艾索倫電力 (EXC) 2024 Q3 法說會逐字稿

Hello, and welcome to Exelon's third 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'll have a question and answer session. (Operator instructions) It is now my pleasure to turn today's program over to Andrew Plenge, Vice President of Investor Relations. The floor is yours.

您好，歡迎參加 Exelon 第三季財報電話會議。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，我們將舉行問答環節。（操作員說明） 現在我很高興將今天的節目交給投資人關係副總裁 Andrew Plenge。地板是你的。

Thank you, Gigi. Good morning, everyone. We are pleased to have you with us for our 2024 third 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. 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.

謝謝你，吉吉。大家早安。我們很高興您能參加我們的 2024 年第三季財報電話會議。今天主持電話會議的是 Exelon 總裁兼執行長 Calvin Butler；和 Jeanne Jones Exelon 的財務長。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。

For today's presentation, along with our earnings release and other financial information, can be found in the Investor Relations section of Exelon's website. I'd 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.

對於今天的演示以及我們的收益發布和其他財務信息，可以在 Exelon 網站的投資者關係部分找到。我還想提醒您，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。

You can find in the cautionary statements on these risks on slide 2 of today's presentation or in our SEC filings. 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.

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。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 your joining us for the call and are pleased to be reporting a solid quarter of earnings and operational performance, keeping us on track for another year of consistent stable performance.

謝謝你，安德魯，大家早安。我們感謝您參加我們的電話會議，並很高興報告一個穩定的季度收益和營運業績，使我們有望在新的一年保持穩定的業績。

We reported GAAP earnings were $0.70 per share and operating earnings of $0.71 per share, above the expectations shared on our second quarter call. We delivered another strong quarter of operations despite significant storm activity in July with top quartile or better outage performance across the board. We have also made considerable progress on our 2024 regulatory calendar, since the second quarter call.

我們報告的 GAAP 收益為每股 0.70 美元，營運收益為每股 0.71 美元，高於我們第二季電話會議的預期。儘管 7 月出現了嚴重的風暴活動，但我們仍實現了另一個強勁的季度運營，並全面實現了前四分之一或更好的停電表現。自從第二季電話會議以來，我們在 2024 年監管日曆上也取得了相當大的進展。

First ComEd has now received its proposed order and it's refiled multiyear rate plan. The order serves as another positive data point that comment is filed the compliance plan that appropriately balances the state's desire to continue to deliver reliable and affordable power while making progress on its ambition synergy goals. We now await the commission's final work, and we look forward to regaining the momentum in establishing the Illinois has a clear leader in the energy transition.

First ComEd 現已收到其擬議訂單和重新提交的多年費率計劃。該命令是另一個積極的數據點，即對合規計劃提出評論，該計劃適當地平衡了該州繼續提供可靠和負擔得起的電力的願望，同時在其雄心勃勃的協同目標方面取得了進展。我們現在正在等待委員會的最終工作，我們期待著重新獲得勢頭，讓伊利諾伊州在能源轉型方面擁有明確的領導者。

We also reached settlements with key parties in our PECO gas and electric rate cases, which were recommended for approval by the administrative law judges presiding over this case. We appreciate the parties' interest in advancing the critical investments needed to maintain and improve safe and reliable service for PECO's customers playing a key role in the state's economic development efforts.

我們也與 PECO 瓦斯和電費案件中的主要當事人達成和解，並建議主審該案的行政法法官批准。我們感謝各方有興趣推動關鍵投資，以維持和改善為 PECO 客戶提供的安全可靠的服務，這些客戶在該州的經濟發展工作中發揮關鍵作用。

In the District of Columbia we continue to anticipate and ordered by the end of the year, laying the groundwork for continued investment to support a climate ready grid and the districts clean energy goals. Finally, in September, Maryland initiated a lessons learned proceeding on multiyear plans, completing it's hearing earlier this month. In those hearings, each of our Maryland utilities provided an extensive record of the ways in which multiyear rate plans are able to address the demands of a 21st century grid. And we are appreciative that a number of stakeholders, including large customers, chambers of commerce, and contractors, filed their support of the construct.

在哥倫比亞特區，我們繼續預計並在今年年底前訂購，為持續投資以支持氣候就緒電網和該地區的清潔能源目標奠定基礎。最後，馬裡蘭州在九月啟動了多年計劃的經驗教訓程序，並於本月初完成了聽證會。在這些聽證會上，我們馬裡蘭州的每家公用事業公司都提供了多年費率計劃如何滿足 21 世紀電網需求的詳細記錄。我們感謝包括大客戶、商會和承包商在內的許多利害關係人對該建設的支持。

But we also acknowledge ways in which we can address certain stakeholder concerns with the goal of continuously improving on the foundation of transparency and accountability on which the framework is built. A grid of the future cannot rely on the rate making up the past, and ensuring we have alignment and transparency around our investment plans is critical to meeting our state energy goals, allowing us to execute as efficiently and effectively as possible on behalf of all of our customers. We remain optimistic that we'll find alignment on a solution that can give us all the confidence to keep Maryland moving forward.

但我們也承認可以解決某些利害關係人關切的方法，以便在建立框架的透明度和問責制的基礎上不斷改進。未來的電網不能依賴於彌補過去的費率，確保我們的投資計劃保持一致和透明度對於實現我們的州能源目標至關重要，使我們能夠代表所有人盡可能高效和有效地執行我們的客戶。我們仍然樂觀地認為，我們將找到一個解決方案，讓我們有信心讓馬裡蘭州繼續前進。

Let me now turn to our operating highlights for the quarter. On slide 5, you can see that we are achieving first quartile performance across most of our key indicators for safety, reliability, and customer satisfaction. In both outage frequency and outage duration ComEd and Pepco Holdings continue to perform at top decile levels. And that's despite the powerful storms that swept the Chicago area in July and the significant mutual assistance extended throughout the quarter for hurricanes beryl and helene with hurricane Milton flowing directly afterwards.

現在讓我談談本季的營運亮點。在投影片 5 上，您可以看到我們在安全性、可靠性和客戶滿意度方面的大多數關鍵指標上都實現了第一四分位的績效。在中斷頻率和中斷持續時間方面，ComEd 和 Pepco Holdings 繼續保持最高的十分位水準。儘管強大的風暴在 7 月席捲了芝加哥地區，而且整個季度針對颶風貝裡爾和海倫的大量互助以及緊隨其後的颶風米爾頓的影響仍然存在。

The storms that hit Illinois were record-breaking by variety of measures. In just two days the Chicago land area experienced double the number of tornadoes that it sees in an average year and then some of those same crews along with both at BGE, PECO, and Pepco Holdings, utilities or part of more than 500 field support personnel to aid in restoring service to customers in Florida, Georgia, and West Virginia. After a very challenging hurricane season.

從各種衡量標準來看，襲擊伊利諾伊州的風暴都打破了記錄。在短短兩天內，芝加哥陸地地區經歷的龍捲風數量是平均年份的兩倍，然後還有 BGE、PECO 和 Pepco Holdings 的部分工作人員、公用事業公司或 500 多名現場支援人員的一部分幫助恢復對佛羅裡達州、喬治亞州和西維吉尼亞州客戶的服務。在經歷了一個非常具有挑戰性的颶風季節之後。

I do want to take a moment to personally thank our employees for their continued focus and dedication. The ability of our utilities to keep pace with the increasing severity and frequency of extreme weather events can only happen with the dedication of some of the best in the business and with the support of our jurisdiction, for the critical investments need to maintain reliability and resiliency. As it pertains to safety, after three quarters of benchmarking against serious injury performance, we now have all for the utility operating companies and top quartile. The safety of our employees, contractors and customers is always our highest priority.

我確實想花點時間親自感謝我們的員工的持續關注和奉獻。我們的公用事業公司只有在業內最優秀的人才的奉獻和我們管轄範圍的支持下才能跟上日益嚴重和頻繁的極端天氣事件的步伐，因為維持可靠性和彈性所需的關鍵投資。就安全而言，經過四分之三的嚴重傷害表現基準測試後，我們現在獲得了公用事業營運公司和前四分之一的所有數據。我們員工、承包商和客戶的安全始終是我們的首要任務。

Finally, on customer satisfaction, performance has improved since last quarter, which BGE now operating in the second quartile alongside Pepco Holdings, Both utilities remain focused on initiatives to further improve performance, including enhancing customer communications, streamlining new business processes and additional customer service representative of training.

最後，在客戶滿意度方面，自上季度以來業績有所改善，BGE 目前與Pepco Holdings 並列第二四分位數，兩家公用事業公司仍專注於進一步提高業績的舉措，包括加強客戶溝通、簡化新業務流程和增加客戶服務代表的培訓。

Now it's my pleasure to turn the call over to Jeanne to cover our financial and regulatory update. Jeanne?

現在，我很高興將電話轉給珍妮，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'll cover our third quarter of the financial update, along with our financial and regulatory outlook for the remainder of 2024. I will also spend some time highlighting a transmission project at Delmarva Power, which is helping to modernize the grid and accelerate an opportunity to save money for our customers.

謝謝你，卡爾文，大家早安。今天，我將介紹第三季的財務更新，以及我們對 2024 年剩餘時間的財務和監管展望。我還將花一些時間重點介紹 Delmarva Power 的一個輸電項目，該項目有助於實現電網現代化，並加速為我們的客戶節省資金的機會。

Starting on slide 6, we present our quarter-over-quarter adjusted operating earnings block for the third quarter of 2024 for fund earned $0.71 per share compared to $0.67 per share in the third quarter of 2023, reflecting higher results of $0.04 per share over the same period.

從投影片6 開始，我們介紹了2024 年第三季的季度環比調整後營運收益，該基金每股收益為0.71 美元，而2023 年第三季每股收益為0.67 美元，反映出比2023 年第三季每股收益0.04 美元的更高業績。

Earnings are higher in the third quarter relative to the same period last year, driven primarily by $0.04 of timings at ComEd commented on its distribution earnings. After removing the timing at ComEd across Exelon, we earned $0.03 of higher distribution and transmission rates net of associated depreciation, which is offset by $0.03 of higher interest expense.

