艾索倫電力 (EXC) 2024 Q4 法說會逐字稿

Hello, and welcome to Exelon's fourth quarter earnings call. My name is Michelle, and I will be your event specialist today. (Operator Instructions) Please note that today's webcast is being recorded. (Operator Instructions)

您好，歡迎參加 Exelon 第四季財報電話會議。我叫米歇爾，今天我將擔任您的活動專家。（操作員指示）請注意，今天的網路廣播正在錄製。（操作員指令）

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。現在請您發言。

Thank you, Michelle, and good morning, everyone. Thank you for joining us for our 2024 fourth 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 prepared remarks.

謝謝你，米歇爾，大家早安。感謝您參加我們的 2024 年第四季財報電話會議。今天主持電話會議的是 Exelon 總裁兼執行長 Calvin Butler；以及 Exelon 財務長 Jeanne Jones。Exelon 高階管理團隊的其他成員今天也來到我們現場，他們將在準備好的發言後回答大家的問題。

Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website. We would also like to remind you that today's presentation and the associated earnings release material 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.

今天的簡報以及我們的收益報告和其他財務資訊均可在 Exelon 網站的投資者關係部分找到。我們也想提醒您，今天的簡報和相關的收益發布資料包含前瞻性陳述，這些陳述受風險和不確定性的影響。您可以在今天簡報的第 2 張投影片或我們的 SEC 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，今天的報告還提到了調整後的營業收入和其他非公認會計準則指標。這些指標與最接近的 GAAP 指標之間的對帳可以在我們簡報的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're pleased to have you with us for our fourth quarter earnings call, closing out another successful year for Exelon. We're entering our 25th year as a company since the historic merger of Commonwealth Edison and Philadelphia Electric Company in 2000, fly Eagles fly.

謝謝你，安德魯，大家早安。我們很高興您能參加我們的第四季財報電話會議，為 Exelon 的另一個成功年份畫下圓滿句點。自 2000 年聯邦愛迪生公司和費城電力公司歷史性合併以來，我們公司成立已進入第 25 個年頭，鷹飛翔。

The industry and the company have seen a tremendous amount of change during that time. Not unlike the years over the century plus that shaped ComEd and PECO since their origins in 1881. But some threats indelible be run through that history, including most importantly, a commitment to excellence and service to our customers.

在此期間，該行業和公司經歷了巨大的變化。與 ComEd 和 PECO 自 1881 年成立以來一個多世紀的發展歷程並無二致。但有些威脅始終貫穿歷史，其中最重要的就是對卓越服務和客戶的承諾。

That commitment inspired Samuel Insull in Chicago, who's vision made electricity more accessible to all customers, and it continues to inspire us today, which shows in the results we're reporting and where our focus will be in the years ahead.

這項承諾激勵了芝加哥的塞繆爾·因薩爾，他的願景讓所有客戶都能更輕鬆地獲得電力，這一願景至今仍激勵著我們，這體現在我們所報告的結果以及未來幾年我們的重點上。

It was another year of excellent operating performance. All four of Exelon Utilities achieved top quartile for reliability, with three of our utilities ranking in the top five among our peer benchmark and all four utilities performing in the top eight. It was also another year of excellent financial performance.

這是又一個經營業績優異的一年。Exelon 公用事業公司的所有四家公司在可靠性方面均達到了前四分之一，其中三家公用事業公司在同行基準中排名前五，四家公用事業公司全部進入前八名。這也是財務表現優異的一年。

We reported GAAP earnings for 2024 of $2.45 per share and adjusted operating earnings of $2.50 per share, making it our third straight year as a pure T&D company of meeting the midpoint or better of guidance. In fact, when you look back at the earnings path we laid out when announcing our separation in our Q4 2021 earnings call, the midpoint of our 2024 guidance was $2.50.

我們報告的 2024 年 GAAP 收益為每股 2.45 美元，調整後營業收益為每股 2.50 美元，這是我們作為一家純 T&D 公司連續第三年達到或超過指導值的中位數。事實上，當你回顧我們在 2021 年第四季財報電話會議上宣布分離時所列出的獲利路徑時，你會發現 2024 年指引的中點是 2.50 美元。

When you think of all the change Exelon has managed during that time separating the company, generationally high inflation and interest rates, transitioning to the new ComEd rate structure. It is remarkable to think that we maintained our trajectory. That is who we are, a company that our customers, employees, policymakers and investors count on to deliver.

想想 Exelon 在公司分拆期間所進行的所有變革、世代相傳的高通膨和利率，以及向新的 ComEd 費率結構過渡的過程。令人驚訝的是，我們竟然能夠保持自己的軌跡。這就是我們，一家讓客戶、員工、決策者和投資者都信賴的公司。

On the regulatory front, we successfully closed out a very busy year for rate cases. As we'll discuss further, this puts us on very strong things to serve our customers and focus on expanding ways to support the energy transformation in the years ahead.

在監管方面，我們成功結束了利率案件非常繁忙的一年。正如我們將進一步討論的那樣，這使我們能夠更好地服務客戶，並專注於擴大未來幾年支持能源轉型的方式。

These include ensuring our jurisdictions can continue to participate in the exciting growth of artificial intelligence powered by data centers that can foster economic development. And as Jeanne will discuss, there are other significant potential transmission opportunities as well, such as the MISO Tranche 2.1 work that are not currently in our guidance but which will require an additional $10 billion to $15 billion of investment to serve our customers in the coming 5 to 10 years.

其中包括確保我們的管轄範圍能夠繼續參與由資料中心驅動的人工智慧的令人興奮的成長，從而促進經濟發展。正如珍妮將要討論的，還有其他重要的潛在傳輸機會，例如 MISO Tranche 2.1 工作，這項工作目前不在我們的指導範圍內，但在未來 5 到 10 年內需要額外的 100 億到 150 億美元的投資來為我們的客戶提供服務。

Those opportunities illustrate why our updated four-year plan continues to reflect the steady investment growth that you should expect from a company that serves more customers than any other in the US in some of the most critical regions for the economy.

這些機會說明了為什麼我們更新後的四年計畫繼續反映出穩定的投資成長，這種成長是您應該期待的，因為這家公司在美國一些對經濟最關鍵的地區服務的客戶數量比任何其他公司都要多。

We now expect to invest $38 billion from 2025 to 2028 to support customer needs. No single project will be more than 3% of that plan. And of that $3.5 billion in capital growth, more than 80% is attributable to transmission. This type of investment ensures that our utilities remain a key engine of our jurisdictions economies.

我們目前預計在 2025 年至 2028 年期間投資 380 億美元來滿足客戶需求。任何單一項目的佔比都不會超過該計劃的3%。在 35 億美元的資本成長中，超過 80% 歸因於傳輸。這種投資確保我們的公用事業仍然是我們轄區經濟的重要引擎。

Not only do our investments create good local jobs and estimated 70,000 plus and not only do they ensure that spending stays local with more than $4 billion of our supplier spend sourced from our jurisdictions. Most importantly, it ensures reliability, which when the economy increasingly count on access to reliable, resilient power can really multiply the power of our impact.

我們的投資不僅為當地創造了良好的就業機會（估計超過 70,000 個），而且不僅確保了支出停留在本地（其中超過 40 億美元的供應商支出來自我們的管轄範圍）。最重要的是，它確保了可靠性，當經濟越來越依賴獲得可靠、有彈性的電力時，這確實可以倍增我們的影響力。

The growth in our high-density load pipeline by over 2.5 times in the last year is evidence of that. ComEd alone won 15 major projects, bringing in an estimated $17 billion of projected capital investments from other companies and creating over 1,000 jobs in Northern Illinois. And with this development comes increased load, and we're seeing 1% to 2% load growth over our four-year period, allowing us to distribute the cost of the grid over more usage.

去年我們的高密度負載管道成長了 2.5 倍以上就是證明。光是 ComEd 就贏得了 15 個重大項目，從其他公司帶來了約 170 億美元的預計資本投資，並在伊利諾伊州北部創造了 1,000 多個就業機會。這種發展也帶來了負載的增加，我們看到四年期間負載增長了 1% 到 2%，這使我們能夠將電網成本分攤到更多的使用上。

To fund these investments in a disciplined manner, we are maintaining a balanced funding strategy, financing the growth with 40% equity and building on a solid trajectory to sustaining and improving our credit metrics over the plan.

為了以有紀律的方式為這些投資提供資金，我們保持著平衡的融資策略，以 40% 的股權為成長提供資金，並在計劃中建立穩固的軌跡來維持和改善我們的信用指標。

This commitment to balance sheet strength is evidenced by an upgrade to Exelon's credit rating by S&P last week. With continued returns on equity in the 9% to 10% range, we expect annualized earnings growth of 5% to 7% through 2028, with the expectation of being at the midpoint or better of that range.

標準普爾上週上調了 Exelon 的信用評級，充分證明了該公司對增強資產負債表實力的承諾。隨著股本回報率持續保持在 9% 至 10% 的範圍內，我們預計到 2028 年年化盈利增長率將達到 5% 至 7%，並有望達到該範圍的中間值或更高。

For 2025, we're initiating operating earnings guidance of $2.64 to $2.74 per share, and we are increasing our dividend to $1.60 per share keeping our payout ratio in line with the 60% we have communicated as part of our capital allocation policy.

對於 2025 年，我們預計營業利潤為每股 2.64 美元至 2.74 美元，並且我們將股息提高至每股 1.60 美元，使我們的派息率與我們作為資本配置政策的一部分所傳達的 60% 保持一致。

The top line results make it clear 2024 was a successful year, and Slide 5 more extensively highlights all of the ways in which our execution set us up for continued service to our customers, communities and stakeholders, checking all of the boxes that we laid out this time last year.

最重要的結果表明 2024 年是成功的一年，投影片 5 更廣泛地強調了我們的執行方式為我們繼續為客戶、社區和利害關係人提供服務奠定了基礎，滿足了我們去年此時提出的所有要求。

For instance, we invested $7.5 billion of capital, executing within 1% of our guidance even with substantial reductions at ComEd as we work to gain approval of our refiled grid plan. We earned a 9.1% return on equity despite a large portion of our rate base awaiting updated rate recovery and significant storm and weather headwinds. We executed on our financing plan and continue to see strong investment-grade credit ratings at our agencies, carrying that into the S&P upgrade this year.

例如，我們投資了 75 億美元的資金，儘管 ComEd 大幅削減了成本，但我們正在努力爭取重新提交的電網計劃的批准，因此執行情況仍達到指導方針的 1%。儘管我們的大部分利率基礎正在等待更新後的利率恢復，並且面臨巨大的風暴和天氣阻力，但我們仍獲得了 9.1% 的股本回報率。我們執行了融資計劃，並繼續看到我們機構擁有強勁的投資級信用評級，並將其帶入今年標準普爾的評級升級。

As you'll hear more from Jeanne, our organization remained laser-focused on cost. Having identified dozens of initiatives that support $100 million of sustainable savings and many more that we continue to pursue with our dedicated team.

