艾索倫電力 (EXC) 2026 Q3 法說會逐字稿

Hello, and welcome to Exelon's third-quarter earnings call. My name is Michelle, and I will be your event specialist today. (Operator Instructions)

您好，歡迎參加 Exelon 的第三季財報電話會議。我叫 Michelle，今天將擔任您的活動專員。（接線員指示）

Please note that today's webcast is being recorded. (Operator Instructions)

請注意，今天的網路直播將會錄音。（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 third quarter earnings call. Leading the call today are Calvin Butler, Exelon's President and Chief Executive Officer; and Rob Kleczynski, Exelon's Chief Financial Officer.

很好。謝謝你，Michelle。各位早安。感謝各位參加 2026 年第三季財報電話會議。今天帶領會議的是 Exelon 總裁暨執行長 Calvin Butler，以及 Exelon 財務長 Rob Kleczynski。

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. Today's presentation, along with our earnings release and other financial information can be found in the Investor Relations section of Exelon's website. We would also like to remind you that today's presentation and the associated earnings release materials contain forward-looking statements, which are subject to risks and uncertainties.

Exelon 其他資深管理團隊成員今天也與我們同在，並將在我們的準備發言結束後回答各位的提問。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）專區查閱。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，可能受到風險與不確定性影響。

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

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聲明。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. It's great to be with you all again. Through the first 9 months of the year, Exelon continues the strong execution you've come to expect of this organization. This morning, we reported adjusted operating earnings of $0.87 per share, ahead of expectations, and narrowed our full year guidance to $2.85 to $2.91 per share. It starts with our most fundamental responsibility, providing the safe, reliable energy our customers and communities count on while keeping bills as low as possible.

謝謝你，Ryan，各位早安。很高興再次與各位相聚。今年前 9 個月，Exelon 持續展現各位對本公司一貫期待的強勁執行力。今天早上，我們公布調整後營運每股盈餘為 0.87 美元，高於預期，並將全年指引收斂至每股 2.85 至 2.91 美元。這一切始於我們最根本的責任：在盡可能維持帳單低廉的同時，提供客戶與社區所仰賴的安全、可靠能源。

The final 2025 reliability benchmarking results reinforce that point. Our utilities continue to lead the sector. Our four operating companies now rank first, second, fifth and sixth for electric reliability among their U.S. utility peers. That consistency comes from years of disciplined investment and the expertise and commitment of our more than 20,000 employees.

2025 年最終的可靠度標竿評比結果再次印證了這一點。我們的公用事業公司持續領先同業。我們的四家營運公司在美國同業中，電力可靠度排名分別為第 1、第 2、第 5 與第 6。這樣的一致性來自多年來有紀律的投資，以及我們超過 20,000 名員工的專業與投入。

And importantly, we deliver that industry-leading reliability while keeping customer bills below the national average, despite significant increases in PJM-driven supply costs, which are outside of our control. The rankings are important, but the proof is in how our system and our people perform when customers need us most. We saw that during one of the most active storm seasons in recent memory.

更重要的是，儘管 PJM 所驅動的供電成本大幅上升（這些因素非我們所能控制），我們仍在維持業界領先可靠度的同時，讓客戶帳單低於全國平均。排名固然重要，但真正的證明在於：當客戶最需要我們時，我們的系統與團隊如何表現。我們在近年記憶中最活躍的風暴季之一期間，看到了這一點。

Year to date, our teams have responded to approximately 31 significant weather events across our jurisdictions, including three major storms in [ComEd] territory this summer that each impacted more than 400,000 customers. Across those events, we faced 57 confirmed tornadoes and 2 derechos.

截至目前，我們的團隊已在各營運轄區應對約 31 起重大天候事件，其中包括今年夏天在 [ComEd] 轄區發生的三場大型風暴，每一場都影響超過 400,000 名客戶。在這些事件中，我們面對了 57 起經確認的龍捲風，以及 2 起「直線風暴」（derecho）。

Even in those most extreme conditions, our grid investments help prevent an estimated 6.6 million customer outages, and we were able to restore service to 94% of our customers in less than 48 hours. Those results mean fewer disrupted workdays and school base and more time with power for the businesses and public services our communities rely on. And what makes that performance even more meaningful is that being on for every challenge doesn't come at the expense of affordability. Last year, our customer rates were 19% below those in the largest U.S. cities, while bills as in percentage of median income were 20% below the national average.

即使在最極端的情況下，我們對電網的投資仍協助避免估計 660 萬次客戶停電事件，並使我們能在 48 小時內為 94% 的客戶恢復供電。這些成果意味著更少被打亂的工作日與上學日，並讓社區所依賴的企業與公共服務有更多時間維持供電。而讓這樣的表現更具意義的是：全力迎戰每一項挑戰，並不以犧牲可負擔性為代價。去年，我們的客戶費率較美國最大城市低 19%，而帳單占家庭收入中位數的比例也較全國平均低 20%。

That combination of reliability and affordability is a real point of distinction for Exelon. And it's at the heart of the Exelon promise, our comprehensive plan to deliver exceptional service while keeping bills as low as possible. We recognize our responsibility to invest before the system is strained and customers feel the consequences. Delaying needed investment doesn't make the need go away. It leads to more outages, greater disruption, lost economic opportunity and higher costs in the future.

可靠度與可負擔性的結合，是 Exelon 真正的差異化優勢。這也是 Exelon 承諾（Exelon promise）的核心——我們的整體計畫，旨在提供卓越服務，同時盡可能維持帳單低廉。我們了解自身責任：在系統承受壓力、客戶感受到後果之前就先行投資。延後必要投資並不會讓需求消失。反而會導致更多停電、更大的干擾、經濟機會流失，以及未來更高的成本。

That's why our focus is clear: Invest responsibly, operate efficiently and deliver on our commitments. We're in a great position, but you know us well. We're always looking for ways to improve and the organizational changes we made in August reflect that mindset. We made these changes with a clear goal get closer to our customers, execute capital more effectively and make decisions faster. We brought technology and customer operations together, centralized engineering, design and project management and aligned our utility CEOs directly to me.

因此，我們的重點很明確：負責任地投資、高效率地營運，並履行我們的承諾。我們處於非常有利的位置，但各位也很了解我們。我們始終在尋找改進的方法，而我們在 8 月所做的組織調整正反映了這樣的思維。我們進行這些調整的目標很清楚：更貼近客戶、更有效地執行資本支出，並更快速地做出決策。我們將科技與客戶營運整合，集中工程、設計與專案管理，並讓各公用事業公司的執行長直接向我匯報。

That gives us clear accountability and a more direct line of sight into execution across the company. Many of you have had the opportunity to meet Rob Kleczynski and know what a strong accomplished leader he is. Rob has stepped into the CFO role, and I'm excited for you to hear from him shortly. With this transition, Jean, in her expanded role, leading finance and strategy, is sharpening our focus on where we see the greatest opportunities to create long-term value for our customers, communities and shareholders. I'll say it plainly, I'm energized by this team, and I've never been more confident in our people, our platform or our ability to execute.

