Alliant Energy Corp (LNT) 2025 Q1 法說會逐字稿

Thank you for holding, and welcome to Alliant Energy's first-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

感謝您的支持，歡迎參加 Alliant Energy 2025 年第一季財報電話會議。（操作員指示）今天的電話會議正在錄音。

And I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy.

現在我想將電話轉給主持人，Alliant Energy 的投資者關係經理 Susan Gille。

Good morning. I would like to thank all of you on the call and the webcast for joining us today. We appreciate your participation. With me here today are Lisa Barton, President and CEO; and Robert Durian, Executive Vice President and CFO. Following prepared remarks by Lisa and Robert, we will have time to take questions from the investment community.

早安.我要感謝今天透過電話和網路直播與我們見面的所有人。感謝您的參與。今天與我一起在場的還有總裁兼執行長麗莎·巴頓 (Lisa Barton) 和執行副總裁兼首席財務官羅伯特·杜里安 (Robert Durian)。在麗莎和羅伯特發表準備好的發言之後，我們將有時間回答投資界的提問。

We issued a news release last night announcing Alliant Energy's first-quarter financial results and reaffirmed our 2025 earnings guidance range. We also updated our capital expenditure and financing plans for years 2025 through 2028. This release as well as earnings presentation will be referenced during today's call and are available on the Investor page of our website at www.alliantenergy.com.

我們昨晚發布了一份新聞稿，宣布了 Alliant Energy 第一季的財務業績，並重申了我們 2025 年的獲利預期範圍。我們也更新了 2025 年至 2028 年的資本支出和融資計畫。本新聞稿以及收益報告將在今天的電話會議上引用，並可在我們網站 www.alliantenergy.com 的投資者頁面上查閱。

Before we begin, I need to remind you the remarks we make on this call and our answers to questions include forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters discussed in Alliant Energy's news release issued last night and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update these forward-looking statements.

在我們開始之前，我需要提醒您，我們在本次電話會議上發表的評論以及我們對問題的回答包括前瞻性陳述。這些前瞻性陳述具有可能導致實際結果出現重大差異的風險。這些風險包括 Alliant Energy 昨晚發布的新聞稿以及我們向美國證券交易委員會提交的文件中討論的事項。我們不承擔更新這些前瞻性聲明的任何義務。

At this point, I'll turn the call over to Lisa.

現在，我將把電話轉給麗莎。

Thank you, Sue. Good morning, everyone, and thank you for joining us. 2025 is off to a strong start I'm pleased to share meaningful progress supporting both our near-term and long-term objectives, clear evidence of the strength, resilience and adaptability of our strategy and business model. Our first quarter results delivered more than 25% of our earnings guidance midpoint, and we are positioned to achieve our 2025 earnings objectives while advancing our key strategic priorities, positioning us well here. Our commitment to our customers, communities, investors and employees remains at the heart of everything we do.

謝謝你，蘇。大家早安，感謝大家的到來。 2025 年開局強勁，我很高興分享我們在支持短期和長期目標方面取得的有意義的進展，這清楚地證明了我們的策略和商業模式的實力、彈性和適應性。我們第一季的業績達到了獲利預期中位數的 25% 以上，我們預計將實現 2025 年的獲利目標，同時推進我們的關鍵策略重點，從而為我們奠定良好的基礎。我們對客戶、社區、投資者和員工的承諾始終是我們所做的一切的核心。

As I've mentioned in previous calls, we are relentlessly focused on supporting economic development and growth in our states. And today, I'm pleased to provide meaningful and exciting updates supporting our development milestones. First quarter achievements and share details on our updated capital expenditure plans as we advance our growth strategy. I will then turn the call over to Robert to provide additional details related to our quarterly financial performance, risk management efforts as well as our updated financing plans and regulatory matters.

正如我在之前的電話中提到的，我們始終致力於支持各州的經濟發展和成長。今天，我很高興提供有意義且令人興奮的更新來支持我們的發展里程碑。隨著我們推進成長策略，第一季取得的成就以及我們更新的資本支出計劃的詳細資訊。然後，我將把電話轉給羅伯特，提供有關我們的季度財務業績、風險管理工作以及更新的融資計劃和監管事項的更多詳細資訊。

Achieving scalable growth in today's complex environment is akin to solving -- it demands precision, agility and a clear understanding of how every move influences the bigger picture. We are simultaneously solving all sides of our own Rubik's cube, addressing customer needs, supporting economic development and growth in our states, collaborating with key stakeholders and delivering sustainable investor returns.

在當今複雜的環境中實現可擴展的成長就像解決問題一樣——它需要精確、敏捷以及對每一步如何影響大局的清晰理解。我們同時解決我們自己的魔術方塊的各個方面，滿足客戶需求，支持我們各州的經濟發展和成長，與主要利益相關者合作並提供可持續的投資者回報。

Let me recap our investment growth timeline over the past six months. In November, we announced two, energy supply agreements with data center companies locating in the Big Cedar Industrial Center in Cedar Rapids, Iowa. adding an initial 1.1 gigawatts of data center demand for what we refer to as the first phase at Big Cedar. The corresponding capital plans released last November represented a 20% increase from the prior year and included the additional capacity resources needed to serve the first phase at Big Cedar and to adapt to MISO accreditation changes. We have continued our strong momentum in support of our economic development efforts this quarter by solidifying the resources needed for a second phase for one of our data center customers at Big Cedar, which is an additional 800 megawatts of demand, executing a new energy supply agreement with a data center customer in Beaver Dam, Wisconsin and reaching an agreement with one of our Iowa data center customers to use existing capacity to serve them earlier, increasing our forecasted peak load in '26 and '27.

讓我回顧一下過去六個月我們的投資成長時間表。11 月，我們宣布與位於愛荷華州錫達拉皮茲市大錫達工業中心的資料中心公司達成兩項能源供應協議，為我們所說的大錫達第一階段的資料中心增加 1.1 千兆瓦的初始需求。去年 11 月發布的相應資本計劃比上一年增加了 20%，其中包括為 Big Cedar 的第一階段提供服務以及適應 MISO 認證變化所需的額外容量資源。本季度，我們繼續保持強勁勢頭，支持經濟發展工作，為位於 Big Cedar 的一家數據中心客戶鞏固第二階段所需的資源（新增 800 兆瓦的需求），與位於威斯康星州 Beaver Dam 的一家數據中心客戶簽署新的能源供應協議，並與愛荷華州的一家 27 年新數據中心客戶達成協議，利用現有產能為他們提供服務，從而為早期

The Alliant Energy Advantage is our commitment to help grow the economies of Iowa and Wisconsin and meet the needs of our customers by being as creative and adaptive as possible to align with their desired timelines. To summarize, our recent success on this front, we now have three data center developments with fully executed ESAs totaling 2.1 gigawatts of demand which represents a later than 30% increase in our peak demand. We're accelerating our load ramp for one of the two data centers at Big Cedar using existing resources. We're pursuing additional growth opportunities, positioning ourselves and our states for meaningful and sustainable long-term growth.

