NiSource Inc (NI) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Jeannie. I will be your conference operator for today. At this time, I would like to welcome everyone to the Q4 2024 NiSource earnings conference call. (Operator Instructions)

感謝您的支持。我的名字是珍妮。今天我將擔任您的會議主持人。現在，我歡迎大家參加 2024 年第四季 NiSource 收益電話會議。（操作員指令）

I will now turn the call over to Chris Turnure, Head of Investor Relations. Sir, please go ahead.

現在我將把電話轉給投資者關係主管克里斯·特努爾 (Chris Turnure)。先生，請說。

Good morning, and welcome to the NiSource fourth-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 of NiSource Utilities, Melody Birmingham.

早安，歡迎參加 NiSource 2024 年第四季投資者電話會議。今天與我一起參加的是總裁兼執行長 Lloyd Yates；執行副總裁兼財務長；安德森 (Shawn Anderson)，策略與風險執行副總裁兼首席商務官，麥可‧魯爾斯 (Michael Luhrs)。還有 NiSource Utilities 執行副總裁兼集團總裁 Melody Birmingham。

The purpose of this presentation is to review NiSource's financial performance for the fourth 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. Slides for today's call are available in the Investor Relations section of our website.

本次演示的目的是回顧 NiSource 2024 年第四季的財務業績，並提供我們的營運和成長動力的最新資訊。在我們發表完準備好的發言後，我們將開始回答大家的提問。今天的電話會議幻燈片可在我們網站的投資者關係部分找到。

We would like to remind you that some of the statements made during this presentation will 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.

我們想提醒您，本次演講中的一些言論具有前瞻性。這些聲明受風險和不確定性的影響，可能導致實際結果與聲明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美國證券交易委員會提交的文件的風險因素和 MD&A 部分中。

Additionally, some of the statements made on this call relate to non-GAAP measures. 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.

此外，本次電話會議上的一些聲明涉及非公認會計準則指標。請參閱補充投影片的分部資訊和完整的財務報表，以取得有關最直接可比較的 GAAP 指標以及這些指標的對帳資訊。

I'd now like to turn the call over to Lloyd.

現在我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 adding 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 的投資論點很簡單。我們透過提供安全可靠的能源增值服務我們的客戶。可負擔的能源需要高效率的資本部署、安全的資產營運和建設性的監管恢復機制。

These fundamentals generate competitive returns while enhancing our balance sheet position. Importantly, these are the foundation of 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.

這些基本面產生了有競爭力的回報，同時增強了我們的資產負債表狀況。重要的是，這些是 NiSource 商業計劃的基礎，該計劃繼續為利益相關者提供引人注目的價值，由六個高度建設性的司法管轄區內受監管的公用事業運營推動，提供跨燃料類型和監管地點的多樣化。

Before we cover our standard business updates, I wanted to begin this call by recapping a tremendously successful year for the NiSource team. We often talk about the key principles to our success, namely building a constructive regulatory foundation, operating with excellence across our six jurisdictions, executing and delivering on the financial commitments we make, and growing our investment proposition by investing in capital expenditures which enhance value for our communities. As I look back across 2024, I'm proud to share that the NiSource team has delivered on its business plan with these principles top of mind as we focus on enhancing our value proposition for customers and shareholders alike.

在我們介紹標準業務更新之前，我想先回顧 NiSource 團隊取得巨大成功的一年。我們經常談論我們成功的關鍵原則，即建立建設性的監管基礎、在我們的六個司法管轄區內卓越運營、執行和兌現我們所做的財務承諾、以及透過投資為我們的社區提升價值的資本支出來增加我們的投資主張。回顧 2024 年，我很自豪地告訴大家，NiSource 團隊已將這些原則放在首位，並履行了其業務計劃，因為我們專注於提升對客戶和股東的價值主張。

Being a trusted energy partner is a priority and, we believe, differentiates us from our peer-regulated utilities. We remain engaged with stakeholders and our communities to recover costs associated with capital expenditures deployed to deliver safe and reliable energy services to our region. We build credibility through rate case and tracker filings by utilizing a stakeholder-focused mindset as we approach these processes. Over the last 24 months, the NiSource team has invested $6.9 billion in CapEx across the six-state region to support reliability of its systems and maintain alignment with the compliance expectations of our regulators. Our regulatory processes approved recovery of $340 million in revenue in 2024 to return the capital associated with these investments.

成為值得信賴的能源合作夥伴是我們的首要任務，我們相信，這使我們有別於同業監管的公用事業公司。我們繼續與利害關係人和社區合作，收回為我們地區提供安全可靠的能源服務而投入的資本支出相關的成本。在處理這些流程時，我們採用以利害關係人為中心的思維方式，透過費率案例和追蹤器備案來建立信譽。在過去的 24 個月中，NiSource 團隊已在六個州地區投資了 69 億美元的資本支出，以支持其係統的可靠性並保持與監管機構的合規期望保持一致。我們的監管流程批准在 2024 年恢復 3.4 億美元的收入，以歸還與這些投資相關的資本。

But critically, the stakeholder outreach to match the recovery of these revenues with the investments being made were developed years prior as our teams are active with stakeholders to detail the changes through the energy landscape and underpin the investment thesis for these capital plans. Melody will touch on some key highlights to these plans from fourth quarter. However, for our team at NiSource, this never stops and our relentless pursuit of delivering safe and reliable energy to our customers.

但至關重要的是，為了將這些收入的回收與正在進行的投資相匹配，利益相關者的拓展工作早在幾年前就已經開展，因為我們的團隊積極與利益相關者合作，詳細說明能源格局的變化，並支持這些資本計劃的投資論點。Melody 將從第四季度開始談到這些計劃的一些主要亮點。然而，對於 NiSource 的團隊來說，這個目標永不停止，我們不懈地追求為客戶提供安全可靠的能源。

Speaking of reliability, throughout 2024, we advanced our operational excellence mission by intentionally focusing on risk reduction and value-enhancing activities across the organization. Our safety metrics continue to improve through our industry-recognized safety management system framework, a new initiative utilizing artificial intelligence launched by our data analytics team is reducing early wins to drive efficiency and enhance the way we work to support our customers. Supporting our regulatory and stakeholder relationships and operating with excellence for our communities paves the way for the NiSource team to deliver on the financial results we have committed to our shareholders.

說到可靠性，在整個 2024 年，我們透過有意關注整個組織的風險降低和價值提升活動來推進我們的卓越營運使命。我們的安全指標透過業界認可的安全管理系統框架不斷改進，這是我們的數據分析團隊利用人工智慧推出的一項新舉措，正在減少早期勝利以提高效率並改善我們支援客戶的工作方式。支持我們的監管和利益相關者關係並為我們的社區提供卓越的運營，為 NiSource 團隊實現我們向股東承諾的財務業績鋪平了道路。

I am proud to report our adjusted EPS result of $1.75 per share for 2024, exceeding the top end of both our original and updated guideline ranges. This results in a year-over-year increase in adjusted EPS for 2024 of 9.4% versus 2023. Further, the nature of our business plan enables these returns to flow through all subsequent years as we base each year of a 6% to 8% annual growth rate. This results in a raise of our 2025 adjusted EPS guidance to $1.85 to $1.85 to $1.89 per share, consistent with the 6% to 8% growth outlook off of the actual results achieved. But as I said, these results are not sustainable if we are not focused on business development well into the future.

我很自豪地報告，我們 2024 年的調整後每股收益為 1.75 美元，超過了我們原始和更新後的指導範圍的最高值。這導致 2024 年調整後每股盈餘較 2023 年年增 9.4%。此外，由於我們每年的成長率都保持在 6% 到 8%，因此我們的業務計劃的性質使得這些回報能夠流經所有後續年份。這導致我們 2025 年調整後每股收益預期上調至每股 1.85 美元至 1.89 美元，與實際業績 6% 至 8% 的成長前景一致。但正如我所說，如果我們不專注於未來的業務發展，這些結果是不可持續的。

Our teams are hard at work at developing new prospects for investment to deliver greater value to our customers for the energy they consume. Our 2025 to 2029 base capital plan is $19.4 billion, increasing nominally due to increased economic development across our gas businesses in Virginia and Indiana, which Melody will highlight in a moment. These investments drive 8% to 10% rate base growth over the 2025 to 2029 period, which fuels our ability to continue to increase our adjusted earnings per share growth rate by 6% to 8% annually.

