NiSource Inc. (NI) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the third-quarter 2026 NiSource earnings conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 NiSource 2026 年第三季財報電話會議。（接線員指示）

I will now hand the conference over to Durgesh Chopra, VP of Investor Relations. Durgesh, please go ahead.

現在我將把會議交給投資人關係副總裁 Durgesh Chopra。Durgesh，請開始。

Thank you. Good morning, and welcome to NiSource's thirdquarter 2026 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.

謝謝。各位早安，歡迎參加 NiSource 2026 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；技術與客戶執行副總裁暨首席商務長 Michael Luhrs；以及 NiSource 公用事業事業群執行副總裁兼集團總裁 Melody Birmingham。

Today, we'll review NiSource's financial performance for the third quarter, share updates on operations, strategy, and growth drivers, and walk through our extended long-term plan. Following our prepared remarks, we'll open the call for your questions. Slides for today's call are available in the Investor Relations section of our website.

今天我們將回顧 NiSource 第三季的財務表現，分享營運、策略與成長動能的最新進展，並帶各位走讀我們延伸的長期計畫。在我們的準備講稿結束後，將開放提問。本次電話會議的簡報可於我們網站的投資人關係專區取得。

Some statements made during this presentation will be forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. Information concerning such risks and uncertainties is included in the Risk Factors and MD&A sections of our periodic SEC filings. Additionally, some statements made on this call relate to non-GAAP financial measures. Please refer to the supplemental slides, segment information, and full financial schedules for information on the most directly comparable GAAP measures and a reconciliation of these measures.

本次簡報中的部分陳述屬於前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與陳述內容存在重大差異。有關此等風險與不確定性的資訊，載於我們定期向美國證券交易委員會（SEC）申報文件中的「風險因素」及「管理階層討論與分析（MD&A）」章節。此外，本次電話會議中的部分陳述涉及非 GAAP 財務衡量指標。請參閱補充簡報、分部資訊與完整財務附表，以取得與之最直接可比的 GAAP 指標資訊及相關調節表。

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

接下來，我把電話會議交給 Lloyd。

Thank you, Durgesh, and good morning, everyone. I'll begin on slide 3. At NiSource, our strategy remains grounded in delivering safe, reliable, and affordable energy while creating long-term value for our customers, communities, and shareholders. This quarter, we are extending our long-term plan through 2033, providing a seven-year view of the investment opportunity we see across our footprint and the growth it supports.

謝謝你，Durgesh，各位早安。我將從第 3 頁投影片開始。在 NiSource，我們的策略仍以提供安全、可靠且可負擔的能源為根基，同時為客戶、社區與股東創造長期價值。本季我們將長期計畫延伸至 2033 年，提供對我們服務版圖內投資機會及其所支撐成長的七年展望。

That plan rests on two complementary platforms: our base business, six regulated utilities situated across multiple states, delivering natural gas and electricity to 4 million customers; our growing GenCo business has differentiated growth, delivering power, and capacity to large-load customers, supporting national security through data center operations. The complementary nature of these segments provides stability, diversification and long runway of needed investment that have supported a consistent record of delivering on our commitments. With our recently announced Microsoft agreement, GenCo now serves three of the largest technology companies in the world and brings our signed agreements to an expected $1.75 billion in savings to existing NIPSCO Electric customers.

該計畫建立在兩個相輔相成的平台之上：我們的核心業務——分布於多州的六家受監管公用事業公司，向 400 萬名客戶提供天然氣與電力；以及我們持續成長的 GenCo 業務——具差異化成長動能，向大型負載客戶提供電力與容量，並透過資料中心營運支援國家安全。這兩個事業部門的互補性帶來穩定性與多元化，並提供長期且必要的投資跑道，支撐我們一貫履行承諾的紀錄。隨著我們近期宣布與微軟的協議，GenCo 現已服務全球三家最大的科技公司，並使我們已簽署協議所帶來的節省金額，預期可為現有 NIPSCO Electric 客戶帶來 17.5 億美元的節省。

Turning to slide 4. We continue to advance our regulatory priorities in support of the financial plan, while AI-enabled tools and Project Apollo are strengthening efficiency and productivity across the business. Today, we reported third-quarter consolidated adjusted EPS of $0.27. Bringing our year-to-date consolidated adjusted EPS to $1.49. This performance keeps us firmly on track to deliver on our full-year growth commitment.

接著看第 4 頁投影片。我們持續推進監管優先事項以支持財務計畫，同時，AI 賦能工具與 Apollo 專案正強化全公司效率與生產力。今天我們公布第三季合併調整後每股盈餘（EPS）為 0.27 美元，使年初至今合併調整後 EPS 達到 1.49 美元。此一表現使我們穩健維持在達成全年成長承諾的軌道上。

As a result of our progress, we are narrowing our 2026 consolidated adjusted EPS guidance to the upper half of our previously stated range of $2.02 to $2.07. We are also initiating 2027 consolidated adjusted EPS guidance of $2.22 to $2.30 and expanding our growth commitments through 2033, supported by an increased consolidated adjusted EPS compound annual growth rate of 10% to 11%. Shawn will take you through our growth drivers, financing plan, the $40 billion capital plan, and the associated financial commitments later in the call.

基於我們的進展，我們將 2026 年合併調整後 EPS 指引收斂至先前所述 2.02 至 2.07 美元區間的上半部。我們也啟動 2027 年合併調整後 EPS 指引，區間為 2.22 至 2.30 美元，並將成長承諾延伸至 2033 年；在此支持下，合併調整後 EPS 的年複合成長率（CAGR）提高至 10% 至 11%。稍後在電話會議中，Shawn 將帶各位了解我們的成長動能、融資計畫、400 億美元資本計畫，以及相關的財務承諾。

Moving to slide 5, safety remains our top priority and the foundation of how we serve our customers. This quarter tested our system, our people, and our communities. On August 11, a derecho moved across northern Indiana with wind speeds of up to 110 miles per hour, one of the most severe weather events in NIPSCO's history. Additional rounds of severe weather in the following days brought even more significant damage to our system.

來到第 5 頁投影片，安全仍是我們的首要任務，也是我們服務客戶方式的基礎。本季對我們的系統、人員與社區都是一次考驗。8 月 11 日，一場 derecho（直線風暴）橫掃印第安納州北部，風速最高達每小時 110 英里，為 NIPSCO 歷史上最嚴重的天氣事件之一。接下來幾天又出現多波強烈天氣，對我們的系統造成更嚴重的損害。

The weather pattern evolved rapidly, and while we were prepared for what was forecasted, the weather severely accelerated in the hours before the storm crossed into our system. We activated our incident command structure, suspended noncritical work, and placed contractor resources on standby. Within 24 hours, more than 1,700 external personnel had joined the internal teams, including Columbia Gas employees, contractor partners, and mutual assistance crews from across the region. By August 25, we had completed our broad restoration effort without injury, reflecting our ongoing focus on strengthening our safety culture, disciplined execution, and consistent application of critical safety behaviors. I want to thank our employees, mutual assistance business partners, and the local officials and first responders who worked alongside us.

天氣型態快速演變；雖然我們已針對預報內容做好準備，但在風暴進入我們系統前的數小時內，天氣強度大幅加速惡化。我們啟動事件指揮架構，暫停非關鍵工作，並讓承包商資源待命。在 24 小時內，超過 1,700 名外部人員加入內部團隊，包括 Columbia Gas 員工、承包商夥伴，以及來自全區域的互助支援隊伍。截至 8 月 25 日，我們在無人受傷的情況下完成大範圍復電／復原工作，反映我們持續強化安全文化、紀律執行，以及一致落實關鍵安全行為的努力。我要感謝我們的員工、互助支援的業務夥伴，以及與我們並肩作業的地方官員與第一線應變人員。

We have an improvement mindset and are focused on learning from this event. We are completing a full internal after-action review, which we expect to finish by late November. And we are hiring a third-party expert to conduct an independent review of our response over the next several months. Meanwhile, we are participating fully in the reviews by the IURC underway in Indiana. NIPSCO will learn from this event and act on the lessons learned as we look to build a stronger and more resilient system for our community.

我們秉持持續改善的心態，並專注於從此次事件中學習。我們正在完成一份完整的內部事後檢討報告，預計於 11 月下旬完成。同時，我們也將聘請第三方專家，在未來數月對我們的應變作為進行獨立審查。此外，我們也正全面配合印第安納州 IURC 目前進行中的審查。NIPSCO 將從此次事件中汲取經驗並採取行動，運用所學教訓，為社區打造更強健、更具韌性的系統。

Turning to slide 6 and our regulatory agenda, I'll start with Ohio. Building on the tracker approvals we received this year, Columbia Gas of Ohio filed its first three-year forward-looking rate case under the framework which took effect earlier this year through Senate Bill 103. This forward-looking structure reduces regulatory lag and better aligns recovery with the continued safety and modernization investments for our communities. Our Kentucky and Virginia rate cases remain on schedule and continue to progress constructively, with new rates in Virginia effective October 12, subject to refund, and decisions expected in both cases in the first half of 2027.

接著看第 6 頁投影片與我們的監管議程，我先從俄亥俄州談起。在今年取得追蹤機制（tracker）核准的基礎上，Columbia Gas of Ohio 依據今年稍早透過參議院法案 103（Senate Bill 103）生效的架構，提交了其首件為期三年的前瞻性費率案件。此一前瞻性架構可降低監管時滯，並使成本回收與我們持續投入社區安全與現代化的投資更為一致。我們在肯塔基州與維吉尼亞州的費率案件仍按計畫進行，並持續以建設性方式推進；維吉尼亞州的新費率已於 10 月 12 日生效（可退費），兩案預計皆將於 2027 年上半年作出決定。

In September, NIPSCO received a fourth federal order requiring continued operation of the Schahfer coal units. We continue to comply, and we are pursuing recovery of compliance costs through the FERC-approved MISO tariff schedule, having submitted Section 205 filings for each order period. We're evaluating a potential extension of the units' operations through our Integrated Resource Plan. NIPSCO's IRP will also evaluate near-term capacity needs, evolving MISO accreditation rules, and changes in the federal tax credit eligibility.

