NiSource Inc (NI) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Q2 2025 NiSource Earnings Conference Call. (Operator Instructions)

您好，感謝您的支持。我叫貝拉，今天我將擔任您的會議接線生。現在，我歡迎大家參加 2025 年第二季 NiSource 收益電話會議。（操作員指示）

I would now like to turn the conference over to Mr. Durgesh Chopra, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管 Durgesh Chopra 先生。你可以開始了。

Thank you, Bella. Good morning, and welcome to NiSource's Second 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, Customers and Chief Commercial Officer, Michael Luhrs; and Executive Vice President and Group President of NiSource Utilities, Melody Birmingham.

謝謝你，貝拉。早安，歡迎參加 NiSource 2025 年第二季投資人電話會議。今天與我一起出席的還有總裁兼執行長 Lloyd Yates、執行副總裁兼財務長 Shawn Anderson、技術、客戶兼商務長執行副總裁 Michael Luhrs 以及 NiSource Utilities 執行副總裁兼集團總裁 Melody Birmingham。

Today, we'll review NiSource's financial performance for the second quarter and share updates on operations, strategy and growth drivers. We'll open the call for your questions after our 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 第二季度的財務業績，並分享營運、策略和成長動力的最新情況。在我們準備好發言之後，我們將開始回答您的問題。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 MDA 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 MDA 部分中。

Additionally, some statements made on this call relate to non-GAAP earnings measures. Please refer to 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。

With that, I'll turn the call over to Lloyd.

說完這些，我會把電話轉給勞埃德。

Good morning, everyone. Let's begin on slide 3. At NiSource, our mission remains clear and consistent, deliver safe, reliable energy that drives value to our customers. We do this through disciplined capital deployment, operational excellence and fostering constructive regulatory relationships. We believe these fundamentals will continue to drive strong results, balance sheet strength and a dependable dividend. These principles form the cornerstone of NiSource's business strategy, consistently providing excellent value to shareholders. By focusing on regulated utility operations in high-quality regions, maintaining diversity across areas and energy types and disciplined capital investment, NiSource continues to excel.

大家早安。我們從投影片 3 開始。在 NiSource，我們的使命始終清晰且一致，提供安全、可靠的能源，為客戶創造價值。我們透過嚴格的資本配置、卓越的營運和建立建設性的監管關係來實現這一目標。我們相信這些基本面將繼續推動強勁的業績、強勁的資產負債表和可靠的股息。這些原則構成了 NiSource 業務策略的基石，始終如一地為股東提供卓越的價值。透過專注於高品質地區的受監管公用事業運營、保持跨地區和能源類型的多樣性以及嚴格的資本投資，NiSource 繼續保持卓越表現。

Turning to our key priorities on slide 4. Our constructive regulatory foundation is further evidenced having received final orders in Virginia and Indiana this quarter. Our ongoing focus to refine our operations through AI efficiency and continuous improvement initiatives is transforming the way we work. We're pleased to report second quarter adjusted EPS of $0.22, bringing our year-to-date total to $1.19. This performance keeps us firmly on track to deliver on our full year commitment. As a result, we are narrowing our 2025 adjusted EPS guidance to the upper half of the previously stated range of $1.85 to $1.89.

前往投影片 4 上的我們的重點優先事項。本季度，我們收到了維吉尼亞州和印第安納州的最終命令，進一步證明了我們的建設性監管基礎。我們持續致力於透過人工智慧效率和持續改善措施來完善我們的運營，從而改變我們的工作方式。我們欣然宣布，第二季調整後每股收益為0.22美元，年初至今每股收益達1.19美元。這項業績讓我們穩步推進全年業績承諾。因此，我們將 2025 年調整後每股盈餘預期縮小至先前所述的 1.85 美元至 1.89 美元區間的上半部。

Let's move to slide 5. Our operational excellence differentiates us. We are rapidly advancing our internal AI capabilities to transform how we operate and create a sustainable competitive edge at NiSource. Our work management intelligence solution is now fully deployed across all NIPSCO and Columbia operating companies delivering up to 24% improvement in steel productivity, equivalent to more than 83,000 incremental work hours through smarter analytics-driven scheduling and greater efficiency in dispatch time.

讓我們翻到幻燈片 5。我們卓越的營運使我們與眾不同。我們正在迅速提升內部人工智慧能力，以改變我們的營運方式並在 NiSource 創造可持續的競爭優勢。我們的工作管理智慧解決方案現已全面部署在所有 NIPSCO 和哥倫比亞營運公司，使鋼鐵生產率提高了 24%，相當於透過更智慧的分析驅動調度和更高的調度時間效率增加了 83,000 多個工作小時。

Building on this success, we are expanding AI into other critical areas of the business. In supply chain, we have launched a generative AI-powered analyst initiative to transform procurement processes, unlocking greater efficiency and deeper insights by leveraging the full scale of the NiSource platform. We are also exploring how AI can support system reliability and improved storm response during severe weather events.

基於這項成功，我們正在將人工智慧擴展到業務的其他關鍵領域。在供應鏈中，我們啟動了一項由人工智慧驅動的生成性分析師計劃，旨在轉變採購流程，透過充分利用 NiSource 平台來提高效率並獲得更深入的洞察力。我們也正在探索人工智慧如何在惡劣天氣事件期間支援系統可靠性和改善風暴響應。

AI and analytics are becoming foundational to how we deliver value. We remain committed to scaling these capabilities to optimize performance, elevate service and support our long-term strategic goals. Using our advanced mobile leak detection capabilities to address large volume leaks across our territory, we completed 9,966 miles of leak survey in the second quarter bringing our total miles driven to 18,665 year-to-date, exceeding our goal.