我們的團隊正在努力拓展新的投資前景，為客戶所消耗的能源創造更大的價值。我們 2025 年至 2029 年的基本資本計劃為 194 億美元，名義上由於弗吉尼亞州和印第安納州的天然氣業務經濟發展而增加，Melody 稍後會重點介紹這一點。這些投資將在 2025 年至 2029 年期間推動 8% 至 10% 的基礎成長率，推動我們繼續將調整後的每股盈餘成長率每年提高 6% 至 8%。

Our work does not stop with the base capital plan. We are fortunate to have a real portfolio of valuable customer investments, which could be added to 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.

我們的工作並不會隨著基礎資本計畫而停止。我們很幸運擁有真正有價值的客戶投資組合，這些投資組合可以添加到我們的五年計劃範圍之外，並遠遠超出我們的五年計劃範圍，Shawn 稍後會詳細介紹。我們的團隊將繼續積極開發這一系列項目，以滿足我們基礎計劃所需的標準。

This includes our near-term visible investments in the upside plan, which is now $2.2 billion and increased $400 million since our third quarter call. But none of these plans include the important development work our team is engaged in upon to support economic development efforts by the state of Indiana to locate data center operations in the region. I've previously highlighted the compelling fundamentals of Northern Indiana, which are attractive 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, available land and a supportive state government are all favorable factors in advancing development of data centers in the region.

這包括我們對上行計畫的近期可見投資，目前已達 22 億美元，自第三季電話會議以來增加了 4 億美元。但這些計劃都不包括我們團隊正在從事的重要開發工作，該工作旨在支持印第安納州在該地區開展資料中心運營的經濟發展工作。我之前曾強調過印第安納州北部引人注目的基本面，這對潛在的資料中心客戶來說很有吸引力。存取關鍵基礎設施，包括強大的傳輸系統和接近關鍵光纖連接。可預測的氣候和天氣、自然災害風險低、良好的商業環境（包括優惠的稅收結構、可用的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。

Our team remains actively engaged in working with potential customers to develop data center solutions, which is guided by four main principles: One, protect existing system customers. Two, serve new customers with speed and flexibility; Three, maintain NIPSCO financial integrity through thoughtful capital allocation and a reasonable return proposition. And four, preserve flexibility in our business. In January, NIPSCO filed a declination petition with the IURC related to the ownership and operation of energy facilities. This administrative filing will set up NIPSCO GENCO as a regulated entity and is a step in NIPSCO's effort to set a framework to serve large load customers.

我們的團隊始終積極與潛在客戶合作開發資料中心解決方案，並遵循四個主要原則：一、保護現有系統客戶。二、快速靈活地服務新客戶；三、透過周到的資本配置和合理的回報主張，維護 NIPSCO 的財務完整性。第四，保持業務的彈性。今年 1 月，NIPSCO 向 IURC 提交了一份與能源設施所有權和營運有關的駁回申請。此項行政備案將把 NIPSCO GENCO 設立為受監管實體，也是 NIPSCO 努力建立框架服務大負荷客戶的一步。

The application requests the IURC to establish NIPSCO GENCO as a regulated energy utility, but to decline to exercise some of the IURC's jurisdiction because NIPSCO GENCO will not have retail customers and will instead enter into contracts to provide energy and capacity to NIPSCO, who will then directly serve large low customers. 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.

該申請要求 IURC 將 NIPSCO GENCO 設立為受監管的能源公用事業公司，但拒絕行使 IURC 的部分管轄權，因為 NIPSCO GENCO 不會有零售客戶，而是會簽訂合約向 NIPSCO 提供能源和容量，然後 NIPSCO 將直接為大型低壓客戶提供服務。我們的團隊正在評估這項擴建，它可以為我們現有的系統客戶帶來好處，改善我們的社區和當地稅收空間，並為我們的股東提供引人注目的投資機會。

Northern Indiana is the premier location for data centers to locate. Simply put, there's potential for substantial value creation for all stakeholders and checking all these boxes is important to NiSource. Slide 5 provides more detail on our operational excellence vision. Our data and analytics team began implementing early use cases in 2023 and have improved data transparency and democratized actionable insights throughout the organization. Our work management intelligence process is one example.

印第安納州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，而檢查所有這些條件對 NiSource 來說非常重要。投影片 5 詳細介紹了我們的卓越營運願景。我們的數據和分析團隊於 2023 年開始實施早期用例，並提高了數據透明度並在整個組織內實現了可操作見解的民主化。我們的工作管理智慧流程就是一個例子。

It is an ensemble of advanced AI models that include forecasting shift availability and work volume, a job duration predictive model and schedule optimizer to automatically generate more accurate weekly schedule. Since implementing this process in the middle of the year in Ohio, work productivity has increased 16% versus the same period in 2023, measured through work hours achieved, less idle time, less rework and an overall better plan in schedule. The Apollo Continuous Improvement program closed out its second year with really strong results.

它是一組先進的人工智慧模型，包括預測輪班可用性和工作量、工作持續時間預測模型和計劃優化器，可自動產生更準確的每週計劃。自從俄亥俄州在今年年中實施該流程以來，工作生產力與 2023 年同期相比提高了 16%，衡量標準是實現的工作時間、更少的閒置時間、更少的返工以及整體更好的計劃安排。阿波羅持續改進計畫在第二年圓滿結束，並且取得了豐碩的成果。

The team exceeded internal expectations with $77 million in O&M savings along with many efficiency initiatives to reduce waste and workforce constraints. For example, the locating risk model initiative originally implemented in 2023 safety reduced spend by $13 million through enhancing risk model marking and turnback processes. With Job-site scattering initiative and standardized scheduling process eliminated unnecessary truck rolls in the field and improve efficiency, allowing for an additional $6 million of field work across both 2023 and 2024. In 2024, we once again significantly improved occupational safety performance with an 8% year-over-year reduction in OSHA recordable incident rate and a nearly 10% year-over-year reduction in preventable vehicle collision rate.

該團隊超出了內部預期，節省了 7,700 萬美元的營運和維護費用，同時採取了許多提高效率的措施來減少浪費和勞動力限制。例如，最初於 2023 年實施的定位風險模型計劃透過增強風險模型標記和折返流程減少了 1,300 萬美元的安全支出。透過工作現場分散計劃和標準化調度流程，消除了現場不必要的卡車運輸並提高了效率，從而可以在 2023 年和 2024 年額外完成 600 萬美元的現場工作。2024年，我們再次大幅提升職業安全績效，OSHA 可記錄事故率年減 8%，可預防車輛碰撞率較去年同期降低近 10%。

Our electric system was hardened through the replacement of over 50 miles of poor-performing underground cable, over 70,000 structural life extensions or replacements and 10 transmission and distribution substation rebuilds. Our teams are continuously working to derisk our operations through many factors outside our control impact our business. State policy and regulation have been impactful and stability and consistency here has been a key differentiator of NiSource. At the federal level, we have thrived through many cycles, and our five-year plan is insulated from evolving policy mandates. AGA and EEI leadership and NiSource have advocated for policies that allow retail customers to benefit from low-cost and reliable energy at both our electric and gas businesses.

我們的電力系統透過更換 50 多英里性能低下的地下電纜、延長或更換 70,000 多個結構壽命以及重建 10 個輸配電變電站得到了加強。我們的團隊正在不斷努力降低我們的營運風險，因為許多我們無法控制的因素都會影響我們的業務。國家政策和法規一直具有影響力，穩定性和一致性一直是 NiSource 的主要差異化因素。在聯邦層面，我們經歷了多個週期的蓬勃發展，我們的五年計劃不受不斷變化的政策任務的影響。AGA 和 EEI 領導層以及 NiSource 一直倡導允許零售客戶從我們的電力和天然氣業務的低成本和可靠能源中受益的政策。

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

在轉交電話之前，我想感謝我們所有的員工和承包商對 NiSource 價值觀的奉獻，他們以更安全、更好、更有效率的方式開展工作，並且減少通話次數。我們的客戶和股東每天都依賴您。

I'll now turn things over to Melody.

現在我將把事情交給 Melody。

All right. Thank you, Lloyd. I'll begin on slide 6. We remain active on the regulatory front with both general rate case and rider filings. The NIPSCO electric rate case is driven by nearly $2.5 billion of incremental investment for our customers and communities in Northern Indiana.

好的。謝謝你，勞埃德。我將從第 6 張投影片開始。我們在監管方面仍然很活躍，包括一般費率案件和附加條款的備案。NIPSCO 電價案例由我們為印第安納州北部的客戶和社區提供的近 25 億美元的增量投資所推動。

Last week, we were pleased to file a settlement agreement in the case marking our seventh settlement in the last 10 years in the state across both electric and gas businesses. The case incorporates the planned 2025 retirements of Unit 17 and 18 at the Shafer Generating Station as well as the addition of four new solar and storage projects. Major investments such as these are examples of our continued partnership with state policymakers, regulators and our customers.