9 月，NIPSCO 收到第四道聯邦命令，要求 Schahfer 燃煤機組持續運轉。我們持續遵循命令，並已就各命令期間提交第 205 條（Section 205）申報，透過 FERC 核准的 MISO 費率表（tariff schedule）尋求回收合規成本。我們正透過整合資源規劃（IRP）評估該等機組延長運轉的可能性。NIPSCO 的 IRP 也將評估短期容量需求、MISO 認證規則的演進，以及聯邦稅額抵免資格的變動。

Later this month, we will have our second public stakeholder meeting focused on the 20-year load forecast, updated seasonal peak methodology, resource adequacy needs, existing unit assumptions, and stakeholder portfolio concepts. Our financial plan contains a point of view on the necessary generation requirements to support expected load growth while maintaining flexibility as the IRP evaluates the appropriate resource mix and timing of those investments. We will continue to share further updates with you through our ongoing stakeholder process.

本月稍晚，我們將舉行第二場公開利害關係人會議，聚焦於 20 年負載預測、更新後的季節性尖峰方法、資源充足性需求、既有機組假設，以及利害關係人提出的投資組合概念。我們的財務計畫已就支持預期負載成長所需的發電需求提出觀點，同時在 IRP 評估適當的資源組合與投資時點時，維持彈性。我們將透過持續的利害關係人流程，繼續與各位分享後續更新。

Affordability remains a key focus across our jurisdictions, and we continue to engage constructively with regulators and policymakers. In Pennsylvania, the Commission's Ratemaking Working Group is evaluating ROE methodologies, rate case processes and the DSIC framework as part of the state's broader affordability dialogue. We are participating constructively, and our financial plan retains flexibility to navigate these processes while continuing to invest for our customers.

在我們各個司法管轄區，「可負擔性」仍是關鍵重點，我們也持續與監管機關及政策制定者進行建設性互動。在賓夕法尼亞州，委員會的費率制定工作小組（Ratemaking Working Group）正就 ROE 方法論、費率案件流程以及 DSIC 架構進行評估，作為該州更廣泛可負擔性對話的一部分。我們正以建設性方式參與其中，而我們的財務計畫亦保留彈性，以因應這些流程，同時持續為客戶進行投資。

We are also engaged in Indiana through the IURC's broader affordability review, including proceedings on authorized returns and tracker mechanisms. We will remain actively engaged as those proceedings advance, focused on maintaining affordability while enabling investment necessary to serve Indiana's growing economy.

我們也透過 IURC 更廣泛的可負擔性審查持續參與印第安納州相關事務，包括核准報酬率與追蹤機制等程序。隨著這些程序推進，我們將持續積極參與，重點是在維持可負擔性的同時，促成服務印第安納州成長中經濟所需的投資。

We are already seeing meaningful progress. The IURC's 2026 Residential Bill Survey shows our electric customers' bills declining year over year. And our data center agreements are expected to deliver meaningful savings to NIPSCO Electric customers. Together, these reinforce our view that Indiana remains a great place to do business with significant investment potential. And more broadly, that economic development can be a driver of savings and support affordability solutions across our footprint.

我們已經看到具體且有意義的進展。IURC 的《2026 年住宅帳單調查》顯示，我們電力客戶的帳單金額較去年同期下降。此外，我們與資料中心簽訂的協議預期將為 NIPSCO Electric 客戶帶來可觀的節省。綜合而言，這些都強化了我們的看法：印第安納州仍是極佳的營商地點，具備顯著的投資潛力。更廣泛而言，經濟發展可以成為節省成本的驅動力，並在我們的服務版圖內支持各項可負擔性解決方案。

Speaking of savings, our new partnership with Microsoft reflects our third GenCo customer and fifth agreement we've reached in just over one year. This also represents the latest agreement served through the pool strategy we introduced in May. We're proud of the work we are doing to bring meaningful savings to our customers in Northern Indiana. We have brought ingenuity and commercial acumen to a problem many states and regions in this country have not been able to figure out. This has enabled a truly unique win for existing retail customers and local communities.

談到節省成本，我們與微軟的新合作夥伴關係，代表我們第三位 GenCo 客戶，也是我們在短短一年多內達成的第五份協議。這也代表透過我們於 5 月推出的「池化策略」所服務的最新一份協議。我們為能在印第安納州北部為客戶帶來實質節省而感到自豪。我們以創新思維與商業敏銳度，解決了美國許多州與地區尚未能釐清的問題。這使得既有零售客戶與在地社區都能獲得真正獨特的雙贏成果。

New customers advance the imperative for the US to keep up with data center technology to protect our country and our shareholders. Shown on slide 7, our signed agreements are now expected to deliver approximately $1.75 billion in savings to existing NIPSCO Electric customers, up from $1.4 billion last quarter. At full ramp, that equates to approximately $140 per year for an average residential customer, and we expect bill credits to begin as early as January pending IURC approval. Our data center customers pay the cost associated with their load, while their use of the existing system lowers bills for our residential customers.

新客戶推進了美國必須跟上資料中心技術的迫切需求，以保護我們的國家與股東。如投影片 7 所示，我們已簽署的協議目前預期可為既有 NIPSCO Electric 客戶帶來約 17.5 億美元的節省，高於上季的 14 億美元。在完全爬坡後，這相當於一般住宅客戶每年約 140 美元；在 IURC 核准的前提下，我們預期最早可於 1 月開始提供帳單抵減。我們的資料中心客戶支付其負載相關成本，而其使用既有系統則可降低住宅客戶的帳單。

Consistent with the objectives set out for GenCo, this partnership seeks to enable affordability for existing customers, supports economic development in Northern Indiana, enhances shareholder value, and is structured with prudent risk management.

本合作夥伴關係與 GenCo 所設定的目標一致，旨在提升既有客戶的可負擔性、支持印第安納州北部的經濟發展、增進股東價值，並以審慎的風險管理架構設計。

I'll now turn the call over to Michael to walk through this agreement in more detail.

接下來我把電話會議交給 Michael，請他更詳細說明這項協議。

Thanks, Lloyd. I'll begin on slide 8. Under the agreement, Microsoft is taking electric service under a 20-year term starting in 2028. The GenCo-owned pool portfolio will be increased by approximately 1,100 megawatts, including roughly 500 megawatts of combustion turbines and 600 megawatts of battery storage. We expect to file the special contract with the IURC by year-end and are seeking an order in the first half of 2027, consistent with the expedited 90- to 120-day review framework established for our data center agreements.

謝謝，Lloyd。我將從投影片 8 開始。依據協議，微軟將自 2028 年起以 20 年期取得電力服務。GenCo 擁有的池化投資組合將增加約 1,100 兆瓦，其中約 500 兆瓦為燃燒渦輪機，600 兆瓦為電池儲能。我們預期在年底前向 IURC 提交特別契約，並尋求於 2027 年上半年取得命令，這與針對我們資料中心協議所建立的加速 90 至 120 天審查架構一致。

Like our other GenCo agreements, it is structured to provide a return on and of our investment over the contract term. Supported by minimum capacity charges, pass-through treatment of variable costs and termination protections. Slide 9 highlights the significant momentum we have built in just over a year. What began with the GenCo declination order and our initial customer agreement in September 2025 has grown to 5 agreements across 3 signed customers. Supported by meaningful progress across contract approvals, regulatory filings, zoning, construction and initial energization.

與我們其他 GenCo 協議相同，其架構設計為在合約期間內提供我們投資的投資報酬（return on）與本金回收（return of）。並由最低容量費支撐、變動成本採轉嫁處理，以及終止保護條款。投影片 9 強調我們在短短一年多內建立的強勁動能。自 2025 年 9 月的 GenCo 拒絕令與我們的首份客戶協議起步，現已成長為 3 位已簽署客戶、共 5 份協議。並在合約核准、監管申報、分區（zoning）、施工與初始送電等方面取得實質進展作為支撐。

That commitment is already translating to results. Following the signing of Alphabet in April, we've completed construction of transmission infrastructure ahead of schedule and began billing this summer. Across these projects, we have been proactive in securing long-lead equipment, diversifying vendors and establishing EPC arrangements, including our partnership with Quanta and Zachry to reduce execution risk. Our teams remain focused on delivering these projects safely, on schedule, and alongside our ongoing operations.

這項承諾已經開始轉化為成果。在 4 月與 Alphabet 簽約後，我們已提前完成輸電基礎設施建置，並於今年夏季開始計費。在這些專案中，我們主動確保長交期設備、分散供應商，並建立 EPC 安排，包括與 Quanta 與 Zachry 的合作，以降低執行風險。我們的團隊仍專注於在確保安全、如期交付的同時，並行推進這些專案與我們的日常營運。

Construction continues on Amazon's site, the largest infrastructure project in our company's history, including a 345 kV delivery substation and associated transmission infrastructure, which is expected in service next year. As civil site work progresses and permitting and regulatory approvals advance, we remain on track for the expected energization and full ramp across our signed projects.

亞馬遜場址的施工仍在持續進行，這是本公司史上最大的基礎設施專案，包括一座 345 kV 交付變電站及相關輸電設施，預計將於明年投入使用。隨著土木場址工程推進，以及許可與監管核准持續進展，我們仍按計畫達成已簽署專案的預期送電與全面爬坡。

Our progress to date demonstrates we are delivering on our signed agreements, advancing approximately 5 gigawatts of capacity, and as Slide 10 highlights, we are targeting up to 4 gigawatts of potential additional load, which our model is well positioned to facilitate. Demand from large-load customers remains robust. Customers are choosing Northern Indiana and GenCo because we can offer credible speed to power, transmission access, land, water, fiber, skilled labor, and a supportive business and regulatory framework built for both speed and customer protection.

