Fortis Inc (FTS) 2025 Q1 法說會逐字稿

Thank you for standing by. This is Michael, the conference operator. Welcome to the Fortis Inc first quarter 2025 earnings conference call and webcast. (Operator Instructions)

感謝您的支持。我是會議主持人麥可。歡迎參加 Fortis Inc 2025 年第一季財報電話會議和網路廣播。（操作員指示）

I would now like to turn the conference over to Stephanie Amaimo, Vice President, Investor Relations. Please go ahead, Ms. Amaimo.

現在，我想將會議交給投資者關係副總裁 Stephanie Amaimo。請繼續，Amaimo 女士。

Thank you, Michael. And good morning, everyone. Welcome to Fortis' first quarter 2025 results conference call. I'm joined by David Hutchens, President and CEO; Jocelyn Perry, Executive VP and CFO, other members of the Senior Management Team, as well as CEOs from certain subsidiaries.

謝謝你，麥可。大家早安。歡迎參加 Fortis 2025 年第一季業績電話會議。與我一起參加會議的還有總裁兼執行長 David Hutchens、執行副總裁兼財務長 Jocelyn Perry、其他高階管理團隊成員以及某些子公司的執行長。

Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slideshow. Actual results can differ materially from the forecast projections included in the forward-looking information presented today.

在我們開始今天的電話會議之前，我想提醒您，討論將包括前瞻性信息，這些信息受支持幻燈片中包含的警告聲明的約束。實際結果可能與今天提供的前瞻性資訊中的預測有重大差異。

Non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our first quarter 2025 MD&A. Also, unless otherwise specified, all financial information referenced is in Canadian dollars.

我們準備好的評論中引用的非 GAAP 財務指標與我們 2025 年第一季 MD&A 中的相關美國 GAAP 財務指標進行了協調。此外，除非另有說明，所有引用的財務資訊均以加幣為單位。

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

說完這些，我會把電話轉給大衛。

Thank you, and good morning, everyone. We are off to a strong start in 2025. During the quarter, we delivered safe and reliable service to our customers while successfully executing our capital plan by investing $1.4 billion in our utility systems. Financially, we reported earnings per share of $1.00, representing a $0.07 increase over the same quarter last year. And on the regulatory front, we received a constructive outcome in British Columbia on FortisBC's multi-year rate framework.

謝謝大家，早安。2025 年，我們將迎來一個強勁的開局。本季度，我們為客戶提供了安全可靠的服務，同時透過向公用事業系統投資 14 億美元成功執行了我們的資本計劃。在財務方面，我們報告每股收益為 1.00 美元，比去年同期增加 0.07 美元。在監管方面，我們在英屬哥倫比亞省就 FortisBC 的多年期利率框架取得了建設性成果。

Our 2025 capital plan remains on track, with 27% invested in the first quarter. And with our $26 billion five-year capital plan focused on transmission investments at ITC, the resource transition in Arizona, and investments that strengthen our infrastructure and support customer growth across all of our utilities, we are positioned well to deliver on our growth strategy.

我們的 2025 年資本計畫仍在按計畫進行，第一季已投資 27%。我們的 260 億美元五年資本計畫重點關注 ITC 的輸電投資、亞利桑那州的資源轉型以及加強我們的基礎設施和支持所有公用事業客戶成長的投資，我們已準備好實現我們的成長策略。

We expect rate base to increase by approximately $14 billion to $53 billion by 2029, supporting the average annual rate-base growth of 6.5%. As we advance our five-year capital plan, we are closely monitoring changes in government policies, including tariffs and their potential impacts on inflation, supply chain availability, and general economic conditions.

我們預計到 2029 年利率基數將增加約 140 億美元至 530 億美元，支持年均 6.5% 的利率基數成長率。隨著我們推進五年資本計劃，我們正在密切關注政府政策的變化，包括關稅及其對通貨膨脹、供應鏈可用性和總體經濟狀況的潛在影響。

Based on our initial assessment, we don't expect significant near-term impacts to our 2025 capital plan. In the event tariffs result in higher costs, we would expect to recover the impacts through normal regulatory mechanisms. We will be mindful of the impacts on customer affordability should tariffs result in higher costs that persist over the long term.

根據我們的初步評估，我們預計短期內不會對我們的 2025 年資本計畫產生重大影響。如果關稅導致成本上升，我們希望透過正常的監管機制來彌補影響。如果關稅導致成本長期上升，我們將關注其對客戶承受能力的影響。

We continue to actively pursue incremental investment opportunities, particularly at ITC and Tucson Electric Power. At ITC, the team continues to work on the USD3.7 billion to USD4.2 billion of capital expenditures for MISO LRTP Tranche 2.1 projects, located in Michigan and Minnesota, where ROFRs are in effect, and for system upgrades in Iowa.

我們將繼續積極尋求增量投資機會，特別是在 ITC 和圖森電力公司。在 ITC，該團隊繼續致力於位於密西根州和明尼蘇達州的 MISO LRTP Tranche 2.1 項目的 37 億至 42 億美元資本支出，這些項目的 ROFR 已生效，並且還負責愛荷華州的系統升級。

As a reminder, the majority of these investments for Tranche 2.1 are expected beyond 2029. While the legislative session proceeds in Iowa, we also continue to advocate for ROFR legislation as part of the Governor's energy bill, as there is still time to get it approved before the legislature adjourns.

提醒一下，第 2.1 批次的大部分投資預計將在 2029 年以後進行。在愛荷華州立法會議進行的同時，我們也將繼續倡導 ROFR 立法作為州長能源法案的一部分，因為在立法機關休會之前仍有時間獲得該法案的批准。

Beyond the MISO LRTP projects, ITC has sizable opportunities for load interconnections. This includes the Big Cedar Load Expansion Project, as well as the potential for over 5,000 megawatts of additional load as several proposed data center and economic development projects proceed.

除了 MISO LRTP 專案之外，ITC 還擁有大量負載互連機會。其中包括大雪松負荷擴展項目，以及隨著幾個擬議的數據中心和經濟發展項目的進行，可能產生的超過 5,000 兆瓦的額外負載。

In Arizona, TEP continues to work through advanced negotiations for new retail load growth, including a customer with a 300 megawatt initial phase that would use existing and planned capacity and start to ramp in the 2027 timeframe. We expect updates to follow later this year if a final agreement is reached.

在亞利桑那州，TEP 繼續就新的零售負載成長進行深入談判，其中包括一位初始階段容量為 300 兆瓦的客戶，該客戶將使用現有和計劃中的容量，並在 2027 年開始增加容量。如果達成最終協議，我們預計今年稍後將公佈最新消息。

As a reminder, these large customer opportunities will be in addition to the USD2.5 billion to USD5 billion of incremental investment opportunity associated with UNS Energy's Integrated Resource Plans. Additional opportunities are also underway at our other utilities as we work to build the infrastructure needed to support load growth, improve grid resiliency, and facilitate the interconnection of new energy resources.

提醒一下，這些大型客戶機會將是 UNS Energy 綜合資源計畫相關的 25 億至 50 億美元增量投資機會的補充。我們致力於建立支持負載成長、提高電網彈性和促進新能源資源互聯所需的基礎設施，同時其他公用事業公司也在創造更多機會。

With a long track record of increasing dividends for the past 51 consecutive years, coupled with our low-risk growth strategy, we are committed to our annual dividend growth guidance of 4% to 6% through 2029.

