艾索倫電力 (EXC) 2022 Q1 法說會逐字稿

Hello, and welcome to Exelon's First Quarter Earnings Conference Call. My name is Olivia, and I'll be your event specialist today. (Operator Instructions) Please note that today's webcast is being recorded. (Operator Instructions) If you would like to view the presentation in a full-screen view, click the full screen button by hovering your computer mouse cursor over the PowerPoint screen. Press the Esc key on your keyboard to return to your original view. And finally, should you need technical assistance, as best practice, we suggest you first refresh your browser. If that does not resolve the issue, please click on the Help option in the upper right-hand corner of your screen for online troubleshooting.

各位好，歡迎參加 Exelon 第一季財報電話會議。我叫 Olivia，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製。（接線員指示）若您想以全螢幕方式檢視簡報，請將電腦滑鼠游標移至 PowerPoint 畫面上方，點選全螢幕按鈕。按下鍵盤上的 Esc 鍵可返回原始檢視。最後，如需技術協助，依最佳做法，我們建議您先重新整理瀏覽器。若仍無法解決問題，請點選螢幕右上角的「Help」選項以進行線上疑難排解。

It is now my pleasure to turn today's program over to Jeanne Jones, Senior Vice President of Corporate Finance. The floor is yours.

現在我很榮幸將今天的議程交給公司財務資深副總裁 Jeanne Jones。請開始。

Thank you, Olivia. Good morning, everyone, and thank you for joining our first quarter 2022 earnings conference call. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer; and Joe Nigro, Exelon's Chief Financial Officer. They're joined by other members of Exelon's senior management team who will be available to answer your questions following our prepared remarks.

謝謝你，Olivia。各位早安，感謝各位參加我們 2022 年第一季財報電話會議。今天由 Exelon 總裁暨執行長 Chris Crane，以及 Exelon 財務長 Joe Nigro 主持。本次也有 Exelon 其他高階管理團隊成員一同參與，並將在我們的準備發言結束後回答各位的提問。

We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Exelon's website.

我們今天早上已發布財報新聞稿並同步提供簡報，相關資料皆可於 Exelon 官網的投資人關係（Investor Relations）專區查閱。

The earnings release and other matters which we discuss during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and other factors that may cause results to differ from management's projections, forecasts and expectations.

本次電話會議中我們所討論的財報新聞稿及其他事項，包含前瞻性陳述與估計，並可能受到各種風險與不確定性影響。實際結果可能因今日資料所討論之因素與假設，以及本次會議中的評論，而與前瞻性陳述有所差異。請參閱今日的 8-K 以及 Exelon 其他向 SEC 提交之文件，其中包含風險因素及其他可能導致結果與管理層之推估、預測與預期不同的因素之討論。

Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures. We've scheduled 45 minutes for today's call.

今天的簡報亦包含對調整後營運盈餘及其他非 GAAP 指標的引用。請參閱簡報附錄及我們的財報新聞稿中所載資訊，以了解非 GAAP 指標與最接近之 GAAP 指標之調節表。我們為今天的電話會議安排了 45 分鐘。

I'll now turn the call over to Chris Crane, Exelon's CEO.

接下來我將把電話會議交給 Exelon 執行長 Chris Crane。

Thanks, Jeanne, and good morning to everybody and thanks for joining us. We're pleased to host our first post-separation earnings call as the nation's premier T&D utility company. We closed, as you all know, on the separation on February 1, delivering on our commitment to close within the first quarter of 2022.

謝謝你，Jeanne。各位早安，感謝大家加入我們。我們很高興以全美首屈一指的輸配電（T&D）公用事業公司身分，主持分拆後的首次財報電話會議。正如各位所知，我們已於 2 月 1 日完成分拆，兌現了在 2022 年第一季內完成交割的承諾。

The transition has really unlocked significant value for our shareholders. In the time of announcing a year ago through mid-April this year, the total shareholder return was 76%, far exceeding the UTY Index and the S&P.

這次轉型確實為股東釋放了顯著價值。自一年前宣布至今年 4 月中旬，股東總報酬率達 76%，大幅超越 UTY 指數與標普指數。

At the same time, we continue to demonstrate our reliability focused on operational and financial excellence. We earned $0.49 per share on a GAAP basis and $0.64 a share on a non-GAAP basis. We also completed a successful bond deal for our holding company with attractive pricing, showing the value of our strong balance sheet even in a challenging market. Joe will cover the financial highlights in his presentation shortly.

同時，我們持續展現以可靠性為核心、聚焦營運與財務卓越的成果。按 GAAP 計算，我們每股盈餘為 0.49 美元；按非 GAAP 計算，每股為 0.64 美元。我們也為控股公司成功完成一筆債券交易，定價具吸引力，顯示即使在具挑戰的市場環境下，我們強健的資產負債表仍具價值。Joe 稍後將在簡報中說明財務重點。

On the regulatory front, it is quite a year, but we made progress in several jurisdictions to support our investment plans on behalf of our customers. This includes a settlement in Delmarva Maryland in the electric case, the gas filing for Delmarva Delaware and PECO and our last distribution filing under the ComEd distribution formula rate. In addition, ComEd continues to work with the stakeholders on the CEJA, last year's landmark clean energy legislation that continues to support what our customers and our stakeholders want. It's a clear path to Illinois electric utilities to transition into a rate-setting process. While we're ensuring to stake and support its ambitious climate goals and its social equity goals, we feel comfortable in our process going forward.

在監管面向，今年相當忙碌，但我們在多個司法管轄區取得進展，以支持代表客戶所進行的投資計畫。這包括 Delmarva Maryland 電力案件的和解、Delmarva Delaware 與 PECO 的天然氣申報，以及我們在 ComEd 配電公式費率下的最後一次配電申報。此外，ComEd 持續與利害關係人就 CEJA（去年具里程碑意義的潔淨能源立法）合作；該法案持續支持客戶與利害關係人的期待，並為伊利諾州電力公用事業轉入費率制定流程提供清晰路徑。在確保推動並支持其具雄心的氣候目標與社會公平目標的同時，我們對未來的推進流程感到安心。

ComEd has proposed a performance metrics plan before the ICC which includes 8 performance metrics and 13 tracking metrics. As we adjust our proposal for stakeholder feedback, we're optimistic that the metrics approved by the commission will support continued improved in our -- improvement in our top-tier service for customers. We expect the final order by the end of the third quarter. There's a lot of work to be done between here and there. ComEd's also participating in the stakeholder process in a multiyear integrated grid plan workshop. The plan will help ComEd's long-term investment planning process and priorities with the exception of the regulatory's -- regulators in the CEJA. This is in preparation for our filing in early 2023 for rates effective in 2024. Joe will cover that case in a little bit more detail.

