Fortis Inc (FTS) 2025 Q3 法說會逐字稿

Thank you for standing by. This is Betsy, the conference operator. Welcome to the Fortis Inc., third-quarter 2025 earnings and new five-year capital outlook conference call. (Operator Instructions) and the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員貝茜。歡迎參加 Fortis Inc. 2025 年第三季財報及未來五年資本展望電話會議。 （操作說明）本次會議正在錄音。（操作說明）

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

現在我將把會議交給投資者關係副總裁史蒂芬妮·阿邁莫。請繼續。

Thanks Betsy and good morning everyone. Welcome to Fortis' third-quarter 2025 results and new five-year capital outlook 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.

謝謝貝琪，大家早安。歡迎參加 Fortis 2025 年第三季業績及未來五年資本展望電話會議。與我一同出席的還有總裁兼執行長大衛‧哈欽斯；執行副總裁兼財務長喬斯林‧佩里；其他高階管理團隊成員以及一些子公司的執行長。

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. Actual results can differ materially from the forecast projections included in the forward-looking information presented today.

在今天的電話會議開始之前，我想提醒各位，討論內容將包含前瞻性信息，這些信息受相關幻燈片中包含的警示性聲明的約束。實際結果可能與今天發布的預測資訊中的預期結果有重大差異。

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

我們在準備的發言稿中提到的非GAAP財務指標已在2025年第三季管理層討論與分析中與相關的美國GAAP財務指標進行了核對。此外，除非另有說明，所有提及的財務資訊均以加幣為單位。

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

接下來，我將把電話交給大衛。

Thank you, and good morning, everyone. Today, we are proud to announce another solid quarter marked by strong execution and momentum from our regulated growth strategy. Operationally, we continued to deliver safe and reliable service to our customers and through September, our utilities invested $4.2 billion in our systems. For the full year, we expect to invest approximately $5.6 billion.

謝謝大家，大家早安。今天，我們很自豪地宣布，在穩健的執行和我們規範化成長策略的推動下，又一個季度取得了顯著成效。在營運方面，我們繼續為客戶提供安全可靠的服務，截至 9 月，我們的公用事業部門已在系統中投資了 42 億美元。預計全年投資金額約56億美元。

Financially, we delivered adjusted earnings per share for the third quarter of $0.87. In September, we completed the sale of FortisTCI. The sale strengthens our balance sheet and reduces our risk profile. More recently, we entered into an agreement to sell our investments in Belize, including the non-regulated hydro generation facilities to the Government of Belize. I am happy to announce that the transition closed last Friday and that Fortis is now comprised of 100% regulated assets.

財務方面，我們第三季調整後每股收益為 0.87 美元。 9 月份，我們完成了對 FortisTCI 的出售。此次出售將增強我們的資產負債表，降低我們的風險狀況。最近，我們與伯利茲政府達成協議，將我們在伯利茲的投資（包括非管制水力發電設施）出售給伯利茲政府。我很高興地宣布，過渡工作已於上週五完成，Fortis 現在 100% 由受監管的資產組成。

We recognize these were long-held assets in the Fortis family, and we wish our best to the teams in Turks and Caicos and Belize, as they continue to serve their customers and communities. And today we are pleased to unveil our five-year capital plan and announce that our Board of Directors has declared a fourth-quarter dividend increase of approximately 4%. Our new $28.8 billion five-year capital plan is up $2.8 billion compared to the prior plan. This supports rate base growth of 7% and annual dividend growth guidance of 4% to 6% through 2030. This new plan was developed with a strong emphasis on maintaining customer affordability.

我們認識到這些是 Fortis 家族長期持有的資產，我們祝福特克斯和凱科斯群島以及伯利茲的團隊一切順利，繼續為他們的客戶和社區服務。今天，我們很高興地公佈我們的五年資本計劃，並宣布董事會已宣布第四季度股息增加約 4%。我們新的五年資本計畫總額為 288 億美元，比先前的計畫增加了 28 億美元。這將支持 7% 的利率基數成長，並支持到 2030 年每年 4% 至 6% 的股息成長預期。這項新計劃的製定非常注重保持客戶的購買力。

We prioritized capital investments that provide cost savings that flow through to our customers. This includes the coal to natural gas conversion at the Springerville generating station in Arizona, which is more economical compared to the new energy resources included in the prior plan. Our utilities are also continuing to manage operating costs by finding efficiencies through innovation and process improvements.

我們優先考慮能夠為客戶節省成本的資本投資。這包括亞利桑那州斯普林格維爾發電站的煤改氣，與先前計劃中包含的新能源相比，這更加經濟。我們的公用事業公司也在透過創新和流程改進來提高效率，從而持續控制營運成本。

As you can see on the slide, the growth in our five-year plan is largely driven by higher transmission investments. At ITC, the $2 billion increase was primarily driven by new interconnections, including the Big Cedar Load Expansion project as well as the MISO long-range transmission plan and baseline reliability projects. At UNS, transmission and distribution investments increased $1 billion, with FERC-regulated transmission making up $700 million of the increase. This was largely attributed to a new transmission line at TEP. Generation investments at UNS were reduced by $900 million driven primarily by the planned conversion of the Springerville generating station to natural gas, which I spoke to previously. The remaining increase is driven by growth at our other regulated utilities and a higher assumed foreign exchange rate.

正如您在幻燈片中看到的，我們五年計劃的成長主要由更高的輸電投資推動。ITC 的 20 億美元成長主要由新的互聯項目推動，包括 Big Cedar 負載擴展項目以及 MISO 的長期輸電計劃和基準可靠性項目。在 UNS，輸配電投資增加了 10 億美元，其中受 FERC 監管的輸電投資增加了 7 億美元。這主要歸功於東京電力公司新建的輸電線路。由於計劃將 Springerville 發電廠改用天然氣，UNS 的發電投資減少了 9 億美元，我之前已經談到過這一點。剩餘的成長是由我們其他受監管公用事業的成長以及更高的預期外匯匯率所推動的。

The new plan is highly executable with approximately 77% directed towards transmission and, and distribution investments in critical infrastructure that drives stable, predictable returns. The capital program is low risk and anchored in 100% regulated projects and includes only 11 major capital projects representing 21% of the plan. Consolidated rate base is expected to increase by $16 billion from approximately $42 billion in 2025 to $58 billion in 2030, supporting average annual rate base growth of 7%. This is up 50 basis points from the 6.5% in the prior plan.

新計畫具有很強的可執行性，其中約 77% 的資金將用於輸配電等關鍵基礎設施的投資，從而帶來穩定、可預測的回報。此資本計畫風險較低，全部由受監管的項目組成，僅包括 11 個主要資本項目，佔計畫的 21%。預計綜合利率基數將從 2025 年的約 420 億美元增加到 2030 年的 580 億美元，增加 160 億美元，從而支撐平均每年 7% 的利率基數成長。這比前一方案的 6.5% 提高了 50 個基點。

Now I'll take a few minutes to dig a little deeper into our larger utility capital plans. ITC's capital plan of $9.8 billion is the largest in the company's history and supports strong rate base growth of 8%, up 100 basis points compared to the prior plan. Key elements of ITC's plan includes investments for base infrastructure, MISO's long-range transmission plan, customer connections and grid security. Significant opportunities above and beyond the base plan exist at ITC, including approximately USD3.3 billion to USD3.8 billion post-2030 for Tranche 2.1 projects assigned through rights of first refusal.

