艾索倫電力 (EXC) 2026 Q2 法說會逐字稿

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

您好，歡迎參加 Exelon 2026 年第二季財報電話會議。我叫 Josh，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。請您開始。

Great. Thank you, Josh. Good morning, everyone. I appreciate you joining us for our 2026 second quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Jeanne Jones, Exelon's Chief Financial Officer. Other members of Exelon's senior management team are also with us today and will be available to answer your questions following our prepared remarks.

好的。謝謝你，Josh。各位早安。感謝各位參加我們 2026 年第二季財報電話會議。今天由 Exelon 總裁兼執行長 Calvin Butler，以及 Exelon 財務長 Jeanne Jones 主持。Exelon 其他資深管理團隊成員也在場，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 in the Investor Relations section of Exelon's website. We'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.

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（Investor Relations）專區找到。我們也提醒各位，今天的簡報與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。您可在今日簡報第 2 頁或我們向 SEC 提交的文件中，找到關於這些風險的警示性說明。

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，今天的簡報也提及調整後營運盈餘（adjusted operating earnings）及其他非 GAAP 指標。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找到。

It is 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 總裁兼執行長 Calvin Butler。

Thank you, Ryan, and good morning, everyone. We appreciate you joining us for our second quarter earnings call. Halfway through 2026, Exelon is delivering where it matters most, performing today and preparing for tomorrow. Our utilities are providing safe, reliable service, driving affordability and investing in the infrastructure that keeps our customers, communities and economies thriving.

謝謝你，Ryan，各位早安。感謝各位參加我們的第二季財報電話會議。2026 年已過一半，Exelon 正在最重要的地方交出成果：既能在當下展現績效，也為未來做好準備。我們的公用事業公司提供安全、可靠的服務，推動可負擔性，並投資於基礎設施，讓我們的客戶、社區與經濟持續蓬勃發展。

This morning, we reported adjusted operating earnings of $0.43 per share, consistent with expectations and are reaffirming our full year guidance of $2.81 to $2.91 per share. Operationally, we continue to lead the industry with all utilities projecting top quartile reliability and ComEd and PHI projected in the top decile. Those of you who are from Chicagoland know that this has been quite a year for storms.

今天早上，我們公布調整後營運盈餘為每股 0.43 美元，符合預期，並重申全年指引為每股 2.81 至 2.91 美元。在營運面，我們持續領先同業，所有公用事業公司預計可靠度皆位居同業前四分位（top quartile），其中 ComEd 與 PHI 預計位居前十分位（top decile）。來自芝加哥都會區的各位都知道，今年的風暴特別多。

So far this year, ComEd has experienced 16 major weather events, more than it's seen in over two decades, while Illinois has recorded more tornadoes than any other state. Most recently, Monday's severe storms impacted approximately 530,000 customers. Thanks to the extraordinary efforts of our crews and support teams, power was restored to 90% of affected customers within 48 hours. These results reflect disciplined investment in grid resilience and a sustained focus on delivering safe, reliable service for our customers when they need it most.

截至目前，ComEd 今年已遭遇 16 起重大天候事件，為二十多年來最多；同時，伊利諾州記錄到的龍捲風數量也高於任何其他州。最近一次是在週一的強烈風暴，影響約 53 萬名客戶。多虧我們第一線人員與支援團隊的卓越努力，受影響客戶中有 90% 在 48 小時內恢復供電。這些成果反映我們對電網韌性的紀律性投資，以及持續專注於在客戶最需要的時候，提供安全、可靠的服務。

Reliability is about more than metrics. When the grid performs, businesses keep their doors open, hospitals care for patients and families can count on the power being there when they need it most. In 2025 alone, our top quartile reliability saved customers an estimated $1 billion in avoided outage costs and annual customer interruptions have declined by nearly 2 million since 2021. And for every $1 million Exelon invests, an average of eight jobs are created or $1.7 million of economic output is generated.

可靠度不只是指標。當電網運作良好，企業能持續營業，醫院能照護病患，家庭也能在最需要的時候確保電力供應。僅在 2025 年，我們前四分位的可靠度就為客戶估計節省了 10 億美元的停電避免成本（avoided outage costs），而自 2021 年以來，年度客戶停電次數已減少近 200 萬次。此外，Exelon 每投資 100 萬美元，平均可創造 8 個工作機會，或帶動 170 萬美元的經濟產出。

We're proud of the indispensable role we play in supporting the communities and businesses that depend on us every day. Now turning to regulatory activity. We remain on track in the Pepco Maryland and DPL Delaware electric rate cases as well as ComEd's grid plan. Earlier this month, we also filed a rate case at BGE with the decision expected in January 2027.

我們為自己在支持每天仰賴我們的社區與企業方面所扮演的不可或缺角色感到自豪。接著談監管進展。我們在 Pepco 馬里蘭州與 DPL 德拉瓦州的電力費率案件，以及 ComEd 的電網計畫方面，皆持續按計畫推進。本月稍早，我們也在 BGE 提交了費率案件，預計將於 2027 年 1 月作出決定。

Jeanne will cover the details, but the filing reflects our approach to balancing affordability with the investments required to maintain a safe and reliable grid. To help manage customer impacts, BGE delayed its filing, deferred select projects and prioritize the maintenance and reliability work most critical to serving customers safely. The work our men and women perform every day is critical to our communities, and we cannot delay any further.

Jeanne 會說明細節，但這次申請反映我們在可負擔性與維持安全可靠電網所需投資之間取得平衡的做法。為協助管理對客戶的影響，BGE 延後提出申請、遞延部分專案，並優先推動對安全服務客戶最關鍵的維護與可靠度工作。我們每天由同仁所執行的工作對社區至關重要，我們不能再延宕下去。

If critical work is deferred for too long, customers ultimately pay the price through more outages, more costly repairs and higher long-term costs. As demand grows and weather-related stress increases, the need to maintain and strengthen the grid remains. Long-term affordability depends on a strong, resilient system. Across Exelon, affordability and reliability are being addressed together.

若關鍵工作延後太久，客戶最終將付出代價：更多停電、更昂貴的修復，以及更高的長期成本。隨著需求成長與天候相關壓力增加，維護並強化電網的需求依然存在。長期可負擔性仰賴強健且具韌性的系統。在 Exelon 全體範圍內，我們同時處理可負擔性與可靠度。

We manage expenses carefully, deploy capital where it creates the greatest customer value and support customers through assistance programs and energy savings initiatives. We're also taking steps to ensure growth benefits existing customers rather than burdening them. As new large load customers connect to our system, we are structuring agreements that require real financial commitments tied to the infrastructure needed to serve them.

我們審慎管理費用，將資本投入於能為客戶創造最大價值之處，並透過補助方案與節能措施支持客戶。我們也採取行動，確保成長能讓既有客戶受益，而非成為其負擔。當新的大型負載客戶接入我們的系統時，我們會設計協議，要求其就服務所需的基礎設施作出實質的財務承諾。

FERC's recent large load dockets reinforce that approach, recognizing the need to protect existing customers while ensuring that large load customers have real commitments behind their projects. This is exactly the principle behind our transmission security agreements, which is helping to protect customers by filtering out speculative requests before significant system investments are made, creating a clear picture of actionable demand.

FERC 近期關於大型負載的案卷（large load dockets）也強化了這種做法，認同在確保大型負載客戶對其專案具備實質承諾的同時，必須保護既有客戶。這正是我們輸電安全協議（transmission security agreements）背後的原則：在進行重大系統投資之前，先過濾掉投機性的申請，藉此保護客戶，並更清楚掌握可落地的需求。

Despite these efforts, the extreme heat and system demand in July made one thing very clear. Affordability cannot be solved through cost discipline alone. It also requires new supply. At the beginning of the month, PJM was pushed to its limits. Demand hit a record peak of 168 gigawatts. PJM activated emergency procedures and called on demand response resources to maintain reliability while power prices surged tenfold from roughly $80 to $800 per megawatt hour.

