NiSource Inc (NI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Hello. My name is Dustin, and I will be your conference operator today. At this time, I would like to welcome you to the third quarter of NiSource Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Durgesh Chopra, Vice President of Investor Relations. Please go ahead, sir.

女士們、先生們，感謝你們的耐心等待。你好。我叫達斯汀，今天我將擔任你們的會議接線生。現在，我謹代表NiSource公司歡迎各位參加第三季財報電話會議。（操作員指示）現在我將會議交給投資者關係副總裁杜爾蓋什·喬普拉。請繼續，先生。

All right. Thanks, Dustin. Good morning, and welcome to NiSource's third-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 of NiSource Utilities, Melody Birmingham.

好的。謝謝你，達斯汀。早安，歡迎參加NiSource 2025年第三季投資人電話會議。今天與我一同出席的有：總裁兼執行長 Lloyd Yates，執行副總裁兼財務長 Shawn Anderson，技術、客戶和商務長執行副總裁 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 third 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. 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.

今天，我們將回顧NiSource第三季的財務業績，並分享有關營運、策略和成長驅動因素的最新資訊。我們將在發言結束後開放提問環節。今天電話會議的幻燈片可在我們網站的投資者關係版塊中找到。本次演講中某些內容將具有前瞻性。這些聲明存在風險和不確定性，可能導致實際結果與聲明中表達的結果有重大差異。

Information concerning such risks and uncertainties is included in the Risk Factors and MDA sections of our periodic SEC filings. 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.

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。此外，本次電話會議中提到的一些事項與非GAAP獲利指標有關。有關最直接可比較的 GAAP 指標以及這些指標的調節表，請參閱補充投影片、分部資訊和完整財務報表。

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

這樣，我就把電話轉給勞埃德了。

Thank you, Durgesh, And 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. The NiSource team has been focused on executing our premier business plan. We have advanced the work to develop data centers in Indiana, and we refresh the long-term outlook for our business.

謝謝你，杜爾蓋許。大家早安。讓我們從第3張投影片開始。在NiSource，我們的使命始終清晰明確，那就是提供安全可靠的能源，為客戶創造價值。NiSource團隊一直專注於執行我們首要的商業計劃。我們推進了在印第安納州建設資料中心的工作，並更新了我們業務的長期展望。

As a result of this, we've strengthened our financial commitments, demonstrated a disciplined and well-defined base business plan and have capitalized on emerging data center opportunities through approximately $7 billion of Genco investments, generating approximately $1 billion in savings to be flowed back to our existing customers. This business model serves as a scalable platform for growth. These commitments are backed by our efficient capital deployment and safe and reliable operations within our robust regulatory framework.

因此，我們加強了財務承諾，展現了嚴謹且明確的業務基礎計劃，並透過 Genco 約 70 億美元的投資，抓住了新興資料中心機遇，節省了約 10 億美元，並將這些節省回饋給現有客戶。這種商業模式為業務成長提供了一個可擴展的平台。這些承諾得益於我們高效的資本部署以及在健全的監管框架內安全可靠的營運。

The refresh of our strategic plan outlook enables updated financial guidance while reaffirming our confidence in delivering sustainable value and extends the company's growth targets. This supports a 6% to 8% annual adjusted EPS growth rate in the base business through 2030 and we are now introducing an 8% to 9% adjusted EPS compound annual growth rate for the consolidated business through 2033. This transparent approach drives predictability and aligns our financial plan with long-term stakeholder value.

更新策略規劃展望，可以更新財務指導，同時重申我們對實現永續價值的信心，並擴大公司的成長目標。這支持基礎業務到 2030 年實現 6% 至 8% 的年度調整後每股收益增長率，我們現在為合併業務引入到 2033 年實現 8% 至 9% 的年度調整後每股收益複合增長率。這種透明的方式提高了可預測性，並使我們的財務計畫與長期利害關係人的價值保持一致。

Turning to our key priorities on slide 4. This quarter, we secured approval of the Genco model in Indiana and full ownership of the Templeton Wind asset, reinforcing the strength of our constructive regulatory foundation. Our ongoing focus to refine our operations through AI efficiency and continuous improvement initiatives supports our steadfast commitment to customer affordability, ensuring that our investments and operational decisions are made to support our goal of keeping energy costs reasonable and predictable for the communities we serve.

接下來，我們來看看投影片 4 中的關鍵優先事項。本季度，我們在印第安納州獲得了 Genco 模式的批准，並完全擁有了 Templeton Wind 資產，從而鞏固了我們建設性監管基礎的實力。我們持續致力於透過人工智慧提高營運效率和持續改善措施來完善我們的運營，這體現了我們對客戶可負擔能源成本的堅定承諾，確保我們的投資和營運決策能夠支持我們為所服務的社區保持能源成本合理和可預測的目標。

Today, we reported third quarter adjusted EPS of $0.19, bringing our year-to-date total to $1.38. We are reaffirming the upper half of our 2025 adjusted EPS guidance of $1.85 to $1.89. We're also announcing 2026 consolidated EPS guidance of $2.02 to $2.07. Despite these strong financial commitments, significant upside remains as we continue to invest in regulated infrastructure to better serve our communities, developing projects supporting data center growth, or insuring of manufacturing and economic development across our territories remains robust across the outlook of our plan. Some of that robust pipeline has been realized through the recently executed contract with a large investment-grade data center customer.

今天，我們公佈了第三季調整後每股收益為0.19美元，年初至今累計每股收益為1.38美元。我們重申2025年調整後每股盈餘預期上限為1.85美元至1.89美元。同時，我們也宣布了2026年合併每股盈餘預期為2.02美元至2.07美元。儘管我們已做出這些強有力的財務承諾，但隨著我們持續投資於受監管的基礎設施以更好地服務於我們的社區，開發支持數據中心發展的項目，以及確保我們業務區域內的製造業和經濟發展保持強勁勢頭，我們仍擁有巨大的增長空間。部分強勁的研發項目已透過最近與一家大型投資級資料中心客戶簽訂的合約得以實現。

Let's move to Slide 5. Our AI and digital strategy is measurably driving efficiency scalability and better experiences for employees and customers. Our AI work management intelligence continues to deliver sustained fuel productivity uplifts of over 20%. And as measured through work hours achieved, less idle time and less rework.

我們來看第5張投影片。我們的人工智慧和數位化策略正在切實提高效率、擴大規模，並為員工和客戶帶來更好的體驗。我們的人工智慧工作管理智慧持續提升燃油生產率，增幅超過 20%。以完成的工作時間衡量，空閒時間和重工時間較少。

Building on this success, we are expanding AI into additional high-value areas, including a new supply chain program to reinforce our focus on customer affordability. We are also piloting AI for system reliability and faster storm response, including average prediction and resource staging. Across the enterprise, we're employing AI through secure, role-based tools and strong governance.

以此成功為基礎，我們將人工智慧擴展到其他高價值領域，包括一項新的供應鏈計劃，以加強我們對客戶可負擔性的關注。我們也正在試行應用人工智慧來提高系統可靠性並加快風暴反應速度，包括平均預測和資源調度。在整個企業範圍內，我們正在透過安全、基於角色的工具和強大的治理機制來應用人工智慧。

These initiatives are outcome-driven, along with our regulatory commitments and designed to capture sustainable O&M efficiencies while improving service quality. We're making deliberate investments in the people and capabilities required to meet the growing needs of our data center customers.

這些措施以結果為導向，符合我們的監管承諾，旨在提高營運和維護的可持續效率，同時提升服務品質。我們正在有意識地投資於人才和能力建設，以滿足資料中心客戶日益增長的需求。

Our ability to execute large-scale construction projects stems from a proven track record of project management, deep technical experience and a culture of accountability. These efforts align directly with our commitment to operational excellence, ensuring we're not only prepared to deliver the position to lead this next phase of growth.

我們執行大型建設專案的能力源自於我們良好的專案管理記錄、深厚的技術經驗和責任文化。這些努力與我們對卓越營運的承諾直接相關，確保我們不僅能夠勝任引領下一階段成長的職位，而且能夠做到這一點。

On Slide 6, we continue to make strong progress on our regulatory agenda. We're advancing our tracker programs in Ohio and Indiana and our Pennsylvania rate case remains on track with a final order expected by year-end. We're also advancing initiatives that promote economic development. These efforts expand the customer base, which leads to more efficient distribution of fixed calls. Columbia Gas Virginia's partnership in delivering natural gas to Eli Lilly's company's newly announced $5 billion manufacturing facility near Richmond, exemplifies a proactive approach to economic transition and infrastructure development.

在第 6 張投影片中，我們繼續在監管議程方面取得重大進展。我們正在推進俄亥俄州和印第安納州的追蹤計劃，賓州的費率案件也按計劃進行，預計將在年底前做出最終裁決。我們也正在推動促進經濟發展的各項措施。這些措施擴大了客戶群，從而提高了固定電話的分配效率。哥倫比亞天然氣維吉尼亞公司與禮來公司合作，向其位於里士滿附近新宣布的價值 50 億美元的製造工廠輸送天然氣，體現了對經濟轉型和基礎設施發展的積極態度。

The state-of-the-art facility is projected to create 650 permanent jobs and 1,800 construction jobs, showcasing how strategic investments can drive both immediate and long-term economic benefits for local communities. Columbia Gas and Virginia's collaboration with state and local agencies on the core commitment to attracting high-impact investments and building foundational energy infrastructure that supports ongoing economic growth.

這座最先進的設施預計將創造 650 個永久性工作崗位和 1800 個建築工作崗位，這表明戰略投資可以為當地社區帶來短期和長期的經濟效益。哥倫比亞天然氣公司和維吉尼亞州與州和地方機構合作，致力於吸引高影響力投資，並建立支持持續經濟成長的基礎能源基礎設施。

In parallel with these economic initiatives, NiSource remains focused on its energy transition strategy by advancing coal plant retirement, including Schafer at the end of 2025 and Michigan City in 2028. The company continues to closely monitor executive orders and regulatory developments and is working with federal and state officials and MISO to ensure these transitions are managed responsibly. The goal is to provide the best outcomes for customers and communities, ensuring reliability and affordability.

在推動這些經濟措施的同時，NiSource 仍專注於其能源轉型策略，推進燃煤電廠的退役，包括 2025 年底退役 Schafer 電廠和 2028 年退役 Michigan City 電廠。公司將繼續密切關注行政命令和監管動態，並與聯邦和州政府官員以及MISO合作，以確保這些過渡得到負責任的管理。目標是為客戶和社區提供最佳結果，確保可靠性和經濟性。

These efforts, together with investments in new facilities and infrastructure reinforces NiSource's commitment to supporting both community prosperity and a sustainable energy future. The IURC's approval of Genco unlocks a unique business model designed to protect existing customers, serve new customers with speed and flexibility and maintain the financial integrity of NIPSCO. The Genco strategy goes beyond simply providing power. It establishes a framework that strengthens our system, supports local communities and drives long-term sustainable growth for all stakeholders.

