NiSource Inc (NI) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the NiSource First Quarter 2025 Earnings Conference Call. (Operator Instructions)

女士們、先生們，早安。感謝您的支持，歡迎參加 NiSource 2025 年第一季財報電話會議。（操作員指示）

I will now turn the conference over to Dave Rau, Communications. Please go ahead.

現在我將會議交給通訊部門的戴夫勞 (Dave Rau)。請繼續。

Good morning, and welcome to the NiSource First Quarter 2025 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 Technology, Customer and Chief Commercial Officer, Michael Luhrs; and Executive Vice President and Group President, NiSource Utilities, Melody Birmingham.

早上好，歡迎參加 NiSource 2025 年第一季投資者電話會議。今天與我一起出席的有總裁兼執行長 Lloyd Yates；執行副總裁兼財務長 Shawn Anderson；科技、客戶兼商務長執行副總裁 Michael Luhrs； NiSource Utilities 執行副總裁兼集團總裁 Melody Birmingham。

Today, we will review NiSource's financial performance for the first quarter and provide an update on operations and growth drivers. We will open the call to your questions following prepared remarks. Slides for today's call are available in the Investor Relations section of our website.

今天，我們將回顧 NiSource 第一季的財務業績，並提供有關營運和成長動力的最新資訊。我們將在準備好發言後開始回答您的問題。今日電話會議的幻燈片可在我們網站的投資者關係部分找到。

Some 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.

本次演講中的一些陳述將具有前瞻性。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 statements made on this call relate to non-GAAP earnings 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，本次電話會議中的一些聲明涉及非公認會計準則收益指標。請參閱補充投影片、分部資訊和完整的財務時間表，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。

Now I'll turn the call over to Lloyd.

現在我將把電話轉給勞埃德。

Thank you Dave, and good morning everyone. I'll begin on slide 3. The NiSource strategy is simple. We are committed to delivering safe, reliable and affordable energy to our customers. We execute this strategy through efficient deployment of capital, safe asset operations and constructive regulatory mechanisms. These are converted into a reasonable return on invested capital, enhancements to our balance sheet position, and offer a dependable and growing dividend. These are the foundation of the NiSource business plan, which continues to offer compelling value to stakeholders, driven by regulated utility operations across premium jurisdictions with diversification across geography and fuel type and disciplined capital allocation.

謝謝戴夫，大家早安。我將從幻燈片 3 開始。NiSource 策略很簡單。我們致力於為客戶提供安全、可靠且價格合理的能源。我們透過高效率的資本配置、安全的資產營運和建設性的監管機制來執行此策略。這些轉化為合理的投資資本回報，增強我們的資產負債表狀況，並提供可靠且不斷增長的股息。這些是 NiSource 商業計劃的基礎，該計劃將繼續為利益相關者提供極具吸引力的價值，由優質司法管轄區內受監管的公用事業運營推動，實現地域和燃料類型的多樣化以及嚴格的資本配置。

Advancing to slide 4, we will step through our key priorities. Collaborative regulatory and stakeholder relationships and operating with excellence paves the way for NiSource to execute on its financial commitments. NiSource continues to work alongside stakeholders through regulatory processes to ensure resources are available for critical investments in safety, reliability and economic development.

進入投影片 4，我們將逐步介紹我們的關鍵優先事項。協作監管和利益相關者關係以及卓越的營運為 NiSource 履行其財務承諾鋪平了道路。NiSource 繼續透過監管流程與利害關係人合作，以確保有資源用於安全、可靠性和經濟發展方面的關鍵投資。

One example was a recent Ohio legislative proposal to modernize natural gas ratemaking. If passed, Senate Bill 103 will shorten the time between capital outlay and recovery. This minimizes regulatory lag and maximizes the value of the investments for our communities. It also creates a special contract approval process to facilitate attracting new large load customers. This promotes economic development, job creation to enhance local tax base, and would make Ohio more competitive with its surrounding states.

其中一個例子是俄亥俄州最近提出的一項關於現代化天然氣定價的立法提案。如果獲得通過，參議院第 103 號法案將縮短資本支出和恢復之間的時間。這最大限度地減少了監管滯後，並最大限度地提高了我們社區的投資價值。它還創建了特殊的合約審批流程，以方便吸引新的大負載客戶。這將促進經濟發展、創造就業機會、擴大當地稅基，並使俄亥俄州比周邊各州更具競爭力。

Our dedication to operational excellence continues to advance as we leverage AI in our operations to revolutionize our company and how we deliver service to our communities, while driving greater efficiency and enhancing the reliability of our business for our customers.

我們對卓越營運的奉獻精神不斷提升，我們在營運中利用人工智慧來徹底改變我們的公司以及我們為社區提供服務的方式，同時提高效率並增強我們為客戶提供的業務可靠性。

Today, we reported first quarter 2025 adjusted EPS of $0.98, which is 15% above the same quarter of -- $0.85 reported one year ago. We are reaffirming 2025 adjusted EPS guidance of $1.85 to $1.89, as well as reaffirming annual 2025 to 2029 guidance for adjusted EPS of 6% to 8% -- rate base of 8% to 10%, and targeting 14% to 16% FFO/debt in all years of the plan.

今天，我們報告 2025 年第一季調整後每股收益為 0.98 美元，比去年同期的 0.85 美元高出 15%。我們重申 2025 年調整後每股收益指引為 1.85 美元至 1.89 美元，並重申 2025 年至 2029 年年度調整後每股收益指引為 6% 至 8%（利率基數為 8% 至 10%），並在計劃的所有年份將 FFO/債務目標定為 14% 至 16%。

Our plan remains resilient and executable in the current macroeconomic environment. The stability of our regulatory foundation and intentional capital deployment is fundamental to the NiSource business plan. Additionally, we are continuing commercial negotiations to support data center buildout in Northern Indiana. While these negotiations continue, we have also advanced our pending application to the IURC to establish NIPSCO GENCO and support mega load customers.

我們的計劃在當前的宏觀經濟環境下仍然具有彈性和可執行性。我們的監管基礎的穩定性和有意的資本部署對於 NiSource 商業計劃至關重要。此外，我們正在繼續商業談判，以支持印第安納州北部的資料中心建設。在繼續進行這些談判的同時，我們也向 IURC 提交了待決申請，以建立 NIPSCO GENCO 並支援超大負荷客戶。

Our testimony in this process supports four key goals. First, it protects existing system customers by separating cost. The GENCO strategy shields existing customers from the financial impact of new capacity investments. Second, it allows us to construct the generation resources necessary to serve this customer class with the speed and flexibility that meets their needs. Third, it maintains NIPSCO's financial integrity. As with all investments, we give thoughtful consideration to the risk profile of new investments and how those drive value and ensure long-term cash flow quality for our business. Last, we're preserving flexibility in our business model by creating another tool within our portfolio to meet the evolving needs of our customers.

我們在過程中的證詞支持四個關鍵目標。首先，它透過分離成本來保護現有系統客戶。GENCO 策略可保護現有客戶免受新產能投資的財務影響。其次，它使我們能夠建立必要的發電資源，以滿足其需求的速度和靈活性為該客戶群提供服務。第三，它維護了NIPSCO的財務完整性。與所有投資一樣，我們會仔細考慮新投資的風險狀況以及這些投資如何推動價值並確保我們業務的長期現金流品質。最後，我們透過在產品組合中創建另一個工具來滿足客戶不斷變化的需求，從而保持了業務模式的靈活性。

The declination filing requests the commission to decline jurisdiction on a limited scope of activity related to GENCO to support a data (inaudible) strategy. We are in active settlement negotiations, and while we cannot provide an update on this call, if there is any movement on this topic, notice of progress will be filed with the commission.

拒絕管轄申請要求委員會拒絕對與 GENCO 相關的有限範圍的活動進行管轄，以支持數據（聽不清楚）策略。我們正在進行積極的和解談判，雖然我們無法提供此通話的最新消息，但如果該主題有任何進展，我們將向委員會提交進展通知。

This is an exciting opportunity to advance unprecedented development in Indiana which could provide significant resources to communities and drive meaningful value to all stakeholders. We're very pleased with the progress we've made and continue to work with potential customers to make this development strategy a reality.