ComEd 已向 ICC 提出一項績效指標方案，包含 8 項績效指標與 13 項追蹤指標。隨著我們依利害關係人回饋調整提案，我們對委員會核准的指標能支持我們持續提升、並為客戶提供頂尖服務水準感到樂觀。我們預期最終命令將於第三季末前發布。從現在到那時仍有大量工作要完成。ComEd 也正參與一項多年期整合電網計畫（integrated grid plan）工作坊的利害關係人流程。該計畫將協助 ComEd 的長期投資規劃流程與優先順序，並與 CEJA 中監管機關的要求相呼應。這是為我們在 2023 年初提出申報、並使 2024 年生效的費率做準備。Joe 會再更詳細說明該案件。

Beyond the financial performance and operational performance, we continue to focus on our communities and the transition to a cleaner grid. We joined the DOE's better climate challenge in February, reinforcing our Path to Clean commitment to reduce Scope 1 and Scope 2 greenhouse gases by 50% by 2023 -- by 2030.

除了財務與營運表現之外，我們也持續聚焦社區以及邁向更潔淨電網的轉型。我們於 2 月加入 DOE 的 Better Climate Challenge，強化我們的「Path to Clean」承諾：在 2030 年前將範疇 1 與範疇 2 溫室氣體排放量降低 50%。

As part of the HBCU Corporate Scholars Program announced last fall, we have 24 students who were awarded $2.4 million in scholarships. This program will support the next generation to lead our clean energy future. It's astounding to sit with these young students and see their passion on where they want to go in the future.

作為去年秋季宣布的 HBCU 企業學者計畫（Corporate Scholars Program）的一部分，我們有 24 名學生獲頒總額 240 萬美元的獎學金。此計畫將支持下一代引領我們的潔淨能源未來。與這些年輕學生相處、看到他們對未來方向的熱情，令人驚嘆。

We are funding support for small business development in underserved communities in our service territory for more than 65 workforce-type programs where we train and make individuals capable of coming into our areas ready for work. And our fifth annual STEM Academy will be held this summer in Philadelphia, Chicago, D.C, Baltimore area with approximately the goal now is 60 women -- young women to be involved.

我們在服務範圍內的弱勢社區投入資金，支持小型企業發展，並推動超過 65 項勞動力類型的計畫，透過訓練讓個人具備能力，能夠進入我們的相關領域並做好就業準備。此外，我們第五屆年度 STEM 學院將於今年夏天在費城、芝加哥、華盛頓特區與巴爾的摩地區舉辦，目前目標約為讓 60 位女性——年輕女性——參與。

Moving to our operations on Slide 5. We're delivering safe, reliable service across the jurisdictions. Performance has remained solid and outage durations and frequency remain our top priority. Our utilities are working together to improve in specific areas.

接著看第 5 張投影片的營運面。我們在各司法管轄區提供安全、可靠的服務。整體表現維持穩健，停電持續時間與停電頻率仍是我們的首要重點。我們的各家公用事業公司正共同合作，在特定領域持續改善。

As you saw this weekend, on the Mid-Atlantic utilities, the storms continue to intensify and the duration continues to be lengthened, but our operations teams are really focused on that in continuing to drive standards of construction reliability up.

如各位本週末所見，在中大西洋地區的公用事業範圍內，風暴持續加劇且影響時間也拉長，但我們的營運團隊確實專注於此，持續推動施工與可靠性標準提升。

ComEd's reliability performance was top decile in both CAIDI and SAIFI, delivering on the highest first quarter reliability to customers for any year on record. We made improvements in OSHA performance, bringing PECO up to top quartile, but we really are not satisfied with anything but the safest experience for our employees and our communities, and we still have work to go on that. There is no shunning that away. It's a top priority of all our operations folks. BGE and ComEd and PECO all achieved top quartile in customer satisfaction through the quarter. In all 3 of our utilities that distribute gas, we're in top decile on order response.

ComEd 的可靠性表現於 CAIDI 與 SAIFI 兩項指標皆位居前十分位，創下歷年任何年度第一季對客戶提供的最高可靠性。我們在 OSHA 表現方面也有所改善，使 PECO 提升至前四分位；但我們只接受為員工與社區提供最安全的體驗，對此仍不滿足，且仍有工作要做，這點無可迴避。這是我們所有營運同仁的首要任務。BGE、ComEd 與 PECO 在本季的客戶滿意度皆達前四分位。在我們 3 家提供天然氣配銷的公用事業中，訂單回應（order response）皆位居前十分位。

PHI had perfect execution, responding to all its gas orders in less than 1 hour. And that's a very large service territory acreage-wise, so being able to roll the trucks and the employees out is a good feat that they've achieved. Joe will highlight some of our investments we're making to help deliver this performance.

PHI 的執行表現完美，在不到 1 小時內回應了其所有天然氣訂單。而且其服務範圍以面積計算非常廣大，因此能夠調度卡車與員工出勤是一項他們已達成的重大成就。Joe 將重點說明我們為協助交付此一表現所進行的部分投資。

And with that, I'll turn it over to Joe for you to hear the financial update and some of the strategic actions we're taking.

接下來，我把時間交給 Joe，讓各位聽取財務更新以及我們正在採取的一些策略行動。

Thank you, Chris, and good morning, everyone. Today, I'll cover our first quarter results, as Chris mentioned, our quarterly financial updates, and as he noted, highlight several areas in which our utilities are making investments for the benefits of our customers.

謝謝你，Chris，各位早安。今天我將如 Chris 所提到的，說明我們第一季的業績、季度財務更新，並如他所指出，重點介紹我們的公用事業公司正在進行投資、以造福客戶的幾個領域。

If I start on Slide 6, we show our quarter-over-quarter adjusted operating earnings walk. Exelon's continuing operations earned $0.64 in Q1 of 2022 versus $0.55 in Q1 of '21.

如果我從投影片 6 開始，我們展示了季度對季度的調整後營運盈餘變動（walk）。Exelon 的持續營運在 2022 年第一季每股盈餘為 0.64 美元，相較於 2021 年第一季的 0.55 美元。

Let me start by reminding you the impacts to Exelon's financials following the separation. As disclosed in our 8-K issued on February 25, beginning with the 10-Q to be filed today for the first quarter of 2022, we are presenting our former Generation segment as discontinued operations for the 1-month period in 2022 prior to the separation and for the 3 months ended March 31, 2021. Financial results for the utilities in the holding company are reported as continuing operations. As a reminder, accounting rules require that certain corporate overhead costs previously allocated to generation be presented as part of the Exelon's continuing operations. I want to note that these costs were paid for by generation and they are not indicative of our corporate overhead post separation. The impact of this business services company allocation adjustment to Exelon's continuing operations is $0.09 for the first quarter of '21 and $0.02 for the one month in 2022 on an after-tax basis. You will continue to see this adjustment for '21 as we present prior year quarters. However, this adjustment only impacts Q1 for 2022.