這讓我們具備清楚的責任歸屬，並能更直接掌握全公司各項執行進度。許多各位都有機會認識 Rob Kleczynski，也知道他是一位非常出色且成就卓著的領導者。Rob 已接任財務長一職，我也很期待各位稍後聽到他的分享。在這次交接下，Jean 在其擴大的職責中領導財務與策略，正進一步聚焦於我們認為最能為客戶、社區與股東創造長期價值的機會所在。我直白地說：我對這個團隊充滿幹勁，對我們的人才、平台與執行能力的信心也前所未有地強。

We also continue to make strong regulatory progress across our jurisdictions. We've closed out several key dockets, while our remaining rate cases and proceedings continue to move forward as expected. In Pennsylvania, our discussions with the Governor's office, legislators and the commission remain active and constructive. We look forward to participating in the ratemaking working group and helping advance a framework that supports affordability, reliability and continued investment. Rob will cover these developments in more detail, but the takeaway is straightforward.

我們也持續在各營運轄區取得穩健的監管進展。我們已結案數個關鍵案卷（dockets），而其餘的費率案件與相關程序也如預期持續推進。在賓夕法尼亞州，我們與州長辦公室、立法者及委員會的討論仍然積極且具建設性。我們期待參與費率制定工作小組，並協助推動一套能支持可負擔性、可靠度與持續投資的架構。Rob 將更詳細說明這些進展，但重點很簡單明瞭。

We're making progress on the regulatory outcomes needed to support our investment plan and deliver for our customers. Our $41.7 billion investment plan remains diversified, durable and defensive with no single project greater than 3% of the total. That plan drives 7.9% rate base growth underpinned by 16% growth in transmission as we invest to strengthen reliability and resiliency, serve new customers and address growing constraints across the grid. And we see a significant runway beyond the current plan with $12 billion to $17 billion of identified transmission opportunities and another $3 billion to $7 billion of potential regulated storage investment. Importantly, these investment opportunities directly address the challenges our customers are facing.

我們正在推進取得支持投資計畫所需的監管結果，並為客戶交付成果。我們 417 億美元的投資計畫仍然多元、穩健且具防禦性，沒有任何單一專案占總額超過 3%。該計畫帶動 7.9% 的費率基礎（rate base）成長，其中輸電成長 16% 作為支撐；我們將投資以強化可靠度與韌性、服務新客戶，並因應電網日益增加的限制。此外，在現行計畫之外，我們也看到顯著的長期機會：已辨識的輸電機會約 120 億至 170 億美元，以及另一筆約 30 億至 70 億美元的潛在受監管儲能投資。重要的是，這些投資機會能直接回應客戶所面臨的挑戰。

The biggest challenge of our -- for our customers face is in the supply and candidly, our progress on regional solutions remains too slow. The reliability backstop auction has been delayed as PJM works through FERC's concerns around cost allocation, credit requirements and customer protections. Similarly, PJM's IRAS proposal was rejected based on jurisdictional grounds. Neither proposal would have solved the reliability and affordability challenges facing our customers, but both represented important steps forward. We're at a point where our customers simply can't afford continued delays.

對我們而言——我們客戶所面臨的最大挑戰在於供應；坦白說，我們在區域性解決方案上的進展仍然太慢。由於 PJM 正在處理 FERC 對成本分攤、信用要求與客戶保護方面的疑慮，可靠性後盾拍賣已被延後。同樣地，PJM 的 IRAS 提案也因管轄權理由而遭到否決。這兩項提案都無法解決客戶面臨的可靠性與可負擔性挑戰，但兩者都代表重要的向前一步。我們已經到了這樣的關鍵時點：客戶根本無法承受持續延宕。

So we're not waiting for a single regional solution we're advancing practical solutions that states and utilities can pursue today, where policy supports them and customers are appropriately protected. Our proposed 500-megawatt project in New Jersey, is a good example of what's possible with more than $700 million in expected net customer benefits and no customer bill impact during its first five years of operation. These are investments tied to real customer needs, and we'll pursue them with the same disciplined risk-adjusted approach our customers and investors expect.

因此，我們不會等待單一的區域性解決方案；我們正在推進各州與公用事業今天就能採行的務實方案——在政策支持的地方推動，並確保客戶獲得適當保護。我們在新澤西提出的 500 兆瓦專案，就是一個很好的例子：預期可為客戶帶來超過 7 億美元的淨效益，且在營運的前五年不會對客戶帳單造成影響。這些投資都與客戶的真實需求緊密相連；我們將以客戶與投資人所期待、同樣嚴謹的風險調整方法來推進。

With that, I'll turn it over to Rob.

接下來，我把時間交給 Rob。

Thank you, Calvin, and good morning, everyone. I appreciate the comments, and I'm excited to step into this role. I also want to thank Jean for her partnership through the transition and for the strong foundation she has built I look forward to continuing to work closely with her and to engaging with many of you at EEI next month. Today, I'll cover the third quarter financial results and outlook, provide an update on our regulatory agenda and the opportunities Calvin just discussed and finish with our balance sheet and financing progress. Starting on Slide 5, we present our quarter-over-quarter adjusted operating earnings walk.

謝謝你，Calvin，各位早安。感謝這些評論，我也很期待接任這個職務。我也要感謝 Jean 在交接期間的合作，以及她所建立的堅實基礎；我期待持續與她密切合作，並在下個月的 EEI 與各位中的許多人交流。今天我將說明第三季財務結果與展望，更新我們的監管議程，以及 Calvin 剛才提到的機會，最後談談資產負債表與融資進展。從投影片 5 開始，我們呈現本季相較前一季的調整後營運盈餘變動分析。

Exelon earned $0.87 per share in the third quarter of 2026 compared to $0.86 per share in the third quarter of 2025. Including rounding, the $0.01 increase was primarily driven by $0.06 from approved distribution and transmission rates net of depreciation. $0.01 of AFUDC, $0.01 of weather and $0.03 attributable to lower costs in the quarter. This is largely offset by $0.07 related to storm activity and $0.04 in interest and tax expenses. These results are ahead of our expectations outlined in the second quarter call, primarily due to favorable weather and the timing of O&M spend, we continue to deliver customer-focused investments that support top quartile reliability while managing costs and timing within our full year plan.

Exelon 在 2026 年第三季每股盈餘為 0.87 美元，較 2025 年第三季的 0.86 美元增加。在包含四捨五入因素後，這 0.01 美元的增幅主要來自已核准的配電與輸電費率（扣除折舊後）貢獻 0.06 美元。另有 0.01 美元來自 AFUDC、0.01 美元來自天候因素，以及 0.03 美元歸因於本季成本較低。上述增益大致被與風暴活動相關的 0.07 美元，以及利息與稅費支出 0.04 美元所抵銷。這些結果優於我們在第二季電話會議中所述的預期，主要因天候有利以及 O&M 支出時點所致；我們持續推動以客戶為核心的投資，在管理成本與時程、符合全年計畫的同時，支撐名列前段班的可靠度表現。

Based on our performance through the third quarter, we are narrowing our full year operating earnings to $2.85 to $2.91 per share with the goal of delivering at the midpoint or better. Our fourth quarter outlook assumes improved distribution and transmission rates, the absence of onetime items from 2025, fair and reasonable outcomes in our proceedings and normal weather and storm activity, along with the reversal of timing.

