第一能源 (FE) 2025 Q2 法說會逐字稿

Hello, and welcome to the FirstEnergy Corp second-quarter 2025 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Karen Sagot, Vice President of Investor Relations. Please go ahead, Karen.

您好，歡迎參加 FirstEnergy Corp 2025 年第二季財報電話會議。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人關係副總裁 Karen Sagot。請繼續，凱倫。

Thank you. Good morning, everyone, and welcome to FirstEnergy's second-quarter 2025 earnings review. Our earnings release, presentation slides, and related financial information are available on our website at firstenergycorp.com/ir.

謝謝。大家早安，歡迎參加 FirstEnergy 2025 年第二季財報回顧。我們的收益報告、簡報投影片和相關財務資訊可在我們的網站 firstenergycorp.com/ir 上找到。

Today's discussion will include the use of non-GAAP financial measures and forward-looking statements, which are subject to risks and uncertainties. Factors discussed in our earnings news release, during today's conference call and in our SEC filings could cause our actual results to differ materially from these forward-looking statements. The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures. Please read our cautionary statement and discussion of non-GAAP financial measures on slides 2 and 3 of the presentation.

今天的討論將包括使用非公認會計準則財務指標和前瞻性陳述，這些指標和陳述都存在風險和不確定性。我們在收益新聞稿、今天的電話會議以及提交給美國證券交易委員會的文件中討論的因素可能會導致我們的實際結果與這些前瞻性陳述有重大差異。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對帳。請閱讀簡報第 2 張和第 3 張投影片上的警告聲明和非 GAAP 財務指標的討論。

Our Chair, President and Chief Executive Officer, Brian Tierney, will lead our call today. He will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer. They will discuss our strong performance on each of our key financial metrics; our progress delivering on our target of 2025 core earnings in the upper half of our guidance range; FirstEnergy's excellent position to enable the economic growth and investment highlighted at the recent Pennsylvania Energy and Innovation Summit; the significant long-term investment opportunities within our well-situated transmission operations; and our progress on strategic, regulatory, and legislative activities.

我們的董事長、總裁兼執行長 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) 將與他一起出席。他們將討論我們在每個關鍵財務指標上的強勁表現；我們在實現 2025 年核心盈利目標（位於指導範圍上半部分）方面的進展；FirstEnergy 在最近的賓夕法尼亞能源與創新峰會上強調的經濟增長和投資方面的卓越地位；我們地理位置優越的輸電業務中的重要長期投資機會；以及我們在戰略、監管和立法活動方面的進展。

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, Karen. Before we get started, I would like to express my condolences to those who are impacted by the tragic events earlier this week in New York City. On behalf of the FirstEnergy family, please accept our thoughts, prayers, and love as you breathe the loss and celebrate the lives of your loved ones.

謝謝你，凱倫。在我們開始之前，我想向本週早些時候紐約市悲慘事件的受害者表示哀悼。代表 FirstEnergy 大家庭，當您沉浸在失去親人的悲痛之中並慶祝他們生命的喜悅時，請接受我們的思念、祈禱和愛。

This morning, I'll provide an update on our second quarter and year-to-date performance and key developments that we believe are transforming FirstEnergy into a premier electric company. GAAP earnings for the second quarter were $0.46 per share compared to $0.08 in the second quarter of 2024.

今天上午，我將介紹我們第二季和年初至今的業績以及我們認為將 FirstEnergy 轉變為頂級電力公司的關鍵發展。第二季的 GAAP 收益為每股 0.46 美元，而 2024 年第二季為 0.08 美元。

Core earnings were $0.52 per share for the quarter compared to $0.51 in the second quarter of last year. We are on track to deliver results in the upper half of our full-year 2025 guidance range of $2.40 to $2.60 per share.

本季核心收益為每股 0.52 美元，去年第二季為每股 0.51 美元。我們預計將實現 2025 年全年每股收益 2.40 美元至 2.60 美元的預期區間上半部分的業績。

Second quarter core earnings benefited from the strong execution of our investment strategy, reflecting new base rates in Pennsylvania that went into effect in January. Quarterly results also reflect increased investments in our transmission system, which benefit from formula-based rates.

第二季的核心收益受益於我們投資策略的強勁執行，反映了賓州一月份生效的新基準利率。季度業績也反映了我們對傳輸系統的投資增加，這受益於基於公式的費率。

Our team continues to demonstrate strong financial discipline on operating expenses. Jon will speak more about this in a moment.

我們的團隊在營運支出方面持續展現出嚴格的財務紀律。 Jon稍後會詳細介紹這一點。

Through the first six months of 2025, we invested $2.5 billion in our infrastructure through Energize365. We are on pace to deploy $5 billion in capital this year, and we have confidence in our $28 billion capital investment plan through 2029 to improve system resiliency and reliability and to support the level of service customers expect.

到 2025 年上半年，我們透過 Energize365 向我們的基礎設施投資了 25 億美元。我們今年的資本投入計畫為 50 億美元，我們對 2029 年的 280 億美元資本投資計畫充滿信心，這將提高系統彈性和可靠性，並支持客戶期望的服務水準。

Providing reliable service is at the heart of our mission. This summer, severe weather strained the system in several of our locations.

提供可靠的服務是我們使命的核心。今年夏天，惡劣的天氣給我們多個地點的系統帶來了壓力。

We are committed to resolving these issues quickly and to making the long-term investments to prevent outages before they happen. Our investment plan supports the customers and communities we are privileged to serve and drives long-term value for our shareholders.

我們致力於迅速解決這些問題，並進行長期投資以防止停電發生。我們的投資計劃支持我們有幸服務的客戶和社區，並為我們的股東創造長期價值。

Turning to slide 6. At the recent Energy and Innovation Summit in Pittsburgh hosted by Senator McCormick, I had the opportunity to address a distinguished group of government and business leaders about our significant investments in and commitment to Pennsylvania.

翻到幻燈片 6。在最近由麥考密克參議員主持的匹茲堡能源與創新高峰會上，我有幸向一群傑出的政府和商界領袖介紹了我們對賓州的重大投資和承諾。

A larger, resilient and reliable electric grid is essential to all of the energy and technology investments announced at the summit. We are proud to be the largest electric utility in the state, which has a constructive regulatory environment to support investment and economic growth.

更大、更有彈性、更可靠的電網對於高峰會上宣布的所有能源和技術投資都至關重要。我們很自豪能夠成為該州最大的電力公司，並擁有建設性的監管環境來支持投資和經濟成長。

Between our distribution operations and the Pennsylvania portion of our Standalone Transmission business, the Commonwealth represents approximately 35% of our total rate base and earnings. And FirstEnergy Pennsylvania is our largest utility subsidiary.

在我們的配電業務和獨立輸電業務的賓州部分之間，聯邦約占我們總費率基數和收益的 35%。賓州第一能源公司是我們最大的公用事業子公司。

Through our 2029 planning period, we expect to invest $15 billion in the Commonwealth, consisting of $4.3 billion in distribution capital investments to deliver safe and reliable power, $5.5 billion in transmission capital investments for a modern energy system that can support the growing demand, and over $5 billion in operating expenses that support good paying electric industry jobs.

