Fortis Inc (FTS) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Chuck, and I'll be your conference operator. Welcome to the Fortis Inc. second quarter 2025 earnings conference call and webcast. (Operator Instructions)

感謝您的支持。我叫查克，我將擔任您的會議接線生。歡迎參加 Fortis Inc. 2025 年第二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 Ms. 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 女士。請繼續，Amaimo 女士。

Thanks, Chuck, and good morning, everyone. Welcome to Fortis’ second 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，查克，大家早安。歡迎參加 Fortis 2025 年第二季業績電話會議。與我一起出席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 slide show.

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。

Actual results can differ materially from the forecast projections included in the forward-looking information presented today. Non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our second quarter 2025 MD&A. Also, unless otherwise specified, all financial information referenced is in Canadian dollars.

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。我們準備好的評論中引用的非 GAAP 財務指標與我們 2025 年第二季 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. Today, we are pleased to report another great quarter. With capital expenditures of almost $3 billion during the first half of the year, we are executing on our core objective of delivering safe and reliable energy to our customers. Financially, we delivered second quarter earnings per share of $0.76, a $0.09 increase over the same period last year. During the quarter, we also made progress on the regulatory front.

謝謝大家，早安。今天，我們很高興地報告又一個出色的季度。今年上半年，我們的資本支出接近 30 億美元，我們正在實現為客戶提供安全可靠能源的核心目標。財務方面，我們第二季每股收益為 0.76 美元，比去年同期增加 0.09 美元。本季度，我們在監管方面也取得了進展。

Notably, Tucson Electric Power filed its general rate application, and Central Hudson reached a multiyear rate settlement agreement on its general rate application. Jocelyn will speak to these regulatory developments in more detail shortly.

值得注意的是，圖森電力公司提交了其通用費率申請，而中央哈德遜公司就其通用費率申請達成了多年費率和解協議。喬斯林很快就會更詳細地介紹這些監管發展。

In Arizona, TEP's retail load growth opportunity advanced with an important milestone reach for a planned data center development. And today, we released our 2025 sustainability update report, highlighting our consistent progress to deliver cleaner energy to our customers. Through 2024, we have achieved a 34% reduction in Scope 1 greenhouse gas emissions when compared to 2019 levels.

在亞利桑那州，TEP 的零售負載成長機會取得了進展，計劃中的資料中心開發取得了重要里程碑。今天，我們發布了 2025 年永續發展更新報告，強調了我們在向客戶提供更清潔能源方面取得的持續進展。到 2024 年，與 2019 年的水準相比，我們已實現範圍 1 溫室氣體排放量減少 34%。

In July, the first phase of the Roadrunner Reserve Battery Storage Project was placed in service at TEP. The 200-megawatt energy storage system will facilitate the integration of renewable energy onto the electric grid with the capability to store 800 megawatt hours of energy.

7 月，Roadrunner 備用電池儲存計畫第一期在 TEP 投入使用。該200兆瓦的儲能係統將促進再生能源併入電網，並具有儲存800兆瓦時電能的能力。

This project was part of the $2.9 billion that we invested in the first half of the year. Given this progress, both our annual and five-year capital plans are on track. We are well positioned to deliver on our growth strategy with rate base expected to increase by approximately $14 billion to $53 billion in 2029. This supports average annual rate base growth of 6.5%. In Arizona, TEP announced that it plans to convert approximately 800 megawatts of coal-fired generation at it’s Springerville generating station to natural gas by 2030.

該項目是我們今年上半年投資29億美元的一部分。鑑於這一進展，我們的年度和五年資本計劃均進展順利。我們已做好準備，實現成長策略，預計到 2029 年，利率基數將增加約 140 億美元，達到 530 億美元。這支持了年均 6.5% 的利率基數成長。在亞利桑那州，TEP 宣布計劃在 2030 年將其斯普林維爾發電廠約 800 兆瓦的燃煤發電轉換為天然氣。

This will allow us to be coal-free by our 2032 target. The conversion supports customer affordability, local communities and reliability as well as our transition to cleaner energy. This, along with many other factors, will impact our resource planning at our Arizona utilities. As a result, we will reassess our 2030 and 2035 interim greenhouse gas targets and share the results once complete. We will provide the project details with the release of our 2026-2030 capital plan later this year.

這將使我們在 2032 年實現無煤目標。這種轉換有利於客戶的負擔能力、當地社區和可靠性以及我們向清潔能源的過渡。這一因素以及許多其他因素將影響我們亞利桑那州公用事業的資源規劃。因此，我們將重新評估2030年和2035年的中期溫室氣體目標，並在完成後分享結果。我們將在今年稍後發布 2026-2030 資本計劃時提供項目詳細資訊。

New retail load growth opportunities in Arizona continue to advance. TEP just reached an agreement with a data center customer to serve a demand of approximately 300 megawatts that starts to ramp up in 2027 and will use existing and planned capacity. This agreement was structured to benefit existing customers, maintain reliability and ensure the power is supplied consistently with -- consistent with 2023 integrated resource plan, including solar and storage projects currently in development.