儘管做了這些努力，7 月的極端高溫與系統需求仍讓一件事非常清楚：可負擔性不能只靠成本紀律來解決，也需要新增供給。本月初，PJM 被推到極限，需求創下 168 吉瓦的歷史尖峰。PJM 啟動緊急程序並調度需求反應資源以維持可靠度，同時電價從約每兆瓦時 80 美元飆升十倍至 800 美元。

Now the grid held and our teams did their job, but the system should not have to operate this close to the edge, and this is not a one-off event. This pressure is further evidenced by PJM's most recent capacity auction. For the third consecutive auction, prices cleared at the FERC approved price cap. Even so, the market fell short on PJM's reliability requirement by approximately 6.8 gigawatts, larger than the prior 6.5-gigawatt shortfall, which is the equivalent of roughly seven nuclear reactors of missing supply.

電網撐住了，我們的團隊也完成任務，但系統不應該必須在如此接近臨界點的狀態下運作，而且這並非一次性的事件。這種壓力也在 PJM 最新的容量拍賣中進一步顯現。連續第三次拍賣，價格以 FERC 核准的價格上限成交。即便如此，市場仍較 PJM 的可靠度需求短缺約 6.8 吉瓦，高於先前 6.5 吉瓦的短缺，相當於約 7 座核能反應爐的供給缺口。

Even more telling, only about 525 megawatts of new generation on uprates cleared, indicating that even at the highest allowed price, the market is not attracting the level of new supply the system needs. Absent the FERC-approved price cap of $330 per megawatt day, PJM's own simulation shows prices would have cleared at approximately $555 per megawatt day across the footprint and $777 in ComEd, indicating the underlying scarcity is even more severe than the headline price suggests.

更值得注意的是，僅約 525 兆瓦的新發電（含增容 uprates）得標，顯示即使在允許的最高價格下，市場仍未能吸引系統所需規模的新供給。若沒有 FERC 核准的每兆瓦日 330 美元價格上限，PJM 自身模擬顯示，整個區域的成交價約為每兆瓦日 555 美元，而在 ComEd 區域則為 777 美元，顯示潛在的稀缺程度比表面價格所呈現的更為嚴重。

The July heat event, auction results and market price signals all point to the same conclusion. Demand is growing faster than supply and the system is under increasing strain. Our customers should not pay the price of a system that has been allowed to run too thin and they should not have to wait years for solutions that are needed today. That is why Exelon is advocating for an all-of-the-above approach, transmission, demand-side solutions, market resources and utility-owned generation where it makes sense.

7 月高溫事件、拍賣結果與市場價格訊號都指向同一結論：需求成長快於供給，系統承受的壓力日益增加。我們的客戶不應為一個被允許長期以過度緊繃方式運作的系統買單，也不應為了今天就需要的解方而等待多年。因此，Exelon 正倡議「全方位」（all-of-the-above）策略：輸電、需求端解決方案、市場資源，以及在合理情況下由公用事業持有的發電資產。

We are continuing the dialogue with our states and participating in FERC and PJM processes to advocate for policies that protect customers and help deliver energy reliably and cost effectively. This is where the Exelon platform matters. Our scale, experience and relationships across multiple states allow us to move from identifying the problems to advancing real solutions.

我們將持續與各州對話，並參與 FERC 與 PJM 的相關程序，倡議能保護客戶、並以可靠且具成本效益方式提供能源的政策。這正是 Exelon 平台的價值所在。我們在多州的規模、經驗與關係網，使我們能從辨識問題進一步推動真正的解決方案。

First, transmission. Exelon continues to lead on transmission expansion because reliability starts with the ability to move power where it is needed most. Transmission helps relieve localized constraints, connect new resources and strengthen the grid as demand grows. That momentum continues with the recent submission of two additional MISO Tranche 2.1 competitive transmission bids in partnership with Invenergy.

第一，輸電。Exelon 持續領先推動輸電擴建，因為可靠度始於能把電力輸送到最需要的地方。輸電有助於緩解局部瓶頸、連接新資源，並在需求成長時強化電網。這股動能也延續到近期：我們與 Invenergy 合作，新增提交兩項 MISO Tranche 2.1 的競爭性輸電投標。

We will continue to leverage our scale, expertise and strong development partnerships to pursue transmission opportunities across and beyond our footprint. Second, utility-generated power and storage. We are proposing solutions that give states more control, more certainty and more direct customer benefits. Utility-generated power and storage can add supply, improve reliability and put downward pressure on long-term costs with the accountability and lower cost capital utilities are uniquely positioned to provide. This is not about ideology.

我們將持續運用自身規模、專業能力與強健的開發合作夥伴關係，在我們的服務版圖內外尋求輸電機會。第二，公用事業自有發電與儲能。我們正提出能讓各州擁有更多掌控、更高確定性，並為客戶帶來更直接效益的解決方案。公用事業自有發電與儲能可增加供給、提升可靠度，並在長期成本上形成下行壓力；同時，公用事業具備獨特優勢，能提供更強的問責機制與更低成本的資本。這不是意識形態之爭。

It is about outcomes, reliable service, lower long-term costs and greater energy security for customers. For example, during the extreme heat and record demand over the July 4, weekend, an ACE battery storage unit serving a New Jersey Beach community was dispatched to support the grid. That one asset helped maintain reliability during a period of system stress, demonstrating the practical customer and grid benefits these investments can deliver.

這關乎成果、可靠的服務、更低的長期成本，以及為客戶帶來更高的能源安全。例如，在 7 月 4 日週末期間出現極端高溫與創紀錄需求時，一座為新澤西海灘社區服務的 ACE 電池儲能機組被調度以支援電網。這一項資產在系統承壓期間協助維持可靠性，展現了這些投資可帶來的實際客戶與電網效益。

We've also seen these benefits play out elsewhere. Earlier this month, ERCOT served a record peak demand of more than 91 gigawatts without emergency actions or curtailment requests, while power prices remained relatively stable at roughly $40 per megawatt hour during the peak hour. Renewables and battery storage played a significant role in meeting that demand while supporting both reliability and affordability.

我們也在其他地方看到這些效益的展現。本月稍早，ERCOT 在未採取緊急措施或提出限電要求的情況下，服務了超過 91 吉瓦的創紀錄尖峰需求；同時，在尖峰小時電價仍相對穩定，約為每兆瓦時 40 美元。再生能源與電池儲能在滿足該需求方面扮演了重要角色，同時支撐了可靠性與可負擔性。

Building on that momentum, we recently announced a significant new 500-megawatt battery storage project in New Jersey, and we continue to see storage as an important tool for customers because it is fast, flexible and targeted. Our battery project has been operating during the July -- had our battery project been operating during the July 2, through July 5, heat wave, ACE customers would have realized approximately $7.5 million of energy cost savings that could have been returned to customers to help offset higher market prices.

在此動能基礎上，我們近期宣布在新澤西一項重要的新 500 兆瓦電池儲能專案，且我們持續將儲能視為對客戶而言的重要工具，因為它快速、彈性且具針對性。我們的電池專案已在 7 月期間運作——若我們的電池專案在 7 月 2 日至 7 月 5 日的熱浪期間已投入運作，ACE 客戶本可實現約 750 萬美元的能源成本節省，這些節省可回饋給客戶，以協助抵銷較高的市場價格。

Storage solutions can provide peak capacity, improve reliability in constrained areas, support affordability and help states meet their energy goals. The benefits are real, measurable and already being demonstrated today.

儲能解決方案可提供尖峰容量、提升受限區域的可靠性、支撐可負擔性，並協助各州達成其能源目標。其效益是真實、可衡量，且今日已在被證明。

Lastly, energy efficiency and virtual power plants. Several of our utilities recently received approval for VPP programs that turn customer-sited resources into grid capacity. That helps reduce peak demand, lowers pressure on the system and gives customers a direct role in the solution. Taken together, these are all practical solutions.

最後是能源效率與虛擬電廠（VPP）。我們旗下數家公用事業公司近期獲准推動 VPP 計畫，將客戶端資源轉化為電網容量。這有助於降低尖峰需求、減輕系統壓力，並讓客戶在解決方案中扮演直接角色。綜合而言，這些都是務實的解決方案。

They also are areas where Exelon can deploy capital with discipline and there's a clear customer need and strong execution visibility. We are not waiting for the market to solve this on its own. We are bringing forward actionable solutions that strengthen reliability, improve affordability and give our states more tools to shape their energy future.