在我們的 2029 年規劃期內，我們預計將向聯邦投資 150 億美元，其中包括 43 億美元的配電資本投資，以提供安全可靠的電力，55 億美元的輸電資本投資，用於支持日益增長的需求的現代能源系統，以及超過 50 億美元的營運費用，用於支持高薪電力行業的工作。

Our Pennsylvania capital investment plans are designed to improve reliability and resiliency and drive economic development. These investments are recovered through constructive rate mechanisms such as forward-looking base rates, distribution investment surcharges, and forward-looking transmission formula rates.

我們的賓州資本投資計畫旨在提高可靠性和彈性並推動經濟發展。這些投資是透過前瞻性基準利率、配電投資附加費和前瞻性輸電公式利率等建設性利率機制收回的。

Governor Shapiro's economic development strategy is fueling innovation and growth in sectors like AI and energy. As Pennsylvania's economic development strategy materializes, it will require incremental electric infrastructure investments well beyond our current plan.

夏皮羅州長的經濟發展策略正在推動人工智慧和能源等領域的創新和成長。隨著賓州經濟發展策略的實現，它將需要遠遠超出我們目前計劃的增量電力基礎設施投資。

Slide 7 illustrates the remarkable growth we are experiencing in our data center pipeline and contracted data center load. Since February of this year, our long-term pipeline for data center load has increased over 80% to 11.1 gigawatts from 6.1 gigawatts.

投影片 7 展示了我們的資料中心管道和合約資料中心負載所經歷的顯著成長。自今年 2 月以來，我們的資料中心負載長期儲備已從 6.1 千兆瓦增加到 11.1 千兆瓦，增幅超過 80%。

Our contracted data center load through 2029 has increased approximately 25% since February of this year to 2.7 gigawatts from 2.2 gigawatts. So far this year, we have received requests for 40 new large load studies greater than 500 megawatts each.

我們簽訂的到 2029 年的資料中心負荷自今年 2 月以來已從 2.2 千兆瓦增加約 25% 至 2.7 千兆瓦。今年到目前為止，我們已經收到 40 份新的大型負載研究請求，每份研究的容量都超過 500 兆瓦。

And since the beginning of 2024, we have received requests for over 95 gigawatts of large load studies. For reference, the FirstEnergy system coincident peak load for this summer was approximately 33,475 megawatts.

自 2024 年初以來，我們已收到超過 95 千兆瓦的大負荷研究請求。作為參考，FirstEnergy 系統今年夏天的同期尖峰負載約為 33,475 兆瓦。

Much of the increase in large load studies this year are coming from the states of Pennsylvania and Ohio. Data center growth, both in our system and from those adjacent to our footprint, is likely to require additional transmission investments.

今年大負荷研究的大部分成長來自賓州和俄亥俄州。資料中心的成長（無論是在我們的系統中還是在我們系統附近的資料中心）都可能需要額外的傳輸投資。

Turning to slide 8. Our transmission system represents a significant growth opportunity for FirstEnergy. The combination of our Standalone Transmission and Integrated Transmission systems spans six states and about 24,000 line miles.

翻到第 8 張投影片。我們的輸電系統為 FirstEnergy 帶來了重大的成長機會。我們的獨立輸電和綜合輸電系統涵蓋六個州和約 24,000 線路英里。

FirstEnergy is one of the largest transmission asset owners in PJM. Organic investments in our transmission system are expected to drive rate base growth at a 15% compound annual growth rate between now and 2029. During this period, our annual transmission CapEx is expected to grow from $2.4 billion to $3.4 billion.

FirstEnergy 是 PJM 最大的輸電資產所有者之一。從現在到 2029 年，我們對輸電系統的有機投資預計將推動費率基準以 15% 的複合年增長率成長。在此期間，我們的年度輸電資本支出預計將從 24 億美元成長到 34 億美元。

In addition, our transmission system is ideally located geographically in the middle of PJM to garner incremental investment associated with data center load growth, both on our own wires and on systems adjacent to ours.

此外，我們的輸電系統地理位置優越，位於 PJM 中部，可以獲得與資料中心負載成長相關的增量投資，包括我們自己的電線和我們相鄰的系統。

Over the last three years, FirstEnergy has secured approximately $3.1 billion of investments through competitive open windows through Valley Link and in our Standalone Transmission and Integrated segments. We see the incremental transmission expansion associated with load growth as a recurring opportunity for our company.

在過去三年中，FirstEnergy 透過 Valley Link 的競爭性開放窗口以及我們的獨立輸電和綜合部門獲得了約 31 億美元的投資。我們認為與負載成長相關的增量傳輸擴展是我們公司的一個重複機會。

PJM recently initiated the 2025 open window for reliability investment opportunities that we believe are comparable to those in the 2024 RTEP. Our proposals will seek to build on our record of success in the RTEP process. With the need for a more resilient and reliable electric grid to support economic development and data center growth, we expect transmission investment to increase up to 20% in our next five-year plan.

PJM 最近啟動了 2025 年可靠性投資機會開放窗口，我們認為這些機會與 2024 年 RTEP 中的機會相當。我們的提案將力求以我們在 RTEP 流程中的成功經驗為基礎。為了支持經濟發展和資料中心的成長，我們需要更具彈性和可靠性的電網，我們預計在下一個五年計畫中，輸電投資將成長高達 20%。

Moving on to slide 9 on regulatory and legislative updates. In Ohio, our state President, Torrence Hinton, and his team have done an excellent job moving our base rate case forward. We believe a decision from the PUCO is likely by the end of the year.

繼續看投影片 9，了解監管和立法更新。在俄亥俄州，我們的州長托倫斯·辛頓和他的團隊在推動我們的基本利率案例方面做得非常出色。我們相信 PUCO 可能會在今年年底前做出決定。

We are also preparing for the upcoming transition to Ohio's new regulatory framework, which includes multiyear rate cases and forward test years. The new framework supports important capital investments to benefit customers and greater transparency and predictability for our business and investors.

我們也正在為即將過渡到俄亥俄州的新監管框架做準備，其中包括多年利率案例和遠期測試年。新框架支持重要的資本投資，使客戶受益，並為我們的業務和投資者提供更高的透明度和可預測性。

In West Virginia, we are preparing to file our 10-year integrated resource plan by October 1. In that plan, we will provide an updated load forecast and our recommendations to address generation requirements. We expect the IRP will highlight the need for new dispatchable generation in the state.

在西維吉尼亞州，我們準備在 10 月 1 日之前提交我們的 10 年綜合資源計劃。在該計劃中，我們將提供更新的負載預測和滿足發電需求的建議。我們預計 IRP 將強調該州對新型可調度發電的需求。

Last week, PJM announced the results from its capacity auction for the 2026 to 2027 delivery year. Prices cleared at the administratively set cap, which is 22% higher than the 2025 to 2026 delivery year with no new dispatchable coal, gas, or nuclear generation.

上週，PJM 公佈了 2026 至 2027 交付年度的容量拍賣結果。價格依照行政設定的上限結算，比 2025 年至 2026 年交付年度高出 22%，且沒有新的可調度煤炭、天然氣或核能發電。

It is clear that the capacity auction construct does not provide the incentives necessary to finance and build the much-needed dispatchable generation in deregulated states. We will continue to advocate on our customers' behalf for cost-effective solutions that actually add needed generating capacity to meet growing demand and drive economic development in our states.