這是一個令人興奮的機會，可以推動印第安納州前所未有的發展，為社區提供重要資源，並為所有利益相關者帶來有意義的價值。我們對所取得的進展感到非常高興，並將繼續與潛在客戶合作，使這項發展策略成為現實。

Moving on to slide 5. Our commitment to deliver operational excellence is evidenced through key initiatives to standardize work and enhance risk management. Last July, we launched our work management intelligence program at Columbia Gas of Ohio. Since then, productivity gains exceeded 40,000 hours across the service territory. We have extended our work management intelligence programs to Pennsylvania, Maryland, Kentucky and Virginia. In these regions, we have observed consistent productivity gains averaging 16.5%.

移至投影片 5。我們致力於實現卓越運營，這透過標準化工作和加強風險管理的關鍵舉措得到體現。去年七月，我們在俄亥俄州哥倫比亞天然氣公司啟動了工作管理智慧計畫。自那時起，整個服務區域的生產效率提高了 40,000 多個小時。我們已將工作管理智慧計畫擴展到賓州、馬裡蘭州、肯塔基州和維吉尼亞州。在這些地區，我們觀察到生產力持續平均成長 16.5%。

We are leveraging AI to revolutionize our company and its operations. To date, more than 17 operation centers use AI-generated optimized schedules resulting in over 60,000 hours of productivity improvement compared to the same period in 2023. And we have introduced real-time analytical dashboards, enabling tracking and performance evaluation at every level from field operations to executive leadership. Continuous improvement is at the heart of the Project Apollo strategy, which targets sustainable cost savings by reducing inefficiency across our operations. In addition to leveraging AI, we further improve service and reduce waste from other key projects launched in 2024. Meanwhile, 75% of our initiatives launched in 2024 continue to provide efficiency in 2025.

我們正在利用人工智慧來徹底改變我們的公司及其營運。迄今為止，已有超過 17 個營運中心使用 AI 產生的最佳化計劃，與 2023 年同期相比，生產力提高了 60,000 多小時。我們還引入了即時分析儀表板，可以對從現場操作到執行領導的各個層面進行追蹤和績效評估。持續改善是阿波羅計畫策略的核心，該策略旨在透過降低整個營運過程中的低效率來實現可持續的成本節約。除了利用人工智慧之外，我們還將進一步改善服務並減少 2024 年啟動的其他重點項目的浪費。同時，我們在 2024 年推出的措施中有 75% 將在 2025 年繼續發揮效用。

Moving to slide 6, we will highlight progress made on our regulatory agenda. We are proactive on the regulatory front through general rate case and rider filings. A Maryland final order approved in April continues to a constructive path approval for critical safety, compliance and reliability capital additions in the state, including nearly $11 million in investments in 2024.

轉到投影片 6，我們將重點放在監管議程的進展。我們透過一般費率案例和附加條款備案在監管方面採取積極主動的態度。馬裡蘭州 4 月批准的最終命令繼續以建設性的方式批准該州在關鍵安全、合規和可靠性方面的資本增加，包括 2024 年近 1,100 萬美元的投資。

The Virginia rate case remains on track with an order expected in the second quarter. Our Pennsylvania team filed a new rate case to recover over $400 million of anticipated investments necessary to deliver safe and reliable service to our customers. Pennsylvania has a track record of constructive regulation, and our team have achieved a settlement with stakeholders in 11 of the last 12 rate cases. The final order is anticipated in the fourth quarter.

維吉尼亞州利率案件進展順利，預計第二季發布命令。我們的賓州團隊提起了新的費率訴訟，以收回為客戶提供安全可靠服務所需的超過 4 億美元的預期投資。賓州有著建設性監管的良好記錄，我們的團隊在過去 12 起費率案件中的 11 起中與利害關係人達成了和解。最終訂單預計將在第四季完成。

The NIPSCO electric rate case has $2.5 billion of incremental investments for our customers and communities in Northern Indiana. In February, we reached a settlement agreement making our seventh settlement in the last 10 years across both the electric and gas businesses. We expect the final order in the third quarter. Our teams are continuously engaged with key stakeholders to deliver stable and predictable outcomes for our customers by ensuring safe and reliable service in our communities.

NIPSCO 電價案例為我們印第安納州北部的客戶和社區帶來了 25 億美元的增量投資。今年 2 月，我們達成了和解協議，這是我們過去 10 年來在電力和天然氣業務方面達成的第七次和解。我們預計最終訂單將在第三季完成。我們的團隊不斷與主要利益相關者合作，透過確保社區的安全可靠的服務為我們的客戶提供穩定和可預測的結果。

I'll now turn things over to Shawn.

現在我將把事情交給肖恩。

Thank you, Lloyd. I'd like to start on slide 7 by highlighting the progress made in our capital expenditures program over the last quarter. In January, Dunns Bridge II launched commercial operations, making the Dunns Bridge complex one of the largest solar generation facilities in the country. Fairbanks and Gibson construction remains on track with in-service expected this year. All panels were purchased in advance and are on-site, reducing any inflationary risk associated with tariffs on renewable assets in our planning horizon.

謝謝你，勞埃德。我想從第 7 張投影片開始，重點介紹上個季度我們的資本支出計畫所取得的進展。今年 1 月，鄧斯橋二號 (Dunns Bridge II) 投入商業運營，使鄧斯橋綜合設施成為全國最大的太陽能發電設施之一。費爾班克斯和吉布森的建設仍在進行中，預計今年投入使用。所有面板都是提前購買並安裝在現場的，從而降低了我們規劃期間與可再生資產關稅相關的任何通膨風險。

Across NIPSCO, we continue to advance our energy transition strategy. To date, we've installed renewable nameplate capacity of 2,100 megawatts to support baseload generation for the region. The majority of these assets were negotiated at prices now approximately 50% lower than in today's renewable marketplace. This locks in the cost of our capital investments and positions our customers to access a low-cost energy option for the life of these assets.

在北印第安納公共服務公司 (NIPSCO)，我們繼續推動我們的能源轉型策略。迄今為止，我們已安裝了 2,100 兆瓦的再生能源額定容量，以支援該地區的基本負載發電。這些資產的大部分談判價格比當今再生能源市場的價格低約 50%。這鎖定了我們的資本投資成本，並使我們的客戶能夠在這些資產的整個使用壽命中獲得低成本的能源選擇。

Continuing on to capital investments on slide 8. There is no change to our capital guidance for our current plan horizon. The outlook projects over $19 billion of investment over the next five years, with over $2 billion of identified upside opportunities for safety and reliability of our infrastructure and customer service offerings. Our capital plan is not susceptible to concentration risk or extended construction time lines. Investments are diversified across electric generation projects, gas and electric customer growth, and transmission and distribution modernization and system hardening.

繼續第 8 張投影片上的資本投資。我們目前計劃期限內的資本指導沒有變化。展望預計未來五年的投資將超過 190 億美元，其中已確定的基礎設施和客戶服務產品的安全性和可靠性方面的上昇機會將超過 20 億美元。我們的資本計畫不受集中風險或延長施工時間的影響。投資多元化，涉及發電項目、天然氣和電力客戶成長以及輸配電現代化和系統強化。

We continue to assess and actively developed our base plan to include only those investments that meet our standards. We continue to assess the incremental investment opportunities shared on slide 9, which includes data center generation, electric transmission and gas system investments to support incremental demand, including distribution, transmission and other infrastructure to support growing communities, the onshoring of manufacturing and new technology across the region.

我們將繼續評估並積極制定我們的基礎計劃，以僅包括符合我們標準的投資。我們繼續評估幻燈片 9 上分享的增量投資機會，其中包括資料中心發電、電力傳輸和天然氣系統投資以支援增量需求，包括配電、傳輸和其他基礎設施以支援不斷發展的社區、製造業的在岸化以及整個地區的新技術。

Finally, FERC-regulated electric transmission projects and MISO's multiyear long-range transmission planning initiative are opportunities to further develop across and beyond our planning horizon. These investments are unquantified and sit outside the base and upside plans, which our guidance supports today.

最後，FERC 監管的電力傳輸專案和 MISO 的多年期遠端傳輸規劃計劃是在我們的規劃範圍之外進一步發展的機會。這些投資是未量化的，並且不屬於我們今天的指導所支持的基礎和上行計劃。

Additional development of these strategies is required to meet our threshold, to include in either the base or upside capital investment plans. However, we are strongly positioned to advance these strategies. And once we've hit key milestones, new projects will flow through our plans. NiSource is able to be opportunistic in capital allocation decisions due to the strengthened financial profile of the company and enhanced balance sheet positioning.