上週，我們很高興在此案中提交了和解協議，這是我們過去十年來在該州涉及電力和天然氣業務的第七次和解。該案包括計劃於 2025 年退役謝弗發電站 17 號和 18 號機組以及新增四個太陽能和儲能項目。這些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。

During the fourth quarter, we received rate case settlement approvals from the Pennsylvania Public Utility Commission and the Kentucky Public Service Commission, both in line with the original settlement terms. Together, these requests supported over $300 million in incremental investment in these states since our last rate cases. In Virginia, we reached a universal settlement with parties to our case in December. And are awaiting a final order. During the trailing 12-month period ending December, our average residential gas customer bill declined 11% on a total bill basis.

第四季度，我們收到了賓州公用事業委員會和肯塔基州公共服務委員會的費率案件和解批准，兩者都符合原始和解條款。自從我們上一次處理利率案件以來，這些請求共支持了這些州超過 3 億美元的增量投資。在維吉尼亞州，我們於12月與案件各方達成了普遍和解。並正在等待最終命令。在截至 12 月的過去 12 個月期間，我們的平均住宅瓦斯客戶帳單總額下降了 11%。

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 is necessary for us to deliver safe and reliable energy to our customers. Our existing communities continue to benefit from economic development efforts at the state level. Helping spread fixed costs over a larger base.

可負擔性仍然是 NIPSCO 和哥倫比亞公司集團的首要任務，我們在推進關鍵安全合規性和可靠性工作時會繼續深思熟慮這一點，這對於我們向客戶提供安全可靠的能源是必不可少的。我們現有的社區繼續受益於州一級的經濟發展努力。幫助將固定成本分攤到更大的範圍內。

Early last quarter, a new food product cold storage facility was announced to be developed in Crown Point, Indiana, just outside of Chicago. NIPSCO will provide electric service to the 26-acre, 320,000 square foot site expected to be in service in 2026. NIPSCO will serve two other new projects with various in-service dates this year as well. A new concrete and aggregate producer will require NIPSCO investment in both electric and gas infrastructure. Additionally, a new EV battery plant in new Carlisle, Indiana, will require additional NIPSCO gas investment.

上個季度初，有消息指出將在芝加哥郊外的印第安納州克朗波因特建設一個新的食品冷藏設施。NIPSCO 將為這個佔地 26 英畝、320,000 平方英尺的場地提供電力服務，預計將在 2026 年投入使用。NIPSCO 今年也將服務另外兩個新項目，投入使用日期各不相同。新的混凝土和骨料生產商將需要 NIPSCO 對電力和天然氣基礎設施進行投資。此外，印第安納州新卡萊爾的一家新電動車電池廠將需要額外的 NIPSCO 天然氣投資。

Also, on the gas side of our business, one of our largest industrial customers in Virginia is converting their remaining on-site boilers to natural gas from coal. This project will provide significant energy cost savings for the customers and reduce carbon emissions from the facility.

此外，在我們業務的天然氣方面，維吉尼亞州最大的工業客戶之一正在將其剩餘的現場鍋爐從煤炭轉換為天然氣。該項目將為客戶節省大量能源成本，並減少設施的碳排放。

These projects are examples of how we remain engaged and supportive to develop and prosper the communities we serve. Economic development enhances our local tax base, offers new job opportunities as well as mitigate the cost of our existing customer base and remains a priority for all of our teams. Customer satisfaction remains a priority. And our nearly 4 million customers benefit from our operational excellence vision and capital investment plan. In December, both our NIPSCO Electric and Columbia Gas of Virginia businesses were named number one in their regional customer service satisfaction surveys.

這些項目是我們如何持續參與和支持所服務社區的發展和繁榮的典範。經濟發展擴大了我們的當地稅基，提供了新的就業機會，並減輕了我們現有客戶群的成本，這仍然是我們所有團隊的首要任務。客戶滿意度仍然是我們的首要任務。我們的近 400 萬客戶受惠於我們的卓越營運願景和資本投資計畫。12 月份，我們的 NIPSCO Electric 公司和維吉尼亞哥倫比亞天然氣公司在地區客戶服務滿意度調查中均名列第一。

Contributing to their scores were a combination of factors, including price, safety and reliability, billing and payment, corporate citizenship, communications and customer care.

影響其評分的因素有很多，包括價格、安全性和可靠性、帳單和付款、企業公民意識、溝通和客戶服務。

We are very, very proud of these results. Also, in December, NiSource was named to the 2024 Dow Jones Sustainability Indices. Marking the 11th consecutive year the company has earned this recognition. As a company, our business strategy extends beyond delivering energy. It also purposefully includes a sustainability framework that allows NiSource to help drive economic development and inclusion opportunities in the communities that we are very happy and privileged to serve.

我們對於這些結果感到非常自豪。此外，12 月，NiSource 入選 2024 年道瓊永續指數。這是該公司連續第 11 年獲得此項認可。作為一家公司，我們的業務策略不僅限於提供能源。它還特意包含一個永續發展框架，使 NiSource 能夠幫助推動我們非常高興和榮幸服務的社區的經濟發展和包容機會。

I'll now turn things over to Shawn.

現在我將事情交給肖恩。

Thank you, Melody. Let's start on slide 7. I'll begin with an update on the progress achieved, implementing the generation transition at NIPSCO. The transition to retire coal units is advancing a new renewable generation assets have come online and are supporting overall system reliability. Already achieved in January, the Dunns Bridge two solar project reached substantial completion.

謝謝你，梅洛迪。讓我們從第 7 張投影片開始。我將首先介紹 NIPSCO 實施代間轉型所取得的進展。淘汰煤炭機組的過渡正在推動新的再生發電資產的投入使用，並支持整個系統的可靠性。已於一月實現的 Dunns Bridge 兩座太陽能專案已基本完工。

Meanwhile, Fairbanks and Gibson are far down the path to operations and are expected to be in service later this year with no changes to our development time lines. This continues NIPSCO's track record of steady execution since 2020 with eight wind and solar generating stations now providing renewable power to customers in the Northern Indiana region.

同時，費爾班克斯和吉布森的營運進度也十分順利，預計將於今年稍後投入使用，我們的開發時間表不會有任何變化。這延續了 NIPSCO 自 2020 年以來穩步執行的良好記錄，目前已有 8 個風能和太陽能發電廠為印第安納州北部地區的客戶提供再生能源。

Leveraging the power of this generating fleet, we look ahead through the changing energy landscape, and Slide 8 provides an update on the progress made in the 2024 aggregated resource plan process. Late in the fourth quarter, NIPSCO submitted its IRP to the IURC. The triennial plan was the product of extensive stakeholder collaboration over nine months and five public meetings. It projects forward a 20-year period and details generation required to meet both new demand in the region and maintain compliance with federal and MISO regulatory requirements. All sources of generation technology were considered.

利用這支發電機組的強大力量，我們展望不斷變化的能源格局，幻燈片 8 介紹了 2024 年聚合資源規劃流程的進展。第四季末，NIPSCO 向 IURC 提交了其 IRP。該三年期計劃是利害關係人九個月來廣泛合作和五次公開會議的成果。它預測了未來 20 年的時間，並詳細說明了滿足該地區的新需求以及維持符合聯邦和 MISO 監管要求所需的發電量。所有發電技術來源均被考慮。

Including gas generation, solar, wind, battery and long-duration storage and small modular nuclear. Included in the analysis were updates to the capacity construct including MISO's shift to a four-season evaluation and its new requirements under the dress of load market design. These will have a substantial impact on generation requirements in the transmission organization's footprint.

包括天然氣發電、太陽能、風能、電池和長時儲能以及小型模組化核能。分析中涵蓋了容量結構的更新，包括 MISO 轉向四季評估及其在負載市場設計方面的新要求。這些將對輸電組織範圍內的發電需求產生重大影響。

It revises resource accreditation now based on availability when reliability risk is greatest by utilizing historical and forward-looking risk assessments. The preferred portfolio highlights new generation additions to the NIPSCO fleet required to maintain existing reliability and meet the new accreditation requirements. A mix of incremental generation resources of approximately 900 megawatts of capacity is likely required by 2028 to meet energy and capacity needs in all scenarios developed. Before considering potential data center growth. Our team is underway in the evaluation and commercialization of procuring solutions for our customers.