顯然，容量拍賣結構並未提供在放鬆管制的州資助和建設急需的可調度發電設施所需的誘因。我們將繼續代表客戶倡導具有成本效益的解決方案，這些解決方案實際上增加了所需的發電能力，以滿足不斷增長的需求並推動我們各州的經濟發展。

Moving to slide 10. Our progress so far this year reflects our work to optimize FirstEnergy for performance, growth, and financial strength. Our leadership team is charged with energizing our culture, delivering improved service to the 6 million customers who depend on us and creating significant value for our investors.

移至投影片 10。我們今年迄今的進展反映了我們為優化 FirstEnergy 的表現、成長和財務實力所做的工作。我們的領導團隊負責激發我們的文化，為依賴我們的 600 萬客戶提供更好的服務，並為我們的投資者創造巨大的價值。

Greater accountability means faster results. We are seeing this in the financial discipline that is helping us drive more efficiencies in our cost structure and in a workforce that is more agile and responsive to customers' needs.

責任越大，取得成果就越快。我們在財務學科中看到了這一點，它幫助我們提高成本結構的效率，並使我們的員工隊伍更加靈活，能夠更好地回應客戶的需求。

We are on track for a successful year. We are reaffirming our 2025 core earnings guidance range of $2.40 to $2.60 per share and are on track to deliver results in the upper half of the range. We are also reiterating our five-year $28 billion base capital investment program with no incremental equity needs in the plan.

我們正朝著成功的一年邁進。我們重申 2025 年核心獲利預測範圍為每股 2.40 美元至 2.60 美元，並有望實現該範圍上半部的業績。我們也重申了一項為期五年、價值 280 億美元的基礎資本投資計劃，該計劃中沒有增量股權需求。

These customer-focused investments drive our targeted compound annual growth rate of 6% to 8% through 2029. It is our goal to be recognized as a premier electric company that operates at a high level and consistently delivers growth at or above the midpoint of our guidance range.

這些以客戶為中心的投資推動我們實現 2029 年 6% 至 8% 的目標複合年增長率。我們的目標是成為一家公認的一流電力公司，高水準運營，並持續實現達到或超過我們指導範圍中點的成長。

We offer shareholders a compelling value proposition with a strong growth outlook, demonstrated financial discipline, attractive risk profile, and a targeted shareholder return opportunity of 10% to 12% with upside potential. We are committed to operating at a high level, delivering stable growth, and realizing our bright future for our customers, communities, and investors.

我們為股東提供極具吸引力的價值主張，包括強勁的成長前景、出色的財務紀律、誘人的風險狀況以及具有上升潛力的 10% 至 12% 的目標股東回報機會。我們致力於高水準營運、穩定成長，為客戶、社區和投資者實現美好的未來。

With that, I will turn the call over to Jon.

說完這些，我會把電話轉給喬恩。

Thanks, Brian, and good morning, everyone. We are very pleased with our progress so far this year. Through the first half, we have delivered on each of our key financial metrics, including core earnings, capital investments, base O&M, which reflects discipline with our operating expenses, and cash from operations, our low-cost funding source for capital allocation. You can view more details about our results, including reconciliations for core earnings and drivers for individual business segments in the strategic and financial highlights document posted to our IR website yesterday afternoon.

謝謝，布萊恩，大家早安。我們對今年迄今的進展感到非常滿意。上半年，我們實現了各項關鍵財務指標，包括核心收益、資本投資、基礎營運與維護（這反映了我們對營運費用的嚴格控制）以及營運現金（我們的低成本資本配置資金來源）。您可以在昨天下午發佈到我們的 IR 網站的戰略和財務要點文件中查看有關我們業績的更多詳細信息，包括核心收益的對賬和各個業務部門的驅動因素。

Looking at our second quarter, core earnings were $0.52 per share versus $0.51 per share in the second quarter of 2024. Our results, which are ahead of plan, reflect the new base rates in Pennsylvania that went into effect at the start of the year, formula rate transmission rate base growth of 10% when combining our transmission investments at our Standalone Transmission and Integrated businesses, as well as financial discipline with operating expenses in our Distribution and Integrated segments. Full details for each of our business segments are available in our highlights document.

縱觀我們的第二季度，核心收益為每股 0.52 美元，而 2024 年第二季度為每股 0.51 美元。我們的業績超出計劃，反映了賓州於年初生效的新基準費率、將我們的獨立輸電和綜合業務的輸電投資相結合後公式輸電費率基準增長 10% 以及我們在分銷和綜合部門的運營費用方面的財務紀律。我們的重點文件提供了每個業務部門的完整詳細資訊。

Through the first half of the year, core earnings of $1.19 per share reflects strong growth of 19% versus the first half of 2024, with meaningful increases in our Distribution and Integrated businesses that reflect execution of our regulated strategies, strong financial discipline, and higher customer demand, reflecting more normal weather versus the same period of last year.

今年上半年，每股 1.19 美元的核心收益與 2024 年上半年相比強勁增長 19%，其中分銷和綜合業務實現了顯著增長，這反映了我們規範戰略的執行、嚴格的財務紀律和更高的客戶需求，也反映了與去年同期相比天氣更加正常。

Our financial performance resulted in a consolidated return on equity of 9.7% on a trailing 12-month basis, which is in line with our targeted ROE of 9.5% to 10% and at a 30-basis-point improvement since the end of last year. We are very pleased with our results through the first six months and remain focused on execution to achieve core earnings per share at the upper half of our guidance range.

我們的財務表現使得過去 12 個月的綜合股本回報率達到 9.7%，與我們 9.5% 至 10% 的目標股本回報率相符，並且比去年年底提高了 30 個基點。我們對前六個月的業績非常滿意，並將繼續專注於執行，以實現每股核心收益達到指導範圍的上半部分。

As Brian mentioned, we continue to focus on financial discipline and continuous improvement, including reducing maintenance costs through more strategic capital investments, focusing on efficiency in our maintenance plans, and enhancing customer processes that will drive better service at a reduced cost. Our year-to-date O&M expenses are lower than planned by nearly 4%, and we expect to continue this trend through the balance of the year. The team is fully committed to identifying sustainable solutions in our cost structure that offset inflation, as well as building in flexibility to our financial plans as needed.

正如 Brian 所提到的，我們將繼續注重財務紀律和持續改進，包括透過更具策略性的資本投資來降低維護成本、注重維護計劃的效率以及增強客戶流程，從而以更低的成本提供更好的服務。我們今年迄今的營運和維護費用比計畫低了近 4%，我們預計這一趨勢將在今年餘下時間持續下去。團隊全力致力於在我們的成本結構中尋找抵消通貨膨脹的可持續解決方案，並根據需要為我們的財務計劃增加靈活性。

Our $5 billion investment plan for 2025 is on track with capital deployment of more than $1.4 billion in the quarter and slightly more than $2.5 billion through the first half of the year. This is 29% ahead of the first six months of 2024 with more than two-thirds of the increase in transmission investments in our Standalone Transmission and Integrated segments.

