艾索倫電力 (EXC) 2026 Q1 法說會逐字稿

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

各位好，歡迎參加 Exelon 第一季財報電話會議。我是 Michelle，今天將擔任您的活動專員。（接線員指示）請注意，今天的網路直播將被錄音。（接線員指示）

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

現在我很榮幸將今天的議程交給投資人關係副總裁 Ryan Brown。請開始。

Great. Thank you, Michelle. Good morning, everyone. Thank you for joining us for the 2026 first quarter earnings call.

好的。謝謝你，Michelle。各位早安。感謝各位參加我們 2026 年第一季財報電話會議。

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 will be available to answer your questions following our prepared remarks.

今天由 Exelon 總裁暨執行長 Calvin Butler，以及 Exelon 財務長 Jeanne Jones 主持。Exelon 高階管理團隊的其他成員也在場，並將在我們的準備發言後回答各位的提問。

Today's presentation, along with our earnings release and other financial information can be found on the Investor Relations section of Exelon's website.

今天的簡報、我們的財報新聞稿以及其他財務資訊，可在 Exelon 官網的投資人關係專區查閱。

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

我們也提醒各位，今天的簡報及相關財報新聞稿資料包含前瞻性陳述，並受風險與不確定性影響。關於這些風險的警示性說明，請參閱今日簡報第 2 頁或我們向 SEC 提交的文件。

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，今天的簡報包含對調整後營運盈餘及其他非 GAAP 指標的引用。這些指標與最接近之 GAAP 指標之間的調節表，可在簡報附錄及我們的財報新聞稿中查閱。

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

現在我很榮幸將電話會議交給 Exelon 總裁暨執行長 Calvin Butler。

Thank you, Ryan. And good morning, everyone. We appreciate you joining us for our first quarter earnings call. Our message today is straightforward. 2026 performance remains on track, both financially and operationally. And with a disciplined, adaptable platform, you can continue to depend on Exelon to navigate change and deliver on our commitments.

謝謝你，Ryan。各位早安。感謝各位參加我們第一季財報電話會議。我們今天的訊息很直接：2026 年的表現無論在財務或營運面都仍按計畫推進。憑藉一個有紀律、具適應性的營運平台，各位可以持續信賴 Exelon 能夠因應變化並履行我們的承諾。

This morning, we reported adjusted operating earnings of $0.91 per share, exceeding expectations with outperformance driven primarily by net favorable weather and timing-related items. We are also affirming our 2026 operating earnings guidance of $2.81 to $2.91 per share. Reliability and operational performance continue to set the standard for the industry, even as our system faced several high wind and storm events this spring.

今天早上，我們公布調整後營運每股盈餘為 0.91 美元，優於預期；超預期表現主要由淨有利天候因素與時點相關項目所帶動。我們也重申 2026 年營運盈餘指引為每股 2.81 至 2.91 美元。即使今年春季我們的系統遭遇多起強風與風暴事件，可靠度與營運表現仍持續為業界樹立標竿。

All utilities sustained top-quartile in reliability performance, with ComEd in top decile. Our men and women on the ground continue to deliver, responding safely, restoring service quickly and keeping customers connected.

所有公用事業公司在可靠度表現上皆維持於前四分位數，其中 ComEd 更位居前十分位。我們第一線的同仁持續交出成果，安全應對、迅速復電，並讓客戶保持連線。

This quarter also included several important regulatory and legislative developments, most notably in Pennsylvania and Maryland. At PECO, we made the decision to withdraw the recently filed electric and gas rate cases. This was a deliberate timing-based decision grounded in customer affordability considerations and informed by stakeholder feedback.

本季也包含多項重要的監管與立法進展，尤其是在賓夕法尼亞州與馬里蘭州。在 PECO，我們決定撤回近期提交的電力與天然氣費率案件。這是一項基於時點的審慎決策，立基於客戶可負擔性考量，並參考利害關係人的回饋。

Importantly, this decision does not change our commitment to safety, reliability or long-term infrastructure investment. It demonstrates our ability to adjust timing and reallocate capital while maintaining the balance between near-term affordability and long-term system needs. Maintaining that balance requires difficult prioritization decisions and the strong ongoing stakeholder partnerships you've come to expect from Exelon.

重要的是，這項決定不會改變我們對安全、可靠度或長期基礎設施投資的承諾。它展現了我們在維持短期可負擔性與長期系統需求之間平衡的同時，仍能調整時點並重新配置資本的能力。維持這種平衡需要艱難的優先順序取捨決策，以及各位對 Exelon 所期待的、與利害關係人持續且強健的合作夥伴關係。

Looking ahead, we welcome continued close collaboration with all stakeholders across Pennsylvania as we reprioritize certain investments without compromising safety or reliability in the near term.

展望未來，當我們在不影響短期安全或可靠度的前提下重新排序部分投資時，我們也期待與賓夕法尼亞州各方利害關係人持續密切合作。

Before I move on, I also want to highlight a recent leadership update at PECO. Dave Vahos, previously CEO of PECO, has transitioned into an advisory role reporting to me. Mike Innocenzo has stepped in as an Interim President and CEO while continuing to serve as Exelon's Chief Operating Officer.

在我繼續之前，我也想強調 PECO 近期的一項領導層更新。先前擔任 PECO 執行長的 Dave Vahos 已轉任顧問職務並向我匯報。Mike Innocenzo 已接任臨時總裁暨執行長，同時仍擔任 Exelon 營運長。

Mike previously served as President and CEO of PECO from 2018 to 2024 and brings deep operational experience, long-standing relationships across Pennsylvania and a strong understanding of PECO's system, workforce and stakeholders. This transition ensures continuity and stability at PECO as we remain focused on operational excellence, affordability and reliable service for our customers.

Mike 先前於 2018 至 2024 年擔任 PECO 總裁暨執行長，具備深厚的營運經驗、在賓夕法尼亞州長期建立的關係，以及對 PECO 系統、員工隊伍與利害關係人的深刻理解。這項交接可確保 PECO 的延續性與穩定性，讓我們持續聚焦於卓越營運、可負擔性，以及為客戶提供可靠服務。

Turning to Maryland. The Utility RELIEF Act has passed the legislature and is awaiting Governor Moore's signature. We know the governor and state leaders share our focus on affordability. However, the legislation does not address the growing imbalance between the energy demand -- between energy demand and supply. Residential supply costs in the Mid-Atlantic have increased by up to 80% or more over the past five years.

接著談馬里蘭州。《Utility RELIEF Act》已通過立法機關，正等待 Moore 州長簽署。我們知道州長與州政府領導人與我們同樣關注可負擔性。然而，該法案並未處理能源需求與供給之間日益擴大的失衡。過去五年，中大西洋地區的住宅用電供應成本已上升最高達 80% 或以上。

Without addressing supply constraints, affordability challenges will persist. Addressing this challenge requires a combination of incremental transmission investment, continued reforms at PJM and critically, the addition of new generation.

若不解決供給受限問題，可負擔性挑戰將持續存在。要因應此挑戰，需要結合逐步增加的輸電投資、PJM 持續改革，以及最關鍵的——新增發電資源。

We're leaning into areas where we have a clear mandate today like transmission, while also advancing solutions in areas where we currently cannot participate, including utility-owned generation. For example, HB1561 in Maryland was designed to establish a clear path for utility-owned backstop generation, particularly storage and renewable resources.

我們正加大投入目前已具明確授權的領域，例如輸電；同時也推動我們目前無法參與的領域之解決方案，包括公用事業自有發電。例如，馬里蘭州的 HB1561 旨在為公用事業自有的後備（backstop）發電建立明確路徑，特別是儲能與再生能源資源。

Given the structural imbalance between supply and demand in the state and Maryland's heavy reliance on imports from neighboring markets, this approach would have meaningfully enhanced energy security and resilience and ultimately avoid the risk of blackouts, which in 2024, PJM suggested could happen as soon as 2028 due to lack of supply.