它利用歷史和前瞻性風險評估，根據可靠性風險最大時的可用性來修改資源認證。優先投資組合重點關注 NIPSCO 車隊的新一代新增功能，以保持現有的可靠性並滿足新的認證要求。到 2028 年，可能需要約 900 兆瓦容量的增量發電資源組合才能滿足所有開發情境下的能源和容量需求。在考慮潛在的資料中心成長之前。我們的團隊正在為客戶評估和商業化採購解決方案。

While our team works through this process, we've increased the size of our upside CapEx plan by about $400 million to reflect the likely need for new generation capacity to remain in compliance with these regional reliability regulations as shown on slide 9.

在我們的團隊完成此過程的同時，我們將上行資本支出計畫的規模增加了約 4 億美元，以反映新一代發電能力可能需要繼續遵守這些區域可靠性法規，如投影片 9 所示。

We will work through the project development, regulatory approvals and commercial details and provide updates for the development of these assets. As Melody detailed earlier, we have also increased our base CapEx plans to reflect new economic development projects in our Indiana and Virginia businesses. This moves our five-year base CapEx plan, up to $19.4 billion. Onshoring and manufacturing expansion continues in our Midwest region, and this is just one example of why our gas utilities are driving over 60% of our five-year CapEx plan. Our teams continue to focus on safety and reliability of operations, making investments in pipeline replacement, system modernization and new leak detection technology.

我們將致力於專案開發、監管批准和商業細節，並提供這些資產開發的最新進展。正如 Melody 之前詳細介紹的那樣，我們還增加了基本資本支出計劃，以反映印第安納州和維吉尼亞州業務的新經濟發展項目。這使得我們的五年基本資本支出計畫增加至 194 億美元。我們的中西部地區繼續進行在岸和製造業擴張，這只是我們的天然氣公用事業推動我們五年資本支出計劃 60% 以上的一個例子。我們的團隊持續專注於營運的安全性和可靠性，對管道更換、系統現代化和新的洩漏檢測技術進行投資。

We began our work to install advanced metering infrastructure in 2024 with $36 million of NIPSCO gas investment. This work continues in future years.

我們將於 2024 年開始安裝先進的計量基礎設施，並投資 3,600 萬美元用於 NIPSCO 天然氣。這項工作在未來幾年將繼續進行。

Meanwhile, prudent capital allocation is top of mind as we have aligned our base capital investments with recovery mechanisms in our regulated businesses to help minimize lag and recovery and reduce carrying charges. 81% of the investments made in our base five-year plan, expect to begin recovery inside 12 months of investment. Beyond the portfolio of base and upside CapEx plans, our teams continue to progress the development of incremental investment opportunities shared on Slide 10. The most recent developments here relate to MISO's long-range transmission planning process, in the development of tranche two projects recently awarded to NIPSCO. MISO released details last month, following approval by its Board of Directors in December.

同時，審慎的資本配置是首要考慮因素，因為我們已經將基礎資本投資與受監管業務的恢復機制相結合，以幫助最大限度地減少滯後和恢復並降低持有費用。我們基礎五年計畫中的 81% 的投資預計將在投資後 12 個月內開始復甦。除了基本和上行資本支出計劃組合之外，我們的團隊還繼續推進幻燈片 10 上分享的增量投資機會的開發。這裡最新的進展與 MISO 的遠端傳輸規劃過程有關，該過程涉及最近授予 NIPSCO 的第二期專案的開發。繼董事會去年 12 月批准後，MISO 於上個月公佈了詳細資訊。

The package seeks to develop a 3,600 mile transmission backbone and related projects to ensure future system reliability in the 2030s and beyond.

該計劃旨在開發3600英里的輸電主幹線和相關項目，以確保2030年代及以後的未來系統可靠性。

As Lloyd mentioned, we are evaluating these results and will incorporate these projects into our base CapEx plan once we've completed the scope and estimation work necessary to launch those projects. Another incremental investment opportunity not yet reflected in the base or upside capital expenditures plan is the investment necessary to support data center development across our six states and in particular, at NIPSCO. We continue to make excellent progress advancing data center strategies across our region, which represent a compelling opportunity for an eye source. Additional development of these strategies is required to meet our threshold to include in either the base or the upside CapEx plan.

正如勞埃德所提到的，我們正在評估這些結果，並將在完成啟動這些專案所需的範圍和估算工作後將這些專案納入我們的基本資本支出計劃。基礎或上行資本支出計畫中尚未反映的另一個增量投資機會是支持我們六個州、特別是 NIPSCO 的資料中心開發所需的投資。我們繼續在推進我們地區的資料中心策略方面取得良好進展，這對於眼源來說是一個極具吸引力的機會。需要進一步開發這些策略才能達到我們的門檻，從而將其納入基礎或上行資本支出計畫。

With that said, the company is strongly positioned to advance these strategies and once we've hit these milestones, we will flow those through our plans. 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.

話雖如此，公司仍有能力推進這些策略，一旦我們達到這些里程碑，我們就會將其貫穿到我們的計劃中。我們持續履行財務承諾，增強了公司的財務狀況，包括其資產負債表定位，這使得 NiSource 能夠在資本配置決策中抓住機會。印第安納州建設性的監管背景支持以公用事業為中心的監管契約，而商業模式的垂直整合最大限度地減少了客戶和監管機構的複雜性，同時為現金流恢復提供了靈活性。

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 develop value for all stakeholders. Let's move into the financial results shared on slide 11. As Lloyd already highlighted, 2024 was a strong financial year for NiSource achieving $1.75 per share, an increase of $0.15 per share. Higher rate base investments drove $367 million in incremental revenue.

NiSource 擁有深入的資本市場管道，並保持靈活性以有效地為資料中心機會提供融資。NiSource 還擁有長期支持鋼鐵業大負荷客戶的歷史，並且擁有與大客戶合作為所有利益相關者創造價值的經驗。讓我們來看看第 11 張投影片上分享的財務結果。正如勞埃德所強調的那樣，2024 年是 NiSource 財報強勁的一年，每股收益達到 1.75 美元，年增 0.15 美元。更高利率的基礎投資帶來了 3.67 億美元的增量收入。

This was partly offset by increased O&M, depreciation and noncontrolling interest. In the fourth quarter, we reported adjusted EPS of $0.49 per share, a decrease of $0.04 per share versus last year. The decline was driven by noncontrolling interest, increased depreciation and other taxes and partly offset by increased rate base investment.

這被營運和維護費用、折舊費和非控制權益的增加部分抵消。第四季度，我們報告調整後的每股收益為 0.49 美元，較去年同期下降 0.04 美元。下降的主要原因是非控制權益、折舊和其他稅費增加，但部分被利率基礎投資增加所抵銷。

Increased customer additions and expanded customer usage contributed $36 million in revenues across our electric and gas businesses for the year. On slide 13, you'll see a summary of our financial commitments. Today, we are raising 2025 adjusted EPS guidance to $1.85 to $1.89, up $0.01 versus prior guidance introduced at third quarter earnings. This is consistent with our practice of guiding off of actual results achieved and reflects 6% to 8% growth of the $1.75 achieved in 2024. This is the third year in a row we have announced an increase to our annual adjusted EPS guidance on our fourth quarter earnings call after establishing initial guidance on our third quarter call.

客戶數量的增加和客戶使用量的擴大為我們的電力和天然氣業務貢獻了 3,600 萬美元的年度收入。在第 13 張投影片上，您將看到我們的財務承諾的摘要。今天，我們將 2025 年調整後每股收益預期上調至 1.85 美元至 1.89 美元，比第三季收益時發布的預期上漲 0.01 美元。這與我們根據實際取得的成果進行指導的做法一致，反映了 2024 年實現的 1.75 美元增長 6% 至 8%。這是我們連續第三年在第三季財報電話會議上宣布上調年度調整後每股收益預期，此前我們在第三季財報電話會議上已經確定了初步預期。

Our financial commitments are fueled by a $19.4 billion base five-year CapEx plan, which drives rate base growth across 2025 through 2029 of 8% to 10% and delivers an annual adjusted EPS growth of 6% to 8%. This does not include any impacts from the upside CapEx plan or incremental investment opportunities. Assumptions around key externalities in our plan continue to be derisked. For example, customer growth continues to be strong. However, our plan only assumes 0% to 1.5% growth per year across all customer classes.

我們的財務承諾由一項 194 億美元的基本五年資本支出計劃推動，該計劃推動 2025 年至 2029 年期間的利率基準增長 8% 至 10%，並實現年調整後每股收益增長 6% 至 8%。這不包括上行資本支出計劃或增量投資機會的任何影響。我們的計劃中圍繞關鍵外部因素的假設繼續被降低風險。例如，客戶成長持續強勁。然而，我們的計劃僅假設所有客戶類別每年的成長率為 0% 到 1.5%。

Additionally, our plan continues to assume realistic interest rate assumptions through 2029 despite the recent rise in rates and the previous Fed activity to cut short-term rates. We remain confident in achieving our long-term growth rate in all years of the plan.