第三季的收益高於去年同期，主要是由於 ComEd 對其分銷收益發表評論的時間為 0.04 美元。在消除 Exelon 中 ComEd 的時間表後，我們獲得了 0.03 美元的更高的分配和傳輸率（扣除相關折舊），這被 0.03 美元的更高利息費用所抵消。

After accounting for the timing at ComEd, driven in part by extensive mutual assistance provided to non-Exelon Utilities, we delivered earning results in line with the guidance we provided in our prior quarter call. Our year-to-date performance underscores our ability to deliver strong financial results despite mild weather and heightened storm activity throughout the year. As we close out here in the fourth quarter, we remain on track to achieve operating earnings of $2.40 to $2.50 per share.

考慮到 ComEd 的時間表（部分是由於向非 Exelon 公用事業公司提供的廣泛互助），我們交付的盈利結果符合我們在上一季電話會議中提供的指導。我們今年迄今的業績突顯了我們在全年天氣溫和且風暴活動加劇的情況下仍能實現強勁財務業績的能力。當第四季結束時，我們仍有望實現每股 2.40 美元至 2.50 美元的營業利潤。

Our fourth quarter guidance assumes the reversal of content distribution, earnings, timing, fair and reasonable outcomes for Pepco DC's is multi-year rate case as well as the BGE and ComEd reconciliation and normal weather and storm activity. In addition, we reaffirm our long-term annualized operating earnings per share guidance range. We have 5% to 7% through 2027 with the expectation to be at the midpoint or better of that growth range.

我們第四季度的指導假設 Pepco DC 的內容分發、收益、時間安排、公平合理結果的逆轉是多年費率情況以及 BGE 和 ComEd 調節以及正常天氣和風暴活動。此外，我們重申了長期每股年化營運收益指引範圍。到 2027 年，我們的成長率預計為 5% 至 7%，預計將達到該成長範圍的中點或更高水準。

Turning to slide 7. As Calvin highlighted, we have made meaningful progress in our distribution rate cases across our jurisdictions, approaching the final milestones for ComEd's, PECO's, and Pepco DC's open rate cases. We also filed a historical test year gas distribution rate case in Delaware.

轉到投影片 7。正如 Calvin 所強調的那樣，我們在整個司法管轄區的分配費率案件中取得了有意義的進展，正在接近 ComEd、PECO 和 Pepco DC 的開放費率案件的最終里程碑。我們也在特拉華州提交了歷史測試年天然氣分配率案例。

I'll begin my remarks by providing an update on this most recent filing followed by status update on the remaining rate cases anticipated to reach resolution this year. On September 20, Delmarva Power filed its gas distribution rate case seeking approval of a proposed $35.6 million revenue increase, exclusive of the transfer of $6.4 million of the distribution system improvement charges. The filing represents Delmarva Power's work since its place gas rate adjustment filing in 2022 and reflects the investments that help ensure customer reliability and improve service and safety, including work to inspect and proactively maintain natural gas mains, replacing aging cast-iron and bare steel pipe and replace and upgrade equipment at our Wilmington LNG facility.

我將首先介紹最新提交的文件的最新情況，然後介紹預計今年將得到解決的剩餘費率案件的狀態更新。9 月 20 日，Delmarva Power 提交了天然氣分配費案件，尋求批准擬議的 3,560 萬美元收入增長，不包括轉讓 640 萬美元的分配系統改進費用。該文件代表了Delmarva Power 自2022 年提交天然氣費率調整備案以來的工作，反映了有助於確保客戶可靠性並改善服務和安全性的投資，包括檢查和主動維護天然氣總管、更換老化鑄鐵和裸鋼管的工作並更換和升級我們威爾明頓液化天然氣工廠的設備。

The filing also requests the adoption of a weather normalization rider, which will offer customers more bill predictability as seasonal temperatures grow increasingly volatile. Continuing with Pepco Holdings on August 30, Pepco and other parties filed final brief on Pepco's climate ready pathway in DC multiyear plan, which outlines the investments we will make to support a claimant revenue grid and enable cleaner energy programs and technologies.

該文件還要求採用天氣正常化附加條款，隨著季節性氣溫變得越來越不穩定，這將為客戶提供更多的帳單可預測性。8 月30 日，Pepco 和其他各方繼續與Pepco Holdings 合作，提交了關於Pepco 在DC 多年計劃中的氣候準備路徑的最終簡報，其中概述了我們將為支持索賠人收入網格並實現清潔能源計劃和技術而進行的投資。

The plan also enhances the reliability, the resiliency and security of the local energy grid and expands affordability assessment for Pepco's customers across the District of Columbia.

該計劃還增強了當地電網的可靠性、彈性和安全性，並擴大了整個哥倫比亞特區 Pepco 客戶的承受能力評估。

We now await the DC Public Service Commission's final order, which we anticipate before the end of the year and look forward to continuing the important work needed to enhance customer reliability, advancing economic and work development and further supporting the desert goals to be carbon neutral by 2025.

我們現在正在等待華盛頓特區公共服務委員會的最終命令，我們預計該命令將在今年年底前發布，並期待繼續開展所需的重要工作，以提高客戶可靠性，促進經濟和工作發展，並透過以下方式進一步支持沙漠碳中和目標： 2025 年。

Turning to Pennsylvania. Administrative law judges have issued recommended decision in the gas and electric rate cases, and we are pleased with our recommendation that the Pennsylvania Public Utility Commission acceptable settlement filed in August.

轉向賓州。行政法法官已就天然氣和電力費率案件發布了建議裁決，我們對賓州公用事業委員會 8 月提交的可接受和解協議的建議感到滿意。

The proposal for peak of electric rate case allows for a $354 million revenue requirement increase, excluding a one-time credit of $64 million in 2025. On the gas side, the ALJ proposed a $78 million revenue requirement increase in 2025.

電價高峰提案允許收入要求增加 3.54 億美元，不包括 2025 年 6,400 萬美元的一次性信貸。天然氣方面，行政法官提議 2025 年收入要求增加 7,800 萬美元。

While the ALJ ruled against the addition of a weather normalization adjustment, we have filed and accepted to address the adjustment, which will now go for commission review and consideration. The adjustment, which has been approved for all other major Pennsylvania gas utilities is intended to reduce the inherent volatility in customer bills and PECO's recovery of distribution revenue. We expect the commission to issue its final orders by the end of December.

雖然 ALJ 裁定不增加天氣正常化調整，但我們已提交並接受解決該調整問題，現在將提交委員會審查和考慮。這項調整已獲得賓州所有其他主要天然氣公用事業公司的批准，旨在減少客戶帳單的固有波動性和 PECO 的分銷收入回收。我們預計委員會將在 12 月底之前發布最終命令。

Lastly, a comment on October 18, the administrative law judges presiding over the case issued a proposed order on the revised plan for which we expect a final order from the Illinois Commerce Commission in December. The proposed order recommends the Commission approved the revised plan and associated adjusted revenue requirements for 2024 through 2027 with a $637 million revenue requirement increase and a $3.9 billion rate base increase with new rates in effect in January 2025.

最後，10 月 18 日的評論稱，主審此案的行政法法官就修訂後的計劃發布了擬議命令，我們預計伊利諾伊州商業委員會將於 12 月發布最終命令。擬議命令建議委員會批准修訂後的計劃和相關調整後的 2024 年至 2027 年收入要求，收入要求增加 6.37 億美元，費率基數增加 39 億美元，新費率將於 2025 年 1 月生效。

As a reminder, this construct allows for the recovery of prudently incurred investment up to 105% of the approved revenue requirement and prevent that certain investment categories such as storms and new business are excluded from 105% threshold. We are appreciative of the hard work put in by all parties to craft a compliant and balanced credit plan, which has resulted in strong alignment up through the proposed order and we look forward to the commission setting the path for the next three years of investments during a critical time in the industry.

提醒一下，這種結構允許審慎產生的投資回收高達批准收入要求的 105%，並防止某些投資類別（如風暴和新業務）被排除在 105% 的門檻之外。我們讚賞各方為制定合規且平衡的信貸計劃而付出的辛勤工作，該計劃通過擬議的命令實現了強有力的協調，我們期待委員會為未來三年的投資制定道路。

With final order is anticipated to be issued for ComEd, PECO, and Pepco DC, by year end, approximately 90% of our rate base will have established rates are known rate mechanisms in place through 2026 or 2027 allowing us to focus on plan execution in the strategic discussions required to support growing electrification needs and the necessary expansion of clean, reliable generation in our states. As always, additional details on the rate cases can be found on Slides 20 to 30 at the appendix.

預計最終訂單將在年底前針對 ComEd、PECO 和 Pepco DC 發布，到 2026 年或 2027 年，我們大約 90% 的費率基礎將建立費率已知的費率機制，使我們能夠專注於計劃執行需要進行策略性討論，以支持我們各州不斷增長的電氣化需求和必要的清潔、可靠發電擴張。與往常一樣，有關費率案例的更多詳細資訊可以在附錄的幻燈片 20 至 30 中找到。

That brings me to slide 8, where I want to take a moment to highlight an example of the work we've been doing to modernize the transmission system. Earlier this year Delmarva Power began work to rebuild the Vienna to Nelson 138 kV transmission line, a 14-mile circuit that extends from Vienna substation in Dorchester Country, Maryland to the Nelson substation and Sussex County, Delaware.

這讓我想到了第 8 張投影片，我想花點時間強調我們為實現傳輸系統現代化所做的工作的一個例子。今年早些時候，Delmarva Power 開始重建維也納至納爾遜138 kV 輸電線路，這是一條14 英里長的線路，從馬裡蘭州多切斯特縣的維也納變電站延伸至納爾遜變電站和特拉華州蘇塞克斯縣。

The project replaces over 100 wooden 60 year old structures with steel poles and upgrades our equipment to 230 kV standard. The new infrastructure will also be able to withstand wins of 110 miles per hour is constructed above flood zones and includes an underground transmission lead in, enhancing overall system resilience.

該項目以鋼桿取代了 100 多座已有 60 年歷史的木質結構，並將我們的設備升級到 230 kV 標準。新的基礎設施還將能夠承受每小時 110 英里的速度，建在洪水區域上方，並包括地下輸電線路，從而增強整體系統的彈性。

Currently, the project is on track to be placed in service nearly two years ahead of schedule in December. Completion of the project will enable the Indian River 410-megawatt coal vile generating unit to retire eliminating the collection of the RMR and saving nearly $100 million across 551,000 customers in that 2 years, which is over 1.5 times greater than the installed cost of the project that will be collected over decades.