正如您從珍妮那裡聽到的，我們的組織始終高度關注成本。我們已經確定了數十項支持 1 億美元可持續節約的舉措，還有更多舉措我們將繼續與我們的敬業團隊一起推行。

It's a key contributor to our year-over-year growth in O&M of just 0.5%. But beyond managing our cost, affordability remains a top priority into 2025, and our customers anchor our focus as we engage with policymakers. I will return to this topic in my closing remarks.

這是我們 O&M 年成長僅 0.5% 的關鍵因素。但除了管理成本之外，可負擔性仍然是 2025 年的首要任務，而我們的客戶是我們與政策制定者接觸時的關注重點。我將在結束語中再次討論這個主題。

I am so proud of all that our 20,000 employees were able to accomplish this year, and I thank them for their commitment, no matter their circumstances. And that starts with job 1, safely keeping the lights on and the gas flowing, which I'll cover on the next slide.

我為我們今年 20,000 名員工所取得的成就感到無比自豪，並感謝他們的奉獻，無論他們身處何種境況。首先要做的第一件事就是安全地保持燈亮和瓦斯流通，我將在下一張投影片中介紹這一點。

As I mentioned, it was another top decile year for ComEd and Pepco Holdings from an outage frequency and outage duration perspective, and BGE and PECO also attained top quartile. This was no small feat, and particularly at ComEd which faced an unprecedented set of storms in July that produced 43 tornadoes, more than that region sees in an entire year, while also receiving the ReliabilityOne Award for outstanding performance in the Midwest.

正如我所提到的，從停電頻率和停電持續時間的角度來看，ComEd 和 Pepco Holdings 又進入前十分位，而 BGE 和 PECO 也進入了前四分位。這是一項不小的成就，尤其是對於 ComEd 來說，該公司在 7 月遭遇了前所未有的風暴，引發了 43 場龍捲風，比該地區全年的龍捲風還要多，同時該公司還因其在中西部地區的出色表現而獲得了 ReliabilityOne 獎。

On the gas side, our hard-working employees at BGE, PECO and Pepco Holdings also delivered top decile performance across the Board for the entirety of 2024, the fourth year in a row that all three have achieved top decile. This sustained operational excellence is where our investments translate to real customer value.

在天然氣方面，BGE、PECO 和 Pepco Holdings 的辛勤員工也在 2024 年全年的全委員會中取得了最高十分位數的成績，這是這三家公司連續第四年取得最高十分位數。透過持續的卓越運營，我們的投資可以轉化為真正的客戶價值。

Importantly, our employees achieved these results with a strong focus on safety, ending the year with top quartile performance on serious injury incident rate. Now any safety incident is one too many. So we get to build out our observational tools and procedures to improve.

重要的是，我們的員工高度重視安全，取得了這些成績，並在年底的嚴重傷害事故率方面取得了最高水準的表現。現在發生任何安全事故都是太過分了。因此，我們必須建立自己的觀察工具和程序來改進。

Lastly, our customer satisfaction scores remain consistent with the levels seen throughout the third quarter, with ComEd and PECO in the first quartile and BGE and Pepco Holdings in the second quartile. With the onset of our first colder than normal winter in a number of years and higher energy supply costs, we recognize that affordability remains a critical aspect of the customer experience.

最後，我們的客戶滿意度得分與第三季的水平保持一致，其中 ComEd 和 PECO 位於第一四分位數，而 BGE 和 Pepco Holdings 位於第二四分位數。隨著多年來第一個比正常情況更冷的冬天的到來以及能源供應成本的上升，我們認識到可負擔性仍然是客戶體驗的關鍵方面。

To further improve performance at BGE and Pepco Holdings, they are expanding efforts to enhance customer support in partnership with our communities. BGE and Pepco Holdings are waiving late payment fees in the winter months and suspending nonpayment disconnections in February, including extending the length of payment arrangements where needed. We are also continuing to focus on empowering our customers to access digital tools and strategies to conserve energy during high usage months.

為了進一步提高 BGE 和 Pepco Holdings 的業績，他們正在加強與我們的社區合作加強客戶支援。BGE 和 Pepco Holdings 將在冬季免除滯納金，並在 2 月暫停因未付款而斷電的服務，包括在必要時延長付款期限。我們也將繼續致力於讓我們的客戶能夠使用數位工具和策略來在能源使用高峰的月份節省能源。

Now we took similar actions during the pandemic. Our customers can count on us to proactively take measures when needed to balance affordability while ensuring a safe, reliable, resilient grid, which is critical to our communities and our economy. We look forward to continuing to collaborate with our stakeholders to expand our solution set for customers.

現在我們在疫情期間也採取了類似的行動。我們的客戶可以依靠我們在必要時主動採取措施來平衡負擔能力，同時確保安全、可靠、有彈性的電網，這對我們的社區和經濟至關重要。我們期待繼續與我們的利害關係人合作，擴大我們為客戶提供的解決方案。

I'll now turn the call to Jeanne to recap our 2024 financial performance and provide details on our updated long-term plan. Jeanne?

現在，我將請珍妮 (Jeanne) 回顧我們 2024 年的財務業績，並提供有關我們更新的長期計劃的詳細資訊。珍妮？

Thank you, Calvin, and good morning, everyone. I want to shout out our PECO employees and all Eagle fans as well, and I'll just say, Go Birds. But with that being said, today, I'll cover our fourth quarter and full year results, key regulatory developments and updates to our financial disclosures, including 2025 guidance.

謝謝你，卡爾文，大家早安。我還要向我們的 PECO 員工和所有 Eagle 球迷們大聲呼喊，我只想說，加油，老鷹隊。話雖如此，今天，我將介紹我們的第四季和全年業績、關鍵監管發展以及財務揭露更新，包括 2025 年指引。

Starting on Slide 7. As Calvin noted, we delivered strong financial results for the third year in a row, earning $2.45 per share on a GAAP basis and $2.50 per share on a non-GAAP basis. Results that are at the top end of our guidance range and result in 6% growth off the midpoint of our guidance range for 2023.

從投影片 7 開始。正如卡爾文所說，我們連續第三年取得了強勁的財務業績，按 GAAP 計算每股收益為 2.45 美元，按非 GAAP 計算每股收益為 2.50 美元。結果處於我們指導範圍的最高端，並導致 2023 年指導範圍中點的增長為 6%。

For the quarter, Exelon earned $0.64 per share on a GAAP and non-GAAP basis. Full year earnings benefited from ComEd's rehearing order we received in April. We also manage costs across the platform well as we offset another year of mild winter weather and higher storm activity, while ensuring we could accommodate a range of outcomes with significant regulatory activity in the fourth quarter. Quarter-to-date and year-to-date drivers relative to prior year can be found on Appendix Slides 35 and 36.

本季度，Exelon 根據 GAAP 和非 GAAP 計算每股收益為 0.64 美元。全年收益受益於我們四月收到的 ComEd 的重審令。我們也很好地管理了整個平台的成本，因為我們抵消了另一年的溫和冬季天氣和更頻繁的風暴活動，同時確保我們能夠適應第四季度重大監管活動帶來的一系列結果。與前一年相比，本季迄今和年初至今的驅動因素可在附錄投影片 35 和 36 中找到。

Turning to our outlook for 2025 on Slide 8. We are initiating operating earnings guidance of $2.64 to $2.74 per share. With new rates in effect across nearly all of our jurisdictions, further and continued investment for our customers, 2025 earnings growth relative to the midpoint of our 2024 estimated guidance range is in line with previous disclosures.

第 8 頁是我們對 2025 年的展望。我們預計每股營業利潤為 2.64 美元至 2.74 美元。隨著我們幾乎所有司法管轄區都實施新利率，我們繼續為客戶進行進一步投資，相對於我們 2024 年預計指導範圍中點的 2025 年盈利增長與先前的披露一致。

As we look ahead to the first quarter, we expect a relative EPS contribution to full year earnings to be higher than historical patterns at approximately 33% of the midpoint of our projected full year earnings guidance range. This accounts for the cold start to the year, new rates in effect, anticipated shaping of costs and ComEd revenue timing and assumes normal weather and storm conditions for the balance of the quarter.

展望第一季度，我們預期每股盈餘對全年收益的相對貢獻將高於歷史模式，約為我們預期的全年收益指引範圍中位數的 33%。這考慮了今年年初的寒冷天氣、生效的新費率、預期的成本組成和 ComEd 的收入時間，並假設本季度剩餘時間的天氣和風暴條件正常。

Turning to Slide 9. As Calvin mentioned, we successfully closed out a busy regulatory calendar in 2024, reaching final resolution on key rate cases that provide supportive cost recovery for the next several years.

翻到幻燈片 9。正如 Calvin 所提到的，我們在 2024 年成功結束了繁忙的監管日程，並就關鍵利率案例達成了最終解決方案，為未來幾年的成本回收提供了支持。

Starting with Pepco. On November 26, the D.C. Public Service Commission issued a final order on Pepco's Climate Ready Pathway DC multiyear plan, providing for $123.4 million incremental revenue requirement and a 9.5% ROE through 2026, advancing the shared interest in supporting the District's energy goals.

從 Pepco 開始。11 月 26 日，哥倫比亞特區公共服務委員會就 Pepco 的「氣候就緒路徑哥倫比亞特區」多年期計劃發布了最終命令，規定到 2026 年需要增加 1.234 億美元的收入並實現 9.5% 的 ROE，以推進支持哥倫比亞特區能源目標的共同利益。

As part of the order, the commission initiated a lessons learned process to evaluate the learnings from DC's experience with multiyear plans so far and to formalize the adoption of regulations for alternative forms of rate making. We are looking forward to participating in the process in which a final work report for the first phase due by the end of 2025.

作為該命令的一部分，委員會啟動了一項經驗教訓吸取流程，以評估華盛頓特區迄今為止的多年期計劃經驗，並正式採用替代形式的費率制定法規。我們期待參與這項進程，並於 2025 年底前提交第一階段的最終工作報告。

Moving on to PECO. The Pennsylvania Public Utility Commission approved the joint petition for settlement in PECO's electric and gas rate cases on December 12. The approved settlements allow for a $354 million electric revenue requirement increase excluding a onetime credit of $64 million in 2025, and a $78 million gas revenue requirement increase in 2025, providing the funding necessary to further enhance reliability enable cleaner energy options and improve the level of service customers have come to expect.

繼續討論 PECO。12 月 12 日，賓州公用事業委員會批准了 PECO 電費和瓦斯費案件的聯合和解請求。經批准的協議允許將 2025 年的電力收入要求增加 3.54 億美元（不包括 6,400 萬美元的一次性抵免），並將 2025 年的天然氣收入要求增加 7,800 萬美元，從而提供進一步提高可靠性、實現更清潔的能源選擇和提高客戶期望的服務水準所需的資金。

Last, on December 19, the Illinois Commerce Commission approved ComEd's refiled grid plan and rate plan adjustments, providing recovery for a level of investment that will allow us to serve customers safely and reliably while making progress on the goals of CEJA.

最後，12 月 19 日，伊利諾伊州商業委員會批准了 ComEd 重新提交的電網計劃和費率計劃調整，為一定程度的投資提供了恢復，使我們能夠安全可靠地為客戶提供服務，同時在實現 CEJA 目標方面取得進展。

Relative to 2023 rates in effect, the final order provides for an approximate revenue requirement increase of $1 billion from 2024 through 2027, inclusive of the increases that were approved in the December 2023 order.

