第一能源 (FE) 2024 Q3 法說會逐字稿

Hello and welcome to the FirstEnergy Corp third quarter 2024 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Gina Caskey, Director of Investor Relations and Corporate Responsibility. Please go ahead, Gina.

您好，歡迎參加 FirstEnergy Corp 2024 年第三季財報電話會議。提醒一下，本次會議正在錄製中。現在我很高興將電話轉給投資者關係和企業責任總監 Gina Caskey。請繼續，吉娜。

Thank you. Good morning, everyone and welcome to FirstEnergy's third quarter 2024 earnings review. Our President and Chief Executive Officer, Brian Tierney, will lead our call today, and he will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer. Our earnings release, presentation slides, and related financial information are available on our website at firstenergycorp.com.

謝謝。大家早安，歡迎來到 FirstEnergy 2024 年第三季財報回顧。我們的總裁兼執行長布萊恩·蒂爾尼 (Brian Tierney) 將主持今天的電話會議，我們的高級副總裁兼財務長喬恩·泰勒 (Jon Taylor) 也將加入我們的行列。我們的收益發布、簡報投影片和相關財務資訊可在我們的網站firstenergycorp.com 上取得。

Today's discussion will include the use of non-GAAP financial measures and forward-looking statements. Factors that could cause our results to differ materially from these forward-looking statements can be found in our SEC filings. The appendix of today's presentation includes supplemental information along with the reconciliation of non-GAAP financial measures.

今天的討論將包括非公認會計準則財務指標和前瞻性陳述的使用。可能導致我們的結果與這些前瞻性陳述有重大差異的因素可以在我們向 SEC 提交的文件中找到。今天簡報的附錄包括補充資訊以及非公認會計準則財務指標的調節表。

Now, it's my pleasure to turn the call over to Brian.

現在，我很高興將電話轉給布萊恩。

Thank you, Gina. Good morning everyone. Thank you for joining us today and for your interest in FirstEnergy. Today, I will review our financial performance for the third quarter and discuss key strategic updates.

謝謝你，吉娜。大家早安。感謝您今天加入我們並感謝您對 FirstEnergy 的興趣。今天，我將回顧我們第三季的財務表現並討論關鍵的策略更新。

I will also provide updates on recent regulatory developments, address critical issues in our industry and review the value proposition we offer shareholders. Looking at our third quarter results, GAAP earnings from continuing operations were $0.73 per share compared to $0.74 per share in the third quarter of 2023.

我還將提供最新監管動態、解決行業中的關鍵問題並審查我們為股東提供的價值主張。從我們第三季的業績來看，持續經營業務的 GAAP 收益為每股 0.73 美元，而 2023 年第三季為每股 0.74 美元。

Operating earnings for the quarter were $0.85 per share compared to $0.88 in 2023 which included state tax benefits that did not repeat this year. Earnings for the quarter benefited from higher distribution sales primarily from more normal weather versus 2023. The implementation of new base rates in our integrated segment and the impact of formula rate investments across all of our businesses.

本季的營運收益為每股 0.85 美元，而 2023 年為每股 0.88 美元，其中包括今年沒有重複的州稅收優惠。該季度的收益得益於分銷銷售額的增加，這主要是由於與 2023 年相比天氣更加正常。在我們的綜合部門實施新的基本利率以及公式利率投資對我們所有業務的影響。

These items were primarily offset by higher storm related expenses. Dilution from the 30% sale of FirstEnergy transmission and the absence of state tax benefits that were recognized in 2023 in our corporate segment.

這些項目主要被風暴相關費用的增加所抵消。由於 FirstEnergy 傳輸 30% 的銷售以及我們企業部門在 2023 年確認的州稅收優惠的缺失而被稀釋。

Our team continues to do a great job maintaining their focus on efficient operations and financial discipline while executing against our plan. We experienced headwinds in the quarter including significant storm expenses, some of which were not deferred for recovery.

我們的團隊在執行我們的計劃的同時，繼續出色地保持對高效營運和財務紀律的關注。我們在本季度經歷了逆風，包括大量的風暴費用，其中一些費用沒有推遲恢復。

Our team responded to the headwinds demonstrating resilience and discipline to achieve third quarter earnings within our guidance range. I'm proud of their work and I'm confident that we are building the right team and culture focused on our core values and priorities to ensure that we deliver sustainable value for our customers, communities and shareholders.

我們的團隊應對逆風表現出韌性和紀律，實現了我們指導範圍內的第三季收益。我為他們的工作感到自豪，我相信我們正在建立專注於我們的核心價值和優先事項的正確團隊和文化，以確保我們為客戶、社區和股東提供可持續的價值。

Today, we are narrowing our (technical difficulty) from our previous range of $2.61 to $2.81 per share. During 2024, we were able to offset a number of financial headwinds through cost savings and focusing on capital work.

今天，我們將（技術難度）從之前的每股 2.61 美元縮小到 2.81 美元。2024 年，我們透過節省成本和專注於資本工作抵消了許多財務阻力。

In the quarter, we realized significant storm costs that did not meet the regulatory requirements for deferral. This development is leading us to make the guidance adjustment. We are reaffirming our five year CapEx plan of $26 billion through 2028 as well as our 6% to 8% long term annual operating earnings growth rate which is driven by average annual rate base growth of 9%.

在本季度，我們意識到龐大的風暴成本不符合延期的監管要求。這項發展促使我們做出指引調整。我們重申到 2028 年 260 億美元的五年資本支出計劃，以及 6% 至 8% 的長期年營業利潤增長率，該增長率由 9% 的平均年增長率基數增長率推動。

We plan to provide a more comprehensive update including a 2025 to 2029 financial plan early next year. We've put in the foundational work to support our goals now we're executing against our operational financial and regulatory plans to become a premier electric company.

我們計劃在明年初提供更全面的更新，包括 2025 年至 2029 年的財務計劃。我們已經投入了基礎工作來支持我們的目標，現在我們正在執行我們的營運財務和監管計劃，以成為一流的電力公司。

We'll continue to make meaningful investments that deliver value to our customers. Through the third quarter our capital investments totaled $3.1 billion an increase of 22% compared to the first nine months of 2023.

我們將繼續進行有意義的投資，為客戶創造價值。截至第三季度，我們的資本投資總額為 31 億美元，與 2023 年前 9 個月相比成長了 22%。

We are increasing our 2024 investment plan from $4.3 billion to $4.6 billion with over 70% in formula rate investments. The enhanced 2024 investment plan reflects increased reliability investments primarily in our distribution and standalone transmission businesses.

我們將 2024 年投資計畫從 43 億美元增加到 46 億美元，其中超過 70% 為公式利率投資。增強的 2024 年投資計畫反映了主要針對我們的配電和獨立輸電業務的可靠性投資的增加。

We're also participating in PJM's 2024 regional transmission expansion plan which is incremental to our $26 billion Energize365 investment plan. We entered into a joint development agreement with Dominion Energy Virginia and American Electric Power to propose several new regional transmission projects across multiple states within the PJM footprint.

我們也參與了 PJM 的 2024 年區域輸電擴建計劃，該計劃是我們 260 億美元的 Energize365 投資計劃的增量計劃。我們與 Dominion Energy Virginia 和 American Electric Power 簽訂了聯合開發協議，提議在 PJM 覆蓋範圍內跨多個州實施多個新的區域輸電項目。

These include several new [765,500 and 345] KV transmission lines in our collective service territories. We believe this collaboration will facilitate joint analysis of constraints, development of long range buildable solutions and execution of those solutions in a cost effective and timely manner.

其中包括我們集體服務區域內的幾條新的 [765,500 和 345] KV 輸電線路。我們相信，這種合作將促進對約束條件的聯合分析、長期可建構解決方案的開發以及以具成本效益和及時的方式執行這些解決方案。

Leveraging each company's strengths, ranging from expertise in constructing and operating different transmission voltage systems to the use of existing corridors and community relationships will allow for higher confidence in the execution of our proposals.

利用每家公司的優勢，從建造和運營不同輸電電壓系統的專業知識到利用現有走廊和社區關係，將使我們對執行建議更有信心。

In September, the joint development parties collectively submitted multiple portfolios of solutions to the competitive planning process. The most comprehensive of these options totals $3.8 billion in investment.

9月，聯合開發方集體向競爭性規劃流程提交了多個解決方案組合。這些選項中最全面的投資總額為 38 億美元。

FirstEnergy also submitted nearly $1 billion of individual projects to PJM for needs that are outside the joint development agreement. PJM staff is expected to select recommended projects by the end of the year with final approval expected at the PJM board meeting in late February.

FirstEnergy 也向 PJM 提交了近 10 億美元的單獨項目，以滿足聯合開發協議之外的需求。PJM 工作人員預計將在年底前選擇推薦項目，並預計在 2 月底的 PJM 董事會會議上獲得最終批准。

From an operation standpoint, we're seeing great results from our new business unit structure. And yesterday, we made another key addition to our leadership team. Karen McClendon has been named Senior Vice President and Chief Human Resources Officer effective November 11.

從營運的角度來看，我們看到新的業務部門結構取得了巨大的成果。昨天，我們的領導團隊又增添了一位重要成員。Karen McClendon 被任命為高級副總裁兼首席人力資源官，自 11 月 11 日起生效。

Karen brings to FirstEnergy more than three decades of human resources experience. Most recently as the CHRO at Paychex. She will spearhead our efforts to integrate and advance our human capital strategy, ensuring alignment with our strategic vision.

Karen 為 FirstEnergy 帶來了三十多年的人力資源經驗。最近擔任 Paychex 的首席人力資源長 (CHRO)。她將帶頭整合和推進我們的人力資本策略，確保與我們的策略願景保持一致。

She will be responsible for functions including talent management, benefits, and compensation, labor and employee relations, as well as our commitment to building an inclusive workforce and a workplace reflective of the communities we serve.

她將負責人才管理、福利和薪資、勞資關係等職能，以及我們致力於建立包容性員工隊伍和反映我們所服務社區的工作場所的承諾。

I am pleased to welcome Karen to FirstEnergy. Our new business unit structure is driving strong performance. This summer, four of our new business unit executives recruited from inside and outside the company took the helm at our New Jersey, Ohio, Pennsylvania and standalone transmission businesses.

我很高興歡迎凱倫加入 FirstEnergy。我們新的業務部門結構正在推動強勁的業績。今年夏天，我們從公司內外招募的四名新業務部門高管掌管了我們的新澤西州、俄亥俄州、賓夕法尼亞州和獨立傳輸業務。

John Hawkins, President of our Pennsylvania business led the team to craft the recent rate case settlement. Demonstrating our commitment to building constructive regulatory relationships and driving results that support our customers.

我們賓州業務總裁約翰霍金斯 (John Hawkins) 帶領團隊制定了最近的費率案件和解協議。展示我們對建立建設性監管關係和推動支持客戶的成果的承諾。

Torrence Hinton and Doug Mokoid led a tremendous response to challenging summer storms in Ohio and New Jersey. In New Jersey, Doug led JCP&L through 10 separate storm response events since he came on board at the beginning of the summer.

