艾索倫電力 (EXC) 2025 Q1 法說會逐字稿

Welcome to Exelon first quarter earnings call. My name is [Lateef], and I will be your event specialist today.

歡迎參加 Exelon 第一季財報電話會議。我的名字是 [Lateef]，今天我將擔任您的活動專家。

(Operator Instructions)

（操作員指示）

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。現在輪到你了。

Thank you, Lateef. And good morning, everyone. Thank you for joining us for our 2025 first quarter earnings call.

謝謝你，拉蒂夫。大家早安。感謝您參加我們的 2025 年第一季財報電話會議。

Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; Jeane Jones, Chief Financial Officer; and 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.

今天主持電話會議的是 Exelon 總裁兼首席執行官 Calvin Butler； Jeane Jones，首席財務官；以及 Exelon 公司高級管理團隊的其他成員今天也來到了我們現場。在我們發表完準備好的發言後，他們將回答您的問題。

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 materials contain forward-looking statements, which are subject to risks and uncertainties.

今天的簡報以及我們的收益報告和其他財務資訊可以在 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。

You can find the cautionary statements on these risks on slide 2 of today's presentation are in our SEC filings. In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures.

您可以在今天的簡報的第二張投影片上找到有關這些風險的警示聲明，這些聲明均在我們的 SEC 文件中找到。此外，今天的演示中還提到了調整後的營業收入和其他非公認會計準則指標。

Reconciliations between these measures in the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release.

在我們的簡報附錄和收益報告中找到這些指標與最接近的 GAAP 指標之間的對帳。

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

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

Thank you, Andrew. And good morning, everyone. We appreciate you joining us for our first quarter earnings call. 2025 is off to a good start.

謝謝你，安德魯。大家早安。感謝您參加我們的第一季財報電話會議。 2025年開局良好。

We are reporting operating earnings of $0.92 per share, representing strong growth over the first quarter of 2024 and ahead of expectations, which keeps us on track to deliver on our 2025 operating earnings guidance range.

我們報告的每股營業收益為 0.92 美元，比 2024 年第一季強勁成長，且超出預期，這使我們能夠實現 2025 年營業收益預期範圍。

Reliability and safety performance continues to be very strong as well. Despite a number of high wind events throughout the winter months that challenged our operators who remain the best in the business. Comment on Pepco Holdings are projecting top decile auto frequency and duration performance while VGE and PCOR are the top quartile.

可靠性和安全性能也持續保持強勁。儘管整個冬季出現了多次強風天氣，對我們的操作員提出了挑戰，但我們仍然是業內最優秀的。評論 Pepco Holdings 預測汽車頻率和持續時間表現將達到最高十分位數，而 VGE 和 PCOR 將達到最高四分位數。

We have a relatively lower level of base rate case activity this year and our two open rate cases remain on track at Atlantic City Electric and Delmarva Power, which [Jim] will cover in her remarks.

我們今年的基本利率案件活動水準相對較低，大西洋城電力公司和德瑪瓦電力公司的兩起未結利率案件仍在繼續審理中，[吉姆]將在她的發言中對此進行介紹。

We have also been actively engaging in a variety of legislative and regulatory reforms to ensure energy policy and keeps pace with the industry and broader economic trends, ensuring reliable and affordable energy for all customers, is critical to our jurisdictions and the nation as a whole as they work to realize their economic and energy policy ambitions.

我們也積極參與各種立法和監管改革，以確保能源政策與行業和更廣泛的經濟趨勢保持同步，確保為所有客戶提供可靠且負擔得起的能源，這對我們的管轄區和整個國家實現其經濟和能源政策目標至關重要。

The first quarter of 2025 has already seen great progress on that front. In Maryland, the legislature passed several energy bills that take important steps around energy security, including prescribing a competitive process, so procure new, dispatchable resources and capacity while providing a path for alternative approaches should they be needed.

2025 年第一季度，這方面已經取得了巨大進展。在馬裡蘭州，立法機構通過了幾項能源法案，在能源安全方面採取了重要措施，包括規定競爭程序，以採購新的可調度資源和產能，同時在需要時提供替代方法的途徑。

They also lay out ambitious goals around developing battery stores at both the distribution and transmission law, offering us and developers further opportunity to shore up the stage energy supply.

他們還制定了在配電和輸電方面開發電池商店的雄心勃勃的目標，為我們和開發商提供了進一步鞏固階段能源供應的機會。

And the state also outline for the first time in [well] the recognition of multiyear plan to construct, prompting a robust discussion that highlighted its merits of increased transparency, planning, and alignment while giving stake was a greater stake and how much and where there should be invested.

而且，該州還首次概述了多年期建設計劃，這引發了激烈的討論，強調了其提高透明度、規劃和協調的優點，同時賦予了更大的股份，並說明了應該投資多少以及在哪裡投資。

We now look to the commission to conclude its multiyear plan lessons learning process so we can move the state for with confidence in meeting its energy and economic goals.

我們現在期待委員會完成其多年計劃的經驗教訓學習過程，以便我們能夠滿懷信心地推動該州實現其能源和經濟目標。

Other states are also considering legislation to address elements of energy policy, including a focus on the energy security and cost allocation implications of large loan growth. We expect to have more share on those sessions as the year advances.

其他州也在考慮立法解決能源政策問題，包括關注大規模貸款成長對能源安全和成本分配的影響。隨著時間的推移，我們期望在這些會議上有更多發言權。

There's been significant activity at the regional and federal level as well. First, PJM has made considerable progress to address the optimal outcomes in its capacity market cap structure. We have been pleased to see that [perk] approved -- for approved a number of solutions put forward by PJM [PS 2055] filings, including its temporary price collar and refinements to its deactivation process.

在地區和聯邦層級也開展了重大活動。首先，PJM 在解決其容量市場上限結構的最佳結果方面取得了長足的進展。我們很高興看到 [perk] 批准了 PJM [PS 2055] 文件中提出的許多解決方案，包括其臨時價格區間和對其停用流程的改進。

We are also encouraged to see the response to its reliability response initiative, which is generated applications with almost 27 gigawatts worth of nameplate capacity. Since February, perk initiated a 206 proceeding requesting that PJM and its transmission owners investigate whether the tariff remains just and reasonable in rates, terms, and conditions of service that apply to co-located arrangements.

我們也很高興看到其可靠性響應計劃的響應，該計劃產生了總容量接近 27 千兆瓦的應用程式。自二月以來，PJM 發起了一項 206 訴訟，要求 PJM 及其輸電業主調查適用於共置安排的費率、條款和條件是否仍然公正合理。

We are pleased with the leadership shown by four and working to resolve off this issue in a timely manner, along with PJM's efforts to meet the aggressive time line to address a very complicated topic. We're also encouraged by the consensus that PJM transmission owners were able to reach on a complex top in such a short period.

我們很高興看到四位領導者表現出的領導力，並努力及時解決這個問題，同時 PJM 也努力在緊迫的時間內解決這個非常複雜的問題。我們也對 PJM 輸電業主能夠在如此短的時間內達到複雜頂峰的共識感到鼓舞。

And we look forward to assisting the industry aligning on a policy that absolutely supports the national crisis, critical issues of energy, security, and economic development. More details on the progress we're making across these forms can be found in our appendix.

我們期待協助業界制定一項絕對支持國家危機、能源、安全和經濟發展等關鍵議題的政策。有關我們在這些形式上取得的進展的更多詳細信息，請參閱附錄。

Maintaining momentum across these policy arenas are key to me the task ahead of us. And we see no abatement and our opportunity for new large loads in our territories.

對我來說，保持這些政策領域的勢頭是我們面臨的任務的關鍵。我們看到，我們的領土上沒有出現任何減排跡象，也沒有出現新的大負荷機會。

The 17-gigawatt pipeline of opportunity that we communicated at our fourth quarter earnings call remains fully intact. We are also conducting advanced studies on an additional 16 gigawatts of high density low, which we anticipate will result in significant incremental commitments from customers upon aligning our investment needs and timing.