相對於 2023 年有效的稅率，最終命令規定從 2024 年到 2027 年收入要求增加約 10 億美元，其中包括 2023 年 12 月命令中批准的增長。

As a reminder, the construct allows for the recovery of prudently incurred investment and expenses of up to 105% of the approved revenue requirement with certain investment in categories such as storms and new business, recoverable independent of the 105% threshold.

提醒一下，該結構允許收回審慎發生的投資和費用，最高可達批准收入要求的 105%，其中某些類別的投資（例如風暴和新業務）可獨立於 105% 的門檻收回。

With these final orders, close to 90% of our rate base has established rate mechanisms in place through 2026 or 2027, allowing us to focus on planned execution and the strategic engagement necessary to support growing electrification needs and promote expansion of reliable generation in our states.

透過這些最終命令，我們近 90% 的費率基礎已經建立了到 2026 年或 2027 年的費率機制，使我們能夠專注於計劃執行和戰略參與，以支持不斷增長的電氣化需求並促進我們各州可靠發電的擴張。

There are currently two Pepco Holdings base rate cases open. Delmarva Power filed its gas distribution base rate case in the third quarter, seeking to recover continued reliability investments, including pipeline integrity management, gauging pipe upgrades and upgrades to its LNG plant with the expectation of implementing interim rates on April 20, subject to refund.

目前有兩起 Pepco Holdings 基準利率案件懸而未決。德瑪瓦電力公司在第三季提交了其天然氣分銷基準費率案，尋求收回持續的可靠性投資，包括管道完整性管理、測量管道升級和液化天然氣工廠升級，預計將於 4 月 20 日實施臨時費率，但須退款。

Atlantic City Electric also filed its base distribution rate case on November 21, seeking recovery for grid improvement and modernization work supporting New Jersey's Energy Master Plan and the Clean Energy Act. ACE has requested an increase of $108.9 million with the expectation of implementing interim rates on August 21, subject to refund.

大西洋城電力公司也於11月21日提起了基本配電費率訴訟，尋求收回支持新澤西州能源總體規劃和清潔能源法案的電網改善和現代化工程的費用。ACE 已要求增加 1.089 億美元，預計將於 8 月 21 日實施臨時費率，但須退還。

Finally, in Maryland, we continue to work to close out open reconciliations from our first BGE and Pepco Maryland multiyear plans, and we remain engaged in the lessons learned process for multiyear plan as we approach our next rate case filings in Maryland.

最後，在馬裡蘭州，我們繼續努力完成我們的第一個 BGE 和 Pepco 馬裡蘭多年期計劃的未決對賬，並且在我們即將在馬裡蘭州提交下一個費率案件時，我們仍將繼續參與多年期計劃的經驗教訓總結過程。

For our final briefs in December, we continue to advocate for multiyear plans at the appropriate rate structure to direct the increasing investment needed to support a reliable 21st century grid, while offering specific options to address stakeholder feedback on ways to improve upon the first set of multiyear plans.

在 12 月的最終簡報中，我們將繼續倡導以適當的費率結構制定多年期計劃，以引導支持可靠的 21 世紀電網所需的不斷增加的投資，同時提供具體選項來解決利益相關者關於如何改進第一套多年期計劃的反饋。

Moving to Slide 10. We provide our updated utility CapEx and rate base outlook through 2028. We plan to spend approximately $9.1 billion in 2025 and a total of $38 billion over the next four years, an increase of $3.5 billion from the prior four-year planning period, which reflects greater investments to support our jurisdictions and updates to align with recently approved rate cases and jurisdictional priorities.

移至投影片 10。我們提供了截至 2028 年的最新公用事業資本支出和費率基準展望。我們計劃在 2025 年花費約 91 億美元，並在未來四年內總共花費 380 億美元，比之前的四年規劃期增加 35 億美元，這反映了對支持我們管轄範圍的更多投資以及與最近批准的費率案件和管轄範圍優先事項保持一致的更新。

Of the overall increase, over 80% is attributable to incremental transmission capital. Such investment is driven by the structural trends that underpin the energy transformation in our jurisdictions. Increased demand for high-voltage investments to support high-density load growth in expanding and modernizing generation supply stack and the reliability and resiliency needs of grid customers.

在整體成長中，80%以上歸因於增量輸電資本。這種投資是由我們管轄範圍內能源轉型的結構性趨勢所推動的。為支持擴大和現代化發電供應體系中的高密度負載成長以及電網客戶的可靠性和彈性需求，高壓投資的需求增加。

Over $1 billion of that transmission increase is projected at ComEd, where we see continued commitments from data centers and other high-density load customers and interest continues to grow in our other jurisdictions as well.

預計其中超過 10 億美元的輸電增量將用於 ComEd，我們看到資料中心和其他高密度負載客戶繼續做出承諾，我們其他管轄區的興趣也在持續增長。

Serving this new business will also require additional investment in the distribution network. The balance of the additional transmission relates to continued capacity expansion across our platform, including an additional year of investment in our two largest transmission projects.

服務這項新業務還需要對分銷網絡進行額外投資。額外輸電的餘額與我們平台的持續容量擴張有關，包括對我們兩個最大的輸電項目的額外一年投資。

One, supporting the retirement of the Brandon Shores coal plant and the other at the Tri-County line to address reliability needs due to low growth in the region. As a reminder, the Brandon Shores project is expected to go into service in 2028, while the Tri-County will go into service at various points in 2029 and 2030.

一是支持關閉布蘭登海岸煤電廠，二是支援關閉三縣線煤電廠，以滿足該地區因低成長而產生的可靠性需求。提醒一下，布蘭登海岸計畫預計將於 2028 年投入使用，而三縣計畫將於 2029 年和 2030 年不同時間投入使用。

As we continue to allocate relatively more spend to longer dated transmission projects, our annualized rate base growth of 7.4% over the next four years remains fairly consistent plan over plan with a projected addition of nearly $20 billion from 2024 to 2028.

隨著我們繼續將相對更多的支出分配給較長期的輸電項目，我們未來四年 7.4% 的年化費率基準增長率與計劃保持相當一致的水平，預計 2024 年至 2028 年將增加近 200 億美元。

As the next slide shows, we feel confident about our ability to continue making the necessary investments to ensure our regions can meet their economic and energy goals, which rely more than ever on a safe, secure and resilient grid.

如下一張投影片所示，我們對自己繼續進行必要投資的能力充滿信心，以確保我們的地區能夠實現其經濟和能源目標，而這比以往任何時候都更加依賴安全、有保障和有彈性的電網。

As you'll see on Slide 11, Exelon has an unmatched platform to meet the clear need for transmission investment. The proliferation of high-density load, increasingly volatile weather and a growing and changing generation stack all point to it. We serve more customers than anyone else, and we are one of the largest investors in transmission among our peers. With award-winning reliability, our utilities are uniquely positioned to capitalize on the transmission opportunities beyond our existing 11,000-plus miles today.

正如您在投影片 11 上看到的，Exelon 擁有無與倫比的平台，可滿足明確的輸電投資需求。高密度負載的激增、日益變化的天氣以及不斷增長和變化的發電堆疊都指向這一點。我們服務的客戶數量比任何人都多，我們是同業中傳輸領域最大的投資者之一。憑藉屢獲殊榮的可靠性，我們的公用事業具有獨特的優勢，可以利用目前超過 11,000 英里的輸電機會。

Beyond the $12.6 billion transmission capital in our plan, we estimate $10 billion to $15 billion of transmission opportunity within our footprint in the next 5 to 10 years. This includes over $1 billion of additional investment to support new high-density load, which is in our pipeline, but not yet in our guidance due to its earlier stages of design and planning or estimated online dates.

除了我們計劃中的 126 億美元輸電資本外，我們預計未來 5 到 10 年內我們的覆蓋範圍內還有 100 億到 150 億美元的輸電機會。其中包括超過10億美元的額外投資，用於支持新的高密度負載，該項目正在籌備中，但由於其設計和規劃階段或預計上線日期尚在早期階段，因此尚未納入我們的指導範圍。

This upside also includes investments to address teams between PJM and other regions, such as the work associated with MISO tranche 2.1, which we are optimistic will result in at least $1 billion of spend in our ComEd service territory through PJM's supplemental planning process.

這一優勢還包括用於解決 PJM 與其他地區之間的團隊問題的投資，例如與 MISO 第 2.1 部分相關的工作，我們樂觀地認為，透過 PJM 的補充規劃流程，這將在我們的 ComEd 服務區域帶來至少 10 億美元的支出。

Our involvement in those projects also creates opportunity to be a part of the competitive processes for the $6 billion of work MISO estimates it will bid out, and we continue to see more of a need than ever for new generation, particularly to ensure our states can meet their policy goals.

我們參與這些項目也創造了機會，讓我們參與 MISO 估計將要投標的價值 60 億美元的工程的競爭過程中，而且我們繼續看到對新一代工程的需求比以往任何時候都更加迫切，特別是為了確保我們的各州能夠實現其政策目標。

Transmission interconnections are needed to deliver that power to customers no matter where it's situated or how it's generated. In fact, achieving CEJA's goals and the growing economic development in Illinois will likely require significant transmission investment. All of this work complements the continued need for reliability and resilience investment in our existing infrastructure to modernize aging lines ensure better security and harden critical infrastructure.

無論電力位於何處或如何產生，都需要輸電互連來將電力輸送給客戶。事實上，實現 CEJA 的目標和伊利諾伊州日益增長的經濟發展可能需要大量的輸電投資。所有這些工作都補充了我們對現有基礎設施的可靠性和彈性投資的持續需求，以使老化的線路現代化，確保更好的安全性並加強關鍵基礎設施。

In 2019, PJM found that two-third of the transmission system in its footprint were over 40 years old, with one-third exceeding 50 years and some lower voltage transmission assets nearing 90 years. It is clear that there is no shortage of need to invest to serve our customers and communities well beyond our four-year plan. With some of the best run utilities in the country, we are well positioned to execute these opportunities while prioritizing reliability, resiliency and affordability.

2019年，PJM 發現其覆蓋範圍內三分之二的輸電系統已使用超過 40 年，三分之一的輸電系統使用年限超過 50 年，一些低壓輸電資產的使用年限接近 90 年。顯然，我們四年計劃之外仍需要大量投資來為客戶和社區提供更好的服務。憑藉國內一些運作最佳的公用事業，我們完全有能力抓住這些機會，同時優先考慮可靠性、彈性和可負擔性。

Moving to Slide 12. Our dedication to operational excellence encompasses a commitment to customer affordability, ensuring we deliver above-average value at below average rate. Our ability to deploy $38 billion of capital for the benefit of our customers over the next four years is only possible with a rigorous focus on cost management and delivering value for those investments.

移至投影片 12。我們致力於卓越運營，包括承諾客戶可負擔的價格，確保我們以低於平均水平的價格提供高於平均水平的價值。只有嚴格注重成本管理並為這些投資創造價值，我們才有能力在未來四年內為客戶部署 380 億美元的資本。

This focus is saving our customers approximately $550 million in O&M annually relative to what it would have been growing at a standard inflation level over the last decade. And we felt confident we can continue to keep our expense growth similarly limited over a planning horizon with an institutionalized team and culture committed to delivering value, even when our jurisdictions look to expand ways in which we can support them.

