艾索倫電力 (EXC) 2025 Q2 法說會逐字稿

Hello, and welcome to Exelon's second quarter earnings call. My name is Gigi, and I'll be your event specialist today. (Operator Instructions) Please note that today's webcast is being recorded. (Operator Instructions) It is now my pleasure to turn today's program over to Andrew Plenge, Vice President of Investor Relations. The floor is yours.

大家好，歡迎參加Exelon公司第二季財報電話會議。我叫Gigi，今天我將擔任大家的活動專員。 （操作員指示）請注意，今天的網路直播正在錄製中。 （操作員指示）現在，我很榮幸地將今天的節目交給投資人關係副總裁Andrew Plenge。請大家發言。

Thank you, Gigi, and good morning, everyone. Thank you for joining us for our 2025 second quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today, and they will be available to answer your questions following our prepared remarks.

謝謝 Gigi，大家早安！感謝大家參加我們 2025 年第二季財報電話會議。今天主持電話會議的是 Exelon 總裁兼執行長 Calvin Butler 和 Exelon 財務長 Jeanne Jones。 Exelon 的其他高階管理團隊成員今天也出席了會議，他們將在我們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 materials contain forward-looking statements, which are subject to risks and uncertainties. You can find the cautionary statements on these risks on slide 2 of today's presentation or in our SEC filings.

今天的簡報以及我們的收益報告和其他財務資訊可在 Exelon 網站的「投資者關係」版塊找到。我們也想提醒您，今天的簡報及相關的收益報告資料包含前瞻性陳述，這些陳述受風險和不確定性的影響。您可以在今天的簡報的第二張投影片或我們提交給美國證券交易委員會 (SEC) 的文件中查閱有關這些風險的警示聲明。

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

此外，今天的簡報中還提及了調整後營業利潤和其他非公認會計準則 (GAAP) 指標。這些指標與最接近的公認會計準則 (GAAP) 指標之間的對帳表，請參閱簡報附錄和績效發布報告。

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。

Good morning, Andrew, and thank you very much, and thank you all for being with us today as we report on our results through the first half of the year. We continue to execute well across our priorities for 2025, building on a platform that is very well positioned to lead our states and jurisdictions through an exciting time in the sector. We earned $0.39 in operating earnings in the second quarter, above expectations at the time of our first quarter call, driven by favorable timing and cost management at our utilities, offsetting the impact of our $50 million customer relief fund and a stormy start to the summer. This keeps us on track to deliver on our operating earnings guidance for 2025 of $2.64 to $2.74 per share.

早安，安德魯，非常感謝大家，也感謝大家今天與我們一起報告上半年的業績。我們繼續出色地執行2025年的各項優先事項，並建立了一個非常有利的平台，該平台將引領我們各州和轄區度過該行業激動人心的時期。第二季度，我們的營業利潤為0.39美元，高於我們第一季電話會議時的預期，這得益於我們公用事業部門的有利時機和成本管理，抵消了5000萬美元客戶救濟基金和夏季暴風雨的影響。這使我們能夠按計劃實現2025年每股2.64美元至2.74美元的營業利潤預期。

Now storm seasons always highlight the talented and committed employees that make up the Exelon team. In June, PECO was hit with one of the largest storms in recent memory, with peak customer outages surpassing 325,000. Restoring power quickly was critical in light of a heat wave that followed the storm, and over 3,000 of our team members at PECO were joined by almost as many support personnel from around the country to bring customers back online working tirelessly in 100-degree temperatures. It's easy to take performance like this for granted. This is what you've come to expect from Exelon and why we continue to be recognized as the number one, number three, number five and number eight most reliable utilities across the country. I'm incredibly proud of the sacrifices our team makes on a regular basis to provide the service our customers and communities expect.

如今，風暴季節總是能凸顯出 Exelon 團隊中才華洋溢、盡職盡責的員工。今年 6 月，PECO 遭遇了近年來最嚴重的風暴之一，高峰期停電客戶超過 325,000 家。風暴過後，熱浪來襲，迅速恢復供電至關重要，PECO 的 3,000 多名團隊成員與來自全國各地的支援人員一起，在 100 華氏度（約 38 攝氏度）的高溫下不知疲倦地工作，讓客戶恢復供電。我們很容易將這樣的表現視為理所當然。但這正是您對 Exelon 的期望，也是我們繼續被公認為全美最可靠公用事業公司第一、第三、第五和第八的原因。我為我們的團隊為了提供客戶和社區期望的服務而不斷做出的犧牲感到無比自豪。

Turning to regulatory activity. I will remind you that our core rate case activity is limited this year having updated investment recovery rates across close to 90% of our rate base in the last couple of years. However, we have remained very active across a variety of federal and state proceedings to solve an ever-evolving set of opportunities to better serve our customers and advance our state's energy and economic goals. Building on the momentum from the first quarter, our legislatures continue to consider ways in which they might address an energy landscape that is rapidly evolving.

談到監理活動。需要提醒大家的是，我們今年的核心費率案件活動有限，過去幾年我們已更新了近90%費率基數的投資回收率。然而，我們仍然積極參與各種聯邦和州級訴訟，以解決一系列不斷變化的機遇，從而更好地服務我們的客戶，並推動我們州的能源和經濟目標。在第一季勢頭的基礎上，我們的立法機構將繼續思考如何應對快速變化的能源格局。

Illinois wrapped up its spring legislative session after drafting an energy omnibus legislation, seeking opportunities to expand efficiency efforts, transmission build, storage and resource planning, among other areas. While the legislature did not pass the bill, the process offered us and other stakeholders the opportunity to discuss critical issues and we remain optimistic that Illinois will continue to lead the nation in advancing progressive constructive legislation that enables effective partnership across private and public entities.

伊利諾伊州在起草了一項能源綜合立法後，結束了春季立法會議。該立法旨在尋求擴大能源效率工作、輸電線路建設、儲能和資源規劃等領域的機會。雖然立法機構最終沒有通過​​該法案，但這一進程為我們和其他利益相關者提供了討論關鍵問題的機會。我們仍然樂觀地認為，伊利諾伊州將繼續引領全國，推動具有建設性的進步立法，促進公共和私營部門之間建立有效的夥伴關係。

Other states like Pennsylvania and New Jersey remain in active discussions around ways in which they might address tightening power markets, including bills to allow for utility ownership of generation. Coming off of last week's capacity auction, it's clear now than ever that states should be thinking broadly about how to secure the energy futures for our citizens.

