement with the grid, whether it’s accommodating new solar performing efficiency audits are supporting their transition to electric vehicles, reaching fair and balanced rate case outcomes that allow us to invest with the benefit of our customers is another critical focus.

我們也高度重視對客戶日益增加的與電網的接觸做出回應，無論是適應新的太陽能性能效率審計還是支持他們向電動車過渡，達到公平和平衡的費率案例結果，使我們能夠投資於客戶的利益是另一個關鍵焦點。

As you heard from Jeanne, we have a number of proceedings we expect to conclude in the second half of the year, and we’re optimistic about the clarity that will bring for the next several years of our plan.

正如您從珍妮那裡聽到的那樣，我們預計將在今年下半年完成一些程序，並且我們對未來幾年計劃的清晰度感到樂觀。

Building a reliable and modern grid requires reliable and modern rate making, and we’ll continue to work with stakeholders to ensure that we are all aligned as we work to meet each state energy goals.

建造可靠、現代化的電網需要可靠、現代化的費率制定，我們將繼續與利益相關者合作，確保我們在努力實現每個州的能源目標時保持一致。

Next, we are focused on executing on the financial guidance we laid out, including investing $7.4 billion of capital with a balanced funding strategy and earning a consolidated 9% to 10% return on equity allowing us to deliver in our earnings guidance range of $2.40 to $2.50 per share.

接下來，我們專注於執行我們制定的財務指導，包括透過平衡融資策略投資74 億美元資本，並獲得9% 至10% 的綜合股本回報率，從而使我們能夠實現2.40 至2.40 美元的盈利指導範圍。

And as always, we’re focused on ensuring all customers are benefiting from the generational energy transformation that’s just getting underway. In late June, many of you saw that we joined a FERC proceeding to raise concerns about the way co-located customers share some of the cost of the grid that they can rely on.

一如既往，我們致力於確保所有客戶都能從剛開始的發電能源轉型中受益。6 月下旬，你們中的許多人看到我們加入了 FERC 的一項程序，以對同一地點的客戶分擔他們可以依賴的電網的部分成本的方式表示擔憂。

Exelon and AEP may have been the first to share those concerns, but many others have now echoed similar perspectives.

Exelon 和 AEP 可能是最早表達這些擔憂的公司，但許多其他公司現在也表達了類似的觀點。

There’s no question that co-location offers a unique opportunity for our jurisdictions to attract business in an exciting emerging industry, and we welcome supporting our customers in this work.

毫無疑問，託管為我們的轄區提供了獨特的機會來吸引令人興奮的新興行業的業務，我們歡迎在這項工作中支持我們的客戶。

Serving more customers than any other utility in some of the largest, most critical cities in the country, we are a leader in investing in the energy transformation and supporting economic development. As Jeanne shared, there is no shortage of work that the energy transformation requires of the grid, regardless of where the load shows up of what sort of generation serves it.

我們在國內一些最大、最重要的城市為比任何其他公用事業公司提供的客戶服務都多，是投資能源轉型和支持經濟發展的領導者。正如珍妮所分享的那樣，無論負載出現在何處，也無論為何種類型的發電提供服務，電網的能源轉型所需的工作並不缺乏。

In fact, just a week ago, PsiQuantum announced a partnership with the State of Illinois, the County and the City of Chicago to be the anchor tenant in the massive quantum computing development, the first of its kind in the nation, housing a utility-scale quantum computer in an operation center, the size of five football fields.

事實上，就在一周前，PsiQuantum 宣布與伊利諾伊州、芝加哥縣和芝加哥市建立合作夥伴關係，成為大規模量子計算開發項目的主要租戶，這是美國同類項目中的第一個，擁有公用事業公司－營運中心內的量子電腦規模有五個足球場那麼大。

So we will lead in investments, but we will also lead in affordability, with rates and bills that are currently below national averages, and we’re committed to continue to do so to ensure we can maintain the service our customers expect while making the necessary progress in the energy transformation.

因此，我們將在投資方面處於領先地位，但我們也將在負擔能力方面處於領先地位，目前的費率和賬單低於全國平均水平，我們致力於繼續這樣做，以確保我們能夠維持客戶期望的服務，同時使能源轉型取得必要進展。

Accordingly, you can expect us to advocate for policies that continue to support investment in a grid that we all rely on and that ensure these investments can be made as affordably and equitably as possible. We will continue to monitor the FERC ISA proceeding in which action by the commission is expected by August 3 and stand ready to help advance solutions to the benefit of all customers.

因此，您可以期望我們倡導政策，繼續支持我們都依賴的電網投資，並確保這些投資能夠盡可能經濟且公平地進行。我們將繼續關注 FERC ISA 程序，預計該委員會將於 8 月 3 日採取行動，並隨時準備協助推進解決方案，以造福所有客戶。

Gigi, we are now ready for any questions from the audience.

Gigi，我們現在準備好回答觀眾的任何問題。

(Operator Instructions).

（操作員說明）。

Shar Pourreza from Guggenheim Partners.

古根漢合夥人公司的莎爾‧普爾雷札。

Good morning, Shar.

早安，莎爾。

Good morning to you to ask tomorrow morning today, challenging challenges coming off sort of this blowout on PJM capacity print. We've heard some of your peers yesterday kind of highlighting that they're talking to their state policymakers on solving this kind of resource adequacy issue and I guess what conversations are you having either in Illinois, Maryland or Pennsylvania on the backdrop at this point? And do you think we can see merchant new entry, all states have to step in, thanks.