這些努力，加上對新設施和基礎設施的投資，鞏固了NiSource對支持社區繁榮和永續能源未來的承諾。IURC 對 Genco 的批准開啟了一種獨特的商業模式，旨在保護現有客戶，快速且靈活地服務新客戶，並維護 NIPSCO 的財務完整性。Genco 的策略不僅僅是提供電力。它建立了一個框架，可以加強我們的體系，支持當地社區，並為所有利害關係人推動長期永續成長。

Last month, we executed a data center contract with a large investment-grade customer to support significant gas and battery storage build out in Northern Indiana, representing approximately $6 billion to $7 billion in capital investment. This project fully aligns with our strategic priorities, enabling affordability for customers, supporting economic development in the communities we serve, enhancing shareholder value for a strengthened financial profile and prudent risk management.

上個月，我們與一家大型投資級客戶簽訂了一份數據中心合同，以支持印第安納州北部的大規模天然氣和電池儲能建設，這代表著大約 60 億至 70 億美元的資本投資。該專案完全符合我們的策略重點，能夠讓客戶負擔得起，支持我們所服務社區的經濟發展，提高股東價值，從而增強財務狀況並進行審慎的風險管理。

I want to emphasize that customer affordability remains central to our strategy. The special contract ensures that growth enhances value for our existing customers going well beyond cost neutrality. The counterparties use of the NIPSCO's infrastructure will generate significant bill savings for our retail customers, while investments in grid modernization will enhance reliability and reduce long-term operational expenses.

我想強調的是，顧客的購買力仍然是我們策略的核心。這份特殊合約確保成長能提升現有客戶的價值，遠遠超出成本中立範圍。交易對手使用 NIPSCO 的基礎設施將為我們的零售客戶節省大量電費，同時對電網現代化的投資將提高可靠性並降低長期營運成本。

This project also delivers meaningful economic development benefits, including job creation, workforce development and tax revenues that support public services and infrastructure across Indiana. Lastly, this agreement enhances our existing financial commitments and will diversify and strengthen NiSource's earnings, cash flow and growth profile, as Sean will touch on later.

該項目還帶來了有意義的經濟發展效益，包括創造就業機會、發展勞動力以及為印第安納州的公共服務和基礎設施提供稅收。最後，這項協議增強了我們現有的財務承諾，並將使 NiSource 的收益、現金流量和成長狀況多元化和增強，Sean 稍後將詳細介紹。

But first, I'll turn it over to Michael to walk us through the agreement in more detail.

但首先，我將把發言權交給邁克爾，讓他更詳細地為我們講解這份協議。

Thanks, Lloyd. I'll begin on slide 8. I'm happy to share this breakthrough infrastructure agreement driving significant energy development in Indiana. Due to confidentiality agreements and ongoing discussions with other parties, we are limited in the details we can share at this time, but we are excited to share these developments. Under this agreement, Genco will construct two combined cycle gas turbine power plants, each with a nominal output of 1,300 megawatts and 400 megawatts of battery storage capacity.

謝謝你，勞埃德。我將從第8張投影片開始。我很高興與大家分享這項突破性的基礎設施協議，它將推動印第安納州的重大能源發展。由於保密協議和與其他各方的持續磋商，我們目前能分享的細節有限，但我們很高興與大家分享這些進展。根據該協議，Genco 將建造兩座聯合循環燃氣渦輪機發電廠，每座發電廠的額定輸出功率為 1300 兆瓦，電池儲能容量為 400 兆瓦。

Drawing on our expertise in the energy sector, these technology solutions were designed to ensure cost effectiveness, long-term value and meet system reliability standards. Our approach delivers benefits across the board, providing customer benefits, state-level energy planning and regulatory compliance, community economic development, shareholder benefits and aligns with MISO's capacity requirements.

憑藉我們在能源領域的專業知識，這些技術解決方案旨在確保成本效益、長期價值並符合系統可靠性標準。我們的方法能夠帶來全方位的好處，包括客戶利益、州級能源規劃和監管合規、社區經濟發展、股東利益，並符合 MISO 的容量要求。

This collaborative model ensures that all stakeholders, customers, the state, community, investors and MISO are positioned for success. These assets will support transmission and substation infrastructure representing a total capital investment of approximately $6 billion to $7 billion. The agreement outlines a multiphase development plan with a clear demand aligned ramp for efficient and scalable employment of resources.

這種協作模式確保所有利害關係人，包括客戶、州政府、社區、投資者和MISO，都能獲得成功。這些資產將用於支持輸電和變電站基礎設施，總投資額約為 60 億至 70 億美元。該協議概述了一個多階段開發計劃，其中明確規定了與需求相符的逐步增加的資源利用速度，以實現高效、可擴展的資源利用。

We plan to submit the special contract agreement to the IURC for review before year-end and expect approval in the first half of 2026. The agreement is structured with a 15-year initial term providing long-term stability. Our returns will be generated under a fixed rate contract structure with consistent capacity payments and pass-through treatment of certain costs. Termination protections also helped mitigate early exit risk and further safeguard financial integrity.

我們計劃在年底前將特別合約協議提交給 IURC 進行審查，並預計在 2026 年上半年獲得批准。該協議的初始期限為15年，旨在提供長期穩定性。我們的收益將根據固定費率合約結構產生，包括持續的產能支付和某些成本的轉嫁處理。終止保護措施也有助於降低提前退出風險，並進一步保障財務完整性。

Furthermore, we have entered into an engineering, procurement and construction agreement with a joint venture between Quanta Infrastructure Solutions Group and Zachry Industrial for development of the 2G Vernova state-of-the-art CCGT stations. Additionally, we have signed a separate EPC contract with Quanta to lead the construction of our advanced battery storage facilities, reinforcing our commitment and capabilities to deliver effective, reliable and sustainable energy solutions for Indiana.

此外，我們已與 Quanta Infrastructure Solutions Group 和 Zachry Industrial 的合資企業簽訂了工程、採購和施工協議，以開發 2G Vernova 最先進的 CCGT 電站。此外，我們還與 Quanta 簽署了一份單獨的 EPC 合同，由 Quanta 負責我們先進電池儲能設施的建設，這進一步鞏固了我們為印第安納州提供有效、可靠和可持續能源解決方案的承諾和能力。

We're confident in our ability to execute this project effectively safely and with minimal disruption to our existing operations. As Lloyd noted and as highlighted on slide 9, affordability is central to our strategy. particularly in an inflationary environment where energy costs can pose significant challenges. This project has been carefully structured to uphold NiSource's commitment to customer affordability so that growth does not come at the expense of existing customers.

我們有信心能夠有效率、安全地執行該項目，並將對現有營運的干擾降至最低。正如勞埃德所指出的，也如幻燈片9所強調的，可負擔性是我們策略的核心，尤其是在通膨環境下，能源成本可能構成重大挑戰。該項目經過精心設計，旨在維護 NiSource 對客戶負擔能力的承諾，從而確保成長不會以犧牲現有客戶的利益為代價。

NiSource has a prioritized customer affordability by structuring a contract that ensures NIPSCO retail customers are not financially responsible for the infrastructure costs associated with serving this large load customer. These protections apply both during the contract term and at its conclusion. This arrangement will allow for approximately $1 billion to be passed back to our existing NIPSCO electric customers, creating bill savings over the contract life. Through the construction and development of new assets, we are building a more resilient future ready grid.

NiSource 優先考慮客戶的承受能力，透過制定合約結構，確保 NIPSCO 零售客戶無需承擔為這個大負荷客戶提供服務相關的基礎設施成本。這些保護措施在合約期限內和合約終止時均適用。這項安排將使我們現有的 NIPSCO 電力客戶能夠獲得約 10 億美元的收益，從而在合約期間節省電費。透過建造和開發新資產，我們正在建立一個更具韌性、面向未來的電網。

Moving to slide 10. This project drives meaningful economic development in Indiana. creating more than 2,000 jobs, spanning a range of skill levels in industries and contributes to long-term employment opportunities. The boost to local and state tax revenues from an investment in this magnitude is tremendous. enhancing the overall value and sustainability of the community by supporting public services and infrastructure.

切換到第10張投影片。該計畫為印第安納州帶來了意義深遠的經濟發展，創造了2000多個就業崗位，涵蓋各行各業的不同技能水平，並有助於提供長期就業機會。如此大規模的投資將極大地提升地方和州政府的稅收收入，並透過支持公共服務和基礎設施建設，提高社區的整體價值和永續發展能力。

Beyond direct financial contributions, the initiative promotes workforce development in our communities while also attracting top talent, energizing India's economic economy and positioning the region for the sustainable economic growth. We continue to see strong momentum from large load customers. Combined with the recent commission approval of the Genco structure, we are unlocking a differentiated business model, One that protects the benefits and provides benefits to existing customers while enabling us to serve new large load customers with speed and flexibility. These developments give us a high confidence in the pipeline, which Lloyd will speak to later.

除了直接的財政捐助外，該倡議還促進了我們社區的勞動力發展，同時吸引了頂尖人才，為印度的經濟注入活力，並為該地區的可持續經濟成長奠定了基礎。我們持續看到來自大宗客戶的強勁需求。結合最近委員會對發電公司結構的批准，我們正在解鎖一種差異化的商業模式，這種模式既能保護現有客戶的利益，又能為他們帶來利益，同時使我們能夠快速靈活地服務於新的大負載客戶。這些進展讓我們對管線建設充滿信心，勞埃德稍後會對此進行闡述。

I'll now turn things over to Shawn.

現在我把事情交給肖恩。

Thanks, Michael. Good morning, folks. I'll start on slide 11. As Lloyd and Michael have both highlighted, the Genco investments we plan to develop will enhance the value proposition business delivers to its customers in Indiana and will enhance long-term shareholder value. This partnership represents an investment inventory of approximately $7 billion incremental to our refreshed $21 billion base plan capital expenditures forecast.

謝謝你，麥可。各位早安。我將從第11張投影片開始。正如勞埃德和邁克爾都強調的那樣，我們計劃開發的 Genco 投資將增強公司在印第安納州為客戶提供的價值主張，並提高股東的長期價值。這項合作意味著在我們更新後的 210 億美元基本計畫資本支出預測基礎上，新增約 70 億美元的投資額。

Consistent with rate designs from our base business, Genco's capital investments, are designed to drive revenue and earnings growth immediately and will track the rate of deployed CapEx, which will bolster NiSource's financial profile. This partnership is projected to be accretive for MISO shareholders in two key areas. First, over the initial term of the contract, the returns generated are forecasted to achieve a rate of return greater than NIPSCO's regulated rate of return. Second, the project is accretive to NiSource's earnings per share forecast in all years of the plan.

