NiSource Inc (NI) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2024 NiSource earnings conference call. (Operator Instructions) I would now like to turn the conference over to Chris Turnure, Head of Investor Relations. You may begin.

謝謝你的支持。我叫珍妮，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 NiSource 2024 年第三季財報電話會議。（操作員指示）我現在想將會議轉交給投資者關係主管 Chris Turnure。你可以開始了。

Thank you. Good morning, and welcome to the NiSource third-quarter 2024 investor call. Joining me today are President and Chief Executive Officer; Lloyd Yates; Executive Vice President and Chief Financial Officer, Shawn Anderson; Executive Vice President of Strategy and Risk and Chief Commercial Officer, Michael Luhrs; and Executive Vice President and Group President, NiSource Utilities, Melody Birmingham. The purpose of this presentation is to review NiSource's financial performance for the third quarter of 2024 as well as provide an update on our operations and growth drivers. Following our prepared remarks, we'll open the call to your questions.

謝謝。早安，歡迎參加 NiSource 2024 年第三季投資人電話會議。今天加入我的還有總裁兼執行長；勞埃德·耶茨；執行副總裁兼財務長肖恩安德森；策略與風險執行副總裁兼首席商務長 Michael Luhrs；以及 NiSource Utilities 執行副總裁兼集團總裁，Melody Birmingham。本簡報的目的是回顧 NiSource 2024 年第三季的財務業績，並提供有關我們營運和成長動力的最新資訊。在我們準備好的發言之後，我們將開始回答您的問題。

Slides for today's call are available in the Investor Relations section of our website. We would like to remind you that some of the statements made during this presentation could be forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. Information concerning such risks and uncertainties is included in the risk factors and MD&A sections of our periodic SEC filings. Additionally, some of the statements made on this call relate to non-GAAP measures.

今天電話會議的幻燈片可在我們網站的投資者關係部分找到。我們想提醒您，本次演示中的一些陳述可能具有前瞻性。這些陳述存在風險和不確定性，可能導致實際結果與陳述中表達的結果有重大差異。有關此類風險和不確定性的資訊包含在我們定期向 SEC 提交的風險因素和 MD&A 部分。此外，本次電話會議中發表的一些聲明與非公認會計原則措施有關。

Please refer to the supplemental slides, segment information and full financial schedules for information on the most directly comparable GAAP measure and a reconciliation of these measures. I'd now like to turn the call over to Lloyd.

請參閱補充投影片、分部資訊和完整財務明細表，以了解有關最直接可比較的 GAAP 衡量標準以及這些衡量標準的調整的資訊。我現在想把電話轉給勞埃德。

Thank you, Chris, and good morning, everyone. I'll begin on slide 3. The NiSource investment thesis is simple. We serve our customers by delivering safe and reliable energy at an affordable value. Affordable energy requires efficient capital deployment, safe asset operations and constructive regulatory recovery mechanisms.

謝謝你，克里斯，大家早安。我將從幻燈片 3 開始。NiSource 的投資理念很簡單。我們以實惠的價格提供安全可靠的能源，為客戶提供服務。負擔得起的能源需要高效率的資本部署、安全的資產運作和建設性的監管回收機制。

These fundamentals generate competitive returns while enhancing our balance sheet position. Importantly, these are the foundation to the NiSource business plan, which continues to offer compelling value to stakeholders, driven by regulated utility operations across six highly constructive jurisdictions, offering diversification across fuel type and regulatory location. Strong execution from our team and these business fundamentals are what have driven a trailing 12-month 9.9% earned ROE at the NiSource level, demonstrating our focus on shareholder returns despite rapidly growing deployed capital and declining financial leverage. This is a GAAP number with an adjustment made only to normalized weather. All of this informs our long-term value proposition, which our teams continue to advance each quarter.

這些基本面產生有競爭力的回報，同時增強我們的資產負債表狀況。重要的是，這些是NiSource 業務計劃的基礎，在六個高度建設性司法管轄區的受監管公用事業運營的推動下，NiSource 業務計劃繼續為利益相關者提供引人注目的價值，提供跨燃料類型和監管地點的多元化。我們團隊的強大執行力和這些業務基本面推動 NiSource 水準的 ROE 在過去 12 個月達到 9.9%，這表明儘管部署資本快速增長且財務槓桿不斷下降，但我們仍注重股東回報。這是一個 GAAP 數字，僅根據正常天氣進行了調整。所有這些都體現了我們的長期價值主張，我們的團隊每季都會繼續推進這一價值主張。

But before we focus on the long-term plan refresh, let's turn to slide 4 and touch on the progress our teams have made on our regulatory activity. Being a trusted energy partner and enhancing NiSource's superior regulatory and stakeholder foundation is a priority, and we believe differentiates us from peer regulated utilities. We remain active in rate case and tracker filings and build our credibility through our six-state footprint by utilizing a stakeholder-focused mindset as we approach these processes. Last month, an administrative law judge in Pennsylvania recommended the commission approve our general rate case multiparty settlement as filed. In October, we reached a settlement in our Kentucky general rate case.

但在我們關注長期計畫更新之前，讓我們先看幻燈片 4，了解我們的團隊在監管活動方面取得的進展。成為值得信賴的能源合作夥伴並增強 NiSource 卓越的監管和利益相關者基礎是首要任務，我們相信這使我們有別於同行監管的公用事業公司。我們仍然積極參與費率案例和追蹤備案，並在處理這些流程時利用以利益相關者為中心的心態，透過我們在六個州的足跡建立我們的信譽。上個月，賓州的一位行政法法官建議委員會批准我們提交的一般費率案件多方和解。十月份，我們就肯塔基州一般利率案件達成了和解。

Approval of both these settlements are subject to final commission approval. In Indiana, we received approvals for both our solar CPC and amendments to add full ownership of solar facilities as well as a CPCN to construct a gas peaking facility, all of which helped NiSource retire its remaining coal-generating stations by the end of 2028. We also received approval to advance our strategy of using technology to more efficiently serve our customers through an upgraded work and asset management system, which utilizes data and analytics through AI to raise productivity and efficiency across the dispatch of our operations team. This includes deferral for a onetime in ongoing expenses and capital returns for the program, which went live in July for our electric operations and will go live next summer for our gas operations. This new technology is also an example of making strategic investments to better inform our culture and enhance risk management across our systems, to deliver operational excellence for our customers.

這兩項和解協議的批准均取決於委員會的最終批准。在印第安納州，我們的太陽能 CPC 和修正案獲得了批准，以增加太陽能設施的完全所有權以及 CPCN 以建造天然氣調峰設施，所有這些都幫助 NiSource 在 2028 年底前淘汰了其剩餘的燃煤發電站。我們也獲得批准推進我們的策略，透過升級的工作和資產管理系統，利用技術更有效地為我們的客戶提供服務，該系統透過人工智慧利用數據和分析來提高我們營運團隊調度的生產力和效率。這包括推遲該計劃的一次性持續支出和資本回報，該計劃於 7 月針對我們的電力業務投入使用，並將於明年夏天針對我們的天然氣業務投入使用。這項新技術也是進行策略性投資的一個例子，以更好地傳達我們的文化並加強整個系統的風險管理，從而為我們的客戶提供卓越的營運。

Our relentless focus on operational excellence enhances our risk management posture and drives protection for our customers, communities and shareholders through our capital allocation framework. We faced many potential categories of risk, which constantly evolve and risk management essential to our values. The utility industry continues to face potential challenges head on, whether it relates to natural disasters, the interest rate environment, inflationary pressures on cost structures or other items of uncertainty. Our teams are constantly implementing proactive solutions to add layers of protection into our plans and lead industry partners to understand and utilize best practices to derisk our execution and deliver our commitments. We have high confidence in our ability to achieve our financial commitments, which we believe are highly executable.

我們對卓越營運的不懈關注增強了我們的風險管理態勢，並透過我們的資本配置框架為我們的客戶、社區和股東提供保護。我們面臨許多潛在的風險類別，這些風險不斷發展，風險管理對我們的價值觀至關重要。公用事業行業繼續面臨潛在的挑戰，無論是自然災害、利率環境、成本結構的通膨壓力或其他不確定因素。我們的團隊不斷實施積極主動的解決方案，為我們的計劃增加保護層，並引導行業合作夥伴了解和利用最佳實踐來降低我們的執行風險並兌現我們的承諾。我們對實現財務承諾的能力充滿信心，我們相信這些承諾具有高度可執行性。

We are reaffirming 2024 adjusted EPS guidance of $1.70 to $1.74, and we continue to expect to achieve the upper half of this range. We are initiating 2025 adjusted EPS guidance of $1.84 to $1.88, consistent with maintaining our existing 6% to 8% annual growth commitment. Today, we are also announcing a refresh of our outlook across our five-year planning horizon and extend this commitment and our overall financial guidelines to 2029. Key elements of that plan included an updated five-year capital plan, which is $19.3 billion or equivalent to 89% of our total current rate base. This is slightly larger than our prior plans, 87% of the year-end 2023 rate base.

