艾索倫電力 (EXC) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Exelon 第三季財報電話會議。我叫吉吉，今天我將擔任您的活動專員。（操作說明）請注意，今天的網路直播正在錄製。

(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.

（操作員指示）現在我很高興將今天的節目交給投資者關係副總裁安德魯·普倫格。現在輪到你發言了。

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

謝謝你，吉吉，大家早安。感謝您參加我們2025年第三季財報電話會議。今天主持電話會議的是 Exelon 總裁兼執行長 Calvin Butler 和 Exelon 財務長 Jeanne Jones。Exelon公司高階管理團隊的其他成員今天也來到了現場，他們將在我們發言結束後回答各位的問題。

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.

今天的演示文稿，以及我們的收益報告和其他財務信息，都可以在 Exelon 網站的投資者關係部分找到。我們也要提醒各位，今天的簡報和相關的獲利發布資料中包含前瞻性陳述，這些陳述存在風險和不確定性。

You can find the cautionary statements on these risks on slide 2 of today's presentation or in our SEC filings. In addition, today's presentation includes references to adjusted operating earnings and other non-GAAP measures. Reconciliations between these measures and the nearest equivalent GAAP measures can be found in the appendix of our presentation and in our earnings release.

您可以在今天簡報的第 2 張投影片或我們提交給美國證券交易委員會的文件中找到有關這些風險的警告聲明。此外，今天的簡報還包括調整後營業收入和其他非GAAP指標的參考。這些指標與最接近的等效 GAAP 指標之間的調整表可在我們的簡報附錄和獲利公告中找到。

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

現在我很高興將電話轉交給艾克塞隆公司總裁兼執行長卡爾文·巴特勒。

Thank you, Andrew, and good morning, everyone. We are happy to have you with us today for our third quarter earnings call. As we reached the last months of 2025, the 25 year since Exelon's founding, our employees continue to execute with excellence, serving our customers, communities and shareholders. We reported earnings of $0.86, which was stronger than anticipated due to slightly warmer weather and a mild storm season along with timing-related drivers.

謝謝你，安德魯，大家早安。我們很高興今天能與您一起參加我們的第三季財報電話會議。2025 年即將結束，這是 Exelon 公司成立 25 週年，我們的員工繼續以卓越的執行力服務我們的客戶、社區和股東。我們公佈的收益為每股 0.86 美元，由於天氣略微溫暖、風暴季節較為溫和以及與時間相關的因素，這一數字高於預期。

We continue to reaffirm our operating earnings guidance for 2025 of $2.64 to $2.74 per share, and we look forward to closing out the year strong. We also continue to deliver some of the best operational performance in the industry. In fact, we now have the final results of our reliability benchmarking for last year. And our four utility operating companies are ranked, 1, 2, 4 and 7 out of our peer set, improving upon last year's already stellar 1, 3, 5 and 8 rankings.

我們繼續重申對 2025 年每股營運收益的預期為 2.64 美元至 2.74 美元，並期待以強勁的勢頭結束今年。我們持續保持著業界最佳的營運績效之一。事實上，我們現在已經有了去年可靠性基準測試的最終結果。我們的四家公用事業營運公司在同業公司中分別排名第 1、2、4 和 7，比去年已經非常出色的第 1、3、5 和 8 名排名有所提高。

I could not be prouder of the way our employees show up every day whether it's selecting, planning and operationalizing the right investments to avoid outages or being the fastest to get customers back online if the power does go out. This performance has real value, particularly when you consider that a typical major storm can cost hundreds of thousands of dollars for the average customer, depending on its size.

無論是選擇、規劃和實施正確的投資以避免停電，還是在停電時以最快的速度讓客戶恢復上網，我們的員工每天都盡職盡責，我為此感到無比自豪。這項服務具有真正的價值，尤其考慮到典型的特大風暴可能會對普通客戶造成數十萬美元的損失，具體金額取決於風暴的規模。

Our operational North Star is to continuously improve upon this performance offering above-average performance at below average rates to the communities we have the privilege and honor of serving. Results like that show we're living up to that standard. As it pertains to rate cases, we remain on track for our gas distribution rate case at Delmarva Power and our Atlantic City Electric rate case.

我們的營運北極星是不斷改進這一業績，以低於平均水平的價格為我們有幸服務的社區提供高於平均水平的業績。這樣的結果顯示我們達到了這個標準。就費率案件而言，我們在德爾馬瓦電力公司的天然氣分銷費率案件和大西洋城電力公司的費率案件仍按計劃進行。

We also filed a rate case at Pepco Maryland with the decision required per statute by August 2026. The filing supports the company's commitment to delivering safe, reliable and resilient service while further preparing the local grid for future clean energy demand.

我們也向 Pepco Maryland 提交了一份費率申請，並要求在 2026 年 8 月之前根據法規作出決定。該文件體現了該公司致力於提供安全、可靠和有韌性的服務，同時進一步為當地電網應對未來的清潔能源需求做好準備。

Our filing also demonstrates true focus on customer value, reflecting strong O&M cost containment and robust projected benefits from specified reliability investments that significantly exceed their cost. Outside of rate cases, we have seen more progress in our states and at PJM when it comes to advancing solutions to meet the growing need for reliable and resilient power.

我們的申報文件也反映了對客戶價值的真正關注，反映了對運維成本的嚴格控制，以及對特定可靠性投資的穩健預期收益，這些收益遠遠超過了其成本。除了費率案件之外，我們在各州和 PJM 都看到了更多進展，尤其是在推進解決方案以滿足日益增長的可靠和有彈性的電力需求方面。

Last week, Illinois passed the Clean and Reliable Grid Affordability Act, which directly supports resource adequacy by expanding the annual budget for energy efficiency, broadens the types of assets eligible for the distributed generation rebate and creates an energy storage procurement plan. It also requires the commission and other state agencies to develop four-year integrated resource plans and gives the ICC discretion to facilitate transmission projects that support state goals.

上週，伊利諾伊州通過了《清潔可靠電網可負擔性法案》，該法案透過擴大能源效率年度預算、擴大分散式發電補貼適用資產類型以及製定儲能採購計劃，直接支持資源充足性。它還要求委員會和其他州機構制定四年綜合資源計劃，並賦予 ICC 酌情權，以促進支持州目標的輸電項目。

This marks the next chapter in Illinois energy transition, and we look forward to working with policymakers on implementing this next set of programs. In Maryland, the commission initiated a request for merchant generator proposals for up to 3 gigawatts of new energy supply. The process attracted several submissions, though the disclosed capacity levels have fallen short of their target and we will learn in December which of those projects, the Maryland Department of Natural Resource Power Plant research program might recommend.

這標誌著伊利諾伊州能源轉型進入了新的篇章，我們期待與政策制定者合作，共同實施下一系列計劃。在馬裡蘭州，該委員會啟動了一項商業發電機提案徵集活動，旨在新增高達 3 吉瓦的能源供應。該流程吸引了多份申請，但已公佈的產能水準尚未達到目標，我們將在 12 月得知馬裡蘭州自然資源部發電廠研究計畫可能會推薦哪些項目。

And PJM is working through its Critical Issue Fast Path process for options to better accommodate new large loads, assisting our states as they navigate unprecedented levels of growth. We are encouraged by the breadth and amount of engagement in that process, and we look forward to finding solutions that ensure customers can rely on cost-effective power supply.

