第一能源 (FE) 2026 Q1 法說會逐字稿

Hello, and welcome to FirstEnergy Corp.'s first-quarter 2026 earnings call. As a reminder, this conference is being recorded.

您好，歡迎參加 FirstEnergy Corp. 2026 年第一季財報電話會議。提醒各位，本次會議將被錄音。

It's now my pleasure to turn the call over to Karen Sagot, Vice President of Investor Relations. Please go ahead, Karen.

現在我很榮幸將電話會議交給投資人關係副總裁 Karen Sagot。Karen，請開始。

Thank you. Good morning, everyone, and welcome to FirstEnergy's first-quarter 2026 earnings review. Our earnings release, presentation and related financial information are available on our website at firstenergycorp.com/ir.

謝謝。各位早安，歡迎參加 FirstEnergy 2026 年第一季財報回顧。我們的財報新聞稿、簡報及相關財務資訊已公布於 firstenergycorp.com/ir。

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.

今天的討論將包含非 GAAP 財務衡量指標及前瞻性陳述，這些內容可能受到風險與不確定性影響。我們在今日電話會議的財報新聞稿以及向 SEC 提交的文件中所討論的因素，可能導致實際結果與這些前瞻性陳述有重大差異。今日簡報的附錄包含補充資訊，以及非 GAAP 財務衡量指標的調節表。請閱讀簡報第 2 與第 3 頁的警示聲明及非 GAAP 財務衡量指標說明。

Our Chairman, 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.

我們的董事長、總裁兼執行長 Brian Tierney 將主持今天的電話會議，並由資深副總裁兼財務長 Jon Taylor 一同參與。

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

現在我很榮幸將電話會議交給 Brian。

Thank you, Karen. Good morning, everyone. Thank you for joining us today. We are off to a solid start this year with first-quarter core earnings 7.5% above last year, reflecting our customer-focused investment plan and strong financial discipline. We are on track for a successful year with expected results in line with our 2026 earnings guidance range of $2.62 to $2.82 per share and our long-term outlook remains strong.

謝謝你，Karen。各位早安。感謝各位今天加入我們。今年我們開局穩健，第一季核心盈餘較去年成長 7.5%，反映我們以客戶為中心的投資計畫以及強健的財務紀律。我們正朝著成功的一年邁進，預期結果符合我們 2026 年每股盈餘指引區間 2.62 至 2.82 美元，長期展望仍然強勁。

The team executed extremely well in the first-quarter despite numerous storms that rolled through our service territory. Our employees demonstrated a strong commitment to our customers by their performance safely restoring power.

儘管多場風暴席捲我們的服務區域，團隊在第一季仍展現極佳的執行力。我們的員工以安全方式恢復供電的表現，展現對客戶的高度承諾。

What I observed during the first three months of this year further strengthens my commitment to our strategic direction. We are investing in our electric system to improve reliability, resiliency, and the customer experience, listening, and responding to our communities and investing in our people to be safe, well-trained, and productive. By doing these things, we improve the well-being of our customers, our communities and our teammates and provide a strong value proposition to investors.

我在今年前三個月所觀察到的一切，更加堅定我對我們策略方向的承諾。我們投資電力系統以提升可靠性、韌性與客戶體驗；傾聽並回應社區需求；並投資於我們的人才，使其安全、訓練有素且具生產力。透過這些作為，我們提升客戶、社區與同仁的福祉，並為投資人提供強而有力的價值主張。

Over the last three years, we have fundamentally transformed FirstEnergy. We sharpened our strategic focus and strengthened our alignment around our core values. I am pleased to share with you that we have recently completed a couple of key hires, further strengthening our leadership team. I am pleased to announce Chris Beam as our new President of West Virginia and Maryland. Chris replaces Jim Myers, who retired after 40 years of remarkable service.

過去三年，我們已從根本上轉型 FirstEnergy。我們更聚焦策略重點，並強化圍繞核心價值的整體一致性。我很高興與各位分享，我們近期完成了幾項關鍵人事任命，進一步強化領導團隊。我很高興宣布 Chris Beam 出任我們西維吉尼亞州與馬里蘭州的新任總裁。Chris 將接替服務 40 年並已退休的 Jim Myers。

I'm also pleased to announce that Dan Puskas has agreed to serve as our Chief Information Officer after serving on an interim basis for the last six months. Both Chris and Dan bring deep technical, industry and leadership experience to the executive team.

我也很高興宣布，Dan Puskas 在過去六個月以代理身分任職後，已同意出任我們的資訊長。Chris 與 Dan 皆為高階管理團隊帶來深厚的技術、產業與領導經驗。

At the core of our strategy is improving the service we provide to customers. Each of our business units are working with customers, elected officials, and regulators to prioritize investments for local needs. Collaboration with our key stakeholders drives alignment and better outcomes for customers and better results for our company. You see this in action across our footprint and is a key reason why we are positioned for long-term success.

我們策略的核心是提升提供給客戶的服務。我們各事業單位正與客戶、民選官員及監管機構合作，針對在地需求排定投資優先順序。與關鍵利害關係人的協作可促進一致性，為客戶帶來更佳成果，也為公司帶來更好的表現。您可在我們的服務版圖各處看到這些作為的落實，這也是我們能夠取得長期成功定位的關鍵原因。

Our investment plans focus on fundamentals, addressing aging infrastructure, reducing operational risk and building more capacity to serve growing customer demand. For instance, in Pennsylvania, we are accelerating investments under the long-term infrastructure improvement plan that we expect will significantly improve reliability particularly across the rural portions of our service territory.

我們的投資計畫聚焦基本面：處理老化基礎設施、降低營運風險，並建置更多容量以服務持續成長的客戶需求。例如在賓夕法尼亞州，我們正加速推動長期基礎設施改善計畫下的投資，預期將顯著提升可靠性，特別是在我們服務區域的鄉村地帶。

In West Virginia, we see a compelling opportunity to support economic development with new generation, which is strongly aligned with the state's energy goals. And our transmission investment plan remains a key focus, given the location and critical nature of our system in PJM. Across the company, our business units are executing against tailored investment plans and regulatory strategies that are focused on improving the customer experience.

在西維吉尼亞州，我們看到以新發電資源支持經濟發展的極具吸引力機會，且與該州能源目標高度一致。此外，鑑於我們系統在 PJM 的地理位置與關鍵性，我們的輸電投資計畫仍是重點。在全公司範圍內，各事業單位正依據量身打造的投資計畫與監管策略執行，聚焦於改善客戶體驗。

Affordability remains central to how we lead the company. On average, our rates are 20% below our in-state peers with the T&D component of our bill being 35% below those peer companies. We are proactively having constructive conversations with elected officials and regulators in each of our states to look for ways to address questions around affordability for our customers. The main driver behind the affordability conversation today is a demand and supply imbalance from a capacity market construct that is not attracting any significant incremental generation.

可負擔性仍是我們經營公司的核心。平均而言，我們的費率較同州同業低 20%，而帳單中的輸配電（T&D）部分較這些同業低 35%。我們正主動與各州的民選官員與監管機構進行具建設性的對話，尋找方法回應客戶對可負擔性的疑慮。目前可負擔性討論的主要驅動因素，是容量市場機制造成的供需失衡，該機制未能吸引任何顯著的新增發電量。

Our conversations with key stakeholders are about how we get more dispatchable generation at a fair price while still protecting our existing customers. We believe that PJM's proposed Reliability Backstop Procurement auction could be a step in the right direction, although there is a significant amount of detail needed to ensure the right amount of dispatchable generation is procured at affordable rates.