賓州和新澤西州等其他州仍在積極討論如何應對電力市場緊縮，包括允許公用事業公司擁有發電權的法案。上週的容量拍賣結束後，各州比以往任何時候都更需要廣泛思考如何保障公民的能源未來。

Exclusive reliance on PJM enabled low and relatively steady supply costs for its customers in a period of low demand and growth -- low demand growth, and when states weren't yet facing significant turnover in their generation supply driven by economics, policy and technology. But the volatility and unpredictability we are seeing in supply cost along with a steady increase in warnings from institutions like NERC and DOE is undermining the faith in the status quo.

在需求和成長低迷的時期——需求成長緩慢，且各州尚未面臨受經濟、政策和技術驅動的發電供應大幅波動——對PJM的完全依賴使其客戶能夠保持較低且相對穩定的供電成本。然而，我們看到的供電成本的波動性和不可預測性，以及來自NERC和DOE等機構的警告不斷增多，正在削弱人們對現狀的信心。

Despite higher prices, we are not seeing the market respond fast enough. We saw some new generation entry, but demand growth was double that amount. In fact, the capacity contribution by one of the quick solutions available demand response actually declined in this most recent auction. States have an opportunity to proactively bring control, certainty and cost benefits by pursuing options outside of the capacity market, including regulated generation. Such options can ensure solutions are there to meet state goals when the market can't or won't deliver.

儘管價格上漲，但我們看到市場反應不夠迅速。我們看到一些新發電項目投入使用，但需求成長卻是這個數字的兩倍。事實上，在最近的拍賣中，一種可用的快速需求響應解決方案的容量貢獻實際上有所下降。各州可以透過尋求容量市場以外的選擇（包括受監管的發電），主動獲得控制權、確定性和成本效益。這些選擇可以確保在市場無法或不願提供的情況下，有解決方案可以滿足各州的目標。

State involvement already resulted in a savings for customers with a temporary cap on pricing, resulting in close to $3 billion saved relative to an uncapped outcome. But bigger longer-term fixes are available with legislative action, and we stand ready to be part of that solution. We look forward to continuing the dialogue with our states to be a part of the solutions to ensure energy is delivered reliably and cost effectively in a manner that best suits their goals.

各州的參與為客戶節省了臨時價格上限，相比不設上限的情況，節省了近30億美元。但更大的長期解決方案可以透過立法行動來實現，我們隨時準備好參與其中。我們期待繼續與各州對話，共同努力，確保以最符合各州目標的方式，可靠、經濟高效地輸送能源。

Time remains of the essence in adding supply to the grid. As you can see, our pipeline for large load remains robust. Our large load pipeline is holding firm at more than 17 gigawatts, and customers remain in our Q2 study, another 16 gigawatts of high probability load that we expect to formalize as part of our pipeline by the end of the year. In fact, we have also opened another cluster study window at ComEd closing in August in which several gigawatts worth of large load have indicated an interest in participating. And transmission solutions to connect this new load and generation to the grid are also advancing. We continue to be well positioned to be assigned over $1 billion of transmission work associated with the MISO Tranche 2.1 set of projects. And we now have the organizational structure and are developing strategic and financial partnerships necessary to take further advantage of our industry-leading position in transmission.

時間對於增加電網供應至關重要。如您所見，我們的大負荷項目儲備依然強勁。我們的大負荷儲備穩定在17吉瓦以上，並且客戶仍在我們第二季度的研究中，另有16吉瓦的高機率負荷，我們預計將在年底前正式納入我們的儲備。事實上，我們也在8月關閉的ComEd計畫上開啟了另一個群聚研究窗口，已有數吉瓦的大負荷計畫表示有興趣參與。將這些新負載和發電設施連接到電網的輸電解決方案也在推進中。我們繼續處於有利地位，並有望獲得與MISO Tranche 2.1項目相關的超過10億美元的輸電工程。我們目前已建立組織架構，並正在發展必要的策略和財務合作夥伴關係，以進一步鞏固我們在輸電領域的行業領先地位。

The expansive work needed across all aspects of the grid gives us strong confidence in our 4-year outlook and beyond, investing $38 billion through 2028 with an additional $10 billion to $15 billion of transmission work identified beyond that to support our jurisdictions and most importantly, our customers. Success in winning competitively bid projects, which we have already proven we can do with the Tri-County line would offer even more upside. By earning a fair return on equity of 9% to 10% on a rate base growing at 7.4% through 2028 and financing that with a balanced capital strategy, we expect to grow our earnings at an annualized rate of 5% to 7%, with the expectation of delivering at the midpoint or better of that range.

電網各方面都需要進行的廣泛工作，讓我們對未來四年及更長遠的前景充滿信心。到2028年，我們將投資380億美元，此外還將投資100億至150億美元用於輸電工程，以支持我們的轄區，最重要的是，支持我們的客戶。如果能成功贏得競爭性投標項目（我們已經證明我們有能力在三縣輸電線路項目中取得成功），我們將擁有更大的盈利空間。到2028年，我們將在7.4%的利率基礎上獲得9%至10%的合理股本回報率，並採用均衡的資本策略進行融資，我們預計年化收益將增長5%至7%，並有望達到該區間的中間值或更高。

I will now turn it over to Jeanne to provide a more detailed update on our financial outlook and rate case activity. Jeanne?

現在我將把時間交給珍妮 (Jeanne)，請她更詳細地介紹我們的財務前景和利率案例活動。珍妮？

Thank you, Calvin, and good morning, everyone. Today, I will cover our financial update for the second quarter and the progress on our current regulatory activity. Starting on slide 5, we present our quarter-over-quarter adjusted operating earnings block. Exelon earned $0.39 per share in the second quarter of 2025 compared to $0.47 per share in the same period in 2024, reflecting lower results of $0.08 per share over the same period. Earnings are lower in the second quarter relative to the same period last year, primarily driven by $0.13 of higher distribution and transmission rates driven by new rates in effect.

謝謝Calvin，大家早安。今天，我將介紹我們第二季的財務更新以及我們目前監管活動的進展。從第五張投影片開始，我們將展示我們季度環比調整後的營業利潤。 Exelon在2025年第二季的每股盈餘為0.39美元，而2024年同期的每股盈餘為0.47美元，反映出同期每股盈餘下降了0.08美元。第二季的收益低於去年同期，主要原因是新費率生效導致配電和輸電費率上漲了0.13美元。

This favorability was offset by $0.07 of ComEd timing, which reverses most of the favorability seen in the first quarter due to revenue shaping and timing of O&M spend relative to 2024. There's $0.04 at corporate attributable to our customer relief fund, $0.03 of higher storm costs at PECO, $0.02 of higher interest at corporate and PHI and $0.02 attributable to the recognition of Pepco Maryland's first MIP reconciliations for rate years one and two in 2024. The remaining $0.03 is attributable to smaller nonrecurring items, including timing of taxes at corporate and approximately $0.01 attributable to the derecognition of a regulatory asset subsequent to Maryland's Next-generation act.