我們重申 2024 年調整後每股收益指引為 1.70 美元至 1.74 美元，並且我們繼續期望實現該範圍的上半部分。我們將 2025 年調整後每股盈餘指引設定為 1.84 美元至 1.88 美元，這與維持我們現有的 6% 至 8% 的年度成長承諾一致。今天，我們也宣布更新我們的五年規劃前景，並將這項承諾和我們的整體財務指導方針延長至 2029 年。該計劃的關鍵要素包括更新的五年資本計劃，該計劃規模為 193 億美元，相當於我們當前總利率基礎的 89%。這略高於我們先前的計劃，即 2023 年底費率基數的 87%。

This drives 8% to 10% rate base growth over to 2025 to 2029 period, which fuels our ability to increase our adjusted earnings per share growth rate by 6% to 8% annually. Our investments in strengthening the balance sheet support our commitment to target FFO to debt of 14% to 16% in all years of the plan. Our work does not stop at the base capital plan. We are fortunate to have a robust portfolio of valuable customer investments include and extend far beyond our five-year plan horizon, which Shawn will detail later. Our teams remain active in developing this portfolio of projects to meet our standards necessary to be included in our base plan.

這將推動 2025 年至 2029 年期間的基礎成長率達到 8% 至 10%，從而推動我們將調整後每股收益成長率每年提高 6% 至 8%。我們在加強資產負債表方面的投資支持了我們在計劃的所有年份將 FFO 債務控制在 14% 至 16% 的目標的承諾。我們的工作不止於基本資本計畫。我們很幸運，擁有強大的有價值的客戶投資組合，其中包括並遠遠超出了我們的五年計劃範圍，肖恩稍後將詳細介紹這一點。我們的團隊仍然積極開發該專案組合，以滿足我們基本計劃中所需的標準。

One example of work by our teams is the development of our strategy to serve the robust interest by data center customers for power to be served by NIPSCO. The fundamentals of the Northwest Indiana region are compelling to potential data center customers, access to critical infrastructure, including a robust transmission system and proximity to critical fiber connections. Predictable climate and weather with low natural catastrophe risk and a constructive business climate, including favorable tax structures, low-cost land and a supportive state government are all favorable factors in advancing development of data centers in the region. Our teams are working to evaluate this buildout, which could provide benefits to our existing system customers, enhance our communities and local tax space and provide compelling investment opportunities for our shareholders. Northwest Indiana is a premier location for data centers to locate. Simply put, there's potential for substantial value creation for all stakeholders and checking all of these boxes is important to NiSource.

我們團隊工作的一個例子是製定我們的策略，以滿足資料中心客戶對 NIPSCO 提供電力的強烈興趣。印第安納州西北部地區的基本面對潛在資料中心客戶具有吸引力，可以存取關鍵基礎設施，包括強大的傳輸系統和靠近關鍵光纖連接。可預測的氣候和天氣、低自然災害風險和建設性的商業環境，包括有利的稅收結構、低成本土地和支持性的州政府，都是推動該地區資料中心發展的有利因素。我們的團隊正在努力評估這個擴建項目，這可以為我們現有的系統客戶帶來好處，增強我們的社區和地方稅收空間，並為我們的股東提供引人注目的投資機會。印第安納州西北部是資料中心的首選地點。簡而言之，所有利害關係人都有可能創造巨大的價值，檢查所有這些方塊對 NiSource 很重要。

Now let's focus on the core execution our teams continue to deliver upon with our regulatory engagement over the last three year detailed on slide 5. During the trailing 12-month period ending last month, our average residential gas bill declined 16% on a total bill basis. Affordability remains a key priority for both NIPSCO and the Columbia family of companies, and we continue to be thoughtful about this as we advance the critical safety, compliance and reliability work necessary to deliver safe and reliable energy to our customers. In September, NIPSCO filed its first electric general rate case in two years, driven by nearly $2.5 billion of incremental investment for our customers and communities in Northern Indiana.

現在，讓我們專注於我們的團隊在過去三年中透過監管參與繼續實現的核心執行力，詳情請參閱投影片 5。截至上個月的過去 12 個月內，我們的平均住宅瓦斯費按總帳單計算下降了 16%。負擔能力仍然是 NIPSCO 和哥倫比亞公司家族的關鍵優先事項，我們在推進為客戶提供安全可靠的能源所需的關鍵安全、合規和可靠性工作時繼續深思熟慮這一點。9 月，NIPSCO 提交了兩年來的首個電力一般費率案件，這得益於我們為印第安納州北部的客戶和社區提供的近 25 億美元的增量投資。

The case incorporates the planned 2025 retirement of Units 17 and 18 at the Shafer Generating Station as well as four new solar and storage projects, now reflecting NIPSCO's full ownership. Major investments such as these are examples of our continued partnership with state policymakers, regulators and customers. Switching to Pennsylvania, we expect a final commission order and a new rate implementation in December. In Ohio, $285 million of investment was approved in August for our capital expenditure program rider and we expect to submit for two major capital riders in the state again early next year. In Virginia, intervenor testimony was filed in October for our general rate case and a final order is expected early next year.

該案例包括計劃於 2025 年退役的 Shafer 發電站 17 號和 18 號機組以及四個新的太陽能和儲存項目，這些項目現在反映了 NIPSCO 的全部所有權。諸如此類的重大投資就是我們與國家政策制定者、監管機構和客戶持續合作的例子。轉向賓州，我們預計最終佣金命令和新費率將於 12 月實施。在俄亥俄州，8 月批准了 2.85 億美元的投資用於我們的資本支出計劃附加條款，我們預計明年初再次提交該州的兩項主要資本附加條款。在維吉尼亞州，幹預者證詞已於 10 月就我們的一般費率案件提交，最終命令預計將於明年初下達。

Before I turn the call over, I want to thank all of our employees and contractors for their dedication to NiSource values, doing things safer, better, more efficient and for less costs. Our customers and shareholders rely on you every day. I'll now turn things over to Michael.

在轉接電話之前，我要感謝我們所有的員工和承包商，感謝他們對 NiSource 價值觀的奉獻，讓事情變得更安全、更好、更有效率、更便宜。我們的客戶和股東每天都依賴您。我現在把事情交給麥可。

Thank you, Lloyd. Good morning. We continue our disciplined and methodical approach to developing and effectuating a robust pipeline of investments to benefit stakeholders. I'll begin on slide 6 with an update on our generation investments. As Lloyd mentioned, there has been substantial progress made related to generation investments that will benefit all stakeholders.

謝謝你，勞埃德。早安.我們將繼續採用嚴格而有條理的方法來開發和實施強大的投資管道，以使利害關係人受益。我將從第 6 張投影片開始介紹我們發電投資的最新情況。正如勞埃德所提到的，發電投資方面已經取得了實質進展，這將使所有利害關係人受益。

With Gibson and Fairbanks having received regulatory approval for full ownership in August, we have now converted four projects to full ownership, which will materially lower cost to customers. In addition, we have progressed well in bringing our renewable assets into service. The 200-megawatt Cavalry Solar project with 45 megawatts of storage was placed in service in May, and we expect the 435-megawatt Dunns Bridge 2 solar project with 56 megawatts of storage to come online very early next year. Fairbanks and Gibson are expected to be in service later in 2025 with no changes to timelines since our last update. 100% of modules for Fairbanks are already on site, and Gibson is expected to have all modules delivered by early Q1 2025.

隨著吉布森和費爾班克斯在八月獲得監管部門的完全所有權批准，我們現在已經將四個項目轉變為完全所有權，這將大大降低客戶的成本。此外，我們在將再生資產投入使用方面也取得了良好進展。具有 45 兆瓦儲存容量的 200 兆瓦 Cavalry 太陽能專案已於 5 月投入使用，我們預計具有 56 兆瓦儲存容量的 435 兆瓦 Dunns Bridge 2 太陽能專案將於明年初上線。費爾班克斯和吉布森預計將於 2025 年稍後投入使用，自上次更新以來時間表沒有變化。 Fairbanks 的 100% 模組已到位，Gibson 預計將在 2025 年第一季初交付所有模組。

In continuing the work of maximizing the benefits of our assets for customers, NIPSCO filed a notification earlier this week with the IURC that an application will be filed requesting to convert the 200-megawatt Templeton Wind Energy Center in Benton County, Indiana, which was approved by the IURC of the PPA to a build transfer agreement in which NIPSCO will own the asset upon completion. If approved, it will reduce customer costs versus the PPA structure at a valuable wind property to our generation portfolio and increase shareholder investment. It is a great example of the NiSource team at work creating a win for all stakeholders. The projects on slide 6 are the result of the 2018 and 2021 NIPSCO Integrated Resource Plan and corresponding RFP processes. These projects represent billions of dollars of economically driven investment in the state of Indiana, the majority of which are already delivering zero commodity cost solar and wind, driving down fuel related charges to customers.

為了繼續為客戶實現資產利益最大化，NIPSCO 於本週早些時候向IURC 提交了一份通知，稱將提交一份申請，要求改造印第安納州本頓縣的200 兆瓦坦普爾頓風能中心，該申請已獲得批准根據購電協議的 IURC 簽署的建設轉讓協議，NIPSCO 將在竣工後擁有該資產。如果獲得批准，與我們發電投資組合中有價值的風電資產的購電協議結構相比，它將降低客戶成本，並增加股東投資。這是 NiSource 團隊為所有利害關係人創造雙贏的一個很好的例子。投影片 6 上的項目是 2018 年和 2021 年 NIPSCO 綜合資源計畫和相應 RFP 流程的結果。這些項目代表了印第安納州數十億美元的經濟驅動投資，其中大部分已經提供了零商品成本的太陽能和風能，從而降低了客戶的燃料相關費用。

Please turn to slide 7. On Monday, the NIPSCO team held the fifth and last stakeholder meeting in the 2024 IRP process. Potential incremental generation needs for the planning horizon are driven by three key factors: new EPA fossil fuel regulations, MISO reliability rules and data center demand. As most of you are aware, the EPA greenhouse gas standards and fossil fuel fired power plant guidelines finalized earlier this year may limit capacity factors, require carbon sequestration investments or hydrogen utilization for gas generation capacity. Additionally, MISO's four-season capacity construct and the reduction in capacity accreditation under the direct loss of load market design will have a substantial impact on generation requirements in the MISO footprint.

