艾索倫電力 (EXC) 2025 Q4 法說會逐字稿

Hello, and welcome to Exelon's fourth-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)

大家好，歡迎參加 Exelon 第四季財報電話會議。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。（操作說明）

It is now my pleasure to turn today's program over to Ryan Brown, Vice President of Investor Relations. The floor is yours.

現在我很高興將今天的節目交給投資者關係副總裁瑞安布朗。現在輪到你發言了。

Great. Thank you, Gigi. Good morning, everybody. Thank you for joining us for our 2025 fourth-quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today, and they'll be available to answer your questions following our prepared remarks. Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website.

偉大的。謝謝你，吉吉。大家早安。感謝您參加我們2025年第四季財報電話會議。今天主持電話會議的是 Exelon 總裁兼執行長 Calvin Butler 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，在我們的演講結束後，他們將回答大家的問題。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。

I'd also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements which are subject to risks and uncertainties. You can find the cautionary statements on these risks on slide 2 of today's presentation or in our SEC filings.

我還要提醒各位，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。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。

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。

With that, it's now my pleasure to turn the call over to Calvin Butler, Exelon's President and CEO.

接下來，我很高興將電話交給艾克塞隆公司總裁兼執行長卡爾文·巴特勒。

Thank you, Ryan, and congratulations on the new role, and good morning to everyone. We appreciate everyone joining us today for our fourth-quarter earnings call. As we reflect on another successful year and celebrate the close of our 25th anniversary, we're proud to once again deliver exceptional results for our customers, employees, and investors. Across Exelon, our companies bring more than 800 years of collective experience. Even with that long view, this moment stands out.

謝謝你，瑞恩，恭喜你履新，大家早安。感謝各位今天參加我們的第四季財報電話會議。回顧又一個成功的一年，並慶祝公司成立 25 週年之際，我們很自豪能夠再次為我們的客戶、員工和投資者帶來卓越的成果。Exelon 旗下各公司擁有超過 800 年的集體經驗。即使從長遠來看，這一刻依然格外突出。

The industry is changing at a speed and scale rarely seen. With that comes both great responsibility and opportunity. I've never been more confident that Exelon has the people, the discipline, and the platform to continue to lead the energy transformation and meet this unprecedented demand.

產業正以前所未有的速度和規模發生變化。隨之而來的是巨大的責任和機會。我從未像現在這樣確信，Exelon 擁有足夠的人才、紀律和平台，能夠繼續引領能源轉型，滿足這項前所未有的需求。

This is underscored by our recent results. As you saw from this morning's release, we delivered another strong year. For 2025, we reported adjusted operating earnings per share of $2.77, delivering above expectations. This continues our track record of exceeding the midpoint of guidance in each year as a stand-alone utility. And since 2021, we've achieved a 7.4% annual earnings growth rate and 8% rate base growth through 2025, highlighting our ability to navigate changes and consistently execute.

我們最近的結果也印證了這一點。正如您從今天早上發布的數據中看到的，我們又取得了強勁的業績。2025 年，我們公佈的調整後每股營運收益為 2.77 美元，超出預期。作為一家獨立營運的公用事業公司，我們每年都實現了超出預期中位數的業績，這延續了我們的良好記錄。自 2021 年以來，我們實現了 7.4% 的年收益成長率和 8% 的費率基數成長率（到 2025 年），這凸顯了我們應對變化和持續執行的能力。

This steady performance is a direct result of the continued focus on affordability and our ability to deliver investments that directly benefit our customers, providing above-average performance at below-average rates.

這一穩定表現直接得益於我們持續關注可負擔性，以及我們能夠提供直接惠及客戶的投資，從而以低於平均水平的利率獲得高於平均水平的收益。

It was also another exceptional year operation. Exelon continues to set the standard for the industry. Our utilities maintained top-quartile reliability metrics once again and we're ranked 1, 2, 4, and 7 amongst our peers based on 2024 benchmarking data. This level of performance is nothing new. In fact, we've delivered top-quartile reliability for over a decade. It's who we are and center to our mission.

這又是一次非凡的營運年。Exelon 繼續引領業界標準。我們的公用事業公司再次維持了前四分之一的可靠性指標，根據 2024 年的基準數據，我們在同業中排名第 1、2、4 和 7。這種水準的表現並非什麼新鮮事。事實上，十多年來，我們的可靠性一直處於業界前四分之一水準。這就是我們，也是我們使命的核心。

But don't get me wrong, consistency does not come easy. It's the direct result of a culture of continuous improvement, innovation and a steadfast focus on targeted investments that maximize value for our customers. These investments not only prevent outages and deliver best-in-class service, but they directly benefit local economies, with every $1 million invested creating 8 dots or $1.6 million of economic output.

但別誤會我的意思，要保持穩定並不容易。這是持續改進、創新以及堅定不移地專注於為客戶創造最大價值的定向投資的直接結果。這些投資不僅可以防止停電並提供一流的服務，還能直接惠及當地經濟，每投資 100 萬美元就能創造 8 點或 160 萬美元的經濟產出。

I am truly home by the commitment and sacrifice of our employees that make this level of service possible. Recently, their dedication was on full display during Winter Storm Fern. Despite record low temperatures, our investments withstood heavy snow and icing across our territories, maintaining strong reliability with only minimal disruptions. Fewer than 1% of our customers experienced outages even as an extreme weather impacted our regions. This reflects the tremendous work of our employees over the past decade to invest in the safety, reliability and resiliency of our system.

正是員工們的奉獻和犧牲，使得我們能夠提供如此高水準的服務，我才真正感到賓至如歸。最近，在冬季風暴弗恩期間，他們的奉獻精神得到了充分展現。儘管氣溫創歷史新低，但我們的投資經歷了各地的大雪和冰凍考驗，保持了強大的可靠性，僅受到極小的干擾。即使極端天氣影響了我們所在的地區，也只有不到 1% 的客戶遭遇了服務中斷。這體現了我們員工在過去十年中為提高系統安全性、可靠性和韌性所付出的巨大努力。

The performance is remarkable when accounting for the scale of the storm as well as the demand put on the grid. Fern resulted in the PJM RTEP experiencing five days in a row of peak load ranging from 135 to 140 gigawatts, reaching 97% of the all-time winter peak. Our investments, combined with our employees around-the-clock dedication, kept nearly 11 million electric and gas customers safe and warm when they needed us most. I'd like to express my gratitude to all of our employees who have supported storm restoration efforts locally and afar. Thank you for all that you do.

考慮到風暴的規模以及電網所承受的需求，這樣的表現堪稱卓越。受颶風 Fern 的影響，PJM RTEP 連續五天出現 135 至 140 吉瓦的峰值負荷，達到冬季歷史高峰的 97%。我們的投資，加上員工日夜不停的奉獻，在近 1,100 萬電力和瓦斯用戶最需要我們的時候，保障了他們的安全和溫暖。我謹向所有支持本地及其他地區風暴災後重建工作的員工表示衷心的感謝。感謝你所做的一切。

Over the last quarter, we also made significant progress on the regulatory front. As Jeanne will detail shortly, it's been an active few months. We've achieved several key milestones, including final settlements for the Atlantic City Electric and Delmarva gas rate cases, reconciliation orders at ComEd and BGE, and the filing of ComEd's second multiyear grid plan. This progress is built on a foundation of hard-earned trust. We work collaboratively with stakeholders and our communities to ensure that our investments align with the specific goals and needs of the states we serve.

上個季度，我們在監管方面也取得了重大進展。正如珍妮稍後將詳細介紹的那樣，過去的幾個月非常忙碌。我們已經取得了幾個關鍵里程碑，包括大西洋城電力公司和德爾馬瓦天然氣公司費率案件的最終和解、ComEd 和 BGE 的和解令，以及 ComEd 的第二個多年電網計劃的提交。這項進展建立在來之不易的信任基礎上。我們與利害關係人和社區通力合作，確保我們的投資與我們所服務州的具體目標和需求保持一致。

Looking ahead, we now expect to invest $41.3 billion of capital to support our customers with more than 70% of the plan-over-plan increase driven by transmission, where we continue to have a unique opportunity and significant momentum. Our size and scale, multistate footprint, and operational expertise position our utilities to capitalize on the growing need for transmission investments in reliability and resiliency, accelerated by the pace of new business growth.

展望未來，我們預計將投資 413 億美元資金來支持我們的客戶，其中超過 70% 的計畫成長將由輸電業務推動，我們在該領域仍然擁有獨特的機會和顯著的發展勢頭。我們龐大的規模、跨州的業務佈局和營運專長，使我們的公用事業公司能夠充分利用日益增長的輸電可靠性和韌性投資需求，而新業務的成長速度又加速了這一需求。

This progress is further evidenced by our success in the recent PJM Reliability Winter results, where $1.2 billion of incremental Exelon investment was recommended, including a jointly developed solution with NextEra. This comes on the heels of other recent large-scale transmission awards, including Brandon Shores, Tri-County, and the MISO Tranche 2.1 project. You should expect us to be active in future winters within PJM and other ISOs, leveraging our competitive advantages where appropriate.