鑑於該州供需之間的結構性失衡，以及馬里蘭州高度依賴自鄰近市場進口，這種作法將能顯著提升能源安全與韌性，並最終避免停電風險。PJM 在 2024 年曾表示，由於供給不足，停電可能最早在 2028 年就會發生。

In short, affordability and reliability must go hand in hand. We remain committed to working constructively with stakeholders to deliver near-term customer relief while supporting the long-term investments required to keep energy safe, reliable and affordable. As such, we have taken a hard look at our plan and made deliberate adjustments.

簡而言之，可負擔性與可靠度必須相輔相成。我們仍致力於以建設性的方式與利害關係人合作，在提供短期客戶紓困的同時，支持維持能源安全、可靠且可負擔所需的長期投資。因此，我們已嚴肅檢視我們的計畫並做出審慎調整。

Let me be clear, this is a different plan for a different moment. We are pulling back on certain projects, reprioritizing capital across our portfolio and delivering $350 million of incremental O&M savings in 2027, tied to work we will no longer pursue. We are actively reshaping the business to best meet the needs of our customers while delivering on the Exelon promise to keep energy bills as low as possible. This includes accelerating the use of new technologies, focusing investment on the highest impact opportunities and maintaining disciplined cost control.

我要說清楚，這是一個因應不同時刻而制定的不同計畫。我們將縮減部分專案、在整體投資組合中重新排序資本配置，並在 2027 年實現 3.5 億美元的額外營運與維護（O&M）節省，這與我們將不再推進的工作相關。我們正積極重塑業務，以最佳方式滿足客戶需求，同時兌現 Exelon 的承諾——盡可能讓能源帳單維持在最低水準。這包括加速採用新技術、將投資聚焦於影響力最高的機會，以及維持嚴謹的成本控管。

Business as usual is not an option. The energy market has shifted dramatically with significant load growth and a lack of supply to meet the evolving needs of our customers and communities at a reasonable price. While we remain confident in the value of our work and investments, this moment requires us to adapt, to be agile and make changes thoughtfully and purposefully. Our core mission, commitment to safety, reliability, ethics and compliance and service to our customers are not changing.

一切照舊不是選項。能源市場已出現劇烈轉變：負載顯著成長，但供給不足，無法以合理價格滿足客戶與社區不斷演變的需求。雖然我們仍對自身工作與投資的價值充滿信心，但此刻要求我們適應、保持敏捷，並以審慎且有目的的方式做出改變。我們的核心使命、對安全、可靠度、道德與法遵的承諾，以及對客戶的服務不會改變。

Now Jeanne will walk through the details in a moment, but with these actions in place, we are reaffirming our 2026 adjusted operating earnings guidance of $2.81 to $2.91 per share and our long-term operating earnings growth outlook from 2025 to 2029 near the top end of the 5% to 7% range.

Jeanne 稍後會說明細節；但在這些行動到位後，我們重申 2026 年調整後營運每股盈餘指引為 2.81 至 2.91 美元，並重申 2025 至 2029 年長期營運盈餘成長展望接近 5% 至 7% 區間的上緣。

This is our platform at work. Size, scale diversification, and discipline translate directly into execution. As we adjust our plan to reflect current realities, we are also leaning into areas where we see strong visibility and clear need, most notably in transmission. Our scale, multistate footprint and deep operational expertise allows us to step forward where reliability and resiliency investments are increasingly needed, especially as load growth and system complexity continue to accelerate. We've seen that play out in recent periods through our success across multiple competitive and reliability-driven processes. That momentum continues.

這就是我們的平台在發揮作用。規模、分散化與紀律，能直接轉化為執行力。當我們調整計畫以反映當前現實時，我們也正加大投入在可見度高且需求明確的領域，尤其是輸電。我們的規模、多州布局與深厚營運專業，使我們能在可靠度與韌性投資需求日益增加之處挺身而出，特別是在負載成長與系統複雜度持續加速之際。近期我們在多項競標與以可靠度為導向的流程中取得成功，已證明這一點。這股動能仍在延續。

In February, we submitted competitive bids for two Illinois transmission opportunities within the MISO Tranche 2.1 window, representing approximately $1.9 billion of total transmission capital spend pursued jointly with Invenergy. While it's too early to comment on potential outcomes, these projects underscore our disciplined approach, deploying capital where RTOs have identified clear need, strong execution visibility and attractive risk-adjusted returns.

2 月，我們在 MISO Tranche 2.1 期間，針對伊利諾州兩項輸電機會提交了競爭性投標，所追求的輸電資本支出總額約 19 億美元，並與 Invenergy 共同推進。雖然現在評論可能結果仍為時過早，但這些專案凸顯我們的紀律性作法：在區域輸電組織（RTO）已明確識別需求、具備強執行可見度且風險調整後報酬具吸引力之處配置資本。

You should expect Exelon to continue engaging competitively and with discipline in future transmission windows across PJM and other ISOs, including two additional bids expected later this month. However, affordability and energy security cannot be solved by transmission alone. Additional generation is critical. We continue to work closely with federal officials, PJM and state leaders to address elevated supply costs and emerging reliability challenges across the system.

各位應可預期 Exelon 未來將在 PJM 與其他 ISO 的輸電窗口中，持續以具競爭力且有紀律的方式參與，包括預計於本月稍晚提出的另外兩項投標。然而，可負擔性與能源安全無法僅靠輸電解決；新增發電至關重要。我們持續與聯邦官員、PJM 及各州領導人密切合作，以因應全系統高企的供給成本與新興的可靠度挑戰。

Let me reiterate, you cannot have a conversation about affordability without addressing the underlying shortage of generation. We support measures that bring new generation forward while avoiding market designs that result in unnecessary or excessive payments at the customer's expense. That's why we've been focused on ensuring our data center pipeline is increasingly backed by FERC-approved transmission security agreements, which have now secured approximately $1 billion of collateral.

我再重申一次：若不處理根本的發電不足，就無法真正討論可負擔性。我們支持能推動新增發電的措施，同時避免導致不必要或過度付款、由客戶埋單的市場設計。這也是為什麼我們一直專注於確保我們的資料中心管線愈來愈多由 FERC 核准的輸電安全協議作為支撐，而這些協議目前已取得約 10 億美元的擔保品。

Real affordability depends on careful design from load forecasting and cost allocation to how new resources are integrated into the market framework. There's more work ahead as implementation details continue to take shape, and our team remains closely engaged with PJM, regulators and policymakers to ensure outcomes that protect customers and support a reliable, affordable system.

真正的可負擔性取決於周密的設計，涵蓋從負載預測、成本分攤到如何將新資源納入市場架構。隨著落實細節持續成形，後續仍有更多工作要做；我們的團隊將持續與PJM、監管機關及政策制定者密切合作，確保結果能保護客戶並支持可靠且可負擔的系統。

As we've said before, addressing these challenges will require an all-of-the-above approach, including utility-led solutions, demand-side alternatives and merchant investment. While we do not control the supply side, we remain intensely focused on reducing the costs we can control and on actively advocating on behalf of our customers.

正如我們先前所說，解決這些挑戰需要「全方位」的方法，包括由公用事業主導的解決方案、需求端替代方案以及商業投資。雖然我們無法控制供給端，但我們仍高度專注於降低我們可控的成本，並積極代表客戶發聲。

In the past year alone, we've delivered approximately $1 billion in customer savings through a combination of actions, including our award-winning programs that connect customers to assistance, our industry-leading customer relief fund, a recently approved gas supply settlement and disciplined cost management that kept costs nearly flat, driven by operational efficiencies. We're delivering this $1 billion. We've -- while delivering this $1 billion, we've also provided best-in-industry reliability.

僅在過去一年，我們透過多項行動合計為客戶帶來約10億美元的節省，包括我們屢獲獎項、協助客戶取得補助的方案、業界領先的客戶紓困基金、近期核准的天然氣供應和解協議，以及在營運效率帶動下、使成本幾乎持平的嚴謹成本管理。我們正在實現這10億美元的節省。我們——在實現這10億美元的同時，也提供了業界最佳的可靠度。

In contrast, over the last two years, customers have paid $32 billion to generators for capacity in PJM, while supply has declined by 1.2 gigawatts over that same period, meaning customers paid more and received less. The time for action is now. PJM has been warning about 2028 reliability risk since 2024. We're halfway there, and there's been no meaningful progress on new supply.