這些也都是 Exelon 能以紀律部署資本、且具明確客戶需求與強執行能見度的領域。我們不會等待市場自行解決。我們正提出可落地的解決方案，以強化可靠性、改善可負擔性，並為各州提供更多工具來塑造其能源未來。

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

接下來，我將把時間交給 Jeanne，請她說明我們的財務表現，並就我們的費率案件進展與展望提供更多細節。Jeanne？

Thank you, Calvin, and good morning, everyone. Today, I will cover our second quarter financial results and key regulatory activity, discuss solutions we are advancing to support affordability and resource adequacy and conclude with an update on our balance sheet and financing progress.

謝謝你，Calvin，各位早安。今天我將說明我們 2026 年第二季的財務結果與主要監管動態，討論我們正在推進以支持可負擔性與資源充足性的解決方案，並以資產負債表與融資進度更新作結。

Starting on slide 5, we present our quarter-over-quarter adjusted operating earnings walk. Exelon earned $0.43 per share in the second quarter of 2026 compared to $0.39 per share in the same period in 2025. Results were higher by $0.04 per share year-over-year, primarily driven by $0.04 of distribution and transmission rates net of depreciation and AFUDC, $0.04 related to last year's customer relief fund and $0.01 of favorable weather at PECO.

從第 5 張投影片開始，我們呈現本季相較前一季的調整後營運盈餘變動（walk）。Exelon 在 2026 年第二季每股盈餘為 0.43 美元，較 2025 年同期的 0.39 美元增加。年增 0.04 美元，主要由每股 0.04 美元的配電與輸電費率（扣除折舊與 AFUDC 後）、每股 0.04 美元與去年客戶紓困基金相關，以及 PECO 因有利天候帶來的每股 0.01 美元所驅動。

This was offset by $0.02 of higher credit loss expense at BGE and $0.02 of interest at corporate and PECO. Our second quarter performance is in line with expectations we discussed on the first quarter call and continues to demonstrate the value of disciplined execution across the platform. We are delivering on customer-focused investments that support top quartile reliability while managing costs and timing items within the full year plan.

上述增幅被 BGE 較高的信用損失費用每股 0.02 美元，以及公司層級與 PECO 的利息費用每股 0.02 美元所抵銷。我們第二季表現符合我們在第一季電話會議中討論的預期，並持續展現全平台紀律執行的價值。我們正交付以客戶為中心的投資，以支撐名列前段班的可靠性，同時在全年計畫內管理成本與時點項目。

Looking ahead to the third quarter, we expect earnings to be approximately 27% of the midpoint of our projected full year earnings guidance range. This expectation contemplates the impact of weather, storms and the PECO employee strike in the beginning of July as well as normal weather and storm activity through the remainder of the quarter.

展望第三季，我們預期盈餘約為全年預測盈餘指引區間中點的 27%。此預期已納入天候、風暴，以及 7 月初 PECO 員工罷工的影響，並假設本季剩餘期間天候與風暴活動維持正常。

As with historical practice, our quarterly shaping guidance also assumes anticipated revenue shaping and timing of costs across the utilities. Combined with results for the first half of the year, we anticipate the fourth quarter to benefit from the absence of onetime 2025 distribution and transmission rates, the unwinding of timing and disciplined execution of bad debt and storm recovery efforts. We remain on track to deliver full year operating earnings of $2.81 to $2.91 per share with the goal to be at the midpoint or better.

依照過往慣例，我們的季度形狀（shaping）指引亦假設各公用事業之間預期的收入形狀調整與成本發生時點。結合上半年結果，我們預期第四季將受惠於 2025 年一次性配電與輸電費率因素的消失、時點因素的回轉，以及在呆帳與風暴復原工作上的紀律執行。我們仍按計畫達成全年每股營運盈餘 2.81 至 2.91 美元，目標為達到中點或更佳。

Finally, we reaffirm our expectation to deliver annualized earnings growth near the top end of 5% to 7% from 2025 through 2029, supported by 7.9% annualized rate base growth, disciplined cost management and a balanced financing plan that maintains strong investment-grade credit metrics. Turning to slide 6. I will review the open base rate cases and other regulatory activity across the platform.

最後，我們重申預期在 2025 至 2029 年期間，年化盈餘成長率接近 5% 至 7% 區間的上緣；此成長由 7.9% 的年化費率基礎（rate base）成長、紀律的成本管理，以及維持強健投資等級信用指標的均衡融資計畫所支撐。接著看第 6 張投影片，我將檢視平台內尚未結案的基礎費率案件與其他監管動態。

These proceedings reflect our continued focus on recovering prudent investments that support safe, reliable service while advancing proposals that are responsive to customer affordability and the policy priorities of our jurisdictions. Starting with Pepco Maryland, where a final order is expected next month for traditional electric base rate case.

這些程序反映我們持續聚焦於回收支持安全、可靠服務之審慎投資，同時推進能回應客戶可負擔性與各司法管轄區政策優先事項的提案。先從 Pepco Maryland 開始，該公司傳統電力基礎費率案件預計於下月收到最終命令。

This filing seeks recovery of critical investments that support reliability, accommodate growing customer needs and strengthen the resiliency of the electric system, while also reflecting the impact of higher financing costs. Projects such as the White Flint Substation are tangible examples of work being done to increase capacity, reduce outage risk and support long-term growth and economic development in the communities we serve.

此申請旨在回收支持可靠性、因應客戶需求成長並強化電力系統韌性的關鍵投資，同時也反映較高融資成本的影響。White Flint 變電站等專案，是正在進行之工作以提升容量、降低停電影響風險，並支持我們服務社區的長期成長與經濟發展的具體例證。

Also in Maryland, BGE filed an electric distribution rate case on July 2, seeking a $156.1 million revenue requirement increase to recover investments and costs necessary to maintain a safe and reliable grid under a historic test year. The filing also reflects revised financing and storm restoration costs and includes proposals to establish a storm recovery mechanism and provide customers with additional payment flexibility.

同樣在馬里蘭州，BGE 於 7 月 2 日提出電力配電費率案件，依歷史測試年度（historic test year）尋求增加 1.561 億美元的收入需求，以回收維持安全可靠電網所需的投資與成本。該申請亦反映修訂後的融資與風暴復原成本，並包含建立風暴復原機制及提供客戶更多付款彈性的提案。

A final order is anticipated in January of 2027. In Delaware, Delmarva Power's electric base rate case continues to progress. DPL is seeking a $45.4 million revenue requirement increase to support investments necessary to maintain safe and reliable service, including system upgrades and reliability investments across its service territory. The filing also includes proposals designed to support affordability, including a new income-based rate and a bad debt rider.

預計將於 2027 年 1 月作出最終命令。在德拉瓦州，Delmarva Power 的電力基礎費率案件持續推進。DPL 尋求增加 4,540 萬美元的收入需求，以支持維持安全可靠服務所需的投資，包括其服務範圍內的系統升級與可靠性投資。該申請亦包含支持可負擔性的提案，包括新的按收入分級費率與呆帳附加費（bad debt rider）。

As permitted by Delaware law, DPL implemented interim rates effective July 9, subject to refund. The final order is expected in the third quarter of 2027. Finally, at ComEd, the grid plan proceeding continues to move forward with staff and intervenor rebuttal testimony filed earlier this month ahead of hearings in August. As a reminder, the plan proposes approximately $15.3 billion of investment from 2028 through 2031 to support reliability, accommodate significant load growth and advance the objectives of Illinois energy policy framework.

依德拉瓦州法律允許，DPL 已於 7 月 9 日起實施臨時費率，並可追溯退款。最終命令預計於 2027 年第三季發布。最後，在 ComEd，電網計畫程序持續推進；本月稍早，工作人員與介入方已在 8 月聽證會前提交反駁證詞。提醒一下，該計畫提議於 2028 至 2031 年投入約 153 億美元，以支持可靠性、因應顯著負載成長，並推進伊利諾州能源政策架構的目標。

An order is expected by December 15. Across these proceedings, our approach remains consistent. We are investing to support reliability, resiliency and customer needs while remaining focused on affordability and cost discipline. While our base regulatory filings remain focused on maintaining safe, reliable and affordable service, we continue to advance additional solutions to help address growing affordability and reliability challenges, particularly in light of supply constraints highlighted by the recent PJM auction.