PJM 正在透過其關鍵問題快速通道流程，尋找更好地適應新增大宗貨物運輸的方案，以幫助各州應對前所未有的成長水準。我們對這一過程中各方參與的廣度和程度感到鼓舞，並期待找到能夠確保客戶獲得經濟高效的電力供應的解決方案。

And as we have stated, these efforts are welcomed and necessary, but they are not enough. There is a significant anticipated shortfall in supply and hoping that markets alone will fill it (technical difficulty) -- puts too much risk on customers that increasingly depend on affordable supply to power their lives. All states need to leverage all available options to bring control, certainty and customer benefits to securing power.

正如我們所說，這些努力值得歡迎，也是必要的，但這還不夠。預計供應將出現重大缺口，而指望僅靠市場就能彌補這一缺口（技術上存在困難）——會給越來越依賴價格合理的電力供應來維持生活的消費者帶來過大的風險。各州需利用一切可用選項，在保障電力供應方面實現控制、確定性和客戶利益。

These options help ensure that all customers continue to have reliable access to energy and that the states can participate more fully in the economic development opportunities from artificial intelligence and onshoring.

這些選項有助於確保所有客戶繼續獲得可靠的能源供應，並使各州能夠更充分地參與人工智慧和本土化帶來的經濟發展機會。

The supply challenge is real, and we know utilities can be a key partner in helping the state solve it, whether it's supporting investments in the demand side like energy efficiency, distributed and community solar and storage or even owning more traditional generation plants. We stand ready to work with our states as they seek opportunities to address growing energy security needs in a manner that fits their goals.

供應挑戰是真實存在的，我們知道公用事業公司可以成為幫助該州解決這一挑戰的關鍵合作夥伴，無論是支持需求側的投資，例如提高能源效率、分散式和社區太陽能和儲能，還是擁有更傳統的發電廠。我們隨時準備與各州合作，共同尋求機會，以符合各州目標的方式應對日益增長的能源安全需求。

The demand for power is not slowing down. Our large load pipeline now stands at over 19 gigawatts as we have finalized our cluster study approach and now account for our first transmission security agreement at PECO. The innovative TSA approach ensures we strike the right balance in prioritizing large loads, while ensuring our existing customers are protected.

電力需求並未放緩。由於我們已完成集群研究方法，目前我們的大型負載管道已超過 19 吉瓦，並且我們已與 PECO 達成了第一份輸電安全協議。創新的 TSA 方法確保我們在優先處理大宗貨物的同時，也能保障現有客戶的利益，以達到適當的平衡。

Furthermore, we now have at least 27 gigawatts, either waiting signed TSAs or in active cluster studies with many more behind those. Additional details on our large load outlook can be found in the appendix.

此外，我們現在至少有 27 吉瓦的電力項目，要么正在等待簽署輸電服務協議，要么正在進行集群研究，還有更多項目正在籌備中。有關我們大宗貨物運輸前景的更多詳情，請參閱附錄。

Connecting new business is expected to be just one of the drivers of the anticipated growth in transmission investment in our next four-year plan. This new business will also drive broader needs for the grid, which get identified in reliability assessments like PJM's open windows, and it helps drive inter-RTO opportunities like MISO Tranche 2.1 segment running through ComEd's territory. We will be monitoring the recommendations coming out of PJM's latest open window over the next three months to determine if any of the solutions we have proposed either individually or with partners are selected.

預計在下一個四年計畫中，拓展新業務只是推動輸電投資預期成長的因素之一。這項新業務也將推動電網的更廣泛需求，這些需求在可靠性評估中得到體現，例如 PJM 的開放窗口，並且它有助於推動 RTO 之間的機會，例如 MISO Tranche 2.1 段，該段線路貫穿 ComEd 的區域。接下來的三個月，我們將密切關注 PJM 最新開放窗口提出的建議，以確定我們單獨或與合作夥伴提出的解決方案是否會被選中。

With no project greater than 3% of our four-year plan, we are focused on bringing all of our customers along at the appropriate pace while also ensuring we can earn a fair return of 9% to 10% on the equity capital provided by our investors. With rate base growth of 7.4% through 2028 and a balanced financing plan, we expect to grow our earnings at an annualized rate of 5% to 7%, with the expectation of always delivering at the midpoint or better of that range.

在任何專案中，我們的投入都不會超過四年計畫的 3%，我們專注於以適當的速度推進所有客戶的業務發展，同時確保我們能夠從投資者提供的股權資本中獲得 9% 到 10% 的合理回報。預計到 2028 年利率基數將增長 7.4%，加上均衡的融資計劃，我們預計收益將以每年 5% 至 7% 的速度增長，並期望始終達到或超過該區間的中點。

I will now ask Jeanne to cover more details on our regulatory updates and financial performance. Jeanne?

接下來，我將請Jeanne詳細介紹我們的監管動態和財務表現。珍妮？

Thank you, Calvin, and good morning, everyone. Today, I will cover our third quarter financial update, along with our financial and regulatory outlook for the remainder of 2025. Starting on slide 5, we present our quarter-over-quarter adjusted operating earnings block. Exelon earned $0.86 per share in the third quarter compared to $0.71 per share in the third quarter of 2024, reflecting higher results of $0.15 over the same period.

謝謝你，卡爾文，大家早安。今天，我將介紹我們第三季的財務更新，以及我們對 2025 年剩餘時間的財務和監管展望。從第 5 張投影片開始，我們將展示季度環比調整後的營業利潤數據。Exelon 第三季每股收益為 0.86 美元，而 2024 年第三季每股收益為 0.71 美元，同期成長了 0.15 美元。

Earnings are higher in the third quarter relative to the same period last year, driven primarily by $0.12 of higher distribution and transmission rates, net of associated depreciation and $0.06 associated with the ability to seek deferral treatment of the PECO extraordinary storms earlier this year and favorable storm conditions at BGE.

與去年同期相比，第三季的收益有所增加，主要原因是分配和輸電費率上漲了 0.12 美元（扣除相關折舊後），以及由於今年早些時候 PECO 遭遇的異常風暴可以申請延期處理，以及 BGE 的風暴條件有利，收益增加了 0.06 美元。

This favorability is slightly offset primarily by interest expense. These results are ahead of the expectations noted in our prior quarter call, primarily due to better-than-normal storm conditions, timing of O&M spend and tax timing at PECO. As we close out the year in the fourth quarter, we remain on track to achieve operating earnings of $2.64 to $2.74 per share, with the goal of delivering at midpoint or better.

這種有利影響主要被利息支出略微抵銷。這些業績超出了我們在上一季電話會議中提到的預期，主要原因是 PECO 的風暴情況好於正常水平，營運和維護支出的時間安排以及稅收時間安排。隨著第四季即將結束，我們仍有望實現每股 2.64 美元至 2.74 美元的營業利潤，目標是達到或超過中間值。

Our fourth quarter guidance assumes the reversal of timing, including O&M, distribution earnings at ComEd and PECO taxes, fair and reasonable outcomes for open rate case proceedings, including reconciliations at BGE, Pepco Maryland and ComEd, and normal weather and storm activity. Finally, we reaffirm our annualized operating earnings growth rate of 5% to 7% through 2028, with the expectation to be at the midpoint or better of that range.