基於我們截至第三季的表現，我們將全年營運盈餘區間收斂至每股 2.85 至 2.91 美元，目標是達到區間中點或更佳。我們對第四季的展望假設：配電與輸電費率改善、2025 年一次性項目不再出現、各項程序取得公平合理的結果，以及正常的天候與風暴活動，同時包含時點差異的回轉。

Finally, we reaffirm our expectation of annualized adjusted operating earnings growth near the top end of our 5% to 7% range from 2025 through 2029. That outlook is supported by our $41.7 billion capital plan, 7.9% rate base growth, disciplined cost management and a balanced financing plan to maintain strong investment-grade credit metrics. Turning to Slide 6.

最後，我們重申：2025 至 2029 年期間，年化調整後營運盈餘成長預期接近我們 5% 至 7% 區間的上緣。此一展望由我們 417 億美元的資本計畫、7.9% 的費率基礎成長、嚴謹的成本管理，以及為維持強健投資級信用指標而制定的均衡融資計畫所支撐。接著看投影片 6。

We continue to make solid progress across our regulatory agenda. Our approach remains focused on recovering prudent investments that support safe and reliable service while being responsive to customer affordability and the priorities of our jurisdictions. Starting in Maryland, the Public Service Commission issued a final order in Pepco's electric base rate case in August, approving a $50.9 million revenue requirement increase based on a 9.4% ROE and a 50.5% equity ratio with new rates effective August 10.

我們在監管議程各面向持續取得穩健進展。我們的方法仍聚焦於回收支持安全可靠服務的審慎投資，同時回應客戶可負擔性與各司法管轄區的優先事項。先從馬里蘭州談起：公共服務委員會於 8 月就 Pepco 的電力基礎費率案發布最終命令，核准在 9.4% ROE 與 50.5% 權益比率基礎上，增加 5,090 萬美元的收入需求，新費率自 8 月 10 日起生效。

Also in Maryland, the commission issued its final order in the lessons learned proceeding at the start of October. Recognizing a continued role for forward-looking rate making with greater transparency and customer protections.

同樣在馬里蘭州，委員會於 10 月初在「經驗教訓」程序中發布最終命令。該命令認可前瞻性費率制定仍將扮演角色，並要求更高透明度與客戶保護。

We look forward to participating in the upcoming forward test year study alongside the commission and stakeholders to help shape the approach that supports affordability and reliability for customers across the state. BGE's electric distribution rate case continues to progress on schedule.

我們期待與委員會及利害關係人一同參與即將展開的前瞻性測試年度研究，協助形塑能同時支持全州客戶可負擔性與可靠度的方法。BGE 的配電費率案件也持續按進度推進。

On October 16, BGE filed rebuttal testimony, and we look forward to continue to support the prudency of the investments made to maintain a safe and reliable grid for our customers. Evidentiary hearings are scheduled for November ahead of a final order expected in January 2027. In Delaware, Delmarva Power's electric base rate case remains on track with the final order expected in the third quarter of 2027.

10 月 16 日，BGE 提交了反駁證詞；我們期待持續支持這些投資的審慎性，以維持對客戶而言安全且可靠的電網。證據聽證會預定於 11 月舉行，最終命令預期於 2027 年 1 月發布。在德拉瓦州，Delmarva Power 的電力基礎費率案仍按計畫進行，最終命令預期於 2027 年第三季出爐。

As permitted by Delaware law, DPL expects to implement interim rates at 75% of its request in December, subject to refund. Finally, ComEd reached a settlement with all parties in its annual reconciliation proceeding at a delivery adjustment amount of $205 million and agreed upon draft order was filed on October 1.

依德拉瓦州法律允許，DPL 預期於 12 月以其申請額度的 75% 實施暫行費率，並須接受日後退費調整。最後，ComEd 在年度調整結算程序中與所有當事方達成和解，交付調整金額為 2.05 億美元，並於 10 月 1 日提交了雙方同意的命令草案。

A final order is expected by December 20. The grid plan also remains on track with administrative law judge filing of a proposed order this month, recommending an approval of the plan with modification in order is expected by December 15. As filed, the plan is expected to deliver $51.5 billion of customer benefits, more than 3x its approximately $15.3 billion cost while supporting reliability, accommodating significant load growth and advancing Illinois energy policy objectives.

最終命令預期於 12 月 20 日前發布。電網計畫也仍按進度推進：行政法官本月將提交建議命令，建議在修正後核准該計畫；預期於 12 月 15 日前發布命令。依申報內容，該計畫預期可帶來 515 億美元的客戶效益，超過其約 153 億美元成本的 3 倍，同時支撐可靠度、因應顯著負載成長，並推進伊利諾州能源政策目標。

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. Turning to Slide 7. Let me provide some additional detail on the transmission and storage opportunities Kelvin outlined. Importantly, these opportunities are incremental to our current plan, and we will pursue them with the same disciplined risk-adjusted approach we apply across the business.

在這些程序中，我們的方法始終一致。我們投資以支撐可靠度、韌性與客戶需求，同時仍聚焦於可負擔性與成本紀律。接著看投影片 7。我再補充一些 Kelvin 所概述的輸電與儲能機會細節。重要的是，這些機會是在我們現有計畫之外的增量；我們將以同樣嚴謹的風險調整方法來推進，並貫徹於整個業務。

Starting with transmission. As we discussed on our fourth quarter call, we see an additional $12 billion to $17 billion of investment opportunity over the next decade beyond our plan. That opportunity is driven by increasing the reliability and resiliency of aging infrastructure and evolving generation mix growing demand and the need for more flexible grid. We have also had success in competitive transmission, including approximately $1.2 billion of Exelon investment approved in PJM's RTEP window last year. We will continue to complete an open windows in PJM and other RTOs, and we expect more of those opportunities ahead.

先從輸電談起。如同我們在第四季電話會議中所討論的，我們看到在未來十年、超出既有計畫之外，仍有額外 120 億至 170 億美元的投資機會。這些機會來自：提升老化基礎設施的可靠度與韌性、發電結構演變、需求成長，以及對更具彈性的電網之需求。我們在競爭性輸電方面也取得成果，包括去年在 PJM 的 RTEP 視窗中，約 12 億美元的 Exelon 投資獲得核准。我們將持續參與 PJM 與其他 RTO 的開放視窗，我們也預期未來還會有更多此類機會。

Storage is also a growing opportunity that is unique and practical solution to the current supply crisis. With regulated storage, we have certainty that projects get built and control over how -- when and how they're deployed. Customers benefit as well through lower capacity prices in the flow-through of tax benefits to smooth rate impacts. We currently see 1.5 to 3.5 gigawatts or approximately $3 billion to $7 billion of potential storage investment beyond our plan. Across several of our jurisdictions, competitive markets have not delivered the level of new supply that states are seeking.