這種有利因素被 ComEd 時間安排的 0.07 美元所抵消，這扭轉了第一季由於收入形成和相對於 2024 年的 O&M 支出時間安排而出現的大部分有利因素。公司方面有 0.04 美元歸因於我們的客戶救濟基金，PECO 方面有 0.03 美元的更高的風暴成本，公司和 PHI 方面有 0.02 美元的更高的利息，以及 0.02 美元歸因於 Pepco Maryland 在 2024 年對第一年和第二年的第一次確認費率。剩餘的 0.03 美元歸因於較小的非經常性項目，包括公司的稅收時間安排，以及約 0.01 美元歸因於馬裡蘭州下一代法案之後監管資產的終止確認。

As Calvin mentioned, these results are slightly ahead of the guidance we provided in our prior quarter call due to favorable revenue and tax timing at ComEd and disciplined cost management at our utilities. Our year-to-date performance underscores our ability to deliver strong financial results amidst increasingly significant storm activity and while continuing to find new and creative ways to support our customers.

正如Calvin所提到的，由於ComEd的收入和納稅時機良好，以及我們公用事業部門嚴格的成本管理，這些業績略高於我們上一季電話會議上給出的預期。我們年初至今的業績凸顯了我們能夠在日益嚴重的風暴活動下實現強勁的財務業績，同時繼續探索新的、富有創意的方式來支持我們的客戶。

Looking ahead to next quarter, we expect earnings to be approximately 29% of the midpoint of our projected full year earnings guidance range, which contemplates new rates in effect, anticipated shaping up costs and revenue timing and assumes normal weather and storm conditions, along with our ability to seek deferral treatment of extraordinary storm costs at PECO from the first half of the year. As we look towards the end of the year, we remain on track for full year operating earnings of $2.64 to $2.74 per share, with the goal to be at midpoint or better.

展望下個季度，我們預期獲利將達到我們全年獲利預測區間中點的約29%。該區間考慮了已生效的新費率、預期的成本組成和收入時機，並假設天氣和風暴狀況正常，以及我們有能力從上半年起向PECO申請遞延處理非經常性風暴成本。展望年底，我們預計全年營業利潤仍有望達到每股2.64美元至2.74美元，目標是達到或超過該區間中點。

Finally, we have reaffirmed our annualized earnings growth rate of 5% to 7% through 2028 with the expectation to be at the midpoint or better of that range.

最後，我們重申 2028 年的年化獲利成長率為 5% 至 7%，預計將達到該範圍的中間值或更高。

Turning to slide 6. I will review the limited base rate case activity across our platform. We received intervenor testimony on July 25 on the Delmarva Power gas distribution rate case filed last September, keeping the rate case on track. The rate filing seeks to recover continued reliability investments such as aging piping, along with the LNG plant upgrades, which help protect customers from price volatility during peak periods. Following intervenor testimony, the case will be open for rebuttal testimony in September before evidentiary hearings are held in November, an order is expected in the first quarter of 2026.

翻到第6張投影片。我將回顧我們平台上有限的基準費率案件活動。我們於7月25日收到了關於去年9月提交的Delmarva Power天然氣分銷費率案的介入方證詞，使該費率案得以順利審理。該費率申請旨在收回持續的可靠性投資，例如老化的管道以及液化天然氣工廠的升級改造，這些投資有助於保護客戶免受高峰時段價格波動的影響。在介入方證詞提交後，該案將於9月開始接受反駁證詞，並於11月舉行證據聽證會，預計2026年第一季發布命令。

Our second open base rate case is at Atlantic City Electric, where settlement discussions remain ongoing as we seek recovery for grid improvement and modernization efforts in line with New Jersey's Energy Master Plan and the Clean Energy Act. An order is expected by the end of the year. At ComEd, our first reconciliation under the new multiyear rate plan framework is underway. As a reminder, we filed for a $268 million reconciliation adjustment primarily driven by operating under a lower revenue requirement in 2024 than what was ultimately approved by the commission.

我們的第二個公開基準電價案件發生在大西洋城電力公司 (Atlantic City Electric)。目前，我們仍在就此進行和解談判，力求根據新澤西州能源總體規劃和《清潔能源法案》收回電網改善和現代化改造的資金。預計年底前將收到判決令。在ComEd，我們根據新的多年期電價計劃框架進行的首次對帳正在進行中。需要提醒的是，我們申請了2.68億美元的對帳調整，主要原因是我們2024年的營運收入要求低於委員會最終批准的水平。

The reconciliation is also inclusive of $6 million related to a positive 5.3 basis point adjustment to our return on equity from our performance metrics. In initial testimony filed on July 15, recommended $108 million reduction in the net reconciliation amount. But noted, they would consider additional information that could impact their ultimate recommendation. We continue to feel confident in the spend we incurred in 2024 as we maintained industry-leading levels of reliability at well below average rates and are working towards the remaining rounds of testimony, including our rebuttal testimony due next week.

此次對帳還包括600萬美元，這筆款項與我們根據績效指標對股本回報率進行的5.3個基點的正向調整有關。在7月15日提交的初步證詞中，他們建議將淨對帳金額減少1.08億美元。但需要指出的是，他們會考慮可能影響最終建議的其他資訊。我們仍然對2024年的支出充滿信心，因為我們以遠低於平均水平的費率保持了行業領先的可靠性水平，並且正在努力完成剩餘的證詞，包括下週提交的反駁證詞。

Finally, in Maryland, we continue to wait decisions on our final reconciliations from the first BGE and Pepco Maryland multiyear plans, along with the commission's comments on the lessons learned proceeding to support our next filings. We trust that we can find an approach that best aligns stakeholders' interest in balancing affordability, reliability, economic development and the state's energy transition goals.

最後，在馬裡蘭州，我們仍在等待BGE和Pepco馬裡蘭州首批多年期計劃最終對帳結果的最終決定，以及委員會對此次程序中經驗教訓的評論，以支持我們提交下一份申請。我們相信，我們能夠找到最符合利害關係人利益的方法，在可負擔性、可靠性、經濟發展和該州能源轉型目標之間取得平衡。

Finally, I'll conclude with updates on our balance sheet activity on slide 7, where we've continued to make substantial progress on our 2025 capital needs. From a financing perspective, we have successfully completed nearly 80% of our planned long-term debt financing needs for the year with ComEd and BGE issuing $725 million and $650 million in the second quarter, respectively. The strong investor demand and attractive pricing we continue to achieve in our debt offering is supported by the strength of our balance sheet and by the low-risk attributes of our platform. Investor confidence in our offerings, along with our preissuance hedging program position us well as we seek to finance the energy transformation in the most cost-effective way for our customers and our investors.