此外，儘管最近利率上升且聯準會先前曾下調短期利率，但我們的計畫仍將在 2029 年之前繼續假設現實的利率假設。我們對於在計劃的所有年份實現長期成長率仍然充滿信心。

In particular, continued execution on the regulatory front has increased visibility into 2025 results with substantively all regulated revenue increases in rates or settled based on our activities in 2024 and 2025. Our forecasts incorporate continued use of long-established capital trackers in nearly all our jurisdictions and are based on what we believe are realistic regulatory outcomes. I'd note, we remain focused on minimizing the financial impact that our safety, reliability and compliance work has across our customer base. Cost savings initiatives like Project Apollo detailed by Lloyd, and efficiencies resulting from capital investments moderate the impact on customers. Our revised plan projects less than 5% average annual bill increases across NiSource.

特別是，監管方面的持續執行提高了 2025 年業績的可見性，實質上所有受監管的收入都將根據我們在 2024 年和 2025 年的活動增加或結算。我們的預測涵蓋了幾乎所有司法管轄區內長期採用的資本追蹤指標，並且基於我們認為現實的監管結果。我要指出的是，我們仍然致力於盡量減少我們的安全、可靠性和合規工作對客戶群造成的財務影響。勞埃德詳細介紹的阿波羅計畫等成本節約措施以及資本投資帶來的效率減輕了對客戶的影響。我們修訂後的計劃預計 NiSource 的年度平均帳單增幅將低於 5%。

Moving to slide 14. Let's focus on the balance sheet strength of the business. In the fourth quarter, we executed the last $100 million of our forward ATM program, completing the pricing and execution of the full $600 million guided for the year. Along with the issuance of $1 billion of junior subordinated notes during 2024, we continued to strengthen the balance sheet positioning of the company. FFO to debt for 2024 was 14.6%, up from 14.1% in 2023.

移至投影片 14。讓我們關註一下企業的資產負債表實力。第四季度，我們執行了遠期 ATM 計畫的最後 1 億美元，完成了全年 6 億美元指導金額的定價和執行。隨著 2024 年發行 10 億美元次級債券，我們繼續加強公司的資產負債表定位。2024 年 FFO 與債務之比為 14.6%，高於 2023 年的 14.1%。

Reflected in these results for both years is approximately 50 basis points reduction from unfavorable weather versus normal. Our balance sheet has moved steadily in the right direction since 2022, we are well within our rated FFO to debt range. We continue to target 14% to 16% 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.

從這兩年的結果可以看出，惡劣天氣導致的產量比正常天氣減少了約 50 個基點。自 2022 年以來，我們的資產負債表一直穩步朝著正確的方向發展，我們的 FFO 與債務比率遠低於我們的評級。我們將繼續在計劃的所有年份中將目標定為 14% 至 16%，使用來自營運的現金、新的長期債務和每年 2 億至 3 億美元的維護權益的平衡組合，透過使用我們的市場計劃來維持我們的資本結構。

In January, the annualized dividend target was increased from $1.06 to $1.12 per share. This continues each year that the NiSource dividend has increased since the separation with Columbia Pipeline Group, and represents a payout ratio of approximately 60%, which is at the low end of our 60% to 70% payout ratio guidance. We will continue to be thoughtful about capital allocation and the high cost of capital environment. While also prioritizing infrastructure investments for our customers. As we share on slide 15, consistent execution of the business plan, drive sustainable growth and financial results in each year of the plan, NiSource's achieved the upper half of guidance range or better.

1 月份，年度股利目標從每股 1.06 美元提高至 1.12 美元。自從與哥倫比亞管道集團分離以來，NiSource 的股息每年都在增加，派息率約為 60%，處於我們 60% 至 70% 的派息率指導的低端。我們將繼續深思熟慮資本配置和高資本成本環境。同時也優先為我們的客戶進行基礎設施投資。正如我們在第 15 張投影片上所分享的，透過持續執行業務計劃，推動計劃每年的可持續成長和財務業績，NiSource 實現了指導範圍的上半部分甚至更好。

Each time we've executed this, we've rebased future adjusted EPS guidance upwards off these actual results. This represents differentiated value creation for our shareholders. We've accomplished this now four years in a row.

每次執行此操作時，我們都會根據這些實際結果重新調整未來調整後的每股盈餘指引。這代表我們為股東創造了差異化的價值。我們已經連續四年實現這個目標。

The value of this compounds as future years grow and reflect the outperformance achieved. For example, 2025 implied midpoint is now 6% higher than originally forecasted in 2022, reflecting one full fiscal year of increased earnings power since our strategic business review in 2022. This is differentiated in our sector, which has delivered 5.9% at the median and adjusted EPS since 2021 compared to the 8.5% achieved by NiSource. The underlying business plan, supported by strong regulatory constructs and NiSource jurisdictions, coupled with responsible investments in identifiable regulatory programs, enable a reasonable return on and of investment over our plan. The confidence in these investments enables the rebasing of annual growth rate, which supports this higher adjusted EPS range as we execute the plan.

隨著未來幾年的成長，其價值將會不斷增加，並反映出所取得的優異表現。例如，2025 年隱含中點現在比 2022 年最初預測的高出 6%，反映出自 2022 年策略業務審查以來整整一個財年的獲利能力增強。這在我們的行業中有所不同，自 2021 年以來，該行業的中位數和調整後每股收益為 5.9%，而 NiSource 的值為 8.5%。在強有力的監管結構和 NiSource 管轄權的支持下，加上對可識別監管計劃的負責任的投資，使我們的計劃獲得合理的投資回報。對這些投資的信心使得我們能夠重新調整年增長率，從而支持我們在執行計劃時實現更高的調整後每股收益範圍。

I'll conclude with highlights of our growing track record on slide 16. Our financial commitments have been achieved for 2024 and are on track for 2025. We remain confident our near-term and long-term guidance remains resilient to market conditions and other forces outside our control and are based on realistic and executable assumptions. We continue to execute the recovery of critical investments necessary to ensure safety and reliability of our systems. Regulatory progress made over the last quarter across Pennsylvania, Kentucky, Virginia and at NIPSCO provide a foundation for thoughtful capital allocation to enhance service to our customers and deliver predictable financial results and return capital to our shareholders.

我將在第 16 張投影片中介紹我們不斷成長的業績亮點。我們已經實現了 2024 年的財務承諾，並且預計將實現 2025 年的財務承諾。我們堅信，我們的短期和長期指導仍能抵禦市場條件和其他我們無法控制的因素，並且基於現實且可執行的假設。我們將繼續執行確保系統安全性和可靠性所必需的關鍵投資的恢復。上個季度，賓州、肯塔基州、維吉尼亞州和北印第安納州公共服務公司 (NIPSCO) 的監管進展為周到的資本配置奠定了基礎，以增強對客戶的服務，提供可預測的財務業績並向股東回報資本。

The financing plan continues to be reasonable and highly executable. 2024 activity was completed as projected and ATM execution, coupled with the diversification utilized in the junior subordinated debt marketplace, demonstrate our balance sheet flexibility, while also fortifying our balance sheet positioning. Finally, 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 do not include upside CapEx or incremental investment opportunities such as data center investments or load growth and are built upon the known and socialized regulatory programs, which have contributed to the 8.5% 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 and regulated electric business.

融資計劃繼續合理、執行力強。 2024 年的活動已按計劃完成，ATM 的執行，加上上次級債務市場所採用的多樣化，展示了我們的資產負債表靈活性，同時也鞏固了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，我們的利率基礎和調整後的每股收益指引不包括上行資本支出或增量投資機會，例如數據中心投資或負載增長，並且建立在已知和社會化的監管計劃之上，這些計劃促成了我們自 2021 年以來執行的 8.5% 調整後每股收益增長率。NiSource 繼續向投資者提供的價值主張是多元化和受監管的公用事業資產，使投資者有機會投資於計劃性的天然氣基礎設施以及完全整合和受監管的電力業務的長期能源轉型故事。

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.

這些要素一直以來都是我們故事的核心，但支持經濟發展在岸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品脫穎而出。

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

我現在想打電話——將電話轉給接線員進行問答。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

(操作員指示) Julien Dumoulin-Smith，傑富瑞 (Jefferies)。

Congratulations on your continued successes here. So maybe just to kick things off, I mean, this GENCO filing has gotten a good degree of attention here as sort of a novel concept in the sector. Can you speak to how you imagine and potentially negotiated some of these risk-sharing considerations here? As you think about this being potentially somewhat adjacent to NIPSCO, how do you think about the traditional concept of rate base that otherwise are implicit in most investments? Are those effectively replicated as you foresee these commercial arrangements?