請翻到幻燈片 7。週一，NIPSCO 團隊召開了 2024 年 IRP 流程中的第五次也是最後一次利害關係人會議。規劃期間潛在的增量發電需求由三個關鍵因素驅動：新的 EPA 化石燃料法規、MISO 可靠性規則和資料中心需求。正如你們大多數人所知，今年稍早敲定的 EPA 溫室氣體標準和化石燃料發電廠指南可能會限制容量因素，需要碳封存投資或利用氫氣來提高天然氣發電能力。此外，MISO 的四個季節容量建設以及直接負載損失市場設計下容量認證的減少將對 MISO 足跡中的發電需求產生重大影響。

These changes, combined with the significant and growing interest in data centers and NIPSCO, supports our IRP reference case, which includes these rule updates and 2,600 megawatts of data center demand. We intend to file the final IRP at the IURC in December. As we work through the major changes to electric demand, we are evaluating the most customer beneficial glide path and our 2030 interim commitment as we move towards our 2040 net zero goal. Environmental objectives remain an important component of our overall company priorities, and we have made significant progress with more than a 70% reduction relative to our 2005 CO2 baseline, and we will continue to balance customer cost, reliability and pace of these investments to meet these goals.

這些變化，加上人們對資料中心和 NIPSCO 日益增長的興趣，支持了我們的 IRP 參考案例，其中包括這些規則更新和 2,600 兆瓦的資料中心需求。我們打算在 12 月向 IURC 提交最終 IRP。在我們努力應對電力需求的重大變化時，我們正在評估對客戶最有利的下滑路徑以及我們在實現 2040 年淨零排放目標的過程中的 2030 年臨時承諾。環境目標仍然是我們公司整體優先事項的重要組成部分，我們已經取得了重大進展，相對於2005 年二氧化碳基準減少了70% 以上，我們將繼續平衡客戶成本、可靠性和這些投資的步伐，以滿足這些目標目標。

On slide 8, you'll find an overview of capital opportunities not included in our base or upside financial plans. These items are under development by NiSource strategy and commercial teams to build the business cases to advance these opportunities for stakeholders. To highlight the breadth of opportunities we have and are developing, I will highlight two disparate examples: data and analytics employing AI and data center work. As Lloyd mentioned, we have made real progress in the strong and effective deployment of technology upgrades, but we have also been building data and analytics capabilities utilizing AI. We have built, tested and are now deploying work management utilizing AI with our gas operations, and we have already seen significant improvements, enabling operational goals, lowering cost, increasing CapEx deployment efficiency and derisking our operations. At the other end of the spectrum, our data center deal team is meeting with qualified counterparties to understand their business models and needs as we develop structures for NIPSCO to support data center generation and transmission needs while ensuring reliability for the region and protecting existing customers.

在投影片 8 中，您將看到我們的基本或上行財務計畫中未包含的資本機會的概述。NiSource 策略和商業團隊正在開發這些項目，以建立業務案例，為利害關係人帶來這些機會。為了強調我們擁有和正在開發的廣泛機會，我將重點介紹兩個不同的例子：採用人工智慧的數據和分析以及數據中心工作。正如勞埃德所提到的，我們在強大而有效的技術升級部署方面取得了真正的進展，但我們也一直在利用人工智慧來建立數據和分析能力。我們已經在天然氣營運中建置、測試並部署了利用人工智慧的工作管理，我們已經看到了顯著的改進，實現了營運目標，降低了成本，提高了資本支出部署效率並降低了營運風險。另一方面，我們的資料中心交易團隊正在與合格的交易對手會面，以了解他們的業務模式和需求，同時我們為NIPSCO 開發結構以支援資料中心發電和傳輸需求，同時確保該地區的可靠性並保護現有客戶。

We are actively working to enable access to the speed consistent with the data center demand profile. Fortunately, NIPSCO has a very strong infrastructure network in sites, which have sound technical fundamentals for generation and transmission buildout within the time frames beneficial to data center development. So though we have not included any data center activity within our plans or upside, we continue to focus on developing and vetting potential opportunities that would be beneficial to existing customers, shareholders, data centers and our communities. As mentioned, when we started, we will develop these opportunities in a methodical and disciplined manner just as we've done with the Templeton Wind project. Shawn will touch on more of that next. Shawn?

我們正在積極努力，以實現與資料中心需求狀況一致的存取速度。幸運的是，NIPSCO 在站點上擁有非常強大的基礎設施網絡，這些網絡具有良好的技術基礎，可以在有利於資料中心發展的時間範圍內進行發電和輸電建設。因此，儘管我們沒有將任何資料中心活動納入我們的計劃或優勢中，但我們將繼續專注於開發和審查對現有客戶、股東、資料中心和我們的社區有利的潛在機會。如前所述，當我們開始時，我們將以有條理、有紀律的方式開發這些機會，就像我們在 Templeton Wind 專案中所做的那樣。肖恩接下來將談到更多內容。肖恩？

Thank you, Michael. Let's start on slide 9. Third quarter adjusted EPS was $0.20 per share, an increase of $0.01 versus the same period one year ago. Higher rate base investments drove $61 million in incremental revenue, and net financing benefits of approximately $26 million were also realized on a year-over-year basis. Customer count and usage also added $2.6 million across our electric and gas businesses versus last year and have grown over $28 million total for the year.

謝謝你，麥可。讓我們從幻燈片 9 開始。第三季調整後每股收益為 0.20 美元，較去年同期增加 0.01 美元。較高利率的基礎投資帶動了 6,100 萬美元的增量收入，年比也實現了約 2,600 萬美元的淨融資收益。我們的電力和天然氣業務的客戶數量和使用量也比去年增加了 260 萬美元，全年總成長超過 2,800 萬美元。

Moving to slide 10. Let's break down our CapEx plan through 2029. As Lloyd mentioned earlier, we've refreshed our five-year plan outlook, which starts with a base capital plan of $19.3 billion. The enhanced base plan is $2.9 billion larger than our prior base plan, which is driven by a number of factors, including increased generation investments, gas compliance, and system hardening projects, and investments to modernize our information technology systems. As Michael shared, the base plan now reflects the inclusion of the Templeton project, which shifted from our upside plan into our base plan after our teams reached commercial agreement on the ownership of the project.

轉到投影片 10。讓我們詳細分析一下 2029 年之前的資本支出計畫。正如勞埃德之前提到的，我們更新了五年計劃展望，該計劃的基礎資本計劃為 193 億美元。增強後的基本計劃比我們之前的基本計劃多出 29 億美元，這是由多種因素推動的，包括增加發電投資、天然氣合規性和系統強化項目，以及對資訊技術系統現代化的投資。正如邁克爾分享的那樣，基本計劃現在反映了坦普爾頓項目的包含，在我們的團隊就項目所有權達成商業協議後，該項目從我們的上行計劃轉變為我們的基本計劃。

We have enhanced our disclosure on the new base plan to detail the investment themes we are seeing as necessary to deliver safe and reliable service to our customers. All of these investments have met our threshold to be included in the base plan, mainly based on socialization with stakeholders, compliance and safety requirements, and commercial structures at an affordable value. We've also spent time refreshing the portfolio of projects in the upside plan, those that our teams are actively working on flowing into the base plan. The revised upside plan now sits at $1.8 billion, and we've included an estimation of when those projects may become viable in our CapEx charts despite not yet being included in any of our base capital guidance or plans.

我們加強了對新基本計劃的揭露，以詳細說明我們認為為客戶提供安全可靠服務所需的投資主題。所有這些投資都達到了納入基本計劃的門檻，主要基於與利益相關者的社交、合規和安全要求以及價格實惠的商業結構。我們也花時間更新了上行計畫中的專案組合，我們的團隊正在積極致力於將這些專案納入基本計畫。修訂後的上行計畫目前為 18 億美元，我們已經在我們的資本支出圖表中包含了這些項目何時可行的估計，儘管尚未包含在我們的任何基本資本指導或計畫中。

The $1.8 billion upside category is slightly larger than our previous upside figure. It now consists of electric modernization, PHMSA compliance and legacy plastic and gas systems work as well as additional costs for MISO Tranche 1 projects. We continue to see increased demand for investment in our systems to deliver the growth and system capacity our stakeholders require while in alignment with the necessary operating standards. Once these projects meet our threshold to be included in the base plan, we will flow these through our full plan and provide updates along the way. I'd note here that the base and upside capital expenditures plans do not include any data center investment activity, which Lloyd and Michael highlighted earlier. We believe strongly that the data center strategy represents a compelling opportunity for NiSource.

18 億美元的上漲類別略大於我們先前的上漲數字。現在它包括電力現代化、PHMSA 合規性、傳統塑膠和氣體系統工作以及 MISO Tranche 1 項目的額外成本。我們繼續看到對我們系統的投資需求不斷增加，以實現利害關係人所需的成長和系統容量，同時符合必要的營運標準。一旦這些項目達到了納入基本計劃的門檻，我們將在整個計劃中貫穿這些項目，並在此過程中提供更新。我在這裡要指出的是，基本和上行資本支出計劃不包括勞埃德和邁克爾之前強調的任何資料中心投資活動。我們堅信資料中心策略對 NiSource 來說是一個極具吸引力的機會。

However, additional development of the strategy is required to meet our threshold to include in either the base or upside capital plans. With that said, the company is strongly positioned to advance this strategy. Continued execution on our financial commitments has strengthened the financial profile of the company, including its balance sheet positioning, which enables NiSource to be opportunistic in capital allocation decisions. The constructive regulatory backdrop in Indiana supports a utility-centric regulatory compact, and the vertical integration of the business model minimizes complexity for customers and regulators, while providing flexibility around cash flow recovery. NiSource has deep access to capital markets and maintains flexibility to efficiently finance data center opportunities. NiSource also has a long-standing history of supporting large load customers in the steel industry and has experience working with large customers to deliver value for all stakeholders.