目前，該計畫預計提前近兩年於12月投入使用。該項目的完成將使印第安河 410 兆瓦燃煤發電機組退役，消除 RMR 的徵收，並在兩年內為 551,000 名客戶節省近 1 億美元，這比該項目的安裝成本高出 1.5 倍以上這將在幾十年內收集起來。

Alongside lower bills, these customers will also experience better system reliability and resiliency from the elimination of capacity constraints. The project also emphasizes our commitment to workforce development with $13.5 million of the spend on the project with diverse suppliers supporting local economic growth and partnership with the jurisdiction we serve.

除了降低帳單外，這些客戶還將因消除容量限製而體驗到更好的系統可靠性和彈性。該計畫還強調了我們對勞動力發展的承諾，該項目支出 1,350 萬美元，與支持當地經濟成長的多元化供應商以及與我們服務的司法管轄區建立夥伴關係。

These efforts highlight our dedication to enhancing customer value while fostering local economic growth, and they are a testament to our strategic efforts to maximize the impact of our investments, modernizing the energy grid, while mitigating resource adequacy constraints and supporting state goals to decarbonize.

這些努力凸顯了我們致力於提高客戶價值，同時促進地方經濟成長，也證明了我們為最大限度地發揮投資影響力、實現能源網絡現代化、同時緩解資源充足性限制和支持國家脫碳目標而做出的戰略努力。

The project also highlights the power of our platform to efficiently execute on capital plans for the benefit of our customers. This is just one example of the $9.7 billion we have in our cost capital plan for electric transmission investment through 2027, and it highlights light transmission will continue to be an area of significant opportunity to support our customers going forward.

該專案也凸顯了我們平台有效執行資本計劃以造福客戶的能力。這只是我們在 2027 年之前的 97 億美元電力傳輸投資成本資本計畫中的一個例子，它凸顯了光傳輸將繼續成為支持我們客戶未來發展的重要機會領域。

Finally, I will conclude with an update on our financing activity on slide 10. We continue to project a cushion of approximately 100 basis points on average over the planning period for our consolidated corporate credit metrics, about the downgrade threshold 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 10 上介紹我們融資活動的最新情況。我們繼續預計，在規劃期內，我們的綜合企業信用指標平均會有大約100 個基點的緩衝，大約是標準普爾和穆迪指定的12% 的降級門檻，這表明我們致力於維持強勁的資產負債表。

And while we continue to advocate for language that incorporates alternative minimum tax in the final Treasury regulations, recall that our plan incorporates the assumption that the final regulations will not allow for repairs consistent with our previous guidance release in September, implemented midway that mitigates the cash impact, the expected increase of approximately 50 basis points to our consolidated metrics on average over the plan, putting us at the higher end of our targeted 100 basis points to 200 basis points of cushion over the planning period.

雖然我們繼續主張在財政部最終法規中納入替代性最低稅的措辭，但請記住，我們的計劃包含這樣的假設：最終法規將不允許與我們之前在9 月發布的指導意見一致的修復措施，中途實施以減輕現金負擔影響，預計我們的綜合指標在計劃期間平均增加約 50 個基點，使我們處於計劃期間緩衝 100 個基點至 200 個基點目標的較高端。

From a financing perspective, we have successfully completed all of our plans long-term debt financing needs for the year with PECO raising $575 million in the third quarter. The strong investor demand we continue to see for our debt offerings, supported by the strength of our balance sheet and by the lowest attributes of our platform, investor confidence in our offerings, along with our re-insurance hedging program positions as well as we continue to seek out the most efficient ways to finance the energy transmit transformation for our customers and investors.

從融資角度來看，我們已經成功完成了今年所有計劃的長期債務融資需求，PECO 在第三季籌集了 5.75 億美元。我們繼續看到投資者對我們的債務產品的強勁需求，這得益於我們的資產負債表實力和我們平台的最低屬性、投資者對我們產品的信心以及我們的再保險對沖計劃頭寸以及我們繼續為我們的客戶和投資者尋找最有效的能源傳輸轉型融資方式。

We've also successfully completed our planned $150 million of equity issuances for 2024 via our ATM. There has been no change in our guidance to issue a total of $1.6 billion of equity from 2024 to 2027 to fund our current $34.5 billion capital plan, with the remaining balance expected to be issued radically from 2025 to 2027, approximating $475 million on an annual basis.

我們也透過 ATM 成功完成了 2024 年計畫的 1.5 億美元股票發行。我們的指導方針沒有變化，即從2024 年到2027 年發行總計16 億美元的股票，為我們目前的345 億美元資本計劃提供資金，剩餘餘額預計將在2025 年到2027 年期間大幅發行，每年約4.75 億美元。

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

謝謝。現在我將把電話轉回卡爾文，讓他作結束語。

Thank you, Jeanne. As you can see we've come a long way toward delivering on our priorities and commitments for 2024, with the team highly focused on continued execution and operational excellence as we approach the final months of the year. We have maintained top-quartile performance to despite the tremendous amount of storm activity this year. The bar keeps getting set higher and we keep meeting it.

謝謝你，珍妮。正如您所看到的，我們在實現 2024 年的優先事項和承諾方面已經取得了長足的進步，隨著今年最後幾個月的臨近，團隊高度關注持續執行和卓越營運。儘管今年有大量的風暴活動，但我們的業績仍保持在前四分之一。門檻越來越高，我們也不斷滿足它。

We are approaching the final orders for ComEd and PECO with path towards reasonable supportive outcomes in both covering approximately 50% of our rate base, with another approximately 40% covered by known or establish rate mix processes as far out this 2027. And we appreciate Maryland acting quickly to address its lessons learned process that we can agree on an approach that allows all stakeholders input into how customer dollar be invested to meet the state's energy goals.

我們正在接近 ComEd 和 PECO 的最終訂單，以實現合理的支援結果，兩者涵蓋我們費率基礎的約 50%，另外約 40% 的覆蓋範圍截至 2027 年已知或已建立的費率混合流程。我們讚賞馬裡蘭州迅速採取行動，解決其吸取的經驗教訓，我們可以就一種方法達成一致，允許所有利益相關者參與如何投資客戶資金，以實現該州的能源目標。

We are on track to invest $7.4 billion of capital in 2024 for the benefit of our customers and earn a fair return on equity in our targeted 9% to 10% range with our planned financings for the year already complete. This will allow us to deliver it in the $2.40 and $2.50 operating earnings guidance range that we laid out at the beginning of the year.

我們預計在 2024 年投資 74 億美元資本，以造福我們的客戶，並在我們的目標 9% 至 10% 範圍內獲得公平的股本回報率，並且我們今年的計劃融資已經完成。這將使我們能夠在年初制定的 2.40 美元和 2.50 美元營業利潤指導範圍內交付。

And most importantly, we have maintained our steadfast commitment to customer affordability, both through constant vigilance in developing and adopting cost-saving measures as well as in our legislative and regulatory advocacy joint did very dynamic time in the industry.

最重要的是，我們始終保持對客戶負擔能力的堅定承諾，透過不斷警惕制定和採取成本節約措施，以及我們的立法和監管聯合倡導，在行業中做出了非常有活力的時間。

As has the largest utility by customer count, serving some of the largest cities in this country, our primary mission is to provide reliable, resilient, and affordable power to everyone equitably. The ability to invest in the grid is integral in that mission, it of course, supports reliability, were demands continue to increase due to more severe weather, increased electrification in an evolving generation supply mix. And those demands have only been amplified by the growth of artificial intelligence.

作為客戶數量最多的公用事業公司，為美國一些最大的城市提供服務，我們的首要使命是公平地為每個人提供可靠、有彈性且負擔得起的電力。投資電網的能力是這項使命不可或缺的一部分，當然，由於更惡劣的天氣、不斷發展的發電供應結構中電氣化程度的提高，需求不斷增加，它當然可以支持可靠性。而這些需求只會隨著人工智慧的發展而放大。

At the beginning of this year, we indicated that we had 6 gigawatt, of high probability data centre load in our territories. That's now at 11 gigawatts, which is indicative of a critical opportunity this sector has ahead. But investing in the grid can also contribute to affordability as well. The transmission project that Jeanne highlighted that there's just one example of many where our grid investments can create savings for our customers.

今年年初，我們表示我們的領土內資料中心負載可能高達 6 吉瓦。目前容量為 11 吉瓦，這表明該行業面臨重要機會。但投資電網也有助於提高可負擔性。Jeanne 強調的輸電項目只是我們的電網投資可以為客戶節省成本的眾多例子之一。

The importance of the grid reinforces the value of coordinated, thoughtful, any system investment and thus the benefit of transparent forward looking planning and great making it also underpins our policy advocacy. It has driven our focus to ensure co-located load arrangement do not compromise reliability or avoid the cost of relying on the grid. And it's why we are actively engaging with peers and policymakers on how our state and PJM can ensure generation continues to be as reliable and affordable as possible.

電網的重要性強化了協調、深思熟慮的任何系統投資的價值，因此透明的前瞻性規劃和偉大的建設的好處也支持了我們的政策倡議。它促使我們專注於確保同地負載佈置不會損害可靠性或避免依賴電網的成本。這就是為什麼我們積極與同行和政策制定者合作，討論我們的州和 PJM 如何確保發電繼續盡可能可靠和負擔得起。

All of our actions are focused on enabling the necessary investments in a grid that we will all rely on, and that is indispensable to the economic vitality of our jurisdictions and the impact of that partnership is clear. in September, Site Selection Magazine named ComEd and PECO who are the top 20 utilities in economic development in the country, the 10th and 14th time repeat receiving that award, respectively. Two weeks ago, the District of Columbia's Chamber of Commerce made Pepco it's business of the year. And Exelon Utilities were just named as recipients of three more awards under the DOE's grid resilience and innovation partnership program, bringing our total direct funding under that program to $330 million.

我們所有的行動都集中在對我們都將依賴的電網進行必要的投資，這對於我們轄區的經濟活力來說是不可或缺的，而且這種夥伴關係的影響是顯而易見的。 9 月，Site Selection 雜誌將 ComEd 和 PECO 評為該國經濟發展前 20 名公用事業公司，分別是第 10 次和第 14 次獲得該獎項。兩週前，哥倫比亞特區商會將 Pepco 評為年​​度最佳企業。Exelon Utilities 剛剛榮獲美國能源部電網彈性和創新合作夥伴計劃下的另外三個獎項，使我們在該計劃下的直接資助總額達到 3.3 億美元。

Again, we have the honor and privilege to serve over 10.5 million customers, and they are counting on us to dependably deliver safe, resilient, and affordable, power during this energy transformation.