現在我將花幾分鐘時間，更深入地探討我們規模更大的公用事業資本計劃。ITC 的資本計劃規模達 98 億美元，是該公司歷史上規模最大的計劃，將支持強勁的利率基礎增長 8%，比之前的計劃增長 100 個基點。ITC 計畫的關鍵要素包括對基礎基礎設施的投資、MISO 的長期輸電計畫、客戶連接和電網安全。ITC 在基本計劃之外還有許多重大機遇，包括 2030 年後透過優先購買權分配的 2.1 期項目，總額約為 33 億美元至 38 億美元。

Work is also underway at ITC to evaluate projects within the Tranche 2.1 portfolio that are subject to the competitive bidding process. If any of these projects are awarded to ITC, it would be incremental to ITC's plan. Other avenues of growth at ITC include customer connections associated with over 8,000 megawatts of load growth for proposed data centers and economic development projects in various stages of development across their footprint. This is up 3,000 megawatts just since last quarter. ITC may also realize future opportunities associated with the ongoing MISO LRTP process. All in all, it's a very exciting time at ITC with a significant transmission buildout.

ITC 目前也正在對 2.1 期投資組合中需要進行競爭性招標的專案進行評估。如果這些項目中有任何一個授予ITC，那將是對ITC計劃的補充。ITC 的其他成長途徑包括與擬建資料中心和經濟發展專案相關的客戶連接，這些專案在其業務範圍內處於不同的開發階段，預計將帶來超過 8,000 兆瓦的負載成長。這比上個季度增加了3000兆瓦。ITC 也可能從正在進行的 MISO LRTP 流程中獲得未來的機會。總而言之，ITC 目前正處於一個非常令人興奮的時期，正在進行大規模的輸電線路建設。

Let's now turn to UNS Energy. Their capital plan of $5.6 billion supports average annual rate base growth of approximately 7%. As a vertically integrated utility, investments are spread across the value chain. Notably, a third of the capital plan is concentrated in transmission with the balance consisting of generation and distribution investments. Regulated generation includes the coal to natural gas conversion of 800 megawatts at the Springerville generating station, which is aligned with TEP's exit from coal by 2032 as well as the Black Mountain generation project at UNS Electric.

現在讓我們來看看UNS能源公司。他們56億美元的資本計劃支持平均每年約7%的費率基礎增長。作為一家垂直整合的公用事業公司，投資遍佈整個價值鏈。值得注意的是，該資本計畫的三分之一集中在輸電領域，其餘部分則用於發電和配電投資。受監管的發電項目包括 Springerville 發電站 800 兆瓦的煤改氣項目（該項目與 TEP 計劃在 2032 年前退出煤炭發電的目標一致），以及 UNS Electric 的 Black Mountain 發電項目。

While there is no new generation reflected in the plan associated with data centers or other large load growth, a new era of demand is approaching with a significant interconnection queue. As we discussed last quarter, TEP reached an energy supply agreement to serve a demand of approximately 300 megawatts that starts to ramp up in 2027 and will use existing and planned capacity. The agreement awaits ACC approval as well as other contractual contingencies. Negotiations are actively ongoing for an incremental 300 megawatts of capacity to support a full build-out of 600 megawatts at this initial site.

雖然與資料中心或其他大型負載成長相關的規劃中沒有體現出新一代技術，但隨著大量互連需求的出現，一個新的需求時代即將到來。正如我們上個季度討論的那樣，TEP 達成了一項能源供應協議，以滿足大約 300 兆瓦的需求，該需求將於 2027 年開始逐步增加，並將使用現有和計劃中的容量。該協議尚待美國競爭管理局 (ACC) 批准以及其他合約條件滿足。目前正積極進行談判，爭取在該初始地點新增 300 兆瓦的發電容量，以支持 600 兆瓦發電容量的全面建設。

TEP is also in active negotiations for additional capacity at a second site in the range of 500 to 700 megawatts. If agreements are finalized for these subsequent phases, we estimate new generation in the range of approximately USD1.5 billion to USD2 billion through 2030 would be required, as well as new transmission. We expect the supply will include a mix of renewable energy, natural gas generation, and energy storage. All agreements will be structured to maintain reliability and provide financial protections for our customers and the company.

TEP 也積極洽談在第二個地點增加 500 至 700 兆瓦的裝置容量。如果後續階段的協議最終敲定，我們估計到 2030 年將需要約 15 億至 20 億美元的新發電設施以及新的輸電設施。我們預計能源供應將包括再生能源、天然氣發電和儲能等多種形式。所有協議的結構都將旨在維護可靠性，並為我們的客戶和公司提供財務保障。

Other opportunities beyond the plan include new energy resource investments required at TEP and UNS Electric as part of their next integrated resource plans expected to be filed in 2026. In British Columbia, our natural gas infrastructure is in focus. FortisBC's capital plan of $4.9 billion supports projects that ensure system reliability and integrity as well as major capital projects for LNG and advanced metering infrastructure. Beyond the base plan, we have several opportunities. Just last week, the BCUC approved the Tilbury LNG Storage Expansion project. Given our capital plan assumes a smaller storage tank, we now have potential upside of approximately $300 million. This project is contingent on an environmental assessment, which we anticipate next year. Other opportunities include LNG expansion at Tilbury for marine bunkering as well as customer and load growth in the Okanagan electric service territory. Some of these opportunities have the potential to fall within the plan period. This is a dynamic and promising time to be an energy delivery utility in North America. As we execute our base five-year capital plan, we are concurrently focused on unlocking growth opportunities above and beyond the plan across all our jurisdictions.

除了該計劃之外，其他機會還包括TEP和UNS Electric所需的新能源資源投資，這是它們預計在2026年提交的下一個綜合資源計劃的一部分。在不列顛哥倫比亞省，我們的天然氣基礎設施是關注的焦點。FortisBC 的 49 億美元資本計畫旨在支持確保系統可靠性和完整性的項目，以及液化天然氣和先進計量基礎設施的重大資本項目。除了基本計劃之外，我們還有幾個機會。就在上週，BCUC批准了蒂爾伯里液化天然氣儲存擴建計畫。鑑於我們的資本計畫假設儲罐較小，我們現在有大約 3 億美元的潛在收益空間。該項目取決於環境評估結果，我們預計明年將進行評估。其他機會包括蒂爾伯里液化天然氣擴建項目（用於船舶加註）以及奧肯那根電力服務區域的客戶和負載成長。其中一些機會有可能在計劃期內實現。對於北美能源輸送公司而言，這是一個充滿活力和前景的時代。在執行五年基本資本計畫的同時，我們也致力於在所有轄區內挖掘超出計畫範圍的成長機會。

Turning now to our favourite slide. Today, we announced the declaration by our Board of Directors of a fourth-quarter dividend of $0.64, representing a 4.1% increase. This brings us to 52 consecutive years of increases in dividends paid, a track record that speaks for itself. With our strong dividend history and regulated growth strategy, we are extending our 4% to 6% annual dividend growth guidance through 2030.

現在來看我們最喜歡的幻燈片。今天，我們宣布董事會已批准派發第四季股息，每股0.64美元，比上年成長4.1%。這使得公司連續 52 年提高股息支付，這項成績本身就足以說明一切。憑藉我們強勁的分紅歷史和穩健的成長策略，我們將 4% 至 6% 的年度分紅成長預期延長至 2030 年。

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

現在，我將把電話交給喬斯林，請她介紹我們第三季的財務表現。

Thank you, David, and good morning, everyone. For the quarter, reported earnings were $409 million or $0.81 per common share, and on a year-to-date basis, reported earnings were $1.3 billion or $2.57 per common share. As you can see on this slide, reported earnings include income taxes and closing costs of approximately $0.06 per share associated with the disposition of FortisTCI. Excluding this impact, adjusted EPS for the quarter was $0.87 per common share, up $0.02 compared to the third quarter of last year. And year-to-date September adjusted EPS was $2.63, up $0.18 per common share compared to the same period last year. Adjusted EPS growth to date in 2025 reflects strong performance across all our regulated utilities.