亞利桑那州新的零售負載成長機會繼續推進。TEP 剛剛與一家資料中心客戶達成協議，以滿足約 300 兆瓦的需求，該需求將於 2027 年開始增加，並將使用現有和計劃中的容量。該協議旨在使現有客戶受益，保持可靠性並確保電力供應與 2023 年綜合資源計劃一致，包括目前正在開發的太陽能和儲能專案。

This agreement is subject to ACC approval as well as other contractual contingencies. Further negotiations are ongoing for additional capacity to support a full build-out at that initial site of 600 megawatts in total. The project's developer also shared that additional capacity may be required at a second site in the range of 500 to 700 megawatts. If negotiations are finalized for these subsequent phases, new generation and transmission investments would be required.

本協議須經 ACC 批准以及其他合約附帶條件。目前正在進行進一步談判，以增加發電能力，支持初始站點總計 600 兆瓦的全面建設。該專案開發商還表示，第二個站點可能需要增加 500 至 700 兆瓦的容量。如果這些後續階段的談判最終完成，就需要新的發電和輸電投資。

Beyond these opportunities in Arizona, our utilities continue to pursue various opportunities to support load growth, improve grid resilience and facilitate the interconnection of cleaner energy. Work is underway at ITC to prepare to bid on projects within the MISO LRTP Tranche 2.1 portfolio subject to a competitive bidding process. These projects, if awarded to ITC, would be incremental to ITC's estimate of USD3.7 billion to USD4.2 billion of capital expenditures for the Tranche 2.1 projects.

除了亞利桑那州的這些機會之外，我們的公用事業公司還繼續尋求各種機會來支持負載成長，提高電網彈性並促進清潔能源的互聯。ITC 目前正在準備透過競爭性招標程序對 MISO LRTP Tranche 2.1 組合內的項目進行招標。如果這些項目授予 ITC，將增加 ITC 估計的 2.1 批次項目 37 億至 42 億美元的資本支出。

With a long track record of increasing dividends and our sustainable growth runway, we remain committed to our annual dividend growth guidance of 4% to 6% through 2029.

憑藉長期增加股息的記錄和可持續的成長勢頭，我們將繼續致力於實現 2029 年之前 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 second quarter financial results.

現在我將把電話轉給喬斯林，請她介紹我們第二季的財務表現。

Thank you, David, and good morning, everyone. For the quarter, we reported net earnings of $384 million or $0.76 per common share, $0.09 higher than the second quarter of 2024. Through year-to-date June, EPS was $1.76, reflecting a $0.16 increase over the same period last year. EPS growth was mainly driven by rate-base investments across our utilities and higher earnings at Central Hudson and FortisBC, which I'll discuss on the next slide.

謝謝你，大衛，大家早安。本季度，我們報告的淨收益為 3.84 億美元，即每股 0.76 美元，比 2024 年第二季度高出 0.09 美元。截至今年 6 月，每股收益為 1.76 美元，比去年同期增加 0.16 美元。EPS 的成長主要得益於我們公用事業的利率基礎投資以及 Central Hudson 和 FortisBC 的更高收益，我將在下一張幻燈片中討論這一點。

On slide 11, you will see the highlighted EPS drivers for the quarter by segment. Within our U.S. electric and gas utilities, Central Hudson contributed a $0.04 increase in EPS. This increase largely reflects rate base growth as well as the rebasing of costs and a higher allowed ROE effective July 1, 2024.

在第 11 張投影片上，您將看到按部門突出顯示的季度 EPS 驅動因素。在我們的美國電力和天然氣公用事業中，中央哈德遜貢獻了 0.04 美元的每股盈餘成長。這一增長主要反映了費率基礎的增長以及成本的重新調整和自 2024 年 7 月 1 日起生效的更高的允許 ROE。

The impact of a contribution to a customer benefit fund in the second quarter of 2024 and the timing of operating costs also supported the increase quarter-over-quarter. At UNS Energy, the EPS contribution was unchanged from the second quarter of last year. An increase in transmission revenue was offset by regulatory lag.

2024 年第二季對客戶福利基金的貢獻以及營運成本的時間表的影響也支持了環比成長。UNS Energy 的每股盈餘貢獻與去年第二季相比沒有變化。輸電收入的成長因監管滯後而被抵消。

For our Western Canadian utilities, EPS increased $0.03 largely driven by rate base growth, including earnings associated with the Eagle Mountain Pipeline project. At FortisAlberta, timing of operating costs, the expiration of a PBR efficiency mechanism and a lower allowed ROE of 8.97% effective July -- January 1, 2025, tempered growth quarter-over-quarter.