需要進一步發展這些策略才能達到我們的門檻，將其納入基礎或上行資本投資計畫。然而，我們有能力推進這些策略。一旦我們達到關鍵里程碑，新專案就會按照我們的計劃進行。由於公司財務狀況的增強和資產負債表定位的增強，NiSource 能夠在資本配置決策中把握機會。

Now let's cover the first quarter financial results on slides 10 and 11. As Lloyd highlighted, adjusted EPS was $0.98 per share, a $0.13 per share increase versus the $0.85 reported in the same period last year, and represents a 15% year-over-year growth, primarily driven by regulated revenues, recovering capital investments from 2024s regulatory activity. These results strongly position NiSource to achieve our full year financial commitments. We have achieved over 52% of our projected midpoint earnings, which is an increase of 8% compared to the same period last year.

現在讓我們在第 10 和 11 張投影片上介紹第一季的財務業績。正如勞埃德所強調的，調整後的每股收益為 0.98 美元，較去年同期的 0.85 美元增加 0.13 美元，同比增長 15%，主要受監管收入的推動，從 2024 年的監管活動中恢復資本投資。這些結果有力地支持了 NiSource 實現全年財務承諾。我們已實現預計中期收益的52%以上，比去年同期成長了8%。

All planned regulated revenue increases necessary to achieve our 2025 guidance have been put into rates or pending approval. We're ahead of schedule on our financing plan and have secured at least half of our forecasted 2025 equity issuances, and issued $750 million of long-term debt.

實現 2025 年指導目標所需的所有計畫監管收入增加均已計入費率或等待批准。我們的融資計劃提前完成，已獲得預計 2025 年股票發行量的至少一半，並發行了 7.5 億美元的長期債務。

Lloyd mentioned the resiliency of our business plans relative to the changing of tariff landscape. I'll offer a few additional thoughts on this. Productivity enhancements like AI efficiency and Project Apollo reduce time and reliance on materials subject to tariff implications. Approximately 85% of our O&M and capital costs are labor and not subject to tariffs. In addition, approximately 97% of our procurement is through domestic Tier 1 suppliers, and our teams have already secured a significant portion of critical equipment to support our operations and capital plans for the five-year horizon.

勞埃德提到了我們的商業計劃相對於關稅格局變化的彈性。我將就此提出一些額外的想法。人工智慧效率和阿波羅計畫等生產力增強減少了受關稅影響的時間和對材料的依賴。我們的營運和維護及資本成本中約有 85% 屬於勞動成本，不受關稅影響。此外，我們約 97% 的採購是透過國內一級供應商進行的，我們的團隊已經獲得了相當一部分關鍵設備，以支持我們五年內的營運和資本計劃。

Finally, we operated in a regulated framework that reduces the impact of rising product costs on our business. It is important to note that tariffs have the potential to drive onshoring and manufacturing expansion in the US. We believe our service territory is attractive for location of facilities due to the constructive business climate, the proximity to, and availability of, low-cost energy for manufacturing services, and a skilled labor force across our region. These fundamentals underpin an attractive opportunity for economic development, providing investment and increased margin into our base plan.

最後，我們在一個受監管的框架內運營，以減少產品成本上升對我們業務的影響。值得注意的是，關稅有可能推動美國在岸生產和製造業擴張。我們相信，我們的服務區域對於設施的選址具有吸引力，因為我們區域擁有良好的商業環境、鄰近且可用的製造服務低成本能源以及熟練的勞動力。這些基本面為經濟發展提供了誘人的機會，為我們的基本計劃提供了投資和增加的利潤。

Moving to slide 12. We are reaffirming our long-term financial commitments. We are confident we will achieve 2025 guidance and sustain long-term growth throughout the plan horizon. Greater transparency and capital returns, supported by constructive regulatory frameworks and effective recovery mechanisms provides clearer insight into the financial projections for 2026 and beyond.

移至投影片 12。我們正在重申我們的長期財務承諾。我們有信心實現 2025 年的指導目標，並在整個計劃期內保持長期成長。在建設性監管框架和有效恢復機制的支持下，更高的透明度和資本回報率可以更清晰地洞察 2026 年及以後的財務預測。

Our internal forecasts reflect the use of established capital trackers across nearly all jurisdictions and are built on realistic assumptions for load growth, financing costs, regulatory outcomes, commodity prices and other external factors. The forecasts also include a highly visible inventory of required capital investments necessary to ensure safe and reliable energy delivery for our customers. Beyond that, we maintain upside and incremental investment opportunities not captured in our existing financial commitments, including the potential for data center development.

我們的內部預測反映了幾乎所有司法管轄區已建立的資本追蹤器的使用情況，並且建立在對負載成長、融資成本、監管結果、商品價格和其他外部因素的現實假設之上。預測還包括確保向客戶安全可靠地輸送能源所需的資本投資的清晰清單。除此之外，我們也保留現有財務承諾中未涵蓋的上行和增量投資機會，包括資料中心開發的潛力。

We have built flexibility into our plans in advance of potential headwinds and derisk execution through our balanced and diversified business plan across six constructive operating companies. We've significantly strengthened our balance sheet and have enhanced our visibility into how the investments we make convert into earnings through reduced regulatory lag and efficient financing plans.

我們在計劃中建立了靈活性，以應對潛在的不利因素，並透過六家建設性營運公司的均衡和多樣化的業務計劃來降低執行風險。我們大幅增強了資產負債表，並透過減少監管滯後和高效的融資計劃，提高了我們對投資如何轉化為收益的透明度。

Slide 13 highlights those five-year funding plans. We are reaffirming 14% to 16% FFO/debt in all years of the plan, as well as our guided annual equity needs through 2029. A balanced mix of cash from operations, new long-term debt, and $200 million to $300 million of equity each year enables us to maintain our capital structure and strong balance sheet position. In addition to traditional sources of funding, the potential use of hybrid securities and senior unsecured debt, enhance flexibility and diversification, enabling us to grow without sacrificing credit quality.

投影片 13 重點介紹了這些五年融資計劃。我們重申計劃所有年份的 14% 至 16% 的 FFO/債務，以及到 2029 年的指導性年度股權需求。每年經營現金流、新的長期債務以及 2 億至 3 億美元股權的均衡組合使我們能夠維持資本結構和強勁的資產負債表狀況。除了傳統的融資來源外，混合證券和優先無擔保債務的潛在使用也增強了靈活性和多樣化，使我們能夠在不犧牲信貸品質的情況下實現成長。

And finally, on slide 14, you can see we are on track to meet our 2025 financial commitments, and build stability into 2026. We are confident in our ability to achieve near-term and long-term guidance given our strong business fundamentals.

最後，在第 14 張投影片上，您可以看到我們預計將實現 2025 年的財務承諾，並在 2026 年實現穩定。鑑於我們強大的業務基礎，我們有信心實現短期和長期指導。

NiSource offers investors a diversified and fully regulated utility with the opportunity to invest in programmatic gas infrastructure and long-term energy transition for a fully integrated electric business. This emerging opportunity to support unprecedented energy development and power demand, resulting from a robust economic development, onshoring, as well as new data center development truly differentiates the value proposition relative to many alternatives in the marketplace today.

NiSource 為投資者提供多元化、全面監管的公用事業，並有機會投資於計劃性的天然氣基礎設施和長期能源轉型，從而實現全面整合的電力業務。這項新興機會支持了前所未有的能源開發和電力需求，源自於強勁的經濟發展、在岸生產以及新的資料中心開發，真正使其價值主張與當今市場上的許多替代方案區分開來。

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

現在我想將電話轉給接線員進行問答。

(Operator Instructions) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Just on the NIPSCO GENCO filing, I mean, obviously, understanding it's still ongoing. Do you need to receive an outcome in the proceeding before you announce a signed agreement? Or can a deal be announced prior? I guess, in other words, do you have a customer you could announce with the approval of the new structure?

僅就 NIPSCO GENCO 備案而言，我的意思是，顯然，了解它仍在進行中。在宣布簽署協議之前，您是否需要收到訴訟結果？或是可以提前宣布交易嗎？我想，換句話說，您是否有可以在新結構獲得批准後宣布的客戶？

Michael, do you want to handle that one?