我們迄今的進展顯示，我們正落實已簽署的協議、推進約 5 吉瓦的容量；且如投影片 10 所示，我們鎖定最高可達 4 吉瓦的潛在新增負載，而我們的模式具備良好條件可促成其落地。大型負載客戶的需求仍然強勁。客戶選擇印第安納州北部與 GenCo，是因為我們能提供可信的快速供電（speed to power）、輸電接入、土地、水資源、光纖、熟練勞動力，以及兼顧速度與客戶保護的支持性商業與監管架構。

We continue to see market dynamics that could expand opportunities beyond our 9 gigawatt pipeline, and we will share updates to reflect those opportunities in the future as we evaluate execution pathways to integrate that growth.

我們持續觀察到市場動態可能使機會超出我們 9 吉瓦的案源管線；未來在評估整合該成長的執行路徑時，我們將分享更新以反映這些機會。

With that, I will turn the call over to Shawn.

接下來，我把電話會議交給 Shawn。

Thank you, Michael, and good morning, everyone. I'll begin on slides 11 and 12. Third-quarter consolidated adjusted EPS was $0.27 compared with $0.19 in the same period last year, bringing our year-to-date consolidated adjusted EPS to $1.49. Our strong financial quarter was driven by disciplined cost management and continued outperformance of customer demand for natural gas and electricity across our operating companies. Usage and customer accounts were up year over year at NIPSCO, Columbia Gas of Ohio, Virginia, and Kentucky, all creating tailwinds for our financial results.

謝謝你，Michael，各位早安。我將從投影片 11 與 12 開始。第三季合併調整後每股盈餘（EPS）為 0.27 美元，去年同期為 0.19 美元，使我們年初至今的合併調整後 EPS 達到 1.49 美元。我們強勁的季度表現主要來自嚴謹的成本管理，以及我們各營運公司天然氣與電力客戶需求持續優於預期。NIPSCO、俄亥俄 Columbia Gas、維吉尼亞與肯塔基的用量與客戶帳戶數皆較去年同期增加，為我們的財務結果帶來順風。

We reached a significant agreement on property tax savings in Ohio, which will pass through lower property tax rates over time. O&M was higher year over year due to the costs associated with responding to storm activity. Otherwise, all other activities were flat year over year. These drivers give us confidence as we step into the fourth quarter. We expect earnings to deliver the upper half of our guidance range, and many of the principal drivers are already in place, including Step 2 rates at NIPSCO Electric, our Virginia rate case, approved tracker updates, the ramp of Alphabet load, and continued progress on more than $40 million of cost optimization initiatives we identified earlier this year.

我們在俄亥俄州就不動產稅節省達成一項重要協議，將隨時間推移以較低的不動產稅率轉嫁反映。由於應對風暴活動相關成本，營運與維護費用（O&M）較去年同期增加。除此之外，其他各項活動與去年同期持平。這些驅動因素讓我們在邁入第四季時更具信心。我們預期盈餘將落在指引區間的上半部，而多數主要驅動因素已就位，包括 NIPSCO Electric 的 Step 2 費率、我們在維吉尼亞的費率案件、已核准的追蹤機制更新、Alphabet 負載的爬坡，以及我們今年稍早識別的逾 4,000 萬美元成本優化計畫持續推進。

Turning to slide 13, we are excited to extend our capital plan through 2033. Our new 7-year plan totals $40 billion, including $32 billion of base plan investments and approximately $8 billion of GenCo investments to support data center customers. The extended plan reflects the depth of investment required to support a safe and reliable system, gas system modernization and safety programs, electric reliability and resiliency, generation to meet our customers' capacity needs, and infrastructure to support economic growth across our territories. The plan remains diversified across our gas and electric businesses throughout six states and in our growing business segment, GenCo.

接著看投影片 13，我們很高興將資本計畫延伸至 2033 年。我們新的 7 年計畫總額為 400 億美元，其中包括 320 億美元的基礎計畫投資，以及約 80 億美元的 GenCo 投資，用以支援資料中心客戶。延伸後的計畫反映了為支撐安全可靠的系統、天然氣系統現代化與安全計畫、電力可靠性與韌性、滿足客戶容量需求的發電資源，以及支持我們各服務區域經濟成長所需基礎設施之投資深度。該計畫在六個州的天然氣與電力業務，以及我們成長中的業務部門 GenCo 之間，仍維持多元分散。

Our new plan improves our cash efficiency by converting over 90% of our investments into initial recovery within 12 months of investment. This disciplined approach to investment supports consolidated investment growth of 9% to 10% while delivering adjusted earnings per share returns of 10% to 11% through 2033. We also continue to see upside investment opportunity of $3 billion for our base business and up to 4 gigawatts of pipeline in GenCo, which are not included in our guidance. And we will move into the base plan when projects meet our threshold.

我們的新計畫透過在投資後 12 個月內將超過 90% 的投資轉換為初始回收，提升了現金效率。這種嚴謹的投資方法支持合併投資以 9% 至 10% 的速度成長，同時在 2033 年前提供 10% 至 11% 的調整後每股盈餘報酬。我們也持續看到未納入指引的上行投資機會：基礎業務約 30 億美元，以及 GenCo 最多 4 吉瓦的案源管線。當專案符合我們的門檻時，我們將把它們納入基礎計畫。

Turning to slide 14, we are narrowing our 2026 consolidated adjusted EPS guidance to the upper half of our stated range. Today, we initiated our 2027 adjusted EPS guidance at $2.22 to $2.30 per share which implies a double-digit year-over-year growth next year at each midpoint, including $0.05 to $0.09 of contribution from our GenCo business segment. The 2027 guidance becomes the new foundation for our long-term earnings potential, which we expect to grow 10% to 11% on a compounded annual growth rate basis off of our expectations for 2027 through 2033. Additionally, we expect multiple years of double-digit growth through the planning horizon as the GenCo segment strengthens from development to serving its customers.

轉到第14頁，我們將2026年合併調整後每股盈餘（EPS）指引收斂至先前所述區間的上半部。今天，我們啟動2027年調整後EPS指引，為每股2.22至2.30美元；以各自中點計算，意味著明年年增率為雙位數成長，其中包含來自我們GenCo業務部門0.05至0.09美元的貢獻。2027年指引將成為我們長期獲利潛力的新基礎；我們預期以2027年至2033年的展望為基礎，複合年成長率（CAGR）可達10%至11%。此外，隨著GenCo部門由開發階段轉向服務其客戶，我們預期在規劃期間內將有多年維持雙位數成長。

We are also extending our base plan to achieve 6% to 8% annual EPS growth through 2033. We see continued stability in our core business operations, which have benefited from diversification and demand for natural gas and electricity throughout the regions we serve. As we move toward year-end reporting, GenCo will be disclosed as a separate segment. Consistent with our current reporting, we will provide operating income for the segment. To further support transparency and for your modeling efforts, we are also providing indicative GenCo EPS contribution targets for the present year, in 2027, 2030, and in 2033.

我們也將基礎計畫延伸至2033年，目標達成每年6%至8%的EPS成長。我們看到核心業務營運持續穩健，受惠於多元化布局，以及我們服務區域內對天然氣與電力的需求。隨著我們邁向年底申報，GenCo將以獨立部門揭露。依循我們目前的申報方式，我們將提供該部門的營業利益。為進一步提升透明度並協助各位建模，我們也提供GenCo在本年度、2027年、2030年以及2033年的指標性EPS貢獻目標。

We believe our plan remains highly executable, incorporates modest customer growth, conservative financing assumptions, and a continued commitment to flat O&M. We worked hard to focus on ways to drive customer bill impacts down. Our new plan has decreased our view on bill increases by over 100 basis points down to less than 4% average annual residential customer bill increases from 2027 through 2031 on the investment base of 9% to 10%.

我們相信，我們的計畫仍具高度可執行性，納入溫和的客戶成長、保守的融資假設，以及持續承諾維持O&M（營運與維護費用）持平。我們也努力聚焦於降低客戶帳單影響的方法。我們的新計畫將對帳單增幅的看法下修超過100個基點，降至在9%至10%的投資基礎下，2027年至2031年住宅客戶帳單平均年增幅低於4%。

Finally, we continue our commitment to a strong balance sheet by maintaining FFO to debt of 14% to 16% in all years of our plan. We expect our balance sheet strength to grow over time as GenCo transitions from capital deployment to meaningful cash generation over the plan horizon.

最後，我們持續承諾維持強健的資產負債表，在計畫的所有年度將FFO對負債比率維持在14%至16%。隨著GenCo在規劃期間內由資本投入轉向具意義的現金創造，我們預期資產負債表的強度將隨時間提升。

Moving to slide 15, we think it's important to view this opportunity through a longer-term lens. Our base business remains a strong foundation of the plan, expected to deliver durable 6% to 8% annual base plan adjusted EPS growth. GenCo builds on top of that foundation, contributing an incremental layer of earnings growth as these investments are placed into service and customers ramp to full demand. Today, we are increasing GenCo's expected EPS contribution, reflecting continued efficiencies in our existing Amazon and Alphabet agreements along with the addition of Microsoft. As a result, we now expect GenCo to contribute $0.32 to $0.40 in 2030 and growing to $0.52 to $0.68 by 2033.