我先提醒各位分拆後對 Exelon 財務的影響。如我們在 2 月 25 日發布的 8-K 所揭露，自今日將提交的 2022 年第一季 10-Q 起，我們將原先的發電（Generation）事業部門，針對 2022 年分拆前的 1 個月期間，以及截至 2021 年 3 月 31 日止的 3 個月期間，列示為停業單位（discontinued operations）。控股公司旗下公用事業的財務結果則列為持續營運（continuing operations）。提醒各位，會計準則要求，先前分攤至發電事業的部分公司間接費用（corporate overhead costs），必須列示為 Exelon 的持續營運的一部分。我想特別指出，這些成本原本由發電事業支付，並不代表分拆後我們的公司間接費用水準。此一商業服務公司（BSC）分攤調整對 Exelon 持續營運的影響，稅後基礎下，2021 年第一季為 0.09 美元，2022 年的 1 個月為 0.02 美元。當我們呈列 2021 年各季度的前期比較時，您仍會看到此調整。然而，對 2022 年而言，此調整僅影響第一季。

Excluding the $0.07 quarter-over-quarter impact of the discontinued operations accounting adjustment for BSC allocations, Exelon's first quarter results were $0.02 higher than the first quarter of '21. The improvement from '21 was primarily driven by higher transmission and distribution rates associated with completed rate cases, partially offset by depreciation and amortization and storms at the utilities and the impact of rising interest rates on debt at the holding company.

若排除因 BSC 分攤之停業單位會計調整所造成的季度對季度 0.07 美元影響，Exelon 第一季業績較 2021 年第一季高出 0.02 美元。相較於 2021 年的改善，主要來自已完成費率案件所帶動的輸電與配電費率提高，但部分被折舊與攤銷、公用事業端的風暴事件，以及利率上升對控股公司債務的影響所抵銷。

Our operating earnings results of $0.64 for the first quarter were in line with the percentage of full year earnings we shared with you in the January 2022 Analyst Day presentation.

第一季 0.64 美元的營運盈餘結果，與我們在 2022 年 1 月分析師日簡報中與各位分享的全年盈餘占比一致。

Turning to our full year outlook. We reaffirm our 2022 earnings guidance range of $2.18 to $2.32 per share. While we have benefited from rising treasury rates on ComEd's distribution return on equity, like most companies, we were also impacted by higher interest expense in our debt, in particular at our holding company. As we normally do, we will update guidance on our Q3 call.

接著談全年展望。我們重申 2022 年每股盈餘指引區間為 2.18 至 2.32 美元。雖然我們受惠於美國公債利率上升，帶動 ComEd 配電業務股東權益報酬率（ROE）提高，但與多數公司一樣，我們也受到債務利息費用上升的影響，尤其是在控股公司層級。如同往常，我們將在第三季電話會議更新指引。

As a reminder, we have committed to a long-term operating earnings growth target of 6% to 8% through 2025, off the midpoint of guidance for '21 communicated on the Analyst Day.

提醒各位，我們已承諾以分析師日所溝通的 2021 年指引中點為基礎，至 2025 年達成長期營運盈餘年複合成長目標 6% 至 8%。

Moving to Slide 7. Looking at our utility returns on a consolidated basis, we expect to be in our consolidated 9% to 10% target range by year-end. As of the first quarter, our trailing 12-month return on equity of 8.9% dipped slightly below our range. Despite higher earnings driven primarily by distribution and transmission rates, the earnings were outpaced by timing of equity infusions across all our utilities to support capital investments. We remain focused on delivering stronger returns at the utilities which sustain the investment we make on behalf of our customers.

來到投影片 7。以合併基礎來看我們的公用事業報酬率，我們預期在年底可落在合併 9% 至 10% 的目標區間內。截至第一季，我們過去 12 個月的股東權益報酬率為 8.9%，略低於目標區間。儘管盈餘提高主要由配電與輸電費率所驅動，但由於為支持資本投資而在各公用事業進行股權注資的時點因素，股權增幅超過了盈餘增幅。我們仍專注於在公用事業端交付更強的報酬，以支撐我們代表客戶所進行的投資。

Turning to Slide 8. There were some important developments on the regulatory front since the beginning of the year.

接著看投影片 8。自年初以來，在監管面有一些重要進展。

First, on January 14, Delmarva Power filed an application with the Delaware Public Service Commission seeking a $14.5 million increase in gas distribution base rates, reflecting an ROE of 10.3%. Delmarva Power customers continue to benefit from the major enhancements that are being made to the local natural gas system. Key projects to strengthen and create additional capacity in the company's natural gas delivery system have also been critical to meet growing load. As permitted by Delaware law, Delmarva Power will implement full allowable rates on August 14, subject to refund.

第一，1 月 14 日，Delmarva Power 向德拉瓦州公共服務委員會提出申請，尋求天然氣配電基本費率增加 1,450 萬美元，反映 10.3% 的 ROE。Delmarva Power 客戶持續受惠於當地天然氣系統正在進行的重大強化。強化並提升公司天然氣輸送系統容量的關鍵專案，也對滿足持續成長的負載至關重要。依德拉瓦州法律允許，Delmarva Power 將於 8 月 14 日實施全額可允許費率，但須接受退費（subject to refund）。

Second, Delmarva Maryland received a final order for its distribution electric rate case on March 2. The Maryland Commission approved the proposed settlement order by the Chief Public Utility Law Judge that recommended a $12.5 million increase in annual electric distribution rates, reflecting an ROE of 9.6%.

第二，Delmarva Maryland 於 3 月 2 日收到其配電電力費率案件的最終命令。馬里蘭州委員會核准了首席公用事業法律法官所提出的和解命令草案，建議年度配電電力費率增加 1,250 萬美元，反映 9.6% 的 ROE。

Third, on March 31, PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission. PECO is seeking a revenue increase of $82 million to support significant investments in critical infrastructure which will modernize and enhance the natural gas system and allow us to continue delivering safe and reliable natural gas service and reduce methane emissions. In addition, the filing proposes enhanced energy efficiency and customer safety programs, increase customer assistance with additional low income funding and the continuation of small business grant program. We expect an order in the fourth quarter of 2022.

第三，3 月 31 日，PECO 向賓夕法尼亞州公共事業委員會提交天然氣配電費率案件。PECO 尋求增加 8,200 萬美元收入，以支持對關鍵基礎設施的大量投資，這將使天然氣系統現代化並加以強化，讓我們能持續提供安全可靠的天然氣服務並降低甲烷排放。此外，此次申請亦提出強化能源效率與客戶安全計畫、透過增加低收入資金來提高客戶協助，以及延續小型企業補助金計畫。我們預期將於 2022 年第四季收到命令。

Finally, ComEd filed its annual distribution formula rate update with the Illinois Commerce Commission on April 15, seeking a $199 million increase to electric distribution base rates that resulted in a $2.20 increase in the average monthly residential bill starting January 2023.