我們再次榮幸地為超過 1,050 萬名客戶提供服務，他們指望我們在這能源轉型過程中可靠地提供安全、有彈性且價格實惠的電力。

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。

Thank you.

謝謝。

(Operator instructions) Nicholas Campanella, Barclays.

（操作員說明）尼古拉斯·坎帕內拉（Nicholas Campanella），巴克萊銀行。

Hey, good morning, ladies and my question that any more move. I just wanted to address up front. I know we've gone from question. Just you previously said midpoint or above for '24. Is that kind of still the case today? And how should we kind of think about that?

嘿，早安，女士們，還有我的問題。我只是想提前說明一下。我知道我們已經不再提問了。正如您之前所說的 24 年的中點或以上。今天仍然是這樣嗎？我們該如何思考這個問題？

Yeah, Nick, good questions. And we started that language on as part of our long-term guidance on when we were trying to show a 5 to 7 combination of the years, may be different and we give you where we end up in the year. But that over that time period rate as always, we aim for midpoint or better. And I would say for the current year that also continued to be our goal.

是的，尼克，好問題。我們開始使用這種語言作為我們長期指導的一部分，當我們試圖展示 5 到 7 年的組合時，可能會有所不同，我們會向您提供今年的最終結果。但在這段時間內，我們的目標是中點或更好。我想說，今年這也仍然是我們的目標。

Right, Let me give you a guidance range, and our goal is always at the midpoint or better. And so I just yeah, that's how we're still thinking about and what we're still working towards at the last two years. And that's what we've done. And we're working hard to make sure that we continue that trend.

是的，我給你一個指導範圍，我們的目標總是在中間或更好。所以我只是說，這就是我們過去兩年仍在思考和努力的方向。這就是我們所做的。我們正在努力確保我們繼續這一趨勢。

Okay. Great. Thanks for that clarification. So it's been a few months since we've had the PJM auction. I'm sure you've had some more kind of time to us to digest the just there has been kind of discussion potentially in the legislative arena to address solution for new generation. So, as you kind of flip the switch groups into '25, I heard your comments on focusing more on strategic initiatives. Just how does this kind of play out in your mind? What will you be kind of advocating for specifically to fix the bill issue that that's kind of growing and PJM? Thank you.

好的。偉大的。感謝您的澄清。PJM 拍賣已經過去幾個月了。我相信您有更多的時間來消化立法領域中可能存在的討論，以解決新一代的解決方案。因此，當您將切換群組切換到「25」時，我聽到您關於更多關注策略舉措的評論。這種事在你的腦海中是怎麼發生的呢？為了解決日益嚴重的帳單問題和 PJM，您會具體倡導什麼？謝謝。

Hi, Nick. Thank you. This is Calvin. Let me just -- i'll approach this couple of ways, Nick. And you -- make sure let me know if i directly, to your question. First off, I do believe -- we believe better PJM's request to delay the capacity auction does reinforce the concerns or whether increasing prices are sufficiently addressed in our lives.

嗨，尼克。謝謝。這是加爾文。讓我——我會用這幾種方法來解決，尼克。而你——如果我直接回答你的問題，請務必讓我知道。首先，我確實相信——我們相信 PJM 推遲產能拍賣的要求確實加劇了人們的擔憂，或者我們的生活中是否充分解決了價格上漲的問題。

Trulicity demand needs and since a clear message, that reform is definitely needed. So that was the first step in and acknowledgment that something has to be different. And I do appreciate PJMs leadership to put forward interconnection and various capacity market reforms. It is just another example that the PJM stakeholder process is just not working, and we will continue to support them as well as other federal and regional agencies to get that done. So that's first and foremost.

Trulicity 需要需求，而且由於發出了明確的訊息，因此絕對需要改革。所以這是第一步，也是承認某些事情必須有所不同。我非常讚賞 PJM 提出的互聯互通和各種容量市場改革的領導力。這只是 PJM 利害關係人流程不起作用的另一個例子，我們將繼續支持他們以及其他聯邦和地區機構完成這項工作。所以這是首要的。

It would not surprise you that as a Tandy only company, not owning generation, our voice is unique in this discussion. And we've been working with all of our governors and regulatory bodies on how to address this issue and what needs to be done. And I think you've seen the magnification of this issue, Nick, with the letter that the governors most recently fit to page PJM statin, that something needs to be done, not tomorrow but today. And we want to be part of that solution and we will be part of that solution. And one of the things we are always focused on and I think we start with this, Nick, it's all about reliable, resilient, and affordable energy.

作為一家只擁有 Tandy 的公司，而不是擁有一代的公司，我們的聲音在這次討論中是獨一無二的，這並不會讓您感到驚訝。我們一直在與所有州長和監管機構合作，研究如何解決這個問題以及需要做什麼。尼克，我想你已經看到這個問題被放大了，州長們最近在 PJM 他汀類藥物頁面上寫了一封信，需要採取一些行動，不是明天，而是今天。我們希望成為該解決方案的一部分，並且我們將成為該解決方案的一部分。我們一直關注的事情之一，我認為我們從這個開始，尼克，這一切都是關於可靠、有彈性和負擔得起的能源。

What can we do to be part of that mix to ensure that takes place, and as I said in my opening remarks, everything we do is about providing that equitable manner to all of our customers across the footprint. And we will continue to work with that and I think you're seeing that momentum going. Now people are talking about whether you re regulating generation and so forth. If that's part of the solution, we will be at the table for you or how that happens, but we're not advocating for that. What we're advocating for is reliable and affordable energy and that's our foundation and what we're talking about.

我們可以做些什麼來成為這種組合的一部分，以確保這一點的實現，正如我在開場白中所說，我們所做的一切都是為了向我們的所有客戶提供這種公平的方式。我們將繼續為此努力，我認為您已經看到了這種勢頭。現在人們正在談論你是否在調節發電等等。如果這是解決方案的一部分，我們將在談判桌上為您提供幫助或解決這種情況如何發生，但我們並不提倡這樣做。我們倡導的是可靠且負擔得起的能源，這是我們的基礎，也是我們所談論的內容。

I certainly appreciate that. And I think that's just the direction that we all want to see it going. But I guess people just I think we all acknowledge it takes a long time to facilitate this new build that could potentially supplement this higher demand outlook. And I guess just as you look at the build trajectory, do you still kind feel comfort, with the rate base growth that you've outlined, across your jurisdictions specifically in some of those ones like BGE and otherwise? Thank you.

我當然很欣賞這一點。我認為這正是我們都希望看到的發展方向。但我想人們都承認，需要很長時間才能促進這個新的建設，這可能會補充這種更高的需求前景。我想，當您查看構建軌跡時，您是否仍然對您所概述的費率基礎增長感到滿意，在您的管轄範圍內，特別是在 BGE 等一些管轄範圍內？謝謝。

I do. I do. Because if you want to accomplish that goal of what we were just talking about a reliable, resilient, and affordable, you can't do without investing in the grid. A matter of fact, Nick, I would tell you that this is a cost of not making these investments because all of our jurisdictions have a clean decarbonization goals to it. And you can't get there without investing smartly in transmission. As you have seen the weather conditions in all of our jurisdictions are facing.

我願意。我願意。因為如果你想實現我們剛才談論的可靠、有彈性和負擔得起的目標，你就不能不投資電網。事實上，尼克，我想告訴你，這是不進行這些投資的成本，因為我們所有的司法管轄區都有明確的脫碳目標。如果不明智地投資傳輸，就無法實現這一目標。正如您所看到的，我們所有管轄區都面臨著天氣狀況。

I talked about the Illinois with a number of tornadoes. If you even take a look at what James transmission project, that she highlighted. It's the conversion of wind pools to the steel poles because of the wind pressures that all of our systems under.

我談到了伊利諾伊州發生了多次龍捲風。如果你看看她強調的詹姆斯傳輸項目。由於我們所有系統都承受風壓，因此將風池轉變為鋼桿。

So you can't get there without the investment. What we have to do is make sure it's a smart investment because I believe the cost of not doing it this far outweighs the cost of just systematically been weighted, but that goes into how we work with both regulatory bodies in ensuring that the conversations are happening upfront and that after the back and that's one, we need to be more multiyear plans because whether you like or not do not have been thoughtful and proactive conversations, it becomes more expensive on the basket.

因此，如果沒有投資，你就無法到達那裡。我們要做的是確保這是一項明智的投資，因為我相信不這樣做的成本超過了系統加權的成本，但這涉及到我們如何與兩個監管機構合作以確保對話的進行前期和後期，這就是其中之一，我們需要更多的多年計劃，因為無論您是否願意，如果沒有經過深思熟慮和主動的對話，它就會變得更加昂貴。

So to your direct question, yes, the grid investments are needed, and yes, they will need to continue. We just have to work with everyone to make sure we're doing in the right way, Colette, do you have anything you'd like to add to this?

因此，對於您的直接問題，是的，需要電網投資，是的，它們需要繼續下去。我們只需要與每個人合作，確保我們以正確的方式做事，Colette，您有什麼要補充的嗎？

Thank you, Calvin and Nick, good morning, Colette Honorable on EVP of Public Policy and Chief External Affairs Officers. I would add to Calvin's comments that - and you heard him allude to the fact that we are unique. We are the nation's largest utility. We are pure transmission and distribution energy delivery company, and that gives us a lot of optionality. It gives us the ability to be strong partners with policy makers with members of the legislature with our regulators to help find and support the solutions that our customers need.

謝謝卡爾文和尼克，早安，公共政策執行副總裁兼首席對外事務官科萊特。我想補充卡爾文的評論 - 你聽到他提到我們是獨一無二的這一事實。我們是全國最大的公用事業公司。我們是純粹的輸配電能源輸送公司，這給了我們很多選擇。它使我們能夠成為政策制定者、立法機構成員和監管機構的強有力的合作夥伴，幫助尋找和支持客戶所需的解決方案。

So while we will continue to be focused on the fundamentals, reliability, affordability, resilience in being a leader in clean energy transformation. We are also leaning into PJM for instance on fashioning solutions that help us do this work more efficiently and more quickly. For instance, PJM has been focused on ways to find out reforms to help us to either get more generation, more transmission. We supported a shovel-ready construct where we are looking at how we can move these projects through the que more quickly to help with the addition of new generation.