憑藉過去連續 51 年增加股息的長期記錄，加上我們的低風險成長策略，我們致力於在 2029 年之前實現 4% 至 6% 的年度股息成長預期。

Now I will turn the call over to Jocelyn for an update on our first quarter financial results.

現在我將把電話轉給喬斯林，請她介紹我們第一季的財務表現。

Thank you, David. And good morning, everyone. For the quarter, we reported net earnings of $499 million, or $1.00 per common share, $0.07 higher than the first quarter of 2024.

謝謝你，大衛。大家早安。本季度，我們報告的淨收益為 4.99 億美元，即每股 1.00 美元，比 2024 年第一季高出 0.07 美元。

Slide 9 highlights EPS drivers for the quarter by segment. Our U.S. electric and gas utilities provided a $0.02 increase in EPS. Central Hudson contributed $0.05 of the increase, reflecting rate-base growth and conclusion of the 2024 general rate application, which included rebasing of costs, a higher allowed ROE, and a shift in quarterly revenue effective July 1st.

投影片 9 重點介紹了各部門季度的 EPS 驅動因素。我們的美國電力和天然氣公用事業的每股收益增加了 0.02 美元。中央哈德遜貢獻了 0.05 美元的成長，反映了費率基準的成長和 2024 年一般費率應用的結束，其中包括重新調整成本、提高允許的 ROE 以及自 7 月 1 日起的季度收入變化。

At UNS Energy, EPS decreased $0.03. The decrease was driven by the $0.02 impact of lower margins on wholesale sales due to market conditions, as well as higher costs associated with rate-base growth not yet reflected in customer rates.

UNS Energy 每股收益下降 0.03 美元。下降的原因包括：市場行情導致批發銷售利潤率下降 0.02 美元，以及尚未反映在客戶費率中的費率基數成長相關成本上升。

ITC contributed a $0.01 increase reflecting rate-base growth, partially offset by higher stock-based compensation and higher finance costs. For our Western Canadian Utilities, EPS increased $0.01, largely driven by rate-base growth. Timing of operating costs, a lower allowed ROE of 8.97%, effective January 1st, 2025, and the expiration of a PBR efficiency carryover mechanism at FortisAlberta tempered growth quarter-over-quarter.

ITC 貢獻了 0.01 美元的成長，反映了費率基礎的成長，但部分被更高的股票薪酬和更高的財務成本所抵消。對於我們的西加拿大公用事業公司而言，每股盈餘增加了 0.01 美元，這主要受到費率基數成長的推動。營運成本的時間表、自 2025 年 1 月 1 日起生效的 8.97% 的較低允許 ROE 以及 FortisAlberta 的 PBR 效率結轉機制的到期，抑制了季度環比增長。

At our other electric segment, EPS increased $0.01 due to rate-base growth and higher electricity sales, as well as the timing of quarterly earnings at Newfoundland Power related to the approval of cost recovery regulatory mechanisms. And while not shown on the slide, financial results for the Corporate and other segment were largely consistent with 2024 as higher stock-based compensation and finance costs were offset by unrealized gains on derivative contracts.

在我們的其他電力部門，每股收益增加了 0.01 美元，原因是費率基數成長和電力銷售額增加，以及紐芬蘭電力季度收益的時間與成本回收監管機制的批准有關。雖然幻燈片中沒有顯示，但企業和其他部門的財務表現與 2024 年基本一致，因為更高的股票薪酬和財務成本被衍生合約的未實現收益所抵消。

A higher average U.S. to Canadian dollar foreign exchange rate of 1.43 compared to 1.35 in the first quarter of 2024 contributed a $0.03 EPS increase for the quarter. And finally, higher weighted average shares lowered EPS by $0.01 driven by shares issued under our dividend reinvestment plan. We issued over $1 billion of debt in the first quarter to repay borrowings and to fund our capital program. With our five-year funding plan intact, the Corporation's $500 million ATM program has not been utilized to date and remains available for funding flexibility as required.

美元兌加元的平均匯率為 1.43，高於 2024 年第一季的 1.35，推動本季每股收益增加 0.03 美元。最後，由於我們的股息再投資計畫下發行的股票，更高的加權平均股數導致每股盈餘降低 0.01 美元。我們在第一季發行了超過 10 億美元的債務來償還借款並為我們的資本計劃提供資金。由於我們的五年融資計劃完好無損，該公司的 5 億美元 ATM 計劃迄今尚未使用，並且仍可根據需要靈活提供資金。

During the quarter, Moody's confirmed the Corporation's Baa3 credit ratings and stable outlook. And just last week, DBRS also confirmed our A (low) credit rating and stable outlook. With S&P, we continued dialogue around physical and climate risks. In March, S&P reaffirmed FortisAlberta's A- credit ratings and revised its outlook from negative to stable, given strengthening credit metrics and progress on wildfire mitigation strategies, including the implementation of a Public Safety Power Shutoff, or PSPS plan.

本季度，穆迪確認了該公司的 Baa3 信用評級和穩定展望。就在上週，DBRS 也確認了我們的 A（低）信用評等和穩定展望。我們與標準普爾繼續就物理風險和氣候風險進行對話。3 月份，標準普爾重申 FortisAlberta 的 A- 信用評級，並將其展望從負面調整為穩定，原因是該公司信用指標不斷加強，且野火緩解策略取得進展，包括實施公共安全斷電計劃 (PSPS)。

In April, UNS Energy also introduced a PSPS plan for high-risk areas within its service territory, and we anticipate that FortisBC will implement a PSPS plan in the coming months. In Arizona, we are happy to report progress was made with wildfire legislation, which just passed yesterday and now awaits the Governor's signature. This bill should limit liability associated with wildfires in Arizona.

今年 4 月，UNS Energy 還針對其服務區域內的高風險地區推出了 PSPS 計劃，我們預計 FortisBC 將在未來幾個月內實施 PSPS 計劃。在亞利桑那州，我們很高興地報告，野火法案取得了進展，該法案昨天剛通過，現在等待州長簽署。該法案應限制與亞利桑那州野火相關的責任。

Overall, Fortis continues to benefit from a strong business risk profile, as well as stable and predictable cash flows from our regulated utilities. These key credit strengths, along with our funding plan, support our investment-grade credit ratings.

總體而言，富通繼續受益於強大的業務風險狀況，以及來自我們監管的公用事業的穩定且可預測的現金流。這些關鍵的信用優勢以及我們的融資計劃支持了我們的投資等級信用評級。

Turning now to recent regulatory activity. As David noted, in March, FortisBC received a BCUC decision on its 2025 to 2027 multi-year rate framework application. This constructive decision builds on the previously approved multi-year rate plan and includes a prescribed approach for operating expenses and capital investment.

現在來談談最近的監管活動。正如 David 所指出的，3 月份，FortisBC 收到了 BCUC 關於其 2025 年至 2027 年多年期利率框架申請的決定。這項建設性決定以先前批准的多年期費率計畫為基礎，並包括規定的營運費用和資本投資方法。

In Arizona, TEP plans to file a rate case this summer that will include a proposal for use of an annual formulaic rate adjustment mechanism consistent with the ACC's Formula Rate Policy Statement issued in 2024. A formula rate mechanism, if approved by the ACC, would adjust rates annually based on a predetermined formula. Formula rate plans are expected to improve rate stability for our customers, while also reducing regulatory lag for the company.