邁克爾，你想處理那個嗎？

Shar, we could go ahead and proceed with a special contract and announce a special contract without having the GENCO completed. The key of the GENCO is that it provides a flexibility that Lloyd mentioned, really providing the significant protection of the existing customer base and allowing for the speed and flexibility that we know the large load customer needs, while enabling the protections that would facilitate a special contract execution.

沙爾，我們可以繼續進行一項特殊合同，並在 GENCO 尚未完成的情況下宣布一項特殊合約。GENCO 的關鍵在於它提供了 Lloyd 提到的靈活性，真正為現有客戶群提供了重要的保護，並提供了我們所知的大負荷客戶所需的速度和靈活性，同時提供了有助於執行特殊合約的保護措施。

Got it. Just remind us on the PPAs. Obviously, the structure is still -- you're still working through the structure. But if the pricing of the PPAs are above what you've afforded from a regulatory perspective, just remind us how do we think about that.

知道了。只需提醒我們有關 PPA 的資訊即可。顯然，結構仍然——你仍在透過結構進行工作。但如果 PPA 的定價超出了您從監管角度所能承受的範圍，請提醒我們該如何考慮。

So one of the nice components of the GENCO structure is it really allows the flexibility to respond to multiple stakeholder needs. And those stakeholder needs, including if there are specific resources that would enable the speed to market, the ramp that would be needed and/or the resource mix that would be needed in order to meet their goals.

因此，GENCO 結構的優點之一是它確實可以靈活地滿足多方利害關係人的需求。以及利害關係人的需求，包括是否有特定的資源可以加速產品上市、所需的速度提升和/或需要什麼樣的資源組合才能實現他們的目標。

So the point of that is, we would do that. And then NIPSCO will still be the resource adequacy provider to the market. The IRP and the flow-through of the resource adequacy would go through NIPSCO and at which time we would file a PPA between GENCO and NIPSCO, which would be approved by the commission and follow through. So in other words, it's not a matter of if the PPA is pricing relative to our existing system, it's relative to the special contract, which we would file for execution.

所以重點是，我們會這樣做。屆時，NIPSCO 仍將是市場的資源充足性提供者。IRP 和資源充足性的流通將透過 NIPSCO 進行，屆時我們將在 GENCO 和 NIPSCO 之間提交一份 PPA，該協議將得到委員會的批准並執行。換句話說，問題不在於 PPA 是否相對於我們現有的系統定價，而是它是否相對於我們將要提交執行的特殊合約定價。

Got it. Okay. That's helpful. And then just lastly, the $2.2 billion that's currently outside of the base plan. Should you get a signed agreement, do you see an opportunity to accelerate the $2.2 billion? So I guess, in other words, is there other large load customers embedded in that assumption? Or would that be incremental to the $2.2 billion?

知道了。好的。這很有幫助。最後，還有 22 億美元目前不在基本計畫之內。如果簽署了協議，您是否認為有機會加速這 22 億美元的投資？所以我猜，換句話說，這個假設是否還包含其他大負載客戶？或者這會是 22 億美元的增量嗎？

The $2.2 billion upside does not include any data center development or economic development capital. The $2.2 billion upside or other projects in the regulated utilities that are -- that could be potential upside like AMI, pipeline integrity and transmission. There's no data center capital there. Any data center capital would be incremental to the plan.

22 億美元的上漲空間並不包括任何資料中心開發或經濟發展資本。22 億美元的上行空間或受監管公用事業中的其他項目——可能是 AMI、管道完整性和傳輸等潛在的上行空間。那裡沒有數據中心資本。任何資料中心資本都會增加該計劃。

Fantastic execution. Well, I appreciate it.

出色的執行。嗯，我很感激。

Jamieson Ward, Jefferies.

傑米森·沃德，傑富瑞。

It's actually Julien here. If I could follow up on a couple of nuances here. There's been a lot of talk in the state around co-retirements and federally for that matter. I'd love to hear how you guys are thinking about that juxtaposed against your plan, and specifically how you think about potentially extending the lives of your assets, and to what extent that would or could impact your CapEx. Because it's not obvious even if you did hold open your assets, if that would change versus your current spending plans and/or your future spending plans predicated on some of this incremental data center load.

這實際上是朱利安。如果我可以跟進這裡的一些細微差別。就共同退休而言，該州和聯邦政府已經進行了許多討論。我很想聽聽你們對此的看法以及你們的計劃，特別是你們如何考慮延長資產的使用壽命，以及這將在多大程度上或可能影響你們的資本支出。因為即使您確實持有資產，也不清楚這是否會根據部分增量資料中心負載而改變您當前的支出計劃和/或未來的支出計劃。

Yes. So Julien, we are currently in the middle of assessing the impact of those executive orders. Today, in our plan, we are still on track to retire Shafer at the end of 2025, in Michigan City at the end of 2028. Understanding that and taking a look at the executive orders, we're assessing what it would take to extend those, and we'll work with the various federal and state regulators to do what's best for our customers and various stakeholders and other stakeholders. But the important point is we're in the middle of a deep assessment on those.

是的。朱利安，我們目前正在評估這些行政命令的影響。今天，在我們的計畫中，我們仍有望在 2025 年底讓謝弗退休，並在 2028 年底讓密西根城退休。在了解這一點並審查行政命令後，我們正在評估延長這些命令需要採取哪些措施，我們將與各聯邦和州監管機構合作，為我們的客戶、各利益相關者和其他利益相關者提供最好的服務。但重要的是我們正在對此進行深入評估。

Got it. Okay. So not ready to say yet about what the net impact would be. And then maybe just if -- and then keeping it in the same realm here legislatively, I understand the state recently passed some updated CPCN procedures and -- procedural time line requirements of that. Can you speak to how that might provide a further avenue for your data center filings, especially the extent to which that your novel declination effort may or may not go through? I mean, does it provide you a further expedited effort to get a timely outcome, if you will? It seems like a third way.

知道了。好的。因此，目前還無法判斷其淨影響是什麼。然後也許只是如果 - 然後從立法上將其保持在同一範圍內，我了解到該州最近通過了一些更新的 CPCN 程序和 - 程序時間表要求。您能否談談這將如何為您的資料中心備案提供進一步的途徑，特別是您的新穎的拒絕努力可能會或可能不會通過的程度？我的意思是，如果您願意的話，它是否會為您提供進一步的加快努力以及時獲得結果？這似乎是第三種方式。

I think you're talking about Senate Bill 1007. So the declination filing is separate to 1007. 1007 just gives you another path for large load customers. I mean -- so we're pursuing the declination filing. Remember, we said in the past, that's only one of the mechanism we have to deal with, be it this counterparty, these load opportunities. Senate Bill 1007 just gives us a second or even a third pass.

我認為您說的是參議院第 1007 號法案。因此，拒絕申報與 1007 是分開的。 1007 只是為大負載客戶提供了另一條途徑。我的意思是——我們正在尋求拒絕申請。記住，我們過去說過，這只是我們必須處理的機制之一，無論是這個交易對手，還是這些負載機會。參議院第 1007 號法案只是給了我們第二次甚至第三次通過的機會。

Right, indeed. And just does that make it more likely? I mean when you think about the pathways here and what you're seeing -- in fact, let me just ask it directly here. I mean with respect to GENCO, is your expectation here that you would -- given that you've now seen very clearly where parties stand -- have a pathway to potentially settle this out? Or at what point do you kind of elect to pursue this expedited CPCN process, especially given how timely some of this generation may need to be moving forward?

確實如此。那麼這是否就更有可能發生這種情況呢？我的意思是，當你思考這裡的路徑和你所看到的——事實上，讓我直接在這裡問這個問題。我的意思是，關於 GENCO，鑑於您現在已經非常清楚地了解了各方的立場，您是否期望有一條途徑來潛在地解決這個問題？或者，在什麼時候您會選擇繼續推進這項加速的 CPCN 流程，尤其是考慮到這一代人中的一些人可能需要及時向前邁進？

So let me say a couple of things. One is we're in the midst of settlement discussions, so I can't talk in detail about those because they have not been concluded. I think in terms of filing this GENCO, we think it's a really good path in terms of dealing with the counterparties. It meets the four pillars I talked about in my prepared remarks. Good for customers. Good for our financial integrity. Gives us speed and flexibility we need. And we're optimistic about completing that process. But we're also looking at Senate Bill 1007 as another pass, and we'll evaluate that if GENCO doesn't pan out for us.