Alliant Energy Advantage 是我們的承諾，即幫助愛荷華州和威斯康辛州發展經濟，並盡可能發揮創造力和適應能力以滿足客戶的需求，以符合他們所期望的時間表。總而言之，我們最近在這方面取得了成功，我們現在擁有三個資料中心開發項目，其完全執行的 ESA 總需求量為 2.1 千兆瓦，這意味著我們的尖峰需求增加了 30% 以上。我們正在利用現有資源加速 Big Cedar 兩個資料中心之一的負載提升。我們正在尋求更多的成長機會，使我們自己和我們的州實現有意義和可持續的長期成長。

On slide 4, we provide our updated demand projections used to develop our capital expenditure plan. If actual demand exceeds the current estimated demand in our plan or if we sign additional energy supply agreements we would serve any incremental load through a combination of existing or new resources, short-term market purchases and/or low response. To help investors and stakeholders navigate the complexity of growth announcements, we focus our reporting exclusively on customer loads supported by fully executed electric service agreements. Backed by substantial customer -- to ensure our growth is highly credible and sustainable. These advancements in economic development and growth have led to our CapEx update, reflecting a nearly 26% increase from where we were 18 months ago, as shown on slide 5.

在第 4 張投影片上，我們提供了用於制定資本支出計畫的最新需求預測。如果實際需求超過我們計劃中當前估計的需求，或者我們簽署了額外的能源供應協議，我們將透過現有或新資源、短期市場採購和/或低響應的組合來滿足任何增量負載。為了幫助投資者和利害關係人應對成長公告的複雜性，我們的報告重點關注由全面執行的電力服務協議支持的客戶負荷。擁有大量客戶的支持－確保我們的成長具有高度可信度和可持續性。經濟發展和成長的這些進步促使我們的資本支出更新，與 18 個月前相比成長了近 26%，如投影片 5 所示。

This translates into a 2024 to 2028 forecasted investment CAGR of nearly 11% with significant energy resource investment opportunities extending beyond 2028 and as profiled on slide 6.

這意味著 2024 年至 2028 年預計投資複合年增長率將接近 11%，重大能源資源投資機會將延續到 2028 年以後，如投影片 6 所示。

In aggregate, our four-year cap plan for 2025 through 2028 increased by approximately $600 million from our November 2024 update. The updated resource plan behind the CapEx plan strikes the right balance in optimizing existing resources and extending value at existing rates, supporting reliability and affordability, utilizing short-term capacity agreements and load response to accelerate economic development. and adding new generation to grow alongside our customers in a responsible manner, allowing us to confidently scale new energy resources. Our efforts to drive community development and enhance our growth trajectory, encompasses data centers as well as current and protective commercial and industrial customers. I am pleased to report that there continues to be strong interest in locating and growing in our service areas, both in Iowa and Wisconsin.

整體而言，我們 2025 年至 2028 年的四年上限計畫比 2024 年 11 月的更新計畫增加了約 6 億美元。資本支出計劃背後的更新資源計劃在優化現有資源和以現有費率擴展價值、支持可靠性和可負擔性、利用短期容量協議和負荷響應加速經濟發展之間取得了適當的平衡，並以負責任的方式增加新一代以與我們的客戶共同成長，使我們能夠自信地擴展新能源資源。我們致力於推動社區發展和增強我們的成長軌跡，涵蓋資料中心以及現有和保護性的商業和工業客戶。我很高興地報告，人們對在愛荷華州和威斯康辛州的服務區設立和發展業務持續表現出濃厚的興趣。

Through disciplined planning and proactive execution, we have positioned our company, customers and investors for success in an uncertain macroeconomic environment. The capital plan update reflects proactive planning and flexibility, allowing us to lean into new natural gas investments invest in our existing generation and distribution systems to support resiliency, reliability and reduce risk in the face of policy uncertainty. New natural gas resources provide reliable and dispatchable capacity resources that complement our robust renewable fleet. Investments in our existing generation resources such as our advanced gas projects in WPL and WPL's extension of the use of Edgewater and Columbia generating stations until the end of the decade, provides the additional reliability to meet growing demand and is responsive to the evolving MISO resource adequacy requirements. Lastly, extending the timing of some of our renewable and battery investments allows us to reduce risks related to tariffs and tax policy uncertainty while also lengthening our capital expenditure plan into the future, strengthening our position to deliver financial consistency over the long term.

透過嚴謹的規劃和積極主動的執行，我們使我們的公司、客戶和投資者在充滿不確定性的宏觀經濟環境中獲得了成功。資本計畫更新反映了積極的規劃和靈活性，使我們能夠依靠新的天然氣投資，投資於我們現有的發電和配電系統，以支持彈性、可靠性並在政策不確定性面前降低風險。新的天然氣資源提供了可靠且可調度的容量資源，補充了我們強大的再生能源艦隊。我們對現有發電資源的投資，例如我們在 WPL 的先進天然氣項目以及 WPL 將 Edgewater 和 Columbia 發電站的使用期限延長至本世紀末，提供了額外的可靠性以滿足不斷增長的需求，並響應了不斷變化的 MISO 資源充足性要求。最後，延長部分再生能源和電池投資的時間使我們能夠降低與關稅和稅收政策不確定性相關的風險，同時延長我們的資本支出計劃，增強我們長期實現財務一致性的地位。

With the energy supply agreements executed for our three data center customers, our attention is now focused on obtaining regulatory approval of the individual customer rates or ICRs. The IUC is currently reviewing an ICR contract filed earlier in the year for one of our data center customers in Iowa. The second Iowa ICR contract will be filed this quarter, reflecting an accelerated load ramp. And late last month, we filed an ICR for the Beaver Dam data center in Wisconsin. As we've highlighted in previous calls, we are committed to ensuring all ICRs achieve a win-win-win for existing customers, for new customers and our share owners which will be demonstrated in these confidential filings.

隨著我們為三個資料中心客戶執行能源供應協議，我們現在的注意力集中在獲得個人客戶費率或 ICR 的監管部門批准。IUC 目前正在審查今年稍早為我們在愛荷華州的一家資料中心客戶提交的 ICR 合約。第二份愛荷華州 ICR 合約將於本季提交，反映出負載加速成長。上個月底，我們為威斯康辛州 Beaver Dam 資料中心提交了 ICR。正如我們在先前的電話會議中所強調的那樣，我們致力於確保所有 ICR 為現有客戶、新客戶和我們的股東實現三贏，這將在這些機密文件中得到證明。

New data center loads are expected to boost energy sales. This increase in sales will help distribute fixed costs and transmission expenses across a larger customer base, contributing to more stable and manageable rates for the customers we have the privilege to serve. Alliant Energy operates in business-friendly states that are well positioned for regional growth and economic development, and we are proud to partner with our communities to turn growth potential into real long-term impacts. Our collaborative partnership with regulators, policymakers and local communities enables us to deliver successful outcomes. I'm proud of our team's proactive and impactful engagement, which serves as the cornerstone of our success, delivering meaningful outcomes and greater value for all our stakeholders.

預計新的資料中心負載將促進能源銷售。銷售額的成長將有助於在更大的客戶群中分攤固定成本和傳輸費用，從而為我們有幸服務的客戶提供更穩定、更易於管理的費率。Alliant Energy 在商業友善州開展業務，這些州有利於區域成長和經濟發展，我們很自豪能夠與我們的社區合作，將成長潛力轉化為真正的長期影響。我們與監管機構、政策制定者和當地社區的合作夥伴關係使我們能夠取得成功的成果。我為我們團隊積極主動、富有影響力的參與感到自豪，這是我們成功的基石，為我們所有的利害關係人帶來了有意義的成果和更大的價值。

Alliant Energy is here to support not only the customers we currently serve but also to ensure we are supporting the needs of future customers and enabling community growth across our service territory.