祝賀您在此不斷取得成功。所以可能只是為了開始，我的意思是，這個 GENCO 檔案作為該領域的新概念已經引起了相當程度的關注。您能否談談您如何想像並可能協商其中的一些風險分擔考慮？當您認為這可能與 NIPSCO 有點相似時，您如何看待大多數投資中隱含的傳統利率基礎概念？正如您所預見的，這些商業安排是否會被有效複製？

And then maybe while we're at it, just for good form, can you speak to the timing of some of these commercial arrangements, which I know you all are working diligently on in the interim?

那麼也許我們在討論這個問題的時候，只是為了好的形式，你能談談這些商業安排的時間安排嗎？

So let me start and I'll turn this over to Michael for some details. I've mentioned several times that data centers and all the flows we're making with respect to data centers is a 2025 event for us. And I think I'm optimistic about our path in terms of -- and I'll use our methodical path in terms of pursuit of this opportunity. And if you remember, if you go back to our four pillars, we said we want to protect our existing customers, our business customers, we want to be able to serve these new customers with speed, agility, flexibility because we thought the speed to market will be an advantage for us. We want to maintain NIPSCO's financial integrity and preserve our flexibility in the business.

那麼讓我開始吧，我會把這個交給麥可來講述一些細節。我已多次提到，資料中心以及我們在資料中心方面進行的所有流程對我們來說都是 2025 年的事件。我認為，我對我們的道路感到樂觀——我將用我們有條不紊的道路來追求這個機會。如果你還記得，回顧我們的四大支柱，我們說過，我們要保護現有客戶、商業客戶，我們要能夠以速度、敏捷、靈活的方式為這些新客戶提供服務，因為我們認為，快速上市對我們而言是一個優勢。我們希望保持 NIPSCO 的財務完整性並保持我們業務的靈活性。

I mean we think we have a great base business and we want to make sure that we continue to focus on that base business and have this be total upside. So with that, this GENCO this declination filing with the IURC was, I'd say, an important step in terms of how we pursue this opportunity, and I'll turn it over to Michael to talk about the details of that.

我的意思是，我們認為我們擁有良好的基礎業務，並且我們希望確保我們繼續專注於該基礎業務並實現全面上升。因此，我認為，GENCO 向 IURC 提交的拒絕申請是我們尋求這一機會的重要一步，我將把時間交給邁克爾來談論細節。

Julien. So Lloyd hit on the primary points, really what the declination filing allows us to. It is a regulated entity. Think of it just like you would as a regulated utility but it allows us to encapsulate what we're doing for these large load customers to protect the existing customer base and maintain that cost within it to segregate to truly protect existing customers with it. And at the same time, negotiate the provisions in the agreement to be able to provide the benefits to our shareholders, protect those customers, and I would say, benefit those customers.

朱利安。因此，勞埃德觸及了主要問題，這實際上是拒絕申報允許我們做的事情。它是一個受監管的實體。可以將其想像為受監管的公用事業，但它使我們能夠概括為這些大負荷客戶所做的事情，以保護現有客戶群，並在其中維持該成本以進行隔離，從而真正保護現有客戶。同時，協商協議中的條款以便能夠為我們的股東提供利益，保護那些客戶，我想說，讓那些客戶受益。

and maintain the flexibility that we need in order to meet their needs in a very timely and expeditious fashion. So it is a mechanism that is simply to Lloyd's point, it protects the existing system customers.

並保持我們所需的靈活性，以便及時、迅速地滿足他們的需求。所以，這只是一個符合勞埃德觀點的機制，它可以保護現有系統的客戶。

It helps us serve those new customers with speed and flexibility. It maintains NIPSCO's financial integrity, and it helps us ensure that our base plan, the strong base plan that we have is not impacted by the ability to bring in large load customers. And Shawn may want to speak a little bit to the financial aspects of that.

它幫助我們快速靈活地為這些新客戶提供服務。它維護了 NIPSCO 的財務完整性，並幫助我們確保我們的基本計劃，即我們擁有的強大的基礎計劃不會受到引入大負荷客戶的能力的影響。肖恩可能想談談其中的財務方面的問題。

Yes. And Julien, I think the other part of your question was, as we think about whether it's traditional rate making or otherwise, what are the advantages potentially that are coming from this? And a couple of things I'd highlight. Number one, as you think about the potential development for power generation solutions to serve these customers, the declination filing or the progress we're making there can allow us to move through ratemaking at the speed necessary to serve that customer based on the capital projects when those are being deployed and as those projects start to power and eerie when they're going to start to create cash flows coming back in for our shareholders. That may be a different time horizon.

是的。朱利安，我認為你問題的另一部分是，當我們思考這是否是傳統的利率制定方式或其他方式時，這可能帶來什麼優勢？我想強調幾點。首先，當您考慮為這些客戶提供發電解決方案的潛在發展時，我們在那裡所取得的拒絕備案或進展可以讓我們以必要的速度進行費率制定，以便根據正在部署的資本項目為該客戶提供服務，並且當這些項目開始發電時，它們將開始為我們的股東創造現金流。這或許是一個不同的時間範圍。

They had the traditional rate case model that NIPSCO has been following, which inherently has been just about every other year filing a rate case.

他們採用了 NIPSCO 一直遵循的傳統費率案例模型，本質上是每隔一年提起一次費率案例。

So this allows us to better line those cash flows up as well as to get a return, a reasonable return through a time period that we can continue to afford to advance the construction. So I think that's one key point to highlight. The second piece, I think, we've done a lot to progress the balance sheet strength. I just covered a lot of that in my prepared remarks. But over $2 billion of balance sheet improvement equity positioning in 2023, over $1 billion net in 2024, coupled with growing cash from operations that are producing outperformance relative to the base financing plan, just from a sheer finance ability standpoint, that's positioned NiSource to have much more flexibility to be able to address and afford construction to support these potential larger consumers.

因此，這使我們能夠更好地排列這些現金流並獲得回報，在我們能夠繼續負擔得起推進建設的時間段內獲得合理的回報。所以我認為這是需要強調的關鍵點。第二點，我認為，我們已經做了很多工作來增強資產負債表的實力。我剛剛在準備好的發言中談了很多這方面的內容。但 2023 年資產負債表改善股權定位超過 20 億美元，2024 年淨資產超過 10 億美元，再加上來自營運的現金不斷增長，相對於基本融資計劃而言，其表現優異，僅從純粹的融資能力角度來看，這使得 NiSource 擁有更大的靈活性，能夠解決和負擔得起的費用，以支持這些潛在建設的消費者。

Awesome. And just a quick follow-up there. Can you speak to your latest updated load forecast around data center prospects, right, whether that's expansion of phases that folks are initially talking to you about, I mean obviously, you've made these regulatory filings over the course of the last eight months that have been sort of incrementally updated, but where do you stand today in terms of the scope of the total opportunity in front of you? Obviously, I understand that's on a protracted basis.

驚人的。接下來是簡短的跟進。您能否談談您對資料中心前景的最新負載預測，對嗎？顯然，我知道這是一個長期過程。

Mike, you want to take that?

麥克，你想拿走那個嗎？

Might be over the second period?

可能是第二期結束了嗎？

Sure. So we haven't updated anything beyond our [IRP] at this point as we include in the RRP, we had the reference case of 2,600 megawatts and then an upside case, it was 8,000 megawatts. I would say that the discussions have been extremely positive and beneficial and they continue to be accretive to what our objectives are. And that as we proceed through time, we will definitely give updates and include those in the plans as they pass certain thresholds as was mentioned earlier. But I will comment that the negotiations and the discussions have been very positive.

當然。因此，目前我們還沒有更新我們的 [IRP] 以外的任何內容，因為我們將其納入 RRP 中，我們的參考情況是 2,600 兆瓦，然後是一個上行情況，即 8,000 兆瓦。我想說的是，討論非常積極和有益，並將繼續幫助我們實現目標。正如前面提到的，隨著時間的推移，我們一定會提供更新，並將其納入計劃中，因為它們通過了某些門檻。但我要說的是，談判和討論非常積極。

Shar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shar Pourreza。

Just let me follow up on Julien's question on sort of data center stuff. I mean, obviously, the governor talked about four of them coming media reports have talked about several coming as well to Northern Indiana. Lloyd, in your prepared remarks, you talked about still '25 as an opportunity. Can we just fine-tune just get a sense on timing there where in the discussions you're at, how soon can a deal be signed? Is this a 1H opportunity is a 2H opportunity?