在最近的 PJM 可靠性冬季評估結果中，我們取得了進一步的進展，建議 Exelon 增加 12 億美元的投資，其中包括與 NextEra 共同開發的解決方案。先前，其他一些大型輸電項目也相繼獲得批准，包括 Brandon Shores、Tri-County 和 MISO Tranche 2.1 項目。預計在未來的冬季，我們將積極參與 PJM 和其他 ISO 的活動，並在適當的時候利用我們的競爭優勢。

And we continue to see robust demand in our jurisdictions with anticipated load growth exceeding 3% through 2029. This is further reinforced by our large load pipeline, which is now further supported by an increasing number of signed transmission security agreements or TSAs.

我們持續看到轄區內強勁的需求，預計到 2029 年，負載成長將超過 3%。我們龐大的輸電線路進一步鞏固了這一點，而越來越多的輸電安全協議（TSA）的簽署也進一步支持了這一趨勢。

Overall, our pure transmission and distribution capital plan is unique and truly differentiated. It's highly diversified across seven regulatory jurisdictions, including FERC, with no one jurisdiction greater than 30% and no single project comprising more than 3% of the plan. It's also actionable. We have line of sight to each project that comprises the $41.3 billion with a significant pipeline of incremental projects over the next 5 to 10 years and the size and scale to execute efficiently.

整體而言，我們純粹的輸配電資本計畫是獨一無二的，真正與眾不同。該計劃在七個監管轄區內高度多元化，包括聯邦能源監管委員會 (FERC)，沒有一個轄區佔比超過 30%，也沒有一個項目佔比超過 3%。它也具有實際操作性。我們對總價值 413 億美元的每個項目都有清楚的了解，未來 5 到 10 年還有大量新增項目，並且擁有高效執行所需的規模和能力。

With continued returns on equity in the 9% to 10% range, we expect rate base growth of approximately 8% and annualized earnings growth of 5% to 7% through 2029, with the expectation of being near the top end of that range. We will continue to fund investments in a balanced and disciplined manner that maintains a strong balance sheet. And for 2026, we are initiating operating earnings guidance of $2.81 to $2.91 per share.

在股本回報率持續保持在 9% 至 10% 的範圍內，我們預計到 2029 年，利率基礎增長率約為 8%，年化收益增長率為 5% 至 7%，預計接近該範圍的上限。我們將繼續以平衡和嚴謹的方式進行投資，以維持穩健的資產負債表。對於 2026 年，我們首次發布每股營運收益預期為 2.81 美元至 2.91 美元。

Our continued progress is clearly demonstrated by the scorecard on slide 5, where we can once again -- where we've once again met or exceeded every goal we set at the start of the year. At Exelon, commitments made are commitments met. That discipline and credibility define who we are and shape how our teams operate every day.

投影片 5 的記分卡清楚地表明了我們持續的進步，我們再次達到了或超過了年初設定的每一個目標。在艾克塞隆公司，所做的承諾必將兌現。這種紀律性和信譽定義了我們是誰，並塑造了我們團隊的日常運作方式。

In addition to strong operational and financial performance, we continue to lead on customer affordability, which remains a top priority. We continuously drive costs out of the business through efficiency and innovation, maintaining a track record of cost growth well below inflation. In the past year, we executed a $60 million customer relief fund to support low- and moderate-income customers facing higher supply costs. We advanced innovative TSAs that prioritize large loads while ensuring existing customers remain protected. Our award-winning energy efficiency programs continue to deliver meaningful savings.

除了強勁的營運和財務表現外，我們在客戶可負擔性方面也持續保持領先地位，這仍然是我們的首要任務。我們透過提高效率和創新不斷降低業務成本，保持成本成長遠低於通​​貨膨脹率的良好記錄。去年，我們設立了 6,000 萬美元的客戶救濟基金，以支持面臨更高供應成本的中低收入客戶。我們推出了創新的運輸安全管理局 (TSA)，優先保障大宗貨物運輸，同時確保現有客戶的權益不受損害。我們屢獲殊榮的節能項目持續帶來顯著的節能效益。

We expanded connections of distributed resources, giving customers more weight to participate and save. And we are steadfast in introducing innovative tools and processes to connect customers to low-income assistance. We continue to focus on actions like these that are directly within our control in addition to delivering safe, reliable energy while keeping bills as low as possible.

我們擴大了分散式資源的連接，讓客戶有更多機會參與和節省。我們堅定不移地引入創新工具和流程，幫助客戶獲得低收入援助。除了提供安全可靠的能源，同時盡可能降低帳單金額之外，我們還會繼續專注於這些我們能夠直接控制的行動。

In the meantime, we are also actively partnering with federal RTO and state leaders to address high supply prices and emerging reliability risks. The supply challenge is real, but not insurmountable. We're encouraged by the growing national focus, including the recent announcement from the White House and our state governors advancing policies to incent new generation and improve affordability.

同時，我們也積極與聯邦區域輸電組織和州領導人合作，以應對高昂的供電價格和新出現的可靠性風險。供應挑戰確實存在，但並非不可克服。我們對國家日益關注這一問題感到鼓舞，包括白宮最近宣布的政策以及各州州長推進的旨在激勵新一代和提高住房可負擔性的政策。

As we said before, we firmly believe it's going to require an all-of-the-above strategy that includes utility-generated, demand side and merchant solutions. This was further supported by the study released last week by Charles Rivers Associates. The report is an urgent call to action, highlighting the risk of the status quo and the cost and reliability benefits of utility-generated energy. Specifically, they note that utility-generated power could have saved total PJM customers $9.6 billion to $20 billion in the 2028-2029 delivery year, while reducing the risk of potential future outages from energy shortages by approximately 85%. We are committed to continuing to work with all stakeholders to advance policies that strengthen energy security as quickly and cost-effectively as possible.

正如我們之前所說，我們堅信這將需要一種綜合性的策略，包括公用事業發電、需求面和商家解決方案。查爾斯·里弗斯聯合公司上週發布的研究進一步證實了這一點。該報告是一份緊急行動呼籲，強調了維持現狀的風險以及公用事業發電在成本和可靠性方面的優勢。具體來說，他們指出，公用事業公司發電可以在 2028-2029 供電年度為 PJM 的所有客戶節省 96 億至 200 億美元，同時將未來因能源短缺而導致的潛在停電風險降低約 85%。我們致力於繼續與所有利害關係人合作，以盡可能快速、經濟有效的方式推動加強能源安全的政策。

Finally, I want to take a moment to reiterate why our platform and approach is best positioned for the years to come. As highlighted on slide 6, our foundation is based upon a customer focus and industry-leading operations. With our size and scale, constructive regulatory frameworks, and diversified footprint and capital plan, we have a disciplined and defensive foundation that is resilient. Yet at the same time, we're well positioned to capture credible, meaningful opportunities for sustainable growth.

最後，我想花點時間重申一下，為什麼我們的平台和方法最適合未來幾年的發展。如投影片 6 所示，我們的基礎是客戶至上和業界領先的營運。憑藉我們的規模、建設性的監管框架以及多元化的業務佈局和資本計劃，我們擁有一個紀律嚴明、防禦嚴密且具有韌性的基礎。但同時，我們也處於有利地位，能夠抓住切實可行的、有意義的永續成長機會。

We're excited about where we're headed. Our platform is designed to deliver an attractive risk-adjusted return and long-term value for all stakeholders.

我們對我們的未來發展方向感到興奮。我們的平台旨在為所有利害關係人提供具有吸引力的風險調整後收益和長期價值。

I'll now turn the call to Jeanne to dive deeper into our 2025 results and share more details on our updated long-term plan. Jeanne?

現在我將把電話交給Jeanne，讓她更深入地探討我們2025年的業績，並分享更多我們更新後的長期計劃的細節。珍妮？

Thank you, Calvin, and good morning, everyone. Today, I will cover our fourth quarter and full-year results, key regulatory developments, and updates to our financial disclosures including 2026 guidance.

謝謝你，卡爾文，大家早安。今天，我將介紹我們第四季和全年的業績、重要的監管動態以及財務揭露的更新，包括 2026 年的業績指引。

Starting on slide 7, as Calvin noted, since becoming a standalone utility, we have continued to execute, and 2025 adds to that track record. In 2025, we delivered $2.73 per share on a GAAP basis and $2.77 per share on a non-GAAP basis for the full year, reflecting strong year-over-year growth. For the quarter, Exelon earned $0.58 on a GAAP basis and $0.59 on a non-GAAP basis. Full-year earnings above our guidance range primarily benefited from favorable weather and storm conditions and the resolution of certain regulatory proceedings. Throughout the year, we also managed costs well across the platform, ensuring we can accommodate a range of outcomes while monitoring regulatory activity and weather in the fourth quarter. Quarter-to-date and year-to-date drivers relative to prior year can be found on Appendix, slides 37 and 38.

