Alliant Energy Corp (LNT) 2025 Q3 法說會逐字稿

Thank you for holding, and welcome to Alliant Energy's third quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy. Please go ahead.

感謝您的耐心等待，歡迎參加 Alliant Energy 2025 年第三季財報電話會議。（操作員指示）今天的電話會議正在錄音。現在我將把電話交給主持人，Alliant Energy 的投資者關係經理 Susan Gille。請繼續。

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.我要感謝今天所有參加電話會議和網路直播的朋友們。感謝您的參與。今天陪同我來到現場的有總裁兼執行長 Lisa Barton，以及執行副總裁兼財務長 Robert Durian。在 Lisa 和 Robert 發表準備好的演講之後，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 third quarter and year-to-date financial results. We narrowed our 2025 earnings guidance range, provided 2026 earnings and dividend guidance, and provided our updated capital expenditure and financing plans through 2029. This release as well as the earnings presentation will be referenced during today's call and are available on the Investor page of our website at www.alliantenergy.com.

我們昨晚發布新聞稿，公佈了 Alliant Energy 第三季及年初至今的財務表現。我們縮小了 2025 年的獲利預期範圍，提供了 2026 年的獲利和股利預期，並提供了更新後的 2029 年資本支出和融資計畫。本次新聞稿和收益報告將在今天的電話會議上提及，也可在本公司網站 www.alliantenergy.com 的投資人頁面上查閱。

Before we begin, I need to remind you that the remarks we make on this call and our answers to your questions include forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different.

在開始之前，我需要提醒各位，我們在本次電話會議中發表的言論以及我們對各位問題的回答都包含前瞻性陳述。這些前瞻性陳述存在風險，可能導致實際結果與預期結果有重大差異。

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.

這些風險包括（但不限於）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。

In addition, this presentation contains references to ongoing earnings per share, which is a non-GAAP financial measure. References to ongoing earnings include material charges or income that are not normally associated with ongoing operations. The reconciliation between ongoing and GAAP measures is provided in the earnings release, which is available on our website.

此外，本簡報中也提到了持續經營每股收益，這是一個非GAAP財務指標。持續經營收益包括與持續經營無關的重大費用或收入。持續經營指標與 GAAP 指標之間的調節表已在盈利報告中提供，該報告可在我們的網站上查閱。

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 our third quarter earnings call. Today, we're pleased to share our Q3 and year-to-date results, another quarter and year where we delivered solid financial and operational performance.

謝謝你，蘇。各位早安，感謝各位參加我們第三季財報電話會議。今天，我們很高興與大家分享第三季和年初至今的業績，在過去的季度和年份中，我們再次取得了穩健的財務和營運業績。

We will also share the outlook for the remainder of this year, update you on our strategic initiatives, including our capital expenditures, financing plans through 2029, and discuss how we're positioned to accelerate and extend our earnings expectations. We are well positioned because of the Alliant Energy Advantage and the realization of additional near-term low growth opportunities from data centers.

我們還將分享今年剩餘時間的展望，向您介紹我們的策略舉措，包括我們的資本支出、到 2029 年的融資計劃，並討論我們如何才能加快和擴大我們的獲利預期。由於 Alliant Energy 的優勢以及資料中心帶來的近期低成長機遇，我們處於有利地位。

We are continuing our consistent track record of execution and financial performance. Our performance is driven by our customer-focused investments and supportive regulatory environments, a winning strategy for driving continued growth, while prioritizing affordability and reliable service.

我們將繼續保持一貫的良好執行力和財務表現。我們的業績得益於以客戶為中心的投資和有利的監管環境，這是推動持續成長的勝利策略，同時優先考慮價格合理性和可靠的服務。

Our focus on customers and building stronger communities is at the heart of everything we do. With our compelling large load opportunities and diverse capital investment plans, we are well positioned to continue meeting customer, community and investor expectations.

我們一切工作的核心都是以客戶為中心，致力於建立更強大的社區。憑藉我們極具吸引力的大宗貨物運輸機會和多元化的資本投資計劃，我們完全有能力繼續滿足客戶、社區和投資者的期望。

We will cover each of these advantages today, as shown on slide 3, as they power Alliant's future. To start, I am pleased to share updates for the quarter. Our projected peak demand growth by 2030 has increased to an industry-leading 50% through the execution of a fourth electric service agreement with QTS Madison.

今天我們將逐一介紹這些優勢（如幻燈片 3 所示），因為它們將推動 Alliant 的未來發展。首先，我很高興與大家分享本季的最新進展。透過與 QTS Madison 簽訂第四份電力服務協議，我們預計到 2030 年的尖峰需求成長將達到業界領先的 50%。

We signed a new agreement with Google that further accelerates the load ramp in Cedar Rapids, and we continue to cultivate an active pipeline of additional opportunities. Our focus has been on prioritizing plug-in-ready sites, which minimize transmission investments and accelerates our ability to serve new customers. As a result, we can deliver project certainty, near-term earnings, and near-term positive community and customer benefits.

我們與Google簽署了一項新協議，進一步加快了錫達拉皮茲的負載提升速度，我們也積極開拓更多機會。我們一直致力於優先建造即插即用的站點，這樣可以最大限度地減少傳輸投資，並加快我們為新客戶提供服務的速度。因此，我們可以確保專案確定性、近期收益，以及近期為社區和客戶帶來的正面效益。

Concurrently, we continue to execute well against our capital plans. We completed construction of the Grant and Wood County energy storage projects totaling 175 megawatts and completed the Neenah and Sheboygan Falls Unit 1 advanced gas path projects, which increases the efficiency and capability of each of these Wisconsin facilities.

同時，我們的資本計畫也繼續順利執行。我們完成了格蘭特縣和伍德縣總計 175 兆瓦的儲能項目建設，並完成了尼納和希博伊根瀑布 1 號機組先進天然氣通道項目，提高了威斯康辛州這些設施的效率和能力。

These load growth opportunities and continued investments in our existing generation show how we're continuing to efficiently grow at the pace of our customers to foster economic developments across our service territory.

這些負載成長機會以及對現有發電設施的持續投資表明，我們正在以客戶的速度持續高效成長，從而促進我們服務區域內的經濟發展。

Next, our financial highlights. We delivered strong performance through the first three quarters. We are maintaining our midpoint and narrowing our 2025 ongoing earnings guidance range to $3.17 to $3.23 per share, as shown on slide 5, and we are trending towards the upper half of this range.

接下來是我們的財務亮點。前三個季度我們取得了強勁的業績。如投影片 5 所示，我們維持中點，並將 2025 年持續經營獲利預期範圍縮小至每股 3.17 美元至 3.23 美元，並且我們正朝著該範圍的上半部分發展。

As shown on slide 6, we are initiating 2026 earnings guidance of $3.36 to $3.46 per share, which represents a 6.6% increase over our 2025 midpoint. Our 2026 annual common stock dividend target is $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share. And we're increasing our four-year capital expenditure plan by 17% to $13.4 billion. This translates to a projected rate base and investment compound annual growth rate of 12% from 2025 to 2029.