謝謝你，大衛，大家早安。本季報告收益為 4.09 億美元，即每股普通股收益 0.81 美元；年初至今報告收益為 13 億美元，即每股普通股收益 2.57 美元。如您在這張投影片上所見，報告的收益包括與處置 FortisTCI 相關的所得稅和每股約 0.06 美元的交易費用。剔除此影響後，本季調整後的每股收益為 0.87 美元，比去年第三季成長 0.02 美元。截至9月，經調整後的每股盈餘為2.63美元，比去年同期每股普通股成長0.18美元。截至 2025 年，經調整後的每股盈餘成長反映了我們所有受監管公用事業公司的強勁業績。

On slide 14, you will see the adjusted EPS drivers for the quarter by segment. Our U.S. Electric and Gas utilities delivered a $0.03 increase in EPS. Higher earnings at UNS reflected an increase in transmission revenue and higher AFUDC associated with ongoing major capital projects. As we discussed last quarter, earnings at UNS are tempered by regulatory lag, driven largely by over USD700 million of rate base not reflected in rates.

在第 14 張投影片中，您將看到按業務板塊劃分的季度調整後每股收益驅動因素。我們的美國電力和天然氣公用事業公司每股收益成長了 0.03 美元。UNS 的較高收益反映了輸電收入的增加以及與正在進行的大型資本項目相關的較高 AFUDC。正如我們上個季度所討論的，UNS 的收益受到監管滯後的限制，這主要是由於超過 7 億美元的費率基礎尚未反映在費率中。

The increase in earnings at Central Hudson was due to rate base growth, as well as a change in the recognition of a regulatory deferral for uncollectible accounts effective July 1, 2025. Growth was moderated by a contribution to a customer benefit fund associated with a joint settlement agreement, which concluded an ongoing enforcement proceeding. Together, these regulatory items impacted adjusted EPS by $0.01.

Central Hudson 收益的成長是由於費率基礎的成長，以及自 2025 年 7 月 1 日起生效的對無法收回的帳戶的監管遞延確認方式的改變。成長受到向客戶福利基金捐款的抑制，該基金與聯合和解協議有關，該協議結束了正在進行的強制執行程序。這些監理事項合計對調整後每股盈餘影響了 0.01 美元。

Moving to ITC, continued capital investments and related rate base growth increased EPS by $0.02. The increase was partially offset by higher stock-based compensation and holding company finance costs. For our Western Canadian Utilities, EPS increased $0.01, largely driven by rate base growth, including earnings associated with FortisBC Energy's investment in the Eagle Mountain Pipeline Project. The expiration of a PBR efficiency mechanism and a lower allowed ROE effective January 1, 2025, at FortisAlberta tempered earnings for this segment.

轉入ITC後，持續的資本投資和相關的費率基礎增長使每股收益增加了0.02美元。但這一成長被更高的股權激勵費用和控股公司融資成本部分抵消。對於我們的加拿大西部公用事業公司而言，每股盈餘成長了 0.01 美元，主要得益於費率基礎的成長，其中包括與 FortisBC Energy 對 Eagle Mountain 管道專案投資相關的收益。FortisAlberta 的 PBR 效率機製到期，以及自 2025 年 1 月 1 日起生效的較低的允許 ROE，抑制了該部門的盈利。

And while not shown on the slide, at our Other Electric segment, EPS was largely consistent with the third quarter of 2024. Rate base growth was offset by the September 2nd disposition of FortisTCI. For the full year, we expect the sale of FortisTCI to have a $0.02 impact on adjusted EPS. A higher U.S. dollar to Canadian exchange rate also contributed a $0.01 EPS increase for the quarter.

雖然投影片上沒有顯示，但我們其他電氣業務部門的每股盈餘與 2024 年第三季基本一致。9 月 2 日對 FortisTCI 的處置抵銷了利率基礎的成長。我們預計，FortisTCI 的出售將對全年調整後的每股盈餘產生 0.02 美元的影響。美元兌加元匯率走強也使本季每股收益成長了 0.01 美元。

For the Corporate and Other segment, the $0.03 decrease reflects higher holding company finance costs, unrealized losses on foreign exchange contracts, and lower unrealized gains on total return swaps. And as David mentioned, we sold our assets in Belize in October and do not expect the transaction to have a material impact to adjusted earnings going forward. And finally, higher weighted average shares impacted EPS by $0.02, driven by shares issued under our dividend reinvestment plan.

對於公司及其他業務板塊而言，0.03 美元的下降反映了控股公司融資成本的增加、外匯合約未實現損失以及總收益互換未實現收益的減少。正如大衛所提到的，我們在 10 月出售了我們在伯利茲的資產，預計該交易不會對未來的調整後收益產生重大影響。最後，由於根據我們的股息再投資計劃發行的股份，加權平均股份數的增加使每股收益增加了 0.02 美元。

While most of the factors discussed for the quarter are the same for the year-to-date period, the increase in earnings for the nine-month period also reflects growth at Central Hudson due to the rebasing of costs and a higher allowed ROE effective July 1, 2024 as well as the timing of operating costs in 2025. Earnings year-to-date also reflect lower margins on wholesale sales at UNS Energy and the timing of operating costs at FortisAlberta.

雖然本季討論的大部分因素與年初至今的因素相同，但前九個月的收益增長也反映了 Central Hudson 的增長，這得益於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，以及 2025 年運營成本的時間安排。今年迄今的收益也反映了 UNS Energy 批發銷售利潤率的下降以及 FortisAlberta 營運成本的時間表。

Through September, we raised over $2 billion of debt, including an inaugural corporate hybrid issuance of $750 million at 5.1%. Proceeds from both the hybrid issuance and the sale of FortisTCI during the quarter were used to repay our corporate credit facilities, including the non-revolving term loan providing funding flexibility as we focus on executing our capital program.

截至 9 月，我們籌集了超過 20 億美元的債務，其中包括首次以 5.1% 的利率發行 7.5 億美元的企業混合債券。本季度透過混合債券發行和出售 FortisTCI 所得款項用於償還公司信貸，包括非循環定期貸款，從而在我們專注於執行資本計劃時提供資金靈活性。

As I just mentioned, with the recent hybrid issuance and asset dispositions, the growth in our capital plan is expected to be funded largely from cash from operations, utility debt, and our dividend reinvestment plan. Our $500 million ATM program has not been utilized to date and remains available for funding flexibility as required. Overall, our funding plan remains largely consistent with the previous plan and supports average cash flow to debt metrics of over 12% through the period, with ample cushion in the latter part of the plan. This balanced approach to funding supports both our growth objectives and strong credit profile.

正如我剛才提到的，隨著最近的混合債券發行和資產處置，我們資本計畫的成長預計將主要透過營運現金、公用事業債務和我們的股息再投資計畫來籌集資金。我們5億美元的ATM計畫至今尚未啟用，仍可依需求靈活調配資金。總體而言，我們的融資計劃與先前的計劃基本保持一致，並在整個計劃期內維持平均現金流與債務比率超過 12%，且在計劃的後半段留有充足的緩衝空間。這種平衡的融資方式既支持了我們的成長目標，也維護了我們良好的信用記錄。

Turning now to recent regulatory activity with one item of note. In August, the New York State Public Service Commission approved Central Hudson's three-year rate plan with retroactive application to July 1, 2025, including the continuation of an allowed ROE of 9.5% and a common equity ratio of 48%.