我們的第四季度業績預期假設時間安排發生逆轉，包括營運和維護、ComEd 的分配收益和 PECO 稅收，未決費率案件程序的公平合理結果，包括 BGE、Pepco Maryland 和 ComEd 的結算，以及正常的天氣和風暴活動。最後，我們重申 2028 年的年化營業利潤成長率為 5% 至 7%，並預期實際成長率將達到或超過該區間的中點。

Turning to slide 6, I will now review the regulatory activity across our platform. Starting with the base rate case activity, we continue to make progress on the Delmarva Power gas distribution rate case filed last September with the final settlement conferences held in October.

接下來請看第 6 張投影片，我將回顧我們平台上的監管活動。從基本費率案件活動開始，我們繼續推進去年 9 月提交的 Delmarva Power 天然氣分配費率案件，最終和解會議已於 10 月舉行。

As a reminder, the filing seeks to recover reliability investments such as aging pipe replacements and it also seeks recovery of LNG plant upgrades, which would protect customers from price volatility during peak periods. We anticipate an order in the first quarter of '26.

需要提醒的是，該申請旨在收回可靠性投資，例如老化管道更換，以及液化天然氣工廠升級改造，這將保護客戶免受高峰期價格波動的影響。我們預計將在 2026 年第一季收到訂單。

At Atlantic City Electric, settlement discussions continue as we seek recovery for grid improvements and modernization investments in line with New Jersey's Energy Master Plan and the Clean Energy Act. We continue to anticipate an order by the end of the year.

在大西洋城電力公司，我們仍在進行和解談判，以尋求收回根據新澤西州能源總體規劃和清潔能源法案進行的電網改進和現代化投資。我們仍然預計年底前會收到訂單。

Finally, on October 14, Pepco filed an electric base rate case in Maryland, requesting a net revenue increase of $133 million, utilizing a fully forecasted test year. The request supports key infrastructure investments to modernize aging infrastructure and improve reliability while also supporting Maryland's Clean Energy goals.

最終，10 月 14 日，Pepco 在馬裡蘭州提交了一份電力基本費率申請，要求利用完全預測的測試年，實現 1.33 億美元的淨收入成長。該請求支持關鍵基礎設施投資，以實現老舊基礎設施的現代化和提高可靠性，同時也支持馬裡蘭州的清潔能源目標。

As part of the filing, Pepco through an independent firm found that $38 million of investments generate nearly $262 million in benefits to customers, through avoided outage and restoration costs as well as avoided O&M expenses over the next 20 years. The filing also offers a suite of programs and resources that help manage rising energy costs, increase awareness of energy usage and provide direct assistance to those who need it most.

作為申報文件的一部分，Pepco 透過一家獨立公司發現，3,800 萬美元的投資將在未來 20 年內為客戶帶來近 2.62 億美元的收益，包括避免停電和恢復成本以及避免營運和維護費用。該文件還提供了一系列計劃和資源，以幫助應對不斷上漲的能源成本，提高人們對能源使用的認識，並為最需要幫助的人提供直接援助。

[First statute] and orders expected from the Maryland Public Service Commission in August of 2026. Beyond base rate cases at ComEd, we remain on track for our first reconciliation under the new multiyear plan framework, where we continue to robustly support the spend submitted for reconciliation throughout the final briefing process. An ALJ proposed order is expected later today, and the ICC will issue a final order by December 20.

[第一項法規] 和命令預計將於 2026 年 8 月由馬裡蘭州公共服務委員會發布。除了 ComEd 的基本費率案件外，我們仍按計劃推進在新多年計劃框架下的首次結算工作，並在整個最終簡報過程中繼續大力支持提交結算的支出。預計今天稍晚將發布行政法官建議令，國際商會將於 12 月 20 日發布最終命令。

In Maryland, we continue to await decisions on our final reconciliations from the first PGE and Pepco Maryland multiyear plans, along with the commission's order on the [lessons learned] proceeding to support future filings. We look forward to moving forward with an approach that best aligns stakeholders' interest in balancing affordability, reliability and the state's economic development and energy policy goals.

在馬裡蘭州，我們仍在等待對 PGE 和 Pepco 馬裡蘭州首份多年計劃的最終結算結果做出決定，以及委員會關於吸取教訓的命令，以支持未來的申報。我們期待推動一項能夠最好地兼顧各利益相關方利益的方案，以平衡可負擔性、可靠性以及該州的經濟發展和能源政策目標。

Finally, turning to slide 7. I will conclude with updates on our balance sheet activity, where we've continued to derisk our financing plan and ensure cost-effective capital to invest for the benefit of our customers. In September, PECO issued $1 billion in debt, completing all of our planned long-term debt issuances for the year.

最後，請看第7張投影片。最後，我將報告我們的資產負債表情況，我們一直在降低融資計劃的風險，並確保以具有成本效益的方式投資資本，從而造福我們的客戶。9 月，PECO 發行了 10 億美元的債券，完成了我們今年所有計劃的長期債券發行。

The strong investor demand and attractive pricing we've achieved in our debt offerings is supported by the strength of our balance sheet and by the low-risk attributes of our platform. We continue to seek opportunities to take advantage of current market dynamics to derisk our plan. This includes utilizing our preissuance hedging strategy and pricing future equity needs to settle through forward agreements under the ATM, reducing interest rate and share price exposure.

我們債券發行中投資者的強勁需求和有吸引力的定價，得益於我們穩健的資產負債表和我們平台的低風險特性。我們將繼續尋找機會，利用當前的市場動態來降低我們計劃的風險。這包括利用我們的發行前對沖策略，並透過 ATM 下的遠期協議對未來的股權需求進行定價以進行結算，從而降低利率和股價風險敞口。

Through the third quarter, we have priced nearly half of our equity needs through 2028, including all of our annualized equity needs in 2025 and $663 million or 95% of our 2026 annualized equity needs, which we expect to settle next year.

截至第三季末，我們已對 2028 年前近一半的股權需求進行了定價，其中包括 2025 年的所有年度股權需求，以及 2026 年 6.63 億美元（佔 2026 年年度股權需求的 95%），我們預計這些股權需求將於明年結算。

In line with our last earnings call, we continue to project 100 basis points 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. We also continue to advocate for language that incorporates all tax repairs for calculating the corporate alternative minimum tax.

與上次財報電話會議一致，我們繼續預計平均財務靈活性將達到 100 至 200 個基點，高於穆迪 12% 的降級閾值，並在我們的指導期結束時接近 14%。我們也繼續倡導在計算企業替代最低稅時，將所有稅務修正納入其中。

As a reminder, favorably addressing all repairs in the minimum tax calculation would result in an increase of approximately 50 basis points in our consolidated credit metrics on average over the plan.

提醒一下，如果在最低稅額計算中對所有維修項目都給予有利處理，那麼在計劃實施期間，我們的綜合信用指標平均將增加約 50 個基點。

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

謝謝，現在我把電話轉回給卡爾文，請他做總結發言。

Thank you, Jeanne. As we approach the end of our 25 year's Exelon, we are working to add to our legacy of excellence, delivering on our commitments to our customers, our communities and our investors. Many of you may have seen us ringing the opening bell at Nasdaq last month, and I was honored to represent our company alongside some of our longest tenured employees.

謝謝你，珍妮。在 Exelon 成立 25 週年之際，我們正努力延續卓越的傳統，履行我們對客戶、社區和投資者的承諾。上個月，你們中的許多人可能都看到了我們在納斯達克敲響開市鐘，我很榮幸能與一些資歷最老的員工一起代表我們公司。

Standing next to me were just a few of our more than 2,500 employees who have been with us and our local energy companies for 25 years or more. Our operating companies have over 800 years of collective experience, delivering energy to customers provided by dedicated employees who keep the lights on and the gas flowing day in and day out, no matter the conditions.