如投影片 6 所示，我們首次發布 2026 年每股收益預期為 3.36 美元至 3.46 美元，比我們 2025 年的中點成長 6.6%。我們 2026 年的普通股年度股利目標為每股 2.14 美元，較 2025 年的每股 2.03 美元目標成長 5.4%。我們將四年資本支出計畫增加 17%，達到 134 億美元。這意味著從 2025 年到 2029 年，預計利率基礎和投資複合年增長率將達到 12%。

We expect our compound annual growth rate across 2027 to 2029 to be 7% plus. This is based on the planned growth in rate base and the expected data center revenues during that period. We will continue to assess our long-term earnings growth potential as we execute on our data center expansion and load growth plans.

我們預計 2027 年至 2029 年的複合年增長率將達到 7% 以上。這是基於該時期費率基數的計劃增長和預期的數據中心收入。我們將繼續評估我們的長期獲利成長潛力，同時推進我們的資料中心擴建和負載成長計劃。

As shown on slide 9, construction is well underway on three of the four data centers under agreement, two in Cedar Rapids, Iowa and one in Beaver Dam, Wisconsin. This progress clearly demonstrates that we are focused on meaningful near-term opportunities, each of which serves to unlock the potential of our customers and communities.

如投影片 9 所示，已達成協議的四個資料中心中有三個正在順利建設中，其中兩個位於愛荷華州錫達拉皮茲，一個位於威斯康辛州比弗丹。這項進展清楚地表明，我們專注於有意義的近期機遇，每一個機會都有助於釋放我們客戶和社區的潛力。

The contracted demand from the four facilities totals 3 gigawatts, translating to 50% peak demand growth by 2030. Accordingly, we've updated our four-year capital plan, and we will invest $9 billion in both new and existing generation, complementing investments we are making in electric gas and technology enhancements.

這四個設施的合約需求總計為 3 吉瓦，這意味著到 2030 年高峰需求將增加 50%。因此，我們更新了四年資本計劃，我們將投資 90 億美元用於新建和現有發電設施，以補充我們在電力天然氣和技術改進方面的投資。

Looking beyond the plan, we have a solid outlook of investment opportunities that extend our growth potential. Investment upside would be driven by additional load growth beyond what is included in the base plan.

展望未來，我們對能夠拓展成長潛力的投資機會有著清楚的認識。投資收益將主要來自基本計劃之外的額外負載成長。

We are focused on enabling real near-term growth, attracting high-impact projects to accelerate economic development as part of our commitment to Iowa and Wisconsin, and providing investors with a clear view of well-developed opportunities.

我們致力於實現近期真正的成長，吸引高影響力專案以加速經濟發展，履行我們對愛荷華州和威斯康辛州的承諾，並為投資者提供清晰的成熟投資機會。

As we continue to expand our pipeline, we remain committed to proactive community and stakeholder engagement, positioning Alliant Energy and the communities we serve for growth. Advancing win-win outcomes that maintain affordable service for customers and communities ensures Alliant continues to deliver value while unlocking the potential of our customers and communities.

隨著我們不斷擴大業務範圍，我們將繼續致力於積極主動地與社區和利害關係人互動，從而使 Alliant Energy 和我們服務的社群實現成長。推動雙贏成果，為客戶和社區提供價格合理的優質服務，確保 Alliant 能夠繼續創造價值，同時釋放客戶和社區的潛力。

To share a few examples of win-win outcomes. First, the Iowa retail construct stabilizes electric base rates for customers through the end of the decade, serving as a perfect example of a win for our existing customers through stable rates.

分享幾個雙贏案例。首先，愛荷華州的零售模式將客戶的電力基本費率穩定到本十年末，這完美地詮釋了透過穩定費率為現有客戶帶來雙贏的例子。

Second, we executed an agreement to enable fiber connectivity to one of our data center customers by leasing our underground conduit in our service territories, which provides substantial financial benefits to our existing customers.

其次，我們簽訂了一項協議，透過租賃我們在服務區域內的地下管道，為我們的一家資料中心客戶提供光纖連接，這為我們現有的客戶帶來了巨大的經濟利益。

And third, last week, QTS advanced its Wisconsin data center plans with meaningful community contributions, full funding of all infrastructure, and the purchase of renewable energy credits from new projects, reducing costs and creating value for all WPL customers.

第三，上週，QTS 透過向社區做出有意義的貢獻、為所有基礎設施提供全額資金以及從新項目中購買可再生能源信用額度，推進了其威斯康辛州數據中心計劃，從而降低了成本，並為所有 WPL 客戶創造了價值。

Support from our regulators has been key to moving our plans forward. The Iowa Utilities Commission approved the individual customer rates for our two data centers currently under construction in Cedar Rapids.

監管機構的支持是我們推進計劃的關鍵。愛荷華州公用事業委員會批准了我們位於錫達拉皮茲市正在建造的兩個資料中心的個人客戶費率。

Through these filings, we've demonstrated that our approach effectively protects existing customers, while allowing them to benefit from additional growth. And yesterday, the Public Service Commission of Wisconsin approved our unanimous retail electric and gas rate review settlement for forward test periods 2026 and 2027. This rate review cost effectively advances responsible energy solutions, strengthens the safety and resilience of our energy network, and expands options available to customers.

透過這些文件，我們證明了我們的方法能夠有效地保護現有客戶，同時讓他們從額外的成長中受益。昨天，威斯康辛州公共服務委員會批准了我們一致通過的零售電力和天然氣費率審查協議，該協議適用於 2026 年和 2027 年的測試期。此費率審查以經濟有效的方式推動負責任的能源解決方案，增強我們能源網路的安全性和韌性，並擴大客戶的選擇範圍。

Our strategy is rooted in being a trusted partner in delivering outcomes, customers and regulators seek with a strong focus on customer value and forward-looking investments. We are well positioned to provide competitive rates for both new and existing customers over the long-term as a result of our economic development success and our continued focus on cost controls.

我們的策略根植於成為值得信賴的合作夥伴，致力於實現客戶和監管機構所尋求的成果，並高度重視客戶價值和前瞻性投資。由於我們在經濟發展方面取得的成功以及我們對成本控制的持續關注，我們有能力在長期內為新舊客戶提供具有競爭力的價格。

The Alliant Energy Advantage is an acute focus on driving near-term growth, making smart investments to serve that growth while keeping bills low and benefiting new and existing customers. In short, being plug-and-ready enables stronger alignment between our revenue growth and capital investments.

Alliant Energy 的優點在於：專注於推動近期成長，進行明智的投資以服務這種成長，同時保持低帳單，使新舊客戶受益。簡而言之，即插即用的特性能夠更好地協調我們的收入成長和資本投資。

I will now turn the call over to Robert to provide our financial results, earnings and dividend guidance, financing plans and an update on our regulatory matters.