轉到第15頁，我們認為以更長期的視角看待這個機會很重要。我們的基礎業務仍是計畫的強健根基，預期可帶來穩健的每年6%至8%基礎計畫調整後EPS成長。GenCo在此基礎之上再加一層，隨著這些投資投入使用、客戶負載逐步提升至滿載需求，帶來額外的獲利成長。今天，我們上調GenCo預期的EPS貢獻，反映我們既有Amazon與Alphabet協議的持續效率提升，以及新增Microsoft。因此，我們目前預期GenCo在2030年貢獻0.32至0.40美元，並在2033年成長至0.52至0.68美元。

Together, our businesses support our consolidated 10% to 11% adjusted EPS CAGR guidance through 2033 and demonstrate the compounding value of executing across both the base plan and GenCo over the full planning horizon. Factors such as the timing of regulatory approvals, construction, financing costs and the pace of customer load ramps will determine where we land within that range. Our pipeline of strategic negotiations and developing opportunities provides the opportunity to exceed the top end.

綜合而言，我們的各項業務支持我們至2033年合併調整後EPS複合年成長率（CAGR）10%至11%的指引，並展現於完整規劃期間同時推進基礎計畫與GenCo所帶來的複利價值。諸如監管核准時點、施工進度、融資成本以及客戶負載爬坡速度等因素，將決定我們落在該區間內的哪個位置。我們的策略性協商與開發中機會之管線，亦提供超越區間上緣的可能性。

Slide 16 details our financing plan. In August, we issued $750 million of junior subordinated notes, further strengthening our balance sheet and supporting the capital plan. Looking forward, we expect to issue $400 million to $600 million of maintenance equity annually in the near term, with those needs stepping down as we move through the plan to minimal levels starting in 2032 as the business increasingly self-funds its growth. We maintain flexibility to fund the plan efficiently through a balanced mix of debt, hybrid securities and maintenance equity, while preserving our investment-grade credit profile and supporting our 14% to 16% FFO to debt commitment. We will also be opportunistic, evaluating all aspects of capital markets to fund our growth strategies. What will guide our decision is maximizing long-term value for our shareholders while retaining the strategic flexibility to capture customer, community and shareholder benefits.

第16頁詳述我們的融資計畫。8月，我們發行7.5億美元的次順位次級票據（junior subordinated notes），進一步強化資產負債表並支持資本計畫。展望未來，我們預期短期內每年發行4億至6億美元的維持性股權（maintenance equity）；隨著計畫推進，相關需求將逐步下降，並自2032年起降至極低水準，因為業務將愈來愈能以自有資金支應成長。我們維持彈性，透過債務、混合型證券與維持性股權的均衡組合，以有效率的方式為計畫籌資，同時維持投資等級信用評等，並支持我們FFO對負債14%至16%的承諾。我們也將把握機會，評估資本市場各面向以資助我們的成長策略。引導我們決策的原則，是在保有策略彈性以掌握客戶、社區與股東利益的同時，最大化股東的長期價值。

And lastly, slide 17. Narrowed our 2026 consolidated adjusted EPS outlook to the upper half of our range, initiated 2027 consolidated adjusted EPS guidance, and executed our fifth GenCo agreement by adding a third GenCo customer, which increased customer savings to $1.75 billion. At the same time, we responded to one of the most severe storms in NIPSCO's history and are applying what we learned to strengthen our system.

最後是第17頁。我們將2026年合併調整後EPS展望收斂至區間上半部、啟動2027年合併調整後EPS指引，並透過新增第三位GenCo客戶，完成第五份GenCo協議，使客戶節省金額提高至17.5億美元。同時，我們也應對了NIPSCO史上最嚴重的風暴之一，並正將所學應用於強化我們的系統。

Taken together, these milestones demonstrate the resiliency and the ingenuity of our teams, making progress across all fronts of our business and positioning for sustained growth and customer value over the long term. We remain confident in our ability to deliver on our commitments. Regulatory execution provides visibility into earnings and cash flow. Our capital plan is diversified across businesses and jurisdictions.

綜合來看，這些里程碑展現了我們團隊的韌性與創新能力，在業務各面向持續推進，並為長期的持續成長與客戶價值做好布局。我們仍對履行承諾的能力充滿信心。監管執行為獲利與現金流提供能見度。我們的資本計畫在不同業務與司法管轄區之間具備多元化配置。

Our operational initiatives continue to support productivity and cost discipline, and GenCo contracts deliver stable fixed charges for our services while adding a meaningful layer of growth and lower bills by approximately $140 per year at full ramp for existing electric customers.

我們的營運措施持續支持生產力提升與成本紀律；而GenCo合約為我們的服務帶來穩定的固定費用（fixed charges），同時在既有電力客戶完全爬坡至滿載時，每年可將帳單降低約140美元，並增加一層具意義的成長動能。

NiSource offers investors a diversified, regulated utility with the opportunity to invest in programmatic gas infrastructure and long-term energy infrastructure for a fully integrated electric business. The investment thesis extends to access the unprecedented energy development and power demand this country requires to support new data center operations and robust economic development, offers a value proposition differentiated in the marketplace today. And finally, we continue to build upon our track record of execution and delivering on the commitments we make.

NiSource為投資人提供一家多元化的受監管公用事業公司，具備投資於計畫性天然氣基礎設施，以及為完全整合的電力業務投資長期能源基礎設施的機會。此投資論點亦延伸至掌握本國為支持新資料中心營運與強勁經濟發展所需、前所未有的能源開發與電力需求，並提供當前市場上具差異化的價值主張。最後，我們將持續在既有的執行紀錄之上再接再厲，並兌現我們所做出的承諾。

Operator, please open the line for questions.

接線員，請開放提問線路。

(Operator Instructions)

(接線員指示)

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行（Wells Fargo）。

Morning, Lloyd. Just firstly, the disclosures around Microsoft are a meaningful addition to the quarter, right? So can you just maybe comment on the size of the site and how we should think about the longer-term opportunity with Microsoft from here? So does the agreement announced today, does that largely capture the opportunity you see with them, or should we view this as potentially the first phase of something larger?

早安，Lloyd。首先，關於Microsoft的揭露對本季來說是相當有意義的新增，對吧？那你能否談談該據點的規模，以及我們應如何看待從現在起與Microsoft的長期機會？也就是說，今天宣布的協議是否已大致涵蓋你們所看到與他們之間的機會，還是我們應將其視為可能更大規模合作的第一階段？

I mean, what I'll say to you, Shar, is we can't comment on any of our customers' sites or the size of those sites. What I can tell you, though, we're actively engaged with all three of our major customers and the customers that we have in the queue. And we have a lot of demand in that queue with those customers, and we're really confident in our ability to execute on the pipeline that we have.

我的意思是，Shar，我能跟你說的是，我們無法評論任何客戶的據點或其規模。不過我可以告訴你的是，我們正與三大主要客戶以及排隊中的客戶積極互動。而且在那個隊列中，這些客戶有大量需求；我們對於執行現有管線的能力非常有信心。

Okay. Got it. And then just obviously, there's been a lot of progress on the GenCo. It's starting to create value. I guess, as we move through the remaining proceedings in Indiana. I guess, how are you thinking about the key regulatory risks from here? Has anything changed in terms of the risk profile as we move further through the process?

好的，了解。接著很明顯，GenCo已取得很多進展。它開始創造價值。我想，隨著我們推進印第安納州剩餘的程序。我想問的是，你們如何看待接下來的主要監管風險？隨著流程更往前推進，風險輪廓是否有任何改變？

No, we're still optimistic and confident in Indiana. We think it's a great place to do business. It presents a significant long-term growth opportunity for NiSource. If you think about the GenCo and economic development and affordability are among the administration's top priorities, and the GenCo checks all of those boxes.

沒有，我們對印第安納州仍然保持樂觀且有信心。我們認為那是一個非常適合做生意的地方。它為NiSource帶來顯著的長期成長機會。如果你想到GenCo、經濟發展以及可負擔性都是政府施政的優先事項之一，而GenCo符合所有這些要點。

So we're in Indiana. We are actively engaged with all the stakeholders. Our goal is to enhance our value proposition for customers, our large-load customers, and our shareholders.

所以我們在印第安納州。我們正積極與所有利害關係人互動。我們的目標是提升我們對客戶、我們的大負載客戶以及股東的價值主張。

Got it. Perfect. Thanks, Lloyd. We'll see you in a couple weeks.

了解。完美。謝謝你，Lloyd。我們兩週後見。

See you in a couple weeks.

兩週後見。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Hey, just wanted to follow up. I'll take another crack at this if I can. Without identifying customers' internal plans, right, I think an important caveat. Is the current infrastructure and resource plan being designed to preserve the ability to serve additional Microsoft load? How do you think about the physical requirements, whether that's generation or transmission, to upside from here? I'm just trying to zero in on the initial 788 and what the underlying generation plan that underpins it could be, and/or if you're going to plan ahead a little bit, if you will, on.

嗨，我只是想追問一下。如果可以的話，我再試著問一次。在不揭露客戶內部規劃的前提下，對，這點很重要。目前的基礎設施與資源規劃，是否在設計上保留了服務額外 Microsoft 負載的能力？你們如何看待從現在起上行空間所需的實體條件，不論是發電端或輸電端？我只是想聚焦在最初的 788，以及支撐它的底層發電規劃可能是什麼，和／或你們是否會稍微提前做一些規劃，如果你願意這麼說的話。

And then maybe a sub-question on that would be, you have an initial toll on the battery. How do you think about ownership on that front over time as well?

另外也許一個子問題是，你們在電池上有一個初始的代工（tolling）安排。你們如何看待未來在那方面的所有權配置？

So what I would say, let's sort of back up to more of the global perspective first, which is Indiana is a positive area of the country by which to facilitate both the generation growth and the serving of data center customers, as mentioned in the foreword of it, like relative to land, fiber, et cetera. When we plan our assets for the ability to, from that pool portfolio, serve the totality of our customers within it. We don't overbuild on that or overextend on that, but at the same time, we do plan for the potentials, the risk. It's one of the ways we're able to mitigate overall challenges with the portfolio and make sure that we meet our commitments in serving our customers.