最後，ComEd 於 4 月 15 日向伊利諾州商務委員會提交其年度配電公式費率更新，尋求電力配電基本費率增加 1.99 億美元，這將使自 2023 年 1 月起平均每月住宅帳單增加 2.20 美元。

While ComEd is requesting a delivery charge increase, there will be offsets. Specifically, when taking into account higher energy prices based on the recent procurement auction and forwards, offset by lower capacity prices, the carbon mitigation credits and accelerated tax benefit, we currently estimate a net reduction to the average monthly residential bill. ComEd's residential customer rates next January are expected to be at least 10% below the average of rates in the 10 largest U.S. metropolitan areas. In its formula -- in its final formulary filing, ComEd's request supports investments needed to sustain the record level reliability performance for residential and commercial customers and helps advance the goals of the Climate and Equitable Jobs Act passed in Illinois to address climate change, create clean energy jobs, ensure equity and prioritize a just transition to a green economy. We expect to receive an order by early December.

雖然 ComEd 正在申請提高輸配電（delivery）費用，但將有抵銷因素。具體而言，若考量近期採購拍賣與遠期價格所反映的能源價格上升，並以較低的容量價格、碳減緩抵免（carbon mitigation credits）以及加速稅務利益作抵銷，我們目前估計平均每月住宅帳單將呈現淨下降。ComEd 住宅客戶明年 1 月的費率預期至少比美國 10 大都會區平均費率低 10%。在其公式——在其最終公式申報中，ComEd 的申請支持為住宅與商業客戶維持創紀錄的可靠度表現所需的投資，並有助推進伊利諾州通過的《氣候與公平就業法》（Climate and Equitable Jobs Act）之目標，以因應氣候變遷、創造潔淨能源工作、確保公平並優先推動向綠色經濟的公正轉型。我們預期在 12 月初前收到命令。

We continue to have constructive regulatory relationships across our jurisdictions and are working with our regulators, our states and our communities to support their clean energy and climate goals. As a reminder, we expect nearly 100% of our rate base growth will be covered by alternative recovery mechanisms by the end of our planning period. More details on these rate cases can be found on Slides 17 through 20 of the appendix.

我們在各司法管轄區持續維持具建設性的監管關係，並與監管機關、各州及社區合作，以支持其潔淨能源與氣候目標。提醒各位，在我們規劃期結束前，我們預期近 100% 的費率基礎（rate base）成長將由替代性回收機制所涵蓋。關於這些費率案件的更多細節，請參閱附錄投影片 17 至 20。

Slide 9 provides an update on how Exelon's utilities are working with key stakeholders to help our customers and jurisdictions achieve their decarbonization goals reliably, affordably and equitably. Electric vehicle adoption is unquestionably a key enabler for reducing emissions as the transportation sector currently represents about 1/3 of total U.S. greenhouse gas emissions.

第9頁更新了 Exelon 的公用事業公司如何與關鍵利害關係人合作，協助我們的客戶與各司法管轄區以可靠、可負擔且公平的方式達成其去碳化目標。電動車的採用無疑是減少排放的關鍵推動力，因為運輸部門目前約占美國溫室氣體總排放量的三分之一。

Our jurisdictions alone are targeting 4.2 million electric vehicles on the road over the next 25 years, a twentyfold increase relative to the number of EVs in our service territories as of the end of 2021.

僅我們所屬的各司法管轄區，就在未來25年內以道路上達到420萬輛電動車為目標，較截至2021年底我們服務區域內的電動車數量增加20倍。

Given our competitive rates, electric vehicles also provide our customers the ability to save money. Using the Department of Energy's eGallon calculation, the annual cost of an electric vehicle is approximately $1.30 per gallon compared to the price of gasoline at $4.30 per gallon. On average, customers in Exelon service territories could save more than $1,000 per year in fuel cost by switching to an EV. Utilizing Exelon's EV time-of-use rates could offer an additional 11% savings per year. And while we recognize there are adoption costs and other barriers to entry, we value the role we play in bridging social equity gaps. Working with our jurisdictions, we bridge those gaps through programs like those authorized in the Climate Solutions Now Act in Maryland, which allows utilities to partner with local school boards and offer up to $50 million in rebates to incentivize the purchase and operation of electric school buses.

鑑於我們具競爭力的費率，電動車也能讓客戶省錢。依據美國能源部的 eGallon 計算，電動車的年度成本約相當於每加侖 1.30 美元，而汽油價格為每加侖 4.30 美元。平均而言，Exelon 服務區域內的客戶若改用電動車，每年燃料成本可節省超過 1,000 美元。若使用 Exelon 的電動車分時電價（time-of-use）費率，每年還可額外節省 11%。雖然我們也認知到採用成本與其他進入門檻的存在，但我們重視自身在彌合社會公平落差方面所扮演的角色。我們與各司法管轄區合作，透過例如馬里蘭州《Climate Solutions Now Act》授權的計畫來縮小這些落差；該法案允許公用事業公司與地方學區董事會合作，提供最高 5,000 萬美元的回饋金（rebates），以鼓勵購置與營運電動校車。

And the benefits are not inclusive to EV buyers. As more energy use applications leverage the grid, fixed costs will naturally be lower for customers who have not yet made the switch to electric vehicles.

而且，受益者不僅限於電動車買家。隨著更多能源使用應用透過電網運作，對於尚未改用電動車的客戶而言，固定成本自然會降低。

As our states make this transition over the coming decades, Exelon is poised to support our customers through investments such as upgraded distribution circuitry, substations and ultimately transmission. Transforming the grid over this period to meet the increased standards required by EVs, along with other expanded and innovative uses of the grid, will require significant investment.

隨著我們各州在未來數十年進行此一轉型，Exelon 已準備好透過投資（例如升級配電線路、變電站，最終包括輸電）來支持客戶。在此期間改造電網，以符合電動車所要求的更高標準，以及其他擴大且創新的電網使用方式，將需要大量投資。

Our Path to Clean encourages customers and communities to reduce their emissions through access to clean energy solutions. When establishing our goals, the focus was not solely on the environment, but also on equity, affordability, reliability and sustaining our communities. The role we are playing in the transformation of the transportation sector is a great example of this commitment.

我們的「Path to Clean」鼓勵客戶與社區透過取得潔淨能源解決方案來降低排放。在制定目標時，我們的重點不僅在環境，也涵蓋公平性、可負擔性、可靠性以及維繫社區。我們在運輸部門轉型中所扮演的角色，就是此一承諾的絕佳例證。

Moving to Slide 10. During the first quarter, we continued to invest capital for the benefit of our customers and are on track to meet our $6.9 billion commitment for 2022. These investments will improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future. As we have done on past earnings calls, I'd like to feature 2 projects within our portfolio of utility investments.