托倫斯·辛頓 (Torrence Hinton) 和道格·莫科伊德 (Doug Mokoid) 領導對俄亥俄州和新澤西州極具挑戰性的夏季風暴做出了巨大的反應。在新澤西州，自夏初上任以來，Doug 領導 JCP&L 開展了 10 場單獨的風暴響應活動。

These back to back events had our crew and storm rotation for six consecutive weeks as they restored service to our customers. In Ohio, an historic storm on August 6 in the Cleveland area disrupted power for more than 600,000 customers. This included five confirmed tornadoes resulting in significant damage to the electric distribution system. It was the most impactful storm to hit the Cleveland area since 1993.

這些背對背的事件使我們的工作人員和風暴連續六週輪換，以恢復對客戶的服務。8 月 6 日，俄亥俄州克里夫蘭地區發生歷史性風暴，造成超過 60 萬名客戶停電。其中包括五場已確認的龍捲風，對配電系統造成了嚴重損壞。這是自 1993 年以來襲擊克利夫蘭地區影響力最大的風暴。

Our response to this storm totaled more than $120 million and involved more than 7,500 workers including thousands of FirstEnergy employees and contractors from 12 states. This massive restoration effort with coordination and collaboration across state and local government agencies was executed at a high level and allowed us to restore power ahead of our original targets.

我們針對這場風暴的應對措施總計超過 1.2 億美元，涉及超過 7,500 名工人，其中包括來自 12 個州的數千名 FirstEnergy 員工和承包商。這項大規模的恢復工作是在州和地方政府機構之間的協調和協作下進行的，並且是在高水準上進行的，使我們能夠提前恢復電力。

In Ohio, we received positive media coverage and community recognition for our storm response and our consistent reliable communications. Coming together to help our communities is a hallmark of our industry. We're grateful for the assistance we received from outside crews and we're proud to step in when we're needed elsewhere.

在俄亥俄州，我們的風暴應對措施和一貫可靠的通信獲得了積極的媒體報告和社區認可。齊心協力幫助我們的社區是我們行業的標誌。我們感謝外部人員提供的幫助，並且很自豪能夠在其他地方需要我們時介入。

More than 1,000 of our own employees and contractors were dispatched this fall to help restore power in communities devastated by hurricanes, Helene and Milton. The work that these men and women do is critical to our country and I thank them for their service.

今年秋天，我們派遣了 1,000 多名自己的員工和承包商，幫助遭受颶風、海倫和米爾頓破壞的社區恢復供電。這些男人和女人所做的工作對我們的國家至關重要，我感謝他們的服務。

Turning to regulatory matters, in Pennsylvania as I mentioned, John Hawkins led the effort to engage with parties and reach a settlement in our rate review. The $225 million settlement reflects a carefully balanced compromise with key stakeholders including Public Utility Commission staff, the Office of Consumer Advocate and various industrial energy user groups and unions.

談到監管問題，正如我所提到的，在賓夕法尼亞州，約翰霍金斯（John Hawkins）領導了與各方接觸並在我們的費率審查中達成和解的努力。2.25 億美元的和解協議反映了與公共事業委員會工作人員、消費者權益保護辦公室以及各種工業能源用戶團體和工會等主要利益相關者之間謹慎平衡的妥協。

The rate adjustment builds on the service reliability enhancements we've made in Pennsylvania in recent years. It supports upgrading additional distribution grid equipment, ongoing tree trimming and improving customer service levels.

此次費率調整建立在我們近年來在賓州增強服務可靠性的基礎上。它支援升級額外的配電網設備、持續修剪樹木和提高客戶服務等級。

At the same time, it provides additional resources to help vulnerable and low income customers manage their bills. This month, the administrative law judge recommended that the commission approve the settlement.

同時，它還提供額外的資源來幫助弱勢和低收入客戶管理他們的帳單。本月，行政法法官建議委員會批准和解方案。

We anticipate approval in December with new rates taking effect on January 1, 2025. In Ohio yesterday, after careful consideration, we filed to withdraw our fifth electric security plan referred to as ESP V. As we have discussed previously, the ESP V order did not give us clarity on key conditions throughout the term of the ESP. Specifically, conditions for our distribution capital recovery rider and the vegetation management rider were only defined through the base rate case and not the five year period of the ESP.

我們預計將於 12 月獲得批准，新費率將於 2025 年 1 月 1 日生效。昨天在俄亥俄州，經過仔細考慮，我們申請撤銷第五個電力安全計畫（ESP V）。正如我們之前所討論的，ESP V 命令並未讓我們明確 ESP 整個期限內的關鍵條件。具體來說，我們的分配資本回收附加條款和植被管理附加條款的條件僅透過基本利率情況確定，而不是透過ESP的五年期確定。

Although we had previously requested a rehearing on these issues. A recent Ohio Supreme Court ruling limited the time frame the commission has to grant rehearing effectively resulting in our application for rehearing being denied by operation of law.

儘管我們之前曾要求就這些問題進行複審。俄亥俄州最高法院最近的一項裁決限制了委員會有效批准重審的時間範圍，導致我們的重審申請被法律拒絕。

The withdraw which is subject to a commission order will result in the Ohio companies reverting back to ESP IV until an ESP VI is filed and approved. We expect to file ESP VI by early next year better aligning the review of that ESP with the review of our Ohio base rate case.

受佣金命令約束的撤回將導致俄亥俄州公司恢復使用 ESP IV，直到 ESP VI 提交並獲得批准。我們預計在明年初提交 ESP VI，以便更好地將 ESP 的審查與俄亥俄州基本費率案例的審查結合起來。

This alignment should reduce risk and provide needed certainty for our customers and the company. Turning to other regulatory matters, we anticipate an order by the end of the year in our Ohio Grid Mod II case.

這種協調應該降低風險並為我們的客戶和公司提供所需的確定性。談到其他監管事宜，我們預計將在今年年底前收到針對 Ohio Grid Mod II 案例的命令。

You will recall we filed a partial settlement agreement in April focused on deploying automated meters for all of our Ohio customers similar to our in state peers. In New Jersey, we expect BP approval this week for JCP&L's energy efficiency and conservation plan program costs of $817 million from January 2025 to June 2027 are included in our financial plan. As a reminder JCP&L earns its authorized return on the included program investments.

您可能還記得，我們​​在四月提交了一份部分和解協議，重點是為所有俄亥俄州客戶部署自動化電錶，與我們州內的同行類似。在新澤西州，我們預計 BP 將於本週批准 JCP&L 的能源效率和節約計畫項目，從 2025 年 1 月到 2027 年 6 月的成本為 8.17 億美元，將包含在我們的財務計畫中。請注意，JCP&L 透過所包含的計劃投資獲得授權回報。

Currently, we are in settlement discussions on JCP&L's infrastructure investment plan Energize New Jersey which includes significant investments over five years to provide customer benefits through system resiliency and grid and substation modernization.

目前，我們正在就 JCP&L 的基礎設施投資計劃 Energize New Jersey 進行和解討論，其中包括五年內的重大投資，旨在透過系統彈性以及電網和變電站現代化為客戶帶來利益。

As we look to the future needs of our customers, we must address the challenges that are rapidly coming to the US electric system.

當我們著眼於客戶的未來需求時，我們必須應對美國電力系統迅速面臨的挑戰。

Analysts forecast that data center and AI share of US electricity consumption will triple to 390 terawatt hours by 2030 equal to the energy use of approximately one-third of US homes. In our own footprint load study requests for facilities of 500 megawatts or more have already more than tripled compared to 2023.

分析師預測，到 2030 年，資料中心和人工智慧在美國電力消耗中所佔的份額將增加兩倍，達到 390 太瓦時，相當於約三分之一美國家庭的能源使用量。在我們自己的足跡負載研究中，與 2023 年相比，對 500 兆瓦或以上設施的需求增加了兩倍以上。

While we have transmission capacity to support data center investments, we are being thoughtful about our approach to ensure that our existing customers have adequate protections and that we appropriately manage risks.

雖然我們擁有支援資料中心投資的傳輸能力，但我們正在認真考慮我們的方法，以確保我們現有的客戶得到足夠的保護，並適當地管理風險。

In PJM, the July capacity auction produced record high prices that will impact monthly residential bills by 11% to 19% beginning in June of next year. Despite the increase in prices, there wasn't any new dispatchable generation that cleared the auction. This is concerning to us on behalf of our 6 million customers as we think about service reliability and customer affordability.

在 PJM，7 月的容量拍賣產生了創紀錄的高價，這將從明年 6 月開始影響每月住宅帳單 11% 至 19%。儘管價格上漲，但沒有任何新的可調度一代透過拍賣。當我們考慮服務可靠性和客戶承受能力時，我們代表 600 萬客戶對此感到擔憂。

These are complex demand and supply side issues that require long term thinking and strategy to appropriately support customers energy needs. We will always advocate on behalf of our customers to ensure reliable and affordable electric service and we're committed to working collaboratively across the industry to address this challenge on our customer's behalf.

這些都是複雜的需求和供應方問題，需要長期思考和策略來適當地支持客戶的能源需求。我們將始終代表客戶倡導確保可靠且負擔得起的電力服務，並且我們致力於與整個行業合作，代表客戶應對這項挑戰。

We are laser focused on executing against our plan which significantly improves the customer experience through resiliency and reliability investments, grid modernization investments and enhanced tools and communications.

我們專注於執行我們的計劃，透過彈性和可靠性投資、電網現代化投資以及增強的工具和通訊來顯著改善客戶體驗。

It also supports a cleaner grid and increased load growth through operational flexibility. Delivering these benefits to our customers and communities fuels attractive returns and the compelling value proposition we offer to shareholders.

它還透過營運靈活性支援更清潔的電網並增加負載成長。為我們的客戶和社區帶來這些好處，可以帶來誘人的回報，並為股東提供令人信服的價值主張。

Our updated 2024 capital investment plan of $4.6 billion is 24% more than we invested in the full year of 2023 and 7% more than originally budgeted. Our prudent infrastructure investments to support the customer experience together with incremental opportunities such as PJMs RTEP process offer FirstEnergy a long runway for growth.

我們更新後的 2024 年資本投資計畫為 46 億美元，比 2023 年全年投資增加 24%，比最初預算增加 7%。我們為支援客戶體驗而進行的審慎基礎設施投資以及 PJM RTEP 流程等增量機會為 FirstEnergy 提供了一條漫長的成長之路。

With our Pennsylvania rate case settlement, we achieved another milestone, demonstrating our ability to reach constructive and reasonable regulatory outcomes that support our customers, our strong affordability position and our attractive risk profile.