早安，明天早上，今天早上，PJM 容量列印的井噴帶來了挑戰性的挑戰。昨天我們聽到你們的一些同行強調，他們正在與州政策制定者討論解決此類資源充足性問題，我猜你們在伊利諾伊州、馬裡蘭州或賓夕法尼亞州目前的背景下正在進行哪些對話？您認為我們可以看到商人新進入嗎？

Thank you, Shar. And as you know, we’ve had this discussion in previous settings around resource adequacy, but let me assure you that we, PJM and a number of other stakeholders have been signaling concerns about resource adequacy for some time.

謝謝你，莎爾。如您所知，我們在先前的環境中已經圍繞資源充足性進行了討論，但我向您保證，我們、PJM 和許多其他利益相關者一段時間以來一直在表達對資源充足性的擔憂。

Policy has continued to drive a turnover in the generation stack as you know with base load replaced by renewables. And in the past, it has brought huge advances in the power requirements with AI-driven data centers.

如您所知，政策繼續推動發電堆疊的營業額，基本負載被再生能源取代。過去，人工智慧驅動的資料中心的電力需求取得了巨大進展。

Onshore of intensive manufacturing has further contributed to the pressures. But this, of course, poses real challenges around providing reliable, resilient and affordable power. It goes to my comments that I made is that we have to ensure that the new rate making this rate-making systems align with the new constraints being put on the energy that’s being provided for all customers.

陸上集約化製造業進一步加劇了壓力。但這當然給提供可靠、有彈性和負擔得起的電力帶來了真正的挑戰。我的評論是，我們必須確保該費率制定係統的新費率與為所有客戶提供的能源所施加的新限制保持一致。

The price signals that we saw this we clearly indicate a need for infrastructure investments in our footprint, particularly in BGE, both generation and transmission. Obviously, we’re already doing that today, including the work we’re doing on brand insurance retirement meant to address exactly the types of price pressures that this auction showed. We’re already engaged regularly in meetings and you should be assured that we’re not going to step away from this.

我們看到的價格訊號清楚地表明我們需要在我們的足跡中進行基礎設施投資，特別是在發電和輸電方面。顯然，我們今天已經在這樣做了，包括我們在品牌保險退休方面所做的工作，旨在準確解決本次拍賣所顯示的價格壓力類型。我們已經定期參加會議，您應該放心，我們不會放棄這一點。

And it’s an industry-wide issue because at the end of the day, what they’re going to look to utilities is for reliable reliability and a resilient grid.

這是一個全行業的問題，因為歸根結底，他們向公用事業公司尋求的是可靠的可靠性和有彈性的電網。

All the other stuff is fine, but if those lights don’t come on, that’s when they’re going to turn to us, and we’re focused on that each and every day. I’ll now turn it to Jeanne to just see if you have any further.

其他所有東西都很好，但如果這些燈不亮，那就是他們會轉向我們，而我們每天都專注於這一點。我現在將其轉給珍妮，看看您是否還有進一步的內容。

Yes. No, I think I’d just reiterate, right, it obviously signals to your point, Shar the need for more generation. We’ll see what happens on the merchant side, but there’s also the need for more transmission. Calvin talked about the work we’re doing on the brand insurers. We’re going to continue to lean in on that, we think there are some cost-effective solutions there.

是的。不，我想我只是重申一下，對吧，這顯然表明了你的觀點，分享需要更多的一代。我們將看看商家方面會發生什麼，但還需要更多的傳輸。卡爾文談到了我們正在為品牌保險公司所做的工作。我們將繼續依靠這一點，我們認為那裡有一些具有成本效益的解決方案。

But there’s also an expansion of kind of what we do today in terms of things to help our customers manage their affordability. So for example, energy efficiency. We’ve been doing energy efficiency in ComEd in 2008, and we hit a milestone this year where we marked $9 billion in customer savings, since 2008. That's remarkable, right? That work needs to continue to expand and get smarter and better as more demand comes on the grid, and we're leaning into that.

但我們今天所做的事情也有所擴展，以幫助我們的客戶管理他們的負擔能力。例如，能源效率。2008 年，我們一直在 ComEd 開展能源效率的工作，今年我們達到了一個里程碑，自 2008 年以來，我們為客戶節省了 90 億美元。這很了不起，對吧？隨著電網需求的增加，這項工作需要繼續擴展並變得更聰明、更好，我們正在致力於這一點。

We also hit a milestone of hitting a 1 gigawatt of distributed generation under our rebate program in Illinois this year. So we're going to continue, as you mentioned, having those discussions with our policy makers, what else can we do there, good for customers, good for investment, brings down and addresses the competing demand because we want to bring that demand, right? We want that demand to come. We just need to manage the other side of it, which we're excited to do, and we've done before, and we'll keep doing.

今年，我們在伊利諾州的回扣計畫中也實現了分散式發電容量達到 1 吉瓦的里程碑。因此，正如您所提到的，我們將繼續與我們的政策制定者進行討論，我們還能在那裡做什麼，對客戶有利，對投資有利，減少並解決競爭性需求，因為我們希望帶來這種需求，正確的？我們希望這種需求能夠到來。我們只需要管理它的另一面，我們很高興能做到這一點，而且我們以前已經做到了，而且我們將繼續這樣做。

And then on top of that, we're going to continue to focus on what we can control, and that includes our O&M, continuing to manage that historically been at that 2%, projecting to be at that 2% when – our customers are facing power price increases went well above that and then just normal inflation. So we're doing a good job there. We'll continue to lean in there. But I think, look, it's meaningful and I think it opens up opportunities to provide solutions, and we look forward to doing that.

最重要的是，我們將繼續專注於我們可以控制的事情，其中​​包括我們的運維，繼續管理歷史上的 2%，預計當我們的客戶面臨遠高於此的電價上漲，然後只是正常的通貨膨脹。所以我們在那裡做得很好。我們將繼續依靠那裡。但我認為，看，這很有意義，我認為它為提供解決方案提供了機會，我們期待這樣做。

And Shar, if I can add on to what Jeanne just adding. The question in Jeanne's comments recognize that none of this operates in a silo. It's all connected. So when you see once a lever being pulled, you can't ignore the other pieces and which is why the ratemaking process is so critical and the transparency and the discussions have to continue and be ongoing throughout.