Alliant Energy 不僅為我們目前服務的客戶提供支持，而且還確保我們能夠滿足未來客戶的需求並促進我們服務區域內的社區發展。

Before I turn the call over to Robert, I would like to tackle head-on questions regarding our strategy in the event the Inflation Reduction Act or IRA is repealed or if tax credits are scaled back. Renewable generation and energy storage tax credits have fueled economic growth in onshoring, eliminating the tax credits would unfortunately and unnecessary increased costs for customers. Our delegations understand how valuable tax credits and transferability are to Alliant and our customers, and we believe they will advocate for a balanced, careful approach to any legislative changes. Iowa's wind resources are among the best in the country, and our customers are benefiting from those investments. We will continue to take an all-of-the-above approach in new generation resources, which includes a mix of wind, batteries and natural -- to ensure we maintain a balanced and diverse entry resource mix.

在我將電話轉給羅伯特之前，我想先直接回答一些問題，這些問題涉及如果《通貨膨脹削減法案》或個人退休帳戶 (IRA) 被廢除，或者稅收抵免被縮減，我們的策略。再生能源發電和能源儲存稅收抵免推動了國內經濟成長，但不幸的是，取消稅收抵免會給消費者帶來不必要的成本增加。我們的代表團了解稅收抵免和可轉讓性對 Alliant 和我們的客戶有多重要，我們相信他們會提倡以平衡、謹慎的方式對待任何立法變化。愛荷華州的風力資源在全國名列前茅，我們的客戶正從這些投資中受益。我們將繼續在新一代資源方面採取全方位的方法，包括風能、電池和自然資源的混合，以確保我們保持平衡和多樣化的入門資源組合。

Active management of our CapEx and resource plans means we have taken the prudent and proactive approach of safe harboring wind and energy storage projects. As a result, 100% of the renewable and energy storage CapEx in our plant is currently safe harbored through 2028. And will continue to execute our strategy, we'll continue to proactively derisk our strategy and remain well positioned to quickly adapt to a dynamic environment.

積極管理我們的資本支出和資源計劃意味著我們採取了審慎和積極主動的方式來安全地保護風能和儲能項目。因此，我們工廠的 100% 再生能源和能源儲存資本支出目前可以安全地維持到 2028 年。並將繼續執行我們的策略，我們將繼續積極降低我們的策略風險，並保持良好的地位，以快速適應動態環境。

In closing, I would like to extend my deepest gratitude to our dedicated team of employees and for their unwavering commitment to our purpose of serving customers and building stronger communities. Your hard work and dedication are the backbone of our operational success and the driving for bind our strategic progress.

最後，我要向我們敬業的員工團隊表達最深切的感謝，感謝他們堅定不移地致力於服務客戶和建立更強大社區的宗旨。你們的辛勤工作和奉獻精神是我們營運成功的支柱，也是我們策略進步的動力。

I will now turn the call over to Robert.

現在我將電話轉給羅伯特。

Thank you, Lisa. Good morning, everyone. Yesterday, we announced first quarter 2025 earnings of $0.83 per share compared to $0.62 per share in the first quarter of 2024. Our earnings are ahead of plan despite the negative temperature impacts on electric and gas sales in the first quarter of 2025. Our quarter-over-quarter variances were mainly driven by the higher revenue requirements from capital investments at both IPL and WPL, temperature impacts on retail electric and gas sales and the timing of income tax expense, which will reverse later this year.

謝謝你，麗莎。大家早安。昨天，我們宣布 2025 年第一季每股收益為 0.83 美元，而 2024 年第一季每股收益為 0.62 美元。儘管氣溫對 2025 年第一季的電力和天然氣銷售產生負面影響，但我們的獲利仍超出計畫。我們季度間的差異主要是由於IPL和WPL的資本投資收入要求較高、氣溫對零售電力和天然氣銷售的影響以及所得稅費用的時間安排，這些因素將在今年稍後逆轉。

These positive drivers were partially offset by higher depreciation and financing expenses. Temperatures were warmer than normal in the first quarter of 2025, resulting in decreased electric and gas margins of $0.03 per share. In comparison, the winter temperatures in the first quarter of 2024 were some of the warmest on record, which decreased our electric and gas margins by approximately $0.08 per share. Excluding the impacts of mild temperatures, the margins from our retail electric sales were higher than the first quarter of 2024 due to growth in the number of customers and increased use per meter across all retail customer classes at our Wisconsin utility.

這些積極驅動因素被更高的折舊和融資費用部分抵消。2025 年第一季氣溫高於正常水平，導致電力和天然氣利潤率每股下降 0.03 美元。相較之下，2024 年第一季的冬季氣溫是有史以來最溫暖的氣溫之一，這導致我們的電力和天然氣利潤率每股下降約 0.08 美元。排除溫和氣候的影響，由於客戶數量的增長以及我們威斯康辛州公用事業公司所有零售客戶類別每電錶使用量的增加，我們的零售電力銷售利潤率高於 2024 年第一季。

To assist you in modeling our quarterly earnings this year, I want to provide some additional context to the variance driver related to the timing of income tax expense. Income tax expenses recorded each quarter based on an estimated annual effective tax rate and the proportion of full year earnings generated each quarter.

為了幫助您模擬我們今年的季度收益，我想為與所得稅費用時間相關的差異驅動因素提供一些額外的背景資訊。每季記錄的所得稅費用是根據估計的年度有效稅率和每季產生的全年收益比例。

As shown on slide 9 of our supplemental slides, this causes fluctuations in the amount of tax expenses quarter over quarter, but it will not have an impact on the full year earnings. With a solid first quarter behind us, we are reaffirming our 2025 earnings guidance range of $3.15 to $3.25 per share. Our ability to consistently deliver solid financial results is supported by our efforts to provide customer value, including extending the value of existing resources, making smart investments and controlling operating costs, all while receiving constructive regulatory outcomes.

正如我們補充投影片第 9 頁所示，這會導致稅費金額逐季度波動，但不會對全年收益產生影響。由於第一季業績表現穩健，我們重申 2025 年每股收益預測範圍為 3.15 美元至 3.25 美元。我們能夠持續提供穩健的財務業績，這得益於我們努力為客戶提供價值，包括擴展現有資源的價值、進行明智的投資和控制營運成本，同時獲得建設性的監管結果。

I'm proud to share how our employees are continuing their steadfast focus on creating value for our customers while managing risk. The following are some recent examples of their success. Reiterating what Lisa shared, we have completed nearly all of our planned safe harbor activities with the intention of observing the qualification of tax credits for future energy storage and renewable projects expected to be placed into service through 2028. Our team has done a great job mitigating tariff exposure for our customers with minimal exposure to the batteries and our updated capital plan, as the batteries are either in our possession or in transit and the batteries in transit are expected to be subject to only a 20% tariff.