讓我跟進一下朱利安關於資料中心方面的問題。我的意思是，顯然，州長談到了其中四個人即將到來，媒體報道也談到了有幾個人即將抵達印第安納州北部。勞埃德，在你準備好的發言中，你仍然認為 25 年是一個機會。我們能否對你們正在進行的討論的時間進行微調，多久可以簽署協議？這是 1H 機會，還是 2H 機會？

So, not willing to narrow that down and I hear you about timing. And that will -- I'm going to stick to my -- it's a '25 opportunity issue. What I'll say is we're optimistic. The conversations are progressing very well. And as soon as we have something signed, we're going to get it out to you guys but not before that.

因此，不願意縮小這個範圍，我聽說了你關於時間安排的問題。而且那將會 — — 我將堅持 — — 這是 25 個機會問題。我想說的是，我們很樂觀。談判進展非常順利。一旦我們簽署了協議，我們就會把它發給你們，但不會在此之前。

Got it. That's helpful. I just wanted to get a sense, Lloyd, if you reiterated '25, you still feel comfortable. Just on financing, obviously, there's a higher CapEx opportunity of an ATM in place. But can you just talk a little bit about other potential avenues you can lean on to fund the incremental CapEx as you owe more spending into the base plan from the upside opportunity bucket which can be obviously fairly material, especially at these discussions with data centers transpire.

知道了。這很有幫助。勞埃德，我只是想了解一下，如果你重申‘25’，你仍然感到舒服。僅從融資角度來看，顯然 ATM 的資本支出機會較高。但是，您能否稍微談談您可以依靠的其他潛在途徑來為增量資本支出提供資金，因為您需要從上行機會桶中向基礎計劃投入更多資金，這顯然是相當重要的，特別是在與數據中心進行這些討論時。

You guys did really well with that minority sale? Or is kind of the ATM enough to fund incremental CapEx beyond today's update?

你們的少數股權出售做得很好嗎？或者 ATM 足以資助今天更新後的增量資本支出？

Yes. Well, I think the most efficient form of financing is outperformance on cash from operations, and that's where we'll look first. That's helped fuel the ability for us to move into incremental CapEx without having to issue new equity to do so. And that's where we'll go first. We'll also look thoughtfully around the capital allocation and try and shorten regulatory lag that inherently does that to increase that cash from operations.

是的。嗯，我認為最有效的融資形式是經營活動現金流的優異表現，這也是我們首先要研究的。這有助於我們實現增量資本支出，而無需發行新股。這就是我們首先要去的地方。我們還將仔細研究資本配置，並嘗試縮短監管滯後，從而增加營運現金流。

That's kind of position A. And then again, we're successful, we believe, in the junior subordinated note marketplace in 2024. Our plan does not count on or need junior subordinated notes to achieve the 14% to 16% in all years of the plan. Therefore, that's another avenue for us as well. So we've got a lot of options to be able to achieve incremental financing without the need for equity directly in the plan to access the upside plan.

這就是立場 A。 我們相信，我們會在 2024 年的次級債券市場上取得成功。我們的計劃不依賴或需要次級債券來實現計劃所有年份的 14% 至 16% 的目標。因此，這對我們來說也是另一條途徑。因此，我們有很多選擇，可以實現增量融資，而無需直接在計劃中擁有股權來獲得上行計劃。

Got it. So you're comfortable with the current ATM program internal cash flow, junior support any notes in this scenario, even if the higher CapEx comes into plan beyond what you just disclosed today?

知道了。所以，您對目前的 ATM 計劃內部現金流感到滿意，初級支援在這種情況下有任何注意事項，即使計劃中的資本支出高於您今天剛剛披露的金額？

Absolutely.

絕對地。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

nd maybe to hit a couple more of these enter questions first. You've laid out a lot of the drivers behind the GENCO filing. Do you need IURC approval of that before you can announce a deal? And then I guess I'm also curious how you think about the whole generation amid all this interest in generation, both on the large loss side and on the MISO changes?

也許首先要回答幾個這樣的輸入問題。您已經列出了 GENCO 備案背後的許多驅動因素。在宣布達成交易之前，是否需要獲得 IURC 的批准？然後我想我也很好奇在人們對發電的所有興趣中，您如何看待整個發電過程，包括巨額損失方面和 MISO 變化方面？

Michael?

麥可？

So to answer your question, though, we do not need IURC approval in order to be able to announce a deal, but we do need IURC approval of the GENCO declination and setting up that entity. But as speaking to the key point of speed and flexibility, that's one of the benefits of working through this entity is being able to do that in a concurrent path with it. for large load customers and talking about the opportunities associated with them, they continue to progress well. And when we look at those opportunities, that would be included within that framework. And that's what give us the benefits of being able to do that on their time lines.

因此，回答你的問題，我們不需要 IURC 批准才能宣布交易，但我們需要 IURC 批准 GENCO 的拒絕並設立該實體。但說到速度和靈活性的關鍵點，透過這個實體工作的好處之一就是能夠與它並發地做到這一點。對於大負荷客戶並談論與他們相關的機會，他們繼續取得良好的進展。當我們審視這些機會時，它們將被納入該框架內。這就是我們能夠按照他們的時間表完成這項工作所帶來的好處。

Got it. Understood. And then just a housekeeping question, and if I missed this in the script, apologies, but it looked like some of the NIPSCO and Columbia spend shifted across buckets in your current base plan versus the 3Q plan? Can you walk through what the drivers of those changes were?

知道了。明白了。然後只是一個內部問題，如果我在腳本中錯過了這一點，請原諒，但看起來 NIPSCO 和哥倫比亞的一些支出在您當前的基礎計劃與第三季度計劃中轉移到了不同​​的領域？您能否解釋一下這些變化的驅動因素是什麼？

There were no material shifts in those allocations. We can walk you through, if you'd like, Rick, and Rich and things up, but there were no material changes there.

這些分配沒有發生重大變化。如果您願意的話，我們可以帶您了解 Rick 和 Rich 的情況，但是那裡沒有實質性的變化。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

I was wondering if you could give an update on the La Porte facility, the Microsoft is there still going on the ground, so to speak? Or are you still in some kind of contract negotiations or financing? I wonder what the status is of that project?

我想知道您是否可以介紹一下拉波特工廠的最新情況，微軟是否仍在那裡開展業務？還是您仍在進行某種合約談判或融資？我想知道該專案的進展如何？

So with Le Port as all the customers, we continue to work through the specific time lines and activities that would be necessary to meet their objectives. We do not have steel going into the ground in Le Port right now. As we mentioned, we're fishing up the framework and the construct that we've laid out. But the negotiations and the discussions with multiple counterparties continue to progress well.

因此，對於 Le Port 等所有客戶，我們將繼續制定必要的具體時間表和活動，以實現他們的目標。目前，我們還沒有將鋼材輸送到勒波特的地下。正如我們所提到的，我們正在建立我們已經制定的框架和結構。但與多方談判和討論繼續進展順利。

Okay. Great. And then one more, we've seen a couple of announcements, not necessarily in your region, but other places in the U.S. about data centers and developers taking gas directly from particularly midstream companies. But do you see an opportunity there to serve behind the meter or on flight generation through your gas system rather than through the electric system?

好的。偉大的。還有一個，我們看到了一些公告，不一定是在您所在的地區，而是在美國其他地方，關於資料中心和開發商直接從中游公司獲取天然氣。但是，您是否看到了透過燃氣系統而不是電力系統為電錶或飛機發電提供服務的機會？

Yes. We absolutely see a benefit in being able to serve the customers from our gas system, and we have seen increased demand across our gas system in serving those customers. there is a need for them to be able to access the energy market in whatever way they can. And the gas system is a very robust and reliable mechanism to do that, and it is beneficial and that has benefited all of our benefited multiple of our Columbia companies.

是的。我們確實看到了透過我們的天然氣系統為客戶提供服務的好處，並且我們看到我們的天然氣系統在服務這些客戶方面的需求不斷增加。他們需要以任何可能的方式進入能源市場。而天然氣系統是一種非常強大和可靠的機制，可以實現這一目標，它是有益的，並且已經使我們在哥倫比亞的多家公司受益。

We see an upside in some of our capital opportunities and mostly Virginia and possibly in Ohio, serving data center customers off of our gas infrastructure. As another opportunity for the company. So we're excited about that also.