這項重點每年可為我們的客戶節省約 5.5 億美元的營運和維護費用，相對於過去十年在標準通膨水準下的成長成本。我們有信心，透過一支致力於創造價值的製度化團隊和文化，我們可以在規劃期內繼續將費用增長保持在類似的限制範圍內，即使我們的管轄範圍尋求擴大我們支持他們的方式。

As we have mentioned, we have taken advantage of our exclusive focus on energy delivery to standardize and streamline our organizational structure and operations. Through 2024, this has resulted in approximately $100 million in executed sustainable savings initiatives, with line of sight to many more opportunities to ensure we can keep raising the bar for the value we provide to our customers.

正如我們所提到的，我們利用對能源輸送的專注來標準化和簡化我們的組織結構和營運。到 2024 年，這將帶來約 1 億美元的可持續節約計畫的實施，並將帶來更多機會，確保我們能夠持續提高為客戶提供的價值。

Operating as One Exelon has helped to identify unique and impactful opportunities, like our cross-company project to identify best practices amongst our frontline distribution employees. This discipline further enhances the value of our investments, which have improved reliability by 35% since 2016. Achieving the best reliability metrics in the industry, while also maintaining bill metrics that are 19% to 21% below US averages makes it clear we are delivering above average performance at below average rates.

作為一個整體的 Exelon 營運幫助我們發現了獨特且有影響力的機會，例如我們的跨公司項目，旨在在我們的一線分銷員工中發現最佳實踐。這項紀律進一步提高了我們投資的價值，自 2016 年以來，我們的投資可靠性提高了 35%。我們實現了業界最佳的可靠性指標，同時將帳單指標維持在比美國平均水平低 19% 到 21% 的水平，這清楚地表明我們以低於平均水平的費率提供了高於平均水平的性能。

Turning to Slide 13. With $38 billion of projected capital spend, driving 7.4% rate base growth along with earning ROEs of 9% to 10%, we are projecting compounded annual earnings growth of 5% to 7% from our 2024 guidance midpoint of $2.45 per share. Maintaining our commitment to transparency, we have provided assumptions associated with our expected annual growth in earnings through 2028 on Appendix Slide 18.

翻到第 13 張投影片。預計資本支出為 380 億美元，推動基準利率成長 7.4%，同時淨資產收益率達到 9% 至 10%，我們預期年複合收益成長率將從 2024 年每股 2.45 美元的指導中點成長 5% 至 7%。為了維持透明度的承諾，我們在附錄投影片 18 中提供了與 2028 年預期年度收益成長相關的假設。

As you can see on the slide, after 2024, we expect to deliver each year within the 5% to 7% range, keeping us on track to deliver at midpoint or better of our 5% to 7% annualized growth rate from 2025 to 2028.

正如您在投影片上看到的，2024 年後，我們預計每年的成長率將在 5% 到 7% 之間，使我們能夠在 2025 年至 2028 年期間實現 5% 到 7% 的年化成長率的中間值或更高。

We also continue to project an approximate 60% dividend payout of operating earnings, with the dividend now projected to grow in the lower end of our long-term earnings target as we retain more of our capital to invest more efficiently for our customers. For 2025, we anticipate paying out a dividend of $1.60 per share, representing 5.2% growth over last year.

我們也繼續預期股息支付佔營業利潤的約 60%，由於我們保留更多資本，以便為客戶進行更有效率的投資，預計股息將成長至我們長期獲利目標的低端。到 2025 年，我們預計每股股息為 1.60 美元，比去年增長 5.2%。

Finally, I will conclude with a review of our balance sheet and financing expectations on Slide 14. Maintaining a strong balance sheet continues to be core to our strategy, and we closed out another year with average credit metrics comfortably exceeding our downgrade thresholds of 12% at Moody's and S&P.

最後，我將在第 14 頁回顧我們的資產負債表和融資預期。維持強勁的資產負債表仍然是我們策略的核心，我們在新的一年裡，平均信用指標輕鬆超過了穆迪和標準普爾 12% 的降級門檻。

We are pleased to receive an upgrade from S&P last week which takes Exelon's corporate credit rating up to BBB plus from BBB. We have updated our slides to reflect this improvement, along with the revised downgrade threshold of 13% at S&P that is reflective of the higher credit rating.

我們很高興收到標準普爾上週的升級評級，將 Exelon 的公司信用評級從 BBB 提升至 BBB 以上。我們已更新投影片以反映此改進，同時標準普爾將降級門檻修改為 13%，以反映更高的信用評級。

With most investment plans and recovery mechanisms established over the next two to three years and our balanced funding strategy in place, we anticipate our metrics approaching 14% by the end of our forecast, demonstrating our commitment to maintaining a strong balance sheet.

隨著大多數投資計劃和恢復機制在未來兩到三年內建立，以及我們平衡的融資策略到位，我們預計到預測結束時我們的指標將接近 14％，這表明我們致力於維持強勁的資產負債表。

As a reminder, we continue to advocate for language that incorporates repairs for calculating the corporate alternative minimum tax in the final treasury regulations, though our plan incorporates the assumption that the final regulations will not allow for repairs. If implemented in a way that mitigates the cash impact, we'd expect an increase of approximately 50 basis points to our consolidated metrics on average over the plan.

提醒一下，我們繼續提倡在最終的財政法規中加入計算企業替代最低稅的修復條款，儘管我們的計劃假設最終法規不會允許修復。如果以減輕現金影響的方式實施，我們預計我們的綜合指標將比計劃平均增加約 50 個基點。

From a financing perspective, we expect the $38 billion capital plan to be supported by $20 billion of internally generated cash flow, $12 billion of debt at the utilities and $3 billion of debt at the holding company with the balance funded with a modest amount of equity. Specifically, we expect 40% of our incremental capital will be funded with equity, bringing our total equity needs to $2.8 billion over the four-year plan, implying approximately $700 million of equity per year.

從融資角度來看，我們預計 380 億美元的資本計畫將由 200 億美元的內部現金流、120 億美元的公用事業債務和 30 億美元的控股公司債務支持，餘額將由少量股權資助。具體來說，我們預計 40% 的增量資本將以股權融資，使我們四年計畫內的總股權需求達到 28 億美元，這意味著每年約 7 億美元的股權。

Our financial plan has also been designed to accommodate the use of other fixed income securities that receive equity credit in place of senior debt at our holding company. In addition to other credit-supportive internal levers, these instruments provide a more efficient means of building additional financial flexibility while ensuring we deliver at the midpoint or better of our 5% to 7% annualized earnings growth rate range through 2028.

我們的財務計畫也旨在適應使用其他固定收益證券，這些證券以股權信貸取代我們控股公司的優先債務。除了其他信貸支援的內部槓桿之外，這些工具還提供了更有效的方式來建立額外的財務靈活性，同時確保我們在 2028 年實現 5% 至 7% 的年化盈利增長率中間值或更高。

I want to close by reiterating our confidence not only in the plan we have laid out but in the broader opportunity we have to deliver value for our customers and our shareholders, not just now but in the decades to come.

最後，我想重申，我們不僅對已製定的計畫充滿信心，而且對我們為客戶和股東創造價值的更廣闊機會充滿信心，不僅是現在，而且是未來幾十年。

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

謝謝。現在我將電話轉回卡爾文，請他作結束語。

Thank you, Jeanne. I'll review our focus areas in 2025 before stepping back and reminding you what makes Exelon unique as a key partner in our jurisdictions as an employer and as an investment.

謝謝你，珍妮。我將回顧我們在 2025 年的重點領域，然後回顧一下 Exelon 作為雇主和投資在我們管轄範圍內作為重要合作夥伴的獨特之處。

As I mentioned when I started the call, this business has always been about our customers. It was when Rembrandt Peale lit the first gas lamp in the streets of Baltimore in 1816, ultimately, incorporating what became BGE, our nation's first gas company.

正如我在開始通話時提到的那樣，這項業務始終以我們的客戶為中心。1816 年，倫勃朗皮爾 (Rembrandt Peale) 在巴爾的摩街頭點亮了第一盞煤氣燈，最終成立了美國第一家煤氣公司 BGE。

And it was when Exelon was formed 25 years ago, creating the foundation for the network of wires and pipes that now delivers energy to more than 10.7 million customers today. So you can expect us to continue to focus on an equitable and balanced energy transition.

25年前，Exelon 公司成立，為現在向1,070多萬客戶提供能源的電線和管道網路奠定了基礎。因此，你可以期待我們繼續專注於公平、均衡的能源轉型。

For the first time in decades, we have an opportunity to serve a growing load base for which we have already seen our jurisdictions compete successfully. But the magnitude of load growth we're seeing requires us to think differently about our approach to energy supply.

幾十年來，我們第一次有機會為不斷增長的負載基礎提供服務，我們已經看到我們的管轄區域在競爭中取得成功。然而，我們看到的負載成長幅度要求我們以不同的方式思考能源供應的方法。

Over a period of limited load growth, competitive markets have been able to save customers billions of dollars annually while delivering adequate supply. However, it's clear as we face rapid and significant load growth we need enhanced solutions at PJM, and we also need other approaches complementary to PJM that can meet those evolving customer needs as cost effectively as possible.

在負載成長有限的時期內，競爭性市場能夠在提供充足供電的同時每年為客戶節省數十億美元。然而，很明顯，當我們面臨快速且顯著的負載成長時，我們需要增強 PJM 的解決方案，而且我們還需要其他與 PJM 互補的方法，以盡可能經濟高效地滿足不斷變化的客戶需求。

We have been actively working with stakeholders on solutions to the higher energy supply prices that they face. And Slide 21 in the appendix outlines our positions and priorities as we work this actively with policymakers at the federal, RTO and state levels. Indeed, we are consulting with stakeholders on no less than 45 bills across our jurisdictions that impact supply or demand-side solutions in some way.

我們一直積極與利害關係人合作，尋找解決他們面臨的能源供應價格上漲的解決方案。附錄中的第 21 張投影片概述了我們與聯邦、RTO 和州級政策制定者積極合作的立場和優先事項。事實上，我們正​​在就轄區內不少於 45 項法案與利益相關者進行磋商，這些法案在某種程度上對供給方或需求方的解決方案產生影響。

Regardless, it's clear that states are and should be proactively involved in supply solutions that complement the markets, not to mention pursuing policies that enable more demand-side solutions. There is no single answer to meeting the levels of load growth that are anticipated, but instead, a variety of solutions across regulated and merchant participants is necessary. We're committed to working collaboratively to support policies that ensure energy security as quickly and cost effectively as possible.

無論如何，很明顯，各州正在並且應該積極參與補充市場的供應解決方案，更不用說推行能夠實現更多需求方解決方案的政策。對於滿足預期的負載成長水平，沒有單一的答案，而是需要受監管方和商家參與者提供多種解決方案。我們致力於共同努力，盡可能快速、經濟有效地支持確保能源安全的政策。

And in the meantime, we remain highly focused on all of the other ways in which we support customer affordability, areas in which we have and will continue to excel. This includes continued vigilance on cost with our size, skill and culture, keeping cost growth well below inflation. It includes ENERGY STAR award-winning efficiency programs, which saved customers an estimated $18 per month in 2024.