我們 2025 年 50 億美元的投資計畫進展順利，本季資本部署超過 14 億美元，上半年資本部署略高於 25 億美元。這比 2024 年上半年成長了 29%，其中獨立傳輸和整合部門的傳輸投資增加了三分之二以上。

As Brian mentioned, we continue to see significant needs to invest in our system to improve reliability and resiliency and to support expected increases in customer demand and economic development. Our investment program is funded with internally generated cash flow and utility debt issuances.

正如布萊恩所提到的，我們繼續看到對我們的系統進行大量投資的需求，以提高可靠性和彈性，並支持預期的客戶需求成長和經濟發展。我們的投資計劃由內部產生的現金流量和公用事業債務發行提供資金。

Through June 30, our cash from operations was $1.7 billion, an increase of 60% as compared to 2024. This reflects recovery of our capital investments and financial discipline, not only with our operating expenses, but also with discipline around working capital, including managing customer collections, vendor payables and inventory levels.

截至 6 月 30 日，我們的營運現金流為 17 億美元，比 2024 年成長 60%。這反映了我們資本投資和財務紀律的恢復，不僅包括我們的營運費用，還包括營運資本的紀律，包括管理客戶收款、供應商應付款項和庫存水準。

Through the first six months of the year, we completed six subsidiary debt transactions totaling $1.6 billion, with an average coupon of 5%. This includes $1 billion in new money to fund our capital programs. We expect to complete the remaining two transactions in our 2025 financing plan later this year.

今年上半年，我們完成了六筆子公司債務交易，總額達 16 億美元，平均票面利率為 5%。其中包括 10 億美元的新資金，用於資助我們的資本計畫。我們預計將於今年稍後完成 2025 年融資計畫中剩餘的兩筆交易。

In addition, in June, FE Corp opportunistically executed a $2.5 billion convertible debt offering in two tranches, at a three- and five-year tenure at an average coupon of 3.75% with a 20% conversion premium. This transaction priced 125 basis points lower as compared to the unsecured debt at FE Corp.

此外，6 月份，FE Corp 抓住機會分兩批發行了 25 億美元的可轉換債券，期限分別為三年和五年，平均票面利率為 3.75%，轉換溢價為 20%。與 FE Corp 的無擔保債務相比，此交易的價格低了 125 個基點。

Proceeds from this transaction will refinance FE Corp's $1.5 billion convertible bonds expiring May 2026, $300 million in short-term borrowings that fully redeemed FE Corp's March 2025 bond maturity, and a $300 million January 2026 bond maturity. The remaining $400 million will be used to support our capital investment programs or for general corporate purposes.

此次交易所得將用於再融資 FE Corp 於 2026 年 5 月到期的 15 億美元可轉換債券、3 億美元短期借款（完全贖回 FE Corp 於 2025 年 3 月到期的債券）以及 3 億美元於 2026 年 1 月到期的債券。剩餘的 4 億美元將用於支持我們的資本投資計劃或一般公司用途。

This transaction provides a natural hedge to our overall financing plan as it reduces the company's 2026 financing risk by more than 40% and has removed all holding company financing requirements for the next two years. Investor demand for our debt remains strong, highlighting the appeal of our core regulated businesses and a solid balance sheet.

這項交易為我們的整體融資計畫提供了自然對沖，因為它將公司2026年的融資風險降低了40%以上，並取消了未來兩年的所有控股公司融資要求。投資者對我們債務的需求仍然強勁，凸顯了我們核心監管業務和穩健資產負債表的吸引力。

In our last three utility bond issuances, we received significant interest with transactions oversubscribed by an average of over 9 times. We remain committed to a strong balance sheet and investment-grade metrics targeting FFO to debt of 14%-plus through 2029.

在我們最近三次公用事業債券發行中，我們獲得了極大的關注，交易超額認購平均超過 9 倍。我們仍致力於維持強勁的資產負債表和投資等級指標，目標是到 2029 年，FFO 與債務之比達到 14% 以上。

Finally, consistent with our commitment and focus on our core regulated businesses, I am pleased to report that we successfully sold our minority ownership position in the Signal Peak coal mine earlier this month for $47.5 million. This is a full exit, and we have no remaining financial or operational liability.

最後，根據我們的承諾和對核心監管業務的關注，我很高興地報告，我們在本月初成功以 4750 萬美元的價格出售了我們在 Signal Peak 煤礦的少數股權。這是一次完全退出，我們沒有剩餘的財務或營運責任。

Through the first half of the year, we're executing well on our regulated strategies and investment plan and I am pleased with the financial discipline demonstrated across the organization. Our key metrics for financial performance through the first six months are better than planned and last year, reflecting our commitment to delivering shareholder value.

今年上半年，我們監管策略和投資計畫執行得很好，我對整個組織所表現出的財務紀律感到滿意。我們上半年財務表現的關鍵指標優於計畫和去年，這反映了我們致力於實現股東價值的承諾。

We look forward to continuing this momentum through the balance of the year and as we execute against our long-term plan. We are focused on fulfilling our commitments to all of our stakeholders and delivering on our shareholder value proposition.

我們期待在今年餘下的時間裡繼續保持這一勢頭，並執行我們的長期計劃。我們專注於履行對所有利害關係人的承諾並實現股東價值主張。

Thank you for your time. Now, let's open the call to Q&A.

感謝您抽出時間。現在，讓我們開始問答環節。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

Good morning, everyone. Thanks for all the updates. So I just wanted to clarify on the transmission CapEx upside. Certainly, a lot coming here. Just the 20% increase that you have visibility to in the plan, is that net or gross of the minority interest ownership?

大家早安。感謝所有的更新。所以我只是想澄清一下傳輸資本支出的優勢。當然，有很多人來這裡。您在計劃中看到的 20% 的增長是少數股東權益的淨額還是總額？

And maybe you could just clarify just from an FE shareholder perspective. Just how much CapEx is going to identified that's upside to your five-year plan today? Is it roughly $2 billion? Or is it more than that? And I'll leave it there.

也許您可以從 FE 股東的角度來澄清。今天，您確定的資本支出對五年計畫有多少好處？大約是 20 億美元嗎？或不只這些？我就把它留在那裡。

Nick, this is Jon. So to answer your first question, we show our CapEx gross. So in the $28 billion, that $14 billion is our consolidated CapEx. So we -- that 20% would be on that same basis. And then what was your second question? I didn't catch that.

尼克，這是喬恩。因此，為了回答您的第一個問題，我們展示了我們的資本支出總額。因此，在 280 億美元中，有 140 億美元是我們的綜合資本支出。所以我們——那 20% 將基於相同的基礎。那你的第二個問題是什麼？我沒聽清楚。

Just if you were to kind of add up all the visibility that you have across the portfolio, across RTEP processes, and various other things, just on a dollar figure, how much CapEx has now been identified to FE shareholders in the coming five-year plan?

如果您將整個投資組合、整個 RTEP 流程以及其他各種事物的所有可見性加起來，僅以美元數字計算，那麼在未來的五年計劃中，FE 股東已經確定了多少資本支出？

Yes. So that could be -- incrementally, it could be $2.3 billion to almost $4 billion.