對於我們西加拿大的公用事業公司而言，每股收益增加了 0.03 美元，這主要得益於費率基準的增長，包括與鷹山管道項目相關的收益。在 FortisAlberta，營運成本的時間安排、PBR 效率機制的到期以及自 2025 年 7 月至 1 月 1 日起生效的 8.97% 的較低允許 ROE 抑制了季度環比增長。

At our Other Electric segment, EPS increased $0.02 due to rate base growth, higher electricity sales as well as the timing of quarterly earnings at Newfoundland Power related to regulatory approvals. And while not shown on the slide, financial results at ITC were largely consistent with the second quarter of 2024 as rate base growth was offset by higher stock-based compensation and higher holding company finance costs.

在我們的其他電力部門，每股收益增加了 0.02 美元，原因是電價基數成長、電力銷售額增加以及紐芬蘭電力季度收益與監管部門批准相關的時機。雖然幻燈片中沒有顯示，但 ITC 的財務業績與 2024 年第二季度基本一致，因為費率基準增長被更高的股票薪酬和更高的控股公司融資成本所抵消。

Foreign exchange gains associated with the revaluation of U.S. dollar-denominated liabilities contributed a $0.02 EPS increase for the quarter. For the Corporate and Other segment, the decrease reflects the timing of income tax recoveries and higher finance costs, partially offset by mark-to-market gains on foreign exchange contracts. And finally, higher weighted average shares lowered EPS by $0.01, driven by shares issued under our dividend reinvestment plan.

與美元計價負債重估相關的外匯收益導致本季每股收益增加 0.02 美元。對於企業及其他部門而言，這一下降反映了所得稅回收的時間和更高的財務成本，但被外匯合約的以市價計價收益部分抵消。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。

While most of the factors discussed for the quarter are the same for the year-to-date period, lower margin on wholesale sales due to market conditions tempered earnings at UNS on a year-to-date basis. All in all, a very strong first half of 2025.

雖然本季討論的大多數因素與年初至今的相同，但由於市場狀況導致批發銷售利潤率較低，從而抑制了 UNS 年初至今的盈利。總而言之，2025 年上半年將非常強勁。

Through June, we raised over $1 billion of debt to repay borrowings and to fund our capital program. As we discussed last quarter, our five-year capital funding plan remains intact. With a healthy participation from our dividend reinvestment plan, our $500 million ATM program has not been utilized to date and remains available for funding flexibility as required.

截至六月份，我們籌集了超過 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。正如我們上個季度所討論的，我們的五年資本融資計劃保持不變。在我們的股息再投資計劃的健康參與下，我們的 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, Fitch has signed Fortis a first-time BBB+ credit rating. This new rating underscores Fortis’ strong overall credit profile and will support cost-effective capital market funding options. With S&P, we remain focused on highlighting our key initiatives around addressing physical and climate risk. In July, we implemented a public safety power shut off or PSPS plan at FortisBC for high-risk areas within its service territory. This builds on the PSPS plans already implemented earlier this year in Alberta and Arizona as well as the wildfire legislation passed in Arizona.

本季度，惠譽首次為富通集團授予了 BBB+ 信用評級。這項新評級凸顯了富通銀行強勁的整體信用狀況，並將支持具有成本效益的資本市場融資選擇。透過標準普爾，我們將繼續專注於強調解決物理和氣候風險的關鍵措施。7 月份，我們在 FortisBC 服務區域內的高風險地區實施了公共安全斷電或 PSPS 計畫。這是以今年稍早在阿爾伯塔省和亞利桑那州已經實施的 PSPS 計劃以及亞利桑那州通過的野火立法為基礎的。

Turning now to recent regulatory activity. In June, TEP filed its general rate application with the ACC seeking new retail rates effective September 1, 2026. The application includes rate base of USD4.3 billion, representing an increase of approximately USD750 million since the last rate case. The increase is largely driven by investments in grid upgrades and new energy resources to maintain reliability, improve resilience and serve expanding energy needs.

現在來談談最近的監管活動。6 月，TEP 向 ACC 提交了一般費率申請，尋求自 2026 年 9 月 1 日起生效的新零售費率。該申請的利率基數為43億美元，較上一次利率案件增加了約7.5億美元。這一成長主要得益於對電網升級和新能源資源的投資，旨在保持可靠性、提高彈性並滿足不斷增長的能源需求。

The application proposes to phase out or eliminate certain adjustor mechanisms and request an annual formula rate adjustment consistent with the ACC's formula rate policy statement issued in 2024. If approved by the ACC, the formula rate plan is expected to improve rate stability for our customers, reduce regulatory and administrative burden as well as simplify the number of adjustor mechanisms. The formula is also expected to allow for timely recovery of prudent investments and costs within plus or minus 20 basis points of TEP's allowed return.