因此，我們將繼續關注基本面、可靠性、可負擔性和彈性，以成為清潔能源轉型的領導者。例如，我們也傾向於 PJM 來製定解決方案，幫助我們更有效率、更快速地完成這項工作。例如，PJM 一直致力於尋找改革的方法，以幫助我們獲得更多發電量、更多傳輸量。我們支援一個準備就緒的結構，我們正在研究如何更快地通過隊列移動這些項目，以幫助添加新一代。

We will also continue to be a leader in the PJM stakeholder, process on a number of pricing reform. So we applied the effort of the governor in elevating the capacity action issue as one that needs attention from everyone right now, and we'll continue to be a leader in that regard.

我們也將繼續成為 PJM 利害關係人的領導者，推動多項定價改革進程。因此，我們利用州長的努力，將產能行動問題提升為現在需要每個人關注的問題，我們將繼續成為這方面的領導者。

Thank you, Colette. And i think, Nick to your direct question on how we're engaged with PJM. Today all of our CEO's of our operating companies are participating in the PJM meeting that's taking place right now. And they're engaged in that because we know that their voice matters, and they're sitting there representing other jurisdictions are very proactive work.

謝謝你，科萊特。我想，尼克，請回答您關於我們如何參與 PJM 的直接問題。今天，我們營運公司的所有執行長都參加了正在舉行的 PJM 會議。他們之所以參與其中，是因為我們知道他們的聲音很重要，而且他們坐在那裡代表其他司法管轄區，這是非常積極的工作。

Thanks for all those thoughts. and we’ll see you in Florida here shortly. Thank you again.

感謝所有這些想法。我們很快就會在佛羅裡達州見到你。再次感謝您。

Julien Dumoulin Smith, Jefferies LLC.

朱利安·杜穆蘭·史密斯，傑富瑞有限責任公司。

Hey, good morning. Thank you too. Thank you, operator. Appreciate it. So couple things real quickly. First off, starting with Maryland here. I mean, you gave some commentaries in the prepared remarks, but just at the end of the day, even if we didn't have an additional multiyear plan as it's structured today, I mean, how would that change your plan, right? I mean, its just ultimately fall back to more discrete spending plans, but does that change anything in aggregate, if you will?

嘿，早安。也謝謝你。謝謝你，接線生。欣賞它。所以很快就把事情結合起來。首先，從馬裡蘭州開始。我的意思是，您在準備好的發言中發表了一些評論，但最終，即使我們沒有按照今天的結構制定額外的多年計劃，我的意思是，這將如何改變您的計劃，對嗎？我的意思是，它最終只是回歸到更離散的支出計劃，但是如果你願意的話，這會改變總體情況嗎？

Yes. Let me jump in there, Julien and then I'll turn it over to Jeanne. Let me just be very clear. The multiyear plan was only implemented, I think, in 2020. So we've been operating in Maryland with traditional rate making well beyond before then. And the organization was doing well when I was CEO of BGE, we were filing annual rate cases than we were being effective in getting it done.

是的。朱利安，讓我介入，然後我會把它交給珍妮。讓我說得很清楚。我認為，這個多年期計畫是在 2020 年才實施的。因此，我們在馬裡蘭州一直以傳統的利率進行運營，遠遠超出了先前的水平。當我擔任 BGE 執行長時，該組織表現良好，我們提交的年費率案例比我們有效地完成它的效率要高。

What we have shared, and I continue to share is that the MYP the best way to go because of the transparency and the affordability piece because what we do we effectively build things and keep things in line and working with the stakeholder process in a collaborative manner allows that to happen and ensures everyone's goals are met.

我們所分享的以及我將繼續分享的是，中學專案是最好的方式，因為它具有透明度和可負擔性，因為我們所做的就是有效地建構事物並保持事物一致，並以協作方式與利益相關者流程合作允許這種情況發生並確保每個人的目標都得到滿足。

So to your direct question, we will continue to advocate for it, but we know how now to move forward on traditional rate making, if that's what they require. It would not be something that we would ever say is the best thing that to do. But it is something that we're prepared to do and we will reallocate our capital where it comes to other jurisdictions because we have to continue moving forward. So we're not going to miss a beat, but it would require us to reassess where we go and how we invest cat book across our systems. We've demonstrated that we know how to do that. When you look at what happened in Illinois in 30 days, we've reallocated capital other parts of the system and we continue to look at those issues. Jeanne?

因此，對於你直接提出的問題，我們將繼續倡導它，但我們現在知道如何推進傳統的利率制定，如果這是他們的要求的話。我們不會說這是最好的事。但這是我們準備要做的事情，我們將重新分配我們的資本到其他司法管轄區，因為我們必須繼續前進。因此，我們不會錯過任何一個節拍，但這需要我們重新評估我們的方向以及如何在我們的系統中投資貓書。我們已經證明我們知道如何做到這一點。當你看看 30 天內伊利諾伊州發生的事情時，我們已經重新分配了系統其他部分的資本，並且我們將繼續關注這些問題。珍妮？

Yeah. So i think that's right. I mean, I think if you look at all these proceedings coming to conclusion here in the fourth quarter, whether it's ComEd's, print plan, the Maryland lessons learned. and we're getting our DC order that that's the benefit of having the size and scale rate we get to them reflect kind of the new investments related to those orders, but then also layering capital where we know we need to invest.

是的。所以我認為這是對的。我的意思是，我認為如果你看看第四季度即將結束的所有這些程序，無論是 ComEd 的、印刷計劃、馬裡蘭州的經驗教訓。我們得到了 DC 訂單，這是我們獲得的規模和規模率的好處，反映了與這些訂單相關的新投資，但也將資本分層到我們知道需要投資的地方。

When you saw last four year update, we went up $3 billion over a four-year period is 90% of that was transmission. There's a lot of transmission work we need to do. So we'll manage all of that will manage the portfolio, Leo and on will meet our jurisdictions where they are.

當你看到最近四年的更新時，我們在四年內增加了 30 億美元，其中 90% 是傳輸。我們需要做很多傳輸工作。因此，我們將管理所有這些，管理投資組合，Leo 等人將滿足我們所在司法管轄區的要求。

Yes absolutely, Thank you guys so much for the detail there. Appreciate it. And Calvin, can you speak a little bit to the transition backdrop? I mean you referenced the remarks aga this 9, 7 numbers. But as i look at it, clearly, it seems like there's a number of leading indicators that would suggest that number to go materially higher right?

是的，絕對是的，非常感謝你們提供的詳細資訊。欣賞它。Calvin，可以談談過渡背景嗎？我的意思是你再次引用了這 9、7 個數字的評論。但正如我所看到的，顯然，似乎有許多領先指標表明該數字將大幅上升，對嗎？

We've seen some sense of the PGM thus far related. We've also got MISO really pushing a much more expensive program, conceivably that can weave into your plan as well. Pennsylvania, also. You want to speak a little bit of each one of those is how will it sits against what you have at least currently stated have less updated at 9, 7?

到目前為止，我們已經看到了 PGM 的一些相關意義。我們也讓 MISO 真正推動了一個更昂貴的計劃，可以想像，它也可以融入您的計劃中。賓州也有。你想談談其中每一個，它與你至少目前所說的在 9、7 更新較少的內容有何不同？

Yeah, I think at a high level, right? You're going to see that trend continue, the increasing need for more transmission investment. I think there's at least 3-themes there, probably several more, but there is just core work across our jurisdictions that we need to do for reliability, resiliency.

是的，我認為水平很高，對嗎？您將看到這種趨勢持續下去，對更多輸電投資的需求不斷增加。我認為那裡至少有 3 個主題，可能還有更多，但我們只需要在我們的管轄範圍內進行核心工作，以提高可靠性和彈性。

We talked about in Calvin reiterate rate that even in the Delmarva project, we just talked about the system needs to be modernized against the increasingly volatile weather. So whether it's wood to steel poles, elevating substations for flooding, and making sure they can withstand hurricane category four winds, all of that. Security is becoming increasingly important for substations. So that's just or work across our four operating companies, we know we have to do. And that's continuing to increase. I would say a second key theme is that changing generation mix. You've got retirements.

我們在卡爾文重申率中談到，即使在德爾馬瓦計畫中，我們也只是談到系統需要現代化以應對日益不穩定的天氣。因此，無論是從木頭到鋼桿，還是升高變電站以應對洪水，並確保它們能夠抵禦四級颶風，所有這些。安全性對於變電站來說變得越來越重要。因此，這只是我們四家營運公司的工作，我們知道我們必須這樣做。而且這數字還在持續增加中。我想說的第二個關鍵主題是改變世代結構。你已經退休了。

We talked about the Indian River RMR today. That transmission was to replace that and save our customers money. Brand insurers is another one. And so you've got retiring generation, which needs to have investment in transmission to accommodate that. But then you've got new generation. When you look at the Mid-Atlantic right now, well, in New Jersey, Delaware, you add up the goals in the states there. You're looking at maybe 20 gigawatts of offshore wind.

今天我們討論了印度河 RMR。該傳輸將取代它並為我們的客戶節省金錢。品牌保險公司是另一類。因此，即將退休的一代需要在輸電方面進行投資以適應這種情況。但接下來你就有了新一代。當你現在看看大西洋中部，新澤西州，特拉華州，你把那裡各州的目標加起來。您正在尋找的離岸風電容量可能為 20 吉瓦。

We're not going to build that offshore wind, but we will build the transmission to support that new generation. And we're excited about that, right? We all know we need more generation. We need all types of generation. So that's another key theme, the changing generation mix and then of course, right the theme of new load. And when we updated our capital plan that I mentioned, the $3 billion, 90% of it was transmission, $700 million was in ComEd, right? And ComEd is where we are increasingly seeing that data center growth.

我們不會建造離岸風電，但我們將建造輸電系統來支援新一代。我們對此感到興奮，對吧？我們都知道我們需要更多的一代。我們需要各種類型的一代。所以這是另一個關鍵主題，不斷變化的世代組合，當然還有新負載的主題。當我們更新我提到的資本計劃時，30 億美元，其中 90% 用於傳輸，7 億美元用於 ComEd，對吧？ComEd 是我們越來越多地看到資料中心成長的地方。

You've heard Calvin talk about going from 6-gigawatts of high probability to 11-gigawatts just this year alone. The work we need to do to accommodate that high density load continues, not only in ComEd, but across PJM, right? Last year, we talked about $1 billion for the ARTECH window three related to Northern Virginia data center. So I think that increasing becomes the trend.