接著看第10頁。第一季期間，我們持續投入資本以造福客戶，並正按計畫達成我們在2022年的 69 億美元承諾。這些投資將提升可靠性與韌性、改善客戶服務，並為潔淨能源未來做好電網準備。如同過往的財報電話會議，我想介紹我們公用事業投資組合中的兩個專案。

The first is Pepco's Harvard substation rebuild. This substation is part of a larger capital grid project and is currently under construction with expected completion in 2023. This $220 million project will renovate aging infrastructure originally installed over a century ago to improve grid reliability and resiliency. The rebuild also expands regional transmission capacity, supporting future load growth in Washington, D.C.

第一個是 Pepco 的 Harvard 變電站重建。該變電站屬於更大型的資本電網專案之一，目前正在施工中，預計於2023年完工。這項 2.2 億美元的專案將翻新逾百年前建置的老舊基礎設施，以提升電網可靠性與韌性。重建也將擴大區域輸電容量，支援華盛頓特區未來的負載成長。

The second project is ComEd's $39 million Project Goldframe. ComEd completed it last fall, 3 months ahead of schedule, to meet the customers' accelerated project timeline. To service new load obligations at the data center and the surrounding area, ComEd installed a new 138-kV substation and associated equipment, including an indoor control building, 15 138-kV circuit breakers, 4 capacitor banks and transmission line extensions to the DeKalb area in Illinois. This was the first large-scale project resulting from the passage of Illinois Data Center Tax Incentive Program in 2019. It will likely create additional renewable energy projects in the state as 100% of customer usage will be offset by wind and solar contracts.

第二個專案是 ComEd 的「Project Goldframe」，投資額 3,900 萬美元。ComEd 於去年秋天完成該專案，較原定時程提前3個月，以配合客戶加速的專案時程。為了滿足資料中心及周邊地區的新負載需求，ComEd 新建一座 138 kV 變電站及相關設備，包括室內控制大樓、15 台 138 kV 斷路器、4 組電容器組，以及延伸至伊利諾伊州 DeKalb 地區的輸電線路延伸工程。這是2019年伊利諾伊州《Data Center Tax Incentive Program》通過後的第一個大型專案。由於客戶用電將有100%以風電與太陽能合約抵銷，該專案很可能在州內帶動更多再生能源專案。

Both contracts or both projects are great examples of how we are connecting our customers and communities to affordable, clean and resilient solutions while enabling economic growth and local job creation through these modernization investments. These projects in their own right have significant economic and social benefits to our customers and communities served. However, combined, they represent less than 1% of Exelon's projected capital spend from 2022 to '25. This puts in perspective the scale and the impact of our investments.

這兩份合約或這兩個專案，都是我們如何透過現代化投資，將客戶與社區連結到可負擔、潔淨且具韌性的解決方案，同時促進經濟成長與在地就業創造的絕佳例子。就其本身而言，這些專案對我們服務的客戶與社區具有顯著的經濟與社會效益。然而合計起來，它們僅占 Exelon 於2022年至2025年預計資本支出的不到1%。這也凸顯了我們投資的規模與影響力。

Moving on to Slide 11. As you've heard us say at Analyst Day, our consolidated corporate credit metrics are anticipated to average 13% to 14% at S&P and Moody's over the 2022 to '24 time period. And overall, maintaining a strong balance sheet to firmly supporting investment-grade credit ratings remains core to our strategy and who we are.

接著看第11頁。如同你們在分析師日（Analyst Day）聽到我們所說，我們合併後的公司信用指標預期在2022年至2024年期間於 S&P 與 Moody's 平均落在13%至14%。整體而言，維持強健的資產負債表以堅實支撐投資級信用評等，仍是我們策略與公司本質的核心。

From a financing perspective, we successfully completed a $2 billion corporate debt offering in the first quarter, which completes our long-term debt financing needs at corporate for the year. This inaugural offering as a new company garnered significant interest from investors, enabling a very strong execution that was a true testament to the strength of our balance sheet and our new platform.

就融資而言，我們在第一季成功完成 20 億美元的公司債發行，這也完成了我們今年在母公司層級的長期債務融資需求。作為新公司首次發行，此次交易獲得投資人高度關注，使我們得以非常有力地執行，充分證明我們資產負債表的實力以及新平台的吸引力。

And finally, there has been no change to -- in our guidance to issue $1 billion of equity at the holding company by 2025.

最後，我們對於在2025年前於控股公司發行 10 億美元股權的指引，沒有任何變動。

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

謝謝，接下來我把電話交回 Chris，請他做結語。

Thanks, Joe. Turning to Slide 12. I'll close by reminding you all of Exelon's value proposition as the premier team, the only company in the nation. We're offering a great deal of value and scale, size and scale, which is particularly beneficial given the challenges posed in today's microeconomic environment and the storm intensity, as I mentioned earlier, over the weekend. We continue to be able to move resources and continue to be able to procure required needs in the right environment.

謝謝你，Joe。接著看第12頁。我將以提醒各位 Exelon 的價值主張作結：我們是全國唯一的公司、也是首屈一指的團隊。我們提供極具價值的規模與體量，尤其在當前總體經濟環境的挑戰下，以及如我先前提到的週末風暴強度之下，這點特別有利。我們仍能調度資源，並能在合適的環境中採購所需。

Our best-in-class operations that have led us to a world-class customer experience and constructive regulatory environments, which is key if your customers are not satisfied, the regulators aren't satisfied and that's a major focus of us.

我們同級最佳的營運，帶來世界級的客戶體驗與具建設性的監管環境；這點至關重要，因為若客戶不滿意，監管機構也不會滿意，而這是我們的重大重點。

Our commitment to ESG principles by driving to a cleaner energy economy and advancing social equity, as Joe mentioned, and a strong balance sheet that will ensure our ability to invest on behalf of our -- all of our stakeholders, not only the customers, but those that want to see a stronger cleaner environment, all of these factors support our opportunity to invest $29 billion of capital over the next 4 years in response to our customer needs which will lead to an annualized 6% to 8% operating earnings growth through 2025. We've targeted a payout of 60% of those operating earnings each year back to the shareholders.

我們對 ESG 原則的承諾——推動更潔淨的能源經濟並促進社會公平（如 Joe 所提），以及強健的資產負債表，將確保我們有能力代表我們——所有利害關係人進行投資，不僅是客戶，也包括希望看到更強健、更潔淨環境的人士。所有這些因素支持我們在未來4年投入 290 億美元資本以回應客戶需求的機會，並將帶動至2025年年化 6%至8% 的營運盈餘成長。我們的目標是每年將該等營運盈餘的60%以股利回饋股東。

Thank you very much for joining us, and now we'll open it up for questions that you may have.

非常感謝各位參與，接下來我們將開放提問。

(Operator Instructions) And our first question coming from the line of Paul Zimbardo from Bank of America.