我想我會先從更宏觀的角度往回講：如同前言提到的，印第安納州在全美是一個有利的地區，能促進發電成長並服務資料中心客戶，例如土地、光纖等條件相對具優勢。當我們規劃資產時，是以能夠在該資產池／投資組合中服務我們所有客戶的總體需求為前提。我們不會為此過度建置或過度擴張，但同時也會為潛在需求與風險做規劃。這也是我們能夠緩解投資組合整體挑戰、並確保履行服務客戶承諾的方法之一。

What I would say is you've seen us grow with Amazon, and you've seen us sign two additional agreements with Amazon, which have both accelerated and incremented that capacity. We are focused on being able to continue to grow with our existing customer base. And with those high-creditworthy counterparties, good strong counterparties, we will continue to add them to the portfolio as we go forward. So overall, we feel like we're in a really good position. We feel we have the capability both from transmission and what we're looking at with generation capability to be able to both grow with our existing customers and expand our pipeline.

我想說的是，你們已經看到我們與 Amazon 一起成長，也看到我們與 Amazon 簽了另外兩份協議，這兩份協議都加速並增加了那部分容量。我們專注於能夠持續與既有客戶群一起成長。對於那些信用資質很高的交易對手、強而有力的對手方，我們會在未來持續把他們納入投資組合。因此整體而言，我們覺得自己處於非常有利的位置。我們認為，無論在輸電端，或在我們所評估的發電能力方面，我們都有能力一方面與既有客戶一起成長，另一方面擴大我們的案源管線。

As for the tolling agreement (multiple speakers)

至於代工（tolling）協議（多位講者）

We look at the tolling agreement, we use a variety of mechanisms to balance everything across the portfolio, both from all the financial parameters, what we want to do overall with our long-term strategy. So as we have done with batteries, some of them we own, some of them we toll, some we have when we continue to do these arrangements, we're not opposed to owning, but at the same time, as we continue to grow this portfolio, we're going to try to make sure we take a balanced perspective that allows us to be able to step into opportunities at the right time and also be able to adapt to technology changes as we go forward.

我們看待代工（tolling）協議時，會運用多種機制在投資組合內做整體平衡，涵蓋所有財務參數，以及我們長期策略想達成的目標。因此就像我們在電池上所做的，有些我們自有、有些採代工、有些在我們持續進行這些安排時納入；我們並不排斥持有資產，但同時，隨著投資組合持續擴大，我們會力求採取平衡的觀點，讓我們能在適當時點把握機會，也能在未來因應技術變化而調整。

Yeah, absolutely. And then if you can just elaborate a little bit further as you think about the funding plan a little bit, it seems like the additional incremental payments here being made, whether it's Microsoft or otherwise on the GenCo, is what's driving the additional CFO when it's the 55% to 60% to fund the plan, the subtlety of incremental cash in the near term?

是的，完全同意。另外，如果你能再多談一點資金籌措計畫：看起來這裡額外的增量付款，不論是 Microsoft 或其他在 GenCo 端的付款，正在推動額外的 CFO，使得你們能以 55% 到 60% 的比例來資助該計畫；這裡的細微之處是否在於近期的增量現金？

Yeah. You're starting from a low position on customer ramp rate, which strengthens through the period of the plan. And if you recall, we'll have customers fully ramped in 2030, 2031, 2032, which is strengthening cash from operations in the GenCo segment. Additionally, the base business continues to produce strong cash flows. As a reminder, the starting point of 16.1 at the end of 2025 on an FFO to debt basis just demonstrates the strong cash flows and capitalization of the base business was beginning at, and that just maintains itself through the plan horizon.

是的。你是從客戶爬坡（ramp rate）較低的起點開始，而在計畫期間會逐步走強。而且如果你還記得，我們的客戶會在 2030、2031、2032 年完全爬坡到位，這會強化 GenCo 部門的營運現金流。此外，基礎業務仍持續產生強勁的現金流。提醒一下，以 2025 年底 FFO 對負債（FFO to debt）16.1 的起點，正好顯示基礎業務一開始就具備強勁的現金流與資本結構，而這種狀態在整個計畫期間也能維持。

All right. I'll leave it there. Lots of further questions. Good luck, guys. Nicely done.

好。我就先到這裡。後面還有很多問題。祝你們好運。做得很好。

Nicholas Campanella, Barclays.

Nicholas Campanella，Barclays。

So just wanted to ask, like, you used to talk about doing the strategic review of GenCo just in terms of being able to execute beyond the 9 gigawatts. Can you give an update on how that's going? And just, you've made pretty steady progress here. Does that review need to happen before you execute on the remaining 4 gigs? Or could we see that a little sooner? And then I'll ask a follow-up.

我想問一下，你們以前談到對 GenCo 進行策略檢視，主要是為了能夠在 9 吉瓦之外繼續執行。你能更新一下目前進展如何嗎？而且你們在這裡的進度相當穩健。在你們執行剩餘的 4 吉瓦之前，是否一定要先完成那個檢視？還是我們可能會更早看到？然後我再問一個追問。

So I'll answer the second question first. That review does not need to happen before we execute on the next 4 gigawatts. We show on the chart, the slides you have, we have 2 gigawatts now in strategic negotiations. And then 2 more behind that, we're in the midst of studying to upsize that. We know we have the ability to upsize those -- the size of the GenCo. I mean, we will roll that out sometime in 2027. That study's going, and we're optimistic, and you'll see that sometime next year.

我先回答第二個問題。在我們執行下一個 4 吉瓦之前，不需要先完成那個檢視。你們在圖表上、也就是你們手上的投影片可以看到，我們目前有 2 吉瓦正處於策略性談判中。另外還有 2 吉瓦在後面，我們正在研究把它擴大。我們知道我們有能力擴大——擴大 GenCo 的規模。我的意思是，我們會在 2027 年某個時點推出。這項研究正在進行中，我們很樂觀，你們明年某個時候就會看到。

That's great. That's great. And then in your prepared remarks, Lloyd, on the Indiana storms, we have seen some legislative hearings. There's been some discussions about the need to kind of increase resiliency, reliability. I'm just wondering how that informs your capital plan, if there can be kind of a wider resiliency package put forward to the state and when and what that would look like?

太好了。太好了。另外，在你準備好的發言中，Lloyd，關於印第安納州的風暴，我們看到一些立法聽證會。也有一些討論提到需要提升韌性、可靠性。我想知道這會如何影響你們的資本計畫：是否可能向州政府提出一個更廣泛的韌性方案？何時提出？大概會是什麼樣子？

So we are actively, and we will actively participate in the IURC hearing. We understand that long outages are not good for our customers and investment to harden the system to make it a lot more resilient. We're in the midst of studying that as we go through this process, we're going to make it clear what kind of capital investment that that takes, and we'll roll that out to the regulators and legislators as necessary. But I think that that is ongoing and I think you'll have an understanding of what the investment opportunity looks like in the near future.

所以我們正在積極參與，而且也會持續積極參與 IURC 的聽證會。我們理解長時間停電對客戶不利，而投資於系統強化（harden）能讓系統更具韌性。我們正在這個流程中進行研究；在推進過程中，我們會清楚說明這需要什麼樣的資本投資，並在必要時向監管機關與立法機關提出。但我認為這是持續進行中的工作，我也認為在不久的將來，你們會了解這項投資機會大概會是什麼樣子。

Ross Fowler, Bank of America.

Ross Fowler，美國銀行。

Just a real quick one first. I think if I've got it right, Amazon CCGT is shifting out to 2030, kind of what drove that? How will you serve Amazon kind of in the meantime before that's in service, and sort of who bears the incremental costs of that as we shift this out in time?

先問一個很快的問題。如果我理解沒錯，Amazon 的 CCGT 會延後到 2030 年，主要是什麼原因造成的？在它投運之前，你們這段期間會如何服務 Amazon？以及隨著時程往後移，這部分的增量成本由誰來承擔？

Michael?

Michael？

So what I would say on that is, first of all, there's two CCGTs. They're not both shifting out to 2031. What has changed with what we're doing, but remember we've signed incremental agreements, acceleration agreements. We have batteries that are coming online ahead of that. We have a pool portfolio. So this fits into the whole capability of really making sure that we're optimizing the assets to be able to serve the customers in a beneficial and cost-accretive way and, quite frankly, de-risking the construction and making sure that that construction is done in a way that has the highest probability of execution.

所以我對此的看法是，首先，這裡有兩座 CCGT。它們並不是都延後到 2031 年。我們正在做的事情所帶來的改變是——但請記得我們已簽署了增量協議、加速協議。我們也有電池儲能會在那之前上線。我們有一個 pool 組合投資組合。因此，這是整體能力的一部分，確保我們真正是在最佳化資產，以便能以對客戶有利且具成本增益的方式提供服務，而且坦白說，也是在降低建設風險，並確保施工以最高的執行成功機率來完成。

The moves we made with the CCGT do that for Amazon. They help to ensure higher confidence of execution and modifying those in a way. But it's not a delay in schedule, it's actually an optimization, and in fact some of them are actually, I would say, accelerated with it that help produce for that acceleration that we're doing. So when you look at it overall, think about it in what we're doing in the totality, not on an individual asset.

我們對 CCGT 所做的調整，對 Amazon 來說就是在做這件事。它們有助於確保更高的執行信心，並以某種方式對其進行修改。但這不是時程延後，實際上是最佳化；而且事實上，其中一些我會說是因此而加速，並有助於我們正在推動的加速。所以整體來看，請從我們整體所做的事情來思考，而不是只看單一資產。

Then just to add real quick, Ross, I would note that the capital requirements were not changed in our disclosure. So there's no change necessarily. As Michael indicated, it's really streamlining the construction process for best execution, and the pricing signals still are set off of the ramp rate for the customer.