我們與關鍵利害關係人的對話，聚焦於如何以公平價格取得更多可調度發電，同時仍保護既有客戶。我們認為 PJM 提出的「可靠性後備採購」（Reliability Backstop Procurement）拍賣可能是朝正確方向邁出的一步，但仍需要大量細節，以確保以可負擔的費率採購到適當數量的可調度發電。

Additionally, we still have the capacity auction cap in place for the next two auctions through 2030. These were initially negotiated by Governor Shapiro on behalf of all PJM customers. We are also discussing what we can control through operational efficiencies, alternative distribution rate designs, and innovative solutions on other costs on the customer's bill.

此外，未來兩次容量拍賣（至 2030 年）仍維持容量拍賣價格上限。這些上限最初由 Shapiro 州長代表所有 PJM 客戶協商而成。我們也在討論我們可控的面向，包括營運效率提升、替代性的配電費率設計，以及針對客戶帳單中其他成本的創新解決方案。

Since 2022, we have reduced our base O&M by more than $200 million or 15%, and we are continuing to look for ways to work smarter and more efficiently. We are also exploring other ways to protect our customers. For instance, in Pennsylvania, we recently filed an innovative proposal to reform our default service program protecting customers from higher supply rates on variable price contracts. Had this mechanism been in place in 2025, customers would have saved $80 million.

自 2022 年以來，我們已將基礎營運與維護（O&M）成本降低超過 2 億美元，約 15%，並持續尋找更聰明、更有效率的工作方式。我們也在探索其他保護客戶的方法。例如在賓夕法尼亞州，我們近期提出一項創新提案，改革我們的預設供電（default service）方案，保護客戶免於在浮動價格合約下承擔更高的供電費率。若此機制在 2025 年已實施，客戶本可節省 8,000 萬美元。

We want to protect them from paying higher prices in the future. Customer affordability continues to be a significant part of our regulatory strategy, and we are proactively working with stakeholders to balance affordability and the critical investments required to ensure a safe and reliable electric system.

我們希望保護客戶，避免未來支付更高價格。客戶可負擔性仍是我們監管策略的重要一環；我們正主動與利害關係人合作，在可負擔性與確保安全可靠電力系統所需的關鍵投資之間取得平衡。

Looking ahead, the rapidly evolving energy landscape will continue to require new transmission and generation investments that are above our current plan. Substantial investments in our transmission system are needed to ensure we proactively address aging equipment before it fails.

展望未來，快速演變的能源環境將持續需要超出我們現行計畫的新輸電與發電投資。我們的輸電系統需要大量投資，以確保在設備故障前主動處理老化設備問題。

We believe that new transmission capacity is a critical component to energy dominance and economic development. We continue to see ongoing opportunities with regional transmission planning investments through the PJM Open Window process. Our scale, planning expertise, and strategic location position us well for these types of opportunities. Over the last four years, we have been awarded more than $5 billion in competitive projects, and we expect more opportunity in future solicitations.

我們相信，新增輸電容量是能源主導地位與經濟發展的關鍵組成。我們持續透過 PJM Open Window 流程，在區域輸電規劃投資方面看到持續的機會。我們的規模、規劃專業能力與策略性地理位置，使我們在這類機會上具備良好優勢。過去四年，我們已在競標專案中獲得超過 50 億美元的案量，並預期未來的徵案將有更多機會。

Turning to Generation. In West Virginia, in addition to the recently filed CPCN for our 1.2-gigawatt natural gas facility, our data center demand in the state continues to grow with approximately 1.8 gigawatts of highly credible projects, an increase of 50% since February. Beyond that, we are having constructive dialogue with prospective customers representing over 6 gigawatts of load in West Virginia.

接著談發電業務。在西維吉尼亞州，除我們近期就1.2吉瓦天然氣發電設施所提交的CPCN申請外，本州資料中心需求仍持續成長，約有1.8吉瓦高度可信的專案，較2月增加50%。此外，我們正與潛在客戶進行具建設性的對話，這些客戶在西維吉尼亞州合計代表超過6吉瓦的負載。

This data center growth would support incremental generation and economic development which is strongly aligned with Governor Morrisey's 50 gigawatts by 2050 initiative and a significant priority for FirstEnergy. We are prepared to move forward with incremental generation projects as additional large loads enter our pipeline and become contracted, subject to regulatory approval.

此一資料中心成長將支持新增發電與經濟發展，與莫里西州長「2050年前達成50吉瓦」倡議高度一致，亦是FirstEnergy的重要優先事項。隨著更多大型負載進入我們的案源管線並完成簽約，在取得監管核准的前提下，我們已準備推進新增發電專案。

Our data center interest continues to grow beyond just West Virginia. Approximately 4 gigawatts of our total pipeline is in final contract negotiations and are expected to become contracted with the construction agreement within this quarter, nearly doubling our contracted demand. This is an exciting time for our industry and our company. We are confident in our customer-focused strategy and our operating model that aligns with key stakeholders and local needs. Our focus is to drive great outcomes for our customers, communities and teammates which will result in a strong value proposition for investors.

我們對資料中心的關注與商機不僅限於西維吉尼亞州，仍在持續成長。我們整體案源管線中約有4吉瓦正處於最終合約談判階段，預期將於本季內連同施工協議完成簽約，使我們已簽約需求幾近倍增。這對本產業與本公司而言都是令人振奮的時刻。我們對以客戶為中心的策略，以及與關鍵利害關係人與在地需求一致的營運模式充滿信心。我們的重點是為客戶、社區與同仁創造卓越成果，進而為投資人帶來強勁的價值主張。

Now I'll turn the call over to Jon to discuss our financial results and regulatory updates.

接下來我把電話會議交給Jon，請他說明我們的財務結果與監管最新進展。

Thanks, Brian, and good morning, everyone. Yesterday, we reported first-quarter GAAP earnings of $0.70 a share against $0.62 a share in the first-quarter of 2025. Core earnings were $0.72 a share, increasing 7.5% from $0.67 a share in Q1 of last year, with each of our regulated businesses reporting increases year-over-year. You can find more details on our results, including reconciliations for core earnings and the strategic and financial highlights document we posted to our IR website yesterday afternoon.

謝謝你，Brian，各位早安。昨天我們公布第一季GAAP每股盈餘為0.70美元，對比2025年第一季的0.62美元。核心每股盈餘為0.72美元，較去年第一季的0.67美元成長7.5%，且我們各項受監管業務皆呈現年增。您可在我們昨天下午發布於投資人關係網站的資料中，找到更多結果細節，包括核心盈餘調節表，以及策略與財務重點文件。

Earnings growth largely reflects execution against our regulated investment strategy, with 75% of our capital program under a formula rate. In the quarter, transmission rate base increased to 13% including a 19% increase at our integrated businesses and an 11% increase from our stand-alone transmission segment.

盈餘成長主要反映我們對受監管投資策略的落實，其中75%的資本計畫適用公式費率。本季輸電費率基礎（rate base）成長至13%，其中整合型業務成長19%，獨立輸電事業部門成長11%。

Additionally, continuous improvement and innovation continue to be a focus of the management team, with our base O&M down close to 5% in the quarter. Automation increasing the speed of enhanced data transparency for better and more timely decision-making and technology enhancements are pillars to our cost management program. These innovative solutions are making us more efficient and provide better insight into information so we can make the best cost-effective decision for our customers.

此外，持續改善與創新仍是管理團隊的重點，本季基礎營運與維護費用（O&M）下降近5%。自動化以提升資料透明度、加速做出更佳且更即時的決策，以及技術強化，都是我們成本管理計畫的支柱。這些創新解決方案提升了我們的效率，並讓我們更深入掌握資訊，以便為客戶做出最具成本效益的決策。

In fact, in each of our base rate filings planned for this year, our comparable base O&M is lower than what was approved in the last rate case, demonstrating our commitment to continuous improvement and innovation, allowing us to minimize rate impacts to customers.