（接線員指示）我們的第一個問題來自美國銀行（Bank of America）的 Paul Zimbardo。

Going to kick it off, if you could give a little bit more quantification of the net impact between the higher interest rate environment on the formula ROE in Illinois offset by the corporate cost. And it seems like a net positive mixing those 2 together. So just want to check if there's any other factors to be cognizant of as well.

我先開個頭，如果可以的話，能否再更量化地說明一下：在伊利諾伊州，較高利率環境對公式 ROE 的淨影響，如何被公司層面的成本所抵銷？而且把這兩者混在一起看起來是淨正面。所以只是想確認一下，是否還有其他也需要留意的因素。

Joe, you want to take that?

Joe，你要回答這題嗎？

Yes, I will, Chris. Paul, thanks for the question. When you look at the sensitivities we've shown you in the table, a 50 basis point move in treasury rates is worth about $0.04 to ComEd which is what we saw at the end of the first quarter. And that was -- about $0.01 of that was realized the way the formula price is over the course of the year. So we've subsequently seen those rates move higher here in the second quarter.

是的，我來回答，Chris。Paul，謝謝你的問題。當你看我們在表格中向你展示的敏感度時，公債利率每變動 50 個基點，對 ComEd 的價值大約是 0.04 美元，這也是我們在第一季末看到的情況。而其中大約 0.01 美元，是因為公式定價在一年期間的運作方式而在年度過程中實現的。所以我們之後也看到第二季利率進一步走高。

On the flip side to that is when you look at our corporate debt, we show you a sensitivity to a 50 basis point move, it's about a $0.01 impact. And so that move of about roughly 100 basis points or so in the third year -- year-to-date is down about $0.02 and those are the 2 big drivers of each of those variables.

相對地，當你看我們的公司債務時，我們顯示對 50 個基點變動的敏感度，大約是 0.01 美元的影響。因此，今年迄今第三年——年初至今大約變動了約 100 個基點左右，影響約為 -0.02 美元，而這兩項就是各自變數的兩個主要驅動因素。

Okay. Great. That's helpful. It does seem positive. And then the other, I know you said no changes to the equity issuance expectations. Just if you could discuss the approach to the timing and methodology, maybe a block or ATM, just given the appreciation of not just Exelon but the utility sector broadly.

好的。很好。這很有幫助。看起來確實是正面。然後另外一點，我知道你說股權發行預期沒有變動。只是想請你談談在時點與方法上的做法，可能是大宗配售或 ATM（隨市發行），尤其考量到不只是 Exelon，整個公用事業類股普遍都有上漲。

Yes. I think as we've said, we're expecting to issue up to $1 billion of equity by 2025. We haven't said necessarily when we're going to issue that. And the timing will be dependent on market conditions as well as the need for the cash itself, obviously.

是的。我想如同我們所說，我們預期到 2025 年之前最多發行 10 億美元的股權。我們並沒有說一定會在什麼時候發行。而時點將取決於市場狀況，以及當然也取決於現金本身的需求。

I mean there's a lot of things changing in the macro environment when you look at interest rates and, obviously, what the equity market is doing. And we'll work with our banking partners to make a determination at the time we need the equity or the cash as to what type of product we'll use. But at this point, we haven't made that final determination.

我的意思是，宏觀環境有很多變化，包含利率，以及很明顯地，股市的表現。我們會與我們的銀行合作夥伴一起，在我們需要股權或現金的時候，決定要使用哪一種產品。但目前我們還沒有做出最終決定。

Yes. And I think the key, Joe, on that is watching the solid balance sheet metrics and ensuring that we continue to focus on that.

是的。我想關鍵在於，Joe，就是要觀察穩健的資產負債表指標，並確保我們持續把重點放在這上面。

Yes, that's right, Chris. I mean you and I both said in our scripts, right, we're investing $29 billion here over the next 4 years. And what we said at Analyst Day is $14 billion of that will be coming off of internal generated cash flows with the utilities, $14 billion at debt we raise across the enterprise and then about the need for the $1 billion, we just haven't made a determination as to when we need it.

是的，沒錯，Chris。我的意思是，你和我在講稿裡都說了，對吧，我們未來 4 年要投資 290 億美元。而我們在分析師日說過，其中 140 億美元將來自公用事業內部產生的現金流，140 億美元來自我們在整個企業層面籌措的債務，然後至於那 10 億美元的需求，我們只是還沒有決定何時需要它。

Our next question coming from the line of Steve Fleishman from Wolfe Research.

下一題來自 Wolfe Research 的 Steve Fleishman。

So just want to clarify the -- some of the adjustments, not looking backward, but maybe looking more forward. The $0.64 in the quarter, I think, includes $0.02 related to that last month of Constellation. So if we look to '23 in the future, would $0.66 essentially be the right base to kind of forecast from other drivers in the future?

我想釐清一下——一些調整項，不是回頭看，而是更偏向往前看。本季的 0.64 美元，我認為包含了與 Constellation 最後一個月相關的 0.02 美元。所以如果我們看未來的 2023 年，0.66 美元基本上是否就是用來預測未來其他驅動因素的正確基準？

Yes, Steve. Thanks for the question. You're right the way -- I mean if you're talking about the performance of the business in the first quarter and removing the impact of discontinued operations, it was $0.66. When you compare that to Q1 for '21, the equivalent number would be $0.64.

是的，Steve，謝謝你的問題。你說得對——我的意思是，如果你談的是第一季業務表現並移除終止營運的影響，那就是 0.66 美元。當你把它和 2021 年第一季相比，對應的數字會是 0.64 美元。

You're also right, the impact in Q1, because we have to recast the whole quarter, was $0.09. But because we closed the separation February 1, it's in only a 1-month impact in '22. We would expect that 1 month to effectively drag into the comparisons that you see in '23 next year because of the month of January of this year.

你也說得對，第一季的影響，因為我們必須重述整個季度，是 0.09 美元。但因為我們在 2 月 1 日完成分拆，所以在 2022 年只有 1 個月的影響。我們預期這 1 個月會有效地延伸到你在明年 2023 年看到的比較中，因為今年的一月份那個月份會納入比較基期。

Okay. Great. And then just the ROE improvement that you're expecting over the course of the year. Is that just kind of the normal rate relief flowing through and things like that? There's no other kind of key new drivers required to get the returns up?

好的。很好。然後關於你們預期全年 ROE 的改善。那只是一般的費率調整效益逐步反映、以及類似因素嗎？不需要其他新的關鍵驅動因素來把報酬率拉上去嗎？

It's a little lumpy. But as the rate cases go through, we expect the improvement to go within our range of 9% to 10%, and we just have to execute on the plan. So 8.9% right now should come up, Joe, within a few quarters, and we'll be within our range of desire.