儲能也是一項正在成長的機會，且是針對當前供應危機的獨特且務實的解決方案。透過受監管的儲能，我們能確定專案得以建置，並能掌控其部署方式——何時以及如何部署。客戶也能受益，因為稅務優惠的轉嫁可降低容量價格，並平滑費率影響。目前我們看到在既有計畫之外，仍有1.5至3.5吉瓦、約30億至70億美元的潛在儲能投資。在我們數個管轄區內，競爭市場並未提供各州所尋求的新供給水準。

We are well positioned to help close that gap as states evaluate how best to meet their storage and resource adequacy goals. The opportunity we have identified represents only a portion of what states are targeting, leaving room for a range of solutions. We view utility-owned storage as one option alongside competitive development, not a replacement for it. Today, three of our states, New Jersey, Maryland and Delaware, allow for utility ownership of storage as a resiliency asset. And our project in New Jersey is a good example of the value these solutions can provide.

當各州評估如何最佳達成其儲能與資源充足性目標時，我們具備良好條件協助縮小這個缺口。我們所辨識的機會僅占各州目標的一部分，仍為多元解決方案保留空間。我們將公用事業自有儲能視為與競爭性開發並列的一種選項，而非取而代之。目前，我們的三個州——新澤西、馬里蘭與德拉瓦——允許公用事業以韌性資產的形式持有儲能。而我們在新澤西的專案就是這些解決方案可提供價值的良好例證。

The 500-megawatt project at Atlantic City Electric developed with [Invenergy] will represent the single largest battery storage installation in [PJM] and is expected to deliver more than $700 million in net benefits to customers. The New Jersey BPU is moving forward with its review, and we expect a final order late in the first quarter of 2027.

大西洋城電力（Atlantic City Electric）與[Invenergy]共同開發的500兆瓦專案，將成為[PJM]中單一規模最大的電池儲能裝置，預期可為客戶帶來超過7億美元的淨效益。新澤西州公用事業委員會（BPU）正推進其審查，我們預期最終命令將於2027年第一季末發布。

Taken together, transmission and storage represent practical solutions to address the needs we see across our jurisdictions and meaningful potential upside to our current plan. We'll pursue those opportunities where the customer need is clear, the economics are attractive and the appropriate approvals and recovery mechanisms are in place. Finally, turning to Slide 8.

綜合而言，輸電與儲能是因應我們在各管轄區所見需求的務實解決方案，並為我們目前計畫帶來具意義的上行潛力。在客戶需求明確、經濟性具吸引力，且已具備適當核准與成本回收機制之處，我們將追求這些機會。最後，請看第8頁投影片。

I'll conclude with an update on our balance sheet, which remains core to our strategy and essential to funding the investments our customers need on cost-effective terms. We have now completed 100% of our planned 2026 debt financing, mitigating our exposure to interest rate volatility for the year.

我將以資產負債表的最新進展作結；資產負債表仍是我們策略的核心，也是以具成本效益的條件為客戶所需投資提供資金的關鍵。我們現已完成2026年規劃債務融資的100%，降低了我們在該年度對利率波動的曝險。

Looking ahead, we continue to take steps to derisk our plan, leveraging our pre-issuance hedging strategy to help reduce our exposure to future rate volatility, limiting the earnings impact of a 50 basis point increase in rates to approximately $0.01 a share.

展望未來，我們持續採取措施降低計畫風險，運用我們的發行前避險策略以協助降低對未來利率波動的曝險，將利率上升50個基點對盈餘的影響限制在每股約0.01美元。

On equity, we have priced approximately 30% of our $3.4 billion of planned equity needs through 2029 via four contracts under our ATM program, including all $850 million of our 2026 needs, which we expect to settle by December 15. Our credit metric outlook remains strong with average metrics of approximately 14% through 2029, roughly 200 basis points above Moody's downgrade threshold and about 100 basis points above S&P's providing the financial flexibility to fund our capital plan and pursue future opportunities.

在股權方面，我們已透過ATM計畫下的四份合約，為截至2029年規劃的34億美元股權需求中約30%完成定價，其中包含2026年所需的全部8.5億美元，我們預期將於12月15日前完成交割。我們的信用指標展望仍然強勁，至2029年的平均指標約為14%，約高於穆迪（Moody's）降評門檻200個基點，亦約高於標普（S&P）門檻100個基點，提供資金彈性以支應我們的資本計畫並把握未來機會。

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. Thank you.

我們仍有信心，能透過嚴謹的執行、強健的資產負債表，以及支持可靠、具韌性且可負擔能源的投資，為客戶與股東創造價值。謝謝。

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

接下來我把電話交回Calvin作結語。

Thank you, Rob. Let me close with why we remain confident in what lies ahead. Exelon sits at the center of the economic growth taking place across our jurisdictions. Reliable, affordable energy infrastructure is essential to serving growing demand, attracting investment, creating jobs and supporting our customers. We bring a diversified platform, a durable $41.7 billion capital plan and a proven record of execution.

謝謝你，Rob。讓我以我們為何仍對未來充滿信心作結。Exelon位於我們各管轄區正在發生的經濟成長核心。可靠且可負擔的能源基礎設施，對於服務成長中的需求、吸引投資、創造就業並支持我們的客戶至關重要。我們具備多元化的平台、穩健的417億美元資本計畫，以及經驗證的執行紀錄。

We're on track for 2026 and continue to expect earnings growth near the top end of our 5% to 7% range through 2029, supported by nearly 8% rate base growth and a strong balance sheet. Importantly, our base plan does not depend on speculative upside. Reliability, resilience and grid modernization support the outlook.

我們正按計畫邁向2026年，並持續預期至2029年盈餘成長將接近5%至7%區間的上緣，這得益於近8%的費率基礎成長以及強健的資產負債表。重要的是，我們的基本計畫不依賴投機性的上行空間。可靠性、韌性與電網現代化支撐此一展望。

Transmission and Storage extend the runway, and we'll add those investments only as approvals and cost recovery are secured. That is the Exelon investment proposition, a durable and diversified base plan, proven execution and meaningful upside all grounded in disciplined investment and customer affordability.

輸電與儲能延長了成長跑道，而我們只有在取得核准與成本回收後才會加入這些投資。這就是Exelon的投資主張：一個穩健且多元化的基本計畫、經驗證的執行力，以及具意義的上行潛力——一切都建立在嚴謹投資與客戶可負擔性之上。

Discipline makes growth credible. We invest when the need is clear, the scope is defined and the recovery path is in place. We have the people, the platform and the discipline to execute today and create lasting value for customers and shareholders. With that, we're ready to take your questions.

紀律讓成長更具可信度。我們在需求明確、範疇界定清楚且回收路徑到位時才投資。我們擁有人才、平台與紀律，能在今日落實執行，並為客戶與股東創造長久價值。接下來，我們準備回答各位的提問。

(Operator Instructions) Shar Pourreza, Wells Fargo.

(接線員指示) Shar Pourreza，富國銀行（Wells Fargo）。

So just, I know, obviously, you guys have highlighted some pretty healthy upside to the plan. You talked about the $12 billion to $17 billion for transmission, which I think we've known about, but you put actual numbers on the storage side at $2 billion to $7 billion. I guess at what point does the opportunity start to kind of accrete to the growth rate? I mean, I know, Calvin, at the end, you mentioned that it extends the runway, but you're kind of already at the top end. I guess, can you help frame the inflection point here?