人工智慧和分析正在成為我們創造價值的基礎。我們將繼續致力於擴展這些能力，以優化效能、提升服務並支持我們的長期策略目標。我們利用先進的行動洩漏檢測功能來解決我們區域內的大量洩漏問題，在第二季度完成了 9,966 英里的洩漏調查，使我們年初至今的總行駛里程達到 18,665 英里，超出了我們的目標。

We also launched the final phase of our Work & Asset Management, or WAM. This marks a major milestone in our digital transformation. The WAM program delivers enterprise impact reaching nearly 5,000 end users. It has converted over $500 million records and integrated data from 23 host systems, thus underscoring the scale and complexity of this initiative. We have now successfully standardized how we manage field work and assets across the enterprise, improving asset visibility, streamlining scheduling and enabling real-time decision-making.

我們也啟動了工作與資產管理（WAM）的最後階段。這是我們數位轉型的一個重要里程碑。WAM 計畫對企業產生了影響，惠及近 5,000 名最終用戶。它已轉換了價值超過 5 億美元的記錄並整合了來自 23 個主機系統的數據，從而凸顯了該計劃的規模和複雜性。我們現在已經成功地標準化了整個企業的現場工作和資產管理方式，提高了資產可見性，簡化了調度並實現了即時決策。

On slide 6, we continue to make strong progress on our regulatory agenda. Since our last call, our Virginia rate case was approved. The final order authorized a $40.7 million revenue increase and a 9.75% ROE with rates already in effect. This outcome supports $442 million in investments from 2023 through 2025, including critical safety, compliance and reliability capital additions. It also reflects our continued ability to work constructively with stakeholders to deliver timely and balanced outcomes.

在第 6 張投影片上，我們的監管議程繼續取得重大進展。自上次通話以來，我們的維吉尼亞州利率案已獲得批准。最終命令批准增加 4,070 萬美元的收入和 9.75% 的 ROE（利率已經生效）。這項成果支持從 2023 年到 2025 年的 4.42 億美元投資，包括關鍵的安全、合規和可靠性資本增加。這也反映了我們持續與利害關係人進行建設性合作以實現及時和平衡成果的能力。

In Indiana, our NIPSCO Electric rate case will approve in June providing $257 million in revenue uplift. This marks our seventh settlement in the last 10 years across both electric and gas businesses in the state. These outcomes reinforce the strength of our stakeholder relationships and the predictability of our regulatory environment. Our work in Pennsylvania continues to demonstrate the value of our risk-reduction strategy and alignment with stakeholders. We continue our track record of constructive regulation working through our rate case, expecting a final order in the fourth quarter.

在印第安納州，我們的 NIPSCO 電力費率案將於 6 月獲得批准，從而帶來 2.57 億美元的收入成長。這是我們過去 10 年來在該州電力和天然氣業務中達成的第七項和解。這些成果增強了我們與利害關係人的關係以及監管環境的可預測性。我們在賓州的工作繼續證明了我們的風險降低策略和與利害關係人的協調的價值。我們將繼續透過利率案例進行建設性監管，預計在第四季度發布最終命令。

Building on our regulatory momentum, we are also advancing initiatives that support broader economic development. These efforts strengthen our existing communities by expanding the customer base and helping to distribute fixed costs more efficiently.

在監管動能的基礎上，我們也正在推動支持更廣泛經濟發展的措施。這些努力透過擴大客戶群和幫助更有效地分配固定成本來加強我們現有的社區。

For example, our team strategically revitalized a dormant point of delivery station in Skippers Virginia, unlocking the capacity to support two new industrial customers. Both companies are leaders in sustainable innovation. One, transforming municipal waste into renewable energy and the other repurposing coal ash through advanced recycling processes. This initiative not only reactivates critical infrastructure, but also drives forward environmentally responsible industrial growth.

例如，我們的團隊策略性地振興了維吉尼亞州斯基珀斯市一個閒置的配送站，釋放了支援兩個新工業客戶的能力。兩家公司都是永續創新領域的領導者。一是將城市垃圾轉化為再生能源，二是透過先進的回收製程重新利用煤灰。這項措施不僅重新啟動了關鍵基礎設施，而且推動了對環境負責的工業成長。

NIPSCO continues to drive strategic growth across the service territory, supporting a diverse range of new developments in advanced manufacturing, logistics and technology. Notable projects include GI Tech's first US manufacturing facility in Merrillville, Slate Automotive 1.4 million square foot electric truck plant in Warsaw and FedEx' $60 million investment in new distribution center in Gary, collectively projected to generate over 2,600 jobs. These investments underscore the state's emergence as a hub for innovation, sustainability and workforce development.

NIPSCO 繼續推動整個服務領域的策略性成長，支持先進製造、物流和技術領域的各種新發展。值得關注的項目包括 GI Tech 在梅里爾維爾的首家美國製造工廠、Slate Automotive 在華沙的 140 萬平方英尺的電動卡車工廠以及聯邦快遞在加里投資 6000 萬美元新建的配送中心，預計這些項目將創造超過 2600 個就業機會。這些投資凸顯了該州作為創新、永續發展和勞動力發展中心的崛起。

Now before I hand it off to Shawn, I want to give you an update on our strategy to support data center development in Northern Indiana, our application to the IURC to support the GenCo operating model remains under review, and the settlement modification on July 18 was further evidence of our ongoing efforts to address stakeholder concerns.

現在，在我將其交給肖恩之前，我想向您介紹一下我們支持印第安納州北部資料中心發展的策略的最新情況，我們向 IURC 提交的支持 GenCo 營運模式的申請仍在審查中，而 7 月 18 日的和解修改進一步證明了我們為解決利益相關者的擔憂而不斷做出的努力。

We continue to believe GenCo offers a compelling option to meet data center needs, while also driving differentiated value to the region, including our existing customers. We still expect no order in the third quarter.

我們始終相信，GenCo 提供了一個引人注目的選擇來滿足資料中心的需求，同時也為該地區（包括我們現有的客戶）帶來了差異化的價值。我們仍然預計第三季不會有訂單。

Regarding our data center engagement, we continue to have constructive dialogue with a range of counterparties interested in the compelling fundamentals, which our service territory can provide for data center investment. We know well the state of Indiana is great for energy development.