現在我將把電話交給羅伯特，讓他介紹我們的財務表現、利潤和股息預期、融資計劃以及監管事務的最新情況。

Thank you, Lisa. Good morning, everyone. Yesterday, we announced third quarter and year-to-date ongoing earnings. With third quarter ongoing earnings of $1.12 per share, we have realized over 80% of the midpoint of our 2025 earnings guidance.

謝謝你，麗莎。各位早安。昨天，我們公佈了第三季和年初至今的持續獲利情況。第三季每股持續收益為 1.12 美元，我們已實現 2025 年收益預期中位數的 80% 以上。

As shown on slide 5, our ongoing earnings change year-over-year was primarily due to higher revenue requirements from capital investments at our Iowa and Wisconsin utilities and the positive impacts of temperatures on electric and gas sales.

如投影片 5 所示，我們持續的年度收益變化主要是由於我們在愛荷華州和威斯康辛州的公用事業公司資本投資帶來的更高收入需求，以及氣溫對電力和天然氣銷售的正面影響。

These positive drivers were partially offset by higher operations and maintenance expenses, driven by increased generation costs from planned maintenance activities and the addition of new energy resources as well as higher generation development costs to support long-term growth.

這些積極因素部分被更高的營運和維護費用所抵消，而營運和維護費用的增加是由於計劃維護活動和新增能源資源導致的發電成本增加，以及為支持長期增長而增加的發電開發成本。

Additionally, higher depreciation and financing expenses contributed to earnings fluctuations. Through September of this year, net temperatures positively impacted electric and gas margins by approximately $0.02 per share.

此外，較高的折舊和融資費用也導致了獲利波動。截至今年 9 月，淨氣溫對電力和天然氣利潤率產生了積極影響，每股利潤率提高了約 0.02 美元。

In comparison, net temperatures negatively impacted electric and gas margins for the first three quarters of 2024 by $0.10 per share. Margins from our temperature-normalized electric sales have also been better than planned with higher-than-expected sales to commercial and industrial customers in both states.

相比之下，淨溫度對 2024 年前三個季度的電力和天然氣利潤率產生了負面影響，每股損失 0.10 美元。經溫度校正後的電力銷售利潤率也高於預期，兩個州的商業和工業客戶的銷售額都高於預期。

Electric margin comparisons to last year have experienced timing differences through the first three quarters of this year as a result of the new rates implemented in Iowa in the fourth quarter of 2024. The new seasonal rates are flatter, resulting in a less pronounced increase in summer rates, which has distributed earnings more evenly throughout 2025, resulting in quarterly timing differences from last year's margins, but no material impact on full year results.

由於愛荷華州在 2024 年第四季實施了新的電價，今年前三個季度的電力利潤率與去年同期相比出現了時間差異。新的季節性價格較為平緩，導致夏季價格上漲幅度較小，使得 2025 年的收入分配更加均勻，從而導致季度利潤率與去年相比存在時間差異，但對全年業績沒有實質影響。

Turning to our full year 2025 earnings forecast. As a result of our solid earnings through September and our projected fourth quarter results, assuming normal weather, we have narrowed our 2025 earnings guidance and are trending within the upper half of the $3.17 per share to $3.23 per share updated range.

接下來，讓我們來看看2025年全年的獲利預測。由於我們截至 9 月份的盈利穩健，並且假設天氣正常，我們對第四季度業績的預測也較為樂觀，因此我們縮小了 2025 年的盈利預期範圍，目前預計每股盈利將處於更新後的 3.17 美元至 3.23 美元區間的上半部分。

As Lisa mentioned, we also announced our projected 2026 earnings guidance range and dividend target. We are expecting to continue delivering an attractive total return to our investors through a combination of earnings growth and dividend yield.

正如 Lisa 所提到的，我們也公佈了 2026 年的獲利預期範圍和股利目標。我們期望透過獲利成長和股息殖利率的結合，繼續為投資者帶來可觀的總回報。

The 2026 earnings growth represents a 6.6% increase from our 2025 guidance midpoint, which is higher than our typical 6% forecasted growth. And our 2026 annual common stock dividend target is $2.14 per share, a 5.4% increase from 2025.

2026 年的獲利成長比我們 2025 年的預期中位數成長了 6.6%，高於我們通常預測的 6% 的成長。我們 2026 年的普通股年度股利目標為每股 2.14 美元，較 2025 年成長 5.4%。

We are moderating the pace of expected dividend growth to efficiently fund our increased capital expenditure plan. We will continue to target a dividend payout range of 60% to 70%, but expect to be in the lower end of the range during the period of our plan with higher investment opportunities.

我們正在放緩預期股息成長速度，以便有效地為我們增加的資本支出計劃提供資金。我們將繼續以 60% 至 70% 的股息支付率為目標，但預計在計劃實施期間，隨著投資機會的增加，股息支付率將處於該範圍的較低水平。

As shown on slides 11 and 12, we have updated the capital expenditure plan, which strengthens the diversity of our resources. We are investing in natural gas generation and energy storage projects to meet the capacity requirements of our growing customer demand.

如投影片 11 和 12 所示，我們更新了資本支出計劃，從而增強了我們資源的多元化。我們正在投資天然氣發電和儲能項目，以滿足不斷增長的客戶需求。

We are also making improvements in our existing fleet to enhance the capacity and energy output of those resources. And we continue to invest in our renewable portfolio by adding new wind and repowering existing wind sites.

我們也正在對現有船隊進行改進，以提高這些資源的容量和能源輸出。我們將繼續投資再生能源組合，新增風電場並改造現有風電場。

We have proactively safe harbored our energy storage and wind projects in our plan in order to preserve tax benefits for our customers, making these projects more cost effective, providing lower fuel costs and delivering greater affordability for our customers. With our refreshed investment plan, we now have a compounded annual growth rate of 12% for rate base plus construction work in progress, reinforcing our confidence in meeting our long-term growth objectives.

為了保障客戶的稅收優惠，我們主動在計畫中為儲能和風能項目採取了安全港措施，使這些項目更具成本效益，降低燃料成本，並為客戶帶來更大的經濟效益。透過我們更新的投資計劃，我們現在的資產基礎加上在建工程的複合年增長率達到了 12%，這增強了我們實現長期成長目標的信心。

Moving to our financing plans. In the third quarter, we successfully refinanced $300 million of debt issuances at IPO and issued $725 million of our first junior subordinated notes at our parent company. We plan to use the proceeds from the junior subordinated note issuance to retire maturing debt in March 2026.