透過賓州利率案件的和解，我們實現了另一個里程碑，證明了我們有能力實現建設性且合理的監管結果，以支持我們的客戶、我們強大的承受能力和有吸引力的風險狀況。

Our year-to-date results represent improved earnings quality that is driven by growth in our core regulated business. This earnings growth and strong dividend yield represent a compelling shareholder return with upside potential.

我們今年迄今的業績顯示獲利品質有所改善，這是由我們核心監管業務的成長所推動的。這種獲利成長和強勁的股息殖利率代表著令人信服的股東回報和上升潛力。

We are building the right team and culture and we have the financial strength to deliver on this plan. This is a new FirstEnergy. I'm proud of the progress we've made and excited about our future.

我們正在建立合適的團隊和文化，我們有財力來實現這項計劃。這是一個新的FirstEnergy。我為我們所取得的進步感到自豪，並對我們的未來感到興奮。

With that. I'll turn the call over to Jon.

就這樣。我會把電話轉給喬恩。

Thanks, Brian and good morning. Thank you for joining the call. I'll provide a few more details on our financial performance and regulatory matters, address economic and customer trends and provide an update on our financial initiatives.

謝謝，布萊恩，早安。感謝您加入通話。我將提供有關我們的財務業績和監管事宜的更多詳細信息，解決經濟和客戶趨勢，並提供有關我們財務計劃的最新信息。

Let's start with a review of our financial performance. Our third quarter earnings of $0.85 a share were at the low end of our guidance range operating earnings versus plan were mostly impacted by storm restoration expenses.

讓我們先回顧一下我們的財務表現。我們第三季的每股收益為 0.85 美元，處於指導範圍的低端。

As Brian mentioned, we experienced a number of storms in New Jersey and Ohio, including a large number that did not meet the regulatory threshold for deferral restoration activity resulted in about $30 million of non-deferred storm O&M which represents 10% of the consolidated O&M in the quarter.

正如Brian 所提到的，我們在新澤西州和俄亥俄州經歷了多次風暴，其中大量未達到延期恢復活動的監管門檻，導致非延期風暴運維費用約為3000 萬美元，佔合併運維費用的10 %在本季。

Absent this unusual storm activity, we would have been closer to the midpoint of our guidance range. In fact, total year-to-date storm restoration costs are $550 million of which about $60 million were included in O&M with the remaining amount included in our investment plan or deferred to the balance sheet.

如果沒有這次不尋常的風暴活動，我們會更接近指導範圍的中點。事實上，今年迄今的風暴恢復總成本為 5.5 億美元，其中約 6,000 萬美元包含在營運和維護中，其餘金額包含在我們的投資計畫中或遞延至資產負債表中。

The $0.85 per share for Q3 compares to $0.88 per share in the third quarter of last year, which included a significant state tax benefit in our corporate sector. In our distribution business earnings were $0.39 a share in the quarter compared to $0.37 a share in 2023.

第三季每股 0.85 美元，而去年第三季每股 0.88 美元，其中包括我們企業部門的重大州稅收優惠。我們的分銷業務本季每股收益為 0.39 美元，而 2023 年每股收益為 0.37 美元。

This reflects higher customer demand mostly from the mild temperatures last year and rate based growth and formula rate investment programs. Partially offset by other items mainly the impact of the Ohio ESP V that was effective, June 1 of this year. Operating expense reductions in this business were offset by higher storm restoration expenses.

這反映出客戶需求的增加主要來自去年溫和的氣溫以及基於利率的成長和公式利率投資計畫。部分抵消了其他項目的影響，主要是今年 6 月 1 日生效的俄亥俄州 ESP V 的影響。該業務營運費用的減少被風暴恢復費用的增加所抵消。

In our integrated segment consistent with what we have seen throughout the year, earnings increased $0.09 a year, which is a 32% increase over last year. This reflects the implementation of new base rates in Maryland, West Virginia and New Jersey rate based growth in distribution and transmission formula rate investment programs and lower financing costs partially offset by higher storm restoration expenses.

在我們的綜合業務中，與我們全年所看到的情況一致，收入每年增加 0.09 美元，比去年增長 32%。這反映了馬裡蘭州、西維吉尼亞州和新澤西州實施的新基準費率基於配電和輸電公式費率投資計劃的增長，以及較低的融資成本部分被較高的風暴恢復費用所抵消。

In our standalone transmission segment, operating earnings were $0.13 a share compared to $0.17 a share in the third quarter of last year. Rate base increased more than 10% year over year as a result of our transmission investment program.

在我們的獨立輸電部門，營業利潤為每股 0.13 美元，而去年第三季為每股 0.17 美元。由於我們的輸電投資計劃，費率基數比去年同期增長了 10% 以上。

But this was offset by the dilution from the 30% interest sale of FirstEnergy transmission to Brookfield which closed in March of this year. When adjusted for this transaction results increased $0.02 a share for the quarter.

但這被今年 3 月結束的 FirstEnergy 輸電公司向布魯克菲爾德出售 30% 利息的稀釋所抵消。在該交易進行調整後，本季每股收益增加了 0.02 美元。

Finally, in our corporate segment, we reported a third quarter loss of $0.04 a share versus earnings of $0.06 a share in Q3 of last year a difference of $0.10 a share. The largest drivers were the absence of a state tax benefit recognized in 2023 that resulted in a 10% consolidated effective tax rate as well as lower planned earnings from Signal Peak.

最後，在我們的企業部門，我們報告第三季每股虧損 0.04 美元，而去年第三季每股獲利 0.06 美元，每股盈餘相差 0.10 美元。最大的驅動因素是缺乏 2023 年確認的州稅收優惠，導致綜合有效稅率為 10%，以及 Signal Peak 的計劃收益較低。

These were partially offset by lower interest expense from a decrease in average total debt outstanding at FE Corp. A reduction from $6.9 billion in the third quarter of 2023 to $6.1 billion in the third quarter of 2024.

這些損失被 FE Corp 平均未償債務總額減少所帶來的利息費用降低所部分抵銷。

Turning to our year-to-date results, I'll remind you that in the second quarter, we took charges for the resolution of the OOCIC and SEC investigations. Those settlements were completed during the third quarter as we work to move beyond legacy House Bill 6 matters.

談到我們今年迄今的業績，我要提醒您的是，在第二季度，我們負責解決 OOCIC 和 SEC 的調查。這些和解已於第三季完成，我們正在努力解決遺留的眾議院第 6 號法案問題。

Year-to-date operating earnings primarily reflect new base rates in our integrated business growth from formula rate investment programs and stronger customer demand compared to last year. Although weather related sales are still below normal on a year-to-date basis, these were partially offset by higher planned operating and storm restoration expenses. The impact related to the FET transaction and lower planned Signal Peak earnings among other drivers.

年初至今的營業收入主要反映了公式利率投資計畫帶來的綜合業務成長的新基準利率以及與去年相比更強勁的客戶需求。儘管今年迄今與天氣相關的銷售額仍低於正常水平，但計劃營運和風暴恢復費用的增加部分抵消了這些銷售額。影響與 FET 交易和其他驅動因素中計劃的 Signal Peak 收益降低有關。

And as Brian mentioned, we narrowed our guidance for the year from $2.61 to $2.81 a share to $2.61 to $2.71 per share reflecting a midpoint of $2.66 per share versus our original midpoint of $2.71 a share.

正如布萊恩所提到的，我們將今年的指引從每股2.61 美元至2.81 美元縮小至每股2.61 美元至2.71 美元，反映了每股2.66 美元的中點，而我們最初的中點為每股2.71美元。

This reflects a series of unique items in the year and Q3 that impacted our guidance. Residential demand is down 2% year-to-date versus plan reflecting the impact of mild weather from this winter. Although we did see some of that turnaround in Q2, the impact of the Ohio ESP V which reduced DCR revenue relative to our guidance by $50 million annually beginning June 1 of this year.

這反映了今年和第三季影響我們指導的一系列獨特項目。今年迄今為止，住宅需求較計劃下降了 2%，反映出今年冬季溫和天氣的影響。儘管我們確實在第二季度看到了一些好轉，但俄亥俄州 ESP V 的影響使 DCR 收入從今年 6 月 1 日開始每年相對於我們的指導減少了 5000 萬美元。

And although we have captured O&M reductions to address these challenges, the increased storm restoration O&M expenses in Q3 required us to adjust the midpoint of our guidance. More detail on our third quarter and year-to-date results can be found in the strategic and financial highlights document we posted to our IR website yesterday afternoon.

儘管我們已經減少了營運和維護費用來應對這些挑戰，但第三季風暴恢復營運和維護費用的增加要求我們調整指導的中點。有關我們第三季度和年初至今業績的更多詳細信息，請參閱我們昨天下午發佈到投資者關係網站上的戰略和財務亮點文件。

Turning to regulatory matters as Brian mentioned in Pennsylvania, we filed our settlement on the base rate case and the ALJ recommended the Pennsylvania Commission approved the settlement. We view this settlement as constructive and supportive of our investment strategy.

至於監管問題，正如布萊恩在賓州提到的那樣，我們就基本利率案件提交了和解協議，行政法官建議賓州委員會批准和解協議。我們認為這項和解協議具有建設性並支持我們的投資策略。

The agreement which includes an increase in net revenues of $225 million supports investments to strengthen the grid and service reliability while enhancing assistance programs and the customer experience. It also provides for an enhanced vegetation management program to improve reliability metrics.

該協議包括淨收入增加 2.25 億美元，支持投資加強電網和服務可靠性，同時增強援助計劃和客戶體驗。它還提供了增強的植被管理計劃，以提高可靠性指標。

The settlement was based on a 2025 projected rate base of $7 billion in related cost of service. The difference between our original request of approximately $500 million and the $225 million in the settlement mostly relates to proposed future expenses such as accelerated storm cost recovery and higher depreciation expenses which will now not be incurred.

和解協議是基於 2025 年相關服務成本 70 億美元的預期費率基數。我們最初要求的約 5 億美元與和解中的 2.25 億美元之間的差異主要與擬議的未來費用有關，例如加速風暴成本回收和現在不會產生的更高折舊費用。

The revenue adjustment represents a 4.7% rate increase for residential customers and our residential rates remain 2% below the average of our in state peers. To stabilize electric bills the settlement includes a stay out provision for new rates until January 1, 2027 which is consistent with our plan.

收入調整意味著住宅客戶的費率增加了 4.7%，而我們的住宅費率仍然比州內同行的平均水平低 2%。為了穩定電費，和解協議包括在 2027 年 1 月 1 日之前保留新費率的條款，這與我們的計劃一致。

This settlement once approved would result in four constructive outcomes in base rate cases over a 14 month period. These cases provide annual revenue adjustments of nearly $450 million allowing our regulated utilities to increase investments to better serve our customers.