我們在第四季財報電話會議上傳達的 17 千兆瓦機會管道仍然完好無損。我們也正在對另外 16 千兆瓦的高密度低容量進行高級研究，我們預計，在調整我們的投資需求和時間安排後，這將帶來客戶的大量增量承諾。

We continue to focus on ways to enhance our process to ensure we are offering unparalleled service to our two new customers in our territories while continuing to ensure existing customers are protected and benefit from the new low.

我們將繼續致力於改進流程，以確保為我們地區內的兩個新客戶提供無與倫比的服務，同時繼續確保現有客戶受到保護並從新的低價中受益。

And the pace of new business seeking to connect to the grid makes it even more critical for stakeholders to collaborate actively and with urgency on policy that balances the common goals of reliability, affordability, and progress towards a cleaner energy future.

隨著新企業尋求連接電網的步伐加快，利害關係人更有必要積極、迫切地合作制定政策，平衡可靠性、可負擔性和邁向更清潔能源未來的共同目標。

We look forward to providing further updates on our new business prospects in future quarters. As a reminder, this is just one of the elements that contributes to our visibility into $10 billion to $15 billion of transmission opportunity beyond our plan.

我們期待在未來幾季提供有關我們新業務前景的進​​一步更新。提醒一下，這只是讓我們能夠預見計劃之外的 100 億至 150 億美元輸電機會的因素之一。

As we laid out in our fourth quarter call, the need for investment in our high voltage network is real and growing. We are proud to have Carim Khouzami, now leading those efforts with his extensive background in commercial, regulatory, and operational roles, ideally suited to industry tailwinds and our unique transmission assets and capabilities.

正如我們在第四季度電話會議上所述，對高壓網路的投資需求是真實存在的，而且還在不斷增長。我們很榮幸能夠擁有 Carim Khouzami，他憑藉在商業、監管和營運方面的豐富經驗領導這些工作，非常適合行業順風和我們獨特的傳輸資產和能力。

I also want to congratulate Tamla Olivier for her promotion to BGE president and CEO for effectiveness leading increasingly large organizations doing her 15-year career here, will continue to ensure BGE's 2 million electric and gas customers receive high-value service. Congratulations to you both.

我還要祝賀 Tamla Olivier 晉升為 BGE 總裁兼首席執行官，她在這裡工作了 15 年，有效地領導了日益龐大的組織，並將繼續確保 BGE 的 200 萬電力和天然氣客戶獲得高價值的服務。祝賀你們倆。

Lastly, I'll remind you of our expectations for our outlook. We reaffirm our plan to invest $38 billion over the next four years for the benefit of our customers that will drive 7.4% rate base growth and be financed with a balanced mix of debt and equity.

最後，我要提醒大家我們對前景的期望。我們重申我們的計劃，在未來四年內投資 380 億美元，造福我們的客戶，這將推動 7.4% 的利率基礎增長，並透過債務和股權的平衡組合進行融資。

In fact, we have been able to derisk a large portion of our financing needs for the year with all of our planned corporate debt issuances completed and 60% of our $700 million annualized equity need price. By earning a fair return on that investment plan, we expect to deliver analyzed -- annualized earning's growth of 5% to 7% through 2028, generating consistent growth and long-term value.

事實上，隨著我們計劃發行的所有公司債都已完成，且 7 億美元年度化股權需求價格的 60% 已得到滿足，我們已經能夠降低今年大部分融資需求的風險。透過從該投資計畫中獲得公平的回報，我們預計到 2028 年，年化收益成長率將達到 5% 至 7%，從而產生持續的成長和長期價值。

I'll now turn to Jane to discuss our financial performance and provide further details on our rate case activity.

現在我將請簡討論我們的財務表現並提供有關我們的費率案例活動的更多詳細資訊。

Thank you, Alan. And good morning, everyone. Today, I will cover our first quarter and five and so updates and progress on our 2025 regulatory activity.

謝謝你，艾倫。大家早安。今天，我將介紹我們第一季和第五季以及 2025 年監管活動的最新情況和進展。

Starting on Slide 5, we present our quarter-over-quarter, adjusted operating earnings stock. Exelon earned $0.92 per share in the first quarter of 2025 compared to $0.58 per share in the same period in 2020, reflecting higher results at $0.24 per share over the same period.

從第 5 張投影片開始，我們展示了季度環比調整後的營業利潤。2025 年第一季度，Exelon 每股收益為 0.92 美元，而 2020 年同期每股收益為 0.58 美元，反映出同期每股收益為 0.24 美元的較高業績。

Earnings are higher in the first quarter relative to the same period last year, primarily driven by $0.14 of new distribution and transmission rates, and in fact, across our jurisdictions. $0.03 of favorable weather at PECO and $0.02 of tax repairs timing, partially offset by $0.03 of higher interest expense due to higher levels of debt at increase interest rate.

第一季的收益與去年同期相比有所增加，這主要得益於 0.14 美元的新配電和輸電費率，事實上，這在我們整個管轄範圍內都是如此。 PECO 的有利天氣帶來了 0.03 美元的損失，稅務修復時機也帶來了 0.02 美元的損失，但由於利率上升導致債務水平上升，利息支出也隨之增加 0.03 美元，這部分抵消了這一影響。

As anticipated, results are also impacted by timing outcome at which totaled nine times the quarter and includes $0.02 due to the lower revenue ramping mission in 2024 as we awaited updated rate from the rehearing order and eventual approval of our [redeveloped] grid plan.

正如預期的那樣，結果也受到時間結果的影響，該結果在本季度總計 9 倍，其中包括 0.02 美元，這是因為我們正在等待重新審理令的更新費率以及我們 [重新開發的] 電網計劃的最終批准，導致 2024 年的收入提升任務較低。

The remaining $0.07 due to a year-over-year revenue shaping and on obtaining, including higher storm and [90] project-related spend in the first quarter of '24. We expect that revenue shaping and O&M timing in the balance of the year.

剩餘的 0.07 美元是由於同比收入調整和收購，包括 24 年第一季更高的風暴和 [90] 項目相關支出。我們預計收入形成和營運與維護時間將在今年餘下時間內完成。

These results are slightly ahead of our indications on the fourth quarter call, primarily due to the timing of our O&M as our timing impacts repairs.

這些結果略高於我們在第四季度電話會議上的預期，主要是因為我們的 O&M 時間安排會影響維修。

As we look ahead, our second quarter earnings are expected to be approximately 14% at the midpoint of our projected full-year earnings guidance range which contemplates partial reversal of the comment timing, along with normal weather and storm activity.

展望未來，我們預計第二季的收益將達到我們預期的全年收益指引範圍中點的約 14%，其中考慮到評論時間的部分逆轉以及正常的天氣和風暴活動。

In combination with Q1 results, this would result in recognizing 48% of projected full-year earnings in the first half of the year, consistent with seasonal shaping in prior years, allowing us to remain on track for full-year operating earnings of $2.54 to $2.74 per share, but the goal to be at the midpoint or better.

結合第一季的業績，這將導致在上半年確認預計全年收益的 48%，與前幾年的季節性走勢一致，使我們能夠繼續實現每股 2.54 美元至 2.74 美元的全年營業收益，但目標是達到中間值或更高。

Finally, we are reaffirming our annual earnings growth rate of 5% to 7% for 2028, but the expectation to be at the midpoint or better at that range.

最後，我們重申 2028 年的年獲利成長率為 5% 至 7%，但預計會處於該範圍的中間值或更高。

Turning to Slide 6, we currently have to base rate cases of [Venet] at Pepco Holdings. The Delmarva Power gas distribution rate case filed last September remains on track with interim rates, which went into effect on April 20, subject to refund.

轉到幻燈片 6，我們目前必須對 Pepco Holdings 的 [Venet] 案例進行基準評級。去年 9 月提起的 Delmarva Power 天然氣配送費率案目前仍以臨時費率進行，該費率於 4 月 20 日生效，但須退款。

The rate case six to recover continued reliability investments such as aging, piping upgrade, and upgrade to its [L&G] plan, could help protect customers from supply price volatility during peak periods.