事實上，在我們今年規劃提出的各項基礎費率申請中，可比的基礎O&M均低於上一輪費率案件核准的水準，展現我們對持續改善與創新的承諾，並使對客戶費率的影響降至最低。

Our overall financial performance resulted in a consolidated return on equity of 9.8% on a trailing 12-month basis and continues to be in line with our targeted returns. Our investment program continues to be on track with $1.4 billion of customer-focused investments in the quarter, representing a 33% increase compared to the first-quarter of 2025, with nearly all of the increase in formula rate investment programs that are focused on improving the reliability and resiliency of the electric grid. Overall, we are very pleased with our performance and confident in the path ahead.

我們整體財務表現使合併股東權益報酬率（ROE）在過去12個月為9.8%，並持續符合我們的目標報酬。我們的投資計畫持續按軌道推進，本季完成14億美元以客戶為中心的投資，較2025年第一季增加33%，且增量幾乎全數來自公式費率投資計畫，重點在提升電網的可靠性與韌性。整體而言，我們對表現非常滿意，並對未來路徑充滿信心。

In late March, Moody's raised its outlook on FirstEnergy's senior unsecured rating to positive resulting from our improved credit profile as well as our low-risk rate regulated T&D operations. Also in March, we successfully completed an $850 million debt offering for FirstEnergy, Pennsylvania with an average coupon of 4.4%. We were pleased with the strong interest in this deal as it was more than five times oversubscribed.

3月下旬，穆迪（Moody's）將FirstEnergy之高級無擔保債評等展望調升為「正向」，反映我們信用狀況的改善，以及我們低風險、受費率管制的輸配電（T&D）營運。同樣在3月，我們成功為FirstEnergy Pennsylvania完成8.5億美元的債券發行，平均票面利率為4.4%。我們對此交易的強勁需求感到欣慰，認購倍數超過5倍。

We also successfully completed planned debt offerings for two of our transmission companies, MAIT and ATSI, with issuances of $250 million and $175 million, respectively. For the rest of the year, our financing plan includes $1.7 billion in subsidiary debt offerings and a modest amount of common equity. As we discussed previously, our current five-year plan includes up to $2 billion of equity or equity-like securities, including $100 million annually from our long-term employee benefit programs, with expected annual common equity issuances at approximately 1% of current market capitalization.

我們也成功完成兩家輸電公司MAIT與ATSI的既定發債計畫，發行金額分別為2.5億美元與1.75億美元。今年其餘期間，我們的融資計畫包含17億美元的子公司債務發行，以及少量普通股權。如先前所述，我們目前的五年計畫包含最多20億美元的股權或類股權證券，其中包括每年由長期員工福利計畫提供的1億美元；預期每年普通股發行量約為目前市值的1%。

Turning to regulatory updates. In West Virginia, hearings for our proposed 1.2-gigawatt combined cycle gas generating facility are scheduled for mid-July. We're pleased with the timeline for this proceeding and anticipate approval for the project in the second half of the year. We are simultaneously working through contracts for major equipment, EPC, and gas supply with all of us work on track. Upon regulatory approval, we expect to be in a position to execute these agreements and we'll update our financial plan, reflecting this investment.

接著更新監管進展。在西維吉尼亞州，我們擬建的1.2吉瓦燃氣複循環發電設施之聽證會預定於7月中旬舉行。我們對本案程序時程感到滿意，並預期該專案將於下半年獲得核准。我們也同步推進主要設備、EPC（工程、採購與施工）以及天然氣供應等合約，目前各項工作均按計畫進行。在取得監管核准後，我們預期將可執行這些協議，並將反映此項投資更新我們的財務計畫。

Also in West Virginia, we plan to file our base rate case in May, reflecting a $1 billion increase in rate base since our last case in 2023. Based on our filing schedule, we expect new rates effective in the first-quarter of 2027. In Ohio, on April 22, we made the prefiling notices for our three-year rate plan, which will be formally filed next month. Since our last rate case filing in 2024, we have invested more than $1.3 billion in Ohio's distribution system. As part of our filing, we are proposing to increase our investments by nearly 15% to approximately $800 million annually to focus on improving reliability for our customers. Proposed customer bill impacts are less than 3% each year, and we expect new rates to go into effect mid-2027.

同樣在西維吉尼亞州，我們計畫於5月提出基礎費率案件申請，反映自2023年上次案件以來費率基礎增加10億美元。依據我們的申報時程，預期新費率將於2027年第一季生效。在俄亥俄州，我們於4月22日就三年期費率方案提交預申報通知，並將於下月正式提出申請。自我們2024年上次費率案件申報以來，我們已在俄亥俄州配電系統投資超過13億美元。作為本次申請的一部分，我們提議將投資提高近15%，至每年約8億美元，以聚焦提升客戶用電可靠性。提案對客戶帳單的影響每年低於3%，並預期新費率將於2027年年中生效。

In Pennsylvania, as of April, our approved infrastructure investment program is now being recovered through the distribution system improvement charge, which supports recovery of nearly 50% of FirstEnergy, Pennsylvania's capital investment program. This capital program and related surcharge are important tools to ensure we meet our customer commitments from our last base rate case in 2024.

在賓夕法尼亞州，截至4月，我們已核准的基礎建設投資計畫現已透過配電系統改善附加費（distribution system improvement charge）回收，支持回收FirstEnergy Pennsylvania資本投資計畫中近50%的金額。此資本計畫及相關附加費是重要工具，可確保我們履行2024年上一輪基礎費率案件中對客戶所作的承諾。

And finally, PJM recently opened the planning window for 2026. We anticipate the open window will address needs in a few areas, including portions of our system. The PJM Board is expected to approve projects in the first-quarter of next year.

最後，PJM近期已開啟2026年的規劃窗口。我們預期此開放窗口將處理若干領域的需求，其中也包括我們系統的部分區段。PJM董事會預計於明年第一季核准相關專案。

We are off to a strong start this year. Our capital investments supported by our constructive regulatory frameworks and strong financial discipline are improving the customer experience and will continue to provide solid regulated returns to our investors. We are reaffirming this year's capital investment plan of $6 billion and our core earnings guidance range of $2.62 a share to $2.82 a share, with most of the remaining earnings growth compared to 2025, materializing in the second half of the year.

我們今年開局強勁。在具建設性的監管架構與嚴謹的財務紀律支持下，我們的資本投資正改善客戶體驗，並將持續為投資人提供穩健的受監管報酬。我們重申今年60億美元的資本投資計畫，以及核心每股盈餘指引區間為2.62美元至2.82美元；相較2025年的其餘大部分盈餘成長，預期將於下半年逐步實現。

We are also reaffirming our long-term core earnings CAGR of 6% to 8% through 2030 and targeting near the top end of that range, with growth based off our 2026 guidance midpoint of $2.72 a share. We're confident in our outlook for this year and beyond, and we're looking forward to the incremental opportunities ahead.

我們也重申，至2030年長期核心盈餘年複合成長率（CAGR）為6%至8%的目標，並以接近該區間上緣為目標；成長係以我們2026年每股2.72美元的指引中點為基礎。我們對今年及未來的展望充滿信心，並期待前方更多增量機會。

Now I'll open the call to your Q&A.

現在我將開放電話會議進入問答環節。

(Operator Instructions) Shahriar Pourreza, Wells Fargo.

(接線員指示) Wells Fargo 的 Shahriar Pourreza。

Obviously, lots of upside there on data centers around your systems. The messaging is getting more and more constructive there. But maybe just focusing on comments centered on West Virginia, you highlight 6 gigawatts of load there, incremental generation that's needed. Could we just get a sense on the timing of the spend, your turbine queue status for the incremental generation? And maybe just how that should affect or impact the profile of the CAGR since you're already growing near the higher end.