是的。因此，這個數字可能是——逐步增加，從 23 億美元到近 40 億美元。

And then just -- you've done a good job derisking the balance sheet with the various asset sales. Just how are you thinking about balance sheet capacity at this point and when you would have to start to lean on equity?

然後——您透過出售各種資產，很好地降低了資產負債表的風險。您現在如何考慮資產負債表容量以及何時必須開始依賴股權？

We look at that all the time, Nick. And when we think about it, we'd like to keep all the options on the table. So we look at investments that would support growth in the balance sheet, and we could include equity and equity-like instruments as we think about it.

我們一直在關注這一點，尼克。當我們考慮這個問題時，我們希望保留所有的選擇。因此，我們會研究那些能夠支持資產負債表成長的投資，並且我們會將股票和類似股票的工具納入其中。

A lot of the increase that we have in the CapEx is associated with formula-looking rates with no regulatory lag. But when we look at the overall portfolio, we'll make decisions based on the reality at that time. But not very concerned about it at all.

我們的資本支出的大幅成長都與公式利率有關，且不存在監管落後。但當我們審視整體投資組合時，我們會根據當時的實際情況做出決策。但根本就不太關心它。

That's great. And then maybe just a lot of focus on Pennsylvania here, especially with the data points this past quarter. What are your views on pursuing a GenCo similar to some of what your peers in PJM announced? And how are you viewing the auction clearing at the cap now in PJM informing legislation in Pennsylvania for rate base generation?

那太棒了。然後也許重點關注賓州，尤其是上個季度的數據點。您對推行與 PJM 同行宣布的一些類似的 GenCo 有何看法？您如何看待 PJM 目前上限拍賣清算為賓州的費率基準產生立法提供資訊？

Yes. So let me start by saying God bless Governor Shapiro for saving the customers in PJM billions of dollars by negotiating the collar that he did. Again, the $16 billion that customers are going to spend during that capacity delivery year, add no new dispatchable generation to the system.

是的。因此，首先我要說，願上帝保佑夏皮羅州長，他透過談判解決了領圈問題，為 PJM 的客戶節省了數十億美元。再次，客戶在容量交付年度內將花費 160 億美元，但這不會為系統增加任何可調度的新發電量。

You could build an awful lot of 1-gigawatt power plants for $16 billion. We're going to be constructive in terms of how we engage with the states that are fully deregulated. We would be willing to build on a regulated like basis or a fully contracted basis with creditworthy counterparties.

花費 160 億美元可以建造大量 1 千兆瓦的發電廠。我們將以建設性的方式與已完全放鬆管制的州接觸。我們願意在受監管的基礎上或與信譽良好的交易對手建立完全合約的基礎上開展業務。

In the meantime, we're going to focus on West Virginia, where we do have the opportunity to invest on an integrated basis. We're anticipating our IRP will call for new dispatchable generation. And we are ready, willing, and able to make those investments for the benefits of our customers in West Virginia and for incremental economic development in that state.

同時，我們將重點關注西維吉尼亞州，在那裡我們確實有機會進行全面投資。我們預計我們的 IRP 將需要新的可調度發電。我們已經準備好、願意並且能夠進行這些投資，以造福西維吉尼亞州的客戶並促進該州的經濟發展。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just want to dig in on the data center pipeline a little bit more, if you could. Just want to understand what drives the pace of negotiations there? Are there any blocking items to getting capacity online sooner or anything left to do for the contracts to get more of those to go up? Just wondering what drives the pace of conversions?

如果可以的話，我只想更深入地了解資料中心管道。只是想了解是什麼推動了那裡的談判步伐？是否存在阻礙更快地將容量投入使用的因素，或者還有什麼可以做來讓更多的容量投入使用？只是想知道是什麼推動了轉換的速度？

It's really customer demand and how quickly people are willing to put their dollars to work is the thing that's allowing us to move as fast as we are. We're seeing there are legitimate large-scale data center developers who have control of land, who have access to equipment, who are willing to sign contracts with us to keep their data centers moving forward.

真正讓我們能夠快速發展的是客戶需求以及人們願意多快投入資金。我們看到，有一些合法的大型資料中心開發商，他們控制著土地，可以使用設備，並願意與我們簽訂合同，以保持他們的資料中心向前發展。

We're also seeing a lot of others who are out there running these studies trying to see if they can put something together. And we're talking to any and all of them trying to make as much of that happen in reality as we can as quickly as possible for the demand that we're seeing. But it's really customer demand that sets the pace for how quickly we're able to move.

我們也看到許多其他人正在進行這些研究，試圖看看他們是否可以將一些東西整合在一起。我們正在與所有人溝通，試圖盡快實現盡可能多的目標，以滿足我們看到的需求。但實際上，客戶的需求決定了我們行動的速度。

Got it. That makes sense there. Maybe pivoting to West Virginia ahead of the IRP filing. Could you speak to the scope for incremental generation needs there? And what level of low growth do you see in the state?

知道了。這很有道理。也許在 IRP 申請之前轉向西維吉尼亞州。您能談談那裡增量發電需求的範圍嗎？您認為該州的低成長水平如何？

Just wondering any color you might be able to provide there, particularly as it relates to coal plant retirements and how you think about that at this point?

只是想知道您能否提供任何信息，特別是與燃煤電廠退役有關的信息，以及您目前對此有何看法？

Yes. So we'll be updating those load projections in the IRP that we're going to follow. I don't want to front run that filing today. But we have about 3,500 megawatts of generation, 3,000 of it is coal-fired generation in the state of West Virginia that, currently, according to our current forecast, would have those retiring in the 2035 and the 2040 time frame. Again, we'll update that as we get into the IRP.

是的。因此，我們將在我們將要遵循的 IRP 中更新這些負載預測。我今天不想搶先提交該文件。但我們的發電量約為 3,500 兆瓦，其中 3,000 兆瓦是西維吉尼亞州的燃煤發電，根據我們目前的預測，這些發電廠將在 2035 年和 2040 年期間退役。再次強調，我們會在進入 IRP 時更新該資訊。

But I could see us incrementally adding, over a period of time, 1,000 megawatts of dispatchable gas combined cycle over the next 10 years. And that would support both giving flexibility to those plans that we have with the coal-fired power plants and attracting new data center load and other load that's looking to relocate in West Virginia.

但我可以看到，在未來 10 年內，我們將逐步增加 1,000 兆瓦的可調度燃氣複合循環發電量。這將有助於為我們的燃煤發電廠計劃提供靈活性，並吸引新的資料中心負載以及希望遷移到西維吉尼亞州的其他負載。

West Virginia has a real competitive advantage given that it's an integrated resource plan state. And we've talked to the governor about that. We've talked to the chair of the commission about that. And we think there would be support for adding generation in the state.

西維吉尼亞州作為一個綜合資源規劃州，具有真正的競爭優勢。我們已經和州長討論過此事。我們已經與委員會主席討論過此事。我們認為，該州將會支持增加發電量。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just to start on results, you're tracking ahead of the plan on a number of key items here. Just curious if you can flesh out what is driving that upside versus the plan? And then curious if you'd revisit the guidance range as we get through 3Q or ship that target within the range given the strong results thus far?