該申請建議逐步淘汰或取消某些調整機制，並要求每年進行與 ACC 2024 年發布的公式利率政策聲明一致的公式利率調整。如果獲得 ACC 批准，該公式利率計劃有望提高客戶的利率穩定性，減少監管和行政負擔，並簡化調整機制的數量。預計該公式還將允許在 TEP 允許回報的正負 20 個基點範圍內及時收回審慎投資和成本。

And while not shown on the slide, UNS Gas’ rate case continues to progress. In July, the ACC staff filed testimony recommending an allowed ROE of 9.75% and use of an annual formula rate adjustment with an ROE dead band within plus or minus 50 basis points.

雖然幻燈片上沒有顯示，但 UNS Gas 的費率案例仍在繼續進展。7 月份，ACC 工作人員提交了證詞，建議允許的 ROE 為 9.75%，並使用年度公式利率調整，ROE 死區在正負 50 個基點以內。

Lastly, in June, Central Hudson filed a constructive joint proposal with the New York Public Service Commission in relation to its general rate application. The joint proposal provides for a three-year rate plan with retroactive application to July 1, 2025, an allowed ROE of 9.5% and a common equity ratio of 48%. An order is expected in the second half of 2025.

最後，6 月份，中央哈德遜就其一般費率申請向紐約公共服務委員會提交了一份建設性的聯合提案。聯合提案規定了一項三年期利率計劃，該計劃追溯至 2025 年 7 月 1 日實施，允許的 ROE 為 9.5%，普通股權益比率為 48%。預計訂單將於 2025 年下半年下達。

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. In conclusion, strong results for the first half of the year progress on the regulatory front and advancements of our growth opportunities beyond the plan positions us nicely for the remainder of 2025 and beyond. As we finalize our next five-year capital plan to be released later this year, we remain focused on continuing to deliver reliable and affordable service to our customers and compelling long-term returns to our shareholders.

謝謝你，喬斯琳。總而言之，今年上半年在監管方面取得的強勁業績以及超出計劃的成長機會為我們在 2025 年剩餘時間及以後的發展奠定了良好的基礎。隨著我們最終確定將於今年稍後發布的下一個五年資本計劃，我們將繼續致力於為客戶提供可靠且實惠的服務，並為股東帶來豐厚的長期回報。

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, I'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，我想開始回答投資界提出的問題。

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。

Morning, everyone. Regarding the Arizona data center opportunity, when we look at the incremental 300 megawatts at the first site and the 500 to 700 megawatts at the other site, you know how quickly could you develop generation to support these assets, and is this a key gating factor at this point?

大家早安。關於亞利桑那州資料中心的機會，當我們考慮第一個站點的增量 300 兆瓦和另一個站點的 500 至 700 兆瓦時，您知道可以多快開發發電來支援這些資產，這是目前的關鍵門控因素嗎？

Yeah, that's a great question, Rob. I've got Susan sitting here next to me to provide a little colour. But as you know that first 300 megawatts is using existing and planned capacity, so that's always great to be able to serve them as quick as we can and hopefully, they're on the same time line as we have disclosed on the 2027 time period. So, we have that first 300 sort of under our belt to get them situated there and then, Susan, if you want to provide a little colour on what we're thinking time line-wise for adding the generation and the transmission interconnections we need for the next 300 at that initial site.

是的，這是一個很好的問題，羅布。我讓蘇珊坐在我旁邊，為我提供一點色彩。但如你所知，前 300 兆瓦使用的是現有和計劃中的容量，因此，能夠盡快為他們提供服務總是很好的，並且希望他們能夠與我們在 2027 年時間段內披露的時間線保持一致。因此，我們已經完成了前 300 個項目的安裝，然後，蘇珊，如果你想稍微詳細地介紹一下我們在時間線上的考慮，以便在初始站點為接下來的 300 個項目添加發電和輸電互連。

Sure. Good morning, Rob. Thanks for the question. Yeah, so as Dave said, the first 300 megawatts of capacity that we're already building and then the second 300 will be -- we'll go through our all-source RFP process. We also announced that we're looking at a green tariff with Beale,and so it will depend on what kind of generation we move forward with, but the goal is to be in service with that second 300 megawatts in that 2030 to 2031 time frame.

當然。早安，羅布。謝謝你的提問。是的，正如戴夫所說，我們已經在建造的第一個 300 兆瓦容量，然後第二個 300 兆瓦容量將 - 我們將通過全源 RFP 流程。我們也宣布，我們正在與比爾 (Beale) 探討綠色關稅，因此這將取決於我們未來採用哪種發電方式，但我們的目標是在 2030 年至 2031 年期間投入使用第二個 300 兆瓦。

All right, that's great. And then I guess more broadly, when you take a look at your entire system and relative to the existing capital plan, you know, would it be fair to assume that we're seeing the greatest upside potential in Arizona and ITC and then as we take a look at kind of the '26 plan later this year, you know, are there other key areas we should be looking at where we're seeing probably some outperformance?