顯然，圍繞你們系統的資料中心有很大的上行空間。相關訊息也越來越正面。不過若聚焦在你們提到的西維吉尼亞州，你們強調那裡有6吉瓦的負載，以及所需的新增發電。能否請你們談談資本支出的時點、為新增發電所需的燃氣渦輪機排程（queue）狀況？以及考量你們已接近區間上緣成長，這將如何影響或改變CAGR的輪廓？

Yes. So let me start with the queue of our turbines. We're on track to receive delivery of equipment to be able to be online in 2031 with the power plant. Everything is proceeding according to plan there. West Virginia is a state that is open for business, not just for data centers, but for everything else.

是的。我先從我們渦輪機的排程談起。我們正按計畫在2031年收到設備交付，使電廠能夠上線。目前一切都依計畫推進。西維吉尼亞州是一個歡迎企業的州，不僅對資料中心如此，對其他產業亦然。

And being led by Governor Morrisey, who's saying we want 50 gigawatts by 2050. And so it's a place where we're looking to invest to meet that demand and to attract that demand. So disproportionately, data centers are moving to West Virginia because of its open for business stance, and we're happy to be investing into that.

在州長 Morrisey 的帶領下，他表示希望到2050年達到50吉瓦。因此，這是我們為了滿足需求並吸引需求而考慮投資的地方。所以，資料中心因其友善營商立場而以較高比例移往西維吉尼亞州，我們也很樂意投入投資。

I'll ask Jon to comment on what things -- timing of spend and what that might mean to our growth.

我請 Jon 來補充談談——資本支出的時點，以及這對我們成長可能意味著什麼。

Yes, Shahriar. So we anticipate we'll get approval of the existing application in the second half of the year. If I had to guess, it's probably going to be early in the fourth quarter. What we've told people is, upon approval, rate base growth would increase from just over 10% to just over 11%. And obviously, we'll be very focused on translating rate base growth into earnings growth.

好的，Shahriar。我們預期會在今年下半年取得現有申請案的核准。如果要我猜，可能會在第四季初。我們對外說明的是，一旦核准，費率基礎（rate base）成長將從略高於10%提高到略高於11%。而且很明顯地，我們會非常專注於把費率基礎成長轉化為盈餘成長。

So more to come on that. We'll update the plan as soon as practical after approval, but we're really excited about this opportunity as well as the opportunities that are in West Virginia associated with the additional data center demand.

後續還會有更多資訊。我們會在核准後儘快更新計畫，但我們對這個機會以及西維吉尼亞州因額外資料中心需求所帶來的機會都感到非常振奮。

Got it. Perfect. And then just lastly, Brian, I mean, just the affordability rhetoric in Pennsylvania. I mean, the governor's tone and one of your peers obviously recently pulled its rate case. Can we just get a sense on how you're thinking about the political backdrop, the rate case timing? I mean, can you just invest in Pennsylvania through the LTIP program and the rider, [so] can you stay out further until the affordability concerns are kind of more muted?

了解。很好。最後一點，Brian，我是說，賓州那邊關於可負擔性的論述。州長的語氣，以及你們某位同業最近顯然撤回了其費率案件。能否談談你們如何看待政治環境與費率案件的時點？我的意思是，你們是否可以透過LTIP計畫與附加條款（rider）在賓州投資，[因此]在可負擔性疑慮更趨緩和之前，能否再延後提出費率案件？

Yes. So on these affordability issues, I think it's really important that we stay close to our executives, our regulators and our customers on the issue and talking about what's impacting the affordability. So I was just down in Philadelphia last month and met with Governor Shapiro and talked about these issues. He's extremely knowledgeable on energy issues and plugged into what's driving the cost.

是的。就這些可負擔性議題而言，我認為非常重要的是，我們要與我們的主管團隊、監管機關以及客戶保持密切溝通，並討論哪些因素正在影響可負擔性。我上個月才到費城，與 Shapiro 州長會面並討論這些議題。他對能源議題非常了解，也很清楚成本的驅動因素。

I also mentioned in our last rate case and our rates just went in effective there a year ago, first quarter of 2025. The main issues there were reliability and investment in the state. And John Hawkins is addressing those issues every day, making sure that we're making the required investment in Pennsylvania and driving improvement in reliability. So since 2024 in Pennsylvania, our customer average interruption duration is down 27 minutes.

我也提到，在我們上一個費率案件中，我們的費率在一年前、也就是2025年第一季生效。當時的主要議題是可靠度以及在州內的投資。John Hawkins 每天都在處理這些議題，確保我們在賓州進行必要投資並推動可靠度改善。因此，自2024年以來，在賓州我們客戶的平均停電中斷時間已減少27分鐘。

So the things that were important in the most recent rate case, we're addressing and we're doing and making happen. And in terms of affordability, we're staying in touch with people and talking to people like Governor Shapiro, Governor Sherrill in New Jersey and making sure there will be no surprises in any of our states when we come in for a rate case.

所以，最近一次費率案件中重要的事項，我們正在處理、正在執行並落實。至於可負擔性，我們也持續與各方保持聯繫並溝通，例如與 Shapiro 州長、紐澤西州的 Sherrill 州長對話，確保當我們在任何州提出費率案件時，不會讓任何州出現意外。

Nick Campanella, Barclays.

Barclays 的 Nick Campanella。

I wanted to follow up on the discussion you were having on West Virginia. And I'm just kind of going back to some of the comments in your prepared about exploring ways to kind of protect customers and drive economic growth at the same time. It seems like there's a lot of interest in Virginia with the 6-gigawatt backlog you highlighted. And I know we'll figure out what happens with the CPCN and the first gigawatt, which is really more IRP driven.

我想延續你們剛才對西維吉尼亞州的討論。我回到你們事先準備稿中的一些評論，提到正在探索在保護客戶與同時推動經濟成長之間取得平衡的方法。看起來維吉尼亞州對此很有興趣，因為你們提到有6吉瓦的積壓需求（backlog）。我也知道，我們會看到CPCN以及第一個1吉瓦的結果，而那部分其實更偏向IRP所驅動。

But just what are kind of the frameworks that we should be thinking about to facilitate the next phase of load growth in the state? Do you need to file a separate tariff? And just since you're vertically integrated, are there other models kind of across the sector that you think are working well that you would be interested in replicating in West Virginia?

但就促成該州下一階段負載成長而言，我們應該思考哪些框架？你們是否需要另行提交一個費率表（tariff）？另外，既然你們是垂直整合的，整個產業中是否有其他你們認為運作良好的模式，會有興趣在西維吉尼亞州複製？

Yes. So thanks for that, Nick. I think the most important thing is that when you look at data center developers, hyperscalers, there's been somewhat of a political pushback to data center development and the impact in affordability and cost. And I think in response to that, the hyperscalers, data center developers are taking a stance of, we want to make darn sure we're paying our fair share, our full fair share for everything that we are consuming in the energy landscape. And so when we're talking to these folks and negotiating with them, they are coming from a stance of, we're paying for what we're taking, whether it's transmission, generation, land.

是的。謝謝你，Nick。我認為最重要的是，當你看資料中心開發商、超大規模業者（hyperscalers）時，針對資料中心開發及其對可負擔性與成本的影響，確實出現了一些政治上的反彈。我認為作為回應，這些超大規模業者與資料中心開發商的立場是：我們要確保我們為在能源版圖中所消耗的一切，支付我們應付的公平份額、完整且公平的份額。因此，當我們與他們洽談並協商時，他們的立場是：我們為我們所取得的付費，不論是輸電、發電或土地。

And in some states like Michigan, I saw Jeff Blau on CNBC earlier this week, talking about something they're doing in Michigan, even lowering electricity rates for existing customers by some development that they're doing in places like Michigan. I think the models are out there and the smart things for us to do are replicate the places where these things have worked well rather than just stopping development.