我很自豪地與大家分享我們的員工如何在管理風險的同時繼續堅定不移地致力於為客戶創造價值。以下是他們最近的一些成功案例。重申麗莎所分享的內容，我們已經完成了幾乎所有計劃的安全港活動，目的是觀察預計到 2028 年投入使用的未來能源存儲和可再生能源項目的稅收抵免資格。我們的團隊透過最大限度地減少電池風險和更新的資本計劃，為客戶減輕了關稅風險，因為電池要么在我們手中，要么在運輸途中，而運輸途中的電池預計僅需繳納 20% 的關稅。

We estimate our total tariff exposure is approximately 1% to 2% and of our $11.5 billion updated capital expenditure plan prior to further mitigation by our team. Our team also successfully sold existing capacity length available at both our utilities into the recent MISO capacity auction, resulting in meaningful benefits for our customers. And lastly, we are utilizing our individual customer rate construct in both states, which allows us to capture growth from economic development activities occurring within our service territory, which will, in turn, absorb a portion of our fixed costs helping mitigate cost for all customers in the future.

我們估計，在我們的團隊進一步緩解之前，我們的總關稅風險約為 1% 至 2%，占我們 115 億美元更新資本支出計畫的 1%。我們的團隊也成功地將我們兩家公用事業公司現有的容量長度出售給最近的 MISO 容量拍賣，為我們的客戶帶來了可觀的利益。最後，我們在兩個州都採用了個人客戶費率結構，這使我們能夠從服務區域內的經濟發展活動中獲取成長，這反過來又會吸收我們的部分固定成本，有助於降低未來所有客戶的成本。

Turning to financings. In conjunction with our updated capital expenditure plans, we have updated our 2025 through 2028 financing plans. The anticipated financing sources for our $11.5 billion capital expenditure plan are included on slide 10. Cash from operations and anticipated proceeds from tax credit monetization make up almost 50% of our financing plan. New debt financing, net of maturities, accounts for approximately 40% and while new common equity issuances account for approximately 12% of the total funding sources for the updated plan.

談到融資。結合我們更新的資本支出計劃，我們也更新了 2025 年至 2028 年的融資計劃。我們的 115 億美元資本支出計畫的預期融資來源列在第 10 張投影片中。經營現金流量和稅收抵免貨幣化預期收益占我們融資計劃的近 50%。扣除到期債務後的新債務融資約佔更新計畫總資金來源的 40%，而新普通股發行約佔更新計畫總資金來源的 12%。

We plan to launch an at-the-market or ATM program this year and continue our shareowner direct plan both of which support the new common equity issuances assumed in our plan. While our updated financing plans assume raising the new common equity ratably in 2026 through 2028, we believe the ATM provides us flexibility on the timing as we continue to monitor and assess market conditions. With this updated financing plan, we are committed to maintaining our current investment-grade credit ratings.

我們計劃今年推出市場或 ATM 計劃，並繼續我們的股東直接計劃，這兩者都支持我們計劃中假設的新普通股發行。雖然我們更新後的融資計劃假設在 2026 年至 2028 年期間按比例增加新的普通股，但我們相信 ATM 為我們提供了時間上的靈活性，因為我們會繼續監測和評估市場狀況。透過更新的融資計劃，我們致力於維持目前的投資等級信用評級。

Tax credit monetization through transferability continues to provide benefits by reducing customer costs and providing an alternative source of financing for a portion of our capital expenditure plans. Along with the rest of the utility industry, we continue to monitor developments with different legislative proposals and advocate for legislative provisions that would be beneficial for our customers. We are also taking prudent actions to protect the right to transfer tax trends through our safe harboring activities. We have disclosed the success of these activities on slide 10 of our supplemental sides which shows a substantial portion of the tax credits included in our updated financing plan through 2028 are from projects either already in service or safe harbor prior to 2025.

透過可轉讓性實現稅收抵免貨幣化，繼續為客戶帶來好處，降低客戶成本，並為部分資本支出計劃提供替代融資來源。與公用事業行業的其他公司一樣，我們將繼續專注於不同立法提案的發展，並倡導有利於我們客戶的立法條款。我們也採取審慎行動，透過安全港活動保護轉移稅收趨勢的權利。我們在補充資料的第 10 張投影片中揭露了這些活動的成功，其中顯示，到 2028 年，我們更新的融資計畫中包含的很大一部分稅收抵免來自 2025 年之前已經投入使用的專案或安全港專案。

We also have optionality with alternative financing sources if transferability modify future legislation. Alternatives include incremental financing with a balanced mix of debt and equity as well as utilizing hybrid instruments. We would all evaluate aligning the timing of customer bill credits with expected utilization of credits from future projects as well as the potential use of tax equity arrangements, if beneficial for our customers.

如果可轉讓性修改了未來的立法，我們也可以選擇其他融資來源。替代方案包括採用平衡的債務和股權組合進行增量融資以及利用混合工具。如果對我們的客戶有利，我們都會評估將客戶帳單信用的時間與未來專案的信用預期利用率以及稅收公平安排的潛在使用相結合。

Specific to our 2025 debt financing plans. During the first quarter, we extended the Alliant Energy Finance variable rate term loan agreement until 2026. The remaining debt financings are shown on slide 11, and include estimated issuances and Alliant Energy Finance or the parents and our two utilities. For all three segments, leased our financing needs, primarily to fund the increased 2025 investments in our updated capital plans and to increase financing flexibility and anticipated -- in anticipation of -- maturities in early 2026. Our IE utilities, some of the issuance will be used to refinance $300 million of debt turning in the third quarter this year.

具體到我們的 2025 年債務融資計劃。第一季度，我們將 Alliant Energy Finance 浮動利率定期貸款協議延長至 2026 年。剩餘的債務融資顯示在第 11 張幻燈片上，包括估計發行量和 Alliant Energy Finance 或其母公司以及我們的兩家公用事業公司。對於所有三個部門，租賃我們的融資需求，主要是為了資助我們更新的資本計劃中增加的 2025 年投資，並提高融資靈活性和預期 - 預期 - 2026 年初到期。我們的 IE 公用事業部分發行的債券將用於為今年第三季的 3 億美元債務進行再融資。

Finally, I'll highlight our regulatory initiatives that have been filed as well as those regulatory filings we plan to initiate later this year. Starting in Wisconsin, WPL recently received approval from the PSCW for two customer-focused -- in our updated capital plan, including the -- Ripside enhancement project to support reliability and resiliency for Wisconsin and an entry wind refurbishment project expected to extend tax credits for the benefit of our customers.

最後，我將重點介紹我們已經提交的監管措施以及我們計劃在今年稍後啟動的監管備案。從威斯康辛州開始，WPL 最近獲得了 PSCW 批准，可以在我們更新的資本計劃中實施兩項以客戶為中心的項目，包括 Ripside 增強項目，以支持威斯康辛州的可靠性和彈性，以及一項入門級風力發電改造項目，預計將延長稅收抵免，使我們的客戶受益。

Turning to our regulatory proceeding -- certainly in process. WPL recently filed an electric and gas rate review for test years 2026 and 2027. The filing includes recovery of several investments that support liability and resiliency while keeping customer value and positive rates top of mind. These investments include cost-effectively advancing responsible energy solutions, including solar and wind refurbishment projects, which provides zero fuel cost energy and tax benefits as well investing in new energy storage resources and capacity and efficiency upgrades for existing natural gas generation to provide additional energy resources to meet growing customer demand. Finally, it includes recovery of our planned continued investment in electric and gas distribution just to report liability for -- and safety for our customers.