現在轉向近期監管活動，其中有一項值得注意。8 月，紐約州公共服務委員會批准了中央哈德遜電力公司為期三年的費率計劃，並追溯至 2025 年 7 月 1 日，其中包括繼續允許 9.5% 的股本回報率和 48% 的普通股權益比率。

That concludes my remarks. I'll now turn the call back to David.

我的發言到此結束。現在我將把電話轉回給大衛。

Thank you, Jocelyn. At our core, we are a utility built on strong fundamentals and a clear, disciplined regulated growth strategy with a long Capex runway supported by FERC-regulated transmission and retail load growth opportunities in Arizona. For our customers, we remain committed to prioritizing safety, reliability, affordability, and the delivery of cleaner energy. For our shareholders, we offer a compelling low-risk return profile reinforced by our capital investment plan and dividend growth guidance through 2030.

謝謝你，喬斯琳。從本質上講，我們是一家公用事業公司，擁有強大的基本面和清晰、嚴謹的監管成長策略，並擁有長期的資本支出空間，同時在亞利桑那州獲得了聯邦能源監管委員會監管的輸電和零售負載成長機會。對於我們的客戶，我們始終致力於優先考慮安全性、可靠性、經濟性和更清潔能源的供應。對於我們的股東而言，我們提供極具吸引力的低風險回報方案，並透過我們的資本投資計劃和到 2030 年的股息成長指引來強化這項方案。

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

我的發言到此結束。現在我將把通話轉回給史蒂芬妮。

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。此時，我們想開放電話會議，回答投資界提出的問題。

(Operator Instructions) Maurice Choy, RBC Capital Markets.

（操作員說明）Maurice Choy，RBC Capital Markets。

Thank you and good morning everyone. Just first question is on the timing and likelihood of some of the opportunities over and above the base plan but within this five-year period plan. Specifically, you mentioned earlier that there is about USD1.5 billion to USD2 billion of incremental generation opportunities at TEP that may be required through 2030, and also another $300 million for the LNG Tilbury storage expansion upside. If my math is right, that's about $2.5 billion to $3 billion of incremental investments or another 100 basis points addition to your rate base CAGR. Any reason why you think that these two items may not come through in the coming months such that we should probably could potentially put this as part of our base estimates?

謝謝大家，大家早安。第一個問題是，在五年計畫期間，除了基本計畫之外，還有哪些機會的時機和可能性。具體來說，您之前提到，到 2030 年，TEP 可能需要約 15 億至 20 億美元的新增發電機會，此外，LNG Tilbury 儲存擴建計畫還有 3 億美元的額外投資。如果我沒算錯的話，這相當於新增投資約 25 億至 30 億美元，或者說利率基數年複合成長率 (CAGR) 再增加 100 個基點。您認為這兩項內容在未來幾個月內可能無法實現，以至於我們應該將其納入我們的基本預估範圍，這是有什麼原因嗎？

I like your optimism, Maurice, but there's a lot of wood to chop between here and there, right? So, we have to get the agreements done with these counterparties. We obviously have to have the ability to build the infrastructure that's needed and the timeline that they want. So all those things are definitely possibilities. But still getting the generation sited, getting things in the queue, all those pieces and most importantly getting these customers to sign up for all the protections that we want for us from a credit perspective and for our customers from a rate perspective and then going through the regulatory process. There's just a lot of steps between here and there, specifically around the data centers.

莫里斯，我欣賞你的樂觀精神，但從這裡到那裡還有很多事情要做，對吧？所以，我們必須與這些交易對手達成協議。我們顯然必須有能力按照他們要求的時間表，建造所需的基礎設施。所以這些事情都很有可能發生。但是，我們仍然需要確定發電廠的位置，把專案排入隊列，完成所有這些環節，最重要的是，讓這些客戶註冊所有我們希望從信用角度保護我們自身、從利率角度保護客戶的各種保障措施，然後通過監管流程。從這裡到那裡有很多路要走，尤其是在資料中心附近。

And then also, you know, for the storage tank in BC, still have to go through the EA process there, so we obviously are very excited and bullish and after these projects as much as we can be but as you know, we don't drop those things into our capital plan until we, you know, have signatures on the dotted line and we'll keep you posted as those negotiations go and once we reach agreements with some of those third parties.

另外，您也知道，BC省的儲罐項目還需要經過環境評估流程，所以我們當然非常興奮和樂觀，並儘可能地推進這些項目，但您也知道，在正式簽署合同之前，我們不會將這些項目納入我們的資本計劃，我們會隨時向您匯報談判進展，並在與一些第三方達成協議後及時通知您。

Understood. If I could just finish off with the question on the funding plan on slide 17 where there was a mention about the balance of equity funding to be satisfied from, among others, asset sales. Obviously, you've sold a number of things here, Turks and Caicos as well as Fortis Belize and Belize Electricity and also Aitken Creek gas storage in the past. So, you're 100% regulated right now, as you mentioned, thoughts on what else might be worth trimming, optimizing, or do you feel like this is no longer an avenue that's worth exploring?

明白了。最後，我想問第 17 頁投影片中關於融資計畫的問題，其中提到了股權融資的平衡需要透過資產出售等方式來滿足。顯然，你過去在這裡賣過很多東西，包括特克斯和凱科斯群島、伯利茲富通公司、伯利茲電力公司以及艾特肯溪天然氣儲存設施。正如您所說，您目前已完全受到監管，那麼對於還有哪些方面值得削減、優化，或者您認為這條路已經不再值得探索了嗎？

Yeah so we're focused mostly on executing that five-year capital plan and that laundry list of additional opportunities above and beyond the plan that we just went through. So there is no, you know, no read-through from the transactions that we just completed. You know our portfolio is a great portfolio and you know we do have you know 100% of our assets being regulated now. So there's -- that's not -- when you read that sentence that was looking back not forward. So that's how we look at funding our capital plan is clearly laid out by that funding plan on the slide, and I'd reiterate that the, you know, DRIP is the only source. We don't have any discrete equity in there. So, the DRIP is the only source of equity. We have the ATM in hot standby, but that's not needed in the current capital plan process.

是的，所以我們目前主要專注於執行五年資本計劃，以及我們剛剛討論過的計劃之外的一系列其他機會。所以，你知道，我們剛剛完成的交易沒有後續的讀取資訊。您知道我們的投資組合非常出色，而且您也知道我們現在100%的資產都受到監管。所以，當你讀到那句話時，你會發現它是在回顧過去，而不是在展望未來。所以，這就是我們看待資金籌措的方式，我們的資本計劃已在幻燈片上的籌資計劃中明確列出，我再次重申，你知道，DRIP 是唯一的資金來源。我們在那裡沒有任何獨立股權。因此，股利再投資計畫 (DRIP) 是唯一的股權來源。我們的 ATM 機處於熱備狀態，但這在目前的資本規劃過程中並不需要。

Rob Hope, Scotiabank.

羅布‧霍普，加拿大豐業銀行。

Good morning everyone, It's good to see the update on the capital plan. Maybe to follow up on the USD1.5 billion to USD2 billion of new generation in Arizona. Can you maybe help us understand the timing of when this capital could be secured, just understanding that a lot of these items have relatively long lead times and when they could be in service?