關於我們的資料中心參與，我們繼續與一系列對引人注目的基本面感興趣的交易對手進行建設性對話，我們的服務區域可以為資料中心投資提供這些基本面。我們都知道印第安納州非常適合能源開發。

We are excited about the prospects our strategy can provide to new customers and the growth it could bring to the state and our local communities. Our team is very focused on maximizing this opportunity for the many stakeholders involved, our existing customers, our communities, our policymakers and of course, our shareholders. We remain hard at work to convert this opportunity into a reality and continue to believe we are on track.

我們對我們的策略能夠為新客戶提供的前景以及它能夠為州和當地社區帶來的成長感到非常興奮。我們的團隊非常注重為眾多利害關係人、現有客戶、社區、政策制定者以及股東最大限度地創造這一機會。我們將繼續努力將這一機會轉化為現實，並繼續相信我們正走在正確的軌道上。

Shawn, I'll now turn it over to you.

肖恩，現在我將把話題交給你。

Thanks, Lloyd. I'd like to start on slide 7. Our generation transition began in 2019 with the launch of a multiyear strategy to enhance energy capacity and improve our energy footprint in Indiana. As part of this initiative, we executed a series of strategic projects that have significantly expanded our renewable energy portfolio. This includes short-term contracted capacity resources, expanded demand-side management programs, solar facilities, battery storage and new natural gas peaking resources.

謝謝，勞埃德。我想從第 7 張投影片開始。我們的發電轉型始於 2019 年，當時我們啟動了一項多年期策略，以提高能源容量並改善我們在印第安納州的能源足跡。作為該計劃的一部分，我們實施了一系列戰略項目，大大擴展了我們的可再生能源組合。這包括短期合約容量資源、擴大的需求面管理計劃、太陽能設施、電池儲存和新的天然氣尖峰資源。

Today, the portfolio is nearly complete with Gibson approaching finalization and Templeton Wind progressing according to schedule, on track for commercial operation in 2027. We are proud to report we've been able to deliver these investments on time and within budget, a testament to our disciplined planning and execution.

如今，投資組合已接近完成，Gibson 即將完成，Templeton Wind 也按計畫順利推進，預計 2027 年投入商業營運。我們很自豪地報告，我們能夠按時並在預算內完成這些投資，這證明了我們嚴謹的規劃和執行。

Our ability to successfully execute this large-scale multiphase initiative not only demonstrates our operational excellence, but also reinforces our confidence in tackling complex endeavors, particularly when called upon to enhance the safe and reliable energy delivery to our communities. With the same strategic rigor and commitment to execution, we are well positioned to deliver resilient infrastructure, which supports increasing energy demands while managing stakeholder needs.

我們成功實施這項大規模多階段計畫的能力不僅證明了我們卓越的營運能力，也增強了我們應對複雜任務的信心，特別是在需要加強向社區提供安全可靠的能源時。憑藉同樣的策略嚴謹性和執行承諾，我們完全有能力提供有彈性的基礎設施，以支援不斷增長的能源需求，同時管理利害關係人的需求。

With this in mind, I'd like to briefly address two policy-related items, which relate to our financial strategy and our infrastructure development plans. First, the recently enacted One Big Beautiful Bill does not impact our renewable development project plans. The remaining project scheduled to come online after 2025 is Templeton with a commercial operation date in 2027. And importantly, it still qualifies for tax credits under IRC Section 45.

在此，我想簡單談談兩個政策議題，一個是我們的財務策略，一個是基礎建設規劃。首先，最近頒布的《一項美麗法案》不會影響我們的再生能源開發專案計畫。剩餘計畫於 2025 年後上線的項目是 Templeton，其商業營運日期為 2027 年。重要的是，它仍然符合《國內稅收法》第 45 條規定的稅收抵免資格。

Second, as we discussed in our Q1 earnings call, we remain on track to retire Schahfer by the end of 2025 and Michigan City by the end of 2028. We are continuing to work with policymakers to evaluate alternatives to this plan, including the potential to utilize these facilities on an extended timeline. We'll work closely with federal and state regulators to ensure we make decisions that are in the best interest of our customers and all stakeholders.

其次，正如我們在第一季財報電話會議上所討論的那樣，我們仍有望在 2025 年底前讓 Schahfer 退休，並在 2028 年底前讓密西根城退休。我們將繼續與政策制定者合作，評估該計劃的替代方案，包括在延長的時間內利用這些設施的可能性。我們將與聯邦和州監管機構密切合作，確保我們做出符合客戶和所有利益相關者最佳利益的決策。

Our capital investment outlook shown on slide 8, emphasizes the flexibility across our portfolio as we assess the best fit plans for our stakeholders. Our $19.4 billion five-year capital plan remains diversified and executable. We are not reliant on any single project or technology.

第 8 張投影片顯示了我們的資本投資前景，強調了我們在評估最適合利害關係人的計畫時整個投資組合的靈活性。我們的 194 億美元五年資本計畫仍然多樣化且可執行。我們不依賴任何單一的項目或技術。

Our growth across six states demonstrates the strength and diversification of investment driving our best-in-class development plans. In addition to the substantial electric generation investments I highlighted a moment ago, 48% of our base plan is attributed to gas system hardening, supporting the modernization of our gas infrastructure.

我們在六個州的成長證明了投資的實力和多樣化推動著我們一流的發展計劃。除了我剛才強調的大量發電投資外，我們基礎計畫的 48% 也用於天然氣系統強化，支援天然氣基礎設施的現代化。

Our ability to allocate capital across states and between gas and electric, enables NiSource to optimize recovery and respond dynamically to evolving needs. Additionally, we continue active engagement to advance the commercial development of over $2 billion of identified upside projects and look forward to sharing a more comprehensive update during our third quarter plan refresh.