談到我們的監管程序——當然正在進行中。WPL 最近提交了一份針對 2026 年和 2027 年測試年度的電力和天然氣費率審查報告。該文件包括恢復幾項支持責任和彈性的投資，同時將客戶價值和積極利率放在首位。這些投資包括以經濟高效的方式推動負責任的能源解決方案，包括太陽能和風能改造項目，提供零燃料成本能源和稅收優惠，以及投資新的能源儲存資源和現有天然氣發電的容量和效率升級，以提供額外的能源資源來滿足日益增長的客戶需求。最後，它包括恢復我們計劃在電力和天然氣分配方面的持續投資，以報告對客戶的責任和安全。

Let's head in the rate review process included a discovery phase and audits by the PSCW staff and interveners over the next few months with the hearing anticipated in early fall and a final decision expected from the PSCW later this year. More details on the rate review, including key terms requested in this filing can be found on slide 12. WPL also recently requested approval of an individual customer rates for the data center plan to be built in Beaver Dam, Wisconsin. And less in WPL has four active dockets in progress before the PSCW involving request for certificates of authority for customer-focused investments. We also have four active filings in progress before the Iowa Utilities Commission including a request for an individual customer rate for one of the new data centers in -- Iowa, requests for approximately 225 megawatts of battery storage to be located at the retired landing coal generation site and next to the Golden Plains wind generating station and request for an approximate 100-megawatt -- river natural gas generating station, which will be located next to the existing site of the Prairie Creek Generation Station.

讓我們開始吧，費率審查過程包括發現階段以及 PSCW 工作人員和介入人員在未來幾個月內進行的審計，聽證會預計在初秋舉行，最終決定預計將於 PSCW 在今年晚些時候做出。有關費率審查的更多詳細資訊（包括此文件中要求的關鍵條款）可在第 12 張投影片上找到。WPL 最近還請求批准在威斯康辛州比弗壩建設資料中心計劃的個人客戶費率。WPL 中還有四個活躍的案卷正在等待 PSCW 處理，涉及申請以客戶為中心的投資的授權證書。我們也正在向愛荷華州公用事業委員會提交四份正在進行的申請，其中包括為愛荷華州的一個新數據中心申請個人客戶費率、在已退役的登陸煤炭發電站和 Golden Plains 風力發電站旁設置約 225 兆瓦的電池存儲申請，以及在現有的 Prairie Creek 發電站旁設置約 100 兆瓦的河流河流發電站的申請。

The expected timing of decisions from the PSCW and IE Utilities Commission on these pending dockets, provided on slide 13.

第 13 張投影片顯示了 PSCW 和 IE 公用事業委員會對這些未決案件做出決定的預計時間。

Finally, in conjunction with our updated capital expenditure plan, we also expect to make additional regulatory filings later this year in both Iowa and Wisconsin for renewables and dispatchable resources to enhance liability, further diversify our energy resources and meet growing customer energy demands. We thank you for your continued support and look forward to speaking with many of you in the coming months.

最後，結合我們更新的資本支出計劃，我們也預計今年稍後在愛荷華州和威斯康辛州對再生能源和可調度資源進行額外的監管備案，以增強責任，進一步實現能源資源多樣化，並滿足日益增長的客戶能源需求。我們感謝您一直以來的支持，並期待在未來的幾個月與您中的許多人交談。

At this time, I'll turn the call back over to the operator to facilitate the question-and-answer session.

此時，我會將電話轉回給接線生，方便進行問答環節。

(Operator Instructions) Shar Purreza, Guggenheim Partners.

（操作員指示）Shar Purreza，古根漢合夥人。

It's actually James on for sure. Starting off, I think, with slide 4, is there a general timeline you could share for converting the mature opportunities to contracts and then secondly, could you just put maybe like a finer point on the breakdown of how you could serve those mature opportunities between existing and new gen? Like what's the headroom left on your system?

事實上肯定是詹姆斯上場了。首先，我認為，從投影片 4 開始，您是否可以分享將成熟機會轉化為合約的整體時間表？其次，您能否更詳細地說明如何在現有機會和新世代機會之間服務這些成熟機會？例如你的系統還剩下多少空間？

Yes. Thank you for the question. So how we have been talking about all of our economic development opportunities is that once we have signed ESAs. We're putting that information out there. In terms of the -- what we do not yet have signed ESAs for, those are ones that we have a fairly high confidence level.

是的。謝謝你的提問。因此，我們一直在談論的所有經濟發展機會是，一旦我們簽署了 ESA。我們正在把這些資訊發佈到那裡。就我們尚未簽署的 ESA 而言，我們對這些有相當高的信心。

We have had a number of discussions and negotiations with those folks. So we have a high level of confidence, and that's why we're sharing that. However, we are making that differentiation between those that have executed ESAs and those that don't. One of the things that we've certainly shared in the past, we have length. We have near-term length, and we're using that to be able to accelerate load growth in our territory, that's what we're doing with one of the customers in the Big Cedar facility, and we have had interest in others, well, so we're very bullish on that.

我們與這些人進行了多次討論和談判。所以我們非常有信心，這就是我們分享這一點的原因。然而，我們對那些已經執行 ESA 的人和那些沒有執行 ESA 的人進行了區分。我們過去肯定分享過的一件事就是長度。我們擁有短期長度，我們正在利用它來加速我們地區的負載成長，這就是我們與 Big Cedar 設施中的一位客戶所做的事情，而且我們對其他客戶也感興趣，所以我們對此非常看好。

But as you know, it's going to be an all of the above solution. We have short-term PPAs in the plan. We'll have new developments, we'll constantly look at evaluating our existing generation in the portfolio that we currently have and looking to see if there are opportunities to get more capacity out of the exit facilities that we have.

但正如你所知，這將是一個綜合的解決方案。我們的計劃中有短期 PPA。我們將會有新的發展，我們將持續評估我們目前擁有的投資組合中的現有發電量，並尋找是否有機會從我們現有的出口設施中獲得更多產能。

Okay. Perfect. And then just on the tax side, I know you had a clause in the Iowa stay out that you could go back in if policy changed significantly. Does the safe harboring work you guys laid out today, I mean that's off the table right now?

好的。完美的。然後就稅收方面而言，我知道愛荷華州的稅收暫緩條款中有一條，如果政策發生重大變化，你可以重新遵守這條條款。你們今天制定的安全港工作現在是不是已經無法實施了？

Yes, great question, James. Yes, as we think -- for those of you who may not be familiar as we entered into the rate settlement last year that provides the rate moratorium for the next five years. We did have a provision within it that allowed us to go back in for a rate case. If for some reason there was any changes to any major legislation. With that said, we're really focused right now on activities to avoid the need to go back in we're advocating for kind of provisions within the legislation that would be beneficial to our customers.