因此，請允許我說幾件事。一是我們正處於和解談判之中，因此我無法詳細談論這些內容，因為尚未結束。我認為，就提交這份 GENCO 而言，我們認為這是與交易對手打交道的一條非常好的途徑。它符合我在準備好的發言中談到的四大支柱。對顧客有好處。有利於我們的財務誠信。為我們提供所需的速度和靈活性。我們對完成這項進程充滿樂觀。但我們也將參議院第 1007 號法案視為另一項通過，如果 GENCO 對我們不利，我們將對其進行評估。

Mel, do you want to comment on that?

梅爾，你想對此發表評論嗎？

Sure. Julien, thanks for your question. So to Lloyd's point, House Bill 1007, it really didn't change any currently available options for utilities to serve large load customers. And also to Lloyd's point, what it did do was at those additional options. So expediting the generation resource planning process as well as it provides for a 150-day review of an application for a utility to serve the load. So our strategy remains the same. So it really doesn't change any of the options that are available for us to serve large load customers.

當然。朱利安，謝謝你的提問。因此，正如勞埃德所指出的，眾議院第 1007 號法案實際上並沒有改變公用事業公司為大負荷客戶提供服務的任何現有選擇。正如勞合社所指出的，它所做的就是提供這些附加選項。因此，加快發電資源規劃流程，並為公用事業公司服務負載的申請提供 150 天的審查期。所以我們的策略保持不變。因此，它實際上並沒有改變我們為大負載客戶提供服務的任何選項。

Richard Sunderland, J.P. Morgan.

摩根大通的理查桑德蘭。

Appreciate discussions are still ongoing, but could you just offer any thoughts on sort of the pace and engagement with your large load -- prospective large load counterparties, maybe relative to 4Q or last fall? There's certainly been a lot of attention here broadly on sort of hyperscaler CapEx reaffirmations, what have you. Are you seeing that following through on your end in talks?

值得慶幸的是，討論仍在進行中，但您能否就與大負荷——潛在的大負荷交易對手的步伐和參與度提供一些想法，也許相對於第四季度或去年秋季而言？這裡肯定有很多關於超大規模資本支出重申的關注，您有什麼看法？您是否認為您在談判中會履行這項承諾？

Yes, let me address that. If you go back to the end of 2024 and then in February 2025, what I've said was that hyperscalers, large load growth would be a 2025 activity, and we'd really be focused on 2025. What I'll say to you is we're making excellent progress. But what's really important to understand is these are complex and complicated transactions, and it may require a lot of time and, I'll say, management attention. But we want to make sure we get this right.

是的，讓我來解決這個問題。如果你回顧 2024 年底，然後是 2025 年 2 月，我所說的是超大規模、大負載成長將是 2025 年的活動，我們真正關注的是 2025 年。我想告訴你們的是，我們正在取得巨大進步。但真正重要的是要理解這些都是複雜的交易，它可能需要大量的時間，而且我想說，還需要管理層的關注。但我們想確保我們能正確完成這件事。

I'll go back to my four pillars and getting it right is good for customers, good for financial integrity, meets the speed and flexibility of our counterparties and protects our business model. And I'd say we're walking down that path. We're excited about this opportunity. We think it's really good for NiSource and good for all of our stakeholders. And as soon as we have more information or more news, we will communicate that out to the Street as fast as possible.

我將回顧我的四大支柱，做好這件事對客戶有利，對財務誠信有利，滿足交易對手的速度和靈活性，並保護我們的商業模式。我想說我們正沿著這條路走下去。我們對這個機會感到非常興奮。我們認為這對 NiSource 和我們所有的利害關係人來說都是好事。一旦我們獲得更多資訊或更多新聞，我們將盡快向華爾街通報。

I think if you take a look at what some of the hyperscalers, the developers have talked about in terms of their capital plans, they continue to be -- they continue to actively invest in building and developing data centers. I think that will give you a signal on how robust the network of people who are interested in that. If you look at what we talked about in terms of Indiana being a great place to invest, I will tell you that we have a lot of opportunity, but we want to make sure we get this right.

我認為，如果你看一些超大規模開發商在資本計畫方面所談論的內容，你會發現他們仍在繼續積極投資建設和開發資料中心。我認為這將向您表明對此感興趣的人的網絡有多強大。如果你看看我們談到的印第安納州是一個投資的好地方，我會告訴你，我們有很多機會，但我們希望確保我們能做好這一點。

Great. I appreciate the color there. And then circling back on the GENCO discussion. What would the regulatory cap structure look like for that entity? I think there is a peer recently filed a tariff that specifies a higher ROE in equity layer for this type of activity. So would you pursue something separate versus what NIPSCO is authorized? Is that something we could see in the settlement? Or do you need a separate contract or rate case to decide? Any thought there would be helpful.

偉大的。我很欣賞那裡的色彩。然後回到 GENCO 討論。該實體的監管上限結構是什麼樣的？我認為最近有同業提交了一份關稅，其中規定了此類活動的股權層 ROE 更高。那麼，您會追求一些與 NIPSCO 授權不同的事物嗎？我們在定居點能看到這樣的事情嗎？或者您需要單獨的合約或費率案例來決定嗎？任何想法都會有幫助。

Michael?

麥可？

So we haven't discussed or disclosed anything associated with the financing structure with GENCO. We are continuing working for and focusing on completing the special contracts with customers, and working through that development of those activities.

因此，我們尚未與 GENCO 討論或揭露與融資結構相關的任何內容。我們將繼續致力於完成與客戶的特殊合同，並透過開展這些活動來開展工作。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

I just wanted to follow up quickly on the settlement discussions. Just do you anticipate hearings to still kick off at the end of this week here if a settlement is coming?

我只是想快速跟進和解談判的情況。如果達成和解，您是否預計本週末聽證會仍會開始？

Again, as I mentioned, we are in midst of settlement discussions. When we have detail on those, we'll let you know as soon as possible, but we can't comment on specific discussions or timing with respect to those right now.

再次，正如我所提到的，我們正處於和解談判之中。當我們了解詳細資訊時，我們會盡快通知您，但目前我們無法對具體討論或時間發表評論。

Okay. No problem. And I just wanted to confirm, as you think about getting to a commercial agreement with any customer that is not explicitly tied to the time line of these proceedings or the potential settlement?

好的。沒問題。我只是想確認一下，您是否考慮與任何客戶達成商業協議，而該協議並未明確與這些訴訟的時間表或潛在的解決方案掛鉤？

That is correct.

沒錯。

Okay. Great. And then just on the assessments on the call, just going back to Julien's question. You have this NIPSCO IRP out there calling for long-term resource solutions. I would say that's probably likely well beyond the current time frame for how long the coal could stay online for us. So just do you see that truly impacting your long-term procurement strategy at this point just to supplement the generation needs and the load growth that was detailed during NIPSCO IRP?

好的。偉大的。然後就電話中的評估，回到朱利安的問題。您有這個 NIPSCO IRP 來呼籲長期資源解決方案。我想說，這可能遠遠超出了目前煤炭供應的時間範圍。那麼，您是否認為這會真正影響您的長期採購策略，僅僅是為了補充發電需求和 NIPSCO IRP 期間詳述的負載成長？

Michael?

麥可？

So when we look at the IRP and we look at the extended plan with the IRP, we will need additional resources for the IRP despite all alternatives and evaluating the executive orders. As you look at MISO's direct loss of load rules and the changes associated with resources and the accreditation of resources, we know we're going to need additional capacity on the system in order to facilitate the reliability and resiliency of the system.

因此，當我們研究 IRP 並研究 IRP 的擴展計劃時，儘管有所有替代方案並評估行政命令，我們仍需要為 IRP 提供額外的資源。當您查看 MISO 的直接負載損失規則以及與資源和資源認證相關的變更時，我們知道我們將需要係統上的額外容量，以促進系統的可靠性和彈性。

Bill Appicelli, UBS.

瑞銀的比爾·阿皮塞利。

Just another question on the GENCO. I guess, it's clear that you can make the special contract filing concurrently or separately from resolution of the declination filing. But given some of the complexities that you've outlined, is it prudent? Or is it a preferred outcome to have sort of visibility on the declination filing before filing a special contract, given that some of the framework would likely need to be embedded within the terms of the contract?