在亞利桑那州，TEP 計劃今年夏天提起費率訴訟，其中將包括一項使用年度公式費率調整機制的提案，該機制與 ACC 於 2024 年發布的公式費率政策聲明一致。如果獲得 ACC 批准，公式利率機制將根據預定公式每年調整利率。公式利率計劃可望提高客戶的利率穩定性，同時減少公司的監管滯後。

And in New York, settlement negotiations are progressing well in Central Hudson's general rate application. Once an agreement is reached, Central Hudson will file a joint proposal outlining the settlement, subject to PSC approval.

在紐約，中央哈德遜的一般費率申請的和解談判進展順利。一旦達成協議，中央哈德遜將提交一份概述和解方案的聯合提案，但須經 PSC 批准。

And with that, I'll now turn the call back to David.

說完這些，我現在將電話轉回給大衛。

Thank you, Jocelyn. We are pleased with the progress our teams are making so far this year to deliver on our operational and financial objectives. For the remainder of 2025, we are focused on executing our capital plan, pursuing incremental regulated growth opportunities, and navigating the volatile macro environment so that we can continue to provide reliable and affordable service to our customers and compelling long-term returns to our shareholders.

謝謝你，喬斯琳。我們很高興看到我們的團隊今年迄今在實現營運和財務目標方面取得的進展。在 2025 年剩餘時間裡，我們將專注於執行資本計劃、尋求增量監管成長機會以及應對動盪的宏觀環境，以便我們能夠繼續為客戶提供可靠且實惠的服務，並為股東帶來可觀的長期回報。

That concludes my remarks. I will now turn the call back over to Stephanie.

我的發言到此結束。我現在將電話轉回給史蒂芬妮。

Thank you, David. This concludes the presentation. At this time, we'd like to open the call to address questions from the investment community.

謝謝你，大衛。演講到此結束。現在，我們想開始電話會議來回答投資界的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Rob Hope, Scotiabank.

羅伯霍普（Rob Hope），加拿大豐業銀行。

Good morning, everyone. Appreciate the commentary on potentially tariffs having little impact on the 2025 capital plan. Can you maybe just outline that a little bit more—is that because of inventory or is that domestic supply chain, and that --could that look different in 2026?

大家早安。感謝您對關稅可能對 2025 年資本計畫影響不大的評論。您能否再稍微概括一下—這是因為庫存還是國內供應鏈？ 2026 年的情況會有所不同嗎？

So it's a combination of both those things, Rob. Obviously, the shorter-term capital plans that we are executing, we typically have a lot of that material on the ground and ready to go. I still don't think, even if you look further out from a longer-term basis, that necessarily will have much impact on our capital plan, if anything at all, from an execution standpoint, because this is -- remember, this is not necessarily a supply chain issue yet and I personally don't think it will get to supply chain constraints.

所以這是這兩件事的結合，羅布。顯然，對於我們正在執行的短期資本計劃，我們通常會在現場準備大量材料並隨時可用。我仍然認為，即使從長期來看，這也不一定對我們的資本計劃產生很大影響，如果有的話，從執行的角度來看，因為這是——請記住，這不一定是供應鏈問題，我個人認為它不會影響供應鏈限制。

This is more of a cost issue, which of course we are laser focused on to make sure that the costs of implementing those capital plans and what we put in rate base is as cost-effective and as affordable as it can possibly be for our customers. So, it's more from that kind of perspective than it is necessarily the ability to get, say the parts, and execute the plan.

這更多的是一個成本問題，當然，我們會集中精力確保實施這些資本計劃的成本以及我們投入的費率基礎對我們的客戶來說盡可能具有成本效益和負擔得起。因此，這更多的是從這種角度出發，而不是必然獲得零件並執行計劃的能力。

Alright, good to hear. And then maybe just moving over to Arizona, just regarding the kind of large customers there and the potential that data centers in that geography, can you add some additional colour of how conversations have progressed. It does feel like some have fallen away, but some have progressed across the continent? Are you seeing increasing certainty that, you know, these are -- you are achieving kind of meaningful milestones on these conversations?

好的，很高興聽到這個消息。然後也許只是轉到亞利桑那州，只考慮那裡的大客戶類型以及該地區資料中心的潛力，您能否添加一些關於對話進展的額外資訊。確實感覺有些人已經衰落，但有些人卻在整個大陸取得了進步？您是否越來越確信，您知道，這些對話正在取得有意義的里程碑？

So, I would say they are progressing well and in a meaningful direction and fashion. We can't really say much more than that, because we're in the process of, you know, finishing up those negotiations. We do feel like we're in a good spot. We're working with, as I mentioned, one large customer now. We have plenty behind that customer as well, so we don't feel like there's you know, necessarily kind of do or die on this, on the first customer, because there is such a long queue behind it.

所以，我想說他們進展順利，並且朝著有意義的方向和方式發展。我們實際上不能透露太多，因為我們正處於完成這些談判的過程中。我們確實覺得我們處境很好。正如我所提到的，我們現在正在與一位大客戶合作。我們在該客戶後面也有很多客戶，所以我們不覺得在第一個客戶身上有必要拼死一搏，因為後面排著很長的隊。

But we are making very good progress and happy to see the efforts that the team in Arizona is putting towards this. Obviously, I think things are a little bit slower moving, generally, industry wide on data centers, just because there's a lot of, you know, macro issues and topics that are coming up, that I think are putting people a little bit -- you know, a little slower pace on some of these negotiations.

但我們正在取得非常好的進展，並很高興看到亞利桑那州的團隊為此付出的努力。顯然，我認為整個資料中心產業的進展有點慢，只是因為出現了很多宏觀問題和話題，我認為這會讓人們在某些談判中放慢速度。

Alright, appreciate that. Thank you.

好的，非常感謝。謝謝。

Maurice Choy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的莫里斯‧蔡 (Maurice Choy)。

Thanks, and good morning everyone. Just following up on that early comment about the potential higher costs from government policy on foreign trade, is it fair to say that the formula rate plans at ITC, and possibly even at TEP in the future, will help offset some of these costs for shareholders? And so if anything, possibly Central Hudson in the U.S. is probably where the area you might see more frequent rate filings.

謝謝，大家早安。就早先關於政府對外貿易政策可能增加成本的評論，是否可以說，ITC 的公式利率計劃，甚至可能是未來 TEP 的公式利率計劃，將有助於抵消股東的部分成本？因此，如果有的話，美國中央哈德遜可能是您可能會看到更頻繁的費率申報的地區。

Yeah Maurice, thanks for that question. I think it's -- so the main thing about the increase in tariff costs is not necessarily the shareholder impact, but more the customer affordability impact. So that's what we're very focused on. When you look at the regulatory mechanisms that we have, and say at ITC that we have, and hopefully we'll be getting at both UNS Gas and Tucson Electric Power through the formula rates that they are going to be filing for or have filed for. That -- the normal regulatory mechanisms, and that goes for the same for almost all of our utilities, those regulatory mechanisms will pass these higher costs through, because they are, you know, obviously prudently incurred costs, they are things that are well beyond our control. We'll try to mitigate as much as we can by looking at alternative supply chains and things like that, and, you know hopefully look at alternatives, not just the supply chains, but alternative products that we can provide, but all of that goes into the regulatory construct that we have.