您聽說過 Calvin 談到光是今年就從 6 吉瓦的高機率成長到 11 吉瓦。我們需要繼續做工作來適應高密度負載，不僅在 ComEd 中，而且在整個 PJM 中，對吧？去年，我們討論了與北維吉尼亞資料中心相關的 ARTECH 第三視窗的 10 億美元。所以我認為增加已經成為趨勢。

What's not in our plan, you mentioned PJMs window one this year. We think there's opportunity there, probably more than a couple of hundred million size. But then outside of PJM, MISO is doing it's tranche two. That is another potential opportunity for us that's not in the plan. There are pieces of those solutions across our territory and MISO has indicated their willingness to work with PJM operator.

您提到了今年 PJM 的第一個窗口期，這不在我們的計劃中。我們認為那裡有機會，規模可能超過幾億。但在 PJM 之外，MISO 正在做第二階段。這是我們計劃之外的另一個潛在機會。我們的領土上有一些這樣的解決方案，MISO 已表示願意與 PJM 營運商合作。

So I think no shortage of opportunities, a lot of strong teams, which just kind of continue to build that momentum for more investments and what we love about them as often those investments help save our customer money. When you think about the alternative.

因此，我認為不缺乏機會，有很多強大的團隊，它們只是繼續為更多投資創造動力，以及我們對它們的喜愛，因為這些投資通常有助於為我們的客戶節省金錢。當你考慮替代方案時。

Completely appreciate it guys. Thank you so much.

非常感謝你們。太感謝了。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

Morning. So Calvin, you guys made a series of 205 filings in late August, sort of seeking to clarify the tariff treatment of network load. Can you just talk a little bit more to what specifically drove those filings within your service territories and what you see as kind of the pathway forward? Procedurally, what are the pathways?

早晨。Calvin，你們在 8 月下旬提交了一系列 205 申請，旨在澄清網路負載的資費待遇。您能否多談談在您的服務區域內具體推動這些申請的因素以及您認為的前進道路是什麼？從程式上看，有哪些途徑？

Yes, absolutely. So let me let me just be very precise -- concise tried to do it short because there's been a lot of activity and to frame it from the wind. But what rates. So first off, the regulatory conversation was initiated wind AEP and ourselves really jumped in and protest the Talen ISA, which is in its most recent amendment was the first time the aggregates declaration is co-located load was not network low, which implies that it will bear no share of the cost of services associated with be part of the grid.

是的，絕對是。因此，讓我說得非常精確——簡潔試圖做到簡短，因為有很多活動，並且是從風中框架出來的。但費率是多少。因此，首先，監管對話是 Wind AEP 發起的，我們真的介入並抗議 Talen ISA，這是在其最近的修訂中，第一次聚合聲明位於同一位置負載不是網絡低，這意味著它將不承擔與成為電網一部分相關的服務成本。

Now we are happy that FERC stepped in and really initiated a technical conference with the commissioners. So as you know Shar, which will begin on November 1. And so that's a big step because we do not believe that policy should be determined by one-off contracts. And therefore, our voice, even though it was not in our service territory, we saw something beginning and we needed to say, we get questions and we need to get clarity.

現在我們很高興 FERC 介入並真正與委員們召開了技術會議。如您所知，Shar 將於 11 月 1 日開始。所以這是一大進步，因為我們不認為政策應該由一次性合約決定。因此，我們的聲音，即使不在我們的服務範圍內，我們也看到了一些事情的開始，我們需要說，我們收到了問題，我們需要澄清。

We filed our 205's for each of our utilities with the goal of having guidance from FERC by early December, so that the rules of the world going forward are clear. And we needed that because we were being asked to do things that were contrary to the support and the reliability of the grid. And we cannot have the cost potential cost shifting to other customers. So what we were doing in those 205's are saying, hey, give us clarity, answer the questions sooner rather than later, so we know how to proceed. And that was the purpose of them, and that's why we did them. And Colette, please.

我們為每家公用事業公司提交了 205 表格，目標是在 12 月初之前獲得 FERC 的指導，以便未來的規則變得清晰。我們需要它，因為我們被要求做一些與電網的支援和可靠性相反的事情。我們不能將潛在成本轉移給其他客戶。所以我們在 205 中所做的就是說，嘿，讓我們清楚，儘早回答問題，這樣我們就知道如何繼續。這就是他們的目的，也是我們這麼做的原因。還有科萊特，有請。

Thank you, And Shar, to your question about the 205, so following and the intervention and the Talen ISA docket and now that FERC has set technical conferences, as Calvin said, we certainly applied that. It's a welcome development. But the upcoming and timing of the process that is still uncertain.

謝謝你，還有 Shar，關於 205 的問題，所以接下來的干預和 Talen ISA 案卷，現在 FERC 已經召開了技術會議，正如 Calvin 所說，我們當然應用了它。這是一個值得歡迎的發展。但該過程的即將到來和時間安排仍不確定。

So we don't know what will happen as a result of the technical conference, and we still need clarity as we engage with a number of our large load customers and to be clear, as Calvin mentioned, comment in PECO in particular. At two of the site selection, utilities, we are seeing a lot of activity. And so we need clarity container rather than later that will aid us in moving ahead with confidence. And so that all of the parties know the rules that the road. So we filed those 205's in each -- for each of our utilities with a goal of having guidance from FERC early December.

因此，我們不知道技術會議會發生什麼，而且當我們與許多大負載客戶接觸時，我們仍然需要澄清，並且正如 Calvin 提到的那樣，特別是在 PECO 中發表評論時需要澄清。在兩個選址、公用設施方面，我們看到了許多活動。因此，我們需要清晰的容器，而不是稍後，這將幫助我們充滿信心地前進。並讓所有各方都知道這條道路的規則。因此，我們為每個公用事業公司提交了 205 份文件，目標是 12 月初獲得 FERC 的指導。

And as you know -- thank you, Colette. In the technical conference, Shar, FERC did not have a timeline, which we must act. So this asking for the some ruling by December, early December was really the catalyst to say, look, let's get better clarity so we can all going forward,

如你所知——謝謝你，科萊特。在技​​術會議上，Shar、FERC 沒有製定我們必須採取行動的時間表。因此，要求在 12 月、12 月初之前做出一些裁決確實是催化劑，讓我們說得更清楚，這樣我們就可以繼續前進，

Got it. Yes, you press a little bit. Okay. Got it. And then just any work in Illinois on regarding the CMC roll off. The curves have come off a bit, which is good. But I guess is the ITA kind of taking the lead here?

知道了。是的，你稍微按一下。好的。知道了。然後，伊利諾伊州有關 CMC 的所有工作都會展開。曲線有所下降，這很好。但我想 ITA 是否在這方面發揮了領導作用？

So I'll turn it over to Jeanne, is the former CFO of ComEd, and because she is intimately involved with this. Jeanne?

所以我會把它交給珍妮，她是 ComEd 的前首席財務官，因為她密切參與了這件事。珍妮？

I mean I would just bucket it in the same way i think about all of our jurisdictions, right? The sooner we can get to the solutions around securing reliable generation at affordable prices at the better and so on. Again, what's been a while that the affordability issues from the capacity auction are a bad thing rate, a good thing is that the conversations are starting earlier because the flat rate, there's a recognition across all of our states, including Illinois, that we need to come up with solutions to address that. So on and we have those through '27 as you as you mentioned. But those conversations are starting now to make sure that customers have safe, reliable, and affordable, generation in the state of Illinois.

我的意思是，我會像考慮我們所有司法管轄區一樣，對它進行分類，對嗎？我們越早找到以可負擔的價格確保可靠發電的解決方案就越好，等等。再說一次，有一段時間，容量拍賣帶來的負擔能力問題是一件壞事，一件好事是對話開始得更早，因為統一費率，我們所有的州，包括伊利諾伊州，都認識到我們需要提出解決方案來解決這個問題。等等，正如您所提到的，我們一直到 27 年都有這些。但這些對話現在已經開始，以確保伊利諾伊州的客戶能夠獲得安全、可靠且負擔得起的發電。

Got it. And Just a real quick one is just on the resource adequacy side, Calvin. I mean all the wireless companies are kind of highlighting this consensus, that there is resource adequacy issues. But I don't know if there's a lot of alignment on how to solve it. Your peers- I mean your one peer just a minute ago, talked about jet regulated generation. Your other Pennsylvania peers talking about regulated generation. We've been talking about it for months, but you're not advocating for it. So I guess timing is kind of tight to get something solved. It doesn't appear there's a lot of alignment. I guess, are you aligned with the other wireless companies or is there different pathways?

知道了。卡爾文，真正快速的只是在資源充足性方面。我的意思是，所有無線公司都在強調這一共識，即存在資源充足性問題。但我不知道如何解決這個問題是否有很多共識。你的同行者——我的意思是你的一位同行，就在一分鐘前，談論了噴射調節發電。您的其他賓州同行正在談論監管發電。我們已經討論了幾個月，但你並不提倡這樣做。所以我想解決問題的時間有點緊迫。看起來並沒有太多的對齊。我想，您是否與其他無線公司保持一致，或者是否有不同的途徑？

No. Great question. Shar, and I would tell you there is alignment around reliability, and resiliency, and affordability. So resource adequacy, in my view is a subset of that because what we're all focused on, we wouldn't be having this conversation if we weren't concerned about the reliability of the grid overall, because when you have a breakdown and no power generation to provide power on the coldest state and the hottest state that is the reliable of the system and what we talk about in terms of the buyer companies is that, we're going to be the ones that are regulators and legislators come to and say what's going on. So we have the answer that question. So therefore, when you look at potential solutions, as I stated earlier, is that a possibility sure it is.

不。很好的問題。Shar，我會告訴你，可靠性、彈性和可承受性之間存在一致性。因此，在我看來，資源充足性是其中的一個子集，因為我們都關注的是，如果我們不關心電網整體的可靠性，我們就不會進行這次對話，因為當發生故障時，在最冷的狀態和最熱的狀態下沒有發電來提供電力，這是系統的可靠性，我們就買方公司而言，我們將成為監管者和立法者關注的對象並說出發生了什麼事。所以我們有了這個問題的答案。因此，當你考慮潛在的解決方案時，正如我之前所說，這種可能性肯定是存在的。

But we're having those conversations. And I'm not saying that's I don't believe that's the only solution and we will work with our stakeholders, the theory of what the options are and what can we do sooner rather than later to ensure that the system uphold its obligations for me at the peak demand that is required and that's our approach.