再很快補充一下，Ross，我要指出的是，我們揭露中的資本需求並沒有改變。所以不一定有任何變動。如 Michael 所說，這主要是為了最佳執行而精簡施工流程，而定價訊號仍然是依客戶的 ramp rate（爬坡速率）來設定。

Yeah. And then maybe following on Julien's question a little bit on the cash flow flywheel. It looks like if I sort of look at your funding slide and then look at the percentages against the old capital plan, the new capital plan, right, and I know this is all back-weighted, but if I just quickly annualize it in my head, CapEx really isn't changing on a sort of annualized basis. But I think this is the important point maybe, is that funding has.

是的。接著也許延續 Julien 對現金流飛輪的問題。看起來如果我把你們的融資投影片拿來看，然後把百分比對照舊的資本計畫與新的資本計畫，對，我知道這些都偏後期，但如果我在腦中快速年化一下，資本支出（CapEx）在年化基礎上其實沒有改變太多。但我想重點可能在於，融資已經……

I mean, debt seems like it's on average $600 million less annually. Equity is about $100 million lower. And I know that cash is going to be front-end loaded, right? So, but as I think about the go-forward plan, Shawn, as you add more to GenCo, there's got to be capacity to just increase the back-weighted edge of that CapEx in the plan. If you go forward, the more GenCo should just mean more not only GenCo CapEx, but ability to fund regulated CapEx with the same balance sheet and sort of maybe even lower funding requirements, which it was kind of a perfect trifecta of how to do this.

我的意思是，債務看起來平均每年少了 6 億美元。股權大約少了 1 億美元。而我知道現金會是前期投入，對吧？所以，但當我思考未來的計畫，Shawn，當你把更多資產放進 GenCo 時，計畫中偏後期的 CapEx 邊際應該就有空間再提高。往前看，更多的 GenCo 不僅意味著更多 GenCo 的 CapEx，也意味著能用同一張資產負債表來支應受監管的 CapEx，甚至可能需要更低的融資需求——這有點像是如何做到這件事的完美三重奏。

Am I thinking about that correctly?

我這樣想對嗎？

Yeah, you absolutely are. I mean, again, you start from about the position of 16.1 at the end of 2025 with minimal capital expenditures associated with GenCo. That really is producing the intrinsic cash flow power of the base business, which is obviously above our guided range. So that business and the strength and the financial profile of the base business, we believe, has not changed. It's very consistent through the plan horizon. Therefore, it has the ability to operate with minimal to no equity as it grows throughout its rate base deployment, strengthened by that 90% recovery inside 12 months. That helps intrinsically stabilize the operating cash flow and minimize the use of equity for the base business.

對，你完全想對了。我的意思是，再次強調，你從 2025 年底約 16.1 的位置開始，而與 GenCo 相關的資本支出極少。這確實在釋放基礎業務的內生現金流能力，而這顯然高於我們指引的區間。因此，我們認為該業務以及基礎業務的強度與財務輪廓並未改變。在整個計畫期間都非常一致。因此，隨著其在費率基礎（rate base）部署中成長，它有能力在幾乎不需要或完全不需要股權的情況下運作，並且在 12 個月內 90% 回收的機制加持下。這有助於內生地穩定營運現金流，並將基礎業務對股權的使用降到最低。

Meanwhile, one of the strengths of the GenCo model is the ability to shape the cash flow design through its rate structure in a manner which also balances financing requirements. That flexibility helps reduce the equivalent of regulatory lag and allows for optimization and balance of cash inflow with cash outflow based on the construction cycle and what's necessary to meet the customer needs. Again, also additionally achieving a greater than regulated rate of return enables that EPS to keep up with the rate of spend on the equivalent investment that's producing FFO so, again, self-sustaining itself from a funding mix point.

同時，GenCo 模式的一個優勢，是能透過其費率結構來塑造現金流設計，以平衡融資需求。這種彈性有助於降低相當於監管落後（regulatory lag）的影響，並可依建設週期以及滿足客戶需求所需的條件，最佳化並平衡現金流入與現金流出。另外，達成高於受監管水準的報酬率，也使 EPS 能跟上支出速度；而等同投資所產生的 FFO 也能支撐它，因此從資金組合角度來看，能再次自我維持。

And then finally, to Michael's point he just made, having the flexibility to procure the most efficient capacity attribute available while earning an appropriate risk-adjusted return provides that flexibility to best serve customers. That's going to matter based on the incremental, in this case, 4 gigawatts that Lloyd just alluded to and what technology solution will be necessary for us to serve those customers.

最後，呼應 Michael 剛才的重點，具備彈性去採購可得的最高效率容量屬性，同時賺取適當的風險調整後報酬，能提供最佳服務客戶所需的彈性。這會很重要，因為正如 Lloyd 剛提到的，本案新增的是 4 吉瓦，而我們需要何種技術解決方案來服務這些客戶，將取決於這些增量需求。

Yeah, raising CapEx and lowering equity, it's a good thing to do. Thanks, Shawn.

提高 CapEx、降低股權，這是件好事。謝謝你，Shawn。

Eli Jossen, JPMorgan.

Eli Jossen，摩根大通（JPMorgan）。

Maybe just starting with the customer savings, how should we think about the regulatory positioning and playbook in Indiana? Obviously, have to think about this post-election, but can you just kind of frame how we should think about your strategy going forward, particularly with the savings in mind?

也許先從客戶節省談起，我們應該如何看待你們在印第安納州的監管定位與作戰手冊？顯然必須在選後再思考，但你能否大致框架一下我們應如何看待你們未來的策略，特別是把節省因素納入考量？

Well, again, as I mentioned earlier, one of the largest benefits of GenCo is it addresses the affordability issue. With this last signing of Microsoft, we start to roll back $1.7 billion to our customers now, and it'll grow as GenCo grows. That customer credit should show up in the customer's bill. I think it'll call it My Data Center Credit, pending IURC approval, sometime either at the end of this fourth quarter or sometime early next year. And the customers will see that number ramp up as the customers ramp up.

嗯，再次如我先前提到的，GenCo 最大的好處之一是它能解決可負擔性問題。隨著我們最近與 Microsoft 的簽約，我們現在開始把 17 億美元回饋給客戶，而且會隨著 GenCo 成長而增加。這項客戶抵減應該會反映在客戶帳單上。我想它會被稱為 My Data Center Credit（我的資料中心抵減），待 IURC 核准後，可能在第四季末或明年初某個時間點生效。而客戶會看到這個數字隨著客戶用量爬坡而逐步上升。

And just to add to that real quick, we really wanted GenCo, and we feel like those proof points exist now to demonstrate for both our communities and our stakeholders the value it can provide in growing the communities. As Lloyd said, providing $1.75 billion back to customers. But also remember, this is isolated, like what we're doing for the electric utility, it is isolated from the rate base. So they do not bear that risk with us building these assets. So we feel like it's been a very positive evolution, and it's proven out now, and that we're able to demonstrate that with all the stakeholders and carry that messaging through, which is beneficial to our activities in Indiana.

再很快補充一下，我們真的希望 GenCo——而我們也覺得現在已有這些驗證點——能向我們的社區與利害關係人證明，它在帶動社區成長方面可以提供的價值。如 Lloyd 所說，回饋給客戶 17.5 億美元。但也請記得，這是隔離的——也就是說，我們為電力公用事業所做的事情，是與費率基礎（rate base）隔離的。因此，他們不需要與我們一起承擔我們建置這些資產的風險。所以我們覺得這是一個非常正向的演進，而且現在已經被驗證，我們也能向所有利害關係人展示並延續這個訊息，這對我們在印第安納州的活動是有利的。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

Thank you. So just looking at slide 27, it looks like you added the two new combustion turbines in there. And the $2.3 billion cost relative to the, I guess, 408 megawatts seems -- what, excuse me, what is that more than just the generation? Is there other structural equipment, transmission, other things in there?

謝謝。所以看第 27 頁投影片，你們似乎把兩台新的燃燒渦輪機加進去了。而相對於我想是 408 兆瓦的規模，23 億美元的成本看起來——呃，不好意思，這裡面不只是發電設備本身吧？是否還包含其他結構性設備、輸電或其他項目？

All the transmission and infrastructure is also in that cost, Steve. So it's not just the two F-frame CTs, but all the transmission and infrastructure with some equipment associated with that transaction.

Steve，所有的輸電與基礎設施也都包含在那個成本裡。所以不只是兩台 F 級框架（F-frame）的燃燒渦輪（CT），也包含所有輸電與基礎設施，以及與該交易相關的一些設備。

Okay. Is there a way to get the number just for the generation?

好的。有沒有辦法只拿到發電設備本身的數字？

No.

沒有。

Okay.

好的。

We haven't disclosed that.

我們沒有揭露那個數字。

Yeah. Second question is just the GenCo CapEx is very -- I mean, it looks like the vast majority of the CapEx is pretty much the first two years. And is that kind of, I mean, it fits the model of what you talk about, Shawn, and just does that have any kind of front-ending, though, of what you had done before, or is it consistent?

好的。第二個問題是，GenCo 的 CapEx 非常——我的意思是，看起來絕大部分 CapEx 幾乎都集中在前兩年。這某種程度上符合你所談的模式，Shawn，但這是否代表相較於你們之前所做的有任何前置（front-ending），還是其實是一致的？

No, there's no material change in the previous execution. There's a few things that will move year by year, and certainly it'll give us some tailwinds into the plan should we deploy CapEx a little later. That'll be less financing cost. Things like that could move us around within the range. But nothing material is different from what we were previously planning to execute.