各位早安，很高興看到資本計劃的最新進展。或許是為了跟進亞利桑那州15億至20億美元的新一代能源計畫。您能否幫助我們了解這筆資金何時能夠到位？因為很多這類產品的交付週期都比較長，而且它們也需要一段時間才能投入使用。

Yeah, so if you ask the customers who are asking for this, it's pretty much tomorrow is when they want it. But obviously, it takes time to build data centers. It takes time for us to get the siting and permitting, and of course, building additional generation, you're going to have to get in the queue for combustion turbines or combined cycles whatever the resource portfolio requires. But it's also you know kind of not fully defined at this point where you can look at things that are available.

是的，如果你問那些提出這個要求的客戶，他們基本上都希望明天就能拿到貨。但很顯然，建造資料中心需要時間。選址和審核都需要時間，當然，要建造額外的發電設施，你必須排隊等待燃氣渦輪機或聯合循環發電廠的建設，無論資源組合需要什麼。但你也知道，目前這一點還沒有完全確定，你無法看到有哪些東西是可用的。

As I mentioned in my prepared remarks, we expect this to be a mix of different energy resources, including battery storage, which can happen pretty quick. You know renewables, of course, which can supply a good chunk of energy. And then you look at what the best capacity resource, whether that's a combustion turbine or combined cycle depending on the load features. So that I still think that when you look at longer term, like the current timeline that we have with the project in Arizona for the first 300 megawatts as they're looking to be online in '27 and ramping up over the next year or so after that.

正如我在準備好的演講稿中提到的，我們預計這將是多種能源的組合，包括電池儲能，這可以很快實現。你當然知道再生能源，它可以提供很大一部分能源。然後，根據負荷特點，考慮最佳的容量資源，無論是燃氣渦輪機還是聯合循環。所以，我仍然認為，從長遠來看，就像我們目前在亞利桑那州的專案時間表一樣，最初的 300 兆瓦計劃在 2027 年上線，並在接下來的一年左右的時間裡逐步增加。

So I would expect other timelines to be similar to that but when we look at our plan that goes all the way to 2030, you know depending on availability of, say, combustion turbines, which would probably be the critical lead item on that. We still think that, that's doable to get that done in that next five-year time period.

因此，我預計其他時間表也會類似，但當我們審視我們一直到 2030 年的計劃時，你知道，這取決於燃氣渦輪機的可用性，這可能是該計劃的關鍵主導項目。我們仍然認為，在未來五年內完成這項工作是可行的。

All right. Great. And then maybe taking a look at ITC. So you mentioned that there's 8 gigawatts of potential load growth associated with data centers and you have Big Cedar in hand. Can you maybe add a little bit of colour on you know how many opportunities you're looking at for that 8 gigs as well as you know could we see some sanctioning in the next 12 months?

好的。偉大的。然後或許可以看看ITC。所以你提到資料中心有 8 吉瓦的潛在負載成長，而你手邊有 Big Cedar。您能否詳細說明您目前考慮的8個演出機會有多少，以及我們能否在未來12個月內看到一些進展？

Yeah. I'll turn that over to Linda to give some details, but I will remind folks on the call that you know our three largest customers are DTE, CMS, and Alliant. So I'm sure you've seen some of the conversations in those earnings calls as it relates to some of this development as well.

是的。我會把這個主題交給琳達來詳細介紹，但我還是要提醒一下參加電話會議的各位，你們都知道我們最大的三個客戶是 DTE、CMS 和 Alliant。所以我相信你們也已經看到了一些財報電話會議中與這些進展相關的討論。

So Linda, I'll turn it over to you.

琳達，接下來就交給你了。

Great. Thank you, Dave, and thanks for the question, Rob. Yeah, certainly, the 8 gigawatts that certainly, we are -- we have sort of insight into in terms of those conversations with customers, ongoing planning studies to accommodate them. Certainly, we remain hopeful. I would say there's a lot of activity.

偉大的。謝謝你，戴夫，也謝謝你的提問，羅布。是的，當然，這 8 吉瓦的電力需求，我們確實——透過與客戶的溝通，以及正在進行的規劃研究，我們對這些需求有了一定的了解，以便滿足他們的需求。當然，我們仍然抱著希望。我覺得這裡非常熱鬧。

We're working closely, as Dave mentioned, with our customers. We're really not in a position to you know really say or identify just sort of from a timeline perspective. You know, I think what we can say is that we continue to see that, you know queue of those prospective data center or other economic development projects continue to grow. So we remain hopeful and optimistic that we will continue to see further announcements.

正如戴夫所提到的那樣，我們正在與客戶密切合作。我們現在真的無法從時間線的角度來判斷或確定。你知道，我認為我們可以說的是，我們繼續看到，那些潛在的資料中心或其他經濟發展項目的排隊人數持續成長。因此，我們仍然抱持著希望和樂觀態度，期待未來會有更多消息公佈。

But really, at this point in time, it's premature for us to speculate on which projects, where, or exactly when but I would say the queue continues to get larger, and we remain optimistic.

但實際上，在目前這個階段，我們還無法推測哪些專案、在哪裡或具體何時啟動，但我想說的是，專案隊列還在不斷成長，我們仍然保持樂觀。

Ben Pham, BMO.

Ben Pham，BMO。

Hi, thanks and Good morning. Could you update us on your thoughts with respect to an EPS CAGR initiation if there's any?

您好，謝謝，早安。可否告知我們您對啟動 EPS CAGR 指標的看法（如果有的話）？

Yeah, we still continue whether or not we want to you know take that next step and give earnings guidance, but we have been pretty happy with all the details that we -- and we hope our investors and analysts are happy with the details that we give on rate base growth and seeing how clear our capital plan and funding plan tie together. We give the dividend guidance as well.

是的，我們仍在考慮是否要邁出下一步，給出盈利預期，但我們對所有細節都相當滿意——我們希望我們的投資者和分析師對我們提供的利率基礎增長細節感到滿意，並看到我們的資本計劃和融資計劃是如何清晰地結合起來的。我們也會提供股利指引。

And you know we always evaluate, I think probably the last time I've had conversations with you all kind of the one thing that we're waiting for because there's a lot of variability in earnings in Arizona is to see the outcome of the Tucson Electric Power rate case. Formula rates will provide a much steadier earnings outlook for us, which would allow us to give a little bit more visibility and detail for you all, whether or not we -- I'm not saying that if we get formula rates, we're going to give earnings guidance but that's one thing that's keeping us from giving it now.

你們也知道，我們一直在評估，我想上次我和大家談話時，我們一直在等待一件事，因為亞利桑那州的收益波動很大，那就是圖森電力公司費率案的結果。公式利率將為我們提供更穩定的獲利前景，這將使我們能夠為大家提供更多可見性和細節，無論我們是否——我並不是說如果我們採用公式利率，我們就會給出盈利指引，但這正是我們現在無法給出指引的原因之一。

Okay. Understood. And then maybe next on the asset sale side of things. Maybe not to talk specifically on Caribbean valuations, but can you share just the trends you've seen with by appetite for those assets? And it seems like you're willing to more do deals with neutral or maybe slightly dilutive perhaps. And just how do you think about CUC in the overall Fortis portfolio next, today?

好的。明白了。接下來或許會涉及資產出售方面的事情。或許不宜具體談論加勒比地區的估值，但您能否分享一下您觀察到的對這些資產的需求趨勢？而且你似乎更願意與中性或略微稀釋股權的人達成交易。那麼，您今天如何看待 CUC 在 Fortis 整體投資組合中的地位？

Yeah. I'd say you know the interest like in any market, waxes and wanes. I mean, we've seen that over many years as folks had approached us about you know the Caribbean assets, et cetera. But it's -- there's no like kind of consistency necessarily there and of course, the buyer universe changes almost on a year-to-year basis.