我們能夠在各州之間以及天然氣和電力之間分配資金，這使得 NiSource 能夠優化恢復並動態響應不斷變化的需求。此外，我們將繼續積極參與，推進已確定的價值超過 20 億美元的上行項目的商業開發，並期待在第三季度計劃更新期間分享更全面的更新。

Beyond these plans, slide 9 highlights our incremental investment opportunities, data center generation and T&D facilities, MISO transmission, FIMSA compliance and more. These are not included in our base or upside plans, but represent meaningful long-term value creation opportunities. We are working to commercialize these initiatives while building the investment thesis with stakeholders to optimize the value these opportunities can create.

除了這些計劃之外，第 9 張投影片重點介紹了我們的增量投資機會、資料中心發電和輸配電設施、MISO 傳輸、FIMSA 合規性等。這些不包括在我們的基礎計劃或上行計劃中，但代表著有意義的長期價值創造機會。我們正在努力將這些措施商業化，同時與利害關係人一起建立投資理論，以優化這些機會可以創造的價值。

Turning to slides 10 and 11. Our second quarter adjusted earnings per share was $0.22 and $0.01 above the same period last year. Year-to-date, adjusted EPS was $1.19, up $0.13 from the same period last year. This growth is driven by strong performance in both our NIPSCO and Columbia segments, which continued to outperform expectations. Our commitment to operational excellence through initiatives like Project Apollo and WAM has enabled our businesses to deliver consistent and high-quality results.

翻到幻燈片 10 和 11。我們第二季的調整後每股收益為 0.22 美元，比去年同期高出 0.01 美元。年初至今，調整後每股收益為 1.19 美元，較去年同期成長 0.13 美元。這一增長得益於我們 NIPSCO 和哥倫比亞部門的強勁表現，這兩個部門的表現繼續超出預期。我們致力於透過阿波羅計畫和 WAM 等措施實現卓越運營，這使我們的企業能夠提供一致且高品質的成果。

We are reaffirming all long-term financial commitments on slide 12, 6% to 8% annual adjusted EPS growth, 8% to 10% rate base growth, and 14% to 16% FFO to debt through 2029. Additionally, we are narrowing our 2025 adjusted EPS guidance to the upper half of the range. We've seen growth in our economies driving tailwinds into year-to-date results from increased customer count and usage as well as constructive financing success and regulatory execution.

我們重申第 12 張投影片上的所有長期財務承諾，即到 2029 年，年度調整後每股盈餘成長率為 6% 至 8%，利率基準成長率為 8% 至 10%，FFO 與債務之比為 14% 至 16%。此外，我們將 2025 年調整後每股盈餘預期縮小至範圍的上半部。我們看到，由於客戶數量和使用量的增加以及建設性的融資成功和監管執行，經濟成長為年初至今的表現帶來了順風。

Our plan is built on a realistic foundation and modest demographic growth assumptions. We are seeing strong tailwinds across our jurisdictions. For example, metro growth in Columbus, Ohio, was 38% higher than the national average last year, and we're observing similar trends in other parts of our service territory. Over the trailing 12-month period ending in June, we observed customer growth at nearly 1% in our electric business and 0.6% in our gas business, both surpassing our forecast.

我們的計劃建立在現實的基礎和適度的人口成長假設之上。我們看到，在我們的管轄範圍內正出現強勁的順風勢頭。例如，俄亥俄州哥倫布市的大都會成長率比去年全國平均高出 38%，我們在服務區域的其他地區也觀察到了類似的趨勢。截至 6 月的過去 12 個月中，我們觀察到電力業務的客戶成長率接近 1%，天然氣業務的客戶成長率為 0.6%，均超過了我們的預期。

Let's turn to slide 13. In the second quarter, we advanced our financing plans with the issuance of $1.65 billion of senior notes. This builds on our first quarter activity and positions us well to meet our 2025 funding needs while maintaining our 14% to 16% FFO to debt target.

讓我們翻到第 13 張投影片。第二季度，我們推進了融資計劃，發行了 16.5 億美元的優先票據。這是在我們第一季活動的基礎上進行的，使我們能夠很好地滿足 2025 年的融資需求，同時保持 14% 至 16% 的 FFO 與債務目標。

Over the summer, S&P, Moody's and Fitch each completed their annual credit reviews and reported no changes to ratings and maintaining stable outlooks, which reflect the strong credit profile of NiSource. We believe the successful refinancing of our $1.25 billion August maturity effectively eliminates any near-term refinancing risk. This proactive step not only secures our capital structure, but also reinforces our financial flexibility and stability.

今年夏季，標準普爾、穆迪和惠譽分別完成了年度信用審查，並報告評級沒有變化，維持穩定展望，這反映了 NiSource 強勁的信用狀況。我們相信，我們 8 月到期的 12.5 億美元債券的成功再融資有效地消除了任何近期再融資風險。這項積極舉措不僅確保了我們的資本結構，而且增強了我們的財務靈活性和穩定性。

With this transaction behind us, our forward-looking debt profile is significantly derisked and we now face minimal refinancing exposure in the foreseeable future. This positions us to focus on strategic growth initiatives with confidence backed by a strong and resilient balance sheet. We use practical interest rate assumptions in our plan despite a persistent high-rate environment. And the economic growth across our service territories continues to advance. These fundamentals give us confidence in our 2025 earnings outlook and leaves NiSource well positioned to deliver strong financial results as we narrow to the upper half of our 2025 adjusted EPS guidance range.

完成這筆交易後，我們的前瞻性債務狀況已大大降低風險，在可預見的未來，我們面臨的再融資風險極小。這使我們能夠專注於策略性成長計劃，並以強大而有韌性的資產負債表為後盾，充滿信心。儘管利率環境持續高企，但我們在計劃中仍採用實際的利率假設。我們服務區域的經濟成長持續推進。這些基本面使我們對 2025 年的獲利前景充滿信心，並且隨著我們將 2025 年調整後每股收益指導範圍縮小到上半部分，NiSource 處於有利地位，能夠實現強勁的財務業績。

We continue building a track record of execution and growth on slide 14. Our commitment to investors, employees, customers and all our stakeholders is central to everything we do. Our regulatory execution, year-to-date financing activity and thoughtful investment plans position us well for 2025, and we expect will continue across the planned horizon. Even with this upward trajectory and guidance for 2025, we continue to project an annual 6% to 8% growth rate, the value of which compounds through our planned horizon with continued outperformance.