相較之下，在過去兩年，客戶在PJM為容量向發電商支付了320億美元，但同期供給卻減少了1.2吉瓦，意味著客戶付得更多、得到的更少。現在就是採取行動的時刻。PJM自2024年起就一直警告2028年的可靠度風險。我們已經走到一半，但新增供給並沒有任何實質進展。

While recent activity in the PJM interconnection queue is encouraging, it's not enough for projects to simply be in the queue. We need to ensure they are built and come online in time to meaningfully address this reliability need. Had utilities been allowed to build generation for the '28, '29 planning year, we would be in a materially stronger position today.

儘管PJM併網排隊（interconnection queue）近期的動態令人鼓舞，但專案僅僅排在隊列中仍不夠。我們必須確保它們能如期建成並及時併網，才能實質滿足這項可靠度需求。若公用事業當時被允許為「28、29規劃年度」興建發電資源，我們今天的處境將會明顯更強。

As we've highlighted before, Charles Rivers Associates estimated that utility-supported generation could have saved PJM customers between $9.6 billion and $20 billion in the '28, '29 delivery year, while reducing outage risk from energy shortages by approximately 85%. Our customers simply cannot afford to wait any longer.

如我們先前強調，Charles Rivers Associates估計，在「28、29交付年度」，由公用事業支持的發電資源可為PJM客戶節省96億至200億美元，同時將因能源短缺造成的停電風險降低約85%。我們的客戶實在無法再等下去。

With that, I'll turn it over to Jeanne to walk through our financial performance and provide additional details on our rate case activity. Jeanne?

接下來，我把時間交給Jeanne，請她說明我們的財務表現，並提供更多關於我們費率案件進展的細節。Jeanne？

Thank you, Calvin, and good morning, everyone. In addition to our first quarter financial update and progress on our 2026 regulatory activity, today, I will review several disclosure updates that reinforce our confidence in our path to adjusted operating earnings growth near the top end of the 5% to 7% range, beginning on slide 5.

謝謝你，Calvin，各位早安。除了第一季財務更新以及我們在2026年監管事項上的進展之外，今天我也將回顧幾項揭露更新，這些更新強化了我們對「調整後營運盈餘」成長可望接近5%至7%區間上緣的信心；相關內容從第5頁開始。

We recognize that balancing affordability with safety and reliability is critically important, and we remain actively engaged in solutions that put customers first. Our customers are served by some of the most reliable utilities in the nation and continued investment is essential to maintaining that performance in the near term while supporting long-term economic growth.

我們了解，在可負擔性與安全及可靠度之間取得平衡至關重要，我們也持續積極投入以客戶為優先的解決方案。我們的客戶由全美最可靠的公用事業之一提供服務；為了在短期內維持這樣的表現並支持長期經濟成長，持續投資至關重要。

Our revised four-year capital plan reflects these priorities by rebalancing investment, enabling us to invest nearly $10 billion in 2026 and a total of $41.7 billion over the next four years for the benefit of our customers. This reflects $1.1 billion of project deferrals and reductions in PECO and BGE distribution, coupled with $1.5 billion of incremental transmission investment to support project realignment and the interconnection of data center customers that have signed transmission security agreements.

我們修訂後的四年資本計畫反映了這些優先事項，透過重新平衡投資，使我們能在2026年投資近100億美元，並在未來四年合計投資417億美元，以造福客戶。此計畫包含PECO與BGE配電端共計11億美元的專案遞延與縮減，同時增加15億美元的輸電投資，以支持專案重新調整，以及與已簽署輸電安全協議（transmission security agreements）的資料中心客戶進行併網。

Despite the rebalance of capital, we are maintaining our revised annualized rate base growth of 7.9% over the next four years, reflecting the substantial and accelerating transmission growth opportunities we are experiencing across our service territory. The need for additional transmission infrastructure is real, and we are witnessing this growth firsthand, driven by reliability requirements and large load interconnections. We now anticipate transmission rate base growing at 16% through 2029 and are maintaining our previous upside guidance of $12 billion to $17 billion, which doesn't include our recent competitive transmission bids in MISO or potential solar or storage opportunities.

儘管資本配置已重新平衡，我們仍維持未來四年修訂後的年化費率基礎（rate base）成長率7.9%，反映我們在服務區域內正經歷的龐大且加速的輸電成長機會。新增輸電基礎設施的需求確實存在，我們也在第一線親眼見證這項成長，主要由可靠度要求與大型負載併網所驅動。我們目前預期輸電費率基礎將在2029年前以16%的速度成長，並維持先前的上行指引120億至170億美元；該指引尚未納入我們近期在MISO的競標輸電案，亦未包含潛在的太陽能或儲能機會。

Having executed within 2% of our plan since 2023, we remain confident in our ability to deliver this next phase of growth through disciplined execution, advancing important economic and energy priorities, while keeping customer affordability front and center through a continued focus on cost management. We are confident in our ability to drive expense growth well below inflation.

自2023年以來，我們的執行與計畫偏差控制在2%以內，因此我們仍有信心透過嚴謹執行來交付下一階段的成長，推進重要的經濟與能源優先事項，同時持續聚焦成本管理、把客戶可負擔性放在首位。我們有信心將費用成長率控制在遠低於通膨的水準。

In addition to nearly flat expense growth from '24 to '26, we are now targeting no more than 2% adjusted O&M growth through 2029. We remain committed to managing the portfolio as One Exelon and are leveraging our dedicated team to identify another $350 million of savings in 2027. Our revised plan incorporates cost reductions achieved through accelerating AI and technology transformation, prioritizing IT projects with the greatest customer and operational impact, focusing our community investments, reducing the use of outside contractors, implementing a managed hiring process and offering a targeted voluntary separation program later this year.

除了從「24到「26費用成長幾乎持平之外，我們目前也以2029年前調整後O&M（營運與維護）成長不超過2%為目標。我們仍致力以「One Exelon」的方式管理投資組合，並運用專責團隊在2027年再找出3.5億美元的節省。我們修訂後的計畫納入多項成本降低措施，包括加速AI與科技轉型、優先推動對客戶與營運影響最大的IT專案、聚焦社區投資、降低外包承攬商使用、導入管控式招募流程，以及在今年稍晚提供具針對性的自願離職方案。

We also continue to rely on a balanced funding strategy to support this execution. We are committed to ensuring that we maintain financial flexibility and strong credit metrics over the guidance period, targeting approximately 14% at Moody's and S&P. I'll provide additional detail on our balance sheet and financing strategy on a later slide.

我們也將持續採取均衡的資金策略來支持上述執行。我們承諾在指引期間維持財務彈性與強健的信用指標，目標是在穆迪（Moody's）與標普（S&P）口徑下約14%。我會在後續頁面提供更多關於資產負債表與融資策略的細節。

Turning to slide 6, we present our quarter-over-quarter adjusted operating earnings walk. Exelon earned $0.91 per share in the first quarter of 2026 compared to $0.92 per share in the same period in '25. Earnings are lower in the first quarter relative to the same period last year, primarily driven by $0.07 of new distribution and transmission rates, net of depreciation and AFUDC, and $0.01 of favorable weather at PECO.

接著看第6頁，我們呈現本季相較前一季的調整後營運盈餘變動拆解。Exelon在2026年第一季每股盈餘為0.91美元，較「25年同期的每股0.92美元略低。第一季相較去年同期的盈餘下降，主要原因是新增配電與輸電費率貢獻0.07美元（扣除折舊與AFUDC後的淨額），以及PECO因有利天候帶來0.01美元。

This favorability was offset by $0.04 of ComEd timing due to revenue shaping in '25, $0.02 of higher interest expense at Corporate and PECO, $0.01 of higher credit loss expense at BGE and $0.01 attributable to the recognition of Pepco Maryland's MYP reconciliation, of which a final order was received in March. These results are slightly ahead of our indications on the fourth quarter call, primarily due to favorable weather and timing-related items.