不，先前的執行計畫沒有任何重大變動。有幾項因素會逐年變動，而且如果我們把資本支出（CapEx）稍微延後投入，確實會為計畫帶來一些順風。那將意味著較低的融資成本。諸如此類的因素可能會讓我們在區間內有所移動。但與我們先前規劃要執行的內容相比，沒有任何重大差異。

Okay. And then lastly, just on the base business, just any kind of high-level messaging on where you're spending the capital, both states and in terms of, like, what main areas? And you've taken that out to 2033 now already. Just, like, how long-term do you think that base CapEx plan could be?

了解。最後一個問題，關於基礎業務（base business），能否高層次說明一下你們把資本花在哪裡——包括在哪些州，以及主要投資領域是哪些？而且你們現在已經把規劃拉到2033年了。你們認為這個基礎CapEx計畫的長期性大概可以延續多久？

Well, it's fairly long-dated, as we've discussed a lot, 60,000 miles of pipeline with an annual replacement rate of, call it, 400 annually. So there's a lot of pipeline to maintain. We're starting to enter into the first-generation plastic replacement program. That's our largest vintage of pipeline. So there'll be a lot of pipeline modernization as a staple of our plan. Additionally, in this particular moment, we have a fair amount of PHMSA compliance CapEx that we'll be executing in Ohio, and likely longer term, in Indiana, on those gas systems. Both will require that maintenance by the middle of the next decade to maintain compliance with rules and regulations there.

嗯，期限相當長，如同我們多次討論的，我們有6萬英里的管線，每年的汰換率大約是400英里。所以需要維護的管線量非常大。我們也開始進入第一代塑膠管汰換計畫。那是我們存量中占比最大的管線年代（vintage）。因此，管線現代化將會是我們計畫中的核心項目。另外，在目前這個時間點，我們在俄亥俄州有相當多的PHMSA合規資本支出將要執行；而在更長期來看，印第安納州的天然氣系統也很可能會有。兩者都需要在下一個十年的中期之前完成這些維護，以持續符合當地的規範與法規要求。

We still maintain a generation short position. It's moved a little bit further into the early part of next decade, maybe the latter part of this decade. That's moved some CapEx a little bit further out, but it's unchanged in a five-year horizon. Which simply means that investment still needs to be made. It just matters when we make it per the IRP, but the total CapEx needs of this business, both the gas and electric side, will be long-dated.

我們仍然維持發電供給偏短（generation short）的狀態。這個缺口稍微往下一個十年的前段移動，可能也落在本十年的後段。這使得部分CapEx稍微往後移，但在五年期的視角下並沒有改變。這只是表示這些投資仍然需要做。差別只在於依照IRP（整合資源規劃）我們何時去做；但這項業務的總體CapEx需求——不論是天然氣端或電力端——都會是長期性的。

And there's still, and this is adding to Shawn's point, there's still a possibility of some, on the electric side of the business, some storm hardening and resiliency investment that we haven't quantified yet. And we believe we have a long tail of investment in the base business, and it's really strong.

另外，補充Shawn的觀點，在電力業務端，仍有可能會有一些我們尚未量化的防風暴強化與韌性（resiliency）投資。我們認為基礎業務的投資尾端很長，而且非常強勁。

Gabe Moreen, Mizuho.

Gabe Moreen，瑞穗（Mizuho）。

Hi, good morning, everyone. Can I ask about the $0.40 to $0.60 ultimately coming from GenCo? Can you just talk about the drivers behind that range? Whether it's capital spend, customer demand, and then I guess it's a little presumptuous to ask, but expectations for what happens thereafter, does it just stay in that range based on the existing three contracts?

嗨，各位早安。我可以問一下最終由GenCo貢獻的每股0.40到0.60美元嗎？能否談談這個區間背後的驅動因素？例如資本支出、客戶需求等；另外我知道這問題可能有點超前，但對於之後會怎麼走的預期是什麼——是否在現有三份合約下就維持在這個區間？

Yeah, just one quick, Gabe. The $0.40 to $0.60 has moved to $0.52 to $0.68. So the new range for 2033 is $0.52 to $0.68. That's indicative of the full ramp rate for all customers that we serve at GenCo. That would be the first year of full ramp rate. The predominant driver for that then is the revenue collected off of the capacity fees for each of the customers. That is a period of time when we still have a fair amount of financing costs that we're absorbing.

好的，Gabe，我先快速更正一下：0.40到0.60美元已經調整為0.52到0.68美元。所以2033年的新區間是0.52到0.68美元。這反映了我們在GenCo所服務的所有客戶達到完整爬坡（full ramp rate）的情況。那將是達到完整爬坡的第一年。屆時最主要的驅動因素是向各客戶收取的容量費（capacity fees）所帶來的收入。在那段期間，我們仍在吸收相當程度的融資成本。

As we will still be paying down some of the construction and development costs, I would expect the earnings per share contribution to get even more efficient or grow as you pay down that borrowing cost. So I would expect a step change as you get closer to the middle of next decade outside our plan horizon, all else equal.

因為我們仍會持續償還部分建造與開發成本，我預期隨著借款成本逐步下降，每股盈餘（EPS）的貢獻會變得更有效率或進一步成長。因此，在其他條件不變下，當你更接近下一個十年的中期、也就是超出我們計畫期間的時點，我會預期會出現一個階梯式的提升（step change）。

And then maybe if I could stay on kind of financing assumptions and laying out a seven-year look for the base plan and GenCo, can you talk about, I guess, what your assumptions are behind rates, maybe O&M? Have those changed since the last update given, I guess, the forward curve on interest rates, and were there any offsets?

那如果我可以繼續問融資假設，既然你們把基礎計畫與GenCo都拉出七年的展望，能否談談你們對利率、可能還有O&M（營運與維護費用）的假設？考量到利率遠期曲線的變化，這些假設自上次更新以來有改變嗎？是否有任何抵銷因素？

Yeah. We've never really projected in our plan material rate cuts in any respect. So while we prefer lower rates, that's better for our customers and certainly given a financing need that we have, it's better for the efficiency of our plan. We're not surprised by the environment we're in, and our plan did not need to modify as a result of the dislocation we've seen over the last, call it, two months. We also have some opportunity across the curve to select different tenor and to be opportunistic.

是的。我們在計畫中從來沒有在任何層面去預測會有重大的降息。所以雖然我們偏好較低的利率——那對客戶更好，而且就我們的融資需求而言，也能提升計畫效率——但我們對目前的環境並不意外，而我們的計畫也不需要因為過去大約兩個月所看到的市場錯位（dislocation）而做調整。此外，我們也有機會在整條曲線上選擇不同的期限（tenor），並採取更具機會性的操作。

Both on the debt and the equity side. So we'll manage through this. We've got a really great treasurer who can be adaptable, but we'll wait for the environment to be right for us to lock in long-term commitments that can be accretive to our plan.

不論是在債務端或股權端。所以我們會把這段期間管理過去。我們有一位非常出色、能夠靈活應對的財務主管（treasurer），但我們會等到環境對我們更合適時，再去鎖定能對我們計畫具增益（accretive）的長期承諾。

Nick Amicucci, Evercore.

Nick Amicucci，Evercore。

Hey, guys. I think you only have touched upon it. Just to try and reconcile, on slide 27, just the $9.9 billion versus the $8 billion within the plan for GenCo, just trying to frame that up and kind of rectify that.

嗨，各位。我想你們只稍微提到過。我想釐清一下：在第27頁投影片上，GenCo的99億美元相對於計畫內的80億美元，想請你們幫忙框架一下並解釋這兩個數字的差異。

Yeah, that's a quick one. The only difference is the time horizon. Pre-existing 2025 and 2026 investment would be included in the $10 billion. The $8 billion is really referencing the '27 through '33 period.

好的，這很快。唯一的差別在於時間範圍。既有的2025年與2026年投資會包含在100億美元裡。而80億美元指的是27年到33年這段期間。

Got it. All right, that makes sense. And then --

了解。好，這就說得通了。然後——

Sorry, '27 through '31.

抱歉，是27年到31年。

Got it. Okay. And then if we're staying on that, just on that slide, if we're talking, just if we could reconcile to just the 3.9 gigawatts of signed customer demand with the 4.9 of supply resources. Does that kind of consider the accreditation that's being given to the batteries and stuff, or is there something else within that?

了解。好，那如果延續這個話題，在那張投影片上，如果我們要把已簽約的客戶需求3.9GW，和供給資源4.9GW做對照，這個差異是否已經考慮到電池等資源所獲得的認證容量（accreditation），還是還有其他因素？

No, you've got it. I mean, when we look at it, the difference between what we talk about generation capacity and load accounts for all the factors related to accreditation of the different generation types, loss of load, all those different factors that are required, balance of planning, et cetera.

沒有，你說得沒錯。我的意思是，當我們看發電容量與負載之間的差異時，已經把不同發電型態的認證（accreditation）相關因素、負載損失（loss of load）、以及規劃平衡等所有需要的因素都納入考量，等等。

Sophie Karp, KeyBanc.

Sophie Karp，KeyBanc。

First, on the 9 gigawatts, so I guess just maybe a housekeeping question. You guys had 9 gigawatts of pipeline before you announced the recent deal. It's still 9 gigawatts. Was this 9 gigawatts, like, backfilled, or how should we think about this?

首先關於9GW，我想這可能是個釐清性問題。你們在宣布最近這筆交易之前就有9GW的案源（pipeline）。現在仍然是9GW。這個9GW是被「補回來」（backfilled）了嗎？或我們應該怎麼理解？

Michael?

Michael？

Yeah. When you look at the 9 gigawatts right now, the 5 gigawatts is a signed capacity. The 2 gigawatts we've mentioned are in strategic negotiations now, and then we've got 2 in developing opportunities. And as Lloyd mentioned, we continue to, as we assess additional opportunities and expansions, we would bring that back in '27.