我們在第 14 張投影片上繼續建立執行和成長的記錄。我們對投資者、員工、客戶和所有利害關係人的承諾是我們所做的一切的核心。我們的監管執行情況、年初至今的融資活動和周到的投資計劃為我們在 2025 年做好了準備，我們預計這些優勢將在計劃的期限內持續下去。即使有這樣的上升軌跡和 2025 年的指引，我們仍然預計年增長率為 6% 至 8%，其價值將在我們的計劃期內隨著持續的優異表現而增長。

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. The emerging opportunity to support unprecedented energy development and power demand, resulting from robust economic development onshoring as well as new data center developments, truly differentiates the value proposition relative to many alternatives in the marketplace today.

NiSource 為投資者提供多元化且完全受監管的公用事業，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，以實現完全整合的電力業務。強勁的經濟發展和新的資料中心發展帶來了支持前所未有的能源開發和電力需求的新興機會，真正使價值主張與當今市場上的許多替代品區分開來。

And with that, we'll open the line for questions.

現在，我們將開始回答問題。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

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

Look, if I can, I'm just trying to marry up some of the comments from your call here. Given how fast the data center market is evolving and given the comments you just made about the Columbus metro area, for instance, amongst other service territories here, how are you thinking about that opportunity, especially in the NIPSCO territory? Your load forecast, your '24 IRP, could you potentially view that as stale at this point? And how do you think about the scale and scope of the opportunity, especially since it hasn't fully come together yet? Is it -- is there an upward bias of the numbers there of the 2.6%, for instance?

聽著，如果可以的話，我只是想把您在電話中提出的一些評論結合起來。考慮到資料中心市場的發展速度，以及您剛剛對哥倫布都會區以及其他服務區域的評論，您如何看待這個機會，特別是在 NIPSCO 區域？您的負載預測、您的 24 IRP，您是否有可能認為現在已經過時了？您如何看待這一機會的規模和範圍，尤其是當它尚未完全實現的時候？例如，2.6% 的數字是否有向上偏差？

So let me -- oh boy, that's -- those are a lot of questions in that one question. Let me start there. I wouldn't characterize it as an upward bias in the numbers, first of all. I think the way to think about this is there's a huge demand for data centers in Northern Indiana. And that hasn't backed off at all.

所以讓我——哦天哪，那是——這個問題裡有很多問題。讓我從這裡開始。首先，我不會將其描述為數字的上升趨勢。我認為考慮這個問題的原因是印第安納州北部對資料中心的需求龐大。而這種趨勢絲毫沒有減弱。

What I'll tell you is that we're taking the time to really execute this opportunity in a thoughtful and disciplined manner. And we're guided by four principles, and I've talked about these before, right, protect the existing customer base, serve new customers with speed and agility, earn appropriate adjusted return for our shareholders and maintain NiSource's financial integrity. I've talked about this being a 2025 event. I talked about that in the fourth quarter of last year.

我要告訴你的是，我們正在花時間以深思熟慮和嚴謹的方式真正抓住這個機會。我們遵循四項原則，我之前已經談過這些原則，對吧，保護現有客戶群，快速靈活地服務新客戶，為股東賺取適當的調整回報，並維護 NiSource 的財務完整性。我曾說過這是 2025 年的事件。我在去年第四季談到了這一點。

And as I said in my script, we're very focused on that. And I believe we're right on track. We're where we need to be with respect to this opportunity. And when we have something to tell you, it will be comprehensive, and we'll get that to the market as soon as possible. We'll be very transparent with that. So that's where we are right now.

正如我在劇本中所說，我們非常關注這一點。我相信我們正走在正確的道路上。就這一機會而言，我們正處於我們需要的位置。當我們有消息要告訴您時，我們會進行全面的告知，並儘快將其推向市場。我們將對此保持非常透明的態度。這就是我們現在的狀況。

Yes. And Julien, maybe I'll just add one bit, which is we have seen demand across the gas footprint in Ohio and Virginia, specifically for pipeline expansions to serve on-site generation for data centers. Those inquiries continue to come in, and we continue to work collaboratively with our states and with our communities as there's a lot of excitement to expand the infrastructure development across all of our states.

是的。朱利安，也許我只想補充一點，我們已經看到俄亥俄州和維吉尼亞州對天然氣的需求，特別是對管道擴建以滿足資料中心現場發電的需求。這些詢問不斷湧來，我們繼續與各州和社區合作，因為人們對擴大所有州的基礎設施感到非常興奮。

Got It. And then if I can marry that up a little bit with the conversation on timing, right? Because I think you guys just said a second ago in the prepared comments about your confidence in the final order here, I suppose, on the GenCo by the end of September. How do you think about potential to provide any kind of example transaction or something that is a little bit more tangible for the stakeholders to look at and understand what you're proposing here as well as just maybe commentary about the timeline itself on these larger loads.

知道了。然後，如果我可以將其與有關時間的對話稍微結合起來，對嗎？因為我認為你們剛才在準備好的評論中說過，你們對 9 月底前關於 GenCo 的最終命令很有信心。您認為提供任何類型的範例交易或更具體的內容以供利害關係人查看和理解您在此處提出的內容以及可能對這些較大負載的時間表本身進行評論的可能性如何。

So you just kind of married two processes together, which we look at as separate and distinct. One is the GenCo declination process. That process is moving down the path. We're confident that we'll get an order by the third quarter of this year. Independent of that, but related is the process with the counterparties. And as I said, those conversations are ongoing. I think they're complex. If you go back to the four pillars I just talked about, we're really focused on meeting those four pillars. And when we have something to announce with that process, we'll let you know. But two separate processes.