是的，這個問題問得很好，詹姆斯。是的，正如我們所想的那樣——對於那些可能不熟悉的人來說，我們去年達成了利率協議，該協議規定了未來五年的利率暫停。我們確實有一項規定允許我們回去處理費率案件。如果由於某種原因，任何主要立法發生任何變化。話雖如此，我們現在真正關注的是避免重新開始的活動，我們正在倡導立法中對我們的客戶有利的條款。

As we noted, we're making great progress with the safe harbor activities. And lastly, we're really trying to accelerate the load growth we see with some of our data center customers and other customers that would help prevent the need to do that. So our focus right now is regardless of the outcome of the legislation is to really position us to be able to meet all of our stakeholder expectations, including shareholders without the need to go back in.

正如我們所指出的，我們在安全港活動方面取得了巨大進展。最後，我們確實在努力加速一些資料中心客戶和其他客戶的負載成長，這將有助於避免這樣做。因此，無論立法結果如何，我們現在的重點是真正讓我們能夠滿足所有利害關係人的期望，包括股東的期望，而無需重新介入。

We do have a number of batteries that are in the plan for next year, and we're very well positioned with respect to those batteries.

我們確實有多種電池計劃在明年推出，而且我們在這些電池方面已經做好了充分的準備。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

Thanks for all the updates. I just wanted to ask, you guys gave a lot of good disclosure, rate bases moving higher, you're adding a little bit of equity. Do you still see this as a 5% to 7% long-term EPS CAGR? And any kind of comments on how you're trending in that plan now?

感謝所有的更新。我只是想問一下，你們做了很多很好的揭露，利率基礎走高，你們增加了一點股權。您是否仍認為長期每股盈餘複合年增長率為 5% 至 7%？您對於該計劃目前的進展有何評論？

Yes. Great question, Nick. Yes, right now, we continue on our long track record of consistent and predictable growth. Really, we're focused on enhancing the sustainability and longevity of those growth rates. Think of this as we're focused on cascading the growth over time, really to strengthen and lengthen that growth rate.

是的。很好的問題，尼克。是的，目前，我們繼續保持長期持續、可預測的成長動能。實際上，我們專注於提高這些成長率的可持續性和持久性。想想看，我們專注於隨著時間的推移實現級聯增長，真正加強和延長這一增長率。

this quarter updates really demonstrate that with the increase of the investment CAGR up to 11%. While we're still retaining the ability to grow beyond the announced CapEx plan through 2028. So I think we're really set up well for strong load growth and investments with elevated CapEx starting in that 2027 timeframe. So really, I think I'd be disappointed if we're not towards the top end of our stated -- currently stated growth rate starting in 2027.

本季的更新確實表明，投資複合年增長率高達 11%。同時，我們仍保留在 2028 年之前超越已宣布的資本支出計畫的成長能力。因此，我認為我們已經為強勁的負載成長和投資做好了充分準備，從 2027 年開始，資本支出也將增加。所以說真的，如果我們無法達到我們目前所述的從 2027 年開始的最高成長率，我會感到失望。

And Nick, one of the things that I just want to highlight, and I talked about it briefly in the script is what we see is the Alliant Energy Advantage. We are actively focused on building cascading waves of growth. We see ourselves as the backbone of our communities, and we are committed to fueling their success and allowing our communities to reach their economic development aspirations. So we remain focused on growing at the pace of our customers. We have the regulatory constructs that we need in both jurisdictions to do that.

尼克，我只想強調的一件事，我在劇本中簡要地談到了我們所看到的 Alliant Energy Advantage。我們積極致力於建構層層遞進的成長浪潮。我們將自己視為社區的支柱，並致力於推動社區的成功，並讓我們的社區實現其經濟發展願望。因此，我們仍然專注於按照客戶的步伐發展。為了實現這一目標，我們在兩個司法管轄區都制定了所需的監管結構。

Both with one in Iowa with the way that is set up as well as the cadence that we have in Wisconsin. It really allows us to grow at the pace of our customers. Also the fact that we don't have litigated resource planning processes, they're highly flexible. We can go in at any time to our states. That is a huge differentiator I believe, between us and a lot of other entities out there.

兩者都與愛荷華州的設置方式以及我們在威斯康星州的節奏相同。它確實使我們能夠跟上客戶的步伐。此外，我們的資源規劃流程沒有訴訟，因此非常靈活。我們可以隨時進入我們的州。我相信這是我們與許多其他實體之間的巨大區別。

We also have that robust length in our Q positions as well as near-term length, which allows us to accelerate just as we have in our Big Cedar facility in Iowa. So wrapping the ball around that, that's the Alliant Energy advantage that we are focusing on over the long term.

我們的 Q 位置和短期長度也具有強勁的長度，這使我們能夠像在愛荷華州的 Big Cedar 工廠一樣加速。總而言之，這就是我們長期關注的 Alliant Energy 優勢。

Yes. I really appreciate all those comments. That was helpful. And then just one quick one with the transferability and tax commentary. I know you kind of talked about you used a mix of debt, equity, hybrids, you could go look at using traditional tax equity.

是的。我非常感謝所有這些評論。這很有幫助。然後我們再快速談談可轉讓性和稅務評論。我知道您談到了使用債務、股權和混合資產的組合，您可以考慮使用傳統的稅務股權。

Maybe just if you lost one of transferability, like how much equity do you think you'd actually have to do?

也許只是如果你失去了可轉讓性，那麼你認為你實際上需要做多少股權？

Yes. Nick, this is Robert. So yes, it's dependent upon the terms within any proposed legislation. I'd say we're cautiously optimistic as we've heard different versions of the potential legislative provisions that there's probably going to be some type of phase out is how we would characterize it. And so as we think about our plan, we feel really well protected for the next few years, thanks to our safe harbor activities.

是的。尼克，這是羅伯特。所以是的，這取決於任何擬議立法中的條款。我想說，我們持謹慎樂觀的態度，因為我們聽到了不同版本的潛在立法條款，這些條款可能會以某種方式逐步取消，這就是我們對此的定義。因此，當我們考慮我們的計劃時，由於我們的安全港活動，我們在未來幾年內感到得到了很好的保護。

as I indicated in some of my prepared remarks, if you look at the amount of tax credits that we plan to monetize in the next four years, a significant majority, better than 95% of it comes from projects that are already in service or projects that we save harbor prior to 2025. And with that, we wouldn't expect to need much additional financing over the next four years.

正如我在一些準備好的發言中所指出的，如果你看看我們計劃在未來四年內貨幣化的稅收抵免金額，你會發現其中絕大多數（超過 95%）來自已經投入使用的項目或我們在 2025 年之前拯救港口的項目。因此，我們預計未來四年內不需要太多額外融資。

But if we were to need some additional financing, I would say that we would continue down our path of maintaining a really strong balance sheet. So think of that as somewhere between probably 40% and 50%, if any new financing needs would come to the form of equity to maintain that strong balance sheet.

但如果我們需要一些額外的融資，我想說我們將繼續保持強勁的資產負債表。因此，如果任何新的融資需求將以股權形式出現以維持強勁的資產負債表，那麼這個比例大概在 40% 到 50% 之間。

One thing I'll draw your attention to as well -- Lisa here. Just want to draw your attention to the May letter that was put out by 12 House Republicans and basically, in that letter that was issued yesterday, it was strongly supporting the IRA and its provisions. And I will note there was very strong support from our Iowa delegation there as well.