好的，太好了。然後我想從更廣泛的角度來看，當你審視整個系統並相對於現有的資本計劃時，你知道，是否可以公平地假設我們看到亞利桑那州和 ITC 具有最大的上行潛力，然後當我們在今年晚些時候審視 26 計劃時，你知道，還有其他關鍵領域我們應該關注，我們可能會看到一些優異的表現嗎？

Yeah, I think you hit the nail right on the head there. We do see some -- and you'll see that in sort of our beyond the plan list. There's a lot at ITC quite a bit at Arizona as well. But we continue to look across the entire footprint. We've got some additional opportunities in BC related to LNG, et cetera. So -- and then across the rest of our footprint, we're looking at opportunities as well. So those are the two big ones, but we've got, I think, irons in the fire across the entire portfolio.

是的，我認為你說得非常對。我們確實看到了一些——你會在我們的計劃之外的清單中看到它們。ITC 有很多，亞利桑那州也有很多。但我們仍會繼續關注整個足跡。我們在 BC 還有一些與 LNG 等相關的額外機會。所以——然後在我們其餘的足跡中，我們也在尋找機會。這兩個是大問題，但我認為，我們整個投資組合中都有其他問題需要解決。

Thank you.

謝謝。

Thanks, Rob.

謝謝，羅布。

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)。

Good morning, everyone. Just wanted to touch on the Springerville position. In your slides, you mentioned that it may take Fortis a longer time to achieve its interim GHG targets. Alongside the conversion of Springerville, you're not expecting a material impact to your five-year plan. From these statements, is it fair to assume that the cost of conversion, which I assume has elevated over the past few months, roughly matches some form of renewables for storage in your current IRP?

大家早安。只是想談談斯普林維爾的情況。在您的幻燈片中，您提到富通集團可能需要更長的時間才能實現其中期溫室氣體目標。隨著斯普林維爾的轉型，您預計這不會對您的五年計劃產生重大影響。從這些陳述中，是否可以公平地假設轉換成本（我認為在過去幾個月中已經上升）與您當前 IRP 中某種形式的可再生能源儲存成本大致相當？

Yeah, there's a bunch of puts and takes that are going to be going on here, and that's kind of why we're getting ready to do our next integrated resource plan in Arizona next year. But on our five-year capital plan, we'll lay out, you know kind of all those puts and takes that we have in the capital plan.

是的，這裡會發生很多事情，這也是我們準備明年在亞利桑那州實施下一個綜合資源計畫的原因。但在我們的五年資本計畫中，我們會列出我們在資本計畫中所做的所有投入和產出。

Obviously, this is a great affordability story for our customers to be able to use existing steel in the ground. Also, that's steel in the ground that's already there, so you don't have to get in line to buy it from somebody else and also has the, you know, transmission assets to bring it in, so you don't need additional interconnections, and of course, probably one of the best benefits that we see around that is that overall affordability to our customers and just having those additional jobs in a community that's been so important to TEP over these several decades.

顯然，對於我們的客戶來說，能夠使用地下現有的鋼材是一個非常經濟實惠的方案。此外，這是地下已有的鋼材，因此您不必排隊從別人那裡購買，而且您知道，還有傳輸資產來輸送鋼材，所以您不需要額外的互連，當然，我們看到的最好的好處之一可能是我們的客戶總體上可以負擔得起，並且在社區中創造了額外的就業機會，這對 TEP 來說在過去的幾十年裡一直非常重要。

Maybe a quick follow up to that is there any potential for Four Corners to also be converted to gas just as Springerville is going to?

也許可以快速跟進一下，Four Corners 是否有可能像 Springerville 一樣轉換為天然氣？

Oh yeah, that's not -- I don't think we've looked at that, but there's always, I guess, potentials. This is a time I think where a lot of folks are looking at repowering existing coal plants. And the reason that we were able to do this at Springerville is we had one of our partners, both -- who was a partner in Springerville, but also has a coal generating station down the road from Springerville Coronado that Salt River project is being able to partner with someone to make it economic to build a gas pipeline that gets down there but once it gets down there, hopefully, other folks are using it as well.

哦，是的，那不是——我認為我們沒有考慮過這個問題，但我想，總是有潛力的。我認為，現在很多人都在考慮重新改造現有的燃煤電廠。我們之所以能在斯普林維爾做到這一點，是因為我們有一個合作夥伴，他不僅是斯普林維爾的合作夥伴，而且在斯普林維爾科羅納多附近還有一座燃煤發電站，鹽河項目可以與其他人合作，以經濟的方式修建一條通往那裡的天然氣管道，但一旦天然氣到達那裡，希望其他人也能使用它。

Understood. And if I could just finish off with a quick question on my favourite province in Canada, which is BC. I wonder if I could have your latest thoughts on the landscape and outlook for gas infrastructure in the province, particularly given the push for energy infrastructure in the country and seemingly an alignment on gas amongst federal, provincial and indigenous leaders and what this all means for FortisBC?