莎爾，如果我可以補充珍妮剛剛補充的內容的話。珍妮評論中的問題承認這一切都不是孤立運作的。一切都是相連的。因此，當你看到一個槓桿被拉動時，你就不能忽視其他部分，這就是為什麼利率制定過程如此重要，透明度和討論必須繼續並始終持續下去。

Got it. And then I think some of us have covered the space long enough to kind of remember LCAP, MCAP, 11 years ago, 12 years ago. And that obviously was struck down by the courts. Are you looking at a state mechanism to potentially own like peaking assets in rates? Is that what you're referring to?

知道了。然後我想我們中的一些人已經足夠長的時間來了解這個領域了，可以記住 11 年前、12 年前的 LCAP、MCAP。這顯然被法院駁回了。您是否正在尋找可能擁有利率高峰資產的國家機制？你指的是這個嗎？

I would tell you that we're working with our commissions on all type of scenarios that we shouldn't take anything off the table because we need to address this issue and ensure affordability and equities at the forefront of all discussion.

我想告訴你，我們正在與我們的委員會就所有類型的情況進行合作，我們不應該放棄任何事情，因為我們需要解決這個問題並確保負擔能力和公平性處於所有討論的最前沿。

Okay. Perfect. And then just on the Susquehanna protest, just lastly here. It's obviously a focus, FERC is slated to act shortly. I guess, assuming the amendment is not set for paper hearing. How do you want FERC to resolve kind of the broader issue, kick it back to the RTO, start an NOI for an eventual note or just any thoughts there? Appreciate it.

好的。完美的。然後是薩斯奎哈納抗議活動，最後在這裡。這顯然是一個焦點，FERC 很快就會採取行動。我想，假設修正案沒有進行書面聽證會。您希望 FERC 如何解決更廣泛的問題，將其退回 RTO，啟動 NOI 以獲得最終說明或只是有任何想法？欣賞它。

Yes. Let me just tell you and thank you for the question. I know this issue has gotten a lot of attention and for some reasons rightly, so we're on the cusp of major new source of load, and it's a critical emerging industry that holds a lot of promise for us in the US economy. But let me add a bit of additional color on my prepared remarks, though I'm mindful that we do have an open proceeding and with FERC, and we should learn more by the end of this week, as you know.

是的。讓我告訴你並感謝你的提問。我知道這個問題已經引起了很多關注，並且出於某些正確的原因，所以我們正處於主要新負荷來源的風口浪尖，這是一個重要的新興行業，為我們在美國經濟中帶來了很多希望。但讓我在我準備好的演講中添加一些額外的內容，儘管我注意到我們確實有一個開放的程序並且與 FERC 合作，而且如您所知，我們應該在本週末之前了解更多信息。

Our protest to the Talent ISA because it's not because we're against co-location. We stated very clearly in the initial protest that we are not. We do believe that co-location offer some benefits and allows our jurisdictions to compete successfully for this business.

我們對 Talent ISA 提出抗議，因為這並不是因為我們反對協同辦公。我們在最初的抗議中非常明確地表示我們不是。我們確實相信，託管提供了一些好處，並使我們的司法管轄區能夠成功競爭這項業務。

And as I talked about, we have clearly proven that we're an attractive partner for data centers. As evidenced by Chicago being the top five market in this area for economic development. As evidence that our participation in the accept Window three at $850 million were received because of data center growth in Northern Virginia. For us, Shar, this is about rate design.

正如我所說，我們已經清楚地證明我們是資料中心有吸引力的合作夥伴。芝加哥是該地區經濟發展排名前五的市場就證明了這一點。作為證據，我們因北維吉尼亞州資料中心的成長而參與接受窗口三，收到了 8.5 億美元的資金。對我們 Shar 來說，這與費率設計有關。

Users of the grid should pay their fair share. And while there may be unique opportunities to leverage land and equipment at generation plants to get data centers online quickly, they are still connected to the grid and are benefiting from a host of services that the grid provides to serve all of the load connected to it.

電網用戶應支付其公平份額。儘管可能有獨特的機會利用發電廠的土地和設備使資料中心快速上線，但它們仍然連接到電網，並受益於電網提供的一系列服務來服務於與其連接的所有負載。

You should expect us to continue to remain focused on economic development and yes, affordability. We have to do that on behalf of our customers, and that's what you should expect from a world-class utility.

你應該期望我們繼續關注經濟發展，當然還有負擔能力。我們必須代表我們的客戶這樣做，這就是您對世界一流公用事業公司的期望。

That we can do both and really drive growth as we're doing across our jurisdictions, but not forego that for one customer over the other. That's why we're putting this in. Policy should not be determined in one-off basis, and we will continue to see what FERC says and then determine next steps.

我們可以同時做到這兩點，並真正推動成長，就像我們在整個司法管轄區所做的那樣，但不會放棄一個客戶而不是另一個客戶。這就是我們把這個放進去的原因。政策不應一次性確定，我們將繼續觀察 FERC 的說法，然後確定下一步。

Got it. All right, perfect. Thank you guys. Much appreciate it. Talk to you soon.

知道了。好吧，完美。感謝你們。非常感謝。以後再聊。

Thank you.

謝謝。

David Arcaro from Morgan Stanley.

摩根士丹利的大衛‧阿卡羅。

Morning, David,

早安，大衛，

Hey, good morning. Hey, thanks for taking my questions. Wondering if you could give a broad perspective on what you're seeing in terms of state support for attracting data centers. It sounds like you had some encouraging things to say. Just are you seeing any evidence of pushback in any areas or the opposite?