最後，我將在投影片7上介紹我們資產負債表的最新情況，我們在2025年的資本需求方面繼續取得了實質進展。從融資角度來看，我們已成功完成了今年近80%的長期債務融資計劃，其中ComEd和BGE在第二季度分別發行了7.25億美元和6.5億美元的債券。強勁的投資者需求和我們債券發行持續實現的誘人定價，得益於我們強勁的資產負債表和平台的低風險特性。投資者對我們債券的信心，加上我們的發行前對沖計劃，使我們處於有利地位，能夠以最具成本效益的方式為客戶和投資者提供能源轉型融資。

As it pertains to equity, we've successfully priced the full $700 million of planned equity needs for 2025 via our ATM, issuing $175 million in shares and pricing an additional $525 million under forward agreements for the issuance later in the year. In addition to derisking 2025, we've also priced nearly $160 million of our equity needs for 2026 through forward agreements using our ATM, which we renewed an upside in the second quarter to cover our needs for the current 4-year plan.

在股權方面，我們已透過 ATM 成功定價了 2025 年計劃的全部 7 億美元股權需求，發行了 1.75 億美元股票，並根據遠期協議為今年稍後發行的 5.25 億美元額外股權需求定價。除了降低 2025 年的風險外，我們還透過 ATM 的遠期協議為 2026 年近 1.6 億美元的股權需求定價，並於第二季度再次上調了 ATM 的定價，以滿足當前四年計劃的需求。

We continue to project 100 to 200 basis points of financial flexibility on average over the Moody's downgrade threshold of 12%, approaching 14% at the end of our guidance period with a focus on ways in which we can protect and strengthen our balance sheet to ensure we support all opportunities to invest to meet our customer needs. Most recently, we filed with FERC for construction work and process incentive treatment on our Tri-County transmission project, which will support stronger credit ratings. We also continue to advocate for language that incorporates repairs for calculating the corporate alternative minimum tax, which will lower energy costs for our customers.

我們持續預測，公司財務彈性將比穆迪12%的下調門檻平均高出100至200個基點，並在指導期結束時接近14%。我們專注於如何保護和增強資產負債表，以確保我們支援所有投資機會，以滿足客戶需求。最近，我們已向聯邦能源管理委員會 (FERC) 申請三縣輸電項目的建設工程和流程激勵待遇，這將有助於提高信用評級。我們也將繼續倡導在計算企業替代最低稅時納入維修費用，這將降低客戶的能源成本。

As a reminder, favorably addressing repairs in the minimum tax calculation would result in an increase of approximately 50 basis points to our consolidated metrics on average over the plan. And I'll also remind you that our financing plan and credit metrics are not impacted by the most recent tax legislation.

提醒一下，在最低稅率計算中，如果能積極處理維修問題，我們的綜合指標將比計畫平均提高約50個基點。另外，我還要提醒大家，我們的融資計畫和信貸指標不會受到最新稅法的影響。

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

謝謝。現在請卡爾文做最後發言。

Thank you, Jeanne. Closing on slide 9. We remain focused in 2025 on our 4 core areas to create value for our customers, jurisdictions and shareholders. As I noted, our employees deliver unparalleled service to our customers in all jurisdictions, which becomes especially apparent in the face of increasingly unpredictable and volatile weather. We invest every dollar as prudently and as efficiently as possible, trying to prevent outages from impacting our customers in the first place even amidst storms. It's why 98% of the net profit earned at our utilities has been reinvested back in the system over the last 5 years.

謝謝，珍妮。最後，投影片9。2025年，我們將繼續專注於四大核心領域，為客戶、轄區和股東創造價值。正如我所提到的，我們的員工為所有轄區的客戶提供無與倫比的服務，這在日益難以預測和動盪的天氣條件下尤其明顯。我們盡可能審慎且有效率地投資每一分錢，即使在暴風雨中，也努力在第一時間防止停電影響我們的客戶。正因如此，過去5年，我們公用事業部門98%的淨利已重新投資於電力系統。

But storms inevitably bring disruptions. When that happens, our team works tireless to bring people back online as quickly as possible. Those 2 elements, our investments in the system and the performance by our employees are the reason why we occupy 4 of the top 8 spots in reliability in the industry. This focus on top-notch service at below average cost is what drove ComEd's latest large low-tier proposals, which seek to ensure an interconnection process that is as efficient as possible for new customers while protecting existing customers against the risk that the load does not materialize at expected levels.

但風暴不可避免地會帶來中斷。當這種情況發生時，我們的團隊會孜孜不倦地工作，盡快恢復供電。正是由於這兩個因素——我們對系統的投資以及員工的出色表現——我們在行業可靠性排名前八名中佔據了四席。這種專注於以低於平均成本提供一流服務的理念，推動了ComEd最新的大型低層級方案的提出，這些方案旨在確保為新客戶提供盡可能高效的互連流程，同時保護現有客戶免受負載未達到預期水平的風險。

We appreciate the engagement with large customers and other stakeholders in developing this set of proposals and look forward to finding a balanced solution as we continue to grow our pipeline of customers seeking to take advantage of industry-leading reliability at some of the lowest rates in the nation. That customer orientation was also highlighted by the CEO of a quantum computing company who noted ComEd's partnership with the state at the beginning of the company's site evaluation process was a key differentiator when deciding to locate in Chicago.

我們感謝大客戶和其他利害關係人在製定這套方案過程中的積極參與，並期待找到一個平衡的解決方案，因為我們將繼續擴大客戶管道，這些客戶希望以全美最低的價格享受行業領先的可靠性。一家量子計算公司的執行長也強調了這種客戶導向，他指出，ComEd 在公司選址評估過程之初就與芝加哥州政府建立了合作關係，這是該公司決定落腳芝加哥的關鍵優勢。

Connecting this load continues to offer long-term advantages for our jurisdictions. The market for data processing, driven by artificial intelligence and increased reliance on the cloud and other high-density load is national, and ensuring our customers get the local benefits of that growth, including from a reduced share of fixed cost supports longer-term affordability.

連結這些負載將持續為我們的轄區帶來長期優勢。受人工智慧以及對雲端和其他高密度負載日益依賴的推動，資料處理市場是全國性的，確保我們的客戶能夠從這種成長中獲得本地效益，包括降低固定成本佔比，這將有利於長期的可負擔性。

But with the extent of investment needed in the grid, not just from new business, but from connecting new generation to serve it and from ensuring reliability and resiliency amidst more challenging weather conditions, affordability requires every tool we have and new ones as well. It's why we continue to focus on connecting customers to federal, state and local relief funds, including continued advocacy for key programs like LIHEAP. It's why we suspended disconnects, offered extended payment plans and waived late payment fees after a cold winter.