是的。以目前的9GW來看，其中5GW是已簽約的容量。我們提到的2GW目前正在進行策略性協商（strategic negotiations），另外還有2GW是在開發中的機會。而如Lloyd所提到的，隨著我們評估更多機會與擴張，我們會在27年把它帶回來。

I think another point there is the pipeline is much larger than 9 gigawatts. So we have a robust pipeline. Our study is trying to figure out how much more than 9 we can accommodate and over what time period.

我認為另外一點是，我們的專案儲備（pipeline）遠不止 9 吉瓦。因此我們有一個強勁的專案儲備。我們的研究正試圖釐清，我們能夠容納超過 9 吉瓦的規模有多少，以及在什麼時間範圍內。

Okay. Okay. Got it. And then on the self-initiated, I guess, study of the storm response, I'm just curious, what would you guys expect to learn, and how do you think those learnings will interact with the IURC proceedings?

好的。好的。明白了。另外，關於你們自行啟動的、我想是針對風暴應對的研究，我只是好奇，你們預期會學到什麼？以及你們認為這些學習成果會如何與 IURC 的程序互動？

I'm sorry, repeat that question?

抱歉，可以重複一下那個問題嗎？

The study that you initiated on the storm response, that self-study, what do you expect to learn from that, and how would you apply that, I guess, in conjunction with the Commission investigation as well?

你們自行啟動的那項風暴應對研究，也就是自我研究，你們預期會從中學到什麼？以及我想，你們會如何把它與委員會的調查結合起來應用？

Well, I mean, we're going to submit that study to the Commission, and we expect to learn a number of things. A, how we can do better? B, what investments we need to harden the system? So improve our -- It should help improve processes, should give us a window of what prudent investment opportunity to harden the system. And I think a big one here is how we can improve our communication to our customers in the midst of significant storms.

嗯，我的意思是，我們會把那份研究提交給委員會，而我們預期會學到很多事情。A，我們如何能做得更好？B，我們需要哪些投資來強化系統韌性（harden the system）？所以，改善我們的——它應該有助於改善流程，也應該讓我們看見有哪些審慎的投資機會可以用來強化系統韌性。而我認為其中一個重點是，在重大風暴期間，我們如何改善與客戶的溝通。

That's all for me.

我這邊就到這裡。

Travis Miller, Morningstar.

Travis Miller，Morningstar。

I haven't changed my name, so it's still Travis, but anyway, good morning, everyone. One other quick one. The financing plan, does that also include a pro rata contribution from Blackstone? I see the little sliver in the pie chart, but just wanted to confirm if Blackstone still wants to maintain its --

我沒有改名，所以還是 Travis，不過，大家早安。再快速問一個。融資計畫是否也包含 Blackstone 按比例（pro rata）的出資？我在圓餅圖裡看到一小塊，但只是想確認 Blackstone 是否仍希望維持其——

That's exactly right, 19.9% of investments across the NIPSCO and GenCo capital plans.

完全正確，涵蓋 NIPSCO 與 GenCo 資本計畫的各項投資中，Blackstone 佔 19.9%。

Okay. And then they're comfortable, as you guys add data centers, obviously they would have to contribute more capital, so that they're involved?

好的。那麼當你們新增資料中心時，顯然他們也必須投入更多資本，他們對此也覺得沒問題、會參與其中？

Not to speak directly for them, but I think they're extremely comfortable.

我不便直接代表他們發言，但我認為他們非常放心。

Okay. And then higher level at the gas business, obviously tons of affordability, politics discussion, regulatory discussion in the areas you serve. What's your stance? Where do you sit in that discussion? Are you kind of playing on the sidelines? Are you involved along with the electrics?

好的。再從更高層面談天然氣業務，顯然在你們服務的地區，關於可負擔性、政治、監管的討論很多。你們的立場是什麼？你們在這個討論中處於什麼位置？你們算是在旁觀嗎？還是你們也像電力業務一樣參與其中？

What's your take kind of on the affordability, especially as it's become so politicized in those other states?

你對可負擔性的看法是什麼，尤其是在其他州這個議題變得如此政治化的情況下？

Melody, do you want to handle that one?

Melody，你要回答這題嗎？

Certainly. No, we aren't sitting on the sidelines. We are actively engaged in the discussion around customer affordability and the impact we have on the customer's wallet, as we recognize how important affordability is for our customers. And so we continue to look for ways to manage bill impacts.

當然。不，我們並沒有在旁觀。我們正積極參與關於客戶可負擔性以及我們對客戶荷包影響的討論，因為我們了解可負擔性對客戶有多重要。因此，我們持續尋找管理帳單影響的方法。

We are working with our partners in the business to look at how and when we deploy capital. And then we are also working with our external stakeholders, just to make sure they understand the investments that we're making and being transparent and quantifying those investments that we need to make. So we are actively engaged, and we understand the importance affordability has to our customers as well as to our regulators as it has to us.

我們正與業務夥伴合作，檢視我們如何以及何時部署資本。此外，我們也與外部利害關係人合作，確保他們理解我們正在進行的投資，並以透明方式呈現並量化我們需要進行的投資。所以我們確實積極參與，也理解可負擔性對我們的客戶、對監管機構以及對我們自身的重要性。

Okay, very good. I appreciate all the information this morning.

好的，非常好。感謝今天早上提供的所有資訊。

Steve D’Ambrisi, RBC Capital Markets.

Steve D’Ambrisi，RBC Capital Markets。

Hey, Lloyd, Shawn, thanks very much for all the information today. A quick one. On slide 15, just if I eyeball the GenCo adjusted EPS growth kind of from 2032 to 2033, it looks like it's a pretty decent step-up, maybe like $0.15-ish, which seems like a steeper climb than the update on 2Q. And so can you just talk -- you may have talked about it a little bit with the financing flowback or benefits beyond '33, but can you just talk about how this is being financed, if there's amortizing debt, or just why once all of these projects are largely ramped in '32, there's still continued significant step-ups into '33 and beyond?

嗨，Lloyd、Shawn，非常感謝今天提供的所有資訊。快速問一個。在第 15 頁投影片上，如果我用目測看 GenCo 調整後 EPS 從 2032 到 2033 的成長，看起來有相當不錯的跳升，可能大約 0.15 美元左右，這似乎比 2Q 更新時的增幅更陡。你能否談談——你可能已稍微提到融資回流或 2033 年以後的效益——但你能否談談這是如何融資的？是否有攤還型債務？或者為什麼在這些專案大多在 2032 年完成爬坡（ramped）之後，到了 2033 年及其後仍然持續出現顯著的跳升？

Yeah, I appreciate it. I'd caution against getting too precise on the bar charts just in the sense that we've not put adequate disclosure out for 2032's guidance. And so I just would caution against getting too precise with that, but the fundamentals that are going to drive the earnings contribution are going to be what you just mentioned, the financing cost and, more importantly, the customer ramp rate. What's happening in our dynamic, we have customers fully ramping in 2030, 2031, and in 2032. So the combination of those 3 customer ramp rates at those points in time are going to strengthen the capacity revenue that we're collecting from GenCo or through this from our customers. So that's what you're starting to see stabilized.

好的，謝謝你的提問。我會提醒不要在長條圖上做得太精準，原因是我們尚未就 2032 年的指引提供足夠的揭露。所以我會提醒不要對那部分過度精確解讀；但推動獲利貢獻的基本面，會是你剛提到的：融資成本，以及更重要的，客戶的爬坡速度（ramp rate）。在我們的動態中，客戶會在 2030、2031 以及 2032 年完成全面爬坡。因此，這三個時間點的客戶爬坡速度的組合，將強化我們從 GenCo 收取、或透過此機制向客戶收取的容量收入。所以你開始看到的是這部分趨於穩定。

To your point about financing, we started to finance things in '25 and '26. We don't have amortizing debt. We've done everything at the enterprise level with investment-grade bonds and equity, but inherently the need for new debt is declining at the NiSource enterprise because that cash is becoming more optimized across all of our systems. The strength of that cash flow coming off of fully ramped customers is helping us reduce borrowing in any case. And as we go closer to a different financing strategy, if we need one, we'd still be able to optimize the use of that cash at the enterprise level.

至於你提到的融資，我們在 2025 年和 2026 年就開始為這些事項融資。我們沒有攤還型債務。我們在企業層級以投資級債券與股權完成所有安排；但本質上，NiSource 企業層級對新增債務的需求正在下降，因為這些現金正在我們所有系統之間變得更優化地配置。來自已全面爬坡客戶的強勁現金流，無論如何都在幫助我們降低借款。而當我們更接近需要不同融資策略的時點（如果需要的話），我們仍能在企業層級最佳化這些現金的使用。

So the base case is investment-grade bonds and equity, creating more efficiency in all of the net financing as we get out of this decade, and then we'll look for other ways to optimize on a risk-adjusted basis or a strategic basis for our shareholders?

所以基本情境是以投資級債券與股權為主，隨著我們走出本十年，在整體淨融資上創造更高效率；然後我們會再尋找其他方式，以風險調整或策略角度，為股東進一步最佳化？

Got it. Very clear. That's all I had. Thanks very much for the time. Appreciate it.

了解。非常清楚。我就這些問題。非常感謝撥冗。謝謝。

There are no further questions at this time. I will now turn the call back to Lloyd Yates, CEO, for closing remarks.

目前沒有其他問題。我現在把電話會議交回給執行長 Lloyd Yates 作結語。

So let me thank you for your questions, your interest, and your investment in NiSource, and look forward to seeing a lot of you at the EEI Financial Conference in a couple of weeks. Have a great day.

那麼，感謝各位的提問、關注，以及對 NiSource 的投資；也期待在幾週後的 EEI 金融會議上見到各位中的許多人。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。