上述有利因素被以下項目抵銷：ComEd因「25年收入塑形（revenue shaping）造成的時點因素為0.04美元、公司本部與PECO較高的利息費用0.02美元、BGE較高的信用損失費用0.01美元，以及Pepco Maryland的MYP（多年期計畫）調節（reconciliation）認列0.01美元；該案最終命令已於3月收到。整體結果略優於我們在第四季電話會議中的指引，主要來自有利天候與時點相關項目。

Looking ahead to next quarter, we expect second quarter earnings to be approximately 15% of the midpoint of our projected full year earnings guidance range, which contemplates normal weather and storm activity and anticipated revenue shaping and timing for the quarter. In combination with Q1 results, this would result in recognizing 47% of projected full year earnings in the first half of the year, in line with seasonal shaping in prior years and allowing us to remain on track for full year operating earnings of $2.81 to $2.91 per share with the goal to be at the midpoint or better.

展望下一季，我們預期第二季盈餘約為全年預估盈餘指引區間中點的15%，該預期已納入正常天候與風暴活動，以及本季預期的收入塑形與時點因素。結合第一季結果，這將使我們在上半年認列全年預估盈餘的47%，與過往年度的季節性分布一致，並使我們得以維持達成全年每股營運盈餘2.81至2.91美元的進度，目標為達到中點或更佳。

Turning to slide 7. We highlight our regulatory activity in 2026, starting with the Pepco Maryland base rate case, where we have filed a notice with the public -- with the Maryland Public Service Commission to pursue the traditional base rate case we had filed last fall, requesting a revenue requirement of $119.9 million, which primarily requests to seek recovery of critical infrastructure investments and incremental financing costs associated with rising interest rates.

接著看第7頁。我們重點說明2026年的監管進展，首先是Pepco Maryland的基礎費率案件（base rate case）。我們已向馬里蘭州公共服務委員會（Maryland Public Service Commission）提交通知——以推進我們去年秋天提出的傳統基礎費率案件，申請收入需求（revenue requirement）1.199億美元，主要是為了回收關鍵基礎設施投資，以及與利率上升相關的新增融資成本。

These investments support system reliability, capacity and long-term growth for our customers, including projects such as the White Flint substation in Montgomery County, which expanded capacity to meet current and future energy needs, reduced outage risk and maintenance needs through removal of more than 16 miles of overhead lines and strengthened system resilience through underground supply lines and modern equipment.

這些投資可支持客戶的系統可靠度、容量與長期成長，包括蒙哥馬利郡（Montgomery County）的White Flint變電站專案：該專案擴增容量以滿足目前與未來的能源需求，透過移除超過16英里的架空線路降低停電風險與維護需求，並藉由地下供電線路與現代化設備強化系統韌性。

Collectively, this and other investments contributed to Pepco achieving the lowest outage duration in the state. Evidentiary hearings were held last week and a final order is expected in August.

綜合而言，這些以及其他投資促使Pepco達成全州最低的停電持續時間。證據聽證會已於上週舉行，預計最終命令將於8月發布。

In Delaware, Delmarva Power's electric base rate case continues to progress on schedule with intervenor testimony due at the end of October. The requested revenue increase allows us to better support our customers through targeted programs and essential investments. This includes a new income-based rate and reliability projects such as Basin Road, where two transformers originally installed in 1967 were replaced and now reliably serve over 2,500 customers, including Wilmington Airport, the Delaware National Guard and surrounding communities. DPL expects to be able to implement interim rates in effect in July.

在德拉瓦州（Delaware），Delmarva Power的電力基礎費率案件仍按計畫推進，介入方證詞預計於10月底到期。所申請的收入增加使我們能透過具針對性的方案與必要投資更好地支持客戶，包括新的依收入分級費率，以及如Basin Road等可靠度專案：該處兩具原於1967年安裝的變壓器已完成更換，現可穩定服務超過2,500名客戶，包括威明頓機場（Wilmington Airport）、德拉瓦州國民警衛隊（Delaware National Guard）及周邊社區。DPL預期可於7月實施暫行費率。

Finally, on slide 8, I will conclude with a review and update of our balance sheet activity. We continue to take advantage of favorable market conditions early in the year and have made substantial progress toward our 2026 capital needs. We have completed approximately 43% or $2.3 billion of our planned long-term debt financing, successfully executing all expected debt transactions, both at corporate and Pepco Holdings for the year and materially derisking our go-forward financing plan.

最後，在第 8 張投影片，我將以回顧並更新我們的資產負債表活動作結。我們持續在年初把握有利的市場條件，並已在滿足 2026 年資本需求方面取得重大進展。我們已完成約 43%（或 23 億美元）的既定長期債務融資計畫，並成功執行本年度所有預期的債務交易（包含公司層級與 Pepco Holdings 層級），大幅降低我們未來融資計畫的風險。

The strong investor demand and attractive pricing for our debt securities continue to be a testament to the strength of our balance sheet and to our value proposition, positioning us well in service to our customers. We also continue to execute our pre-issuance hedging strategy to further protect us from interest rate volatility.

投資人對我們債務證券的強勁需求與具吸引力的定價，持續印證我們資產負債表的穩健以及我們的價值主張，使我們能更好地服務客戶。我們也持續執行發行前避險策略，以進一步降低利率波動對我們的影響。

Through 2029, we expect to fund the revised $41.7 billion capital plan with about $21.8 billion of internally generated cash flow, $13.1 billion of debt at the utilities and $3.4 billion of holding company debt. The balance will be funded with $3.4 billion of equity, approximately 40% of our incremental capital plan from last year's plan and representing less than 2% of Exelon's annual market cap.

至 2029 年，我們預期以約 218 億美元的內部產生現金流、131 億美元的公用事業層級債務，以及 34 億美元的控股公司債務，來支應修訂後 417 億美元的資本計畫。其餘部分將以 34 億美元的股權資金支應，約占相較去年計畫之新增資本計畫的 40%，且不到 Exelon 年度市值的 2%。

We have already made progress on approximately 37% of these equity needs with all of our $850 million in equity needs for 2026 and over $400 million in 2027 priced using forward contracts under our ATM. Maintaining a strong balance sheet remains core to our strategy.

我們已在這些股權需求上取得進展，約完成 37%；其中 2026 年所需的 8.5 億美元股權已全數，以及 2027 年超過 4 億美元，皆透過我們 ATM 計畫下的遠期合約完成定價。維持強健的資產負債表仍是我們策略的核心。

We continue to identify opportunities to mitigate risk in our plan and expect to maintain financial flexibility above our downgrade thresholds, targeting credit metrics of 14% over the planning period. We remain confident in our ability to deliver value for our customers and our shareholders. Thank you.

我們持續尋找降低計畫風險的機會，並預期在降評門檻之上維持財務彈性，於規劃期間目標信用指標為 14%。我們仍對為客戶與股東創造價值的能力充滿信心。謝謝。

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

接下來我把電話交回給 Calvin，請他做結語。

Thank you, Jeanne. I'll close on slide 9 by reinforcing what matters most as we move forward. Our priorities are clear and unchanged. We are executing our capital plan with discipline, delivering strong operational performance, advancing affordability through prudent investment and pursuing growth where it strengthens the system and creates long-term value. That discipline is supported by a platform built to perform.

謝謝你，Jeanne。我將在第 9 張投影片作結，重申我們在前進過程中最重要的事。我們的優先事項清楚且不變。我們以紀律執行資本計畫、交出強勁的營運表現、透過審慎投資推進可負擔性，並在能強化系統與創造長期價值之處追求成長。而這份紀律，來自一個為績效而打造的平台所支撐。

Our scale, diversified footprint and capital flexibility allow us to adapt as conditions evolve without losing focus or momentum. In 2026, we expect to deploy approximately $10 billion of capital for the benefit of our customers, earn a consolidated 9% to 10% ROE and deliver operating earnings of $2.81 to $2.91 per share with a goal of achieving midpoint or better while maintaining a strong and resilient balance sheet.

我們的規模、多元化的服務版圖與資本彈性，使我們能在環境變化時調整因應而不失焦或失速。2026 年，我們預期投入約 100 億美元資本以造福客戶，取得合併股東權益報酬率（ROE）9% 至 10%，並交出每股 2.81 至 2.91 美元的營運盈餘；我們的目標是在維持強健且具韌性的資產負債表之下，達成區間中點或更佳表現。

The infrastructure we operate is foundational to the communities and economies we serve. We take that responsibility seriously, and we meet it every day through consistent execution, high operational standards and a clear focus on the people who rely on us.