但鑑於電網所需的投資規模龐大，這不僅來自新業務，還包括連接新一代電力系統，以及確保在更具挑戰性的天氣條件下保持電力的可靠性和彈性，因此，為了實現可負擔性，我們需要運用所有現有工具，甚至新的工具。正因如此，我們持續致力於幫助客戶獲得聯邦、州和地方的救濟基金，包括持續倡導像 LIHEAP 這樣的重點項目。正因如此，我們在寒冬過後暫停了斷電，推出了延期付款計劃，並免除了滯納金。

It's why we partnered with trusted local nonprofits to provide $50 million in customer relief for low and middle-income customers this summer. And it's why we're increasingly advocating that our jurisdictions be proactive and taking more control over their power supply, complementing the supply induced by the capacity market with solutions like utility-owned generation that their regulators oversee, giving them control, certainty and cost benefits to customers that markets alone don't offer.

正因如此，我們與值得信賴的當地非營利組織合作，在今年夏天為中低收入客戶提供了5000萬美元的客戶援助。也因為如此，我們不斷倡導轄區積極主動，加強對電力供應的控制，透過公用事業自有發電等由其監管機構監管的解決方案來補充容量市場帶來的電力供應，從而賦予他們市場本身無法提供的控制力、確定性和成本效益。

By putting our customers at the center of everything we do, we are confident we can earn a fair return on our investment and maintain a balanced funding strategy that enables delivery not only on 2025 guidance, but also on our long-term growth rate of 5% to 7%. We have a built platform and a culture of excellence over the last 25 years, and we are committed to using it to deliver consistent growth and long-term value for our communities and shareholders for the next 25 years and beyond.

透過將客戶置於我們一切工作的中心，我們有信心獲得合理的投資回報，並維持均衡的融資策略，這不僅有助於實現2025年的預期目標，還能確保我們實現5%至7%的長期成長率。過去25年，我們建立了一個平台並培養了卓越的文化，我們致力於在未來25年及更長遠的未來，憑藉這些平台和文化，為我們的社區和股東創造持續成長和長期價值。

Gigi, we are now happy to take any questions.

Gigi，我們現在很樂意回答任何問題。

(Operator Instructions)

（操作員指示）

Paul A. Zimbardo from Jefferies.

來自 Jefferies 的 Paul A. Zimbardo。

I think just to kick it off, and you described it well on your call, and it seems like nearly every one of your governors, if not all of the governors, have been increasingly active with PJM. which jurisdictions do you think is the most right for further action on that utility-owned generation or more energy efficiency, storage, something in those areas?

我認為只是為了開始，你在電話中很好地描述了這一點，似乎幾乎你們的每一位州長，如果不是所有的州長，都對 PJM 越來越積極。你認為哪些司法管轄區最適合對公用事業擁有的發電或更多能源效率、儲存等採取進一步行動？

Yes. Thank you, Paul. I'll -- this is Calvin, and I'll start off with you. I would say you're absolutely right. Our governor signed in and stepped in. And as I talked about, we appreciate their engagement. We are committed to working with PJM, but we do believe state involvement is critical in this effort, as I outlined.

是的。謝謝你，保羅。我是卡爾文，我先從你開始。你說得完全正確。我們的州長已經簽字並介入。正如我之前提到的，我們感謝他們的參與。我們致力於與PJM合作，但我們確實認為，正如我之前提到的，州政府的參與對這項工作至關重要。

As I also said, Governor Shapiro's effort specifically helped in capping what our customers would have otherwise had to pay, and that was roughly about $3 billion in savings. So that's significant. And all of our -- and I shouldn't say all, most of our jurisdictions have engaged in some legislative process to allow for us to look at what we can do to supplement existing supply.

正如我之前所說，夏皮羅州長的努力特別有助於限制我們的客戶原本需要支付的費用，這大約節省了30億美元。所以這意義重大。我們所有——我不應該說所有，而是大多數轄區都參與了某種立法程序，以便我們能夠研究如何補充現有供應。

But as we talk about, you have battery storage at the T&D level being offered in Maryland. You have generation, utility-owned generation considerations in Delaware. You're looking at it in New Jersey. And to your question, which is right. It depends on how quickly they are looking to move and where is the need coming from. But what I can tell you, as we work with them and talk to them, we need 3 things that we talk about: one, certainty; two, we want the states to think that they have a sense of control over this to the customer benefits that derive directly from utility-owned generation, and we're going to be part of the solution and we're committed to it because it goes right to the affordability question. What can we do for our customers today that is not being done. But in the meantime, we do need to offer short-, mid- and long-term solutions in this process.

但正如我們所討論的，馬裡蘭州在輸配電層級提供電池儲能。德拉瓦州考慮的是發電，即公用事業自有發電設施。新澤西州也在考慮。至於你的問題，答案是肯定的。這取決於他們希望行動的速度以及需求來自哪裡。但我可以告訴你，在我們與他們合作和溝通的過程中，我們需要討論三件事：第一，確定性；第二，我們希望各州認為他們能夠掌控此事，從而讓客戶直接從公用事業自有發電設施中受益。我們將參與解決方案的製定，並致力於此，因為這直接關係到可負擔性問題。我們目前能為客戶做些什麼，而目前還沒有做到呢？但同時，我們確實需要在這個過程中提供短期、中期和長期解決方案。

I would look to Mike Innocenzo, our COO, to see if you have anything you'd like to add there.

我想諮詢我們的營運長 Mike Innocenzo，看看您是否還有什麼要補充的。

Yes. I think the only thing I would add in terms of timing would be the Maryland legislation, which has a definitive request out there for 3,000 megawatts of power. We'll know that by October, whether that's met by the competitive market. And I think if that's not met, that would probably be the next time -- in the timeline to trigger some additional action.

是的。我想就時間安排而言，我唯一想補充的是馬裡蘭州的立法，該立法明確提出了3000兆瓦的電力需求。到10月份，我們將知道競爭性市場是否能滿足這項需求。我認為，如果達不到，那麼下次可能就會觸發一些額外行動。

Thank you, Mike. Paul, does that answer your question?

謝謝你，麥克。保羅，這回答了你的問題嗎？

Yes, it does. And just a follow-up, and I appreciate that timing, Mike. Is it something that could be ready for a fourth quarter refresh when you do that next roll forward just given the Maryland opportunities, Delaware, New Jersey, just purely on the storage side? Is that something that could be ready in time for fourth quarter? Or could it take a little bit longer?