關於 GENCO 的另一個問題。我想，很明顯，您可以同時或分別進行特殊合約備案和拒絕備案決議。但考慮到您所概述的一些複雜情況，這樣做是否謹慎？或者，考慮到部分框架可能需要嵌入合約條款中，在提交特殊合約之前對拒絕申請有某種程度的了解是否是更好的結果？

So we feel the declination filing provides a very strong capability to meet the core pillars that we've discussed previously. Obviously, we look forward to the declination filing moving forward. But when we think about protecting the existing customer base, providing the resource alternatives, we can do that through multiple mechanisms regardless of the declination filing.

因此，我們認為拒絕申請提供了非常強大的能力來滿足我們之前討論過的核心支柱。顯然，我們期待拒絕申請能取得進展。但是，當我們考慮保護現有客戶群、提供資源替代方案時，無論是否拒絕申請，我們都可以透過多種機制來做到這一點。

However, the declination filing and the results of that we feel provides a very strong capability to meet stakeholders, large load customer needs and protect our existing customer base. So when we look at the alternative with 1007 or we look at other alternatives that are available to us, we have multiple paths by which to get to the solution. However, the declination filing is we feel like is the best alternative by which to meet all stakeholders' needs.

然而，我們認為拒絕申報及其結果為我們滿足利害關係人、大負荷客戶的需求和保護現有客戶群提供了非常強大的能力。因此，當我們研究 1007 的替代方案或研究其他可用的替代方案時，我們可以透過多種途徑找到解決方案。然而，我們認為拒絕申請是滿足所有利害關係人需求的最佳選擇。

Okay. All right. Great. And then can you just speak to some of the -- at the federal level, some of the policy changes that have materialized here around tariffs? And then maybe speak to exposure around any potential changes to the IRA as it relates to renewable tax credits and transferability.

好的。好的。偉大的。然後，您能否談談聯邦層級在關稅方面出現的一些政策變化？然後也許會談論與可再生稅收抵免和可轉讓性相關的 IRA 的任何潛在變化。

Shawn, you want to take that one?

肖恩，你想拿那個嗎？

Sure thing. On tax transferability and IRA, PTC and ITC, most of our renewable projects plan to be online by the end of this year. It leaves a limited window for direct PTC, ITC challenges that are not retroactive. Really only Templeton is the only base plan asset really that's beyond the horizon here in 2027.

當然可以。關於稅收可轉移性和 IRA、PTC 和 ITC，我們的大多數再生能源專案計劃在今年年底前上線。它為不具追溯力的直接 PTC、ITC 挑戰留下了有限的視窗。實際上，只有 Templeton 才是真正在 2027 年後才會實現的基本計畫資產。

So the plan assumes an ongoing PTC transferability, 2026, '27 and '28 of about 40 basis points to 60 basis points. So we're pro in tax credits to benefiting customers and helping existing customers today realize those tax credits. That's helpful to keep energy costs down for customers today. But as we think about the financing plan implications and what the IRA brings to the existing plant itself, we believe our existing plan, the strengthening we've done in the balance sheet, the cushion above our downgrade threshold, I wouldn't suspect a change to our financing plan as a result of potential appeal of tax transferability.

因此，該計劃假設 PTC 可轉移性在 2026 年、2027 年和 2028 年持續約為 40 個基點至 60 個基點。因此，我們支持稅收抵免，使客戶受益，並幫助現有客戶實現這些稅收抵免。這有助於降低當前客戶的能源成本。但是，當我們考慮融資計劃的影響以及 IRA 給現有工廠本身帶來的影響時，我們相信我們現有的計劃、我們在資產負債表中所做的強化、高於我們降級門檻的緩衝，我不會懷疑我們的融資計劃會因為稅收可轉移性的潛在吸引力而發生改變。

And then I think we noted this in my prepared remarks on the implications associated with tariffs. We're in a really strong position, both from a standpoint of labor activities, a high degree of domestic content in our supply chains, continuous improvements such as Project Apollo. We think that those can help us face the potential changes associated with tariffs, a fully regulated compact itself helps us get line of sight to where things could reset themselves.

我想我們已經在我準備好的有關關稅影響的發言中提到了這一點。無論從勞工活動的角度，或是從我們供應鏈中高度的國內內容，或是從阿波羅計畫等持續改進的角度，我們都處於非常有利的地位。我們認為這些可以幫助我們應對與關稅相關的潛在變化，完全受監管的契約本身可以幫助我們了解事情可以自行重置的地方。

We've built a track record of being thoughtful around long-term energy costs for our customers and evaluating those overall impacts, delivering flat O&M really for an extended period of time amidst a range of economic conditions. We'll be able to rightsize our plans to ensure that we can pass this forward and face whatever comes our way from tariffs without any changes to our existing financial commitments.

我們一直認真考慮客戶的長期能源成本，並評估這些成本的整體影響，在各種經濟條件下真正實現長期平穩的營運和維護。我們將能夠調整我們的計劃，以確保我們能夠順利完成這項計劃，並應對關稅帶來的任何影響，而無需改變我們現有的財務承諾。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

One more on GENCO if you don't mind. As you're talking either through the settlement and official discussions or just outside of the official discussion, are there any parties that are strictly opposed to this? Or is it just a matter of devils in the details, getting all of those aligned?

如果您不介意的話，請再說一下 GENCO。當您談論和解和官方討論或官方討論之外的事情時，是否有任何一方對此表示強烈反對？或者這只是一個細節問題，需要將所有這些問題協調起來？

Again, Travis, we can't comment since we're in the middle of active settlement discussions on the GENCO. We can't comment on the position of any specific party right now.

再說一次，特拉維斯，我們無法發表評論，因為我們正在就 GENCO 進行積極的和解討論。我們目前無法評論任何具體政黨的立場。

Okay, that's fair. Other topic, transmission. I think Shawn mentioned milestones in terms of other projects. I wonder if you could characterize what some of those milestones are, what you're waiting to see or hear transpire before you add some of those transmission projects?

好的，這很公平。其他主題，傳輸。我認為肖恩提到了其他項目方面的里程碑。我想知道您是否可以描述一下這些里程碑是什麼，在添加一些傳輸項目之前您希望看到或聽到什麼？

Shawn?

肖恩？

Yes. Sure thing, Travis. So when we think about MISO long-range transmission projects, both the executability from an operational standpoint, the construction, and making sure that we understand what the costs are going to be to install those assets and operationalize those assets, and then juxtapose that with the regulatory compact itself, making sure that we understand the mechanisms that will pick up those costs. Once we reach that degree of certainty around those two elements, you'll see those flow into our base plan.

是的。當然可以，崔維斯。因此，當我們考慮 MISO 遠端傳輸專案時，既要考慮從營運角度的可執行性，也要考慮建設，並確保我們了解安裝這些資產和營運這些資產的成本，然後將其與監管契約本身並列，確保我們了解承擔這些成本的機制。一旦我們對這兩個要素達到一定程度的確定性，你就會看到它們融入我們的基本計畫中。

As a reminder, we do have a nominal amount of MISO Tranche 1 projects in our base plan as well as some in our upside plan, which Lloyd highlighted earlier. We do not have MISO long-range transmission Tranche 2 projects in either the base plan, or really in the upside plan, as it mostly persists outside our existing financial plan horizon. But we do expect the Tranche 2 projects to start to come into fruition towards the latter part of this plan horizon. And we think that could be additive to the upside plan once we've gone through the work to commercialize and develop our plans to operationalize those assets.

提醒一下，我們的基礎計劃中確實有少量的 MISO Tranche 1 項目，而我們的上行計劃中也有一些項目，正如 Lloyd 之前強調的那樣。無論是在基礎計劃中，還是在實際上行計劃中，我們都沒有 MISO 遠端傳輸第二階段項目，因為它大部分存在於我們現有的財務計劃範圍之外。但我們確實預計第二批項目將在該計劃的後期開始取得成果。我們認為，一旦我們完成商業化工作並制定營運這些資產的計劃，這可能會對上行計劃有所補充。

Okay, great. When you mean plan horizon, you're talking 2029 and beyond, or 2030 and beyond?

好的，太好了。您所說的計畫期限是指 2029 年及以後，還是 2030 年及以後？

Yes, that's correct. Yes.

是的，正確。是的。

Our next question comes from the line of Wolfe Research.