預計將於 12 月 15 日前作出命令。在這些程序中，我們的方法始終一致：我們投資以支持可靠性、韌性與客戶需求，同時仍聚焦於可負擔性與成本紀律。雖然我們的基礎監管申請仍以維持安全、可靠且可負擔的服務為核心，但我們也持續推進其他解決方案，以協助因應日益加劇的可負擔性與可靠性挑戰，特別是近期 PJM 拍賣所凸顯的供給限制。

Turning to slide 7. Practical and deployable resources such as storage and virtual power plants can provide capacity, reduce congestion and help manage price volatility while supporting each state's energy goals. Today, roughly 10 gigawatts of solar and wind across PJM goes unused on any given day. Storage can capture excess generation and shift it to peak demand periods, turning surplus clean energy into reliable, high-value supply. Unlike many traditional solutions that can take 5 to 10 years or longer to develop, battery storage is a faster, scalable and modular option that can often be deployed within approximately three years even for large-scale batteries.

接著看第 7 張投影片。儲能與虛擬電廠等務實且可部署的資源，能提供容量、降低壅塞，並在支持各州能源目標的同時協助管理價格波動。如今，在 PJM 範圍內，太陽能與風能每天約有 10 吉瓦在任何一天都未被利用。儲能可捕捉多餘發電並將其移轉至尖峰需求時段，把過剩的潔淨能源轉化為可靠且高價值的供給。不同於許多傳統解決方案可能需要 5 至 10 年或更久的開發期，電池儲能是一種更快速、可擴展且模組化的選項，即使是大型電池，通常也能在約三年內部署完成。

In New Jersey, Atlantic City Electric partnered with Invenergy has advanced a 500-megawatt battery energy storage system using four-hour batteries to target roughly five peak demand days a year in Pittsgrove. The project will be large enough to power approximately 400,000 homes and represents the single largest battery storage installation in PJM.

在新澤西州，Atlantic City Electric 與 Invenergy 合作，推進位於 Pittsgrove 的 500 兆瓦電池儲能系統，採用四小時電池，鎖定每年約五個尖峰需求日。該專案規模足以為約 40 萬戶家庭供電，並代表 PJM 內單一最大電池儲能裝置。

The Pittsgrove storage project was submitted in PJM cycle 1 and represents approximately $1 billion in investments not currently reflected in our plan. Combined with the anticipated PJM market revenues, all of which will be returned entirely to customers, federal tax credits, the mitigation of energy and capacity prices and deferred transmission investment, customers will see over $700 million in net benefits after the project is placed into service, importantly, without seeing any customer bill impact until at least 2035.

Pittsgrove 儲能專案已在 PJM 第 1 輪（cycle 1）提交，代表約 10 億美元的投資，目前尚未反映在我們的計畫中。結合預期的 PJM 市場收入（將全數回饋給客戶）、聯邦稅收抵免、能源與容量價格的緩解效果，以及延後輸電投資，該專案投入運轉後，客戶將可看到超過 7 億美元的淨效益；重要的是，至少在 2035 年之前，客戶帳單不會受到任何影響。

Atlantic City Electric filed a request last week for regulatory approval on the mechanism to recover project costs with a final order anticipated in the first half of 2027. In addition, we are pursuing similar opportunities in Maryland, where BGE and Pepco have submitted battery storage projects as part of the state's distribution connected storage solicitation, which are currently under commission review.

Atlantic City Electric 上週已提出申請，請求監管機關核准一項用以回收專案成本的機制，預期最終命令將於 2027 年上半年出爐。此外，我們也在馬里蘭州尋求類似機會；當地 BGE 與 Pepco 已將電池儲能專案作為該州「配電端併網儲能」徵案的一部分提交，目前正由委員會審查中。

Beyond storage, we are also advancing virtual power plant initiatives across our jurisdictions, which aggregate customer-sited resources to reduce peak demand, support grid reliability and lower overall system costs. At ComEd, the approval to launch its first scheduled dispatch VPP program is expected to increase the amount of battery storage available across Northern Illinois while providing compensation to participating customers.

除儲能之外，我們也在各營運轄區推進虛擬電廠（VPP）計畫，透過彙整客戶端設置的資源來降低尖峰需求、支援電網可靠度並降低整體系統成本。在 ComEd，預期將核准啟動其首個「排程式調度」VPP 計畫，這將增加北伊利諾州可用的電池儲能規模，同時向參與客戶提供補償。

When paired with existing distributed generation rebates and incentives, the program creates a compelling customer value proposition while helping support the grid. Maryland also recently approved programs to allow a range of customer-sited assets to act as Semtech Corporationgrid assets, and we continue to see momentum in New Jersey and Delaware as policymakers continue advancing distributed energy resource and VPP frameworks. Together with continued transmission and distribution investment, these solutions provide practical tools to address affordability, reliability and resource adequacy needs across our jurisdictions.

當該計畫與既有的分散式發電回饋與獎勵措施搭配時，能形成具吸引力的客戶價值主張，同時協助支撐電網。馬里蘭州近期也核准相關計畫，允許多種客戶端資產作為 Semtech Corporationgrid 資產運作；而隨著政策制定者持續推進分散式能源資源與 VPP 架構，我們也持續看到新澤西州與德拉瓦州的動能。結合持續的輸電與配電投資，這些解決方案為我們各營運轄區在可負擔性、可靠度與資源充足性需求上提供了務實工具。

Turning to slide 8. We continue to execute our financing plan in a balanced and disciplined manner. Maintaining a strong balance sheet is core to our strategy and essential to funding the investments needed to deliver safe, reliable and affordable service for our customers. To date, we have completed approximately 86% of our 2026 debt financing needs, including all expected debt issuances at the holding company, Pepco Holdings, ComEd and BGE, materially reducing our remaining exposure to interest rate volatility for the year.

接著看第 8 頁投影片。我們持續以均衡且嚴謹的方式執行融資計畫。維持強健的資產負債表是我們策略的核心，也是為客戶提供安全、可靠且可負擔服務所需投資的關鍵資金來源。截至目前，我們已完成約 86% 的 2026 年債務融資需求，包括控股公司、Pepco Holdings、ComEd 與 BGE 預期的所有債務發行，實質降低了本年度剩餘的利率波動曝險。

In addition, our pre-issuance hedging strategy continues to provide protection against future rate movements. We have already priced approximately 37% of our planned equity needs through 2029 via forward contracts under our ATM program, having priced all of our needs for '26 and half of our needs for '27.

此外，我們的發行前避險策略仍持續提供對未來利率變動的保護。我們已透過 ATM 計畫下的遠期合約，為截至 2029 年的規劃股權需求中約 37% 完成定價；其中已完成 2026 年全部需求與 2027 年一半需求的定價。

Our credit metric outlook also remains strong with expected average credit metrics of approximately 14% through 2029, supporting the strategic and financial flexibility needed to advance our capital plan and capture additional customer-driven growth opportunities. We remain confident in our ability to deliver value for our customers and shareholders through disciplined execution, a strong balance sheet and investments that support reliable, resilient and affordable energy service.

我們的信用指標展望亦維持強勁，預期 2029 年前平均信用指標約為 14%，可支撐推進資本計畫並掌握更多由客戶驅動的成長機會所需的策略與財務彈性。我們仍有信心，能透過嚴謹執行、強健的資產負債表，以及支持可靠、韌性與可負擔能源服務的投資，為客戶與股東創造價值。

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

接下來我把電話交回給 Calvin 做結語。

Thank you, Jeanne. I'll close on slide 9. The story is consistent and straightforward. And as I said, we're performing today and actively preparing for tomorrow. Exelon is built for this moment. We have the scale, diversified footprint, operational excellence and financial discipline to perform in a changing environment.

謝謝你，Jeanne。我將在第 9 頁投影片做結語。這個故事一貫且清楚明瞭。正如我所說，我們今天正在展現績效，也在積極為明天做準備。Exelon 正是為此刻而打造。我們具備規模、分散的營運版圖、卓越的營運能力與財務紀律，能在變動的環境中持續表現。

In 2026, we remain focused on deploying approximately $10 billion of capital for the benefit of customers, delivering operating earnings of $2.81 to $2.91 per share, earning a consolidated operating ROE of between 9% to 10% and maintaining a strong and resilient balance sheet.