從第 7 張投影片開始，正如 Calvin 指出的那樣，自從成為一家獨立的公用事業公司以來，我們一直在繼續執行，2025 年將進一步鞏固這一業績記錄。2025 年，我們全年以 GAAP 準則計算每股收益為 2.73 美元，以非 GAAP 準則計算每股收益為 2.77 美元，反映了強勁的同比增長。本季度，Exelon公司以GAAP準則計算每股收益為0.58美元，以非GAAP準則計算每股收益為0.59美元。全年獲利超出預期範圍，主要得益於有利的天氣和風暴條件以及某些監管程序的解決。全年，我們也很好地控制了整個平台的成本，確保我們能夠應對各種結果，同時在第四季度密切關注監管活動和天氣狀況。與前一年相比，本季至今和本年度至今的驅動因素可在附錄第 37 和 38 頁中找到。

Turning to slide 8, we are initiating 2026 operating earnings guidance of $2.81 to $2.91 per share. With much of our growth aligned with completed rate cases and continued strong cost management, the 2026 implied midpoint relative to the midpoint of our 2025 estimated guidance range is ahead of previous disclosures, reflecting midpoint to midpoint growth above 6%.

翻到第 8 張投影片，我們首次給出 2026 年每股營運收益預期為 2.81 美元至 2.91 美元。由於我們的大部分成長與已完成的費率案件和持續強勁的成本控制相一致，2026 年隱含中點相對於我們 2025 年估計指導範圍的中點而言高於之前的披露，反映出中點到中點的增長超過 6%。

Our performance in 2025 underscores our ability to deliver strong financial results amid uncertainty, all while operating at industry-leading levels and innovating to find new and great ways to support our customers. We've executed operational efficiencies, capitalized on our growth opportunities and identify more ways than ever to support our customers. We look forward to furthering this progress in 2026.

我們在 2025 年的業績凸顯了我們在不確定情況下取得強勁財務業績的能力，同時保持行業領先的營運水平，並不斷創新，尋找新的、更好的方法來支持我們的客戶。我們提高了營運效率，抓住了成長機遇，並找到了比以往任何時候都多的方式來支持我們的客戶。我們期待在2026年進一步推進這項進程。

Looking ahead to the first quarter, we expect earnings to be approximately 31% at the midpoint of our projected full-year earnings guidance range, which is in line with historical averages. This accounts for completed regulatory filings, anticipated revenue shaping and O&M timing as well as normal weather and storm conditions throughout the quarter.

展望第一季度，我們預計獲利將達到全年獲利預期範圍中位數的約 31%，這與歷史平均值一致。這考慮到了已完成的監管文件、預期的收入規劃和營運維護時間，以及整個季度正常的天氣和風暴情況。

Turning to slide 9, we executed another busy regulatory calendar in 2025, marking significant milestones and reaching final resolution on open reconciliations and key rate cases, providing cost recovery for the next several years.

翻到第 9 張投影片，我們在 2025 年執行了另一個繁忙的監管日程，標誌著重要的里程碑，並最終解決了未決的對帳和關鍵費率案件，為未來幾年提供了成本回收。

Starting with Atlantic City Electric, in November, the New Jersey Board of Public Utilities approved a settlement supporting the recovery of $54 million associated with spread improvements and modernization investments in line with New Jersey's Energy Master Plan and the Clean Energy Act, at a 9.6% ROE. New rates went into effect at the beginning of December 2025.

從大西洋城電力公司開始，新澤西州公共事業委員會於 11 月批准了一項和解協議，支持收回與電價改進和現代化投資相關的 5,400 萬美元，這符合新澤西州的能源總體規劃和清潔能源法案，其股本回報率為 9.6%。新費率於2025年12月初生效。

Also, in December, the Delaware Public Service Commission issued a final order on the Delmarva Power Gas rate case, including a settlement that supports a $21.5 million revenue requirement and 9.6% ROE, recovering various reliability investments and LNG plant upgrades, which protect customers from price volatility during peak periods. Rates went into effect at the beginning of this year.

此外，特拉華州公共服務委員會於 12 月發布了關於 Delmarva Power Gas 費率案的最終命令，其中包括一項和解協議，該協議支持 2,150 萬美元的收入要求和 9.6% 的 ROE，用於收回各種可靠性投資和液化天然氣工廠升級，從而保護客戶免受高峰期價格波動的影響。利率已於今年初生效。

In addition to closing out base rate case activity, we also received final orders in our open reconciliations at BGE and ComEd in December, now gaining clarity on the recovery of our investments from 2023 and 2024. While we were disappointed to receive about half of the BGE reconciliation, we realigned capital accordingly.

除了完成基本費率案件活動外，我們還在 12 月收到了 BGE 和 ComEd 未結對帳單的最終訂單，現在對 2023 年和 2024 年的投資回收情況有了更清晰的了解。雖然我們只收到了 BGE 結算款項的一半左右，這讓我們感到失望，但我們已相應地調整了資金。

Finally, moving to our current regulatory activity for 2026, the Pepco Maryland base rate case continues to progress according to the procedural schedule, with intervenor testimony filed at the end of last month. A final order is expected in August this year.

最後，談到我們 2026 年的監管活動，Pepco 馬裡蘭州基本費率案繼續按照程序進度推進，介入方的證詞已於上月底提交。最終裁決預計今年8月下達。

In December, Delmarva Power filed an electric base rate case in Delaware, requesting a net revenue increase of $44.6 million to support system reliability investments, storm remediation, and storm damage costs. DPL also requested to implement a bill stabilization adjustments, which will offer customers more predictability of seasonal temperatures growing increasingly volatile. DPL expects to be able to implement interim rates in effect on July 9.

去年 12 月，德爾馬瓦電力公司在特拉華州提交了一份電力基本費率申請，要求增加 4,460 萬美元的淨收入，以支持系統可靠性投資、風暴修復和風暴損害賠償。DPL 還要求實施帳單穩定調整，這將使客戶對日益波動的季節性氣溫有更大的可預測性。DPL預計將於7月9日開始實施臨時費率。

Finally, on January 16, ComEd filed its multi-year grid plan in Illinois, requesting an approval of the investment plans covering 2028 through 2031 in support of the priorities laid out in the state's CEJA and CRGA bill. A final order is expected in December, and the company expects to file its next rate filing in 2027.

最後，1 月 16 日，ComEd 在伊利諾伊州提交了其多年電網計劃，請求批准涵蓋 2028 年至 2031 年的投資計劃，以支持該州 CEJA 和 CRGA 法案中規定的優先事項。預計最終命令將於 12 月下達，該公司預計將於 2027 年提交下一份費率申請。

On slide 10, we provide updated utility CapEx and rate base outlook through 2029. We plan to invest almost $10 billion in 2026 and a total of $41.3 billion over the next four years, an increase of $3.3 billion or 9% from the prior four-year planning period. Incremental investments reflect updates to align with recently approved rate cases and jurisdictional priorities and an increase in transmission investments.

在第 10 張投影片中，我們提供了截至 2029 年的最新公用事業資本支出和費率基礎展望。我們計劃在 2026 年投資近 100 億美元，並在未來四年內總共投資 413 億美元，比前一個四年規劃期增加 33 億美元，增幅達 9%。新增投資反映了為配合近期批准的費率調整和管轄區優先事項而進行的更新，以及輸電投資的增加。

Of the overall increase, approximately 70% or $2.3 billion is attributable to incremental transmission investments driven by the structural trends that underpin the energy transformation in our jurisdictions. Increased demand for high-voltage investments and capacity expansion to support large load growth, evolving generation supply and the reliability and resiliency needs of grid customers to withstand increasingly volatile weather. In fact, the majority of the additional transmission relates to continued system performance and capacity expansion across our platform, to put incremental data center load in addition to the gradual replacement of an aging network.

在整體成長中，約 70%（即 23 億美元）歸因於我們轄區能源轉型背後的結構性趨勢所驅動的輸電投資增量。為支援負載大幅成長、發電供應不斷變化以及電網客戶應對日益不穩定的天氣所需的可靠性和彈性，對高壓投資和容量擴張的需求不斷增加。事實上，大部分新增傳輸量與持續提升我們平台的系統效能和容量擴展有關，目的是在逐步替換老化網路的同時，增加資料中心的負載。

Our plan also includes an additional year of investment of our two largest transmission projects, Brand Insured and Tri-County, going into service in 2028 through 2030, along with the early spend of the MISO tranche 2.1 project which goes into service in 2034. Our annualized rate base growth of 7.9% over the next four years reflects an increase from the prior year plan, with a projected addition of nearly $23 billion in rate base from '25 to '29. Having executed within 2% of our capital plans since 2023, we are confident we will execute this next stage of growth, driving progress towards economic and energy goals and always prioritizing our customer needs in everything that we do.