明白了。最後，我能否簡單問一下我最喜歡的加拿大省份，即不列顛哥倫比亞省 (BC)。我想知道您是否可以了解一下您對該省天然氣基礎設施的前景和前景的最新看法，特別是考慮到該國正在推動能源基礎設施建設，而且聯邦、省和土著領導人似乎在天然氣問題上達成了一致，這對 FortisBC 意味著什麼？

Perfect. So I'll turn that over to Roger. But before I do just for full disclosure, Maurice, we are -- actually the teams here in Vancouver so we now recognize how early it is for you to get up for these calls. Go ahead, Roger.

完美的。所以我將把這個交給羅傑。但在此之前，為了全面披露，莫里斯，我們實際上是溫哥華的團隊，所以我們現在認識到你接聽這些電話的時間還早。繼續吧，羅傑。

Hi Maurice. Thanks for the question. I would say much like Canada, BC is a bit of a pivot where they're embracing gas, in particular, the LNG opportunity. As you know, we're pursuing expansion of our LNG bunkering opportunity, and we have our LNG storage tank regulatory process ongoing. So directionally, we see that as positive.

你好，莫里斯。謝謝你的提問。我想說，與加拿大非常相似，不列顛哥倫比亞省是一個支點，他們正在擁抱天然氣，特別是液化天然氣的機會。如您所知，我們正在尋求擴大我們的液化天然氣加註機會，我們的液化天然氣儲槽監管流程正在進行中。因此從方向上看，我們認為這是積極的。

As far as gas connections at our domestic infrastructure, CleanBC, which is the signature policy that is dictating issues like client standards, building code standards, which is the policy that is municipalities are using to constrain new gas connections in new buildings, that's in the midst of a review, and that will come out later this year so I think that will be the first key signpost to understand how the focus on export of LNG translates into a domestic gas agenda. So more to come on that.

就我們國內基礎設施的天然氣連接而言，CleanBC 是一項標誌性政策，它規定了客戶標準、建築規範標準等問題，市政當局正在使用該政策來限制新建築中的新天然氣連接，該政策正在審查中，並將於今年晚些時候出台，因此我認為這將是了解對液化天然氣出口的關注如何轉化為國內天然氣議程的第一個關鍵路標。對此我們還有更多內容。

Great. Thank you very much, everyone.

偉大的。非常感謝大家。

Thanks, Maurice.

謝謝，莫里斯。

Ben Pham, BMO

Ben Pham，蒙特利爾銀行

Hi, thanks. Good morning. Maybe going back to the Arizona data center update and maybe more broadly on the industry overall, this additional second site that you flagged, did this materialize with you potentially just during the last couple of months or is always in the cards we had discussions and then maybe on a broader level, can you comment your pace of discussions with the data center companies, have their power needs expanded recently? Has it gone to maybe more jurisdictions than you had anticipated? And how do you think about the pace of announcements going forward?

你好，謝謝。早安.也許回到亞利桑那州數據中心的更新，也許更廣泛地考慮整個行業，您標記的這個額外的第二個站點，是否可能在過去幾個月內實現，或者一直在我們討論的計劃中，然後也許在更廣泛的層面上，您能否評論一下與數據中心公司的討論速度，他們的電力需求最近是否有所擴大？它涉及的司法管轄區是否比您預期的要多？您認為未來發佈公告的速度如何？

Yeah, sure, I'll turn that over to Susan to answer.

是的，當然，我會把這個問題交給蘇珊來回答。

Good morning, Ben. Yes, so the data center that we've been reporting on is we were just lumping it all into one total number for capacity and now there's -- as we bring forth more detail on the project, we're just representing that it will be broken into separate sites. So first building out the first 300 that we signed the contract for in July and then up to 600 megawatts at that first site. And then the second site is another 500 to 700 megawatts, so it's all the same project that we've been talking about for a while.

早安，本。是的，我們一直在報道的資料中心只是將其全部集中到一個容量總數中，現在 - 隨著我們對該項目提出更多細節，我們只是表示它將被分成不同的站點。因此，我們首先在 7 月簽訂了合同，計劃建造第一個發電廠，發電量為 300 兆瓦，然後在第一個發電廠建設至 600 兆瓦。第二個站點的發電量為 500 至 700 兆瓦，所以這都是我們一直在談論的同一個項目。

And then what was the second half of your question there, Ben? What was it?