與我們的基層業務的費率設計一致，Genco 的資本投資旨在立即推動收入和利潤成長，並將追蹤已部署的資本支出的費率，這將增強 NiSource 的財務狀況。預計此次合作將在兩個關鍵領域為MISO股東帶來效益。首先，在合約的初始期限內，預計產生的收益將達到高於 NIPSCO 監管收益的回報率。其次，該專案在計劃的所有年份都將增加 NiSource 的每股盈餘預測。

Strong cash flow returns are forecasted from this project which will provide a broad range of financing solutions to achieve two primary goals: one, maintain our commitment to credit quality and achieve a 14% to 16% FFO to debt in all years of our plan; and two, maximize the long-term value creation to shareholders by minimizing financing costs. Genco investments are expected to strengthen NiSource's financial position by diversifying and increasing its earnings and cash flow potential while also establishing a new platform for long-term growth and development.

預計該專案將帶來強勁的現金流回報，並提供廣泛的融資解決方案，以實現兩個主要目標：一是保持我們對信貸品質的承諾，並在我們計劃的所有年份中實現 14% 至 16% 的 FFO 與債務比率；二是最大限度地降低融資成本，從而最大限度地為股東創造長期價值。Genco 的投資預計將透過多元化和提高 NiSource 的獲利和現金流潛力來增強其財務狀況，同時為長期成長和發展建立新的平台。

Turning to slide 12. We recognize the tremendous growth potential ahead and have carefully and diligently built comprehensive risk management protections into our plans to protect the long-term stability of our enterprise operations. Importantly, the contract provides for a fixed rate structure, which mitigates exposure to dispatch, fuel and merchant power risks, providing stable, predictable earnings and enhances long-term planning confidence.

翻到第12張投影片。我們認識到未來巨大的成長潛力，並已在計劃中精心、認真地建立了全面的風險管理保護措施，以保護我們企業營運的長期穩定。重要的是，該合約規定了固定費率結構，從而降低了調度、燃料和商用電力風險，提供了穩定、可預測的收益，並增強了長期規劃的信心。

To further safeguard value creation, the termination payment mechanisms will mitigate early exit risk and uphold financial integrity throughout the life of the contract. The contract includes certain cost-sharing arrangements designed to mitigate construction execution risk. The rate design is developed to allow for recovery of our currently projected construction costs over the agreements term.

為了進一步保障價值創造，終止付款機制將降低提前退出風險，並在整個合約期間內維護財務完整性。合約中包含一些旨在降低施工執行風險的成本分攤安排。此費率設計旨在確保在協議期限內收回我們目前預計的建造成本。

We are confident that the provisions we've incorporated in this contract will enhance our financial flexibility and positions NiSource for continued success. Looking ahead on slide 13, we have a clearly defined path towards successful execution of this initiative, supported by key milestones. As announced last month, this data center contract is a strategic step forward in our long-term vision and approval of the Genco model supports the speed to market customers need to ramp their services. The additional financial disclosures provided today extend our long-term business and financial plan and build upon a premium-based business. Our future trajectory is enhanced through this project's multiyear development cycle and achieved full growth potential by 2032.

我們相信，我們在本合約中加入的條款將增強我們的財務靈活性，並使NiSource能夠繼續取得成功。展望第 13 頁，我們已經明確制定了成功執行該計劃的路徑，並有關鍵里程碑的支持。正如上個月宣布的那樣，這份資料中心合約是我們長期願景向前邁出的策略一步，Genco 模式的批准支持了客戶快速進入市場並擴大其服務規模所需的速度。今天提供的額外財務揭露擴展了我們的長期業務和財務計劃，並建立在以溢價為基礎的業務之上。透過該專案多年的開發週期，我們的未來發展軌跡將得到提升，並有望在 2032 年實現充分成長潛力。

Shifting gears, Slides 14 and 15 detail our third quarter adjusted EPS of $0.19 per share compared to $0.20 per share for the same period last year. Earnings benefited from constructive regulatory outcomes at NIPSCO Electric and Columbia operations. These gains were offset by depreciation from new assets placed in service, the impact of higher balances of long-term debt, and increased operating expenses.

接下來，投影片 14 和 15 詳細介紹了我們第三季的調整後每股收益為 0.19 美元，而去年同期為 0.20 美元。NIPSCO Electric 和 Columbia 業務的監管結果有利於公司獲利。這些收益被新投入使用的資產折舊、長期債務餘額增加的影響以及營運費用增加所抵銷。

On slide 16, we refreshed our five-year capital expenditure plan outlook, starting with a base capital plan of $21 billion which supports our six-state traditional utility footprint. The refresh in our base capital plan is $1.6 billion larger than our prior base plan. CapEx increases are driven by several projects, moving from our upside plan, including MISO long-range transmission Tranche 1, PHMSA compliance in Ohio and customer transformation initiatives supporting the enterprise.

在第 16 張投影片中，我們更新了五年資本支出計畫展望，從 210 億美元的基本資本計畫開始，以支持我們在六個州的傳統公用事業佈局。這次對基礎資本計畫的更新比先前的基礎計畫增加了16億美元。資本支出增加是由多個項目推動的，這些項目是從我們的上行計劃中推進的，包括 MISO 遠端輸電第一階段、俄亥俄州的 PHMSA 合規性以及支持企業的客戶轉型計劃。

In addition to the base plan investment, we are now introducing approximately $7 billion of data center investment at Genco for a consolidated total of $28 billion of capital expenditures over the next five years. The magnitude of this new capital plan is substantial, signaling one of the largest investment cycles in NiSource's history.

除了基礎計畫投資外，我們現在還將在 Genco 投資約 70 億美元建設資料中心，未來五年內資本支出總額將達到 280 億美元。這項新的資本計畫規模龐大，標誌著NiSource史上規模最大的投資週期之一。

This significant increase nearly 45% higher than the previous five-year outlook demonstrates the company's proactive response to evolving market demands and invests in safe and reliable energy systems to support our communities, especially as the sector approaches a generational opportunity driven by digital transformation across industries.

這一顯著增長比之前的五年預期高出近 45%，表明公司積極應對不斷變化的市場需求，並投資於安全可靠的能源系統以支持我們的社區，尤其是在該行業即將迎來由各行業數位化轉型驅動的世代機會之際。

Beyond the refresh in the base capital plan, we have also updated the upside capital portfolio of projects supporting our traditional utility operations. These projects now estimate that $2 billion of CapEx and reflect MISO DLOL compliance projects, electric transmission investments and system modernization and enhancement. These projects remain outside our current guidance. And once they reach our threshold to be included in our base plan, we will flow these through the full plan.

除了對基礎資本計劃進行更新外，我們還更新了支持我們傳統公用事業運營的項目的增值資本組合。這些項目目前預計資本支出為 20 億美元，包括 MISO DLOL 合規項目、電力傳輸投資以及系統現代化和增強。這些項目仍不在我們目前的指導範圍內。一旦它們達到我們納入基本計劃的門檻，我們將把它們納入完整計劃。

As we assess market and system requirements, new long-term investments arise beyond our base and upside plans. These are highlighted on slide 17. All of these projects require further development, and we are actively pursuing their commercialization. Consistent financial execution has strengthened our balance sheet allowing NiSource to be flexible in capital allocation and be opportunistic to invest more in our system to enhance safety and reliability when necessary.

在評估市場和系統需求時，除了我們的基本計劃和成長計劃之外，還出現了新的長期投資。這些內容在第 17 張投影片中重點介紹。所有這些項目都需要進一步開發，我們正在積極推進其商業化進程。持續穩定的財務執行增強了我們的資產負債表，使 NiSource 能夠在資本配置方面更加靈活，並在必要時抓住機會對我們的系統進行更多投資，以提高安全性和可靠性。

Our updated long-term financial commitments are shared on slide 18, which reflect the increased investment opportunity we are now positioned to access. There is no change to our current year projection. We are reaffirming 2025 adjusted EPS guidance of $1.85 to $1.89, expecting to achieve results in the upper half of this range.

我們在投影片 18 中分享了更新的長期財務承諾，這反映了我們現在能夠獲得的更多投資機會。我們今年的預測沒有改變。我們重申 2025 年調整後每股收益預期為 1.85 美元至 1.89 美元，預計業績將達到該區間的上半部。

As Lloyd highlighted earlier, we have bifurcated the cash flow returns associated with our existing utility operations and are defining those through our base plan guidance. We are introducing new disclosure for the cash flow profile of the Genco business model now that it has been approved by the IURC. This new investment thesis will combine with the base plan guidance to produce consolidated financial returns and guidance range. We expect our base plan adjusted EPS to grow annually at (inaudible)from 2026 through 2030, incorporating the refreshed financials in our plan. This provides the foundation for our 2026 guidance range, which we are initiating.

正如勞埃德之前所強調的那樣，我們已經將與現有公用事業運營相關的現金流回報進行了拆分，並透過我們的基本計劃指導來定義這些回報。鑑於 Genco 商業模式的現金流概況已獲得 IURC 的批准，我們現在將引入新的揭露資訊。這項新的投資理念將與基本計畫指導相結合，以得出綜合財務回報和指導範圍。我們預計，從 2026 年到 2030 年，我們的基本計劃調整後每股收益將以每年（聽不清楚）的速度增長，這其中也包括了我們計劃中更新的財務數據。這為我們即將啟動的 2026 年業績指引範圍奠定了基礎。

Consolidated adjusted EPS of $2.02 to $2.07 per share. Included in this range is $0.01 to $0.02 per share coming from the development of Genco-related assets. Beyond 2026, we expect our base plan to continue to grow annually at 6% to 8%, which is fueled by a continuation of the 8% to 10% rate base growth planned across the next five years to support safe and reliable operations across our six-state utility portfolio.

綜合調整後每股收益為 2.02 美元至 2.07 美元。該範圍內包括來自 Genco 相關資產開發的每股 0.01 至 0.02 美元。2026 年以後，我們預計基本計劃將繼續以每年 6% 至 8% 的速度增長，這得益於未來五年計劃的 8% 至 10% 的費率基數增長，以支持我們在六個州的公用事業組合的安全可靠運營。

Similar to 2026, we are now incorporating returns associated with new data center investments which now produce a forecasted consolidated rate base growth of 9% to 11% over the same five-year horizon. The returns associated with these investments provide for a consolidated adjusted EPS CAGR of 8% to 9% through 2033. Importantly, we will continue to rebase our annual base plan adjusted EPS growth guidance off of actual results, allowing for outperformance to compound across the plan horizon.

與 2026 年類似，我們現在將與新的資料中心投資相關的回報納入考量，預計在未來五年內，綜合費率基數將成長 9% 至 11%。這些投資帶來的回報將使公司到 2033 年的綜合調整後每股盈餘複合年增長率達到 8% 至 9%。重要的是，我們將繼續根據實際業績調整年度基本計畫調整後的每股盈餘成長預期，使超額收益在整個計畫期間內得以累積。

We are committed to minimizing the financial impact that our safety, reliability and compliance investments have on our customers. The Genco structure enables an increase in capital investment without those expenditures flowing to existing customers. In addition, the customer flowback mechanism from this contract refund system costs to customers while eliminating risk associated with fuel costs for large load generation assets.