我們的計劃還包括對我們最大的兩個輸電項目 Brand Insured 和 Tri-County 進行額外一年的投資，這兩個項目將於 2028 年至 2030 年投入使用，以及提前支出 MISO 2.1 期項目，該項目將於 2034 年投入使用。未來四年，我們的年化費率基數成長率為 7.9%，比上一年的計畫有所提高，預計從 2025 年到 2029 年，費率基數將增加近 230 億美元。自 2023 年以來，我們的資本計畫執行率一直保持在 2% 以內，我們有信心完成下一階段的成長，推動經濟和能源目標的實現，並將客戶需求始終放在首位。

Moving to slide 11. Our size and scale, award-winning reliability and expertise in owning and operating 765 kV lines uniquely position us to capitalize on additional transmission opportunities that enable us to grow our transmission rate base CAGR by over 15% from '25 through the end of the guidance period. Coupled with our strength in execution, we now have line of sight to an additional $12 billion to $17 billion of transmission opportunities over the next decade that strengthen and lengthen our plans, of which over 60% includes projects associated with our existing infrastructure, supporting continued reliability, generator deactivations, and providing additional operational flexibility and efficiency.

切換到第11張投影片。我們憑藉著規模優勢、屢獲殊榮的可靠性以及擁有和運營 765 kV 輸電線路的專業知識，在利用額外的輸電機會方面佔據了獨特的優勢，使我們能夠從 2025 年到指導期結束，實現輸電費率基礎複合年增長率超過 15%。憑藉我們強大的執行力，我們現在預計將在未來十年內獲得 120 億至 170 億美元的額外輸電機會，這將加強和延長我們的計劃，其中超過 60% 的項目與我們現有的基礎設施相關，支持持續的可靠性、發電機停用，並提供額外的運營靈活性和效率。

This upside also includes an estimated $1 billion of transmission associated with high-density load projects with signed TSAs, where we now have a foundation for additional certainty in our pipeline as agreements are presented to customers coming out of our Cluster 7 process.

這一利好因素還包括與已簽署輸電服務協議 (TSA) 的高密度負載項目相關的約 10 億美元的輸電收入，隨著我們向 7 號集群流程中的客戶提交協議，我們現在有了進一步確定項目進展的基礎。

We also remain optimistic about the work associated with MISO Tranche 2.1 with over $1 billion of investment in our common service territory, which is now awaiting a cost allocation filing at FERC. Beyond these opportunities, we anticipate additional investment required to support our state's public policy goals, particularly our jurisdictions, assess energy security, and economic development needs. For example, achieving CEJA's goals and the growing economic development in Illinois will likely require billions in transmission investments.

我們對 MISO Tranche 2.1 的相關工作也保持樂觀，該計畫在我們共同的服務區域內投資超過 10 億美元，目前正在等待向 FERC 提交成本分配申請。除了這些機會之外，我們預計還需要額外的投資來支持我們州的公共政策目標，特別是我們的管轄區，評估能源安全和經濟發展需求。例如，實現 CEJA 的目標以及伊利諾伊州不斷增長的經濟發展可能需要數十億美元的輸電投資。

Finally, as we discussed in prior quarters, success in winning competitively bid projects offer additional upside. From our success in winning the Tri-County project to the $1.2 billion in Exelon investment that PJM has recommended in this recent window, our size, scale and expertise positions us well to pursue competitive opportunities outside of our service territories within and outside of PJM.

最後，正如我們在前幾個季度討論的那樣，成功贏得競爭性投標項目會帶來額外的收益。從我們成功贏得三縣項目，到 PJM 在最近的窗口期內推薦的 Exelon 12 億美元投資，我們的規模、實力和專業知識使我們能夠很好地在 PJM 服務區域內外尋求競爭機會。

Our ability to play with $10 billion of capital annually over the next four years is only possible with a rigorous focus on cost management and delivering value through those investments, supporting customer rates -- supporting customer bills at rates 19% to 20% below national averages. This focus is saving our customers approximately $580 million in O&M annually relative to what it would have been growing at a standard inflation level over the last decade.

我們之所以能夠在未來四年內每年動用 100 億美元的資本，是因為我們嚴格專注於成本管理，並透過這些投資創造價值，從而支持客戶費率——將客戶帳單費率降低到比全國平均水平低 19% 到 20%。與過去十年以標準通貨膨脹率成長相比，這種專注每年可為我們的客戶節省約 5.8 億美元的營運和維護費用。

We feel confident we can continue to keep our expense growth well below inflation levels, demonstrating nearly flat expense growth from '24 to '26 and targeting no more than 2.5% adjusted O&M growth through '29.

我們有信心繼續將支出成長控制在遠低於通貨膨脹水準的範圍內，2024 年至 2026 年的支出成長幾乎持平，目標是到 2029 年調整後的營運和維護支出成長不超過 2.5%。

As we talked about last year, our institutionalized team and our One Exelon culture are committed to delivering value. We have taken advantage of our focused operations, along with our size and scale to continue to standardize and streamline our structure operations. Driving out $580 million in the annual O&M savings is no small task, but it's something our customers and shareholders have come to expect. Exelon's unique platform and industry best practices enable us to build upon these savings with line of sight to additional opportunities.

正如我們去年所討論的，我們制度化的團隊和我們的 One Exelon 文化致力於創造價值。我們利用自身專注的營運模式以及規模優勢，不斷規範和簡化結構運作。每年節省 5.8 億美元的營運和維護費用並非易事，但這是我們的客戶和股東所期望的。Exelon獨特的平台和行業最佳實踐使我們能夠在此基礎上節省成本，並專注於其他機會。

As investments grow to meet unprecedented load growth and reliability needs, our customers remain our top priority. Since 2021, Exelon's portion of the average customer bill as a percentage of median income has remained relatively flat, growing only 10 basis points, while maintaining top-quartile reliability, which saved customers $1 billion in avoided outage costs last year alone. We've reduced annual customer interruptions by nearly $2 million since 2021 and made significant economic impact in our community. Since 2021, we've employed 20,000 people, sustained 50,000 jobs, and have fostered nearly $60 billion in economic activity in our communities. Bringing value to our customers is foundational to what we do, and it's why we invest in the grid.

隨著投資不斷增加以滿足前所未有的負載成長和可靠性需求，我們的客戶仍然是我們的首要任務。自 2021 年以來，Exelon 的平均客戶帳單佔中位數收入的比例一直保持相對穩定，僅增長了 10 個基點，同時保持了前四分之一的可靠性，僅去年一年就為客戶節省了 10 億美元的停電成本。自 2021 年以來，我們每年減少了近 200 萬美元的客戶服務中斷損失，並為我們的社區帶來了顯著的經濟影響。自 2021 年以來，我們僱用了 20,000 人，維持了 50,000 個工作崗位，並在我們的社區促進了近 600 億美元的經濟活動。為客戶創造價值是我們工作的根本，這也是我們投資電網的原因。

That's why we're committed to keeping our O&M cost relatively flat from '24 to '26, and in partnership with our jurisdictions, have committed to support our customers through nation-leading programs and advocacy efforts.

因此，我們致力於在 2024 年至 2026 年期間保持營運和維護成本相對穩定，並與我們的管轄區合作，致力於透過全國領先的計劃和宣傳工作來支持我們的客戶。

Conversely, the supply side of the average monthly residential bill in the Mid-Atlantic has increased up to 80% or more over the last five years. Customers are now paying more for less. Since July of 2024, PJM customers have paid more than $32 billion as supply in the market declined 1.2 gigawatts. That's why I continue to be at the forefront for advocating for our customers across federal, PJM state levels, ensuring that every dollar customer spend can be tied to additional value they receive. We are pleased that federal discussions proposed the extension of the PJM capacity auction caller, saving customers tens of billions of dollars through 2030.

相反，在過去五年裡，大西洋中部地區居民平均每月帳單的供應端增加了 80% 甚至更多。顧客現在花更多的錢，卻買到更少的東西。自 2024 年 7 月以來，由於市場供應量減少了 1.2 吉瓦，PJM 的客戶已支付了超過 320 億美元。正因如此，我才繼續站在最前線，在聯邦、PJM州等各級層級為我們的客戶爭取權益，確保客戶花的每一分錢都能與他們獲得的額外價值掛鉤。我們很高興聯邦政府的討論提議延長 PJM 容量拍賣召集程序，這將為客戶節省數百億美元，直至 2030 年。

But our advocacy efforts don't stop there. We are committed to advocating for other policies, such as interconnection queue and rate design reforms that protect customers and support economic development. Our first-of-its-kind transmission security agreement filed at FERC do just that, providing a clear path to interconnection while protecting existing customers.

但我們的倡議工作並不會就此停止。我們致力於倡導其他政策，例如互聯排隊和費率設計改革，以保護客戶並支持經濟發展。我們在聯邦能源監管委員會 (FERC) 提交的首份輸電安全協議正是如此，它為互聯互通提供了清晰的途徑，同時保護了現有客戶。

We believe all solutions are required to support energy security and drive affordability. This includes encouraging state-procured solutions such as utility-generated power, which can bring certainty that the supply will be there, offer our state control, and ultimately benefit our customers.