是的，莫里斯，謝謝你的提問。我認為－關稅成本增加的主要影響不一定是對股東的影響，而是對顧客承受能力的影響。這就是我們非常關注的。當您查看我們擁有的監管機制，並在 ITC 中說我們擁有這些機制時，希望我們能夠透過 UNS Gas 和 Tucson Electric Power 將要申請或已經申請的公式費率來獲得它們。這是正常的監管機制，幾乎適用於我們所有的公用事業，這些監管機制將轉嫁這些更高的成本，因為您知道，這些成本顯然是經過審慎考慮而產生的，是我們無法控制的事情。我們將嘗試透過尋找替代供應鏈和類似的東西來盡可能地減輕影響，並且，你知道，我們希望尋找替代方案，不僅僅是供應鏈，還有我們可以提供的替代產品，但所有這些都納入了我們現有的監管結構中。

So we don't see any of that breaking down, but at the end I got to say this at least one more time— we have to focus on the impacts that this will have on affordability for our customers, because remember, these bills that could go up because of these tariffs or other economic, macroeconomic impacts that we might see, are on top of what our customers are seeing in the rest of their expenses and bills in their daily lives.

因此，我們看不到任何崩潰的跡象，但最後我至少要再說一次——我們必須關注這對我們客戶的負擔能力的影響，因為請記住，這些賬單可能會因為這些關稅或我們可能看到的其他經濟、宏觀經濟影響而上漲，這些賬單是我們的客戶在日常生活中看到的其他支出和賬單中最高的。

That makes sense. Maybe in a related way to finish off, I wanted to see if you had any thoughts about the bill related to the Inflation Reduction Act that was introduced by Representative Kortschak. The bill obviously not only phases out some of the PTCs and ITCs for wind and solar but also eliminates the transferability of credit to third-party buyers. So, what if any impact, do you see that may have on your companies?

這很有道理。最後，我想問一下，您對眾議員科查克提出的與《降低通貨膨脹法案》相關的法案有何看法。顯然，該法案不僅逐步取消了風能和太陽能的部分 PTC 和 ITC，而且還取消了向第三方買家轉讓信貸的權利。那麼，您認為這會對您的公司產生什麼影響呢？

Yeah, so I think that we're still seeing very strong bipartisan support as, you know recognized by many letters that have been sent to the administration from a broad array of Republicans and Democrats supporting the Inflation Reduction Act, for all the right reasons. I mean, these are investments that we're making in the U.S., in specifically in a lot of the red states. They are tax credits that get -- the benefit goes back to our customers. So again, in that affordability lane that I was just talking about, this is another thing that could help or hurt the affordability story for our customers.

是的，所以我認為我們仍然看到非常強大的兩黨支持，正如您所知，來自共和黨和民主黨的眾多人士向政府發送的許多信件所承認的那樣，他們出於正當理由支持《通膨削減法案》。我的意思是，這些都是我們在美國的投資，特別是在許多紅州。它們是稅收抵免——利益返還給我們的客戶。所以，再次強調，在我剛才談到的可負擔性方面，這又是一個可能對我們客戶的可負擔性有幫助或有損害的事情。

So I don’t -- I think the view right now is, is the IRA going to get, you know, completely repealed, versus will it have maybe some more scalpel type cuts on different parts? That later I think is to be determined, but in the end, I think the spot that we're at, and when you look across our portfolio, and the investment tax credits and or production tax credits that we have or expect to get, are mostly in the safe harbour zone are already been -- being received, so I don't see any of that getting pulled back.

所以我認為現在的觀點是，愛爾蘭共和軍會被徹底廢除，還是會在不同部分進行一些類似手術刀的削減？我認為那還有待確定，但最終，我認為我們所處的位置，當你查看我們的投資組合時，我們已經或預計將獲得的投資稅收抵免和/或生產稅收抵免，大部分都在安全港區，已經被收到，所以我認為這些都不會被撤回。

And we happen to be in a pretty good spot across our company too, where the development that we're doing on renewables, etc, is once we get past a couple battery projects here in Arizona, we end up actually in a bit of a lull period so anything that's associated with ITCs or PTCs related to tax credits, and what their future might be, will be determined when we actually design and plan and do RFPs associated with those projects. So we don't see much of if any of an impact here on the front end.

而且我們公司現在正處於一個相當不錯的階段，我們在可再生能源等方面的開發工作一旦我們在亞利桑那州完成了幾個電池項目，我們實際上就會進入一個平靜期，所以與稅收抵免相關的 ITC 或 PTC 相關的任何事情，以及它們的未來會怎樣，都將在我們實際設計、規劃和執行與這些項目相關的 RFP 時確定。因此，我們看不到前端受到太大的影響。

Perfect. Thank you very much.

完美的。非常感謝。

Ben Pham, BMO Capital Markets.

Ben Pham，BMO 資本市場。

Oh hey, good morning. Maybe a first question on the Canadian election. Can you tell me any potential impact on Fortis. And I'm thinking potential on the transmission sideintegration, and then maybe anything in BC in terms of accelerating any of your projects down there?

噢嘿，早安。也許第一個問題是關於加拿大大選的。您能告訴我這對 Fortis 有何潛在影響嗎？我正在考慮傳輸側集成方面的潛力，然後也許在 BC 方面有任何可以加速您在那裡的任何項目？

On the first one on the transmission, it's hard to say, I don't think I've really thought through that much. From a Canadian policy, whether or not it drives additional transmission investment, integration between the U.S. and Canada and or across Canada, inter-province type investments. I think that there's an opportunity and an argument for a little bit more of that but haven't really seen or been in any of those conversations as of yet.

關於傳輸的第一個問題，很難說，我認為我並沒有真正考慮過那麼多。從加拿大的政策來看，它是否會推動額外的輸電投資、美國和加拿大之間的整合以及加拿大境內外的跨省投資。我認為還有機會和理由進一步推動這一進程，但到目前為止我還沒有真正看到或參與任何這樣的對話。

I think overall, the new administration, the Prime Minister Carney is really coming out with a great positive message about growing the Canadian economy, developing natural resources and energy infrastructure. I mean, all the stuff that we like to hear from a new administration being in the energy industry and looking to build that infrastructure. So I think that will have some definite positive trickle down impacts across Canada, and maybe hopefully specifically in British Columbia as well. We've got a lot of natural resources in BC, and we're trying to help develop them over there.

我認為總體而言，新政府、卡尼總理確實對發展加拿大經濟、開發自然資源和能源基礎設施發出了非常正面的訊息。我的意思是，我們喜歡聽到新政府談論能源產業以及建立基礎設施的事情。因此我認為這將對整個加拿大產生一些積極的涓滴影響，也許希望對不列顛哥倫比亞省也產生積極的影響。我們在 BC 省擁有豐富的自然資源，我們正努力幫助那裡開發這些資源。

Okay, got it. And maybe on the second question on the funding plan, and I know you're happy with the dividend reinvestment program. The balance sheets in good shape. But when you think about your growth outlook, it looks like CapEx is rising. You have quite a healthy currency right now, valuation, what’s the thought around just relatively attractiveness between the status quo versus opportunistic equity offerings?