在某些州，例如密西根州，我本週稍早在CNBC看到 Jeff Blau 談到他們在密西根州做的一些事情，甚至透過在密西根等地的開發，降低既有客戶的電價。我認為這些模式是存在的；對我們而言，更明智的做法是複製那些已被證明運作良好的地方，而不是單純停止開發。

And I think if we work with stakeholders in West Virginia and other states, if we're transparent about who's bearing what costs and if there's a net positive to customers in the state, those are models that we should adopt and develop and continue to impact energy dominance and economic development.

我認為，如果我們與西維吉尼亞州及其他州的利害關係人合作，對由誰承擔哪些成本保持透明，並且若對州內客戶而言是淨正面效益，那些就是我們應該採用、發展並持續推動的模式，以進一步影響能源主導地位與經濟發展。

And then I mean just one follow-up I had is just as we layer in some of the additional capital to the plan, just how you're thinking about the funding and financing mix. And yes, maybe I'll leave that there.

另外我還有一個追問：當我們把一些額外資本逐步納入計畫時，你們如何看待資金來源與融資組合？是的，我先問到這裡。

Yes, Nick, this is Jon. So as we talked about before, specifically on the West Virginia generation investment, if we get the AFUDC cash recovery, that will help fund a portion of the investment. So we expect up to about 35% of that investment to be funded with new equity. And as we layer new investments into the plan, I don't anticipate it to exceed that amount.

是的，Nick，我是 Jon。如同我們先前談到的，特別就西維吉尼亞州的發電投資而言，如果我們能取得AFUDC的現金回收，將有助於為部分投資提供資金。因此，我們預期該投資中最多約35%將以新增股權來籌措。而當我們把新的投資納入計畫時，我不預期會超過這個比例。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

Sorry, probably going to hit the same topics that have already been hit to some degree. So just in Pennsylvania, first, the -- so we had Shapiro's comments early in the year, then we see pretty much unanimous settlement with PPL still to be approved. And we have this reaction to go filing a case and pulling it, although I think they did file it kind of earlier than normal.

抱歉，我可能會觸及一些在某種程度上已經被談過的相同主題。先談賓夕法尼亞州——今年年初我們先看到 Shapiro 州長的評論，接著看到與 PPL 幾乎一致的和解（仍待核准）。另外，我們也看到對於提交案件又撤回的反應，雖然我認為他們確實比平常更早就提交了。

So just maybe you could just take these different pieces and what's the takeaway? Is it just -- I think you're in a stay out. So I assume you're not going to file early out of the stay out. Is that really a lot of the issue here or -- be curious your thoughts.

所以也許你可以把這幾個不同的片段串起來，重點結論是什麼？是不是就只是——我想你們目前處於「暫不介入」的狀態。所以我猜你們不會在「暫不介入」期結束前就提前申報。這是否就是這裡很大一部分的問題，或是——我也想聽聽你的看法。

I don't think we should read something into Pennsylvania from what's recently happened. Like we view it as a place that wants our development, wants increased investment, wants to improve the customer experience, but is also cognizant of the affordability issue. Governor Shapiro is really thoughtful on these energy issues, and he saved customers and PJM billions of dollars from the caps he negotiated. So he's not some person who wants to shut down investment or stop economic development in the state of Pennsylvania. And so we're proceeding with our investment plans.

我認為我們不應該從最近發生的事情去解讀賓夕法尼亞州有什麼特別含意。我們把那裡視為一個希望我們進行開發、希望增加投資、希望改善客戶體驗的地方，但同時也意識到可負擔性議題。Shapiro 州長在這些能源議題上非常審慎，他透過所談判的上限，為客戶與 PJM 省下了數十億美元。所以他不是那種想要關掉投資、或阻止賓夕法尼亞州經濟發展的人。因此我們會持續推進我們的投資計畫。

We're happy with our ability to invest there and our returns. And we're being cognizant of the affordability issue as the Governor would expect us to be, and our customers would expect us to be. And that's true in the state of Pennsylvania, and it's true in all of our states. And I think the key issue is engagement with the executives in our states, with the regulators, with the legislators.

我們對於在那裡投資以及取得報酬的能力感到滿意。同時，我們也會如州長與客戶所期待的那樣，留意可負擔性議題。這在賓夕法尼亞州是如此，在我們所有州也是如此。我認為關鍵議題在於與各州的行政首長、監管機構以及立法者保持互動。

And like I said, I only met with Governor Shapiro last month in Philadelphia and will continue to meet with him and talk about these issues that are important to our customers in Pennsylvania and all of our states. It's about engagement and transparency, and we're going to keep doing that in Pennsylvania, in all of our states. It's part of our job. It's important that we do that on behalf of our customers.

如我所說，我上個月才在費城與 Shapiro 州長會面，未來也會持續與他會面並討論這些對賓夕法尼亞州以及我們所有州的客戶都很重要的議題。重點在於互動與透明，我們會在賓夕法尼亞州以及所有州持續這麼做。這是我們工作的一部分。代表客戶做到這點很重要。

Okay. That makes a lot of sense. And then just back to West Virginia, I know you're finalizing a lot of these contracts for the power plant and I think the initial numbers was kind of -- I don't know, it goes back, I think, about a year. So just any sense of kind of where the final costing kind of ends up on it?

好的。這很合理。再回到西維吉尼亞州，我知道你們正在為電廠敲定許多合約，而我記得最初的數字大概——我不確定，應該是大約一年前的事。所以你能否談談最終成本大概會落在什麼水準？

Yes, we're still confident in our estimates of about $2.5 billion for the plant. That's what we filed. We had some contingencies in there, of course. Let there be no doubt. It's a seller's market when you're talking about turbines and the like. And I think the sellers need to be thoughtful about how much they're going to squeeze that pricing because that goes to the affordability issue and there are political implications related to that.

是的，我們仍然對電廠約 25 億美元的估算有信心。這就是我們所提交的數字。當然，我們也在其中納入了一些備援預算。毫無疑問。當你談到渦輪機等設備時，這是一個賣方市場。我認為賣方需要審慎思考他們要把價格擠壓到什麼程度，因為那會牽涉到可負擔性議題，也會帶來相關的政治影響。

And I think people like governors and legislators and others are going to be looking at the equipment suppliers and saying, hey, you're impacting the affordability to our customers, and your profitability and your squeeze on people looking to have energy dominance in the United States need to be measured rather than running free.

我認為像州長、立法者以及其他人，會看著設備供應商說：嘿，你們正在影響我們客戶的可負擔性；而你們的獲利能力、以及對那些希望在美國實現能源主導地位的人所施加的價格壓力，應該要有所節制，而不是任其失控。

And so we're confident in the numbers that we have and confident that our partners will be thoughtful about any price increases they try to pass through in a seller's market.

因此，我們對目前的數字有信心，也相信我們的合作夥伴會審慎看待在賣方市場中試圖轉嫁的任何漲價。

I guess they might have a lot more business to come afterward to be thinking about in West Virginia. So okay.

我想他們之後在西維吉尼亞州可能還會有更多生意可做，所以也會把這點納入考量。好的。

Yes, that's a good point, Steve. We'd love to be a repeat customer -- and Steve, we'll do that with people that are long-term partners to us, and we'll be reevaluating that as we go forward. So thank you.