是的，確實如此。接下來還有個問題，我很感謝你抽出時間，Mike。考慮到馬裡蘭州、特拉華州和新澤西州在儲存方面的機會，你們下次進行業務推進時，是否可以在第四季度做好準備？這些可以在第四季及時準備好嗎？還是需要更長的時間？

Yes. I think it depends on the outcome of the procurement that Mike mentioned. But I think sometime next year, we'll have more clarity for sure on all of our states.

是的。我認為這取決於麥克提到的採購結果。但我認為明年某個時候，我們肯定會對所有州的情況有更清晰的了解。

And Paul, as you know how we do this, we're very deliberate about rolling forward on what we share with you. We're not going to speculate. We're going to be consistent and transparent in everything we do. And I promise you, we'll bring that to you as soon as we have some clarity on where it's going.

保羅，如你所知，我們非常謹慎地推進與你分享的內容。我們不會進行任何猜測。我們將在所做的每一件事上保持一致和透明。我向你保證，一旦我們明確了進展，就會立即告知你。

Anthony Crowdell from Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Paul Z took my PJM question. Just if I could look at the $10 billion to $15 billion of potential transmission opportunity. When do -- or timing on when I could see that move into the base plan for the company? Is that on like a fourth quarter refresh? Can you give us some more timing of when that becomes part of your base plan?

Paul Z 回答了我關於 PJM 的問題。請問一下，100 億到 150 億美元的潛在輸電機會何時會納入公司的基本計畫？是像第四季那樣進行更新嗎？能否再透露一下，這何時會成為公司基本計畫的一部分？

Yes, Anthony, it's Jeanne. So we -- you're right. We would normally do that in Q4. And the reason why is we have the cluster study that I mentioned. So we'll have more clarity on that in the fall. We have ComEd grid plan that has to be filed in '26, BGE looking at its next filing. So we like to take all that together, including the transmission and build that into the updated plan that we present to you on Q4. All of that will be contemplated in there including the new business. And I think if you look back in the last couple of updates, we've typically updated about 8% to 10% every four years. And I think transmission has gone up about 30%.

是的，安東尼，我是珍妮。你說得對。我們通常會在第四季進行這項更新。原因是我們之前提到過，我們進行了集群研究。所以秋天我們會對此有更清晰的了解。 ComEd 的電網規劃必須在 2026 年提交，BGE 正在考慮下一次提交。我們希望將所有這些，包括輸電，都納入我們第四季度向您提交的更新計劃中。所有這些都會納入考慮，包括新業務。回顧過去的幾次更新，我們通常每四年更新 8% 到 10%。我認為輸電率已經上升了約 30%。

So you can expect that transmission will continue to be a big part of our roll forward going forward. And then, of course, we'll continue to keep an eye on the potential generation opportunities, working with our states. We wouldn't build that in until it's certain. And then Calvin also mentioned that we've organized ourselves under our Head of Transmission, Carim Khouzami, to also look at other competitive types of transmission. So as those opportunities are not in the $10 billion to $15 billion, and we would only put that in, as you would expect from Exelon until we have more certainty on those. But those are opportunities that we continue to work towards.

因此，您可以預期，輸電業務將繼續成為我們未來發展的重要部分。當然，我們將繼續關注潛在的發電機會，並與各州合作。在確定之前，我們不會將其納入其中。 Calvin 也提到，我們已經在輸電業務主管 Carim Khouzami 的領導下組織起來，研究其他具有競爭力的輸電類型。由於這些機會的規模不在 100 億到 150 億美元之間，我們只會像 Exelon 一樣，在獲得更確定的方案之前投入這些機會。但這些機會是我們持續努力爭取的。

And financing that $10 billion to $15 billion a good rule of thumb, 30% to 40% equity or I'm curious what would be a good rule of thumb to finance that incremental CapEx?

為 100 億到 150 億美元融資的一個好的經驗法則是 30% 到 40% 的股權，或者我很好奇為增量資本支出融資的一個好的經驗法則是什麼？

Yes, we have been using a rule of thumb of every new dollar is about 40% equity.

是的，我們一直使用的經驗法則是每一美元新增資金約佔 40% 的股權。

Great. And then if I could jump to -- weird. I don't know what paper it was, had a big story on, I think the Illinois governor and quantum computing and like -- it seems like -- I apologize if I mispronounce the name, Governor Pritzker is very big in quantum computing. Is that creating a bigger opportunity or a unique opportunity for ComEd that may be it's different than the data center thematic that's going through the rest of the country?

太好了。然後我可以跳到……很奇怪。我不知道是哪份報紙，上面有一篇大文章，我想是伊利諾伊州州長和量子計算，而且……好像……如果我念錯了名字，請原諒，普利茲克州長在量子計算領域非常有影響力。這是否為ComEd創造了一個更大的機會或一個獨特的機會，它可能與全國其他地區正在經歷的資料中心主題有所不同？

Great question, and you did pronounce his name correctly. So congratulations. I was there last week on a panel with members of IBM and others talking about the quantum computing campus that they've established. And we're -- and the State of Illinois is very proud of that. And you heard me allude to in my comments that the CEO of PsiQuantum said that, but for ComEd engaging in that process, it wouldn't have been -- it wouldn't have come to Illinois. That's very significant, and it goes into that partnership.

問得好，你的名字念得真對。恭喜你。上週我參加了一個小組討論，IBM 和其他公司的成員討論了他們建立的量子計算園區。我們—伊利諾州也對此感到非常自豪。你也聽到我在評論中提到了 PsiQuantum 的首席執行官說過的話，如果不是 ComEd 參與了這個過程，它就不會——它就不會落腳伊利諾伊州。這非常重要，它與我們的合作息息相關。

So to your direct question, is there upside? Absolutely. We've already seen requests coming from others who want to be on that campus, and that was the whole point. You get an anchor and people want to be close to what they're doing and benefit from the quantum computing efforts. And it was a several-day conference on exactly that. And once again, it's not built into anything that we've provided you because once we're going to be very transparent on the when and the who and when we roll it forward, it will come for you. But that's separate and above anything that we've talked about.

那麼，回到你的直接問題，這樣做有好處嗎？當然有。我們已經看到其他人提出申請，他們想加入那個園區，這就是重點。你獲得了一個錨點，人們希望能夠近距離了解他們正在做的事情，並從量子計算工作中受益。這是一個為期幾天的會議，主題正是如此。再次強調，這並沒有包含在我們提供的任何服務中，因為一旦我們明確說明何時、誰參與以及何時推進，它就會為你服務。但這是獨立的事情，並且高於我們之前討論的任何內容。

David Arcaro from Morgan Stanley.

摩根士丹利的 David Arcaro。

Maybe on, let's say, on the generation side of things, we've obviously seen some of your peers express a willingness to build regulated like or contracted generation. So I'm wondering your current thoughts on whether that might kind of fit into your model? Is that something you would consider?