接下來談談我們的融資計劃。第三季度，我們成功為首次公開發行 (IPO) 發行的 3 億美元債務進行了再融資，並在母公司發行了 7.25 億美元的首批次級債券。我們計劃利用次級附屬票據發行所得款項償還將於 2026 年 3 月到期的債務。

The equity content of this debt issuance is expected to assist us in maintaining cushion in our FFO to debt metrics to retain our current credit rating. As we look to future financings and with the increase in our capital expenditure plan, we provided an updated financing plan through 2029 on slide 13.

此次債務發行中的股權部分預計將有助於我們在FFO與債務指標方面保持緩衝，從而維持我們目前的信用評級。展望未來融資，隨著資本支出計畫的增加，我們在第 13 頁投影片中提供了截至 2029 年的最新融資計畫。

Of note, our capital expenditures will primarily be financed with a combination of cash from operations, including proceeds expected from the continuation of our tax credit monetization and new debt, hybrid and common equity issuances to maintain authorized regulatory capital structures and a desired consolidated capital structure of approximately 40% to 45% after factoring in the equity component of hybrid instruments.

值得注意的是，我們的資本支出將主要透過經營活動產生的現金流來融資，包括預期從繼續進行稅收抵免貨幣化和發行新債務、混合股和普通股中獲得的收益，以維持獲批准的監管資本結構，並在考慮混合工具的股權部分後，實現約 40% 至 45% 的理想合併資本結構。

We have significant growth opportunities. The $2.4 billion of new common equity included in our current financing plan for 2026 through 2029 will primarily be used to invest in the resources needed to supply our customers' growing energy needs.

我們擁有巨大的發展機會。我們目前的融資計畫（2026 年至 2029 年）中包含的 24 億美元新增普通股將主要用於投資滿足客戶日益增長的能源需求所需的資源。

We believe the equity is manageable over the four-year planning period and are anticipating settling the planned equity issuances ratably over that period of time. We plan to continue derisking our planned equity issuances on a forward basis, utilizing the ATM, while also being opportunistic with favorable market conditions.

我們認為，在四年的規劃期內，股權規模是可控的，並預計將在該期間內按比例結算計劃的股權發行。我們計劃繼續透過提前發行股票來降低計劃中的股權發行風險，同時利用自動售股機制，並在有利的市場條件下抓住機會。

Of the $2.4 billion of new common equity, we have raised our planned 2026 amounts already through forward agreements. And therefore, we have only $1.6 billion of remaining equity to be raised over the next four years, excluding equity expected to be raised under our Shareowner Direct Plan.

在新增的 24 億美元普通股中，我們已經透過遠期協議籌集了計劃於 2026 年實現的金額。因此，在未來四年內，我們只需要籌集 16 億美元的剩餘股權，不包括根據我們的股東直接投資計畫預計籌集的股權。

As shown on slide 14, our 2026 debt financing plans include up to $1.1 billion of long-term debt issuances, including up to $300 million at Alliant Energy Finance or parent, up to $300 million at WPL and up to $500 million at IPL.

如投影片 14 所示，我們的 2026 年債務融資計畫包括發行高達 11 億美元的長期債務，其中 Alliant Energy Finance 或其母公司發行高達 3 億美元，WPL 發行高達 3 億美元，IPL 發行高達 5 億美元。

Finally, I'll update you on our regulatory initiatives included on slide 16 and 17 as well as those filings planned for the future. In Wisconsin, we have four active dockets currently in progress, three of which involve requests for preapproval of customer-focused investments.

最後，我將向大家介紹投影片 16 和 17 中包含的我們的監管舉措，以及未來計畫提交的文件。在威斯康辛州，我們目前有四個正在進行的案件，其中三個涉及以客戶為中心的投資的預先批准請求。

First, a request for investments to refurbish the Forward wind farm, targeting additional production tax credits from the project for the benefit of our customers. Second, a request for investments in a liquefied natural gas storage facility, our first ever, to add firm natural gas capacity. This will ensure we can reliably meet current and anticipated gas supply needs, while maintaining an adequate reserve margin during Wisconsin's coldest winter days. And third, a request for investments to expand the Bent Tree Wind Farm, adding over 150 megawatts of new wind to provide more zero fuel cost energy and additional tax benefits for our customers.

首先，我們請求投資翻新 Forward 風電場，目標是從該專案中獲得額外的生產稅收抵免，以造福我們的客戶。其次，我們請求投資建造液化天然氣儲存設施，這是我們有史以來第一個液化天然氣儲存設施，以增加穩定的天然氣供應能力。這將確保我們能夠可靠地滿足當前和預期的天然氣供應需求，同時在威斯康辛州最寒冷的冬季保持足夠的儲備餘裕。第三，請求投資擴大本特里風電場，新增 150 多兆瓦風能，為我們的客戶提供更多零燃料成本能源和額外的稅收優惠。

We are also awaiting the PSCW's decision on the individual customer rate filing for our Beaver Dam data center. In Iowa, we have three active dockets in progress. We have requested advanced remaking principles for up to 1-gigawatt of wind, which has the potential for customers to avoid significant fuel costs, while investing in cost-effective and responsible energy resources.

我們也在等待 PSCW 對我們比弗丹資料中心個人客戶費率申請的決定。在愛荷華州，我們目前有三起案件正在審理中。我們已要求採用先進的改造原則，用於高達 1 吉瓦的風能，這有可能使客戶避免大量的燃料成本，同時投資於具有成本效益和負責任的能源資源。

And we requested two certificates of public convenience, use and necessity, one for 720 megawatts of natural gas-fired simple cycle combustion turbines, which will be located in Marshall County, Iowa; and a second for a 94-megawatt natural gas RICE unit in Burlington, Iowa. We expect decisions from the Public Service Commission of Wisconsin and the Iowa Utilities Commission on these dockets in 2026.

我們申請了兩份公共便利、使用和必要性證書，一份用於位於愛荷華州馬歇爾縣的 720 兆瓦天然氣簡單循環燃氣渦輪機；另一份用於位於愛荷華州伯靈頓的 94 兆瓦天然氣 RICE 機組。我們預計威斯康辛州公共服務委員會和愛荷華州公用事業委員會將於 2026 年就這些案件作出決定。

Turning to our planned regulatory filings in the future. We expect to file our individual customer rate tariff for QTS Madison later this month. And in conjunction with our updated capital expenditure plan, we also expect to make future regulatory filings in both Iowa and Wisconsin for additional renewables and dispatchable resources to enhance reliability, continue to diversify our energy resources, and meet growing customer energy needs.

接下來談談我們未來計畫提交的監管文件。我們預計將於本月稍後提交 QTS Madison 的個人客戶費率表。結合我們更新的資本支出計劃，我們也預計將在愛荷華州和威斯康辛州提交監管文件，以增加再生能源和可調度資源，從而提高可靠性，繼續實現能源資源多元化，並滿足客戶不斷增長的能源需求。

I'll now turn the call back over to Lisa to provide closing remarks.