好的，明白了。關於融資計劃的第二個問題，我知道您對股息再投資計劃感到滿意。資產負債表狀況良好。但當你考慮成長前景時，資本支出似乎正在上升。您現在的貨幣價值和估值都相當健康，您認為現況和機會性股票發行之間的相對吸引力如何？

Ben, yeah, you're right, -we're always looking at this and as we go through, you know, looking out beyond the next five years, we'll be taking a hard look at, you know, our funding plan. I mean, the one thing that we're keen to do, and I've said this repeatedly a number of times is, we want to keep our balance sheet where it is and we certainly don't want to go backwards.

本，是的，你說得對，我們一直在關注這個問題，而且，展望未來五年，我們會認真審視我們的融資計劃。我的意思是，我們熱衷於做的一件事，而且我已經多次說過，我們希望保持我們的資產負債表現狀，我們當然不想倒退。

So as we look to potential future growth opportunities that we'll be looking to keep the balance sheet healthy, and you know whether we go for a discrete equity offering or ATM or DRIP programs, all that depends on how we see the growth coming into play, right. So I think what I can say right now is stay tuned. But the ultimate goal, when we think about funding is just to keep our balance sheet in a healthy spot, keep our credit ratings and look at the most efficient way to actually fund the plan going forward.

因此，當我們尋找潛在的未來成長機會時，我們將尋求保持健康的資產負債表，並且您知道我們是否選擇離散股票發行或 ATM 或 DRIP 計劃，這一切都取決於我們如何看待成長發揮作用，對吧。所以我想我現在可以說的是請繼續關注。但當我們考慮融資時，最終目標只是保持我們的資產負債表處於健康狀態，保持我們的信用評級，並尋找最有效的方式來為未來的計劃提供資金。

Okay, very good. Thank you.

好的，非常好。謝謝。

Mark Jarvi, CIBC.

加拿大帝國商業銀行的馬克‧賈維 (Mark Jarvi)。

Thanks. Good morning. Just coming back to the tariff comments and Dave, your comments about being mindful of the impacts on customers. When you think about the businesses, maybe specifically ITC and UNS, is there more likelihood that rate-base growth goes higher at ITC, and then at UNS if costs go higher, you just change the scope of work to manage the rate-base growth and affordability for customers. Just kind of viewing how you could play that across the different operating subsidiaries?

謝謝。早安.回到關於關稅的評論，戴夫，你評論說要注意對客戶的影響。當您考慮業務時，特別是 ITC 和 UNS，ITC 的費率基數增長是否更有可能更高，而如果 UNS 的成本更高，您只需改變工作範圍來管理費率基數增長和客戶的承受能力。只是想看看如何在不同的營運子公司中發揮作用？

Yeah, it plays out based on their specific capital plans. I mean, there's a lot of investments that we're planning on doing. In Arizona, as an example, as we look to exit coal, some of our coal generation, and we're investing in capital plans. That doesn't necessarily have a negative impact from a customer rate perspective, because we're reducing the OpEx and replacing it with capital and can keep our customers' bills, you know, pretty much even.

是的，這是根據他們的特定資本計劃進行的。我的意思是，我們計劃進行大量投資。以亞利桑那州為例，我們正在考慮退出煤炭市場，減少部分煤炭發電，並投資資本計畫。從客戶費率的角度來看，這並不一定會產生負面影響，因為我們正在減少營運支出並用資本取而代之，並且可以保持客戶的帳單基本平衡。

And then of course, when you look at the additional growth opportunities, when we think of things like data centers and large manufacturing and the mining customers that we have in Arizona, a lot of that growth does and should pay for itself and maybe even a little bit more of the rest of the customer's rate base, because of the large energy usage and high capacity utilization that they have.

當然，當您看到額外的成長機會時，當我們想到亞利桑那州的資料中心、大型製造業和採礦業客戶時，由於能源使用量大、產能利用率高，很多成長確實能夠收回成本，甚至可能收回其餘客戶的費率基礎。

So, some of this growth, and I know people generally think growth, because we've been in this decade plus of sort of stagnant energy and sales growth, that as we add capital, it seems to drop to the bottom line of -- to rate increases, when in fact, when you have the rest of the formula changing at the same time with increased sales, we're not necessarily seeing that. So, it is really good to focus on obviously that point, because not all growth adds to customer rates and some of it actually helps reduce and increase the affordability for our customers.

因此，我知道人們普遍認為這種增長是因為我們這十年來一直處於能源和銷售成長停滯的狀態，隨著我們增加資本，它似乎下降到了利率上漲的底線，而事實上，當你讓公式的其餘部分隨著銷售額的增長而同時發生變化時，我們不一定會看到這種情況。因此，顯然關注這一點是非常好的，因為並非所有的成長都會增加客戶費率，其中一些成長實際上有助於降低和提高客戶的承受能力。

ITC, from a transmission perspective, they are only one piece of a broader bill. So as their rates go up, they show up on their downstream utility customers' bills. But, you know, the whole point of all these transmission investments that ITC is making is to create a more affordable grid that uses energy more efficiently, gets a better, you know, overall dispatch of energyand in the end, I mean, when you look at these MISO LRTP projects, they have to pass a benefit cost test. And so when they do that, you know that when you build it, the customers will save money based on those estimates.

從傳輸角度來看，ITC 只是更廣泛法案的一部分。因此，隨著電費上漲，這些費用就會出現在下游公用事業客戶的帳單上。但是，您知道，ITC 進行的所有這些輸電投資的全部目的是創建一個更實惠的電網，更有效地利用能源，實現更好的整體能源調度，最終，我的意思是，當您查看這些 MISO LRTP 專案時，它們必須通過成本效益測試。因此，當他們這樣做時，您就知道，當您建造它時，客戶將根據這些估算節省資金。

So, if you had to stand here today, do you have a sense of what transmission cost increase inflation would be, and then does that force MISO to reevaluate scope and time in some of the projects?

那麼，如果您今天必須站在這裡，您是否知道傳輸成本增加通膨會是多少，然後這是否會迫使 MISO 重新評估某些項目的範圍和時間？

Yeah, no. In general, I mean, we're a pretty small -- ITC is a pretty small percentage of the overall utility bills in the utility jurisdictions that we serve. It varies from utility to utility, but yeah, we don't – I don’t have a number for that.

是的，不。總的來說，我的意思是，我們的規模相當小——在我們所服務的公用事業管轄區內，ITC 只佔整體公用事業費用的一小部分。它因實用程式而異，但是是的，我們沒有——我沒有這個數字。

Okay and then just coming back to the Iowa ROFR comments you made, any perspectives in terms of even the letter from the DOJ and where it stands with the governor's bill right now and trying to pass that through in the current session?

好的，然後回到您對愛荷華州 ROFR 的評論，對於司法部的信件以及州長法案目前的立場以及試圖在本屆會議上通過該法案，您有什麼看法？

Yeah, I think we had a – actually I'll turn that over to Linda to give a little bit more response to it, but yeah, we got that letter in Iowa, and I think the governor had a very good and, you know strong response supporting the ROFR that's in her energy bill. So Linda, you want to opine on that as well?