我們致力於最大限度地減少我們在安全、可靠性和合規性方面的投資對客戶造成的財務影響。Genco 結構允許增加資本投資，而無需讓現有客戶承擔這些支出。此外，該合約退款制度的客戶回饋機制雖然會為客戶帶來成本，但同時也消除了與大型發電資產燃料成本相關的風險。

And finally, operational excellence and innovation in our operations project flat O&M over the life of the plan, all of which help support annual bill increases of less than 5% across NiSource. Additionally, we remain committed to 14% to 16% total debt in all years of the plan. Slide 19 details our financing plan. Our credit metrics have continued to improve and strong operational cash flow continues to support capital investments.

最後，我們營運中的卓越營運和創新預計在計劃週期內將營運和維護成本保持在平穩水平，所有這些都有助於將 NiSource 的年度帳單成長控制在 5% 以下。此外，我們仍承諾在計劃的所有年份中將總債務比例控制在 14% 至 16% 之間。第 19 頁詳細介紹了我們的融資計劃。我們的信貸指標持續改善，強勁的營運現金流持續為資本投資提供支援。

Long term, Genco will further strengthen our balance sheet while we maintain financing flexibility to meet our strategic goals. We're excited to expand our partnership with Blackstone Infrastructure Partners through Genco as minority interest holders Blackstone will contribute 19.9% of all investments, supporting both current initiatives and future growth opportunities.

從長遠來看，Genco 將進一步增強我們的資產負債表，同時保持融資靈活性以實現我們的策略目標。我們很高興透過 Genco 擴大與 Blackstone Infrastructure Partners 的合作關係，作為少數股權持有者，Blackstone 將貢獻所有投資的 19.9%，以支持當前的舉措和未來的成長機會。

Blackstone has committed $1.5 billion in equity which reinforces our capital structure and positions Genco for long-term success in meeting the evolving energy demands of data centers. Efficient financing plans help to avoid financing drag and minimize public equity dilution to our shareholders, thereby maximizing overall return. We continue to favor utilization of our ATM structure. As of September 30, we have settled all forward agreements under the ATM, which approximately $50 million of remaining capacity in the program. We expect to issue $300 million to $500 million of maintenance ETM equity annually across the five-year plan to support our consolidated capital expenditures.

黑石集團承諾投入 15 億美元股權，這將加強我們的資本結構，並使 Genco 能夠長期成功滿足資料中心不斷變化的能源需求。高效的融資計畫有助於避免融資拖累，並最大限度地減少股東的公開股權稀釋，從而最大限度地提高整體回報。我們仍然傾向於充分利用我們的ATM設施。截至 9 月 30 日，我們已結算了 ATM 計劃下的所有遠期協議，該計劃剩餘的約 5,000 萬美元容量。我們預計在五年計畫期間每年發行 3 億美元至 5 億美元的維護性 ETM 股權，以支持我們的綜合資本支出。

Turning to slide 20. The company's adjusted EPS trajectory reflects strong and consistent execution with adjusted EPS increasing from $1.37 in 2021 to a projected adjusted EPS of $1.88 this year based on our guided midpoint, representing an impressive 8.2% CAGR over the five-year period.

翻到第20張投影片。該公司的調整後每股收益軌跡反映了強勁且穩定的執行力，根據我們指導的中點，調整後每股收益從 2021 年的 1.37 美元增長到今年的預計調整後每股收益 1.88 美元，五年內複合年增長率高達 8.2%。

This performance underscores the resilience of our base plan. which has historically outperformed expectations and is projected to sustain 6% to 8% annual adjusted EPS growth through 2030. With that in mind, I'll point out the midpoint of our 2026 consolidated adjusted EPS guidance range of $2.02 to $2.07 represents an 8.8% growth from our 2025 midpoint.

這項業績凸顯了我們基本計畫的韌性，歷來都超出預期，預計到 2030 年將保持 6% 至 8% 的年度調整後每股收益成長。考慮到這一點，我要指出，我們 2026 年合併調整後每股收益預期範圍的中點為 2.02 美元至 2.07 美元，比我們 2025 年的中點增長了 8.8%。

Building on this proven foundation, the introduction of Genco adds a meaningful layer of growth, contributing an incremental $0.10 to $0.15 per share in 2030 and growing to $0.25 to $0.45 per share through the horizon for a consolidated adjusted EPS CAGR of 8% to 9%. The Genco EPS contribution range incorporates the recently announced data center agreement and contemplates multiple customers at the top end. Our strategic negotiation pipeline of 1 to 3 gigawatts, which Lloyd will touch on momentarily, offers us the opportunity to exceed the top end of the range.

在這一成熟的基礎上，Genco 的引入帶來了顯著的增長，預計到 2030 年每股收益將增加 0.10 至 0.15 美元，並在未來幾年內增長至每股 0.25 至 0.45 美元，合併調整後每股收益複合年增長率將達到 8% 至 9%。Genco EPS 貢獻範圍涵蓋了最近宣布的資料中心協議，並考慮了高端的多個客戶。我們有 1 至 3 吉瓦的策略談判項目，勞埃德稍後會談到，這為我們提供了超越最高限額的機會。

We have consistently demonstrated strong execution and growth as reflected on slide 21. Our dedication to customers, investors, employees and all stakeholders remains at the core of what we do. Strong execution of our base plan including operations, financing, regulatory and prudent investment strategies position us favorably as we step into 2026 and beyond.

如投影片 21 所示，我們一直展現出強勁的執行力和成長動能。我們始終秉持對客戶、投資者、員工和所有利害關係人的承諾，這是我們工作的核心。強而有力的執行，包括營運、融資、監管和審慎的投資策略，使我們在邁入 2026 年及以後時處於有利地位。

The value proposition NiSource continues to offer investors is diversified and regulated utility assets with the opportunity to invest in both programmatic gas infrastructure and the long-term energy transition story of a fully integrated electric business. These elements have been core to our story and the emerging opportunity to support economic development, onshoring and data center development, truly differentiate our value proposition relative to many alternatives in the market today.

NiSource 持續為投資者提供的價值主張是多元化且受監管的公用事業資產，投資者有機會投資於天然氣基礎設施項目以及完全一體化電力業務的長期能源轉型計劃。這些要素一直是我們故事的核心，也是支持經濟發展、本土化和資料中心建設的新興機遇，真正使我們的價值主張相對於當今市場上的許多替代方案脫穎而出。

And with that, I'll turn things back over to Lloyd.

那麼，接下來我就把麥克風交還給勞埃德了。

Thank you, Shawn. We are proud (inaudible)data center contract with a creditworthy commercial partner, positioning us to deliver on all of our key strategic objectives as outlined on slide 22. Our teams engaged across an array of stakeholders to protect our retail customer base while expanding shareholder investment opportunities, diversify our earnings profile with stable, predictable contracted earnings and cash flow capitalize on low growth and data center opportunities, which validates our growth thesis in Northern Indiana and establish a customer-centric business model that supports our communities. This partnership strengthens our competitive position as we continue negotiations with additional prospective customers and advance our strategy to deliver long-term value to Northern Indiana and our stakeholders.

謝謝你，肖恩。我們很自豪地與信譽良好的商業夥伴簽訂了資料中心合同，這使我們能夠實現第 22 頁幻燈片中概述的所有關鍵策略目標。我們的團隊與眾多利害關係人合作，在保護零售客戶群的同時，擴大股東投資機會，透過穩定、可預測的合約收益和現金流實現收益多元化，利用低成長和資料中心機會，驗證我們在印第安納州北部的成長理念，並建立以客戶為中心的商業模式，從而支持我們的社區。此次合作將增強我們的競爭地位，我們將繼續與更多潛在客戶進行談判，並推進我們的策略，為印第安納州北部和我們的利害關係人帶來長期價值。

Finally, moving to slide 23. Our Genco strategy is underpinned by a robust and growing pipeline that positions us for long-term success in the data center market. This commercial partnership represents a proof set of the generation capacity opportunity we've highlighted for the past year. We have secured data center load that will be backed by 3 gigawatts of generation capacity with negotiations progressing on an additional 1 to 3 gigawatts of projects from new and existing customers, creating a clear path to scale.

最後，翻到第 23 張投影片。我們的 Genco 策略以強大且不斷成長的業務管道為基礎，這使我們能夠在資料中心市場取得長期成功。這項商業合作證明了我們過去一年來一直強調的發電能力機會。我們已確保資料中心負載，並將由 3 吉瓦的發電容量提供支援。目前，我們正在與新舊客戶就另外 1 至 3 吉瓦的項目進行談判，為規模化發展開闢了清晰的道路。

Looking ahead, developing opportunities could expand this pipeline even further by an additional 3 gigawatts, reinforcing our ability to deliver sustained growth. This opportunity showcases the strength of our team and the precision of our strategy. I'm incredibly proud of the discipline and focus that has brought us to this point. Our team's operational excellence, customer focus and accountability continues to set NiSource apart. And I'm confident it will be the driving force behind the successful execution of this initiative.

展望未來，開發機會可能會使這項專案儲備再增加 3 吉瓦，從而增強我們實現持續成長的能力。這個機會展現了我們團隊的實力和我們策略的精準性。我為我們展現的自律和專注感到無比自豪，而正是這些讓我們走到了今天這一步。我們團隊卓越的營運能力、以客戶為中心的理念和高度負責的態度，使NiSource始終保持領先地位。我相信它將成為這項計劃成功實施的驅動力。

With that, we'll open up the line for questions.

接下來，我們將開放提問環節。

(Operator Instructions) Shahriar Pourreza, Wells Fargo.

（操作員說明）Shahriar Pourreza，富國銀行。

So just without going into specific names, can you just maybe speak to the quality of the customer kind of behind the agreement. So is it a true hyperscaler counterparty or a co-locator. And kind of now that you've secured this initial deal you sort of thinking about the broader pipeline as we think about that 1 to 3 gig in negotiations. So the broader counterparty quality and what it could mean to the CAGR?

所以，在不提及具體名字的情況下，您能否談談這項協議背後客戶的素質？所以，它究竟是真正的超大規模資料中心合作夥伴，還是託管服務提供者？既然你已經敲定了這筆初步交易，你現在應該考慮更廣泛的項目儲備，就像我們在談判中考慮那 1 到 3 個項目一樣。那麼，更廣泛的交易對手品質及其對複合年增長率的影響是什麼？

So what I will say is this is a very large investment-grade data center customer that we're that will be served in front of them either via the NIPSCO transmission network. As mentioned in the -- as mentioned earlier, we're going to build 3,000 gigawatts, it will be 2.4 gigawatts of load.