在 2026 年，我們仍聚焦於部署約 100 億美元資本以造福客戶，達成每股 2.81 至 2.91 美元的營運盈餘，取得 9% 至 10% 的合併營運 ROE，並維持強健且具韌性的資產負債表。

Just as important, we are pursuing growth where it creates real customer value, strengthens the grid and supports the communities and economies we serve. The environment is changing quickly, but our priorities are steady. We have the people, platform and experience to navigate complexity, deliver on our commitments and advance practical solutions for customers. That is why we remain confident in the path ahead.

同樣重要的是，我們在能創造真正客戶價值、強化電網並支持我們所服務社區與經濟的領域追求成長。環境變化迅速，但我們的優先事項保持穩定。我們具備人才、平台與經驗，能駕馭複雜性、履行承諾並為客戶推進務實解決方案。這也是我們對前路仍充滿信心的原因。

Josh, we can now open it up for any questions.

Josh，我們現在可以開放提問。

(Operator Instructions)

（接線員指示）

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Calvin, PJM walked back from the EDC proposal that had the members committee supermajority in its recent letter. I guess do you feel like where they landed meaningfully addresses the key issues in PJM? Do you have any plans to intervene further with FERC? I mean it doesn't seem like you're waiting for an outcome here to step in you proposed the ACE BESS development, assuming that wasn't a one-off. So just kind of curious on the recent development.

Calvin，PJM 在近期信函中對先前那項在會員委員會取得超級多數支持的 EDC 提案有所退讓。我想問的是，你覺得他們目前的落點是否能在實質上解決 PJM 的關鍵問題？你們是否計畫進一步向 FERC 介入？我的意思是，看起來你們並不是在等待結果才採取行動——你們提出了 ACE 的 BESS 開發案，假設那不是一次性的。所以想請教你對近期進展的看法。

Thank you, Shar. And you captured it. We are focused on just really providing solutions. But let me first begin by applauding PJM's efforts to address resource adequacy challenges with a sense of urgency and really looking at opportunities to bring new generation onto the system because these are important steps in the right direction.

謝謝你，Shar。你說得很到位。我們的重點確實是提供解決方案。不過我先要肯定 PJM 以緊迫感來處理資源充足性挑戰的努力，並且真正尋找把新發電資源帶入系統的機會，因為這些都是朝正確方向邁出的重要一步。

And we do believe that their measures may help address near-term reliability concerns, but they're unlikely to resolve any long-term affordability challenges. Ultimately, what we've always said and we're very consistent to really resolve long-term challenges on affordability, you need more generation to be brought online. And we will continue to advocate for several important consumer protections in this effort, and we will continue to engage with PJM.

我們也確實認為，他們的措施或許能協助因應短期的可靠度疑慮，但不太可能解決任何長期的可負擔性挑戰。歸根結底，我們一直以來、也非常一致地表示：要真正解決長期可負擔性的挑戰，就需要有更多發電資源上線。我們也將在這項工作中持續倡議幾項重要的消費者保護措施，並持續與 PJM 互動。

But over the long term, we believe that states should play a central role in resource planning and procurement. And utility-owned generation needs to be part of that mechanism as a cost-effective complement to market-based solutions. And as we've talked about, this is our Exelon promise in action, and we will continue to drive this, but it is going to require a partnership and more active engagement in states with the states. Jeanne, anything you'd like to add?

但從長期來看，我們相信各州應在資源規劃與採購中扮演核心角色，而公用事業自有發電應成為該機制的一部分，作為對市場化解決方案具成本效益的補充。正如我們所談到的，這正是我們 Exelon 承諾的具體實踐，我們會持續推動；但這將需要與各州建立夥伴關係，並在州層級更積極地參與。Jeanne，你有什麼要補充的嗎？

Yes. No, I think that covers it. And I think to your point about real solutions and you noted it, Shar, the 500-megawatt battery solution, we've been working on this. We're pleased to see that we got through the filing, and we'll work with the commission there. And to your question, it's no, it's not the only one, and we're working on others.

有的。不，我認為你已經涵蓋了。我也同意你提到的「真正的解決方案」這點，而且你也指出了，Shar，那個 500 兆瓦的電池方案我們已經推進一段時間了。我們很高興已完成申報程序，接下來會與當地委員會合作。至於你的問題，答案是：不，這不是唯一一個，我們也在推進其他案子。

Okay. That's perfect. And then your data center growth slide shows a combined 36 gigs. That's down around 11 gigs from the 43 gigs that you previously cited. Is that simply like a reclassification refinement of the queue? Any read-through there with PJM's current dysfunction, maybe causing some attrition or slower conversion in the pipeline?

好的。非常好。接著，你們的資料中心成長投影片顯示合計 36 gigs，較你們先前提到的 43 gigs 少了約 11 gigs。這只是像是對排隊名單做了重新分類或精煉嗎？在 PJM 目前運作失靈的情況下，是否可能導致一些流失或使管線轉換變慢？有沒有什麼可解讀之處？

Yes, I'll take that one, Shar. So I would say you're right, we did update, and I think this will continue to evolve. But I would also say we've always taken, as you know, a measured approach to this data center phenomenon, whether it was our position in the colocation and ensuring fair cost allocation or the development of transmission security agreements, which, as you know, never existed in our regions, right? And so we developed those agreements and made them part of our process.

是的，Shar，這題我來回答。我會說你說得對，我們確實做了更新，而且我認為這還會持續演變。但我也想說，如你所知，我們一直對這個資料中心現象採取審慎的做法——不論是在共置（colocation）上的立場、確保公平的成本分攤，或是制定輸電安全協議（TSA）的發展；如你所知，在我們的區域過去其實並不存在這類協議，對吧？因此我們建立了這些協議，並把它們納入我們的流程。

In addition to that, we also, throughout this, have kept our CapEx increases consistent with historical increases and really only putting in capital that was certain and durable. And I think that this update underscores that, that was the right approach. The TSAs are doing what they should. As we go through our cluster process, we said we're going to study the clusters, we're going to offer the customer a TSA, sign the TSA and then importantly, put up collateral behind that.

除此之外，在整個過程中，我們也讓資本支出（CapEx）的增加幅度與歷史增幅保持一致，並且只投入確定且具持久性的資本。我認為這次更新也凸顯了那樣的做法是正確的。TSA 正在發揮它應有的作用。當我們進入叢集（cluster）流程時，我們說過：我們會研究這些叢集、向客戶提供 TSA、簽署 TSA，然後很重要的是，要求其提供相應的擔保品（collateral）。

And so what this update reflects is we have now weeded out speculative projects, and it gives us proactive insight into what is real. And this is what you want management to do. You want us to provide real and durable growth. And importantly, our $41 billion of capital between now and 2029 remains unchanged due to this update because we have not put in speculative projects.

因此，這次更新所反映的是：我們現在已經剔除了投機性專案，並讓我們能更主動地洞察哪些是真實的。這正是你希望管理團隊做到的事——你希望我們提供真實且可持續的成長。更重要的是，因為我們沒有把投機性專案納入，我們從現在到 2029 年的 410 億美元資本計畫並未因這次更新而改變。

And as I think about that growth, I would just say a couple of other things. What's sitting in that 11 gigawatts, we have 4 gigawatts that have signed TSAs and importantly, they are backed by $1 billion of collateral. The other 7 gigawatts in that high probability is projects that predated this TSA process but are further along, and we feel very comfortable that they will continue.

談到那 11 吉瓦的部分，我再補充幾點。其中有 4 吉瓦已簽署 TSA，而且重要的是，背後有 10 億美元的擔保品支持。其餘 7 吉瓦屬於高機率專案，這些專案早於 TSA 流程建立之前就已存在，但進度更靠前，我們非常有信心它們會持續推進。

And so the 11 gigawatts is significant, and we're going to continue to study the remaining 25 that's on that slide, but there is real growth, and it goes back to not just being focused on what is real on the T&D growth side, but how do we provide those solutions on the supply side to support that growth. And that's -- our first project out the gate is the 500-megawatt battery.