和解一旦獲得批准，將在 14 個月的時間內在基本利率案件中產生四項建設性成果。這些案例提供了近 4.5 億美元的年度收入調整，使我們受監管的公用事業公司能夠增加投資，以更好地為我們的客戶服務。

In Ohio, Brian mentioned that the decision to withdraw our Ohio ESP V. The objective is to avoid the uncertainty in ESP V with respect to certain conditions, work to get clarity on key writer provisions and ensure that writer programs are addressed in the appropriate form of an ESP.

在俄亥俄州，布萊恩提到了撤回俄亥俄州 ESP V 的決定。目標是避免 ESP V 在某些條件下的不確定性，努力明確關鍵編寫器條款，並確保編寫器程式以 ESP 的適當形式解決。

The Ohio political charitable spending audit was also completed in the quarter with no new House Bill 6 related findings. The audit report concluded that approximately $15,000 was charged to pole attachment customers. And the report acknowledges that we already agreed to refund this amount with interest.

俄亥俄州政治慈善支出審計也於本季完成，沒有與眾議院第 6 號法案相關的新調查結果。審計報告得出的結論是，向桿附件客戶收取了約 15,000 美元的費用。該報告承認我們已經同意退還這筆款項並附帶利息。

Additionally, hearings were held in the corporate separation audit earlier this month. In New Jersey, as Brian mentioned, we expect the final order this week in our energy efficiency and conservation program for January 2025 through June 2027 that addresses energy efficiency, peak demand reduction and building decarbonization.

此外，本月稍早也舉行了公司分拆審計聽證會。正如布萊恩所提到的，在新澤西州，我們預計將於本週發布2025 年1 月至2027 年6 月能源效率和節能計畫的最終訂單，該計畫將解決能源效率、減少尖峰需求和建築脫碳問題。

The $817 million total program includes $784 million of investments that will earn a return on equity of 9.6% and an equity ratio of 52% and be recovered over 10 years. Looking at economic and load activity in our region, economic trends remain positive including GDP growth in all five states and an unemployment rate in line with the US average.

該計劃總金額為 8.17 億美元，其中包括 7.84 億美元的投資，這些投資將獲得 9.6% 的股本回報率和 52% 的股本比率，並在 10 年內收回。從我們地區的經濟和負荷活動來看，經濟趨勢仍然樂觀，包括所有五個州的 GDP 成長以及失業率與美國平均值一致。

Customer demand remains positive overall, we're seeing weather adjusted load growth of about 1% over the last 12 months. While residential and commercial load are essentially flat industrial demand increased, approximately 3% led by the chemical and automotive sectors with growth of 7% and 4% respectively.

總體而言，客戶需求仍然樂觀，我們看到過去 12 個月內經天氣調整後的負載增加了約 1%。雖然住宅和商業負載基本持平，但工業需求增長約 3%，其中化學和汽車行業分別增長 7% 和 4%。

Turning to our liquidity position and financing plan on October 24, we enhanced the company's overall liquidity position by increasing JCP&L's credit facility by $250 million to accommodate its increasing investment programs and extends the maturity date on all eight liquidity facilities by one year.

談到我們10 月24 日的流動性頭寸和融資計劃，我們透過將JCP&L 的信貸額度增加2.5 億美元來適應其不斷增加的投資計劃，並將所有八項流動性額度的到期日延長一年，從而增強了公司的整體流動性部位。

Moving forward FirstEnergy and its subsidiaries have $5.9 billion of committed liquidity to support growth. As of October 28, FirstEnergy 's total liquidity including cash on hand was approximately $6 billion.

展望未來，FirstEnergy 及其子公司擁有 59 億美元的承諾流動資金來支持成長。截至10月28日，FirstEnergy的流動資金總額（包括手頭現金）約為60億美元。

So far in 2024 we've completed four long term debt transactions at a regulated operating companies totaling $1.4 billion at a weighted average coupon of 5.1%. In early September as part of our strategic financing plan, FET launched an $800 million debt transaction in a private offering with SEC registration rights.

2024 年到目前為止，我們已在一家受監管的營運公司完成了四筆長期債務交易，總額達 14 億美元，加權平均票面利率為 5.1%。9 月初，作為我們策略融資計劃的一部分，FET 以私募方式啟動了 8 億美元的債務交易，並擁有 SEC 註冊權。

We priced the senior unsecured notes in two tranches at a weighted average coupon of 4.78%. This transaction which will be used to redeem $600 million of FET notes resulted in greater transparency and broadening the investor audience with the deal being 10 times oversubscribed.

我們將優先無抵押票據分兩批定價，加權平均票面利率為4.78%。該交易將用於贖回 6 億美元的 FET 票據，從而提高了透明度並擴大了投資者受眾，該交易獲得了 10 倍的超額認購。

JCP&L is considering a similar structured transaction. And finally earlier this month, recognizing our progress on legacy issues, our improved credit profile and constructive regulatory outcomes Fitch upgraded FET Corp's issuer and unsecured credit ratings to BBB flat from BBB-. And several subsidiaries received a one notch upgrade.

JCP&L 正在考慮進行類似的結構性交易。最後，本月早些時候，惠譽認識到我們在遺留問題上取得的進展、信用狀況的改善以及建設性的監管成果，將FET Corp 的發行人和無擔保信用評級從BBB- 升級為BBB 級。多家子公司獲得一級升級。

FE Corp and certain subsidiaries remain on positive outlook with S&P. 2024 has been an exciting year marked by several important milestones in our transformation. We believe we are in a very good position with the financial strength and opportunity to build on our momentum and become a premier electric company that delivers value to our customers communities and investors.

標準普爾仍對富裕公司和某些子公司保持積極的展望。 2024 年是令人興奮的一年，我們的轉型取得了多個重要里程碑。我們相信，我們處於非常有利的位置，擁有財務實力和機會，可以鞏固我們的勢頭，成為一家為我們的客戶社群和投資者提供價值的一流電力公司。

With that, let's open the call to Q&A.

接下來，讓我們開始問答環節。

(Operator Instructions)

（操作員說明）

Shahriar Pourreza, Guggenheim Partners.

Shahriar Pourreza，古根漢合夥人。

Hey guys, good morning.

嘿夥計們，早安。

Good morning, Shah.

早安，沙阿。

Brian, last week, you guys filed in the PJM load committee indicating kind of load increases of 4 gigs and ATSI in 3 gigs and APS zones. Those slides that you guys submitted indicated some customers are over 700 megawatts with one being 1.2 gigs.

Brian，上週，你們向 PJM 負載委員會提交了文件，顯示 4 場演出和 3 場演出和 APS 區域的 ATSI 負載增加。你們提交的那些幻燈片表明，一些客戶的容量超過 700 兆瓦，其中一個為 1.2 兆瓦。

In Ohio and some similar trends in Pennsylvania with one customer being a gigawatt. I guess, how real are these projects is the spend incremental? And could any of these kind of correlate with co located deals with certain nuclear assets in the area? I guess some color, there would be great. Thanks.

在俄亥俄州和賓夕法尼亞州有一些類似的趨勢，其中一個客戶的容量為千兆瓦。我想，這些項目的支出增量有多真實？這些是否可能與該地區某些核資產的共處交易有關？我想有一些顏色，那就太好了。謝謝。

Thanks for the question, Shar. We are definitely seeing an increase in these large load requests for conceptual and specific design load studies. In 2024, we've had over 60 requests for either conceptual for detailed load studies of 500 megawatts or more.

謝謝你的提問，莎爾。我們確實看到概念和具體設計負載研究的這些大負載請求有所增加。到 2024 年，我們收到了超過 60 個關於 500 兆瓦或以上詳細負載研究概念性的請求。

And so we think it's real. These people are talking to us about specific locations, specific investment plans. As we have a number of places where we previously had our own power plants and where there were other industrial centers places like aluminum smelters that have shut down where we have transmission capacity to serve large customers at this scale.

所以我們認為這是真的。這些人正在與我們討論具體地點、具體投資計畫。因為我們在許多地方以前擁有自己的發電廠，並且還有其他工業中心，例如鋁冶煉廠，這些地方已經關閉，但我們有傳輸能力為這種規模的大客戶提供服務。

So we think our -- we have the transmission capacity, people are looking to us, there's land available and we believe it's real from the discussions that we're having with these folks. Some of these things are public, you've seen in places like the Panhandle of Maryland, you've heard about things like quantum loophole there, which is a very, very large load, and it's meant to be expansive capacity relative to the Northern Virginia data load center campuses.

因此，我們認為我們擁有傳輸能力，人們正在尋找我們，有可用的土地，並且從我們與這些人的討論中我們相信這是真實的。其中一些東西是公開的，你在馬裡蘭州狹長地帶等地方見過，你聽說過那裡的量子漏洞之類的東西，這是一個非常非常大的負載，相對於北部地區來說，它的容量意味著可擴展的弗吉尼亞資料負載中心園區。

And we're seeing other interest in what they call the Panhandle of West Virginia, which is just across the border from Maryland. And then along the lake in the Ohio River Valley. So it's real, it's coming this conversations we're having with people are detailed about when and where they're going to be investing on our system and we look forward to serving those customers as they come online.

我們也看到人們對他們所說的西維吉尼亞州狹長地帶（Panhandle of West Virginia）感興趣，該地區位於馬裡蘭州邊境對面。然後沿著俄亥俄河谷的湖邊。所以這是真的，我們正在與人們進行的對話詳細說明了他們將在何時何地投資我們的系統，我們期待為這些上線的客戶提供服務。

Can you confirm, Brian, if any of the ones that are over a gigawatt because it just means customer one, customer two. Are they data centers?

布萊恩，你能確認是否有超過千兆瓦的嗎，因為它只意味著客戶一、客戶二。它們是資料中心嗎？

I would say yes, they are.

我會說是的，他們是。

Okay, perfect. And then just lastly on ESP V withdrawal, can you maybe just dig into kind of the financial impacts from reverting back to ESP IV and does vetting through ESP VI, while in the GRC kind of complicate things just given the number of unrelated moving pieces in the current GRC filing like goodwill treatment. I mean, this is kind of the first time in a while. The PCO is looking at all the riders it's a lot to juggle, so maybe just some sense there. Thanks.

好的，完美。最後，關於ESP V 的撤回，您是否可以深入研究一下恢復到ESP IV 並通過ESP VI 進行審查所帶來的財務影響，而在GRC 中，考慮到ESP V 中不相關的移動部件的數量，事情會變得更加複雜。我的意思是，這是一段時間以來的第一次。PCO 正在關注所有的車手，這需要處理很多事情，所以也許只是有一些意義。謝謝。

Yeah. So thanks for the question, Shar. The financial implications of the withdrawal of ESP V are not significant it's really more of a risk play. It's the idea that certain of the riders didn't -- that are covered -- should be covered in the ESP V were punted to the general rate case, so we didn't know what their treatment would be beyond on that.