我們所營運的基礎設施，是我們服務之社區與經濟體的根基。我們嚴肅看待這份責任，並透過一致的執行力、高標準的營運要求，以及對仰賴我們之人群的清晰聚焦，每一天都在履行這份責任。

Before I close, I also want to recognize the work of our employees across this company. Balancing long-term infrastructure needs with customer affordability is not easy. It requires judgment and discipline at every step. That work extends beyond prioritizing the right investment. It includes constructive regulatory engagement, partnership with local communities and advocacy for policies that promote affordability and reliability even when they're not popular.

在我結束之前，我也想肯定公司各地員工的努力。在長期基礎設施需求與客戶可負擔性之間取得平衡並不容易；這需要在每一步都具備判斷力與紀律。這份工作不僅是優先排序正確的投資，還包括建設性的監管溝通、與在地社區的合作，以及倡議能促進可負擔性與可靠性的政策——即使這些政策並不受歡迎。

I'm proud of how our teams manage this balance. Their focus on execution, affordability and customer outcomes is exactly what allows Exelon to deliver today while positioning us for the future. The world around us continues to change, but our approach remains consistent. We remain focused, disciplined, accountable and confident in our ability to deliver.

我為我們團隊如何管理這種平衡感到自豪。他們對執行力、可負擔性與客戶成果的專注，正是讓 Exelon 能在當下交付成果，同時為未來做好布局的關鍵。外在世界持續變化，但我們的方法始終如一。我們仍將保持專注、有紀律、負責任，並對交付成果的能力充滿信心。

Michelle, we can now open it up for questions.

Michelle，我們現在可以開放提問。

Shar Pourreza, Wells Fargo.

Shar Pourreza，Wells Fargo。

So Calvin, I wanted to start with Pennsylvania. I mean it seems like it's the noisiest in the country right now. I guess what are you getting from Shapiro to make withdrawing the case and weathering this environment worth it? I mean the gas utilities seem to be okay. One of your peers has a black box settlement, which should get approved.

Calvin，我想先從賓州談起。我是說，現在看起來那裡是全國最吵雜的。我想問的是，你們從 Shapiro 那邊得到什麼，讓撤回案件並在這種環境下撐過去變得值得？我是說，天然氣公用事業看起來還可以。你們的一家同業有一個黑箱和解案，應該會獲得核准。

So the move is a bit conflicting. I guess what is it about this case that spooks stakeholders versus your other peers? I guess how should we be thinking about the trade-offs here in the state from your move?

所以這個動作有點矛盾。我想問，為什麼這個案件會讓利害關係人感到不安，而你們其他同業的案件不會？我們應該如何看待你們這個動作在該州的取捨？

No. Thanks, Shar. Thank you for asking the question. Let me begin by saying what a difference a year makes. In all seriousness, Shar, Pennsylvania has always been a jurisdiction in which we leaned into and had strong regulatory backdrop and strong relationships, and we continue to have those.

不。謝謝你，Shar。謝謝你的提問。我先說，一年之間差別真的很大。認真說，Shar，賓州一直是我們積極投入的司法管轄區，擁有良好的監管背景與穩固的關係，而我們現在也仍然如此。

Our decision to and timing -- our decision to remove the Pennsylvania filing was based on conversations we had with a variety of stakeholders. And those stakeholders said, "Hey, if you could partner with us to address the affordability issue and lean in, timing is not the best right now.

我們決定撤回賓州的申請以及其時點——我們撤回賓州申請的決定，是基於我們與多方利害關係人的對話。而這些利害關係人表示：「如果你們能與我們合作來處理可負擔性議題並加大投入，那麼現在的時點並不是最佳時機。」

We're assessing our future rate case filings in Pennsylvania, but all geared to having a strong infrastructure to provide safe, reliable service. So again, I'm not conflating this with any other cases that have been filed by other companies. We did what was best and what is best for Exelon and PECO specifically at this time. We believe PECO needs to make investments in the future, and we will do so, but we will work collaboratively with all stakeholders to make sure it's a prudent decision and timed appropriately to move forward.

我們正在評估未來在賓州提出的費率案件申請，但一切都以打造強健的基礎設施、提供安全可靠的服務為目標。因此，我不會把這件事與其他公司提出的任何案件混為一談。我們做的是此時此刻對 Exelon、尤其對 PECO 最有利、也最合適的事。我們相信 PECO 未來需要進行投資，我們也會這麼做，但我們將與所有利害關係人協同合作，確保這是審慎的決策，並在適當的時點推進。

Got it. Perfect. Hopefully, that created the goodwill that you guys needed for that. And then, Calvin, just on conversations around supporting supply-side solutions and long-term resource adequacy agreements. I guess any movement with House Bill 1272 or Senate Bill 897, I guess how should we be thinking about the catalyst and timing?

了解。很好。希望這能為你們建立所需要的善意。接著，Calvin，關於支持供給端解方與長期資源充足性協議的對話。我想問，眾議院法案 1272 或參議院法案 897 有任何進展嗎？我們應該如何看待催化因素與時程？

Is something -- is this something we could see before or after the election? Is Pennsylvania waiting for PJM answers from FERC or the RBA process first? I guess how do we think about resource adequacy in the bills that are out there in light of you just pulling a rate case and creating, hopefully, some goodwill?

這件事——我們可能在選舉前或選舉後看到進展嗎？賓州是否在等待 FERC 對 PJM 的回覆或先完成 RBA 流程？考量你們剛撤回一個費率案件並希望建立一些善意，我們該如何看待現有法案中與資源充足性相關的內容？

Yes. Shar, you go right to the core issue is that we're not going to adequately address affordability without addressing the supply issue. And that is our conversation, not just in Pennsylvania, but across all jurisdictions. So when you see us show up in advocacy position for bills that allow utilities and to get new generation build, that's what it's all about. And recognizing also right now that Pennsylvania is in an election year, so -- and you have a divided government.

是的。Shar，你切中核心問題：若不處理供給問題，就無法充分解決可負擔性。而這也是我們不只在賓州、而是在所有司法管轄區的對話重點。因此，當你看到我們以倡議立場支持允許公用事業參與新發電建置的法案時，這就是其目的。同時也要認知到，賓州目前正值選舉年——而且政府分裂。

So to get anything done this year is going to be a long shot, but I think it's necessary to continue to advocate for utility-owned generation and new generation in the state and across the mid-Atlantic specifically. Because if you don't do that, the same issue that we're talking about today, we'll be talking about in the next three to five years. And that is what we're communicating with all stakeholders. You can't talk affordability without talking the supply stack. And this is what's obvious, but people want to talk about it in silos.

因此，今年要推動任何事情都會很不容易，但我認為仍有必要持續倡議在州內、尤其在中大西洋地區推動公用事業持有的發電資產與新發電建置。因為如果不這麼做，我們今天討論的同樣問題，三到五年後還會再討論一次。這就是我們向所有利害關係人傳達的訊息：不能只談可負擔性而不談供給結構。這點其實很明顯，但人們往往想把議題切割成各自獨立的面向來談。

It has to be a holistic approach; we have to talk about it generally. And the bills you mentioned go directly to that issue, and we will continue to partner with other utilities and stakeholders in the state to address them.

我們必須採取整體性的做法；必須以更全面的方式來討論。你提到的那些法案正面回應了這個問題，我們也會持續與州內其他公用事業與利害關係人合作來推進。

Steve Fleishman, Wolfe.

Steve Fleishman，Wolfe。

I guess just following up on Pennsylvania, that you didn't really mention the Governor's letter, and in terms of kind of focus on, I guess, kind of seemed like a more adverse regulatory structure. Could you just maybe comment on how you interpreted that? Were you hearing -- was that part of what you've been hearing when you pull the case? And how should we think about that when you ultimately do file a case?