是的，這點說得很好，Steve。我們很樂意成為回頭客——而且 Steve，我們會與那些能成為我們長期夥伴的公司合作，並在未來持續重新評估。謝謝。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通（JPMorgan）。

I'll try not to ask on Pennsylvania here. Just maybe if you could turn towards transmission in the PJM open window here. Just wondering any incremental thoughts you might be able to share on what the scope of the opportunity set is for you. Or just any other color in how you feel about that process at this point?

我會盡量不在這裡問賓夕法尼亞州的問題。想請你把焦點轉到 PJM 的輸電（transmission）開放窗口。想了解你是否能分享一些新增的看法：對你們而言，機會集合的範圍大概是什麼？或是就目前這個流程，你們的感受如何，有沒有其他補充說明？

So Jeremy, I think looking at past performance as an indicator for the future. $5 billion that we've been able to secure over the last four years. We've changed how we've done things from doing everything by ourselves to partnering with some others where we think some of our neighbours and us might come up with a better solution than each of us doing it on our own. And we've changed things to be more competitive as we've gone forward.

Jeremy，我認為可以把過去的表現視為未來的指標：過去四年我們已經取得了 50 億美元的項目。我們也改變了做事方式，從凡事都自己做，轉為與其他夥伴合作；在我們認為某些鄰近業者與我們一起合作，可能比各自單打獨鬥更能提出更好的解決方案時，就會採取合作。而且隨著推進，我們也做了調整，使其更具競爭力。

So our business model continues to evolve in this competitive landscape. We think that benefits our customers in terms of affordability. We think it offers better reliability and resiliency solutions. And so we'll continue to develop our business plan under Mark Mroczynski, who's leading that effort for us, but we've been pleased with the incremental investment we've been able to secure in the competitive process and are confident that we'll be able to have similar success in the future.

因此，在這個競爭環境下，我們的商業模式持續演進。我們認為這能在可負擔性方面讓客戶受益。我們也認為這能提供更好的可靠度與韌性解決方案。所以我們會在負責帶領此項工作的 Mark Mroczynski 之下，持續完善我們的業務計畫；我們對於在競爭流程中所取得的增量投資感到滿意，也有信心未來能取得類似的成功。

Yes, Jeremy, this is Jon. The only thing I would add to that is if you think about our transmission CapEx plan, 80% to 85% of it is not the competitive projects. It's just the existing work and the investments that are needed on our existing system. And that will be a continuing theme for us just given where our system is situated, the age of the system. So as we move into the future, I anticipate additional transmission investments on the core system in addition to the regional transmission projects that you asked about.

是的，Jeremy，我是 Jon。我唯一想補充的是：如果你看我們的輸電資本支出（CapEx）計畫，其中 80% 到 85% 並不是競爭性專案。那主要是既有工作，以及我們現有系統所需的投資。考量到我們系統所在的位置以及系統的年齡，這會是我們持續的主題。因此展望未來，除了你提到的區域輸電專案之外，我預期核心系統也會有額外的輸電投資。

Understood. That's helpful. And then just want to turn, I guess, to affordability. And I appreciate the disclosures and how FE appears to be among the lowest bills in all the states that you operate in. And just wondering how that resonates with local stakeholders there and particularly thinking about New Jersey, given the new administration there.

了解。這很有幫助。接著我想把話題轉到可負擔性。我很感謝你們的揭露，也看到 FE 在你們營運的所有州中，帳單水準似乎都屬於最低之列。想請教這點在當地利害關係人之間的反應如何，特別是想到新澤西州，因為那裡有新的政府團隊上任。

Yes. So let me start with New Jersey. We finished a rate case where rates went into effect the early part of '24. And the main issue there in that rate case was investment in New Jersey and improving reliability there. And so we started down the path of the clean energy corridor and enabling that we've shifted away from that to other type growth.

是的。我先從新澤西州談起。我們完成了一次費率案件（rate case），費率在 2024 年初生效。那次費率案件的主要議題是對新澤西州的投資，以及提升當地的可靠度。因此我們曾經走在「清潔能源走廊」以及相關推動的路徑上，但後來我們已從那個方向轉移到其他類型的成長。

I was in Lakewood, New Jersey earlier this month, the amount of growth is phenomenal. Since 2000, that city in New Jersey has more than doubled in population. And so a big part of the last rate case, investment in New Jersey, enabling growth and enabling reliability. And Doug Mokoid and his team, the President of JCP&L there, are making that happen. And so we need to be cognizant of affordability.

我這個月稍早在新澤西州的 Lakewood，那裡的成長幅度非常驚人。自 2000 年以來，那座新澤西州的城市人口已經增加到兩倍以上。因此，上一次費率案件很大一部分在於：對新澤西州投資、促進成長、並提升可靠度。而當地 JCP&L 的總裁 Doug Mokoid 與他的團隊正在把這些落實。因此我們必須留意可負擔性。

As we go in for rate cases, Jon, I think for each of the rate cases that we're going into today, the O&M burden is less than it was in the last rate case. So we're talking the talk, walk in the walk on affordability, but also making the investments that are demanded from us by our customers and regulators and trying to strike that right balance.

在我們進行費率案件時，Jon，我認為就我們目前要進行的每一個費率案件而言，O&M 的負擔都比上一個費率案件時更低。所以我們不僅在可負擔性上說到做到，同時也在進行客戶與監管機構要求我們必須投入的投資，並努力在兩者之間取得適當的平衡。

Yes. And I would say, obviously, making improvements in reliability are important. We talked about Pennsylvania having a 20% improvement in outage duration. If you look at New Jersey, '24 to '25, it's a 16% improvement, which is about 49 minutes of outage duration per customer. So pretty significant. So it's important that we continue with this plan, with this investment strategy because we're not where we need to be, but we're on the path to get there.

是的。而且我會說，很明顯地，提升可靠性很重要。我們談到賓夕法尼亞州停電持續時間改善了 20%。如果你看新澤西州，從 '24 到 '25，是改善 16%，相當於每位客戶停電時間約減少 49 分鐘。所以相當顯著。因此，我們持續推動這個計畫與投資策略很重要，因為我們還沒達到應有的水準，但我們正走在達成目標的路徑上。

Got it. And just a quick follow-up there. Just wondering, in these conversations, do you see distinguishment as far as your bills being lower, lower wallet share than others in state? Is that being appreciated and differentiated in your thinking in conversations with others in the state?

了解。我再快速追問一下。我想知道，在這些對話中，你是否看到某種區別：例如你們的帳單在州內相較其他業者更低、占錢包比重（wallet share）更低？在你與州內其他人溝通時，這點是否被重視並在思考上形成差異化？

I do, Jeremy. I think those are important facts to point out, the idea of what the share of wallet is if our rates are increasing at a rate that's lower than inflation. Those are all important things for us to point out. But at the same time, we recognize that customers are being squeezed not just by our bills, but by things like gas bills, food bills, pharmaceuticals, and other things. And so we do need to be cautious, aware, empathetic to those issues, but also point out what the facts are.

有的，Jeremy。我認為這些都是需要指出的重要事實，例如：如果我們的費率上升幅度低於通膨，那我們在客戶錢包中的占比是多少。這些都是我們需要強調的重點。但同時，我們也認知到，客戶受到擠壓的不只是我們的帳單，還包括瓦斯帳單、食物支出、藥品，以及其他各種費用。因此，我們確實需要謹慎、保持警覺，並對這些議題抱持同理心，同時也要把事實說清楚。

And if our bills are lower, if we're increasing less than inflation, that means that the value we're delivering to our customers is increasing over the periods that we're talking about. So yes, those facts are really important.

而如果我們的帳單更低、我們的調升幅度低於通膨，這表示在我們所談的這段期間內，我們提供給客戶的價值是在提升的。所以是的，這些事實非常重要。

Andrew Weisel, Scotiabank.