嗨，早安。嘿，謝謝你回答我的問題。想知道您是否可以就您所看到的國家對吸引資料中心的支援提供一個廣泛的視角。聽起來你有一些令人鼓舞的話要說。您是否在任何領域或相反領域看到了任何阻力的證據？

Are there incremental signs that some of the key states, I'm thinking Illinois, Pennsylvania continue to be supportive of bringing that industry to the state?

是否有越來越多的跡象表明一些關鍵州（我認為伊利諾伊州、賓夕法尼亞州）繼續支持將該行業引入該州？

Yes, David, this is Calvin. What I'll do – direct to your question, we're seeing a lot of momentum. And matter of fact, in our states, they have passed legislation to provide tax benefits to attract data centers.

是的，大衛，這是加爾文。我會做什麼——直接回答你的問題，我們看到了很大的動力。事實上，在我們的州，他們已經透過立法提供稅收優惠以吸引資料中心。

And Mike Innocenzo, our COO, works across all of our jurisdictions with each of the CEOs to ensure from an operation standpoint, we're set up to meet the demand have expectations of those customers. Mike, do you have anything you'd like to add?

我們的營運長 Mike Innocenzo 與我們所有轄區的每位執行長合作，確保從營運的角度來看，我們能夠滿足這些客戶的需求和期望。麥克，你還有什麼要補充的嗎？

Yes. I think we've seen no shift. I think our states and across all of our jurisdictions continue to see the opportunities created by data centers. for jobs, economic development and continue to be very supportive, but also continue to be very engaged in the process to make sure that it's done in a thoughtful way where it's fair and equitable cross.

是的。我認為我們沒有看到任何轉變。我認為我們的州和所有司法管轄區繼續看到資料中心創造的機會。對於就業、經濟發展，我們繼續非常支持，但也繼續積極參與這一過程，以確保以一種深思熟慮的方式完成，並且公平公正。

Okay, excellent. I appreciate that color. And then in terms of the – maybe your specific kind of pipeline of data center projects, could you give additional color on what you've been seeing in terms of that momentum? Has it been largely focused in your ComEd service territory, what are you seeing in other states at the moment?

好的，非常好。我很欣賞那種顏色。然後，就資料中心專案的具體類型而言，您能否對您所看到的這種勢頭提供更多的資訊？它主要集中在您的 ComEd 服務領域嗎？

Not to tell you what I have our CEO, and what I'm going to do is ask because I think we see the most activity right now, as you alluded to, it's happening in Illinois. I'm going to ask Gil Quiniones, he's ComEd President and CEO, to provide more color. And then for Carim, and/or David Velazquez, Tyler Anthony, if you guys have anything to add, please don't hesitate. Gil?

不是告訴你我有什麼我們的首席執行官，我要做的就是問，因為我認為我們現在看到最多的活動，正如你提到的，它發生在伊利諾伊州。我要請 ComEd 總裁兼執行長吉爾·奎尼奧內斯 (Gil Quiniones) 提供更多色彩。然後是卡里姆和/或大衛·委拉斯開茲、泰勒·安東尼，如果你們有什麼要補充的，請不要猶豫。吉爾？

Thank you, Calvin. It's been a robust market for data centers here in Illinois. We have over 5 gigawatts in what we call engineering phase where data centers have paid us to start engineering their projects. Some of them actually have made deposits so that we can order large equipment like transformers and breakers. And then behind that, we have another 13 gigawatts in what we call prospects. So they're not yet in engineering. But they are knocking on our doors, making inquiries very interested in coming to our jurisdiction. And we're one of the states where there is a specific tax extensive passed in 2019 to support the development and location of data centers in our state.

謝謝你，卡爾文。伊利諾伊州的資料中心市場一直很強勁。我們擁有超過 5 吉瓦的電力，處於所謂的工程階段，資料中心已付費讓我們開始設計他們的專案。他們中的一些人實際上已經存了押金，以便我們可以訂購變壓器和斷路器等大型設備。除此之外，我們還有另外 13 吉瓦的電力，我們稱之為前景電力。所以他們還沒有進入工程領域。但他們正在敲我們的門，讓我們非常有興趣來我們的管轄範圍進行詢問。我們是 2019 年通過了一項廣泛的特定稅收以支持本州資料中心的開發和選址的州之一。

Any other CEOs have anything you'd like to add?

您還有其他執行長要補充的嗎？

And Maryland, Calvin, I'll just add. We remain committed to supporting data centers as they come. To date, we have seen a number of data centers that are actually up and operational, not the hyperscale that many are talking about today, but we still remain committed to helping drive that if the data centers to come to Maryland.

馬裡蘭州，卡爾文，我補充一下。我們仍然致力於為資料中心的到來提供支援。到目前為止，我們已經看到許多資料中心實際上已經啟動並運行，而不是許多人今天談論的超大規模資料中心，但我們仍然致力於幫助推動資料中心落腳馬裡蘭州。

Yes,

是的，

Yes. Tyler Anthony for Pepco Holdings to three utilities. I would say the same, whether it's New Jersey, Delaware, or the District of Columbia and our portion of Maryland with Carim, interest level has been significant with all the major players doing different assessments of different sites and criteria, Calvin.

是的。泰勒安東尼 (Tyler Anthony) 為 Pepco Holdings 管理三家公用事業公司。我想說的是，無論是新澤西州、特拉華州，還是哥倫比亞特區以及我們在卡里姆的馬裡蘭州部分地區，興趣水平都很重要，所有主要參與者都對不同地點和標準進行了不同的評估，卡爾文。

And Dave Velazquez for PECO in Pennsylvania, is beginning to see increased interest whether there are a couple of hundred to several hundred megawatts and a number of those are in engineering studies already and probably the next few months have had a few more entering engineering studies as well.