站在我旁邊的只是我們 2500 多名員工中的幾位，他們已經和我們當地的能源公司一起工作了 25 年或更長時間。我們的營運公司擁有超過 800 年的集體經驗，透過敬業的員工為客戶提供能源，無論條件如何，他們日復一日地確保電力供應和天然氣輸送暢通無阻。

And they are the reason our utilities are ranked as the best or among the best in the business for reliability. We also can't do it without smart, targeted investments in our grid. It's why 98% of the net profit earned at our utilities generated with fair returns on the shareholder dollars entrusted with us have been reinvested back into the system over the last five years. Those investments not only deliver top-notch service, they also boost local economies with every $1 million creating eight jobs or $1.6 million of economic output.

正因為有了他們，我們的公用事業公司才能在可靠性方面被評為業內最佳或最佳之一。如果沒有對電網進行明智、有針對性的投資，我們也無法做到這一點。正因如此，在過去五年裡，我們公用事業公司透過合理回報股東委託給我們的資金所獲得的淨利潤中，98% 都已重新投資到系統中。這些投資不僅提供了一流的服務，還促進了當地經濟發展，每投資 100 萬美元就能創造 8 個就業機會或 160 萬美元的經濟產出。

So we don't take this performance on the responsibility of supporting our communities for granted, and we know it will take continued discipline to ensure that we can provide high levels of service at below average prices for another 25 years and beyond.

因此，我們不會將支持社區的責任視為理所當然，我們也知道，要確保在未來 25 年甚至更長時間內，我們能夠以低於平均水平的價格提供高水準的服務，就需要持續的自律。

We will continue to advocate that our jurisdictions provide fair recovery for our investments with the expectation that service remains high that we treat all users of the grid fairly and equitably and that we put our customers first.

我們將繼續倡導我們的管轄區為我們的投資提供公平的回報，並期望保持高水準的服務，公平公正地對待電網的所有用戶，並將客戶放在首位。

Our priorities this year do just that, ensure we earn that right to provide our customers top-notch value every day. For example, we continue to focus a dedicated team on pulling cost out of our business to keep cost growth below inflation. We push our business lines to work smarter and leverage technology, providing better service at lower cost.

我們今年的工作重點正是如此，確保我們有資格每天為客戶提供一流的價值。例如，我們持續投入專門團隊，致力於降低業務成本，以維持成本成長低於通貨膨脹率。我們推動各業務部門更聰明地運作並利用技術，以更低的成本提供更好的服務。

We advocate for ratemaking constructs that ensure we can plan, invest and operate as efficiently as possible, benefiting from alignment and forward-looking planning. We continue to support and leverage customer assistance programs like LIHEAP and to advance rate designs that support the customers who need it most.

我們提倡採用能夠確保我們能夠盡可能有效率地進行規劃、投資和營運的費率制定機制，從而受益於協調一致和前瞻性規劃。我們將繼續支持和利用低收入家庭能源援助計劃 (LIHEAP) 等客戶援助計劃，並推進能夠幫助最需要幫助的客戶的費率設計。

And we advocate for fair policies that can equitably serve growing load while instilling greater confidence in resource adequacy. That includes developing our innovative TSA approach, which we have filed for our first customer with FERC and are proposing as part of tariff adjustments at ComEd.

我們提倡公平的政策，以公平地滿足日益增長的需求，同時增強人們對資源充足性的信心。這包括開發我們創新的 TSA 方法，我們已經向我們的第一個客戶向 FERC 提交了該方法，並且正在將其作為 ComEd 關稅調整的一部分提出。

And it's why we're increasingly advocating that our jurisdictions take more control over their power supply. They can complement supply induced by better designed markets with solutions like utility-owned generation that regulators oversee giving them control, certainty and cost benefits for customers that markets alone don't offer.

正因如此，我們越來越呼籲各轄區加強對電力供應的控制。它們可以補充由設計更完善的市場帶來的供應，例如由監管機構監督的公用事業所有權發電，從而為客戶帶來市場本身無法提供的控制權、確定性和成本效益。

We look forward to closing out 2025 strong, earning an ROE aligned with allowed levels in the 9% to 10% range and delivering against our guidance of $2.64 to $2.74 per share, always with the goal of midpoint or better, while maintaining a strong balance sheet. There would be no better way to celebrate our 25 year's Exelon and further cement our foundation to deliver consistent growth and long-term value for another 25 years.

我們期待在 2025 年取得強勁的業績，實現 9% 至 10% 範圍內的 ROE 目標，並達到每股 2.64 美元至 2.74 美元的業績預期，始終以達到或超過預期中值為目標，同時保持穩健的資產負債表。慶祝 Exelon 成立 25 週年，並進一步鞏固我們的基礎，為未來 25 年持續成長和創造長期價值，沒有比這更好的方式了。

Gigi, we are now ready for questions on the line.

吉吉，我們現在可以回答電話線上的問題了。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

Luckily, there's no news flow in the space, and it's been kind of relaxed. -- So Calvin, just obviously, resource adequacy was very topical in your prepared remarks. Maybe just starting with Maryland, just your broad thoughts around the RFP. I mean, you've been out there talking about regulated solutions to solve the needs there and now constellation just came out with their own solutions ironically this morning.

幸運的是，這方面沒有新聞爆出，氣氛也比較平靜。 ——所以卡爾文，很顯然，資源充足性是你事先準備好的發言稿中的重要議題。或許可以先從馬裡蘭州開始，說說你對 RFP 的一些整體想法。我的意思是，你一直在談論用規範的解決方案來解決那裡的需求，而諷刺的是，今天早上星座集團也推出了他們自己的解決方案。

Can we just get a sense on how you're thinking about the process, the timing and then your views on sort of these competing options that were proposed this morning.

我們能否了解一下您對這個過程、時間安排以及您對今天早上提出的這些相互競爭的方案的看法？

Yes. Thank you, Shar. And appreciate the question. Let me first begin by saying that we commend the state of Maryland for initiating the process. And while we appreciate that they received some responses, our view is that they fall short of what's needed for the state and for PJM more broadly.

是的。謝謝你，莎爾。感謝您的提問。首先，我要讚揚馬裡蘭州啟動了這項進程。雖然我們很欣賞他們收到了一些回饋，但我們認為這些回饋遠未達到該州以及 PJM 更廣泛意義上所需的程度。

Having said that, we're happy to see the several parties stepped up and actually talked about adding supply. Let's be clear, this is all about solving the problem and bringing energy costs under control for our customers. And that's what we're focused on, affordability and reliability each and every day.

儘管如此，我們很高興看到各方都站出來，認真討論了增加供應的問題。需要明確的是，這一切都是為了解決問題，並為我們的客戶控制能源成本。這就是我們每天關注的重點：價格實惠、性能可靠。

Customers have voice very strongly that they're frustrated with high energy costs, and we are frustrated too. But overall, we are encouraged to see a reply to the RFP. And like I said, the disclosed need fell short of the goal and we'll have to see what the Maryland Department of Natural Resources and other stakeholders recommend to the PSC, but we are more than willing to step up.