是的，我認為我們有一個——實際上我會把這個問題交給琳達來做更多的回應，但是是的，我們在愛荷華州收到了這封信，我認為州長對支持其能源法案中的 ROFR 做出了非常好的、強有力的回應。那麼琳達，你也想對此發表意見嗎？

Yeah, absolutely. Good morning. Yeah we, obviously the Iowa ROFR, which is part of the governor's energy bill as Dave had mentioned, that is still active in the current legislative session. The current legislative session has been extended. They do not yet have an approved budget. And so as we work with our broad utility coalition to put a you know strong final push to continue to advocate and you know, hopefully secure passage of the governor's energy bill. We continue to be very actively engaged and we still remain hopeful that we will see ROFR provisions pass in the coming weeks.

是的，絕對是如此。早安.是的，顯然愛荷華州的 ROFR 是州長能源法案的一部分，正如戴夫所提到的那樣，該法案在本屆立法會議上仍然有效。本屆立法會期已延長。他們的預算尚未得到批准。因此，我們與廣泛的公用事業聯盟合作，全力以赴，繼續倡導，並希望確保州長的能源法案獲得通過。我們將繼續積極參與，並仍希望在未來幾週內看到 ROFR 條款通過。

And then if it did not get a pass, it doesn't mean that's the end of the road, like potentially try again next year or whatever legislative session comes up. Is that the perspective from your view?

如果沒有獲得通過，並不意味著路就走到了盡頭，例如明年或任何立法會議可能會再試一次。從您的角度來看是這樣嗎？

Yeah, absolutely. I mean, we would continue to assess all options available, which may and could include another attempt to pass ROFR language yet again next year, but that's too soon to obviously make that call. We've got all eyes on the ball to get the ROFR provisions passed in this legislative session.

是的，絕對是如此。我的意思是，我們將繼續評估所有可用的選項，其中可能包括明年再次嘗試通過 ROFR 語言，但現在顯然做出這個決定還為時過早。我們全心全意地關注著 ROFR 條款能否在本次立法會議上獲得通過。

Understood. Okay, thanks for the time this morning.

明白了。好的，感謝您今天上午抽出時間。

Jamieson Ward, Jefferies LLC.

傑米森沃德（Jamieson Ward），傑富瑞有限責任公司。

Hi, good morning. Hey. If I could just expand a little bit on the Arizona question earlier and then one follow-up on the ATM and its use and so on.

嗨，早安。嘿。我是否可以稍微詳細闡述之前提到的亞利桑那州的問題，然後再就 ATM 及其使用等問題進行跟進。

First, so regarding that 300-megawatts of new high load factor customers that you are still negotiating with in Arizona, and of course the 600 for 2030 and beyond, could you just give us a bit more colour on the types of industries driving this demand and their expected load profiles, and kind of what infrastructure investments might be required beyond what's currently contemplated in your capital plans?

首先，關於您仍在亞利桑那州談判的 300 兆瓦新高負載率客戶，當然還有 2030 年及以後的 600 兆瓦客戶，您能否向我們詳細介紹一下推動這一需求的行業類型及其預期的負載情況，以及除了目前資本計劃中考慮的範圍之外，可能還需要哪些基礎設施投資？

So obviously for the 300, and I mentioned the 6 just because you might have long lead time for transmission or even different types of generation ahead of 2030 to have it online by then. Is it mostly data centers? Anything you can kind of point us to for margin, etc, would be fantastic.

顯然，對於 300 來說，我提到 6 只是因為你可能在 2030 年之前有很長的傳輸準備時間，甚至有不同類型的發電，以便到那時上線。主要是資料中心嗎？如果您能為我們提供利潤等方面的任何建議，那就太好了。

Yeah. So out of that, I know the last quarter we talked about this huge queue that we have of 10,000 megawatts. The vast majority of that is data centers. There is some manufacturing and some mining and some other large customers in there as well. They are large customers, and I'll say they are probably heavily loaded towards the data centers.

是的。因此，我知道上個季度我們討論了我們擁有的 10,000 兆瓦的龐大隊列。其中絕大部分是資料中心。其中還有一些製造業、採礦業和其他大客戶。他們是大客戶，而且我想說他們可能對資料中心的負擔很重。

Obviously there's a lot of these different conversations that are happening at the same time, and we're probably not quite ready to talk about what type of load that is yet, unless Susan will correct me if it's already been public, but I think we'll just kind of keep it at the large, high capacity factor customer.

顯然，有很多不同的對話同時發生，我們可能還沒有準備好談論這是什麼類型的負載，除非蘇珊糾正我，如果它已經公開，但我認為我們只會將其保留在大型、高容量係數的客戶身上。

Got it. That was really helpful. Thank you. Yeah, the second was, so your current funding plan has obviously the drip participation level consistent around 38%. You pointed in the past to CapEx increases as being the likely driving force around additional-- needing to tap additional equity.

知道了。這真的很有幫助。謝謝。是的，第二個問題是，您目前的融資計劃顯然將滴灌參與率保持在 38% 左右。您過去曾指出，資本支出增加可能是需要挖掘額外股權的驅動力。

Just given the current macro backdrop, and make it as broad as possible, but any potential changes to dividend tax treatment, etc. What sort of contingency plans do you have if participation rates were to decline? And maybe just generally at what threshold would you consider activating the $500 million ATM program if it's not just for CapEx increases. Just to give us a sense of resiliency of the funding program? And that's all I have. Thanks, Jocelyn.

僅考慮當前的宏觀背景，並使其盡可能廣泛，但股息稅收待遇等有任何潛在的變化。如果參與率下降，您有什麼樣的應急計畫？也許一般來說，如果不只是為了增加資本支出，您會在什麼門檻上考慮啟動 5 億美元的 ATM 計畫？只是為了讓我們來了解資助計畫的彈性嗎？這就是我所擁有的一切。謝謝，喬斯林。

Yeah, James, you're right. Our DRIP program is still quite healthy. We do have around 38% participation. And so ultimately, we look at over the five-year, I mean, it was over $2.7 billion of equity that was required. The DRIP actually gives us that. And should the participation change -- and we're not aware of any dividend tax changes as of today that we believe is going to change that participation, but should participation change, I think that's what the ATM is there to do as well, right, that we can tap it pretty easily if participation were to decrease. If we were to see participation like vastly decline, then we could expand our ATM program or look at other options but we're not seeing any slowdown in our participation for our DRIP program.

是的，詹姆斯，你是對的。我們的 DRIP 計劃仍然非常健康。我們的參與率確實有 38% 左右。因此，最終，我們來看看五年，這意味著需要超過 27 億美元的股權。DRIP 確實為我們提供了這一點。如果參與率發生變化——截至今天我們還沒有發現任何股息稅變化，我們認為這將改變參與率，但如果參與率發生變化，我認為這也是 ATM 的作用，對吧，如果參與率下降，我們可以輕鬆地利用它。如果我們看到參與度大幅下降，那麼我們可以擴大我們的 ATM 計劃或考慮其他選擇，但我們並沒有看到 DRIP 計劃的參與度有任何放緩。

Terrific. Thank you. It seems like you guys are continuing to be really well positioned. I appreciate you answering the questions.

了不起。謝謝。看起來你們繼續處於非常有利的位置。感謝您回答這些問題。

Thank you.

謝謝。

Patrick Kenny, National Bank Financial.

派崔克肯尼，國家銀行金融。

Thank you. Good morning. Just back to BC, it looks like BC Hydro is looking to add some firm base load generation in the province and perhaps has opened the door to looking at more reliable, and I guess, more affordable natural gas fired capacity. Just wondering if this might present any new build opportunities for your electric utility franchise in the province, either on an integrated basis or perhaps through partnership?