我想就是，我知道，顯然你們已強調這個計畫有相當健康的上行空間。你們談到輸電的120億到170億美元，我想我們之前就知道，但你們也把儲能端的實際數字列出為20億到70億美元。我想問的是，這個機會在什麼時間點開始對成長率產生增益（accrete）？我的意思是，我知道Calvin你在最後提到它延長了跑道，但你們目前其實已經在區間上緣。能否幫忙說明一下這裡的拐點？

Thank you, Shar. And part of this is we've been on this race now for a couple -- 1.5 years or so. I'm looking at Carim Khouzami, who we've put into this role. And we did this, anticipating the need and seeing the opportunity. So I'm going to ask Carim to kind of lean into this discussion with you because the numbers that we put forward our direct example. As they come forward, we put them on paper for you and really lay out the runway. So Karim?

謝謝你，Shar。其中一部分是我們在這場競賽上已經投入了一段時間——大約一年半左右。我看到我們已把Carim Khouzami安排到這個職位上。我們這麼做，是因為預期到需求並看見機會。所以我會請Carim在這個議題上和你深入討論，因為我們提出的數字就是我們的直接例子。當這些機會逐步明朗時，我們會把它們寫成文件提供給你，並真正把跑道清楚呈現。所以，Karim？

Thanks, Calvin. And good morning, Shar. What I would tell you is I echo what Calvin said and say, the pipelines you see here to kind of illustrate what we see as the upside on the transmission front, these are the awards that we expect to see over the next few years. When it rolls into our plan, it will obviously be when these are constructed and accrete to earnings once they are operational. So for transmission, there's a time line of, call it, three to five to seven years, depending on what type of project it is in terms of when it rolls into our plan.

謝謝，Calvin。Shar，早安。我想告訴你的是，我呼應Calvin所說：你在這裡看到的管線，用來說明我們在輸電端所看到的上行空間，這些是我們預期未來幾年會看到的得標案。當它納入我們的計畫時，顯然會是在這些專案完成建置之後，並在投入營運後對盈餘產生增益。因此，就輸電而言，時間軸大約是三到五到七年，取決於專案類型，才會納入我們的計畫。

On the battery front, it's much shorter duration in terms of when we announced to when we actually have it up in operational. The New Jersey battery, for example, we expect that we will be able to get that once we get approval up and running in just under three years. So that will be when it starts to go into rate base and be accretive to earnings. So hopefully, that answers your question.

在電池方面，從我們宣布到實際投入營運的時間週期要短得多。以新澤西的電池案為例，我們預期一旦取得核准並啟動運轉，將可在不到三年的時間內完成。因此，屆時它就會開始納入費率基礎（rate base），並對盈餘具有增益（accretive）。希望這能回答你的問題。

It does, it does. That's helpful, Carim. And then just on the 1.5 to 3.5 gigs of storage opportunity, I guess, how much of that sits in jurisdictions where you already own storage as a reliability or resilient (inaudible) asset? Or how much needs kind of legislative change first? And I guess, where is the gigawatts actually concentrated? Is this mostly New Jersey and Maryland or Delaware and Illinois are in there, too?

有，有的。這很有幫助，Carim。另外關於1.5到3.5GW的儲能機會，我想問其中有多少位於你們已經能以可靠性或韌性（聽不清）資產形式擁有儲能的司法管轄區？又有多少需要先進行立法變更？以及，這些GW實際上主要集中在哪裡？主要是在新澤西和馬里蘭嗎，還是德拉瓦和伊利諾伊也包含在內？

So that pipeline is across all of our states, but I would say a large portion is in those states where we have the ability to own battery storage. One of the things that we're doing, and I think we've said this before is that we obviously see storage as a necessary tool in our space to help address the affordability and reliability crisis that we're facing here, one of the tools.

這個專案管線涵蓋我們所有州，但我會說其中很大一部分是在那些我們有能力擁有電池儲能的州。我們正在做的一件事，而且我想我們之前也提過，就是我們顯然把儲能視為在我們這個領域中、用來協助因應我們所面臨的可負擔性與可靠性危機的一項必要工具——眾多工具之一。

And what we're doing is we're obviously pushing those forward in those states where we are able to own it today, and that's Maryland, Delaware, New Jersey, so you can expect to see projects in those states. In our other states, we are obviously advocating for changes in legislation and the ability to own them there as well. But we're not waiting until we get legislation there.

我們正在做的是，顯然會在目前就能擁有的那些州推動這些專案往前走，也就是馬里蘭、德拉瓦、新澤西，所以你可以預期會在這些州看到專案。在我們其他州，我們也正在倡議立法變更，以及在那些州也能擁有這些資產的權利。但我們不會等到那些州完成立法才行動。

We're out there actively talking with developers, looking and evaluating land talking and assessing where we could put these projects because what we do know is we need to move as fast as possible because our customers need it. So one of the things we want to do is make sure that we are ready that once we get the necessary legislation in those states, we'll be prepared with real projects to move forward. It also helps us make -- helps us have those discussions with stakeholders to talk about real projects, what they would look like what the impacts would be. So I would say the 1.5% to 3.5% is across all of our states, but obviously, you'll start to see some sooner in some states than others.

我們正在外面積極與開發商洽談、尋找並評估土地，討論並評估我們可以把這些專案設在哪裡，因為我們知道我們必須盡可能快地推進，因為客戶需要。所以我們想做的一件事，是確保一旦在那些州取得必要的立法，我們就能帶著真正的專案準備好往前推進。這也有助於我們——有助於我們與利害關係人進行討論，談論具體專案、它們會是什麼樣子、會帶來什麼影響。所以我會說，這1.5%到3.5%是涵蓋我們所有州，但顯然你會在某些州比其他州更早看到一些專案。

Yes. Sure. Go ahead, please. Jean?

好的。當然。請說。Jean？

To reiterate what Carim said is, it's across our states. But if you look at -- but it's based on what the state is saying they would like to procure in that state. And so we just took 25% to 50% of that, just to say, if we capture 25% to 50% of that to Rob's point, we don't need to do it all. We think all solutions should be on the table. If some of that is still by competitive, that's great.

重申Carim所說的，這是跨我們各州的。但如果你看——它是基於各州表示他們希望在該州採購的量。因此我們只是取其中的25%到50%，也就是說，如果我們能拿下其中25%到50%，呼應Rob的觀點，我們不需要全部都由我們來做。我們認為所有解決方案都應該被納入考量。如果其中一部分仍然透過競爭機制來做，那很好。

We just need more done, and we're ready to step in. And so wanted to take kind of across our states, what are our seats looking for give you a percentage of what might be done by us and just to give you a range of how we are thinking about the potential opportunity here to add to the growth. But importantly, that growth solves the supply crisis that we're facing as well.