現在我將把電話交還給麗莎，請她做總結發言。

Thank you, Robert. In conclusion, we're excited about our year-to-date performance and the growth opportunities in front of us at Alliant Energy. What sets us apart? Unlocking the potential of our customers and communities is at the center of our strategy. By pursuing win-win solutions and focusing on near-term opportunities, we're driving affordability, fueling growth and creating lasting shareholder value.

謝謝你，羅伯特。總之，我們對今年迄今的業績以及Alliant Energy面臨的成長機會感到興奮。我們的獨特之處是什麼？釋放客戶和社區的潛力是我們策略的核心。透過追求雙贏方案並專注於近期機遇，我們正在提高產品可負擔性，促進成長，並創造持久的股東價值。

Thank you for your continued support. We look forward to speaking with many of you at the EEI Financial Conference and plan to post updated materials on our website later today. At this time, I'll turn the call back over to the operator to facilitate the question-and-answer session.

感謝您一直以來的支持。我們期待在EEI金融大會上與各位交流，並計劃於今天晚些時候在我們的網站上發布更新後的資料。此時，我將把電話轉回給接線生，以便進行問答環節。

(Operator Instructions) Bill Appicelli, UBS.

（操作員說明）比爾‧阿皮切利，瑞銀集團。

Just a question around -- the color, if you could provide on the ramp on the demand, right, around what that could mean for the trajectory of earnings above that 7% as the load starts to come on to the system?

我有一個問題——關於需求成長的趨勢，您能否提供一些信息，例如隨著系統負荷開始增加，這對超過 7% 的收益軌跡意味著什麼？

Yes. Great question. So the way to think about the 7-plus is that it would be at least 7% to 8%, and this is before upside to the plan. And as a reminder, this is all known projects and so forth. One of the things to keep in mind in terms of that time frame, and we've talked about this being our desire to create cascading ways of growth.

是的。問得好。所以，對於 7+ 的理解方式是，它至少會是 7% 到 8%，而且這還不包括該計劃的上漲空間。再次提醒一下，這些都是已知的項目等等。就這個時間框架而言，需要記住的一件事是，我們已經討論過，我們希望創造層層遞進的成長方式。

And as such, timing is important. So there's some lumpiness. When you think about the 50% load growth, that's really significant. So timing is something that we'll certainly be watching on a going-forward basis.

因此，時機很重要。所以表面有些凹凸不平。考慮到負載增長了 50%，這確實非常顯著。因此，時機是我們今後肯定會持續關注的因素。

Okay. So the 12% rate base growth. So when we just think about backing off of that, it's really the equity dilution. Is there anything else to think about when you walk that back to earnings growth?

好的。因此，利率基數成長了12%。所以當我們考慮撤回這項投資時，其實就是股權稀釋。把這些因素重新分析到獲利成長上，還有什麼需要考慮的嗎？

Yes. Great question, Bill. I think of the 12% is a combination of both rate base growth plus QIP growth. So roughly about 10% rate base growth, but also about 2% of QIP growth over that time period. Given the volume of capital expenditures we've got in our plan, the QIP balances are going to increase pretty significantly.

是的。問得好，比爾。我認為12%的成長是利率基礎成長和合格機構投資項目（QIP）成長共同作用的結果。因此，同期利率基礎成長約 10%，但合格改良資產 (QIP) 成長約 2%。鑑於我們計劃中的資本支出規模，合格改良資產 (QIP) 餘額將大幅增加。

But to your specific question as far as the walk between the 12%, the combination of those two and what we're signaling here for at least 7% to 8%, most of that is related to the equity dilution. We've also got what I would characterize as a conservative set of financial assumptions when it comes to interest rates.

但就你提出的12%之間的差距，以及我們在這裡暗示的至少7%到8%的差距，大部分都與股權稀釋有關。在利率方面，我們也採取了一套我認為比較保守的財務假設。

And then there might be what I would characterize some small regulatory lag, but it's pretty modest. So it's primarily the equity dilution and just kind of probably more our conservative nature with some of the interest rate assumptions.

此外，也可能會出現一些監管方面的滯後，但滯後程度相當輕微。所以主要是股權稀釋，也可能是因為我們比較保守，在利率假設上比較謹慎。

Okay. And then just one follow-up there. Specific to Iowa because of the uniqueness of that regulatory framework. I mean, what are the assumptions here in terms of earned returns? Is it just at your authorized across the plan? There is some optionality for you to the upside to retain some of those benefits if you can outperform, right?

好的。然後就只有一個後續問題。由於愛荷華州的監管框架具有獨特性，因此這個問題僅適用於該州。我的意思是，就已獲得的利益而言，這裡的假設是什麼？是否僅限於您計劃中的授權範圍？如果你能取得比市場更好的表現，你就可以選擇保留部分收益，對吧？

That is correct, Bill. Yes, think of the State of Iowa right now, we've got the electric side of the business that does have a new regulatory construct that was put into effect last year that does provide us a lot of certainty of our ability to be able to earn our authorized return and does have some upside opportunity for us.

沒錯，比爾。是的，想想現在的愛荷華州，我們電力業務方面確實有一個去年生效的新監管框架，這確實讓我們對能夠獲得授權回報的能力有了很大的確定性，並且確實給我們帶來了一些上行的機會。

If we go beyond our authorized return, we share those benefits with our customers. Right now, we've just assumed that we're going to earn our authorized return. And then on the gas side, it doesn't have that similar construct.

如果我們超出授權退貨範圍，我們會將超出部分收益分享給我們的客戶。目前，我們只是假設我們將獲得授權的回報。而在氣體方面，它卻沒有類似的結構。

We will have to go in for future rate cases to be able to minimize the regulatory lag there, and we'll time those based on future capital projects to ensure that we can get as close as possible to earning that authorized return.

我們將不得不參加未來的利率調整案件，以盡量減少監管滯後，我們將根據未來的資本項目來安排這些案件的時間，以確保我們能夠盡可能接近獲得授權的回報。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Maybe just your kind of calling out that it seems that this 7-plus is pretty conservative. You're in active negotiations for the 2 to 4 gigawatts of additional load. Can you just give a little bit more color on what stages of those incremental opportunities are, and what your line of sight is to maybe have another kind of signed load contract in 2026?

也許你只是想指出，這個 7+ 似乎相當保守。你們正在積極洽談增加 2 至 4 吉瓦的負荷。您能否更詳細地介紹這些漸進式機會的具體階段，以及您預計在 2026 年能否簽署另一份類型的運輸合約？

Yes. No, great question. So yes, I'm going to go back to last year. When we talked at EEI last year, we announced a gigawatt, Q1, 2.1 gigawatts. And today, we're at 3 gigawatts.