會有點不均勻。但隨著費率案件推進，我們預期會改善到我們 9% 到 10% 的區間內，而我們只需要把計畫執行到位。所以目前 8.9% 應該會在幾個季度內上升，Joe，我們會落在我們希望的區間內。

That's correct, Chris. We'll be in that 9% to 10% range by year-end, Steve. We infused equity into the utilities in the first quarter. The earnings were up, but they weren't up enough to offset that equity infusion and it just takes some time to reverse that effectively.

沒錯，Chris。Steve，到年底我們會在 9% 到 10% 的區間。我們在第一季對公用事業注入了股權。獲利是增加了，但增加幅度不足以抵銷那次股權注入，因此需要一些時間才能有效地把這個影響反轉回來。

Our next question coming from the line of Jeremy Tonet from JPMorgan.

下一題來自 JPMorgan 的 Jeremy Tonet。

Just want to go over to Illinois here real quick. I wonder if you could update us a bit on how the Illinois ratemaking process is progressing in the transition to its new multiyear framework. Any color you could share there would be helpful.

我想很快轉到伊利諾伊州這邊。我想請問你們能否更新一下：伊利諾伊州的費率制定流程，在轉換到新的多年期架構時，目前進展如何？你們能分享的任何資訊都會很有幫助。

Joe, are you going to cover that?

Joe，你要回答這題嗎？

Please repeat the question for me. I'm sorry, I didn't hear it.

請把問題再說一次，不好意思，我剛剛沒聽到。

Just as far as Illinois ratemaking process progressing in the transition to its new multiyear framework, any color you could share there on the progress.

就是關於伊利諾伊州的費率制定流程，在轉換到新的多年期架構時的進展如何；你們能否分享一些進度上的看法。

Good morning, Jeremy. Chris, this is Calvin. I'll take that one. ComEd -- as Chris outlined, ComEd filed its last rate case under the formula rate this year. And they are preparing a meeting with stakeholders, including the Illinois Commerce Commission, for their first filing of whether it's a traditional future test year or whether they go into a 4-year multi-plan -- year plan as outlined by the new energy law. The meetings with the stakeholders is critical in that as ComEd lays out its options. And as Chris outlined, they will be making that filing the first part of January -- first quarter of 2023, with an expected ruling from the commission by the end of the year.

早安，Jeremy。Chris，我是 Calvin。我來回答。ComEd——如 Chris 所概述，ComEd 今年已在公式費率下提交了最後一次費率案件。他們正在準備與利害關係人（包括伊利諾伊州商務委員會）開會，為首次申報做準備，屆時將決定是採用傳統的未來測試年度，或是依據新能源法所規劃的 4 年期多年——年度計畫。與利害關係人的會議在此過程中至關重要，因為 ComEd 會在會議中提出其選項。如 Chris 所說，他們將在 2023 年第一季——一月上旬提交申報，並預期委員會在年底前作出裁決。

So that, to your direct question, the transition is going smoothly. All the meetings are being done and met and the team is lining up on what is the appropriate course moving forward.

所以，直接回答你的問題，轉換進行得很順利。所有會議都在進行並如期完成，團隊也正在就未來前進的適當方向達成一致。

Got it. That's very helpful. And just with the new look Exelon here, just wondering how do corporate cost efforts currently stand since the separation? Are they tracking your expectations at this point? And do you have any sense for upside opportunities and potential magnitude of cost savings over time now post separation here?

了解。這很有幫助。再來，針對現在新的 Exelon，我想請問分拆之後，公司層面的成本改善工作目前狀況如何？到目前為止是否符合你們的預期？另外，你們是否看到任何上行機會，以及在分拆後隨時間推進可能的成本節省幅度？

Yes. I wouldn't commit to upside yet. We've got to get through this transition. There's a lot of work being done by the business services company to execute on plan. We're on plan right now and we feel comfortable.

是的。我現在還不會承諾有上行空間。我們必須先度過這個轉換期。業務服務公司正在做很多工作以執行計畫。我們目前按計畫進行，也覺得很有把握。

We watch the IT transition quite closely. That's one that can't get away from us. Separating the financials, separating the operational, separating the common databases is -- it's crucial to making our targets. And right now, we're on track and we hope to improve on it, but I wouldn't commit to any significant improvement at this point. We have to continue to work through the process of the separation.

我們非常密切地關注 IT 轉換。這件事我們不可能忽視。將財務面分離、將營運面分離、將共用資料庫分離——這對於達成我們的目標至關重要。而目前我們進度符合預期，我們也希望能有所改善，但此刻我不會承諾任何顯著的改善。我們必須持續推進分離流程。

It's astounding how much work has got to be done and it is on track, but there's a lot of people focused on it. If you look at the financials itself, separating that, looking at the operational integration, separating that, it's quite extensive. So we have the right leadership with Bridget Reidy and we continue to focus on it. Some areas might be a little bit faster than we anticipated based on the push from Constellation and Exelon, but too early to predict an upside.

需要完成的工作量之大令人驚訝，而且目前進度符合預期，但有很多人正專注在這上面。若看財務本身的分離、再看營運整合的分離，範圍都相當廣泛。因此我們有 Bridget Reidy 的正確領導，也會持續聚焦。有些領域可能因 Constellation 與 Exelon 的推動而比我們原先預期更快一些，但現在要預測是否有上行空間仍為時過早。

Our last question coming from the line of Durgesh Chopra with Evercore.

我們最後一個問題來自 Evercore 的 Durgesh Chopra。

I have a quick clarification and then a big picture question on EVs. Just, Chris, I think you mentioned, if I heard it correctly, an order in the third quarter on the Illinois, I believe the multiyear rate framework. And I believe it -- that relates to the discussions on metrics, operational metrics that are sort of adders to the ROE. Did I hear that correctly?

我先快速釐清一點，然後問一個關於電動車（EV）的宏觀問題。Chris，我想你提到——如果我沒聽錯——伊利諾伊州那個多年期費率框架在第三季會有一個命令（order）。我相信那——與指標的討論有關，也就是作為 ROE 加成的營運指標。我的理解正確嗎？

I wouldn't say it's the third quarter. Calvin -- it's at the end of 2023 that would be finalized, but we did put in our input for the metrics, the operational metrics to ensure the customer satisfaction. But your time line, Calvin.

我不會說是在第三季。Calvin——會在 2023 年底定案，但我們確實已就那些指標、營運指標提出意見，以確保客戶滿意度。不過你的時間表，Calvin。

Chris, you're right. We did put something in our metrics and we would expect to get a response back on that in the time line that was mentioned, but not the full rate case itself.

Chris，你說得對。我們確實把一些內容納入我們的指標中，並預期會在剛才提到的時間表內收到回覆，但不是整個費率案件本身。

Right. So the performance metrics, as we've outlined, as you hit, Chris, the 8 performance metrics that they're looking for, and we're currently -- it's outlined by the statute, by the law, and Gil and his team are working to drive what those are and give an agreement and alignment to how we move forward. But yes, we think within that, we know within the filing, those will all be locked down and our filing will take place in the first quarter of 2023.