我想延續賓州的話題，你剛剛其實沒有提到州長的信；就其重點而言，我想看起來像是更不利的監管架構。你能否談談你們如何解讀那封信？你們撤案時聽到的內容是否也包含這一點？以及當你們最終再提出案件時，我們應該如何看待這件事？

Yes. Thank you, Steve. I think the Governor's letter, first and foremost, it all centered on affordability, right? That's kind of what I was just sharing with Shar. Having said that, he brought up three specific points: one, making sure that utilities are going after the most cost-effective forms of capital.

是的。謝謝你，Steve。我認為州長的信，首先最重要的是，它的核心都圍繞在可負擔性，對吧？這也就是我剛才跟 Shar 分享的。不過，他提出了三個具體重點：第一，確保公用事業採用最具成本效益的資本形式。

He wanted transparency in ratemaking, and he used the term justifiable returns. So let me tell you. So it was nothing that we hadn't heard in our conversations with them, and he put it out there to the entire energy portfolio within the state of Pennsylvania, all the utilities and said, future rate cases, future discussions need to be centered on these three principles, and we have no concern with that, Steve, really going in.

他希望費率制定具透明度，並使用了「可被正當化的報酬」這個詞。讓我說明一下：這些都不是我們在與他們對話中未曾聽過的內容；他只是把這些要求公開，對賓州整個能源組合中的所有公用事業提出，並表示未來的費率案件與未來的討論都需要以這三項原則為核心。Steve，我們對此完全沒有疑慮，真的，進入後續程序也不擔心。

And as I've shared with the Governor and others have shared with the Governor is that there's a 9-month regulatory process within Pennsylvania, and we will continue to operate in a very transparent methodology and work with the commission and the Governor and his team to ensure that he understands the what and the why.

而且正如我已向州長分享、也有其他人向州長分享的那樣，在賓夕法尼亞州有一個為期9個月的監管程序；我們將持續以非常透明的方法運作，並與委員會、州長及其團隊合作，確保他理解「做了什麼」以及「為什麼要這麼做」。

Why the investments we're making are adding value and safe and reliable and resilient service to Pennsylvanians, and also what we are doing on the front end to control our cost. So when we -- when I laid out to you in my opening comments, we're pulling $350 million of cost out of our business, I think that goes right to the Governor's -- well, one of his message is that, hey, justifiable returns, are you doing utility? Are you doing your part and ensuring that you're keeping your costs as low as possible?

也就是我們正在進行的投資，為賓州民眾帶來增值，並提供安全、可靠且具韌性的服務；同時，我們在前端如何控制成本。因此，當我們——當我在開場致詞中向各位說明，我們正從業務中削減3.5億美元成本時，我認為這正好回應了州長的——嗯，其中一個訊息是：嘿，合理的報酬，你們作為公用事業是否盡到本分，並確保你們把成本壓到最低？

And my response to him is, absolutely. We were doing it before, and we'll do it into the future to manage this business. But at the same time, as we manage this business, we know how economic development is important to you, we know how creating jobs is important to you, and there's no better partner that I can speak than PECO has been doing for not only the last decade but multi-decades in the state of Pennsylvania. So these are the very issues that we're talking about today, and we'll talk about in the future.

而我對他的回應是：絕對是。我們以前就在做，未來也會持續這麼做來管理這項業務。但同時，在我們管理這項業務之際，我們知道經濟發展對你很重要，我們知道創造就業對你很重要；而我能說沒有比PECO更好的夥伴——不僅在過去十年，甚至在賓夕法尼亞州已經是數十年來一直如此。所以，這些正是我們今天在談、未來也會繼續談的議題。

Sorry, I have two other questions. One is just on the comment on PJM issues and the need for more generation, which clearly, clearly agree as a problem. One of the things that did come up recently was the Crane restart and the fact that, that -- even when you had something coming back, it's not potentially interconnected until 2031. Is there like things that can be done by PJM or transmission owners to deal with that aspect of getting interconnection done quicker?

抱歉，我還有另外兩個問題。第一個是關於你提到的PJM議題以及需要更多發電量——這顯然、顯然我同意是個問題。最近有一件事被提出來，就是Crane重啟，以及即便有機組要回來，它可能要到2031年才有可能完成並網。PJM或輸電業主是否有什麼可以做的事情，來處理「更快完成並網」這一塊？

Yes. Thank you, Steve. And we've been on top of that issue and partnering with PJM to see what we can do and how we can do different routes, what we can do to really secure them and get them on sooner. But the reality of it is, as I've always said, we have a concern with the entire reliability and resiliency of the system. And I would look to Colette to see -- I'm a phone a friend and ask Colette Honorable if she wants to provide any input into that.

有的。謝謝你，Steve。我們一直密切關注這個議題，並與PJM合作，看看我們能做什麼、以及能用哪些不同路徑，真正把它們落實並讓它們更早上線。但現實是，正如我一直說的，我們對整個系統的可靠性與韌性都有疑慮。我想請Colette來看看——我來「打電話求助」一下，問問Colette Honorable是否願意就此提供一些意見。

Thank you, Calvin. Colette Honorable here. Thanks for the question about the interconnection queue. As you know, PJM has been in the midst of evaluating how best to progress the interconnection queue. And last week announced that 811 new generation projects capable of generating 220 gigawatts of electricity have applied to interconnect to the grid.

謝謝你，Calvin。我是Colette Honorable。謝謝你關於並網排隊（interconnection queue）的問題。如你所知，PJM一直在評估如何最好地推進並網排隊流程。上週PJM宣布，有811個新的發電專案提出申請要並入電網，這些專案具備合計可發電2.2億千瓦（220 gigawatts）的能力。

We've also seen that PJM has reopened the queue, and we applaud PJM for that action because we understand all too well as we hear from our customers that we need to move that backlog and get the supply through the queue.

我們也看到PJM已重新開放排隊，我們對PJM採取這項行動表示肯定，因為我們非常清楚——從客戶的回饋中也聽到——我們需要消化這個積壓，讓供給端能夠通過排隊流程。

We also know that we needed to address reliability challenges. So while we are encouraged that there are over 800 projects in the queue. We know that there's still more work to be done because only 19% of the projects that are in the queue reached operation. We also know 54 gigawatts have been cleared through the interconnection process, but they are delayed by siting, permitting and supply chain issues. Most of all, to your question, we need new supply.

我們也知道必須處理可靠性挑戰。因此，雖然我們對排隊中有超過800個專案感到鼓舞，但我們知道仍有更多工作要做，因為排隊中的專案只有19%真正進入商轉。我們也知道有5,400萬千瓦（54 gigawatts）已通過並網流程，但因選址、許可與供應鏈問題而延宕。最重要的是，回到你的問題，我們需要新的供給。

And so we are -- while we are encouraged by the work at PJM, there's a lot more that needs to be done. So we're pleased to see the new leadership at PJM in David Mills, and we're hopeful that he can help move this along.

因此，我們——雖然對PJM的工作感到鼓舞，但仍有很多事情需要完成。我們也很高興看到PJM由David Mills擔任新領導，我們希望他能協助推動進展。

Okay. And just a quick last one. The transmission CapEx increase that you did, I guess if you didn't lower the distribution, would that have kind of happened anyway? And is there more of that coming from the data centers? Or are you kind of managing within a total capital level that you were trying to kind of manage within?

好的。最後再快速問一個。你們提高了輸電資本支出（CapEx），我想如果你們沒有降低配電端的支出，這件事是不是本來也會發生？另外，這是否有更多是由資料中心帶動？還是你們是在一個你們想要控制的總資本水準內進行管理？

I don't know if that makes sense that question, but yes.

我不確定這樣問有沒有道理，但，是的。

It does. I think it is -- it was work that we saw on the horizon. And I think we've always spoken to the diversification of our portfolio, but also not one project being greater than 3%. And so having those projects available to pull in within the planning period. It's work that we knew we needed to do.

有道理。我認為這——這是我們早就看到在地平線上的工作。我想我們一直談到投資組合的多元化，同時也強調沒有任何單一專案占比會超過3%。因此，在規劃期間內有這些專案可供納入與調度。這是我們知道必須要做的工作。

It was also work that was aligned to some of the cluster studies. So I think that's the benefit of Exelon's diversified capital portfolio. We can pivot as needed.