我們認為，所有解決方案對於保障能源安全和提高能源可負擔性至關重要。這包括鼓勵採用國家採購的解決方案，例如公用事業發電，這可以確保電力供應的穩定性，使我們國家能夠控制電力供應，並最終使我們的客戶受益。

Turning to slide 14, with prudent O&M spending and $41.3 billion of projected capital spend driving 7.9% rate base growth, along with earnings ROEs of 9% to 10%, we are projecting compounded annual earnings growth near the top end of 5% to 7% from our 2025 guidance midpoint of $2.69 per share through 2029. We continue to build momentum across our jurisdictions as we make progress on Pepco and Delmarva rate cases, the ComEd grid plans and as BGE prepares to file later this year. We look forward to working with our stakeholders to align on the investments that benefit our customers, enable us to maintain and improve upon our operational excellence, all in a fair return.

翻到第 14 張投影片，在審慎的營運和維護支出以及預計 413 億美元的資本支出推動下，費率基數增長 7.9%，加上 9% 至 10% 的收益 ROE，我們預計到 2029 年，複合年收益增長率將接近 5% 至 7% 的上限，而我們預計 2025 年每股收益為每股 2025 年的上限，而我們的指導價值為每股 2025 年 20.25 年。隨著我們在 Pepco 和 Delmarva 費率案例、ComEd 電網計劃方面取得進展，以及 BGE 準備在今年稍後提交申請，我們繼續在各自的管轄範圍內積蓄力量。我們期待與利害關係人合作，共同製定有利於客戶、能夠維持和提升卓越營運水準且能帶來公平回報的投資方案。

Maintaining our commitment to transparency, we have provided assumptions associated with our expected annual growth in earnings through 2029 on Appendix slide 23. As you can see, we expect to deliver the out years near the top end of the 5% to 7% range, aligned for flexibility of rate case timing and keeping us on track to deliver near the top end of our 5% to 7% annualized growth rate from '25 to '29. We're also continuing to project an annual dividend growth at 5% and anticipate paying out a dividend of $1.68 per share in 2026, in line with that growth.

為了履行我們對透明度的承諾，我們在附錄投影片 23 中提供了與 2029 年預期年收益成長相關的假設。如您所見，我們預計未來幾年的利率將接近 5% 至 7% 區間的上限，這樣可以靈活調整利率調整時間，並使我們預計在 2025 年至 2029 年期間實現 5% 至 7% 的年化增長率上限。我們也繼續預測年度股息成長率為 5%，並預計到 2026 年將派發每股 1.68 美元的股息，與該成長率保持一致。

Finally, turning to slide 15, I will conclude with a review of our balance sheet and financing activity, where we've continued to derisk and secure cost-effective capital to invest for the benefit of our customers. In December, Exelon Corporate issued $1 billion in convertible debt, pulling forward almost over half of our planned long-term corporate debt needs for '26. Through 2029, we expect to fund the $41.3 billion capital plan with $22 billion of internally generated cash flow, $13 billion of debt at the utilities, and $3 billion of total debt at the holding company, with the balance funded with a modest amount of equity. As a reminder, our policy is to fund the incremental capital needs with approximately 40% of equity. Specifically, our total equity needs of $3.4 billion over the four-year plan implies approximately $850 million of annualized equity needs, less than 2% of Exelon's annual market cap.

最後，翻到第 15 張投影片，我將總結我們的資產負債表和融資活動，我們一直在降低風險並獲得具有成本效益的資本進行投資，以造福我們的客戶。12 月，Exelon Corporate 發行了 10 億美元的可轉換債券，提前滿足了我們 2026 年計劃的長期公司債務需求的近一半。到 2029 年，我們預計將透過 220 億美元的內部現金流、130 億美元的公用事業債務和 30 億美元的控股公司總債務來為 413 億美元的資本計畫提供資金，其餘部分將透過少量股權融資。再次提醒，我們的政策是用約 40% 的股權來滿足新增資本需求。具體而言，我們在四年計畫中總共需要 34 億美元的股權資金，這意味著每年的股權資金需求約為 8.5 億美元，不到 Exelon 年度市值的 2%。

We have already made progress on 20% of these equity needs, having priced $700 million in 2025 using forward contracts under our ATM. Our financial plan has been designed to accommodate the use of other fixed income securities that receive equity credit in place of senior debt on our holding company. Identifying opportunities to mitigate risk and maintaining a strong balance sheet continues to be core to our strategy. And in 2025, our average credit metrics of 13.5% exceeded our downgrade threshold of 12% at Moody's by 150 basis points.

我們已經在這些股權需求的 20% 方面取得了進展，透過我們的 ATM 計劃，利用遠期合約對 2025 年的 7 億美元進行了定價。我們的財務計畫旨在允許使用其他可獲得股權信用的固定收益證券來代替我們控股公司的優先債務。尋找降低風險的機會並保持穩健的資產負債表仍然是我們策略的核心。到 2025 年，我們的平均信用指標為 13.5%，比穆迪設定的 12% 的降級門檻高出 150 個基點。

With our balanced funding strategy in place, we target credit metrics of 14% over the planning period, providing 100 to 200 basis points of financial flexibility on average over our downgrade thresholds at S&P and Moody's throughout our guidance period.

憑藉我們均衡的融資策略，我們在規劃期間將信用指標目標設定為 14%，在整個指導期內，平均而​​言，比標普和穆迪的降級門檻高出 100 至 200 個基點的財務靈活性。

We also continue to advocate for language that incorporates all tax repairs for calculating the corporate alternative minimum tax which is now reflected in our disclosures. As a reminder, without the implementation of tax repair deduction, our anticipated consolidated credit metrics would average over the plan closer to 13%.

我們也繼續倡導在計算企業替代最低稅時納入所有稅務修正的措辭，這已反映在我們的揭露文件中。提醒一下，如果沒有實施稅務維修扣除，我們預期的綜合信貸指標在計畫期間的平均值將接近 13%。

Supported by our history of execution, I want to close by reiterating our confidence not only in the plan we are laying out, but also in the broader opportunity we have to deliver value for our customers and our shareholders for another 25 years and beyond.

憑藉我們以往的執行力，我最後想重申，我們不僅對我們正在製定的計劃充滿信心，而且對我們未來25年及更長時間內為客戶和股東創造價值的更廣闊機會也充滿信心。

I'll now turn it back to Calvin for his closing remarks.

現在我將把時間交還給加爾文，請他作總結發言。

Thank you, Jeanne. As we look ahead to 2026, our priorities are clear and aligned with what matters most to our customers, communities, policymakers, and investors. We have a track record of meeting our commitments, and we will continue to focus on what we do best: executing our capital plan efficiently and maintaining industry-leading operational performance to benefit our customers, driving affordability through disciplined cost management, proven investment, and active stakeholder engagement, and pursuing growth and innovative customer solutions. We have the right people, platform, and strategy to continue delivering on these commitments.

謝謝你，珍妮。展望 2026 年，我們的工作重點很明確，與我們的客戶、社區、政策制定者和投資者最關心的事情保持一致。我們一直以來都信守承諾，並將繼續專注於我們最擅長的領域：高效執行資本計劃，保持行業領先的營運績效，從而惠及我們的客戶；透過嚴格的成本管理、成熟的投資和積極的利益相關者參與來提高可負擔性；以及追求成長和創新的客戶解決方案。我們擁有合適的人才、平台和策略，能夠持續履行這些承諾。

In 2026, we expect to deploy $10 billion in capital, earning a consolidated 9% to 10% operating return on equity. We anticipate delivering operating earnings of $2.81 to $2.91 per share, with the goal of being midpoint or better. And finally, we will execute a balanced funding strategy that maintains and strengthens our balance sheet.

預計到 2026 年，我們將投入 100 億美元的資本，實現 9% 至 10% 的綜合經營股本回報率。我們預計每股營運收益為 2.81 美元至 2.91 美元，目標是達到或超過中間值。最後，我們將執行一項平衡的融資策略，以維持和加強我們的資產負債表。

Serving approximately 11 million customers across some of the largest and most economically vital metropolitan areas in the country is a responsibility we do not take lightly. Our infrastructure is essential to the economic future of the regions we serve and we honor that responsibility through disciplined execution, operational excellence, and a relentless focus on the people who depend on us every day.

為遍佈全國一些最大、經濟最發達的大都會地區的約 1,100 萬客戶提供服務，我們深感責任重大。我們的基礎設施對我們所服務地區的經濟未來至關重要，我們透過嚴謹的執行、卓越的營運以及對每天依賴我們的人們的不懈關注來履行這一責任。

We are proud of our track record of execution. The sector continues to evolve at a breakneck pace, but Exelon remains steadfast in its priorities, consistently delivering as a proven leader.

我們為自身的執行力感到自豪。該行業仍在以驚人的速度發展，但 Exelon 始終堅持其優先事項，並作為公認的領導者不斷取得成果。

Gigi, we can now open it up for questions.

吉吉，現在可以開始提問了。

(Operator Instructions)

（操作說明）

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Thanks for the update. Appreciate it. Great to see the 5% to 7% outlook refresh near the upper end here. I think just maybe could you comment quickly on the rate base growth is near 8%. You do have financing lag against that, which maybe would be greater than 1% financing lag between equity needs and debt funding.