還有一件事我要提請你注意──我是麗莎。只是想提請您注意 12 名眾議院共和黨人於 5 月發出的信函，基本上，在昨天發出的這封信函中，他們強烈支持愛爾蘭共和軍及其條款。我要指出的是，我們的愛荷華州代表團也給予了大力支持。

Certainly noted. And just on the comments on the balance sheet, just I guess you kind of highlighted 13% to 14% at S&P, 14% to 15% at Moody's. Kind of where do you kind of see yourself today against those metrics?

當然注意到了。就資產負債表的評論而言，我猜您強調了標準普爾的 13% 至 14%，穆迪的 14% 至 15%。根據這些指標，您認為自己現在處於什麼位置？

Yes, we're in a great position right now, Nick, for 2025 for both of those towards the upper end of the S&P and squarely middle of the -- range right now.

是的，尼克，我們現在處於一個很好的位置，對於 2025 年來說，這兩個數字都接近標準普爾指數的上限，並且正好處於這個範圍的中間。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Congratulations on a really great quarter. Does the ICR structure provide you with an opportunity to provide a similar type of stay out in Wisconsin as you've achieved in Iowa?

恭喜您度過了一個非常出色的季度。ICR 結構是否為您提供了在威斯康辛州提供類似愛荷華州居留的機會？

Yes. I would characterize our WPL kind of regulatory construct is they asked us to come in every two years for our rates case. It doesn't mean you have to ask for an increase when you do that. And so we're really working on trying to grow load, trying to reduce costs so that if we were to come in every two years, like I said, we would try and minimize the customer cost impact. So I think you get a similar result as we continue to grow the business and the sales and try and reduce cost, you could still achieve what we call base rates being flat for the next five years, similar to what we are targeting in Iowa.

是的。我認為我們的 WPL 監管結構的特點是，他們要求我們每兩年來一次，以了解我們的利率情況。但這並不意味著當你這樣做時你必須要求加薪。因此，我們確實在努力嘗試增加負載，嘗試降低成本，以便如果我們每兩年來一次，就像我說的那樣，我們會嘗試將客戶成本影響降至最低。因此，我認為，隨著我們繼續發展業務和銷售並努力降低成本，你會得到類似的結果，你仍然可以實現我們所說的未來五年基本利率持平的目標，類似於我們在愛荷華州的目標。

Right. And then in terms of your equity need, would you consider using junior subordinated debt as -- in order to meet your equity requirement?

正確的。那麼，就您的股權需求而言，您是否會考慮使用次級債務來滿足您的股權要求？

Yes, we're taking kind of all different options into consideration. The great thing about our financing plan is we have a lot of flexibility as I indicated in my prepared remarks, we are launching an ATM program here in the near future. That will provide us some flexibility as to the timing of any equity issuance. And we also have flexibility when it comes to hybrids as we consider all different types of options in the future. I feel like we're really set up well for that.

是的，我們正在考慮各種不同的選擇。我們的融資計劃的優點在於我們具有很大的靈活性，正如我在準備好的演講中所指出的，我們將在不久的將來在這裡啟動 ATM 計劃。這將為我們的股票發行時間提供一定的彈性。當我們考慮未來所有不同類型的選擇時，我們在混合動力方面也具有靈活性。我覺得我們已經為此做好了充分的準備。

And so yes, junior subordinates are in the discussion. We haven't made any commitments at this point. And we'll continue to provide more updates throughout the years to kind of our thinking on that in the future.

是的，部屬也參與了討論。目前我們尚未做出任何承諾。我們將在未來幾年繼續提供更多更新，以表達我們對此的想法。

And then you sort of in your regulatory discussion, talk about filings in Iowa and Wisconsin for additional generation resources. Can you give a sense in terms of in megawatts, how much in each of those states you're looking to add?

然後，您在監管討論中談到了在愛荷華州和威斯康星州申請額外的發電資源。您能否以兆瓦為單位說明您希望在每個州增加多少電力？

Yes, Paul, I'd point you to this. There's a slide within our supplemental slides and lays out would be considered our new resource plan when it comes to natural gas, batteries and wind. You can get a sense of the magnitude of the volume of each one of those different categories the stuff towards the kind of earlier years of our plan, and expect us to be filing here in the near future. The later part of the plan would probably be maybe a couple of years down the road. We have an identified specific megawatts, but that should give you some indication of the volumes that we're interested in.

是的，保羅，我會向你指出這一點。我們的補充幻燈片中有一張幻燈片，其中列出了有關天然氣、電池和風能的新資源計劃。您可以了解每個不同類別的數量大小，這些內容與我們計劃的前幾年的內容類似，並且預計我們將在不久的將來在這裡提交。該計劃的後期部分可能還需要幾年的時間。我們已經確定了具體的兆瓦數，但這應該可以讓你了解我們感興趣的數量。

And then last question for me, the enhancement at Riverside, what exactly does that entail?

最後一個問題，Riverside 的改進具體又意味著什麼？

Yes. Think of that as a Black Start facility, so it helps with resiliency and reliability for the entire system in the state of Wisconsin. And so those would be call them diesel generators, gas generators that would be effective at been able to restart the system in case of any type of blackout.

是的。可以將其視為黑啟動設施，因此它有助於威斯康辛州整個系統的彈性和可靠性。因此，這些被稱為柴油發電機、燃氣發電機，能夠在發生任何類型的停電時有效地重新啟動系統。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾。

Good morning, everybody. If I could first elaborate on the equity question a little bit. First, would the ATM presumably be large enough to satisfy the $1.4 billion over years, would you consider a forward or a block perhaps? And in terms of timing, would I be correct to think it might be more back-end loaded? Or would you think it might be ratable '26 to '28?

大家早安。如果我可以先稍微詳細闡述一下公平問題的話。首先，ATM 是否足夠大，可以滿足多年來 14 億美元的支出需求，您是否會考慮轉發或阻止？就時間而言，我認為它可能需要更多的後端負載，這樣對嗎？或者您認為它可能在 26 年至 28 年間可評級？

Yes. So we've announced as part of our updated finance that we foresee the need for $1.4 billion of new common equity through 2028. We normally raised about $25 million a year through our share of direct plans so that would be roughly about $100 million of that total. And the remaining $1.3 billion could be in the form of an ATM over time or it could be some type of forward transaction. We have a lot of flexibility with that, that we'll continue to evaluate different market conditions over time, determine what we best want to do there.

是的。因此，作為我們更新的財務狀況的一部分，我們宣布，我們預計到 2028 年將需要 14 億美元的新普通股。我們通常每年透過直接計劃份額籌集約 2500 萬美元，因此這約佔總額的 1 億美元。剩下的 13 億美元可能會以 ATM 的形式分批提取，或以某種遠期交易的形式提取。我們對此具有很大的靈活性，我們會隨著時間的推移繼續評估不同的市場條件，確定我們最想做什麼。

Regarding the timing question, right now, the financing plan assumes that, that $1.3 billion would come in ratably from '26 to 2028. But like I said, we have a lot of flexibility with that. So we would consider market conditions and then potentially think about modifications of the timing of that if we saw the right opportunity.

關於時間問題，目前的融資計畫假設，13 億美元將從 2026 年到 2028 年按比例到位。但正如我所說，我們對此有很大的靈活性。因此，我們會考慮市場條件，然後如果看到合適的機會，我們可能會考慮修改時機。

Okay. Great. That's helpful. And then forgive me if I missed it, but what exactly was added to the CapEx plan? It obviously went up by $600 million, give or take.