客戶強烈表達了他們對高昂能源成本的不滿，我們也同樣感到不滿。但總的來說，我們很高興看到對 RFP 的回應。正如我所說，已揭露的需求未能達到目標，我們將看看馬裡蘭州自然資源部和其他利益相關者向公共服務委員會提出什麼建議，但我們非常願意挺身而出。

And as we've said before, Shar, if the competitive market is willing to step up and fill this need to meet us where we are at this time and not relying on the old rules of the past, we're okay, but it's time to move forward and continue to be progressive and aggressive in what we're trying to do for the state.

正如我們之前所說，Shar，如果競爭激烈的市場願意挺身而出，滿足我們目前的需求，而不是依賴過去的舊規則，那我們就沒問題。但現在是時候向前邁進，繼續在為州政府所做的事情上保持進步和積極進取的態度了。

Got it. That's perfect. That's actually consistent with what you've been saying. And then maybe just, Calvin, shifting to Pennsylvania. There's obviously two bills sitting at the House and Senate around resource adequacy. I think they reconvene in November.

知道了。那很完美。這其實跟你之前說的一致。然後，或許就只有卡爾文搬到賓州了。顯然，目前眾議院和參議院各有兩項關於資源充足性的法案正在審議中。我認為他們會在11月再次開會。

I guess thoughts there, and more importantly, can the wires companies kind of strike a middle ground with the IPPs, maybe around the long-term resource agreement, structure that is also being proposed in the legislation versus this kind of push pull around rate basing generation or doing nothing and letting the market dictate new bills. So I guess how are the discussions in Pennsylvania going? Do you think you could strike a deal there?

我想大家應該都考慮一下這個問題，更重要的是，電力公司能否與獨立發電商達成某種中間立場，比如圍繞長期資源協議這種立法中也提出的結構，而不是像現在這樣圍繞發電費率制定問題進行拉鋸戰，或者什麼都不做，讓市場來決定新的賬單。所以我想知道賓州的討論進展如何？你覺得在那裡能達成交易嗎？

First off, we are committed to working with all the parties from the governor's office to the IPPs and of course, with our peers in the state. Mike Innocenzo, our Chief Operating Officer, is here, and I know he's been a former CEO of Peco. He's been very engaged in that discussion as well. Mike, anything to add?

首先，我們致力於與各方合作，從州長辦公室到獨立發電廠，當然還有我們州內的同行。我們的營運長邁克·伊諾琴佐也在這裡，我知道他曾擔任過 Peco 的執行長。他也一直積極參與那場討論。麥克，還有什麼要補充的嗎？

Yes. Sure. Thanks, Calvin. Thanks, Shar, for the question. discussions in Pennsylvania continue to go very well. As you're aware, Pennsylvania is a little different space in that they continue to be an exporter, continue to see the value of being an exporter, leveraging our natural resources in Pennsylvania and continue to see the advantage of being exporter in terms of economic development.

是的。當然。謝謝你，卡爾文。謝謝Shar的提問。賓州的討論進展非常順利。如您所知，賓州的情況略有不同，他們仍然是一個出口州，繼續看到作為出口州的價值，利用賓州的自然資源，並繼續看到作為出口州在經濟發展方面的優勢。

And look, as that is an opportunity to solve that. There are two active bills, one in the Senate, one in the house that are being discussed. At the same time, we're talking with the governor's offices about on all of the above solutions, including longer-term PPAs contracts. So I think you'll start to see more activity, probably more likely in the spring, candidly, they're in the middle of budget discussions in Pennsylvania right now, which is taking most of the legislative space.

你看，這是一個解決問題的機會。目前有兩項法案正在討論中，一項在參議院，一項在眾議院。同時，我們正在與州長辦公室討論上述所有解決方案，包括更長期的購電協議合約。所以我認為你會看到更多活動，可能更可能在春季，坦白說，他們現在正在賓州進行預算討論，這佔據了立法機構的大部分空間。

But we've seen some active discussions with the Governor's office. In addition, I don't know if you saw that the PUC hired a party to do a third-party study on that. And I think that will also inform where we go in the spring.

但我們看到與州長辦公室進行了一些積極的討論。此外，我不知道你是否注意到，公共事業委員會聘請了第三方機構對此事進行研究。我認為這也會影響我們春季的行動方向。

(Operator Instructions) Paul Zimbardo, Jefferies.

（操作說明）保羅‧津巴多，傑富瑞。

I was hoping you could unpack the new Illinois legislation a little bit just in terms of what you see the investment opportunities, energy efficiency, transmission for some of these distributed resources. If you could just kind of unpack that a little bit, that would be helpful.

我希望您能稍微解讀一下伊利諾伊州的新立法，特別是您認為它帶來的投資機會、能源效率以及一些分散式資源的輸電方面。如果你能稍微解釋一下，那就太好了。

Sure, Paul. I will start, and I will lean to my colleague, Jeanne, to help with that discussion as well. But as you know, on the last night of the IL Veto session, Illinois passed what is called Senate Bill 25, the Cleaner, Reliable Grid Affordability Act, and it really focused on two things, Paul, around state -- new customer programs as well as state policy and resource adequacy. It enhanced the energy efficiency program, which is one of the quickest and most efficient ways to improve resource adequacy and have laid out a target of 3 gigawatts of storage by 2030.

當然可以，保羅。我先開始，我也會請我的同事珍妮幫忙進行討論。但正如你所知，在伊利諾伊州否決會議的最後一晚，伊利諾伊州通過了所謂的參議院第 25 號法案，即《更清潔、更可靠的電網負擔能力法案》，保羅，該法案主要關注全州的兩件事——新的客戶計劃以及州政策和資源充足性。它加強了能源效率計劃，這是提高資源充足性的最快捷、最有效的方法之一，並制定了到 2030 年實現 3 吉瓦儲能的目標。

That is significant. And it also expanded the opportunities for consumers to leverage distributed generation rebate programs and also advancing virtual power plant approaches and mandating time of use rate offerings, which, by the way, ComEd already offers some time of use rate offering. So this is in furtherance of that and telling people if you're going to come into the market, we're going to evolve into that area.

這意義重大。它還擴大了消費者利用分散式發電回扣計劃的機會，推進了虛擬電廠方法，並強制要求提供分時電價，順便說一句，ComEd 已經提供了一些分時電價產品。所以，這是為了進一步推進這個目標，並告訴人們，如果你要進入市場，我們將會發展到那個領域。

And finally, it also focuses on the broader role that the state can play in developing that integrated resource plan that I mentioned in my opening comments. So we think this gives the state further opportunity, and this is how they're looking at it to demonstrate leadership in energy policy while also supporting economic development.

最後，它也著重探討了國家在製定我在開場白中提到的綜合資源計劃方面可以發揮的更廣泛作用。因此，我們認為這為該州提供了更多機會，他們正是透過這種方式來展現其在能源政策方面的領導地位，同時支持經濟發展。

And let me tell you from ComEd's point of view and Exelon's point of view, any opportunity we can to invest in the grid to keep that number one spot of reliability and resiliency and to create jobs and economic development in the state, we're leaning in with them. And I know our CEO, Gil Quiniones at ComEd has been in discussions with not only the commission, but the governor on what's next, but we're very actively engaged in that process.