謝謝你的更新。謝謝。很高興看到 5% 到 7% 的預期值在接近上限時有所回升。我想請您簡要談談利率基數成長接近 8% 的情況。確實存在融資滯後問題，股權需求和債務融資之間的融資滯後可能超過 1%。

So just what's the tailwind to the plan to keep you at the high end of the 5% to 7% outlook.

那麼，究竟是什麼因素能使該計劃保持 5% 至 7% 的預期高點呢？

Yes. I think I'll start with kind of what we've done, right, which is if you look back since 2021, we've had actual rate base growth of about 8% and earnings growth of 7.4%. So I think it's really just a continuation of that track record. But if you look at where rate base is at the end of '29 and you kind of assume half equity and then you look at our earned ROEs over the last four years, I think you can get to an EPS number that then, to your point, you got to back off financing costs. But I think if you look at kind of the equity needs, the sort of assume an average debt cost, but then I think what you might be missing is the AFUDC associated with transmission capital.

是的。我想先說說我們做了些什麼，對吧？回顧 2021 年至今，我們的實際費率基數成長了約 8%，收益成長了 7.4%。所以我認為這只是延續了以往的良好記錄。但是，如果你看看 2029 年底的利率基礎，假設一半是權益，然後再看看我們過去四年的已實現 ROE，我認為你可以得出 EPS 數值，然後，正如你所說，你必須降低融資成本。但我認為，如果你看一下股權需求，假設平均債務成本，那麼你可能忽略了與輸電資本相關的 AFUDC。

And so if you look at that and how much we're growing transmission over that period, that will get you to kind of the near top end, Nick.

所以，如果你看看這段時間我們的傳播成長情況，你會發現，尼克，這會讓你接近最高值。

Okay. Great. Great. And then I know that you probably are assuming a range of regulatory outcomes here. But maybe you can just kind of comment on, given so much focus on Pennsylvania, how you're thinking about regulatory strategy for '26, whether you'd file in '26 or wait until '27?

好的。偉大的。偉大的。我知道您可能在這裡假設了一系列監管結果。但鑑於大家對賓州的關注度很高，您能否就 2026 年的監管策略發表一下看法？您會在 2026 年提交申請，還是等到 2027 年？

And then any kind of considerations there for the timing of rate cases and how that can kind of impact where you are within this 5% to 7%?

那麼，利率變動的時間安排是否會影響到您在 5% 到 7% 的利率區間內的位置呢？

Yes. No problem, Nick. I will tell you this, is that we are constantly in conversations with all of our stakeholders, and that goes from the governors to the regulatory bodies, to talk about what makes sense for the jurisdictions and our customers. And with affordability at front and center in all of our jurisdictions, we lean into that first. But we also recognize that we have to maintain a reliable and resilient grid.

是的。沒問題，尼克。我可以告訴大家的是，我們一直在與所有利益相關者進行對話，從州長到監管機構，討論什麼對各個司法管轄區和我們的客戶來說是合理的。在我們所有轄區，價格負擔能力都是首要考慮因素，因此我們首先專注於考慮這一點。但我們也意​​識到，我們必須維持一個可靠且有韌性的電網。

So to your point, we're looking at what we are going to do in Pennsylvania and what we're going to do in Maryland. And I think in our documents, we've already laid out that we're filing in Maryland this year, and we're considering what is the best approach to action in Pennsylvania. But we will keep you updated on that. But right now, please keep in mind, everything centers on affordability and maintaining a reliable system.

所以，正如你所指出的，我們正在考慮在賓州和馬裡蘭州要採取什麼行動。我認為，在我們的文件中，我們已經明確表示今年將在馬裡蘭州提起訴訟，我們正在考慮在賓州採取最佳行動方案。但我們會隨時向您通報最新情況。但目前，請記住，一切都以價格合理和維持系統可靠性為中心。

Yes. And to your point, Nick, the disclosure kind of accommodate a variety of scenarios. So looking at a variety of scenarios around rate case timing, we feel confident in that. The 8% rate base growth, the earned ROEs and the sort of manageable amount of equity delivers that 5% to 7% near the top end.

是的。正如你所說，尼克，這種披露方式可以適應各種不同的情況。因此，考慮到各種利率案件審理時間安排的情況，我們對此充滿信心。8% 的利率基礎成長、已實現的 ROE 以及適度的權益，使得收益率接近最高水準的 5% 至 7%。

Great. And then just, Calvin, if I could squeeze one more in. You talked about in your prepared remarks just supply being a real challenge. And I know this RBA process is in its early innings at PJM, and we've all seen the comments from the IPPs and what they're looking for. But just maybe what are the T&Ds advocating for here?

偉大的。然後，卡爾文，如果我還能再擠出一個名額的話。你在事先準備好的演講稿中提到，物資供應確實是一個真正的挑戰。我知道PJM的RBA流程還處於早期階段，我們也都看到了IPP的評論以及他們正在尋找什麼。但這些T&D人士究竟在倡導什麼呢？

And how do you see that process shaping up? Do you expect it to still be on time for a September auction? If you could comment at all there.

您認為這個過程會如何發展？您預計它還能趕上九月的拍賣會嗎？如果你能就此發表一些評論的話。

Do you want to take that?

你想拿走嗎？

Nick, thank you for the question. We've really been focused on engaging not only at PJM, but with our regulators, we're really pleased to see the administration, to Calvin's point, the administration's focus on this issue. We do support the development of this reliability backstop action. And we really endeavored also to bring a bit of clarity to the discourse. That's why we enlisted Charles River Associates' support in helping us crystallize what we're dealing with.

尼克，謝謝你的提問。我們一直非常注重與 PJM 以及監管機構溝通，正如 Calvin 所說，我們很高興看到政府對這個問題給予了重視。我們支持制定這項可靠性保障措施。我們也確實努力讓討論更加清晰明了。這就是為什麼我們尋求查爾斯河顧問公司的幫助，以幫助我們明確我們所面臨的問題。

We need to focus on supply because we know it will lower customer electric costs. We know that we will also see improved reliability.

我們需要專注於電力供應，因為我們知道這將降低客戶的用電成本。我們知道，可靠性也會提高。

To the point on cost, as Calvin mentioned, utility-generated power, which you know is something we are very focused on, because if no one else is going to build, we know that supply costs are an ever-increasing portion of the customer bill. So we really have to be focused on driving more build, and that's the support outlaid utility-generated power could reduce PJM customer costs by between $9.6 billion and $20 billion in the '28, '29 delivery year.

關於成本問題，正如卡爾文所提到的，公用事業發電是我們非常關注的領域，因為如果沒有其他人願意建設，我們知道供電成本在客戶帳單中所佔的比例會越來越高。因此，我們必須集中精力推動更多建設，而公用事業發電的支援支出可以在 2028 年和 2029 年交付年度為 PJM 客戶節省 96 億美元至 200 億美元。

So while we're focused on supporting the RBA, we also have to, in the near-term, focus on extending the price cap, getting more supply on the grid and, as Calvin mentioned, improving reliability. We know that those things will bring greater price stability and ultimately help address affordability, which is an ever-growing concern in each of our jurisdictions.

因此，雖然我們專注於支持澳洲儲備銀行，但短期內我們也必須專注於延長價格上限，增加電網供應，以及正如卡爾文所提到的，提高可靠性。我們知道這些措施將帶來更大的價格穩定性，並最終有助於解決購買力問題，而購買力問題在我們各個司法管轄區都是一個日益令人擔憂的問題。

Nick, I know she doesn't need an introduction, but that's Colette Honorable.

尼克，我知道她不需要介紹，但她就是科萊特·霍諾拉布爾。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Just on Colette's -- maybe a quick question for Colette. I mean, obviously, there's a lot of affordability things out there, whether you're looking at Maryland, New Jersey, Pennsylvania, Delaware, saw that in obviously Shapiro's budget speech. There are several bills out there in Pennsylvania, Maryland and New Jersey around resource adequacy. I guess a little bit more specifically, how are the conversations going on the legislative fronts? Like can you strike a middle ground in a state like Pennsylvania with the IPPs around a new generation PPA structure which is currently being proposed under the House and Senate bills?

就科萊特而言——也許我想問科萊特一個問題。我的意思是，很顯然，有很多關於負擔能力的問題，無論是在馬裡蘭州、新澤西州、賓夕法尼亞州還是特拉華州，這一點在沙皮羅的預算演講中都有體現。賓州、馬裡蘭州和新澤西州都有一些關於資源充足性的法案正在審議中。更具體地說，立法方面的討論進度如何？例如，在賓州這樣的州，能否與獨立發電企業 (IPP) 就目前眾議院和參議院法案中提出的新一代購電協議 (PPA) 結構達成折衷方案？

Or are the conversations just too wide apart right now?