我們看到一些資本機會存在上升空間，主要是維吉尼亞州，也可能是俄亥俄州，這些地方可以透過我們的天然氣基礎設施為資料中心客戶提供服務。這為公司帶來了另一個機會。所以我們對此也感到興奮。

Okay. And you mentioned the CapEx. So there is CapEx involved as well as -- but that's just flow demand. right.

好的。您提到了資本支出。因此，這其中也涉及資本支出——但這只是流量需求。正確的。

That's correct.

沒錯。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

I want to go back to the GENCO entity I think you guys mentioned cash flow to shareholders. One thing you can clarify, I mean, I think you're pretty clear your commentary a regulated entity. As we think about returns, this should look like regulated returns, right? Or would the high returns. First question.

我想回到 GENCO 實體，我想你們提到了股東現金流。您可以澄清一件事，我的意思是，我認為您對受監管實體的評論非常清楚。當我們考慮回報時，這應該看起來像是受監管的回報，對嗎？或會有高額回報。第一個問題。

And second, maybe just the timing of that cash flow, is that -- do you expect earnings, cash flow benefit from this entity in the 2025 to 2029 period? Or is it beyond that? Those are my two questions. Thank you.

其次，也許只是現金流的時間，您是否預期該實體在 2025 年至 2029 年期間的收益和現金流收益？或者說超越了這一點？這是我的兩個問題。謝謝。

So I think, as we talk about the NIPSCO GENCO, I think you -- we would think about this in a way that we would have maybe other than regulated returns. I think this allows us to operate in areas we negotiate with our counterparties to get returns above and beyond what our potential regulated returns are.

因此我認為，當我們談論 NIPSCO GENCO 時，我們會以一種不同於受監管的回報的方式來考慮這個問題。我認為這使我們能夠在與交易對手談判的領域開展業務，以獲得超出潛在監管回報的回報。

Got it. Okay. So going beyond clear. And then what about the timing? Like when should we see earnings from these kind of opportunities start accumulating as it relates to the financial plan.

知道了。好的。所以超越清晰。那麼時間安排又如何呢？例如，我們什麼時候能看到與財務計畫相關的此類機會的收益開始累積。

Is it in the '25 to '29 period? Or could it go really end of the decade and then beyond?

是在 1925 年至 1929 年期間嗎？或者它真的會持續到本世紀末，甚至更久？

As I said earlier at the beginning, this will be a 2025 event. And when we have signed contracts with counterparties and have definitive information, we will get that out to you guys as soon as possible.

正如我在一開始就說過的，這將是 2025 年的盛事。當我們與交易對手簽訂了合約並掌握了確切資訊後，我們會盡快將其發布給你們。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So apologizing for hitting some of the same topics here. But just on the declination filing, do we had -- do you know -- do we know where other parties are on this yet? Is there any kind of schedule that -- just any color on that?

因此，對於在這裡談論一些相同的主題，我深表歉意。但就拒絕申請而言，我們是否知道其他各方對此的看法？有沒有任何種類的時間表——上面有任何顏色嗎？

Yes, happy to provide some additional perspective on that. We do have information as to what different parties are asking questions on and thinking about that. We are working through that process now to make sure that we're providing feedback in answering those questions. We would expect that, that would be by Q3 in Q3 that we would have the ruling associated with the declination. The key component I'll add to it is, again, remembering that it is a regulated entity, and we see it as beneficial not only to large load customers not only to NIPSCO not only to our existing customer base, but also in enabling what we have done and continue to do, which is work in developing projects that we can bring in, and this allows us to do that in a timely fashion.

是的，很高興能提供一些額外的觀點。我們確實掌握了各方正在提出的問題和思考的資訊。我們現在正在進行該流程，以確保在回答這些問題時提供回饋。我們預計，到第三季時我們將做出與拒絕相關的裁決。我要補充的關鍵部分是，再次記住它是一個受監管的實體，我們認為它不僅對大負荷客戶、對 NIPSCO 和我們現有的客戶群都有益，而且有利於我們已經做過和繼續做的事情，即開發我們可以引入的項目，這使我們能夠及時做到這一點。

So we see it as good for the communities for developers of projects for our existing customer base and for what we're doing associated with NIPSCO.

因此，我們認為這對社群、對我們現有客戶群的專案開發者以及我們與 NIPSCO 相關工作都有好處。

Okay. And just since it's a bit of a unique filing, is there going to be kind of a recommendation by parties? Like is there a process? Or are you just are you in like talks like settlement talks or -- I'm just trying to understand like the process of this case?

好的。而且由於這是一個比較特殊的文件，各方是否會提出一些建議？比如說，有一個流程嗎？還是您只是在進行類似和解談判或—我只是想了解這個案件的進程？

Yes, it will proceed through the normal IURC process. It will go through the standard work of being reviewed people intervening associated with us answering questions from what we're getting on the declination and then working with those individuals and groups to be able to perceive that through the normal IURC process. It is not materially different in process than what we would do with our other filings.

是的，它將透過正常的 IURC 流程進行。它將透過標準工作進行審查，與我們相關的人員介入，回答有關我們得到的拒絕的問題，然後與這些個人和團體合作，以便能夠透過正常的 IURC 流程感知這一點。其流程與我們處理其他文件的方式並沒有實質的差異。

I would just add on to what Michael said. It's a standard procedural filing. And so we expect an order in ruling around Q3 of 2025. just like any other standard order or standard filing at any time you could have individuals who choose to intervene. But our team did a lot of work upfront working with our stakeholders to make sure they understood what it was in socializing the benefit of the GENCO.

我只是想補充一下麥可所說的話。這是標準的程序歸檔。因此，我們預計裁決將在 2025 年第三季左右出台。但我們的團隊在前期做了大量工作，與利害關係人進行了合作，以確保他們理解 GENCO 的社會化利益。

So we feel fairly confident that the declination application and the strategy are consistent with Indiana law.

因此，我們非常有信心，拒絕申請和策略符合印第安納州法律。

Okay. And I just wanted to clarify, just is this -- if you did set the structure up, would there be anything needed from kind of FERC to approve this? Or can it all be done with just state approvals?

好的。我只是想澄清一下，如果您確實建立了這個結構，是否需要聯邦能源管理委員會 (FERC) 的批准？或者說這一切只要得到國家批准就可以完成嗎？

So we need the IURC approval first. And then at some point in the future, we will likely request some different approvals associated with FERC, but the primary approval that we need is with the IURC the FERC approvals don't need to be sought on the beginning of the application or on what we're doing right now through the process.

因此我們首先需要獲得 IURC 的批准。在未來的某個時候，我們可能會要求與 FERC 相關的一些不同的批准，但我們需要的主要批准是 IURC 的批准，而不需要在申請開始時或在我們目前正在進行的流程中尋求 FERC 的批准。

Okay. But to actually set it up and sign a contract, you do need FERC?

好的。但要真正建立並簽署合同，你需要 FERC 嗎？

You do not.

你沒有。

You do not. It is more of I don't want to use the word administrative filings, but it is more of filing that we need to do to ensure that we are dotting all eyes and crossing [alts] but it is not necessary in order to set up the entity be able to move forward with data centers to be able to sign contracts to be able to progress work.

你沒有。我不想使用行政備案這個詞，但我們需要做的更多的是備案，以確保我們引起所有人的關注並通過[alts]，但為了建立實體，能夠推進數據中心，能夠簽署合同，能夠推進工作，這並不是必要的。

Got it. And then lastly, you kind of answered this, but just maybe more specifically, since you've been very active with these customers. Subsequent to the Deep Seek kind of event the last few weeks, have you seen any change in tone from the customers on desire to move forward or changes in the?

知道了。最後，您回答了這個問題，但可能更具體地說，因為您一直非常積極地與這些客戶溝通。在過去幾週的 Deep Seek 活動之後，您是否發現客戶在希望繼續前進方面的態度改變了？

We have not seen any change in that -- yes, sorry. We do -- we have not seen any change in tone from customers. I would say, if anything, we continue to see increased demand and increased opportunity. And I would say the opportunities for efficiency within this space are just beneficial to, I think, all customers in all aspects, but it has not impacted demand in any way.

我們沒有看到任何變化——是的，抱歉。我們確實沒有看到客戶的態度有任何改變。我想說，如果有的話，我們將繼續看到需求和機會的增加。我想說，這個領域的效率機會對各方面的所有客戶都有益，但它不會以任何方式影響需求。

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

謝謝。我們的問答環節到此結束。現在，我將請執行長 Lloyd Yates 致最後總結。

Thank you for your questions. Thank you for your interest and investment in NiSource. Have a great day.

感謝您的提問。感謝您對NiSource的關注與投資。祝你有美好的一天。

That concludes our conference call for today. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。