這些工作也與一些叢集研究（cluster studies）相一致。所以我認為這就是Exelon多元化資本投資組合的好處：我們可以視需要調整方向。

I think with that being said, right, our $12 billion to $17 billion of opportunities outside the planning period, we didn't change that range. We still think that, that's very robust, still driven by the same four or five themes, and we'll continue to kind of manage the portfolio.

我想在此基礎上，對於規劃期之外的120億到170億美元機會，我們並沒有改變這個區間。我們仍然認為那非常強勁，仍由相同的四到五個主題所驅動，我們也會持續管理這個投資組合。

Now as Calvin said, this is the plan for this moment. There's a -- so we did pull back on distribution, right? But there's a cost to investing and there's a cost to not investing. And so we do believe that we need to -- there's critical work we still need to do in those states, but this is the right plan for this moment. We know through our strong operations on the distribution side, we saved our customers $1 billion in avoided outage costs in 2025 alone.

如同Calvin所說，這是此刻的計畫。確實——所以我們在配電端有所回撤，對吧？但投資有成本，不投資也有成本。因此我們確實相信——在那些州仍有關鍵工作需要完成，但就當下而言，這是正確的計畫。我們知道，透過我們在配電端強勁的營運表現，僅在2025年我們就為客戶節省了10億美元的停電避免成本（avoided outage costs）。

And so the investment needs to be done, but this is the right mix for today, and we'll continue to evaluate and adjust. And again, it brings me back to the benefit of the size, scale, diversified portfolio of Exelon.

因此，投資仍需要進行，但就今天而言這是正確的組合；我們會持續評估並調整。而且再次，這讓我回到Exelon在規模、量體與多元化投資組合上的優勢。

Nicholas Campanella, Barclays.

Barclays的Nicholas Campanella。

I wanted to just ask one follow-up on the letter, if I can. Just there was things proposed around the return that would point to a lower ROE and potentially lower equity cap depending on how the mechanics around that works. And just Obviously, those would be significantly below the state averages across the US. It already has kind of raised the company's implied cost of capital. So just can you kind of talk to just the risk of it going there?

如果可以的話，我想就那封信再追問一個問題。信中提出了一些關於報酬率（return）的建議，可能指向較低的ROE，並且依其運作機制可能也會有較低的股權比例上限（equity cap）。顯然，那些水準將會顯著低於全美各州的平均。這也已經在某種程度上推升了公司隱含的資本成本。所以你們能否談談，這件事走到那一步的風險？

And my understanding is you do have a GRC penciled into this plan, if you can confirm that. And do you have -- does the company have any view if that would require legislation to go that way? Or is this something that PSC at its discretion could do?

另外，我的理解是你們在這個計畫中已把一個GRC（一般費率案件）先行納入規劃，如果可以請確認。以及，公司是否有任何看法：若要走向那樣的安排，是否需要立法？還是說這是PSC（公用事業委員會）可自行裁量就能做的事？

So I think what we would say on not just the ROEs, but the cap structure and the transparency on investments is to Calvin's point, we believe that Pennsylvania has a robust regulatory process that allows us to build an evidentiary record that can pull in all forms of debating what -- and justifying what is a fair and reasonable return. And so we believe that that's the right place to have that conversation is what we've always done, right?

我想我們對於不只是ROE，還包括資本結構以及投資透明度的看法是：如同Calvin所說，我們相信賓夕法尼亞州有一套健全的監管程序，讓我們能建立一個證據紀錄（evidentiary record），把各種形式的辯論納入其中，去討論——並論證——什麼是公平且合理的報酬。因此我們認為，進行這個對話的正確場所就是那個程序；我們一直以來都是這麼做的，對吧？

Even in a settlement, right, you still have to justify your returns. You still have to use capital asset pricing models or other things, right, that say, hey, based on publicly available data, real data, right, which is what the governor is asking us to pull in, this is a justifiable return. And we know that a healthy and financially sound utility needs to have justifiable returns that are commensurate with the risk that's being taken by the regulated utility.

即使是在和解（settlement）中，對吧，你仍然必須論證你的報酬。你仍然必須使用資本資產定價模型（CAPM）或其他方法，對吧，來說明：嘿，基於公開可得的資料、真實的資料——也就是州長要求我們納入的——這是一個可被正當化的報酬。我們也知道，一家健康且財務穩健的公用事業，需要有與受監管公用事業所承擔風險相匹配的、可被正當化的報酬。

We know that the capital structure has to balance the right risks to make sure that we have appropriate credit ratings that drive lower cost of financing for our customers. And so we would look to continue to leverage that process to build the evidentiary record that results in the right economics for both a financially sound utility, but one that can continue to invest to create economic development to drive jobs and to avoid the significant costs that we know are associated with not investing.

我們知道資本結構必須在風險之間取得適當平衡，以確保我們擁有合宜的信用評等，進而為客戶帶來較低的融資成本。因此我們會持續運用該程序來建立證據紀錄，使結果在經濟性上對一家財務健全的公用事業是正確的，同時也能持續投資以促進經濟發展、帶動就業，並避免我們知道「不投資」所伴隨的重大成本。

Okay. And then maybe it sounds like you introduced some O&M rationalization here in the plan. You're working towards identifying more. You outlined kind of some of the things there that you're doing, but just how much is, I guess, sustainable versus onetime and can be kind of recaptured through a rate case proceeding?

好的。那接著也許聽起來你們在這個計畫中引入了一些營運與維護（O&M）合理化，並且正努力辨識更多。你們也概述了正在做的一些事情，但我想問的是：其中有多少是可持續的、相對於一次性的；以及有多少可能在費率案件（rate case）程序中被重新取回（recaptured）？

First off, Nick, I would tell you that we're going to run our business in the most efficient manner. And when we talk about pulling out $350 million in cost, it's largely driven by if we're not going to do certain projects, we're going to pull those costs out of the business and manage it.

首先，Nick，我會告訴你，我們將以最高效率的方式經營我們的業務。當我們談到削減3.5億美元成本時，主要是因為如果我們不打算做某些專案，我們就會把那些成本從業務中剔除並加以管理。

And if an opportunity arises as we look at future investments to bring back in certain avenues or outlets to get that done, we will, but we will always maintain and run a very efficient business. That's our promise to our customers. So when we talk about maintaining, I always approach this as most of them, if not all, are going to be sustainable cost savings to deliver this value.

而如果在我們檢視未來投資時出現機會，能把某些途徑或管道再納入以完成相關工作，我們也會這麼做；但我們始終會維持並經營一個非常高效率的企業。這是我們對客戶的承諾。因此當我們談到維持時，我一向的看法是，其中大多數（若非全部）都將是可持續的成本節省，以交付這項價值。

And for us to look at through 2029, we're not going to ever make any decisions that will sacrifice the reliability and safety of the system. So therefore, these savings are geared to being an efficient operation overall. They're not geared towards one particular opco. They're geared as a system, but certain opcos will have to make deeper provisions because if you're not investing, you're going to have to make those adjustments. So that's how we're approaching it.

而就我們展望到2029年而言，我們絕不會做出任何會犧牲系統可靠性與安全性的決策。因此，這些節省是為了整體營運效率而設計的；不是針對某一家特定營運公司（opco），而是以系統為導向。不過，某些opco將必須做出更深度的安排，因為如果你不投資，就必須做出那些調整。我們就是以這種方式來推進。

Okay. And then just one more, if I could. Just I guess, you continue to kind of be on stable outlook from my understanding. So just the feedback from the agencies through what's kind of transpired here in Pennsylvania?

好的。那我再問最後一個，如果可以的話。就我理解，你們似乎仍維持穩定展望。所以，評等機構對於賓州這裡所發生的事情，有什麼回饋？

Yes. We've had a lot of discussions with the agencies. PECO was already on negative outlook. They're on review for a downgrade. I mean I think the combination of us continuing to invest and we have been leaning on that investment profile.

是的。我們已與評等機構進行了很多討論。PECO原本就處於負向展望；目前也在接受降評審查。我想，這與我們持續投資的組合有關，而我們一直倚重這樣的投資配置。

But I would -- I do think that the regulatory climate factor is in there. And so that is something we'll continue to work through. And of course, we want to maintain the stronger the credit ratings, the lower the cost of financing. And so we'll stay close to them.