是的。不，問得好。是的，我要回到去年。去年我們在EEI會議上宣布，第一季將實現2.1吉瓦的裝置容量。而今天，我們的裝置容量達到了 3 吉瓦。

We have been very focused on making sure that there are near-term opportunities that they are less transmission dependent. And we're also having a very high bar in terms of what we're sharing with you all. So these are ones that we are in active negotiations on. These are ones where we have our transmission interconnection studies done and so forth. And so this is something to very closely watch over the next 12 months and some of which, of course, will be sooner.

我們一直非常注重確保近期內能夠出現減少對病毒傳播依賴的機會。而且，我們對與大家分享的內容也有著非常高的要求。所以，這些都是我們正在積極談判的項目。這些地方我們已經完成了輸電線路互聯研究等等。因此，在接下來的 12 個月裡，我們需要密切關注此事，當然，其中一些事件發生得更快。

We will -- we are committed as we have in the past to continuing to give you a very clear line of sight and to avoid speculation on all of these.

我們將一如既往地致力於為您提供清晰的信息，避免對所有這些事情進行猜測。

And then just so I'm kind of understanding it correctly, that would then kind of put this growth rate above 8%. Is that the right way to think about it?

然後，為了確保我理解正確，這樣一來，成長率就會超過 8%。這種思考方式正確嗎？

It would be above that, yes, above that 5% to 7% that we talked about. So this is all great upside to our plan.

是的，會高於我們之前討論的 5% 到 7%。所以，這對我們的計劃來說都是極大的利多。

Maybe I could also just ask, thank you so much for the financing commentary. What is your FFO to debt going to be at the end of '25? Where do you kind of see it through '26? And then also just you have $300 million of tax credits through '26. Does that continue at that level through 2030? And just understanding if you have to eventually replace that cash flow down the line?

我還可以問一句，非常感謝您對融資的評論。到 2025 年底，您的 FFO 與負債比率將會是多少？你覺得它在 2026 年會發展到什麼程度？此外，到 2026 年，你還有 3 億美元的稅收抵免。這種情況會持續到2030年嗎？只是想了解一下，將來是否需要找到替代現金流的方法？

Great question, Nick. So yes, if you think about our FFO to debt metrics, throughout the planning period, we're really targeting to try and have roughly about 50 to 100 basis points of cushion. And really, that's going to let us further grow into the plan.

問得好，尼克。所以，是的，如果你考慮我們的 FFO 與債務指標，在整個規劃期內，我們確實旨在爭取大約 50 到 100 個基點的緩衝空間。而這實際上將使我們能夠進一步推進計劃。

When you think about the 2 to 4 gigawatts that Lisa indicated, we want to make sure we've got strong balance sheets to be able to grow into that at even higher levels than we've got kind of currently indicated with the 7% to 8% plus.

考慮到 Lisa 提到的 2 到 4 吉瓦，我們希望確保我們擁有強勁的資產負債表，以便能夠以比目前 7% 到 8% 更高的速度增長到這個水平。

So -- and as we think about the tax credits, there's roughly about, I want to say, $1.5 billion, $1.6 billion in the plan over the next four years. We've had a lot of strong interest from counterparties to be able to buy those credits and have a lot of confidence in being able to execute those as far as generating the credits and then turning those into cash. And so I feel really good about the plan with all of those aspects.

所以——當我們考慮稅收抵免時，我想說，未來四年該計劃的金額大約為 15 億美元至 16 億美元。我們已經收到許多交易對手的強烈購買意向，我們非常有信心能夠執行這些交易，包括產生這些信用額度並將其轉化為現金。因此，我對這個計劃的各個方面都非常滿意。

One more, if I could. Just the 12% load growth CAGR is large. And I understand the timing of how you get above this 7% plus could also be related to just the load ramping. So just what's the starting point that's embedded in '26, so we have a base to work off of?

如果可以的話，再來一個。單單12%的載貨量複合年增長率就相當可觀了。我理解達到 7% 以上的時機也可能與負荷逐漸增加有關。那麼，1926 年的起點是什麼？我們又該如何以此為基礎開展工作呢？

It's actually pretty modest in 2026. We do start to see some of the data centers taking more what we call production load instead of construction load in the second half, mainly in the fourth quarter of 2026. And you'll see that continue to ramp through 2020 -- sorry, 2030 is when we expect to be at that full level of the 3 gigawatts of max contract demand that we have in our plan right now.

實際上，到 2026 年，這個數字相當適中。我們確實開始看到一些資料中心在下半年，主要是在 2026 年第四季度，承擔更多的生產負載而不是建設負載。你會看到這種情況在 2020 年繼續加劇——抱歉，應該是 2030 年，我們預計屆時將達到我們目前計劃中 3 吉瓦最大合約需求的滿載水平。

All right. Looking forward to seeing you guys soon.

好的。期待很快能見到你們。

Julien Dumoulin, Jefferies.

Julien Dumoulin，傑富瑞集團。

Just a follow-up on the 2 to 4 gigs in the pipeline here. Previously, you've identified something like 1.5 gigawatts of mature opportunities with a high probability of conversion, maybe 85%. Taking out QTS Madison, there's something like 600 to 800 megawatts theoretically still in that bucket, perhaps more. But how would you characterize the probability of conversion over time for the remaining 3 to 3.5 gigs there? And then -- and maybe how fragmented is this pipeline? Is the demand dispersed across Iowa and Wisconsin evenly? Just any commentary you have there.

關於目前正在籌備的 2 到 4 個演出項目，這裡做個後續說明。之前，您已經確定了大約 1.5 吉瓦的成熟機會，轉換率很高，可能達到 85%。如果把 QTS Madison 排除在外，理論上這部分容量還有大約 600 到 800 兆瓦，甚至可能更多。但是，您如何描述剩餘的 3 到 3.5 GB 資料隨時間推移的轉換機率？那麼——或許這個流程有多分散？愛荷華州和威斯康辛州的需求分佈是否均勻？任何評論都可以。

Yes, I appreciate that. So everything that we had in the 1.5 that I'll call it the blue zone from previous decks means still an incredibly high level of confidence in that. Quite frankly, we've got a high level of confidence in all of this. And think about -- this is how I think about it. You look at Iowa.

是的，我很感激。所以，我們在 1.5 版中擁有的所有內容（我稱之為之前卡組中的藍色區域）意味著我們仍然對此抱有極高的信心。坦白說，我們對這一切都非常有信心。想想看——我是這麼想的。你看看愛荷華州。

We serve 75% of the communities in Iowa. We serve 40% of the communities in Wisconsin. If you're a data center, what do you need? You need fiber, you need land, you need transmission, you need a utility that's willing to work with you and that is well positioned to be able to deliver on its commitments. And that's where I think when you think about the Alliant Energy Advantage where we hit it out of the park, we are in rural Iowa and rural Wisconsin, surrounded by transmission.