是的。謝謝你的提問，莎爾。退出 ESP V 的財務影響並不重大，這實際上更像是一場冒險。我們的想法是，某些不屬於 ESP V 承保範圍的騎士被視為一般費率情況，因此我們不知道他們的待遇會超出此範圍。

And this really allows us the opportunity to time the alignment of ESP VI now with when the general rate case will come out. We've talked to our people and rates about this and said this is complicate things in the general rate case and the answer we got was this actually simplifies the general rate case and puts the riders where they appropriately belong in ESP VI.

這確實讓我們有機會將 ESP VI 現在與一般費率案例發布的時間結合。我們已經與我們的員工和費率討論了這一問題，並表示這在一般費率情況下會讓事情變得複雜，而我們得到的答案是，這實際上簡化了一般費率情況，並將乘客放在ESP VI 中適當的位置。

This is not -- this is something we were hoping to avoid on rehearing and then an order out of the Ohio Supreme Court really withdrew the opportunity to address these in rehearing and that really tipped our hand. But it's much more of a risk reduction play rather than a financial play around ESP IV versus ESP V or ESP VI.

這不是——這是我們希望在重審時避免的事情，然後俄亥俄州最高法院的一項命令確實取消了在重審中解決這些問題的機會，這確實讓我們下手了。但這更多的是一種降低風險的遊戲，而不是圍繞 ESP IV 與 ESP V 或 ESP VI 的財務遊戲。

Okay. That's perfect, Brian. That's super helpful. I'll see you guys in a in about a week. Thanks.

好的。太完美了，布萊恩。這非常有幫助。大約一週後我就會見到你們。謝謝。

Thanks, Shar.

謝謝，莎爾。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

Morning, Nick.

早安，尼克。

Morning. Just a quick follow up on Shar's question. Just to tie that one off, just the large load requests, how much capacity is on your transmission system today to facilitate those requests? And then separately but somewhat related, just with these large loads, potentially things still targeting for behind the meter.

早晨。快速跟進 Shar 的問題。為了解決這個問題，只是大負載請求，您現在的傳輸系統有多少容量來滿足這些請求？然後是單獨但有些相關的，只是這些大負載，潛在的東西仍然瞄準儀表後面。

And you kind of flagging, the higher bills in PJM how should we kind of think about like an 11% to 19% increase against like a 6% distribution rate based growth outlook. Can you still kind of execute on that against that bill outlook? Thank you.

你有點萎靡不振，PJM 的帳單較高，我們應該如何考慮 11% 至 19% 的成長，而不是基於 6% 分配率的成長前景。您還能根據帳單前景執行該操作嗎？謝謝。

Thank you for the question. First on the capacity that we have, we think we have several 1,000 megawatts of transmission capacity to be able to serve data center and other loads. And like I said earlier, it's mostly associated with transmission capacity that was used for either power plants that are no longer operating or large industrial customers that have moved on to other places.

謝謝你的提問。首先，我們擁有的容量，我們認為我們擁有數千兆瓦的傳輸容量，能夠為資料中心和其他負載提供服務。正如我之前所說，它主要與用於不再運行的發電廠或已轉移到其他地方的大型工業客戶的傳輸容量有關。

So we think we have a significant amount of unused capacity that's available to be consumed by data center or other large loads. And I just want to remind people that that's actually good for existing customers, right? We're taking that existing capacity and spreading it over more units for more customers and that's a rate positive for existing customers as they're consuming unused capacity.

因此，我們認為我們有大量未使用的容量可供資料中心或其他大型負載使用。我只是想提醒人們，這實際上對現有客戶有好處，對嗎？我們正在利用現有容量並將其分散到更多單位以服務更多客戶，這對於現有客戶來說是一個積極的比率，因為他們正在消耗未使用的容量。

In terms of the rate impacts of capacity auctions and the like, those capacity auctions take up headroom and cost our customers real dollars. And the thing that we're about there is that are they actually getting increased capacity and enhanced reliability for the dollars that they're spending in 2025 and '26.

就容量拍賣等的費率影響而言，這些容量拍賣佔用了空間並花費了我們客戶的實際資金。我們關心的是，他們在 2025 年和 26 年花費的資金實際上是否獲得了更大的容量和更高的可靠性。

People talk about sending price signals. We're not sure that these price signals are in the near term or long term going to result in incremental net new capacity and so we're concerned about that. We're talking to legislators, regulators, customers about solutions that would actually add net new capacity at reasonable costs and are looking to be positively engaged in discussions to bring that about.

人們談論發送價格訊號。我們不確定這些價格訊號在短期或長期是否會導致淨新增產能增量，因此我們對此感到擔憂。我們正在與立法者、監管者和客戶討論能夠以合理成本實際增加淨新增產能的解決方案，並希望積極參與討論以實現這一目標。

So we don't think today that the costs that are being passed on are going to impair our ability to get regulatory recovery for the investments that we're making. But think that we as well as others, need to be prudent with every dollar that we're asking our customers to spend on for electric service.

因此，我們認為今天轉嫁的成本不會損害我們為正在進行的投資獲得監管恢復的能力。但我們和其他人一樣，需要謹慎對待我們要求客戶花在電力服務上的每一美元。

Yeah, that makes a lot of sense and I appreciate your comments there. Quick question, just good to see the Pennsylvania settlement filed in Novem or in September. And I know we'll have that order in December, but you are showing like a 2.5% earned ROE in Pennsylvania and every $0.07 is for 100 bps improvement and ROE does seem like it would be material just should you get back to a regular return here in '25? Is that the way to kind of think about this or are you still going to be lagging?

是的，這很有意義，我很欣賞你的評論。快速提問，很高興看到賓州和解協議於 11 月或 9 月提交。我知道我們將在12 月收到該訂單，但您在賓州的淨資產收益率為2.5%，每0.07 美元即可提高100 個基點，而淨資產收益率似乎確實很重要，只要您恢復正常回報25年在這裡？這是思考這個問題的方式還是你仍然會落後？

Hey, Nick, this is Jon. So that 2.5% was based on the filing that we made in the application. So requesting the $500 million net revenue adjustment. So that included a lot of proposed expenses to support that rate increase. Now that we have the settlement in place, we'll be at a much more normalized level in terms of the return there.

嘿，尼克，這是喬恩。因此，2.5% 是基於我們在申請中提交的內容。因此請求調整 5 億美元的淨收入。因此，這包括許多支持加息的擬議支出。既然我們已經達成和解，我們的回報將處於更正常化的水平。

Okay. Thanks for that clarification. Have a good day.

好的。感謝您的澄清。祝你有美好的一天。

Thanks, Nick.

謝謝，尼克。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Oh, hey, thanks. Good morning.

哦，嘿，謝謝。早安.

Good morning, David.

早安，大衛。

I wondering if you might be able to elaborate on some of those options that you mentioned you're discussing in terms of getting more generation built in PJM.

我想知道您是否能夠詳細說明您提到的一些選項，您正在討論如何在 PJM 中建立更多世代。

Yeah. So I think that there are some solutions that could be outside of a PJM capacity auction construct that might bring certainty of net new capacity coming on board relative to the sending of price signals that we hope will result in incremental capacity coming on.

是的。因此，我認為有一些解決方案可能不屬於 PJM 產能拍賣結構，這些解決方案可能會帶來淨新產能的確定性，相對於發送價格訊號而言，我們希望這些訊號將導致產能增量。

And I think they're market constructs, that -- or there are constructs that we've seen out there that have worked, things like NIPA, NYSERDA where you have state agencies that run auctions to bring in certain types of capacity. I could see that being effective in places like Ohio, Pennsylvania, Maryland and others where a state agency could ask all comers to bid on net new capacity in a given year of a certain type, I'd say dispatchable generation in a year like 2030, 2031 of a combined cycle nature and allow everyone to bid on delivering that.

我認為它們是市場結構，或者我們已經看到了一些有效的結構，例如 NIPA、NYSERDA，其中有國家機構透過拍賣來引入某些類型的能力。我可以看到，這在俄亥俄州、賓夕法尼亞州、馬裡蘭州和其他地方是有效的，在這些地方，州機構可以要求所有參與者對特定年份的某種類型的淨新容量進行投標，我想說的是像2030 年這樣的一年中的可調度發電量，2031年具有聯合循環性質，並允許每個人競標實現這一目標。

IPPs could investment companies could, utility companies could. And you'd be certain through a contract and certain design milestones that you would know that net new capacity was going to be delivered in that state.

獨立發電廠可以，投資公司可以，公用事業公司可以。透過合約和某些設計里程碑，您可以確定將在該州交付淨新容量。

And I think it's just solutions like that, rather than sending price signals you hope will be effective, actually have real auctions with real counterparties with real milestones. So you'll know that, that capacity will be there when the state needs it.

我認為這只是這樣的解決方案，而不是發送您希望有效的價格信號，而是與具有真正里程碑的真正交易對手進行真正的拍賣。所以你會知道，當國家需要時，這種能力就會存在。

Got it. That's helpful. And then I guess as you look out at all these load requests out over the next several years, just wondering what your thoughts are in terms of looking at your own load forecast. When might you reassess and give a new longer term outlook in terms of what you're expecting for low growth?

知道了。這很有幫助。然後我想，當您查看未來幾年的所有這些負載請求時，只是想知道您在查看自己的負載預測方面有何想法。什麼時候可以重新評估低成長的預期並給予新的長期前景？

Yeah, Dave. So I think the current plan right now is to provide that update early next year, likely on the fourth quarter call as we update the longer term plan. So I think the plan is to give 2025 guidance as well as a 2025 to 2029 CapEx and long term growth rate plan sometime on the yeah, on the fourth quarter call.

是的，戴夫。因此，我認為目前的計劃是在明年初提供更新，並可能在第四季度電話會議上更新長期計劃。因此，我認為計劃是在第四季度電話會議上給出 2025 年指導以及 2025 年至 2029 年資本支出和長期增長計劃。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Thanks, Dave.

謝謝，戴夫。

Steve Fleishman, Wolf Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Yeah. Excuse me. Good morning. Thanks.

是的。打擾一下。早安.謝謝。

Good morning, Steve.

早安，史蒂夫。

So I know there's been some challenges this year, but just the -- I just want to clarify you reaffirm the 68% growth off basically last year's midpoint.

所以我知道今年遇到了一些挑戰，但我只是想澄清一下，您重申了與去年中點相比增長 68% 的情況。

That's right. So the way the way to think about it, the [$2.71 was based off last year's midpoint of $2.54. Our growth going forward is going to be based off the $2.71].

這是正確的。所以思考這個問題的方式[2.71 美元是基於去年 2.54 美元的中點。我們未來的成長將基於 2.71 美元]。

Okay. So you're not going to, right, you're not going to go down to this lower half.

好的。所以你不會，對，你不會下降到這個下半部。

Correct.

正確的。

Okay. Good. And then just for '25 specifically, just as you -- on the one hand, you have to manage this period with the going back to the prior ESP, but you do get the DCR back but then on the other hand, you get Pennsylvania rate relief. So is '25 kind of okay to be within that 6% to 8% growth rate.