所以你只是將兩個過程結合在一起，我們將它們視為獨立且不同的。一是 GenCo 拒絕過程。這一進程正在順利推進。我們有信心在今年第三季收到訂單。與此無關但相關的是與交易對手的流程。正如我所說，這些對話仍在進行中。我認為它們很複雜。如果回顧我剛才談到的四大支柱，我們真正專注的是滿足這四大支柱。當我們有關於這一進程的消息要宣佈時，我們會通知您。但這是兩個獨立的過程。

Okay. All right. Fair enough. Lloyd, I definitely didn't mean to open that can of worms on marrying those two together, all right?

好的。好的。很公平。勞埃德，我絕對不是故意要讓這兩個人結婚，引發麻煩，好嗎？

I'm glad you’re keeping the can open.

我很高興你把罐子打開了。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

I'll just ask one more follow-up, if I could. Just two separate processes. You have the counterparty contract process. You also have a third quarter update where I think you're going to be refreshing the long-term plan, it sounds like. How do those two juxtapose against each other?

如果可以的話，我再問一個後續問題。只是兩個獨立的過程。您有交易對手合約流程。您還發布了第三季的更新，聽起來，我認為您將會更新長期計劃。這兩者如何並列？

Let me point back to Shawn on the third quarter plan. Shawn?

讓我回顧一下肖恩關於第三季計劃的情況。肖恩？

Yes, Nick. I appreciate the question. We've been pretty sure to update the plans whenever we have the information credibly in front of you, whether that's quarter-by-quarter or if we do a full-blown refresh. So on the first instance, what we know about our regulated utility business is that it continues to need infrastructure investments, and we're going through the process of refreshing the $19.4 billion base plan to better understand the timing of cash flows and how those would sequence forward.

是的，尼克。我很感謝你提出這個問題。只要我們向您提供可靠的信息，我們就會立即更新計劃，無論是按季度更新還是全面更新。因此，首先，我們對受監管的公用事業業務的了解是，它繼續需要基礎設施投資，我們正在更新 194 億美元的基礎計劃，以更好地了解現金流的時間表以及這些現金流將如何向前流動。

What's driving that is increased need for generation, transmission, distribution and system maintenance across the gas and the electric side of the business, same fundamental drivers that we're seeing those in place. We're also seeing more economic development and strategic growth initiatives. So we're focused on refreshing that plan, and plan to have an update on the third quarter call.

推動這一趨勢的因素是天然氣和電力業務對發電、輸電、配電和系統維護的需求不斷增加，這些基本驅動因素與我們目前看到的相同。我們也看到更多的經濟發展和策略成長措施。因此，我們專注於更新該計劃，並計劃在第三季電話會議上進行更新。

That said, we've got $2.2 billion of identified upside CapEx, and we'll see some of that upside CapEx flow whenever we see those projects become commercially viable and socialized with stakeholders. We don't have any of those to change place right now, but we do expect those to come to fruition here before the beginning -- or before the end of this year. So the $2.2 billion of upside CapEx plan will be another piece that we're trying to refresh and flow into the base plan as identified over the next five years.

也就是說，我們已經獲得了 22 億美元的已確定的上行資本支出，並且只要我們看到這些項目變得具有商業可行性並與利益相關者進行社會化，我們就會看到一些上行資本支出的流動。我們現在還沒有任何改變的地方，但我們確實希望這些能在今年年初或年底之前實現。因此，22 億美元的上行資本支出計畫將是我們試圖更新並融入未來五年確定的基礎計畫的另一部分。

And then beyond that, we've got the incremental investment opportunities and specific to the data center opportunity itself. Once we have those concrete answers, we'll start to flow that information through our plans. And once we reach the same standard, credibility with counterparties, stakeholders and surety of the cash inflow and outflow, we'll also roll those through our plan and make sure that we understand what the forward-looking guidance would be around our financial commitments.

除此之外，我們也獲得了一個增量投資機會，特別是針對資料中心機會本身。一旦我們得到這些具體的答案，我們就會開始將這些訊息貫穿到我們的計畫中。一旦我們達到相同的標準，即與交易對手、利益相關者的信譽以及現金流入和流出的保證，我們也會將這些貫穿到我們的計劃中，並確保我們了解有關我們財務承諾的前瞻性指導。

So all three of those could work at any time. We're not going to wait just for the third quarter call to do that per se. But obviously, we see that as an opportunity to refresh thoughts on all three of those elements and plan to do so in Q3.

因此這三種方法都可以隨時發揮作用。我們不會只等到第三季的電話會議才這麼做。但顯然，我們認為這是一個重新思考這三個要素的機會，並計劃在第三季這樣做。

All right. That's very helpful. And then just a quick one, if I could. You're at the high end or you're above the midpoint, I guess, of '25 and you have an annual EPS growth target. So are we now kind of -- when we think about where you could be in that target on the base plan today, '26 and '27, should we be basing that off of 188 today? Is that the way to think about it?

好的。這非常有幫助。如果可以的話，我再快速說一下。我猜，您處於高端或高於中點，即 25 年，並且您有一個年度每股收益成長目標。那麼我們現在是不是有點 - 當我們思考您在今天的基礎計劃中，'26 和 '27 年可能達到的目標時，我們是否應該以今天的 188 為基礎？是這樣思考的嗎？

Yes, the base would be how we achieve results at the end of this year and then 6% to 8% annual growth rate beyond those actual results. That's exactly right, Nick.

是的，基礎是我們在今年年底取得的成果，然後在這些實際成果的基礎上實現 6% 到 8% 的年增長率。完全正確，尼克。

Richard Sunderland, J.P. Morgan.

摩根大通的理查桑德蘭。

Thinking about the supply picture overall, could you speak to turbine queue positions and just your confidence in ability to deliver new supply to meet any large load growth? And then I'm curious kind of related to that, you made some comments around the planned coal retirements and potential longer life for those assets. How does that fit into the supply picture as you add load?

考慮整體供應情況，您能否談談渦輪機排隊位置以及您對提供新供應以滿足任何大負載增長的能力的信心？然後我對此感到好奇，您對計劃中的煤炭退役以及這些資產的潛在更長壽命發表了一些評論。當您添加負載時，它如何適應供應情況？

I'm going to throw this over to Michael Luhrs.