Andrew Weisel，豐業銀行（Scotiabank）。

Just one for me. You noted the impressive cost-cutting measures as a tool to help with affordability. If I heard you, Brian, I think you said O&M expenses were down 5% year-over-year and came in below the levels approved in the latest rate cases.

我這邊只有一個問題。你提到令人印象深刻的成本削減措施，作為協助提升可負擔性的工具。如果我沒聽錯的話，Brian，我想你說 O&M 費用年對年下降了 5%，而且低於最近一次費率案件核准的水準。

Can you elaborate on that? Was that across all jurisdictions? Are those savings structural or ongoing? Or were they more onetime in nature, whether related to the weather and maybe lower run plant run times or something like that? Were these related to AI and automation? Or how do those cost savings -- were they helpful or potentially harmful in terms of reliability? Any additional details would be helpful.

你能再多說明一下嗎？這是涵蓋所有轄區嗎？這些節省是結構性的、可持續的，還是會持續發生的？或者它們比較偏一次性，例如與天氣相關、可能使電廠運轉時數較低之類？這些是否與 AI 與自動化有關？或者這些成本節省——在可靠性方面是有幫助，還是可能有害？任何補充細節都會很有幫助。

Yes. Andrew, so there's obviously a little bit of timing in each quarter that you go through in terms of when you incur maintenance work and maintenance activities. But we've been at this continuous improvement, cost management program for quite some time, and you're seeing sustainable benefits from the work that we've done historically really starting in 2022 to now.

是的。Andrew，很明顯地，每一季在維修工作與維修活動的發生時點上，都會有一些時序上的差異。但我們推動這個持續改善、成本管理計畫已經有一段時間了，而你現在看到的是我們過去所做工作的可持續效益，這些工作大致從 2022 年開始一路延續到現在。

And so this is a lot of sustainable cost savings that are going to help us move into the future, and it's around moving from a more reactive historical performance decision-making process to a much more integrated analytical risk-based decision-making process using data and analytics to help us inform the decisions that we make to be much more efficient with our resources and where we deploy our resources, whether it be capital or O&M.

因此，這裡面有大量可持續的成本節省，將幫助我們邁向未來；其核心在於，從過去較偏反應式、以歷史績效為主的決策流程，轉向更整合、以分析與風險為基礎的決策流程，運用資料與分析來協助我們做出決策，讓我們在資源運用與資源部署上更有效率，不論是資本支出或 O&M。

And so it's much more predictive, much more proactive decision-making that's really driving a lot of our cost management program. So I kind of view it as a much more sustainable part of the company moving forward.

因此，這是一種更具預測性、更主動的決策方式，真正驅動了我們成本管理計畫的很大一部分。所以我把它視為公司未來更可持續的一部分。

And I also add to that, as we're -- [have] we changed our business model to focus on our five business units, we are shrinking our service core and increasing our business unit presence. So we're moving more of our customers' management and focus closer to the customer in each of those business units, and that's having the related operational success that we've talked about earlier in the call.

我也補充一點，隨著我們——[已]改變商業模式，聚焦於五個事業單位，我們正在縮小服務核心（service core），並提升各事業單位的在地能量。因此，我們把更多客戶管理與關注移到各事業單位、更貼近客戶端，而這也帶來了我們在電話會議前面提到的相關營運成果。

Okay. Safe to say you see opportunity for more?

好的。可以說你們還看到更多機會嗎？

Always.

永遠都有。

Ross Fowler, Bank of America.

Ross Fowler，美國銀行（Bank of America）。

Maybe we'll turn this to FERC for just a second. Obviously, you've got the NOPR out there, the collocated load order and the backstop procurement, so not a shortage of things going on. You obviously took this up to the D.C. circuit with a petition for review. So maybe can you sort of scope out the decision timeline there? What you frame is the range of outcomes? Is this sort of an all or nothing, in your favor or not?

我們先把話題轉到 FERC 一下。很明顯地，你們那邊有 NOPR、同址負載（collocated load）命令，以及後備採購（backstop procurement），事情不少。你們也很明顯地已向 D.C. 巡迴上訴法院提出覆核請願（petition for review）。所以你能否大致說明一下那邊的決策時間表？你會如何界定可能的結果範圍？這會是某種「全有或全無」、對你們有利或不利的結果嗎？

Yes. On a lot of this stuff, Ross, it's more to come, whether it's the NOPR or the other issue that you mentioned. And I think our biggest thing there is we think the large loads should pay their fair share, but we think it should be to the utility company, to the transmission provider who's providing the service and have the opportunity to earn a return on that. So it's not just you pay it, it's out of rate base and the utility operates something that they're not earning on.

是的。關於這些議題，Ross，不論是 NOPR 或你提到的其他問題，後續都還有更多內容會出來。而我們在那裡最主要的立場是：我們認為大型負載應該支付其公平份額，但我們認為應該付給提供服務的公用事業公司、也就是輸電服務提供者，並讓其有機會就此賺取報酬。所以不只是「你付錢」，然後把它排除在費率基礎（rate base）之外，讓公用事業去營運一個自己無法獲利的資產。

We think it should be a model even similar to what you have in natural gas pipelines, where you have an open season and people sign up to contract with the pipeline company. But they are paying the pipeline company and the pipeline company's earning a return on their investment. So we don't think CIAC should be outside of that model for network improvements. We think that the large load should pay for their network improvements, but they should be paying the utility and the utility should be earning on their invested capital for that incremental investment to serve them.

我們認為應該採用一種甚至類似天然氣管線的模式：有公開招標期（open season），人們簽約與管線公司訂立合約。但他們是付費給管線公司，而管線公司能就其投資賺取報酬。因此，我們不認為針對網路改善（network improvements）的 CIAC 應該在該模式之外。我們認為大型負載應該為其網路改善付費，但他們應該是付給公用事業，而公用事業也應該能就為服務他們所做的額外投資、在其投入資本上賺取報酬。

Understood, Brian. And then on the backstop procurement, you kind of said you're evaluating the proposal there from PJM and there might be some things to do there. It's still too early to talk about that. Or are you still fleshing that out?

了解，Brian。那關於後備採購，你剛才提到你們正在評估 PJM 的提案，可能有一些事情可以做。現在還太早不便談嗎？還是你們仍在釐清細節？

Still fleshing it out. But Ross, I think a large part of this is who pays and for what. And I'm not sure of PJM's value standing in between the people who are making the investment and the people who are paying for it. I just -- I don't see why PJM is a clearinghouse for any of that adds any value. I think that the people making the investment, the power plant developers and builders should contract directly with the end-use customers rather than having some middleman in between and then another middleman being the electric distribution companies.

仍在釐清中。但 Ross，我認為這裡很大一部分在於：誰付錢、以及為什麼付錢。而我不確定 PJM 站在投資者與付款者之間，能帶來什麼價值。我只是——我看不出為什麼 PJM 作為任何這類事項的清算平台（clearinghouse）能增加價值。我認為進行投資的人——電廠開發商與建造商——應該直接與終端用戶客戶簽約，而不是中間夾著某個中介，然後再多一個中介就是配電公司。

The long and the short of deregulation was that customers bear the risk of capacity and energy markets. And customers have gotten the benefit of that for the last 20 years. And now it looks like prices are going to be higher. What I think we need to be careful about, whether it's the backstop or anything else in capacity and energy markets, is customers for paying for something they're not getting. And that's exactly what's happening in today's capacity markets.