也許只是為了開始獲得結果，你正在提前追蹤這裡的一些關鍵項目的計劃。我只是好奇，您是否可以詳細說明一下，與計劃相比，是什麼推動了這一上漲？然後好奇您是否會在我們進入第三季時重新審視指導範圍，或者考慮到迄今為止的強勁業績，您是否會在指導範圍內實現該目標？

Carly, this is Jon. So most of the favorability to the plan year-to-date is just discipline around operating expenses. As I said in my prepared remarks, our operating expenses are about 4% below plan, and we see that continuing for the balance of the year.

卡莉，這是喬恩。因此，今年迄今對該計劃的大部分支持只是圍繞營運費用的約束。正如我在準備好的演講中所說，我們的營運費用比計劃低約 4%，我們預計今年剩餘時間將繼續下去。

So it's really just around financial discipline and continuing to deploy capital on time and on plan. So that's what's really driving that. I think as we get out to the third quarter call, obviously, we'll look at where we are for the year. And then if it makes sense, we'll adjust the guidance range at that time.

因此，這實際上只是圍繞財務紀律以及繼續按時按計劃部署資本。這就是真正的推動因素。我認為，當我們進入第三季電話會議時，我們顯然會看看今年的狀況。然後，如果有意義的話，我們會調整指導範圍。

Great. And then just wanted to follow up on Nick's question earlier on the transmission upside. Could you just talk a little bit about what's embedded in that 20% opportunity that you've highlighted? Is that just the PJM open window? Or are there any other drivers that we should be thinking about?

偉大的。然後只是想跟進尼克之前關於傳輸優勢的問題。您能否稍微談談您所強調的 20% 機會中蘊含著什麼？那隻是 PJM 打開的視窗嗎？或者有其他我們應該考慮的驅動因素嗎？

It's both the open windows that we have, and then it's incremental to actually add the data centers that are on our system are a component of that. And then there's some additional incremental that we found that's not related to either one of those going forward. So it's all three of those parts that add up to the upside that we're seeing.

它既是我們擁有的開放窗口，然後實際上是逐步添加我們系統上的資料中心作為其組成部分。然後我們發現還有一些額外的增量與未來的任何一個都無關。所以，我們看到的是上述三個部分加在一起所帶來的好處。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Just on that same transmission CapEx topic, signaling the up to 20% increase. We're only halfway through the year, and it seems like the data center load conversations are progressing fairly rapidly anyway. I'm just wondering could there be further opportunities for upside as you get closer to your roll-forward period could that CapEx outlook rise further in the coming months essentially?

僅在相同的傳輸資本支出主題上，就預示著高達 20% 的成長。今年才剛過一半，但資料中心負載對話似乎進展得相當快。我只是想知道，隨著您接近展期，是否還會有進一步上漲的機會，未來幾個月的資本支出前景是否會進一步上升？

Yes, I think so, David. We're not putting in our plan things that we don't feel fairly certain about. So for it to be in the plan, it has to be contracted with the customer or we have to have had the award or feel fairly certain of the award from a competitive process or we have to have line of sight that the investment is at the period that we're talking about.

是的，我認為是這樣，大衛。我們不會把那些我們不太確定的事情納入我們的計劃中。因此，為了將其納入計劃，我們必須與客戶簽訂合同，或者我們必須獲得獎勵，或者透過競爭過程對獎勵有相當的把握，或者我們必須確保投資處於我們所談論的時期。

But against that backdrop, I think there will be additional customers will come forward and sign contracts with us. I do think there will be awards coming out of the current open window. I think there will be additional open windows that happened.

但在這種背景下，我認為會有更多的客戶來與我們簽約。我確實認為在目前開放的窗口中將會頒發獎項。我認為還會有更多開放的窗口出現。

So I see upside to the plan. But we're not going to be frivolous in putting upside that we don't see line of sight to in our plan. But yes, I do think there will be upside as we go forward in time.

因此我看到了這個計劃的好處。但我們不會輕率地將我們看不到的好處納入我們的計劃中。但是是的，我確實認為隨著時間的推移，我們將會有好的前景。

Great. Yes, it makes sense. And then as we think about just how PJM states are going to be procuring new capacity. I was just wondering if there's been any progression with the discussions around what the framework might be, whether it's contracted generation, regulated generation. And any sense of when we might get clarity as to the direction certain states are going?

偉大的。是的，這很有道理。然後我們思考 PJM 各州將如何購買新產能。我只是想知道關於框架的討論是否取得了任何進展，無論是合約發電還是受監管發電。我們什麼時候才能清楚了解某些州的發展方向？

Not a ton of clarity on that, David, in deregulated states. I am encouraged by the PJM state-led technical conference that's going to happen on September 23, where all five of our states governors are going to be participating in that.

大衛，在放鬆管制的州，對此還沒有太多的明確認知。我對將於 9 月 23 日舉行的 PJM 州主導的技術會議感到鼓舞，我們所有五個州的州長都將參加此次會議。

I think the capacity auction situation is one that can only be solved by the states themselves. Clearly, the capacity auction construct can't solve it and hasn't solved it.

我認為容量拍賣問題只能由各州自行解決。顯然，容量拍賣結構無法解決這個問題，而且至今仍未解決。

The states can solve it, whether they decide to do so individually or through something like the outcome of the September 23 Technical Conference. I'm not sure, but I'm very pleased to see the governors engaged taking a leadership role in this, and I think that's how we're going to get to the right solution here.

各州可以解決這個問題，無論他們決定單獨解決還是透過類似 9 月 23 日技術會議的成果來解決。我不確定，但我很高興看到州長參與其中並發揮領導作用，我認為這就是我們找到正確解決方案的方法。

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

A lot of my questions have been asked, but maybe we could just cycle back to or circle back to Ohio regulation for a minute. So you're in this process with the PUCO for a forward test year. We're thinking about affordability pressures with PJM also coming through the system.

我已經問了很多問題，但也許我們可以暫時回到俄亥俄州法規上來。因此，您將與 PUCO 一起進行此過程，以進行未來一年的測試。我們正在考慮 PJM 系統所帶來的負擔能力壓力。

As you move from the ESP and as you go into the forward test year, maybe one piece is what intervenors seem most concerned about through that process? And how would that shift your ability to have an opportunity to earn your allowed ROE and think about regulatory lag?

當您從 ESP 轉入未來測試年時，也許其中一個問題是乾預者在整個過程中最關心的是什麼？這會如何改變您獲得允許的 ROE 的機會並考慮監管滯後？

We're in the midst of our current base rate case, which we've had the testimony briefs have been filed, reply briefs and we're waiting for an answer in the current rate case, and all the things that you would anticipate being covered by interveners are being covered there. Cap structure, ROE, the rates themselves, like all of the normal things are being considered in our base rate case.

我們正處於當前基準利率案件的審理之中，我們已經提交了證詞摘要和答辯摘要，我們正在等待當前利率案件的答复，您預期介入者將涉及的所有內容都將在那裡得到涵蓋。資本結構、ROE、利率本身，就像所有正常的事情一樣，都在我們的基本利率案例中被考慮。

I anticipate, Ross, that's going to be the case in these forward-looking test years that we have. When we go in for the next rate case under the new regime, whenever that is, we're going to have a fairly limited period that needs to be reviewed historically. And since we have true-ups on the forward-looking portion of the test year, I don't anticipate those being particularly contentious.