我們為愛荷華州 75% 的社區提供服務。我們為威斯康辛州 40% 的社區提供服務。如果你是一家資料中心，你需要什麼？你需要光纖、土地、輸電線路，你需要一家願意與你合作且有能力履行承諾的公用事業公司。我認為，當你想到 Alliant Energy 的優勢時，我們就能大獲成功，因為我們位於愛荷華州和威斯康辛州的農村地區，周圍都是輸電線路。

We've been focusing these data centers and continue to focus this 2 to 4 gigawatts on those locations where they don't have to wait for a 100-mile transmission line or anything else. We're really trying to make sure that we can bring this load in sooner and faster.

我們一直專注於這些資料中心，並將繼續將這 2 到 4 吉瓦的電力集中在那些無需等待 100 英里輸電線路或其他任何東西的地方。我們正在努力確保能夠更快、更好地完成這批貨物的運輸。

So that gives us a lot of confidence in being able to price appropriately and why we're just so excited about our ability to unlock the potential of our customers and communities. And not only that, we're in MISO. And MISO is acutely focused on making sure it's got robust transmission planning, that it's got an interconnection process, both for new generation as well as for loads that allows us to grow at this very active pace.

因此，這讓我們對合理定價充滿信心，也讓我們對能夠釋放客戶和社群的潛力感到無比興奮。不僅如此，我們還在中國際標準化組織（MISO）內。MISO 非常重視確保其擁有強大的輸電規劃和互聯流程，無論是針對新的發電還是針對現有負荷，這使我們能夠以如此積極的速度發展。

Last thing I'll mention is we've got really constructive states between Wisconsin and Iowa. Right now, it's -- Iowa is very well positioned. As is Wisconsin, I think you'll see more of the data centers gravitating a little bit more towards Iowa, and that's just simply because we've got a lot of sites there.

最後我想提的是，威斯康辛州和愛荷華州之間還有一些非常有建設性的州。目前來看，愛荷華州處於非常有利的地位。就像威斯康辛州一樣，我認為你會看到更多的資料中心向愛荷華州遷移，這只是因為我們在那裡有很多站點。

Remember, we've invested heavily over the years in land, and we've been able to have that as an attractive source for folks. But we're confident in the fact that in both jurisdictions, the significance of this load growth is really going to be driving affordability for all customers.

記住，多年來我們在土地方面投入巨資，這使得土地成為人們眼中極具吸引力的資源。但我們有信心，在這兩個地區，這種負荷成長的意義在於真正提高所有客戶的負擔能力。

And I think that, that's another key differentiator for us. And that allows us to be very well positioned from a regulatory standpoint. Regulators, as we mentioned earlier in my comments, are at the key -- they're just a key gating item for the entire sector.

我認為，這是我們的另一個關鍵優勢。這使我們能夠從監管角度處於非常有利的地位。正如我之前在評論中提到的，監管機構是關鍵——他們是整個行業的重要把關人。

And our performance here that you've seen with the approvals of the ICRs and the approvals that you're seeing with the generation projects and the approval of the rate settlement, the unanimous rate settlement, it really just tells you that we've got the wind at our back when it comes to making sure that we're aligned with what our regulators care about. That's what you have to solve for in this space.

從你們看到的ICR審批、發電項目審批以及費率結算（一致通過的費率結算）的批准來看，我們在這裡的表現確實表明，我們在確保與監管機構關注的事項保持一致方面，正處於有利地位。這就是你在這個領域需要解決的問題。

Yes, absolutely. No, I mean, given your execution thus far and kind of the plan you've set out here, that 8% plus after 2027, it seems reasonably achievable here. I kind of want to follow-up on that specifically, just as you mentioned in the slides that you have, as you integrate more load and growth into the plan, you could reassess guidance looking forward.

是的，絕對的。不，我的意思是，鑑於你目前的執行情況以及你在這裡制定的計劃，2027 年後 8% 以上的增長似乎是可以合理實現的。我想就這一點具體跟進一下，就像你在幻燈片中提到的那樣，隨著你將更多的工作量和成長納入計劃，你可以重新評估未來的指導方針。

Your current look-forward period, it coincides sort of with the end of the stay out in Iowa or there could be some uncertainty to the timing kind of as to whether you'd like to file then or how you'd like to approach the construct. But how should we think about rate case timing here?

您目前的展望期，大致與在愛荷華州的逗留結束時間重合，或者在時間安排上可能存在一些不確定性，例如您是否想在那時提交申請，或者您想如何處理該申請。但我們該如何看待這次利率案件的審理時機呢？

The way you're going to look at the outer years of your plans, the growth rates you're willing to commit to, knowing that you have that regulatory further out, you might have regulatory uncertainty in the forward period.

您在考慮未來幾年的計劃時，會考慮您願意承諾的成長率，因為您知道未來幾年可能會面臨監管方面的不確定性。

Just kind of going -- bringing that together with the idea that you've got this really visible above-average growth plan that you could potentially attain with upside here. How should we think about all these factors in the outer years?

就是這麼回事——把這一點和你有一個非常明顯的、高於平均水平的增長計劃的想法結合起來，你有可能實現這個計劃，並且還有很大的上升空間。我們該如何看待晚年生活中的這些因素？

So let's start with Wisconsin. Wisconsin, we've got forward-looking test years every two years. That positions us very well to have that clean line of sight on what we need from a generation investment standpoint, really ensuring that we're able to minimize lag.

那麼，我們就從威斯康辛州開始吧。威斯康辛州，我們每兩年都會進行一次前瞻性測試。這使我們能夠非常清楚地了解從發電投資角度來看我們需要什麼，從而真正確保我們能夠最大限度地減少滯後。

As you recall, in Iowa, we did not have that. And the introduction of the individual customer rate in combination with the structure that we have really allows us to make sure we're able to earn our authorized every year and be able to grow at the pace of our customers.

你可能還記得，在愛荷華州，我們沒有那種制度。引入個人客戶費率，再加上我們現有的結構，確實能夠確保我們每年都能獲得授權，並能夠與我們的客戶一起快速發展。

So in terms of how we're thinking of that over the period, I'm just going to point back to how successful MidAm has been. And over the past 10 years, they have not gone in for a rate review because of this construct.

所以，就我們這段時間以來對此的思考而言，我只想回顧一下 MidAm 的成功之處。過去 10 年，由於這種結構，他們一直沒有進行費率調整。

So that is why we are doubling down on our focus on making sure that we're unlocking the potential of our customers and communities. Rural Iowa, which is what we serve at 75%, they want to grow. They want data centers.

因此，我們正加倍努力，確保充分發揮客戶和社區的潛力。我們75%的客戶都服務於愛荷華州農村地區，他們希望發展壯大。他們想要資料中心。

They want to grow. This allows the property base to go up as well as driving costs down for customers. So we're going to continue to focus on that. Ideally, we wouldn't have to go in for another rate review. So I don't know, Robert, any additional commentary you'd like to provide?