是的。我想說，就像任何市場一樣，人們的興趣有起有落。我的意思是，多年來我們已經看到有人就加勒比海資產等問題與我們接洽。但是，這方面並不一定存在某種一致性，而且買家群體幾乎每年都在變化。

So -- but again, just as far as CUC goes, this isn't you know a read-through that we're you know exiting the Caribbean. This is -- those are two distinct and discrete transactions that we did and it doesn't mean we're looking to do anything else.

所以——但再說一遍，就CUC而言，這並不是說我們要退出加勒比地區。這是——這是我們完成的兩筆截然不同的交易，並不意味著我們打算做其他任何事情。

Mark Jarvi, CIBC.

Mark Jarvi，加拿大帝國商業銀行。

Good morning everyone. Just wanted to come back to sort of like friction points on potentially higher spend. As far as I can tell, it doesn't seem like customer affordability is one or balance sheet so really, is it just equipment availability and permitting, Dave?

大家早安。我只是想再談談可能導致更高消費的摩擦點。就我所知，客戶的購買力似乎不是資產負債表上的考量因素，所以，戴夫，這真的只是設備可用性和許可問題嗎？

Yes. So I'm glad you brought up affordability because when you think about these new large load customers that actually can and well, it should be, if you – if you design it rightly, if you correctly, you would get the new customers, the large data center to pay for the growth that is needed in your infrastructure, it kind of growth pays for growth argument. So we definitely want to structure them that way so that in the end, we have a positive impact on customer affordability. They either get improved reliability and don't pay any extra or you end up with you know the great reliability that we always provide and actually seeing some downward rate impact because of all the energy and infrastructure that those larger customers are now paying part of basically paying a bigger part of the pie.

是的。所以我很高興你提到了可負擔性，因為當你想到這些新的大負載客戶時，他們實際上可以而且應該可以，如果你設計得當，如果你正確地設計，你就能獲得新的客戶，大型數據中心，從而為你的基礎設施所需的增長買單，這是一種增長帶來增長的論點。因此，我們肯定希望以這種方式建構它們，以便最終對客戶的購買力產生積極影響。他們要么獲得更高的可靠性，而無需支付任何額外費用；要么最終獲得我們一直以來提供的卓越可靠性，並且實際上由於這些大客戶現在支付了所有能源和基礎設施費用的一部分（基本上是支付了更大份額的費用），費率會受到一些影響。

So now that is a very difficult conversation, not necessarily to say, but for folks that are here and understand that because there's a lot of mixed messages out there that are telling people in different markets that data centers can drive your cost up. Well, when you have the control over the full value chain like you do in a vertically integrated utility, you can make sure that doesn't happen and your regulators will make sure that doesn't happen. So that's the tack that we're taking in Arizona.

所以現在這是一個非常棘手的話題，說出來倒也未必，但對於在座各位來說，由於外界有很多相互矛盾的訊息，都在告訴不同市場的人們資料中心會推高成本，所以這個問題就顯得尤為重要。嗯，當你像在垂直整合的公用事業公司一樣掌控整個價值鏈時，你可以確保這種情況不會發生，你的監管機構也會確保這種情況不會發生。所以這就是我們在亞利桑那州採取的策略。

And so when it comes down to it, I mean there's always additional things like making sure that your -- the community is supportive, that you -- if you have, whether it's water cooled or air cooled that you understand what that means from a resource perspective, which is one of the reasons that in Arizona, they’re all shifting to air cooled, air cooling for the data centers instead of water cooling to kind of take that out of the argument. So it is -- that is all of those things permitting, siting, they're great for you know economic development and jobs in the area tax base. I mean, it's a great story to tell. But sometimes, it's a bit of a hard story to make sure everybody hears it all.

所以歸根結底，我的意思是，總有一些額外的事情，例如確保你的社區給予支持，確保你——無論你使用的是水冷還是風冷，你都從資源角度理解這意味著什麼，這也是亞利桑那州所有數據中心都在轉向風冷而不是水冷的原因之一，這樣就消除了爭論。所以，所有這些許可證、選址等因素，對該地區經濟發展和就業，以及稅收基礎，都是非常有利的。我的意思是，這真是一個值得講述的好故事。但有時候，要讓每個人都聽到全部內容，卻有點困難。

You brought up the shift to air cooling, just on that 300 megawatts the initial site, is that all moved ahead? Is there anything else that need approval for that 300 megawatts? And then in terms of other municipal support or other approvals, what's required then to get to the sort of investment decision on the next 300 megawatts of data center load.

您提到了轉向空氣冷卻，就最初的 300 兆瓦站點而言，所有進展都已完成嗎？這300兆瓦的裝置容量還有其他需要審核的地方嗎？那麼，在其他市政支援或其他審批方面，還需要哪些條件才能對下一個 300 兆瓦的資料中心負載做出投資決定呢？

Yeah, I'm going to turn that over to Susan. We do have the -- as I mentioned, the energy supply agreement has been filed with the Corporation Commission, which is the first thing we have to get through, but I'll turn it to Susan to talk about any of the other pieces that might need to happen.

是的，我要把這件事交給蘇珊。正如我剛才提到的，能源供應協議已經提交給公司委員會，這是我們首先要解決的問題，但接下來我會請蘇珊談談可能需要完成的其他事情。

Good morning and thanks Mark for the question. So yeah, as Dave mentioned, on our side, the biggest approval that we need is that Corporation Commission approval, which we expect to get by the end of this year. But on the data center side, I think the main approval that they need is a permit to dig a well, which is a state permit on county land and the state would actually approve the water and that's water just for regular building use like kitchens and bathrooms kind of things.

早安，謝謝馬克提出的問題。所以，正如戴夫所提到的，就我們而言，我們需要的最大批准是公司委員會的批准，我們預計在今年年底前獲得批准。但就資料中心而言，我認為他們需要的主要批准是打井許可證，這是在縣屬土地上獲得的州許可證，州政府實際上會批准用水，而這些水僅用於廚房和浴室等常規建築用途。

So that's for the first 300 megawatts. I would say anything beyond that, we're still negotiating contracts. And so not really sure what the types of approvals we would need. But certainly, anything beyond this first contract, we would need to build something new in terms of a generation resource. So that's going to be a more extended period of time.

以上是前300兆瓦的情況。除此之外的任何事宜，我們仍在協商合約。因此，我不太確定我們需要哪些類型的批准。但可以肯定的是，超出第一份合約範圍的任何項目，我們都需要建造新的發電資源。所以這將是一段更長的時間。

As Dave talked about earlier, it all depends on the resource mix and certainly, some of the generation resources can be built a lot more quickly than others.

正如戴夫之前提到的，這一切都取決於資源組合，當然，有些發電資源的建造速度肯定比其他資源快得多。

So the customer would like to push the timelines, but you need to do your own sort of analysis on generation mix to come back to them with a solution, is that right?

所以客戶希望推遲工期，但你需要對發電組合進行自己的分析，以便為他們提供解決方案，是這樣嗎？

I would say we need to do the analysis on the overall grid impact and make sure that we have all the infrastructure in place to serve the new customers as well as our existing customers as reliably and affordably as possible. I think in terms of what we would build, the customer will have a huge influence on that, right? So if the customer wants to go, you know, primarily renewable, that would be their decision and based on what they're willing to pay in terms of resource mix. So we're willing to build whatever they need, whatever they prefer as long as the customer is willing to pay for that incremental cost of, you know, maybe increasing the amount of renewable resources.