我要把這個交給 Michael Luhrs。

So I appreciate the question. And I would just say Lloyd's highlighted -- and Shawn have highlighted our disciplined approach associated with this. What I'll say and what we provided is that we have put ourselves in a beneficial position associated with queues in order to be able to have the equipment necessary to deliver on the opportunities. So we feel like we are in a good place and in a strong position to deliver on the fundamentals, including being able to serve new customers with that speed and flexibility.

我很感謝你提出這個問題。我想說的是，勞合社和肖恩都強調了我們與此相關的嚴謹態度。我想說的是，我們所提供的是，我們已將自己置於與隊列相關的有利位置，以便能夠擁有實現機會所需的設備。因此，我們感覺我們處於一個良好的位置，並且有能力實現基本目標，包括能夠以這種速度和靈活性為新客戶提供服務。

He talked about the extension of the coal plants. Melody, why don't you talk about where we are with respect to coal plant extensions?

他談到了煤電廠的擴建。梅洛迪，為什麼不談談我們在煤電廠擴建的進展？

Sure. So as you all know, the President passed an executive order earlier this year in April, and that order was shortly followed up by an executive order that was issued by Governor Braun in Indiana. And the order did call for the continued operation of all plants, all generation to meet the capacity needs.

當然。眾所周知，總統在今年 4 月初通過了一項行政命令，緊接著印第安納州州長布勞恩也發布了一項行政命令。該命令確實要求所有工廠、所有發電設備繼續運作以滿足產能需求。

We've been working very closely with the state of Indiana, our President, Vince Parisi, our team in Indiana has worked closely with the governor and his office to understand what that will look like in Indiana. Our plan is still the same to retire our Schahfer plant by the end of this year. However, we will make sure that we work closely with the state so that we're aligned. And so no changes have been made as of this point, but we will ensure that we understand what the governor's direction is and that we support that direction. But nonetheless, our plan is and remains the same for Schahfer.

我們一直與印第安納州密切合作，我們的總裁文斯·帕里西 (Vince Parisi) 和我們在印第安納州的團隊與州長及其辦公室密切合作，以了解印第安納州的情況。我們的計劃仍然是一樣的，在今年年底前關閉 Schahfer 工廠。然而，我們將確保與政府密切合作，以保持一致。因此，到目前為止還沒有做出任何改變，但我們將確保我們了解州長的指示，並支持該指示。但儘管如此，我們對 Schahfer 的計劃保持不變。

Understood. And then turning to the financing strategy. How do you see the GenCo playing into this in terms of potential impact to near-term or medium-term earnings with the GenCo structure before assets are in service or, I guess, abilities to structure around that and avoid any financing impacts until assets are in service? Do you see a path forward there without any earnings impacts? How do you think about that overall?

明白了。然後轉向融資策略。您如何看待 GenCo 在資產投入使用之前，其結構對短期或中期收益的潛在影響，或者，我猜，在資產投入使用之前，圍繞這一結構構建並避免任何融資影響的能力？您是否認為這條前進的道路不會對獲利產生任何影響？您總體上對此有何看法？

Thanks, Rich. I'll take that. I think we see a lot of flexibility in the structure as well as in the negotiations with customers. And then on top of that, the flexibility that we've built by strengthening the balance sheet over time, being thoughtful around raising equity as needed and delivering on the commitments that we've committed in front of us. That includes the outperformance of the base business, which continues to strengthen funds from operation and cash flow quality derived just from the work that we do each and every day. That's a critical element that continues to strengthen our financial flexibility. And we believe that, that can help support the operations that we need to as we move forward into the future flexibility needed.

謝謝，里奇。我會接受的。我認為我們在結構以及與客戶的談判中看到了很多靈活性。除此之外，我們還透過不斷加強資產負債表、根據需要深思熟慮地籌集股本以及履行我們面前的承諾來建立靈活性。其中包括基礎業務的優異表現，這將繼續加強來自我們每天所做的工作所產生的營運資金和現金流品質。這是持續增強我們財務靈活性的關鍵因素。我們相信，這可以幫助支持我們所需的運營，因為我們將邁向未來所需的靈活性。

We've not disclosed exactly how we'll finance GenCo. We'll retain the flexibility to evaluate that once we have the use of cash and the customer contracts that we will be delivering upon in front of us. That will be something that we'll evaluate to optimize the overall value and minimize the financing cost and friction involved with bringing on the infrastructure that we've talked about.

我們尚未透露具體如何為 GenCo 提供融資。一旦我們有了現金，並且簽訂了我們將要履行的客戶合同，我們將保留評估的靈活性。我們將對此進行評估，以優化整體價值並最大限度地減少我們所討論的基礎設施建設所涉及的融資成本和摩擦。

So we retain a lot of the flexibility and the outperformance, both in terms of strengthening the balance sheet and the base business producing incremental cash flows has put us in a great position to capitalize on this opportunity fairly efficiently.

因此，我們保留了很大的靈活性和優異的表現，無論是在加強資產負債表方面，還是在產生增量現金流的基礎業務方面，都使我們處於有利地位，可以相當有效地利用這一機會。

Ryan Levine, Citigroup.

花旗集團的瑞安‧萊文 (Ryan Levine)。

I have a couple of questions. In terms of the practical dynamics, so if the GenCo application is approved in September and at that point, is there a lot of the contract terms that have already been pre-negotiated? Or would that cascade a series of negotiations and legal discussions to be able to hit your targeted goal of achieving deals by the end of the year?

我有幾個問題。就實際動態而言，如果 GenCo 申請在 9 月獲得批准，那麼到那時，是否有很多合約條款已經預先協商好了？或者這會透過一系列談判和法律討論來實現您在年底前達成交易的目標？

Yes. So thanks for the question. As I said earlier, those are two separate processes. We continue to -- our discussions with the counterparties and there will be a set of terms associated with that, The GenCo declination process, we expect to get an order in the third quarter of this year. Those are two separate processes. So we would not go back and renegotiate, another way to think about it, yes.