好的。好的。然後就特別是在 25 年，就像你一樣，一方面，你必須透過回到之前的 ESP 來管理這段時間，但你確實得到了 DCR，但另一方面，你得到了賓州利率減免。那麼，25 年的成長率在 6% 到 8% 之內是可以的嗎？

Oh, yeah, absolutely. I mean, if you think about the Pennsylvania rate case, you think about our CapEx plan, in terms of the amount that's formula rate driven plus the financial discipline that we need to create in the organization, we feel really good about our plan for next year.

哦，是的，絕對是。我的意思是，如果您考慮賓州的利率案例，您會考慮我們的資本支出計劃，就公式利率驅動的金額加上我們需要在組織中創建的財務紀律而言，我們對下一步計劃感到非常滿意年。

Okay, good. And then maybe Brian back to the prior question about generation solutions. The idea you mentioned of like state agency and the like in the key in your key states, would those require a legislation or would they be feasible without a bill?

好的，很好。然後布萊恩可能會回到之前關於發電解決方案的問題。您提到的國家機構之類的想法，在您的關鍵州的關鍵中，這些想法是否需要立法，或者在沒有法案的情況下是否可行？

I think solutions like what I described where you'd have a state agency, would definitely require legislative action. Things like utility builds in and of themselves would not necessarily include legislation changes. In West Virginia, Maryland and Ohio, but would require legislative changes in Pennsylvania and New Jersey.

我認為像我所描述的國家機構這樣的解決方案肯定需要採取立法行動。諸如公用事業建設之類的事情本身並不一定包括立法變化。在西維吉尼亞州、馬裡蘭州和俄亥俄州，但需要在賓夕法尼亞州和新澤西州進行立法改革。

We are not interested in building competitive generation. If a state would like us to and we'd come to an agreement, we would consider adding long term regulated generation. If that was in the states interest to do that, but I think we'd get a lot of opposition from places like IPPs and others.

我們對建立有競爭力的世代不感興趣。如果某個州希望我們這樣做並且我們達成協議，我們會考慮增加長期監管發電。如果這樣做符合各州的利益，但我認為我們會遭到獨立發電廠和其他地方的許多反對。

If they would like to commit to build in something that looked like a state auction. I think that would be a way to have all comers bring their solutions to the problems that the states are facing and might be less likely to have strong opposition from others in the IPP camp.

如果他們願意承諾建造一些看起來像國家拍賣的東西。我認為這將是一種讓所有參與者為各州面臨的問題提供解決方案的方式，並且不太可能遭到 IPP 陣營其他人的強烈反對。

Got it. Thank you.

知道了。謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

Michael Lonegan, Evercore ISI.

羅根 (Michael Lonegan)，Evercore ISI。

Hi, thanks for taking my questions. So you have no equity in your financing plan beyond the employee benefit program. Just you're highlighting a lot of incremental investment opportunity. How should we think about financing that additional spending, what portion do you see that needed to be funded with new equity?

您好，感謝您回答我的問題。因此，除了員工福利計劃之外，您的融資計劃中沒有任何權益。只是您強調了很多增量投資機會。我們應該如何考慮為額外支出提供資金，您認為哪一部分需要透過新股本提供資金？

Yeah, so Michael, I mean, we talked about before, we have some cushion in the metrics. That would equate to about 5% of additional CapEx to the $26 billion. And if you look at some of the transmission opportunities that we're pursuing, depending on the different types of solutions, some of that might even fall outside of our current planning window and would be in '29 and beyond.

是的，所以邁克爾，我的意思是，我們之前談過，我們在指標上有一些緩衝。這相當於 260 億美元額外資本支出的 5% 左右。如果你看看我們正在尋求的一些傳輸機會，根據不同類型的解決方案，其中一些甚至可能超出我們當前的規劃窗口，並且會在 29 年及以後進行。

And a lot of that, quite frankly is going to be at the FET business, which would be obviously a 50% ownership with Brookfield. So based on everything we know right now, we're comfortable with our current plan.

坦白說，其中很大一部分將用於 FET 業務，布魯克菲爾德顯然將擁有 50% 的所有權。因此，根據我們目前所知的一切，我們對目前的計劃感到滿意。

Great, thanks. And then secondly, so you just talked about some cushion in your metrics. You obviously, increased your 2024 capital program and had higher storm costs, during the quarter. Where do you expect to end this year on FFO to debt versus the targeted 14% to 15%?

太好了，謝謝。其次，您剛剛談到了指標中的一些緩衝。顯然，您在本季度增加了 2024 年資本計劃，並承受了更高的風暴成本。您預計今年底 FFO 負債比率將達到多少，而目標為 14% 至 15%？

Yeah. So this year will probably be just under 13%. And a lot of that was impacted by the SEC and OOCIC payment as well as that unusual storm event we saw in Cleveland back in August. I mean, those two events alone were about $200 million of FFO. So if you were to strip that out and normalize that, I think we'd be closer to 14%.

是的。所以今年可能會略低於 13%。其中很大一部分受到 SEC 和 OOCIC 付款以及我們八月份在克利夫蘭看到的不尋常風暴事件的影響。我的意思是，光是這兩件事就花費了約 2 億美元的 FFO。因此，如果您將其剔除並標準化，我認為我們會更接近 14%。

Thanks for taking my question.

感謝您提出我的問題。

Thank you, Michael.

謝謝你，麥可。

Anthony Crowdell, Mizuho Securities.

安東尼克勞德爾，瑞穗證券。

Hey, good morning. If I could follow up on the storm question. I think you said some of the cost didn't meet a regulatory threshold for recovery or I guess maybe for capitalization. Does that change how you'd respond to storms going forward or anything the utility could do to maybe get a writer or something that prevents that from happening again.

嘿，早安。如果我可以跟進風暴問題。我想你說過一些成本沒有達到回收的監管門檻，或者我想可能是資本化的。這是否會改變你對未來風暴的反應方式，或者公用事業公司可以採取的任何措施來聘請作家或採取其他措施來防止這種情況再次發生。

So would never change how we respond to storms, Anthony. We are going to work with dispatch and with all haste to return our customers who are knocked out of service due to storm activity. And restoring customers to service safely and as quickly as possible will always be a key priority for us.

所以永遠不會改變我們應對風暴的方式，安東尼。我們將迅速派遣並儘快返回因風暴活動而無法提供服務的客戶。安全、盡快讓客戶恢復服務始終是我們的首要任務。

We will always at the same time work with regulators and others to make sure that we get timely recovery for what we spend on storms. I don't think people would like us to even consider and we won't how much it cost to get people back as quickly as we can, but we should also have some comfort and certainty that we'll get timely recovery for what we prudently incur restoring people to service.

我們將始終與監管機構和其他方面合作，確保我們及時收回在風暴方面的支出。我認為人們甚至不希望我們考慮，我們也不會盡快讓人們回來要花多少錢，但我們也應該有一些安慰和確定性，我們將得到及時的恢復審慎地使人們恢復服務。

So I think there's a balance there, I think regulators want us to spend what we need to prudently get people back to service not wasting any dollars at all, but to be thoughtful about the dollars we spend and to have a comfort that we'll get recovery for everything we prudently spend.

所以我認為這是一個平衡，我認為監管機構希望我們花我們需要的錢，謹慎地讓人們恢復服務，根本不浪費任何美元，但要考慮我們花的錢，並感到安慰，我們會收回我們謹慎花費的一切。

It's been a remarkable year for storms and it's not just us. I think you're seeing it with other utilities across the country. And I see things like mutual assistance and how they actually happened it was fascinating the August 6 storm that we had in the Cleveland area, right?

對於風暴來說，今年是非凡的一年，而且不僅僅是我們。我想您在全國其他公用事業公司中也看到了這一點。我看到諸如互助之類的事情以及它們實際上是如何發生的，8 月 6 日克利夫蘭地區發生的風暴令人著迷，對嗎？

It was such a localized event that it basically hit only us in the Cleveland area and Cleveland Public Power. And our neighbors, right my friends at AEP, our friends at DT&E, PPL and others who are neighboring us offered resources immediately. And they were on the ground the next day, helping us get people restored.

這是一個局部事件，基本上只影響我們克利夫蘭地區和克利夫蘭公共權力部門。我們的鄰居，就是我在 AEP 的朋友、我們在 DT&E、PPL 的朋友以及我們附近的其他人立即提供了資源。第二天他們就趕到了現場，幫助我們讓人們康復。

It was a privilege for us then, to be able to return those favors during the hurricane events that we had and our people were interested to go, willing to go, happy to go help in those circumstances that our employees tell me were absolute dire circumstances for the communities that they helped restore the service.

當時，我們很榮幸能夠在颶風期間回報這些恩惠，我們的員工有興趣、願意、樂意去幫助我們的員工告訴我那是絕對可怕的情況對於他們幫助恢復服務的社區。

So we're going to spend what we need to prudently to get people back and we think it's fair that we have comfort and certainty that we'll get recovery for what we do spend returning people.

因此，我們將謹慎地花費我們需要的資金來讓人們回來，我們認為這是公平的，我們有信心和確定性，我們將因為我們為返回人們而花費的錢而恢復。

Great. And lastly, when you unveiled a 6% to 8% growth rate and the capital plan, I think you said some of the updates today. I think your capital plan is roughly 7% higher than you originally thought. Does that change where you think you would land in the 6% to 8% EPS growth rate? Should we think of now you're trending more towards the higher end as you increase your CapEx by 7%.

偉大的。最後，當您公佈 6% 至 8% 的成長率和資本計劃時，我想您今天說了一些更新內容。我認為您的資本計劃比您最初想像的大約高出 7%。這是否會改變您認為 EPS 成長率為 6% 至 8% 的情況？我們現在是否應該考慮一下，當您將資本支出增加 7% 時，您會更加趨向高端。

So Anthony that increase of CapEx for 7% was 2024 over originally budgeted. The plan that we laid out previously, the $26 billion five year CapEx plan really gives us about 9% of rate based growth. On average over that period and that's what drives the 6% to 8% growth.

安東尼表示，到 2024 年，資本支出將比最初預算增加 7%。我們之前製定的計劃，即 260 億美元的五年資本支出計劃，確實為我們帶來了約 9% 的成長率。平均而言，這就是推動 6% 至 8% 成長的因素。

So we're still within that range. It's still being driven by our investment in our regulated properties and timely regulatory recovery of that. And remember a significant percentage about 70% of the investments that we make are covered by trackers and riders.

所以我們仍然在這個範圍內。它仍然受到我們對受監管財產的投資以及及時的監管恢復的推動。請記住，我們大約 70% 的投資中有很大一部分是由追蹤器和騎手承擔的。

Great. If I could just squeak one in, I guess, to Steve's question, David's question, you talked about solutions and options, maybe to add generation of reasonable cost. You mentioned some state agencies here in New York. I'm just curious, what do you think the timing is on a solution? Like how long do you think customer bills are impacted by these capacity charges before like the state or the government will act to mitigate it?