同時，我們仍高度關注所有其他支持客戶負擔能力的方式，這些領域我們已經並將繼續表現出色。這包括根據我們的規模、技能和文化繼續關注成本，將成本成長保持在遠低於通貨膨脹率的水平。其中包括能源之星 (ENERGY STAR) 獲獎的效率計劃，該計劃在 2024 年可為客戶每月節省約 18 美元。

Third, our robust efforts to connect distributed resources, allowing customers an opportunity to generate their own power and save money from 4.2 gigawatts of generation. And finally, our innovative tools and processes to connect customers to low-income energy assistance, which totaled $500 million in 2024.

第三，我們大力連結分散式資源，讓客戶有機會自行發電，節省 4.2 千兆瓦發電成本。最後，我們透過創新工具和流程為客戶提供低收入能源援助，到 2024 年總額將達到 5 億美元。

These efforts only increase the value of our product which we're delivering at top quartile or better levels in which we can only achieve with an employee base that can count on us to engage them, develop them and send them home safely.

這些努力只會增加我們產品的價值，我們正在以最高四分位或更高的水平提供產品，而要實現這一目標，我們只有擁有一批可以信賴我們的員工，讓他們參與其中、發展他們，並讓他們安全回家。

In doing all of this right, we will execute on our financial plan, deploying $9.1 billion this year to support our customers that will earn a consolidated 9% to 10% operating return on equity from fair rate case outcomes that aligns with our stakeholders on how we invest customer dollars. Dollars which flow right back into their communities to drive increased economic opportunity.

在做好所有這些工作的同時，我們將執行我們的財務計劃，今年部署 91 億美元來支持我們的客戶，他們將從公平利率案例結果中獲得 9% 至 10% 的綜合營業股本回報率，這與我們的利益相關者在如何投資客戶資金方面保持一致。這些資金直接流回他們的社區，推動了經濟機會的增加。

We expect to deliver on our operating earnings guidance of $2.64 to $2.74 per share as always with the goal of being at the midpoint embedded. And lastly, we will execute on the financing plan that we laid out, allowing us to maintain a strong balance sheet and support the grid our customers expect and deserve.

我們預計將實現每股 2.64 美元至 2.74 美元的營業利潤預期，並努力達到中間值。最後，我們將執行製定的融資計劃，使我們能夠保持強勁的資產負債表並支持客戶期望和應得的電網。

These priorities are in line with the pillars of our value proposition on Slide 16, which we use as our North Stars to ensure that the entire Exelon organization is working together to create value for customers, employees and shareholders.

這些優先事項與幻燈片 16 上的價值主張支柱一致，我們將其用作北極星，以確保整個 Exelon 組織共同努力為客戶、員工和股東創造價值。

You can see we already lead the industry in so many ways across these areas, whether it's the number of customers served, the award-winning and innovative services we provide them are the consistent top quartile reliability or the innumerable recognitions we received as an employer of choice.

您可以看到，我們已經在這些領域的許多方面引領著行業，無論是服務的客戶數量、我們為他們提供的屢獲殊榮的創新服務、始終如一的頂級可靠性，還是我們作為首選雇主所獲得的無數認可。

And we are a company that does what it says. Consistently delivering against our financial commitments in a manner that reflects strong alignment between our customers, policymakers and shareholders on the value created by our investments.

我們是一家言出必行的公司。始終如一地履行我們的財務承諾，以體現我們的客戶、政策制定者和股東對我們的投資所創造的價值的高度一致。

With these investments delivering 5% to 7% annualized growth and a dividend yield of around 4%, we offer an extremely attractive risk-adjusted return of 9% to 11%, which translates to consistent growth, long-term value.

這些投資可實現 5% 至 7% 的年化成長率和 4% 左右的股息殖利率，我們提供極具吸引力的 9% 至 11% 的風險調整後回報率，這意味著持續的成長和長期價值。

Michelle, we can now open it up for questions.

米歇爾，我們現在可以開始提問了。

(Operator Instructions) Durgesh Chopra, Evercore.

（操作員指示） Durgesh Chopra，Evercore。

Listen, just I had a couple of questions. First, just in Maryland, a little bit more color there. So what are you expecting out of the reconciliation decision? How is that going to impact your future rate case filings? And then implications to your financial one. We're getting a lot of questions around that. So maybe just a little bit more color as to how you're thinking about Maryland?

聽著，我有幾個問題。首先，就在馬裡蘭州，那裡的色彩更加豐富一些。那麼您對於和解決定有什麼期待呢？這將如何影響您未來的費率案件備案？這對您的財務狀況有影響。我們收到了很多與此相關的問題。那麼，您能否更詳細地介紹一下您對馬裡蘭州的看法？

Yeah, absolutely, Durgesh. Let me first take it, and then I'll also offer it up to Mike or Jeanne if they have any color to add.

是的，絕對是，杜爾格甚。讓我先拿著它，然後如果 Mike 或 Jeanne 有任何顏色要添加的話，我也會把它提供給他們。

Let me be very clear that we believe the process is moving forward at a decent pace. What's been very evident is that we've shared with the commission and all stakeholders that we do believe that the costs that were incurred were prudent. And we have provided evidence and supporting that effort.

我要明確地指出，我們相信這一進程正在穩步推進。非常明顯的是，我們已經與委員會和所有利害關係人分享了我們確實相信所產生的成本是審慎的。我們已經提供了證據並支持這項努力。

And if you even look at what others have come forward and saying, I don't think there's any one questioning those costs of what's been incurred. Now we're just moving forward in the process and the evidence being done and letting it play out. But it has been a very collaborative process to date.

如果你看看其他人的言論，我認為沒有人質疑已經產生的這些成本。現在我們只是繼續推進這一進程，收集證據並讓它發揮作用。但到目前為止，這是一個非常具有協作性的過程。

Mike, anything to add there?

麥克，還有什麼要補充嗎？

I would just say that we firmly believe that we've offered a structure that gives predictability to customers, helps us lower cost for customers and gives a good solid financial return for our shareholders as well.

我只想說，我們堅信我們提供的結構可以為客戶提供可預測性，幫助我們降低客戶成本，並為我們的股東帶來良好且穩健的財務回報。

Yeah. And I'll just add, Durgesh. On the reconciliation, the procedural schedule takes us probably first half of this year. So in the first quarter or second quarter, we expect an outcome there. As Calvin mentioned, all prudent reasonable costs.

是的。我還要補充一點，杜爾格甚 (Durgesh)。關於和解，程序時間表大概會在今年上半年完成。因此，我們預計第一季或第二季將會有結果。正如 Calvin 所提到的，所有審慎的代價都是合理的。

We have first initial rounds of testimony proposals from staff and others were in line with prior reconciliations. And much of that reconciliation was actual structural issues, things that we saw in the first two reconciliations. So continue to move that forward.

我們已收到員工的首輪證詞提案，其他提案與先前的調解一致。而大部分的和解都是實際的結構性問題，我們在前兩次和解中就看到了這些問題。因此，繼續向前推進。

And then on the lessons learned, I think just reiterating what Mike and Calvin said, but also the multiyear plans, what we highlighted from our perspective is that multiyear plans have provided strong alignment with state policy and alignment of what we're investing while also keeping our distribution rates in the first quartile. So it's been a good mechanism in terms of delivering but also keeping the distribution rates competitive.

然後關於經驗教訓，我想只是重申麥克和卡爾文所說的話，但也有多年期計劃，從我們的角度來看，我們強調的是，多年期計劃與國家政策以及我們的投資保持了強有力的一致性，同時也保持了我們的分配率在第一四分位數。因此，從交付角度來說這是一個很好的機制，並且能夠保持分銷率的競爭力。

And multiyear plans are not unique to Maryland, two-third of jurisdictions use them or some similar type of sharing mechanism. We like the three-year timeframe, but are flexible on that. And I think there's a lot to be said about historic test years, honestly creating more work and being less effective on the cost control. And that's the piece that I think is so important right now.

多年期計畫並非馬裡蘭州獨有，三分之二的轄區都採用此類計畫或類似的共享機制。我們喜歡三年的時間框架，但對此可以保持彈性。我認為歷史上的測試年份有很多值得說的地方，老實說，這會增加工作量，而成本控制效果會降低。我認為這就是現在非常重要的部分。

If you think about affordability, as you think about delivering value for the customers, when you have a forward-looking plan, the ability to lock in long-term contracts the ability to align your workforce, the ability to plan ahead is what allows a company like Exelon to deliver that O&M growth rate of 2% to 2.5% in a period of rising inflation.

如果您考慮可負擔性，當您考慮為客戶提供價值時，當您有一個前瞻性計劃時，鎖定長期合約的能力，協調勞動力的能力，提前規劃的能力使得像 Exelon 這樣的公司能夠在通膨上升的時期實現 2% 到 2.5% 的 O&M 增長率。

So we think these types of mechanisms provide a lot of benefits, which is what we continue to highlight and that lessons learned. We also expect the lessons learned to be completed in the first half of this year, and then we would kind of have that clarity moving forward for our next rate filing.

因此，我們認為這些類型的機制提供了許多好處，這也是我們不斷強調的、所學到的教訓。我們也預計，所學到的教訓將在今年上半年完成，然後，我們將為下一次利率申報提供清晰的思路。

That's very helpful. We'll look for those data points in the first half. Then just switching gears, a lot of focus also on the [205 with FERC], maybe just update us what are your latest thoughts? Are there any discussions with stakeholders and what to expect as the 24th, -- the February 24 data soon approaching?

這非常有幫助。我們將在上半部分尋找這些數據點。然後換個話題，許多焦點也集中在[205 與 FERC]上，也許只是向我們更新您的最新想法？是否與利害關係人進行過討論，並且隨著 2 月 24 日的數據即將到來，會發生什麼？

Absolutely. I have Colette Honorable, who is our Chief Legal Officer, here with us. Colette, would you like to lean into that?

絕對地。我們的首席法律官科萊特·尊敬的女士也和我們在一起。科萊特，你願意靠近一點嗎？

Thank you, and thank you for the question. As you may be aware, we are still awaiting a decision. And to your point, we continue to talk with a number of stakeholders, including PJM to find forward-looking solutions that work well for our customers and for investors.

謝謝，也感謝您的提問。您可能知道，我們仍在等待決定。正如您所說，我們將繼續與包括 PJM 在內的許多利益相關者進行對話，以找到對我們的客戶和投資者都有效的前瞻性解決方案。

We are awaiting a decision in the 205 docket, and we hope to get a good result. We have been a leader on these issues and bringing issues around resource adequacy and energy security to the forefront. We appreciate the leadership from our states, from our governors. We appreciate the way that PJM has been leaning in with a number of proposals and reforms.