那麼，本，你問題的後半部是什麼？那是什麼？

Yeah, and maybe you could expect that a broader thought process and the pace of discussions, the customer needs, have they changed materially over the last three months?

是的，也許您可以預期，更廣泛的思考過程和討論的節奏、客戶需求在過去三個月中發生了實質性的變化嗎？

Yeah, so we do have a long queue of projects in Arizona that are behind this initial project but when we only have so much capacity, you sort of got to give it to the first folks in line. So that sort of, I would say, puts the rest of the negotiations on ice until you can figure out how you can develop things -- additional resources after the first one takes this 300 megawatts, but to Susan's point, I mean, there's a lot of details and a lot of conversations that we have with folks in the queue and particularly the one here at the top of the queue. It's just that, you know, we're basically allowed now because it's getting public information on how those different megawatts are broken out by sites, et cetera.

是的，我們在亞利桑那州確實有很多項目排在最初的項目之後，但是當我們的產能有限時，你必須把它交給排在第一位的人。因此，我想說，這會讓其餘的談判處於擱置狀態，直到你能弄清楚如何發展事情——在第一個項目佔用這 300 兆瓦之後提供額外的資源，但對於蘇珊的觀點，我的意思是，我們與排隊中的人，特別是排隊最頂端的人，進行了很多細節和對話。只是，你知道，我們現在基本上被允許這樣做，因為它獲得了有關不同兆瓦如何按站點細分的公開信息，等等。

Prior to that, of course you know, and we still are under an NDA for any details that they're not allowing us to release or that they haven't released. So, it's just filling in the gaps as we get on the road a little bit further, but also as they're finalizing their plans as well.

當然，您知道，在此之前，我們仍需遵守保密協議，以了解他們不允許我們發布或尚未發布的任何細節。因此，這只是在我們進一步前進的過程中填補了一些空白，而且他們也在最終確定他們的計劃。

Okay. That's great. And my second one on the OBBBA legislation, now that you had a bit more visibility on how things are shaking out. Can you comment impact on Fortis? I'm thinking more renewables and in rate base, ITC, that impact and then anything else that you may have found in the legislation?

好的。那太棒了。我的第二個問題是有關 OBBBA 立法，現在大家對事情的進展有了更多的了解。您能評論一下對 Fortis 的影響嗎？我正在考慮更多的再生能源和費率基礎、投資稅收抵免 (ITC) 的影響，以及您可能在立法中發現的其他任何內容？

Yeah, so overall, there was -- there's not a lot of impact from the One Big Beautiful Bill Act that was passed. Corporate tax obviously didn't change. We have -- obviously, a few weeks ago, we were talking a lot about that 899 Section, which luckily didn't make it in. Obviously, the renewable energy credit reductions and phase out there, that doesn't really have much of a near impact -- a near-term impact for UNS given where they're at in their cycle of projects.

是的，總的來說，通過的《一大美麗法案》並沒有帶來太大的影響。公司稅顯然沒有改變。顯然，幾週前我們就 899 條款進行過大量討論，但幸運的是，該條款並沒有被採納。顯然，再生能源信貸的減少和逐步淘汰實際上並沒有產生太大的短期影響——考慮到 UNS 所處的專案週期，這只是短期影響。

However, on a going-forward basis, it just, you know, changes the calculus of RFPs and options as you go forward. It just, you know, creates obviously different economic outcomes when those credits aren't in there for renewables and storage.

然而，從未來來看，你知道，它只是在前進的過程中改變了 RFP 和選項的計算。你知道，當這些信用額度不用於再生能源和儲存時，就會產生明顯不同的經濟結果。

So we -- I think we'll see a longer-term impact related to that. It's just, you know, there's nothing really that we can quantify. Obviously, this -- the tax credits don't necessarily -- they make them -- they make those projects more cost effective for our customers because of the credit so that's something we'll have to consider.

所以，我認為我們會看到與此相關的長期影響。你知道，我們真的無法量化任何事物。顯然，稅收抵免並不一定會使這些項目對我們的客戶更具成本效益，所以這是我們必須考慮的事情。

ITC really isn't impacted again in the short term, either, remember those LRTP Tranche 2.1 projects that were allocated to ITC. I mean they're done. I mean, done dusted and given to ITC to build. So, there's not any impact there. I would say longer term when you think about the implications of reduced renewable energy and storage development, it might change the mix of generation.

ITC 在短期內確實不會再受到影響，記得那些分配給 ITC 的 LRTP Tranche 2.1 專案。我的意思是他們已經完成了。我的意思是，修好之後交給 ITC 去建造。所以，那裡沒有任何影響。我想說，從長遠來看，當你考慮減少再生能源和儲存開發的影響時，它可能會改變發電結構。

Will it be, you know, less renewables, obviously, fossil generation is a bit in vogue, again, particularly natural gas to build to fill all the data center needs and growth opportunities. But, you know, that's just different generation that ITC would be interconnecting, right? So, take gas or renewables. We still have to build the transmission to serve all this additional load that's being talked about, whether it's data centers, manufacturing or the continuation on the clean energy transition that so many utilities have started. So, you know, longer term, we'll see how it plays out but in the short run, it's a very, very limited impact.