因此，這 11 吉瓦相當可觀。我們也會持續研究投影片上其餘的 25（吉瓦），但確實存在真實的成長。這也回到我們不僅要聚焦在輸配電（T&D）成長端哪些是真實的，同時也要思考：我們如何在供給端提供解決方案來支撐這些成長。而我們第一個率先推出的專案，就是那個 500 兆瓦的電池。

Jeremy Tonet, JPMorgan Securities.

Jeremy Tonet，JPMorgan Securities。

This is actually Aidan Kelly on for Jeremy today. I appreciate the time. I guess maybe just going back to the regulatory front. Now a few months since the withdrawal of your PECO rate case, how do you think about the filing case moving forward? It just seems like we continue to see a lot of constructive data points of the PUC. At this point, are there any inflection points you kind of hope to see before filing again? What would encourage you to file at this time?

今天由 Aidan Kelly 代替 Jeremy。我很感謝您撥冗。我想也許回到監管面向。自從你們撤回 PECO 的費率案件已經過了幾個月，你們如何看待未來再次提出申請的案件？看起來我們持續看到許多來自 PUC 的正面建設性訊號。在這個時間點，在你們再次申請之前，有沒有任何你們希望看到的轉折點？什麼情況會鼓勵你們在此時提出申請？

Yes. Thank you, Aidan. I appreciate that. And I think once again, you captured it well. Let me just begin by saying that we share Governor Shapiro's focus on affordability and we have analyzed his letter and what his framework is, and I'll ask Mike Innocenzo to jump in there. But let me just begin is that we've been having constructive conversations with not only the governor but his staff since day one.

是的。謝謝你，Aidan。我很感謝。我想你再次把重點抓得很到位。讓我先說，我們認同 Shapiro 州長對可負擔性的關注，我們也已分析他的信函以及他的框架，我會請 Mike Innocenzo 補充。不過我先說，我們自第一天起就不僅與州長本人，也與他的幕僚持續進行建設性的對話。

And like you said, we're seeing indicators that Pennsylvania is still a solid regulatory framework for us to operate, and they view PECO as an economic partner and job creator in the state. And we recognize also and they've said it, that Pennsylvania needs financially strong, viable utilities with sustainable investments to encourage that economic growth, but understanding that we will continue to partner, and we believe that investment in our system is required to maintain the reliability and growth that they expect, and we will do that over our long-term planning horizon. So I'm going to give it to Mike to see if he has any detail he wants to share about the governor's conversation.

而且如你所說，我們看到一些指標顯示賓夕法尼亞州對我們而言仍是穩健的監管框架，他們也將 PECO 視為該州的經濟夥伴與就業創造者。我們也理解——他們也明確表示——賓州需要財務強健、可行的公用事業公司，並以可持續的投資來促進經濟成長；同時也理解我們將持續合作。我們相信，為了維持他們所期待的可靠度與成長，對我們系統的投資是必要的，而我們也會在長期規劃的時間範圍內持續投入。因此我把問題交給 Mike，看看他是否想就與州長的對話分享更多細節。

Yes. Thanks, Calvin. Thanks, Jeremy. I would say -- your point about data points, certainly, there's the data points, the constructive settlements that have already occurred, constructive discussions on the active rate cases currently underway. And then it's our discussions, discussions with key stakeholders in Harrisburg, it's our discussions with the governor's office.

是的。謝謝，Calvin。謝謝，Jeremy。我會說——你提到的數據點，確實如此：既有已經達成的建設性和解、目前進行中的費率案件也有建設性的討論。再來就是我們的討論——與哈里斯堡關鍵利害關係人的討論、以及與州長辦公室的討論。

If you looked at the key points that he's looking for and everybody is looking for, it's making sure that our investments are providing customer value and customer benefits making sure that there's transparency on the ROE and making sure that we're looking at every lever that we can to address affordability.

如果你看他所關注的重點、也是大家都在關注的重點，就是要確保我們的投資能為客戶帶來價值與效益；確保 ROE（股東權益報酬率）的透明度；並確保我們正在運用所有可用的槓桿來處理可負擔性問題。

We think we've addressed that in multiple ways under the existing process as well as others in the state are, and we're continuing to work with their -- the governor's office to make sure and the PUC and the statutory interveners like the consumer advocates office, the small business advocates office, having discussions to make sure that when we file again, we're addressing each of their concerns, and we feel confident that we'll be back in a way that will be very productive.

我們認為在既有流程下以及透過其他方式，我們已用多種方式回應這些要求，州內其他單位也在這麼做；我們也持續與——州長辦公室合作，並與 PUC 以及法定介入方（例如消費者倡議辦公室、小型企業倡議辦公室）進行討論，確保我們再次提出申請時能逐一回應他們的關切。我們有信心，屆時我們會以非常具建設性、非常有效率的方式回到桌上。

Great. Appreciate the insight there. And then I just want to shift to the transmission front real quick, if I could. To what extent can you tap into your identified $12 billion to $17 billion upside opportunity as we kind of think about the next plan, what win rate should we be thinking about as it pertains to upcoming competitive transmission windows for you guys?

很好。感謝你們的見解。接著如果可以的話，我想很快轉到輸電面向。就我們思考下一個計畫而言，你們在已辨識的 120 億到 170 億美元上行機會中，能在多大程度上加以掌握？就你們即將面對的競爭性輸電標案窗口而言，我們應該如何看待你們的得標率？

Yes. So it's Jeanne. Of the $12 billion to $17 billion, I'm just going to -- I'll hit on a couple of things and then turn it to Carim, who's Head of our Transmission and Development Group. So of the $12 billion to $17 billion, it is not dependent on one sort of theme. Competitive transmission is one of, I would say, probably five, right?

是的。我是 Jeanne。關於 120 億到 170 億美元，我先提幾點，然後交給我們輸電與開發團隊負責人 Carim。這 120 億到 170 億美元並不依賴單一主題。競爭性輸電只是其中之一，我會說大概是五個主題之一，對吧？

So what we want to do is give an insight into we're spending roughly that amount in our 4-year period today. And so we see that continuing beyond 2029, driven by existing infrastructure over our 11,000 circuit miles, new business related to the data center pipeline, state policies around additional generation coming online, old generation retiring, the transmission needed to accommodate that and importantly, competitive transmission. And so maybe I'll let Carim speak to kind of how we think about that.

我們想提供一些背景：目前在我們現行的四年期間內，我們大約投入這個規模的金額。我們也看到 2029 年之後仍會延續，驅動因素包括：我們 11,000 線路英里（circuit miles）的既有基礎設施、與資料中心管線相關的新業務、各州政策推動新增發電併網、舊機組退役、為了因應上述變化所需的輸電建設，以及很重要的——競爭性輸電。因此我讓 Carim 來談談我們如何看待這一塊。

Yes. Thanks, Jeanne. And I agree with everything Jeanne just said, and I would add on competitive transmission, you've seen us be very active over the last 12 to 18 months in PJM and also in other RTOs such as MISO. We're going to continue to do that. And you saw recently that we filed for two projects in MISO Tranche 2.1 in Iowa, the MARS and the EASL projects. We expect to hear back from MISO in the fourth quarter.

是的。謝謝，Jeanne。我同意 Jeanne 剛才所說的一切。我再補充競爭性輸電：過去 12 到 18 個月，你們看到我們在 PJM 以及其他 RTO（區域輸電組織），例如 MISO，都非常積極。我們會持續這麼做。你們也看到我們最近在愛荷華州針對 MISO Tranche 2.1 申報了兩個專案：MARS 與 EASL。我們預期在第四季會收到 MISO 的回覆。

And what we would say is we think that we are very well positioned to take advantage of some of these opportunities based on our operational excellence and importantly, our experience with 765 kV lines, so high-voltage lines. We're one of very few transmission operators that own and operate those types of lines today, and that's what increasingly more and more RTOs are seeking in their solutions. So I would say I think we are very well positioned to continue to be successful like we were in Western Pennsylvania this past PJM window, and you'll see us continue to be active.