羅斯，我預計，在我們進行的這些前瞻性測試中，情況將會出現這種情況。當我們在新制度下處理下一個利率案件時，無論何時，我們都將有一個相當有限的時期需要進行歷史審查。而且由於我們對測試年度的前瞻性部分進行了調整，我預計這些不會特別有爭議。

So I think we'll be able to move through the next rate case relatively easily in a fairly short period of time without many issues that haven't recently been discussed being raised. So I think the new regime will be constructive and look forward to transitioning to that as quickly as possible.

因此我認為我們將能夠在相當短的時間內相對輕鬆地處理下一個利率案件，而不會提出許多最近沒有討論過的問題。因此我認為新政權將是建設性的，並期待盡快過渡到這個政權。

And then one follow up to that, just in Ohio. We still have the remaining or the last, hopefully, remaining HB 6 related processes. How do you see those progressing from here? And when can we finally think about wrapping and closing that, so I don't have to ask the questions anymore?

然後我們在俄亥俄州也進行了後續行動。我們仍有剩餘的或最後的，希望是剩餘的 HB 6 相關流程。您如何看待未來的進展？我們什麼時候才能最終考慮結束這件事，這樣我就不用再問這些問題了？

Yes, so similar answer. We've been through most of the rate case in that. There have been no new issues raised during that period. We anticipate getting an outcome later this year and finally, be able to put that chapter behind us.

是的，答案非常相似。我們已經經歷過其中大部分的利率案例。在此期間沒有出現任何新問題。我們預計將在今年晚些時候得到結果，並最終能夠將這一事件拋諸腦後。

But nothing new was raised in the hearings that wasn't disclosed or and accounted for previously. And we look forward to getting through that proceeding and putting a final period on that by the end of this year as well.

但聽證會上並未提出任何先前未揭露或說明的新問題。我們也期待在今年年底前完成這項程序並為其畫下句點。

Michael Sullivan, Wolfe Research.

麥可‧沙利文，沃爾夫研究公司。

Had another one on the West Virginia generation plans. Are you mainly looking at building new dispatchable generation yourself? Or would you consider buying something that someone else may be developing? I think one of your peers is doing that?

還有另一個關於西維吉尼亞州發電計劃的內容。您是否主要考慮自行建置新的可調度發電？或者你會考慮購買其他人可能正在開發的東西？我認為你的一個同事正在這樣做？

We're going to look at everything, of course. I think what's needed in PJM is new dispatchable generation. And my hope is that we'll be able to make investments in that in the state of West Virginia. But of course, we're going to look at everything and select the outcome that makes the most sense for West Virginia for the long term.

當然，我們會仔細審查一切。我認為 PJM 需要的是新的可調度發電。我希望我們能夠在西維吉尼亞州進行這方面的投資。但當然，我們會考慮所有因素並選擇對西維吉尼亞州的長期發展最有利的結果。

Okay. And as a follow-up, I think you mentioned regulated generation, but also considering contracted, maybe unregulated generation. Is that an evolution in your thought process?

好的。作為後續問題，我認為您提到了受監管的發電，但也考慮了合約發電，甚至可能是不受監管的發電。這是您思維過程的演進嗎？

And would that be something like similar to what PPL, Blackstone announced a couple of weeks ago. Would you be looking for a partner similar to that to work on that?

這是否與 PPL、黑石集團幾週前宣布的類似？您是否正在尋找類似的合作夥伴來從事這項工作？

Yes. If the risk profile were to look like regulated, I'd be comfortable with it. Meaning, I wouldn't want us to be taking a position in the capacity or energy markets for the benefit of a customer. I wouldn't want us to be long generation that we're looking for a home for.

是的。如果風險狀況看起來受到監管，我會感到放心。意思是，我不希望我們為了客戶的利益而在容量或能源市場上佔有一席之地。我不希望我們成為需要尋找家園的長輩。

But if we were able to make an investment in generation that had a regulated type risk profile, that's something we consider. I wouldn't say that's an evolution for us. We talked about that type of situation in our deregulated states as being something that we could consider if it could help solve the problem, but we're certainly not looking to be a merchant generator with new generation to sell into today's marketplace.

但如果我們能夠對具有受監管風險狀況的發電進行投資，我們就會考慮。我不會說這對我們來說是一種進化。我們討論了在我們放鬆管制的州中這種情況，如果它可以幫助解決問題，我們會考慮，但我們肯定不希望成為將新一代產品銷售到當今市場的商用發電機。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

First question on data centers, a lot of new disclosures. I appreciate all the details. On slide 7, can you tell us what's the current level of data center demand you're seeing today? And then it looks like a pretty substantial step-up in the blue bar from 2025 to 2026. Is that a specific customer ramping up? And can you give us a little more detail even around who the customer is or where in terms of which service territory?

第一個問題是關於資料中心的，有很多新的揭露。我感謝所有細節。在第 7 張投影片上，您能告訴我們目前資料中心的需求水準嗎？然後看起來，從 2025 年到 2026 年，藍色條會出現相當大的增長。這是特定客戶的成長嗎？您能否提供我們更多細節，例如客戶是誰，以及服務區域在哪裡？

So Andrew, this is Jon. So active customers today are probably 400 megawatts, but then you see the pipeline continue to increase. I mean most of this is happening in Ohio, Maryland, and West Virginia.

安德魯，這是喬恩。因此，目前活躍的客戶大概有 400 兆瓦，但隨後你會看到管道繼續增加。我的意思是，大部分此類事件發生在俄亥俄州、馬裡蘭州和西維吉尼亞州。

We are starting to see a lot more interest in Pennsylvania. In fact, if you look at our large load studies that are greater than 500 megawatts. I would say that probably one-third of what we're seeing just this year alone is in Pennsylvania, which is consistent with what some of the announcements have been over the course of the last few months.

我們開始看到人們對賓州越來越感興趣。事實上，如果你看一下我們的大負載研究，你會發現其容量超過 500 兆瓦。我想說，光是今年，我們所看到的疫情大概有三分之一發生在賓州，這與過去幾個月發布的一些消息一致。

Okay. Great. And then when would the next CapEx refresh be coming? I think you're alluding to it, would that be something we'd be seeing with the third quarter in EEI or more like a year-end update in February?

好的。偉大的。那麼下一次資本支出更新什麼時候會到來呢？我認為您是在暗示這一點，這是我們在 EEI 第三季度會看到的事情，還是更像是 2 月的年終更新？

Well, I think we want to get clarity on some of the transmission CapEx with respect to this open window. So we'll likely provide the long-term CapEx plan on the fourth quarter call.

好吧，我想我們想弄清楚與這個開放窗口相關的一些傳輸資本支出。因此，我們可能會在第四季度電話會議上提供長期資本支出計劃。

Sophie Karp, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Sophie Karp。

I have a follow-up on Ohio. Could you talk a little bit about how -- what your strategy is going to be in Ohio regulatory strategy following the conclusion of the current rate case? Like when do you plan to file under the new framework? Will that depend on the certain outcomes in the existing rate case and et cetera?