你知道，再生能源會減少嗎？顯然，化石能源有點流行，特別是天然氣，可以滿足所有資料中心的需求和成長機會。但是，您知道，這只是 ITC 所互連的不同代，對嗎？因此，選擇天然氣或再生能源。我們仍然需要建造輸電線路來滿足所有正在討論的額外負荷，無論是資料中心、製造業或許多公用事業公司已經開始的清潔能源轉型。所以，你知道，從長遠來看，我們會看到它如何發展，但從短期來看，它的影響非常非常有限。

Okay, that's great. Thank you for the update.

好的，太好了。感謝您的更新。

Thanks, Ben.

謝謝，本。

(Operator Instructions)

（操作員指示）

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Hey, good morning.

嘿，早安。

Morning, Richard.

早上好，理查德。

There's been discussion of new interstate pipeline capacity into Arizona. I'm curious if UNS is involved in discussions here, and if you have a need as you begin building gas plants?

人們一直在討論建造通往亞利桑那州的新州際管道容量。我很好奇 UNS 是否參與了這裡的討論，以及您在開始建造天然氣工廠時是否有需求？

Well, for the Springerville repowering one, that's the -- yeah, we have had those conversations and all that additional public information about -- obviously, we got to get gas to Springerville and that's -- that was the big kind of nut to crack to figure out how to do that economically , and as I mentioned earlier, it's great to have a partner like Salt River Project and being an offtaker for that as well. That's the one that we've got in the queue now -- or not in the queue, the discussions to get it in the queue now.

嗯，對於斯普林維爾電力改造項目來說，是的，我們進行了這些對話，並獲得了所有額外的公開信息——顯然，我們必須將天然氣輸送到斯普林維爾，而如何以經濟的方式做到這一點是一個需要解決的大問題，正如我之前提到的，能有 Salt River Project 這樣的合作夥伴並成為其承購商真是太好了。這就是我們現在排隊等待的——或者不在排隊等待的，現在正在討論如何將其放入排隊等待的。

Understood. And then, I guess, just again, same topic, but looking into the 2030s, do you see a growing need there, you know, it seems like the state is probably in an okay position for the next three or four years, but the next decade is probably a little different.

明白了。然後，我想，還是同樣的話題，但展望 2030 年代，你是否看到那裡的需求不斷增長，你知道，看起來該州在未來三四年可能處於一個不錯的狀態，但未來十年可能會有所不同。

Yeah, that's the calculus we have to look at, right? When we look at our integrated resource plan, next year down in Arizona, I mean this is not static. Remember that three years ago is when we did the last integrated resource plan , so as we look going forward, it's going to be a very different load curve that we have to serve. And so that's what we look at and then stack up the resources that we need.

是的，這就是我們必須研究的微積分，對嗎？當我們檢視明年在亞利桑那州的綜合資源計畫時，我的意思是這不是一成不變的。請記住，三年前是我們制定上一次綜合資源計劃的時候，因此，展望未來，我們必須應對的負載曲線將截然不同。這就是我們所關注的，然後累積我們所需的資源。

I'm sure, you know, natural gas will be a part of it. Obviously, renewables and storage will be a part of it. So, all of those things kind of go into that mix from a long-term perspective. So, it's all a bit TBD at this point, but at the end of the day, infrastructure is going to be needed across our sector and frankly, everyone that serves our sector, right? So, if there's additional gas needs, for generation, there's going to be likely additional pipeline needs as well, but that all goes into that long-term planning process.

我確信，天然氣將是其中的一部分。顯然，再生能源和儲存將成為其中的一部分。因此，從長遠角度來看，所有這些因素都會融入其中。所以，目前一切都還有待確定，但最終，我們整個行業都需要基礎設施，坦白說，為我們行業服務的每個人都需要基礎設施，對嗎？因此，如果有額外的天然氣需求，用於發電，那麼也可能會有額外的管道需求，但這一切都將納入長期規劃過程。

Appreciate the commentary. I'll leave it there. Thank you.

感謝您的評論。我就把它留在那裡。謝謝。

Thanks, Richard.

謝謝，理查。

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

問答環節到此結束。我想將會議交還給阿邁莫女士，請她做最後發言。請繼續。

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

謝謝你，查克。目前我們沒有進一步的消息。感謝大家參加我們的第二季業績電話會議。如果您有任何需要，請聯繫 IR，祝您有美好的一天。

This brings today's conference call to a close. 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，祝您有個愉快的一天。