我們會說，我們認為自己具備非常好的條件來把握其中一些機會，原因在於我們的卓越營運能力，以及更重要的是我們在 765 kV 超高壓輸電線方面的經驗。我們是目前少數擁有並營運這類線路的輸電業者之一，而越來越多 RTO 在其解決方案中正尋求這種能力。因此我會說，我認為我們非常有利於延續成功——就像我們在上一個 PJM 窗口於賓州西部所取得的成果一樣——你們也會看到我們持續保持積極。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

Just to follow up on the last one a little bit. Focusing on ComEd, that simulated $777 per megawatt day clear in the last auction. Is that a catalyst for kind of unlocking even more incremental transmission and storage investments? Just I would think a lot more can pencil at that kind of potential price point, if you could share thoughts.

我想就上一題再追問一下。聚焦 ComEd，在上一場拍賣中，模擬結果顯示以每兆瓦日 777 美元的價格出清。這是否會成為一個催化劑，進而解鎖更多額外的輸電與儲能投資？我會想在這樣的潛在價格水準下，會有更多專案能算得過來；想請你們分享看法。

Paul, I think that is probably indicative of what we've been saying, which is we need an all-of-the above approach. It's probably not just transmission. It's not just battery solutions. It's really all of the above. So transmission, as Calvin mentioned in his prepared remarks, provides the optionality of moving the electrons from where they're being generated to where they're needed. Battery storage is very effective in helping to shave off the peaks and avoid transmission -- avoid peak pricing and help to insulate customers from that.

Paul，我認為那大概印證了我們一直在說的：我們需要「全方位（all-of-the-above）」的方法。可能不只是輸電，也不只是電池方案，而是所有手段並用。因此，輸電——如 Calvin 在事先準備的發言中提到——提供了把電力從發電地點輸送到需求地點的彈性。電池儲能在削峰、避免輸電——避免尖峰定價，以及協助讓客戶免受其影響方面非常有效。

So from our perspective, you can expect to see us be active in both those fronts as well as others. Really, what we're looking for is wherever there's opportunities for us to serve our customers to help affordability and help reliability, that's what you'll see us be active and storage and transmission are two examples where we see a lot of benefits there.

所以從我們的角度，你們可以預期我們會在這兩個面向以及其他面向都保持積極。真正的重點是：只要有機會讓我們服務客戶、提升可負擔性並強化可靠度，你們就會看到我們投入；儲能與輸電就是我們看到能帶來大量效益的兩個例子。

Yes. And that was contemplated already as part of that 12% to 17% (sic - $12 billion to $17 billion) when I mentioned kind of state-focused solutions. So definitely an opportunity there. We've seen over the last several planning cycles, 80% to 100% of our four-year capital increase be in transmission specifically for these issues.

是的。而且當我提到以州為重點的解決方案時，這其實已經納入那個 12% 到 17%（原文誤植——應為 120 億到 170 億美元）的範圍之內。所以那裡確實有機會。我們在過去幾個規劃週期看到，我們四年期資本增量中有 80% 到 100% 都投入在輸電上，正是為了處理這些議題。

The other thing I would say is the state is well aware of this as well. If you look at what was passed in legislation last year, the state not only expanded energy efficiency, but also our distributed generation rebate program, two programs that are meaningfully helpful for customers, but also are treated as regulatory assets that we earn on good for customers and good investments for us.

另外我想說的是，州政府也非常清楚這一點。如果你看去年通過的立法，州政府不僅擴大了能源效率計畫，也擴大了我們的分散式發電（DG）回饋補助計畫。這兩個計畫對客戶都有實質幫助，同時也會被視為監管資產，我們可以在其上獲利——對客戶是好事，對我們而言也是好的投資。

They also are going to run a 3-gigawatt storage procurement this year with, I think 1,000 of that -- 3 gigawatts and 1,000 of that will be this year. And then importantly, they're taking a comprehensive view, right? They're going to do their first integrated resource planning preview in November of this year. So pleased to see the state focused on this and that there's ways for us to lean in, as Carim said, not just in one area, but transmission, energy efficiency, DG rebate and supporting through VPPs as well.

他們今年也將進行 3 GW 的儲能採購，我想其中有 1,000——總計 3 GW，而其中 1,000 會在今年完成。更重要的是，他們正在採取全面性的觀點，對吧？他們將在今年 11 月首次進行整合資源規劃（integrated resource planning）的預覽。因此很高興看到州政府聚焦在這些議題上，也看到我們有方式可以加大投入；如 Carim 所說，不只是在單一領域，而是輸電、能源效率、DG 回饋補助，以及透過 VPP（虛擬電廠）提供支援。

Okay. That makes sense. And then a higher-level question, if I could, I think an important one. Just holistically, it looks like there have been some, I don't know, maybe paper cuts across the jurisdictions with legislation and some regulatory actions. Overall, how would you frame the comfort and conservatism in the plan overall? And I know you have that cost cut update in the first quarter, but just overall comfort and view on the plan would be helpful.

好的。這樣就說得通了。接著如果可以，我想問一個更高層次、我認為也很重要的問題。整體來看，似乎在各個司法管轄區都有一些——我不知道，可能像是一些零星的小傷口——來自立法以及一些監管行動。整體而言，你們會如何描述這份計畫在舒適度與保守性上的定位？我知道你們在第一季有成本削減更新，但就整體而言，對這份計畫的信心與看法會很有幫助。

Yes. Thank you, Paul. I would say that comfort is not the word, but focused on execution is the word because we don't actually see it that way because we view that the strength of Exelon's model is that we're not dependent on any single jurisdiction, regulatory outcome or growth opportunity.

是的。謝謝你，Paul。我會說「安心」不是最貼切的詞，而是「專注於執行」才是，因為我們其實不這麼看待；我們認為 Exelon 模式的優勢在於，我們不依賴任何單一司法管轄區、監管結果或成長機會。

As you just alluded to, when you think about what we've been able to accomplish with adverse rulings or inaction by some of our commissions, we've met and exceeded expectations that we've shared with you. And that is that diversity of our platform coming to life. I always talk about it, you've heard me say, Paul, the power of our platform and not having one jurisdiction outweighing what we're able to accomplish and being able to move capital around and put it in place for the benefit of our customers and the communities.

正如你剛才提到的，當你回顧在部分委員會做出不利裁決或未採取行動的情況下，我們仍然達成並超越了我們與你分享的預期。這正是我們平台多元化的力量正在發揮作用。我一直在談這點，你也聽我說過，Paul：我們平台的力量在於，不會讓任何一個司法管轄區凌駕於我們能夠完成的事情之上；我們能夠調度資本、把資本投放到位，為客戶與社區帶來效益。

So yes, there's single paper cuts as you referred to, but they're not one of them are driving the ultimate outcome of Exelon. So when we pulled the Pennsylvania rate case, the PECO rate case, we reaffirmed our guidance. We didn't lower our capital in 2023 when ComEd disallowed the grid plan, the team got to work, met and exceeded our numbers because that's what we do, and that's what you should expect us to do. So I appreciate the observation, but we don't see it that way at all.

所以是的，正如你所說，確實會有一些「小刀割」式的影響，但沒有任何一項在主導 Exelon 的最終結果。當我們撤回賓夕法尼亞的費率案、也就是 PECO 的費率案時，我們重申了我們的指引。當 ComEd 的電網計畫被否決時，我們在 2023 年並沒有下調資本支出；團隊立刻投入工作，達成並超越我們的數字，因為這就是我們一貫的作風，也是你應該期待我們做到的。所以我理解你的觀察，但我們完全不這麼看。

Andrew Weisel, Scotiabank.

Andrew Weisel，豐業銀行（Scotiabank）。

I want to first ask you to just elaborate a little bit on the Pennsylvania commentary. I don't expect you to get ahead of the next rate case filing, but how are you thinking about CapEx levels and categories? Are your conversations pointing toward minimizing spending purely focused on reliability and safety? Or I heard you talk about supporting economic development. What does that look like?