我們正在等待 205 案卷的裁決，希望得到一個好的結果。我們在這些問題上一直處於領先地位，並將資源充足性和能源安全問題放在首位。我們感謝各州、各州長所扮演的領導角色。我們讚賞 PJM 提出的一系列建議和改革。

And if I might mention for your edification, we received a word from FERC of two approvals of reform efforts, one relating to shovel-ready projects. That's in docket ER 25-712, really making sure that objects that are shovel-ready are moving to the forefront. We were very supportive of that reform. And then in ER 25-778, the surplus interconnection service docket which really helps to ensure that it's easier to add more generation to existing sites for generators, that one was approved as well.

為了便於您理解，我可以提一下，我們收到了聯邦能源管理委員會 (FERC) 的通知，批准了兩項改革措施，其中一項與「準備就緒」的項目有關。這在案卷 ER 25-712 中有所提及，真正確保那些準備開工的項目能夠被放在最前面。我們非常支持這項改革。然後在 ER 25-778 中，剩餘互連服務文件確實有助於確保更容易在現有發電機站點上增加更多發電量，該文件也獲得了批准。

So we are seeing FERC being helpful here. We're going to continue to lean in and lead and we're hopeful about a positive result in the 205 are also, at the same time, continuing the work to engage with stakeholders. These customers are protecting us.

因此，我們看到 FERC 在這裡發揮了幫助作用。我們將繼續發揮引領作用，對 205 取得正面成果抱持希望，同時繼續努力與利害關係人接觸。這些顧客正在保護我們。

As you heard from Calvin and Jeanne with unprecedented low growth needs and that creates unprecedented opportunity. So we'll continue to work with all involved in a way that meets the needs of our customers, focuses on energy security and affordability while protecting the interest of investors.

正如您所聽到的 Calvin 和 Jeanne 所說的那樣，前所未有的低成長需求創造了前所未有的機會。因此，我們將繼續與所有相關方合作，滿足客戶的需求，並專注於能源安全和可負擔性，同時保護投資者的利益。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

I hope everyone is doing well. So just one quick clarification. Slide 18, just when we think about the growth into '27, is that just year-over-year off prior year '26 midpoint? Is that the way to think about that? If you could comment on that?

我希望每個人都一切順利。因此我只想快速澄清一下。投影片 18，當我們想到 27 年的成長時，這僅僅是與 26 年中點相比的同比增長嗎？是這樣思考的嗎？您能對此發表評論嗎？

Yeah. That's the way to think about it, Nick. We just -- we try to give you kind of the year-over-year. We always go back to the midpoint of guidance. So if you're thinking about this slide in totality, right, this is really about how do you grow -- how does Exelon grow from 2024 midpoint of 245 through 2028 on a year-by-year basis such that we get to that midpoint or better of the 5% to 7% over that four-year period.

是的。尼克，就這樣思考吧。我們只是——我們試圖給你同比的數據。我們總是回到指導的中間點。因此，如果您從整體上考慮這張幻燈片，那麼，這實際上是關於您如何增長 - Exelon 如何從 2024 年的中點 245 逐年增長到 2028 年，以便我們達到該中點或更好的 5％到 7％在這四年期間。

And then I know legislation has been kind of a priority in Maryland from stakeholders. And I was wondering if you can kind of comment on what you would kind of expect there. But also just -- what's your expectations in Pennsylvania as it relates to solving for a generation and rate-based solution or some type of other capacity arrangement with the state that could alleviate the congestion there.

我知道立法一直是馬裡蘭州利益相關者優先考慮的事情。我想知道您是否可以評論一下您在那裡期待什麼。但是，您對賓州的期望是什麼？

Yeah. No problem, Nick. I will start off and then I have with me, Carim Khouzami, who is the CEO of BGE and of course, we have Dave Velazquez with us as well, who is the CEO of PECO that can add on. But let me just share with you, as I said in my opening statement, we have over 45 bills that we're actively working across all of our jurisdictions. All with a focus on ensuring affordability, energy security and adequate generation. I mean that's resource adequacy in those lines is first and foremost.

是的。沒問題，尼克。首先由我來發言，然後是 BGE 的執行長 Carim Khouzami，當然，還有 PECO 的執行長 Dave Velazquez，可以補充發言。但讓我與你們分享的是，正如我在開場陳述中所說，我們有超過 45 項法案正在所有管轄範圍內積極推進。所有這些都是為了確保可負擔性、能源安全和充足的發電。我的意思是，這些方面的資源充足性是首要的。

Having said that, several pieces of legislation proposes changes to regulatory and planning processes, including implementing distribution planning expedited review of certain clean energy generation and creating a new integrated resource planning office. And by our footprint, we're looking at best practices that are being suggested in one jurisdiction and how do we employ that or share that information with our other jurisdictions.

話雖如此，有幾項立法提議改變監管和規劃流程，包括實施某些清潔能源發電的配電規劃快速審查，並創建一個新的綜合資源規劃辦公室。根據我們的足跡，我們正在研究一個司法管轄區內建議的最佳實踐，以及如何採用這些實踐或與其他司法管轄區分享這些資訊。

So I'm going to stop there and let Carim talk about what's happening in Maryland, why, I think there's over 20 bills to date that you're tracking.

所以我就到此為止，讓卡里姆談談馬裡蘭州發生的事情，為什麼，我認為到目前為止你正在追蹤超過 20 項法案。

There is, Calvin, and thank you, and I would just echo what Calvin said. Right now, in Annapolis here in Maryland, there's a lot of attention being made on how do we deal with the resource adequacy issue, energy security issue here in Maryland.

是的，卡爾文，謝謝你，我只是想重複卡爾文所說的話。目前，在馬裡蘭州安納波利斯，人們非常關注如何處理馬裡蘭州的資源充足性問題和能源安全問題。

As a reminder, Maryland currently imports about 40% of its power from out of state. That is something that the legislation, the governor and many others are very focused on trying to see what we can do to incent generation to be built in the state.

提醒一下，馬裡蘭州目前約有 40% 的電力從州外進口。立法機構、州長和其他許多人都非常關注這一點，試圖了解我們能採取哪些措施來激勵該州建造發電廠。

The approach that's being taken is more of an all of the above approach. They're looking at various different fuel types, various different ways to incent to try to get generation built here in the next few years so that we can increase the amount of in-state capacity.

正在採取的方法更多是上述所有方法。他們正在研究各種不同的燃料類型、各種不同的激勵方式，嘗試在未來幾年內在這裡建造發電廠，這樣我們就可以增加州內發電容量。

As BGE and PECO Holdings, we're very involved in all those discussions. We're very supportive. We agree with the state that we need to build more in-state generation to relieve some of the pressures that we have on the Slide 5 of the bill. So again, that's something that we're looking at tracking closely and working closely with all stakeholders.

作為 BGE 和 PECO Holdings，我們積極參與所有這些討論。我們非常支持。我們同意州政府的意見，我們需要建造更多的州內發電廠，以緩解法案第 5 條所面臨的一些壓力。所以，這是我們正在密切關注並與所有利害關係人密切合作的事情。

And Nick, you also asked about Pennsylvania, and I know there's two active bills currently addressing the resource adequate issue and Dave Velazquez, you want to share your thoughts?

尼克，您也詢問了賓州的情況，我知道目前有兩項法案正在解決資源充足問題，戴夫·維拉斯奎茲，您想分享一下您的想法嗎？

Yes, this is Dave. Good morning, everybody. [PAS] like other states like Maryland has been very active. You've seen that the PUC has held technical conferences on this issue. As you know, Governor Shapiro has been very active in working with PJM to address this issue.

是的，這是戴夫。大家早安。 [PAS] 和馬裡蘭州等其他州一樣非常活躍。您已經看到，公共事業委員會已經就此議題召開了技術會議。如您所知，夏皮羅州長一直積極與 PJM 合作解決這個問題。

And all the companies in Pennsylvania as well have been active in trying to work with all the stakeholders to come up with I'll say, alternatives, if necessary, to the PJM capacity markets to ensure that we continue to have adequate generation.

賓州的所有公司也都在積極嘗試與所有利害關係人合作，提出 PJM 容量市場的替代方案（如果有必要），以確保我們繼續擁有足夠的發電量。

And some of the things that have been mentioned to include longer-term contracts. They include utility build. Some of those things will require legislation. And I think it will be an active session legislatively around those issues as well as both in the House and Senate lawmakers are concerned about some of the same issues.

其中一些已經提及的事情包括長期合約。它們包括實用程式建置。其中一些事情需要立法。我認為這將是圍繞這些問題的積極立法會議，因為眾議院和參議院的立法者都關心一些相同的問題。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies

Appreciate it. Go Birds. Just coming back a couple of different things here quickly. Absolutely. Just with respect to -- I know Durgesh was trying to get at this a second ago about the prospects. But just to say explicitly, how do you think about settlements abilities here.

非常感謝。去吧，鳥兒們。很快回到這裡，談論一些不同的事情。絕對地。只是尊重——我知道杜爾格甚剛才正在試圖談論前景。但只是明確地說，您如何看待這裡的定居點能力。

I mean, I know there's a few different dockets, a few different efforts afoot with respect to PJM policy and [colocation]. Is there an ability to settle that out and kind of side step maybe a more protracted effort considering all this discussion about the kind of power?

我的意思是，我知道在 PJM 政策方面，有幾個不同的案卷，幾個不同的努力正在進行中，[主機託管]。考慮到有關權力類型的所有討論，是否有能力解決這個問題並避免可能更為曠日持久的努力？

And then related (inaudible) I'll sort them tied to data centers. How do you think about these deposits here in as much as -- that seems like a wider industry trend and certainly is an offset to rate base growth and certainly could accelerate through the course of this year. So is there any kind of [heuristic] you'd offer as you continue to see some developments on data centers and how much that could sort of [could have netting] effect to near your rate base, if you will.

然後相關的（聽不清楚）我會對它們與資料中心進行分類。您如何看待這些存款？ 這似乎是更廣泛的行業趨勢，並且肯定會抵消利率基礎增長，並且肯定會在今年加速。那麼，當您繼續看到資料中心的一些發展時，您是否可以提供任何類型的[啟發式]，以及這種發展可能對接近您的費率基礎產生多大程度的[淨額]影響，如果您願意的話。

Thank you, Julien. Let me make sure I capture the essence of the two-part question. One was talking about settlements as it relates to the activity that may be going on at the FERC level and so forth. And the second was really focusing in on deposits that customers are giving around data center growth. And if can that spur additional development and growth moving forward.

謝謝你，朱利安。讓我確保我抓住了這兩個部分問題的本質。其中一個是在談論與聯邦能源管理委員會層級可能正在進行的活動相關的和解問題，等等。第二個真正關注的是客戶圍繞著資料中心成長而提供的存款。這是否能刺激未來的進一步發展和成長。

On the first piece, let me just share, and then I'm going to turn it to Jeanne, is that we always are looking out for the best interest of our customers and having active discussions with all parties involved. We are never going to believe that we always are sitting back and can't come to some type of resolution and keep moving it forward. But we have some tenants that we're holding on to because it's around affordability for our customers and that the grid is being shared by everyone. So everyone should bear some of those costs.

關於第一點，讓我先分享一下，然後我會把它交給珍妮，那就是我們始終關注客戶的最大利益，並與所有相關方進行積極的討論。我們永遠不會相信我們總是袖手旁觀，無法達成某種解決方案並繼續前進。但我們仍保留一些租戶，因為這關係到我們客戶的負擔能力，電網是大家共享的。所以每個人都應該承擔部分成本。

So having said that, I'm going to turn it to Jeanne to give you any additional insight.