是的。感謝您的提問。正如我之前所說，這是兩個獨立的過程。我們將繼續與交易對手進行討論，並將制定一系列相關條款，即 GenCo 拒絕流程，我們預計將在今年第三季獲得訂單。這是兩個獨立的過程。所以我們不會回去重新談判，換個思考方式，是的。

Yes. But I mean if you don't get the declination filing, I mean that presumably stops that process and that -- and you're saying that you're just working ahead regardless of the outcome.

是的。但我的意思是，如果你沒有收到拒絕申請，那大概就會停止這個過程——而你是說，無論結果如何，你都會繼續努力。

Well, remember, the declination filing, the order is a tool for us to -- it gives us the opportunity for -- remember, I talked about our second pillar, speed and flexibility for our new customers. This is just a tool that facilitates that speed and flexibility. If there's a negative order, there are other tools, including House Bill 1007 out of Indiana that allows us to implement these large low customers. So it is not the only tool to utilize this.

好吧，請記住，拒絕申請，命令是我們的一個工具 - 它為我們提供了機會 - 記住，我談到了我們的第二個支柱，即為新客戶提供速度和靈活性。這只是一種提高速度和靈活性的工具。如果有負面命令，還有其他工具，包括印第安納州的眾議院法案 1007，該法案允許我們實施這些大型低客戶。因此它不是唯一利用這一點的工具。

Michael, do you want to add anything to that?

邁克爾，你還有什麼要補充的嗎？

The only thing I would add to it is saying as we're working this, we're working multiple and parallel streams on many items. As was mentioned earlier, there's items of equipment. We're working those streams. We're working the regulatory streams as well, contractual streams as well as many other parts of the processes.

我唯一想補充的是，當我們處理這個問題時，我們會對許多專案進行多個並行的處理。正如前面提到的，有一些設備。我們正在處理這些流。我們也在處理監管流程、合約流程以及流程的許多其他部分。

In doing that, and as mentioned before, we'd like to ensure that we consider all the alternatives that occur within those different processes so that in the end, we can deliver on the opportunities both for our customers and for our stakeholders. So it's not one or the other or one in spite of, we are working multiple components to be able to ensure that those paths can come to fruition.

在這樣做時，正如之前提到的，我們希望確保考慮到這些不同流程中出現的所有替代方案，以便最終我們可以為客戶和利害關係人帶來機會。因此，這並不是唯其一或無論如何的問題，我們正在努力實現多個目標，以確保這些路徑能夠取得成果。

Okay. And then an unrelated question on Schahfer, given HB1007 and some of the recent state policies, can you speak to some of the cost recovery attributes of the recent initiatives in the state that are in place now to ensure timely recovery of any ongoing costs associated with keeping Schahfer on longer and how that could impact the review that's underway regarding potential life extension.

好的。然後是關於 Schahfer 的一個不相關的問題，鑑於 HB1007 和一些最近的州政策，您能否談談該州最近採取的一些舉措的成本回收屬性，這些舉措現在正在實施，以確保及時收回與延長 Schahfer 任期相關的任何持續成本，以及這將如何影響正在進行的有關潛在壽命的審查。

I think there's some things that got matched in there. House Bill 1007 has nothing to do with keeping Schahfer operating. I think Melody mentioned earlier, we're in conversations with the state and at the federal level to understand that if we keep shape or operating what those cost recovery mechanisms look like. So those conversations are still ongoing.

我認為其中有些東西是匹配的。眾議院第 1007 號法案與維持 Schahfer 的運作無關。我想 Melody 之前提到過，我們正在與州政府和聯邦政府進行對話，以了解如果我們保持現狀或運作這些成本回收機制會是什麼樣子。因此這些對話仍在繼續。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So just one on the GenCo declination case. Could you just remind us what process is left from here? I think there's filings from the parties. The non-signing parties do Friday. And is that the last event until we get an order pretty much?

因此，僅就 GenCo 拒絕案而言。您能提醒我們接下來還剩下哪些流程嗎？我認為各方都已提交了文件。未簽約方將於週五簽約。這是我們收到訂單之前的最後一個活動嗎？

Yes. Friday 8. Right. Yes. So that is the last step of the process. All the phase -- all the final filings are due, and then we continue to expect an order from the commission by the end of -- by the third quarter.

是的。星期五 8。正確的。是的。這是過程的最後一步。所有階段—所有最終文件均已提交，然後我們繼續期待委員會在第三季末發布命令。

And then lastly, Lloyd, sorry, I'm going to ask you to repeat this. But just -- I heard in your prepared remarks that you're very focused on converting this into reality and on track, but I didn't hear 2025. And then I heard in a question earlier that you're committed and expecting to get this done during 2025. Could you just clarify that you think you can convert this into reality in 2025?

最後，勞埃德，抱歉，我請你重複一遍。但只是——我從您準備好的發言中聽說，您非常專注於將其轉化為現實並走上正軌，但我沒有聽到 2025 年。然後我之前在一個問題中聽到說您致力於並期望在 2025 年之前完成這項工作。您能否澄清一下，您認為您可以在 2025 年將其變為現實？

Absolutely. I said this is a 2025 event, and we are on track to execute that. And I said we're 2.5 quarters into the year, and we are on track to execute this opportunity. We're right where we need to be.

絕對地。我說過這是 2025 年的盛事，我們正按計畫實現這一目標。我說過，今年已經過了 2.5 個季度，我們正按計劃抓住這個機會。我們正處於我們需要的位置。

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

我們的問答環節到此結束。現在我將把電話轉回給執行長 Lloyd Yates 先生，請他作最後發言。

Yes. Again, we continue to thank you for the questions and your interest in NiSource and hope you have a great rest of the day.

是的。再次感謝您的提問以及對 NiSource 的關注，希望您今天過得愉快。

That concludes today's call. Thank you all for joining. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。祝大家有個愉快的一天。