費率案例六旨在收回持續的可靠性投資，例如老化、管道升級以及升級到其[L＆G]計劃，可以幫助保護客戶免受高峰時段供應價格波動的影響。

It will be open for intervener on about testimony in July and September before evidentiary hearings are convened in November and orders expected in the first quarter of 2020. Our second open base rate cases that Atlantic City Electric, where we are seeking recovery of great improvement and modernization efforts in line with New Jersey's Energy Master Plan and Clean Energy Act.

該案件將於 7 月和 9 月開放介入者聽證，之後於 11 月舉行證據聽證會，並預計於 2020 年第一季發布命令。我們的第二個公開基準利率案例是大西洋城電力公司，我們正在尋求根據新澤西州能源總體規劃和清潔能源法案恢復重大改進和現代化努力。

The propose procedural guidance was approved by the judge in March with settlement discussion that starts in late April to early May. Evidentiary hearings are scheduled to begin in late July and continue into early August with an order expected by the end of the year.

該擬議的程序指導已於三月獲得法官批准，和解討論將於四月底至五月初開始。證據聽證會定於 7 月底開始並持續至 8 月初，預計年底前發布命令。

It is also anticipated to implement interim rates on August 21, subject to refund. In Maryland, we continue to work conclude that our final reconciliation from the first PGE and Pepco Maryland multi-year plans and remain engaged in lessens our process as they approach our next rate case filing.

預計8月21日也將實施臨時費率，但須退還。在馬裡蘭州，我們繼續努力，得出結論，我們與第一份 PGE 和 Pepco 馬裡蘭多年期計劃的最終和解將在他們接近我們下一個費率案件提交時繼續努力，以減輕我們的流程。

We are encouraged that the legislature recognize the multi-year contract and the recently passed next-generation act. That conversation provides greater direction and alignment between all stakeholders on the future investments needed to support our customers.

我們很高興看到立法機構承認這份多年期合約和最近通過的下一代法案。此次對話為所有利害關係人提供了更好的方向和協調，使他們能夠在未來的投資中支持我們的客戶。

Now, that we are in our second [MYPFBGE] and our fourth one in Maryland, we feel better prepared to support a multi-year investment plan without a reconciliation. And we look forward to working with the commission and our stakeholders to continue to demonstrate customer benefits and feature multi-year plan filing.

現在，我們已經進入了第二次 [MYPFBGE] 和馬裡蘭州的第四次 MYPFBGE，我們感到更有準備支持無需調解的多年期投資計劃。我們期待與委員會和利益相關者合作，繼續展示客戶利益並實現多年計劃備案。

We said that we believe that forward-looking plans are the most [planful] and cost-effective way to ensure the reliability and resiliency of the system while meeting the [faith] energy, and economic goals. We await the commission's comments on the lessons learned to fully ensure our next phone lines at the PSC's recommendations that accommodate the new legislation and the lessons learned proceeding.

我們說，我們相信前瞻性的計劃是確保系統可靠性和彈性同時滿足能源和經濟目標的最具計劃性和成本效益的方式。我們等待委員會對經驗教訓的評論，以充分確保我們的下一條電話線路能夠接通 PSC 的建議，以適應新的立法和經驗教訓的實施。

Finally, in Illinois, comments out its annual performance evaluation and request for annual adjustment under 2024 base distribution rates on April 29. The requested adjustment of $258 million is primarily driven by operating under a lower revenue requirement throughout 2024, relative the final approved order.

最後，伊利諾伊州於4月29日公佈了其年度績效評估以及根據2024年基本分配率進行年度調整的請求。要求調整 2.58 億美元，主要是因為相對於最終批准的訂單，2024 年全年的收入要求較低。

And it includes the revenue impact of achieving a performance metric at or above five basis points. From this actual revenue requirement in 2024 closely aligns with the final revenue requirement approved in December 2020.

它還包括實現五個基點或以上的績效指標對收入的影響。由此可見，2024 年的實際收入要求與 2020 年 12 月批准的最終收入要求非常接近。

Direct and rebuttal testimony is expected to occur throughout the summer at a hearing and an ALJ proposed court order in the fall. A final order on comments reconciliation is effective in December.

預計直接證詞和反駁證詞將在整個夏季的聽證會上出現，並且 ALJ 將在秋季提出法庭命令。關於評論和解的最終命令將於 12 月生效。

Turning to slide 7, I will conclude with a review of our balance sheet activity. From a financing perspective, we took advantage of the favorable market conditions in the first quarter and made substantial progress on our 2025 capital needs.

翻到第 7 張投影片，我將對我們的資產負債表活動進行回顧。從融資角度來看，我們利用第一季有利的市場條件，在2025年的資本需求方面取得了實質進展。

First, we have completed nearly 50% of our planned, long-term debt financing transaction, having successfully raised $650 million for the Pepco Holdings utilities and all of our $2 billion of debt financing needs at corporate, including $1 billion of hybrid debt.

首先，我們已經完成了近 50% 的長期債務融資交易計劃，成功為 Pepco Holdings 公用事業籌集了 6.5 億美元，並滿足了我們公司 20 億美元的債務融資需求，其中包括 10 億美元的混合債務。

[This John] investor demand an attractive pricing for our debt securities continue to be a testament to the strength of our balance sheet and to our value proposition, positioning as well as we seek to finance the energy transformation and the most cost-effective way for our customers and our investors.

[這位約翰] 投資者要求我們的債務證券有一個有吸引力的定價，這繼續證明了我們資產負債表的強勁以及我們的價值主張和定位，以及我們尋求為能源轉型提供資金以及為我們的客戶和投資者提供最具成本效益的方式。

We also continue to execute on our patients hedging strategy implemented in 2022 to further protect us from interest rate volatility. As it pertains to equity, as a reminder, in our last guidance update, we estimated we would finance 40% of our incremental capital investment with equity, resulting in total equity needs at $2.8 billion over the four-year plan and implying approximately $700 million of equity on an annual basis.

我們也繼續執行 2022 年實施的患者對沖策略，以進一步保護我們免受利率波動的影響。至於股權，提醒一下，在我們上次的指導更新中，我們估計我們將以股權為增量資本投資提供 40% 的融資，導致四年計畫內的總股權需求為 28 億美元，這意味著每年約有 7 億美元的股權。

For 2025, we've successfully de-risks nearly 60% of our annualized needs via our HPM, issuing approximately $175 million worth of shares and pricing and additional $250 million under forward agreements for issuance later in the year.

到 2025 年，我們已透過 HPM 成功降低了近 60% 的年度化需求風險，發行了價值約 1.75 億美元的股票和定價，並根據遠期協議額外發行了 2.5 億美元，將於今年稍後發行。

As you heard in our last earnings call, we project to continue to have 100 to 200 basis points of financial flexibility on average over the plan for our consolidated corporate metrics above the Moody's downgrade threshold of 12%, approaching 14% at the end of our guidance period.

正如您在我們上次的收益電話會議上聽到的那樣，我們預計我們的合併公司指標計劃將繼續平均擁有 100 至 200 個基點的財務靈活性，高於穆迪 12% 的降級門檻，在我們的指導期結束時接近 14%。

We continue to advocate for language that incorporates repairs for Canada in the corporate alternative minimum tax. And we are encouraged by the recent bipartisan legislation introduced in the US House to advocate for this change, which will lower energy costs for our customers.

我們繼續倡導在企業替代性最低稅中納入針對加拿大的修復條款。我們對美國眾議院最近提出的兩黨立法感到鼓舞，該立法倡導這項變革，將降低我們客戶的能源成本。

However, we were [managers] that our plan assumes that the final regulations will not allow for [au pairs], favorably addressing repairs and the minimum tax calculation would result in an increase of approximately [50] basis points to our consolidated metrics on average of the plan.