話雖如此，我將把話題轉到珍妮 (Jeanne) 身上，以便為你們提供更多見解。

Yeah. I think on the first one, Julien, I would just -- the word settlement is used, but I think of it more as like do we partner with stakeholders? Absolutely. So all -- the 205s are about seeking clarity and a point where there was differing views on network load and other things. And so getting those 205s filed, words about getting clarity while this concept is discussed, right?

是的。我認為第一個問題，朱利安，我只是想——使用了解決這個詞，但我認為它更像是我們是否與利益相關者合作？絕對地。所以，205 號文件的目的是為了尋求清晰度以及對網路負載和其他方面存在不同看法。因此，在討論這個概念時，提交這些 205 項條款以獲得清晰度，對嗎？

And so do we want to work with stakeholders and thinking about what is the right tariff, whether it's the state or federal level, sure. But the 205s are around seeking clarity and getting certainty so that if someone is looking for certainty today, that's the fastest path, right? While that is being discussed at PJM or with our states as it relates to large load.

當然，我們希望與利益相關者合作，思考正確的關稅，無論是州級還是聯邦級。但 205 是為了尋求清晰度和確定性，所以如果有人今天正在尋找確定性，那是最快的途徑，對嗎？雖然 PJM 或我們各州正在討論這個問題，但它與大負荷有關。

And then on the deposits, Yeah, we are seeing meaningful deposits come in as we see meaningful load growth. You look at ComEd, for example, in our driver tables, you can see large our large consumer -- our C&I class is growing 4% weather normal year-over-year. It's real, right? And so as that load comes into the service territory, driving up capital investment but also we get those deposits to protect our other customers to make sure that the load shows up.

然後關於存款，是的，我們看到有意義的存款流入，因為我們看到有意義的負載成長。以 ComEd 為例，在我們的驅動表中，您可以看到我們的大型消費者——我們的 C&I 類別在正常情況下同比增長 4%。這是真的吧？因此，當這些負載進入服務區域時，不僅會推高資本投資，而且我們還會獲得這些存款來保護我們的其他客戶，以確保負載的出現。

When you look at '24 rate base, just to give you a sort of size of impact, our 2024 rate base was around $400 million lower. So relative to our last disclosure. The large majority of that was deposits. And so to your point, it does reduce rate base, but it's all a good thing, right? It's good for our customers that we're protecting them with the deposits, and it's a signal that there is more investment that we need to do to accommodate this new load, which is really exciting, right?

當您查看 24 年利率基數時，為了讓您了解影響的規模，我們的 2024 年利率基數降低了約 4 億美元。與我們上次披露的情況相比。其中絕大部分是存款。所以正如您所說，它確實降低了利率基礎，但這都是一件好事，對嗎？我們用存款來保護客戶，這對客戶來說是件好事，而且這也表明我們需要進行更多投資來適應這一新負擔，這真的令人興奮，對吧？

We also added a disclosure in the back that shows our historical load while growth was growing, our net load was declining due to energy efficiency and solar things and investments.

我們還在後面添加了一個披露信息，顯示我們的歷史負荷在增長的同時，由於能源效率、太陽能和投資，我們的淨負載正在下降。

Now you look forward, our gross and net load is growing somewhere between 1% to 2%. So exciting development in terms of economic development, but the deposits, that's how they show up, and that's kind of the order of magnitude we saw in '24 as an example.

現在你展望一下，我們的總負荷和淨負荷將以 1% 到 2% 之間的速度成長。就經濟發展而言，這是令人興奮的發展，但存款就是這樣出現的，這就是我們在 24 年看到的數量級。

And Julien, if I can add something to Jeanne. We shared with you on our last call we don't even put anything into our LRP forecast until certain actions are taken by these developers. One, we look at the purchase of real estate; two, we look at, hey, are you putting in skin in the game in terms of developing plans; or three, putting down a deposit and then and only then do you see us actively start integrating this into our plan.

還有朱利安，如果我可以補充一些事情給珍妮的話。我們在上次電話會議上與您分享了這一點，在這些開發人員採取某些行動之前，我們甚至不會將任何內容放入我們的 LRP 預測中。第一，我們看房地產的購買；二，我們要看，嘿，你是否在製定計劃方面投入了精力？或者第三，支付定金，然後，只有這樣，你才會看到我們積極地開始將其納入我們的計劃。

And that's why you see the load growth that we've projected to you that we've done -- shown on the slide, really adding up because once they put those take some actionable steps, we then included into our plan.

這就是為什麼您會看到我們向您預測的負載成長 — — 投影片上顯示的是真正的成長，因為一旦他們採取了一些可行的步驟，我們就會將其納入我們的計畫。

Right. They basically said, for as much as you might see an acceleration in these deposits through the course of this year as some of this load materializes, you may very well see a corresponding increase or even net increase through the forecast period as that load is subsequently incorporated in your forecast.

正確的。他們基本上是說，隨著部分負載的實現，您可能會在今年看到這些存款的加速增長，但隨著這些負載隨後被納入您的預測中，您很可能會在預測期內看到相應的增加甚至是淨增加。

There's no net decline here, you actually include the future CapEx opportunity in parallel of those deposits. So you shouldn't necessarily see this being any kind of reduction through the course of the year, you haven't gotten ahead of yourself and including that load. It all happened in parallel?

這裡沒有淨下降，實際上你把未來的資本支出機會與這些存款同時包括進去了。因此，您不一定會認為這一數字在全年會有任何減少，您並沒有超前考慮這一負荷。一切同時發生的？

Excellent. Awesome. And does it speak to any greater confidence of these data points materials, I know that there haven't been any kind of flashy data center press release should we say. But these deposits presumably bode well and favorably for ongoing activities here. Should we expect any kind of more explicit disclosures as we work our way through the course of this year, especially given some of these, as you say, fruitful deposit there?

出色的。驚人的。這是否說明對這些數據點材料的信心更大？ 我知道，我們應該說，還沒有任何華而不實的數據中心新聞稿。但這些沉積物可能預示著這裡正在進行的活動將順利進行。在今年的發展過程中，我們是否應該期待任何更明確的披露，特別是考慮到其中一些，正如您所說，那裡有豐碩的存款？

Yeah. We do have one slide where we try to put kind of our recent wins. So Slide 19 in the Appendix where you can see some of the recently announced data center projects that typically the operating company or the company does do a press release on.

是的。我們確實有一張幻燈片，上面嘗試展示我們最近的勝利。因此，在附錄的第 19 張投影片中，您可以看到一些最近宣布的資料中心項目，通常營運公司或公司會發布新聞稿。

But we tried to give you some insight here. We have over 200 online data centers today. I talked about ComEd's year-over-year growth. But if you look at the chart on that side and the top left, you can also see just in the last couple of years, we've had a 24% CAGR over the last couple of years in terms of megawatts online.

但我們試圖在此為您提供一些見解。我們目前有 200 多個線上資料中心。我談到了 ComEd 的同比增長。但如果你看一下那邊左上角的圖表，你還會發現，就在過去幾年裡，我們在線上兆瓦數的複合年增長率達到了 24%。

So it's real in terms of the number of data centers online in our territories. It's real when you look at the load year-over-year on a weather-normal basis. It's real when you look at the pipeline that we see growing. And as Calvin mentioned, it's a pipeline that we only talk about ones that are -- what we would call greater than 80% probable because of the financial commitments that they've made.

因此，就我們領土內線上資料中心的數量而言，這是真實的。如果以天氣正常為基礎來觀察逐年負荷情況，就會發現這是真的。當你看到我們所看到的不斷增長的管道時，這是真實的。正如 Calvin 所提到的，我們只討論那些因為他們所做的財務承諾而可能性超過 80% 的管道。

So it's an exciting time. I think it's -- we see this trend continuing, but I think we're going to be prudent about it and always focus on affordability and think about our other 10.5 million customers, too. And that's where something like the deposit shows up and our activity at FERC as we think about just an equitable transition to this higher load growth as well.

這是一個令人興奮的時刻。我認為——我們看到這種趨勢會持續下去，但我認為我們會對此保持謹慎，始終關注可負擔性，同時也考慮我們的其他 1050 萬客戶。這就是存款之類的東西出現的地方，也是我們在聯邦能源管理委員會 (FERC) 的活動，因為我們也在考慮公平地過渡到這種更高的負載成長。

Steve Fleishman, Wolfe.

史蒂夫·弗萊什曼，沃爾夫。

So just maybe following up on that last topic a little bit. I guess, specifically, this was a topic in the Illinois grid plan on large loads. Could you give us -- and I think they kind of pulled out the capital for that, what you're expecting. Can you give us maybe some info on what you have for the Illinois large loads in the capital plan?

因此也許我們只是稍微討論一下最後一個話題。我想，具體來說，這是伊利諾州電網規劃中關於大負載的主題。您能否告訴我們—我認為他們已經為此投入了資金，您有何期待？您能否向我們提供一些有關伊利諾伊州資本計劃中巨額負擔的信息？

Absolutely. Jeanne?

絕對地。珍妮？

And then related -- yeah, go with that first, yeah.

然後相關 - 是的，先從這個開始，是的。

Sure. Okay. So yeah, so on the grid plan, all distribution and what we had there was about $400 million -- a little over $400 million of capital that was not approved. But in the remarks on the grid plan, they commented, right, that this can be fully reconcilable through the annual reconciliation should ComEd's forecast be correct, which we believe it is.

當然。好的。是的，在電網計劃中，所有分配以及我們所擁有的資金約為 4 億美元 - 略高於 4 億美元的資金未獲批准。但是在關於電網計劃的評論中，他們評論說，如果 ComEd 的預測是正確的，那麼這可以透過年度核對完全解決，我們相信這是正確的。

And so that's sort of the magnitude on the distribution side. And then when you look at on the transmission side, ComEd was at about $1 billion plan over plan on the transmission side relative -- and it's really driven by this high-density load and the megawatts that we see coming online in the service territory.

這就是分佈方面的量級。然後，當您從傳輸方面來看，ComEd 在傳輸方面的計劃比計劃高出約 10 億美元 - 這實際上是由這種高密度負載和我們在服務區域內看到的上線兆瓦數所驅動。

And is there a way to -- related to that, is there a way to take some of the data center gigawatt data that you're getting and tie it into some level of CapEx per gigawatt or I know that's -- everything is different, but just is there some.

有沒有辦法 - 與此相關，有沒有辦法將您獲得的一些數據中心千兆瓦數據與每千兆瓦的一定程度的資本支出聯繫起來，或者我知道 - 一切都不同，但就是有一些。

Yeah. To your point, because every project is different. And of course, we always try to do it in the most efficient way. So we work with our customers to say, how much do you need? Where do we have capacity? And so there could be very minimal investment need as we work to sort of find those sweet spots for our customers when we think about our entire customer base.