好的。偉大的。這很有幫助。如果我錯過了，請原諒我，但是資本支出計畫中到底增加了什麼？顯然，它上漲了 6 億美元左右。

Was that more generation or wires? And if it was generation, can you tell us what was the technology or technologies and the timing?

那是更多的一代還是更多的電線？如果是一代，您能告訴我們是什麼技術以及時間嗎？

Yes. The biggest component of that was on the generation side, specifically natural gas generation. And think of that as we continue to build out more load from these data center opportunities, we need capacity resources to be able to meet the peak demand of those customers. And back to the supplemental slide 7, we've identified 1.5 gigawatts of new -- facility load through 2030. And the biggest component of that CapEx increase was associated with that natural gas generation.

是的。其中最大的組成部分是發電方面，特別是天然氣發電。想想看，隨著我們繼續從這些資料中心機會中建立更多的負載，我們需要容量資源來滿足這些客戶的尖峰需求。回到補充投影片 7，我們已經確定到 2030 年新的設施負荷為 1.5 千兆瓦。資本支出成長的最大部分與天然氣生產有關。

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

It's actually Ranier for Ross. I just had a question about the MISO capacity auction. And I guess, how do you guys see that impacting consumer bills in the regulatory landscape?

實際上，羅斯的名字是雷尼爾 (Ranier)。我只是想問一下關於 MISO 容量拍賣的問題。我想問一下，你們認為這會對監管環境下的消費者帳單產生什麼影響？

Yes, we're actually very well positioned. It's a good question, given the kind of the results of that option, specifically the summer capacity prices being more elevated, we're taking advantage of that length right now in selling that excess capacity to the market, and we use those proceeds to actually help our customer bills. Unfortunately, I think some other folks may be another side of that where they may be short and seen some more challenges when it comes to customer bills, but we're very well positioned there, and we're going to continue to try and be well positioned as we think that's more longer term. trajectory as far as seeing higher elevated prices in the capacity market, which really supports our desire to continue to build new generation to support our customer demand.

是的，我們實際上處於非常有利的位置。這是個好問題，考慮到該選項的結果，特別是夏季容量價格更高，我們現在正在利用這段時間將過剩容量出售給市場，我們利用這些收益來幫助我們的客戶支付帳單。不幸的是，我認為其他人可能持另一種觀點，他們可能面臨短缺，在客戶帳單方面面臨更多挑戰，但我們在這方面處於非常有利的地位，而且我們將繼續努力，保持有利地位，因為我們認為這是一個更長遠的趨勢。就容量市場價格上漲而言，這確實支持了我們繼續建立新一代以滿足客戶需求的願望。

Okay. Makes sense. And then just secondly, how do you guys view potential ROFR legislation in Wisconsin? And I guess, what effect would that have on CapEx?

好的。有道理。其次，你們如何看待威斯康辛州潛在的 ROFR 立法？我想這會對資本支出產生什麼影響？

In terms of, in both states, there's actually a rotor legislation. As we look at it from a Wisconsin standpoint and what's ATC's investment opportunities are. They'd be likely stronger with a ROFR wherever ATC, like all other transmission providers will position itself to be competitive, should Eurofer not be supported in the state. But none of that is reflected in our CapEx plan, even though tranche 2.2 is outside of the window that you see here. There's a lot of projects that have been allocated to ATC that are still not in our CapEx plan because they go into those outer years of some great upside.

就這一點而言，這兩個州實際上都有轉子立法。當我們從威斯康辛州的角度來看這個問題時，ATC 的投資機會是什麼。如果 Eurofer 在該州無法獲得支持，那麼無論在哪裡，ATC 都可能憑藉 ROFR 變得更加強大，就像所有其他傳輸提供者一樣，ATC 都會將自己定位為具有競爭力。但這些都沒有反映在我們的資本支出計劃中，儘管第 2.2 部分超出了您在此處看到的範圍。有許多已分配給 ATC 的項目仍未納入我們的資本支出計劃，因為它們進入了具有巨大上升潛力的早期階段。

Paul Zimbardo, Jefferies.

保羅‧津巴多 (Paul Zimbardo)，傑富瑞 (Jefferies)。

First, I wanted to clarify on Nick's question a little bit on the EPS CAGR and ending to the top or near the top. Is it correct? That's reflecting the current capital plan and any of the incremental opportunities that you've discussed a lot, like the mature opportunities that would be incremental to that? Or kind of where are you thinking like this is a little bit of a preview of what you could be contemplating as well?

首先，我想稍微澄清一下 Nick 提出的關於 EPS CAGR 以及結束於頂部或接近頂部的問題。這是正確的嗎？這反映了當前的資本計劃以及您多次討論過的任何增量機會，例如與之相關的成熟機會？或者您認為這是否是您可能正在考慮的事情的預覽？

Yes. I would characterize that state as far as being disappointed if we're not towards the top end of that range by 2027 based on our current plan. We're going to continue to try and work on identifying further opportunities with further data center load growth and other economic development activities, which would be upside to our plan going forward.

是的。如果按照我們目前的計劃，到 2027 年我們還不能達到這個範圍的上限，我會感到失望。我們將繼續努力尋找更多機會，進一步增加資料中心的負荷並開展其他經濟發展活動，這將對我們未來的計劃有利。

Okay. Excellent. That's what I thought. And then if I could ask a little bit more color on the tariff commentary. I believe you said 20% tariffs on the batteries and most of them are secured or in transit.

好的。出色的。我也是這麼想的。然後，我是否可以就關稅評論再多問一些細節？我相信您說的是電池的關稅為 20%，而且其中大部分都是有擔保的或正在運輸中。

Just could you give a little detail? Did you change the sourcing strategy? Was this offset embedded contracts because it's a favorably lower number than like a lot of your peers in the industry have been discussing, so good to hear.

能提供一點細節嗎？您是否改變了採購策略？這是否抵消了嵌入式合同，因為它的數字比業內許多同行討論的數字要低得多，很高興聽到這個消息。

We have worked really hard to get ahead of that. And one of the things to note is still with that 20% tariffs that would be imposed on those batteries. that's still the lowest cost in terms of those batteries from China are still lower cost than domestically produced. So we're feeling very comfortable with where we are. and our in-service dates here this year.

我們確實付出了很大的努力才實現這一目標。需要注意的一點是，這些電池仍需徵收 20% 的關稅。就中國電池而言，這仍然是最低的成本，其成本仍低於國內生產的電池。因此，我們對目前的狀況以及今年的投入使用日期感到非常滿意。

Okay. And so you said those are Chinese batteries for that 20% tariff?

好的。所以您說這些電池是中國製造的，需要繳 20% 的關稅嗎？

They are.

是的。

We have no further questions at this time.

目前我們沒有其他問題。

With no more questions, this concludes our call. A replay will be available on our investor website. We thank you for your continued support of Alliant Energy, and feel free to contact me with any follow-up questions.

沒有其他問題了，我們的通話到此結束。我們的投資者網站上將提供重播。感謝您對 Alliant Energy 的持續支持，如有任何後續問題，請隨時與我聯絡。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。