然而，我們 [管理人員] 我們的計劃假設最終法規不會允許 [互惠生]，有利地解決維修問題，最低稅率計算將導致我們的計劃綜合指標平均增加約 [50] 個基點。

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

謝謝。現在我將把電話轉回給凱文，請他作最後發言。

Thank you, Jeanne and closing on Slide 8. I'll reconfirm our focus as we look to add another year of execution to our track record as a premier utility. Our talented and dedicated employees will continue to deliver operational excellence, investing $9.1 billion in the system to deliver high reliability service to our customers.

謝謝珍妮，第 8 張投影片結束。我將再次確認我們的重點，因為我們希望在我們作為一流公用事業的業績記錄上再增加一年的執行力。我們才華橫溢、敬業的員工將繼續提供卓越的運營，在系統上投資 91 億美元，為我們的客戶提供高可靠性的服務。

We are also constantly working to find the right rate-making mechanisms that allow us to fulfill our responsibility and privilege to serve the 10.7 million customers that come on us for their energy needs.

我們也不斷努力尋找正確的定價機制，以使我們能夠履行責任並享受特權，為 1,070 萬向我們尋求能源需求的客戶提供服務。

Those mechanisms need to provide adequate compensation for our investors, while allowing for the critical feedback and collaboration necessary to ensure we are only investing where our jurisdictions want us to invest.

這些機制需要為我們的投資者提供足夠的補償，同時允許進行必要的批判性回饋和合作，以確保我們只在我們的司法管轄區希望我們投資的地方進行投資。

We recognize some of our customers are broadly struggling with economic uncertainty as well as we all navigate updated care policies, travel budget reprioritization, and increased energy supply cost.

我們認識到，我們的一些客戶正在廣泛地應對經濟不確定性，同時我們都在應對更新的護理政策、旅行預算重新排序以及增加的能源供應成本。

Leverage streams like our first cold winter in years only exasperate those pressures. We do feel that we are relatively well positioned to protect our customers as it pertains to the proposed tariff policy.

像我們多年來第一個寒冷的冬天這樣的槓桿只會加劇這些壓力。我們確實認為，就擬議的關稅政策而言，我們處於相對有利的位置來保護我們的客戶。

With approximately 90% of our supply source domestically, we have estimated the impact to be around 1.5% of our four-year capital and O&M investment plan before any mitigating efforts with the majority of impacting capital.

由於我們的供應來源約有 90% 來自國內，我們估計，在採取任何緩解措施之前，其影響將占我們四年資本和營運與維護投資計畫的 1.5% 左右，其中大部分影響的是資本。

These impacts will also be delayed as a result of our inventory levels and long, lead-time requirements. With our size, scale and deconcentrated investment plan, and the culture of cost discipline, we expect to be able to manage any tariff related impacts highlighting the value of Exelon's platform.

由於我們的庫存水準和長期交貨時間要求，這些影響也將延遲。憑藉我們的規模、範圍和分散的投資計劃以及成本紀律文化，我們期望能夠管理任何與關稅相關的影響，從而凸顯 Exelon 平台的價值。

And while we are advocating for the continuance of the tax credits under the IRA law, we are not directly exposed to any reductions in those nor to any transferability of restrictions. As Jeanne mentioned, we remain committed that we will be able to improve our position with respect to the corporate alternative minimum tax associated with that law.

雖然我們主張繼續實行個人退休帳戶法規定的稅收抵免，但我們並沒有直接受到這些抵免的減少或任何限制的轉移。正如珍妮所提到的，我們仍然致力於改善我們在與該法律相關的企業替代最低稅方面的地位。

We will continue to leverage a variety of tools to assist customers, including deferred payment plans as well as suspended disconnections and associated fees. And we are advertising budget billing options through our community forums and customer and community engagement.

我們將繼續利用各種工具來幫助客戶，包括延期付款計劃以及暫停斷電和相關費用。我們透過社群論壇以及客戶和社群參與來宣傳預算計費選項。

Additionally, our policy advocacy has focused on solutions that enable PGM and our states to acquire new power supply as cost-effectively as possible while serving large new loads [equitable]. As I noted earlier, we have made good progress thus far and legislative and regulatory forms.

此外，我們的政策倡議重點是使 PGM 和各州能夠以盡可能經濟的方式獲取新電源，同時滿足大量新負載的需求[公平]。正如我之前提到的，迄今為止我們在立法和監管形式上已經取得了良好進展。

Finally, we also stress the degree to which we tried and maximize the value that we need to invest in the grid to serve our customers. We focus on forward looking recovery mechanisms because it allows us to collaborate determined were best to invest their dollars and do it efficiently.

最後，我們也強調了我們盡力實現電網投資價值最大化以服務客戶的重要性。我們專注於前瞻性的恢復機制，因為它使我們能夠合作確定最佳的投資方式並有效率地進行投資。

In fact, over the last five years, over 98% net profit we earned and utility which are established and review through rigorous regulatory proceedings? We have -- we have been reinvested back into the business for our customers and for every $1 million of capital investment we make at our utilities, it supports [8] jobs or $1.6 million in economic output.

事實上，過去五年來，我們賺取的98%以上的淨利和效用都是透過嚴格的監管程序建立和審查的？我們已經將資金重新投資於客戶業務，我們在公用事業上每投入 100 萬美元，就能支持 [8] 個工作或 160 萬美元的經濟產出。

So customer affordability continues to be a big part of our focus this year, which complements our efforts to drive economic development to further benefit our jurisdictions.

因此，客戶承受能力仍然是我們今年關注的重點，這與我們推動經濟發展的努力相輔相成，進一步造福我們的管轄範圍。

And of course, as always, you can count on our continued discipline in executing our financial plan, earning a consolidated ROE of 9% to 10%, maintaining a strong balance sheet and reporting earnings within our guidance range of $2.64 to $2.74 per share.

當然，與往常一樣，您可以信賴我們將繼續嚴格執行財務計劃，實現 9% 至 10% 的合併淨資產收益率，保持強勁的資產負債表，並報告每股收益在我們指導範圍 2.64 美元至 2.74 美元之內。

We look forward to making 2025, our 25th anniversary of Exelon, another year, where you can count on us to deliver consistent growth and long-term value. [Betti], you can now open it up for any questions.

我們期待 2025 年，即 Exelon 成立 25 週年，在這一年中，您可以信賴我們實現持續成長和長期價值。 [Betti]，現在您可以開始回答任何問題了。

(Operator Instructions)

（操作員指示）

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Good morning, everyone. Hope everyone is well. So I guess just you have this new Maryland legislation that's out there. It does prohibit reconciliations after gen one '25. And I'm just wondering if you can maybe kind of talk about how you think that could impact the outcomes in the BGE or the Pepco reconciliations?

大家早安。希望大家一切安好。所以我想你們已經知道馬裡蘭州已經出台了這項新立法。它確實禁止 25 年後的和解。我只是想知道您是否可以談談您認為這會對 BGE 或 Pepco 對帳的結果產生什麼影響？

It's in order, words kind of go against you there, is that the guidance resilient to that? And maybe you can kind of give some more color on that?

這是有秩序的，言語有點違背你的意思，這是對此有彈性的指導嗎？也許您可以對此進行更詳細的解釋？

Let me just say this first. Thank you for the question and so your direct point, and I think Jeanne hit it well, is that we do expect the reconciliation that come forward in short order and our plan is solidified and ready to operate as we consider all alternatives. There's nothing on here that we believe that will prevent us from meeting our objectives. That's one.

我先說這一點。感謝您的提問，您的直接觀點，我認為珍妮很好地表達了這一點，那就是我們確實期待和解能夠盡快實現，我們的計劃已經確定並準備實施，因為我們正在考慮所有的替代方案。我們相信這裡沒有任何東西可以阻止我們實現目標。那是一個。

But let me turn it all to make to where we see Maryland going. As you know, better than most that Maryland this year had legislation passed. And I think there's it's important to focus on five key areas I'll point out.

但讓我把這一切都轉過來，看看馬裡蘭州的未來走向。如你所知，馬裡蘭州今年通過的立法比大多數立法都要好。我認為重點關注以下五個關鍵領域非常重要。

One, the first time in provides language that MYP can be approved. And as you talked about, it doesn't have reconciliations. But we've kind of gone through this process a couple of times. And I think Jeanne said within our fourth one in Maryland.