謝謝。早安.回到 BC，看起來 BC Hydro 正在尋求在該省增加一些穩定的基載發電，並且可能為尋找更可靠、更實惠的天然氣發電能力打開了大門。只是想知道這是否會為您在該省的電力公用事業特許經營帶來任何新的建設機會，無論是通過綜合方式還是通過合作方式？

And then, I guess, for the gas utility as well, depending on where these plants might end up being located, if you might see any upside to your rate base as these new plants come online.

然後，我想，對於天然氣公用事業來說也是如此，這取決於這些工廠最終可能位於何處，隨著這些新工廠投入使用，您是否會看到您的費率基礎有任何上漲。

Yeah, that's a great question. I'm going to go all the way over a few time zones west and get Roger Dall’Antonia, our CEO to answer that one, because this is a lot of real good conversation and opportunities that we're seeing in BC. Roger?

是的，這是一個很好的問題。我要跨越幾個時區向西走，請我們的首席執行官羅傑·達爾安東尼婭來回答這個問題，因為我們在 BC 看到了很多非常好的對話和機會。羅傑？

Thanks, David. Morning, Patrick. Yeah, so on Monday the government announced a new call for power. And in that call for power, they noted the population growth energy requirements and included capacity unlike the previous call, which was energy only.

謝謝，大衛。早上好，派崔克。是的，週一政府宣布了新的電力需求。在那次電力需求呼籲中，他們注意到人口成長對能源的需求，並包括了容量，而不像先前的呼籲那樣只涉及能源。

I would say, it doesn't have an immediate impact on our electric opportunities. We launched an RFP IO last year for power in our service territory. We are looking to turn that into a more formal RFP in the near term for energy in our service territory. We are going to be looking longer term at additional infrastructure for our service territory. That could include capacity, it could be transmission interconnected to BC Hydro who may be providing capacity, still early to tell.

我想說，它不會對我們的電力機會產生直接影響。我們去年針對我們服務區域內的電力發布了一份 RFP IO。我們希望在短期內將其轉變為我們服務區域內能源的更正式的 RFP。我們將從長遠角度考慮為我們的服務區域增加更多的基礎設施。這可能包括容量，也可能包括與 BC Hydro 互連的傳輸，BC Hydro 可能提供容量，但現在還言之過早。

I think what we take out of it, is that given the population growth in the province, given the load growth, what we've been saying for quite a while is that an integrated approach to dealing with capacity is critical. While renewable energy on an energy basis may be relatively cheap, capacity isn't and that's where we've seen challenges, especially with a winter peaking system. So I do think we're going to see some opportunity within our own plan. So those are a bit early to tell.

我認為，我們從中得出的結論是，考慮到該省的人口增長和負荷增長，我們一直在說，採取綜合方法來處理容量問題至關重要。雖然再生能源在能源基礎上可能相對便宜，但容量卻不便宜，這就是我們所看到的挑戰，特別是在冬季高峰系統方面。所以我確實認為我們會在我們自己的計劃中看到一些機會。所以現在說這些還太早。

Your other question, Patrick, I think you mentioned thermal generation, gas generation in the province. Those are plans that have not yet been pursued by the provincial government. They are still looking at clean power. But I do think given where the province is, thermal generation might be something that they are going to start looking at though, and nothing has been noted.

派崔克，你的另一個問題是，我認為你提到了該省的火力發電和天然氣發電。這些計劃目前還未被省政府實施。他們仍在尋找清潔能源。但我確實認為，考慮到該省的地理位置，他們可能會開始考慮熱力發電，但目前還沒有任何進展。

Okay, that's great colour. Thanks for that. And then maybe staying out west on FortisAlberta, just with the lower ROE coming into effect this year, I know you're pursuing an appeal there on some of the parameters, PBR 3.0. But just wondering if there might be any other offsets that are being pursued in the medium term here, and might be sustained under the existing construct, regardless of the decision to come next year.

好的，顏色很棒。謝謝。然後，也許繼續留在西部的FortisAlberta，因為較低的ROE將於今年生效，我知道你正在就PBR 3.0的一些參數進行上訴。但我只是想問，無論明年做出什麼決定，這裡是否還有其他中期正在推行的補償措施，並且這些措施是否可能在現有框架下持續下去。

Yeah, so are you asking about like offsets from a-- like a cost savings perspective?

是的，那麼您是從成本節約的角度詢問補償嗎？

Yeah, or on the capital front, just either or just to kind of offset the earnings impact that we've seen here today.

是的，或者在資本方面，只是為了抵消我們今天看到的獲利影響。

Yeah, I mean, at this point, we don't. I mean, we're not changing our capital plan based on that outcome. It’s a formulaic ROE now in Alberta, and as that changes, obviously we will adjust as much as we can. We're always looking at ways of reducing our costs. We have sharing mechanisms there as well. So it's sort of, I would say, more -- nothing that triggers us to take any heroic actions. It was a, you know, about a 30 bps or so of a ROE decrease and that's well manageable within their plan. Obviously, it does impact the earnings a little bit, but overall it's small.

是的，我的意思是，目前我們還沒有。我的意思是，我們不會根據該結果改變我們的資本計劃。目前，阿爾伯塔省採用的是公式化的 ROE，隨著情況的變化，我們顯然會盡可能地進行調整。我們一直在尋找降低成本的方法。我們在那裡也有共享機制。所以我想說，這更像是——沒有什麼能促使我們採取任何英勇的行動。您知道，ROE 下降了大約 30 個基點，但這在他們的計劃內是可以實現的。顯然，它確實對收益有一點影響，但總體來說影響不大。

Okay, that's great. I'll leave it there. Thank you.

好的，太好了。我就把它留在那裡。謝謝。

(Operator Instructions)

（操作員指示）

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

Morning, David. Morning, Jocelyn. How are you?

早安，大衛。早安，喬斯琳。你好嗎？

Yeah, so I might have missed it in your prepared comments, David, on the call so I apologize but the 300 megawatts of large load, you said that starts in ‘27 and then ramps. Is 300 megawatts where we start or is 300 megawatts where we go? So is it starting at 300 and ramping, or is it ramping to 300 as it starts up in 2027?

是的，大衛，我可能在您準備好的評論中錯過了這一點，所以我很抱歉，但是您說的 300 兆瓦的大負載是從 27 年開始然後逐漸增加的。300 兆瓦是我們的起點還是我們的終點？那麼它是從 300 開始逐漸增加，還是在 2027 年啟動時逐漸增加到 300？

So see if I get this exactly right. It's starting to ramp in ‘27 to a 300 megawatt size. So it's the phase, the first phase is 300 megawatts. They have additional phases that they would look at down the road, which is, you know, the additional transmission and generation investments that we would need to do that.

那麼看看我是否理解得完全正確。從 27 年開始，其發電規模開始擴大至 300 兆瓦。所以這是第一階段，第一階段是 300 兆瓦。他們會在未來考慮其他階段，也就是我們需要的額外輸電和發電投資。

There's sort of two different paths going on here. One is getting the first phase up and operating, and the second phase is then also in parallel negotiating what phase two, three, and whatever would look like and the type of investments that we would have to do and the level of commitments and contractual relationship that we would have to have with this customer.