我認為我們需要對電網的整體影響進行分析，並確保我們擁有所有必要的基礎設施，以便盡可能可靠且經濟地為新客戶和現有客戶提供服務。我認為，就我們要開發的產品而言，客戶將發揮巨大的影響，對吧？所以，如果客戶想要主要使用再生能源，那將是他們的決定，取決於他們願意為資源組合支付多少錢。所以，只要客戶願意支付增加再生資源數量的額外成本，我們就願意按照他們的需求和喜好來建造。

Understood. And then, Jocelyn, a question for you. Just in terms of the funding plan for the next five years, does it contemplate further hybrid issuances? And if you have, can you kind of outline roughly the quantum?

明白了。喬斯林，我有個問題想問你。就未來五年的融資計劃而言，是否考慮進一步發行混合債券？如果你有的話，能否大致概述一下量子力學？

Yeah, thanks Mark. Yeah, no, we don't have any further hybrid included, but we do have capacity. So with that growth that we're talking about here today that is not in the plan, should it come in the plan, then it's possible that we will explore the hybrid market when we look at that growth.

謝謝你，馬克。是的，不，我們沒有其他混合動力車型，但我們有產能。所以，對於我們今天在這裡討論的這種不在計劃之內的增長，如果它出現在計劃中，那麼當我們考慮這種增長時，我們可能會探索混合市場。

And we may – and we may also look at it regardless depending on the market and how the hybrids are pricing relative to other instruments. So yeah, definitely an area that we're exploring.

我們可能會…，也可能會根據市場狀況以及混合型產品相對於其他產品的價格情況來考慮它。是的，這絕對是我們正在探索的一個領域。

John Mould, TD Cowen.

約翰·莫爾德，TD Cowen。

Hi, good morning everybody. I'd like to take another stab on the large load front in a couple of places, maybe just starting with ITC. And I'm not asking for a view on in-service dates, but I'm just wondering if you can provide a little more detail on how the timing of the connection requests are paced and, you know, this 3 gigawatts of growth that you've seen since last quarter, you know in particular, the pacing of at least what customers are looking for.

大家早安。我想在幾個地方再嘗試一下大負載方面，也許就從 ITC 開始吧。我並不是詢問上線日期，只是想知道您能否更詳細地說明一下連接請求的時間安排，以及您從上個季度以來看到的 3 吉瓦的增長，特別是客戶的需求是如何滿足的。

So, are you asking like how soon they come in before they need it? Or just (multiple speakers)

所以，你是問他們會在需要之前多久進來嗎？或者只是（多位發言者）

Yeah, how soon they're seeking to get connected, like just if I was trying to map out the timing of all those requests, is there a particular time period to which it's weighted.

是的，他們希望盡快建立連接，就像如果我試圖規劃所有這些請求的時間，是否存在一個特定的時間段，該時間段的權重是多少。

Yeah. Let me -- I don't have any visibility to that. Linda, do you have a view on kind of the detailed queue, I guess, CODs that they're looking for?

是的。讓我看看——我對此一無所知。琳達，你對他們正在尋找的COD的詳細隊列有什麼看法嗎？

Look, I mean, I think I would be sort of generalizing, but I think back to Dave, I think on an earlier comment you made is that look, they all want to be connected as soon as possible. Certainly, there's practical realities just in terms of where they are looking to locate their facilities, you know are they co-located with existing transmission infrastructure? If not, what is the infrastructure that's necessary? The MISO approval process to get that infrastructure through the MISO queue.

你看，我的意思是，我覺得我有點以偏概全了，但我想回想一下戴夫，我想你之前說過，他們都想盡快建立聯繫。當然，在他們選擇設施選址時，也存在一些實際情況，例如這些設施是否與現有的輸電基礎設施重疊？如果不是，那麼需要哪些基礎建設？MISO 審批流程，以使此基礎架構能夠通過 MISO 佇列。

So It's a difficult question. I guess I would generalize and say for the majority, I would say, of the conversations that we are involved with, you know prospective customers I would say that many of their requests as well as what is you know reasonably doable, we're looking at the outer years of that existing five-year plan. Obviously, there's different ramp, you know perspectives around those because some of them want to move more aggressively faster, some of them, you know are willing you know to be able to take what they can get as quickly as possible, so I think it's a really difficult question to you know give any specificity on, but I would say you know at least for the existing conversations that we are engaged with, I would say, the majority of those requests are looking at the latter part of our existing five-year plans. So out into the '28, '29, '30 timeframe. So hopefully, that (inaudible)

所以，這是一個難題。我想概括地說，在我們參與的大多數對話中，也就是與潛在客戶的對話中，他們的許多要求以及什麼是合理可行的，我們都在考慮現有五年計劃的最後幾年。顯然，各方對此的看法不盡相同，因為有些人希望更積極、更快速地推進，而有些人則希望盡快獲得他們所能獲得的東西。因此，我認為這是一個很難給出具體答案的問題，但至少就我們目前正在進行的對話而言，大多數請求都著眼於我們現有五年計畫的後半部分。所以時間範圍擴大到了 2028 年、2029 年、30 年。所以，希望如此。（聽不清楚）

Yes. That's very helpful colour. And then just on Arizona and the new IRPs that you're planning to file in 2026. By what time would you need on the large load side to have something more definitive you know in place so that you know that's reflected in the broader IRP and also you know allows you to potentially demonstrate the rate benefits that could potentially come from that in the various IRP portfolios? Just wondering what the timing looks like there.

是的。那是一個非常有用的顏色。然後是關於亞利桑那州以及您計劃在 2026 年提交的新 IRP。在大負荷方面，您需要在什麼時間之前製定出更明確的方案，以便確保這些方案能夠反映在更廣泛的利率調整計劃 (IRP) 中，並且能夠展示由此可能在各種利率調整計劃組合中帶來的費率優勢？想知道那邊的具體時間安排。

Yeah. So the IRP is going through its process. They've had a couple of workshops, and we'll continue more for -- through 2026 with a target of filing those integrated resource plans, I think, in August of next year. But there will be a bunch of different resource portfolios based on you know different load growth scenarios with and without data centers. And I think even if we file an integrated resource plan and it doesn't include something that we need later, we just we just update that, right?

是的。所以 IRP 正在按部就班地進行。他們已經舉辦了幾場研討會，我們將繼續舉辦更多研討會，直到 2026 年，目標是在明年 8 月提交這些綜合資源計畫。但是，根據不同的負載成長場景（有資料中心和沒有資料中心），將會有許多不同的資源組合。我認為，即使我們提交了一份綜合資源計劃，但其中沒有包含我們以後需要的內容，我們只需更新一下就可以了，對吧？

I mean, it's just -- that's basically putting a stake in the ground for sort of the bread and butter resources that we need to serve our load growth. But any of these additional investments that we would see and need and require for additional data center growth. I kind of think of it as almost like, its own little mini IRP and rate base, that would have its own revenue requirement that would be served by, or that would be met by these customers.

我的意思是，這基本上就是為我們滿足業務成長需求所需的基本資源奠定基礎。但所有這些額外的投資，都是我們看到、需要和要求的，以促進資料中心的進一步發展。我感覺它就像一個獨立的小型 IRP 和費率基礎，有自己的收入需求，這些需求將由這些客戶來滿足。

So it's a bit of a different model. You wouldn't necessarily need to put them all together. And it's not like we filed this thing in August and say, okay, we got to close up shop any more data centers that come in and ask us for energy, we can figure this out. I mean, this is basically what we've been doing for the past you know couple of years while we've had the 2023 integrated resource plan in effect is we still have these conversations, look at how we can meet the load, and then adjust accordingly.