一、首次提供MYP可核准的語言。正如您所說，它沒有和解。但我們已經經歷過這個過程幾次了。我認為珍妮在馬裡蘭州的第四次會議上說過。

And so we know how to build this up and know how to work collaboratively with the state goes to ensure we spend on the right base. And I'm very comfortable that we will meet the budget for future MYPs.

因此，我們知道如何建立這個體系，並知道如何與國家合作，以確保我們在正確的基礎上進行支出。我非常有信心我們將滿足未來 MYP 的預算。

Second, specific language and legislation this year stated on the large, low co-location issue, which was very important. It has provisions in there that requires that any low that for infrastructure upgrades and other recent cost behind the meter. It's balanced and it does that shift the cost to other customers on the system.

第二，今年針對大規模、低共置問題提出了具體的語言和立法，這點非常重要。其中有規定要求任何低廉的基礎設施升級和電錶後的其他近期成本。它是平衡的，並且確實將成本轉移給了系統上的其他客戶。

That's very important. That would apply to any loan over 100 megawatts with greater, with 80% or greater capacity factor. So this is very important and it's important to note that we continue to drive this on affordability front. We've been our jurisdictions and Maryland has codified at it.

這非常重要。這將適用於任何容量超過 100 兆瓦且容量係數達到 80% 或更高的貸款。所以這非常重要，值得注意的是，我們將繼續在可負擔性方面推動這一點。我們一直在我們的管轄範圍內，馬裡蘭州已將其編入法典。

The next piece is that battery storage was a big item within the Maryland legislation. It directed that the Public Service Commission established a solicit, a 150 megawatts of distribution battery storage for each electric utility with a target of 70% owned by the utility and 30% owned by third parties.

下一點是，電池儲存是馬裡蘭州立法中的一個重要內容。它指示公共服務委員會建立招標，為每個電力公司建立一個 150 兆瓦的配電電池儲存系統，目標是 70% 由電力公司擁有，30% 由第三方擁有。

It also requires that the PSC started procurement solicitation of 1.6 gigawatts of transmission battery storage by January 26. Again, all indications that they recognize the issues and they're driving the state of Maryland board.

它還要求 PSC 在 1 月 26 日之前開始採購 1.6 千兆瓦的輸電電池儲存。再次，所有跡象表明他們認識到了這些問題並且正在推動馬裡蘭州委員會的行動。

And I just want to also give kudos then just acknowledge the two new commissioners that has been appointed. They are -- they have a strong track record of regulatory experience. And I think they will continue to be vital voices in Maryland as we move for.

我還要對已任命的兩位新委員表示敬意。他們——他們擁有豐富的監管經驗。我認為，在我們前進的過程中，他們將繼續在馬裡蘭州發揮重要作用。

So long answer but to your direct question, we are not concerned about the reconciliation, pull out of the legislation and we feel very confident that we will work with the state to meet the needs going forward.

回答很長，但對於您的直接問題，我們並不關心和解，退出立法，我們非常有信心我們將與國家合作，滿足未來的需求。

Hey, thanks for all that color. I appreciate that. And then, maybe on the [part 206], obviously, there's been some are quite settled by the power companies, and that was put forward a week or two ago.

嘿，謝謝你的色彩。我很感激。然後，也許在 [第 206 部分] 上，顯然電力公司已經解決了一些問題，這是在一兩週前提出的。

And I'm just curious what your response to be as T and D, do you think or are you open for resolving this co-location issue via settlement perhaps and for does this kind of need to go the full disinfect for any common therapy?

我只是好奇，作為 T 和 D，您的反應是什麼，您是否認為或您是否願意透過和解來解決這個共置問題，以及這種需要對任何常見療法進行全面消毒嗎？

Hi, thanks. Basically make I would say we're always open to discussions and have been from the very beginning and that hasn't changed. We continue to move forward as the T and D to meet our customers' expectations.

你好，謝謝。基本上，我想說我們始終對討論持開放態度，從一開始便是如此，這一點從未改變。作為T和D，我們將繼續前進，以滿足客戶的期望。

We talk about the 17 gigawatts and another 16 that were considered, so our processes continued. I speak the transmission orders coming together, putting forth that statement, [EEI], putting a transmission owner unified statement to avert, goes a long way.

我們討論了 17 千兆瓦和正在考慮的另外 16 千兆瓦，因此我們的流程繼續進行。我認為，傳輸命令匯總在一起，提出該聲明，[EEI]，提出傳輸所有者統一聲明以避免發生這種情況，將大有幫助。

So our principles have not changed one bit, Nick. And we are right there and into having discussions with the IPPs were open. And we're open to make sure that we get this done quickly and equitably for all of our customers. And that has not changed.

所以我們的原則一點都沒有改變，尼克。我們目前正與 IPP 進行公開討論。我們願意確保為所有客戶快速、公平地完成這項工作。這一點至今沒有改變。

James Kennedy, Guggenheim Partners.

詹姆斯‧甘迺迪，古根漢合夥人。

Good morning. So one of your peers has been talking recently about the introduction of legislation in Pennsylvania to support potentially regulated generation. I guess what's your degree of involvement in that process? And any views on revenue generation versus potential long-term PPAs or other mechanisms?

早安.您的一位同事最近一直在談論在賓州引入立法來支持潛在的受監管發電。我猜您在過程中的參與程度如何？對於創收與潛在的長期 PPA 或其他機制有何看法？

I would tell you that anything that is good for our customers to address the issue of resource adequacy and affordability. We will support our peers. You can appreciate, James, our teams are actively involved in those discussions at the legislative front and even having the discussions of the regulatory side.

我想告訴你，任何對我們的客戶有利的事情都有助於解決資源充足性和可負擔性問題。我們將支持我們的同行。詹姆斯，你可以理解，我們的團隊積極參與立法方面的討論，甚至參與監管方面的討論。

So we just needed to be balanced, and we needed to ensure that the recovery of us getting into that. I will put my CFO, is that we need to have a very straightforward approach and that is recoverability is very clear and outlined and legislation.

所以我們只需要保持平衡，我們需要確保我們能夠恢復。我會讓我的財務長說，我們需要採取一種非常直接的方法，那就是可恢復性非常明確、概述和立法。

So are -- we know we're getting into and we're partnering with the state to meet those needs. But it's all about the customers in terms of affordability in energy, security, and adequacy.

所以——我們知道我們正在參與並與州政府合作以滿足這些需求。但這一切都與客戶在能源負擔能力、安全性和充足性方面的考量有關。

And then just on the data center side, thanks for the incremental color and the appendix slides on the phases. Is there like a rule of thumb that we should be thinking about for how you convert between the phases that ultimately system to the capital plans? Just any kind of timeline considerations?

然後就在資料中心方面，感謝增量顏色和階段附錄投影片。關於如何在最終系統化為資本計畫的各個階段之間進行轉換，我們是否應該考慮一個經驗法則？只是任何一種時間表考慮嗎？

Hey, Adam. Yes, we don't really have a rule of thumb because every project is different, and we always start with how do we most cost efficient for all of our customers. And so, and as you can imagine therefore depends for what I will say is the $38 billion that we have in the plan, $5 billion of that is supporting business.

嘿，亞當。是的，我們實際上沒有經驗法則，因為每個專案都是不同的，我們總是從如何為所有客戶實現最具成本效益開始。因此，正如您所想像的，這取決於我們計劃中的 380 億美元，其中 50 億美元用於支援業務。

And whenever factor last four-year plan, that was an increase of $900 million. So we can expect to continue to see more incremental capital necessary to accommodate the new load.

而在過去四年計畫中，這一數字增加了 9 億美元。因此，我們可以預期，將繼續看到需要更多增量資本來適應新的負荷。

And as we outlined in our Q4 call, that $10 billion to $15 billion beyond on the planning period, at least $1 billion is related to the new business. So what -- as we as we know, the investment is needed, we build it into the plan.