但我們正在進行這些對話。我並不是說我不認為這是唯一的解決方案，我們將與我們的利益相關者合作，了解選擇是什麼以及我們儘早而不是稍後可以做什麼以確保系統履行其對我的義務的理論在需求高峰時滿足需求，這就是我們的方法。

So we are aligned that it's an issue. There's multiple scenarios and which could play out. But we're part of that discussion as an industry, and we're approaching it with all of our stakeholders.

所以我們一致認為這是一個問題。有多種可能發生的情況。但我們作為一個行業參與了這一討論，並且我們正在與所有利益相關者一起解決這個問題。

And just let you know at ADI, we've created a working group to really address this issue across the country because of different jurisdictions, it's different. And I can maybe look at our six jurisdictions, all have different needs and i can't pretend that one solution will solve all of their needs. But we have to be at the table and we are.

讓您知道，在 ADI，我們已經成立了一個工作小組來真正解決全國範圍內的這個問題，因為不同的司法管轄區是不同的。我也許可以看看我們的六個司法管轄區，它們都有不同的需求，我不能假裝一個解決方案可以解決他們的所有需求。但我們必須坐在談判桌上，而我們確實做到了。

Got it. Perfect. Thanks guys. I will see you in a little bit. Appreciate it.

知道了。完美的。謝謝你們。我稍後會見到你。欣賞它。

Thank you.

謝謝。

Steve Fleishman, Wolfe.

史蒂夫·弗萊什曼，沃爾夫。

Yes. Hi, Good morning. Thanks. So just the I guess just the kind of following up on a little bit of the co-location debate. So, the governor of Pennsylvania, seems pretty proud of both the Three Mile Island and the co-location deal with Susquehanna when they filed -- highlighted that when they filed the letter at the FERC. And so I guess just you have a sense where the Governor of Pennsylvania is on the issue? And I guess for your governors kind on Illinois to on this issue and where they layout and what happens once we get an outcome?

是的。嗨，早安。謝謝。所以我想這只是對主機託管爭論的跟進。因此，賓州州長似乎對三英里島以及與薩斯奎哈納的託管協議感到非常自豪，他們在向 FERC 提交這封信時強調了這一點。所以我想你知道賓州州長在這個問題上的立場嗎？我想你們的伊利諾州州長們應該關注這個問題，他們的佈局以及一旦我們得到結果會發生什麼？

Okay. I'll jump in here, Steve. Thank you. And then i have Mike Innocenzo. who's our Chief Operating Officers, former CEO of PECO, If Mike once willing as well. I will never pretend to speak for either of our Governors. Governor Shapiro, Governor Pritzker, but I can tell you the conversations that have been had. I think both have been voted to reliability and affordability is the utmost concern they have for their state, that's one.

好的。我會跳到這裡，史蒂夫。謝謝。然後是麥克·伊諾森佐。誰是我們的首席營運官，PECO 的前首席執行官，如果邁克也願意的話。我永遠不會假裝代表我們的任何一位州長發言。夏皮羅州長、普利茲克州長，但我可以告訴你們已經進行的對話。我認為兩者都被投票認為可靠性和可負擔性是他們對自己州最關心的問題，這就是其中之一。

Two, when you look at the three month, he should be proud of that. We're bringing new generation into the mix to serve within PJM. And I think that is a wonderful example of how we can move forward and looking at our data center load, bringing that online, bringing new generation online is a wonderful mix. But he is also- I have heard him say is that, he's very excited about the economic development in the jobs that will be created from the Susquehanna deal. Is he concerned about the cost shifting and the affordability piece for everyone else, absolutely.

第二，當你看到這三個月時，他應該為此感到自豪。我們正在將新一代引入到 PJM 中服務。我認為這是一個很好的例子，說明我們如何向前邁進，看看我們的資料中心負載，使其在線，使新一代在線是一個美妙的組合。但他也——我聽他說過，他對薩斯奎哈納交易將創造的就業機會的經濟發展感到非常興奮。他絕對關心其他人的成本轉移和負擔能力嗎？

And what he is saying and what I've conveyed to him enough share with you is that we are not against co-locations. We just believe everyone and should appear to pay their fair share of utilizing the grid. And therefore, we believe it's not that they shouldn't do it, how they do it, that matters. And that is where our conversations leaning in with each of our governors.

他所說的話以及我已經向他傳達的足夠多的信息是，我們並不反對協同辦公。我們只是相信每個人都應該為使用電網支付公平的份額。因此，我們認為，重要的不是他們不應該這樣做，而是他們如何做。這就是我們與每位州長的對話的重點。

But I do know what the premise of them they want economic development, they want reliable power and they want affordable power for everyone. So now it gets into the details, and that's what we've committed to working with everyone to assure that it happens.

但我確實知道他們的前提是什麼，他們想要經濟發展，他們想要可靠的電力，他們想要每個人都能負擔得起的電力。現在進入細節，這就是我們致力於與每個人合作以確保它發生的事情。

Mike, anything you'd like to add?

麥克，你還有什麼要補充的嗎？

I think you said it well. I would just -- there's nothing in our position that is close to where our commentary is on that. I think everything that we've done with our position on co-location, our investment in the grid is supported where he is on safety, reliability, and economic development.

我覺得你說得很好。我只是想——我們的立場與我們對此的評論相近。我認為我們在主機託管方面所做的一切以及我們對電網的投資都得到了他在安全性、可靠性和經濟發展方面的支持。

Okay, thank you. One other question just on the PJM transmission Jeanne, I think you mentioned maybe a couple hundred million incremental opportunities from the pending, I guess the filings recently made. Is it -- Was that...

好的，謝謝。另一個關於 PJM 傳輸的問題 珍妮，我想你提到了可能有幾億個增量機會來自待決的，我猜最近提交的文件。難道是──那是…

Yes, we are talking about the--

是的，我們正在談論——

Yes. Is it -- and there were -- there was a group of utilities that made filings together. I mean, obviously, you have a huge footprint. So maybe that is not really needed given your scale. But just did you consider that as well?

是的。是不是——確實有——有一群公用事業公司一起提交了文件。我的意思是，顯然，你的足跡很大。因此，考慮到您的規模，也許這並不是真正需要的。但你也考慮過這一點嗎？

Yes, sure. We always do right. We're always looking at what is the best way, right. You go back to the Pinnacle that Calvin talked about reliable, resilient, affordable. If there's a way to partner with other utilities to do that for our customers, we're always open to that.

是的，當然。我們總是做對的事。我們總是在尋找最好的方法，對吧。你回到 Calvin 所說的可靠、有彈性、價格實惠的 Pinnacle。如果有辦法與其他公用事業公司合作，為我們的客戶做到這一點，我們始終對此持開放態度。

Ross Fowler, Bank of America.

羅斯‧福勒，美國銀行。

Good morning Calvin. Good morning Jeanne. Just a couple for me, not to beat a dead horse here, but to go back to PJM capacity for a second. Obviously, a lot of stakeholder discussions are happening now. PJM was do we enable us to delay the auction until next June.

早上好，卡爾文。早上好，珍妮。對我來說只是幾個，不是為了在這裡打敗一匹馬，而是暫時回到 PJM 能力。顯然，現在正在進行許多利害關係人的討論。PJM 是我們能否將拍賣推遲到明年 6 月。

We will see what FERC says to that. Is there enough discussion going on now? I mean a lot of solutions would require legislative change with various states within PJM. Should we -- or are we at this point. I mean, from my perspective, times of the essence but are we at the point in those discussions where we should see legislative efforts put forward into 2025 legislative sessions, or are we not quite there yet?

我們將看看 FERC 對此有何評論。現在正在進行足夠的討論嗎？我的意思是，許多解決方案都需要 PJM 內各州進行立法改革。我們是否應該——或者我們現在是否應該這樣做？我的意思是，從我的角度來看，這是關鍵時刻，但在這些討論中，我們是否已經到了應該在 2025 年立法會議上提出立法努力的階段，或者我們還沒有完全實現這一目標？

I think the governor's loaders identified was the sense of urgency that needs to take place. And I think this the call today and what happens I think from now to the end of this year will be a key indicator of what the states may take on for the 2025 legislative session.

我認為州長的裝載機確定了需要發生的緊迫感。我認為今天的呼籲以及從現在到今年年底發生的事情將是各州可能在 2025 年立法會議上採取什麼行動的關鍵指標。

I don't think -- I think it's too early to say, but what and how. But I do believe buyer has been what I do believe these discussions over the next 60 days, you're going to be key as to how these how the government has continued to lean in on this very important issue.

我不認為——我認為現在說還為時過早，但具體是什麼以及如何做。但我確實相信買家是我所相信的，在接下來的 60 天裡，這些討論將成為決定政府如何繼續在這個非常重要的問題上發揮作用的關鍵。

Thank you for that Calvin. And then on the back to the ISA, obviously now we are going to process at FERC. We will see what they say as you move this forward to the 205's. But I guess the way i see it there is two issues, right? One is cost allocation, which I think you've been pretty clear about in your filings. The other is reliability. So as you said, you don't - you are not protesting the ability to do it. It's just how and where and why like could the mechanics of it.

謝謝你的卡爾文。然後回到 ISA，顯然現在我們將在 FERC 進行處理。當您將其推進到 205 時，我們將看看他們怎麼說。但我想我的看法有兩個問題，對吧？一是成本分配，我認為您在文件中已經非常清楚地說明了這一點。另一個是可靠性。所以正如你所說，你不 - 你並不是在抗議這樣做的能力。這只是如何、在哪裡以及為什麼會像它的機制一樣。

So maybe give us a little color on what those mechanics look like. Is that this cost allocation really just about paying for grid upgrades around substations and things to actively co-locate something somewhere or is it more an argument that they really are on the grid and they need to pay some sort of ancillary services to the grid?

所以也許可以讓我們來了解這些機制的樣子。這種成本分配實際上只是支付變電站周圍的電網升級費用以及主動將某些東西並置在某個地方的費用，還是更多地認為它們確實在電網上並且需要向電網支付某種輔助服務？

And then the second one on for the question is from PJM. In my mind, they really do a reliability study, right? They do a capacitance study to make sure that if you go into something somewhere, the be able to go into the grids can stay on to it still works with that's not the same thing is reliability.