賓州PECO 的 Dave Velazquez 開始看到人們越來越感興趣，是否有幾百到幾百兆瓦的電力，其中許多已經在進行工程研究，並且可能在接下來的幾個月會有更多的電力進入工程研究，因為出色地。

So David, what you hear from the team is that we're actively engaged in that process. And to date, we continue to ensure that from an operational and reliability standpoint, we're ready to meet the expectations of those large customers.

大衛，你從團隊那裡聽到的是，我們正在積極參與這個過程。到目前為止，我們繼續確保從營運和可靠性的角度來看，我們已準備好滿足這些大客戶的期望。

Okay, great. Thanks for the input across the board. Very helpful.

好的，太好了。感謝您的全面投入。很有幫助。

You’re welcome.

不客氣。

Steve Fleishman from Wolfe.

沃爾夫的史蒂夫·弗萊什曼。

Hey good morning, thanks. So just on I guess, first on Illinois. The you mentioned these agreements with some parties in the grid plan. Could you talk to kind of what parts of the grid plan they've been they've kind of agreed to. And also just I guess the difference between what we've seen is the commission kind of ignore staff and ALJs and other things, but does it make a difference if there's actually like settlements as opposed to just views yes. Thanks.

嘿早上好，謝謝。我想，首先是伊利諾州。您在電網計劃中提到了與一些各方達成的這些協議。您能否談談他們已經同意電網計劃的哪些部分？而且我想我們所看到的區別在於委員會忽視了員工和行政法官以及其他事情，但是如果確實存在類似的和解而不只是觀點，那麼這會產生影響嗎？謝謝。

No, Steve, thank you for the question. And as you and I spoke about it, and we've shared very publicly when we got that order in December, it's important to level set. At that point in December, we had not had a chance to engage with these new commissioners about whether expectations were.

不，史蒂夫，謝謝你的提問。正如你和我談到的那樣，當我們在 12 月收到該訂單時，我們已經非常公開地分享了這一點，設定水平很重要。12 月的那個時候，我們還沒有機會與這些新委員討論期望是否正確。

And as you laid out, we have been actively engaged with staff and others and stakeholders up to that point. And we thought we had at that about 85% to 90% agreement on what we were going to do. And then the commission came in and said, it's not what we were looking for.

正如您所指出的，到目前為止，我們一直在與員工、其他人和利害關係人積極互動。我們認為我們對我們將要做的事情達成了大約 85% 到 90% 的共識。然後委員會進來說，這不是我們想要的。

So since that time, the engagement with the commission, we took their feedback and went directly to those stakeholders and said, Hey, if this is what the commission is wanting, how can we develop a plan to achieve that with the grid plan that will be recognized and also meet the expectations of view as a stakeholder. So the difference here is that it's with commission input with staff working in alignment with the commission and these stakeholders.

因此，從那時起，在與委員會的接觸中，我們聽取了他們的反饋意見，並直接去找那些利益相關者說，嘿，如果這就是委員會想要的，我們如何制定一個計劃來通過電網計劃來實現這一目標？因此，這裡的區別在於，這是委員會的投入，工作人員與委員會和這些利益相關者保持一致。

Now to your point, the commission will have the final say but these agreements are key because it's done in alignment with what they told us that they want. And it's just another marker along the way to show that we're making progress. So it's much different now when you present something to the commission because they've already given input.

現在就你的觀點而言，委員會將擁有最終決定權，但這些協議是關鍵，因為它是按照他們告訴我們他們想要的內容完成的。這只是表明我們正在取得進展的另一個標誌。因此，現在當你向委員會提交一些東西時，情況有很大不同，因為他們已經提供了意見。

Gil, anything you'd like to add there?

吉爾，你還有什麼要補充的嗎？

No, I think that – you've said it correctly that these agreements signify progress towards the specific items that the commissioners cited in their final order. So there are two areas. One area is compliance and policy issues, and these agreements basically codify alignment in those policy and compliance issues. Now the rate case really is more on investments and cost benefit, and we're narrowing our differences in that area, too, leading up to the evidentiary hearing, as Jeanne mentioned, which will be on August 14 to August 16.

不，我認為——你說得對，這些協議標誌著委員們在最終命令中提到的具體項目取得了進展。所以有兩個區域。其中一個領域是合規性和政策問題，這些協議基本上將這些政策和合規性問題的一致性編入法典。現在，利率案例實際上更多地涉及投資和成本效益，我們也在縮小在該領域的分歧，正如珍妮所提到的，證據聽證會將於 8 月 14 日至 8 月 16 日舉行。

And Steve, I'll end with this, is that we much have – much rather have an agreement than not agreement with them. as we proceed and go forward. So to me, that's a significant step in the process.

史蒂夫，我最後要說的是，我們已經達成一致，而不是不達成協議。當我們繼續前進時。所以對我來說，這是這個過程中的重要一步。

Okay. Just one clarification. So I think there's I know there's like 11 metrics that need to be met. So could you just maybe tying in the answer of what's agreed upon to those metrics like a SaaS agreement on the 11 metrics? Or is it kind of more of a broad?

好的。只是一處澄清。所以我認為我知道需要滿足大約 11 個指標。那麼，您能否將已達成協議的答案與這些指標連結起來，例如就 11 個指標達成的 SaaS 協議？或者說它更廣泛一些？

Yes, yes, I have a definition point at the point of compliance. Steve?