正如我們在第四季度電話會議上概述的那樣，在規劃期之後的 100 億至 150 億美元中，至少有 10 億美元與新業務有關。那麼——正如我們所知，需要投資，我們將其納入計劃。

But as we've often, we don't we don't put anything in as a (inaudible). And so on the $38 billion, $5 billion related to new business, and that's at least $900 million increase from our last four-year period. I mean, we may expect that to continue.

但正如我們經常做的那樣，我們不會把任何東西放進去（聽不清楚）。因此，380 億美元中，有 50 億美元與新業務有關，比我們過去四年增加了至少 9 億美元。我的意思是，我們預計這種情況將會持續下去。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Nicely done, guys. Hey, thank you. Absolutely. Just following up on some of the last questions, if I can press a little bit further, if you don't mind. First, on the data center front, I mean, you all are framing these 80% and 50% of probably, they're fairly high number as in isolation.

幹得好，夥計們。嘿，謝謝你。絕對地。只是想繼續回答最後幾個問題，如果您不介意的話，我可以進一步詢問一下。首先，在資料中心方面，我的意思是，你們都把這 80% 和 50% 視為隔離，這是相當高的數字。

How do you think about the timing here? And how that impacts or process, just supposed against the backdrop of this work ongoing process? Again, I think we all take it for granted that maybe one sort of precludes the other.

您認為這裡的時機如何？那麼，在這項工作持續進行的背景之下，這會對進程產生怎樣的影響？再說一次，我認為我們都想當然地認為，一種情況可能會排除另一種情況。

But how do you think about an 80% probability is not trivial, particularly given the metric that you define them as being of having already achieved?

但是您如何看待 80% 的機率並不小，特別是考慮到您定義的已經實現的指標？

Yes. I would say -- let's start with saying that none of this as a reminder, is dependent on that co-located at [for two effects] This is all a kind of a millimeter. You know, for T and D, a typical sort of customers that we have in our [conservatory] sales and none of that is dependent on that process.

是的。我想說的是——首先要提醒的是，這一切都不依賴[對於兩種效果]的共同定位，這都是一毫米的事情。您知道，對於 T 和 D 來說，它們是我們 [溫室] 銷售中的典型客戶，而這些都不依賴於這個過程。

And in fact, we're not seeing any slowdown as we work through that process. So we got -- we announced the 16 gig on Q4 of '24. Those 16 gig remain very solid, high probability, and we've been giving more color in terms of phase 1, phase 2, and phase 3 for those 16 gig.

事實上，我們在推進這項進程時並未看到任何放緩。所以我們——我們在 24 年第四季宣布了 16 場演出。這 16 千兆仍然非常穩定，機率很高，而且我們已經為這 16 千兆的第 1 階段、第 2 階段和第 3 階段提供了更多細節。

What we did a little bit different this time is also give your insight into what's around the corner. And we have another 16 gig, so sorry to confuse instead of both the same number, but it's another 16 gig. 12 of that is a cluster study in the second cluster study we're doing and comments service territory and then four that is on just spread across the East Coast utility.

這次我們做了一些不同的事情，我們也讓您了解即將發生的事情。我們還有另外 16 千兆位元組，所以很抱歉造成混淆，雖然兩個數字不一樣，但確實是另外 16 千兆位元組。其中 12 個是我們正在進行的第二個集群研究中的集群研究，並對服務區域進行了評論，然後 4 個則分佈在東海岸公用事業領域。

So continued momentum on the meter, not dependent on this process. And as you heard from Calvin, we continue to work that processing parallel because we want to meet all and any and all types of customers.

因此儀表上的持續動量並不依賴這個過程。正如您從 Calvin 那裡聽到的，我們繼續並行處理，因為我們希望滿足所有類型的客戶。

And as we think about the buckets, you can see again phase 1, phase 2, phase 3, I would say 70% is probably phase 1, another 20, phase 2 and 10% in phase 3.

當我們考慮這些儲存桶時，您可以再次看到第 1 階段、第 2 階段、第 3 階段，我想說 70％ 可能是第 1 階段，另外 20％ 是第 2 階段，10％ 是第 3 階段。

We feel very confident in the other 16 gig. And I think in kind of think of them roughly in the phase 1 time period tail.

我們對另外 16 場演出非常有信心。我認為它們大致處於第一階段的尾部。

But we wanted to be clear about how we're thinking about those and the fact that we're moving more. Because of the demand, we're seeing more of a cluster approach of looking at customers together, so that we can get them better insights into training and cost and things like that, so continuing to evolve our customer service there.

但我們想清楚地了解我們是如何看待這些問題的，以及我們正在採取更多行動的事實。由於需求的存在，我們看到了更多集群式的方法來共同審視客戶，這樣我們就可以讓他們更了解培訓、成本等等，從而繼續發展我們的客戶服務。

But as that culture study has completed, as we work together with 4 gig, you can expect us to kind of move that 16 gigs into the other phases as we continue to update you on a quarterly basis.

但隨著文化研究的完成，隨著我們與 4 gig 的合作，您可以期待我們將 16 gig 轉移到其他階段，我們將繼續每季向您更新資訊。

Excellent, thank you for clarifying that. It remains distinct and separate and appreciate that. Eliminated, just not to nitpick too much on the prepared comments. Just curious when you talk about assisting the industry with respect to the backdrop here on leadership at first, how do you think about that time it looks like? And what that some of process could be?

非常好，謝謝你澄清這一點。它仍然獨特且獨立，值得讚賞。淘汰了，只是不要對準備好的評論吹毛求疵太多。只是好奇，當您首先談到在領導力背景下協助行業時，您認為那時的情況如何？那麼其中一些過程是怎麼樣的呢？

I know that there's several different forums where you could have another PGM stakeholder process. There could be more of a perk oriented process here. How do you think about potentially finding a joint arrangement or settlement here amongst a litany of different parties?

我知道有幾個不同的論壇可以進行另一個 PGM 利害關係人流程。這裡可能會有更多以福利為導向的過程。您認為在眾多不同方之間找到聯合安排或解決方案的可能性有多大？

Good morning, Julien. This is Collete Honorable. How are you today?

早安，朱利安。這是 Collete Honorable。你今天怎麼樣？

Great. Thank you.

偉大的。謝謝。

Good. Let me get to your question. One, let's take a look at the docket itself. We really see quite a bit of consensus in the docket. Calvin referenced the filing that yes, which represents a majority of the industry.

好的。讓我來回答你的問題。首先，讓我們來看看案卷本身。我們確實在議程上看到了相當多的共識。卡爾文引用了文件，表示是的，這代表了該行業的大多數。

The [north] filing, the filing from the independent market monitor and then the you-name-it transmission owner group really demonstrate the fact that there was a record and a consensus about how to treat this load.

[北方] 提交的文件、獨立市場監測機構提交的文件以及隨後的輸電業主團體提交的文件確實證明了這樣一個事實：對於如何處理這一負荷，存在著記錄和共識。

When Calvin said, we appreciated that commission’s effort here. It is to move quickly so that we can all have the clarity that we need. That's where we started in this manner. And so we're not to pass it off the how the docket is progressing. As Kathleen mentioned, we will be open to having the discussions of any sort.

正如卡爾文所說，我們感謝委員會在此所做的努力。我們必須迅速採取行動，以便我們都能獲得所需的清晰度。我們就是從這裡開始採用這種方式的。因此，我們不會忽視案件進展。正如凱瑟琳所說，我們願意進行任何形式的討論。

But what we really want is [face] an issue, a decision quickly so that we can have the clarity, so that we can support us large load that Jeanne described as well as go going back to Calvin's point, ensuring affordability and energy as security for our customers.

但我們真正想要的是[面對]一個問題，迅速做出決定，以便我們能夠清晰地了解情況，從而能夠支持珍妮所描述的巨大負荷，並回到加爾文的觀點，確保客戶的可負擔性和能源安全。

Got it. So looking for us to take action principally before anything else with a firm decision, we think there is a record performed to date. So as Calvin mentioned, should that should the Commission determined that settlement discussions are appropriate, we will be more than willing to participate in that exercise as we have been very constructive partner in the past.