所以我要說的是，這是一個規模非常大的投資級資料中心客戶，我們將透過 NIPSCO 傳輸網路為他們提供服務。如同前面所提到的，我們將建造 3000 吉瓦的發電廠，其中 2.4 吉瓦為負載。

I think as we think about our pipeline, I think it was mentioned earlier, I think that we've unlocked is a new business model. We've got -- I think September '24, we got the Genco declination. I think you've seen through this transaction is really a blueprint of what we're going to execute on to go forward.

我認為，當我們思考我們的產品線時，正如之前提到的，我認為我們已經解鎖了一種新的商業模式。我記得是 2024 年 9 月，我們收到了 Genco 的拒絕聲明。我認為你已經從這次交易中看到了我們未來發展方向的藍圖。

So as we look at negotiating with subsequent counterparties -- we've shown you a blueprint of all the things that we're going to put in place before we announce this to the market. And I think the team knows that we've aligned the organization to focus on these things. And then we have a path towards execution on all of these subsequent customers and we're excited about it.

因此，在與後續交易對手進行談判時，我們已經向你們展示了在向市場宣布之前我們將採取的所有措施的藍圖。我認為團隊也明白，我們已經調整了組織架構，專注於這些事情。然後，我們制定了針對所有後續客戶的執行方案，我們對此感到非常興奮。

Perfect. Appreciate that. And then just maybe a quick one for Sean. I know obviously, just on credit, you talked about sort of the targets but focusing a little bit more on sort of the downgrade threshold, especially as you become more integrated. Any kind of sense on how they could think about the threshold as you become more and more integrated. I mean, it's obviously -- you guys have highlighted it's a new business model for them. Quantitatively, it seems to make a lot of sense. But just more on the qualitative aspects.

完美的。謝謝。然後，也許可以給肖恩快速地來一杯。我知道，就信用而言，你談到了目標，但更應該專注於降級閾值，尤其是在你變得更加一體化的情況下。有沒有人能談談隨著你越來越融入社會，他們會如何看待這個門檻？我的意思是，很明顯——你們已經強調過，這對他們來說是一種新的商業模式。從數量上看，這似乎很有道理。但這裡主要談的是定性方面。

Yes, Thanks. Appreciate the question. So we've been actively engaged with our rating agencies while we've been developing this strategy. And candidly, we think that the thoughtful risk management provisions in the contract really provide for protection that's pretty similar to our existing base business. And we don't believe a change in threshold is warranted or will occur.

好的，謝謝。感謝您的提問。因此，在製定這項策略的過程中，我們一直積極與評級機構保持溝通。坦白說，我們認為合約中周全的風險管理條款確實提供了與我們現有基本業務非常相似的保護。我們認為沒有必要改變閾值，也不可能改變。

Our current guidance is 14% to 16% in all years of our plan, and our downgrade threshold is 13%. So there's already adequate cushion baked in, and we think strengthening in the business, the cash flow profile of the business should continue that trend.

我們目前的預期是，在計劃的所有年份中，成長率為 14% 至 16%，而我們的下調閾值為 13%。因此，目前已經有足夠的緩衝空間，我們認為隨著業務的加強，業務的現金流量狀況應該會繼續保持這種趨勢。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Maybe you can just kind of talk a little bit about the $0.25 versus the $0.45 range and what puts you at the high end or low end of that contribution? And I just wanted to confirm that the 3 gigawatts in strategic negotiations is incremental to this figure?

或許您可以稍微談談 0.25 美元和 0.45 美元這兩個區間，以及是什麼因素導致您的捐款金額處於該區間的高端或低端？我只是想確認一下，戰略談判中提到的3吉瓦是否是在這個數字基礎上增加的？

Shawn, you want to take that one?

肖恩，你想接那個球嗎？

Yes, sure. So to retain our competitive advantage, we can't disclose the individual customer contributions. However, the Genco structure adds a meaningful layer of growth that we've highlighted here the 25 to 45 through 2033 contemplates multiple customers at the top end. But our full strategic negotiation pipeline 1 to 3 gigawatts would outperform the top end of that range.

當然可以。因此，為了維持我們的競爭優勢，我們不能透露單一客戶的貢獻。然而，Genco 結構增加了一個重要的成長層面，我們在這裡重點介紹了 2033 年的 25 至 45 年，考慮到高端客戶群。但我們完整的策略談判管道（1至3吉瓦）將超過該範圍的上限。

Now depending on customer preferences, choice and technology time line for that development to occur, customer ramp rate, it can move around a fair amount, which is why we've got a bit of a broader range but the squaring of this is 25 to 45, that range.

現在，根據客戶的偏好、選擇和技術發展時間表、客戶適應速度等因素，價格可能會有相當大的波動，這就是為什麼我們的範圍比較寬泛，但這個範圍的平方是 25 到 45。

The customer that we announced in September fits within that range. And then the top end of that range would include some portion of the advanced negotiations with the ability to outperform the range in total, if all of that were to be unlocked.

我們在9月宣布的這位客戶就屬於這個範圍。然後，該範圍的高端將包含一些高級談判技巧，如果所有這些技巧都能解鎖，則其整體表現將優於該範圍。

Okay. I appreciate that. I appreciate the clarification. You mentioned there's a $1.5 billion commitment, I think, to Genco from minority interest holders. Just what is the contribution then from the NiSource side from an perspective? Is it just 50% of that remaining $5 billion? How should we kind of think about that in terms of funding Genco and the capital structure?

好的。我很感激。感謝您的澄清。你提到過，少數股東向Genco承諾注資15億美元，我想是這樣的。那麼從 NiSource 的角度來看，其貢獻究竟是什麼呢？難道只是剩餘50億美元的50%嗎？我們應該如何從Genco的融資和資本結構的角度來考慮這個問題？

Yes. All of the guidance -- the earnings guidance that we provided today is projected reflecting the total cost of financing, including all equity, all debt on noncontrolling interest associated with minority interest investors. So all of that's already reflected in the earnings per share contribution, the $300 million to $500 million equity is the total amount of equity in our guidance range for NiSource that supports the full $28 billion of capital expenditures that we've announced today. All of that is reflected in that range of $300 million to $500 million annually of ATM equity from NiSource.

是的。我們今天提供的所有指引——獲利指引——都是根據融資總成本預測的，包括所有股權、所有與少數股東權益相關的非控制權益債務。因此，所有這些都已反映在每股收益貢獻中，3 億美元至 5 億美元的股權是我們對 NiSource 的指導範圍內的股權總額，以支持我們今天宣布的全部 280 億美元資本支出。所有這些都體現在 NiSource 每年向 ATM 股權投資 3 億至 5 億美元。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

In fact, if I can push a little bit further. Look, Just with respect to the $0.25 to $0.45 here. Can you elaborate a little bit on what's reflected here? I mean, is it just the CapEx the first $7 billion here through the first five years, how should we think about like the totality CapEx to get you there? And then related in tandem, right, you have this 1 to 3 gigawatts of upside here.

事實上，如果我能再進一步就好了。你看，就這裡 0.25 美元到 0.45 美元這部分而言。您能否詳細解釋一下這裡反映的是什麼？我的意思是，這只是指前五年的70億美元資本支出嗎？我們應該如何考慮實現這一目標所需的全部資本支出呢？然後，與之相關的是，這裡有 1 到 3 吉瓦的上升空間。

Can you talk about what's included in what that earnings profile would look like? Is it as simple as taking the $0.25 to $0.45 and, I don't know, say, doubling that for the argument's sake? How would you help frame out the sensitivity on that front, too?

您能談談這種收入模式具體包含哪些內容嗎？是不是只要把 0.25 美元提高到 0.45 美元，然後，比如說，為了方便討論，把這個數字翻倍就行了？您認為如何才能更好地處理這方面的敏感問題？

Answer the same question, Shawn.

肖恩，請回答同樣的問題。

So the CapEx that we projected in our five-year plan ranges from $6 billion to $7 billion, that supports Genco development. That includes all of the capital necessary to support the customer that we announced in September. It also reflects some capital allocation that allows us to competitively compete these large load opportunities and position us to access the strategic negotiations that Lloyd and Michael highlighted earlier.

因此，我們在五年計畫中預計的資本支出在 60 億美元到 70 億美元之間，這將支持 Genco 的發展。這包括為支持我們在 9 月宣布的客戶所需的所有資金。這也反映了一些資本配置，使我們能夠參與這些大宗貨物運輸機會的競爭，並使我們能夠參與勞埃德和邁克爾先前強調的策略談判。

We've got no incremental disclosure in guiding within the range of $0.25 to $0.45. And that $0.25 to $0.45 of earnings power is reflective of the customer we announced in September and on the higher end, would reflect additional strategic negotiations flowing into it, but it's not required for us to reach that range.

我們沒有新增任何資訊揭露，預期每股收益在 0.25 美元至 0.45 美元之間。這 0.25 美元至 0.45 美元的獲利能力反映了我們 9 月宣布的客戶，而更高的預期值則反映了後續的策略談判進展，但這並非我們達到該範圍的必要條件。

Got it. All right. Loyd, I can try asking again, right? Let me put this way. If you got the full amount of that three. And again, I'd love to hear your confidence on being able to pursue this full three -- is that -- how would you characterize the sensitivity around that, if there's any other way to get at it. Again, I get that you don't want to be too overly specific here, but if you can a little bit in mind. And obviously, the timing on that three.

知道了。好的。洛伊德，我可以再問一次嗎？我這麼說吧。如果你得到了那三個的全部金額。再次，我很想聽聽你對能否完成這三件事的信心——也就是說——你會如何描述這方面的敏感性，或者是否有其他方法可以談到這一點。我知道你不想說得太具體，但如果可以的話，請盡量提供一些想法。顯然，那三分的時機也掌握得很好。

So the part I'm going to talk to -- this is Michael. I'm going to talk to the 3 gigawatts and the opportunity in the pipeline, and then I'm going to let Shawn highlight a little bit more on how that 3 gigawatts would reflect into the earnings range on that. But let me hit a little bit of ore.

接下來我要和麥可談談。我將談談這 3 吉瓦的裝置容量以及正在籌建的項目，然後我會讓肖恩再詳細闡述這 3 吉瓦的裝置容量將如何影響該項目的收益範圍。但讓我先敲敲礦石。

I think one of the key points of this when you look at that 3 gigawatts and the executability of it -- the fact that we have the ability to move quickly on the regulatory model that we have the flow back to customers that we have the engineering procurement and construction partnership lined up that we have long lead time equipment secured and that we have the ability to be able to execute that and pull that through from a construction environment. That gives us a speed to market and execution that gives us high confidence in the ability to execute on other opportunities as we move those forward and we move those into commitment.