偉大的。如果我能插話一下，我想，對於史蒂夫的問題、大衛的問題，你們談到了解決方案和選擇，也許會增加合理成本的產生。您提到了紐約的一些州立機構。我只是好奇，您認為解決方案的時機是什麼？例如，您認為客戶帳單會受到這些容量費用的影響多久，然後州或政府才會採取行動減輕影響？

Yes. So that's the concern, Anthony is the disconnect between the timing of adding significant amounts of load, whether it be data center or other load that you can really add to the system in about two to three years and to construct to permit, construct and procure for a power plant.

是的。所以這就是安東尼所擔心的，增加大量負載的時間之間的脫節，無論是資料中心還是其他負載，您可以在大約兩到三年內真正添加到系統中，並建立​​許可、建置和採購對於發電廠。

Probably takes in the order of about six years. So are our customers going to pay higher capacity auction prints for the next six years before any net new capacity shows up from the price signals that are being sent to this market, it's a concern.

大概需要六年左右的時間。因此，在發送到這個市場的價格訊號顯示任何淨新容量之前，我們的客戶是否會在未來六年內支付更高的容量拍賣印刷品，這是一個令人擔憂的問題。

And I think states would do better to take these matters into their own hands, the way traditional IRP states do like West Virginia and be sure that the capacity is there when the state needs it rather than hoping price signals have the intended effect six years from now.

我認為各州最好將這些問題掌握在自己手中，就像西維吉尼亞州那樣的傳統 IRP 州所做的那樣，並確保在該州需要時有能力，而不是希望價格訊號在六年後達到預期效果現在。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thank you, Anthony.

謝謝你，安東尼。

Angie Storozynski, Seaport Global.

Angie Storozynski，海港環球公司。

Thank you. So I just wanted to follow up on that those last comments about the six year wait, I mean that's how long it would take to build a new plant -- power plant anyway, right? So how different would it be versus some intervention in the competitive solar market.

謝謝。所以我只是想跟進關於六年等待的最後評論，我的意思是這就是建造一座新工廠——無論如何，發電廠需要多長時間，對嗎？那麼，這與對競爭激烈的太陽能市場進行一些幹預會有多大的不同。

Also I don't recall you guys ever making the opposite comment when capacity prices were clearing at $30. I don't remember you guys mentioning that you're concerned about how these low capacity prices will impact the availability on this of dispatchable power plans in PJM.

另外，我不記得當容量價格結算為 30 美元時，你們曾發表過相反的評論。我不記得你們提到你們擔心這些低容量價格將如何影響 PJM 可調度電力計畫的可用性。

Well, I don't -- to your last comment, I'm not sure that was a question, but to the first part of your comments, it does take about six years to permit and build a power plant from the time that you conceive of doing that, the difference for an actual auction where you are contracting with someone to do that is you can monitor their permitting, procurement and construction during those six years versus the PJM capacity construct where you're hoping that people respond in a way you would like into today to have a result six years from now.

嗯，我不——對於你最後的評論，我不確定這是一個問題，但是對於你評論的第一部分，從你開始許可和建造一座發電廠確實需要大約六年的時間設想這樣做，與您與某人簽訂合約進行實際拍賣的區別在於，您可以在這六年內監控他們的許可、採購和施工，而在PJM 能力建設中，您希望人們以某種方式做出反應你希望今天能在六年後得到一個結果。

So it's a difference between contracting, monitoring and verification versus hope. And those are two different things entirely.

因此，這是簽約、監控和驗證與希望之間的差異。這是完全不同的兩件事。

Right. But that one is a regulated set up, but the other one is a competitive market. I mean, that's basically how, how it works, no?

正確的。但這一個是受監管的機構，而另一個是競爭性的市場。我的意思是，這基本上就是它的工作原理，不是嗎？

No, that's not, right. What I'm talking about is a construct that is a market where you do have an auction where a state would have an auction say all comers IPPs, utilities, investment companies, insurance companies can come and offer to build, what would you charge me to do it? What would your price be?

不，那不是，對吧。我所說的是一個結構，是一個市場，你可以在其中進行拍賣，州政府也可以進行拍賣，所有的獨立發電廠、公用事業公司、投資公司、保險公司都可以前來建造，你會向我收取什麼費用去做嗎？你的價格是多少？

And then we would have and you'd have a winner from that auction. So it would be a market and you would go from there and yeah, so both are markets is what I'm saying and both are market solutions.

然後我們就會從拍賣中獲得獲勝者。所以這將是一個市場，你會從那裡開始，是的，所以我所說的都是市場，都是市場解決方案。

Okay. Understand. Then secondly, so you're talking about the excess transmission capacity in Ohio. But when I actually look at the power flows and PJM in Ohio is an importer of power from Pennsylvania especially I think your area.

好的。理解。其次，你談論的是俄亥俄州輸電能力過剩。但當我實際觀察電力流時，俄亥俄州的 PJM 是賓州電力的進口商，尤其是我認為您所在的地區。

So now Pennsylvania wants to clearly build up demand for electricity in its state that would seemingly limit the flows of power into Ohio. So is that fair to add load in Ohio, given the fact that the state already relies on imports of power.

因此，現在賓州希望明確增加該州的電力需求，似乎會限制流入俄亥俄州的電力。鑑於俄亥俄州已經依賴進口電力，增加負荷是否公平。

Yeah, so when I talk about capacity, I'm talking about transmission capacity. So we have the wires capacity to be able to serve load. We are in a regional power pool where there are power flows from states who are long, the states who are short.

是的，所以當我談論容量時，我談論的是傳輸容量。所以我們的電線容量能夠滿足負載需求。我們處於一個區域電力池中，電力從長國和短國流向。

And that's currently handled generally through the PJM power markets. What's needed because of this situation that we find ourselves in with resource adequacy, we do need as a region and then as you divide that out into states, we need net new dispatchable capacity to be added. And whatever construct enables us surety around that happening at a reasonable cost to our customers we're in support of.

目前，這通常是透過 PJM 電力市場來處理的。由於我們發現自己處於資源充足的情況，我們確實需要作為一個地區，然後當你將其劃分為州時，我們需要增加淨新的可調度能力。無論何種結構，我們都能確保以合理的成本為我們所支援的客戶提供支援。

Okay. And then changing topics about the withdrawal of ESP V in Ohio. So now, I mean, I understand that it was not optimal to say the least. But now basically the entire 2025 we will be waiting for, to have a visibility into earnings power and get your earnings power in Ohio.

好的。然後又改變了有關俄亥俄州 ESP V 撤回的話題。所以現在，我的意思是，我明白至少可以說這不是最佳選擇。但現在基本上我們將等待整個 2025 年，以了解盈利能力並獲得俄亥俄州的盈利能力。

And I mean, I don't quite understand how that helps to add the visibility. I mean, it almost as if we have now two great proceedings. So isn't this doubling down on the regular risk associated with Ohio?

我的意思是，我不太明白這如何有助於增加可見度。我的意思是，我們現在幾乎有兩個重要的訴訟程序。那麼，這不是使與俄亥俄州相關的常規風險加倍嗎？

No, Angie, really the opposite. We're going back to the certainty and transparency that we had in ESP IV that we knew what our earnings power was there. We knew the timing of it and this actually better aligns the result of an ESP VI that we're going to file with the Ohio base rate case. So rather than creating uncertainty, it actually will bring more certainty and actually reduce risk.

不，安吉，恰恰相反。我們將回到 ESP IV 中的確定性和透明度，我們知道我們的獲利能力有多大。我們知道它的時間安排，這實際上更好地使我們將要提交的 ESP VI 的結果與俄亥俄州基本費率案例保持一致。因此，它實際上不會帶來不確定性，反而會帶來更多確定性並降低風險。

Okay. I might follow up on the phone. Thank you. Bye-bye.

好的。我可能會透過電話跟進。謝謝。再見。

Thank you. Bye.

謝謝。再見。

(Operator Instructions)

（操作員說明）

Paul Patterson, Glenrock Associates.

保羅·帕特森，Glenrock Associates。

Hey, good morning.

嘿，早安。

Good morning, Paul.

早安，保羅。

So just back to the capacity alternatives that you were mentioning, I think with Steve's question, you mentioned the ability of doing perhaps something in rate base if I heard you correctly in West Virginia, Maryland and Ohio. Was that correct?

因此，回到您提到的容量替代方案，我認為在史蒂夫的問題中，您提到瞭如果我在西弗吉尼亞州、馬裡蘭州和俄亥俄州沒有聽錯的話，您可能會在費率基礎上做一些事情。這是正確的嗎？

So in West Virginia, certainly. And in Ohio and Maryland, there are provisions in current law that would allow a regulated utility to build generating capacity and get recovery for it.

當然是在西維吉尼亞州。在俄亥俄州和馬裡蘭州，現行法律中有規定允許受監管的公用事業公司建立發電能力並從中恢復。

So I heard everything you've said and a lot of it makes a lot of sense obviously concerning what's going on with the capacity markets. But when I think about this, just you guys building, modest levels of capacity, it can have a dramatic impact on the capacity market, so to speak. Given the vertical demand curve and what have you, that's what P3 and others have said.

所以我聽到了你所說的一切，其中許多對於容量市場的情況顯然很有意義。但當我想到這一點時，可以說，只要你們建立適度的產能，就可以對產能市場產生巨大影響。考慮到垂直的需求曲線以及你所擁有的，這就是 P3 和其他人所說的。

And I'm just wondering, it would seem to me that wouldn't it just be sort of a modest or a reasonable cost to customers? It would actually maybe perhaps lower cost to customers. If you were to take into account the wholesale market impact.

我只是想知道，在我看來，這對客戶來說不是一個適度或合理的成本嗎？實際上，這可能會降低客戶的成本。如果考慮到批發市場的影響。

So I guess what I'm wondering is that seems like something, given what Maryland and Ohio and Pennsylvania and New Jersey, all these, this concern that's already been voiced about the capacity market. What's your sense about the appetite or for simply just going forward with that as opposed to a rather more arcane, I don't know how to put it the stakeholder process, the FERC process of going through the PJM capacity market, stakeholder process, if you follow what I'm saying?

所以我想我想知道的是，考慮到馬裡蘭州、俄亥俄州、賓夕法尼亞州和新澤西州，所有這些，人們已經表達了對容量市場的擔憂，這似乎是一些事情。您對這種興趣有何看法，或者只是繼續推進，而不是更加神秘，我不知道如何將其納入利益相關者流程、FERC 穿過 PJM 容量市場的流程、利益相關者流程，如果你明白我說的了嗎？

Do you see -- what I'm saying -- we seem more -- almost more, a lot more efficient, maybe just to go that way?

你看到了嗎——我所說的——我們似乎更加——幾乎更有效率，也許只是為了走這條路？

I do, Paul. So this company just spent a lot of time and balance sheet capacity getting out of the generation business and moving into a deregulated wires only stance. We're going to be very thoughtful about returning to investments in generation in states where we just got out of it at many of their being responsive to many of their energy policies that got us here.