知道了。因此，我們希望我們在做出任何堅定決定之前就採取行動，我們認為迄今為止已經取得了成績。正如卡爾文所提到的那樣，如果委員會認定和解談判是合適的，我們將非常願意參與這項工作，因為我們過去一直是非常有建設性的合作夥伴。

If you look back at our record here, even the ones that really started in the forefront of this issue, so we've demonstrated that we will be constructive and collaborative partners but we're ready at to continue supporting that phenomenon.

如果你回顧我們的記錄，即使是那些真正在這個問題上走在前列的人，我們也已經證明我們將成為建設性和合作夥伴，但我們已準備好繼續支持這一現象。

David Keller, Morgan Stanley.

摩根士丹利的戴維凱勒。

Morning. Maybe a quick follow-up on the data center side of things. And could you just give a sense as to the timing of when that load that looks to be ramping up within your forecast period?

早晨。也許是對資料中心方面的事情的快速跟進。能否簡單介紹一下在預測期內負載何時會增加？

And I guess from your -- I'm also thinking in the context of your infrastructure and any limitations there. When can you connect in new large loads at this point, given it's such a big pipeline?

我想從你的——我也在考慮你的基礎設施以及其中的任何限制。考慮到管道如此之大，何時可以接入新的大負載？

Yes. So I think about the cadence that we have on this slide, we think about 10% of the loans that will be on May 2028, another -- a third of that by 2030, [3/4] by FY2034 and then the remainder beyond that. So that kind of give you an insight into the year, thinking about coming on.

是的。因此，我認為我們在這張投影片上的節奏是，我們認為 2028 年 5 月將有 10% 的貸款，到 2030 年將有三分之一的貸款，到 2034 財年將有 [3/4] 的貸款，然後剩餘的貸款將在此之後。這樣，您就可以深入了解這一年，並思考接下來的事情。

And then your second question again, it depends on the customer. I mean, I think there's a time where every six months and said, you know, always trying to push to be faster for our customers. Other times, it can be a little bit longer.

然後你的第二個問題又來了，這取決於客戶。我的意思是，我認為每六個月就會有一次，你知道，我們總是試圖為客戶提供更快的服務。其他時候，可能會稍微長一點。

But in all of our discussions, the most important thing we hear from our customer is just understanding the timeline, ending upfront with that and why these studies are so important. So I think add --

但在我們所有的討論中，我們從客戶那裡聽到的最重要的事情就是了解時間表、提前結束以及為什麼這些研究如此重要。所以我認為添加--

David, also, I think it was last year, we talked about how we've restructured our customer strategy organization. And we created a centralized group to talk with the data center developers and really to understand what their needs were.

大衛，我想也是在去年，我們討論瞭如何重組我們的客戶策略組織。我們成立了一個集中小組來與資料中心開發人員交談，真正了解他們的需求。

And by strategically working with them ahead of half the time, what we found is that we can meet their needs and understanding how much they need to ramp up in a timely fashion and also determine the appropriate sites, where they can connect quick or onto the system, where the infrastructure was already there or a large part there, so required less.

透過提前一半時間與他們進行策略合作，我們發現我們可以滿足他們的需求，了解他們需要及時增加多少，並確定合適的站點，他們可以在哪裡快速連接或連接到系統，哪些基礎設施已經存在或大部分已經存在，因此要求較少。

And that's the partnership, give you an example, just about a month ago, we had a -- hosted and we hosted with them a large key account meeting in Chicago. We had side bars with all the large data center developers to talk about their needs and where they were going.

這就是合作關係，舉個例子，大約一個月前，我們在芝加哥與他們一起舉辦了一次大型重要客戶會議。我們與所有大型資料中心開發人員進行了側邊欄討論，討論他們的需求以及他們的發展方向。

And we looked at all of our six jurisdictions to say this is what you need here, sites that we've identified and that's that partnership. So to Jim's point, all very different but is a very collaborative approach in how we're targeting it.

我們考察了所有六個司法管轄區，以確定這是你們所需要的，我們已經確定了站點，這就是合作關係。所以正如吉姆所說，雖然一切都非常不同，但我們在實現這一目標上採取了非常協作的方法。

Okay, excellent. Thanks for that. And I wanted to touch on affordability. We've seen some states may be lower than others, but with the impact of PJM capacity, pricing increases and increased focus on affordability, wondering how you're kind of approaching that getting ahead of that and managing affordability challenges and concerns that broadly across your portfolio?

好的，非常好。謝謝。我想談談可負擔性。我們已經看到一些州可能比其他州低，但隨著 PJM 容量、價格上漲和對負擔能力的關注度增加的影響，想知道您如何處理這些問題並廣泛應對您的投資組合中的負擔能力挑戰和擔憂？

I know you and you nailed it has become the primary topic of discussion of this past winter. As I've talked about in my prepared remarks, this was the first cold winter we've had in several years.

我知道你和你成功了，這已經成為過去這個冬天討論的主要話題。正如我在準備好的演講中提到的，這是我們幾年來經歷的第一個寒冷的冬天。

And as an example, BGE, bills were up approximately 50%, with 80% of that increase due to weather commodities and just legislative changes that were made. Our [down, down model light] DPL had no real changes in gas distribution rates, but equally high end increases.

舉例來說，BGE 的帳單上漲了約 50%，其中 80% 的漲幅是由於天氣商品和立法變化造成的。我們的 [down, down model light] DPL 的氣體分配率沒有實際變化，但高端也有增加。

We continue to see whether volatility and supply costs, which are the primary challenges we are working to address and mitigate for customers.

我們將繼續關注波動性和供應成本，這是我們正在努力為客戶解決和緩解的主要挑戰。

And as I've talked about what we're doing proactively, we're helping our customers manage the costs. We're talking about energy efficiency. We're going out to customers' homes and small business, really driving what they can take action on to mitigate some of those were deploying our tools to assist customers.

正如我所說的，我們正在積極採取的措施是幫助客戶管理成本。我們正在討論能源效率。我們正在前往客戶的家中和小型企業，真正推動他們採取行動來緩解其中一些問題，我們正在部署工具來幫助客戶。

We've already suspended disconnections. We've done -- we've delayed or extended payment plans, removed any additional charges. And I think the biggest piece for us is that were out in our communities at a robust level, holding community forums and connecting with them and ensuring that the assistance that may be available at the state and local level, we're connecting them with that.

我們已經暫停斷網。我們已經這樣做了——我們推遲或延長了付款計劃，取消了任何額外費用。我認為對我們來說最重要的一點是，我們要積極地走進社區，舉辦社區論壇，與他們建立聯繫，確保他們能夠獲得州和地方層級可能提供的援助。

So that is the key. Are we done? Absolutely, not. Do we recognize the hardship that many of our customers are facing? Yes. As I always say to my team here, a dollar increase for some of our customers is a dollar too much.

這就是關鍵。我們做完了嗎？絕對不是。我們是否體認到許多客戶所面臨的困難？是的。正如我經常對我的團隊所說的那樣，對於我們的一些客戶來說，增加一美元是太多了。

So we're not taking it lightly. And so we're having conversations at the state and local level about how to partner. And I think a good scenario that you can think about the Maryland legislation that I was talking to Nick about earlier. They allocated $200 million from a fund that they had established.

所以我們不會掉以輕心。因此，我們正在州和地方層級討論如何合作。我認為一個好的情況是，你可以考慮我之前和尼克談到的馬裡蘭州立法。他們從自己設立的基金中撥出了 2 億美元。

I think the fund was called a Strategic Energy Infrastructure Fund directed at the Company's new -- had about $300 million, a day to $200 million of those dollars to help people repaying their bill. Now, how can we partner with them to let those dollars go further? And we're having those discussions.

我認為該基金被稱為戰略能源基礎設施基金，旨在為公司提供新的資金——大約 3 億美元，每天拿出 2 億美元來幫助人們償還帳單。現在，我們如何與他們合作，讓這些資金發揮更大的作用？我們正在進行這些討論。

So you're right, key issue -- the key issue, and we're meeting those challenges.