我認為，當你審視這 3 吉瓦的裝置容量及其可執行性時，關鍵點之一在於：我們有能力快速推進監管模式，我們已經建立了回饋客戶的管道，我們已經安排好了工程採購和施工合作夥伴關係，我們已經確保了長期交付的設備，並且我們有能力在施工環境中執行並推進該項目。這使我們能夠快速進入市場並且有效率地執行，從而讓我們對把握其他機會充滿信心，並推動這些機會的實現，最終促成這些機會的落實。

So we feel very good about that 3 gigawatts from the aspect of that we can execute it. We can pursue it. But we will do that as we have here in a disciplined, methodical manner that supports our balance sheet supports our customers and lends to the overall accretion. Shawn?

所以，從執行的角度來看，我們對這 3 吉瓦的裝置容量感到非常有信心。我們可以繼續努力。但我們將像以往一樣，以嚴謹、有條不紊的方式開展工作，從而改善我們的資產負債表，支持我們的客戶，並促進整體成長。肖恩？

Yes, then maybe two other points. As we think about other future customers, the choice of technology, the construction timeline will matter and how it squares within the range. Some assets are more quick to construct such as battery that could accelerate itself into the construction timeline versus something that might take multiple years such as some gas technologies. So that would be important to be able to answer your question, Julie -- Julien, so that customer preference does matter into how it would flow into the guidance range. That said, we do see an opportunity to accelerate customer demand ahead of even 2033.

是的，那或許還有兩點。當我們考慮未來的其他客戶時，技術選擇、施工進度以及它如何在範圍內進行調整將非常重要。有些資產的建設速度更快，例如電池，它可以加快建設進度，而有些資產的建設可能需要數年時間，例如某些氣體技術。所以，要回答你的問題，朱莉——朱利安，這一點很重要，因為客戶的偏好確實會影響到指導範圍的發展。也就是說，我們確實看到了在 2033 年之前加速客戶需求成長的機會。

And so as we think about that CAGR, that $0.25 to $0.45 CAGR, we do see potential upside in our current forecast even with the existing customer we announced in September should we have the ability to accelerate customer demand and/or construction time lines, we could see that pull closer in our forecast.

因此，當我們考慮複合年增長率（CAGR），即 0.25 美元至 0.45 美元的複合年增長率時，即使考慮到我們在 9 月宣布的現有客戶，我們也看到了當前預測的潛在上行空間。如果我們能夠加快客戶需求和/或施工進度，我們可能會看到預測值更接近目標值。

Yes. Understood. Okay. Fair enough. Lloyd, quick squeezing this in thoughts on the state of Indiana your relationship. I'm sure you've talked with the governor's office, et cetera. Any 2 cents you'd offer here quickly. I'd love to get your candid assessment here.

是的。明白了。好的。很公平。勞埃德，趕緊把這些想法塞進我對印第安納州現狀的思考中，關於你們的關係。我相信您已經和州長辦公室等部門談過了。你有什麼看法？我很想聽聽你坦誠的評價。

Yes. I think that Indiana is open for business. I think that if you talk to the governor's office and when we have conversations with the government in his office, they like these economic development opportunities. they continue to be focused on affordability. So the idea that this transaction flows back over $1 billion of customers over the contract period.

是的。我認為印第安納州歡迎企業前來投資興業。我認為，如果你和州長辦公室溝通，或者我們和州長辦公室的政府官員進行對話，你會發現他們很重視這些經濟發展機會。他們仍然會關注住房的可負擔性。因此，有觀點認為，在合約期間內，這項交易將為超過 10 億美元的客戶帶來收益。

I think that the relationship is positive. I think that more, I think that they're interested in more of these opportunities, but I think affordability is going to be on the forefront, and we're very focused on that. And developing this Genco model helps with that in a great way.

我認為這種關係是正面的。我認為，他們對這些機會越來越感興趣，但可負擔性將是首要考慮因素，而我們也非常關注這一點。而發展這種 Genco 模型對此大有裨益。

Eli Jossen, JPMorgan.

Eli Jossen，摩根大通。

Just wanted to start on kind of the learnings and business expertise gained in the first data center contracting announcement. I know that Genco probably plays a big role here, but just thinking about the keys to getting this project done and then how you guys can build on that and go ahead and execute additional contracting announcements going forward?

只是想先談談在第一次資料中心合約公告中獲得的經驗和商業專長。我知道Genco可能在這裡扮演著重要角色，但你們現在應該思考的是完成這個專案的關鍵，以及你們如何在此基礎上繼續推進並發布更多合約公告？

Michael, why don't you handle this one? .

邁克爾，這件事不如你來處理吧？。

So what I would say is that we feel like this really creates a strategic platform for growth for us. If you reflect on the comments that Lloyd mentioned earlier, we have a 2,400-megawatt system now. This will double that system and load. We're building 3,000 megawatts of generation to support this. So when you think about the business earnings, we have created a foundation and a platform.

所以我想說的是，我們覺得這確實為我們創造了一個策略發展平台。如果你仔細想想勞埃德之前提到的評論，我們現在擁有一個 2400 兆瓦的系統。這將使系統和負載翻倍。我們正在建造3000兆瓦的發電設施來支持這項工程。所以，從企業獲利的角度來看，我們已經建立了一個基礎和平台。

And as was mentioned earlier, through that regulatory, through the EPC, through the long lead time equipment, through the ability of execution, it only heightens our ability to be able to execute on future opportunities. So overall, we feel like there's plenty of learnings and we will continue to evolve. It really helps set us up in a strategic way to be able to develop the rest of that pipeline.

如同前面所提到的，透過監管、EPC、長週期設備、執行能力，這只會增強我們掌握未來機會的能力。總的來說，我們覺得有很多東西需要學習，我們將繼續進步。這確實有助於我們從策略角度出發，發展後續的研發流程。

Awesome. And maybe just to expand on that a little bit. I think you talked a bit about kind of some of the downside and risk protections you have in the initial contracting -- and I recognize you just touched on that a bit. But just can you expand a little bit about that? Just what types of protections are in these contracts and how you can kind of -- and what those do for overall execution on these projects?

驚人的。或許可以稍微補充一點。我想你剛才稍微談到了初始合約中的一些不利因素和風險保護措施——我知道你剛才也稍微提到了這一點。能再詳細說說嗎？這些合約中究竟包含哪些類型的保護措施？這些措施如何發揮作用？以及它們對這些專案的整體執行有何影響？

Yes. So one of the things I'll say to that is we started out with the fundamental pillar of that. In this Genco structure, we want to maintain NIPSCO's financial integrity, and we've given very thoughtful consideration to the risk profile of new investments. We have built protections into the various contracts to address these risks associated with either -- with multiple factors, and we've included features such as cost sharing provisions as well.

是的。所以我想說的是，我們是從這個基本支柱開始的。在這種發電公司結構中，我們希望保持 NIPSCO 的財務完整性，並且我們已經對新投資的風險狀況進行了非常周全的考慮。我們已在各種合約中加入了保護措施，以應對與上述兩種情況相關的風險——涉及多種因素，並且我們還加入了成本分攤條款等功能。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Just a question on -- if you could speak a little bit to maybe what the return profile or capital structure assumptions are within the Genco?

請問您能否簡單介紹Genco的收益狀況或資本結構假設？

Shawn?

肖恩？

Yes. Thanks, Bill. Appreciate the question there. So we can't disclose the exact ROE as it's confidential with the customer. And we've not disclosed the targeted return for Genco, only that we expected to achieve an overall return realized greater than NIPSCO's regulated rate of return.

是的。謝謝你，比爾。感謝您提出的問題。因此，我們不能透露確切的淨資產收益率，因為這是客戶的機密資訊。我們沒有透露 Genco 的目標回報，只表示我們預期整體回報將高於 NIPSCO 的監管回報率。

That helps us support the development, construction and the ownership over the life of the investments. And then in terms of the cash structure itself, we saw for and were approved by the IURC some level of flexibility in the capital structure for Genco, given the construction development cycles to support the speed to market for new customers.

這有助於我們在投資項目的整個生命週期中支持其開發、建造和所有權。至於現金結構本身，考慮到建築開發週期，為了支持新客戶快速進入市場，我們看到並得到了印第安納州公用事業監管委員會 (IURC) 的批准，Genco 的資本結構具有一定的靈活性。

We'll strive to capitalize Genco in a manner to do three things. Number one, support our existing financial commitments, including the 14% to 16% FFO to debt that we expect in all years of our plan. Two, obviously, safely and reliably support the cash flows for construction and the development of these assets for our customers. And then finally, maximize the long-term value to our shareholders, minimizing dilution, and financing friction is the key. That helps us realize the greatest return possible over the life of the assets.

我們將努力利用 Genco 的資本來實現以下三件事。第一，支持我們現有的財務承諾，包括我們計劃所有年份中預期的 14% 至 16% 的 FFO 與債務比率。第二，顯然，安全可靠地支持我們客戶建造和開發這些資產所需的現金流。最後，最大化股東的長期價值、最小化股權稀釋和融資摩擦是關鍵。這有助於我們在資產的使用壽命期間內實現最大回報。

Okay. And then just a question around the timing. You talked about some opportunities for upside here and pulling forward or accelerating maybe the ramp. So I mean, it looks like most of the capital based on the CapEx slide you have, I think, about $6.4 million of the gross CapEx for Genco is spent through by the end of but we're talking about sort of full ramp on 2033. So maybe you can speak to that sort of timing differential when most of the capital appears to have been invested versus the realization of the earnings?

好的。然後還有一個關於時間安排的問題。你談到了一些上漲的機會，以及加快或提前啟動成長計畫的可能性。所以我的意思是，根據你提供的資本支出幻燈片來看，Genco 的大部分資本支出（約 640 萬美元）似乎將在年底前花完，但我們說的是 2033 年全面啟動。那麼，您能否談談這種時間差問題，即大部分資金似乎已經投入使用，而收益卻尚未實現？

Yes, Bill, the majority of -- sorry, Majority of the CapEx spend, Bill, occurs between 2025 and 2030. So additional work to complete the project that occurs outside of our five-year plan horizon that we've guided to today. That's critical because that helps us get to the final energization steps necessary for the customer to conclude their ramp, which as we stated previously, finalizes in 2032.

是的，比爾，大部分——抱歉，大部分資本支出，比爾，發生在 2025 年至 2030 年之間。因此，為了完成這個項目，還需要進行一些超出我們目前所設定的五年計畫範圍之外的工作。這至關重要，因為這有助於我們完成客戶完成其產能爬坡所需的最後通電步驟，正如我們之前所說，該爬坡將於 2032 年完成。

So it's slightly outside our planned horizon from a capital expenditure standpoint. When we think about the contract, it provides for a fixed rate structure, it functions like a straight fixed variable rate design. So as additional capital expenditures are developed, the recovery follows those investments. Thus, you need to step through the completion of the construction cycle before you see the fixed rate contracts step up to a full rate and full return.