是的，是的，我在合規點有一個定義點。史蒂夫？

Yes,

是的，

Yes. So we actually created a very specific chapter in our refile grid plan to make sure that each of those areas where they cited a gap or deficiency for us to explain how we're meeting each of one of those that they've cited in the final order. On top of that, we've also engaged each of the of staff and stakeholders to make sure that what they're looking for when it comes to compliance and policy requirements are also achieved.

是的。因此，我們實際上在重新歸檔網格計劃中創建了一個非常具體的章節，以確保他們引用的每個領域都有差距或缺陷，以便我們解釋我們如何滿足他們在最終報告中引用的每個領域命令。最重要的是，我們也與每位員工和利害關係人進行了接觸，以確保他們在合規性和政策要求方面所尋求的目標也得到實現。

So we in a way, if you read our refiled grid plan. We actually previewed the chapters with all of the stakeholders before we file it, but we rearranged it in a way so that it's easier and clearer for the commissioners to see how we address those 11 gaps or deficiencies that they have identified.

所以，在某種程度上，如果您閱讀我們重新提交的網格計劃。實際上，在提交之前，我們與所有利益相關者一起預覽了這些章節，但我們以某種方式重新安排了它，以便委員們更容易、更清楚地看到我們如何解決他們發現的11 個差距或缺陷。

Okay. And I guess one other question related to the I guess, co-location issue. Some of the other distribution utilities, including PPL itself obviously support the filing as it is. And PPL, I guess, found it in the interest of their customers, the update. So I guess I would be interested in did you pursue kind of trying to resolve this issue directly before you made this filing, to see if there was a win-win. Yes.

好的。我猜還有一個問題與我猜的共置問題有關。其他一些分發實用程序，包括 PPL 本身，顯然支援原樣的歸檔。我想，PPL 發現更新是為了他們的客戶的利益。因此，我想我會對您在提交此文件之前是否嘗試直接解決此問題感興趣，看看是否有雙贏。是的。

Yes. So for us, Steve, when we found out about the issue out in Pennsylvania. It was a matter of public policy. We didn't have anything in front of us in terms of do you have an opportunity to enter into a higher say or so forth. What our issue came down to public policy, and that's why we intervened to understand what was going on and to give FERC an opportunity to opine.

是的。對我們來說，史蒂夫，當我們在賓夕法尼亞州發現這個問題時。這是一個公共政策問題。我們面前沒有任何關於你是否有機會進入更高的發言權等問題。我們的問題歸結為公共政策，這就是為什麼我們進行幹預以了解正在發生的事情並為 FERC 提供發表意見的機會。

So to your point, we didn't have a specific Exelon utility contract for us to come to an agreement on. Once we've made once we did our filing, that's when we found out other things were happening within hard jurisdictions that were taking place. And we are looking to have those discussions. And like I said, we will work with anyone to get these things done.

因此，就您而言，我們沒有特定的 Exelon 公用事業合約可供我們達成協議。一旦我們完成了備案，我們就會發現正在發生的硬管轄範圍內正在發生其他事情。我們期待進行這些討論。就像我說的，我們將與任何人合作完成這些事情。

And my piece on this is that if we can understand and fully grasp what the costs are, and the benefits and how they're going to be allocated. We will have those discussions with anyone at any time. So for us, on the PPL was about public policy and what's taking place.

我對此的看法是，如果我們能夠理解並充分掌握成本是什麼、收益以及它們將如何分配。我們將隨時與任何人進行這些討論。所以對我們來說，PPL 是關於公共政策和正在發生的事情。

When you read PPL’s opinion are intervening back into the process. What they said was that this wasn't the form for Exelon, AEP discussion, although they recognize significant issues need to be addressed. And someone needs to address them. Colette, do you have anything you'd like to add there?

當您閱讀 PPL 的意見時，您正在重新介入這個過程。他們表示，這不是 Exelon、AEP 討論的形式，儘管他們意識到需要解決重大問題。需要有人來解決這些問題。科萊特，你還有什麼要補充的嗎？

Thank you. Colette Honorable, I'm EVP of Public Policy and Chief External Affairs Officer. Steve, I appreciate the question. I will partly add to Calvin's comments. We are very open to working with anyone on these ratemaking issues.

謝謝。尊敬的科萊特，我是公共政策執行副總裁兼首席對外事務官。史蒂夫，我很欣賞這個問題。我將部分補充卡爾文的評論。我們非常願意與任何人就這些費率制定問題進行合作。

And this is what we are speaking about. We appreciate that PPL has a different perspective here. The reason we got involved was because of the broader policy implications.

這就是我們正在談論的。我們很欣賞 PPL 在這方面有不同的觀點。我們參與其中的原因是因為更廣泛的政策影響。

And we need to prefer to provide that guidance through policy. That will help all of us. And most importantly, it will help us understand the impacts of these sorts of transactions on all PJM customers.

我們需要更願意透過政策提供指導。這對我們所有人都有幫助。最重要的是，它將幫助我們了解此類交易對所有 PJM 客戶的影響。

And so we look forward to the dialogue and discussion will continue to remain engage at FERC with all stakeholders and most of all, our customers because as it has been demonstrated here this morning, we will continue to provide strong solutions for our large load customers, but that work has to be done in consideration of the cost impact, the affordability impacts for all customers and then ultimately, reliability.

因此，我們期待 FERC 繼續與所有利益相關者，最重要的是我們的客戶進行對話和討論，因為正如今天早上所展示的那樣，我們將繼續為我們的大負載客戶提供強大的解決方案，但這項工作必須考慮成本影響、所有客戶的承受能力影響以及最終的可靠性。

Okay. Thank you.

好的。謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

Paul A. Zimbardo from Jefferies.

來自 Jefferies 的 Paul A. Zimbardo。

Good morning, Paul.