所以你說得對，關鍵問題——關鍵問題，我們正在應對這些挑戰。

Bill, Appicelli, UBS.

比爾‧阿皮塞利，瑞銀。

Hey, good morning. I just want to go back to Maryland for a second. Maybe I missed the lessons learned docket. Can you just remind us on the timeline and maybe what's the range of outcomes there are some given the legislative developments?

嘿，早安。我只是想回馬裡蘭州一會兒。也許我錯過了經驗教訓紀錄。您能否提醒我們一下時間表以及考慮到立法發展，可能會出現哪些結果？

Is there any concern rent, not continuing the MIPs beyond the current plan for what sort of securities maybe a range of scenarios that we could look to bear?

是否存在任何擔憂，不繼續在當前計劃之外實施 MIP，對於什麼樣的證券可能是我們可以承受的一系列情景？

I would tell you that the fact that debate issues around NYPs, the state legislature did a wonderful job at understanding the value of FYPs, but we do have the discretion to your point on whether we do believe that that multiyear collaborative process, the engagement with stakeholders, forward looking is the most productive.

我想告訴你，事實上，在圍繞 NYP 進行辯論的問題上，州立法機構在理解 FYP 的價值方面做得非常出色，但是對於你的觀點，我們確實有權自行決定是否相信多年的合作過程、與利益相關者的接觸、前瞻性是最有成效的。

So I don't see anything to date that would take us away from that. And I am pleased that the commission did embark on the lessons learned process. So it extended into this year likely delaying the timing. But we believe that this legislative session that we just set will spark a ruling very soon.

因此，到目前為止，我認為沒有任何事情可以阻止我們實現這一目標。我很高興委員會確實開始了吸取經驗教訓的進程。因此，該計劃將延續到今年，可能會推遲時間。但我們相信，我們剛剛召開的這次立法會議將很快做出裁決。

As you may recall, we went through an extensive process to determine that it was the best option. And so I think we will have a -- I'm looking at Carim, example in a year, we will have a decision in the short order.

您可能還記得，我們​​經歷了一個廣泛的過程來確定這是最佳選擇。所以我認為我們會有一個——我正在看卡里姆的例子，一年後，我們將在短時間內做出決定。

We anticipated by the end of the second quarter that we will have a decision on the lessons learned. And we continue to involvements trade, everyone that's submitted their comments. Everyone has engaged in the process from the Office of People Counsel to the large industrials to residential customers. So everyone's voices have been heard, which is what we wanted and that's what we were driving to.

我們預計到第二季末我們將對所學到的教訓做出決定。我們將繼續參與貿易，每個提交評論的人都可以參與。從人民法律顧問辦公室到大型工業企業再到住宅客戶，每個人都參與了這個過程。因此每個人的聲音都被聽到了，這正是我們想要的，也是我們努力的方向。

Okay, great. And then just going back a little bit to the resource adequacy debate, you're indicating an ever-increasing amount of labor that's interested in coming on.

好的，太好了。然後稍微回顧一下資源充足性的爭論，你會發現有越來越多的勞動力對此感興趣。

The [queue], I think for new capacity additions remains pretty small, that is only about six gigawatts of gas in the queue for PJM. I guess there's [very good perks] having this technical conference here in June.

我認為，新增容量的排隊人數仍然很少，PJM 排隊的天然氣容量只有約 6 千兆瓦。我認為六月在這裡舉辦這個技術會議是有[非常好的好處]的。

But I guess where do you got to stand in terms of addressing the resource adequacy concerns as you look out to the that the amount of load that once they come on over the next call it five to seven years?

但是我想，當您考慮到未來五到七年內出現的負載量時，您在解決資源充足性問題方面應該採取什麼立場呢？

We do believe it's a portfolio approach, meaning that there's an approach that PJM and all of our states can take that. We kept limit how we get the generation resources to the tape. We should be looking at everything that's a delay of closings of certain plants? Is it's allowing guests to come in and build?

我們確實相信這是一種投資組合方法，這意味著 PJM 和我們所有的州都可以採用這種方法。我們對獲取磁帶產生資源的方式進行了限制。我們應該關注所有可能導致某些工廠關閉延遲的因素嗎？它允許客人進來建造嗎？

And we talked about these utilities owning generation. All of that needs to be on the table because as you've just said, we see we had a critical time in this industry where we have to meet the need. Having said that, it has to be a very balanced approach, and you have to balance it with the affordability issue. And I think that's why it's all coming to the table right now.

我們討論了這些公用事業公司擁有的發電設施。所有這些都需要考慮，因為正如您剛才所說，我們看到這個行業正處於關鍵時刻，我們必須滿足需求。話雖如此，這必須是一個非常平衡的方法，你必須在可負擔性問題和平衡性之間取得平衡。我想這就是現在要討論這個問題的原因。

So our discussions is portfolio approach. Let's be open to it and get it done sooner rather than later and also, put the right policies around it, where you don't ship the cost from one customer group to another because we're running too fast.

所以我們的討論是投資組合方法。讓我們對此持開放態度，儘早完成它，同時制定正確的政策，不要因為我們跑得太快而將成本從一個客戶群轉移到另一個客戶群。

And I think that portfolio shift at a focus on energy efficiency, distributed resources, demand response, and engaging with our state fair to say how can they -- how can these programs, whether we have them today and we expanded on that or can implement new programs continue to add to that portfolio approach?

我認為投資組合的重點是能源效率、分散式資源、需求響應，並參與我們的州博覽會，以了解它們如何實現——這些項目如何實現，無論我們今天是否有這些項目，我們是否對其進行了擴展，或者是否可以實施新的項目繼續增加到該投資組合方法中？

And you know, parts out of that. We've been saying this for a while now is some jurisdictions are using more -- let's call it outdated rules to address modern issues and we need to keep the policies updated to address the needs of tomorrow.

你知道，部分內容就是這樣的。我們一直在說，一些司法管轄區正在使用更多——我們稱之為過時的規則來解決現代問題，我們需要保持政策更新以滿足未來的需求。

And that's what we're working on. And I'll just yes, it is very -- it takes some time to move regulatory bodies forward in a timely manner to meet the needs up to Mark. And that's what we've really been putting our attention towards.

這就是我們正在努力的事情。是的，這確實需要一些時間來推動監管機構及時滿足馬克的需求。這正是我們真正關注的。

And I think one of the slides we're taking in is to Calvin's point about the portfolio are attractive for active effort after that, [PJNC], putting forth proposals on the capacity actions are already improving some of them.

我認為我們正在討論的其中一張幻燈片就是 Calvin 所指出的，投資組合對於之後的積極努力很有吸引力，[PJNC] 提出的關於產能行動的建議已經改善了其中的一些。

But then also to Calvin's point, working with our state, Maryland has already made progress here in the first legislative session with the -- put outlining a competitive procurement process for three gigawatt within state generation.

但正如卡爾文所說，與我們州合作，馬裡蘭州已經在第一次立法會議上取得了進展，概述了州內 3 千兆瓦發電的競爭性採購流程。

So I think we're pleased to see all of our stakeholders working with a sense of urgency. And we're right there at the table to help drive solutions.

因此，我認為我們很高興看到所有利益相關者都帶著緊迫感開展工作。我們就在現場，幫助推動解決方案。

I would now like to turn the conference back to Calvin Butler for closing remarks. Sir?

現在我想請卡爾文·巴特勒致閉幕詞。先生？

Thank you. But let me just say it's everyone, thank you for your interest and support of Exelon. I hope as we continue to move these things forward, we're providing you with valuable information. And we appreciate you all taking the time to join us today and for your support with cheap. Lateef, that concludes our call.

謝謝。但我只想說，感謝大家對 Exelon 的關注和支持。我希望隨著我們繼續推進這些事情，我們能夠為您提供有價值的資訊。我們感謝大家今天抽出時間加入我們，並給予 cheap 的支持。拉蒂夫，我們的通話到此結束。

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

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。