我們的下一個問題來自 Wolfe Research。

Yes. It's Steve Fleishman. Just I'm going to avoid asking you about Indiana. But the -- in your kind of bullet about data centers, as you said, to support data center strategies across Indiana, Ohio and Virginia. I might have missed some of this, but just could you talk a little more on what you're doing in Ohio and Virginia related there and opportunities for you?

是的。我是史蒂夫·弗萊什曼。我只是不想問你有關印第安納州的問題。但是，正如您所說，在有關資料中心的要點中，是為了支持印第安納州、俄亥俄州和維吉尼亞州的資料中心策略。我可能錯過了一些內容，但您能否再多談談您在俄亥俄州和弗吉尼亞州所做的事情以及您在那裡可以獲得的機會？

Well, I'll post to Michael or Melody, you guys, which one? Go ahead, Melody.

好吧，我會發文給麥可或梅洛迪，你們，哪一個？繼續吧，梅洛迪。

Steve, thanks for asking the question. So we do talk a lot about Indiana being right for data centers, Northwest Indiana, but we're seeing activity in Ohio as well. And so our teams are working with the local and state entities to look at what these data center needs are, and how and if we can support them. And so I'll just say that we're staying engaged with the local and state economic development entities to look in how we can serve those customers -- those potential customers.

史蒂夫，謝謝你提出這個問題。因此，我們確實談論了很多關於印第安納州、印第安納州西北部適合建立資料中心的說法，但我們也看到俄亥俄州也在開展活動。因此，我們的團隊正在與當地和州實體合作，研究這些資料中心的需求是什麼，以及我們如何以及是否可以為他們提供支援。因此，我只想說，我們正與當地和州經濟發展實體保持聯繫，研究如何為這些客戶——那些潛在客戶提供服務。

Yes. To Melody's point, most of that investment for natural gas infrastructure pipeline. So if you think about Virginia and Ohio, as these developers come, they're going to need energy. So that allows us to invest capital to put in gas pipeline to support data center activity.

是的。正如 Melody 所說，大部分投資都用於天然氣基礎設施管道。所以如果你想想維吉尼亞州和俄亥俄州，隨著這些開發商的到來，他們將需要能源。這樣我們就可以投資資金建造天然氣管道來支援資料中心活動。

Understood. Separate topic, just the MISO auction outcome that we just had. I know it's for kind of more of a near-term year, but just any kind of broader thoughts from that because obviously a big uptick in pricing. How it impacts your plans?

明白了。單獨的話題，只是我們剛剛得到的 MISO 拍賣結果。我知道這更像是針對近期的情況，但這只是從更廣泛的角度考慮，因為價格顯然會大幅上漲。它如何影響你的計劃？

Yes. We've seen the MISO auction, and we are evaluating its results, and we look through the IRP consistently to make sure that we have the resource adequacy we need. But when we look at the MISO auction right now, we're well positioned within the current plans we filed from the IRP.

是的。我們已經看到了 MISO 拍賣，我們正在評估其結果，並且我們將持續查看 IRP 以確保我們擁有所需的充足資源。但當我們看看現在的 MISO 拍賣時，我們在從 IRP 提交的當前計劃中處於有利地位。

Our next question comes from the line of the company Ladenburg.

我們的下一個問題來自拉登堡公司。

I guess a procedural question. If you wanted to delay the start-up hearings on Friday, you would have to file a notification either today or tomorrow. Is that correct?

我猜這是一個程式問題。如果您想推遲週五的啟動聽證會，您必須在今天或明天提交通知。對嗎？

That is correct.

沒錯。

Great. And then the other question I have is beyond sort of what you're seeing with data centers, are you seeing any activity with respect to onshoring or industrials announcing sort of major expansions in Ohio -- I mean, in Indiana?

偉大的。然後我的另一個問題是，除了您所看到的資料中心的情況之外，您是否看到任何與在岸或工業相關的活動，宣佈在俄亥俄州（我的意思是印第安納州）進行大規模擴張？

Yes. I think -- so, again, we're seeing -- recently for battery manufacturers we're seeing some expansion. It's one of the things we're seeing. So the answer is yes. Indiana is, I'd say, very well positioned for onshore and with one of the opportunities being a battery manufacturer. But in terms of economic development, our team up there is really busy with manufacturing above and beyond data centers.

是的。我認為——所以，我們再次看到——最近電池製造商正在出現一些擴張。這是我們看到的事情之一。所以答案是肯定的。我想說，印第安納州在陸上發展方面處於非常有利的地位，其中一個機會就是發展電池製造。但就經濟發展而言，我們在那裡的團隊確實忙於資料中心以外的製造業。

Shawn, do you want to weigh in on that?

肖恩，你想對此發表意見嗎？

Yes. Just a couple more. I mean the cold storage sector continues to grow in Indiana. We've seen a couple of food organizations come in with food manufacturing and cold storage providing jobs as well as $70 million of capital investment into the region, $70 million for their facilities, not ours. But cold storage also in Crown Point also continuing the development in that theme.

是的。再來幾個吧。我的意思是印第安納州的冷藏行業持續成長。我們看到一些食品組織來到這裡，透過食品製造和冷藏提供就業機會，並為該地區帶來 7000 萬美元的資本投資，這 7000 萬美元用於他們的設施，而不是我們的設施。但 Crown Point 的冷藏庫也繼續沿著這個主題進行開發。

So NIPSCO has continued to see a general increase on manufacturing projects across the year. Several international companies are exploring opportunities to establish in Indiana, a plastics manufacturer, a biopharmaceutical firm, a recycling operation, each poised to deliver new job opportunities in Indiana and bring significant investments in the state. And as well as EV battery manufacturers, which we've seen come up a couple of times.

因此，NIPSCO 全年製造業項目持續整體增加。幾家國際公司正在印第安納州探索建立企業的機會，包括一家塑膠製造商、一家生物製藥公司和一家回收公司，每家公司都準備為印第安納州帶來新的就業機會，並為該州帶來大量投資。還有電動車電池製造商，我們已經見過幾次了。

So Indiana continues to be robust, but we're also seeing it in Virginia, we're also seeing it in Ohio. You highlighted that one. So we're seeing it across our service territory. All of this really precedes any of the changes from the tariff landscape, right? Most of this was already in pipelines working and our state do a great job of trying to attract global companies to come into our region.

印第安納州繼續保持強勁勢頭，但我們在維吉尼亞州和俄亥俄州也看到了這種情況。您強調了這一點。所以我們在整個服務區域都看到了它。所有這些實際上都先於關稅格局的任何變化，對嗎？其中大部分已在管道中運行，我們州在吸引全球公司進入我們地區方面做得很好。

Ross Fowler, Bank of America.

美國銀行的羅斯‧福勒。

So I'll be brave and ask another one about Indiana, but I won't ask about the settlement process because I'm not going to make you answer that one. Just from like a 30,000-foot view, right, it seems like GENCO sort of versus a straight large load tariff filing has added a little bit of regulatory process and complexity at the beginning. Can you kind of just, in your mind, frame from a very high level, what you guys see as the advantage of the GENCO structure? I mean you kind of touched on it with (inaudible) pricing differences with large load customers, but are there other advantages as you see them?

因此，我會勇敢地再問一個有關印第安納州的問題，但我不會問及解決過程，因為我不會讓你回答這個問題。僅從 30,000 英尺的角度來看，GENCO 似乎與直接的大負荷關稅申報相比，在一開始就增加了一點監管流程和複雜性。您能否從非常高的層次來概括一下您認為 GENCO 結構的優勢是什麼？我的意思是，您提到了（聽不清楚）大負荷客戶的定價差異，但您認為還有其他優勢嗎？

And then the corollary to that question is, as you look to Steve's question around Ohio and other segments. If you're successful with GENCO in Indiana, do you see like a PIPECO in Ohio or something like that to structure it similarly?

那麼，當你看到史蒂夫關於俄亥俄州和其他地區的問題時，這個問題的推論就是。如果您在印第安納州成功營運了 GENCO，您是否會考慮在俄亥俄州營運 PIPECO 或類似的專案來建立類似的架構？

So let me go back to why we believe GENCO is our preferred path to success. And I think it's a really good question. I think the first one, I talk about our current priorities. It protects our existing customers by allowing us to separate the cost -- separate costs. I think second, it gives us a faster speed to market. Remember, we're asking the IURC to decline the CPCN, which is typically a 240-day process. So that gives us a faster speed to market and deliver degenerating resources for the counterparties. And if you listen to the counterparties and look at their capital needs and how fast they want to move speed to market matters a lot.