放寬管制的重點在於，客戶承擔容量與能源市場的風險。而在過去20年裡，客戶也因此獲得了好處。但現在看起來價格將會更高。我認為我們需要謹慎的是，不論是容量與能源市場中的後備機制（backstop）或其他任何措施，都要避免讓客戶為他們沒有得到的東西付費。而這正是當今容量市場正在發生的事。

People are paying for new capacity, and they're not getting new capacity. Existing capacity owners should get something that's reasonable, but not as high as new capacity. And so today, customers, residential customers are wasting their money in the PJM capacity markets, and that should stop.

人們正在為新的容量付費，但卻沒有得到新的容量。既有容量的擁有者應該獲得合理的報酬，但不應高到與新容量相同。因此，今天在PJM容量市場中，客戶、住宅用戶正在浪費他們的錢，這種情況應該停止。

I mean, certainly, Brian, we've contracted before, we can contract again. I don't know what difference it makes that PJM gets in the middle. It's bilateral contracts or bilateral contracts, right? I mean, that's how that is, right?

我的意思是，當然，Brian，我們以前簽過合約，我們也可以再簽。我不知道PJM介入其中到底有什麼差別。雙邊合約就是雙邊合約，對吧？我的意思是，就是這樣，對吧？

Yes, the wrong people are going to end up paying with PJM in the middle. Like the whole idea of deregulation was that the utility companies are just wires companies and they don't take generation capacity and energy commodity risk.

是的，PJM夾在中間，最後會是錯的人在買單。因為放寬管制的整個理念就是，公用事業公司只是線路公司（wires companies），不承擔發電容量與能源商品的風險。

And I'll tell you, going forward, if we get the Phase 2, and I'll tell this to PJM and anyone else who listen, we are not going to sign contracts where our companies take commodity risk on generation and energy. It's not going to happen. So Phase 2 has got some real hurdles to overcome. And if Phase 2 is going to work, they need to contract with us. And the way it's structured today, we're not signing contracts.

我告訴你，往後如果進入第二階段（Phase 2），我也會對PJM以及任何願意聽的人說，我們不會簽署讓我們公司承擔發電與能源商品風險的合約。這不會發生。所以第二階段有一些真正的障礙需要克服。而如果第二階段要運作，他們就需要與我們簽約。但以今天的架構，我們不會簽合約。

Yes. I mean, that's not your business model, right? Your business model is regulated wires, right?

是的。我的意思是，那不是你們的商業模式，對吧？你們的商業模式是受監管的線路業務，對吧？

And it's not what the legislators in four of our five states asked for. They said, you don't do that. You're out of that business. And believe me, we listen to our legislators. We listen to our regulators and we respond accordingly.

而且這也不是我們五個州中有四個州的立法者所要求的。他們說，你們不要做那個。你們已經退出那個業務。相信我，我們會聽取立法者的意見。我們聽取監管機關的意見，並據此回應。

Anthony Crowdell, Mizuho Securities.

Anthony Crowdell，瑞穗證券（Mizuho Securities）。

Just a quick one on Ross's question. Brian, you just talked about your view of the backstop auction, all the stress that it creates. Does the state regulators that you operate -- the states you are operating, does the regulators share that same view? Or any insight you can provide if the governors or the regulators share a similar view to how you're viewing what's going on right now in the capacity markets?

就Ross的問題快速追問一下。Brian，你剛談到你對後備拍賣（backstop auction）的看法，以及它造成的各種壓力。你們營運所在州的州監管機關——你們所營運的各州——監管機關是否也持相同看法？或者你能否提供任何見解：州長或監管機關是否與你對目前容量市場狀況的看法相近？

I think they absolutely do, Anthony. Look at the law that was just passed last summer here in Ohio, where the legislature took a very firm view of utilities cannot own generation and the market -- and the legislature took the view that the market will solve the problem and not the utilities. We heard that. We listened to that, and we're not going to own generation in Ohio, and we're going to let people contract with each other in whatever market they choose to contract in. But yes, Ohio just completely doubled down on that a year ago. So they're firmly in agreement with us.

我認為他們絕對是的，Anthony。看看去年夏天在俄亥俄州剛通過的法律，立法機關非常明確地認為公用事業不能擁有發電資產，而且——立法機關的看法是，問題應由市場解決，而不是由公用事業解決。我們聽到了。我們也照做；我們不會在俄亥俄州擁有發電資產，我們會讓人們在他們選擇的任何市場中彼此簽約。但沒錯，俄亥俄州在一年前完全加碼強化了這一點。所以他們與我們的立場非常一致。

And if you look across our deregulated states, everyone, but West Virginia, the markets are -- the legislation is clear that we don't own generation. And that is handled through markets and the utility provides T&D services and is not involved in the commodity. So yes, they're firmly in agreement with us.

而且如果你放眼我們的放寬管制州，除了西維吉尼亞州之外，所有州的市場——立法都清楚規定我們不擁有發電資產。這些由市場來處理，而公用事業提供輸配電（T&D）服務，不涉入商品（commodity）。所以是的，他們與我們的立場非常一致。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛（Goldman Sachs）。

Maybe just to follow up on some of your comments on New Jersey earlier. I know you guys have been considering kind of the right timing to potentially file another rate case there. Any updated thoughts on what that could look like?

也許跟進一下你先前對新澤西州的一些評論。我知道你們一直在考量可能再次提出費率案件（rate case）的適當時點。對於那可能會是什麼樣子，有沒有任何更新的想法？

No. Look, I think given the Governor's executive orders and where we are in our rate case cycle, we'd be very, very thoughtful about when we move forward, and there would be no surprise to the Governor, the BPU or anyone else in the state of New Jersey when we do come in. But no, we just -- no surprises is our biggest mantra. And that won't happen. As a surprise, we'll come in at the right time.

沒有。你看，考量到州長的行政命令以及我們目前的費率案件週期，我們會非常、非常審慎地評估何時推進；而且當我們真的提出時，對州長、BPU或新澤西州的任何人都不會是意外。但沒有，我們——「不讓任何人意外」是我們最大的信條。而那不會發生。我們會在適當的時點提出，不會是突如其來。

But the important thing in the last rate case, and I hope it's the important thing in the next rate case is, are we investing in New Jersey for economic development, for growth, and for reliability and balancing that with affordability. And that's our job, and we'll do that openly and transparently whenever we do come in for a rate case in New Jersey.

但上一個費率案件中重要的一點——我也希望下一個費率案件同樣重要——是：我們是否在新澤西州投資以促進經濟發展、成長與可靠性，並在此同時兼顧可負擔性。這是我們的工作；無論何時在新澤西州提出費率案件，我們都會以公開且透明的方式來做。

You're not a customer of ours there. Are you, Carly?

你在那裡不是我們的客戶吧。對嗎，Carly？

I'm not at the moment, but I might be at some point, but that's really helpful. I appreciate that.

我目前不是，但未來某個時點可能會是；不過這真的很有幫助。謝謝你。

And then maybe just one question on Maryland. I know you guys have the plans to file there soon as well. Just any impacts that you're looking out for from the Omnibus bill that was recently passed in Maryland just in terms of any risk around changes to the regulatory process on the back of the legislation.

另外也許再問一個關於馬里蘭州的問題。我知道你們也計畫很快在那裡提出申請。就馬里蘭州最近通過的綜合法案（Omnibus bill）而言，你們在立法之後、就監管流程可能變更所帶來的風險，有沒有任何你們正在留意的影響？

Hey, Carly, this is Jon. It's kind of too early to tell right now. I mean, we've historically used a historical test year in Maryland, but other components of the legislation, we're working our way through and we'll update our plan accordingly.

嗨，Carly，我是Jon。現在說還有點太早。我的意思是，我們在馬里蘭州歷來使用歷史測試年度（historical test year），但立法中的其他組成部分，我們正在逐一研讀並消化，之後會相應更新我們的計畫。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for joining. You may now disconnect your lines.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。