然而，需要進一步製定該策略才能滿足我們納入基本或上行資本計畫的門檻。話雖如此，該公司有能力推進這項策略。持續履行我們的財務承諾增強了公司的財務狀況，包括其資產負債表定位，這使得 NiSource 在資本配置決策中能夠把握機會。印第安納州的建設性監管背景支持以公用事業為中心的監管契約，業務模式的垂直整合最大限度地降低了客戶和監管機構的複雜性，同時提供了現金流回收的靈活性。NiSource 擁有深入資本市場的機會，並保持靈活性，可以有效地為資料中心機會提供融資。NiSource 在支援鋼鐵業大負荷客戶方面也擁有悠久的歷史，並擁有與大客戶合作為所有利害關係人創造價值的經驗。

Let's move to slide 11. We are pleased to report that we have priced $600 million in common equity through our forward ATM structure, completing our stated guidance for 2024. Along with the junior subordinated notes issued this year, we've continued to strengthen the balance sheet positioning of the company. Despite the increase in capital expenditures included in our revised base capital plan, we do not expect changes to our financing plan and continue to target 14% to 16% FFO to debt in all years of our plan using a balanced mix of cash from operations, new long-term debt and $200 million to $300 million of annual maintenance equity to maintain our capital structure through the use of our at-the-market program.

讓我們轉到投影片 11。我們很高興地報告，我們已透過遠期 ATM 結構對 6 億美元的普通股進行了定價，完成了我們規定的 2024 年指引。隨著今年發行的初級次級票據，我們繼續加強公司的資產負債表定位。儘管我們修訂後的基本資本計劃中包含了資本支出的增加，但我們預計我們的融資計劃不會發生變化，並繼續使用平衡的營運現金組合，在我們計劃的所有年份中將FFO 的債務比例設定為14% 至16%，新的長期債務和 2 億至 3 億美元的年度維護權益，以透過使用我們的市場計劃來維持我們的資本結構。

Limiting regulatory lag and sequencing our capital expenditures through efficient capital recovery mechanisms, including capital trackers and forward-looking rate mechanisms helped NiSource minimize delays in recovery of capital deployed. Approximately 81% of our new base capital is expected to begin recovery inside 12 months, which fuels reasonable returns of capital and minimizes the need for new equity. This is the same strategy, which has enabled NiSource to achieve the 9.9% trailing 12-month enterprise ROE, which Lloyd highlighted, and which helps us use cash flow returns from the business to fund growth in the CapEx plans. Of note, we will continue to be opportunistic in the junior subordinated debt marketplace to strengthen the position of our FFO to debt as needed throughout our planned horizon.

透過有效的資本回收機制（包括資本追蹤器和前瞻性利率機制）限制監管滯後併排序我們的資本支出，幫助 NiSource 最大限度地減少了已部署資本回收的延遲。我們約 81% 的新基礎資本預計將在 12 個月內開始回收，這將促進合理的資本回報並最大限度地減少對新股本的需求。同樣的策略使 NiSource 實現了勞埃德強調的 9.9% 的過去 12 個月企業 ROE，並幫助我們利用業務的現金流回報為資本支出計劃的增長提供資金。值得注意的是，我們將繼續在初級次級債務市場上抓住機會，以在整個計劃範圍內根據需要加強我們的 FFO 對債務的地位。

On slide 12, you'll see our updated long-term financial commitments. The new base plan drives 8% to 10% rate base growth over the five-year period and continues our guidance of achieving annual adjusted EPS growth of 6% to 8% across each year of the plan, reflecting out through the 2029 period. The value of this is notable. As you know, we rebase long-term EPS growth guidance off of actual results and outperformance will flow through the full plan and compound when incorporating our growth rate. For example, as we initiate 2025 guidance of $1.84 to $1.88, the midpoint of this range is $0.10 per share higher than was estimated in our 2022 Investor Day, driven by outperforming the midpoint in all years of our plan. And this midpoint is 9.4% above the original midpoint when we initiated guidance for 2024.

在投影片 12 上，您將看到我們更新的長期財務承諾。新的基本計劃將在五年內推動8% 至10% 的基本增長率，並繼續我們的指導，即在該計劃的每一年實現6% 至8% 的年度調整後每股收益增長，這一點貫穿2029 年。其價值是顯著的。如您所知，我們根據實際結果重新調整了長期每股收益成長指導，在納入我們的成長率時，優異的業績將貫穿整個計劃和復合。例如，當我們啟動1.84 至1.88 美元的2025 年指引時，該範圍的中點比我們在2022 年投資者日的估計高出每股0.10 美元，這是由於我們計劃的所有年份的表現均優於中點。這個中點比我們啟動 2024 年指導時的原始中點高出 9.4%。

We are reaffirming our guidance of $1.70 to $1.74 for 2024 and again, expect to achieve results in the upper half of this range. Additionally, we remain committed to 14% to 16% FFO to debt in all years of the plan. As was the case with our prior plan, the upside CapEx category is not required to drive any of the financial commitments shown in the upper center box, and we will flow through any impacts associated with increases to our base case capital plan from the upside plan when those projects meet our standards to be included. I'd note, we remain focused on minimizing the financial impact, better safety, reliability and compliance work has across our customer base. Efficient projects like the Templeton Wind Energy Center enable an increase in CapEx plans while reducing the planned cost to customer and eliminate fuel costs for this portion of generation. Our revised plan projects less than 5% average annual bill increases across NiSource.

我們重申 2024 年 1.70 至 1.74 美元的指導，並再次預計取得該範圍上半部分的結果。此外，我們仍致力於在計劃的所有年份中將 FFO 的債務比例維持在 14% 至 16%。與我們先前的計劃一樣，上行資本支出類別不需要推動上方中心框中顯示的任何財務承諾，我們將從上行計劃中了解與基本案例資本計劃增加相關的任何影響當這些項目符合我們的標準時才會被納入。我要指出的是，我們仍然專注於最大限度地減少對客戶群的財務影響、更好的安全性、可靠性和合規性工作。坦普爾頓風能中心等高效項目可以增加資本支出計劃，同時降低客戶的計劃成本，並消除這部分發電的燃料成本。我們修訂後的計劃預計 NiSource 的年平均帳單增幅將低於 5%。

I'll conclude with highlights of our growing track record on slide 13. Our financial commitments are on track for 2024. We have established guidance for 2025 and remain confident in our near-term and long-term guidance remains resilient to market and forces outside our control and are based on realistic and executable assumptions. Settlements in our Pennsylvania and Kentucky rate cases and approvals for numerous Indiana generation and technology investments underscore our execution of recovery for critical investments to ensure safety and reliability of our systems.

最後，我將在投影片 13 上重點介紹我們不斷成長的業績記錄。我們的 2024 年財務承諾正按計劃進行。我們已經制定了 2025 年的指導方針，並對我們的近期和長期指導方針充滿信心，該指導方針仍然能夠適應市場和我們無法控制的力量，並且基於現實和可執行的假設。賓州和肯塔基州的和解費率案件以及印第安納州眾多發電和技術投資的批准強調了我們對關鍵投資的回收執行情況，以確保我們系統的安全性和可靠性。

Year-to-date financing activity has been completed, and the diversification utilized, and the junior subordinated debt marketplace demonstrates our balance sheet flexibility and continues to fortify our balance sheet positioning. Lastly, our base and upside CapEx plans demonstrate both programmatic investment plans and accelerated investment opportunities for customers and investors. To reiterate, our rate base and adjusted EPS guidance include neither the upside CapEx nor any data center load or investment and are built upon the known and socialized regulatory programs, which have contributed to the 8.1% adjusted EPS growth rate we've executed since 2021. The value proposition NiSource continues to offer investors is diversified and regulated utility assets with the opportunity to invest in both programmatic gas infrastructure and the long-term energy transition story of a fully integrated electric business. These elements have been core to our story for some time, but the emerging opportunity to support economic development, onshoring and new data center development truly differentiate our value proposition relative to many alternatives in the market today.

年初至今的融資活動已經完成，並利用了多元化，初級次級債務市場展示了我們的資產負債表靈活性，並繼續強化我們的資產負債表定位。最後，我們的基礎和上行資本支出計畫為客戶和投資者展示了程序化投資計畫和加速投資機會。重申一下，我們的費率基礎和調整後每股盈餘指引既不包括上行資本支出，也不包括任何資料中心負載或投資，而是建立在已知的社會化監管計畫的基礎上，這些計畫促成了我們自2021 年以來執行的8.1% 調整後每股收益成長率。NiSource 繼續為投資者提供多元化和受監管的公用事業資產的價值主張，並提供投資於程序化天然氣基礎設施和完全整合的電力業務的長期能源轉型故事的機會。一段時間以來，這些要素一直是我們故事的核心，但支持經濟發展、本土和新資料中心開發的新興機會真正使我們的價值主張相對於當今市場上的許多替代方案有所不同。

I'd now like to turn the call over to the operator for Q&A.