這裡有兩種不同的路徑。一是啟動並營運第一階段，然後同時協商第二階段、第三階段以及其他階段的具體內容，以及我們必須進行的投資類型，以及我們必須與該客戶達成的承諾和合約關係的水平。

Okay, perfect. And then Jocelyn, maybe one for you. You put your credit metrics slide out in the last quarterly deck and it's not in the current quarterly deck. So can you remind us where you are on current credit metrics and where the thresholds are?

好的，完美。然後是喬斯林，也許有一個適合你。您將信用指標幻燈片放在上一季的幻燈片中，但它並不在當前季度的幻燈片中。那麼，您能否提醒我們您目前的信用指標以及門檻是多少？

Yeah, so nothing has really changed, Ross. I mean, as we look forward, we still have the same forecast. So it's just early in the year and there was no reason why we excluded it from the deck, other than we are only three months into the year and we have no new information. But yeah, so we're still on track with the average FFO to debt of just over 12% for the five years. Nothing's changing there.

是的，所以什麼都沒有改變，羅斯。我的意思是，展望未來，我們仍然有相同的預測。所以現在才剛開始一年，我們沒有理由將它排除在外，除非我們才進入今年三個月，並且沒有新的資訊。但是的，所以我們仍然保持著五年來平均 FFO 與債務比率略高於 12% 的水平。那裡什麼也沒有改變。

Perfect, thanks Jocelyn. And then I guess the other thing I noticed in the deck is you're still sort of assuming a 1.3 exchange rate. Obviously it's been -- I guess a lot of volatility is probably an understatement in FX lately. Do you anticipate waiting to update that until your normal September sort of look forward and roll?

非常好，謝謝喬斯林。然後我想我在簡報中註意到的另一件事是，您仍然假設匯率為 1.3。顯然，我認為最近外匯市場波動很大可能還是輕描淡寫。您是否預計要等到正常的 9 月再進行更新？

Yeah, we've struggled on this one because there's been so much volatility that we thought we were going to update and then we chose just to do it, you know, at the same time that we look forward with our new five-year capital plan, which is usually in the fall. And just because there's so much volatility, we felt that if we changed it now, we probably would end up changing it again in the fall. So what we've done is provided the sensitivity to give you a sense for how our capital program would change. So look forward to the update in the fall.

是的，我們在這方面遇到了困難，因為波動太大了，我們以為我們要進行更新，然後我們選擇這樣做，你知道，與此同時，我們期待著新的五年資本計劃，通常是在秋季。而且正是因為波動性如此之大，我們覺得如果我們現在改變它，我們可能最終會在秋天再次改變它。因此，我們所做的就是提供敏感性，讓您了解我們的資本計劃將如何變化。因此期待秋季的更新。

Makes complete sense. Let's not change it 10 times between now here and there as we go forward and hopefully the volatility calms down. Thank you. Thank you very much.

完全有道理。我們不要在前進的過程中對其進行 10 次改變，希望波動能夠平靜下來。謝謝。非常感謝。

Thank you very much.

非常感謝。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Hey, good morning and thanks for the time today. Just have one quick follow-up on the Iowa ROFR legislation. Just kind of procedurally, what's to watch for here? Is it the state needs to pass a budget first, then the governor's energy bill may get considered? And how to think about that dynamic versus the session kind of being in overtime right now? Like, does the session need to keep getting extended after the budget is passed? Thank you.

嘿，早上好，感謝您今天抽出時間。只需對愛荷華州 ROFR 立法進行一次快速跟進。從程式上來說，這裡要注意什麼？是州政府需要先通過預算，然後州長的能源法案才會被考慮？那麼該如何看待這種動態與現在加班的會議類型呢？例如，預算通過後會議是否需要繼續延長？謝謝。

Yep. Thanks for the question, Richard. Linda?

是的。謝謝你的提問，理查德。琳達？

Yes, absolutely. Thank you, Richard. You know, obviously we don't really have any visibility or insight as to how the session will specifically proceed in terms of whether the energy bill may you know, be in front of the budget bill or budget bill and then other legislative priorities. So unfortunately, I wouldn't say that there is a specific sort of protocol for how this unfolds.

是的，絕對是。謝謝你，理查。你知道，顯然我們對於會議的具體進展沒有任何了解或洞察，例如能源法案是否會排在預算法案或預算法案之前，然後是其他立法優先事項。所以不幸的是，我不會說有一種特定的協議來規定如何進行這項工作。

Obviously, as I mentioned before, we are actively engaged with all of the supporters, our utility coalition and other supporters. We're actively engaged in the legislative arena to push for obviously passage of the bill, but how it unfolds, unfortunately, I really can't provide any further insight on.

顯然，正如我之前提到的，我們積極與所有支持者、我們的公用事業聯盟和其他支持者接觸。我們積極參與立法領域，推動法案的通過，但不幸的是，我無法提供進一步的見解。

No, no, got it. That's helpful. Maybe I'll just ask one more here then. Just, I think earlier there were comments about several weeks as the opportunity here. So is that the expectation that the session will continue for a few more weeks?

不不不，明白了。這很有幫助。也許我應該在這裡再問一個。只是，我認為之前有人評論說這裡有幾週的機會。那麼，我們是否預計會議將持續幾週？

Again, it's difficult to say or know. I think it is somewhat contingent upon whether they have an agreement on a budget and how long that process might take to -- obviously any budget bill would need to get through the various committees in both the House and Senate. Obviously full floor votes and so what that specifically means in terms of timeline, again, I don't really have visibility or clarity.

再次，這很難說或知道。我認為這在某種程度上取決於他們是否就預算達成一致，以及這個過程需要多長時間——顯然任何預算法案都需要通過眾議院和參議院的各個委員會。顯然，全場投票以及就時間線而言這具體意味著什麼，我再次不太清楚。

Based on prior legislative sessions, you know there have been budget bills that have taken kind of weeks if you will, to work their way through the process based on amendments and compromises and there have been other budgets that have passed fairly quickly, which could be in a matter of a week or days.

根據先前的立法會議，你知道有些預算法案需要花費數週時間才能通過基於修正和妥協的程序，而其他預算則通過得相當快，可能只需一周或幾天。

So again, it's difficult for us to say or know where exactly the mindset is on the budget and exactly how long that's going to take, and then, you know where the Governor's energy bill sits or fits within the remaining kind of agenda and sort of priorities. So again, we're somewhat at the whims of the legislative leadership and how they might choose to progress in terms of both budget and any other remaining priorities.

因此，我們很難說或知道預算的具體思路以及預算需要多長時間，然後，您知道州長的能源法案在剩餘的議程和優先事項中處於什麼位置或適合什麼。因此，我們在某種程度上受到立法領導層的左右，以及他們如何選擇在預算和其他剩餘優先事項方面取得進展。

Got it. Very helpful context. Thank you.

知道了。非常有用的背景。謝謝。

You're welcome.

不客氣。

This concludes the question-and-answer session. I would like to turn the call back over to Ms. Amaimo for any closing remarks.

問答環節到此結束。我想將電話轉回給 Amaimo 女士，請她做最後發言。

Thank you, Michael. We have nothing further at this time. Thank you everyone for participating in our first quarter conference call. Please contact IR should you need anything further and have a great day.

謝謝你，麥可。目前我們沒有進一步的消息。感謝大家參加我們的第一季電話會議。如果您有任何需要，請聯繫 IR，祝您有美好的一天。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。