讓我從 ComEd 和 Exelon 的角度來看，任何能夠投資電網以保持其可靠性和韌性第一地位，並為本州創造就業機會和經濟發展的機會，我們都會全力以赴。我知道我們ComEd的執行長吉爾·奎尼奧內斯不僅與委員會，還與州長討論了下一步的計劃，我們非常積極地參與這個過程。

Excellent. And as we all start to think about fourth quarter and maybe a little bit of a sneak peak, I like that transmission slide where you show the large step-up in rate base in 2028. And obviously, that doesn't (technical difficulty) -- let earnings in '28. As we think about 2029 and that roll forward, is it fair to think about the stronger growth year than 2020, you say below the midpoint of the range. Is it fair to think 2029 stronger within the range?

出色的。當我們都開始考慮第四季度，或許還可以提前了解一下情況時，我喜歡你展示的那張關於利率調整的幻燈片，它顯示了 2028 年利率基數的大幅增長。顯然，這（技術難題）——無法在 2028 年實現收益。當我們展望 2029 年及以後時，認為 2029 年的成長動能將強於 2020 年是否合理？您認為 2020 年的成長動能將低於該區間的中點。認為 2029 年的情況會更強勁，這種想法是否合理？

Yes. We'll give formal guidance on the Q4 call. Paul, but I think -- I think you're thinking about it right. We've got a lot of transmission opportunities to drive the solutions necessary as we see all this demand come in. We're very excited about transmission on the competitive side as well. You probably saw that we were active in the open window, both with partners, but also solutions just from an Exelon perspective, and we think we'll have clarity there by the end of the year on some of that, roll that into the update.

是的。我們將在第四季財報電話會議上給予正式指導意見。保羅，但我認為──我認為你的想法是對的。隨著需求的不斷增長，我們有許多傳輸機會來推動必要的解決方案。我們對比賽方面的傳輸技術也感到非常興奮。您可能已經注意到，我們在開放窗口期非常活躍，既有與合作夥伴的合作，也有僅從 Exelon 角度出發的解決方案，我們認為到今年年底，我們將對其中的一些問題有更清晰的認識，並將其納入更新中。

None of that is contemplated in our guidance nor is it in the $10 billion to $15 billion of transmission that we talk about outside the window. But what I would also say is a lot of these solutions, all of those solutions are 2030, 2032, so the spend is sort of around the corner outside of the planning period. But what it does is it speaks to sort of the strength and the length of the continued growth in our rate base. We always aim to be at that 7% to 8% to drive the 5% to 7%. And I think this just positions us well to execute in the upper portion of that 7% to 8%.

我們的指導方針中沒有考慮到這些，我們談到的窗外100億至150億美元的傳輸成本中也沒有考慮到這些。但我還要說的是，很多這樣的解決方案，所有這些解決方案都是針對 2030 年、2032 年的，所以支出實際上在規劃期之外就迫在眉睫了。但這確實顯示了我們利率基礎的實力以及持續成長的潛力。我們始終以達到 7% 到 8% 為目標，以此推動 5% 到 7% 的成長。我認為這使我們能夠很好地把握住7%到8%的較高成長空間。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Maybe just -- you kind of mentioned in the prepared remarks around repairs and the CMAT. But just -- is this something that you think you kind of get clarity on by year-end and potentially consideration for the financing outlook as we kind of prepare for the disclosures out to '29? Or just what's the kind of time line there to get that clarification?

或許只是——你在準備好的演講稿中提到了關於維修和 CMAT 的內容。但是——您是否認為到年底時，這個問題會比較明朗，並且我們可能會在準備披露到 2029 年的信息時，考慮融資前景？或者說，需要多久才能澄清？

Sure. Yes. We're hopeful for the (technical difficulty) -- , we know the IRS is working on additional sort of guidance for [PMT]. And so hopefully, we get that clarity by the end of the year. We do know some guidance was put out. It's the way -- it was written didn't achieve sort of the full, so we're still working on that.

當然。是的。我們對（技術難題）抱持希望——我們知道美國國稅局正在製定更多相關指導。[PMT]所以，希望到年底我們能得到明確的答案。我們知道已經發布了一些指導意見。就是這樣——寫出來的東西並沒有達到預期的效果，所以我們還在努力完善它。

But what I would say, though, is that, as we've talked about, that would be incremental cushion to the balance sheet and would be factored into the full update for our financing plan on Q4. But pleased to see progress there. I just want to hopefully close it out here in this year.

不過，正如我們之前討論過的，這將為資產負債表提供額外的緩衝，並將納入我們第四季度融資計劃的全面更新中。但很高興看到那裡取得了進展。我只希望今年能在這裡結束這一切。

And I guess like if you had the opportunity to use that cushion, is it less equity needs or accelerate CapEx further? Just cognizant of the different pushes and pulls there?

那麼，如果有機會利用這筆緩衝資金，會減少股權需求，還是會進一步加快資本支出？只是意識到那裡存在著各種不同的推動力和拉力嗎？

Yes. We want to stay on that path to 14%, as we mentioned. So this would be good momentum towards that 14% by the end of the planning period. And I think we would -- we've got equity in there, we've got hybrids. We've got additional capital coming in.

是的。正如我們之前提到的，我們希望繼續朝著 14% 的目標前進。因此，這將為在規劃期結束時實現 14% 的目標奠定良好的基礎。我認為我們會—我們擁有股權，我們有混合型產品。我們獲得了額外的資金。

So we'll put all that together and make sure that we deliver kind of the most efficient plan while we maintain that 14% or better but also driving the 5% to 7% better. So we'll factor that all in, but I would say that, that's just helpful as we think about the cushion towards that 14%.

所以我們會把所有這些因素綜合起來，確保我們能夠提供最有效的方案，同時保持 14% 或更高的成長率，並進一步提高 5% 到 7% 的成長率。所以我們會把這些都考慮進去，但我想說的是，這在我們考慮如何為這 14% 的緩衝期做準備時很有幫助。

That's great. And then just if I could really quick. I know it's small, but just the ACE rate case has been going on for a long time. And you're still saying that you're on track to settle this case. And maybe you can kind of talk a little bit about what's kind of informing the view that settlement is still on the table and why this wouldn't just go to a final order in the coming months here.

那太棒了。然後，如果我能盡快做到就好了。我知道這只是件小事，但光是ACE利率案就已經持續很久了。你仍然說你正在按計劃解決此案。或許您可以談談是什麼因素促成了「和解仍在考慮之中」的觀點，以及為什麼此事不會在未來幾個月內得到最終裁決。

Thank you, Nick. To your point, that case was filed in November 2024. And I need to give the Atlantic City Electric team and Tyler Anthony, the CEO of Pepco Holdings, a lot of credit because they've been working with the commission and all stakeholders, including our governor and just making sure that we're being transparent, talking about each and every investment, where it's needed and what the goals, the shared goals of the parties are.

謝謝你，尼克。正如您所說，該案於 2024 年 11 月提起訴訟。我需要對大西洋城電力公司團隊和 Pepco Holdings 的首席執行官泰勒·安東尼給予高度讚揚，因為他們一直在與委員會和所有利益相關者（包括我們的州長）合作，確保我們保持透明，討論每一項投資、投資的必要性以及各方的共同目標。

And that's why we're encouraged that we can get to settlement, but it is a process. And we do anticipate that, that will happen by the end of the year. But at the same time, they do have the right to implement the interim rates subject to refund.

正因如此，我們才感到鼓舞，相信能夠達成和解，但這需要一個過程。我們預計，到今年年底，這種情況將會發生。但同時，他們也有權實施臨時費率，但需退款。

So I believe that keeps all of the discussions moving forward in the settlement on the table because -- once you implement it, then it's subject. So they're saying, let's get it right out the gate and that's what they've been working on from day one. And I know we've been talking to both gubernatorial candidates on where we're going and what we're trying to do and that partnership. So that's why we're encouraged.