我願意，保羅。因此，該公司花費了大量時間和資產負債表容量來退出發電業務，並轉向放鬆管制的僅限電線的立場。我們將非常認真地考慮重新投資那些我們剛剛擺脫困境的州，因為他們對許多能源政策做出了反應，而正是這些政策讓我們走到了這一步。

We're going to be thoughtful and try and come up with solutions that don't add undue capacity to undue risk to the company, but help solve the solution. So we're open to a number of solutions and one we're not open to is going into the competitive generation business.

我們將深思熟慮並嘗試提出解決方案，這些解決方案不會過度增加公司的能力，給公司帶來過度的風險，但有助於解決解決方案。因此，我們對多種解決方案持開放態度，但我們不接受的解決方案之一是進入競爭性發電業務。

The virtual business, okay. Fair enough, I guess, stay tuned, I guess, right? Okay. And so then just finally just to follow up on the approval process for withdrawing this ESP V and what have you -- it sounds like you need something from FERC -- I'm sorry, from PUCO on this. But it seems like is that a, do you see that as being it doesn't look that controversial to me from the outside, but could I be missing something?

虛擬業務，好。我想，這很公平，請繼續關注，我想，對吧？好的。最後，為了跟進撤回此 ESP V 的批准流程，您有什麼 - 聽起來您需要 FERC 的一些東西 - 對不起，來自 PUCO 的東西。但似乎是這樣的，你認為從外面看，這對我來說並沒有那麼有爭議，但我可能錯過了一些東西嗎？

It should not be controversial, Paul. It's something that we've seen it happen before with other in state peers and in getting that approval took about a month from the time that they asked for it. So you're just going back to a construct that everyone was comfortable with previously and obviously we can't put our own rates into effect. So we need to go through the regulatory process, but it should be a brief process and it should not be controversial.

這不應該引起爭議，保羅。我們以前在其他州內同行中也看到過這種情況，從他們提出要求後大約花了一個月的時間才獲得批准。因此，您只是回到了之前每個人都感到滿意的結構，顯然我們無法將自己的費率付諸實施。所以我們需要經歷監管過程，但這應該是一個簡短的過程，不應該引起爭議。

Awesome, thanks so much.

太棒了，非常感謝。

Thanks, Paul.

謝謝，保羅。

Sophie Karp, Key Bank Capital Markets.

索菲‧卡普 (Sophie Karp)，主要銀行資本市場部。

Hi, thank you for squeezing me in here at the end. Just I wanted a quick follow up on the discussion about the potential changes in the market construct, right that you're talking about, given that there are several states that you mentioned, right?

嗨，謝謝你最後把我擠到這裡。只是我想快速跟進有關市場結構潛在變化的討論，就你所說的，考慮到你提到了幾個州，對吧？

With these power flows between them New Jersey, Pennsylvania, Ohio. Would those states have to act simultaneously in this new design of the market to avoid one state cross subsidizing effectively another with the repairs money from that state or how would that work? Thank you.

這些電力在新澤西州、賓夕法尼亞州、俄亥俄州之間流動。這些州是否必須在這種新的市場設計中同時採取行動，以避免一個州用該州的維修資金有效地交叉補貼另一個州，或者這將如何運作？謝謝。

Thank you for your question. So I don't think so. According to the Federal Power Act, each state is responsible for making sure that it has the amount of generation that's needed to serve its state’s needs. States like West Virginia do that through a traditional IRP process, and other states do that through a PJM solution using the capacity construct that PJM has.

謝謝你的提問。所以我不這麼認為。根據《聯邦電力法》，每個州都有責任確保其擁有滿足本州需求所需的發電量。像西維吉尼亞州這樣的州透過傳統的 IRP 流程來做到這一點，而其他州則透過使用 PJM 擁有的容量建構的 PJM 解決方案來做到這一點。

So having signed on to that construct. That's what many of the states are using. If they think that's working for them and their customers, they can stick with that. If they'd like to take matters into their own hands more directly, they can avail themselves of some of the alternative solutions that we suggested. But no, they could act on their own and many states have done that already, even in PJM.

所以已經簽署了該結構。這就是許多州正在使用的方法。如果他們認為這對他們和他們的客戶有用，他們就可以堅持下去。如果他們想更直接地將事情掌握在自己手中，他們可以利用我們建議的一些替代解決方案。但不，他們可以自己採取行動，許多州已經這樣做了，甚至在 PJM 也是如此。

Got it. And just to clarify, you're saying that even though the states are deregulated markets, utility is allowed to own generation in the states in the current legal framework.

知道了。澄清一下，你是說，儘管各州解除了市場管制，但在目前的法律框架下，公用事業公司可以在各州擁有自己的發電設備。

Yes. And again, Sophie, those are issues that are driven by state law. And in our states, state of West Virginia, Ohio and Maryland, these states do allow for utility owned generation.

是的。蘇菲，再說一遍，這些問題都是由州法律驅動的。在我們的西維吉尼亞州、俄亥俄州和馬裡蘭州，這些州確實允許公用事業自有發電。

All right. Thank you so much.

好的。太感謝了。

Thank you for your question.

謝謝你的提問。

Andrew Bischof, Scotiabank.

安德魯‧比肖夫，豐業銀行。

Hi, thanks everyone. Good morning. I'll be brief here. Just quickly on the cap increase for 2024. Specifically drove the increase. What kind of spending was it? And was it a pull forward 2025 or were these incremental opportunities that you didn't anticipate 6 or 12 months ago?

你好，謝謝大家。早安.我在這裡簡單說一下。快速了解 2024 年上限的增加。具體帶動了成長。是什麼樣的支出？這是 2025 年的提前，還是您在 6 或 12 個月前沒有預料到的增量機會？

Yes. So some of the increase Andrew was storm related. So in our distribution business, specifically in Ohio and they had the big storm in August. So some of it was storm CapEx related. There was some LTIP work in Pennsylvania that we needed to fund as well in our distribution segment.

是的。所以安德魯的一些增長與風暴有關。因此，在我們的分銷業務中，特別是在俄亥俄州，他們在八月遭遇了大風暴。所以其中一些與風暴資本支出有關。我們在賓州的經銷部門也需要資助一些 LTIP 工作。

And then the rest of it was what I would consider transmission opportunities, incremental opportunities for this year. So the $26 billion is still intact, I mean, but, I don't think it's going to take us off track in terms of the CapEx that we planned for next year.

然後剩下的就是我認為今年的傳播機會、增量機會。因此，我的意思是，260 億美元仍然完好無損，但是，我認為這不會讓我們在明年計劃的資本支出方面偏離正軌。

Okay, great. And then just a quick follow up, you mentioned that you're going to do a refresh and roll forward on the fourth quarter call early next year. Do you have a sense in terms of timing around the PJM transmission opportunities? Will you have a sense about potential wins there or would you make assumptions around that?

好的，太好了。然後快速跟進，您提到您將在明年初的第四季度電話會議上進行刷新並向前滾動。您對 PJM 傳輸機會的時機有了解嗎？您是否對那裡潛在的勝利有一定的了解，或者您會對此做出假設嗎？

Yeah, we'll have a pretty good sense by that time, I think there's several advisory committee meetings between now and then with the final PJM board approval expected in the February time frame. So we'll have a good sense of that. And If we don't have final approval, we'll kind of let you know where we stand and what we have in the plan and what maybe is to come depending on the outcome of that.

是的，到那時我們將會有一個很好的判斷力，我認為從現在到那時我們將召開幾次諮詢委員會會議，預計 PJM 董事會將在 2 月獲得最終批准。所以我們對此會有一個很好的認識。如果我們沒有獲得最終批准，我們會讓您知道我們的立場、計劃中的內容以及根據結果可能會發生的情況。

Very good. Thank you.

非常好。謝謝。

Thank you, Andrew.

謝謝你，安德魯。

Paul Fremont, Ladenburg Thalmann.

保羅‧弗里蒙特，拉登堡‧塔爾曼。

Thank you very much. I was going to ask if you could walk us through the procedural path to withdraw ESP V at the PUCO. Does will it involve testimony and hearings? What's involved in terms of getting PUCO approval?

非常感謝。我想問您是否可以引導我們完成在 PUCO 撤回 ESP V 的程序。是否會涉及證詞和聽證會？獲得 PUCO 批准涉及哪些內容？

Yeah. So Paul, we have precedent where there was a case in 2019, the application was filed, there were comments filed amongst different intervening parties. There were no hearings in that particular case and then there was a commission order on the application to withdraw within a month.

是的。所以保羅，我們有先例，2019 年有一個案例，提交了申請，不同幹預方之間提出了評論。該特定案件沒有舉行聽證會，然後委員會就該申請發出了在一個月內撤回的命令。

So that's kind of the time line that we're working on. So my sense is there would be comments filed on the withdrawal application, the commission then would consider those comments and then rule on the withdrawal, sometime within 30 days based on that precedent.

這就是我們正在製定的時間表。所以我的感覺是，會對撤回申請提出評論，然後委員會會考慮這些評論，然後根據先例在 30 天內做出撤回裁決。

And the precedent that you're talking about was the application to withdraw contested by intervenor parties or was it widely accepted by intervenor parties?

你說的先例是介入方有爭議的撤回申請還是介入方廣泛接受的？

I'm sure it was mixed. I mean, there was probably some that objected to the withdrawal. There was probably some that supported the withdrawal. But I'm sure just like any regulatory proceeding, there was some that objected, some that supported.

我確信它是混合的。我的意思是，可能有人反對撤回。可能有人支持撤軍。但我確信，就像任何監管程序一樣，有人反對，有人支持。

The ability to withdraw is codified in Ohio legislation. So it's there it's a real thing. It's been tested before and actually administered and executed by a utility previously and approved by the commission. So there's precedent for doing exactly what it is we're asking to do.

俄亥俄州立法規定了退出的能力。所以它就在那裡，它是真實的。它之前已經過測試，並由公用事業公司實際管理和執行，並獲得了委員會的批准。因此，按照我們要求做的事情是有先例的。

Great. And last question, what type of proceeding was it that you're referring to in 2019?

偉大的。最後一個問題，您指的是 2019 年的訴訟類型是什麼？

You can put up, it was Dayton Power & Light in their ESP -- in their current ESP and you can pull up the dock and I'm sure on the utility commission website.

你可以把它放在他們的 ESP 中的代頓電力與照明公司 - 在他們當前的 ESP 中，你可以拉起碼頭，我確信在公用事業委員會網站上。

Perfect. Thank you so much.

完美的。太感謝了。

Thank you, Paul.

謝謝你，保羅。

Thank you. We have reached the end of our question-and-answer session. And ladies and gentlemen, this does conclude today's teleconference webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation.

謝謝。我們的問答環節已經結束。女士們、先生們，今天的電話會議網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您的參與。