是的。正如您所說，因為每個項目都是不同的。當然，我們總是嘗試以最有效的方式去做這件事。因此，我們會與客戶溝通，詢問他們需要多少？我們的能力在哪裡？因此，當我們考慮整個客戶群時，當我們努力為客戶找到那些最佳點時，投資需求可能會非常小。

And then there's others that depending on their ramp and how much they need and where they want to be located, there could be capital investment needed. So hard to do a rule of thumb.

還有一些其他的，這取決於他們的坡道、他們需要多少以及他們想要位於何處，可能需要資本投資。很難遵循經驗法則。

I would say, again, that's how we kind of always point back to just the percentage of transmission as we think about the 4-year plan and how that shows up. And again, $3.5 billion for this four-year period, 80% of that is transmission, really driven by these high-density load centers coming in and the economic development we're seeing across the territories.

我想說，當我們考慮四年計畫以及它如何實現時，我們總是會回顧傳播的百分比。再說一次，這四年的 35 億美元中， 80% 用於輸電，這實際上是由這些高密度負載中心的進入和我們在各個地區看到的經濟發展所推動的。

Okay. One last question. Just the new FERC Chair, Christie, was, I think, quoted last week saying you'd have more clarity on their policy on the colocation in the near future. Do you think that will be in your 205 case? Or what of the several cases is likely forum to have clarity?

好的。最後一個問題。我認為，新任聯邦能源管理委員會主席克里斯蒂上週曾表示，在不久的將來，你將對他們的主機託管政策有更清晰的認識。您認為這會出現在您的 205 案例中嗎？或者哪幾種情況最有可能在論壇上明確？

Yeah, Steve, and to your point, I think clarity is the keyword there and what we're driving for and seeking and Colette and her team are working regularly with FERC and others. So Colette, would you like to elaborate?

是的，史蒂夫，對於你的觀點，我認為清晰度是關鍵字，也是我們所追求和尋求的，科萊特和她的團隊正在定期與聯邦能源管理委員會和其他機構合作。那麼 Colette，您願意詳細說明一下嗎？

Thank you. Good morining, Steve, we, too, are interested in this clarity. So we're pleased to see the Chairman now a month plus in the role really focusing on this. Look, the great news is that we are all focused on this issue.

謝謝。早安，史蒂夫，我們也對這種清晰度感興趣。因此，我們很高興看到主席上任一個多月來一直專注於此。看，好消息是我們都關注這個問題。

We all recognize this time we're in, and we all want to be prepared to meet the demands of our customers and the needs of all of our customers as quickly as we can. So as we mentioned earlier, the decision on the 205 could be any tone but by February 24. So it could be as soon as that and there could be some decision on any of the other pending dockets.

我們都意識到我們處於這個時代，我們都希望盡快做好準備，滿足我們客戶的需求和所有客戶的需求。因此，正如我們之前提到的，有關 205 的決定可能會以任何方式做出，但不能晚於 2 月 24 日。因此可能會盡快對其他懸而未決的案件做出決定。

We are looking forward to getting the clarity and more importantly, you can count on us to continue engaging. This is an exciting time and we look forward to supporting our customers, all of them, today and in the future.

我們期待獲得明確的答案，更重要的是，您可以信賴我們繼續參與。這是一個激動人心的時刻，我們期待現在和將來為所有客戶提供支援。

Shar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shar Pourreza。

Just real quick, I know there's a lot going on this morning, but just a question on CMC and the status of it. Is there any sort of progress of conversations with IPA and other stakeholders on managing that roll off? Anything we should be watching, I guess, in the coming months from the public side that could indicate progress, legislative solution as the governor involved, et cetera?

很簡單，我知道今天早上有很多事情要做，但我只想問一個關於 CMC 及其狀態的問題。與 IPA 和其他利害關係人在管理該滾轉方面的對話有何進展？我想，在接下來的幾個月裡，我們應該從公眾角度關注任何可以表明進展的事情，例如州長參與的立法解決方案等等？

Jeanne, please.

請叫我珍妮。

Yeah, I think Illinois just like all of our other states, right, as they think about energy security, the CMCs are a unique thing for sure, right? And they go through '27, which is actually quite nice when you think about the next capacity auction being -- coming in prior to that.

是的，我認為伊利諾伊州和我們其他州一樣，在考慮能源安全時，CMC 肯定是獨一無二的，對吧？而且他們已經通過了 27 年，如果你考慮到下一次容量拍賣會在那之前進行的話，這實際上是相當不錯的。

But the CMCs are not a perfect hedge either, right? They're more so on the energy side and less on the capacity. So our customers in ComEd are already seeing some of that capacity increase during this time period.

但CMCs也不是一種完美的對沖工具，對嗎？他們更注重能源方面，而不是容量方面。因此，我們在 ComEd 的客戶已經看到了這段時間內部分產能的增加。

But I guess from our perspective, we look at it no different than any of our states and how we're leaning into the energy legislation to provide solutions. Illinois is unique in that they have the IPA. And so they'll do their thing, and they'll think about how they want to procure.

但我想從我們的角度來看，我們對此的看法與我們任何一個州的看法沒有什麼不同，我們都依靠能源立法來提供解決方案。伊利諾伊州的獨特之處在於其擁有 IPA。所以他們會做自己的事情，並思考如何進行採購。

But we'll be there to help support from a customer lens perspective, and do all everything we can to ensure that what we're looking for what our customers need is definitely the reliable generation but stable and predictable energy and capacity prices that allow them to run their businesses and meet their home and family needs.

但我們會從客戶的角度提供支持，竭盡全力確保我們正在尋找的客戶所需要的確實是可靠的發電，但穩定且可預測的能源和容量價格，使他們能夠開展業務並滿足家庭需求。

So I guess we just -- Illinois is no different than the other states that we're working with. We've got to find solutions at PJM on the capacity market. Colette talked about that. We're very supportive of some of the solutions that they provided and pleased to see that FERC has already approved a couple of them.

所以我想我們只是——伊利諾伊州與我們合作的其他州沒有什麼不同。我們必須在 PJM 的容量市場上找到解決方案。科萊特談到了這一點。我們非常支持他們提供的一些解決方案，並很高興看到聯邦能源管理委員會已經批准了其中幾個方案。

But we're also supporting our states, Illinois included, that are looking at a variety of options. It could be looking at capacity obligation for a large load. It could be looking at state procurements. It could be looking at state-integrated resource plans.

但我們也支持包括伊利諾州在內的各州考慮各種選擇。它可能正在考慮大負載的容量義務。它可能正在審查國家採購。它可能正在研究國家綜合資源計劃。

So a lot of options on the table. But what we're most pleased about is those options are being considered and states are moving with a sense of urgency. And so Illinois is no different than the other states focused on this.

因此，有很多選擇。但最讓我們高興的是，這些選擇正在被考慮，各州也正在緊急採取行動。因此，伊利諾伊州與其他關注這一問題的州沒有什麼不同。

Got it. And then just lastly, we haven't had an update on Artificial Island discussions with PSEG, or have you done any work on bill impact if Artificial Island went behind the meter for Atlantic City Electric customers? And if it's a side of the meter deal or a quasi front of the meter deal, how should we think about how quickly a DC can connect to that system?

知道了。最後，我們還沒有收到有關人工島與 PSEG 討論的最新消息，或者您是否針對人工島為大西洋城電力客戶安裝電錶後對賬單的影響做過任何研究？如果這是電錶側面交易或準電錶前端交易，我們應該如何考慮 DC 能夠多快連接到該系統？

Yeah. I would say we haven't -- I think in our 205s, we had some examples of what the impact could be in terms of a cost allocation and so I would just point to that. But at the end of the day, I'll just reiterate, we're not against co-location.

是的。我想說的是，我們還沒有——我認為在我們的 205 中，我們有一些關於成本分配方面可能產生的影響的例子，所以我只想指出這一點。但最終我只想重申，我們並不反對共置。

We are -- what we have always said is that the principles are, we believe it's network load and that the right cost allocation should be in place. So not against it. It's not something that -- as long as it's network load and we have the right cost allocation, it's -- remains economic development to our service territories is always something we're supportive of.

我們一直說的原則是，我們認為這是網路負載，並且應該有正確的成本分配。所以不反對。只要是網路負載並且我們有正確的成本分配，我們服務區域的經濟發展就始終是我們支持的事情。

Got it. So I guess, Jeanne, the question is can you connect the DC pretty quickly on the Atlantic City Electric system? Is there any speed to market issues? Is there open capacity there? Or do they have to sit on a long interconnection queue?

知道了。所以我想，珍妮，問題是你能否在大西洋城電力系統上快速連接直流電？是否有上市速度問題？那裡有空位嗎？或者他們必須坐在長長的互連隊列中？

Mike?

麥克風？

Yeah. I mean, I would say, I mean specifically, it really depends upon what they will locate there. I think for all of our connections wherever we're talking, whether it's Artificial Island or anywhere in our system, we certainly look for where there's capacity.

是的。我的意思是，我想說，具體來說，這真的取決於他們將在那裡找到什麼。我認為，對於我們談論的所有連接，無論是人工島還是我們系統中的任何地方，我們當然都會尋找有容量的地方。

We look for their ramp-up. We look to make sure that we do our studies as accelerated as possible to make sure that we understand the impact. I would say in most, I'll say, more in general, in almost all of our discussions with our different customers that are coming to look to states, we're almost always able to find a way that meets their time needs. Again, a lot of it gets into how much load, how quickly a load they want to ramp up and we're finding ways to work creatively with them and accommodate that.

我們期待他們的進步。我們希望確保我們的研究盡可能加快，以確保我們了解其影響。我想說，在大多數情況下，更一般地說，在我們與前來考察的不同客戶的幾乎所有討論中，我們幾乎總是能夠找到滿足他們時間需求的方法。再次強調，這很大程度上涉及負載的多寡、他們想要以多快的速度增加負載，而我們正在尋找與他們進行創意合作的方法並適應這一點。

Congrats, Calvin and Jeanne on the results, very good results.

恭喜 Calvin 和 Jeanne 的成績，非常好的成績。

Thank you, Shahriar.

謝謝你，Shahriar。

Thank you, Shahriar.

謝謝你，Shahriar。

At this time, I would now like to turn the call back to Calvin Butler for closing remarks.

現在，我想請卡爾文·巴特勒作結束語。

Thank you, all again, for your steady support of Exelon. I think Shahriar captured that when he congratulated Jeanne and I, let me just congratulate the 20,000-plus Exelon employees because of all the hard work you put in 2024 was a successful year.

再次感謝大家對 Exelon 的堅定支持。我認為，當 Shahriar 祝賀 Jeanne 和我時，他已經意識到了這一點，讓我也祝賀 Exelon 的 20,000 多名員工，因為你們在 2024 年付出了辛勤的努力，因此這是成功的一年。

We are very excited about the year ahead, which brings unprecedented opportunity for us to continue to lead this energy transformation with our jurisdictions and continue to provide long-term value for all stakeholders. We look forward to engaging with you in the months ahead.

我們對未來的一年感到非常興奮，這為我們帶來了前所未有的機遇，讓我們繼續在我們的管轄範圍內引領能源轉型，並繼續為所有利益相關者提供長期價值。我們期待在未來的幾個月與您合作。

And Michelle, that concludes our call.

米歇爾，我們的通話到此結束。

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

感謝今天所有參與者的參與。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。