比如說，在發電方面，我們顯然看到一些同業表示願意建立受監管的發電模式或合約發電模式。所以，我想知道您目前的想法是，這是否適合您的模式？您會考慮嗎？

Simple yes. And it's based on how it's done, policy matters in this process, right? And we go back to those 3 tenets. We need certainty. We want to make sure we have a clear understanding where the states are getting in control, and we also want to know what the customer benefits. But we want to be part of the solution, and we do believe in that portfolio approach because what you're finding right now, David, is that the cost, the supply is not meeting the demand. So what can we do to be part of that solution. But how it's done does matter.

是的，答案很簡單。這取決於具體做法，政策在這個過程中至關重要，對吧？我們回到這三個原則。我們需要確定性。我們希望確保清楚了解各州在哪些方面擁有控制權，也希望了解客戶能從中受益。我們希望成為解決方案的一部分，我們也相信這種組合方法，因為大衛，你現在發現的是成本和供應無法滿足需求。那麼，我們能做些什麼來成為解決方案的一部分呢？但具體做法至關重要。

And we're very optimistic that our states will do something. I think it was Paul that asked earlier where our states are engaging in this discussion, and we're engaged in those discussions every step along the way. And we want to partner, and we will continue to partner with PJM, but we do see it as an and, the competitive markets and regulated generation being part of the solution.

我們非常樂觀地認為，各州將會有所行動。我記得保羅之前問過，各州在哪些方面參與了這場討論，而我們正全程參與這些討論。我們希望與 PJM 合作，我們將繼續與 PJM 合作，但我們確實認為，競爭性市場和受監管的發電方式是解決方案的一部分。

Yes. And we think the regulated generation in partnership with our states is the best way to do it. So again, the states need certainty, right? They don't -- while the PJM works, the competitive markets, if the states don't want to wait, right, and they know they have economic development that needs more generation, this regulated cap can give them certainty. It also gives them control.

是的。我們認為與各州合作，對發電進行監管是最好的方法。所以，各州需要確定性，對吧？他們不需要——在PJM（PJM）運作期間，競爭性市場，如果各州不想等待，對吧，而且他們知道他們的經濟發展需要更多的發電，那麼這種受監管的上限可以給他們確定性。它也賦予了他們控制權。

They can decide what type of generation makes sense for that -- for their customer set for their state. And in working with them, we can provide that control and then it provides customer benefits. We know we have a cost of capital advantage in doing it and proactively planning, you can get -- we believe there's customer benefits there.

他們可以決定哪種發電方式最適合——適合他們所在州的客戶群。透過與他們合作，我們可以提供這種控制權，從而讓客戶受益。我們知道，我們在這樣做方面擁有資本成本優勢，而且我們積極規劃，我們相信客戶會從中受益。

So that's why we believe that's the right way to do it. And look, half of PJM states today already have sort of a hybrid approach between some sort of regulated like generation and the restructured market. So we don't -- this isn't new or novel. And we think our state should just capture the opportunity, get that control, the certainty and the customer benefits, and we stand ready to partner with them and move forward.

所以我們相信這是正確的做法。而且，PJM 地區一半的州目前已經採取了某種混合模式，即某種受監管的發電模式和重組後的市場模式。所以我們不認為這是什麼新鮮事。我們認為我們州應該抓住機遇，獲得控制權、確定性和客戶利益，我們隨時準備與他們合作，共同前進。

Okay. Great. I appreciate that color. And then wondering if you could elaborate on how data center discussions have been progressing recently. How quickly do you anticipate firming up more megawatts and kind of any reactions that you're seeing from the industry to some of the large load tariffs that you're rolling out?

好的。太好了。我很欣賞你這種顏色。然後，我想問您能否詳細說明一下最近資料中心討論的進展。您預計多快能確定更多兆瓦裝置容量？以及您看到業界對你們推出的一些大負載電價有何反應？

We talked about we see significant activity in Illinois. And we talked about the second cluster study that's being presented and started in August, which will provide more clarity as we go forward. And then let me just be very clear, we're also seeing data center activity across our other jurisdiction. Pennsylvania, Maryland. So this is not just a one state. You just see Illinois being in the top 5 of what we're doing. So understand it's driving forward, and you'll see more of those announcements coming in. But doing it the right way with reliability in mind is key.

我們談到了在伊利諾伊州看到的重大活動。我們也談到了將於8月提交並啟動的第二項集群研究，這將為我們今後的工作提供更清晰的思路。然後，讓我明確一點，我們也看到資料中心在我們其他管轄區內活動。賓州、馬裡蘭州。所以這不僅僅是一個州。你會看到伊利諾伊州在我們開展工作的前五名中。所以要知道它正在向前發展，你會看到更多類似的公告。但以正確的方式進行並牢記可靠性是關鍵。

And I'm looking at Mike. I'm going to ask Mike if you'd like to jump in there.

我看著麥克。我要問麥克，你是否願意加入進來。

Yes. The only thing I would add is timing, as Calvin, as you mentioned, so we've got active cluster studies going in Illinois. We've got active cluster studies going in the Mid-Atlantic. We expect results in the third, fourth quarter. Once you complete the cluster studies, you have commercial discussions with the different applicants there. So I think you would start to see in the third and fourth quarter some announcements as a result of those cluster studies coming up.

是的。我唯一想補充的是時間安排，正如Calvin所說，我們在伊利諾伊州正在積極進行集群研究。我們在大西洋中部地區也積極進行群聚研究。我們預計在第三季和第四季會得到結果。集群研究完成後，我們會與那裡的不同申請人進行商業洽談。所以我認為你會在第三季和第四季開始看到一些關於這些集群研究的公告。

Yes. And we are watching the other large load tariffs across the states. ComEd did -- you may have seen ComEd filed with the ICC some proposed changes to its tariff, just seeking to not only meet the moment here with our new customers and get more clarity and certainty there, but also protect the other customer base.

是的。我們正在關注各州其他大型負載電價。 ComEd 確實——你可能已經看到 ComEd 向 ICC 提交了一些電價修改提案，這不僅是為了滿足新客戶的需求，獲得更清晰的清晰度和確定性，也是為了保護其他客戶群。

So just memorializing this use of cluster studies, recognizing state-certified economic development priority projects, and this would all be for projects 50 megawatts or more. So it's pretty consistent with what you're seeing in other states, but that would be the most recent that we filed. And the ICC is going to seek, I think, opinions and stakeholders on that as well.