所以從資本支出的角度來看，它稍微超出了我們的計畫範圍。當我們考慮這份合約時，它規定了一種固定利率結構，其運作方式就像一個直接的固定浮動利率設計。因此，隨著額外的資本支出，經濟復甦也會隨之而來。因此，您需要完成整個建設週期，才能看到固定利率合約升級為全額利率和全額回報。

So the structure provides for stable, predictable earnings. It enhances our long-term planning confidence but it's key to link both the conclusion of the construction time line to energize our customers at the highest possible ramp that they can then utilize if that all can accelerate, that's the pull forward that you could see and could frame as greater upside, both to the 2033 guidance range, the CAGR as well as the intermediate periods that we guided to ahead of that.

因此，這種結構能夠提供穩定、可預測的收益。它增強了我們對長期規劃的信心，但關鍵是要將建造時間表的完成與盡可能高的產能爬坡速度聯繫起來，以便我們的客戶能夠充分利用這些速度。如果這一切能夠加速，這就是你可以看到並可以視為更大成長潛力的因素，無論是到 2033 年的指導範圍、複合年增長率，還是我們在此之前指導的中期階段。

Okay. And then just to clarify, I mean, as far as the upside from the negotiations ongoing, I mean that can be realized within the same time period. I mean, obviously, I know it depends on how it plays out. But I mean, is it practical from a just a planning perspective to assume that some of this could be stood up within this window through '33 in terms of the additional.

好的。然後，為了澄清一下，我的意思是，就目前談判帶來的好處而言，我的意思是，這些好處可以在同一時間內實現。我的意思是，很顯然，我知道這取決於事情的最終結果。但我的意思是，從規劃的角度來看，假設其中一些可以在 1933 年之前建成，這是否實際上可行？

Yes. It is very practical.

是的。它非常實用。

Okay. And that could drive higher EPS upside?

好的。這是否會推高每股盈餘？

That's correct.

沒錯。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Congrats. So just maybe this is a question kind of more on both the kind of earnings and cash flow profile of Genco. So if I take the incremental investment net to NiSource and just in a normal equity and return and such it would be, I think, maybe more than $0.10 to $0.15 at 2030, but you're also issuing like a lot less equity and than normal and such, and then you've got this ramp up in later years.

恭喜。所以，這個問題或許更多是關於Genco的獲利能力和現金流狀況。所以，如果我把NiSource的淨增量投資，按照正常的股權和回報等計算，我認為到2030年可能會超過0.10到0.15美元，但你發行的股權也比正常情況少得多，而且在以後的幾年裡還有增長空間。

So can you just give kind of -- feel like the contract has been structured in a way that kind of balances those two in some way? Could you just talk to that? And help us better understand how much more than is needed to get to this 2033 in terms of capital investment, if anything?

所以您能否給我一些建議——感覺這份合約的結構在某種程度上平衡了這兩者？你能跟它說話嗎？請幫助我們更了解，為了實現 2033 年的目標，還需要多少資本投資（如果有的話）？

Shawn?

肖恩？

Yes, sure. So Steve, the $7 billion guided CapEx total to support Genco is the total amount of capital necessary for us to develop through 2032 and would be enough capital for us to afford that full range of $0.25 to $0.45 through that horizon through 2033. To the extent that can accelerate meaning the capital could be consumed and the construction could occur faster. That could create upside for us as well as the customer as the customer then would be able to ramp faster than what the original timeline for the construction was contemplated to be.

當然可以。所以史蒂夫，為支持發電公司 (Genco) 而設定的 70 億美元指導資本支出總額，是我們到 2032 年發展所需的全部資本，並且足以讓我們在 2033 年之前承擔每股 0.25 美元至 0.45 美元的全部成本。如果這種情況發生，資金消耗速度可能會加快，建設速度也可能加快。這對我們和客戶都有好處，因為客戶可以比原先規劃的施工時間表更快地擴大規模。

Incremental to that would be the upside portfolio that Lloyd just answered the question to that Bill asked the question about, none of that CapEx is necessarily in the five-year capital guidance, all that CapEx then would be incremental CapEx and thus potentially incremental financing, which would be necessary for us to realize greater returns over the five-year horizon or as we look through 2033, greater returns outside the range of $0.25 to $0.45 per share.

除此之外，還有勞埃德剛才回答比爾提出的問題中提到的上行投資組合，所有這些資本支出都不一定包含在五年資本指導中，所有這些資本支出都將是增量資本支出，因此可能需要增量融資，這對於我們在五年內實現更高的回報，或者展望到 2033 年，實現每股 0.25 美元至 0.45 美元範圍之外的更高回報是必要的。

Okay. So just to the $0.25 to $0.45 because that includes both the current deal plus the strategic negotiations, you don't need more capital to get to that range beyond what you said?

好的。所以，只要達到 0.25 美元到 0.45 美元，因為這既包括了當前的交易，也包括了戰略談判，那麼除了你剛才說的之外，你不需要更多的資金就能達到這個範圍嗎？

Just to clarify, Steve, the current customer and the current guidance range, the $0.25 to $0.45 is inclusive of just the customer that we've announced in September. There is the potential that additional customers could push us to the higher end of that range, and that would require incremental capital.

史蒂夫，澄清一下，目前的客戶和目前的指導範圍，0.25 美元到 0.45 美元，僅包括我們在 9 月宣布的那位客戶。新增客戶有可能將我們的價格推高到該範圍的高端，而這將需要額外的資金。

Okay. And then the developing opportunity is a whole other bucket?

好的。那麼，發展機會又是另一回事了？

You got it. That's exactly right.

答對了。完全正確。

Okay. And then the -- but in terms of the core customer, we're capturing most, if not all, the capital in the -- in the $7 billion.

好的。然後——但就核心客戶而言，我們正在獲得大部分（如果不是全部）70億美元的資金。

In the $7 billion, yes. Inside the five-year horizon, just due to the time line of the construction, you just don't see the 2031 and 2032 capital being allocated on the annual slide, but it's reflected in the in dollar bucket that we guided to.

是的，在70億美元之內。在五年的時間範圍內，由於建設的時間安排，你不會在年度圖表中看到 2031 年和 2032 年的資金分配，但這反映在我們指導的美元金額範圍內。

And then the cash flow portion of this, relative to $7 billion when you look at the incremental equity for your plan, it's relatively modest. So assume there's stuff structured here to help has been able to help minimize equity needs?

然後，相對於您計劃中的新增股權而言，70億美元的現金流量部分相對來說比較適中。所以假設這裡有一些機制可以幫助最大限度地減少股權需求？

Yes. It strengthens as we go. So you do see the increased cash flow profile start to strengthen once the customer begins ramping in 2027 and then grow more significantly around 2030. And the plan horizon itself doesn't give you annual guidance beyond 2030, but you'll see strengthening cash flows coming in that time period as the customer begins to ramp.

是的。隨著我們不斷前進，它變得越來越強大。因此，一旦客戶在 2027 年開始擴大規模，現金流的成長就會開始增強，並在 2030 年左右實現更顯著的成長。計畫期限本身並沒有提供 2030 年以後的年度指導，但隨著客戶開始擴大規模，您將會看到在此期間現金流不斷增強。

Nick Amicucci, Evercore.

Nick Amicucci，Evercore。

Great. Yes. Sorry, Shwan. I'm going to pile on here, if I can. So just to think of it a little bit more simplistically. If we were to look at kind of the gigawatt addition and then kind of the EPS accretion is, I guess, roughly $0.08 per gigawatt, a good rule of thumb as we think about this? I know it's probably overly simplistic, but just for our sake.

偉大的。是的。對不起，Shwan。如果可以的話，我也要加入討論。所以我們不妨更簡單地思考一下。如果我們看一下新增的千兆瓦電力，然後每股盈餘 (EPS) 的成長，我猜大約是每千兆瓦 0.08 美元，這算是一個不錯的經驗法則嗎？我知道這可能過於簡化，但只是為了我們自己著想。

We have no incremental guidance on earnings per share per gig because the customer technology choice, the construction time lines will all have an implication there, Nick.

尼克，由於客戶的技術選擇、建設時間表等因素都會對此產生影響，因此我們沒有關於每Gig每股收益的增量指引。

Fair. Shooters got to shoot. So -- and then as we think about kind of the procurement and the EPC contract associated with it, -- when we're thinking of the Quanta contract, is that strictly for the first 3 gig? Or is that -- does that kind of -- do you have the ability to kind of upsize that given the opportunity you have?

公平的。射手必須開槍。那麼——當我們考慮採購和與之相關的EPC合約時——當我們考慮Quanta合約時，它是否僅限於前3G？或者說——那種——鑑於你所擁有的機會，你是否有能力將其規模擴大？

Yes. We've set up the structure and the partnership so that we intend to be able to upsize as we grow. We want to be able to have a very deployable and scalable platform, which is what we have. but the initial agreements cover the 2 CCGTs and the 400 megawatts of batteries and associated infrastructure.

是的。我們已經建立了相應的組織架構和合作關係，以便隨著公司的發展能夠擴大規模。我們希望擁有一個易於部署和擴展的平台，而我們現在就擁有了這樣的平台。但最初的協議僅涵蓋兩座燃氣聯合循環發電廠、400兆瓦的電池儲能係統以及相關基礎設施。

I think let me add a little bit to that, Michael, and that we set this partnership of Quanta so that we can execute subsequent projects a lot faster as opposed to going out RFPs and other things that take a long period of time. I think that the collective idea here is to be able to execute on what the customers need in a way is agile and flexible. And I think this partnership allows us to do that.

邁克爾，我想補充一點，我們與 Quanta 建立合作關係，是為了能夠更快地執行後續項目，而不是像以前那樣發布 RFP 和其他耗時較長的事情。我認為這裡的共同理念是能夠以敏捷靈活的方式滿足客戶的需求。我認為這種合作關係使我們能夠做到這一點。

Perfect. And then if I could just squeeze one more in, just really quickly, too. When we think of the affordability theme -- as we kind of size it up, should we expect -- is it kind of -- is the pitch, I guess, to the government's mentioned, incremental savings that as you kind of -- as you grow this, you could provide incremental savings to consumers?

完美的。如果我能再擠出一點時間，盡快再加一個就好了。當我們考慮可負擔性這個主題時——當我們對其進行評估時，我們應該期待——這是否有點像——我想，這與政府提到的逐步節省有關，隨著——隨著它的發展，你可以為消費者提供逐步節省？

That's our objective. As we add new customers and they utilize the transmission grid, because they're using the grid that was really paid for by our current retail base, we should flow back -- continue to flow back savings to our retail customers.