或者說，目前的對話分歧太大了？

Hey, Shar, this is Calvin. I'll jump in and just say, first and foremost, we understand where Governor Shapiro is coming from because we're all frustrated with the affordability, the limit that's hitting all of our customers and his constituents. So at the forefront, we start from a foundation of alignment that we all have to do something together. And you notice our approach has always been an all-of-the-above approach. How can we help deliver solutions that satisfy everyone?

嗨，莎爾，我是卡爾文。我先插一句，首先，我們理解州長夏皮羅的出發點，因為我們都對負擔能力感到沮喪，這種負擔能力限制影響了我們所有的客戶和他的選民。因此，首先，我們要從一致性這個基礎出發，那就是我們所有人都必須共同努力。你會注意到，我們的方法一直都是兼顧所有面向。我們如何才能提供令各方都滿意的解決方案？

So to your direct question, is there an opportunity to have conversations that engage with them? Absolutely. Because we have never said we are going to do this on our own, but we do believe it must involve everyone. And I think you talked about Shapiro, but's let's -- Governor Moore in his State of the State even talked about an all-of-the-above, it requires everyone to come together to solve this problem. And we are committed to that.

所以，直接回答你的問題，有沒有機會與他們互動對話？絕對地。因為我們從未說過要獨自完成這件事，但我們相信這件事必須有每個人的參與。我想你提到了沙皮羅，但是——摩爾州長在他的州情咨文中甚至談到了“以上所有措施”，這需要每個人團結起來解決這個問題。我們對此承諾不渝。

So when you talk about the House and Senate bills, it's always in the details, but please know that we're showing up every day in the Capitol and with the government PSC to talk about delivering solutions. And you notice from us, it's not one or done. It's everyone coming through and it's an all-of-the-above approach.

所以，當談到眾議院和參議院的法案時，關鍵總是在於細節，但請記住，我們每天都在國會大廈和政府公共服務委員會 (PSC) 中討論如何提供解決方案。你從我們這裡可以看出，這不是一蹴可幾的事。所有人都參與其中，採取的是綜合全面的方法。

Colette, anything you'd like to add there?

科萊特，你還有什麼要補充的嗎？

I would add, it will help put in better context why we showed up as a company the way we did around colocation issues. Colocation can be a great solution. We knew when we saw this headed our way that we needed to focus on affordability. Now you see others jumping in with us, it's great to see. And we need these discussions because this is how we will solve the problem.

我還要補充一點，這將有助於更好地解釋為什麼我們公司在託管問題上會採取那樣的態度。託管伺服器可能是一個很好的解決方案。當我們意識到這種情況即將發生時，我們就知道我們需要專注於價格負擔能力。現在看到其他人也加入我們，真是太好了。我們需要進行這些討論，因為這是我們解決問題的途徑。

We've been very active, to your question, Shar, not only in Pennsylvania, on the ground there, on the ground with the governor. As you know, we joined Governor Shapiro in the filing at FERC on extending the price cut. We'll continue to partner with him, his administration and engage heavily in the legislature. Not only in Pennsylvania, we're having the same discussions in Maryland, in Delaware, in New Jersey. And I think that, for instance, in the address by Governor Moore, you could see very clearly, he has a view on what needs to happen.

沙爾，關於你的問題，我們一直非常積極，不僅在賓州，我們還實地與州長一起工作。如您所知，我們與州長夏皮羅一起向聯邦能源監管委員會提交了延長降價的文件。我們將繼續與他及其政府合作，並積極參與立法機構的工作。不只在賓州，我們在馬裡蘭州、德拉瓦州、新澤西州也在進行同樣的討論。例如，我認為在摩爾州長的演講中，你可以很清楚地看到，他對需要發生的事情有自己的看法。

Take a look at New Jersey with Governor Sherrill stepping in and really focusing in on the solutions that need to come about in PJM. This is heartening to see, and you will continue to find us engaging in each of our jurisdictions to help solve this issue of affordability.

看看新澤西州，州長謝裡爾介入並真正專注於解決PJM需要出現的問題。看到這一點令人欣慰，我們將繼續在我們各自的管轄範圍內積極參與，以幫助解決住房負擔能力問題。

Let me close by saying we're bringing solutions. We've been focused, as you know, on our customer relief fund that we developed last year and then we further supplemented ahead of the winter season in anticipation of these issues. And then we will continue focusing on low-income discounts in our jurisdictions, we have both well underway, and as well as focusing on longer-term solutions such as utility generation. So we are very active in our jurisdictions, and we'll continue to be active.

最後我想說的是，我們正在帶來解決方案。如您所知，我們一直專注於去年設立的客戶救濟基金，並在冬季來臨前進一步補充了該基金，以應對這些問題。然後我們將繼續關注轄區內的低收入折扣，這兩項工作都已進展順利，同時我們也將關注公用事業發電等長期解決方案。因此，我們在各自的管轄範圍內非常活躍，並將繼續保持活躍。

And is it fair to just assume that there is some level of collaboration with the generators? Or is that bid-ask too wide apart? So I'm just trying to tease that out.

是否可以合理地假設與發電機之間存在某種程度的合作？或者說，這個買賣價差是不是太大了？所以我只是想弄清楚這一點。

Just the right price, right? Like I think it's -- we're always going to be our customer advocate. So I think right now, what's -- the problem -- right now, our customers are paying more for less. And so we got to get to the right place where there's actual new generation at the right price. If they want to build it at the right price, wonderful, right?

價格正好合適，對吧？我認為－我們始終都會是客戶的擁護者。所以我覺得現在的問題是，我們的客戶花更多的錢，卻得到了更少的東西。所以，我們必須找到合適的地方，在那裡才能以合適的價格買到真正的新一代產品。如果他們願意以合適的價格建造，那太好了，對吧？

But at the end of the day, to Colette and Calvin's comments, the Charles River report was really helpful because it said, if we have been doing this and we have the generation needed for '28 and '29, that costs would have been $10 billion to $20 billion lower. We can't go back in time and build that generation, but we can take action now, and that's what we're focused on, is getting the generation built at the right price.

但歸根結底，正如科萊特和卡爾文所說，查爾斯河報告真的很有幫助，因為它指出，如果我們一直這樣做，並且我們擁有 2028 年和 2029 年所需的發電量，那麼成本將減少 100 億至 200 億美元。我們無法回到過去重新打造那一代產品，但我們現在可以採取行動，而這正是我們關注的重點，那就是以合適的價格打造那一代產品。

Got it. And then just last question here, just to tease out Nick's question around the CAGR. There's not a lot of delta between rate base growth and the EPS growth. So that sort of makes sense where you are. But Jeanne, clearly, from the slides this morning, there's plenty of incremental upside, whether you're looking at PJM RTEP, or MISO tranches, data center TSAs, resource adequacy.

知道了。最後一個問題，是為了引出 Nick 關於 CAGR 的問題。利率基礎成長與每股盈餘成長之間並沒有太大差異。所以，從你的角度來看，這似乎很有道理。但珍妮，很明顯，從今天早上的幻燈片來看，無論是 PJM RTEP、MISO 分層、資料中心 TSA 還是資源充足性，都有很多增量成長空間。

I guess what's the correct podium to step function change the trajectory, which has been out there for some time? Is it as -- it could be as simple as we need a few more quarters to execute? I guess how do we sort of think about the upsides that are evident on these slide decks, whether -- and it will be incremental to rate base growth, it will be incremental to EPS growth. I guess what do you need to see the step function change that 5% to 7%?

我想問的是，什麼才是能夠徹底改變現狀、改變發展軌跡的正確途徑？這種改變已經存在了一段時間。是不是就像——也許只是我們需要再花幾季的時間來執行？我想我們應該如何看待這些投影片中顯而易見的利多因素，無論這些利好因素是否會對利率基礎成長產生增量影響，是否會對每股盈餘成長產生增量影響。我想問一下，你需要什麼條件才能看到階躍函數從 5% 變成 7%？

Yes. No, good question. And I think at the end -- we feel like it is kind of progressing, right? So last rate base CAGR was 7.4%. You're sitting at 7.9% now, also that 7.4 we delivered above expectations through '25.

是的。不，問得好。我覺得最後——我們感覺它好像在取得某種進展，對吧？因此，上一次的基準年複合成長率為7.4%。你現在的收益率是 7.9%，而且我們在 2025 年實現了超出預期的 7.4%。

So I think we are seeing continued progress there. I think given the deconcentrated plan, in addition to progress, it's really executable. We, as I mentioned in my prepared remarks, we've delivered within our capital within 2% since separation. And if you look at our rate base this year, within 1%. That's no small task on $64 billion of rate base.

所以我認為我們看到這方面正在持續取得進展。我認為，鑑於分散式計劃，除了取得進展之外，它也是切實可行的。正如我在準備好的演講稿中提到的，自分拆以來，我們的資本回報率一直保持在 2% 以內。如果你看一下我們今年的利率基數，誤差在 1% 以內。對於一個稅基高達 640 億美元的機構來說，這可不是一件容易的事。

So we feel not only is it really executable, you should feel confident in that growth, but it is continuing to progress. Like we're not going to be the flashy, right, it's going to go up double digits? But it's going to -- it's going up and it's highly executable, defensible. And we're not going to give you a number that I can't sit here and say that. So I think that's how we should think about it.