早安，保羅。

Hi. Good morning, team. And thank you for focusing so much on affordability. I want to continue that a little bit. Just after the PJM auction, if you have a rough view on what the customer bill impacts could be across the footprint, like BGE, in particular. And if you're going to kind of use this to advocate for acceleration of transmission procurement in the region?

你好。早上好，團隊。感謝您如此關注負擔能力。我想繼續說一點。PJM 拍賣結束後，如果您對客戶帳單影響可能會影響整個足跡（尤其是 BGE）有粗略的了解。如果您打算利用這一點來倡導加速該地區的變速箱採購？

Yes, Hey, Paul. It's Jeanne. We are still buttoning up of all the calculations, but you can think of it in some of our jurisdictions, including BGE, it's going to be double-digit increases year-over-year. It depends on our jurisdiction in terms of the current capacity constraints in terms of other contracts that are based, but that's how we're thinking about it. It's meaningful and probably double digits in BGE in some of our other jurisdictions.

是的，嘿，保羅。是珍妮。我們仍在敲定所有的計算，但你可以想像一下，在我們的一些司法管轄區，包括 BGE，同比增長將是兩位數。這取決於我們對其他合約所依據的當前容量限制的管轄權，但這就是我們的想法。在我們其他一些司法管轄區的 BGE 中，這一數字很有意義，並且可能達到兩位數。

But you're absolutely right. We are going to this just we've already been leaning in to the affordability discussion, and I think this just accelerates the solutioning for that, which is that we need to get to a solution. Whether it's more generation, whether it's more transmission, which we see I'm ready to do and are already proactively doing that.

但你是絕對正確的。我們之所以要這樣做，是因為我們已經開始進行可負擔性討論，我認為這只會加速解決這個問題，即我們需要找到解決方案。無論是更多的發電量，還是更多的傳輸量，我們認為我已經準備好並且已經在積極地這樣做了。

And then I mentioned an expansion of the current programs that we have today that help our customers through our investments and connecting them to different resources in BGE space to help them manage their bills. So we look forward to that. And I think just reiterating right, what Calvin said, policy is important. This energy transformation we have always said from the beginning is going to be expensive. And the ones that do it affordably, we'll do it sustainably. And that's why we're focused on making sure that every dollar goes as far as they can.

然後我提到了我們目前現有計劃的擴展，這些計劃透過我們的投資幫助我們的客戶，並將他們連接到 BGE 空間中的不同資源，以幫助他們管理帳單。所以我們對此充滿期待。我認為重申卡爾文所說的，政策很重要。我們從一開始就一直說這種能源轉型將是昂貴的。那些能夠負擔得起的人，我們將以可持續的方式去做。這就是為什麼我們專注於確保每一塊錢都用得其所。

Okay. Great. And I know everyone's focused on for. I was hoping the related but different topic in Maryland, like Senate Bill 1, the co-location study. Just what are your legislative priorities there? And if you could give any additional context. I know there's been some strong comments filed by parties? Thanks.

好的。偉大的。我知道每個人都關注“for”。我希望在馬裡蘭州有相關但不同的主題，例如參議院第 1 號法案，即託管研究。你們的立法重點是什麼？如果您能提供任何其他背景資訊。我知道各方提出了一些強烈的評論？謝謝。

Yes. Hey, this is Calvin. I would say on the Senate Bill 1, it's all about we will lean into the affordability discussion and what takes place and the impact on all the customers. So again, we think the process in which the general assembly is laid out in working with and saying we're going to have a very public process and hearing, to have all stakeholders engaged in it, is what we want. We will adhere to what the regulatory body or the general assembly lays out.

是的。嘿，這是卡爾文。我想說的是，關於參議院第 1 號法案，我們將重點討論負擔能力以及發生的情況以及對所有客戶的影響。因此，我們再次認為，大會安排的流程是我們想要的，我們將進行非常公開的流程和聽證會，讓所有利害關係人參與其中。我們將遵守監管機構或大會的規定。

We just want all customers to have a voice in that process because otherwise we as the utility will be the ones looking back and saying, where were you at in that discussion and representing us.

我們只是希望所有客戶都能在這個過程中發表意見，否則我們作為公用事業公司將會回顧並說，您在討論中處於什麼位置並代表我們。

And that's important because if you do this, Paul, and you know this, if you do this in a vacuum, then you have to react to the things that have happened already. And it's very difficult to it’s actually good policy when you're trying to recover from something that's already occurred. And that is what I think the working group in SB1 will adhere to, and we will be involved in that process with everyone else.

這很重要，因為如果你這樣做，保羅，你知道這一點，如果你在真空中這樣做，那麼你必須對已經發生的事情做出反應。當你試圖從已經發生的事情中恢復過來時，這實際上是一個很好的政策，這是非常困難的。我認為 SB1 工作小組將堅持這一點，我們將與其他所有人一起參與這個過程。

Great. No, thank you very much and thank you for keeping us all on the edge of our seats in the Dog Days of the summer.

偉大的。不，非常感謝你們，感謝你們在這個夏日的三伏天讓我們所有人都坐立不安。

You’re welcome. That’s right.

不客氣。沒錯。

Welcome back, Paul.

歡迎回來，保羅。

Thank you.

謝謝。

Anthony Crowdell from Mizuho

瑞穗銀行的安東尼克勞德爾

Good morning, Anthony.

早安，安東尼。

Hey, good morning, team. Just a couple quick ones, I guess. If I could follow up on Steve's question on the FERC, the ISA proceeding, and just one is, do you have any idea if the commission wanted to hold hearings, the timing that would occur before a decision?