我現在想將電話轉給接線員進行問答。

(Operator Instructions) Nick Campanella, Barclays.

（操作員說明）Nick Campanella，巴克萊銀行。

Hey, good morning.

嘿，早安。

Morning, Nick.

早安，尼克。

Good to see everything playing out from the Analyst Day here. So congrats on that. So in your prepared remarks, you kind of talked about you're having discussions continuing with data centers. And I understand that the recent increase in CapEx was largely just on the gas side, it seems. So just can you kind of talk about what the catalysts that we should be watching for, for you to kind of layer in those opportunities? Is it getting through an NIPSCO rate case? Is it finishing those discussions on what the tariff looks like? And what would the timing of that be? Thank you.

很高興看到分析師日的一切都在進行。所以恭喜你。因此，在您準備好的發言中，您談到您正在繼續與資料中心進行討論。據我了解，最近資本支出的增加似乎主要集中在天然氣方面。那麼您能否談談我們應該關注哪些催化劑，以便您能夠抓住這些機會？它是否通過了 NIPSCO 費率案例？關於關稅的討論是否結束了？那麼具體時間是什麼時候呢？謝謝。

So I'll start, and I'll let Michael Luhrs provide more detail. NiSource sees the data center opportunity as just a really good incremental investment opportunity. But I think for the company and where we are now, it's primarily a 2025 activity. I think as we progress in discussions with some of the counterparties, who want to kind of get down to the detail and make sure that we do this in a disciplined and methodical way, that's just going to take time. And if you think about what we just with Templeton, the wind project, I mean our ability to do things in a disciplined and methodical way has been probably of the keys to why we've been executing so well. So Mike, anything to add to that?

那麼我就開始吧，我會讓 Michael Luhrs 提供更多細節。NiSource 將資料中心機會視為一個非常好的增量投資機會。但我認為對於公司和我們現在的處境來說，這主要是 2025 年的活動。我認為，隨著我們與一些交易對手的討論取得進展，他們希望了解細節並確保我們以有紀律和有條理的方式做到這一點，這將需要時間。如果你想想我們與坦普爾頓的風能項目，我的意思是，我們以有紀律和有條理的方式做事的能力可能是我們執行得如此出色的關鍵。麥克，還有什麼要補充的嗎？

No, you hit it, Lloyd. We were going to work through these opportunities in a manner, as you said, disciplined and methodically, make sure we're providing the benefits to existing customers, that it's accretive for shareholders. And then as we come through those opportunities at which point they are accretive or we know that they're beneficial, we will bring them forward just as we do with the Templeton Wind project today.

不，你擊中了，勞埃德。正如您所說，我們將以一種有紀律、有條理的方式利用這些機會，確保我們為現有客戶提供利益，為股東帶來增值。然後，當我們遇到這些機會時，它們會增值，或者我們知道它們是有益的，我們將把它們向前推進，就像我們今天對坦普爾頓風能計畫所做的那樣。

Okay. So is it the right take that these are truly incremental to the plan that the balance sheet can absorb it and that the customer rates can absorb it? And maybe you can kind of just clarify on if you raise CapEx from here, does that require additional equity financing? Thanks.

好的。那麼，認為這些是真正增量到資產負債表可以吸收它並且客戶利率可以吸收它的計劃是正確的嗎？也許您可以澄清一下，如果您從這裡籌集資本支出，是否需要額外的股權融資？謝謝。

Yeah. Just to be clear, the $19.3 billion capital plan is fully financed through all the systems that we've shared with you today. The $1.8 billion of potential upside CapEx may require modest amounts of equity based on the cash flow profiles of those projects, when they get sequenced and how it would work through the regulatory mechanisms themselves. The incremental investment opportunities are not captured in any of those systems that I just highlighted. That's where data center investments would theoretically live.

是的。需要明確的是，193 億美元的資本計劃是透過我們今天與您分享的所有系統全額融資的。根據這些項目的現金流量狀況、排序時間以及監管機製本身的運作方式，18 億美元的潛在上升資本支出可能需要適量的股本。我剛才強調的任何系統都沒有捕捉到增量投資機會。從理論上講，這就是資料中心投資的所在。

Therefore, we would have to reevaluate everything to incorporate incremental investment opportunities through our systems. But we don't need a full planned refresh to do that. We'll flow those through our systems, and you'll know those when we know those through this mechanism.

因此，我們必須重新評估一切，以透過我們的系統納入增量投資機會。但我們不需要完整計劃的更新來做到這一點。我們將在我們的系統中傳遞這些訊息，當我們透過此機制了解這些訊息時，您就會知道這些訊息。

Alright. Have a great day. Thanks.

好吧。祝你有美好的一天。謝謝。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey, good morning. Very well done, truly impressive. Those are not your average LDCs, I got to say. In fact, to that end, to just understand the staggering of different data points here, I mean just impressive CapEx update here, the $1.8 billion upside here. I mean, you're going to get a number of these data points over the next year, that's not something we should be looking to with 4Q. That's going to be a year out. The AI data center-related data points here, given the December IRP, that's a 4Q update presumably, correct?

嘿，早安。做得非常好，確實令人印象深刻。我必須說，這些不是一般最不發達的國家。事實上，為此，為了理解這裡不同數據點的驚人程度，我的意思是這裡令人印象深刻的資本支出更新，這裡有 18 億美元的上漲空間。我的意思是，你將在明年獲得許多這樣的數據點，這不是我們在第四季應該期待的。那就要一年了。考慮到 12 月的 IRP，這裡與人工智慧資料中心相關的數據點大概是第四季的更新，對嗎？

Yeah. Let me just step through it real quick. So the $1.8 billion of upside CapEx, you can actually see it in the capital allocation slide that we shared. But to your point, we don't see much upside CapEx in 2025, but we do see some start to emerge in 2026, 2027. And you can kind of see it layered in.

是的。讓我快速地完成它。因此，您實際上可以在我們分享的資本配置幻燈片中看到 18 億美元的上升資本支出。但就你的觀點而言，我們認為 2025 年資本支出不會有太多上升空間，但我們確實看到一些在 2026 年、2027 年開始出現。你可以看到它是分層的。

We'll continue to move those around on those bars based on the profile and the development of those projects. As we know more, we'll update that CapEx allocation on where those upside opportunities might land. And then in terms of updates, the IRP, it seems we're clearly working through the preferred portfolio and what it takes to action those. Likewise, with data centers well underway and under development, I imagine both are pretty significant strategies for the company. Therefore, I imagine we'll discuss those on the 4Q call, but I don't know yet what the outlook will be and how those will be incorporated.

我們將繼續根據這些項目的概況和開發情況在這些欄上移動這些內容。隨著我們了解更多，我們將根據這些上行機會可能出現的情況更新資本支出分配。然後就 IRP 更新而言，我們顯然正在研究首選投資組合以及採取哪些行動。同樣，隨著資料中心的順利進行和開發，我認為這對公司來說都是相當重要的策略。因此，我想我們將在第四季度電話會議上討論這些內容，但我還不知道前景如何以及如何將這些內容納入其中。

Again, we'll need to do the commercial development and understand the value creation for all stakeholders. Once we understand that and roll that through the systems, we'll post it here on the call.

同樣，我們需要進行商業開發並了解為所有利害關係人創造的價值。一旦我們理解了這一點並透過系統進行滾動，我們就會在電話會議上將其發佈到此處。

Got it. Excellent, guys. And if I may, can I open up -- can I get around the details of this -- the data center proposal here, right? You've got the various different iterations here. But the base 2.6 gigawatts here, as you talk about, I mean, is there any kind of thought process that you'd walk though?

知道了。太棒了，夥計們。如果可以的話，我可以公開——我可以繞過這個細節——這裡的資料中心提案，對嗎？這裡有各種不同的迭代。但是，正如您所談論的，這裡的基本 2.6 吉瓦，我的意思是，您是否會經歷某種思考過程？

I mean, I know you can put basic dollar per kilowatt assumptions, maybe some baselines on what you historically owned. Anything that you'd offer up as initial observations to start to translate this kind of a number here, if you will, in a little more detail.

我的意思是，我知道你可以對每千瓦的美元進行基本的假設，也許是你歷史上擁有的一些基準。如果您願意的話，您可以提供任何作為初步觀察結果來開始轉換此類數字的內容，並更詳細一些。

Michael, do you want to take that?

邁克爾，你想接受這個嗎？

Yeah. Thank you. The only thing I'll add to that associated with it is if you look at the IRP detail, you can see what we posted on Monday. What the 2,600 megawatts imputes relative to generation assets and what those assets would entail associated with it and the investments associated that would be required in storage and CCGTs and other mechanisms. But at this point in time, we don't have additional detail out to that, just as Shawn said, that would be more of a 2025 activity.

是的。謝謝。我要添加的唯一與之相關的內容是，如果您查看 IRP 詳細信息，您可以看到我們週一發布的內容。2,600 兆瓦相對於發電資產的估算以及這些資產將帶來的相關費用以及儲存和 CCGT 及其他機制所需的相關投資。但目前，我們還沒有更多細節，正如 Shawn 所說，這將更像是 2025 年的活動。

As Lloyd commented, I will comment that we have multiple scenarios in the IRP process, covering a range of outcomes and opportunities, including an upside case associated with 6,000 megawatts, but again, you can see from the materials, sort of what that could potentially entail associated with assets.