這就是我們的目標。隨著我們不斷增加新客戶，他們使用輸電網，因為他們使用的電網實際上是由我們現有的零售客戶付費建造的，我們應該繼續將節省的費用回饋給我們的零售客戶。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

I'm going to go back to the cash flow profile one more time here. In the contract, is there any cash inflow from the customer before they start ramping. And then related to that, could the financing be more short term in nature to get you those kind of three to four years of cash outflow for the CapEx and then ultimately get paid back once the customer started paying. What do you think about cash flow profile?

我再來看一下現金流概況。合約中是否規定了在開始擴大生產規模之前，客戶是否有任何現金流入？與此相關的是，融資是否可以採取更短期的性質，以獲得三到四年的資本支出現金流出，然後在客戶開始付款後最終收回資金。您如何看待現金流狀況？

Do you want to take that, Shawn?

肖恩，你想拿走嗎？

Yes, sure. The contract has been structured to prioritize cash flow to aid in the construction time lines. And the total financing, net of all of that, the contract design as well as the debt equity and minority interest forecast that we've projected today is reflective in the $300 million to $500 million range of equity -- in terms of where we place debt or how much debt and when that flows, we'll continue to evaluate those options. We've got a range of different opportunities on how we could do that. And we'll strive for, obviously, the lowest cost that we can on a long-term basis.

當然可以。合約結構旨在優先保障現金流，以促進施工進度。在扣除所有這些因素後，總融資額、合約設計以及我們今天預測的債務權益和少數股東權益預測反映在 3 億美元至 5 億美元的權益範圍內——至於債務的配置、債務規模以及債務何時到位，我們將繼續評估這些選項。我們有很多不同的方法可以實現這一點。當然，我們會努力在長期內實現最低成本。

Okay. So there would be some cash flow coming in before the customer ramps. Is that the way to interpret it?

好的。因此，在客戶數量增加之前，會有一些現金流流入。是這樣理解的嗎？

Yes, before the customer fully ramps

是的，在客戶完全適應之前

Okay. Okay. And then one higher level question. Why battery? Why would you add a battery on to this?

好的。好的。然後是一個更高層次的問題。為什麼選擇電池？為什麼要給它加裝電池？

When we look at the system reliability, there's multiple facets to it, batteries provide the capability for capacity and quick response. which when we look at the overall system, it requires a diversity of assets, everything from renewables to batteries to gas assets and more. And so we will continue to develop our system in a way to highlight that reliability and grid strength. And so when we put these solution sets, that was part of the answer.

當我們審視系統可靠性時，它涉及多個方面，電池提供了容量和快速反應。而當我們審視整個系統時，它需要多種多樣的資產，從再生能源到電池，再到天然氣資產等等。因此，我們將繼續改進我們的系統，以突出其可靠性和電網強度。所以，當我們提出這些解集時，這就是答案的一部分。

Paul Fremont, Ladenberg.

保羅‧弗里蒙特，拉登堡。

It sounds like part of the $7 billion is either transmission or distribution. Is that all going to be spent at the Genco -- or is some of that going to be spent at NIPSCO?

聽起來這70億美元有一部分是輸電或配電費用。這些錢全部都會花在Genco公司嗎？還是其中一部分會花在NIPSCO公司？

Yes. For guidance purposes, we're going to segment things into the Genco segment. Paul.

是的。為了方便指導，我們將把內容細分為 Genco 部分。保羅。

Right. But technically, -- in other words, is -- I get the guidance, but is the actual spending by taking place some of that at the utility and some of that at the Genco. That's really my question.

正確的。但從技術上講——換句話說——我理解指導意見，但實際支出是部分支出在公用事業公司進行，部分支出在發電公司進行。這正是我要問的問題。

Yes. That is correct, Paul. And then can you give us a sense of how much of the $7 billion then would be pure generation spend? Is it I assume it's the majority, but it is the majority, but we're not in a position to guide within that range, Paul.

是的。沒錯，保羅。那麼，您能否大致說明一下，這70億美元中有多少是純粹的發電支出？我猜想這應該是大多數人的看法，但的確是大多數人的看法，不過我們目前無法在這個範圍內進行指導，保羅。

Okay. And you can't -- can you give us a sense of like the cost per KW of the CCGTs or of the battery? .

好的。你不能——你能大概說說每千瓦燃氣聯合循環發電裝置或電池的成本嗎？。

You're asking competitive information also.

你也在詢問競爭對手的資訊。

Great. And then just to clarify the 8% to 9%, is that essentially inclusive then of of the $7 billion and the lower 6% to 8% is excluding that $7 billion. Is that essentially the way to look at that?

偉大的。然後，為了澄清一下，8% 到 9% 是否基本上包含了 70 億美元，而較低的 6% 到 8% 則不包括這 70 億美元。基本上就是從這個角度來看這個問題嗎？

Yes. Our base plan guidance reflects the 6% to 8% annual adjusted earnings per share growth rate that our base plan or traditional utility plant has achieved in the past and which is expected to grow annually off of actual results through the planned horizon of 2030. For the consolidated CAGR that reflects the $7 billion of CapEx that you highlighted as well as the returns associated with this customer, and that's what provides the range of $0.25 to $0.45 inside that 8% to 9% CAGR.

是的。我們的基本計劃指引反映了我們的基本計劃或傳統公用事業工廠過去實現的 6% 至 8% 的年度調整後每股收益增長率，預計到 2030 年的計劃期限內，這一增長率將根據實際結果逐年增長。綜合複合年增長率反映了您強調的 70 億美元資本支出以及與該客戶相關的回報，這使得 8% 到 9% 的複合年增長率在 0.25 美元到 0.45 美元之間。

Great. So -- and then the last question that I have -- can you provide sort of the load that goes with each of the EPS data points that you're identifying for the Genco. So I guess it would be 26, 30 and 32 for this new customer.

偉大的。那麼——我最後一個問題是——您能否提供您為 Genco 確定的每個 EPS 數據點對應的負載？所以我想這位新客戶應該是 26、30 和 32。

Unfortunately, we are -- we cannot provide that information.

很遺憾，我們無法提供該資訊。

Okay. And then maybe last question. In the Genco proceeding, some of the intervenors were looking to share returns above sort of NIPSCO's allowed return on equity. Is there a similar sharing mechanism that was ultimately contemplated as part of the Genco approval? Or is that yet to be determined as you go through the individual contracts?

好的。然後或許還有最後一個問題。在 Genco 訴訟中，一些幹預者希望獲得高於 NIPSCO 允許的股本回報率的回報。在Genco的批准過程中，是否最終考慮過類似的共享機制？或者，這還需要在逐份合約審查後才能確定？

So we'll submit the contract for this customer by the end of the year. And in that contract, -- there's a full back mechanism, as I've mentioned, over determined a contract to a little over $1 billion going back to our retail customers. There's no sharing of returns.

因此，我們將在年底前提交與這位客戶的合約。正如我之前提到的，該合約中包含一個完整的退款機制，將超額支付的 10 億美元返還給我們的零售客戶。收益不共享。

Christopher Jeffrey, Mizuho.

克里斯多福‧傑弗裡，瑞穗銀行。

Just regarding the decision to keep on Blackstone as a 20% stakeholder in Genco. Just kind of curious how much of a consideration there was to retaining 100% of the business and those earnings against insulating some of that financing risk.

關於保留黑石集團為Genco 20%股東的決定。我只是有點好奇，在保留100%的業務和收益，以及規避部分融資風險方面，究竟有多少考量。

Chris. Appreciate it. Well, we believe Blackstone is really the strongest long-term partner for Genco. It's a large-scale strategic investor, provides a robust platform for future investment. They've got familiarity and support for the state of Indiana -- they've been unwavering on how they support the growth and expansion in our communities -- they've been a great partner to date.

克里斯。謝謝。我們認為黑石集團才是Genco最可靠的長期合作夥伴。它是大型策略投資者，為未來的投資提供了強大的平台。他們熟悉並支持印第安納州——他們一直堅定不移地支持我們社區的成長和擴張——到目前為止，他們一直是很好的合作夥伴。

The transaction itself helped reduces our overall financing needs. It reinforces our strong balance sheet. It lowers our cost of capital. It provides diversification from traditional capital markets the commitment of not only the $1.5 billion of equity, but really to grow these projects beyond is equal to 19.9% of the ultimate Genco pipeline. So it gives us a long surety and visibility to pricing certainty to grow -- to fund a growing business, all while construction is ongoing as well. So it gives us an immense amount of flexibility that we think drives greater value for our shareholders.

此次交易本身有助於減少我們的整體融資需求。它進一步鞏固了我們穩健的資產負債表。它降低了我們的資金成本。它提供了與傳統資本市場的多元化，不僅承諾投入 15 億美元的股權，而且真正推動這些專案發展，相當於 Genco 最終專案儲備的 19.9%。因此，它為我們提供了長期的定價確定性和可見性，從而能夠發展壯大——為不斷增長的業務提供資金，同時建設也在進行中。因此，這賦予了我們極大的靈活性，我們認為這能為我們的股東創造更大的價值。

Great. And then maybe to ask one on Genco. Just as far as the base capital plan update, I just kind of noticed that it seems to be -- there seems to be a lot in 2029. And I was just wondering if that's any like specific bespoke projects or just kind of more clarity into that year?

偉大的。然後或許可以問問 Genco 的狀況。至於基礎資本計畫更新，我注意到 2029 年似乎有很多更新。我只是想知道這是否是指一些具體的客製化項目，或者只是想更清楚地說明那一年的情況？

Yes. Across the plan horizon, about 50% of the CapEx portfolio is natural gas investment 25%-ish is related to NIPSCO, traditional electric operations and about 25% ends up being Genco support on the generation build-out predominantly. So that's kind of the overarching profile of it.

是的。在整個計劃期內，約 50% 的資本支出組合是天然氣投資，約 25% 與 NIPSCO 的傳統電力運營有關，約 25% 最終主要用於為發電公司提供發電建設支援。這就是它的整體概況。

2029 is where we start to approach DLOL compliance requirements that are necessary for us to invest in generation. We see some larger investments in 2029 associated with that. We also start to see PHMSA compliance requirements at Columbia Gas IO in 207 and '28. MISO long-range transmission also starts to pick up really actually in '29. So it's in that same year as well.

2029 年，我們將開始接近 DLOL 合規要求，這是我們投資發電所必需的。我們預計 2029 年將有一些與此相關的較大投資。我們也看到哥倫比亞天然氣公司在 207 年和 2028 年開始受到 PHMSA 合規要求的約束。MISO遠端傳輸實際上在1929年開始真正發展起來。所以也是在同一年。

There are no further questions. I will now turn the call back over to NiSource team for closing remarks.

沒有其他問題了。現在我將把電話轉回給NiSource團隊，請他們作總結發言。

Thank you for your interest in NiSource. We're excited about this period of time of growth in our company and appreciate your questions and investments. Thank you.

感謝您對NiSource的關注。我們對公司目前的成長期感到非常興奮，並感謝各位的提問和投資。謝謝。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。