我們只是需要做得更多，而我們已準備好介入。所以我們想從各州的角度來看，我們的州在尋求什麼，並給你一個可能由我們完成的比例，提供一個區間，讓你了解我們如何思考這裡增加成長的潛在機會。但重要的是，這樣的成長也能解決我們所面臨的供應危機。

And Shar, what I wanted to do is just kind of make the finer point that it's not an either/or. It's part of that Exelon promise. We talk about these are the things that we can do right now and we're going out and doing it. And you will see in all of our jurisdictions, we're advocating continually for utility-owned generation. Again, not to replace the competitive market, but to supplement it, and we can't wait for others to do it.

另外，Shar，我想再把重點說得更清楚：這不是非此即彼。這是Exelon承諾的一部分。我們談到這些是我們現在就能做的事，而我們也正在外面推動執行。而且你會看到在我們所有司法管轄區，我們都持續倡議由公用事業擁有的發電資產。再次強調，不是要取代競爭市場，而是要補充它，而且我們不能等別人來做。

So we're stepping up to the plate and keeping the pressure on and the momentum going because we know customers are suffering and the bills are getting too high. And we just can't say it's not our problem. We're stepping up to be a solution-oriented company.

所以我們挺身而出、持續施壓並維持動能，因為我們知道客戶正在受苦，帳單變得太高。我們不能只是說這不是我們的問題。我們正在挺身而出，成為一家以解決方案為導向的公司。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

Congrats on the new roles, and especially Mike on the retirement.

恭喜你們的新職務，尤其是Mike的退休。

Thanks, Paul.

謝謝你，Paul。

The first, I wanted to ask just a more -- I don't know if a new Jean question, but just on strategy. I mean, you mentioned really the lack of progress at PJM and the important FERC proceedings, just how are you thinking about the May PJM auction? Just are you advocating for a price cap price for or other kind of more extensive changes to protect your customers?

第一個問題，我想問一個更——我不知道算不算新的Jean式問題，但就是關於策略。你提到PJM進展確實不足，以及重要的FERC程序，你們如何看待5月的PJM拍賣？你們是否在倡議設定價格上限，或其他更大幅度的變更來保護你們的客戶？

Yes, Paul. So first, let me just say, I wanted to pause here and then I'm going to look to Colette and Jean, but I may just say, for PJM, I want to give the new leadership and that boresome credit. They continue to try to work to find solutions and be responsive to FERC.

是的，Paul。首先我想先停一下，接著我會請Colette和Jean補充，但我先說，就PJM而言，我想肯定新的領導層和董事會。他們持續努力尋找解決方案，並對FERC的要求做出回應。

I think last night, what came out later in the afternoon or early evening was an example of how they're looking to respond in real time to provide solutions. And as I said in my prepared remarks, it's progress, but it's still slow.

我想昨晚在下午稍晚或傍晚發布的內容，就是他們如何試圖即時回應並提出解決方案的例子。正如我在事先準備的發言中所說，這是進展，但仍然緩慢。

And we continue to try to make progress to move this needle forward. So I'll look to Colette and Jean if they have anything to add directly to your point.

而我們也會持續努力推動進展，讓這個指標往前走。所以我會請Colette和Jean看看是否能針對你的問題補充一些內容。

Thank you, and good morning. As Calvin referenced yesterday, PJM put forward a revised reliability backstop procurement proposal. We are continuing to lean in as we focus on short-, medium- and long-term solutions because it goes to affordability and reliability for our customers. Why did PJM put forward this proposal? PJM sees as we do, and you've heard Jean talk about this in our earnings calls, the need to focus on getting more capacity online because PJM could face approximately an 11.5 gigawatt shortfall by 2030.

謝謝，早安。如Calvin昨天提到的，PJM提出了修訂版的可靠性後備採購（reliability backstop procurement）提案。我們會持續積極投入，聚焦短期、中期與長期的解決方案，因為這關係到客戶的可負擔性與可靠性。PJM為什麼提出這個提案？PJM和我們一樣看到了——你也在我們的法說會上聽Jean談過——需要把重點放在讓更多容量上線，因為PJM到2030年可能面臨約11.5GW的缺口。

You know that PJM put forward a proposal, FERC sent them back to the drawing board. And last night, PJM came forward with this proposal focused on three key areas. One is with regard to cost allocation and making sure that the costs associated with large load follows where the costs are, if you will. So more directly tying cost allocation to large load growth. Second, PJM in this most recent proposal reduced the collateral requirement from 50% to 40%.

你知道PJM之前提出過一個提案，FERC要求他們回去重新研擬。而昨晚，PJM帶著這個提案回來，聚焦三個關鍵領域。第一是成本分攤，確保與大型負載相關的成本能跟著成本所在之處走（如果你願意這麼說）。也就是更直接地把成本分攤與大型負載成長連結起來。第二，在這次最新提案中，PJM把擔保品要求從50%降到40%。

And then finally, the other key element in that proposal was ensuring that exit fees apply to large load serving entities rather than to TOs. So we see PJM working here. What I would say is that we need more work. We appreciate all that they're doing. We need more work, and you're seeing FERC help really refine our focus collectively on getting more infrastructure online.

然後最後，該提案中的另一個關鍵要素，是確保退出費（exit fees）適用於大型負載服務實體（large load serving entities），而不是適用於輸電業者（TOs）。因此我們看到 PJM 在這方面正在推進。我要說的是，我們還需要做更多工作。我們感謝他們所做的一切。我們需要更多工作，而你也看到 FERC 正在協助我們共同把焦點更精準地放在讓更多基礎設施上線。

We can all agree on that. and then moving more quickly. We need to work with more of a sense of urgency. And then finally, I would say, helping empower the states to continue leading here, getting states more involved in ensuring resource adequacy and creating processes and supporting processes where states can ensure that the necessary generation that we need is coming online. I'll turn it over to Jean to see if she has anything further.

我們都同意這一點。然後要更快推進。我們需要以更強的緊迫感來推動。最後，我想說的是，協助賦能各州持續在此扮演領導角色，讓各州更深入參與以確保資源充足性（resource adequacy），並建立流程、支持流程，使各州能確保我們所需的必要發電資源能夠上線。我把時間交給 Jean，看看她是否還有補充。

So Paul, did that answer your question?

所以 Paul，這有回答你的問題嗎？

And just to add on expectations on like the cap and floor extending, not so much the RBP but kind of the base auction.

另外再補充一下，關於像是上限與下限（cap and floor）延長的預期，不太是 RBP，而是比較偏向基礎拍賣（base auction）。

Thank you. We continue to support the use of the cap until such time as we have better processes in place to bring the cost down. What we're seeing for our customers is the costs are too high. the markets are telling us we need more capacity online. So we continue to support the use of the cat in the short term and medium term.

謝謝。我們持續支持使用上限（cap），直到我們建立起更好的流程來把成本降下來為止。我們從客戶端看到的是成本太高。市場也在告訴我們需要讓更多容量（capacity）上線。因此，我們在短期與中期仍持續支持使用上限（cap）。

Okay. Awesome. And then one other if I could sneak it in. On the -- you have a lot of large load and concentrated, I know, of course, are you seeing the hyperscalers, the customers kind of being willing to put up more upfront capital. I know that's been a pretty big trend yet some of the stronger TSAs.