因此，這只是為了紀念集群研究的這種應用，認可州認證的經濟發展優先項目，這些項目都將適用於50兆瓦或以上的項目。所以這與其他州的情況非常一致，但這是我們最近提交的申請。我認為，ICC也將就此徵求意見並徵求利害關係人的意見。

Carly Davenport from Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just a quick follow-up on the large load pipeline. Is there any color you can provide in terms of the potential timelines for projects to progress through the different phases that you've outlined in that pipeline? And what the potential gating factors potentially impacting that cadence would be?

或許只是想快速跟進大型負載管線。您能否提供一些細節，說明專案在管線中概述的各個階段的進度時間表？以及可能影響該節奏的潛在門控因素是什麼？

Carly, it's Jeanne. I think once we -- what I would say first, kind of to answer your second part of your question, I think what we try to give you is something that is highly, highly confident. And so when it's in these phases, I think we have found that it sort of met the initial studies, and we feel more confident that we'll move forward. So don't expect necessarily barriers. But what we have outlined is as we think about those megawatts, we think about 10% of that load will be online by 2028, another one-third by 2030 and then three-fourth of it by 2034.

卡莉，我是珍妮。我想，一旦我們——首先我想說的是，也就是回答你問題的第二部分——我認為我們試圖給你的東西是非常非常有信心的。所以，當它處於這些階段時，我認為我們已經發現它在某種程度上符合初步研究的結果，我們對繼續前進更有信心。所以，不必期待必然的障礙。但我們已經概述了，就這些兆瓦而言，我們預計到2028年，大約10%的負載將投入使用，到2030年將有三分之一，到2034年將有四分之三。

So not only do we want to give you kind of where they are in the phases, but then also, you can kind of think about how they move through those phases in correlation with the load ramps that I mentioned there.

因此，我們不僅希望讓您了解它們在各個階段的位置，而且您還可以思考它們如何根據我提到的負載坡道經歷這些階段。

Got it. Okay. That's super helpful. And then maybe just a follow-up on the PJM capacity auction results and customer bills. Could you just talk a little bit about the bill impact with these auction results in place, especially with the BGE clear being lower relative to the last auctions? And then any shifts that you're anticipating in sort of the rhetoric around customer bills from here?

明白了。好的。這非常有幫助。然後我想跟進一下PJM容量拍賣結果和客戶帳單。您能否談談這些拍賣結果對帳單的影響，尤其是在BGE淨價相對於上次拍賣更低的情況下？您預計接下來圍繞客戶帳單的言論會有什麼變化嗎？

Yes. So Carly, I think what you saw -- I'll address with BGE specifically. What you saw is BGE finished the last -- the previous auction higher. So the relative delta between this one and that one, that's why you saw less of an increase this time than you did last.

是的。卡莉，我想你看到的——我會特別提到BGE。你看到的是BGE在上次拍賣會上——也就是之前的拍賣會上——成交價更高。所以，這次和那次拍賣會之間存在著相對差異，這就是為什麼你這次看到的漲幅比上次要小。

But we anticipate the BGE bill impacts, and I'm looking at Tamla Olivier, the CEO of BGE, of roughly $1.5 going into our BGE customers. And again, I always say this, $1 increase on some of our customers' monthly bills was $1 too much. So we take it very seriously. So you see across our jurisdictions, we see anywhere from $1.5 to $4 increase going across the system. And we're doing everything we can to offset that and work with the states to mitigate it, but that's the impact we're seeing.

但我們預期BGE帳單的影響，我和BGE執行長Tamla Olivier一起預測，大約會有1.5美元的支出進入我們的BGE客戶。我再說一遍，我總是這麼說，我們一些客戶的月度帳單增加1美元，這確實太多了。所以我們非常重視這個問題。所以，你看，在我們管轄的地區，我們看到整個系統的費用上漲了1.5美元到4美元。我們正在盡一切努力來抵消這一影響，並與各州合作減輕影響，但這就是我們看到的影響。

Yes. And I think in terms of your comment around sentiment, I think there is a broader understanding and recognition that this is driven by the supply costs, right? And we need the investments necessary in the grid to attract the economic development, just like we need to address these rising supply costs. And that goes back to what we're doing in terms of working with our states, having them take control, thinking of complementary solutions to PJM. Now that may take some time in terms of generation back to what Calvin said, whether it's energy efficiency or demand response, those are the near-term solutions we really need to take action while we get these longer-term solutions in place.

是的。關於你關於情緒的評論，我認為大家對這個問題的理解和認識普遍存在，認為這是由供應成本驅動的，對嗎？我們需要對電網進行必要的投資來吸引經濟發展，就像我們需要應對不斷上漲的供應成本一樣。這又回到了我們正在與各州合作，讓他們掌控局面，思考與PJM互補的解決方案。現在，就發電而言，這可能需要一些時間，正如Calvin所說的，無論是能源效率還是需求響應，這些都是我們在製定長期解決方案的同時真正需要採取行動的短期解決方案。

And Carly, it also goes directly to why the commissions need to be directly engaged, the commissions and the governors because these other solutions, we can do some things today to offset some of the rising costs and customer bills, but it has to be very thoughtful. It's no longer, can you do one-offs and expect something to happen. It has to be that portfolio approach. And energy efficiency and demand response are clear examples of what some of our states can do today to decrease customer bills. But because it's out of their norm, you get hesitation, and we continue to work with them to think broader than just today are the next decision.

卡莉，這也直接解釋了為什麼需要各州、各州委員會以及各州州長直接參與進來，因為這些其他的解決方案，我們現在可以做一些事情來抵消不斷上漲的成本和用戶賬單，但這必須非常周到。現在不能再只是一次性行動，然後指望有什麼效果了。必須採取組合式的方法。能源效率和需求響應就是一些州目前可以採取的措施來降低用戶帳單的典型例子。但由於這超出了他們的常規水平，他們會猶豫不決，我們會繼續與他們合作，在下一個決策中考慮更廣泛的問題，而不僅僅是今天。

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

謝謝。現在，我想把會議交還給卡爾文·巴特勒，請他致閉幕詞。

Thank you very much, Gigi. And as always, thank you, guys, for joining. Let me just say that we are committed to work with our states to really drive financial excellence and operational excellence. And we appreciate your support. And we hope to see many of you in the months ahead as we continue to get out on our road shows and talk with you and look forward to seeing you at our financial conference at EEI. So with that, Gigi, that concludes our call.

非常感謝，Gigi。一如既往，感謝各位的參與。我想說的是，我們致力於與各州合作，真正推動財務卓越和營運卓越。我們感謝你們的支持。我們希望在未來幾個月繼續進行路演，與你們交流，並期待在EEI的金融會議上與你們見面。 Gigi，我們的電話會議到此結束。

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

感謝各位嘉賓今天的到來。本次演講到此結束。您可以斷開連線了。祝您擁有美好的一天。