正如Lloyd 所評論的，我要評論的是，我們在IRP 流程中有多種情景，涵蓋一系列結果和機會，包括與6,000 兆瓦相關的上行案例，但同樣，您可以從材料中看到，這可能會帶來什麼涉及與資產相關的內容。

Yeah. Got it. But at this time, no specific views on percent palatable to own?

是的。知道了。但此時，還沒有具體的意見讓自己滿意嗎？

No, not at this time.

不，現在不行。

Alright, guys. Thank you very much. Well, see you soon.

好吧，夥計們。非常感謝。好吧，很快再見。

Richard Sunderland, JPMorgan.

理查桑德蘭，摩根大通。

Hey, good morning and thanks for the time today. Maybe I'll just pick up on what Julien was asking on just now. Again, the 2.6 gigawatts in the load scenarios and the IRP, I think that's really clear. But as you've showed with Templeton, you've also done a lot of work on generation that's outside of this kind of data center load opportunity that we're all focused on. I'm curious what type of generation you might need in the IRP regardless of said data center load shows up or not? And maybe just the sort of generation needs overall, given you've done a lot of this work to convert PPA projects into company-owned projects? Kind of how do you think about that bucket broadly going forward?

嘿，早上好，感謝您今天抽出時間。也許我會繼續聽朱利安剛才問的問題。再說一遍，負載場景和 IRP 中的 2.6 吉瓦，我認為這非常清楚。但正如您在 Templeton 中所展示的那樣，您還在我們都關注的這種資料中心負載機會之外的發電方面做了很多工作。我很好奇無論所述資料中心負載是否顯示，您在 IRP 中可能需要哪種類型的生成？鑑於您已經做了很多工作將 PPA 項目轉換為公司擁有的項目，也許這只是整體發電需求？您如何看待這個桶子的整體發展？

Yeah. I'd be happy to talk about that more. So when you look at what we've done, just hitting on one of the points you made, we have done a lot of work associated with the generation assets, which are very beneficial relative to customers and all stakeholders and shareholders associated with it. We will continue to do work like that to make sure we're maximizing the opportunities and the benefits to all parties. And so we're excited about the opportunity associated with Templeton should it be approved by the commission.

是的。我很樂意更多地談論這一點。因此，當你看看我們所做的事情時，只要抓住你提出的觀點之一，我們就做了很多與發電資產相關的工作，這對客戶以及與之相關的所有利益相關者和股東來說都是非常有利的。我們將繼續進行類似的工作，以確保為各方帶來最大的機會和利益。因此，如果委員會批准了與坦普爾頓相關的機會，我們將感到非常興奮。

When you look at the IRP and the elements going forward, in pretty much all cases, especially given the DLOL rules for MISO, you need storage and you need between 500 megawatts and a gigawatt of storage associated with it. And that's to help address those different accreditation methodology for MISO and the impacts of them. At the same time, dispatchable resources, we've all known that dispatchable resources will be necessary, batteries help with that. But at the same time, you also are going to need additional spinning assets such as gas turbines or peakers. You see that when you look at those scenarios, regardless of data centers, you need more dispatchable resources, that will show up in most likely the form of cash generation.

當您查看 IRP 和未來的元素時，幾乎在所有情況下，特別是考慮到 MISO 的 DLOL 規則，您需要存儲，並且需要與之相關的 500 兆瓦到 1 千兆瓦的存儲。這有助於解決 MISO 的不同認證方法及其影響。同時，可調度資源，我們都知道可調度資源是必要的，電池可以幫助實現這一點。但同時，您還需要額外的旋轉資產，例如燃氣渦輪機或調峰器。您會發現，當您查看這些場景時，無論資料中心如何，您都需要更多的可調度資源，這很可能會以現金生成的形式出現。

I will emphasize with that. We are still focused on our 2014 goal, and we continue to work through those, even though we make sure that we're doing our interim goals associated with it in the most customer beneficial way. But you can just see from those -- what those potential assets look like in the near term, even though I will say -- as you look at that, most of those assets would be in the sort of as you're looking beyond the 2029 kind of time frame associated with it. So not as much in the next couple of years, as Shawn highlighted. And then obviously, the resource plan goes significantly further out, which then there's significantly more resource potential additions as you move through time with the EPA rules.

我會強調這一點。我們仍然專注於 2014 年的目標，並繼續努力實現這些目標，儘管我們確保以最有利於客戶的方式實現與之相關的中期目標。但你可以從這些中看到——這些潛在資產在短期內會是什麼樣子，儘管我會說——當你看到這一點時，大多數這些資產將是你所看到的那種超出了預期的資產。正如肖恩所強調的那樣，未來幾年不會有那麼多。顯然，資源計劃的範圍顯著擴大，隨著時間的推移，隨著 EPA 規則的實施，潛在的資源將顯著增加。

Great. Thanks for the color there. And then again, kind of zooming out here on the data center opportunity, I realize there's a lot more work and you've been clear on some of the commercial efforts. But going back to the summer with that big Microsoft project announcement, curious if you could say anything more on that front? Is that -- given that's out there, is it something closer along to getting firmed up and added to either your base or your upside plan? And anything else you could say there about kind of the work going forward on that?

偉大的。感謝那裡的顏色。再說一遍，在縮小資料中心機會方面，我意識到還有很多工作要做，而且您已經清楚地了解了一些商業工作。但回到今年夏天微軟宣布的重大項目，你是否能在這方面說更多的話？考慮到這一點，它是否更接近鞏固並添加到你的基礎或上行計劃中？關於接下來的工作，您還有什麼想說的嗎？

The point is, I think all of the data center, the activity and the associated work with the counterparty is primarily the 2025 activity. And Microsoft did announce that last year, but I think the timetable we're on is 2025.

關鍵是，我認為所有資料中心、活動以及與交易對手的相關工作主要是 2025 年的活動。微軟去年確實宣布了這一點，但我認為我們的時間表是 2025 年。

Got it. Clear enough. Thank you very much.

知道了。夠清楚了。非常感謝。

Durgesh Chopra, Evercore ISI.

杜爾格甚喬普拉 (Durgesh Chopra)，Evercore ISI。

Hey, good morning and thanks for the time. Just first quick clarification. Is Templeton Wind, I just want to be clear on this, that's in the base plan. Is that correct?

嘿，早上好，感謝您抽出時間。首先快速澄清一下。是 Templeton Wind，我只是想澄清這一點，這是在基本計劃中的。這是正確的嗎？

Yes. We just moved that from the upside to the base plan.

是的。我們剛剛將其從上層計劃移至基本計劃。

Okay. Perfect. Thank you. And then maybe, Shawn, I know you kind of talked to the equity staying the same, but it's a substantial increase in the capital plan versus five years, like close to 20%. And you talked about 81%, I believe, was the number that you called out, getting recovery in the zero to six months. Is it just that, that with this -- even with this capital increase, you don't have to issue any more equity? Or is this more regulatory filings, perhaps an improvement in ROE? Maybe just a little bit more color around that front would be helpful.

好的。完美的。謝謝。然後，肖恩，我知道你曾說過要保持股本不變，但與五年相比，資本計劃大幅增加，接近 20%。我相信，您談到的 81% 就是您所說的數字，在零到六個月內康復。是不是這樣，即使你增資了，你也不必再發行更多的股權了？或者這是更多的監理備案，也許是股本報酬率的改善？也許在前面多一點顏色會有所幫助。

Yeah, sure. Appreciate it, Durgesh. A more efficient capital allocation, which minimizes regulatory lag, that's really the key, and it supports a higher cash flow from operations, which we're seeing across our systems, maybe about 10% over the course of the plan horizon. That's helping to contribute to a more efficient financing structure. But again, I'd note we worked ahead here in 2024 on credit quality, both in terms of outperforming our financial projections in the current year and utilizing the junior sub marketplace for $1 billion of funding, which were not initially in the plan. So we've already made some of this progress to date and we're capitalizing on some of that benefit also.

是的，當然。欣賞它，杜爾吉什。更有效的資本配置，最大限度地減少監管滯後，這確實是關鍵，並且它支持更高的營運現金流，我們在整個系統中看到，在計劃範圍內，現金流可能約為 10%。這有助於建立更有效率的融資結構。但我要再次指出的是，我們在2024 年在信貸品質方面取得了進展，無論是在超出我們本年度的財務預測方面，還是在利用初級子市場籌集10 億美元資金方面，這在最初的計劃中都沒有。因此，迄今為止我們已經取得了一些進展，並且我們也正在利用其中的一些好處。

Got it. So I mean you have some breathing room to start with. Okay. Final question, just on flat O&M. You've had this guidance for a few years now. So maybe just how you're thinking through that? I understand, obviously, there's a large increase in the capital program. With that comes higher operating expenses, well, I would assume, but generally, growth in the business, inflation has come down, but it's still there. Just how are you thinking? What's the confidence level in sort of extending that flat O&M as we go to sort of latter years of your financial plans?

知道了。所以我的意思是你有一些喘息的空間。好的。最後一個問題，關於扁平化維運。您接受此指導已有幾年了。那也許你是如何思考這個問題的呢？據我所知，資本計劃顯然有大幅增加。隨之而來的是更高的營運費用，嗯，我認為，但總的來說，業務成長，通貨膨脹已經下降，但它仍然存在。你想怎麼樣？當我們進入您的財務計畫的後期時，對擴展扁平營運和維護的信心程度是多少？

So Durgesh, I mentioned in the value safer, better, faster and more efficient and for lower cost. And I think there's a lot more opportunity at NiSource to drive those values through the organization. We talked about our work in asset management process and using AI to improve our schedule and efficiencies. So our hands on time and our workforce has gone up and we're just getting more done with the people we have. And I think when you look at the foreseeable future, I do see -- continue to see flat O&M.