好的。太棒了。然後如果我可以再塞一個問題。關於——你們有很多大型負載而且相當集中，我知道，當然，你們是否看到超大規模業者（hyperscalers）這些客戶願意先投入更多前期資本？我知道這一直是個很大的趨勢，尤其在一些較強的 TSA 之下。

Just curious if you're seeing that kind of shifting in a favorable way to reduce equity needs prospectively.

只是好奇你們是否看到這種情況正朝有利方向轉變，以在未來降低對股權資金需求。

In every conversation that we've had with our large -- our developers, they are willing to step up and to meet the need and to continue the development. As a matter of fact, the largest developers lean into our transmission security agreements and appreciate them because it removes a lot of the noise within the system. And that is -- and they understand the that they want to be good community partners. And when you look at our TSAs across, the collateral that we've received has actually increased with a number of projects, and that's exactly what they were intended to do to take out the speculative load show up as good community partners and protect our existing customers from any rate increases because of large load development. So we haven't heard any pushback from it.

在我們與大型——我們的開發商——所進行的每一次對話中，他們都願意挺身而出，滿足需求並持續推進開發。事實上，最大的開發商更傾向採用我們的輸電安全協議（TSAs），而且很欣賞它們，因為這能消除系統中的許多雜音。而且——他們也理解，他們希望成為良好的社區夥伴。當你檢視我們各項 TSA 時，我們收到的擔保品（collateral）在多個專案上其實是增加的，而這正是這些協議的設計目的：剔除投機性負載、展現良好的社區夥伴角色，並保護我們既有客戶不因大型負載開發而面臨任何費率上調。所以我們沒有聽到任何反對聲音。

A matter of fact, just the opposite.

事實上，正好相反。

Carly Davenport, Goldman Sachs.

高盛（Goldman Sachs）的 Carly Davenport。

Maybe to start, just wanted to kind of get a sense as you specifically continue to engage with stakeholders in Pennsylvania, if there's any incremental precision that you can provide on what you might be thinking about going in for another PECO rate case? And just kind of what the key considerations are as you think about formulating that filing?

也許先從這裡開始，我想了解一下，當你們持續與賓夕法尼亞州的利害關係人互動時，對於你們可能會再提出一次 PECO 費率案件（rate case）的想法，是否能提供任何額外、更精準的資訊？以及在你們思考如何形成該申請文件時，主要考量是什麼？

Yes, thank you. I'll start, Carly, but then Mike Innocenzo, who is serving as CEO of PECO, I would ask Mike to lean into that discussion. First off, from a PECO rate case. We have been in active discussions with all Pennsylvania stakeholders. That's the Governor's office, the commission as well as our customers and communities on the what and the why.

是的，謝謝。Carly，我先回答，但接著我想請目前擔任 PECO 執行長的 Mike Innocenzo 來深入說明。首先，就 PECO 的費率案件而言。我們一直與所有賓州利害關係人進行積極討論。包括州長辦公室、委員會，以及我們的客戶與社區，討論「做什麼」以及「為什麼要做」。

Everyone understands that we will be coming in for another rate case within the planning period, but we are being very responsive to the Governor's letter and the outlines that he's put in place on what he's looking for utilities to do and how we step up. There's not a question that a strong utilities are needed within Pennsylvania to continue the economic development and workforce job creation within that state. And Mike is on the ground every day and having those discussions. And I'll turn it over to Mike.

大家都理解，在規劃期間內我們會再提出一次費率案件，但我們也非常積極回應州長的信函，以及他所提出的框架——他希望公用事業公司做什麼、以及我們要如何挺身而出。毫無疑問，賓夕法尼亞州需要強健的公用事業公司，才能持續推動該州的經濟發展與勞動就業創造。而 Mike 每天都在第一線進行這些討論。我把時間交給 Mike。

I think you said it well -- thanks. I think you said it well, Kevin. The only thing I would just add is I think in our conversations, everybody really recognizes the value that PECO has created through their investments, the value that it's creating in the communities that we serve. The importance of investment in the infrastructure for improving reliability. So there's that acknowledgment that we see.

我想你說得很好——謝謝。Kevin，我想你說得很到位。我唯一想補充的是，在我們的對話中，大家確實都認可 PECO 透過投資所創造的價值，以及它在我們服務的社區中所帶來的價值。也認可投資基礎設施以提升可靠性的重要性。所以我們看到這樣的共識。

And just recommending that when we come in, we're going to make sure that we come in and they're showing investments that are adding value to the community. In terms of how and when we're still working through that process as part of our key stakeholder engagement addressing each of the points that the governor -- not only the governor has made in this letter, but also working closely with the commission, the ratemaking working group. I think all of those will help provide additional clarity and a clearer path as we move forward.

並且只是建議，當我們提出申請時，我們會確保所呈現的是能為社區增加價值的投資。至於如何以及何時提出，我們仍在推進該流程，作為我們與主要利害關係人互動的一部分，逐一回應州長——不僅是州長在這封信中提出的各點——同時也與委員會、費率制定工作小組（ratemaking working group）密切合作。我認為這些都將在我們往前推進時，提供更多清晰度與更明確的路徑。

And Carly, what's key about that is that ratemaking working group is in its early stages, and I think it's indicative of how the commission is showing up. in really taking feedback and making sure this is a collaborative stakeholder process and getting all inputs to continue moving Pennsylvania forward. Pennsylvania has always been a very strong jurisdiction from a regulatory standpoint, and we intend for it to stay that way by partnering with all the stakeholders in this process.

Carly，這裡的關鍵在於，那個費率制定工作小組仍處於早期階段，我認為這也顯示委員會的投入方式——確實在吸收回饋，並確保這是一個協作式的利害關係人流程，納入所有意見以持續推動賓州向前。從監管角度來看，賓夕法尼亞州一直是非常強健的管轄區，我們也打算透過在此流程中與所有利害關係人合作，讓它持續保持這樣的狀態。

Got it. Okay. I appreciate all that context, super helpful. And then maybe just one on the large load outlook see the TSA share moving higher this quarter. It looks like a slight reduction in the overall large load pipeline versus last quarter?

了解。好的。我很感謝這些背景說明，非常有幫助。接著也許再問一個關於大型負載展望的問題：看到本季 TSA 佔比提高。看起來整體大型負載管線（pipeline）相較上季略有下降？

And anything that you would highlight there as a driver. I'm just curious if any inflections in conversations with large load customers that you'd highlight as we near sort of the elections here?

這裡是否有任何你會特別指出的驅動因素？我也好奇，隨著選舉臨近，你們與大型負載客戶的對話中是否出現任何值得注意的轉折？

Hi, Carly, this is Rob. What I would say is that the reduction is in the cluster study from 25 to 23 gigawatts is our process working. It's continuing to see as we work with the developers and looking at the cluster studies, it's just that things fall out for a variety of reasons, whether it's communities, they don't have an end customer. But what we would say is that it's not indicative of anything particular other than our process of going through and seeing -- going through the studies and seeing this work through our process.