他們渴望成長。這樣既可以擴大房產基礎，又能降低客戶的成本。所以我們會繼續專注於此。理想情況下，我們不需要再次進行費率審查。羅伯特，我不知道你還有什麼補充說明嗎？

Yes, we feel confident about the future of the plan. We only went through 2029 just because that's our standard process of just adding another year to the previous year, but don't read into that, that we have any concerns about beyond 2029. With all the growth that we see in front of us, we've got a really strong plan and feel like that's going to go well beyond 2029.

是的，我們對該計劃的未來充滿信心。我們之所以把時間範圍擴大到 2029 年，只是因為這是我們的標準流程，即在前一年的基礎上再增加一年，但這並不意味著我們對 2029 年以後有任何擔憂。鑑於我們面前的發展前景，我們制定了一個非常強有力的計劃，並且感覺這個計劃將會持續到 2029 年以後。

Understood. So with the certainty you kind of have here in the construct, are you confident that there's a possibility here post '27 into the '28 time frame, you could be considering an 8%-plus EPS guide? Is there further upside to the upside you've said here?

明白了。鑑於你目前對這個結構的把握，你是否確信在 2027 年到 2028 年這段時間裡，有可能達到 8% 以上的每股盈餘目標？你剛才提到的上漲空間還有其他可能嗎？

You really want to look at what's coming online from a data center standpoint. Everything is timing related. If we can get data centers to be coming online sooner, that's certainly good. We have transmission investments that both ATC and ITC are making. They're relatively minimal in the scheme of things, but a lot of that is going to be associated with timing.

你真的需要從資料中心的角度來關注即將上線的內容。一切都與時機有關。如果能讓資料中心早日投入使用，那當然是件好事。ATC和ITC都在進行輸電投資。從整體來看，它們的影響相對較小，但這很大程度上取決於時機。

And I think a really good indicator is what we announced with Google. And Google is working with us to accelerate that load ramp. So those are all the kinds of things to be watching for. And as we mentioned earlier, we're going to be very transparent. We're not going to throw a bunch of speculation at you.

我認為我們與谷歌共同宣布的事情就是一個很好的例子。谷歌正在與我們合作，加快負載提升速度。所以，以上就是所有需要注意的事項。正如我們之前提到的，我們將保持高度透明。我們不會向你拋出一堆猜測。

We're going to give you that clean line of sight. So that should -- I'm hoping that will be very helpful to you all.

我們將為您提供清晰的視線。所以，我希望這對大家會很有幫助。

Aditya Gandhi, Wolfe Research.

Aditya Gandhi，Wolfe Research。

Just on your 7% to 8%-plus commentary, what should we think of as the base for that 7% to 8%? Is that the midpoint of 2026 guidance for now? Is that a good way to think about it?

就您提到的 7% 到 8% 以上的幅度而言，我們應該如何看待這 7% 到 8% 的基準線呢？這是目前2026年指導意見的中點嗎？這種思考方式是否合理？

It is.

這是。

Okay. Great. And then on the 2 to 4 gigawatts of negotiations that you're having, can you give some more color on whether these are expansions of existing facilities or customers you've contracted with? Or are they new customers? And then just how should we think about the cadence of updates going forward?

好的。偉大的。關於您正在進行的 2 至 4 吉瓦的談判，您能否詳細說明一下，這些是現有設施的擴建，還是與您已簽約的客戶簽訂的合約？還是他們是新客戶？那麼，我們該如何考慮未來更新的頻率呢？

Will you just update your plan in Q3 next year? Or could we see an update potentially before that like you did in Q1 of this year?

你們會在明年第三季更新計畫嗎？或者我們能否像今年第一季一樣，在此之前看到更新？

Yes. I would think of the 2 to 4 gigawatts is a combination of expansions of existing sites as well as, as Lisa indicated, we have a lot of additional sites across our service territory that have transmission capabilities, land availability that we think are going to be great spots for new data centers. So it's a combination of those two.

是的。我認為 2 到 4 吉瓦的容量是現有站點擴建以及（正如 Lisa 指出的那樣）我們在服務區域內還有很多其他站點具備傳輸能力和土地可用性，我們認為這些站點將是建設新數據中心的絕佳地點。所以它是這兩者的結合。

When I think about the counterparties to these, these are all very high-quality hyperscalers or colocators. And so that's what really gives us a lot of confidence in being able to get these to the finish line because we know they're motivated customers with a lot of financial wherewithal to be able to kind of get us to the finish line on these.

當我想到這些公司的交易對手時，我發現它們都是非常高品質的超大規模資料中心或託管資料中心。因此，正是這一點讓我們對完成這些專案充滿信心，因為我們知道他們是積極主動的客戶，並且擁有足夠的財力來幫助我們完成這些專案。

And as far as the timing goes, I would say in the next 12 months, we'll probably have a lot more clarity within the 2 to 4 gigawatts. And as Lisa indicated, every quarter, we'll give updates as far as the status of those. And if we make progress within the next three to six months, we'll obviously share with you information on the quarterly call.

至於時間安排，我認為在接下來的 12 個月內，我們可能會對 2 至 4 吉瓦的裝置容量有更清晰的了解。正如麗莎所指出的，我們將每季更新這些項目的進度。如果我們在接下來的三到六個月內取得進展，我們當然會在季度電話會議上與您分享相關資訊。

Great. And just one more, if I may. Could you give us some more color on sort of the agreement that you signed with Google to accelerate the load ramp there? Can you just remind us what the load ramp looked like earlier and what it's looking like right now as you're trying to accelerate it?

偉大的。如果可以的話，我再問一個問題。能否詳細介紹一下您與Google簽署的旨在加快Google負載提升速度的協議？您能簡單描述一下之前加載斜坡的樣子，以及現在您嘗試加速加載斜坡時它的樣子嗎？

Yes. I think of that as of the 3 gigawatts, it's about 300 megawatts in total. And yes, they were interested in just going faster. I'll go back to my earlier comments. You'll see some of that starting to come in, in the second half of 2026, and then just going to ramp quicker than we originally anticipated.

是的。我認為，3吉瓦中，總共大約是300兆瓦。是的，他們只想開得更快。我還是堅持我之前的觀點。你會看到其中一些產品在 2026 年下半年開始上市，然後成長速度將比我們最初預期的要快得多。

So you'll see more load in '27 and '28 than we originally expected. But that's built into our base model right now and included in the plan.

因此，2027 年和 2028 年的負載將比我們最初預期的要高。但這已經融入我們目前的基本模型中，並包含在計劃中。

Understood.

明白了。

Three of the four projects are under active construction. So it's an amazing thing to watch how quickly these folks grow.

四個項目中有三個正在積極建設。所以，看著這些人成長得如此之快，真是一件令人驚嘆的事。

Ms. Gille, there are no further questions at this time.

吉勒女士，目前沒有其他問題了。

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。通話到此結束。回放將在我們的投資者網站上提供。感謝您一直以來對Alliant Energy的支持，如有任何後續問題，請隨時與我聯繫。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。