第二個問題來自 PJM。在我看來，他們確實做了可靠性研究，對嗎？他們進行了一項電容研究，以確保如果您進入某個地方，能夠進入電網的設備仍然可以繼續工作，但這與可靠性不同。

So is there pushing these discussions from your perspective to add something around reliability? Because if we keep taking plants off the grid one, two, three, four five, there is a reliability issue that that is out there somewhere as we continue to do this with maybe contextualize that for us.

那麼，從您的角度來看，這些討論是否會推動圍繞可靠性添加一些內容？因為如果我們繼續將電廠一、二、三、四、五從電網中剔除，那麼當我們繼續這樣做時，就會在某個地方出現可靠性問題，也許會為我們考慮這一點。

So let me just say to this, Ross, I think you said it well, but what I'm going to turn it over to Mike Innocenzo our Chief Operating Officer, and then Jeanne will answer some more depth for.

所以讓我對此說一下，羅斯，我認為你說得很好，但我要把它交給我們的首席營運官邁克·伊諾森佐，然後珍妮將回答更深入的問題。

Yeah, I think you captured it really well. I mean, it really falls into three buckets. Its reliability, resource adequacy in its rate design. These investments, whether you put before the meter replacement of behind the meter going to have an impact on the grants are going to take ancillary services off the grid. They're going to potentially require upgrades for the existing facility and they're certainly going to have effect on as they take power off the grid for what I said would be to put themselves a situation where it may require future upgrades to rebrand.

是的，我認為你捕捉得很好。我的意思是，它實際上分為三個部分。其可靠性、資源充足性體現在其速率設計上。這些投資，無論是在電錶更換之前還是在電錶後面，都會對補助金產生影響，都將使輔助服務脫離電網。他們可能需要對現有設施進行升級，並且當他們從電網上斷電時，他們肯定會產生影響，因為我所說的這將使自己陷入可能需要未來升級才能重塑品牌的境地。

Our whole position has just been they can co-locate if they can get in there quickly and get in there doing what they want to do. We support that. We just want to make sure that it has the appropriate transparency on what they're doing. They wanted to make sure that we have the appropriate studies done to make sure that we're addressing resource and reliability and adequacy currently. And also want appropriate rate designed to be able to I cover for those costs either now or in the future.

我們的整體立場是，如果他們能夠快速進入那裡並做他們想做的事情，他們就可以同地辦公。我們支持這一點。我們只是想確保他們所做的事情有適當的透明度。他們希望確保我們進行適當的研究，以確保我們目前正在解決資源、可靠性和充分性問題。並且還希望設計適當的利率，以便我能夠覆蓋現在或將來的這些費用。

I mean I would reiterate that. And this is what we've laid out, right. We laid it out in the proceedings, our position hasn't changed. We've never been against co-location, and we are excited about the opportunity for all of this growth in our sector. It's reliability, should be studied the same way any other large loads are or a loss of generation, right? All of that gets studied for reliability of the grid. Rate design, we've already laid out the cost associated. It's not zero right. It's not zero. So that's clear.

我的意思是我會重申這一點。這就是我們所製定的，對吧。我們在訴訟程序中已經闡明了這一點，我們的立場沒有改變。我們從來不反對託管，並且我們對我們行業的所有這些成長機會感到興奮。它的可靠性應該像研究任何其他大負載或發電損失一樣進行研究，對嗎？所有這些都需要針對電網的可靠性進行研究。費率設計，我們已經列出了相關的成本。這不是零吧。它不是零。所以這很清楚。

And so getting clarity at FERC, working with our states, we have we have riders today, we could use, for high density load that could be used tomorrow. So and then the third is resource adequacy, which again, it doesn't matter where it's located, right? We all know we need more generation and we need more transmission to accommodate all this new load. But we're ready to move forward. We have properties today that address all of those three buckets. Let's use those processes, let's move forward and continue to grow this economy and grow jobs. and now let's move forward. That's what we're looking to do.

因此，FERC 與我們各州合作，明確了今天我們可以使用的乘客，以實現明天可以使用的高密度負載。那麼第三個是資源充足性，這同樣重要，它位於哪裡並不重要，對嗎？我們都知道我們需要更多的發電量和更多的傳輸來適應所有這些新的負載。但我們已準備好繼續前進。今天，我們擁有可以解決所有這三個問題的屬性。讓我們利用這些流程，繼續前進並繼續發展經濟並增加就業機會。現在讓我們繼續前進。這就是我們想要做的。

And Ross, it's important to note that we have conversations on a daily, if not weekly basis with all the largest data center developers. And to achieve, they have said it's very important to work with our utilities across the country to equip mechanisms in place to ensure reliability and resiliency of the grid. No one has said anything that I just wanted to let you know and others know that we're continuing to have those conversations and remove barriers to assure the economic development in our jurisdictions occur in the fact that we've been recognized for that. And we have 6- gigawatts now potentially 11- gigawatts in Illinois and across of adjusting is an indicator that will in the forefront of making this a reality.

羅斯，值得注意的是，我們每天（如果不是每週）都會與所有最大的資料中心開發人員進行對話。他們表示，為了實現這一目標，與全國各地的公用事業公司合作，配備適當的機制，以確保電網的可靠性和彈性非常重要。沒有人說過任何話，我只是想讓你們知道，其他人也知道，我們正在繼續進行這些對話並消除障礙，以確保我們管轄範圍內的經濟發展，因為我們已因此而受到認可。我們在伊利諾伊州現在有 6 吉瓦，可能有 11 吉瓦，調整是一個指標，將成為實現這一目標的前沿指標。

So I appreciate the question.

所以我很欣賞這個問題。

I appreciate that, Calvin. And then just maybe one on the sort of jurisdictional stuff here. Clearly FERC has a just and reasonable rates mandate, which gets into the cost allocation discussion. But we've gotten a lot of questions around reliability is ultimately PJM's responsibility. So how does that interplay of reliability work between FERC and PJM as we walk through the ISA filings?

我很欣賞這一點，卡爾文。然後也許只是關於這裡的管轄權問題。顯然，FERC 擁有公正合理的費率授權，這進入了成本分配討論。但我們收到了很多關於可靠性的疑問，這最終是 PJM 的責任。那麼，當我們瀏覽 ISA 文件時，FERC 和 PJM 之間的可靠性相互作用是如何發揮作用的呢？

Yes. Colette, please.

是的。科萊特，請。

Thank you. And Ross, thanks to the question. And forgive me if I'm going to be like a lawyer and that technical person here. Under the Federal Power Act, FERC has the mandate to overseas that reliability of the grid. And we think about PJM and they like the air traffic controller for this region, yes, they oversee that reliability function. But reliability, we are frontline on reliability and that's why you've seen us really owning our duty here and asking him to lead on the critical issues of policy.

謝謝。羅斯，謝謝你的提問。如果我要像這裡的律師和技術人員一樣，請原諒我。根據《聯邦電力法》，聯邦能源監管委員會 (FERC) 有權確保電網的可靠性。我們想到 PJM，他們喜歡該地區的空中交通管制員，是的，他們負責監督可靠性功能。但是可靠性，我們在可靠性方面處於前線，這就是為什麼你看到我們在這裡真正承擔起我們的責任，並要求他領導政策的關鍵問題。

We are in an unprecedented time in the sector. So FERC has a duty in particular as it relates to wholesale matters, transmission matters and FERC has the sole jurisdiction over generation interconnection service agreements. So what's interesting about our framework in the US is there are some aspects of this work and reliability that resides with the Federal Government and some that resides with the state. So we need that policy setting up from FERC.

我們正處於該行業前所未有的時期。因此，FERC 負有特別的責任，因為它涉及批發事務、輸電事務，而 FERC 對發電互連服務協議擁有唯一管轄權。因此，我們在美國的框架的有趣之處在於，這項工作和可靠性的某些方面屬於聯邦政府，有些方面屬於州政府。因此，我們需要 FERC 制定政策。

And then you heard Jeanne mentioned were this is going to play out, is at the retail level. Generation is actually regulated at the State level, and when Jeanne referenced this riders that we have, we already are using those with large load customers. We already have riders that are utilized for large industrial and commercial customers to take into account their uniqueness and how they utilize the services of the grid. But to Jeanne’s point, they are not paying zero because they are connected to the grid and rely on the grid. I hope that wasn’t too much in the weeds for you.

然後你聽到珍妮提到這將在零售層面發揮作用。發電實際上是在州一級進行監管的，當珍妮提到我們擁有的這些乘客時，我們已經在使用那些擁有大負載客戶的乘客。我們已經有供大型工業和商業客戶使用的乘客，以考慮他們的獨特性以及他們如何利用電網服務。但就珍妮的觀點而言，他們並不是零付費，因為他們連接到電網並依賴電網。我希望這對你來說並不算太多。

No, that’s fine. So, basically, we are dealing with three layers here for test to set sort of a overall policy position. PJM has to sort out what that means in context and then we are going down to redesign at the state level to finally sort it out, if that makes sense.

不，沒關係。因此，基本上，我們在這裡處理三個層面的測試，以設定整體政策立場。PJM 必須弄清楚這在上下文中意味著什麼，然後我們將在州一級進行重新設計，以最終解決它（如果有意義的話）。

Exactly.

確切地。

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

謝謝。此時。現在我想請卡爾文·巴特勒（Calvin Butler）致閉幕詞。

Thank you, Gigi. And just let me begin by just thanking everyone for all of your questions and your interest and Exelon and also your support. I can't recall a more exciting time in this sector. And I'm just pleased to say that the Exelon team is leading the way, investing capital in a way that meets all of our stakeholders shared interest, including yours as investors.

謝謝你，吉吉。首先，我要感謝大家提出的所有問題、你們的興趣、Exelon 以及你們的支持。我不記得這個領域還有比這更令人興奮的時刻了。我很高興地說，Exelon 團隊正在引領潮流，以符合我們所有利害關係人（包括您作為投資者）共同利益的方式進行資本投資。

We look forward to seeing all of you and just many of you at EEI in the couple of weeks and look forward to having more in-depth discussions on where we're going and why we're taking the positions we are and how we're leading this energy transformation.

我們期待在幾週內見到你們所有人以及 EEI 的許多人，並期待就我們的發展方向、我們為何採取目前的立場以及我們的方式進行更深入的討論。

Gigi, with that, that concludes the call.

吉吉，電話到此結束。

Thanks to all our participants for joining us today. And this concludes our presentation. You may now disconnect. 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。您現在可以斷開連線。祝你有美好的一天。