我想先請你再多闡述一下關於賓夕法尼亞的評論。我不期待你在下一次費率案申報之前就先透露，但你們如何思考資本支出（CapEx）的水準與類別？你們的對話是否指向把支出降到最低、並且純粹聚焦在可靠性與安全？或者我也聽到你談到支持經濟發展，那會是什麼樣子？

Is that specifically related to data centers and AI? Or how are you thinking about that versus affordability other than -- how can you help other than the deferred spending that you talked about on the first quarterly call? Just any more detailed commentary would be very helpful.

這是否特別與資料中心和 AI 有關？或者你們如何在這方面與可負擔性之間做取捨——除了你在第一季電話會議中提到的遞延支出之外，你們還能如何協助？任何更細緻的評論都會非常有幫助。

No, great question. I'm going to ask Mike, who's serving as the CEO of PECO to really give further clarification and don't hesitate to -- if you have any follow-up, don't hesitate to ask, okay, if we don't scratch it.

不，這是個很好的問題。我會請 Mike——目前擔任 PECO 執行長——來做更進一步的說明；如果你有任何追問，請不要客氣，若我們沒有講到重點，請直接問，好嗎？

Thanks, Calvin. Thanks, Andrew. Yes, I -- back to -- I think you even alluded to it in your question there. It's making sure that we're really clear on areas that have that customer value. And we've heard loud and clear from the folks in the state economic development continues to be important to the state.

謝謝你，Calvin。謝謝你，Andrew。是的，我——回到——我想你在問題裡其實也提到了。重點是確保我們非常清楚哪些領域能帶來客戶價值。我們也非常明確地聽到州內各方的聲音：經濟發展對本州仍然很重要。

So we'll make sure that our investments are supporting that both on the transmission and on the distribution level. Safety, reliability and resiliency. It is an area that's seen increased storms and emergencies. We know the value that a reliable grid and a safe grid provides. As Calvin mentioned in his opening comments, PECO is a top quartile performer nationally and is the top performer in the state.

因此我們會確保我們的投資在輸電與配電層面都能支持這一點。同時也聚焦安全、可靠性與韌性。這個地區近年來風暴與緊急事件增加；我們知道可靠且安全的電網所提供的價值。如 Calvin 在開場致詞提到，PECO 在全美屬於前四分位的表現者，並且是本州表現最佳者。

So we'll continue to focus on those. Those investments that are aligned with our long-term infrastructure improvement plans, both on the gas and electric side, also taking advantage of the DSIC and also looking for areas that we can drive affordability through other mechanisms, including just recently, PECO was awarded a RISE grant of $50 million for an investment that we'll be making at our gas plant in West Conshohocken. So it's really just making sure that everything that we do is clearly aligned with those key categories, is well communicated and justified not only through the rate case process, but prior to the rate case process as we go in.

所以我們會持續聚焦這些方向。那些與我們長期基礎設施改善計畫一致的投資——無論是天然氣或電力端——也會持續推進，同時善用 DSIC，並尋找我們可以透過其他機制提升可負擔性的領域。包括就在最近，PECO 獲得了一筆 5,000 萬美元的 RISE 補助，用於我們將在 West Conshohocken 的天然氣廠進行的投資。所以重點就是確保我們所做的一切都清楚對齊這些關鍵類別，並且不僅在費率案流程中、也在進入費率案流程之前，就把訊息溝通清楚並提出充分的理由。

And Andrew, let me just share. I think Mike captured it, and I just want to emphasize a point he made, communicating with all stakeholders on what and how we're doing it and the value that we're creating. Our number 1 priority is always maintaining a reliable and safe system. We're never going to do anything to put that at jeopardy, but we will actively be communicating with all the stakeholders throughout this process.

Andrew，我再補充一下。我想 Mike 已經說得很到位，我只是想強調他提到的一點：與所有利害關係人溝通我們做什麼、怎麼做，以及我們創造的價值。我們的第一優先永遠是維持系統可靠與安全；我們絕不會做任何讓這點陷入風險的事，但我們會在整個過程中積極與所有利害關係人持續溝通。

Okay. Great. That's helpful. And you mentioned the DSIC mechanism. Does that seem like something you'll be leaning on a bit more? That seems to be a theme that we're hearing more of.

好的。很好。這很有幫助。你提到了 DSIC 機制。這是否看起來會是你們更倚重的一個工具？這似乎是我們最近聽到越來越多的主題。

Yes, we have. We've used it over the years already. So we'll continue to do that. But as part of our -- going forward, the conversations with the Chair of the PUC, we'll be looking for other ways that we can leverage that even further, and that will be part of our plan going forward as well.

是的，我們一直都有使用，這些年來已經用過了。所以我們會持續這麼做。但作為我們——往前走——與 PUC 主席的對話的一部分，我們也會尋找其他方式，看看如何能更進一步加以運用，這也會成為我們未來計畫的一部分。

Okay. Very good. Then one more, if I can. In Illinois, I know that there's the IRP process the state is pursuing. Can you talk a bit about that? Given that the state is in PJM, what exactly is the goal here? Clearly, there are issues. You talked about the shortfalls and the high pricing from the auction if they weren't the cap.

好的。非常好。那我再問最後一個。在伊利諾州，我知道州政府正在推動 IRP 流程。你能談談這件事嗎？鑑於該州在 PJM 之內，這裡的目標究竟是什麼？顯然存在一些問題。你提到如果沒有上限，拍賣會出現供給缺口與高價格。

As far as I can tell, I don't think it's too likely the state will leave PJM soon. I know there's some talk about it. I've heard the name ERCOT-IL floated around, which is a great name, but I don't know how likely that is. So maybe you could just talk about what the goal of this IRP is and what role you might be playing in that?

就我所知，我不認為該州短期內很可能會離開 PJM。我知道有一些討論。我也聽過有人提到 ERCOT-IL 這個名稱，名字很棒，但我不確定其可能性有多高。所以也許你可以談談這個 IRP 的目標是什麼，以及你們可能在其中扮演什麼角色？

Yes. I think the goal ultimately is what we need each of our states to do is just get a better picture of what do they need from a state perspective in terms of demand versus supply and it gives them the ability, the ICC and the other agencies working with them, the authority to expand programs, right, based on that analysis.

是的。我認為最終目標是：我們需要各州更清楚地掌握，從州的角度來看，需求相對於供給到底需要什麼；而這也讓他們——ICC 以及與其合作的其他機構——能夠基於該分析，取得擴大相關計畫的權限，對吧。

Do we need to expand energy efficiency? Do we need to procure more storage? Do we need to do more in the distributed generation? How do we look at our state emission limits, things like that. So that is the goal is to say, how do we get more control over our own supply and demand situation within the state, which is something we applaud any state doing.

我們是否需要擴大能源效率？是否需要採購更多儲能？是否需要在分散式發電上做更多？我們如何看待州內的排放上限等等。目標就是要說：我們如何在州內對自身的供需狀況取得更多掌控，這也是我們樂見任何州去做的事情。

We're seeing Maryland study different procurement models. We're seeing Pennsylvania hire an independent consultant to study resource adequacy across all of our states, Governor Sherrill looking at supply solutions. So this -- I think the goal is all of our states who are working very hard with PJM for long-term solution say, Hey, I got to keep all options on the table. And the first thing I need to do is kind of have a good view on what my specific state needs, and we think that's absolutely the right thing to do.

我們看到馬里蘭正在研究不同的採購模式；我們看到賓夕法尼亞聘請獨立顧問來研究我們所有州的資源充足性（resource adequacy），Sherrill 州長也在尋找供給端解決方案。所以——我認為目標是：所有州都在非常努力地與 PJM 合作尋求長期解方，同時也會說，「嘿，我必須把所有選項都放在桌面上。」而我首先需要做的，就是對我這個州的具體需求有一個清楚的視角；我們認為這絕對是正確的做法。

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 做結語。

As always, I just want to say thank you for taking the time to join us for our Q2 earnings call. We appreciate your continued interest and support, and we look forward to sharing further progress in the months ahead. And with that, Josh, this concludes our call.

一如既往，我只想說，謝謝各位撥冗參加我們的第二季（Q2）財報電話會議。我們感謝各位持續的關注與支持，也期待在未來幾個月與各位分享更多進展。那麼，Josh，我們的電話會議到此結束。

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

感謝所有與會者今天加入我們。本次簡報到此結束。您現在可以中斷連線。祝您有美好的一天。