所以Durgesh，我在價值觀中提到了更安全、更好、更快、更有效率以及更低的成本。我認為 NiSource 有更多機會透過組織推動這些價值觀。我們討論了我們在資產管理流程中的工作以及使用人工智慧來改善我們的進度和效率。因此，我們的實際操作時間和勞動力都增加了，我們只是用我們現有的人員完成了更多的工作。我認為，當你展望可預見的未來時，我確實看到——營運和維護將繼續持平。

Project Apollo is in its second year, and there's just a whole lot more opportunity. So we see being flat for the foreseeable future by being more effective and more efficient.

阿波羅計劃已進入第二年，還有更多的機會。因此，我們認為透過提高效率，在可預見的未來將保持平穩。

That's very clear. Congrats, guys. Thank you.

這非常清楚。恭喜，夥計們。謝謝。

Ross Fowler, Bank of America.

羅斯‧福勒，美國銀行。

Good morning, Lloyd. Good morning, Michael. Good morning, Shawn. How are you? (multiple speakers). So you mentioned sort of MISO capacity in the prepared remarks. So I just wanted to dig into that a little bit. Clearly, they've adopted some of the constructs for the next auction that PJM also has. And so we saw what happened in PJM with higher capacity prices, we saw sort of what the feedback there has been. I guess a couple of questions related to that.

早上好，勞埃德。早上好，麥可。早安，肖恩。你好嗎？（多個發言者）。所以你在準備好的評論中提到了某種 MISO 能力。所以我只是想深入研究一下。顯然，他們為下一次拍賣採用了 PJM 也採用的一些結構。因此，我們看到了 PJM 容量價格較高時發生的情況，我們看到了一些回饋。我想有幾個與此相關的問題。

Do you feel like the IRP and the rate case and sort of the vertically integrated model in Indiana allow you to get that conversation going with the regulator and get in front of what we might see for an auction result next spring? And then in the context of the IRP, you talked about data centers and sort of the demand being a 2025 kind of thing. How do you think about the risk of timing related to the demand coming in over time, right, because it still takes time to build the data center and the ability to sort of build dispatchable generation, which we're hearing takes sort of four, five, six years by the time you get the permitting and that sort of things? So maybe contextualize.

您是否認為 IRP 和費率案例以及印第安納州的垂直整合模式可以讓您與監管機構進行對話，並了解我們明年春天可能看到的拍賣結果？然後在 IRP 的背景下，您談到了資料中心以及 2025 年的需求。您如何看待與隨著時間的推移而出現的需求相關的時間風險，對吧，因為建立資料中心和建立可調度發電的能力仍然需要時間，我們聽說這需要四個時間，五六年後你獲得許可之類的事情？所以也許要結合上下文。

Yeah. Let me start that, Mike can weigh in. You think about NIPSCO, where we serve electricity, even though we're part of MISO, we continue to be a vertically integrated utility, responsible for generation transmission and distribution. I think the MISO model gives us a competitive advantage in terms of speed to market to facilitate some of these data center load. I think with respect to the speed, the data center load grows or below demand, I think that's part of the conversation of the activity for 2025.

是的。讓我開始吧，麥克可以發表意見。你想想 NIPSCO，我們在那裡提供電力，儘管我們是 MISO 的一部分，但我們仍然是一家垂直一體化的公用事業公司，負責發電輸電和配電。我認為 MISO 模型在上市速度方面為我們提供了競爭優勢，以促進其中一些資料中心負載。我認為就速度而言，資料中心負載成長或低於需求，我認為這是 2025 年活動對話的一部分。

At what pace can we build it? And can we build to match the demand of those data center loads as part of the conversations that we're having that will go into 2025. Mike, want anything to add to that?

我們能以什麼速度建造它？作為我們將在 2025 年進行的對話的一部分，我們是否可以建立以滿足這些資料中心負載的需求。麥克，還有什麼要補充的嗎？

The only thing I would add is when we go through the IRP process, it includes stakeholders across it. So those conversations relative to MISO accreditation, the scenarios around it, the EPA requirements, which may require carbon sequestration and storage have already been gone. So we've been having those conversations with stakeholders now and introducing that, what the impact of that would be and also what that means some potential portfolios. The only thing I would highlight relative to data centers in addition is that we are working through those activities, and I would just say we are well aware of the demand requirements of the entities associated with what they would want to do. So as we work through it in a methodical and disciplined fashion, I would also say we're working through what it takes to meet that demand in a methodical and disciplined fashion to satisfy our customer needs.

我唯一要補充的是，當我們完成 IRP 流程時，它包括利害關係人。因此，那些與 MISO 認證、相關場景、EPA 要求（可能需要碳封存和儲存）相關的對話已經消失。因此，我們現在一直在與利害關係人進行對話，並介紹其影響，以及這對一些潛在的投資組合意味著什麼。相對於資料中心，我唯一要強調的是，我們正在進行這些活動，我只想說，我們很清楚與他們想要做的事情相關的實體的需求要求。因此，當我們以有條不紊和有紀律的方式解決這個問題時，我還想說，我們正在以有條不紊和有紀律的方式努力滿足該需求，從而滿足我們的客戶需求。

And then I guess on the capacity auction, if you do get a high capacity clear, which you've already kind of seen in Missouri and in MISO, I know you're a different zone, but given the rules they've adopted with the VR curve, et cetera, do you worry about that in conjunction with your regulators? And does that eat into a little bit of a headroom? Or how should I think about that? Should we be going the same capacity price direction in MISO that we've seen in PJM?

然後我想在容量拍賣上，如果你確實得到了高容量的明確，你已經在密蘇裡州和 MISO 看到過，我知道你是一個不同的區域，但考慮到他們採用的規則VR曲線等等，您是否會與監管機構一起擔心這些問題？這會佔用一點空間嗎？或者說我該如何思考這個問題？我們是否應該在 MISO 中採用與 PJM 相同的容量價格方向？

My comment to that would be, and then others can jump in associated with it. My comment to that would be that's one of the reasons the vertically integrated model has so been official associated with it because we have requirements and whatever is brought to bear that we have to provide for the reserve margin on top of that as well as what's associated with the accreditation reduction. So I would say, fundamentally, supply/demand, we're helping to keep that supply/demand in balance associated by what we're doing and what we're looking at would be required in resource additions, which is also why we included the case -- the reference case with 2,600 megawatts of potential large low like data centers and the scenario upside. So though we are always cognizant of that and focus on what that impact the customers is, I would also say that vertically integrated model helps mitigate a lot of that risk.

我對此的評論是，然後其他人可以加入。我對此的評論是，這就是垂直整合模型如此正式與之相關的原因之一，因為我們有要求，並且我們必須在此基礎上提供儲備金以及相關的任何要求。所以我想說，從根本上來說，供應/需求，我們正在幫助保持供應/需求平衡，這與我們正在做的事情以及我們正在考慮的資源添加所需的內容相關，這也是我們包括的原因案例－具有 2,600 兆瓦潛​​在大型低功率（如資料中心）的參考案例和場景優勢。因此，儘管我們始終認識到這一點並專注於對客戶的影響，但我也想說垂直整合模型有助於減輕許多風險。

Okay. Thank you.

好的。謝謝。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Hello, good morning. Thank you. Good figure, another data center question, and perhaps this is just a clarification and the clarification of all the clarifications you've given. But do you technically need to build anything, put infrastructure in the ground to allow power to flow to that Microsoft Center initially and then maybe one or two others? That's more of a technical question, right? Do you actually need to build anything in the short term to get these first couple of data centers online?

你好早安。謝謝。很好的數字，另一個資料中心問題，也許這只是一個澄清以及您所給出的所有澄清的澄清。但從技術上講，您是否需要建造任何東西，將基礎設施放在地下，以便電力首先流向微軟中心，然後可能流向其他一兩個中心？這更多的是技術問題，對吧？您是否真的需要在短期內建立任何東西才能使前幾個資料中心上線？

Yeah, we would need to build to facilitate the kind of low demand we're talking about, whether it's Microsoft or any other counterparty.

是的，我們需要建立以促進我們正在談論的那種低需求，無論是微軟還是任何其他對手方。

Okay. And is that more generation or transmission for the first -- for the Microsoft Center and maybe one or two others?

好的。對於第一個——微軟中心以及其他一兩個中心來說，這是更多的生成還是傳輸？

Most of these investments would require both generation and transmission.

這些投資大部分都需要發電和輸電。

The only thing I would add associated with that, though, is as mentioned before, we do have a very beneficial territory associated with that from what we have in transmission capability, capacity as well as we have great sites associated with that generation. But when you look at the demand associated with all these entities, you are going to have to add additional resources and additional infrastructure in order to meet the high load factor and high reliability demand of those entities.

不過，我要補充的唯一一點是，正如之前提到的，我們確實擁有一個非常有利的領域，從我們在傳輸能力、容量以及我們擁有與這一代相關的偉大站點來看。但是，當您查看與所有這些實體相關的需求時，您將必須添加額外的資源和額外的基礎設施，以滿足這些實體的高負載係數和高可靠性需求。

Okay. So literally, the Microsoft Center that was announced can't come online until you build new generation or new transmission, however, that works out?

好的。因此，從字面上看，宣布的微軟中心只有在您建立新一代或新傳輸之前才能上線，但是，這可行嗎？

I wouldn't infer that from it. I would just infer that when you're talking about adding significant scale associated with the system. You have to make sure that you're meeting the reserve margins and reliability requirements, saying that they can't come online without any of that in place, I would say, would be sort of going a step too far associated with it.