但我確實認為，監管環境因素也包含在其中。因此這是我們會持續努力處理的部分。當然，我們希望維持越強的信用評等，融資成本就越低。因此我們會與他們保持密切聯繫。

As a whole, I think from an Exelon perspective, though, Pennsylvania is one piece for managing this as a portfolio, our diversified platform, our ability to kind of pivot around different projects and still deliver and importantly, still maintain that target of 14%. And so when you have that cushion to the credit rating downgrades, I think it's a testament to how we put safe, reliable grid and balance sheet at the forefront of our decisions, and that allows us to continue to deliver not only for our customers, but for our shareholders, too.

整體而言，從Exelon的角度來看，賓州只是我們以投資組合方式管理的一部分；我們的平台多元化、能在不同專案之間靈活調整，仍能交付成果，更重要的是仍能維持14%的目標。因此，當你對降評有這樣的緩衝空間時，我認為這證明了我們在決策時把安全、可靠的電網與資產負債表放在首位，而這也讓我們能持續為客戶交付，同時也為股東交付。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

First, it's nice to see the swift adjustments. I know those aren't easy decisions to make. Just the first one I had was it sounds like kind of more intensity in your prepared remarks every quarter-on-quarter, Calvin. Just is there a point where you kind of need to take matters into your own hand and pursue more contracted generation opportunities, advocate for bigger changes with the state and PJM? Just could you kind of gauge where you are on kind of the intensity and more shifting towards being more proactive to the extent you can versus waiting for PJM?

首先，很高興看到你們迅速做出調整。我知道那不是容易做的決定。我第一個問題是，Calvin，聽起來你在每一季的準備發言中，語氣強度似乎一季比一季更強。是否有一個點，你們需要更主動地把事情掌握在自己手上，例如追求更多簽約式發電（contracted generation）機會、向州政府與PJM倡議更大的改革？你能否衡量一下，你們目前在強度上，以及在可行範圍內更主動（而不是等待PJM）的轉變程度？

First off, Paul, thank you, and thank you, as always, for the questions and for joining. Let me begin by saying we are. We are taking things in our own hands. When you look at our Transmission organization led by Carim Khouzami, a year ago, we didn't have that. We're going after competitive transmission bids to date.

首先，Paul，謝謝你，也一如既往感謝你的提問與參與。我先說，我們確實正在做。我們正在把事情掌握在自己手上。當你看我們的輸電（Transmission）組織，由Carim Khouzami領導，一年前我們還沒有這個架構。到目前為止，我們正在爭取競標式輸電標案。

We are also looking at partnerships to go after generation, to build generation, contracted generation. We're doing all those things to date. But for our process and who we are as a company, I don't talk about those things with you, Paul, until I know they're done or until we've got something to talk to you about that is signed and we're delivering for you. And that's just who we are as Exelon when I tell you something we're going to deliver. So that's one.

我們也在尋找合作夥伴來切入發電，去建置發電、簽約式發電。我們目前都在做這些事。但就我們的流程與公司風格而言，Paul，在我確定事情已完成，或我們有已簽署、正在交付、可以跟你談的內容之前，我不會先跟你談這些。這就是Exelon的作風：當我告訴你一件事，我們就會交付。所以這是第一點。

The second piece is the intensity comes from, it's our job to run this business. And so when we come out and say, to your point, we're taking $350 million of cost out within this year and the $1 billion in savings we've delivered for our customers, that is a very thoughtful process, and we know it impacts people's livelihoods and everything else. So when we talk about less contractors on our system, when we talk about plans that impact our employees, we don't take those lightly. But it's up to us to run a business to ensure that we have a stable environment for our 20,000-plus employees, and we're delivering the value to our communities.

第二點，強度來自於：經營這門生意是我們的工作。因此當我們出來說，如你所提，我們要在今年內削減3.5億美元成本，以及我們已為客戶交付的10億美元節省，這是一個非常審慎的流程，我們知道這會影響人們的生計以及其他各方面。所以當我們談到在系統上使用更少承包商、談到會影響員工的計畫時，我們不會輕率看待。但我們有責任經營企業，確保我們2萬多名員工有一個穩定的環境，並為我們的社區交付價值。

So are we being proactive? Absolutely. But I will talk -- we will talk to you about those when those plans are baked and we're running through the tape, right? Because speculation doesn't deliver results, and we're committed into our earnings results that we provided to you through 2029 to deliver. And if that was to adjust, we'll be the first ones to tell you the what and the why.

所以我們是否在主動作為？絕對是。但我會說——我們會在那些計畫成熟、並且我們正在衝刺到終點時再跟你談，對吧？因為臆測不會帶來成果，而我們承諾要交付我們提供給你、直到2029年的獲利結果。如果需要調整，我們會第一時間告訴你調整了什麼以及為什麼。

But we are committed to this. And yes, I am, we are, not I. We are being very intentional about how we focus our efforts day-to-day based on the changing market dynamics that we're facing. And when you're sitting in our market right now, you can hear it across PJM. You don't step into any of our states without the first thing that governors or commissions talk about is affordability.

但我們對此是承諾的。是的，我——是我們，不是我。我們正非常有意識地，依據我們所面臨的市場動態變化，來聚焦我們每天的努力。當你現在身處我們的市場，你在PJM各處都能聽到這點。你走進我們任何一個州，州長或監管委員會談的第一件事就是可負擔性（affordability）。

And we're not being tone-deaf. We're listening and we're addressing it. So I'll stop there.

我們不會對此麻木不仁。我們在聽，也在回應。所以我先說到這裡。

No, no, totally. Totally. No, It's good to hear. And then just kind of pulling it a little bit together a bit, just between the net higher earnings from kind of shifting to transmission, the cost control, kind of would you say this builds more contingency in the plan? Or is this more kind of you're in the same place as you were before with just the reconfiguration of the rate case timings as well?

不，不，完全同意。完全同意。很高興聽到。那再把它稍微整合一下：在轉向輸電帶來的淨獲利提高、成本控管之間，你會說這讓計畫有更多備援空間（contingency）嗎？還是說，這更多只是你們透過重新配置（也包括費率案時程的重新安排）後，整體仍在和之前相同的位置？

I would say this gets us back to plan, Paul. This is -- but of course, as always, like we want to factor in all the risks and opportunities and give you a plan that accommodates a variety of different scenarios. So this is about getting back to the plan that we shared earlier.

我會說，Paul，這讓我們回到原本的計畫上。這是——但當然，一如既往，我們希望把所有風險與機會都納入考量，並給你一個能涵蓋多種不同情境的計畫。所以這是關於回到我們先前分享的那個計畫。

But as Calvin said, it's a different plan for this moment. And so as a management team, what you want us to do? You want us to pivot, leverage the portfolio of Exelon, still deliver, but do it in a way that contemplates a variety of outcomes.

但如Calvin所說，這是一個因應當下時點的不同計畫。作為管理團隊，你希望我們怎麼做？你希望我們能轉向、運用Exelon的投資組合，仍然交付成果，但要以能考量多種結果的方式來做。

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

此時，我想把電話會議交回給Calvin Butler作結語。

Thank you, Michelle. And let me begin by thanking everyone once again for joining our Q1 earnings call. I hope what you've taken away today is what you heard is that you're seeing the power of Exelon at work. Our diversified platform, committed men and women to deliver are going to -- have committed to reaffirm what we said we're going to do each and every day. We appreciate your continued interest and support, and we hope to see many of you in the months ahead.

謝謝你，Michelle。首先再次感謝各位參加我們第一季（Q1）財報電話會議。我希望你們今天帶走的重點是：你們正在看到Exelon的力量在運作。我們多元化的平台、致力於交付的男女同仁——已承諾每天都會重申並做到我們所說要做的事。我們感謝你們持續的關注與支持，也希望在接下來幾個月能見到各位中的許多人。

And so with that, Michelle, that concludes our call.

那麼，Michelle，我們的電話會議就到此結束。

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

感謝所有與會者今天的參與。本次簡報到此結束。您現在可以斷線。祝您有美好的一天。