那麼讓我回到為什麼我們相信 GENCO 是我們走向成功的首選之路。我認為這是一個非常好的問題。我認為首先我要談談我們目前的優先事項。它允許我們分離成本——單獨的成本，從而保護我們現有的客戶。我認為其次，它能讓我們更快進入產品市場。請記住，我們要求 IURC 拒絕 CPCN，這通常是一個 240 天的過程。這使我們能夠更快地進入市場並為交易對手提供退化資源。如果你聽取交易對手的意見，看看他們的資本需求以及他們希望多快進入市場，速度就很重要。

I think that negotiating a special contract with the counterparties gives us a lot of opportunity in terms of flexibility as we look at risk versus return in this. I mean, this is one of the complicated parts of the process, but it could give us more opportunity depending on the risk we're willing to take. And I think that matters for us, and lets us preserve the flexibility of our current business model.

我認為，與交易對手協商特殊合約為我們在考慮風險與回報時提供了許多靈活性的機會。我的意思是，這是流程中複雜的部分之一，但根據我們願意承擔的風險，它可以為我們帶來更多機會。我認為這對我們很重要，讓我們能夠保留當前商業模式的靈活性。

If you look at the last three years, I think our EPS CAGR has been 8.5%. So we have a really strong financial plan, and we want to protect the integrity of that plan, and to make sure that this opportunity goes above and beyond our current business financial plan. So we like it. We think it's -- I mean, I'm biased, but we think it's a really good idea. We're excited about it. We're excited about the opportunity.

如果你回顧過去三年，我認為我們的每股盈餘複合年增長率為 8.5%。因此，我們有一個非常強大的財務計劃，我們希望保護該計劃的完整性，並確保這個機會超越我們目前的商業財務計劃。所以我們喜歡它。我們認為這是——我的意思是，我有偏見，但我們認為這是一個非常好的主意。我們對此感到很興奮。我們對這個機會感到非常興奮。

That's great, Lloyd. And then you touched on it, there's a different sort of risk dynamic maybe connected with these large load customers. So doing the GENCO structure allows you to think about return differently. I know you haven't kind of fully decided the capital structure yet, but could you think about leverage differently as well?

太好了，勞埃德。然後您提到了這一點，這些大負荷客戶可能存在不同類型的風險動態。因此，採用 GENCO 結構可以讓您以不同的方式思考回報。我知道您還沒有完全決定資本結構，但您能否以不同的方式考慮槓桿率？

Shawn?

肖恩？

This just goes back to Lloyd's comments on flexibility. We've got a lot of different avenues that we could go to make this sufficient for our customers and for our shareholders. We're motivated to bring the lowest cost of financing into the marketplace that we possibly can. I think everyone is in this particular case, and it will help us advance the strategy quickly.

這正好回到了勞埃德對靈活性的評論。我們有很多不同的途徑可以滿足我們的客戶和股東的需求。我們致力於為市場帶來盡可能最低的融資成本。我想大家都是處於這個特殊情況，這會幫助我們快速推進策略。

Christopher Jeffrey, Mizuho.

瑞穗的克里斯多福‧傑弗瑞 (Christopher Jeffrey)。

Just one for me regarding O&M. It's kind of ticked higher in the last couple of quarters. And I think, Shawn, you discussed some of the successes at Apollo and the flat O&M expectations. But just to put a finer point on it, as far as the run rate from here, are you expecting Apollo to kind of have deflationary impacts from here? Or how are you thinking about it?

對我來說，只有一個關於 O&M 的問題。過去幾個季度，這一數字略有上升。肖恩，我認為你討論了阿波羅的一些成功以及平穩的營運和維護預期。但更準確地說，就目前的運行率而言，您是否預計阿波羅計畫會產生通貨緊縮的影響？或者您對此有何看法？

Shawn?

肖恩？

Over the course of the year, we continue to expect O&M to be flat year-over-year at or around that $1.4 billion level that we've been able to maintain since 2016. Project Apollo helps drive that through an array of different opportunities, both efficiency as well as just identifying waste that can be onetime in nature and reduce the overall cost profile of the business. And our employees lead that each and every day. New ideas populate what fuels its mission and how we are able to obtain that flat O&M on a year-over-year basis again really since 2016.

我們預計，全年營運與維護費用將與去年同期持平，維持在 2016 年以來一直維持的 14 億美元左右的水準。阿波羅計畫透過一系列不同的機會來幫助推動這一目標，既提高了效率，又識別了一次性的浪費，並降低了企業的整體成本。我們的員工每天都實踐這理念。新的想法充實了其使命的動力，以及我們如何能夠自 2016 年以來再次實現逐年平穩的 O&M。

That said, we also need to invest in our system. We make strategic investments to risk-adjust the system on an ongoing basis, things like vegetation management, leakage. They don't always track the same quarter-over-quarter, but they get to the right place at the end of each and every year. And we try and pick the opportunities that we have to ensure that we can be always risk-adjusting the system to ensure reliability of our system at all times.

話雖如此，我們也需要對我們的系統進行投資。我們進行策略性投資，持續調整系統風險，例如植被管理、洩漏等。他們並不總是逐季度追蹤相同的數據，但每年年底他們都會達到正確的位置。我們盡力抓住機會，確保我們能夠始終調整系統風險，從而始終確保系統的可靠性。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

Two quick questions. In terms of your labor contracts, can you remind us when those labor agreements expire and what's the process of renegotiating labor rates is?

兩個簡單的問題。關於你們的勞動合同，您能否提醒我們這些勞動協議何時到期，以及重新協商勞動費率的流程是怎樣的？

I'll let Bill Jefferson answer this.

我請比爾·傑斐遜來回答這個問題。

The NIPSCO contract ends -- the end of March of '26. The Pennsylvania contract ends at the end of August of '26. And I don't have the dates for the Ohio contracts top of mind, but those are two of the latest.

NIPSCO 合約將於 26 年 3 月底結束。賓州的合約將於 26 年 8 月底到期。我還沒有記住俄亥俄州合約的具體日期，但這兩個是最新的。

Everything is renegotiated in '26?

'26 年一切都重新談判了？

Everything gets renegotiated in 2026.

2026 年一切都將重新談判。

Okay. And then in terms of the EV or electric vehicle supply chain, what portion of your load in Indiana and across your service territory is tied to that industry, both historically and on a prospective basis?

好的。那麼就電動車或電動車供應鏈而言，從歷史和未來來看，印第安納州和整個服務區域的負載中有多少部分與該行業相關？

Extremely minimal.

極為簡約。

Okay. So the EV battery is, to the earlier comment, is extremely minimal to the outlook despite the --

好的。因此，正如先前的評論，電動車電池對前景的影響極為有限，儘管--

Yes, Ryan. When you think about what the EV battery manufacturers need, ironically, it's natural gas. And the expansion of our natural gas network itself, and really with a high-capacity trunk line enables us to then market potentially to new communities that need the development of natural gas and extend the overall network itself. .

是的，瑞安。當你思考電動車電池製造商需要什麼時，諷刺的是，他們需要的是天然氣。我們的天然氣網路本身的擴張，以及高容量主幹線的真正擴張，使我們能夠向需要開發天然氣的新社區進行行銷，並擴展整個網路本身。。

So it's actually pretty small on the electric system itself, larger on gas. But of course, as you know, the transport volume on gas isn't a significant revenue driver for us. It's really getting the infrastructure deployed and then enabling us to potentially gain more customers with a lower-cost fuel and more reliable fuel with that.

因此，電力系統本身實際上相當小，而天然氣系統則較大。但當然，如你所知，天然氣運輸量並不是我們主要的收入來源。這實際上就是部署基礎設施，然後使我們能夠透過更低成本和更可靠的燃料獲得更多客戶。

There are no further questions at this time. I will turn the call back over to Mr. Lloyd.

目前沒有其他問題。我會把電話轉回給勞埃德先生。

Yes. So we thank you for your continued interest in NiSource and your questions, and we look forward to communicating with you in the future. Have a great day.

是的。因此，我們感謝您對 NiSource 的持續關注和提出的問題，我們期待將來與您溝通。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。