因此，我們認為它不僅切實可行，而且您也應該對這種成長充滿信心，而且它還在不斷進步。我們不會走浮誇路線，對吧？但漲幅肯定會達到兩位數？但它將會——它正在上升，而且它具有很高的可執行性和可辯護性。我們不會給你一個我無法坐在這裡親口說出的數字。所以我覺得我們應該這樣看待這個問題。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

Kudos. Nicely done. To continued the theme a little bit from Nick and Shar, almost asking an inverse. It seems like rate base growth is pretty consistent with historical, the 7.9%, and you did grow at 7.4% despite some headwinds in Illinois and elsewhere and, of course, tailwinds too. What -- why couldn't you not grow at that kind of ZIP code, the same 7.5% growth rate, again, that you're doing even better than the top end?

讚！做得好。延續尼克和莎爾的主題，幾乎是提出一個相反的問題。利率基礎成長似乎與歷史水準相當一致，為 7.9%，儘管伊利諾伊州和其他地方存在一些不利因素，當然也存在一些有利因素，但你們仍然實現了 7.4% 的成長。什麼？為什麼在那種郵遞區號區域，你們就不能維持 7.5% 的成長率呢？要知道，你們現在的表現甚至比高端區域還要好！

Like is it kind of a conservatism like you're mentioning or just getting more comfort? If you could elaborate a little bit more.

是像你提到的保守主義，還是只是為了追求更多舒適感？如果您能再詳細說明一下就太好了。

Sure. I mean, I think we're always going to strive to exceed expectations, but I think, again, giving you a number you can count on, I think financing costs are increasing, right? So you've got to account for that. But we are investing more in transmission. And so that gives us confidence in the -- that we can continue with the strong earned ROEs that we've had.

當然。我的意思是，我認為我們總是會努力超越預期，但是，再次給你一個可以確定的數字，我認為融資成本正在增加，對吧？所以你必須把這一點考慮進去。但我們正在加大對輸電領域的投資。因此，這讓我們有信心繼續保持我們已經取得的強勁的淨資產收益率。

So I think it's defensible, it is growing. I think -- but you've got to think about giving a number that's defensible that we can manage, but also account for the associated financing costs. But we're always going to strive to exceed your expectations, Paul.

所以我認為這是站得住腳的，而且它還在發展壯大。我認為——但是你必須考慮給出一個我們能夠承受的、站得住腳的數字，同時也要考慮到相關的融資成本。但我們會一直努力超越您的期望，保羅。

No, you have been. So if you give a massive cook, I always have to ask for more.

不，你一直都是。所以如果你幫我做一大份飯菜，我總是要再要一份。

I've noticed that, Paul.

我注意到了，保羅。

The last one I want to ask, just on the incremental financing costs. So you definitely made a lot of progress on the balance sheet. How should we think about financing incremental capital opportunities as they come? Should we be using kind of that 40% in this roll forward or maybe a lower number?

最後一個問題，是關於新增融資成本的。所以你們在資產負債表方面肯定取得了很大進展。我們該如何看待為不斷湧現的新增資本機會提供融資？我們應該在這次滾動更新中使用 40% 這個比例，還是使用更低的比例？

No, it's the 40%. We want to maintain and keep that cushion we've worked so hard to get on the balance sheet. So what that results in is about the $3.4 billion over the four-year period. On an annual basis, it's less than 2% of market cap, very manageable. And as you probably saw, we've already made good progress on that.

不，是40%。我們希望維持並維持我們在資產負債表上辛苦累積的緩衝資金。因此，四年內的總金額約為 34 億美元。以年計算，這不到市值的2%，完全可以負擔。正如你可能已經看到的，我們在這方面已經取得了不錯的進展。

So we've priced $700 million of that $3.4 billion. So on an annual basis for '26, it's a small amount to do. And given our ATM and our trading activities, it's very manageable. But we're going to stick with that 40%.

所以我們已經對這34億美元中的7億美元進行了定價。所以以 2026 年的年度預算來看，這只是很小的一部分。考慮到我們的ATM機和交易活動，這是完全可控的。但我們會堅持40%這個比例。

Steve Fleishman, Wolfe.

史蒂夫·弗萊什曼，沃爾夫。

So just maybe just on the -- with the move to more transmission continuing, that 9% to 10% earned ROE range, are we seeing some kind of movement up within that range that helps kind of put all these pieces together on the growth rate?

所以，隨著輸電技術的不斷推進，9%到10%的淨資產收益率區間，我們是否會看到該區間內出現某種上升趨勢，從而有助於將所有這些因素結合起來，得出增長率的結論？

Yes, I think -- yes. If we go back to, I think, since separation, '22 to '25, our average earned has been somewhere around 9.4%. To your point, as we have been turning the shift towards transmission, I think you can expect that, if not slightly better. But it's going to take some time for some of these transmission projects to close. We've got some longer-dated ones, the big ones.

是的，我想——是的。如果回顧一下，我認為，自從 2022 年到 2025 年分道揚鑣以來，我們的平均收益大約在 9.4% 左右。正如您所說，隨著我們不斷轉向變速箱，我認為您可以期待變速箱性能有所提升，甚至可能略有改善。但其中一些輸電項目還需要一段時間才能完工。我們還有一些日期較長的，都是比較重要的。

But that's the direction we're headed.

但這就是我們前進的方向。

Okay. And then on the CAMT that you mentioned, just when do you expect to actually have that like full clarity on that? It sounds like sometime this year?

好的。還有，關於您提到的CAMT，您預計什麼時候才能真正完全了解它的情況？聽起來像是今年某個時候？

Yes. Yes. We are hopeful that we have a final, final resolution here in the near term.

是的。是的。我們希望在不久的將來能有一個最終的解決方案。

Okay. And then lastly, just tying up some loose state stuff, are we going to get a Maryland lessons learned at some point or -- yes, is there any chance they just say kind of moved on to -- I don't know.

好的。最後，為了解決一些州內遺留問題，我們是否會在某個時候得到馬裡蘭州的經驗教訓，或者——是的，有沒有可能他們只是說已經過去了——我不知道。

I hear it in your voice, my frustration. So thank you. it is -- we do believe we're going to get the lessons learned. And I know the team has been talking to the commission and the new chair, who we've worked with as a former state senator, and he understands the need for this. So we do believe we'll get lessons learned.

我從你的聲音裡聽出了我的沮喪。所以，謝謝。的確——我們相信我們會學到教訓。我知道團隊一直在與委員會和新主席溝通，我們曾與他共事，他以前是州參議員，他也理解這項工作的必要性。所以我們相信我們會從中學到教訓。

And I wish I could give you a time line, but we do believe it will happen in 2026.

我很希望能夠給出一個具體的時間表，但我們相信這件事會在 2026 年發生。

Okay. But you'll file BGE probably before you get it?

好的。但你可能在收到之前就會提交BGE申請？

Yes. Yes. We're going to file this probably in the first half and would love to accommodate whatever is in there, but to Calvin's point, we've been transparent with the commission around the fact that the rates are higher in '27, and so we have to do something here.

是的。是的。我們可能會在上半年提交這份文件，並且很樂意接受其中的任何內容，但正如卡爾文所說，我們已經向委員會坦誠地說明了 2027 年的利率會更高，所以我們必須採取一些措施。

And then a last quick one. I know New Jersey is not your -- one of your larger states, but just curious your take so far under the new the new governor.

最後再來一個簡短的。我知道新澤西州不是你們的大州之一，但我只是好奇你們對新州長上任以來的情況有何看法。

Absolutely. Now to your point, not one of our largest, but it's very important. And Tyler Anthony, the CEO of Pepco Holdings, has spent time with the other EDCs with Governor Sherrill. Mike Innocenzo, our Chief Operating Officer, spent time. And I'll let Mike elaborate further on New Jersey, if you would like to, Mike.

絕對地。現在回到你剛才提到的問題，雖然它不是我們最大的問題之一，但它非常重要。Pepco Holdings 的執行長 Tyler Anthony 曾與州長 Sherrill 一起與其他經濟發展公司 (EDC) 會面。我們的營運長邁克·伊諾琴佐花了一些時間。如果你願意的話，麥克，我會讓他進一步闡述關於新澤西州的情況。

Yeah, I would just say it's certainly got a lot of headlines during the election campaign. But if you look at the content of the executive orders, we think that they're very constructive, the things that we can live with. And I would say, behind scenes, the conversations are focused on the right areas, which is if we're really going to go after affordability, we need to bring more supply in an affordable way, in an efficient way. And we fully support those discussions.

是的，我想說的是，在競選期間，這件事確實佔據了許多新聞頭條。但如果你仔細檢視這些行政命令的內容，我們認為它們非常具有建設性，都是我們可以接受的。我想說，在幕後，討論的重點是正確的領域，那就是如果我們真的要追求可負擔性，我們就需要以可負擔的方式、以高效的方式增加供應。我們完全支持這些討論。

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

謝謝。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。