所以我認為這能讓所有關於和解方案的討論繼續推進，因為——一旦你實施了它，它就變成了受制於人的事。所以他們說，我們要從一開始就做到最好，而這正是他們從一開始就在努力的方向。我知道我們一直在與兩位州長候選人討論我們的發展方向、我們正在努力的方向以及這種合作關係。這就是我們受到鼓舞的原因。

Jeremy Tonet, JPMorgan Securities, LLC.

Jeremy Tonet，摩根大通證券有限責任公司。

I just want to pivot a little bit here, if we could, towards the Amazon TSA. It seems like there's been some developments there. Just wondering if you could provide us, I guess, your most updated thoughts on this part of the business.

如果可以的話，我想稍微轉換一下主題，談談亞馬遜的運輸安全管理局（TSA）。看來那邊發生了一些變化。我想問您能否提供您對這部分業務的最新看法。

Yes. So what we've started to do for our large load is implement what we're calling a transmission services agreement. And so with that -- the first one that we did was the one that you mentioned with the Peco data center -- the data center in Peco territory. We like this because it does a couple of things. One, it helps really kind of solidify projects, right, and kind of maybe read out any speculative projects, but it also protects the rest of our customer base.

是的。因此，為了應對大負荷，我們已經開始實施我們稱為輸電服務協議的方案。所以，我們做的第一個專案就是你提到的Peco資料中心－位於Peco領土內的資料中心。我們喜歡這個，因為它能做到兩件事。第一，它有助於鞏固項目，對吧，並且能夠識別任何投機性項目，但它也能保護我們其餘的客戶群。

So it's similar to what we've had historically on the distribution side, where you have deposits and letters of credit and other things that sort of -- that help protect the other customers should the demand that we build for not show up. And we executed our first one there with -- in the PECO territory, but we've now also filed in the ComEd service territory, a large load tariff, which would ask that are all large loads greater than 50 megawatts signed these agreements.

所以這和我們過去在分銷方面的做法類似，即有押金、信用證和其他一些東西，這些可以幫助保護其他客戶，以防我們預期的需求沒有出現。我們首先在 PECO 區域執行了一項協議，但現在我們也已在 ComEd 服務區域提交了一份大負載電價表，要求所有大於 50 兆瓦的大負載用戶簽署這些協議。

And so that, we think, help does the two things that I mentioned, right, kind of really firm up the commitments, but also protect other customers should the demand not rise. And I think what we also tried to do on slide 13 of the deck is to show you kind of how that pipeline of large load is kind of filtering into the high probability column.

因此，我們認為，這樣做可以做到我剛才提到的兩件事，對吧？一方面可以真正鞏固承諾，另一方面也可以在需求沒有成長的情況下保護其他客戶。而且我認為我們在幻燈片 13 中也試圖向你們展示，大負載管道是如何過濾到高機率列中的。

You can see in the column of the 47 gigawatts of the ones that we're studying, which ones are still being studied, which ones have already been studied and are awaiting a TSA. Once we get that TSA [guide], we would move it into the high probability. So that's the way to kind of keep track of how different load and different megawatts are moving from one category to the next.

您可以在我們正在研究的 47 吉瓦計畫中的這一列中看到，哪些項目仍在研究中，哪些項目已經研究完畢，正在等待 TSA。一旦我們拿到TSA（指南），我們就會將其移至高機率區域。這樣就能大致了解不同的負載和不同的兆瓦數是如何從一個類別轉移到下一個類別的。

Got it. That's helpful. And just wondering, I guess, any thoughts, I guess, on the $10 billion to $15 billion of transmission CapEx and thinking about probability weighting all this and everything, as you outlined there, we've seen a number of your peers across the space lift their growth outlook. I'm just wondering, I guess, what opportunities excellences to stay kind of competitive with those type of growth rates?

知道了。那很有幫助。我想問的是，您對100億至150億美元的輸電資本支出以及所有這些的機率加權等問題有什麼看法？正如您剛才概述的那樣，我們看到該領域的許多同行都提高了他們的成長預期。我只是想知道，在這種成長速度下，有哪些卓越的機會可以保持競爭力？

Yes. I think we are like running our -- I think we are running our core business really, really well, right? Transmission and distribution operations, first quartile for all operations, delivering above-average performance with below average rates, continue to have met or actually exceeded all of the guidance, upgraded S&P. So I think the core business is running really, really well.

是的。我認為我們——我認為我們的核心業務運作得非常好，對吧？輸配電業務在所有業務中排名第一，業績高於平均水平，費率低於平均水平，並且繼續達到或實際上超過了所有預期，因此標普上調了其評級。所以我認為核心業務運作得非常好。

And as we think about additional growth that comes to your point in the form of transmission and energy security solutions. But you also know us at Exelon, we're not going to put anything in the plan that isn't certain and bankable. And so as we look for transmission, for example, I mentioned earlier, we do have some proposals in front of PJM in the current window, we'll know more about those proposals by the end of the year.

當我們考慮進一步成長時，您提到的輸電和能源安全解決方案就顯得尤為重要。但您也了解我們 Exelon 的理念，我們不會把任何不確定且不可靠的東西放進計劃裡。因此，當我們在尋找輸電方案時，例如，我之前提到過，目前我們有一些方案提交給了 PJM，到今年年底我們會對這些方案有更多了解。

And once we have certainty on those, those will come in. and we'll put them in the plan so that you don't have to speculate or probability weighted -- wait some of them that once they're in, you know that we feel very certain about them.

一旦我們對這些事項有了確定性，它們就會被納入計劃，這樣你們就不必猜測或進行機率加權——等待其中一些事項，一旦它們被納入計劃，你們就知道我們對它們非常有信心。

But as I mentioned before, we're focused on delivering really in the high end of what we've committed to. And as we see some of these opportunities materialize, in the back end of our plan, then we can start to think about that. But let's focus on the execution first and getting them in. And of course, we'd always love to be talking to you about more, but we're going to focus on what's executable and build it in and put it into the plan once we know it's certain.

但正如我之前提到的，我們專注於兌現我們所承諾的高端承諾。當我們在計劃的後期看到其中一些機會成為現實時，我們就可以開始考慮這個問題了。但我們先集中精力做好執行工作，確保他們到位。當然，我們一直都很樂意和你們討論更多，但我們會專注於可執行的事情，一旦確定可行，就會將其納入計劃中。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I had a quick question on that large load pipeline that you've laid out on slide 13. I was just wondering if you could just maybe characterize how you probability weight that 47 gigawatt pipeline. I appreciate the extra detail you provided there. But like in aggregate, are those still less likely to move forward or for some of those, is it just more of a matter of timing where eventually those could become more advanced stage projects.

關於您在第 13 張投影片上展示的大型負載管道，我有一個簡短的問題。我只是想問一下，您能否描述一下您是如何對這47吉瓦輸電線路進行機率加權的。感謝您提供的額外細節。但總體而言，這些專案是否仍然不太可能取得進展，或者對於其中一些專案來說，這只是時間問題，最終它們可能會發展成為更高級的專案。

I think, it's more a matter of timing. But what we're really trying to do is before we move it to that column, to do two things: one, complete the cluster study. So all of the load is now studied in a cluster approach so that we can give more certainty to the customers on time and time to connect and other associated questions, location, et cetera.