嘿，早上好，團隊。我猜只是幾個快速的。如果我可以跟進史蒂夫關於 FERC、ISA 程序的問題，只有一個問題是，您是否知道委員會是否想要舉行聽證會，以及在做出決定之前會發生什麼時間？

Hi, Anthony, it's Colette Honorable again, FERC has a number of options in terms of how to address the issues raised, quite frankly, by a number of stakeholders in that docket. As you've mentioned, one could be to set this matter for hearing should it find that there are outstanding issues of fact or law that should be resolved before ruling.

嗨，安東尼，我又是科萊特，尊敬的議員，坦白說，在如何解決該案卷中許多利益相關者提出的問題方面，FERC 有多種選擇。正如您所提到的，如果發現存在應在裁決前解決的未決事實或法律問題，可以將此事提交聽證會。

Should it go to hearing. It could take a year and so that would allow for an administrative lodged to hear the various perspectives of the parties that are allowed to intervene and to consider them and make a ruling.

是否應該去聽證會。這可能需要一年的時間，以便行政部門能夠聽取允許介入的各方的不同觀點，並考慮這些觀點並做出裁決。

Got it. And then the filing was made in conjunction with AEP. I'm curious on how do you, or how just how did they get, or how did they sign on? Did you solicit other utilities? And some decide, AEP decided to sign on and others did not. Or I'm just curious, I understand that this is not about co-location, it's about rate design. It was actually struck me that more utilities than sign on. And I guess that's the root of my question.

知道了。然後與 AEP 一起提交申請。我很好奇你是怎麼做到的，或者他們是如何獲得的，或者他們是如何簽約的？您是否徵求過其他公用事業服務？有些人決定，AEP 決定簽署，而有些人則沒有。或者我只是好奇，我知道這與主機託管無關，而是與費率設計有關。實際上令我震驚的是，實用程式比登入還要多。我想這就是我問題的根源。

Yes. I think at the end of the day, there's a timeline by which you can respond. Right. And so we responded quickly because, as we said, we're going to be a leader in investment. We're going to be a leader in affordability. And there's key questions here.

是的。我認為最終，您可以給出一個回复的時間表。正確的。因此，我們迅速做出了反應，因為正如我們所說，我們將成為投資領域的領導者。我們將成為負擔能力的領導者。這裡有一些關鍵問題。

Look, this demand is coming either way, right whether it's co-located or not, that's going to require investment. And our focus is making sure the investment gets done for the needs of our customers and that everyone has a fair and equitable allocation of the cost of using the grid. And I think that's the bottom line.

看，這種需求無論以何種方式出現，無論是否位於同一地點，都需要投資。我們的重點是確保投資能夠滿足客戶的需求，並確保每個人都能公平合理地分配使用電網的成本。我認為這是底線。

Great. And switching gears, my last question refers to Slide 8, and you talk about all the opportunity in Illinois. I guess, given the low ROE that you received from the last rate case, would most of your investment or all your investment be focused on transmission, like, I guess, is there reluctance to maybe do distribution investment Illinois, given the lower returns that they're awarding?

偉大的。換個話題，我的最後一個問題涉及幻燈片 8，您談到了伊利諾伊州的所有機會。我想，考慮到您從上一個費率案例中獲得的低股本回報率，您的大部分投資或所有投資都會集中在輸電上，就像，我想，考慮到回報率較低，伊利諾伊州是否不願意進行配電投資他們獎勵？

Yes, some of its Ds and some of its . So there's a mix there and the more high-density months. We're seeing more on the T side. And you saw that in our update on the Q4 call. We added a lot of transmission to accommodate that high-density load as it relates to the distribution. We have an obligation to serve those new customers.

是的，它的一些 D 和它的一些。因此，存在混合以及更高密度的月份。我們在 T 方面看到了更多。您在我們第四季度電話會議的更新中看到了這一點。我們添加了大量的傳輸來適應與分佈相關的高密度負載。我們有義務為這些新客戶提供服務。

And so while it is a low ROE, we've got to manage that, get that work done. And at the end of the day, that demand coming in. Right. Helps from an affordability and spreading the cost of the grid.

因此，雖然股本回報率較低，但我們必須對其進行管理，完成工作。最終，這種需求就出現了。正確的。有助於提高負擔能力並分攤電網成本。

So, the only other thing I'll mention is new business on the multiyear plan is outside of the cost, is the $1.05 cap on the distribution reconciliation. So again, we need to get that work done and hook up those customers. It's for the benefit of all of us, but it is a mix of D&T and a lot more. We see more T coming.

因此，我要提到的唯一另一件事是多年計劃中的新業務不在成本範圍內，即分配調節的 1.05 美元上限。因此，我們需要完成這項工作並吸引這些客戶。它是為了我們所有人的利益，但它是 D&T 和更多其他內容的結合。我們看到更多的 T 即將到來。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thank you, Anthony.

謝謝你，安東尼。

Thank you, Anthony.

謝謝你，安東尼。

Thank you. At this time, I would now like to turn the conference back over to Calvin Butler for closing remarks.

謝謝。現在，我想將會議轉回卡爾文·巴特勒致閉幕詞。

Thank you, Gigi. And as always, thank you guys for your interest and participation in our earnings call. As always, we remain open to answer any questions and just get feedback with you throughout the day or follow-up to this.

謝謝你，吉吉。一如既往，感謝大家對我們財報電話會議的關注與參與。像往常一樣，我們仍然願意回答任何問題，並全天向您提供反饋或跟進。

So I just wanted to say how much appreciation from the team at Exelon. We appreciate your interest in the company and just engaging with us. So, with that, Gigi, this concludes the call.

所以我只想表達 Exelon 團隊的感激之情。我們感謝您對公司的興趣並與我們合作。那麼，吉吉，電話會議到此結束。

Thanks to all our participants for joining us today. This concludes our presentation. You may now disconnect and have a good day.

感謝所有參與者今天加入我們。我們的演講到此結束。您現在可以斷開連接並度過美好的一天。