嗨，Carly，我是 Rob。我會說，叢集研究（cluster study）從 25 降到 23 吉瓦，反映的是我們的流程正在發揮作用。當我們與開發商合作並檢視叢集研究時，會持續看到有些案子因各種原因退出，可能是社區因素，或是他們沒有終端客戶。但我們要說的是，這並不代表任何特定情況，只是我們依流程推進——進行研究並讓其在我們的流程中逐步篩選與落實。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

I just wanted to just actually kind of clarify too, just on the 11 gigawatts of high probability loads. Is any of that reflected in the current plan? And kind of what kind of energization schedule underpins that?

我想其實也再釐清一下，關於那 11 吉瓦的高機率負載。目前的計畫裡有反映其中任何部分嗎？以及支撐這個的送電（通電）時程大概是怎麼安排的？

Yes. I would say a small amount is reflected in the current plan at this point. And as we've always said, until that we know it's high probability, and it's -- we've secured then it will ultimately get factored in.

是的。我會說目前在現行計畫中只反映了少量。而且如同我們一直說的，直到我們確認它是高機率、而且——我們已經把它確定下來之後，才會最終納入考量。

Yes. In terms of the timeline, I think that we've said about 10% or so by 28%. And then as you look out through 2034, I think about 3/4 of that 11 gigs will come online. So that sort of speaks to why there's only a portion of the CapEx as you think about limits when the load ramps up. And then in the 12 to 17, I think we've been pretty conservative in the sense that we've only ascribed about $1 billion of continued upside related to high-density load growth.

是的。就時程而言，我想我們說過到 28 年大概會有 10% 左右。然後當你往 2034 年看，我想那 11 吉瓦裡大約 3/4 會上線。所以這也說明了為什麼當你考量負載爬升的限制時，資本支出（CapEx）只涵蓋其中一部分。另外在 12 到 17（的區間）方面，我想我們相當保守，因為我們僅就與高密度負載成長相關的持續上行空間，歸因了大約 10 億美元。

So again, you know us, we're going to give you what's real, what's durable, what's defensible with (inaudible) to the upside. And I think that, that is indicative of what we've shared here too.

所以再說一次，你了解我們——我們會給你真實的、可持續的、可辯護的內容，同時（聽不清）也保留上行空間。我想這也反映在我們這裡分享的內容上。

Perfect. That makes sense. And then just as we think of the financial flexibility, I mean, obviously, some big numbers on the upside opportunities there. Just how we should be thinking about the financing path on forward?

很好。這很合理。然後再談到財務彈性，我的意思是，很明顯在上行機會方面有一些很大的數字。我們接下來應該如何看待未來的融資路徑？

So from a financing standpoint, the way we look at it is we're going to continue to take a balanced approach. And as we've disclosed for the $41.7 billion we have in our plan, some of it is covered with cash from operations, debt, but then as we've always said, for incremental capital opportunities about approximately 40% will be equity.

就融資而言，我們的看法是會持續採取均衡的方式。而且如同我們已揭露的，在我們計畫中的 417 億美元裡，有一部分由營運現金流、債務來支應；但同時如同我們一直說的，對於增量的資本機會，大約 40% 會以股權來籌措。

And one thing I would add. This is Carim. I would just add one thing that on the battery storage projects, the large batteries, we're also pursuing them under build own transfer type arrangements. So much of the capital comes near the back end of the construction period. And so that helps us with kind of shortening the gap between capital being outlaid and before it rolls into rate base.

我再補充一點。我是 Carim。我想補充的是，在電池儲能專案、也就是大型電池方面，我們也在以「建置—持有—移轉」（build own transfer）類型的安排來推進。因此，多數資本支出會在施工期接近尾聲時才發生。這有助於我們縮短資本支出投入與其納入費率基礎（rate base）之前之間的時間落差。

And one moment for our next question, which will come from the line of Jeremy Tonet with JPMorgan Securities.

接下來請稍候，我們的下一個問題將來自 JPMorgan Securities 的 Jeremy Tonet。

Just one last one, I guess. We're thinking about capital allocation of the plan as we head into the refresh here, just wondering how you think about, I guess, the different states, different backdrops there, where you see more opportunities maybe to shift capital in that direction? And I was wondering, I guess, maybe on ComEd, it seems like there's a little bit of room between yourself and staff and the ALJ recommendations out there. So just wondering how you think about capital allocation at this point?

我想再問最後一個。我們在思考進入這次更新（refresh）時，計畫的資本配置；想請教你如何看待——我想是——不同州、不同背景之下，你覺得有哪些方向可能有更多機會把資本往那邊移動？

Jeremy, this is Rob. What I would say is that, as you've seen historically, our capital has gone up from 8% to 10% over the last roll forwards. And a majority of that has been in the transmission area. In fact, transmission is growing at 16%. And so I think we would expect that trend to continue going forward. And so -- and then with obviously additional upside potentially on the storage as we've talked about.

Jeremy，我是 Rob。我會說，如同你過去看到的，我們的資本投入在最近幾次滾動更新（roll forwards）中，已從 8% 提升到 10%。其中大多數是在輸電領域。事實上，輸電以 16% 的速度成長。因此我認為我們預期這個趨勢未來會持續。而且——當然，如同我們談到的，在儲能方面也可能還有額外的上行空間。

Jeremy, I would tell you, it's where it's going. What I think one of the distinguishing factors about Exelon is the power of our platform, where our ability to shift capital where it's needed and to invest where it's adding the greatest value. We work very closely with all of our stakeholders to understand what they need and where they need it and really work to lean in to how we get that invested. And I use -- Rob, you talked about ComEd, but I would even talk about their efforts around their (inaudible), and you think about Carim what we're doing now in Jersey with the battery. What we're bringing in, we're investing capital and not impacting our customer bills for 5 years until it's up and running.

Jeremy，我會跟你說，資本會往那裡走。我認為 Exelon 的一個關鍵差異化因素，是我們平台的力量：我們有能力在需要的地方調整資本配置，並投資在能創造最大價值的地方。我們與所有利害關係人密切合作，了解他們需要什麼、在哪裡需要，並且真正投入去推動如何把投資落地。我舉例——Rob，你提到 ComEd，但我甚至也會談到他們在（聽不清）方面的努力；以及你想想 Carim，我們現在在新澤西做的電池專案。我們所做的是：投入資本，但在它建成並投入運轉之前的 5 年內，不會影響客戶帳單。

That's what we're looking to do in each and every step along when we're investing in capital across our jurisdictions.

這就是我們在各個司法管轄區進行資本投資時，每一步都在努力做到的事情。

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. Let me just begin by saying to everyone, thank you for joining us today. We're delivering on our commitments and building momentum for what's next. I'd be remiss if I didn't thank you for your continued interest in Exelon and look forward to seeing many of you, as Rob stated, later at EEI next month. And with that, Michelle, that concludes our call.

謝謝你，Michelle。我先對各位說聲謝謝，感謝今天加入我們。我們正在兌現承諾，並為下一步建立動能。如果我不感謝各位持續關注 Exelon，那就太失禮了；也期待如 Rob 所說，下個月在 EEI 再見到各位中的許多人。那麼，Michelle，我們的電話會議就到此結束。

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

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