我對俄亥俄州有後續消息。您能否稍微談談當前利率案件結束後，您在俄亥俄州的監管策略將是什麼？例如，您計劃何時根據新框架提交申請？這是否取決於現有利率情況的某些結果等等？

Yes. So it will depend on outcomes in the existing rate case. So if we are allowed to recover on investments that we've made since May of last year when we filed the rate case, that might allow us to push the rate case out a little bit.

是的。因此這將取決於現有利率情況的結果。因此，如果我們能夠收回自去年 5 月提起利率訴訟以來所做的投資，那麼我們或許可以將利率訴訟稍微推遲一些。

If we're not allowed to recover on investments we've made since May of 2024, we'll be right back in for a multiyear rate case as soon as practicable after we get the outcome of that rate case. So it really depends on the outcome of the current case.

如果我們無法收回自 2024 年 5 月以來所做的投資，我們將在獲得該利率案件的結果後儘快重新回到多年期利率案件中。所以這實際上取決於當前案件的結果。

And this item is still outstanding, so you won't have clarity until you actually have the final decision on it?

而且此事仍懸而未決，所以在您真正做出最終決定之前，您都不會清楚這一點？

Yes. I think we'll look to have a final decision on the existing base rate case before we file the new rate case, if that's what you're asking. And I anticipate that we'll get an outcome sometime in the fourth quarter based on where we are today with reply briefs filed early in July. So my sense is we'll have an outcome in the fourth quarter, and then we'll take some time to understand that and then we'll make some decisions as to what the next steps are.

是的。如果您問的是這個，我想我們會在提起新的利率案件之前對現有的基準利率案件做出最終決定。根據我們目前在七月初提交的答辯狀，我預計我們將在第四季的某個時候得到結果。所以我的感覺是，我們會在第四季得到一個結果，然後我們會花一些時間來了解這一點，然後我們會決定下一步該怎麼做。

Anthony Crowdell, Mizuho Securities.

瑞穗證券的安東尼克勞德爾 (Anthony Crowdell)。

I want to follow up on one of David or Carly's questions. Brian, I think you're very clear and you had said, and I hope I heard it correctly, that if you think the solution for the PJM capacity issues or the higher prices are likely to be solved at the state level. If that's correct and my understanding is correct, which state that's in the FE footprint do you think is maybe in the leader or going to be one of the first to solve that problem?

我想跟進 David 或 Carly 的一個問題。布萊恩，我認為你說得非常清楚，我希望我聽得正確，如果你認為 PJM 容量問題或更高價格的解決方案可能在州一級得到解決。如果這是正確的，而且我的理解是正確的，那麼您認為 FE 足跡中的哪個州可能是領導者或將成為第一批解決該問題的州之一？

I don't want to pick one, Anthony. I'd say that Pennsylvania has been very active in demonstrating leadership on that. Ohio clearly just doubled down on the markets solving that problem for them. So I think they're going to rely on the PJM capacity construct.

我不想選一個，安東尼。我想說賓州在這方面非常積極地展現了領導力。俄亥俄州顯然加倍努力利用市場來解決這個問題。所以我認為他們將依賴 PJM 容量構造。

And then I think the other states are somewhere in between what I'd call those extremes. West Virginia has an IRP. And I think Maryland and New Jersey, are very concerned about the issue and their governors are engaged.

然後我認為其他州的情況處於我所說的極端情況之間。西維吉尼亞州有一個 IRP。我認為馬裡蘭州和新澤西州非常關注這個問題，而且他們的州長也參與其中。

So we're encouraging that engagement. We're participating in that engagement and encouraging states to take the leadership role that we think is the only solution to this issue.

所以我們鼓勵這種參與。我們正在參與這項活動並鼓勵各國發揮領導作用，我們認為這是解決這個問題的唯一方法。

And I'm just throwing out, do you think the states or the PJM looks to change maybe compensation different for new generation versus existing generation because you highlighted in your opening remarks that, I think, it was $19 billion brought no new megawatts or no new dispatchable megawatts?

我只是想問一下，您是否認為各州或 PJM 可能會改變對新一代發電和現有發電的補償方式，因為您在開場白中強調過，我認為 190 億美元並沒有帶來新的兆瓦或新的可調度兆瓦？

Yeah, what we're seeing on the current construct is a massive wealth transfer from customers and PJM, retail customers and PJM to large independent power producers, mostly located in Houston, Texas. I don't think that's a good public policy answer.

是的，我們在當前結構中看到的是，巨大的財富轉移從客戶和 PJM、零售客戶和 PJM 轉移到大型獨立電力生產商，這些生產商主要位於德克薩斯州的休斯頓。我認為這不是一個好的公共政策答案。

God bless those companies for their recent windfalls. That's great for them. It's not solving the problem that we need to solve in PJM. And that is new dispatchable generation. So if the states finally decide that they've had enough of their customers paying for something that they're not getting, I think we'll get the solutions that help address the problem.

願上帝保佑這些公司最近獲得意外之財。這對他們來說太好了。這並不能解決我們在 PJM 中需要解決的問題。這就是新一代可調度技術。因此，如果各州最終決定，他們已經受夠了客戶為他們無法獲得的東西付錢，我認為我們會找到有助於解決問題的解決方案。

Got it. And then just lastly, you guys talked about the potential, I think of -- I think it's $14 billion of more transmission spending. Just a significant raise in CapEx. Yesterday, we had other utilities announcing again, significant raises, I think. Another company, today, along with you guys, big raise.

知道了。最後，你們談到了潛力，我認為——我認為傳輸支出將增加 140 億美元。只是資本支出大幅增加。昨天，其他公用事業公司也再次宣布大幅加薪，我想。另外一家公司，今天也和你們一起，大加薪。

I mean, do you -- when you see all these numbers, do you worry that maybe you don't have the equipment to deliver that? Do you quickly call your supply team to make sure we have it?

我的意思是，當您看到所有這些數字時，您是否擔心自己可能沒有足夠的設備來實現這些目標？您是否會迅速致電您的供應團隊以確保我們已收到貨？

Are there any concerns when you're seeing the whole industry really raise CapEx to a level we haven't seen? And could you procure the equipment or the -- could you build that much in this short of a time?

當您看到整個行業將資本支出提高到我們從未見過的水平時，您是否感到擔憂？能採購設備嗎？或者您能在這麼短的時間內建造那麼多東西嗎？

Yes. Thank you for the question, Anthony. We're confident that we have the relationships with vendors and suppliers and that they're included in our short-, medium-, and long-term planning that we will be able to deliver against our commitments.

是的。謝謝你的提問，安東尼。我們相信，我們與供應商和供貨商建立了良好的關係，並且他們被納入我們的短期、中期和長期規劃中，我們將能夠兌現我們的承諾。

Congrats on the quarter.

恭喜本季取得佳績。

Ladies and gentlemen, this concludes the question-and-answer session, and this will conclude today's conference as well. You may disconnect your lines at this time, and thank you for your participation.

女士們、先生們，問答環節到此結束，今天的會議也到此結束。此時您可以斷開您的線路，感謝您的參與。