所以這是一種略有不同的模式。你不一定需要把它們全部放在一起。這並不是說我們在八月提交了這份文件，然後說，好吧，我們必須停止為任何來向我們申請能源的資料中心提供服務，我們可以解決這個問題。我的意思是，這基本上就是我們過去幾年一直在做的事情，儘管 2023 年的綜合資源計劃已經生效，但我們仍然在進行這些討論，看看我們如何才能滿足需求，然後做出相應的調整。

Patrick Kenny, National Bank Capital Markets.

Patrick Kenny，加拿大國家銀行資本市場部。

Thank you and good morning everyone. Just looking at the rate base CAGRs by utility and seeing Alberta and BC continuing to lag the 7% portfolio average. You touched on some upside in the Okanagan, but I'm just wondering if there might be any other macro or political tailwinds that you're watching out for that might help these two utilities close the gap relative to the group average growth profile, say, over the next three to five years?

謝謝大家，大家早安。僅從公用事業費率基礎複合年增長率來看，阿爾伯塔省和卑詩省繼續落後於 7% 的投資組合平均值。您提到了奧肯那根地區的一些利多因素，但我只是想知道，您是否正在關注其他宏觀或政治方面的利好因素，這些因素可能會幫助這兩家公用事業公司在未來三到五年內縮小與集團平均增長情況的差距？

Oh, yeah, for sure. So the Okanagan one is -- actually, it's a smaller part of the BC utility portfolio but I think has some good substantial growth opportunities there. So I know we don't usually talk too much about the electric business in BC because of the gas business is so big, but that does definitely have some additional opportunities there.

哦，是的，當然。所以，奧肯那根地區——實際上，它是卑詩省公用事業組合中較小的一部分，但我認為那裡有一些很好的實質成長機會。我知道我們通常不太談論卑詩省的電力產業，因為天然氣產業規模龐大，但電力產業確實存在一些額外的機會。

And then on the LNG front, I mean, this is all about not just the extra upsized, I'll call it, storage tank that just got approved by the BCUC. That's one piece of additional investment. But also the additional LNG liquefaction capacity that we could put there for increased bunkering -- mostly for increased bunkering at that Tilbury site. And there are some political tailwinds, I know there's been a lot of conversations about you know some major projects in and across Canada related to trying to get the economy jump started. I think maybe some of the more of those details might come out later today when the budget is released, but there is some good emphasis on LNG investments in BC.

至於液化天然氣方面，我的意思是，這不僅僅是指剛剛獲得卑詩省公用事業委員會批准的那個加大容量的儲罐。這是一筆額外的投資。此外，我們還可以增加液化天然氣產能，用於增加燃料供應——主要是為了增加蒂爾伯里工廠的燃料供應。而且還有一些政治上的利多因素，我知道加拿大各地已經就一些旨在刺激經濟復甦的重大項目進行了很多討論。我認為，或許今天稍晚公佈預算案時，會透露更多細節，但目前看來，BC省對液化天然氣投資的重視程度很高。

We hope some of that bleeds down and has some good impact on looking at additional LNG investments for bunkering for BC. So there are some investments there.

我們希望其中一些影響能夠向下滲透，並對卑詩省考慮增加液化天然氣加註投資產生一些積極作用。所以那裡有一些投資。

And I should note, I'll come to BC's defense here a little bit as well. These things are cyclical, right? So, the load growth when you complete a bunch of big projects, and then do a new five-year plan it might not look as robust as the last one, but believe me, there's a lot of stuff in there. They've executed well on the past and look to you know add to that on a going-forward basis.

我還要補充一點，我在這裡也要稍微為BC辯護一下。這些事情都是循環往復的，對吧？所以，當你完成一系列大專案後，再製定一個新的五年計劃，其工作量成長可能看起來不如上一個五年計劃那麼強勁，但相信我，其中蘊含著很多東西。他們過去表現出色，並且希望在未來在此基礎上更進一步。

Okay. That's great, thanks for that David. And then maybe for Jocelyn, just back on the funding plan, looking at that five-year average cash flow to debt ratio of, call it, 12.4%. Is that 40 basis points above S&P's threshold anyway? Is that where you'd like to see it on a sustained basis, or would you still like to see a little bit more cushion built over time? I guess maybe a different way to look at it, like how much dry powder might you have based on your debt metrics to flex the capital program or to handle any further weakness in the Canadian dollar.

好的。太好了，謝謝你，大衛。然後，對喬斯林來說，或許應該回到融資計畫上來，看看五年平均現金流與負債比率，比如說，12.4%。這比標普的門檻高出40個基點嗎？您希望這種情況持續下去，還是希望隨著時間的推移，能累積更多的緩衝空間？我想或許可以換個角度來看，例如根據你的債務指標，你可能有多少可用資金來靈活調整資本計劃，或應對加幣進一步走弱的情況。

Yeah. Thanks, Patrick. Yeah, you're right. The average for the S&P metric over the five years is 12.4%. But as you get to the latter part of the plan, we're actually pushing more like 100 basis points. And you've probably heard me say before that that's sort of where we have been targeting our cushion. It gives us a lot of dry powder to have the flexibility to finance the projects that are not in our capital plan that we're talking here today.

是的。謝謝你，派崔克。是的，你說得對。過去五年，標普500指數的平均值為12.4%。但到了計畫的後半部分，我們實際上要推動的幅度更大，大約是 100 個基點。你可能之前也聽我說過，這正是我們一直以來努力的方向。這給了我們大量的可用資金，使我們能夠靈活地為那些不在我們今天討論的資本計劃中的項目提供資金。

So yeah, so this is a plan that sets us up nicely to actually get to that adequate ample cushion in the latter part of the plan. I'll actually say 100 basis points is actually a lot of cushion. So I feel comfortable really having like 75 to 100 bps above the threshold of 12% and we're getting there.

所以，是的，這個計劃讓我們能夠很好地做好準備，在計劃的後半部分獲得足夠的緩衝空間。實際上，100個基點的緩衝空間相當大了。所以我覺得目前比 12% 的閾值高出 75 到 100 個基點比較穩妥，我們正在朝著這個目標前進。

And so it's -- this plan has actually improved over the prior year plan, which is a good thing and in large part, it came from the fact that we've done some asset dispositions and we've continued our DRIP. So yeah, the cushion is certainly met on average of 12.4%, but we do get to the, I want to call it the ideal cushion by the latter part of the plan.

因此，該計劃實際上比上一年的計劃有所改進，這是一件好事，很大程度上是因為我們進行了一些資產處置，並且我們繼續實施了股息再投資計劃 (DRIP)。所以，是的，平均而言，緩衝空間確實達到了 12.4%，但到了計劃的後半部分，我們就能達到我稱之為理想的緩衝空間了。

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

我們的問答環節到此結束。我謹將會議交還給阿邁莫女士，請她作總結發言。

Thank you, Betsy. We have nothing further at this time. Thank you, everyone for participating in our third-quarter results and new five-year capital outlook conference call. Please contact IR should you need anything further and have a great day.

謝謝你，貝齊。目前我們沒有其他消息。感謝各位參加我們的第三季業績及未來五年資本展望電話會議。如有任何疑問，請聯絡投資者關係部門，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，祝您有個愉快的一天。