我不會從中推斷出這一點。當你談論增加與系統相關的規模時，我只是推斷這一點。你必須確保滿足儲備裕度和可靠性要求，如果沒有任何這些要求，他們就無法上線，我想說，這有點太過分了。

Okay. Got it. And then on the different topic gas demand. What are you seeing right now in terms of gas demand? And how much gas demand growth is in your new and extended CapEx plan assumption?

好的。知道了。然後是不同主題的氣體需求。您目前對天然氣的需求有何看法？在您新的和擴展的資本支出計劃假設中，天然氣需求增加了多少？

Yeah, we're still seeing a fair amount of growth across our service territories, most notably, Virginia, Central Ohio continue to grow and continue to extend the system. We're still seeing customers close to 1% on a net customer basis, the total number of additions we have minus attrition is ending at about net 1% for the gas businesses. We continue to see demand from an economic development standpoint for onshoring and for gas pipelines to support electric vehicle battery manufacturers and a few other examples that we have across the service territory. We tend to be a little bit bearish in our forecast as it relates to total customer additions. Economic development and customer growth can be hard to predict. Therefore, we tend to mute what the forecast looks across the horizon for total customer count growth, but we're continuing to see close to that 1% on a trailing 12-month basis.

是的，我們的服務區域仍然有相當大的成長，最值得注意的是，維吉尼亞州、俄亥俄州中部持續成長並繼續擴展系統。我們仍然看到，以淨客戶為基礎的客戶數量接近 1%，天然氣業務的新增客戶總數減去流失後，淨客戶數量約為 1%。從經濟發展的角度來看，我們繼續看到對岸電和天然氣管道的需求，以支持電動車電池製造商以及我們在整個服務領域擁有的其他一些例子。我們的預測往往有點悲觀，因為它與新增客戶總數有關。經濟發展和客戶成長可能很難預測。因此，我們傾向於淡化對總客戶數量成長的預測，但我們繼續看到過去 12 個月接近 1%。

Okay, great. Appreciate all the color.

好的，太好了。欣賞所有的顏色。

Gabe Moreen, Mizuho Securities.

加布·莫林，瑞穗證券。

Hey. Good morning, everyone. Just following up on the last question around gas. Can you just maybe give a little more color on the step change within Columbia CapEx? Are you accelerating work here? Is it costing more? Are there any discrete projects at various jurisdictions you point to?

嘿。大家早安。只是跟進有關天然氣的最後一個問題。您能否對哥倫比亞資本支出的逐步變化提供更多的資訊？你正在加速這裡的工作嗎？是不是花了多一點？您提到的各個司法管轄區是否有任何獨立的項目？

And then sort of as a second part to that, can you just talk about to what extent any changes in the gas forward curve, which has come down since the last five-year plan may or may not have played into the CapEx increase as well as the ability to keep customer bills 5% or lower? Thanks.

然後，作為第二部分，您能否談談自上一個五年計劃以來天然氣遠期曲線的任何變化在多大程度上也可能會或可能不會影響資本支出的增加能否將客戶賬單控制在5 % 或更低？謝謝。

Yeah. You bet, Gabe. I appreciate the question. So the gas system hardening work that we're seeing, I don't know if I'd necessarily call it a step change so much as a glide into what the requirements will be for the completion of the bare steel replacement programs. Some new first-generation plastic replacement programs are starting to pop up as well.

是的。你敢打賭，加布。我很欣賞這個問題。因此，我們所看到的燃氣系統強化工作，我不知道我是否有必要將其稱為逐步改變，而是滑入完成裸鋼更換計劃的要求。一些新的第一代塑膠替代方案也開始出現。

We do have some gas AMI investment, which we've been focused on, and we would like to continue. We think that drives great efficiency and better service for our customers. So there is some of that included as well. But IOI in-line inspection work continues as well as some transmission compliance. We expect that some PHMSA rulemaking as well in the new year could give better indications on timelines associated with the compliance requirements for linked detection rules.

我們確實有一些天然氣 AMI 投資，這是我們一直關注的重點，我們希望繼續下去。我們認為這可以提高效率並為客戶提供更好的服務。所以也包括其中一些。但 IOI 線上檢查工作以及一些傳輸合規性仍在繼續。我們預計 PHMSA 在新的一年中製定的一些規則可以更好地說明與連結檢測規則的合規性要求相關的時間表。

So there's a whole host of things for us to do to help harden the gas system, and that's what you're seeing in the capital allocation itself. And then in terms of the forward-look gas curve, the average cost for gas right now across our service territory is about $2.20. We've used the NYMEX curve in this forecast, which increases that by 43% next year, an additional 12% in the subsequent year. So it already reflects a pretty healthy step up in gas costs that's included inside that fuel that we've projected across the horizon.

因此，我們需要做很多事情來幫助強化天然氣系統，這就是你在資本配置本身中看到的。然後就前瞻性 Gas 曲線而言，目前我們服務區域的平均 Gas 成本約為 2.20 美元。我們在本次預測中使用了 NYMEX 曲線，明年將增加 43%，接下來的一年將增加 12%。因此，它已經反映出天然氣成本的相當健康的增長，該成本包含在我們預計的燃料中。

Great. Thanks, Shawn.

偉大的。謝謝，肖恩。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

Good morning. Are there any steps that have been taken for NiSource or NIPSCO to enter the queue for critical gas generation infrastructure that could help accelerate the time to market for your customers?

早安.NiSource 或 NIPSCO 是否已採取任何措施進入關鍵天然氣發電基礎設施的隊列，以幫助加快客戶的上市時間？

Yeah. I wouldn't get into those specific details associated with what we've done on those activities based as we're going through the commercial discussions. I will just say that we have been appropriately planning associated with what's needed just as the previous question was asking relative to there's any infrastructure required. All these facilities require some level of infrastructure, whether it be substation, transmission, generation, et cetera. But we have been -- we're appropriately aware and have been calibrated to that and have been positioning ourselves effectively.

是的。當我們正在進行商業討論時，我不會深入討論與我們在這些活動中所做的事情相關的具體細節。我只想說，我們一直在適當規劃與所需的內容相關的內容，就像上一個問題相對於所需的基礎設施所提出的。所有這些設施都需要一定程度的基礎設施，無論是變電站、輸電、發電等。但我們已經——我們適當地意識到了這一點，並已經對此進行了校準，並且一直在有效地定位自己。

One of the advantages of NIPSCO is our proximity to the gas supplies to the Utica and Marcellus Shale. So I think as you look at these opportunities, I mean we mentioned earlier, approximately a robust transmission -- electric transmission system in proximity to gas supply are just critical advantages for the company.

NIPSCO 的優點之一是我們靠近尤蒂卡頁岩和馬塞勒斯頁岩的天然氣供應地。因此，我認為，當您看到這些機會時，我的意思是我們之前提到過，靠近天然氣供應的強大傳輸-電力傳輸系統只是該公司的關鍵優勢。

And I will add one more thing to that. We are seeing that gas benefit and that gas benefit across territories in more than just Indiana. We see it in other of our territories because it's very beneficial relative to not only the onshoring, but also for data center activities and other areas as they look at how to address potential power shortfalls in other areas.

我還要補充一件事。我們看到天然氣受益，並且天然氣受益於不僅僅是印第安納州的各個地區。我們在我們的其他地區也看到了這種情況，因為它不僅對本地外包非常有利，而且對資料中心活動和其他領域也非常有利，因為他們正在研究如何解決其他領域潛在的電力短缺問題。

And maybe a follow-up, given maybe increased demand for this type of infrastructure, how much of your new CapEx guidance change is associated with items previously in the plan costing more versus additional items being added to the CapEx plan?

也許是後續行動，考慮到對此類基礎設施的需求可能會增加，您的新資本支出指導變更中有多少與計劃中先前成本更高的項目相關，而不是添加到資本支出計劃中的其他項目？

Ryan, I don't think we have that exact calc on what's an inflationary increase versus a change in compliance requirements, regulation requirement or what's necessary for us to deliver reliability for our customers. So we wouldn't be able to parse it down. But I think the thematic answer is that additional work not the cost of the same work is what's driving the cost -- the direction it's headed. And we just continue to see the cost of compliance and regulation to increase, whether that's coming from EPA, whether that's coming from MISO and FERC whether that continues to come from PHMSA is really the driver of the capital allocation increase.

瑞安，我認為我們沒有準確計算通貨膨脹的成長與合規要求、監管要求的變化之間的關係，或我們為客戶提供可靠性所需的條件。所以我們無法解析它。但我認為主題答案是額外的工作而不是相同工作的成本才是推動成本的因素——它的發展方向。我們繼續看到合規和監管成本不斷增加，無論是來自 EPA，還是來自 MISO 和 FERC，是否繼續來自 PHMSA，這是否真的是資本配置增加的驅動力。

Thank you.

謝謝。

Thanks, Ryan.

謝謝，瑞安。

That concludes our Q&A session. I will now turn the conference back over to Lloyd Yates, CEO, for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回執行長勞埃德·耶茨 (Lloyd Yates) 致閉幕詞。

Thank you for your interest and thank for your questions today. Thank you for your interest in NiSource. And we look forward to seeing all of you at the EEI financial conference in a couple of weeks.

感謝您的關注並感謝您今天提出的問題。感謝您對 NiSource 的興趣。我們期待在幾週後的 EEI 金融會議上見到大家。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。