我認為這更多是時機問題。但我們真正想做的是在將其移至該列之前，先做兩件事：第一，完成聚類研究。因此，現在所有負載都採用叢集方法進行研究，以便我們能夠為客戶提供更確切的連接時間和相關問題、位置等資訊。

We want to go through that first. And then from there, once we provide that information to customers, have them sign the TSA agreement. So those -- that's kind of a two-step process, which -- once it goes through that, you can have you and us and our states and our customers can have much more certainty around, this is highly probable, and it will go into that 18-plus column.

我們想先完成那一步。然後，一旦我們向客戶提供了這些信息，就讓他們簽署 TSA 協議。所以，這其實是一個兩步驟流程，一旦經過這個流程，你、我們、我們的州和我們的客戶就可以更加確定，這極有可能發生，並且它會被列入 18 歲以上人群的名單中。

So that's how we're thinking about it. But I would tell you it's all real. It continues to grow. If you look at the chart, right, you've got six that have already been studied and just awaiting TSA signing, you've got 20 across the Mid-Atlantic and Illinois that is actively being studied and then another 20 that is ready to be in the next cluster study.

這就是我們的想法。但我可以告訴你，這一切都是真的。它持續增長。如果你看一下圖表，對吧，有 6 個項目已經過研究，只等 TSA 簽字；有 20 個項目正在中大西洋地區和伊利諾伊州積極研究；還有 20 個項目準備進入下一輪集群研究。

So we've seen this grow over the last couple of years that we've been talking about this from 6 gigawatts to 18 highly probable and 47 studied or waiting to be studied. And so I think that speaks to there's a lot of certainty around this. But until we tell you -- until we go through those two steps, we don't count it highly probable. That's the process we're following now.

所以，在過去的幾年裡，我們看到這個數字從 6 吉瓦增加到 18 吉瓦（極有可能），還有 47 吉瓦（已研究或等待研究）。所以我認為這表示大家對這件事有很多確定性。但是，在我們告訴你之前——在我們完成這兩個步驟之前，我們不會認為這是極有可能的。這就是我們目前正在遵循的流程。

And David, I would just add, that is what's significant about that, you've probably heard the discussion around a lot of double counting that may be taking place across the country and the industry. Our process helps eliminate that and really focus on who's real and who's not.

大衛，我還要補充一點，這就是這件事的意義所在，你可能已經聽說過全國各地和整個行業可能存在大量重複計算的情況。我們的流程有助於消除這種差異，真正專注於分辨誰是真心實意，誰是虛假的。

Yes. Absolutely. That makes sense. And I guess on that time to connect, I guess, what is the time to connect that you're seeing for new data center projects that are kind of getting into that 47 gigawatt, getting into the cluster study process. What is the maybe wait time? Or when are you able to offer power in your service territory for new data centers?

是的。絕對地。這很有道理。我想，關於連接時間，我想，對於正在進入叢集研究過程、容量達到 47 吉瓦的新資料中心專案來說，您看到的連接時間是多少？大概需要等多久？或者，你們何時能夠在你們的服務區域內為新建資料中心提供電力？

I'll start with that general -- it depends. It depends on size, location, the ramp-up period, but Mike Innocenzo, and his CEOs have been involved in this process from day one, and I'll look to Mike to give any further clarity.

我先從這個總體說起——這要視情況而定。這取決於規模、地點和啟動時間，但麥克·伊諾琴佐和他的執行長們從一開始就參與了這個過程，我會請麥克提供進一步的說明。

Yes. I mean I would just say that I would expand on it -- it depends. I would say the things that we do to try to shorten that. We understand the speed is really important. The first thing we start with is where do we have capacity on the grid.

是的。我的意思是，我會就此展開討論——這要視情況而定。我想說，我們所做的一切都是為了盡量縮短這個過程。我們明白速度非常重要。我們首先要考慮的是電網的容量。

So our first discussion with any data center would be where is existing capacity, where is existing infrastructure. You've seen that in -- so for example, the North Point one in PECO's territory where we've used the site of a former facility and by -- they signed a TSA agreement just a couple of months ago. And by the spring, it will be PECO's largest customer on their site.

因此，我們與任何資料中心的第一項討論將是了解其現有容量和現有基礎設施。你們已經看到了——例如，在 PECO 的北角項目，我們利用了以前的設施場地，而且——就在幾個月前，他們簽署了 TSA 協議。到春季，它將成為 PECO 在該網站的最大客戶。

So where we can use existing infrastructure, existing capacity. We're doing everything we can to connect them. We're working with our customers on the ramp-up time so that we can connect them quickly within a year or two or even less than that as an example of Northpoint with existing facilities and ramp that up and then working with PJM in terms of expediting the process or any of the long-term investments that are needed for updating the grid for some of the larger loads.

所以，我們可以利用現有的基礎設施和現有能力。我們正在盡一切努力讓他們聯繫起來。我們正在與客戶合作，縮短啟動時間，以便在一兩年內甚至更短的時間內快速連接他們，例如 Northpoint 利用現有設施進行擴容，然後與 PJM 合作，加快這一進程，或進行任何更新電網以滿足一些較大負載所需的長期投資。

And if I can, David. Let me share with you you've got the back end of what operations takes over. Over 1.5 years ago, we centralized all of our large accounts, our data center accounts to really work with the customers in the strategic planning process.

如果可以的話，大衛。讓我來告訴你，你現在掌握的是營運部門接手的後端部分。一年半前，我們將所有的大客戶和資料中心客戶集中起來，以便真正與客戶一起參與策略規劃過程。

Just last month, we had our 25 largest customers in Chicago and really started talking to them about what you need, where you're going and what is your ramp-up time on certain things across our jurisdictions. So it's not just one state. We're working with them about what we have across our footprint, which once again elevates the size and scale of Exelon because we're in multiple jurisdictions and we can help meet that need. So we started this process a long time ago, and we get up in the strategic planning process before we even start talking about shovel and ground.

就在上個月，我們與芝加哥的 25 位最大客戶進行了深入交流，以了解他們的需求、發展方向以及在我們管轄範圍內某些事項的啟動時間。所以這不僅僅是一個州的問題。我們正在與他們合作，探討我們在業務覆蓋範圍內擁有的資源，這再次提升了 Exelon 的規模和影響力，因為我們的業務遍及多個司法管轄區，我們可以幫助滿足這一需求。所以我們很久以前就開始了這個過程，在開始討論動工之前，我們就已經進入了策略規劃階段。

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，我謹將會議交還給卡爾文·巴特勒，請他作閉幕致詞。

Well, first off, let me just say thank you. Thank you for taking the time today and for being part of our 25-year journey at Exelon. We appreciate your support, and we look forward to seeing many of you next week at EEI. We're looking forward to the discussion and just the constant dialogue means a lot to us, and I know for our employees to be engaged in. And so with that, Gigi, this concludes the call.

首先，請容許我道一聲謝謝。感謝您今天抽出時間，也感謝您成為 Exelon 25 年發展歷程中的一員。感謝大家的支持，我們期待下週在EEI見到大家。我們期待著這次討論，持續不斷的對話對我們意義重大，我知道這對我們的員工來說也至關重要。吉吉，通話到此結束。

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

感謝各位參與者今天蒞臨本次活動。我們的演講到此結束。您現在可以斷開連線了。祝你有美好的一天。