對。所以就我們所概述的績效指標而言——如你提到的，Chris，他們在看的是 8 項績效指標——而我們目前——這些都由法規、法律所規範，Gil 和他的團隊正努力推動具體內容，並就我們如何向前推進達成協議與一致。但沒錯，我們認為在其中，我們也知道在該次申報中，這些都會被敲定，而我們的申報將在 2023 年第一季進行。

Got it. But just to be clear, the sort of the stance or the commission order as to what those metrics might look like and what those -- like both qualitatively and quantitatively, that comes in later in 2023?

了解。但為了確認清楚，關於那些指標可能長什麼樣、以及那些——不論是質性或量化——委員會的立場或命令，是在 2023 年稍晚才會出來？

On 9/30 this year.

在今年 9/30。

Right. By 9/30 of this year, we will have outlines, therefore, allowing the team to prepare for the rate case filing in the first quarter of 2023. We will know exactly what they are and how they will impact the business positively and/or negatively if those metrics aren't met.

對。在今年 9/30 前，我們會有大綱，因此讓團隊能為 2023 年第一季的費率案件申報做準備。我們會確切知道它們是什麼，以及若未達成那些指標，將如何對業務產生正面和／或負面影響。

Perfect. Guys, I appreciate you clarifying that. So in the third quarter, we'll know what those metrics are and that will dictate your filing in the first quarter of 2023.

完美。各位，謝謝你們幫忙釐清。所以在第三季，我們會知道那些指標是什麼，而那將決定你們在 2023 年第一季的申報。

Correct.

正確。

Correct.

正確。

Okay. And then just a quick follow-up. On EVs, thank you guys for sharing sort of the illustrative EV charging cost versus gas drilling cost, tremendously helpful. Maybe just very high level, and I appreciate this is a long-dated opportunity, is there a way to kind of think about the CapEx opportunity associated with this increased [loads] demand? And I appreciate it's over a sort of a 20-, 30-year period.

好。接著快速追問一下。關於電動車，謝謝你們分享電動車充電成本相對於汽油加油成本的示意比較，非常有幫助。也許就很高層次地問——我理解這是長期機會——有沒有一種方式可以思考，與這個增加的[負載]需求相關的資本支出（CapEx）機會？我也理解這是在 20、30 年的期間內。

One of our jurisdictions have a different focus and we're trying to work through those. But we do see, and I'll let Calvin speak to it, we do see a potential upside in the demand required to support the EVs. And for us, it's the infrastructure costs that we have to put in. We're changing voltage levels up from 4,160 to 13,800 to ensure that you've got not only the distributed generation, but you can service the EV demand. And working in the different jurisdictions on how that is framed is important. Calvin, I don't know if you want to add anything there.

我們各個管轄區的重點不同，我們正努力把這些理順。但我們確實看到——我讓 Calvin 來談——為支援電動車所需的需求可能帶來上行空間。對我們而言，關鍵是必須投入的基礎設施成本。我們正把電壓等級從 4,160 提升到 13,800，以確保你不僅有分散式發電，也能滿足電動車需求。在不同管轄區中如何界定這件事很重要。Calvin，你要不要補充？

I'll just -- I'll provide you some specific numbers. When you think -- because Chris is exactly right that each of our jurisdictions has approached this some more aggressive and others are just taking a staggered approach. So let's put it in terms of this.

我就——給你一些具體數字。當你思考——因為 Chris 完全正確，我們各個管轄區在這件事上的做法不同，有些更積極，有些則採取分階段的方式。所以我們用這樣的角度來說。

Right now, across our territories, we have approximately 215,000 EVs on the road out of the roughly 17 million vehicle registrants. So here under current statutes, the laws that have been passed, so let me just tell you about the degrees of pace.

目前在我們的服務區域內，約有 215,000 輛電動車在路上，對比約 1,700 萬名車輛登記者。在現行法規、已通過的法律之下，我先跟你說說推進速度的差異。

In Maryland, they have said they want 300,000 EVs on the road by 2025. New Jersey, 330,000 by 2025 and 2 million by 2035. Illinois law requires or says 1 million by 2030. And then in Delaware, 20% of the state registered vehicles by 2025. D.C., 25% by 2030 and 100% by 2045. And Pennsylvania is looking to replace 25% of its vehicles into transitioning to EVs.

在馬里蘭州，他們表示希望到 2025 年路上有 300,000 輛電動車。新澤西州，2025 年 330,000 輛，2035 年 200 萬輛。伊利諾伊州法律要求或表示 2030 年達到 100 萬輛。然後在德拉瓦州，2025 年州內登記車輛的 20%。華盛頓特區（D.C.），2030 年 25%，2045 年 100%。賓夕法尼亞州則希望將 25% 的車輛替換為轉向電動車。

That just goes to show you the opportunity. And when you look at the infrastructure that is going to be required to meet that and all of our capital plan, we see the opportunity across the Exelon utilities. So to Chris' point, all different but significant opportunity for us to be partners in building out that infrastructure and preparing the grid.

這正好顯示出機會所在。當你看為了達成這些目標所需的基礎設施，以及我們整體資本計畫時，我們在 Exelon 公用事業體系中看到了機會。因此如 Chris 所說，各地不同，但對我們而言都是重大的機會，讓我們成為合作夥伴，一起建置該基礎設施並為電網做好準備。

Got it. Thank you, guys, for taking time to answer my question. It sounds like a significant infrastructure opportunity for you guys as it is for the utilities and some of the states here moving faster than others in your territory.

了解。謝謝各位撥時間回答我的問題。聽起來對你們而言是相當重大的基礎設施機會，就像對公用事業與一些州一樣；而在你們的服務區域內，有些州推進得比其他州更快。

Yes. And for the customers also, it's -- that's our major focus is continuing to look forward to service the customer needs.

是的。而且對客戶也是——我們的主要重點就是持續向前看，以滿足客戶需求。

But I thank you for joining the call today. We're looking forward to our continuing, consistent performance we've delivered across our utilities. And with that, Jeanne, unless there's anything else, I'll close the call.

也謝謝你今天加入電話會議。我們期待在各家公用事業上持續展現我們一貫且穩健的績效。那麼，Jeanne，除非還有其他事項，否則我就結束本次電話會議。

Thanks, Chris.

謝謝，Chris。

Thanks, everybody. Bye.

謝謝大家。再見。

Ladies and gentlemen, thanks to all our participants for joining us today. This concludes our presentation. You may now disconnect. Have a good day.

各位女士先生，感謝所有與會者今天加入。本次簡報到此結束。您現在可以斷線。祝您有美好的一天。